# EDGAR Filing Document

**Accession Number:** 0000705318
**File Stem:** 0000910472-25-004949
**Filing Date:** 2025-11
**Character Count:** 17385
**Document Hash:** 3425f40f6a2faa1d35bd2c7456ed888d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-004949.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0000910472-25-004949

**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**: 20260630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ASSET MANAGEMENT FUND
- **CENTRAL INDEX KEY:** 0000705318

**ORGANIZATION NAME:**
- **EIN:** 510266112
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03541
- **FILM NUMBER:** 251533637

**BUSINESS ADDRESS:**
- **STREET 1:** 190 MIDDLE STREET
- **STREET 2:** SUITE 301
- **CITY:** PORTLAND
- **STATE:** ME
- **ZIP:** 04101
- **BUSINESS PHONE:** 6144169059

**MAIL ADDRESS:**
- **STREET 1:** 190 MIDDLE STREET
- **STREET 2:** SUITE 301
- **CITY:** PORTLAND
- **STATE:** ME
- **ZIP:** 04101

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ASSET MANAGEMENT FUND INC
- **DATE OF NAME CHANGE:** 19950103

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ASSET MANAGEMENT FUND FOR FINANCIAL INSTITUTIONS INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ASSET MANAGEMENT FUND FOR SAVINGS INSTITUTIONS INC
- **DATE OF NAME CHANGE:** 19900306

## Series and Classes Contracts Data

### AAMA Income Fund (Series ID: S000057998)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000189199 | AAMA Income Fund | AMFIX           |

## Nport-Ex

**Schedule of Portfolio Investments**

***AAMA Equity Fund***

***September 30, 2025 (Unaudited)***

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 66.3%** | **Shares** | **Fair Value** |
| AEROSPACE & DEFENSE - 2.0% |  |  |
| RTX Corporation | 46696 | $7813641 |
| BANKING - 3.0% |  |  |
| JPMorgan Chase & Company | 37400 | 11797082 |
| BEVERAGES - 0.9% |  |  |
| PepsiCo, Inc. | 26400 | 3707616 |
| BIOTECH & PHARMA - 3.3% |  |  |
| Amgen, Inc. | 15000 | 4233000 |
| Johnson & Johnson | 48000 | 8900160 |
|  |  | 13133160 |
| DIVERSIFIED INDUSTRIALS - 2.6% |  |  |
| Emerson Electric Company | 78400 | 10284512 |
| E-COMMERCE DISCRETIONARY - 2.7% |  |  |
| Amazon.com, Inc. <sup>(a)</sup> | 48400 | 10627188 |
| ELECTRIC UTILITIES - 2.7% |  |  |
| American Electric Power Company, Inc. | 23000 | 2587500 |
| Duke Energy Corporation | 19000 | 2351250 |
| Exelon Corporation | 30000 | 1350300 |
| Public Service Enterprise Group, Inc. | 25000 | 2086500 |
| Southern Company (The) | 25000 | 2369250 |
|  |  | 10744800 |
| HOUSEHOLD PRODUCTS - 1.1% |  |  |
| Procter & Gamble Company (The) | 29400 | 4517310 |
| INDUSTRIAL SUPPORT SERVICES - 2.4% |  |  |
| Grainger (W.W.), Inc. | 10100 | 9624896 |
| INTERNET MEDIA & SERVICES - 3.0% |  |  |
| Alphabet, Inc. - Class A | 48000 | 11668800 |
| METALS & MINING - 2.5% |  |  |
| Freeport-McMoRan, Inc. | 250000 | 9805000 |

---

**Schedule of Portfolio Investments (Continued)**

***AAMA Equity Fund***

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 66.3% (Continued)** | **Shares** | **Fair Value** |
| OIL & GAS PRODUCERS - 4.5% |  |  |
| Chevron Corporation | 46500 | $7220985 |
| Exxon Mobil Corporation | 92000 | 10373000 |
|  |  | 17593985 |
| RETAIL - CONSUMER STAPLES - 4.3% |  |  |
| Kroger Company (The) | 102500 | 6909525 |
| Walmart, Inc. | 96000 | 9893760 |
|  |  | 16803285 |
| RETAIL - DISCRETIONARY - 1.8% |  |  |
| Home Depot, Inc. (The) | 17000 | 6888230 |
| SEMICONDUCTORS - 6.6% |  |  |
| Applied Materials, Inc. | 56000 | 11465440 |
| QUALCOMM, Inc. | 50900 | 8467724 |
| Texas Instruments, Inc. | 31700 | 5824241 |
|  |  | 25757405 |
| SOFTWARE - 2.7% |  |  |
| Microsoft Corporation | 20500 | 10617975 |
| TECHNOLOGY HARDWARE - 8.2% |  |  |
| Apple, Inc. | 47200 | 12018536 |
| Cisco Systems, Inc. | 131600 | 9004072 |
| Corning, Inc. | 134800 | 11057644 |
|  |  | 32080252 |
| TECHNOLOGY SERVICES - 4.3% |  |  |
| Mastercard, Inc. - Class A | 11100 | 6313791 |
| Visa, Inc. - Class A | 31200 | 10651056 |
|  |  | 16964847 |
| TELECOMMUNICATIONS - 5.0% |  |  |
| AT&T, Inc. | 330000 | 9319200 |
| T-Mobile US, Inc. | 42815 | 10249055 |
|  |  | 19568255 |

---

**Schedule of Portfolio Investments (Continued)**

***AAMA Equity Fund***

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 66.3% (Continued)** | **Shares** | **Fair Value** |
| TRANSPORTATION & LOGISTICS - 2.7% |  |  |
| Norfolk Southern Corporation | 14200 | $4265822 |
| Union Pacific Corporation | 19800 | 4680126 |
| United Parcel Service, Inc. - Class B | 20000 | 1670600 |
|  |  | 10616548 |
| **TOTAL COMMON STOCKS** (Cost $106,925,074) |  | $260614787 |

---

---

| | | |
|:---|:---|:---|
| **EXCHANGE-TRADED FUNDS - 23.0%** | **Shares** | **Fair Value** |
| iShares Core S&P 500 ETF | 57000 | $38150100 |
| Vanguard S&P 500 ETF | 85600 | 52419728 |
| **TOTAL EXCHANGE-TRADED FUNDS** (Cost $32,862,627) |  | $90569828 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. TREASURY OBLIGATIONS - 7.6%** | **Coupon** | **Maturity** | **Principal Amount** | **Fair Value** |
| **U.S. TREASURY BILLS - 7.6% <sup>(b)</sup>** |  |  |  |  |
| U.S. Treasury Bills | 4.318% | 10/09/25 | $15000000 | $14986462 |
| U.S. Treasury Bills | 3.935% | 12/11/25 | 15000000 | 14886104 |
| **TOTAL U.S. TREASURY OBLIGATIONS** (Cost $29,872,108) | **TOTAL U.S. TREASURY OBLIGATIONS** (Cost $29,872,108) |  |  | $29872566 |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS - 3.1%** | **Shares** | **Fair Value** |
| First American U.S. Treasury Money Market Fund - Class Z, 3.96% <sup>(c)</sup> (Cost $12,329,272) | 12329272 | $12329272 |
| **TOTAL INVESTMENTS** (Cost $181,989,081) - **100.0%** |  | $393386453 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.0%) <sup>(d)</sup>** |  | (177564) |
| **NET ASSETS - 100.0%** |  | $393208889 |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Rate shown is the annualized yield at time of purchase, not a coupon rate.

<sup>(c)</sup> The rate shown is the 7-day effective yield as of September 30, 2025.

<sup>(d)</sup> Percentage rounds to less than 0.1%.

**Schedule of Portfolio Investments**

***AAMA Income Fund***

***September 30, 2025 (Unaudited)***

---

| | | | | |
|:---|:---|:---|:---|:---|
| **MUNICIPAL BONDS - 1.0%** | **Coupon** | **Maturity** | **Principal Amount** | **Fair Value** |
| City of Powell, Ohio, Various Purpose Ltd., GO Bond, Series 2021 (Cost $1,335,255) | 2.000% | 12/01/26 | $1320000 | $1294697 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. GOVERNMENT AGENCIES - 17.3%** | **Coupon** | **Maturity** | **Principal Amount** | **Fair Value** |
| **FEDERAL HOME LOAN BANK - 3.8%** |  |  |  |  |
| Federal Home Loan Bank | 1.650% | 11/24/28 | $5000000 | $4694772 |
| **FEDERAL NATIONAL MORTGAGE ASSOCIATION - 13.5%** | **FEDERAL NATIONAL MORTGAGE ASSOCIATION - 13.5%** |  |  |  |
| Federal National Mortgage Association | 2.125% | 04/24/26 | 11454000 | 11344711 |
| Federal National Mortgage Association | 0.750% | 10/08/27 | 5957000 | 5629353 |
|  |  |  |  | 16974064 |
| **TOTAL U.S. GOVERNMENT AGENCIES** (Cost $22,356,089) | **TOTAL U.S. GOVERNMENT AGENCIES** (Cost $22,356,089) |  |  | $21668836 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. TREASURY OBLIGATIONS - 60.6%** | **Coupon** | **Maturity** | **Principal Amount** | **Fair Value** |
| **U.S. TREASURY BILLS - 17.5% <sup>(a)</sup>** |  |  |  |  |
| U.S. Treasury Bills | 4.209% | 11/20/25 | $15000000 | $14917292 |
| U.S. Treasury Bills | 4.256% | 12/11/25 | 7000000 | 6946848 |
|  |  |  |  | 21864140 |
| **U.S. TREASURY NOTES - 43.1%** |  |  |  |  |
| U.S. Treasury Notes | 4.625% | 11/15/26 | 15000000 | 15145898 |
| U.S. Treasury Notes | 0.500% | 04/30/27 | 10000000 | 9520703 |
| U.S. Treasury Notes | 1.125% | 02/29/28 | 10000000 | 9429688 |
| U.S. Treasury Notes | 3.250% | 06/30/29 | 5000000 | 4925195 |
| U.S. Treasury Notes | 3.875% | 09/30/29 | 5000000 | 5034180 |
| U.S. Treasury Notes | 3.750% | 05/31/30 | 5000000 | 5003516 |
| U.S. Treasury Notes | 3.875% | 06/30/30 | 5000000 | 5030664 |
|  |  |  |  | 54089844 |
| **TOTAL U.S. TREASURY OBLIGATIONS** (Cost $76,708,558) | **TOTAL U.S. TREASURY OBLIGATIONS** (Cost $76,708,558) |  |  | $75953984 |

---

**Schedule of Portfolio Investments (Continued)**

***AAMA Income Fund***

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS - 20.6%** | **Shares** | **Fair Value** |
| First American U.S. Treasury Money Market Fund - Class Z, 3.96% <sup>(b)</sup> (Cost $25,895,397) | 25895397 | $25895397 |
| **TOTAL INVESTMENTS** (Cost $126,295,299) - **99.5%** |  | $124812914 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.5%** |  | 615556 |
| **NET ASSETS - 100.0%** |  | $125428470 |

---

<sup>(a)</sup> Rate shown is the annualized yield at time of purchase, not a coupon rate. <br> <sup>(b)</sup> The rate shown is the 7-day effective yield as of September 30, 2025.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Asset Management Fund

- **b. Investment Company Act file number:** 811-03541

- **c. CIK number of Registrant:** 0000705318

- **d. LEI of Registrant:** 549300TGEECM004R2F59

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

  - **Street Address 1:** 690 TAYLOR ROAD

  - **City:** GAHANNA

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 43230

  - **Telephone number:** 614 416 8833

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

- **a. Name of Series:** AAMA INCOME FUND

- **b. EDGAR series identifier (if any):** S000057998

- **c. LEI of Series:** 549300TGEECM004R2F59

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

- **a. Date of fiscal year-end:** 2026-06-30

- **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:** $125538656.70

**Total Liabilities:** $110186.48

**Net Assets:** $125428470.22

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 365.71678452 | **1-Year:** 1886.93733605 | **5-Year:** 1049.40062376 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

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

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

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000189199 | 0.03%                | 0.69%                | 0.23%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-176139.28                                |
| Month 2  | $0.00                    | $615190.52                                 |
| Month 3  | $0.00                    | $64292.62                                  |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Federal National Mortgage Association | Fannie Mae .75% Due 10/08/2027                               | CUSIP: 3135G05Y5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGSE             | US        |   5957000 | PA      | $5629353.32   | 4.49%             | 2027-10-08      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes          | U.S. Treasury Notes 4.625%, Due 11/15/2026                   | CUSIP: 91282CJK8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  15000000 | PA      | $15145898.40  | 12.08%            | 2026-11-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes          | U.S. Treasury Notes 3.25%, Due 02/15/2030                    | CUSIP: 91282CEV9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $4925195.30   | 3.93%             | 2029-06-30      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Banks               | FHLB 2.36% DUE 5/23/2022                                     | CUSIP: 3130APTF2<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |   5000000 | PA      | $4694772.10   | 3.74%             | 2028-11-24      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bills          | U.S. Treasury Bill 0.000%, Due 11/20/2025                    | CUSIP: 912797QR1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  15000000 | PA      | $14917291.65  | 11.89%            | 2025-11-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bills          | U.S. Treasury Bill 0.000%, Due 12/11/2025                    | CUSIP: 912797QY6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7000000 | PA      | $6946848.58   | 5.54%             | 2025-12-11      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes          | U.S. Treasury Notes 3.875%, Due 09/30/2029                   | CUSIP: 91282CFL0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $5034179.70   | 4.01%             | 2029-09-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes          | U.S. Treasury Notes 3.875%, Due 06/30/2030                   | CUSIP: 91282CNK3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $5030664.05   | 4.01%             | 2030-06-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes          | U.S. Treasury Notes 1.1250%, Due 02/29/2028                  | CUSIP: 91282CBP5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10000000 | PA      | $9429687.50   | 7.52%             | 2028-02-29      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| First American Funds Inc.             | First American U.S. Treasury Money Market Fund Class Z       | CUSIP: 31846V450<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |  25895397 | PA      | $25895397.07  | 20.65%            |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Notes          | U.S. Treasury Notes 3.75%, Due 05/31/2030                    | CUSIP: 91282CHF1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $5003515.60   | 3.99%             | 2030-05-31      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes          | U.S. Treasury Notes 0.50%, DUE 04/30/2027                    | CUSIP: 912828ZN3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10000000 | PA      | $9520703.10   | 7.59%             | 2027-04-30      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| POWELL OHIO                           | CITY OF POWELL, OHIO, VARIOUS PURPOSE, GO,                   | CUSIP: 739133GX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1320000 | PA      | $1294696.79   | 1.03%             | 2026-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association | Federal National Mortgage Association 2.125%, Due 04/24/2026 | CUSIP: 3135G0K36<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGSE             | US        |  11454000 | PA      | $11344711.20  | 9.04%             | 2026-04-24      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-28

**Name of Applicant:** Susan McLauchlan

**Signature:** Susan McLauchlan

**Name of Signer:** Susan McLauchlan

**Title:** VP Fund Accounting