# EDGAR Filing Document

**Accession Number:** 0000720309
**File Stem:** 0000940400-25-011517
**Filing Date:** 2025-11
**Character Count:** 122493
**Document Hash:** a9826f4ad692de459dff8d18f6f801b7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-011517.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0000940400-25-011517

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251128

**DATE AS OF CHANGE**: 20251128

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMG FUNDS III
- **CENTRAL INDEX KEY:** 0000720309

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03752
- **FILM NUMBER:** 251534536

**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)*

September 30, 2025

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;Value |
| **Corporate Bonds and Notes - 52.3%** |  |  |
| &nbsp;&nbsp;&nbsp;**Basic Materials - 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Avient Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.250%, 11/01/31<sup>1</sup> | $1575000 | &nbsp;&nbsp;$1599450 |
| &nbsp;&nbsp;&nbsp;Celanese US Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.050%, 11/15/30<sup>2</sup> | &nbsp;&nbsp;2049000 | &nbsp;&nbsp;&nbsp;&nbsp;2115045 |
| &nbsp;&nbsp;&nbsp;Cleveland-Cliffs, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, 03/15/32<sup>1,3</sup> | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2019930 |
| &nbsp;&nbsp;&nbsp;FMC Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.450% to 08/01/30 then U.S. Treasury Yield Curve CMT 5 year + 4.366%), 8.450%, 11/01/55<sup>4,5</sup> | &nbsp;&nbsp;&nbsp;1718000 | &nbsp;&nbsp;&nbsp;&nbsp;1813150 |
| &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;1206401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Basic Materials |  | &nbsp;&nbsp;&nbsp;8753976 |
| &nbsp;&nbsp;&nbsp;**Communications - 2.9%** |  |  |
| &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;1715212 |
| &nbsp;&nbsp;&nbsp;CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 05/01/32<sup>3</sup> | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;2275165 |
| &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;1721524 |
| &nbsp;&nbsp;&nbsp;Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.650%, 02/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;867000 | &nbsp;&nbsp;&nbsp;&nbsp;870844 |
| &nbsp;&nbsp;&nbsp;Lamar Media Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875%, 01/15/29 | &nbsp;&nbsp;1800000 | &nbsp;&nbsp;&nbsp;&nbsp;1783840 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 02/23/54<sup>3</sup> | &nbsp;&nbsp;1625000 | &nbsp;&nbsp;&nbsp;&nbsp;1600552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Communications |  | &nbsp;&nbsp;&nbsp;&nbsp;9967137 |
| &nbsp;&nbsp;&nbsp;**Consumer, Cyclical - 11.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Air Canada Pass-Through Trust (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 20-1, C, 10.500%, 07/15/26<sup>1</sup> | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1042470 |
| &nbsp;&nbsp;&nbsp;AutoNation, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.850%, 03/01/32 | &nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp;1499051 |
| &nbsp;&nbsp;&nbsp;Bath & Body Works, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875%, 11/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;940000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977621 |
| &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;881384 |
| &nbsp;&nbsp;&nbsp;Delta Air Lines, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/10/30 | &nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;1785336 |
| &nbsp;&nbsp;&nbsp;The Goodyear Tire & Rubber Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/15/29<sup>3</sup> | &nbsp;&nbsp;1439000 | &nbsp;&nbsp;&nbsp;&nbsp;1389605 |
| &nbsp;&nbsp;&nbsp;Hyatt Hotels Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 03/30/32<sup>3</sup> | &nbsp;&nbsp;&nbsp;1975000 | &nbsp;&nbsp;&nbsp;&nbsp;2059767 |
| &nbsp;&nbsp;&nbsp;KB Home |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.800%, 11/15/29<sup>3</sup> | &nbsp;&nbsp;&nbsp;1222000 | &nbsp;&nbsp;&nbsp;&nbsp;1209339 |
| &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;1438890 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;LKQ Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.250%, 06/15/33<sup>3</sup> | $1940000 | &nbsp;&nbsp;$2070264 |
| &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;319939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.950%, 02/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;496468 |
| &nbsp;&nbsp;&nbsp;Magna International, Inc. (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875%, 06/01/35<sup>3</sup> | &nbsp;&nbsp;&nbsp;1752000 | &nbsp;&nbsp;&nbsp;&nbsp;1848984 |
| &nbsp;&nbsp;&nbsp;Marriott International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 04/15/37 | &nbsp;&nbsp;&nbsp;1360000 | &nbsp;&nbsp;&nbsp;&nbsp;1389837 |
| &nbsp;&nbsp;&nbsp;Marriott Ownership Resorts, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 01/15/28<sup>3</sup> | &nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp;1573929 |
| &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;1043535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.200%, 10/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;911000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;917123 |
| &nbsp;&nbsp;&nbsp;MGM Resorts International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.125%, 09/15/29<sup>3</sup> | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1017797 |
| &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;1035331 |
| &nbsp;&nbsp;&nbsp;Penske Automotive Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 06/15/29<sup>3</sup> | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1432878 |
| &nbsp;&nbsp;&nbsp;PulteGroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 02/15/35 | &nbsp;&nbsp;2050000 | &nbsp;&nbsp;&nbsp;&nbsp;2197046 |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises, Ltd. (Liberia) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375%, 01/15/36<sup>6</sup> | &nbsp;&nbsp;&nbsp;1725000 | &nbsp;&nbsp;&nbsp;&nbsp;1735060 |
| &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;897296 |
| &nbsp;&nbsp;&nbsp;Sally Holdings LLC/Sally Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.750%, 03/01/32<sup>3</sup> | &nbsp;&nbsp;&nbsp;1303000 | &nbsp;&nbsp;&nbsp;&nbsp;1354612 |
| &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;554225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 04/01/27<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;475000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481809 |
| &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;1848974 | &nbsp;&nbsp;&nbsp;&nbsp;1901892 |
| &nbsp;&nbsp;&nbsp;Walmart, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.050%, 06/29/48 | &nbsp;&nbsp;&nbsp;1850000 | &nbsp;&nbsp;&nbsp;&nbsp;1559366 |
| &nbsp;&nbsp;&nbsp;Whirlpool Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 06/15/33<sup>3</sup> | &nbsp;&nbsp;2600000 | &nbsp;&nbsp;&nbsp;&nbsp;2594647 |
| &nbsp;&nbsp;&nbsp;Yum! Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625%, 03/15/31<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1110000 | &nbsp;&nbsp;&nbsp;&nbsp;1036454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Consumer, Cyclical |  | &nbsp;&nbsp;&nbsp;39741955 |
| &nbsp;&nbsp;&nbsp;**Consumer, Non-cyclical - 7.7%** |  |  |
| &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;1404955 |
| &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;1403355 |
| &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;1209583 |
| &nbsp;&nbsp;&nbsp;Ashtead Capital, Inc. (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 08/11/32<sup>1,3</sup> | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;2069690 |
| &nbsp;&nbsp;&nbsp;The Campbell's Company |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.400%, 03/21/34 | &nbsp;&nbsp;2530000 | &nbsp;&nbsp;&nbsp;&nbsp;2592069 |

---

------

AMG GW&K ESG Bond Fund

Schedule of Portfolio Investments *(continued)*

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;**Consumer, Non-cyclical - 7.7% (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Centene Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375%, 02/15/30 | $2670000 | &nbsp;&nbsp;&nbsp;$2455564 |
| &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;579493 |
| &nbsp;&nbsp;&nbsp;CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 02/21/33 | &nbsp;&nbsp;2568000 | &nbsp;&nbsp;&nbsp;&nbsp;2627439 |
| &nbsp;&nbsp;&nbsp;Elanco Animal Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.650%, 08/28/28<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987875 |
| &nbsp;&nbsp;&nbsp;The Ford Foundation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020, 2.415%, 06/01/50<sup>3</sup> | &nbsp;&nbsp;2690000 | &nbsp;&nbsp;&nbsp;&nbsp;1612666 |
| &nbsp;&nbsp;&nbsp;HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 09/01/30<sup>3</sup> | &nbsp;&nbsp;&nbsp;1550000 | &nbsp;&nbsp;&nbsp;&nbsp;1480501 |
| &nbsp;&nbsp;&nbsp;Herc Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, 06/15/30<sup>1</sup> | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2077452 |
| &nbsp;&nbsp;&nbsp;Kraft Heinz Foods Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625%, 10/01/39 | &nbsp;&nbsp;2480000 | &nbsp;&nbsp;&nbsp;&nbsp;2261097 |
| &nbsp;&nbsp;&nbsp;Teleflex, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 06/01/28<sup>1</sup> | &nbsp;&nbsp;2045000 | &nbsp;&nbsp;&nbsp;&nbsp;1996302 |
| &nbsp;&nbsp;&nbsp;Teva Pharmaceutical Finance Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.150%, 02/01/36 | &nbsp;&nbsp;&nbsp;1985000 | &nbsp;&nbsp;&nbsp;&nbsp;2078454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Consumer, Non-cyclical |  | &nbsp;&nbsp;26836495 |
| &nbsp;&nbsp;&nbsp;**Financials - 14.1%** |  |  |
| &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;1975000 | &nbsp;&nbsp;&nbsp;&nbsp;2057416 |
| &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;1693000 | &nbsp;&nbsp;&nbsp;&nbsp;1724678 |
| &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;1726028 |
| &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;2367574 |
| &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;3050000 | &nbsp;&nbsp;&nbsp;&nbsp;3268094 |
| &nbsp;&nbsp;&nbsp;The Bank of New York Mellon Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series H, (3.700% to 03/20/26 then U.S. Treasury Yield Curve CMT 5 year + 3.352%), 3.700%, 03/20/26<sup>3,4,5,7</sup> | &nbsp;&nbsp;2585000 | &nbsp;&nbsp;&nbsp;&nbsp;2558681 |
| &nbsp;&nbsp;&nbsp;Boston Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.550%, 04/01/32 | &nbsp;&nbsp;2469000 | &nbsp;&nbsp;&nbsp;&nbsp;2134372 |
| &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;2305545 |
| &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>4,5,7</sup> | &nbsp;&nbsp;&nbsp;1773000 | &nbsp;&nbsp;&nbsp;&nbsp;1764693 |
| &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>3,4,5,7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;825000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830204 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. |  |  |
| &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>4,5,7</sup> | $1278000 | &nbsp;&nbsp;&nbsp;&nbsp;$1341716 |
| &nbsp;&nbsp;&nbsp;GLP Capital LP/GLP Financing II, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625%, 09/15/34 | &nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;1416974 |
| &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;1650000 | &nbsp;&nbsp;&nbsp;&nbsp;1849941 |
| &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>4,5,7</sup> | &nbsp;&nbsp;1795000 | &nbsp;&nbsp;&nbsp;&nbsp;1864517 |
| &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>3,4,5</sup> | &nbsp;&nbsp;1080000 | &nbsp;&nbsp;&nbsp;&nbsp;1084715 |
| &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>4,5,7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;975000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985652 |
| &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;2113758 |
| &nbsp;&nbsp;&nbsp;KeyCorp, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.100%, 04/30/28 | &nbsp;&nbsp;1095000 | &nbsp;&nbsp;&nbsp;&nbsp;1093455 |
| &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>3,4,5</sup> | &nbsp;&nbsp;&nbsp;1837000 | &nbsp;&nbsp;&nbsp;&nbsp;1995562 |
| &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>3,4,5,7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385606 |
| &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;1548000 | &nbsp;&nbsp;&nbsp;&nbsp;1555410 |
| &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;972834 |
| &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;2434583 |
| &nbsp;&nbsp;&nbsp;SLM Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 01/31/30 | &nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;1458894 |
| &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;1759758 |
| &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;2344731 |
| &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;1885022 |
| &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>3,4,5,7</sup> | &nbsp;&nbsp;1462000 | &nbsp;&nbsp;&nbsp;&nbsp;1564954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Financials |  | &nbsp;&nbsp;48845367 |

---

------

AMG GW&K ESG Bond Fund

Schedule of Portfolio Investments *(continued)*

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;**Industrials - 5.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Ball Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.875%, 08/15/30 | $1925000 | &nbsp;&nbsp;&nbsp;$1748752 |
| &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;1181103 |
| &nbsp;&nbsp;&nbsp;Coherent Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/29<sup>1,3</sup> | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;1972408 |
| &nbsp;&nbsp;&nbsp;Graphic Packaging International LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 03/01/29<sup>1,3</sup> | &nbsp;&nbsp;2600000 | &nbsp;&nbsp;&nbsp;&nbsp;2464825 |
| &nbsp;&nbsp;&nbsp;Jacobs Engineering Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.900%, 03/01/33 | &nbsp;&nbsp;&nbsp;3168000 | &nbsp;&nbsp;&nbsp;&nbsp;3349330 |
| &nbsp;&nbsp;&nbsp;Mueller Water Products, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/15/29<sup>1</sup> | &nbsp;&nbsp;2650000 | &nbsp;&nbsp;&nbsp;&nbsp;2551919 |
| &nbsp;&nbsp;&nbsp;OI European Group, B.V. (Netherlands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 02/15/30<sup>1,3</sup> | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1431448 |
| &nbsp;&nbsp;&nbsp;Owens Corning |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, 12/01/36<sup>2</sup> | &nbsp;&nbsp;1800000 | &nbsp;&nbsp;&nbsp;&nbsp;2057628 |
| &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;1770699 |
| &nbsp;&nbsp;&nbsp;Sonoco Products Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.850%, 02/01/32<sup>3</sup> | &nbsp;&nbsp;&nbsp;1822000 | &nbsp;&nbsp;&nbsp;&nbsp;1642733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Industrials |  | &nbsp;&nbsp;20170845 |
| &nbsp;&nbsp;&nbsp;**Technology - 5.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 02/15/41<sup>1</sup> | &nbsp;&nbsp;&nbsp;1700000 | &nbsp;&nbsp;&nbsp;&nbsp;1398976 |
| &nbsp;&nbsp;&nbsp;CDW LLC/CDW Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.550%, 08/22/34<sup>3</sup> | &nbsp;&nbsp;2008000 | &nbsp;&nbsp;&nbsp;&nbsp;2058914 |
| &nbsp;&nbsp;&nbsp;Dell International LLC/EMC Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.100%, 07/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;972000 | &nbsp;&nbsp;&nbsp;&nbsp;1184438 |
| &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;2159419 |
| &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;1486961 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.525%, 06/01/50 | &nbsp;&nbsp;2450000 | &nbsp;&nbsp;&nbsp;&nbsp;1551026 |
| &nbsp;&nbsp;&nbsp;MSCI, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.250%, 08/15/33<sup>1,3</sup> | &nbsp;&nbsp;&nbsp;2015000 | &nbsp;&nbsp;&nbsp;&nbsp;1800359 |
| &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;1065709 |
| &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;2800000 | &nbsp;&nbsp;&nbsp;&nbsp;2510919 |
| &nbsp;&nbsp;&nbsp;Twilio, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625%, 03/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 03/15/31 | &nbsp;&nbsp;&nbsp;2194000 | &nbsp;&nbsp;&nbsp;2062958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Technology |  | &nbsp;&nbsp;&nbsp;17851427 |
| &nbsp;&nbsp;&nbsp;**Utilities - 2.8%** |  |  |
| &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;2373504 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;DPL LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.350%, 04/15/29 | $1000000 | &nbsp;&nbsp;&nbsp;&nbsp;$981668 |
| &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;1441957 |
| &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>3,4,5</sup> | &nbsp;&nbsp;2290000 | &nbsp;&nbsp;&nbsp;&nbsp;2418877 |
| &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> | &nbsp;&nbsp;&nbsp;2315000 | &nbsp;&nbsp;&nbsp;&nbsp;2419633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Utilities |  | &nbsp;&nbsp;&nbsp;9635639 |
| **Total Corporate Bonds and Notes<br> (Cost $183,382,012)** |  | &nbsp;&nbsp;181802841 |
| **Asset-Backed Securities - 5.0%** |  |  |
| &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%), 5.343%, 04/20/38<sup>1,5</sup> | &nbsp;&nbsp;&nbsp;1050000 | &nbsp;&nbsp;&nbsp;&nbsp;1049432 |
| &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%), 5.572%, 01/22/38<sup>1,5</sup> | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1002932 |
| &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;622962 |
| &nbsp;&nbsp;&nbsp;Carmax Auto Owner Trust<br> Series 2025-1, Class A2A<br> 4.630%, 03/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;1214022 | &nbsp;&nbsp;&nbsp;&nbsp;1216418 |
| &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;3072589 |
| &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%), 5.675%, 10/20/37<sup>1,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1715000 | &nbsp;&nbsp;&nbsp;&nbsp;1719006 |
| &nbsp;&nbsp;&nbsp;Ford Credit Auto Owner Trust<br> Series 2022-B, Class A4<br> 3.930%, 08/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;1467519 | &nbsp;&nbsp;&nbsp;&nbsp;1466774 |
| &nbsp;&nbsp;&nbsp;John Deere Owner Trust<br> Series 2022-A, Class A4<br> 2.490%, 01/16/29 | &nbsp;&nbsp;2206000 | &nbsp;&nbsp;&nbsp;&nbsp;2204036 |
| &nbsp;&nbsp;&nbsp;Magnetite XXXIV, Ltd.<br> Series 2023-34A, Class A1R<br> (3 month SOFR + 1.140%, Cap N/A, Floor 1.140%), 5.458%, 01/15/38<sup>1,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp;&nbsp;849968 |
| &nbsp;&nbsp;&nbsp;Magnetite XXXVI, Ltd.<br> Series 2023-36A, Class AR<br> (3 month SOFR + 1.320%, Cap N/A, Floor 1.320%), 5.638%, 07/25/38<sup>1,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;880000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884128 |

---

------

AMG GW&K ESG Bond Fund

Schedule of Portfolio Investments *(continued)*

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;**Asset-Backed Securities–5.0%(continued)** |  |  |
| &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%), 5.848%, 04/16/37<sup>1,5</sup> | &nbsp;&nbsp;$990000 | &nbsp;&nbsp;&nbsp;&nbsp;$993051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A, Class A1AR<br> (3 month SOFR + 1.150%, Cap N/A, Floor 1.150%), 5.475%, 04/20/38<sup>1,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;551000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551257 |
| &nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust<br> Series 2022-7, Class B<br> 5.950%, 01/17/28 | &nbsp;&nbsp;&nbsp;&nbsp;812543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;814151 |
| &nbsp;&nbsp;&nbsp;Voya CLO, Ltd.<br> Series 2021-2A, Class A1R<br> (3 month SOFR + 1.170%, Cap N/A, Floor 1.170%), 5.495%, 04/20/38<sup>1,5</sup> | &nbsp;&nbsp;&nbsp;875000 | &nbsp;&nbsp;&nbsp;&nbsp;875862 |
| **Total Asset-Backed Securities<br> (Cost $17,263,460)** |  | &nbsp;&nbsp;17322566 |
| **Mortgage-Backed Securities - 5.2%** |  |  |
| &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;867412 | &nbsp;&nbsp;&nbsp;&nbsp;877656 |
| &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;906370 | &nbsp;&nbsp;&nbsp;&nbsp;838512 |
| &nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-R01, Class 1M1<br> 5.406%, 01/25/44<sup>1,5</sup> | &nbsp;&nbsp;1037076 | &nbsp;&nbsp;&nbsp;&nbsp;1037078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-R02, Class 1M1<br> 5.456%, 02/25/44<sup>1,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;747381 | &nbsp;&nbsp;&nbsp;&nbsp;746918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-R06, Class 1A1<br> 5.506%, 09/25/44<sup>1,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;707032 | &nbsp;&nbsp;&nbsp;&nbsp;709335 |
| &nbsp;&nbsp;&nbsp;DATA Mortgage Trust<br> Series 2023-CNTR, Class A<br> 5.919%, 08/12/43<sup>1,5</sup> | &nbsp;&nbsp;1900000 | &nbsp;&nbsp;&nbsp;1964633 |
| &nbsp;&nbsp;&nbsp;Freddie Mac Stacr Remic Trust<br> Series 2025-DNA3, Class A1<br> 5.320%, 09/25/45<sup>1,5</sup> | &nbsp;&nbsp;&nbsp;865000 | &nbsp;&nbsp;&nbsp;&nbsp;865541 |
| &nbsp;&nbsp;&nbsp;FREMF Mortgage Trust<br> Series 2016-K53, Class B<br> 4.183%, 03/25/49<sup>1,5</sup> | 2300000 | &nbsp;&nbsp;&nbsp;&nbsp;2291227 |
| &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;823548 |
| &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Corp. Trust<br> Series 2021-PJ4, Class A6<br> 2.500%, 09/25/51<sup>1,5</sup> | &nbsp;&nbsp;2352938 | &nbsp;&nbsp;&nbsp;2201358 |
| &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-PJ8, Class A2<br> 2.500%, 01/25/52<sup>1,5</sup> | &nbsp;&nbsp;1790295 | &nbsp;&nbsp;&nbsp;&nbsp;1488233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-PJ9, Class A8<br> 2.500%, 02/26/52<sup>1,5</sup> | &nbsp;&nbsp;1432938 | &nbsp;&nbsp;&nbsp;&nbsp;1279479 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;Value |
| &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;$561734 | &nbsp;&nbsp;&nbsp;&nbsp;$530755 |
| &nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust |  |  |
| &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;&nbsp;499925 | &nbsp;&nbsp;&nbsp;&nbsp;398046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-7, Class A6<br> 2.500%, 11/25/51<sup>1,5</sup> | &nbsp;&nbsp;1640948 | &nbsp;&nbsp;&nbsp;&nbsp;1535510 |
| &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;778044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672726 |
| **Total Mortgage-Backed Securities<br> (Cost $18,047,685)** |  | &nbsp;&nbsp;&nbsp;18260555 |
| **Municipal Bonds - 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;California Health Facilities Financing Authority<br> 4.190%, 06/01/37 | &nbsp;&nbsp;3395000 | &nbsp;&nbsp;&nbsp;3205669 |
| &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;2476833 |
| &nbsp;&nbsp;&nbsp;Dallas Fort Worth International Airport, Series A<br> 4.507%, 11/01/51 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878394 |
| &nbsp;&nbsp;&nbsp;JobsOhio Beverage System, Series A<br> 2.833%, 01/01/38 | &nbsp;&nbsp;3700000 | &nbsp;&nbsp;&nbsp;&nbsp;3092760 |
| **Total Municipal Bonds<br> (Cost $11,280,233)** |  | &nbsp;&nbsp;&nbsp;9653656 |
| **U.S. Government and Agency Obligations -<br> 32.9%** |  |  |
| &nbsp;&nbsp;&nbsp;**Fannie Mae - 15.6%** |  |  |
| &nbsp;&nbsp;&nbsp;FNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 02/01/35 to 08/01/49 | 22298724 | &nbsp;&nbsp;&nbsp;&nbsp;21151022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/44 to 06/01/49 | 16729309 | &nbsp;&nbsp;&nbsp;&nbsp;16126412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 05/01/48 to 06/01/49 | &nbsp;&nbsp;4885543 | &nbsp;&nbsp;&nbsp;&nbsp;4869164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/50 | &nbsp;&nbsp;&nbsp;2236017 | &nbsp;&nbsp;&nbsp;2265064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 11/01/52 | &nbsp;&nbsp;4948947 | &nbsp;&nbsp;&nbsp;&nbsp;5043478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 02/01/54 | &nbsp;&nbsp;4470647 | &nbsp;&nbsp;&nbsp;4684539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Fannie Mae |  | &nbsp;&nbsp;54139679 |
| &nbsp;&nbsp;&nbsp;**Freddie Mac - 6.2%** |  |  |
| &nbsp;&nbsp;&nbsp;FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 03/01/36 | &nbsp;&nbsp;&nbsp;4150759 | &nbsp;&nbsp;&nbsp;&nbsp;3824935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/01/51 | &nbsp;&nbsp;&nbsp;1992662 | &nbsp;&nbsp;&nbsp;&nbsp;1767209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 10/01/48 to 12/01/48 | &nbsp;&nbsp;3934668 | &nbsp;&nbsp;&nbsp;&nbsp;3882042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/01/53 | &nbsp;&nbsp;5532429 | &nbsp;&nbsp;&nbsp;&nbsp;5661851 |
| &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;3647015 | &nbsp;&nbsp;&nbsp;&nbsp;3438190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 5297, Class DA<br> 5.000%, 12/25/52 | &nbsp;&nbsp;&nbsp;1691364 | &nbsp;&nbsp;&nbsp;&nbsp;1715706 |
| &nbsp;&nbsp;&nbsp;Freddie Mac STACR REMIC Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-DNA1, Class M1<br> 5.706%, 02/25/44<sup>1,5</sup> | &nbsp;&nbsp;&nbsp;1237198 | &nbsp;&nbsp;&nbsp;&nbsp;1239096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Freddie Mac |  | &nbsp;&nbsp;21529029 |
| &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;2759106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.875%, 02/15/51 | &nbsp;&nbsp;9097000 | &nbsp;&nbsp;&nbsp;&nbsp;5196306 |

---

------

AMG GW&K ESG Bond Fund

Schedule of Portfolio Investments *(continued)*

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;**U.S. Treasury Obligations - 11.1%<br> (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.250%, 05/15/41 | $15359000 | &nbsp;&nbsp;$11379459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 02/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;1796000 | &nbsp;&nbsp;&nbsp;&nbsp;1267794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125%, 05/15/48 | &nbsp;&nbsp;10968000 | &nbsp;&nbsp;&nbsp;&nbsp;8457356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625%, 02/15/53 | &nbsp;&nbsp;&nbsp;6760000 | &nbsp;&nbsp;&nbsp;&nbsp;5588883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 02/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;4324000 | &nbsp;&nbsp;&nbsp;&nbsp;3924537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total U.S. Treasury Obligations |  | &nbsp;&nbsp;&nbsp;38573441 |
| **Total U.S. Government and Agency Obligations<br> (Cost $131,928,974)** |  | &nbsp;&nbsp;&nbsp;114242149 |
| **Short-Term Investments - 6.2%** |  |  |
| &nbsp;&nbsp;&nbsp;**Joint Repurchase Agreements - 4.7%<sup>8</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Daiwa Capital Markets America, dated 09/30/25, due 10/01/25, 4.210% total to be received $3,837,537 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 2.000% - 7.500%, 08/27/27 - 09/01/55, totaling $3,913,877) | &nbsp;&nbsp;&nbsp;&nbsp;3837088 | &nbsp;&nbsp;&nbsp;&nbsp;3837088 |
| &nbsp;&nbsp;&nbsp;HSBC Securities USA, Inc., dated 09/30/25, due 10/01/25, 4.210% total to be received $155,027 (collateralized by various U.S. Treasuries, 0.000% - 4.000%, 07/15/26 - 08/15/54, totaling $158,109) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155009 |
| &nbsp;&nbsp;&nbsp;HSBC Securities USA, Inc., dated 09/30/25, due 10/01/25, 4.220% total to be received $3,837,538 (collateralized by various U.S. Government Agency Obligations, 1.923% - 6.500%, 08/01/32 - 06/01/64, totaling $3,913,830) | &nbsp;&nbsp;&nbsp;&nbsp;3837088 | &nbsp;&nbsp;&nbsp;&nbsp;3837088 |
| &nbsp;&nbsp;&nbsp;JPMorgan Securities LLC, dated 09/30/25, due 10/01/25, 4.200% total to be received $292,075 (collateralized by various U.S. Treasuries, 4.125% - 4.500%, 12/31/31 - 05/31/32, totaling $297,882) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292041 |
| &nbsp;&nbsp;&nbsp;JPMorgan Securities LLC, dated 09/30/25, due 10/01/25, 4.210% total to be received $1,043,809 (collateralized by various U.S. Government Agency Obligations, 1.500% - 7.000%, 06/01/35 - 09/01/55, totaling $1,064,561) | &nbsp;&nbsp;&nbsp;&nbsp;1043687 | &nbsp;&nbsp;&nbsp;&nbsp;1043687 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;Natwest Markets Securities, Inc., dated 09/30/25, due 10/01/25, 4.190% total to be received $403,813 (collateralized by various U.S. Treasuries, 0.000% - 6.625%, 11/18/25 - 08/15/55, totaling $411,841) | &nbsp;&nbsp;$403766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$403766 |
| &nbsp;&nbsp;&nbsp;RBC Dominion Securities, Inc., dated 09/30/25, due 10/01/25, 4.190% total to be received $129,971 (collateralized by various U.S. Treasuries, 0.000% - 4.750%, 10/23/25 - 08/15/55, totaling $132,555) | &nbsp;&nbsp;&nbsp;&nbsp;129956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129956 |
| &nbsp;&nbsp;&nbsp;RBC Dominion Securities, Inc., dated 09/30/25, due 10/01/25, 4.200% total to be received $2,999,174 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 0.625% - 7.000%, 01/15/29 - 10/01/55, totaling $3,058,802) | 2998824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2998824 |
| &nbsp;&nbsp;&nbsp;State of Wisconsin Investment Board, dated 09/30/25, due 10/01/25, 4.290% total to be received $3,631,460 (collateralized by various U.S. Treasuries, 0.125% - 3.875%, 10/15/26 - 02/15/54, totaling $3,696,853) | &nbsp;&nbsp;3631027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3631027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Joint Repurchase Agreements |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16328486 |
| &nbsp;&nbsp;&nbsp;**Repurchase Agreements - 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Fixed Income Clearing Corp., dated 09/30/25, due 10/01/25, 3.850% total to be received $5,243,561 (collateralized by a U.S. Treasury Note, 4.375%, 01/31/32, totaling $5,347,959) | 5243000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5243000 |
| **Total Short-Term Investments<br> (Cost $21,571,486)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21571486 |
| **Total Investments - 104.4%<br> (Cost $383,473,850)** |  | &nbsp;&nbsp;&nbsp;&nbsp; 362853253 |
| **Other Assets, less Liabilities - (4.4)%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15320203) |
| **Net Assets - 100.0%** |  | &nbsp;&nbsp;**$347533050** |

---

------

<sup>1</sup> Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2025, the value of these securities amounted to $64,379,101 or 18.5% of net assets.

<sup>2</sup> Step Bond: A debt instrument with either deferred interest payments or an interest rate that resets at specific times during its term.

<sup>3</sup> Some of these securities, amounting to $35,428,162 or 10.2% 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>4</sup> Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at September 30, 2025. 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 September 30, 2025. 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> All or part of a security is delayed delivery transaction. The market value for delayed delivery securities at September 30, 2025, amounted to $1,735,060, or 0.5% of net assets.

<sup>7</sup> Perpetuity Bond. The date shown represents the next call date.

<sup>8</sup> Cash collateral received for securities lending activity was invested in these joint repurchase agreements.

------

AMG GW&K ESG Bond Fund

Schedule of Portfolio Investments *(continued)*

---

| | |
|:---|:---|
| &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;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 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &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;&nbsp;&nbsp; $181802841 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; $181802841 |
| &nbsp;&nbsp;&nbsp;**Asset-Backed Securities** | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17322566 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17322566 |
| &nbsp;&nbsp;&nbsp;**Mortgage-Backed Securities** | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18260555 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18260555 |
| &nbsp;&nbsp;&nbsp;**Municipal Bonds** | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9653656 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9653656 |
| &nbsp;&nbsp;&nbsp;**U.S. Government and Agency Obligations<sup>†</sup>** | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 114242149 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 114242149 |
| &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; 16328486 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16328486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5243000 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5243000 |
| &nbsp;&nbsp;**Total Investments in Securities** | &nbsp;&nbsp;— | &nbsp;&nbsp;$362853253 | &nbsp;&nbsp;— | &nbsp;&nbsp;$362853253 |

---

---

| | |
|:---|:---|
| &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 September 30, 2025, 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 September 30, 2025, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Securities<br> Loaned** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Cash<br> Collateral<br> Received** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Securities<br> Collateral<br> Received** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total<br> Collateral<br> Received** |
| $35428162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $16328486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $20306311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $36634797 |

---

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

---

| | | |
|:---|:---|:---|
| **Collateral<br> Type** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Coupon<br> Range** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Maturity<br> Date Range** |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%-4.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/15/25-11/15/54 |

---

For additional information about significant accounting policies, including valuation of investments, refer to the Fund's most recent semi or annual report.

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** AMG Funds 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:** 2025-12-31

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $366068932.77

**Total Liabilities:** $18344019.35

**Net Assets:** $347724913.42

**Cash Not Reported:** $17265.71

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 320.59523000 | **1-Year:** 6701.03596000 | **5-Year:** 80223.44321000 | **10-Year:** 47557.79696000 | **30-Year:** 3792.11518000

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

- **3-Month:** 25.06178000 | **1-Year:** 6370.81866000 | **5-Year:** 13117.29270000 | **10-Year:** 3448.30657000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000125498 | -0.16%               | 1.08%                | 1.21%                |
| Class ID C000027310 | -0.18%               | 1.07%                | 1.20%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-498316.00              | $-1248414.31                               |
| Month 2  | $-544365.02              | $3038955.84                                |
| Month 3  | $-3074720.40             | $6088363.72                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| GS Mortgage-Backed Securities       | GS Mortgage-Backed Securities Corp Trust 2021-PJ4                               | CUSIP: 36264PAF6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2352938 | PA      | $2201358.32   | 0.63%             | 2051-09-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                         | Freddie Mac Pool                                                                | CUSIP: 3132AEAS5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2620504 | PA      | $2583115.64   | 0.74%             | 2048-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                        | Comcast Corp                                                                    | CUSIP: 20030NEC1<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    867000 | PA      | $870843.91    | 0.25%             | 2033-02-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC          | JP MORGAN SECURITIES LLC                                                        | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | Long             | RA               | CORP              | US        |    292041 | PA      | $292041.00    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities       | GS Mortgage-Backed Securities Trust 2022-PJ3                                    | CUSIP: 362924AL6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    561734 | PA      | $530755.09    | 0.15%             | 2052-08-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES              | PNC Financial Services Group Inc/The                                            | CUSIP: 693475BM6<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |   2386000 | PA      | $2434583.25   | 0.70%             | 2034-01-24      | Fixed         | 5.07%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                         | Freddie Mac Pool                                                                | CUSIP: 3133L8C37<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4150759 | PA      | $3824935.43   | 1.10%             | 2036-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES             | Royal Caribbean Cruises Ltd                                                     | CUSIP: 78017TAB9<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |   1725000 | PA      | $1735059.70   | 0.50%             | 2036-01-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                     | United States Treasury Note/Bond                                                | CUSIP: 912810SY5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  15359000 | PA      | $11379459.14  | 3.27%             | 2041-05-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                     | United States Treasury Note/Bond                                                | CUSIP: 912810SU3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   9097000 | PA      | $5196305.92   | 1.49%             | 2051-02-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON BANCSHARES               | Huntington Bancshares Inc/OH                                                    | CUSIP: 446150AT1<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |    975000 | PA      | $985651.88    | 0.28%             | N/A             | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                 | Dominion Energy Inc                                                             | CUSIP: 25746UDU0<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |   2189000 | PA      | $2373504.24   | 0.68%             | 2054-06-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| DELL INT LLC / EMC CORP             | Dell International LLC / EMC Corp                                               | CUSIP: 24703TAJ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    972000 | PA      | $1184437.77   | 0.34%             | 2036-07-15      | Fixed         | 8.10%                 | No            |                  2 | On Loan: No      |
| American Express Credit Accoun      | American Express Credit Account Master Trust Series 2025-5                      | CUSIP: 02582JKT6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    610000 | PA      | $622962.07    | 0.18%             | 2032-07-15      | Fixed         | 4.51%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 31418DET5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   8419447 | PA      | $7782325.79   | 2.24%             | 2049-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ASHTEAD CAPITAL INC                 | Ashtead Capital Inc                                                             | CUSIP: 04505AAA7<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2069689.80   | 0.60%             | 2032-08-11      | Fixed         | 5.50%                 | No            |                  2 | On Loan: —       |
| OPEN TEXT INC                       | Open Text Holdings Inc                                                          | CUSIP: 683720AA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1125000 | PA      | $1065709.01   | 0.31%             | 2030-02-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                         | Freddie Mac REMICS                                                              | CUSIP: 3137H9RL5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1691364 | PA      | $1715705.90   | 0.49%             | 2052-12-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DAIWA CAPITAL MARKETS AMERICA INC.  | DAIWA CAPITAL MARKETS AMERICA INC                                               | CUSIP: 000000000<br>LEI: M67H5PRC0NQKM73ZAS82 | Long             | RA               | CORP              | US        |   3837088 | PA      | $3837088.00   | 1.10%             |  |  |  | No            |                  2 | On Loan: No      |
| SK HYNIX INC                        | SK Hynix Inc                                                                    | CUSIP: 78392BAC1<br>LEI: 988400XAIK6XISWQV045 | Long             | DBT              | CORP              | KR        |   2800000 | PA      | $2510918.54   | 0.72%             | 2031-01-19      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| NATWEST MARKETS SECURITIES INC.     | NATWEST MARKETS SECURITIES INC                                                  | CUSIP: 000000000<br>LEI: ZE2ZWJ5BTIQJ8M0C6K34 | Long             | RA               | CORP              | US        |    403766 | PA      | $403766.00    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 31418CXN9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   6358946 | PA      | $6109979.67   | 1.76%             | 2048-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES             | Royal Caribbean Cruises Ltd                                                     | CUSIP: 780153BV3<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    875000 | PA      | $897296.44    | 0.26%             | 2033-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                     | United States Treasury Note/Bond                                                | CUSIP: 912810SN9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5625000 | PA      | $2759106.43   | 0.79%             | 2050-05-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC             | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GC28<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   1795000 | PA      | $1864516.76   | 0.54%             | N/A             | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                       | Citigroup Inc                                                                   | CUSIP: 172967KM2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    825000 | PA      | $830204.10    | 0.24%             | N/A             | Fixed         | 6.25%                 | No            |                  2 | On Loan: —       |
| DPL INC/OHIO                        | DPL LLC/Ohio                                                                    | CUSIP: 233293AQ2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $981668.30    | 0.28%             | 2029-04-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| JACOBS ENGINEERING GROUP            | Jacobs Engineering Group Inc                                                    | CUSIP: 469814AA5<br>LEI: 549300CZ8QS1GE53O776 | Long             | DBT              | CORP              | US        |   3168000 | PA      | $3349329.67   | 0.96%             | 2033-03-01      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| STATE OF WISCONSIN INVESTMENT BOARD | STATE OF WISCONSIN INVESTMENT BOARD                                             | CUSIP: 000000000<br>LEI: VY0GIYI3352UC4XOP168 | Long             | RA               | CORP              | US        |   3631027 | PA      | $3631027.00   | 1.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140X6ST9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   7010266 | PA      | $6613257.05   | 1.90%             | 2047-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MARRIOTT OWNERSHIP RESOR            | Marriott Ownership Resorts Inc                                                  | CUSIP: 57164PAF3<br>LEI: BW4532OH033VURR0IT68 | Long             | DBT              | CORP              | US        |   1600000 | PA      | $1573929.44   | 0.45%             | 2028-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: —       |
| SONOCO PRODUCTS CO                  | Sonoco Products Co                                                              | CUSIP: 835495AP7<br>LEI: GKOMIK4RDJGHEF0VNP11 | Long             | DBT              | CORP              | US        |   1822000 | PA      | $1642732.93   | 0.47%             | 2032-02-01      | Fixed         | 2.85%                 | No            |                  2 | On Loan: —       |
| Magnetite CLO Ltd                   | Magnetite XXXVI Ltd                                                             | CUSIP: 559922AL3<br>LEI: 549300M0875JBMUL0W79 | Long             | ABS-CBDO         | CORP              | KY        |    880000 | PA      | $884128.26    | 0.25%             | 2038-07-25      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| Voya CLO Ltd                        | Voya CLO 2021-2 Ltd                                                             | CUSIP: 92919AAN4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    875000 | PA      | $875862.31    | 0.25%             | 2038-04-20      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CORP                    | Duke Energy Corp                                                                | CUSIP: 26441CCG8<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |   2290000 | PA      | $2418876.62   | 0.70%             | 2054-09-01      | Fixed         | 6.45%                 | No            |                  2 | On Loan: —       |
| GOODYEAR TIRE & RUBBER              | Goodyear Tire & Rubber Co/The                                                   | CUSIP: 382550BN0<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |   1439000 | PA      | $1389605.46   | 0.40%             | 2029-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: —       |
| JP Morgan Mortgage Trust            | JP Morgan Mortgage Trust 2021-1                                                 | CUSIP: 46592EAD8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    499925 | PA      | $398045.90    | 0.11%             | 2051-06-25      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| AGL CLO Ltd.                        | AGL CLO 39 Ltd                                                                  | CUSIP: 00121XAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1050000 | PA      | $1049431.43   | 0.30%             | 2038-04-20      | Floating      | 5.34%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP               | Truist Financial Corp                                                           | CUSIP: 89788MAP7<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |   2213000 | PA      | $2344730.62   | 0.67%             | 2034-06-08      | Fixed         | 5.87%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities       | GS Mortgage-Backed Securities Trust 2021-PJ8                                    | CUSIP: 36262WAB2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1790295 | PA      | $1488232.87   | 0.43%             | 2052-01-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| GLP CAPITAL LP / FIN II             | GLP Capital LP / GLP Financing II Inc                                           | CUSIP: 361841AT6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1400000 | PA      | $1416973.60   | 0.41%             | 2034-09-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140X6GB1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4573552 | PA      | $4452962.50   | 1.28%             | 2044-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                       | Citigroup Inc                                                                   | CUSIP: 172967PE5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   1278000 | PA      | $1341715.97   | 0.39%             | N/A             | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| TWILIO INC                          | Twilio Inc                                                                      | CUSIP: 90138FAD4<br>LEI: 5493004W8TRGD63APX93 | Long             | DBT              | CORP              | US        |   2194000 | PA      | $2062957.65   | 0.59%             | 2031-03-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| LAMAR MEDIA CORP                    | Lamar Media Corp                                                                | CUSIP: 513075BW0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1800000 | PA      | $1783839.78   | 0.51%             | 2029-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS              | Verizon Communications Inc                                                      | CUSIP: 92343VGW8<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |   1625000 | PA      | $1600551.86   | 0.46%             | 2054-02-23      | Fixed         | 5.50%                 | No            |                  2 | On Loan: —       |
| FREMF Mortgage Trust                | FREMF 2016-K53 Mortgage Trust                                                   | CUSIP: 30288LAN3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   2300000 | PA      | $2291226.88   | 0.66%             | 2049-03-25      | Variable      | 4.18%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                 | Charles Schwab Corp/The                                                         | CUSIP: 808513CB9<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |   1773000 | PA      | $1764693.50   | 0.51%             | N/A             | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A      | California Health Facilities Financing Authority                                | CUSIP: 13032UD88<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   3395000 | PA      | $3205668.66   | 0.92%             | 2037-06-01      | Fixed         | 4.19%                 | No            |                  2 | On Loan: No      |
| TRAVEL + LEISURE CO                 | Travel + Leisure Co                                                             | CUSIP: 98310WAQ1<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | DBT              | CORP              | US        |    575000 | PA      | $554225.08    | 0.16%             | 2030-03-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP            | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175CJ1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1815000 | PA      | $1721524.34   | 0.50%             | 2033-04-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                     | United States Treasury Note/Bond                                                | CUSIP: 912810SC3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10968000 | PA      | $8457356.25   | 2.43%             | 2048-05-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| MUELLER WATER PRODUCTS              | Mueller Water Products Inc                                                      | CUSIP: 624758AF5<br>LEI: 549300F7ZU4P1F8V8L60 | Long             | DBT              | CORP              | US        |   2650000 | PA      | $2551919.31   | 0.73%             | 2029-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140XAFJ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   5796811 | PA      | $5563469.78   | 1.60%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                         | Freddie Mac Pool                                                                | CUSIP: 3132DQXX9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   5532429 | PA      | $5661851.34   | 1.63%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| WHIRLPOOL CORP                      | Whirlpool Corp                                                                  | CUSIP: 963320BE5<br>LEI: WHENKOULSSK7WUM60H03 | Long             | DBT              | CORP              | US        |   2600000 | PA      | $2594647.12   | 0.75%             | 2033-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: —       |
| MATTEL INC                          | Mattel Inc                                                                      | CUSIP: 577081BF8<br>LEI: 549300VELLG24KHTJ564 | Long             | DBT              | CORP              | US        |   1075000 | PA      | $1043535.09   | 0.30%             | 2029-04-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| LKQ CORP                            | LKQ Corp                                                                        | CUSIP: 501889AF6<br>LEI: DS830JTTZQN6GK0I2E41 | Long             | DBT              | CORP              | US        |   1940000 | PA      | $2070264.00   | 0.60%             | 2033-06-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: —       |
| CLEVELAND-CLIFFS INC                | Cleveland-Cliffs Inc                                                            | CUSIP: 185899AP6<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2019930.00   | 0.58%             | 2032-03-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: —       |
| Freddie Mac                         | Freddie Mac Pool                                                                | CUSIP: 3132DWBK8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1992662 | PA      | $1767208.54   | 0.51%             | 2051-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                    | Connecticut Avenue Securities Trust 2024-R01                                    | CUSIP: 20753UAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1037076 | PA      | $1037078.12   | 0.30%             | 2044-01-25      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                     | United States Treasury Note/Bond                                                | CUSIP: 912810RQ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1796000 | PA      | $1267793.60   | 0.36%             | 2046-02-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| HSBC SECURITIES (USA) INC.          | HSBC SECURITIES (USA) INC                                                       | CUSIP: 000000000<br>LEI: CYYGQCGNHMHPSMRL3R97 | Long             | RA               | CORP              | US        |    155009 | PA      | $155009.00    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| MARRIOTT INTERNATIONAL              | Marriott International Inc/MD                                                   | CUSIP: 571903BU6<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |   1360000 | PA      | $1389836.80   | 0.40%             | 2037-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                     | United States Treasury Note/Bond                                                | CUSIP: 912810TQ1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4324000 | PA      | $3924536.73   | 1.13%             | 2043-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| CDW LLC/CDW FINANCE                 | CDW LLC / CDW Finance Corp                                                      | CUSIP: 12513GBL2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2008000 | PA      | $2058914.37   | 0.59%             | 2034-08-22      | Fixed         | 5.55%                 | No            |                  2 | On Loan: —       |
| CarMax Auto Owner Trust             | Carmax Auto Owner Trust 2025-1                                                  | CUSIP: 14319WAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1214022 | PA      | $1216417.96   | 0.35%             | 2028-03-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust        | GS Mortgage Securities Trust 2020-GC47                                          | CUSIP: 36258RBA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    900000 | PA      | $823547.88    | 0.24%             | 2053-05-12      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| ADVOCATE HEALTH CORP                | Advocate Health & Hospitals Corp                                                | CUSIP: 007589AB0<br>LEI: 549300AEHU3PPOUCIL87 | Long             | DBT              | CORP              | US        |   1670000 | PA      | $1404955.22   | 0.40%             | 2048-08-15      | Fixed         | 4.27%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                | Bank of America Corp                                                            | CUSIP: 06051GLU1<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   3050000 | PA      | $3268093.82   | 0.94%             | 2034-09-15      | Fixed         | 5.87%                 | No            |                  2 | On Loan: No      |
| MURPHY OIL USA INC                  | Murphy Oil USA Inc                                                              | CUSIP: 626738AE8<br>LEI: N32S6DTR2ZZ5222WHV58 | Long             | DBT              | CORP              | US        |   1050000 | PA      | $1035331.19   | 0.30%             | 2029-09-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| HYATT HOTELS CORP                   | Hyatt Hotels Corp                                                               | CUSIP: 448579AV4<br>LEI: T27JQIMTYSH41TCD5186 | Long             | DBT              | CORP              | US        |   1975000 | PA      | $2059766.84   | 0.59%             | 2032-03-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: —       |
| JP Morgan Mortgage Trust            | J.P. Morgan Mortgage Trust 2022-4                                               | CUSIP: 46655GAD7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    778044 | PA      | $672726.42    | 0.19%             | 2052-10-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC             | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GA53<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   1650000 | PA      | $1849941.19   | 0.53%             | 2034-10-24      | Fixed         | 6.56%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP              | CCO Holdings LLC / CCO Holdings Capital Corp                                    | CUSIP: 1248EPCN1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2275165.50   | 0.65%             | 2032-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: —       |
| MSCI INC                            | MSCI Inc                                                                        | CUSIP: 55354GAQ3<br>LEI: 549300HTIN2PD78UB763 | Long             | DBT              | CORP              | US        |   2015000 | PA      | $1800358.96   | 0.52%             | 2033-08-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: —       |
| TRAVEL + LEISURE CO                 | Travel + Leisure Co                                                             | CUSIP: 98310WAN8<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | DBT              | CORP              | US        |    475000 | PA      | $481808.66    | 0.14%             | 2027-04-01      | Variable      | 6.00%                 | No            |                  2 | On Loan: —       |
| DALLAS-FORT WORTH TX INTERNATI      | Dallas Fort Worth International Airport                                         | CUSIP: 23503CAN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $878393.80    | 0.25%             | 2051-11-01      | Fixed         | 4.51%                 | No            |                  2 | On Loan: No      |
| HCA INC                             | HCA Inc                                                                         | CUSIP: 404119CA5<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |   1550000 | PA      | $1480501.21   | 0.43%             | 2030-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: —       |
| MATTEL INC                          | Mattel Inc                                                                      | CUSIP: 577081AU6<br>LEI: 549300VELLG24KHTJ564 | Long             | DBT              | CORP              | US        |    911000 | PA      | $917122.99    | 0.26%             | 2040-10-01      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| HSBC SECURITIES (USA) INC.          | HSBC SECURITIES (USA) INC                                                       | CUSIP: 000000000<br>LEI: CYYGQCGNHMHPSMRL3R97 | Long             | RA               | CORP              | US        |   3837088 | PA      | $3837088.00   | 1.10%             |  |  |  | No            |                  2 | On Loan: No      |
| BWX TECHNOLOGIES INC                | BWX Technologies Inc                                                            | CUSIP: 05605HAB6<br>LEI: 549300NP85N265KWMS58 | Long             | DBT              | CORP              | US        |   1210000 | PA      | $1181103.39   | 0.34%             | 2028-06-30      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| UNITED AIR 2024-1 AA PTT            | United Airlines 2024-1 Class AA Pass Through Trust                              | CUSIP: 90932WAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1848974 | PA      | $1901892.33   | 0.55%             | 2037-02-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| BATH & BODY WORKS INC               | Bath & Body Works Inc                                                           | CUSIP: 501797AL8<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |    940000 | PA      | $977620.68    | 0.28%             | 2035-11-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| BOSTON PROPERTIES LP                | Boston Properties LP                                                            | CUSIP: 10112RBE3<br>LEI: BVHHEFJI6SHNOKQT2572 | Long             | DBT              | CORP              | US        |   2469000 | PA      | $2134371.69   | 0.61%             | 2032-04-01      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| M/I HOMES INC                       | M/I Homes Inc                                                                   | CUSIP: 55305BAV3<br>LEI: 5299005M71FH9CCSFB69 | Long             | DBT              | CORP              | US        |    335000 | PA      | $319939.00    | 0.09%             | 2030-02-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Compass Datacenters Issuer II,      | Compass Datacenters Issuer II LLC                                               | CUSIP: 20469AAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3050000 | PA      | $3072589.22   | 0.88%             | 2049-02-25      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| KYNDRYL HOLDINGS INC                | Kyndryl Holdings Inc                                                            | CUSIP: 50155QAL4<br>LEI: 549300LQ4LWX2R8ZV130 | Long             | DBT              | CORP              | US        |   2375000 | PA      | $2159418.61   | 0.62%             | 2031-10-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| ELANCO ANIMAL HEALTH INC            | Elanco Animal Health Inc                                                        | CUSIP: 28414HAG8<br>LEI: 549300SHPNDCE059M934 | Long             | DBT              | CORP              | US        |    950000 | PA      | $987874.60    | 0.28%             | 2028-08-28      | Variable      | 6.65%                 | No            |                  2 | On Loan: No      |
| Magnetite CLO Ltd                   | Magnetite XXXIV Ltd                                                             | CUSIP: 55952MAJ2<br>LEI: 5493007RY5PFZOE8RF76 | Long             | ABS-CBDO         | CORP              | KY        |    850000 | PA      | $849968.30    | 0.24%             | 2038-01-15      | Floating      | 5.46%                 | No            |                  2 | On Loan: No      |
| COMMONSPIRIT HEALTH                 | CommonSpirit Health                                                             | CUSIP: 20268JAB9<br>LEI: 4SXHN5XW08IBO0UG2V58 | Long             | DBT              | CORP              | US        |    600000 | PA      | $579493.48    | 0.17%             | 2029-10-01      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| AVIENT CORP                         | Avient Corp                                                                     | CUSIP: 05368VAB2<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | DBT              | CORP              | US        |   1575000 | PA      | $1599449.43   | 0.46%             | 2031-11-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON BANCSHARES               | Huntington Bancshares Inc/OH                                                    | CUSIP: 446150BB9<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |   1080000 | PA      | $1084714.90   | 0.31%             | 2028-08-04      | Fixed         | 4.44%                 | No            |                  2 | On Loan: —       |
| THE CAMPBELLS COMPANY               | Campbell's Company/The                                                          | CUSIP: 134429BP3<br>LEI: 5493007JDSMX8Z5Z1902 | Long             | DBT              | CORP              | US        |   2530000 | PA      | $2592068.74   | 0.75%             | 2034-03-21      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| AT&T INC                            | AT&T Inc                                                                        | CUSIP: 00206RBH4<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |   1985000 | PA      | $1715211.82   | 0.49%             | 2042-12-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| MGM RESORTS INTL                    | MGM Resorts International                                                       | CUSIP: 552953CK5<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1017797.40   | 0.29%             | 2029-09-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: —       |
| KEYCORP                             | KeyCorp                                                                         | CUSIP: 49326EEG4<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | DBT              | CORP              | US        |   1095000 | PA      | $1093455.38   | 0.31%             | 2028-04-30      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                | Bank of America Corp                                                            | CUSIP: 06051GHS1<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   2775000 | PA      | $2367574.11   | 0.68%             | 2050-03-15      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| MAGNA INTERNATIONAL INC             | Magna International Inc                                                         | CUSIP: 559222BD5<br>LEI: 95RWVLFZX6VGDZNNTN43 | Long             | DBT              | CORP              | CA        |   1752000 | PA      | $1848983.87   | 0.53%             | 2035-06-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: —       |
| JPMORGAN CHASE & CO                 | JPMorgan Chase & Co                                                             | CUSIP: 46647PCD6<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   2710000 | PA      | $2113757.75   | 0.61%             | 2042-04-22      | Fixed         | 3.16%                 | No            |                  2 | On Loan: No      |
| AUTONATION INC                      | AutoNation Inc                                                                  | CUSIP: 05329RAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1600000 | PA      | $1499050.46   | 0.43%             | 2032-03-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                         | Freddie Mac REMICS                                                              | CUSIP: 3137FYX43<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3647015 | PA      | $3438190.38   | 0.99%             | 2041-03-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Palmer Square CLO Ltd               | Palmer Square CLO 2021-1 Ltd                                                    | CUSIP: 69701WAJ5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    551000 | PA      | $551257.15    | 0.16%             | 2038-04-20      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                  | Ally Financial Inc                                                              | CUSIP: 02005NBW9<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |   1693000 | PA      | $1724678.32   | 0.50%             | 2031-01-17      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| WALMART INC                         | Walmart Inc                                                                     | CUSIP: 931142EC3<br>LEI: Y87794H0US1R65VBXU25 | Long             | DBT              | CORP              | US        |   1850000 | PA      | $1559365.50   | 0.45%             | 2048-06-29      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| FMC CORP                            | FMC Corp                                                                        | CUSIP: 302491AZ8<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | DBT              | CORP              | US        |   1718000 | PA      | $1813149.71   | 0.52%             | 2055-11-01      | Fixed         | 8.45%                 | No            |                  2 | On Loan: No      |
| YUM! BRANDS INC                     | Yum! Brands Inc                                                                 | CUSIP: 988498AN1<br>LEI: 549300JE8XHZZ7OHN517 | Long             | DBT              | CORP              | US        |   1110000 | PA      | $1036453.78   | 0.30%             | 2031-03-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: —       |
| Fannie Mae - CAS                    | Connecticut Avenue Securities Trust 2024-R06                                    | CUSIP: 20755RAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    707032 | PA      | $709334.91    | 0.20%             | 2044-09-25      | Floating      | 5.51%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                        | Broadcom Inc                                                                    | CUSIP: 11135FBJ9<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |   1700000 | PA      | $1398975.93   | 0.40%             | 2041-02-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| AMERICAN HOMES 4 RENT               | American Homes 4 Rent LP                                                        | CUSIP: 02666TAH0<br>LEI: 549300N4PXZ37U8QKI55 | Long             | DBT              | CORP              | US        |   1675000 | PA      | $1726027.92   | 0.50%             | 2034-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust            | JP Morgan Mortgage Trust 2021-7                                                 | CUSIP: 46592NAN6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1640948 | PA      | $1535509.97   | 0.44%             | 2051-11-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST             | Starwood Property Trust Inc                                                     | CUSIP: 85571BAY1<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |   1775000 | PA      | $1759758.08   | 0.51%             | 2027-01-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| PULTEGROUP INC                      | PulteGroup Inc                                                                  | CUSIP: 745867AT8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2050000 | PA      | $2197045.95   | 0.63%             | 2035-02-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| RBC DOMINION SECURITIES INC.        | RBC DOMINION SECURITIES INC                                                     | CUSIP: 000000000<br>LEI: 549300QJJX6CVVUXLE15 | Long             | RA               | CORP              | US        |   2998824 | PA      | $2998824.00   | 0.86%             |  |  |  | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO            | Capital One Financial Corp                                                      | CUSIP: 254709AT5<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |   1950000 | PA      | $2305545.29   | 0.66%             | 2034-11-02      | Fixed         | 7.96%                 | No            |                  2 | On Loan: No      |
| FORD FOUNDATION/THE                 | Ford Foundation/The                                                             | CUSIP: 34531XAB0<br>LEI: 54930013YZ3DULPNNT44 | Long             | DBT              | CORP              | US        |   2690000 | PA      | $1612666.11   | 0.46%             | 2050-06-01      | Fixed         | 2.42%                 | No            |                  2 | On Loan: —       |
| KB HOME                             | KB Home                                                                         | CUSIP: 48666KAY5<br>LEI: 549300LGUCWQURMWLG09 | Long             | DBT              | CORP              | US        |   1222000 | PA      | $1209339.35   | 0.35%             | 2029-11-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: —       |
| MICROSOFT CORP                      | Microsoft Corp                                                                  | CUSIP: 594918CC6<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | DBT              | CORP              | US        |   2450000 | PA      | $1551026.42   | 0.45%             | 2050-06-01      | Fixed         | 2.52%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                      | Morgan Stanley                                                                  | CUSIP: 6174468G7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   1548000 | PA      | $1555410.49   | 0.45%             | 2030-01-23      | Fixed         | 4.43%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP              | Bank of New York Mellon Corp/The                                                | CUSIP: 064058AJ9<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |   2585000 | PA      | $2558681.08   | 0.74%             | N/A             | Fixed         | 3.70%                 | No            |                  2 | On Loan: —       |
| GS Mortgage-Backed Securities       | GS Mortgage-Backed Securities Trust 2021-PJ9                                    | CUSIP: 36263CAH2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1432937 | PA      | $1279479.43   | 0.37%             | 2052-02-26      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| OI EUROPEAN GROUP BV                | OI European Group BV                                                            | CUSIP: 67777LAD5<br>LEI: 72450053F5WRDY8CDZ66 | Long             | DBT              | CORP              | NL        |   1500000 | PA      | $1431448.20   | 0.41%             | 2030-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: —       |
| TEVA PHARM FIN CO LLC               | Teva Pharmaceutical Finance Co LLC                                              | CUSIP: 88163VAD1<br>LEI: 5493006PITD7MU7WW480 | Long             | DBT              | CORP              | US        |   1985000 | PA      | $2078453.80   | 0.60%             | 2036-02-01      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivabl      | Santander Drive Auto Receivables Trust 2022-7                                   | CUSIP: 80287FAD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    812543 | PA      | $814151.16    | 0.23%             | 2028-01-17      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY               | Wells Fargo & Co                                                                | CUSIP: 95002YAA1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   1462000 | PA      | $1564954.04   | 0.45%             | N/A             | Fixed         | 7.62%                 | No            |                  2 | On Loan: —       |
| US TREASURY N/B                     | United States Treasury Note/Bond                                                | CUSIP: 912810TN8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6760000 | PA      | $5588882.80   | 1.61%             | 2053-02-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| GRAPHIC PACKAGING INTERN            | Graphic Packaging International LLC                                             | CUSIP: 38869AAC1<br>LEI: SO75N4VY5NXGQSK8YQ65 | Long             | DBT              | CORP              | US        |   2600000 | PA      | $2464824.70   | 0.71%             | 2029-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: —       |
| CENTENE CORP                        | Centene Corp                                                                    | CUSIP: 15135BAV3<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |   2670000 | PA      | $2455564.13   | 0.71%             | 2030-02-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| John Deere Owner Trust              | John Deere Owner Trust 2022                                                     | CUSIP: 47787JAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2206000 | PA      | $2204036.00   | 0.63%             | 2029-01-16      | Fixed         | 2.49%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora      | Chase Home Lending Mortgage Trust Series 2024-1                                 | CUSIP: 16160DAK9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    867412 | PA      | $877655.91    | 0.25%             | 2055-01-25      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                     | CVS Health Corp                                                                 | CUSIP: 126650DU1<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |   2568000 | PA      | $2627438.59   | 0.76%             | 2033-02-21      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| EXELON CORP                         | Exelon Corp                                                                     | CUSIP: 30161NBQ3<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |   2315000 | PA      | $2419632.77   | 0.70%             | 2055-03-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                       | State of California                                                             | CUSIP: 13063A5G5<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   2030000 | PA      | $2476833.25   | 0.71%             | 2039-04-01      | Fixed         | 7.55%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                   | Herc Holdings Inc                                                               | CUSIP: 42704LAF1<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2077452.00   | 0.60%             | 2030-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                    | Connecticut Avenue Securities Trust 2024-R02                                    | CUSIP: 20754GAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    747381 | PA      | $746917.95    | 0.21%             | 2044-02-25      | Floating      | 5.46%                 | No            |                  2 | On Loan: No      |
| MICRON TECHNOLOGY INC               | Micron Technology Inc                                                           | CUSIP: 595112BZ5<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |   1400000 | PA      | $1486961.31   | 0.43%             | 2033-02-09      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY               | Wells Fargo & Co                                                                | CUSIP: 95000U2U6<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   2025000 | PA      | $1885021.69   | 0.54%             | 2033-03-02      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC          | JP MORGAN SECURITIES LLC                                                        | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | Long             | RA               | CORP              | US        |   1043687 | PA      | $1043687.00   | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| FIXED INCOME CLEARING CORPORATION   | FIXED INCOME CLEARING CORPORATION                                               | CUSIP: 000000000<br>LEI: 549300H47WTHXPU08X20 | Long             | RA               | CORP              | US        |   5243000 | PA      | $5243000.00   | 1.51%             |  |  |  | No            |                  2 | On Loan: No      |
| BALL CORP                           | Ball Corp                                                                       | CUSIP: 058498AW6<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |   1925000 | PA      | $1748751.66   | 0.50%             | 2030-08-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CORP                    | Duke Energy Corp                                                                | CUSIP: 26441CBL8<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |   1595000 | PA      | $1441957.09   | 0.41%             | 2031-06-15      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| M/I HOMES INC                       | M/I Homes Inc                                                                   | CUSIP: 55305BAS0<br>LEI: 5299005M71FH9CCSFB69 | Long             | DBT              | CORP              | US        |    500000 | PA      | $496468.25    | 0.14%             | 2028-02-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| SALLY HOLDINGS/SALLY CAP            | Sally Holdings LLC / Sally Capital Inc                                          | CUSIP: 79546VAQ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1303000 | PA      | $1354611.83   | 0.39%             | 2032-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: —       |
| Ford Credit Auto Owner Trust        | Ford Credit Auto Owner Trust 2022-B                                             | CUSIP: 34534LAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1467519 | PA      | $1466773.57   | 0.42%             | 2027-08-15      | Fixed         | 3.93%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140XFQ20<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1915954 | PA      | $1921766.04   | 0.55%             | 2048-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| M&T BANK CORPORATION                | M&T Bank Corp                                                                   | CUSIP: 55261FAS3<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |   1837000 | PA      | $1995561.65   | 0.57%             | 2029-10-30      | Fixed         | 7.41%                 | No            |                  2 | On Loan: —       |
| Palmer Square CLO Ltd               | Palmer Square CLO 2018-2 Ltd                                                    | CUSIP: 69688MAN5<br>LEI: 549300EYS8N79JYSXL17 | Long             | ABS-CBDO         | CORP              | KY        |    990000 | PA      | $993051.18    | 0.29%             | 2037-04-16      | Floating      | 5.85%                 | No            |                  2 | On Loan: No      |
| DELTA AIR LINES INC                 | Delta Air Lines Inc                                                             | CUSIP: 247361A32<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1785336.39   | 0.51%             | 2030-07-10      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| AIR CANADA 2020-1C PTT              | Air Canada 2020-1 Class C Pass Through Trust                                    | CUSIP: 008911BD0<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   1000000 | PA      | $1042469.50   | 0.30%             | 2026-07-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| AGL CLO Ltd.                        | AGL Core CLO 38 Ltd                                                             | CUSIP: 00852QAA9<br>LEI: 254900ZPMRHE5M6S8F18 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1002931.40   | 0.29%             | 2038-01-22      | Floating      | 5.57%                 | No            |                  2 | On Loan: No      |
| REGAL REXNORD CORP                  | Regal Rexnord Corp                                                              | CUSIP: 758750AN3<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |   1670000 | PA      | $1770699.36   | 0.51%             | 2030-02-15      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC            | Celanese US Holdings LLC                                                        | CUSIP: 15089QAX2<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |   2049000 | PA      | $2115045.42   | 0.61%             | 2030-11-15      | Variable      | 7.05%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140XDEP7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2969589 | PA      | $2947398.58   | 0.85%             | 2049-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                | OneMain Finance Corp                                                            | CUSIP: 85172FAQ2<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    950000 | PA      | $972834.20    | 0.28%             | 2028-01-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| METHANEX CORP                       | Methanex Corp                                                                   | CUSIP: 59151KAM0<br>LEI: 549300TSJHRXT9QXRD13 | Long             | DBT              | CORP              | CA        |   1205000 | PA      | $1206401.42   | 0.35%             | 2027-10-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| METLIFE INC                         | MetLife Inc                                                                     | CUSIP: 59156RBT4<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |    375000 | PA      | $385606.13    | 0.11%             | N/A             | Fixed         | 5.88%                 | No            |                  2 | On Loan: —       |
| AIRCASTLE / IRELAND DAC             | Aircastle Ltd / Aircastle Ireland DAC                                           | CUSIP: 00929JAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1975000 | PA      | $2057415.76   | 0.59%             | 2031-10-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS SANDS CORP                | Las Vegas Sands Corp                                                            | CUSIP: 517834AL1<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |   1375000 | PA      | $1438890.13   | 0.41%             | 2034-08-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                       | Carnival Corp                                                                   | CUSIP: 143658AH5<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    850000 | PA      | $881383.70    | 0.25%             | 2028-01-15      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO II Ltd.                 | Elmwood CLO II Ltd                                                              | CUSIP: 29001LAW1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1715000 | PA      | $1719006.24   | 0.49%             | 2037-10-20      | Floating      | 5.68%                 | No            |                  2 | On Loan: No      |
| COHERENT CORP                       | Coherent Corp                                                                   | CUSIP: 902104AC2<br>LEI: 549300O5C25A0MMHHU33 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1972407.78   | 0.57%             | 2029-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: —       |
| TELEFLEX INC                        | Teleflex Inc                                                                    | CUSIP: 879369AG1<br>LEI: UUL85LWXB4NGSWWXIQ25 | Long             | DBT              | CORP              | US        |   2045000 | PA      | $1996302.01   | 0.57%             | 2028-06-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                         | Freddie Mac Pool                                                                | CUSIP: 3132AC3B4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1314164 | PA      | $1298926.38   | 0.37%             | 2048-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PENSKE AUTOMOTIVE GROUP             | Penske Automotive Group Inc                                                     | CUSIP: 70959WAK9<br>LEI: 549300W7UTQ0M4C7LB15 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1432878.00   | 0.41%             | 2029-06-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: —       |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140X6XD8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   6869011 | PA      | $6755438.85   | 1.94%             | 2035-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| TWILIO INC                          | Twilio Inc                                                                      | CUSIP: 90138FAC6<br>LEI: 5493004W8TRGD63APX93 | Long             | DBT              | CORP              | US        |    600000 | PA      | $571748.46    | 0.16%             | 2029-03-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| KRAFT HEINZ FOODS CO                | Kraft Heinz Foods Co                                                            | CUSIP: 50077LAX4<br>LEI: 5493003STKEZ2S0RNU91 | Long             | DBT              | CORP              | US        |   2480000 | PA      | $2261097.27   | 0.65%             | 2039-10-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140XKDC1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4948947 | PA      | $5043477.71   | 1.45%             | 2052-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DATA 2023-CNTR Mortgage Trust       | DATA 2023-CNTR Mortgage Trust                                                   | CUSIP: 238021AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1900000 | PA      | $1964632.49   | 0.56%             | 2043-08-12      | Variable      | 5.92%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140X8V79<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2236017 | PA      | $2265064.01   | 0.65%             | 2050-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SLM CORP                            | SLM Corp                                                                        | CUSIP: 78442PGF7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1400000 | PA      | $1458894.35   | 0.42%             | 2030-01-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                 | Freddie Mac STACR REMIC Trust 2024-DNA1                                         | CUSIP: 35564NAX1<br>LEI: 529900N6M839KA246662 | Long             | ABS-MBS          | CORP              | US        |   1237199 | PA      | $1239095.77   | 0.36%             | 2044-02-25      | Floating      | 5.71%                 | No            |                  2 | On Loan: No      |
| OWENS CORNING                       | Owens Corning                                                                   | CUSIP: 690742AB7<br>LEI: JO5M6676RDJIZ2U8X907 | Long             | DBT              | CORP              | US        |   1800000 | PA      | $2057627.63   | 0.59%             | 2036-12-01      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                           | Amgen Inc                                                                       | CUSIP: 031162DS6<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |   1385000 | PA      | $1403354.48   | 0.40%             | 2043-03-02      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| RBC DOMINION SECURITIES INC.        | RBC DOMINION SECURITIES INC                                                     | CUSIP: 000000000<br>LEI: 549300QJJX6CVVUXLE15 | Long             | RA               | CORP              | US        |    129956 | PA      | $129956.00    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                 | Freddie Mac Stacr Remic Trust 2025-Dna3                                         | CUSIP: 35564UAQ0<br>LEI: 5299009HC4IGFM6RXF30 | Long             | ABS-MBS          | CORP              | US        |    865000 | PA      | $865540.63    | 0.25%             | 2045-09-25      | Floating      | 5.32%                 | No            |                  2 | On Loan: No      |
| JOBSOHIO BEVERAGE SYS STWD LIQ      | JobsOhio Beverage System                                                        | CUSIP: 47770VBQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3700000 | PA      | $3092760.07   | 0.89%             | 2038-01-01      | Fixed         | 2.83%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140XN5W0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4470647 | PA      | $4684538.87   | 1.35%             | 2054-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust       | Citigroup Mortgage Loan Trust 2022-J1                                           | CUSIP: 17330CAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    906370 | PA      | $838511.72    | 0.24%             | 2052-02-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| API GROUP DE INC                    | APi Group DE Inc                                                                | CUSIP: 001877AA7<br>LEI: 549300XP4G7B4QYA0G83 | Long             | DBT              | CORP              | US        |   1255000 | PA      | $1209583.18   | 0.35%             | 2029-07-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** AMG Funds III

**Signature:** Thomas Disbrow

**Name of Signer:** Thomas Disbrow

**Title:** Principal Financial Officer