Amg Funds Iii NPORT-P AMG Managers Loomis Sayles Bond Fund (Sep 2019 report)

AMG Managers Loomis Sayles Bond Fund
Schedule of Portfolio Investments(unaudited)
September 30, 2019

		Principal						Principal
		Amount†			Value			Amount†			Value
Corporate Bonds and Notes - 61.8%						Quicken Loans, Inc.
						5.750%, 05/01/251	$	1,815,000		$	1,871,719
Financials - 21.3%
						Realty Income Corp.
Ally Financial, Inc.						5.750%, 01/15/21		2,125,000			2,203,778
4.125%, 02/13/22	$	7,915,000		$	8,093,087��
8.000%, 11/01/31		1,267,000			1,751,628	Royal Bank of Scotland Group PLC (United
Alta Wind Holdings LLC						Kingdom)
7.000%, 06/30/351		4,802,478			5,591,224	6.125%, 12/15/22		4,650,000			5,031,585
						Societe Generale, S.A. (France)
American International Group, Inc.						4.750%, 11/24/251		11,000,000			11,815,128
4.875%, 06/01/22		560,000			598,476	5.200%, 04/15/211		7,000,000			7,311,635
Banco Santander, S.A. (Spain)						Springleaf Finance Corp.
5.179%, 11/19/252		17,200,000			18,976,406
						8.250%, 10/01/23		8,015,000			9,337,475
Bank of America Corp.						Weyerhaeuser Co.
(3 month LIBOR + 1.040%)						6.875%, 12/15/33		12,890,000			17,170,146
3.419%, 12/20/283		12,410,000			12,961,016
						Total Financials					262,356,659
Brighthouse Financial Inc.
4.700%, 06/22/47		890,000			793,979	Industrials - 38.2%
Citigroup, Inc.						America Movil SAB de CV (Mexico)
5.130%, 11/12/19		5,835,000	NZD		3,667,407	6.450%, 12/05/22		169,300,000	MXN		8,257,386
Cooperatieve Centrale						American Airlines 2016-2 Class B Pass
Raiffeisen-Boerenleenbank (Netherlands)						Through Trust
						4.375%, 06/15/241		19,375,000			19,950,437
3.875%, 02/08/22		9,090,000			9,473,418
3.950%, 11/09/22		2,190,000			2,280,927	American Airlines 2016-3 Class B Pass
Equifax, Inc.						Through Trust
7.000%, 07/01/37		4,421,000			5,708,217	3.750%, 10/15/25		6,987,106			7,096,665
The Goldman Sachs Group, Inc.						American Airlines 2017-1B Class B Pass
6.750%, 10/01/37		9,880,000			13,336,855	Through Trust
						Series B
iStar, Inc.
3.125%, 09/15/224		2,055,000			2,176,184	4.950%, 02/15/25		3,191,285			3,366,632
						American Airlines 2017-2 Class B Pass
Jefferies Group LLC						Through Trust
5.125%, 01/20/23		8,800,000			9,469,961	Series B
JPMorgan Chase & Co.						3.700%, 10/15/25		2,602,298			2,616,675
4.125%, 12/15/26		11,005,000			12,007,927	APL, Ltd.
Lloyds Banking Group PLC (United Kingdom)						8.000%, 01/15/24		250,000			215,025
4.582%, 12/10/25		20,972,000			22,025,344	Apple, Inc.
Marsh & McLennan Cos., Inc.						1.800%, 05/11/20		18,480,000			18,467,793
5.875%, 08/01/332		8,295,000			10,784,973
						ArcelorMittal (Luxembourg)
MBIA Insurance Corp.						6.750%, 03/01/415		11,065,000			13,059,065
(3 month LIBOR + 11.260%)						7.000%, 10/15/395		6,604,000			7,998,186
13.563%, 01/15/331,3		525,000			370,781
						AT&T, Inc.
Morgan Stanley						3.400%, 05/15/25		13,530,000			14,116,454
3.950%, 04/23/27		17,265,000			18,261,895	4.300%, 02/15/30		14,685,000			16,157,580
GMTN, 4.350%, 09/08/26		5,000,000			5,414,627	Booking Holdings, Inc.
MTN, 6.250%, 08/09/26		11,000,000			13,337,075	0.900%, 09/15/212,4		10,970,000			12,719,895
National Life Insurance Co.						CenturyLink, Inc.
10.500%, 09/15/391		5,000,000			8,477,390
						Series S
Navient Corp.						6.450%, 06/15/21		5,900,000			6,195,000
5.500%, 01/25/23		14,070,000			14,527,275	Chesapeake Energy Corp.
Old Republic International Corp.						5.500%, 09/15/264,5		3,080,000			1,840,300
4.875%, 10/01/24		4,915,000			5,382,561	8.000%, 06/15/27		105,000			71,421
Quicken Loans, Inc.						Choice Hotels International, Inc.
5.250%, 01/15/281		2,080,000			2,146,560	5.700%, 08/28/20		7,095,000			7,290,112

1

AMG Managers Loomis Sayles Bond Fund
Schedule of Portfolio Investments(continued)

		Principal					Principal
		Amount†		Value			Amount†		Value
Industrials - 38.2%(continued)					General Motors Co.
Continental Airlines, Inc. 2000-1 Class A-1					5.200%, 04/01/45	$	2,760,000	$	2,725,627
Pass Through Trust					General Motors Financial Co., Inc.
Series 00A1					5.250%, 03/01/26		9,680,000		10,500,208
8.048%, 11/01/20	$	14,509	$	14,998	Georgia-Pacific LLC
Continental Airlines, Inc. 2007-1 Class A					5.400%, 11/01/201		5,175,000		5,353,109
Pass Through Trust					HCA, Inc.
Series 071A					4.500%, 02/15/27		3,040,000		3,259,434
5.983%, 04/19/22		12,086,906		12,755,312	7.500%, 11/06/33		75,000		90,000
Continental Airlines, Inc. 2007-1 Class B					Hewlett Packard Enterprise Co.
Pass Through Trust					6.350%, 10/15/455		2,243,000		2,616,227
Series 071B					International Business Machines Corp.
6.903%, 04/19/22		956,680		989,782	1.625%, 05/15/20		5,980,000		5,968,523
Continental Resources, Inc.					INVISTA Finance LLC
3.800%, 06/01/24		2,025,000		2,063,585	4.250%, 10/15/191		14,000,000		14,006,930
4.500%, 04/15/23		385,000		399,691
Corning, Inc.					Kinder Morgan Energy Partners, LP
6.850%, 03/01/29		9,142,000		11,474,744	3.500%, 09/01/23		6,685,000		6,916,601
					4.150%, 03/01/22		5,620,000		5,862,654
Cox Communications, Inc.					5.800%, 03/01/21		4,320,000		4,525,840
4.800%, 02/01/351		3,369,000		3,662,838
					KLA Corp.
Cummins, Inc.					5.650%, 11/01/34		4,590,000		5,457,617
5.650%, 03/01/98		6,460,000		8,351,812	Marks & Spencer PLC (United Kingdom)
Dell International LLC / EMC Corp.					7.125%, 12/01/371		4,725,000		5,380,094
6.020%, 06/15/261		3,270,000		3,677,373
8.100%, 07/15/361		3,110,000		3,966,991	Masco Corp.
8.350%, 07/15/461		2,990,000		3,943,652	6.500%, 08/15/32		254,000		311,420
					7.125%, 03/15/20		357,000		364,071
Delta Air Lines, Inc.					7.750%, 08/01/29		499,000		639,230
Series 071B					Methanex Corp. (Canada)
8.021%, 08/10/22		2,481,495		2,749,744	5.250%, 03/01/22		300,000		311,766
Dillard's, Inc.					Noble Energy, Inc.
7.000%, 12/01/28		225,000		247,727	3.900%, 11/15/24		3,670,000		3,847,310
Embraer Netherlands Finance BV (Netherlands)					Nuance Communications, Inc.
5.400%, 02/01/27		2,325,000		2,630,180	1.000%, 12/15/354		2,140,000		2,022,300
Enable Midstream Partners, LP					1.250%, 04/01/254		1,585,000		1,553,300
5.000%, 05/15/445		2,725,000		2,500,728	1.500%, 11/01/354		50,000		49,970
Enbridge Energy Partners, LP					ONEOK Partners, LP
7.375%, 10/15/45		1,870,000		2,768,827	4.900%, 03/15/25		13,736,000		15,104,811
					6.200%, 09/15/43		245,000		303,045
Energy Transfer Partners, LP / Regency
Energy Finance Corp.					Owens Corning
4.500%, 11/01/23		700,000		741,194	7.000%, 12/01/36		2,715,000		3,329,609
EnLink Midstream Partners, LP					PulteGroup, Inc.
4.150%, 06/01/25		6,145,000		5,699,488	6.000%, 02/15/35		8,860,000		9,435,900
					6.375%, 05/15/33		5,135,000		5,682,391
Enterprise Products Operating LLC					Qwest Corp.
4.050%, 02/15/22		2,219,000		2,317,901	7.250%, 09/15/25		990,000		1,118,991
ERAC USA Finance LLC					Reliance Holding USA, Inc.
7.000%, 10/15/371		12,000,000		16,992,535
					5.400%, 02/14/221		3,250,000		3,454,725
Ford Motor Co.					Samsung Electronics Co., Ltd. (South Korea)
6.375%, 02/01/29		1,990,000		2,116,214	7.700%, 10/01/271		1,980,000		2,292,508
Ford Motor Credit Co. LLC, GMTN					Sealed Air Corp.
4.389%, 01/08/26		28,075,000		27,938,926	5.500%, 09/15/251		1,580,000		1,702,450

2

AMG Managers Loomis Sayles Bond Fund
Schedule of Portfolio Investments(continued)

		Principal						Principal
		Amount†			Value			Amount†		Value
Industrials - 38.2%(continued)						Tenaga Nasional Bhd (Malaysia)
						7.500%, 11/01/251	$	2,000,000	$	2,497,634
SM Energy Co.
6.625%, 01/15/272	$	2,155,000		$	1,858,688	Total Utilities				28,857,738
Telecom Italia Capital, S. A. (Luxembourg)						Total Corporate Bonds and Notes
6.000%, 09/30/34		4,665,000			4,968,225	(Cost $677,603,049)				761,319,186
6.375%, 11/15/33		3,530,000			3,883,000	Asset-Backed Securities - 1.4%
Telefonica Emisiones SAU (Spain)						FAN Engine Securitization, Ltd. (Ireland)
4.570%, 04/27/23		900,000			970,063	Series 2013-1A, Class 1A
Time Warner Cable LLC						4.625%, 10/15/431,6		9,150,285		8,692,770
5.500%, 09/01/41		805,000			866,826	Shenton Aircraft Investment I, Ltd.
The Toro Co.						(Cayman Islands)
6.625%, 05/01/37		6,810,000			8,614,517	Series 2015-1A, Class A
						4.750%, 10/15/421		8,014,988		8,198,800
Transcontinental Gas Pipe Line Co. LLC
7.850%, 02/01/26		15,140,000			19,203,550	Total Asset-Backed Securities
						(Cost $17,003,896)				16,891,570
UAL 2007-1 Pass Through Trust
Series 071A						Mortgage-Backed Securities - 0.0%#
6.636%, 07/02/22		7,845,900			8,294,686	Commercial Mortgage Trust
United Airlines 2016-2 Class B						Series 2014-UBS4, Class A2
Pass Through Trust						2.963%, 08/10/47		91,097		91,382
Series 16-2						WFRBS Commercial Mortgage Trust
3.650%, 10/07/25		2,049,833			2,061,312	Series 2011-C3, Class D
United States Steel Corp.						5.856%, 03/15/441,3		435,000		377,809
6.650%, 06/01/372		3,120,000			2,394,600	Total Mortgage-Backed Securities
US Airways 2011-1 Class A Pass Through						(Cost $491,292)				469,191
Series A						Municipal Bonds - 1.1%
7.125%, 10/22/23		2,015,010			2,268,297	Illinois State
Vale Overseas, Ltd. (Brazil)						5.100%, 06/01/33		1,070,000		1,158,960
6.875%, 11/21/36		1,759,000			2,228,653	Michigan Tobacco Settlement Finance Authority
Verizon Communications, Inc.						7.309%, 06/01/46		1,950,000		1,975,155
3.500%, 11/01/24		27,900,000			29,502,443	Virginia Tobacco Settlement Financing Corp.
WestRock MWV LLC						6.706%, 06/01/46		11,510,000		11,064,793
7.550%, 03/01/47		970,000			1,380,400	Total Municipal Bonds
Total Industrials					470,104,789	(Cost $13,921,990)				14,198,908
Utilities - 2.3%						U. S. Government and Agency Obligations -
DCP Midstream Operating, LP						2.2%
6.450%, 11/03/361		870,000			906,975	Fannie Mae - 0.1%
EDP Finance, B.V. (Netherlands)						FNMA,
4.900%, 10/01/191		600,000			600,000	3.000%, 07/01/27		1,185,758		1,217,748
Empresa Nacional de Electricidad S. A.						6.000%, 07/01/29		816		917
(Cayman Islands)						Total Fannie Mae				1,218,665
7.875%, 02/01/27		2,900,000			3,732,059	Freddie Mac - 0.0%#
Enel Finance International, N. V. , EMTN						FHLMC Gold,
(Netherlands)						5.000%, 12/01/31		15,121		16,326
5.750%, 09/14/40		210,000	GBP		379,834
6.000%, 10/07/391		11,152,000			13,928,491	U. S. Treasury Obligations - 2.1%
Enterprise Products Operating LLC						U. S. Treasury Bonds,
3.900%, 02/15/24		6,400,000			6,812,745	3.000%, 08/15/482		21,295,000		25,324,413
						Total U. S. Government and Agency Obligations
						(Cost $20,917,098)				26,559,404

3

AMG Managers Loomis Sayles Bond Fund
Schedule of Portfolio Investments(continued)

	Principal							Principal
	Amount†			Value				Amount		Value
Foreign Government Obligations - 4.5%					Short	-Term Investments - 26.3%
Brazilian Government International Bonds						Joint Repurchase Agreements - 1.2%8
8.500%, 01/05/24	6,650,000	BRL	$	1,767,785
10.250%, 01/10/28	5,750,000	BRL		1,730,210		Bank of Nova Scotia, dated 09/30/19, due
						10/01/19, 2.370% total to be received
Canadian When Issued Government Bond						$3,572,384 (collateralized by various
Series 0001						U. S. Government Agency Obligations, 2.500%
0.750%, 09/01/20	15,225,000	CAD		11,389,589		- 5.000%, 09/01/24 - 08/01/49, totaling
European Investment Bank Bonds					$	3,643,832)	$	3,572,149	$	3,572,149
0.000%, 03/10/217	5,000,000	AUD		3,308,335
						Cantor Fitzgerald Securities, Inc. , dated
Mexican Bonos						09/30/19, due 10/01/19, 2.400% total to be
Series M						received $3,572,387 (collateralized by various
8.000%, 12/07/23	122,500,000	MXN		6,499,068		U. S. Government Agency Obligations and
Mexican Bonos Bonds						U. S. Treasuries, 0.000% - 9.000%, 10/25/19 -
Series M 7.750%, 05/29/31	49,000,000	MXN		2,630,814		07/15/61, totaling$3,643,592)		3,572,149		3,572,149
Series M 20 10.000%, 12/05/24	461,500,000	MXN		26,742,866		Jefferies LLC, dated 09/30/19, due 10/01/19,
Norway Government Bonds						2.450% total to be received $3,572,392
Series 474						(collateralized by various U.S. Government
3.750%, 05/25/211	13,210,000	NOK		1,512,192		Agency Obligations, 0.000% - 5.000%,
Total Foreign Government Obligations						10/02/19 - 11/20/48, totaling $3,643,592)		3,572,149		3,572,149
(Cost $79,355,593)				55,580,859		National Bank Financial, dated 09/30/19, due
						10/01/19, 1.910% total to be received $749,726
	Shares					(collateralized by various U.S. Treasuries,
Common Stocks - 2.0%						0.000% - 5.250%, 10/01/19 - 02/15/40, totaling
					$	764,680)		749,686		749,686
Communication Services - 1.0%
						RBC Dominion Securities, Inc. , dated 09/30/19,
AT&T, Inc.	314,704			11,908,399		due 10/01/19, 2.370% total to be received
Health Care - 0.4%						$3,572,384 (collateralized by various
Bristol-Myers Squibb Co.	91,569			4,643,464		U. S. Government Agency Obligations and
						U. S. Treasuries, 0.000% - 6.500%, 10/15/19 -
Information Technology - 0.6%						09/01/49, totaling$3,643,592)		3,572,149		3,572,149
Corning, Inc.	281,220			8,020,395		Total Joint Repurchase Agreements				15,038,282
Total Common Stocks						U. S. Government and Agency Obligations
(Cost $21,594,608)				24,572,258		- 22.6%
Preferred Stocks - 1.1%						U. S. Treasury Bills, 0.215%, 02/27/209		59,265,000		58,826,542
Financials - 1.0%						U. S. Treasury Bills, 0.212%, 10/10/192,9		10,000,000		9,994,709
Bank of America Corp., 7.25%4	7,808			11,705,832		U. S. Treasury Bills, 0.215%, 10/17/192,9		5,000,000		4,994,688
Navient Corp., 6.00%2	41,250			960,712		U. S. Treasury Bills, 0.751%, 11/29/199		80,000,000		79,696,150
Total Financials				12,666,544		U. S. Treasury Bills, 1.149%, 01/23/202,9		24,915,000		24,773,497
Utilities - 0.1%						Federal Home Loan Bank Discount Notes,
Wisconsin Electric Power Co., 3.60%	3,946			356,285		0.965%, 11/15/199		100,020,000		99,776,200
Total Preferred Stocks						Total U. S. Government and Agency Obligations
(Cost $8,303,211)				13,022,829		(Cost $278,031,263)				278,061,786
								Shares
						Other Investment Companies - 2.5%
						Dreyfus Government Cash Management Fund,
						Institutional Shares, 1.85%10		10,274,266		10,274,266
						Dreyfus Institutional Preferred Government
						Money Market Fund, Institutional Shares,
						1.90%10		10,274,267		10,274,267

4

AMG Managers Loomis Sayles Bond Fund
Schedule of Portfolio Investments(continued)

		Shares		Value		Shares		Value
	JPMorgan U. S. Government Money Market Fund,				Total Investments - 100.4%
	IM Shares, 1.87%10	10,585,609	$	10,585,609	(Cost $1,163,394,424)		$	1,236,848,415
Total Other Investment Companies				31,134,142	Other Assets, less Liabilities - (0.4)%			(5,278,674)
Total Short-Term Investments					Net Assets - 100.0%		$	1,231,569,741
	(Cost $324,203,687)			324,234,210
†	Principal amount stated in U.S. dollars unless otherwise stated.				8Cash collateral received for securities lending activity was invested in these joint
#Less than 0.05%.					repurchase agreements.
1	Security exempt from registration under Rule 144A of the Securities Act of 1933. This				9Represents yield to maturity at September 30, 2019.
	security may be resold in transactions exempt from registration, normally to qualified				10Yield shown represents the September 30, 2019, seven day average yield, which refers
	buyers. At September 30, 2019, the value of these securities amounted to $158,682,750				to the sum of the previous seven days' dividends paid, expressed as an annual
	or 12.9% of net assets.				percentage.
2	Some of these securities, amounting to $62,502,234 or 5.1% of net assets, were out on				EMTN	European Medium Term Note
	loan to various borrowers and are collateralized by cash and various U. S. Treasury				FHLMC Freddie Mac
	Obligations. See below for more information.				FNMA	Fannie Mae
3	Variable rate security. The rate shown is based on the latest available information as
					GMTN	Global Medium-Term Notes
	of September 30, 2019. Certain variable rate securities are not based on a published
	reference rate and spread but are determined by the issuer or agent and are based				LIBOR	London Interbank Offered Rate
	on current market conditions. These securities do not indicate a reference rate and				MTN	Medium-Term Note
	spread in their description above.				CURRENCY ABBREVIATIONS:
4	Convertible Security. A corporate bond or preferred stock, usually a junior debenture,				AUD	Australian Dollar
	that can be converted, at the option of the holder, for a specific number of shares of				BRL	Brazilian Real
	the company’s preferred stock or common stock. The market value of convertible
	bonds and convertible preferred stocks at September 30, 2019, amounted to				CAD	Canadian Dollar
	$32,067,781 or 2.6% of net assets.				GBP	British Pound
5	Step Bond: A debt instrument with either deferred interest payments or an interest				MXN	Mexico Peso
	rate that resets at specific times during its term.				NOK	Norwegian Krone
6Security's value was determined by using significant unobservable inputs.					NZD	New Zealand Dollar
7	Zero Coupon Bond.

5

AMG Managers Loomis Sayles Bond Fund
Schedule of Portfolio Investments(continued)

The following table summarizes the inputs used to value the Fund's investments by the fair value hierarchy levels as of September 30, 2019:
		Level 1		Level 2		Level 3		Total
Investments in Securities
Corporate Bonds and Notes†		—	$	761,319,186		—	$	761,319,186
Asset-Backed Securities		—		8,198,800	$	8,692,770		16,891,570
Mortgage-Backed Securities		—		469,191		—		469,191
Municipal Bonds		—		14,198,908		—		14,198,908
U. S. Government and Agency Obligations†		—		26,559,404		—		26,559,404
Foreign Government Obligations		—		55,580,859		—		55,580,859
Common Stocks††	$	24,572,258		—		—		24,572,258
Preferred Stocks††		13,022,829		—		—		13,022,829
Short-Term Investments
Joint Repurchase Agreements		—		15,038,282		—		15,038,282
U. S. Government and Agency Obligations		—		278,061,786		—		278,061,786
Other Investment Companies		31,134,142		—		—		31,134,142
Total Investments in Securities	$	68,729,229	$	1,159,426,416	$	8,692,770	$	1,236,848,415
†All corporate bonds and notes and U. S. government and agency obligations held in the Fund are Level 2 securities. For a detailed breakout of corporate bonds and notes and U. S.
government and agency obligations by major industry or agency classification, please refer to the Fund's Schedule of Portfolio Investments.
††All common stocks and preferred stocks held in the Fund are Level 1 securities. For a detailed breakout of common stocks and preferred stocks by major industry classification, please
refer to the Fund's Schedule of Portfolio Investments.
For the period ended September 30, 2019, there were no transfers in or out of Level 3.
The following table below is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value at September 30, 2019:
								Asset-Backed
								Securities
Balance as of December 31, 2018							$	11,579,866
Accrued discounts (premiums)								3,776
Realized gain (loss)								(58,913)
Change in unrealized appreciation/depreciation								68,373
Purchases								—
Sales								(759,347)
Paydowns								(12,479,750)
Transfers in to Level 3								10,338,765
Transfers out of Level 3								—
Balance as of September 30, 2019								8,692,770
								—
Net change in unrealized appreciation/depreciation on investments still held at September 30, 2019							$	(356,676)

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AMG Managers Loomis Sayles Bond Fund
Schedule of Portfolio Investments(continued)

The following table summarizes the quantitative inputs and assumptions used for investments categorized in Level 3 of the fair value hierarchy as of September 30, 2019.
The table below is not intended to be all-inclusive, but rather provides information on the significant Level 3 inputs as they relate to the Fund’s fair value measurements:
Quantitative Information about Level 3 Fair Value Measurements
						Fair Value as of	Valuation	Unobservable
AMG Managers Loomis Sayles Bond Fund						September 30, 2019	Technique(s)	Inputs(s)	Range	Average
Asset-Backed Securities					$	8,692,770	Market Approach	Recent Trade Price, Indicative Bid	N/A	N/A
The country allocation in the Schedule of Portfolio Investments at September 30, 2019 is as follows:
						% of Long-Term
Country						Investments
Brazil						0.6
Canada						1.3
Cayman Islands						1.3
France						2.1
Ireland						1.0
Luxembourg						3.6
Malaysia						0.3
Mexico						4.8
Netherlands						3.2
Norway						0.2
South Korea						0.2
Spain						2.2
United Kingdom						3.6
United States						75.6
						100.0
The Fund participates in the securities lending program offered by The Bank of New York Mellon providing for the lending of securities to qualified brokers. The value of
securities loaned on positions held, cash and securities collateral received at September 30, 2019, were as follows:
		Cash		Securities		Total
Securities		Collateral		Collateral		Collateral
Loaned		Received		Received		Received
$62,502,234	$	15,038,282	$	48,987,443	$	64,025,725
The following table summarizes the securities received as collateral for securities lending at September 30, 2019:
Collateral				Coupon		Maturity
Type				Range		Date Range
U. S. Government Obligations				0.000%-11.000%		10/15/19-09/20/69
U. S. Treasury Obligations				0.000%-6.375%		10/03/19-02/15/49
For additional information about significant accounting policies, including valuation of investments, refer to the Fund’s most recent semi or annual report.

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