# EDGAR Filing Document

**Accession Number:** 0001089951
**File Stem:** 0000940400-25-011538
**Filing Date:** 2025-11
**Character Count:** 47616
**Document Hash:** 9359e4c832d7b76683de449240b68990
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-011538.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0000940400-25-011538

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251128

**DATE AS OF CHANGE**: 20251128

**PERIOD START**: 20251231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09521
- **FILM NUMBER:** 251534558

**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 Yacktman Fund (Series ID: S000037566)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000115981 | Class I      | YACKX           |

## Nport-Ex

AMG Yacktman Fund

Schedule of Portfolio Investments *(unaudited)*

September 30, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | &nbsp;&nbsp;Value |
| **Common Stocks - 81.0%** |  |  |
| &nbsp;&nbsp;&nbsp;**Communication Services - 19.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;740000 | &nbsp;&nbsp;$180227000 |
| &nbsp;&nbsp;&nbsp;Bolloré SE (France) | 88500000 | &nbsp;&nbsp;&nbsp;&nbsp;501895416 |
| &nbsp;&nbsp;&nbsp;Comcast Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;34562000 |
| &nbsp;&nbsp;&nbsp;Fox Corp., Class A<sup>1</sup> | &nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;88284000 |
| &nbsp;&nbsp;&nbsp;Fox Corp., Class B | &nbsp;&nbsp;&nbsp;3100000 | &nbsp;&nbsp;&nbsp;&nbsp;177599000 |
| &nbsp;&nbsp;&nbsp;News Corp., Class A | &nbsp;&nbsp;&nbsp;4800000 | &nbsp;&nbsp;&nbsp;&nbsp;147408000 |
| &nbsp;&nbsp;&nbsp;The Walt Disney Co. | &nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;103050000 |
| &nbsp;&nbsp;&nbsp;Warner Bros Discovery, Inc.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;4400000 | &nbsp;&nbsp;&nbsp;&nbsp;85932000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Communication Services |  | &nbsp;&nbsp;&nbsp;1318957416 |
| &nbsp;&nbsp;&nbsp;**Consumer Discretionary - 4.4%** |  |  |
| &nbsp;&nbsp;&nbsp;eBay, Inc. | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;90950000 |
| &nbsp;&nbsp;&nbsp;Hyundai Mobis Co., Ltd. (South Korea) | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;212754878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Consumer Discretionary |  | &nbsp;&nbsp;&nbsp;303704878 |
| &nbsp;&nbsp;&nbsp;**Consumer Staples - 13.4%** |  |  |
| &nbsp;&nbsp;&nbsp;The Coca-Cola Co. | &nbsp;&nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp;86216000 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;55958000 |
| &nbsp;&nbsp;&nbsp;Darling Ingredients, Inc.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;1005000 | &nbsp;&nbsp;&nbsp;&nbsp;31024350 |
| &nbsp;&nbsp;&nbsp;Ingredion, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;109899000 |
| &nbsp;&nbsp;&nbsp;Kenvue, Inc. | &nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;81150000 |
| &nbsp;&nbsp;&nbsp;KT&G Corp. (South Korea) | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;47629093 |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;168528000 |
| &nbsp;&nbsp;&nbsp;The Procter & Gamble Co. | &nbsp;&nbsp;&nbsp;1230000 | &nbsp;&nbsp;&nbsp;188989500 |
| &nbsp;&nbsp;&nbsp;Sysco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;74106000 |
| &nbsp;&nbsp;&nbsp;Tyson Foods, Inc., Class A | &nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;76020000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Consumer Staples |  | &nbsp;&nbsp;&nbsp;&nbsp;919519943 |
| &nbsp;&nbsp;&nbsp;**Energy - 9.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Canadian Natural Resources, Ltd. (Canada)<sup>1</sup> | &nbsp;&nbsp;11000000 | &nbsp;&nbsp;&nbsp;351560000 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips | &nbsp;&nbsp;&nbsp;1050000 | &nbsp;&nbsp;&nbsp;&nbsp;99319500 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;100170000 |
| &nbsp;&nbsp;&nbsp;EOG Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;89696000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Energy |  | &nbsp;&nbsp;&nbsp;640745500 |
| &nbsp;&nbsp;&nbsp;**Financials - 7.0%** |  |  |
| &nbsp;&nbsp;&nbsp;The Bank of New York Mellon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;21792000 |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;110602800 |
| &nbsp;&nbsp;&nbsp;The Charles Schwab Corp. | &nbsp;&nbsp;&nbsp;2650000 | &nbsp;&nbsp;&nbsp;252995500 |
| &nbsp;&nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;92808000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Financials |  | &nbsp;&nbsp;&nbsp;478198300 |
| &nbsp;&nbsp;&nbsp;**Health Care - 4.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;93704800 |
| &nbsp;&nbsp;&nbsp;Embecta Corp. | &nbsp;&nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp;22576000 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp;767682 | &nbsp;&nbsp;&nbsp;&nbsp;142343596 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | &nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;$41436000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Health Care |  | &nbsp;&nbsp;&nbsp;300060396 |
| &nbsp;&nbsp;&nbsp;**Industrials - 10.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Armstrong World Industries, Inc. | &nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;117606000 |
| &nbsp;&nbsp;&nbsp;Brenntag SE (Germany) | &nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;35953570 |
| &nbsp;&nbsp;&nbsp;GrafTech International, Ltd.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8974000 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | &nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;82460700 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;69889400 |
| &nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79211600 |
| &nbsp;&nbsp;&nbsp;Samsung C&T Corp. (South Korea) | &nbsp;&nbsp;&nbsp;950000 | &nbsp;&nbsp;&nbsp;&nbsp;125102774 |
| &nbsp;&nbsp;&nbsp;U-Haul Holding Co.<sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17121000 |
| &nbsp;&nbsp;&nbsp;U-Haul Holding Co., Non-Voting Shares | 2950000 | &nbsp;&nbsp;&nbsp;&nbsp;150155000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Industrials |  | &nbsp;&nbsp;&nbsp;&nbsp;686474044 |
| &nbsp;&nbsp;&nbsp;**Information Technology - 8.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp;2100000 | &nbsp;&nbsp;&nbsp;&nbsp;140847000 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;620000 | &nbsp;&nbsp;&nbsp;&nbsp;321129000 |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Co., Ltd. (South Korea) | &nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;83930459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Information Technology |  | &nbsp;&nbsp;&nbsp;545906459 |
| &nbsp;&nbsp;&nbsp;**Materials - 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Olin Corp. | 2205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55102950 |
| &nbsp;&nbsp;&nbsp;Reliance, Inc. | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;140415000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Materials |  | &nbsp;&nbsp;&nbsp;&nbsp;195517950 |
| &nbsp;&nbsp;&nbsp;**Utilities - 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Talen Energy Corp.<sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;148883000 |
| **Total Common Stocks<br> (Cost $3,236,491,039)** |  | &nbsp;&nbsp;5537967886 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount |  |
| **Corporate Bonds and Notes - 0.0%<sup>#</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;**Industrials - 0.0%<sup>#</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;GrafTech Finance, Inc.<br> 4.625%, 12/23/29<sup>2</sup><br> (Cost $638,686) | $800000 | &nbsp;&nbsp;560253 |

---

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| **Preferred Stocks - 9.8%** |  |  |
| &nbsp;&nbsp;&nbsp;**Consumer Discretionary - 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Hyundai Motor Co., 6.87% (South Korea) | &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;47497223 |
| &nbsp;&nbsp;&nbsp;Hyundai Motor Co., 6.91% (South Korea) | &nbsp;&nbsp;&nbsp;&nbsp;523882 | &nbsp;&nbsp;&nbsp;&nbsp;60913208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Consumer Discretionary |  | &nbsp;&nbsp;&nbsp;108410431 |
| &nbsp;&nbsp;&nbsp;**Information Technology - 8.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Co., Ltd., 1.87% (South Korea) | 11800000 | &nbsp;&nbsp;560039970 |
| **Total Preferred Stocks<br> (Cost $329,053,931)** |  | &nbsp;&nbsp;&nbsp;668450401 |

---

------

AMG Yacktman Fund

Schedule of Portfolio Investments *(continued)*

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;Value |
| **Short-Term Investments - 9.3%** |  |  |
| &nbsp;&nbsp;&nbsp;**Joint Repurchase Agreements - 0.3%<sup>3</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Daiwa Capital Markets America, dated 09/30/25, due 10/01/25, 4.210% total to be received $3,871,194 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 2.000% - 7.500%, 08/27/27 - 09/01/55, totaling $3,948,203) | $3870741 | &nbsp;&nbsp;$3870741 |
| &nbsp;&nbsp;&nbsp;HSBC Securities USA, Inc., dated 09/30/25, due 10/01/25, 4.210% total to be received $156,393 (collateralized by various U.S. Treasuries, 0.000% - 4.000%, 07/15/26 - 08/15/54, totaling $159,502) | &nbsp;&nbsp;&nbsp;&nbsp;156375 | &nbsp;&nbsp;&nbsp;&nbsp;156375 |
| &nbsp;&nbsp;&nbsp;HSBC Securities USA, Inc., dated 09/30/25, due 10/01/25, 4.220% total to be received $3,703,057 (collateralized by various U.S. Government Agency Obligations, 1.923% - 6.500%, 08/01/32 - 06/01/64, totaling $3,776,675) | &nbsp;&nbsp;3702623 | &nbsp;&nbsp;&nbsp;3702623 |
| &nbsp;&nbsp;&nbsp;JPMorgan Securities LLC, dated 09/30/25, due 10/01/25, 4.200% total to be received $294,646 (collateralized by various U.S. Treasuries, 4.125% - 4.500%, 12/31/31 - 05/31/32, totaling $300,504) | &nbsp;&nbsp;&nbsp;&nbsp;294612 | &nbsp;&nbsp;&nbsp;&nbsp;294612 |
| &nbsp;&nbsp;&nbsp;JPMorgan Securities LLC, dated 09/30/25, due 10/01/25, 4.210% total to be received $1,124,503 (collateralized by various U.S. Government Agency Obligations, 1.500% - 7.000%, 06/01/35 - 09/01/55, totaling $1,146,859) | &nbsp;&nbsp;&nbsp;1124372 | &nbsp;&nbsp;&nbsp;&nbsp;1124372 |
| &nbsp;&nbsp;&nbsp;Natwest Markets Securities, Inc., dated 09/30/25, due 10/01/25, 4.190% total to be received $407,366 (collateralized by various U.S. Treasuries, 0.000% - 6.625%, 11/18/25 - 08/15/55, totaling $415,465) | &nbsp;&nbsp;&nbsp;&nbsp;407319 | &nbsp;&nbsp;&nbsp;&nbsp;407319 |
| &nbsp;&nbsp;&nbsp;RBC Dominion Securities, Inc., dated 09/30/25, due 10/01/25, 4.190% total to be received $131,114 (collateralized by various U.S. Treasuries, 0.000% - 4.750%, 10/23/25 - 08/15/55, totaling $133,721) | &nbsp;&nbsp;&nbsp;&nbsp;131099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131099 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;RBC Dominion Securities, Inc., dated 09/30/25, due 10/01/25, 4.200% total to be received $2,872,971 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 0.625% - 7.000%, 01/15/29 - 10/01/55, totaling $2,930,090) | &nbsp;&nbsp;&nbsp;$2872636 | &nbsp;&nbsp;&nbsp;&nbsp;$2872636 |
| &nbsp;&nbsp;&nbsp;State of Wisconsin Investment Board, dated 09/30/25, due 10/01/25, 4.290% total to be received $3,912,385 (collateralized by various U.S. Treasuries, 0.125% - 3.875%, 10/15/26 - 02/15/54, totaling $3,982,838) | &nbsp;&nbsp;&nbsp;&nbsp;3911919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3911919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Joint Repurchase Agreements |  | &nbsp;&nbsp;&nbsp;&nbsp;16471696 |
| &nbsp;&nbsp;&nbsp;**U.S. Government Obligations - 4.2%** |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bills, 3.940%, 10/02/25<sup>4</sup> | &nbsp;&nbsp;82000000 | &nbsp;&nbsp;&nbsp;&nbsp;81990841 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bills, 4.010%, 03/19/26<sup>4</sup> | &nbsp;&nbsp;68000000 | &nbsp;&nbsp;&nbsp;66808662 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bills, 4.040%, 06/11/26<sup>4</sup> | &nbsp;&nbsp;67000000 | &nbsp;&nbsp;&nbsp;&nbsp;65317692 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bills, 4.160%, 01/22/26<sup>4</sup> | &nbsp;&nbsp;74000000 | &nbsp;&nbsp;&nbsp;&nbsp;73117538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total U.S. Government Obligations** |  | &nbsp;&nbsp;287234733 |
| &nbsp;&nbsp;&nbsp;**Repurchase Agreements - 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Fixed Income Clearing Corp., dated 09/30/25, due 10/01/25, 3.850% total to be received $166,659,821 (collateralized by a U.S. Treasury Note, 4.375%, 01/31/32, totaling $169,974,886) | 166642000 | &nbsp;&nbsp;166642000 |

---

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| &nbsp;&nbsp;&nbsp;**Other Investment Companies - 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;JPMorgan U.S. Government Money Market Fund, IM Shares, 4.05%<sup>5</sup> | 165816446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165816446 |
| **Total Short-Term Investments<br> (Cost $635,936,938)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636164875 |
| **Total Investments - 100.1%<br> (Cost $4,202,120,594)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6843143415 |
| **Other Assets, less Liabilities - (0.1)%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8185258) |
| **Net Assets - 100.0%** |  | &nbsp;&nbsp;**$6834958157** |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;<sup>\*</sup> | Non-income producing security. |
| &nbsp;&nbsp;<sup>#</sup> | Less than 0.05%. |
| &nbsp;&nbsp;<sup>1</sup> | Some of these securities, amounting to $144,385,939 or 2.1% of net assets, were out on loan to various borrowers and are collateralized by cash and various U.S. Treasury Obligations. See below for more information. |
| &nbsp;&nbsp;<sup>2</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2025, the value of this security amounted to $560,253 or less than 0.05% of net assets. |

---

<sup>3</sup> Cash collateral received for securities lending activity was invested in these joint repurchase agreements.

<sup>4</sup> Represents yield to maturity at September 30, 2025.

<sup>5</sup> Yield shown represents the September 30, 2025, seven day average yield, which refers to the sum of the previous seven days' dividends paid, expressed as an annual percentage.

------

AMG Yacktman Fund

Schedule of Portfolio Investments *(continued)*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2<sup>1</sup>** | &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;**Common Stocks** | &nbsp;&nbsp;&nbsp;**Common Stocks** | &nbsp;&nbsp;&nbsp;**Common Stocks** | &nbsp;&nbsp;&nbsp;**Common Stocks** | &nbsp;&nbsp;&nbsp;**Common Stocks** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp; $817062000 | &nbsp;&nbsp;&nbsp;&nbsp; $501895416 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $1318957416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp; 871890850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47629093 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 919519943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp; 525417700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161056344 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 686474044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp; 640745500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 640745500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp; 461976000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83930459 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 545906459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp; 478198300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 478198300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp; 90950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 212754878 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 303704878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp; 300060396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 300060396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195517950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195517950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp; 148883000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 148883000 |
| &nbsp;&nbsp;&nbsp;**Corporate Bonds and Notes<sup>†</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 560253 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 560253 |
| &nbsp;&nbsp;&nbsp;**Preferred Stocks<sup>†</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 668450401 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 668450401 |
| &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;Joint Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16471696 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16471696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Government Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 287234733 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 287234733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 166642000 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 166642000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 165816446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 165816446 |
| &nbsp;&nbsp;**Total Investments in Securities** | &nbsp;&nbsp;$4696518142 | &nbsp;&nbsp;$2146625273 | &nbsp;&nbsp;— | &nbsp;&nbsp;$6843143415 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;<sup>†</sup> | All corporate bonds and notes and preferred stocks held in the Fund are level 2 securities. For a detailed breakout of corporate bonds and notes and preferred stocks by major industry classification, please refer to the Fund's Schedule of Portfolio Investments. |
| &nbsp;&nbsp;<sup>1</sup> | An external pricing service is used to reflect any impact on security value due to market movements between the time the Fund valued such foreign securities and the earlier closing of foreign markets. |

---

For the period ended September 30, 2025, there were no transfers in or out of Level 3.

The country allocation in the Schedule of Portfolio Investments at September 30, 2025, was as follows:

---

| | |
|:---|:---|
| **Country** | &nbsp;&nbsp;**% of Long-Term<br> Investments** |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;5.7 |
| France | &nbsp;&nbsp;&nbsp;&nbsp;8.1 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| South Korea | &nbsp;&nbsp;&nbsp;&nbsp;18.3 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp;67.3 |
|  | &nbsp;&nbsp;100.0 |

---

------

AMG Yacktman Fund

Schedule of Portfolio Investments *(continued)*

The Fund participates in the securities lending program offered by The Bank of New York Mellon providing for the lending of securities to qualified brokers. The value of securities loaned on positions held, cash collateral and securities collateral received at September 30, 2025, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Securities<br> Loaned** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Cash<br> Collateral<br> Received** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Securities<br> Collateral<br> Received** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total<br> Collateral<br> Received** |
| $144385939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $16471696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $130968724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $147440420 |

---

The following table summarizes the securities received as collateral for securities lending at September 30, 2025:

---

| | | |
|:---|:---|:---|
| **Collateral<br> Type** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Coupon<br> Range** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Maturity<br> Date Range** |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.125%-7.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/15/25-08/01/55 |

---

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 Yacktman Fund

- **b. EDGAR series identifier (if any):** S000037566

- **c. LEI of Series:** 5493005QFA4FOX5V4S61

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $6859068043.74

**Total Liabilities:** $21134065.39

**Net Assets:** $6837933978.35

**Cash Not Reported:** $2935990.22

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000115981 | 1.25%                | 2.02%                | 1.78%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $53716357.26             | $29494883.39                               |
| Month 2  | $28832866.13             | $96004726.63                               |
| Month 3  | $19489123.89             | $88341183.37                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| GrafTech International Ltd               | GrafTech International Ltd               | CUSIP: 384313607<br>LEI: 549300GY32W00XP57351 | Long             | EC               | CORP              | US        |    700000 | NS      | $8974000.00   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung C&T Corp                         | Samsung C&T Corp                         | CUSIP: 000000000<br>LEI: 988400GFRE4IDFPE9E64 | Long             | EC               | CORP              | KR        |    950000 | NS      | $125102774.65 | 1.83%             |  |  |  | No            |                  2 | On Loan: No      |
| Microsoft Corp                           | Microsoft Corp                           | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |    620000 | NS      | $321129000.00 | 4.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Hyundai Mobis Co Ltd                     | Hyundai Mobis Co Ltd                     | CUSIP: 000000000<br>LEI: 988400HJA9E0ZVDHRS65 | Long             | EC               | CORP              | KR        |   1000000 | NS      | $212754877.73 | 3.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Bollore SE                               | Bollore SE                               | CUSIP: 000000000<br>LEI: 969500LEKCHH6VV86P94 | Long             | EC               | CORP              | FR        |  88500000 | NS      | $501895415.83 | 7.34%             |  |  |  | No            |                  2 | On Loan: No      |
| U-Haul Holding Co                        | U-Haul Holding Co                        | CUSIP: 023586100<br>LEI: 5493003WIDMLDHYC6Y24 | Long             | EC               | CORP              | US        |    300000 | NS      | $17121000.00  | 0.25%             |  |  |  | No            |                  1 | On Loan: —       |
| Canadian Natural Resources Ltd           | Canadian Natural Resources Ltd           | CUSIP: 136385101<br>LEI: 549300T15RIMIKZC5Q38 | Long             | EC               | CORP              | CA        |  11000000 | NS      | $351560000.00 | 5.14%             |  |  |  | No            |                  1 | On Loan: —       |
| Procter & Gamble Co/The                  | Procter & Gamble Co/The                  | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |   1230000 | NS      | $188989500.00 | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                             | Alphabet Inc                             | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    740000 | NS      | $180227000.00 | 2.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Armstrong World Industries Inc           | Armstrong World Industries Inc           | CUSIP: 04247X102<br>LEI: KXMRXXOJ88Q45Y45MG74 | Long             | EC               | CORP              | US        |    600000 | NS      | $117606000.00 | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Co/The                       | Walt Disney Co/The                       | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |    900000 | NS      | $103050000.00 | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Warner Bros Discovery Inc                | Warner Bros Discovery Inc                | CUSIP: 934423104<br>LEI: 5493006ZCRFWKF6B1K26 | Long             | EC               | CORP              | US        |   4400000 | NS      | $85932000.00  | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| RBC DOMINION SECURITIES INC.             | RBC DOMINION SECURITIES INC              | CUSIP: 000000000<br>LEI: 549300QJJX6CVVUXLE15 | Long             | RA               | CORP              | US        |    131099 | PA      | $131099.00    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TREASURY BILL                            | United States Treasury Bill              | CUSIP: 912797MS3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  82000000 | PA      | $81990840.60  | 1.20%             | 2025-10-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd               | Samsung Electronics Co Ltd               | CUSIP: 000000000<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |   1400000 | NS      | $83930458.86  | 1.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Fox Corp                                 | Fox Corp                                 | CUSIP: 35137L105<br>LEI: 549300DDU6FDRBIELS05 | Long             | EC               | CORP              | US        |   1400000 | NS      | $88284000.00  | 1.29%             |  |  |  | No            |                  1 | On Loan: —       |
| Olin Corp                                | Olin Corp                                | CUSIP: 680665205<br>LEI: 549300GKK294V7W57P06 | Long             | EC               | CORP              | US        |   2205000 | NS      | $55102950.00  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                            | United States Treasury Bill              | CUSIP: 912797PD3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  74000000 | PA      | $73117538.16  | 1.07%             | 2026-01-22      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Bank of New York Mellon Corp/T           | Bank of New York Mellon Corp/The         | CUSIP: 064058100<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EC               | CORP              | US        |    200000 | NS      | $21792000.00  | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources Inc                        | EOG Resources Inc                        | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |    800000 | NS      | $89696000.00  | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingredion Inc                            | Ingredion Inc                            | CUSIP: 457187102<br>LEI: PKSTQ48QDN0XSVS7YK88 | Long             | EC               | CORP              | US        |    900000 | NS      | $109899000.00 | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| U-Haul Holding Co                        | U-Haul Holding Co                        | CUSIP: 023586506<br>LEI: 5493003WIDMLDHYC6Y24 | Long             | EC               | CORP              | US        |   2950000 | NS      | $150155000.00 | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Colgate-Palmolive Co                     | Colgate-Palmolive Co                     | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |    700000 | NS      | $55958000.00  | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| eBay Inc                                 | eBay Inc                                 | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Long             | EC               | CORP              | US        |   1000000 | NS      | $90950000.00  | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC SECURITIES (USA) INC.               | HSBC SECURITIES (USA) INC                | CUSIP: 000000000<br>LEI: CYYGQCGNHMHPSMRL3R97 | Long             | RA               | CORP              | US        |   3702623 | PA      | $3702623.00   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Fox Corp                                 | Fox Corp                                 | CUSIP: 35137L204<br>LEI: 549300DDU6FDRBIELS05 | Long             | EC               | CORP              | US        |   3100000 | NS      | $177599000.00 | 2.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corp                             | Comcast Corp                             | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |   1100000 | NS      | $34562000.00  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Talen Energy Corp                        | Talen Energy Corp                        | CUSIP: 87422Q109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    350000 | NS      | $148883000.00 | 2.18%             |  |  |  | No            |                  1 | On Loan: —       |
| JPMorgan US Government Money Market Fund | JPMorgan US Government Money Market Fund | CUSIP: 4812C2270<br>LEI: 549300NQ5E5B7ZV4T516 | Long             | STIV             | RF                | US        | 165261617 | NS      | $165261617.13 | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| NATWEST MARKETS SECURITIES INC.          | NATWEST MARKETS SECURITIES INC           | CUSIP: 000000000<br>LEI: ZE2ZWJ5BTIQJ8M0C6K34 | Long             | RA               | CORP              | US        |    407319 | PA      | $407319.00    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| GRAFTECH FINANCE INC                     | GrafTech Finance Inc                     | CUSIP: 384311AC0<br>LEI: 1Z010BU876CF2HDBIN43 | Long             | DBT              | CORP              | US        |    800000 | PA      | $560253.26    | 0.01%             | 2029-12-23      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Elevance Health Inc                      | Elevance Health Inc                      | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |    290000 | NS      | $93704800.00  | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Hyundai Motor Co                         | Hyundai Motor Co                         | CUSIP: 000000000<br>LEI: 9884004RQX8PRBXQ8S60 | Long             | EP               | CORP              | KR        |    523882 | NS      | $60913208.24  | 0.89%             |  |  |  | No            |                  2 | On Loan: No      |
| RBC DOMINION SECURITIES INC.             | RBC DOMINION SECURITIES INC              | CUSIP: 000000000<br>LEI: 549300QJJX6CVVUXLE15 | Long             | RA               | CORP              | US        |   2872636 | PA      | $2872636.00   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Corp                        | State Street Corp                        | CUSIP: 857477103<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EC               | CORP              | US        |    800000 | NS      | $92808000.00  | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC               | JP MORGAN SECURITIES LLC                 | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | Long             | RA               | CORP              | US        |    294612 | PA      | $294612.00    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd               | Samsung Electronics Co Ltd               | CUSIP: 000000000<br>LEI: 9884007ER46L6N7EI764 | Long             | EP               | CORP              | KR        |  11800000 | NS      | $560039969.80 | 8.19%             |  |  |  | No            |                  2 | On Loan: No      |
| PepsiCo Inc                              | PepsiCo Inc                              | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |   1200000 | NS      | $168528000.00 | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC               | JP MORGAN SECURITIES LLC                 | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | Long             | RA               | CORP              | US        |   1124372 | PA      | $1124372.00   | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Berkshire Hathaway Inc                   | Berkshire Hathaway Inc                   | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |    220000 | NS      | $110602800.00 | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Diamondback Energy Inc                   | Diamondback Energy Inc                   | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |    700000 | NS      | $100170000.00 | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyson Foods Inc                          | Tyson Foods Inc                          | CUSIP: 902494103<br>LEI: WD6L6041MNRW1JE49D58 | Long             | EC               | CORP              | US        |   1400000 | NS      | $76020000.00  | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                           | ConocoPhillips                           | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |   1050000 | NS      | $99319500.00  | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Reliance Inc                             | Reliance Inc                             | CUSIP: 759509102<br>LEI: 549300E287ZOFT3C5Z56 | Long             | EC               | CORP              | US        |    500000 | NS      | $140415000.00 | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Darling Ingredients Inc                  | Darling Ingredients Inc                  | CUSIP: 237266101<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | EC               | CORP              | US        |   1005000 | NS      | $31024350.00  | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| DAIWA CAPITAL MARKETS AMERICA INC.       | DAIWA CAPITAL MARKETS AMERICA INC        | CUSIP: 000000000<br>LEI: M67H5PRC0NQKM73ZAS82 | Long             | RA               | CORP              | US        |   3870741 | PA      | $3870741.00   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| L3Harris Technologies Inc                | L3Harris Technologies Inc                | CUSIP: 502431109<br>LEI: 549300UTE50ZMDBG8A20 | Long             | EC               | CORP              | US        |    270000 | NS      | $82460700.00  | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Northrop Grumman Corp                    | Northrop Grumman Corp                    | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               | CORP              | US        |    130000 | NS      | $79211600.00  | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                        | Johnson & Johnson                        | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |    767682 | NS      | $142343596.44 | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc                   | UnitedHealth Group Inc                   | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |    120000 | NS      | $41436000.00  | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corp                     | Lockheed Martin Corp                     | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |    140000 | NS      | $69889400.00  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                            | United States Treasury Bill              | CUSIP: 912797PV3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  68000000 | PA      | $66808662.44  | 0.98%             | 2026-03-19      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FIXED INCOME CLEARING CORPORATION        | FIXED INCOME CLEARING CORPORATION        | CUSIP: 000000000<br>LEI: 549300H47WTHXPU08X20 | Long             | RA               | CORP              | US        | 166642000 | PA      | $166642000.00 | 2.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Embecta Corp                             | Embecta Corp                             | CUSIP: 29082K105<br>LEI: 549300RPG8GXVDHNXZ62 | Long             | EC               | CORP              | US        |   1600000 | NS      | $22576000.00  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                            | United States Treasury Bill              | CUSIP: 912797QX8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  67000000 | PA      | $65317691.64  | 0.96%             | 2026-06-11      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| News Corp                                | News Corp                                | CUSIP: 65249B109<br>LEI: 549300ITS31QK8VRBQ14 | Long             | EC               | CORP              | US        |   4800000 | NS      | $147408000.00 | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Hyundai Motor Co                         | Hyundai Motor Co                         | CUSIP: 000000000<br>LEI: 9884004RQX8PRBXQ8S60 | Long             | EP               | CORP              | KR        |    400000 | NS      | $47497223.18  | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Sysco Corp                               | Sysco Corp                               | CUSIP: 871829107<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | EC               | CORP              | US        |    900000 | NS      | $74106000.00  | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Cognizant Technology Solutions           | Cognizant Technology Solutions Corp      | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |   2100000 | NS      | $140847000.00 | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Brenntag SE                              | Brenntag SE                              | CUSIP: 000000000<br>LEI: NNROIXVWJ7CPSR27SV97 | Long             | EC               | CORP              | DE        |    600000 | NS      | $35953569.72  | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC SECURITIES (USA) INC.               | HSBC SECURITIES (USA) INC                | CUSIP: 000000000<br>LEI: CYYGQCGNHMHPSMRL3R97 | Long             | RA               | CORP              | US        |    156375 | PA      | $156375.00    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| STATE OF WISCONSIN INVESTMENT BOARD      | STATE OF WISCONSIN INVESTMENT BOARD      | CUSIP: 000000000<br>LEI: VY0GIYI3352UC4XOP168 | Long             | RA               | CORP              | US        |   3911919 | PA      | $3911919.00   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Charles Schwab Corp/The                  | Charles Schwab Corp/The                  | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |   2650000 | NS      | $252995500.00 | 3.70%             |  |  |  | No            |                  1 | On Loan: No      |
| KT&G Corp                                | KT&G Corp                                | CUSIP: 000000000<br>LEI: 988400ZJV6ISYBLQX875 | Long             | EC               | CORP              | KR        |    500000 | NS      | $47629092.73  | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Kenvue Inc                               | Kenvue Inc                               | CUSIP: 49177J102<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | EC               | CORP              | US        |   5000000 | NS      | $81150000.00  | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co/The                         | Coca-Cola Co/The                         | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |   1300000 | NS      | $86216000.00  | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** AMG Funds

**Signature:** Thomas Disbrow

**Name of Signer:** Thomas Disbrow

**Title:** Principal Financial Officer