# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0001752724-25-158252
**Filing Date:** 2025-6
**Character Count:** 76716
**Document Hash:** 0a345daa42445123d9cd2ade0985b5e0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-158252.hdr.sgml**: 20250626

**ACCESSION NUMBER**: 0001752724-25-158252

**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:** 251077430

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

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

## Series and Classes Contracts Data

### Knights of Columbus Limited Duration Fund (Series ID: S000048263)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000152510 | I Shares       | KCLIX           |
| C000158706 | Class S Shares | KCLSX           |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** OAKS

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19456

  - **Telephone number:** 8774463863

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

- **a. Name of Series:** Knights of Columbus Limited Duration Bond Fund

- **b. EDGAR series identifier (if any):** S000048263

- **c. LEI of Series:** 5493008XUKTF2Q48C538

**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:** $201968707.81

**Total Liabilities:** $86958.46

**Net Assets:** $201881749.35

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -239.98350296 | **1-Year:** -11405.32944328 | **5-Year:** -8235.27153404 | **10-Year:** -574.86145879 | **30-Year:** -3.64670569

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

- **3-Month:** -178.80591886 | **1-Year:** -2277.21081745 | **5-Year:** -4559.73484012 | **10-Year:** -1111.11181703 | **30-Year:** -0.00425091

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000158706 | 0.52%                | 0.36%                | 0.72%                |
| Class ID C000152510 | 0.62%                | 0.38%                | 0.62%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $28544.15                | $383558.42                                 |
| Month 2  | $105411.55               | $-85290.89                                 |
| Month 3  | $57668.08                | $644936.56                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| TOLL BROTHERS FINANCE CORP.                             | TOLL BROTHERS FINANCE CORP 4.350000% 02/15/2028                         | CUSIP: 88947EAT7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    985000 | PA      | $975898.10    | 0.48%             | 2028-02-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| SANTANDER DRIVE AUTO RECEIVABLES TRUST                  | SANTANDER DRIVE AUTO RECEIVABLES TRUST 2025-2 SDART 2025-2 B            | CUSIP: 80287NAD7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    535000 | PA      | $539060.49    | 0.27%             | 2031-05-15      | Fixed         | 4.87%                 | No            |                  2 | On Loan: No      |
| TWIN BROOK CLO LLC                                      | TWIN BROOK CLO 2024-1 LLC TWBRK 2024-1A A                               | CUSIP: 901397AA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    750000 | PA      | $751363.50    | 0.37%             | 2036-07-20      | Floating      | 6.17%                 | Yes           |                  2 | On Loan: No      |
| AUDAX SENIOR DEBT CLO                                   | AUDAX SENIOR DEBT CLO 12 LLC AUDAX 2025-12A B                           | CUSIP: 05071UAG1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    750000 | PA      | $745306.50    | 0.37%             | 2037-04-22      | Floating      | 5.92%                 | Yes           |                  2 | On Loan: No      |
| SCHLUMBERGER HOLDINGS CORPORATION                       | SCHLUMBERGER HOLDINGS CORP 144A 5.000000% 05/29/2027                    | CUSIP: 806851AL5<br>LEI: 529900IKZG65COT1D505 | Long             | DBT              | CORP              | US        |    980000 | PA      | $993169.81    | 0.49%             | 2027-05-29      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION         | WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP 3.450000% 11/15/2026           | CUSIP: 960386AL4<br>LEI: 06BTX5UWZD0GQ5N5Y745 | Long             | DBT              | CORP              | US        |    600000 | PA      | $591148.81    | 0.29%             | 2026-11-15      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| United States of America                                | US TREASURY N/B 3.875000% 12/31/2027                                    | CUSIP: 91282CGC9<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |  13500000 | PA      | $13604414.13  | 6.74%             | 2027-12-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| United States of America                                | US TREASURY N/B 4.375000% 11/30/2028                                    | CUSIP: 91282CJN2<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |  15500000 | PA      | $15879628.95  | 7.87%             | 2028-11-30      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                | GINNIE MAE I POOL GN 686911                                             | CUSIP: 36296CDQ0<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |       651 | PA      | $668.09       | 0.00%             | 2038-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN 257262                                               | CUSIP: 31371NWX9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |       934 | PA      | $952.07       | 0.00%             | 2038-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                | GINNIE MAE I POOL GN 604647                                             | CUSIP: 36200MWG4<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |      3337 | PA      | $3426.34      | 0.00%             | 2033-09-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| OWN EQUIPMENT FUND                                      | OWN EQUIPMENT FUND I LLC EQS 2024-2M A                                  | CUSIP: 69121NAA6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    422927 | PA      | $427764.60    | 0.21%             | 2032-12-20      | Fixed         | 5.70%                 | Yes           |                  2 | On Loan: No      |
| MORGAN STANLEY                                          | MORGAN STANLEY MTN 3.950000% 04/23/2027                                 | CUSIP: 61761JZN2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    975000 | PA      | $967205.62    | 0.48%             | 2027-04-23      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| GEORGIA-PACIFIC LLC                                     | GEORGIA-PACIFIC LLC 144A 0.950000% 05/15/2026                           | CUSIP: 37331NAN1<br>LEI: L2EVHWFHVAQK72TMH265 | Long             | DBT              | CORP              | US        |    575000 | PA      | $554863.56    | 0.27%             | 2026-05-15      | Fixed         | 0.95%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORPORATION                              | AMERICAN TOWER CORP 3.375000% 10/15/2026                                | CUSIP: 03027XAK6<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |    845000 | PA      | $831323.66    | 0.41%             | 2026-10-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| MICROCHIP TECHNOLOGY INCORPORATED                       | MICROCHIP TECHNOLOGY INC 4.900000% 03/15/2028                           | CUSIP: 595017BK9<br>LEI: 5493007PTFULNYZJ1R12 | Long             | DBT              | CORP              | US        |    900000 | PA      | $901997.06    | 0.45%             | 2028-03-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| BLUE OWL CAPITAL CORPORATION                            | BLUE OWL CAPITAL CORP 2.875000% 06/11/2028                              | CUSIP: 69121KAG9<br>LEI: 2549000BD79OOCPF2L94 | Long             | DBT              | CORP              | US        |    500000 | PA      | $456082.67    | 0.23%             | 2028-06-11      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE PRIVATE CREDIT FUND                          | BLACKSTONE PRIVATE CREDIT FUND 3.250000% 03/15/2027                     | CUSIP: 09261HAK3<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |   1039000 | PA      | $1000764.39   | 0.50%             | 2027-03-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| ALLIANT ENERGY FINANCE, LLC                             | ALLIANT ENERGY FINANCE LLC 144A 5.400000% 06/06/2027                    | CUSIP: 01882YAF3<br>LEI: 54930033ER6EOI5DL570 | Long             | DBT              | CORP              | US        |    955000 | PA      | $967814.98    | 0.48%             | 2027-06-06      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| NELNET STUDENT LOAN CORPORATION                         | NELNET STUDENT LOAN TRUST 2014-2 NSLT 2014-2A A3                        | CUSIP: 64033LAC4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    704193 | PA      | $700198.28    | 0.35%             | 2037-07-27      | Floating      | 5.32%                 | No            |                  2 | On Loan: No      |
| BERRY GLOBAL, INC.                                      | BERRY GLOBAL INC 5.500000% 04/15/2028                                   | CUSIP: 08576PAL5<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |    910000 | PA      | $930492.63    | 0.46%             | 2028-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                | GINNIE MAE I POOL GN 617705                                             | CUSIP: 36290UGN0<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |      1394 | PA      | $1459.91      | 0.00%             | 2037-09-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| AFFIRM ASSET SECURITIZATION TRUST                       | AFFIRM ASSET SECURITIZATION TRUST 2024-X2 AFFRM 2024-X2 B               | CUSIP: 00833QAB1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    560000 | PA      | $561309.22    | 0.28%             | 2029-12-17      | Fixed         | 5.33%                 | Yes           |                  2 | On Loan: No      |
| PAGAYA AI DEBT GRANTOR TRUST                            | PAGAYA AI DEBT GRANTOR TRUST 2024-11 PAID 2024-11 B                     | CUSIP: 69544AAB1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    524940 | PA      | $526278.56    | 0.26%             | 2032-07-15      | Fixed         | 5.64%                 | Yes           |                  2 | On Loan: No      |
| TCW CLO LTD                                             | TCW CLO 2019-2 LTD TCW 2019-2A A1R2                                     | CUSIP: 87242BBG4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1270000 | PA      | $1261981.22   | 0.63%             | 2038-01-20      | Floating      | 5.59%                 | Yes           |                  2 | On Loan: No      |
| APL FINANCE DESIGNATED ACTIVITY COMPANY                 | APL FINANCE 2023-1 DAC ASHPL 2023-1A A                                  | CUSIP: 03790CAA9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    390451 | PA      | $393381.76    | 0.19%             | 2031-07-21      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| OWENS CORNING                                           | OWENS CORNING 5.500000% 06/15/2027                                      | CUSIP: 690742AN1<br>LEI: JO5M6676RDJIZ2U8X907 | Long             | DBT              | CORP              | US        |    985000 | PA      | $1004691.24   | 0.50%             | 2027-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Spirit Airlines Pass Through Trusts                     | SPIRIT AIRLINES PASS THROUGH TRUST 2015-1A 4.100000% 04/01/2028         | CUSIP: 84858DAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    890811 | PA      | $814723.68    | 0.40%             | 2028-04-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                | GINNIE MAE I POOL GN 586974                                             | CUSIP: 36201MCK6<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |       359 | PA      | $377.19       | 0.00%             | 2032-03-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | FREDDIE MAC GOLD POOL FG A84454                                         | CUSIP: 3129305P1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |      2374 | PA      | $2290.03      | 0.00%             | 2039-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARS, INCORPORATED                                      | MARS INC 144A 4.600000% 03/01/2028                                      | CUSIP: 571676AX3<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |    970000 | PA      | $980459.52    | 0.49%             | 2028-03-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                                 | MPLX LP 4.250000% 12/01/2027                                            | CUSIP: 55336VBN9<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |    980000 | PA      | $974196.05    | 0.48%             | 2027-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| STORE CAPITAL LLC                                       | STORE CAPITAL LLC 4.500000% 03/15/2028                                  | CUSIP: 862121AA8<br>LEI: 254900Z9PIEFQ6AYXK50 | Long             | DBT              | CORP              | US        |   1900000 | PA      | $1871882.64   | 0.93%             | 2028-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SLM STUDENT LOAN TRUST                                  | SLM STUDENT LOAN TRUST 2006-10 SLMA 2006-10 A6                          | CUSIP: 78443BAG1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    873669 | PA      | $833377.95    | 0.41%             | 2044-03-25      | Floating      | 4.77%                 | No            |                  2 | On Loan: No      |
| BANQUE CANADIENNE IMPERIALE DE COMMERCE                 | CANADIAN IMPERIAL BANK OF COMMERCE 4.857000% 03/30/2029                 | CUSIP: 13607PH98<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | NUSS              | CA        |    945000 | PA      | $953526.71    | 0.47%             | 2029-03-30      | Fixed         | 4.86%                 | No            |                  2 | On Loan: No      |
| BARINGS PRIVATE CREDIT CORP CLO LTD                     | BARINGS PRIVATE CREDIT CORP CLO 2023-1 LTD BPCC 2023-1A A1BR            | CUSIP: 067930AN7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | BM        |    950000 | PA      | $945473.25    | 0.47%             | 2036-10-15      | Floating      | 6.20%                 | Yes           |                  2 | On Loan: No      |
| CITIGROUP MORTGAGE LOAN TRUST INC                       | CITIGROUP MORTGAGE LOAN TRUST 2024-1 CMLTI 2024-1 A7A                   | CUSIP: 17332CBP0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    452121 | PA      | $458606.26    | 0.23%             | 2054-07-25      | Floating      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2022-212 HP                | CUSIP: 38383LWR7<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   2931959 | PA      | $2935206.95   | 1.45%             | 2043-06-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CARMAX AUTO OWNER TRUST                                 | CARMAX AUTO OWNER TRUST 2025-1 CARMX 2025-1 B                           | CUSIP: 14319WAF3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    490000 | PA      | $498981.01    | 0.25%             | 2030-09-16      | Fixed         | 5.11%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN 886371                                               | CUSIP: 31410DW89<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |       236 | PA      | $249.73       | 0.00%             | 2036-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | FREDDIE MAC GOLD POOL FG A68579                                         | CUSIP: 3128L0Q88<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |       939 | PA      | $978.57       | 0.00%             | 2037-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TELEDYNE TECHNOLOGIES INCORPORATED                      | TELEDYNE TECHNOLOGIES INC 2.250000% 04/01/2028                          | CUSIP: 879360AD7<br>LEI: 549300VSMO9KYQWDND94 | Long             | DBT              | CORP              | US        |   1015000 | PA      | $958008.34    | 0.47%             | 2028-04-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN 867437                                               | CUSIP: 31409CV69<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |       212 | PA      | $222.98       | 0.00%             | 2036-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| RIO TINTO FINANCE (USA) PLC                             | RIO TINTO FINANCE USA PLC 4.500000% 03/14/2028                          | CUSIP: 76720AAR7<br>LEI: 2138006TSNBEUA761G16 | Long             | DBT              | NUSS              | AU        |    965000 | PA      | $973232.32    | 0.48%             | 2028-03-14      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GEORGIA POWER COMPANY                                   | GEORGIA POWER CO 5.004000% 02/23/2027                                   | CUSIP: 373334KV2<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |    960000 | PA      | $974795.06    | 0.48%             | 2027-02-23      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AFFIRM ASSET SECURITIZATION TRUST                       | AFFIRM ASSET SECURITIZATION TRUST 2023-B AFFRM 2023-B 1A                | CUSIP: 00792FAF5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    950000 | PA      | $955942.92    | 0.47%             | 2028-09-15      | Fixed         | 6.82%                 | Yes           |                  2 | On Loan: No      |
| PAGAYA AI DEBT SELECTION TRUST                          | PAGAYA AI DEBT TRUST 2024-2 PAID 2024-2 A                               | CUSIP: 694961AA1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    350653 | PA      | $353904.31    | 0.18%             | 2031-08-15      | Fixed         | 6.32%                 | Yes           |                  2 | On Loan: No      |
| EVERGY KANSAS CENTRAL, INC.                             | EVERGY KANSAS CENTRAL INC 4.700000% 03/13/2028                          | CUSIP: 30036FAE1<br>LEI: J75GNWGEO73W89ZV3S44 | Long             | DBT              | CORP              | US        |    945000 | PA      | $955128.98    | 0.47%             | 2028-03-13      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| HPS CORPORATE LENDING FUND                              | HPS CORPORATE LENDING FUND 5.450000% 01/14/2028                         | CUSIP: 40440VAH8<br>LEI: 549300ZS7IHUA6FKFV61 | Long             | DBT              | CORP              | US        |    890000 | PA      | $889390.27    | 0.44%             | 2028-01-14      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STREET CLO LIMITED PARTNERSHIP               | CALIFORNIA STREET CLO IX LP SYMP 2012-9A AR3                            | CUSIP: 13079WDC9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    521720 | PA      | $521670.80    | 0.26%             | 2032-07-16      | Floating      | 5.62%                 | Yes           |                  2 | On Loan: No      |
| EXETER SELECT AUTOMOBILE RECEIVABLES TRUST              | EXETER SELECT AUTOMOBILE RECEIVABLES TRUST 2025-1 ESART 2025-1 A3       | CUSIP: 30185AAC5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    440000 | PA      | $442241.27    | 0.22%             | 2030-04-15      | Fixed         | 4.69%                 | No            |                  2 | On Loan: No      |
| HALSEYPOINT CLO                                         | HALSEYPOINT CLO 3 LTD HLSY 2020-3A A1R                                  | CUSIP: 40638UAS8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    950000 | PA      | $949290.35    | 0.47%             | 2037-07-30      | Floating      | 5.76%                 | Yes           |                  2 | On Loan: No      |
| Santander Holdings USA, Inc.                            | SANTANDER HOLDINGS USA INC 5.473000% 03/20/2029                         | CUSIP: 80282KBN5<br>LEI: 549300SMVCQN2P0O6I58 | Long             | DBT              | CORP              | US        |    950000 | PA      | $953257.14    | 0.47%             | 2029-03-20      | Fixed         | 5.47%                 | No            |                  2 | On Loan: No      |
| WESTERN MIDSTREAM OPERATING, LP                         | WESTERN MIDSTREAM OPERATING LP 4.500000% 03/01/2028                     | CUSIP: 958254AH7<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |    735000 | PA      | $725474.83    | 0.36%             | 2028-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GOLUB CAPITAL PARTNERS CLO LTD                          | GOLUB CAPITAL PARTNERS CLO 2016-30M LTD GOCAP 2016-30A AR2              | CUSIP: 38179JAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    450000 | PA      | $448672.05    | 0.22%             | 2034-04-20      | Floating      | 5.89%                 | Yes           |                  2 | On Loan: No      |
| SONOCO PRODUCTS COMPANY.                                | SONOCO PRODUCTS CO 2.250000% 02/01/2027                                 | CUSIP: 835495AN2<br>LEI: GKOMIK4RDJGHEF0VNP11 | Long             | DBT              | CORP              | US        |    965000 | PA      | $925211.24    | 0.46%             | 2027-02-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| ENLINK MIDSTREAM PARTNERS, LP                           | ONEOK INC 4.850000% 07/15/2026                                          | CUSIP: 29336UAF4<br>LEI: 88CPW63VL7KHJWS0NY83 | Long             | DBT              | CORP              | US        |    975000 | PA      | $974317.31    | 0.48%             | 2026-07-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| JBS USA Holding Lux S.a r.l.                            | JBS USA HOLDING LUX SARL/ JBS USA FOOD CO/ JBS LUX 5.125000% 02/01/2028 | CUSIP: 46590XAZ9<br>LEI: RB8RC03FUD8DSX57C193 | Long             | DBT              | NUSS              | US        |    945000 | PA      | $955029.29    | 0.47%             | 2028-02-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| MAIN STREET CAPITAL CORPORATION                         | MAIN STREET CAPITAL CORP 6.500000% 06/04/2027                           | CUSIP: 56035LAJ3<br>LEI: 5493001FS9QJLJNF3E20 | Long             | DBT              | CORP              | US        |    925000 | PA      | $940296.00    | 0.47%             | 2027-06-04      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS BDC, INC.                                 | GOLDMAN SACHS BDC INC 6.375000% 03/11/2027                              | CUSIP: 38147UAE7<br>LEI: 6D01AGSGBNZIJSN77043 | Long             | DBT              | CORP              | US        |    910000 | PA      | $930243.88    | 0.46%             | 2027-03-11      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ARES CAPITAL CORPORATION.                               | ARES CAPITAL CORP 2.875000% 06/15/2028                                  | CUSIP: 04010LBB8<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |    490000 | PA      | $454914.78    | 0.23%             | 2028-06-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| VOLOFIN FINANCE (IRELAND) DESIGNATED ACTIVITY COMPANY   | VOLOFIN FINANCE DESIGNATED ACTIVITY CO VFIN 2024-1A A                   | CUSIP: 92873RAA9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    391424 | PA      | $394274.53    | 0.20%             | 2037-06-15      | Fixed         | 5.93%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                | GINNIE MAE I POOL GN 592038                                             | CUSIP: 36201SV71<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |       746 | PA      | $763.82       | 0.00%             | 2033-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AFFIRM MASTER TRUST                                     | AFFIRM MASTER TRUST AFRMT 2025-1A B                                     | CUSIP: 00833BAB4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    940000 | PA      | $943480.82    | 0.47%             | 2033-02-15      | Fixed         | 5.13%                 | Yes           |                  2 | On Loan: No      |
| AVIS BUDGET RENTAL CAR FUNDING                          | AVIS BUDGET RENTAL CAR FUNDING AESOP LLC AESOP 2023-5A B                | CUSIP: 05377RHD9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    350000 | PA      | $355472.88    | 0.18%             | 2028-04-20      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| SEQUOIA MORTGAGE TRUST                                  | SEQUOIA MORTGAGE TRUST 2013-4 SEMT 2013-4 B3                            | CUSIP: 81744YAH9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     51449 | PA      | $49575.98     | 0.02%             | 2043-04-25      | Floating      | 3.43%                 | No            |                  2 | On Loan: No      |
| ICON INVESTMENTS SIX DESIGNATED ACTIVITY COMPANY        | ICON INVESTMENTS SIX DAC 5.809000% 05/08/2027                           | CUSIP: 45115AAA2<br>LEI: 635400FQ1M7J2CHLAS59 | Long             | DBT              | NUSS              | US        |    751000 | PA      | $765988.83    | 0.38%             | 2027-05-08      | Fixed         | 5.81%                 | No            |                  2 | On Loan: No      |
| COLLEGE LOAN CORPORATION TRUST I                        | COLLEGE LOAN CORP TRUST I COLLE 2006-1 A7B                              | CUSIP: 194262CX7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    700000 | PA      | $688031.75    | 0.34%             | 2046-04-25      | Floating      | 6.20%                 | No            |                  2 | On Loan: No      |
| CHASE HOME LENDING MORTGAGE TRUST                       | CHASE HOME LENDING MORTGAGE TRUST SERIES 2024-5 CHASE 2024-5 A6         | CUSIP: 16159QAK3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    652099 | PA      | $656406.70    | 0.33%             | 2055-04-25      | Floating      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| PENNANTPARK CLO LTD                                     | PENNANTPARK CLO 12 LLC PNTPK 2025-12A B                                 | CUSIP: 70807EAE7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    625000 | PA      | $623044.38    | 0.31%             | 2037-04-20      | Floating      | 6.04%                 | Yes           |                  2 | On Loan: No      |
| Suncor Energy Inc.                                      | SUNCOR ENERGY INC 7.000000% 11/15/2028                                  | CUSIP: 71644EAF9<br>LEI: 549300W70ZOQDVLCHY06 | Long             | DBT              | NUSS              | CA        |    855000 | PA      | $917900.44    | 0.45%             | 2028-11-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| HERTZ VEHICLE FINANCING III LLC                         | HERTZ VEHICLE FINANCING LLC HERTZ 2022-5A B                             | CUSIP: 42806MBL2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    375000 | PA      | $364592.51    | 0.18%             | 2028-09-25      | Fixed         | 4.28%                 | Yes           |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL HOLDINGS, INC.                   | NEXTERA ENERGY CAPITAL HOLDINGS INC 1.875000% 01/15/2027                | CUSIP: 65339KBY5<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |   1010000 | PA      | $968666.71    | 0.48%             | 2027-01-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| GUGGENHEIM MM CLO LTD.                                  | GUGGENHEIM MM CLO 2021-3 LTD GCF 2021-3A A                              | CUSIP: 40170UAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    365000 | PA      | $364328.77    | 0.18%             | 2034-01-21      | Floating      | 6.08%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                             | FREDDIE MAC GOLD POOL FG A24180                                         | CUSIP: 31297BUD2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |       595 | PA      | $610.99       | 0.00%             | 2034-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE HIGHER EDUCATION LOAN CORPORATION         | GRANITE EDVANCE CORP NHHEL 2020-1 A1A                                   | CUSIP: 644622AB8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    996398 | PA      | $910937.19    | 0.45%             | 2060-09-25      | Fixed         | 1.55%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORPORATION                             | BANK OF AMERICA CORP MTN 4.183000% 11/25/2027                           | CUSIP: 06051GGC7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    975000 | PA      | $969855.74    | 0.48%             | 2027-11-25      | Fixed         | 4.18%                 | No            |                  2 | On Loan: No      |
| DAIMLER TRUCK FINANCE NORTH AMERICA LLC                 | DAIMLER TRUCK FINANCE NORTH AMERICA LLC 144A 2.000000% 12/14/2026       | CUSIP: 233853AF7<br>LEI: 5493003HSDTSCZRXBA58 | Long             | DBT              | CORP              | DE        |    910000 | PA      | $874588.18    | 0.43%             | 2026-12-14      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| WILLIS ENGINE STRUCTURED TRUST                          | WILLIS ENGINE STRUCTURED TRUST IV WESTF 2018-A A                        | CUSIP: 97064EAA6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    169025 | PA      | $167510.84    | 0.08%             | 2043-09-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| COLT MORTGAGE LOAN TRUST                                | COLT 2021-2R MORTGAGE LOAN TRUST COLT 2021-2R A2                        | CUSIP: 12656YAB3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     89231 | PA      | $81806.96     | 0.04%             | 2054-07-27      | Fixed         | 1.11%                 | Yes           |                  2 | On Loan: No      |
| CITIGROUP INC.                                          | CITIGROUP INC 4.125000% 07/25/2028                                      | CUSIP: 172967KU4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    905000 | PA      | $895167.38    | 0.44%             | 2028-07-25      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| United States of America                                | US TREASURY N/B 4.625000% 11/15/2026                                    | CUSIP: 91282CJK8<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |  35400000 | PA      | $35875687.50  | 17.77%            | 2026-11-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| SIXTH STREET SPECIALTY LENDING, INC.                    | SIXTH STREET SPECIALTY LENDING INC 6.950000% 08/14/2028                 | CUSIP: 83012AAB5<br>LEI: 549300TX61566GJWCN05 | Long             | DBT              | CORP              | US        |    435000 | PA      | $451665.38    | 0.22%             | 2028-08-14      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| THE TOLEDO EDISON COMPANY                               | TOLEDO EDISON CO/THE 144A 2.650000% 05/01/2028                          | CUSIP: 889175BF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    386000 | PA      | $361106.30    | 0.18%             | 2028-05-01      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Nutrien Ltd.                                            | NUTRIEN LTD 5.200000% 06/21/2027                                        | CUSIP: 67077MBC1<br>LEI: 5493002QQ7GD21OWF963 | Long             | DBT              | NUSS              | CA        |    935000 | PA      | $949185.17    | 0.47%             | 2027-06-21      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| VERUS SECURITIZATION TRUST                              | VERUS SECURITIZATION TRUST 2021-1 VERUS 2021-1 A2                       | CUSIP: 92537QAE1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    129134 | PA      | $114108.92    | 0.06%             | 2066-01-25      | Floating      | 1.05%                 | Yes           |                  2 | On Loan: No      |
| DELL INTERNATIONAL L.L.C.                               | DELL INTERNATIONAL LLC / EMC CORP 4.750000% 04/01/2028                  | CUSIP: 24703TAL0<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |    945000 | PA      | $952644.94    | 0.47%             | 2028-04-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CONAGRA BRANDS, INC.                                    | CONAGRA BRANDS INC 1.375000% 11/01/2027                                 | CUSIP: 205887CF7<br>LEI: 54930035UDEIH090K650 | Long             | DBT              | CORP              | US        |   1088000 | PA      | $1004439.27   | 0.50%             | 2027-11-01      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| VENTURE CLO LIMITED                                     | VENTURE 38 CLO LTD VENTR 2019-38A ARR                                   | CUSIP: 92332NBC8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1275000 | PA      | $1270963.35   | 0.63%             | 2032-07-30      | Floating      | 5.28%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                     | BROWN BROTHERS HARRIMAN SWEEP INTEREST                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |   3842180 | PA      | $3842180.34   | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDENTREE LOAN MANAGEMENT US CLO LTD                   | GOLDENTREE LOAN MANAGEMENT US CLO 12 LTD GLM 2022-12A AJR               | CUSIP: 38138FAS0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |   1175000 | PA      | $1162891.63   | 0.58%             | 2037-07-20      | Floating      | 5.80%                 | Yes           |                  2 | On Loan: No      |
| FLAGSHIP CREDIT AUTO TRUST                              | FLAGSHIP CREDIT AUTO TRUST 2021-3 FCAT 2021-3 C                         | CUSIP: 33846QAE1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    743588 | PA      | $735819.88    | 0.36%             | 2027-09-15      | Fixed         | 1.46%                 | Yes           |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL                                        | PARAMOUNT GLOBAL 3.700000% 06/01/2028                                   | CUSIP: 124857AX1<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |    950000 | PA      | $923591.02    | 0.46%             | 2028-06-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | FREDDIE MAC GOLD POOL FG A57231                                         | CUSIP: 3128KLA80<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |       748 | PA      | $766.46       | 0.00%             | 2037-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| THUNDERBOLT AIRCRAFT LEASE LIMITED                      | THUNDERBOLT II AIRCRAFT LEASE LTD TBOLT 2018-A A                        | CUSIP: 886065AA9<br>LEI: N/A                  | Long             | ABS-MBS          |  | KY        |    170106 | PA      | $168254.70    | 0.08%             | 2038-09-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| GOLUB CAPITAL BDC, INC.                                 | GOLUB CAPITAL BDC INC 7.050000% 12/05/2028                              | CUSIP: 38173MAD4<br>LEI: 2549005WE0QLGK9APF78 | Long             | DBT              | CORP              | US        |    435000 | PA      | $453613.98    | 0.22%             | 2028-12-05      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| INGERSOLL RAND INC.                                     | INGERSOLL RAND INC 5.197000% 06/15/2027                                 | CUSIP: 45687VAC0<br>LEI: 5299004C02FMZCUOIR50 | Long             | DBT              | CORP              | US        |    985000 | PA      | $999585.37    | 0.50%             | 2027-06-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | FREDDIE MAC REMICS FHR 5036 AB                                          | CUSIP: 3137F6SM0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   2530158 | PA      | $2409891.58   | 1.19%             | 2041-05-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                                    | GLENCORE FUNDING LLC 144A 5.338000% 04/04/2027                          | CUSIP: 378272BR8<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | AU        |    950000 | PA      | $963172.08    | 0.48%             | 2027-04-04      | Fixed         | 5.34%                 | No            |                  2 | On Loan: No      |
| J.P. MORGAN MORTGAGE TRUST                              | J.P. MORGAN MORTGAGE TRUST 2022-4 JPMMT 2022-4 A12                      | CUSIP: 46655GAQ8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    791731 | PA      | $760816.27    | 0.38%             | 2052-10-25      | Floating      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| HELMERICH & PAYNE, INC.                                 | HELMERICH & PAYNE INC 144A 4.650000% 12/01/2027                         | CUSIP: 423452AH4<br>LEI: 254900NAOGHJ88RZ4C73 | Long             | DBT              | CORP              | US        |    950000 | PA      | $943483.80    | 0.47%             | 2027-12-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| MCF CLO LLC                                             | MCF CLO VIII LTD MCFCL 2018-1A AR                                       | CUSIP: 55281GAQ1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    950000 | PA      | $948043.95    | 0.47%             | 2036-04-18      | Floating      | 6.22%                 | Yes           |                  2 | On Loan: No      |
| KESTREL AIRCRAFT FUNDING LTD                            | KESTREL AIRCRAFT FUNDING LTD KSTRL 2018-1A A                            | CUSIP: 49255PAA1<br>LEI: N/A                  | Long             | ABS-MBS          |  | KY        |    111186 | PA      | $108962.12    | 0.05%             | 2038-12-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| PAGAYA AI DEBT GRANTOR TRUST                            | PAGAYA AI DEBT GRANTOR TRUST 2025-3 PAID 2025-3 B                       | CUSIP: 69544TAC8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    400000 | PA      | $400956.00    | 0.20%             | 2032-12-15      | Fixed         | 6.06%                 | Yes           |                  2 | On Loan: No      |
| GS MORTGAGE-BACKED SECURITIES TRUST                     | GS MORTGAGE-BACKED SECURITIES TRUST 2022-PJ3 GSMBS 2022-PJ3 A7          | CUSIP: 362924AL6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    729669 | PA      | $687056.40    | 0.34%             | 2052-08-25      | Floating      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| CERBERUS LOAN FUNDING L.P.                              | CERBERUS LOAN FUNDING XLVII LLC CERB 2024-3A A                          | CUSIP: 156945AA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    785000 | PA      | $783825.64    | 0.39%             | 2036-07-15      | Floating      | 6.01%                 | Yes           |                  2 | On Loan: No      |
| RATE MORTGAGE TRUST                                     | RATE MORTGAGE TRUST 2024-J4 RATE 2024-J4 A7                             | CUSIP: 75408TAG1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    902329 | PA      | $911441.05    | 0.45%             | 2054-12-25      | Floating      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| BOF VII AL FUNDING TRUST I                              | BOF VII AL FUNDING TRUST I BVABS 2023-CAR3 A2                           | CUSIP: 097093AB4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    540622 | PA      | $550028.07    | 0.27%             | 2032-07-26      | Fixed         | 6.29%                 | Yes           |                  2 | On Loan: No      |
| SANTANDER DRIVE AUTO RECEIVABLES TRUST                  | SANTANDER DRIVE AUTO RECEIVABLES TRUST 2025-1 SDART 2025-1 B            | CUSIP: 80288DAD8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    490000 | PA      | $492806.82    | 0.24%             | 2031-03-17      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| HLEND CLO                                               | HLEND CLO 2025-3 LLC HLEND 2025-3A B                                    | CUSIP: 403961AC9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    750000 | PA      | $737205.75    | 0.37%             | 2037-01-20      | Floating      | 5.97%                 | Yes           |                  2 | On Loan: No      |
| WHITEHORSE PRINCIPAL LENDING CLO LTD                    | WHITEHORSE PRINCIPAL LENDING CLO 2022-1 LTD WHCLO 2022-1A A1R           | CUSIP: 96525MAG0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |   1000000 | PA      | $1000506.00   | 0.50%             | 2036-10-15      | Floating      | 6.04%                 | Yes           |                  2 | On Loan: No      |
| NEW MOUNTAIN FINANCE CORPORATION                        | NEW MOUNTAIN FINANCE CORP 6.200000% 10/15/2027                          | CUSIP: 647551AG5<br>LEI: 549300L1MPTT1H7SES77 | Long             | DBT              | CORP              | US        |    925000 | PA      | $924521.25    | 0.46%             | 2027-10-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Renesas Electronics Corporation                         | RENESAS ELECTRONICS CORP 144A 2.170000% 11/25/2026                      | CUSIP: 75972BAB7<br>LEI: 5299000EPC47VJQOFB81 | Long             | DBT              | NUSS              | JP        |   1000000 | PA      | $962413.69    | 0.48%             | 2026-11-25      | Fixed         | 2.17%                 | No            |                  2 | On Loan: No      |
| PAGAYA AI DEBT GRANTOR TRUST                            | PAGAYA AI DEBT GRANTOR TRUST 2024-5 PAID 2024-5 A                       | CUSIP: 69544LAA9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    327762 | PA      | $330787.14    | 0.16%             | 2031-10-15      | Fixed         | 6.28%                 | Yes           |                  2 | On Loan: No      |
| WESTLAKE CORPORATION                                    | WESTLAKE CORP 3.600000% 08/15/2026                                      | CUSIP: 960413AT9<br>LEI: GOXNEVUM0LL78B1OS344 | Long             | DBT              | CORP              | US        |    625000 | PA      | $616353.70    | 0.31%             | 2026-08-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| SWCH COMMERCIAL MORTGAGE TRUST                          | SWCH COMMERCIAL MORTGAGE TRUST 2025-DATA SWCH 2025-DATA C               | CUSIP: 78489CAC3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    625000 | PA      | $603112.13    | 0.30%             | 2042-03-15      | Floating      | 6.41%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN 981754                                               | CUSIP: 31415BE39<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |       373 | PA      | $377.77       | 0.00%             | 2038-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| 7-ELEVEN, INC.                                          | 7-ELEVEN INC 144A 0.950000% 02/10/2026                                  | CUSIP: 817826AC4<br>LEI: 549300K23JPL0SS3LB18 | Long             | DBT              | CORP              | US        |    975000 | PA      | $946679.17    | 0.47%             | 2026-02-10      | Fixed         | 0.95%                 | No            |                  2 | On Loan: No      |
| ABPCI DIRECT LENDING FUND CLO LTD                       | ABPCI DIRECT LENDING FUND CLO VI LTD ABPCI 2019-6A BRR                  | CUSIP: 00086GBE0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    550000 | PA      | $546254.50    | 0.27%             | 2037-01-27      | Floating      | 5.98%                 | Yes           |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CORPORATION                       | CAPITAL ONE FINANCIAL CORP 4.927000% 05/10/2028                         | CUSIP: 14040HCS2<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    935000 | PA      | $938786.45    | 0.47%             | 2028-05-10      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| GRACIE POINT INTERNATIONAL FUNDING                      | GRACIE POINT INTERNATIONAL FUNDING 2023-1 GPIF 2023-1A A                | CUSIP: 383931AA0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    762690 | PA      | $761520.61    | 0.38%             | 2026-09-01      | Floating      | 6.37%                 | Yes           |                  2 | On Loan: No      |
| TELUS Corporation                                       | TELUS CORP 3.700000% 09/15/2027                                         | CUSIP: 87971MBF9<br>LEI: L2TEUTQ8OSHMJWVLCE40 | Long             | DBT              | NUSS              | CA        |    765000 | PA      | $754851.68    | 0.37%             | 2027-09-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| GS MORTGAGE-BACKED SECURITIES TRUST                     | GS MORTGAGE-BACKED SECURITIES CORP TRUST 2022-PJ2 GSMBS 2022-PJ2 A7     | CUSIP: 36267EAG6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    799996 | PA      | $755106.11    | 0.37%             | 2052-06-25      | Floating      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| KKR LENDING PARTNERS CLO LLC                            | KKR LENDING PARTNERS III CLO LLC KKRLP 2021-1A B                        | CUSIP: 48254VAG8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    285665 | PA      | $285423.05    | 0.14%             | 2030-10-20      | Floating      | 6.43%                 | Yes           |                  2 | On Loan: No      |
| SILVER POINT CLO LTD                                    | SILVER POINT SCF CLO IV LTD SPCSL 2021-1A A1AR                          | CUSIP: 82809JAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    950000 | PA      | $945921.65    | 0.47%             | 2036-10-15      | Floating      | 5.98%                 | Yes           |                  2 | On Loan: No      |
| WRKCO INC.                                              | WRKCO INC 3.900000% 06/01/2028                                          | CUSIP: 92940PAE4<br>LEI: 549300JEB576INN13W07 | Long             | DBT              | CORP              | US        |    840000 | PA      | $821820.50    | 0.41%             | 2028-06-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| ARTHUR J. GALLAGHER & CO.                               | ARTHUR J GALLAGHER & CO 4.600000% 12/15/2027                            | CUSIP: 04316JAK5<br>LEI: 54930049QLLMPART6V29 | Long             | DBT              | CORP              | US        |    900000 | PA      | $906994.65    | 0.45%             | 2027-12-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                      | ENERGY TRANSFER LP 4.400000% 03/15/2027                                 | CUSIP: 292480AK6<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    990000 | PA      | $987562.82    | 0.49%             | 2027-03-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| CANADIAN NATURAL RESOURCES LIMITED                      | CANADIAN NATURAL RESOURCES LTD 3.850000% 06/01/2027                     | CUSIP: 136385AX9<br>LEI: 549300T15RIMIKZC5Q38 | Long             | DBT              | NUSS              | CA        |    975000 | PA      | $962004.35    | 0.48%             | 2027-06-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| BLACKBIRD CAPITAL AIRCRAFT LEASE SECURITIZATION LIMITED | BLACKBIRD CAPITAL AIRCRAFT LEASE SECURITIZATION LT BBIRD 2016-1A A      | CUSIP: 09228YAB8<br>LEI: N/A                  | Long             | ABS-MBS          |  | KY        |    114436 | PA      | $114240.06    | 0.06%             | 2041-12-16      | Fixed         | 4.21%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC.                                           | BROADCOM INC 3.459000% 09/15/2026                                       | CUSIP: 11135FAN1<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    900000 | PA      | $888559.83    | 0.44%             | 2026-09-15      | Fixed         | 3.46%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT COMPANY LLC                           | FORD MOTOR CREDIT CO LLC 5.850000% 05/17/2027                           | CUSIP: 345397E74<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    985000 | PA      | $980687.34    | 0.49%             | 2027-05-17      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| CHASE HOME LENDING MORTGAGE TRUST                       | CHASE HOME LENDING MORTGAGE TRUST SERIES 2024-2 CHASE 2024-2 A4A        | CUSIP: 161929BH6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    587453 | PA      | $592949.40    | 0.29%             | 2055-02-25      | Floating      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| ANTARES CLO LTD                                         | ANTARES CLO 2018-3 LTD ANTR 2018-3A A1R                                 | CUSIP: 03665LAL7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    950000 | PA      | $944530.85    | 0.47%             | 2036-07-20      | Floating      | 5.86%                 | Yes           |                  2 | On Loan: No      |
| ALIMENTATION COUCHE-TARD INC.                           | ALIMENTATION COUCHE-TARD INC 144A 3.550000% 07/26/2027                  | CUSIP: 01626PAH9<br>LEI: 549300OSW32RVX8CCZ87 | Long             | DBT              | NUSS              | CA        |   1000000 | PA      | $979307.69    | 0.49%             | 2027-07-26      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| TRINITAS CLO LTD                                        | TRINITAS CLO XIV LTD TRNTS 2020-14A A2R                                 | CUSIP: 89641QAQ3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    940000 | PA      | $933956.74    | 0.46%             | 2034-01-25      | Floating      | 5.82%                 | Yes           |                  2 | On Loan: No      |
| PAGAYA AI DEBT GRANTOR TRUST                            | PAGAYA AI DEBT GRANTOR TRUST 2025-2 PAID 2025-2 B                       | CUSIP: 69545GAC5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    790000 | PA      | $787321.98    | 0.39%             | 2032-10-15      | Fixed         | 5.33%                 | Yes           |                  2 | On Loan: No      |
| FIDELIS MORTGAGE TRUST                                  | FIDELIS MORTGAGE TRUST 2025-RTL1 FIDL 2025-RTL1 A2                      | CUSIP: 31575LAE3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    950000 | PA      | $952990.70    | 0.47%             | 2040-02-27      | Floating      | 6.22%                 | Yes           |                  2 | On Loan: No      |
| BP CAPITAL MARKETS AMERICA INC.                         | BP CAPITAL MARKETS AMERICA INC 5.017000% 11/17/2027                     | CUSIP: 10373QBY5<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |    987000 | PA      | $1005810.97   | 0.50%             | 2027-11-17      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| United States of America                                | US TREASURY N/B 3.875000% 03/31/2027                                    | CUSIP: 91282CMV0<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   7000000 | PA      | $7032539.08   | 3.48%             | 2027-03-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| AFFIRM ASSET SECURITIZATION TRUST                       | AFFIRM ASSET SECURITIZATION TRUST 2024-X1 AFFRM 2024-X1 A               | CUSIP: 00834XAA7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    127344 | PA      | $127492.19    | 0.06%             | 2029-05-15      | Fixed         | 6.27%                 | Yes           |                  2 | On Loan: No      |
| BX COMMERCIAL MORTGAGE TRUST                            | BX COMMERCIAL MORTGAGE TRUST 2021-VOLT BX 2021-VOLT C                   | CUSIP: 05609VAJ4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1100000 | PA      | $1084875.00   | 0.54%             | 2036-09-15      | Floating      | 5.54%                 | Yes           |                  2 | On Loan: No      |
| SANTANDER DRIVE AUTO RECEIVABLES TRUST                  | SANTANDER DRIVE AUTO RECEIVABLES TRUST 2024-4 SDART 2024-4 B            | CUSIP: 802919AD2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    915000 | PA      | $923953.18    | 0.46%             | 2029-09-17      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| KITE REALTY GROUP, L.P.                                 | KITE REALTY GROUP LP 4.000000% 10/01/2026                               | CUSIP: 49803XAA1<br>LEI: 549300X6R2GYI8Y3OD81 | Long             | DBT              | CORP              | US        |    985000 | PA      | $975108.41    | 0.48%             | 2026-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BLUE OWL ASSET LEASING TRUST                            | BLUE OWL ASSET LEASING TRUST 2024-1 LLC OWLEF 2024-1A B                 | CUSIP: 095921AC6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    540000 | PA      | $545114.72    | 0.27%             | 2030-03-15      | Fixed         | 5.41%                 | Yes           |                  2 | On Loan: No      |
| OAK STREET INVESTMENT GRADE NET LEASE FUND LLC.         | OAK STREET INVESTMENT GRADE NET LEASE FUND SERIES OAKIG 2021-2A A3      | CUSIP: 67181DAL5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1606646 | PA      | $1492732.24   | 0.74%             | 2051-11-20      | Fixed         | 2.85%                 | Yes           |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                   | WELLS FARGO & CO MTN 4.900000% 01/24/2028                               | CUSIP: 95000U3R2<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    905000 | PA      | $911024.36    | 0.45%             | 2028-01-24      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| MONROE CAPITAL MML CLO LTD                              | MONROE CAPITAL MML CLO XI LTD MCMML 2021-1A A1                          | CUSIP: 61034NAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    925000 | PA      | $923338.70    | 0.46%             | 2033-05-20      | Floating      | 6.13%                 | Yes           |                  2 | On Loan: No      |
| FREMF MORTGAGE TRUST                                    | FREMF 2015-K48 MORTGAGE TRUST FREMF 2015-K48 C                          | CUSIP: 30293HAG0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    718000 | PA      | $714512.89    | 0.35%             | 2048-08-25      | Floating      | 3.75%                 | No            |                  2 | On Loan: No      |
| BAXTER INTERNATIONAL INC.                               | BAXTER INTERNATIONAL INC 2.600000% 08/15/2026                           | CUSIP: 071813BQ1<br>LEI: J5OIVXX3P24RJRW5CK77 | Long             | DBT              | CORP              | US        |    710000 | PA      | $692365.03    | 0.34%             | 2026-08-15      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| ANTARES HOLDINGS LP                                     | ANTARES HOLDINGS LP 144A 7.950000% 08/11/2028                           | CUSIP: 03666HAF8<br>LEI: 5493008EAIGV4283RM42 | Long             | DBT              | CORP              | CA        |    430000 | PA      | $451426.93    | 0.22%             | 2028-08-11      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | FREDDIE MAC REMICS FHR 5019 DA                                          | CUSIP: 3137FXHH4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   2324546 | PA      | $2217005.56   | 1.10%             | 2041-05-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| OAKTREE SPECIALTY LENDING CORPORATION                   | OAKTREE SPECIALTY LENDING CORP 2.700000% 01/15/2027                     | CUSIP: 67401PAC2<br>LEI: 549300J6MGCEU5928620 | Long             | DBT              | CORP              | US        |   1010000 | PA      | $954477.81    | 0.47%             | 2027-01-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| VOYA CLO                                                | VOYA CLO 2018-4 LTD VOYA 2018-4A A2RR                                   | CUSIP: 92917WBN7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    950000 | PA      | $942132.10    | 0.47%             | 2037-10-15      | Floating      | 5.86%                 | Yes           |                  2 | On Loan: No      |
| PAGAYA AI DEBT GRANTOR TRUST                            | PAGAYA AI DEBT GRANTOR TRUST 2025-1 PAID 2025-1 B                       | CUSIP: 69544NAC1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    335000 | PA      | $336367.07    | 0.17%             | 2032-07-15      | Fixed         | 5.63%                 | Yes           |                  2 | On Loan: No      |
| COLOGIX DATA CENTERS US ISSUER, LLC                     | COLOGIX DATA CENTERS US ISSUER LLC CLGIX 2021-1A A2                     | CUSIP: 19521UAA1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    500000 | PA      | $476107.25    | 0.24%             | 2051-12-26      | Fixed         | 3.30%                 | Yes           |                  2 | On Loan: No      |
| OCP CLO LTD                                             | OCP CLO 2022-24 LTD OCP 2022-24A A2R                                    | CUSIP: 67118YAN3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |    950000 | PA      | $943399.40    | 0.47%             | 2037-10-20      | Floating      | 5.82%                 | Yes           |                  2 | On Loan: No      |
| FORD CREDIT AUTO OWNER TRUST                            | FORD CREDIT AUTO OWNER TRUST 2025-A FORDO 2025-A B                      | CUSIP: 34535KAF5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    750000 | PA      | $757092.45    | 0.38%             | 2031-02-15      | Fixed         | 4.89%                 | No            |                  2 | On Loan: No      |
| PUBLIC STORAGE OPERATING COMPANY                        | PUBLIC STORAGE OPERATING CO VARIABLE RATE 04/16/2027                    | CUSIP: 74464AAA9<br>LEI: 549300LMZF40TKJ6DM64 | Long             | DBT              | CORP              | US        |    975000 | PA      | $969455.77    | 0.48%             | 2027-04-16      | Floating      | 5.08%                 | No            |                  2 | On Loan: No      |
| SEQUOIA MORTGAGE TRUST                                  | SEQUOIA MORTGAGE TRUST 2024-5 SEMT 2024-5 A11                           | CUSIP: 81743CAL9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    437300 | PA      | $438683.04    | 0.22%             | 2054-06-25      | Floating      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| GM FINANCIAL CONSUMER AUTOMOBILE RECEIVABLES TRUST      | GM FINANCIAL CONSUMER AUTOMOBILE RECEIVABLES TRUST GMCAR 2025-1 B       | CUSIP: 362955AF3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    490000 | PA      | $496475.35    | 0.25%             | 2030-08-16      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RPM INTERNATIONAL INC.                                  | RPM INTERNATIONAL INC 3.750000% 03/15/2027                              | CUSIP: 749685AV5<br>LEI: 549300TJCKW4BRXPJ474 | Long             | DBT              | CORP              | US        |    962000 | PA      | $948734.71    | 0.47%             | 2027-03-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| J.P. MORGAN MORTGAGE TRUST                              | J.P. MORGAN MORTGAGE TRUST 2023-2 JPMMT 2023-2 A4A                      | CUSIP: 46656DAM3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    466892 | PA      | $464839.28    | 0.23%             | 2053-07-25      | Floating      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| EXTRA SPACE STORAGE LP                                  | EXTRA SPACE STORAGE LP 5.700000% 04/01/2028                             | CUSIP: 30225VAJ6<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              | CORP              | US        |    915000 | PA      | $944104.49    | 0.47%             | 2028-04-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| FS KKR CAPITAL CORP.                                    | FS KKR CAPITAL CORP 3.125000% 10/12/2028                                | CUSIP: 302635AK3<br>LEI: 549300TYRSI1T21B1360 | Long             | DBT              | CORP              | US        |    500000 | PA      | $451352.91    | 0.22%             | 2028-10-12      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| PALMER SQUARE BDC CLO LTD                               | PALMER SQUARE BDC CLO 1 LTD PSBDC 1A A                                  | CUSIP: 696928AA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    950000 | PA      | $950667.85    | 0.47%             | 2037-07-15      | Floating      | 5.86%                 | Yes           |                  2 | On Loan: No      |
| MORGAN STANLEY                                          | EATON VANCE CORP 3.500000% 04/06/2027                                   | CUSIP: 278265AE3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   1010000 | PA      | $993389.64    | 0.49%             | 2027-04-06      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| AVANT LOANS FUNDING TRUST                               | AVANT LOANS FUNDING TRUST 2025-REV1 AVNT 2025-REV1 A                    | CUSIP: 05352BAA6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    550000 | PA      | $553136.05    | 0.27%             | 2034-05-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| HOWMET AEROSPACE INC.                                   | HOWMET AEROSPACE INC 6.750000% 01/15/2028                               | CUSIP: 022249AU0<br>LEI: 549300HO5WFZUT5N2T22 | Long             | DBT              | CORP              | US        |    925000 | PA      | $974430.15    | 0.48%             | 2028-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC.                                       | CROWN CASTLE INC 3.650000% 09/01/2027                                   | CUSIP: 22822VAH4<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |    970000 | PA      | $948618.07    | 0.47%             | 2027-09-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| HEWLETT PACKARD ENTERPRISE COMPANY                      | HEWLETT PACKARD ENTERPRISE CO 4.400000% 09/25/2027                      | CUSIP: 42824CBS7<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |    954000 | PA      | $953418.63    | 0.47%             | 2027-09-25      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO.                                    | JPMORGAN CHASE & CO 4.505000% 10/22/2028                                | CUSIP: 46647PEP7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    940000 | PA      | $942656.90    | 0.47%             | 2028-10-22      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| HOLCIM FINANCE US LLC                                   | HOLCIM FINANCE US LLC 144A 4.700000% 04/07/2028                         | CUSIP: 43475RAB2<br>LEI: 529900FB2F1WKLFNGY62 | Long             | DBT              | CORP              | CH        |    960000 | PA      | $967167.14    | 0.48%             | 2028-04-07      | Fixed         | 4.70%                 | 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