# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0002048251-25-002512
**Filing Date:** 2025-11
**Character Count:** 53004
**Document Hash:** 1f27532f21d2def932b6862038a3460d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-25-002512.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0002048251-25-002512

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20250930

**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:** 251526903

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

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

## Series and Classes Contracts Data

### MetLife Opportunistic High Yield Fund (Series ID: S000063586)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000206015 | Investor Shares      | MFHVX           |
| C000206016 | Institutional Shares | MFHIX           |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** OAKS

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19456

  - **Telephone number:** 8774463863

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

- **a. Name of Series:** MetLife Opportunistic High Yield Fund

- **b. EDGAR series identifier (if any):** S000063586

- **c. LEI of Series:** 549300TXDB86NRMFUC06

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

- **a. Date of fiscal year-end:** 2025-09-30

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $145987666.47

**Total Liabilities:** $4902814.80

**Net Assets:** $141084851.67

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -6.79844079 | **1-Year:** -260.20314291 | **5-Year:** -167.46845148 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

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

- **3-Month:** -409.52006945 | **1-Year:** -12196.14076916 | **5-Year:** -19462.39247350 | **10-Year:** -1956.91946460 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000206016 | 0.43%                | 2.06%                | 0.87%                |
| Class ID C000206015 | 0.40%                | 1.92%                | 0.85%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $90974.64                | $-605951.39                                |
| Month 2  | $-109323.89              | $1856429.35                                |
| Month 3  | $174236.95               | $-61403.80                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| NEW FLYER HOLDINGS, INC.                        | NEW FLYER HOLDINGS INC 144A 9.250000% 07/01/2030                                  | CUSIP: 64438WAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    190000 | PA      | $203369.99    | 0.14%             | 2030-07-01      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| ONE STOP MAILING LLC                            | ONE STOP MAILING LLC 5/7/2027                                                     | CUSIP: 68248MAG5<br>LEI: N/A                  | Long             | LON              |  | US        |    942878 | PA      | $943419.82    | 0.67%             | 2027-05-07      | Floating      | 10.53%                | No            |                  2 | On Loan: No      |
| ALTA EQUIPMENT GROUP INC.                       | ALTA EQUIPMENT GROUP INC 144A 9.000000% 06/01/2029                                | CUSIP: 02128LAC0<br>LEI: 549300DGOB28CLGS1X27 | Long             | DBT              | CORP              | US        |   1850000 | PA      | $1726686.96   | 1.22%             | 2029-06-01      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| POWER HOUSE 2/25 COV-LITE                       | POWER HOUSE 2/25 COV-LITE 2/13/2032                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   1316700 | PA      | $1311762.38   | 0.93%             | 2032-02-13      | Floating      | 8.00%                 | No            |                  2 | On Loan: No      |
| TOWN MEDIA LLC                                  | TOWN MEDIA LLC 2/6/2030                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   1933640 | PA      | $1689517.85   | 1.20%             | 2030-02-06      | Floating      | 9.19%                 | No            |                  2 | On Loan: No      |
| Consolidated Energy Finance S.A.                | CONSOLIDATED ENERGY FINANCE SA 144A 5.625000% 10/15/2028                          | CUSIP: 20914UAF3<br>LEI: 549300PUNIS0USNSL750 | Long             | DBT              | NUSS              | CH        |   1456000 | PA      | $1212835.48   | 0.86%             | 2028-10-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Kodiak Building Partners TL                     | Kodiak Building Partners TL 12/4/2031                                             | CUSIP: 50011JAF7<br>LEI: N/A                  | Long             | LON              |  | US        |    209090 | PA      | $207870.64    | 0.15%             | 2031-12-04      | Floating      | 7.75%                 | No            |                  2 | On Loan: No      |
| AMERICAN AXLE & MANUFACTURING, INC.             | AMERICAN AXLE & MANUFACTURING INC 144A 6.375000% 10/15/2032                       | CUSIP: 02406PBC3<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |    405000 | PA      | $404316.19    | 0.29%             | 2032-10-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| OSCAR ACQUISITIONCO, LLC                        | OSCAR ACQUISITIONCO LLC / OSCAR FINANCE INC 144A 9.500000% 04/15/2030             | CUSIP: 687785AB1<br>LEI: 254900RDCZK0Q19MEL65 | Long             | DBT              | CORP              | US        |   1375000 | PA      | $1125925.89   | 0.80%             | 2030-04-15      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| SUMMIT MIDSTREAM HOLDINGS, LLC                  | SUMMIT MIDSTREAM HOLDINGS LLC 144A 8.625000% 10/31/2029                           | CUSIP: 86614JAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1675000 | PA      | $1683244.35   | 1.19%             | 2029-10-31      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| URBAN ONE, INC.                                 | URBAN ONE INC 144A 7.375000% 02/01/2028                                           | CUSIP: 91705JAC9<br>LEI: 549300PLGIGPBRQUP240 | Long             | DBT              | CORP              | US        |   2183000 | PA      | $1147886.89   | 0.81%             | 2028-02-01      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| MIDCAP FINANCIAL ISSUER TRUST                   | MIDCAP FINANCIAL ISSUER TRUST 144A 6.500000% 05/01/2028                           | CUSIP: 59567LAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1489726.50   | 1.06%             | 2028-05-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| PARK RIVER HOLDINGS, INC.                       | PARK RIVER HOLDINGS INC 144A 8.000000% 03/15/2031                                 | CUSIP: 70082LAC1<br>LEI: 254900PGY077KWCROT75 | Long             | DBT              | CORP              | US        |    255000 | PA      | $258231.94    | 0.18%             | 2031-03-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Kelso Industries LLC Delayed Draw Term L        | Kelso Industries LLC Delayed Draw Term L 26-Dec-29                                | CUSIP: 48825CAC9<br>LEI: N/A                  | Long             | LON              |  | US        |     51750 | PA      | $51750.00     | 0.04%             | 2029-12-26      | Floating      | 10.07%                | No            |                  2 | On Loan: No      |
| CALDERYS FINANCING II, LLC                      | CALDERYS FINANCING II LLC 144A 11.750000% 06/01/2028                              | CUSIP: 12878AAA9<br>LEI: 254900CB1N9CREDQAK86 | Long             | DBT              | CORP              | US        |   1600000 | PA      | $1670125.44   | 1.18%             | 2028-06-01      | Fixed         | 11.75%                | Yes           |                  2 | On Loan: No      |
| PARK RIVER HOLDINGS, INC.                       | PARK RIVER HOLDINGS INC 144A 6.750000% 08/01/2029                                 | CUSIP: 70082LAB3<br>LEI: 254900PGY077KWCROT75 | Long             | DBT              | CORP              | US        |   2406000 | PA      | $2381168.64   | 1.69%             | 2029-08-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| SWF ESCROW ISSUER CORPORATION                   | SWF HOLDINGS I CORP 144A 6.500000% 10/01/2029                                     | CUSIP: 78500AAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    670000 | PA      | $254600.00    | 0.18%             | 2029-10-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| CRUISE YACHT UPPER HOLDCO LTD                   | CRUISE YACHT UPPER HOLDCO LTD 11.875000% 07/05/2028                               | CUSIP: N/A<br>LEI: 984500DE088QEE80G074       | Long             | DBT              | NUSS              | LU        |   1200000 | PA      | $1038720.52   | 0.74%             | 2028-07-05      | Fixed         | 11.88%                | No            |                  2 | On Loan: No      |
| NORD SEC INC                                    | NORD SEC INC 9/23/2032                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    500000 | PA      | $498960.00    | 0.35%             | 2032-09-23      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| BEASLEY MEZZANINE HOLDINGS, LLC                 | BEASLEY MEZZANINE HOLDINGS LLC 144A 9.200000% 08/01/2028                          | CUSIP: 07403VAB5<br>LEI: 549300VK8LJV1TK18D38 | Long             | DBT              | CORP              | US        |   1027000 | PA      | $390260.00    | 0.28%             | 2028-08-01      | Fixed         | 9.20%                 | Yes           |                  2 | On Loan: No      |
| VIRTUSA CORPORATION                             | VIRTUSA CORP 144A 7.125000% 12/15/2028                                            | CUSIP: 92837TAA0<br>LEI: C77OMXDER63WLJCSKT03 | Long             | DBT              | CORP              | US        |   2150000 | PA      | $2100550.65   | 1.49%             | 2028-12-15      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| ITT HOLDINGS LLC                                | ITT HOLDINGS LLC 144A 6.500000% 08/01/2029                                        | CUSIP: 45074JAA2<br>LEI: 549300TH2PHOLK31LB42 | Long             | DBT              | CORP              | US        |   1845000 | PA      | $1813883.34   | 1.29%             | 2029-08-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Consolidated Energy Finance S.A.                | CONSOLIDATED ENERGY FINANCE SA 144A 12.000000% 02/15/2031                         | CUSIP: 20914UAH9<br>LEI: 549300PUNIS0USNSL750 | Long             | DBT              | NUSS              | CH        |    606000 | PA      | $554493.78    | 0.39%             | 2031-02-15      | Fixed         | 12.00%                | Yes           |                  2 | On Loan: No      |
| Emerald EMS                                     | Emerald EMS 12/29/2027                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    597188 | PA      | $412059.38    | 0.29%             | 2027-12-29      | Floating      | 10.60%                | No            |                  2 | On Loan: No      |
| Phoenix Aviation Capital Limited                | PHOENIX AVIATION CAPITAL LTD 144A 9.250000% 07/15/2030                            | CUSIP: 71910DAA9<br>LEI: N/A                  | Long             | DBT              | NUSS              | IE        |   1195000 | PA      | $1271377.23   | 0.90%             | 2030-07-15      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| EFESTO BIDCO S.P.A.                             | EFESTO BIDCO SPA EFESTO US LLC 144A 7.500000% 02/15/2032                          | CUSIP: 28201XAB1<br>LEI: 815600D1A091DE3F5933 | Long             | DBT              | NUSS              | IT        |   1250000 | PA      | $1272000.00   | 0.90%             | 2032-02-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| RAILWORKS HOLDINGS, LP                          | RAILWORKS HOLDINGS LP / RAILWORKS RALLY INC 144A 8.250000% 11/15/2028             | CUSIP: 75079MAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1350000 | PA      | $1365707.25   | 0.97%             | 2028-11-15      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| TRULITE HLDG CORP                               | TRULITE HLDG CORP 2/22/2030                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   1663357 | PA      | $1655040.58   | 1.17%             | 2030-02-22      | Floating      | 10.29%                | No            |                  2 | On Loan: No      |
| NATGASOLINE LLC TL                              | NATGASOLINE LLC TL 3/24/2030                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   1361438 | PA      | $1373921.88   | 0.97%             | 2030-03-24      | Floating      | 9.50%                 | No            |                  2 | On Loan: No      |
| MARLINK/VENGA 1/25 (USD) COV-LITE TLB           | MARLINK/VENGA 1/25 (USD) COV-LITE TLB 6/28/2029                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   1051557 | PA      | $1053923.08   | 0.75%             | 2029-06-28      | Floating      | 8.21%                 | No            |                  2 | On Loan: No      |
| N/A                                             | BEASLEY BROADCAST GROUP INC CLASS A RESTRICTED DUMMY ID RESTRICTED COMMON STOCK   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |      1042 | NS      | $4668.16      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| RESEARCH NOW TL (DYNATA)                        | RESEARCH NOW TL (DYNATA) 10/15/2028 AND 3M SOFR                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    724578 | PA      | $589929.27    | 0.42%             | 2028-10-15      | Floating      | 9.96%                 | No            |                  2 | On Loan: No      |
| MICHAEL BAKER 1/25 COV-LITE                     | MICHAEL BAKER 1/25 COV-LITE 12/01/2028 AND SOFR 75 BPS                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    740653 | PA      | $741808.54    | 0.53%             | 2028-12-01      | Floating      | 8.31%                 | No            |                  2 | On Loan: No      |
| CIMPRESS PUBLIC LIMITED COMPANY                 | CIMPRESS PLC 144A 7.375000% 09/15/2032                                            | CUSIP: 17186HAH5<br>LEI: 549300X1IFD75XISOR81 | Long             | DBT              | NUSS              | IE        |   1975000 | PA      | $1968116.30   | 1.39%             | 2032-09-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| N/A                                             | 24 HOUR FITNESS OFFERING DUMMY ID PREFERRED SHARES                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               |  | US        |     22590 | NS      | $225.90       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| N/A                                             | 24 HOUR FITNESS RESTRICTED SHARES DUMMY ID EQUITY COMMON STOCK                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |     90461 | NS      | $904.61       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| JACOBS ENTERTAINMENT, INC.                      | JACOBS ENTERTAINMENT INC 144A 6.750000% 02/15/2029                                | CUSIP: 469815AK0<br>LEI: 5493004U9JIWY3HSUO63 | Long             | DBT              | CORP              | US        |   1405000 | PA      | $1371575.05   | 0.97%             | 2029-02-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| CONUMA RESOURCES LIMITED                        | CONUMA RESOURCES LTD 144A 13.125000% 05/01/2028                                   | CUSIP: 21240FAA0<br>LEI: 549300YVRVP2GAVPY828 | Long             | DBT              | NUSS              | CA        |   1684000 | PA      | $1659721.18   | 1.18%             | 2028-05-01      | Fixed         | 13.12%                | Yes           |                  2 | On Loan: No      |
| SP Cruises Intermediate Limited                 | SP CRUISES INTERMEDIATE LTD 144A 11.500000% 03/14/2030                            | CUSIP: N/A<br>LEI: 2549001UGAS65A7Y0678       | Long             | DBT              | CORP              | BM        |   1500000 | PA      | $1426252.49   | 1.01%             | 2030-03-14      | Fixed         | 11.50%                | Yes           |                  2 | On Loan: No      |
| Odfjell Rig III Ltd.                            | ODFJELL RIG III LTD 9.250000% 05/31/2028                                          | CUSIP: ZK5320120<br>LEI: 529900JX0H45QUN1EC58 | Long             | DBT              | NUSS              | NO        |   1097367 | PA      | $1140925.22   | 0.81%             | 2028-05-31      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| TMS INTERNATIONAL CORP.                         | TMS INTERNATIONAL CORP/DE 144A 6.250000% 04/15/2029                               | CUSIP: 87261QAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1869000 | PA      | $1812410.42   | 1.28%             | 2029-04-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| MM PROTON I, LLC                                | MM PROTON I LLC 144A 9.875000% 10/05/2029                                         | CUSIP: N/A<br>LEI: 894500OBXVZUWQ8BCL18       | Long             | DBT              | CORP              | US        |   1275000 | PA      | $1272814.32   | 0.90%             | 2029-10-05      | Fixed         | 9.88%                 | Yes           |                  2 | On Loan: No      |
| N/A                                             | PSS INDUSTRIAL OFFERING CLASS A MEMBERSHIP INTEREST                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               |  | US        |      1353 | NS      | $111601.96    | 0.08%             |  |  |  | No            |                  3 | On Loan: No      |
| KELSO INDUSTRIES LLC TERM LOAN                  | KELSO INDUSTRIES LLC TERM LOAN 26-Dec-29                                          | CUSIP: 48825CAB1<br>LEI: N/A                  | Long             | LON              |  | US        |    865511 | PA      | $865510.51    | 0.61%             | 2029-12-26      | Floating      | 9.91%                 | No            |                  2 | On Loan: No      |
| OPTA INCREMENTAL DELAYED TL UNFUNDED            | OPTA INCREMENTAL DELAYED TL UNFUNDED 11/09/2028 AND SOFR 6.75%                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    435708 | PA      | $422636.28    | 0.30%             | 2028-11-09      | Floating      | 11.21%                | No            |                  2 | On Loan: No      |
| NES FIRCROFT BONDCO AS                          | NES FIRCROFT BONDCO AS 144A 8.000000% 09/30/2029                                  | CUSIP: N/A<br>LEI: 636700CUSS22I12S3R10       | Long             | DBT              | CORP              | GB        |   2000000 | PA      | $2018429.00   | 1.43%             | 2029-09-30      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| ARCHER NORGE AS                                 | ARCHER NORGE AS 9.500000% 02/25/2030                                              | CUSIP: N/A<br>LEI: 2549006R6VHK9FL7D418       | Long             | DBT              | NUSS              | NO        |   1250000 | PA      | $1319533.89   | 0.94%             | 2030-02-25      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| INTERNET BRANDS                                 | INTERNET BRANDS 5/3/2028                                                          | CUSIP: 45567YAN5<br>LEI: N/A                  | Long             | LON              |  | US        |   1294187 | PA      | $1242963.16   | 0.88%             | 2028-05-03      | Floating      | 8.25%                 | No            |                  2 | On Loan: No      |
| VOYAGER PARENT, LLC                             | VOYAGER PARENT LLC 144A 9.250000% 07/01/2032                                      | CUSIP: 92921EAA0<br>LEI: 2549002DYVI4ACSV4V71 | Long             | DBT              | CORP              | US        |   1340000 | PA      | $1417036.76   | 1.00%             | 2032-07-01      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| BURFORD CAPITAL GLOBAL FINANCE LLC              | BURFORD CAPITAL GLOBAL FINANCE LLC 144A 7.500000% 07/15/2033                      | CUSIP: 12116LAG4<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |   1650000 | PA      | $1679040.00   | 1.19%             | 2033-07-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| RAND PARENT, LLC                                | RAND PARENT LLC 144A 8.500000% 02/15/2030                                         | CUSIP: 753272AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1740000 | PA      | $1807973.10   | 1.28%             | 2030-02-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| VISTAJET MALTA FINANCE P.L.C.                   | VISTAJET MALTA FINANCE PLC / VISTA MANAGEMENT HOLD 6.375000% 02/01/2030           | CUSIP: 92840JAB5<br>LEI: 5299001UK94VGT0CPQ36 | Long             | DBT              | NUSS              | CH        |   2156000 | PA      | $2101406.85   | 1.49%             | 2030-02-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Greenfire Resources Ltd.                        | GREENFIRE RESOURCES LTD COMMON STOCK                                              | CUSIP: 39525U107<br>LEI: 254900MTS0G2VGMJW059 | Long             | EC               |  | US        |     56516 | NS      | $261103.92    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| NABORS INDUSTRIES, INC.                         | NABORS INDUSTRIES INC 144A 8.875000% 08/15/2031                                   | CUSIP: 62957HAQ8<br>LEI: 549300VFQWRKICUFNU92 | Long             | DBT              | CORP              | US        |   2504000 | PA      | $2332000.14   | 1.65%             | 2031-08-15      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| Constellation Oil Services Holding S.A.         | CONSTELLATION OIL SERVICES HOLDING SA 144A 9.375000% 11/07/2029                   | CUSIP: 650921AA7<br>LEI: 5493005YJTU769NW5I10 | Long             | DBT              | NUSS              | BR        |   1430000 | PA      | $1465750.00   | 1.04%             | 2029-11-07      | Fixed         | 9.38%                 | Yes           |                  2 | On Loan: No      |
| N/A                                             | PSS INDUSTRIAL OFFERING CLASS B MEMBERSHIP INTEREST                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               |  | US        |       351 | NS      | $28985.63     | 0.02%             |  |  |  | No            |                  3 | On Loan: No      |
| N/A                                             | BROWN BROTHERS HARRIMAN SWEEP INTEREST                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |   6300285 | PA      | $6300285.11   | 4.47%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                             | PVKG INVEST HOLDINGS RESTRICTED SHARES UNLISTED COMMON STOCK                      | CUSIP: 69433A109<br>LEI: N/A                  | Long             | EC               |  | US        |       445 | NS      | $4450.00      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| KELSO INDUSTRIES LLC                            | KELSO INDUSTRIES DDTL UNFUNDED 26-Dec-29                                          | CUSIP: 48825CAC9<br>LEI: N/A                  | Long             | LON              |  | US        |    101200 | PA      | $1574.35      | 0.00%             | 2029-12-26      | Floating      | 1.00%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG, INC.                        | VENTURE GLOBAL LNG INC 144A 8.375000% 06/01/2031                                  | CUSIP: 92332YAB7<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |   1900000 | PA      | $1994943.59   | 1.41%             | 2031-06-01      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| JW ALUMINUM CONTINUOUS CAST COMPANY             | JW ALUMINUM CONTINUOUS CAST CO 144A 10.250000% 04/01/2030                         | CUSIP: 46648XAB4<br>LEI: 5493008HJ8BWQC8XAF08 | Long             | DBT              | CORP              | US        |   1865000 | PA      | $1949065.75   | 1.38%             | 2030-04-01      | Fixed         | 10.25%                | Yes           |                  2 | On Loan: No      |
| OPTA INC TL                                     | OPTA INC TL 11/9/2028                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | CA        |    871725 | PA      | $845573.25    | 0.60%             | 2028-11-09      | Floating      | 11.24%                | No            |                  2 | On Loan: No      |
| WELLTEC INTERNATIONAL ApS                       | WELLTEC INTERNATIONAL APS 144A 8.250000% 10/15/2026                               | CUSIP: 95039LAA6<br>LEI: 549300MW4UJ1X7Q4F350 | Long             | DBT              | NUSS              | DK        |    691000 | PA      | $693250.59    | 0.49%             | 2026-10-15      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| INTERNET BRANDS 12/24 TLB4                      | INTERNET BRANDS 12/24 TLB4 31-Dec-31                                              | CUSIP: 45567YAP0<br>LEI: N/A                  | Long             | LON              |  | US        |    875954 | PA      | $804782.91    | 0.57%             | 2031-12-31      | Floating      | 8.41%                 | No            |                  2 | On Loan: No      |
| SHELF DRILLING HOLDINGS, LTD.                   | SHELF DRILLING HOLDINGS LTD 144A 9.625000% 04/15/2029                             | CUSIP: 822538AH7<br>LEI: 54930078ZJ3XP4MRYB68 | Long             | DBT              | NUSS              | AE        |   2473000 | PA      | $2594113.34   | 1.84%             | 2029-04-15      | Fixed         | 9.62%                 | Yes           |                  2 | On Loan: No      |
| NGL ENERGY OPERATING LLC                        | NGL ENERGY OPERATING LLC / NGL ENERGY FINANCE CORP 8.375000% 02/15/2032           | CUSIP: 62922LAD0<br>LEI: 5493008CQD36WWZJ3O79 | Long             | DBT              | CORP              | US        |   1987000 | PA      | $2035971.60   | 1.44%             | 2032-02-15      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Cerdia Finanz GmbH                              | CERDIA FINANZ GMBH 144A 9.375000% 10/03/2031                                      | CUSIP: 15679GAC6<br>LEI: 391200KURNDJSX9GX570 | Long             | DBT              | NUSS              | DE        |   1650000 | PA      | $1746937.50   | 1.24%             | 2031-10-03      | Fixed         | 9.38%                 | Yes           |                  2 | On Loan: No      |
| FIRST BRANDS GROUP, LLC                         | FIRST BRANDS GROUP, LLC 3/30/2027                                                 | CUSIP: 31935HAG2<br>LEI: N/A                  | Long             | LON              |  | US        |    780000 | PA      | $274708.20    | 0.19%             | 2027-03-30      | Floating      | 9.57%                 | No            |                  2 | On Loan: No      |
| Corporation de Securite Garda World             | GARDA WORLD SECURITY CORP 144A 8.375000% 11/15/2032                               | CUSIP: 36485MAP4<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | NUSS              | CA        |   1385000 | PA      | $1437666.92   | 1.02%             | 2032-11-15      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Magnera Corporation                             | MAGNERA CORP 144A 7.250000% 11/15/2031                                            | CUSIP: 55939AAA5<br>LEI: 549300LDQLQBT38QDY28 | Long             | DBT              | CORP              | US        |   1125000 | PA      | $1058602.50   | 0.75%             | 2031-11-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| CHC GROUP LLC                                   | CHC GROUP LLC 144A 11.750000% 09/01/2030                                          | CUSIP: 12550EAA6<br>LEI: N/A                  | Long             | DBT              | NUSS              | US        |    840000 | PA      | $828231.89    | 0.59%             | 2030-09-01      | Fixed         | 11.75%                | Yes           |                  2 | On Loan: No      |
| RLG Holdings INC                                | RLG Holdings INC 7/2/2029                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    996000 | PA      | $393420.00    | 0.28%             | 2029-07-02      | Floating      | 11.78%                | No            |                  2 | On Loan: No      |
| Greenfire Resources Ltd.                        | GREENFIRE RESOURCES LTD 144A 12.000000% 10/01/2028                                | CUSIP: 39525UAA5<br>LEI: 254900MTS0G2VGMJW059 | Long             | DBT              | NUSS              | CA        |   1273000 | PA      | $1353136.62   | 0.96%             | 2028-10-01      | Fixed         | 12.00%                | Yes           |                  2 | On Loan: No      |
| ITG COMMS LLC                                   | ITG COMMS LLC 7/1/2031                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   1825060 | PA      | $1801115.03   | 1.28%             | 2031-07-01      | Floating      | 8.95%                 | No            |                  2 | On Loan: No      |
| GPD COMPANIES, INC.                             | GPD COS INC 144A 12.500000% 12/31/2029                                            | CUSIP: 36260VAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    580000 | PA      | $441055.20    | 0.31%             | 2029-12-31      | Fixed         | 12.50%                | Yes           |                  2 | On Loan: No      |
| Paratus Energy Services Ltd.                    | PARATUS ENERGY SERVICES LTD 9.500000% 06/27/2029                                  | CUSIP: N/A<br>LEI: 549300XB7T5BX418QX67       | Long             | DBT              | NUSS              | GB        |   2000000 | PA      | $1996404.84   | 1.42%             | 2029-06-27      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| SPANISH BROADCASTING SYSTEM, INC.               | SPANISH BROADCASTING SYSTEM INC 144A 9.750000% 03/01/2026                         | CUSIP: 846425AQ9<br>LEI: 5493005DKYB1X4C9LH64 | Long             | DBT              | CORP              | US        |   1113000 | PA      | $734580.00    | 0.52%             | 2026-03-01      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| Borr IHC Limited                                | BORR IHC LTD / BORR FINANCE LLC 144A 10.000000% 11/15/2028                        | CUSIP: 100018AA8<br>LEI: 254900WQF2MM46DNLY83 | Long             | DBT              | NUSS              | MX        |   2003049 | PA      | $1984937.75   | 1.41%             | 2028-11-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| TENNECO LLC                                     | TENNECO INC 144A 8.000000% 11/17/2028                                             | CUSIP: 880349AU9<br>LEI: 549300U0EXXFAQFAD785 | Long             | DBT              | CORP              | US        |   1314000 | PA      | $1316398.92   | 0.93%             | 2028-11-17      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| JACOBS ENTERTAINMENT, INC.                      | JACOBS ENTERTAINMENT INC 144A 6.750000% 02/15/2029                                | CUSIP: 469815AL8<br>LEI: 5493004U9JIWY3HSUO63 | Long             | DBT              | CORP              | US        |    711000 | PA      | $691419.06    | 0.49%             | 2029-02-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| N/A                                             | ALTERA RIGHTS RESTRICTED NON CUSTODY HOLDING                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | GB        |      2800 | NS      | $84000.00     | 0.06%             |  |  |  | No            |                  3 | On Loan: No      |
| WAUPACA FOUNDRY                                 | WAUPACA FOUNDRY 1/31/2030                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   1013847 | PA      | $1016806.99   | 0.72%             | 2030-01-31      | Floating      | 10.00%                | No            |                  2 | On Loan: No      |
| Century Casino TL                               | Century Casino TL 3/23/2029                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   2187879 | PA      | $1840006.39   | 1.30%             | 2029-03-23      | Floating      | 10.28%                | No            |                  2 | On Loan: No      |
| HDI AEROSPACE                                   | HDI AEROSPACE 9/19/2031                                                           | CUSIP: 40415WAB0<br>LEI: N/A                  | Long             | LON              |  | US        |   1409468 | PA      | $1410355.46   | 1.00%             | 2031-09-19      | Floating      | 8.83%                 | No            |                  2 | On Loan: No      |
| FERRELLGAS, L.P.                                | FERRELLGAS LP / FERRELLGAS FINANCE CORP 144A 5.875000% 04/01/2029                 | CUSIP: 315289AC2<br>LEI: 549300EW667UKOZLEW85 | Long             | DBT              | CORP              | US        |   1920000 | PA      | $1786832.45   | 1.27%             | 2029-04-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| N/A                                             | NEW INSIGHTS HOLDINGS RESTRICTED SHARES DUMMY ID EQUITY COMMON STOCK              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |     10040 | NS      | $125500.00    | 0.09%             |  |  |  | No            |                  3 | On Loan: No      |
| STAR HOLDING LLC                                | STAR HOLDING LLC 144A 8.750000% 08/01/2031                                        | CUSIP: 85513AAA6<br>LEI: 254900BDGPE9N1WAKD59 | Long             | DBT              | CORP              | US        |    988000 | PA      | $980297.95    | 0.69%             | 2031-08-01      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| RAIN CARBON INC.                                | RAIN CARBON INC 144A 12.250000% 09/01/2029                                        | CUSIP: 75079LAB7<br>LEI: 25490038N6JQH7QXUK52 | Long             | DBT              | CORP              | US        |   1745000 | PA      | $1868664.66   | 1.32%             | 2029-09-01      | Fixed         | 12.25%                | Yes           |                  2 | On Loan: No      |
| ONESKY FLIGHT, LLC                              | ONESKY FLIGHT LLC 144A 8.875000% 12/15/2029                                       | CUSIP: 68278CAA3<br>LEI: 549300PM6NEPXGG5B882 | Long             | DBT              | CORP              | US        |   1785000 | PA      | $1877022.11   | 1.33%             | 2029-12-15      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| GENESIS ENERGY, L.P.                            | GENESIS ENERGY LP / GENESIS ENERGY FINANCE CORP 8.000000% 05/15/2033              | CUSIP: 37185LAR3<br>LEI: 549300VJ5D6MDK138782 | Long             | DBT              | CORP              | US        |   1268000 | PA      | $1326263.28   | 0.94%             | 2033-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| AIRSWIFT GLOBAL AS                              | AIRSWIFT GLOBAL AS 144A 10.000000% 02/28/2029                                     | CUSIP: N/A<br>LEI: 254900CWKUHRNINY3J70       | Long             | DBT              | CORP              | GB        |   2000000 | PA      | $2039288.82   | 1.45%             | 2029-02-28      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| JELD-WEN, INC.                                  | JELD-WEN INC 144A 4.875000% 12/15/2027                                            | CUSIP: 475795AD2<br>LEI: 549300XWE6NM0N1HFW16 | Long             | DBT              | CORP              | US        |    845000 | PA      | $824599.25    | 0.58%             | 2027-12-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| People Inc                                      | DOTDASH MEREDITH INC 144A 7.625000% 06/15/2032                                    | CUSIP: 25849JAA8<br>LEI: 549300R2AA7U9CJUQO13 | Long             | DBT              | CORP              | US        |   1825000 | PA      | $1808027.50   | 1.28%             | 2032-06-15      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| TRANSMONTAIGNE PARTNERS LLC                     | TRANSMONTAIGNE PARTNERS LLC 144A 8.500000% 06/15/2030                             | CUSIP: 89377AAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1055000 | PA      | $1099331.30   | 0.78%             | 2030-06-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| SPECIALTY BUILDING PRODUCTS HOLDINGS, LLC       | SPECIALTY BUILDING PRODUCTS HOLDINGS LLC / SBP FIN 7.750000% 10/15/2029           | CUSIP: 84749AAC1<br>LEI: 549300ICFD46O3KMJC06 | Long             | DBT              | CORP              | US        |   1400000 | PA      | $1422117.20   | 1.01%             | 2029-10-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| River Rock Entertainment Authority              | River Rock Entertainment Authority 6/25/2031                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   1640000 | PA      | $1599000.00   | 1.13%             | 2031-06-25      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA INFRASTRUCTURE & ECONOMIC DEV BK REV | CALIFORNIA ST INFRASTRUCTURE & CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT B | CUSIP: 13034A6B1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1418836.52   | 1.01%             | 2065-01-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| DELUXE CORPORATION                              | DELUXE CORP 144A 8.000000% 06/01/2029                                             | CUSIP: 248019AU5<br>LEI: KWGNKB8TX9LE5TV29231 | Long             | DBT              | CORP              | US        |   1775000 | PA      | $1770850.94   | 1.26%             | 2029-06-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| VELOCITY VEHICLE GROUP LLC                      | VELOCITY VEHICLE GROUP LLC 144A 8.000000% 06/01/2029                              | CUSIP: 92262TAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    513000 | PA      | $514342.01    | 0.36%             | 2029-06-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| MAGENTA SECURITY HOLDINGS LLC                   | MAGENTA SECURITY HOLDINGS LLC 7/27/2028                                           | CUSIP: 55909UAG4<br>LEI: N/A                  | Long             | LON              |  | US        |     14648 | PA      | $2917.40      | 0.00%             | 2028-07-27      | Floating      | 10.82%                | No            |                  2 | On Loan: No      |
| GOODNIGHT WATER SOLUTIONS HOLDINGS, LLC         | GOODNIGHT WATER SOLUTIONS HOLDINGS, LLC 6/4/2029                                  | CUSIP: 38238YAC3<br>LEI: N/A                  | Long             | LON              |  | US        |   1418438 | PA      | $1397160.94   | 0.99%             | 2029-06-04      | Floating      | 8.16%                 | No            |                  2 | On Loan: No      |
| WATERBRIDGE MIDSTREAM OPERATING LLC             | WATERBRIDGE MIDSTREAM OPERATING LLC 6/27/2029                                     | CUSIP: 94120XAF2<br>LEI: N/A                  | Long             | LON              |  | US        |   1652512 | PA      | $1652925.63   | 1.17%             | 2029-06-27      | Floating      | 9.03%                 | No            |                  2 | On Loan: No      |
| LABL, INC.                                      | LABL INC 144A 8.625000% 10/01/2031                                                | CUSIP: 50168QAF2<br>LEI: 5493004FUZN8R6Y3VB98 | Long             | DBT              | CORP              | US        |   1877000 | PA      | $1378907.45   | 0.98%             | 2031-10-01      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| MERCER INTERNATIONAL INC.                       | MERCER INTERNATIONAL INC 144A 12.875000% 10/01/2028                               | CUSIP: 588056BC4<br>LEI: 549300Z5IAG39VRTY874 | Long             | DBT              | CORP              | DE        |   1050000 | PA      | $955559.06    | 0.68%             | 2028-10-01      | Fixed         | 12.88%                | Yes           |                  2 | On Loan: No      |
| WILSONART LLC                                   | WILSONART LLC 144A 11.000000% 08/15/2032                                          | CUSIP: 97246JAA6<br>LEI: 549300SAZRUMYKDJBY14 | Long             | DBT              | CORP              | US        |   1670000 | PA      | $1625659.33   | 1.15%             | 2032-08-15      | Fixed         | 11.00%                | Yes           |                  2 | On Loan: No      |
| TRUENOORD CAPITAL DESIGNATED ACTIVITY COMPANY   | TRUENOORD CAPITAL DAC 144A 8.750000% 03/01/2030                                   | CUSIP: 89785GAA6<br>LEI: N/A                  | Long             | DBT              | NUSS              | IE        |   1255000 | PA      | $1333436.25   | 0.95%             | 2030-03-01      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| BRAND INDUSTRIAL SERVICES, INC.                 | BRAND INDUSTRIAL SERVICES INC 144A 10.375000% 08/01/2030                          | CUSIP: 104931AA8<br>LEI: 549300B658W2BPDQMW42 | Long             | DBT              | CORP              | US        |   1970000 | PA      | $1963721.41   | 1.39%             | 2030-08-01      | Fixed         | 10.38%                | Yes           |                  2 | On Loan: No      |
| FORM TECHNOLOGIES LLC                           | FORM TECHNOLOGIES LLC 5/30/2030                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   1310000 | PA      | $1147337.30   | 0.81%             | 2030-05-30      | Floating      | 10.08%                | No            |                  2 | On Loan: No      |
| N/A                                             | NAVIOS SOUTH AMERICAN LOGISTICS IN 8.875% 07/14/2030                              | CUSIP: BCCJ08DC1<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   1200000 | PA      | $1248302.53   | 0.88%             | 2030-07-14      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| SCIENTIFIC GAMES HOLDINGS LP                    | SCIENTIFIC GAMES HOLDINGS LP/SCIENTIFIC GAMES US F 6.625000% 03/01/2030           | CUSIP: 80874DAA4<br>LEI: 549300W5GPFXXB6TQ330 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1162141.33   | 0.82%             | 2030-03-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| ION TRADING TECHNOLOGIES S.a r.l.               | ION TRADING TECHNOLOGIES SARL 144A 9.500000% 05/30/2029                           | CUSIP: 46205YAB7<br>LEI: 5493009ZVXOKZLQ6QJ12 | Long             | DBT              | NUSS              | LU        |   1825000 | PA      | $1927517.71   | 1.37%             | 2029-05-30      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Mativ Holdings, Inc.                            | MATIV HOLDINGS INC 144A 8.000000% 10/01/2029                                      | CUSIP: 808541AC0<br>LEI: 549300Z1FU4IDULG1R21 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1980118.46   | 1.40%             | 2029-10-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| OPTA INC DDTL                                   | OPTA INC DDTL 11/08/2028 AND SOFR 6.75                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    291608 | PA      | $282859.29    | 0.20%             | 2028-11-09      | Floating      | 11.21%                | No            |                  2 | On Loan: No      |
| INNOVATE CORP.                                  | INNOVATE CORP 144A 10.500000% 02/01/2027                                          | CUSIP: 45784JAB1<br>LEI: 549300S6O246JWQQ1K58 | Long             | DBT              | CORP              | US        |   1603035 | PA      | $1431113.25   | 1.01%             | 2027-02-01      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| HARROW, INC.                                    | HARROW INC 144A 8.625000% 09/15/2030                                              | CUSIP: 415858AC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    925000 | PA      | $962000.00    | 0.68%             | 2030-09-15      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| PARK-OHIO INDUSTRIES, INC.                      | PARK-OHIO INDUSTRIES INC 144A 8.500000% 08/01/2030                                | CUSIP: 700677AS6<br>LEI: 5493006LQUO5SLMNYM18 | Long             | DBT              | CORP              | US        |   1525000 | PA      | $1580860.75   | 1.12%             | 2030-08-01      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| BLH ESCROW 1 LLC                                | BRIGHTLINE EAST LLC 144A 11.000000% 01/31/2030                                    | CUSIP: 093536AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2247000 | PA      | $921270.00    | 0.65%             | 2030-01-31      | Fixed         | 11.00%                | Yes           |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** Andrew Metzger

**Name of Signer:** Andrew Metzger

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