# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0002048251-26-004391
**Filing Date:** 2026-5
**Character Count:** 58101
**Document Hash:** 3a60777221b1460fe7c2e3efe1970340
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-26-004391.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0002048251-26-004391

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260528

**DATE AS OF CHANGE**: 20260528

**PERIOD START**: 20260930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Advisors' Inner Circle Fund III
- **CENTRAL INDEX KEY:** 0001593547

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22920
- **FILM NUMBER:** 261030748

**BUSINESS ADDRESS:**
- **STREET 1:** ONE FREEDOM VALLEY DRIVE
- **CITY:** OAKS
- **STATE:** PA
- **ZIP:** 19456
- **BUSINESS PHONE:** (800) 342-5734

**MAIL ADDRESS:**
- **STREET 1:** ONE FREEDOM VALLEY DRIVE
- **CITY:** OAKS
- **STATE:** PA
- **ZIP:** 19456

## Series and Classes Contracts Data

### First Foundation Fixed Income Fund (Series ID: S000070256)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000223439 | Class Y      | FFBYX           |
| C000223440 | Class A      | FFBAX           |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** ADVISORS' INNER CIRCLE III

- **b. Investment Company Act file number:** 811-22920

- **c. CIK number of Registrant:** 0001593547

- **d. LEI of Registrant:** 549300TG800HOPJVWT31

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** ONE FREEDOM VALLEY DRIVE

  - **City:** OAKS

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19456

  - **Telephone number:** 8774463863

**Item A.2. Information about the Series.**

- **a. Name of Series:** First Foundation Fixed Income Fund

- **b. EDGAR series identifier (if any):** S000070256

- **c. LEI of Series:** 549300ZX1F6RSOYD3766

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

- **a. Date of fiscal year-end:** 2026-09-30

- **b. Date as of which information is reported:** 2026-03-31

**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:** $64834483.48

**Total Liabilities:** $468718.89

**Net Assets:** $64365764.59

**Cash Not Reported:** $601.71

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -64.47890770 | **1-Year:** -1475.29864548 | **5-Year:** -5657.33160016 | **10-Year:** -13582.10749493 | **30-Year:** -5887.58149693

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

- **3-Month:** -77.18398971 | **1-Year:** -1521.07702663 | **5-Year:** -3787.82146421 | **10-Year:** -3229.70737751 | **30-Year:** -560.19200676

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000223439 | -2.12%               | 1.50%                | 0.31%                |
| Class ID C000223440 | -6.28%               | -2.86%               | -4.00%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1651.57                | $-1726281.72                               |
| Month 2  | $-151299.66              | $935654.07                                 |
| Month 3  | $12.48                   | $-85583.72                                 |

### Schedule of Portfolio Investments

| Name                                                   | Title                                                                             | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| INTEL CORPORATION                                      | INTEL CORP 5.600000% 02/21/2054                                                   | CUSIP: 458140CM0<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1834693.68   | 2.85%             | 2054-02-21      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2017-69 AS                           | CUSIP: 38379RXX6<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    457956 | PA      | $421540.71    | 0.65%             | 2058-02-16      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| NEVADA POWER COMPANY                                   | NEVADA POWER CO 6.250000% 05/15/2055                                              | CUSIP: 641423CH9<br>LEI: MJZFGXRJ52U8U4MKJ519 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1249511.30   | 1.94%             | 2055-05-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| LINCOLN NATIONAL CORPORATION                           | LINCOLN NATIONAL CORP VARIABLE RATE 05/17/2066                                    | CUSIP: 534187BN8<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1434307.16   | 2.23%             | 2066-05-17      | Floating      | 6.27%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | FREDDIE MAC REMICS FHR 5253 PL                                                    | CUSIP: 3137H8HL8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   2000000 | PA      | $1794392.00   | 2.79%             | 2052-08-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LKQ CORPORATION                                        | LKQ CORP 6.250000% 06/15/2033                                                     | CUSIP: 501889AF6<br>LEI: DS830JTTZQN6GK0I2E41 | Long             | DBT              | CORP              | US        |    325000 | PA      | $334816.47    | 0.52%             | 2033-06-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| THE PNC FINANCIAL SERVICES GROUP, INC.                 | PNC FINANCIAL SERVICES GROUP INC/THE 6.250000% MATURITY: PERPETUAL                | CUSIP: 693475BP9<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    500000 | PA      | $504387.00    | 0.78%             | 2174-06-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | FEDERAL HOME LOAN MORTGAGE CORP MTN 2.000000% 10/29/2040                          | CUSIP: 3134GW6D3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   1000000 | PA      | $694314.31    | 1.08%             | 2040-10-29      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| HUMANA INC.                                            | HUMANA INC 5.750000% 04/15/2054                                                   | CUSIP: 444859CB6<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |   1525000 | PA      | $1370428.15   | 2.13%             | 2054-04-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FANNIE MAE POOL FN AS2009                                                         | CUSIP: 3138WBGT6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    169437 | PA      | $163483.80    | 0.25%             | 2044-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FEDERAL FARM CREDIT BANKS FUNDING CORPORATION          | FEDERAL FARM CREDIT BANK 4.550000% 02/17/2033                                     | CUSIP: 3133EPAZ8<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGA              | US        |   1000000 | PA      | $987173.56    | 1.53%             | 2033-02-17      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FANNIE MAE POOL FN AI4818                                                         | CUSIP: 3138AJK84<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     55975 | PA      | $56571.29     | 0.09%             | 2041-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HUMANA INC.                                            | HUMANA INC 5.550000% 05/01/2035                                                   | CUSIP: 444859CD2<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |    500000 | PA      | $494403.91    | 0.77%             | 2035-05-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| CVS LEASE BACKED PASS THROUGH SERIES TRUST             | CVS PASS-THROUGH TRUST 6.036000% 12/10/2028                                       | CUSIP: 126650BP4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     19953 | PA      | $20140.40     | 0.03%             | 2028-12-10      | Fixed         | 6.04%                 | No            |                  2 | On Loan: No      |
| PAR HEALTH RESTRICTED SHARES                           | PAR HEALTH RESTRICTED SHARES DUMMY ID EQUITY COMMON STOCK                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |        59 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                            | FREDDIE MAC GOLD POOL FG Q26366                                                   | CUSIP: 3132M6W30<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    262230 | PA      | $252278.24    | 0.39%             | 2044-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MULTNOMAH CNTY ORE SCH DIST NO 1J PORTLAND             | MULTNOMAH CNTY OR SCH DIST #1J MULTNOMAH COUNTY SCHOOL DISTRICT NO 1J PORTLAND    | CUSIP: 625517MY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $383111.20    | 0.60%             | 2038-06-30      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| SMALL BUSINESS INVESTMENT COMPANIES                    | SBA SMALL BUSINESS INVESTMENT COS SBIC 2018-10B 1                                 | CUSIP: 831641FL4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    323181 | PA      | $317530.80    | 0.49%             | 2028-09-10      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| SMALL BUSINESS INVESTMENT COMPANIES                    | SBA SMALL BUSINESS INVESTMENT COS SBIC 2023-10B 1                                 | CUSIP: 831641FW0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1087544 | PA      | $1126899.64   | 1.75%             | 2033-09-10      | Fixed         | 5.69%                 | No            |                  2 | On Loan: No      |
| RIVERNORTH/DOUBLELINE STRATEGIC OPPORTUNITY FUND, INC. | RIVERNRTH/DOUBLELNE STR OPP MUTUAL FUND                                           | CUSIP: 76882G107<br>LEI: 549300TYVWPHZ1HNWL70 | Long             | EC               |  | US        |     61339 | NS      | $470470.13    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association               | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2023-147 BD                          | CUSIP: 38384DQQ3<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    240835 | PA      | $241079.08    | 0.37%             | 2051-03-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FANNIE MAE POOL FN AL0065                                                         | CUSIP: 3138EGCB8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     58279 | PA      | $57676.47     | 0.09%             | 2041-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BOOZ ALLEN HAMILTON INC.                               | BOOZ ALLEN HAMILTON INC 5.950000% 04/15/2035                                      | CUSIP: 09951LAD5<br>LEI: 549300D7XCH2480XU542 | Long             | DBT              | CORP              | US        |    750000 | PA      | $756115.57    | 1.17%             | 2035-04-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| N/A                                                    | BROWN BROTHERS HARRIMAN SWEEP INTEREST                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |    283400 | PA      | $283400.19    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                               | US TREASURY N/B 4.250000% 05/15/2035                                              | CUSIP: 91282CNC1<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   1500000 | PA      | $1496015.63   | 2.32%             | 2035-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FANNIE MAE POOL FN AE3049                                                         | CUSIP: 31419DL74<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    277356 | PA      | $274489.02    | 0.43%             | 2040-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL HOLDINGS, INC.                  | NEXTERA ENERGY CAPITAL HOLDINGS INC 6.750000% 06/15/2054                          | CUSIP: 65339KDB3<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    250000 | PA      | $258633.50    | 0.40%             | 2054-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2             | GINNIE MAE II POOL G2 4922                                                        | CUSIP: 36202FPF7<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    243023 | PA      | $233900.51    | 0.36%             | 2041-01-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BAYER US FINANCE II LLC                                | BAYER US FINANCE II LLC 144A 4.875000% 06/25/2048                                 | CUSIP: 07274NAQ6<br>LEI: 529900XWNEXYNJ3X6T40 | Long             | DBT              | CORP              | DE        |    250000 | PA      | $204804.40    | 0.32%             | 2048-06-25      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FANNIE MAE POOL FN AB7964                                                         | CUSIP: 31417EZ61<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    245422 | PA      | $231750.67    | 0.36%             | 2043-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2017-24 A                            | CUSIP: 38379U6D3<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |     41242 | PA      | $40485.84     | 0.06%             | 2044-09-16      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORPORATION                                 | CVS HEALTH CORP 6.125000% 09/15/2039                                              | CUSIP: 126650BR0<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    725000 | PA      | $742711.92    | 1.15%             | 2039-09-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| United States of America                               | US TREASURY N/B 3.375000% 05/15/2033                                              | CUSIP: 91282CHC8<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |    300000 | PA      | $285785.16    | 0.44%             | 2033-05-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| TELEPHONE AND DATA SYSTEMS, INC.                       | Telephone and Data Systems Inc PREFERRED STOCK                                    | CUSIP: 879433761<br>LEI: 5299003YZW5BE2NNLO37 | Long             | EP               |  | US        |     10385 | NS      | $183606.80    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| RIVERNORTH/DOUBLELINE STRATEGIC OPPORTUNITY FUND, INC. | RiverNorth/DoubleLine Strategic Opportunity Fund I PREFERRED STOCK                | CUSIP: 76882G206<br>LEI: 549300TYVWPHZ1HNWL70 | Long             | EP               |  | US        |       976 | NS      | $16406.56     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIGROUP INC.                                         | CITIGROUP INC 7.000000% MATURITY: PERPETUAL                                       | CUSIP: 172967PM7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    500000 | PA      | $514591.00    | 0.80%             | 2174-11-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                     | ENERGY TRANSFER LP 8.000000% 05/15/2054                                           | CUSIP: 29273VAX8<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    500000 | PA      | $523697.00    | 0.81%             | 2054-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN ELECTRIC POWER COMPANY, INC.                  | AMERICAN ELECTRIC POWER CO INC 7.050000% 12/15/2054                               | CUSIP: 025537AZ4<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |    500000 | PA      | $516109.34    | 0.80%             | 2054-12-15      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| SMALL BUSINESS ADMINISTRATION GTD                      | UNITED STATES SMALL BUSINESS ADMINISTRATION SBAP 2018-20H 1                       | CUSIP: 83162CZR7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    586548 | PA      | $562562.65    | 0.87%             | 2038-08-01      | Fixed         | 3.58%                 | No            |                  2 | On Loan: No      |
| PORT AUTH N Y & N J                                    | PORT AUTH OF NEW YORK & NEW JE PORT AUTHORITY OF NEW YORK & NEW JERSEY            | CUSIP: 73358WJA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    320000 | PA      | $268226.56    | 0.42%             | 2062-10-01      | Fixed         | 4.46%                 | No            |                  2 | On Loan: No      |
| N/A                                                    | ARBOR REALTY TRUST INC 4.500000% 03/15/2027                                       | CUSIP: 038923AR9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1665289.22   | 2.59%             | 2027-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PIMCO Dynamic Income Fund                              | PIMCO DYNAMIC INCOME FUND MUTUAL FUND                                             | CUSIP: 72201Y101<br>LEI: F0MWMXS5YG3P711FB044 | Long             | EC               |  | US        |     10000 | NS      | $171100.00    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association 2             | GINNIE MAE II POOL G2 MA1012                                                      | CUSIP: 36179NDR6<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    325883 | PA      | $308834.37    | 0.48%             | 2043-05-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2020-3 AH                            | CUSIP: 38382BM83<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    930408 | PA      | $766722.33    | 1.19%             | 2062-02-16      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FANNIE MAE POOL FN AC5400                                                         | CUSIP: 31417SAA8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     17534 | PA      | $17353.08     | 0.03%             | 2039-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FANNIE MAE REMICS FNR 2010-16 PA                                                  | CUSIP: 31398MRQ1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |      9661 | PA      | $9658.01      | 0.02%             | 2040-02-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS AND ELECTRIC COMPANY                       | PACIFIC GAS AND ELECTRIC CO 4.950000% 07/01/2050                                  | CUSIP: 694308JN8<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    500000 | PA      | $414188.14    | 0.64%             | 2050-07-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| EVEREST REINSURANCE HOLDINGS, INC.                     | EVEREST REINSURANCE HOLDINGS INC VARIABLE RATE 05/15/2037                         | CUSIP: 299808AE5<br>LEI: 254900P29PM5UJR3VU91 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $936638.81    | 1.46%             | 2037-05-15      | Floating      | 6.30%                 | No            |                  2 | On Loan: No      |
| SMALL BUSINESS INVESTMENT COMPANIES                    | SBA SMALL BUSINESS INVESTMENT COS SBIC 2018-10A 1                                 | CUSIP: 831641FK6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    343502 | PA      | $337424.11    | 0.52%             | 2028-03-10      | Fixed         | 3.19%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | FEDERAL HOME LOAN MORTGAGE CORP MTN 1.540000% 08/17/2035                          | CUSIP: 3134GWQH2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   2500000 | PA      | $1921643.15   | 2.99%             | 2035-08-17      | Fixed         | 1.54%                 | No            |                  2 | On Loan: No      |
| LYB International Finance B.V.                         | LYB INTERNATIONAL FINANCE BV 5.250000% 07/15/2043                                 | CUSIP: 50247VAB5<br>LEI: 549300J6QSW38QNOJK61 | Long             | DBT              | CORP              | US        |    500000 | PA      | $429760.57    | 0.67%             | 2043-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2017-70 AE                           | CUSIP: 38379RYP2<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    475422 | PA      | $405448.03    | 0.63%             | 2058-10-16      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| DENTSPLY SIRONA INC.                                   | DENTSPLY SIRONA INC 8.375000% 09/12/2055                                          | CUSIP: 24906PAB5<br>LEI: 9NHEHR1SOZCYXDO8HO28 | Long             | DBT              | CORP              | US        |    750000 | PA      | $732397.28    | 1.14%             | 2055-09-12      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2012-100 BA                          | CUSIP: 38378BC23<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   1670366 | PA      | $1444403.03   | 2.24%             | 2052-08-16      | Floating      | 2.60%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FANNIE MAE POOL FN AH7284                                                         | CUSIP: 3138A9CW2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     37826 | PA      | $36532.94     | 0.06%             | 2041-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DoubleLine Income Solutions Fund                       | DOUBLELINE INCOME SOLUTIONS MUTUAL FUND                                           | CUSIP: 258622109<br>LEI: 549300RGXFCKJWYUTL28 | Long             | EC               |  | US        |      9193 | NS      | $99560.19     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| LYB INTERNATIONAL FINANCE III, LLC                     | LYB INTERNATIONAL FINANCE III LLC 5.500000% 03/01/2034                            | CUSIP: 50249AAM5<br>LEI: 984500A51LA0B8EB4053 | Long             | DBT              | CORP              | US        |    750000 | PA      | $745499.69    | 1.16%             | 2034-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2018-3 AG                            | CUSIP: 38380JNJ3<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    179563 | PA      | $154083.42    | 0.24%             | 2058-10-16      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2012-83 AK                           | CUSIP: 38378BXN4<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    394435 | PA      | $361452.62    | 0.56%             | 2053-12-16      | Floating      | 3.20%                 | No            |                  2 | On Loan: No      |
| WALGREENS HOLDING COMPANY                              | WALGREENS BOOTS ALLIANCE INC 4.650000% 06/01/2046                                 | CUSIP: 931427AR9<br>LEI: 549300RPTUOIXG4LIH86 | Long             | DBT              | CORP              | US        |    250000 | PA      | $124375.84    | 0.19%             | 2046-06-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2018-68 B                            | CUSIP: 38380JK56<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   1000000 | PA      | $846148.60    | 1.31%             | 2059-02-16      | Floating      | 3.00%                 | No            |                  2 | On Loan: No      |
| ARBOR REALTY TRUST, INC.                               | Arbor Realty Trust Inc PREFERRED STOCK                                            | CUSIP: N/A<br>LEI: 549300ASFUWYQO0RW077       | Long             | EP               |  | US        |      1335 | NS      | $22214.40     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Enbridge Inc.                                          | ENBRIDGE INC 8.500000% 01/15/2084                                                 | CUSIP: 29250NBT1<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | NUSS              | CA        |   1250000 | PA      | $1406346.25   | 2.18%             | 2084-01-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2024-45 DB                           | CUSIP: 38384KGY1<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   1500000 | PA      | $1502436.90   | 2.33%             | 2054-03-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY BANK OF AMERICA MERRILL LYNCH TRUST     | MORGAN STANLEY BANK OF AMERICA MERRILL LYNCH TRUST MSBAM 2013-C10 C               | CUSIP: 61762MCB5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    191000 | PA      | $176491.87    | 0.27%             | 2046-07-15      | Floating      | 3.95%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2023-111 ML                          | CUSIP: 38384CJP5<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   1000000 | PA      | $1013874.30   | 1.58%             | 2045-05-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2023-1 AL                            | CUSIP: 38383VDG0<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   1500000 | PA      | $1453305.15   | 2.26%             | 2053-01-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CORPORATION                                | DUKE ENERGY CORP 6.450000% 09/01/2054                                             | CUSIP: 26441CCG8<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |    500000 | PA      | $516321.00    | 0.80%             | 2054-09-01      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORPORATION                                 | CVS HEALTH CORP 7.000000% 03/10/2055                                              | CUSIP: 126650EH9<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    250000 | PA      | $257647.00    | 0.40%             | 2055-03-10      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FANNIE MAE POOL FN AR6834                                                         | CUSIP: 3138W4SY8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    203020 | PA      | $185957.60    | 0.29%             | 2043-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MODESTO CALIF IRR DIST FING AUTH ELEC SYS REV          | MODESTO CA IRR DIST FING AUTH MODESTO IRRIGATION DISTRICT                         | CUSIP: 607767AA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $569495.25    | 0.88%             | 2040-10-01      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FANNIE MAE POOL FN AH3401                                                         | CUSIP: 3138A4X75<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     54987 | PA      | $54418.82     | 0.08%             | 2041-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Small Business Administration                          | SMALL BUSINESS ADMINISTRATION POOLS SBA 510032                                    | CUSIP: 83164MED7<br>LEI: N/A                  | Long             |  |  | US        |     23452 | PA      | $23291.68     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | FREDDIE MAC GOLD POOL FG Q01533                                                   | CUSIP: 3132GEV23<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |     49976 | PA      | $50570.41     | 0.08%             | 2041-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PIMCO Dynamic Income Opportunities Fund                | PIMCO DYNAMIC INCOME OPPORT MUTUAL FUND                                           | CUSIP: 69355M107<br>LEI: 549300MWJBXCL907ZB49 | Long             | EC               |  | US        |     20000 | NS      | $258600.00    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTHWEST AIRLINES CO.                                 | SOUTHWEST AIRLINES CO 7.375000% 03/01/2027                                        | CUSIP: 844741AN8<br>LEI: UDTZ87G0STFETI6HGH41 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51047.33     | 0.08%             | 2027-03-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FANNIE MAE REMICS FNR 2023-70 B                                                   | CUSIP: 3136BQH93<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    658478 | PA      | $659630.25    | 1.02%             | 2054-01-25      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FANNIE MAE POOL FN AS1770                                                         | CUSIP: 3138WA6G7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    122318 | PA      | $118001.01    | 0.18%             | 2044-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                    | MALLINCKRODT PLC COMMON STOCK                                                     | CUSIP: G5890A102<br>LEI: N/A                  | Long             | EC               |  | US        |        59 | NS      | $5402.99      | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| LEIDOS HOLDINGS, INC.                                  | LEIDOS HOLDINGS INC 5.950000% 12/01/2040                                          | CUSIP: 78390XAC5<br>LEI: 549300IUTGTP6EJP8124 | Long             | DBT              | CORP              | US        |    150000 | PA      | $148925.93    | 0.23%             | 2040-12-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FANNIE MAE POOL FN AE7731                                                         | CUSIP: 31419JSV1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     40001 | PA      | $39587.72     | 0.06%             | 2040-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| THE BOEING COMPANY                                     | BOEING CO/THE 5.805000% 05/01/2050                                                | CUSIP: 097023CW3<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    250000 | PA      | $241681.60    | 0.38%             | 2050-05-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| FEDERAL FARM CREDIT BANKS FUNDING CORPORATION          | FEDERAL FARM CREDIT BANK 2.740000% 04/01/2041                                     | CUSIP: 3133EMVE9<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGA              | US        |    500000 | PA      | $378736.83    | 0.59%             | 2041-04-01      | Fixed         | 2.74%                 | No            |                  2 | On Loan: No      |
| THE FEDERAL HOME LOAN BANKS                            | FEDERAL HOME LOAN BANK 3.000000% 02/24/2037                                       | CUSIP: 3130AQVP5<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    500000 | PA      | $423793.38    | 0.66%             | 2037-02-24      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CALIF CITY & CNTY REDEV FING AUTH TAX    | SAN FRANCISCO CITY & CNTY CA R SAN FRANCISCO CITY & COUNTY REDEVELOPMENT FINANCIN | CUSIP: 79771PU78<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $254490.10    | 0.40%             | 2029-08-01      | Fixed         | 8.26%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FANNIE MAE REMICS FNR 2015-45 ZY                                                  | CUSIP: 3136APFJ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   1285664 | PA      | $1110727.82   | 1.73%             | 2045-07-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2017-46 A                            | CUSIP: 38379U7H3<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    252872 | PA      | $209479.89    | 0.33%             | 2057-11-16      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| SCE TRUST VI                                           | SCE Trust VI PREFERRED STOCK                                                      | CUSIP: 78410V200<br>LEI: N/A                  | Long             | EP               |  | US        |        25 | NS      | $432.50       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CREATIVE MEDIA & COMMUNITY TRUST CORPORATION.          | CREATIVE MEDIA & COMMUNITY T REIT                                                 | CUSIP: 12564W227<br>LEI: 549300X9XL9BLF80OY48 | Long             | EC               |  | US        |        27 | NS      | $16.70        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                               | US TREASURY N/B 2.750000% 11/15/2047                                              | CUSIP: 912810RZ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $705351.56    | 1.10%             | 2047-11-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FANNIE MAE REMICS FNR 2012-98 WZ                                                  | CUSIP: 3136A8AJ9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   1765148 | PA      | $1706916.05   | 2.65%             | 2042-09-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CTO REALTY GROWTH, INC.                                | CTO Realty Growth Inc PREFERRED STOCK                                             | CUSIP: 22948Q200<br>LEI: 254900ZQ99OFO1WXS678 | Long             | EP               |  | US        |     27486 | NS      | $555766.92    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association                  | FANNIE MAE POOL FN AB6858                                                         | CUSIP: 31417DTQ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    234087 | PA      | $220398.33    | 0.34%             | 2042-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| LYB INTERNATIONAL FINANCE III, LLC                     | LYB INTERNATIONAL FINANCE III LLC 5.875000% 01/15/2036                            | CUSIP: 50249AAR4<br>LEI: 984500A51LA0B8EB4053 | Long             | DBT              | CORP              | US        |    250000 | PA      | $250826.11    | 0.39%             | 2036-01-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ORACLE CORPORATION                                     | ORACLE CORP 6.125000% 07/08/2039                                                  | CUSIP: 68389XAH8<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    500000 | PA      | $477948.79    | 0.74%             | 2039-07-08      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| REINSURANCE GROUP OF AMERICA, INCORPORATED             | Reinsurance Group of America Inc PREFERRED STOCK                                  | CUSIP: 759351885<br>LEI: LORM1GNEU1DKEW527V90 | Long             | EP               |  | US        |        51 | NS      | $1295.91      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association               | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2017-106 AC                          | CUSIP: 38379RS95<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    125441 | PA      | $115749.40    | 0.18%             | 2051-04-16      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| ORACLE CORPORATION                                     | ORACLE CORP 5.500000% 08/03/2035                                                  | CUSIP: 68389XDA0<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    500000 | PA      | $477297.80    | 0.74%             | 2035-08-03      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2018-129 AG                          | CUSIP: 38380MMK4<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |     46072 | PA      | $45754.89     | 0.07%             | 2059-05-16      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FANNIE MAE POOL FN AB9550                                                         | CUSIP: 31417GTG1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    498923 | PA      | $456679.33    | 0.71%             | 2043-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2022-146 PA                          | CUSIP: 38383UTF7<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    872171 | PA      | $850632.65    | 1.32%             | 2052-06-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LPL HOLDINGS, INC.                                     | LPL HOLDINGS INC 6.000000% 05/20/2034                                             | CUSIP: 50212YAK0<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |    500000 | PA      | $509975.88    | 0.79%             | 2034-05-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2             | GINNIE MAE II POOL G2 MA0935                                                      | CUSIP: 36179NBC1<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |     58425 | PA      | $55819.03     | 0.09%             | 2043-04-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FANNIE MAE POOL FN AH3394                                                         | CUSIP: 3138A4XY6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     28414 | PA      | $27328.37     | 0.04%             | 2041-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2023-150 DC                          | CUSIP: 38384C7A1<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   3000000 | PA      | $3061721.10   | 4.76%             | 2050-06-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BANK OF HAWAII CORPORATION                             | Bank of Hawaii Corp PREFERRED STOCK                                               | CUSIP: N/A<br>LEI: 5493006Q8BQ8AD8M2U33       | Long             | EP               |  | US        |     25389 | NS      | $666461.25    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| THE DOW CHEMICAL COMPANY                               | DOW CHEMICAL CO/THE 5.250000% 11/15/2041                                          | CUSIP: 260543CE1<br>LEI: ZQUIP1CSZO8LXRBSOU78 | Long             | DBT              | CORP              | US        |    500000 | PA      | $439201.02    | 0.68%             | 2041-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LINCOLN NATIONAL CORPORATION                           | LINCOLN NATIONAL CORP VARIABLE RATE 04/20/2067                                    | CUSIP: 534187BP3<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | DBT              | CORP              | US        |   1650000 | PA      | $1287011.47   | 2.00%             | 2067-04-20      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2019-55 AH                           | CUSIP: 38380M7B1<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    692586 | PA      | $601093.27    | 0.93%             | 2061-03-16      | Floating      | 3.15%                 | No            |                  2 | On Loan: No      |
| FEDERAL FARM CREDIT BANKS FUNDING CORPORATION          | FEDERAL FARM CREDIT BANK 1.875000% 02/11/2036                                     | CUSIP: 3133EMQP0<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGA              | US        |   1000000 | PA      | $783227.89    | 1.22%             | 2036-02-11      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Dominion Energy, Inc.                                  | DOMINION ENERGY INC 6.875000% 02/01/2055                                          | CUSIP: 25746UDT3<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1286463.16   | 2.00%             | 2055-02-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2018-156 AD                          | CUSIP: 38380MVQ1<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    309510 | PA      | $288898.00    | 0.45%             | 2059-08-16      | Floating      | 3.25%                 | No            |                  2 | On Loan: No      |
| JPMBB COMMERCIAL MORTGAGE SECURITIES TRUST             | JPMBB COMMERCIAL MORTGAGE SECURITIES TRUST 2014-C1 JPMBB 2014-C18 C               | CUSIP: 46641JBC9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    100000 | PA      | $97434.00     | 0.15%             | 2047-02-15      | Floating      | 4.47%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FANNIE MAE-ACES FNA 2021-M3 X1                                                    | CUSIP: 3136BDXR4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   7288490 | PA      | $420518.16    | 0.65%             | 2033-11-25      | Floating      | 1.83%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2019-2 AE                            | CUSIP: 38380MZX2<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    476993 | PA      | $454189.64    | 0.71%             | 2059-03-16      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| FEDERAL FARM CREDIT BANKS FUNDING CORPORATION          | FEDERAL FARM CREDIT BANK 2.710000% 12/01/2036                                     | CUSIP: 3133ENFT2<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGA              | US        |    389000 | PA      | $322280.44    | 0.50%             | 2036-12-01      | Fixed         | 2.71%                 | No            |                  2 | On Loan: No      |
| ORACLE CORPORATION                                     | ORACLE CORP 5.200000% 09/26/2035                                                  | CUSIP: 68389XDM4<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    250000 | PA      | $234498.74    | 0.36%             | 2035-09-26      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| OAKTREE SPECIALTY LENDING CORPORATION                  | OAKTREE SPECIALTY LENDING CORP 7.100000% 02/15/2029                               | CUSIP: 67401PAD0<br>LEI: 549300J6MGCEU5928620 | Long             | DBT              | CORP              | US        |    200000 | PA      | $201326.19    | 0.31%             | 2029-02-15      | Fixed         | 7.10%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2020-8 AH                            | CUSIP: 38380NM48<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   1144125 | PA      | $945283.31    | 1.47%             | 2062-01-16      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| NISOURCE INC.                                          | NISOURCE INC 6.950000% 11/30/2054                                                 | CUSIP: 65473PAR6<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |    350000 | PA      | $359904.65    | 0.56%             | 2054-11-30      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| APTIV SWISS HOLDINGS LIMITED                           | APTIV SWISS HOLDINGS LTD 6.875000% 12/15/2054                                     | CUSIP: 03837AAD2<br>LEI: N/A                  | Long             | DBT              | NUSS              | US        |    250000 | PA      | $252329.43    | 0.39%             | 2054-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2             | GINNIE MAE II POOL G2 CD1323                                                      | CUSIP: 3617VBPG8<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    567037 | PA      | $475541.17    | 0.74%             | 2051-06-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                     | ENERGY TRANSFER LP 5.950000% 10/01/2043                                           | CUSIP: 29273RAZ2<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    250000 | PA      | $243048.71    | 0.38%             | 2043-10-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Doubleline Opportunistic Credit Fund                   | DOUBLELINE OPPORT CREDIT MUTUAL FUND                                              | CUSIP: 258623107<br>LEI: 5493003RT2VL4QLFXN55 | Long             | EC               |  | US        |       295 | NS      | $4307.00      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association                  | FANNIE MAE POOL FN AT2721                                                         | CUSIP: 3138WQAX0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    425647 | PA      | $389872.88    | 0.61%             | 2043-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2024-45 JZ                           | CUSIP: 38384KGD7<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    251099 | PA      | $247269.70    | 0.38%             | 2054-03-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| COMSTOCK PARK MICH PUB SCHS                            | COMSTOCK PARK MI PUBLIC SCHS COMSTOCK PARK PUBLIC SCHOOLS                         | CUSIP: 205759GX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $70133.95     | 0.11%             | 2026-05-01      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-03-31

**Name of Applicant:** THE ADVISORS' INNER CIRCLE III

**Signature:** Andrew Metzger

**Name of Signer:** Andrew Metzger

**Title:** Treasurer, Controller and Chief Financial Officer