# EDGAR Filing Document

**Accession Number:** 0000720309
**File Stem:** 0001752724-23-035538
**Filing Date:** 2023-2
**Character Count:** 45085
**Document Hash:** b11ca72efff0684a49326e5a01c4f945
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-035538.hdr.sgml**: 20230223

**ACCESSION NUMBER**: 0001752724-23-035538

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221230

**FILED AS OF DATE**: 20230223

**DATE AS OF CHANGE**: 20230223

**PERIOD START**: 20221231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMG FUNDS III
- **CENTRAL INDEX KEY:** 0000720309
- **IRS NUMBER:** 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:** 23657316

**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 High Income Fund (Series ID: S000009869)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000027311 | Class N      | MGGBX           |
| C000225453 | Class I      | GWHIX           |

## 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 High Income Fund

- **b. EDGAR series identifier (if any):** S000009869

- **c. LEI of Series:** 5493008RV2FV6G471C71

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

- **a. Date of fiscal year-end:** 2022-12-31

- **b. Date as of which information is reported:** 2022-12-30

**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:** $19472652.45

**Total Liabilities:** $2205274.34

**Net Assets:** $17267378.11

**Cash Not Reported:** $890771.32

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.24800000 | **1-Year:** 546.00982000 | **5-Year:** 910.64634000 | **10-Year:** 197.01441000 | **30-Year:** 15.44879000

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

- **3-Month:** 0.00000000 | **1-Year:** 1511.07203000 | **5-Year:** 2035.59550000 | **10-Year:** 222.82048000 | **30-Year:** 7.66790000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000225453 | 1.97%                | 2.24%                | -0.05%               |
| Class ID C000027311 | 1.95%                | 2.28%                | -0.12%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-21044.18               | $325501.11                                 |
| Month 2  | $-696560.32              | $987579.65                                 |
| Month 3  | $-36756.33               | $-40083.82                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ATI INC                           | ATI Inc                                                  | CUSIP: 01741RAL6<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | DBT              | CORP              | US        |    139000 | PA      | $122838.47    | 0.71%             | 2029-10-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| FMG RESOURCES AUG 2006            | FMG Resources August 2006 Pty Ltd                        | CUSIP: 30251GBA4<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |     94000 | PA      | $86715.00     | 0.50%             | 2027-09-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| WESTERN DIGITAL CORP              | Western Digital Corp                                     | CUSIP: 958102AM7<br>LEI: 549300QQXOOYEF89IC56 | Long             | DBT              | CORP              | US        |    137000 | PA      | $129015.64    | 0.75%             | 2026-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| AMERICAN AXLE & MFG INC           | American Axle & Manufacturing Inc                        | CUSIP: 02406PAY6<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |    206000 | PA      | $192355.27    | 1.11%             | 2026-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR COMPANY                | Ford Motor Co                                            | CUSIP: 345370CS7<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |     77000 | PA      | $58675.13     | 0.34%             | 2046-12-08      | Fixed         | 5.29%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC           | Goldman Sachs Group Inc/The                              | CUSIP: 38144GAG6<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    155000 | PA      | $125162.50    | 0.72%             | N/A             | Fixed         | 3.65%                 | No            |                  2 | On Loan: —       |
| UNITED RENTALS NORTH AM           | United Rentals North America Inc                         | CUSIP: 911365BG8<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |    183000 | PA      | $173419.95    | 1.00%             | 2028-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC              | Cleveland-Cliffs Inc                                     | CUSIP: 185899AH4<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |    174000 | PA      | $166226.49    | 0.96%             | 2027-06-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: —       |
| ENCOMPASS HEALTH CORP             | Encompass Health Corp                                    | CUSIP: 29261AAA8<br>LEI: 549300FVRPM9DRQZRG64 | Long             | DBT              | CORP              | US        |    178000 | PA      | $161695.20    | 0.94%             | 2028-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SEALED AIR CORP                   | Sealed Air Corp                                          | CUSIP: 81211KAX8<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |    182000 | PA      | $179385.81    | 1.04%             | 2025-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ALCOA NEDERLAND HOLDING           | Alcoa Nederland Holding BV                               | CUSIP: 013822AC5<br>LEI: 5493000UL1QLQLT1VQ42 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $197024.00    | 1.14%             | 2028-05-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| AECOM                             | AECOM                                                    | CUSIP: 00774CAB3<br>LEI: 0EEB8GF0W0NPCIHZX097 | Long             | DBT              | CORP              | US        |    169000 | PA      | $162662.50    | 0.94%             | 2027-03-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE           | Teva Pharmaceutical Finance Netherlands III BV           | CUSIP: 88167AAE1<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |    201000 | PA      | $175774.50    | 1.02%             | 2026-10-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| FIXED INCOME CLEARING CORPORATION | FICC                                                     | CUSIP: 000000000<br>LEI: 549300H47WTHXPU08X20 | Long             | RA               | CORP              | US        |    248000 | PA      | $248000.00    | 1.44%             |  |  |  | No            |                  2 | On Loan: No      |
| METLIFE INC                       | MetLife Inc                                              | CUSIP: 59156RCA4<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |    101000 | PA      | $93803.75     | 0.54%             | N/A             | Fixed         | 3.85%                 | No            |                  2 | On Loan: —       |
| PENSKE AUTOMOTIVE GROUP           | Penske Automotive Group Inc                              | CUSIP: 70959WAJ2<br>LEI: 549300W7UTQ0M4C7LB15 | Long             | DBT              | CORP              | US        |    174000 | PA      | $161482.38    | 0.94%             | 2025-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| HILLENBRAND INC                   | Hillenbrand Inc                                          | CUSIP: 431571AB4<br>LEI: U246OE781574J2BUD366 | Long             | DBT              | CORP              | US        |    126000 | PA      | $121627.80    | 0.70%             | 2026-09-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES/AADVAN          | American Airlines Inc/AAdvantage Loyalty IP Ltd          | CUSIP: 00253XAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    211000 | PA      | $202907.41    | 1.18%             | 2026-04-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SOUTHWESTERN ENERGY CO            | Southwestern Energy Co                                   | CUSIP: 845467AP4<br>LEI: EFWMP121W54QV9MGOP87 | Long             | DBT              | CORP              | US        |    260000 | PA      | $268044.56    | 1.55%             | 2028-09-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| FORTRESS TRANS & INFRAST          | Fortress Transportation and Infrastructure Investors LLC | CUSIP: 34960PAB7<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |    179000 | PA      | $168296.49    | 0.97%             | 2025-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MERITAGE HOMES CORP               | Meritage Homes Corp                                      | CUSIP: 59001AAY8<br>LEI: 52990044W9UMFJO2FB97 | Long             | DBT              | CORP              | US        |    148000 | PA      | $147287.85    | 0.85%             | 2025-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| LAMAR MEDIA CORP                  | Lamar Media Corp                                         | CUSIP: 513075BW0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    175000 | PA      | $160680.94    | 0.93%             | 2029-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: —       |
| EQT CORP                          | EQT Corp                                                 | CUSIP: 26884LAQ2<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |    183000 | PA      | $182016.68    | 1.05%             | 2028-04-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| HUDBAY MINERALS INC               | Hudbay Minerals Inc                                      | CUSIP: 443628AJ1<br>LEI: 549300WI524AL577IX21 | Long             | DBT              | CORP              | CA        |     97000 | PA      | $88108.95     | 0.51%             | 2026-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| METHANEX CORP                     | Methanex Corp                                            | CUSIP: 59151KAM0<br>LEI: 549300TSJHRXT9QXRD13 | Long             | DBT              | CORP              | CA        |    183000 | PA      | $169732.50    | 0.98%             | 2027-10-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| WESTERN MIDSTREAM OPERAT          | Western Midstream Operating LP                           | CUSIP: 958254AF1<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |    269000 | PA      | $255297.14    | 1.48%             | 2026-07-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| HCA INC                           | HCA Inc                                                  | CUSIP: 404119BR9<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    139000 | PA      | $138831.71    | 0.80%             | 2025-02-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR          | Occidental Petroleum Corp                                | CUSIP: 674599DE2<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    151000 | PA      | $166704.00    | 0.97%             | 2031-09-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST           | Starwood Property Trust Inc                              | CUSIP: 85571BAL9<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |    250000 | PA      | $238562.39    | 1.38%             | 2025-03-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| DANA INC                          | Dana Inc                                                 | CUSIP: 235825AG1<br>LEI: KVWHW7YLZPFJM8QYNJ51 | Long             | DBT              | CORP              | US        |    123000 | PA      | $111888.93    | 0.65%             | 2028-06-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES / NOTE            | VICI Properties LP / VICI Note Co Inc                    | CUSIP: 92564RAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    165000 | PA      | $153932.41    | 0.89%             | 2026-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| DELTA AIR LINES INC               | Delta Air Lines Inc                                      | CUSIP: 247361ZZ4<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | DBT              | CORP              | US        |    225000 | PA      | $229891.50    | 1.33%             | 2026-01-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: —       |
| MORGAN STANLEY                    | Morgan Stanley                                           | CUSIP: 61762VAA9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    194000 | PA      | $189631.01    | 1.10%             | N/A             | Fixed         | 5.88%                 | No            |                  2 | On Loan: —       |
| UNITED AIRLINES HOLDINGS          | United Airlines Holdings Inc                             | CUSIP: 910047AH2<br>LEI: 98450079DA0B78DD6764 | Long             | DBT              | CORP              | US        |    157000 | PA      | $154252.50    | 0.89%             | 2024-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: —       |
| CHENIERE ENERGY PARTNERS          | Cheniere Energy Partners LP                              | CUSIP: 16411QAG6<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |    155000 | PA      | $139379.32    | 0.81%             | 2029-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO               | American Express Co                                      | CUSIP: 025816CH0<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    186000 | PA      | $152799.00    | 0.88%             | N/A             | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| MATADOR RESOURCES CO              | Matador Resources Co                                     | CUSIP: 576485AE6<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | DBT              | CORP              | US        |    283000 | PA      | $272092.91    | 1.58%             | 2026-09-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: —       |
| UNITED AIRLINES HOLDINGS          | United Airlines Holdings Inc                             | CUSIP: 910047AK5<br>LEI: 98450079DA0B78DD6764 | Long             | DBT              | CORP              | US        |    110000 | PA      | $105050.00    | 0.61%             | 2025-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: —       |
| CITIGROUP INC                     | Citigroup Inc                                            | CUSIP: 172967MV0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    276000 | PA      | $235290.00    | 1.36%             | N/A             | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| COGENT COMMUNICATIONS GR          | Cogent Communications Group Inc                          | CUSIP: 19240CAC7<br>LEI: 549300KFWFYF8Q1U0Y26 | Long             | DBT              | CORP              | US        |    188000 | PA      | $170787.19    | 0.99%             | 2026-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BATH & BODY WORKS INC             | Bath & Body Works Inc                                    | CUSIP: 501797AQ7<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |    123000 | PA      | $122115.63    | 0.71%             | 2027-01-15      | Fixed         | 6.69%                 | No            |                  2 | On Loan: No      |
| AIRCASTLE LTD                     | Aircastle Ltd                                            | CUSIP: 00928QAS0<br>LEI: 549300PNK8AKY3OIKP58 | Long             | DBT              | CORP              | BM        |    278000 | PA      | $261440.04    | 1.51%             | 2026-06-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CALLON PETROLEUM CO               | Callon Petroleum Co                                      | CUSIP: 13123XAZ5<br>LEI: 549300EFOWPEB0WLZW21 | Long             | DBT              | CORP              | US        |    185000 | PA      | $172428.47    | 1.00%             | 2026-07-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC             | Caesars Entertainment Inc                                | CUSIP: 28470RAH5<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |    170000 | PA      | $165184.84    | 0.96%             | 2025-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS CO                 | General Motors Co                                        | CUSIP: 37045VAU4<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |    161000 | PA      | $167115.22    | 0.97%             | 2027-10-01      | Fixed         | 6.80%                 | No            |                  2 | On Loan: —       |
| OWENS-BROCKWAY                    | Owens-Brockway Glass Container Inc                       | CUSIP: 69073TAS2<br>LEI: V2UQUCDZJ9WY98W8QU33 | Long             | DBT              | CORP              | US        |    198000 | PA      | $194018.22    | 1.12%             | 2025-08-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ELANCO ANIMAL HEALTH INC          | Elanco Animal Health Inc                                 | CUSIP: 28414HAG8<br>LEI: 549300SHPNDCE059M934 | Long             | DBT              | CORP              | US        |    126000 | PA      | $119890.26    | 0.69%             | 2028-08-28      | Variable      | 6.40%                 | No            |                  2 | On Loan: No      |
| MEG ENERGY CORP                   | MEG Energy Corp                                          | CUSIP: 552704AF5<br>LEI: 5493002WXPTG5ZC1T326 | Long             | DBT              | CORP              | CA        |    175000 | PA      | $165029.38    | 0.96%             | 2029-02-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CLEARWATER PAPER CORP             | Clearwater Paper Corp                                    | CUSIP: 18538RAH6<br>LEI: 549300HCVV19GXN4P292 | Long             | DBT              | CORP              | US        |    230000 | PA      | $223477.69    | 1.29%             | 2025-02-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| DCP MIDSTREAM OPERATING           | DCP Midstream Operating LP                               | CUSIP: 23311VAG2<br>LEI: 549300Y6CTBSE0QIPL28 | Long             | DBT              | CORP              | US        |    249000 | PA      | $246684.30    | 1.43%             | 2025-07-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| KRAFT HEINZ FOODS CO              | Kraft Heinz Foods Co                                     | CUSIP: 50077LAB2<br>LEI: 5493003STKEZ2S0RNU91 | Long             | DBT              | CORP              | US        |     76000 | PA      | $61757.83     | 0.36%             | 2046-06-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| CENTENE CORP                      | Centene Corp                                             | CUSIP: 15135BAR2<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |    231000 | PA      | $216646.40    | 1.25%             | 2027-12-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| PERMIAN RESOURC OPTG LLC          | Permian Resources Operating LLC                          | CUSIP: 15138AAA8<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |    190000 | PA      | $172954.09    | 1.00%             | 2026-01-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC                 | NEWELL BRANDS INC                                        | CUSIP: 651229AW6<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |    181000 | PA      | $170283.94    | 0.99%             | 2026-04-01      | Variable      | 4.45%                 | No            |                  2 | On Loan: No      |
| TRINITY INDUSTRIES INC            | Trinity Industries Inc                                   | CUSIP: 896522AH2<br>LEI: R1JB4KXN77XFCXOQKV49 | Long             | DBT              | CORP              | US        |    182000 | PA      | $176601.88    | 1.02%             | 2024-10-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| NUSTAR LOGISTICS LP               | NuStar Logistics LP                                      | CUSIP: 67059TAE5<br>LEI: N62BF2PKP51FIIOIUN20 | Long             | DBT              | CORP              | US        |    276000 | PA      | $258075.87    | 1.49%             | 2027-04-28      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| H.B. FULLER CO                    | HB Fuller Co                                             | CUSIP: 40410KAA3<br>LEI: JSMX3Z5FOYM8V0Q52357 | Long             | DBT              | CORP              | US        |    146000 | PA      | $129210.00    | 0.75%             | 2028-10-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| NAVIENT CORP                      | Navient Corp                                             | CUSIP: 78442FET1<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |    180000 | PA      | $176331.46    | 1.02%             | 2024-03-25      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| BALL CORP                         | Ball Corp                                                | CUSIP: 058498AT3<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |    262000 | PA      | $258580.18    | 1.50%             | 2025-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO               | JPMorgan Chase & Co                                      | CUSIP: 48128BAG6<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     99000 | PA      | $87243.75     | 0.51%             | N/A             | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| TRAVEL + LEISURE CO               | Travel + Leisure Co                                      | CUSIP: 98310WAM0<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | DBT              | CORP              | US        |     75000 | PA      | $73691.25     | 0.43%             | 2025-10-01      | Variable      | 6.60%                 | No            |                  2 | On Loan: No      |
| HOWMET AEROSPACE INC              | Howmet Aerospace Inc                                     | CUSIP: 443201AA6<br>LEI: 549300HO5WFZUT5N2T22 | Long             | DBT              | CORP              | US        |    114000 | PA      | $116983.38    | 0.68%             | 2025-05-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: —       |
| EMBRAER NETHERLANDS FINA          | Embraer Netherlands Finance BV                           | CUSIP: 29082HAA0<br>LEI: 724500PBR8LR26XBSP67 | Long             | DBT              | CORP              | NL        |    198000 | PA      | $192160.98    | 1.11%             | 2025-06-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| HOWMET AEROSPACE INC              | Howmet Aerospace Inc                                     | CUSIP: 013817AJ0<br>LEI: 549300HO5WFZUT5N2T22 | Long             | DBT              | CORP              | US        |     80000 | PA      | $79550.40     | 0.46%             | 2027-02-01      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR COMPANY                | Ford Motor Co                                            | CUSIP: 345370CR9<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |    326000 | PA      | $309158.91    | 1.79%             | 2026-12-08      | Fixed         | 4.35%                 | No            |                  2 | On Loan: —       |
| NATIONAL BANK FINANCIAL INC.      | NATIONAL BANK FINANCIAL                                  | CUSIP: 000000000<br>LEI: 549300D83GR71RNG0O65 | Long             | RA               | CORP              | US        |   1000000 | PA      | $1000000.00   | 5.79%             |  |  |  | No            |                  2 | On Loan: No      |
| CROWN CORK & SEAL CO INC          | Crown Cork & Seal Co Inc                                 | CUSIP: 228255AH8<br>LEI: 7HLDMDH0ZXNUH6PT7Z42 | Long             | DBT              | CORP              | US        |    185000 | PA      | $190459.35    | 1.10%             | 2026-12-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| SM ENERGY CO                      | SM Energy Co                                             | CUSIP: 78454LAL4<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |    283000 | PA      | $271677.33    | 1.57%             | 2025-06-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES / NOTE            | VICI Properties LP / VICI Note Co Inc                    | CUSIP: 92564RAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     27000 | PA      | $25456.41     | 0.15%             | 2025-02-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MATTEL INC                        | Mattel Inc                                               | CUSIP: 577081BE1<br>LEI: 549300VELLG24KHTJ564 | Long             | DBT              | CORP              | US        |    218000 | PA      | $200430.25    | 1.16%             | 2026-04-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| SPRINT LLC                        | Sprint LLC                                               | CUSIP: 85207UAH8<br>LEI: 549300ZTTY7CXOLJ6539 | Long             | DBT              | CORP              | US        |    213000 | PA      | $217162.02    | 1.26%             | 2024-06-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| MURPHY OIL USA INC                | Murphy Oil USA Inc                                       | CUSIP: 626738AD0<br>LEI: N32S6DTR2ZZ5222WHV58 | Long             | DBT              | CORP              | US        |    180000 | PA      | $174781.80    | 1.01%             | 2027-05-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| AVIENT CORP                       | Avient Corp                                              | CUSIP: 73179PAM8<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | DBT              | CORP              | US        |    135000 | PA      | $131625.03    | 0.76%             | 2025-05-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CHORD ENERGY CORP                 | Chord Energy Corp                                        | CUSIP: 674215AL2<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | DBT              | CORP              | US        |    177000 | PA      | $172385.61    | 1.00%             | 2026-06-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| TOLL BROS FINANCE CORP            | Toll Brothers Finance Corp                               | CUSIP: 88947EAT7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    190000 | PA      | $172626.66    | 1.00%             | 2028-02-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| NOVELIS CORP                      | Novelis Corp                                             | CUSIP: 670001AG1<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |    189000 | PA      | $169440.39    | 0.98%             | 2026-11-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| WESTLAKE CORP                     | Westlake Corp                                            | CUSIP: 960413AX0<br>LEI: GOXNEVUM0LL78B1OS344 | Long             | DBT              | CORP              | US        |     73000 | PA      | $67781.58     | 0.39%             | 2024-08-15      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| MURPHY OIL CORP                   | Murphy Oil Corp                                          | CUSIP: 626717AN2<br>LEI: QBKYQD0ODE7DC7PDIN91 | Long             | DBT              | CORP              | US        |    170000 | PA      | $163632.60    | 0.95%             | 2028-07-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| MUELLER WATER PRODUCTS            | Mueller Water Products Inc                               | CUSIP: 624758AF5<br>LEI: 549300F7ZU4P1F8V8L60 | Long             | DBT              | CORP              | US        |    183000 | PA      | $160811.25    | 0.93%             | 2029-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OLIN CORP                         | OLIN CORP                                                | CUSIP: 680665AJ5<br>LEI: 549300GKK294V7W57P06 | Long             | DBT              | CORP              | US        |    204000 | PA      | $192780.00    | 1.12%             | 2027-09-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| SLM CORP                          | SLM Corp                                                 | CUSIP: 78442PGD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    259000 | PA      | $236973.67    | 1.37%             | 2025-10-29      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP            | CCO Holdings LLC / CCO Holdings Capital Corp             | CUSIP: 1248EPBR3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    179000 | PA      | $173289.99    | 1.00%             | 2026-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP             | Tenet Healthcare Corp                                    | CUSIP: 88033GCY4<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    177000 | PA      | $167378.76    | 0.97%             | 2026-01-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| WABASH NATIONAL CORP              | Wabash National Corp                                     | CUSIP: 929566AL1<br>LEI: 5299004ZAWHQZI5XO485 | Long             | DBT              | CORP              | US        |    153000 | PA      | $130292.64    | 0.75%             | 2028-10-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SILGAN HOLDINGS INC               | Silgan Holdings Inc                                      | CUSIP: 827048AW9<br>LEI: KAF673KJXD92C8KSLU49 | Long             | DBT              | CORP              | US        |    137000 | PA      | $126746.58    | 0.73%             | 2028-02-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| PRIME SECSRVC BRW/FINANC          | Prime Security Services Borrower LLC / Prime Finance Inc | CUSIP: 74166MAC0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    225000 | PA      | $216562.50    | 1.25%             | 2026-04-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| TRAVEL + LEISURE CO               | Travel + Leisure Co                                      | CUSIP: 98310WAP3<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | DBT              | CORP              | US        |     97000 | PA      | $95540.25     | 0.55%             | 2024-04-01      | Variable      | 5.65%                 | No            |                  2 | On Loan: No      |
| WYNN LAS VEGAS LLC/CORP           | Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp         | CUSIP: 983130AV7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    170000 | PA      | $161388.81    | 0.93%             | 2025-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                    | NRG Energy Inc                                           | CUSIP: 629377CH3<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    195000 | PA      | $172134.30    | 1.00%             | 2029-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WESCO DISTRIBUTION INC            | WESCO Distribution Inc                                   | CUSIP: 95081QAP9<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |    118000 | PA      | $119530.93    | 0.69%             | 2028-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| MGM RESORTS INTERNATIONAL         | MGM RESORTS INTERNATIONAL                                | CUSIP: 552953CE9<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |    210000 | PA      | $204093.94    | 1.18%             | 2025-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: —       |
| UNITED STATES STEEL CORP          | United States Steel Corp                                 | CUSIP: 912909AU2<br>LEI: JNLUVFYJT1OZSIQ24U47 | Long             | DBT              | CORP              | US        |    133000 | PA      | $129095.98    | 0.75%             | 2029-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: —       |
| SBA COMMUNICATIONS CORP           | SBA Communications Corp                                  | CUSIP: 78410GAD6<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | DBT              | CORP              | US        |    225000 | PA      | $203290.54    | 1.18%             | 2027-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                     | TransDigm Inc                                            | CUSIP: 893647BE6<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    172000 | PA      | $169624.68    | 0.98%             | 2026-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| PENN ENTERTAINMENT INC            | Penn Entertainment Inc                                   | CUSIP: 707569AV1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    183000 | PA      | $144570.67    | 0.84%             | 2029-07-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                | Ally Financial Inc                                       | CUSIP: 02005NBM1<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |    187000 | PA      | $125056.25    | 0.72%             | N/A             | Fixed         | 4.70%                 | No            |                  2 | On Loan: —       |
| ARAMARK SERVICES INC              | Aramark Services Inc                                     | CUSIP: 038522AQ1<br>LEI: 42YMHYH0XMHJEXDUB065 | Long             | DBT              | CORP              | US        |    138000 | PA      | $128745.03    | 0.75%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS INC.     | CITIGROUP GLOBAL MARKETS INC                             | CUSIP: 000000000<br>LEI: MBNUM2BPBDO7JBLYG310 | Long             | RA               | CORP              | US        |    253247 | PA      | $253247.00    | 1.47%             |  |  |  | No            |                  2 | On Loan: No      |
| HANESBRANDS INC                   | Hanesbrands Inc                                          | CUSIP: 410345AL6<br>LEI: GX5LWVWZLL5S4W1L2F20 | Long             | DBT              | CORP              | US        |    157000 | PA      | $140290.64    | 0.81%             | 2026-05-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                | Energy Transfer LP                                       | CUSIP: 29278NAG8<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    180000 | PA      | $174052.07    | 1.01%             | 2029-04-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| KB HOME                           | KB Home                                                  | CUSIP: 48666KAZ2<br>LEI: 549300LGUCWQURMWLG09 | Long             | DBT              | CORP              | US        |     85000 | PA      | $68327.25     | 0.40%             | 2031-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GOODYEAR TIRE & RUBBER            | Goodyear Tire & Rubber Co/The                            | CUSIP: 382550BG5<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |    258000 | PA      | $236000.34    | 1.37%             | 2027-03-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: —       |
| CDW LLC/CDW FINANCE               | CDW LLC / CDW Finance Corp                               | CUSIP: 12513GBA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    133000 | PA      | $132992.07    | 0.77%             | 2024-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PTC INC                           | PTC Inc                                                  | CUSIP: 69370CAB6<br>LEI: 54930050SSMU8SKDJ030 | Long             | DBT              | CORP              | US        |    218000 | PA      | $207629.89    | 1.20%             | 2025-02-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP               | Charles Schwab Corp/The                                  | CUSIP: 808513BK0<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    131000 | PA      | $113642.50    | 0.66%             | N/A             | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-22

**Name of Applicant:** AMG Funds III

**Signature:** Thomas Disbrow

**Name of Signer:** Thomas Disbrow

**Title:** Principal Financial Officer