# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0001752724-25-160202
**Filing Date:** 2025-6
**Character Count:** 143441
**Document Hash:** 0519bd5907a3087a39a9d9f2eb6e9da1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-160202.hdr.sgml**: 20250626

**ACCESSION NUMBER**: 0001752724-25-160202

**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:** 251080152

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

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

## Series and Classes Contracts Data

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** OAKS

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19456

  - **Telephone number:** 8774463863

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

- **a. Name of Series:** MetLife Core Plus Bond Fund

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

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

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

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

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

**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:** $100620594.06

**Total Liabilities:** $186322.62

**Net Assets:** $100434271.44

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -231.84749005 | **1-Year:** -3479.30644537 | **5-Year:** -10564.22588286 | **10-Year:** -17472.34004760 | **30-Year:** -5133.89861303

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

- **3-Month:** -42.21122699 | **1-Year:** -801.44853722 | **5-Year:** -2083.37026002 | **10-Year:** -1533.18272451 | **30-Year:** -377.18567652

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000149726 | 0.00%                | -0.33%               | 2.05%                |
| Class ID C000149725 | 0.23%                | -0.17%               | 2.35%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-18598.17               | $-275101.62                                |
| Month 2  | $19493.71                | $-526812.61                                |
| Month 3  | $-96850.43               | $1958297.73                                |

**Designated Index Information**

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

- **Index Identifier:** LEH_AGG

### Schedule of Portfolio Investments

| Name                                                    | Title                                                                           | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BANK OF AMERICA CORPORATION                             | BANK OF AMERICA CORP 4.571000% 04/27/2033                                       | CUSIP: 06051GKQ1<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    205000 | PA      | $198612.13    | 0.20%             | 2033-04-27      | Fixed         | 4.57%                 | No            |                  2 | On Loan: No      |
| ARI FLEET LEASE TRUST                                   | ARI FLEET LEASE TRUST 2023-A ARIFL 2023-A A3                                    | CUSIP: 00218GAC6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    100000 | PA      | $101003.96    | 0.10%             | 2032-02-17      | Fixed         | 5.33%                 | Yes           |                  2 | On Loan: No      |
| AVOLON HOLDINGS FUNDING LIMITED                         | AVOLON HOLDINGS FUNDING LTD 144A 5.750000% 11/15/2029                           | CUSIP: 05401AAV3<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | NUSS              | IE        |    245000 | PA      | $248030.26    | 0.25%             | 2029-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| HF SINCLAIR CORPORATION                                 | HF SINCLAIR CORP 5.000000% 02/01/2028                                           | CUSIP: 403949AQ3<br>LEI: 2549009G116AM01XHN24 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98965.91     | 0.10%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HILTON GRAND VACATIONS TRUST                            | HILTON GRAND VACATIONS TRUST 2020-A HGVT 2020-AA A                              | CUSIP: 43285HAA6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     30166 | PA      | $29375.83     | 0.03%             | 2039-02-25      | Fixed         | 2.74%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | FREDDIE MAC POOL FR SD1381                                                      | CUSIP: 3132DNRA3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    575688 | PA      | $562138.21    | 0.56%             | 2052-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| VIRGINIA POWER FUEL SECURITIZATION, LLC                 | VIRGINIA POWER FUEL SECURITIZATION LLC 5.088000% 05/01/2027                     | CUSIP: 92808VAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    174589 | PA      | $176045.15    | 0.18%             | 2027-05-01      | Fixed         | 5.09%                 | No            |                  2 | On Loan: No      |
| COLLEGE AVE STUDENT LOANS LLC                           | COLLEGE AVE STUDENT LOANS 2019-A LLC CASL 2019-A A2                             | CUSIP: 19421UAB0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    157626 | PA      | $150363.19    | 0.15%             | 2048-12-28      | Fixed         | 3.28%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN CB0983                                                       | CUSIP: 3140QLCV6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    756556 | PA      | $643943.86    | 0.64%             | 2051-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN FM2847                                                       | CUSIP: 3140X6EV9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    775654 | PA      | $703499.96    | 0.70%             | 2048-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                          | MORGAN STANLEY MTN 5.831000% 04/19/2035                                         | CUSIP: 61747YFR1<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    185000 | PA      | $191020.03    | 0.19%             | 2035-04-19      | Fixed         | 5.83%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG, INC.                                | VENTURE GLOBAL LNG INC 144A 9.875000% 02/01/2032                                | CUSIP: 92332YAD3<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    230000 | PA      | $233533.72    | 0.23%             | 2032-02-01      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | FREDDIE MAC STRIPS FHS 356 300                                                  | CUSIP: 3132J0NU7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    117698 | PA      | $106385.03    | 0.11%             | 2047-09-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN MA5354                                                       | CUSIP: 31418E5Q9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    118878 | PA      | $120664.84    | 0.12%             | 2054-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN CB1805                                                       | CUSIP: 3140QMAF1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    544894 | PA      | $459832.27    | 0.46%             | 2051-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| COLLEGE AVE STUDENT LOANS LLC                           | COLLEGE AVE STUDENT LOANS 2021-B LLC CASL 2021-B B                              | CUSIP: 19425AAC8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    174783 | PA      | $157868.33    | 0.16%             | 2052-06-25      | Fixed         | 2.42%                 | Yes           |                  2 | On Loan: No      |
| United States of America                                | US 10YR ULTRA FUT JUN25 FINANCIAL COMMODITY FUTURE.                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       -36 | NC      | $-4130437.50  | -4.11%            |  |  |  | No            |                  1 | On Loan: No      |
| LOUISVILLE GAS AND ELECTRIC COMPANY                     | LOUISVILLE GAS AND ELECTRIC CO 5.450000% 04/15/2033                             | CUSIP: 546676AZ0<br>LEI: KO3GRIB3RPH1XDX50U72 | Long             | DBT              | CORP              | US        |    205000 | PA      | $209856.53    | 0.21%             | 2033-04-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| United States of America                                | US TREASURY N/B 4.625000% 02/15/2035                                            | CUSIP: 91282CMM0<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |    660000 | PA      | $684750.00    | 0.68%             | 2035-02-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | FREDDIE MAC REFERENCE REMIC FHRR R006 ZA                                        | CUSIP: 31396JT21<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    122873 | PA      | $129907.28    | 0.13%             | 2036-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| AT&T INC.                                               | AT&T INC 3.550000% 09/15/2055                                                   | CUSIP: 00206RLJ9<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    195000 | PA      | $130586.92    | 0.13%             | 2055-09-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN FS1543                                                       | CUSIP: 3140XGWD7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    500230 | PA      | $427624.35    | 0.43%             | 2052-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| SMB PRIVATE EDUCATION LOAN TRUST                        | SMB PRIVATE EDUCATION LOAN TRUST 2021-B SMB 2021-B A                            | CUSIP: 78449YAA8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    218594 | PA      | $204118.00    | 0.20%             | 2051-07-17      | Fixed         | 1.31%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                             | FREDDIE MAC POOL FR SD4301                                                      | CUSIP: 3132E0X64<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    426855 | PA      | $441529.65    | 0.44%             | 2053-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PAYCHEX, INC.                                           | PAYCHEX INC 5.350000% 04/15/2032                                                | CUSIP: 704326AB3<br>LEI: 529900K900DW6SUBM174 | Long             | DBT              | CORP              | US        |    255000 | PA      | $259023.33    | 0.26%             | 2032-04-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN FS1442                                                       | CUSIP: 3140XGS83<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   1182911 | PA      | $1048896.60   | 1.04%             | 2050-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC.                                           | BROADCOM INC 144A 4.926000% 05/15/2037                                          | CUSIP: 11135FBV2<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    212000 | PA      | $203042.09    | 0.20%             | 2037-05-15      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| Estados Unidos Mexicanos                                | UNITED MEXICAN STATES 7.375000% 05/13/2055                                      | CUSIP: 91087BBD1<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    275000 | PA      | $272217.00    | 0.27%             | 2055-05-13      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| LEX MORTGAGE TRUST                                      | LEX 2024-BBG MORTGAGE TRUST LEX 2024-BBG A                                      | CUSIP: 52885AAA6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    195000 | PA      | $195807.18    | 0.19%             | 2033-10-13      | Floating      | 5.04%                 | Yes           |                  2 | On Loan: No      |
| WarnerMedia Holdings, Inc.                              | WARNERMEDIA HOLDINGS INC 5.141000% 03/15/2052                                   | CUSIP: 55903VBE2<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    285000 | PA      | $194843.74    | 0.19%             | 2052-03-15      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN FS8749                                                       | CUSIP: 3140XQWK9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    381701 | PA      | $384420.68    | 0.38%             | 2054-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE COMPANY OF OKLAHOMA                      | PUBLIC SERVICE CO OF OKLAHOMA 5.200000% 01/15/2035                              | CUSIP: 744533BR0<br>LEI: F3TJNSIZRGXRH8GEIK79 | Long             | DBT              | CORP              | US        |    175000 | PA      | $172148.93    | 0.17%             | 2035-01-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| CHARTER COMMUNICATIONS OPERATING, LLC                   | CHARTER COMMUNICATIONS OPERATING LLC / CHARTER COM 6.150000% 11/10/2026         | CUSIP: 161175CM4<br>LEI: 549300TPZNMN50BJ3745 | Long             | DBT              | CORP              | US        |    320000 | PA      | $326181.06    | 0.32%             | 2026-11-10      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| BBCMS TRUST                                             | BBCMS MORTGAGE TRUST 2020-C6 BBCMS 2020-C6 AS                                   | CUSIP: 05492TAG5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     75000 | PA      | $67679.51     | 0.07%             | 2053-02-15      | Fixed         | 2.84%                 | No            |                  2 | On Loan: No      |
| THE BOEING COMPANY                                      | BOEING CO/THE 2.196000% 02/04/2026                                              | CUSIP: 097023DG7<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    265000 | PA      | $259639.07    | 0.26%             | 2026-02-04      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN BS2363                                                       | CUSIP: 3140LCTV3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    239609 | PA      | $210254.04    | 0.21%             | 2035-09-01      | Fixed         | 1.85%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FUNDING LIMITED                         | AVOLON HOLDINGS FUNDING LTD 144A 5.750000% 03/01/2029                           | CUSIP: 05401AAU5<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | NUSS              | IE        |    160000 | PA      | $162367.35    | 0.16%             | 2029-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS COMPANY LLC                           | VISTRA OPERATIONS CO LLC 144A 5.700000% 12/30/2034                              | CUSIP: 92840VAU6<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    195000 | PA      | $194084.79    | 0.19%             | 2034-12-30      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | FREDDIE MAC POOL FR SD8266                                                      | CUSIP: 3132DWFF5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    481389 | PA      | $461252.91    | 0.46%             | 2052-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Group AG                                  | CREDIT SUISSE GROUP AG 144A 7.500000% MATURITY: PERPETUAL                       | CUSIP: 22546DAB2<br>LEI: 549300506SI9CRFV9Z86 | Long             | DBT              | NUSS              | CH        |    725000 | PA      | $54375.00     | 0.05%             | 2173-06-11      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| THE BANK OF NOVA SCOTIA                                 | BANK OF NOVA SCOTIA/THE 4.900000% MATURITY: PERPETUAL                           | CUSIP: 064159VJ2<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | NUSS              | CA        |    540000 | PA      | $537729.35    | 0.54%             | 2173-09-04      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| WHEELS FLEET LEASE FUNDING LLC                          | WHEELS FLEET LEASE FUNDING 1 LLC WFLF 2025-1A A1                                | CUSIP: 96328GCE5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    140000 | PA      | $140351.78    | 0.14%             | 2040-01-18      | Fixed         | 4.57%                 | Yes           |                  2 | On Loan: No      |
| SMALL BUSINESS INVESTMENT COMPANIES                     | SBA SMALL BUSINESS INVESTMENT COS SBIC 2018-10B 1                               | CUSIP: 831641FL4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     25837 | PA      | $25537.15     | 0.03%             | 2028-09-10      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AG NEW YORK BRANCH                        | DEUTSCHE BANK AG/NEW YORK NY 4.999000% 09/11/2030                               | CUSIP: 251526CX5<br>LEI: N/A                  | Long             | DBT              | NUSS              | DE        |    140000 | PA      | $140151.63    | 0.14%             | 2030-09-11      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                   | WELLS FARGO & CO VARIABLE RATE 01/15/2027                                       | CUSIP: 949746TG6<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    205000 | PA      | $200917.49    | 0.20%             | 2027-01-15      | Floating      | 5.02%                 | No            |                  2 | On Loan: No      |
| SBNA AUTO LEASE TRUST                                   | SBNA AUTO LEASE TRUST 2025-A SBALT 2025-A A3                                    | CUSIP: 78437KAC8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    175000 | PA      | $175803.51    | 0.18%             | 2028-04-20      | Fixed         | 4.83%                 | Yes           |                  2 | On Loan: No      |
| ROGERS COMMUNICATIONS INC                               | ROGERS COMMUNICATIONS INC 7.000000% 04/15/2055                                  | CUSIP: 775109DG3<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | NUSS              | CA        |    230000 | PA      | $231717.15    | 0.23%             | 2055-04-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| United States of America                                | US TREASURY N/B 3.125000% 05/15/2048                                            | CUSIP: 912810SC3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2755000 | PA      | $2112202.55   | 2.10%             | 2048-05-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| SMALL BUSINESS ADMIN GTD PARTN CTFS SER PS              | SBA SMALL BUSINESS INVESTMENT COS SBIC 2025-10A 1                               | CUSIP: 831641FZ3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    180000 | PA      | $182567.00    | 0.18%             | 2035-03-10      | Fixed         | 4.96%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN FS0896                                                       | CUSIP: 3140XF7J4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    351912 | PA      | $309073.19    | 0.31%             | 2051-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BBCMS TRUST                                             | BBCMS MORTGAGE TRUST 2025-C32 BBCMS 2025-C32 A5                                 | CUSIP: 07337AAD8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    155000 | PA      | $162414.67    | 0.16%             | 2062-02-15      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| United States of America                                | US 2YR NOTE (CBT) JUN25 FINANCIAL COMMODITY FUTURE.                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        26 | NC      | $5411859.38   | 5.39%             |  |  |  | No            |                  1 | On Loan: No      |
| RATE MORTGAGE TRUST                                     | RATE MORTGAGE TRUST 2024-J4 RATE 2024-J4 A4                                     | CUSIP: 75408TAD8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    225857 | PA      | $229063.23    | 0.23%             | 2054-12-25      | Floating      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN FS1831                                                       | CUSIP: 3140XHA98<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    105529 | PA      | $99450.82     | 0.10%             | 2052-05-01      | Fixed         | 4.00%                 | 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        |    540000 | PA      | $471224.55    | 0.47%             | 2030-12-17      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| HCA INC.                                                | HCA INC 3.500000% 09/01/2030                                                    | CUSIP: 404119CA5<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    240000 | PA      | $224265.51    | 0.22%             | 2030-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CSMC TRUST                                              | CSMC 2014-USA OA LLC CSMC 2014-USA A2                                           | CUSIP: 12649AAC3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    125000 | PA      | $114687.53    | 0.11%             | 2037-09-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| B.A.T CAPITAL CORPORATION                               | BAT CAPITAL CORP 4.390000% 08/15/2037                                           | CUSIP: 05526DBD6<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | GB        |    280000 | PA      | $245521.41    | 0.24%             | 2037-08-15      | Fixed         | 4.39%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                          | MORGAN STANLEY 1.593000% 05/04/2027                                             | CUSIP: 61772BAB9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    265000 | PA      | $257295.97    | 0.26%             | 2027-05-04      | Fixed         | 1.59%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORPORATION                             | BANK OF AMERICA CORP 5.744000% 02/12/2036                                       | CUSIP: 06051GMQ9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    200000 | PA      | $199090.08    | 0.20%             | 2036-02-12      | Fixed         | 5.74%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE GRANTOR TRUST 2001-T4 FNGT 2001-T4 A1                                | CUSIP: 31359SR69<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |      1047 | PA      | $1063.17      | 0.00%             | 2041-07-25      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS AND ELECTRIC COMPANY                        | PACIFIC GAS AND ELECTRIC CO 2.100000% 08/01/2027                                | CUSIP: 694308JF5<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    355000 | PA      | $334318.40    | 0.33%             | 2027-08-01      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| SABINE PASS LIQUEFACTION, LLC                           | SABINE PASS LIQUEFACTION LLC 5.000000% 03/15/2027                               | CUSIP: 785592AS5<br>LEI: 549300KJYBG7C6WJYZ11 | Long             | DBT              | CORP              | US        |    255000 | PA      | $256782.60    | 0.26%             | 2027-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HYUNDAI AUTO LEASE SECURITIZATION TRUST                 | HYUNDAI AUTO LEASE SECURITIZATION TRUST 2025-A HALST 2025-A A3                  | CUSIP: 44935WAD9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    150000 | PA      | $151488.44    | 0.15%             | 2028-01-18      | Fixed         | 4.83%                 | Yes           |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL                                        | PARAMOUNT GLOBAL 6.250000% 02/28/2057                                           | CUSIP: 92553PBC5<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |    225000 | PA      | $207670.50    | 0.21%             | 2057-02-28      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2017-H16 PT                        | CUSIP: 38375UF62<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |        62 | PA      | $61.47        | 0.00%             | 2066-05-20      | Floating      | 4.71%                 | No            |                  2 | On Loan: No      |
| CHARTER COMMUNICATIONS OPERATING, LLC                   | CHARTER COMMUNICATIONS OPERATING LLC / CHARTER COM 6.100000% 06/01/2029         | CUSIP: 161175CQ5<br>LEI: 549300TPZNMN50BJ3745 | Long             | DBT              | CORP              | US        |    185000 | PA      | $191582.60    | 0.19%             | 2029-06-01      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2              | GINNIE MAE II POOL G2 AY2220                                                    | CUSIP: 36196RPD4<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |     36762 | PA      | $36447.97     | 0.04%             | 2067-01-20      | Floating      | 4.49%                 | No            |                  2 | On Loan: No      |
| RESORTS WORLD LAS VEGAS LLC                             | RESORTS WORLD LAS VEGAS LLC / RWLV CAPITAL INC 144 4.625000% 04/06/2031         | CUSIP: 76120HAC1<br>LEI: 254900LHVH9D3APT8R82 | Long             | DBT              | CORP              | US        |    270000 | PA      | $216373.63    | 0.22%             | 2031-04-06      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN MA5700                                                       | CUSIP: 31418FKN6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   1265000 | PA      | $1262777.32   | 1.26%             | 2055-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FARMERS EXCHANGE CAPITAL III                            | FARMERS EXCHANGE CAPITAL III 144A 5.454000% 10/15/2054                          | CUSIP: 30958QAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    335000 | PA      | $303738.03    | 0.30%             | 2054-10-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS HOLDINGS, LLC                   | FRONTIER COMMUNICATIONS HOLDINGS LLC 144A 6.750000% 05/01/2029                  | CUSIP: 35906ABG2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    106000 | PA      | $106444.78    | 0.11%             | 2029-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| COLLEGE AVE STUDENT LOANS LLC                           | COLLEGE AVE STUDENT LOANS 2021-B LLC CASL 2021-B A2                             | CUSIP: 19425AAB0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     89349 | PA      | $79518.20     | 0.08%             | 2052-06-25      | Fixed         | 1.76%                 | Yes           |                  2 | On Loan: No      |
| CONSTELLATION INSURANCE, INC.                           | CONSTELLATION INSURANCE INC 144A 6.800000% 01/24/2030                           | CUSIP: 67740QAH9<br>LEI: 549300K609B872PZT291 | Long             | DBT              | CORP              | US        |    380000 | PA      | $368576.49    | 0.37%             | 2030-01-24      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| OCTANE RECEIVABLES TRUST                                | OCTANE RECEIVABLES TRUST 2023-1 OCTL 2023-1A A                                  | CUSIP: 67571BAA1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     53338 | PA      | $53489.58     | 0.05%             | 2029-05-21      | Fixed         | 5.87%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN MA4520                                                       | CUSIP: 31418EAW0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    292101 | PA      | $250324.21    | 0.25%             | 2042-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | FREDDIE MAC POOL FR RA8418                                                      | CUSIP: 3133KQK70<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    371353 | PA      | $380953.36    | 0.38%             | 2053-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| DLLAA LLC                                               | DLLAA 2025-1 LLC DLLAA 2025-1A A3                                               | CUSIP: 233249AC5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    120000 | PA      | $121942.24    | 0.12%             | 2029-09-20      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| AVOLON HOLDINGS FUNDING LIMITED                         | AVOLON HOLDINGS FUNDING LTD 144A 6.375000% 05/04/2028                           | CUSIP: 05401AAS0<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | NUSS              | IE        |    160000 | PA      | $164981.33    | 0.16%             | 2028-05-04      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| LG ENERGY SOLUTION, LTD.                                | LG ENERGY SOLUTION LTD 144A 5.875000% 04/02/2035                                | CUSIP: 50205MAJ8<br>LEI: 988400QX6P286XA6ZS85 | Long             | DBT              | NUSS              | KR        |    240000 | PA      | $234418.92    | 0.23%             | 2035-04-02      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| FONTAINEBLEAU MIAMI BEACH TRUST                         | FONTAINEBLEAU MIAMI BEACH MORTGAGE TRUST 2024-FBLU FMBT 2024-FBLU B             | CUSIP: 34461WAC4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    195000 | PA      | $193415.63    | 0.19%             | 2039-12-15      | Floating      | 6.17%                 | Yes           |                  2 | On Loan: No      |
| ORACLE CORPORATION                                      | ORACLE CORP 6.900000% 11/09/2052                                                | CUSIP: 68389XCK9<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     80000 | PA      | $86062.14     | 0.09%             | 2052-11-09      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA STUDENT LOAN CORPORATION                 | SOUTH CAROLINA STUDENT LOAN CORP 2015-A SCSLC 2015-A A                          | CUSIP: 83715RAH5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    128839 | PA      | $128861.53    | 0.13%             | 2036-01-25      | Floating      | 5.94%                 | No            |                  2 | On Loan: No      |
| Reynolds American Inc.                                  | REYNOLDS AMERICAN INC 8.125000% 05/01/2040                                      | CUSIP: 761713BV7<br>LEI: 02S2RPPVO9RP4NEU2740 | Long             | DBT              | CORP              | GB        |     45000 | PA      | $50707.45     | 0.05%             | 2040-05-01      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2              | GINNIE MAE II POOL G2 MA6599                                                    | CUSIP: 36179VKL3<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    226795 | PA      | $201638.11    | 0.20%             | 2050-04-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| AMGEN INC.                                              | AMGEN INC 6.375000% 06/01/2037                                                  | CUSIP: 031162AW0<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    135000 | PA      | $146701.24    | 0.15%             | 2037-06-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | FREDDIE MAC GOLD POOL FG G61748                                                 | CUSIP: 31335B5H5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    254424 | PA      | $234571.26    | 0.23%             | 2048-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| United States of America                                | US 5YR NOTE (CBT) JUN25 FINANCIAL COMMODITY FUTURE.                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        61 | NC      | $6660914.06   | 6.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                             | FREDDIE MAC POOL FR SD6603                                                      | CUSIP: 3132DUKQ9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    311009 | PA      | $305536.21    | 0.30%             | 2053-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2              | GINNIE MAE II POOL G2 MA5876                                                    | CUSIP: 36179UQ54<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    231917 | PA      | $217976.36    | 0.22%             | 2049-04-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO.                                    | JPMORGAN CHASE & CO 5.572000% 04/22/2036                                        | CUSIP: 46647PEX0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    225000 | PA      | $230135.98    | 0.23%             | 2036-04-22      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| OCEANVIEW MORTGAGE TRUST                                | OCEANVIEW MORTGAGE TRUST 2025-INV1 BVINV 2025-1 AF1                             | CUSIP: 67551WAU5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    209322 | PA      | $208221.77    | 0.21%             | 2054-11-25      | Floating      | 5.15%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                             | FREDDIE MAC POOL FR SD8129                                                      | CUSIP: 3132DWA60<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    274855 | PA      | $230461.88    | 0.23%             | 2051-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Virginia Electric and Power Company                     | VIRGINIA ELECTRIC AND POWER CO 5.000000% 04/01/2033                             | CUSIP: 927804GK4<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |    282000 | PA      | $279955.84    | 0.28%             | 2033-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT COMPANY LLC                           | FORD MOTOR CREDIT CO LLC 6.054000% 11/05/2031                                   | CUSIP: 345397G31<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    445000 | PA      | $431405.79    | 0.43%             | 2031-11-05      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                     | PETROLEOS MEXICANOS 7.690000% 01/23/2050                                        | CUSIP: 71654QDD1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |    275000 | PA      | $200639.73    | 0.20%             | 2050-01-23      | Fixed         | 7.69%                 | No            |                  2 | On Loan: No      |
| CONTINENTAL RESOURCES, INC.                             | CONTINENTAL RESOURCES INC/OK 144A 2.268000% 11/15/2026                          | CUSIP: 212015AU5<br>LEI: XXRTID9RYWOZ0UPIVR53 | Long             | DBT              | CORP              | US        |    320000 | PA      | $306667.98    | 0.31%             | 2026-11-15      | Fixed         | 2.27%                 | No            |                  2 | On Loan: No      |
| MUNICIPAL ELEC AUTH GA                                  | MUNI ELEC AUTH OF GEORGIA MUNICIPAL ELECTRIC AUTHORITY OF GEORGIA               | CUSIP: 626207YF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    356000 | PA      | $387187.70    | 0.39%             | 2057-04-01      | Fixed         | 6.64%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN FS1482                                                       | CUSIP: 3140XGUG2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    616828 | PA      | $563097.51    | 0.56%             | 2049-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| United States of America                                | US TREASURY N/B 3.000000% 02/15/2049                                            | CUSIP: 912810SF6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2690000 | PA      | $2002053.51   | 1.99%             | 2049-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| THE BROOKLYN UNION GAS COMPANY                          | BROOKLYN UNION GAS CO/THE 144A 6.415000% 07/18/2054                             | CUSIP: 114259AY0<br>LEI: 83BQ1DXS6VA5GZFK8S35 | Long             | DBT              | CORP              | US        |    215000 | PA      | $219878.35    | 0.22%             | 2054-07-18      | Fixed         | 6.42%                 | No            |                  2 | On Loan: No      |
| United States of America                                | US 10YR NOTE (CBT)JUN25 FINANCIAL COMMODITY FUTURE.                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        13 | NC      | $1458843.75   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| MSCCG TRUST                                             | MSCG TRUST 2015-ALDR MSCCG 2015-ALDR A2                                         | CUSIP: 55352NAC1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    380000 | PA      | $378960.43    | 0.38%             | 2035-06-07      | Floating      | 3.58%                 | No            |                  2 | On Loan: No      |
| SMB PRIVATE EDUCATION LOAN TRUST                        | SMB PRIVATE EDUCATION LOAN TRUST 2020-A SMB 2020-A A2A                          | CUSIP: 78449UAB4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     71766 | PA      | $68788.21     | 0.07%             | 2037-09-15      | Fixed         | 2.23%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT COMPANY LLC                           | FORD MOTOR CREDIT CO LLC 6.500000% 02/07/2035                                   | CUSIP: 345397G56<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    200000 | PA      | $193564.34    | 0.19%             | 2035-02-07      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ANHEUSER-BUSCH INBEV WORLDWIDE INC.                     | ANHEUSER-BUSCH INBEV WORLDWIDE INC 5.450000% 01/23/2039                         | CUSIP: 03523TBU1<br>LEI: 549300CRGMZK3K53BF92 | Long             | DBT              | CORP              | BE        |    125000 | PA      | $126663.19    | 0.13%             | 2039-01-23      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC.                                          | CITIGROUP INC 2.561000% 05/01/2032                                              | CUSIP: 172967MY4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    290000 | PA      | $253407.66    | 0.25%             | 2032-05-01      | Fixed         | 2.56%                 | No            |                  2 | On Loan: No      |
| SEQUOIA MORTGAGE TRUST                                  | SEQUOIA MORTGAGE TRUST 2018-CH4 SEMT 2018-CH4 B1B                               | CUSIP: 81747LCE9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    296767 | PA      | $295597.36    | 0.29%             | 2048-10-25      | Floating      | 5.04%                 | No            |                  2 | On Loan: No      |
| HESS CORPORATION                                        | HESS CORP 5.800000% 04/01/2047                                                  | CUSIP: 42809HAH0<br>LEI: UASVRYNXNK17ULIGK870 | Long             | DBT              | CORP              | US        |    215000 | PA      | $210278.97    | 0.21%             | 2047-04-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2              | GINNIE MAE II POOL G2 MA6476                                                    | CUSIP: 36179VFR6<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    651734 | PA      | $611348.00    | 0.61%             | 2050-02-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE FLEET FINANCING LLC                          | ENTERPRISE FLEET FINANCING 2024-3 LLC EFF 2024-3 A2                             | CUSIP: 29375QAB4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    122075 | PA      | $122478.77    | 0.12%             | 2027-04-20      | Fixed         | 5.31%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN CB3771                                                       | CUSIP: 3140QPFM4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    316821 | PA      | $286887.37    | 0.29%             | 2052-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BENCHMARK MORTGAGE TRUST                                | BENCHMARK 2022-B33 MORTGAGE TRUST BMARK 2022-B33 A5                             | CUSIP: 08163PBG4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    185000 | PA      | $167554.20    | 0.17%             | 2055-03-15      | Fixed         | 3.46%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC.                                           | BROADCOM INC 144A 3.419000% 04/15/2033                                          | CUSIP: 11135FBK6<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    109000 | PA      | $97206.58     | 0.10%             | 2033-04-15      | Fixed         | 3.42%                 | No            |                  2 | On Loan: No      |
| Cooperatieve Rabobank U.A.                              | COOPERATIEVE RABOBANK UA 144A 3.758000% 04/06/2033                              | CUSIP: 74977RDP6<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | NUSS              | NL        |    375000 | PA      | $344723.15    | 0.34%             | 2033-04-06      | Fixed         | 3.76%                 | No            |                  2 | On Loan: No      |
| DELL EQUIPMENT FINANCE TRUST                            | DELL EQUIPMENT FINANCE TRUST 2025-1 DEFT 2025-1 B                               | CUSIP: 24703UAG8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    100000 | PA      | $100203.12    | 0.10%             | 2031-02-24      | Fixed         | 4.96%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN CA6943                                                       | CUSIP: 3140QEWD0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   1066450 | PA      | $854686.85    | 0.85%             | 2050-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| BX TRUST                                                | BX TRUST 2025-VLT6 BX 2025-VLT6 B                                               | CUSIP: 12433KAC1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    175000 | PA      | $172921.88    | 0.17%             | 2042-03-15      | Floating      | 6.21%                 | Yes           |                  2 | On Loan: No      |
| AerCap Ireland Capital Designated Activity Company      | AERCAP IRELAND CAPITAL DAC / AERCAP GLOBAL AVIATIO 6.500000% 01/31/2056         | CUSIP: 00774MBQ7<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | NUSS              | IE        |    215000 | PA      | $208785.04    | 0.21%             | 2056-01-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE FLEET FINANCING LLC                          | ENTERPRISE FLEET FINANCING 2023-2 LLC EFF 2023-2 A2                             | CUSIP: 29375NAB1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    134487 | PA      | $135321.72    | 0.13%             | 2030-04-22      | Fixed         | 5.56%                 | Yes           |                  2 | On Loan: No      |
| BARCLAYS PLC                                            | BARCLAYS PLC 4.375000% 01/12/2026                                               | CUSIP: 06738EAN5<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | NUSS              | GB        |    330000 | PA      | $329190.90    | 0.33%             | 2026-01-12      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| AMERICAN ELECTRIC POWER COMPANY, INC.                   | AMERICAN ELECTRIC POWER CO INC 5.699000% 08/15/2025                             | CUSIP: 02557TAD1<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |    215000 | PA      | $215466.63    | 0.21%             | 2025-08-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| DLLAD LLC                                               | DLLAD 2024-1 LLC DLLAD 2024-1A A3                                               | CUSIP: 23346MAC0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    315000 | PA      | $321060.13    | 0.32%             | 2029-07-20      | Fixed         | 5.30%                 | Yes           |                  2 | On Loan: No      |
| NATWEST GROUP PLC                                       | NATWEST GROUP PLC 7.472000% 11/10/2026                                          | CUSIP: 639057AG3<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | NUSS              | GB        |    115000 | PA      | $116592.75    | 0.12%             | 2026-11-10      | Fixed         | 7.47%                 | No            |                  2 | On Loan: No      |
| VERIZON MASTER TRUST                                    | VERIZON MASTER TRUST VZMT 2024-6 A1A                                            | CUSIP: 92348KDE0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     45000 | PA      | $45001.42     | 0.04%             | 2030-08-20      | Fixed         | 4.17%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INCORPORATED                         | UNITEDHEALTH GROUP INC 5.375000% 04/15/2054                                     | CUSIP: 91324PFC1<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    185000 | PA      | $171615.65    | 0.17%             | 2054-04-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| THE BOEING COMPANY                                      | BOEING CO/THE 6.298000% 05/01/2029                                              | CUSIP: 097023DQ5<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    245000 | PA      | $257659.10    | 0.26%             | 2029-05-01      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| BAE SYSTEMS PLC                                         | BAE SYSTEMS PLC 144A 5.250000% 03/26/2031                                       | CUSIP: 05523RAK3<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | DBT              | NUSS              | GB        |    220000 | PA      | $224859.54    | 0.22%             | 2031-03-26      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC.                                          | CITIGROUP INC 8.125000% 07/15/2039                                              | CUSIP: 172967EW7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    165000 | PA      | $204094.88    | 0.20%             | 2039-07-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| 1345 AVENUE OF THE AMERICAS AND PARK AVENUE PLAZA TRUST | 1345 AVENUE OF THE AMERICAS & PARK AVENUE PLAZA TR FB 2005-1 A3                 | CUSIP: 68275CAC2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    331081 | PA      | $329612.31    | 0.33%             | 2035-08-10      | Fixed         | 5.28%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS HOLDINGS, LLC                   | FRONTIER COMMUNICATIONS HOLDINGS LLC 144A 6.000000% 01/15/2030                  | CUSIP: 35908MAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    374000 | PA      | $375325.46    | 0.37%             | 2030-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Samarco Mineracao S.A. - em Recuperacao Judicial        | SAMARCO MINERACAO SA 144A 9.000000% 06/30/2031                                  | CUSIP: 79588YAA7<br>LEI: 529900U8HKV15GJC4O60 | Long             | DBT              | NUSS              | BR        |    255625 | PA      | $240587.68    | 0.24%             | 2031-06-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                          | MORGAN STANLEY 5.466000% 01/18/2035                                             | CUSIP: 61747YFL4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    210000 | PA      | $212133.74    | 0.21%             | 2035-01-18      | Fixed         | 5.47%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE FLEET FINANCING LLC                          | ENTERPRISE FLEET FINANCING 2025-1 LLC EFF 2025-1 A3                             | CUSIP: 29390HAC3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    145000 | PA      | $146673.10    | 0.15%             | 2029-02-20      | Fixed         | 4.82%                 | Yes           |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                      | ENERGY TRANSFER LP 6.400000% 12/01/2030                                         | CUSIP: 29273VAT7<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    340000 | PA      | $361543.20    | 0.36%             | 2030-12-01      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO.                                    | JPMORGAN CHASE & CO 1.045000% 11/19/2026                                        | CUSIP: 46647PBT2<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    195000 | PA      | $191193.29    | 0.19%             | 2026-11-19      | Fixed         | 1.04%                 | No            |                  2 | On Loan: No      |
| SBNA AUTO LEASE TRUST                                   | SBNA AUTO LEASE TRUST 2024-B SBALT 2024-B A3                                    | CUSIP: 78437VAE0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    120000 | PA      | $121225.19    | 0.12%             | 2027-11-22      | Fixed         | 5.56%                 | Yes           |                  2 | On Loan: No      |
| M&T BANK AUTO RECEIVABLES TRUST                         | M&T BANK AUTO RECEIVABLES TRUST 2025-1 MTBAT 2025-1A A3                         | CUSIP: 55287XAD7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    190000 | PA      | $191620.28    | 0.19%             | 2030-06-17      | Fixed         | 4.73%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN FA1103                                                       | CUSIP: 3140W1GM9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    758363 | PA      | $685535.23    | 0.68%             | 2052-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                                 | MPLX LP 5.950000% 04/01/2055                                                    | CUSIP: 55336VBZ2<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |    150000 | PA      | $138035.91    | 0.14%             | 2055-04-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | FREDDIE MAC POOL FR SD3368                                                      | CUSIP: 3132DQW51<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    913842 | PA      | $918167.12    | 0.91%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORPORATION                                  | CVS HEALTH CORP 5.050000% 03/25/2048                                            | CUSIP: 126650CZ1<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    430000 | PA      | $365450.96    | 0.36%             | 2048-03-25      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| GPMT LTD                                                | GPMT 2021-FL3 LTD GPMT 2021-FL3 A                                               | CUSIP: 36264BAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    157345 | PA      | $153588.01    | 0.15%             | 2035-07-16      | Floating      | 5.93%                 | Yes           |                  2 | On Loan: No      |
| CENTENE CORPORATION                                     | CENTENE CORP 4.625000% 12/15/2029                                               | CUSIP: 15135BAT8<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |    395000 | PA      | $380778.26    | 0.38%             | 2029-12-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| WFRBS COMMERCIAL MORTGAGE TRUST                         | WFRBS COMMERCIAL MORTGAGE TRUST 2014-C22 WFRBS 2014-C22 B                       | CUSIP: 92890KBF1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    270000 | PA      | $244296.00    | 0.24%             | 2057-09-15      | Floating      | 4.37%                 | No            |                  2 | On Loan: No      |
| JPMBB COMMERCIAL MORTGAGE SECURITIES TRUST              | JPMBB COMMERCIAL MORTGAGE SECURITIES TRUST 2014-C2 JPMBB 2014-C25 B             | CUSIP: 46643PBK5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    215000 | PA      | $199971.50    | 0.20%             | 2047-11-15      | Floating      | 4.35%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | FREDDIE MAC POOL FR RA8790                                                      | CUSIP: 3133KQXT8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    247216 | PA      | $242929.94    | 0.24%             | 2053-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2              | GINNIE MAE II POOL G2 MA7051                                                    | CUSIP: 36179VZQ6<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    471549 | PA      | $384778.73    | 0.38%             | 2050-12-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| ANGLO AMERICAN CAPITAL PLC                              | ANGLO AMERICAN CAPITAL PLC 144A 5.750000% 04/05/2034                            | CUSIP: 034863BE9<br>LEI: TINT358G1SSHR3L3PW36 | Long             | DBT              | NUSS              | ZA        |    325000 | PA      | $327246.56    | 0.33%             | 2034-04-05      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| HUDSON YARDS MORTGAGE TRUST                             | HUDSON YARDS 2025-SPRL MORTGAGE TRUST HY 2025-SPRL B                            | CUSIP: 44855PAC2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    280000 | PA      | $287794.30    | 0.29%             | 2040-01-13      | Floating      | 5.95%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                             | FREDDIE MAC POOL FR SD1661                                                      | CUSIP: 3132DNZ22<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    679859 | PA      | $579266.09    | 0.58%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| MARS, INCORPORATED                                      | MARS INC 144A 5.200000% 03/01/2035                                              | CUSIP: 571676BA2<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |    225000 | PA      | $225882.86    | 0.22%             | 2035-03-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN MA2956                                                       | CUSIP: 31418CJA3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     63709 | PA      | $56355.67     | 0.06%             | 2047-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN FA0373                                                       | CUSIP: 3140W0MX0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    586775 | PA      | $587435.39    | 0.58%             | 2053-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| META PLATFORMS, INC.                                    | META PLATFORMS INC 5.400000% 08/15/2054                                         | CUSIP: 30303M8V7<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |    155000 | PA      | $149142.13    | 0.15%             | 2054-08-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| CANTOR FITZGERALD, L.P.                                 | CANTOR FITZGERALD LP 144A 4.500000% 04/14/2027                                  | CUSIP: 138616AK3<br>LEI: 549300RLUEEVQEMX0450 | Long             | DBT              | CORP              | US        |    220000 | PA      | $218499.89    | 0.22%             | 2027-04-14      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2010-H14 BI                        | CUSIP: 38375BCR1<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |      1713 | PA      | $178.48       | 0.00%             | 2060-07-20      | Floating      | 1.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | BROWN BROTHERS HARRIMAN SWEEP INTEREST                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |   2197394 | PA      | $2197393.82   | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| HIH TRUST                                               | HIH TRUST 2024-61P HIH 2024-61P A                                               | CUSIP: 40444VAA9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    230000 | PA      | $229425.00    | 0.23%             | 2041-10-15      | Floating      | 6.16%                 | Yes           |                  2 | On Loan: No      |
| HARBOUR ENERGY PLC                                      | HARBOUR ENERGY PLC 144A 6.327000% 04/01/2035                                    | CUSIP: 411618AD3<br>LEI: 213800YPC42DYBKVPF97 | Long             | DBT              | NUSS              | GB        |    215000 | PA      | $204322.56    | 0.20%             | 2035-04-01      | Fixed         | 6.33%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | FREDDIE MAC POOL FR SD1096                                                      | CUSIP: 3132DNGD9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    306826 | PA      | $246509.72    | 0.25%             | 2052-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN BT2371                                                       | CUSIP: 3140LQT59<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   1484628 | PA      | $1195590.12   | 1.19%             | 2051-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| TOWD POINT MORTGAGE TRUST                               | TOWD POINT MORTGAGE TRUST 2020-3 TPMT 2020-3 A1                                 | CUSIP: 89178UAL6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     56978 | PA      | $54994.00     | 0.05%             | 2063-02-25      | Floating      | 3.09%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES L.P.                                    | VICI PROPERTIES LP 5.625000% 04/01/2035                                         | CUSIP: 925650AK9<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              | CORP              | US        |    210000 | PA      | $207812.37    | 0.21%             | 2035-04-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO.                                    | JPMORGAN CHASE & CO 5.766000% 04/22/2035                                        | CUSIP: 46647PEH5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    280000 | PA      | $290220.12    | 0.29%             | 2035-04-22      | Fixed         | 5.77%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC.                                          | CITIGROUP INC 5.174000% 02/13/2030                                              | CUSIP: 172967PF2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    490000 | PA      | $497206.17    | 0.50%             | 2030-02-13      | Fixed         | 5.17%                 | No            |                  2 | On Loan: No      |
| EXPAND ENERGY CORPORATION                               | EXPAND ENERGY CORP 5.700000% 01/15/2035                                         | CUSIP: 165167DH7<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |    200000 | PA      | $197302.42    | 0.20%             | 2035-01-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE REMICS FNR 2005-24 ZE                                                | CUSIP: 31394CF98<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |      2227 | PA      | $2271.09      | 0.00%             | 2035-04-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| United States of America                                | US TREASURY N/B 4.500000% 11/15/2054                                            | CUSIP: 912810UE6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1470000 | PA      | $1422914.06   | 1.42%             | 2054-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| TENNESSEE GAS PIPELINE COMPANY, L.L.C.                  | TENNESSEE GAS PIPELINE CO LLC 8.375000% 06/15/2032                              | CUSIP: 880451AW9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    135000 | PA      | $155611.34    | 0.15%             | 2032-06-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | FREDDIE MAC POOL FR SD5660                                                      | CUSIP: 3132DTJD3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    259707 | PA      | $262820.31    | 0.26%             | 2054-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORPORATION                                  | CVS HEALTH CORP 6.750000% 12/10/2054                                            | CUSIP: 126650EG1<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    140000 | PA      | $139057.30    | 0.14%             | 2054-12-10      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Chile Electricity Lux MPC S.a r.l.                      | CHILE ELECTRICITY LUX MPC SARL 144A 6.010000% 01/20/2033                        | CUSIP: 168829AA7<br>LEI: N/A                  | Long             | DBT              | NUSS              | CL        |    241800 | PA      | $249174.90    | 0.25%             | 2033-01-20      | Fixed         | 6.01%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN AN8044                                                       | CUSIP: 3138LL5E1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    158745 | PA      | $154749.53    | 0.15%             | 2028-01-01      | Fixed         | 3.04%                 | No            |                  2 | On Loan: No      |
| META PLATFORMS, INC.                                    | META PLATFORMS INC 5.550000% 08/15/2064                                         | CUSIP: 30303M8W5<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |    180000 | PA      | $173150.11    | 0.17%             | 2064-08-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| FARMERS INSURANCE EXCHANGE                              | FARMERS INSURANCE EXCHANGE 144A 7.000000% 10/15/2064                            | CUSIP: 309601AG7<br>LEI: 549300UWG2TLX1GZVT44 | Long             | DBT              | CORP              | US        |    170000 | PA      | $170781.83    | 0.17%             | 2064-10-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS AND ELECTRIC COMPANY                        | PACIFIC GAS AND ELECTRIC CO 6.100000% 01/15/2029                                | CUSIP: 694308KL0<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    315000 | PA      | $325532.56    | 0.32%             | 2029-01-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2              | GINNIE MAE II POOL G2 MA7705                                                    | CUSIP: 36179WR26<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    582866 | PA      | $496821.75    | 0.49%             | 2051-11-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| HYUNDAI AUTO LEASE SECURITIZATION TRUST                 | HYUNDAI AUTO LEASE SECURITIZATION TRUST 2025-B HALST 2025-B B                   | CUSIP: 44935DAF6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    165000 | PA      | $165376.20    | 0.16%             | 2029-08-15      | Fixed         | 4.94%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN FS3396                                                       | CUSIP: 3140XJX24<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    463616 | PA      | $461417.50    | 0.46%             | 2052-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SMB PRIVATE EDUCATION LOAN TRUST                        | SMB PRIVATE EDUCATION LOAN TRUST 2021-D SMB 2021-D A1A                          | CUSIP: 78449MAA4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    290169 | PA      | $264107.86    | 0.26%             | 2053-03-17      | Fixed         | 1.34%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                             | FREDDIE MAC POOL FR SD5219                                                      | CUSIP: 3132DSYQ9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    449741 | PA      | $459382.28    | 0.46%             | 2054-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| THE GOLDMAN SACHS GROUP, INC.                           | GOLDMAN SACHS GROUP INC/THE 2.383000% 07/21/2032                                | CUSIP: 38141GYJ7<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    230000 | PA      | $198117.31    | 0.20%             | 2032-07-21      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Regal Rexnord Corporation                               | REGAL REXNORD CORP 6.050000% 02/15/2026                                         | CUSIP: 758750AL7<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |    300000 | PA      | $301723.14    | 0.30%             | 2026-02-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | FREDDIE MAC POOL FR RC2401                                                      | CUSIP: 3133L8U29<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    290983 | PA      | $266525.75    | 0.27%             | 2037-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| SMALL BUSINESS INVESTMENT COMPANIES                     | SBA SMALL BUSINESS INVESTMENT COS SBIC 2022-10A 1                               | CUSIP: 831641FT7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     87414 | PA      | $81713.87     | 0.08%             | 2032-03-10      | Fixed         | 2.94%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN MA4305                                                       | CUSIP: 31418DYB2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    972160 | PA      | $772597.64    | 0.77%             | 2051-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORPORATION                                  | CVS HEALTH CORP 1.875000% 02/28/2031                                            | CUSIP: 126650DQ0<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    305000 | PA      | $257329.51    | 0.26%             | 2031-02-28      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN FS7221                                                       | CUSIP: 3140XPAX7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    161417 | PA      | $164883.47    | 0.16%             | 2054-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2              | GINNIE MAE II POOL G2 MA7990                                                    | CUSIP: 36179W2X5<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    302525 | PA      | $282686.92    | 0.28%             | 2052-04-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States of America                                | US TREASURY N/B 4.625000% 11/15/2044                                            | CUSIP: 912810UF3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    585000 | PA      | $579150.00    | 0.58%             | 2044-11-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | FREDDIE MAC POOL FR RA8382                                                      | CUSIP: 3133KQJ31<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    880626 | PA      | $865368.99    | 0.86%             | 2053-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HEWLETT PACKARD ENTERPRISE COMPANY                      | HEWLETT PACKARD ENTERPRISE CO 5.000000% 10/15/2034                              | CUSIP: 42824CBV0<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |    140000 | PA      | $135165.94    | 0.13%             | 2034-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                       | HSBC HOLDINGS PLC 5.733000% 05/17/2032                                          | CUSIP: 404280EG0<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | NUSS              | GB        |    370000 | PA      | $382814.18    | 0.38%             | 2032-05-17      | Fixed         | 5.73%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                                    | GLENCORE FUNDING LLC 144A 5.186000% 04/01/2030                                  | CUSIP: 378272BZ0<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | AU        |    240000 | PA      | $242999.27    | 0.24%             | 2030-04-01      | Fixed         | 5.19%                 | No            |                  2 | On Loan: No      |
| NAVIENT PRIVATE EDUCATION LOAN TRUST                    | NAVIENT PRIVATE EDUCATION REFI LOAN TRUST 2019-F NAVSL 2019-FA A2               | CUSIP: 63935CAB7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     22456 | PA      | $21644.13     | 0.02%             | 2068-08-15      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN FS4521                                                       | CUSIP: 3140XLAX6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    420835 | PA      | $416923.68    | 0.42%             | 2053-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | FREDDIE MAC POOL FR SD7548                                                      | CUSIP: 3132DVL52<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    452330 | PA      | $383820.19    | 0.38%             | 2051-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS CAPITAL I                                 | GOLDMAN SACHS CAPITAL I 6.345000% 02/15/2034                                    | CUSIP: 38143VAA7<br>LEI: 5299005MCIJK7R2NP351 | Long             | DBT              | CORP              | US        |    325000 | PA      | $332259.86    | 0.33%             | 2034-02-15      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC                                       | NATWEST GROUP PLC 1.642000% 06/14/2027                                          | CUSIP: 639057AC2<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    275000 | PA      | $265926.36    | 0.26%             | 2027-06-14      | Fixed         | 1.64%                 | No            |                  2 | On Loan: No      |
| MERCURY GENERAL CORPORATION                             | MERCURY GENERAL CORP 4.400000% 03/15/2027                                       | CUSIP: 589400AB6<br>LEI: 5493001Q9EXPCEL4W527 | Long             | DBT              | CORP              | US        |    144000 | PA      | $142118.40    | 0.14%             | 2027-03-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE REMICS FNR 2012-121 TB                                               | CUSIP: 3136A9XP8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     12172 | PA      | $12994.99     | 0.01%             | 2042-11-25      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| United States of America                                | US TREASURY N/B 4.750000% 02/15/2045                                            | CUSIP: 912810UJ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2470000 | PA      | $2486981.25   | 2.48%             | 2045-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| SCENTRE GROUP TRUST 2                                   | SCENTRE GROUP TRUST 2 144A 5.125000% 09/24/2080                                 | CUSIP: 76025LAB0<br>LEI: 549300VRF0U0JH8TBJ74 | Long             | DBT              | NUSS              | AU        |    190000 | PA      | $185540.59    | 0.18%             | 2080-09-24      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN CB8001                                                       | CUSIP: 3140QT3K3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    162295 | PA      | $165780.28    | 0.17%             | 2054-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Banco Santander, S.A.                                   | BANCO SANTANDER SA 1.722000% 09/14/2027                                         | CUSIP: 05964HAN5<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | NUSS              | ES        |    200000 | PA      | $192062.48    | 0.19%             | 2027-09-14      | Fixed         | 1.72%                 | No            |                  2 | On Loan: No      |
| B.A.T CAPITAL CORPORATION                               | BAT CAPITAL CORP 5.834000% 02/20/2031                                           | CUSIP: 05526DBY0<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | GB        |    190000 | PA      | $197803.04    | 0.20%             | 2031-02-20      | Fixed         | 5.83%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN FS7502                                                       | CUSIP: 3140XPKQ1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    235315 | PA      | $239111.31    | 0.24%             | 2054-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GreenSaif Pipelines Bidco S.a rl                        | GREENSAIF PIPELINES BIDCO SARL 144A 6.102700% 08/23/2042                        | CUSIP: 39541EAE3<br>LEI: 549300YWDGUXPB8GRP47 | Long             | DBT              | NUSS              | SA        |    230000 | PA      | $227976.00    | 0.23%             | 2042-08-23      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| HONDA AUTO RECEIVABLES OWNER TRUST                      | HONDA AUTO RECEIVABLES 2024-3 OWNER TRUST HAROT 2024-3 A3                       | CUSIP: 43813YAC6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    100000 | PA      | $100595.44    | 0.10%             | 2029-03-21      | Fixed         | 4.57%                 | No            |                  2 | On Loan: No      |
| SMB PRIVATE EDUCATION LOAN TRUST                        | SMB PRIVATE EDUCATION LOAN TRUST 2021-C SMB 2021-C APT1                         | CUSIP: 83208AAA1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    107561 | PA      | $98342.33     | 0.10%             | 2053-01-15      | Fixed         | 1.39%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN FS8469                                                       | CUSIP: 3140XQMT1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    165029 | PA      | $165937.27    | 0.17%             | 2054-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN AB9953                                                       | CUSIP: 31417HBX1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    580845 | PA      | $543964.32    | 0.54%             | 2043-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2              | GINNIE MAE II POOL G2 785432                                                    | CUSIP: 3622AA4R2<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    590456 | PA      | $497993.74    | 0.50%             | 2051-04-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC                                | CELANESE US HOLDINGS LLC 6.500000% 04/15/2030                                   | CUSIP: 15089QAZ7<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |    125000 | PA      | $122140.80    | 0.12%             | 2030-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN CA7031                                                       | CUSIP: 3140QEY55<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    553754 | PA      | $469707.98    | 0.47%             | 2050-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| United States of America                                | US TREASURY N/B 4.250000% 01/15/2028                                            | CUSIP: 91282CMF5<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   3180000 | PA      | $3233289.84   | 3.22%             | 2028-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN MA3306                                                       | CUSIP: 31418CU85<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    235904 | PA      | $222939.36    | 0.22%             | 2048-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY BANK OF AMERICA MERRILL LYNCH TRUST      | MORGAN STANLEY BANK OF AMERICA MERRILL LYNCH TRUST MSBAM 2015-C24 C             | CUSIP: 61765LAY6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    210000 | PA      | $204505.58    | 0.20%             | 2048-05-15      | Floating      | 4.45%                 | No            |                  2 | On Loan: No      |
| HCA INC.                                                | HCA INC 5.250000% 06/15/2049                                                    | CUSIP: 404119BZ1<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    255000 | PA      | $221225.42    | 0.22%             | 2049-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2              | GINNIE MAE II POOL G2 MA7192                                                    | CUSIP: 36179V7D6<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    424163 | PA      | $346111.77    | 0.34%             | 2051-02-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN CB4630                                                       | CUSIP: 3140QQEC5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    171374 | PA      | $173227.44    | 0.17%             | 2052-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | FREDDIE MAC MULTIFAMILY STRUCTURED PASS THROUGH CE FHMS Q032 A                  | CUSIP: 3137HKQ23<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |     99944 | PA      | $101223.33    | 0.10%             | 2054-09-25      | Floating      | 4.95%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT COMPANY LLC                           | FORD MOTOR CREDIT CO LLC 6.050000% 03/05/2031                                   | CUSIP: 345397E25<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    120000 | PA      | $117219.26    | 0.12%             | 2031-03-05      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | FREDDIE MAC POOL FR SD0225                                                      | CUSIP: 3132DMHA6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |     57829 | PA      | $51443.69     | 0.05%             | 2047-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| AON NORTH AMERICA, INC.                                 | AON NORTH AMERICA INC 5.450000% 03/01/2034                                      | CUSIP: 03740MAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    295000 | PA      | $300138.30    | 0.30%             | 2034-03-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| GALAXY PIPELINE ASSETS BIDCO LIMITED                    | GALAXY PIPELINE ASSETS BIDCO LTD 144A 1.750000% 09/30/2027                      | CUSIP: 36321PAA8<br>LEI: 549300L82YB0C6JQIC26 | Long             | DBT              | NUSS              | AE        |    299274 | PA      | $288284.99    | 0.29%             | 2027-09-30      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| MF1 LTD                                                 | MF1 2025-FL17 LLC MF1 2025-FL17 A                                               | CUSIP: 55287HAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    155000 | PA      | $153710.40    | 0.15%             | 2040-02-18      | Floating      | 5.64%                 | Yes           |                  2 | On Loan: No      |
| SCF EQUIPMENT LEASING LLC                               | SCF EQUIPMENT TRUST 2016-1 LLC SCFET 2025-1A A2                                 | CUSIP: 78437DAB6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    105000 | PA      | $105164.46    | 0.10%             | 2030-07-22      | Fixed         | 4.82%                 | Yes           |                  2 | On Loan: No      |
| THE GOLDMAN SACHS GROUP, INC.                           | GOLDMAN SACHS GROUP INC/THE 5.536000% 01/28/2036                                | CUSIP: 38141GC44<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    175000 | PA      | $176726.68    | 0.18%             | 2036-01-28      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | FREDDIE MAC POOL FR RA3053                                                      | CUSIP: 3133KJMA7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    403513 | PA      | $325251.90    | 0.32%             | 2050-07-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | FREDDIE MAC POOL FR SD7552                                                      | CUSIP: 3132DVL94<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    233823 | PA      | $197230.82    | 0.20%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS LTD.                             | FIRST QUANTUM MINERALS LTD 144A 8.625000% 06/01/2031                            | CUSIP: 335934AU9<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | NUSS              | ZM        |    560000 | PA      | $567590.24    | 0.57%             | 2031-06-01      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL                                        | PARAMOUNT GLOBAL 5.900000% 10/15/2040                                           | CUSIP: 124857AF0<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |    175000 | PA      | $151989.56    | 0.15%             | 2040-10-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| United States of America                                | US TREASURY N/B 3.875000% 04/30/2030                                            | CUSIP: 91282CMZ1<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |    835000 | PA      | $840936.33    | 0.84%             | 2030-04-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | FREDDIE MAC WHOLE LOAN SECURITIES TRUST 2016-SC01 FWLS 2016-SC01 2A             | CUSIP: 3137G1AW7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |         0 | PA      | $0.02         | 0.00%             | 2046-07-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN MA4208                                                       | CUSIP: 31418DVA7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   1199241 | PA      | $959745.67    | 0.96%             | 2050-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| AMGEN INC.                                              | AMGEN INC 5.650000% 03/02/2053                                                  | CUSIP: 031162DT4<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |     95000 | PA      | $91181.38     | 0.09%             | 2053-03-02      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AG NEW YORK BRANCH                        | DEUTSCHE BANK AG/NEW YORK NY 6.819000% 11/20/2029                               | CUSIP: 251526CU1<br>LEI: N/A                  | Long             | DBT              | NUSS              | DE        |    135000 | PA      | $143434.71    | 0.14%             | 2029-11-20      | Fixed         | 6.82%                 | No            |                  2 | On Loan: No      |
| ORACLE CORPORATION                                      | ORACLE CORP 3.800000% 11/15/2037                                                | CUSIP: 68389XBP9<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    400000 | PA      | $334005.20    | 0.33%             | 2037-11-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| TIME WARNER CABLE, LLC                                  | TIME WARNER CABLE LLC 5.875000% 11/15/2040                                      | CUSIP: 88732JAY4<br>LEI: 549300U5NFR7S6E3GM41 | Long             | DBT              | CORP              | US        |    330000 | PA      | $300711.22    | 0.30%             | 2040-11-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | FREDDIE MAC POOL FR RA9060                                                      | CUSIP: 3133KRB52<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    310836 | PA      | $312998.72    | 0.31%             | 2053-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE FLEET FINANCING LLC                          | ENTERPRISE FLEET FINANCING 2023-3 LLC EFF 2023-3 A2                             | CUSIP: 29374LAB6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    127159 | PA      | $129237.84    | 0.13%             | 2030-03-20      | Fixed         | 6.40%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                             | FREDDIE MAC POOL FR SD1093                                                      | CUSIP: 3132DNGA5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    358211 | PA      | $290005.38    | 0.29%             | 2052-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN MA2833                                                       | CUSIP: 31418CEF7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    618727 | PA      | $549264.00    | 0.55%             | 2046-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN BM5111                                                       | CUSIP: 3140J9VD0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    321669 | PA      | $313488.52    | 0.31%             | 2033-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| United States of America                                | US TREASURY N/B 3.750000% 04/15/2028                                            | CUSIP: 91282CMW8<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   3295000 | PA      | $3310187.91   | 3.30%             | 2028-04-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| BENCHMARK MORTGAGE TRUST                                | BENCHMARK 2022-B35 MORTGAGE TRUST BMARK 2022-B35 AS                             | CUSIP: 08163RBT2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    205000 | PA      | $188903.07    | 0.19%             | 2055-05-15      | Floating      | 4.44%                 | No            |                  2 | On Loan: No      |
| BA CREDIT CARD TRUST                                    | BA CREDIT CARD TRUST BACCT 2023-A2 A2                                           | CUSIP: 05522RDH8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    275000 | PA      | $278334.90    | 0.28%             | 2028-11-15      | Fixed         | 4.98%                 | No            |                  2 | On Loan: No      |
| UNITED AIRLINES, INC.                                   | UNITED AIRLINES INC 144A 4.375000% 04/15/2026                                   | CUSIP: 90932LAG2<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |    615000 | PA      | $606220.04    | 0.60%             | 2026-04-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| HORIZON MUTUAL HOLDINGS, INC.                           | HORIZON MUTUAL HOLDINGS INC 144A 6.200000% 11/15/2034                           | CUSIP: 43990FAA6<br>LEI: 254900R6BWV4LUXBN549 | Long             | DBT              | CORP              | US        |    305000 | PA      | $298248.03    | 0.30%             | 2034-11-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| TIME WARNER CABLE, LLC                                  | TIME WARNER CABLE LLC 6.550000% 05/01/2037                                      | CUSIP: 88732JAJ7<br>LEI: 549300U5NFR7S6E3GM41 | Long             | DBT              | CORP              | US        |    280000 | PA      | $275505.89    | 0.27%             | 2037-05-01      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| Republica de Colombia                                   | REPUBLIC OF COLOMBIA 7.750000% 11/07/2036                                       | CUSIP: 195325EP6<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    130000 | PA      | $123832.53    | 0.12%             | 2036-11-07      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| VONTIER CORPORATION                                     | VONTIER CORP 1.800000% 04/01/2026                                               | CUSIP: 928881AB7<br>LEI: 549300VVSQLG4P5K4639 | Long             | DBT              | CORP              | US        |    330000 | PA      | $320495.63    | 0.32%             | 2026-04-01      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| SABRA HEALTH CARE LIMITED PARTNERSHIP                   | SABRA HEALTH CARE LP 3.900000% 10/15/2029                                       | CUSIP: 78572XAG6<br>LEI: 549300OVKLRFSIQG0H81 | Long             | DBT              | CORP              | US        |    245000 | PA      | $229986.87    | 0.23%             | 2029-10-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN CB0985                                                       | CUSIP: 3140QLCX2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    607447 | PA      | $512879.20    | 0.51%             | 2051-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| United States of America                                | US TREASURY N/B 4.000000% 04/30/2032                                            | CUSIP: 91282CNA5<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |    510000 | PA      | $512231.25    | 0.51%             | 2032-04-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | FREDDIE MAC STRIPS FHS 271 30                                                   | CUSIP: 3128HXTR6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |     29350 | PA      | $27149.82     | 0.03%             | 2042-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital Designated Activity Company      | AERCAP IRELAND CAPITAL DAC / AERCAP GLOBAL AVIATIO 4.950000% 09/10/2034         | CUSIP: 00774MBM6<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | NUSS              | IE        |    375000 | PA      | $359382.82    | 0.36%             | 2034-09-10      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN AL9468                                                       | CUSIP: 3138ERQW3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     87251 | PA      | $84985.17     | 0.08%             | 2031-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN FS2041                                                       | CUSIP: 3140XHHT7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    754653 | PA      | $601169.65    | 0.60%             | 2051-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| AT&T INC.                                               | AT&T INC 6.000000% 11/15/2034                                                   | CUSIP: 00206RGW6<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20461.09     | 0.02%             | 2034-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ROYALTY PHARMA PLC                                      | ROYALTY PHARMA PLC 1.200000% 09/02/2025                                         | CUSIP: 78081BAH6<br>LEI: 549300FGFN7VOK8BZR03 | Long             | DBT              | NUSS              | US        |    230000 | PA      | $227106.14    | 0.23%             | 2025-09-02      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| THE GOLDMAN SACHS GROUP, INC.                           | GOLDMAN SACHS GROUP INC/THE 5.734000% 01/28/2056                                | CUSIP: 38141GC51<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    115000 | PA      | $112001.42    | 0.11%             | 2056-01-28      | Fixed         | 5.73%                 | No            |                  2 | On Loan: No      |
| CSMC TRUST                                              | CSMC 2021-RPL3 TRUST CSMC 2021-RPL3 A1                                          | CUSIP: 12661GAA7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    341305 | PA      | $300729.36    | 0.30%             | 2060-01-25      | Floating      | 2.00%                 | Yes           |                  2 | On Loan: No      |
| United States of America                                | US TREASURY N/B 4.125000% 01/31/2027                                            | CUSIP: 91282CMH1<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |    320000 | PA      | $322487.50    | 0.32%             | 2027-01-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| SPRINT CAPITAL CORPORATION                              | SPRINT CAPITAL CORP 8.750000% 03/15/2032                                        | CUSIP: 852060AT9<br>LEI: 549300L17W0GQBR1PO80 | Long             | DBT              | CORP              | US        |    195000 | PA      | $234055.66    | 0.23%             | 2032-03-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital Designated Activity Company      | AERCAP IRELAND CAPITAL DAC / AERCAP GLOBAL AVIATIO 3.000000% 10/29/2028         | CUSIP: 00774MAW5<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | NUSS              | IE        |    185000 | PA      | $174720.46    | 0.17%             | 2028-10-29      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                          | MORGAN STANLEY MTN 5.250000% 04/21/2034                                         | CUSIP: 61747YFE0<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    290000 | PA      | $289999.35    | 0.29%             | 2034-04-21      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN CB2344                                                       | CUSIP: 3140QMTA2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    841405 | PA      | $685899.06    | 0.68%             | 2051-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL HOLDINGS, INC.                   | NEXTERA ENERGY CAPITAL HOLDINGS INC 5.450000% 03/15/2035                        | CUSIP: 65339KDL1<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    395000 | PA      | $397835.81    | 0.40%             | 2035-03-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| United States of America                                | US TREASURY N/B 4.625000% 02/15/2055                                            | CUSIP: 912810UG1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1625000 | PA      | $1610527.34   | 1.60%             | 2055-02-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| AT&T INC.                                               | AT&T INC 3.500000% 06/01/2041                                                   | CUSIP: 00206RJZ6<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    240000 | PA      | $184275.67    | 0.18%             | 2041-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| STELLANTIS FINANCE US INC.                              | STELLANTIS FINANCE US INC 144A 5.350000% 03/17/2028                             | CUSIP: 85855CAM2<br>LEI: 549300QZ0AI8Q7LNON33 | Long             | DBT              | CORP              | US        |    200000 | PA      | $201514.15    | 0.20%             | 2028-03-17      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN MA3384                                                       | CUSIP: 31418CXN9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    134930 | PA      | $127140.27    | 0.13%             | 2048-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BX COMMERCIAL MORTGAGE TRUST                            | BX COMMERCIAL MORTGAGE TRUST 2024-AIRC BX 2024-AIRC A                           | CUSIP: 12433CAA3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    140754 | PA      | $140754.34    | 0.14%             | 2039-08-15      | Floating      | 6.01%                 | Yes           |                  2 | On Loan: No      |
| SBL HOLDINGS, INC.                                      | SBL HOLDINGS INC 144A 7.200000% 10/30/2034                                      | CUSIP: 78397DAD0<br>LEI: 635400MJW3QDSBJRKQ59 | Long             | DBT              | CORP              | US        |     75000 | PA      | $70309.68     | 0.07%             | 2034-10-30      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| Eastern Energy Gas Holdings, LLC                        | EASTERN ENERGY GAS HOLDINGS LLC 5.800000% 01/15/2035                            | CUSIP: 27636AAB8<br>LEI: 549300BFOD6TDMVV4O24 | Long             | DBT              | CORP              | US        |    200000 | PA      | $206453.09    | 0.21%             | 2035-01-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| RCKT MORTGAGE TRUST                                     | RCKT MORTGAGE TRUST 2025-CES1 RCKT 2025-CES1 A1A                                | CUSIP: 749427AA8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    193315 | PA      | $194680.05    | 0.19%             | 2045-01-25      | Fixed         | 5.65%                 | Yes           |                  2 | On Loan: No      |
| JACKSON FINANCIAL INC.                                  | JACKSON FINANCIAL INC 3.125000% 11/23/2031                                      | CUSIP: 46817MAL1<br>LEI: 213800WXW2KG1N4CO374 | Long             | DBT              | CORP              | US        |    340000 | PA      | $292646.72    | 0.29%             | 2031-11-23      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| SCHOLAR FUNDING TRUST                                   | SCHOLAR FUNDING TRUST 2011-A SCHOL 2011-A A                                     | CUSIP: 80705TAA4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    236466 | PA      | $235122.52    | 0.23%             | 2043-10-28      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| COMM MORTGAGE TRUST                                     | COMM 2014-UBS3 MORTGAGE TRUST COMM 2014-UBS3 AM                                 | CUSIP: 12591YBD6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     63285 | PA      | $60519.59     | 0.06%             | 2047-06-10      | Fixed         | 4.01%                 | No            |                  2 | On Loan: No      |
| Rakuten Group, Inc.                                     | RAKUTEN GROUP INC 144A 9.750000% 04/15/2029                                     | CUSIP: 75102WAK4<br>LEI: 529900IMXUCQKUL1H943 | Long             | DBT              | NUSS              | JP        |    445000 | PA      | $469390.43    | 0.47%             | 2029-04-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Citibank National Association                           | CITIBANK NA 5.570000% 04/30/2034                                                | CUSIP: 17325FBG2<br>LEI: E57ODZWZ7FF32TWEFA76 | Long             | DBT              | CORP              | US        |    170000 | PA      | $175459.90    | 0.17%             | 2034-04-30      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| FOUNDRY JV HOLDCO LLC                                   | FOUNDRY JV HOLDCO LLC 144A 6.100000% 01/25/2036                                 | CUSIP: 350930AH6<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |    200000 | PA      | $203770.36    | 0.20%             | 2036-01-25      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| HESS CORPORATION                                        | HESS CORP 6.000000% 01/15/2040                                                  | CUSIP: 42809HAC1<br>LEI: UASVRYNXNK17ULIGK870 | Long             | DBT              | CORP              | US        |    365000 | PA      | $381897.96    | 0.38%             | 2040-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BIOCON BIOLOGICS GLOBAL PLC                             | BIOCON BIOLOGICS GLOBAL PLC 144A 6.670000% 10/09/2029                           | CUSIP: 090978AA5<br>LEI: 254900PMQN51VACG2D55 | Long             | DBT              | NUSS              | IN        |    240000 | PA      | $216366.62    | 0.22%             | 2029-10-09      | Fixed         | 6.67%                 | No            |                  2 | On Loan: No      |
| MILL CITY MORTGAGE LOAN TRUST                           | MILL CITY MORTGAGE LOAN TRUST 2021-NMR1 MCMLT 2021-NMR1 A1                      | CUSIP: 59982HAC4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    227401 | PA      | $216639.31    | 0.22%             | 2060-11-25      | Floating      | 1.12%                 | Yes           |                  2 | On Loan: No      |
| DELL INTERNATIONAL L.L.C.                               | DELL INTERNATIONAL LLC / EMC CORP 5.000000% 04/01/2030                          | CUSIP: 24703TAM8<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |    200000 | PA      | $200660.64    | 0.20%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ORACLE CORPORATION                                      | ORACLE CORP 3.600000% 04/01/2040                                                | CUSIP: 68389XBW4<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    110000 | PA      | $85738.06     | 0.09%             | 2040-04-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN AL6344                                                       | CUSIP: 3138EPBN3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |      6742 | PA      | $6780.49      | 0.01%             | 2031-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN CB4613                                                       | CUSIP: 3140QQDT9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    106284 | PA      | $101795.76    | 0.10%             | 2052-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NISOURCE INC.                                           | NISOURCE INC 5.350000% 04/01/2034                                               | CUSIP: 65473PAQ8<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |    245000 | PA      | $246617.28    | 0.25%             | 2034-04-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| B.A.T CAPITAL CORPORATION                               | BAT CAPITAL CORP 5.350000% 08/15/2032                                           | CUSIP: 05526DCB9<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | GB        |    260000 | PA      | $261459.67    | 0.26%             | 2032-08-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN CB6484                                                       | CUSIP: 3140QSF22<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    476389 | PA      | $477058.89    | 0.47%             | 2053-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN BM5227                                                       | CUSIP: 3140J9YZ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     90857 | PA      | $92312.27     | 0.09%             | 2039-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CHASE AUTO CREDIT LINKED NOTES                          | JPMORGAN CHASE BANK NA - CACLN CACLN 2021-3 B                                   | CUSIP: 46591HCD0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |       732 | PA      | $730.27       | 0.00%             | 2029-02-26      | Fixed         | 0.76%                 | Yes           |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL                                        | PARAMOUNT GLOBAL 6.375000% 03/30/2062                                           | CUSIP: 92556HAE7<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |    470000 | PA      | $452104.99    | 0.45%             | 2062-03-30      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| RCKT MORTGAGE TRUST                                     | RCKT MORTGAGE TRUST 2025-CES2 RCKT 2025-CES2 A1A                                | CUSIP: 74942BAA9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    196404 | PA      | $197465.63    | 0.20%             | 2055-02-25      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| TENNESSEE GAS PIPELINE COMPANY, L.L.C.                  | TENNESSEE GAS PIPELINE CO LLC 144A 2.900000% 03/01/2030                         | CUSIP: 880451AZ2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    110000 | PA      | $100614.45    | 0.10%             | 2030-03-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| ANHEUSER-BUSCH COMPANIES, LLC                           | ANHEUSER-BUSCH COS LLC / ANHEUSER-BUSCH INBEV WORL 4.900000% 02/01/2046         | CUSIP: 03522AAJ9<br>LEI: 5493002J2SVENP0PVK27 | Long             | DBT              | CORP              | BE        |    107000 | PA      | $97551.72     | 0.10%             | 2046-02-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORPORATION                             | BANK OF AMERICA CORP 5.468000% 01/23/2035                                       | CUSIP: 06051GMA4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    320000 | PA      | $324580.18    | 0.32%             | 2035-01-23      | Fixed         | 5.47%                 | No            |                  2 | On Loan: No      |
| Virginia Electric and Power Company                     | VIRGINIA ELECTRIC AND POWER CO 5.000000% 01/15/2034                             | CUSIP: 927804GP3<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |    185000 | PA      | $182100.08    | 0.18%             | 2034-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CIVITAS RESOURCES, INC.                                 | CIVITAS RESOURCES INC 144A 8.375000% 07/01/2028                                 | CUSIP: 17888HAA1<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |    239000 | PA      | $234803.49    | 0.23%             | 2028-07-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN CA5968                                                       | CUSIP: 3140QDT20<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    297123 | PA      | $251019.28    | 0.25%             | 2050-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| ACCESS GROUP, INC.                                      | ACCESSLEX INSTITUTE ACCSS 2007-A A3                                             | CUSIP: 00432CDJ7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    112645 | PA      | $111345.66    | 0.11%             | 2036-05-25      | Floating      | 4.88%                 | No            |                  2 | On Loan: No      |
| META PLATFORMS, INC.                                    | META PLATFORMS INC 4.450000% 08/15/2052                                         | CUSIP: 30303M8J4<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |     90000 | PA      | $74864.33     | 0.07%             | 2052-08-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC.                                           | BROADCOM INC 4.800000% 10/15/2034                                               | CUSIP: 11135FCD1<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    150000 | PA      | $146021.37    | 0.15%             | 2034-10-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2              | GINNIE MAE II POOL G2 MA9016                                                    | CUSIP: 36179YAR5<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    263605 | PA      | $258999.38    | 0.26%             | 2053-07-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ENTERGY LOUISIANA, LLC                                  | ENTERGY LOUISIANA LLC 5.800000% 03/15/2055                                      | CUSIP: 29364WBQ0<br>LEI: 0V5453U14HDZO63CGH17 | Long             | DBT              | CORP              | US        |    145000 | PA      | $143096.59    | 0.14%             | 2055-03-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| DEVON FINANCING COMPANY, L.L.C.                         | DEVON ENERGY CORP 7.875000% 09/30/2031                                          | CUSIP: 25179SAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    145000 | PA      | $164209.09    | 0.16%             | 2031-09-30      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN FS1557                                                       | CUSIP: 3140XGWT2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    874960 | PA      | $805619.28    | 0.80%             | 2052-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY ARIZ INDL DEV AUTH ED REV                 | MARICOPA CNTY AZ INDL DEV AUTH MARICOPA COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY | CUSIP: 56681NJD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $202529.46    | 0.20%             | 2029-10-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| IHS Holding Limited                                     | IHS HOLDING LTD 144A 5.625000% 11/29/2026                                       | CUSIP: 44963HAA3<br>LEI: 213800CLGMKL63VKTD94 | Long             | DBT              | NUSS              | NG        |    250000 | PA      | $243790.58    | 0.24%             | 2026-11-29      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| ARI FLEET LEASE TRUST                                   | ARI FLEET LEASE TRUST 2024-A ARIFL 2024-A A2                                    | CUSIP: 00218KAB9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     76590 | PA      | $76978.05     | 0.08%             | 2032-11-15      | Fixed         | 5.30%                 | Yes           |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC                                | CELANESE US HOLDINGS LLC 6.800000% 11/15/2030                                   | CUSIP: 15089QAX2<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |    260000 | PA      | $259909.23    | 0.26%             | 2030-11-15      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| PG&E CORPORATION                                        | PG&E CORP 7.375000% 03/15/2055                                                  | CUSIP: 69331CAM0<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |    230000 | PA      | $223281.74    | 0.22%             | 2055-03-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| HIN TIMESHARE TRUST                                     | HIN TIMESHARE TRUST 2020-A HINTT 2020-A A                                       | CUSIP: 40439HAA7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    230088 | PA      | $219001.38    | 0.22%             | 2039-10-09      | Fixed         | 1.39%                 | Yes           |                  2 | On Loan: No      |
| KYNDRYL HOLDINGS, INC.                                  | KYNDRYL HOLDINGS INC 2.050000% 10/15/2026                                       | CUSIP: 50155QAJ9<br>LEI: 549300LQ4LWX2R8ZV130 | Long             | DBT              | CORP              | US        |    230000 | PA      | $221842.37    | 0.22%             | 2026-10-15      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| Dominion Energy, Inc.                                   | DOMINION ENERGY INC 6.625000% 05/15/2055                                        | CUSIP: 25746UDV8<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |    195000 | PA      | $191721.86    | 0.19%             | 2055-05-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| INTEL CORPORATION                                       | INTEL CORP 3.050000% 08/12/2051                                                 | CUSIP: 458140BW9<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |    150000 | PA      | $86135.07     | 0.09%             | 2051-08-12      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINANCIAL COMPANY, INC.                  | GENERAL MOTORS FINANCIAL CO INC 5.950000% 04/04/2034                            | CUSIP: 37045XEV4<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    240000 | PA      | $238901.75    | 0.24%             | 2034-04-04      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE INTEREST STRIP FNS 411 A3                                            | CUSIP: 31395QCY4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    301206 | PA      | $275076.63    | 0.27%             | 2042-08-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN FS2067                                                       | CUSIP: 3140XHJM0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    677193 | PA      | $661254.55    | 0.66%             | 2052-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | FREDDIE MAC GOLD POOL FG G61605                                                 | CUSIP: 31335BYA8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |     50881 | PA      | $48019.91     | 0.05%             | 2048-09-01      | Fixed         | 4.00%                 | 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