# EDGAR Filing Document

**Accession Number:** 0001089951
**File Stem:** 0000940400-25-011543
**Filing Date:** 2025-11
**Character Count:** 53810
**Document Hash:** bfd1aa9b7b40c7a2f7442217904fe4fc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-011543.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0000940400-25-011543

**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:** 251534563

**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 Yield Fund (Series ID: S000023781)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000069909 | Class I      | GWMEX           |
| C000078885 | Class N      | GWMNX           |
| C000180069 | Class Z      | GWMZX           |

## Nport-Ex

AMG GW&K Municipal Enhanced Yield Fund

Schedule of Portfolio Investments *(unaudited)*

September 30, 2025

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;Value |
| **Municipal Bonds - 95.8%** |  |  |
| &nbsp;&nbsp;&nbsp;**Alabama - 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;County of Jefferson Sewer Revenue<br> 5.500%, 10/01/53 | $1000000 | &nbsp;&nbsp;&nbsp;$1046981 |
| &nbsp;&nbsp;&nbsp;**California - 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;California Municipal Finance Authority<br> 5.000%, 05/15/48 | &nbsp;&nbsp;&nbsp;1005000 | &nbsp;&nbsp;&nbsp;&nbsp;1005354 |
| &nbsp;&nbsp;&nbsp;California Municipal Finance Authority, Series A<br> 4.000%, 02/01/51 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;848955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total California |  | &nbsp;&nbsp;&nbsp;&nbsp;1854309 |
| &nbsp;&nbsp;&nbsp;**Colorado - 4.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Colorado Health Facilities Authority, Series A<br> 5.125%, 12/01/45 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1015684 |
| &nbsp;&nbsp;&nbsp;Public Authority for Colorado Energy Natural Gas Purchase Revenue<br> 6.500%, 11/15/38 | &nbsp;&nbsp;5395000 | &nbsp;&nbsp;&nbsp;&nbsp;6519468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Colorado |  | &nbsp;&nbsp;&nbsp;&nbsp;7535152 |
| &nbsp;&nbsp;&nbsp;**Florida - 11.8%** |  |  |
| &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;&nbsp;&nbsp;865937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/64<sup>1</sup> | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;840254 |
| &nbsp;&nbsp;&nbsp;Escambia County Health Facilities Authority<br> 4.000%, 08/15/50 | &nbsp;&nbsp;5065000 | &nbsp;&nbsp;&nbsp;&nbsp;4254668 |
| &nbsp;&nbsp;&nbsp;Florida Development Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/52 | &nbsp;&nbsp;&nbsp;2515000 | &nbsp;&nbsp;&nbsp;&nbsp;2075206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/52 | &nbsp;&nbsp;&nbsp;1675000 | &nbsp;&nbsp;&nbsp;&nbsp;1590282 |
| &nbsp;&nbsp;&nbsp;Hillsborough County Industrial Development Authority<br> 4.000%, 08/01/50 | &nbsp;&nbsp;&nbsp;4185000 | &nbsp;&nbsp;&nbsp;&nbsp;3637671 |
| &nbsp;&nbsp;&nbsp;Miami Beach Health Facilities Authority<br> 4.000%, 11/15/46 | &nbsp;&nbsp;&nbsp;4185000 | &nbsp;&nbsp;&nbsp;&nbsp;3689939 |
| &nbsp;&nbsp;&nbsp;Palm Beach County Health Facilities Authority, Series B<br> 5.000%, 11/15/55 | &nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1435050 |
| &nbsp;&nbsp;&nbsp;Village Community Development District No 15<br> 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;19336940 |
| &nbsp;&nbsp;&nbsp;**Georgia - 1.9%** |  |  |
| &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;**Illinois - 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Metropolitan Pier & Exposition Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/15/52 | &nbsp;&nbsp;&nbsp;2515000 | &nbsp;&nbsp;&nbsp;&nbsp;2111688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/50 | &nbsp;&nbsp;2335000 | &nbsp;&nbsp;&nbsp;&nbsp;2301066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Illinois |  | &nbsp;&nbsp;&nbsp;&nbsp;4412754 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;**Indiana - 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Indiana Finance Authority, Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/54 | $1000000 | &nbsp;&nbsp;&nbsp;&nbsp;$990218 |
| &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%, 03/01/50 | &nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1474236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/01/64 | &nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;1254709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Indiana |  | &nbsp;&nbsp;&nbsp;4946136 |
| &nbsp;&nbsp;&nbsp;**Massachusetts - 7.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/51 | &nbsp;&nbsp;4340000 | &nbsp;&nbsp;&nbsp;&nbsp;3465191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/01/50 | &nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;1252063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/01/52 | &nbsp;&nbsp;2245000 | &nbsp;&nbsp;&nbsp;&nbsp;2231982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/01/55 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;987988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/01/55 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991576 |
| &nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, Series 1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 07/01/54 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;923950 |
| &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%, 07/01/54<sup>1</sup> | &nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;1125928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Massachusetts |  | &nbsp;&nbsp;11988456 |
| &nbsp;&nbsp;&nbsp;**Michigan - 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Michigan State Housing Development Authority, Series C<br> 5.050%, 06/01/51 | &nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;1201695 |
| &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;1000000 | &nbsp;&nbsp;&nbsp;1006046 |
| &nbsp;&nbsp;&nbsp;**Nebraska - 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Central Plains Energy Project #3, Series A<br> 5.000%, 09/01/42 | &nbsp;&nbsp;4655000 | &nbsp;&nbsp;&nbsp;&nbsp;4912697 |
| &nbsp;&nbsp;&nbsp;**New Hampshire - 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;New Hampshire Business Finance Authority, Series A<br> 5.500%, 06/01/55 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1041602 |
| &nbsp;&nbsp;&nbsp;**New Jersey - 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Tobacco Settlement Financing Corp., Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/46 | &nbsp;&nbsp;2095000 | &nbsp;&nbsp;&nbsp;2043978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 06/01/46 | &nbsp;&nbsp;&nbsp;2755000 | &nbsp;&nbsp;&nbsp;2758658 |
| &nbsp;&nbsp;&nbsp;Tobacco Settlement Financing Corp., Series B<br> 5.000%, 06/01/46 | &nbsp;&nbsp;&nbsp;1415000 | &nbsp;&nbsp;&nbsp;&nbsp;1380174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total New Jersey |  | &nbsp;&nbsp;&nbsp;&nbsp;6182810 |
| &nbsp;&nbsp;&nbsp;**New York - 14.3%** |  |  |
| &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;1675000 | &nbsp;&nbsp;&nbsp;&nbsp;1447748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/52 | &nbsp;&nbsp;&nbsp;1775000 | &nbsp;&nbsp;&nbsp;&nbsp;1494768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 07/01/50 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;903904 |

---

------

AMG GW&K Municipal Enhanced Yield Fund

Schedule of Portfolio Investments *(continued)*

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;**New York - 14.3% (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;New York Transportation Development Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/30/53 | $5790000 | &nbsp;&nbsp;&nbsp;$4812783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 06/30/54 | &nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1525062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625%, 04/01/40 | &nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;4179736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 04/01/35 | &nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1648934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 06/30/54 | &nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;1823600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 06/30/59 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1058894 |
| &nbsp;&nbsp;&nbsp;New York Transportation Development Corp.,<br> Series A<br> 5.500%, 12/31/60 | &nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;3572470 |
| &nbsp;&nbsp;&nbsp;Suffolk Regional Off-Track Betting Co.<br> 5.750%, 12/01/44 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1010773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total New York |  | &nbsp;&nbsp;23478672 |
| &nbsp;&nbsp;&nbsp;**Ohio - 2.5%** |  |  |
| &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;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;1269798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 05/01/54 | &nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;1767954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Ohio |  | &nbsp;&nbsp;&nbsp;4046632 |
| &nbsp;&nbsp;&nbsp;**Pennsylvania - 3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Montgomery County Higher Education and Health Authority, Series B<br> 5.000%, 05/01/52 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1007899 |
| &nbsp;&nbsp;&nbsp;Pennsylvania Economic Development Financing Authority<br> 5.250%, 06/30/53 | &nbsp;&nbsp;5025000 | &nbsp;&nbsp;&nbsp;&nbsp;5047610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Pennsylvania |  | &nbsp;&nbsp;&nbsp;6055509 |
| &nbsp;&nbsp;&nbsp;**Rhode Island - 5.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Rhode Island Health and Educational Building Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 05/15/49 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1011028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 05/15/54 | &nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp;4538862 |
| &nbsp;&nbsp;&nbsp;Tobacco Settlement Financing Corp., Series A<br> 5.000%, 06/01/40 | &nbsp;&nbsp;&nbsp;2755000 | &nbsp;&nbsp;&nbsp;&nbsp;2755055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Rhode Island |  | &nbsp;&nbsp;&nbsp;8304945 |
| &nbsp;&nbsp;&nbsp;**South Carolina - 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Richland County School District No 2, Series A, (South Carolina School District)<br> 1.875%, 03/01/38 | &nbsp;&nbsp;&nbsp;7290000 | &nbsp;&nbsp;&nbsp;&nbsp;5404775 |
| &nbsp;&nbsp;&nbsp;South Carolina Jobs-Economic Development Authority<br> 5.750%, 11/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;769532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total South Carolina |  | &nbsp;&nbsp;&nbsp;&nbsp;6174307 |
| &nbsp;&nbsp;&nbsp;**Tennessee - 3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;City of Chattanooga Electric<br> 2.000%, 09/01/40 | &nbsp;&nbsp;&nbsp;6710000 | &nbsp;&nbsp;&nbsp;&nbsp;4787101 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;Shelby County Health & Educational Facilities Board, Series A1<br> 5.250%, 06/01/56<sup>1</sup> | $1000000 | &nbsp;&nbsp;&nbsp;&nbsp;$935253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Tennessee |  | &nbsp;&nbsp;&nbsp;&nbsp;5722354 |
| &nbsp;&nbsp;&nbsp;**Texas - 7.9%** |  |  |
| &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;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1079581 |
| &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;1870000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1991798 |
| &nbsp;&nbsp;&nbsp;Texas Private Activity Bond Surface Transportation Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/30/58 | &nbsp;&nbsp;6900000 | &nbsp;&nbsp;&nbsp;&nbsp;6775375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/31/58 | &nbsp;&nbsp;&nbsp;1120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1154072 |
| &nbsp;&nbsp;&nbsp;Texas Private Activity Bond Surface Transportation Corp., Series A<br> 4.000%, 12/31/39 | &nbsp;&nbsp;&nbsp;1055000 | &nbsp;&nbsp;&nbsp;&nbsp;1004818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Texas |  | &nbsp;&nbsp;&nbsp;13078550 |
| &nbsp;&nbsp;&nbsp;**Virginia - 5.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Lynchburg Economic Development Authority<br> 4.000%, 01/01/55 | &nbsp;&nbsp;&nbsp;1260000 | &nbsp;&nbsp;&nbsp;&nbsp;1046897 |
| &nbsp;&nbsp;&nbsp;Virginia Small Business Financing Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/40 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/31/47 | &nbsp;&nbsp;&nbsp;1895000 | &nbsp;&nbsp;&nbsp;&nbsp;1897346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/31/49 | &nbsp;&nbsp;2095000 | &nbsp;&nbsp;&nbsp;&nbsp;2049025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/31/52 | &nbsp;&nbsp;2655000 | &nbsp;&nbsp;&nbsp;&nbsp;2588246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Virginia |  | &nbsp;&nbsp;&nbsp;&nbsp;8525376 |
| &nbsp;&nbsp;&nbsp;**Washington - 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission<br> 5.500%, 07/01/49 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1035001 |
| &nbsp;&nbsp;&nbsp;**West Virginia - 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;West Virginia Hospital Finance Authority,<br> Series B<br> 6.000%, 09/01/53 | &nbsp;&nbsp;2625000 | &nbsp;&nbsp;&nbsp;&nbsp;2827845 |
| &nbsp;&nbsp;&nbsp;**Wisconsin - 5.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Public Finance Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 11/15/50 | &nbsp;&nbsp;&nbsp;1005000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 11/15/61 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1002916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 06/30/60 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1028167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 12/31/65 | &nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4112667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 12/31/65 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1094019 |
| &nbsp;&nbsp;&nbsp;Public Finance Authority, Series A<br> 5.000%, 06/01/41<sup>1</sup> | &nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1508285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Wisconsin |  | &nbsp;&nbsp;&nbsp;&nbsp;9764268 |
| **Total Municipal Bonds<br> (Cost $168,426,553)** |  | &nbsp;&nbsp;157562830 |

---

------

AMG GW&K Municipal Enhanced Yield Fund

Schedule of Portfolio Investments *(continued)*

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;Value |
| **Short-Term Investments - 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;**Repurchase Agreements - 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Fixed Income Clearing Corp., dated 09/30/25, due 10/01/25, 3.850% total to be received $6,257,669 (collateralized by a U.S. Treasury Note, 4.375%, 01/31/32, totaling $6,382,193) | $6257000 | &nbsp;&nbsp;$6257000 |
| **Total Short-Term Investments<br> (Cost $6,257,000)** |  | &nbsp;&nbsp;&nbsp;&nbsp;6257000 |

---

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;Value |
| **Total Investments - 99.6%<br> (Cost $174,683,553)** | &nbsp;&nbsp;&nbsp;&nbsp; $163819830 |
| **Other Assets, less Liabilities - 0.4%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 734861 |
| **Net Assets - 100.0%** | &nbsp;&nbsp;**$164554691** |

---

------

<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 $6,223,589 or 3.8% of net assets.

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; $157562830 | &nbsp;&nbsp; — | &nbsp;&nbsp; $157562830 |
| &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; 6257000 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6257000 |
| &nbsp;&nbsp;**Total Investments in Securities** | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;$163819830 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;$163819830 |

---

<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 Enhanced Yield Fund

- **b. EDGAR series identifier (if any):** S000023781

- **c. LEI of Series:** 5493007AA45J1A1TXE60

**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:** $166000620.73

**Total Liabilities:** $1360282.23

**Net Assets:** $164640338.50

**Cash Not Reported:** $341.00

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.73412000 | **1-Year:** 274.22034000 | **5-Year:** 12598.19679000 | **10-Year:** 129238.23067000 | **30-Year:** 8462.73364000

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 1453.43266000 | **10-Year:** 8003.43193000 | **30-Year:** 350.23917000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000078885 | -1.65%               | 0.76%                | 4.24%                |
| Class ID C000069909 | -1.69%               | 0.82%                | 4.17%                |
| Class ID C000180069 | -1.57%               | 0.83%                | 4.17%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1068865.85             | $-2121960.60                               |
| Month 2  | $-486209.11              | $1254077.16                                |
| Month 3  | $-307760.93              | $6497420.46                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| INDIANA ST FIN AUTH STUDENT HS    | Indiana Finance Authority                               | CUSIP: 45471FAX9<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $990218.40    | 0.60%             | 2054-07-01      | Fixed         | 5.00%                 | 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        |   3500000 | PA      | $3572469.95   | 2.17%             | 2060-12-31      | Fixed         | 5.50%                 | 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        |   1750000 | PA      | $1767953.60   | 1.07%             | 2054-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FLORIDA DEV FIN CORP HLTHCAREF    | Florida Development Finance Corp                        | CUSIP: 34061QBT3<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   2515000 | PA      | $2075205.97   | 1.26%             | 2052-02-01      | 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        |   1000000 | PA      | $848954.60    | 0.52%             | 2051-02-01      | Fixed         | 4.00%                 | 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        |   1120000 | PA      | $1154071.86   | 0.70%             | 2058-12-31      | Fixed         | 5.50%                 | 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        |   4000000 | PA      | $4179735.60   | 2.54%             | 2040-04-01      | Fixed         | 5.62%                 | 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        |   1500000 | PA      | $1648933.80   | 1.00%             | 2035-04-01      | Fixed         | 6.00%                 | 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        |   1775000 | PA      | $1494768.33   | 0.91%             | 2052-07-01      | Fixed         | 4.00%                 | 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   | 0.75%             | 2059-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE        | Public Finance Authority                                | CUSIP: 74442PK95<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1005000 | PA      | $1018213.84   | 0.62%             | 2050-11-15      | Fixed         | 5.25%                 | 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   | 0.62%             | 2060-06-30      | Fixed         | 5.75%                 | 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        |   7290000 | PA      | $5404774.65   | 3.28%             | 2038-03-01      | Fixed         | 1.88%                 | 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        |   5025000 | PA      | $5047609.99   | 3.07%             | 2053-06-30      | Fixed         | 5.25%                 | 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   | 0.94%             | 2049-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R    | Massachusetts Development Finance Agency                | CUSIP: 57585BEY0<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $923949.60    | 0.56%             | 2054-07-01      | Fixed         | 4.50%                 | 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   | 0.93%             | 2054-10-01      | Fixed         | 5.25%                 | 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        |   1000000 | PA      | $1046980.80   | 0.64%             | 2053-10-01      | 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        |   1000000 | PA      | $903904.30    | 0.55%             | 2050-07-01      | Fixed         | 4.25%                 | 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        |   1000000 | PA      | $1007899.30   | 0.61%             | 2052-05-01      | Fixed         | 5.00%                 | 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        |   5790000 | PA      | $4812782.91   | 2.92%             | 2053-04-30      | 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        |   6710000 | PA      | $4787101.21   | 2.91%             | 2040-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH ST    | California Municipal Finance Authority                  | CUSIP: 13049YBM2<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1005000 | PA      | $1005354.16   | 0.61%             | 2048-05-15      | Fixed         | 5.00%                 | 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        |   1000000 | PA      | $1058894.10   | 0.64%             | 2059-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AUTH FL CHRTR SC    | Capital Trust Authority                                 | CUSIP: 14054YAC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $865937.20    | 0.53%             | 2054-06-01      | 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        |   1200000 | PA      | $1201694.52   | 0.73%             | 2051-06-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL     | Metropolitan Pier & Exposition Authority                | CUSIP: 592250EY6<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   2515000 | PA      | $2111687.81   | 1.28%             | 2052-06-15      | Fixed         | 4.00%                 | 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   | 0.63%             | 2049-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FLORIDA DEV FIN CORP HLTHCAREF    | Florida Development Finance Corp                        | CUSIP: 34061QBU0<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1675000 | PA      | $1590281.85   | 0.97%             | 2052-02-01      | Fixed         | 5.00%                 | 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   | 0.61%             | 2051-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R    | Massachusetts Development Finance Agency                | CUSIP: 57585BJU3<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $991576.10    | 0.60%             | 2055-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SUFFOLK REGL OFF-TRACK BETTING    | Suffolk Regional Off-Track Betting Corp                 | CUSIP: 86480TAB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010772.80   | 0.61%             | 2044-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AUTH FL CHRTR SC    | Capital Trust Authority                                 | CUSIP: 14054YAD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $840254.00    | 0.51%             | 2064-06-01      | Fixed         | 5.00%                 | 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        |   1000000 | PA      | $1006046.50   | 0.61%             | 2048-02-15      | Fixed         | 5.00%                 | 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        |   5065000 | PA      | $4254667.87   | 2.58%             | 2050-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH STUDENT HS    | Indiana Finance Authority                               | CUSIP: 45471FAZ4<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1254708.63   | 0.76%             | 2064-07-01      | Fixed         | 5.25%                 | 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        |   1250000 | PA      | $1269798.50   | 0.77%             | 2049-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FIXED INCOME CLEARING CORPORATION | FIXED INCOME CLEARING CORPORATION                       | CUSIP: 000000000<br>LEI: 549300H47WTHXPU08X20 | Long             | RA               | CORP              | US        |   6257000 | PA      | $6257000.00   | 3.80%             |  |  |  | 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        |   1000000 | PA      | $935252.90    | 0.57%             | 2056-06-01      | Fixed         | 5.25%                 | 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   | 0.61%             | 2050-07-01      | 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        |   1000000 | PA      | $1079580.90   | 0.66%             | 2037-07-15      | Fixed         | 5.50%                 | 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        |   4185000 | PA      | $3637670.63   | 2.21%             | 2050-08-01      | Fixed         | 4.00%                 | 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        |   2625000 | PA      | $2827845.04   | 1.72%             | 2053-09-01      | Fixed         | 6.00%                 | 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        |   4185000 | PA      | $3689939.61   | 2.24%             | 2046-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R    | Massachusetts Development Finance Agency                | CUSIP: 57584YL64<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   4340000 | PA      | $3465191.41   | 2.10%             | 2051-07-01      | Fixed         | 4.00%                 | 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        |   1000000 | PA      | $1041602.30   | 0.63%             | 2055-06-01      | Fixed         | 5.50%                 | 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        |   1870000 | PA      | $1991797.78   | 1.21%             | 2039-07-15      | 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        |   2755000 | PA      | $2758657.81   | 1.68%             | 2046-06-01      | Fixed         | 5.25%                 | 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        |   5395000 | PA      | $6519467.98   | 3.96%             | 2038-11-15      | Fixed         | 6.50%                 | 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   | 0.65%             | 2038-07-15      | 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        |   1000000 | PA      | $1011027.80   | 0.61%             | 2049-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R    | Massachusetts Development Finance Agency                | CUSIP: 57585BJT6<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1252063.00   | 0.76%             | 2050-07-01      | 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        |   4500000 | PA      | $4538862.00   | 2.76%             | 2054-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUB FIN AUTH WI TAX INCREMENT     | Public Finance Authority                                | CUSIP: 74448EAA2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1508284.80   | 0.92%             | 2041-06-01      | Fixed         | 5.00%                 | 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        |   2755000 | PA      | $2755054.82   | 1.67%             | 2040-06-01      | Fixed         | 5.00%                 | 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        |    750000 | PA      | $769532.40    | 0.47%             | 2054-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE        | Public Finance Authority                                | CUSIP: 74442PL37<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002915.60   | 0.61%             | 2061-11-15      | 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        |   1750000 | PA      | $1823600.45   | 1.11%             | 2054-06-30      | Fixed         | 6.00%                 | 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   | 0.66%             | 2065-12-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R    | Massachusetts Development Finance Agency                | CUSIP: 57584Y4T3<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2245000 | PA      | $2231982.37   | 1.36%             | 2052-07-01      | Fixed         | 5.25%                 | 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        |   2655000 | PA      | $2588245.87   | 1.57%             | 2052-12-31      | 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        |   1500000 | PA      | $1525061.55   | 0.93%             | 2054-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL     | Metropolitan Pier & Exposition Authority                | CUSIP: 592250DM3<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   2335000 | PA      | $2301066.15   | 1.40%             | 2050-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R    | Massachusetts Development Finance Agency                | CUSIP: 57585BBT4<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1125927.48   | 0.68%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH REVENUE       | Indiana Finance Authority                               | CUSIP: 45506ENZ2<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1474235.55   | 0.90%             | 2050-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R    | Massachusetts Development Finance Agency                | CUSIP: 57585BKJ6<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $987988.30    | 0.60%             | 2055-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP N    | Tobacco Settlement Financing Corp                       | CUSIP: 888808HQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2095000 | PA      | $2043977.53   | 1.24%             | 2046-06-01      | Fixed         | 5.00%                 | 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        |   6900000 | PA      | $6775374.96   | 4.12%             | 2058-06-30      | 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        |   4655000 | PA      | $4912697.08   | 2.98%             | 2042-09-01      | Fixed         | 5.00%                 | 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        |   1675000 | PA      | $1447748.23   | 0.88%             | 2047-07-01      | Fixed         | 4.00%                 | 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        |   2095000 | PA      | $2049025.23   | 1.24%             | 2049-12-31      | Fixed         | 5.00%                 | 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        |   1895000 | PA      | $1897346.20   | 1.15%             | 2047-12-31      | Fixed         | 5.00%                 | 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        |   1260000 | PA      | $1046896.58   | 0.64%             | 2055-01-01      | Fixed         | 4.00%                 | 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        |   1000000 | PA      | $943862.20    | 0.57%             | 2040-01-01      | Fixed         | 4.00%                 | 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        |   1055000 | PA      | $1004817.98   | 0.61%             | 2039-12-31      | Fixed         | 4.00%                 | 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    | 0.58%             | 2055-05-01      | Fixed         | 4.80%                 | 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        |   1500000 | PA      | $1435050.15   | 0.87%             | 2055-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI TOLL REVENU    | Public Finance Authority                                | CUSIP: 74448UAD0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4112667.60   | 2.50%             | 2065-12-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP N    | Tobacco Settlement Financing Corp                       | CUSIP: 888808HT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1415000 | PA      | $1380174.30   | 0.84%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV    | Colorado Health Facilities Authority                    | CUSIP: 19648FZH0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015684.10   | 0.62%             | 2045-12-01      | Fixed         | 5.12%                 | 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