# EDGAR Filing Document

**Accession Number:** 0000720309
**File Stem:** 0000940400-25-011542
**Filing Date:** 2025-11
**Character Count:** 36613
**Document Hash:** 753ff264258cd104756f3efa294a434d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-011542.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0000940400-25-011542

**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 III
- **CENTRAL INDEX KEY:** 0000720309

**ORGANIZATION NAME:**
- **EIN:** 222528211
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03752
- **FILM NUMBER:** 251534562

**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 FUNDS
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MANAGEMENT OF MANAGERS GROUP OF FUNDS
- **DATE OF NAME CHANGE:** 19910429

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MANAGEMENT OF MANAGERS CAPITAL APPRECIATION FUND
- **DATE OF NAME CHANGE:** 19881214

## Series and Classes Contracts Data

### AMG Veritas Asia Pacific Fund (Series ID: S000009865)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000027305 | Class N      | MGSEX           |
| C000027306 | Class I      | MSEIX           |

## Nport-Ex

AMG Veritas Asia Pacific Fund

Schedule of Portfolio Investments *(unaudited)*

September 30, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | &nbsp;&nbsp;Value |
| **Common Stocks - 99.6%** |  |  |
| &nbsp;&nbsp;&nbsp;**Communication Services - 11.8%** |  |  |
| &nbsp;&nbsp;&nbsp;HYBE Co., Ltd. (South Korea) | &nbsp;&nbsp;&nbsp;&nbsp;2216 | &nbsp;&nbsp;&nbsp;$420902 |
| &nbsp;&nbsp;&nbsp;NetEase, Inc. (China) | &nbsp;&nbsp;&nbsp;62000 | &nbsp;&nbsp;&nbsp;1883086 |
| &nbsp;&nbsp;&nbsp;NetEase, Inc., ADR (China) | &nbsp;&nbsp;&nbsp;10506 | &nbsp;&nbsp;&nbsp;1596807 |
| &nbsp;&nbsp;&nbsp;REA Group, Ltd. (Australia) | &nbsp;&nbsp;&nbsp;&nbsp;5830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891513 |
| &nbsp;&nbsp;&nbsp;Tencent Holdings, Ltd. (China) | &nbsp;&nbsp;&nbsp;83939 | &nbsp;&nbsp;&nbsp;7152409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Communication Services |  | &nbsp;&nbsp;&nbsp;11944717 |
| &nbsp;&nbsp;&nbsp;**Consumer Discretionary - 11.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding, Ltd. (China) | 239650 | &nbsp;&nbsp;&nbsp;5359561 |
| &nbsp;&nbsp;&nbsp;Aristocrat Leisure, Ltd. (Australia) | &nbsp;&nbsp;&nbsp;&nbsp;21439 | &nbsp;&nbsp;&nbsp;&nbsp;992486 |
| &nbsp;&nbsp;&nbsp;BYD Co., Ltd., Class H (China) | &nbsp;&nbsp;&nbsp;33900 | &nbsp;&nbsp;&nbsp;&nbsp;479166 |
| &nbsp;&nbsp;&nbsp;Eternal, Ltd. (India)<sup>\*</sup> | 684043 | &nbsp;&nbsp;&nbsp;&nbsp;2511215 |
| &nbsp;&nbsp;&nbsp;Meituan, Class B (China)<sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;40300 | &nbsp;&nbsp;&nbsp;&nbsp;538358 |
| &nbsp;&nbsp;&nbsp;Pop Mart International Group, Ltd. (China)<sup>1</sup> | &nbsp;&nbsp;&nbsp;38900 | &nbsp;&nbsp;&nbsp;1332396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Consumer Discretionary |  | &nbsp;&nbsp;&nbsp;11213182 |
| &nbsp;&nbsp;&nbsp;**Consumer Staples - 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Eastroc Beverage Group Co., Ltd., Class A (China) | &nbsp;&nbsp;&nbsp;20900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;893112 |
| &nbsp;&nbsp;&nbsp;**Financials - 8.5%** |  |  |
| &nbsp;&nbsp;&nbsp;DBS Group Holdings, Ltd. (Singapore) | &nbsp;&nbsp;&nbsp;31000 | &nbsp;&nbsp;&nbsp;1229392 |
| &nbsp;&nbsp;&nbsp;Futu Holdings, Ltd., ADR (Hong Kong) | &nbsp;&nbsp;&nbsp;16008 | &nbsp;&nbsp;&nbsp;&nbsp;2783951 |
| &nbsp;&nbsp;&nbsp;HDFC Bank, Ltd., ADR (India) | &nbsp;&nbsp;&nbsp;47952 | &nbsp;&nbsp;&nbsp;1638040 |
| &nbsp;&nbsp;&nbsp;Hong Kong Exchanges & Clearing, Ltd. (Hong Kong) | &nbsp;&nbsp;&nbsp;21000 | &nbsp;&nbsp;&nbsp;&nbsp;1192182 |
| &nbsp;&nbsp;&nbsp;ICICI Bank, Ltd. (India) | &nbsp;&nbsp;&nbsp;&nbsp;49721 | &nbsp;&nbsp;&nbsp;&nbsp;753534 |
| &nbsp;&nbsp;&nbsp;KB Financial Group, Inc. (South Korea) | &nbsp;&nbsp;&nbsp;&nbsp;11363 | &nbsp;&nbsp;&nbsp;&nbsp;937856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Financials |  | &nbsp;&nbsp;8534955 |
| &nbsp;&nbsp;&nbsp;**Health Care - 8.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Akeso, Inc. (China)<sup>\*,1,2</sup> | &nbsp;&nbsp;142000 | &nbsp;&nbsp;&nbsp;2579869 |
| &nbsp;&nbsp;&nbsp;CSPC Pharmaceutical Group, Ltd. (China) | 406000 | &nbsp;&nbsp;&nbsp;&nbsp;489043 |
| &nbsp;&nbsp;&nbsp;Hansoh Pharmaceutical Group Co., Ltd. (China)<sup>1,2</sup> | &nbsp;&nbsp;216500 | &nbsp;&nbsp;&nbsp;1004326 |
| &nbsp;&nbsp;&nbsp;Jiangsu Hengrui Pharmaceuticals Co., Ltd., Class A (China) | &nbsp;&nbsp;169900 | &nbsp;&nbsp;&nbsp;1708866 |
| &nbsp;&nbsp;&nbsp;Wuxi Biologics Cayman, Inc. (China)<sup>\*,1</sup> | 203500 | &nbsp;&nbsp;&nbsp;1074584 |
| &nbsp;&nbsp;&nbsp;WuXi XDC Cayman, Inc. (China)<sup>\*</sup> | &nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;1262324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Health Care |  | &nbsp;&nbsp;&nbsp;&nbsp;8119012 |
| &nbsp;&nbsp;&nbsp;**Industrials - 26.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Contemporary Amperex Technology Co., Ltd., Class A (China) | &nbsp;&nbsp;&nbsp;98200 | &nbsp;&nbsp;&nbsp;5569259 |
| &nbsp;&nbsp;&nbsp;Hanwha Aerospace Co., Ltd. (South Korea) | &nbsp;&nbsp;&nbsp;&nbsp;8518 | &nbsp;&nbsp;&nbsp;6736336 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | &nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;HD Hyundai Electric Co., Ltd. (South Korea) | &nbsp;&nbsp;&nbsp;15069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6267757 |
| &nbsp;&nbsp;&nbsp;HD Hyundai Heavy Industries Co., Ltd. (South Korea) | &nbsp;&nbsp;&nbsp;12774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4691931 |
| &nbsp;&nbsp;&nbsp;Samsung C&T Corp. (South Korea) | &nbsp;&nbsp;&nbsp;10084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1327933 |
| &nbsp;&nbsp;&nbsp;Sieyuan Electric Co., Ltd., Class A (China) | &nbsp;&nbsp;39700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608618 |
| &nbsp;&nbsp;&nbsp;Sungrow Power Supply Co., Ltd., Class A (China) | &nbsp;&nbsp;&nbsp;50100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1143634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Industrials |  | &nbsp;&nbsp;&nbsp;&nbsp;26345468 |
| &nbsp;&nbsp;&nbsp;**Information Technology - 31.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Delta Electronics, Inc. (Taiwan) | 163000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4591727 |
| &nbsp;&nbsp;&nbsp;Foxconn Industrial Internet Co., Ltd., Class A (China) | &nbsp;&nbsp;118400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1105557 |
| &nbsp;&nbsp;&nbsp;Hon Hai Precision Industry Co., Ltd. (Taiwan) | 140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999620 |
| &nbsp;&nbsp;&nbsp;MediaTek, Inc. (Taiwan) | &nbsp;&nbsp;38000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1648050 |
| &nbsp;&nbsp;&nbsp;NAURA Technology Group Co., Ltd., Class A (China) | &nbsp;&nbsp;&nbsp;29779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1897387 |
| &nbsp;&nbsp;&nbsp;Quanta Computer, Inc. (Taiwan) | 138000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1321923 |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Co., Ltd. (South Korea) | &nbsp;&nbsp;54043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3239896 |
| &nbsp;&nbsp;&nbsp;SK Hynix, Inc. (South Korea) | &nbsp;&nbsp;&nbsp;&nbsp;9442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2340653 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan) | &nbsp;&nbsp;311500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13530883 |
| &nbsp;&nbsp;&nbsp;Xiaomi Corp., Class B (China)<sup>\*</sup> | &nbsp;&nbsp;88600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615765 |
| &nbsp;&nbsp;&nbsp;Zhongji Innolight Co., Ltd., Class A (China) | &nbsp;&nbsp;&nbsp;16500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;941758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Information Technology |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32233219 |
| &nbsp;&nbsp;&nbsp;**Materials - 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Pidilite Industries, Ltd. (India) | &nbsp;&nbsp;&nbsp;24702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408309 |
| &nbsp;&nbsp;&nbsp;Zijin Gold International Co., Ltd. (Hong Kong)<sup>\*</sup> | &nbsp;&nbsp;52200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Materials |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1217273 |
| **Total Common Stocks<br> (Cost $69,350,242)** |  | &nbsp;&nbsp;&nbsp;&nbsp;100500938 |
| **Short-Term Investments - 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;**Other Investment Companies - 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Dreyfus Government Cash Management Fund, Institutional Shares, 4.04%<sup>3</sup> | &nbsp;&nbsp;374261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374261 |
| &nbsp;&nbsp;&nbsp;Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 4.09%<sup>3</sup> | &nbsp;&nbsp;561392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561392 |
| **Total Short-Term Investments<br> (Cost $935,653)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935653 |
| **Total Investments - 100.5%<br> (Cost $70,285,895)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101436591 |
| **Other Assets, less Liabilities - (0.5)%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (509116) |
| **Net Assets - 100.0%** |  | &nbsp;&nbsp;**$100927475** |

---

------

AMG Veritas Asia Pacific Fund

Schedule of Portfolio Investments *(continued)*

<sup>\*</sup> Non-income producing security.

<sup>1</sup> Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2025, the value of these securities amounted to $6,529,533 or 6.5% of net assets.

<sup>2</sup> Some of these securities, amounting to $2,145,157 or 2.1% of net assets, were out on loan to various borrowers and are collateralized by various U.S. Treasury Obligations. See below for more information.

<sup>3</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.

ADR American Depositary Receipt

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;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; $32233219 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $32233219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 26345468 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26345468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp; $1596807 | &nbsp;&nbsp;&nbsp;&nbsp; 10347910 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11944717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11213182 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11213182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp; 4421991 | &nbsp;&nbsp;&nbsp;&nbsp; 4112964 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8534955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8119012 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8119012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp; 808964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 408309 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1217273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 893112 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 893112 |
| &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;Other Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 935653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 935653 |
| &nbsp;&nbsp;**Total Investments in Securities** | &nbsp;&nbsp;&nbsp;$7763415 | &nbsp;&nbsp;&nbsp;$93673176 | &nbsp;&nbsp;— | &nbsp;&nbsp;$101436591 |

---

<br> <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.

------

AMG Veritas Asia Pacific Fund

Schedule of Portfolio Investments *(continued)*

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

---

| | |
|:---|:---|
| **Country** | &nbsp;&nbsp;**% of Long-Term<br> Investments** |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| China | &nbsp;&nbsp;&nbsp;39.0 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;4.8 |
| India | &nbsp;&nbsp;&nbsp;&nbsp;5.3 |
| Singapore | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| South Korea | &nbsp;&nbsp;&nbsp;25.8 |
| Taiwan | &nbsp;&nbsp;&nbsp;22.0 |
|  | &nbsp;&nbsp;100.0 |

---

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** |
| $2145157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2299590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2299590 |

---

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;3.750%-4.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/15/26-08/15/54 |

---

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 III

- **b. Investment Company Act file number:** 811-03752

- **c. CIK number of Registrant:** 0000720309

- **d. LEI of Registrant:** 5493007NETBE5Y5V1962

- **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 Veritas Asia Pacific Fund

- **b. EDGAR series identifier (if any):** S000009865

- **c. LEI of Series:** 549300OW6V030SGK2657

**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:** $101243849.50

**Total Liabilities:** $298978.00

**Net Assets:** $100944871.50

**Cash Not Reported:** $1614.11

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000027306 | 3.68%                | 1.95%                | 10.59%               |
| Class ID C000027305 | 3.66%                | 1.94%                | 10.56%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1405263.80              | $1924403.62                                |
| Month 2  | $892521.15               | $891981.53                                 |
| Month 3  | $1931040.14              | $7904768.38                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| REA Group Ltd                                           | REA Group Ltd                                           | CUSIP: 000000000<br>LEI: 894500KA4UBDATOFPN36 | Long             | EC               | CORP              | AU        |      5830 | NS      | $891512.72    | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| SK Hynix Inc                                            | SK Hynix Inc                                            | CUSIP: 000000000<br>LEI: 988400XAIK6XISWQV045 | Long             | EC               | CORP              | KR        |      9442 | NS      | $2340652.80   | 2.32%             |  |  |  | No            |                  2 | On Loan: No      |
| RBC DOMINION SECURITIES INC.                            | RBC DOMINION SECURITIES INC                             | CUSIP: 000000000<br>LEI: 549300QJJX6CVVUXLE15 | Long             | RA               | CORP              | US        |       355 | PA      | $355.00       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                              | JP MORGAN SECURITIES LLC                                | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | Long             | RA               | CORP              | US        |       799 | PA      | $799.00       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CSPC Pharmaceutical Group Ltd                           | CSPC Pharmaceutical Group Ltd                           | CUSIP: 000000000<br>LEI: 529900M3XQCW234H8O91 | Long             | EC               | CORP              | CN        |    406000 | NS      | $489042.82    | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Akeso Inc                                               | Akeso Inc                                               | CUSIP: 000000000<br>LEI: 254900ECWYGR3QW5GF30 | Long             | EC               | CORP              | CN        |    142000 | NS      | $2579868.73   | 2.56%             |  |  |  | No            |                  2 | On Loan: —       |
| Meituan                                                 | Meituan                                                 | CUSIP: 000000000<br>LEI: 21380033K525E5JLIA77 | Long             | EC               | CORP              | CN        |     40300 | NS      | $538358.37    | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| HD Hyundai Heavy Industries Co                          | HD Hyundai Heavy Industries Co Ltd                      | CUSIP: 000000000<br>LEI: 988400CAR8W9URQLGF30 | Long             | EC               | CORP              | KR        |     12774 | NS      | $4691931.42   | 4.65%             |  |  |  | No            |                  2 | On Loan: No      |
| NetEase Inc                                             | NetEase Inc                                             | CUSIP: 000000000<br>LEI: 5299004AF4DSJDB0PA32 | Long             | EC               | CORP              | CN        |     62000 | NS      | $1883086.53   | 1.87%             |  |  |  | No            |                  2 | On Loan: No      |
| KB Financial Group Inc                                  | KB Financial Group Inc                                  | CUSIP: 000000000<br>LEI: 529900TKE4MXG3Q6GW86 | Long             | EC               | CORP              | KR        |     11363 | NS      | $937855.37    | 0.93%             |  |  |  | No            |                  2 | On Loan: No      |
| Zijin Gold International Co Lt                          | Zijin Gold International Co Ltd                         | CUSIP: 000000000<br>LEI: 254900FINUJR4MZ8A417 | Long             | EC               | CORP              | HK        |     52200 | NS      | $808964.33    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Sieyuan Electric Co Ltd                                 | Sieyuan Electric Co Ltd                                 | CUSIP: 000000000<br>LEI: 836800H6UQQUWN4PSZ32 | Long             | EC               | CORP              | CN        |     39700 | NS      | $608617.71    | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| ICICI Bank Ltd                                          | ICICI Bank Ltd                                          | CUSIP: 000000000<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               | CORP              | IN        |     49721 | NS      | $753534.08    | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Dreyfus Government Cash Management                      | Dreyfus Government Cash Management                      | CUSIP: 262006208<br>LEI: 5493000Q69I5Q3QZIA91 | Long             | STIV             | RF                | US        |    374261 | NS      | $374261.21    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Foxconn Industrial Internet Co                          | Foxconn Industrial Internet Co Ltd                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    118400 | NS      | $1105556.58   | 1.10%             |  |  |  | No            |                  2 | On Loan: No      |
| HDFC Bank Ltd                                           | HDFC Bank Ltd                                           | CUSIP: 40415F101<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |     47952 | NS      | $1638040.32   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Pop Mart International Group L                          | Pop Mart International Group Ltd                        | CUSIP: 000000000<br>LEI: 9845000A05E8F937E337 | Long             | EC               | CORP              | CN        |     38900 | NS      | $1332396.47   | 1.32%             |  |  |  | No            |                  2 | On Loan: No      |
| DBS Group Holdings Ltd                                  | DBS Group Holdings Ltd                                  | CUSIP: 000000000<br>LEI: 5493007FKT78NKPM5V55 | Long             | EC               | CORP              | SG        |     31000 | NS      | $1229392.01   | 1.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Sungrow Power Supply Co Ltd                             | Sungrow Power Supply Co Ltd                             | CUSIP: 000000000<br>LEI: 30030052IWC7RGVFG505 | Long             | EC               | CORP              | CN        |     50100 | NS      | $1143634.32   | 1.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Eternal Ltd                                             | Eternal Ltd                                             | CUSIP: 000000000<br>LEI: 335800T4VOF9ETHF8W59 | Long             | EC               | CORP              | IN        |    684043 | NS      | $2511214.83   | 2.49%             |  |  |  | No            |                  2 | On Loan: No      |
| NATWEST MARKETS SECURITIES INC.                         | NATWEST MARKETS SECURITIES INC                          | CUSIP: 000000000<br>LEI: ZE2ZWJ5BTIQJ8M0C6K34 | Long             | RA               | CORP              | US        |      1105 | PA      | $1105.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HYBE Co Ltd                                             | HYBE Co Ltd                                             | CUSIP: 000000000<br>LEI: 988400NYDQI538IJ3K23 | Long             | EC               | CORP              | KR        |      2216 | NS      | $420902.17    | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| MediaTek Inc                                            | MediaTek Inc                                            | CUSIP: 000000000<br>LEI: 254900UEGBK1I4DM4E14 | Long             | EC               | CORP              | TW        |     38000 | NS      | $1648050.54   | 1.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Aristocrat Leisure Ltd                                  | Aristocrat Leisure Ltd                                  | CUSIP: 000000000<br>LEI: 529900TE2HO3OZKYKC27 | Long             | EC               | CORP              | AU        |     21439 | NS      | $992485.84    | 0.98%             |  |  |  | No            |                  2 | On Loan: No      |
| CATL                                                    | Contemporary Amperex Technology Co Ltd                  | CUSIP: 000000000<br>LEI: 300300KINDY1K0E9I032 | Long             | EC               | CORP              | CN        |     98200 | NS      | $5569259.38   | 5.52%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC SECURITIES (USA) INC.                              | HSBC SECURITIES (USA) INC                               | CUSIP: 000000000<br>LEI: CYYGQCGNHMHPSMRL3R97 | Long             | RA               | CORP              | US        |       427 | PA      | $427.00       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung C&T Corp                                        | Samsung C&T Corp                                        | CUSIP: 000000000<br>LEI: 988400GFRE4IDFPE9E64 | Long             | EC               | CORP              | KR        |     10084 | NS      | $1327933.03   | 1.32%             |  |  |  | No            |                  2 | On Loan: No      |
| NetEase Inc                                             | NetEase Inc                                             | CUSIP: 64110W102<br>LEI: 5299004AF4DSJDB0PA32 | Long             | EC               | CORP              | CN        |     10506 | NS      | $1596806.94   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| NAURA Technology Group Co Ltd                           | NAURA Technology Group Co Ltd                           | CUSIP: 000000000<br>LEI: 300300JI5I0B95GO5C39 | Long             | EC               | CORP              | CN        |     29779 | NS      | $1897386.84   | 1.88%             |  |  |  | No            |                  2 | On Loan: No      |
| WuXi XDC Cayman Inc                                     | WuXi XDC Cayman Inc                                     | CUSIP: 000000000<br>LEI: 549300BV0TP5RVPBYO24 | Long             | EC               | CORP              | CN        |    125000 | NS      | $1262324.06   | 1.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Quanta Computer Inc                                     | Quanta Computer Inc                                     | CUSIP: 000000000<br>LEI: 529900DE8BIV3XOXIK04 | Long             | EC               | CORP              | TW        |    138000 | NS      | $1321922.92   | 1.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd                              | Samsung Electronics Co Ltd                              | CUSIP: 000000000<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |     54043 | NS      | $3239895.56   | 3.21%             |  |  |  | No            |                  2 | On Loan: No      |
| BYD Co Ltd                                              | BYD Co Ltd                                              | CUSIP: 000000000<br>LEI: 5299005557VL7ULJ7A69 | Long             | EC               | CORP              | CN        |     33900 | NS      | $479165.59    | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| HKEX                                                    | Hong Kong Exchanges & Clearing Ltd                      | CUSIP: 000000000<br>LEI: 213800YTVSXYQN17BW16 | Long             | EC               | CORP              | HK        |     21000 | NS      | $1192181.68   | 1.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Alibaba Group Holding Ltd                               | Alibaba Group Holding Ltd                               | CUSIP: 000000000<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | HK        |    239650 | NS      | $5359560.51   | 5.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Wuxi Biologics Cayman Inc                               | Wuxi Biologics Cayman Inc                               | CUSIP: 000000000<br>LEI: 5493001TD2TH6VDTJU11 | Long             | EC               | CORP              | CN        |    203500 | NS      | $1074584.57   | 1.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Dreyfus Institutional Preferred Government Money Market | Dreyfus Institutional Preferred Government Money Market | CUSIP: 26200X100<br>LEI: 5493001BRBYRXP4A4K56 | Long             | STIV             | RF                | US        |    561392 | NS      | $561391.82    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Delta Electronics Inc                                   | Delta Electronics Inc                                   | CUSIP: 000000000<br>LEI: 529900UVZWNWGDLJSM52 | Long             | EC               | CORP              | TW        |    163000 | NS      | $4591727.18   | 4.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Jiangsu Hengrui Pharmaceutical                          | Jiangsu Hengrui Pharmaceuticals Co Ltd                  | CUSIP: 000000000<br>LEI: 2549003BT1XS3SE3E448 | Long             | EC               | CORP              | CN        |    169900 | NS      | $1708866.06   | 1.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Hon Hai Precision Industry Co                           | Hon Hai Precision Industry Co Ltd                       | CUSIP: 000000000<br>LEI: 30030004CM3GSZXX7O56 | Long             | EC               | CORP              | TW        |    140000 | NS      | $999620.12    | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| TSMC                                                    | Taiwan Semiconductor Manufacturing Co Ltd               | CUSIP: 000000000<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |    311500 | NS      | $13530883.17  | 13.40%            |  |  |  | No            |                  2 | On Loan: No      |
| Xiaomi Corp                                             | Xiaomi Corp                                             | CUSIP: 000000000<br>LEI: 2549001ACVFAZRNMKL32 | Long             | EC               | CORP              | CN        |     88600 | NS      | $615765.34    | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Hansoh Pharmaceutical Group Co                          | Hansoh Pharmaceutical Group Co Ltd                      | CUSIP: 000000000<br>LEI: 254900Q6MR00EBXTPF42 | Long             | EC               | CORP              | CN        |    216500 | NS      | $1004326.36   | 0.99%             |  |  |  | No            |                  2 | On Loan: —       |
| Hanwha Aerospace Co Ltd                                 | Hanwha Aerospace Co Ltd                                 | CUSIP: 000000000<br>LEI: 9884001NSUA8FQKQWR25 | Long             | EC               | CORP              | KR        |      8518 | NS      | $6736335.43   | 6.67%             |  |  |  | No            |                  2 | On Loan: No      |
| Futu Holdings Ltd                                       | Futu Holdings Ltd                                       | CUSIP: 36118L106<br>LEI: 213800X4W4ZRESFPTQ37 | Long             | EC               | CORP              | HK        |     16008 | NS      | $2783951.28   | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Ltd                                    | Tencent Holdings Ltd                                    | CUSIP: 000000000<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | CN        |     83939 | NS      | $7152408.80   | 7.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Eastroc Beverage Group Co Ltd                           | Eastroc Beverage Group Co Ltd                           | CUSIP: 000000000<br>LEI: 836800LQ338417RCIL29 | Long             | EC               | CORP              | CN        |     20900 | NS      | $893111.67    | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Zhongji Innolight Co Ltd                                | Zhongji Innolight Co Ltd                                | CUSIP: 000000000<br>LEI: 655600K7YZDKAI214O83 | Long             | EC               | CORP              | CN        |     16500 | NS      | $941757.57    | 0.93%             |  |  |  | No            |                  2 | On Loan: No      |
| Pidilite Industries Ltd                                 | Pidilite Industries Ltd                                 | CUSIP: 000000000<br>LEI: 335800APXGEBZ349GN74 | Long             | EC               | CORP              | IN        |     24702 | NS      | $408309.08    | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| HD Hyundai Electric Co Ltd                              | HD Hyundai Electric Co Ltd                              | CUSIP: 000000000<br>LEI: 988400CSDKM9UHLHGB91 | Long             | EC               | CORP              | KR        |     15069 | NS      | $6267756.67   | 6.21%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** AMG Funds III

**Signature:** Thomas Disbrow

**Name of Signer:** Thomas Disbrow

**Title:** Principal Financial Officer