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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Worthington Steel Inc.</name>
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        <name>First Financial Bancorp.</name>
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        <name>Supernus Pharmaceuticals, Inc</name>
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        <name>Enerpac Tool Group Corp</name>
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      <invstOrSec>
        <name>Enterprise Financial Services Corp.</name>
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        <name>LXP Industrial Trust</name>
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      <invstOrSec>
        <name>UMB Financial Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Arcosa Inc</name>
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        <title>Arcosa Inc COM</title>
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        <fairValLevel>1</fairValLevel>
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        <name>IMAX Corporation</name>
        <lei>894500GS1ESLAPZCEI74</lei>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>MDU RESOURCES GROUP INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Neogenomics Inc</name>
        <lei>549300KN62PPGHBVXB46</lei>
        <title>Neogenomics Inc COM NEW</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Skyward Specialty Insurance Group Inc</name>
        <lei>549300GXGXJG0YH4VN21</lei>
        <title>Skyward Specialty Insurance Group Inc COM</title>
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      <invstOrSec>
        <name>Everus Construction Group Inc.</name>
        <lei>2549006JMMHR0KILT425</lei>
        <title>Everus Construction Group Inc. COM</title>
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        <name>Columbia Banking System Inc.</name>
        <lei>254900CTRJTQZ3BJ2V17</lei>
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        <name>Cytokinetics Inc</name>
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        <name>Southwest Gas Holdings Inc</name>
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        <name>Glacier Bancorp Inc.</name>
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        <name>Ameris Bancorp</name>
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        <name>Gates Industrial Corp PLC</name>
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        <invCountry>GB</invCountry>

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        <name>Hillman Solutions Corp</name>
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        <name>Independence Realty Trust Inc</name>
        <lei>549300Z3L8NU44NQEB29</lei>
        <title>Independence Realty Trust Inc COM</title>
        <cusip>45378A106</cusip>
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          <ticker value="IRT"/>
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        <fairValLevel>1</fairValLevel>
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        <name>Integer Holdings Corp.</name>
        <lei>549300SUD2ED5XG6X569</lei>
        <title>Integer Holdings Corp. COM</title>
        <cusip>45826H109</cusip>
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          <isin value="US45826H1095"/>
          <ticker value="ITGR"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>United Natural Foods, Inc.</name>
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        <title>United Natural Foods, Inc. COM</title>
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      <invstOrSec>
        <name>International Bancshares Corp</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>NATIONAL BANK FINANCIAL INC.</name>
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        <fairValLevel>2</fairValLevel>
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          <transCat>Repurchase</transCat>
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      <invstOrSec>
        <name>OMNIAB INC</name>
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      <invstOrSec>
        <name>Interface, Inc.</name>
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      <invstOrSec>
        <name>OCEANFIRST FINANCIAL CORP</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>PIEDMONT OFFICE REALTY TRUST INC</name>
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        <title>Piedmont Realty Trust Inc. COM CL A</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Digi International Inc.</name>
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        <title>Digi International Inc. COM</title>
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          <ticker value="DGII"/>
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        <fairValLevel>1</fairValLevel>
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        <name>California Resources Corporation</name>
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          <ticker value="CRC"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Constellium SE</name>
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        <title>Constellium SE CL A SHS</title>
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        <curCd>USD</curCd>
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        <invCountry>FR</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Piper Sandler Companies</name>
        <lei>QUQDBTUSOAKFEVMRMF78</lei>
        <title>Piper Sandler Companies COM NEW</title>
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          <ticker value="PIPR"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Ligand Pharmaceuticals Incorporated</name>
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        <name>Atricure Inc</name>
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        <title>Atricure Inc COM</title>
        <cusip>04963C209</cusip>
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          <ticker value="ATRC"/>
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      <invstOrSec>
        <name>Wolverine World Wide, Inc.</name>
        <lei>549300OVC7PK14LQ8D87</lei>
        <title>Wolverine World Wide, Inc. COM</title>
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          <isin value="US9780971035"/>
          <ticker value="WWW"/>
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        <name>Viavi Solutions Inc</name>
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        <name>Seacoast Banking Corporation Of Florida</name>
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        <name>TTM Technologies Inc</name>
        <lei>549300SC4BDOIS008048</lei>
        <title>TTM Technologies Inc COM</title>
        <cusip>87305R109</cusip>
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        <name>Bowhead Specialty Holdings Inc</name>
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        <name>NorthWestern Energy Group Inc</name>
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        <name>Federal Agricultural Mortgage Corporation</name>
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        <title>Federal Agricultural Mortgage Corporation CL C</title>
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        <name>NETSTREIT Corp.</name>
        <lei>254900CJL0EDMEQ25Q84</lei>
        <title>NETSTREIT Corp. COM</title>
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          <ticker value="NTST"/>
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        <name>LCI Industries</name>
        <lei>549300E1B98YNJ1WIQ04</lei>
        <title>LCI Industries COM</title>
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          <ticker value="LCII"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Synaptics Incorporated</name>
        <lei>549300AJ3LI4FWNRQX29</lei>
        <title>Synaptics Incorporated COM</title>
        <cusip>87157D109</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FIXED INCOME CLEARING CORPORATION</name>
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        <assetCat>RA</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <transCat>Repurchase</transCat>
          <clearedCentCparty centralCounterparty="FIXED INCOME CLEARING CORPORATION" isCleared="Y"/>
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              <invstCat>UST</invstCat>
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      <invstOrSec>
        <name>OMNIAB INC</name>
        <lei>N/A</lei>
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          <isin value="US68218J3014"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MAGNOLIA OIL &amp; GAS CORP</name>
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          <isin value="US5596631094"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Chord Energy Corp.</name>
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        <title>Chord Energy Corp. COM NEW</title>
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          <ticker value="CHRD"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Atlantic Union Bankshares Corp</name>
        <lei>N/A</lei>
        <title>Atlantic Union Bankshares Corp COM</title>
        <cusip>04911A107</cusip>
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          <isin value="US04911A1079"/>
          <ticker value="AUB"/>
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        <balance>79086.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Boot Barn Holdings Inc</name>
        <lei>529900QE1BFMYA3N4E71</lei>
        <title>Boot Barn Holdings Inc COM</title>
        <cusip>099406100</cusip>
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          <isin value="US0994061002"/>
          <ticker value="BOOT"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Agios Pharmaceuticals Inc</name>
        <lei>529900ONJHY8EOGYT555</lei>
        <title>Agios Pharmaceuticals Inc COM</title>
        <cusip>00847X104</cusip>
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          <isin value="US00847X1046"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PJT Partners Inc.</name>
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        <title>PJT Partners Inc. COM CL A</title>
        <cusip>69343T107</cusip>
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          <isin value="US69343T1079"/>
          <ticker value="PJT"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Thermon Group Holdings Inc</name>
        <lei>529900ZNZBBLDE77MZ38</lei>
        <title>Thermon Group Holdings Inc COM</title>
        <cusip>88362T103</cusip>
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          <isin value="US88362T1034"/>
          <ticker value="THR"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Stifel Financial Corporation</name>
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        <title>Stifel Financial Corporation COM</title>
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          <ticker value="SF"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Matador Resources Company</name>
        <lei>549300CI3Q2UUK5R4G79</lei>
        <title>Matador Resources Company COM</title>
        <cusip>576485205</cusip>
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          <ticker value="MTDR"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Patrick Industries Inc.</name>
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        <title>Patrick Industries Inc. COM</title>
        <cusip>703343103</cusip>
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      <invstOrSec>
        <name>Powell Industries Inc.</name>
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        <title>Powell Industries Inc. COM</title>
        <cusip>739128106</cusip>
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        <name>Idacorp Inc</name>
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        <title>Idacorp Inc COM</title>
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        <name>Tri Pointe Homes Inc</name>
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        <cusip>87265H109</cusip>
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          <ticker value="TPH"/>
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      <invstOrSec>
        <name>Compass Inc.</name>
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        <title>Compass Inc. CL A</title>
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          <ticker value="COMP"/>
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        <name>Primoris Services Corp.</name>
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        <title>Primoris Services Corp. COM</title>
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        <name>Central Garden &amp; Pet Company</name>
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        <title>Central Garden &amp; Pet Company COM</title>
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        <name>Permian Resources Corp</name>
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        <title>Permian Resources Corp CLASS A COM</title>
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        <name>STAG Industrial, Inc.</name>
        <lei>549300QWYX2W6FASVQ07</lei>
        <title>STAG Industrial, Inc. COM</title>
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      <invstOrSec>
        <name>City Holding Co</name>
        <lei>N/A</lei>
        <title>City Holding Co COM</title>
        <cusip>177835105</cusip>
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          <ticker value="CHCO"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Acadia Realty Trust</name>
        <lei>254900C5XLB1YYJQSH07</lei>
        <title>Acadia Realty Trust COM SH BEN INT</title>
        <cusip>004239109</cusip>
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          <ticker value="AKR"/>
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        <curCd>USD</curCd>
        <valUSD>1933184.96000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cathay General Bancorp</name>
        <lei>549300K1SLJ8C97H5L68</lei>
        <title>Cathay General Bancorp COM</title>
        <cusip>149150104</cusip>
        <identifiers>
          <isin value="US1491501045"/>
          <ticker value="CATY"/>
        </identifiers>
        <balance>51031.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2544405.66000000</valUSD>
        <pctVal>1.260978385059</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Solaris Energy Infrastructure Inc</name>
        <lei>529900MTK3C8Y8TIIC10</lei>
        <title>Solaris Energy Infrastructure Inc COM CL A</title>
        <cusip>83418M103</cusip>
        <identifiers>
          <isin value="US83418M1036"/>
          <ticker value="SEI"/>
        </identifiers>
        <balance>107191.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6057363.41000000</valUSD>
        <pctVal>3.001960123946</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Travel Plus Leisure Co</name>
        <lei>T4VNTWMFQ7JQB65L7T35</lei>
        <title>Travel Plus Leisure Co COM</title>
        <cusip>894164102</cusip>
        <identifiers>
          <isin value="US8941641024"/>
          <ticker value="TNL"/>
        </identifiers>
        <balance>29325.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2028996.75000000</valUSD>
        <pctVal>1.005547615825</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Horace Mann Educators Corporation</name>
        <lei>254900G5YAV3A2YK8T32</lei>
        <title>Horace Mann Educators Corporation COM</title>
        <cusip>440327104</cusip>
        <identifiers>
          <isin value="US4403271046"/>
          <ticker value="HMN"/>
        </identifiers>
        <balance>38478.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1642241.04000000</valUSD>
        <pctVal>0.813875903144</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Silgan Holdings Inc.</name>
        <lei>KAF673KJXD92C8KSLU49</lei>
        <title>Silgan Holdings Inc. COM</title>
        <cusip>827048109</cusip>
        <identifiers>
          <isin value="US8270481091"/>
          <ticker value="SLGN"/>
        </identifiers>
        <balance>51918.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2014418.40000000</valUSD>
        <pctVal>0.998322752067</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-05-28</ncom:dateSigned>
      <ncom:nameOfApplicant>AMG Funds</ncom:nameOfApplicant>
      <ncom:signature>Thomas Disbrow</ncom:signature>
      <ncom:signerName>Thomas Disbrow</ncom:signerName>
      <ncom:title>Principal Financial Officer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
