# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0002048251-25-000733
**Filing Date:** 2025-9
**Character Count:** 193705
**Document Hash:** e7d8f330f0a93a5d645859f4fd5dc0cc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-25-000733.hdr.sgml**: 20250929

**ACCESSION NUMBER**: 0002048251-25-000733

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250929

**DATE AS OF CHANGE**: 20250929

**PERIOD START**: 20251031

**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:** 251353759

**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

### MetLife Core Plus Fund (Series ID: S000047684)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000149725 | I Class Shares | LPCIX           |
| C000149726 | R Class Shares | LPCYX           |

## Nport-Ex

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **METLIFE CORE PLUS FUND** |
|  | **JULY 31, 2025** *(Unaudited)* |

---

**SCHEDULE OF INVESTMENTS**

**MORTGAGE-BACKED SECURITIES — 33.5%**

---

| | | |
|:---|:---|:---|
|  | Face Amount | Value |
| **AGENCY MORTGAGE-BACKED OBLIGATIONS — 31.7%** | **AGENCY MORTGAGE-BACKED OBLIGATIONS — 31.7%** | **AGENCY MORTGAGE-BACKED OBLIGATIONS — 31.7%** |
| &nbsp;&nbsp;&nbsp;FHLMC | &nbsp;&nbsp;&nbsp;FHLMC | &nbsp;&nbsp;&nbsp;FHLMC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 01/01/37 to 05/01/52 | $1323181 | $1086739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 11/01/51 to 01/01/52 | 1912710 | 1601570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/01/47 | 56005 | 49394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 11/01/48 | 248549 | 227602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/48 | 49803 | 46819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 07/01/52 to 11/01/52 | 1030952 | 991169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/53 to 05/01/55 | 1775431 | 1737016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 01/01/53 to 03/01/55 | 3287899 | 3293124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 01/01/53 to 07/01/55 | 2252925 | 2304688 |
| &nbsp;&nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser Q032, Cl A | &nbsp;&nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser Q032, Cl A | &nbsp;&nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser Q032, Cl A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.950%, 11/25/54 (A) | 99002 | 99516 |
| &nbsp;&nbsp;&nbsp;FHLMC, Ser 2006-R006, Cl ZA | &nbsp;&nbsp;&nbsp;FHLMC, Ser 2006-R006, Cl ZA | &nbsp;&nbsp;&nbsp;FHLMC, Ser 2006-R006, Cl ZA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 04/15/36 | 117325 | 123349 |
| &nbsp;&nbsp;&nbsp;FHLMC, Ser 2012-271, Cl 30 | &nbsp;&nbsp;&nbsp;FHLMC, Ser 2012-271, Cl 30 | &nbsp;&nbsp;&nbsp;FHLMC, Ser 2012-271, Cl 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/15/42 | 28046 | 25651 |
| &nbsp;&nbsp;&nbsp;FHLMC, Ser 2017-356, Cl 300 | &nbsp;&nbsp;&nbsp;FHLMC, Ser 2017-356, Cl 300 | &nbsp;&nbsp;&nbsp;FHLMC, Ser 2017-356, Cl 300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/15/47 | 114617 | 102372 |
| &nbsp;&nbsp;&nbsp;FNMA | &nbsp;&nbsp;&nbsp;FNMA | &nbsp;&nbsp;&nbsp;FNMA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.790%, 08/01/31 | 167138 | 143170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.850%, 09/01/35 | 235174 | 205130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 01/01/42 to 12/01/51 | 4328353 | 3452386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 06/01/50 to 04/01/52 | 3921392 | 3277180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/01/31 to 05/01/52 | 3940774 | 3492084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.040%, 01/01/28 | 158009 | 153344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 07/01/43 to 09/01/52 | 3073461 | 2788442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/48 to 04/01/54 | 723664 | 675233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 06/01/52 to 09/01/52 | 753269 | 729326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/31 to 05/01/55 | 4141734 | 4044558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/01/39 to 05/01/55 | 3413936 | 3407436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 10/01/53 to 05/01/54 | 1466427 | 1492093 |
| &nbsp;&nbsp;&nbsp;FNMA, Ser 2001-T4, Cl A1 | &nbsp;&nbsp;&nbsp;FNMA, Ser 2001-T4, Cl A1 | &nbsp;&nbsp;&nbsp;FNMA, Ser 2001-T4, Cl A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.500%, 07/25/41 | 1023 | 1033 |
| &nbsp;&nbsp;&nbsp;FNMA, Ser 2005-24, Cl ZE | &nbsp;&nbsp;&nbsp;FNMA, Ser 2005-24, Cl ZE | &nbsp;&nbsp;&nbsp;FNMA, Ser 2005-24, Cl ZE |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/25/35 | 2127 | 2154 |
| &nbsp;&nbsp;&nbsp;FNMA, Ser 2012-121, Cl TB | &nbsp;&nbsp;&nbsp;FNMA, Ser 2012-121, Cl TB | &nbsp;&nbsp;&nbsp;FNMA, Ser 2012-121, Cl TB |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, 11/25/42 | 11725 | 12444 |

---

 **1**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **METLIFE CORE PLUS FUND** |
|  | **JULY 31, 2025** *(Unaudited)* |

---

**MORTGAGE-BACKED SECURITIES — continued**

---

| | | |
|:---|:---|:---|
|  | Face Amount | Value |
| **AGENCY MORTGAGE-BACKED OBLIGATIONS — continued** | **AGENCY MORTGAGE-BACKED OBLIGATIONS — continued** | **AGENCY MORTGAGE-BACKED OBLIGATIONS — continued** |
| &nbsp;&nbsp;&nbsp;FNMA, Ser 2012-411, Cl A3 | &nbsp;&nbsp;&nbsp;FNMA, Ser 2012-411, Cl A3 | &nbsp;&nbsp;&nbsp;FNMA, Ser 2012-411, Cl A3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/25/42 | 292799 | 264398 |
| &nbsp;&nbsp;&nbsp;GNMA | &nbsp;&nbsp;&nbsp;GNMA | &nbsp;&nbsp;&nbsp;GNMA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 12/20/50 to 02/20/51 | 874683 | 706510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 04/20/51 to 11/20/51 | 1144693 | 961909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/20/50 | 220660 | 193307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/20/49 to 04/20/52 | 1149602 | 1070955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.470%, 01/20/67 (A) | 33548 | 33195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/20/53 | 256214 | 250683 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2010-H14, Cl BI, IO | &nbsp;&nbsp;&nbsp;GNMA, Ser 2010-H14, Cl BI, IO | &nbsp;&nbsp;&nbsp;GNMA, Ser 2010-H14, Cl BI, IO |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.512%, 07/20/60 (A) | 1713 | 179 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2017-H16, Cl PT | &nbsp;&nbsp;&nbsp;GNMA, Ser 2017-H16, Cl PT | &nbsp;&nbsp;&nbsp;GNMA, Ser 2017-H16, Cl PT |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.694%, 05/20/66 (A) | 60 | 59 |
|  |  | 39046217 |
| **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 1.8%** | **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 1.8%** | **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 1.8%** |
| &nbsp;&nbsp;&nbsp;BANK, Ser 2022-BNK40, Cl A4 | &nbsp;&nbsp;&nbsp;BANK, Ser 2022-BNK40, Cl A4 | &nbsp;&nbsp;&nbsp;BANK, Ser 2022-BNK40, Cl A4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.391%, 03/15/64 (A) | 115000 | 105137 |
| &nbsp;&nbsp;&nbsp;BBCMS Mortgage Trust, Ser 2020-C6, Cl AS | &nbsp;&nbsp;&nbsp;BBCMS Mortgage Trust, Ser 2020-C6, Cl AS | &nbsp;&nbsp;&nbsp;BBCMS Mortgage Trust, Ser 2020-C6, Cl AS |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.840%, 02/15/53 | 75000 | 67209 |
| &nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Ser 2022-B33, Cl A5 | &nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Ser 2022-B33, Cl A5 | &nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Ser 2022-B33, Cl A5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.458%, 03/15/55 | 185000 | 168603 |
| &nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Ser 2022-B35, Cl AS | &nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Ser 2022-B35, Cl AS | &nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Ser 2022-B35, Cl AS |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.443%, 05/15/55 (A) | 205000 | 189418 |
| &nbsp;&nbsp;&nbsp;COMM Mortgage Trust, Ser 2014-UBS3, Cl AM | &nbsp;&nbsp;&nbsp;COMM Mortgage Trust, Ser 2014-UBS3, Cl AM | &nbsp;&nbsp;&nbsp;COMM Mortgage Trust, Ser 2014-UBS3, Cl AM |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.012%, 06/10/47 | 38800 | 37054 |
| &nbsp;&nbsp;&nbsp;CSMC LLC, Ser 2014-USA, Cl A2 | &nbsp;&nbsp;&nbsp;CSMC LLC, Ser 2014-USA, Cl A2 | &nbsp;&nbsp;&nbsp;CSMC LLC, Ser 2014-USA, Cl A2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.953%, 09/15/37 (B) | 125000 | 114375 |
| &nbsp;&nbsp;&nbsp;CSMC Trust, Ser 2021-RPL3, Cl A1 | &nbsp;&nbsp;&nbsp;CSMC Trust, Ser 2021-RPL3, Cl A1 | &nbsp;&nbsp;&nbsp;CSMC Trust, Ser 2021-RPL3, Cl A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 01/25/60 (A) (B) | 330112 | 289859 |
| &nbsp;&nbsp;&nbsp;GPMT, Ser 2021-FL3, Cl A | &nbsp;&nbsp;&nbsp;GPMT, Ser 2021-FL3, Cl A | &nbsp;&nbsp;&nbsp;GPMT, Ser 2021-FL3, Cl A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.964%, TSFR1M + 1.614%, 07/16/35 (A) (B) | 131591 | 130976 |
| &nbsp;&nbsp;&nbsp;JPMBB Commercial Mortgage Securities Trust, Ser 2014-C25, Cl B | &nbsp;&nbsp;&nbsp;JPMBB Commercial Mortgage Securities Trust, Ser 2014-C25, Cl B | &nbsp;&nbsp;&nbsp;JPMBB Commercial Mortgage Securities Trust, Ser 2014-C25, Cl B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.347%, 11/15/47 (A) | 215000 | 199763 |

---

 **2**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **METLIFE CORE PLUS FUND** |
|  | **JULY 31, 2025** *(Unaudited)* |

---

**MORTGAGE-BACKED SECURITIES — continued**

---

| | | |
|:---|:---|:---|
|  | Face Amount | Value |
| **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — continued** |  |  |
| &nbsp;&nbsp;&nbsp;Mill City Mortgage Loan Trust, Ser 2021-NMR1, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.125%, 11/25/60 (A) (B) | $212222 | $202337 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2015-C24, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.300%, 05/15/48 (A) | 210000 | 205004 |
| &nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2018-CH4, Cl B1B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.036%, 10/25/48 (A) (B) | 284801 | 282558 |
| &nbsp;&nbsp;&nbsp;Towd Point Mortgage Trust, Ser 2020-3, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.088%, 02/25/63 (A) (B) | 52681 | 50790 |
| &nbsp;&nbsp;&nbsp;WFRBS Commercial Mortgage Trust, Ser 2014-C22, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.371%, 09/15/57 (A) | 270000 | 245020 |
|  |  | 2288103 |
| &nbsp;&nbsp;&nbsp;TOTAL MORTGAGE-BACKED SECURITIES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $43,555,623) |  | 41334320 |
| **CORPORATE OBLIGATIONS — 30.7%** |  |  |
| **COMMUNICATION SERVICES — 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;AT&T |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 06/01/41 | 240000 | 187687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.550%, 09/15/55 | 285000 | 191082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 11/15/34 | 20000 | 20131 |
| &nbsp;&nbsp;&nbsp;Charter Communications Operating |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.100%, 06/01/29 | 185000 | 192984 |
| &nbsp;&nbsp;&nbsp;Frontier Communications Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 01/15/30 (B) | 374000 | 378446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.750%, 05/01/29 (B) | 106000 | 107014 |
| &nbsp;&nbsp;&nbsp;IHS Holding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625%, 11/29/26 (B) | 250000 | 246796 |
| &nbsp;&nbsp;&nbsp;Meta Platforms |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.450%, 08/15/52 | 90000 | 75675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.400%, 08/15/54 | 155000 | 149779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.550%, 08/15/64 | 180000 | 174632 |
| &nbsp;&nbsp;&nbsp;Paramount Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.900%, 10/15/40 | 240000 | 220029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.250%, US0003M + 3.899%, 02/28/57 (A) | 225000 | 216844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.375%, H15T5Y + 3.999%, 03/30/62 (A) | 470000 | 462949 |
| &nbsp;&nbsp;&nbsp;Rakuten Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.750%, 04/15/29 (B) | 445000 | 487238 |

---

 **3**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **METLIFE CORE PLUS FUND** |
|  | **JULY 31, 2025** *(Unaudited)* |

---

**CORPORATE OBLIGATIONS — continued**

---

| | | |
|:---|:---|:---|
|  | Face Amount | Value |
| **COMMUNICATION SERVICES — continued** |  |  |
| &nbsp;&nbsp;&nbsp;Time Warner Cable |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875%, 11/15/40 | $380000 | $359471 |
| &nbsp;&nbsp;&nbsp;Warnermedia Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.141%, 03/15/52 | 58000 | 35823 |
|  |  | 3506580 |
| **CONSUMER DISCRETIONARY — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Ford Motor Credit |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.050%, 03/05/31 | 120000 | 120331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.054%, 11/05/31 | 445000 | 445255 |
| &nbsp;&nbsp;&nbsp;General Motors |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.350%, 04/15/28 | 170000 | 172760 |
| &nbsp;&nbsp;&nbsp;General Motors Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.450%, 07/15/30 | 360000 | 366203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.950%, 04/04/34 | 310000 | 315081 |
| &nbsp;&nbsp;&nbsp;Resorts World Las Vegas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625%, 04/06/31 (B) | 270000 | 223684 |
| &nbsp;&nbsp;&nbsp;Stellantis Finance US |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.350%, 03/17/28 (B) | 200000 | 201125 |
|  |  | 1844439 |
| **CONSUMER SERVICES — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Time Warner Cable |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.550%, 05/01/37 | 470000 | 482902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.300%, 07/01/38 | 115000 | 124010 |
|  |  | 606912 |
| **CONSUMER STAPLES — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.900%, 02/01/46 | 107000 | 97825 |
| &nbsp;&nbsp;&nbsp;Anheuser-Busch InBev Worldwide |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.450%, 01/23/39 | 125000 | 126578 |
| &nbsp;&nbsp;&nbsp;BAT Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.390%, 08/15/37 | 430000 | 384014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.350%, 08/15/32 | 260000 | 265351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.834%, 02/20/31 | 190000 | 198979 |
| &nbsp;&nbsp;&nbsp;Mars |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.200%, 03/01/35 (B) | 225000 | 226077 |
| &nbsp;&nbsp;&nbsp;Reynolds American |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.125%, 05/01/40 | 45000 | 52475 |
|  |  | 1351299 |

---

 **4**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **METLIFE CORE PLUS FUND** |
|  | **JULY 31, 2025** *(Unaudited)* |

---

**CORPORATE OBLIGATIONS — continued**

---

| | | |
|:---|:---|:---|
|  | Face Amount | Value |
| **ENERGY — 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Civitas Resources |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.375%, 07/01/28 (B) | $239000 | $245770 |
| &nbsp;&nbsp;&nbsp;Continental Resources |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.268%, 11/15/26 (B) | 320000 | 309740 |
| &nbsp;&nbsp;&nbsp;Eastern Energy Gas Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.800%, 01/15/35 | 250000 | 259307 |
| &nbsp;&nbsp;&nbsp;Energy Transfer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.400%, 12/01/30 | 340000 | 364853 |
| &nbsp;&nbsp;&nbsp;Galaxy Pipeline Assets Bidco |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.750%, 09/30/27 (B) | 299274 | 289133 |
| &nbsp;&nbsp;&nbsp;Greensaif Pipelines Bidco Sarl |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.103%, 08/23/42 (B) | 230000 | 233842 |
| &nbsp;&nbsp;&nbsp;Harbour Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.327%, 04/01/35 (B) | 215000 | 215104 |
| &nbsp;&nbsp;&nbsp;Hess |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.800%, 04/01/47 | 215000 | 218122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 01/15/40 | 485000 | 519053 |
| &nbsp;&nbsp;&nbsp;HF Sinclair |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/28 | 100000 | 99753 |
| &nbsp;&nbsp;&nbsp;MPLX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.950%, 04/01/55 | 190000 | 179981 |
| &nbsp;&nbsp;&nbsp;Petroleos Mexicanos |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.690%, 01/23/50 | 275000 | 233135 |
| &nbsp;&nbsp;&nbsp;Saudi Arabian Oil |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.375%, 06/02/55 (B) | 200000 | 202840 |
| &nbsp;&nbsp;&nbsp;Tennessee Gas Pipeline |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.375%, 06/15/32 | 135000 | 156598 |
| &nbsp;&nbsp;&nbsp;Venture Global LNG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.875%, 02/01/32 (B) | 230000 | 248157 |
|  |  | 3775388 |
| **FINANCIALS — 8.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Aon North America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.450%, 03/01/34 | 295000 | 301757 |
| &nbsp;&nbsp;&nbsp;Avolon Holdings Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 11/15/29 (B) | 410000 | 422068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 03/01/29 (B) | 160000 | 164203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.375%, 05/04/28 (B) | 160000 | 166543 |
| &nbsp;&nbsp;&nbsp;Bank of America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.571%, SOFRRATE + 1.830%, 04/27/33 (A) | 205000 | 201822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.288%, SOFRRATE + 1.910%, 04/25/34 (A) | 200000 | 203746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.468%, SOFRRATE + 1.650%, 01/23/35 (A) | 440000 | 451554 |

---

 **5**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **METLIFE CORE PLUS FUND** |
|  | **JULY 31, 2025** *(Unaudited)* |

---

**CORPORATE OBLIGATIONS — continued**

---

| | | |
|:---|:---|:---|
|  | Face Amount | Value |
| **FINANCIALS — continued** |  |  |
| &nbsp;&nbsp;&nbsp;Brown & Brown |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.550%, 06/23/35 | $270000 | $272941 |
| &nbsp;&nbsp;&nbsp;CI Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.200%, 12/17/30 | 675000 | 599154 |
| &nbsp;&nbsp;&nbsp;Citibank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.570%, 04/30/34 | 170000 | 176747 |
| &nbsp;&nbsp;&nbsp;Citigroup |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.561%, SOFRRATE + 1.167%, 05/01/32 (A) | 545000 | 482514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.174%, SOFRRATE + 1.364%, 02/13/30 (A) | 490000 | 498916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.125%, 07/15/39 | 165000 | 206337 |
| &nbsp;&nbsp;&nbsp;Constellation Insurance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.800%, 01/24/30 (B) | 380000 | 374795 |
| &nbsp;&nbsp;&nbsp;Cooperatieve Rabobank UA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.758%, H15T1Y + 1.420%, 04/06/33 (A) (B) | 375000 | 349691 |
| &nbsp;&nbsp;&nbsp;Credit Suisse Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.500%, USSW5 + 4.598%, 06/11/74 (B) (C) | 725000 | 48938 |
| &nbsp;&nbsp;&nbsp;Deutsche Bank NY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.999%, SOFRRATE + 1.700%, 09/11/30 (A) | 140000 | 141171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.819%, SOFRRATE + 2.510%, 11/20/29 (A) | 135000 | 143692 |
| &nbsp;&nbsp;&nbsp;Farmers Exchange Capital III |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.454%, TSFR3M + 3.454%, 10/15/54 (A) (B) | 405000 | 365892 |
| &nbsp;&nbsp;&nbsp;Farmers Insurance Exchange |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, H15T10Y + 3.864%, 10/15/64 (A) (B) | 170000 | 173365 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Capital I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.345%, 02/15/34 | 325000 | 340014 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.383%, SOFRRATE + 1.248%, 07/21/32 (A) | 410000 | 358159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.536%, SOFRRATE + 1.380%, 01/28/36 (A) | 350000 | 357829 |
| &nbsp;&nbsp;&nbsp;HSBC Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.733%, SOFRRATE + 1.520%, 05/17/32 (A) | 370000 | 384311 |
| &nbsp;&nbsp;&nbsp;Jackson Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125%, 11/23/31 | 340000 | 301326 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.572%, SOFRRATE + 1.680%, 04/22/36 (A) | 225000 | 232353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.766%, SOFRRATE + 1.490%, 04/22/35 (A) | 400000 | 419513 |
| &nbsp;&nbsp;&nbsp;Mercury General |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.400%, 03/15/27 | 139000 | 137542 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.593%, SOFRRATE + 0.879%, 05/04/27 (A) | 265000 | 259021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.466%, SOFRRATE + 1.730%, 01/18/35 (A) | 340000 | 348286 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, SOFRRATE + 1.870%, 04/21/34 (A) | 290000 | 294688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.831%, SOFRRATE + 1.580%, 04/19/35 (A) | 185000 | 193928 |

---

 **6**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **METLIFE CORE PLUS FUND** |
|  | **JULY 31, 2025** *(Unaudited)* |

---

**CORPORATE OBLIGATIONS — continued**

---

| | | |
|:---|:---|:---|
|  | Face Amount | Value |
| **FINANCIALS — continued** |  |  |
| &nbsp;&nbsp;&nbsp;NTT Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.171%, 07/16/32 (B) | $540000 | $544662 |
| &nbsp;&nbsp;&nbsp;SBL Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.200%, 10/30/34 (B) | 75000 | 73088 |
| &nbsp;&nbsp;&nbsp;Symetra Life Insurance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.550%, 10/01/55 (B) | 265000 | 270530 |
| &nbsp;&nbsp;&nbsp;Wells Fargo |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.079%, TSFR3M + 0.762%, 01/15/27 (A) | 205000 | 203096 |
|  |  | 10464192 |
| **HEALTH CARE — 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Amgen |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.650%, 03/02/53 | 95000 | 91864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.375%, 06/01/37 | 135000 | 147302 |
| &nbsp;&nbsp;&nbsp;Biocon Biologics Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.670%, 10/09/29 (B) | 240000 | 225974 |
| &nbsp;&nbsp;&nbsp;Biogen |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 05/15/35 | 250000 | 256449 |
| &nbsp;&nbsp;&nbsp;Centene |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/15/30 | 175000 | 152418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625%, 12/15/29 | 485000 | 461179 |
| &nbsp;&nbsp;&nbsp;CVS Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.875%, 02/28/31 | 305000 | 260679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.050%, 03/25/48 | 565000 | 486146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.750%, H15T5Y + 2.516%, 12/10/54 (A) | 140000 | 140116 |
| &nbsp;&nbsp;&nbsp;HCA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 09/01/30 | 240000 | 226242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 07/15/51 | 305000 | 200557 |
| &nbsp;&nbsp;&nbsp;Horizon Mutual Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.200%, 11/15/34 (B) | 365000 | 354579 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.300%, 06/15/35 | 265000 | 267792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375%, 04/15/54 | 185000 | 170012 |
|  |  | 3441309 |
| **INDUSTRIALS — 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/29/28 | 185000 | 176061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.950%, 09/10/34 | 375000 | 365732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, H15T5Y + 2.441%, 01/31/56 (A) | 215000 | 217626 |
| &nbsp;&nbsp;&nbsp;BAE Systems |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 03/26/31 (B) | 220000 | 226101 |

---

 **7**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **METLIFE CORE PLUS FUND** |
|  | **JULY 31, 2025** *(Unaudited)* |

---

**CORPORATE OBLIGATIONS — continued**

---

| | | |
|:---|:---|:---|
|  | Face Amount | Value |
| **INDUSTRIALS — continued** |  |  |
| &nbsp;&nbsp;&nbsp;Boeing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.196%, 02/04/26 | $265000 | $261484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.298%, 05/01/29 | 340000 | 358963 |
| &nbsp;&nbsp;&nbsp;Delta Air Lines |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/10/30 | 360000 | 363393 |
| &nbsp;&nbsp;&nbsp;Paychex |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.350%, 04/15/32 | 325000 | 333135 |
| &nbsp;&nbsp;&nbsp;Regal Rexnord |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.050%, 02/15/26 | 300000 | 299831 |
| &nbsp;&nbsp;&nbsp;United Airlines |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, 04/15/26 (B) | 615000 | 611346 |
|  |  | 3213672 |
| **INFORMATION TECHNOLOGY — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Broadcom |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.419%, 04/15/33 (B) | 109000 | 98603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.800%, 10/15/34 | 150000 | 147186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.900%, 07/15/32 | 230000 | 230709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.926%, 05/15/37 (B) | 277000 | 267684 |
| &nbsp;&nbsp;&nbsp;Foundry JV Holdco |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.100%, 01/25/36 (B) | 400000 | 408780 |
| &nbsp;&nbsp;&nbsp;Intel |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.050%, 08/12/51 | 360000 | 208119 |
| &nbsp;&nbsp;&nbsp;Oracle |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.600%, 04/01/40 | 110000 | 86820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.800%, 11/15/37 | 540000 | 458150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375%, 09/27/54 | 130000 | 117093 |
| &nbsp;&nbsp;&nbsp;Sprint Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.750%, 03/15/32 | 195000 | 235540 |
| &nbsp;&nbsp;&nbsp;Vontier |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.800%, 04/01/26 | 330000 | 323280 |
|  |  | 2581964 |
| **MATERIALS — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Anglo American Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 04/05/34 (B) | 325000 | 335813 |
| &nbsp;&nbsp;&nbsp;Braskem Netherlands Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.000%, 10/15/34 (B) | 355000 | 252494 |
| &nbsp;&nbsp;&nbsp;Celanese US Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.050%, 11/15/30 | 175000 | 182249 |
| &nbsp;&nbsp;&nbsp;First Quantum Minerals |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.625%, 06/01/31 (B) | 560000 | 583102 |

---

 **8**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **METLIFE CORE PLUS FUND** |
|  | **JULY 31, 2025** *(Unaudited)* |

---

**CORPORATE OBLIGATIONS — continued**

---

| | | |
|:---|:---|:---|
|  | Face Amount | Value |
| **MATERIALS — continued** |  |  |
| &nbsp;&nbsp;&nbsp;FMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.450%, H15T5Y + 4.366%, 11/01/55 (A) | $205000 | $211936 |
| &nbsp;&nbsp;&nbsp;Glencore Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.186%, 04/01/30 (B) | 330000 | 335247 |
| &nbsp;&nbsp;&nbsp;Samarco Mineracao |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.500%, 06/30/31 (B) | 261415 | 258894 |
|  |  | 2159735 |
| **REAL ESTATE — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Sabra Health Care |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.900%, 10/15/29 | 245000 | 233053 |
| &nbsp;&nbsp;&nbsp;Scentre Group Trust 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125%, H15T5Y + 4.685%, 09/24/80 (A) (B) | 190000 | 186827 |
|  |  | 419880 |
| **UTILITIES — 3.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Brooklyn Union Gas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.415%, 07/18/54 (B) | 275000 | 282435 |
| &nbsp;&nbsp;&nbsp;Chile Electricity Lux MPC Sarl |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.010%, 01/20/33 (B) | 232700 | 241319 |
| &nbsp;&nbsp;&nbsp;Dominion Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625%, H15T5Y + 2.207%, 05/15/55 (A) | 195000 | 199812 |
| &nbsp;&nbsp;&nbsp;Entergy Louisiana |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.800%, 03/15/55 | 165000 | 164565 |
| &nbsp;&nbsp;&nbsp;Louisville Gas and Electric |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.450%, 04/15/33 | 205000 | 211529 |
| &nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.450%, 03/15/35 | 490000 | 498517 |
| &nbsp;&nbsp;&nbsp;NiSource |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.350%, 04/01/34 | 245000 | 248798 |
| &nbsp;&nbsp;&nbsp;Pacific Gas and Electric |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.100%, 08/01/27 | 355000 | 337091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 02/01/31 | 205000 | 178976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.100%, 01/15/29 | 315000 | 325783 |
| &nbsp;&nbsp;&nbsp;PG&E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.375%, H15T5Y + 3.883%, 03/15/55 (A) | 230000 | 221946 |
| &nbsp;&nbsp;&nbsp;PSEG Power |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 05/15/35 (B) | 295000 | 303819 |
| &nbsp;&nbsp;&nbsp;Public Service Company of Oklahoma |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.200%, 01/15/35 | 240000 | 239462 |
| &nbsp;&nbsp;&nbsp;Virginia Electric and Power |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/15/34 | 300000 | 298195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/33 | 282000 | 284039 |

---

 **9**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **METLIFE CORE PLUS FUND** |
|  | **JULY 31, 2025** *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **CORPORATE OBLIGATIONS — continued** | | |
|  | Face Amount | Value |
| **UTILITIES — continued** |  |  |
| &nbsp;&nbsp;&nbsp;Virginia Power Fuel Securitization |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.088%, 05/01/27 | $137072 | $137556 |
| &nbsp;&nbsp;&nbsp;Vistra Operations |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.700%, 12/30/34 (B) | 290000 | 295227 |
|  |  | 4469069 |
| &nbsp;&nbsp;&nbsp;TOTAL CORPORATE OBLIGATIONS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $38,939,379) |  | 37834439 |
| **U.S. TREASURY OBLIGATIONS — 26.4%** |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/15/49 | 2915000 | 2120663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125%, 05/15/48 | 2755000 | 2064958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625%, 02/15/55 | 880000 | 843013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 02/15/45 to 05/15/55 | 5060000 | 4957014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/45 | 1825000 | 1851805 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 06/30/27 to 04/15/28 | 2920000 | 2909049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 05/31/27 to 07/31/30 | 9764700 | 9750016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/30/32 to 07/31/32 | 2450000 | 2429310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 01/15/28 to 05/15/35 | 5650000 | 5652983 |
| &nbsp;&nbsp;&nbsp;TOTAL U.S. TREASURY OBLIGATIONS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $32,821,708) |  | 32578811 |
| **ASSET-BACKED SECURITIES — 6.7%** |  |  |
| &nbsp;&nbsp;&nbsp;American Express Credit Account Master Trust, Ser 2024-3, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.650%, 07/15/29 | 265000 | 267044 |
| &nbsp;&nbsp;&nbsp;ARI Fleet Lease Trust, Ser 2023-A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.330%, 02/17/32 (B) | 100000 | 100619 |
| &nbsp;&nbsp;&nbsp;ARI Fleet Lease Trust, Ser 2024-A, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.300%, 11/15/32 (B) | 62216 | 62458 |
| &nbsp;&nbsp;&nbsp;BA Credit Card Trust, Ser 2023-A2, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.980%, 11/15/28 | 275000 | 277272 |
| &nbsp;&nbsp;&nbsp;BBCMS Trust, Ser C32, Cl A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.720%, 02/15/62 | 195000 | 204261 |
| &nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust, Ser AIRC, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.033%, TSFR1M + 1.691%, 08/15/39 (A) (B) | 252773 | 253621 |
| &nbsp;&nbsp;&nbsp;BX Trust, Ser GW, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.942%, TSFR1M + 1.600%, 07/15/42 (A) (B) | 190000 | 190592 |

---

**10**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **METLIFE CORE PLUS FUND** |
|  | **JULY 31, 2025** *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **ASSET-BACKED SECURITIES — continued** | | |
|  | Face Amount | Value |
| &nbsp;&nbsp;&nbsp;BX Trust, Ser VLT6, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.235%, TSFR1M + 1.893%, 03/15/42 (A) (B) | $175000 | $174891 |
| &nbsp;&nbsp;&nbsp;Citigroup Commercial Mortgage Trust, Ser GC41, Cl A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.869%, 08/10/56 | 260000 | 240501 |
| &nbsp;&nbsp;&nbsp;Citigroup Commercial Mortgage Trust, Ser P6, Cl A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.720%, 12/10/49 (A) | 55000 | 53411 |
| &nbsp;&nbsp;&nbsp;College Ave Student Loans, Ser 2019-A, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.280%, 12/28/48 (B) | 149830 | 142623 |
| &nbsp;&nbsp;&nbsp;College Ave Student Loans, Ser 2021-B, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.760%, 06/25/52 (B) | 85735 | 76826 |
| &nbsp;&nbsp;&nbsp;College Ave Student Loans, Ser 2021-B, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.420%, 06/25/52 (B) | 167714 | 150839 |
| &nbsp;&nbsp;&nbsp;DLLAA, Ser 2025-1A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.950%, 09/20/29 (B) | 120000 | 121416 |
| &nbsp;&nbsp;&nbsp;Dllad, Ser 2024-1A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.300%, 07/20/29 (B) | 315000 | 319837 |
| &nbsp;&nbsp;&nbsp;Enterprise Fleet Financing, Ser 2023-2, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.560%, 04/22/30 (B) | 111293 | 111878 |
| &nbsp;&nbsp;&nbsp;Enterprise Fleet Financing, Ser 2023-3, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.400%, 03/20/30 (B) | 211295 | 214188 |
| &nbsp;&nbsp;&nbsp;Enterprise Fleet Financing, Ser 2024-3, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.310%, 04/20/27 (B) | 93087 | 93431 |
| &nbsp;&nbsp;&nbsp;Enterprise Fleet Financing, Ser 2025-1, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.820%, 02/20/29 (B) | 195000 | 196897 |
| &nbsp;&nbsp;&nbsp;Fontainebleau Miami Beach Mortgage Trust, Ser FBLU, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.192%, TSFR1M + 1.850%, 12/15/39 (A) (B) | 195000 | 195114 |
| &nbsp;&nbsp;&nbsp;HIH Trust, Ser 61P, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.184%, TSFR1M + 1.842%, 10/15/41 (A) (B) | 226608 | 226750 |
| &nbsp;&nbsp;&nbsp;Hilton Grand Vacations Trust, Ser 2020-AA, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.740%, 02/25/39 (B) | 27482 | 26757 |
| &nbsp;&nbsp;&nbsp;HIN Timeshare Trust, Ser 2020-A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.390%, 10/09/39 (B) | 198028 | 189355 |
| &nbsp;&nbsp;&nbsp;HPEFS Equipment Trust, Ser 2025-1A, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.790%, 09/20/32 (B) | 100000 | 99821 |
| &nbsp;&nbsp;&nbsp;Hyundai Auto Lease Securitization Trust, Ser 2025-A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.830%, 01/18/28 (B) | 250000 | 251593 |
| &nbsp;&nbsp;&nbsp;M&T Bank Auto Receivables Trust, Ser 2025-1A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.730%, 06/17/30 (B) | 190000 | 191340 |
| &nbsp;&nbsp;&nbsp;MF1, Ser 2025-FL17, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.670%, TSFR1M + 1.320%, 02/18/40 (A) (B) | 255000 | 254648 |

---

**11**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **METLIFE CORE PLUS FUND**<br> **JULY 31, 2025** *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **ASSET-BACKED SECURITIES — continued** | | |
|  | Face Amount | Value |
| &nbsp;&nbsp;&nbsp;Navient Private Education Refi Loan Trust, Ser 2019-FA, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.600%, 08/15/68 (B) | $182680 | $175214 |
| &nbsp;&nbsp;&nbsp;Nelnet Student Loan Trust, Ser 2021-BA, Cl AFL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.245%, TSFR1M + 0.894%, 04/20/62 (A) (B) | 47529 | 47284 |
| &nbsp;&nbsp;&nbsp;Oceanview Mortgage Trust, Ser 2025-1, Cl AF1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.150%, SOFR30A + 0.800%, 11/25/54 (A) (B) | 186703 | 185940 |
| &nbsp;&nbsp;&nbsp;Oceanview Mortgage Trust, Ser 2025-2, Cl AF1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.200%, SOFR30A + 0.850%, 04/25/55 (A) (B) | 168940 | 168827 |
| &nbsp;&nbsp;&nbsp;Octane Receivables Trust, Ser 2023-1A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.870%, 05/21/29 (B) | 31876 | 31930 |
| &nbsp;&nbsp;&nbsp;Rate Mortgage Trust, Ser 2024-J4, Cl A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 12/25/54 (A) (B) | 214574 | 216814 |
| &nbsp;&nbsp;&nbsp;RCKT Mortgage Trust, Ser 2025-CES1, Cl A1A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.653%, 01/25/45 (B) (D) | 182567 | 183161 |
| &nbsp;&nbsp;&nbsp;RCKT Mortgage Trust, Ser 2025-CES2, Cl A1A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.503%, 02/25/55 (B) (D) | 185973 | 186188 |
| &nbsp;&nbsp;&nbsp;SBA Small Business Investment, Ser 2018-10B, Cl 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.548%, 09/10/28 | 25837 | 25363 |
| &nbsp;&nbsp;&nbsp;SBA Small Business Investment, Ser 2022-10A, Cl 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.938%, 03/10/32 | 87414 | 82389 |
| &nbsp;&nbsp;&nbsp;SBA Small Business Investment, Ser 2025-10A, Cl 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.963%, 03/10/35 | 180000 | 180903 |
| &nbsp;&nbsp;&nbsp;SBNA Auto Lease Trust, Ser 2024-B, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.560%, 11/22/27 (B) | 120000 | 120608 |
| &nbsp;&nbsp;&nbsp;SBNA Auto Lease Trust, Ser 2025-A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.830%, 04/20/28 (B) | 175000 | 175670 |
| &nbsp;&nbsp;&nbsp;SCF Equipment Trust, Ser 2025-1A, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.820%, 07/22/30 (B) | 105000 | 105011 |
| &nbsp;&nbsp;&nbsp;Scholar Funding Trust, Ser 2011-A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.502%, SOFR90A + 1.162%, 10/28/43 (A) (B) | 232214 | 230342 |
| &nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust, Ser 2020-A, Cl A2A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.230%, 09/15/37 (B) | 65009 | 62520 |
| &nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust, Ser 2021-B, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.310%, 07/17/51 (B) | 251934 | 235356 |
| &nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust, Ser 2021-C, Cl APT1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.390%, 01/15/53 (B) | 102194 | 92859 |
| &nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust, Ser 2024-E, Cl A1A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.090%, 10/16/56 (B) | 202511 | 203904 |
| &nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust, Ser 2025-A, Cl A1A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.130%, 04/15/54 (B) | 205662 | 206970 |
| &nbsp;&nbsp;&nbsp;Sofi Professional Loan Program Trust, Ser 2018-C, Cl A2FX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.590%, 01/25/48 (B) | 79577 | 78677 |

---

**12**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **METLIFE CORE PLUS FUND** |
|  | **JULY 31, 2025** *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **ASSET-BACKED SECURITIES — continued** |  |  |
|  | Face Amount | Value |
| &nbsp;&nbsp;&nbsp;South Carolina Student Loan, Ser 2015-A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.967%, TSFR1M + 1.614%, 01/25/36 (A) | $96823 | $96854 |
| &nbsp;&nbsp;&nbsp;United States Small Business Administration, Ser 2025- 25F, Cl 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.100%, 06/01/50 | 200000 | 201102 |
| &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Ser 2025-5C4, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.673%, 05/15/58 | 175000 | 181480 |
| &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Ser 2025-5C4, Cl AS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.093%, 05/15/58 | 160000 | 166177 |
| &nbsp;&nbsp;&nbsp;TOTAL ASSET-BACKED SECURITIES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $8,337,384) |  | 8329526 |
| **FOREIGN GOVERNMENT BONDS — 0.8%** |  |  |
| **MEXICO — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Mexico Government International Bond Callable 11/13/54 @ 100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625%, 01/29/38 | 315000 | 316575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.375%, 05/13/55 | 275000 | 283250 |
| **HUNGARY — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Hungary Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.750%, 09/23/55(B) | 275000 | 278075 |
| **COLOMBIA — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Colombia Government International Bond Callable 08/07/36 @ 100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.750%, 11/07/36 | 130000 | 129610 |
| &nbsp;&nbsp;&nbsp;TOTAL FOREIGN GOVERNMENT BONDS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $985,180) |  | 1007510 |
| **MUNICIPAL BONDS — 0.5%** |  |  |
| **GEORGIA — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Georgia State, Municipal Electric Authority, RB, Ser 2010-A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.637%, 04/01/57 | 356000 | 381569 |
| **ARIZONA — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Maricopa County Industrial Development Authority Callable 09/01/29 @ 100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.375%, 10/01/29(B) | 195000 | 201225 |
| &nbsp;&nbsp;&nbsp;TOTAL MUNICIPAL BONDS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $719,456) |  | 582794 |

---

**13**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **METLIFE CORE PLUS FUND** |
|  | **JULY 31, 2025** *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENT — 0.2%** | | |
|  | Face Amount | Value |
| &nbsp;&nbsp;&nbsp;American Electric Power, 5.699%, 08/15/2025 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $214,968) | $215000 | $215034 |
| TOTAL INVESTMENTS — 98.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $125,573,698) |  | $121882434 |

---

Open futures contracts held by the Fund at July 31, 2025 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Type of Contract** |<br>**Number of**<br>**Contracts** |<br>**Expiration**<br>**Date** |<br>**Notional**<br>**Amount** |<br>**Value** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| **Long Contracts** | | | | | |
| U.S. 2-Year Treasury Notes | 25 | Sep-2025 | $5177419 | $5174609 | $(2810) |
| U.S. 5-Year Treasury Notes | 59 | Sep-2025 | 6371648 | 6382141 | 10493 |
| U.S. 10-Year Treasury Notes | 10 | Sep-2025 | 1096735 | 1110625 | 13890 |
|  |  |  | $12645802 | $12667375 | $21573 |
| **Short Contracts** |  |  |  |  |  |
| Ultra 10-Year U.S. Treasury Notes | (53) | Sep-2025 | $(5950469) | $(5993141) | $(42672) |
|  |  |  | $6695333 | $6674234 | $(21099) |

---

 

*Percentages are based on Net Assets of $123,300,477.*

&nbsp;&nbsp;&nbsp;&nbsp;*(A)* *Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(B)* *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." The total value of these securities at July 31, 2025 was $19,739,949 and represents 16.0% of Net Assets.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(C)* *Perpetual security with no stated maturity date.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(D)* *Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.* 

**14**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **METLIFE CORE PLUS FUND**<br> **JULY 31, 2025** *(Unaudited)* |

---

*Cl — Class*

*DAC — Designated Activity Company*

*FHLMC — Federal Home Loan Mortgage Corporation*

*FNMA — Federal National Mortgage Association*

*GNMA — Government National Mortgage Association*

*H15T1Y — US Treasury Yield Curve Rate T Note Constant Maturity 1 Year Rate*

*H15T5Y — US Treasury Yield Curve Rate T Note Constant Maturity 5 Year Rate*

*H15T10Y — US Treasury Yield Curve Rate T Note Constant Maturity 10 Year Rate*

*IO — Interest Only - face amount represents notional amount*

*LLC — Limited Liability Company*

*MTN — Medium Term Note*

*PIK — Payment-in-Kind*

*RB — Revenue Bond*

*Ser — Series*

*SOFR30A — Secured Overnight Financing Rate 30-day Average*

*SOFR90A — Secured Overnight Financing Rate 90-day Average*

*SOFRRATE — Secured Overnight Financing Rate*

*TSFR1M — One Month Term Secured Overnight Financing Rate*

*TSFR3M — Three Month Term Secured Overnight Financing Rate*

*US0003M — ICE LIBOR USD 3 Month*

*USSW5 — USD Swap Semi 30/360 5-Year*

*MIM-QH-001-1000*

**15**

## 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:** MetLife Core Plus Bond Fund

- **b. EDGAR series identifier (if any):** S000047684

- **c. LEI of Series:** 549300C0FWBNF7X76S97

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

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-07-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $124654309.02

**Total Liabilities:** $1353617.83

**Net Assets:** $123300691.19

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -238.52220030 | **1-Year:** -3882.79059811 | **5-Year:** -13440.04903395 | **10-Year:** -21320.84594050 | **30-Year:** -6429.27483439

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

- **3-Month:** -52.57579360 | **1-Year:** -792.73671909 | **5-Year:** -1763.48559846 | **10-Year:** -1698.60920685 | **30-Year:** -407.02198435

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000149726 | -0.68%               | 1.37%                | -1.09%               |
| Class ID C000149725 | -0.12%               | 1.75%                | -0.69%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-256629.20              | $-365673.87                                |
| Month 2  | $-85242.18               | $1628308.03                                |
| Month 3  | $-136849.67              | $-761707.30                                |

**Designated Index Information**

- **Index Name:** Bloomberg U.S. Aggregate Index

- **Index Identifier:** LEH_AGG

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BANK OF AMERICA CORPORATION                        | BANK OF AMERICA CORP 4.571000% 04/27/2033                                       | CUSIP: 06051GKQ1<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    205000 | PA      | $201822.40    | 0.16%             | 2033-04-27      | Fixed         | 4.57%                 | No            |                  2 | On Loan: No      |
| ARI FLEET LEASE TRUST                              | ARI FLEET LEASE TRUST 2023-A ARIFL 2023-A A3                                    | CUSIP: 00218GAC6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    100000 | PA      | $100618.62    | 0.08%             | 2032-02-17      | Fixed         | 5.33%                 | Yes           |                  2 | On Loan: No      |
| AVOLON HOLDINGS FUNDING LIMITED                    | AVOLON HOLDINGS FUNDING LTD 144A 5.750000% 11/15/2029                           | CUSIP: 05401AAV3<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | NUSS              | IE        |    410000 | PA      | $422067.72    | 0.34%             | 2029-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| DELTA AIR LINES, INC.                              | DELTA AIR LINES INC 5.250000% 07/10/2030                                        | CUSIP: 247361A32<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | DBT              | CORP              | US        |    360000 | PA      | $363392.60    | 0.29%             | 2030-07-10      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HF SINCLAIR CORPORATION                            | HF SINCLAIR CORP 5.000000% 02/01/2028                                           | CUSIP: 403949AQ3<br>LEI: 2549009G116AM01XHN24 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99753.00     | 0.08%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HILTON GRAND VACATIONS TRUST                       | HILTON GRAND VACATIONS TRUST 2020-A HGVT 2020-AA A                              | CUSIP: 43285HAA6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     27482 | PA      | $26757.47     | 0.02%             | 2039-02-25      | Fixed         | 2.74%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC POOL FR SD1381                                                      | CUSIP: 3132DNRA3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    560961 | PA      | $544500.90    | 0.44%             | 2052-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| VIRGINIA POWER FUEL SECURITIZATION, LLC            | VIRGINIA POWER FUEL SECURITIZATION LLC 5.088000% 05/01/2027                     | CUSIP: 92808VAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    137072 | PA      | $137555.59    | 0.11%             | 2027-05-01      | Fixed         | 5.09%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS COMPANY                             | GENERAL MOTORS CO 5.350000% 04/15/2028                                          | CUSIP: 37045VBC3<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |    170000 | PA      | $172759.87    | 0.14%             | 2028-04-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| COLLEGE AVE STUDENT LOANS LLC                      | COLLEGE AVE STUDENT LOANS 2019-A LLC CASL 2019-A A2                             | CUSIP: 19421UAB0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    149830 | PA      | $142622.75    | 0.12%             | 2048-12-28      | Fixed         | 3.28%                 | No            |                  2 | On Loan: No      |
| United States of America                           | US TREASURY N/B 4.750000% 05/15/2055                                            | CUSIP: 912810UK2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3470000 | PA      | $3394093.75   | 2.75%             | 2055-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN CB0983                                                       | CUSIP: 3140QLCV6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    739414 | PA      | $622033.89    | 0.50%             | 2051-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN FM2847                                                       | CUSIP: 3140X6EV9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    756565 | PA      | $675899.34    | 0.55%             | 2048-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                     | MORGAN STANLEY MTN 5.831000% 04/19/2035                                         | CUSIP: 61747YFR1<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    185000 | PA      | $193927.52    | 0.16%             | 2035-04-19      | Fixed         | 5.83%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG, INC.                           | VENTURE GLOBAL LNG INC 144A 9.875000% 02/01/2032                                | CUSIP: 92332YAD3<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    230000 | PA      | $248157.08    | 0.20%             | 2032-02-01      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC STRIPS FHS 356 300                                                  | CUSIP: 3132J0NU7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    114617 | PA      | $102371.97    | 0.08%             | 2047-09-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN MA5354                                                       | CUSIP: 31418E5Q9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    113654 | PA      | $115270.52    | 0.09%             | 2054-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN CB1805                                                       | CUSIP: 3140QMAF1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    534839 | PA      | $445703.01    | 0.36%             | 2051-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Saudi Arabian Oil Company                          | SAUDI ARABIAN OIL CO 144A 6.375000% 06/02/2055                                  | CUSIP: 80414L3F0<br>LEI: 5586006WD91QHB7J4X50 | Long             | DBT              | NUSS              | SA        |    200000 | PA      | $202839.80    | 0.16%             | 2055-06-02      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| United States of America                           | US TREASURY N/B 3.875000% 06/30/2030                                            | CUSIP: 91282CNK3<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   1234700 | PA      | $1230262.80   | 1.00%             | 2030-06-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| COLLEGE AVE STUDENT LOANS LLC                      | COLLEGE AVE STUDENT LOANS 2021-B LLC CASL 2021-B B                              | CUSIP: 19425AAC8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    167714 | PA      | $150838.63    | 0.12%             | 2052-06-25      | Fixed         | 2.42%                 | Yes           |                  2 | On Loan: No      |
| United States of America                           | US 2YR NOTE (CBT) SEP25 FINANCIAL COMMODITY FUTURE.                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        25 | NC      | $5174609.38   | 4.20%             |  |  |  | No            |                  1 | On Loan: No      |
| LOUISVILLE GAS AND ELECTRIC COMPANY                | LOUISVILLE GAS AND ELECTRIC CO 5.450000% 04/15/2033                             | CUSIP: 546676AZ0<br>LEI: KO3GRIB3RPH1XDX50U72 | Long             | DBT              | CORP              | US        |    205000 | PA      | $211528.65    | 0.17%             | 2033-04-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN BS2757                                                       | CUSIP: 3140LDB32<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    167138 | PA      | $143169.95    | 0.12%             | 2031-08-01      | Fixed         | 1.79%                 | No            |                  2 | On Loan: No      |
| Magyarorszag                                       | HUNGARY GOVERNMENT INTERNATIONAL BOND 144A 6.750000% 09/23/2055                 | CUSIP: 445545AX4<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |    275000 | PA      | $278075.08    | 0.23%             | 2055-09-23      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC REFERENCE REMIC FHRR R006 ZA                                        | CUSIP: 31396JT21<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    117325 | PA      | $123348.80    | 0.10%             | 2036-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| AT&T INC.                                          | AT&T INC 3.550000% 09/15/2055                                                   | CUSIP: 00206RLJ9<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    285000 | PA      | $191082.19    | 0.15%             | 2055-09-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| United States of America                           | US TREASURY N/B 3.875000% 05/31/2027                                            | CUSIP: 91282CNE7<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   2090000 | PA      | $2086407.81   | 1.69%             | 2027-05-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| United States of America                           | WI TREASURY SEC. 4.125000% 07/31/2032                                           | CUSIP: 91282CNR8<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   1445000 | PA      | $1432582.03   | 1.16%             | 2032-07-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| HPEFS EQUIPMENT TRUST                              | HPEFS EQUIPMENT TRUST 2025-1 HPEFS 2025-1A C                                    | CUSIP: 40446EAE7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    100000 | PA      | $99820.92     | 0.08%             | 2032-09-20      | Fixed         | 4.79%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN FS1543                                                       | CUSIP: 3140XGWD7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    490245 | PA      | $413972.70    | 0.34%             | 2052-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| SMB PRIVATE EDUCATION LOAN TRUST                   | SMB PRIVATE EDUCATION LOAN TRUST 2021-B SMB 2021-B A                            | CUSIP: 78449YAA8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    251934 | PA      | $235356.00    | 0.19%             | 2051-07-17      | Fixed         | 1.31%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC POOL FR SD4301                                                      | CUSIP: 3132E0X64<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    419491 | PA      | $433308.49    | 0.35%             | 2053-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PAYCHEX, INC.                                      | PAYCHEX INC 5.350000% 04/15/2032                                                | CUSIP: 704326AB3<br>LEI: 529900K900DW6SUBM174 | Long             | DBT              | CORP              | US        |    325000 | PA      | $333135.49    | 0.27%             | 2032-04-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN FS1442                                                       | CUSIP: 3140XGS83<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   1157606 | PA      | $1018206.48   | 0.83%             | 2050-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC.                                      | BROADCOM INC 144A 4.926000% 05/15/2037                                          | CUSIP: 11135FBV2<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    277000 | PA      | $267683.65    | 0.22%             | 2037-05-15      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| United States of America                           | US TREASURY N/B 4.000000% 06/30/2032                                            | CUSIP: 91282CNJ6<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   1010000 | PA      | $1001793.75   | 0.81%             | 2032-06-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Estados Unidos Mexicanos                           | UNITED MEXICAN STATES 7.375000% 05/13/2055                                      | CUSIP: 91087BBD1<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    275000 | PA      | $283250.00    | 0.23%             | 2055-05-13      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN FS8749                                                       | CUSIP: 3140XQWK9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    375632 | PA      | $376911.33    | 0.31%             | 2054-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE COMPANY OF OKLAHOMA                 | PUBLIC SERVICE CO OF OKLAHOMA 5.200000% 01/15/2035                              | CUSIP: 744533BR0<br>LEI: F3TJNSIZRGXRH8GEIK79 | Long             | DBT              | CORP              | US        |    240000 | PA      | $239462.53    | 0.19%             | 2035-01-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| BBCMS TRUST                                        | BBCMS MORTGAGE TRUST 2020-C6 BBCMS 2020-C6 AS                                   | CUSIP: 05492TAG5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     75000 | PA      | $67209.05     | 0.05%             | 2053-02-15      | Fixed         | 2.84%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC POOL FR SL1480                                                      | CUSIP: 31427NUE7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    377244 | PA      | $382839.56    | 0.31%             | 2054-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| THE BOEING COMPANY                                 | BOEING CO/THE 2.196000% 02/04/2026                                              | CUSIP: 097023DG7<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    265000 | PA      | $261484.48    | 0.21%             | 2026-02-04      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN BS2363                                                       | CUSIP: 3140LCTV3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    235174 | PA      | $205130.10    | 0.17%             | 2035-09-01      | Fixed         | 1.85%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FUNDING LIMITED                    | AVOLON HOLDINGS FUNDING LTD 144A 5.750000% 03/01/2029                           | CUSIP: 05401AAU5<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | NUSS              | IE        |    160000 | PA      | $164202.91    | 0.13%             | 2029-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS COMPANY LLC                      | VISTRA OPERATIONS CO LLC 144A 5.700000% 12/30/2034                              | CUSIP: 92840VAU6<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    290000 | PA      | $295227.54    | 0.24%             | 2034-12-30      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC POOL FR SD8266                                                      | CUSIP: 3132DWFF5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    469991 | PA      | $446668.20    | 0.36%             | 2052-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Group AG                             | CREDIT SUISSE GROUP AG 144A 7.500000% MATURITY: PERPETUAL                       | CUSIP: 22546DAB2<br>LEI: 549300506SI9CRFV9Z86 | Long             | DBT              | NUSS              | CH        |    725000 | PA      | $48937.50     | 0.04%             | 2174-06-11      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO COMMERCIAL MORTGAGE TRUST              | WELLS FARGO COMMERCIAL MORTGAGE TRUST 2025-5C4 WFCM 2025-5C4 A3                 | CUSIP: 949931AC3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    175000 | PA      | $181480.15    | 0.15%             | 2058-05-15      | Fixed         | 5.67%                 | No            |                  2 | On Loan: No      |
| SMALL BUSINESS INVESTMENT COMPANIES                | SBA SMALL BUSINESS INVESTMENT COS SBIC 2018-10B 1                               | CUSIP: 831641FL4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     25837 | PA      | $25362.79     | 0.02%             | 2028-09-10      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AG NEW YORK BRANCH                   | DEUTSCHE BANK AG/NEW YORK NY 4.999000% 09/11/2030                               | CUSIP: 251526CX5<br>LEI: N/A                  | Long             | DBT              | NUSS              | DE        |    140000 | PA      | $141171.21    | 0.11%             | 2030-09-11      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN MA5341                                                       | CUSIP: 31418E5B2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    261067 | PA      | $240868.60    | 0.20%             | 2054-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN MA4599                                                       | CUSIP: 31418EDD9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    628319 | PA      | $538670.06    | 0.44%             | 2052-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                              | WELLS FARGO & CO VARIABLE RATE 01/15/2027                                       | CUSIP: 949746TG6<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    205000 | PA      | $203096.36    | 0.16%             | 2027-01-15      | Floating      | 5.08%                 | No            |                  2 | On Loan: No      |
| SBNA AUTO LEASE TRUST                              | SBNA AUTO LEASE TRUST 2025-A SBALT 2025-A A3                                    | CUSIP: 78437KAC8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    175000 | PA      | $175670.09    | 0.14%             | 2028-04-20      | Fixed         | 4.83%                 | Yes           |                  2 | On Loan: No      |
| United States of America                           | US TREASURY N/B 3.125000% 05/15/2048                                            | CUSIP: 912810SC3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2755000 | PA      | $2064958.59   | 1.67%             | 2048-05-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| SMALL BUSINESS INVESTMENT COMPANIES                | SBA SMALL BUSINESS INVESTMENT COS SBIC 2025-10A 1                               | CUSIP: 831641FZ3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    180000 | PA      | $180903.06    | 0.15%             | 2035-03-10      | Fixed         | 4.96%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN FS0896                                                       | CUSIP: 3140XF7J4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    343448 | PA      | $297525.60    | 0.24%             | 2051-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BBCMS TRUST                                        | BBCMS MORTGAGE TRUST 2025-C32 BBCMS 2025-C32 A5                                 | CUSIP: 07337AAD8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    195000 | PA      | $204261.02    | 0.17%             | 2062-02-15      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| RATE MORTGAGE TRUST                                | RATE MORTGAGE TRUST 2024-J4 RATE 2024-J4 A4                                     | CUSIP: 75408TAD8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    214574 | PA      | $216813.93    | 0.18%             | 2054-12-25      | Floating      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN FS1831                                                       | CUSIP: 3140XHA98<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    101467 | PA      | $94844.32     | 0.08%             | 2052-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States of America                           | US TREASURY N/B 5.000000% 05/15/2045                                            | CUSIP: 912810UL0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1825000 | PA      | $1851804.69   | 1.50%             | 2045-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO COMMERCIAL MORTGAGE TRUST              | WELLS FARGO COMMERCIAL MORTGAGE TRUST 2025-5C4 WFCM 2025-5C4 AS                 | CUSIP: 949931AF6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    160000 | PA      | $166176.98    | 0.13%             | 2058-05-15      | Fixed         | 6.09%                 | No            |                  2 | On Loan: No      |
| CI Financial Corp.                                 | CI FINANCIAL CORP 3.200000% 12/17/2030                                          | CUSIP: 125491AN0<br>LEI: 549300M9W7JJQSVCEM78 | Long             | DBT              | NUSS              | CA        |    675000 | PA      | $599154.29    | 0.49%             | 2030-12-17      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| HCA INC.                                           | HCA INC 3.500000% 09/01/2030                                                    | CUSIP: 404119CA5<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    240000 | PA      | $226241.64    | 0.18%             | 2030-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CSMC TRUST                                         | CSMC 2014-USA OA LLC CSMC 2014-USA A2                                           | CUSIP: 12649AAC3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    125000 | PA      | $114375.00    | 0.09%             | 2037-09-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| B.A.T CAPITAL CORPORATION                          | BAT CAPITAL CORP 4.390000% 08/15/2037                                           | CUSIP: 05526DBD6<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | GB        |    430000 | PA      | $384013.78    | 0.31%             | 2037-08-15      | Fixed         | 4.39%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                     | MORGAN STANLEY 1.593000% 05/04/2027                                             | CUSIP: 61772BAB9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    265000 | PA      | $259021.43    | 0.21%             | 2027-05-04      | Fixed         | 1.59%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE GRANTOR TRUST 2001-T4 FNGT 2001-T4 A1                                | CUSIP: 31359SR69<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |      1023 | PA      | $1033.13      | 0.00%             | 2041-07-25      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS AND ELECTRIC COMPANY                   | PACIFIC GAS AND ELECTRIC CO 2.100000% 08/01/2027                                | CUSIP: 694308JF5<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    355000 | PA      | $337090.78    | 0.27%             | 2027-08-01      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| HYUNDAI AUTO LEASE SECURITIZATION TRUST            | HYUNDAI AUTO LEASE SECURITIZATION TRUST 2025-A HALST 2025-A A3                  | CUSIP: 44935WAD9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    150000 | PA      | $150955.70    | 0.12%             | 2028-01-18      | Fixed         | 4.83%                 | Yes           |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL                                   | PARAMOUNT GLOBAL 6.250000% 02/28/2057                                           | CUSIP: 92553PBC5<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |    225000 | PA      | $216843.75    | 0.18%             | 2057-02-28      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2017-H16 PT                        | CUSIP: 38375UF62<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |        60 | PA      | $59.19        | 0.00%             | 2066-05-20      | Floating      | 4.69%                 | 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        |    185000 | PA      | $192984.21    | 0.16%             | 2029-06-01      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2         | GINNIE MAE II POOL G2 AY2220                                                    | CUSIP: 36196RPD4<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |     33548 | PA      | $33194.67     | 0.03%             | 2067-01-20      | Floating      | 4.47%                 | No            |                  2 | On Loan: No      |
| RESORTS WORLD LAS VEGAS LLC                        | RESORTS WORLD LAS VEGAS LLC / RWLV CAPITAL INC 144 4.625000% 04/06/2031         | CUSIP: 76120HAC1<br>LEI: 254900LHVH9D3APT8R82 | Long             | DBT              | CORP              | US        |    270000 | PA      | $223684.12    | 0.18%             | 2031-04-06      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN MA5700                                                       | CUSIP: 31418FKN6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   1598798 | PA      | $1590770.38   | 1.29%             | 2055-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FARMERS EXCHANGE CAPITAL III                       | FARMERS EXCHANGE CAPITAL III 144A 5.454000% 10/15/2054                          | CUSIP: 30958QAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    405000 | PA      | $365891.99    | 0.30%             | 2054-10-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS HOLDINGS, LLC              | FRONTIER COMMUNICATIONS HOLDINGS LLC 144A 6.750000% 05/01/2029                  | CUSIP: 35906ABG2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    106000 | PA      | $107013.68    | 0.09%             | 2029-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| COLLEGE AVE STUDENT LOANS LLC                      | COLLEGE AVE STUDENT LOANS 2021-B LLC CASL 2021-B A2                             | CUSIP: 19425AAB0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     85735 | PA      | $76826.10     | 0.06%             | 2052-06-25      | Fixed         | 1.76%                 | Yes           |                  2 | On Loan: No      |
| CONSTELLATION INSURANCE, INC.                      | CONSTELLATION INSURANCE INC 144A 6.800000% 01/24/2030                           | CUSIP: 67740QAH9<br>LEI: 549300K609B872PZT291 | Long             | DBT              | CORP              | US        |    380000 | PA      | $374795.50    | 0.30%             | 2030-01-24      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| OCTANE RECEIVABLES TRUST                           | OCTANE RECEIVABLES TRUST 2023-1 OCTL 2023-1A A                                  | CUSIP: 67571BAA1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     31876 | PA      | $31929.99     | 0.03%             | 2029-05-21      | Fixed         | 5.87%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN MA4520                                                       | CUSIP: 31418EAW0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    284820 | PA      | $242809.07    | 0.20%             | 2042-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC POOL FR RA8418                                                      | CUSIP: 3133KQK70<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    355374 | PA      | $364026.67    | 0.30%             | 2053-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| United States of America                           | US 5YR NOTE (CBT) SEP25 FINANCIAL COMMODITY FUTURE.                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        50 | NC      | $5408593.75   | 4.39%             |  |  |  | No            |                  1 | On Loan: No      |
| DLLAA LLC                                          | DLLAA 2025-1 LLC DLLAA 2025-1A A3                                               | CUSIP: 233249AC5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    120000 | PA      | $121415.68    | 0.10%             | 2029-09-20      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| AVOLON HOLDINGS FUNDING LIMITED                    | AVOLON HOLDINGS FUNDING LTD 144A 6.375000% 05/04/2028                           | CUSIP: 05401AAS0<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | NUSS              | IE        |    160000 | PA      | $166543.60    | 0.14%             | 2028-05-04      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| FONTAINEBLEAU MIAMI BEACH TRUST                    | FONTAINEBLEAU MIAMI BEACH MORTGAGE TRUST 2024-FBLU FMBT 2024-FBLU B             | CUSIP: 34461WAC4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    195000 | PA      | $195113.76    | 0.16%             | 2039-12-15      | Floating      | 6.19%                 | Yes           |                  2 | On Loan: No      |
| BIOGEN INC.                                        | BIOGEN INC 5.750000% 05/15/2035                                                 | CUSIP: 09062XAL7<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | DBT              | CORP              | US        |    250000 | PA      | $256448.64    | 0.21%             | 2035-05-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA STUDENT LOAN CORPORATION            | SOUTH CAROLINA STUDENT LOAN CORP 2015-A SCSLC 2015-A A                          | CUSIP: 83715RAH5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     96823 | PA      | $96854.30     | 0.08%             | 2036-01-25      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| Reynolds American Inc.                             | REYNOLDS AMERICAN INC 8.125000% 05/01/2040                                      | CUSIP: 761713BV7<br>LEI: 02S2RPPVO9RP4NEU2740 | Long             | DBT              | CORP              | GB        |     45000 | PA      | $52474.83     | 0.04%             | 2040-05-01      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2         | GINNIE MAE II POOL G2 MA6599                                                    | CUSIP: 36179VKL3<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    220660 | PA      | $193306.51    | 0.16%             | 2050-04-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| AMGEN INC.                                         | AMGEN INC 6.375000% 06/01/2037                                                  | CUSIP: 031162AW0<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    135000 | PA      | $147302.34    | 0.12%             | 2037-06-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| NTT FINANCE CORPORATION                            | NTT FINANCE CORP 144A 5.171000% 07/16/2032                                      | CUSIP: 62954WAU9<br>LEI: 3538007PR116187GD960 | Long             | DBT              | NUSS              | JP        |    540000 | PA      | $544661.52    | 0.44%             | 2032-07-16      | Fixed         | 5.17%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INCORPORATED                    | UNITEDHEALTH GROUP INC 5.300000% 06/15/2035                                     | CUSIP: 91324PFQ0<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    265000 | PA      | $267791.94    | 0.22%             | 2035-06-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC GOLD POOL FG G61748                                                 | CUSIP: 31335B5H5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    248549 | PA      | $227602.22    | 0.18%             | 2048-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC POOL FR SD6603                                                      | CUSIP: 3132DUKQ9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    306032 | PA      | $299589.89    | 0.24%             | 2053-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2         | GINNIE MAE II POOL G2 MA5876                                                    | CUSIP: 36179UQ54<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    225245 | PA      | $211784.73    | 0.17%             | 2049-04-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO.                               | JPMORGAN CHASE & CO 5.572000% 04/22/2036                                        | CUSIP: 46647PEX0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    225000 | PA      | $232353.00    | 0.19%             | 2036-04-22      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| SYMETRA LIFE INSURANCE COMPANY                     | SYMETRA LIFE INSURANCE CO 144A 6.550000% 10/01/2055                             | CUSIP: 87151KAA7<br>LEI: 2CKADF5K7JYB5EG0VY36 | Long             | DBT              | CORP              | US        |    265000 | PA      | $270529.53    | 0.22%             | 2055-10-01      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| OCEANVIEW MORTGAGE TRUST                           | OCEANVIEW MORTGAGE TRUST 2025-INV1 BVINV 2025-1 AF1                             | CUSIP: 67551WAU5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    186703 | PA      | $185940.55    | 0.15%             | 2054-11-25      | Floating      | 5.15%                 | Yes           |                  2 | On Loan: No      |
| Estados Unidos Mexicanos                           | UNITED MEXICAN STATES 6.625000% 01/29/2038                                      | CUSIP: 91087BBF6<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    315000 | PA      | $316575.00    | 0.26%             | 2038-01-29      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Virginia Electric and Power Company                | VIRGINIA ELECTRIC AND POWER CO 5.000000% 04/01/2033                             | CUSIP: 927804GK4<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |    282000 | PA      | $284039.43    | 0.23%             | 2033-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT COMPANY LLC                      | FORD MOTOR CREDIT CO LLC 6.054000% 11/05/2031                                   | CUSIP: 345397G31<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    445000 | PA      | $445254.90    | 0.36%             | 2031-11-05      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                | PETROLEOS MEXICANOS 7.690000% 01/23/2050                                        | CUSIP: 71654QDD1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |    275000 | PA      | $233135.00    | 0.19%             | 2050-01-23      | Fixed         | 7.69%                 | No            |                  2 | On Loan: No      |
| CONTINENTAL RESOURCES, INC.                        | CONTINENTAL RESOURCES INC/OK 144A 2.268000% 11/15/2026                          | CUSIP: 212015AU5<br>LEI: XXRTID9RYWOZ0UPIVR53 | Long             | DBT              | CORP              | US        |    320000 | PA      | $309739.86    | 0.25%             | 2026-11-15      | Fixed         | 2.27%                 | No            |                  2 | On Loan: No      |
| MUNICIPAL ELEC AUTH GA                             | MUNI ELEC AUTH OF GEORGIA MUNICIPAL ELECTRIC AUTHORITY OF GEORGIA               | CUSIP: 626207YF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    356000 | PA      | $381569.02    | 0.31%             | 2057-04-01      | Fixed         | 6.64%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN FS1482                                                       | CUSIP: 3140XGUG2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    603567 | PA      | $545534.03    | 0.44%             | 2049-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| United States of America                           | US TREASURY N/B 3.000000% 02/15/2049                                            | CUSIP: 912810SF6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2915000 | PA      | $2120662.50   | 1.72%             | 2049-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| THE BROOKLYN UNION GAS COMPANY                     | BROOKLYN UNION GAS CO/THE 144A 6.415000% 07/18/2054                             | CUSIP: 114259AY0<br>LEI: 83BQ1DXS6VA5GZFK8S35 | Long             | DBT              | CORP              | US        |    275000 | PA      | $282435.12    | 0.23%             | 2054-07-18      | Fixed         | 6.42%                 | No            |                  2 | On Loan: No      |
| SMB PRIVATE EDUCATION LOAN TRUST                   | SMB PRIVATE EDUCATION LOAN TRUST 2020-A SMB 2020-A A2A                          | CUSIP: 78449UAB4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     65009 | PA      | $62520.14     | 0.05%             | 2037-09-15      | Fixed         | 2.23%                 | No            |                  2 | On Loan: No      |
| ANHEUSER-BUSCH INBEV WORLDWIDE INC.                | ANHEUSER-BUSCH INBEV WORLDWIDE INC 5.450000% 01/23/2039                         | CUSIP: 03523TBU1<br>LEI: 549300CRGMZK3K53BF92 | Long             | DBT              | CORP              | BE        |    125000 | PA      | $126578.05    | 0.10%             | 2039-01-23      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC.                                     | CITIGROUP INC 2.561000% 05/01/2032                                              | CUSIP: 172967MY4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    545000 | PA      | $482513.92    | 0.39%             | 2032-05-01      | Fixed         | 2.56%                 | No            |                  2 | On Loan: No      |
| SMALL BUSINESS ADMINISTRATION GTD                  | UNITED STATES SMALL BUSINESS ADMINISTRATION SBAP 2025-25F 1                     | CUSIP: 83162C2J1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    200000 | PA      | $201101.90    | 0.16%             | 2050-06-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| SEQUOIA MORTGAGE TRUST                             | SEQUOIA MORTGAGE TRUST 2018-CH4 SEMT 2018-CH4 B1B                               | CUSIP: 81747LCE9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    284801 | PA      | $282558.46    | 0.23%             | 2048-10-25      | Floating      | 5.04%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC POOL FR SD4705                                                      | CUSIP: 3132DSGN6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    578641 | PA      | $578863.25    | 0.47%             | 2053-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HESS CORPORATION                                   | HESS CORP 5.800000% 04/01/2047                                                  | CUSIP: 42809HAH0<br>LEI: UASVRYNXNK17ULIGK870 | Long             | DBT              | CORP              | US        |    215000 | PA      | $218122.49    | 0.18%             | 2047-04-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2         | GINNIE MAE II POOL G2 MA6476                                                    | CUSIP: 36179VFR6<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    631287 | PA      | $587157.09    | 0.48%             | 2050-02-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE FLEET FINANCING LLC                     | ENTERPRISE FLEET FINANCING 2024-3 LLC EFF 2024-3 A2                             | CUSIP: 29375QAB4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     93087 | PA      | $93431.07     | 0.08%             | 2027-04-20      | Fixed         | 5.31%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN CB3771                                                       | CUSIP: 3140QPFM4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    311919 | PA      | $279647.06    | 0.23%             | 2052-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BENCHMARK MORTGAGE TRUST                           | BENCHMARK 2022-B33 MORTGAGE TRUST BMARK 2022-B33 A5                             | CUSIP: 08163PBG4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    185000 | PA      | $168602.77    | 0.14%             | 2055-03-15      | Fixed         | 3.46%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC.                                      | BROADCOM INC 144A 3.419000% 04/15/2033                                          | CUSIP: 11135FBK6<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    109000 | PA      | $98603.18     | 0.08%             | 2033-04-15      | Fixed         | 3.42%                 | No            |                  2 | On Loan: No      |
| Cooperatieve Rabobank U.A.                         | COOPERATIEVE RABOBANK UA 144A 3.758000% 04/06/2033                              | CUSIP: 74977RDP6<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | NUSS              | NL        |    375000 | PA      | $349691.08    | 0.28%             | 2033-04-06      | Fixed         | 3.76%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN CA6943                                                       | CUSIP: 3140QEWD0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   1033351 | PA      | $816626.08    | 0.66%             | 2050-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| BX TRUST                                           | BX TRUST 2025-VLT6 BX 2025-VLT6 B                                               | CUSIP: 12433KAC1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    175000 | PA      | $174890.63    | 0.14%             | 2042-03-15      | Floating      | 6.23%                 | Yes           |                  2 | On Loan: No      |
| AerCap Ireland Capital Designated Activity Company | AERCAP IRELAND CAPITAL DAC / AERCAP GLOBAL AVIATIO 6.500000% 01/31/2056         | CUSIP: 00774MBQ7<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | NUSS              | IE        |    215000 | PA      | $217626.01    | 0.18%             | 2056-01-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE FLEET FINANCING LLC                     | ENTERPRISE FLEET FINANCING 2023-2 LLC EFF 2023-2 A2                             | CUSIP: 29375NAB1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    111293 | PA      | $111877.72    | 0.09%             | 2030-04-22      | Fixed         | 5.56%                 | Yes           |                  2 | On Loan: No      |
| AMERICAN ELECTRIC POWER COMPANY, INC.              | AMERICAN ELECTRIC POWER CO INC 5.699000% 08/15/2025                             | CUSIP: 02557TAD1<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |    215000 | PA      | $215034.04    | 0.17%             | 2025-08-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| DLLAD LLC                                          | DLLAD 2024-1 LLC DLLAD 2024-1A A3                                               | CUSIP: 23346MAC0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    315000 | PA      | $319837.39    | 0.26%             | 2029-07-20      | Fixed         | 5.30%                 | Yes           |                  2 | On Loan: No      |
| GENERAL MOTORS FINANCIAL COMPANY, INC.             | GENERAL MOTORS FINANCIAL CO INC 5.450000% 07/15/2030                            | CUSIP: 37045XFJ0<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    360000 | PA      | $366202.66    | 0.30%             | 2030-07-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC POOL FR SL1806                                                      | CUSIP: 31427PAG9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    385000 | PA      | $392885.59    | 0.32%             | 2055-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INCORPORATED                    | UNITEDHEALTH GROUP INC 5.375000% 04/15/2054                                     | CUSIP: 91324PFC1<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    185000 | PA      | $170011.80    | 0.14%             | 2054-04-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC POOL FR SL1254                                                      | CUSIP: 31427NMC0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    277597 | PA      | $283572.14    | 0.23%             | 2055-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| THE BOEING COMPANY                                 | BOEING CO/THE 6.298000% 05/01/2029                                              | CUSIP: 097023DQ5<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    340000 | PA      | $358962.78    | 0.29%             | 2029-05-01      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| BAE SYSTEMS PLC                                    | BAE SYSTEMS PLC 144A 5.250000% 03/26/2031                                       | CUSIP: 05523RAK3<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | DBT              | NUSS              | GB        |    220000 | PA      | $226100.78    | 0.18%             | 2031-03-26      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS AND ELECTRIC COMPANY                   | PACIFIC GAS AND ELECTRIC CO 2.500000% 02/01/2031                                | CUSIP: 694308JG3<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    205000 | PA      | $178975.56    | 0.15%             | 2031-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC.                                     | CITIGROUP INC 8.125000% 07/15/2039                                              | CUSIP: 172967EW7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    165000 | PA      | $206337.01    | 0.17%             | 2039-07-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| OCEANVIEW MORTGAGE TRUST                           | OCEANVIEW MORTGAGE TRUST 2025-INV2 BVINV 2025-2 AF1                             | CUSIP: 67647BAU7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    168940 | PA      | $168826.98    | 0.14%             | 2055-04-25      | Floating      | 5.20%                 | Yes           |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS HOLDINGS, LLC              | FRONTIER COMMUNICATIONS HOLDINGS LLC 144A 6.000000% 01/15/2030                  | CUSIP: 35908MAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    374000 | PA      | $378446.49    | 0.31%             | 2030-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Samarco Mineracao S.A. - em Recuperacao Judicial   | SAMARCO MINERACAO SA 144A 9.000000% 06/30/2031                                  | CUSIP: 79588YAA7<br>LEI: 529900U8HKV15GJC4O60 | Long             | DBT              | NUSS              | BR        |    261415 | PA      | $258893.73    | 0.21%             | 2031-06-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                     | MORGAN STANLEY 5.466000% 01/18/2035                                             | CUSIP: 61747YFL4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    340000 | PA      | $348286.24    | 0.28%             | 2035-01-18      | Fixed         | 5.47%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE FLEET FINANCING LLC                     | ENTERPRISE FLEET FINANCING 2025-1 LLC EFF 2025-1 A3                             | CUSIP: 29390HAC3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    195000 | PA      | $196896.75    | 0.16%             | 2029-02-20      | Fixed         | 4.82%                 | Yes           |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                 | ENERGY TRANSFER LP 6.400000% 12/01/2030                                         | CUSIP: 29273VAT7<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    340000 | PA      | $364853.24    | 0.30%             | 2030-12-01      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| NELNET PRIVATE EDUCATION LOAN TRUST                | NELNET STUDENT LOAN TRUST 2021-B NSLT 2021-BA AFL                               | CUSIP: 64034QAA6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     47529 | PA      | $47284.09     | 0.04%             | 2062-04-20      | Floating      | 5.25%                 | Yes           |                  2 | On Loan: No      |
| SBNA AUTO LEASE TRUST                              | SBNA AUTO LEASE TRUST 2024-B SBALT 2024-B A3                                    | CUSIP: 78437VAE0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    120000 | PA      | $120608.04    | 0.10%             | 2027-11-22      | Fixed         | 5.56%                 | Yes           |                  2 | On Loan: No      |
| M&T BANK AUTO RECEIVABLES TRUST                    | M&T BANK AUTO RECEIVABLES TRUST 2025-1 MTBAT 2025-1A A3                         | CUSIP: 55287XAD7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    190000 | PA      | $191340.24    | 0.16%             | 2030-06-17      | Fixed         | 4.73%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN FA1103                                                       | CUSIP: 3140W1GM9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    737971 | PA      | $660436.41    | 0.54%             | 2052-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                            | MPLX LP 5.950000% 04/01/2055                                                    | CUSIP: 55336VBZ2<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |    190000 | PA      | $179980.81    | 0.15%             | 2055-04-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC POOL FR SD3368                                                      | CUSIP: 3132DQW51<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    886943 | PA      | $888248.08    | 0.72%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORPORATION                             | CVS HEALTH CORP 5.050000% 03/25/2048                                            | CUSIP: 126650CZ1<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    565000 | PA      | $486146.44    | 0.39%             | 2048-03-25      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| GPMT LTD                                           | GPMT 2021-FL3 LTD GPMT 2021-FL3 A                                               | CUSIP: 36264BAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    131591 | PA      | $130975.91    | 0.11%             | 2035-07-16      | Floating      | 5.96%                 | Yes           |                  2 | On Loan: No      |
| CENTENE CORPORATION                                | CENTENE CORP 4.625000% 12/15/2029                                               | CUSIP: 15135BAT8<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |    485000 | PA      | $461179.27    | 0.37%             | 2029-12-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| WFRBS COMMERCIAL MORTGAGE TRUST                    | WFRBS COMMERCIAL MORTGAGE TRUST 2014-C22 WFRBS 2014-C22 B                       | CUSIP: 92890KBF1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    270000 | PA      | $245019.60    | 0.20%             | 2057-09-15      | Floating      | 4.37%                 | No            |                  2 | On Loan: No      |
| JPMBB COMMERCIAL MORTGAGE SECURITIES TRUST         | JPMBB COMMERCIAL MORTGAGE SECURITIES TRUST 2014-C2 JPMBB 2014-C25 B             | CUSIP: 46643PBK5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    215000 | PA      | $199762.95    | 0.16%             | 2047-11-15      | Floating      | 4.35%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC POOL FR RA8790                                                      | CUSIP: 3133KQXT8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    241637 | PA      | $236732.45    | 0.19%             | 2053-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2         | GINNIE MAE II POOL G2 MA7051                                                    | CUSIP: 36179VZQ6<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    460395 | PA      | $371758.73    | 0.30%             | 2050-12-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORPORATION                        | BANK OF AMERICA CORP 5.288000% 04/25/2034                                       | CUSIP: 06051GLH0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    200000 | PA      | $203745.96    | 0.17%             | 2034-04-25      | Fixed         | 5.29%                 | No            |                  2 | On Loan: No      |
| CITIGROUP COMMERCIAL MORTGAGE TRUST                | CITIGROUP COMMERCIAL MORTGAGE TRUST 2019-GC41 CGCMT 2019-GC41 A5                | CUSIP: 17328FAW5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    260000 | PA      | $240500.99    | 0.20%             | 2056-08-10      | Fixed         | 2.87%                 | No            |                  2 | On Loan: No      |
| Braskem Netherlands Finance B.V.                   | BRASKEM NETHERLANDS FINANCE BV 144A 8.000000% 10/15/2034                        | CUSIP: 10554TAJ4<br>LEI: 2549000TLMHFQ74DS330 | Long             | DBT              | NUSS              | BR        |    355000 | PA      | $252493.75    | 0.20%             | 2034-10-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| United States of America                           | US TREASURY N/B 3.875000% 07/31/2030                                            | CUSIP: 91282CNN7<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |    955000 | PA      | $951567.97    | 0.77%             | 2030-07-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| ANGLO AMERICAN CAPITAL PLC                         | ANGLO AMERICAN CAPITAL PLC 144A 5.750000% 04/05/2034                            | CUSIP: 034863BE9<br>LEI: TINT358G1SSHR3L3PW36 | Long             | DBT              | NUSS              | ZA        |    325000 | PA      | $335812.53    | 0.27%             | 2034-04-05      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC POOL FR SD1661                                                      | CUSIP: 3132DNZ22<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    668454 | PA      | $562734.23    | 0.46%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| MARS, INCORPORATED                                 | MARS INC 144A 5.200000% 03/01/2035                                              | CUSIP: 571676BA2<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |    225000 | PA      | $226077.12    | 0.18%             | 2035-03-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN MA2956                                                       | CUSIP: 31418CJA3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     62510 | PA      | $54734.49     | 0.04%             | 2047-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN FA0373                                                       | CUSIP: 3140W0MX0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    566378 | PA      | $564803.63    | 0.46%             | 2053-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CENTENE CORPORATION                                | CENTENE CORP 3.000000% 10/15/2030                                               | CUSIP: 15135BAW1<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |    175000 | PA      | $152418.14    | 0.12%             | 2030-10-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| META PLATFORMS, INC.                               | META PLATFORMS INC 5.400000% 08/15/2054                                         | CUSIP: 30303M8V7<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |    155000 | PA      | $149779.14    | 0.12%             | 2054-08-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2010-H14 BI                        | CUSIP: 38375BCR1<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |      1713 | PA      | $178.82       | 0.00%             | 2060-07-20      | Floating      | 1.51%                 | No            |                  2 | On Loan: No      |
| N/A                                                | BROWN BROTHERS HARRIMAN SWEEP INTEREST                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |   2264938 | PA      | $2264937.89   | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| FMC CORPORATION                                    | FMC CORP 8.450000% 11/01/2055                                                   | CUSIP: 302491AZ8<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | DBT              | CORP              | US        |    205000 | PA      | $211935.56    | 0.17%             | 2055-11-01      | Fixed         | 8.45%                 | No            |                  2 | On Loan: No      |
| HIH TRUST                                          | HIH TRUST 2024-61P HIH 2024-61P A                                               | CUSIP: 40444VAA9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    226608 | PA      | $226750.00    | 0.18%             | 2041-10-15      | Floating      | 6.18%                 | Yes           |                  2 | On Loan: No      |
| HARBOUR ENERGY PLC                                 | HARBOUR ENERGY PLC 144A 6.327000% 04/01/2035                                    | CUSIP: 411618AD3<br>LEI: 213800YPC42DYBKVPF97 | Long             | DBT              | NUSS              | GB        |    215000 | PA      | $215104.06    | 0.17%             | 2035-04-01      | Fixed         | 6.33%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC POOL FR SD1096                                                      | CUSIP: 3132DNGD9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    295412 | PA      | $234133.89    | 0.19%             | 2052-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN BT2371                                                       | CUSIP: 3140LQT59<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   1438429 | PA      | $1141168.25   | 0.93%             | 2051-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| TOWD POINT MORTGAGE TRUST                          | TOWD POINT MORTGAGE TRUST 2020-3 TPMT 2020-3 A1                                 | CUSIP: 89178UAL6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     52681 | PA      | $50789.61     | 0.04%             | 2063-02-25      | Floating      | 3.09%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO.                               | JPMORGAN CHASE & CO 5.766000% 04/22/2035                                        | CUSIP: 46647PEH5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    400000 | PA      | $419512.69    | 0.34%             | 2035-04-22      | Fixed         | 5.77%                 | No            |                  2 | On Loan: No      |
| CITIGROUP COMMERCIAL MORTGAGE TRUST                | CITIGROUP COMMERCIAL MORTGAGE TRUST 2016-P6 CGCMT 2016-P6 A5                    | CUSIP: 17291EAW1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     55000 | PA      | $53411.40     | 0.04%             | 2049-12-10      | Floating      | 3.72%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN CB7344                                                       | CUSIP: 3140QTES4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    817564 | PA      | $830966.39    | 0.67%             | 2053-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC.                                     | CITIGROUP INC 5.174000% 02/13/2030                                              | CUSIP: 172967PF2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    490000 | PA      | $498916.33    | 0.40%             | 2030-02-13      | Fixed         | 5.17%                 | No            |                  2 | On Loan: No      |
| United States of America                           | US TREASURY N/B 3.750000% 06/30/2027                                            | CUSIP: 91282CNL1<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   1330000 | PA      | $1325012.50   | 1.07%             | 2027-06-30      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE REMICS FNR 2005-24 ZE                                                | CUSIP: 31394CF98<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |      2127 | PA      | $2154.08      | 0.00%             | 2035-04-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TENNESSEE GAS PIPELINE COMPANY, L.L.C.             | TENNESSEE GAS PIPELINE CO LLC 8.375000% 06/15/2032                              | CUSIP: 880451AW9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    135000 | PA      | $156598.35    | 0.13%             | 2032-06-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN MA5699                                                       | CUSIP: 31418FKM8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   2677579 | PA      | $2607062.89   | 2.11%             | 2055-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC POOL FR SD5660                                                      | CUSIP: 3132DTJD3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    254028 | PA      | $255615.19    | 0.21%             | 2054-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORPORATION                             | CVS HEALTH CORP 6.750000% 12/10/2054                                            | CUSIP: 126650EG1<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    140000 | PA      | $140115.92    | 0.11%             | 2054-12-10      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Chile Electricity Lux MPC S.a r.l.                 | CHILE ELECTRICITY LUX MPC SARL 144A 6.010000% 01/20/2033                        | CUSIP: 168829AA7<br>LEI: N/A                  | Long             | DBT              | NUSS              | CL        |    232700 | PA      | $241319.21    | 0.20%             | 2033-01-20      | Fixed         | 6.01%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN AN8044                                                       | CUSIP: 3138LL5E1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    158009 | PA      | $153344.33    | 0.12%             | 2028-01-01      | Fixed         | 3.04%                 | No            |                  2 | On Loan: No      |
| META PLATFORMS, INC.                               | META PLATFORMS INC 5.550000% 08/15/2064                                         | CUSIP: 30303M8W5<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |    180000 | PA      | $174632.18    | 0.14%             | 2064-08-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| FARMERS INSURANCE EXCHANGE                         | FARMERS INSURANCE EXCHANGE 144A 7.000000% 10/15/2064                            | CUSIP: 309601AG7<br>LEI: 549300UWG2TLX1GZVT44 | Long             | DBT              | CORP              | US        |    170000 | PA      | $173365.15    | 0.14%             | 2064-10-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS AND ELECTRIC COMPANY                   | PACIFIC GAS AND ELECTRIC CO 6.100000% 01/15/2029                                | CUSIP: 694308KL0<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    315000 | PA      | $325783.04    | 0.26%             | 2029-01-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2         | GINNIE MAE II POOL G2 MA7705                                                    | CUSIP: 36179WR26<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    568013 | PA      | $477928.67    | 0.39%             | 2051-11-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN FS3396                                                       | CUSIP: 3140XJX24<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    448147 | PA      | $443031.25    | 0.36%             | 2052-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC POOL FR SD5219                                                      | CUSIP: 3132DSYQ9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    438219 | PA      | $448053.97    | 0.36%             | 2054-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| THE GOLDMAN SACHS GROUP, INC.                      | GOLDMAN SACHS GROUP INC/THE 2.383000% 07/21/2032                                | CUSIP: 38141GYJ7<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    410000 | PA      | $358159.18    | 0.29%             | 2032-07-21      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Regal Rexnord Corporation                          | REGAL REXNORD CORP 6.050000% 02/15/2026                                         | CUSIP: 758750AL7<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |    300000 | PA      | $299830.57    | 0.24%             | 2026-02-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC POOL FR RC2401                                                      | CUSIP: 3133L8U29<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    281501 | PA      | $257615.91    | 0.21%             | 2037-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| SMALL BUSINESS INVESTMENT COMPANIES                | SBA SMALL BUSINESS INVESTMENT COS SBIC 2022-10A 1                               | CUSIP: 831641FT7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     87414 | PA      | $82388.86     | 0.07%             | 2032-03-10      | Fixed         | 2.94%                 | No            |                  2 | On Loan: No      |
| United States of America                           | US 10YR NOTE (CBT)SEP25 FINANCIAL COMMODITY FUTURE.                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        10 | NC      | $1110625.00   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS HEALTH CORPORATION                             | CVS HEALTH CORP 1.875000% 02/28/2031                                            | CUSIP: 126650DQ0<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    305000 | PA      | $260678.95    | 0.21%             | 2031-02-28      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC POOL FR SL1566                                                      | CUSIP: 31427NW47<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    486083 | PA      | $484806.98    | 0.39%             | 2053-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN FS7221                                                       | CUSIP: 3140XPAX7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    153726 | PA      | $157276.18    | 0.13%             | 2054-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2         | GINNIE MAE II POOL G2 MA7990                                                    | CUSIP: 36179W2X5<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    293070 | PA      | $272012.64    | 0.22%             | 2052-04-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC POOL FR RA8382                                                      | CUSIP: 3133KQJ31<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    861469 | PA      | $843984.85    | 0.68%             | 2053-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                  | HSBC HOLDINGS PLC 5.733000% 05/17/2032                                          | CUSIP: 404280EG0<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | NUSS              | GB        |    370000 | PA      | $384311.64    | 0.31%             | 2032-05-17      | Fixed         | 5.73%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                               | GLENCORE FUNDING LLC 144A 5.186000% 04/01/2030                                  | CUSIP: 378272BZ0<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | AU        |    330000 | PA      | $335246.91    | 0.27%             | 2030-04-01      | Fixed         | 5.19%                 | No            |                  2 | On Loan: No      |
| NAVIENT PRIVATE EDUCATION LOAN TRUST               | NAVIENT PRIVATE EDUCATION REFI LOAN TRUST 2019-F NAVSL 2019-FA A2               | CUSIP: 63935CAB7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    182680 | PA      | $175214.58    | 0.14%             | 2068-08-15      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| United States of America                           | US TREASURY N/B 3.875000% 07/15/2028                                            | CUSIP: 91282CNM9<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   5025000 | PA      | $5023429.69   | 4.07%             | 2028-07-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN FS4521                                                       | CUSIP: 3140XLAX6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    400561 | PA      | $394117.17    | 0.32%             | 2053-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC POOL FR SD7548                                                      | CUSIP: 3132DVL52<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    441822 | PA      | $369639.82    | 0.30%             | 2051-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS CAPITAL I                            | GOLDMAN SACHS CAPITAL I 6.345000% 02/15/2034                                    | CUSIP: 38143VAA7<br>LEI: 5299005MCIJK7R2NP351 | Long             | DBT              | CORP              | US        |    325000 | PA      | $340013.71    | 0.28%             | 2034-02-15      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| MERCURY GENERAL CORPORATION                        | MERCURY GENERAL CORP 4.400000% 03/15/2027                                       | CUSIP: 589400AB6<br>LEI: 5493001Q9EXPCEL4W527 | Long             | DBT              | CORP              | US        |    139000 | PA      | $137541.55    | 0.11%             | 2027-03-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE REMICS FNR 2012-121 TB                                               | CUSIP: 3136A9XP8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     11725 | PA      | $12444.10     | 0.01%             | 2042-11-25      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| United States of America                           | US TREASURY N/B 4.750000% 02/15/2045                                            | CUSIP: 912810UJ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1590000 | PA      | $1562920.31   | 1.27%             | 2045-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| SCENTRE GROUP TRUST 2                              | SCENTRE GROUP TRUST 2 144A 5.125000% 09/24/2080                                 | CUSIP: 76025LAB0<br>LEI: 549300VRF0U0JH8TBJ74 | Long             | DBT              | NUSS              | AU        |    190000 | PA      | $186827.46    | 0.15%             | 2080-09-24      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN CB8001                                                       | CUSIP: 3140QT3K3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    158020 | PA      | $161668.95    | 0.13%             | 2054-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| B.A.T CAPITAL CORPORATION                          | BAT CAPITAL CORP 5.834000% 02/20/2031                                           | CUSIP: 05526DBY0<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | GB        |    190000 | PA      | $198978.98    | 0.16%             | 2031-02-20      | Fixed         | 5.83%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN FS7502                                                       | CUSIP: 3140XPKQ1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    223462 | PA      | $226910.56    | 0.18%             | 2054-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GreenSaif Pipelines Bidco S.a rl                   | GREENSAIF PIPELINES BIDCO SARL 144A 6.102700% 08/23/2042                        | CUSIP: 39541EAE3<br>LEI: 549300YWDGUXPB8GRP47 | Long             | DBT              | NUSS              | SA        |    230000 | PA      | $233842.55    | 0.19%             | 2042-08-23      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| SMB PRIVATE EDUCATION LOAN TRUST                   | SMB PRIVATE EDUCATION LOAN TRUST 2021-C SMB 2021-C APT1                         | CUSIP: 83208AAA1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    102194 | PA      | $92858.95     | 0.08%             | 2053-01-15      | Fixed         | 1.39%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN FS8469                                                       | CUSIP: 3140XQMT1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    162415 | PA      | $162886.48    | 0.13%             | 2054-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SMB PRIVATE EDUCATION LOAN TRUST                   | SMB PRIVATE EDUCATION LOAN TRUST 2025-A SMB 2025-A A1A                          | CUSIP: 83207EAA4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    205662 | PA      | $206969.65    | 0.17%             | 2054-04-15      | Fixed         | 5.13%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN AB9953                                                       | CUSIP: 31417HBX1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    572955 | PA      | $531004.22    | 0.43%             | 2043-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2         | GINNIE MAE II POOL G2 785432                                                    | CUSIP: 3622AA4R2<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    576680 | PA      | $483980.33    | 0.39%             | 2051-04-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN CA7031                                                       | CUSIP: 3140QEY55<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    544012 | PA      | $456060.56    | 0.37%             | 2050-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| United States of America                           | US TREASURY N/B 4.250000% 01/15/2028                                            | CUSIP: 91282CMF5<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   3180000 | PA      | $3204595.33   | 2.60%             | 2028-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN MA3306                                                       | CUSIP: 31418CU85<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    230505 | PA      | $216873.59    | 0.18%             | 2048-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY BANK OF AMERICA MERRILL LYNCH TRUST | MORGAN STANLEY BANK OF AMERICA MERRILL LYNCH TRUST MSBAM 2015-C24 C             | CUSIP: 61765LAY6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    210000 | PA      | $205004.10    | 0.17%             | 2048-05-15      | Floating      | 4.30%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2         | GINNIE MAE II POOL G2 MA7192                                                    | CUSIP: 36179V7D6<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    414288 | PA      | $334751.03    | 0.27%             | 2051-02-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN CB4630                                                       | CUSIP: 3140QQEC5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    163009 | PA      | $164162.09    | 0.13%             | 2052-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC MULTIFAMILY STRUCTURED PASS THROUGH CE FHMS Q032 A                  | CUSIP: 3137HKQ23<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |     99002 | PA      | $99515.70     | 0.08%             | 2054-11-25      | Floating      | 4.95%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT COMPANY LLC                      | FORD MOTOR CREDIT CO LLC 6.050000% 03/05/2031                                   | CUSIP: 345397E25<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    120000 | PA      | $120331.07    | 0.10%             | 2031-03-05      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC POOL FR SD0225                                                      | CUSIP: 3132DMHA6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |     56005 | PA      | $49394.21     | 0.04%             | 2047-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| AON NORTH AMERICA, INC.                            | AON NORTH AMERICA INC 5.450000% 03/01/2034                                      | CUSIP: 03740MAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    295000 | PA      | $301757.51    | 0.24%             | 2034-03-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| GALAXY PIPELINE ASSETS BIDCO LIMITED               | GALAXY PIPELINE ASSETS BIDCO LTD 144A 1.750000% 09/30/2027                      | CUSIP: 36321PAA8<br>LEI: 549300L82YB0C6JQIC26 | Long             | DBT              | NUSS              | AE        |    299274 | PA      | $289132.95    | 0.23%             | 2027-09-30      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| MF1 LTD                                            | MF1 2025-FL17 LLC MF1 2025-FL17 A                                               | CUSIP: 55287HAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    255000 | PA      | $254647.59    | 0.21%             | 2040-02-18      | Floating      | 5.67%                 | Yes           |                  2 | On Loan: No      |
| SCF EQUIPMENT LEASING LLC                          | SCF EQUIPMENT TRUST 2016-1 LLC SCFET 2025-1A A2                                 | CUSIP: 78437DAB6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    105000 | PA      | $105011.24    | 0.09%             | 2030-07-22      | Fixed         | 4.82%                 | Yes           |                  2 | On Loan: No      |
| THE GOLDMAN SACHS GROUP, INC.                      | GOLDMAN SACHS GROUP INC/THE 5.536000% 01/28/2036                                | CUSIP: 38141GC44<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    350000 | PA      | $357828.76    | 0.29%             | 2036-01-28      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC POOL FR RA3053                                                      | CUSIP: 3133KJMA7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    396069 | PA      | $314842.21    | 0.26%             | 2050-07-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC POOL FR SD7552                                                      | CUSIP: 3132DVL94<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    802434 | PA      | $669196.43    | 0.54%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS LTD.                        | FIRST QUANTUM MINERALS LTD 144A 8.625000% 06/01/2031                            | CUSIP: 335934AU9<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | NUSS              | ZM        |    560000 | PA      | $583102.24    | 0.47%             | 2031-06-01      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| ORACLE CORPORATION                                 | ORACLE CORP 5.375000% 09/27/2054                                                | CUSIP: 68389XCU7<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    130000 | PA      | $117092.88    | 0.09%             | 2054-09-27      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL                                   | PARAMOUNT GLOBAL 5.900000% 10/15/2040                                           | CUSIP: 124857AF0<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |    240000 | PA      | $220028.54    | 0.18%             | 2040-10-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| AMGEN INC.                                         | AMGEN INC 5.650000% 03/02/2053                                                  | CUSIP: 031162DT4<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |     95000 | PA      | $91863.54     | 0.07%             | 2053-03-02      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AG NEW YORK BRANCH                   | DEUTSCHE BANK AG/NEW YORK NY 6.819000% 11/20/2029                               | CUSIP: 251526CU1<br>LEI: N/A                  | Long             | DBT              | NUSS              | DE        |    135000 | PA      | $143691.31    | 0.12%             | 2029-11-20      | Fixed         | 6.82%                 | No            |                  2 | On Loan: No      |
| ORACLE CORPORATION                                 | ORACLE CORP 3.800000% 11/15/2037                                                | CUSIP: 68389XBP9<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    540000 | PA      | $458150.28    | 0.37%             | 2037-11-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| United States of America                           | US 10YR ULTRA FUT SEP25 FINANCIAL COMMODITY FUTURE.                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       -53 | NC      | $-5993140.63  | -4.86%            |  |  |  | No            |                  1 | On Loan: No      |
| TIME WARNER CABLE, LLC                             | TIME WARNER CABLE LLC 5.875000% 11/15/2040                                      | CUSIP: 88732JAY4<br>LEI: 549300U5NFR7S6E3GM41 | Long             | DBT              | CORP              | US        |    380000 | PA      | $359470.65    | 0.29%             | 2040-11-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC POOL FR RA9060                                                      | CUSIP: 3133KRB52<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    300895 | PA      | $302007.03    | 0.24%             | 2053-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE FLEET FINANCING LLC                     | ENTERPRISE FLEET FINANCING 2023-3 LLC EFF 2023-3 A2                             | CUSIP: 29374LAB6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    211295 | PA      | $214187.64    | 0.17%             | 2030-03-20      | Fixed         | 6.40%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC POOL FR SD1093                                                      | CUSIP: 3132DNGA5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    350200 | PA      | $280147.15    | 0.23%             | 2052-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN MA2833                                                       | CUSIP: 31418CEF7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    605777 | PA      | $533208.11    | 0.43%             | 2046-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN BM5111                                                       | CUSIP: 3140J9VD0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    303171 | PA      | $293177.01    | 0.24%             | 2033-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| United States of America                           | US TREASURY N/B 3.750000% 04/15/2028                                            | CUSIP: 91282CMW8<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   1670000 | PA      | $1663737.50   | 1.35%             | 2028-04-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC.                                      | BROADCOM INC 4.900000% 07/15/2032                                               | CUSIP: 11135FCL3<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    230000 | PA      | $230709.14    | 0.19%             | 2032-07-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| BENCHMARK MORTGAGE TRUST                           | BENCHMARK 2022-B35 MORTGAGE TRUST BMARK 2022-B35 AS                             | CUSIP: 08163RBT2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    205000 | PA      | $189418.03    | 0.15%             | 2055-05-15      | Floating      | 4.44%                 | No            |                  2 | On Loan: No      |
| SOFI PROFESSIONAL LOAN PROGRAM                     | SOFI PROFESSIONAL LOAN PROGRAM 2018-C TRUST SOFI 2018-C A2FX                    | CUSIP: 78490DAB0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     79577 | PA      | $78676.71     | 0.06%             | 2048-01-25      | Fixed         | 3.59%                 | No            |                  2 | On Loan: No      |
| BA CREDIT CARD TRUST                               | BA CREDIT CARD TRUST BACCT 2023-A2 A2                                           | CUSIP: 05522RDH8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    275000 | PA      | $277272.08    | 0.22%             | 2028-11-15      | Fixed         | 4.98%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC POOL FR QY1454                                                      | CUSIP: 31426KTL0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    366293 | PA      | $356708.70    | 0.29%             | 2055-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNITED AIRLINES, INC.                              | UNITED AIRLINES INC 144A 4.375000% 04/15/2026                                   | CUSIP: 90932LAG2<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |    615000 | PA      | $611345.79    | 0.50%             | 2026-04-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| HORIZON MUTUAL HOLDINGS, INC.                      | HORIZON MUTUAL HOLDINGS INC 144A 6.200000% 11/15/2034                           | CUSIP: 43990FAA6<br>LEI: 254900R6BWV4LUXBN549 | Long             | DBT              | CORP              | US        |    365000 | PA      | $354578.61    | 0.29%             | 2034-11-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| TIME WARNER CABLE, LLC                             | TIME WARNER CABLE LLC 6.550000% 05/01/2037                                      | CUSIP: 88732JAJ7<br>LEI: 549300U5NFR7S6E3GM41 | Long             | DBT              | CORP              | US        |    470000 | PA      | $482901.59    | 0.39%             | 2037-05-01      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| SMB PRIVATE EDUCATION LOAN TRUST                   | SMB PRIVATE EDUCATION LOAN TRUST 2024-E SMB 2024-E A1A                          | CUSIP: 78450XAA6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    202511 | PA      | $203903.83    | 0.17%             | 2056-10-16      | Fixed         | 5.09%                 | Yes           |                  2 | On Loan: No      |
| Republica de Colombia                              | REPUBLIC OF COLOMBIA 7.750000% 11/07/2036                                       | CUSIP: 195325EP6<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    130000 | PA      | $129610.00    | 0.11%             | 2036-11-07      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| BX TRUST                                           | BX TRUST 2025-GW BX 2025-GW A                                                   | CUSIP: 12433GAA4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    190000 | PA      | $190592.53    | 0.15%             | 2042-07-15      | Floating      | 5.94%                 | Yes           |                  2 | On Loan: No      |
| VONTIER CORPORATION                                | VONTIER CORP 1.800000% 04/01/2026                                               | CUSIP: 928881AB7<br>LEI: 549300VVSQLG4P5K4639 | Long             | DBT              | CORP              | US        |    330000 | PA      | $323280.44    | 0.26%             | 2026-04-01      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| SABRA HEALTH CARE LIMITED PARTNERSHIP              | SABRA HEALTH CARE LP 3.900000% 10/15/2029                                       | CUSIP: 78572XAG6<br>LEI: 549300OVKLRFSIQG0H81 | Long             | DBT              | CORP              | US        |    245000 | PA      | $233053.23    | 0.19%             | 2029-10-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| PSEG POWER LLC                                     | PSEG POWER LLC 144A 5.750000% 05/15/2035                                        | CUSIP: 69362BBE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    295000 | PA      | $303818.74    | 0.25%             | 2035-05-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN CB0985                                                       | CUSIP: 3140QLCX2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    597589 | PA      | $498947.25    | 0.40%             | 2051-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC STRIPS FHS 271 30                                                   | CUSIP: 3128HXTR6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |     28046 | PA      | $25651.29     | 0.02%             | 2042-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| HCA INC.                                           | HCA INC 3.500000% 07/15/2051                                                    | CUSIP: 404119CB3<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    305000 | PA      | $200557.17    | 0.16%             | 2051-07-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital Designated Activity Company | AERCAP IRELAND CAPITAL DAC / AERCAP GLOBAL AVIATIO 4.950000% 09/10/2034         | CUSIP: 00774MBM6<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | NUSS              | IE        |    375000 | PA      | $365731.73    | 0.30%             | 2034-09-10      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN AL9468                                                       | CUSIP: 3138ERQW3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     83378 | PA      | $80663.95     | 0.07%             | 2031-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN FS2041                                                       | CUSIP: 3140XHHT7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    742305 | PA      | $583513.19    | 0.47%             | 2051-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| AT&T INC.                                          | AT&T INC 6.000000% 11/15/2034                                                   | CUSIP: 00206RGW6<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20131.11     | 0.02%             | 2034-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CSMC TRUST                                         | CSMC 2021-RPL3 TRUST CSMC 2021-RPL3 A1                                          | CUSIP: 12661GAA7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    330112 | PA      | $289859.19    | 0.24%             | 2060-01-25      | Floating      | 2.00%                 | Yes           |                  2 | On Loan: No      |
| SPRINT CAPITAL CORPORATION                         | SPRINT CAPITAL CORP 8.750000% 03/15/2032                                        | CUSIP: 852060AT9<br>LEI: 549300L17W0GQBR1PO80 | Long             | DBT              | CORP              | US        |    195000 | PA      | $235540.13    | 0.19%             | 2032-03-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital Designated Activity Company | AERCAP IRELAND CAPITAL DAC / AERCAP GLOBAL AVIATIO 3.000000% 10/29/2028         | CUSIP: 00774MAW5<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | NUSS              | IE        |    185000 | PA      | $176061.33    | 0.14%             | 2028-10-29      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                     | MORGAN STANLEY MTN 5.250000% 04/21/2034                                         | CUSIP: 61747YFE0<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    290000 | PA      | $294687.60    | 0.24%             | 2034-04-21      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| United States of America                           | US TREASURY N/B 4.250000% 05/15/2035                                            | CUSIP: 91282CNC1<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   2470000 | PA      | $2448387.50   | 1.99%             | 2035-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN CB2344                                                       | CUSIP: 3140QMTA2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    829449 | PA      | $668269.95    | 0.54%             | 2051-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL HOLDINGS, INC.              | NEXTERA ENERGY CAPITAL HOLDINGS INC 5.450000% 03/15/2035                        | CUSIP: 65339KDL1<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    490000 | PA      | $498517.36    | 0.40%             | 2035-03-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN MA4306                                                       | CUSIP: 31418DYC0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    726000 | PA      | $599626.83    | 0.49%             | 2051-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| United States of America                           | US TREASURY N/B 4.625000% 02/15/2055                                            | CUSIP: 912810UG1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    880000 | PA      | $843012.50    | 0.68%             | 2055-02-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| AT&T INC.                                          | AT&T INC 3.500000% 06/01/2041                                                   | CUSIP: 00206RJZ6<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    240000 | PA      | $187687.17    | 0.15%             | 2041-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| STELLANTIS FINANCE US INC.                         | STELLANTIS FINANCE US INC 144A 5.350000% 03/17/2028                             | CUSIP: 85855CAM2<br>LEI: 549300QZ0AI8Q7LNON33 | Long             | DBT              | CORP              | US        |    200000 | PA      | $201124.84    | 0.16%             | 2028-03-17      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN MA3384                                                       | CUSIP: 31418CXN9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    130625 | PA      | $122645.88    | 0.10%             | 2048-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BX COMMERCIAL MORTGAGE TRUST                       | BX COMMERCIAL MORTGAGE TRUST 2024-AIRC BX 2024-AIRC A                           | CUSIP: 12433CAA3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    252773 | PA      | $253620.87    | 0.21%             | 2039-08-15      | Floating      | 6.03%                 | Yes           |                  2 | On Loan: No      |
| SBL HOLDINGS, INC.                                 | SBL HOLDINGS INC 144A 7.200000% 10/30/2034                                      | CUSIP: 78397DAD0<br>LEI: 635400MJW3QDSBJRKQ59 | Long             | DBT              | CORP              | US        |     75000 | PA      | $73088.21     | 0.06%             | 2034-10-30      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| Eastern Energy Gas Holdings, LLC                   | EASTERN ENERGY GAS HOLDINGS LLC 5.800000% 01/15/2035                            | CUSIP: 27636AAB8<br>LEI: 549300BFOD6TDMVV4O24 | Long             | DBT              | CORP              | US        |    250000 | PA      | $259306.58    | 0.21%             | 2035-01-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| RCKT MORTGAGE TRUST                                | RCKT MORTGAGE TRUST 2025-CES1 RCKT 2025-CES1 A1A                                | CUSIP: 749427AA8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    182567 | PA      | $183161.40    | 0.15%             | 2045-01-25      | Fixed         | 5.65%                 | Yes           |                  2 | On Loan: No      |
| JACKSON FINANCIAL INC.                             | JACKSON FINANCIAL INC 3.125000% 11/23/2031                                      | CUSIP: 46817MAL1<br>LEI: 213800WXW2KG1N4CO374 | Long             | DBT              | CORP              | US        |    340000 | PA      | $301325.99    | 0.24%             | 2031-11-23      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN FS7252                                                       | CUSIP: 3140XPBW8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    609352 | PA      | $594250.11    | 0.48%             | 2053-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TIME WARNER CABLE, LLC                             | TIME WARNER CABLE LLC 7.300000% 07/01/2038                                      | CUSIP: 88732JAN8<br>LEI: 549300U5NFR7S6E3GM41 | Long             | DBT              | CORP              | US        |    115000 | PA      | $124010.34    | 0.10%             | 2038-07-01      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| SCHOLAR FUNDING TRUST                              | SCHOLAR FUNDING TRUST 2011-A SCHOL 2011-A A                                     | CUSIP: 80705TAA4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    232214 | PA      | $230341.60    | 0.19%             | 2043-10-28      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| COMM MORTGAGE TRUST                                | COMM 2014-UBS3 MORTGAGE TRUST COMM 2014-UBS3 AM                                 | CUSIP: 12591YBD6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     38800 | PA      | $37054.25     | 0.03%             | 2047-06-10      | Fixed         | 4.01%                 | No            |                  2 | On Loan: No      |
| Rakuten Group, Inc.                                | RAKUTEN GROUP INC 144A 9.750000% 04/15/2029                                     | CUSIP: 75102WAK4<br>LEI: 529900IMXUCQKUL1H943 | Long             | DBT              | NUSS              | JP        |    445000 | PA      | $487238.18    | 0.40%             | 2029-04-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Citibank National Association                      | CITIBANK NA 5.570000% 04/30/2034                                                | CUSIP: 17325FBG2<br>LEI: E57ODZWZ7FF32TWEFA76 | Long             | DBT              | CORP              | US        |    170000 | PA      | $176746.85    | 0.14%             | 2034-04-30      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| BANK                                               | BANK 2022-BNK40 BANK 2022-BNK40 A4                                              | CUSIP: 06541LBG0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    115000 | PA      | $105137.23    | 0.09%             | 2064-03-15      | Floating      | 3.39%                 | No            |                  2 | On Loan: No      |
| FOUNDRY JV HOLDCO LLC                              | FOUNDRY JV HOLDCO LLC 144A 6.100000% 01/25/2036                                 | CUSIP: 350930AH6<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |    400000 | PA      | $408779.53    | 0.33%             | 2036-01-25      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| HESS CORPORATION                                   | HESS CORP 6.000000% 01/15/2040                                                  | CUSIP: 42809HAC1<br>LEI: UASVRYNXNK17ULIGK870 | Long             | DBT              | CORP              | US        |    485000 | PA      | $519052.56    | 0.42%             | 2040-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BIOCON BIOLOGICS GLOBAL PLC                        | BIOCON BIOLOGICS GLOBAL PLC 144A 6.670000% 10/09/2029                           | CUSIP: 090978AA5<br>LEI: 254900PMQN51VACG2D55 | Long             | DBT              | NUSS              | IN        |    240000 | PA      | $225974.33    | 0.18%             | 2029-10-09      | Fixed         | 6.67%                 | No            |                  2 | On Loan: No      |
| MILL CITY MORTGAGE LOAN TRUST                      | MILL CITY MORTGAGE LOAN TRUST 2021-NMR1 MCMLT 2021-NMR1 A1                      | CUSIP: 59982HAC4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    212222 | PA      | $202336.68    | 0.16%             | 2060-11-25      | Floating      | 1.12%                 | Yes           |                  2 | On Loan: No      |
| ORACLE CORPORATION                                 | ORACLE CORP 3.600000% 04/01/2040                                                | CUSIP: 68389XBW4<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    110000 | PA      | $86819.66     | 0.07%             | 2040-04-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN AL6344                                                       | CUSIP: 3138EPBN3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |      6095 | PA      | $6096.86      | 0.00%             | 2031-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN CB4613                                                       | CUSIP: 3140QQDT9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    103465 | PA      | $98292.68     | 0.08%             | 2052-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NISOURCE INC.                                      | NISOURCE INC 5.350000% 04/01/2034                                               | CUSIP: 65473PAQ8<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |    245000 | PA      | $248797.67    | 0.20%             | 2034-04-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| B.A.T CAPITAL CORPORATION                          | BAT CAPITAL CORP 5.350000% 08/15/2032                                           | CUSIP: 05526DCB9<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | GB        |    260000 | PA      | $265351.30    | 0.22%             | 2032-08-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN CB6484                                                       | CUSIP: 3140QSF22<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    458266 | PA      | $457834.83    | 0.37%             | 2053-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN BM5227                                                       | CUSIP: 3140J9YZ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     89438 | PA      | $90067.71     | 0.07%             | 2039-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| WarnerMedia Holdings, Inc.                         | WARNERMEDIA HOLDINGS INC 5.141000% 03/15/2052                                   | CUSIP: 55903VBU6<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |     58000 | PA      | $35822.54     | 0.03%             | 2052-03-15      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL                                   | PARAMOUNT GLOBAL 6.375000% 03/30/2062                                           | CUSIP: 92556HAE7<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |    470000 | PA      | $462948.90    | 0.38%             | 2062-03-30      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| RCKT MORTGAGE TRUST                                | RCKT MORTGAGE TRUST 2025-CES2 RCKT 2025-CES2 A1A                                | CUSIP: 74942BAA9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    185973 | PA      | $186188.23    | 0.15%             | 2055-02-25      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| ANHEUSER-BUSCH COMPANIES, LLC                      | ANHEUSER-BUSCH COS LLC / ANHEUSER-BUSCH INBEV WORL 4.900000% 02/01/2046         | CUSIP: 03522AAJ9<br>LEI: 5493002J2SVENP0PVK27 | Long             | DBT              | CORP              | BE        |    107000 | PA      | $97825.18     | 0.08%             | 2046-02-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORPORATION                        | BANK OF AMERICA CORP 5.468000% 01/23/2035                                       | CUSIP: 06051GMA4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    440000 | PA      | $451554.11    | 0.37%             | 2035-01-23      | Fixed         | 5.47%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC POOL FR SL0620                                                      | CUSIP: 31427MVN8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    781310 | PA      | $783583.80    | 0.64%             | 2055-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Virginia Electric and Power Company                | VIRGINIA ELECTRIC AND POWER CO 5.000000% 01/15/2034                             | CUSIP: 927804GP3<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |    300000 | PA      | $298195.25    | 0.24%             | 2034-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CIVITAS RESOURCES, INC.                            | CIVITAS RESOURCES INC 144A 8.375000% 07/01/2028                                 | CUSIP: 17888HAA1<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |    239000 | PA      | $245769.89    | 0.20%             | 2028-07-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN CA5968                                                       | CUSIP: 3140QDT20<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    289293 | PA      | $240835.34    | 0.20%             | 2050-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| META PLATFORMS, INC.                               | META PLATFORMS INC 4.450000% 08/15/2052                                         | CUSIP: 30303M8J4<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |     90000 | PA      | $75675.42     | 0.06%             | 2052-08-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC.                                      | BROADCOM INC 4.800000% 10/15/2034                                               | CUSIP: 11135FCD1<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    150000 | PA      | $147186.52    | 0.12%             | 2034-10-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2         | GINNIE MAE II POOL G2 MA9016                                                    | CUSIP: 36179YAR5<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    256214 | PA      | $250683.35    | 0.20%             | 2053-07-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ENTERGY LOUISIANA, LLC                             | ENTERGY LOUISIANA LLC 5.800000% 03/15/2055                                      | CUSIP: 29364WBQ0<br>LEI: 0V5453U14HDZO63CGH17 | Long             | DBT              | CORP              | US        |    165000 | PA      | $164564.75    | 0.13%             | 2055-03-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN FS1557                                                       | CUSIP: 3140XGWT2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    847048 | PA      | $771821.06    | 0.63%             | 2052-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY ARIZ INDL DEV AUTH ED REV            | MARICOPA CNTY AZ INDL DEV AUTH MARICOPA COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY | CUSIP: 56681NJD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $201224.52    | 0.16%             | 2029-10-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST       | AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST AMXCA 2024-3 A                     | CUSIP: 02589BAE0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    265000 | PA      | $267044.32    | 0.22%             | 2029-07-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| IHS Holding Limited                                | IHS HOLDING LTD 144A 5.625000% 11/29/2026                                       | CUSIP: 44963HAA3<br>LEI: 213800CLGMKL63VKTD94 | Long             | DBT              | NUSS              | NG        |    250000 | PA      | $246796.18    | 0.20%             | 2026-11-29      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| ARI FLEET LEASE TRUST                              | ARI FLEET LEASE TRUST 2024-A ARIFL 2024-A A2                                    | CUSIP: 00218KAB9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     62216 | PA      | $62458.52     | 0.05%             | 2032-11-15      | Fixed         | 5.30%                 | Yes           |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC                           | CELANESE US HOLDINGS LLC 7.050000% 11/15/2030                                   | CUSIP: 15089QAX2<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |    175000 | PA      | $182249.35    | 0.15%             | 2030-11-15      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| PG&E CORPORATION                                   | PG&E CORP 7.375000% 03/15/2055                                                  | CUSIP: 69331CAM0<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |    230000 | PA      | $221945.96    | 0.18%             | 2055-03-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| HIN TIMESHARE TRUST                                | HIN TIMESHARE TRUST 2020-A HINTT 2020-A A                                       | CUSIP: 40439HAA7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    198028 | PA      | $189354.69    | 0.15%             | 2039-10-09      | Fixed         | 1.39%                 | Yes           |                  2 | On Loan: No      |
| Dominion Energy, Inc.                              | DOMINION ENERGY INC 6.625000% 05/15/2055                                        | CUSIP: 25746UDV8<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |    195000 | PA      | $199812.21    | 0.16%             | 2055-05-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| INTEL CORPORATION                                  | INTEL CORP 3.050000% 08/12/2051                                                 | CUSIP: 458140BW9<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |    360000 | PA      | $208118.54    | 0.17%             | 2051-08-12      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINANCIAL COMPANY, INC.             | GENERAL MOTORS FINANCIAL CO INC 5.950000% 04/04/2034                            | CUSIP: 37045XEV4<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    310000 | PA      | $315081.37    | 0.26%             | 2034-04-04      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE INTEREST STRIP FNS 411 A3                                            | CUSIP: 31395QCY4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    292799 | PA      | $264398.44    | 0.21%             | 2042-08-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN FS2067                                                       | CUSIP: 3140XHJM0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    649804 | PA      | $631032.54    | 0.51%             | 2052-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC GOLD POOL FG G61605                                                 | CUSIP: 31335BYA8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |     49803 | PA      | $46818.55     | 0.04%             | 2048-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BROWN & BROWN, INC.                                | BROWN & BROWN INC 5.550000% 06/23/2035                                          | CUSIP: 115236AM3<br>LEI: 549300PC8KTJ71XKFY89 | Long             | DBT              | CORP              | US        |    270000 | PA      | $272940.79    | 0.22%             | 2035-06-23      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-31

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

**Signature:** Andrew Metzger

**Name of Signer:** Andrew Metzger

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