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        <name>Federal National Mortgage Association</name>
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        <name>Huntington Bancshares Incorporated</name>
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        <name>Federal National Mortgage Association</name>
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        <name>GS MORTGAGE SECURITIES TRUST 2020-GC47</name>
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        <name>United Air Lines, Inc.</name>
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        <name>Ford Foundation</name>
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        <name>CALIFORNIA HEALTH FACS FING AUTH</name>
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        <name>Kraft Heinz Foods Company</name>
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        <name>Goodyear Tire &amp; Rubber Co. The</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Exelon Corp.</name>
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        <name>CITIGROUP MORTGAGE LOAN TRUST 2022-J1</name>
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        <name>SK Hynix Inc.</name>
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        <name>GS MORTGAGE-BACKED SECURITIES TRUST 2022-PJ3</name>
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        <name>Palmer Square CLO 2018-2 Ltd</name>
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        <name>ELMWOOD CLO II LTD</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Marriott Ownership Resorts Inc</name>
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        <name>Travel Plus Leisure Co</name>
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        <name>Dell International LLC / EMC Corp.</name>
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        <name>JOBSOHIO BEVERAGE SYSTEM (OH)</name>
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        <name>FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD</name>
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        <name>Duke Energy Corp</name>
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        <name>CommonSpirit Health</name>
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        <name>Jacobs Engineering Group Inc.</name>
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        <name>Owens Corning</name>
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        <name>Avient Corporation</name>
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        <name>Royal Caribbean Cruises Ltd.</name>
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        <name>BWX Technologies Inc.</name>
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        <name>M/I Homes Inc.</name>
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        <name>Wells Fargo &amp; Co.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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        <name>LAMAR MEDIA CORP (DELAWARE)</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Magnetite XXXIV Ltd.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>FREDDIE MAC STACR REMIC TRUST 2024-DNA2</name>
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        <name>Bath &amp; Body Works Inc</name>
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        <name>JP MORGAN MORTGAGE TRUST 2019-INV3</name>
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        <name>The Charles Schwab Corporation</name>
        <lei>549300VSGCJ7E698NM85</lei>
        <title>SCHW V5 PERP K</title>
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          <isin value="US808513CB92"/>
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        <name>Mattel, Inc.</name>
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        <name>Herc Holdings Inc</name>
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        <name>Citigroup Inc.</name>
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        <name>FEDERAL NATIONAL MORTGAGE ASSOCIATION</name>
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        <name>Methanex Corporation</name>
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        <title>MXCN 5.125 10/15/27</title>
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        <name>GS MORTGAGE-BACKED SECURITIES TRUST 2018-RPL1</name>
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        <name>VOYA CLO 2021-2 LTD</name>
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        <name>Huntington Bancshares Incorporated</name>
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        <name>FIXED INCOME CLEARING CORPORATION</name>
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        <name>Ally Financial Inc.</name>
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        <name>Bank of America Corp.</name>
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        <name>Sonoco Products Company</name>
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        <name>Ashtead Capital Inc.</name>
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        <name>FREDDIE MAC STACR REMIC TRUST 2023-HQA3</name>
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        <name>FEDERAL HOME LOAN BANKS</name>
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        <name>Microsoft Corp.</name>
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        <name>MSCI Inc.</name>
        <lei>549300HTIN2PD78UB763</lei>
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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FN FS3698</title>
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        <name>Kyndryl Holdings Inc</name>
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        <name>State Street Corp.</name>
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        <name>Capital One Financial Corp.</name>
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        <name>Comcast Corporation</name>
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        <name>Oracle Corp.</name>
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        <name>MGM Resorts International</name>
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        <name>The Bank of New York Mellon Corp.</name>
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        <title>BK V5.95 PERP</title>
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        <name>JOBSOHIO BEVERAGE SYSTEM (OH)</name>
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        <name>NATIONAL BANK FINANCIAL INC.</name>
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        <name>United States Treasury Bonds</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Citigroup Inc.</name>
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        <name>Open Text Holdings Inc</name>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>Graphic Packaging International LLC</name>
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        <name>CONNECTICUT AVENUE SECURITIES TRUST 2024-R06</name>
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        <name>GS MORTGAGE-BACKED SECURITIES TRUST 2021-PJ8</name>
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        <name>CHASE HOME LENDING MORTGAGE TRUST 2024-1</name>
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        <name>CARMAX AUTO OWNER TRUST 2025-1</name>
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        <name>Huntington Bancshares Incorporated</name>
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        <name>Federal National Mortgage Association</name>
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        <name>KKR CLO 43 LTD</name>
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        <name>Newell Brands Inc.</name>
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        <name>PNC Financial Services Group Inc.</name>
        <lei>CFGNEKW0P8842LEUIA51</lei>
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        <name>American Homes 4 Rent L P</name>
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        <name>Federal National Mortgage Association</name>
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        <name>FEDERAL HOME LOAN MORTGAGE CORP</name>
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        <name>M/I Homes Inc.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>United States Treasury Bonds</name>
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        <name>PALMER SQUARE CLO 2021-1 LTD</name>
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        <name>United States Treasury Bonds</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Morgan Stanley</name>
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        <valUSD>1541031.11000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.43100000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD</name>
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        <title>FHMS K139 A2</title>
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        <balance>1525000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1389930.29000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-01-25</maturityDt>
          <couponKind>Variable</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>The Campbells Co.</name>
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        <balance>2530000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2455408.54000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-03-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.40000000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <balance>4296017.21000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4149121.26000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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          <isin value="US3140XN5W09"/>
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        <balance>4053259.56000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4251655.47000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GS Mortgage-Backed Securities Trust 2021-Pj5</name>
        <lei>N/A</lei>
        <title>GSMBS 2021-PJ5 A6</title>
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        <identifiers>
          <isin value="US36261HAF73"/>
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        <balance>754456.75000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>705679.23000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-10-25</maturityDt>
          <couponKind>Variable</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FREDDIE MAC STACR REMIC TRUST 2025-DNA3</name>
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        <title>STACR 2025-DNA3 A1</title>
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        <identifiers>
          <isin value="US35564UAQ04"/>
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        <balance>670375.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>668959.84000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-09-25</maturityDt>
          <couponKind>Floating</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Yum! Brands Inc.</name>
        <lei>549300JE8XHZZ7OHN517</lei>
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        <identifiers>
          <isin value="US988498AN16"/>
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        <balance>1110000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1025388.62000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>AGL CLO 39 LTD</name>
        <lei>N/A</lei>
        <title>AGL 2025-39A A1</title>
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        <balance>1050000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1048458.29000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-04-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.79763000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Magna International Inc</name>
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        <identifiers>
          <isin value="US559222BD50"/>
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        <balance>1752000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1814944.33000000</valUSD>
        <pctVal>0.563457403322</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>STATE OF WISCONSIN INVESTMENT BOARD</name>
        <lei>VY0GIYI3352UC4XOP168</lei>
        <title>STATE OF WISCONSIN INVESTMENT BOARD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="5284300728"/>
        </identifiers>
        <balance>1312583.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1312583.00000000</valUSD>
        <pctVal>0.407497131785</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="VY0GIYI3352UC4XOP168" name="STATE OF WISCONSIN INVESTMENT BOARD"/>
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          </notClearedCentCparty>
          <isTriParty>Y</isTriParty>
          <repurchaseRt>3.78000000</repurchaseRt>
          <maturityDt>2026-04-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>1130744.55878059</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>1336737.70396982</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="1312583.00000000" isCashCollateral="Y"/>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-05-28</ncom:dateSigned>
      <ncom:nameOfApplicant>AMG Funds III</ncom:nameOfApplicant>
      <ncom:signature>Thomas Disbrow</ncom:signature>
      <ncom:signerName>Thomas Disbrow</ncom:signerName>
      <ncom:title>Principal Financial Officer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
