# EDGAR Filing Document

**Accession Number:** 0000720309
**File Stem:** 0001752724-23-035526
**Filing Date:** 2023-2
**Character Count:** 64821
**Document Hash:** 98afea7aa98bd1c0420887e81f21adf3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-035526.hdr.sgml**: 20230223

**ACCESSION NUMBER**: 0001752724-23-035526

**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:** 23657303

**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           |

## 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:** 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:** $501671154.06

**Total Liabilities:** $7817227.19

**Net Assets:** $493853926.87

**Cash Not Reported:** $670.00

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 88.42646000 | **1-Year:** 13397.55796000 | **5-Year:** 103590.81333000 | **10-Year:** 70645.03933000 | **30-Year:** 6922.76746000

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

- **3-Month:** 0.00000000 | **1-Year:** 7506.34443000 | **5-Year:** 23799.90548000 | **10-Year:** 2545.98612000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000125498 | -0.59%               | 3.72%                | -0.54%               |
| Class ID C000027310 | -0.61%               | 3.66%                | -0.56%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-3886692.23             | $-554520.87                                |
| Month 2  | $-84202.73               | $17381076.40                               |
| Month 3  | $-1960144.20             | $-1863757.11                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| SYSCO CORPORATION                 | Sysco Corp                                                                  | CUSIP: 871829BK2<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | DBT              | CORP              | US        |   4475000 | PA      | $3719568.45   | 0.75%             | 2030-02-15      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA          | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                   | CUSIP: 00774MAU9<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   5450000 | PA      | $5027081.58   | 1.02%             | 2024-10-29      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                   | United States Treasury Note/Bond                                            | CUSIP: 91282CBR1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5868000 | PA      | $5562909.83   | 1.13%             | 2024-03-15      | Fixed         | 0.25%                 | 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        |   2000000 | PA      | $1936201.04   | 0.39%             | 2026-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                        | Fannie Mae Pool                                                             | CUSIP: 31418DET5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  11456908 | PA      | $10592365.94  | 2.14%             | 2049-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| LAMAR MEDIA CORP                  | Lamar Media Corp                                                            | CUSIP: 513075BW0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3250000 | PA      | $2984074.54   | 0.60%             | 2029-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: —       |
| BANK OF AMERICA CORP              | Bank of America Corp                                                        | CUSIP: 06051GHT9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   2850000 | PA      | $2670079.50   | 0.54%             | 2027-04-23      | Fixed         | 3.56%                 | 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        |   3500000 | PA      | $3126553.15   | 0.63%             | 2037-06-01      | Fixed         | 4.19%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP             | Truist Financial Corp                                                       | CUSIP: 89832QAE9<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |   3400000 | PA      | $3250740.00   | 0.66%             | N/A             | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| VMWARE INC                        | VMware Inc                                                                  | CUSIP: 928563AC9<br>LEI: 549300BUDHS3LRWBE814 | Long             | DBT              | CORP              | US        |   3400000 | PA      | $3173152.61   | 0.64%             | 2027-08-21      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| PULTEGROUP INC                    | PulteGroup Inc                                                              | CUSIP: 745867AT8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2050000 | PA      | $1960131.24   | 0.40%             | 2035-02-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CISCO SYSTEMS INC                 | Cisco Systems Inc                                                           | CUSIP: 17275RAF9<br>LEI: 549300LKFJ962MZ46593 | Long             | DBT              | CORP              | US        |   1650000 | PA      | $1716999.14   | 0.35%             | 2040-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GRAPHIC PACKAGING INTERN          | Graphic Packaging International LLC                                         | CUSIP: 38869AAC1<br>LEI: SO75N4VY5NXGQSK8YQ65 | Long             | DBT              | CORP              | US        |   2850000 | PA      | $2428279.26   | 0.49%             | 2029-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                   | United States Treasury Note/Bond                                            | CUSIP: 912810QA9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7852000 | PA      | $7375052.32   | 1.49%             | 2039-02-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                        | Fannie Mae Pool                                                             | CUSIP: 3140XAFJ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   7538466 | PA      | $7182155.70   | 1.45%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                       | Freddie Mac Pool                                                            | CUSIP: 3132DWBK8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  16670090 | PA      | $14676474.15  | 2.97%             | 2051-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CENTENE CORP                      | Centene Corp                                                                | CUSIP: 15135BAV3<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |   3650000 | PA      | $3085600.50   | 0.62%             | 2030-02-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: —       |
| TOLL BROS FINANCE CORP            | Toll Brothers Finance Corp                                                  | CUSIP: 88947EAS9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3250000 | PA      | $3103211.77   | 0.63%             | 2027-03-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC           | Goldman Sachs Group Inc/The                                                 | CUSIP: 38141GFD1<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   1850000 | PA      | $1973992.96   | 0.40%             | 2037-10-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| PARKER-HANNIFIN CORP              | Parker-Hannifin Corp                                                        | CUSIP: 701094AN4<br>LEI: 5493002CONDB4N2HKI23 | Long             | DBT              | CORP              | US        |   1900000 | PA      | $1696696.33   | 0.34%             | 2029-06-14      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| SLM CORP                          | SLM Corp                                                                    | CUSIP: 78442PGE0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3365000 | PA      | $2861763.61   | 0.58%             | 2026-11-02      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST SPL OBLG REVE    | Commonwealth of Massachusetts                                               | CUSIP: 576004HG3<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   3660000 | PA      | $3533620.93   | 0.72%             | 2031-07-15      | Fixed         | 4.11%                 | No            |                  2 | On Loan: No      |
| PENSKE AUTOMOTIVE GROUP           | Penske Automotive Group Inc                                                 | CUSIP: 70959WAJ2<br>LEI: 549300W7UTQ0M4C7LB15 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1856119.28   | 0.38%             | 2025-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: —       |
| CROWN AMER/CAP CORP V             | Crown Americas LLC / Crown Americas Capital Corp V                          | CUSIP: 22819KAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3350000 | PA      | $3194493.00   | 0.65%             | 2026-09-30      | Fixed         | 4.25%                 | No            |                  2 | On Loan: —       |
| US TREASURY N/B                   | United States Treasury Note/Bond                                            | CUSIP: 912810PU6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7846000 | PA      | $8762388.32   | 1.77%             | 2037-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MGM RESORTS INTERNATIONAL         | MGM RESORTS INTERNATIONAL                                                   | CUSIP: 552953CE9<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |   1175000 | PA      | $1141954.18   | 0.23%             | 2025-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                        | Fannie Mae Pool                                                             | CUSIP: 3140XBRA0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4943304 | PA      | $4595681.20   | 0.93%             | 2051-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| KB HOME                           | KB Home                                                                     | CUSIP: 48666KAY5<br>LEI: 549300LGUCWQURMWLG09 | Long             | DBT              | CORP              | US        |   1222000 | PA      | $1062638.98   | 0.22%             | 2029-11-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                       | Freddie Mac Pool                                                            | CUSIP: 3132AEAS5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   8307317 | PA      | $8138919.13   | 1.65%             | 2048-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| WALGREENS BOOTS ALLIANCE          | Walgreens Boots Alliance Inc                                                | CUSIP: 931427AC2<br>LEI: 549300RPTUOIXG4LIH86 | Long             | DBT              | CORP              | US        |   2520000 | PA      | $2109021.79   | 0.43%             | 2044-11-18      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH LE    | New Jersey Economic Development Authority                                   | CUSIP: 645913AA2<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   3550000 | PA      | $3821583.88   | 0.77%             | 2029-02-15      | Fixed         | 7.42%                 | No            |                  2 | On Loan: No      |
| ADVOCATE HEALTH CORP              | Advocate Health & Hospitals Corp                                            | CUSIP: 007589AB0<br>LEI: 549300AEHU3PPOUCIL87 | Long             | DBT              | CORP              | US        |   1700000 | PA      | $1443251.57   | 0.29%             | 2048-08-15      | Fixed         | 4.27%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                        | Fannie Mae Pool                                                             | CUSIP: 3140X9RM9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1496140 | PA      | $1398396.93   | 0.28%             | 2048-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ARAMARK SERVICES INC              | Aramark Services Inc                                                        | CUSIP: 038522AQ1<br>LEI: 42YMHYH0XMHJEXDUB065 | Long             | DBT              | CORP              | US        |   3220000 | PA      | $3004050.70   | 0.61%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: —       |
| MUFG SECURITIES AMERICAS INC.     | MUFG SECURITIES AMERICA INC                                                 | CUSIP: 000000000<br>LEI: K5HU16E3LMSVCCJJJ255 | Long             | RA               | CORP              | US        |   1760647 | PA      | $1760647.00   | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| US TREASURY N/B                   | United States Treasury Note/Bond                                            | CUSIP: 912810SN9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4625000 | PA      | $2489008.78   | 0.50%             | 2050-05-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| DELL INC                          | Dell Inc                                                                    | CUSIP: 247025AE9<br>LEI: 3E70L4WYANTIWWIPHC81 | Long             | DBT              | CORP              | US        |   2950000 | PA      | $3145745.54   | 0.64%             | 2028-04-15      | Fixed         | 7.10%                 | No            |                  2 | On Loan: No      |
| ARDAGH METAL PACKAGING            | Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC | CUSIP: 03969YAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |   3500000 | PA      | $2973058.06   | 0.60%             | 2028-09-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| TRAVEL + LEISURE CO               | Travel + Leisure Co                                                         | CUSIP: 98310WAP3<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | DBT              | CORP              | US        |   2700000 | PA      | $2659367.92   | 0.54%             | 2024-04-01      | Variable      | 5.65%                 | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC                 | NEWELL BRANDS INC                                                           | CUSIP: 651229AW6<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |   3400000 | PA      | $3198703.92   | 0.65%             | 2026-04-01      | Variable      | 4.45%                 | No            |                  2 | On Loan: No      |
| DELTA AIR LINES INC               | Delta Air Lines Inc                                                         | CUSIP: 247361ZZ4<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | DBT              | CORP              | US        |   3100000 | PA      | $3167394.00   | 0.64%             | 2026-01-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: —       |
| BANK OF NY MELLON CORP            | Bank of New York Mellon Corp/The                                            | CUSIP: 064058AH3<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |   4300000 | PA      | $4128559.00   | 0.84%             | N/A             | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| SLM CORP                          | SLM Corp                                                                    | CUSIP: 78442PGD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    838000 | PA      | $766733.34    | 0.16%             | 2025-10-29      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| NOVELIS CORP                      | Novelis Corp                                                                | CUSIP: 670001AG1<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |   3175000 | PA      | $2846419.25   | 0.58%             | 2026-11-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP               | American Tower Corp                                                         | CUSIP: 03027XAJ9<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |   1900000 | PA      | $1851418.16   | 0.37%             | 2026-02-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: —       |
| WALMART INC                       | Walmart Inc                                                                 | CUSIP: 931142EC3<br>LEI: Y87794H0US1R65VBXU25 | Long             | DBT              | CORP              | US        |   1850000 | PA      | $1641797.98   | 0.33%             | 2048-06-29      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| KOREA DEVELOPMENT BANK            | Korea Development Bank/The                                                  | CUSIP: 500630DD7<br>LEI: 549300ML2LNRZUCS7149 | Long             | DBT              | NUSS              | KR        |   4550000 | PA      | $4394653.04   | 0.89%             | 2023-10-27      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| AMAZON.COM INC                    | Amazon.com Inc                                                              | CUSIP: 023135CN4<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |   5053000 | PA      | $5040560.32   | 1.02%             | 2025-12-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: —       |
| VERIZON COMMUNICATIONS            | Verizon Communications Inc                                                  | CUSIP: 92343VES9<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |   3460000 | PA      | $3246397.73   | 0.66%             | 2029-02-08      | Fixed         | 3.88%                 | No            |                  2 | On Loan: —       |
| Fannie Mae                        | Fannie Mae Pool                                                             | CUSIP: 3140X6XD8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  11388283 | PA      | $10952172.14  | 2.22%             | 2035-02-01      | Fixed         | 3.50%                 | 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      | $2890755.61   | 0.59%             | 2038-01-01      | Fixed         | 2.83%                 | 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        |   3250000 | PA      | $3128125.00   | 0.63%             | 2026-04-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ALCOA NEDERLAND HOLDING           | Alcoa Nederland Holding BV                                                  | CUSIP: 013822AG6<br>LEI: 5493000UL1QLQLT1VQ42 | Long             | DBT              | CORP              | NL        |   5750000 | PA      | $5101162.24   | 1.03%             | 2029-03-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                        | Fannie Mae Pool                                                             | CUSIP: 3140XFQ20<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2892928 | PA      | $2867860.76   | 0.58%             | 2048-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS INC.     | CITIGROUP GLOBAL MARKETS INC                                                | CUSIP: 000000000<br>LEI: MBNUM2BPBDO7JBLYG310 | Long             | RA               | CORP              | US        |    369820 | PA      | $369820.00    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| OWENS CORNING                     | Owens Corning                                                               | CUSIP: 690742AB7<br>LEI: JO5M6676RDJIZ2U8X907 | Long             | DBT              | CORP              | US        |   1800000 | PA      | $1904913.07   | 0.39%             | 2036-12-01      | 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      | $1089240.80   | 0.22%             | 2036-07-15      | Fixed         | 8.10%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                   | United States Treasury Note/Bond                                            | CUSIP: 912810SY5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  19759000 | PA      | $14853982.57  | 3.01%             | 2041-05-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC                  | Crown Castle Inc                                                            | CUSIP: 22822VAE1<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |   2300000 | PA      | $2193391.90   | 0.44%             | 2027-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                        | Fannie Mae Pool                                                             | CUSIP: 3140X6ST9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  10610219 | PA      | $9926402.65   | 2.01%             | 2047-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BOFA SECURITIES, INC.             | BOFA SECURITIES INC                                                         | CUSIP: 000000000<br>LEI: 549300HN4UKV1E2R3U73 | Long             | RA               | CORP              | US        |   1760647 | PA      | $1760647.00   | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| MERCK & CO INC                    | Merck & Co Inc                                                              | CUSIP: 58933YBD6<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | DBT              | CORP              | US        |   7010000 | PA      | $6018509.32   | 1.22%             | 2028-12-10      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO               | JPMorgan Chase & Co                                                         | CUSIP: 46647PCP9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   3104000 | PA      | $2687328.35   | 0.54%             | 2027-09-22      | Fixed         | 1.47%                 | No            |                  2 | On Loan: No      |
| NATIONAL BANK FINANCIAL INC.      | NATIONAL BANK FINANCIAL                                                     | CUSIP: 000000000<br>LEI: 549300D83GR71RNG0O65 | Long             | RA               | CORP              | US        |   1760647 | PA      | $1760647.00   | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| FORD FOUNDATION/THE               | Ford Foundation/The                                                         | CUSIP: 34531XAB0<br>LEI: 54930013YZ3DULPNNT44 | Long             | DBT              | CORP              | US        |   2725000 | PA      | $1714251.91   | 0.35%             | 2050-06-01      | Fixed         | 2.42%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST           | Starwood Property Trust Inc                                                 | CUSIP: 85571BAL9<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |   1700000 | PA      | $1622224.24   | 0.33%             | 2025-03-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                        | Fannie Mae Pool                                                             | CUSIP: 31418DYB2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  12427952 | PA      | $10147515.17  | 2.05%             | 2051-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| TELEFLEX INC                      | Teleflex Inc                                                                | CUSIP: 879369AG1<br>LEI: UUL85LWXB4NGSWWXIQ25 | Long             | DBT              | CORP              | US        |   3350000 | PA      | $3058081.00   | 0.62%             | 2028-06-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| DISCOVERY COMMUNICATIONS          | Discovery Communications LLC                                                | CUSIP: 25470DAR0<br>LEI: L2Z2MO2EQURH3BREWI15 | Long             | DBT              | CORP              | US        |   2047000 | PA      | $1816889.18   | 0.37%             | 2028-03-20      | Fixed         | 3.95%                 | No            |                  2 | On Loan: —       |
| CHARLES SCHWAB CORP               | Charles Schwab Corp/The                                                     | CUSIP: 808513BK0<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |   4400000 | PA      | $3817000.00   | 0.77%             | N/A             | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                   | United States Treasury Note/Bond                                            | CUSIP: 912810SU3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  15912000 | PA      | $10112821.95  | 2.05%             | 2051-02-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                   | United States Treasury Note/Bond                                            | CUSIP: 9128283V0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3450000 | PA      | $3319007.81   | 0.67%             | 2025-01-31      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| HOWMET AEROSPACE INC              | Howmet Aerospace Inc                                                        | CUSIP: 443201AA6<br>LEI: 549300HO5WFZUT5N2T22 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2052340.00   | 0.42%             | 2025-05-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| HANESBRANDS INC                   | Hanesbrands Inc                                                             | CUSIP: 410345AL6<br>LEI: GX5LWVWZLL5S4W1L2F20 | Long             | DBT              | CORP              | US        |   3250000 | PA      | $2904105.56   | 0.59%             | 2026-05-15      | Fixed         | 4.88%                 | 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      | $898819.30    | 0.18%             | 2051-11-01      | Fixed         | 4.51%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP              | Bank of America Corp                                                        | CUSIP: 06051GHS1<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   2775000 | PA      | $2276024.14   | 0.46%             | 2050-03-15      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                        | Fannie Mae Pool                                                             | CUSIP: 31418CXN9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   8298985 | PA      | $7929742.95   | 1.61%             | 2048-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                       | Freddie Mac Pool                                                            | CUSIP: 3132DV5E1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   9647506 | PA      | $8898565.23   | 1.80%             | 2050-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                   | United States Treasury Note/Bond                                            | CUSIP: 91282CBQ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3270000 | PA      | $2913748.84   | 0.59%             | 2026-02-28      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| HASBRO INC                        | Hasbro Inc                                                                  | CUSIP: 418056AZ0<br>LEI: 549300NUB6D2R1ITYR45 | Long             | DBT              | CORP              | US        |   3425000 | PA      | $3043743.80   | 0.62%             | 2029-11-19      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| MERITAGE HOMES CORP               | Meritage Homes Corp                                                         | CUSIP: 59001AAY8<br>LEI: 52990044W9UMFJO2FB97 | Long             | DBT              | CORP              | US        |    485000 | PA      | $482666.26    | 0.10%             | 2025-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| UNITED RENTALS NORTH AM           | United Rentals North America Inc                                            | CUSIP: 911363AM1<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |   3650000 | PA      | $3059758.50   | 0.62%             | 2031-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                   | United States Treasury Note/Bond                                            | CUSIP: 9128286B1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4763000 | PA      | $4402053.91   | 0.89%             | 2029-02-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| H.B. FULLER CO                    | HB Fuller Co                                                                | CUSIP: 40410KAA3<br>LEI: JSMX3Z5FOYM8V0Q52357 | Long             | DBT              | CORP              | US        |   3400000 | PA      | $3009000.00   | 0.61%             | 2028-10-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| NATIONAL RURAL UTIL COOP          | National Rural Utilities Cooperative Finance Corp                           | CUSIP: 637432NW1<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |   4750000 | PA      | $3509956.02   | 0.71%             | 2031-03-15      | Fixed         | 1.35%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                   | United States Treasury Note/Bond                                            | CUSIP: 912810SC3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  11143000 | PA      | $9364908.04   | 1.90%             | 2048-05-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| COCA-COLA CO/THE                  | Coca-Cola Co/The                                                            | CUSIP: 191216CW8<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | DBT              | CORP              | US        |   2400000 | PA      | $1748822.26   | 0.35%             | 2040-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JE    | Port Authority of New York & New Jersey                                     | CUSIP: 73358WAJ3<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2109781.60   | 0.43%             | 2029-12-01      | Fixed         | 6.04%                 | 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        |   1250000 | PA      | $1186682.45   | 0.24%             | 2025-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| OWL ROCK CAPITAL CORP             | Owl Rock Capital Corp                                                       | CUSIP: 69121KAD6<br>LEI: 2549000BD79OOCPF2L94 | Long             | DBT              | CORP              | US        |   2300000 | PA      | $2111442.48   | 0.43%             | 2026-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| VF CORP                           | VF Corp                                                                     | CUSIP: 918204BC1<br>LEI: CWAJJ9DJ5Z7P057HV541 | Long             | DBT              | CORP              | US        |   2100000 | PA      | $1744175.29   | 0.35%             | 2030-04-23      | Fixed         | 2.95%                 | No            |                  2 | On Loan: —       |
| ANHEUSER-BUSCH INBEV WOR          | Anheuser-Busch InBev Worldwide Inc                                          | CUSIP: 035240AM2<br>LEI: 549300CRGMZK3K53BF92 | Long             | DBT              | CORP              | US        |   2200000 | PA      | $1966602.99   | 0.40%             | 2038-04-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA UNIF SCH DIST      | Los Angeles Unified School District/CA                                      | CUSIP: 544646XZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3225000 | PA      | $3368775.66   | 0.68%             | 2034-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| HOME DEPOT INC                    | Home Depot Inc/The                                                          | CUSIP: 437076AS1<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |   1600000 | PA      | $1711065.07   | 0.35%             | 2036-12-16      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| FREEPORT-MCMORAN INC              | Freeport-McMoRan Inc                                                        | CUSIP: 35671DCH6<br>LEI: 549300IRDTHJQ1PVET45 | Long             | DBT              | CORP              | US        |   2961000 | PA      | $2757859.08   | 0.56%             | 2030-08-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: —       |
| CLEARWATER PAPER CORP             | Clearwater Paper Corp                                                       | CUSIP: 18538RAJ2<br>LEI: 549300HCVV19GXN4P292 | Long             | DBT              | CORP              | US        |   1950000 | PA      | $1713417.97   | 0.35%             | 2028-08-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| SONOCO PRODUCTS CO                | Sonoco Products Co                                                          | CUSIP: 835495AP7<br>LEI: GKOMIK4RDJGHEF0VNP11 | Long             | DBT              | CORP              | US        |   3682000 | PA      | $2992948.94   | 0.61%             | 2032-02-01      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO               | American Express Co                                                         | CUSIP: 025816CH0<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |   1195000 | PA      | $981692.50    | 0.20%             | N/A             | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| RBC DOMINION SECURITIES INC.      | RBC DOMINION SECURITIES INC                                                 | CUSIP: 000000000<br>LEI: 549300QJJX6CVVUXLE15 | Long             | RA               | CORP              | US        |   1760647 | PA      | $1760647.00   | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| WEYERHAEUSER CO                   | Weyerhaeuser Co                                                             | CUSIP: 962166BT0<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | DBT              | CORP              | US        |   2600000 | PA      | $2788953.39   | 0.56%             | 2033-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP             | Tenet Healthcare Corp                                                       | CUSIP: 88033GCY4<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |   3350000 | PA      | $3167903.18   | 0.64%             | 2026-01-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| AIRCASTLE LTD                     | Aircastle Ltd                                                               | CUSIP: 00928QAT8<br>LEI: 549300PNK8AKY3OIKP58 | Long             | DBT              | CORP              | BM        |   2282000 | PA      | $2194685.52   | 0.44%             | 2025-08-11      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                        | Fannie Mae Pool                                                             | CUSIP: 3140X8V79<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3240435 | PA      | $3248364.27   | 0.66%             | 2050-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| YUM! BRANDS INC                   | Yum! Brands Inc                                                             | CUSIP: 988498AN1<br>LEI: 549300JE8XHZZ7OHN517 | Long             | DBT              | CORP              | US        |   3550000 | PA      | $2976675.00   | 0.60%             | 2031-03-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                        | Fannie Mae Pool                                                             | CUSIP: 3140X6GB1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   6184278 | PA      | $5939181.91   | 1.20%             | 2044-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                       | Freddie Mac Pool                                                            | CUSIP: 3133L8C37<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   8784509 | PA      | $7835185.09   | 1.59%             | 2036-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| HCA INC                           | HCA Inc                                                                     | CUSIP: 404119CA5<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |   3050000 | PA      | $2630552.47   | 0.53%             | 2030-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FMG RESOURCES AUG 2006            | FMG Resources August 2006 Pty Ltd                                           | CUSIP: 30251GBA4<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |   3000000 | PA      | $2767500.00   | 0.56%             | 2027-09-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FIRST-CITIZENS BANK/TRST          | First-Citizens Bank & Trust Co                                              | CUSIP: 125581GX0<br>LEI: L9VVX1KT5TFTKS0MLF66 | Long             | DBT              | CORP              | US        |   2825000 | PA      | $2870967.47   | 0.58%             | 2028-03-09      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                        | Fannie Mae Pool                                                             | CUSIP: 3140XDEP7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4076532 | PA      | $4004640.39   | 0.81%             | 2049-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SBA COMMUNICATIONS CORP           | SBA Communications Corp                                                     | CUSIP: 78410GAD6<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | DBT              | CORP              | US        |   3700000 | PA      | $3342999.95   | 0.68%             | 2027-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                       | Freddie Mac Pool                                                            | CUSIP: 3132AC3B4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1774173 | PA      | $1748996.16   | 0.35%             | 2048-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| AT&T INC                          | AT&T Inc                                                                    | CUSIP: 00206RGQ9<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |   2200000 | PA      | $2071512.92   | 0.42%             | 2030-02-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| WESCO DISTRIBUTION INC            | WESCO Distribution Inc                                                      | CUSIP: 95081QAN4<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |   1600000 | PA      | $1620019.39   | 0.33%             | 2025-06-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC               | Dominion Energy Inc                                                         | CUSIP: 25746UDD8<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |   3950000 | PA      | $3456250.00   | 0.70%             | N/A             | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| AIR PRODUCTS & CHEMICALS          | Air Products and Chemicals Inc                                              | CUSIP: 009158AZ9<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | DBT              | CORP              | US        |   2450000 | PA      | $1822882.64   | 0.37%             | 2040-05-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                   | United States Treasury Note/Bond                                            | CUSIP: 912810RQ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2096000 | PA      | $1568233.74   | 0.32%             | 2046-02-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| WESTERN DIGITAL CORP              | Western Digital Corp                                                        | CUSIP: 958102AM7<br>LEI: 549300QQXOOYEF89IC56 | Long             | DBT              | CORP              | US        |   1916000 | PA      | $1804335.52   | 0.37%             | 2026-02-15      | Fixed         | 4.75%                 | 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        |   1900000 | PA      | $1791377.00   | 0.36%             | 2025-02-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MUELLER WATER PRODUCTS            | Mueller Water Products Inc                                                  | CUSIP: 624758AF5<br>LEI: 549300F7ZU4P1F8V8L60 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2636250.00   | 0.53%             | 2029-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AECOM                             | AECOM                                                                       | CUSIP: 00774CAB3<br>LEI: 0EEB8GF0W0NPCIHZX097 | Long             | DBT              | CORP              | US        |   1650000 | PA      | $1588125.00   | 0.32%             | 2027-03-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                        | Fannie Mae Pool                                                             | CUSIP: 3140QGTB3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1992484 | PA      | $1879678.14   | 0.38%             | 2051-01-01      | 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        |    500000 | PA      | $457365.00    | 0.09%             | 2027-03-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: —       |
| ANGLO AMERICAN CAPITAL            | Anglo American Capital PLC                                                  | CUSIP: 034863BA7<br>LEI: TINT358G1SSHR3L3PW36 | Long             | DBT              | CORP              | GB        |   3554000 | PA      | $2901875.76   | 0.59%             | 2031-03-17      | Fixed         | 2.88%                 | No            |                  2 | On Loan: —       |
| FIXED INCOME CLEARING CORPORATION | FICC                                                                        | CUSIP: 000000000<br>LEI: 549300H47WTHXPU08X20 | Long             | RA               | CORP              | US        |   3070000 | PA      | $3070000.00   | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| TWILIO INC                        | Twilio Inc                                                                  | CUSIP: 90138FAD4<br>LEI: 5493004W8TRGD63APX93 | Long             | DBT              | CORP              | US        |   2694000 | PA      | $2137298.37   | 0.43%             | 2031-03-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: —       |
| HILTON DOMESTIC OPERATIN          | Hilton Domestic Operating Co Inc                                            | CUSIP: 432833AF8<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |   3600000 | PA      | $3262356.00   | 0.66%             | 2030-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| BROADCOM CRP / CAYMN FI           | Broadcom Corp / Broadcom Cayman Finance Ltd                                 | CUSIP: 11134LAH2<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |   3019000 | PA      | $2855642.36   | 0.58%             | 2027-01-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC          | Celanese US Holdings LLC                                                    | CUSIP: 15089QAL8<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |   5085000 | PA      | $5065216.10   | 1.03%             | 2025-03-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| UNITED PARCEL SERVICE             | United Parcel Service Inc                                                   | CUSIP: 911312AJ5<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1658362.83   | 0.34%             | 2038-01-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| UNIV OF CALIFORNIA CA REVENUES    | University of California                                                    | CUSIP: 91412HJQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3650000 | PA      | $2996395.60   | 0.61%             | 2029-05-15      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY             | Wells Fargo & Co                                                            | CUSIP: 95000U2G7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   3435000 | PA      | $2917705.01   | 0.59%             | 2030-10-30      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| ASHTEAD CAPITAL INC               | Ashtead Capital Inc                                                         | CUSIP: 045054AN3<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |   3536000 | PA      | $3017590.33   | 0.61%             | 2026-08-12      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                     | State of California                                                         | CUSIP: 13063A5G5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2878753.60   | 0.58%             | 2039-04-01      | Fixed         | 7.55%                 | No            |                  2 | On Loan: No      |
| TWILIO INC                        | Twilio Inc                                                                  | CUSIP: 90138FAC6<br>LEI: 5493004W8TRGD63APX93 | Long             | DBT              | CORP              | US        |    600000 | PA      | $487440.00    | 0.10%             | 2029-03-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST SCH BLDG AUTH    | Massachusetts School Building Authority                                     | CUSIP: 576000ZJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $3673920.60   | 0.74%             | 2030-08-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| COGENT COMMUNICATIONS GR          | Cogent Communications Group Inc                                             | CUSIP: 19240CAC7<br>LEI: 549300KFWFYF8Q1U0Y26 | Long             | DBT              | CORP              | US        |   3365000 | PA      | $3056909.01   | 0.62%             | 2026-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MSCI INC                          | MSCI Inc                                                                    | CUSIP: 55354GAQ3<br>LEI: 549300HTIN2PD78UB763 | Long             | DBT              | CORP              | US        |   2015000 | PA      | $1556100.90   | 0.32%             | 2033-08-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                    | Morgan Stanley                                                              | CUSIP: 61761JZN2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   2200000 | PA      | $2077664.47   | 0.42%             | 2027-04-23      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| NORTHERN STATES PWR-MINN          | Northern States Power Co/MN                                                 | CUSIP: 665772CR8<br>LEI: 3S1GHB0TEH85KX44SB51 | Long             | DBT              | CORP              | US        |   3800000 | PA      | $2599065.25   | 0.53%             | 2050-03-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| BALL CORP                         | Ball Corp                                                                   | CUSIP: 058498AW6<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |   3875000 | PA      | $3092715.00   | 0.63%             | 2030-08-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                   | United States Treasury Note/Bond                                            | CUSIP: 912810EX2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2579000 | PA      | $2800431.34   | 0.57%             | 2026-08-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| COMMONSPIRIT HEALTH               | CommonSpirit Health                                                         | CUSIP: 20268JAB9<br>LEI: 4SXHN5XW08IBO0UG2V58 | Long             | DBT              | CORP              | US        |   1950000 | PA      | $1696983.95   | 0.34%             | 2029-10-01      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| KB HOME                           | KB Home                                                                     | CUSIP: 48666KAX7<br>LEI: 549300LGUCWQURMWLG09 | Long             | DBT              | CORP              | US        |   1751000 | PA      | $1761418.45   | 0.36%             | 2027-06-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: —       |
| SK HYNIX INC                      | SK Hynix Inc                                                                | CUSIP: 78392BAC1<br>LEI: 988400XAIK6XISWQV045 | Long             | DBT              | CORP              | KR        |   3000000 | PA      | $2199494.40   | 0.45%             | 2031-01-19      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| MURPHY OIL USA INC                | Murphy Oil USA Inc                                                          | CUSIP: 626738AE8<br>LEI: N32S6DTR2ZZ5222WHV58 | Long             | DBT              | CORP              | US        |   3250000 | PA      | $2973847.50   | 0.60%             | 2029-09-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                        | Fannie Mae Pool                                                             | CUSIP: 31418DUH3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   5079053 | PA      | $4326132.37   | 0.88%             | 2050-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                    | Morgan Stanley                                                              | CUSIP: 6174468G7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   2948000 | PA      | $2743714.36   | 0.56%             | 2030-01-23      | Fixed         | 4.43%                 | No            |                  2 | On Loan: No      |
| MICROSOFT CORP                    | Microsoft Corp                                                              | CUSIP: 594918CC6<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | DBT              | CORP              | US        |   2450000 | PA      | $1612219.98   | 0.33%             | 2050-06-01      | Fixed         | 2.52%                 | 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