# EDGAR Filing Document

**Accession Number:** 0001089951
**File Stem:** 0000940400-25-011530
**Filing Date:** 2025-11
**Character Count:** 87947
**Document Hash:** df85083dd8c1db7cb4b435e62406e85e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-011530.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0000940400-25-011530

**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:** 251534550

**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 Enhanced SMA Shares (Series ID: S000079761)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000241081 | AMG GW&K Municipal Enhanced SMA Shares | MESHX           |

## Nport-Ex

AMG GW&K Municipal Enhanced SMA Shares

Schedule of Portfolio Investments *(unaudited)*

September 30, 2025

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;Value |
| **Municipal Bonds - 94.3%** |  |  |
| &nbsp;&nbsp;&nbsp;**Alabama - 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;County of Jefferson Sewer Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 10/01/49 | $1600000 | &nbsp;&nbsp;$1650368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 10/01/53 | &nbsp;&nbsp;5550000 | &nbsp;&nbsp;&nbsp;&nbsp;5810744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Alabama |  | &nbsp;&nbsp;&nbsp;&nbsp;7461112 |
| &nbsp;&nbsp;&nbsp;**California - 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;California Municipal Finance Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;485000 | &nbsp;&nbsp;&nbsp;&nbsp;488357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;795000 | &nbsp;&nbsp;&nbsp;&nbsp;795280 |
| &nbsp;&nbsp;&nbsp;California Municipal Finance Authority, Series A<br> 4.000%, 02/01/51 | &nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;203749 |
| &nbsp;&nbsp;&nbsp;Los Angeles Department of Water & Power, Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/50 | &nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1551616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/55 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1027265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total California |  | &nbsp;&nbsp;&nbsp;4066267 |
| &nbsp;&nbsp;&nbsp;**Colorado - 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Colorado Health Facilities Authority, Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/44 | &nbsp;&nbsp;&nbsp;&nbsp;930000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;937972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125%, 12/01/55 | &nbsp;&nbsp;&nbsp;1315000 | &nbsp;&nbsp;&nbsp;&nbsp;1314188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 12/01/54 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1022921 |
| &nbsp;&nbsp;&nbsp;Public Authority for Colorado Energy Natural Gas Purchase Revenue<br> 6.500%, 11/15/38 | &nbsp;&nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp;1570956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Colorado |  | &nbsp;&nbsp;&nbsp;4846037 |
| &nbsp;&nbsp;&nbsp;**Connecticut - 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Connecticut State Health & Educational Facilities Authority<br> 4.000%, 07/01/42 | &nbsp;&nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261851 |
| &nbsp;&nbsp;&nbsp;**Florida - 9.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Brevard County Health Facilities Authority,<br> Series A<br> 5.000%, 04/01/47 | &nbsp;&nbsp;&nbsp;1185000 | &nbsp;&nbsp;&nbsp;&nbsp;1188288 |
| &nbsp;&nbsp;&nbsp;Capital Trust Authority, Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/54<sup>1</sup> | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;865937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/64<sup>1</sup> | &nbsp;&nbsp;&nbsp;1765000 | &nbsp;&nbsp;&nbsp;&nbsp;1483048 |
| &nbsp;&nbsp;&nbsp;County of Miami-Dade Florida Seaport Department, Series 1, (AG)<br> 4.000%, 10/01/45 | &nbsp;&nbsp;2265000 | &nbsp;&nbsp;&nbsp;&nbsp;2019688 |
| &nbsp;&nbsp;&nbsp;Escambia County Health Facilities Authority<br> 4.000%, 08/15/50 | &nbsp;&nbsp;&nbsp;1055000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886214 |
| &nbsp;&nbsp;&nbsp;Florida Development Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;485000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;308562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 08/01/55 | &nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;1785962 |
| &nbsp;&nbsp;&nbsp;Florida Housing Finance Corp., Series 3, (GNMA FNMA FHLMC)<br> 4.750%, 07/01/54 | &nbsp;&nbsp;&nbsp;1730000 | &nbsp;&nbsp;&nbsp;&nbsp;1730842 |
| &nbsp;&nbsp;&nbsp;Hillsborough County Industrial Development Authority<br> 4.000%, 08/01/50 | &nbsp;&nbsp;&nbsp;&nbsp;815000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708412 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;Miami Beach Health Facilities Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/15/46 | $2370000 | &nbsp;&nbsp;$2089643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/15/51 | &nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;1066015 |
| &nbsp;&nbsp;&nbsp;Orange County Health Facilities Authority,<br> Series A<br> 5.250%, 10/01/56 | &nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;3638143 |
| &nbsp;&nbsp;&nbsp;Palm Beach County Health Facilities Authority, Series B<br> 5.000%, 11/15/55 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;1913400 |
| &nbsp;&nbsp;&nbsp;Village Community Development District No 15, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.550%, 05/01/44<sup>1</sup> | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;950580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.800%, 05/01/55<sup>1</sup> | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;947933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Florida |  | &nbsp;&nbsp;&nbsp;21982856 |
| &nbsp;&nbsp;&nbsp;**Georgia - 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Fayette County Development Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 10/01/49 | &nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1546544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 10/01/54 | &nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1537249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Georgia |  | &nbsp;&nbsp;&nbsp;&nbsp;3083793 |
| &nbsp;&nbsp;&nbsp;**Idaho - 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Idaho Health Facilities Authority, Series A<br> 4.375%, 03/01/53 | &nbsp;&nbsp;2250000 | &nbsp;&nbsp;&nbsp;&nbsp;2060545 |
| &nbsp;&nbsp;&nbsp;**Illinois - 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Chicago O'Hare International Airport, Senior Lien, Series A<br> 5.000%, 01/01/48 | &nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1101311 |
| &nbsp;&nbsp;&nbsp;Metropolitan Pier & Exposition Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;485000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;815000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;803156 |
| &nbsp;&nbsp;&nbsp;State of Illinois, Series A<br> 4.000%, 03/01/40 | &nbsp;&nbsp;&nbsp;1240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1167127 |
| &nbsp;&nbsp;&nbsp;State of Illinois, Series B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 05/01/48 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1029776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 05/01/49 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1027907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Illinois |  | &nbsp;&nbsp;&nbsp;&nbsp;5834771 |
| &nbsp;&nbsp;&nbsp;**Indiana - 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Indiana Finance Authority, Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/54 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/59 | &nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;1226973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/01/64 | &nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1505650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375%, 03/01/55 | &nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1485126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Indiana |  | &nbsp;&nbsp;&nbsp;&nbsp;5207968 |
| &nbsp;&nbsp;&nbsp;**Louisiana - 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Louisiana Stadium & Exposition District, Series A<br> 5.250%, 07/01/53 | &nbsp;&nbsp;&nbsp;1965000 | &nbsp;&nbsp;&nbsp;&nbsp;2040629 |
| &nbsp;&nbsp;&nbsp;**Massachusetts - 8.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/51 | &nbsp;&nbsp;&nbsp;1080000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;862306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/01/50 | &nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;1752888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/01/52 | &nbsp;&nbsp;3705000 | &nbsp;&nbsp;&nbsp;&nbsp;3683517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/01/55 | &nbsp;&nbsp;3750000 | &nbsp;&nbsp;&nbsp;&nbsp;3704956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/01/55 | &nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1487364 |

---

------

AMG GW&K Municipal Enhanced SMA Shares

Schedule of Portfolio Investments *(continued)*

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;**Massachusetts - 8.2% (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, Series 1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 07/01/54 | $2750000 | &nbsp;&nbsp;&nbsp;$2540861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/01/50 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1009778 |
| &nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, Series A<br> 5.000%, 07/01/60<sup>1</sup> | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924461 |
| &nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, Series N<br> 5.500%, 07/01/55 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2125949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Massachusetts |  | &nbsp;&nbsp;18092080 |
| &nbsp;&nbsp;&nbsp;**Michigan - 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Michigan State Housing Development Authority, Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.950%, 12/01/50 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1017154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/55 | &nbsp;&nbsp;&nbsp;1270000 | &nbsp;&nbsp;&nbsp;&nbsp;1301219 |
| &nbsp;&nbsp;&nbsp;Michigan State Housing Development Authority, Series C<br> 5.050%, 06/01/51 | &nbsp;&nbsp;&nbsp;1800000 | &nbsp;&nbsp;&nbsp;&nbsp;1802542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Michigan |  | &nbsp;&nbsp;&nbsp;&nbsp;4120915 |
| &nbsp;&nbsp;&nbsp;**Minnesota - 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Duluth Economic Development Authority,<br> Series A<br> 5.000%, 02/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412479 |
| &nbsp;&nbsp;&nbsp;Minnesota Agricultural & Economic Development Board, Series 2024<br> 5.250%, 01/01/54 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1028971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Minnesota |  | &nbsp;&nbsp;&nbsp;&nbsp;1441450 |
| &nbsp;&nbsp;&nbsp;**Missouri - 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Health & Educational Facilities Authority<br> 4.000%, 06/01/53 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;2185392 |
| &nbsp;&nbsp;&nbsp;**Nebraska - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Central Plains Energy Project #3, Series A<br> 5.000%, 09/01/42 | &nbsp;&nbsp;&nbsp;1125000 | &nbsp;&nbsp;&nbsp;&nbsp;1187279 |
| &nbsp;&nbsp;&nbsp;**New Hampshire - 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;New Hampshire Business Finance Authority, Series A<br> 5.500%, 06/01/55 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;2604006 |
| &nbsp;&nbsp;&nbsp;**New Jersey - 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority, Series BB<br> 5.250%, 06/15/50 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1047679 |
| &nbsp;&nbsp;&nbsp;South Jersey Transportation Authority<br> 4.625%, 11/01/47 | &nbsp;&nbsp;2070000 | &nbsp;&nbsp;&nbsp;&nbsp;2061227 |
| &nbsp;&nbsp;&nbsp;Tobacco Settlement Financing Corp., Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/46 | &nbsp;&nbsp;&nbsp;&nbsp;405000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 06/01/46 | &nbsp;&nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530704 |
| &nbsp;&nbsp;&nbsp;Tobacco Settlement Financing Corp., Series B<br> 5.000%, 06/01/46 | &nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total New Jersey |  | &nbsp;&nbsp;&nbsp;&nbsp;4302978 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;**New York - 10.9%** |  |  |
| &nbsp;&nbsp;&nbsp;City of New York, Series E<br> 5.000%, 08/01/54 | $1000000 | &nbsp;&nbsp;$1033508 |
| &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority, Series 1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 11/15/45 | &nbsp;&nbsp;3625000 | &nbsp;&nbsp;&nbsp;3604264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/50 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1008175 |
| &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority, Series A<br> 5.250%, 11/15/55 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1045019 |
| &nbsp;&nbsp;&nbsp;New York State Dormitory Authority, Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/47 | &nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;475380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp;&nbsp;&nbsp;286322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 07/01/50 | &nbsp;&nbsp;&nbsp;1530000 | &nbsp;&nbsp;&nbsp;&nbsp;1382974 |
| &nbsp;&nbsp;&nbsp;New York Transportation Development Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/30/53 | &nbsp;&nbsp;&nbsp;1125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;845000 | &nbsp;&nbsp;&nbsp;&nbsp;866435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/41 | &nbsp;&nbsp;&nbsp;&nbsp;815000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/30/49 | &nbsp;&nbsp;&nbsp;1220000 | &nbsp;&nbsp;&nbsp;&nbsp;1222378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 06/30/54 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1016708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625%, 04/01/40 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1044934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 04/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;549645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 06/30/54 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;2605143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 06/30/59 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;2647235 |
| &nbsp;&nbsp;&nbsp;New York Transportation Development Corp.,<br> Series A<br> 5.500%, 12/31/60 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;2551764 |
| &nbsp;&nbsp;&nbsp;Suffolk Regional Off-Track Betting Corp.<br> 6.000%, 12/01/53 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1010128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total New York |  | &nbsp;&nbsp;&nbsp;24115209 |
| &nbsp;&nbsp;&nbsp;**North Carolina - 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Nash Health Care Systems<br> 5.250%, 02/01/55 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1026083 |
| &nbsp;&nbsp;&nbsp;North Carolina Turnpike Authority, Series A, (AG)<br> 5.000%, 01/01/58 | &nbsp;&nbsp;2750000 | &nbsp;&nbsp;&nbsp;&nbsp;2816405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total North Carolina |  | &nbsp;&nbsp;&nbsp;3842488 |
| &nbsp;&nbsp;&nbsp;**Ohio - 4.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Columbus Regional Airport Authority, Series A<br> 5.500%, 01/01/55 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;3142437 |
| &nbsp;&nbsp;&nbsp;County of Hamilton, Series A<br> 5.500%, 08/01/51 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1008880 |
| &nbsp;&nbsp;&nbsp;Ohio Higher Educational Facility Commission, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 05/01/49 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;2539597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 05/01/54 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;3030778 |
| &nbsp;&nbsp;&nbsp;Ohio Housing Finance Agency, Series A, (GNMA FNMA FHLMC)<br> 4.550%, 09/01/49 | &nbsp;&nbsp;&nbsp;1080000 | &nbsp;&nbsp;&nbsp;&nbsp;1074124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Ohio |  | &nbsp;&nbsp;&nbsp;10795816 |
| &nbsp;&nbsp;&nbsp;**Pennsylvania - 8.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Allegheny County Airport Authority, Series A<br> 5.000%, 01/01/51 | &nbsp;&nbsp;&nbsp;&nbsp;815000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815574 |
| &nbsp;&nbsp;&nbsp;Geisinger Authority<br> 4.000%, 04/01/50 | &nbsp;&nbsp;&nbsp;1340000 | &nbsp;&nbsp;&nbsp;&nbsp;1187230 |

---

------

AMG GW&K Municipal Enhanced SMA Shares

Schedule of Portfolio Investments *(continued)*

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;**Pennsylvania - 8.3% (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Montgomery County Higher Education and Health Authority, Series B<br> 5.000%, 05/01/52 | &nbsp;&nbsp;$900000 | &nbsp;&nbsp;&nbsp;&nbsp;$907109 |
| &nbsp;&nbsp;&nbsp;Pennsylvania Economic Development Financing Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/31/57 | 4075000 | &nbsp;&nbsp;&nbsp;&nbsp;4103323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 06/30/53 | &nbsp;&nbsp;2185000 | &nbsp;&nbsp;&nbsp;&nbsp;2194832 |
| &nbsp;&nbsp;&nbsp;Pennsylvania Higher Educational Facilities Authority, Series B2<br> 5.000%, 11/01/54 | 4780000 | &nbsp;&nbsp;&nbsp;4824952 |
| &nbsp;&nbsp;&nbsp;Pennsylvania Housing Finance Agency,<br> Series 146A<br> 4.750%, 04/01/53 | &nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;1238940 |
| &nbsp;&nbsp;&nbsp;Pennsylvania Turnpike Commission, Series A<br> 4.000%, 12/01/50 | 2435000 | &nbsp;&nbsp;&nbsp;&nbsp;2153257 |
| &nbsp;&nbsp;&nbsp;Philadelphia Authority for Industrial Development<br> 5.250%, 11/01/52 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1026442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Pennsylvania |  | &nbsp;&nbsp;18451659 |
| &nbsp;&nbsp;&nbsp;**Rhode Island - 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Rhode Island Health and Educational Building Corp.<br> 5.250%, 05/15/54 | &nbsp;&nbsp;5100000 | &nbsp;&nbsp;&nbsp;&nbsp;5144044 |
| &nbsp;&nbsp;&nbsp;Tobacco Settlement Financing Corp., Series A<br> 5.000%, 06/01/40 | &nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp;&nbsp;&nbsp;530010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Rhode Island |  | &nbsp;&nbsp;&nbsp;5674054 |
| &nbsp;&nbsp;&nbsp;**South Carolina - 3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Richland County School District No 2, Series A, (South Carolina School District)<br> 1.875%, 03/01/38 | &nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp;1186233 |
| &nbsp;&nbsp;&nbsp;South Carolina Jobs-Economic Development Authority<br> 5.750%, 11/15/54 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1026043 |
| &nbsp;&nbsp;&nbsp;South Carolina Jobs-Economic Development Authority, Series A<br> 5.500%, 11/01/54 | &nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;1845817 |
| &nbsp;&nbsp;&nbsp;South Carolina Public Service Authority, Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/55 | &nbsp;&nbsp;1335000 | &nbsp;&nbsp;&nbsp;&nbsp;1360999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/01/54 | &nbsp;&nbsp;&nbsp;1175000 | &nbsp;&nbsp;&nbsp;&nbsp;1249187 |
| &nbsp;&nbsp;&nbsp;South Carolina Public Service Authority, Series B<br> 5.250%, 12/01/54 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1034834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total South Carolina |  | &nbsp;&nbsp;&nbsp;&nbsp;7703113 |
| &nbsp;&nbsp;&nbsp;**Tennessee - 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Chattanooga Health Educational & Housing Facility Board<br> 5.250%, 12/01/54 | 2000000 | &nbsp;&nbsp;&nbsp;2062842 |
| &nbsp;&nbsp;&nbsp;City of Chattanooga Electric<br> 2.000%, 09/01/40 | &nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;998799 |
| &nbsp;&nbsp;&nbsp;Knox County Health Educational & Housing Facility Board, Series 1, (BAM)<br> 5.125%, 07/01/59 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1016504 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;Knox County Health Educational & Housing Facility Board, Series A1, (BAM)<br> 5.500%, 07/01/59 | $1000000 | &nbsp;&nbsp;&nbsp;$1047704 |
| &nbsp;&nbsp;&nbsp;Shelby County Health & Educational Facilities Board, Series A1<br> 5.250%, 06/01/56<sup>1</sup> | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;2338132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Tennessee |  | &nbsp;&nbsp;&nbsp;7463981 |
| &nbsp;&nbsp;&nbsp;**Texas - 7.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Central Texas Regional Mobility Authority,<br> Series B<br> 4.000%, 01/01/51 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;1794031 |
| &nbsp;&nbsp;&nbsp;City of Corpus Christi Utility System Revenue, (AG)<br> 5.000%, 07/15/55 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2077131 |
| &nbsp;&nbsp;&nbsp;City of Houston Airport System Revenue, Series B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/15/37 | &nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1619371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/15/38 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1072906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/15/39 | &nbsp;&nbsp;&nbsp;1630000 | &nbsp;&nbsp;&nbsp;&nbsp;1736166 |
| &nbsp;&nbsp;&nbsp;Lower Colorado River Authority<br> 5.000%, 05/15/51 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1014588 |
| &nbsp;&nbsp;&nbsp;Texas Private Activity Bond Surface Transportation Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/30/58 | &nbsp;&nbsp;4050000 | &nbsp;&nbsp;&nbsp;3976850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/31/58 | &nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;669774 |
| &nbsp;&nbsp;&nbsp;Texas Private Activity Bond Surface Transportation Corp., Series A<br> 4.000%, 12/31/39 | &nbsp;&nbsp;&nbsp;1180000 | &nbsp;&nbsp;&nbsp;&nbsp;1123872 |
| &nbsp;&nbsp;&nbsp;Texas Water Development Board<br> 4.750%, 10/15/55<sup>2</sup> | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1006531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Texas |  | &nbsp;&nbsp;16091220 |
| &nbsp;&nbsp;&nbsp;**Virginia - 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Lynchburg Economic Development Authority<br> 4.000%, 01/01/55 | &nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;199409 |
| &nbsp;&nbsp;&nbsp;Virginia Small Business Financing Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;485000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/31/47 | &nbsp;&nbsp;&nbsp;1755000 | &nbsp;&nbsp;&nbsp;&nbsp;1757173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/31/49 | &nbsp;&nbsp;&nbsp;1905000 | &nbsp;&nbsp;&nbsp;&nbsp;1863195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/31/52 | &nbsp;&nbsp;&nbsp;1895000 | &nbsp;&nbsp;&nbsp;&nbsp;1847354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Virginia |  | &nbsp;&nbsp;&nbsp;6124904 |
| &nbsp;&nbsp;&nbsp;**Washington - 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/54 | &nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1480852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/01/49 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1035001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Washington |  | &nbsp;&nbsp;&nbsp;2515853 |
| &nbsp;&nbsp;&nbsp;**West Virginia - 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;West Virginia Hospital Finance Authority,<br> Series A<br> 5.500%, 06/01/50 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;1060204 |
| &nbsp;&nbsp;&nbsp;West Virginia Hospital Finance Authority,<br> Series B<br> 6.000%, 09/01/53 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1077274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total West Virginia |  | &nbsp;&nbsp;&nbsp;&nbsp;2137478 |

---

------

AMG GW&K Municipal Enhanced SMA Shares

Schedule of Portfolio Investments *(continued)*

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;**Wisconsin - 5.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Public Finance Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 11/15/55 | $1100000 | &nbsp;&nbsp;&nbsp;&nbsp;$1107973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 11/15/61 | &nbsp;&nbsp;1555000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1559534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 06/30/60 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1028167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 12/31/65 | 6000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6169002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 12/31/65 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1094019 |
| &nbsp;&nbsp;&nbsp;Public Finance Authority, Series A<br> 5.000%, 06/01/41<sup>1</sup> | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2011046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Wisconsin |  | &nbsp;&nbsp;&nbsp;&nbsp;12969741 |
| **Total Municipal Bonds<br> (Cost $211,179,323)** |  | &nbsp;&nbsp;208665445 |
| **Short-Term Investments - 5.4%** |  |  |
| &nbsp;&nbsp;&nbsp;**Repurchase Agreements - 5.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Fixed Income Clearing Corp., dated 09/30/25, due 10/01/25, 3.850% total to be received $11,948,278 (collateralized by a U.S. Treasury Note, 4.375%, 01/31/32, totaling $12,185,992) | &nbsp;&nbsp;11947000 | &nbsp;&nbsp;&nbsp;&nbsp;11947000 |
| **Total Short-Term Investments<br> (Cost $11,947,000)** |  | &nbsp;&nbsp;&nbsp;&nbsp;11947000 |

---

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;Value |
| **Total Investments - 99.7%<br> (Cost $223,126,323)** | &nbsp;&nbsp;&nbsp;&nbsp; $220612445 |
| **Other Assets, less Liabilities - 0.3%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 611495 |
| **Net Assets - 100.0%** | &nbsp;&nbsp;**$221223940** |

---

------

<sup>1</sup> Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2025, the value of these securities amounted to $9,521,137 or 4.3% of net assets.

<sup>2</sup> All or part of a security is delayed delivery transaction. The market value for delayed delivery securities at September 30, 2025, amounted to $1,006,531, or 0.5% of net assets.

---

| | |
|:---|:---|
| &nbsp;&nbsp;AG | Assured Guaranty |
| &nbsp;&nbsp;BAM | Build America Mutual Assurance Co. |
| &nbsp;&nbsp;FHLMC | Freddie Mac |
| &nbsp;&nbsp;FNMA | Fannie Mae |
| &nbsp;&nbsp;GNMA | Ginnie Mae |

---

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** | &nbsp;&nbsp; — | &nbsp;&nbsp; $208665445 | &nbsp;&nbsp; — | &nbsp;&nbsp; $208665445 |
| &nbsp;&nbsp;&nbsp;**Short-Term Investments** | &nbsp;&nbsp;&nbsp;**Short-Term Investments** | &nbsp;&nbsp;&nbsp;**Short-Term Investments** | &nbsp;&nbsp;&nbsp;**Short-Term Investments** | &nbsp;&nbsp;&nbsp;**Short-Term Investments** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11947000 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11947000 |
| &nbsp;&nbsp;**Total Investments in Securities** | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;$220612445 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;$220612445 |

---

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 Enhanced SMA Shares

- **b. EDGAR series identifier (if any):** S000079761

- **c. LEI of Series:** 549300KFN2YUNQLG5O94

**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:** $223820103.82

**Total Liabilities:** $2849504.54

**Net Assets:** $220970599.28

**Delayed Delivery Securities:** $1000000.00

**Cash Not Reported:** $707.32

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.14122000 | **1-Year:** 52.75382000 | **5-Year:** 8501.28550000 | **10-Year:** 191563.82290000 | **30-Year:** 11968.01750000

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 1236.60843000 | **10-Year:** 9762.11969000 | **30-Year:** 552.06441000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000241081 | -1.32%               | 0.84%                | 4.22%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-135160.12              | $-3388015.36                               |
| Month 2  | $-106332.87              | $822464.69                                 |
| Month 3  | $-201381.07              | $8361317.08                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CAPITAL TRUST AUTH FL CHRTR SC    | Capital Trust Authority                                            | CUSIP: 14054YAC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $865937.20    | 0.39%             | 2054-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST HSG DEV AUTH SF MT    | Michigan State Housing Development Authority                       | CUSIP: 594654C86<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |   1270000 | PA      | $1301219.52   | 0.59%             | 2055-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FAYETTE CNTY GA DEV AUTH REVEN    | Fayette County Development Authority                               | CUSIP: 31222PAX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1537248.75   | 0.70%             | 2054-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| OHIO ST HGR EDUCTNL FAC COMMIS    | Ohio Higher Educational Facility Commission                        | CUSIP: 67756DS80<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3030777.60   | 1.37%             | 2054-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| RICHLAND CNTY SC SCH DIST #2      | Richland County School District No 2/SC                            | CUSIP: 763682R94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1186233.12   | 0.54%             | 2038-03-01      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| KNOX CNTY TN HLTH EDUCTNL & HS    | Knox County Health Educational & Housing Facility Board            | CUSIP: 499526AT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1047703.60   | 0.47%             | 2059-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES    | New York State Dormitory Authority                                 | CUSIP: 64985SBV4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1530000 | PA      | $1382973.58   | 0.63%             | 2050-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP    | New York Transportation Development Corp                           | CUSIP: 650110AE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $935126.21    | 0.42%             | 2053-04-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI TOLL REVENU    | Public Finance Authority                                           | CUSIP: 74448UAB4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1028166.90   | 0.47%             | 2060-06-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ESCAMBIA CNTY FL HLTH FACS AUT    | Escambia County Health Facilities Authority                        | CUSIP: 296110GF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1055000 | PA      | $886214.14    | 0.40%             | 2050-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI TOLL REVENU    | Public Finance Authority                                           | CUSIP: 74448UAC2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1094019.30   | 0.50%             | 2065-12-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY AL SWR REVENUE     | County of Jefferson AL Sewer Revenue                               | CUSIP: 472682ZS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5550000 | PA      | $5810743.44   | 2.63%             | 2053-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R    | Massachusetts Development Finance Agency                           | CUSIP: 57585BEX2<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009778.00   | 0.46%             | 2050-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R    | Massachusetts Development Finance Agency                           | CUSIP: 57584Y4T3<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   3705000 | PA      | $3683516.56   | 1.67%             | 2052-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FLORIDA DEV FIN CORP HLTHCAREF    | Florida Development Finance Corp                                   | CUSIP: 34061QCU9<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1785962.33   | 0.81%             | 2055-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP R    | Tobacco Settlement Financing Corp/RI                               | CUSIP: 888809BE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $530010.55    | 0.24%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST HSG DEV AUTH SF MT    | Michigan State Housing Development Authority                       | CUSIP: 594654J97<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1802541.78   | 0.82%             | 2051-06-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| LYNCHBURG VA ECON DEV AUTH HOS    | Lynchburg Economic Development Authority                           | CUSIP: 55123TBS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $199408.87    | 0.09%             | 2055-01-01      | Fixed         | 4.00%                 | 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        |   1600000 | PA      | $1650368.32   | 0.75%             | 2049-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP    | New York Transportation Development Corp                           | CUSIP: 650116GP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1044933.90   | 0.47%             | 2040-04-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH REVENUE      | New Hampshire Business Finance Authority                           | CUSIP: 63607YCZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2604005.75   | 1.18%             | 2055-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                       | State of Illinois                                                  | CUSIP: 452153KG3<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027907.00   | 0.47%             | 2049-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R    | Massachusetts Development Finance Agency                           | CUSIP: 57584YL64<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1080000 | PA      | $862305.70    | 0.39%             | 2051-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE    | California Municipal Finance Authority                             | CUSIP: 13048VZJ0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    240000 | PA      | $203749.10    | 0.09%             | 2051-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA SMALL BUSINESS FING A    | Virginia Small Business Financing Authority                        | CUSIP: 928097AC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1895000 | PA      | $1847354.39   | 0.84%             | 2052-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP N    | Tobacco Settlement Financing Corp                                  | CUSIP: 888808HT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $268231.76    | 0.12%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP    | New York Transportation Development Corp                           | CUSIP: 650116HM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016707.70   | 0.46%             | 2054-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST PUBLIC SVC A    | South Carolina Public Service Authority                            | CUSIP: 8371515V7<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   1335000 | PA      | $1360998.46   | 0.62%             | 2055-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF WTR & P    | Los Angeles Department of Water & Power                            | CUSIP: 544532PW8<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027265.10   | 0.46%             | 2055-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI BEACH FL HLTH FACS AUTH     | Miami Beach Health Facilities Authority                            | CUSIP: 593211FQ3<br>LEI: 549300MFT7I1HF5VL403 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1066015.13   | 0.48%             | 2051-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KNOX CNTY TN HLTH EDUCTNL & HS    | Knox County Health Educational & Housing Facility Board            | CUSIP: 499526BJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016504.10   | 0.46%             | 2059-07-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| OHIO ST HGR EDUCTNL FAC COMMIS    | Ohio Higher Educational Facility Commission                        | CUSIP: 67756DS72<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2539597.00   | 1.15%             | 2049-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST PUBLIC SVC A    | South Carolina Public Service Authority                            | CUSIP: 8371514F3<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1249187.27   | 0.57%             | 2054-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| VIRGINIA SMALL BUSINESS FING A    | Virginia Small Business Financing Authority                        | CUSIP: 928097AB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1905000 | PA      | $1863194.78   | 0.84%             | 2049-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R    | Massachusetts Development Finance Agency                           | CUSIP: 57585BBU1<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $924460.90    | 0.42%             | 2060-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA    | Chicago O'Hare International Airport                               | CUSIP: 167593L59<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1101310.54   | 0.50%             | 2048-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRL TX REGL MOBILITY AUTH R    | Central Texas Regional Mobility Authority                          | CUSIP: 155498LX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1794031.00   | 0.81%             | 2051-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GEISINGER PA AUTH HLTH SYS REV    | Geisinger Authority                                                | CUSIP: 368497JV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1340000 | PA      | $1187229.68   | 0.54%             | 2050-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV    | Colorado Health Facilities Authority                               | CUSIP: 19648FKS2<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    930000 | PA      | $937971.40    | 0.42%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NASH HLTH CARE SYS NC HLTH CAR    | Nash Health Care Systems                                           | CUSIP: 631163BQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1026082.90   | 0.46%             | 2055-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ALLEGHENY CNTY PA ARPT AUTH AR    | Allegheny County Airport Authority                                 | CUSIP: 01728LFJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    815000 | PA      | $815574.00    | 0.37%             | 2051-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI BEACH FL HLTH FACS AUTH     | Miami Beach Health Facilities Authority                            | CUSIP: 593211FN0<br>LEI: 549300MFT7I1HF5VL403 | Long             | DBT              | MUN               | US        |   2370000 | PA      | $2089643.22   | 0.95%             | 2046-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI TOLL REVENU    | Public Finance Authority                                           | CUSIP: 74448UAD0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6169001.40   | 2.79%             | 2065-12-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH REVENUE       | Indiana Finance Authority                                          | CUSIP: 45506EPA5<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1485126.00   | 0.67%             | 2055-03-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R    | Massachusetts Development Finance Agency                           | CUSIP: 57585BPC6<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2125949.00   | 0.96%             | 2055-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TEXAS ST PRIV ACTIVITY BOND SU    | Texas Private Activity Bond Surface Transportation Corp            | CUSIP: 882667AY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1180000 | PA      | $1123872.24   | 0.51%             | 2039-12-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DULUTH MN ECON DEV AUTH HLTH C    | Duluth Economic Development Authority                              | CUSIP: 26444CHC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    410000 | PA      | $412479.07    | 0.19%             | 2048-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R    | Massachusetts Development Finance Agency                           | CUSIP: 57585BJU3<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1487364.15   | 0.67%             | 2055-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV    | Colorado Health Facilities Authority                               | CUSIP: 19648FXU3<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1022921.00   | 0.46%             | 2054-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST HSG FIN AGY SF    | Pennsylvania Housing Finance Agency                                | CUSIP: 70879QXU2<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1238940.13   | 0.56%             | 2053-04-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST AGRIC & ECON DEVB    | Minnesota Agricultural & Economic Development Board                | CUSIP: 6049203E6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1028971.40   | 0.47%             | 2054-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES    | New York State Dormitory Authority                                 | CUSIP: 65000BLP1<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    550000 | PA      | $475380.02    | 0.22%             | 2047-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE        | Public Finance Authority                                           | CUSIP: 74442PL37<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1555000 | PA      | $1559533.76   | 0.71%             | 2061-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH STUDENT HS    | Indiana Finance Authority                                          | CUSIP: 45471FAY7<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1226973.13   | 0.56%             | 2059-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI    | Pennsylvania Turnpike Commission                                   | CUSIP: 709225BD7<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   2435000 | PA      | $2153257.11   | 0.97%             | 2050-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY PA HGR EDU & H    | Montgomery County Higher Education and Health Authority            | CUSIP: 613603G60<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $907109.37    | 0.41%             | 2052-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST     | New Jersey Transportation Trust Fund Authority                     | CUSIP: 64613CEH7<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1047678.70   | 0.47%             | 2050-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST HSG FIN CORP REVENU    | Florida Housing Finance Corp                                       | CUSIP: 34074M4X6<br>LEI: 549300W0PCIJCI0JCF10 | Long             | DBT              | MUN               | US        |   1730000 | PA      | $1730842.34   | 0.78%             | 2054-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| FAYETTE CNTY GA DEV AUTH REVEN    | Fayette County Development Authority                               | CUSIP: 31222PAW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1546544.40   | 0.70%             | 2049-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP    | New York Transportation Development Corp                           | CUSIP: 650116JQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2647235.25   | 1.20%             | 2059-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE     | Metropolitan Transportation Authority                              | CUSIP: 59261AG35<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   3625000 | PA      | $3604264.28   | 1.63%             | 2045-11-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP    | New York Transportation Development Corp                           | CUSIP: 650116FR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    815000 | PA      | $830070.98    | 0.38%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES    | New York State Dormitory Authority                                 | CUSIP: 65000BLQ9<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    340000 | PA      | $286321.82    | 0.13%             | 2052-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE       | City of Houston TX Airport System Revenue                          | CUSIP: 442349HZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1630000 | PA      | $1736165.98   | 0.79%             | 2039-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                       | State of Illinois                                                  | CUSIP: 452153KF5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1029776.40   | 0.47%             | 2048-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DE    | South Carolina Jobs-Economic Development Authority                 | CUSIP: 83704HAM9<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1026043.20   | 0.46%             | 2054-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HLTH & EDUCTNL FAC    | Health & Educational Facilities Authority of the State of Missouri | CUSIP: 60637ARH7<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2185392.25   | 0.99%             | 2053-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TEXAS WTR DEV BRD REVENUE         | Texas Water Development Board                                      | CUSIP: 88285AKD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006530.70   | 0.46%             | 2055-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF WTR & P    | Los Angeles Department of Water & Power                            | CUSIP: 544532PU2<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1551615.75   | 0.70%             | 2050-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH ST    | California Municipal Finance Authority                             | CUSIP: 13049YBM2<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    795000 | PA      | $795280.16    | 0.36%             | 2048-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUB FIN AUTH WI TAX INCREMENT     | Public Finance Authority                                           | CUSIP: 74448EAA2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2011046.40   | 0.91%             | 2041-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VILLAGE CDD NO 15 SPL ASSMNT R    | Village Community Development District No 15                       | CUSIP: 92708KAK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $947932.90    | 0.43%             | 2055-05-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP    | New York Transportation Development Corp                           | CUSIP: 650116GN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $549644.60    | 0.25%             | 2035-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH ST    | California Municipal Finance Authority                             | CUSIP: 13049YBK6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    485000 | PA      | $488357.12    | 0.22%             | 2043-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA DEV FIN CORP HLTHCAREF    | Florida Development Finance Corp                                   | CUSIP: 34061QBT3<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    485000 | PA      | $400188.83    | 0.18%             | 2052-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE     | Metropolitan Transportation Authority                              | CUSIP: 59261A5G8<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1045019.00   | 0.47%             | 2055-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CORPUS CHRISTI TX UTILITY SYSR    | City of Corpus Christi TX Utility System Revenue                   | CUSIP: 2202455X8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2077131.00   | 0.94%             | 2055-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SUFFOLK REGL OFF-TRACK BETTING    | Suffolk Regional Off-Track Betting Corp                            | CUSIP: 86480TAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010127.90   | 0.46%             | 2053-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| COLUMBUS OH REGL ARPT AUTH REV    | Columbus Regional Airport Authority                                | CUSIP: 199546DD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3142437.30   | 1.42%             | 2055-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE       | City of Houston TX Airport System Revenue                          | CUSIP: 442349HY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1072906.20   | 0.49%             | 2038-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DE    | South Carolina Jobs-Economic Development Authority                 | CUSIP: 837032CF6<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1845817.05   | 0.84%             | 2054-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST SMALL BUSINESS FIN    | Virginia Small Business Financing Authority                        | CUSIP: 928104NY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    485000 | PA      | $457773.17    | 0.21%             | 2040-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HAMILTON CNTY OH HOSP FACS REV    | County of Hamilton OH                                              | CUSIP: 4072722W2<br>LEI: 549300TO1E3N4E4YIO28 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008879.60   | 0.46%             | 2051-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP N    | Tobacco Settlement Financing Corp                                  | CUSIP: 888808HR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $530703.68    | 0.24%             | 2046-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING     | Pennsylvania Economic Development Financing Authority              | CUSIP: 70868YAW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2185000 | PA      | $2194831.41   | 0.99%             | 2053-06-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL SEAPORT REV    | County of Miami-Dade Seaport Department                            | CUSIP: 59335KDF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2265000 | PA      | $2019687.36   | 0.91%             | 2045-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST HSG DEV AUTH SF MT    | Michigan State Housing Development Authority                       | CUSIP: 594654C78<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017153.80   | 0.46%             | 2050-12-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R    | Massachusetts Development Finance Agency                           | CUSIP: 57585BKJ6<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   3750000 | PA      | $3704956.13   | 1.68%             | 2055-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP    | New York Transportation Development Corp                           | CUSIP: 650116HW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2551764.25   | 1.15%             | 2060-12-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                       | City of New York NY                                                | CUSIP: 64966SJZ0<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1033508.50   | 0.47%             | 2054-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL     | Metropolitan Pier & Exposition Authority                           | CUSIP: 592250DM3<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |    815000 | PA      | $803155.85    | 0.36%             | 2050-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMISSI    | Washington State Housing Finance Commission                        | CUSIP: 93978LHG4<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1480851.90   | 0.67%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST PUBLIC SVC A    | South Carolina Public Service Authority                            | CUSIP: 8371515A3<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1034833.50   | 0.47%             | 2054-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND ST HLTH & EDUCTNL    | Rhode Island Health and Educational Building Corp                  | CUSIP: 762244MJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5100000 | PA      | $5144043.60   | 2.33%             | 2054-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PALM BEACH CNTY FL HLTH FACS A    | Palm Beach County Health Facilities Authority                      | CUSIP: 69650MBB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1913400.20   | 0.87%             | 2055-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| S JERSEY NJ TRANSPRTN AUTH TRA    | South Jersey Transportation Authority                              | CUSIP: 838536MP2<br>LEI: 549300W8SZI2CAOKT956 | Long             | DBT              | MUN               | US        |   2070000 | PA      | $2061227.55   | 0.93%             | 2047-11-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST SMALL BUSINESS FIN    | Virginia Small Business Financing Authority                        | CUSIP: 928104QJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1755000 | PA      | $1757172.87   | 0.80%             | 2047-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HLTH & EDUCTNL     | Connecticut State Health & Educational Facilities Authority        | CUSIP: 20775DPN6<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    285000 | PA      | $261850.82    | 0.12%             | 2042-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA DEV FIN CORP HLTHCAREF    | Florida Development Finance Corp                                   | CUSIP: 34061QBU0<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    325000 | PA      | $308562.15    | 0.14%             | 2052-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AUTH FL CHRTR SC    | Capital Trust Authority                                            | CUSIP: 14054YAD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1765000 | PA      | $1483048.31   | 0.67%             | 2064-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH STUDENT HS    | Indiana Finance Authority                                          | CUSIP: 45471FAX9<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $990218.40    | 0.45%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VILLAGE CDD NO 15 SPL ASSMNT R    | Village Community Development District No 15                       | CUSIP: 92708KAJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $950579.60    | 0.43%             | 2044-05-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP N    | Tobacco Settlement Financing Corp                                  | CUSIP: 888808HQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    405000 | PA      | $395136.47    | 0.18%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDL     | Philadelphia Authority for Industrial Development                  | CUSIP: 71780TBL6<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1026441.70   | 0.46%             | 2052-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST HOSP FIN AUTH    | West Virginia Hospital Finance Authority                           | CUSIP: 956622X25<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1077274.30   | 0.49%             | 2053-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE     | Metropolitan Transportation Authority                              | CUSIP: 59261AG43<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008174.60   | 0.46%             | 2050-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRL PLAINS ENERGY PROJ NE G    | Central Plains Energy Project                                      | CUSIP: 154871CP0<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1187279.10   | 0.54%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE        | Public Finance Authority                                           | CUSIP: 74442PL29<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1107973.13   | 0.50%             | 2055-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE       | City of Houston TX Airport System Revenue                          | CUSIP: 442349HX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1619371.35   | 0.73%             | 2037-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FIXED INCOME CLEARING CORPORATION | FIXED INCOME CLEARING CORPORATION                                  | CUSIP: 000000000<br>LEI: 549300H47WTHXPU08X20 | Long             | RA               | CORP              | US        |  11947000 | PA      | $11947000.00  | 5.41%             |  |  |  | No            |                  2 | On Loan: No      |
| OHIO ST HSG FIN AGY RSDL MTGE     | Ohio Housing Finance Agency                                        | CUSIP: 67756Q6U6<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |   1080000 | PA      | $1074124.15   | 0.49%             | 2049-09-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH STUDENT HS    | Indiana Finance Authority                                          | CUSIP: 45471FAZ4<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1505650.35   | 0.68%             | 2064-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMISSI    | Washington State Housing Finance Commission                        | CUSIP: 93978LHF6<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1035001.10   | 0.47%             | 2049-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST HGR EDUCTNL FA    | Pennsylvania Higher Educational Facilities Authority               | CUSIP: 70917TRZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4780000 | PA      | $4824952.08   | 2.18%             | 2054-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R    | Massachusetts Development Finance Agency                           | CUSIP: 57585BJT6<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1752888.20   | 0.79%             | 2050-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL     | Metropolitan Pier & Exposition Authority                           | CUSIP: 592250EW0<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |    325000 | PA      | $298270.41    | 0.13%             | 2042-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST HOSP FIN AUTH    | West Virginia Hospital Finance Authority                           | CUSIP: 956622Y81<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1060203.80   | 0.48%             | 2050-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SHELBY CNTY TENN HEALTH EDL &     | Shelby County Health & Educational Facilities Board                | CUSIP: 82170LAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2338132.25   | 1.06%             | 2056-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BREVARD CNTY FL HLTH FACS AUTH    | Brevard County Health Facilities Authority                         | CUSIP: 107416QM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1185000 | PA      | $1188287.78   | 0.54%             | 2047-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA STADIUM & EXPOSITION    | Louisiana Stadium & Exposition District                            | CUSIP: 546410CY5<br>LEI: 5493000QEHWDGVGH7J62 | Long             | DBT              | MUN               | US        |   1965000 | PA      | $2040628.53   | 0.92%             | 2053-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HLTH FACS AUTH REVENU    | Idaho Health Facilities Authority                                  | CUSIP: 451295H44<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2060545.50   | 0.93%             | 2053-03-01      | Fixed         | 4.38%                 | 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        |   2500000 | PA      | $2605143.50   | 1.18%             | 2054-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| HILLSBOROUGH CNTY FL INDL DEVA    | Hillsborough County Industrial Development Authority               | CUSIP: 43233AFD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    815000 | PA      | $708411.37    | 0.32%             | 2050-08-01      | 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        |   2750000 | PA      | $2816405.63   | 1.27%             | 2058-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST PRIV ACTIVITY BOND SU    | Texas Private Activity Bond Surface Transportation Corp            | CUSIP: 882667BX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $669773.85    | 0.30%             | 2058-12-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TEXAS ST PRIV ACTIVITY BOND SU    | Texas Private Activity Bond Surface Transportation Corp            | CUSIP: 882667AN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4050000 | PA      | $3976850.52   | 1.80%             | 2058-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ORANGE CNTY FL HLTH FACS AUTH     | Orange County Health Facilities Authority                          | CUSIP: 68450LJQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3638142.90   | 1.65%             | 2056-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL     | Metropolitan Pier & Exposition Authority                           | CUSIP: 592250EY6<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |    485000 | PA      | $407224.09    | 0.18%             | 2052-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOWER COLORADO RIVER TX AUTH T    | Lower Colorado River Authority                                     | CUSIP: 54811BXV8<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1014587.60   | 0.46%             | 2051-05-15      | 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        |   1220000 | PA      | $1222377.78   | 0.55%             | 2049-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R    | Massachusetts Development Finance Agency                           | CUSIP: 57585BEY0<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2540861.40   | 1.15%             | 2054-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CHATTANOOGA TN HLTH EDUCTNL &     | Chattanooga Health Educational & Housing Facility Board            | CUSIP: 162409AP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2062842.40   | 0.93%             | 2054-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP    | New York Transportation Development Corp                           | CUSIP: 650116FQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    845000 | PA      | $866434.69    | 0.39%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                       | State of Illinois                                                  | CUSIP: 452153AU3<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1240000 | PA      | $1167126.44   | 0.53%             | 2040-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHATTANOOGA TN ELEC REVENUE       | City of Chattanooga TN Electric Revenue                            | CUSIP: 162393GC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $998799.06    | 0.45%             | 2040-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV    | Colorado Health Facilities Authority                               | CUSIP: 19648FZK3<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1315000 | PA      | $1314188.12   | 0.59%             | 2055-12-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING     | Pennsylvania Economic Development Financing Authority              | CUSIP: 70868YAX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4075000 | PA      | $4103323.29   | 1.86%             | 2057-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC AUTH FOR COLORADO ST EN    | Public Authority for Colorado Energy                               | CUSIP: 744387AD3<br>LEI: 549300C6IJKXQOMRAB11 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1570956.14   | 0.71%             | 2038-11-15      | Fixed         | 6.50%                 | 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