# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0002048251-25-002946
**Filing Date:** 2025-11
**Character Count:** 504520
**Document Hash:** cd8b67dd7c6656021800466c2feda0bc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-25-002946.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0002048251-25-002946

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251128

**DATE AS OF CHANGE**: 20251128

**PERIOD START**: 20251231

**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:** 251533964

**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

### FS Multi-Strategy Alternatives Fund (Series ID: S000075444)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000234545 | Class I      | FSMSX           |
| C000234546 | Class A      | FSMMX           |

## Nport-Ex

**THE ADVISORS' INNER CIRCLE FUND III**

**FS MULTI-STRATEGY** 

**ALTERNATIVES FUND** 

**SEPTEMBER 30, 2025** 

**(Unaudited)** 

---

| | | |
|:---|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** | **CONSOLIDATED SCHEDULE OF INVESTMENTS** | **CONSOLIDATED SCHEDULE OF INVESTMENTS** |
| **(Percentages are based on Net Assets of $1,711,754 (000))** | **(Percentages are based on Net Assets of $1,711,754 (000))** | **(Percentages are based on Net Assets of $1,711,754 (000))** |
| **MORTGAGE-BACKED SECURITIES — 151.6%** | **MORTGAGE-BACKED SECURITIES — 151.6%** | **MORTGAGE-BACKED SECURITIES — 151.6%** |
|  | Face Amount (000) | Fair Value (000) |
| **CAYMAN ISLANDS** — **1.3%** | **CAYMAN ISLANDS** — **1.3%** | **CAYMAN ISLANDS** — **1.3%** |
| &nbsp;&nbsp;ACREC Trust, Ser 2021-FL1, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 10/16/25 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.250%, TSFR1M + 3.114%, 10/16/36(A)(B) | $1030 | $1019 |
| &nbsp;&nbsp;Arbor Realty Commercial Real Estate Notes, Ser 2022-FL1, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 10/15/25 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.372%, SOFR30A + 3.000%, 01/15/37(A)(B) | 1580 | 1580 |
| &nbsp;&nbsp;AREIT Trust, Ser 2022-CRE6, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 02/15/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.237%, SOFR30A + 2.850%, 01/20/37(A)(B) | 270 | 270 |
| &nbsp;&nbsp;BRSP, Ser 2024-FL2, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 08/19/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.975%, TSFR1M + 4.841%, 08/19/37(A)(B) | 2000 | 1986 |
| &nbsp;&nbsp;MF1, Ser 2022-FL8, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 10/17/25 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.484%, TSFR1M + 1.350%, 02/19/37(A)(B) | 7188 | 7188 |
| &nbsp;&nbsp;PFP, Ser 2025-12, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 12/18/27 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.625%, TSFR1M + 1.489%, 12/18/42(A)(B) | 10000 | 9982 |
|  |  | 22025 |
| **IRELAND** — **0.4%** | **IRELAND** — **0.4%** | **IRELAND** — **0.4%** |
| &nbsp;&nbsp;Hera Financing DAC, Ser 2024-1A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.887%, SONIA/N + 1.900%, 11/17/34(A)(B) | 4995 | 6728 |
| **UNITED STATES** — **149.9%** | **UNITED STATES** — **149.9%** | **UNITED STATES** — **149.9%** |
| &nbsp;&nbsp;245 Park Avenue Trust, Ser 2017-245P, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.779%, 06/05/37(A)(B) | $1960 | 1861 |
| &nbsp;&nbsp;A&D Mortgage Trust, Ser 2024-NQM1, Cl B1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 01/25/27 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.487%, 02/25/69(A)(B) | 4000 | 4068 |
| &nbsp;&nbsp;A&D Mortgage Trust, Ser 2024-NQM2, Cl B1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 04/25/27 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.379%, 04/25/69(A)(B) | 1807 | 1840 |
| &nbsp;&nbsp;ACREC Trust, Ser 2025-FL3, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 01/18/27 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.446%, TSFR1M + 1.310%, 08/18/42(A)(B) | 5000 | 5000 |

---

**THE ADVISORS' INNER CIRCLE FUND III**

**FS MULTI-STRATEGY** 

**ALTERNATIVES FUND** 

**SEPTEMBER 30, 2025** 

**(Unaudited)** 

---

| | | |
|:---|:---|:---|
| **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** |
|  | Face Amount (000) | Fair Value (000) |
| **UNITED STATES — (continued)** | **UNITED STATES — (continued)** | **UNITED STATES — (continued)** |
| &nbsp;&nbsp;ADMT, Ser 2024-NQM6, Cl B1A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 12/25/27 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.285%, 01/25/70(A)(B) | $1918 | $1956 |
| &nbsp;&nbsp;ADMT, Ser 2024-NQM6, Cl B1B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 12/25/27 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.285%, 01/25/70(A)(B) | 400 | 401 |
| &nbsp;&nbsp;ADMT, Ser 2024-NQM6, Cl B2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 12/25/27 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.285%, 01/25/70(A)(B) | 410 | 389 |
| &nbsp;&nbsp;Angel Oak Mortgage Trust, Ser 2025-8, Cl B1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 07/25/28 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.985%, 07/25/70(A)(B) | 1205 | 1196 |
| &nbsp;&nbsp;Arbor Realty Commercial Real Estate Notes, Ser 2025-FL1, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 01/20/28 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.077%, TSFR1M + 3.942%, 01/20/43(A)(B) | 3420 | 3418 |
| &nbsp;&nbsp;BDS, Ser 2024-FL13, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 08/19/28 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.710%, TSFR1M + 1.576%, 09/19/39(A)(B) | 8000 | 8018 |
| &nbsp;&nbsp;BRAVO Residential Funding Trust, Ser 2024-NQM1, Cl B2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 01/25/27 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.107%, 12/01/63(A)(B) | 100 | 101 |
| &nbsp;&nbsp;BSPRT Issuer, Ser 2024-FL11, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 09/15/27 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.788%, TSFR1M + 1.638%, 07/15/39(A)(B) | 10000 | 10008 |
| &nbsp;&nbsp;BX Commercial Mortgage Trust, Ser 2021-VOLT, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.265%, TSFR1M + 2.114%, 09/15/36(A)(B) | 6777 | 6764 |
| &nbsp;&nbsp;BX Commercial Mortgage Trust, Ser 2021-VOLT, Cl F |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.665%, TSFR1M + 2.514%, 09/15/36(A)(B) | 6942 | 6929 |
| &nbsp;&nbsp;BX Commercial Mortgage Trust, Ser 2021-VOLT, Cl G |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.115%, TSFR1M + 2.964%, 09/15/36(A)(B) | 1855 | 1827 |
| &nbsp;&nbsp;BX Trust, Ser 2021-ARIA, Cl G |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.407%, TSFR1M + 3.257%, 10/15/36(A)(B) | 3000 | 2985 |
| &nbsp;&nbsp;BX Trust, Ser 2024-VLT4, Cl F |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.088%, TSFR1M + 3.938%, 06/15/41(A)(B) | 3750 | 3755 |
| &nbsp;&nbsp;BX Trust, Ser 2025-VLT6, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.742%, TSFR1M + 2.592%, 03/15/42(A)(B) | 1500 | 1498 |
| &nbsp;&nbsp;BX Trust, Ser 2025-VLT6, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.341%, TSFR1M + 3.191%, 03/15/42(A)(B) | 4300 | 4291 |

---

**THE ADVISORS' INNER CIRCLE FUND III**

**FS MULTI-STRATEGY** 

**ALTERNATIVES FUND** 

**SEPTEMBER 30, 2025** 

**(Unaudited)** 

---

| | | |
|:---|:---|:---|
| **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** |
|  | Face Amount (000) | Fair Value (000) |
| **UNITED STATES — (continued)** | **UNITED STATES — (continued)** | **UNITED STATES — (continued)** |
| &nbsp;&nbsp;BX Trust, Ser 2025-VLT7, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.400%, TSFR1M + 3.250%, 07/15/44(A)(B) | $5000 | $5037 |
| &nbsp;&nbsp;BX Trust, Ser 2025-VLT7, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.900%, TSFR1M + 3.750%, 07/15/44(A)(B) | 7500 | 7533 |
| &nbsp;&nbsp;BXMT, Ser 2025-FL5, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 03/18/27 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.775%, TSFR1M + 1.639%, 10/18/42(A)(B) | 5000 | 4963 |
| &nbsp;&nbsp;CAFL Issuer, Ser 2021-RTL1, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.104%, 03/28/29(A)(C) | 101 | 101 |
| &nbsp;&nbsp;Cascade Funding Mortgage Trust, Ser 2021-FRR1, Cl CK98 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/29/29(A)(D) | 260 | 183 |
| &nbsp;&nbsp;Chase Home Lending Mortgage Trust, Ser 2024-4, Cl AX1, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 03/25/36 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.164%, 03/25/55(A)(B) | 8608 | 16 |
| &nbsp;&nbsp;Chase Home Lending Mortgage Trust, Ser 2024-5, Cl AX1, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 10/25/37 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.245%, 04/25/55(A)(B) | 12057 | 38 |
| &nbsp;&nbsp;CLNY Trust, Ser 2019-IKPR, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.264%, TSFR1M + 2.040%, 11/15/38(A)(B) | 2122 | 2048 |
| &nbsp;&nbsp;CLNY Trust, Ser 2019-IKPR, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.613%, TSFR1M + 2.389%, 11/15/38(A)(B) | 450 | 434 |
| &nbsp;&nbsp;COLT Mortgage Loan Trust, Ser 2025-4, Cl B1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 05/25/28 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.552%, 04/25/70(A)(B) | 920 | 941 |
| &nbsp;&nbsp;COMM Mortgage Trust, Ser 2014-LC17, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 10/10/25 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.114%, 10/10/47(A) | 100 | 94 |
| &nbsp;&nbsp;COMM Mortgage Trust, Ser 2014-UBS6, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 10/10/28 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.056%, 12/10/47(A)(B) | 1780 | 1664 |
| &nbsp;&nbsp;COMM Mortgage Trust, Ser 2019-521F, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.398%, TSFR1M + 1.247%, 06/15/34(A)(B) | 510 | 469 |
| &nbsp;&nbsp;COMM Mortgage Trust, Ser 2019-521F, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.598%, TSFR1M + 1.447%, 06/15/34(A)(B) | 360 | 317 |
| &nbsp;&nbsp;COMM Mortgage Trust, Ser 2024-CBM, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.192%, 12/10/41(A)(B) | 800 | 794 |

---

**THE ADVISORS' INNER CIRCLE FUND III**

**FS MULTI-STRATEGY** 

**ALTERNATIVES FUND** 

**SEPTEMBER 30, 2025** 

**(Unaudited)** 

---

| | | |
|:---|:---|:---|
| **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** |
|  | Face Amount (000) | Fair Value (000) |
| **UNITED STATES — (continued)** | **UNITED STATES — (continued)** | **UNITED STATES — (continued)** |
| &nbsp;&nbsp;COMM Mortgage Trust, Ser 2024-CBM, Cl F |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.192%, 12/10/41(A)(B) | $2020 | $1945 |
| &nbsp;&nbsp;COMM Mortgage Trust, Ser 2024-WCL1, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.439%, TSFR1M + 3.289%, 06/15/41(A)(B) | 1000 | 996 |
| &nbsp;&nbsp;CONE Trust, Ser 2024-DFW1, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.840%, TSFR1M + 2.690%, 08/15/41(A)(B) | 4500 | 4499 |
| &nbsp;&nbsp;Connecticut Avenue Securities Trust, Ser 2025-R04, Cl 1M1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 05/25/30 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.556%, SOFR30A + 1.200%, 05/25/45(A)(B) | 3433 | 3441 |
| &nbsp;&nbsp;Connecticut Avenue Securities Trust, Ser 2025-R05, Cl 2M1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 07/25/30 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.556%, SOFR30A + 1.200%, 07/25/45(A)(B) | 2876 | 2885 |
| &nbsp;&nbsp;Cross Mortgage Trust, Ser 2023-H1, Cl B1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 07/25/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.309%, 03/25/68(A)(B) | 5000 | 5034 |
| &nbsp;&nbsp;Cross Mortgage Trust, Ser 2023-H2, Cl B1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 10/25/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.397%, 11/25/68(A)(B) | 3760 | 3813 |
| &nbsp;&nbsp;Cross Mortgage Trust, Ser 2024-H1, Cl B1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 01/25/27 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.722%, 12/25/68(A)(B) | 100 | 102 |
| &nbsp;&nbsp;Cross Mortgage Trust, Ser 2024-H5, Cl B1B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 07/25/27 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.110%, 08/26/69(A)(B) | 4180 | 4229 |
| &nbsp;&nbsp;Cross Mortgage Trust, Ser 2025-H5, Cl B1B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 06/25/28 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.634%, 07/25/70(A)(B) | 2585 | 2590 |
| &nbsp;&nbsp;CSMC Trust, Ser 2021-GATE, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.972%, TSFR1M + 2.821%, 12/15/36(A)(B) | 300 | 288 |
| &nbsp;&nbsp;CSMC Trust, Ser 2021-GATE, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.822%, TSFR1M + 3.671%, 12/15/36(A)(B) | 480 | 449 |
| &nbsp;&nbsp;DBGS Mortgage Trust, Ser 2018-5BP, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 10/15/25 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.043%, TSFR1M + 0.892%, 06/15/33(A)(B) | 160 | 152 |
| &nbsp;&nbsp;DBGS Mortgage Trust, Ser 2018-5BP, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 10/15/25 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.228%, TSFR1M + 1.077%, 06/15/33(A)(B) | 200 | 184 |

---

**THE ADVISORS' INNER CIRCLE FUND III**

**FS MULTI-STRATEGY** 

**ALTERNATIVES FUND** 

**SEPTEMBER 30, 2025** 

**(Unaudited)** 

---

| | | |
|:---|:---|:---|
| **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** |
|  | Face Amount (000) | Fair Value (000) |
| **UNITED STATES — (continued)** | **UNITED STATES — (continued)** | **UNITED STATES — (continued)** |
| &nbsp;&nbsp;Deephaven Residential Mortgage Trust, Ser 2024-1, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 11/25/27 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.735%, 07/25/69(A)(C) | $3908 | $3948 |
| &nbsp;&nbsp;EFMT, Ser 2025-INV1, Cl B2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 02/25/28 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.316%, 03/25/70(A)(B) | 100 | 100 |
| &nbsp;&nbsp;Ellington Financial Mortgage Trust, Ser 2022-3, Cl M1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 10/25/25 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.977%, 08/25/67(A)(B) | 200 | 184 |
| &nbsp;&nbsp;FHLMC Multifamily Structured Credit Risk, Ser 2021-MN1, Cl B1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 01/25/29 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12.106%, SOFR30A + 7.750%, 01/25/51(A)(B) | 130 | 143 |
| &nbsp;&nbsp;FHLMC Multifamily Structured Credit Risk, Ser 2023-MN7, Cl B1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 09/25/31 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;13.206%, SOFR30A + 8.850%, 09/25/43(A)(B) | 280 | 309 |
| &nbsp;&nbsp;FHLMC STACR REMIC Trust, Ser 2023-DNA1, Cl B1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 03/25/28 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12.498%, SOFR30A + 8.150%, 03/25/43(A)(B) | 2750 | 3129 |
| &nbsp;&nbsp;FHLMC STACR REMIC Trust, Ser 2023-DNA2, Cl B1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 04/25/28 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11.948%, SOFR30A + 7.600%, 04/25/43(A)(B) | 1900 | 2138 |
| &nbsp;&nbsp;FHLMC, Ser 2017-356, Cl S5, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.513%, 09/15/47(B) | 18480 | 2099 |
| &nbsp;&nbsp;FHLMC, Ser 2017-357, Cl IO, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 09/15/47 | 11562 | 2459 |
| &nbsp;&nbsp;FHLMC, Ser 2020-5036, Cl IB, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/25/48 | 10223 | 2487 |
| &nbsp;&nbsp;FHLMC, Ser 2021-5104, Cl GI, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 06/25/49 | 15545 | 3044 |
| &nbsp;&nbsp;FHLMC, Ser 2021-5134, Cl BI, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 08/25/51 | 18107 | 4390 |
| &nbsp;&nbsp;FHLMC, Ser 2021-5163, Cl NI, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 11/25/51 | 7742 | 1636 |
| &nbsp;&nbsp;FHLMC, Ser 2022-5250, Cl SA, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.974%, 08/25/52(B) | 38157 | 3092 |

---

**THE ADVISORS' INNER CIRCLE FUND III**

**FS MULTI-STRATEGY** 

**ALTERNATIVES FUND** 

**SEPTEMBER 30, 2025** 

**(Unaudited)** 

---

| | | |
|:---|:---|:---|
| **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** |
|  | Face Amount (000) | Fair Value (000) |
| **UNITED STATES — (continued)** | **UNITED STATES — (continued)** | **UNITED STATES — (continued)** |
| &nbsp;&nbsp;FHLMC, Ser 2022-5252, Cl SP, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.994%, 09/25/52(B) | $27811 | $1520 |
| &nbsp;&nbsp;FHLMC, Ser 2022-5255, Cl SA, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.944%, 09/25/52(B) | 37794 | 2220 |
| &nbsp;&nbsp;FHLMC, Ser 2023-406, Cl S16, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.144%, 10/25/53(B) | 34026 | 1598 |
| &nbsp;&nbsp;FHLMC, Ser 2023-406, Cl S4, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.744%, 10/25/53(B) | 51040 | 3049 |
| &nbsp;&nbsp;FHLMC, Ser 2023-406, Cl S43, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.844%, 10/25/53(B) | 34026 | 2843 |
| &nbsp;&nbsp;FHLMC, Ser 2023-406, Cl S44, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.644%, 10/25/53(B) | 66522 | 5272 |
| &nbsp;&nbsp;FHLMC, Ser 2023-5290, Cl TS, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.894%, 12/25/52(B) | 41580 | 2723 |
| &nbsp;&nbsp;FHLMC, Ser 2023-5296, Cl ST, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.894%, 11/25/52(B) | 40947 | 2379 |
| &nbsp;&nbsp;FHLMC, Ser 2023-5332, Cl SA, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.644%, 08/25/53(B) | 73121 | 4225 |
| &nbsp;&nbsp;FHLMC, Ser 2023-5336, Cl SA, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.444%, 09/25/53(B) | 51290 | 2486 |
| &nbsp;&nbsp;FHLMC, Ser 2023-5339, Cl AS, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.384%, 09/25/53(B) | 38058 | 2558 |
| &nbsp;&nbsp;FHLMC, Ser 2023-5344, Cl SA, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.294%, 10/25/53(B) | 51057 | 2387 |
| &nbsp;&nbsp;FHLMC, Ser 2023-5354, Cl SL, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.494%, 11/25/53(B) | 31748 | 2196 |
| &nbsp;&nbsp;FHLMC, Ser 2024-5412, Cl MI, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/25/49 | 13417 | 1979 |
| &nbsp;&nbsp;FHLMC, Ser 2024-5416, Cl SC, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.644%, 06/25/54(B) | 35977 | 3100 |
| &nbsp;&nbsp;FHLMC, Ser 2024-5420, Cl SG, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.844%, 06/25/54(B) | 191069 | 6859 |
| &nbsp;&nbsp;FHLMC, Ser 2024-5481, Cl SA, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.644%, 12/25/54(B) | 114010 | 3346 |
| &nbsp;&nbsp;FNMA or FHLMC TBA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 10/01/34 | 1695000 | 1708831 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/36 | 350000 | 347080 |
| &nbsp;&nbsp;FNMA, Ser 2012-75, Cl DS, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.480%, 07/25/42(B) | 7986 | 870 |

---

**THE ADVISORS' INNER CIRCLE FUND III**

**FS MULTI-STRATEGY** 

**ALTERNATIVES FUND** 

**SEPTEMBER 30, 2025** 

**(Unaudited)** 

---

| | | |
|:---|:---|:---|
| **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** |
|  | Face Amount (000) | Fair Value (000) |
| **UNITED STATES — (continued)** | **UNITED STATES — (continued)** | **UNITED STATES — (continued)** |
| &nbsp;&nbsp;FNMA, Ser 2018-73, Cl SC, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.730%, 10/25/48(B) | $17491 | $2213 |
| &nbsp;&nbsp;FNMA, Ser 2020-41, Cl IP, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/25/49 | 10471 | 1982 |
| &nbsp;&nbsp;FNMA, Ser 2020-76, Cl MI, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 11/25/50 | 10368 | 2607 |
| &nbsp;&nbsp;FNMA, Ser 2021-87, Cl GI, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 12/25/51 | 23963 | 4539 |
| &nbsp;&nbsp;FNMA, Ser 2022-16, Cl QI, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 04/25/52 | 22530 | 2468 |
| &nbsp;&nbsp;FNMA, Ser 2022-4, Cl WI, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/25/52 | 28501 | 3096 |
| &nbsp;&nbsp;FNMA, Ser 2022-40, Cl PS, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.694%, 12/25/51(B) | 17623 | 845 |
| &nbsp;&nbsp;FNMA, Ser 2022-58, Cl S, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.944%, 09/25/52(B) | 48510 | 2014 |
| &nbsp;&nbsp;FNMA, Ser 2022-74, Cl SA, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.444%, 10/25/52(B) | 48130 | 1841 |
| &nbsp;&nbsp;FNMA, Ser 2022-74, Cl US, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.644%, 11/25/52(B) | 56171 | 1951 |
| &nbsp;&nbsp;FNMA, Ser 2022-90, Cl CI, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 05/25/50 | 19351 | 3931 |
| &nbsp;&nbsp;FNMA, Ser 2023-11, Cl HS, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.819%, 04/25/53(B) | 99295 | 3866 |
| &nbsp;&nbsp;FNMA, Ser 2023-11, Cl SA, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.894%, 04/25/53(B) | 47887 | 2776 |
| &nbsp;&nbsp;FNMA, Ser 2023-19, Cl SB, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.494%, 05/25/53(B) | 15664 | 1063 |
| &nbsp;&nbsp;FNMA, Ser 2023-431, Cl C35, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 07/25/37 | 53147 | 3151 |
| &nbsp;&nbsp;FNMA, Ser 2024-11, Cl IK, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.500%, 03/25/54 | 10490 | 2099 |
| &nbsp;&nbsp;FNMA, Ser 2024-12, Cl DS, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.694%, 03/25/54(B) | 35785 | 1860 |
| &nbsp;&nbsp;FNMA, Ser 2024-22, Cl SA, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.744%, 05/25/54(B) | 60238 | 3188 |
| &nbsp;&nbsp;FNMA, Ser 2024-24, Cl SB, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.244%, 09/25/53(B) | 36730 | 2292 |
| &nbsp;&nbsp;FNMA, Ser 2024-35, Cl BS, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.844%, 06/25/54(B) | 27749 | 1263 |

---

**THE ADVISORS' INNER CIRCLE FUND III**

**FS MULTI-STRATEGY** 

**ALTERNATIVES FUND** 

**SEPTEMBER 30, 2025** 

**(Unaudited)** 

---

| | | |
|:---|:---|:---|
| **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** |
|  | Face Amount (000) | Fair Value (000) |
| **UNITED STATES — (continued)** | **UNITED STATES — (continued)** | **UNITED STATES — (continued)** |
| &nbsp;&nbsp;FNMA, Ser 2024-68, Cl SA, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.594%, 09/25/54(B) | $48133 | $2713 |
| &nbsp;&nbsp;FNMA, Ser 2024-84, Cl HS, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.744%, 11/25/54(B) | 48975 | 4110 |
| &nbsp;&nbsp;FNMA, Ser 2024-89, Cl SD, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.744%, 09/25/53(B) | 62805 | 2333 |
| &nbsp;&nbsp;FNMA, Ser 2024-90, Cl SB, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.394%, 11/25/53(B) | 82021 | 4287 |
| &nbsp;&nbsp;FNMA, Ser 2024-92, Cl SB, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.794%, 12/25/54(B) | 73521 | 3268 |
| &nbsp;&nbsp;FNMA, Ser 2024-97, Cl MS, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.544%, 01/25/55(B) | 29943 | 1560 |
| &nbsp;&nbsp;FNMA, Ser 2025-4, Cl SB, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.444%, 12/25/53(B) | 127128 | 5989 |
| &nbsp;&nbsp;Fontainebleau Miami Beach Mortgage Trust, Ser 2024-FBLU, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.600%, TSFR1M + 1.450%, 12/15/39(A)(B) | 10000 | 10003 |
| &nbsp;&nbsp;Fontainebleau Miami Beach Mortgage Trust, Ser 2024-FBLU, Cl F |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.400%, TSFR1M + 4.250%, 12/15/39(A)(B) | 3790 | 3800 |
| &nbsp;&nbsp;GCAT Trust, Ser 2023-NQM2, Cl B2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 02/25/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.933%, 11/25/67(A)(B) | 120 | 119 |
| &nbsp;&nbsp;GCAT Trust, Ser 2024-NQM2, Cl B1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 06/25/27 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.860%, 06/25/59(A)(B) | 1000 | 1022 |
| &nbsp;&nbsp;GNMA, Ser 2010-35, Cl AS, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.500%, 03/20/40(B) | 9464 | 985 |
| &nbsp;&nbsp;GNMA, Ser 2010-37, Cl SG, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.450%, 03/20/40(B) | 7389 | 763 |
| &nbsp;&nbsp;GNMA, Ser 2011-70, Cl WI, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.600%, 12/20/40(B) | 14981 | 971 |
| &nbsp;&nbsp;GNMA, Ser 2015-123, Cl SE, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.470%, 09/20/45(B) | 8777 | 906 |
| &nbsp;&nbsp;GNMA, Ser 2016-77, Cl SC, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.850%, 10/20/45(B) | 11863 | 1463 |
| &nbsp;&nbsp;GNMA, Ser 2018-100, Cl S, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.950%, 07/20/48(B) | 9335 | 1282 |
| &nbsp;&nbsp;GNMA, Ser 2018-89, Cl LS, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.950%, 06/20/48(B) | 15392 | 2150 |

---

**THE ADVISORS' INNER CIRCLE FUND III**

**FS MULTI-STRATEGY** 

**ALTERNATIVES FUND** 

**SEPTEMBER 30, 2025** 

**(Unaudited)** 

---

| | | |
|:---|:---|:---|
| **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** |
|  | Face Amount (000) | Fair Value (000) |
| **UNITED STATES — (continued)** | **UNITED STATES — (continued)** | **UNITED STATES — (continued)** |
| &nbsp;&nbsp;GNMA, Ser 2018-91, Cl SH, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 07/20/48(B) | $9045 | $1215 |
| &nbsp;&nbsp;GNMA, Ser 2018-91, Cl SJ, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 07/20/48(B) | 9895 | 1357 |
| &nbsp;&nbsp;GNMA, Ser 2020-4, Cl IO, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/20/50 | 14585 | 2885 |
| &nbsp;&nbsp;GNMA, Ser 2021-139, Cl WI, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.049%, 11/20/45(B) | 11628 | 2027 |
| &nbsp;&nbsp;GNMA, Ser 2021-158, Cl JI, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/20/50 | 9262 | 2172 |
| &nbsp;&nbsp;GNMA, Ser 2021-215, Cl SB, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.000%, 12/20/51(B) | 13657 | 990 |
| &nbsp;&nbsp;GNMA, Ser 2021-216, Cl IC, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/20/51 | 26172 | 3454 |
| &nbsp;&nbsp;GNMA, Ser 2022-137, Cl JS, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.611%, 08/20/52(B) | 42675 | 3436 |
| &nbsp;&nbsp;GNMA, Ser 2022-148, Cl SJ, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.611%, 08/20/52(B) | 32120 | 2317 |
| &nbsp;&nbsp;GNMA, Ser 2022-159, Cl JS, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.861%, 09/20/52(B) | 37740 | 2411 |
| &nbsp;&nbsp;GNMA, Ser 2022-188, Cl IE, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 01/20/50 | 12141 | 2599 |
| &nbsp;&nbsp;GNMA, Ser 2022-193, Cl SA, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.311%, 11/20/52(B) | 56967 | 1194 |
| &nbsp;&nbsp;GNMA, Ser 2022-23, Cl WI, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 02/20/52 | 8400 | 1907 |
| &nbsp;&nbsp;GNMA, Ser 2022-30, Cl IG, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/20/52 | 22794 | 3498 |
| &nbsp;&nbsp;GNMA, Ser 2022-5, Cl NI, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 01/20/52 | 22630 | 3403 |
| &nbsp;&nbsp;GNMA, Ser 2023-21, Cl SE, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.611%, 02/20/53(B) | 28056 | 727 |
| &nbsp;&nbsp;GNMA, Ser 2023-56, Cl SE, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.511%, 04/20/53(B) | 30155 | 732 |
| &nbsp;&nbsp;GNMA, Ser 2023-82, Cl US, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.361%, 06/20/53(B) | 14661 | 966 |
| &nbsp;&nbsp;GNMA, Ser 2024-H11, Cl EI, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.573%, 06/20/74(B) | 917 | 60 |
| &nbsp;&nbsp;GNMA, Ser 2024-H14, Cl AI, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.681%, 08/20/74(B) | 2430 | 168 |

---

**THE ADVISORS' INNER CIRCLE FUND III**

**FS MULTI-STRATEGY** 

**ALTERNATIVES FUND** 

**SEPTEMBER 30, 2025** 

**(Unaudited)** 

---

| | | |
|:---|:---|:---|
| **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** |
|  | Face Amount (000) | Fair Value (000) |
| **UNITED STATES — (continued)** | **UNITED STATES — (continued)** | **UNITED STATES — (continued)** |
| &nbsp;&nbsp;GNMA, Ser 2024-H20, Cl KI, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.679%, 11/20/74(B) | $14189 | $1246 |
| &nbsp;&nbsp;GNMA, Ser 2024-H21, Cl IB, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.653%, 12/20/74(B) | 3780 | 267 |
| &nbsp;&nbsp;GNMA, Ser 2025-120, Cl AI, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.500%, 05/20/55(B) | 4572 | 686 |
| &nbsp;&nbsp;GNMA, Ser 2025-120, Cl AS, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.461%, 12/20/53(B) | 10244 | 723 |
| &nbsp;&nbsp;GNMA, Ser 2025-120, Cl BI, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 02/20/55(B) | 2467 | 423 |
| &nbsp;&nbsp;GNMA, Ser 2025-120, Cl BS, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.011%, 01/20/55(B) | 49877 | 3171 |
| &nbsp;&nbsp;GNMA, Ser 2025-120, Cl CI, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/20/49(B) | 257 | 49 |
| &nbsp;&nbsp;GNMA, Ser 2025-120, Cl CS, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.761%, 10/20/53(B) | 63348 | 3618 |
| &nbsp;&nbsp;GNMA, Ser 2025-120, Cl DS, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.611%, 11/20/53(B) | 25613 | 1301 |
| &nbsp;&nbsp;GNMA, Ser 2025-120, Cl ES, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.211%, 02/20/54(B) | 25664 | 1196 |
| &nbsp;&nbsp;GNMA, Ser 2025-120, Cl GS, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.011%, 06/20/54(B) | 39786 | 1562 |
| &nbsp;&nbsp;GNMA, Ser 2025-120, Cl HS, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.811%, 09/20/54(B) | 23946 | 822 |
| &nbsp;&nbsp;GNMA, Ser 2025-120, Cl IA, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/20/52 | 57051 | 10902 |
| &nbsp;&nbsp;GNMA, Ser 2025-120, Cl IB, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/20/51 | 64917 | 12934 |
| &nbsp;&nbsp;GNMA, Ser 2025-120, Cl IC, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 01/20/50 | 69185 | 15143 |
| &nbsp;&nbsp;GNMA, Ser 2025-120, Cl IS, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.611%, 05/20/55(B) | 56481 | 1770 |
| &nbsp;&nbsp;GNMA, Ser 2025-120, Cl LS, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.761%, 04/20/53(B) | 66487 | 4755 |
| &nbsp;&nbsp;GNMA, Ser 2025-120, Cl MS, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.761%, 05/20/53(B) | 50285 | 3306 |
| &nbsp;&nbsp;GNMA, Ser 2025-120, Cl NS, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.611%, 03/20/55(B) | 85249 | 4976 |
| &nbsp;&nbsp;GNMA, Ser 2025-120, Cl SB, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.111%, 05/20/53(B) | 60227 | 2762 |

---

**THE ADVISORS' INNER CIRCLE FUND III**

**FS MULTI-STRATEGY** 

**ALTERNATIVES FUND** 

**SEPTEMBER 30, 2025** 

**(Unaudited)** 

---

| | | |
|:---|:---|:---|
| **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** |
|  | Face Amount (000) | Fair Value (000) |
| **UNITED STATES — (continued)** | **UNITED STATES — (continued)** | **UNITED STATES — (continued)** |
| &nbsp;&nbsp;GNMA, Ser 2025-120, Cl SC, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.911%, 03/20/55(B) | $27800 | $1153 |
| &nbsp;&nbsp;GNMA, Ser 2025-120, Cl SD, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.750%, 10/20/49(B) | 20562 | 2555 |
| &nbsp;&nbsp;GNMA, Ser 2025-26, Cl SG, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 02/20/55(B)(D) | 80893 | 1176 |
| &nbsp;&nbsp;GNMA, Ser 2025-H19, Cl IA, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.719%, 09/20/75(B) | 2240 | 160 |
| &nbsp;&nbsp;GSMS Trust, Ser 2024-FAIR, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.214%, 07/15/29(A)(B) | 2750 | 2835 |
| &nbsp;&nbsp;HOMES Trust, Ser 2024-AFC1, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 09/25/27 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.224%, 08/25/59(A)(C) | 4004 | 4014 |
| &nbsp;&nbsp;HOMES Trust, Ser 2025-AFC1, Cl B1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 01/25/28 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.044%, 01/25/60(A)(B) | 1755 | 1753 |
| &nbsp;&nbsp;HOMES Trust, Ser 2025-NQM2, Cl B2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 04/25/28 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.407%, 02/25/70(A)(B) | 230 | 224 |
| &nbsp;&nbsp;Imperial Fund Mortgage Trust, Ser 2020-NQM1, Cl B2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 10/25/25 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.703%, 10/25/55(A)(B) | 742 | 716 |
| &nbsp;&nbsp;J.P. Morgan Chase Commercial Mortgage Securities Trust, Ser 2022-NLP, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.507%, TSFR1M + 1.357%, 04/15/37(A)(B) | 2470 | 2421 |
| &nbsp;&nbsp;J.P. Morgan Mortgage Trust, Ser 2023-4, Cl B4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 08/25/40 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.285%, 11/25/53(A)(B) | 252 | 235 |
| &nbsp;&nbsp;J.P. Morgan Mortgage Trust, Ser 2024-VIS1, Cl B2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 04/25/27 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.070%, 07/25/64(A)(B) | 280 | 283 |
| &nbsp;&nbsp;J.P. Morgan Mortgage Trust, Ser 2024-VIS2, Cl B2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 08/25/27 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.715%, 11/25/64(A)(B) | 100 | 100 |
| &nbsp;&nbsp;J.P. Morgan Mortgage Trust, Ser 2025-CCM2, Cl B4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 12/25/37 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.578%, 09/25/55(A)(B) | 620 | 495 |
| &nbsp;&nbsp;Jackson Park Trust, Ser 2019-LIC, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.351%, 10/14/39(A)(B) | 840 | 739 |

---

**THE ADVISORS' INNER CIRCLE FUND III**

**FS MULTI-STRATEGY** 

**ALTERNATIVES FUND** 

**SEPTEMBER 30, 2025** 

**(Unaudited)** 

---

| | | |
|:---|:---|:---|
| **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** |
|  | Face Amount (000) | Fair Value (000) |
| **UNITED STATES — (continued)** | **UNITED STATES — (continued)** | **UNITED STATES — (continued)** |
| &nbsp;&nbsp;JPMBB Commercial Mortgage Securities Trust, Ser 2014-C19, Cl F |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 10/15/25 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 04/15/47(A)(B) | $209 | $200 |
| &nbsp;&nbsp;KSL Commercial Mortgage Trust, Ser 2024-HT2, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.693%, TSFR1M + 1.542%, 12/15/39(A)(B) | 7333 | 7331 |
| &nbsp;&nbsp;LAQ Mortgage Trust, Ser 2023-LAQ, Cl F |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 03/15/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11.085%, TSFR1M + 6.934%, 03/15/36(A)(B) | 1125 | 1075 |
| &nbsp;&nbsp;LAQ Mortgage Trust, Ser 2023-LAQ, Cl G |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 03/15/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12.583%, TSFR1M + 8.432%, 03/15/36(A)(B) | 405 | 387 |
| &nbsp;&nbsp;MFA Trust, Ser 2024-NQM2, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 09/25/27 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.272%, 08/25/69(A)(C) | 3705 | 3711 |
| &nbsp;&nbsp;Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2013-C9, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 06/15/28 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.924%, 05/15/46(A)(B) | 1030 | 922 |
| &nbsp;&nbsp;Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2015-C24, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 10/15/25 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.175%, 05/15/48(A)(B) | 170 | 165 |
| &nbsp;&nbsp;Morgan Stanley Capital I Trust, Ser 2024-BPR2, Cl X, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.068%, 05/05/29(A)(B) | 2273 | 65 |
| &nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust, Ser 2024-4, Cl B4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 06/25/30 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.991%, 09/25/54(A)(B) | 100 | 92 |
| &nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust, Ser 2024-INV2, Cl B5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 03/25/32 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.478%, 02/25/54(A)(B) | 99 | 96 |
| &nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust, Ser 2024-NQM3, Cl B1B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 09/25/27 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.504%, 07/25/69(A)(B) | 150 | 150 |
| &nbsp;&nbsp;Natixis Commercial Mortgage Securities Trust, Ser 2022-RRI, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.343%, TSFR1M + 5.193%, 03/15/35(A)(B) | 1125 | 1118 |

---

**THE ADVISORS' INNER CIRCLE FUND III**

**FS MULTI-STRATEGY** 

**ALTERNATIVES FUND** 

**SEPTEMBER 30, 2025** 

**(Unaudited)** 

---

| | | |
|:---|:---|:---|
| **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** |
|  | Face Amount (000) | Fair Value (000) |
| **UNITED STATES — (continued)** | **UNITED STATES — (continued)** | **UNITED STATES — (continued)** |
| &nbsp;&nbsp;New Residential Mortgage Loan Trust, Ser 2024-NQM3, Cl B2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 04/25/32 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.141%, 11/25/64(A)(B) | $460 | $432 |
| &nbsp;&nbsp;New Residential Mortgage Loan Trust, Ser 2025-NQM2, Cl B1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 12/25/33 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.273%, 04/25/65(A)(B) | 590 | 598 |
| &nbsp;&nbsp;New Residential Mortgage Loan Trust, Ser 2025-NQM2, Cl B2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 12/25/33 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.273%, 04/25/65(A)(B) | 100 | 99 |
| &nbsp;&nbsp;NYMT Loan Trust, Ser 2025-INV1, Cl B1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 03/25/28 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.966%, 04/25/60(A)(B) | 220 | 220 |
| &nbsp;&nbsp;NYMT Loan Trust, Ser 2025-INV2, Cl B1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 09/25/28 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.985%, 10/25/60(A)(B) | 2000 | 1994 |
| &nbsp;&nbsp;OBX Trust, Ser 2021-INV2, Cl AIO1, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 10/25/46 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.208%, 10/25/51(A)(B) | 3632 | 38 |
| &nbsp;&nbsp;Olympic Tower Mortgage Trust, Ser 2017-OT, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.077%, 05/10/39(A)(B) | 150 | 132 |
| &nbsp;&nbsp;PRPM Trust, Ser 2024-RCF3, Cl M2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 05/25/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/25/54(A)(C) | 310 | 285 |
| &nbsp;&nbsp;PRPM Trust, Ser 2024-RCF5, Cl M2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 08/25/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/25/54(A)(C) | 120 | 109 |
| &nbsp;&nbsp;PRPM Trust, Ser 2025-NQM1, Cl B1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 02/25/28 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.782%, 11/25/69(A)(B) | 1000 | 1019 |
| &nbsp;&nbsp;PRPM Trust, Ser 2025-NQM3, Cl B1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 07/25/28 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.940%, 05/25/70(A)(B) | 650 | 649 |
| &nbsp;&nbsp;Rate Mortgage Trust, Ser 2021-J3, Cl AX1, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 06/25/44 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.208%, 10/25/51(A)(B) | 1946 | 21 |

---

**THE ADVISORS' INNER CIRCLE FUND III**

**FS MULTI-STRATEGY** 

**ALTERNATIVES FUND** 

**SEPTEMBER 30, 2025** 

**(Unaudited)** 

---

| | | |
|:---|:---|:---|
| **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** |
|  | Face Amount (000) | Fair Value (000) |
| **UNITED STATES — (continued)** | **UNITED STATES — (continued)** | **UNITED STATES — (continued)** |
| &nbsp;&nbsp;Rate Mortgage Trust, Ser 2024-J4, Cl B4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 06/25/41 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.300%, 12/25/54(A)(B) | $1191 | $975 |
| &nbsp;&nbsp;RMF Proprietary Issuance Trust, Ser 2021-2, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 10/25/25 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.125%, 09/25/61(A)(B) | 80 | 74 |
| &nbsp;&nbsp;Saluda Grade Alternative Mortgage Trust, Ser 2024-RTL4, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 07/25/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.500%, 02/25/30(A)(C) | 350 | 350 |
| &nbsp;&nbsp;Santander Bank Mortgage Credit-Linked Notes Series, Ser 2023-MTG1, Cl M2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 11/25/40 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.256%, SOFR30A + 4.900%, 02/26/52(A)(B) | 193 | 210 |
| &nbsp;&nbsp;Santander Bank Mortgage Credit-Linked Notes Series, Ser 2023-MTG1, Cl M3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 11/25/40 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10.206%, SOFR30A + 5.850%, 02/26/52(A)(B) | 283 | 311 |
| &nbsp;&nbsp;SCG Mortgage Trust, Ser 2024-MSP, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.087%, TSFR1M + 4.937%, 04/15/41(A)(B) | 3320 | 3330 |
| &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2024-9, Cl B4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 01/25/30 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.538%, 10/25/54(A)(B) | 365 | 326 |
| &nbsp;&nbsp;SWCH Commercial Mortgage Trust, Ser 2025-DATA, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.490%, TSFR1M + 3.340%, 02/15/42(A)(B) | 4325 | 4306 |
| &nbsp;&nbsp;THPT Mortgage Trust, Ser 2023-THL, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10.745%, 12/10/34(A)(B) | 1500 | 1514 |
| &nbsp;&nbsp;THPT Mortgage Trust, Ser 2023-THL, Cl F |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.428%, 12/10/34(A)(B) | 560 | 544 |
| &nbsp;&nbsp;VDCM Commercial Mortgage Trust, Ser 2025-AZ, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.434%, 07/13/44(A)(B) | 1500 | 1519 |
| &nbsp;&nbsp;Verus Securitization Trust, Ser 2023-5, Cl B2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 06/25/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.000%, 06/25/68(A)(B) | 3431 | 3427 |
| &nbsp;&nbsp;Verus Securitization Trust, Ser 2023-6, Cl B2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 09/25/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.783%, 09/25/68(A)(B) | 2348 | 2341 |

---

**THE ADVISORS' INNER CIRCLE FUND III**

**FS MULTI-STRATEGY** 

**ALTERNATIVES FUND** 

**SEPTEMBER 30, 2025** 

**(Unaudited)** 

---

| | | |
|:---|:---|:---|
| **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** |
|  | Face Amount (000) | Fair Value (000) |
| **UNITED STATES — (continued)** | **UNITED STATES — (continued)** | **UNITED STATES — (continued)** |
| &nbsp;&nbsp;Verus Securitization Trust, Ser 2023-INV3, Cl B1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 11/25/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.184%, 11/25/68(A)(B) | $180 | $183 |
| &nbsp;&nbsp;Verus Securitization Trust, Ser 2024-3, Cl B2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 04/25/27 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.384%, 04/25/69(A)(B) | 120 | 121 |
| &nbsp;&nbsp;Verus Securitization Trust, Ser 2024-5, Cl B2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 06/25/27 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.782%, 06/25/69(A)(B) | 400 | 401 |
| &nbsp;&nbsp;Verus Securitization Trust, Ser 2024-6, Cl B2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 07/25/27 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.915%, 07/25/69(A)(B) | 200 | 201 |
| &nbsp;&nbsp;Verus Securitization Trust, Ser 2024-7, Cl B2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 09/25/27 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.810%, 09/25/69(A)(B) | 250 | 251 |
| &nbsp;&nbsp;Verus Securitization Trust, Ser 2024-9, Cl B2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 12/25/27 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.361%, 11/25/69(A)(B) | 150 | 149 |
| &nbsp;&nbsp;Verus Securitization Trust, Ser 2025-1, Cl B2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 01/25/28 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.351%, 01/25/70(A)(B) | 570 | 567 |
| &nbsp;&nbsp;Verus Securitization Trust, Ser 2025-INV1, Cl B2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 02/25/28 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.311%, 02/25/70(A)(B) | 230 | 228 |
| &nbsp;&nbsp;Vista Point Securitization Trust, Ser 2024-CES3, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 12/25/27 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.679%, 01/25/55(A)(C) | 4341 | 4361 |
| &nbsp;&nbsp;Vista Point Securitization Trust, Ser 2024-CES3, Cl B1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 12/25/27 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.833%, 01/25/55(A)(B) | 1644 | 1667 |
| &nbsp;&nbsp;WCORE Commercial Mortgage Trust, Ser 2024-CORE, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.089%, TSFR1M + 3.939%, 11/15/41(A)(B) | 1000 | 998 |
| &nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Ser 2015-P2, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 12/15/25 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.241%, 12/15/48(A) | 120 | 115 |
| &nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Ser 2024-MGP, Cl A11 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.141%, TSFR1M + 1.991%, 08/15/41(A)(B) | 5000 | 4990 |

---

**THE ADVISORS' INNER CIRCLE FUND III**

**FS MULTI-STRATEGY** 

**ALTERNATIVES FUND** 

**SEPTEMBER 30, 2025** 

**(Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** |
|  | Face Amount (000) | Face Amount (000) | Fair Value (000) | Fair Value (000) |
| **UNITED STATES — (continued)** | **UNITED STATES — (continued)** | **UNITED STATES — (continued)** | **UNITED STATES — (continued)** | **UNITED STATES — (continued)** |
| &nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Ser 2024-MGP, Cl D11 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.838%, TSFR1M + 3.688%, 08/15/41(A)(B) | $| 2000 | $| 2003 |
| &nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Ser 2025-AGLN, Cl E |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.339%, TSFR1M + 4.189%, 07/15/37(A)(B) |  | 3070 |  | 3060 |
| &nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Ser 2025-AURA, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.693%, TSFR1M + 1.593%, 10/15/42(A)(B) |  | 5000 |  | 4987 |
| &nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Ser 2025AURA, Cl E |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.038%, TSFR1M + 4.938%, 10/15/42(A)(B) |  | 3400 |  | 3392 |
| &nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Ser 2025-B33RP, Cl E |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.650%, TSFR1M + 3.500%, 08/15/42(A)(B) |  | 3630 |  | 3624 |
| &nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Ser 2025-DWHP, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.492%, TSFR1M + 2.341%, 04/15/38(A)(B) |  | 10000 |  | 10041 |
| &nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Ser 2025-DWHP, Cl E |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10.586%, TSFR1M + 6.436%, 04/15/38(A)(B) |  | 2320 |  | 2340 |
| &nbsp;&nbsp;Wells Fargo Mortgage Backed Securities Trust, Ser 2021-RR1, Cl AIO1, IO |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 04/25/44 @ $100.000 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.480%, 12/25/50(A)(B) |  | 3609 |  | 107 |
|  |  |  |  | 2566902 |
| TOTAL MORTGAGE-BACKED SECURITIES  |  |  |  |  |
| &nbsp;&nbsp;(Cost $2,554,284) (000) |  |  |  | 2595655 |
| **CORPORATE OBLIGATIONS — 30.3%** | **CORPORATE OBLIGATIONS — 30.3%** | **CORPORATE OBLIGATIONS — 30.3%** | **CORPORATE OBLIGATIONS — 30.3%** | **CORPORATE OBLIGATIONS — 30.3%** |
| CANADA — 0.4% | CANADA — 0.4% | CANADA — 0.4% |  |  |
| &nbsp;&nbsp;Bombardier |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 11/01/25 @ $100.000 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.875%, 04/15/27(A) |  | 3845 |  | 3862 |
| &nbsp;&nbsp;goeasy |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 02/15/28 @ $103.438 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.875%, 02/15/31(A) |  | 100 |  | 97 |

---

**THE ADVISORS' INNER CIRCLE FUND III**

**FS MULTI-STRATEGY** 

**ALTERNATIVES FUND** 

**SEPTEMBER 30, 2025** 

**(Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
| **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | Face Amount (000) | Face Amount (000) | Fair Value (000) |
| CANADA — (continued) | CANADA — (continued) | CANADA — (continued) |  |
| &nbsp;&nbsp;Husky Injection Molding Systems |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 02/15/26 @ $104.500 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.000%, 02/15/29(A) | $| 2477 | $2589 |
| &nbsp;&nbsp;Jones Deslauriers Insurance Management |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 10/01/28 @ $103.438 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.875%, 10/01/33(A) |  | 1201 | 1194 |
|  |  |  | 7742 |
| IRELAND — 0.2% | IRELAND — 0.2% | IRELAND — 0.2% |  |
| &nbsp;&nbsp;GGAM Finance |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 09/15/26 @ $102.938 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.875%, 03/15/30(A) |  | 2606 | 2639 |
| NETHERLANDS — 0.2% | NETHERLANDS — 0.2% | NETHERLANDS — 0.2% |  |
| &nbsp;&nbsp;Trivium Packaging Finance BV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 07/15/27 @ $106.125 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12.250%, 01/15/31(A) |  | 1254 | 1357 |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 07/15/27 @ $104.125 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.250%, 07/15/30(A) |  | 1528 | 1630 |
|  |  |  | 2987 |
| PANAMA — 0.0% | PANAMA — 0.0% | PANAMA — 0.0% |  |
| &nbsp;&nbsp;Sable International Finance |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 10/15/27 @ $103.563 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.125%, 10/15/32(A) |  | 901 | 915 |
| UNITED KINGDOM — 13.7% | UNITED KINGDOM — 13.7% | UNITED KINGDOM — 13.7% |  |
| &nbsp;&nbsp;Ardonagh Finco |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 02/15/27 @ $103.875 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.750%, 02/15/31(A) |  | 1451 | 1518 |
| &nbsp;&nbsp;Barclays Bank |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 12/29/25(A)(E) |  | 136237 | 152082 |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 12/29/25(A)(E) |  | 50000 | 45056 |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 12/29/25(A)(E) |  | 30000 | 30000 |
| &nbsp;&nbsp;eG Global Finance |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 05/30/26 @ $106.000 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12.000%, 11/30/28(A) |  | 796 | 874 |

---

**THE ADVISORS' INNER CIRCLE FUND III**

**FS MULTI-STRATEGY** 

**ALTERNATIVES FUND** 

**SEPTEMBER 30, 2025** 

**(Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
| **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | Face Amount (000) | Face Amount (000) | Fair Value (000) |
| UNITED KINGDOM — (continued) | UNITED KINGDOM — (continued) | UNITED KINGDOM — (continued) |  |
| &nbsp;&nbsp;Odeon Finco |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 10/12/25 @ $106.375 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12.750%, 11/01/27(A) | $| 4403 | $4561 |
|  |  |  | 234091 |
| UNITED STATES — 15.8% | UNITED STATES — 15.8% | UNITED STATES — 15.8% |  |
| &nbsp;&nbsp;1261229 BC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 04/15/28 @ $105.000 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10.000%, 04/15/32(A) |  | 955 | 979 |
| &nbsp;&nbsp;Acrisure |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 06/15/26 @ $104.250 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.500%, 06/15/29(A) |  | 4173 | 4381 |
| &nbsp;&nbsp;AdaptHealth |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 10/12/25 @ $101.021 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.125%, 08/01/28(A) |  | 2310 | 2304 |
| &nbsp;&nbsp;Advance Auto Parts |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 08/01/27 @ $103.500 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.000%, 08/01/30(A) |  | 837 | 861 |
| &nbsp;&nbsp;AG Issuer |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 11/01/25 @ $100.000 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.250%, 03/01/28(A) |  | 881 | 883 |
| &nbsp;&nbsp;Albertsons |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 11/01/25 @ $103.250 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.500%, 02/15/28(A) |  | 4023 | 4086 |
| &nbsp;&nbsp;AmeriTex HoldCo Intermediate |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 08/15/28 @ $103.813 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.625%, 08/15/33(A) |  | 879 | 915 |
| &nbsp;&nbsp;Amneal Pharmaceuticals |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 08/01/28 @ $103.438 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.875%, 08/01/32(A) |  | 686 | 709 |
| &nbsp;&nbsp;Arbor Realty SR |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 01/15/30 @ $100.000 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.875%, 07/15/30(A) |  | 803 | 844 |
| &nbsp;&nbsp;Arcosa |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 08/15/27 @ $103.438 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.875%, 08/15/32(A) |  | 1010 | 1055 |
| &nbsp;&nbsp;Ares Capital |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 02/01/29 @ $100.000 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.875%, 03/01/29 |  | 1565 | 1610 |

---

**THE ADVISORS' INNER CIRCLE FUND III**

**FS MULTI-STRATEGY** 

**ALTERNATIVES FUND** 

**SEPTEMBER 30, 2025** 

**(Unaudited)** 

---

| | | |
|:---|:---|:---|
| **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | Face Amount (000) | Fair Value (000) |
| UNITED STATES — (continued) | UNITED STATES — (continued) |  |
| &nbsp;&nbsp;Arko |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 11/01/25 @ $102.563 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.125%, 11/15/29(A) | $2090 | $1771 |
| &nbsp;&nbsp;Atlanticus Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 09/01/27 @ $104.875 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.750%, 09/01/30(A) | 1539 | 1529 |
| &nbsp;&nbsp;Avient |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 09/15/27 @ $103.125 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.250%, 11/01/31(A) | 1335 | 1356 |
| &nbsp;&nbsp;Bausch + Lomb |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 10/12/25 @ $104.188 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.375%, 10/01/28(A) | 1506 | 1570 |
| &nbsp;&nbsp;Beacon Mobility |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 08/01/27 @ $103.625 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.250%, 08/01/30(A) | 1602 | 1666 |
| &nbsp;&nbsp;Blue Owl Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 06/15/30 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.200%, 07/15/30 | 265 | 273 |
| &nbsp;&nbsp;Blue Owl Credit Income |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 02/15/30 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.800%, 03/15/30 | 2401 | 2435 |
| &nbsp;&nbsp;Blue Owl Technology Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 03/04/29 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.750%, 04/04/29 | 959 | 989 |
| &nbsp;&nbsp;Bread Financial Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 03/15/26 @ $104.875 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.750%, 03/15/29(A) | 3776 | 4030 |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 06/15/30 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.375%, H15T5Y + 4.300%, 06/15/35(A)(B) | 671 | 689 |
| &nbsp;&nbsp;Brink's |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 06/15/26 @ $103.250 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.500%, 06/15/29(A) | 985 | 1014 |
| &nbsp;&nbsp;BW Real Estate |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 3/30/2030 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.500, H15T5Y + 5.402% (A)(B)(F) | 1136 | 1172 |
| &nbsp;&nbsp;Cable One |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 11/15/25 @ $102.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/15/30(A) | 637 | 540 |

---

**THE ADVISORS' INNER CIRCLE FUND III**

**FS MULTI-STRATEGY** 

**ALTERNATIVES FUND** 

**SEPTEMBER 30, 2025** 

**(Unaudited)** 

---

| | | |
|:---|:---|:---|
| **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | Face Amount (000) | Fair Value (000) |
| UNITED STATES — (continued) | UNITED STATES — (continued) |  |
| &nbsp;&nbsp;Camelot Return Merger Sub |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 11/01/25 @ $103.281 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.750%, 08/01/28(A) | $2095 | $2027 |
| &nbsp;&nbsp;Carvana, Strike Price Fixed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 10/12/25 @ $104.500 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.000% cash/0% PIK, 06/01/30(A) | 1530 | 1601 |
| &nbsp;&nbsp;CCO Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 11/01/25 @ $102.125 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 02/01/31(A) | 500 | 461 |
| &nbsp;&nbsp;CD&R Smokey Buyer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 10/15/26 @ $104.750 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.500%, 10/15/29(A) | 1198 | 937 |
| &nbsp;&nbsp;Century Communities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 10/03/25 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.750%, 06/01/27 | 1049 | 1049 |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 09/15/28 @ $103.313 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.625%, 09/15/33(A) | 901 | 909 |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 02/15/29 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.875%, 08/15/29(A) | 1276 | 1200 |
| &nbsp;&nbsp;Charter Communications Operating |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 05/01/29 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.100%, 06/01/29 | 2394 | 2512 |
| &nbsp;&nbsp;CITGO Petroleum |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 11/01/25 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.375%, 06/15/26(A) | 2055 | 2055 |
| &nbsp;&nbsp;Clarios Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 09/15/28 @ $103.375 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.750%, 09/15/32(A) | 6002 | 6135 |
| &nbsp;&nbsp;Clear Channel Outdoor Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 10/01/26 @ $103.938 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.875%, 04/01/30(A) | 1747 | 1834 |
| &nbsp;&nbsp;Clue Opco |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 10/15/26 @ $104.750 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.500%, 10/15/31(A) | 2336 | 2498 |
| &nbsp;&nbsp;CommScope |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 06/15/26 @ $103.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.500%, 12/15/31(A) | 4764 | 4931 |
| &nbsp;&nbsp;Cornerstone Building Brands |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 08/15/26 @ $104.750 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.500%, 08/15/29(A) | 961 | 934 |

---

**THE ADVISORS' INNER CIRCLE FUND III**

**FS MULTI-STRATEGY** 

**ALTERNATIVES FUND** 

**SEPTEMBER 30, 2025** 

**(Unaudited)** 

---

| | | |
|:---|:---|:---|
| **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | Face Amount (000) | Fair Value (000) |
| UNITED STATES — (continued) | UNITED STATES — (continued) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 11/01/25 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.125%, 01/15/29(A) | $1500 | $1219 |
| &nbsp;&nbsp;Credit Acceptance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 12/15/25 @ $104.625 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.250%, 12/15/28(A) | 959 | 1008 |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 03/15/27 @ $103.313 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.625%, 03/15/30(A) | 1780 | 1783 |
| &nbsp;&nbsp;Dealer Tire |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 11/01/25 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.000%, 02/01/28(A) | 3690 | 3650 |
| &nbsp;&nbsp;Delek Logistics Partners |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 11/01/25 @ $101.781 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.125%, 06/01/28(A) | 3223 | 3233 |
| &nbsp;&nbsp;Dotdash Meredith |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 06/15/28 @ $103.813 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.625%, 06/15/32(A) | 967 | 958 |
| &nbsp;&nbsp;EchoStar |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 11/30/26 @ $105.375 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10.750%, 11/30/29 | 5002 | 5503 |
| &nbsp;&nbsp;EF Holdco |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 09/30/27 @ $103.688 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.375%, 09/30/30(A) | 120 | 120 |
| &nbsp;&nbsp;Encore Capital Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 10/15/27 @ $103.313 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.625%, 04/15/31(A) | 636 | 634 |
| &nbsp;&nbsp;Enpro |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 06/01/28 @ $103.063 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.125%, 06/01/33(A) | 1306 | 1335 |
| &nbsp;&nbsp;Fertitta Entertainment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 11/01/25 @ $103.375 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.750%, 01/15/30(A) | 1257 | 1180 |
| &nbsp;&nbsp;Five Point Operating |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 10/01/27 @ $104.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.000%, 10/01/30(A) | 1728 | 1754 |
| &nbsp;&nbsp;Flagstar Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 11/01/25 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.125%, TSFR3M + 3.910%, 11/01/30(B) | 632 | 591 |
| &nbsp;&nbsp;Freedom Mortgage |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12.000%, 10/01/28(A) | 1787 | 1894 |

---

**THE ADVISORS' INNER CIRCLE FUND III**

**FS MULTI-STRATEGY** 

**ALTERNATIVES FUND** 

**SEPTEMBER 30, 2025** 

**(Unaudited)** 

---

| | | |
|:---|:---|:---|
| **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | Face Amount (000) | Fair Value (000) |
| UNITED STATES — (continued) | UNITED STATES — (continued) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 11/01/25 @ $101.656 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.625%, 01/15/27(A) | $1787 | $1783 |
| &nbsp;&nbsp;Frontier Communications Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 11/01/25 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.875%, 10/15/27(A) | 5466 | 5463 |
| &nbsp;&nbsp;Genworth Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 10/17/25 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.476%, TSFR3M + 2.264%, 11/15/36(B) | 1314 | 1119 |
| &nbsp;&nbsp;GEO Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 04/15/27 @ $105.125 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10.250%, 04/15/31 | 899 | 989 |
| &nbsp;&nbsp;Graham Packaging |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 11/01/25 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.125%, 08/15/28(A) | 2370 | 2374 |
| &nbsp;&nbsp;Gray Media |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 07/15/26 @ $105.250 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10.500%, 07/15/29(A) | 1655 | 1790 |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 07/15/28 @ $104.813 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.625%, 07/15/32(A) | 280 | 286 |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 08/15/28 @ $103.625 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.250%, 08/15/33(A) | 505 | 500 |
| &nbsp;&nbsp;Heartland Dental |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 11/01/25 @ $105.250 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10.500%, 04/30/28(A) | 1809 | 1906 |
| &nbsp;&nbsp;Herc Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 06/15/27 @ $103.500 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.000%, 06/15/30(A) | 1606 | 1668 |
| &nbsp;&nbsp;Icahn Enterprises |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 05/15/29 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10.000%, 11/15/29(A) | 5491 | 5515 |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 11/15/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 05/15/27 | 2696 | 2650 |
| &nbsp;&nbsp;ILFC E-Capital Trust I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 11/01/25 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.270%, 12/21/65(A)(B) | 3180 | 2686 |
| &nbsp;&nbsp;ILFC E-Capital Trust II |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 11/01/25 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.520%, 12/21/65(A)(B) | 2579 | 2201 |

---

**THE ADVISORS' INNER CIRCLE FUND III**

**FS MULTI-STRATEGY** 

**ALTERNATIVES FUND** 

**SEPTEMBER 30, 2025** 

**(Unaudited)** 

---

| | | |
|:---|:---|:---|
| **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | Face Amount (000) | Fair Value (000) |
| UNITED STATES — (continued) | UNITED STATES — (continued) |  |
| &nbsp;&nbsp;Illuminate Buyer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 11/01/25 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.000%, 07/01/28(A) | $10001 | $10033 |
| &nbsp;&nbsp;Iris Holding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 11/01/25 @ $105.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10.000%, 12/15/28(A) | 3047 | 2752 |
| &nbsp;&nbsp;Jane Street Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 11/01/27 @ $103.063 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.125%, 11/01/32(A) | 1341 | 1359 |
| &nbsp;&nbsp;JetBlue Airways |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 08/27/27 @ $104.938 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.875%, 09/20/31(A) | 1193 | 1210 |
| &nbsp;&nbsp;K Hovnanian Enterprises |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 04/01/28 @ $104.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.000%, 04/01/31(A) | 140 | 144 |
| &nbsp;&nbsp;KeHE Distributors |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 02/15/26 @ $104.500 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.000%, 02/15/29(A) | 3509 | 3692 |
| &nbsp;&nbsp;Kohl's |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.875%, 12/15/37 | 20 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 01/17/45 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.550%, 07/17/45 | 1980 | 1286 |
| &nbsp;&nbsp;Ladder Capital Finance Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 07/15/27 @ $103.500 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.000%, 07/15/31(A) | 972 | 1019 |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 07/01/30 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 08/01/30 | 1627 | 1659 |
| &nbsp;&nbsp;Lamar Media |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 11/01/28 @ $102.688 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.375%, 11/01/33(A) | 384 | 381 |
| &nbsp;&nbsp;LD Holdings Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 11/01/25 @ $104.125 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.750%, 11/01/27(A) | 1156 | 1142 |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 10/12/25 @ $101.531 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.125%, 04/01/28(A) | 1670 | 1545 |
| &nbsp;&nbsp;LFS Topco |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 07/15/27 @ $104.375 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.750%, 07/15/30(A) | 4084 | 4102 |

---

**THE ADVISORS' INNER CIRCLE FUND III**

**FS MULTI-STRATEGY** 

**ALTERNATIVES FUND** 

**SEPTEMBER 30, 2025** 

**(Unaudited)** 

---

| | | |
|:---|:---|:---|
| **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | Face Amount (000) | Fair Value (000) |
| UNITED STATES — (continued) | UNITED STATES — (continued) |  |
| &nbsp;&nbsp;Light & Wonder International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 10/01/28 @ $103.125 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.250%, 10/01/33(A) | $1617 | $1620 |
| &nbsp;&nbsp;Lindblad Expeditions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 09/15/27 @ $103.500 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.000%, 09/15/30(A) | 1778 | 1812 |
| &nbsp;&nbsp;Lumen Technologies |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 10/12/25 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10.000%, 10/15/32(A) | 2334 | 2361 |
| &nbsp;&nbsp;Maxim Crane Works Holdings Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 11/01/25 @ $105.750 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11.500%, 09/01/28(A) | 5946 | 6302 |
| &nbsp;&nbsp;Midcap Financial Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 10/17/25 @ $101.625 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.500%, 05/01/28(A) | 1887 | 1874 |
| &nbsp;&nbsp;Mohegan Tribal Gaming Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 04/15/27 @ $104.125 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.250%, 04/15/30(A) | 1831 | 1902 |
| &nbsp;&nbsp;Muvico |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 07/31/27 @ $107.500 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;15.000%, 02/19/29(A) | 2490 | 2700 |
| &nbsp;&nbsp;Nassau of New York |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 07/15/27 @ $103.938 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.875%, 07/15/30(A) | 3345 | 3416 |
| &nbsp;&nbsp;Nationstar Mortgage Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 01/15/27(A) | 3543 | 3543 |
| &nbsp;&nbsp;New Enterprise Stone & Lime |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 11/01/25 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.750%, 07/15/28(A) | 3952 | 3961 |
| &nbsp;&nbsp;New Home |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 10/01/26 @ $104.625 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.250%, 10/01/29(A) | 1388 | 1457 |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 11/01/27 @ $104.250 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.500%, 11/01/30(A) | 1288 | 1337 |
| &nbsp;&nbsp;Olympus Water US Holding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 10/09/25 @ $104.875 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.750%, 11/15/28(A) | 3431 | 3601 |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 10/12/25 @ $101.781 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.125%, 10/01/27(A) | 1463 | 1489 |

---

**THE ADVISORS' INNER CIRCLE FUND III**

**FS MULTI-STRATEGY** 

**ALTERNATIVES FUND** 

**SEPTEMBER 30, 2025** 

**(Unaudited)** 

---

| | | |
|:---|:---|:---|
| **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | Face Amount (000) | Fair Value (000) |
| UNITED STATES — (continued) | UNITED STATES — (continued) |  |
| &nbsp;&nbsp;OneMain Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.125%, 03/15/26 | $792 | $799 |
| &nbsp;&nbsp;Park River Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 09/15/26 @ $104.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.000%, 03/15/31(A) | 4333 | 4388 |
| &nbsp;&nbsp;Pebblebrook Hotel |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 10/15/26 @ $103.188 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.375%, 10/15/29(A) | 1196 | 1214 |
| &nbsp;&nbsp;Planet Financial Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 12/15/26 @ $105.250 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10.500%, 12/15/29(A) | 1873 | 1969 |
| &nbsp;&nbsp;PRA Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 11/01/25 @ $104.188 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.375%, 02/01/28(A) | 877 | 897 |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 11/01/25 @ $101.250 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/29(A) | 1443 | 1340 |
| &nbsp;&nbsp;Provident Funding Associates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 09/15/26 @ $104.875 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.750%, 09/15/29(A) | 792 | 837 |
| &nbsp;&nbsp;Quikrete Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 03/01/28 @ $103.375 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.750%, 03/01/33(A) | 1282 | 1333 |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 03/01/28 @ $103.188 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.375%, 03/01/32(A) | 1092 | 1131 |
| &nbsp;&nbsp;Radiology Partners |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 07/15/28 @ $104.250 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.500%, 07/15/32(A) | 1773 | 1835 |
| &nbsp;&nbsp;Raven Acquisition Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 11/15/27 @ $103.438 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.875%, 11/15/31(A) | 885 | 909 |
| &nbsp;&nbsp;Regal Rexnord |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 12/15/29 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.300%, 02/15/30 | 1946 | 2063 |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 03/15/28 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.050%, 04/15/28 | 2570 | 2659 |
| &nbsp;&nbsp;Rfna |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 02/15/27 @ $103.938 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.875%, 02/15/30(A) | 1070 | 1090 |

---

**THE ADVISORS' INNER CIRCLE FUND III**

**FS MULTI-STRATEGY** 

**ALTERNATIVES FUND** 

**SEPTEMBER 30, 2025** 

**(Unaudited)** 

---

| | | |
|:---|:---|:---|
| **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | Face Amount (000) | Fair Value (000) |
| UNITED STATES — (continued) | UNITED STATES — (continued) |  |
| &nbsp;&nbsp;Rithm Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 04/01/26 @ $104.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.000%, 04/01/29(A) | $1940 | $1986 |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 07/15/27 @ $104.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.000%, 07/15/30(A) | 2600 | 2662 |
| &nbsp;&nbsp;Rocket Software |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 10/12/25 @ $103.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.000%, 11/28/28(A) | 8691 | 8959 |
| &nbsp;&nbsp;RR Donnelley & Sons |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 08/01/26 @ $104.750 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.500%, 08/01/29(A) | 2434 | 2494 |
| &nbsp;&nbsp;Service Properties Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 07/15/27 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.950%, 01/15/28 | 3820 | 3575 |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 11/01/25 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 09/30/27(A)(E) | 5191 | 4576 |
| &nbsp;&nbsp;Sixth Street Lending Partners |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 12/15/29 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.750%, 01/15/30 | 1601 | 1627 |
| &nbsp;&nbsp;SPX FLOW |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 11/01/25 @ $104.375 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.750%, 04/01/30(A) | 5657 | 5811 |
| &nbsp;&nbsp;Star Leasing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 02/15/27 @ $103.813 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.625%, 02/15/30(A) | 1630 | 1584 |
| &nbsp;&nbsp;Starwood Property Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 10/01/28 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.250%, 04/01/29(A) | 1488 | 1563 |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 10/15/29 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 04/15/30(A) | 1922 | 1951 |
| &nbsp;&nbsp;Sunoco |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 11/01/25 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 04/15/27 | 1726 | 1725 |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 09/15/28 @ $102.938 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.875%, 03/15/34(A) | 479 | 475 |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 09/15/27 @ $102.813 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.625%, 03/15/31(A) | 479 | 476 |
| &nbsp;&nbsp;Surgery Center Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 04/15/27 @ $103.625 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.250%, 04/15/32(A) | 870 | 894 |

---

**THE ADVISORS' INNER CIRCLE FUND III**

**FS MULTI-STRATEGY** 

**ALTERNATIVES FUND** 

**SEPTEMBER 30, 2025** 

**(Unaudited)** 

---

| | | |
|:---|:---|:---|
| **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | Face Amount (000) | Fair Value (000) |
| UNITED STATES — (continued) | UNITED STATES — (continued) |  |
| &nbsp;&nbsp;Tenet Healthcare |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 10/17/25 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.250%, 02/01/27 | $2017 | $2016 |
| &nbsp;&nbsp;TKC Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 11/01/25 @ $101.719 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.875%, 05/15/28(A) | 1046 | 1055 |
| &nbsp;&nbsp;TMS International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 10/12/25 @ $101.563 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.250%, 04/15/29(A) | 2604 | 2525 |
| &nbsp;&nbsp;TriMas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 11/01/25 @ $101.031 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.125%, 04/15/29(A) | 1869 | 1809 |
| &nbsp;&nbsp;US Acute Care Solutions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 05/15/26 @ $104.875 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.750%, 05/15/29(A) | 1957 | 2004 |
| &nbsp;&nbsp;VF |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 01/23/30 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.950%, 04/23/30 | 2135 | 1881 |
| &nbsp;&nbsp;Vornado Realty |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 05/01/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.150%, 06/01/26 | 2000 | 1963 |
| &nbsp;&nbsp;Windsor Holdings III |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 06/15/26 @ $104.250 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.500%, 06/15/30(A) | 1599 | 1690 |
| &nbsp;&nbsp;WR Grace Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 08/15/28 @ $103.313 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.625%, 08/15/32(A) | 1636 | 1618 |
| &nbsp;&nbsp;XHR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 05/15/27 @ $103.313 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.625%, 05/15/30(A) | 617 | 634 |
|  |  | 270267 |
| TOTAL CORPORATE OBLIGATIONS |  |  |
| &nbsp;&nbsp;(Cost $506,254) (000) |  | 518641 |

---

**THE ADVISORS' INNER CIRCLE FUND III**

**FS MULTI-STRATEGY** 

**ALTERNATIVES FUND** 

**SEPTEMBER 30, 2025** 

**(Unaudited)** 

---

| | | |
|:---|:---|:---|
| **ASSET-BACKED SECURITIES — 17.6%** | **ASSET-BACKED SECURITIES — 17.6%** | **ASSET-BACKED SECURITIES — 17.6%** |
|  | Face Amount (000) | Fair Value (000) |
| **BERMUDA** — **0.5%** | **BERMUDA** — **0.5%** | **BERMUDA** — **0.5%** |
| &nbsp;&nbsp;Eagle RE, Ser 2023-1, Cl M2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 09/25/28 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.556%, SOFR30A + 5.200%, 09/26/33(A)(B) | $1150 | $1217 |
| &nbsp;&nbsp;Home RE, Ser 2021-1, Cl M2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 11/25/25 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.321%, SOFR30A + 2.964%, 07/25/33(A)(B) | 165 | 165 |
| &nbsp;&nbsp;Radnor RE, Ser 2021-1, Cl M2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 03/25/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.506%, SOFR30A + 3.150%, 12/27/33(A)(B) | 1227 | 1236 |
| &nbsp;&nbsp;Radnor RE, Ser 2021-2, Cl M2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 07/25/27 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.356%, SOFR30A + 5.000%, 11/25/31(A)(B) | 6000 | 6260 |
|  |  | 8878 |
| **CAYMAN ISLANDS** — **5.4%** | **CAYMAN ISLANDS** — **5.4%** | **CAYMAN ISLANDS** — **5.4%** |
| &nbsp;&nbsp;Anchorage Capital CLO, Ser 2024-28A, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 01/20/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11.276%, TSFR3M + 6.950%, 04/20/37(A)(B) | 1420 | 1418 |
| &nbsp;&nbsp;Anchorage Capital CLO, Ser 2025-21A, Cl ER |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 01/20/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10.576%, TSFR3M + 6.250%, 10/20/34(A)(B) | 470 | 468 |
| &nbsp;&nbsp;Apidos CLO XXIII, Ser 2025-23A, Cl ERR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 10/15/25 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.518%, TSFR3M + 5.200%, 04/15/33(A)(B) | 2155 | 2150 |
| &nbsp;&nbsp;ARES LII CLO, Ser 2025-52A, Cl ERR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 10/22/25 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.832%, TSFR3M + 5.500%, 04/22/31(A)(B) | 110 | 110 |
| &nbsp;&nbsp;BSL CLO 2, Ser 2021-2A, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 10/15/25 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11.289%, TSFR3M + 6.972%, 04/15/34(A)(B) | 250 | 242 |
| &nbsp;&nbsp;Carlyle US CLO, Ser 2023-3A, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 10/15/25 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12.718%, TSFR3M + 8.400%, 10/15/36(A)(B) | 410 | 408 |
| &nbsp;&nbsp;CarVal CLO III, Ser 2025-2A, Cl ER2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 04/20/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10.326%, TSFR3M + 6.000%, 07/20/32(A)(B) | 490 | 485 |
| &nbsp;&nbsp;CIFC Funding, Ser 2017-4A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 10/24/25 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10.680%, TSFR3M + 6.362%, 10/24/30(A)(B) | 700 | 698 |

---

**THE ADVISORS' INNER CIRCLE FUND III**

**FS MULTI-STRATEGY** 

**ALTERNATIVES FUND** 

**SEPTEMBER 30, 2025** 

**(Unaudited)** 

---

| | | |
|:---|:---|:---|
| **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** |
|  | Face Amount (000) | Fair Value (000) |
| **CAYMAN ISLANDS — (continued)** | **CAYMAN ISLANDS — (continued)** | **CAYMAN ISLANDS — (continued)** |
| &nbsp;&nbsp;CIFC Funding, Ser 2025-4A, Cl ER |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 07/16/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.532%, TSFR3M + 5.250%, 07/16/35(A)(B) | $750 | $749 |
| &nbsp;&nbsp;CIFC Funding, Ser 2025-7A, Cl ER |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 04/23/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.128%, TSFR3M + 4.900%, 01/23/35(A)(B) | 1500 | 1498 |
| &nbsp;&nbsp;Dewolf Park CLO, Ser 2017-1A, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 10/15/25 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10.779%, TSFR3M + 6.462%, 10/15/30(A)(B) | 300 | 300 |
| &nbsp;&nbsp;Dryden 55 CLO, Ser 2018-55A, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 10/15/25 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.979%, TSFR3M + 5.662%, 04/15/31(A)(B) | 1450 | 1424 |
| &nbsp;&nbsp;Dryden 60 CLO, Ser 2018-60A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 10/15/25 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.579%, TSFR3M + 3.262%, 07/15/31(A)(B) | 300 | 299 |
| &nbsp;&nbsp;Elmwood CLO 21, Ser 2023-8A, Cl ER |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 10/20/25 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10.826%, TSFR3M + 6.500%, 10/20/36(A)(B) | 1887 | 1904 |
| &nbsp;&nbsp;Elmwood CLO 30, Ser 2024-6A, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 07/17/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.572%, TSFR3M + 5.250%, 07/17/37(A)(B) | 500 | 499 |
| &nbsp;&nbsp;Elmwood CLO II, Ser 2024-2A, Cl A2RR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 10/20/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.876%, TSFR3M + 1.550%, 10/20/37(A)(B) | 11000 | 11010 |
| &nbsp;&nbsp;Empower CLO, Ser 2024-1A, Cl ER |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 10/20/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10.226%, TSFR3M + 5.900%, 10/20/37(A)(B) | 660 | 665 |
| &nbsp;&nbsp;Fillmore Park CLO, Ser 2018-1A, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 10/15/25 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.979%, TSFR3M + 5.662%, 07/15/30(A)(B) | 788 | 785 |
| &nbsp;&nbsp;Fortress Credit BSL III, Ser 2015-1A, Cl ER |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 10/18/25 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10.781%, TSFR3M + 6.452%, 04/18/31(A)(B) | 1000 | 996 |
| &nbsp;&nbsp;Fortress Credit BSL VIII, Ser 2019-2A, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 10/20/25 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11.597%, TSFR3M + 7.272%, 10/20/32(A)(B) | 1000 | 997 |
| &nbsp;&nbsp;Galaxy XXVI CLO, Ser 2018-26A, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 11/22/25 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10.315%, TSFR3M + 6.112%, 11/22/31(A)(B) | 1500 | 1494 |

---

**THE ADVISORS' INNER CIRCLE FUND III**

**FS MULTI-STRATEGY** 

**ALTERNATIVES FUND** 

**SEPTEMBER 30, 2025** 

**(Unaudited)** 

---

| | | |
|:---|:---|:---|
| **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** |
|  | Face Amount (000) | Fair Value (000) |
| **CAYMAN ISLANDS — (continued)** | **CAYMAN ISLANDS — (continued)** | **CAYMAN ISLANDS — (continued)** |
| &nbsp;&nbsp;Generate CLO, Ser 2023-3A, Cl E2R |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 01/20/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12.156%, TSFR3M + 7.830%, 10/20/36(A)(B) | $1250 | $1254 |
| &nbsp;&nbsp;Generate CLO, Ser 2024-14A, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 04/22/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11.069%, TSFR3M + 6.750%, 04/22/37(A)(B) | 1780 | 1785 |
| &nbsp;&nbsp;Generate CLO, Ser 2024-2A, Cl ER2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 10/22/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11.682%, TSFR3M + 7.350%, 10/22/37(A)(B) | 100 | 98 |
| &nbsp;&nbsp;Generate CLO, Ser 2024-6A, Cl AR2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 10/22/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.732%, TSFR3M + 1.400%, 10/22/37(A)(B) | 10000 | 10027 |
| &nbsp;&nbsp;Goldentree Loan Management US CLO, Ser 2025-6A, Cl ER2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 10/20/25 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.826%, TSFR3M + 4.500%, 04/20/35(A)(B) | 3800 | 3786 |
| &nbsp;&nbsp;KKR CLO, Ser 2018-23, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 10/20/25 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10.587%, TSFR3M + 6.262%, 10/20/31(A)(B) | 1000 | 977 |
| &nbsp;&nbsp;Madison Park Funding XXIII, Ser 2017-23A, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 10/27/25 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10.825%, TSFR3M + 6.512%, 07/27/30(A)(B) | 1700 | 1697 |
| &nbsp;&nbsp;Madison Park Funding XXVII, Ser 2025-27A, Cl ER |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 04/20/27 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.826%, TSFR3M + 5.500%, 04/20/38(A)(B) | 250 | 247 |
| &nbsp;&nbsp;Meacham Park CLO, Ser 2024-1A, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 10/20/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.676%, TSFR3M + 5.350%, 10/20/37(A)(B) | 1500 | 1504 |
| &nbsp;&nbsp;Neuberger Berman Loan Advisers CLO, Ser 2024-29A, Cl A2R |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 01/19/27 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.846%, TSFR3M + 1.520%, 01/19/39(A)(B) | 11700 | 11704 |
| &nbsp;&nbsp;Neuberger Berman Loan Advisers CLO, Ser 2025-38A, Cl ER2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 04/20/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.926%, TSFR3M + 4.600%, 10/20/36(A)(B) | 1795 | 1787 |
| &nbsp;&nbsp;Neuberger Berman Loan Advisers CLO, Ser 2025-46A, Cl ER |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 01/20/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.476%, TSFR3M + 5.150%, 01/20/37(A)(B) | 250 | 249 |

---

**THE ADVISORS' INNER CIRCLE FUND III**

**FS MULTI-STRATEGY** 

**ALTERNATIVES FUND** 

**SEPTEMBER 30, 2025** 

**(Unaudited)** 

---

| | | |
|:---|:---|:---|
| **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** |
|  | Face Amount (000) | Fair Value (000) |
| **CAYMAN ISLANDS — (continued)** | **CAYMAN ISLANDS — (continued)** | **CAYMAN ISLANDS — (continued)** |
| &nbsp;&nbsp;Neuberger Berman Loan Advisers CLO, Ser 2025-47A, Cl ER |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 04/16/35(A)(B)(D) | $150 | $150 |
| &nbsp;&nbsp;Northwoods Capital XII-B, Ser 2024-12BA, Cl BR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 12/15/25 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.738%, TSFR3M + 1.700%, 06/15/31(A)(B) | 10500 | 10516 |
| &nbsp;&nbsp;Oaktree CLO, Ser 2019-4A, Cl ERR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 07/20/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10.916%, TSFR3M + 6.590%, 07/20/37(A)(B) | 250 | 251 |
| &nbsp;&nbsp;Octagon Investment Partners 29, Ser 2024-1A, Cl ER2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 07/18/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11.499%, TSFR3M + 7.170%, 07/18/39(A)(B) | 1500 | 1499 |
| &nbsp;&nbsp;Octagon Investment Partners 48, Ser 2024-3A, Cl ER2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 10/15/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11.068%, TSFR3M + 6.750%, 01/15/39(A)(B) | 1000 | 1002 |
| &nbsp;&nbsp;OHA Credit Partners VII, Ser 2025-7A, Cl D2R4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 02/20/27 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.704%, TSFR3M + 3.500%, 02/20/38(A)(B) | 2000 | 1990 |
| &nbsp;&nbsp;OHA Credit Partners VII, Ser 2025-7A, Cl ER4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 02/20/27 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.704%, TSFR3M + 4.500%, 02/20/38(A)(B) | 2000 | 1972 |
| &nbsp;&nbsp;Rad CLO, Ser 2020-7A, Cl FR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 10/17/25 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11.452%, TSFR3M + 7.130%, 04/17/36(A)(B) | 320 | 306 |
| &nbsp;&nbsp;Regatta XIX Funding, Ser 2022-1A, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 10/20/25 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11.206%, TSFR3M + 6.880%, 04/20/35(A)(B) | 250 | 249 |
| &nbsp;&nbsp;Renew, Ser 2024-2A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 07/20/42 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.326%, 11/20/60(A) | 8324 | 7966 |
| &nbsp;&nbsp;Sculptor CLO XXVII, Ser 2025-27A, Cl ER |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 01/20/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10.576%, TSFR3M + 6.250%, 07/20/34(A)(B) | 340 | 329 |
| &nbsp;&nbsp;Symphony CLO XX, Ser 2019-20A, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 10/16/25 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10.869%, TSFR3M + 6.552%, 01/16/32(A)(B) | 250 | 244 |

---

**THE ADVISORS' INNER CIRCLE FUND III**

**FS MULTI-STRATEGY** 

**ALTERNATIVES FUND** 

**SEPTEMBER 30, 2025** 

**(Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
| **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** |
|  | Face Amount (000) | Fair Value (000) | Fair Value (000) |
| **CAYMAN ISLANDS — (continued)** | **CAYMAN ISLANDS — (continued)** | **CAYMAN ISLANDS — (continued)** | **CAYMAN ISLANDS — (continued)** |
| &nbsp;&nbsp;TIAA CLO I, Ser 2016-1A, Cl DR |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 10/20/25 @ $100.000 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.087%, TSFR3M + 3.762%, 07/20/31(A)(B) | $500 | $| 499 |
| &nbsp;&nbsp;TICP CLO VII, Ser 2017-7A, Cl ER |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 10/15/25 @ $100.000 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11.629%, TSFR3M + 7.312%, 04/15/33(A)(B) | 1830 |  | 1823 |
|  |  |  | 92510 |
| **IRELAND** — **0.3%** | **IRELAND** — **0.3%** | **IRELAND** — **0.3%** | **IRELAND** — **0.3%** |
| &nbsp;&nbsp;Barings Euro CLO, Ser 2024-1A, Cl D |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 01/20/26 @ $100.000 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.524%, EUR003M + 4.500%, 07/20/37(A)(B) | 1500 |  | 1771 |
| &nbsp;&nbsp;Hayfin Emerald CLO V DAC, Ser 2024-5A, Cl ER |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 11/17/25 @ $100.000 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.084%, EUR003M + 7.050%, 11/17/37(A)(B) | 2760 |  | 3245 |
|  |  |  | 5016 |
| **JERSEY** — **0.3%** | **JERSEY** — **0.3%** | **JERSEY** — **0.3%** | **JERSEY** — **0.3%** |
| &nbsp;&nbsp;Juniper Valley Park CLO, Ser 2025-1A, Cl ERR |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 07/20/36(A)(B)(D) | $2770 |  | 2770 |
| &nbsp;&nbsp;OCP CLO, Ser 2024-31A, Cl E |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 04/20/26 @ $100.000 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11.226%, TSFR3M + 6.900%, 04/20/37(A)(B) | 1440 |  | 1467 |
|  |  |  | 4237 |
| **UNITED KINGDOM** — **0.1%** | **UNITED KINGDOM** — **0.1%** | **UNITED KINGDOM** — **0.1%** | **UNITED KINGDOM** — **0.1%** |
| &nbsp;&nbsp;London Cards No. 2, Ser 2024-2, Cl E |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 03/28/27 @ $100.000 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.473%, SONIA/N + 5.500%, 03/28/34(B) | 200 |  | 275 |
| &nbsp;&nbsp;Newday Funding Master Issuer, Ser 2024-3A, Cl E |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 11/15/27 @ $100.000 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.723%, SONIA/N + 3.750%, 11/15/32(A)(B) | 780 |  | 1068 |
|  |  |  | 1343 |
| **UNITED STATES** — **11.0%** | **UNITED STATES** — **11.0%** | **UNITED STATES** — **11.0%** | **UNITED STATES** — **11.0%** |
| &nbsp;&nbsp;Accelerated, Ser 2024-1A, Cl A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 10/22/31 @ $100.000 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.680%, 08/22/44(A) | $4162 |  | 4171 |
| &nbsp;&nbsp;ACHM Trust, Ser 2024-HE2, Cl A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 02/25/31 @ $100.000 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.350%, 10/25/39(A) | 7997 |  | 8015 |

---

**THE ADVISORS' INNER CIRCLE FUND III**

**FS MULTI-STRATEGY** 

**ALTERNATIVES FUND** 

**SEPTEMBER 30, 2025** 

**(Unaudited)** 

---

| | | |
|:---|:---|:---|
| **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** |
|  | Face Amount (000) | Fair Value (000) |
| **UNITED STATES — (continued)** | **UNITED STATES — (continued)** | **UNITED STATES — (continued)** |
| &nbsp;&nbsp;ACHM Trust, Ser 2025-HE1, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 09/25/31 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.920%, 03/25/55(A)(B) | $3133 | $3185 |
| &nbsp;&nbsp;ACHV ABS Trust, Ser 2023-4CP, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 02/25/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10.500%, 11/25/30(A) | 500 | 509 |
| &nbsp;&nbsp;Affirm Asset Securitization Trust, Ser 2023-X1, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 10/15/25 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.550%, 11/15/28(A) | 110 | 111 |
| &nbsp;&nbsp;Affirm Asset Securitization Trust, Ser 2024-A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 02/15/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.890%, 02/15/29(A) | 1300 | 1308 |
| &nbsp;&nbsp;Affirm Asset Securitization Trust, Ser 2024-B, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 09/15/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.350%, 09/15/29(A) | 2000 | 2014 |
| &nbsp;&nbsp;Affirm Master Trust, Ser 2025-1A, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 02/15/27 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.180%, 02/15/33(A) | 5000 | 5000 |
| &nbsp;&nbsp;Ally Bank Auto Credit-Linked Notes, Ser 2024-A, Cl G |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 09/15/27 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12.748%, 05/17/32(A) | 325 | 336 |
| &nbsp;&nbsp;Ally Bank Auto Credit-Linked Notes, Ser 2024-B, Cl G |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 01/15/28 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11.395%, 09/15/32(A) | 428 | 436 |
| &nbsp;&nbsp;Aqua Finance Trust, Ser 2024-A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 10/17/31 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.810%, 04/18/50(A) | 6687 | 6750 |
| &nbsp;&nbsp;Ascent Education Funding Trust, Ser 2024-A, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 05/25/34 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.010%, 10/25/50(A) | 130 | 134 |
| &nbsp;&nbsp;Avant Loans Funding Trust, Ser 2025-REV1, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 12/15/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.390%, 05/15/34(A) | 725 | 740 |
| &nbsp;&nbsp;Avis Budget Rental Car Funding AESOP, Ser 2025-8A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.520%, 02/20/30(A) | 140 | 143 |
| &nbsp;&nbsp;BRAVO Residential Funding Trust, Ser 2024-CES2, Cl A1A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 09/25/27 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.549%, 09/25/54(A)(C) | 8351 | 8399 |

---

**THE ADVISORS' INNER CIRCLE FUND III**

**FS MULTI-STRATEGY** 

**ALTERNATIVES FUND** 

**SEPTEMBER 30, 2025** 

**(Unaudited)** 

---

| | | |
|:---|:---|:---|
| **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** |
|  | Face Amount (000) | Fair Value (000) |
| **UNITED STATES — (continued)** | **UNITED STATES — (continued)** | **UNITED STATES — (continued)** |
| &nbsp;&nbsp;Brex Commercial Charge Card Master Trust, Ser 2024-1, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11.590%, 07/15/27(A) | $500 | $502 |
| &nbsp;&nbsp;Carvana Auto Receivables Trust, Ser 2024-N3, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 08/10/29 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.660%, 04/12/32(A) | 2120 | 2202 |
| &nbsp;&nbsp;Carvana Auto Receivables Trust, Ser 2025-N1, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 10/10/30 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.730%, 08/10/32(A) | 5058 | 5150 |
| &nbsp;&nbsp;Cologix Data Centers US Issuer, Ser 2021-1A, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 10/25/25 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.990%, 12/26/51(A) | 2000 | 1979 |
| &nbsp;&nbsp;Consolidated Communications, Ser 2025-1A, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 05/20/28 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.408%, 05/20/55(A) | 5000 | 5257 |
| &nbsp;&nbsp;Consumer Portfolio Services Auto Trust, Ser 2025-B, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 08/15/29 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.950%, 03/15/33(A) | 2620 | 2708 |
| &nbsp;&nbsp;Ent Auto Receivables Trust, Ser 2023-1A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 04/15/28 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.700%, 03/17/31(A) | 1560 | 1642 |
| &nbsp;&nbsp;Equify ABS, Ser 2024-1A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 04/15/28 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.430%, 04/18/33(A) | 3034 | 3037 |
| &nbsp;&nbsp;Exeter Automobile Receivables Trust, Ser 2025-3A, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 02/15/30 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.520%, 12/15/32(A) | 3830 | 3883 |
| &nbsp;&nbsp;FIGRE Trust, Ser 2024-HE4, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 11/25/29 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.056%, 09/25/54(A)(B) | 7852 | 7880 |
| &nbsp;&nbsp;FIGRE Trust, Ser 2024-HE6, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 05/25/30 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.724%, 12/25/54(A)(B) | 3799 | 3847 |
| &nbsp;&nbsp;FIP Master Funding, Ser 2024-1A, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.880%, 10/15/54(A) | 7981 | 7993 |
| &nbsp;&nbsp;Flatiron CLO 23, Ser 2025-1A, Cl ER |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 07/17/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.272%, TSFR3M + 4.950%, 04/17/36(A)(B) | 2100 | 2109 |

---

**THE ADVISORS' INNER CIRCLE FUND III**

**FS MULTI-STRATEGY** 

**ALTERNATIVES FUND** 

**SEPTEMBER 30, 2025** 

**(Unaudited)** 

---

| | | |
|:---|:---|:---|
| **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** |
|  | Face Amount (000) | Fair Value (000) |
| **UNITED STATES — (continued)** | **UNITED STATES — (continued)** | **UNITED STATES — (continued)** |
| &nbsp;&nbsp;Flexential Issuer, Ser 2021-1A, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 11/25/25 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 11/27/51(A) | $5868 | $5696 |
| &nbsp;&nbsp;Flexential Issuer, Ser 2021-1A, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 11/25/25 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.720%, 11/27/51(A) | 1500 | 1453 |
| &nbsp;&nbsp;Flexential Issuer, Ser 2021-1A, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 11/25/25 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.930%, 11/27/51(A) | 5000 | 4915 |
| &nbsp;&nbsp;GLS Auto Receivables Issuer Trust, Ser 2025-1A, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 01/15/30 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.190%, 03/15/32(A) | 4250 | 4359 |
| &nbsp;&nbsp;GLS Auto Receivables Issuer Trust, Ser 2025-2A, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 12/15/29 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.730%, 06/15/32(A) | 1720 | 1785 |
| &nbsp;&nbsp;GoodLeap Home Improvement Solutions Trust, Ser 2024-1A, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.940%, 10/20/46(A) | 844 | 881 |
| &nbsp;&nbsp;Hertz Vehicle Financing III, Ser 2023-1A, Cl 1D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.130%, 06/25/27(A) | 470 | 476 |
| &nbsp;&nbsp;Hertz Vehicle Financing III, Ser 2023-2A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.400%, 09/25/29(A) | 250 | 260 |
| &nbsp;&nbsp;Hertz Vehicle Financing III, Ser 2023-4A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.440%, 03/25/30(A) | 290 | 303 |
| &nbsp;&nbsp;Hertz Vehicle Financing III, Ser 2025-1A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 09/25/28 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.980%, 09/25/29(A) | 580 | 580 |
| &nbsp;&nbsp;Hertz Vehicle Financing III, Ser 2025-2A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 09/25/30 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.340%, 09/25/31(A) | 1280 | 1285 |
| &nbsp;&nbsp;Hertz Vehicle Financing, Ser 2022-2A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 06/25/27 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.160%, 06/26/28(A) | 250 | 244 |
| &nbsp;&nbsp;Hertz Vehicle Financing, Ser 2022-5A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 09/25/27 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.780%, 09/25/28(A) | 1370 | 1367 |
| &nbsp;&nbsp;Home RE, Ser 2023-1, Cl M2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 10/25/28 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10.356%, SOFR30A + 6.000%, 10/25/33(A)(B) | 720 | 769 |

---

**THE ADVISORS' INNER CIRCLE FUND III**

**FS MULTI-STRATEGY** 

**ALTERNATIVES FUND** 

**SEPTEMBER 30, 2025** 

**(Unaudited)** 

---

| | | |
|:---|:---|:---|
| **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** |
|  | Face Amount (000) | Fair Value (000) |
| **UNITED STATES — (continued)** | **UNITED STATES — (continued)** | **UNITED STATES — (continued)** |
| &nbsp;&nbsp;Hotwire Funding, Ser 2024-1A, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 06/20/27 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.188%, 06/20/54(A) | $140 | $147 |
| &nbsp;&nbsp;Island Finance Trust, Ser 2025-1A, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 11/17/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.950%, 03/19/35(A) | 300 | 305 |
| &nbsp;&nbsp;Island Finance Trust, Ser 2025-1A, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 11/17/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10.000%, 03/19/35(A) | 350 | 356 |
| &nbsp;&nbsp;Kapitus Asset Securitization V, Ser 2025-1A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 05/10/27 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10.920%, 04/10/32(A) | 550 | 550 |
| &nbsp;&nbsp;Mariner Finance Issuance Trust, Ser 2024-AA, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 08/20/27 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.770%, 09/22/36(A) | 570 | 585 |
| &nbsp;&nbsp;Marlette Funding Trust, Ser 2023-2A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 05/15/27 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.920%, 06/15/33(A) | 1670 | 1706 |
| &nbsp;&nbsp;MetroNet Infrastructure Issuer, Ser 2025-2A, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 08/20/28 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.830%, 08/20/55(A) | 1500 | 1522 |
| &nbsp;&nbsp;MPOWER Education Trust, Ser 2025-A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.620%, 07/21/42(A) | 2924 | 2954 |
| &nbsp;&nbsp;OnDeck Asset Securitization IV, Ser 2025-1A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 04/17/27 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.770%, 04/19/32(A) | 100 | 100 |
| &nbsp;&nbsp;OnDeck Asset Securitization Trust IV, Ser 2024-2A, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 10/17/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.030%, 10/17/31(A) | 1300 | 1303 |
| &nbsp;&nbsp;OnDeck Asset Securitization Trust IV, Ser 2024-2A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 10/17/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.490%, 10/17/31(A) | 140 | 142 |
| &nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Ser 2025-3, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 05/15/27 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.988%, 12/15/32(A) | 200 | 203 |
| &nbsp;&nbsp;PEAC Solutions Receivables, Ser 2024-2A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 07/20/27 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.650%, 10/20/31(A) | 5000 | 5031 |

---

**THE ADVISORS' INNER CIRCLE FUND III**

**FS MULTI-STRATEGY** 

**ALTERNATIVES FUND** 

**SEPTEMBER 30, 2025** 

**(Unaudited)** 

---

| | | |
|:---|:---|:---|
| **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** |
|  | Face Amount (000) | Fair Value (000) |
| **UNITED STATES — (continued)** | **UNITED STATES — (continued)** | **UNITED STATES — (continued)** |
| &nbsp;&nbsp;Progress Residential Trust, Ser 2024-SFR2, Cl F |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.650%, 04/17/41(A)(B) | $690 | $615 |
| &nbsp;&nbsp;Purchasing Power Funding, Ser 2024-A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.260%, 08/15/28(A) | 450 | 453 |
| &nbsp;&nbsp;Radnor RE, Ser 2022-1, Cl M2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 12/25/27 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12.856%, SOFR30A + 8.500%, 09/25/32(A)(B) | 6500 | 7284 |
| &nbsp;&nbsp;RCKT Mortgage Trust, Ser 2024-CES7, Cl A1A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 09/25/27 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.158%, 10/25/44(A)(C) | 3838 | 3847 |
| &nbsp;&nbsp;Reach ABS Trust, Ser 2025-1A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 07/15/29 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.750%, 08/16/32(A) | 260 | 267 |
| &nbsp;&nbsp;Reach ABS Trust, Ser 2025-2A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 06/15/29 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.310%, 08/18/32(A) | 1530 | 1552 |
| &nbsp;&nbsp;Regional Management Issuance Trust, Ser 2024-1, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 06/15/27 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.460%, 07/15/36(A) | 2500 | 2584 |
| &nbsp;&nbsp;Republic Finance Issuance Trust, Ser 2024-B, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 11/20/27 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.830%, 11/20/37(A) | 2970 | 3061 |
| &nbsp;&nbsp;SAIF Securitization Trust, Ser 2025-CES1, Cl B1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 08/25/28 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.234%, 06/25/65(A)(B) | 1000 | 1002 |
| &nbsp;&nbsp;STAR Trust, Ser 2024-SFR4, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.900%, TSFR1M + 1.750%, 10/17/41(A)(B) | 9978 | 10015 |
| &nbsp;&nbsp;Switch ABS Issuer, Ser 2024-2A, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 06/25/27 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10.033%, 06/25/54(A) | 4500 | 4646 |
| &nbsp;&nbsp;Towd Point Asset Trust, Ser 2021-SL1, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.950%, TSFR1M + 1.814%, 11/20/61(A)(B) | 3130 | 3079 |
| &nbsp;&nbsp;Uniti Fiber Abs Issuer, Ser 2025-1A, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 10/20/28 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.018%, 04/20/55(A) | 3000 | 3131 |
| &nbsp;&nbsp;Upgrade Receivables Trust, Ser 2024-1A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 02/15/28 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.900%, 02/18/31(A) | 1500 | 1534 |

---

**THE ADVISORS' INNER CIRCLE FUND III**

**FS MULTI-STRATEGY** 

**ALTERNATIVES FUND** 

**SEPTEMBER 30, 2025** 

**(Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** |
|  | Face Amount (000) | Face Amount (000) | Fair Value (000) | Fair Value (000) |
| **UNITED STATES — (continued)** | **UNITED STATES — (continued)** | **UNITED STATES — (continued)** | **UNITED STATES — (continued)** | **UNITED STATES — (continued)** |
| &nbsp;&nbsp;Upgrade Receivables Trust, Ser 2024-1A, Cl E |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 02/15/28 @ $100.000 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11.530%, 02/18/31(A) | $| 3040 | $| 3118 |
| &nbsp;&nbsp;Upstart Securitization Trust, Ser 2023-2, Cl C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 03/20/27 @ $100.000 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11.870%, 06/20/33(A) |  | 1134 |  | 1217 |
| &nbsp;&nbsp;Upstart Securitization Trust, Ser 2025-2, Cl D |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 07/20/29 @ $100.000 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.000%, 06/20/35(A) |  | 2580 |  | 2632 |
| &nbsp;&nbsp;Upstart Securitization Trust, Ser 2025-3, Cl D |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 06/20/29 @ $100.000 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.410%, 09/20/35(A) |  | 1000 |  | 996 |
| &nbsp;&nbsp;US Bank, Ser 2023-1, Cl D |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 10/25/26 @ $100.000 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;13.597%, 08/25/32(A) |  | 208 |  | 211 |
| &nbsp;&nbsp;Verdant Receivables, Ser 2024-1A, Cl D |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 09/12/28 @ $100.000 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.230%, 12/12/31(A) |  | 570 |  | 595 |
| &nbsp;&nbsp;Vista Point Securitization Trust, Ser 2024-CES2, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 09/25/27 @ $100.000 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.252%, 10/25/54(A)(C) |  | 6173 |  | 6163 |
| &nbsp;&nbsp;VStrong Auto Receivables Trust, Ser 2023-A, Cl E |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 04/15/28 @ $100.000 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.990%, 12/16/30(A) |  | 540 |  | 592 |
| &nbsp;&nbsp;Westgate Resorts, Ser 2023-1A, Cl D |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 04/20/27 @ $100.000 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10.140%, 12/20/37(A) |  | 233 |  | 239 |
| &nbsp;&nbsp;Westgate Resorts, Ser 2024-1A, Cl D |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 11/20/27 @ $100.000 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.260%, 01/20/38(A) |  | 1024 |  | 1043 |
|  |  |  |  | 188593 |
| TOTAL ASSET-BACKED SECURITIES  |  |  |  |  |
| &nbsp;&nbsp;(Cost $297,727) (000) |  |  |  | 300577 |
| **CONVERTIBLE BONDS — 8.5%** | **CONVERTIBLE BONDS — 8.5%** | **CONVERTIBLE BONDS — 8.5%** | **CONVERTIBLE BONDS — 8.5%** | **CONVERTIBLE BONDS — 8.5%** |
| CHINA — 1.3% | CHINA — 1.3% | CHINA — 1.3% |  |  |
| &nbsp;&nbsp;Alibaba Group Holding |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.500%, 06/01/31 |  | 3847 |  | 7067 |

---

**THE ADVISORS' INNER CIRCLE FUND III**

**FS MULTI-STRATEGY** 

**ALTERNATIVES FUND** 

**SEPTEMBER 30, 2025** 

**(Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
| **CONVERTIBLE BONDS — continued** | **CONVERTIBLE BONDS — continued** | **CONVERTIBLE BONDS — continued** | **CONVERTIBLE BONDS — continued** |
|  | Face Amount (000) | Face Amount (000) | Fair Value (000) |
| &nbsp;&nbsp;JD.com |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.250%, 06/01/29 | $| 6573 | $7046 |
| &nbsp;&nbsp;Trip.com Group |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.750%, 06/15/29 |  | 6798 | 8664 |
|  |  |  | 22777 |
| UNITED STATES — 7.2% | UNITED STATES — 7.2% | UNITED STATES — 7.2% |  |
| &nbsp;&nbsp;Akamai Technologies |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.250%, 05/15/33(A) |  | 6758 | 6781 |
| &nbsp;&nbsp;Alliant Energy |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.875%, 03/15/26 |  | 2478 | 2665 |
| &nbsp;&nbsp;Cable One |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 03/15/26(E) |  | 1610 | 1568 |
| &nbsp;&nbsp;CenterPoint Energy |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/01/28(A) |  | 6813 | 6918 |
| &nbsp;&nbsp;CMS Energy |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.375%, 05/01/28 |  | 6447 | 7059 |
| &nbsp;&nbsp;Coinbase Global |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 10/01/29(A)(E) |  | 4533 | 4829 |
| &nbsp;&nbsp;Dexcom |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.375%, 05/15/28 |  | 6546 | 5967 |
| &nbsp;&nbsp;Duke Energy |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.125%, 04/15/26 |  | 6845 | 7348 |
| &nbsp;&nbsp;Exact Sciences |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 03/01/30(A) |  | 1627 | 1687 |
| &nbsp;&nbsp;FirstEnergy |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.875%, 01/15/31(A) |  | 6853 | 7394 |
| &nbsp;&nbsp;Ford Motor |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 03/15/26(E) |  | 1318 | 1336 |
| &nbsp;&nbsp;GameStop |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 04/01/30(A)(E) |  | 4849 | 5501 |
| &nbsp;&nbsp;JetBlue Airways |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 09/01/29 |  | 2666 | 2753 |
| &nbsp;&nbsp;MARA Holdings |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 03/01/30(A)(E) |  | 3290 | 3287 |
| &nbsp;&nbsp;NCL |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.750%, 09/15/30(A) |  | 6840 | 6900 |
| &nbsp;&nbsp;Northern Oil & Gas |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.625%, 04/15/29 |  | 6019 | 6028 |
| &nbsp;&nbsp;PennyMac |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.500%, 06/01/29 |  | 238 | 245 |

---

**THE ADVISORS' INNER CIRCLE FUND III**

**FS MULTI-STRATEGY** 

**ALTERNATIVES FUND** 

**SEPTEMBER 30, 2025** 

**(Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CONVERTIBLE BONDS — continued** | **CONVERTIBLE BONDS — continued** | **CONVERTIBLE BONDS — continued** | **CONVERTIBLE BONDS — continued** | **CONVERTIBLE BONDS — continued** |
|  | Face Amount (000) | Face Amount (000) | Fair Value (000) | Fair Value (000) |
| &nbsp;&nbsp;PG&E |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 12/01/27 | $| 6861 | $| 6939 |
| &nbsp;&nbsp;Redwood Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.750%, 06/15/27 |  | 4116 |  | 4118 |
| &nbsp;&nbsp;Rexford Industrial Realty |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.125%, 03/15/29(A) |  | 2228 |  | 2243 |
| &nbsp;&nbsp;Rivian Automotive |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.625%, 10/15/30 |  | 2167 |  | 1991 |
| &nbsp;&nbsp;Southern |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 06/15/28(A) |  | 6809 |  | 6891 |
| &nbsp;&nbsp;Strategy |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 12/01/29(A)(E) |  | 4618 |  | 4133 |
| &nbsp;&nbsp;Super Micro Computer |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 03/01/29 |  | 3675 |  | 3745 |
| &nbsp;&nbsp;Trump Media & Technology Group |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 05/29/28(A)(E) |  | 4787 |  | 4455 |
| &nbsp;&nbsp;Wayfair |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 11/15/28 |  | 1651 |  | 3423 |
| &nbsp;&nbsp;Zscaler |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 07/15/28(A)(E) |  | 6861 |  | 6803 |
|  |  |  |  | 123007 |
| TOTAL CONVERTIBLE BONDS |  |  |  |  |
| &nbsp;&nbsp;(Cost $140,373) (000) |  |  |  | 145784 |
| **U.S. TREASURY OBLIGATIONS — 5.6%** | **U.S. TREASURY OBLIGATIONS — 5.6%** | **U.S. TREASURY OBLIGATIONS — 5.6%** | **U.S. TREASURY OBLIGATIONS — 5.6%** | **U.S. TREASURY OBLIGATIONS — 5.6%** |
| &nbsp;&nbsp;U.S. Treasury Bills |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.511%, 10/02/25(G) |  | 38000 |  | 37996 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.374%, 10/23/25(G) |  | 43000 |  | 42894 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.010%, 11/18/25(G) |  | 10000 |  | 9947 |

---

**THE ADVISORS' INNER CIRCLE FUND III**

**FS MULTI-STRATEGY** 

**ALTERNATIVES FUND** 

**SEPTEMBER 30, 2025** 

**(Unaudited)** 

---

| | | |
|:---|:---|:---|
| **U.S. TREASURY OBLIGATIONS — continued** | **U.S. TREASURY OBLIGATIONS — continued** | **U.S. TREASURY OBLIGATIONS — continued** |
|  | Face Amount (000) | Fair Value (000) |
| &nbsp;&nbsp;U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.625%, 06/15/27 | 5000 | $5079 |
| TOTAL U.S. TREASURY OBLIGATIONS  |  |  |
| &nbsp;&nbsp;(Cost $95,891) (000) |  | 95916 |
| **PURCHASED SWAPTIONS — 1.3%** | **PURCHASED SWAPTIONS — 1.3%** | **PURCHASED SWAPTIONS — 1.3%** |
|  | Notional<br> Amount (000)^ |  |
| **PURCHASED SWAPTIONS** |  |  |
| &nbsp;&nbsp;Total Purchased Swaptions(H) <br> (Cost $–) (000) | 2438500 | $22524 |
| **PREFERRED STOCK — 1.0%** | **PREFERRED STOCK — 1.0%** | **PREFERRED STOCK — 1.0%** |
|  | <br> Shares |  |
| UNITED STATES — 1.0% | UNITED STATES — 1.0% |  |
| Financials — 0.8% | Financials — 0.8% |  |
| &nbsp;&nbsp;Adamas Trust, 6.875% | 34100 | 776 |
| &nbsp;&nbsp;Apollo Global Management, 6.750% | 37500 | 2635 |
| &nbsp;&nbsp;Ares Management, 6.750% | 40042 | 1990 |
| &nbsp;&nbsp;PennyMac Mortgage Investment Trust, 9.000% | 44449 | 1133 |
| &nbsp;&nbsp;Shift4 Payments, 6.000% | 68610 | 6509 |
| &nbsp;&nbsp;TPG RE Finance Trust, 6.250% | 12403 | 220 |
| &nbsp;&nbsp;Western Alliance Bancorp, 4.250% | 19200 | 435 |
|  |  | 13698 |
| Information Technology — 0.1% | Information Technology — 0.1% |  |
| &nbsp;&nbsp;Hewlett Packard Enterprise, 7.625% | 29004 | 1969 |
| Real Estate — 0.0% | Real Estate — 0.0% |  |
| &nbsp;&nbsp;Brookfield Property Partners, 6.250% | 20460 | 323 |
| Utilities — 0.1% | Utilities — 0.1% |  |
| &nbsp;&nbsp;NextEra Energy, 7.299% | 27003 | 1347 |
| TOTAL PREFERRED STOCK  |  |  |
| &nbsp;&nbsp;(Cost $17,894) (000) |  | 17337 |

---

**THE ADVISORS' INNER CIRCLE FUND III**

**FS MULTI-STRATEGY** 

**ALTERNATIVES FUND** 

**SEPTEMBER 30, 2025** 

**(Unaudited)** 

---

| | | |
|:---|:---|:---|
| **EXCHANGE-TRADED FUND — 1.0%** | **EXCHANGE-TRADED FUND — 1.0%** | **EXCHANGE-TRADED FUND — 1.0%** |
|  | Shares | Fair Value (000) |
| UNITED STATES — 1.0% | UNITED STATES — 1.0% |  |
| &nbsp;&nbsp;iShares Bitcoin Trust ETF \* | 273741 | $17793 |
| TOTAL EXCHANGE-TRADED FUND  |  |  |
| &nbsp;&nbsp;(Cost $16,894) (000) |  | 17793 |
| **PURCHASED OPTIONS — 0.7%** | **PURCHASED OPTIONS — 0.7%** | **PURCHASED OPTIONS — 0.7%** |
|  | <br> Contracts |  |
| **PURCHASED OPTIONS** |  |  |
| &nbsp;&nbsp;Total Purchased Options(H) <br> (Cost $11,202) (000) | 3261 | $11429 |
| **SHORT-TERM INVESTMENT — 1.3%** | **SHORT-TERM INVESTMENT — 1.3%** | **SHORT-TERM INVESTMENT — 1.3%** |
|  | <br> Shares |  |
| &nbsp;&nbsp;BlackRock Cash Funds Treasury Fund - Institutional Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.060%(I) | 22123618 | 22124 |
| TOTAL SHORT-TERM INVESTMENT  |  |  |
| &nbsp;&nbsp;(Cost $22,124) (000) |  | 22124 |
| TOTAL INVESTMENTS — 218.9% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,662,643) (000) |  | $3747780 |
| **SECURITIES SOLD SHORT** | **SECURITIES SOLD SHORT** | **SECURITIES SOLD SHORT** |
| **CORPORATE OBLIGATIONS — (1.1)%** | **CORPORATE OBLIGATIONS — (1.1)%** | **CORPORATE OBLIGATIONS — (1.1)%** |
|  | Face Amount (000) | Fair Value (000) |
| UNITED STATES — (1.1)% | UNITED STATES — (1.1)% |  |
| &nbsp;&nbsp;B&G Foods |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.000%, 09/15/28 (A) | $(1670) | (1618) |
| &nbsp;&nbsp;Cable One |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/15/30 (A) | (1910) | (1619) |
| &nbsp;&nbsp;Celanese US Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.500%, 04/15/30  | (1073) | (1080) |
| &nbsp;&nbsp;CoreWeave |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.000%, 02/01/31 (A) | (1344) | (1377) |
| &nbsp;&nbsp;Full House Resorts |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.250%, 02/15/28 (A) | (1519) | (1409) |
| &nbsp;&nbsp;Hilton Grand Vacations Borrower |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/29 (A) | (1021) | (982) |
| &nbsp;&nbsp;McAfee |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.375%, 02/15/30 (A) | (1718) | (1594) |
| &nbsp;&nbsp;Miter Brands Acquisition Holdco |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.750%, 04/01/32 (A) | (1585) | (1628) |

---

**THE ADVISORS' INNER CIRCLE FUND III**

**FS MULTI-STRATEGY** 

**ALTERNATIVES FUND** 

**SEPTEMBER 30, 2025** 

**(Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
| **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | Face Amount (000) | Fair Value (000) | Fair Value (000) |
| UNITED STATES — (continued) | UNITED STATES — (continued) |  |  |
| &nbsp;&nbsp;Park-Ohio Industries |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.500%, 08/01/30 (A) | (1771) | $| (1836) |
| &nbsp;&nbsp;S&S Holdings |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.375%, 10/01/31 (A) | (1888) |  | (1851) |
| &nbsp;&nbsp;Specialty Building Products Holdings |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.750%, 10/15/29 (A) | (1631) |  | (1657) |
| &nbsp;&nbsp;Star Parent |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.000%, 10/01/30 (A) | (1030) |  | (1089) |
| &nbsp;&nbsp;Univision Communications |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.375%, 06/30/30 (A) | (1090) |  | (1095) |
|  |  |  | (18835) |
| TOTAL CORPORATE OBLIGATIONS |  |  |  |
| &nbsp;&nbsp;(Proceeds $(18560)) (000) |  |  | (18835) |
| **U.S. TREASURY OBLIGATION — (1.4)%** | **U.S. TREASURY OBLIGATION — (1.4)%** | **U.S. TREASURY OBLIGATION — (1.4)%** | **U.S. TREASURY OBLIGATION — (1.4)%** |
| &nbsp;&nbsp;U.S. Treasury Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.625%, 06/15/27 | (24000) |  | (24382) |
| Total U.S. Treasury Obligation  |  |  |  |
| &nbsp;&nbsp;(Proceeds $(24156)) (000) |  |  | (24382) |
| **COMMON STOCK — (4.3)%** | **COMMON STOCK — (4.3)%** | **COMMON STOCK — (4.3)%** | **COMMON STOCK — (4.3)%** |
|  | <br> Shares |  |  |
| CHINA — (0.8)% | CHINA — (0.8)% |  |  |
| Consumer Discretionary — (0.8)% | Consumer Discretionary — (0.8)% |  |  |
| &nbsp;&nbsp;Alibaba Group Holding ADR | (33102) |  | (5916) |
| &nbsp;&nbsp;JD.com ADR | (78360) |  | (2741) |
| &nbsp;&nbsp;Trip.com Group ADR | (77103) |  | (5798) |
|  |  |  | (14455) |
| UNITED STATES — (3.5)% | UNITED STATES — (3.5)% |  |  |
| Communication Services — (0.1)% | Communication Services — (0.1)% |  |  |
| &nbsp;&nbsp;Trump Media & Technology Group | (49996) |  | (821) |
| Consumer Discretionary — (0.6)% | Consumer Discretionary — (0.6)% |  |  |
| &nbsp;&nbsp;Ford Motor | (33495) |  | (401) |
| &nbsp;&nbsp;GameStop, Cl A | (117760) |  | (3212) |
| &nbsp;&nbsp;Norwegian Cruise Line Holdings | (127663) |  | (3144) |

---

**THE ADVISORS' INNER CIRCLE FUND III**

**FS MULTI-STRATEGY** 

**ALTERNATIVES FUND** 

**SEPTEMBER 30, 2025** 

**(Unaudited)** 

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | Shares | Fair Value (000) |
| UNITED STATES — (continued) | UNITED STATES — (continued) |  |
| &nbsp;&nbsp;Rivian Automotive, Cl A | (70426) | $(1034) |
| &nbsp;&nbsp;Wayfair, Cl A | (31803) | (2841) |
|  |  | (10632) |
| Energy — (0.1)% | Energy — (0.1)% |  |
| &nbsp;&nbsp;Northern Oil & Gas | (88002) | (2182) |
| Financials — (0.7)% | Financials — (0.7)% |  |
| &nbsp;&nbsp;Apollo Global Management | (17686) | (2357) |
| &nbsp;&nbsp;Ares Management, Cl A | (9796) | (1567) |
| &nbsp;&nbsp;Coinbase Global, Cl A | (7915) | (2671) |
| &nbsp;&nbsp;Shift4 Payments, Cl A | (62277) | (4820) |
|  |  | (11415) |
| Health Care — (0.1)% | Health Care — (0.1)% |  |
| &nbsp;&nbsp;Dexcom | (11810) | (795) |
| &nbsp;&nbsp;Exact Sciences | (12482) | (683) |
|  |  | (1478) |
| Industrials — (0.1)% | Industrials — (0.1)% |  |
| &nbsp;&nbsp;JetBlue Airways | (343479) | (1690) |
| Information Technology — (0.7)% | Information Technology — (0.7)% |  |
| &nbsp;&nbsp;Akamai Technologies | (50831) | (3851) |
| &nbsp;&nbsp;Hewlett Packard Enterprise | (67289) | (1653) |
| &nbsp;&nbsp;MARA Holdings | (86576) | (1581) |
| &nbsp;&nbsp;MicroStrategy, Cl A | (3859) | (1243) |
| &nbsp;&nbsp;Super Micro Computer | (29000) | (1390) |
| &nbsp;&nbsp;Zscaler | (7779) | (2331) |
|  |  | (12049) |
| Real Estate — 0.0% | Real Estate — 0.0% |  |
| &nbsp;&nbsp;Rexford Industrial Realty | (9069) | (373) |
| Utilities — (1.1)% | Utilities — (1.1)% |  |
| &nbsp;&nbsp;Alliant Energy | (23767) | (1602) |
| &nbsp;&nbsp;CenterPoint Energy | (50257) | (1950) |
| &nbsp;&nbsp;CMS Energy | (44376) | (3251) |
| &nbsp;&nbsp;Duke Energy | (35909) | (4444) |
| &nbsp;&nbsp;FirstEnergy | (73153) | (3352) |
| &nbsp;&nbsp;NextEra Energy | (12668) | (956) |

---

**THE ADVISORS' INNER CIRCLE FUND III**

**FS MULTI-STRATEGY** 

**ALTERNATIVES FUND** 

**SEPTEMBER 30, 2025** 

**(Unaudited)** 

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | Shares | Fair Value (000) |
| UNITED STATES — (continued) | UNITED STATES — (continued) |  |
| &nbsp;&nbsp;PG&E | (74180) | $(1119) |
| &nbsp;&nbsp;Southern | (19491) | (1847) |
|  |  | (18521) |
|  |  | (59161) |
| TOTAL COMMON STOCK  |  |  |
| &nbsp;&nbsp;(Proceeds $(69645)) (000) |  | (73616) |
| TOTAL SECURITIES SOLD SHORT — (6.8)% |  |  |
| &nbsp;&nbsp;&nbsp;(Proceeds $(112361)) (000) |  | $(116833) |
| **WRITTEN SWAPTIONS — (1.3)%** | **WRITTEN SWAPTIONS — (1.3)%** | **WRITTEN SWAPTIONS — (1.3)%** |
|  | Notional <br> Amount (000)<sup>^</sup> |  |
| &nbsp;&nbsp;Total Written Swaptions(H) <br> (Premiums Received $–) (000) | (3035500) | $(22993) |
| **WRITTEN OPTION — (0.1)%** | **WRITTEN OPTION — (0.1)%** | **WRITTEN OPTION — (0.1)%** |
|  | <br> Contracts |  |
| &nbsp;&nbsp;Total Written Options(H) <br> (Premiums Received $972) (000) | (18000) | $(945) |

---

---

| | |
|:---|:---|
| *^* | *Notional amount includes both U.S. Dollars and Euros. Refer to table below for the specific currency associated with each option.* |
| *\** | *Non-income producing security.* |
| *(A)* | *Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "accredited investors." On September 30, 2025, the value of these securities amounted $1,100,950 (000) and represented 64.3% of net assets.*  |
| *(B)* | *Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates on certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates.* |
| *(C)* | *Step Bonds - The rate reflected on the Schedule of Investments is the effective yield on September 30, 2025. The coupon on a step bond changes on a specified date.* |
| *(D)* | *No rate available.* |
| *(E)* | *Zero Coupon Security.* |
| *(F)* | *Perpetual security with no stated maturity date.* |
| *(G)* | *The rate reported on the Schedule of Investments is the effective yield at the time of purchase.* |

---

*(H)* *Refer to table below for details on Options Contracts.* 

**THE ADVISORS' INNER CIRCLE FUND III**

**FS MULTI-STRATEGY** 

**ALTERNATIVES FUND** 

**SEPTEMBER 30, 2025** 

**(Unaudited)** 

*(I)* *Rate shown is the 7-day effective yield as of September 30, 2025. The BlackRock Cash Funds Treasury Fund's financial statements are available on the SEC's website at https://www.sec.gov.* 

Open exchange-traded options contracts held by the Fund at September 30, 2025, are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| PURCHASED OPTIONS — 0.1% | PURCHASED OPTIONS — 0.1% | PURCHASED OPTIONS — 0.1% |  |  |  |
|  | Number of Contracts | Notional Amount<br> (000) | Strike Price | Expiration Date | Fair Value<br> (000) |
| CALL OPTIONS |  |  |  |  |  |
| UNITED STATES — 0.1% | UNITED STATES — 0.1% | UNITED STATES — 0.1% |  |  |  |
| &nbsp;&nbsp;&nbsp;10 Year U.S. Treasury Long Bond Future Option | 865 | $971 | $111.50 | 10/18/25 | $1041 |
| &nbsp;&nbsp;&nbsp;10 Year U.S. Treasury Long Bond Future Option | 993 | 1115 | 113.50 | 10/18/25 | 217 |
|  |  |  |  |  | 1258 |
| PUT OPTIONS |  |  |  |  |  |
| UNITED STATES — 0.0% | UNITED STATES — 0.0% | UNITED STATES — 0.0% |  |  |  |
| &nbsp;&nbsp;&nbsp;10 Year U.S. Treasury Long Bond Future Option | 865 | 971 | 111.50 | 10/18/25 | 176 |
| &nbsp;&nbsp;&nbsp;iShares Russell 2000 ETF | 128 | 3097 | 216.00 | 10/17/25 | 3 |
| &nbsp;&nbsp;&nbsp;iShares Russell 2000 ETF | 251 | 6073 | 228.00 | 11/21/25 | 69 |
| &nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust | 70 | 4663 | 615.00 | 10/17/25 | 5 |
| &nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust | 86 | 5729 | 644.00 | 11/21/25 | 58 |
|  |  |  |  |  | 311 |
| Total Purchased Options  | Total Purchased Options  | Total Purchased Options  | Total Purchased Options  | Total Purchased Options  | 1569 |

---

**THE ADVISORS' INNER CIRCLE FUND III**

**FS MULTI-STRATEGY** 

**ALTERNATIVES FUND** 

**SEPTEMBER 30, 2025** 

**(Unaudited)** 

Open OTC options contracts held by the Fund at September 30, 2025, are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **PURCHASED OPTIONS — 0.6%** | **PURCHASED OPTIONS — 0.6%** | **PURCHASED OPTIONS — 0.6%** | | | | |
|  | Counterparty | Number of Contracts | Notional Amount (000)^ | Strike Price | Expiration Date | Fair Value (000) |
| CALL OPTIONS |  |  |  |  |  |  |
| EURO — 0.0% | EURO — 0.0% | EURO — 0.0% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;EURIBOR Swap Rate Option<sup>(1)</sup> | Nomura Securities International | 1 | 1000000 | 0.25% | 07/17/28 | $167 |
| UNITED STATES — 0.6% | UNITED STATES — 0.6% | UNITED STATES — 0.6% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Convexity Dispersion Basket Option<sup>(2)</sup> | Goldman Sachs | 1 | 50000 | 14.09% | 12/19/25 | $7354 |
| &nbsp;&nbsp;&nbsp;Hybrid Binary Option<sup>(3)</sup> | Goldman Sachs | 1 | $200000 | $6307.04 | 12/19/25 | 2339 |
| Total Purchased Options  | Total Purchased Options  | Total Purchased Options  | Total Purchased Options  | Total Purchased Options  | Total Purchased Options  | $9860 |
| **WRITTEN OPTION — (0.1)%** | **WRITTEN OPTION — (0.1)%** | **WRITTEN OPTION — (0.1)%** |  |  |  |  |
|  | Counterparty | Number of Contracts | Notional Amount (000)^ | Strike Price | Expiration Date | Fair Value (000) |
| PUT OPTIONS |  |  |  |  |  |  |
| UNITED STATES — (0.1)% | UNITED STATES — (0.1)% | UNITED STATES — (0.1)% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;CBOE Volatility Index | UBS | (18000) | (29304) | 16.00 | 11/19/25 | (945) |
| Total Written Options  | Total Written Options  | Total Written Options  | Total Written Options  | Total Written Options  | Total Written Options  | $(945) |

---

^ Notional amounts for OTC options are listed in their local currency.

(1) This option contract is purchased with strike conditions that must be met at expiry to exercise: 0.25% spread on EUR 10s30s yield curve and contingent on the 30-Year swap rate below 2.5%.

**THE ADVISORS' INNER CIRCLE FUND III**

**FS MULTI-STRATEGY** 

**ALTERNATIVES FUND** 

**SEPTEMBER 30, 2025** 

**(Unaudited)** 

(2) A long volatility exposure that earns a daily coupon derived from the volatility of the underlying names in a basket of GS risk recycled single stocks.

\*\*CON121925: A long volatility exposure that earns a daily coupon derived from the volatility of the underlying names in a basket of GS risk recycled single stocks.

---

| | | | |
|:---|:---|:---|:---|
| | **Top Underlying Components** | **Notional** | **Percentage of Notional** |
| Equity | BNP Paribas SA | $428037 | 5.82% |
|  | Bayerische Motoren Werke AG | 393470 | 5.35% |
|  | Stellantis NV | 324337 | 4.41% |
|  | Tenet Healthcare Corp | 274326 | 3.73% |
|  | Datadog Inc | 261088 | 3.55% |
|  | ROBLOX Corp | 234611 | 3.19% |
|  | Dexcom Inc | 232405 | 3.16% |
|  | LVMH Moet Hennessy Louis Vuitton SE | 227257 | 3.09% |
|  | Jabil Inc | 225786 | 3.07% |
|  | JPMorgan Chase & Co | 217696 | 2.96% |
|  | Trade Desk Inc | 215489 | 2.93% |
|  | BASF SE | 213283 | 2.90% |
|  | Bank of America Corp | 205928 | 2.80% |
|  | Anglo American PLC | 197838 | 2.69% |
|  | Lonza Group AG | 194161 | 2.64% |
|  | Archer-Daniels-Midland Co | 191219 | 2.60% |
|  | Cie Financiere Richemont SA | 189013 | 2.57% |
|  | Regions Financial Corp | 183129 | 2.49% |
|  | Garmin Ltd | 179452 | 2.44% |
|  | UniCredit SpA | 177245 | 2.41% |
|  | CDW Corp | 173568 | 2.36% |
|  | GoDaddy Inc | 169891 | 2.31% |
|  | KeyCorp | 166949 | 2.27% |
|  | Petroleo Brasileiro SA - Petrobras | 165478 | 2.25% |
|  | Dynatrace Inc | 160330 | 2.18% |
|  | Newmont Corp | 159594 | 2.17% |
|  | Atlassian Corp | 156653 | 2.13% |
|  | Shopify Inc | 155917 | 2.12% |
|  | Banca Monte dei Paschi di Siena SpA | 152975 | 2.08% |
|  | Netflix Inc | 151504 | 2.06% |
|  | Airbnb Inc | 150033 | 2.04% |
|  | Alcoa Corp | 147092 | 2.00% |
|  | Doordash Inc | 141208 | 1.92% |
|  | Gitlab Inc | 130176 | 1.77% |
|  | Roku Inc | 128705 | 1.75% |
|  | Monday.com Ltd | 115467 | 1.57% |

---

(3) This option contract is purchased with two strike conditions that must be met at expiry to exercise: SPX is priced between $6,307.04 - $6,607.37 and the 2-Year SOFR rate is between 3.5% - 4.0%.

**THE ADVISORS' INNER CIRCLE FUND III**

**FS MULTI-STRATEGY** 

**ALTERNATIVES FUND** 

**SEPTEMBER 30, 2025** 

**(Unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Open OTC swaptions contracts held by the Fund at September 30, 2025, are as follows: | Open OTC swaptions contracts held by the Fund at September 30, 2025, are as follows: | Open OTC swaptions contracts held by the Fund at September 30, 2025, are as follows: | Open OTC swaptions contracts held by the Fund at September 30, 2025, are as follows: | Open OTC swaptions contracts held by the Fund at September 30, 2025, are as follows: | Open OTC swaptions contracts held by the Fund at September 30, 2025, are as follows: |
| Description | Counterparty | Notional Amount<br> (000)^ | Strike Price | Expiration Date | Value<br> (000) |
| **PURCHASED SWAPTIONS — 1.3%** | **PURCHASED SWAPTIONS — 1.3%** | **PURCHASED SWAPTIONS — 1.3%** |  |  |  |
| **Call Swaptions** | **Call Swaptions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;USD-SOFR Swaption Receiver | Nomura Securities International | 52200 | 4.48% | 09/26/2035 | $1716 |
| &nbsp;&nbsp;&nbsp;USD-SOFR Swaption Receiver | Nomura Securities International | 60000 | 4.27% | 01/16/2035 | 3113 |
|  |  | 112200 |  |  | 4829 |
| **Put Swaptions** | **Put Swaptions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;EURIBOR Swaption Payer | Nomura Securities International | 925000 | 2.17% | 09/07/2026 | 1337 |
| &nbsp;&nbsp;&nbsp;USD-SOFR Swaption Payer | Nomura Securities International | 300000 | 4.40% | 01/16/2035 | 9499 |
| &nbsp;&nbsp;&nbsp;USD-SOFR Swaption Payer | Nomura Securities International | 500000 | 2.93% | 09/08/2026 | 1265 |
| &nbsp;&nbsp;&nbsp;USD-SOFR Swaption Payer | Nomura Securities International | 20300 | 4.22% | 09/26/2030 | 1032 |
| &nbsp;&nbsp;&nbsp;USD-SOFR Swaption Payer | Nomura Securities International | 500000 | 2.93% | 09/08/2026 | 443 |
| &nbsp;&nbsp;&nbsp;USD-SOFR Swaption Straddle | Nomura Securities International | 81000 | 4.22% | 09/26/2030 | 4119 |
|  |  | 2326300 |  |  | 17695 |
| Total Purchased Swaptions |  | 2438500 |  |  | $22524 |
| **WRITTEN SWAPTIONS — (1.4)%** | **WRITTEN SWAPTIONS — (1.4)%** | **WRITTEN SWAPTIONS — (1.4)%** |  |  |  |
| **Put Swaptions** | **Put Swaptions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;EURIBOR Swaption Payer | Nomura Securities International | (925000) | 1.97% | 09/07/2026 | $(1635) |
| &nbsp;&nbsp;&nbsp;EURIBOR Swaption Payer | Nomura Securities International | (1000000) | 2.07% | 09/07/2026 | (458) |
| &nbsp;&nbsp;&nbsp;USD-SOFR Swaption Payer | Nomura Securities International | (500000) | 3.33% | 09/08/2026 | (1065) |

---

**THE ADVISORS' INNER CIRCLE FUND III**

**FS MULTI-STRATEGY** 

**ALTERNATIVES FUND** 

**SEPTEMBER 30, 2025** 

**(Unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Open OTC swaptions contracts held by the Fund at September 30, 2025, are as follows: | Open OTC swaptions contracts held by the Fund at September 30, 2025, are as follows: | Open OTC swaptions contracts held by the Fund at September 30, 2025, are as follows: | Open OTC swaptions contracts held by the Fund at September 30, 2025, are as follows: | Open OTC swaptions contracts held by the Fund at September 30, 2025, are as follows: | Open OTC swaptions contracts held by the Fund at September 30, 2025, are as follows: |
| Description | Counterparty | Notional Amount<br> (000) | Strike Price | Expiration Date | Value<br> (000) |
| **WRITTEN SWAPTIONS (continued)** | **WRITTEN SWAPTIONS (continued)** | **WRITTEN SWAPTIONS (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;USD-SOFR Swaption Payer | Nomura Securities International | (60000) | 4.27% | 01/16/2035 | (3667) |
| &nbsp;&nbsp;&nbsp;USD-SOFR Swaption Payer | Nomura Securities International | (52200) | 4.48% | 09/26/2035 | (1706) |
| &nbsp;&nbsp;&nbsp;USD-SOFR Swaption Payer | Nomura Securities International | (350000) | 6.40% | 01/16/2035 | (9223) |
| &nbsp;&nbsp;&nbsp;USD-SOFR Swaption Straddle | Nomura Securities International | (128000) | 4.48% | 09/26/2035 | (4183) |
|  |  | (3015200) |  |  | $(21937) |
| **Call Swaptions** | **Call Swaptions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;USD-SOFR Swaption Receiver | Nomura Securities International | (20300) | 4.22% | 09/26/2030 | $(1056) |
| Total Written Swaptions |  | (3035500) |  |  | $(22993) |

---

^ Notional amounts for OTC swaptions are listed in their local currency.

**THE ADVISORS' INNER CIRCLE FUND III**

**FS MULTI-STRATEGY** 

**ALTERNATIVES FUND** 

**SEPTEMBER 30, 2025** 

**(Unaudited)** 

Open futures contracts held by the Fund at September 30, 2025, are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Type of Contract | Number of<br> Contracts | Expiration<br> Date | Notional Amount (000) | Value (000) | Unrealized Appreciation/ (Depreciation) (000) |
| Long Contracts |  |  |  |  |  |
| &nbsp;&nbsp;S&P 500 Annual Dividend Index | 2876 | Dec-2027 | $49949 | $56981 | $7032 |
| &nbsp;&nbsp;U.S. 5-Year Treasury Note | 195 | Dec-2025 | 21268 | 21293 | 25 |
|  |  |  | 71217 | 78274 | 7057 |
| Short Contracts |  |  |  |  |  |
| &nbsp;&nbsp;3 Month SOFR | (927) | Jun-2026 | $(224424) | $(223651) | $773 |
| &nbsp;&nbsp;3 Month SOFR | (927) | Jun-2027 | (224199) | (224601) | (402) |
| &nbsp;&nbsp;3 Month SOFR | (927) | Sep-2026 | (224510) | (224137) | 373 |
| &nbsp;&nbsp;3 Month SOFR | (927) | Sep-2027 | (224670) | (224566) | 104 |
| &nbsp;&nbsp;3 Month SOFR | (927) | Dec-2025 | (223928) | (222381) | 1546 |
| &nbsp;&nbsp;3 Month SOFR | (927) | Dec-2026 | (224043) | (224450) | (407) |
| &nbsp;&nbsp;3 Month SOFR | (927) | Mar-2026 | (224246) | (223210) | 1036 |
| &nbsp;&nbsp;3 Month SOFR | (927) | Mar-2027 | (224584) | (224577) | 7 |
| &nbsp;&nbsp;EURO STOXX<sup>®</sup> Quality Dividend 50 Index | (3000) | Dec-2026 | (54590) | (56214) | (1241) |
| &nbsp;&nbsp;U.S. 2-Year Treasury Note | (5158) | Dec-2025 | (1074274) | (1074919) | (645) |
| &nbsp;&nbsp;U.S. 10-Year Treasury Note | (6481) | Dec-2025 | (727143) | (729112) | (1969) |
| &nbsp;&nbsp;U.S. Ultra Long Treasury Bond | (47) | Dec-2025 | (5485) | (5643) | (158) |
|  |  |  | (3656096) | (3657461) | (983) |
|  |  |  | $(3584879) | $(3579187) | $6074 |

---

^ The foreign exchange rates for the contract notional amounts are based on prevailing exchange rates on the date the respective contracts were opened. Notional amount is listed in Euro.

Open forward foreign currency contracts held by the Fund at September 30, 2025, are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement Date | Currency to Deliver (000) | Currency to Deliver (000) | Currency to Receive (000) | Currency to Receive (000) | Unrealized Appreciation (000) |
| JPMorgan Chase Bank | 10/17/25 | EUR | 4521 | USD | 5326 | $12 |
| JPMorgan Chase Bank | 10/17/25 | GBP | 6428 | USD | 8736 | 90 |
|  |  |  |  |  |  | $102 |

---

**THE ADVISORS' INNER CIRCLE FUND III**

**FS MULTI-STRATEGY** 

**ALTERNATIVES FUND** 

**SEPTEMBER 30, 2025** 

**(Unaudited)** 

Open centrally cleared swap contracts held by the Fund at September 30, 2025, are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** |
| Fund Pays | Fund Receives | Payment Frequency | Termination Date | Currency | Notional Amount<br> (000) | Value<br> (000) | Upfront Payments/ Receipts | Net Unrealized<br> Appreciation<br> (Depreciation)<br> (000) |
| 3.8795% | SOFR INDEX | Monthly | 09/17/2026 | USD | 17000 | $(45) | $– | $(45) |
| 4.091% | SOFR INDEX | Annually | 07/30/2040 | USD | 140 | (3) |  | (3) |
| 3.979% | SOFR INDEX | Annually | 07/30/2037 | USD | 580 | (12) |  | (12) |
| 3.882% | SOFR INDEX | Annually | 07/30/2035 | USD | 180 | (3) |  | (3) |
| 3.715% | SOFR INDEX | Annually | 07/30/2032 | USD | 1228 | (17) |  | (17) |
| 3.657% | SOFR INDEX | Annually | 07/30/2031 | USD | 715 | (8) |  | (8) |
| 3.657% | SOFR INDEX | Annually | 07/30/2031 | USD | 506 | (6) |  | (6) |
| 4.173% | SOFR INDEX | Annually | 07/30/2045 | USD | 260 | (8) |  | (8) |
| 3.605% | SOFR INDEX | Annually | 07/30/2030 | USD | 18302 | (164) |  | (164) |
| 3.572% | SOFR INDEX | Annually | 07/30/2029 | USD | 13834 | (94) | 1 | (95) |
| 3.572% | SOFR INDEX | Annually | 07/30/2029 | USD | 18956 | (129) |  | (129) |
| 3.576% | SOFR INDEX | Annually | 07/30/2028 | USD | 16361 | (79) |  | (79) |
| 3.576% | SOFR INDEX | Annually | 07/30/2028 | USD | 4058 | (20) |  | (20) |
| 3.671% | SOFR INDEX | Annually | 07/30/2027 | USD | 19287 | (64) | (1) | (63) |
| 3.671% | SOFR INDEX | Annually | 07/30/2027 | USD | 17142 | (57) | (1) | (56) |
| 3.34071% | SOFR INDEX | Annually | 02/28/2030 | USD | 21000 | (16) |  | (16) |
| 4.168% | SOFR INDEX | Annually | 07/30/2050 | USD | 440 | (14) | – | (14) |
|  |  |  |  |  |  | $(739) | $(1 | $(738) |

---

Open OTC swap contracts held by the Fund at September 30, 2025, are as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Credit Default Swaps | Credit Default Swaps | Credit Default Swaps | Credit Default Swaps | Credit Default Swaps | Credit Default Swaps | Credit Default Swaps | Credit Default Swaps | Credit Default Swaps | Credit Default Swaps |
| Counterparty | Reference Entity/ Obligation | Buy/Sell Protection | (Pays)/Receives Rate | Payment Frequency | Termination Date | Notional Amount<br> (000) | Value<br> (000) | Upfront Payments/ Receipts | Net Unrealized<br> Appreciation<br> (Depreciation)<br> (000) |
| JPMorgan Chase | CDX.NA.HY.43 (4Y) | Buy | 5.00% | Quarterly | 12/20/2029 | $1500 | $(234) | $(104) | $(130) |
| JPMorgan Chase | CDX.NA.HY.43 (4Y) | Buy | 5.00% | Quarterly | 12/20/2029 | 20700 | (3222) | (2011) | (1211) |
| JPMorgan Chase | CDX.NA.HY.43 (4Y) | Buy | 5.00% | Quarterly | 12/20/2029 | 1500 | (128) | (213) | 85 |
| JPMorgan Chase | CDX.NA.HY.43 (4Y) | Buy | 5.00% | Quarterly | 12/20/2029 | 9750 | (1758) | (1690 | (68) |
|  |  |  |  |  |  |  | $(5342) | $(4018 | $(1324) |

---

**THE ADVISORS' INNER CIRCLE FUND III**

**FS MULTI-STRATEGY** 

**ALTERNATIVES FUND** 

**SEPTEMBER 30, 2025** 

**(Unaudited)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Total Return Swaps | Total Return Swaps | Total Return Swaps | Total Return Swaps | Total Return Swaps | Total Return Swaps | Total Return Swaps | Total Return Swaps | Total Return Swaps | Total Return Swaps | Total Return Swaps |
| Counterparty | Reference Entity/ Obligation | Fund<br> Pays | Fund<br> Receives | Payment<br> Frequency | Termination Date | Currency | Notional<br> Amount (000)<sup>^</sup> | Fair Value (000) | Upfront Payments/<br> Receipts | Net Unrealized<br> Appreciation<br> (Depreciation) (000) |
| Bank of America | \*\*BABXRPFV INDEX | 0.00% | TOTAL RETURN | Monthly | 01/21/26 | USD | 54901 | $(55) | $– | $(55) |
| Bank of America | \*\*BAFXCAVE INDEX | 0.00% | TOTAL RETURN | Monthly | 09/22/26 | USD | 99239 |  |  |  |
| Bank of America | \*\*MLFSLGLB INDEX | SOFR +0.40% | TOTAL RETURN | Quarterly | 08/21/26 | USD | 49831 | 1086 |  | 1086 |
| Bank of America | \*\*MLFSSGLB INDEX | TOTAL RETURN | SOFR +0.20% | Quarterly | 08/21/26 | USD | 48923 | (494) |  | (494) |
| BNP Paribas | \*\*BPFXMRGU INDEX | 0.10% | TOTAL RETURN | Quarterly | 09/18/26 | USD | 39873 | (124) |  | (124) |
| Deutsche Bank | \*\*DBGNLASU INDEX | 0.00% | TOTAL RETURN | Quarterly | 01/26/26 | USD | 45557 | 1554 |  | 1554 |
| Goldman Sachs | \*\*GSCBAHPA INDEX | CNH-HIBOR +0.40% | TOTAL RETURN | Monthly | 08/21/26 | CNH | 254225 | (580) |  | (580) |
| Goldman Sachs | \*\*GSCBAHPH INDEX | TOTAL RETURN | HKD-HIBOR -0.50% | Monthly | 08/21/26 | HKD | 270114 | (789) |  | (789) |
| Goldman Sachs | \*\*GSCBEJFB INDEX | SOFR +0.42% | TOTAL RETURN | Monthly | 10/31/25 | USD | 148898 | (63) |  | (63) |
| Goldman Sachs | \*\*GSFS100D INDEX | SOFR +0.25% | TOTAL RETURN | Monthly | 05/28/26 | USD | 28189 | 620 |  | 620 |
| Goldman Sachs | \*\*GSVIU17I INDEX | -0.20% | TOTAL RETURN | Quarterly | 10/06/26 | USD | 34988 | 12 |  | 12 |
| Goldman Sachs | \*\*GSXAF22F INDEX | -0.20% | TOTAL RETURN | Quarterly | 09/24/26 | USD | 34861 | 327 |  | 327 |
| Goldman Sachs | \*\*GSXUAMER INDEX | TOTAL RETURN | SOFR -0.10% | Quarterly | 05/31/26 | USD | 28610 | 605 |  | 605 |
| Goldman Sachs | \*\*GSXUINTL INDEX | SOFR +0.25% | TOTAL RETURN | Quarterly | 05/31/26 | USD | 28821 | (322) |  | (322) |
| Goldman Sachs | SPSIRBKT INDEX | TOTAL RETURN | -0.20% | Monthly | 10/31/25 | USD | 135162 |  |  |  |
| Goldman Sachs | X7 INDEX | TOTAL RETURN | SOFR -0.10% | Quarterly | 05/31/26 | USD | 28393 | (435) |  | (435) |
| JPMorgan Chase | IBOXHY INDEX | TOTAL RETURN | SOFR | Quarterly | 12/20/25 | USD | 16550 | (601) | 73 | (674) |
| JPMorgan Chase | IBOXHY INDEX | TOTAL RETURN | SOFR | Quarterly | 03/20/26 | USD | 21656 | 3 | 225 | (222) |
| Macquarie Bank Limited | \*\*MQIS311 INDEX | 0.25% | TOTAL RETURN | Monthly | 03/26/26 | USD | 119847 | (5) |  | (5) |
| Morgan Stanley | \*\*MSQSPB12 INDEX | 0.00% | TOTAL RETURN | Quarterly | 11/12/26 | USD | 87603 | (577) |  | (577) |
| Nomura Securities International | \*\*NMIVRU3 INDEX | 0.00% | TOTAL RETURN | Quarterly | 09/29/26 | USD | 500 | 245 |  | 245 |
| Nomura Securities International | \*\*NMSY2RNU INDEX | 0.15% | TOTAL RETURN | Quarterly | 07/31/26 | USD | 74878 | 422 |  | 422 |
| Societe Generale | \*\*SGMDSBVH INDEX | 0.20% | TOTAL RETURN | Quarterly | 04/02/26 | USD | 74343 | (93) |  | (93) |
| UBS | \*\*UBCSGGV3 INDEX | 0.20% | TOTAL RETURN | Quarterly | 05/19/26 | USD | 53833 | 1575 | – | 1575 |
|  |  |  |  |  |  |  | 1779795 | $2311 | $298 | $2013 |

---

^ Notional amounts for OTC swaps are listed in their local currency.

**THE ADVISORS' INNER CIRCLE FUND III**

**FS MULTI-STRATEGY** 

**ALTERNATIVES FUND** 

**SEPTEMBER 30, 2025** 

**(Unaudited)** 

\*\* The following tables represent the individual underlying components comprising the Index Basket Swaps at September 30, 2025.

---

| | | | |
|:---|:---|:---|:---|
| \*\*BABXRPFV Index: A commodity volatility multi-factor basket of four commodity strategies with equally weighted risk contributions targeting three factors: Vol Carry, Vol Hedging, and Relative Value Vol | \*\*BABXRPFV Index: A commodity volatility multi-factor basket of four commodity strategies with equally weighted risk contributions targeting three factors: Vol Carry, Vol Hedging, and Relative Value Vol | \*\*BABXRPFV Index: A commodity volatility multi-factor basket of four commodity strategies with equally weighted risk contributions targeting three factors: Vol Carry, Vol Hedging, and Relative Value Vol | \*\*BABXRPFV Index: A commodity volatility multi-factor basket of four commodity strategies with equally weighted risk contributions targeting three factors: Vol Carry, Vol Hedging, and Relative Value Vol |
|  | **Top Underlying Components** | **Notional** | **Percentage of Notional** |
| Future | LME Copper Futures November 25 | $4562558 | 8.32% |
|  | Gold 100 oz Futures December 25  | (3517005) | -6.41% |
|  | LME Copper Futures December 25  | 3174517 | 5.79% |
|  | LME Zinc Futures November 25  | 2761989 | 5.04% |
|  | WTI Crude Futures November 25  | 2335100 | 4.26% |
|  | WTI Crude Futures December 25  | 1739482 | 3.17% |
|  | LME Copper Futures January 26  | 1634636 | 2.98% |
|  | Brent Crude Futures December 25  | (1446232) | -2.64% |
|  | LME Zinc Future December 25  | 1107030 | 2.02% |
|  | Brent Crude Futures January 26  | (774292) | -1.41% |
|  | Corn Futures December 25  | (617235) | -1.13% |
|  | Brent Crude Futures February 26  | (596694) | -1.09% |
|  | WTI Crude Futures January 26  | (296607) | -0.54% |
|  | Natural Gas Futures December 25  | (212779) | -0.39% |
|  | WTI Crude Futures February 26  | 191124 | 0.35% |
|  | Corn Futures March 26  | (165359) | -0.30% |
|  | LME Nickel Futures November 25  | 90506 | 0.17% |
|  | LME Nickel Futures December 25  | (85174) | -0.16% |
|  | Brent Crude Futures March 26  | (72192) | -0.13% |
|  | Natural Gas Futures January 26  | (71106) | -0.13% |
| Option | Put Option on Crude Oil Futures (IPE) February 26 | (1322700) | -2.41% |
|  | Call Option on Crude Oil Futures (IPE) February 26  | (1017820) | -1.86% |
|  | Put Option on Crude Oil Futures (IPE) January 26  | (1015845) | -1.85% |
|  | Put Option on Crude Oil Futures January 26  | 882299 | 1.61% |
|  | Put Option on Crude Oil Futures (IPE) December 25  | (820779) | -1.50% |
|  | Call Option on Crude Oil Futures January 26  | 805871 | 1.47% |
|  | Put Option on Crude Oil Futures December 25  | 784789 | 1.43% |
|  | Call Option on Crude Oil Futures (IPE) January 26  | (774350) | -1.41% |
|  | Put Option on Crude Oil Futures February 26  | 655791 | 1.20% |
|  | Call Option on Crude Oil Futures (IPE) December 25  | (569933) | -1.04% |
|  | Put Option on Crude Oil Futures November 25  | 555999 | 1.01% |
|  | Call Option on Crude Oil Futures February 26  | 518626 | 0.95% |
|  | Put Option on Crude Oil Futures (IPE) March 26  | (481317) | -0.88% |
|  | Call Option on Crude Oil Futures December 25  | 451495 | 0.82% |
|  | Call Option on Copper Futures (LME) November 25  | (427209) | -0.78% |
|  | Call Option on Copper Futures (LME) December 25  | (395989) | -0.72% |
|  | Call Option on Crude Oil Futures (IPE) March 26  | (376930) | -0.69% |
|  | Call Option on Gold Futures (CMX) December 25  | 363860 | 0.66% |
|  | Call Option on Copper Futures (LME) January 26  | (351310) | -0.64% |
|  | Put Option on Corn Futures December 25  | (348615) | -0.64% |
|  | Put Option on Corn Futures March 26  | (296899) | -0.54% |
|  | Call Option on Zinc Futures (LME) November 25  | (289017) | -0.53% |
|  | Call Option on Corn Futures December 25  | (273446) | -0.50% |
|  | Call Option on Crude Oil Futures November 25  | 259657 | 0.47% |
|  | Call Option on Corn Futures March 26  | (241791) | -0.44% |
|  | Call Option on Zinc Futures (LME) December 25  | (216530) | -0.39% |
|  | Put Option on Copper Futures (LME) Option January 26  | (179820) | -0.33% |
|  | Put Option on Zinc Futures (LME) December 25  | (105059) | -0.19% |
|  | Put Option on Copper Futures (LME) December 25  | (80195) | -0.15% |

---

**THE ADVISORS' INNER CIRCLE FUND III**

**FS MULTI-STRATEGY** 

**ALTERNATIVES FUND** 

**SEPTEMBER 30, 2025** 

**(Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Top Underlying Components** | **Notional** | **Percentage of Notional** |
|  | Put Option on Nickle (LME) Futures December 25  | $(70954) | -0.13% |
| \*\*BAFXCAVE Index: An FX multi-factor basket of 4 equally weighted FX strategies: Cross-Sectional Carry EM, Defensive Carry, PPP Value G10 and PPP Value EM. | \*\*BAFXCAVE Index: An FX multi-factor basket of 4 equally weighted FX strategies: Cross-Sectional Carry EM, Defensive Carry, PPP Value G10 and PPP Value EM. | \*\*BAFXCAVE Index: An FX multi-factor basket of 4 equally weighted FX strategies: Cross-Sectional Carry EM, Defensive Carry, PPP Value G10 and PPP Value EM. | \*\*BAFXCAVE Index: An FX multi-factor basket of 4 equally weighted FX strategies: Cross-Sectional Carry EM, Defensive Carry, PPP Value G10 and PPP Value EM. |
|  | **Top Underlying Components** | **Notional** | **Percentage of Notional** |
| FX Contract | Singapore Dollar 2 Month | $(23417795) | -23.60% |
|  | INR Non-Deliverable Forward Points 2 Month  | 22485073 | 22.66% |
|  | Swiss Franc 2 Month  | (21571026) | -21.74% |
|  | PHP Onshore Points 2 Month  | 18645491 | 18.79% |
|  | Australian Dollar 2 Month  | (17158199) | -17.29% |
|  | Japanese Yen 2 Month  | 17002445 | 17.13% |
|  | New Romanian Leu 2 Month  | 16708205 | 16.84% |
|  | BRL Fwd Points 2 Month  | 13678677 | 13.78% |
|  | IDR Non-Deliverable Forward Points 2 Month  | 10428865 | 10.51% |
|  | KRW Onshore Points 2 Month  | (9542391) | -9.62% |
|  | Czech Koruna 2 Month  | (8017150) | -8.08% |
|  | CNH Fwd Points 2 Month  | (7327007) | -7.38% |
|  | Canadian Dollar 2 Month  | 7218743 | 7.27% |
|  | Euro 2 Month  | 6540791 | 6.59% |
|  | Norwegian Krone 2 Month  | (6054605) | -6.10% |
|  | Swedish Krona 2 Month  | (5108888) | -5.15% |
|  | COP Ndf Points 2 Month  | 3141584 | 3.17% |
|  | New Zealand Dollar 2 Month  | (3108432) | -3.13% |
|  | PEN Fwd Points 2 Month  | 2904089 | 2.93% |
|  | Israeli Shekel 2 Month  | (2839152) | -2.86% |
|  | British Pound 2 Month  | (2546789) | -2.57% |
|  | Mexican Peso 2 Month  | (2432197) | -2.45% |
|  | Taiwan Dollar 2 Month  | (2410319) | -2.43% |
|  | Hungarian Forint 2 Month  | 2326311 | 2.34% |
|  | Polish Zloty 2 Month  | (2168152) | -2.18% |
|  | CLP Ndf Points 2 Month  | (1593252) | -1.61% |
|  | Thai Baht 2 Month  | 296903 | 0.30% |
|  | S. African Rand 2 Month  | 46297 | 0.05% |
| \*\*MLFSLGLB Index: A basket of stocks seeking long exposure to artificial intelligence across a universe of AI Adopters, AI Robotics, and AI Healthcare. | \*\*MLFSLGLB Index: A basket of stocks seeking long exposure to artificial intelligence across a universe of AI Adopters, AI Robotics, and AI Healthcare. | \*\*MLFSLGLB Index: A basket of stocks seeking long exposure to artificial intelligence across a universe of AI Adopters, AI Robotics, and AI Healthcare. | \*\*MLFSLGLB Index: A basket of stocks seeking long exposure to artificial intelligence across a universe of AI Adopters, AI Robotics, and AI Healthcare. |
|  | **Top Underlying Components** | **Notional** | **Percentage of Notional** |
| Equity | Schrodinger Inc | $925853 | 1.81% |
|  | IQVIA Holdings Inc  | 915783 | 1.79% |
|  | Becton Dickinson & Co  | 869004 | 1.70% |
|  | McKesson Corp  | 662850 | 1.30% |
|  | Schneider Electric SE  | 648461 | 1.27% |
|  | RadNet Inc  | 637628 | 1.25% |
|  | DigitalOcean Holdings Inc  | 632764 | 1.24% |
|  | Quest Diagnostics Inc  | 630010 | 1.23% |
|  | HCA Healthcare Inc  | 619995 | 1.21% |
|  | Cloudflare Inc  | 619657 | 1.21% |
|  | Johnson & Johnson  | 618605 | 1.21% |
|  | Pfizer Inc  | 610033 | 1.19% |
|  | Adobe Inc  | 600720 | 1.18% |
|  | Spotify Technology S.A.  | 595854 | 1.17% |
|  | Axon Enterprise Inc  | 587615 | 1.15% |
|  | Snowflake Inc  | 583522 | 1.14% |
|  | Option Care Health Inc  | 569588 | 1.11% |

---

**THE ADVISORS' INNER CIRCLE FUND III**

**FS MULTI-STRATEGY** 

**ALTERNATIVES FUND** 

**SEPTEMBER 30, 2025** 

**(Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Top Underlying Components** | **Notional** | **Percentage of Notional** |
|  | GoDaddy Inc  | $566152 | 1.11% |
|  | Bristol-Myers Squibb Co  | 563554 | 1.10% |
|  | Omnicell Inc  | 550647 | 1.08% |
|  | Trade Desk Inc  | 540903 | 1.06% |
|  | Nebius Group NV  | 507562 | 0.99% |
|  | Humana Inc  | 495184 | 0.97% |
|  | Fortrea Holdings Inc  | 467501 | 0.91% |
|  | CoreWeave Inc  | 451796 | 0.88% |
|  | Intel Corp  | 414845 | 0.81% |
|  | Alibaba Group Holding Ltd  | 388442 | 0.76% |
|  | Ginkgo Bioworks Holdings Inc  | 381900 | 0.75% |
|  | Applied Materials Inc  | 375416 | 0.73% |
|  | Wix.com Ltd  | 364389 | 0.71% |
|  | InterDigital Inc  | 359364 | 0.70% |
|  | Crowdstrike Holdings Inc  | 352407 | 0.69% |
|  | BE Semiconductor Industries NV  | 346850 | 0.68% |
|  | Prosus NV  | 345593 | 0.68% |
|  | Certara Inc  | 345364 | 0.68% |
|  | Dell Technologies  | 338989 | 0.66% |
|  | Halliburton Co  | 338143 | 0.66% |
|  | Duolingo Inc  | 337820 | 0.66% |
|  | Teradyne Inc  | 329713 | 0.65% |
|  | Zscaler Inc  | 328895 | 0.64% |
|  | Wolters Kluwer NV  | 327109 | 0.64% |
|  | Fortinet Inc  | 325920 | 0.64% |
|  | Nutanix Inc  | 324970 | 0.64% |
|  | Sempra Energy  | 324884 | 0.64% |
|  | Baker Hughes Co  | 321264 | 0.63% |
|  | Kingsoft Cloud Holdings Ltd  | 320884 | 0.63% |
|  | Lockheed Martin Corp  | 319616 | 0.63% |
|  | Interactive Brokers Group Inc  | 319475 | 0.63% |
|  | EssilorLuxottica SA  | 319395 | 0.63% |
|  | Citigroup Inc  | 316967 | 0.62% |
| \*\*MLFSSGLB Index: A basket of stocks meant as a market hedge to exposure of the AI Factor. | \*\*MLFSSGLB Index: A basket of stocks meant as a market hedge to exposure of the AI Factor. | \*\*MLFSSGLB Index: A basket of stocks meant as a market hedge to exposure of the AI Factor. | \*\*MLFSSGLB Index: A basket of stocks meant as a market hedge to exposure of the AI Factor. |
|  | **Top Underlying Components** | **Notional** | **Percentage of Notional** |
| Equity | Automatic Data Processing Inc | $(1541338) | 3.10% |
|  | BILL Holdings Inc  | (1399946) | 2.82% |
|  | Cognizant Technology Solutions Corp  | (1385281) | 2.79% |
|  | Paychex Inc  | (1378487) | 2.78% |
|  | Omnicom Group Inc  | (1329532) | 2.68% |
|  | VeriSign Inc  | (1261763) | 2.54% |
|  | Dropbox Inc  | (1247930) | 2.51% |
|  | H&R Block Inc  | (1118668) | 2.25% |
|  | WNS Holdings Ltd  | (1116583) | 2.25% |
|  | Infosys Ltd  | (1107420) | 2.23% |
|  | Paycom Software Inc  | (1004519) | 2.02% |
|  | Workiva Inc  | (984084) | 1.98% |
|  | Robert Half International Inc  | (949898) | 1.91% |
|  | Amdocs Ltd  | (855766) | 1.72% |
|  | AppLovin Corp  | (846747) | 1.71% |
|  | ManpowerGroup Inc  | (816895) | 1.65% |
|  | Globe Life Inc  | (694891) | 1.40% |
|  | Appian Corp  | (694481) | 1.40% |

---

**THE ADVISORS' INNER CIRCLE FUND III**

**FS MULTI-STRATEGY** 

**ALTERNATIVES FUND** 

**SEPTEMBER 30, 2025** 

**(Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Top Underlying Components** | **Notional** | **Percentage of Notional** |
|  | Qualys Inc  | $(605647) | 1.22% |
|  | Tesla Inc  | (595831) | 1.20% |
|  | Warner Bros Discovery Inc  | (580715) | 1.17% |
|  | Tenable Holdings Inc  | (568343) | 1.14% |
|  | Five9 Inc  | (558762) | 1.13% |
|  | Palantir Technologies Inc  | (525380) | 1.06% |
|  | Electronic Arts Inc  | (513842) | 1.04% |
|  | Alphabet Inc  | (505195) | 1.02% |
|  | Alphabet Inc  | (504940) | 1.02% |
|  | Apple Inc  | (478108) | 0.96% |
|  | Doordash Inc  | (470806) | 0.95% |
|  | IDEXX Laboratories Inc  | (462353) | 0.93% |
|  | Take-Two Interactive Software Inc  | (457319) | 0.92% |
|  | PDD Holdings Inc  | (441407) | 0.89% |
|  | Monster Beverage Corp  | (439057) | 0.88% |
|  | RingCentral Inc  | (438868) | 0.88% |
|  | Ross Stores Inc  | (432930) | 0.87% |
|  | O'Reilly Automotive Inc  | (422784) | 0.85% |
|  | Concentrix Corp  | (422212) | 0.85% |
|  | Analog Devices Inc  | (413285) | 0.83% |
|  | Biogen Inc  | (410973) | 0.83% |
|  | NXP Semiconductors NV  | (410896) | 0.83% |
|  | Netflix Inc  | (410368) | 0.83% |
|  | Microsoft Corp  | (405222) | 0.82% |
|  | AstraZeneca PLC  | (400275) | 0.81% |
|  | Exelon Corp  | (397917) | 0.80% |
|  | Fastenal Co  | (397097) | 0.80% |
|  | CSX Corp  | (391720) | 0.79% |
|  | Linde Plc  | (390201) | 0.79% |
|  | Diamondback Energy Inc  | (389045) | 0.78% |
|  | Datadog Inc  | (388535) | 0.78% |
|  | MercadoLibre Inc  | (388519) | 0.78% |
| \*\*BPFXMRGU Index: This strategy aims to benefit from the tendency of FX rates of several G10 currency pairs to revert to their mean on the short-term by systematically taking long and short exposures in a basket of eight currency pairs. | \*\*BPFXMRGU Index: This strategy aims to benefit from the tendency of FX rates of several G10 currency pairs to revert to their mean on the short-term by systematically taking long and short exposures in a basket of eight currency pairs. | \*\*BPFXMRGU Index: This strategy aims to benefit from the tendency of FX rates of several G10 currency pairs to revert to their mean on the short-term by systematically taking long and short exposures in a basket of eight currency pairs. | \*\*BPFXMRGU Index: This strategy aims to benefit from the tendency of FX rates of several G10 currency pairs to revert to their mean on the short-term by systematically taking long and short exposures in a basket of eight currency pairs. |
|  | **Top Underlying Components** | **Notional** | **Percentage of Notional** |
| Currency | United States Dollar | $51479713 | 129.51% |
| FX Contract | NZD USD 1 Month Forward | 15843851 | 39.86% |
|  | AUD USD 1 Month Forward  | (14915420) | -37.52% |
|  | CHF USD 1 Month Forward  | (11574623) | -29.12% |
|  | NOK USD 1 Month Forward  | (8029309) | -20.20% |
|  | CAD USD 1 Month Forward  | 6946098 | 17.47% |
| \*\*DBGNLASU Index: A dynamic multi-factor, multi-style portfolio that is updated monthly to optimize the best 1 month forward return by using machine learning to select from over 100 factors in a beta, sector, and region neutral format. | \*\*DBGNLASU Index: A dynamic multi-factor, multi-style portfolio that is updated monthly to optimize the best 1 month forward return by using machine learning to select from over 100 factors in a beta, sector, and region neutral format. | \*\*DBGNLASU Index: A dynamic multi-factor, multi-style portfolio that is updated monthly to optimize the best 1 month forward return by using machine learning to select from over 100 factors in a beta, sector, and region neutral format. | \*\*DBGNLASU Index: A dynamic multi-factor, multi-style portfolio that is updated monthly to optimize the best 1 month forward return by using machine learning to select from over 100 factors in a beta, sector, and region neutral format. |
|  | **Top Underlying Components** | **Notional** | **Percentage of Notional** |
| FX Contract | United States Dollar | $53394465 | 113.34% |
| Currency | US Dollar Spot | (9048204) | -19.21% |
| Index | JPY Overnight Rate (Mid) Index | (4637725) | -9.84% |
|  | Deutsche Bank SONIA Total Return Index  | (2754363) | -5.85% |
|  | Deutsche Bank Canadian Dollar ON Index  | (2211343) | -4.69% |
|  | Deutsche Bank Swiss Overnight Money Market Index  | 1084857 | 2.30% |
|  | DB Euro Overnight Rate Index  | (1033163) | -2.19% |
|  | Deutsche Bank SEK Overnight Cash Index  | 988697 | 2.10% |

---

**THE ADVISORS' INNER CIRCLE FUND III**

**FS MULTI-STRATEGY** 

**ALTERNATIVES FUND** 

**SEPTEMBER 30, 2025** 

**(Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Top Underlying Components** | **Notional** | **Percentage of Notional** |
|  | Deutsche Bank Australia Overnight Money Market TR Index  | $(742575) | -1.58% |
| Equity | Carvana Co | (509527) | -1.08% |
|  | Bristol-Myers Squibb Co  | 407053 | 0.86% |
|  | Seven & i Holdings Co Ltd  | 394710 | 0.84% |
|  | Fox Corp  | 383290 | 0.81% |
|  | Ryanair Holdings PLC  | 378530 | 0.80% |
|  | Subaru Corp  | 363098 | 0.77% |
|  | MicroStrategy Inc  | (360129) | -0.76% |
|  | Imperial Brands PLC  | 358563 | 0.76% |
|  | Bombardier Inc  | (357923) | -0.76% |
|  | Robinhood Markets Inc  | (355841) | -0.76% |
|  | Amgen Inc  | 355813 | 0.76% |
|  | Sanofi SA  | 355553 | 0.75% |
|  | Affirm Holdings Inc  | (354871) | -0.75% |
|  | Galaxy Entertainment Group Ltd  | 354292 | 0.75% |
|  | Vodafone Group PLC  | 354157 | 0.75% |
|  | Gilead Sciences Inc  | 353202 | 0.75% |
|  | AP Moller - Maersk A/S  | 347325 | 0.74% |
|  | EQT AB  | (346645) | -0.74% |
|  | Kinross Gold Corp  | 343616 | 0.73% |
|  | Booking Holdings Inc  | 340020 | 0.72% |
|  | Lundin Gold Inc  | 334267 | 0.71% |
|  | Kraft Heinz Co  | 333986 | 0.71% |
|  | UnitedHealth Group Inc  | 329795 | 0.70% |
|  | Entegris Inc  | (326320) | -0.69% |
|  | Humana Inc  | 326056 | 0.69% |
|  | Archer-Daniels-Midland Co  | 324956 | 0.69% |
|  | Coinbase Global Inc  | (318979) | -0.68% |
|  | Fuji Electric Co Ltd  | (318763) | -0.68% |
|  | Cigna Group/The  | 317509 | 0.67% |
|  | Monster Beverage Corp  | 317043 | 0.67% |
|  | Centene Corp  | 310919 | 0.66% |
|  | CF Industries Holdings Inc  | 308450 | 0.65% |
|  | Astellas Pharma Inc  | 306959 | 0.65% |
|  | Shionogi & Co Ltd  | 306299 | 0.65% |
|  | Sika AG  | (304086) | -0.65% |
|  | VeriSign Inc  | 303271 | 0.64% |
|  | Lonza Group AG  | (303065) | -0.64% |
|  | General Dynamics Corp  | 301191 | 0.64% |
|  | CK Hutchison Holdings Ltd  | 301086 | 0.64% |
|  | Elevance Health Inc  | 299763 | 0.64% |
|  | Adyen NV  | (297957) | -0.63% |
| \*\*GSCBAHPA Index: A long basket of the A-shares of 46 Chinese companies. | \*\*GSCBAHPA Index: A long basket of the A-shares of 46 Chinese companies. | \*\*GSCBAHPA Index: A long basket of the A-shares of 46 Chinese companies. | \*\*GSCBAHPA Index: A long basket of the A-shares of 46 Chinese companies. |
|  | **Top Underlying Components** | **Notional** | **Percentage of Notional** |
| Equity | China Life Insurance Co Ltd | $2120942 | 6.04% |
|  | New China Life Insurance Co Ltd  | 1862214 | 5.30% |
|  | China Galaxy Securities Co Ltd  | 1719058 | 4.89% |
|  | Great Wall Motor Co Ltd  | 1578655 | 4.49% |
|  | Zijin Mining Group Co Ltd  | 1575190 | 4.48% |
|  | CMOC Group Ltd  | 1515948 | 4.31% |
|  | Agricultural Bank of China Ltd  | 1190640 | 3.39% |
|  | China Pacific Insurance Group  | 1184002 | 3.37% |
|  | Yankuang Energy Group Co Ltd  | 1128360 | 3.21% |

---

**THE ADVISORS' INNER CIRCLE FUND III**

**FS MULTI-STRATEGY** 

**ALTERNATIVES FUND** 

**SEPTEMBER 30, 2025** 

**(Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Top Underlying Components** | **Notional** | **Percentage of Notional** |
|  | Jiangxi Copper Co Ltd  | $1127602 | 3.21% |
|  | PetroChina Co Ltd  | 1113110 | 3.17% |
|  | CITIC Securities Co Ltd  | 1084062 | 3.09% |
|  | Industrial & Commercial Bank of China Ltd  | 1081203 | 3.08% |
|  | China Shenhua Energy Co Ltd  | 1065173 | 3.03% |
|  | China Construction Bank Corp  | 1063336 | 3.03% |
|  | China Petroleum & Chemical Corp  | 1024861 | 2.92% |
|  | COSCO SHIPPING Holdings Co Ltd  | 1017693 | 2.90% |
|  | Bank of China Ltd  | 973562 | 2.77% |
|  | Ping An Insurance Group Co of China Ltd  | 968989 | 2.76% |
|  | Aluminum Corp of China Ltd  | 872604 | 2.48% |
|  | Tsingtao Brewery Co Ltd  | 872104 | 2.48% |
|  | China CITIC Bank Corp Ltd  | 749186 | 2.13% |
|  | China Coal Energy Co Ltd  | 713618 | 2.03% |
|  | BYD Co Ltd  | 691677 | 1.97% |
|  | Huaneng Power International Inc  | 598992 | 1.70% |
|  | Bank of Communications Co Ltd  | 586953 | 1.67% |
|  | Huatai Securities Co Ltd  | 556246 | 1.58% |
|  | Weichai Power Co Ltd  | 497933 | 1.42% |
|  | Fuyao Glass Industry Group Co  | 450881 | 1.28% |
|  | Goldwind Science & Technology  | 446196 | 1.27% |
|  | Anhui Conch Cement Co Ltd  | 415539 | 1.18% |
|  | CRRC Corp Ltd  | 406818 | 1.16% |
|  | China Oilfield Services Ltd  | 406281 | 1.16% |
|  | China Minsheng Banking Corp Ltd  | 404932 | 1.15% |
|  | GF Securities Co Ltd  | 354230 | 1.01% |
|  | China Railway Group Ltd  | 349295 | 0.99% |
|  | Hisense Home Appliances Group Co Ltd  | 237837 | 0.68% |
|  | Jiangsu Expressway Co Ltd  | 190658 | 0.54% |
|  | Shanghai Pharmaceuticals Holdings Co Ltd  | 186374 | 0.53% |
|  | China Everbright Bank Co Ltd  | 155389 | 0.44% |
|  | Datang International Power Generation Co Ltd  | 148765 | 0.42% |
|  | Dongfang Electric Corp Ltd  | 105594 | 0.30% |
|  | Guangzhou Baiyunshan Pharmaceutical Holdings Co Ltd  | 100481 | 0.29% |
|  | Shenzhen Expressway Corp Ltd  | 90065 | 0.26% |
|  | Livzon Pharmaceutical Group Inc  | 78300 | 0.22% |
|  | Anhui Expressway Co Ltd  | 76051 | 0.22% |
| \*\*GSCBAHPH Index: A short basket of the H-shares of 46 Chinese companies. | \*\*GSCBAHPH Index: A short basket of the H-shares of 46 Chinese companies. | \*\*GSCBAHPH Index: A short basket of the H-shares of 46 Chinese companies. | \*\*GSCBAHPH Index: A short basket of the H-shares of 46 Chinese companies. |
|  | **Top Underlying Components** | **Notional** | **Percentage of Notional** |
| Equity | Zijin Mining Group Co Ltd | $(2090729) | 5.88% |
|  | CMOC Group Ltd  | (1815903) | 5.10% |
|  | New China Life Insurance Co Ltd  | (1684663) | 4.74% |
|  | China Life Insurance Co Ltd  | (1417335) | 3.98% |
|  | China Galaxy Securities Co Ltd  | (1372903) | 3.86% |
|  | CITIC Securities Co Ltd  | (1338500) | 3.76% |
|  | Great Wall Motor Co Ltd  | (1292250) | 3.63% |
|  | China Pacific Insurance Group  | (1251885) | 3.52% |
|  | China Shenhua Energy Co Ltd  | (1233637) | 3.47% |
|  | PetroChina Co Ltd  | (1171983) | 3.29% |
|  | Jiangxi Copper Co Ltd  | (1161541) | 3.26% |
|  | Agricultural Bank of China Ltd  | (1123309) | 3.16% |
|  | Ping An Insurance Group Co of China Ltd  | (1118044) | 3.14% |
|  | China Construction Bank Corp  | (1107271) | 3.11% |

---

**THE ADVISORS' INNER CIRCLE FUND III**

**FS MULTI-STRATEGY** 

**ALTERNATIVES FUND** 

**SEPTEMBER 30, 2025** 

**(Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Top Underlying Components** | **Notional** | **Percentage of Notional** |
|  | Yankuang Energy Group Co Ltd  | $(1034433) | 2.91% |
|  | COSCO SHIPPING Holdings Co Ltd  | (1030141) | 2.90% |
|  | Aluminum Corp of China Ltd  | (1024351) | 2.88% |
|  | Industrial & Commercial Bank of China Ltd  | (1019016) | 2.86% |
|  | Bank of China Ltd  | (959684) | 2.70% |
|  | China Petroleum & Chemical Corp  | (940480) | 2.64% |
|  | Tsingtao Brewery Co Ltd  | (840450) | 2.36% |
|  | BYD Co Ltd  | (836580) | 2.35% |
|  | China CITIC Bank Corp Ltd  | (834389) | 2.35% |
|  | China Coal Energy Co Ltd  | (699501) | 1.97% |
|  | Bank of Communications Co Ltd  | (683648) | 1.92% |
|  | Huatai Securities Co Ltd  | (630287) | 1.77% |
|  | Weichai Power Co Ltd  | (593858) | 1.67% |
|  | Fuyao Glass Industry Group Co  | (576439) | 1.62% |
|  | Huaneng Power International Inc  | (551189) | 1.55% |
|  | Anhui Conch Cement Co Ltd  | (504084) | 1.42% |
|  | China Minsheng Banking Corp Ltd  | (501217) | 1.41% |
|  | Goldwind Science & Technology  | (500169) | 1.41% |
|  | CRRC Corp Ltd  | (391666) | 1.10% |
|  | GF Securities Co Ltd  | (386858) | 1.09% |
|  | China Railway Group Ltd  | (298620) | 0.84% |
|  | Hisense Home Appliances Group Co Ltd  | (265811) | 0.75% |
|  | China Oilfield Services Ltd  | (241681) | 0.68% |
|  | China Everbright Bank Co Ltd  | (179602) | 0.50% |
|  | Jiangsu Expressway Co Ltd  | (164118) | 0.46% |
|  | Shanghai Pharmaceuticals Holdings Co Ltd  | (152828) | 0.43% |
|  | Datang International Power Generation Co Ltd  | (117824) | 0.33% |
|  | Dongfang Electric Corp Ltd  | (108984) | 0.31% |
|  | Guangzhou Baiyunshan Pharmaceutical Holdings Co Ltd  | (85840) | 0.24% |
|  | Livzon Pharmaceutical Group Inc  | (84504) | 0.24% |
|  | Shenzhen Expressway Corp Ltd  | (79963) | 0.22% |
|  | Anhui Expressway Co Ltd  | (78232) | 0.22% |
| \*\*GSCBEJFB Index: A long basket of small to medium sized banks that are attractive M&A targets in order to take advantage of the impending consolidation cycle as well as select positions in specialty finance and fintech companies. | \*\*GSCBEJFB Index: A long basket of small to medium sized banks that are attractive M&A targets in order to take advantage of the impending consolidation cycle as well as select positions in specialty finance and fintech companies. | \*\*GSCBEJFB Index: A long basket of small to medium sized banks that are attractive M&A targets in order to take advantage of the impending consolidation cycle as well as select positions in specialty finance and fintech companies. | \*\*GSCBEJFB Index: A long basket of small to medium sized banks that are attractive M&A targets in order to take advantage of the impending consolidation cycle as well as select positions in specialty finance and fintech companies. |
|  | **Top Underlying Components** | **Notional** | **Percentage of Notional** |
| Equity | First Horizon Corp | $12361369 | 8.31% |
|  | Truist Financial Corp  | 8026093 | 5.39% |
|  | Webster Financial Corp  | 7600528 | 5.11% |
|  | NB Bancorp Inc  | 6746778 | 4.53% |
|  | Ameris Bancorp  | 6745626 | 4.53% |
|  | Berkshire Hills Bancorp Inc  | 6224182 | 4.18% |
|  | Valley National Bancorp  | 6026231 | 4.05% |
|  | First Citizens BancShares Inc  | 5936879 | 3.99% |
|  | First Foundation Inc  | 5797493 | 3.90% |
|  | ConnectOne Bancorp Inc  | 5787714 | 3.89% |
|  | TowneBank  | 5782508 | 3.89% |
|  | Heritage Commerce Corp  | 5406733 | 3.63% |
|  | BankUnited Inc  | 5368609 | 3.61% |
|  | Stellar Bancorp Inc  | 5351476 | 3.60% |
|  | Cadence Bank  | 5052398 | 3.39% |
|  | Comerica Inc  | 4964307 | 3.34% |
|  | Amerant Bancorp Inc  | 4962202 | 3.33% |
|  | Banc of California Inc  | 4708138 | 3.16% |

---

**THE ADVISORS' INNER CIRCLE FUND III**

**FS MULTI-STRATEGY** 

**ALTERNATIVES FUND** 

**SEPTEMBER 30, 2025** 

**(Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Top Underlying Components** | **Notional** | **Percentage of Notional** |
|  | International Bancshares Corp  | $4293495 | 2.88% |
|  | Old Second Bancorp Inc  | 4164584 | 2.80% |
|  | Rithm Capital Corp  | 3983824 | 2.68% |
|  | TriCo Bancshares  | 3432952 | 2.31% |
|  | Old National Bancorp  | 3348152 | 2.25% |
|  | Wintrust Financial Corp  | 3147906 | 2.12% |
|  | Homestreet Inc  | 2413968 | 1.62% |
|  | Wesbanco Inc  | 2272423 | 1.53% |
|  | Firstsun Capital Bancorp  | 2199710 | 1.48% |
|  | Carter Bankshares Inc  | 2105553 | 1.41% |
|  | HomeTrust Bancshares Inc  | 1744984 | 1.17% |
|  | Third Coast Bancshares Inc  | 1618394 | 1.09% |
|  | Bridgewater Bancshares Inc  | 1259181 | 0.85% |
| \*\*GSFS100D Index: A basket of stocks set to benefit from recent changes in US Tax code for Accelerated Bonus Depreciation. | \*\*GSFS100D Index: A basket of stocks set to benefit from recent changes in US Tax code for Accelerated Bonus Depreciation. | \*\*GSFS100D Index: A basket of stocks set to benefit from recent changes in US Tax code for Accelerated Bonus Depreciation. | \*\*GSFS100D Index: A basket of stocks set to benefit from recent changes in US Tax code for Accelerated Bonus Depreciation. |
|  | **Top Underlying Components** | **Notional** | **Percentage of Notional** |
| Equity | Norfolk Southern Corp | $457585 | 1.58% |
|  | CSX Corp  | 427542 | 1.48% |
|  | Advanced Micro Devices Inc  | 382962 | 1.32% |
|  | Emerson Electric Co  | 381591 | 1.32% |
|  | General Motors Co  | 331372 | 1.15% |
|  | Dt Midstream Inc  | 315775 | 1.09% |
|  | Caterpillar Inc  | 311300 | 1.08% |
|  | Delta Air Lines Inc  | 299869 | 1.04% |
|  | RTX Corp  | 299086 | 1.03% |
|  | Meta Platforms Inc  | 298956 | 1.03% |
|  | Union Pacific Corp  | 296953 | 1.03% |
|  | NVIDIA Corp  | 294762 | 1.02% |
|  | Southwest Airlines Co  | 294299 | 1.02% |
|  | Verizon Communications Inc  | 292187 | 1.01% |
|  | AT&T Inc  | 290905 | 1.01% |
|  | Targa Resources Corp  | 283653 | 0.98% |
|  | Rockwell Automation Inc  | 281751 | 0.97% |
|  | T-Mobile US Inc  | 280728 | 0.97% |
|  | Charter Communications Inc  | 278124 | 0.96% |
|  | Comcast Corp  | 273855 | 0.95% |
|  | Old Dominion Freight Line Inc  | 272126 | 0.94% |
|  | Eaton Corp PLC  | 271408 | 0.94% |
|  | Boeing Co  | 270566 | 0.94% |
|  | Amazon.com Inc  | 269927 | 0.93% |
|  | Honeywell International Inc  | 268425 | 0.93% |
|  | Alaska Air Group Inc  | 264381 | 0.91% |
|  | EOG Resources Inc  | 262066 | 0.91% |
|  | WW Grainger Inc  | 259481 | 0.90% |
|  | Permian Resources Corp  | 254082 | 0.88% |
|  | ONEOK Inc  | 251411 | 0.87% |
|  | Intel Corp  | 233629 | 0.81% |
|  | Lyft Inc  | 222338 | 0.77% |
|  | Trex Co Inc  | 220928 | 0.76% |
|  | Sphere Entertainment Co  | 205822 | 0.71% |
|  | Tesla Inc  | 197824 | 0.68% |
|  | Lumen Technologies Inc  | 194343 | 0.67% |
|  | American Superconductor Corp  | 191493 | 0.66% |
|  | Helmerich & Payne  | 190094 | 0.66% |

---

**THE ADVISORS' INNER CIRCLE FUND III**

**FS MULTI-STRATEGY** 

**ALTERNATIVES FUND** 

**SEPTEMBER 30, 2025** 

**(Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Top Underlying Components** | **Notional** | **Percentage of Notional** |
|  | Olin Corp  | $183385 | 0.63% |
|  | BorgWarner Inc  | 180259 | 0.62% |
|  | Chemours Co  | 178757 | 0.62% |
|  | Alphabet Inc  | 174987 | 0.61% |
|  | Alphabet Inc  | 174654 | 0.60% |
|  | MKS Instruments Inc  | 174512 | 0.60% |
|  | Apple Inc  | 172303 | 0.60% |
|  | Installed Building Products Inc  | 172230 | 0.60% |
|  | Allegiant Travel Co  | 169894 | 0.59% |
|  | Lockheed Martin Corp  | 168230 | 0.58% |
|  | Hewlett Packard Enterprise Co  | 166523 | 0.58% |
|  | Kodiak Gas Services Inc  | 164354 | 0.57% |
| \*\*GSVIU17I Index: This strategy goes long delta-hedged strangles on the S&P 500 and short delta-hedged strangles on the Top 50 underliers in the S&P 500. | \*\*GSVIU17I Index: This strategy goes long delta-hedged strangles on the S&P 500 and short delta-hedged strangles on the Top 50 underliers in the S&P 500. | \*\*GSVIU17I Index: This strategy goes long delta-hedged strangles on the S&P 500 and short delta-hedged strangles on the Top 50 underliers in the S&P 500. | \*\*GSVIU17I Index: This strategy goes long delta-hedged strangles on the S&P 500 and short delta-hedged strangles on the Top 50 underliers in the S&P 500. |
|  | **Top Underlying Components** | **Notional** | **Percentage of Notional** |
| Option | SPX Put Nov 25 | $38495183 | 110.02% |
|  | SPX Call Nov 25  | 38494931 | 110.02% |
|  | SPX Put Dec 25  | 38060107 | 108.78% |
|  | SPX Call Dec 25  | 38059322 | 108.78% |
|  | SPX Call Jan 26  | 30666557 | 87.65% |
|  | SPX Put Jan 26  | 30666192 | 87.65% |
|  | SPX Forward Nov 25  | (22558060) | -64.47% |
|  | SPX Call Feb 26  | 17831434 | 50.96% |
|  | SPX Put Feb 26  | 17831434 | 50.96% |
|  | SPX Call Mar 26  | 17139460 | 48.99% |
|  | SPX Put Mar 26  | 17139460 | 48.99% |
|  | SPX Forward Dec 25  | (14770134) | -42.21% |
|  | SPX Call Apr 26  | 13068889 | 37.35% |
|  | SPX Put Apr 26  | 13068889 | 37.35% |
|  | SPX Forward Jan 26  | (10582163) | -30.25% |
|  | SPX Forward Feb 26  | (7198628) | -20.57% |
|  | SPX Call May 26  | 6864604 | 19.62% |
|  | SPX Put May 26  | 6864604 | 19.62% |
|  | SPX Call Jun 26  | 6591238 | 18.84% |
|  | SPX Put Jun 26  | 6591238 | 18.84% |
|  | SPX Put Jul 26  | 4064373 | 11.62% |
|  | SPX Forward Mar 26  | (4064227) | -11.62% |
|  | SPX Call Jul 26  | 4063709 | 11.61% |
|  | MSFT Call Dec 25  | (2792274) | -7.98% |
|  | MSFT Put Dec 25  | (2792272) | -7.98% |
|  | AAPL Call Dec 25  | (2502027) | -7.15% |
|  | AAPL Put Dec 25  | (2496702) | -7.14% |
|  | NVDA Put Dec 25  | (2474856) | -7.07% |
|  | NVDA Call Dec 25  | (2474854) | -7.07% |
|  | NVDA Call Nov 25  | (2296251) | -6.56% |
|  | NVDA Put Nov 25  | (2296111) | -6.56% |
|  | NVDA Put Jan 26  | (2246412) | -6.42% |
|  | NVDA Call Jan 26  | (2245587) | -6.42% |
|  | SPX Forward Apr 26  | (2043252) | -5.84% |
|  | MSFT Call Jan 26  | (1977910) | -5.65% |
|  | MSFT Put Jan 26  | (1977861) | -5.65% |
|  | AAPL Put Jan 26  | (1968555) | -5.63% |
|  | AAPL Call Jan 26  | (1968532) | -5.63% |

---

**THE ADVISORS' INNER CIRCLE FUND III**

**FS MULTI-STRATEGY** 

**ALTERNATIVES FUND** 

**SEPTEMBER 30, 2025** 

**(Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Top Underlying Components** | **Notional** | **Percentage of Notional** |
| NVDA Put Mar 26  | $(1518140) | -4.34% |
| NVDA Call Mar 26  | (1518131) | -4.34% |
| AMZN Put Dec 25  | (1452076) | -4.15% |
| AMZN Call Dec 25  | (1452075) | -4.15% |
| AAPL Call Nov 25  | (1352699) | -3.87% |
| AAPL Put Nov 25  | (1352699) | -3.87% |
| MSFT Call Mar 26  | (1337331) | -3.82% |
| MSFT Put Mar 26  | (1337330) | -3.82% |
| SPX Forward May 26  | (1331432) | -3.81% |
| AAPL Put Mar 26  | (1327236) | -3.79% |
| AAPL Call Mar 26  | (1327235) | -3.79% |
| AAPL Forward Dec 25  | 1262343 | 3.61% |
| AMZN Call Jan 26  | (1184388) | -3.39% |
| AMZN Put Jan 26  | (1184346) | -3.39% |
| MSFT Forward Dec 25  | 1182875 | 3.38% |
| AVGO Call Dec 25  | (1077107) | -3.08% |
| AVGO Put Dec 25  | (1077102) | -3.08% |
| AMZN Put Nov 25  | (1061094) | -3.03% |
| AMZN Call Nov 25  | (1061092) | -3.03% |
| MSFT Call Nov 25  | (1038292) | -2.97% |
| MSFT Put Nov 25  | (1038292) | -2.97% |
| AAPL Forward Jan 26  | 1034258 | 2.96% |
| AAPL Forward Nov 25  | 1015347 | 2.90% |
| META Put Dec 25  | (955387) | -2.73% |
| META Call Dec 25  | (955378) | -2.73% |
| GOOGL Call Dec 25  | (923545) | -2.64% |
| GOOGL Put Dec 25  | (923545) | -2.64% |
| GOOGL Call Dec 25  | (869064) | -2.48% |
| GOOGL Put Dec 25  | (869063) | -2.48% |
| TSLA Put Nov 25  | (845347) | -2.42% |
| TSLA Call Nov 25  | (845343) | -2.42% |
| META Call Jan 26  | (815271) | -2.33% |
| META Put Jan 26  | (815235) | -2.33% |
| AMZN Call Mar 26  | (801181) | -2.29% |
| AMZN Put Mar 26  | (801181) | -2.29% |
| NVDA Forward Dec 25  | 787022 | 2.25% |
| TSLA Put Dec 25  | (783189) | -2.24% |
| TSLA Call Dec 25  | (783186) | -2.24% |
| GOOGL Call Jan 26  | (749008) | -2.14% |
| GOOGL Put Jan 26  | (748998) | -2.14% |
| TSLA Put Jan 26  | (730214) | -2.09% |
| TSLA Call Jan 26  | (730207) | -2.09% |
| NVDA Forward Nov 25  | 729908 | 2.09% |
| AVGO Put Jan 26  | (724397) | -2.07% |
| AVGO Call Jan 26  | (724385) | -2.07% |
| META Call Nov 25  | (719042) | -2.06% |
| META Put Nov 25  | (719039) | -2.06% |
| NVDA Forward Jan 26  | 717910 | 2.05% |
| GOOGL Call Jan 26  | (704409) | -2.01% |
| GOOGL Put Jan 26  | (704282) | -2.01% |
| GOOGL Call Nov 25  | (670044) | -1.92% |
| GOOGL Put Nov 25  | (670044) | -1.92% |
| MSFT Forward Jan 26  | 669927 | 1.91% |
| AAPL Forward Mar 26  | 642219 | 1.84% |
| GOOGL Call Nov 25  | (628858) | -1.80% |

---

**THE ADVISORS' INNER CIRCLE FUND III**

**FS MULTI-STRATEGY** 

**ALTERNATIVES FUND** 

**SEPTEMBER 30, 2025** 

**(Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Top Underlying Components** | **Notional** | **Percentage of Notional** |
| GOOGL Put Nov 25  | $(628847) | -1.80% |
| NVDA Put Feb 26  | (624483) | -1.78% |
| NVDA Call Feb 26  | (624384) | -1.78% |
| NVDA Call May 26  | (622400) | -1.78% |
| NVDA Put May 26  | (622259) | -1.78% |
| ORCL Put Dec 25  | (580473) | -1.66% |
| ORCL Call Dec 25  | (580472) | -1.66% |
| GOOGL Forward Nov 25  | 561523 | 1.60% |
| AAPL Call Feb 26  | (553404) | -1.58% |
| AAPL Put Feb 26  | (553404) | -1.58% |
| META Call Mar 26  | (550238) | -1.57% |
| META Put Mar 26  | (550236) | -1.57% |
| MSFT Put Feb 26  | (549720) | -1.57% |
| MSFT Call Feb 26  | (549714) | -1.57% |
| MSFT Put May 26  | (547711) | -1.57% |
| MSFT Call May 26  | (547710) | -1.57% |
| BRKB Call Dec 25  | (546307) | -1.56% |
| AAPL Put May 26  | (544383) | -1.56% |
| AAPL Call May 26  | (544379) | -1.56% |
| LLY Put Dec 25  | (543485) | -1.55% |
| LLY Call Dec 25  | (543483) | -1.55% |
| GOOGL Call Mar 26  | (542624) | -1.55% |
| GOOGL Put Mar 26  | (542623) | -1.55% |
| GOOGL Forward Dec 25  | 536559 | 1.53% |
| GOOGL Forward Nov 25  | 525729 | 1.50% |
| JPM Put Dec 25  | (517300) | -1.48% |
| JPM Call Dec 25  | (517298) | -1.48% |
| AVGO Forward Dec 25  | 510278 | 1.46% |
| GOOGL Call Mar 26  | (506213) | -1.45% |
| GOOGL Put Mar 26  | (506212) | -1.45% |
| GOOGL Forward Dec 25  | 505465 | 1.44% |
| BRKB Put Dec 25  | (503431) | -1.44% |
| NVDA Put Jun 26  | (502254) | -1.44% |
| NVDA Call Jun 26  | (502176) | -1.44% |
| TSLA Put Mar 26  | (493536) | -1.41% |
| TSLA Call Mar 26  | (493528) | -1.41% |
| TSLA Forward Nov 25  | 470517 | 1.34% |
| GOOGL Forward Jan 26  | 466632 | 1.33% |
| AVGO Put Mar 26  | (458761) | -1.31% |
| AVGO Call Mar 26  | (458760) | -1.31% |
| AVGO Call Nov 25  | (457340) | -1.31% |
| AVGO Put Nov 25  | (457340) | -1.31% |
| MSFT Call Jun 26  | (443366) | -1.27% |
| MSFT Put Jun 26  | (443365) | -1.27% |
| AAPL Call Jun 26  | (439549) | -1.26% |
| AAPL Put Jun 26  | (439549) | -1.26% |
| GOOGL Forward Jan 26  | 438411 | 1.25% |
| JPM Call Jan 26  | (428313) | -1.22% |
| JPM Put Jan 26  | (428312) | -1.22% |
| AVGO Call Feb 26  | (417541) | -1.19% |
| AVGO Put Feb 26  | (417507) | -1.19% |
| SPX Forward Jun 26  | (396971) | -1.13% |
| LLY Put Jan 26  | (393541) | -1.12% |
| LLY Call Jan 26  | (393470) | -1.12% |
| ORCL Put Jan 26  | (393027) | -1.12% |

---

**THE ADVISORS' INNER CIRCLE FUND III**

**FS MULTI-STRATEGY** 

**ALTERNATIVES FUND** 

**SEPTEMBER 30, 2025** 

**(Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Top Underlying Components** | **Notional** | **Percentage of Notional** |
|  | ORCL Call Jan 26  | $(393024) | -1.12% |
|  | BRKB Call Jan 26  | (388143) | -1.11% |
|  | JNJ Put Jan 26  | (386866) | -1.11% |
|  | JNJ Call Jan 26  | (386865) | -1.11% |
|  | BRKB Put Jan 26  | (375472) | -1.07% |
|  | MA Put Jan 26  | (373919) | -1.07% |
|  | MA Call Jan 26  | (373869) | -1.07% |
|  | JPM Call Nov 25  | (371697) | -1.06% |
|  | JPM Put Nov 25  | (371696) | -1.06% |
|  | COST Put Jan 26  | (371573) | -1.06% |
|  | COST Call Jan 26  | (371571) | -1.06% |
|  | PG Put Jan 26  | (362235) | -1.04% |
|  | PG Call Jan 26  | (362213) | -1.04% |
| \*\*GSXAF22F Index: A basket of Tail Reversion and Carry strategies across Commodity, Equity, FX, and Rates exposures. | \*\*GSXAF22F Index: A basket of Tail Reversion and Carry strategies across Commodity, Equity, FX, and Rates exposures. | \*\*GSXAF22F Index: A basket of Tail Reversion and Carry strategies across Commodity, Equity, FX, and Rates exposures. | \*\*GSXAF22F Index: A basket of Tail Reversion and Carry strategies across Commodity, Equity, FX, and Rates exposures. |
|  | **Top Underlying Components** | **Notional** | **Percentage of Notional** |
| Future | Jpn 10Y Bond(OSE) December 25 | $(22588451) | -64.19% |
|  | Euro-BTP Futures December 25  | 13339736 | 37.91% |
|  | Euro-OAT Futures December 25  | 11120587 | 31.60% |
|  | US 10Yr Note (CBT)December 25  | (10919081) | -31.03% |
|  | Euro-Bund Futures December 25  | 9159309 | 26.03% |
|  | Euro-BOBL Futures December 25  | 8645113 | 24.57% |
|  | US 5Yr Note (CBT) December 25  | (7165673) | -20.36% |
|  | Long Gilt Futures December 25  | (6824137) | -19.39% |
|  | Euro-Schatz Futures December 25  | 5759626 | 16.37% |
|  | US 2Yr Note (CBT) December 25  | (5734801) | -16.30% |
|  | FTSE 100 Index Futures December 25  | 2025506 | 5.76% |
|  | Nasdaq 100 E-Mini December 25  | (2012542) | -5.72% |
|  | Swiss Market Index Futures December 25  | 1809589 | 5.14% |
|  | S&P 500 E-Mini Futures December 25  | (1788371) | -5.08% |
|  | Cotton No.2 Futures December 25  | (1763737) | -5.01% |
|  | CAN 10 Year Bond Futures December 25  | (1753595) | -4.98% |
|  | FTSE/MIB Index Futures December 25  | 1564746 | 4.45% |
|  | Wheat Futures (CBT) December 25  | (1548973) | -4.40% |
|  | SET50 Futures December 25  | (1495001) | -4.25% |
|  | US Long Bond(CBT) December 25  | (1482253) | -4.21% |
|  | LME Nickel Futures December 25  | (1414707) | -4.02% |
|  | MSCI EmgMkt December 25  | (1383662) | -3.93% |
|  | IBEX 35 Index Futures October 25  | 1350843 | 3.84% |
|  | Soybean Oil Futures December 25  | (1294961) | -3.68% |
|  | Soybean Meal Futures December 25  | (1199734) | -3.41% |
|  | E-Mini Russel 2000 December 25  | (1146804) | -3.26% |
|  | Amsterdam Index Futures October 25  | 1121002 | 3.19% |
|  | LME Zinc Futures December 25  | 1028614 | 2.92% |
|  | Natural Gas Futures December 25  | (1014440) | -2.88% |
|  | Soybean Futures January 26  | (995152) | -2.83% |
|  | Low SU Gasoil G December 25  | 938742 | 2.67% |
|  | KC HRW Wheat Futures December 25  | (938246) | -2.67% |
|  | CAC40 10 Euro Futures October 25  | 895248 | 2.54% |
|  | LME PRI Alum Futures December 25  | 881223 | 2.50% |
|  | TOPIX Index Futures December 25  | (877526) | -2.49% |
|  | Gasoline RBOB Futures December 25  | 782085 | 2.22% |
|  | Silver Futures December 25  | 762968 | 2.17% |
|  | OMXS30 Index Futures October 25  | (720142) | -2.05% |

---

**THE ADVISORS' INNER CIRCLE FUND III**

**FS MULTI-STRATEGY** 

**ALTERNATIVES FUND** 

**SEPTEMBER 30, 2025** 

**(Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Top Underlying Components** | **Notional** | **Percentage of Notional** |
|  | Brent Crude Futures January 26  | $691034 | 1.96% |
|  | FTSE/JSE Top 40 December 25  | 679717 | 1.93% |
|  | Coffee 'C' Futures December 25  | 674018 | 1.92% |
|  | WTI Crude Futures December 25  | 488789 | 1.39% |
|  | DAX Index Futures December 25  | (484976) | -1.38% |
|  | AUST 10Y Bond Futures December 25  | 452965 | 1.29% |
|  | Euro STOXX 50 December 25  | 448904 | 1.28% |
|  | Sugar #11 (World) March 26  | (411318) | -1.17% |
| Currency | US Dollar Spot | (3172033) | -9.01% |
|  | British Pound Spot  | 2025506 | 5.76% |
|  | Swiss Franc Spot  | 1809589 | 5.14% |
|  | Japanese Yen Spot  | (877526) | -2.49% |
|  | Euro Spot  | 448904 | 1.28% |
| FX Contract | INR USD Forward Contract October 23 '25 | 567523 | 1.61% |
|  | INR USD Forward Contract October 3 '25  | 378373 | 1.08% |
|  | BRL USD Forward Contract October 14 '25  | 359389 | 1.02% |
| \*\*GSXUAMER Index: A basket of stocks representing US companies with high domestic sales. | \*\*GSXUAMER Index: A basket of stocks representing US companies with high domestic sales. | \*\*GSXUAMER Index: A basket of stocks representing US companies with high domestic sales. | \*\*GSXUAMER Index: A basket of stocks representing US companies with high domestic sales. |
|  | **Top Underlying Components** | **Notional** | **Percentage of Notional** |
| Equity | Medpace Holdings Inc | $(681966) | 2.43% |
|  | Cleveland-Cliffs Inc  | (561750) | 2.00% |
|  | Ionis Pharmaceuticals Inc  | (556366) | 1.98% |
|  | DR Horton Inc  | (551355) | 1.96% |
|  | Marathon Petroleum Corp  | (541673) | 1.93% |
|  | Toll Brothers Inc  | (532027) | 1.89% |
|  | PulteGroup Inc  | (528273) | 1.88% |
|  | Neurocrine Biosciences Inc  | (516235) | 1.84% |
|  | Doximity Inc  | (500627) | 1.78% |
|  | Dt Midstream Inc  | (484295) | 1.72% |
|  | Altria Group Inc  | (481371) | 1.71% |
|  | Wingstop Inc  | (480209) | 1.71% |
|  | Royalty Pharma PLC  | (470436) | 1.67% |
|  | Packaging Corp Of America  | (459646) | 1.64% |
|  | NVR Inc  | (458597) | 1.63% |
|  | Boyd Gaming Corp  | (432107) | 1.54% |
|  | Caesars Entertainment Inc  | (412072) | 1.47% |
|  | Republic Services Inc  | (406041) | 1.44% |
|  | Reliance Steel & Aluminum Co  | (401489) | 1.43% |
|  | Builders FirstSource Inc  | (395464) | 1.41% |
|  | Devon Energy Corp  | (393842) | 1.40% |
|  | Synchrony Financial  | (390472) | 1.39% |
|  | Darden Restaurants Inc  | (385975) | 1.37% |
|  | Science Applications International Corp  | (381359) | 1.36% |
|  | Diamondback Energy Inc  | (369494) | 1.31% |
|  | Charles Schwab Corp  | (361202) | 1.29% |
|  | Trex Co Inc  | (356009) | 1.27% |
|  | Coterra Energy Inc  | (344798) | 1.23% |
|  | Cboe Global Markets Inc  | (341290) | 1.21% |
|  | Scotts Miracle-Gro Co  | (340844) | 1.21% |
|  | The Campbell's Company  | (339643) | 1.21% |
|  | Loews Corp  | (336433) | 1.20% |
|  | Globe Life Inc  | (332243) | 1.18% |
|  | Hartford Financial Services Group Inc  | (329920) | 1.17% |
|  | Chipotle Mexican Grill Inc  | (329351) | 1.17% |

---

**THE ADVISORS' INNER CIRCLE FUND III**

**FS MULTI-STRATEGY** 

**ALTERNATIVES FUND** 

**SEPTEMBER 30, 2025** 

**(Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Top Underlying Components** | **Notional** | **Percentage of Notional** |
|  | Lincoln National Corp  | $(327093) | 1.16% |
|  | Voya Financial Inc  | (323863) | 1.15% |
|  | Ally Financial Inc  | (323256) | 1.15% |
|  | Ares Management Corp  | (316371) | 1.13% |
|  | Markel Group Inc  | (311701) | 1.11% |
|  | SiteOne Landscape Supply Inc  | (305265) | 1.09% |
|  | ONEOK Inc  | (303445) | 1.08% |
|  | Performance Food Group Co  | (303137) | 1.08% |
|  | Knight-Swift Transportation Holdings Inc  | (302831) | 1.08% |
|  | JB Hunt Transport Services Inc  | (302676) | 1.08% |
|  | OneMain Holdings Inc  | (301849) | 1.07% |
|  | Casey's General Stores Inc  | (301158) | 1.07% |
|  | LPL Financial Holdings Inc  | (298400) | 1.06% |
|  | Tenet Healthcare Corp  | (296347) | 1.05% |
|  | Ameriprise Financial Inc  | (295080) | 1.05% |
|  | Cava Group Inc  | (293412) | 1.04% |
|  | Churchill Downs Inc  | (292146) | 1.04% |
|  | Texas Pacific Land Corp  | (289287) | 1.03% |
|  | Old Dominion Freight Line Inc  | (285064) | 1.01% |
|  | Fidelity National Financial  | (283278) | 1.01% |
| \*\*GSXUINTL Index: A basket of stocks representing US companies with high international sales. | \*\*GSXUINTL Index: A basket of stocks representing US companies with high international sales. | \*\*GSXUINTL Index: A basket of stocks representing US companies with high international sales. | \*\*GSXUINTL Index: A basket of stocks representing US companies with high international sales. |
|  | **Top Underlying Components** | **Notional** | **Percentage of Notional** |
| Equity | Newmont Corp | $936871 | 3.27% |
|  | Wynn Resorts Ltd  | 786982 | 2.75% |
|  | Royal Caribbean Cruises Ltd  | 775011 | 2.71% |
|  | Coupang Inc  | 719112 | 2.51% |
|  | Allegion Plc  | 716338 | 2.50% |
|  | Carlyle Group Inc  | 715914 | 2.50% |
|  | Estee Lauder Cos Inc  | 704282 | 2.46% |
|  | BorgWarner Inc  | 691953 | 2.42% |
|  | TechnipFMC PLC  | 674940 | 2.36% |
|  | APA Corp  | 605972 | 2.12% |
|  | Garmin Ltd  | 597990 | 2.09% |
|  | Baker Hughes Co  | 582835 | 2.04% |
|  | Viatris Inc  | 581851 | 2.03% |
|  | Agilent Technologies Inc  | 563711 | 1.97% |
|  | ITT Inc  | 562419 | 1.97% |
|  | Philip Morris International Inc  | 553439 | 1.93% |
|  | Renaissancere Holdings Ltd  | 547434 | 1.91% |
|  | Mastercard Inc  | 545466 | 1.91% |
|  | Mettler-Toledo International Inc  | 542626 | 1.90% |
|  | Expeditors International of Washington Inc  | 541705 | 1.89% |
|  | DuPont de Nemours Inc  | 536309 | 1.87% |
|  | Aflac Inc  | 532609 | 1.86% |
|  | Cheniere Energy Inc  | 532326 | 1.86% |
|  | MSCI Inc  | 524772 | 1.83% |
|  | Visa Inc  | 522361 | 1.83% |
|  | McDonald's Corp  | 510369 | 1.78% |
|  | Coca-Cola Co  | 498776 | 1.74% |
|  | Mondelez International Inc  | 495958 | 1.73% |
|  | GE Healthcare Technology  | 488253 | 1.71% |
|  | Avery Dennison Corp  | 479913 | 1.68% |
|  | Aon PLC  | 473323 | 1.65% |

---

**THE ADVISORS' INNER CIRCLE FUND III**

**FS MULTI-STRATEGY** 

**ALTERNATIVES FUND** 

**SEPTEMBER 30, 2025** 

**(Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Top Underlying Components** | **Notional** | **Percentage of Notional** |
|  | Otis Worldwide Corp  | $468858 | 1.64% |
|  | PVH Corp  | 463118 | 1.62% |
|  | Colgate-Palmolive Co  | 457422 | 1.60% |
|  | Ingredion Inc  | 457409 | 1.60% |
|  | Gates Industrial Corp Plc  | 443461 | 1.55% |
|  | Royal Gold Inc  | 441846 | 1.54% |
|  | Reinsurance Group of America Inc  | 431126 | 1.51% |
|  | GXO Logistics Inc  | 430028 | 1.50% |
|  | Waters Corp  | 429286 | 1.50% |
|  | Schlumberger NV  | 426673 | 1.49% |
|  | FMC Corp  | 420060 | 1.47% |
|  | Nordson Corp  | 418512 | 1.46% |
|  | International Flavors & Fragrances Inc  | 417298 | 1.46% |
|  | Crocs Inc  | 401772 | 1.40% |
|  | BioMarin Pharmaceutical Inc  | 399005 | 1.39% |
|  | Bruker Corp  | 386373 | 1.35% |
|  | Element Solutions Inc  | 381677 | 1.33% |
|  | Lazard Ltd  | 344730 | 1.20% |
|  | Gentex Corp  | 324887 | 1.14% |
| \*\*MQIS311 Index: An intra-day equity trading strategy that adjusts its exposure based on changes in the level of realized market volatility. | \*\*MQIS311 Index: An intra-day equity trading strategy that adjusts its exposure based on changes in the level of realized market volatility. | \*\*MQIS311 Index: An intra-day equity trading strategy that adjusts its exposure based on changes in the level of realized market volatility. | \*\*MQIS311 Index: An intra-day equity trading strategy that adjusts its exposure based on changes in the level of realized market volatility. |
|  | **Top Underlying Components** | **Notional** | **Percentage of Notional** |
| Index | Macquarie QIS Index 311 | $119846636 | 100.00% |
| \*\*MSQSPB12 Index: This is a long volatility hedge, whereby the underlying the option is a basket of risk-recycled single stocks. | \*\*MSQSPB12 Index: This is a long volatility hedge, whereby the underlying the option is a basket of risk-recycled single stocks. | \*\*MSQSPB12 Index: This is a long volatility hedge, whereby the underlying the option is a basket of risk-recycled single stocks. | \*\*MSQSPB12 Index: This is a long volatility hedge, whereby the underlying the option is a basket of risk-recycled single stocks. |
|  | **Top Underlying Components** | **Notional** | **Percentage of Notional** |
| Currency | United States Dollar | $83199684 | 95.60% |
| Future | S&P500 EMINI FUTURES December 25 | 2901625 | 3.33% |
|  | CBOE VIX FUTURES October 25  | (2804321) | -3.22% |
|  | CBOE VIX FUTURES November 25  | 1089068 | 1.25% |
|  | CBOE VIX FUTURES January 26  | 890267 | 1.02% |
|  | CBOE VIX FUTURES December 25  | 758842 | 0.87% |
|  | September 26 Puts on SPX  | 37061 | 0.04% |
| Option | October 25 Calls on SPX | 220024 | 0.25% |
|  | August 26 Puts on SPX  | 111229 | 0.13% |
|  | July 26 Puts on SPX  | 78471 | 0.09% |
|  | May 26 Puts on SPX  | 78446 | 0.09% |
|  | November 25 Calls on SPX  | 77760 | 0.09% |
|  | April 26 Puts on SPX  | 69357 | 0.08% |
|  | November 25 Puts on SPX  | 67967 | 0.08% |
|  | March 26 Puts on SPX  | 65198 | 0.07% |
|  | June 26 Puts on SPX  | 64321 | 0.07% |
|  | February 26 Puts on SPX  | 42068 | 0.05% |
|  | October 25 Puts on SPX  | 41334 | 0.05% |
|  | December 25 Puts on SPX  | 19263 | 0.02% |
|  | January 26 Puts on SPX  | 17635 | 0.02% |

---

---

| | | | |
|:---|:---|:---|:---|
| \*\*NMIVRU3X Index: The index sells ATMF 3m10y swaptions on a daily basis, delta-hedged with IRS until expiry. | \*\*NMIVRU3X Index: The index sells ATMF 3m10y swaptions on a daily basis, delta-hedged with IRS until expiry. | \*\*NMIVRU3X Index: The index sells ATMF 3m10y swaptions on a daily basis, delta-hedged with IRS until expiry. | \*\*NMIVRU3X Index: The index sells ATMF 3m10y swaptions on a daily basis, delta-hedged with IRS until expiry. |
|  | **Top Underlying Components** | **Notional** | **Percentage of Notional** |
| Index | Nomura Interest Rate Volatility Risk Premium USD 3M10Y Index | $745046 | 100.00% |

---

**THE ADVISORS' INNER CIRCLE FUND III**

**FS MULTI-STRATEGY** 

**ALTERNATIVES FUND** 

**SEPTEMBER 30, 2025** 

**(Unaudited)** 

\*\*NMSY2RNU Index: Currency selection strategy using mean reversion signals.

---

| | | | |
|:---|:---|:---|:---|
| | **Top Underlying Components** | **Notional** | **Percentage of Notional** |
| Currency | New Zealand Dollar Spot | $10136087 | 13.46% |
|  | Australian Dollar Spot  | (8718519) | -11.58% |
|  | Canadian Dollar Spot  | 5000845 | 6.64% |
|  | Norwegian Krone Spot  | (3008293) | -3.99% |
|  | Euro Spot  | (2028683) | -2.69% |
|  | British Pound Spot  | 1661120 | 2.21% |
|  | Swiss Franc Spot  | (1548784) | -2.06% |
|  | Swedish Krona Spot  | (1526778) | -2.03% |
|  | Japanese Yen Spot  | 851246 | 1.13% |
| \*\*SGMDSBVH Index: This strategy seeks to monetize mispricing of downside risk by selling short-term S&P 500 puts while utilizing exposure to VIX futures to provide convex down-side protection. | \*\*SGMDSBVH Index: This strategy seeks to monetize mispricing of downside risk by selling short-term S&P 500 puts while utilizing exposure to VIX futures to provide convex down-side protection. | \*\*SGMDSBVH Index: This strategy seeks to monetize mispricing of downside risk by selling short-term S&P 500 puts while utilizing exposure to VIX futures to provide convex down-side protection. | \*\*SGMDSBVH Index: This strategy seeks to monetize mispricing of downside risk by selling short-term S&P 500 puts while utilizing exposure to VIX futures to provide convex down-side protection. |
|  | **Top Underlying Components** | **Notional** | **Percentage of Notional** |
| Index | SGI VSTEP Threshold Index | $74285266 | 100.00% |
| \*\*UBCSGGV3 Index: An equal risk weighted combination of the UBS filtered Value strategy, which applies a Quality and Momentum filter when identifying value stocks, and their Fundamental Growth strategy, which aims to identify companies with sustainable growth. | \*\*UBCSGGV3 Index: An equal risk weighted combination of the UBS filtered Value strategy, which applies a Quality and Momentum filter when identifying value stocks, and their Fundamental Growth strategy, which aims to identify companies with sustainable growth. | \*\*UBCSGGV3 Index: An equal risk weighted combination of the UBS filtered Value strategy, which applies a Quality and Momentum filter when identifying value stocks, and their Fundamental Growth strategy, which aims to identify companies with sustainable growth. | \*\*UBCSGGV3 Index: An equal risk weighted combination of the UBS filtered Value strategy, which applies a Quality and Momentum filter when identifying value stocks, and their Fundamental Growth strategy, which aims to identify companies with sustainable growth. |
|  | **Top Underlying Components** | **Notional** | **Percentage of Notional** |
| Currency | US Dollar Spot | $32504228 | 58.65% |
| Equity | Newmont Corp | 611461 | 1.10% |
|  | Exelixis Inc  | 582510 | 1.05% |
|  | Evergy Inc  | 574296 | 1.04% |
|  | Welltower Inc  | 569879 | 1.03% |
|  | FirstEnergy Corp  | 565488 | 1.02% |
|  | Sempra Energy  | (564483) | -1.02% |
|  | CF Industries Holdings Inc  | 557414 | 1.01% |
|  | Exelon Corp  | 554728 | 1.00% |
|  | Arthur J Gallagher & Co  | (551961) | -1.00% |
|  | Suncor Energy Inc  | 549136 | 0.99% |
|  | F5 Inc  | 549058 | 0.99% |
|  | Canadian Natural Resources Ltd  | 548923 | 0.99% |
|  | Phillips 66  | (548170) | -0.99% |
|  | DTE Energy Co  | 547125 | 0.99% |
|  | Aeon Co Ltd  | (537598) | -0.97% |
|  | Novartis AG  | 535079 | 0.97% |
|  | Commonwealth Bank of Australia  | (534239) | -0.96% |
|  | National Australia Bank Ltd  | (523808) | -0.95% |
|  | American Water Works Co Inc  | (522131) | -0.94% |
|  | Nippon Yusen KK  | 516330 | 0.93% |
|  | Weyerhaeuser Co  | (515863) | -0.93% |
|  | Bristol-Myers Squibb Co  | 514603 | 0.93% |
|  | McCormick & Co Inc  | (511867) | -0.92% |
|  | T-Mobile US Inc  | 511397 | 0.92% |
|  | TransUnion  | (510202) | -0.92% |
|  | Honda Motor Co Ltd  | (509837) | -0.92% |
|  | Barrick Mining Corp  | 508888 | 0.92% |
|  | Daiichi Sankyo Co Ltd  | (508674) | -0.92% |
|  | Dow Inc  | (501180) | -0.90% |
|  | London Stock Exchange Group PLC  | (498275) | -0.90% |
|  | SBI Holdings Inc  | 494095 | 0.89% |
|  | BHP Group Ltd  | 487455 | 0.88% |
|  | Snap-on Inc  | 484786 | 0.87% |

---

**THE ADVISORS' INNER CIRCLE FUND III**

**FS MULTI-STRATEGY** 

**ALTERNATIVES FUND** 

**SEPTEMBER 30, 2025** 

**(Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Top Underlying Components** | **Notional** | **Percentage of Notional** |
| Toronto-Dominion Bank/The  | $478821 | 0.86% |
| Holcim Ltd  | 476165 | 0.86% |
| Carrier Global Corp  | (475623) | -0.86% |
| Caterpillar Inc  | 473596 | 0.85% |
| Masco Corp  | 472856 | 0.85% |
| A O Smith Corp  | 466205 | 0.84% |
| KeyCorp  | (464705) | -0.84% |
| Omega Healthcare Investors Inc  | 461032 | 0.83% |
| Canon Inc  | 460285 | 0.83% |
| NEC Corp  | 459112 | 0.83% |
| Bridgestone Corp  | 447673 | 0.81% |
| Panasonic Holdings Corp  | 447216 | 0.81% |
| Jefferies Financial Group Inc  | (447000) | -0.81% |
| Rio Tinto PLC  | 443815 | 0.80% |
| Glencore PLC  | (442993) | -0.80% |
| Altria Group Inc  | 442513 | 0.80% |

---

Amounts designated as "—" are either $0 or have been rounded to $0.

---

| | | | | |
|:---|:---|:---|:---|:---|
| As of September 30, 2025, the open Reverse Repurchase Agreements held by the Fund are listed below: | As of September 30, 2025, the open Reverse Repurchase Agreements held by the Fund are listed below: | As of September 30, 2025, the open Reverse Repurchase Agreements held by the Fund are listed below: | As of September 30, 2025, the open Reverse Repurchase Agreements held by the Fund are listed below: | As of September 30, 2025, the open Reverse Repurchase Agreements held by the Fund are listed below: |
| **Principal Amount (000)**  | **Counterparty** | **Rate** | **Maturity** | **Value (000)** |
| $(1606) | Bank of America | 4.47% | 01/26/2026 | $(1606) |
| (6425) | Bank of America | 4.50% | 01/26/2026 | (6425) |
| (1846) | Bank of America | 4.55% | 01/15/2026 | (1846) |
| (2013) | JPMorgan Chase | 4.57% | 01/08/2026 | (2013) |
| (3972) | Bank of America | 4.64% | 01/15/2026 | (3972) |
| (4000) | Bank of America | 4.64% | 01/15/2026 | (4000) |
| (8051) | JPMorgan Chase | 4.74% | 11/19/2025 | (8051) |
| (4005) | JPMorgan Chase | 4.88% | 11/12/2025 | (4005) |
| (2400) | Bank of America | 4.88% | 10/14/2025 | (2400) |
| (3354) | Bank of America | 4.88% | 10/14/2025 | (3354) |
| (3972) | Bank of America | 4.88% | 10/14/2025 | (3972) |
| (5772) | Bank of America | 4.88% | 10/14/2025 | (5772) |
| (8013) | Bank of America | 4.88% | 10/14/2025 | (8013) |
| (1995) | JPMorgan Chase | 4.89% | 10/01/2025 | (1995) |
| (3990) | Citigroup | 4.90% | 10/10/2025 | (3990) |
| (6131) | Bank of America | 4.91% | 01/26/2026 | (6131) |
| (3361) | JPMorgan Chase | 4.92% | 10/10/2025 | (3361) |
| (3496) | JPMorgan Chase | 4.92% | 10/10/2025 | (3496) |
| (4801) | JPMorgan Chase | 5.88% | 11/12/2025 | (4801) |
|  |  |  |  | $(79203) |

---

For the period ended September 30, 2025, the daily average borrowing and interest rate under the reverse repurchase agreements were $81,805 (000) and 4.83%, respectively.

See "Glossary" for abbreviations.

**THE ADVISORS' INNER CIRCLE FUND III**

 **FS MULTI-STRATEGY ALTERNATIVES FUND** 

**SEPTEMBER 30, 2025 (Unaudited)** 

**(Unaudited)** 

---

| |
|:---|
| **Glossary** |
| **Currency Abbreviations** |
| AUD — Australian Dollar |
| BRL — Brazilian Real |
| CAD — Canadian Dollar |
| CHF — Swiss Franc |
| CLP — Chilean Peso |
| CNH — Chinese Yuan Offshore |
| COP — Colombian Peso |
| EUR — Euro |
| GBP — British Pound Sterling |
| HKD — Hong Kong Dollar |
| IDR — Indonesian Rupiah |
| INR — Indian Rupee |
| JPY — Japanese Yen |
| KRW — Korean Won |
| NOK — Norwegian Krone |
| NZD — New Zealand Dollar |
| PEN — Peruvian Sol |
| PHP — Philippines Peso |
| SEK — Swedish Krona |
| USD — U.S. Dollar |

---

---

| |
|:---|
| **Portfolio Abbreviations** |
| ADR — American Depositary Receipt |
| Cl — Class |
| CLO — Collateralized Loan Obligation |
| ETF — Exchange-Traded Fund |
| EUR003M — 3 Months EURIBOR rate |
| EURIBOR — Euro London Interbank Offered Rate |
| G10 — Group of Ten |
| H15T5Y — 5 Year US Treasury Yield Curve Constant Maturity Rate |
| HIBOR — Hong Kong Interbank Offered Rate |
| IO — Interest Only  |
| OTC — Over the Counter |
| PIK — Payment-in-Kind |
| PPP — Purchasing Power Parity |
| Ser — Series |
| SOFR — Secured Overnight Financing Rate |
| SOFR30A — Secured Overnight Financing Rate 30-Day Average |
| SONIA — Sterling Overnight Index Average |
| SONIA/N — Sterling Overnight Index Average index with a lookback period of 'N' days |
| SPDR — Standard & Poor's Depository Receipt |
| TBA — To Be Announced |
| TSFR1M — 1 Month CME Term Secured Overnight Financing Rate |
| TSFR3M — 3 Month CME Term Secured Overnight Financing Rate |

---

CHI-QH-002-0700

## 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:** FS Multi-Strategy Alternatives Fund

- **b. EDGAR series identifier (if any):** S000075444

- **c. LEI of Series:** 549300E0668BUMX3FG88

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

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $5407551926.36

**Total Liabilities:** $3695262679.36

**Net Assets:** $1712289247.00

**Cash Not Reported:** $200822157.43

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000234545 | -0.52%               | 1.23%                | 0.98%                |
| Class ID C000234546 | -5.49%               | -3.79%               | -4.16%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $14745866.38             | $-28320496.43                              |
| Month 2  | $11523660.04             | $26216724.18                               |
| Month 3  | $30131414.53             | $-44737779.23                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| N/A                                                 | BANK OF AMERICA COLLATERAL BALANCE FS FUNDS                              | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |      580000 | PA      | $580000.00      | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| CORNERSTONE BUILDING BRANDS, INC.                   | CORNERSTONE BUILDING BRANDS INC 144A 6.125000% 01/15/2029                | CUSIP: 21925DAA7<br>LEI: 549300IW41QEWQ6T0H29 | Long             | DBT              | CORP              | US        |     1500000 | PA      | $1218972.90     | 0.07%             | 2029-01-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| FLEXENTIAL LLC                                      | FLEXENTIAL ISSUER 2021-1 FLX 2021-1A A2                                  | CUSIP: 33938MAA7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     5868000 | PA      | $5695951.41     | 0.33%             | 2051-11-27      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                         | FREDDIE MAC REMICS FHR 5332 SA                                           | CUSIP: 3137HADS2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    73121254 | PA      | $4225399.41     | 0.25%             | 2053-08-25      | Floating      | 1.64%                 | No            |                  2 | On Loan: No      |
| N/A                                                 | BRK: JP MORGAN CHASE BANK NA COL: 05613YAA1                              | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               |  | US        |    -4005000 | PA      | $-4005000.00    | -0.23%            |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association            | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2011-70 WI                  | CUSIP: 38377WMN1<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    14980586 | PA      | $971032.63      | 0.06%             | 2040-12-20      | Floating      | 0.60%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO COMMERCIAL MORTGAGE TRUST               | WELLS FARGO COMMERCIAL MORTGAGE TRUST 2024-MGP WFCM 2024-MGP D11         | CUSIP: 95003TAG8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     2000000 | PA      | $2002562.00     | 0.12%             | 2041-08-15      | Floating      | 7.84%                 | Yes           |                  2 | On Loan: No      |
| RATE MORTGAGE TRUST                                 | RATE MORTGAGE TRUST 2021-J3 RATE 2021-J3 AX1                             | CUSIP: 75409TBN4<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |     1946451 | PA      | $20528.83       | 0.00%             | 2051-10-25      | Floating      | 0.21%                 | Yes           |                  2 | On Loan: No      |
| Bank of America                                     | BAML Commodity Vol TRS                                                   | CUSIP: N/A<br>LEI: B4TYDEB6GKMZO031MB27       | N/A              | DE               |  | US        |      170315 | NC      | $570793.69      | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| USD-SOFR 3.3325% 09/08/2026                         | USD-SOFR 3.3325% 09/08/2026 EXPIRATION: 09/08/2026                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |  -500000000 | NC      | $-1065036.55    | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| NYMT LOAN TRUST                                     | NYMT LOAN TRUST 2025-INV2 NYMT 2025-INV2 B1                              | CUSIP: 62957JAJ0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     2000000 | PA      | $1994241.51     | 0.12%             | 2060-10-25      | Floating      | 6.99%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association            | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2025-120 GS                 | CUSIP: 38381N4R6<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    39785717 | PA      | $1562377.87     | 0.09%             | 2054-06-20      | Floating      | 1.01%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                         | FREDDIE MAC REMICS FHR 5250 SA                                           | CUSIP: 3137H8RP8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    38157074 | PA      | $3091600.61     | 0.18%             | 2052-08-25      | Floating      | 0.97%                 | No            |                  2 | On Loan: No      |
| Regal Rexnord Corporation                           | REGAL REXNORD CORP 6.050000% 04/15/2028                                  | CUSIP: 758750AM5<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |     2570000 | PA      | $2658490.65     | 0.16%             | 2028-04-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| CMS ENERGY CORPORATION                              | CMS ENERGY CORP COMMON STOCK                                             | CUSIP: 125896100<br>LEI: 549300IA9XFBAGNIBW29 | Short            | EC               |  | US        |      -44376 | NS      | $-3250985.76    | -0.19%            |  |  |  | No            |                  1 | On Loan: No      |
| WELLS FARGO COMMERCIAL MORTGAGE TRUST               | WELLS FARGO COMMERCIAL MORTGAGE TRUST 2015-P2 WFCM 2015-P2 D             | CUSIP: 95000AAC1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      120000 | PA      | $115242.32      | 0.01%             | 2048-12-15      | Fixed         | 3.24%                 | No            |                  2 | On Loan: No      |
| JPMBB COMMERCIAL MORTGAGE SECURITIES TRUST          | JPMBB COMMERCIAL MORTGAGE SECURITIES TRUST 2014-C1 JPMBB 2014-C19 F      | CUSIP: 46641WAL1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      208711 | PA      | $199709.16      | 0.01%             | 2047-04-15      | Floating      | 3.75%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY, INC.                                | NextEra Energy Inc PREFERRED STOCK                                       | CUSIP: 65339F663<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EP               |  | US        |       27003 | NS      | $1346639.61     | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| JUNIPER VALLEY PARK CLO LTD                         | JUNIPER VALLEY PARK CLO LTD JNPPK 2023-1A ERR                            | CUSIP: 48206RAG6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |     2770000 | PA      | $2770000.00     | 0.16%             | 2036-07-20      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| EMERGENT AUTO RECEIVABLES TRUST                     | ENT AUTO RECEIVABLES TRUST 2023-1 ENT 2023-1A D                          | CUSIP: 293601AN0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     1560000 | PA      | $1641960.06     | 0.10%             | 2031-03-17      | Fixed         | 7.70%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association            | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2025-120 MS                 | CUSIP: 38381N5S3<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    50284545 | PA      | $3305704.48     | 0.19%             | 2053-05-20      | Floating      | 1.76%                 | No            |                  2 | On Loan: No      |
| NEUBERGER BERMAN LOAN ADVISERS LLC                  | NEUBERGER BERMAN LOAN ADVISERS CLO 29 LTD NEUB 2018-29A A2R              | CUSIP: 64130XAU0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    11700000 | PA      | $11703673.80    | 0.68%             | 2039-01-19      | Floating      | 5.85%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                 | 3 MONTH SOFR FUT  MAR26 FINANCIAL COMMODITY FUTURE.                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        -927 | NC      | $-223650337.50  | -13.06%           |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association            | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2025-120 CI                 | CUSIP: 38381N7W2<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |      256895 | PA      | $48626.62       | 0.00%             | 2049-10-20      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| FIGRE TRUST                                         | FIGRE TRUST 2024-HE6 FIGRE 2024-HE6 A                                    | CUSIP: 31684DAA7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     3799216 | PA      | $3847132.10     | 0.22%             | 2054-12-25      | Floating      | 5.72%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association            | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2022-23 WI                  | CUSIP: 38383MNG9<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |     8400186 | PA      | $1906956.48     | 0.11%             | 2052-02-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                         | FREDDIE MAC STRIPS FHS 406 S43                                           | CUSIP: 3142G5YH5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    34026421 | PA      | $2843161.31     | 0.17%             | 2053-10-25      | Floating      | 2.84%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association               | FANNIE MAE REMICS FNR 2021-87 GI                                         | CUSIP: 3136BKLN0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    23963275 | PA      | $4538749.66     | 0.27%             | 2051-12-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE BANK N.A.                           | WF-IRS 15MTH PAY FIXED 3.87950                                           | CUSIP: S62051480<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DIR              |  | US        |    17000000 | NC      | $-44591.55      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GS MORTGAGE SECURITIES TRUST                        | GSMS TRUST 2024-FAIR GSMS 2024-FAIR D                                    | CUSIP: 36270JAG0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     2750000 | PA      | $2835489.80     | 0.17%             | 2029-07-15      | Floating      | 8.21%                 | Yes           |                  2 | On Loan: No      |
| JP MORGAN CHASE BANK N.A.                           | WF-IRS 2YR PAY FIXED 3.671000                                            | CUSIP: S62051482<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DIR              |  | US        |    17142000 | NC      | $-56689.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HERTZ VEHICLE FINANCING III LLC                     | HERTZ VEHICLE FINANCING LLC HERTZ 2022-5A D                              | CUSIP: 42806MBQ1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     1370000 | PA      | $1366906.40     | 0.08%             | 2028-09-25      | Fixed         | 6.78%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                 | JP MORGAN COLLATERAL BALANCE FS FUNDS                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |     4000000 | PA      | $4000000.00     | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| GALAXY CLO, LTD                                     | GALAXY XXVI CLO LTD GALXY 2018-26A E                                     | CUSIP: 36321MAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1500000 | PA      | $1494475.50     | 0.09%             | 2031-11-22      | Floating      | 10.32%                | No            |                  2 | On Loan: No      |
| FREDDIE MAC STACR REMIC TRUST                       | FREDDIE MAC STACR REMIC TRUST 2023-DNA2 STACR 2023-DNA2 B1               | CUSIP: 35564KW70<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |     1900000 | PA      | $2138089.00     | 0.12%             | 2043-04-25      | Floating      | 11.95%                | Yes           |                  2 | On Loan: No      |
| ARBOR REALTY COMMERCIAL REAL ESTATE NOTES LTD       | ARBOR REALTY COMMERCIAL REAL ESTATE NOTES 2022-FL1 ARCLO 2022-FL1 D      | CUSIP: 03880XAJ5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1580000 | PA      | $1580199.08     | 0.09%             | 2037-01-15      | Floating      | 7.37%                 | Yes           |                  2 | On Loan: No      |
| BRAVO RESIDENTIAL FUNDING TRUST                     | BRAVO RESIDENTIAL FUNDING TRUST 2024-CES2 BRAVO 2024-CES2 A1A            | CUSIP: 10570PAA1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     8350682 | PA      | $8398882.70     | 0.49%             | 2054-09-25      | Fixed         | 5.55%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association               | FANNIE MAE REMICS FNR 2024-90 SB                                         | CUSIP: 3136BTXE8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    82020887 | PA      | $4287166.14     | 0.25%             | 2053-11-25      | Floating      | 1.39%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association            | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2025-120 SC                 | CUSIP: 38381N6K9<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    27799990 | PA      | $1153379.89     | 0.07%             | 2055-03-20      | Floating      | 0.91%                 | No            |                  2 | On Loan: No      |
| LADDER CAPITAL FINANCE HOLDINGS LLLP                | LADDER CAPITAL FINANCE HOLDINGS LLLP / LADDER CAPI 5.500000% 08/01/2030  | CUSIP: 505742AS5<br>LEI: 254900TBF2Z4GR7NSX02 | Long             | DBT              | CORP              | US        |     1627000 | PA      | $1658889.20     | 0.10%             | 2030-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FIRSTENERGY CORP.                                   | FIRSTENERGY CORP COMMON STOCK                                            | CUSIP: 337932107<br>LEI: 549300SVYJS666PQJH88 | Short            | EC               |  | US        |      -73153 | NS      | $-3351870.46    | -0.20%            |  |  |  | No            |                  1 | On Loan: No      |
| VERUS SECURITIZATION TRUST                          | VERUS SECURITIZATION TRUST 2024-3 VERUS 2024-3 B2                        | CUSIP: 92540MAF2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      120000 | PA      | $121321.79      | 0.01%             | 2069-04-25      | Floating      | 8.38%                 | Yes           |                  2 | On Loan: No      |
| CIFC FUNDING LTD                                    | CIFC FUNDING 2021-VII LTD CIFC 2021-7A ER                                | CUSIP: 12567KAE5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1500000 | PA      | $1498060.50     | 0.09%             | 2035-01-23      | Floating      | 9.13%                 | Yes           |                  2 | On Loan: No      |
| Bausch + Lomb Corporation                           | BAUSCH + LOMB CORP 144A 8.375000% 10/01/2028                             | CUSIP: 071705AA5<br>LEI: 549300NY6OZM39SO6475 | Long             | DBT              | NUSS              | US        |     1506000 | PA      | $1569534.38     | 0.09%             | 2028-10-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| EURIBOR 2.068% 09/07/2026                           | EURIBOR 2.068% 09/07/2026 EXPIRATION: 09/07/2026                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | XX        | -1000000000 | NC      | $-457551.05     | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| FLEXENTIAL LLC                                      | FLEXENTIAL ISSUER 2021-1 FLX 2021-1A C                                   | CUSIP: 33938MAC3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     5000000 | PA      | $4915449.00     | 0.29%             | 2051-11-27      | Fixed         | 6.93%                 | Yes           |                  2 | On Loan: No      |
| XHR LP                                              | XHR LP 144A 6.625000% 05/15/2030                                         | CUSIP: 98372MAE5<br>LEI: 549300M88BPT83ZL2164 | Long             | DBT              | CORP              | US        |      617000 | PA      | $633950.84      | 0.04%             | 2030-05-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| TPG RE FINANCE TRUST, INC.                          | TPG RE Finance Trust Inc PREFERRED STOCK                                 | CUSIP: 87266M206<br>LEI: N/A                  | Long             | EP               |  | US        |       12403 | NS      | $220153.25      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| SIXTH STREET LENDING PARTNERS                       | SIXTH STREET LENDING PARTNERS 5.750000% 01/15/2030                       | CUSIP: 829932AD4<br>LEI: 549300S9P1HMDERGCR64 | Long             | DBT              | CORP              | US        |     1601000 | PA      | $1626829.83     | 0.10%             | 2030-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| RADNOR RE/ESSENT                                    | RADNOR RE 2021-2 LTD RMIR 2021-2 M2                                      | CUSIP: 75049GAC3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     6000000 | PA      | $6259695.00     | 0.37%             | 2031-11-25      | Floating      | 9.36%                 | Yes           |                  2 | On Loan: No      |
| GAMESTOP CORP.                                      | GAMESTOP CORP-CLASS A COMMON STOCK                                       | CUSIP: 36467W109<br>LEI: 549300505KLOET039L77 | Short            | EC               |  | US        |     -117760 | NS      | $-3212492.80    | -0.19%            |  |  |  | No            |                  1 | On Loan: No      |
| DELEK LOGISTICS PARTNERS, LP                        | DELEK LOGISTICS PARTNERS LP / DELEK LOGISTICS FINA 7.125000% 06/01/2028  | CUSIP: 24665FAC6<br>LEI: 549300UVYITDIU51P724 | Long             | DBT              | CORP              | US        |     3223000 | PA      | $3233432.85     | 0.19%             | 2028-06-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                         | FREDDIE MAC REMICS FHR 5416 SC                                           | CUSIP: 3137HD6J4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    35977042 | PA      | $3100228.09     | 0.18%             | 2054-06-25      | Floating      | 2.64%                 | No            |                  2 | On Loan: No      |
| KAPITUS ASSET SECURITIZATION LLC                    | KAPITUS ASSET SECURITIZATION V LLC KAPT 2025-1A D                        | CUSIP: 48555NAD9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      550000 | PA      | $549560.00      | 0.03%             | 2032-04-10      | Fixed         | 10.92%                | Yes           |                  2 | On Loan: No      |
| BNP Paribas                                         | BNP Paribas FX Mean Reversion G10 Selection USD Index                    | CUSIP: TFXMRGU02<br>LEI: 74KKBLHM4AWY05GPNY79 | N/A              | DE               |  | US        |      227073 | NC      | $-122483.18     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| DEXCOM, INC.                                        | DEXCOM INC 0.375000% 05/15/2028                                          | CUSIP: 252131AM9<br>LEI: 549300YSK3QDSFR5EU59 | Long             | DBT              | CORP              | US        |     6546000 | PA      | $5966679.00     | 0.35%             | 2028-05-15      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| NOMURA GLOBAL FINANCIAL PRODUCTS                    | Nomura Interest Rate Volatility Risk Premium USD 3M10Y Index             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         452 | NC      | $244627.82      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                 | 3 MONTH SOFR FUT  DEC25 FINANCIAL COMMODITY FUTURE.                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        -927 | NC      | $-223210012.50  | -13.04%           |  |  |  | No            |                  1 | On Loan: No      |
| WELLS FARGO COMMERCIAL MORTGAGE TRUST               | WELLS FARGO COMMERCIAL MORTGAGE TRUST 2025-B33RP WFCM 2025-B33RP E       | CUSIP: 95004RAJ5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     3630000 | PA      | $3623892.16     | 0.21%             | 2042-08-15      | Floating      | 7.65%                 | Yes           |                  2 | On Loan: No      |
| JETBLUE AIRWAYS CORPORATION                         | JETBLUE AIRWAYS CORP / JETBLUE LOYALTY LP 144A 9.875000% 09/20/2031      | CUSIP: 476920AA1<br>LEI: 54930070J9H97ZO93T57 | Long             | DBT              | NUSS              | US        |     1193000 | PA      | $1210026.50     | 0.07%             | 2031-09-20      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                                    | SG V-Step TRS                                                            | CUSIP: TMDSBVH01<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DE               |  | US        |       19425 | NC      | $-14763.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                 | BLCKRCK CASH-TRSRY-INST MONEY MARKET                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |    15092204 | PA      | $15092204.13    | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| CHARTER COMMUNICATIONS OPERATING, LLC               | CHARTER COMMUNICATIONS OPERATING LLC / CHARTER COM 6.100000% 06/01/2029  | CUSIP: 161175CQ5<br>LEI: 549300TPZNMN50BJ3745 | Long             | DBT              | CORP              | US        |     2394000 | PA      | $2512247.44     | 0.15%             | 2029-06-01      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| United States of America                            | TREASURY BILL 0.000000% 10/02/2025                                       | CUSIP: 912797MS3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    13000000 | PA      | $12998547.90    | 0.76%             | 2025-10-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch                                       | FS AI Factor Short                                                       | CUSIP: TFSSGLB01<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               |  | US        |     5331674 | NC      | $-53228.36      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BX TRUST                                            | BX TRUST 2024-VLT4 BX 2024-VLT4 F                                        | CUSIP: 05612TAL9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     3750000 | PA      | $3754620.75     | 0.22%             | 2041-06-15      | Floating      | 8.09%                 | Yes           |                  2 | On Loan: No      |
| PARK-OHIO INDUSTRIES, INC.                          | PARK-OHIO INDUSTRIES INC 144A 8.500000% 08/01/2030                       | CUSIP: 700677AS6<br>LEI: 5493006LQUO5SLMNYM18 | Short            | DBT              | CORP              | US        |    -1771000 | PA      | $-1835871.73    | -0.11%            | 2030-08-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| CARVANA AUTO RECEIVABLES TRUST                      | CARVANA AUTO RECEIVABLES TRUST 2025-N1 CRVNA 2025-N1 E                   | CUSIP: 14688XAG2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     5058000 | PA      | $5150082.91     | 0.30%             | 2032-08-10      | Fixed         | 7.73%                 | Yes           |                  2 | On Loan: No      |
| ILFC E-CAPITAL TRUST I                              | ILFC E-CAPITAL TRUST I 144A VARIABLE RATE 12/21/2065                     | CUSIP: 44965TAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3180000 | PA      | $2686125.01     | 0.16%             | 2065-12-21      | Floating      | 6.27%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                         | FREDDIE MAC REMICS FHR 5344 SA                                           | CUSIP: 3137HAN51<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    51056869 | PA      | $2387470.24     | 0.14%             | 2053-10-25      | Floating      | 1.29%                 | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE BANK N.A.                           | Credit Default Swap                                                      | CUSIP: CD6205305<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DCR              |  | US        |     1500000 | NC      | $-126552.09     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST, INC.                       | STARWOOD PROPERTY TRUST INC 144A 7.250000% 04/01/2029                    | CUSIP: 85571BBB0<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |     1488000 | PA      | $1562467.29     | 0.09%             | 2029-04-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association            | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2024-H14 AI                 | CUSIP: 38383KG22<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |     2430460 | PA      | $167551.06      | 0.01%             | 2074-08-20      | Floating      | 0.68%                 | No            |                  2 | On Loan: No      |
| SPX FLOW, INC.                                      | SPX FLOW INC 144A 8.750000% 04/01/2030                                   | CUSIP: 758071AA2<br>LEI: 5493003YXEKRBINIEM78 | Long             | DBT              | CORP              | US        |     5657000 | PA      | $5811164.56     | 0.34%             | 2030-04-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO COMMERCIAL MORTGAGE TRUST               | WELLS FARGO COMMERCIAL MORTGAGE TRUST 2025-AGLN WFCM 2025-AGLN E         | CUSIP: 94990HAJ6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     3070000 | PA      | $3060025.88     | 0.18%             | 2037-07-15      | Floating      | 8.34%                 | Yes           |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                             | EJF Financials Services                                                  | CUSIP: TSCBEJF39<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |     1075393 | NC      | $-5783343.11    | -0.34%            |  |  |  | No            |                  2 | On Loan: No      |
| ACREC LTD                                           | ACREC 2025 FL 3 LLC ACREC 2025-FL3 A                                     | CUSIP: 00112HAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     5000000 | PA      | $4999975.00     | 0.29%             | 2042-08-18      | Floating      | 5.45%                 | Yes           |                  2 | On Loan: No      |
| GENERATE CLO LTD                                    | GENERATE CLO 3 LTD GNRT 3A E2R                                           | CUSIP: 98625VAN0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1250000 | PA      | $1254087.50     | 0.07%             | 2036-10-20      | Floating      | 12.16%                | No            |                  2 | On Loan: No      |
| SUPER MICRO COMPUTER, INC.                          | SUPER MICRO COMPUTER INC COMMON STOCK                                    | CUSIP: 86800U302<br>LEI: 54930022CZO1N2UGVW07 | Short            | EC               |  | US        |      -29000 | NS      | $-1390260.00    | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| Trivium Packaging Finance B.V.                      | TRIVIUM PACKAGING FINANCE BV 144A 8.250000% 07/15/2030                   | CUSIP: 89686QAD8<br>LEI: 724500GMZWW3PVYET548 | Long             | DBT              | NUSS              | NL        |     1528000 | PA      | $1629984.83     | 0.10%             | 2030-07-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| GENERATE CLO LTD                                    | GENERATE CLO 14 LTD GNRT 2024-14A E                                      | CUSIP: 37149TAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1780000 | PA      | $1785215.40     | 0.10%             | 2037-04-22      | Floating      | 11.07%                | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                         | FREDDIE MAC REMICS FHR 5481 SA                                           | CUSIP: 3137HHRB9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   114009590 | PA      | $3345520.20     | 0.20%             | 2054-12-25      | Floating      | 0.64%                 | No            |                  2 | On Loan: No      |
| ELMWOOD CLO                                         | ELMWOOD CLO 21 LTD ELM21 2022-8A ER                                      | CUSIP: 29002DAG3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1887000 | PA      | $1903699.95     | 0.11%             | 2036-10-20      | Floating      | 10.83%                | Yes           |                  2 | On Loan: No      |
| LFS TOPCO LLC                                       | LFS TOPCO LLC 144A 8.750000% 07/15/2030                                  | CUSIP: 50203TAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3473000 | PA      | $3488647.57     | 0.20%             | 2030-07-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                         | FREDDIE MAC REMICS FHR 5134 BI                                           | CUSIP: 3137H1WU6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    18107086 | PA      | $4389867.43     | 0.26%             | 2051-08-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ANCHORAGE CAPITAL CLO LTD                           | ANCHORAGE CAPITAL CLO 21 LTD ANCHC 2021-21A ER                           | CUSIP: 03331LAJ6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      470000 | PA      | $468182.51      | 0.03%             | 2034-10-20      | Floating      | 10.58%                | Yes           |                  2 | On Loan: No      |
| PG&E CORPORATION                                    | PG&E CORP 4.250000% 12/01/2027                                           | CUSIP: 69331CAL2<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |     6861000 | PA      | $6938529.30     | 0.41%             | 2027-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| FIGRE TRUST                                         | FIGRE TRUST 2024-HE4 FIGRE 2024-HE4 A                                    | CUSIP: 31684UAA9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     7851508 | PA      | $7880264.01     | 0.46%             | 2054-09-25      | Floating      | 5.06%                 | Yes           |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST                            | SERVICE PROPERTIES TRUST 3.950000% 01/15/2028                            | CUSIP: 44106MAX0<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |     3820000 | PA      | $3575005.45     | 0.21%             | 2028-01-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| N/A                                                 | DEUTSCHE BANK COLLATERAL BALANCE FS FUNDS                                | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |      130000 | PA      | $130000.00      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| ZSCALER, INC.                                       | ZSCALER INC COMMON STOCK                                                 | CUSIP: 98980G102<br>LEI: 529900MZ0RTK1BWRNF46 | Short            | EC               |  | US        |       -7779 | NS      | $-2331055.14    | -0.14%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                 | BRK: JP MORGAN CHASE BANK NA COL: 34461WAA8                              | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               |  | US        |    -2013000 | PA      | $-2013000.00    | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| NOMURA GLOBAL FINANCIAL PRODUCTS                    | Nomura G10 FX Mean Reversion 25x TRS                                     | CUSIP: N/A<br>LEI: 0Z3VO5H2G7GRS05BHJ91       | N/A              | DE               |  | US        |      310800 | NC      | $441336.38      | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| MARLETTE FUNDING TRUST                              | MARLETTE FUNDING TRUST 2023-2 MFT 2023-2A D                              | CUSIP: 57109LAD5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     1670000 | PA      | $1706042.11     | 0.10%             | 2033-06-15      | Fixed         | 7.92%                 | Yes           |                  2 | On Loan: No      |
| SABLE INTERNATIONAL FINANCE LIMITED                 | SABLE INTERNATIONAL FINANCE LTD 144A 7.125000% 10/15/2032                | CUSIP: 785712AK6<br>LEI: 2138009IE9A35LO5JS73 | Long             | DBT              | NUSS              | PA        |      901000 | PA      | $914864.59      | 0.05%             | 2032-10-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| MUVICO, LLC                                         | MUVICO LLC 144A 15.000000% 02/19/2029                                    | CUSIP: 62844JAE8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2490000 | PA      | $2700305.40     | 0.16%             | 2029-02-19      | Fixed         | 15.00%                | No            |                  2 | On Loan: No      |
| AKAMAI TECHNOLOGIES, INC.                           | AKAMAI TECHNOLOGIES INC 144A 0.250000% 05/15/2033                        | CUSIP: 00971TAP6<br>LEI: OC1LZNN2LF5WTJ5RIL89 | Long             | DBT              | CORP              | US        |     6758000 | PA      | $6781653.00     | 0.40%             | 2033-05-15      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                 | 3 MONTH SOFR FUT  SEP25 FINANCIAL COMMODITY FUTURE.                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        -927 | NC      | $-222381506.30  | -12.99%           |  |  |  | No            |                  1 | On Loan: No      |
| ALBERTSONS COMPANIES, INC.                          | ALBERTSONS COS INC / SAFEWAY INC / NEW ALBERTSONS 6.500000% 02/15/2028   | CUSIP: 01309QAA6<br>LEI: 549300YKWOC0AOR16R51 | Long             | DBT              | CORP              | US        |     4023000 | PA      | $4086400.43     | 0.24%             | 2028-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| iShares Russell 2000 ETF                            | IWM US 10/17/25 P216 LONG                                                | CUSIP: 538992XH6<br>LEI: N/A                  | N/A              | DE               |  | US        |         128 | NC      | $2688.00        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CARVAL CLO LTD                                      | CARVAL CLO III LTD CARVL 2019-2A ER2                                     | CUSIP: 14686VAJ2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      490000 | PA      | $485196.53      | 0.03%             | 2032-07-20      | Floating      | 10.33%                | Yes           |                  2 | On Loan: No      |
| WINDSOR HOLDINGS III, LLC                           | WINDSOR HOLDINGS III LLC 144A 8.500000% 06/15/2030                       | CUSIP: 97360AAA5<br>LEI: 254900IXUJZ9H146T437 | Long             | DBT              | CORP              | US        |     1599000 | PA      | $1690317.28     | 0.10%             | 2030-06-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| EURIBOR SWAP RATE OPTION 7-17-28                    | EURIBOR SWAP RATE OPTION 7-17-28 LONG                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | XX        |  1000000000 | NC      | $166386.85      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| SUNOCO LP                                           | SUNOCO LP 144A 5.625000% 03/15/2031                                      | CUSIP: 86765KAF6<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |      479000 | PA      | $475466.41      | 0.03%             | 2031-03-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| ISLAND FINANCE TRUST                                | ISLAND FINANCE TRUST 2025-1 ISLN 2025-1A C                               | CUSIP: 463920AC2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      350000 | PA      | $355882.59      | 0.02%             | 2035-03-19      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| USD-SOFR 2.9325% 09/08/2026                         | USD-SOFR 2.9325% 09/08/2026 EXPIRATION: 09/08/2026                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |   500000000 | NC      | $1264544.41     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITI FIBER ABS ISSUER LLC                          | UNITI FIBER ABS ISSUER LLC UNIT 2025-1A C                                | CUSIP: 91326EAC9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     3000000 | PA      | $3131046.00     | 0.18%             | 2055-04-20      | Fixed         | 9.02%                 | Yes           |                  2 | On Loan: No      |
| BEACON MOBILITY FINANCE CORP.                       | BEACON MOBILITY CORP 144A 7.250000% 08/01/2030                           | CUSIP: 073644AA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1602000 | PA      | $1665533.72     | 0.10%             | 2030-08-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                 | 3 MONTH SOFR FUT  SEP26 FINANCIAL COMMODITY FUTURE.                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        -927 | NC      | $-224449875.00  | -13.11%           |  |  |  | No            |                  1 | On Loan: No      |
| CONNECTICUT AVENUE SECURITIES                       | CONNECTICUT AVENUE SECURITIES TRUST 2025-R04 CAS 2025-R04 1M1            | CUSIP: 20755TAB7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     3433354 | PA      | $3441302.29     | 0.20%             | 2045-05-25      | Floating      | 5.56%                 | Yes           |                  2 | On Loan: No      |
| ALLY BANK AUTO CREDIT-LINKED NOTES                  | ALLY BANK AUTO CREDIT-LINKED NOTES SERIES 2024-B ABCLN 2024-B G          | CUSIP: 02007G4H3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      427754 | PA      | $436371.50      | 0.03%             | 2032-09-15      | Fixed         | 11.39%                | Yes           |                  2 | On Loan: No      |
| ENCORE CAPITAL GROUP, INC.                          | ENCORE CAPITAL GROUP INC 144A 6.625000% 04/15/2031                       | CUSIP: 292554AS1<br>LEI: 5493000UVC6H49CIH830 | Long             | DBT              | CORP              | US        |      636000 | PA      | $634149.18      | 0.04%             | 2031-04-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| SWCH COMMERCIAL MORTGAGE TRUST                      | SWCH COMMERCIAL MORTGAGE TRUST 2025-DATA SWCH 2025-DATA E                | CUSIP: 78489CAE9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     4325000 | PA      | $4306078.13     | 0.25%             | 2042-02-15      | Floating      | 7.49%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association            | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2025-120 AI                 | CUSIP: 38381N7U6<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |     4571764 | PA      | $685637.92      | 0.04%             | 2055-05-20      | Floating      | 6.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association            | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2025-26 SG                  | CUSIP: 38385CG36<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    80893488 | PA      | $1175730.22     | 0.07%             | 2055-02-20      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                 | BANK OF AMERICA COLLATERAL BALANCE FS FUNDS                              | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |     1002190 | PA      | $1002189.98     | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| BRAVO RESIDENTIAL FUNDING TRUST                     | BRAVO RESIDENTIAL FUNDING TRUST 2024-NQM1 BRAVO 2024-NQM1 B2             | CUSIP: 10570FAF2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      100000 | PA      | $100836.36      | 0.01%             | 2063-12-01      | Floating      | 8.11%                 | Yes           |                  2 | On Loan: No      |
| GGAM Finance Limited                                | GGAM FINANCE LTD 144A 5.875000% 03/15/2030                               | CUSIP: 36170JAE6<br>LEI: 254900X2QXEN0FVXRF65 | Long             | DBT              | NUSS              | IE        |     2606000 | PA      | $2638566.01     | 0.15%             | 2030-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| COMMERCIAL MORTGAGE RELATED SECURITIES              | COMM 2019-521F MORTGAGE TRUST COMM 2019-521F B                           | CUSIP: 20048GAU0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      510000 | PA      | $469200.00      | 0.03%             | 2034-06-15      | Floating      | 5.40%                 | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE BANK N.A.                           | WF-IRS 10YR PAY FIXED 3.882000                                           | CUSIP: S62051488<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DIR              |  | US        |      180000 | NC      | $-3373.51       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ACRISURE, LLC                                       | ACRISURE LLC / ACRISURE FINANCE INC 144A 8.500000% 06/15/2029            | CUSIP: 00489LAM5<br>LEI: 549300R0Z1Q47XRTGO22 | Long             | DBT              | CORP              | US        |     4173000 | PA      | $4381040.74     | 0.26%             | 2029-06-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| PRPM LLC                                            | PRPM 2025-NQM1 TRUST PRPM 2025-NQM1 B1                                   | CUSIP: 74391EAF8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     1000000 | PA      | $1018617.60     | 0.06%             | 2069-11-25      | Floating      | 7.78%                 | Yes           |                  2 | On Loan: No      |
| VISTA POINT SECURITIZATION TRUST                    | VISTA POINT SECURITIZATION TRUST 2024-CES3 VSTA 2024-CES3 A1             | CUSIP: 92841WAA7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     4341408 | PA      | $4361131.16     | 0.25%             | 2055-01-25      | Fixed         | 5.68%                 | Yes           |                  2 | On Loan: No      |
| Macquarie Bank Limited                              | Equity Risk Control Congestion strategy TRS                              | CUSIP: N/A<br>LEI: 4ZHCHI4KYZG2WVRT8631       | N/A              | DE               |  | US        |      775928 | NC      | $0.00           | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| People Inc                                          | DOTDASH MEREDITH INC 144A 7.625000% 06/15/2032                           | CUSIP: 25849JAA8<br>LEI: 549300R2AA7U9CJUQO13 | Long             | DBT              | CORP              | US        |      967000 | PA      | $958006.90      | 0.06%             | 2032-06-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| BX TRUST                                            | BX TRUST 2025-VLT7 BX 2025-VLT7 D                                        | CUSIP: 123913AG0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     5000000 | PA      | $5037500.00     | 0.29%             | 2044-07-15      | Floating      | 7.40%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association            | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2022-188 IE                 | CUSIP: 38383LHF0<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    12140528 | PA      | $2598897.26     | 0.15%             | 2050-01-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| HILTON GRAND VACATIONS BORROWER LLC                 | HILTON GRAND VACATIONS BORROWER LLC / HILTON GRAND 5.000000% 06/01/2029  | CUSIP: 43284MAA6<br>LEI: 254900HF0EZ734FDVY79 | Short            | DBT              | CORP              | US        |    -1021000 | PA      | $-981856.16     | -0.06%            | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ONDECK ASSET SECURITIZATION TRUST LLC               | ONDECK ASSET SECURITIZATION TRUST IV LLC ONDK 2024-2A C                  | CUSIP: 67108SAF5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     1300000 | PA      | $1303172.39     | 0.08%             | 2031-10-17      | Fixed         | 7.03%                 | Yes           |                  2 | On Loan: No      |
| J.P. MORGAN MORTGAGE TRUST                          | JP MORGAN MORTGAGE TRUST SERIES 2024-VIS2 JPMMT 2024-VIS2 B2             | CUSIP: 46658DAF6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      100000 | PA      | $100095.33      | 0.01%             | 2064-11-25      | Floating      | 7.71%                 | Yes           |                  2 | On Loan: No      |
| PARK AVENUE TRUST                                   | 245 PARK AVENUE TRUST 2017-245P PRKAV 2017-245P E                        | CUSIP: 90187LAN9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     1960000 | PA      | $1861075.86     | 0.11%             | 2037-06-05      | Floating      | 3.78%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC STACR REMIC TRUST                       | FREDDIE MAC STACR REMIC TRUST 2023-DNA1 STACR 2023-DNA1 B1               | CUSIP: 35564KS59<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |     2750000 | PA      | $3128977.50     | 0.18%             | 2043-03-25      | Floating      | 12.50%                | Yes           |                  2 | On Loan: No      |
| WEST COMMERCIAL MORTGAGE TRUST                      | WCORE COMMERCIAL MORTGAGE TRUST 2024-CORE WCORE 2024-CORE E              | CUSIP: 951913AJ1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     1000000 | PA      | $997531.90      | 0.06%             | 2041-11-15      | Floating      | 8.09%                 | Yes           |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                             | S&P Regional Banks Index                                                 | CUSIP: N/A<br>LEI: KD3XUN7C6T14HNAYLU02       | N/A              | DE               |  | US        |   138971990 | NC      | $3809645.32     | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| NEW ENTERPRISE STONE & LIME CO., INC.               | NEW ENTERPRISE STONE & LIME CO INC 144A 9.750000% 07/15/2028             | CUSIP: 644274AG7<br>LEI: 549300O5DQ5Y61B8VF38 | Long             | DBT              | CORP              | US        |     3952000 | PA      | $3960770.63     | 0.23%             | 2028-07-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| IMPERIAL FUND MORTGAGE TRUST                        | IMPERIAL FUND MORTGAGE TRUST 2020-NQM1 IMPRL 2020-NQM1 B2                | CUSIP: 452760AF8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      742000 | PA      | $716496.64      | 0.04%             | 2055-10-25      | Floating      | 5.70%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association               | FANNIE MAE REMICS FNR 2020-76 MI                                         | CUSIP: 3136BCME7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    10368105 | PA      | $2606815.40     | 0.15%             | 2050-11-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Regal Rexnord Corporation                           | REGAL REXNORD CORP 6.300000% 02/15/2030                                  | CUSIP: 758750AN3<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |     1946000 | PA      | $2063341.89     | 0.12%             | 2030-02-15      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| CHEEVER ESCROW ISSUER, LLC                          | OLYMPUS WATER US HOLDING CORP 144A 7.125000% 10/01/2027                  | CUSIP: 16308NAA2<br>LEI: 254900JRWEYCJ9Z3ZP06 | Long             | DBT              | CORP              | US        |     1463000 | PA      | $1488964.48     | 0.09%             | 2027-10-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE BANK N.A.                           | WF-IRS 12YR PAY FIXED 3.979000                                           | CUSIP: S62051489<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DIR              |  | US        |      580000 | NC      | $-12388.80      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                 | BRK: BANK OF AMERICA COL: 58004JAA0                                      | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               |  | US        |    -1846000 | PA      | $-1846000.00    | -0.11%            |  |  |  | No            |                  2 | On Loan: No      |
| COMM MORTGAGE TRUST                                 | COMM 2014-LC17 MORTGAGE TRUST COMM 2014-LC17 E                           | CUSIP: 12592MAQ3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      100000 | PA      | $94000.00       | 0.01%             | 2047-10-10      | Fixed         | 3.11%                 | No            |                  2 | On Loan: No      |
| JD.COM, INC.                                        | JD.COM INC-ADR DEPOSITARY RECEIPT                                        | CUSIP: 47215P106<br>LEI: 549300HVTWB0GJZ16V92 | Short            | EC               |  | CN        |      -78360 | NS      | $-2741032.80    | -0.16%            |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                             | GS International Sales TRS                                               | CUSIP: N/A<br>LEI: KD3XUN7C6T14HNAYLU02       | N/A              | DE               |  | US        |      268529 | NC      | $-209452.62     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association            | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2016-77 SC                  | CUSIP: 38379YKE7<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    11863063 | PA      | $1462624.28     | 0.09%             | 2045-10-20      | Floating      | 1.85%                 | No            |                  2 | On Loan: No      |
| PENNYMAC CORP.                                      | PENNYMAC CORP 8.500000% 06/01/2029                                       | CUSIP: 70932AAH6<br>LEI: EWN0I878407TKQNXZ933 | Long             | DBT              | CORP              | US        |      298000 | PA      | $306493.00      | 0.02%             | 2029-06-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE BANK N.A.                           | Credit Default Swap                                                      | CUSIP: CD6205303<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DCR              |  | US        |    20700000 | NC      | $-3190691.75    | -0.19%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                 | SX5E DIVIDEND FUT DEC26 PHYSICAL INDEX FUTURE.                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |       -3000 | NC      | $-56213677.72   | -3.28%            |  |  |  | No            |                  1 | On Loan: No      |
| NYMT LOAN TRUST                                     | NYMT LOAN TRUST 2025-INV1 NYMT 2025-INV1 B1                              | CUSIP: 67120YAG4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      220000 | PA      | $220309.87      | 0.01%             | 2060-04-25      | Floating      | 6.97%                 | Yes           |                  2 | On Loan: No      |
| FONTAINEBLEAU MIAMI BEACH TRUST                     | FONTAINEBLEAU MIAMI BEACH MORTGAGE TRUST 2024-FBLU FMBT 2024-FBLU A      | CUSIP: 34461WAA8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    10000000 | PA      | $10003125.00    | 0.58%             | 2039-12-15      | Floating      | 5.60%                 | Yes           |                  2 | On Loan: No      |
| ONDECK ASSET SECURITIZATION TRUST LLC               | ONDECK ASSET SECURITIZATION IV LLC ONDK 2025-1A D                        | CUSIP: 68237DAD5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      100000 | PA      | $99814.33       | 0.01%             | 2032-04-19      | Fixed         | 8.77%                 | Yes           |                  2 | On Loan: No      |
| STATE STREET                                        | FX Forward Contract: USD/EUR SETTLE 2025-10-17                           | CUSIP: N/A<br>LEI: 549300ZFEEJ2IP5VME73       | N/A              | DFE              |  | US        |           1 | NC      | $12316.64       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE BANK N.A.                           | WF-IRS 4YR PAY FIXED 3.572000                                            | CUSIP: S62051484<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DIR              |  | US        |    18956000 | NC      | $-129499.97     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| iShares Russell 2000 ETF                            | IWM US 11/21/25 P228 LONG                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         251 | NC      | $69527.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| FREEDOM MORTGAGE CORPORATION                        | FREEDOM MORTGAGE CORP 144A 6.625000% 01/15/2027                          | CUSIP: 35640YAJ6<br>LEI: 549300LYRWPSYPK6S325 | Long             | DBT              | CORP              | US        |     1787000 | PA      | $1783120.42     | 0.10%             | 2027-01-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP                                           | SUNOCO LP 144A 5.875000% 03/15/2034                                      | CUSIP: 86765KAG4<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |      479000 | PA      | $474852.76      | 0.03%             | 2034-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association               | FANNIE MAE REMICS FNR 2012-75 DS                                         | CUSIP: 3136A6W83<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     7986280 | PA      | $870237.02      | 0.05%             | 2042-07-25      | Floating      | 1.48%                 | No            |                  2 | On Loan: No      |
| N/A                                                 | MORGAN STANLEY COLLATERAL BALANCE FS FUNDS                               | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |     4300000 | PA      | $4300000.00     | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| ZSCALER, INC.                                       | ZSCALER INC 144A ZERO COUPON 07/15/2028                                  | CUSIP: 98980GAC6<br>LEI: 529900MZ0RTK1BWRNF46 | Long             | DBT              | CORP              | US        |     6861000 | PA      | $6802681.50     | 0.40%             | 2028-07-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| NEWDAY FUNDING PLC                                  | NEWDAY FUNDING MASTER ISSUER PLC - SERIES 2024-3 NDFT 2024-3A E          | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-MBS          |  | GB        |      780000 | PA      | $1067650.11     | 0.06%             | 2032-11-15      | Floating      | 7.72%                 | Yes           |                  2 | On Loan: No      |
| NORTHWOODS CAPITAL LIMITED                          | NORTHWOODS CAPITAL XII-B LTD WOODS 2018-12BA BR                          | CUSIP: 66858CAQ0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    10500000 | PA      | $10515592.50    | 0.61%             | 2031-06-15      | Floating      | 5.74%                 | Yes           |                  2 | On Loan: No      |
| SANTANDER BANK, N.A.                                | SANTANDER BANK MORTGAGE CREDIT-LINKED NOTES SERIES SBCLN 2023-MTG1 M3    | CUSIP: 80290CBP8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      282804 | PA      | $310747.60      | 0.02%             | 2052-02-26      | Floating      | 10.21%                | Yes           |                  2 | On Loan: No      |
| JP MORGAN CHASE BANK N.A.                           | WF-IRS 5YR PAY FIXED 3.605000                                            | CUSIP: S62051486<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DIR              |  | US        |    18302000 | NC      | $-164842.36     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| HERTZ VEHICLE FINANCING III LLC                     | HERTZ VEHICLE FINANCING III LLC HERTZ 2023-4A D                          | CUSIP: 42806MCH0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      290000 | PA      | $302803.27      | 0.02%             | 2030-03-25      | Fixed         | 9.44%                 | Yes           |                  2 | On Loan: No      |
| Gray Media, Inc                                     | GRAY MEDIA INC 144A 10.500000% 07/15/2029                                | CUSIP: 389375AM8<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |     1655000 | PA      | $1789470.65     | 0.10%             | 2029-07-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association               | FANNIE MAE REMICS FNR 2024-92 SB                                         | CUSIP: 3136BT3S0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    73520608 | PA      | $3267873.39     | 0.19%             | 2054-12-25      | Floating      | 0.79%                 | No            |                  2 | On Loan: No      |
| VERUS SECURITIZATION TRUST                          | VERUS SECURITIZATION TRUST 2023-5 VERUS 2023-5 B2                        | CUSIP: 924934AF9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     3431000 | PA      | $3427085.92     | 0.20%             | 2068-06-25      | Floating      | 8.00%                 | Yes           |                  2 | On Loan: No      |
| RMF PROPRIETARY ISSUANCE TRUST                      | RMF PROPRIETARY ISSUANCE TRUST 2021-2 RPIT 2021-2 A                      | CUSIP: 74969VAA3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |       79744 | PA      | $74188.97       | 0.00%             | 2061-09-25      | Floating      | 2.13%                 | Yes           |                  2 | On Loan: No      |
| PEBBLEBROOK HOTEL, L.P.                             | PEBBLEBROOK HOTEL LP / PEB FINANCE CORP 144A 6.375000% 10/15/2029        | CUSIP: 70510LAA7<br>LEI: 549300DXEFK267TXZ832 | Long             | DBT              | CORP              | US        |     1196000 | PA      | $1213831.16     | 0.07%             | 2029-10-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| THPT MORTGAGE TRUST                                 | THPT 2023-THL MORTGAGE TRUST THPT 2023-THL E                             | CUSIP: 87252LAL9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     1500000 | PA      | $1513917.90     | 0.09%             | 2034-12-10      | Floating      | 10.74%                | Yes           |                  2 | On Loan: No      |
| CIFC FUNDING LTD                                    | CIFC FUNDING 2022-IV LTD CIFC 2022-4A ER                                 | CUSIP: 12567XAG2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      750000 | PA      | $749042.25      | 0.04%             | 2035-07-16      | Floating      | 9.53%                 | Yes           |                  2 | On Loan: No      |
| COMM MORTGAGE TRUST                                 | COMM 2024-CBM MORTGAGE TRUST COMM 2024-CBM F                             | CUSIP: 12674GAQ7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     2020000 | PA      | $1944651.17     | 0.11%             | 2041-12-10      | Floating      | 8.19%                 | Yes           |                  2 | On Loan: No      |
| KOHL'S CORPORATION                                  | KOHL'S CORP 6.875000% 12/15/2037                                         | CUSIP: 500255AQ7<br>LEI: 549300JF6LPRTRJ0FH50 | Long             | DBT              | CORP              | US        |       20000 | PA      | $15070.37       | 0.00%             | 2037-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| VERUS SECURITIZATION TRUST                          | VERUS SECURITIZATION TRUST 2024-5 VERUS 2024-5 B2                        | CUSIP: 92540HAF3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      400000 | PA      | $401019.16      | 0.02%             | 2069-06-25      | Floating      | 7.78%                 | Yes           |                  2 | On Loan: No      |
| JP MORGAN CHASE BANK N.A.                           | WF-IRS 7YR PAY FIXED 3.715000                                            | CUSIP: S62051487<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DIR              |  | US        |     1228000 | NC      | $-16349.24      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                         | FREDDIE MAC REMICS FHR 5354 SL                                           | CUSIP: 3137HATB2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    31747580 | PA      | $2195538.82     | 0.13%             | 2053-11-25      | Floating      | 2.49%                 | No            |                  2 | On Loan: No      |
| SCULPTOR CLO LTD                                    | SCULPTOR CLO XXVII LTD SCUL 27A ER                                       | CUSIP: 81124VAJ1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      340000 | PA      | $328587.90      | 0.02%             | 2034-07-20      | Floating      | 10.58%                | Yes           |                  2 | On Loan: No      |
| COREVEST AMERICAN FINANCE                           | CAFL 2021-RTL1 ISSUER LLC CAFL 2021-RTL1 A2                              | CUSIP: 12468RAC4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      100556 | PA      | $100555.86      | 0.01%             | 2029-03-28      | Fixed         | 5.10%                 | Yes           |                  2 | On Loan: No      |
| GLS AUTO RECEIVABLES TRUST                          | GLS AUTO RECEIVABLES ISSUER TRUST 2025-1 GCAR 2025-1A E                  | CUSIP: 36271KAN1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     4250000 | PA      | $4359159.55     | 0.25%             | 2032-03-15      | Fixed         | 7.19%                 | Yes           |                  2 | On Loan: No      |
| Gray Media, Inc                                     | GRAY MEDIA INC 144A 7.250000% 08/15/2033                                 | CUSIP: 389375AP1<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |      505000 | PA      | $500431.11      | 0.03%             | 2033-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR COMPANY                                  | FORD MOTOR CO ZERO COUPON 03/15/2026                                     | CUSIP: 345370CZ1<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |     1318000 | PA      | $1335793.00     | 0.08%             | 2026-03-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association               | FANNIE MAE REMICS FNR 2022-58 S                                          | CUSIP: 3136BN4Y9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    48510384 | PA      | $2014345.19     | 0.12%             | 2052-09-25      | Floating      | 0.94%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY RESIDENTIAL MORTGAGE LOAN TRUST      | MORGAN STANLEY RESIDENTIAL MORTGAGE LOAN TRUST 202 MSRM 2024-NQM3 B1B    | CUSIP: 61776UAJ6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      150000 | PA      | $149649.50      | 0.01%             | 2069-07-25      | Floating      | 7.50%                 | Yes           |                  2 | On Loan: No      |
| STAR TRUST                                          | STAR 2024-SFR4 TRUST STAR 2024-SFR4 A                                    | CUSIP: 85520AAA7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     9977929 | PA      | $10015345.75    | 0.58%             | 2041-10-17      | Floating      | 5.90%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association               | FANNIE MAE REMICS FNR 2024-22 SA                                         | CUSIP: 3136BRN52<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    60237746 | PA      | $3188347.76     | 0.19%             | 2054-05-25      | Floating      | 1.74%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association               | FANNIE MAE REMICS FNR 2022-4 WI                                          | CUSIP: 3136BLK90<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    28500533 | PA      | $3096061.32     | 0.18%             | 2052-02-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE BANK N.A.                           | WF-IRS 6YR PAY FIXED 3.657000                                            | CUSIP: S62051485<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DIR              |  | US        |      506000 | NC      | $-5642.49       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MCAFEE CORP.                                        | MCAFEE CORP 144A 7.375000% 02/15/2030                                    | CUSIP: 579063AB4<br>LEI: 2549009UKR8UEZYVCR93 | Short            | DBT              | CORP              | US        |    -1718000 | PA      | $-1593602.03    | -0.09%            | 2030-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| MITER BRANDS ACQUISITION HOLDCO, INC.               | MITER BRANDS ACQUISITION HOLDCO INC / MIWD BORROWE 6.750000% 04/01/2032  | CUSIP: 60672JAA7<br>LEI: N/A                  | Short            | DBT              | CORP              | US        |    -1585000 | PA      | $-1628196.01    | -0.10%            | 2032-04-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| THE NEW HOME COMPANY INC.                           | NEW HOME CO INC/THE 144A 8.500000% 11/01/2030                            | CUSIP: 645370AG2<br>LEI: 549300PLCE8TB3TVRQ85 | Long             | DBT              | CORP              | US        |     1288000 | PA      | $1337022.57     | 0.08%             | 2030-11-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association            | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2025-120 SB                 | CUSIP: 38381N6F0<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    60227196 | PA      | $2762037.27     | 0.16%             | 2053-05-20      | Floating      | 1.11%                 | No            |                  2 | On Loan: No      |
| OCTAGON INVESTMENT PARTNERS, LTD.                   | OCTAGON INVESTMENT PARTNERS 29 LTD OCT29 2016-1A ER2                     | CUSIP: 67591KAG4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1500000 | PA      | $1499410.50     | 0.09%             | 2039-07-18      | Floating      | 11.50%                | Yes           |                  2 | On Loan: No      |
| CONSOLIDATED COMMUNICATIONS LLC                     | CONSOLIDATED COMMUNICATIONS LLC/FIDIUM FIBER FINAN CNSL 2025-1A C        | CUSIP: 209031AC7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     5000000 | PA      | $5256826.50     | 0.31%             | 2055-05-20      | Fixed         | 9.41%                 | Yes           |                  2 | On Loan: No      |
| GENERATE CLO LTD                                    | GENERATE CLO 6 LTD GNRT 6A AR2                                           | CUSIP: 37148JAN3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    10000000 | PA      | $10026490.00    | 0.59%             | 2037-10-22      | Floating      | 5.73%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association               | FANNIE MAE REMICS FNR 2024-35 BS                                         | CUSIP: 3136BSBN4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    27749462 | PA      | $1263430.25     | 0.07%             | 2054-06-25      | Floating      | 0.84%                 | No            |                  2 | On Loan: No      |
| J.P. MORGAN MORTGAGE TRUST                          | JP MORGAN MORTGAGE TRUST SERIES 2024-VIS1 JPMMT 2024-VIS1 B2             | CUSIP: 465970AF8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      280000 | PA      | $282861.91      | 0.02%             | 2064-07-25      | Floating      | 8.07%                 | Yes           |                  2 | On Loan: No      |
| REDWOOD TRUST, INC.                                 | REDWOOD TRUST INC 7.750000% 06/15/2027                                   | CUSIP: 758075AF2<br>LEI: DRBV4N1ERQLEMIF11G78 | Long             | DBT              | CORP              | US        |     4116000 | PA      | $4118058.00     | 0.24%             | 2027-06-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| PRA GROUP, INC.                                     | PRA GROUP INC 144A 8.375000% 02/01/2028                                  | CUSIP: 69354NAE6<br>LEI: 549300Q5HW3JSSB86K27 | Long             | DBT              | CORP              | US        |      877000 | PA      | $897003.49      | 0.05%             | 2028-02-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association            | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2021-158 JI                 | CUSIP: 38382XZ24<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |     9261921 | PA      | $2171996.43     | 0.13%             | 2050-02-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ACHM TRUST                                          | ACHM TRUST 2025-HE1 ACHM 2025-HE1 A                                      | CUSIP: 00449SAA5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     3132921 | PA      | $3185047.91     | 0.19%             | 2055-03-25      | Floating      | 5.92%                 | Yes           |                  2 | On Loan: No      |
| USD-SOFR 2.9325% 09/08/2026                         | USD-SOFR 2.9325% 09/08/2026 EXPIRATION: 09/08/2026                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |   500000000 | NC      | $442840.00      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                             | China H Shares TRS                                                       | CUSIP: N/A<br>LEI: KD3XUN7C6T14HNAYLU02       | N/A              | DE               |  | HK        |   270113909 | NC      | $-866092.22     | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| DRYDEN CLO LTD                                      | DRYDEN 60 CLO LTD DRSLF 2018-60A D                                       | CUSIP: 26251NAE0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      300000 | PA      | $298833.00      | 0.02%             | 2031-07-15      | Floating      | 7.58%                 | No            |                  2 | On Loan: No      |
| Trivium Packaging Finance B.V.                      | TRIVIUM PACKAGING FINANCE BV 144A 12.250000% 01/15/2031                  | CUSIP: 89686QAC0<br>LEI: 724500GMZWW3PVYET548 | Long             | DBT              | NUSS              | NL        |     1254000 | PA      | $1357255.61     | 0.08%             | 2031-01-15      | Fixed         | 12.25%                | No            |                  2 | On Loan: No      |
| United States of America                            | US TREASURY N/B 4.625000% 06/15/2027                                     | CUSIP: 91282CKV2<br>LEI: 254900HROIFWPRGM1V77 | Short            | SN               | UST               | US        |   -24000000 | PA      | $-24381562.56   | -1.42%            | 2027-06-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| AVANT LOANS FUNDING TRUST                           | AVANT LOANS FUNDING TRUST 2025-REV1 AVNT 2025-REV1 D                     | CUSIP: 05352BAD0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      725000 | PA      | $740385.73      | 0.04%             | 2034-05-15      | Fixed         | 8.39%                 | Yes           |                  2 | On Loan: No      |
| JANE STREET GROUP, LLC                              | JANE STREET GROUP / JSG FINANCE INC 144A 6.125000% 11/01/2032            | CUSIP: 47077WAD0<br>LEI: 5493002N1IVX6KHGYO08 | Long             | DBT              | CORP              | US        |     1341000 | PA      | $1359182.85     | 0.08%             | 2032-11-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP                                   | CLARIOS GLOBAL LP / CLARIOS US FINANCE CO 144A 6.750000% 09/15/2032      | CUSIP: 18060TAE5<br>LEI: 549300474L1ZLXZY2P98 | Long             | DBT              | NUSS              | US        |     6002000 | PA      | $6135004.32     | 0.36%             | 2032-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Gray Media, Inc                                     | GRAY MEDIA INC 144A 9.625000% 07/15/2032                                 | CUSIP: 389375AN6<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |      280000 | PA      | $286058.64      | 0.02%             | 2032-07-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| MIDCAP FINANCIAL ISSUER TRUST                       | MIDCAP FINANCIAL ISSUER TRUST 144A 6.500000% 05/01/2028                  | CUSIP: 59567LAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1887000 | PA      | $1874075.94     | 0.11%             | 2028-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                            | QSP Convexity TRS                                                        | CUSIP: TSQSPB120<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |      836460 | NC      | $-577157.40     | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| BW REAL ESTATE, INC.                                | BW REAL ESTATE INC 144A 9.500000% MATURITY: PERPETUAL                    | CUSIP: 05614HAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1136000 | PA      | $1172356.54     | 0.07%             | 2174-06-30      | Variable      | 9.50%                 | No            |                  2 | On Loan: No      |
| United States of America                            | TREASURY BILL 0.000000% 10/02/2025                                       | CUSIP: 912797MS3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    25000000 | PA      | $24997207.50    | 1.46%             | 2025-10-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FONTAINEBLEAU MIAMI BEACH TRUST                     | FONTAINEBLEAU MIAMI BEACH MORTGAGE TRUST 2024-FBLU FMBT 2024-FBLU F      | CUSIP: 34461WAL4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     3790000 | PA      | $3799615.61     | 0.22%             | 2039-12-15      | Floating      | 8.40%                 | Yes           |                  2 | On Loan: No      |
| CD&R SMOKEY BUYER, INC.                             | CD&R SMOKEY BUYER INC / RADIO SYSTEMS CORP 144A 9.500000% 10/15/2029     | CUSIP: 12515KAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1198000 | PA      | $936929.44      | 0.05%             | 2029-10-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| OCTAGON INVESTMENT PARTNERS, LTD.                   | OCTAGON INVESTMENT PARTNERS 48 LTD OCT48 2020-3A ER2                     | CUSIP: 67577QAG9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $1002106.00     | 0.06%             | 2039-01-15      | Floating      | 11.07%                | Yes           |                  2 | On Loan: No      |
| MADISON PARK FUNDING, LTD.                          | MADISON PARK FUNDING XXIII LTD MDPK 2017-23A E                           | CUSIP: 55820UAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1700000 | PA      | $1696822.70     | 0.10%             | 2030-07-27      | Floating      | 10.83%                | No            |                  2 | On Loan: No      |
| Government National Mortgage Association            | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2023-56 SE                  | CUSIP: 38383XP40<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    30155443 | PA      | $732144.00      | 0.04%             | 2053-04-20      | Floating      | 0.51%                 | No            |                  2 | On Loan: No      |
| 1261229 B.C. LTD.                                   | 1261229 BC LTD 144A 10.000000% 04/15/2032                                | CUSIP: 68288AAA5<br>LEI: N/A                  | Long             | DBT              | NUSS              | US        |      955000 | PA      | $978924.70      | 0.06%             | 2032-04-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS, INC.                             | QUIKRETE HOLDINGS INC 144A 6.375000% 03/01/2032                          | CUSIP: 74843PAA8<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |     1092000 | PA      | $1131141.65     | 0.07%             | 2032-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ONDECK ASSET SECURITIZATION TRUST LLC               | ONDECK ASSET SECURITIZATION TRUST IV LLC ONDK 2024-2A D                  | CUSIP: 67108SAG3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      140000 | PA      | $141930.11      | 0.01%             | 2031-10-17      | Fixed         | 9.49%                 | Yes           |                  2 | On Loan: No      |
| TMS INTERNATIONAL CORP.                             | TMS INTERNATIONAL CORP/DE 144A 6.250000% 04/15/2029                      | CUSIP: 87261QAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2604000 | PA      | $2525156.09     | 0.15%             | 2029-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| RADIAN GUARANTY INC AND EAGLE RE LTD                | EAGLE RE 2023-1 LTD EMIR 2023-1 M2                                       | CUSIP: 26982EAG1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     1150000 | PA      | $1216424.35     | 0.07%             | 2033-09-26      | Floating      | 9.56%                 | Yes           |                  2 | On Loan: No      |
| CSMC TRUST                                          | CSMC 2021-GATE CSMC 2021-GATE D                                          | CUSIP: 12662UAG2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      480000 | PA      | $448757.28      | 0.03%             | 2036-12-15      | Floating      | 7.82%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                 | BRK: MERRILL LYNCH, PIERCE, FENNER & SMITH COL: 10570PAA1                | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               |  | US        |    -6131000 | PA      | $-6131000.00    | -0.36%            |  |  |  | No            |                  2 | On Loan: No      |
| ECHOSTAR CORPORATION                                | ECHOSTAR CORP 10.750000% 11/30/2029                                      | CUSIP: 278768AC0<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |     5002000 | PA      | $5503050.34     | 0.32%             | 2029-11-30      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| AMERITEX HOLDCO INTERMEDIATE LLC                    | AMERITEX HOLDCO INTERMEDIATE LLC 144A 7.625000% 08/15/2033               | CUSIP: 030727AB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      879000 | PA      | $914853.10      | 0.05%             | 2033-08-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| THE GEO GROUP, INC.                                 | GEO GROUP INC/THE 10.250000% 04/15/2031                                  | CUSIP: 36162JAH9<br>LEI: 54930024XOXET7NQVZ63 | Long             | DBT              | CORP              | US        |      899000 | PA      | $989185.88      | 0.06%             | 2031-04-15      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST, INC.                       | STARWOOD PROPERTY TRUST INC 144A 6.000000% 04/15/2030                    | CUSIP: 85571BBC8<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |     1922000 | PA      | $1951212.48     | 0.11%             | 2030-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FLAGSTAR FINANCIAL, INC.                            | FLAGSTAR BANCORP INC 4.125000% 11/01/2030                                | CUSIP: 337930AD3<br>LEI: 529900HVXOTLY61GL030 | Long             | DBT              | CORP              | US        |      632000 | PA      | $590468.05      | 0.03%             | 2030-11-01      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| USD-SOFR 4.48% 09/26/2035                           | USD-SOFR 4.48% 09/26/2035 EXPIRATION: 09/26/2035                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |   -52200000 | NC      | $-1705838.98    | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                 | NOMURA COLLATERAL BALANCE FS FUNDS                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |     4250000 | PA      | $4250000.00     | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association            | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2024-H11 EI                 | CUSIP: 38383KB50<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |      916662 | PA      | $59772.01       | 0.00%             | 2074-06-20      | Floating      | 0.57%                 | No            |                  2 | On Loan: No      |
| REXFORD INDUSTRIAL REALTY, L.P.                     | REXFORD INDUSTRIAL REALTY LP 144A 4.125000% 03/15/2029                   | CUSIP: 76169XAE4<br>LEI: 549300028US163ELJN70 | Long             | DBT              | CORP              | US        |     2228000 | PA      | $2243596.00     | 0.13%             | 2029-03-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| CABLE ONE INC 144A                                  | CABLE ONE INC 144A 4.000000% 11/15/2030                                  | CUSIP: 12685JAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      637000 | PA      | $539708.06      | 0.03%             | 2030-11-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| FILLMORE PARK CLO LTD                               | FILLMORE PARK CLO LTD FILPK 2018-1A E                                    | CUSIP: 31722QAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      787500 | PA      | $784546.88      | 0.05%             | 2030-07-15      | Floating      | 9.98%                 | No            |                  2 | On Loan: No      |
| GENERATE CLO LTD                                    | GENERATE CLO 2 LTD GNRT 2A ER2                                           | CUSIP: 370911AA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      100000 | PA      | $97764.40       | 0.01%             | 2037-10-22      | Floating      | 11.68%                | Yes           |                  2 | On Loan: No      |
| ELLINGTON FINANCIAL MORTGAGE TRUST                  | EFMT 2025-INV1 EFMT 2025-INV1 B2                                         | CUSIP: 26846XAF7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      100000 | PA      | $99537.71       | 0.01%             | 2070-03-25      | Floating      | 7.32%                 | Yes           |                  2 | On Loan: No      |
| JP MORGAN CHASE BANK N.A.                           | WF-IRS 4YR PAY FIXED 3.572000                                            | CUSIP: S62051754<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DIR              |  | US        |    13834000 | NC      | $-94508.48      | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association            | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2023-21 SE                  | CUSIP: 38383VY93<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    28055883 | PA      | $727087.86      | 0.04%             | 2053-02-20      | Floating      | 0.61%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                         | FREDDIE MAC STRIPS FHS 356 S5                                            | CUSIP: 31325WWV0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    18480307 | PA      | $2098789.41     | 0.12%             | 2047-09-15      | Floating      | 1.51%                 | No            |                  2 | On Loan: No      |
| LADDER CAPITAL FINANCE HOLDINGS LLLP                | LADDER CAPITAL FINANCE HOLDINGS LLLP / LADDER CAPI 7.000000% 07/15/2031  | CUSIP: 505742AR7<br>LEI: 254900TBF2Z4GR7NSX02 | Long             | DBT              | CORP              | US        |      972000 | PA      | $1019029.94     | 0.06%             | 2031-07-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ALLY BANK AUTO CREDIT-LINKED NOTES                  | ALLY BANK AUTO CREDIT-LINKED NOTES SERIES 2024-A ABCLN 2024-A G          | CUSIP: 02007G2A0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      324850 | PA      | $335529.22      | 0.02%             | 2032-05-17      | Fixed         | 12.75%                | Yes           |                  2 | On Loan: No      |
| NEW RESIDENTIAL MORTGAGE LOAN TRUST                 | NEW RESIDENTIAL MORTGAGE LOAN TRUST 2025-NQM2 NRZT 2025-NQM2 B2          | CUSIP: 64831XAH1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      100000 | PA      | $99010.20       | 0.01%             | 2065-04-25      | Floating      | 7.27%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association            | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2018-91 SH                  | CUSIP: 38380XYA9<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |     9044975 | PA      | $1214707.63     | 0.07%             | 2048-07-20      | Floating      | 2.00%                 | No            |                  2 | On Loan: No      |
| HEWLETT PACKARD ENTERPRISE COMPANY                  | HEWLETT PACKARD ENTERPRISE COMMON STOCK                                  | CUSIP: 42824C109<br>LEI: 549300BX44RGX6ANDV88 | Short            | EC               |  | US        |      -67289 | NS      | $-1652617.84    | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| COLT MORTGAGE LOAN TRUST                            | COLT 2025-4 MORTGAGE LOAN TRUST COLT 2025-4 B1                           | CUSIP: 12674HAE2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      920000 | PA      | $941423.30      | 0.05%             | 2070-04-25      | Floating      | 7.55%                 | Yes           |                  2 | On Loan: No      |
| KKR FINANCIAL CLO, LTD.                             | KKR CLO 23 LTD KKR 23 E                                                  | CUSIP: 48252XAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $976549.00      | 0.06%             | 2031-10-20      | Floating      | 10.59%                | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                             | China A Shares TRS                                                       | CUSIP: N/A<br>LEI: KD3XUN7C6T14HNAYLU02       | N/A              | DE               |  | CN        |     2278000 | NC      | $-527303.72     | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| RITHM CAPITAL CORP.                                 | RITHM CAPITAL CORP 144A 8.000000% 07/15/2030                             | CUSIP: 64828TAC6<br>LEI: 549300WNTHGEO5LP2G31 | Long             | DBT              | CORP              | US        |     2600000 | PA      | $2661750.00     | 0.16%             | 2030-07-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE BANK N.A.                           | WF-IRS 20YR PAY FIXED 4.173000                                           | CUSIP: S62051490<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DIR              |  | US        |      260000 | NC      | $-7469.40       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| OHA CREDIT PARTNERS LTD                             | OHA CREDIT PARTNERS VII LTD OAKC 2012-7A ER4                             | CUSIP: 67102UAK5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     2000000 | PA      | $1971578.00     | 0.12%             | 2038-02-20      | Floating      | 8.70%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association            | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2021-216 IC                 | CUSIP: 38383D4F2<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    26171580 | PA      | $3454428.73     | 0.20%             | 2051-12-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PAGAYA AI DEBT GRANTOR TRUST                        | PAGAYA AI DEBT GRANTOR TRUST 2025-3 PAID 2025-3 D                        | CUSIP: 69544TAE4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      199960 | PA      | $203480.54      | 0.01%             | 2032-12-15      | Fixed         | 6.99%                 | Yes           |                  2 | On Loan: No      |
| SOCIETE GENERALE                                    | SG V-Step TRS                                                            | CUSIP: TMDSBVH00<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DE               |  | US        |       56314 | NC      | $-42798.64      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| VERUS SECURITIZATION TRUST                          | VERUS SECURITIZATION TRUST 2023-6 VERUS 2023-6 B2                        | CUSIP: 92539XAF1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     2348000 | PA      | $2340789.76     | 0.14%             | 2068-09-25      | Floating      | 7.78%                 | Yes           |                  2 | On Loan: No      |
| CFMT ISSUER TRUST                                   | CASCADE FUNDING MORTGAGE TRUST 2021-FRR1 CFMT 2021-FRR1 CK98             | CUSIP: 12529YCA8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      260000 | PA      | $183093.56      | 0.01%             | 2029-08-29      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| STRATEGY INC                                        | STRATEGY INC 144A ZERO COUPON 12/01/2029                                 | CUSIP: 594972AR2<br>LEI: 549300WQTWEJUEHXQX21 | Long             | DBT              | CORP              | US        |     4618000 | PA      | $4133159.41     | 0.24%             | 2029-12-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association            | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2025-120 HS                 | CUSIP: 38381N4X3<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    23946228 | PA      | $822308.84      | 0.05%             | 2054-09-20      | Floating      | 0.81%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                         | FREDDIE MAC STRIPS FHS 357 IO                                            | CUSIP: 31325WXD9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    11562260 | PA      | $2459160.42     | 0.14%             | 2047-09-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CARVANA AUTO RECEIVABLES TRUST                      | CARVANA AUTO RECEIVABLES TRUST 2024-N3 CRVNA 2024-N3 E                   | CUSIP: 14687WAG5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     2120000 | PA      | $2201544.32     | 0.13%             | 2032-04-12      | Fixed         | 7.66%                 | Yes           |                  2 | On Loan: No      |
| United States of America                            | TREASURY BILL 0.000000% 10/23/2025                                       | CUSIP: 912797QG5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    28000000 | PA      | $27931085.00    | 1.63%             | 2025-10-23      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| WESTERN ALLIANCE BANCORPORATION                     | Western Alliance Bancorp PREFERRED STOCK                                 | CUSIP: 957638406<br>LEI: 5493003VJXZ5JXT9S762 | Long             | EP               |  | US        |       19200 | NS      | $434880.00      | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| STRATEGY INC                                        | STRATEGY INC- CL A COMMON STOCK                                          | CUSIP: 594972408<br>LEI: 549300WQTWEJUEHXQX21 | Short            | EC               |  | US        |       -3859 | NS      | $-1243408.39    | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| V.F. CORPORATION                                    | VF CORP 2.950000% 04/23/2030                                             | CUSIP: 918204BC1<br>LEI: CWAJJ9DJ5Z7P057HV541 | Long             | DBT              | CORP              | US        |     2135000 | PA      | $1880926.03     | 0.11%             | 2030-04-23      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| HEARTLAND DENTAL, LLC                               | HEARTLAND DENTAL LLC / HEARTLAND DENTAL FINANCE CO 10.500000% 04/30/2028 | CUSIP: 42239PAB5<br>LEI: 5493008FRC0GRKBN1075 | Long             | DBT              | CORP              | US        |     1809000 | PA      | $1906114.36     | 0.11%             | 2028-04-30      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| CENTURY COMMUNITIES, INC.                           | CENTURY COMMUNITIES INC 144A 6.625000% 09/15/2033                        | CUSIP: 156504AN2<br>LEI: 5299002QMB2O7ZL1CA26 | Long             | DBT              | CORP              | US        |      901000 | PA      | $908892.06      | 0.05%             | 2033-09-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association               | FANNIE MAE REMICS FNR 2025-4 SB                                          | CUSIP: 3136BUU73<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   127127988 | PA      | $5988618.13     | 0.35%             | 2053-12-25      | Floating      | 1.44%                 | No            |                  2 | On Loan: No      |
| CENTURY COMMUNITIES, INC.                           | CENTURY COMMUNITIES INC 144A 3.875000% 08/15/2029                        | CUSIP: 156504AM4<br>LEI: 5299002QMB2O7ZL1CA26 | Long             | DBT              | CORP              | US        |     1276000 | PA      | $1200419.07     | 0.07%             | 2029-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| ACHM TRUST                                          | ACHM TRUST 2024-HE2 ACHM 2024-HE2 A                                      | CUSIP: 00112DAA4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     7997084 | PA      | $8014642.70     | 0.47%             | 2039-10-25      | Fixed         | 5.35%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                 | 3 MONTH SOFR FUT  JUN27 FINANCIAL COMMODITY FUTURE.                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        -927 | NC      | $-224565750.00  | -13.11%           |  |  |  | No            |                  1 | On Loan: No      |
| LONDON CARDS PLC                                    | LONDON CARDS NO 2 PLC LDN 2 E                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-MBS          |  | GB        |      200000 | PA      | $275325.67      | 0.02%             | 2034-03-28      | Floating      | 9.47%                 | No            |                  2 | On Loan: No      |
| THE NEW HOME COMPANY INC.                           | NEW HOME CO INC/THE 144A 9.250000% 10/01/2029                            | CUSIP: 645370AF4<br>LEI: 549300PLCE8TB3TVRQ85 | Long             | DBT              | CORP              | US        |     1388000 | PA      | $1457447.19     | 0.09%             | 2029-10-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| REXFORD INDUSTRIAL REALTY, INC                      | REXFORD INDUSTRIAL REALTY IN REIT                                        | CUSIP: 76169C100<br>LEI: 549300MSLO0DF0EMX355 | Short            | EC               |  | US        |       -9069 | NS      | $-372826.59     | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                 | BRK: MERRILL LYNCH, PIERCE, FENNER & SMITH COL: 05555MAA7                | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               |  | US        |    -2400000 | PA      | $-2400000.00    | -0.14%            |  |  |  | No            |                  2 | On Loan: No      |
| RIVIAN AUTOMOTIVE, INC.                             | RIVIAN AUTOMOTIVE INC-A COMMON STOCK                                     | CUSIP: 76954A103<br>LEI: 25490004LNKJ84MFYY24 | Short            | EC               |  | US        |      -70426 | NS      | $-1033853.68    | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| AFFIRM ASSET SECURITIZATION TRUST                   | AFFIRM ASSET SECURITIZATION TRUST 2024-B AFFRM 2024-B E                  | CUSIP: 00835AAE8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     2000000 | PA      | $2014134.40     | 0.12%             | 2029-09-15      | Fixed         | 7.35%                 | Yes           |                  2 | On Loan: No      |
| RADNOR RE/ESSENT                                    | RADNOR RE 2022-1 LTD RMIR 2022-1 M2                                      | CUSIP: 75049XAC6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     6500000 | PA      | $7283688.10     | 0.43%             | 2032-09-25      | Floating      | 12.86%                | Yes           |                  2 | On Loan: No      |
| EG GLOBAL FINANCE PLC                               | EG GLOBAL FINANCE PLC 144A 12.000000% 11/30/2028                         | CUSIP: 28228PAC5<br>LEI: 549300TL8Q5207VYET27 | Long             | DBT              | NUSS              | GB        |      796000 | PA      | $874291.38      | 0.05%             | 2028-11-30      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| CREDIT ACCEPTANCE CORPORATION                       | CREDIT ACCEPTANCE CORP 144A 6.625000% 03/15/2030                         | CUSIP: 225310AS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1780000 | PA      | $1782954.80     | 0.10%             | 2030-03-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| HERTZ VEHICLE FINANCING III LLC                     | HERTZ VEHICLE FINANCING III LLC HERTZ 2023-2A D                          | CUSIP: 42806MBZ1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      250000 | PA      | $260377.60      | 0.02%             | 2029-09-25      | Fixed         | 9.40%                 | Yes           |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                                   | BARCLAYS BANK PLC MTN ZERO COUPON 12/29/2025                             | CUSIP: G079C4Z57<br>LEI: G5GSEF7VJP5I7OUK5573 | Long             | DBT              | NUSS              | GB        |    50000000 | PA      | $45056000.00    | 2.63%             | 2025-12-29      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Alibaba Group Holding Limited                       | ALIBABA GROUP HOLDING-SP ADR DEPOSITARY RECEIPT                          | CUSIP: 01609W102<br>LEI: 5493001NTNQJDH60PM02 | Short            | EC               |  | CN        |      -33102 | NS      | $-5916320.46    | -0.35%            |  |  |  | No            |                  1 | On Loan: No      |
| NEUBERGER BERMAN LOAN ADVISERS LLC                  | NEUBERGER BERMAN LOAN ADVISERS CLO 38 LTD NEUB 2020-38A ER2              | CUSIP: 64133TAN2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     1795000 | PA      | $1787243.81     | 0.10%             | 2036-10-20      | Floating      | 8.93%                 | Yes           |                  2 | On Loan: No      |
| BDS LTD                                             | BDS 2024-FL13 LLC BDS 2024-FL13 A                                        | CUSIP: 05555MAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     8000000 | PA      | $8018216.00     | 0.47%             | 2039-09-19      | Floating      | 5.71%                 | Yes           |                  2 | On Loan: No      |
| CABLE ONE, INC.                                     | CABLE ONE INC ZERO COUPON 03/15/2026                                     | CUSIP: 12685JAE5<br>LEI: 549300648QS85T0XSH18 | Long             | DBT              | CORP              | US        |     1610000 | PA      | $1568147.52     | 0.09%             | 2026-03-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| RCKT MORTGAGE TRUST                                 | RCKT MORTGAGE TRUST 2024-CES7 RCKT 2024-CES7 A1A                         | CUSIP: 749414AA6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     3838189 | PA      | $3847339.67     | 0.22%             | 2044-10-25      | Fixed         | 5.16%                 | Yes           |                  2 | On Loan: No      |
| ALLIANT ENERGY CORPORATION                          | ALLIANT ENERGY CORP COMMON STOCK                                         | CUSIP: N/A<br>LEI: 5493009ML300G373MZ12       | Short            | EC               |  | US        |      -23767 | NS      | $-1602133.47    | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| PRPM LLC                                            | PRPM 2024-RCF5 LLC PRPM 2024-RCF5 M2                                     | CUSIP: 69381JAE2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      120000 | PA      | $109354.62      | 0.01%             | 2054-08-25      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| RITHM CAPITAL CORP.                                 | RITHM CAPITAL CORP 144A 8.000000% 04/01/2029                             | CUSIP: 64828TAB8<br>LEI: 549300WNTHGEO5LP2G31 | Long             | DBT              | CORP              | US        |     1940000 | PA      | $1985710.28     | 0.12%             | 2029-04-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| THE SOUTHERN COMPANY                                | SOUTHERN CO/THE 144A 3.250000% 06/15/2028                                | CUSIP: 842587EC7<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |     6809000 | PA      | $6890708.00     | 0.40%             | 2028-06-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| AFFIRM MASTER TRUST                                 | AFFIRM MASTER TRUST AFRMT 2025-1A E                                      | CUSIP: 00833BAE8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     5000000 | PA      | $5000319.00     | 0.29%             | 2033-02-15      | Fixed         | 7.18%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association            | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2022-137 JS                 | CUSIP: 38383UWK2<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    42675158 | PA      | $3436156.80     | 0.20%             | 2052-08-20      | Floating      | 1.61%                 | No            |                  2 | On Loan: No      |
| SANTANDER BANK, N.A.                                | SANTANDER BANK MORTGAGE CREDIT-LINKED NOTES SERIES SBCLN 2023-MTG1 M2    | CUSIP: 80290CBN3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      192534 | PA      | $209889.67      | 0.01%             | 2052-02-26      | Floating      | 9.26%                 | Yes           |                  2 | On Loan: No      |
| LD HOLDINGS GROUP LLC                               | LD HOLDINGS GROUP LLC 144A 8.750000% 11/01/2027                          | CUSIP: 521088AD6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1155679 | PA      | $1141861.88     | 0.07%             | 2027-11-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| United States of America                            | US 2YR NOTE (CBT) DEC25 FINANCIAL COMMODITY FUTURE.                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       -5158 | NC      | $-1074919141.00 | -62.78%           |  |  |  | No            |                  1 | On Loan: No      |
| RENEW FINANCIAL GROUP LLC                           | RENEW 2024-2 RENEW 2024-2A A                                             | CUSIP: 75975DAA2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     8323927 | PA      | $7965926.96     | 0.47%             | 2060-11-20      | Fixed         | 5.33%                 | Yes           |                  2 | On Loan: No      |
| PRA GROUP, INC.                                     | PRA GROUP INC 144A 5.000000% 10/01/2029                                  | CUSIP: 69354NAD8<br>LEI: 549300Q5HW3JSSB86K27 | Long             | DBT              | CORP              | US        |     1443000 | PA      | $1340087.55     | 0.08%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAIF SECURITIZATION TRUST                           | SAIF SECURITIZATION TRUST 2025-CES1 SAIF 2025-CES1 B1                    | CUSIP: 78438CAE1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     1000000 | PA      | $1002299.70     | 0.06%             | 2065-06-25      | Floating      | 7.23%                 | Yes           |                  2 | On Loan: No      |
| MFA TRUST                                           | MFA 2024-NQM2 TRUST MFRA 2024-NQM2 A1                                    | CUSIP: 58004JAA0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     3705012 | PA      | $3711128.51     | 0.22%             | 2069-08-25      | Fixed         | 5.27%                 | Yes           |                  2 | On Loan: No      |
| MPOWER EDUCATION TRUST                              | MPOWER EDUCATION TRUST 2025-A MPOWR 2025-A A                             | CUSIP: 624930AA1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     2924151 | PA      | $2953932.10     | 0.17%             | 2042-07-21      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| MAXIM CRANE WORKS HOLDINGS CAPITAL, LLC             | MAXIM CRANE WORKS HOLDINGS CAPITAL LLC 144A 11.500000% 09/01/2028        | CUSIP: 57779EAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     5946000 | PA      | $6301933.86     | 0.37%             | 2028-09-01      | Fixed         | 11.50%                | No            |                  2 | On Loan: No      |
| THPT MORTGAGE TRUST                                 | THPT 2023-THL MORTGAGE TRUST THPT 2023-THL F                             | CUSIP: 87252LAN5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      560000 | PA      | $543901.46      | 0.03%             | 2034-12-10      | Floating      | 7.43%                 | Yes           |                  2 | On Loan: No      |
| VERUS SECURITIZATION TRUST                          | VERUS SECURITIZATION TRUST 2025-INV1 VERUS 2025-INV1 B2                  | CUSIP: 924929AH5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      230000 | PA      | $228425.19      | 0.01%             | 2070-02-25      | Floating      | 7.31%                 | Yes           |                  2 | On Loan: No      |
| Merrill Lynch                                       | FS AI Factor Long                                                        | CUSIP: TFSLGLB01<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               |  | US        |      488140 | NC      | $1262818.18     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| LAQ MORTGAGE TRUST                                  | LAQ 2023-LAQ MORTGAGE TRUST LAQ 2023-LAQ F                               | CUSIP: 516681AL7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     1125000 | PA      | $1074850.65     | 0.06%             | 2036-03-15      | Floating      | 11.09%                | Yes           |                  2 | On Loan: No      |
| MARA HOLDINGS, INC.                                 | MARA HOLDINGS INC 144A ZERO COUPON 03/01/2030                            | CUSIP: 565788AE6<br>LEI: 549300M8ISKPTX2W7F94 | Long             | DBT              | CORP              | US        |     3290000 | PA      | $3286710.00     | 0.19%             | 2030-03-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                 | BRK: MERRILL LYNCH, PIERCE, FENNER & SMITH COL: 05613RAA6                | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               |  | US        |    -3972000 | PA      | $-3972000.00    | -0.23%            |  |  |  | No            |                  2 | On Loan: No      |
| HERTZ VEHICLE FINANCING III LLC                     | HERTZ VEHICLE FINANCING III LLC HERTZ 2025-1A D                          | CUSIP: 42806MCW7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      580000 | PA      | $580046.57      | 0.03%             | 2029-09-25      | Fixed         | 7.98%                 | Yes           |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS, INC.                             | QUIKRETE HOLDINGS INC 144A 6.750000% 03/01/2033                          | CUSIP: 74843PAB6<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |     1282000 | PA      | $1332887.34     | 0.08%             | 2033-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY RESIDENTIAL MORTGAGE LOAN TRUST      | MORGAN STANLEY RESIDENTIAL MORTGAGE LOAN TRUST 202 MSRM 2024-INV2 B5     | CUSIP: 617939BR3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |       98510 | PA      | $96017.09       | 0.01%             | 2054-02-25      | Floating      | 7.48%                 | Yes           |                  2 | On Loan: No      |
| JP MORGAN CHASE BANK N.A.                           | WF-IRS 2YR PAY FIXED 3.671000                                            | CUSIP: S62051752<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DIR              |  | US        |    19287000 | NC      | $-63782.57      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| TKC HOLDINGS, INC.                                  | TKC HOLDINGS INC 144A 6.875000% 05/15/2028                               | CUSIP: 87256YAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1046000 | PA      | $1054959.92     | 0.06%             | 2028-05-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| AREIT LTD.                                          | AREIT 2022-CRE6 TRUST AREIT 2022-CRE6 D                                  | CUSIP: 04002VAJ0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      270000 | PA      | $269664.39      | 0.02%             | 2037-01-20      | Floating      | 7.24%                 | Yes           |                  2 | On Loan: No      |
| LINDBLAD EXPEDITIONS, LLC                           | LINDBLAD EXPEDITIONS LLC 144A 7.000000% 09/15/2030                       | CUSIP: 53523LAB6<br>LEI: 549300MPUWOG67Y2R254 | Long             | DBT              | CORP              | US        |     1778000 | PA      | $1812297.62     | 0.11%             | 2030-09-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Alibaba Group Holding Limited                       | ALIBABA GROUP HOLDING LTD 0.500000% 06/01/2031                           | CUSIP: 01609WBG6<br>LEI: 5493001NTNQJDH60PM02 | Long             | DBT              | CORP              | CN        |     3847000 | PA      | $7066939.00     | 0.41%             | 2031-06-01      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| US 10YR FUT OPTN  Nov25C 111.5                      | US 10YR FUT OPTN  Nov25C 111.5 LONG                                      | CUSIP: 01VPY6ZP7<br>LEI: N/A                  | N/A              | DIR              |  | US        |         865 | NC      | $1040703.13     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| JP MORGAN CHASE BANK N.A.                           | WF-IRS 3YR PAY FIXED 3.576000                                            | CUSIP: S62051753<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DIR              |  | US        |    16361000 | NC      | $-79094.97      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                         | FREDDIE MAC REMICS FHR 5296 ST                                           | CUSIP: 3137H9SM2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    40946773 | PA      | $2378569.37     | 0.14%             | 2052-11-25      | Floating      | 1.89%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                                   | BARCLAYS BANK PLC MTN ZERO COUPON 12/29/2025                             | CUSIP: G079BTVK4<br>LEI: G5GSEF7VJP5I7OUK5573 | Long             | DBT              | NUSS              | GB        |   136237363 | PA      | $152081904.60   | 8.88%             | 2025-12-29      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| W. R. GRACE HOLDINGS LLC                            | WR GRACE HOLDINGS LLC 144A 6.625000% 08/15/2032                          | CUSIP: 92943GAF8<br>LEI: 549300WNOVFRGYOAEB12 | Long             | DBT              | CORP              | US        |     1636000 | PA      | $1617644.08     | 0.09%             | 2032-08-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| RADIOLOGY PARTNERS, INC.                            | RADIOLOGY PARTNERS INC 144A 8.500000% 07/15/2032                         | CUSIP: 75041VAE4<br>LEI: 549300SFTAG2177WUZ08 | Long             | DBT              | CORP              | US        |     1773000 | PA      | $1834764.65     | 0.11%             | 2032-07-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| LFS TOPCO LLC                                       | LFS TOPCO LLC 144A 8.750000% 07/15/2030                                  | CUSIP: 50203TAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      611000 | PA      | $613752.85      | 0.04%             | 2030-07-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                         | FREDDIE MAC REMICS FHR 5290 TS                                           | CUSIP: 3137H9QC6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    41579501 | PA      | $2723299.29     | 0.16%             | 2052-12-25      | Floating      | 1.89%                 | No            |                  2 | On Loan: No      |
| VERUS SECURITIZATION TRUST                          | VERUS SECURITIZATION TRUST 2024-7 VERUS 2024-7 B2                        | CUSIP: 924925AH3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      250000 | PA      | $251039.95      | 0.01%             | 2069-09-25      | Floating      | 7.81%                 | Yes           |                  2 | On Loan: No      |
| SWITCH ABS ISSUER LLC                               | SWITCH ABS ISSUER LLC SWTCH 2024-2A C                                    | CUSIP: 871044AJ2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     4500000 | PA      | $4645522.80     | 0.27%             | 2054-06-25      | Fixed         | 10.03%                | Yes           |                  2 | On Loan: No      |
| ARES MANAGEMENT CORPORATION                         | Ares Management Corp PREFERRED STOCK                                     | CUSIP: 03990B309<br>LEI: 529900JUV61FH7B8VW38 | Long             | EP               |  | US        |       40042 | NS      | $1989686.98     | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| THE NASSAU COMPANIES OF NEW YORK                    | NASSAU COS OF NEW YORK/THE 144A 7.875000% 07/15/2030                     | CUSIP: 63155AAA6<br>LEI: 549300Q3ENSFI87YLC32 | Long             | DBT              | CORP              | US        |     3345000 | PA      | $3416298.68     | 0.20%             | 2030-07-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| VERUS SECURITIZATION TRUST                          | VERUS SECURITIZATION TRUST 2025-1 VERUS 2025-1 B2                        | CUSIP: 92540TAF7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      570000 | PA      | $566868.71      | 0.03%             | 2070-01-25      | Floating      | 7.35%                 | Yes           |                  2 | On Loan: No      |
| TICP CLO LTD                                        | TICP CLO VII LTD TICP 2017-7A ER                                         | CUSIP: 87248UAD4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1830000 | PA      | $1822945.35     | 0.11%             | 2033-04-15      | Floating      | 11.63%                | No            |                  2 | On Loan: No      |
| BARINGS EURO CLO DAC                                | BARINGS EURO CLO 2024-1 DAC BABSE 2024-1A D                              | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-CBDO         | CORP              | IE        |     1500000 | PA      | $1770903.43     | 0.10%             | 2037-07-20      | Floating      | 6.52%                 | Yes           |                  2 | On Loan: No      |
| United States of America                            | US 5YR NOTE (CBT) DEC25 FINANCIAL COMMODITY FUTURE.                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |         195 | NC      | $21293085.94    | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| NEUBERGER BERMAN LOAN ADVISERS LLC                  | NEUBERGER BERMAN LOAN ADVISERS CLO 47 LTD NEUB 2022-47A ER               | CUSIP: 64134TAL5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      150000 | PA      | $150000.00      | 0.01%             | 2035-04-16      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| FLATIRON CLO LTD                                    | FLATIRON CLO 23 LLC FLAT 2023-1A ER                                      | CUSIP: 33883DAY0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     2100000 | PA      | $2109248.40     | 0.12%             | 2036-04-17      | Floating      | 9.27%                 | Yes           |                  2 | On Loan: No      |
| United States of America                            | US 10YR NOTE (CBT)DEC25 FINANCIAL COMMODITY FUTURE.                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       -6481 | NC      | $-729112500.00  | -42.58%           |  |  |  | No            |                  1 | On Loan: No      |
| USD-SOFR 4.48% 09/26/2035                           | USD-SOFR 4.48% 09/26/2035 EXPIRATION: 09/26/2035                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |  -128000000 | NC      | $-4182900.18    | -0.24%            |  |  |  | No            |                  1 | On Loan: No      |
| SERVICE PROPERTIES TRUST                            | SERVICE PROPERTIES TRUST 144A ZERO COUPON 09/30/2027                     | CUSIP: 81761LAF9<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |     4004000 | PA      | $3529647.28     | 0.21%             | 2027-09-30      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| AVIENT CORPORATION                                  | AVIENT CORP 144A 6.250000% 11/01/2031                                    | CUSIP: 05368VAB2<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | DBT              | CORP              | US        |     1335000 | PA      | $1355723.81     | 0.08%             | 2031-11-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| AFFIRM ASSET SECURITIZATION TRUST                   | AFFIRM ASSET SECURITIZATION TRUST 2023-X1 AFFRM 2023-X1 D                | CUSIP: 00834KAD9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      110000 | PA      | $110732.41      | 0.01%             | 2028-11-15      | Fixed         | 9.55%                 | Yes           |                  2 | On Loan: No      |
| USD-SOFR 4.48% 09/26/2035                           | USD-SOFR 4.48% 09/26/2035 EXPIRATION: 09/26/2035                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |    52200000 | NC      | $1716452.02     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| ARBOR REALTY COMMERCIAL REAL ESTATE NOTES LTD       | ARBOR REALTY COMMERCIAL REAL ESTATE NOTES 2025-FL1 ARCREN 2025-FL1 E     | CUSIP: 03881KAL7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     3420000 | PA      | $3417862.50     | 0.20%             | 2043-01-20      | Floating      | 8.08%                 | Yes           |                  2 | On Loan: No      |
| RAVEN ACQUISITION HOLDINGS, LLC                     | RAVEN ACQUISITION HOLDINGS LLC 144A 6.875000% 11/15/2031                 | CUSIP: 75420NAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      885000 | PA      | $909486.18      | 0.05%             | 2031-11-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| GCAT TRUST                                          | GCAT 2024-NQM2 TRUST GCAT 2024-NQM2 B1                                   | CUSIP: 36831CAE2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     1000000 | PA      | $1021759.80     | 0.06%             | 2059-06-25      | Floating      | 7.86%                 | Yes           |                  2 | On Loan: No      |
| JP MORGAN CHASE BANK N.A.                           | WF-IRS 51MTH PAY FIXED 3.34071                                           | CUSIP: SL514CGD9<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |    21000000 | NC      | $-15752.36      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association            | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2024-H21 IB                 | CUSIP: 38383K5P3<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |     3780319 | PA      | $266686.38      | 0.02%             | 2074-12-20      | Floating      | 0.65%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association            | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2025-120 IS                 | CUSIP: 38381N5B0<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    56480885 | PA      | $1769930.19     | 0.10%             | 2055-05-20      | Floating      | 0.61%                 | No            |                  2 | On Loan: No      |
| LUMMUS TECHNOLOGY HOLDINGS V LLC                    | ILLUMINATE BUYER LLC / ILLUMINATE HOLDINGS IV INC 9.000000% 07/01/2028   | CUSIP: 45232TAA9<br>LEI: 549300K1Y0YC1YC1H809 | Long             | DBT              | CORP              | US        |    10001000 | PA      | $10032603.16    | 0.59%             | 2028-07-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| HOMES TRUST                                         | HOMES 2025-NQM2 TRUST HOMES 2025-NQM2 B2                                 | CUSIP: 403966AF1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      230000 | PA      | $223892.21      | 0.01%             | 2070-02-25      | Floating      | 7.41%                 | Yes           |                  2 | On Loan: No      |
| CHASE HOME LENDING MORTGAGE TRUST                   | CHASE HOME LENDING MORTGAGE TRUST SERIES 2024-5 CHASE 2024-5 AX1         | CUSIP: 16159QAX5<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    12057411 | PA      | $37992.90       | 0.00%             | 2055-04-25      | Floating      | 0.25%                 | Yes           |                  2 | On Loan: No      |
| HAYFIN EMERALD CLO DAC                              | HAYFIN EMERALD CLO V DAC HAYEM 5A ER                                     | CUSIP: HAFNJFSD0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | IE        |     2760000 | PA      | $3244661.51     | 0.19%             | 2037-11-17      | Floating      | 9.08%                 | Yes           |                  2 | On Loan: No      |
| ARES CAPITAL CORPORATION.                           | ARES CAPITAL CORP 5.875000% 03/01/2029                                   | CUSIP: 04010LBF9<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |     1565000 | PA      | $1610164.66     | 0.09%             | 2029-03-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| COMMERCIAL MORTGAGE RELATED SECURITIES              | COMM 2019-521F MORTGAGE TRUST COMM 2019-521F C                           | CUSIP: 20048GAG1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      360000 | PA      | $316800.00      | 0.02%             | 2034-06-15      | Floating      | 5.60%                 | No            |                  2 | On Loan: No      |
| MF1 LTD                                             | MF1 2022-FL8 LTD MF1 2022-FL8 A                                          | CUSIP: 55284JAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     7187688 | PA      | $7187644.38     | 0.42%             | 2037-02-19      | Floating      | 5.48%                 | Yes           |                  2 | On Loan: No      |
| A&D MORTGAGE TRUST                                  | ADMT 2024-NQM6 ADMT 2024-NQM6 B1B                                        | CUSIP: 00249YAH9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      400000 | PA      | $401161.60      | 0.02%             | 2070-01-25      | Floating      | 7.28%                 | Yes           |                  2 | On Loan: No      |
| USD-SOFR 4.22% 09/26/2030                           | USD-SOFR 4.22% 09/26/2030 EXPIRATION: 09/26/2030                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |   -20300000 | NC      | $-1055956.14    | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association               | FANNIE MAE REMICS FNR 2024-97 MS                                         | CUSIP: 3136BUNH9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    29943147 | PA      | $1560076.89     | 0.09%             | 2055-01-25      | Floating      | 1.54%                 | No            |                  2 | On Loan: No      |
| N/A                                                 | MACQUARIE COLLATERAL BALANCE FS FUNDS                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |     1000000 | PA      | $1000000.00     | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| SUPER MICRO COMPUTER, INC.                          | SUPER MICRO COMPUTER INC 3.500000% 03/01/2029                            | CUSIP: 86800UAB0<br>LEI: 54930022CZO1N2UGVW07 | Long             | DBT              | CORP              | US        |     3675000 | PA      | $3744825.00     | 0.22%             | 2029-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC.                                  | HERC HOLDINGS INC 144A 7.000000% 06/15/2030                              | CUSIP: 42704LAF1<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |     1606000 | PA      | $1668193.96     | 0.10%             | 2030-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ARBOR REALTY SR, INC.                               | ARBOR REALTY SR INC 144A 7.875000% 07/15/2030                            | CUSIP: 03881NAJ6<br>LEI: 549300TW7RTL2CI3CN08 | Long             | DBT              | CORP              | US        |      803000 | PA      | $844305.74      | 0.05%             | 2030-07-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| VERUS SECURITIZATION TRUST                          | VERUS SECURITIZATION TRUST 2024-9 VERUS 2024-9 B2                        | CUSIP: 92540RAH7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      150000 | PA      | $149443.92      | 0.01%             | 2069-11-25      | Floating      | 7.36%                 | Yes           |                  2 | On Loan: No      |
| SHIFT4 PAYMENTS, INC                                | Shift4 Payments Inc PREFERRED STOCK                                      | CUSIP: 82452J307<br>LEI: N/A                  | Long             | EP               |  | US        |       68610 | NS      | $6509030.70     | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| EXETER AUTOMOBILE RECEIVABLES TRUST                 | EXETER AUTOMOBILE RECEIVABLES TRUST EART 2025-3A E                       | CUSIP: 30166XAG9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     3830000 | PA      | $3883155.04     | 0.23%             | 2032-12-15      | Fixed         | 7.52%                 | No            |                  2 | On Loan: No      |
| ARDONAGH FINCO LIMITED                              | ARDONAGH FINCO LTD 144A 7.750000% 02/15/2031                             | CUSIP: 039853AA4<br>LEI: 254900D2T84O1K03BA28 | Long             | DBT              | NUSS              | GB        |     1451000 | PA      | $1518310.44     | 0.09%             | 2031-02-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| BX TRUST                                            | BX TRUST 2025-VLT6 BX 2025-VLT6 D                                        | CUSIP: 12433KAG2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     1500000 | PA      | $1498125.00     | 0.09%             | 2042-03-15      | Floating      | 6.74%                 | Yes           |                  2 | On Loan: No      |
| JP MORGAN CHASE BANK N.A.                           | WF-IRS 25YR PAY FIXED 4.168000                                           | CUSIP: S62051491<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DIR              |  | US        |      440000 | NC      | $-13780.13      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| EXACT SCIENCES CORPORATION                          | EXACT SCIENCES CORP COMMON STOCK                                         | CUSIP: 30063P105<br>LEI: 549300VM3X1FYD4N9Z14 | Short            | EC               |  | US        |      -12482 | NS      | $-682890.22     | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| SPECIALTY BUILDING PRODUCTS HOLDINGS, LLC           | SPECIALTY BUILDING PRODUCTS HOLDINGS LLC / SBP FIN 7.750000% 10/15/2029  | CUSIP: 84749AAC1<br>LEI: 549300ICFD46O3KMJC06 | Short            | DBT              | CORP              | US        |    -1631000 | PA      | $-1656766.54    | -0.10%            | 2029-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| WAYFAIR INC.                                        | WAYFAIR INC 3.500000% 11/15/2028                                         | CUSIP: 94419LAR2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1651000 | PA      | $3423348.50     | 0.20%             | 2028-11-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FIVE POINT OPERATING COMPANY, LP                    | FIVE POINT OPERATING CO LP 144A 8.000000% 10/01/2030                     | CUSIP: 33834YAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1728000 | PA      | $1753524.84     | 0.10%             | 2030-10-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| PROGRESS RESIDENTIAL MASTER TRUST                   | PROGRESS RESIDENTIAL 2024-SFR2 TRUST PROG 2024-SFR2 F                    | CUSIP: 74290XAN1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      690000 | PA      | $614709.06      | 0.04%             | 2041-04-17      | Floating      | 3.65%                 | Yes           |                  2 | On Loan: No      |
| DRYDEN SENIOR LOAN FUND                             | DRYDEN 55 CLO LTD DRSLF 2018-55A E                                       | CUSIP: 26245QAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1450000 | PA      | $1424462.60     | 0.08%             | 2031-04-15      | Floating      | 9.98%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC.                                     | BOMBARDIER INC 144A 7.875000% 04/15/2027                                 | CUSIP: 097751BT7<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | NUSS              | CA        |     3845000 | PA      | $3861810.34     | 0.23%             | 2027-04-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| N/A                                                 | BRK: MERRILL LYNCH, PIERCE, FENNER & SMITH COL: 05613RAA6                | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               |  | US        |    -3972000 | PA      | $-3972000.00    | -0.23%            |  |  |  | No            |                  2 | On Loan: No      |
| KOHL'S CORPORATION                                  | KOHL'S CORP 5.550000% 07/17/2045                                         | CUSIP: 500255AV6<br>LEI: 549300JF6LPRTRJ0FH50 | Long             | DBT              | CORP              | US        |     1980000 | PA      | $1286143.65     | 0.08%             | 2045-07-17      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| KEHE DISTRIBUTORS, LLC                              | KEHE DISTRIBUTORS LLC / KEHE FINANCE CORP / NEXTWA 9.000000% 02/15/2029  | CUSIP: 487526AC9<br>LEI: 549300WQCH7SRQ8JKE47 | Long             | DBT              | CORP              | US        |     3509000 | PA      | $3692004.88     | 0.22%             | 2029-02-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association            | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2020-4 IO                   | CUSIP: 38382B3E1<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    14585440 | PA      | $2884695.13     | 0.17%             | 2050-01-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HERTZ VEHICLE FINANCING III LLC                     | HERTZ VEHICLE FINANCING LLC HERTZ 2022-2A D                              | CUSIP: 42806MAR0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      250000 | PA      | $243991.40      | 0.01%             | 2028-06-26      | Fixed         | 5.16%                 | Yes           |                  2 | On Loan: No      |
| U S BANK NATIONAL ASSOCIATION                       | US BANK NA USCLN 2023-1 D                                                | CUSIP: 90357PAX2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      207504 | PA      | $211416.85      | 0.01%             | 2032-08-25      | Fixed         | 13.60%                | Yes           |                  2 | On Loan: No      |
| CSMC TRUST                                          | CSMC 2021-GATE CSMC 2021-GATE C                                          | CUSIP: 12662UAE7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      300000 | PA      | $287838.60      | 0.02%             | 2036-12-15      | Floating      | 6.97%                 | Yes           |                  2 | On Loan: No      |
| ICAHN ENTERPRISES L.P.                              | ICAHN ENTERPRISES LP / ICAHN ENTERPRISES FINANCE C 10.000000% 11/15/2029 | CUSIP: 451102CK1<br>LEI: 549300T0G4GS0SINS786 | Long             | DBT              | CORP              | US        |     5491000 | PA      | $5515257.04     | 0.32%             | 2029-11-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY, INC.                                | NEXTERA ENERGY INC COMMON STOCK                                          | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Short            | EC               |  | US        |      -12668 | NS      | $-956307.32     | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                             | S&P 500 ex Mag 7 TRS                                                     | CUSIP: TRSX70000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |    28393196 | NC      | $-537182.58     | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC FINANCE ISSUANCE TRUST                     | REPUBLIC FINANCE ISSUANCE TRUST 2024-B REPS 2024-B D                     | CUSIP: 76042GAD6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     2970000 | PA      | $3060983.87     | 0.18%             | 2037-11-20      | Fixed         | 8.83%                 | Yes           |                  2 | On Loan: No      |
| CROSS MORTGAGE TRUST                                | CROSS 2025-H5 MORTGAGE TRUST CROSS 2025-H5 B1B                           | CUSIP: 227920AH8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     2585000 | PA      | $2589968.63     | 0.15%             | 2070-07-25      | Floating      | 7.63%                 | Yes           |                  2 | On Loan: No      |
| CMS ENERGY CORPORATION                              | CMS ENERGY CORP 3.375000% 05/01/2028                                     | CUSIP: 125896BX7<br>LEI: 549300IA9XFBAGNIBW29 | Long             | DBT              | CORP              | US        |     6447000 | PA      | $7059465.00     | 0.41%             | 2028-05-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE BANK N.A.                           | Credit Default Swap                                                      | CUSIP: CD6205304<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DCR              |  | US        |     9750000 | NC      | $-1743046.36    | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| TRIP.COM GROUP LIMITED                              | TRIP.COM GROUP LTD 0.750000% 06/15/2029                                  | CUSIP: 89677QAB3<br>LEI: 2549004RMYDSRQL4KW41 | Long             | DBT              | CORP              | CN        |     6798000 | PA      | $8664051.00     | 0.51%             | 2029-06-15      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| COMMSCOPE, LLC                                      | COMMSCOPE LLC 144A 9.500000% 12/15/2031                                  | CUSIP: 20338MAA0<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |     4764000 | PA      | $4931221.16     | 0.29%             | 2031-12-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| PRPM LLC                                            | PRPM 2024-RCF3 LLC PRPM 2024-RCF3 M2                                     | CUSIP: 74390BAJ7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      310000 | PA      | $285353.02      | 0.02%             | 2054-05-25      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| NEW RESIDENTIAL MORTGAGE LOAN TRUST                 | NEW RESIDENTIAL MORTGAGE LOAN TRUST 2025-NQM2 NRZT 2025-NQM2 B1          | CUSIP: 64831XAG3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      590000 | PA      | $598152.62      | 0.03%             | 2065-04-25      | Floating      | 7.27%                 | Yes           |                  2 | On Loan: No      |
| CONVEXITY BASKET CALL OPTION 03/14/25               | CONVEXITY BASKET CALL OPTION 03/14/25 LONG                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      500000 | NC      | $7354580.00     | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| ROCKET SOFTWARE, INC.                               | ROCKET SOFTWARE INC 144A 9.000000% 11/28/2028                            | CUSIP: 77314EAB4<br>LEI: 549300PVG26ISP5X1556 | Long             | DBT              | CORP              | US        |     8691000 | PA      | $8958874.00     | 0.52%             | 2028-11-28      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| MEACHAM PARK CLO, LTD.                              | MEACHAM PARK CLO LTD MCHPK 2024-1A E                                     | CUSIP: 58286RAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1500000 | PA      | $1503499.50     | 0.09%             | 2037-10-20      | Floating      | 9.68%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association               | FANNIE MAE REMICS FNR 2023-19 SB                                         | CUSIP: 3136BP2C4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    15664171 | PA      | $1063298.01     | 0.06%             | 2053-05-25      | Floating      | 2.49%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                             | GS Domestic Sales TRS                                                    | CUSIP: TXUAMER00<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |    28610273 | NC      | $502315.70      | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| B&G FOODS, INC.                                     | B&G FOODS INC 144A 8.000000% 09/15/2028                                  | CUSIP: 05508WAC9<br>LEI: 549300TRW1LZMDJZAQ78 | Short            | DBT              | CORP              | US        |    -1670000 | PA      | $-1618082.71    | -0.09%            | 2028-09-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association            | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2024-H20 KI                 | CUSIP: 38383K4A7<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    14188798 | PA      | $1245606.22     | 0.07%             | 2074-11-20      | Floating      | 0.68%                 | No            |                  2 | On Loan: No      |
| BREX COMMERCIAL CHARGE CARD MASTER TRUST            | BREX COMMERCIAL CHARGE CARD MASTER TRUST BREX 2024-1 B                   | CUSIP: 05601DAG8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      500000 | PA      | $502103.00      | 0.03%             | 2027-07-15      | Fixed         | 11.59%                | Yes           |                  2 | On Loan: No      |
| United States of America                            | TREASURY BILL 0.000000% 11/18/2025                                       | CUSIP: 912797RP4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    10000000 | PA      | $9946800.00     | 0.58%             | 2025-11-18      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| KSL COMMERCIAL MORTGAGE TRUST                       | KSL COMMERCIAL MORTGAGE TRUST 2024-HT2 KSL 2024-HT2 A                    | CUSIP: 500937AA5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     7333222 | PA      | $7330930.04     | 0.43%             | 2039-12-15      | Floating      | 5.69%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                         | FREDDIE MAC STRIPS FHS 406 S44                                           | CUSIP: 3142G5YG7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    66521653 | PA      | $5271708.63     | 0.31%             | 2053-10-25      | Floating      | 2.64%                 | No            |                  2 | On Loan: No      |
| CORNERSTONE BUILDING BRANDS, INC.                   | CAMELOT RETURN MERGER SUB INC 144A 8.750000% 08/01/2028                  | CUSIP: 13323NAA0<br>LEI: 549300IW41QEWQ6T0H29 | Long             | DBT              | CORP              | US        |     2095000 | PA      | $2026923.39     | 0.12%             | 2028-08-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association            | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2025-120 CS                 | CUSIP: 38381N4C9<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    63348284 | PA      | $3617959.85     | 0.21%             | 2053-10-20      | Floating      | 1.76%                 | No            |                  2 | On Loan: No      |
| iShares Bitcoin Trust ETF                           | ISHARES BITCOIN TRUST ETF MUTUAL FUND                                    | CUSIP: 46438F101<br>LEI: N/A                  | Long             | EC               | RF                | US        |      273741 | NS      | $17793165.00    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| CABLE ONE, INC.                                     | CABLE ONE INC 144A 4.000000% 11/15/2030                                  | CUSIP: 12685JAC9<br>LEI: 549300648QS85T0XSH18 | Short            | DBT              | CORP              | US        |    -1910000 | PA      | $-1618276.91    | -0.09%            | 2030-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARA HOLDINGS, INC.                                 | MARA HOLDINGS INC COMMON STOCK                                           | CUSIP: 565788106<br>LEI: 549300M8ISKPTX2W7F94 | Short            | EC               |  | US        |      -86576 | NS      | $-1580877.76    | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| TOWD POINT ASSET TRUST                              | TOWD POINT ASSET TRUST 2021-SL1 TPAT 2021-SL1 D                          | CUSIP: 89179XAD7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     3130000 | PA      | $3079294.00     | 0.18%             | 2061-11-20      | Floating      | 5.95%                 | Yes           |                  2 | On Loan: No      |
| WELLS FARGO COMMERCIAL MORTGAGE TRUST               | WELLS FARGO COMMERCIAL MORTGAGE TRUST 2025-AURA WFCM 2025-AURA E         | CUSIP: 95004VAJ6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     3400000 | PA      | $3391500.00     | 0.20%             | 2042-10-15      | Floating      | 9.04%                 | Yes           |                  2 | On Loan: No      |
| RATE MORTGAGE TRUST                                 | RATE MORTGAGE TRUST 2024-J4 RATE 2024-J4 B4                              | CUSIP: 75408TCL8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     1191000 | PA      | $975258.69      | 0.06%             | 2054-12-25      | Floating      | 6.30%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                 | BRK: MERRILL LYNCH, PIERCE, FENNER & SMITH COL: 05555MAA7                | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               |  | US        |    -4000000 | PA      | $-4000000.00    | -0.23%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                         | FREDDIE MAC REMICS FHR 5420 SG                                           | CUSIP: 3137HDCW8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   191068836 | PA      | $6858664.27     | 0.40%             | 2054-06-25      | Floating      | 0.84%                 | No            |                  2 | On Loan: No      |
| RADNOR RE/ESSENT                                    | RADNOR RE 2021-1 LTD RMIR 2021-1 M2                                      | CUSIP: 75279YAD3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     1227084 | PA      | $1236277.07     | 0.07%             | 2033-12-27      | Floating      | 7.51%                 | Yes           |                  2 | On Loan: No      |
| THE SOUTHERN COMPANY                                | SOUTHERN CO/THE COMMON STOCK                                             | CUSIP: 842587107<br>LEI: 549300FC3G3YU2FBZD92 | Short            | EC               |  | US        |      -19491 | NS      | $-1847162.07    | -0.11%            |  |  |  | No            |                  1 | On Loan: No      |
| AQUA FINANCE TRUST                                  | AQUA FINANCE TRUST 2024-A AQFIT 2024-A A                                 | CUSIP: 03837DAA2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     6687271 | PA      | $6749596.91     | 0.39%             | 2050-04-18      | Fixed         | 4.81%                 | Yes           |                  2 | On Loan: No      |
| J.P. MORGAN MORTGAGE TRUST                          | JP MORGAN MORTGAGE TRUST SERIES 2025-CCM2 JPMMT 2025-CCM2 B4             | CUSIP: 46659EBG0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      620000 | PA      | $495471.76      | 0.03%             | 2055-09-25      | Floating      | 6.58%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association               | FANNIE MAE REMICS FNR 2018-73 SC                                         | CUSIP: 3136B3EB2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    17491373 | PA      | $2213024.25     | 0.13%             | 2048-10-25      | Floating      | 1.73%                 | No            |                  2 | On Loan: No      |
| GENWORTH FINANCIAL, INC.                            | GENWORTH HOLDINGS INC VARIABLE RATE 11/15/2036                           | CUSIP: 37247DAG1<br>LEI: 549300EMCG286BDNKJ33 | Long             | DBT              | CORP              | US        |     1314000 | PA      | $1118835.13     | 0.07%             | 2036-11-15      | Floating      | 6.48%                 | No            |                  2 | On Loan: No      |
| PEAC SOLUTIONS RECEIVABLES                          | PEAC SOLUTIONS RECEIVABLES 2024-2 LLC PEAC 2024-2A A3                    | CUSIP: 69392BAC0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     5000000 | PA      | $5030682.00     | 0.29%             | 2031-10-20      | Fixed         | 4.65%                 | Yes           |                  2 | On Loan: No      |
| METRONET INFRASTRUCTURE ISSUER LLC                  | METRONET INFRASTRUCTURE ISSUER LLC MNET 2025-2A C                        | CUSIP: 59170JBB3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     1500000 | PA      | $1522294.50     | 0.09%             | 2055-08-20      | Fixed         | 7.83%                 | Yes           |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC                            | CELANESE US HOLDINGS LLC 6.500000% 04/15/2030                            | CUSIP: 15089QAZ7<br>LEI: CD30XVRLT4QO00B1C706 | Short            | DBT              | CORP              | US        |    -1073000 | PA      | $-1080016.16    | -0.06%            | 2030-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FLEXENTIAL LLC                                      | FLEXENTIAL ISSUER 2021-1 FLX 2021-1A B                                   | CUSIP: 33938MAB5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     1500000 | PA      | $1453493.55     | 0.08%             | 2051-11-27      | Fixed         | 3.72%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                         | FREDDIE MAC REMICS FHR 5163 NI                                           | CUSIP: 3137H47K0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |     7741828 | PA      | $1636285.75     | 0.10%             | 2051-11-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD.                                | NCL CORP LTD 144A 0.750000% 09/15/2030                                   | CUSIP: 62886HBW0<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | US        |     6840000 | PA      | $6899850.00     | 0.40%             | 2030-09-15      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| OCP CLO LTD                                         | OCP CLO 2024-31 LTD OCP 2024-31A E                                       | CUSIP: 67570BAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |     1440000 | PA      | $1467273.60     | 0.09%             | 2037-04-20      | Floating      | 11.23%                | Yes           |                  2 | On Loan: No      |
| WELLS FARGO COMMERCIAL MORTGAGE TRUST               | WELLS FARGO COMMERCIAL MORTGAGE TRUST 2024-MGP WFCM 2024-MGP A11         | CUSIP: 95003TAA1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     5000000 | PA      | $4990376.00     | 0.29%             | 2041-08-15      | Floating      | 6.14%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association               | FANNIE MAE INTEREST STRIP FNS 431 C35                                    | CUSIP: 31423YP78<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    53147456 | PA      | $3151303.48     | 0.18%             | 2037-07-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| RFNA, LP                                            | RFNA LP 144A 7.875000% 02/15/2030                                        | CUSIP: 74984AAA0<br>LEI: 2549002A4GSOTYKKHR45 | Long             | DBT              | CORP              | US        |     1070000 | PA      | $1090184.81     | 0.06%             | 2030-02-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association               | FANNIE MAE REMICS FNR 2022-74 SA                                         | CUSIP: 3136BPKK6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    48129695 | PA      | $1840956.03     | 0.11%             | 2052-10-25      | Floating      | 0.44%                 | No            |                  2 | On Loan: No      |
| USD-SOFR 6.40 01/16/2035                            | USD-SOFR 6.40 01/16/2035 EXPIRATION: 01/16/2035                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |  -350000000 | NC      | $-9223573.26    | -0.54%            |  |  |  | No            |                  1 | On Loan: No      |
| ELLINGTON FINANCIAL MORTGAGE TRUST                  | ELLINGTON FINANCIAL MORTGAGE TRUST 2022-3 EFMT 2022-3 M1                 | CUSIP: 31573EAD3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      200000 | PA      | $183897.40      | 0.01%             | 2067-08-25      | Floating      | 4.98%                 | Yes           |                  2 | On Loan: No      |
| ATLANTICUS HOLDINGS CORPORATION                     | ATLANTICUS HOLDINGS CORP 144A 9.750000% 09/01/2030                       | CUSIP: 04914AAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1539000 | PA      | $1529190.57     | 0.09%             | 2030-09-01      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| ADVANCE AUTO PARTS, INC.                            | ADVANCE AUTO PARTS INC 144A 7.000000% 08/01/2030                         | CUSIP: 00751YAK2<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | DBT              | CORP              | US        |      837000 | PA      | $861149.79      | 0.05%             | 2030-08-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BX COMMERCIAL MORTGAGE TRUST                        | BX COMMERCIAL MORTGAGE TRUST 2021-VOLT BX 2021-VOLT F                    | CUSIP: 05609VAQ8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     6941654 | PA      | $6928637.92     | 0.40%             | 2036-09-15      | Floating      | 6.66%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association               | FANNIE MAE REMICS FNR 2024-11 IK                                         | CUSIP: 3136BRFU6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    10490230 | PA      | $2099001.69     | 0.12%             | 2054-03-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ODEON FINCO PLC                                     | ODEON FINCO PLC 144A 12.750000% 11/01/2027                               | CUSIP: 67585LAA3<br>LEI: 9845003ECF9901CC5382 | Long             | DBT              | NUSS              | GB        |     4403000 | PA      | $4560411.65     | 0.27%             | 2027-11-01      | Fixed         | 12.75%                | No            |                  2 | On Loan: No      |
| PROVIDENT FUNDING ASSOCIATES, L.P.                  | PROVIDENT FUNDING ASSOCIATES LP / PFG FINANCE CORP 9.750000% 09/15/2029  | CUSIP: 74387UAK7<br>LEI: 54930043BMDE130FJ617 | Long             | DBT              | CORP              | US        |      792000 | PA      | $836854.13      | 0.05%             | 2029-09-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| ARES CLO LTD                                        | ARES LII CLO LTD ARES 2019-52A ERR                                       | CUSIP: 04009FAG4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      110000 | PA      | $110048.40      | 0.01%             | 2031-04-22      | Floating      | 9.83%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                 | BRK: BANK OF AMERICA COL: 95004EAA3                                      | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               |  | US        |    -6425000 | PA      | $-6425000.00    | -0.38%            |  |  |  | No            |                  2 | On Loan: No      |
| LD HOLDINGS GROUP LLC                               | LD HOLDINGS GROUP LLC 144A 6.125000% 04/01/2028                          | CUSIP: 521088AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1670000 | PA      | $1544471.69     | 0.09%             | 2028-04-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| COMM MORTGAGE TRUST                                 | COMM 2024-WCL1 MORTGAGE TRUST COMM 2024-WCL1 D                           | CUSIP: 20047DAG9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     1000000 | PA      | $996319.10      | 0.06%             | 2041-06-15      | Floating      | 7.44%                 | Yes           |                  2 | On Loan: No      |
| VERUS SECURITIZATION TRUST                          | VERUS SECURITIZATION TRUST 2023-INV3 VERUS 2023-INV3 B1                  | CUSIP: 92540CAE7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      180000 | PA      | $183075.07      | 0.01%             | 2068-11-25      | Floating      | 8.18%                 | Yes           |                  2 | On Loan: No      |
| REGIONAL MANAGEMENT ISSUANCE TRUST                  | REGIONAL MANAGEMENT ISSUANCE TRUST 2024-1 RMIT 2024-1 D                  | CUSIP: 758983AD2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     2500000 | PA      | $2583629.25     | 0.15%             | 2036-07-15      | Fixed         | 7.46%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association            | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2025-120 IA                 | CUSIP: 38381N7B8<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    57051469 | PA      | $10902096.42    | 0.64%             | 2052-03-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| 5 BRYANT PARK                                       | DBGS 2018-5BP MORTGAGE TRUST DBGS 2018-5BP A                             | CUSIP: 33830CAA8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      160000 | PA      | $152400.00      | 0.01%             | 2033-06-15      | Floating      | 5.04%                 | No            |                  2 | On Loan: No      |
| EMPOWER CLO LTD                                     | EMPOWER CLO 2022-1 LTD EMPWR 2022-1A ER                                  | CUSIP: 29246YAE8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      660000 | PA      | $664688.64      | 0.04%             | 2037-10-20      | Floating      | 10.23%                | Yes           |                  2 | On Loan: No      |
| BX TRUST                                            | BX TRUST 2025-VLT7 BX 2025-VLT7 E                                        | CUSIP: 123913AJ4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     7500000 | PA      | $7532729.25     | 0.44%             | 2044-07-15      | Floating      | 7.90%                 | Yes           |                  2 | On Loan: No      |
| JP MORGAN CHASE BANK N.A.                           | TRS on MARKIT IBOXX HY DEC25 TRS                                         | CUSIP: TRS620592<br>LEI: 984500653R409CC5AB28 | N/A              | DE               |  | US        |    16550001 | NC      | $-622105.22     | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| FORTRESS CREDIT BSL LIMITED                         | FORTRESS CREDIT BSL VIII LTD FCBSL 2019-2A E                             | CUSIP: 34962FAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $996890.00      | 0.06%             | 2032-10-20      | Floating      | 11.60%                | No            |                  2 | On Loan: No      |
| Government National Mortgage Association            | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2025-120 AS                 | CUSIP: 38381N3V8<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    10244074 | PA      | $722764.51      | 0.04%             | 2053-12-20      | Floating      | 2.46%                 | No            |                  2 | On Loan: No      |
| UPSTART SECURITIZATION TRUST                        | UPSTART SECURITIZATION TRUST 2025-3 UPST 2025-3 D                        | CUSIP: 91684FAE8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     1000000 | PA      | $995520.20      | 0.06%             | 2035-09-20      | Fixed         | 7.41%                 | Yes           |                  2 | On Loan: No      |
| SEQUOIA MORTGAGE TRUST                              | SEQUOIA MORTGAGE TRUST 2024-9 SEMT 2024-9 B4                             | CUSIP: 81749PCL2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      365045 | PA      | $326361.21      | 0.02%             | 2054-10-25      | Floating      | 6.54%                 | Yes           |                  2 | On Loan: No      |
| CROSS MORTGAGE TRUST                                | CROSS 2023-H1 MORTGAGE TRUST CROSS 2023-H1 B1                            | CUSIP: 22758CAE1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     5000000 | PA      | $5033682.50     | 0.29%             | 2068-03-25      | Floating      | 8.31%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                 | S&P 500 ANNL DIV  DEC27 PHYSICAL INDEX FUTURE.                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        2876 | NC      | $56980750.00    | 3.33%             |  |  |  | No            |                  1 | On Loan: No      |
| TRUMP MEDIA & TECHNOLOGY GROUP CORP.                | TRUMP MEDIA & TECHNOLOGY GROUP CORP 144A ZERO COUPON 05/29/2028          | CUSIP: 25400QAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4787000 | PA      | $4454901.88     | 0.26%             | 2028-05-29      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| DEXCOM, INC.                                        | DEXCOM INC COMMON STOCK                                                  | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Short            | EC               |  | US        |      -11810 | NS      | $-794694.90     | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| CENTERPOINT ENERGY, INC.                            | CENTERPOINT ENERGY INC 144A 3.000000% 08/01/2028                         | CUSIP: 15189TBQ9<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | DBT              | CORP              | US        |     6813000 | PA      | $6917560.06     | 0.40%             | 2028-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| VDCM COMMERCIAL MORTGAGE TRUST                      | VDCM COMMERCIAL MORTGAGE TRUST 2025-AZ VDCM 2025-AZ D                    | CUSIP: 91825CAG0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     1500000 | PA      | $1519488.90     | 0.09%             | 2044-07-13      | Floating      | 6.43%                 | Yes           |                  2 | On Loan: No      |
| U.S. ACUTE CARE SOLUTIONS, LLC                      | US ACUTE CARE SOLUTIONS LLC 144A 9.750000% 05/15/2029                    | CUSIP: 90367UAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1957000 | PA      | $2003933.42     | 0.12%             | 2029-05-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| ACCELERATED LLC                                     | ACCELERATED 2024-1 LLC AALLC 2024-1A A                                   | CUSIP: 00440MAA7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     4162197 | PA      | $4170747.32     | 0.24%             | 2044-08-22      | Fixed         | 4.68%                 | Yes           |                  2 | On Loan: No      |
| CARVANA CO.                                         | CARVANA CO 144A 13.000000% 06/01/2030                                    | CUSIP: 146869AN2<br>LEI: 5493003WEAK2PJ5WS063 | Long             | DBT              | CORP              | US        |     1530000 | PA      | $1600712.01     | 0.09%             | 2030-06-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                         | FREDDIE MAC REMICS FHR 5252 SP                                           | CUSIP: 3137H8Y70<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    27811166 | PA      | $1520152.76     | 0.09%             | 2052-09-25      | Floating      | 0.99%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association               | FANNIE MAE OR FREDDIE MAC 30YR TBA (OCTOBER)                             | CUSIP: 01F0506A9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   350000000 | PA      | $347080006.00   | 20.27%            | 2055-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OAKTREE CLO LTD                                     | OAKTREE CLO 2019-4 LTD OAKCL 2019-4A ERR                                 | CUSIP: 67400JAE3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $250906.25      | 0.01%             | 2037-07-20      | Floating      | 10.92%                | Yes           |                  2 | On Loan: No      |
| CORNERSTONE BUILDING BRANDS, INC.                   | CORNERSTONE BUILDING BRANDS INC 144A 9.500000% 08/15/2029                | CUSIP: 21925DAB5<br>LEI: 549300IW41QEWQ6T0H29 | Long             | DBT              | CORP              | US        |      961000 | PA      | $933746.04      | 0.05%             | 2029-08-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| APOLLO GLOBAL MANAGEMENT, INC.                      | Apollo Global Management Inc PREFERRED STOCK                             | CUSIP: 03769M304<br>LEI: 254900LMFT1CY9IYB476 | Long             | EP               |  | US        |       37500 | NS      | $2635500.00     | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| UPSTART SECURITIZATION TRUST                        | UPSTART SECURITIZATION TRUST 2025-2 UPST 2025-2 D                        | CUSIP: 91679EAE8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     2580000 | PA      | $2632500.68     | 0.15%             | 2035-06-20      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                         | FREDDIE MAC REMICS FHR 5412 MI                                           | CUSIP: 3137HCPQ9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    13417054 | PA      | $1979289.10     | 0.12%             | 2049-01-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| REACH ABS TRUST                                     | REACH ABS TRUST 2025-1 REACH 2025-1A D                                   | CUSIP: 75525PAD4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      260000 | PA      | $266637.83      | 0.02%             | 2032-08-16      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| FORD MOTOR COMPANY                                  | FORD MOTOR CO COMMON STOCK                                               | CUSIP: 345370860<br>LEI: 20S05OYHG0MQM4VUIC57 | Short            | EC               |  | US        |      -33495 | NS      | $-400600.20     | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| VISTA POINT SECURITIZATION TRUST                    | VISTA POINT SECURITIZATION TRUST SERIES 2024-CES2 VSTA 2024-CES2 A1      | CUSIP: 92841YAA3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     6172679 | PA      | $6163481.04     | 0.36%             | 2054-10-25      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| GAMESTOP CORP.                                      | GAMESTOP CORP 144A ZERO COUPON 04/01/2030                                | CUSIP: 36467WAD1<br>LEI: 549300505KLOET039L77 | Long             | DBT              | CORP              | US        |     4849000 | PA      | $5501190.50     | 0.32%             | 2030-04-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                                   | BARCLAYS BANK PLC MTN ZERO COUPON 12/29/2025                             | CUSIP: YK3073250<br>LEI: G5GSEF7VJP5I7OUK5573 | Long             | DBT              | NUSS              | GB        |    30000000 | PA      | $30000000.00    | 1.75%             | 2025-12-29      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| United States of America                            | US ULTRA BOND CBT DEC25 FINANCIAL COMMODITY FUTURE.                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |         -47 | NC      | $-5642937.50    | -0.33%            |  |  |  | No            |                  1 | On Loan: No      |
| GRAHAM PACKAGING COMPANY INC.                       | GRAHAM PACKAGING CO INC 144A 7.125000% 08/15/2028                        | CUSIP: 384701AA6<br>LEI: 549300YS0ZFT826HIK72 | Long             | DBT              | CORP              | US        |     2370000 | PA      | $2374211.49     | 0.14%             | 2028-08-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| RAD CLO LTD.                                        | RAD CLO 7 LTD RAD 2020-7A FR                                             | CUSIP: 74936PAC2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      320000 | PA      | $306463.04      | 0.02%             | 2036-04-17      | Floating      | 11.45%                | Yes           |                  2 | On Loan: No      |
| Brookfield Property Preferred L.P.                  | Brookfield Property Preferred LP PREFERRED STOCK                         | CUSIP: G1624R107<br>LEI: 254900N07TR905Y0G344 | Long             | EP               |  | US        |       20460 | NS      | $323063.40      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| VERUS SECURITIZATION TRUST                          | VERUS SECURITIZATION TRUST 2024-6 VERUS 2024-6 B2                        | CUSIP: 92540JAF9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      200000 | PA      | $201020.16      | 0.01%             | 2069-07-25      | Floating      | 7.91%                 | Yes           |                  2 | On Loan: No      |
| A&D MORTGAGE TRUST                                  | ADMT 2024-NQM6 ADMT 2024-NQM6 B1A                                        | CUSIP: 00249YAG1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     1918000 | PA      | $1956466.83     | 0.11%             | 2070-01-25      | Floating      | 7.28%                 | Yes           |                  2 | On Loan: No      |
| MORGAN STANLEY CAPITAL I TRUST                      | MORGAN STANLEY CAPITAL I TRUST 2024-BPR2 MSC 2024-BPR2 X                 | CUSIP: 61776EAC7<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |     2272526 | PA      | $64757.89       | 0.00%             | 2029-05-05      | Floating      | 1.07%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                 | BLCKRCK CASH-TRSRY-INST MONEY MARKET                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |     7031414 | PA      | $7031413.89     | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| OHA CREDIT PARTNERS LTD                             | OHA CREDIT PARTNERS VII LTD OAKC 2012-7A D2R4                            | CUSIP: 67102QBV9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     2000000 | PA      | $1989664.00     | 0.12%             | 2038-02-20      | Floating      | 7.70%                 | Yes           |                  2 | On Loan: No      |
| AMNEAL PHARMACEUTICALS LLC                          | AMNEAL PHARMACEUTICALS LLC 144A 6.875000% 08/01/2032                     | CUSIP: 03168LAA3<br>LEI: 54930037VIXE7LRZ1M66 | Long             | DBT              | CORP              | US        |      686000 | PA      | $709469.68      | 0.04%             | 2032-08-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ANCHORAGE CAPITAL CLO LTD                           | ANCHORAGE CAPITAL CLO 28 LTD ANCHC 2024-28A E                            | CUSIP: 03330VAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1420000 | PA      | $1417739.36     | 0.08%             | 2037-04-20      | Floating      | 11.28%                | Yes           |                  2 | On Loan: No      |
| MORGAN STANLEY BANK OF AMERICA MERRILL LYNCH TRUST  | MORGAN STANLEY BANK OF AMERICA MERRILL LYNCH TRUST MSBAM 2015-C24 E      | CUSIP: 61765LAE0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      170000 | PA      | $165189.00      | 0.01%             | 2048-05-15      | Floating      | 4.18%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE CORPORATION                        | FREEDOM MORTGAGE CORP 144A 12.000000% 10/01/2028                         | CUSIP: 35640YAK3<br>LEI: 549300LYRWPSYPK6S325 | Long             | DBT              | CORP              | US        |     1787000 | PA      | $1894220.00     | 0.11%             | 2028-10-01      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| Freddie Mac                                         | FREDDIE MAC REMICS FHR 5336 SA                                           | CUSIP: 3137HAJU1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    51289645 | PA      | $2486388.62     | 0.15%             | 2053-09-25      | Floating      | 1.44%                 | No            |                  2 | On Loan: No      |
| APIDOS CLO                                          | APIDOS CLO XXIII APID 2015-23A ERR                                       | CUSIP: 03766QAJ9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     2155000 | PA      | $2150470.19     | 0.13%             | 2033-04-15      | Floating      | 9.52%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association            | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2021-139 WI                 | CUSIP: 38382XJQ9<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    11627854 | PA      | $2027483.74     | 0.12%             | 2045-11-20      | Floating      | 4.05%                 | No            |                  2 | On Loan: No      |
| WESTGATE RESORTS LLC                                | WESTGATE RESORTS 2023-1 LLC WESTR 2023-1A D                              | CUSIP: 96033EAD0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      232517 | PA      | $238737.48      | 0.01%             | 2037-12-20      | Fixed         | 10.14%                | Yes           |                  2 | On Loan: No      |
| N/A                                                 | BRK: JP MORGAN CHASE BANK NA COL: 24380QAC6                              | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               |  | US        |    -3361000 | PA      | $-3361000.00    | -0.20%            |  |  |  | No            |                  2 | On Loan: No      |
| SUNOCO LP                                           | SUNOCO LP / SUNOCO FINANCE CORP 6.000000% 04/15/2027                     | CUSIP: 86765LAQ0<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |     1726000 | PA      | $1725350.16     | 0.10%             | 2027-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SPDR S&P 500 ETF Trust                              | SPY US 11/21/25 P644 LONG                                                | CUSIP: N/A<br>LEI: 549300NZAMSJ8FXPQQ63       | N/A              | DE               |  | US        |          86 | NC      | $58222.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association               | FANNIE MAE REMICS FNR 2024-89 SD                                         | CUSIP: 3136BTWQ2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    62804632 | PA      | $2333192.07     | 0.14%             | 2053-09-25      | Floating      | 0.74%                 | No            |                  2 | On Loan: No      |
| CROSS MORTGAGE TRUST                                | CROSS 2024-H5 MORTGAGE TRUST CROSS 2024-H5 B1B                           | CUSIP: 22757HAF8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     4180000 | PA      | $4228524.78     | 0.25%             | 2069-08-26      | Floating      | 8.11%                 | Yes           |                  2 | On Loan: No      |
| ELMWOOD CLO                                         | ELMWOOD CLO II LTD ELMW2 2019-2A A2RR                                    | CUSIP: 29001LAY7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    11000000 | PA      | $11009658.00    | 0.64%             | 2037-10-20      | Floating      | 5.88%                 | Yes           |                  2 | On Loan: No      |
| LAQ MORTGAGE TRUST                                  | LAQ 2023-LAQ MORTGAGE TRUST LAQ 2023-LAQ G                               | CUSIP: 516681AN3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      405000 | PA      | $386724.50      | 0.02%             | 2036-03-15      | Floating      | 12.58%                | Yes           |                  2 | On Loan: No      |
| GLS AUTO RECEIVABLES TRUST                          | GLS AUTO RECEIVABLES ISSUER TRUST 2025-2 GCAR 2025-2A E                  | CUSIP: 37989BAN2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     1720000 | PA      | $1785201.24     | 0.10%             | 2032-06-15      | Fixed         | 7.73%                 | Yes           |                  2 | On Loan: No      |
| VIX PUT OPTION 11/19/2025                           | VIX PUT OPTION 11/19/2025 LONG                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -18000 | NC      | $-945132.76     | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| HOMES TRUST                                         | HOMES 2024-AFC1 TRUST HOMES 2024-AFC1 A1                                 | CUSIP: 403945AC2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     4003632 | PA      | $4013690.38     | 0.23%             | 2059-08-25      | Fixed         | 5.22%                 | Yes           |                  2 | On Loan: No      |
| PLANET FINANCIAL GROUP, LLC                         | PLANET FINANCIAL GROUP LLC 144A 10.500000% 12/15/2029                    | CUSIP: 72702AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1873000 | PA      | $1969324.64     | 0.12%             | 2029-12-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORPORATION                        | TENET HEALTHCARE CORP 6.250000% 02/01/2027                               | CUSIP: 88033GDS6<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |     2017000 | PA      | $2016333.99     | 0.12%             | 2027-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO COMMERCIAL MORTGAGE TRUST               | WELLS FARGO COMMERCIAL MORTGAGE TRUST 2025-DWHP WFCM 2025-DWHP E         | CUSIP: 95004EAJ4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     2320000 | PA      | $2339914.65     | 0.14%             | 2038-04-15      | Floating      | 10.59%                | Yes           |                  2 | On Loan: No      |
| ASCENT EDUCATION FUNDING TRUST                      | ASCENT EDUCATION FUNDING TRUST 2024-A ASCNT 2024-A C                     | CUSIP: 04362VAC9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      130000 | PA      | $133803.66      | 0.01%             | 2050-10-25      | Fixed         | 8.01%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association               | FANNIE MAE OR FREDDIE MAC 30YR TBA (OCTOBER)                             | CUSIP: 01F0526A5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |  1495000000 | PA      | $1507315765.00  | 88.03%            | 2055-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association            | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2010-37 SG                  | CUSIP: 38376XJR5<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |     7389178 | PA      | $762637.06      | 0.04%             | 2040-03-20      | Floating      | 1.45%                 | No            |                  2 | On Loan: No      |
| BX TRUST                                            | BX TRUST 2021-ARIA BX 2021-ARIA G                                        | CUSIP: 05608RAQ8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     3000000 | PA      | $2985000.00     | 0.17%             | 2036-10-15      | Floating      | 7.41%                 | Yes           |                  2 | On Loan: No      |
| GCAT TRUST                                          | GCAT 2023-NQM2 TRUST GCAT 2023-NQM2 B2                                   | CUSIP: 36169DAF9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      120000 | PA      | $118784.04      | 0.01%             | 2067-11-25      | Floating      | 6.93%                 | Yes           |                  2 | On Loan: No      |
| CPS AUTO RECEIVABLES TRUST                          | CONSUMER PORTFOLIO SERVICES AUTO TRUST 2025-B CPS 2025-B E               | CUSIP: 12630SAE1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     2620000 | PA      | $2708096.71     | 0.16%             | 2033-03-15      | Fixed         | 7.95%                 | Yes           |                  2 | On Loan: No      |
| Merrill Lynch                                       | FS AI Factor Short                                                       | CUSIP: TFSSGLB00<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               |  | US        |    43591324 | NC      | $-667036.40     | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                         | FREDDIE MAC MSCR TRUST MN1 MSCR 2021-MN1 B1                              | CUSIP: 35563FAC5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |      130000 | PA      | $143051.95      | 0.01%             | 2051-01-25      | Floating      | 12.11%                | Yes           |                  2 | On Loan: No      |
| PARK RIVER HOLDINGS, INC.                           | PARK RIVER HOLDINGS INC 144A 8.000000% 03/15/2031                        | CUSIP: 70082LAC1<br>LEI: 254900PGY077KWCROT75 | Long             | DBT              | CORP              | US        |     4333000 | PA      | $4387917.61     | 0.26%             | 2031-03-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| JETBLUE AIRWAYS CORPORATION                         | JETBLUE AIRWAYS CORP 2.500000% 09/01/2029                                | CUSIP: 477143AR2<br>LEI: 54930070J9H97ZO93T57 | Long             | DBT              | CORP              | US        |     3074000 | PA      | $3173905.00     | 0.19%             | 2029-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| EURIBOR 2.068% 09/07/2026                           | EURIBOR 2.068% 09/07/2026 EXPIRATION: 09/07/2026                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | XX        |   925000000 | NC      | $1336975.60     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| COMM MORTGAGE TRUST                                 | COMM 2024-CBM MORTGAGE TRUST COMM 2024-CBM E                             | CUSIP: 12674GAN4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      800000 | PA      | $793984.96      | 0.05%             | 2041-12-10      | Floating      | 8.19%                 | Yes           |                  2 | On Loan: No      |
| ELMWOOD CLO                                         | ELMWOOD CLO 30 LTD ELM30 2024-6A E                                       | CUSIP: 29001KAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      500000 | PA      | $499303.50      | 0.03%             | 2037-07-17      | Floating      | 9.57%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association            | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2025-H19 IA                 | CUSIP: 38384LXL8<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |     2240000 | PA      | $159956.62      | 0.01%             | 2075-09-20      | Floating      | 0.72%                 | No            |                  2 | On Loan: No      |
| BLUE OWL CAPITAL CORPORATION                        | BLUE OWL CAPITAL CORP 6.200000% 07/15/2030                               | CUSIP: 69121KAJ3<br>LEI: 2549000BD79OOCPF2L94 | Long             | DBT              | CORP              | US        |      265000 | PA      | $272499.89      | 0.02%             | 2030-07-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| N/A                                                 | BRK: JP MORGAN CHASE BANK NA COL: 85520AAA7                              | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               |  | US        |    -8051000 | PA      | $-8051000.00    | -0.47%            |  |  |  | No            |                  2 | On Loan: No      |
| LIGHT AND WONDER INTERNATIONAL, INC.                | LIGHT & WONDER INTERNATIONAL INC 144A 6.250000% 10/01/2033               | CUSIP: 531968AB1<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |     1617000 | PA      | $1619748.90     | 0.09%             | 2033-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CONE TRUST                                          | CONE TRUST 2024-DFW1 CONE 2024-DFW1 C                                    | CUSIP: 20682AAJ9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     4500000 | PA      | $4499402.85     | 0.26%             | 2041-08-15      | Floating      | 6.84%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association            | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2022-5 NI                   | CUSIP: 38383FM67<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    22630446 | PA      | $3402824.82     | 0.20%             | 2052-01-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY BANK OF AMERICA MERRILL LYNCH TRUST  | MORGAN STANLEY BANK OF AMERICA MERRILL LYNCH TRUST MSBAM 2013-C9 E       | CUSIP: 61762DAJ0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     1030000 | PA      | $921562.22      | 0.05%             | 2046-05-15      | Floating      | 3.92%                 | No            |                  2 | On Loan: No      |
| HOMES TRUST                                         | HOMES 2025-AFC1 TRUST HOMES 2025-AFC1 B1                                 | CUSIP: 403969AG3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     1755000 | PA      | $1753106.36     | 0.10%             | 2060-01-25      | Floating      | 7.04%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association               | FANNIE MAE REMICS FNR 2024-84 HS                                         | CUSIP: 3136BTVQ3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    48974850 | PA      | $4110033.09     | 0.24%             | 2054-11-25      | Floating      | 2.74%                 | No            |                  2 | On Loan: No      |
| UPSTART SECURITIZATION TRUST                        | UPSTART SECURITIZATION TRUST 2023-2 UPST 2023-2 C                        | CUSIP: 91683VAC8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     1134000 | PA      | $1216712.94     | 0.07%             | 2033-06-20      | Fixed         | 11.87%                | Yes           |                  2 | On Loan: No      |
| United States of America                            | TREASURY BILL 0.000000% 10/23/2025                                       | CUSIP: 912797QG5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    15000000 | PA      | $14963081.25    | 0.87%             | 2025-10-23      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SHIFT4 PAYMENTS, INC                                | SHIFT4 PAYMENTS INC-CLASS A COMMON STOCK                                 | CUSIP: 82452J109<br>LEI: N/A                  | Short            | EC               |  | US        |      -62277 | NS      | $-4820239.80    | -0.28%            |  |  |  | No            |                  1 | On Loan: No      |
| UPGRADE RECEIVABLES TRUST                           | UPGRADE RECEIVABLES TRUST 2024-1 UPGR 2024-1A E                          | CUSIP: 91533NAE4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     3040000 | PA      | $3118285.78     | 0.18%             | 2031-02-18      | Fixed         | 11.53%                | Yes           |                  2 | On Loan: No      |
| CLNY TRUST                                          | CLNY TRUST 2019-IKPR CLNY 2019-IKPR C                                    | CUSIP: 12564NAJ1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     2122000 | PA      | $2047730.00     | 0.12%             | 2038-11-15      | Floating      | 6.26%                 | No            |                  2 | On Loan: No      |
| BRIGHTSPIRE CAPITAL                                 | BRSP 2024-FL2 LTD BRSP 2024-FL2 D                                        | CUSIP: 05613BAJ2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     2000000 | PA      | $1986518.00     | 0.12%             | 2037-08-19      | Floating      | 8.97%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association            | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2022-193 SA                 | CUSIP: 38383Y7L0<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    56966774 | PA      | $1193801.41     | 0.07%             | 2052-11-20      | Floating      | 0.31%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                    | DB Equity Factor Rotation TRS                                            | CUSIP: N/A<br>LEI: 7LTWFZYICNSX8D621K86       | N/A              | DE               |  | US        |       16554 | NC      | $1553758.44     | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| US 10YR FUT OPTN  Nov25C 113.5                      | US 10YR FUT OPTN  Nov25C 113.5 LONG                                      | CUSIP: 01VPY70L7<br>LEI: N/A                  | N/A              | DIR              |  | US        |         993 | NC      | $217218.75      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| TRIP.COM GROUP LIMITED                              | TRIP.COM GROUP LTD-ADR DEPOSITARY RECEIPT                                | CUSIP: 89677Q107<br>LEI: 2549004RMYDSRQL4KW41 | Short            | EC               |  | CN        |      -77103 | NS      | $-5798145.60    | -0.34%            |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                         | FREDDIE MAC STRIPS FHS 406 S16                                           | CUSIP: 3142G5WQ7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    34026421 | PA      | $1598153.62     | 0.09%             | 2053-10-25      | Floating      | 1.14%                 | No            |                  2 | On Loan: No      |
| STATE STREET                                        | FX Forward Contract: USD/GBP SETTLE 2025-10-17                           | CUSIP: N/A<br>LEI: 549300ZFEEJ2IP5VME73       | N/A              | DFE              |  | US        |           1 | NC      | $71774.27       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NORWEGIAN CRUISE LINE HOLDINGS LTD.                 | NORWEGIAN CRUISE LINE HOLDIN COMMON STOCK                                | CUSIP: G66721104<br>LEI: N/A                  | Short            | EC               |  | US        |     -127663 | NS      | $-3144339.69    | -0.18%            |  |  |  | No            |                  1 | On Loan: No      |
| WAYFAIR INC.                                        | WAYFAIR INC- CLASS A COMMON STOCK                                        | CUSIP: 94419L101<br>LEI: N/A                  | Short            | EC               |  | US        |      -31803 | NS      | $-2840961.99    | -0.17%            |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association            | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2025-120 NS                 | CUSIP: 38381N5V6<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    85249269 | PA      | $4975820.83     | 0.29%             | 2055-03-20      | Floating      | 1.61%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                             | GS Carry + Tail Reversion TRS                                            | CUSIP: N/A<br>LEI: KD3XUN7C6T14HNAYLU02       | N/A              | DE               |  | US        |      289714 | NC      | $327376.82      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| HOME RE LIMITED                                     | HOME RE 2021-1 LTD HMIR 2021-1 M2                                        | CUSIP: 437307AD3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      164862 | PA      | $165351.11      | 0.01%             | 2033-07-25      | Floating      | 7.32%                 | Yes           |                  2 | On Loan: No      |
| ADAPTHEALTH, LLC                                    | ADAPTHEALTH LLC 144A 6.125000% 08/01/2028                                | CUSIP: 00653VAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2310000 | PA      | $2304170.95     | 0.13%             | 2028-08-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| UPGRADE RECEIVABLES TRUST                           | UPGRADE RECEIVABLES TRUST 2024-1 UPGR 2024-1A D                          | CUSIP: 91533NAD6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     1500000 | PA      | $1533597.90     | 0.09%             | 2031-02-18      | Fixed         | 8.90%                 | Yes           |                  2 | On Loan: No      |
| PRPM LLC                                            | PRPM 2025-NQM3 TRUST PRPM 2025-NQM3 B1                                   | CUSIP: 69382NAE2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      650000 | PA      | $649465.05      | 0.04%             | 2070-05-25      | Floating      | 6.86%                 | Yes           |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                             | GS Accelerated Bonus Depreciation TRS                                    | CUSIP: TFS100D00<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |      269739 | NC      | $729987.37      | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| VERDANT RECEIVABLES LLC                             | VERDANT RECEIVABLES 2024-1 LLC VERD 2024-1A D                            | CUSIP: 92339MAE0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      570000 | PA      | $594661.34      | 0.03%             | 2031-12-12      | Fixed         | 7.23%                 | Yes           |                  2 | On Loan: No      |
| R. R. DONNELLEY & SONS COMPANY                      | RR DONNELLEY & SONS CO 144A 9.500000% 08/01/2029                         | CUSIP: 257867BJ9<br>LEI: SU4X0P4WWRGOQDTSV032 | Long             | DBT              | CORP              | US        |     2434000 | PA      | $2494521.41     | 0.15%             | 2029-08-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE BANK N.A.                           | Credit Default Swap                                                      | CUSIP: CD6205306<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DCR              |  | US        |     1500000 | NC      | $-231209.55     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE BANK N.A.                           | WF-IRS 15YR PAY FIXED 4.091000                                           | CUSIP: S62051492<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DIR              |  | US        |      140000 | NC      | $-3464.65       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CCO HOLDINGS, LLC                                   | CCO HOLDINGS LLC / CCO HOLDINGS CAPITAL CORP 144A 4.250000% 02/01/2031   | CUSIP: 1248EPCK7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      500000 | PA      | $460615.65      | 0.03%             | 2031-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association               | FANNIE MAE REMICS FNR 2023-11 SA                                         | CUSIP: 3136BPU66<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    47886909 | PA      | $2775534.80     | 0.16%             | 2053-04-25      | Floating      | 1.89%                 | No            |                  2 | On Loan: No      |
| GOODLEAP HOME IMPROVEMENT SOLUTIONS TRUST           | GOODLEAP HOME IMPROVEMENT SOLUTIONS TRUST 2024-1 GDLP 2024-1A C          | CUSIP: 381935AC9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      844202 | PA      | $880819.14      | 0.05%             | 2046-10-20      | Fixed         | 8.94%                 | Yes           |                  2 | On Loan: No      |
| A&D MORTGAGE TRUST                                  | A&D MORTGAGE TRUST 2024-NQM1 ADMT 2024-NQM1 B1                           | CUSIP: 00039GAE9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     4000000 | PA      | $4067786.80     | 0.24%             | 2069-02-25      | Floating      | 8.49%                 | Yes           |                  2 | On Loan: No      |
| DEEPHAVEN RESIDENTIAL MORTGAGE TRUST                | DEEPHAVEN RESIDENTIAL MORTGAGE TRUST 2024-1 DRMT 2024-1 A1               | CUSIP: 24380QAC6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     3908470 | PA      | $3948241.79     | 0.23%             | 2069-07-25      | Fixed         | 5.74%                 | Yes           |                  2 | On Loan: No      |
| MARINER FINANCE ISSUANCE TRUST                      | MARINER FINANCE ISSUANCE TRUST 2024-A MFIT 2024-AA D                     | CUSIP: 567928AD8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      570000 | PA      | $584974.98      | 0.03%             | 2036-09-22      | Fixed         | 6.77%                 | Yes           |                  2 | On Loan: No      |
| HEWLETT PACKARD ENTERPRISE COMPANY                  | Hewlett Packard Enterprise Co PREFERRED STOCK                            | CUSIP: 42824C208<br>LEI: 549300BX44RGX6ANDV88 | Long             | EP               |  | US        |       29004 | NS      | $1969371.60     | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association               | FANNIE MAE REMICS FNR 2022-40 PS                                         | CUSIP: 3136BNQM1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    17622669 | PA      | $845322.44      | 0.05%             | 2051-12-25      | Floating      | 1.69%                 | No            |                  2 | On Loan: No      |
| TRUMP MEDIA & TECHNOLOGY GROUP CORP.                | TRUMP MEDIA & TECHNOLOGY GRO COMMON STOCK                                | CUSIP: 25400Q105<br>LEI: N/A                  | Short            | EC               |  | US        |      -49996 | NS      | $-820934.32     | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| VSTRONG AUTO RECEIVABLES TRUST                      | VSTRONG AUTO RECEIVABLES TRUST 2023-A VSTRG 2023-A E                     | CUSIP: 92920CAN7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      540000 | PA      | $591677.73      | 0.03%             | 2030-12-16      | Fixed         | 9.99%                 | Yes           |                  2 | On Loan: No      |
| SPDR S&P 500 ETF Trust                              | SPY US 10/17/25 P615 LONG                                                | CUSIP: 59499TTF7<br>LEI: 549300NZAMSJ8FXPQQ63 | N/A              | DE               |  | US        |          70 | NC      | $4690.00        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| A&D MORTGAGE TRUST                                  | ADMT 2024-NQM6 ADMT 2024-NQM6 B2                                         | CUSIP: 00249YAJ5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      410000 | PA      | $389066.22      | 0.02%             | 2070-01-25      | Floating      | 7.28%                 | Yes           |                  2 | On Loan: No      |
| BLUE OWL CREDIT INCOME CORP.                        | BLUE OWL CREDIT INCOME CORP 5.800000% 03/15/2030                         | CUSIP: 09581CAD3<br>LEI: 5493003I42XBWPE05N35 | Long             | DBT              | CORP              | US        |     2401000 | PA      | $2434740.34     | 0.14%             | 2030-03-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| AVIS BUDGET RENTAL CAR FUNDING                      | AVIS BUDGET RENTAL CAR FUNDING AESOP LLC AESOP 2023-8A D                 | CUSIP: 05377RJY1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      140000 | PA      | $142601.76      | 0.01%             | 2030-02-20      | Fixed         | 7.52%                 | No            |                  2 | On Loan: No      |
| JD.COM, INC.                                        | JD.COM INC 0.250000% 06/01/2029                                          | CUSIP: 47215PAJ5<br>LEI: 549300HVTWB0GJZ16V92 | Long             | DBT              | CORP              | CN        |     6573000 | PA      | $7046256.00     | 0.41%             | 2029-06-01      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO COMMERCIAL MORTGAGE TRUST               | WELLS FARGO COMMERCIAL MORTGAGE TRUST 2025-DWHP WFCM 2025-DWHP A         | CUSIP: 95004EAA3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    10000000 | PA      | $10041393.00    | 0.59%             | 2038-04-15      | Floating      | 6.49%                 | Yes           |                  2 | On Loan: No      |
| SCG TRUST                                           | SCG 2024-MSP MORTGAGE TRUST SCG 2024-MSP E                               | CUSIP: 78436EAJ8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     3320000 | PA      | $3330226.60     | 0.19%             | 2041-04-15      | Floating      | 9.09%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association            | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2025-120 SD                 | CUSIP: 38381N6U7<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    20561770 | PA      | $2554616.94     | 0.15%             | 2049-10-20      | Floating      | 1.75%                 | No            |                  2 | On Loan: No      |
| ADAMAS TRUST, INC.                                  | Adamas Trust Inc PREFERRED STOCK                                         | CUSIP: 649604865<br>LEI: 549300JFGR0M7ULHWG48 | Long             | EP               |  | US        |       34100 | NS      | $775775.00      | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association            | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2022-159 JS                 | CUSIP: 38383YML3<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    37740080 | PA      | $2410870.28     | 0.14%             | 2052-09-20      | Floating      | 0.86%                 | No            |                  2 | On Loan: No      |
| COMM MORTGAGE TRUST                                 | COMM 2014-UBS6 MORTGAGE TRUST COMM 2014-UBS6 D                           | CUSIP: 12592PAJ2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     1780000 | PA      | $1664300.00     | 0.10%             | 2047-12-10      | Floating      | 4.06%                 | No            |                  2 | On Loan: No      |
| A&D MORTGAGE TRUST                                  | A&D MORTGAGE TRUST 2024-NQM2 ADMT 2024-NQM2 B1                           | CUSIP: 00002NAE7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     1807000 | PA      | $1840010.46     | 0.11%             | 2069-04-25      | Floating      | 8.38%                 | Yes           |                  2 | On Loan: No      |
| MOHEGAN ESCROW ISSUER, LLC                          | MOHEGAN TRIBAL GAMING AUTHORITY / MS DIGITAL ENTER 8.250000% 04/15/2030  | CUSIP: 60832QAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1831000 | PA      | $1902482.24     | 0.11%             | 2030-04-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association            | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2025-120 LS                 | CUSIP: 38381N5Q7<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    66487343 | PA      | $4755480.63     | 0.28%             | 2053-04-20      | Floating      | 1.76%                 | No            |                  2 | On Loan: No      |
| DEWOLF PARK CLO, LTD.                               | DEWOLF PARK CLO LTD DWOLF 2017-1A E                                      | CUSIP: 25211CAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      300000 | PA      | $300311.40      | 0.02%             | 2030-10-15      | Floating      | 10.78%                | No            |                  2 | On Loan: No      |
| HERA FINANCING DAC                                  | HERA FINANCING 2024-1 DAC HRFIN 2024-1A A                                | CUSIP: HER7UYUZ0<br>LEI: N/A                  | Long             | ABS-MBS          |  | GB        |     4994712 | PA      | $6727904.27     | 0.39%             | 2034-11-17      | Floating      | 5.88%                 | Yes           |                  2 | On Loan: No      |
| CREDIT ACCEPTANCE CORPORATION                       | CREDIT ACCEPTANCE CORP 144A 9.250000% 12/15/2028                         | CUSIP: 225310AQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      959000 | PA      | $1007555.13     | 0.06%             | 2028-12-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association               | FANNIE MAE REMICS FNR 2022-74 US                                         | CUSIP: 3136BPKM2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    56170608 | PA      | $1951321.99     | 0.11%             | 2052-11-25      | Floating      | 0.64%                 | No            |                  2 | On Loan: No      |
| ALLIANT ENERGY CORPORATION                          | ALLIANT ENERGY CORP 3.875000% 03/15/2026                                 | CUSIP: 018802AC2<br>LEI: 5493009ML300G373MZ12 | Long             | DBT              | CORP              | US        |     2478000 | PA      | $2665089.00     | 0.16%             | 2026-03-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS HOLDINGS, LLC               | FRONTIER COMMUNICATIONS HOLDINGS LLC 144A 5.875000% 10/15/2027           | CUSIP: 35906ABE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     5466000 | PA      | $5462698.54     | 0.32%             | 2027-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association               | FANNIE MAE REMICS FNR 2022-90 CI                                         | CUSIP: 3136BPRN3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    19351085 | PA      | $3931012.40     | 0.23%             | 2050-05-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO MORTGAGE BACKED SECURITIES TRUST        | WELLS FARGO MORTGAGE BACKED SECURITIES 2021-RR1 TR WFMBS 2021-RR1 AIO1   | CUSIP: 95003JAW5<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |     3608700 | PA      | $107142.67      | 0.01%             | 2050-12-25      | Floating      | 0.48%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association            | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2025-120 BI                 | CUSIP: 38381N7V4<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |     2467348 | PA      | $423428.54      | 0.02%             | 2055-02-20      | Floating      | 6.00%                 | No            |                  2 | On Loan: No      |
| ILFC E-CAPITAL TRUST II                             | ILFC E-CAPITAL TRUST II 144A 6.538290% 12/21/2065                        | CUSIP: 44965UAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2579000 | PA      | $2201052.97     | 0.13%             | 2065-12-21      | Floating      | 6.52%                 | Yes           |                  2 | On Loan: No      |
| CLUE OPCO LLC                                       | CLUE OPCO LLC 144A 9.500000% 10/15/2031                                  | CUSIP: 36267QAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2336000 | PA      | $2498326.30     | 0.15%             | 2031-10-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| EQUIFY ABS LLC                                      | EQUIFY ABS 2024-1 LLC EQFY 2024-1A A                                     | CUSIP: 29445TAA6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     3034380 | PA      | $3037005.20     | 0.18%             | 2033-04-18      | Fixed         | 5.43%                 | Yes           |                  2 | On Loan: No      |
| ACHV ABS TRUST                                      | ACHV ABS TRUST 2023-4CP ACHV 2023-4CP E                                  | CUSIP: 00092CAE2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      500000 | PA      | $509093.00      | 0.03%             | 2030-11-25      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                                | ONEMAIN FINANCE CORP 7.125000% 03/15/2026                                | CUSIP: 85172FAN9<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |      792000 | PA      | $799158.10      | 0.05%             | 2026-03-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| PURCHASING POWER FUNDING LLC                        | PURCHASING POWER FUNDING 2024-A LLC PPWR 2024-A D                        | CUSIP: 745935AD8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      450000 | PA      | $453374.91      | 0.03%             | 2028-08-15      | Fixed         | 7.26%                 | Yes           |                  2 | On Loan: No      |
| AKAMAI TECHNOLOGIES, INC.                           | AKAMAI TECHNOLOGIES INC COMMON STOCK                                     | CUSIP: 00971T101<br>LEI: OC1LZNN2LF5WTJ5RIL89 | Short            | EC               |  | US        |      -50831 | NS      | $-3850956.56    | -0.22%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                 | BRK: MERRILL LYNCH, PIERCE, FENNER & SMITH COL: 55284JAA7                | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               |  | US        |    -5772000 | PA      | $-5772000.00    | -0.34%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                 | 3 MONTH SOFR FUT  MAR27 FINANCIAL COMMODITY FUTURE.                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        -927 | NC      | $-224600512.50  | -13.12%           |  |  |  | No            |                  1 | On Loan: No      |
| NEW RESIDENTIAL MORTGAGE LOAN TRUST                 | NEW RESIDENTIAL MORTGAGE LOAN TRUST 2024-NQM3 NRZT 2024-NQM3 B2          | CUSIP: 647910AH1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      460000 | PA      | $431794.64      | 0.03%             | 2064-11-25      | Floating      | 7.14%                 | Yes           |                  2 | On Loan: No      |
| SURGERY CENTER HOLDINGS, INC.                       | SURGERY CENTER HOLDINGS INC 144A 7.250000% 04/15/2032                    | CUSIP: 86881WAF9<br>LEI: 54930054EVI5HWPPW113 | Long             | DBT              | CORP              | US        |      870000 | PA      | $893704.02      | 0.05%             | 2032-04-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| RIVIAN AUTOMOTIVE, INC.                             | RIVIAN AUTOMOTIVE INC 3.625000% 10/15/2030                               | CUSIP: 76954AAD5<br>LEI: 25490004LNKJ84MFYY24 | Long             | DBT              | CORP              | US        |     2167000 | PA      | $1990621.65     | 0.12%             | 2030-10-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| USD-SOFR 4.27 01/16/2035                            | USD-SOFR 4.27 01/16/2035 EXPIRATION: 01/16/2035                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |    60000000 | NC      | $3113093.41     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| COLOGIX DATA CENTERS US ISSUER, LLC                 | COLOGIX DATA CENTERS US ISSUER LLC CLGIX 2021-1A C                       | CUSIP: 19521UAE3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     2000000 | PA      | $1978932.20     | 0.12%             | 2051-12-26      | Fixed         | 5.99%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association            | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2025-120 DS                 | CUSIP: 38381N4H8<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    25613323 | PA      | $1301518.28     | 0.08%             | 2053-11-20      | Floating      | 1.61%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association               | FANNIE MAE REMICS FNR 2022-16 QI                                         | CUSIP: 3136BMMZ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    22530488 | PA      | $2467561.61     | 0.14%             | 2052-04-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE BANK N.A.                           | TRS on MARKIT IBOXX HY MAR26 TRS                                         | CUSIP: TRS620593<br>LEI: 984500653R409CC5AB28 | N/A              | DE               |  | US        |    21656001 | NC      | $-24505.15      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| S&S HOLDINGS, LLC                                   | S&S HOLDINGS LLC 144A 8.375000% 10/01/2031                               | CUSIP: 78525CAA3<br>LEI: N/A                  | Short            | DBT              | CORP              | US        |    -1888000 | PA      | $-1850917.60    | -0.11%            | 2031-10-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| DEALER TIRE, LLC                                    | DEALER TIRE LLC / DT ISSUER LLC 144A 8.000000% 02/01/2028                | CUSIP: 24229JAA1<br>LEI: 549300XTS06OMOCRSE50 | Long             | DBT              | CORP              | US        |     3690000 | PA      | $3649568.74     | 0.21%             | 2028-02-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| AFFIRM ASSET SECURITIZATION TRUST                   | AFFIRM ASSET SECURITIZATION TRUST 2024-A AFFRM 2024-A D                  | CUSIP: 00834BAD9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     1300000 | PA      | $1307704.84     | 0.08%             | 2029-02-15      | Fixed         | 6.89%                 | Yes           |                  2 | On Loan: No      |
| ANGEL OAK MORTGAGE TRUST                            | ANGEL OAK MORTGAGE TRUST 2025-8 AOMT 2025-8 B1                           | CUSIP: 03466UAE4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     1205000 | PA      | $1196187.47     | 0.07%             | 2070-07-25      | Floating      | 6.99%                 | Yes           |                  2 | On Loan: No      |
| JP MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP | J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES T JPMCC 2022-NLP B      | CUSIP: 466317AG9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     2469987 | PA      | $2420902.49     | 0.14%             | 2037-04-15      | Floating      | 5.51%                 | Yes           |                  2 | On Loan: No      |
| DUKE ENERGY CORPORATION                             | DUKE ENERGY CORP COMMON STOCK                                            | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Short            | EC               |  | US        |      -35909 | NS      | $-4443738.75    | -0.26%            |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association               | FANNIE MAE REMICS FNR 2024-68 SA                                         | CUSIP: 3136BSZC2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    48132568 | PA      | $2712948.89     | 0.16%             | 2054-09-25      | Floating      | 1.59%                 | No            |                  2 | On Loan: No      |
| LAMAR MEDIA CORP.                                   | LAMAR MEDIA CORP 144A 5.375000% 11/01/2033                               | CUSIP: 513075CA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      384000 | PA      | $381175.27      | 0.02%             | 2033-11-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| ACREC LTD                                           | ACREC 2021-FL1 LTD ACREC 2021-FL1 E                                      | CUSIP: 00500RAL9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1030000 | PA      | $1018990.33     | 0.06%             | 2036-10-16      | Floating      | 7.25%                 | Yes           |                  2 | On Loan: No      |
| OBX TRUST                                           | OBX 2021-INV2 TRUST OBX 2021-INV2 AIO1                                   | CUSIP: 67114KBB2<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |     3632038 | PA      | $37566.17       | 0.00%             | 2051-10-25      | Floating      | 0.21%                 | Yes           |                  2 | On Loan: No      |
| USD-SOFR 4.22% 09/26/2030                           | USD-SOFR 4.22% 09/26/2030 EXPIRATION: 09/26/2030                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |    81000000 | NC      | $4118497.83     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association            | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2015-123 SE                 | CUSIP: 38379QCX1<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |     8776914 | PA      | $906519.15      | 0.05%             | 2045-09-20      | Floating      | 1.47%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association               | FANNIE MAE REMICS FNR 2024-12 DS                                         | CUSIP: 3136BQ2G3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    35784546 | PA      | $1860213.08     | 0.11%             | 2054-03-25      | Floating      | 1.69%                 | No            |                  2 | On Loan: No      |
| NEUBERGER BERMAN LOAN ADVISERS LLC                  | NEUBERGER BERMAN LOAN ADVISERS CLO 46 LTD NEUB 2021-46A ER               | CUSIP: 64134RAL9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $248794.75      | 0.01%             | 2037-01-20      | Floating      | 9.48%                 | Yes           |                  2 | On Loan: No      |
| HERTZ VEHICLE FINANCING III LLC                     | HERTZ VEHICLE FINANCING III LLC HERTZ 2023-1A 1D                         | CUSIP: 42806MCJ6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      470000 | PA      | $476443.23      | 0.03%             | 2027-06-25      | Fixed         | 9.13%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association            | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2025-120 BS                 | CUSIP: 38381N3Y2<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    49876532 | PA      | $3171085.07     | 0.19%             | 2055-01-20      | Floating      | 2.01%                 | No            |                  2 | On Loan: No      |
| SYMPHONY CLO, LTD.                                  | SYMPHONY CLO XX LTD SYMP 2018-20A E                                      | CUSIP: 87166XAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $244090.75      | 0.01%             | 2032-01-16      | Floating      | 10.87%                | No            |                  2 | On Loan: No      |
| N/A                                                 | SOC GEN COLLATERAL BALANCE FS FUNDS                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |     2018456 | PA      | $2018455.99     | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association            | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2018-91 SJ                  | CUSIP: 38380XYB7<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |     9894790 | PA      | $1357295.07     | 0.08%             | 2048-07-20      | Floating      | 2.00%                 | No            |                  2 | On Loan: No      |
| DIAMOND ESCROW ISSUER, LLC                          | OLYMPUS WATER US HOLDING CORP 144A 9.750000% 11/15/2028                  | CUSIP: 25259KAA8<br>LEI: 2549002I12VHJWR4RC85 | Long             | DBT              | CORP              | US        |     3431000 | PA      | $3600834.50     | 0.21%             | 2028-11-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| USD-SOFR 4.40 01/16/2035                            | USD-SOFR 4.40 01/16/2035 EXPIRATION: 01/16/2035                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |   300000000 | NC      | $9499299.82     | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                         | FREDDIE MAC REMICS FHR 5339 AS                                           | CUSIP: 3137HAHA7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    38057877 | PA      | $2558372.29     | 0.15%             | 2053-09-25      | Floating      | 1.38%                 | No            |                  2 | On Loan: No      |
| ISLAND FINANCE TRUST                                | ISLAND FINANCE TRUST 2025-1 ISLN 2025-1A B                               | CUSIP: 463920AB4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      300000 | PA      | $304931.55      | 0.02%             | 2035-03-19      | Fixed         | 7.95%                 | Yes           |                  2 | On Loan: No      |
| JACKSON PARK TRUST                                  | JACKSON PARK TRUST 2019-LIC JAX 2019-LIC E                               | CUSIP: 46868RAN4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      840000 | PA      | $739048.72      | 0.04%             | 2039-10-14      | Floating      | 3.35%                 | No            |                  2 | On Loan: No      |
| BLUE OWL TECHNOLOGY FINANCE CORP.                   | BLUE OWL TECHNOLOGY FINANCE CORP 6.750000% 04/04/2029                    | CUSIP: 69121JAB3<br>LEI: 254900G5EZJSOD3UKL16 | Long             | DBT              | CORP              | US        |      959000 | PA      | $989414.87      | 0.06%             | 2029-04-04      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ICAHN ENTERPRISES L.P.                              | ICAHN ENTERPRISES LP / ICAHN ENTERPRISES FINANCE C 5.250000% 05/15/2027  | CUSIP: 451102BZ9<br>LEI: 549300T0G4GS0SINS786 | Long             | DBT              | CORP              | US        |     2696000 | PA      | $2650022.98     | 0.15%             | 2027-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association               | FANNIE MAE REMICS FNR 2020-41 IP                                         | CUSIP: 3136B9Z42<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    10470841 | PA      | $1981996.09     | 0.12%             | 2049-09-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                 | BANK OF AMERICA COLLATERAL BALANCE FS FUNDS                              | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |     1671482 | PA      | $1671482.15     | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| REGATTA FUNDING LTD                                 | REGATTA XIX FUNDING LTD REG19 2022-1A E                                  | CUSIP: 75888CAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $249267.50      | 0.01%             | 2035-04-20      | Floating      | 11.21%                | Yes           |                  2 | On Loan: No      |
| FULL HOUSE RESORTS, INC.                            | FULL HOUSE RESORTS INC 144A 8.250000% 02/15/2028                         | CUSIP: 359678AC3<br>LEI: 5493009DKIWW0H901Y82 | Short            | DBT              | CORP              | US        |    -1519000 | PA      | $-1409713.72    | -0.08%            | 2028-02-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                 | BRK: JP MORGAN CHASE BANK NA COL: 500937AA5                              | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               |  | US        |    -4801000 | PA      | $-4801000.00    | -0.28%            |  |  |  | No            |                  2 | On Loan: No      |
| COINBASE GLOBAL, INC.                               | COINBASE GLOBAL INC -CLASS A COMMON STOCK                                | CUSIP: 19260Q107<br>LEI: 5493004G3J2SC154DU06 | Short            | EC               |  | US        |       -7434 | NS      | $-2508900.66    | -0.15%            |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                         | FREDDIE MAC STRIPS FHS 406 S4                                            | CUSIP: 3142G5WY0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    51039632 | PA      | $3049007.04     | 0.18%             | 2053-10-25      | Floating      | 1.74%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association               | FANNIE MAE OR FREDDIE MAC 30YR TBA (NOVEMBER)                            | CUSIP: 01F0526B3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   200000000 | PA      | $201514782.00   | 11.77%            | 2055-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| K. HOVNANIAN ENTERPRISES, INC.                      | K HOVNANIAN ENTERPRISES INC 144A 8.000000% 04/01/2031                    | CUSIP: 48251UAP3<br>LEI: 549300JJCQ0KAI7CJG32 | Long             | DBT              | CORP              | US        |      140000 | PA      | $143560.65      | 0.01%             | 2031-04-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| FORTRESS CREDIT BSL LIMITED                         | FORTRESS CREDIT BSL III LTD FCBSL 2015-1A ER                             | CUSIP: 34960HAE9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $996388.00      | 0.06%             | 2031-04-18      | Floating      | 10.78%                | No            |                  2 | On Loan: No      |
| HUSKY IMS CANADIAN ESCROW CO-ISSUER LTD.            | HUSKY INJECTION MOLDING SYSTEMS LTD / TITAN CO-BOR 9.000000% 02/15/2029  | CUSIP: 44805RAA3<br>LEI: N/A                  | Long             | DBT              | NUSS              | CA        |     2477000 | PA      | $2588938.01     | 0.15%             | 2029-02-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| J.P. MORGAN MORTGAGE TRUST                          | J.P. MORGAN MORTGAGE TRUST 2023-4 JPMMT 2023-4 B4                        | CUSIP: 46656QCC4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      251607 | PA      | $234565.96      | 0.01%             | 2053-11-25      | Floating      | 6.29%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association               | FANNIE MAE REMICS FNR 2024-24 SB                                         | CUSIP: 3136BRRX7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    36730333 | PA      | $2291609.15     | 0.13%             | 2053-09-25      | Floating      | 2.24%                 | No            |                  2 | On Loan: No      |
| TIAA CLO LTD                                        | TIAA CLO I LTD TIA 2016-1A DR                                            | CUSIP: 87271LAQ5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      500000 | PA      | $499113.00      | 0.03%             | 2031-07-20      | Floating      | 8.09%                 | No            |                  2 | On Loan: No      |
| USD-SOFR 4.22% 09/26/2030                           | USD-SOFR 4.22% 09/26/2030 EXPIRATION: 09/26/2030                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |    20300000 | NC      | $1032166.74     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| CROSS MORTGAGE TRUST                                | CROSS 2023-H2 MORTGAGE TRUST CROSS 2023-H2 B1                            | CUSIP: 22757NAG3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     3760000 | PA      | $3813162.64     | 0.22%             | 2068-11-25      | Floating      | 8.40%                 | Yes           |                  2 | On Loan: No      |
| COREWEAVE, INC.                                     | COREWEAVE INC 144A 9.000000% 02/01/2031                                  | CUSIP: 21873SAC2<br>LEI: 984500511DP2B6186053 | Short            | DBT              | CORP              | US        |     -900000 | PA      | $-922391.10     | -0.05%            | 2031-02-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| US 10YR FUT OPTN  Nov25P 111.5                      | US 10YR FUT OPTN  Nov25P 111.5 LONG                                      | CUSIP: 01VPY7DK0<br>LEI: N/A                  | N/A              | DIR              |  | US        |         865 | NC      | $175703.13      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BREAD FINANCIAL HOLDINGS, INC.                      | BREAD FINANCIAL HOLDINGS INC 144A 8.375000% 06/15/2035                   | CUSIP: 018581AQ1<br>LEI: 549300G8S4PO686J7H97 | Long             | DBT              | CORP              | US        |      671000 | PA      | $689008.97      | 0.04%             | 2035-06-15      | Variable      | 8.38%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY RESIDENTIAL MORTGAGE LOAN TRUST      | MORGAN STANLEY RESIDENTIAL MORTGAGE LOAN TRUST 202 MSRM 2024-4 B4        | CUSIP: 61777BBL1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      100000 | PA      | $92256.80       | 0.01%             | 2054-09-25      | Floating      | 6.99%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association            | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2018-89 LS                  | CUSIP: 38380XKS5<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    15391841 | PA      | $2149713.73     | 0.13%             | 2048-06-20      | Floating      | 1.95%                 | No            |                  2 | On Loan: No      |
| BX COMMERCIAL MORTGAGE TRUST                        | BX COMMERCIAL MORTGAGE TRUST 2021-VOLT BX 2021-VOLT E                    | CUSIP: 05609VAN5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     6776953 | PA      | $6764245.95     | 0.40%             | 2036-09-15      | Floating      | 6.26%                 | Yes           |                  2 | On Loan: No      |
| STATE STREET                                        | FX Forward Contract: USD/GBP SETTLE 2025-10-17                           | CUSIP: N/A<br>LEI: 549300ZFEEJ2IP5VME73       | N/A              | DFE              |  | US        |           1 | NC      | $18203.40       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CITGO PETROLEUM CORPORATION                         | CITGO PETROLEUM CORP 144A 6.375000% 06/15/2026                           | CUSIP: 17302XAM8<br>LEI: YX52P86PXMLYDOTUQ225 | Long             | DBT              | CORP              | US        |     2055000 | PA      | $2054883.89     | 0.12%             | 2026-06-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| VISTA POINT SECURITIZATION TRUST                    | VISTA POINT SECURITIZATION TRUST 2024-CES3 VSTA 2024-CES3 B1             | CUSIP: 92841WAE9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     1644000 | PA      | $1666573.44     | 0.10%             | 2055-01-25      | Floating      | 7.83%                 | Yes           |                  2 | On Loan: No      |
| HOME RE LIMITED                                     | HOME RE 2023-1 LTD HMIR 2023-1 M2                                        | CUSIP: 43731BAC5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      720000 | PA      | $769123.22      | 0.04%             | 2033-10-25      | Floating      | 10.36%                | Yes           |                  2 | On Loan: No      |
| NATIXIS COMMERCIAL MORTGAGE SECURITIES TRUST        | NATIXIS COMMERCIAL MORTGAGE SECURITIES TRUST 2022- NCMS 2022-RRI E       | CUSIP: 63875JAN8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     1125000 | PA      | $1117657.24     | 0.07%             | 2035-03-15      | Floating      | 9.34%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association            | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2025-120 IC                 | CUSIP: 38381N7D4<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    69185249 | PA      | $15142741.57    | 0.88%             | 2050-01-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GOLDENTREE LOAN MANAGEMENT US CLO LTD               | GOLDENTREE LOAN MANAGEMENT US CLO 6 LTD GLM 2019-6A ER2                  | CUSIP: 38137XAL7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     3800000 | PA      | $3785947.60     | 0.22%             | 2035-04-20      | Floating      | 8.83%                 | Yes           |                  2 | On Loan: No      |
| REACH ABS TRUST                                     | REACH ABS TRUST 2025-2 REACH 2025-2A D                                   | CUSIP: 75525QAD2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     1530000 | PA      | $1552299.29     | 0.09%             | 2032-08-18      | Fixed         | 7.31%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association            | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2021-215 SB                 | CUSIP: 38383DZ35<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    13656886 | PA      | $990299.05      | 0.06%             | 2051-12-20      | Floating      | 1.00%                 | No            |                  2 | On Loan: No      |
| BXMT LTD.                                           | BXMT 2025-FL5 LTD BXMT 2025-FL5 A                                        | CUSIP: 05613YAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     5000000 | PA      | $4962615.00     | 0.29%             | 2042-10-18      | Floating      | 5.77%                 | Yes           |                  2 | On Loan: No      |
| CLNY TRUST                                          | CLNY TRUST 2019-IKPR CLNY 2019-IKPR D                                    | CUSIP: 12564NAL6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      450000 | PA      | $434250.00      | 0.03%             | 2038-11-15      | Floating      | 6.61%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association            | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2022-148 SJ                 | CUSIP: 38383YAT9<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    32119741 | PA      | $2317317.26     | 0.14%             | 2052-08-20      | Floating      | 1.61%                 | No            |                  2 | On Loan: No      |
| N/A                                                 | BRK: MERRILL LYNCH, PIERCE, FENNER & SMITH COL: 749414AA6                | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               |  | US        |    -3354000 | PA      | $-3354000.00    | -0.20%            |  |  |  | No            |                  2 | On Loan: No      |
| MADISON PARK FUNDING, LTD.                          | MADISON PARK FUNDING XXVII LTD MDPK 2018-27A ER                          | CUSIP: 55820XAE9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $247477.00      | 0.01%             | 2038-04-20      | Floating      | 9.83%                 | Yes           |                  2 | On Loan: No      |
| HERTZ VEHICLE FINANCING III LLC                     | HERTZ VEHICLE FINANCING III LLC 2025-2 HERTZ 2025-2A D                   | CUSIP: 42806MDA4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     1280000 | PA      | $1285441.79     | 0.08%             | 2031-09-25      | Fixed         | 8.34%                 | Yes           |                  2 | On Loan: No      |
| PFP LTD                                             | PFP 2025-12 LTD PFP 2025-12 A                                            | CUSIP: 69382JAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    10000000 | PA      | $9982330.00     | 0.58%             | 2042-12-18      | Floating      | 5.63%                 | Yes           |                  2 | On Loan: No      |
| BREAD FINANCIAL HOLDINGS, INC.                      | BREAD FINANCIAL HOLDINGS INC 144A 9.750000% 03/15/2029                   | CUSIP: 018581AP3<br>LEI: 549300G8S4PO686J7H97 | Long             | DBT              | CORP              | US        |     3776000 | PA      | $4030449.54     | 0.24%             | 2029-03-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association            | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2010-35 AS                  | CUSIP: 38376WL37<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |     9464419 | PA      | $984710.33      | 0.06%             | 2040-03-20      | Floating      | 1.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                         | FREDDIE MAC MSCR TRUST MN7 MSCR 2023-MN7 B1                              | CUSIP: 35563QAC1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |      280000 | PA      | $309174.66      | 0.02%             | 2043-09-25      | Floating      | 13.21%                | Yes           |                  2 | On Loan: No      |
| GESTION D'ASSURANCES JONES DESLAURIERS INC          | JONES DESLAURIERS INSURANCE MANAGEMENT INC 144A 6.875000% 10/01/2033     | CUSIP: 48020RAE5<br>LEI: 549300JQIWNFU00E5424 | Long             | DBT              | NUSS              | CA        |     1201000 | PA      | $1194704.48     | 0.07%             | 2033-10-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                         | FREDDIE MAC REMICS FHR 5036 IB                                           | CUSIP: 3137F6TF4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    10222658 | PA      | $2486685.13     | 0.15%             | 2048-10-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LUMEN TECHNOLOGIES, INC.                            | LUMEN TECHNOLOGIES INC 144A 10.000000% 10/15/2032                        | CUSIP: 550241AK9<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |     2334000 | PA      | $2361210.22     | 0.14%             | 2032-10-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| N/A                                                 | BRK: JP MORGAN CHASE BANK NA COL: 403945AC2                              | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               |  | US        |    -3496000 | PA      | $-3496000.00    | -0.20%            |  |  |  | No            |                  2 | On Loan: No      |
| CIFC FUNDING LTD                                    | CIFC FUNDING 2017-IV LTD CIFC 2017-4A D                                  | CUSIP: 12551KAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      700000 | PA      | $697972.80      | 0.04%             | 2030-10-24      | Floating      | 10.68%                | No            |                  2 | On Loan: No      |
| ARES MANAGEMENT CORPORATION                         | ARES MANAGEMENT CORP - A COMMON STOCK                                    | CUSIP: 03990B101<br>LEI: 529900JUV61FH7B8VW38 | Short            | EC               |  | US        |       -9796 | NS      | $-1566282.44    | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| JP MORGAN CHASE BANK N.A.                           | WF-IRS 6YR PAY FIXED 3.657000                                            | CUSIP: SL5178CG8<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |      715000 | NC      | $-7975.26       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association            | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2025-120 ES                 | CUSIP: 38381N4K1<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    25664190 | PA      | $1195545.74     | 0.07%             | 2054-02-20      | Floating      | 1.21%                 | No            |                  2 | On Loan: No      |
| N/A                                                 | BRK: MERRILL LYNCH, PIERCE, FENNER & SMITH COL: 66858CAQ0                | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               |  | US        |    -8013000 | PA      | $-8013000.00    | -0.47%            |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association            | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2025-120 IB                 | CUSIP: 38381N7C6<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    64916895 | PA      | $12934068.18    | 0.76%             | 2051-01-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association            | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2018-100 S                  | CUSIP: 38380XRP4<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |     9335078 | PA      | $1281576.42     | 0.07%             | 2048-07-20      | Floating      | 1.95%                 | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE BANK N.A.                           | WF-IRS 3YR PAY FIXED 3.576000                                            | CUSIP: S62051483<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DIR              |  | US        |     4058000 | NC      | $-19617.84      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association            | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2022-30 IG                  | CUSIP: 38383F3Y7<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    22793794 | PA      | $3498204.60     | 0.20%             | 2052-02-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| OSAIC HOLDINGS, INC.                                | AG ISSUER LLC 144A 6.250000% 03/01/2028                                  | CUSIP: 00119LAA9<br>LEI: 549300XL60BDV6UW5C86 | Long             | DBT              | CORP              | US        |      881000 | PA      | $882672.14      | 0.05%             | 2028-03-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| APOLLO GLOBAL MANAGEMENT, INC.                      | APOLLO GLOBAL MANAGEMENT INC COMMON STOCK                                | CUSIP: 03769M106<br>LEI: 254900LMFT1CY9IYB476 | Short            | EC               |  | US        |      -17686 | NS      | $-2357013.22    | -0.14%            |  |  |  | No            |                  1 | On Loan: No      |
| WESTGATE RESORTS LLC                                | WESTGATE RESORTS 2024-1 LLC WESTR 2024-1A D                              | CUSIP: 96034KAD5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     1024343 | PA      | $1043200.40     | 0.06%             | 2038-01-20      | Fixed         | 9.26%                 | Yes           |                  2 | On Loan: No      |
| WELLS FARGO COMMERCIAL MORTGAGE TRUST               | WELLS FARGO COMMERCIAL MORTGAGE TRUST 2025-AURA WFCM 2025-AURA A         | CUSIP: 95004VAA5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     5000000 | PA      | $4986908.40     | 0.29%             | 2042-10-15      | Floating      | 5.69%                 | Yes           |                  2 | On Loan: No      |
| VORNADO REALTY L.P.                                 | VORNADO REALTY LP 2.150000% 06/01/2026                                   | CUSIP: 929043AK3<br>LEI: 549300BMOJ05INE4YK86 | Long             | DBT              | CORP              | US        |     2000000 | PA      | $1963351.84     | 0.11%             | 2026-06-01      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| BX COMMERCIAL MORTGAGE TRUST                        | BX COMMERCIAL MORTGAGE TRUST 2021-VOLT BX 2021-VOLT G                    | CUSIP: 05609VAS4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     1855306 | PA      | $1827476.27     | 0.11%             | 2036-09-15      | Floating      | 7.11%                 | Yes           |                  2 | On Loan: No      |
| EURIBOR 1.968% 09/07/2026                           | EURIBOR 1.968% 09/07/2026 EXPIRATION: 09/07/2026                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | XX        |  -925000000 | NC      | $-1635370.19    | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| Enpro Inc.                                          | ENPRO INC 144A 6.125000% 06/01/2033                                      | CUSIP: 29355XAH0<br>LEI: 549300Y5CFT2LKCFDN54 | Long             | DBT              | CORP              | US        |     1306000 | PA      | $1334788.62     | 0.08%             | 2033-06-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| CENTURY COMMUNITIES, INC.                           | CENTURY COMMUNITIES INC 6.750000% 06/01/2027                             | CUSIP: 156504AL6<br>LEI: 5299002QMB2O7ZL1CA26 | Long             | DBT              | CORP              | US        |     1049000 | PA      | $1048720.50     | 0.06%             | 2027-06-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SALUDA GRADE ALTERNATIVE MORTGAGE TRUST             | SALUDA GRADE ALTERNATIVE MORTGAGE TRUST 2024-RTL4 GRADE 2024-RTL4 A2     | CUSIP: 79584CAB7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      350000 | PA      | $350429.66      | 0.02%             | 2030-02-25      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| NATIONSTAR MORTGAGE HOLDINGS INC.                   | NATIONSTAR MORTGAGE HOLDINGS INC 144A 6.000000% 01/15/2027               | CUSIP: 63861CAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3543000 | PA      | $3543000.00     | 0.21%             | 2027-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| COINBASE GLOBAL, INC.                               | COINBASE GLOBAL INC 144A ZERO COUPON 10/01/2029                          | CUSIP: 19260QAG2<br>LEI: 5493004G3J2SC154DU06 | Long             | DBT              | CORP              | US        |     4533000 | PA      | $4828947.92     | 0.28%             | 2029-10-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| THE BRINK'S COMPANY                                 | BRINK'S CO/THE 144A 6.500000% 06/15/2029                                 | CUSIP: 109696AC8<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | DBT              | CORP              | US        |      985000 | PA      | $1013662.52     | 0.06%             | 2029-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CROSS MORTGAGE TRUST                                | CROSS 2024-H1 MORTGAGE TRUST CROSS 2024-H1 B1                            | CUSIP: 22757AAG1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      100000 | PA      | $101862.08      | 0.01%             | 2068-12-25      | Floating      | 8.72%                 | Yes           |                  2 | On Loan: No      |
| UBS Group AG                                        | UBS Value & Fundamental Growth TRS                                       | CUSIP: TCSGGV300<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DE               |  | US        |       49790 | NC      | $1584876.24     | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| NORTHERN OIL AND GAS, INC.                          | NORTHERN OIL AND GAS INC COMMON STOCK                                    | CUSIP: 665531307<br>LEI: OKFF0PIZDDMNH4UCYE51 | Short            | EC               |  | US        |      -88002 | NS      | $-2182449.60    | -0.13%            |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                         | FREDDIE MAC REMICS FHR 5104 GI                                           | CUSIP: 3137H0GB8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    15545399 | PA      | $3043974.08     | 0.18%             | 2049-06-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| STAR PARENT, INC.                                   | STAR PARENT INC 144A 9.000000% 10/01/2030                                | CUSIP: 855170AA4<br>LEI: 254900GRGCJYRMDRWT73 | Short            | DBT              | CORP              | US        |    -1030000 | PA      | $-1088908.79    | -0.06%            | 2030-10-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| OLYMPIC TOWER MORTGAGE TRUST                        | OLYMPIC TOWER 2017-OT MORTGAGE TRUST OT 2017-OT D                        | CUSIP: 68162MAL6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      150000 | PA      | $131716.34      | 0.01%             | 2039-05-10      | Floating      | 4.08%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association            | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2023-82 US                  | CUSIP: 38384AN74<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    14660880 | PA      | $965817.69      | 0.06%             | 2053-06-20      | Floating      | 2.36%                 | No            |                  2 | On Loan: No      |
| N/A                                                 | 3 MONTH SOFR FUT  JUN26 FINANCIAL COMMODITY FUTURE.                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        -927 | NC      | $-224137012.50  | -13.09%           |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA                                     | BAML FX Multi-Factor                                                     | CUSIP: N/A<br>LEI: B4TYDEB6GKMZO031MB27       | N/A              | DE               |  | US        |      450418 | NC      | $-335561.41     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| EXACT SCIENCES CORPORATION                          | EXACT SCIENCES CORP 144A 2.000000% 03/01/2030                            | CUSIP: 30063PAD7<br>LEI: 549300VM3X1FYD4N9Z14 | Long             | DBT              | CORP              | US        |     1627000 | PA      | $1687403.09     | 0.10%             | 2030-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| 5 BRYANT PARK                                       | DBGS 2018-5BP MORTGAGE TRUST DBGS 2018-5BP B                             | CUSIP: 33830CAC4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      200000 | PA      | $184000.00      | 0.01%             | 2033-06-15      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| JETBLUE AIRWAYS CORPORATION                         | JETBLUE AIRWAYS CORP COMMON STOCK                                        | CUSIP: 477143101<br>LEI: 54930070J9H97ZO93T57 | Short            | EC               |  | US        |     -396138 | NS      | $-1948998.96    | -0.11%            |  |  |  | No            |                  1 | On Loan: No      |
| STAR LEASING COMPANY, LLC                           | STAR LEASING CO LLC 144A 7.625000% 02/15/2030                            | CUSIP: 854938AA5<br>LEI: 549300WXKNX4PT3HSN71 | Long             | DBT              | CORP              | US        |     1630000 | PA      | $1583922.67     | 0.09%             | 2030-02-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT AVENUE SECURITIES                       | CONNECTICUT AVENUE SECURITIES TRUST 2025-R05 CAS 2025-R05 2M1            | CUSIP: 20753CAB6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     2875900 | PA      | $2884629.78     | 0.17%             | 2045-07-25      | Floating      | 5.56%                 | Yes           |                  2 | On Loan: No      |
| AB BSL CLO LTD                                      | AB BSL CLO 2 LTD ABBSL 2021-2A E                                         | CUSIP: 00037JAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $242040.00      | 0.01%             | 2034-04-15      | Floating      | 11.29%                | Yes           |                  2 | On Loan: No      |
| PG&E CORPORATION                                    | P G & E CORP COMMON STOCK                                                | CUSIP: 69331C108<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Short            | EC               |  | US        |      -74180 | NS      | $-1118634.40    | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| FUNDAMENTAL INCOME NET-LEASE MORTGAGE NOTES         | FIP MASTER FUNDING LLC FI 2024-1A A1                                     | CUSIP: 30332YAC5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     7981482 | PA      | $7992730.72     | 0.47%             | 2054-10-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| CENTERPOINT ENERGY, INC.                            | CENTERPOINT ENERGY INC COMMON STOCK                                      | CUSIP: 15189T107<br>LEI: 21TPXMRRHFKOBHDC8J74 | Short            | EC               |  | US        |      -50257 | NS      | $-1949971.60    | -0.11%            |  |  |  | No            |                  1 | On Loan: No      |
| BX TRUST                                            | BX TRUST 2025-VLT6 BX 2025-VLT6 E                                        | CUSIP: 12433KAJ6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     4300000 | PA      | $4290593.75     | 0.25%             | 2042-03-15      | Floating      | 7.34%                 | Yes           |                  2 | On Loan: No      |
| IRIS ESCROW ISSUER CORPORATION                      | IRIS HOLDING INC 144A 10.000000% 12/15/2028                              | CUSIP: 462914AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3047000 | PA      | $2751773.43     | 0.16%             | 2028-12-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| PENNYMAC MORTGAGE INVESTMENT TRUST                  | PennyMac Mortgage Investment Trust PREFERRED STOCK                       | CUSIP: 70931T707<br>LEI: 549300BSSOQO1ZWDUJ97 | Long             | EP               |  | US        |       44449 | NS      | $1133005.01     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS INC.                       | UNIVISION COMMUNICATIONS INC 144A 7.375000% 06/30/2030                   | CUSIP: 914906AX0<br>LEI: 549300YQDE2JSGTL8V47 | Short            | DBT              | CORP              | US        |    -1090000 | PA      | $-1095215.65    | -0.06%            | 2030-06-30      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                         | FREDDIE MAC REMICS FHR 5255 SA                                           | CUSIP: 3137H8VH1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    37794234 | PA      | $2219987.92     | 0.13%             | 2052-09-25      | Floating      | 0.94%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                     | US TREASURY N/B 4.625000% 06/15/2027                                     | CUSIP: 91282CKV2<br>LEI: N/A                  | Long             | SN               | UST               | US        |     5000000 | PA      | $5079492.20     | 0.30%             | 2027-06-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| FIRSTENERGY CORP.                                   | FIRSTENERGY CORP 144A 3.875000% 01/15/2031                               | CUSIP: 337932AU1<br>LEI: 549300SVYJS666PQJH88 | Long             | DBT              | CORP              | US        |     6853000 | PA      | $7394387.00     | 0.43%             | 2031-01-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| N/A                                                 | 3 MONTH SOFR FUT  DEC26 FINANCIAL COMMODITY FUTURE.                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        -927 | NC      | $-224577337.50  | -13.12%           |  |  |  | No            |                  1 | On Loan: No      |
| HOTWIRE FUNDING LLC                                 | HOTWIRE FUNDING LLC HWIRE 2024-1A C                                      | CUSIP: 44148JAM1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      140000 | PA      | $146620.12      | 0.01%             | 2054-06-20      | Fixed         | 9.19%                 | Yes           |                  2 | On Loan: No      |
| FERTITTA ENTERTAINMENT, LLC                         | FERTITTA ENTERTAINMENT LLC / FERTITTA ENTERTAINMEN 6.750000% 01/15/2030  | CUSIP: 31556TAC3<br>LEI: 984500A0805D8V551D35 | Long             | DBT              | CORP              | US        |     1257000 | PA      | $1179610.07     | 0.07%             | 2030-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| NORTHERN OIL AND GAS, INC.                          | NORTHERN OIL & GAS INC 3.625000% 04/15/2029                              | CUSIP: 665531AJ8<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | DBT              | CORP              | US        |     6019000 | PA      | $6028028.50     | 0.35%             | 2029-04-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| CHASE HOME LENDING MORTGAGE TRUST                   | CHASE HOME LENDING MORTGAGE TRUST SERIES 2024-4 CHASE 2024-4 AX1         | CUSIP: 16159NAX2<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |     8608237 | PA      | $16467.56       | 0.00%             | 2055-03-25      | Floating      | 0.16%                 | Yes           |                  2 | On Loan: No      |
| TRIMAS CORPORATION                                  | TRIMAS CORP 144A 4.125000% 04/15/2029                                    | CUSIP: 896215AH3<br>LEI: 75G1WUQ8QK4P5MZOYD78 | Long             | DBT              | CORP              | US        |     1869000 | PA      | $1809301.71     | 0.11%             | 2029-04-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association               | FANNIE MAE REMICS FNR 2023-11 HS                                         | CUSIP: 3136BPW72<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    99295065 | PA      | $3866291.66     | 0.23%             | 2053-04-25      | Floating      | 1.82%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CORPORATION                             | DUKE ENERGY CORP 4.125000% 04/15/2026                                    | CUSIP: 26441CBY0<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |     6845000 | PA      | $7348107.50     | 0.43%             | 2026-04-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| ARKO CORP.                                          | ARKO CORP 144A 5.125000% 11/15/2029                                      | CUSIP: 041242AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2090000 | PA      | $1771377.62     | 0.10%             | 2029-11-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| N/A                                                 | BRK: JP MORGAN CHASE BANK NA COL: 34461WAA8                              | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               |  | US        |    -1995000 | PA      | $-1995000.00    | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| SPX-SOFR BINARY CALL OPTION 12/19/25                | SPX-SOFR BINARY CALL OPTION 12/19/25 LONG                                | CUSIP: SPXC60067<br>LEI: N/A                  | N/A              | DE               |  | US        |   200000000 | NC      | $2339000.00     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                 | BRK: CITIGROUP COL: 95003TAA1                                            | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               |  | US        |    -3990200 | PA      | $-3990200.00    | -0.23%            |  |  |  | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HOLDINGS, INC.                | CLEAR CHANNEL OUTDOOR HOLDINGS INC 144A 7.875000% 04/01/2030             | CUSIP: 18453HAF3<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |     1747000 | PA      | $1834395.42     | 0.11%             | 2030-04-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| USD-SOFR 4.27 01/16/2035                            | USD-SOFR 4.27 01/16/2035 EXPIRATION: 01/16/2035                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |   -60000000 | NC      | $-3667073.89    | -0.21%            |  |  |  | No            |                  1 | On Loan: No      |
| BSPRT ISSUER, LTD.                                  | BSPRT 2024-FL11 ISSUER LLC BSPRT 2024-FL11 A                             | CUSIP: 05613RAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    10000000 | PA      | $10007880.00    | 0.58%             | 2039-07-15      | Floating      | 5.79%                 | Yes           |                  2 | On Loan: No      |
| ARCOSA, INC.                                        | ARCOSA INC 144A 6.875000% 08/15/2032                                     | CUSIP: 039653AC4<br>LEI: 549300WFHLTCZV7D6V29 | Long             | DBT              | CORP              | US        |     1010000 | PA      | $1054937.93     | 0.06%             | 2032-08-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CARLYLE US CLO LTD                                  | CARLYLE US CLO 2023-3 LTD CGMS 2023-3A E                                 | CUSIP: 14318TAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      410000 | PA      | $408462.50      | 0.02%             | 2036-10-15      | Floating      | 12.72%                | Yes           |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-30

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

**Signature:** Andrew Metzger

**Name of Signer:** Andrew Metzger

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