# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0001752724-25-158256
**Filing Date:** 2025-6
**Character Count:** 131685
**Document Hash:** ef1801d66eb5ffd6a5d3f410a50e6bc1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-158256.hdr.sgml**: 20250626

**ACCESSION NUMBER**: 0001752724-25-158256

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250626

**DATE AS OF CHANGE**: 20250626

**PERIOD START**: 20251031

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22920
- **FILM NUMBER:** 251077433

**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

### Knights of Columbus Core Bond Fund (Series ID: S000048262)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000152509 | I Shares       | KCCIX           |
| C000158704 | Class S Shares | KCCSX           |

## 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:** Knights of Columbus Core Bond Fund

- **b. EDGAR series identifier (if any):** S000048262

- **c. LEI of Series:** 549300CJ4KPKPEU9OY40

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

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

- **b. Date as of which information is reported:** 2025-04-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $280489388.93

**Total Liabilities:** $129559.73

**Net Assets:** $280359829.20

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -383.67499426 | **1-Year:** -8369.67808754 | **5-Year:** -28918.71139364 | **10-Year:** -40990.75748929 | **30-Year:** -11907.15873000

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

- **3-Month:** -127.43858369 | **1-Year:** -2448.97605059 | **5-Year:** -6680.56221286 | **10-Year:** -4522.78398311 | **30-Year:** -664.88668894

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000152509 | 0.11%                | -0.08%               | 2.20%                |
| Class ID C000158704 | 0.11%                | -0.11%               | 2.20%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-810623.54              | $456087.77                                 |
| Month 2  | $218890.84               | $-1324591.45                               |
| Month 3  | $-417807.31              | $6147576.52                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| RCKT MORTGAGE TRUST                                                            | RCKT MORTGAGE TRUST 2021-5 RCKT 2021-5 A1                                         | CUSIP: 749384AA1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1129769 | PA      | $919702.85    | 0.33%             | 2051-11-25      | Floating      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| RCKT MORTGAGE TRUST                                                            | RCKT MORTGAGE TRUST 2022-3 RCKT 2022-3 A5                                         | CUSIP: 74938XAD1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1553062 | PA      | $1393364.53   | 0.50%             | 2052-05-25      | Floating      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| BOARDWALK PIPELINES, LP                                                        | BOARDWALK PIPELINES LP 4.800000% 05/03/2029                                       | CUSIP: 096630AG3<br>LEI: 549300W6AQ2GHHCGL606 | Long             | DBT              | CORP              | US        |    480000 | PA      | $480694.88    | 0.17%             | 2029-05-03      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN FS4653                                                         | CUSIP: 3140XLE38<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    700061 | PA      | $698939.67    | 0.25%             | 2053-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BX COMMERCIAL MORTGAGE TRUST                                                   | BX COMMERCIAL MORTGAGE TRUST 2021-VOLT BX 2021-VOLT C                             | CUSIP: 05609VAJ4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1195000 | PA      | $1178568.75   | 0.42%             | 2036-09-15      | Floating      | 5.54%                 | Yes           |                  2 | On Loan: No      |
| COMPAGNIE DE CHEMIN DE FER CANADIEN PACIFIQUE                                  | CANADIAN PACIFIC RAILWAY CO 3.100000% 12/02/2051                                  | CUSIP: 13645RBH6<br>LEI: 54930036474DURYNB481 | Long             | DBT              | NUSS              | CA        |    880000 | PA      | $568123.99    | 0.20%             | 2051-12-02      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| United States of America                                                       | US TREASURY N/B 1.250000% 05/15/2050                                              | CUSIP: 912810SN9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1850000 | PA      | $899923.82    | 0.32%             | 2050-05-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC GOLD POOL FG Q49490                                                   | CUSIP: 3132WPRL3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    254821 | PA      | $234352.51    | 0.08%             | 2047-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| EASTERN GAS TRANSMISSION AND STORAGE, INC.                                     | EASTERN GAS TRANSMISSION & STORAGE INC 3.000000% 11/15/2029                       | CUSIP: 276480AH3<br>LEI: H2VQBNB3NSKRM5QWBI71 | Long             | DBT              | CORP              | US        |    560000 | PA      | $527729.68    | 0.19%             | 2029-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| United States of America                                                       | US TREASURY N/B 1.375000% 11/15/2031                                              | CUSIP: 91282CDJ7<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   1000000 | PA      | $854570.31    | 0.30%             | 2031-11-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| ARTHUR J. GALLAGHER & CO.                                                      | ARTHUR J GALLAGHER & CO 5.150000% 02/15/2035                                      | CUSIP: 04316JAN9<br>LEI: 54930049QLLMPART6V29 | Long             | DBT              | CORP              | US        |   1090000 | PA      | $1081690.39   | 0.39%             | 2035-02-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC GOLD POOL FG G08615                                                   | CUSIP: 3128MJVH0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    185351 | PA      | $172189.78    | 0.06%             | 2044-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ASHTEAD CAPITAL, INC.                                                          | ASHTEAD CAPITAL INC 144A 1.500000% 08/12/2026                                     | CUSIP: 045054AN3<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | GB        |    650000 | PA      | $625584.06    | 0.22%             | 2026-08-12      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC GOLD POOL FG G08702                                                   | CUSIP: 3128MJX88<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    117584 | PA      | $108601.48    | 0.04%             | 2046-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| RATE MORTGAGE TRUST                                                            | RATE MORTGAGE TRUST 2022-J1 RATE 2022-J1 A9                                       | CUSIP: 75410RAJ5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1103404 | PA      | $977388.70    | 0.35%             | 2052-01-25      | Floating      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC POOL FR SD8493                                                        | CUSIP: 3132DWNJ8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   1836502 | PA      | $1833275.28   | 0.65%             | 2054-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| RAYMOND JAMES FINANCIAL, INC.                                                  | RAYMOND JAMES FINANCIAL INC 3.750000% 04/01/2051                                  | CUSIP: 754730AH2<br>LEI: RGUZHJ05YTITL6D76949 | Long             | DBT              | CORP              | US        |    610000 | PA      | $434977.94    | 0.16%             | 2051-04-01      | Fixed         | 3.75%                 | 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        |    250000 | PA      | $182773.44    | 0.07%             | 2052-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GM FINANCIAL CONSUMER AUTOMOBILE RECEIVABLES TRUST                             | GM FINANCIAL CONSUMER AUTOMOBILE RECEIVABLES TRUST GMCAR 2025-1 B                 | CUSIP: 362955AF3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    665000 | PA      | $673787.98    | 0.24%             | 2030-08-16      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC GOLD POOL FG V84897                                                   | CUSIP: 3132LANN8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |     67278 | PA      | $63495.23     | 0.02%             | 2048-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC POOL FR QD4256                                                        | CUSIP: 3133B1WR8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   1667127 | PA      | $1392920.79   | 0.50%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| TANGER PROPERTIES LIMITED PARTNERSHIP                                          | TANGER PROPERTIES LP 2.750000% 09/01/2031                                         | CUSIP: 875484AL1<br>LEI: PQPGJDNFN35EXH363L31 | Long             | DBT              | CORP              | US        |   1370000 | PA      | $1179456.78   | 0.42%             | 2031-09-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN BX0441                                                         | CUSIP: 3140N4P35<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    565121 | PA      | $568898.56    | 0.20%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC POOL FR RA8715                                                        | CUSIP: 3133KQVG8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    795980 | PA      | $780918.31    | 0.28%             | 2053-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN CB4621                                                         | CUSIP: 3140QQD36<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    330406 | PA      | $324540.78    | 0.12%             | 2052-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SEQUOIA MORTGAGE TRUST                                                         | SEQUOIA MORTGAGE TRUST 2015-4 SEMT 2015-4 A1                                      | CUSIP: 81746MAA8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     30892 | PA      | $30051.23     | 0.01%             | 2030-11-25      | Floating      | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC REMICS FHR 5438 GL                                                    | CUSIP: 3137HF7G4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   3500000 | PA      | $2184469.35   | 0.78%             | 2050-12-25      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN FS4190                                                         | CUSIP: 3140XKUQ1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   1267314 | PA      | $1245344.11   | 0.44%             | 2053-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STORE MASTER FUNDING LLC                                                       | STORE MASTER FUNDING I-VII XIV XIX XX XXIV XXII STR 2024-1A A2                    | CUSIP: 86212XAM2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    995000 | PA      | $1023597.19   | 0.37%             | 2054-05-20      | Fixed         | 5.70%                 | Yes           |                  2 | On Loan: No      |
| ENTERGY ARKANSAS, LLC                                                          | ENTERGY ARKANSAS LLC 5.750000% 06/01/2054                                         | CUSIP: 29366MAG3<br>LEI: 549300A0I5ONUIFMLP35 | Long             | DBT              | CORP              | US        |   1080000 | PA      | $1060714.74   | 0.38%             | 2054-06-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC GOLD POOL FG G60187                                                   | CUSIP: 31335AF45<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    101129 | PA      | $90263.82     | 0.03%             | 2045-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC POOL FR QA8805                                                        | CUSIP: 3133A3YA0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    428290 | PA      | $376172.62    | 0.13%             | 2050-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS COMPANY                                                       | AMERICAN EXPRESS CO 5.442000% 01/30/2036                                          | CUSIP: 025816DZ9<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |   1293000 | PA      | $1305083.07   | 0.47%             | 2036-01-30      | Fixed         | 5.44%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN CB6328                                                         | CUSIP: 3140QSA68<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    696993 | PA      | $709735.33    | 0.25%             | 2053-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| OWN EQUIPMENT FUND                                                             | OWN EQUIPMENT FUND I LLC EQS 2024-2M A                                            | CUSIP: 69121NAA6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    563903 | PA      | $570352.79    | 0.20%             | 2032-12-20      | Fixed         | 5.70%                 | Yes           |                  2 | On Loan: No      |
| TRINITY RAIL LEASING LLC                                                       | TRINITY RAIL LEASING 2018 LLC TRL 2018-1A A2                                      | CUSIP: 89657AAB2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    600000 | PA      | $588257.70    | 0.21%             | 2048-06-17      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN FM7377                                                         | CUSIP: 3140XBFT2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   1165313 | PA      | $1024332.70   | 0.37%             | 2051-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| HOLCIM FINANCE US LLC                                                          | HOLCIM FINANCE US LLC 144A 5.400000% 04/07/2035                                   | CUSIP: 43475RAD8<br>LEI: 529900FB2F1WKLFNGY62 | Long             | DBT              | CORP              | CH        |   1765000 | PA      | $1764115.17   | 0.63%             | 2035-04-07      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST HSG DEV AUTH                                                       | VIRGINIA ST HSG DEV AUTH VIRGINIA HOUSING DEVELOPMENT AUTHORITY                   | CUSIP: 92812VY34<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $369276.10    | 0.13%             | 2041-04-01      | Fixed         | 2.83%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN CB6032                                                         | CUSIP: 3140QRV26<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    706815 | PA      | $710160.04    | 0.25%             | 2053-04-01      | Fixed         | 5.50%                 | 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        |   7000000 | PA      | $6208945.33   | 2.21%             | 2052-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DUQUESNE LIGHT HOLDINGS, INC.                                                  | DUQUESNE LIGHT HOLDINGS INC 144A 2.532000% 10/01/2030                             | CUSIP: 266233AH8<br>LEI: 4CUJ1D8WDXK9X7QI6B93 | Long             | DBT              | CORP              | US        |    540000 | PA      | $475171.83    | 0.17%             | 2030-10-01      | Fixed         | 2.53%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2                                     | GINNIE MAE II POOL G2 CE1947                                                      | CUSIP: 3617VQEU6<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    877625 | PA      | $785934.38    | 0.28%             | 2051-06-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                                                       | MINNESOTA ST HSG FIN AGY MINNESOTA HOUSING FINANCE AGENCY                         | CUSIP: 60416UNK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $752893.73    | 0.27%             | 2049-07-01      | Fixed         | 5.92%                 | No            |                  2 | On Loan: No      |
| DPL LLC                                                                        | DPL INC 4.350000% 04/15/2029                                                      | CUSIP: 233293AQ2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1415000 | PA      | $1349267.45   | 0.48%             | 2029-04-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN FS0982                                                         | CUSIP: 3140XGCU1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   1211653 | PA      | $1054720.24   | 0.38%             | 2052-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SWCH COMMERCIAL MORTGAGE TRUST                                                 | SWCH COMMERCIAL MORTGAGE TRUST 2025-DATA SWCH 2025-DATA C                         | CUSIP: 78489CAC3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    875000 | PA      | $844356.98    | 0.30%             | 2042-03-15      | Floating      | 6.41%                 | Yes           |                  2 | On Loan: No      |
| KITE REALTY GROUP, L.P.                                                        | KITE REALTY GROUP LP 5.500000% 03/01/2034                                         | CUSIP: 49803XAE3<br>LEI: 549300X6R2GYI8Y3OD81 | Long             | DBT              | CORP              | US        |   1280000 | PA      | $1281626.82   | 0.46%             | 2034-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PAGAYA AI DEBT GRANTOR TRUST                                                   | PAGAYA AI DEBT GRANTOR TRUST 2025-1 PAID 2025-1 B                                 | CUSIP: 69544NAC1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    450000 | PA      | $451836.36    | 0.16%             | 2032-07-15      | Fixed         | 5.63%                 | Yes           |                  2 | On Loan: No      |
| BLUE OWL ASSET LEASING TRUST                                                   | BLUE OWL ASSET LEASING TRUST 2024-1 LLC OWLEF 2024-1A B                           | CUSIP: 095921AC6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    710000 | PA      | $716724.91    | 0.26%             | 2030-03-15      | Fixed         | 5.41%                 | Yes           |                  2 | On Loan: No      |
| BAIN CAPITAL SPECIALTY FINANCE, INC.                                           | BAIN CAPITAL SPECIALTY FINANCE INC 5.950000% 03/15/2030                           | CUSIP: 05684BAD9<br>LEI: 549300V2JL72R0EYBK64 | Long             | DBT              | CORP              | US        |   1160000 | PA      | $1136444.88   | 0.41%             | 2030-03-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| PENNANTPARK CLO LTD                                                            | PENNANTPARK CLO 12 LLC PNTPK 2025-12A B                                           | CUSIP: 70807EAE7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    875000 | PA      | $872262.13    | 0.31%             | 2037-04-20      | Floating      | 6.04%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC MULTIFAMILY STRUCTURED PASS THROUGH CE FHMS K-162 A2                  | CUSIP: 3137HBP73<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   1000000 | PA      | $1041735.20   | 0.37%             | 2033-12-25      | Floating      | 5.15%                 | No            |                  2 | On Loan: No      |
| SANTANDER DRIVE AUTO RECEIVABLES TRUST                                         | SANTANDER DRIVE AUTO RECEIVABLES TRUST 2025-1 SDART 2025-1 B                      | CUSIP: 80288DAD8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    665000 | PA      | $668809.25    | 0.24%             | 2031-03-17      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ORACLE CORPORATION                                                             | ORACLE CORP 2.875000% 03/25/2031                                                  | CUSIP: 68389XCE3<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    600000 | PA      | $539838.68    | 0.19%             | 2031-03-25      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC POOL FR SD2174                                                        | CUSIP: 3132DPMX3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    604146 | PA      | $614819.60    | 0.22%             | 2053-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| EXTRA SPACE STORAGE LP                                                         | EXTRA SPACE STORAGE LP 2.350000% 03/15/2032                                       | CUSIP: 30225VAG2<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              | CORP              | US        |    730000 | PA      | $606923.08    | 0.22%             | 2032-03-15      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| NEUBERGER BERMAN GROUP LLC                                                     | NEUBERGER BERMAN GROUP LLC / NEUBERGER BERMAN FINA 4.500000% 03/15/2027           | CUSIP: 64128XAG5<br>LEI: 549300XIWEKOTC8HO652 | Long             | DBT              | CORP              | US        |    970000 | PA      | $971077.39    | 0.35%             | 2027-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y CITY HSG DEV CORP MULTIFAMILY HSG REV                             | NEW YORK CITY NY HSG DEV CORP NEW YORK CITY HOUSING DEVELOPMENT CORP              | CUSIP: 64972EWP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $627591.42    | 0.22%             | 2046-11-01      | Fixed         | 3.08%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN AJ8172                                                         | CUSIP: 3138E1CJ4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    230754 | PA      | $222864.75    | 0.08%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CSMC TRUST                                                                     | CSMC TRUST 2013-IVR3 CSMC 2013-IVR3 A2                                            | CUSIP: 12646XAJ1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    123151 | PA      | $111527.81    | 0.04%             | 2043-05-25      | Floating      | 3.00%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL HOLDINGS, INC.                                          | NEXTERA ENERGY CAPITAL HOLDINGS INC 1.900000% 06/15/2028                          | CUSIP: 65339KBW9<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |   1230000 | PA      | $1141628.37   | 0.41%             | 2028-06-15      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| Constellation Software Inc.                                                    | CONSTELLATION SOFTWARE INC/CANADA 144A 5.461000% 02/16/2034                       | CUSIP: 21037XAD2<br>LEI: 549300B6PYHMCTDWQV29 | Long             | DBT              | NUSS              | CA        |   1040000 | PA      | $1045275.72   | 0.37%             | 2034-02-16      | Fixed         | 5.46%                 | No            |                  2 | On Loan: No      |
| CSMC TRUST                                                                     | CSMC TRUST 2015-2 CSMC 2015-2 A18                                                 | CUSIP: 12649RBJ0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    109601 | PA      | $100629.74    | 0.04%             | 2045-02-25      | Floating      | 3.50%                 | No            |                  2 | On Loan: No      |
| HELMERICH & PAYNE, INC.                                                        | HELMERICH & PAYNE INC 144A 5.500000% 12/01/2034                                   | CUSIP: 423452AK7<br>LEI: 254900NAOGHJ88RZ4C73 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1057099.81   | 0.38%             | 2034-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MONONGAHELA POWER COMPANY                                                      | MONONGAHELA POWER CO 144A 3.550000% 05/15/2027                                    | CUSIP: 610202BR3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    550000 | PA      | $540944.43    | 0.19%             | 2027-05-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| HALSEYPOINT CLO                                                                | HALSEYPOINT CLO 3 LTD HLSY 2020-3A A1R                                            | CUSIP: 40638UAS8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1170000 | PA      | $1169126.01   | 0.42%             | 2037-07-30      | Floating      | 5.76%                 | Yes           |                  2 | On Loan: No      |
| ROPER TECHNOLOGIES, INC.                                                       | ROPER TECHNOLOGIES INC 2.950000% 09/15/2029                                       | CUSIP: 776743AG1<br>LEI: 54930003T4SXCIWVXY35 | Long             | DBT              | CORP              | US        |    420000 | PA      | $392861.38    | 0.14%             | 2029-09-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2                                     | GINNIE MAE II POOL G2 MA8491                                                      | CUSIP: 36179XNG7<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    876195 | PA      | $879122.00    | 0.31%             | 2052-12-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN AL9918                                                         | CUSIP: 3138ESAU2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    221843 | PA      | $205686.56    | 0.07%             | 2047-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| SUBWAY FUNDING LLC                                                             | SUBWAY FUNDING LLC SUBWAY 2024-1A A23                                             | CUSIP: 864300AE8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    997500 | PA      | $1009396.98   | 0.36%             | 2054-07-30      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC POOL FR RA8415                                                        | CUSIP: 3133KQK47<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    696674 | PA      | $697728.86    | 0.25%             | 2053-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2                                     | GINNIE MAE II POOL G2 MA7704                                                      | CUSIP: 36179WRZ3<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   2132990 | PA      | $1740766.64   | 0.62%             | 2051-11-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| PALMER SQUARE BDC CLO LTD                                                      | PALMER SQUARE BDC CLO 1 LTD PSBDC 1A A                                            | CUSIP: 696928AA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1000703.00   | 0.36%             | 2037-07-15      | Floating      | 5.86%                 | Yes           |                  2 | On Loan: No      |
| JERSEY CENTRAL POWER & LIGHT COMPANY                                           | JERSEY CENTRAL POWER & LIGHT CO 144A 2.750000% 03/01/2032                         | CUSIP: 476556DD4<br>LEI: 549300W9UGH9ZPLNPF79 | Long             | DBT              | CORP              | US        |    670000 | PA      | $578068.93    | 0.21%             | 2032-03-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC POOL FR QF6108                                                        | CUSIP: 3133BTYD6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    733118 | PA      | $734151.74    | 0.26%             | 2053-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| COLOGIX DATA CENTERS US ISSUER, LLC                                            | COLOGIX DATA CENTERS US ISSUER LLC CLGIX 2021-1A A2                               | CUSIP: 19521UAA1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    580000 | PA      | $552284.41    | 0.20%             | 2051-12-26      | Fixed         | 3.30%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN CB4794                                                         | CUSIP: 3140QQKG9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    739648 | PA      | $707790.11    | 0.25%             | 2052-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GOLUB CAPITAL PARTNERS CLO LTD                                                 | GOLUB CAPITAL PARTNERS CLO 2016-30M LTD GOCAP 2016-30A AR2                        | CUSIP: 38179JAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    500000 | PA      | $498524.50    | 0.18%             | 2034-04-20      | Floating      | 5.89%                 | Yes           |                  2 | On Loan: No      |
| SEQUOIA MORTGAGE TRUST                                                         | SEQUOIA MORTGAGE TRUST 2015-2 SEMT 2015-2 A1                                      | CUSIP: 81733YAA7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     41444 | PA      | $38076.33     | 0.01%             | 2045-05-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN CB4573                                                         | CUSIP: 3140QQCK9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    320470 | PA      | $314404.24    | 0.11%             | 2052-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VOYA CLO                                                                       | VOYA CLO 2018-4 LTD VOYA 2018-4A A2RR                                             | CUSIP: 92917WBN7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1170000 | PA      | $1160310.06   | 0.41%             | 2037-10-15      | Floating      | 5.86%                 | Yes           |                  2 | On Loan: No      |
| JPMBB COMMERCIAL MORTGAGE SECURITIES TRUST                                     | JPMBB COMMERCIAL MORTGAGE SECURITIES TRUST 2015-C3 JPMBB 2015-C31 ASB             | CUSIP: 46644YAW0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      9710 | PA      | $9686.35      | 0.00%             | 2048-08-15      | Fixed         | 3.54%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC POOL FR QB2616                                                        | CUSIP: 3133A83Z8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    350585 | PA      | $280471.63    | 0.10%             | 2050-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FLOWSERVE CORPORATION                                                          | FLOWSERVE CORP 2.800000% 01/15/2032                                               | CUSIP: 34355JAB4<br>LEI: 6Y0GK87T6V7NJKZJVM41 | Long             | DBT              | CORP              | US        |   1407000 | PA      | $1199349.71   | 0.43%             | 2032-01-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| DRYDEN CLO LTD                                                                 | DRYDEN 87 CLO LTD DRSLF 2021-87A A1                                               | CUSIP: 26246GAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1100000 | PA      | $1100004.40   | 0.39%             | 2034-05-20      | Floating      | 5.68%                 | Yes           |                  2 | On Loan: No      |
| STORE CAPITAL LLC                                                              | STORE CAPITAL LLC 4.500000% 03/15/2028                                            | CUSIP: 862121AA8<br>LEI: 254900Z9PIEFQ6AYXK50 | Long             | DBT              | CORP              | US        |    380000 | PA      | $374376.53    | 0.13%             | 2028-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NATIONAL AUSTRALIA BANK LIMITED                                                | NATIONAL AUSTRALIA BANK LTD 144A 3.347000% 01/12/2037                             | CUSIP: 632525BB6<br>LEI: F8SB4JFBSYQFRQEH3Z21 | Long             | DBT              | NUSS              | AU        |    750000 | PA      | $653418.07    | 0.23%             | 2037-01-12      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| ABPCI DIRECT LENDING FUND CLO LTD                                              | ABPCI DIRECT LENDING FUND CLO VI LTD ABPCI 2019-6A BRR                            | CUSIP: 00086GBE0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    770000 | PA      | $764756.30    | 0.27%             | 2037-01-27      | Floating      | 5.98%                 | Yes           |                  2 | On Loan: No      |
| BANK OF AMERICA CORPORATION                                                    | BANK OF AMERICA CORP 5.511000% 01/24/2036                                         | CUSIP: 06051GMM8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   1150000 | PA      | $1165647.85   | 0.42%             | 2036-01-24      | Fixed         | 5.51%                 | No            |                  2 | On Loan: No      |
| OCP CLO LTD                                                                    | OCP CLO 2022-24 LTD OCP 2022-24A A2R                                              | CUSIP: 67118YAN3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |   1170000 | PA      | $1161870.84   | 0.41%             | 2037-10-20      | Floating      | 5.82%                 | Yes           |                  2 | On Loan: No      |
| SFS AUTO RECEIVABLES SECURITIZATION TRUST                                      | SFS AUTO RECEIVABLES SECURITIZATION TRUST 2025-1 SFAST 2025-1A B                  | CUSIP: 81885BAJ4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    665000 | PA      | $672397.46    | 0.24%             | 2031-02-20      | Fixed         | 5.11%                 | Yes           |                  2 | On Loan: No      |
| APA CORPORATION                                                                | APA CORP 144A 7.750000% 12/15/2029                                                | CUSIP: 03743QAE8<br>LEI: 549300VCIWLRHYVSHC79 | Long             | DBT              | CORP              | US        |    950000 | PA      | $1001650.44   | 0.36%             | 2029-12-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| GS MORTGAGE SECURITIES CORPORATION TRUST                                       | GS MORTGAGE SECURITIES CORP TRUST 2024-RVR GSMS 2024-RVR A                        | CUSIP: 36272JAA1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1150000 | PA      | $1157361.50   | 0.41%             | 2041-08-10      | Floating      | 5.37%                 | Yes           |                  2 | On Loan: No      |
| SANTANDER DRIVE AUTO RECEIVABLES TRUST                                         | SANTANDER DRIVE AUTO RECEIVABLES TRUST 2025-2 SDART 2025-2 B                      | CUSIP: 80287NAD7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    660000 | PA      | $665009.20    | 0.24%             | 2031-05-15      | Fixed         | 4.87%                 | No            |                  2 | On Loan: No      |
| SILGAN HOLDINGS INC.                                                           | SILGAN HOLDINGS INC 144A 1.400000% 04/01/2026                                     | CUSIP: 827048AX7<br>LEI: KAF673KJXD92C8KSLU49 | Long             | DBT              | CORP              | US        |    420000 | PA      | $405046.65    | 0.14%             | 2026-04-01      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC POOL FR QD9323                                                        | CUSIP: 3133B7LC0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   1631361 | PA      | $1364332.78   | 0.49%             | 2052-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC GOLD POOL FG G08799                                                   | CUSIP: 3128MJ3H1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    120823 | PA      | $106835.24    | 0.04%             | 2048-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN CB2610                                                         | CUSIP: 3140QM3U6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   1943173 | PA      | $1556488.37   | 0.56%             | 2052-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN CB6033                                                         | CUSIP: 3140QRV34<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    658474 | PA      | $672612.00    | 0.24%             | 2053-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| COLLEGE LOAN CORPORATION TRUST I                                               | COLLEGE LOAN CORP TRUST I COLLE 2006-1 A7B                                        | CUSIP: 194262CX7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    890000 | PA      | $874783.23    | 0.31%             | 2046-04-25      | Floating      | 6.20%                 | No            |                  2 | On Loan: No      |
| MASCO CORPORATION                                                              | MASCO CORP 6.500000% 08/15/2032                                                   | CUSIP: 574599AY2<br>LEI: 5GCSNMQXHEYA1JO8QN11 | Long             | DBT              | CORP              | US        |    317000 | PA      | $331296.90    | 0.12%             | 2032-08-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ANGLO AMERICAN CAPITAL PLC                                                     | ANGLO AMERICAN CAPITAL PLC 144A 4.500000% 03/15/2028                              | CUSIP: 034863AU4<br>LEI: TINT358G1SSHR3L3PW36 | Long             | DBT              | NUSS              | ZA        |    525000 | PA      | $524851.89    | 0.19%             | 2028-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                                   | UBS GROUP AG 144A 3.179000% 02/11/2043                                            | CUSIP: 902613AL2<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | NUSS              | CH        |    555000 | PA      | $397959.51    | 0.14%             | 2043-02-11      | Fixed         | 3.18%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC POOL FR SD2184                                                        | CUSIP: 3132DPM96<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    697722 | PA      | $710879.83    | 0.25%             | 2053-01-01      | Fixed         | 6.00%                 | 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        |    650000 | PA      | $631960.36    | 0.23%             | 2028-09-25      | Fixed         | 4.28%                 | Yes           |                  2 | On Loan: No      |
| BUSINESS JET SECURITIES LLC                                                    | BUSINESS JET SECURITIES 2024-1 LLC BJETS 2024-1A A                                | CUSIP: 12327CAA2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    375259 | PA      | $380091.72    | 0.14%             | 2039-05-15      | Fixed         | 6.20%                 | Yes           |                  2 | On Loan: No      |
| CITIGROUP INC.                                                                 | CITIGROUP INC 6.020000% 01/24/2036                                                | CUSIP: 172967PU9<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   1150000 | PA      | $1153166.69   | 0.41%             | 2036-01-24      | Fixed         | 6.02%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN CA1389                                                         | CUSIP: 3140Q8RK3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    171859 | PA      | $167325.49    | 0.06%             | 2048-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| AFFIRM ASSET SECURITIZATION TRUST                                              | AFFIRM ASSET SECURITIZATION TRUST 2024-X2 AFFRM 2024-X2 B                         | CUSIP: 00833QAB1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    600000 | PA      | $601402.74    | 0.21%             | 2029-12-17      | Fixed         | 5.33%                 | Yes           |                  2 | On Loan: No      |
| Spirit Airlines Pass Through Trusts                                            | SPIRIT AIRLINES PASS THROUGH TRUST 2015-1A 4.100000% 04/01/2028                   | CUSIP: 84858DAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    964923 | PA      | $882505.11    | 0.31%             | 2028-04-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST MTG AGY HOMEOWNER MTG REV                                          | NEW YORK ST MTGE AGY HOMEOWNER STATE OF NEW YORK MORTGAGE AGENCY HOMEOWNER MORTGA | CUSIP: 64988YPC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $470332.59    | 0.17%             | 2046-10-01      | Fixed         | 2.93%                 | No            |                  2 | On Loan: No      |
| GS MORTGAGE-BACKED SECURITIES TRUST                                            | GS MORTGAGE-BACKED SECURITIES TRUST 2022-LTV2 GSMBS 2022-MM1 A8                   | CUSIP: 36266PAJ6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1432346 | PA      | $1277673.21   | 0.46%             | 2052-07-25      | Floating      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| EXETER SELECT AUTOMOBILE RECEIVABLES TRUST                                     | EXETER SELECT AUTOMOBILE RECEIVABLES TRUST 2025-1 ESART 2025-1 A3                 | CUSIP: 30185AAC5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    530000 | PA      | $532699.71    | 0.19%             | 2030-04-15      | Fixed         | 4.69%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC POOL FR SD8097                                                        | CUSIP: 3132DV7J8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    589801 | PA      | $469808.81    | 0.17%             | 2050-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| EXPAND ENERGY CORPORATION                                                      | EXPAND ENERGY CORP 4.750000% 02/01/2032                                           | CUSIP: 845467AT6<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |   1130000 | PA      | $1060191.31   | 0.38%             | 2032-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| AUDAX SENIOR DEBT CLO                                                          | AUDAX SENIOR DEBT CLO 12 LLC AUDAX 2025-12A B                                     | CUSIP: 05071UAG1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $993742.00    | 0.35%             | 2037-04-22      | Floating      | 5.92%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC POOL FR SD3737                                                        | CUSIP: 3132E0EJ7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   1215271 | PA      | $1240867.57   | 0.44%             | 2053-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| RATE MORTGAGE TRUST                                                            | RATE MORTGAGE TRUST 2024-J4 RATE 2024-J4 A1                                       | CUSIP: 75408TAA4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1176747 | PA      | $1182079.01   | 0.42%             | 2054-12-25      | Floating      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC POOL FR RA8278                                                        | CUSIP: 3133KQFT8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    731248 | PA      | $717984.38    | 0.26%             | 2052-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| United States of America                                                       | US TREASURY N/B 2.625000% 05/31/2027                                              | CUSIP: 91282CET4<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |    850000 | PA      | $833332.03    | 0.30%             | 2027-05-31      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST HSG DEV AUTH SINGLE FAMILY MTG REV                                 | MICHIGAN ST HSG DEV AUTH SF MT MICHIGAN STATE HOUSING DEVELOPMENT AUTHORITY       | CUSIP: 594654VG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    895000 | PA      | $908238.48    | 0.32%             | 2038-12-01      | Fixed         | 5.82%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC STRUCTURED PASS-THROUGH CERTIFICATES FSPC T-54 4A                     | CUSIP: 31393LFP3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |     50694 | PA      | $48596.01     | 0.02%             | 2043-02-25      | Floating      | 4.26%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC POOL FR RA7125                                                        | CUSIP: 3133KN4J9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    887032 | PA      | $807353.62    | 0.29%             | 2052-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN FM5000                                                         | CUSIP: 3140X8RW9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    664930 | PA      | $606971.93    | 0.22%             | 2050-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC POOL FR ZN1811                                                        | CUSIP: 3131Y8AL9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    114966 | PA      | $111600.35    | 0.04%             | 2048-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| United States of America                                                       | US TREASURY N/B 2.750000% 08/15/2032                                              | CUSIP: 91282CFF3<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   2250000 | PA      | $2077822.26   | 0.74%             | 2032-08-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| PAGAYA AI DEBT GRANTOR TRUST                                                   | PAGAYA AI DEBT GRANTOR TRUST 2025-2 PAID 2025-2 B                                 | CUSIP: 69545GAC5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1000000 | PA      | $996610.10    | 0.36%             | 2032-10-15      | Fixed         | 5.33%                 | Yes           |                  2 | On Loan: No      |
| CHASE HOME LENDING MORTGAGE TRUST                                              | CHASE HOME LENDING MORTGAGE TRUST SERIES 2024-4 CHASE 2024-4 A4                   | CUSIP: 16159NAD6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    975199 | PA      | $986154.57    | 0.35%             | 2055-03-25      | Floating      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN FS2040                                                         | CUSIP: 3140XHHS9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   1669288 | PA      | $1328381.06   | 0.47%             | 2052-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST CMNTY DEV ADMIN DEPT HSG & CMNTY DEV                               | MARYLAND CMNTY DEV ADMIN HSG & MARYLAND DEPARTMENT OF HOUSING & COMMUNITY DEVELOP | CUSIP: 57419UDG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $758339.18    | 0.27%             | 2044-09-01      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| AVANT LOANS FUNDING TRUST                                                      | AVANT LOANS FUNDING TRUST 2025-REV1 AVNT 2025-REV1 A                              | CUSIP: 05352BAA6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    775000 | PA      | $779418.97    | 0.28%             | 2034-05-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN BK2066                                                         | CUSIP: 3140HFJL4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    337486 | PA      | $296508.52    | 0.11%             | 2050-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| INVITATION HOMES OPERATING PARTNERSHIP LP                                      | INVITATION HOMES OPERATING PARTNERSHIP LP 4.875000% 02/01/2035                    | CUSIP: 46188BAG7<br>LEI: 549300147YMUQB3GW319 | Long             | DBT              | CORP              | US        |   1135000 | PA      | $1079001.35   | 0.38%             | 2035-02-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| BANQUE DE MONTREAL                                                             | BANK OF MONTREAL 3.803000% 12/15/2032                                             | CUSIP: 06368BGS1<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | NUSS              | CA        |    825000 | PA      | $798156.05    | 0.28%             | 2032-12-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| DISCOVERY COMMUNICATIONS, LLC                                                  | DISCOVERY COMMUNICATIONS LLC 4.125000% 05/15/2029                                 | CUSIP: 25470DBF5<br>LEI: L2Z2MO2EQURH3BREWI15 | Long             | DBT              | CORP              | US        |    635000 | PA      | $593715.88    | 0.21%             | 2029-05-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN BR0948                                                         | CUSIP: 3140KYBS2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   1561298 | PA      | $1242954.29   | 0.44%             | 2051-04-01      | Fixed         | 2.00%                 | 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        |   2750000 | PA      | $2777070.31   | 0.99%             | 2032-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| United States of America                                                       | US TREASURY N/B 4.125000% 03/31/2032                                              | CUSIP: 91282CMT5<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   2400000 | PA      | $2428500.00   | 0.87%             | 2032-03-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| United States of America                                                       | US TREASURY N/B 1.875000% 11/15/2051                                              | CUSIP: 912810TB4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4750000 | PA      | $2673359.38   | 0.95%             | 2051-11-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN BO0115                                                         | CUSIP: 3140JUDV3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    213883 | PA      | $198364.64    | 0.07%             | 2049-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CI Financial Corp.                                                             | CI FINANCIAL CORP 3.200000% 12/17/2030                                            | CUSIP: 125491AN0<br>LEI: 549300M9W7JJQSVCEM78 | Long             | DBT              | NUSS              | CA        |    910000 | PA      | $794100.63    | 0.28%             | 2030-12-17      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                                             | ENERGY TRANSFER LP 5.600000% 09/01/2034                                           | CUSIP: 29273VBA7<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1090173.83   | 0.39%             | 2034-09-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| SEALED AIR CORPORATION                                                         | SEALED AIR CORP 144A 1.573000% 10/15/2026                                         | CUSIP: 81211KAZ3<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |    835000 | PA      | $796473.58    | 0.28%             | 2026-10-15      | Fixed         | 1.57%                 | No            |                  2 | On Loan: No      |
| PAGAYA AI DEBT GRANTOR TRUST                                                   | PAGAYA AI DEBT GRANTOR TRUST 2025-3 PAID 2025-3 B                                 | CUSIP: 69544TAC8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    600000 | PA      | $601434.00    | 0.21%             | 2032-12-15      | Fixed         | 6.06%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN BX5440                                                         | CUSIP: 3140NABJ1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    725598 | PA      | $726048.45    | 0.26%             | 2053-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                                                       | MINNESOTA ST HSG FIN AGY MINNESOTA HOUSING FINANCE AGENCY                         | CUSIP: 60416T4L9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    390000 | PA      | $411096.82    | 0.15%             | 2033-07-01      | Fixed         | 5.73%                 | No            |                  2 | On Loan: No      |
| COLORADO HSG & FIN AUTH                                                        | COLORADO ST HSG & FIN AUTH COLORADO HOUSING AND FINANCE AUTHORITY                 | CUSIP: 19648GAS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    930000 | PA      | $940158.11    | 0.34%             | 2038-11-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND HSG & MTG FIN CORP REV                                            | RHODE ISLAND ST HSG & MTGE FIN RHODE ISLAND HOUSING & MORTGAGE FINANCE CORP       | CUSIP: 76221TNA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    540000 | PA      | $417181.10    | 0.15%             | 2038-10-01      | Fixed         | 2.99%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN CB5430                                                         | CUSIP: 3140QRA86<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   1138626 | PA      | $1091041.27   | 0.39%             | 2053-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN AE0954                                                         | CUSIP: 31419BBY0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    272966 | PA      | $270639.99    | 0.10%             | 2041-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST HSG FIN AGY HSG REV                                           | MASSACHUSETTS ST HSG FIN AGY H MASSACHUSETTS HOUSING FINANCE AGENCY               | CUSIP: 57587A7A0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $116697.31    | 0.04%             | 2040-12-01      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC POOL FR RA8249                                                        | CUSIP: 3133KQEW2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    771076 | PA      | $772334.51    | 0.28%             | 2052-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN BW5186                                                         | CUSIP: 3140MWXQ4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    718760 | PA      | $705189.54    | 0.25%             | 2052-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUNGE LIMITED FINANCE CORP.                                                    | BUNGE LTD FINANCE CORP 2.750000% 05/14/2031                                       | CUSIP: 120568BC3<br>LEI: 549300QHC068L40NNM71 | Long             | DBT              | CORP              | US        |   1150000 | PA      | $1029433.22   | 0.37%             | 2031-05-14      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                          | WELLS FARGO & CO 5.244000% 01/24/2031                                             | CUSIP: 95000U3P6<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   1150000 | PA      | $1173848.00   | 0.42%             | 2031-01-24      | Fixed         | 5.24%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN AY5040                                                         | CUSIP: 3138YJS64<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     65065 | PA      | $64806.95     | 0.02%             | 2035-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARS, INCORPORATED                                                             | MARS INC 144A 2.375000% 07/16/2040                                                | CUSIP: 571676AN5<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |    540000 | PA      | $375300.96    | 0.13%             | 2040-07-16      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN FM7514                                                         | CUSIP: 3140XBK41<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    975910 | PA      | $824553.58    | 0.29%             | 2051-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| COLT MORTGAGE LOAN TRUST                                                       | COLT 2022-4 MORTGAGE LOAN TRUST COLT 2022-4 A1                                    | CUSIP: 19685GAA4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    736818 | PA      | $730764.60    | 0.26%             | 2067-03-25      | Floating      | 4.30%                 | Yes           |                  2 | On Loan: No      |
| United States of America                                                       | US TREASURY N/B 3.000000% 05/15/2045                                              | CUSIP: 912810RM2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   9000000 | PA      | $6962343.75   | 2.48%             | 2045-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| United States of America                                                       | US TREASURY N/B 2.750000% 05/31/2029                                              | CUSIP: 91282CES6<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |  11500000 | PA      | $11103789.12  | 3.96%             | 2029-05-31      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| STORE CAPITAL LLC                                                              | STORE CAPITAL LLC 2.700000% 12/01/2031                                            | CUSIP: 862121AD2<br>LEI: 254900Z9PIEFQ6AYXK50 | Long             | DBT              | CORP              | US        |    700000 | PA      | $592542.85    | 0.21%             | 2031-12-01      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN FS2805                                                         | CUSIP: 3140XJDK6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   2002841 | PA      | $1668221.93   | 0.60%             | 2052-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FRANKLIN BSP CAPITAL CORPORATION                                               | FRANKLIN BSP CAPITAL CORP 7.200000% 06/15/2029                                    | CUSIP: 35250VAB0<br>LEI: 549300KJEVMKATLINB36 | Long             | DBT              | CORP              | US        |   1080000 | PA      | $1099282.13   | 0.39%             | 2029-06-15      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN FM4684                                                         | CUSIP: 3140X8F28<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   2188857 | PA      | $1830342.06   | 0.65%             | 2050-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| United States of America                                                       | US TREASURY N/B 4.000000% 03/31/2030                                              | CUSIP: 91282CMU2<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   2400000 | PA      | $2429812.51   | 0.87%             | 2030-03-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC POOL FR SD8098                                                        | CUSIP: 3132DV7K5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    276852 | PA      | $221756.31    | 0.08%             | 2050-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN MA4941                                                         | CUSIP: 31418EP38<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   2312053 | PA      | $2312456.35   | 0.82%             | 2053-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DENVER COLO CITY & CNTY HSG AUTH MULTIFAMILY HSG REV                           | DENVER CO CITY & CNTY MF HSG R DENVER CITY & COUNTY HOUSING AUTHORITY             | CUSIP: 24917QAZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $235252.02    | 0.08%             | 2039-02-01      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| FIDELIS MORTGAGE TRUST                                                         | FIDELIS MORTGAGE TRUST 2025-RTL1 FIDL 2025-RTL1 A2                                | CUSIP: 31575LAE3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1300000 | PA      | $1304092.53   | 0.47%             | 2040-02-27      | Floating      | 6.22%                 | Yes           |                  2 | On Loan: No      |
| FREDDIE MAC SEASONED CREDIT RISK TRANSFER TRUST                                | FREDDIE MAC SEASONED CREDIT RISK TRANSFER TRUST SE SCRT 2018-4 MV                 | CUSIP: 35563PHH5<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    595967 | PA      | $555356.22    | 0.20%             | 2058-03-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BARINGS PRIVATE CREDIT CORP CLO LTD                                            | BARINGS PRIVATE CREDIT CORP CLO 2023-1 LTD BPCC 2023-1A A1BR                      | CUSIP: 067930AN7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | BM        |   1170000 | PA      | $1164424.95   | 0.42%             | 2036-10-15      | Floating      | 6.20%                 | Yes           |                  2 | On Loan: No      |
| RCKT MORTGAGE TRUST                                                            | RCKT MORTGAGE TRUST 2022-1 RCKT 2022-1 A1                                         | CUSIP: 74938FAA6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1223392 | PA      | $994388.25    | 0.35%             | 2052-01-25      | Floating      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| PROVIDENT FUNDING MORTGAGE LOAN TRUST                                          | PROVIDENT FUNDING MORTGAGE TRUST 2025-1 PFMT 2025-1 A3                            | CUSIP: 74388NAC0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    975456 | PA      | $978115.96    | 0.35%             | 2055-02-25      | Floating      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| NNN REIT, INC.                                                                 | NNN REIT INC 2.500000% 04/15/2030                                                 | CUSIP: 637417AN6<br>LEI: 5493008JKH5SOTI0JS97 | Long             | DBT              | CORP              | US        |    700000 | PA      | $630249.32    | 0.22%             | 2030-04-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| United States of America                                                       | US TREASURY N/B 2.875000% 05/15/2052                                              | CUSIP: 912810TG3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4500000 | PA      | $3205898.46   | 1.14%             | 2052-05-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC POOL FR RA7114                                                        | CUSIP: 3133KN3X9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   1108841 | PA      | $1036705.53   | 0.37%             | 2052-04-01      | Fixed         | 4.00%                 | 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        |  13000000 | PA      | $13100546.94  | 4.67%             | 2027-12-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| J.P. MORGAN MORTGAGE TRUST                                                     | JP MORGAN MORTGAGE TRUST 2022-3 JPMMT 2022-3 A4A                                  | CUSIP: 46654UAE5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1438410 | PA      | $1272077.73   | 0.45%             | 2052-08-25      | Floating      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN BM4831                                                         | CUSIP: 3140J9LM1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    185889 | PA      | $166437.42    | 0.06%             | 2048-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| United States of America                                                       | US TREASURY N/B 0.625000% 05/15/2030                                              | CUSIP: 912828ZQ6<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |    550000 | PA      | $471968.75    | 0.17%             | 2030-05-15      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| VOLOFIN FINANCE (IRELAND) DESIGNATED ACTIVITY COMPANY                          | VOLOFIN FINANCE DESIGNATED ACTIVITY CO VFIN 2024-1A A                             | CUSIP: 92873RAA9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    478408 | PA      | $481891.10    | 0.17%             | 2037-06-15      | Fixed         | 5.93%                 | Yes           |                  2 | On Loan: No      |
| ONEOK, INC.                                                                    | ONEOK INC 5.650000% 09/01/2034                                                    | CUSIP: 29336TAE0<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |   1280000 | PA      | $1267170.43   | 0.45%             | 2034-09-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC GOLD POOL FG G08749                                                   | CUSIP: 3128MJZP8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    204462 | PA      | $193824.02    | 0.07%             | 2047-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMN                                                    | WASHINGTON ST HSG FIN COMMISSI WASHINGTON STATE HOUSING FINANCE COMMISSION        | CUSIP: 93978T5G0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $557207.42    | 0.20%             | 2038-12-01      | Fixed         | 5.74%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                                 | MORGAN STANLEY 5.587000% 01/18/2036                                               | CUSIP: 61748UAF9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   1150000 | PA      | $1166589.85   | 0.42%             | 2036-01-18      | Fixed         | 5.59%                 | No            |                  2 | On Loan: No      |
| ANHEUSER-BUSCH INBEV WORLDWIDE INC.                                            | ANHEUSER-BUSCH INBEV WORLDWIDE INC 4.750000% 01/23/2029                           | CUSIP: 035240AQ3<br>LEI: 549300CRGMZK3K53BF92 | Long             | DBT              | CORP              | BE        |    300000 | PA      | $304619.35    | 0.11%             | 2029-01-23      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NBN CO LIMITED                                                                 | NBN CO LTD MTN 2.625000% 05/05/2031                                               | CUSIP: 62878U2B7<br>LEI: 2549007CRZ2NT7S96A24 | Long             | DBT              | NUSS              | AU        |    600000 | PA      | $537808.63    | 0.19%             | 2031-05-05      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| BERRY GLOBAL, INC.                                                             | BERRY GLOBAL INC 1.650000% 01/15/2027                                             | CUSIP: 08576PAF8<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |    625000 | PA      | $592989.11    | 0.21%             | 2027-01-15      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| NORTHERN GROUP HSG LLC                                                         | NORTHERN GROUP HOUSING LLC 144A 5.605000% 08/15/2033                              | CUSIP: 66516XAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    422068 | PA      | $426822.01    | 0.15%             | 2033-08-15      | Fixed         | 5.61%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN BN8511                                                         | CUSIP: 3140JRN56<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    174580 | PA      | $164802.26    | 0.06%             | 2049-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NXP B.V.                                                                       | NXP BV / NXP FUNDING LLC 5.550000% 12/01/2028                                     | CUSIP: 62947QBC1<br>LEI: 724500RKKW4NOJ9YQF60 | Long             | DBT              | NUSS              | NL        |    245000 | PA      | $250644.80    | 0.09%             | 2028-12-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| ARES FINANCE CO. II LLC                                                        | ARES FINANCE CO II LLC 144A 3.250000% 06/15/2030                                  | CUSIP: 04015KAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    645000 | PA      | $602795.39    | 0.22%             | 2030-06-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| GRAND PARKWAY TRANSN CORP TEX SYS TOLL REV                                     | GRAND PARKWAY TRANSPRTN CORP T GRAND PARKWAY TRANSPORTATION CORP                  | CUSIP: 38611TDK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    640000 | PA      | $445290.62    | 0.16%             | 2049-10-01      | Fixed         | 3.22%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC GOLD POOL FG G08789                                                   | CUSIP: 3128MJ2X7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    190911 | PA      | $181027.83    | 0.06%             | 2047-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC POOL FR RA7930                                                        | CUSIP: 3133KPY36<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    679037 | PA      | $649796.13    | 0.23%             | 2052-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SEQUOIA MORTGAGE TRUST                                                         | SEQUOIA MORTGAGE TRUST 2015-1 SEMT 2015-1 A1                                      | CUSIP: 81745QAA0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     20688 | PA      | $19233.76     | 0.01%             | 2045-01-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| 7-ELEVEN, INC.                                                                 | 7-ELEVEN INC 144A 2.800000% 02/10/2051                                            | CUSIP: 817826AG5<br>LEI: 549300K23JPL0SS3LB18 | Long             | DBT              | CORP              | US        |    940000 | PA      | $537479.01    | 0.19%             | 2051-02-10      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Highwoods Realty Limited Partnership                                           | HIGHWOODS REALTY LP 2.600000% 02/01/2031                                          | CUSIP: 431282AT9<br>LEI: JUJNVZX73BIYHLR58F51 | Long             | DBT              | CORP              | US        |   1390000 | PA      | $1179336.13   | 0.42%             | 2031-02-01      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN MA3870                                                         | CUSIP: 31418DJQ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    298431 | PA      | $250773.18    | 0.09%             | 2049-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| HPS CORPORATE LENDING FUND                                                     | HPS CORPORATE LENDING FUND 5.950000% 04/14/2032                                   | CUSIP: 40440VAK1<br>LEI: 549300ZS7IHUA6FKFV61 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1171562.84   | 0.42%             | 2032-04-14      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| IDAHO HSG & FIN ASSN SINGLE FAMILY MTG REV                                     | IDAHO ST HSG & FIN ASSN SF MTG IDAHO HOUSING & FINANCE ASSOCIATION                | CUSIP: 45129Y3V6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $866773.39    | 0.31%             | 2038-07-01      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN BJ8340                                                         | CUSIP: 3140HAHS2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    437105 | PA      | $400157.26    | 0.14%             | 2049-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| HAWAII ST DEPT BUSINESS ECONOMIC DEV & TOURISM GREEN ENERGY MKT SECURITIZATION | HAWAII ST DEPT BUSINESS ECON D STATE OF HAWAII DEPARTMENT OF BUSINESS ECONOMIC DE | CUSIP: 41980UAB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     81152 | PA      | $79370.05     | 0.03%             | 2031-01-01      | Fixed         | 3.24%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN MA3210                                                         | CUSIP: 31418CR89<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    108731 | PA      | $99689.22     | 0.04%             | 2047-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BWAY TRUST                                                                     | BWAY TRUST 2025-1535 BWAY 2025-1535 A                                             | CUSIP: 12430BAA8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    600000 | PA      | $613456.50    | 0.22%             | 2042-05-05      | Floating      | 6.31%                 | Yes           |                  2 | On Loan: No      |
| MARTIN MARIETTA MATERIALS, INC.                                                | MARTIN MARIETTA MATERIALS INC 2.400000% 07/15/2031                                | CUSIP: 573284AW6<br>LEI: 5299005MZ4WZECVATV08 | Long             | DBT              | CORP              | US        |    865000 | PA      | $750423.80    | 0.27%             | 2031-07-15      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| Mondelez International, Inc.                                                   | MONDELEZ INTERNATIONAL INC 1.500000% 02/04/2031                                   | CUSIP: 609207AX3<br>LEI: 549300DV9GIB88LZ5P30 | Long             | DBT              | CORP              | US        |    535000 | PA      | $449948.33    | 0.16%             | 2031-02-04      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| J.P. MORGAN MORTGAGE TRUST                                                     | J.P. MORGAN MORTGAGE TRUST 2022-4 JPMMT 2022-4 A4                                 | CUSIP: 46655GAE5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1538162 | PA      | $1394295.48   | 0.50%             | 2052-10-25      | Floating      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                            | BROWN BROTHERS HARRIMAN SWEEP INTEREST                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |   5088857 | PA      | $5088857.37   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN FS3394                                                         | CUSIP: 3140XJXY4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    886266 | PA      | $827691.62    | 0.30%             | 2052-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO.                                                           | JPMORGAN CHASE & CO 4.946000% 10/22/2035                                          | CUSIP: 46647PER3<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   1082000 | PA      | $1056768.60   | 0.38%             | 2035-10-22      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| CAMP PENDLETON & QUANTICO HOUSING, LLC                                         | CAMP PENDLETON & QUANTICO HOUSING LLC 144A 6.165000% 10/01/2050                   | CUSIP: 134011AL9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $393161.60    | 0.14%             | 2050-10-01      | Fixed         | 6.17%                 | No            |                  2 | On Loan: No      |
| RIO TINTO FINANCE (USA) PLC                                                    | RIO TINTO FINANCE USA PLC 5.750000% 03/14/2055                                    | CUSIP: 76720AAV8<br>LEI: 2138006TSNBEUA761G16 | Long             | DBT              | NUSS              | AU        |   1340000 | PA      | $1322348.34   | 0.47%             | 2055-03-14      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| COMCAST CORPORATION                                                            | COMCAST CORP 2.887000% 11/01/2051                                                 | CUSIP: 20030NDS7<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    314000 | PA      | $188873.05    | 0.07%             | 2051-11-01      | Fixed         | 2.89%                 | No            |                  2 | On Loan: No      |
| THE SOUTHERN COMPANY                                                           | SOUTHERN CO/THE 6.375000% 03/15/2055                                              | CUSIP: 842587EB9<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |   1190000 | PA      | $1212263.71   | 0.43%             | 2055-03-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| PENNANTPARK FLOATING RATE CAPITAL LTD.                                         | PENNANTPARK FLOATING RATE CAPITAL LTD 4.250000% 04/01/2026                        | CUSIP: 70806AAA4<br>LEI: 529900BH3IP6381K4L72 | Long             | DBT              | CORP              | US        |    650000 | PA      | $633871.73    | 0.23%             | 2026-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| MICROSOFT CORPORATION                                                          | MICROSOFT CORP 2.921000% 03/17/2052                                               | CUSIP: 594918CE2<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | DBT              | CORP              | US        |    270000 | PA      | $179191.19    | 0.06%             | 2052-03-17      | Fixed         | 2.92%                 | No            |                  2 | On Loan: No      |
| CARMAX AUTO OWNER TRUST                                                        | CARMAX AUTO OWNER TRUST 2025-1 CARMX 2025-1 B                                     | CUSIP: 14319WAF3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    665000 | PA      | $677188.52    | 0.24%             | 2030-09-16      | Fixed         | 5.11%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC GOLD POOL FG G08626                                                   | CUSIP: 3128MJVU1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    204050 | PA      | $183698.10    | 0.07%             | 2045-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| United States of America                                                       | US TREASURY N/B 3.875000% 09/30/2029                                              | CUSIP: 91282CFL0<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   8500000 | PA      | $8563085.98   | 3.05%             | 2029-09-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| J.P. MORGAN MORTGAGE TRUST                                                     | JP MORGAN MORTGAGE TRUST 2022-2 JPMMT 2022-2 A4A                                  | CUSIP: 46655DAE2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1002642 | PA      | $886514.62    | 0.32%             | 2052-08-25      | Floating      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association 2                                     | GINNIE MAE II POOL G2 MA5330                                                      | CUSIP: 36179T4P7<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |     78157 | PA      | $73530.21     | 0.03%             | 2048-07-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GS MORTGAGE SECURITIES TRUST                                                   | GS MORTGAGE SECURITIES TRUST 2020-GSA2 GSMS 2020-GSA2 A3                          | CUSIP: 36264KAT7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    341918 | PA      | $309088.86    | 0.11%             | 2053-12-12      | Fixed         | 1.56%                 | No            |                  2 | On Loan: No      |
| OAK STREET INVESTMENT GRADE NET LEASE FUND LLC.                                | OAK STREET INVESTMENT GRADE NET LEASE FUND SERIES OAKIG 2021-2A A3                | CUSIP: 67181DAL5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1746354 | PA      | $1622535.06   | 0.58%             | 2051-11-20      | Fixed         | 2.85%                 | Yes           |                  2 | On Loan: No      |
| OWENS CORNING                                                                  | OWENS CORNING 5.950000% 06/15/2054                                                | CUSIP: 690742AQ4<br>LEI: JO5M6676RDJIZ2U8X907 | Long             | DBT              | CORP              | US        |   1079000 | PA      | $1065204.62   | 0.38%             | 2054-06-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| THE BANK OF NOVA SCOTIA                                                        | BANK OF NOVA SCOTIA/THE 7.350000% 04/27/2085                                      | CUSIP: 0641598X7<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | NUSS              | CA        |    930000 | PA      | $920205.43    | 0.33%             | 2085-04-27      | Fixed         | 7.35%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2                                     | GINNIE MAE II POOL G2 MA5263                                                      | CUSIP: 36179TZ40<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    463447 | PA      | $425408.03    | 0.15%             | 2048-06-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE HIGHER EDUCATION LOAN CORPORATION                                | GRANITE EDVANCE CORP NHHEL 2020-1 A1A                                             | CUSIP: 644622AB8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1245498 | PA      | $1138671.48   | 0.41%             | 2060-09-25      | Fixed         | 1.55%                 | No            |                  2 | On Loan: No      |
| GOLUB CAPITAL BDC, INC.                                                        | GOLUB CAPITAL BDC INC 6.000000% 07/15/2029                                        | CUSIP: 38173MAE2<br>LEI: 2549005WE0QLGK9APF78 | Long             | DBT              | CORP              | US        |   1280000 | PA      | $1282015.86   | 0.46%             | 2029-07-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TWIN BROOK CLO LLC                                                             | TWIN BROOK CLO 2024-1 LLC TWBRK 2024-1A A                                         | CUSIP: 901397AA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    800000 | PA      | $801454.40    | 0.29%             | 2036-07-20      | Floating      | 6.17%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE REMICS FNR 2024-56 DL                                                  | CUSIP: 3136BSTA3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   3150000 | PA      | $1949807.79   | 0.70%             | 2051-09-25      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| ROCKIES EXPRESS PIPELINE LLC                                                   | ROCKIES EXPRESS PIPELINE LLC 144A 3.600000% 05/15/2025                            | CUSIP: 77340RAS6<br>LEI: W2ZGZGZKY5GGNY6F3V51 | Long             | DBT              | CORP              | US        |    480000 | PA      | $479463.31    | 0.17%             | 2025-05-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| SEQUOIA MORTGAGE TRUST                                                         | SEQUOIA MORTGAGE TRUST 2024-7 SEMT 2024-7 A2                                      | CUSIP: 81748EAB2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    916873 | PA      | $920490.04    | 0.33%             | 2054-08-25      | Floating      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN FM4231                                                         | CUSIP: 3140X7VZ9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    617803 | PA      | $519138.94    | 0.19%             | 2050-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                            | GMAC COMMERCIAL MORTGAGE ASSET CORP GMACN 2010-FTLS A                             | CUSIP: 36188AAB1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    221474 | PA      | $231422.52    | 0.08%             | 2047-02-10      | Fixed         | 6.36%                 | No            |                  3 | On Loan: No      |
| MCF CLO LLC                                                                    | MCF CLO VIII LTD MCFCL 2018-1A AR                                                 | CUSIP: 55281GAQ1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $997941.00    | 0.36%             | 2036-04-18      | Floating      | 6.22%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC POOL FR SD6140                                                        | CUSIP: 3132DTZD5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   1988670 | PA      | $2020432.68   | 0.72%             | 2054-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2                                     | GINNIE MAE II POOL G2 MA8045                                                      | CUSIP: 36179W5E4<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    666400 | PA      | $622907.43    | 0.22%             | 2052-05-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KESTREL AIRCRAFT FUNDING LTD                                                   | KESTREL AIRCRAFT FUNDING LTD KSTRL 2018-1A A                                      | CUSIP: 49255PAA1<br>LEI: N/A                  | Long             | ABS-MBS          |  | KY        |    149354 | PA      | $146367.04    | 0.05%             | 2038-12-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| PAGAYA AI DEBT GRANTOR TRUST                                                   | PAGAYA AI DEBT GRANTOR TRUST 2024-11 PAID 2024-11 B                               | CUSIP: 69544AAB1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    644926 | PA      | $646570.79    | 0.23%             | 2032-07-15      | Fixed         | 5.64%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN CA2182                                                         | CUSIP: 3140Q9M83<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    109828 | PA      | $100441.80    | 0.04%             | 2048-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC GOLD POOL FG Q62573                                                   | CUSIP: 3132VN2F9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    158813 | PA      | $145615.65    | 0.05%             | 2048-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CORPORATION                                              | CAPITAL ONE FINANCIAL CORP 6.183000% 01/30/2036                                   | CUSIP: 14040HDJ1<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |   1940000 | PA      | $1915840.27   | 0.68%             | 2036-01-30      | Fixed         | 6.18%                 | No            |                  2 | On Loan: No      |
| CHASE HOME LENDING MORTGAGE TRUST                                              | CHASE HOME LENDING MORTGAGE TRUST 2025-1 CHASE 2025-1 A4                          | CUSIP: 16160TAD0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    962054 | PA      | $971682.92    | 0.35%             | 2055-11-25      | Floating      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| THUNDERBOLT AIRCRAFT LEASE LIMITED                                             | THUNDERBOLT II AIRCRAFT LEASE LTD TBOLT 2018-A A                                  | CUSIP: 886065AA9<br>LEI: N/A                  | Long             | ABS-MBS          |  | KY        |    227942 | PA      | $225461.30    | 0.08%             | 2038-09-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| PHEAA STUDENT LOAN TRUST I                                                     | PHEAA STUDENT LOAN TRUST 2016-2 PHEAA 2016-2A B                                   | CUSIP: 69343VAB8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1050000 | PA      | $1045950.99   | 0.37%             | 2065-11-25      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN FS4932                                                         | CUSIP: 3140XLPS1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    843400 | PA      | $861509.38    | 0.31%             | 2053-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ANTARES CLO LTD                                                                | ANTARES CLO 2018-3 LTD ANTR 2018-3A A1R                                           | CUSIP: 03665LAL7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1170000 | PA      | $1163264.31   | 0.41%             | 2036-07-20      | Floating      | 5.86%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN BK0640                                                         | CUSIP: 3140HDWA8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   1221111 | PA      | $1062389.05   | 0.38%             | 2050-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| DAIMLER TRUCK FINANCE NORTH AMERICA LLC                                        | DAIMLER TRUCK FINANCE NORTH AMERICA LLC 144A 2.500000% 12/14/2031                 | CUSIP: 233853AH3<br>LEI: 5493003HSDTSCZRXBA58 | Long             | DBT              | CORP              | DE        |    940000 | PA      | $801443.70    | 0.29%             | 2031-12-14      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| SLM STUDENT LOAN TRUST                                                         | SLM STUDENT LOAN TRUST 2006-10 SLMA 2006-10 A6                                    | CUSIP: 78443BAG1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1050672 | PA      | $1002218.16   | 0.36%             | 2044-03-25      | Floating      | 4.77%                 | No            |                  2 | On Loan: No      |
| HOWMET AEROSPACE INC.                                                          | HOWMET AEROSPACE INC 3.000000% 01/15/2029                                         | CUSIP: 443201AB4<br>LEI: 549300HO5WFZUT5N2T22 | Long             | DBT              | CORP              | US        |    495000 | PA      | $469771.19    | 0.17%             | 2029-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN BX4155                                                         | CUSIP: 3140N8TM0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    609741 | PA      | $620732.37    | 0.22%             | 2052-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC POOL FR SD8316                                                        | CUSIP: 3132DWGZ0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   2324782 | PA      | $2323990.51   | 0.83%             | 2053-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN MA4562                                                         | CUSIP: 31418EB82<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   3128029 | PA      | $2484823.78   | 0.89%             | 2052-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| United States of America                                                       | US TREASURY N/B 3.750000% 08/15/2041                                              | CUSIP: 912810QS0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2250000 | PA      | $2032294.93   | 0.72%             | 2041-08-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC POOL FR SD2862                                                        | CUSIP: 3132DQFB7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    729765 | PA      | $742704.87    | 0.26%             | 2053-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GS MORTGAGE-BACKED SECURITIES TRUST                                            | GS MORTGAGE-BACKED SECURITIES TRUST 2022-PJ1 GSMBS 2022-PJ1 A8                    | CUSIP: 36263NAH8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1078858 | PA      | $956731.17    | 0.34%             | 2052-05-28      | Floating      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| GOLDENTREE LOAN MANAGEMENT US CLO LTD                                          | GOLDENTREE LOAN MANAGEMENT US CLO 12 LTD GLM 2022-12A AJR                         | CUSIP: 38138FAS0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |   1425000 | PA      | $1410315.38   | 0.50%             | 2037-07-20      | Floating      | 5.80%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN MA4255                                                         | CUSIP: 31418DWR9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    567104 | PA      | $452956.08    | 0.16%             | 2051-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST HSG & CMNTY DEV AUTH SINGLE FAMILY REV                              | INDIANA ST HSG & CMNTY DEV AUT INDIANA HOUSING & COMMUNITY DEVELOPMENT AUTHORITY  | CUSIP: 45505TY39<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023219.50   | 0.36%             | 2044-07-01      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN FS3686                                                         | CUSIP: 3140XKCY4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    658969 | PA      | $650577.12    | 0.23%             | 2053-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN MA5044                                                         | CUSIP: 31418ETA8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    638587 | PA      | $660671.91    | 0.24%             | 2053-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MONROE CAPITAL MML CLO LTD                                                     | MONROE CAPITAL MML CLO XI LTD MCMML 2021-1A A1                                    | CUSIP: 61034NAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1025000 | PA      | $1023159.10   | 0.36%             | 2033-05-20      | Floating      | 6.13%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC GOLD POOL FG G18540                                                   | CUSIP: 3128MMS61<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |     81816 | PA      | $79472.09     | 0.03%             | 2030-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN MA4834                                                         | CUSIP: 31418ELQ1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    591869 | PA      | $588083.02    | 0.21%             | 2037-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| DISTRICT COLUMBIA UNIV REV                                                     | DIST OF COLUMBIA UNIV REVENUE DISTRICT OF COLUMBIA                                | CUSIP: 25484JDK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1421690.19   | 0.51%             | 2035-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| GS MORTGAGE-BACKED SECURITIES TRUST                                            | GS MORTGAGE-BACKED SECURITIES TRUST 2022-PJ3 GSMBS 2022-PJ3 A4                    | CUSIP: 362924AE2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1234293 | PA      | $1004051.37   | 0.36%             | 2052-08-25      | Floating      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| SIXTH STREET SPECIALTY LENDING, INC.                                           | SIXTH STREET SPECIALTY LENDING INC 5.625000% 08/15/2030                           | CUSIP: 83012AAD1<br>LEI: 549300TX61566GJWCN05 | Long             | DBT              | CORP              | US        |   1320000 | PA      | $1303003.65   | 0.46%             | 2030-08-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| United States of America                                                       | US TREASURY N/B 2.250000% 08/15/2046                                              | CUSIP: 912810RT7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2575000 | PA      | $1703221.67   | 0.61%             | 2046-08-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC POOL FR SD3984                                                        | CUSIP: 3132E0M90<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   2307395 | PA      | $1831139.36   | 0.65%             | 2051-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| JBS USA Holding Lux S.a r.l.                                                   | JBS USA HOLDING LUX SARL/ JBS USA FOOD CO/ JBS LUX 7.250000% 11/15/2053           | CUSIP: 47214BAD0<br>LEI: RB8RC03FUD8DSX57C193 | Long             | DBT              | NUSS              | US        |   1000000 | PA      | $1122393.00   | 0.40%             | 2053-11-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| RATE MORTGAGE TRUST                                                            | RATE MORTGAGE TRUST 205-J1 RATE 2025-J1 A4                                        | CUSIP: 75410CAD1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    975949 | PA      | $985644.87    | 0.35%             | 2055-03-25      | Floating      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association 2                                     | GINNIE MAE II POOL G2 MA7589                                                      | CUSIP: 36179WNE4<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   2019403 | PA      | $1721298.88   | 0.61%             | 2051-09-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CITIGROUP MORTGAGE LOAN TRUST INC                                              | CITIGROUP MORTGAGE LOAN TRUST 2024-1 CMLTI 2024-1 A3A                             | CUSIP: 17332CAS5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    771679 | PA      | $776169.79    | 0.28%             | 2054-07-25      | Floating      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association 2                                     | GINNIE MAE II POOL G2 MA8204                                                      | CUSIP: 36179XDH6<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    624475 | PA      | $636799.22    | 0.23%             | 2052-08-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FIRST REPUBLIC MORTGAGE LOAN TRUST                                             | FIRST REPUBLIC MORTGAGE TRUST 2020-1 FRMT 2020-1 A5                               | CUSIP: 33616LAN0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    360878 | PA      | $349772.56    | 0.12%             | 2050-04-25      | Floating      | 2.88%                 | Yes           |                  2 | On Loan: No      |
| OAKTREE SPECIALTY LENDING CORPORATION                                          | OAKTREE SPECIALTY LENDING CORP 6.340000% 02/27/2030                               | CUSIP: 67401PAE8<br>LEI: 549300J6MGCEU5928620 | Long             | DBT              | CORP              | US        |   1315000 | PA      | $1297873.16   | 0.46%             | 2030-02-27      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| CARLYLE FINANCE SUBSIDIARY L.L.C.                                              | CARLYLE FINANCE SUBSIDIARY LLC 144A 3.500000% 09/19/2029                          | CUSIP: 14314DAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    650000 | PA      | $623904.61    | 0.22%             | 2029-09-19      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-04-30

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

**Signature:** Andrew Metzger

**Name of Signer:** Andrew Metzger

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