# EDGAR Filing Document

**Accession Number:** 0000720309
**File Stem:** 0000940400-26-022969
**Filing Date:** 2026-6
**Character Count:** 125371
**Document Hash:** f8eee06ff952a954424bc26994e4a430
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-022969.hdr.sgml**: 20260601

**ACCESSION NUMBER**: 0000940400-26-022969

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260601

**DATE AS OF CHANGE**: 20260601

**PERIOD START**: 20261231

**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:** 261048689

**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 GW&K ESG Bond Fund (Series ID: S000009868)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000027310 | Class N      | MGFIX           |
| C000125498 | Class I      | MGBIX           |

## Nport-Ex

AMG GW&K ESG Bond Fund

Schedule of Portfolio Investments *(unaudited)*

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;Value |
| **Corporate Bonds and Notes - 53.3%** |  |  |
| &nbsp;&nbsp;&nbsp;**Basic Materials - 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Avient Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.250%, 11/01/31<sup>1,2</sup> | $1575000 | &nbsp;&nbsp;$1586000 |
| &nbsp;&nbsp;&nbsp;Celanese US Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.050%, 11/15/30<sup>3</sup> | &nbsp;&nbsp;2049000 | &nbsp;&nbsp;&nbsp;&nbsp;2165963 |
| &nbsp;&nbsp;&nbsp;Cleveland-Cliffs, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, 03/15/32<sup>1,2</sup> | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;1935105 |
| &nbsp;&nbsp;&nbsp;Methanex Corp. (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125%, 10/15/27 | &nbsp;&nbsp;1205000 | &nbsp;&nbsp;&nbsp;&nbsp;1197499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Basic Materials |  | &nbsp;&nbsp;&nbsp;6884567 |
| &nbsp;&nbsp;&nbsp;**Communications - 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.300%, 12/15/42 | &nbsp;&nbsp;1985000 | &nbsp;&nbsp;&nbsp;&nbsp;1647683 |
| &nbsp;&nbsp;&nbsp;CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 05/01/32 | &nbsp;&nbsp;1900000 | &nbsp;&nbsp;&nbsp;&nbsp;1697214 |
| &nbsp;&nbsp;&nbsp;Charter Communications Operating LLC/Charter Communications Operating Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.400%, 04/01/33 | &nbsp;&nbsp;&nbsp;1815000 | &nbsp;&nbsp;&nbsp;&nbsp;1696843 |
| &nbsp;&nbsp;&nbsp;Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.650%, 02/15/33<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;867000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;858391 |
| &nbsp;&nbsp;&nbsp;Lamar Media Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875%, 01/15/29 | &nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp;1284512 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 02/23/54<sup>2</sup> | &nbsp;&nbsp;1625000 | &nbsp;&nbsp;&nbsp;&nbsp;1535940 |
| &nbsp;&nbsp;&nbsp;Versant Media Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.250%, 01/30/31<sup>1,2</sup> | &nbsp;&nbsp;&nbsp;1675000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1714197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Communications |  | &nbsp;&nbsp;10434780 |
| &nbsp;&nbsp;&nbsp;**Consumer, Cyclical - 10.4%** |  |  |
| &nbsp;&nbsp;&nbsp;AutoNation, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.850%, 03/01/32 | &nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp;1487686 |
| &nbsp;&nbsp;&nbsp;Bath & Body Works, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875%, 11/01/35<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;940000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924651 |
| &nbsp;&nbsp;&nbsp;Carnival Corp. (Panama) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.650%, 01/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870827 |
| &nbsp;&nbsp;&nbsp;Ford Motor Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.100%, 08/19/32 | &nbsp;&nbsp;1900000 | &nbsp;&nbsp;&nbsp;&nbsp;1915568 |
| &nbsp;&nbsp;&nbsp;The Goodyear Tire & Rubber Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/15/29 | &nbsp;&nbsp;1439000 | &nbsp;&nbsp;&nbsp;&nbsp;1361743 |
| &nbsp;&nbsp;&nbsp;Hyatt Hotels Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 03/30/32 | &nbsp;&nbsp;&nbsp;1975000 | &nbsp;&nbsp;&nbsp;&nbsp;2029133 |
| &nbsp;&nbsp;&nbsp;KB Home |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.800%, 11/15/29 | &nbsp;&nbsp;&nbsp;1222000 | &nbsp;&nbsp;&nbsp;&nbsp;1189938 |
| &nbsp;&nbsp;&nbsp;Las Vegas Sands Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.200%, 08/15/34 | &nbsp;&nbsp;&nbsp;1375000 | &nbsp;&nbsp;&nbsp;&nbsp;1408943 |
| &nbsp;&nbsp;&nbsp;M/I Homes, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.950%, 02/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.950%, 02/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;493556 |
| &nbsp;&nbsp;&nbsp;Magna International, Inc. (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875%, 06/01/35<sup>2</sup> | &nbsp;&nbsp;&nbsp;1752000 | &nbsp;&nbsp;&nbsp;&nbsp;1814944 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;Marriott International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 04/15/37 | $1360000 | &nbsp;&nbsp;&nbsp;$1354047 |
| &nbsp;&nbsp;&nbsp;Marriott Ownership Resorts, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 01/15/28<sup>2</sup> | &nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp;1574837 |
| &nbsp;&nbsp;&nbsp;Mattel, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 04/01/29<sup>1</sup> | &nbsp;&nbsp;&nbsp;1075000 | &nbsp;&nbsp;&nbsp;&nbsp;1039643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.200%, 10/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;911000 | &nbsp;&nbsp;&nbsp;&nbsp;886454 |
| &nbsp;&nbsp;&nbsp;MGM Resorts International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.125%, 09/15/29<sup>2</sup> | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1005925 |
| &nbsp;&nbsp;&nbsp;Murphy Oil USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 09/15/29 | &nbsp;&nbsp;1050000 | &nbsp;&nbsp;&nbsp;&nbsp;1035637 |
| &nbsp;&nbsp;&nbsp;Newell Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.375%, 05/15/30<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815927 |
| &nbsp;&nbsp;&nbsp;Penske Automotive Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 06/15/29<sup>2</sup> | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1427171 |
| &nbsp;&nbsp;&nbsp;PulteGroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 02/15/35 | &nbsp;&nbsp;2050000 | &nbsp;&nbsp;&nbsp;&nbsp;2138394 |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises, Ltd. (Liberia) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375%, 01/15/36 | &nbsp;&nbsp;&nbsp;1725000 | &nbsp;&nbsp;&nbsp;&nbsp;1694722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 02/01/33<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;883742 |
| &nbsp;&nbsp;&nbsp;Travel + Leisure Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625%, 03/01/30<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 04/01/27<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351700 |
| &nbsp;&nbsp;&nbsp;United Airlines Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375%, 03/01/31<sup>2</sup> | &nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;1713804 |
| &nbsp;&nbsp;&nbsp;United Airlines, Inc. Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1, AA, 5.450%, 02/15/37 | &nbsp;&nbsp;&nbsp;1329740 | &nbsp;&nbsp;&nbsp;&nbsp;1354937 |
| &nbsp;&nbsp;&nbsp;Walmart, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.050%, 06/29/48 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816017 |
| &nbsp;&nbsp;&nbsp;Yum! Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625%, 03/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;1110000 | &nbsp;&nbsp;&nbsp;&nbsp;1025389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Consumer, Cyclical |  | &nbsp;&nbsp;33478108 |
| &nbsp;&nbsp;&nbsp;**Consumer, Non-cyclical - 6.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Advocate Health & Hospitals Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.272%, 08/15/48 | &nbsp;&nbsp;&nbsp;1670000 | &nbsp;&nbsp;&nbsp;&nbsp;1365912 |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.600%, 03/02/43 | &nbsp;&nbsp;&nbsp;1385000 | &nbsp;&nbsp;&nbsp;&nbsp;1365107 |
| &nbsp;&nbsp;&nbsp;APi Group DE, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 07/15/29<sup>1</sup> | &nbsp;&nbsp;&nbsp;1255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1195113 |
| &nbsp;&nbsp;&nbsp;Ashtead Capital, Inc. (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 08/11/32<sup>1,2</sup> | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2028019 |
| &nbsp;&nbsp;&nbsp;The Campbell's Company |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.400%, 03/21/34<sup>2</sup> | &nbsp;&nbsp;2530000 | &nbsp;&nbsp;&nbsp;2455408 |
| &nbsp;&nbsp;&nbsp;CommonSpirit Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.347%, 10/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573927 |
| &nbsp;&nbsp;&nbsp;CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 02/21/33<sup>2</sup> | &nbsp;&nbsp;2568000 | &nbsp;&nbsp;&nbsp;&nbsp;2597342 |
| &nbsp;&nbsp;&nbsp;The Ford Foundation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020, 2.415%, 06/01/50 | &nbsp;&nbsp;1690000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996138 |
| &nbsp;&nbsp;&nbsp;HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 09/01/30 | &nbsp;&nbsp;&nbsp;1550000 | &nbsp;&nbsp;&nbsp;&nbsp;1471944 |

---

------

AMG GW&K ESG Bond Fund

Schedule of Portfolio Investments *(continued)*

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;**Consumer, Non-cyclical - 6.9% (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Herc Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, 06/15/30<sup>1</sup> | $2000000 | &nbsp;&nbsp;$2050738 |
| &nbsp;&nbsp;&nbsp;Kraft Heinz Foods Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625%, 10/01/39 | &nbsp;&nbsp;&nbsp;2480000 | &nbsp;&nbsp;&nbsp;&nbsp;2186434 |
| &nbsp;&nbsp;&nbsp;Teleflex, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 06/01/28<sup>1</sup> | &nbsp;&nbsp;&nbsp;2045000 | &nbsp;&nbsp;&nbsp;&nbsp;1988562 |
| &nbsp;&nbsp;&nbsp;Teva Pharmaceutical Finance Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.150%, 02/01/36<sup>2</sup> | &nbsp;&nbsp;&nbsp;1985000 | &nbsp;&nbsp;&nbsp;&nbsp;2045173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Consumer, Non-cyclical |  | &nbsp;&nbsp;&nbsp;22319817 |
| &nbsp;&nbsp;&nbsp;**Financials - 16.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Aircastle, Ltd./Aircastle Ireland DAC (Bermuda) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 10/01/31<sup>1</sup> | &nbsp;&nbsp;&nbsp;2375000 | &nbsp;&nbsp;&nbsp;&nbsp;2431806 |
| &nbsp;&nbsp;&nbsp;Ally Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.543% to 01/17/30 then SOFR Index + 1.730%), 5.543%, 01/17/31<sup>4,5</sup> | &nbsp;&nbsp;&nbsp;2093000 | &nbsp;&nbsp;&nbsp;&nbsp;2107018 |
| &nbsp;&nbsp;&nbsp;American Homes 4 Rent LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/15/34 | &nbsp;&nbsp;&nbsp;1675000 | &nbsp;&nbsp;&nbsp;&nbsp;1675589 |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MTN, (4.330% to 03/15/49 then 3 month SOFR + 1.782%), 4.330%, 03/15/50<sup>4,5</sup> | &nbsp;&nbsp;&nbsp;2775000 | &nbsp;&nbsp;&nbsp;&nbsp;2249852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.872% to 09/15/33 then SOFR + 1.840%), 5.872%, 09/15/34<sup>4,5</sup> | &nbsp;&nbsp;&nbsp;3050000 | &nbsp;&nbsp;&nbsp;&nbsp;3193841 |
| &nbsp;&nbsp;&nbsp;The Bank of New York Mellon Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.950% to 12/20/30 then U.S. Treasury Yield Curve CMT 5 year + 2.271%), 5.950%, 12/20/30<sup>2,4,5,6</sup> | &nbsp;&nbsp;&nbsp;2433000 | &nbsp;&nbsp;&nbsp;&nbsp;2433589 |
| &nbsp;&nbsp;&nbsp;Boston Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.550%, 04/01/32 | &nbsp;&nbsp;&nbsp;2469000 | &nbsp;&nbsp;&nbsp;&nbsp;2118699 |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.964% to 11/02/33 then SOFR Index + 3.370%), 7.964%, 11/02/34<sup>4,5</sup> | &nbsp;&nbsp;&nbsp;1950000 | &nbsp;&nbsp;&nbsp;&nbsp;2236354 |
| &nbsp;&nbsp;&nbsp;The Charles Schwab Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series K, (5.000% to 06/01/27 then U.S. Treasury Yield Curve CMT 5 year + 3.256%), 5.000%, 06/01/27<sup>4,5,6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1773000 | &nbsp;&nbsp;&nbsp;&nbsp;1753497 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series T, (6.250% to 08/15/26 then 3 month SOFR + 4.779%), 6.250%, 08/15/26<sup>4,5,6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;825000 | &nbsp;&nbsp;&nbsp;&nbsp;825464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series AA, (7.625% to 11/15/28 then U.S. Treasury Yield Curve CMT 5 year + 3.211%), 7.625%, 11/15/28<sup>2,4,5,6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1278000 | &nbsp;&nbsp;&nbsp;&nbsp;1321655 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.718% to 07/23/31 then SOFR + 1.910%), 5.718%, 07/23/32<sup>4,5</sup> | &nbsp;&nbsp;&nbsp;2465000 | &nbsp;&nbsp;&nbsp;&nbsp;2533791 |
| &nbsp;&nbsp;&nbsp;GLP Capital LP/GLP Financing II, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625%, 09/15/34 | &nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;1378147 |
| &nbsp;&nbsp;&nbsp;The Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.561% to 10/24/33 then SOFR + 1.950%), 6.561%, 10/24/34<sup>4,5</sup> | &nbsp;&nbsp;&nbsp;1650000 | &nbsp;&nbsp;&nbsp;&nbsp;1793867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.850% to 02/10/30 then U.S. Treasury Yield Curve CMT 5 year + 2.461%), 6.850%, 02/10/30<sup>4,5,6</sup> | &nbsp;&nbsp;&nbsp;1795000 | &nbsp;&nbsp;&nbsp;&nbsp;1829667 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.443% to 08/04/27 then SOFR + 1.970%), 4.443%, 08/04/28<sup>2,4,5</sup> | $1080000 | &nbsp;&nbsp;&nbsp;&nbsp;$1079217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F, (5.625% to 07/15/30 then U.S. Treasury Yield Curve CMT 10 year + 4.945%), 5.625%, 07/15/30<sup>4,5,6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;975000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.709% to 02/02/34 then SOFR Index + 1.870%), 5.709%, 02/02/35<sup>2,4,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510207 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.157% to 04/22/41 then 3 month SOFR + 1.460%), 3.157%, 04/22/42<sup>4,5</sup> | &nbsp;&nbsp;&nbsp;2710000 | &nbsp;&nbsp;&nbsp;&nbsp;2037466 |
| &nbsp;&nbsp;&nbsp;KeyCorp, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.100%, 04/30/28 | &nbsp;&nbsp;&nbsp;1095000 | &nbsp;&nbsp;&nbsp;&nbsp;1086574 |
| &nbsp;&nbsp;&nbsp;M&T Bank Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.413% to 10/30/28 then SOFR + 2.800%), 7.413%, 10/30/29<sup>4,5</sup> | &nbsp;&nbsp;&nbsp;1837000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1963122 |
| &nbsp;&nbsp;&nbsp;MetLife, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D, (5.875% to 03/15/28 then 3 month SOFR + 3.221%), 5.875%, 03/15/28<sup>2,4,5,6</sup> | &nbsp;&nbsp;&nbsp;1175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1169736 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.431% to 01/23/29 then 3 month SOFR + 1.890%), 4.431%, 01/23/30<sup>4,5</sup> | &nbsp;&nbsp;&nbsp;1548000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1541031 |
| &nbsp;&nbsp;&nbsp;OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625%, 01/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956497 |
| &nbsp;&nbsp;&nbsp;The PNC Financial Services Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.068% to 01/24/33 then SOFR + 1.933%), 5.068%, 01/24/34<sup>4,5</sup> | &nbsp;&nbsp;2386000 | &nbsp;&nbsp;&nbsp;&nbsp;2385497 |
| &nbsp;&nbsp;&nbsp;SLM Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 01/31/30 | &nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;1374398 |
| &nbsp;&nbsp;&nbsp;Starwood Property Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, 01/15/27<sup>1</sup> | &nbsp;&nbsp;&nbsp;1775000 | &nbsp;&nbsp;&nbsp;&nbsp;1766030 |
| &nbsp;&nbsp;&nbsp;State Street Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series I, (6.700% to 03/15/29 then U.S. Treasury Yield Curve CMT 5 year + 2.613%), 6.700%, 03/15/29<sup>2,4,5,6</sup> | &nbsp;&nbsp;&nbsp;1900000 | &nbsp;&nbsp;&nbsp;&nbsp;1930594 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp., MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.867% to 06/08/33 then SOFR + 2.361%), 5.867%, 06/08/34<sup>4,5</sup> | &nbsp;&nbsp;&nbsp;2213000 | &nbsp;&nbsp;&nbsp;&nbsp;2305786 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co., MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.350% to 03/02/32 then SOFR + 1.500%), 3.350%, 03/02/33<sup>4,5</sup> | &nbsp;&nbsp;2025000 | &nbsp;&nbsp;&nbsp;&nbsp;1859326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.625% to 09/15/28 then U.S. Treasury Yield Curve CMT 5 year + 3.606%), 7.625%, 09/15/28<sup>2,4,5,6</sup> | &nbsp;&nbsp;&nbsp;1462000 | &nbsp;&nbsp;&nbsp;&nbsp;1535806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Financials |  | &nbsp;&nbsp;54368000 |
| &nbsp;&nbsp;&nbsp;**Industrials - 5.1%** |  |  |
| &nbsp;&nbsp;&nbsp;BWX Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 06/30/28<sup>1</sup> | &nbsp;&nbsp;&nbsp;1210000 | &nbsp;&nbsp;&nbsp;&nbsp;1176509 |
| &nbsp;&nbsp;&nbsp;Coherent Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/29<sup>1</sup> | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;1961646 |
| &nbsp;&nbsp;&nbsp;Graphic Packaging International LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 03/01/29<sup>1</sup> | &nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;1310664 |

---

------

AMG GW&K ESG Bond Fund

Schedule of Portfolio Investments *(continued)*

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;**Industrials - 5.1% (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Jacobs Engineering Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.900%, 03/01/33<sup>2</sup> | $3168000 | &nbsp;&nbsp;&nbsp;$3279581 |
| &nbsp;&nbsp;&nbsp;Mueller Water Products, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/15/29<sup>1</sup> | &nbsp;&nbsp;2050000 | &nbsp;&nbsp;&nbsp;&nbsp;1974963 |
| &nbsp;&nbsp;&nbsp;OI European Group, B.V. (Netherlands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 02/15/30<sup>1</sup> | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1399774 |
| &nbsp;&nbsp;&nbsp;Owens Corning |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, 12/01/36<sup>3</sup> | &nbsp;&nbsp;1800000 | &nbsp;&nbsp;&nbsp;&nbsp;2006051 |
| &nbsp;&nbsp;&nbsp;Regal Rexnord Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.300%, 02/15/30 | &nbsp;&nbsp;&nbsp;1670000 | &nbsp;&nbsp;&nbsp;&nbsp;1749779 |
| &nbsp;&nbsp;&nbsp;Sonoco Products Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.850%, 02/01/32 | &nbsp;&nbsp;&nbsp;1822000 | &nbsp;&nbsp;&nbsp;&nbsp;1630783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Industrials |  | &nbsp;&nbsp;16489750 |
| &nbsp;&nbsp;&nbsp;**Technology - 5.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 02/15/41 | &nbsp;&nbsp;&nbsp;1700000 | &nbsp;&nbsp;&nbsp;&nbsp;1356277 |
| &nbsp;&nbsp;&nbsp;CDW LLC/CDW Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.550%, 08/22/34 | &nbsp;&nbsp;2008000 | &nbsp;&nbsp;&nbsp;&nbsp;1973301 |
| &nbsp;&nbsp;&nbsp;Dell International LLC/EMC Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.100%, 07/15/36 | &nbsp;&nbsp;&nbsp;1372000 | &nbsp;&nbsp;&nbsp;&nbsp;1630851 |
| &nbsp;&nbsp;&nbsp;Kyndryl Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.150%, 10/15/31 | &nbsp;&nbsp;2375000 | &nbsp;&nbsp;&nbsp;&nbsp;1979917 |
| &nbsp;&nbsp;&nbsp;Micron Technology, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875%, 02/09/33 | &nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;1496498 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.525%, 06/01/50 | &nbsp;&nbsp;&nbsp;1450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;869427 |
| &nbsp;&nbsp;&nbsp;MSCI, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.250%, 08/15/33<sup>1</sup> | &nbsp;&nbsp;&nbsp;2015000 | &nbsp;&nbsp;&nbsp;&nbsp;1755213 |
| &nbsp;&nbsp;&nbsp;Open Text Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 02/15/30<sup>1</sup> | &nbsp;&nbsp;&nbsp;1125000 | &nbsp;&nbsp;&nbsp;&nbsp;1005219 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.800%, 09/26/32 | &nbsp;&nbsp;1840000 | &nbsp;&nbsp;&nbsp;&nbsp;1752320 |
| &nbsp;&nbsp;&nbsp;SK hynix, Inc. (South Korea) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.375%, 01/19/31<sup>1</sup> | &nbsp;&nbsp;1800000 | &nbsp;&nbsp;&nbsp;&nbsp;1627787 |
| &nbsp;&nbsp;&nbsp;Twilio, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625%, 03/15/29<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 03/15/31 | &nbsp;&nbsp;&nbsp;2194000 | &nbsp;&nbsp;&nbsp;&nbsp;2045203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Technology |  | &nbsp;&nbsp;&nbsp;18065722 |
| &nbsp;&nbsp;&nbsp;**Utilities - 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Dominion Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, (7.000% to 03/03/34 then U.S. Treasury Yield Curve CMT 5 year + 2.511%), 7.000%, 06/01/54<sup>4,5</sup> | &nbsp;&nbsp;&nbsp;2189000 | &nbsp;&nbsp;&nbsp;&nbsp;2315284 |
| &nbsp;&nbsp;&nbsp;DPL LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.350%, 04/15/29 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;959788 |
| &nbsp;&nbsp;&nbsp;Duke Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.550%, 06/15/31 | &nbsp;&nbsp;&nbsp;1595000 | &nbsp;&nbsp;&nbsp;&nbsp;1434040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.450% to 06/01/34 then U.S. Treasury Yield Curve CMT 5 year + 2.588%), 6.450%, 09/01/54<sup>2,4,5</sup> | &nbsp;&nbsp;2290000 | &nbsp;&nbsp;&nbsp;&nbsp;2364750 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;Exelon Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.500% to 12/15/34 then U.S. Treasury Yield Curve CMT 5 year + 1.975%), 6.500%, 03/15/55<sup>4,5</sup> | $2315000 | &nbsp;&nbsp;$2360287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Utilities |  | &nbsp;&nbsp;&nbsp;&nbsp;9434149 |
| **Total Corporate Bonds and Notes<br> (Cost $175,492,121)** |  | &nbsp;&nbsp;171474893 |
| **Asset-Backed Securities - 4.1%** |  |  |
| &nbsp;&nbsp;&nbsp;AGL CLO 39, Ltd.<br> Series 2025-39A, Class A1<br> (3 month SOFR + 1.130%, Cap N/A, Floor 1.130%), 4.798%, 04/20/38<sup>1,5</sup> | &nbsp;&nbsp;1050000 | &nbsp;&nbsp;&nbsp;&nbsp;1048458 |
| &nbsp;&nbsp;&nbsp;AGL Core CLO, Ltd.<br> Series 2025-38A, Class A1<br> (3 month SOFR + 1.240%, Cap N/A, Floor 1.240%), 4.909%, 01/22/38<sup>1,5</sup> | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;998592 |
| &nbsp;&nbsp;&nbsp;American Express Credit Account Master Trust<br> Series 2025-5, Class A<br> 4.510%, 07/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;610000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616273 |
| &nbsp;&nbsp;&nbsp;Carmax Auto Owner Trust<br> Series 2025-1, Class A2A<br> 4.630%, 03/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;574268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575041 |
| &nbsp;&nbsp;&nbsp;Compass Datacenters Issuer II LLC<br> Series 2024-1A, Class A1<br> 5.250%, 02/25/49<sup>1</sup> | &nbsp;&nbsp;3050000 | &nbsp;&nbsp;&nbsp;&nbsp;3047072 |
| &nbsp;&nbsp;&nbsp;Elmwood CLO II, Ltd.<br> Series 2019-2A, Class A1RR<br> (3 month SOFR + 1.350%, Cap N/A, Floor 1.350%), 5.018%, 10/20/37<sup>1,5</sup> | &nbsp;&nbsp;&nbsp;1715000 | &nbsp;&nbsp;&nbsp;&nbsp;1714183 |
| &nbsp;&nbsp;&nbsp;KKR CLO 43, Ltd.<br> Series 2022-43A, Class A1R2<br> (3 month SOFR + 1.100%, Cap N/A, Floor 1.100%), 4.771%, 04/15/38<sup>1,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497744 |
| &nbsp;&nbsp;&nbsp;Magnetite XXXIV, Ltd.<br> Series 2023-34A, Class A1R<br> (3 month SOFR + 1.140%, Cap N/A, Floor 1.140%), 4.812%, 01/15/38<sup>1,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846180 |
| &nbsp;&nbsp;&nbsp;Magnetite XXXVI, Ltd.<br> Series 2023-36A, Class AR<br> (3 month SOFR + 1.320%, Cap N/A, Floor 1.320%), 4.988%, 07/25/38<sup>1,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;880000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880821 |
| &nbsp;&nbsp;&nbsp;Palmer Square CLO, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-2A, Class A1R<br> (3 month SOFR + 1.530%, Cap N/A, Floor 1.530%), 5.201%, 04/16/37<sup>1,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;990000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A, Class A1AR<br> (3 month SOFR + 1.150%, Cap N/A, Floor 1.150%), 4.818%, 04/20/38<sup>1,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;551000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548811 |

---

------

AMG GW&K ESG Bond Fund

Schedule of Portfolio Investments *(continued)*

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;**Asset-Backed Securities–4.1%(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Voya CLO, Ltd.<br> Series 2021-2A, Class A1R<br> (3 month SOFR + 1.170%, Cap N/A, Floor 1.170%), 4.838%, 04/20/38<sup>1,5</sup> | $1475000 | &nbsp;&nbsp;$1470645 |
| **Total Asset-Backed Securities<br> (Cost $13,285,195)** |  | &nbsp;&nbsp;13235390 |
| **Mortgage-Backed Securities - 5.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Chase Home Lending Mortgage Trust<br> Series 2024-1, Class A6<br> 6.500%, 01/25/55<sup>1,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;495063 | &nbsp;&nbsp;&nbsp;&nbsp;497287 |
| &nbsp;&nbsp;&nbsp;Citigroup Mortgage Loan Trust<br> Series 2022-J1, Class A1<br> 2.500%, 02/25/52<sup>1,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;856653 | &nbsp;&nbsp;&nbsp;&nbsp;795336 |
| &nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-R01, Class 1M1<br> 4.712%, 01/25/44<sup>1,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;655534 | &nbsp;&nbsp;&nbsp;&nbsp;655359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-R02, Class 1M1<br> 4.762%, 02/25/44<sup>1,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;414548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-R06, Class 1A1<br> 4.812%, 09/25/44<sup>1,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;584295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2026-R02, Class 1A1<br> 4.612%, 02/25/46<sup>1,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;516295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516497 |
| &nbsp;&nbsp;&nbsp;DATA Mortgage Trust<br> Series 2023-CNTR, Class A<br> 5.728%, 08/12/43<sup>1,5</sup> | &nbsp;&nbsp;1900000 | &nbsp;&nbsp;&nbsp;&nbsp;1910260 |
| &nbsp;&nbsp;&nbsp;GS Mortgage Securities Trust<br> Series 2020-GC47, Class A5<br> 2.377%, 05/12/53 | &nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;824847 |
| &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Corp. Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-PJ4, Class A6<br> 2.500%, 09/25/51<sup>1,5</sup> | &nbsp;&nbsp;&nbsp;2184022 | &nbsp;&nbsp;&nbsp;2047928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-PJ5, Class A6<br> 2.500%, 10/25/51<sup>1,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;754457 | &nbsp;&nbsp;&nbsp;&nbsp;705679 |
| &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-RPL1, Class A1A<br> 3.750%, 10/25/57<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;534752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-GR3, Class A6<br> 2.500%, 04/25/52<sup>1,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;367206 | &nbsp;&nbsp;&nbsp;&nbsp;329402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-PJ8, Class A2<br> 2.500%, 01/25/52<sup>1,5</sup> | &nbsp;&nbsp;&nbsp;1750430 | &nbsp;&nbsp;&nbsp;&nbsp;1452845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-PJ9, Class A8<br> 2.500%, 02/26/52<sup>1,5</sup> | &nbsp;&nbsp;&nbsp;1364310 | &nbsp;&nbsp;&nbsp;&nbsp;1221664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-PJ3, Class A4<br> 2.500%, 08/25/52<sup>1,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;750807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-PJ3, Class A7<br> 2.500%, 08/25/52<sup>1,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;498694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473491 |
| &nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-2, Class A3<br> 3.500%, 05/25/47<sup>1,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;928611 | &nbsp;&nbsp;&nbsp;&nbsp;841854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-INV3, Class B1<br> 4.339%, 05/25/50<sup>1,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;238040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-INV3, Class B2<br> 4.339%, 05/25/50<sup>1,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;195533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182461 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1, Class A3A<br> 2.000%, 06/25/51<sup>1,5</sup> | &nbsp;&nbsp;&nbsp;$737860 | &nbsp;&nbsp;&nbsp;&nbsp;$588750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-7, Class A6<br> 2.500%, 11/25/51<sup>1,5</sup> | &nbsp;&nbsp;&nbsp;1540804 | &nbsp;&nbsp;&nbsp;&nbsp;1442369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2, Class A6<br> 3.000%, 08/25/52<sup>1,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;703766 | &nbsp;&nbsp;&nbsp;&nbsp;662069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-4, Class A3<br> 3.000%, 10/25/52<sup>1,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;748482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;647700 |
| **Total Mortgage-Backed Securities<br> (Cost $18,107,445)** |  | &nbsp;&nbsp;&nbsp;&nbsp;18161561 |
| **Municipal Bonds - 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;California Health Facilities Financing Authority<br> 4.190%, 06/01/37 | &nbsp;&nbsp;3395000 | &nbsp;&nbsp;&nbsp;&nbsp;3179206 |
| &nbsp;&nbsp;&nbsp;California State General Obligation, School Improvements, Build America Bonds<br> 7.550%, 04/01/39 | &nbsp;&nbsp;2030000 | &nbsp;&nbsp;&nbsp;&nbsp;2409757 |
| &nbsp;&nbsp;&nbsp;Dallas Fort Worth International Airport, Series A<br> 4.507%, 11/01/51 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850786 |
| &nbsp;&nbsp;&nbsp;JobsOhio Beverage System, Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.833%, 01/01/38 | &nbsp;&nbsp;3635000 | &nbsp;&nbsp;&nbsp;&nbsp;3070787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.833%, 01/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54440 |
| **Total Municipal Bonds<br> (Cost $11,243,118)** |  | &nbsp;&nbsp;&nbsp;&nbsp;9564976 |
| **U.S. Government and Agency Obligations -<br> 32.7%** |  |  |
| &nbsp;&nbsp;&nbsp;**Fannie Mae - 16.0%** |  |  |
| &nbsp;&nbsp;&nbsp;FNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 02/01/35 to 08/01/49 | 20398549 | &nbsp;&nbsp;&nbsp;&nbsp;19331291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/44 to 06/01/49 | &nbsp;&nbsp;13708491 | &nbsp;&nbsp;&nbsp;13109656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 05/01/48 to 06/01/49 | &nbsp;&nbsp;&nbsp;4554918 | &nbsp;&nbsp;&nbsp;&nbsp;4499301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/50 | &nbsp;&nbsp;&nbsp;&nbsp;2162156 | &nbsp;&nbsp;&nbsp;&nbsp;2170988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 11/01/52 to 02/01/55 | &nbsp;&nbsp;&nbsp;8037136 | &nbsp;&nbsp;&nbsp;&nbsp;8195190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 02/01/54 | &nbsp;&nbsp;4053260 | &nbsp;&nbsp;&nbsp;&nbsp;4251656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Fannie Mae |  | &nbsp;&nbsp;51558082 |
| &nbsp;&nbsp;&nbsp;**Freddie Mac - 5.5%** |  |  |
| &nbsp;&nbsp;&nbsp;FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 11/01/49 to 04/01/51 | &nbsp;&nbsp;&nbsp;5913570 | &nbsp;&nbsp;&nbsp;&nbsp;5290655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 10/01/48 to 12/01/48 | &nbsp;&nbsp;&nbsp;3367332 | &nbsp;&nbsp;&nbsp;&nbsp;3307347 |
| &nbsp;&nbsp;&nbsp;Freddie Mac Multifamily Structured Pass Through Certificates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series K139, Class A2<br> 2.590%, 01/25/32<sup>5</sup> | &nbsp;&nbsp;&nbsp;1525000 | &nbsp;&nbsp;&nbsp;&nbsp;1389930 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMICS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 5106, Class KA<br> 2.000%, 03/25/41 | &nbsp;&nbsp;&nbsp;3366565 | &nbsp;&nbsp;&nbsp;&nbsp;3179282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 5297, Class DA<br> 5.000%, 12/25/52 | &nbsp;&nbsp;&nbsp;1502738 | &nbsp;&nbsp;&nbsp;&nbsp;1510815 |
| &nbsp;&nbsp;&nbsp;Freddie Mac STACR REMIC Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-DNA3, Class A1<br> 4.612%, 09/25/45<sup>1,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;670375 | &nbsp;&nbsp;&nbsp;&nbsp;668960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-DNA2, Class A1<br> 4.912%, 05/25/44<sup>1,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;679219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;679430 |

---

------

AMG GW&K ESG Bond Fund

Schedule of Portfolio Investments *(continued)*

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;**Freddie Mac - 5.5% (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Freddie Mac STACR REMIC Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-DNA1, Class M1<br> 5.012%, 02/25/44<sup>1,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$745681 | &nbsp;&nbsp;&nbsp;&nbsp;$745450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-HQA3, Class A1<br> 5.512%, 11/25/43<sup>1,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;820740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;826467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Freddie Mac |  | &nbsp;&nbsp;&nbsp;&nbsp;17598336 |
| &nbsp;&nbsp;&nbsp;**Ginnie Mae - 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;GNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-25, Class QW<br> 3.000%, 02/16/46 | &nbsp;&nbsp;&nbsp;&nbsp;445000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367345 |
| &nbsp;&nbsp;&nbsp;**U.S. Treasury Obligations - 11.1%** |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.250%, 05/15/50 | &nbsp;&nbsp;5625000 | &nbsp;&nbsp;&nbsp;&nbsp;2669458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.875%, 02/15/51 | &nbsp;&nbsp;&nbsp;5797000 | &nbsp;&nbsp;&nbsp;&nbsp;3218920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.250%, 05/15/41 | 15359000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11191071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 02/15/46 | &nbsp;&nbsp;&nbsp;1796000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1239100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125%, 05/15/48 | 10968000 | &nbsp;&nbsp;&nbsp;&nbsp;8253848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625%, 02/15/53 | &nbsp;&nbsp;6760000 | &nbsp;&nbsp;&nbsp;&nbsp;5425428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 02/15/43 | &nbsp;&nbsp;4324000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3842111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total U.S. Treasury Obligations |  | &nbsp;&nbsp;&nbsp;35839936 |
| **Total U.S. Government and Agency Obligations<br> (Cost $122,218,879)** |  | &nbsp;&nbsp;105363699 |
| **Short-Term Investments - 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;**Joint Repurchase Agreements - 1.5%<sup>7</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Citadel Securities LLC, dated 03/31/26, due 04/01/26, 3.730% total to be received $3,276,339 (collateralized by various U.S. Treasuries, 0.000% - 5.375%, 04/15/26 - 02/15/56, totaling $3,341,866) | &nbsp;&nbsp;&nbsp;3276000 | &nbsp;&nbsp;&nbsp;&nbsp;3276000 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;National Bank Financial, Inc., dated 03/31/26, due 04/01/26, 3.710% total to be received $293,539 (collateralized by various U.S. Treasuries, 0.000% - 4.625%, 04/01/26, totaling $299,379) | $293509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$293509 |
| &nbsp;&nbsp;&nbsp;State of Wisconsin Investment Board, dated 03/31/26, due 04/01/26, 3.780% total to be received $1,312,721 (collateralized by various U.S. Treasuries, 0.125% - 3.875%, 04/15/28 - 02/15/56, totaling $1,336,738) | &nbsp;&nbsp;1312583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1312583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Joint Repurchase Agreements |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4882092 |
| &nbsp;&nbsp;&nbsp;**Repurchase Agreements - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Fixed Income Clearing Corp., dated 03/31/26, due 04/01/26, 3.350% total to be received $1,478,138 (collateralized by a U.S. Treasury Note, 1.375%, 11/15/31, totaling $1,507,603) | 1478000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1478000 |
| **Total Short-Term Investments<br> (Cost $6,360,092)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6360092 |
| **Total Investments - 100.7%<br> (Cost $346,706,850)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 324160611 |
| **Other Assets, less Liabilities - (0.7)%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2175399) |
| **Net Assets - 100.0%** |  | &nbsp;&nbsp;**$321985212** |

---

------

<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 March 31, 2026, the value of these securities amounted to $63,680,428 or 19.8% of net assets.

<sup>2</sup> Some of these securities, amounting to $23,970,367 or 7.4% of net assets, were out on loan to various borrowers and are collateralized by cash and various U.S. Treasury Obligations. See below for more information.

<sup>3</sup> Step Bond: A debt instrument with either deferred interest payments or an interest rate that resets at specific times during its term.

<sup>4</sup> Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at March 31, 2026. Rate will reset at a future date.

<sup>5</sup> Variable rate security. The rate shown is based on the latest available information as of March 31, 2026. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.

<sup>6</sup> Perpetuity Bond. The date shown represents the next call date. <br> <sup>7</sup> Cash collateral received for securities lending activity was invested in these joint repurchase agreements.

---

| | |
|:---|:---|
| &nbsp;&nbsp;CLO | Collateralized Loan Obligation |
| &nbsp;&nbsp;CMT | Constant Maturity Treasury |
| &nbsp;&nbsp;DAC | Designated Activity Co. |
| &nbsp;&nbsp;FHLMC | Freddie Mac |
| &nbsp;&nbsp;FNMA | Fannie Mae |
| &nbsp;&nbsp;GNMA | Ginnie Mae |
| &nbsp;&nbsp;MTN | Medium-Term Note |
| &nbsp;&nbsp;REMICS | Real Estate Mortgage Investment Conduit |
| &nbsp;&nbsp;SOFR | Secured Overnight Financing Rate |
| &nbsp;&nbsp;STACR | Structured Agency Credit Risk |

---

------

AMG GW&K ESG Bond 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 March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &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;**Corporate Bonds and Notes<sup>†</sup>** | &nbsp;&nbsp; — | &nbsp;&nbsp; $171474893 | &nbsp;&nbsp; — | &nbsp;&nbsp; $171474893 |
| &nbsp;&nbsp;&nbsp;**Asset-Backed Securities** | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13235390 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13235390 |
| &nbsp;&nbsp;&nbsp;**Mortgage-Backed Securities** | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18161561 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18161561 |
| &nbsp;&nbsp;&nbsp;**Municipal Bonds** | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9564976 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9564976 |
| &nbsp;&nbsp;&nbsp;**U.S. Government and Agency Obligations<sup>†</sup>** | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 105363699 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 105363699 |
| &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; 4882092 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4882092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1478000 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1478000 |
| &nbsp;&nbsp;**Total Investments in Securities** | &nbsp;&nbsp;— | &nbsp;&nbsp;$324160611 | &nbsp;&nbsp;— | &nbsp;&nbsp;$324160611 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;<sup>†</sup> | All corporate bonds and notes and U.S. government and agency obligations held in the Fund are Level 2 securities. For a detailed breakout of corporate bonds and notes and U.S. government and agency obligations by major industry or agency classification, please refer to the Fund's Schedule of Portfolio Investments. |

---

For the period ended March 31, 2026, there were no transfers in or out of Level 3.

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 March 31, 2026, 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** |
| $23970367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4882092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $19760686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $24642778 |

---

The following table summarizes the securities received as collateral for securities lending at March 31, 2026:

---

| | | |
|:---|:---|:---|
| **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;0.000%-5.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/30/26-02/15/56 |

---

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 GW&K ESG Bond Fund

- **b. EDGAR series identifier (if any):** S000009868

- **c. LEI of Series:** 549300GNM1WYO24HFQ54

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

- **a. Date of fiscal year-end:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**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:** $327225248.69

**Total Liabilities:** $5116723.84

**Net Assets:** $322108524.85

**Cash Not Reported:** $541.70

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 108.09874000 | **1-Year:** 7004.75695000 | **5-Year:** 80762.57865000 | **10-Year:** 40141.98799000 | **30-Year:** 2471.38635000

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

- **3-Month:** 54.74134000 | **1-Year:** 5753.59725000 | **5-Year:** 9724.83543000 | **10-Year:** 2527.52827000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000125498 | 0.27%                | 1.47%                | -2.15%               |
| Class ID C000027310 | 0.25%                | 1.45%                | -2.17%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-384449.48              | $75183.40                                  |
| Month 2  | $-1820426.97             | $5576442.15                                |
| Month 3  | $-279448.47              | $-8083363.26                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Celanese US Holdings Llc                                                             | CE 7.05 11/15/30                    | CUSIP: 15089QAX2<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |   2049000 | PA      | $2165963.52   | 0.67%             | 2030-11-15      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                                                          | VZ 5.5 02/23/54                     | CUSIP: 92343VGW8<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |   1625000 | PA      | $1535940.02   | 0.48%             | 2054-02-23      | Fixed         | 5.50%                 | No            |                  2 | On Loan: —       |
| Starwood Property Trust, Inc.                                                        | STWD 4.375 01/15/27 144A            | CUSIP: 85571BAY1<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |   1775000 | PA      | $1766029.86   | 0.55%             | 2027-01-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| GS MORTGAGE-BACKED SECURITIES TRUST 2021-GR3                                         | GSMBS 2021-GR3 A6                   | CUSIP: 36263TAF9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    367205 | PA      | $329401.56    | 0.10%             | 2052-04-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Twilio Inc                                                                           | TWLO 3.875 03/15/31                 | CUSIP: 90138FAD4<br>LEI: 5493004W8TRGD63APX93 | Long             | DBT              | CORP              | US        |   2194000 | PA      | $2045202.92   | 0.63%             | 2031-03-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                         | T 1.25 05/15/50                     | CUSIP: 912810SN9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5625000 | PA      | $2669457.99   | 0.83%             | 2050-05-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                                                         | AVGO 3.5 02/15/41                   | CUSIP: 11135FCV1<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |   1700000 | PA      | $1356276.39   | 0.42%             | 2041-02-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Duke Energy Corp                                                                     | DUK 2.55 06/15/31                   | CUSIP: 26441CBL8<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |   1595000 | PA      | $1434040.08   | 0.45%             | 2031-06-15      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| J.P. MORGAN MTG TR 2022-2                                                            | JPMMT 2022-2 A6                     | CUSIP: 46655DAG7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    703766 | PA      | $662069.25    | 0.21%             | 2052-08-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| GS MORTGAGE-BACKED SECURITIES TRUST 2022-PJ3                                         | GSMBS 2022-PJ3 A4                   | CUSIP: 362924AE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    750807 | PA      | $621287.46    | 0.19%             | 2052-08-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| HCA Inc.                                                                             | HCA 3.5 09/01/30                    | CUSIP: 404119CA5<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |   1550000 | PA      | $1471943.80   | 0.46%             | 2030-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Twilio Inc                                                                           | TWLO 3.625 03/15/29                 | CUSIP: 90138FAC6<br>LEI: 5493004W8TRGD63APX93 | Long             | DBT              | CORP              | US        |    600000 | PA      | $573708.96    | 0.18%             | 2029-03-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: —       |
| Las Vegas Sands Corp                                                                 | LVS 6.2 08/15/34                    | CUSIP: 517834AL1<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |   1375000 | PA      | $1408942.76   | 0.44%             | 2034-08-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| American Express Credit Account Master Trust                                         | AMXCA 2025-5 A                      | CUSIP: 02582JKT6<br>LEI: 549300Y4SA5G3GIJTP18 | Long             | ABS-O            | CORP              | US        |    610000 | PA      | $616273.36    | 0.19%             | 2032-07-15      | Fixed         | 4.51%                 | No            |                  2 | On Loan: No      |
| Murphy Oil USA Inc                                                                   | MUSA 4.75 09/15/29                  | CUSIP: 626738AE8<br>LEI: N32S6DTR2ZZ5222WHV58 | Long             | DBT              | CORP              | US        |   1050000 | PA      | $1035636.53   | 0.32%             | 2029-09-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Micron Technology Inc.                                                               | MU 5.875 02/09/33                   | CUSIP: 595112BZ5<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |   1400000 | PA      | $1496498.07   | 0.46%             | 2033-02-09      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Dominion Energy Inc                                                                  | D V7 06/01/54 B                     | CUSIP: 25746UDU0<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |   2189000 | PA      | $2315283.41   | 0.72%             | 2054-06-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| KeyCorp                                                                              | KEY 4.1 04/30/28 MTN                | CUSIP: 49326EEG4<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | DBT              | CORP              | US        |   1095000 | PA      | $1086573.87   | 0.34%             | 2028-04-30      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Advocate Health & Hospitals Corp.                                                    | ADVHEA 4.272 08/15/48               | CUSIP: 007589AB0<br>LEI: 549300AEHU3PPOUCIL87 | Long             | DBT              | CORP              | US        |   1670000 | PA      | $1365911.64   | 0.42%             | 2048-08-15      | Fixed         | 4.27%                 | No            |                  2 | On Loan: No      |
| Hyatt Hotels Corporation                                                             | H 5.75 03/30/32                     | CUSIP: 448579AV4<br>LEI: T27JQIMTYSH41TCD5186 | Long             | DBT              | CORP              | US        |   1975000 | PA      | $2029132.81   | 0.63%             | 2032-03-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Walmart Inc                                                                          | WMT 4.05 06/29/48                   | CUSIP: 931142EC3<br>LEI: Y87794H0US1R65VBXU25 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $816016.78    | 0.25%             | 2048-06-29      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN MA3384                           | CUSIP: 31418CXN9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   6065950 | PA      | $5771719.94   | 1.79%             | 2048-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Royal Caribbean Group                                                                | RCL 6 02/01/33 144A                 | CUSIP: 780153BV3<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    875000 | PA      | $883742.16    | 0.27%             | 2033-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GLP Capital L.P. and GLP Financing II, Inc.                                          | GLPI 5.625 09/15/34                 | CUSIP: 361841AT6<br>LEI: 2549005PXW31DRW8EC44 | Long             | DBT              | CORP              | US        |   1400000 | PA      | $1378146.56   | 0.43%             | 2034-09-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                                                | FN MA3745                           | CUSIP: 31418DET5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   7586092 | PA      | $7032684.28   | 2.18%             | 2049-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Huntington Bancshares Incorporated                                                   | HBAN V4.443 08/04/28                | CUSIP: 446150BB9<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |   1080000 | PA      | $1079216.71   | 0.34%             | 2028-08-04      | Fixed         | 4.44%                 | No            |                  2 | On Loan: —       |
| CONNECTICUT AVENUE SECURITIES TRUST 2026-R02                                         | CAS 2026-R02 1A1                    | CUSIP: 20753EAA4<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |    516295 | PA      | $516497.32    | 0.16%             | 2046-02-26      | Floating      | 4.61%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN FS0472                           | CUSIP: 3140XFQ20<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1794832 | PA      | $1776289.37   | 0.55%             | 2048-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GS MORTGAGE SECURITIES TRUST 2020-GC47                                               | GSMS 2020-GC47 A5                   | CUSIP: 36258RBA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    900000 | PA      | $824846.85    | 0.26%             | 2053-05-14      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                         | T 3.875 02/15/43                    | CUSIP: 912810TQ1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4324000 | PA      | $3842110.48   | 1.19%             | 2043-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| United Air Lines, Inc.                                                               | UAL 5.45 02/15/37 AA                | CUSIP: 90932WAA1<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | ABS-O            | CORP              | US        |   1329740 | PA      | $1354936.78   | 0.42%             | 2037-02-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Compass Datacenters Issuer II LLC                                                    | CMPDC 2024-1A A1                    | CUSIP: 20469AAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3050000 | PA      | $3047071.39   | 0.95%             | 2049-02-25      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Ford Foundation                                                                      | FRDFND 2.415 06/01/50 2020          | CUSIP: 34531XAB0<br>LEI: 54930013YZ3DULPNNT44 | Long             | DBT              | CORP              | US        |   1690000 | PA      | $996137.65    | 0.31%             | 2050-06-01      | Fixed         | 2.42%                 | No            |                  2 | On Loan: No      |
| MAGNETITE LTD 2023-36                                                                | MAGNE 2023-36A AR                   | CUSIP: 559922AL3<br>LEI: 549300M0875JBMUL0W79 | Long             | ABS-CBDO         | CORP              | KY        |    880000 | PA      | $880820.69    | 0.27%             | 2038-07-26      | Floating      | 4.99%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HEALTH FACS FING AUTH                                                     | CA CASMED 4.19 06/01/2037           | CUSIP: 13032UD88<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   3395000 | PA      | $3179205.99   | 0.99%             | 2037-06-01      | Fixed         | 4.19%                 | No            |                  2 | On Loan: No      |
| Kraft Heinz Foods Company                                                            | KHC 4.625 10/01/39                  | CUSIP: 50077LAX4<br>LEI: 5493003STKEZ2S0RNU91 | Long             | DBT              | CORP              | US        |   2480000 | PA      | $2186434.39   | 0.68%             | 2039-10-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Goodyear Tire & Rubber Co. The                                                       | GT 5 07/15/29                       | CUSIP: 382550BN0<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |   1439000 | PA      | $1361742.54   | 0.42%             | 2029-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Regal Rexnord Corporation                                                            | RRX 6.3 02/15/30 *                  | CUSIP: 758750AN3<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |   1670000 | PA      | $1749779.16   | 0.54%             | 2030-02-15      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| KB Home                                                                              | KBH 4.8 11/15/29                    | CUSIP: 48666KAY5<br>LEI: 549300LGUCWQURMWLG09 | Long             | DBT              | CORP              | US        |   1222000 | PA      | $1189937.78   | 0.37%             | 2029-11-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| CITADEL SECURITIES LLC                                                               | CITADEL SECURITIES LLC              | CUSIP: 000000000<br>LEI: 12UUJYTN7D3SW8KCSG25 | Long             | RA               | CORP              | US        |   3276000 | PA      | $3276000.00   | 1.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN FM9141                           | CUSIP: 3140XDEP7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2760086 | PA      | $2723012.22   | 0.85%             | 2049-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Exelon Corp.                                                                         | EXC V6.5 03/15/55                   | CUSIP: 30161NBQ3<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |   2315000 | PA      | $2360287.28   | 0.73%             | 2055-03-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CITIGROUP MORTGAGE LOAN TRUST 2022-J1                                                | CMLTI 2022-J1 A1                    | CUSIP: 17330CAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    856653 | PA      | $795335.71    | 0.25%             | 2052-02-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| SK Hynix Inc.                                                                        | HYUELE 2.375 01/19/31 144A          | CUSIP: 78392BAC1<br>LEI: 988400XAIK6XISWQV045 | Long             | DBT              | CORP              | KR        |   1800000 | PA      | $1627786.80   | 0.51%             | 2031-01-19      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| AUTONATION INC                                                                       | AN 3.85 03/01/32                    | CUSIP: 05329RAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1600000 | PA      | $1487686.24   | 0.46%             | 2032-03-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| GS MORTGAGE-BACKED SECURITIES TRUST 2022-PJ3                                         | GSMBS 2022-PJ3 A7                   | CUSIP: 362924AL6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    498694 | PA      | $473490.71    | 0.15%             | 2052-08-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Ford Motor Company                                                                   | F 6.1 08/19/32                      | CUSIP: 345370DB3<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |   1900000 | PA      | $1915568.09   | 0.59%             | 2032-08-19      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Palmer Square CLO 2018-2 Ltd                                                         | PLMRS 2018-2A A1R                   | CUSIP: 69688MAN5<br>LEI: 549300EYS8N79JYSXL17 | Long             | ABS-CBDO         | CORP              | KY        |    990000 | PA      | $991570.24    | 0.31%             | 2037-04-16      | Floating      | 5.20%                 | No            |                  2 | On Loan: No      |
| ELMWOOD CLO II LTD                                                                   | ELMW2 2019-2A A1RR                  | CUSIP: 29001LAW1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1715000 | PA      | $1714182.63   | 0.53%             | 2037-10-20      | Floating      | 5.02%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | CAS 2024-R01 1M1                    | CUSIP: 20753UAA8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    655534 | PA      | $655358.87    | 0.20%             | 2044-01-25      | Floating      | 4.71%                 | No            |                  2 | On Loan: No      |
| Marriott Ownership Resorts Inc                                                       | VAC 4.75 01/15/28                   | CUSIP: 57164PAF3<br>LEI: BW4532OH033VURR0IT68 | Long             | DBT              | CORP              | US        |   1600000 | PA      | $1574836.64   | 0.49%             | 2028-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: —       |
| Travel Plus Leisure Co                                                               | TNL 4.625 03/01/30 144A             | CUSIP: 98310WAQ1<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | DBT              | CORP              | US        |    575000 | PA      | $548601.29    | 0.17%             | 2030-03-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Dell International LLC / EMC Corp.                                                   | DELL 8.1 07/15/36                   | CUSIP: 24703TAJ5<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |   1372000 | PA      | $1630851.33   | 0.51%             | 2036-07-15      | Fixed         | 8.10%                 | No            |                  2 | On Loan: No      |
| JOBSOHIO BEVERAGE SYSTEM (OH)                                                        | OH JOBGEN 2.83 01/01/2038           | CUSIP: 47770VCT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3635000 | PA      | $3070786.93   | 0.95%             | 2038-01-01      | Fixed         | 2.83%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating, LLC/Charter Communications Operating Capital Corp. | CHTR 4.4 04/01/33                   | CUSIP: 161175CJ1<br>LEI: 549300TPZNMN50BJ3745 | Long             | DBT              | CORP              | US        |   1815000 | PA      | $1696843.65   | 0.53%             | 2033-04-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                            | GS V6.85 PERP                       | CUSIP: 38141GC28<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   1795000 | PA      | $1829666.84   | 0.57%             | N/A             | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| SLM CORP (SALLIE MAE)                                                                | SLM 6.5 01/31/30                    | CUSIP: 78442PGF7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1400000 | PA      | $1374398.06   | 0.43%             | 2030-01-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Penske Automotive Group, Inc.                                                        | PAG 3.75 06/15/29                   | CUSIP: 70959WAK9<br>LEI: 549300W7UTQ0M4C7LB15 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1427170.95   | 0.44%             | 2029-06-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: —       |
| OI European Group B.V.                                                               | OI 4.75 02/15/30 144A               | CUSIP: 67777LAD5<br>LEI: 72450053F5WRDY8CDZ66 | Long             | DBT              | CORP              | NL        |   1500000 | PA      | $1399773.60   | 0.43%             | 2030-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| PULTEGROUP INC                                                                       | PHM 6 02/15/35                      | CUSIP: 745867AT8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2050000 | PA      | $2138394.38   | 0.66%             | 2035-02-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD                               | FHR 5297 DA                         | CUSIP: 3137H9RL5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |   1502738 | PA      | $1510814.59   | 0.47%             | 2052-12-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Duke Energy Corp                                                                     | DUK V6.45 09/01/54                  | CUSIP: 26441CCG8<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |   2290000 | PA      | $2364750.18   | 0.73%             | 2054-09-01      | Fixed         | 6.45%                 | No            |                  2 | On Loan: —       |
| OneMain Financial Corporation                                                        | OMF 6.625 01/15/28                  | CUSIP: 85172FAQ2<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    950000 | PA      | $956497.05    | 0.30%             | 2028-01-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| CCO HOLDINGS LLC                                                                     | CHTR 4.5 05/01/32                   | CUSIP: 1248EPCN1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1900000 | PA      | $1697213.86   | 0.53%             | 2032-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| DPL INC                                                                              | DPL LLC/Ohio                        | CUSIP: 233293AQ2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $959788.00    | 0.30%             | 2029-04-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| CommonSpirit Health                                                                  | CATMED 3.347 10/01/29               | CUSIP: 20268JAB9<br>LEI: 4SXHN5XW08IBO0UG2V58 | Long             | DBT              | CORP              | US        |    600000 | PA      | $573927.02    | 0.18%             | 2029-10-01      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Jacobs Engineering Group Inc.                                                        | J 5.9 03/01/33                      | CUSIP: 469814AA5<br>LEI: 549300CZ8QS1GE53O776 | Long             | DBT              | CORP              | US        |   3168000 | PA      | $3279580.89   | 1.02%             | 2033-03-01      | Fixed         | 5.90%                 | No            |                  2 | On Loan: —       |
| Owens Corning                                                                        | OC 7 12/01/36                       | CUSIP: 690742AB7<br>LEI: JO5M6676RDJIZ2U8X907 | Long             | DBT              | CORP              | US        |   1800000 | PA      | $2006051.20   | 0.62%             | 2036-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                                                      | CVS 5.25 02/21/33                   | CUSIP: 126650DU1<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |   2568000 | PA      | $2597342.20   | 0.81%             | 2033-02-21      | Fixed         | 5.25%                 | No            |                  2 | On Loan: —       |
| Avient Corporation                                                                   | AVNT 6.25 11/01/31 144A             | CUSIP: 05368VAB2<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | DBT              | CORP              | US        |   1575000 | PA      | $1585999.80   | 0.49%             | 2031-11-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: —       |
| Royal Caribbean Cruises Ltd.                                                         | RCL 5.375 01/15/36                  | CUSIP: 78017TAB9<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |   1725000 | PA      | $1694721.51   | 0.53%             | 2036-01-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                                                                        | CA CAS 7.55 04/01/2039              | CUSIP: 13063A5G5<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   2030000 | PA      | $2409757.38   | 0.75%             | 2039-04-01      | Fixed         | 7.55%                 | No            |                  2 | On Loan: No      |
| Truist Financial Corp.                                                               | TFC V5.867 06/08/34 MTN             | CUSIP: 89788MAP7<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |   2213000 | PA      | $2305785.67   | 0.72%             | 2034-06-08      | Fixed         | 5.87%                 | No            |                  2 | On Loan: No      |
| Amgen Inc.                                                                           | AMGN 5.6 03/02/43                   | CUSIP: 031162DS6<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |   1385000 | PA      | $1365106.80   | 0.42%             | 2043-03-02      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                         | T 2.5 02/15/46                      | CUSIP: 912810RQ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1796000 | PA      | $1239099.70   | 0.38%             | 2046-02-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| JP MORGAN MORTGAGE TRUST 2021-7                                                      | JPMMT 2021-7 A6                     | CUSIP: 46592NAN6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1540804 | PA      | $1442369.55   | 0.45%             | 2051-11-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| JP MORGAN MORTGAGE TRUST 2019-INV3                                                   | JPMMT 2019-INV3 B2                  | CUSIP: 46591LBT7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    195533 | PA      | $182460.58    | 0.06%             | 2050-05-25      | Variable      | 4.34%                 | No            |                  2 | On Loan: No      |
| Mattel, Inc.                                                                         | MAT 6.2 10/01/40                    | CUSIP: 577081AU6<br>LEI: 549300VELLG24KHTJ564 | Long             | DBT              | CORP              | US        |    911000 | PA      | $886454.12    | 0.28%             | 2040-10-01      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Mueller Water Products, Inc.                                                         | MWA 4 06/15/29 144A                 | CUSIP: 624758AF5<br>LEI: 549300F7ZU4P1F8V8L60 | Long             | DBT              | CORP              | US        |   2050000 | PA      | $1974963.24   | 0.61%             | 2029-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FR SD8142                           | CUSIP: 3132DWBK8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1919901 | PA      | $1701937.14   | 0.53%             | 2051-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | GNR 2016-25 QW                      | CUSIP: 38379T3C1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    445000 | PA      | $367345.45    | 0.11%             | 2046-02-16      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                                             | T 4.3 12/15/42                      | CUSIP: 00206RBH4<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |   1985000 | PA      | $1647682.96   | 0.51%             | 2042-12-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN FM3229                           | CUSIP: 3140X6ST9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   6594276 | PA      | $6210172.69   | 1.93%             | 2047-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BWX Technologies Inc.                                                                | BWXT 4.125 06/30/28 144A            | CUSIP: 05605HAB6<br>LEI: 549300NP85N265KWMS58 | Long             | DBT              | CORP              | US        |   1210000 | PA      | $1176508.89   | 0.37%             | 2028-06-30      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| JP MORGAN MORTGAGE TRUST 2022-4                                                      | JPMMT 2022-4 A3                     | CUSIP: 46655GAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    748482 | PA      | $647700.27    | 0.20%             | 2052-10-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| DALLAS & FORT WORTH CITIES TEXAS INTERNATIONAL AIRPORT (TX)                          | TX DALAPT 4.51 11/01/2051           | CUSIP: 23503CAN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $850785.90    | 0.26%             | 2051-11-01      | Fixed         | 4.51%                 | No            |                  2 | On Loan: No      |
| M&T Bank Corporation                                                                 | MTB V7.413 10/30/29                 | CUSIP: 55261FAS3<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |   1837000 | PA      | $1963121.77   | 0.61%             | 2029-10-30      | Fixed         | 7.41%                 | No            |                  2 | On Loan: No      |
| JP MORGAN MORTGAGE TRUST 2021-1                                                      | JPMMT 2021-1 A3A                    | CUSIP: 46592EAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    737860 | PA      | $588750.09    | 0.18%             | 2051-06-25      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| M/I Homes Inc.                                                                       | MHO 3.95 02/15/30                   | CUSIP: 55305BAV3<br>LEI: 5299005M71FH9CCSFB69 | Long             | DBT              | CORP              | US        |    335000 | PA      | $314171.91    | 0.10%             | 2030-02-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                    | WFC V7.625 PERP                     | CUSIP: 95002YAA1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   1462000 | PA      | $1535806.15   | 0.48%             | N/A             | Fixed         | 7.62%                 | No            |                  2 | On Loan: —       |
| LAMAR MEDIA CORP (DELAWARE)                                                          | LAMR 4.875 01/15/29                 | CUSIP: 513075BW0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1284512.19   | 0.40%             | 2029-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Magnetite XXXIV Ltd.                                                                 | MAGNE 2023-34A A1R                  | CUSIP: 55952MAJ2<br>LEI: 5493007RY5PFZOE8RF76 | Long             | ABS-CBDO         | CORP              | KY        |    850000 | PA      | $846180.10    | 0.26%             | 2038-01-15      | Variable      | 4.81%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC STACR REMIC TRUST 2024-DNA2                                              | STACR 2024-DNA2 A1                  | CUSIP: 35564NCW1<br>LEI: 529900GRKKKHILZX4347 | Long             | ABS-O            | USGSE             | US        |    679219 | PA      | $679429.78    | 0.21%             | 2044-05-25      | Floating      | 4.91%                 | No            |                  2 | On Loan: No      |
| Bath & Body Works Inc                                                                | BBWI 6.875 11/01/35                 | CUSIP: 501797AL8<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |    940000 | PA      | $924651.42    | 0.29%             | 2035-11-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: —       |
| JP MORGAN MORTGAGE TRUST 2019-INV3                                                   | JPMMT 2019-INV3 B1                  | CUSIP: 46591LBQ3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    238040 | PA      | $221459.61    | 0.07%             | 2050-05-25      | Variable      | 4.34%                 | No            |                  2 | On Loan: No      |
| The Charles Schwab Corporation                                                       | SCHW V5 PERP K                      | CUSIP: 808513CB9<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |   1773000 | PA      | $1753497.00   | 0.54%             | N/A             | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mattel, Inc.                                                                         | MAT 3.75 04/01/29 144A              | CUSIP: 577081BF8<br>LEI: 549300VELLG24KHTJ564 | Long             | DBT              | CORP              | US        |   1075000 | PA      | $1039642.96   | 0.32%             | 2029-04-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Herc Holdings Inc                                                                    | HRI 7 06/15/30 144A                 | CUSIP: 42704LAF1<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2050738.00   | 0.64%             | 2030-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                       | C V6.25 PERP T                      | CUSIP: 172967KM2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    825000 | PA      | $825463.65    | 0.26%             | N/A             | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                                                | FR ZT1817                           | CUSIP: 3132AEAS5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2124124 | PA      | $2084431.62   | 0.65%             | 2048-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Methanex Corporation                                                                 | MXCN 5.125 10/15/27                 | CUSIP: 59151KAM0<br>LEI: 549300TSJHRXT9QXRD13 | Long             | DBT              | CORP              | CA        |   1205000 | PA      | $1197499.36   | 0.37%             | 2027-10-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| GS MORTGAGE-BACKED SECURITIES TRUST 2018-RPL1                                        | GSMBS 2018-RPL1 A1A                 | CUSIP: 36256BAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    534752 | PA      | $524610.61    | 0.16%             | 2057-10-25      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| VOYA CLO 2021-2 LTD                                                                  | VOYA 2021-2A A1R                    | CUSIP: 92919AAN4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1475000 | PA      | $1470645.36   | 0.46%             | 2038-04-20      | Floating      | 4.84%                 | No            |                  2 | On Loan: No      |
| Huntington Bancshares Incorporated                                                   | HBAN V5.625 PERP F                  | CUSIP: 446150AT1<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |    975000 | PA      | $983877.38    | 0.31%             | N/A             | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| FIXED INCOME CLEARING CORPORATION                                                    | FICC                                | CUSIP: 000000000<br>LEI: 549300H47WTHXPU08X20 | Long             | RA               | CORP              | US        |   1478000 | PA      | $1478000.00   | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Ally Financial Inc.                                                                  | ALLY V5.543 01/17/31                | CUSIP: 02005NBW9<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |   2093000 | PA      | $2107018.08   | 0.65%             | 2031-01-17      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC V4.33 03/15/50 MTN              | CUSIP: 06051GHS1<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   2775000 | PA      | $2249852.56   | 0.70%             | 2050-03-15      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| Sonoco Products Company                                                              | SON 2.85 02/01/32                   | CUSIP: 835495AP7<br>LEI: GKOMIK4RDJGHEF0VNP11 | Long             | DBT              | CORP              | US        |   1822000 | PA      | $1630782.98   | 0.51%             | 2032-02-01      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| Ashtead Capital Inc.                                                                 | AHTLN 5.5 08/11/32 144A             | CUSIP: 04505AAA7<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2028019.14   | 0.63%             | 2032-08-11      | Fixed         | 5.50%                 | No            |                  2 | On Loan: —       |
| FREDDIE MAC STACR REMIC TRUST 2023-HQA3                                              | STACR 2023-HQA3 A1                  | CUSIP: 35564K3F4<br>LEI: 529900ZTXRUUVE8G8W08 | Long             | ABS-O            | USGSE             | US        |    820740 | PA      | $826467.24    | 0.26%             | 2043-11-25      | Floating      | 5.51%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN BANKS                                                              | FR SD7507                           | CUSIP: 3132DVKU8<br>LEI: 2549001DPIFGXC1TOL40 | Long             | ABS-MBS          | USGSE             | US        |   3993669 | PA      | $3588717.80   | 1.11%             | 2049-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Microsoft Corp.                                                                      | MSFT 2.525 06/01/50                 | CUSIP: 594918CC6<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | DBT              | CORP              | US        |   1450000 | PA      | $869427.22    | 0.27%             | 2050-06-01      | Fixed         | 2.52%                 | No            |                  2 | On Loan: No      |
| MSCI Inc.                                                                            | MSCI 3.25 08/15/33 144A             | CUSIP: 55354GAQ3<br>LEI: 549300HTIN2PD78UB763 | Long             | DBT              | CORP              | US        |   2015000 | PA      | $1755213.34   | 0.54%             | 2033-08-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN FS3698                           | CUSIP: 3140XKDC1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4749645 | PA      | $4845399.58   | 1.50%             | 2052-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Kyndryl Holdings Inc                                                                 | KD 3.15 10/15/31                    | CUSIP: 50155QAL4<br>LEI: 549300LQ4LWX2R8ZV130 | Long             | DBT              | CORP              | US        |   2375000 | PA      | $1979916.95   | 0.61%             | 2031-10-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| State Street Corp.                                                                   | STT V6.7 PERP I                     | CUSIP: 857477CH4<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |   1900000 | PA      | $1930593.80   | 0.60%             | N/A             | Fixed         | 6.70%                 | No            |                  2 | On Loan: —       |
| Capital One Financial Corp.                                                          | COF V7.964 11/02/34                 | CUSIP: 254709AT5<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |   1950000 | PA      | $2236353.95   | 0.69%             | 2034-11-02      | Fixed         | 7.96%                 | No            |                  2 | On Loan: No      |
| Comcast Corporation                                                                  | CMCSA 4.65 02/15/33                 | CUSIP: 20030NEC1<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    867000 | PA      | $858390.74    | 0.27%             | 2033-02-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: —       |
| Oracle Corp.                                                                         | ORCL 4.8 09/26/32                   | CUSIP: 68389XDK8<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   1840000 | PA      | $1752320.15   | 0.54%             | 2032-09-26      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| MGM Resorts International                                                            | MGM 6.125 09/15/29                  | CUSIP: 552953CK5<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1005925.00   | 0.31%             | 2029-09-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: —       |
| The Bank of New York Mellon Corp.                                                    | BK V5.95 PERP                       | CUSIP: 064058AR1<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |   2433000 | PA      | $2433588.79   | 0.76%             | N/A             | Fixed         | 5.95%                 | No            |                  2 | On Loan: —       |
| JOBSOHIO BEVERAGE SYSTEM (OH)                                                        | OH JOBGEN 2.83 01/01/2038           | CUSIP: 47770VCW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $54439.61     | 0.02%             | 2038-01-01      | Fixed         | 2.83%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                    | WFC V3.35 03/02/33 MTN              | CUSIP: 95000U2U6<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   2025000 | PA      | $1859326.06   | 0.58%             | 2033-03-02      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Teleflex Incorporated                                                                | TFX 4.25 06/01/28 144A              | CUSIP: 879369AG1<br>LEI: UUL85LWXB4NGSWWXIQ25 | Long             | DBT              | CORP              | US        |   2045000 | PA      | $1988562.09   | 0.62%             | 2028-06-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| NATIONAL BANK FINANCIAL INC.                                                         | NATIONAL BANK FINANCIAL INC         | CUSIP: 000000000<br>LEI: 549300D83GR71RNG0O65 | Long             | RA               | CORP              | US        |    293509 | PA      | $293509.00    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                         | T 3.125 05/15/48                    | CUSIP: 912810SC3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10968000 | PA      | $8253848.41   | 2.56%             | 2048-05-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                       | C V7.625 PERP AA                    | CUSIP: 172967PE5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   1278000 | PA      | $1321655.20   | 0.41%             | N/A             | Fixed         | 7.62%                 | No            |                  2 | On Loan: —       |
| Open Text Holdings Inc                                                               | OTEXCN 4.125 02/15/30 144A          | CUSIP: 683720AA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1125000 | PA      | $1005219.00   | 0.31%             | 2030-02-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V3.157 04/22/42                 | CUSIP: 46647PCD6<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   2710000 | PA      | $2037466.18   | 0.63%             | 2042-04-22      | Fixed         | 3.16%                 | No            |                  2 | On Loan: No      |
| Graphic Packaging International LLC                                                  | GPK 3.5 03/01/29 144A               | CUSIP: 38869AAC1<br>LEI: SO75N4VY5NXGQSK8YQ65 | Long             | DBT              | CORP              | US        |   1400000 | PA      | $1310664.18   | 0.41%             | 2029-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT AVENUE SECURITIES TRUST 2024-R06                                         | CAS 2024-R06 1A1                    | CUSIP: 20755RAA3<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |    584295 | PA      | $584114.09    | 0.18%             | 2044-09-26      | Floating      | 4.81%                 | No            |                  2 | On Loan: No      |
| GS MORTGAGE-BACKED SECURITIES TRUST 2021-PJ8                                         | GSMBS 2021-PJ8 A2                   | CUSIP: 36262WAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1750430 | PA      | $1452844.94   | 0.45%             | 2052-01-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| CHASE HOME LENDING MORTGAGE TRUST 2024-1                                             | CHASE 2024-1 A6                     | CUSIP: 16160DAK9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    495063 | PA      | $497286.84    | 0.15%             | 2055-01-25      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| CARMAX AUTO OWNER TRUST 2025-1                                                       | CARMX 2025-1 A2A                    | CUSIP: 14319WAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    574268 | PA      | $575041.24    | 0.18%             | 2028-03-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Huntington Bancshares Incorporated                                                   | HBAN V5.709 02/02/35                | CUSIP: 446150BD5<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |    500000 | PA      | $510207.52    | 0.16%             | 2035-02-02      | Fixed         | 5.71%                 | No            |                  2 | On Loan: —       |
| Federal National Mortgage Association                                                | FN FA0866                           | CUSIP: 3140W06C4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3287490 | PA      | $3349789.59   | 1.04%             | 2055-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| KKR CLO 43 LTD                                                                       | KKR 2022-43A A1R2                   | CUSIP: 48255UAV6<br>LEI: 25490088LQLWORRKOM10 | Long             | ABS-O            | CORP              | JE        |    500000 | PA      | $497743.70    | 0.15%             | 2038-04-15      | Variable      | 4.77%                 | No            |                  2 | On Loan: No      |
| Newell Brands Inc.                                                                   | NWL 6.375 05/15/30                  | CUSIP: 651229BF2<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |    850000 | PA      | $815927.41    | 0.25%             | 2030-05-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: —       |
| PNC Financial Services Group Inc.                                                    | PNC V5.068 01/24/34                 | CUSIP: 693475BM6<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |   2386000 | PA      | $2385497.10   | 0.74%             | 2034-01-24      | Fixed         | 5.07%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                            | GS V6.561 10/24/34                  | CUSIP: 38141GA53<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   1650000 | PA      | $1793867.44   | 0.56%             | 2034-10-24      | Fixed         | 6.56%                 | No            |                  2 | On Loan: No      |
| Travel Plus Leisure Co                                                               | TNL 4.5 04/01/27                    | CUSIP: 98310WAN8<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | DBT              | CORP              | US        |    350000 | PA      | $351699.95    | 0.11%             | 2027-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| American Homes 4 Rent L P                                                            | AMH 5.5 07/15/34                    | CUSIP: 02666TAH0<br>LEI: 549300N4PXZ37U8QKI55 | Long             | DBT              | CORP              | US        |   1675000 | PA      | $1675588.90   | 0.52%             | 2034-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN FM5137                           | CUSIP: 3140X8V79<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2162156 | PA      | $2170988.44   | 0.67%             | 2050-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN MORTGAGE CORP                                                      | FHR 5106 KA                         | CUSIP: 3137FYX43<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |   3366566 | PA      | $3179282.21   | 0.99%             | 2041-03-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| M/I Homes Inc.                                                                       | MHO 4.95 02/01/28                   | CUSIP: 55305BAS0<br>LEI: 5299005M71FH9CCSFB69 | Long             | DBT              | CORP              | US        |    500000 | PA      | $493556.40    | 0.15%             | 2028-02-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| CDW LLC / CDW Finance Corp                                                           | CDW 5.55 08/22/34                   | CUSIP: 12513GBL2<br>LEI: 549300RU2J599RPFD076 | Long             | DBT              | CORP              | US        |   2008000 | PA      | $1973300.98   | 0.61%             | 2034-08-22      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| United Airlines Holdings Inc                                                         | UAL 5.375 03/01/31                  | CUSIP: 910047AL3<br>LEI: 98450079DA0B78DD6764 | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1713804.23   | 0.53%             | 2031-03-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: —       |
| Versant Media Group Inc.                                                             | VSNT 7.25 01/30/31 144A             | CUSIP: 925283AA1<br>LEI: 254900D2Q5F5F229PU30 | Long             | DBT              | CORP              | US        |   1675000 | PA      | $1714196.68   | 0.53%             | 2031-01-30      | Fixed         | 7.25%                 | No            |                  2 | On Loan: —       |
| Cleveland-Cliffs Inc                                                                 | CLF 7 03/15/32 144A                 | CUSIP: 185899AP6<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1935104.60   | 0.60%             | 2032-03-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: —       |
| Citizens Financial Group Inc                                                         | CFG V5.718 07/23/32                 | CUSIP: 174610BH7<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | DBT              | CORP              | US        |   2465000 | PA      | $2533790.95   | 0.79%             | 2032-07-23      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN FM3375                           | CUSIP: 3140X6XD8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   6218180 | PA      | $6088433.52   | 1.89%             | 2035-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                         | T 2.25 05/15/41                     | CUSIP: 912810SY5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  15359000 | PA      | $11191071.33  | 3.47%             | 2041-05-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| APi Group DE Inc                                                                     | APG 4.125 07/15/29 144A             | CUSIP: 001877AA7<br>LEI: 549300XP4G7B4QYA0G83 | Long             | DBT              | CORP              | US        |   1255000 | PA      | $1195113.03   | 0.37%             | 2029-07-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Teva Pharmaceutical Finance Company LLC                                              | TEVA 6.15 02/01/36                  | CUSIP: 88163VAD1<br>LEI: 5493006PITD7MU7WW480 | Long             | DBT              | CORP              | US        |   1985000 | PA      | $2045173.29   | 0.63%             | 2036-02-01      | Fixed         | 6.15%                 | No            |                  2 | On Loan: —       |
| FREDDIE MAC STACR REMIC TRUST 2024-DNA1                                              | STACR 2024-DNA1 M1                  | CUSIP: 35564NAX1<br>LEI: 529900N6M839KA246662 | Long             | ABS-O            | USGSE             | US        |    745681 | PA      | $745450.20    | 0.23%             | 2044-02-25      | Floating      | 5.01%                 | No            |                  2 | On Loan: No      |
| PALMER SQUARE CLO 2021-1 LTD                                                         | PLMRS 2021-1A A1AR                  | CUSIP: 69701WAJ5<br>LEI: 549300O6Q3S8TEDA9I81 | Long             | ABS-CBDO         | CORP              | KY        |    551000 | PA      | $548811.32    | 0.17%             | 2038-04-20      | Floating      | 4.82%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                         | T 3.625 02/15/53                    | CUSIP: 912810TN8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6760000 | PA      | $5425428.09   | 1.68%             | 2053-02-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC V5.872 09/15/34                 | CUSIP: 06051GLU1<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   3050000 | PA      | $3193841.14   | 0.99%             | 2034-09-15      | Fixed         | 5.87%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN FM6468                           | CUSIP: 3140XAFJ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3346524 | PA      | $3188815.31   | 0.99%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Aircastle Ltd. / Aircastle Ireland DAC                                               | AYR 5.75 10/01/31 144A              | CUSIP: 00929JAA4<br>LEI: 549300PNK8AKY3OIKP58 | Long             | DBT              | CORP              | BM        |   2375000 | PA      | $2431805.89   | 0.75%             | 2031-10-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Boston Properties LP                                                                 | BXP 2.55 04/01/32                   | CUSIP: 10112RBE3<br>LEI: BVHHEFJI6SHNOKQT2572 | Long             | DBT              | CORP              | US        |   2469000 | PA      | $2118699.00   | 0.66%             | 2032-04-01      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| AGL CORE CLO 38 LTD                                                                  | AGL 2025-38A A1                     | CUSIP: 00852QAA9<br>LEI: 254900ZPMRHE5M6S8F18 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $998591.40    | 0.31%             | 2038-01-22      | Variable      | 4.91%                 | No            |                  2 | On Loan: No      |
| MetLife Inc.                                                                         | MET V5.875 PERP D                   | CUSIP: 59156RBT4<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |   1175000 | PA      | $1169735.65   | 0.36%             | N/A             | Fixed         | 5.88%                 | No            |                  2 | On Loan: —       |
| Coherent Corp                                                                        | COHR 5 12/15/29 144A                | CUSIP: 902104AC2<br>LEI: 549300O5C25A0MMHHU33 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1961645.60   | 0.61%             | 2029-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GS MORTGAGE-BACKED SECURITIES TRUST 2021-PJ9                                         | GSMBS 2021-PJ9 A8                   | CUSIP: 36263CAH2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1364310 | PA      | $1221663.97   | 0.38%             | 2052-02-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Carnival Corporation                                                                 | CCL 6.65 01/15/28                   | CUSIP: 143658AH5<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    850000 | PA      | $870826.70    | 0.27%             | 2028-01-15      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                         | T 1.875 02/15/51                    | CUSIP: 912810SU3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5797000 | PA      | $3218920.13   | 1.00%             | 2051-02-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| GS MORTGAGE-BACKED SECURITIES TRUST 2021-PJ4                                         | GSMBS 2021-PJ4 A6                   | CUSIP: 36264PAF6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2184022 | PA      | $2047928.17   | 0.64%             | 2051-09-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| JP MORGAN MORTGAGE TRUST 2017-2                                                      | JPMMT 2017-2 A3                     | CUSIP: 46648HAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    928611 | PA      | $841853.96    | 0.26%             | 2047-05-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FR ZT0794                           | CUSIP: 3132AC3B4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1243208 | PA      | $1222915.21   | 0.38%             | 2048-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Marriott International, Inc.                                                         | MAR 5.5 04/15/37                    | CUSIP: 571903BU6<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |   1360000 | PA      | $1354047.38   | 0.42%             | 2037-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | CAS 2024-R02 1M1                    | CUSIP: 20754GAA8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    414548 | PA      | $414291.26    | 0.13%             | 2044-02-25      | Floating      | 4.76%                 | No            |                  2 | On Loan: No      |
| DATA 2023-CNTR MORTGAGE TRUST                                                        | DATA 2023-CNTR A                    | CUSIP: 238021AA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1900000 | PA      | $1910259.62   | 0.59%             | 2043-08-12      | Variable      | 5.73%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | MS V4.431 01/23/30 GMTN             | CUSIP: 6174468G7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   1548000 | PA      | $1541031.11   | 0.48%             | 2030-01-23      | Fixed         | 4.43%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD                               | FHMS K139 A2                        | CUSIP: 3137H6LN3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |   1525000 | PA      | $1389930.29   | 0.43%             | 2032-01-25      | Variable      | 2.59%                 | No            |                  2 | On Loan: No      |
| The Campbells Co.                                                                    | CPB 5.4 03/21/34                    | CUSIP: 134429BP3<br>LEI: 5493007JDSMX8Z5Z1902 | Long             | DBT              | CORP              | US        |   2530000 | PA      | $2455408.54   | 0.76%             | 2034-03-21      | Fixed         | 5.40%                 | No            |                  2 | On Loan: —       |
| Federal National Mortgage Association                                                | FN FM2893                           | CUSIP: 3140X6GB1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4296017 | PA      | $4149121.26   | 1.29%             | 2044-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN FS7160                           | CUSIP: 3140XN5W0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4053260 | PA      | $4251655.47   | 1.32%             | 2054-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust 2021-Pj5                                         | GSMBS 2021-PJ5 A6                   | CUSIP: 36261HAF7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    754457 | PA      | $705679.23    | 0.22%             | 2051-10-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC STACR REMIC TRUST 2025-DNA3                                              | STACR 2025-DNA3 A1                  | CUSIP: 35564UAQ0<br>LEI: 5299009HC4IGFM6RXF30 | Long             | ABS-O            | USGSE             | US        |    670375 | PA      | $668959.84    | 0.21%             | 2045-09-25      | Floating      | 4.61%                 | No            |                  2 | On Loan: No      |
| Yum! Brands Inc.                                                                     | YUM 3.625 03/15/31                  | CUSIP: 988498AN1<br>LEI: 549300JE8XHZZ7OHN517 | Long             | DBT              | CORP              | US        |   1110000 | PA      | $1025388.62   | 0.32%             | 2031-03-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| AGL CLO 39 LTD                                                                       | AGL 2025-39A A1                     | CUSIP: 00121XAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1050000 | PA      | $1048458.29   | 0.33%             | 2038-04-20      | Floating      | 4.80%                 | No            |                  2 | On Loan: No      |
| Magna International Inc                                                              | MGCN 5.875 06/01/35                 | CUSIP: 559222BD5<br>LEI: 95RWVLFZX6VGDZNNTN43 | Long             | DBT              | CORP              | CA        |   1752000 | PA      | $1814944.33   | 0.56%             | 2035-06-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: —       |
| STATE OF WISCONSIN INVESTMENT BOARD                                                  | STATE OF WISCONSIN INVESTMENT BOARD | CUSIP: 000000000<br>LEI: VY0GIYI3352UC4XOP168 | Long             | RA               | CORP              | US        |   1312583 | PA      | $1312583.00   | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-28

**Name of Applicant:** AMG Funds III

**Signature:** Thomas Disbrow

**Name of Signer:** Thomas Disbrow

**Title:** Principal Financial Officer