# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0001752724-23-074387
**Filing Date:** 2023-3
**Character Count:** 250465
**Document Hash:** 3a5b37471331bdf8c8add60c12c38c59
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-074387.hdr.sgml**: 20230330

**ACCESSION NUMBER**: 0001752724-23-074387

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230330

**DATE AS OF CHANGE**: 20230330

**PERIOD START**: 20231031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Advisors' Inner Circle Fund III
- **CENTRAL INDEX KEY:** 0001593547
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22920
- **FILM NUMBER:** 23780513

**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** |
|  | **JANUARY 31, 2023** *(Unaudited)* |

| | | |
|:---|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;**SCHEDULE OF INVESTMENTS** |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;**MORTGAGE-BACKED SECURITIES — 36.7%** |  |  |
|  | Face Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **AGENCY MORTGAGE-BACKED OBLIGATIONS — 29.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 06/01/41 | $3224 | $3390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/01/53 | 1650076 | 1657178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 05/01/48 to 07/01/52 | 788016 | 795220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 08/01/44 to 09/01/48 | 103687 | 102022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 08/01/30 to 11/01/48 | 3126253 | 2995642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 01/01/47 to 12/01/47 | 2260526 | 2095145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 10/01/31 to 11/01/51 | 3528278 | 3137965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 07/01/50 to 05/01/52 | 7606205 | 6443583 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC Multiclass Certificates, Ser 2021-P009, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.878%, 01/25/31 | 295000 | 251611 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC Multifamily Structured Pass-Through Certificates, Ser KLU1, Cl A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.854%, 01/25/31 | 260000 | 240528 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC Multifamily Structured Pass-Through Certificates, Ser X3FX, Cl A2FX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 06/25/27 | 910000 | 870559 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC, Ser 2006-R006, Cl ZA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 04/15/36 | 6899 | 7280 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC, Ser 2010-3632, Cl PK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/15/40 | 18956 | 18996 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC, Ser 2012-271, Cl 30 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 08/15/42 | 36678 | 34234 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC, Ser 2015-4479, Cl HA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 05/15/39 (A) | 14919 | 14769 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC, Ser 2017-356 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 09/15/47 | 151524 | 141170 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 09/01/39 | 653 | 690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 04/01/36 to 07/01/40 | 133464 | 136029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/01/31 to 12/01/52 | 871604 | 894669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 04/01/35 to 06/01/52 | 896943 | 905391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 06/01/42 to 05/01/52 | 4850858 | 4767799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 07/01/30 to 04/01/52 | 4274648 | 4098093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.040%, 01/01/28 | 165000 | 157794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 12/01/31 to 12/01/51 | 10886033 | 10170015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 06/01/50 to 04/01/52 | 9954488 | 8866557 |

---

**1** 

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **METLIFE CORE PLUS FUND** |
|  | **JANUARY 31, 2023** *(Unaudited)* |

---

------

---

| | | |
|:---|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;**MORTGAGE-BACKED SECURITIES — continued** |  |  |
|  | Face Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **AGENCY MORTGAGE-BACKED OBLIGATIONS — continued** | **AGENCY MORTGAGE-BACKED OBLIGATIONS — continued** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 05/01/36 to 12/01/51 | $17314576 | $14768107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.850%, 09/01/35 | 277166 | 238656 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA, Ser 2001-T4, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 07/25/41 | 1372 | 1376 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA, Ser 2005-24, Cl ZE |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 04/25/35 | 3605 | 3637 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA, Ser 2012-121, Cl TB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 11/25/42 | 18813 | 20433 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA, Ser 2012-411, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 08/25/42 | 411672 | 377371 |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 07/20/43 to 09/20/43 | 3765 | 3955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.690%, 06/20/62 (B) | 360 | 353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.537%, 01/20/67 (B) | 48637 | 48634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 03/15/42 | 44217 | 44832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 04/20/45 to 04/20/50 | 975507 | 903572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 04/20/51 to 11/20/51 | 1883362 | 1671818 |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA TBA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 02/15/45 | 1059000 | 1028057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/19/45 | 889000 | 840503 |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA, Ser 2010-H14, Cl BI, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.401%, 07/20/60 (B) (C) | 1554 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA, Ser 2017-H16, Cl PT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.767%, 05/20/66 (B) | 172 | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp; UMBS TBA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/15/53 | 568000 | 570086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 02/15/53 | 4264346 | 4211042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 02/15/53 | 1172997 | 1132675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/15/53 | 1040000 | 975262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 02/15/38 to 02/15/53 | 4764253 | 4277052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 02/15/38 | 1504000 | 1366701 |
|  |  | 81290766 |
|  **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 7.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1345 Avenue of the Americas & Park Avenue Plaza Trust, Ser 2005-1, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.278%, 08/10/35 (D) | 331081 | 320321 |

---

**2** 

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **METLIFE CORE PLUS FUND** |
|  | **JANUARY 31, 2023** *(Unaudited)* |

---

------

---

| | | |
|:---|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;**MORTGAGE-BACKED SECURITIES — continued** |  |  |
|  | Face Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alen Mortgage Trust, Ser 2021-ACEN, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.609%, ICE LIBOR USD 1 Month + 1.150%, 04/15/34 (B) (D) | $585000 | $541195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arbor Multifamily Mortgage Securities Trust, Ser 2021- MF2, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.560%, 06/15/54 (B) (D) | 360000 | 270716 |
| &nbsp;&nbsp;&nbsp;&nbsp; BANK, Ser 2022-BNK40, Cl A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.394%, 03/15/64 (B) | 340000 | 309887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayview Commercial Asset Trust, Ser 2004-3, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.061%, ICE LIBOR USD 1 Month + 0.555%, 01/25/35 (B) (D) | 44654 | 44544 |
| &nbsp;&nbsp;&nbsp;&nbsp; BBCMS Mortgage Trust, Ser 2020-C6, Cl AS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.840%, 02/15/53 | 340000 | 291127 |
| &nbsp;&nbsp;&nbsp;&nbsp; BBCMS Trust, Ser 2015-SRCH, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.312%, 08/10/35 (D) | 555876 | 527375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust, Ser 2021-B31, Cl A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.669%, 12/15/54 | 635000 | 543641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust, Ser 2022-B33, Cl A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.458%, 03/15/55 | 525000 | 479814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust, Ser 2022-B35, Cl AS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.445%, 05/15/55 (B) | 445000 | 416505 |
| &nbsp;&nbsp;&nbsp;&nbsp; BMO Mortgage Trust, Ser 2022-C3, Cl AS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.326%, 09/15/54 (B) | 410000 | 414775 |
| &nbsp;&nbsp;&nbsp;&nbsp; BPR Trust, Ser 2022-OANA, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.376%, TSFR1M + 1.898%, 04/15/37 (B) (D) | 630000 | 620535 |
| &nbsp;&nbsp;&nbsp;&nbsp; BWAY Mortgage Trust, Ser 2015-1740, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.917%, 01/10/35 (D) | 750000 | 670202 |
| &nbsp;&nbsp;&nbsp;&nbsp; BX Mortgage Trust, Ser 2022-MVRK, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.399%, TSFR1M + 1.916%, 03/15/39 (B) (D) | 950000 | 928310 |
| &nbsp;&nbsp;&nbsp;&nbsp; BX Trust, Ser 2022-PSB, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.929%, TSFR1M + 2.451%, 08/15/39 (B) (D) | 98856 | 99011 |
| &nbsp;&nbsp;&nbsp;&nbsp; CG-CCRE Commercial Mortgage Trust, Ser 2014-FL2, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.313%, ICE LIBOR USD 1 Month + 1.854%, 11/15/31 (B) (D) | 17985 | 17520 |

---

**3** 

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **METLIFE CORE PLUS FUND** |
|  | **JANUARY 31, 2023** *(Unaudited)* |

---

------

---

| | | |
|:---|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;**MORTGAGE-BACKED SECURITIES — continued** |  |  |
|  | Face Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — continued** | **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — continued** | **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; CIM Trust, Ser 2021-R6, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.425%, 07/25/61 (B) (D) | $815389 | $728822 |
| &nbsp;&nbsp;&nbsp;&nbsp; CIM Trust, Ser 2022-R2, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 12/25/61 (B) (D) | 482811 | 460509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust, Ser 2015-GC31, Cl AAB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.431%, 06/10/48 | 348470 | 340711 |
| &nbsp;&nbsp;&nbsp;&nbsp; COMM Mortgage Trust, Ser 2015-CR26, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.467%, 10/10/48 (B) | 715000 | 654879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage Trust, Ser 2022-LPFL, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.374%, TSFR1M + 1.896%, 03/15/39 (B) (D) | 195000 | 189145 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSAIL Commercial Mortgage Trust, Ser 2015-C3, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.447%, 08/15/48 | 109031 | 105003 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSAIL Commercial Mortgage Trust, Ser 2015-C3, Cl ASB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.448%, 08/15/48 | 282811 | 276292 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSAIL Commercial Mortgage Trust, Ser 2016-C7, Cl ASB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.314%, 11/15/49 | 394701 | 382832 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSMC Trust, Ser 2016-NXSR, Cl A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.795%, 12/15/49 (B) | 430000 | 411650 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSMC Trust, Ser 2021-RPL3, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 01/25/60 (B) (D) | 733232 | 643532 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSMC, Ser 2014-USA, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.953%, 09/15/37 (D) | 610000 | 556722 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSMC, Ser 2021-NQM8, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.841%, 10/25/66 (B) (D) | 807500 | 707008 |
| &nbsp;&nbsp;&nbsp;&nbsp; DBCCRE Mortgage Trust, Ser 2014-ARCP, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.238%, 01/10/34 (D) | 300000 | 290211 |
| &nbsp;&nbsp;&nbsp;&nbsp; DBCCRE Mortgage Trust, Ser 2014-ARCP, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.935%, 01/10/34 (B) (D) | 450000 | 427141 |
| &nbsp;&nbsp;&nbsp;&nbsp; EQUS Mortgage Trust, Ser 2021-EQAZ, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.559%, ICE LIBOR USD 1 Month + 1.100%, 10/15/38 (B) (D) | 454991 | 441321 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC Whole Loan Securities Trust, Ser 2016-SC01, Cl 2A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 07/25/46 | 31488 | 29954 |

---

**4** 

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **METLIFE CORE PLUS FUND** |
|  | **JANUARY 31, 2023** *(Unaudited)* |

---

------

---

| | | |
|:---|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;**MORTGAGE-BACKED SECURITIES — continued** |  |  |
|  | Face Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — continued** | **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — continued** | **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; Finance of America Structured Securities Trust, Ser 2021-S2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 09/25/51 | $941621 | $874810 |
| &nbsp;&nbsp;&nbsp;&nbsp; FREMF Mortgage Trust, Ser 2013-K31, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.623%, 07/25/46 (B) (D) | 25000 | 24752 |
| &nbsp;&nbsp;&nbsp;&nbsp; FWD Securitization Trust, Ser 2019-INV1, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.810%, 06/25/49 (B) (D) | 45441 | 42353 |
| &nbsp;&nbsp;&nbsp;&nbsp; GPMT, Ser 2021-FL3, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.720%, ICE LIBOR USD 1 Month + 1.250%, 07/16/35 (B) (D) | 295168 | 291474 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMBB Commercial Mortgage Securities Trust, Ser 2013-C15, Cl AS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.420%, 11/15/45 | 535000 | 526683 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMBB Commercial Mortgage Securities Trust, Ser 2014-C21, Cl AS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.997%, 08/15/47 | 825000 | 796884 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMBB Commercial Mortgage Securities Trust, Ser 2014-C25, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.347%, 11/15/47 (B) | 330000 | 307064 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2018-BCON, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.756%, 01/05/31 (B) (D) | 145000 | 144697 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Mortgage Trust, Ser 2021-INV2, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 12/25/51 (B) (D) | 1088218 | 908450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mill City Mortgage Loan Trust, Ser 2021-NMR1, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 11/25/60 (B) (D) | 427828 | 397726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2015-C24, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.328%, 05/15/48 (B) | 210000 | 192559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Capital I Trust, Ser 2022-L8, Cl AS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.795%, 04/15/55 (B) | 405000 | 357212 |
| &nbsp;&nbsp;&nbsp;&nbsp; MSCG Trust, Ser 2015-ALDR, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.462%, 06/07/35 (B) (D) | 380000 | 349085 |
| &nbsp;&nbsp;&nbsp;&nbsp; OBX Trust, Ser 2020-EXP3, Cl 2A1A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.406%, ICE LIBOR USD 1 Month + 0.900%, 01/25/60 (B) (D) | 5774 | 5759 |

---

**5** 

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **METLIFE CORE PLUS FUND** |
|  | **JANUARY 31, 2023** *(Unaudited)* |

---

------

---

| | | |
|:---|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;**MORTGAGE-BACKED SECURITIES — continued** |  |  |
|  | Face Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — continued** | **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — continued** | **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sequoia Mortgage Trust, Ser 2018-CH4, Cl B1B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.986%, 10/25/48 (B) (D) | $693811 | $668152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Towd Point Mortgage Trust, Ser 2018-2, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 03/25/58 (B) (D) | 27121 | 26135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Towd Point Mortgage Trust, Ser 2019-4, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 10/25/59 (B) (D) | 87988 | 82012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Towd Point Mortgage Trust, Ser 2020-3, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.088%, 02/25/63 (B) (D) | 99556 | 94279 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Commercial Mortgage Trust, Ser 2017-C4, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.301%, 10/15/50 | 273308 | 256355 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Commercial Mortgage Trust, Ser 2017-C7, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.418%, 12/15/50 | 269280 | 252706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, Ser 2022-C62, Cl A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 04/15/55 (B) | 575000 | 541404 |
| &nbsp;&nbsp;&nbsp;&nbsp; WFRBS Commercial Mortgage Trust, Ser 2013-C12, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.371%, 03/15/48 (B) | 50000 | 49654 |
| &nbsp;&nbsp;&nbsp;&nbsp; WFRBS Commercial Mortgage Trust, Ser 2014-C22, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.371%, 09/15/57 (B) | 425000 | 399551 |
|  |  | 20730966 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MORTGAGE-BACKED SECURITIES<br>(Cost $108,687,977) |  | 102021732 |
|  &nbsp;&nbsp;&nbsp;&nbsp;**CORPORATE OBLIGATIONS — 29.3%** |  |  |
|  **COMMUNICATION SERVICES — 3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AT&T |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 11/15/34 | 20000 | 21215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 09/15/55 | 995000 | 728024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 06/01/41 | 505000 | 405424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.700%, 03/25/26 | 820000 | 752610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cox Communications |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 02/01/35 (D) | 710000 | 657040 |

---

**6** 

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **METLIFE CORE PLUS FUND** |
|  | **JANUARY 31, 2023** *(Unaudited)* |

---

------

---

| | | |
|:---|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;**CORPORATE OBLIGATIONS — continued** |  |  |
|  | Face Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **COMMUNICATION SERVICES — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paramount Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 3.999%, 03/30/62 (B) | $880000 | $767774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250%, ICE LIBOR USD 3 Month + 3.899%, 02/28/57 (B) | 225000 | 194906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.900%, 10/15/40 | 455000 | 422150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sprint |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 09/15/23 | 515000 | 522660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sprint Spectrum |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.152%, 03/20/28 (D) | 1710000 | 1707031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Time Warner Cable |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 11/15/40 | 790000 | 739966 |
| &nbsp;&nbsp;&nbsp;&nbsp; T-Mobile USA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 04/15/50 | 590000 | 521042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 03/16/37 | 760000 | 781064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.016%, 12/03/29 | 251000 | 240651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 03/22/51 | 255000 | 197743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warnermedia Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.141%, 03/15/52 (D) | 1815000 | 1507467 |
|  |  | 10166767 |
|  **CONSUMER DISCRETIONARY — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lowe's |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 04/15/53 | 370000 | 381865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Resorts World Las Vegas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 04/06/31 (D) | 670000 | 517865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volkswagen Group of America Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 11/24/25 (D) | 905000 | 818070 |
|  |  | 1717800 |
|  **CONSUMER STAPLES — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Altria Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.200%, 02/06/39 | 40000 | 55006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 02/01/46 | 845000 | 824789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anheuser-Busch InBev Worldwide |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 01/23/39 | 585000 | 612592 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAT Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.390%, 08/15/37 | 670000 | 550396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.557%, 08/15/27 | 370000 | 345262 |

---

**7** 

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **METLIFE CORE PLUS FUND** |
|  | **JANUARY 31, 2023** *(Unaudited)* |

---

------

---

| | | |
|:---|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;**CORPORATE OBLIGATIONS — continued** |  |  |
|  | Face Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **CONSUMER STAPLES — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Brands |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 11/15/25 | $265000 | $262647 |
| &nbsp;&nbsp;&nbsp;&nbsp; JBS USA LUX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 12/01/52 (D) | 575000 | 587357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reynolds American |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.125%, 05/01/40 | 45000 | 51439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 06/15/37 | 220000 | 238627 |
|  |  | 3528115 |
|  **ENERGY — 4.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cheniere Corpus Christi Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 11/15/29 | 883000 | 829225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Continental Resources |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.268%, 11/15/26 (D) | 1135000 | 1008822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Devon Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 09/30/31 | 195000 | 228538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 07/15/41 | 405000 | 401364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamondback Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 03/15/33 | 915000 | 973799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Transfer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 04/15/29 | 1110000 | 1120382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enterprise Products Operating |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 01/31/33 | 585000 | 608038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Galaxy Pipeline Assets Bidco |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 09/30/27 (D) | 604933 | 561023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hess |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 01/15/40 | 740000 | 772454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hilcorp Energy I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 04/15/32 (D) | 1127000 | 1040269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinder Morgan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 06/01/33 | 560000 | 558031 |
| &nbsp;&nbsp;&nbsp;&nbsp; MPLX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 03/14/52 | 805000 | 713464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 02/15/29 | 280000 | 277494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sabine Pass Liquefaction |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 03/15/27 | 955000 | 956764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saudi Arabian Oil |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 11/24/25 (D) | 590000 | 543779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tennessee Gas Pipeline |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 06/15/32 | 135000 | 157345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 03/01/30 (D) | 690000 | 601500 |

---

**8** 

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **METLIFE CORE PLUS FUND** |
|  | **JANUARY 31, 2023** *(Unaudited)* |

---

------

---

| | | |
|:---|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;**CORPORATE OBLIGATIONS — continued** |  |  |
|  | Face Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **ENERGY — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tullow Oil |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.250%, 05/15/26 (D) | $510000 | $439875 |
|  |  | 11792166 |
|  **FINANCIALS — 10.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Athene Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 11/12/26 (D) | 600000 | 546715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Athene Holding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 01/12/28 | 875000 | 833818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Santander |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.722%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 0.900%, 09/14/27 (B) | 400000 | 351261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.571%, U.S. SOFR + 1.830%, 04/27/33 (B) | 1320000 | 1275476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.366%, ICE LIBOR USD 3 Month + 0.810%, 01/23/26 (B) | 840000 | 811121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.572%, U.S. SOFR + 1.210%, 10/20/32 (B) | 845000 | 698686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Nova Scotia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.900%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 4.551%, (B) (E) | 870000 | 844909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 01/12/26 | 830000 | 813245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackstone Secured Lending Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 01/15/26 | 590000 | 550168 |
| &nbsp;&nbsp;&nbsp;&nbsp; BPCE MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.975%, U.S. SOFR + 2.100%, 01/18/27 (B) (D) | 950000 | 962049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cantor Fitzgerald |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 04/14/27 (D) | 775000 | 728403 |
| &nbsp;&nbsp;&nbsp;&nbsp; CI Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 06/15/51 | 600000 | 378908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 12/17/30 | 895000 | 699839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.125%, 07/15/39 | 415000 | 549759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.610%, U.S. SOFR + 1.546%, 09/29/26 (B) | 480000 | 487706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.561%, U.S. SOFR + 1.167%, 05/01/32 (B) | 820000 | 682879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Capital III |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.625%, 12/01/36 | 15000 | 16606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cooperatieve Rabobank UA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.758%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 1.420%, 04/06/33 (B) (D) | 625000 | 559932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danske Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.466%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 2.100%, 01/09/26 (B) (D) | 670000 | 680263 |

---

**9** 

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **METLIFE CORE PLUS FUND** |
|  | **JANUARY 31, 2023** *(Unaudited)* |

---

------

---

| | | |
|:---|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;**CORPORATE OBLIGATIONS — continued** |  |  |
|  | Face Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **FINANCIALS — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; F&G Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 06/30/26 (D) | $475000 | $429448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Farmers Exchange Capital III |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.454%, ICE LIBOR USD 3 Month + 3.454%, 10/15/54 (B) (D) | 615000 | 580047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Finance of America Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 11/15/25 (D) | 1245000 | 765023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.272%, ICE LIBOR USD 3 Month + 1.201%, 09/29/25 (B) | 700000 | 678300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.102%, U.S. SOFR + 1.410%, 02/24/33 (B) | 915000 | 784120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intesa Sanpaolo |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.198%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 2.600%, 06/01/32 (B) (D) | 650000 | 517178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jackson Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 11/23/31 | 800000 | 652402 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.045%, U.S. SOFR + 0.800%, 11/19/26 (B) | 760000 | 680244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Mutual Life Insurance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 04/15/50 (D) | 700000 | 535888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercury General |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 03/15/27 | 819000 | 784199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Midcap Financial Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 01/15/30 (D) | 775000 | 625813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.063%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 1.550%, 09/12/25 (B) | 940000 | 938851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.948%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 2.430%, 01/19/38 (B) | 355000 | 362783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.593%, U.S. SOFR + 0.879%, 05/04/27 (B) | 525000 | 471455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.511%, U.S. SOFR + 1.200%, 10/20/32 (B) | 795000 | 656556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mutual of Omaha Insurance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.297%, ICE LIBOR USD 3 Month + 2.640%, 07/15/54 (B) (D) | 73000 | 70030 |
| &nbsp;&nbsp;&nbsp;&nbsp; NatWest Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.472%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 2.850%, 11/10/26 (B) | 735000 | 777502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.642%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 0.900%, 06/14/27 (B) | 475000 | 422223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio National Financial Services |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 01/24/30 (D) | 590000 | 561348 |

---

**10** 

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **METLIFE CORE PLUS FUND** |
|  | **JANUARY 31, 2023** *(Unaudited)* |

---

------

---

| | | |
|:---|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;**CORPORATE OBLIGATIONS — continued** |  |  |
|  | Face Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **FINANCIALS — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Principal Life Global Funding II |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 11/21/24 (D) | $990000 | $942203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prospect Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.706%, 01/22/26 | 290000 | 264230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Societe Generale |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 03/01/41 (D) | 435000 | 308031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Societe Generale MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.367%, 01/10/53 (D) | 400000 | 433765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 01/22/25 (D) | 720000 | 683403 |
| &nbsp;&nbsp;&nbsp;&nbsp; SVB Financial Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.700%, US Treas Yield Curve Rate T Note Const Mat 10 Yr + 3.064%, (B) (E) | 885000 | 677025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.456%, 06/08/32 | 705000 | 691992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Validus Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.875%, 01/26/40 | 115000 | 146903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.292%, ICE LIBOR USD 3 Month + 0.500%, 01/15/27 (B) | 735000 | 694595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.196%, ICE LIBOR USD 3 Month + 1.170%, 06/17/27 (B) | 720000 | 681472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westpac Banking |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.668%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 1.750%, 11/15/35 (B) | 580000 | 455572 |
|  |  | 29744344 |
|  **HEALTH CARE — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 11/21/49 | 315000 | 281976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advocate Health & Hospitals |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.211%, 06/15/30 | 395000 | 333994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amgen |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 06/01/37 | 535000 | 591169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayer US Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 10/08/24 (D) | 30000 | 29195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayer US Finance II |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 07/15/64 (D) | 765000 | 646431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bon Secours Mercy Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.464%, 06/01/30 | 220000 | 203118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.095%, 06/01/31 | 440000 | 353752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cigna |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 08/15/38 | 379000 | 371051 |

---

**11** 

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **METLIFE CORE PLUS FUND** |
|  | **JANUARY 31, 2023** *(Unaudited)* |

---

------

---

| | | |
|:---|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;**CORPORATE OBLIGATIONS — continued** |  |  |
|  | Face Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **HEALTH CARE — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Royalty Pharma |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.200%, 09/02/25 | $300000 | $272116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Takeda Pharmaceutical |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/26/28 | 750000 | 762054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 07/21/23 | 1055000 | 1040926 |
| &nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 02/15/53 | 610000 | 698450 |
|  |  | 5584232 |
|  **INDUSTRIALS — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/29/28 | 485000 | 427548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boeing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.196%, 02/04/26 | 735000 | 679528 |
| &nbsp;&nbsp;&nbsp;&nbsp; CoStar Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 07/15/30 (D) | 765000 | 646405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raytheon Technologies |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 08/16/25 | 595000 | 587106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regal Rexnord |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.050%, 02/15/26 (D) | 960000 | 975575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Triton Container International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.050%, 04/15/26 (D) | 450000 | 398821 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Airlines |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 04/15/26 (D) | 615000 | 583841 |
|  |  | 4298824 |
|  **INFORMATION TECHNOLOGY — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.926%, 05/15/37 (D) | 327000 | 300141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.419%, 04/15/33 (D) | 364000 | 305377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kyndryl Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.050%, 10/15/26 | 675000 | 581961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marvell Technology |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 04/15/26 | 767000 | 690583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.900%, 11/09/52 | 525000 | 607289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 11/15/37 | 990000 | 832087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 04/01/40 | 650000 | 515017 |
| &nbsp;&nbsp;&nbsp;&nbsp; TSMC Arizona |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 10/25/26 | 750000 | 678924 |

---

**12** 

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **METLIFE CORE PLUS FUND** |
|  | **JANUARY 31, 2023** *(Unaudited)* |

---

------

---

| | | |
|:---|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;**CORPORATE OBLIGATIONS — continued** |  |  |
|  | Face Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **INFORMATION TECHNOLOGY — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Vontier |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 04/01/31 | $285000 | $220747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 04/01/26 | 330000 | 286608 |
|  |  | 5018734 |
|  **MATERIALS — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Celanese US Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.379%, 07/15/32 | 620000 | 624559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.330%, 07/15/29 | 530000 | 537488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.050%, 03/15/25 | 1460000 | 1471211 |
|  |  | 2633258 |
|  **REAL ESTATE — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Essential Properties |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 07/15/31 | 760000 | 577264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sabra Health Care |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 10/15/29 | 585000 | 500165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scentre Group Trust 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 4.379%, 09/24/80 (B) (D) | 960000 | 895798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simon Property Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 09/13/29 | 590000 | 511912 |
|  |  | 2485139 |
|  **UTILITIES — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Enel Finance International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.800%, 10/14/25 (D) | 420000 | 435217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oncor Electric Delivery |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 05/15/30 | 815000 | 728249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pacific Gas and Electric |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.100%, 08/01/27 | 1035000 | 908061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.700%, 11/15/23 | 835000 | 813311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Electric Market Stabilization Funding N |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.265%, 08/01/34 (D) | 1165000 | 1131339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vistra Operations |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 07/15/29 (D) | 415000 | 383643 |
|  |  | 4399820 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CORPORATE OBLIGATIONS<br>(Cost $90,194,395) |  | 81369199 |

---

**13** 

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **METLIFE CORE PLUS FUND** |
|  | **JANUARY 31, 2023** *(Unaudited)* |

---

------

---

| | | |
|:---|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;**U.S. TREASURY OBLIGATIONS — 27.7%** |  |  |
|  | Face Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.159%, 02/09/23 (F) | $11185000 | $11174573 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/15/42 to 11/15/52 | 11105000 | 11666792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 08/15/52 | 7645000 | 6764630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 02/15/42 | 8025000 | 6492100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 08/15/41 | 5575000 | 4061475 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 10/31/24 | 650000 | 650254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 10/15/25 | 2660000 | 2680262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 01/31/25 to 11/15/32 | 14365000 | 14674798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 01/15/26 to 11/30/29 | 9720000 | 9848128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 01/31/28 to 01/31/30 | 2825000 | 2813821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 06/30/29 | 2275000 | 2230566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 03/31/29 | 4195000 | 3912985 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $79,498,889) |  | 76970384 |
|  &nbsp;&nbsp;&nbsp;&nbsp;**ASSET-BACKED SECURITIES — 8.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AccessLex Institute, Ser 2007-A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.057%, ICE LIBOR USD 3 Month + 0.300%, 05/25/36 (B) | 274291 | 266378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affirm Asset Securitization Trust, Ser 2022-A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 05/17/27 (D) | 380000 | 366521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arivo Acceptance Auto Loan Receivables Trust, Ser 2021-1A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.190%, 01/15/27 (D) | 100004 | 96864 |
| &nbsp;&nbsp;&nbsp;&nbsp; CARS-DB5 LP, Ser 2021-1A, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.280%, 08/15/51 (D) | 599375 | 477984 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNH Equipment Trust, Ser 2022-B, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.890%, 08/16/27 | 475000 | 464943 |
| &nbsp;&nbsp;&nbsp;&nbsp; College Avenue Student Loans, Ser 2021-B, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.420%, 06/25/52 (D) | 280000 | 241848 |
| &nbsp;&nbsp;&nbsp;&nbsp; DataBank Issuer, Ser 2021-1A, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.060%, 02/27/51 (D) | 310000 | 278694 |
| &nbsp;&nbsp;&nbsp;&nbsp; DLLST, Ser 2022-1A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 01/21/25 (D) | 300000 | 293937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Donlen Fleet Lease Funding 2, Ser 2021-2, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.560%, 12/11/34 (D) | 261000 | 253352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Donlen Fleet Lease Funding 2, Ser 2021-2, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.980%, 12/11/34 (D) | 340000 | 320544 |

---

**14** 

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **METLIFE CORE PLUS FUND** |
|  | **JANUARY 31, 2023** *(Unaudited)* |

---

------

---

| | | |
|:---|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;**ASSET-BACKED SECURITIES — continued** |  |  |
|  | Face Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Donlen Fleet Lease Funding 2, Ser 2021-2, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.200%, 12/11/34 (D) | $600000 | $563831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enterprise Fleet Financing, Ser 2022-3, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.380%, 07/20/29 (D) | 460000 | 452299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enterprise Fleet Funding, Ser 2021-1, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.700%, 12/21/26 (D) | 285000 | 266158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flagship Credit Auto Trust, Ser 2021-3, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.360%, 07/15/27 (D) | 322996 | 313374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goodgreen Trust, Ser 2021-1A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.660%, 10/15/56 (D) | 276249 | 229488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hertz Vehicle Financing III, Ser 2022-1A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.990%, 06/25/26 (D) | 520000 | 483643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hertz Vehicle Financing, Ser 2022-5A, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.280%, 09/25/28 (D) | 475000 | 449439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hilton Grand Vacations Trust, Ser 2020-AA, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.740%, 02/25/39 (D) | 64699 | 61449 |
| &nbsp;&nbsp;&nbsp;&nbsp; HIN Timeshare Trust, Ser 2020-A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.390%, 10/09/39 (D) | 448990 | 412942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hotwire Funding, Ser 2021-1, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.311%, 11/20/51 (D) | 310000 | 274481 |
| &nbsp;&nbsp;&nbsp;&nbsp; John Deere Owner Trust, Ser 2022-A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.320%, 09/16/26 | 330000 | 316252 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase, Ser 2020-2, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.840%, 02/25/28 (D) | 110523 | 108034 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase, Ser 2021-2, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.889%, 12/26/28 (D) | 233585 | 224623 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase, Ser 2021-3, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.760%, 02/26/29 (D) | 118630 | 112684 |
| &nbsp;&nbsp;&nbsp;&nbsp; LoanCore Issuer, Ser 2021-CRE6, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.759%, ICE LIBOR USD 1 Month + 1.300%, 11/15/38 (B) (D) | 610000 | 584175 |
| &nbsp;&nbsp;&nbsp;&nbsp; MF1, Ser 2021-FL7, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.550%, ICE LIBOR USD 1 Month + 1.080%, 10/16/36 (B) (D) | 510000 | 493544 |
| &nbsp;&nbsp;&nbsp;&nbsp; MVW, Ser 2021-1WA, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.140%, 01/22/41 (D) | 305630 | 279218 |
| &nbsp;&nbsp;&nbsp;&nbsp; MVW, Ser 2022-1A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 11/21/39 (D) | 322262 | 311657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Navient Private Education Refi Loan Trust, Ser 2018-CA, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.520%, 06/16/42 (D) | 66135 | 64886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Navient Private Education Refi Loan Trust, Ser 2019-FA, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 08/15/68 (D) | 41233 | 38446 |

---

**15** 

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **METLIFE CORE PLUS FUND** |
|  | **JANUARY 31, 2023** *(Unaudited)* |

---

------

---

| | | |
|:---|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;**ASSET-BACKED SECURITIES — continued** |  |  |
|  | Face Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Navient Private Education Refi Loan Trust, Ser 2020-DA, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.690%, 05/15/69 (D) | $417968 | $379495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Navient Private Education Refi Loan Trust, Ser 2021-CA, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.060%, 10/15/69 (D) | 136840 | 119995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Navient Private Education Refi Loan Trust, Ser 2022-A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.230%, 07/15/70 (D) | 250331 | 223048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Navient Private Education Refi Loan Trust, Ser 2022-BA, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.160%, 10/15/70 (D) | 451999 | 438309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nelnet Student Loan Trust, Ser 2021-CA, Cl AFX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.320%, 04/20/62 (D) | 647616 | 580583 |
| &nbsp;&nbsp;&nbsp;&nbsp; NovaStar Mortgage Funding Trust, Ser 2003-3, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.216%, ICE LIBOR USD 1 Month + 0.710%, 12/25/33 (B) | 8966 | 8662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orange Lake Timeshare Trust, Ser 2018-A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 11/08/30 (D) | 66691 | 64691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orange Lake Timeshare Trust, Ser 2019-A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.060%, 04/09/38 (D) | 127231 | 122503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Santander Consumer Auto Receivables Trust, Ser 2021- AA, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.330%, 10/15/25 (D) | 697670 | 686077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Santander Drive Auto Receivables Trust, Ser 2021-2, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.900%, 06/15/26 | 595000 | 581695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Santander Drive Auto Receivables Trust, Ser 2022-3, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 12/15/26 | 560000 | 551110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Santander Drive Auto Receivables Trust, Ser 2022-5, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.110%, 08/17/26 | 915000 | 904893 |
| &nbsp;&nbsp;&nbsp;&nbsp; SBA Small Business Investment, Ser 2018-10B, Cl 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.548%, 09/10/28 | 45323 | 43462 |
| &nbsp;&nbsp;&nbsp;&nbsp; SBA Small Business Investment, Ser 2022-10A, Cl 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.938%, 03/10/32 | 598412 | 553912 |
| &nbsp;&nbsp;&nbsp;&nbsp; SBA Small Business Investment, Ser 2022-10B, Cl 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.262%, 09/10/32 | 325000 | 322008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scholar Funding Trust, Ser 2011-A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.702%, ICE LIBOR USD 3 Month + 0.900%, 10/28/43 (B) (D) | 334300 | 327170 |

---

**16** 

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **METLIFE CORE PLUS FUND** |
|  | **JANUARY 31, 2023** *(Unaudited)* |

---

------

---

| | | |
|:---|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;**ASSET-BACKED SECURITIES — continued** |  |  |
|  | Face Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Sequoia Infrastructure Funding I, Ser 2021-1A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.192%, ICE LIBOR USD 3 Month + 1.400%, 04/15/31 (B) (D) | $271509 | $270481 |
| &nbsp;&nbsp;&nbsp;&nbsp; SLM Private Credit Student Loan Trust, Ser 2004-B, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.099%, ICE LIBOR USD 3 Month + 0.330%, 03/15/24 (B) | 1754 | 1750 |
| &nbsp;&nbsp;&nbsp;&nbsp; SMB Private Education Loan Trust, Ser 2021-B, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.310%, 07/17/51 (D) | 389050 | 348222 |
| &nbsp;&nbsp;&nbsp;&nbsp; SMB Private Education Loan Trust, Ser 2021-B, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 07/17/51 (D) | 295000 | 242632 |
| &nbsp;&nbsp;&nbsp;&nbsp; SMB Private Education Loan Trust, Ser 2021-D, Cl A1A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.340%, 03/17/53 (D) | 514956 | 465167 |
| &nbsp;&nbsp;&nbsp;&nbsp; SoFi Professional Loan Program Trust, Ser 2021-A, Cl AFX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.030%, 08/17/43 (D) | 237769 | 202189 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Carolina Student Loan, Ser 2015-A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.006%, ICE LIBOR USD 1 Month + 1.500%, 01/25/36 (B) | 492855 | 493149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southwick Park CLO, Ser 2021-4A, Cl A1R |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.868%, ICE LIBOR USD 3 Month + 1.060%, 07/20/32 (B) (D) | 1490000 | 1473522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stack Infrastructure Issuer, Ser 2019-1A, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.540%, 02/25/44 (D) | 480417 | 469840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stack Infrastructure Issuer, Ser 2020-1A, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.893%, 08/25/45 (D) | 300000 | 272995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Strata CLO II, Ser 2021-1A, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.398%, ICE LIBOR USD 3 Month + 1.590%, 10/20/33 (B) (D) | 1100000 | 1091457 |
| &nbsp;&nbsp;&nbsp;&nbsp; STWD, Ser 2019-FL1, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.677%, TSFR1M + 1.194%, 07/15/38 (B) (D) | 279874 | 278605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesla Auto Lease Trust, Ser 2021-B, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.910%, 09/22/25 (D) | 925000 | 869260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Towd Point Mortgage Trust, Ser 2019-MH1, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/25/58 (B) (D) | 263314 | 258504 |
| &nbsp;&nbsp;&nbsp;&nbsp; United States Small Business Administration, Ser 2022- 25F, Cl 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.010%, 06/01/47 | 495500 | 483816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wheels SPV 2, Ser 2020-1A, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.510%, 08/20/29 (D) | 45295 | 44830 |

---

**17** 

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **METLIFE CORE PLUS FUND** |
|  | **JANUARY 31, 2023** *(Unaudited)* |

---

------

---

| | | |
|:---|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;**ASSET-BACKED SECURITIES — continued** |  |  |
|  | Face Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Z Capital Credit Partners CLO, Ser 2021-1A, Cl A1R |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.302%, ICE LIBOR USD 3 Month + 1.510%, 07/16/31 (B) (D) | $555000 | $553021 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL ASSET-BACKED SECURITIES<br>(Cost $24,007,511) |  | 22828741 |
|  &nbsp;&nbsp;&nbsp;&nbsp;**MUNICIPAL BONDS — 0.3%** |  |  |
|  **GEORGIA — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Georgia State, Municipal Electric Authority, RB, Ser 2010-A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.055%, 04/01/57 | 204000 | 219203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.637%, 04/01/57 | 616000 | 701292 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MUNICIPAL BONDS<br>(Cost $1,192,490) |  | 920495 |
|  &nbsp;&nbsp;&nbsp;&nbsp;**SOVEREIGN DEBT — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Colombia Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 02/02/34 | 555000 | 548454 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SOVEREIGN DEBT<br>(Cost $555,000) |  | 548454 |
|  &nbsp;&nbsp;&nbsp;&nbsp;**LOAN PARTICIPATION — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sungard AS New Holdings III LLC, Initial Loan (2020), 1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.500%, 07/01/24 | 4361 | 2965 |
|  TOTAL LOAN PARTICIPATION<br>(Cost $4,347) |  | 2965 |
|  &nbsp;&nbsp;&nbsp;&nbsp;**COMMON STOCK — 0.0%** |  |  |
|  | Shares |  |
|  **INFORMATION TECHNOLOGY — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sungard AS \* | 190 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMON STOCK<br>(Cost $4,750) |  | 2 |
|  TOTAL INVESTMENTS — 102.4%<br>(Cost $304,145,359) |  | $284661972 |

---

**18** 

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **METLIFE CORE PLUS FUND** |
|  | **JANUARY 31, 2023** *(Unaudited)* |

---

------

Open futures contracts held by the Fund at January 31, 2023 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of Contract** | **Number of <br>Contracts** | **Expiration <br>Date** | **Notional <br>Amount** | **Value** | **Unrealized<br> Depreciation** |
|  <u>**Long Contracts**</u>  |  |  |  |  |  |
|  U.S. 5-Year |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treasury Notes | 37 | Mar-2023 | $4057651 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4041961 | $(15690) |
|  U.S. 10-Year |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treasury Notes | 21 | Mar-2023 | 2406844 | 2404828 | (2016) |
|  |  |  | $6464495 | $6446789 | $(17706) |

---

---

| | |
|:---|:---|
| | *Percentages are based on Net Assets of $277,888,440.*  |

---

*\** *Non-income producing security.* 

*(A)* *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.* 

*(B)* *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.* 

*(C)* *Securities considered illiquid. The total value of such securities as of January 31, 2023 was $143 and represented 0.0% of Net Assets.* 

*(D)* *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 January 31, 2023 was $56,007,145 and represents 20.2% of Net Assets.* 

*(E)* *Perpetual security with no stated maturity date.* 

*(F)* *The rate reported on the Schedule of Investments is the effective yield at time of purchase.* 

*Cl — Class* 

*CLO — Collateralized Loan Obligation* 

*DAC — Designated Activity Company* 

*FHLMC — Federal Home Loan Mortgage Corporation* 

*FNMA — Federal National Mortgage Association* 

*FREMF — Freddie Mac Multi-Family* 

*GNMA — Government National Mortgage Association* 

*ICE — Intercontinental Exchange* 

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

*LIBOR — London Interbank Offered Rates* 

*LLC — Limited Liability Company* 

*MTN — Medium Term Note* 

*RB — Revenue Bond* 

*Ser — Series* 

*SOFR — Secured Overnight Financing Rate* 

*TBA — To Be Announced* 

*TSFR1M — One Month Term SOFR* 

*UMBS — Uniform Mortgage-Backed Security* 

*USD — U.S. Dollar* 

MIM-QH-001-0500

**19**

## 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:** 2023-10-31

- **b. Date as of which information is reported:** 2023-01-31

**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:** $295454470.86

**Total Liabilities:** $17566158.27

**Net Assets:** $277888312.59

**Cash Not Reported:** $1.05

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -516.73821572 | **1-Year:** -11838.01847428 | **5-Year:** -29304.56018004 | **10-Year:** -48000.66330598 | **30-Year:** -19521.27354790

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

- **3-Month:** -115.88567419 | **1-Year:** -1744.85268613 | **5-Year:** -4337.85467447 | **10-Year:** -4386.61960065 | **30-Year:** -895.21002019

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000149726 | 3.47%                | -1.04%               | 3.26%                |
| Class ID C000149725 | 3.63%                | -0.72%               | 3.83%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-3434258.94             | $12462890.90                               |
| Month 2  | $-387886.51              | $-2196094.93                               |
| Month 3  | $-6623917.12             | $16116149.27                               |

**Designated Index Information**

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

- **Index Identifier:** LBUSTRUU

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Federal National Mortgage Association                   | FANNIE MAE OR FREDDIE MAC 30YR TBA (FEBRUARY)                           | CUSIP: 01F040628<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   1172997 | PA      | $1132675.23   | 0.41%             | 2053-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO COMMERCIAL MORTGAGE TRUST                   | WELLS FARGO COMMERCIAL MORTGAGE TRUST 2022-C62 WFCM 2022-C62 A4         | CUSIP: 95003MBS6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    575000 | PA      | $541403.73    | 0.19%             | 2055-04-15      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN FM3173                                               | CUSIP: 3140X6Q38<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   1048234 | PA      | $1011661.02   | 0.36%             | 2047-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| United States of America                                | US TREASURY N/B 4.250000% 10/15/2025                                    | CUSIP: 91282CFP1<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   2660000 | PA      | $2680261.73   | 0.96%             | 2025-10-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORPORATION                             | BANK OF AMERICA CORP 4.571000% 04/27/2033                               | CUSIP: 06051GKQ1<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   1320000 | PA      | $1275475.95   | 0.46%             | 2033-04-27      | Fixed         | 4.57%                 | No            |                  2 | On Loan: No      |
| ACEN MORTGAGE TRUST                                     | ALEN 2021-ACEN MORTGAGE TRUST ALEN 2021-ACEN A                          | CUSIP: 01449NAA4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    585000 | PA      | $541195.38    | 0.19%             | 2034-04-15      | Floating      | 5.61%                 | Yes           |                  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        |     64699 | PA      | $61448.70     | 0.02%             | 2039-02-25      | Fixed         | 2.74%                 | No            |                  2 | On Loan: No      |
| COSTAR GROUP, INC.                                      | COSTAR GROUP INC 144A 2.800000% 07/15/2030                              | CUSIP: 22160NAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    765000 | PA      | $646404.71    | 0.23%             | 2030-07-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | FREDDIE MAC POOL FR SD1381                                              | CUSIP: 3132DNRA3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    723433 | PA      | $730076.57    | 0.26%             | 2052-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | FREDDIE MAC REMICS FHR 3632 PK                                          | CUSIP: 31398WSD7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |     18956 | PA      | $18995.88     | 0.01%             | 2040-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| United States of America                                | US TREASURY N/B 3.875000% 01/15/2026                                    | CUSIP: 91282CGE5<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |    260000 | PA      | $259979.69    | 0.09%             | 2026-01-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| CGCCRE COMMERCIAL MORTGAGE TRUST                        | CG-CCRE COMMERCIAL MORTGAGE TRUST 2014-FL2 CGCC 2014-FL2 A              | CUSIP: 12528PAA0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     17985 | PA      | $17519.96     | 0.01%             | 2031-11-15      | Floating      | 6.31%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN CB0983                                               | CUSIP: 3140QLCV6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   1250151 | PA      | $1118733.83   | 0.40%             | 2051-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| DBCCRE MORTGAGE TRUST                                   | DBCCRE 2014-ARCP MORTGAGE TRUST DBCCR 2014-ARCP A                       | CUSIP: 23305MAA3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    300000 | PA      | $290211.06    | 0.10%             | 2034-01-10      | Fixed         | 4.24%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN FM2847                                               | CUSIP: 3140X6EV9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    973406 | PA      | $913279.52    | 0.33%             | 2048-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | FREDDIE MAC STRIPS FHS 356 300                                          | CUSIP: 3132J0NU7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    151524 | PA      | $141169.70    | 0.05%             | 2047-09-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CI Financial Corp.                                      | CI FINANCIAL CORP 4.100000% 06/15/2051                                  | CUSIP: 125491AP5<br>LEI: 549300M9W7JJQSVCEM78 | Long             | DBT              | NUSS              | CA        |    600000 | PA      | $378907.73    | 0.14%             | 2051-06-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN CB1805                                               | CUSIP: 3140QMAF1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   1171972 | PA      | $1045357.58   | 0.38%             | 2051-10-01      | Fixed         | 2.50%                 | 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        |    280000 | PA      | $241847.90    | 0.09%             | 2052-06-25      | Fixed         | 2.42%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                             | FREDDIE MAC REFERENCE REMIC FHRR R006 ZA                                | CUSIP: 31396JT21<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |      6899 | PA      | $7280.26      | 0.00%             | 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        |    995000 | PA      | $728024.03    | 0.26%             | 2055-09-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| SANTANDER DRIVE AUTO RECEIVABLES TRUST                  | SANTANDER DRIVE AUTO RECEIVABLES TRUST 2022-5 SDART 2022-5 A3           | CUSIP: 80287HAC2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    915000 | PA      | $904893.00    | 0.33%             | 2026-08-17      | Fixed         | 4.11%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN FS1543                                               | CUSIP: 3140XGWD7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    639970 | PA      | $579434.27    | 0.21%             | 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        |    389050 | PA      | $348222.39    | 0.13%             | 2051-07-17      | Fixed         | 1.31%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN FS1442                                               | CUSIP: 3140XGS83<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   1995996 | PA      | $1855268.70   | 0.67%             | 2050-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| STACK INFRASTRUCTURE ISSUER, LLC                        | STACK INFRASTRUCTURE ISSUER LLC SIDC 2019-1A A2                         | CUSIP: 85236KAA0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    480417 | PA      | $469839.85    | 0.17%             | 2044-02-25      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC.                                           | BROADCOM INC 144A 4.926000% 05/15/2037                                  | CUSIP: 11135FBV2<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    327000 | PA      | $300141.21    | 0.11%             | 2037-05-15      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN AS6618                                               | CUSIP: 3138WGK86<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    467552 | PA      | $434674.44    | 0.16%             | 2046-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | FREDDIE MAC GOLD POOL FG Q48094                                         | CUSIP: 3132WM7G3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |     12508 | PA      | $12305.42     | 0.00%             | 2047-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE OR FREDDIE MAC 15YR TBA (FEBRUARY)                           | CUSIP: 01F022428<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   1818050 | PA      | $1697657.84   | 0.61%             | 2038-02-15      | Fixed         | 2.50%                 | 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        |    340000 | PA      | $291126.90    | 0.10%             | 2053-02-15      | Fixed         | 2.84%                 | 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        |    735000 | PA      | $679528.07    | 0.24%             | 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        |    277166 | PA      | $238655.60    | 0.09%             | 2035-09-01      | Fixed         | 1.85%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN AB5617                                               | CUSIP: 31417CG33<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |      2733 | PA      | $2693.70      | 0.00%             | 2042-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS INC.                             | VERIZON COMMUNICATIONS INC 4.016000% 12/03/2029                         | CUSIP: 92343VEU4<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    251000 | PA      | $240650.94    | 0.09%             | 2029-12-03      | Fixed         | 4.02%                 | No            |                  2 | On Loan: No      |
| CITIGROUP COMMERCIAL MORTGAGE TRUST                     | CITIGROUP COMMERCIAL MORTGAGE TRUST 2015-GC31 CGCMT 2015-GC31 AAB       | CUSIP: 17323YAE9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    348470 | PA      | $340710.76    | 0.12%             | 2048-06-10      | Fixed         | 3.43%                 | No            |                  2 | On Loan: No      |
| TESLA AUTO LEASE TRUST                                  | TESLA AUTO LEASE TRUST 2021-B TESLA 2021-B B                            | CUSIP: 88161KAE5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    925000 | PA      | $869260.43    | 0.31%             | 2025-09-22      | Fixed         | 0.91%                 | Yes           |                  2 | On Loan: No      |
| United States of America                                | US TREASURY N/B 1.750000% 08/15/2041                                    | CUSIP: 912810TA6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5575000 | PA      | $4061474.58   | 1.46%             | 2041-08-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| DATABANK ISSUER, LLC                                    | DATABANK ISSUER COLO 2021-1A A2                                         | CUSIP: 23802WAA9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    310000 | PA      | $278693.50    | 0.10%             | 2051-02-27      | Fixed         | 2.06%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association 2              | GINNIE MAE II POOL G2 MA1161                                            | CUSIP: 36179NJE9<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |      1375 | PA      | $1444.34      | 0.00%             | 2043-07-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| THE BANK OF NOVA SCOTIA                                 | BANK OF NOVA SCOTIA/THE 4.900000% MATURITY: PERPETUAL                   | CUSIP: 064159VJ2<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | NUSS              | CA        |    870000 | PA      | $844909.20    | 0.30%             | 2171-09-04      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| B.A.T CAPITAL CORPORATION                               | BAT CAPITAL CORP 3.557000% 08/15/2027                                   | CUSIP: 05526DBB0<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | GB        |    370000 | PA      | $345262.34    | 0.12%             | 2027-08-15      | Fixed         | 3.56%                 | No            |                  2 | On Loan: No      |
| FWD SECURITIZATION TRUST                                | FWDSECURITIZATION TRUST 2019-INV1 FWD 2019-INV1 A1                      | CUSIP: 302980AA5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     45441 | PA      | $42353.16     | 0.02%             | 2049-06-25      | Floating      | 2.81%                 | 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        |     45323 | PA      | $43462.28     | 0.02%             | 2028-09-10      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| Reynolds American Inc.                                  | REYNOLDS AMERICAN INC 7.250000% 06/15/2037                              | CUSIP: 761713AT3<br>LEI: 02S2RPPVO9RP4NEU2740 | Long             | DBT              | CORP              | GB        |    220000 | PA      | $238626.80    | 0.09%             | 2037-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| United States of America                                | US TREASURY N/B 2.375000% 02/15/2042                                    | CUSIP: 912810TF5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   8025000 | PA      | $6492099.65   | 2.34%             | 2042-02-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| DONLEN FLEET LEASE FUNDING 2                            | DONLEN FLEET LEASE FUNDING 2 LLC DFLF2 2021-2 A2                        | CUSIP: 257812AD9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    261000 | PA      | $253352.18    | 0.09%             | 2034-12-11      | Fixed         | 0.56%                 | Yes           |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                   | WELLS FARGO & CO VARIABLE RATE 01/15/2027                               | CUSIP: 949746TG6<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    735000 | PA      | $694594.51    | 0.25%             | 2027-01-15      | Floating      | 5.29%                 | No            |                  2 | On Loan: No      |
| INTESA SANPAOLO SPA                                     | INTESA SANPAOLO SPA 144A 4.198000% 06/01/2032                           | CUSIP: 46115HBQ9<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | NUSS              | IT        |    650000 | PA      | $517178.20    | 0.19%             | 2032-06-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN FS0896                                               | CUSIP: 3140XF7J4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   1236609 | PA      | $1141606.96   | 0.41%             | 2051-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| AT&T INC.                                               | AT&T INC 1.700000% 03/25/2026                                           | CUSIP: 00206RML3<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    820000 | PA      | $752609.46    | 0.27%             | 2026-03-25      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN FS1831                                               | CUSIP: 3140XHA98<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   1581890 | PA      | $1548112.75   | 0.56%             | 2052-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                                 | MPLX LP 4.800000% 02/15/2029                                            | CUSIP: 55336VAS9<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |    280000 | PA      | $277494.32    | 0.10%             | 2029-02-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| CIM TRUST                                               | CIM TRUST 2022-R2 CIM 2022-R2 A1                                        | CUSIP: 12567NAA7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    482811 | PA      | $460508.76    | 0.17%             | 2061-12-25      | Floating      | 3.75%                 | Yes           |                  2 | On Loan: No      |
| CI Financial Corp.                                      | CI FINANCIAL CORP 3.200000% 12/17/2030                                  | CUSIP: 125491AN0<br>LEI: 549300M9W7JJQSVCEM78 | Long             | DBT              | NUSS              | CA        |    895000 | PA      | $699838.58    | 0.25%             | 2030-12-17      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| ABBVIE INC.                                             | ABBVIE INC 4.250000% 11/21/2049                                         | CUSIP: 00287YCB3<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    315000 | PA      | $281976.60    | 0.10%             | 2049-11-21      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CHASE AUTO CREDIT LINKED NOTES                          | JPMORGAN CHASE BANK NA - CACLN CACLN 2020-2 B                           | CUSIP: 46591HAU4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    110523 | PA      | $108033.83    | 0.04%             | 2028-02-25      | Fixed         | 0.84%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN CA5746                                               | CUSIP: 3140QDL44<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     73940 | PA      | $70040.78     | 0.03%             | 2050-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN AL7441                                               | CUSIP: 3138EQHT2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |      4093 | PA      | $3921.00      | 0.00%             | 2045-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN AS4991                                               | CUSIP: 3138WERM3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     23611 | PA      | $22642.28     | 0.01%             | 2045-05-01      | 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        |    610000 | PA      | $556722.36    | 0.20%             | 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        |    670000 | PA      | $550396.00    | 0.20%             | 2037-08-15      | Fixed         | 4.39%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN MA2670                                               | CUSIP: 31418B6G6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    940626 | PA      | $873020.38    | 0.31%             | 2046-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2              | GINNIE MAE II POOL G2 MA2753                                            | CUSIP: 36179RBW8<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |     70310 | PA      | $66153.75     | 0.02%             | 2045-04-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| United States of America                                | US TREASURY N/B 3.875000% 11/30/2029                                    | CUSIP: 91282CFY2<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   3160000 | PA      | $3216781.25   | 1.16%             | 2029-11-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                          | MORGAN STANLEY 1.593000% 05/04/2027                                     | CUSIP: 61772BAB9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    525000 | PA      | $471455.22    | 0.17%             | 2027-05-04      | Fixed         | 1.59%                 | No            |                  2 | On Loan: No      |
| United States of America                                | US 5YR NOTE (CBT) MAR23 FINANCIAL COMMODITY FUTURE.                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        37 | NC      | $4041960.94   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| CELANESE US HOLDINGS LLC                                | CELANESE US HOLDINGS LLC 6.379000% 07/15/2032                           | CUSIP: 15089QAP9<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |    620000 | PA      | $624559.29    | 0.22%             | 2032-07-15      | Fixed         | 6.38%                 | 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        |      1372 | PA      | $1376.03      | 0.00%             | 2041-07-25      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| JPMBB COMMERCIAL MORTGAGE SECURITIES TRUST              | JPMBB COMMERCIAL MORTGAGE SECURITIES TRUST 2013-C1 JPMBB 2013-C15 AS    | CUSIP: 46640NAJ7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    535000 | PA      | $526682.84    | 0.19%             | 2045-11-15      | Fixed         | 4.42%                 | No            |                  2 | On Loan: No      |
| DONLEN FLEET LEASE FUNDING 2                            | DONLEN FLEET LEASE FUNDING 2 LLC DFLF2 2021-2 C                         | CUSIP: 257812AF4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    600000 | PA      | $563830.80    | 0.20%             | 2034-12-11      | Fixed         | 1.20%                 | Yes           |                  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        |   1035000 | PA      | $908061.53    | 0.33%             | 2027-08-01      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| SABINE PASS LIQUEFACTION, LLC                           | SABINE PASS LIQUEFACTION LLC 5.000000% 03/15/2027                       | CUSIP: 785592AS5<br>LEI: 549300KJYBG7C6WJYZ11 | Long             | DBT              | CORP              | US        |    955000 | PA      | $956764.33    | 0.34%             | 2027-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL                                        | PARAMOUNT GLOBAL 6.250000% 02/28/2057                                   | CUSIP: 92553PBC5<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |    225000 | PA      | $194906.25    | 0.07%             | 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        |       172 | PA      | $171.66       | 0.00%             | 2066-05-20      | Floating      | 4.77%                 | 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        |     48637 | PA      | $48633.65     | 0.02%             | 2067-01-20      | Floating      | 4.54%                 | No            |                  2 | On Loan: No      |
| TOWD POINT MORTGAGE TRUST                               | TOWD POINT MORTGAGE TRUST 2018-2 TPMT 2018-2 A1                         | CUSIP: 89175VAA1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     27121 | PA      | $26134.61     | 0.01%             | 2058-03-25      | Floating      | 3.25%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORPORATION                             | BANK OF AMERICA CORP 3.366000% 01/23/2026                               | CUSIP: 06051GGZ6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    840000 | PA      | $811121.11    | 0.29%             | 2026-01-23      | Fixed         | 3.37%                 | No            |                  2 | On Loan: No      |
| NELNET PRIVATE EDUCATION LOAN TRUST                     | NELNET STUDENT LOAN TRUST 2021-C NSLT 2021-CA AFX                       | CUSIP: 64035GAB5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    647616 | PA      | $580582.47    | 0.21%             | 2062-04-20      | Fixed         | 1.32%                 | Yes           |                  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: N/A                  | Long             | DBT              | CORP              | US        |    670000 | PA      | $517864.57    | 0.19%             | 2031-04-06      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | N/A                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |       190 | NS      | $1.90         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN CA0079                                               | CUSIP: 3140Q7CR6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     15632 | PA      | $14998.99     | 0.01%             | 2047-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NAVIENT PRIVATE EDUCATION LOAN TRUST                    | NAVIENT PRIVATE EDUCATION REFI LOAN TRUST 2022-A NAVSL 2022-A A         | CUSIP: 63942MAA8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    250331 | PA      | $223047.91    | 0.08%             | 2070-07-15      | Fixed         | 2.23%                 | Yes           |                  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        |    615000 | PA      | $580047.07    | 0.21%             | 2054-10-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| UBS COMMERCIAL MORTGAGE TRUST                           | UBS COMMERCIAL MORTGAGE TRUST 2017-C4 UBSCM 2017-C4 A3                  | CUSIP: 90276RBD9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    273308 | PA      | $256354.94    | 0.09%             | 2050-10-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION INSURANCE, INC.                           | OHIO NATIONAL FINANCIAL SERVICES INC 144A 5.800000% 01/24/2030          | CUSIP: 67740QAH9<br>LEI: 549300K609B872PZT291 | Long             | DBT              | CORP              | US        |    590000 | PA      | $561348.23    | 0.20%             | 2030-01-24      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| DBCCRE MORTGAGE TRUST                                   | DBCCRE 2014-ARCP MORTGAGE TRUST DBCCR 2014-ARCP C                       | CUSIP: 23305MAG0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    450000 | PA      | $427141.13    | 0.15%             | 2034-01-10      | Floating      | 4.93%                 | No            |                  2 | On Loan: No      |
| SMALL BUSINESS ADMINISTRATION GTD                       | UNITED STATES SMALL BUSINESS ADMINISTRATION SBAP 2022-25F 1             | CUSIP: 83162CP72<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    495500 | PA      | $483816.11    | 0.17%             | 2047-06-01      | Fixed         | 4.01%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | FREDDIE MAC MULTIFAMILY STRUCTURED PASS THROUGH CE FHMS X3FX A2FX       | CUSIP: 3137F5LN7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    910000 | PA      | $870559.33    | 0.31%             | 2027-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN MA4520                                               | CUSIP: 31418EAW0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   1367092 | PA      | $1188907.33   | 0.43%             | 2042-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN AS8204                                               | CUSIP: 3138WJDJ4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     12465 | PA      | $11917.72     | 0.00%             | 2046-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE OR FREDDIE MAC 30YR TBA (FEBRUARY)                           | CUSIP: 01F022626<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   2946203 | PA      | $2579394.33   | 0.93%             | 2053-02-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC                                | CELANESE US HOLDINGS LLC 6.050000% 03/15/2025                           | CUSIP: 15089QAL8<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |   1460000 | PA      | $1471210.54   | 0.53%             | 2025-03-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN BM5919                                               | CUSIP: 3140JASH2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     40053 | PA      | $38566.88     | 0.01%             | 2043-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| United States of America                                | US TREASURY N/B 4.375000% 10/31/2024                                    | CUSIP: 91282CFQ9<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |    650000 | PA      | $650253.90    | 0.23%             | 2024-10-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| J.P. MORGAN MORTGAGE TRUST                              | JP MORGAN MORTGAGE TRUST 2021-INV2 JPMMT 2021-INV2 A2                   | CUSIP: 46653TAB5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1088218 | PA      | $908449.70    | 0.33%             | 2051-12-25      | Floating      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| BMO MORTGAGE TRUST                                      | BMO 2022-C3 MORTGAGE TRUST BMO 2022-C3 AS                               | CUSIP: 05602QBC6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    410000 | PA      | $414775.23    | 0.15%             | 2054-09-15      | Floating      | 5.33%                 | No            |                  2 | On Loan: No      |
| BON SECOURS MERCY HEALTH, INC.                          | BON SECOURS MERCY HEALTH INC 2.095000% 06/01/2031                       | CUSIP: 09778PAB1<br>LEI: 5493006NA7JSVYYYF398 | Long             | DBT              | CORP              | US        |    440000 | PA      | $353751.70    | 0.13%             | 2031-06-01      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2              | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 30YR TBA (FEB)                 | CUSIP: 21H040624<br>LEI: N/A                  | Long             | DBT              |  | US        |   1059000 | PA      | $1028057.34   | 0.37%             | 2045-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WarnerMedia Holdings, Inc.                              | WARNERMEDIA HOLDINGS INC 144A 5.141000% 03/15/2052                      | CUSIP: 55903VAQ6<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |   1815000 | PA      | $1507467.34   | 0.54%             | 2052-03-15      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| LA BANQUE TORONTO-DOMINION                              | TORONTO-DOMINION BANK/THE MTN 4.456000% 06/08/2032                      | CUSIP: 89115A2E1<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | NUSS              | CA        |    705000 | PA      | $691992.33    | 0.25%             | 2032-06-08      | Fixed         | 4.46%                 | No            |                  2 | On Loan: No      |
| ORACLE CORPORATION                                      | ORACLE CORP 6.900000% 11/09/2052                                        | CUSIP: 68389XCK9<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    525000 | PA      | $607289.53    | 0.22%             | 2052-11-09      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| TEXAS ELECTRIC MARKET STABILIZATION FUNDING N LLC       | TEXAS ELECTRIC MARKET STABILIZATION FUNDING N LLC 4.265000% 08/01/2034  | CUSIP: 88240TAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1165000 | PA      | $1131339.06   | 0.41%             | 2034-08-01      | Fixed         | 4.26%                 | Yes           |                  2 | On Loan: No      |
| South Carolina Student Loan Student Loan Backed Notes   | SOUTH CAROLINA STUDENT LOAN CORP 2015-A SCSLC 2015-A A                  | CUSIP: 83715RAH5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    492855 | PA      | $493149.41    | 0.18%             | 2036-01-25      | Floating      | 6.01%                 | 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      | $51439.69     | 0.02%             | 2040-05-01      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE PRODUCTS OPERATING LLC                       | ENTERPRISE PRODUCTS OPERATING LLC 5.350000% 01/31/2033                  | CUSIP: 29379VCD3<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |    585000 | PA      | $608037.88    | 0.22%             | 2033-01-31      | Fixed         | 5.35%                 | 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        |    905197 | PA      | $837417.74    | 0.30%             | 2050-04-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SUNGARD NEW EXIT NON-PIK                                | SUNGARD NEW EXIT NON-PIK 7/1/2024                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |      4361 | PA      | $2965.35      | 0.00%             | 2024-07-01      | Floating      | 8.50%                 | No            |                  2 | On Loan: No      |
| SVB FINANCIAL GROUP                                     | SVB FINANCIAL GROUP 4.700000% MATURITY: PERPETUAL                       | CUSIP: 78486QAQ4<br>LEI: 549300D2KJ20JMXE7542 | Long             | DBT              | CORP              | US        |    885000 | PA      | $677025.00    | 0.24%             | 2171-02-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN 995049                                               | CUSIP: 31416BL63<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |      3421 | PA      | $3586.51      | 0.00%             | 2038-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AMGEN INC.                                              | AMGEN INC 6.375000% 06/01/2037                                          | CUSIP: 031162AW0<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    535000 | PA      | $591168.84    | 0.21%             | 2037-06-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ONCOR ELECTRIC DELIVERY COMPANY LLC                     | ONCOR ELECTRIC DELIVERY CO LLC 2.750000% 05/15/2030                     | CUSIP: 68233JBU7<br>LEI: 549300SP2X2BS1KERD24 | Long             | DBT              | CORP              | US        |    815000 | PA      | $728248.89    | 0.26%             | 2030-05-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| SANTANDER DRIVE AUTO RECEIVABLES TRUST                  | SANTANDER DRIVE AUTO RECEIVABLES TRUST 2021-2 SDART 2021-2 C            | CUSIP: 80286XAE4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    595000 | PA      | $581694.55    | 0.21%             | 2026-06-15      | Fixed         | 0.90%                 | No            |                  2 | On Loan: No      |
| ORANGE LAKE TIMESHARE TRUST                             | ORANGE LAKE TIMESHARE TRUST 2018-A ONGLT 2018-A A                       | CUSIP: 68504WAA5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     66691 | PA      | $64691.13     | 0.02%             | 2030-11-08      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | FREDDIE MAC GOLD POOL FG G61748                                         | CUSIP: 31335B5H5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    323950 | PA      | $311218.66    | 0.11%             | 2048-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BBCMS TRUST                                             | BBCMS TRUST 2015-SRCH BBCMS 2015-SRCH A1                                | CUSIP: 05547HAA9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    555876 | PA      | $527374.83    | 0.19%             | 2035-08-10      | Fixed         | 3.31%                 | No            |                  2 | On Loan: No      |
| BON SECOURS MERCY HEALTH, INC.                          | BON SECOURS MERCY HEALTH INC 3.464000% 06/01/2030                       | CUSIP: 09778PAA3<br>LEI: 5493006NA7JSVYYYF398 | Long             | DBT              | CORP              | US        |    220000 | PA      | $203117.64    | 0.07%             | 2030-06-01      | Fixed         | 3.46%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN FM3558                                               | CUSIP: 3140X65U1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     93260 | PA      | $87298.34     | 0.03%             | 2048-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN MA4465                                               | CUSIP: 31418D6B3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   2352949 | PA      | $1979499.75   | 0.71%             | 2051-11-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| COMM MORTGAGE TRUST                                     | COMM 2015-CCRE26 MORTGAGE TRUST COMM 2015-CR26 C                        | CUSIP: 12593QBJ8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    715000 | PA      | $654878.72    | 0.24%             | 2048-10-10      | Floating      | 4.47%                 | 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        |   1135000 | PA      | $1008821.88   | 0.36%             | 2026-11-15      | Fixed         | 2.27%                 | No            |                  2 | On Loan: No      |
| NAVIENT PRIVATE EDUCATION LOAN TRUST                    | NAVIENT PRIVATE EDUCATION REFI LOAN TRUST 2020-D NAVSL 2020-DA A        | CUSIP: 63941HAA0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    417968 | PA      | $379494.87    | 0.14%             | 2069-05-15      | Fixed         | 1.69%                 | No            |                  2 | On Loan: No      |
| HOTWIRE FUNDING LLC                                     | HOTWIRE FUNDING LLC HWIRE 2021-1 A2                                     | CUSIP: 44148JAA7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    310000 | PA      | $274481.07    | 0.10%             | 2051-11-20      | Fixed         | 2.31%                 | Yes           |                  2 | On Loan: No      |
| BPR TRUST                                               | BPR TRUST 2022-OANA BPR 2022-OANA A                                     | CUSIP: 05592DAA2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    630000 | PA      | $620535.07    | 0.22%             | 2037-04-15      | Floating      | 6.38%                 | Yes           |                  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        |    616000 | PA      | $701292.53    | 0.25%             | 2057-04-01      | Fixed         | 6.64%                 | No            |                  2 | On Loan: No      |
| Regal Rexnord Corporation                               | REGAL REXNORD CORP 144A 6.050000% 02/15/2026                            | CUSIP: 758750AC7<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |    960000 | PA      | $975575.28    | 0.35%             | 2026-02-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN FS1482                                               | CUSIP: 3140XGUG2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    770062 | PA      | $730795.38    | 0.26%             | 2049-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| COX COMMUNICATIONS, INC.                                | COX COMMUNICATIONS INC 144A 4.800000% 02/01/2035                        | CUSIP: 224044CF2<br>LEI: 5493001NEDZNIFRP2R92 | Long             | DBT              | CORP              | US        |    710000 | PA      | $657040.40    | 0.24%             | 2035-02-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| MUTUAL OF OMAHA INSURANCE COMPANY                       | MUTUAL OF OMAHA INSURANCE CO 144A 4.297000% 07/15/2054                  | CUSIP: 628312AD2<br>LEI: P2LER0UPV1DKOU8RO042 | Long             | DBT              | CORP              | US        |     73000 | PA      | $70030.06     | 0.03%             | 2054-07-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| CSMC TRUST                                              | CSMC 2021-NQM8 CSMC 2021-NQM8 A1                                        | CUSIP: 12659FAA3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    807500 | PA      | $707007.82    | 0.25%             | 2066-10-25      | Floating      | 1.84%                 | Yes           |                  2 | On Loan: No      |
| MSCCG TRUST                                             | MSCG TRUST 2015-ALDR MSCCG 2015-ALDR A2                                 | CUSIP: 55352NAC1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    380000 | PA      | $349084.57    | 0.13%             | 2035-06-07      | Floating      | 3.46%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | FREDDIE MAC GOLD POOL FG Q37249                                         | CUSIP: 3132QUBT9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |      5737 | PA      | $5509.96      | 0.00%             | 2045-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Z CAPITAL CREDIT PARTNERS CLO LTD                       | Z CAPITAL CREDIT PARTNERS CLO 2019-1 LTD ZCCP 2019-1A A1R               | CUSIP: 98877GAQ1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    555000 | PA      | $553020.87    | 0.20%             | 2031-07-16      | Floating      | 6.30%                 | Yes           |                  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        |    585000 | PA      | $612592.37    | 0.22%             | 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        |    820000 | PA      | $682878.97    | 0.25%             | 2032-05-01      | Fixed         | 2.56%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | FREDDIE MAC POOL FR SD7530                                              | CUSIP: 3132DVLK9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    607332 | PA      | $537636.80    | 0.19%             | 2050-11-01      | Fixed         | 2.50%                 | 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        |    693811 | PA      | $668151.96    | 0.24%             | 2048-10-25      | Floating      | 4.99%                 | No            |                  2 | On Loan: No      |
| United States of America                                | US TREASURY N/B 4.000000% 11/15/2042                                    | CUSIP: 912810TM0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5805000 | PA      | $5999104.69   | 2.16%             | 2042-11-15      | Fixed         | 4.00%                 | No            |                  1 | 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        |    525000 | PA      | $479814.51    | 0.17%             | 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        |    364000 | PA      | $305376.95    | 0.11%             | 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        |    625000 | PA      | $559932.39    | 0.20%             | 2033-04-06      | Fixed         | 3.76%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN AS8269                                               | CUSIP: 3138WJFK9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    260596 | PA      | $241477.58    | 0.09%             | 2046-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BAYER US FINANCE LLC                                    | BAYER US FINANCE LLC 144A 3.375000% 10/08/2024                          | CUSIP: 07274EAG8<br>LEI: 54930093Q75GSEM74I71 | Long             | DBT              | CORP              | DE        |     30000 | PA      | $29195.03     | 0.01%             | 2024-10-08      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN FM4532                                               | CUSIP: 3140X8BA4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   1491588 | PA      | $1365794.63   | 0.49%             | 2050-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| DONLEN FLEET LEASE FUNDING 2                            | DONLEN FLEET LEASE FUNDING 2 LLC DFLF2 2021-2 B                         | CUSIP: 257812AE7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    340000 | PA      | $320544.38    | 0.12%             | 2034-12-11      | Fixed         | 0.98%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN CA6943                                               | CUSIP: 3140QEWD0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   1268281 | PA      | $1073263.99   | 0.39%             | 2050-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| ADVOCATE HEALTH AND HOSPITALS CORPORATION               | ADVOCATE HEALTH & HOSPITALS CORP 2.211000% 06/15/2030                   | CUSIP: 007589AD6<br>LEI: 549300AEHU3PPOUCIL87 | Long             | DBT              | CORP              | US        |    395000 | PA      | $333993.87    | 0.12%             | 2030-06-15      | Fixed         | 2.21%                 | No            |                  2 | On Loan: No      |
| JBS USA Lux S.A.                                        | JBS USA LUX SA / JBS USA FOOD CO / JBS USA FINANCE 6.500000% 12/01/2052 | CUSIP: 46590XAJ5<br>LEI: P77IMDGVZE8EFBTF2M92 | Long             | DBT              | NUSS              | US        |    575000 | PA      | $587356.75    | 0.21%             | 2052-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE FLEET FINANCING LLC                          | ENTERPRISE FLEET FINANCING 2022-3 LLC EFF 2022-3 A2                     | CUSIP: 29374FAB9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    460000 | PA      | $452299.14    | 0.16%             | 2029-07-20      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| MIDCAP FINANCIAL ISSUER TRUST                           | MIDCAP FINANCIAL ISSUER TRUST 144A 5.625000% 01/15/2030                 | CUSIP: 59590AAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    775000 | PA      | $625812.50    | 0.23%             | 2030-01-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| WESTPAC BANKING CORPORATION                             | WESTPAC BANKING CORP 2.668000% 11/15/2035                               | CUSIP: 961214EP4<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | NUSS              | AU        |    580000 | PA      | $455571.61    | 0.16%             | 2035-11-15      | Fixed         | 2.67%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN AZ9821                                               | CUSIP: 3140E24F5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |      6234 | PA      | $5973.74      | 0.00%             | 2045-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                            | BARCLAYS PLC 4.375000% 01/12/2026                                       | CUSIP: 06738EAN5<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | NUSS              | GB        |    830000 | PA      | $813245.05    | 0.29%             | 2026-01-12      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| MVW OWNER TRUST                                         | MVW 2021-1W LLC MVWOT 2021-1WA A                                        | CUSIP: 55389TAA9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    305630 | PA      | $279218.39    | 0.10%             | 2041-01-22      | Fixed         | 1.14%                 | Yes           |                  2 | On Loan: No      |
| ATHENE HOLDING LTD.                                     | ATHENE HOLDING LTD 4.125000% 01/12/2028                                 | CUSIP: 04686JAA9<br>LEI: 549300H316CT32FQXI76 | Long             | DBT              | CORP              | US        |    875000 | PA      | $833817.63    | 0.30%             | 2028-01-12      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| United States of America                                | US TREASURY N/B 3.875000% 12/31/2027                                    | CUSIP: 91282CGC9<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   6300000 | PA      | $6371367.16   | 2.29%             | 2027-12-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY MORTGAGE LLC                          | STWD 2019-FL1 LTD STWD 2019-FL1 A                                       | CUSIP: 78485WAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    279874 | PA      | $278604.57    | 0.10%             | 2038-07-15      | Floating      | 5.68%                 | No            |                  2 | On Loan: No      |
| CHASE AUTO CREDIT LINKED NOTES                          | JPMORGAN CHASE BANK NA - CACLN CACLN 2021-2 B                           | CUSIP: 48128U2M0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    233585 | PA      | $224623.33    | 0.08%             | 2028-12-26      | Fixed         | 0.89%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN FM7114                                               | CUSIP: 3140XA3Y6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   1286657 | PA      | $1172478.03   | 0.42%             | 2036-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| SPRINT LLC                                              | SPRINT LLC 7.875000% 09/15/2023                                         | CUSIP: 85207UAF2<br>LEI: 549300ZTTY7CXOLJ6539 | Long             | DBT              | CORP              | US        |    515000 | PA      | $522659.60    | 0.19%             | 2023-09-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC                                       | NATWEST GROUP PLC 7.472000% 11/10/2026                                  | CUSIP: 639057AG3<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | NUSS              | GB        |    735000 | PA      | $777502.21    | 0.28%             | 2026-11-10      | Fixed         | 7.47%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INCORPORATED                         | UNITEDHEALTH GROUP INC 5.875000% 02/15/2053                             | CUSIP: 91324PES7<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    610000 | PA      | $698449.82    | 0.25%             | 2053-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                | GINNIE MAE I POOL GN 784443                                             | CUSIP: 3622A25C2<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |     44217 | PA      | $44831.60     | 0.02%             | 2042-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PROSPECT CAPITAL CORPORATION                            | PROSPECT CAPITAL CORP 3.706000% 01/22/2026                              | CUSIP: 74348TAU6<br>LEI: 549300FSD8T39P5Q0O47 | Long             | DBT              | CORP              | US        |    290000 | PA      | $264229.62    | 0.10%             | 2026-01-22      | Fixed         | 3.71%                 | No            |                  2 | On Loan: No      |
| MUNICIPAL ELEC AUTH GA                                  | MUNI ELEC AUTH OF GEORGIA MUNICIPAL ELECTRIC AUTHORITY OF GEORGIA       | CUSIP: 626207YS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    204000 | PA      | $219202.71    | 0.08%             | 2057-04-01      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| TULLOW OIL PLC                                          | TULLOW OIL PLC 144A 10.250000% 05/15/2026                               | CUSIP: 899415AG8<br>LEI: 2138003EYHWO75RKS857 | Long             | DBT              | NUSS              | GH        |    510000 | PA      | $439875.00    | 0.16%             | 2026-05-15      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN MA3183                                               | CUSIP: 31418CRD8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   1020474 | PA      | $1003499.60   | 0.36%             | 2047-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TSMC ARIZONA CORPORATION                                | TSMC ARIZONA CORP 1.750000% 10/25/2026                                  | CUSIP: 872898AA9<br>LEI: 2549005GOBWLCSY63Q97 | Long             | DBT              | CORP              | TW        |    750000 | PA      | $678923.44    | 0.24%             | 2026-10-25      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| SOFI PROFESSIONAL LOAN PROGRAM                          | SOFI PROFESSIONAL LOAN PROGRAM 2021-A TRUST SOFI 2021-A AFX             | CUSIP: 83405YAA0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    237769 | PA      | $202189.09    | 0.07%             | 2043-08-17      | Fixed         | 1.03%                 | Yes           |                  2 | On Loan: No      |
| GOODGREEN TRUST                                         | GOODGREEN 2021-1 TRUST GOODG 2021-1A A                                  | CUSIP: 38217UAA0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    276249 | PA      | $229488.09    | 0.08%             | 2056-10-15      | Fixed         | 2.66%                 | Yes           |                  2 | On Loan: No      |
| MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY             | MASSACHUSETTS MUTUAL LIFE INSURANCE CO 144A 3.375000% 04/15/2050        | CUSIP: 575767AQ1<br>LEI: R6ZXK5P01NP6HXSY1S07 | Long             | DBT              | CORP              | US        |    700000 | PA      | $535888.08    | 0.19%             | 2050-04-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2              | GINNIE MAE II POOL G2 766531                                            | CUSIP: 36176HLL6<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |       360 | PA      | $353.24       | 0.00%             | 2062-06-20      | Floating      | 4.69%                 | No            |                  2 | On Loan: No      |
| BAYVIEW COMMERCIAL ASSET TRUST                          | BAYVIEW COMMERCIAL ASSET TRUST 2004-3 BAYC 2004-3 A1                    | CUSIP: 07324SAX0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     44654 | PA      | $44544.00     | 0.02%             | 2035-01-25      | Floating      | 5.06%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE SA                                     | SOCIETE GENERALE SA MTN 7.367000% 01/10/2053                            | CUSIP: 83368RBT8<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | NUSS              | FR        |    400000 | PA      | $433765.33    | 0.16%             | 2053-01-10      | Fixed         | 7.37%                 | No            |                  2 | On Loan: No      |
| United States of America                                | TREASURY BILL 0.000000% 02/09/2023                                      | CUSIP: 912796XZ7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  11185000 | PA      | $11174573.12  | 4.02%             | 2023-02-09      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ARBOR MULTIFAMILY MORTGAGE SECURITIES TRUST             | ARBOR MULTIFAMILY MORTGAGE SECURITIES TRUST 2021-M AMMST 2021-MF2 B     | CUSIP: 03881VAQ2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    360000 | PA      | $270716.22    | 0.10%             | 2054-06-15      | Floating      | 2.56%                 | Yes           |                  2 | On Loan: No      |
| CITIGROUP INC.                                          | CITIGROUP INC 8.125000% 07/15/2039                                      | CUSIP: 172967EW7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    415000 | PA      | $549759.45    | 0.20%             | 2039-07-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| 1345 AVENUE OF THE AMERICAS AND PARK AVENUE PLAZA TRUST | 1345 AVENUE OF THE AMERICAS & PARK AVENUE PLAZA TR FB 2005-1 A3         | CUSIP: 68275CAC2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    331081 | PA      | $320321.45    | 0.12%             | 2035-08-10      | Fixed         | 5.28%                 | No            |                  2 | On Loan: No      |
| CHENIERE CORPUS CHRISTI HOLDINGS, LLC                   | CHENIERE CORPUS CHRISTI HOLDINGS LLC 3.700000% 11/15/2029               | CUSIP: 16412XAJ4<br>LEI: 549300I7CIEWU1BBLQ53 | Long             | DBT              | CORP              | US        |    883000 | PA      | $829224.88    | 0.30%             | 2029-11-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN MA2806                                               | CUSIP: 31418CDL5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    837894 | PA      | $779316.79    | 0.28%             | 2046-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES TRUST  | J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES T JPMCC 2018-BCON B    | CUSIP: 46590WAE8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    145000 | PA      | $144697.20    | 0.05%             | 2031-01-05      | Floating      | 3.76%                 | No            |                  2 | On Loan: No      |
| VALIDUS HOLDINGS, LTD.                                  | VALIDUS HOLDINGS LTD 8.875000% 01/26/2040                               | CUSIP: 91915WAB8<br>LEI: 549300V97BMXPCWUAZ30 | Long             | DBT              | NUSS              | US        |    115000 | PA      | $146903.25    | 0.05%             | 2040-01-26      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | FREDDIE MAC GOLD POOL FG G60847                                         | CUSIP: 31335A5G9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |     16842 | PA      | $16656.52     | 0.01%             | 2045-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO.                                    | JPMORGAN CHASE & CO 1.045000% 11/19/2026                                | CUSIP: 46647PBT2<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    760000 | PA      | $680243.57    | 0.24%             | 2026-11-19      | Fixed         | 1.04%                 | No            |                  2 | On Loan: No      |
| FREMF MORTGAGE TRUST                                    | FREMF 2013-K31 MORTGAGE TRUST FREMF 2013-K31 C                          | CUSIP: 30291MAQ9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     25000 | PA      | $24752.42     | 0.01%             | 2046-07-25      | Floating      | 3.62%                 | No            |                  2 | On Loan: No      |
| NOVASTAR HOME EQUITY LOAN                               | NOVASTAR MORTGAGE FUNDING TRUST SERIES 2003-3 NHEL 2003-3 A1            | CUSIP: 66987XCQ6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      8966 | PA      | $8661.45      | 0.00%             | 2033-12-25      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| BWAY MORTGAGE TRUST                                     | BWAY 2015-1740 MORTGAGE TRUST BWAY 2015-1740 A                          | CUSIP: 05604LAA0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    750000 | PA      | $670202.25    | 0.24%             | 2035-01-10      | Fixed         | 2.92%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                          | MORGAN STANLEY MTN 2.511000% 10/20/2032                                 | CUSIP: 61747YEH4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    795000 | PA      | $656556.28    | 0.24%             | 2032-10-20      | Fixed         | 2.51%                 | 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        |    295168 | PA      | $291474.39    | 0.10%             | 2035-07-16      | Floating      | 5.72%                 | Yes           |                  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        |    425000 | PA      | $399551.30    | 0.14%             | 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        |    330000 | PA      | $307063.52    | 0.11%             | 2047-11-15      | Floating      | 4.35%                 | No            |                  2 | On Loan: No      |
| THE GOLDMAN SACHS GROUP, INC.                           | GOLDMAN SACHS GROUP INC/THE 3.102000% 02/24/2033                        | CUSIP: 38141GZM9<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    915000 | PA      | $784120.04    | 0.28%             | 2033-02-24      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | FREDDIE MAC GOLD POOL FG G08741                                         | CUSIP: 3128MJZF0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   2189001 | PA      | $2028790.91   | 0.73%             | 2047-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN BC0302                                               | CUSIP: 3140EUKQ1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     13297 | PA      | $13456.39     | 0.00%             | 2046-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I, L.P.                                  | HILCORP ENERGY I LP / HILCORP FINANCE CO 144A 6.250000% 04/15/2032      | CUSIP: 431318AZ7<br>LEI: 549300ITPIHLG0LHEC09 | Long             | DBT              | CORP              | US        |   1127000 | PA      | $1040268.90   | 0.37%             | 2032-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | FREDDIE MAC MULTIFAMILY STRUCTURED PASS THROUGH CE FHMS KLU1 A4         | CUSIP: 3137FMCM2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    260000 | PA      | $240527.77    | 0.09%             | 2031-01-25      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| United States of America                                | US TREASURY N/B 3.000000% 08/15/2052                                    | CUSIP: 912810TJ7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7645000 | PA      | $6764630.47   | 2.43%             | 2052-08-15      | Fixed         | 3.00%                 | No            |                  1 | On Loan: No      |
| DLLST LLC                                               | DLLST 2022-1 LLC DLLST 2022-1A A3                                       | CUSIP: 23292GAC7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    300000 | PA      | $293937.36    | 0.11%             | 2025-01-21      | Fixed         | 3.40%                 | Yes           |                  2 | On Loan: No      |
| ARIVO ACCEPTANCE AUTO LOAN RECEIVABLES TRUST            | ARIVO ACCEPTANCE AUTO LOAN RECEIVABLES TRUST 2021- ARIVO 2021-1A A      | CUSIP: 04047AAA2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    100004 | PA      | $96864.39     | 0.03%             | 2027-01-15      | Fixed         | 1.19%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN MA2956                                               | CUSIP: 31418CJA3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     78028 | PA      | $72219.04     | 0.03%             | 2047-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| STRATA CLO LTD                                          | STRATA CLO II LTD STRTA 2021-1A A1                                      | CUSIP: 86271PAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1100000 | PA      | $1091457.40   | 0.39%             | 2033-10-20      | Floating      | 6.40%                 | Yes           |                  2 | On Loan: No      |
| Mitsubishi UFJ Financial Group, Inc.                    | MITSUBISHI UFJ FINANCIAL GROUP INC 5.063000% 09/12/2025                 | CUSIP: 606822CQ5<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | NUSS              | JP        |    940000 | PA      | $938850.61    | 0.34%             | 2025-09-12      | Fixed         | 5.06%                 | No            |                  2 | On Loan: No      |
| CANTOR FITZGERALD, L.P.                                 | CANTOR FITZGERALD LP 144A 4.500000% 04/14/2027                          | CUSIP: 138616AK3<br>LEI: 549300RLUEEVQEMX0450 | Long             | DBT              | CORP              | US        |    775000 | PA      | $728403.39    | 0.26%             | 2027-04-14      | Fixed         | 4.50%                 | 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        |      1554 | PA      | $142.85       | 0.00%             | 2060-07-20      | Floating      | 1.40%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | BROWN BROTHERS HARRIMAN SWEEP INTEREST                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |   9622467 | PA      | $9622467.38   | 3.46%             |  |  |  | No            |                  2 | On Loan: No      |
| DANSKE BANK A/S                                         | DANSKE BANK A/S 144A 6.466000% 01/09/2026                               | CUSIP: 23636ABF7<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | DBT              | NUSS              | DK        |    670000 | PA      | $680263.30    | 0.24%             | 2026-01-09      | Fixed         | 6.47%                 | No            |                  2 | On Loan: No      |
| DEVON ENERGY CORPORATION                                | DEVON ENERGY CORP 5.600000% 07/15/2041                                  | CUSIP: 25179MAL7<br>LEI: 54930042348RKR3ZPN35 | Long             | DBT              | CORP              | US        |    405000 | PA      | $401364.31    | 0.14%             | 2041-07-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | FREDDIE MAC POOL FR SD1096                                              | CUSIP: 3132DNGD9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   1776811 | PA      | $1502925.49   | 0.54%             | 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        |   1775528 | PA      | $1499062.62   | 0.54%             | 2051-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Teva Pharmaceutical Finance Netherlands III B.V.        | TEVA PHARMACEUTICAL FINANCE NETHERLANDS III BV 2.800000% 07/21/2023     | CUSIP: 88167AAD3<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | NUSS              | IL        |   1055000 | PA      | $1040926.30   | 0.37%             | 2023-07-21      | Fixed         | 2.80%                 | 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        |     99556 | PA      | $94278.72     | 0.03%             | 2063-02-25      | Floating      | 3.09%                 | No            |                  2 | On Loan: No      |
| United States of America                                | US 10YR NOTE (CBT)MAR23 FINANCIAL COMMODITY FUTURE.                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        21 | NC      | $2404828.13   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| CSAIL COMMERCIAL MORTGAGE TRUST                         | CSAIL 2016-C7 COMMERCIAL MORTGAGE TRUST CSAIL 2016-C7 ASB               | CUSIP: 12637UAX7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    394701 | PA      | $382832.10    | 0.14%             | 2049-11-15      | Fixed         | 3.31%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA, INC.                                      | T-MOBILE USA INC 4.500000% 04/15/2050                                   | CUSIP: 87264AAZ8<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    590000 | PA      | $521041.80    | 0.19%             | 2050-04-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | FREDDIE MAC POOL FR RA5680                                              | CUSIP: 3133KMJZ9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   3838525 | PA      | $3235928.53   | 1.16%             | 2051-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | FREDDIE MAC GOLD POOL FG G67708                                         | CUSIP: 3132XCR56<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   2307936 | PA      | $2210952.78   | 0.80%             | 2048-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN AL5760                                               | CUSIP: 3138ENMJ5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     31128 | PA      | $30847.69     | 0.01%             | 2043-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN AC9581                                               | CUSIP: 31417WUF6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |      2364 | PA      | $2477.79      | 0.00%             | 2040-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | FREDDIE MAC GOLD POOL FG G15963                                         | CUSIP: 3128MEZ46<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |     78804 | PA      | $74941.78     | 0.03%             | 2031-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| STACK INFRASTRUCTURE ISSUER, LLC                        | STACK INFRASTRUCTURE ISSUER LLC SIDC 2020-1A A2                         | CUSIP: 85236KAD4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    300000 | PA      | $272994.75    | 0.10%             | 2045-08-25      | Fixed         | 1.89%                 | No            |                  2 | On Loan: No      |
| TOWD POINT MORTGAGE TRUST                               | TOWD POINT MORTGAGE TRUST 2019-4 TPMT 2019-4 A1                         | CUSIP: 89178BAA2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     87988 | PA      | $82012.00     | 0.03%             | 2059-10-25      | Floating      | 2.90%                 | No            |                  2 | On Loan: No      |
| MF1 LTD                                                 | MF1 2021-FL7 LTD MF1 2021-FL7 A                                         | CUSIP: 55284AAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    510000 | PA      | $493543.83    | 0.18%             | 2036-10-16      | Floating      | 5.55%                 | Yes           |                  2 | On Loan: No      |
| EQUS MORTGAGE TRUST                                     | EQUS 2021-EQAZ MORTGAGE TRUST EQUS 2021-EQAZ B                          | CUSIP: 29478JAG5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    454991 | PA      | $441320.59    | 0.16%             | 2038-10-15      | Floating      | 5.56%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE REMICS FNR 2005-24 ZE                                        | CUSIP: 31394CF98<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |      3605 | PA      | $3636.61      | 0.00%             | 2035-04-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| United States of America                                | US TREASURY N/B 4.125000% 01/31/2025                                    | CUSIP: 91282CGG0<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   2180000 | PA      | $2177530.47   | 0.78%             | 2025-01-31      | Fixed         | 4.12%                 | 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      | $157344.71    | 0.06%             | 2032-06-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN FM8694                                               | CUSIP: 3140XCUU0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   1823702 | PA      | $1631997.92   | 0.59%             | 2051-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN AN8044                                               | CUSIP: 3138LL5E1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    165000 | PA      | $157794.53    | 0.06%             | 2028-01-01      | Fixed         | 3.04%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE SA                                     | SOCIETE GENERALE SA MTN 2.625000% 01/22/2025                            | CUSIP: 83368RAV4<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | NUSS              | FR        |    720000 | PA      | $683402.44    | 0.25%             | 2025-01-22      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN AL5814                                               | CUSIP: 3138ENN88<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |      9225 | PA      | $9529.73      | 0.00%             | 2040-07-01      | Fixed         | 5.50%                 | 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        |   1159110 | PA      | $1034115.98   | 0.37%             | 2051-11-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| United States of America                                | US TREASURY N/B 3.500000% 01/31/2028                                    | CUSIP: 91282CGH8<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   1195000 | PA      | $1189678.52   | 0.43%             | 2028-01-31      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION BRANDS, INC.                              | CONSTELLATION BRANDS INC 4.400000% 11/15/2025                           | CUSIP: 21036PBB3<br>LEI: 5493005GKEG8QCVY7037 | Long             | DBT              | CORP              | US        |    265000 | PA      | $262647.06    | 0.09%             | 2025-11-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN FS3396                                               | CUSIP: 3140XJX24<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    857075 | PA      | $879803.65    | 0.32%             | 2052-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SMB PRIVATE EDUCATION LOAN TRUST                        | SMB PRIVATE EDUCATION LOAN TRUST 2021-D SMB 2021-D A1A                  | CUSIP: 78449MAA4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    514956 | PA      | $465166.84    | 0.17%             | 2053-03-17      | Fixed         | 1.34%                 | Yes           |                  2 | On Loan: No      |
| United States of America                                | US TREASURY N/B 4.125000% 09/30/2027                                    | CUSIP: 91282CFM8<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   3630000 | PA      | $3703592.59   | 1.33%             | 2027-09-30      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                   | WELLS FARGO & CO MTN 3.196000% 06/17/2027                               | CUSIP: 95000U2F9<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    720000 | PA      | $681471.94    | 0.25%             | 2027-06-17      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE SA                                     | SOCIETE GENERALE SA 144A 3.625000% 03/01/2041                           | CUSIP: 83368RBB7<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | NUSS              | FR        |    435000 | PA      | $308031.05    | 0.11%             | 2041-03-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS INC.                             | VERIZON COMMUNICATIONS INC 5.250000% 03/16/2037                         | CUSIP: 92343VDU5<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    760000 | PA      | $781063.89    | 0.28%             | 2037-03-16      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| United States of America                                | US TREASURY N/B 3.250000% 06/30/2029                                    | CUSIP: 91282CEV9<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   2275000 | PA      | $2230566.41   | 0.80%             | 2029-06-30      | Fixed         | 3.25%                 | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN AZ4471                                               | CUSIP: 3138YV6H7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |      7014 | PA      | $6907.21      | 0.00%             | 2030-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CITIGROUP CAPITAL III                                   | CITIGROUP CAPITAL III 7.625000% 12/01/2036                              | CUSIP: 17305HAA6<br>LEI: 549300XM9G8HLD2LDU04 | Long             | DBT              | CORP              | US        |     15000 | PA      | $16606.32     | 0.01%             | 2036-12-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| VONTIER CORPORATION                                     | VONTIER CORP 2.950000% 04/01/2031                                       | CUSIP: 928881AF8<br>LEI: 549300VVSQLG4P5K4639 | Long             | DBT              | CORP              | US        |    285000 | PA      | $220746.75    | 0.08%             | 2031-04-01      | Fixed         | 2.95%                 | 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        |    598412 | PA      | $553911.46    | 0.20%             | 2032-03-10      | Fixed         | 2.94%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN MA4305                                               | CUSIP: 31418DYB2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   2623134 | PA      | $2214712.76   | 0.80%             | 2051-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| NAVIENT PRIVATE EDUCATION LOAN TRUST                    | NAVIENT PRIVATE EDUCATION REFI LOAN TRUST 2022-B NAVSL 2022-BA A        | CUSIP: 63942PAA1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    451999 | PA      | $438309.40    | 0.16%             | 2070-10-15      | Fixed         | 4.16%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                             | FREDDIE MAC POOL FR RA8382                                              | CUSIP: 3133KQJ31<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   1650076 | PA      | $1657178.17   | 0.60%             | 2053-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SMALL BUSINESS INVESTMENT COMPANIES                     | SBA SMALL BUSINESS INVESTMENT COS SBIC 2022-10B 1                       | CUSIP: 831641FU4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    325000 | PA      | $322007.95    | 0.12%             | 2032-09-10      | Fixed         | 4.26%                 | 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        |     41233 | PA      | $38445.53     | 0.01%             | 2068-08-15      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| UBS COMMERCIAL MORTGAGE TRUST                           | UBS COMMERCIAL MORTGAGE TRUST 2017-C7 UBSCM 2017-C7 A3                  | CUSIP: 90276WAR8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    269280 | PA      | $252706.24    | 0.09%             | 2050-12-15      | Fixed         | 3.42%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE SECURED LENDING FUND                         | BLACKSTONE SECURED LENDING FUND 3.625000% 01/15/2026                    | CUSIP: 09261LAC2<br>LEI: 549300KM7KWQHVBNH962 | Long             | DBT              | CORP              | US        |    590000 | PA      | $550168.42    | 0.20%             | 2026-01-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | FREDDIE MAC MULTICLASS CERTIFICATES SERIES 2021-P0 FHMR 2021-P009 A2    | CUSIP: 3137H13V6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    295000 | PA      | $251610.96    | 0.09%             | 2031-01-25      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | FREDDIE MAC POOL FR SD7548                                              | CUSIP: 3132DVL52<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   2842142 | PA      | $2525385.98   | 0.91%             | 2051-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| VOLKSWAGEN GROUP OF AMERICA FINANCE, LLC                | VOLKSWAGEN GROUP OF AMERICA FINANCE LLC 144A 1.250000% 11/24/2025       | CUSIP: 928668BL5<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | DE        |    905000 | PA      | $818070.09    | 0.29%             | 2025-11-24      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC                                       | NATWEST GROUP PLC 1.642000% 06/14/2027                                  | CUSIP: 639057AC2<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    475000 | PA      | $422222.64    | 0.15%             | 2027-06-14      | Fixed         | 1.64%                 | 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        |    819000 | PA      | $784199.20    | 0.28%             | 2027-03-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| HERTZ VEHICLE FINANCING III LLC                         | HERTZ VEHICLE FINANCING III LLC HERTZ 2022-1A A                         | CUSIP: 42806MAJ8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    520000 | PA      | $483642.80    | 0.17%             | 2026-06-25      | Fixed         | 1.99%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE REMICS FNR 2012-121 TB                                       | CUSIP: 3136A9XP8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     18813 | PA      | $20432.89     | 0.01%             | 2042-11-25      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN AY4204                                               | CUSIP: 3138YHU65<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |      9217 | PA      | $8846.80      | 0.00%             | 2045-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Takeda Pharmaceutical Company Limited                   | TAKEDA PHARMACEUTICAL CO LTD 5.000000% 11/26/2028                       | CUSIP: 874060AW6<br>LEI: 549300ZLMVP4X0OGR454 | Long             | DBT              | NUSS              | JP        |    750000 | PA      | $762053.84    | 0.27%             | 2028-11-26      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER, S.A.                                   | BANCO SANTANDER SA 1.722000% 09/14/2027                                 | CUSIP: 05964HAN5<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | NUSS              | ES        |    400000 | PA      | $351260.56    | 0.13%             | 2027-09-14      | Fixed         | 1.72%                 | No            |                  2 | On Loan: No      |
| Altria Group, Inc.                                      | ALTRIA GROUP INC 10.200000% 02/06/2039                                  | CUSIP: 02209SAH6<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |     40000 | PA      | $55005.88     | 0.02%             | 2039-02-06      | Fixed         | 10.20%                | No            |                  2 | On Loan: No      |
| CARS DB                                                 | CARS-DB5 LP CAUTO 2021-1A A2                                            | CUSIP: 12510HAL4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    599375 | PA      | $477984.05    | 0.17%             | 2051-08-15      | Fixed         | 2.28%                 | Yes           |                  2 | On Loan: No      |
| SOUTHWICK PARK CLO LTD                                  | SOUTHWICK PARK CLO LLC STHWK 2019-4A A1R                                | CUSIP: 846031AN2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1490000 | PA      | $1473522.09   | 0.53%             | 2032-07-20      | Floating      | 5.87%                 | Yes           |                  2 | On Loan: No      |
| THE GOLDMAN SACHS GROUP, INC.                           | GOLDMAN SACHS GROUP INC/THE 3.272000% 09/29/2025                        | CUSIP: 38141GWQ3<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    700000 | PA      | $678300.09    | 0.24%             | 2025-09-29      | Fixed         | 3.27%                 | No            |                  2 | On Loan: No      |
| United States of America                                | US TREASURY N/B 4.000000% 11/15/2052                                    | CUSIP: 912810TL2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5300000 | PA      | $5667687.50   | 2.04%             | 2052-11-15      | Fixed         | 4.00%                 | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN AE0811                                               | CUSIP: 31419A3V7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |       653 | PA      | $689.95       | 0.00%             | 2039-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | FREDDIE MAC GOLD POOL FG Q56092                                         | CUSIP: 3132XYXW2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |     64583 | PA      | $65143.07     | 0.02%             | 2048-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN FM7641                                               | CUSIP: 3140XBP38<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    933456 | PA      | $925051.63    | 0.33%             | 2045-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MTN COMMERCIAL MORTGAGE TRUST                           | MTN COMMERCIAL MORTGAGE TRUST 2022-LPFL MTN 2022-LPFL B                 | CUSIP: 62475WAC9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    195000 | PA      | $189145.09    | 0.07%             | 2039-03-15      | Floating      | 6.37%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                             | FREDDIE MAC GOLD POOL FG G60085                                         | CUSIP: 31335ACW6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |      3224 | PA      | $3389.87      | 0.00%             | 2041-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DIAMONDBACK ENERGY, INC.                                | DIAMONDBACK ENERGY INC 6.250000% 03/15/2033                             | CUSIP: 25278XAV1<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |    915000 | PA      | $973798.59    | 0.35%             | 2033-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2              | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 30YR TBA FEBRUARY              | CUSIP: 21H032621<br>LEI: N/A                  | Long             | DBT              |  | US        |    889000 | PA      | $840503.08    | 0.30%             | 2045-02-19      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN CA2172                                               | CUSIP: 3140Q9MW0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     11866 | PA      | $11894.33     | 0.00%             | 2048-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MARVELL TECHNOLOGY, INC                                 | MARVELL TECHNOLOGY INC 1.650000% 04/15/2026                             | CUSIP: 573874AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    767000 | PA      | $690582.75    | 0.25%             | 2026-04-15      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN AB9953                                               | CUSIP: 31417HBX1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    771399 | PA      | $745057.24    | 0.27%             | 2043-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS AND ELECTRIC COMPANY                        | PACIFIC GAS AND ELECTRIC CO 1.700000% 11/15/2023                        | CUSIP: 694308JY4<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    835000 | PA      | $813310.97    | 0.29%             | 2023-11-15      | Fixed         | 1.70%                 | 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        |    724252 | PA      | $637701.85    | 0.23%             | 2051-04-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | FREDDIE MAC GOLD POOL FG Q50962                                         | CUSIP: 3132XTB80<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |     18446 | PA      | $17649.87     | 0.01%             | 2047-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN CA7031                                               | CUSIP: 3140QEY55<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    674055 | PA      | $601867.25    | 0.22%             | 2050-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| SIMON PROPERTY GROUP, L.P.                              | SIMON PROPERTY GROUP LP 2.450000% 09/13/2029                            | CUSIP: 828807DF1<br>LEI: MR92GTD0MJTTTTQDVG45 | Long             | DBT              | CORP              | US        |    590000 | PA      | $511911.81    | 0.18%             | 2029-09-13      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN MA3306                                               | CUSIP: 31418CU85<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    671623 | PA      | $659941.67    | 0.24%             | 2048-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN BH2594                                               | CUSIP: 3140GQ3C8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     37873 | PA      | $36214.23     | 0.01%             | 2047-08-01      | Fixed         | 3.50%                 | 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      | $192558.66    | 0.07%             | 2048-05-15      | Floating      | 4.33%                 | No            |                  2 | On Loan: No      |
| ESSENTIAL PROPERTIES, L.P.                              | ESSENTIAL PROPERTIES LP 2.950000% 07/15/2031                            | CUSIP: 29670VAA7<br>LEI: 254900XX9FNFCDE1NX02 | Long             | DBT              | CORP              | US        |    760000 | PA      | $577263.78    | 0.21%             | 2031-07-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| CSAIL COMMERCIAL MORTGAGE TRUST                         | CSAIL 2015-C3 COMMERCIAL MORTGAGE TRUST CSAIL 2015-C3 A3                | CUSIP: 12635FAS3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    109031 | PA      | $105002.70    | 0.04%             | 2048-08-15      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| SPRINT SPECTRUM CO LLC                                  | SPRINT SPECTRUM CO LLC / SPRINT SPECTRUM CO II LLC 5.152000% 03/20/2028 | CUSIP: 85208NAE0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1710000 | PA      | $1707031.13   | 0.61%             | 2028-03-20      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| ATHENE GLOBAL FUNDING                                   | ATHENE GLOBAL FUNDING 144A 2.950000% 11/12/2026                         | CUSIP: 04685A2K6<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |    600000 | PA      | $546714.51    | 0.20%             | 2026-11-12      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| United States of America                                | US TREASURY N/B 4.125000% 10/31/2027                                    | CUSIP: 91282CFU0<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   6590000 | PA      | $6726433.56   | 2.42%             | 2027-10-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | FREDDIE MAC POOL FR SD0225                                              | CUSIP: 3132DMHA6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |     71526 | PA      | $66354.06     | 0.02%             | 2047-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BAYER US FINANCE II LLC                                 | BAYER US FINANCE II LLC 144A 4.700000% 07/15/2064                       | CUSIP: 07274NBH5<br>LEI: 529900XWNEXYNJ3X6T40 | Long             | DBT              | CORP              | DE        |    765000 | PA      | $646431.20    | 0.23%             | 2064-07-15      | Fixed         | 4.70%                 | 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        |    604933 | PA      | $561023.20    | 0.20%             | 2027-09-30      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| SLM PRIVATE CREDIT STUDENT LOAN TRUST                   | SLM PRIVATE CREDIT STUDENT LOAN TRUST 2004-B SLMA 2004-B A3             | CUSIP: 78443CBN3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      1754 | PA      | $1750.43      | 0.00%             | 2024-03-15      | Floating      | 5.10%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE OR FREDDIE MAC 30YR TBA (FEBRUARY)                           | CUSIP: 01F042624<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   4264346 | PA      | $4211041.68   | 1.52%             | 2053-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ORANGE LAKE TIMESHARE TRUST                             | ORANGE LAKE TIMESHARE TRUST 2019-A ONGLT 2019-A A                       | CUSIP: 68504UAA9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    127231 | PA      | $122503.43    | 0.04%             | 2038-04-09      | Fixed         | 3.06%                 | No            |                  2 | On Loan: No      |
| JOHN DEERE OWNER TRUST                                  | JOHN DEERE OWNER TRUST 2022 JDOT 2022-A A3                              | CUSIP: 47787JAC2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    330000 | PA      | $316252.37    | 0.11%             | 2026-09-16      | Fixed         | 2.32%                 | No            |                  2 | On Loan: No      |
| FINANCE OF AMERICA FUNDING LLC                          | FINANCE OF AMERICA FUNDING LLC 144A 7.875000% 11/15/2025                | CUSIP: 317386AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1245000 | PA      | $765022.53    | 0.28%             | 2025-11-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | FREDDIE MAC POOL FR RA3053                                              | CUSIP: 3133KJMA7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    623518 | PA      | $529788.94    | 0.19%             | 2050-07-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| JPMBB COMMERCIAL MORTGAGE SECURITIES TRUST              | JPMBB COMMERCIAL MORTGAGE SECURITIES TRUST 2014-C2 JPMBB 2014-C21 AS    | CUSIP: 46642EBC9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    825000 | PA      | $796883.84    | 0.29%             | 2047-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL                                        | PARAMOUNT GLOBAL 5.900000% 10/15/2040                                   | CUSIP: 124857AF0<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |    455000 | PA      | $422150.09    | 0.15%             | 2040-10-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | FREDDIE MAC WHOLE LOAN SECURITIES TRUST 2016-SC01 FWLS 2016-SC01 2A     | CUSIP: 3137G1AW7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |     31488 | PA      | $29954.12     | 0.01%             | 2046-07-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CSMC COMMERCIAL MORTGAGE TRUST                          | CSMC TRUST 2016-NXSR CSMC 2016-NXSR A4                                  | CUSIP: 12594PAV3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    430000 | PA      | $411649.54    | 0.15%             | 2049-12-15      | Floating      | 3.79%                 | No            |                  2 | On Loan: No      |
| SANTANDER DRIVE AUTO RECEIVABLES TRUST                  | SANTANDER DRIVE AUTO RECEIVABLES TRUST 2022-3 SDART 2022-3 A3           | CUSIP: 80285UAD3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    560000 | PA      | $551109.78    | 0.20%             | 2026-12-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY CAPITAL I TRUST                          | MORGAN STANLEY CAPITAL I TRUST 2022-L8 MSC 2022-L8 AS                   | CUSIP: 61774LBN8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    405000 | PA      | $357211.78    | 0.13%             | 2055-04-15      | Floating      | 3.79%                 | No            |                  2 | On Loan: No      |
| CIM TRUST                                               | CIM TRUST 2021-R6 CIM 2021-R6 A1                                        | CUSIP: 12567RAA8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    815389 | PA      | $728822.06    | 0.26%             | 2061-07-25      | Floating      | 1.42%                 | Yes           |                  2 | On Loan: No      |
| ENTERPRISE FLEET FINANCING LLC                          | ENTERPRISE FLEET FUNDING 2021-1 LLC EFF 2021-1 A3                       | CUSIP: 29374EAC0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    285000 | PA      | $266157.88    | 0.10%             | 2026-12-21      | Fixed         | 0.70%                 | Yes           |                  2 | On Loan: No      |
| ORACLE CORPORATION                                      | ORACLE CORP 3.800000% 11/15/2037                                        | CUSIP: 68389XBP9<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    990000 | PA      | $832086.63    | 0.30%             | 2037-11-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| WHEELS SPV, LLC                                         | WHEELS SPV 2 LLC WHLS 2020-1A A2                                        | CUSIP: 96328DBT0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     45295 | PA      | $44830.30     | 0.02%             | 2029-08-20      | Fixed         | 0.51%                 | No            |                  2 | 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        |    790000 | PA      | $739966.35    | 0.27%             | 2040-11-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE OR FREDDIE MAC 30YR TBA (FEBRUARY)                           | CUSIP: 01F032625<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   1040000 | PA      | $975262.57    | 0.35%             | 2053-02-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | FREDDIE MAC POOL FR SD1093                                              | CUSIP: 3132DNGA5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   1367351 | PA      | $1174941.06   | 0.42%             | 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        |    748640 | PA      | $696263.49    | 0.25%             | 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        |   1626939 | PA      | $1578756.93   | 0.57%             | 2033-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                      | ENERGY TRANSFER LP 5.250000% 04/15/2029                                 | CUSIP: 29278NAG8<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   1110000 | PA      | $1120381.95   | 0.40%             | 2029-04-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SEQUOIA INFRASTRUCTURE FUNDING LTD                      | SEQUOIA INFRASTRUCTURE FUNDING I LTD SEQI 2021-1A A                     | CUSIP: 81742LAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    271509 | PA      | $270481.55    | 0.10%             | 2031-04-15      | Floating      | 6.19%                 | Yes           |                  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        |    445000 | PA      | $416505.23    | 0.15%             | 2055-05-15      | Floating      | 4.59%                 | No            |                  2 | On Loan: No      |
| F&G GLOBAL FUNDING                                      | F&G GLOBAL FUNDING 144A 1.750000% 06/30/2026                            | CUSIP: 30321L2A9<br>LEI: 6354009CCUKJIZ7KFX73 | Long             | DBT              | CORP              | US        |    475000 | PA      | $429448.27    | 0.15%             | 2026-06-30      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                          | MORGAN STANLEY 5.948000% 01/19/2038                                     | CUSIP: 61747YFB6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    355000 | PA      | $362783.21    | 0.13%             | 2038-01-19      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Republica de Colombia                                   | REPUBLIC OF COLOMBIA 7.500000% 02/02/2034                               | CUSIP: 195325EG6<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    555000 | PA      | $548454.42    | 0.20%             | 2034-02-02      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | FREDDIE MAC POOL FR ZM4198                                              | CUSIP: 3131XXUX7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    424718 | PA      | $406450.71    | 0.15%             | 2047-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| LOWE'S COMPANIES, INC.                                  | LOWE'S COS INC 5.625000% 04/15/2053                                     | CUSIP: 548661EM5<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |    370000 | PA      | $381865.09    | 0.14%             | 2053-04-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| SCENTRE GROUP TRUST 2                                   | SCENTRE GROUP TRUST 2 144A 4.750000% 09/24/2080                         | CUSIP: 76025LAA2<br>LEI: 549300VRF0U0JH8TBJ74 | Long             | DBT              | NUSS              | AU        |    960000 | PA      | $895798.40    | 0.32%             | 2080-09-24      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN 745418                                               | CUSIP: 31403DDX4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |      1689 | PA      | $1771.51      | 0.00%             | 2036-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TOWD POINT MORTGAGE TRUST                               | TOWD POINT MORTGAGE TRUST 2019-MH1 TPMT 2019-MH1 A1                     | CUSIP: 89177WAA7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    263314 | PA      | $258503.66    | 0.09%             | 2058-11-25      | Floating      | 3.00%                 | 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      | $583840.96    | 0.21%             | 2026-04-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| AFFIRM ASSET SECURITIZATION TRUST                       | AFFIRM ASSET SECURITIZATION TRUST 2022-A AFFRM 2022-A A                 | CUSIP: 00834WAA9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    380000 | PA      | $366520.64    | 0.13%             | 2027-05-17      | Fixed         | 4.30%                 | 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      | $286608.30    | 0.10%             | 2026-04-01      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| CIGNA CORPORATION                                       | CIGNA CORP 4.800000% 08/15/2038                                         | CUSIP: 125523AJ9<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |    379000 | PA      | $371051.07    | 0.13%             | 2038-08-15      | Fixed         | 4.80%                 | 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        |    585000 | PA      | $500165.02    | 0.18%             | 2029-10-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| BENCHMARK MORTGAGE TRUST                                | BENCHMARK 2021-B31 MORTGAGE TRUST BMARK 2021-B31 A5                     | CUSIP: 08163MAE7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    635000 | PA      | $543641.15    | 0.20%             | 2054-12-15      | Fixed         | 2.67%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN CB0985                                               | CUSIP: 3140QLCX2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    754778 | PA      | $672251.09    | 0.24%             | 2051-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FINANCE OF AMERICA STRUCTURED SECURITIES TRUST          | CORPORATE CMO FASST 2021-S2 A2                                          | CUSIP: 31740FAB2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    941621 | PA      | $874809.74    | 0.31%             | 2051-09-25      | Floating      | 1.75%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                             | FREDDIE MAC STRIPS FHS 271 30                                           | CUSIP: 3128HXTR6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |     36678 | PA      | $34233.66     | 0.01%             | 2042-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FLAGSHIP CREDIT AUTO TRUST                              | FLAGSHIP CREDIT AUTO TRUST 2021-3 FCAT 2021-3 A                         | CUSIP: 33846QAA9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    322996 | PA      | $313374.38    | 0.11%             | 2027-07-15      | Fixed         | 0.36%                 | Yes           |                  2 | On Loan: No      |
| CSAIL COMMERCIAL MORTGAGE TRUST                         | CSAIL 2015-C3 COMMERCIAL MORTGAGE TRUST CSAIL 2015-C3 ASB               | CUSIP: 12635FAU8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    282811 | PA      | $276291.78    | 0.10%             | 2048-08-15      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN AL9468                                               | CUSIP: 3138ERQW3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    134900 | PA      | $131038.60    | 0.05%             | 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        |   1873436 | PA      | $1576106.22   | 0.57%             | 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      | $21214.56     | 0.01%             | 2034-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MVW OWNER TRUST                                         | MVW 2022-1 LLC MVWOT 2022-1A A                                          | CUSIP: 55400UAA1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    322262 | PA      | $311657.42    | 0.11%             | 2039-11-21      | Fixed         | 4.15%                 | Yes           |                  2 | On Loan: No      |
| MPLX LP                                                 | MPLX LP 4.950000% 03/14/2052                                            | CUSIP: 55336VBT6<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |    805000 | PA      | $713463.76    | 0.26%             | 2052-03-14      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| ROYALTY PHARMA PLC                                      | ROYALTY PHARMA PLC 1.200000% 09/02/2025                                 | CUSIP: 78081BAH6<br>LEI: 549300FGFN7VOK8BZR03 | Long             | DBT              | NUSS              | US        |    300000 | PA      | $272116.45    | 0.10%             | 2025-09-02      | Fixed         | 1.20%                 | 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        |    733232 | PA      | $643531.80    | 0.23%             | 2060-01-25      | Floating      | 2.00%                 | Yes           |                  2 | On Loan: No      |
| RAYTHEON TECHNOLOGIES CORPORATION                       | RAYTHEON TECHNOLOGIES CORP 3.950000% 08/16/2025                         | CUSIP: 913017DD8<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |    595000 | PA      | $587105.90    | 0.21%             | 2025-08-16      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | FREDDIE MAC REMICS FHR 4479 HA                                          | CUSIP: 3137BJV75<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |     14919 | PA      | $14769.20     | 0.01%             | 2039-05-15      | Fixed         | 3.75%                 | 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        |    485000 | PA      | $427547.77    | 0.15%             | 2028-10-29      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SMB PRIVATE EDUCATION LOAN TRUST                        | SMB PRIVATE EDUCATION LOAN TRUST 2021-B SMB 2021-B B                    | CUSIP: 78449YAB6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    295000 | PA      | $242631.63    | 0.09%             | 2051-07-17      | Fixed         | 2.65%                 | Yes           |                  2 | On Loan: No      |
| WFRBS COMMERCIAL MORTGAGE TRUST                         | WFRBS COMMERCIAL MORTGAGE TRUST 2013-C12 WFRBS 2013-C12 C               | CUSIP: 92937FAH4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     50000 | PA      | $49654.48     | 0.02%             | 2048-03-15      | Floating      | 4.37%                 | No            |                  2 | On Loan: No      |
| TRITON CONTAINER INTERNATIONAL LIMITED                  | TRITON CONTAINER INTERNATIONAL LTD 144A 2.050000% 04/15/2026            | CUSIP: 89680YAA3<br>LEI: 549300O4LZFLCX53XZ54 | Long             | DBT              | NUSS              | BM        |    450000 | PA      | $398820.87    | 0.14%             | 2026-04-15      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN, INC.                                     | KINDER MORGAN INC 5.200000% 06/01/2033                                  | CUSIP: 49456BAX9<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |    560000 | PA      | $558030.70    | 0.20%             | 2033-06-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS COMPANY LLC                           | VISTRA OPERATIONS CO LLC 144A 4.300000% 07/15/2029                      | CUSIP: 92840VAE2<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    415000 | PA      | $383642.83    | 0.14%             | 2029-07-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN CB2344                                               | CUSIP: 3140QMTA2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   1953132 | PA      | $1679909.82   | 0.60%             | 2051-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN MA4306                                               | CUSIP: 31418DYC0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   1781982 | PA      | $1569662.15   | 0.56%             | 2051-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN CA1662                                               | CUSIP: 3140Q8Z40<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     26067 | PA      | $24885.77     | 0.01%             | 2048-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NAVIENT PRIVATE EDUCATION LOAN TRUST                    | NAVIENT PRIVATE EDUCATION REFI LOAN TRUST 2018-C NAVSL 2018-CA A2       | CUSIP: 63940VAB8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     66135 | PA      | $64886.38     | 0.02%             | 2042-06-16      | Fixed         | 3.52%                 | 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        |    505000 | PA      | $405424.36    | 0.15%             | 2041-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC                                | CELANESE US HOLDINGS LLC 6.330000% 07/15/2029                           | CUSIP: 15089QAN4<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |    530000 | PA      | $537488.23    | 0.19%             | 2029-07-15      | Fixed         | 6.33%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN MA3384                                               | CUSIP: 31418CXN9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    165245 | PA      | $162365.02    | 0.06%             | 2048-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | FREDDIE MAC GOLD POOL FG G07787                                         | CUSIP: 3128M96Y3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |      8969 | PA      | $8897.45      | 0.00%             | 2044-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JACKSON FINANCIAL INC.                                  | JACKSON FINANCIAL INC 3.125000% 11/23/2031                              | CUSIP: 46817MAL1<br>LEI: 213800WXW2KG1N4CO374 | Long             | DBT              | CORP              | US        |    800000 | PA      | $652402.26    | 0.23%             | 2031-11-23      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| LOANCORE ISSUER LTD                                     | LOANCORE 2021-CRE6 ISSUER LTD LNCR 2021-CRE6 A                          | CUSIP: 53948HAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    610000 | PA      | $584175.04    | 0.21%             | 2038-11-15      | Floating      | 5.76%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                             | FREDDIE MAC GOLD POOL FG J32749                                         | CUSIP: 31307PBS7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |      7441 | PA      | $7327.46      | 0.00%             | 2030-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | FREDDIE MAC GOLD POOL FG Q52093                                         | CUSIP: 3132XUKF1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |     29199 | PA      | $27948.59     | 0.01%             | 2047-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| PRINCIPAL LIFE GLOBAL FUNDING II                        | PRINCIPAL LIFE GLOBAL FUNDING II 144A 2.250000% 11/21/2024              | CUSIP: 74256LBJ7<br>LEI: 635400WSLKBQWSOIIT41 | Long             | DBT              | CORP              | US        |    990000 | PA      | $942202.80    | 0.34%             | 2024-11-21      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| United States of America                                | US TREASURY N/B 4.125000% 11/15/2032                                    | CUSIP: 91282CFV8<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   1965000 | PA      | $2067241.41   | 0.74%             | 2032-11-15      | Fixed         | 4.12%                 | 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        |    334300 | PA      | $327170.36    | 0.12%             | 2043-10-28      | Floating      | 5.70%                 | No            |                  2 | On Loan: No      |
| BANK                                                    | BANK 2022-BNK40 BANK 2022-BNK40 A4                                      | CUSIP: 06541LBG0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    340000 | PA      | $309886.85    | 0.11%             | 2064-03-15      | Floating      | 3.39%                 | No            |                  2 | On Loan: No      |
| HESS CORPORATION                                        | HESS CORP 6.000000% 01/15/2040                                          | CUSIP: 42809HAC1<br>LEI: UASVRYNXNK17ULIGK870 | Long             | DBT              | CORP              | US        |    740000 | PA      | $772454.56    | 0.28%             | 2040-01-15      | Fixed         | 6.00%                 | 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        |    427828 | PA      | $397726.47    | 0.14%             | 2060-11-25      | Floating      | 1.12%                 | Yes           |                  2 | On Loan: No      |
| ENEL Finance International N.V.                         | ENEL FINANCE INTERNATIONAL NV 144A 6.800000% 10/14/2025                 | CUSIP: 29278GAZ1<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | NUSS              | IT        |    420000 | PA      | $435216.50    | 0.16%             | 2025-10-14      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| United States of America                                | US TREASURY N/B 2.375000% 03/31/2029                                    | CUSIP: 91282CEE7<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   4195000 | PA      | $3912984.58   | 1.41%             | 2029-03-31      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| ORACLE CORPORATION                                      | ORACLE CORP 3.600000% 04/01/2040                                        | CUSIP: 68389XBW4<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    650000 | PA      | $515016.87    | 0.19%             | 2040-04-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN AB0047                                               | CUSIP: 31416VBR4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |      8499 | PA      | $8833.50      | 0.00%             | 2035-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN AL6344                                               | CUSIP: 3138EPBN3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     14528 | PA      | $14864.84     | 0.01%             | 2031-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2              | GINNIE MAE II POOL G2 MA1289                                            | CUSIP: 36179NNE4<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |      2389 | PA      | $2510.81      | 0.00%             | 2043-09-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC.                                          | CITIGROUP INC 5.610000% 09/29/2026                                      | CUSIP: 172967NX5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    480000 | PA      | $487706.39    | 0.18%             | 2026-09-29      | Fixed         | 5.61%                 | No            |                  2 | On Loan: No      |
| BX TRUST                                                | BX TRUST 2022-PSB BX 2022-PSB A                                         | CUSIP: 05606DAS7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     98856 | PA      | $99010.71     | 0.04%             | 2039-08-15      | Floating      | 6.93%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN BM5227                                               | CUSIP: 3140J9YZ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    116765 | PA      | $118664.53    | 0.04%             | 2039-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CHASE AUTO CREDIT LINKED NOTES                          | JPMORGAN CHASE BANK NA - CACLN CACLN 2021-3 B                           | CUSIP: 46591HCD0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    118630 | PA      | $112683.92    | 0.04%             | 2029-02-26      | Fixed         | 0.76%                 | Yes           |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL                                        | PARAMOUNT GLOBAL 6.375000% 03/30/2062                                   | CUSIP: 92556HAE7<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |    880000 | PA      | $767773.60    | 0.28%             | 2062-03-30      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| TENNESSEE GAS PIPELINE COMPANY, L.L.C.                  | TENNESSEE GAS PIPELINE CO LLC 144A 2.900000% 03/01/2030                 | CUSIP: 880451AZ2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    690000 | PA      | $601500.16    | 0.22%             | 2030-03-01      | Fixed         | 2.90%                 | No            |                  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        |    845000 | PA      | $824788.77    | 0.30%             | 2046-02-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE OR FREDDIE MAC 30YR TBA (FEBRUARY)                           | CUSIP: 01F050627<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    568000 | PA      | $570085.62    | 0.21%             | 2053-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Saudi Arabian Oil Company                               | SAUDI ARABIAN OIL CO 144A 1.625000% 11/24/2025                          | CUSIP: 80414L2H7<br>LEI: 5586006WD91QHB7J4X50 | Long             | DBT              | NUSS              | SA        |    590000 | PA      | $543779.40    | 0.20%             | 2025-11-24      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORPORATION                             | BANK OF AMERICA CORP 2.572000% 10/20/2032                               | CUSIP: 06051GKD0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    845000 | PA      | $698685.66    | 0.25%             | 2032-10-20      | Fixed         | 2.57%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN MA4158                                               | CUSIP: 31418DTQ5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   2814365 | PA      | $2384166.26   | 0.86%             | 2050-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| SANTANDER CONSUMER AUTO RECEIVABLES TRUST               | SANTANDER CONSUMER AUTO RECEIVABLES TRUST 2021-A SCART 2021-AA A3       | CUSIP: 80282YAC0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    697670 | PA      | $686076.55    | 0.25%             | 2025-10-15      | Fixed         | 0.33%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                             | FREDDIE MAC GOLD POOL FG Q20545                                         | CUSIP: 3132JMTA7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |      5716 | PA      | $5520.46      | 0.00%             | 2043-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN CA5968                                               | CUSIP: 3140QDT20<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   1857877 | PA      | $1647253.23   | 0.59%             | 2050-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN AB5692                                               | CUSIP: 31417CKE4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     12703 | PA      | $12519.20     | 0.00%             | 2042-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ACCESS GROUP, INC.                                      | ACCESSLEX INSTITUTE ACCSS 2007-A A3                                     | CUSIP: 00432CDJ7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    274291 | PA      | $266377.78    | 0.10%             | 2036-05-25      | Floating      | 5.06%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS INC.                             | VERIZON COMMUNICATIONS INC 3.550000% 03/22/2051                         | CUSIP: 92343VGB4<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    255000 | PA      | $197743.12    | 0.07%             | 2051-03-22      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN MA3088                                               | CUSIP: 31418CNE0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    378974 | PA      | $372388.78    | 0.13%             | 2047-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DEVON FINANCING COMPANY, L.L.C.                         | DEVON ENERGY CORP 7.875000% 09/30/2031                                  | CUSIP: 25179SAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    195000 | PA      | $228538.25    | 0.08%             | 2031-09-30      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| HERTZ VEHICLE FINANCING III LLC                         | HERTZ VEHICLE FINANCING LLC HERTZ 2022-5A B                             | CUSIP: 42806MBL2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    475000 | PA      | $449438.54    | 0.16%             | 2028-09-25      | Fixed         | 4.28%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN FS1557                                               | CUSIP: 3140XGWT2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   1457683 | PA      | $1393279.89   | 0.50%             | 2052-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE OR FREDDIE MAC 15YR TBA (FEBRUARY)                           | CUSIP: 01F020422<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   1504000 | PA      | $1366701.25   | 0.49%             | 2038-02-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN BE4223                                               | CUSIP: 3140FPVR7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     10844 | PA      | $10371.84     | 0.00%             | 2046-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CNH EQUIPMENT TRUST                                     | CNH EQUIPMENT TRUST 2022-B CNH 2022-B A3                                | CUSIP: 12663JAC5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    475000 | PA      | $464942.45    | 0.17%             | 2027-08-16      | Fixed         | 3.89%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN AZ6158                                               | CUSIP: 3138YXZY4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |      1926 | PA      | $1896.54      | 0.00%             | 2030-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN AS9535                                               | CUSIP: 3138WKSZ9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     10934 | PA      | $10492.54     | 0.00%             | 2047-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OBX TRUST                                               | OBX 2020-EXP3 TRUST OBX 2020-EXP3 2A1A                                  | CUSIP: 67448WBB3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      5774 | PA      | $5759.46      | 0.00%             | 2060-01-25      | Floating      | 5.41%                 | Yes           |                  2 | On Loan: No      |
| NAVIENT PRIVATE EDUCATION LOAN TRUST                    | NAVIENT PRIVATE EDUCATION REFI LOAN TRUST 2021-C NAVSL 2021-CA A        | CUSIP: 63942JAA5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    136840 | PA      | $119995.04    | 0.04%             | 2069-10-15      | Fixed         | 1.06%                 | Yes           |                  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        |    448990 | PA      | $412941.74    | 0.15%             | 2039-10-09      | Fixed         | 1.39%                 | Yes           |                  2 | On Loan: No      |
| KYNDRYL HOLDINGS, INC.                                  | KYNDRYL HOLDINGS INC 2.050000% 10/15/2026                               | CUSIP: 50155QAJ9<br>LEI: 549300LQ4LWX2R8ZV130 | Long             | DBT              | CORP              | US        |    675000 | PA      | $581960.83    | 0.21%             | 2026-10-15      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                                 | BPCE SA MTN 5.975000% 01/18/2027                                        | CUSIP: 05583JAN2<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | NUSS              | FR        |    950000 | PA      | $962048.63    | 0.35%             | 2027-01-18      | Fixed         | 5.97%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | FREDDIE MAC GOLD POOL FG J32653                                         | CUSIP: 31307N5N0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |      3111 | PA      | $3063.30      | 0.00%             | 2030-08-01      | Fixed         | 3.50%                 | 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        |    411672 | PA      | $377370.82    | 0.14%             | 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        |    863281 | PA      | $871208.30    | 0.31%             | 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        |     65369 | PA      | $64163.66     | 0.02%             | 2048-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BX COMMERCIAL MORTGAGE TRUST                            | BX 2022-MVRK MORTGAGE TRUST BX 2022-MVRK B                              | CUSIP: 05610JAC3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    950000 | PA      | $928309.79    | 0.33%             | 2039-03-15      | Floating      | 6.40%                 | Yes           |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-31

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

**Signature:** Andy Metzger

**Name of Signer:** Andy Metzger

**Title:** CFO