# EDGAR Filing Document

**Accession Number:** 0001089951
**File Stem:** 0000940400-26-022975
**Filing Date:** 2026-6
**Character Count:** 83595
**Document Hash:** afec8369a0a4b92023a1fc9b717eea31
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-022975.hdr.sgml**: 20260601

**ACCESSION NUMBER**: 0000940400-26-022975

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260601

**DATE AS OF CHANGE**: 20260601

**PERIOD START**: 20261231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09521
- **FILM NUMBER:** 261048695

**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)*

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;Value |
| **Municipal Bonds - 95.2%** |  |  |
| &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;$1655469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 10/01/53 | &nbsp;&nbsp;5860000 | &nbsp;&nbsp;&nbsp;6093032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Alabama |  | &nbsp;&nbsp;&nbsp;&nbsp;7748501 |
| &nbsp;&nbsp;&nbsp;**California - 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;California Municipal Finance Authority, Series A<br> 4.000%, 02/01/51 | &nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201698 |
| &nbsp;&nbsp;&nbsp;**Colorado - 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Colorado Health Facilities Authority, Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125%, 12/01/55 | &nbsp;&nbsp;&nbsp;1315000 | &nbsp;&nbsp;&nbsp;&nbsp;1275202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 12/01/54 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1018189 |
| &nbsp;&nbsp;&nbsp;Public Authority for Colorado Energy Natural Gas Purchase Revenue<br> 6.500%, 11/15/38 | &nbsp;&nbsp;&nbsp;1340000 | &nbsp;&nbsp;&nbsp;&nbsp;1584927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Colorado |  | &nbsp;&nbsp;&nbsp;&nbsp;3878318 |
| &nbsp;&nbsp;&nbsp;**Florida - 10.6%** |  |  |
| &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;908986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/64<sup>1</sup> | &nbsp;&nbsp;&nbsp;1765000 | &nbsp;&nbsp;&nbsp;&nbsp;1563255 |
| &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;2053704 |
| &nbsp;&nbsp;&nbsp;Escambia County Health Facilities Authority<br> 4.000%, 08/15/50 | &nbsp;&nbsp;&nbsp;1075000 | &nbsp;&nbsp;&nbsp;&nbsp;893030 |
| &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;383621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;300635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 08/01/55 | &nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;1770895 |
| &nbsp;&nbsp;&nbsp;Florida Housing Finance Corp., Series 3, (GNMA FNMA FHLMC)<br> 4.750%, 07/01/54 | &nbsp;&nbsp;&nbsp;1210000 | &nbsp;&nbsp;&nbsp;&nbsp;1185976 |
| &nbsp;&nbsp;&nbsp;Greater Orlando Aviation Authority<br> 5.500%, 11/01/37 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1041736 |
| &nbsp;&nbsp;&nbsp;Hillsborough County Industrial Development Authority<br> 4.000%, 08/01/50 | &nbsp;&nbsp;&nbsp;&nbsp;845000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713378 |
| &nbsp;&nbsp;&nbsp;Miami Beach Health Facilities Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/15/46 | &nbsp;&nbsp;&nbsp;2370000 | &nbsp;&nbsp;&nbsp;2099399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/15/51 | &nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;1060942 |
| &nbsp;&nbsp;&nbsp;Orange County Health Facilities Authority,<br> Series A<br> 5.250%, 10/01/56 | &nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;3613577 |
| &nbsp;&nbsp;&nbsp;Palm Beach County Health Facilities Authority, Series B<br> 5.000%, 11/15/55 | &nbsp;&nbsp;2450000 | &nbsp;&nbsp;&nbsp;2388303 |
| &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;&nbsp;995000 | &nbsp;&nbsp;&nbsp;&nbsp;954549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.800%, 05/01/55<sup>1</sup> | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;930258 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;Village Community Development District No 16<br> 5.125%, 05/01/56 | $2600000 | &nbsp;&nbsp;&nbsp;$2511873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Florida |  | &nbsp;&nbsp;&nbsp;24374117 |
| &nbsp;&nbsp;&nbsp;**Georgia - 1.3%** |  |  |
| &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;1521286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 10/01/54 | &nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;1505384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Georgia |  | &nbsp;&nbsp;3026670 |
| &nbsp;&nbsp;&nbsp;**Idaho - 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Idaho Health Facilities Authority, Series A<br> 4.375%, 03/01/53 | &nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;1829463 |
| &nbsp;&nbsp;&nbsp;**Illinois - 4.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Chicago O'Hare International Airport, Senior Lien, Series A<br> 5.000%, 01/01/48 | &nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;1099479 |
| &nbsp;&nbsp;&nbsp;Chicago Transit Authority Sales Tax Receipts Fund, Series A<br> 5.500%, 12/01/56 | &nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1570574 |
| &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;306270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;485000 | &nbsp;&nbsp;&nbsp;&nbsp;407451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;865000 | &nbsp;&nbsp;&nbsp;&nbsp;860815 |
| &nbsp;&nbsp;&nbsp;State of Illinois, Series A<br> 4.000%, 03/01/40 | &nbsp;&nbsp;&nbsp;1240000 | &nbsp;&nbsp;&nbsp;&nbsp;1169077 |
| &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;1020577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 05/01/49 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1017144 |
| &nbsp;&nbsp;&nbsp;State of Illinois, Series C<br> 5.500%, 04/01/51<sup>2</sup> | &nbsp;&nbsp;&nbsp;3700000 | &nbsp;&nbsp;&nbsp;3849617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Illinois |  | &nbsp;&nbsp;11301004 |
| &nbsp;&nbsp;&nbsp;**Indiana - 2.2%** |  |  |
| &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;965137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/59 | &nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;1193130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/01/64 | &nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1477551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375%, 03/01/55 | &nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1509142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Indiana |  | &nbsp;&nbsp;&nbsp;5144960 |
| &nbsp;&nbsp;&nbsp;**Louisiana - 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Louisiana Stadium & Exposition District, Series A<br> 5.250%, 07/01/53 | &nbsp;&nbsp;&nbsp;1530000 | &nbsp;&nbsp;&nbsp;1573854 |
| &nbsp;&nbsp;&nbsp;**Massachusetts - 9.4%** |  |  |
| &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;875323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/01/50 | &nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;1758045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/01/52 | &nbsp;&nbsp;&nbsp;4605000 | &nbsp;&nbsp;&nbsp;4427655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/01/55 | &nbsp;&nbsp;&nbsp;4285000 | &nbsp;&nbsp;&nbsp;&nbsp;4118454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/01/55 | &nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1497236 |
| &nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, Series 1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 07/01/54 | &nbsp;&nbsp;&nbsp;2750000 | &nbsp;&nbsp;&nbsp;2528627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/01/50 | &nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;1755295 |

---

------

AMG GW&K Municipal Enhanced SMA Shares

Schedule of Portfolio Investments *(continued)*

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;**Massachusetts - 9.4% (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/60<sup>1</sup> | $1000000 | &nbsp;&nbsp;&nbsp;&nbsp;$934654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 10/01/49 | &nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;1871440 |
| &nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, Series N<br> 5.500%, 07/01/55 | &nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;1838857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Massachusetts |  | &nbsp;&nbsp;21605586 |
| &nbsp;&nbsp;&nbsp;**Michigan - 1.8%** |  |  |
| &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;1005028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/55 | &nbsp;&nbsp;&nbsp;1270000 | &nbsp;&nbsp;&nbsp;&nbsp;1274963 |
| &nbsp;&nbsp;&nbsp;Michigan State Housing Development Authority, Series C<br> 5.050%, 06/01/51 | &nbsp;&nbsp;&nbsp;1800000 | &nbsp;&nbsp;&nbsp;&nbsp;1807010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Michigan |  | &nbsp;&nbsp;&nbsp;&nbsp;4087001 |
| &nbsp;&nbsp;&nbsp;**Minnesota - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Minnesota Agricultural & Economic Development Board, Series 2024<br> 5.250%, 01/01/54 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1020739 |
| &nbsp;&nbsp;&nbsp;**Missouri - 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Health & Educational Facilities Authority<br> 4.000%, 06/01/53 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;2155497 |
| &nbsp;&nbsp;&nbsp;**Nebraska - 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Central Plains Energy Project #3, Series A<br> 5.000%, 09/01/42 | &nbsp;&nbsp;&nbsp;1720000 | &nbsp;&nbsp;&nbsp;&nbsp;1737863 |
| &nbsp;&nbsp;&nbsp;**New Hampshire - 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;New Hampshire Business Finance Authority, Series A<br> 5.500%, 06/01/55 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;2559033 |
| &nbsp;&nbsp;&nbsp;**New Jersey - 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;South Jersey Transportation Authority<br> 4.625%, 11/01/47 | &nbsp;&nbsp;&nbsp;1820000 | &nbsp;&nbsp;&nbsp;&nbsp;1821421 |
| &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;393891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 06/01/46 | &nbsp;&nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527610 |
| &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;263160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total New Jersey |  | &nbsp;&nbsp;&nbsp;3006082 |
| &nbsp;&nbsp;&nbsp;**New York - 11.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Albany Capital Resource Corp., Series A<br> 5.500%, 05/01/55 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1050988 |
| &nbsp;&nbsp;&nbsp;City of New York, Series D<br> 5.250%, 10/01/55 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1036395 |
| &nbsp;&nbsp;&nbsp;City of New York, Series E<br> 5.000%, 08/01/54 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1013677 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority, Series 1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 11/15/45 | $3625000 | &nbsp;&nbsp;$3631827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/50 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;1006260 |
| &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority, Series A<br> 5.250%, 11/15/55 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1023220 |
| &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;479108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 07/01/50 | &nbsp;&nbsp;&nbsp;1530000 | &nbsp;&nbsp;&nbsp;&nbsp;1370462 |
| &nbsp;&nbsp;&nbsp;New York Transportation Development Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/30/53 | &nbsp;&nbsp;&nbsp;&nbsp;1125000 | &nbsp;&nbsp;&nbsp;&nbsp;955542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;845000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;874141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/41 | &nbsp;&nbsp;&nbsp;&nbsp;815000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/30/49 | &nbsp;&nbsp;&nbsp;1220000 | &nbsp;&nbsp;&nbsp;&nbsp;1212671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 06/30/54 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1007738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625%, 04/01/40 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1050776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 04/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;548250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 06/30/54 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;2589634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 06/30/59 | &nbsp;&nbsp;&nbsp;2670000 | &nbsp;&nbsp;&nbsp;&nbsp;2798277 |
| &nbsp;&nbsp;&nbsp;New York Transportation Development Corp.,<br> Series A<br> 5.500%, 12/31/60 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;2513100 |
| &nbsp;&nbsp;&nbsp;Suffolk Regional Off-Track Betting Corp.<br> 6.000%, 12/01/53 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1016815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total New York |  | &nbsp;&nbsp;26301571 |
| &nbsp;&nbsp;&nbsp;**North Carolina - 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Nash Health Care Systems<br> 5.250%, 02/01/55 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1014034 |
| &nbsp;&nbsp;&nbsp;North Carolina Turnpike Authority, Series A, (AG)<br> 5.000%, 01/01/58 | &nbsp;&nbsp;&nbsp;1950000 | &nbsp;&nbsp;&nbsp;1949035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total North Carolina |  | &nbsp;&nbsp;2963069 |
| &nbsp;&nbsp;&nbsp;**Ohio - 4.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Columbus Regional Airport Authority, Series A<br> 5.500%, 01/01/55 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;3113403 |
| &nbsp;&nbsp;&nbsp;County of Hamilton, Series A<br> 5.500%, 08/01/51 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;1007858 |
| &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;2422995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 05/01/54 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;2836613 |
| &nbsp;&nbsp;&nbsp;Ohio Housing Finance Agency, Series A, (GNMA FNMA FHLMC)<br> 4.550%, 09/01/49 | &nbsp;&nbsp;&nbsp;1050000 | &nbsp;&nbsp;&nbsp;1020928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Ohio |  | &nbsp;&nbsp;10401797 |
| &nbsp;&nbsp;&nbsp;**Pennsylvania - 8.1%** |  |  |
| &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;813372 |
| &nbsp;&nbsp;&nbsp;Geisinger Authority<br> 4.000%, 04/01/50 | &nbsp;&nbsp;&nbsp;1340000 | &nbsp;&nbsp;&nbsp;&nbsp;1159274 |
| &nbsp;&nbsp;&nbsp;Montgomery County Higher Education and Health Authority, Series B<br> 5.000%, 05/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;899646 |

---

------

AMG GW&K Municipal Enhanced SMA Shares

Schedule of Portfolio Investments *(continued)*

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;**Pennsylvania - 8.1% (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Pennsylvania Economic Development Financing Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/31/57 | $4075000 | &nbsp;&nbsp;$4065932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 06/30/53 | &nbsp;&nbsp;2585000 | &nbsp;&nbsp;&nbsp;&nbsp;2579373 |
| &nbsp;&nbsp;&nbsp;Pennsylvania Higher Educational Facilities Authority, Series B2<br> 5.000%, 11/01/54 | &nbsp;&nbsp;&nbsp;4780000 | &nbsp;&nbsp;&nbsp;&nbsp;4733710 |
| &nbsp;&nbsp;&nbsp;Pennsylvania Housing Finance Agency,<br> Series 146A<br> 4.750%, 04/01/53 | &nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;1240180 |
| &nbsp;&nbsp;&nbsp;Pennsylvania Turnpike Commission, Series A<br> 4.000%, 12/01/50 | &nbsp;&nbsp;&nbsp;2435000 | &nbsp;&nbsp;&nbsp;&nbsp;2152358 |
| &nbsp;&nbsp;&nbsp;Philadelphia Authority for Industrial Development<br> 5.250%, 11/01/52 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1016463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Pennsylvania |  | &nbsp;&nbsp;18660308 |
| &nbsp;&nbsp;&nbsp;**Rhode Island - 4.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Rhode Island Health and Educational Building Corp.<br> 5.250%, 05/15/54 | &nbsp;&nbsp;&nbsp;5315000 | &nbsp;&nbsp;&nbsp;&nbsp;5209972 |
| &nbsp;&nbsp;&nbsp;Rhode Island Health and Educational Building Corp., Series A, (AG) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/55 | &nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1444331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/60 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;2857482 |
| &nbsp;&nbsp;&nbsp;Tobacco Settlement Financing Corp., Series A<br> 5.000%, 06/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;570000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Rhode Island |  | &nbsp;&nbsp;&nbsp;&nbsp;10081821 |
| &nbsp;&nbsp;&nbsp;**South Carolina - 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Richland County School District No 2, Series A, (South Carolina School District)<br> 1.875%, 03/01/38 | &nbsp;&nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp;1208066 |
| &nbsp;&nbsp;&nbsp;South Carolina Jobs-Economic Development Authority<br> 5.750%, 11/15/54 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1002162 |
| &nbsp;&nbsp;&nbsp;South Carolina Jobs-Economic Development Authority, Series A<br> 5.500%, 11/01/54 | &nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;1301532 |
| &nbsp;&nbsp;&nbsp;South Carolina Public Service Authority, Series A<br> 5.500%, 12/01/54 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1056546 |
| &nbsp;&nbsp;&nbsp;South Carolina Public Service Authority, Series B<br> 5.250%, 12/01/54 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1037475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total South Carolina |  | &nbsp;&nbsp;&nbsp;&nbsp;5605781 |
| &nbsp;&nbsp;&nbsp;**Tennessee - 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Chattanooga Health Educational & Housing Facility Board<br> 5.250%, 12/01/54 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2040995 |
| &nbsp;&nbsp;&nbsp;City of Chattanooga Electric<br> 2.000%, 09/01/40 | &nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1021716 |

---

---

| | | |
|:---|:---|:---|
|  | 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> | $2500000 | &nbsp;&nbsp;$2386233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Tennessee |  | &nbsp;&nbsp;&nbsp;5448944 |
| &nbsp;&nbsp;&nbsp;**Texas - 8.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Central Texas Regional Mobility Authority,<br> Series B<br> 4.000%, 01/01/51 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;1750659 |
| &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;1705000 | &nbsp;&nbsp;&nbsp;&nbsp;1784759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/15/38 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1041796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/15/39 | &nbsp;&nbsp;&nbsp;1630000 | &nbsp;&nbsp;&nbsp;&nbsp;1688551 |
| &nbsp;&nbsp;&nbsp;City of Houston TX Hotel Occupancy Tax & Special Revenue, Series C<br> 5.500%, 09/01/58<sup>2</sup> | &nbsp;&nbsp;&nbsp;4035000 | &nbsp;&nbsp;&nbsp;&nbsp;4247831 |
| &nbsp;&nbsp;&nbsp;Texas Private Activity Bond Surface Transportation Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/30/58 | &nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;5809558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/31/58 | &nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;660895 |
| &nbsp;&nbsp;&nbsp;Texas Private Activity Bond Surface Transportation Corp., Series A<br> 4.000%, 12/31/39 | &nbsp;&nbsp;&nbsp;&nbsp;1180000 | &nbsp;&nbsp;&nbsp;&nbsp;1126893 |
| &nbsp;&nbsp;&nbsp;Texas Water Development Board<br> 4.750%, 10/15/55 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;988857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Texas |  | &nbsp;&nbsp;19099799 |
| &nbsp;&nbsp;&nbsp;**Virginia - 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Lynchburg Economic Development Authority<br> 4.000%, 01/01/55 | &nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199470 |
| &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;457910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/31/47 | &nbsp;&nbsp;&nbsp;1755000 | &nbsp;&nbsp;&nbsp;&nbsp;1745921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/31/49 | &nbsp;&nbsp;&nbsp;1905000 | &nbsp;&nbsp;&nbsp;&nbsp;1829503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/31/52 | &nbsp;&nbsp;&nbsp;1935000 | &nbsp;&nbsp;&nbsp;&nbsp;1846636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Virginia |  | &nbsp;&nbsp;&nbsp;6079440 |
| &nbsp;&nbsp;&nbsp;**Washington - 1.0%** |  |  |
| &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;1338447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/01/49 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;984100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Washington |  | &nbsp;&nbsp;&nbsp;&nbsp;2322547 |
| &nbsp;&nbsp;&nbsp;**West Virginia - 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;West Virginia Hospital Finance Authority,<br> Series A<br> 5.500%, 06/01/50 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1045021 |
| &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;1056708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total West Virginia |  | &nbsp;&nbsp;&nbsp;&nbsp;2101729 |

---

------

AMG GW&K Municipal Enhanced SMA Shares

Schedule of Portfolio Investments *(continued)*

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;**Wisconsin - 6.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Public Finance Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 11/15/55 | &nbsp;&nbsp;$1100000 | &nbsp;&nbsp;&nbsp;$1105493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 11/15/61 | &nbsp;&nbsp;&nbsp;1555000 | &nbsp;&nbsp;&nbsp;&nbsp;1555838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 06/30/60 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1031466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 12/31/65 | &nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp;6122881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 12/31/65 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1091036 |
| &nbsp;&nbsp;&nbsp;Public Finance Authority, Series A<br> 5.000%, 06/01/41<sup>1</sup> | &nbsp;&nbsp;3950000 | &nbsp;&nbsp;&nbsp;&nbsp;3953247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Wisconsin |  | &nbsp;&nbsp;&nbsp;14859961 |
| **Total Municipal Bonds<br> (Cost $224,041,228)** |  | &nbsp;&nbsp;&nbsp;219177153 |
| **Short-Term Investments - 6.0%** |  |  |
| &nbsp;&nbsp;&nbsp;**Repurchase Agreements - 6.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Fixed Income Clearing Corp., dated 03/31/26, due 04/01/26, 3.350% total to be received $13,699,275 (collateralized by a U.S. Treasury Note, 1.375%, 11/15/31, totaling $13,972,044) | 13698000 | &nbsp;&nbsp;13698000 |
| **Total Short-Term Investments<br> (Cost $13,698,000)** |  | &nbsp;&nbsp;13698000 |

---

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;Value |
| **Total Investments - 101.2%<br> (Cost $237,739,228)** | &nbsp;&nbsp;&nbsp;&nbsp; $232875153 |
| **Other Assets, less Liabilities - (1.2)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2694830) |
| **Net Assets - 100.0%** | &nbsp;&nbsp;**$230180323** |

---

------

<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 March 31, 2026, the value of these securities amounted to $11,631,180 or 5.1% of net assets.

<sup>2</sup> All or part of a security is delayed delivery transaction. The market value for delayed delivery securities at March 31, 2026, amounted to $8,097,448, or 3.5% of net assets.

---

| | |
|:---|:---|
| &nbsp;&nbsp;AG | Assured Guaranty |
| &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 March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;**Investments in Securities** | &nbsp;&nbsp;**Investments in Securities** | &nbsp;&nbsp;**Investments in Securities** | &nbsp;&nbsp;**Investments in Securities** | &nbsp;&nbsp;**Investments in Securities** |
| &nbsp;&nbsp;&nbsp;**Municipal Bonds** | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $219177153 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $219177153 |
| &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; 13698000 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13698000 |
| &nbsp;&nbsp;**Total Investments in Securities** | &nbsp;&nbsp;— | &nbsp;&nbsp;$232875153 | &nbsp;&nbsp;— | &nbsp;&nbsp;$232875153 |

---

For the period ended March 31, 2026, there were no transfers in or out of Level 3.

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

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Stamford

  - **State:** CT

  - **Foreign country:** US

  - **Zip / Postal Code:** 06901

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

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

- **a. Name of Series:** AMG GW&K Municipal 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:** 2026-12-31

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $236637776.00

**Total Liabilities:** $8412490.68

**Net Assets:** $228225285.32

**Delayed Delivery Securities:** $8375459.75

**Cash Not Reported:** $1025.89

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** 86.94032000 | **5-Year:** 8233.09918000 | **10-Year:** 202683.59800000 | **30-Year:** 15221.87442000

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 1826.40120000 | **10-Year:** 10104.52865000 | **30-Year:** 671.45800000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000241081 | 0.20%                | 1.76%                | -2.14%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $40284.14                | $-410233.71                                |
| Month 2  | $0.00                    | $3045862.16                                |
| Month 3  | $-45419.21               | $-5792218.87                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| TOBACCO SETTLEMENT FINANCING CORP (RI)                         | RI TOBGEN 5 06/01/2040    | CUSIP: 888809BE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    570000 | PA      | $570036.48    | 0.25%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK TRANSPORTATION DEVELOPMENT CORP (NY)                  | NY NYTTRN 5.5 06/30/2054  | CUSIP: 650116HM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007737.90   | 0.44%             | 2054-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| JEFFERSON (AL), COUNTY OF                                      | AL JEFUTL 5.25 10/01/2049 | CUSIP: 472682ZR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1655469.28   | 0.73%             | 2049-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST HSG DEV AUTH                                       | MI MISHSG 5 12/01/2055    | CUSIP: 594654C86<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |   1270000 | PA      | $1274962.91   | 0.56%             | 2055-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS PRIVATE ACTIVITY BD SURFACE TRANSPORTATION CORP          | TX TXSTRN 5.5 12/31/2058  | CUSIP: 882667BX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $660895.30    | 0.29%             | 2058-12-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                                   | MA MASDEV 5.25 07/01/2050 | CUSIP: 57585BJT6<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1758044.75   | 0.77%             | 2050-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ALLEGHENY COUNTY AIRPORT AUTHORITY (PA)                        | PA ALLAPT 5 01/01/2051    | CUSIP: 01728LFJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    815000 | PA      | $813371.63    | 0.36%             | 2051-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY COUNTY HIGHER EDUCATION & HEALTH AUTHORITY (PA)     | PA MONHGR 5 05/01/2052    | CUSIP: 613603G60<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $899645.94    | 0.39%             | 2052-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA HSG FIN CORP                                           | FL FLSHSG 4.75 07/01/2054 | CUSIP: 34074M4X6<br>LEI: 549300W0PCIJCI0JCF10 | Long             | DBT              | MUN               | US        |   1210000 | PA      | $1185976.18   | 0.52%             | 2054-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CHATTANOOGA (TN)                                               | TN CHAPWR 2 09/01/2040    | CUSIP: 162393GC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1021716.08   | 0.45%             | 2040-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA PUB SVC AUTH                                    | SC SCSUTL 5.5 12/01/2054  | CUSIP: 8371514F3<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1056545.60   | 0.46%             | 2054-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMN                                    | WA WASHSG 5 07/01/2054    | CUSIP: 93978LHG4<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1338447.60   | 0.59%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRAL TEXAS REGIONAL MOBILITY AUTHORITY (TX)                 | TX CTXGEN 4 01/01/2051    | CUSIP: 155498LX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1750659.20   | 0.77%             | 2051-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y                                                   | NY NYC 5 08/01/2054       | CUSIP: 64966SJZ0<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013676.80   | 0.44%             | 2054-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| A.B. WON PAT INTERNATIONAL AIRPORT AUTHORITY                   | NY NYTTRN 4 04/30/2053    | CUSIP: 650110AE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $955541.59    | 0.42%             | 2053-04-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                                   | MA MASDEV 4.5 07/01/2054  | CUSIP: 57585BEY0<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2528627.48   | 1.11%             | 2054-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH                                          | NY NYSHGR 4.25 07/01/2050 | CUSIP: 64985SBV4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1530000 | PA      | $1370462.00   | 0.60%             | 2050-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK TRANSPORTATION DEVELOPMENT CORP (NY)                  | NY NYTTRN 6 06/30/2054    | CUSIP: 650116GY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2589633.75   | 1.13%             | 2054-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| INDIANA FIN AUTH                                               | IN INDHSG 5 07/01/2059    | CUSIP: 45471FAY7<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1193130.00   | 0.52%             | 2059-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH                                          | NY NYSHGR 4 07/01/2052    | CUSIP: 65000BLQ9<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    340000 | PA      | $280911.47    | 0.12%             | 2052-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH N H                                          | NH NFADEV 5.5 06/01/2055  | CUSIP: 63607YCZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2559033.00   | 1.12%             | 2055-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                                   | MA MASDEV 6 10/01/2049    | CUSIP: 57585BTF5<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1871439.68   | 0.82%             | 2049-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA HSG FIN AGY                                       | PA PASSFH 4.75 04/01/2053 | CUSIP: 70879QXU2<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1240179.88   | 0.54%             | 2053-04-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST HOSP FIN AUTH                                 | WV WVSMED 5.5 06/01/2050  | CUSIP: 956622Y81<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1045020.70   | 0.46%             | 2050-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LOUISIANA STAD & EXPOSITION DIST                               | LA LASFAC 5.25 07/01/2053 | CUSIP: 546410CY5<br>LEI: 5493000QEHWDGVGH7J62 | Long             | DBT              | MUN               | US        |   1530000 | PA      | $1573853.93   | 0.69%             | 2053-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS                                            | WI PUBTRN 5.75 12/31/2065 | CUSIP: 74448UAD0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6122881.20   | 2.68%             | 2065-12-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PALM BEACH CNTY FLA HEALTH FACS AUTH                           | FL PALMED 5 11/15/2055    | CUSIP: 69650MBB4<br>LEI: 5493005IKINFPLJXVI11 | Long             | DBT              | MUN               | US        |   2450000 | PA      | $2388303.61   | 1.05%             | 2055-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA JOBS-ECONOMIC DEV AUTH                          | SC SCSMED 5.5 11/01/2054  | CUSIP: 837032CF6<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1301531.63   | 0.57%             | 2054-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FLORIDA DEV FIN CORP                                           | FL FLSMED 5 02/01/2052    | CUSIP: 34061QBU0<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    325000 | PA      | $300634.95    | 0.13%             | 2052-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH JERSEY TRANSN AUTH N J                                   | NJ SJPTRN 4.62 11/01/2047 | CUSIP: 838536MP2<br>LEI: 549300W8SZI2CAOKT956 | Long             | DBT              | MUN               | US        |   1820000 | PA      | $1821420.51   | 0.80%             | 2047-11-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| VILLAGE CMNTY DEV DIST NO 16 FLA                               | FL VILGEN 5.12 05/01/2056 | CUSIP: 92708MAE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2511872.74   | 1.10%             | 2056-05-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| IDAHO HEALTH FACS AUTH                                         | ID IDSMED 4.38 03/01/2053 | CUSIP: 451295H44<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1829463.20   | 0.80%             | 2053-03-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| HOUSTON TEX                                                    | TX HOUFAC 5.5 09/01/2058  | CUSIP: 44237NMW9<br>LEI: 549300C64URYS0WQQY42 | Long             | DBT              | MUN               | US        |   4035000 | PA      | $4247831.32   | 1.86%             | 2058-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                                   | MA MASDEV 5 07/01/2060    | CUSIP: 57585BBU1<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $934653.50    | 0.41%             | 2060-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                                    | IL ILS 5.5 04/01/2051     | CUSIP: 452153RJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3700000 | PA      | $3849616.90   | 1.69%             | 2051-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| VIRGINIA SMALL BUSINESS FINANCING AUTHORITY (VA)               | VA VASDEV 5 12/31/2049    | CUSIP: 928097AB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1905000 | PA      | $1829502.56   | 0.80%             | 2049-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HIGHER EDL FAC COMMN                                   | OH OHSEDU 5.25 05/01/2054 | CUSIP: 67756DS80<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2836613.10   | 1.24%             | 2054-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SUFFOLK REGL OFF-TRACK BETTING CORP N Y                        | NY SOBGEN 6 12/01/2053    | CUSIP: 86480TAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016815.30   | 0.45%             | 2053-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SHELBY COUNTY HEALTH EDUCATIONAL & HOUSING FACILITY BOARD (TN) | TN SHEHSG 5.25 06/01/2056 | CUSIP: 82170LAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2386233.00   | 1.05%             | 2056-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y                                                   | NY NYC 5.25 10/01/2055    | CUSIP: 64966SRN8<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1036394.60   | 0.45%             | 2055-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| COLORADO HEALTH FACS AUTH                                      | CO COSMED 5.25 12/01/2054 | CUSIP: 19648FXU3<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1018188.50   | 0.45%             | 2054-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND ST HEALTH & EDL BLDG CORP                         | RI RISMED 5 07/01/2055    | CUSIP: 762244NZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1444330.80   | 0.63%             | 2055-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH                                            | IN INSFIN 5.38 03/01/2055 | CUSIP: 45506EPA5<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1509142.05   | 0.66%             | 2055-03-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN PIER & EXPOSITION AUTH ILL                        | IL MPNFAC 4 06/15/2052    | CUSIP: 592250EY6<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |    485000 | PA      | $407451.12    | 0.18%             | 2052-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VILLAGE CMNTY DEV DIST NO 15 FLA                               | FL VGEDEV 4.8 05/01/2055  | CUSIP: 92708KAK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $930257.70    | 0.41%             | 2055-05-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| RICHLAND (SC), COUNTY OF                                       | SC RICSCD 1.88 03/01/2038 | CUSIP: 763682R94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1208066.56   | 0.53%             | 2038-03-01      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| NEW YORK TRANSPORTATION DEVELOPMENT CORP (NY)                  | NY NYTTRN 6 04/01/2035    | CUSIP: 650116GN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $548250.00    | 0.24%             | 2035-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ECONOMIC DEVELOPMENT FINANCING AUTHORITY (PA)     | PA PASDEV 5.25 06/30/2053 | CUSIP: 70868YAW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2585000 | PA      | $2579373.49   | 1.13%             | 2053-06-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC AUTH FOR COLO ENERGY NAT GAS PUR                        | CO PUBUTL 6.5 11/15/2038  | CUSIP: 744387AD3<br>LEI: 549300C6IJKXQOMRAB11 | Long             | DBT              | MUN               | US        |   1340000 | PA      | $1584927.08   | 0.69%             | 2038-11-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA JOBS-ECONOMIC DEV AUTH                          | SC SCSMED 5.75 11/15/2054 | CUSIP: 83704HAM9<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002162.10   | 0.44%             | 2054-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CAPITAL TR AUTH FLA                                            | FL CTSEDU 5 06/01/2064    | CUSIP: 14054YAD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1765000 | PA      | $1563255.21   | 0.68%             | 2064-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO HEALTH FACS AUTH                                      | CO COSMED 5.12 12/01/2055 | CUSIP: 19648FZK3<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1315000 | PA      | $1275202.18   | 0.56%             | 2055-12-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                                   | MA MASDEV 5.5 07/01/2055  | CUSIP: 57585BPC6<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1838857.30   | 0.81%             | 2055-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                                   | MA MASDEV 5.25 07/01/2055 | CUSIP: 57585BKJ6<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   4285000 | PA      | $4118454.48   | 1.80%             | 2055-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CAPITAL TR AUTH FLA                                            | FL CTSEDU 5 06/01/2054    | CUSIP: 14054YAC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $908986.50    | 0.40%             | 2054-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FAYETTE COUNTY DEVELOPMENT AUTHORITY (GA)                      | GA FAYDEV 5.25 10/01/2049 | CUSIP: 31222PAW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1521286.35   | 0.67%             | 2049-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS                                            | WI PUBTRN 5.75 06/30/2060 | CUSIP: 74448UAB4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1031466.20   | 0.45%             | 2060-06-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUN FIN AUTH                                        | CA CASFIN 4 02/01/2051    | CUSIP: 13048VZJ0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    240000 | PA      | $201698.16    | 0.09%             | 2051-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN TRANSN AUTH N Y                                   | NY MTATRN 4.75 11/15/2045 | CUSIP: 59261AG35<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   3625000 | PA      | $3631826.60   | 1.59%             | 2045-11-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NEW YORK TRANSPORTATION DEVELOPMENT CORP (NY)                  | NY NYTTRN 5 12/01/2041    | CUSIP: 650116FR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    815000 | PA      | $841779.35    | 0.37%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRAL PLAINS ENERGY PROJ NEB                                 | NE CENPWR 5 09/01/2042    | CUSIP: 154871CP0<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |   1720000 | PA      | $1737862.54   | 0.76%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TEX                                                    | TX HOUAPT 5.5 07/15/2039  | CUSIP: 442349HZ2<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | MUN               | US        |   1630000 | PA      | $1688551.39   | 0.74%             | 2039-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST HIGHER EDL FACS AUTH                           | PA PASHGR 5 11/01/2054    | CUSIP: 70917TRZ6<br>LEI: DB1TWPCZX5RK7VR27A68 | Long             | DBT              | MUN               | US        |   4780000 | PA      | $4733710.00   | 2.07%             | 2054-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GREATER ORLANDO AVIATION AUTH ORLANDO FLA                      | FL GREAPT 5.5 11/01/2037  | CUSIP: 39227AAD4<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1041735.90   | 0.46%             | 2037-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NASH HEALTH CARE SYS NORTH CAROLINA                            | NC NASMED 5.25 02/01/2055 | CUSIP: 631163BQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1014034.60   | 0.44%             | 2055-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK TRANSPORTATION DEVELOPMENT CORP (NY)                  | NY NYTTRN 5.62 04/01/2040 | CUSIP: 650116GP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1050776.40   | 0.46%             | 2040-04-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| JEFFERSON (AL), COUNTY OF                                      | AL JEFUTL 5.5 10/01/2053  | CUSIP: 472682ZS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5860000 | PA      | $6093031.69   | 2.67%             | 2053-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FIXED INCOME CLEARING CORPORATION                              | FICC                      | CUSIP: 000000000<br>LEI: 549300H47WTHXPU08X20 | Long             | RA               | CORP              | US        |  13698000 | PA      | $13698000.00  | 6.00%             |  |  |  | No            |                  2 | On Loan: No      |
| COLUMBUS REGIONAL AIRPORT AUTHORITY (OH)                       | OH COLAPT 5.5 01/01/2055  | CUSIP: 199546DD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3113402.70   | 1.36%             | 2055-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK TRANSPORTATION DEVELOPMENT CORP (NY)                  | NY NYTTRN 5 12/01/2040    | CUSIP: 650116FQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    845000 | PA      | $874140.75    | 0.38%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS                                            | WI PUBGEN 5.25 11/15/2061 | CUSIP: 74442PL37<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1555000 | PA      | $1555837.52   | 0.68%             | 2061-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| VIRGINIA SMALL BUSINESS FINANCING AUTHORITY (VA)               | VA VASDEV 5 12/31/2047    | CUSIP: 928104QJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1755000 | PA      | $1745921.21   | 0.76%             | 2047-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN TRANSN AUTH N Y                                   | NY MTATRN 5.25 11/15/2055 | CUSIP: 59261A5G8<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023219.80   | 0.45%             | 2055-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FLORIDA DEV FIN CORP                                           | FL FLSMED 4 02/01/2052    | CUSIP: 34061QBT3<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    485000 | PA      | $383620.89    | 0.17%             | 2052-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FINANCING CORP (VA)                         | NJ TOBGEN 5 06/01/2046    | CUSIP: 888808HT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $263159.96    | 0.12%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI BEACH FLA HEALTH FACS AUTH                               | FL MMBMED 4 11/15/2046    | CUSIP: 593211FN0<br>LEI: 549300MFT7I1HF5VL403 | Long             | DBT              | MUN               | US        |   2370000 | PA      | $2099398.61   | 0.92%             | 2046-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND HEALTH AND EDUCATIONAL BUILDING CORP (RI)         | RI RISMED 5.25 05/15/2054 | CUSIP: 762244MJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5315000 | PA      | $5209971.88   | 2.28%             | 2054-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                                   | MA MASDEV 5.25 07/01/2052 | CUSIP: 57584Y4T3<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   4605000 | PA      | $4427655.00   | 1.94%             | 2052-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ORANGE COUNTY HEALTH FACILITIES AUTHORITY (FL)                 | FL ORAMED 5.25 10/01/2056 | CUSIP: 68450LJQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3613577.10   | 1.58%             | 2056-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS                                            | WI PUBTRN 6.5 12/31/2065  | CUSIP: 74448UAC2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1091035.80   | 0.48%             | 2065-12-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST HSG DEV AUTH                                       | MI MISHSG 5.05 06/01/2051 | CUSIP: 594654J97<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1807010.10   | 0.79%             | 2051-06-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| TEXAS WATER DEVELOPMENT BOARD (TX)                             | TX TXSWTR 4.75 10/15/2055 | CUSIP: 88285AKD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $988856.60    | 0.43%             | 2055-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                                    | IL ILS 5.25 05/01/2049    | CUSIP: 452153KG3<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017144.00   | 0.45%             | 2049-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH                                           | PA PHIDEV 5.25 11/01/2052 | CUSIP: 71780TBL6<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016462.60   | 0.45%             | 2052-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MIAMI BEACH FLA HEALTH FACS AUTH                               | FL MMBMED 4 11/15/2051    | CUSIP: 593211FQ3<br>LEI: 549300MFT7I1HF5VL403 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1060941.63   | 0.46%             | 2051-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FAYETTE COUNTY DEVELOPMENT AUTHORITY (GA)                      | GA FAYDEV 5.25 10/01/2054 | CUSIP: 31222PAX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1505383.80   | 0.66%             | 2054-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HEALTH & EDL FACS AUTH                             | MO MOSMED 4 06/01/2053    | CUSIP: 60637ARH7<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2155496.75   | 0.94%             | 2053-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH                                          | NY NYSHGR 4 07/01/2047    | CUSIP: 65000BLP1<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    550000 | PA      | $479107.86    | 0.21%             | 2047-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                                   | MA MASDEV 4 07/01/2051    | CUSIP: 57584YL64<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1080000 | PA      | $875323.37    | 0.38%             | 2051-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FINANCING CORP (VA)                         | NJ TOBGEN 5 06/01/2046    | CUSIP: 888808HQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    405000 | PA      | $393890.73    | 0.17%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALBANY N Y CAP RESOURCE CORP                                   | NY ALBRES 5.5 05/01/2055  | CUSIP: 012432EU0<br>LEI: 549300JIJJ1TDMP04F71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1050988.10   | 0.46%             | 2055-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ESCAMBIA COUNTY HEALTH FACILITIES AUTHORITY (FL)               | FL ESCMED 4 08/15/2050    | CUSIP: 296110GF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1075000 | PA      | $893030.45    | 0.39%             | 2050-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK TRANSPORTATION DEVELOPMENT CORP (NY)                  | NY NYTTRN 5.5 12/31/2060  | CUSIP: 650116HW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2513100.25   | 1.10%             | 2060-12-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS                                            | WI PUBGEN 5 06/01/2041    | CUSIP: 74448EAA2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   3950000 | PA      | $3953246.51   | 1.73%             | 2041-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TEX                                                    | TX HOUAPT 5.5 07/15/2037  | CUSIP: 442349HX7<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | MUN               | US        |   1705000 | PA      | $1784758.54   | 0.78%             | 2037-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                                    | IL ILS 4 03/01/2040       | CUSIP: 452153AU3<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1240000 | PA      | $1169077.58   | 0.51%             | 2040-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HIGHER EDL FAC COMMN                                   | OH OHSEDU 5.25 05/01/2049 | CUSIP: 67756DS72<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2422995.25   | 1.06%             | 2049-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TEXAS PRIVATE ACTIVITY BD SURFACE TRANSPORTATION CORP          | TX TXSTRN 4 12/31/2039    | CUSIP: 882667AY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1180000 | PA      | $1126892.68   | 0.49%             | 2039-12-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA TPK AUTH                                        | NC NCSTRN 5 01/01/2058    | CUSIP: 65830RDA4<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   1950000 | PA      | $1949034.75   | 0.85%             | 2058-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUDOUN COUNTY ECONOMIC DEVELOPMENT AUTHORITY (VA)             | VA LNCMED 4 01/01/2055    | CUSIP: 55123TBS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $199470.36    | 0.09%             | 2055-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS                                            | WI PUBGEN 5.25 11/15/2055 | CUSIP: 74442PL29<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1105493.40   | 0.48%             | 2055-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST HOSP FIN AUTH                                 | WV WVSMED 6 09/01/2053    | CUSIP: 956622X25<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1056708.10   | 0.46%             | 2053-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN TRANSN AUTH N Y                                   | NY MTATRN 5 11/15/2050    | CUSIP: 59261AG43<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006260.20   | 0.44%             | 2050-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA DEV FIN CORP                                           | FL FLSMED 5.25 08/01/2055 | CUSIP: 34061QCU9<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1770894.83   | 0.78%             | 2055-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| OHIO HSG FIN AGY                                               | OH OHSHSG 4.55 09/01/2049 | CUSIP: 67756Q6U6<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1020927.92   | 0.45%             | 2049-09-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| VIRGINIA SMALL BUSINESS FINANCING AUTHORITY (VA)               | VA VASDEV 5 12/31/2052    | CUSIP: 928097AC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1935000 | PA      | $1846636.29   | 0.81%             | 2052-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TPK COMMN                                      | PA PASTRN 4 12/01/2050    | CUSIP: 709225BD7<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   2435000 | PA      | $2152358.35   | 0.94%             | 2050-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HILLSBOROUGH COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY (FL)      | FL HILMED 4 08/01/2050    | CUSIP: 43233AFD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    845000 | PA      | $713377.81    | 0.31%             | 2050-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN PIER & EXPOSITION AUTH ILL                        | IL MPNFAC 5 06/15/2050    | CUSIP: 592250DM3<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |    865000 | PA      | $860814.87    | 0.38%             | 2050-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA FIN AUTH                                               | IN INDHSG 5 07/01/2054    | CUSIP: 45471FAX9<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $965137.60    | 0.42%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GEISINGER AUTHORITY                                            | PA GEIMED 4 04/01/2050    | CUSIP: 368497JV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1340000 | PA      | $1159273.53   | 0.51%             | 2050-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| INDIANA FIN AUTH                                               | IN INDHSG 5.25 07/01/2064 | CUSIP: 45471FAZ4<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1477550.70   | 0.65%             | 2064-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ECONOMIC DEVELOPMENT FINANCING AUTHORITY (PA)     | PA PASDEV 5 12/31/2057    | CUSIP: 70868YAX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4075000 | PA      | $4065932.31   | 1.78%             | 2057-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA PUB SVC AUTH                                    | SC SCSUTL 5.25 12/01/2054 | CUSIP: 8371515A3<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1037475.00   | 0.45%             | 2054-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN PIER & EXPOSITION AUTH ILL                        | IL MPNFAC 4 12/15/2042    | CUSIP: 592250EW0<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |    325000 | PA      | $306269.76    | 0.13%             | 2042-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST HSG DEV AUTH                                       | MI MISHSG 4.95 12/01/2050 | CUSIP: 594654C78<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005028.10   | 0.44%             | 2050-12-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| NEW YORK TRANSPORTATION DEVELOPMENT CORP (NY)                  | NY NYTTRN 5 06/30/2049    | CUSIP: 650116GX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1220000 | PA      | $1212670.61   | 0.53%             | 2049-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK TRANSPORTATION DEVELOPMENT CORP (NY)                  | NY NYTTRN 6 06/30/2059    | CUSIP: 650116JQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2670000 | PA      | $2798277.48   | 1.23%             | 2059-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL TRAN AUTH                                          | IL CHITRN 5.5 12/01/2056  | CUSIP: 16772PFC5<br>LEI: 549300CB8XLRGIPN3E12 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1570574.10   | 0.69%             | 2056-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                                   | MA MASDEV 5.25 07/01/2050 | CUSIP: 57585BEX2<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1755294.98   | 0.77%             | 2050-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| VILLAGE CMNTY DEV DIST NO 15 FLA                               | FL VGEDEV 4.55 05/01/2044 | CUSIP: 92708KAJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    995000 | PA      | $954548.77    | 0.42%             | 2044-05-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| CHICAGO (IL), CITY OF                                          | IL CHITRN 5 01/01/2048    | CUSIP: 167593L59<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1099478.71   | 0.48%             | 2048-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS PRIVATE ACTIVITY BD SURFACE TRANSPORTATION CORP          | TX TXSTRN 5 06/30/2058    | CUSIP: 882667AN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $5809558.20   | 2.55%             | 2058-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FLA                                            | FL MDCTRN 4 10/01/2045    | CUSIP: 59335KDF1<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |   2265000 | PA      | $2053704.27   | 0.90%             | 2045-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TEX                                                    | TX HOUAPT 5.5 07/15/2038  | CUSIP: 442349HY5<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1041795.70   | 0.46%             | 2038-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FINANCING CORP (VA)                         | NJ TOBGEN 5.25 06/01/2046 | CUSIP: 888808HR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $527610.44    | 0.23%             | 2046-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| VIRGINIA SMALL BUSINESS FINANCING AUTHORITY (VA)               | VA VASDEV 4 01/01/2040    | CUSIP: 928104NY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    485000 | PA      | $457909.55    | 0.20%             | 2040-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHATTANOOGA TENN HEALTH EDL & HSG FAC BRD                      | TN CHAMED 5.25 12/01/2054 | CUSIP: 162409AP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2040995.40   | 0.89%             | 2054-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MINNESOTA AGRIC & ECONOMIC DEV BRD                             | MN MNSAGR 5.25 01/01/2054 | CUSIP: 6049203E6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1020738.60   | 0.45%             | 2054-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HAMILTON CNTY OHIO                                             | OH HAMMED 5.5 08/01/2051  | CUSIP: 4072722W2<br>LEI: 549300TO1E3N4E4YIO28 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007858.30   | 0.44%             | 2051-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMN                                    | WA WASHSG 5.5 07/01/2049  | CUSIP: 93978LHF6<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $984099.60    | 0.43%             | 2049-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND ST HEALTH & EDL BLDG CORP                         | RI RISMED 5 07/01/2060    | CUSIP: 762244PA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2857481.70   | 1.25%             | 2060-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                                    | IL ILS 5.25 05/01/2048    | CUSIP: 452153KF5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1020577.10   | 0.45%             | 2048-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                                   | MA MASDEV 5.25 07/01/2055 | CUSIP: 57585BJU3<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1497235.80   | 0.66%             | 2055-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** AMG Funds

**Signature:** Thomas Disbrow

**Name of Signer:** Thomas Disbrow

**Title:** Principal Financial Officer