# EDGAR Filing Document

**Accession Number:** 0001089951
**File Stem:** 0000940400-25-011531
**Filing Date:** 2025-11
**Character Count:** 43155
**Document Hash:** a446388a1ee2d989cac81ae8e83691e7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-011531.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0000940400-25-011531

**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:** 251534551

**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 Focused Fund (Series ID: S000037565)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000115978 | Class N      | YAFFX           |
| C000115979 | Class I      | YAFIX           |

## Nport-Ex

AMG Yacktman Focused Fund

Schedule of Portfolio Investments *(unaudited)*

September 30, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | &nbsp;&nbsp;Value |
| **Common Stocks - 69.9%** |  |  |
| &nbsp;&nbsp;&nbsp;**Communication Services - 17.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;$36532500 |
| &nbsp;&nbsp;&nbsp;Bolloré SE (France) | 41000000 | &nbsp;&nbsp;&nbsp;232516520 |
| &nbsp;&nbsp;&nbsp;Fox Corp., Class B | &nbsp;&nbsp;&nbsp;1450000 | &nbsp;&nbsp;&nbsp;&nbsp;83070500 |
| &nbsp;&nbsp;&nbsp;News Corp., Class A | &nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;38387500 |
| &nbsp;&nbsp;&nbsp;The Walt Disney Co. | &nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;27480000 |
| &nbsp;&nbsp;&nbsp;Warner Bros Discovery, Inc.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;1899500 | &nbsp;&nbsp;&nbsp;&nbsp;37097235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Communication Services |  | &nbsp;&nbsp;455084255 |
| &nbsp;&nbsp;&nbsp;**Consumer Discretionary - 5.3%** |  |  |
| &nbsp;&nbsp;&nbsp;eBay, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;24556500 |
| &nbsp;&nbsp;&nbsp;Hyundai Home Shopping Network Corp. (South Korea) | &nbsp;&nbsp;&nbsp;&nbsp;439418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17143837 |
| &nbsp;&nbsp;&nbsp;Hyundai Mobis Co., Ltd. (South Korea) | &nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;95739695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Consumer Discretionary |  | &nbsp;&nbsp;&nbsp;137440032 |
| &nbsp;&nbsp;&nbsp;**Consumer Staples - 11.6%** |  |  |
| &nbsp;&nbsp;&nbsp;The Coca-Cola Co. | &nbsp;&nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;&nbsp;25201600 |
| &nbsp;&nbsp;&nbsp;Ingredion, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;36633000 |
| &nbsp;&nbsp;&nbsp;Kenvue, Inc. | &nbsp;&nbsp;&nbsp;1850000 | &nbsp;&nbsp;&nbsp;&nbsp;30025500 |
| &nbsp;&nbsp;&nbsp;KT&G Corp. (South Korea) | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57154911 |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;460000 | &nbsp;&nbsp;&nbsp;&nbsp;64602400 |
| &nbsp;&nbsp;&nbsp;The Procter & Gamble Co. | &nbsp;&nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;&nbsp;58387000 |
| &nbsp;&nbsp;&nbsp;Tyson Foods, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;590000 | &nbsp;&nbsp;&nbsp;&nbsp;32037000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Consumer Staples |  | &nbsp;&nbsp;&nbsp;&nbsp;304041411 |
| &nbsp;&nbsp;&nbsp;**Energy - 10.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Canadian Natural Resources, Ltd. (Canada)<sup>1</sup> | &nbsp;&nbsp;6800000 | &nbsp;&nbsp;&nbsp;&nbsp;217328000 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;21755700 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;21465000 |
| &nbsp;&nbsp;&nbsp;EOG Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;19060400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Energy |  | &nbsp;&nbsp;&nbsp;279609100 |
| &nbsp;&nbsp;&nbsp;**Financials - 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;The Charles Schwab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;840000 | &nbsp;&nbsp;&nbsp;&nbsp;80194800 |
| &nbsp;&nbsp;&nbsp;**Health Care - 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;51917600 |
| &nbsp;&nbsp;&nbsp;**Industrials - 11.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Brenntag SE (Germany) | &nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;32957439 |
| &nbsp;&nbsp;&nbsp;Cie de L'Odet SE (France) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12846 | &nbsp;&nbsp;&nbsp;&nbsp;20606071 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;22905750 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;22464450 |
| &nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;21326200 |
| &nbsp;&nbsp;&nbsp;Samsung C&T Corp. (South Korea) | &nbsp;&nbsp;&nbsp;&nbsp;440000 | &nbsp;&nbsp;&nbsp;&nbsp;57942338 |
| &nbsp;&nbsp;&nbsp;U-Haul Holding Co., Non-Voting Shares | &nbsp;&nbsp;&nbsp;1640000 | &nbsp;&nbsp;&nbsp;&nbsp;83476000 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | &nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;Yuasa Trading Co., Ltd. (Japan) | &nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;$27370695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Industrials |  | &nbsp;&nbsp;289048943 |
| &nbsp;&nbsp;&nbsp;**Information Technology - 6.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;40242000 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;119128500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Information Technology |  | &nbsp;&nbsp;&nbsp;159370500 |
| &nbsp;&nbsp;&nbsp;**Materials - 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Nihon Parkerizing Co., Ltd. (Japan) | 1868100 | &nbsp;&nbsp;&nbsp;&nbsp;17275656 |
| &nbsp;&nbsp;&nbsp;Olin Corp. | &nbsp;&nbsp;995000 | &nbsp;&nbsp;&nbsp;&nbsp;24865050 |
| &nbsp;&nbsp;&nbsp;Reliance, Inc. | &nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp;&nbsp;26678850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Materials |  | &nbsp;&nbsp;&nbsp;&nbsp;68819556 |
| **Total Common Stocks<br> (Cost $1,157,826,958)** |  | &nbsp;&nbsp;1825526197 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount |  |
| **Corporate Bonds and Notes - 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;**Industrials - 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;GrafTech Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625%, 12/23/29<sup>2</sup> | $17800000 | &nbsp;&nbsp;&nbsp;12465635 |
| &nbsp;&nbsp;&nbsp;GrafTech Global Enterprises, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.875%, 12/23/29<sup>2</sup> | &nbsp;&nbsp;15200000 | &nbsp;&nbsp;&nbsp;12958000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Industrials |  | &nbsp;&nbsp;25423635 |
| **Total Corporate Bonds and Notes<br> (Cost $29,887,842)** |  | &nbsp;&nbsp;&nbsp;25423635 |

---

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| **Preferred Stocks - 21.1%** |  |  |
| &nbsp;&nbsp;&nbsp;**Consumer Discretionary - 4.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Hyundai Motor Co., 6.87% (South Korea) | &nbsp;&nbsp;&nbsp;428620 | &nbsp;&nbsp;&nbsp;50895650 |
| &nbsp;&nbsp;&nbsp;Hyundai Motor Co., 6.91% (South Korea) | &nbsp;&nbsp;&nbsp;640000 | &nbsp;&nbsp;&nbsp;&nbsp;74414569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Consumer Discretionary |  | &nbsp;&nbsp;&nbsp;&nbsp;125310219 |
| &nbsp;&nbsp;&nbsp;**Consumer Staples - 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Amorepacific Corp., 2.83% (South Korea) | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;7339954 |
| &nbsp;&nbsp;&nbsp;LG H&H Co., Ltd., 3.94% (South Korea) | &nbsp;&nbsp;&nbsp;&nbsp;118000 | &nbsp;&nbsp;&nbsp;&nbsp;9672469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Consumer Staples |  | &nbsp;&nbsp;&nbsp;&nbsp;17012423 |
| &nbsp;&nbsp;&nbsp;**Information Technology - 15.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Co., Ltd., 1.87% (South Korea) | 8600000 | &nbsp;&nbsp;&nbsp;408164724 |
| **Total Preferred Stocks<br> (Cost $321,008,959)** |  | &nbsp;&nbsp;550487366 |

---

------

AMG Yacktman Focused Fund

Schedule of Portfolio Investments *(continued)*

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;Value |
| **Short-Term Investments - 8.1%** |  |  |
| &nbsp;&nbsp;&nbsp;**Joint Repurchase Agreements - 0.0%<sup>#,3</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;HSBC Securities USA, Inc., dated 09/30/25, due 10/01/25, 4.210% total to be received $13,578 (collateralized by various U.S. Treasuries, 0.000% - 4.000%, 07/15/26 - 08/15/54, totaling $13,848) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13576 |
| &nbsp;&nbsp;&nbsp;JPMorgan Securities LLC, dated 09/30/25, due 10/01/25, 4.200% total to be received $25,575 (collateralized by various U.S. Treasuries, 4.125% - 4.500%, 12/31/31 - 05/31/32, totaling $26,083) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25572 |
| &nbsp;&nbsp;&nbsp;Natwest Markets Securities, Inc., dated 09/30/25, due 10/01/25, 4.190% total to be received $35,359 (collateralized by various U.S. Treasuries, 0.000% - 6.625%, 11/18/25 - 08/15/55, totaling $36,062) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35355 |
| &nbsp;&nbsp;&nbsp;RBC Dominion Securities, Inc., dated 09/30/25, due 10/01/25, 4.190% total to be received $11,381 (collateralized by various U.S. Treasuries, 0.000% - 4.750%, 10/23/25 - 08/15/55, totaling $11,608) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Joint Repurchase Agreements |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85883 |
| &nbsp;&nbsp;&nbsp;**U.S. Government Obligations - 4.4%** |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bills, 3.940%, 10/02/25<sup>4</sup> | 35000000 | &nbsp;&nbsp;34996090 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bills, 4.010%, 03/19/26<sup>4</sup> | $26000000 | &nbsp;&nbsp;$25544489 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bills, 4.040%, 06/11/26<sup>4</sup> | &nbsp;&nbsp;&nbsp;26000000 | &nbsp;&nbsp;&nbsp;&nbsp;25347164 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bills, 4.160%, 01/22/26<sup>4</sup> | &nbsp;&nbsp;&nbsp;29000000 | &nbsp;&nbsp;&nbsp;&nbsp;28654170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total U.S. Government Obligations** |  | &nbsp;&nbsp;&nbsp;&nbsp;114541913 |
| &nbsp;&nbsp;&nbsp;**Repurchase Agreements - 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Fixed Income Clearing Corp., dated 09/30/25, due 10/01/25, 3.850% total to be received $49,243,266 (collateralized by a U.S. Treasury Note, 4.375%, 01/31/32, totaling $50,222,763) | &nbsp;&nbsp;&nbsp;49238000 | &nbsp;&nbsp;&nbsp;&nbsp;49238000 |

---

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| &nbsp;&nbsp;&nbsp;**Other Investment Companies - 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;JPMorgan U.S. Government Money Market Fund, IM Shares, 4.05%<sup>5</sup> | 47357010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47357010 |
| **Total Short-Term Investments<br> (Cost $211,134,434)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211222806 |
| **Total Investments - 100.1%<br> (Cost $1,719,858,193)** |  | &nbsp;&nbsp;&nbsp;&nbsp; 2612660004 |
| **Derivatives - (0.3)%<sup>6</sup>** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7656170) |
| **Other Assets, less Liabilities - 0.2%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5868382 |
| **Net Assets - 100.0%** |  | &nbsp;&nbsp;**$2610872216** |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;<sup>\*</sup> | Non-income producing security. |
| &nbsp;&nbsp;<sup>#</sup> | Less than 0.05%. |
| &nbsp;&nbsp;<sup>1</sup> | Some of this security, amounting to $76,735,960 or 2.9% of net assets, was out on loan to various borrowers and is 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. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2025, the value of these securities amounted to $25,423,635 or 1.0% 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.

<sup>6</sup> Includes Exchange Traded Written Options. Please refer to the Open Exchange Traded Written Options table for the details.

#### Open Exchange Traded Written Options

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | &nbsp;&nbsp;&nbsp;&nbsp;**Strike Price** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Premium** | &nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| Warner Bros Discovery, Inc. (Call) | &nbsp;&nbsp;&nbsp;&nbsp;$12.00 | &nbsp;&nbsp;&nbsp;&nbsp;12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;9995 | &nbsp;&nbsp;&nbsp;&nbsp;$19520235 | &nbsp;&nbsp;&nbsp;&nbsp;$1154423 | &nbsp;&nbsp;&nbsp;&nbsp;$(7656170) |

---

------

AMG Yacktman Focused 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; $222567735 | &nbsp;&nbsp;&nbsp;&nbsp; $232516520 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; $455084255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp; 246886500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57154911 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 304041411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp; 150172400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138876543 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 289048943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp; 279609100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 279609100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp; 159370500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 159370500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp; 24556500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112883532 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137440032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp; 80194800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80194800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51543900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17275656 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68819556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51917600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51917600 |
| &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; 25423635 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25423635 |
| &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; 550487366 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 550487366 |
| &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;&nbsp;&nbsp;&nbsp; 85883 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85883 |
| &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;&nbsp;&nbsp; 114541913 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114541913 |
| &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;&nbsp; 49238000 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49238000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47357010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47357010 |
| &nbsp;&nbsp;**Total Investments in Securities** | &nbsp;&nbsp;$1314176045 | &nbsp;&nbsp;$1298483959 | &nbsp;&nbsp;— | &nbsp;&nbsp;$2612660004 |
| &nbsp;&nbsp;&nbsp;**Financial Derivative Instruments - Liabilities** | &nbsp;&nbsp;&nbsp;**Financial Derivative Instruments - Liabilities** | &nbsp;&nbsp;&nbsp;**Financial Derivative Instruments - Liabilities** | &nbsp;&nbsp;&nbsp;**Financial Derivative Instruments - Liabilities** | &nbsp;&nbsp;&nbsp;**Financial Derivative Instruments - Liabilities** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity Written Options | &nbsp;&nbsp;&nbsp;&nbsp; $(7656170) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(7656170) |
| &nbsp;&nbsp;**Total Financial Derivative Instruments** | &nbsp;&nbsp;&nbsp;&nbsp;$(7656170) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(7656170) |

---

---

| | |
|:---|:---|
| &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;9.0 |
| France | &nbsp;&nbsp;&nbsp;&nbsp;10.5 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| South Korea | &nbsp;&nbsp;&nbsp;&nbsp;32.4 |
| United States | &nbsp;&nbsp;&nbsp;44.8 |
|  | &nbsp;&nbsp;100.0 |

---

------

AMG Yacktman Focused 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** |
| $76735960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $85883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $79202716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $79288599 |

---

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%-4.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/15/25-11/15/54 |

---

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 Focused Fund

- **b. EDGAR series identifier (if any):** S000037565

- **c. LEI of Series:** 549300CQ470A18W1Q189

**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:** $2622800503.71

**Total Liabilities:** $10701918.19

**Net Assets:** $2612098585.52

**Cash Not Reported:** $821430.88

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000115978 | 1.44%                | 1.33%                | 2.13%                |
| Class ID C000115979 | 1.45%                | 1.38%                | 2.09%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $15933938.30             | $23962662.50                               |
| Month 2  | $18987404.10             | $12253056.59                               |
| Month 3  | $7737265.34              | $46901516.86                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| TREASURY BILL                            | United States Treasury Bill              | CUSIP: 912797QX8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  26000000 | PA      | $25347163.92  | 0.97%             | 2026-06-11      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Ingredion Inc                            | Ingredion Inc                            | CUSIP: 457187102<br>LEI: PKSTQ48QDN0XSVS7YK88 | Long             | EC               | CORP              | US        |    300000 | NS      | $36633000.00  | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Hyundai Mobis Co Ltd                     | Hyundai Mobis Co Ltd                     | CUSIP: 000000000<br>LEI: 988400HJA9E0ZVDHRS65 | Long             | EC               | CORP              | KR        |    450000 | NS      | $95739694.98  | 3.67%             |  |  |  | No            |                  2 | On Loan: No      |
| Amorepacific Corp                        | Amorepacific Corp                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | KR        |    250000 | NS      | $7339953.99   | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung C&T Corp                         | Samsung C&T Corp                         | CUSIP: 000000000<br>LEI: 988400GFRE4IDFPE9E64 | Long             | EC               | CORP              | KR        |    440000 | NS      | $57942337.73  | 2.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Kenvue Inc                               | Kenvue Inc                               | CUSIP: 49177J102<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | EC               | CORP              | US        |   1850000 | NS      | $30025500.00  | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Olin Corp                                | Olin Corp                                | CUSIP: 680665205<br>LEI: 549300GKK294V7W57P06 | Long             | EC               | CORP              | US        |    995000 | NS      | $24865050.00  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Cognizant Technology Solutions           | Cognizant Technology Solutions Corp      | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |    600000 | NS      | $40242000.00  | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                            | United States Treasury Bill              | CUSIP: 912797PD3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  29000000 | PA      | $28654170.36  | 1.10%             | 2026-01-22      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Canadian Natural Resources Ltd           | Canadian Natural Resources Ltd           | CUSIP: 136385101<br>LEI: 549300T15RIMIKZC5Q38 | Long             | EC               | CORP              | CA        |   6800000 | NS      | $217328000.00 | 8.32%             |  |  |  | No            |                  1 | On Loan: —       |
| ConocoPhillips                           | ConocoPhillips                           | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |    230000 | NS      | $21755700.00  | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Fox Corp                                 | Fox Corp                                 | CUSIP: 35137L204<br>LEI: 549300DDU6FDRBIELS05 | Long             | EC               | CORP              | US        |   1450000 | NS      | $83070500.00  | 3.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyson Foods Inc                          | Tyson Foods Inc                          | CUSIP: 902494103<br>LEI: WD6L6041MNRW1JE49D58 | Long             | EC               | CORP              | US        |    590000 | NS      | $32037000.00  | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                        | Johnson & Johnson                        | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |    280000 | NS      | $51917600.00  | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.          | WARNER BROS DISCOVERY INC                | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DE               | CORP              | US        |     -9995 | NC      | $-7656170.00  | -0.29%            |  |  |  | No            |                  1 | On Loan: No      |
| NATWEST MARKETS SECURITIES INC.          | NATWEST MARKETS SECURITIES INC           | CUSIP: 000000000<br>LEI: ZE2ZWJ5BTIQJ8M0C6K34 | Long             | RA               | CORP              | US        |     35355 | PA      | $35355.00     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| KT&G Corp                                | KT&G Corp                                | CUSIP: 000000000<br>LEI: 988400ZJV6ISYBLQX875 | Long             | EC               | CORP              | KR        |    600000 | NS      | $57154911.28  | 2.19%             |  |  |  | No            |                  2 | On Loan: No      |
| GRAFTECH FINANCE INC                     | GrafTech Finance Inc                     | CUSIP: 384311AC0<br>LEI: 1Z010BU876CF2HDBIN43 | Long             | DBT              | CORP              | US        |  17800000 | PA      | $12465634.95  | 0.48%             | 2029-12-23      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd               | Samsung Electronics Co Ltd               | CUSIP: 000000000<br>LEI: 9884007ER46L6N7EI764 | Long             | EP               | CORP              | KR        |   8600000 | NS      | $408164723.75 | 15.63%            |  |  |  | No            |                  2 | On Loan: No      |
| FIXED INCOME CLEARING CORPORATION        | FIXED INCOME CLEARING CORPORATION        | CUSIP: 000000000<br>LEI: 549300H47WTHXPU08X20 | Long             | RA               | CORP              | US        |  49238000 | PA      | $49238000.00  | 1.88%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC SECURITIES (USA) INC.               | HSBC SECURITIES (USA) INC                | CUSIP: 000000000<br>LEI: CYYGQCGNHMHPSMRL3R97 | Long             | RA               | CORP              | US        |     13576 | PA      | $13576.00     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Walt Disney Co/The                       | Walt Disney Co/The                       | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |    240000 | NS      | $27480000.00  | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan US Government Money Market Fund | JPMorgan US Government Money Market Fund | CUSIP: 4812C2270<br>LEI: 549300NQ5E5B7ZV4T516 | Long             | STIV             | RF                | US        |  47210780 | NS      | $47210780.48  | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| eBay Inc                                 | eBay Inc                                 | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Long             | EC               | CORP              | US        |    270000 | NS      | $24556500.00  | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                            | United States Treasury Bill              | CUSIP: 912797PV3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  26000000 | PA      | $25544488.58  | 0.98%             | 2026-03-19      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| L3Harris Technologies Inc                | L3Harris Technologies Inc                | CUSIP: 502431109<br>LEI: 549300UTE50ZMDBG8A20 | Long             | EC               | CORP              | US        |     75000 | NS      | $22905750.00  | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                             | Alphabet Inc                             | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    150000 | NS      | $36532500.00  | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| PepsiCo Inc                              | PepsiCo Inc                              | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |    460000 | NS      | $64602400.00  | 2.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Brenntag SE                              | Brenntag SE                              | CUSIP: 000000000<br>LEI: NNROIXVWJ7CPSR27SV97 | Long             | EC               | CORP              | DE        |    550000 | NS      | $32957438.91  | 1.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Bollore SE                               | Bollore SE                               | CUSIP: 000000000<br>LEI: 969500LEKCHH6VV86P94 | Long             | EC               | CORP              | FR        |  41000000 | NS      | $232516520.33 | 8.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Nihon Parkerizing Co Ltd                 | Nihon Parkerizing Co Ltd                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |   1868100 | NS      | $17275655.74  | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| Procter & Gamble Co/The                  | Procter & Gamble Co/The                  | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |    380000 | NS      | $58387000.00  | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Hyundai Home Shopping Network            | Hyundai Home Shopping Network Corp       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |    439418 | NS      | $17143837.02  | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| News Corp                                | News Corp                                | CUSIP: 65249B109<br>LEI: 549300ITS31QK8VRBQ14 | Long             | EC               | CORP              | US        |   1250000 | NS      | $38387500.00  | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles Schwab Corp/The                  | Charles Schwab Corp/The                  | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |    840000 | NS      | $80194800.00  | 3.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Yuasa Trading Co Ltd                     | Yuasa Trading Co Ltd                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    800000 | NS      | $27370694.89  | 1.05%             |  |  |  | No            |                  2 | On Loan: No      |
| EOG Resources Inc                        | EOG Resources Inc                        | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |    170000 | NS      | $19060400.00  | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Warner Bros Discovery Inc                | Warner Bros Discovery Inc                | CUSIP: 934423104<br>LEI: 5493006ZCRFWKF6B1K26 | Long             | EC               | CORP              | US        |   1899500 | NS      | $37097235.00  | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC               | JP MORGAN SECURITIES LLC                 | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | Long             | RA               | CORP              | US        |     25572 | PA      | $25572.00     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Diamondback Energy Inc                   | Diamondback Energy Inc                   | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |    150000 | NS      | $21465000.00  | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co/The                         | Coca-Cola Co/The                         | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |    380000 | NS      | $25201600.00  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Northrop Grumman Corp                    | Northrop Grumman Corp                    | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               | CORP              | US        |     35000 | NS      | $21326200.00  | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                            | United States Treasury Bill              | CUSIP: 912797MS3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  35000000 | PA      | $34996090.50  | 1.34%             | 2025-10-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| RBC DOMINION SECURITIES INC.             | RBC DOMINION SECURITIES INC              | CUSIP: 000000000<br>LEI: 549300QJJX6CVVUXLE15 | Long             | RA               | CORP              | US        |     11380 | PA      | $11380.00     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LG H&H Co Ltd                            | LG H&H Co Ltd                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | KR        |    118000 | NS      | $9672469.29   | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Reliance Inc                             | Reliance Inc                             | CUSIP: 759509102<br>LEI: 549300E287ZOFT3C5Z56 | Long             | EC               | CORP              | US        |     95000 | NS      | $26678850.00  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Hyundai Motor Co                         | Hyundai Motor Co                         | CUSIP: 000000000<br>LEI: 9884004RQX8PRBXQ8S60 | Long             | EP               | CORP              | KR        |    640000 | NS      | $74414569.07  | 2.85%             |  |  |  | No            |                  2 | On Loan: No      |
| GRAFTECH GLOBAL ENTERPRI                 | GrafTech Global Enterprises Inc          | CUSIP: 38431AAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  15200000 | PA      | $12958000.00  | 0.50%             | 2029-12-23      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| Hyundai Motor Co                         | Hyundai Motor Co                         | CUSIP: 000000000<br>LEI: 9884004RQX8PRBXQ8S60 | Long             | EP               | CORP              | KR        |    428620 | NS      | $50895649.50  | 1.95%             |  |  |  | No            |                  2 | On Loan: No      |
| Microsoft Corp                           | Microsoft Corp                           | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |    230000 | NS      | $119128500.00 | 4.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corp                     | Lockheed Martin Corp                     | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |     45000 | NS      | $22464450.00  | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Cie de L'Odet SE                         | Cie de L'Odet SE                         | CUSIP: 000000000<br>LEI: 9695005PEG4IL375U849 | Long             | EC               | CORP              | FR        |     12846 | NS      | $20606071.16  | 0.79%             |  |  |  | No            |                  2 | On Loan: No      |
| U-Haul Holding Co                        | U-Haul Holding Co                        | CUSIP: 023586506<br>LEI: 5493003WIDMLDHYC6Y24 | Long             | EC               | CORP              | US        |   1640000 | NS      | $83476000.00  | 3.20%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** AMG Funds

**Signature:** Thomas Disbrow

**Name of Signer:** Thomas Disbrow

**Title:** Principal Financial Officer