# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0001752724-23-048617
**Filing Date:** 2023-3
**Character Count:** 291928
**Document Hash:** f4ab65a5437090a2d0629b4af6066228
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-048617.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001752724-23-048617

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230301

**PERIOD START**: 20230930

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22920
- **FILM NUMBER:** 23690110

**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

### Mesirow Enhanced Core Plus Fund (Series ID: S000063585)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000206013 | Investor Shares      | MFBVX           |
| C000206014 | Institutional Shares | MFBIX           |

## Nport-Ex

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MESIROW** |
|  | **ENHANCED CORE PLUS FUND** |
|  | **DECEMBER 31, 2022 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  **SCHEDULE OF INVESTMENTS** | | |
|  **CORPORATE OBLIGATIONS — 68.3%** | | |
|  | <br>**Face Amount** | <br>**Value** |
|  **Communication Services — 3.2%** | **Communication Services — 3.2%** | **Communication Services — 3.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comcast |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 08/15/2032 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 11/15/2032 | $75000 | $78202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Directv Financing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 08/15/2023 @ $104 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 08/15/2027(A) | 170000 | 152092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 02/15/2052 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 08/15/2052 | 60000 | 47679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 05/15/2032 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 08/15/2032 | 60000 | 52796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; T-Mobile USA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 01/15/2030 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 04/15/2030 | 50000 | 45291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 03/15/2025 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 04/15/2025 | 60000 | 57702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 12/22/2029 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 03/22/2030 | 90000 | 79366 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513128 |
|  **Consumer Discretionary — 9.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allied Universal Holdco |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 06/01/2024 @ $102 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 06/01/2028(A) | 150000 | 123890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carriage Services |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 05/15/2024 @ $102 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 05/15/2029(A) | 150000 | 119115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duke University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.832%, 10/01/2055 | 70000 | 47217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ford Motor |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.450%, 07/16/2031 | 190000 | 194201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Garda World Security |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 02/15/2023 @ $102 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 02/15/2027(A) | 150000 | 132447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Motors Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 05/19/2023 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 06/19/2023 | 200000 | 198929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 03/21/2030 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 06/21/2030 | 85000 | 71533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home Depot |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 06/15/2032 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 09/15/2032 | 15000 | 14646 |

---

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MESIROW** |
|  | **ENHANCED CORE PLUS FUND** |
|  | **DECEMBER 31, 2022 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **CORPORATE OBLIGATIONS — continued** | | |
|  |<br> **Face Amount** |<br>**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 06/06/2048 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/06/2048 | $80000 | $72543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IHO Verwaltungs GmbH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 01/16/2023 @ $102 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%cash/0% PIK, 09/15/2026(A) | 149000 | 128939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Johns Hopkins University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 04/01/2032 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.705%, 07/01/2032 | 30000 | 29836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TKC Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 05/15/2024 @ $103 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 05/15/2028(A) | 145000 | 113296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toyota Motor Credit |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 11/10/2025 | 45000 | 45692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 09/20/2024 | 175000 | 173349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Chicago |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 10/01/2044 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.761%, 04/01/2045 | 25000 | 18689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Walmart |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 03/09/2052 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 09/09/2052 | 90000 | 85606 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1569928 |
|  **Consumer Staples — 9.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anheuser-Busch |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 11/01/2025 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 02/01/2026 | 265000 | 255038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anheuser-Busch InBev Worldwide |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 10/23/2028 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 01/23/2029 | 40000 | 39484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BAT Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 07/19/2032 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 10/19/2032 | 80000 | 86046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Church & Dwight |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 08/15/2032 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 11/15/2032 | 125000 | 129295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 12/15/2051 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/15/2052 | 105000 | 98193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Costco Wholesale |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 01/20/2030 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.600%, 04/20/2030 | 55000 | 45060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Mills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 11/18/2023 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.241%, 11/18/2025 | 120000 | 120299 |

---

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MESIROW** |
|  | **ENHANCED CORE PLUS FUND** |
|  | **DECEMBER 31, 2022 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **CORPORATE OBLIGATIONS — continued** | | |
|  |<br> **Face Amount** |<br>**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hershey |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 03/01/2030 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.700%, 06/01/2030 | $85000 | $68063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HLF Financing SaRL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 06/01/2024 @ $102 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 06/01/2029(A) | 150000 | 103315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kroger |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.700%, 06/01/2029 | 190000 | 209364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mondelez International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 11/04/2030 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 02/04/2031 | 80000 | 61510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PepsiCo |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 04/18/2032 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 07/18/2032 | 125000 | 117861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 09/17/2029 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 11/17/2029 | 50000 | 50724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spectrum Brands |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 03/15/2026 @ $102 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 03/15/2031(A) | 150000 | 116664 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500916 |
|  **Energy — 4.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Archrock Partners |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 02/06/2023 @ $105 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 04/01/2027(A) | 150000 | 143200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BP Capital Markets America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 07/21/2025 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.796%, 09/21/2025 | 65000 | 63821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Transfer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 11/01/2023 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.600%, 02/01/2024 | 70000 | 71164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 12/15/2024 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 03/15/2025 | 100000 | 96859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 02/15/2030 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 05/15/2030 | 30000 | 26451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kinder Morgan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 03/01/2025 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 06/01/2025 | 200000 | 196137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saudi Arabian Oil MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 04/16/2024(A) | 200000 | 193740 |
|  |  | 791372 |
|  **Financials — 13.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of America | 115000 | 123773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.050%, 06/15/2027 |  |  |

---

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MESIROW** |
|  | **ENHANCED CORE PLUS FUND** |
|  | **DECEMBER 31, 2022 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **CORPORATE OBLIGATIONS — continued** | | |
|  |<br> **Face Amount** |<br>**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 07/22/2032 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.015%, U.S. SOFR + 2.160%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/22/2033(B) | $65000 | $61711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 07/15/2048 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 01/15/2049 | 95000 | 84570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citigroup |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 01/12/2026 | 200000 | 192384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Capital I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.345%, 02/15/2034 | 110000 | 113092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 11/01/2024 | 45000 | 45536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 08/01/2024 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, U.S. SOFR + 3.380%(B) (C) | 240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MetLife |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 08/13/2025 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 11/13/2025 | 110000 | 106881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MetLife Capital Trust IV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 12/15/2032 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 12/15/2037(A) | 110000 | 118812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 01/20/2027 | 100000 | 94302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 07/17/2025 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.679%, U.S. SOFR + 1.669%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/17/2026(B) | 20000 | 19657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 10/01/2026 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.600%, ICE LIBOR USD 3 Month + |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.202%(B) (C) | 185000 | 162129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 02/01/2030 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 05/01/2030 | 120000 | 98582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PNC Financial Services Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 11/01/2026 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, ICE LIBOR USD 3 Month + |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.300%(B) (C) | 135000 | 116707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.285%, 09/13/2024 | 70000 | 69179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; US Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 10/21/2032 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.850%, U.S. SOFR + 2.090%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/21/2033(B) | 45000 | 46716 |

---

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MESIROW** |
|  | **ENHANCED CORE PLUS FUND** |
|  | **DECEMBER 31, 2022 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **CORPORATE OBLIGATIONS — continued** | | |
|  |<br> **Face Amount** |<br>**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 04/15/2027 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.300%, ICE LIBOR USD 3 Month + |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.914%(B) (C) | $135000 | $117662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 07/22/2027 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.548%, U.S. SOFR + 1.660%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/22/2028(B) | 25000 | 24415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 10/24/2028 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 01/24/2029 | 135000 | 126890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 03/15/2026 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.900%, US Treas Yield Curve Rate T Note |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Const Mat 5 Yr + 3.453%(B) (C) | 200000 | 175053 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2117634 |
|  **Health Care — 4.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AbbVie |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 11/14/2044 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 05/14/2045 | 25000 | 22205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMN Healthcare |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 02/06/2023 @ $102 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 10/01/2027(A) | 150000 | 138311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ascension Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.945%, 11/15/2046 | 40000 | 33052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Memorial Sloan-Kettering Cancer Center |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/2042 | 20000 | 19465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Memorial Sloan-Kettering Cancer Center |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 07/01/2049 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.955%, 01/01/2050 | 90000 | 59624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merck |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 11/10/2024 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 02/10/2025 | 230000 | 220400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Organon |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 04/30/2026 @ $103 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 04/30/2031(A) | 150000 | 129882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 08/15/2052 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 02/15/2053 | 45000 | 48589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 08/24/2031 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 11/24/2031 | 50000 | 40506 |
|  |  | 712034 |
|  **Industrials — 9.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3M |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 03/15/2025 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 04/15/2025 | 125000 | 119420 |

---

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MESIROW** |
|  | **ENHANCED CORE PLUS FUND** |
|  | **DECEMBER 31, 2022 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **CORPORATE OBLIGATIONS — continued** | | |
|  |<br> **Face Amount** |<br>**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 08/29/2028 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/29/2028 | $150000 | $125666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arcosa |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 04/15/2024 @ $102 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 04/15/2029(A) | 150000 | 130077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boeing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 12/01/2028 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 03/01/2029 | 140000 | 122765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Burlington Northern Santa Fe |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 07/15/2052 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 01/15/2053 | 75000 | 66620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caterpillar |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 01/09/2030 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 04/09/2030 | 90000 | 78243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caterpillar Financial Services MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 01/17/2025 | 45000 | 45119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 05/15/2052 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/15/2052 | 95000 | 82470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eaton |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 12/15/2032 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 03/15/2033 | 85000 | 79017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortress Transportation and Infrastructure Investors |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 05/01/2024 @ $103 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 05/01/2028(A) | 150000 | 127967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Honeywell International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 11/15/2032 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/15/2033 | 95000 | 96761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 05/21/2047 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.812%, 11/21/2047 | 25000 | 20658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John Deere Capital MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 09/15/2032 | 20000 | 19429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 03/07/2025 | 20000 | 18924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kansas City Southern |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 11/15/2042 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 05/15/2043 | 25000 | 20547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Enterprise Stone & Lime |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 07/15/2024 @ $103 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 07/15/2028(A) | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Raytheon Technologies |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 06/16/2025 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 08/16/2025 | 35000 | 34193 |

---

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MESIROW** |
|  | **ENHANCED CORE PLUS FUND** |
|  | **DECEMBER 31, 2022 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **CORPORATE OBLIGATIONS — continued** | | |
|  |<br> **Face Amount** |<br>**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 07/16/2023 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 08/16/2023 | $7000 | $6941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 06/01/2031 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 09/01/2031 | 105000 | 82436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Textron |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 03/01/2030 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 06/01/2030 | 40000 | 33993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waste Management |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 04/01/2029 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 06/01/2029 | 75000 | 63466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xylem |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 10/30/2030 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 01/30/2031 | 60000 | 48672 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1556580 |
|  **Information Technology — 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apple |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 05/13/2025 | 180000 | 173912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GoTo Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 09/01/2023 @ $103 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 09/01/2027(A) | 100000 | 53782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ION Trading Technologies Sarl |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 05/15/2024 @ $103 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 05/15/2028(A) | 201000 | 167584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salesforce |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 04/15/2031 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 07/15/2031 | 35000 | 27904 |
|  |  | 423182 |
|  **Materials — 4.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ATI |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 10/01/2026 @ $103 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 10/01/2031 | 140000 | 123284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carpenter Technology |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 07/15/2023 @ $103 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 07/15/2028 | 150000 | 142654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DuPont de Nemours |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 05/15/2048 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.419%, 11/15/2048 | 100000 | 95180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ingevity |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 11/01/2023 @ $102 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 11/01/2028(A) | 200000 | 171973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rain CII Carbon |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 02/06/2023 @ $102 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 04/01/2025(A) | 110000 | 101365 |

---

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MESIROW** |
|  | **ENHANCED CORE PLUS FUND** |
|  | **DECEMBER 31, 2022 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **CORPORATE OBLIGATIONS — continued** | | |
|  |<br> **Face Amount** |<br>**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TriMas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 04/15/2024 @ $102 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 04/15/2029(A) | $150000 | $130875 |
|  |  | 765331 |
|  **Real Estate — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AvalonBay Communities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 11/15/2032 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/15/2033 | 25000 | 24598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 03/03/2025 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 06/01/2025 | 70000 | 67409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boston Properties |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 11/01/2027 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 12/01/2027 | 30000 | 30933 |
|  |  | 122940 |
|  **Utilities — 5.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ameren Illinois |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 06/01/2032 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 09/01/2032 | 95000 | 88252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Florida |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 05/15/2052 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 11/15/2052 | 25000 | 26608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Florida Project Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.538%, 09/01/2029 | 143499 | 130102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Progress |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 11/15/2041 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 05/15/2042 | 60000 | 50363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 10/01/2051 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 04/01/2052 | 20000 | 15998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entergy Texas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 03/15/2052 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 09/15/2052 | 20000 | 18283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Florida Power & Light |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 04/01/2044 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 10/01/2044 | 40000 | 33854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 06/01/2025 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 12/01/2025 | 160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kansas Gas Service Securitization I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.486%, 08/01/2032 | 65000 | 65553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oglethorpe Power |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 02/01/2050 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 08/01/2050 | 120000 | 86056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PacifiCorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 06/01/2053 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 12/01/2053 | 55000 | 54434 |

---

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MESIROW** |
|  | **ENHANCED CORE PLUS FUND** |
|  | **DECEMBER 31, 2022 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **CORPORATE OBLIGATIONS — continued** | | |
|  |<br> **Face Amount** |<br>**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern California Edison |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 05/01/2029 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 08/01/2029 | $65000 | $56492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Electric Power |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 06/30/2032 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 09/30/2032 | 35000 | 34294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Public Service |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 10/10/2025 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 11/10/2025 | 30000 | 30331 |
|  |  | 844884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL CORPORATE OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $12,223,282) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10917929 |
|  **MORTGAGE-BACKED SECURITIES — 8.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 06/01/2052 | 354678 | 311933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 10/01/2051 | 599296 | 489351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 08/01/2037 - 10/01/2052 | 308321 | 293154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 03/01/2052 | 256822 | 218029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL MORTGAGE-BACKED SECURITIES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $1,338,563) |  | 1312467 |
|  **U.S. TREASURY OBLIGATIONS — 7.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/15/2052 | 155000 | 155218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/15/2042 | 165000 | 161545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 08/15/2052 | 40000 | 32956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 11/15/2049 | 75000 | 54205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 08/15/2051 | 100000 | 65477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 08/15/2050 | 100000 | 55566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 08/15/2040 | 40000 | 24841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/15/2032 | 385000 | 392881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 11/30/2027 | 40000 | 39781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 06/30/2029 | 50000 | 47848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 08/15/2032 | 10000 | 9106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 07/31/2027 | 105000 | 99344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 11/30/2027 | 100000 | 84914 |

---

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MESIROW** |
|  | **ENHANCED CORE PLUS FUND** |
|  | **DECEMBER 31, 2022 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **U.S. TREASURY OBLIGATIONS — continued** | | |
|  |<br> **Face Amount** |<br>**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $1,387,440) |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1223682 |
|  **LOAN OBLIGATIONS — 3.2%** |  |  |
|  **Communication Services — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terrier Media Buyer, Inc., Term B Loan, 1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.230%, LIBOR + 3.500%, 12/17/2026 | $184808 | 172631 |
|  **Financials — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Group Holdings, Inc., Term B-1 Loan, 1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.884%, LIBOR + 4.500%, 07/31/2026 | 145875 | 142427 |
|  **Materials — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mauser Packaging Solutions Holding Company, Initial Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.370%, LIBOR + 3.250%, 04/03/2024 | 195865 | 190996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL LOAN OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $523,323) |  | 506054 |
|  **ASSET-BACKED SECURITIES — 3.2%** |  |  |
|  **Automotive — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ford Credit Auto Owner Trust, Ser 2019-1, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 01/15/2024 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.520%, 07/15/2030 (A) | 100000 | 98045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GM Financial Automobile Leasing Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ser 2022-3, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 12/20/2024 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.010%, 09/22/2025 | 60000 | 58960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Honda Auto Receivables Owner Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ser 2022-2, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 10/18/2025 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.730%, 07/20/2026 | 20000 | 19574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyundai Auto Receivables Trust, Ser 2019-B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cl A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 12/15/2023 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 04/15/2025 | 40324 | 39957 |
|  |  | 216536 |

---

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MESIROW** |
|  | **ENHANCED CORE PLUS FUND** |
|  | **DECEMBER 31, 2022 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  **ASSET-BACKED SECURITIES — continued** | | |
|  | <br> **Face Amount** | <br>**Value** |
|  **Other ABS — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Express Credit Account Master Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ser 2022-3, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 08/15/2027 | $100000 | $97759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chase Issuance Trust, Ser 2022-A1,CI A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.970%, 09/15/2027 | 100000 | 97829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; T-Mobile US Trust, Ser 2022-1A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 11/20/2025 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.910%, 05/22/2028 (A) | 100000 | 99833 |
|  |  | 295421 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $513,447) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511957 |
|  **MUNICIPAL BONDS — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bay Area Toll Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.263%, 04/01/2049 | 30000 | 34011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.769%, 07/15/2029 | 65000 | 61304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City, Transitional Finance Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Future Tax Secured Revenue, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 08/01/2028 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 08/01/2031 | 105000 | 95062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oklahoma Development Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.623%, 06/01/2044 | 60000 | 55619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas State, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.517%, 04/01/2039 | 25000 | 26405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Minnesota, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.048%, 04/01/2052 | 120000 | 101688 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL MUNICIPAL BONDS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $421,116) |  | 374089 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 92.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $16,407,171) |  | $14846178 |

---

A list of the open forward contracts held by the Fund at December 31, 2022, is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Currency to Deliver | &nbsp;&nbsp;&nbsp;&nbsp;Currency to Deliver | Currency to Receive | Currency to Receive | Unrealized <br>Appreciation/ <br>(Depreciation) |
|  HSBC | 03/15/23 | USD | 6797 | KRW | 8893629 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277 |

---

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MESIROW** |
|  | **ENHANCED CORE PLUS FUND** |
|  | **DECEMBER 31, 2022 (Unaudited)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Currency to Deliver | &nbsp;&nbsp;&nbsp;&nbsp;Currency to Deliver | Currency to Receive | Currency to Receive | Unrealized <br>Appreciation/ <br>(Depreciation) |
|  HSBC | 03/15/23 | USD | 21480 | GBP | 17578 | $(191) |
|  HSBC | 03/15/23 | USD | 20000 | PHP | 1120538 | 82 |
|  HSBC | 03/15/23 | USD | 15335 | PHP | 852697 | (54) |
|  HSBC | 03/15/23 | USD | 38230 | CZK | 884288 | 751 |
|  HSBC | 03/15/23 | GBP | 28755 | USD | 35366 | 542 |
|  HSBC | 03/15/23 | GBP | 10000 | USD | 12068 | (43) |
|  HSBC | 03/15/23-03/16/23 | USD | 40000 | BRL | 216443 | 452 |
|  HSBC | 03/15/23 | USD | 1243 | BRL | 6591 | (11) |
|  HSBC | 03/15/23 | USD | 49000 | IDR | 765316094 | 397 |
|  HSBC | 03/15/23 | USD | 6343 | NZD | 10000 | 11 |
|  HSBC | 03/15/23 | USD | 45877 | NZD | 72000 | (127) |
|  HSBC | 03/15/23 | USD | 52656 | PLN | 235581 | 793 |
|  HSBC | 03/15/23 | USD | 67901 | ZAR | 1196925 | 2120 |
|  HSBC | 03/15/23 | AUD | 68477 | USD | 46039 | (716) |
|  HSBC | 03/15/23 | USD | 73199 | AUD | 108042 | 571 |
|  HSBC | 03/15/23 | USD | 67000 | RON | 312511 | 405 |
|  HSBC | 03/15/23 | USD | 10000 | RON | 46346 | (4) |
|  HSBC | 03/15/23 | EUR | 78147 | USD | 83229 | (829) |
|  HSBC | 03/15/23 | USD | 80000 | ILS | 272687 | (2123) |
|  HSBC | 03/15/23 | USD | 100000 | JPY | 13482491 | 3710 |
|  HSBC | 03/15/23 | USD | 101763 | SGD | 137674 | 1141 |
|  HSBC | 03/15/23 | USD | 102115 | COP | 498579134 | (657) |
|  HSBC | 03/15/23 | NZD | 106687 | USD | 67949 | 159 |
|  HSBC | 03/15/23 | USD | 39000 | THB | 1348353 | 199 |
|  HSBC | 03/15/23 | USD | 70000 | THB | 2399938 | (231) |
|  HSBC | 03/15/23 | USD | 49584 | CAD | 67500 | 295 |
|  HSBC | 03/15/23 | USD | 60000 | CAD | 80962 | (172) |
|  HSBC | 03/15/23 | USD | 114000 | TWD | 3454470 | (756) |
|  HSBC | 03/15/23 | USD | 116000 | CNH | 802159 | 544 |
|  HSBC | 03/15/23 | CAD | 119586 | USD | 88000 | (369) |
|  HSBC | 03/15/23 | USD | 121243 | SEK | 1246704 | (1286) |
|  HSBC | 03/15/23 | PLN | 124849 | USD | 28000 | (326) |
|  HSBC | 03/15/23 | USD | 126475 | CLP | 111055551 | 3255 |
|  HSBC | 03/15/23 | USD | 129452 | EUR | 121751 | 1509 |
|  HSBC | 03/15/23 | SGD | 131292 | USD | 97000 | (1134) |
|  HSBC | 03/15/23 | USD | 115265 | NOK | 1141547 | 1613 |
|  HSBC | 03/15/23 | USD | 30000 | NOK | 292907 | (11) |
|  HSBC | 03/15/23 | CHF | 167759 | USD | 182243 | (587) |

---

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MESIROW** |
|  | **ENHANCED CORE PLUS FUND** |
|  | **DECEMBER 31, 2022 (Unaudited)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Currency to Deliver | &nbsp;&nbsp;&nbsp;&nbsp;Currency to Deliver | Currency to Receive | Currency to Receive | Unrealized <br>Appreciation/ <br>(Depreciation) |
|  HSBC | 03/15/23 | USD | 169544 | CHF | 156855 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1402 |
|  HSBC | 03/15/23 | ILS | 178811 | USD | 52000 | 934 |
|  HSBC | 03/15/23 | USD | 131000 | INR | 10909435 | 252 |
|  HSBC | 03/15/23 | USD | 58679 | INR | 4863165 | (170) |
|  HSBC | 03/15/23 | USD | 226273 | MXN | 4527918 | 3111 |
|  HSBC | 03/15/23 | BRL | 274857 | USD | 51894 | 522 |
|  HSBC | 03/15/23 | RON | 303034 | USD | 65000 | (360) |
|  HSBC | 03/15/23 | CZK | 758678 | USD | 33000 | (444) |
|  HSBC | 03/15/23 | PHP | 781339 | USD | 14000 | (3) |
|  HSBC | 03/15/23 | SEK | 795196 | USD | 77282 | 769 |
|  HSBC | 03/15/23 | CNH | 806484 | USD | 116512 | (661) |
|  HSBC | 03/15/23 | NOK | 1106654 | USD | 111000 | (2305) |
|  HSBC | 03/15/23 | ZAR | 1555127 | USD | 89000 | (1976) |
|  HSBC | 03/15/23 | MXN | 3066972 | USD | 153000 | (2373) |
|  HSBC | 03/15/23 | TWD | 3160384 | USD | 104669 | 1065 |
|  HSBC | 03/15/23 | THB | 2029762 | USD | 59264 | 256 |
|  HSBC | 03/15/23 | THB | 1727319 | USD | 50000 | (215) |
|  HSBC | 03/15/23 | KRW | 5263825 | USD | 4000 | (187) |
|  HSBC | 03/15/23 | INR | 1493007 | USD | 18000 | 37 |
|  HSBC | 03/15/23 | INR | 5823675 | USD | 70000 | (65) |
|  HSBC | 03/15/23 | JPY | 18710341 | USD | 138754 | (5170) |
|  HSBC | 03/15/23 | CLP | 108122247 | USD | 122000 | (4303) |
|  HSBC | 03/15/23 | COP | 219774045 | USD | 45000 | 277 |
|  HSBC | 03/15/23 | IDR | 677639705 | USD | 43384 | (354) |
|  HSBC | 03/16/23 | USD | 79869 | HUF | 31947729 | 4058 |
|  HSBC | 03/16/23 | HUF | 16994657 | USD | 43000 | (1645) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1651 |

---

Percentages are based on Net Assets of $15,985,998.

(A) Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the
Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "accredited investors". The total value of such securities as of December 31, 2022 was $2,928,400 and represents 18.3% of Net Assets.

(B) Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates on certain
securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on
prevailing interest rates.

(C) Perpetual security with no stated maturity date.

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MESIROW** |
|  | **ENHANCED CORE PLUS FUND** |
|  | **DECEMBER 31, 2022 (Unaudited)** |

---

---

| |
|:---|
|  AUD — Australian Dollar |
|  BRL — Brazilian Real |
|  CAD — Canadian Dollar |
|  CHF — Swiss Franc |
|  Cl — Class |
|  CLP — Chilean Peso |
|  CNH — Chinese Yuan Offshore |
|  COP — Colombian Peso |
|  CZK — Czech Koruna |
|  EUR — Euro |
|  FHLMC — Federal Home Loan Mortgage Corporation |
|  FNMA — Federal National Mortgage Association |
|  GBP — British Pound Sterling |
|  HUF — Hungarian Forint |
|  ICE — Intercontinental Exchange |
|  IDR — Indonesian Rupiah |
|  ILS — Israeli New Shekels |
|  INR — Indian Rupee |
|  JPY — Japanese Yen |
|  KRW — Korean Won |
|  LIBOR — London Interbank Offered Rate |
|  MTN — Medium Term Note |
|  MXN — Mexican Peso |
|  NOK — Norwegian Krone |
|  NZD — New Zealand Dollar |
|  PHP — Philippine Peso |
|  PIK — Payment-in-Kind |
|  PLN — Polish Zloty |
|  RB — Revenue Bond |
|  RON — Romanian Leu |
|  SEK — Swedish Krona |
|  Ser — Series |
|  SGD — Singapore Dollar |
|  SOFR — Secured Overnight Financing Rate |
|  THB — Thai Baht |
|  TWD — Taiwan Dollar |
|  USD — United States Dollar |
|  ZAR — South African Rand |

---

For more information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements.

MES-QH-001-0800

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MESIROW** |
|  | **HIGH YIELD FUND** |
|  | **DECEMBER 31, 2022 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  **SCHEDULE OF INVESTMENTS** | | |
|  **CORPORATE OBLIGATIONS — 72.2%** | | |
|  | <br>**Face Amount** | <br>**Value** |
|  **Communication Services — 3.7%** | **Communication Services — 3.7%** | **Communication Services — 3.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beasley Mezzanine Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 02/06/2023 @ $104 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.625%, 02/01/2026(A) | $1237000 | $742200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Innovate |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 02/01/2023 @ $104 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.500%, 02/01/2026(A) | 510000 | 364340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salem Media Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 02/06/2023 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 06/01/2024(A) | 127000 | 123189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spanish Broadcasting System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 09/01/2023 @ $105 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.750%, 03/01/2026(A) | 1260000 | 724500 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1954229 |
|  **Consumer Discretionary — 17.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arrow Bidco |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 02/06/2023 @ $102 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.500%, 03/15/2024(A) | 267000 | 266359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brightline Trains Florida |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 01/01/2024 @ $104 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 01/01/2028(A)(B) | 980000 | 858716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cimpress |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 02/06/2023 @ $104 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 06/15/2026(A) | 973000 | 672635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CoreCivic |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 04/15/2024 @ $104 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.250%, 04/15/2026 | 500000 | 512750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 07/15/2027 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 10/15/2027 | 410000 | 355273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jacobs Entertainment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 02/15/2025 @ $103 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 02/15/2029(A) | 403000 | 363760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NES Fircroft Bondco |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 09/29/2024 @ $106 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.750%, 09/29/2026(A) | 625000 | 609127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Park River Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 08/01/2024 @ $103 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 08/01/2029(A) | 770000 | 528485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PM General Purchaser |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 10/01/2023 @ $105 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.500%, 10/01/2028(A) | 1231000 | 938331 |

---

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MESIROW** |
|  | **HIGH YIELD FUND** |
|  | **DECEMBER 31, 2022 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **CORPORATE OBLIGATIONS — continued** | | |
|  |<br> **Face Amount** |<br>**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Entertainment Sub |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 09/01/2026 @ $103 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 09/01/2031(A) | $775000 | $548235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rent-A-Center |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 02/15/2024 @ $103 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 02/15/2029(A) | 1066000 | 862339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scientific Games Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 03/01/2025 @ $103 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 03/01/2030(A) | 946000 | 799086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Staples |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 02/06/2023 @ $105 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.750%, 04/15/2027(A) | 965000 | 694896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SWF Escrow Issuer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 10/01/2024 @ $103 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 10/01/2029(A) | 670000 | 388232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TKC Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 05/15/2024 @ $103 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 05/15/2028(A) | 865000 | 675872 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9074096 |
|  **Consumer Staples — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HLF Financing SaRL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 06/01/2024 @ $102 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 06/01/2029(A) | 1170000 | 805861 |
|  **Energy — 16.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bristow Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 03/01/2024 @ $103 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 03/01/2028(A) | 336000 | 309233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSI Compressco |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 02/06/2023 @ $104 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 04/01/2025(A) | 886000 | 828410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ensign Drilling |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 02/06/2023 @ $102 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.250%, 04/15/2024(A) | 844000 | 797668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ferrellgas Escrow |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 04/01/2024 @ $103 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 04/01/2029(A) | 800000 | 657936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greenfire Resources |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 08/15/2023 @ $106 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.000%, 08/15/2025(A) | 784000 | 833000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITT Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 08/01/2024 @ $103 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 08/01/2029(A) | 686000 | 577708 |

---

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MESIROW** |
|  | **HIGH YIELD FUND** |
|  | **DECEMBER 31, 2022 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **CORPORATE OBLIGATIONS — continued** | | |
|  |<br> **Face Amount** |<br>**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solaris Midstream Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 04/01/2023 @ $104 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.625%, 04/01/2026(A) | $923000 | $918043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Summit Midstream Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 10/15/2023 @ $104 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.500%, 10/15/2026(A) | 524000 | 499068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 02/06/2023 @ $101 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 04/15/2025 | 755000 | 639101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TransMontaigne Partners |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 01/23/2023 @ $103 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 02/15/2026 | 897000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transocean Poseidon |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 02/06/2023 @ $103 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 02/01/2027(A) | 566125 | 550908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USA Compression Partners |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 02/06/2023 @ $105 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 09/01/2027 | 522000 | 488070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Welltec International APS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 10/15/2023 @ $104 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.250%, 10/15/2026(A) | 782000 | 760495 |
|  |  | 8631060 |
|  **Financials — 4.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Burford Capital Global Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 04/15/2025 @ $103 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 04/15/2030(A) | 934000 | 831117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Midcap Financial Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 05/01/2024 @ $103 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 05/01/2028(A) | 924000 | 794640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VistaJet Malta Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 02/01/2025 @ $103 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 02/01/2030(A) | 825000 | 661506 |
|  |  | 2287263 |
|  **Industrials — 12.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Altera Infrastructure |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 01/23/2023 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.500%, 07/15/2023(A) (C) | 679000 | 16975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arcosa |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 04/15/2024 @ $102 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 04/15/2029(A) | 810000 | 702416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F-Brasile |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 01/17/2023 @ $104 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 08/15/2026(A) | 1302000 | 1064385 |

---

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MESIROW** |
|  | **HIGH YIELD FUND** |
|  | **DECEMBER 31, 2022 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **CORPORATE OBLIGATIONS — continued** | | |
|  |<br> **Face Amount** |<br>**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Granite US Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 02/06/2023 @ $106 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.000%, 10/01/2027(A) | $793000 | $835624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPW Industries Holding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 02/06/2023 @ $102 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.000%, 10/01/2024(A) | 1054000 | 904264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Navios South American Logistics |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 02/06/2023 @ $108 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.750%, 07/01/2025(A) | 714000 | 667590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Enterprise Stone & Lime |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 07/15/2023 @ $105 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.750%, 07/15/2028(A) | 500000 | 461970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Park-Ohio Industries |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 02/06/2023 @ $103 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 04/15/2027 | 1207000 | 819963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Railworks Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 11/15/2024 @ $104 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.250%, 11/15/2028(A) | 727000 | 672475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Triumph Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 02/06/2023 @ $102 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 08/15/2025 | 770000 | 654954 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6800616 |
|  **Information Technology — 4.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Conduent Business Services |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 11/01/2024 @ $103 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 11/01/2029(A) | 421000 | 343957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exela Intermediate |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 02/06/2023 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.500%, 07/15/2026(A) | 150000 | 25500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GoTo Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 09/01/2023 @ $103 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 09/01/2027(A) | 1224000 | 658294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ION Trading Technologies Sarl |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 05/15/2024 @ $103 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 05/15/2028(A) | 963000 | 802901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virtusa |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 12/15/2023 @ $104 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 12/15/2028(A) | 942000 | 715296 |
|  |  | 2545948 |
|  **Materials — 11.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASP Unifrax Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 09/30/2024 @ $104 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 09/30/2029(A) | 1191000 | 755928 |

---

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MESIROW** |
|  | **HIGH YIELD FUND** |
|  | **DECEMBER 31, 2022 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **CORPORATE OBLIGATIONS — continued** | | |
|  |<br> **Face Amount** |<br>**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cerdia Finanz GMBH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 02/15/2024 @ $105 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.500%, 02/15/2027(A) | $1090000 | $911828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated Energy Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 10/15/2024 @ $103 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 10/15/2028(A) | 931000 | 791049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GPD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 02/06/2023 @ $105 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.125%, 04/01/2026(A) | 712000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JW Aluminum Continuous Cast |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 01/23/2023 @ $105 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.250%, 06/01/2026(A) | 580000 | 588700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mativ Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 02/06/2023 @ $103 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 10/01/2026(A) | 1115000 | 983987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SunCoke Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 06/30/2024 @ $102 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 06/30/2029(A) | 1012000 | 868688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Venator Finance SaRL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 02/06/2023 @ $101 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 07/15/2025(A) | 181000 | 61811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrior Met Coal |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callable 12/01/2024 @ $104 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 12/01/2028(A) | 762000 | 749418 |
|  |  | 6318389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL CORPORATE OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $45,139,574) |  | 38417462 |

---

---

| | | |
|:---|:---|:---|
| **LOAN OBLIGATIONS — 20.9%** | | |
|  **Communication Services — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DirectTV Financing, LLC, Term Loan, 1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.384%, LIBOR + 5.000%, 08/02/2027 | 318500 | 309410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Research Now Group, Inc., Initial Term Loan, 1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.841%, LIBOR + 5.500%, 12/20/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1086884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805424 |
|  |  | 1114834 |
|  **Consumer Discretionary — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wahoo Fitness, LLC, Term Loan, 1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.634%, SOFR + 6.060%, 08/11/2028 | 853688 | 465260 |

---

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MESIROW** |
|  | **HIGH YIELD FUND** |
|  | **DECEMBER 31, 2022 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **LOAN OBLIGATIONS — continued** | | |
|  |<br> **Face Amount** |<br>**Value** |
|  **Energy — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WaterBridge Midstream Operating, LLC, InitialTerm Loan, 1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.127%, LIBOR + 5.750%, 06/18/2026 | $826379 | $792547 |
|  **Financials — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RLG Holdings, Term Loan, 2nd Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.571%, LIBOR + 7.500%, 07/02/2029 | 996000 | 928770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Runner Buyer Inc., Initial Term Loan,1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.235%, LIBOR + 5.500%, 10/08/2028 | 666650 | 466655 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1395425 |
|  **Industrials — 8.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ARC Falcon I, Term Loan, 2nd Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.384%, LIBOR + 7.000%, 09/22/2029 | 740000 | 638250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASP LS Acquisition, Initial Term Loan,1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.230%, LIBOR + 4.500%, 05/07/2028 | 495000 | 352480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DXP Enterprises, Inc., Initial Term Loan, 1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.955%, LIBOR + 4.750%, 12/16/2027 | 530550 | 503359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FCG Acquisitions, Inc., Initial Term Loan, 2nd Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.424%, LIBOR + 6.750%, 03/30/2029 | 380000 | 355300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forming Machining Industries Holdings, LLC, Initial Term Loan, 1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.500%, LIBOR + 4.250%, 10/09/2025 | 244289 | 183828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forming Machining Industries Holdings, LLC, Initial Term Loan, 2nd Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.985%, LIBOR + 8.250%, 10/09/2026 | 500000 | 375000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LaserShip, Inc., Initial Loan, 2nd Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.230%, LIBOR + 7.500%, 04/30/2029 | 230000 | 135700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NA Rail Hold Co. LLC, Tranche B-2 Term Loan, 1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.730%, LIBOR + 4.000%, 10/19/2026 | 360708 | 356830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; One Stop Mailing, LLC, Term Loan, 1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.634%, LIBOR + 6.250%, 04/29/2027 | 992679 | 962898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Veregy Consolidated, Inc., Initial Term Loan, 1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.415%, LIBOR + 6.000%, 11/02/2027 | 835125 | 668100 |
|  |  | 4531745 |
|  **Information Technology — 4.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ConvergeOne Holdings, Corp., Initial Term Loan, 2nd Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.571%, LIBOR + 8.500%, 01/14/2027 | 140000 | 59500 |

---

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MESIROW** |
|  | **HIGH YIELD FUND** |
|  | **DECEMBER 31, 2022 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **LOAN OBLIGATIONS — continued** | | |
|  |<br> **Face Amount** |<br>**Value** |
|  **Information Technology — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dodge Data & Analytics, Term Loan 2nd Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.291%, SOFR + 8.400%, 02/10/2030 | $1000000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emerald EMS, Term Loan, 1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.673%, SOFR + 6.350%, 12/29/2027 | 641875 | 603362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exela Intermediate LLC, 2018 Term Loan, 1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.661%, LIBOR + 6.500%, 07/12/2023 | 347896 | 234482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McAfee, Term Loan, 1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.170%, LIBOR + 4.750%, 07/27/2028 | 856350 | 728968 |
|  |  | 2286312 |
|  **Materials — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alchemy US Holdco 1, LLC, Initial Term Loan, 1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.884%, LIBOR + 5.500%, 10/10/2025 | 577721 | 537280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL LOAN OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $13,306,932) |  | 11123403 |
|  **WARRANT — 0.8%** |  |  |
|  | **Number of**<br>**Warrants** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greenfire Resources \*(B) | 1120 | 431200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL WARRANT** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $39,200) |  | 431200 |
|  **COMMON STOCK — 0.3%** |  |  |
|  | **Shares** |  |
|  **Consumer Discretionary — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 Hour Fitness Worldwide, Inc. \*(B)(D) | 90461 | 905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Party City Holdings \* | 11517 | 4209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PSS Industrial Offering, Class A (B)(D) | 1353 | 101051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PSS Industrial Offering, Class B (B)(D) | 351 | 26245 |
|  |  | 132410 |
|  **Industrials — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Altera Infrastructure (B)(D) | 1200 | 30901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCK** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $1,237,074) |  | 163311 |

---

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MESIROW** |
|  | **HIGH YIELD FUND** |
|  | **DECEMBER 31, 2022 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  **PREFERRED STOCK — 0.0%** | | |
|  | <br> **Shares** | <br>**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 Hour Fitness Worldwide, Inc. <sup>#</sup> \*(B)(D) | 22590 | $226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCK** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $30,497) |  | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 94.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $59,753,277) |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50135602 |

---

Percentages are based on Net Assets of $53,231,915.

\* Non-income producing security.

# There is currently no interest rate available.

(A) Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the
Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "accredited investors". The total value of such securities as of December 31, 2022 was $34,175,931 and represents 64.2% of the Net Assets.

(B) Level 3 security in accordance with fair value hierarchy.

(C) Security in default on interest payments.

(D) Securities considered restricted. The total market value of such securities as of December 31, 2022 was $159,328 and
represented 0.3% of the Net Assets.

A list of the restricted securities, excluding 144a, held by the Fund at December 31, 2022, is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Number of<br>Shares | Acquisition<br> Date | Cost | Market Value |
|  **Common Stock** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 Hour Fitness Worldwide, Inc. | 90461 | 12/29/2020 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601017 | $905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PSS Industrial Offering, Class A | 1353 | 5/31/2022 | 77451 | 101051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PSS Industrial Offering, Class B | 351 | 6/30/2022 | 527705 | 26245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Altera Infrastructure | 1200 | 12/05/2022 | 30901 | 30901 |
|  **Preferred Stock** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 Hour Fitness Worldwide, Inc. | 22590 | 12/29/2020 | 30497 | 226 |
|  |  |  | $1267571 | $159328 |

---

For more information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements.

MES-QH-001-0800

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MESIROW** |
|  | **SMALL COMPANY SUSTAINABILITY FUND** |
|  | **DECEMBER 31, 2022 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  **SCHEDULE OF INVESTMENTS** | | |
|  **COMMON STOCK — 94.7%** | | |
|  | <br>**Shares** | <br>**Value** |
|  **Communication Services — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nexstar Media Group, Cl A | 1525 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QuinStreet\* | 17285 | 248040 |
|  |  | 514960 |
|  **Consumer Discretionary — 10.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dine Brands Global | 3515 | 227069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gentherm\* | 4820 | 314698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kontoor Brands | 8840 | 353512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marriott Vacations Worldwide | 1850 | 248991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ollie's Bargain Outlet Holdings \* | 5845 | 273780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Signet Jewelers | 3615 | 245820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TravelCenters of America \* | 6640 | 297339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Under Armour, Cl A \* | 29450 | 299212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wyndham Hotels & Resorts | 4158 | 296507 |
|  |  | 2556928 |
|  **Consumer Staples — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Casey's General Stores | 1065 | 238933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sprouts Farmers Market \* | 8440 | 273203 |
|  |  | 512136 |
|  **Energy — 6.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ChampionX | 12620 | 365854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Frontline | 17500 | 212450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Plains \* | 10770 | 328485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kosmos Energy \* | 40570 | 258025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TechnipFMC PLC \* | 33515 | 408548 |
|  |  | 1573362 |
|  **Financials — 13.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlantic Union Bankshares | 7875 | 276727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Axis Capital Holdings | 6105 | 330708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blackstone Mortgage Trust, Cl A ‡ | 10935 | 231494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cadence Bank | 11010 | 271506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hancock Whitney | 6830 | 330504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heartland Financial USA | 6430 | 299767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HomeStreet | 8850 | 244083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PacWest Bancorp | 13180 | 302481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Radian Group | 13300 | 253631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SouthState | 3530 | 269551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Community Banks | 9290 | 314002 |
|  |  | 3124454 |
|  **Health Care — 12.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Addus HomeCare\* | 2250 | 223853 |

---

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MESIROW** |
|  | **SMALL COMPANY SUSTAINABILITY FUND** |
|  | **DECEMBER 31, 2022 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  **COMMON STOCK — continued** | | |
|  | <br> **Shares** | <br>**Value** |
|  **Health Care — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amedisys\* | 2740 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amphastar Pharmaceuticals \* | 11170 | 312983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charles River Laboratories International \* | 1625 | 354088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collegium Pharmaceutical \* | 11045 | 256244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICU Medical \* | 1780 | 280314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lantheus Holdings \* | 5705 | 290727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merit Medical Systems \* | 4660 | 329089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Supernus Pharmaceuticals \* | 8520 | 303908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tenet Healthcare \* | 5385 | 262734 |
|  |  | 2842840 |
|  **Industrials — 19.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Woodmark\* | 4795 | 234284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Astec Industries | 5960 | 242334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CACI International, Cl A \* | 830 | 249490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Copa Holdings, Cl A \* | 3695 | 307313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dycom Industries \* | 3195 | 299052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Recovery \* | 14625 | 299666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enerpac Tool Group, Cl A | 10640 | 270788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fluor\* | 10530 | 364970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gibraltar Industries \* | 6030 | 276656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Huron Consulting Group \* | 3525 | 255915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITT | 3695 | 299664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kirby\* | 3695 | 237773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maxar Technologies | 4540 | 234900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regal Rexnord | 1960 | 235161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SPX Technologies \* | 4265 | 279997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SunPower, Cl A \* | 12780 | 230423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zurn Elkay Water Solutions | 11470 | 242591 |
|  |  | 4560977 |
|  **Information Technology — 12.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A10 Networks | 13590 | 226002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allegro MicroSystems\* | 7695 | 231004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belden | 4820 | 346558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Calix\* | 4770 | 326411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Instructure Holdings \* | 10770 | 252449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jabil | 5545 | 378169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MKS Instruments | 3505 | 296979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Instruments | 7235 | 266971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Perficient\* | 4185 | 292238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rambus\* | 6365 | 227994 |
|  |  | 2844775 |

---

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MESIROW** |
|  | **SMALL COMPANY SUSTAINABILITY FUND** |
|  | **DECEMBER 31, 2022 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  **COMMON STOCK — continued** | | |
|  | <br> **Shares** | <br>**Value** |
|  **Materials — 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alcoa | 5225 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AptarGroup | 2410 | 265052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ATI Inc. \* | 8840 | 263962 |
|  |  | 766595 |
|  **Real Estate — 10.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alexander & Baldwin ‡ | 19210 | 359803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Armada Hoffler Properties ‡ | 25625 | 294688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DiamondRock Hospitality ‡ | 40505 | 331736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Four Corners Property Trust ‡ | 8760 | 227147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; InvenTrust Properties ‡ | 8915 | 211018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kite Realty Group Trust ‡ | 13585 | 285964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Physicians Realty Trust ‡ | 19485 | 281948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Safehold‡ | 11905 | 340721 |
|  |  | 2333025 |
|  **Utilities — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NiSource | 12805 | 351113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ONE Gas | 3135 | 237382 |
|  |  | 588495 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCK** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $21,364,923) |  | 22218547 |
|  **EXCHANGE TRADED FUNDS — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF | 670 | 116821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SPDR S&P Biotech ETF \* | 3725 | 309175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $425,881) |  | 425996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 96.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $21,790,804) |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22644543 |

---

Percentages are based on Net Assets of $23,470,085.

\* Non-income producing security.

‡ Real Estate Investment Trust

Cl — Class

ETF — Exchange Traded Fund

PLC — Public Limited Company

For more information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements.

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MESIROW** |
|  | **SMALL COMPANY SUSTAINABILITY FUND** |
|  | **DECEMBER 31, 2022 (Unaudited)** |

---

MES-QH-001-0800

## 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:** Mesirow Enhanced Core Plus Fund

- **b. EDGAR series identifier (if any):** S000063585

- **c. LEI of Series:** 549300SWZYCUTQHNGO12

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

- **a. Date of fiscal year-end:** 2023-09-30

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $16055164.81

**Total Liabilities:** $72826.21

**Net Assets:** $15982338.60

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -20.27600570 | **1-Year:** -617.56957018 | **5-Year:** -1467.24245633 | **10-Year:** -2489.84648078 | **30-Year:** -1576.04560470

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

- **3-Month:** -4.22279751 | **1-Year:** -239.74277969 | **5-Year:** -962.30824999 | **10-Year:** -335.64343845 | **30-Year:** -3.77795176

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000206013 | -0.41%               | 3.07%                | -0.12%               |
| Class ID C000206014 | -0.46%               | 3.06%                | 0.00%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-221705.83              | $116178.14                                 |
| Month 2  | $-427909.61              | $834150.35                                 |
| Month 3  | $-131702.27              | $71970.83                                  |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| META PLATFORMS, INC.                               | META PLATFORMS INC VARIABLE RATE 08/15/2032                                      | CUSIP: 30303M8H8<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |     60000 | PA      | $52796.21     | 0.33%             | 2032-08-15      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/NZD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $69.72        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CHILEAN PESO                                       | FX Forward Contract: CLP/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | CL        |         1 | NC      | $1047.54      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| TAIWAN DOLLAR                                      | FX Forward Contract: TWD/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | TW        |         1 | NC      | $-31.61       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MERCK & CO., INC.                                  | MERCK & CO INC 2.750000% 02/10/2025                                              | CUSIP: 58933YAR6<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | DBT              | CORP              | US        |    230000 | PA      | $220400.38    | 1.38%             | 2025-02-10      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y CITY TRANSITIONAL FIN AUTH REV        | NEW YORK CITY NY TRANSITIONAL NEW YORK CITY TRANSITIONAL FINANCE AUTHORITY FUTUR | CUSIP: 64971XGG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $95061.91     | 0.59%             | 2031-08-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN MA4563                                                        | CUSIP: 31418EB90<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    256822 | PA      | $218028.89    | 1.36%             | 2052-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/CLP SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-146.12      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/EUR SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-303.79      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| TAIWAN DOLLAR                                      | FX Forward Contract: TWD/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | TW        |         1 | NC      | $-90.01       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/CLP SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-194.83      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/AUD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-2.04        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| INDONESIA RUPIAH                                   | FX Forward Contract: IDR/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | ID        |         1 | NC      | $182.51       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS INC.                        | VERIZON COMMUNICATIONS INC 3.150000% 03/22/2030                                  | CUSIP: 92343VFE9<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |     90000 | PA      | $79365.69     | 0.50%             | 2030-03-22      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/CNY SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-79.12       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| THAILAND BAHT                                      | FX Forward Contract: THB/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | TH        |         1 | NC      | $-144.25      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/HUF SETTLE 2023-03-16                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-377.08      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SOUTH AFRICAN RAND                                 | FX Forward Contract: ZAR/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | ZA        |         1 | NC      | $20.26        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/NOK SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-1784.68     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| JAPANESE YEN                                       | FX Forward Contract: JPY/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | JP        |         1 | NC      | $53.98        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CHILEAN PESO                                       | FX Forward Contract: CLP/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | CL        |         1 | NC      | $61.05        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SINGAPORE DOLLAR                                   | FX Forward Contract: SGD/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | SG        |         1 | NC      | $27.35        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/JPY SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-285.03      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/NOK SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-123.87      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/JPY SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-1188.14     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/JPY SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-2845.93     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| PHILLIPINE PESO                                    | FX Forward Contract: PHP/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | PH        |         1 | NC      | $81.81        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| INDIA RUPEE                                        | FX Forward Contract: INR/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | IN        |         1 | NC      | $30.59        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MEXICAN PESO                                       | FX Forward Contract: MXN/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | MX        |         1 | NC      | $140.61       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MEXICAN PESO                                       | FX Forward Contract: MXN/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | MX        |         1 | NC      | $470.04       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CZECH REPUBLIC KORUNA                              | FX Forward Contract: CZK/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | CZ        |         1 | NC      | $74.33        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/PLN SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-74.60       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JAPANESE YEN                                       | FX Forward Contract: JPY/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | JP        |         1 | NC      | $330.27       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| DUKE ENERGY FLORIDA, LLC                           | DUKE ENERGY FLORIDA LLC 5.950000% 11/15/2052                                     | CUSIP: 26444HAN1<br>LEI: 7MOHLM3DKE63RX2ZCN83 | Long             | DBT              | CORP              | US        |     25000 | PA      | $26607.53     | 0.17%             | 2052-11-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/ILS SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $122.58       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SINGAPORE DOLLAR                                   | FX Forward Contract: SGD/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | SG        |         1 | NC      | $119.28       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| United States of America                           | US TREASURY N/B 3.000000% 08/15/2052                                             | CUSIP: 912810TJ7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     40000 | PA      | $32956.25     | 0.21%             | 2052-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| RAYTHEON TECHNOLOGIES CORPORATION                  | RAYTHEON TECHNOLOGIES CORP 3.950000% 08/16/2025                                  | CUSIP: 913017DD8<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |     35000 | PA      | $34192.93     | 0.21%             | 2025-08-16      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Saudi Arabian Oil Company                          | SAUDI ARABIAN OIL CO MTN 2.875000% 04/16/2024                                    | CUSIP: 80414L2C8<br>LEI: 5586006WD91QHB7J4X50 | Long             | DBT              | NUSS              | SA        |    200000 | PA      | $193740.00    | 1.21%             | 2024-04-16      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| INDIA RUPEE                                        | FX Forward Contract: INR/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | IN        |         1 | NC      | $91.84        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TAIWAN DOLLAR                                      | FX Forward Contract: TWD/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | TW        |         1 | NC      | $-277.57      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/IDR SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-17.87       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BOSTON PROPERTIES LIMITED PARTNERSHIP              | BOSTON PROPERTIES LP 6.750000% 12/01/2027                                        | CUSIP: 10112RBG8<br>LEI: BVHHEFJI6SHNOKQT2572 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30933.19     | 0.19%             | 2027-12-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ISRAELI SHEKEL                                     | FX Forward Contract: ILS/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | IL        |         1 | NC      | $-315.68      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MEXICAN PESO                                       | FX Forward Contract: MXN/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | MX        |         1 | NC      | $17.15        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/THB SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $5.74         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NORWEIGAN KRONE                                    | FX Forward Contract: NOK/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | NO        |         1 | NC      | $-10.68       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| THAILAND BAHT                                      | FX Forward Contract: THB/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | TH        |         1 | NC      | $17.70        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| T-MOBILE USA, INC.                                 | T-MOBILE USA INC 3.875000% 04/15/2030                                            | CUSIP: 87264ABF1<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     50000 | PA      | $45290.74     | 0.28%             | 2030-04-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Pepsico, Inc.                                      | PEPSICO INC 3.900000% 07/18/2032                                                 | CUSIP: 713448FM5<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | DBT              | CORP              | US        |    125000 | PA      | $117861.28    | 0.74%             | 2032-07-18      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| MEMORIAL SLOAN-KETTERING CANCER CENTER             | MEMORIAL SLOAN-KETTERING CANCER CENTER 2.955000% 01/01/2050                      | CUSIP: 586054AD0<br>LEI: 549300IZ71UAMEHWL382 | Long             | DBT              | CORP              | US        |     90000 | PA      | $59623.54     | 0.37%             | 2050-01-01      | Fixed         | 2.96%                 | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/CAD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-20.34       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/CLP SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-974.16      | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| SWEDISH KRONE                                      | FX Forward Contract: SEK/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | SE        |         1 | NC      | $-130.20      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/RON SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-77.91       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HUNGARIAN FORINT                                   | FX Forward Contract: HUF/USD SETTLE 2023-03-16                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | HU        |         1 | NC      | $202.41       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| COLOMBIA PESO                                      | FX Forward Contract: COP/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | CO        |         1 | NC      | $-18.06       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CZECH REPUBLIC KORUNA                              | FX Forward Contract: CZK/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | CZ        |         1 | NC      | $124.35       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/CLP SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-1224.57     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/INR SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $24.04        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| METLIFE CAPITAL TRUST IV                           | METLIFE CAPITAL TRUST IV 144A 7.875000% 12/15/2037                               | CUSIP: 591560AA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    110000 | PA      | $118811.86    | 0.74%             | 2037-12-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| PHILLIPINE PESO                                    | FX Forward Contract: PHP/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | PH        |         1 | NC      | $-7.08        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| KOREAN WON                                         | FX Forward Contract: KRW/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | KR        |         1 | NC      | $125.42       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| POLISH ZLOTY                                       | FX Forward Contract: PLN/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | PA        |         1 | NC      | $321.17       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/MXN SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-42.04       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HONEYWELL INTERNATIONAL INC.                       | HONEYWELL INTERNATIONAL INC 5.000000% 02/15/2033                                 | CUSIP: 438516CK0<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | DBT              | CORP              | US        |     95000 | PA      | $96761.34     | 0.61%             | 2033-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/TWD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $44.07        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/SGD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-37.35       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BRITISH STERLING POUND                             | FX Forward Contract: GBP/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | GB        |         1 | NC      | $-33.35       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MALAYSIAN RINGGIT                                  | FX Forward Contract: CNY/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | CN        |         1 | NC      | $66.60        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ION TRADING TECHNOLOGIES S.a r.l.                  | ION TRADING TECHNOLOGIES SARL 144A 5.750000% 05/15/2028                          | CUSIP: 46205YAA9<br>LEI: 5493009ZVXOKZLQ6QJ12 | Long             | DBT              | NUSS              | LU        |    201000 | PA      | $167583.75    | 1.05%             | 2028-05-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| AMN HEALTHCARE, INC.                               | AMN HEALTHCARE INC 144A 4.625000% 10/01/2027                                     | CUSIP: 00175PAB9<br>LEI: 549300H27NUKBFFQEE84 | Long             | DBT              | CORP              | US        |    150000 | PA      | $138310.50    | 0.87%             | 2027-10-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| U.S. BANCORP                                       | US BANCORP 5.300000% MATURITY: PERPETUAL                                         | CUSIP: 902973AZ9<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    135000 | PA      | $117661.95    | 0.74%             | 2171-04-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| IHO Verwaltungs GmbH                               | IHO VERWALTUNGS GMBH 144A 4.750000% 09/15/2026                                   | CUSIP: 80627DAC0<br>LEI: 529900JL0HDVGZMUJF32 | Long             | DBT              | NUSS              | DE        |    149000 | PA      | $128939.20    | 0.81%             | 2026-09-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/NOK SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-207.21      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HUNGARIAN FORINT                                   | FX Forward Contract: HUF/USD SETTLE 2023-03-16                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | HU        |         1 | NC      | $478.94       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FORD MOTOR COMPANY                                 | FORD MOTOR CO 7.450000% 07/16/2031                                               | CUSIP: 345370CA6<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |    190000 | PA      | $194201.28    | 1.22%             | 2031-07-16      | Fixed         | 7.45%                 | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/IDR SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-17.94       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PHILLIPINE PESO                                    | FX Forward Contract: PHP/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | PH        |         1 | NC      | $-3.62        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| XYLEM INC.                                         | XYLEM INC/NY 2.250000% 01/30/2031                                                | CUSIP: 98419MAL4<br>LEI: 549300DF5MV96DRYLQ48 | Long             | DBT              | CORP              | US        |     60000 | PA      | $48672.05     | 0.30%             | 2031-01-30      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/PLN SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-96.50       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/MXN SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-168.72      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN CB4256                                                        | CUSIP: 3140QPWS2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     95181 | PA      | $92955.08     | 0.58%             | 2037-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/RON SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-206.91      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| WISCONSIN ELECTRIC POWER COMPANY                   | WISCONSIN ELECTRIC POWER CO 4.750000% 09/30/2032                                 | CUSIP: 976656CN6<br>LEI: AENKIFMULUAWOUU8Q584 | Long             | DBT              | CORP              | US        |     35000 | PA      | $34294.33     | 0.21%             | 2032-09-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MEXICAN PESO                                       | FX Forward Contract: MXN/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | MX        |         1 | NC      | $231.95       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| INDIA RUPEE                                        | FX Forward Contract: INR/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | IN        |         1 | NC      | $-4.16        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/GBP SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $221.17       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/MXN SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-166.04      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CHILEAN PESO                                       | FX Forward Contract: CLP/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | CL        |         1 | NC      | $142.45       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MEXICAN PESO                                       | FX Forward Contract: MXN/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | MX        |         1 | NC      | $299.48       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN MA4783                                                        | CUSIP: 31418EJ50<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    123514 | PA      | $116008.70    | 0.73%             | 2052-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RAYTHEON TECHNOLOGIES CORPORATION                  | RAYTHEON TECHNOLOGIES CORP 3.650000% 08/16/2023                                  | CUSIP: 913017DB2<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |      7000 | PA      | $6941.08      | 0.04%             | 2023-08-16      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/THB SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $5.74         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST SPL OBLIG REV                     | MASSACHUSETTS ST SPL OBLG REVE COMMONWEALTH OF MASSACHUSETTS                     | CUSIP: 576004HE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $61303.65     | 0.38%             | 2029-07-15      | Fixed         | 3.77%                 | No            |                  2 | On Loan: No      |
| BRAZILIAN REAL                                     | FX Forward Contract: BRL/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | BR        |         1 | NC      | $-11.12       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                | BROWN BROTHERS HARRIMAN SWEEP INTEREST                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |   1073184 | PA      | $1073183.92   | 6.71%             |  |  |  | No            |                  2 | On Loan: No      |
| SOUTH AFRICAN RAND                                 | FX Forward Contract: ZAR/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | ZA        |         1 | NC      | $749.51       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NORTHERN TRUST CORPORATION                         | NORTHERN TRUST CORP 4.600000% MATURITY: PERPETUAL                                | CUSIP: 665859AQ7<br>LEI: 549300GLF98S992BC502 | Long             | DBT              | CORP              | US        |    185000 | PA      | $162129.47    | 1.01%             | 2171-04-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| U.S. BANCORP                                       | US BANCORP 4.548000% 07/22/2028                                                  | CUSIP: 91159HJF8<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24415.25     | 0.15%             | 2028-07-22      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| ENTERGY TEXAS, INC.                                | ENTERGY TEXAS INC 5.000000% 09/15/2052                                           | CUSIP: 29365TAM6<br>LEI: LWXX58X12AJXISQ28573 | Long             | DBT              | CORP              | US        |     20000 | PA      | $18282.84     | 0.11%             | 2052-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/COP SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $18.47        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MALAYSIAN RINGGIT                                  | FX Forward Contract: CNY/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | CN        |         1 | NC      | $36.42        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                 | ENERGY TRANSFER LP 3.750000% 05/15/2030                                          | CUSIP: 29278NAQ6<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     30000 | PA      | $26450.58     | 0.17%             | 2030-05-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| INDIA RUPEE                                        | FX Forward Contract: INR/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | IN        |         1 | NC      | $91.84        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| AUSTRALIAN DOLLAR                                  | FX Forward Contract: AUD/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | AU        |         1 | NC      | $86.51        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/MXN SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-124.46      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NEW ZEALAND DOLLAR                                 | FX Forward Contract: NZD/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | NZ        |         1 | NC      | $11.24        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ARCHROCK PARTNERS, L.P.                            | ARCHROCK PARTNERS LP / ARCHROCK PARTNERS FINANCE C 6.875000% 04/01/2027          | CUSIP: 03959KAA8<br>LEI: 549300YFKOM2XNCKQU76 | Long             | DBT              | CORP              | US        |    150000 | PA      | $143199.64    | 0.90%             | 2027-04-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| COLOMBIA PESO                                      | FX Forward Contract: COP/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | CO        |         1 | NC      | $-57.99       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/BRL SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $275.17       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ATI Inc.                                           | ATI INC 5.125000% 10/01/2031                                                     | CUSIP: 01741RAM4<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | DBT              | CORP              | US        |    140000 | PA      | $123283.94    | 0.77%             | 2031-10-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/ILS SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $128.54       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| THAILAND BAHT                                      | FX Forward Contract: THB/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | TH        |         1 | NC      | $17.70        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| POLISH ZLOTY                                       | FX Forward Contract: PLN/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | PA        |         1 | NC      | $66.44        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| DUKE ENERGY FLORIDA PROJECT FINANCE, LLC           | DUKE ENERGY FLORIDA PROJECT FINANCE LLC 2.538000% 09/01/2029                     | CUSIP: 26444GAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    143499 | PA      | $130102.28    | 0.81%             | 2029-09-01      | Fixed         | 2.54%                 | No            |                  2 | On Loan: No      |
| TAIWAN DOLLAR                                      | FX Forward Contract: TWD/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | TW        |         1 | NC      | $-138.79      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CHILEAN PESO                                       | FX Forward Contract: CLP/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | CL        |         1 | NC      | $951.51       | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| THE HERSHEY COMPANY                                | HERSHEY CO/THE 1.700000% 06/01/2030                                              | CUSIP: 427866BE7<br>LEI: 21X2CX66SU2BR6QTAD08 | Long             | DBT              | CORP              | US        |     85000 | PA      | $68062.98     | 0.43%             | 2030-06-01      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| BRAZILIAN REAL                                     | FX Forward Contract: BRL/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | BR        |         1 | NC      | $6.91         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| THE BOEING COMPANY                                 | BOEING CO/THE 3.200000% 03/01/2029                                               | CUSIP: 097023CD5<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    140000 | PA      | $122764.59    | 0.77%             | 2029-03-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| ROMANIAN LEU                                       | FX Forward Contract: RON/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | RO        |         1 | NC      | $136.37       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/COP SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $12.31        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| COLOMBIA PESO                                      | FX Forward Contract: COP/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | CO        |         1 | NC      | $-5.42        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PHILLIPINE PESO                                    | FX Forward Contract: PHP/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | PH        |         1 | NC      | $-21.91       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/INR SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $4.75         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FTAI Aviation Ltd.                                 | FORTRESS TRANSPORTATION AND INFRASTRUCTURE INVESTO 5.500000% 05/01/2028          | CUSIP: 34960PAD3<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |    150000 | PA      | $127966.50    | 0.80%             | 2028-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CALIFORNIA EDISON COMPANY                 | SOUTHERN CALIFORNIA EDISON CO 2.850000% 08/01/2029                               | CUSIP: 842400GS6<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |     65000 | PA      | $56491.92     | 0.35%             | 2029-08-01      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/EUR SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-152.29      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CHASE ISSUANCE TRUST                               | CHASE ISSUANCE TRUST CHAIT 2022-A1 A                                             | CUSIP: 161571HS6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    100000 | PA      | $97828.92     | 0.61%             | 2027-09-15      | Fixed         | 3.97%                 | No            |                  2 | On Loan: No      |
| THAILAND BAHT                                      | FX Forward Contract: THB/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | TH        |         1 | NC      | $-75.25       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ROMANIAN LEU                                       | FX Forward Contract: RON/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | RO        |         1 | NC      | $115.55       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/CZK SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-20.34       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/ZAR SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-220.98      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SALESFORCE, INC.                                   | SALESFORCE INC 1.950000% 07/15/2031                                              | CUSIP: 79466LAJ3<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | DBT              | CORP              | US        |     35000 | PA      | $27904.30     | 0.17%             | 2031-07-15      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/COP SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $123.15       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MALAYSIAN RINGGIT                                  | FX Forward Contract: CNY/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | CN        |         1 | NC      | $15.38        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/CHF SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-366.62      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/PLN SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-107.55      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MEXICAN PESO                                       | FX Forward Contract: MXN/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | MX        |         1 | NC      | $1534.04      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/PHP SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-0.81        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/SEK SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $13.30        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN FS2847                                                        | CUSIP: 3140XJEV1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     89626 | PA      | $84190.57     | 0.53%             | 2052-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| THAILAND BAHT                                      | FX Forward Contract: THB/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | TH        |         1 | NC      | $17.70        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| POLISH ZLOTY                                       | FX Forward Contract: PLN/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | PA        |         1 | NC      | $203.50       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/ZAR SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-41.62       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ANHEUSER-BUSCH INBEV WORLDWIDE INC.                | ANHEUSER-BUSCH INBEV WORLDWIDE INC 4.750000% 01/23/2029                          | CUSIP: 035240AQ3<br>LEI: 549300CRGMZK3K53BF92 | Long             | DBT              | CORP              | BE        |     40000 | PA      | $39483.70     | 0.25%             | 2029-01-23      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ABBVIE INC.                                        | ABBVIE INC 4.700000% 05/14/2045                                                  | CUSIP: 00287YAS8<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |     25000 | PA      | $22205.03     | 0.14%             | 2045-05-14      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/EUR SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-81.25       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SINGAPORE DOLLAR                                   | FX Forward Contract: SGD/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | SG        |         1 | NC      | $246.54       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/AUD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-75.33       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ISRAELI SHEKEL                                     | FX Forward Contract: ILS/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | IL        |         1 | NC      | $-120.72      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| DUKE UNIVERSITY                                    | DUKE UNIVERSITY 2.832000% 10/01/2055                                             | CUSIP: 26442TAH0<br>LEI: FY5ICUIRRDCHN4HHL592 | Long             | DBT              | CORP              | US        |     70000 | PA      | $47217.03     | 0.30%             | 2055-10-01      | Fixed         | 2.83%                 | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/SEK SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $71.68        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NEW ZEALAND DOLLAR                                 | FX Forward Contract: NZD/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | NZ        |         1 | NC      | $-57.72       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                              | WELLS FARGO & CO MTN 4.150000% 01/24/2029                                        | CUSIP: 95000U2D4<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    135000 | PA      | $126890.19    | 0.79%             | 2029-01-24      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| CANADIAN DOLLAR                                    | FX Forward Contract: CAD/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | CA        |         1 | NC      | $71.90        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JOHN DEERE CAPITAL CORPORATION                     | JOHN DEERE CAPITAL CORP MTN 2.125000% 03/07/2025                                 | CUSIP: 24422EWB1<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |     20000 | PA      | $18924.21     | 0.12%             | 2025-03-07      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| METLIFE, INC.                                      | METLIFE INC 3.600000% 11/13/2025                                                 | CUSIP: 59156RBQ0<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |    110000 | PA      | $106880.92    | 0.67%             | 2025-11-13      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/CNY SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-42.53       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/CAD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-105.96      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/EUR SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-145.79      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC POOL FR SD8220                                                       | CUSIP: 3132DWDZ3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    354678 | PA      | $311932.89    | 1.95%             | 2052-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SINGAPORE DOLLAR                                   | FX Forward Contract: SGD/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | SG        |         1 | NC      | $109.57       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FLORIDA POWER & LIGHT COMPANY                      | FLORIDA POWER & LIGHT CO 3.125000% 12/01/2025                                    | CUSIP: 341081FM4<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |    160000 | PA      | $154264.38    | 0.97%             | 2025-12-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| BRAZILIAN REAL                                     | FX Forward Contract: BRL/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | BR        |         1 | NC      | $258.68       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TRIMAS CORPORATION                                 | TRIMAS CORP 144A 4.125000% 04/15/2029                                            | CUSIP: 896215AH3<br>LEI: 75G1WUQ8QK4P5MZOYD78 | Long             | DBT              | CORP              | US        |    150000 | PA      | $130875.00    | 0.82%             | 2029-04-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| MEXICAN PESO                                       | FX Forward Contract: MXN/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | MX        |         1 | NC      | $173.47       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| DUPONT DE NEMOURS, INC.                            | DUPONT DE NEMOURS INC 5.419000% 11/15/2048                                       | CUSIP: 26078JAF7<br>LEI: 5493004JF0SDFLM8GD76 | Long             | DBT              | CORP              | US        |    100000 | PA      | $95179.95     | 0.60%             | 2048-11-15      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |
| NORWEIGAN KRONE                                    | FX Forward Contract: NOK/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | NO        |         1 | NC      | $197.20       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/CLP SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-487.08      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| THE HOME DEPOT, INC.                               | HOME DEPOT INC/THE 4.500000% 09/15/2032                                          | CUSIP: 437076CS9<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14646.01     | 0.09%             | 2032-09-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NEW ENTERPRISE STONE & LIME CO., INC.              | NEW ENTERPRISE STONE & LIME CO INC 144A 5.250000% 07/15/2028                     | CUSIP: 644274AH5<br>LEI: 549300O5DQ5Y61B8VF38 | Long             | DBT              | CORP              | US        |    150000 | PA      | $133195.61    | 0.83%             | 2028-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| OGLETHORPE POWER CORP                              | OGLETHORPE POWER CORP 3.750000% 08/01/2050                                       | CUSIP: 677050AQ9<br>LEI: 3EERXCUSWMS9GV5D9M98 | Long             | DBT              | CORP              | US        |    120000 | PA      | $86055.54     | 0.54%             | 2050-08-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| CATERPILLAR FINANCIAL SERVICES CORPORATION         | CATERPILLAR FINANCIAL SERVICES CORP MTN 4.900000% 01/17/2025                     | CUSIP: 14913R2Y2<br>LEI: EDBQKYOPJUCJKLOJDE72 | Long             | DBT              | CORP              | US        |     45000 | PA      | $45118.76     | 0.28%             | 2025-01-17      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| CHILEAN PESO                                       | FX Forward Contract: CLP/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | CL        |         1 | NC      | $95.15        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| AVALONBAY COMMUNITIES, INC.                        | AVALONBAY COMMUNITIES INC 5.000000% 02/15/2033                                   | CUSIP: 053484AD3<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24597.89     | 0.15%             | 2033-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/ZAR SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-190.09      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/ZAR SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-64.27       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HUNGARIAN FORINT                                   | FX Forward Contract: HUF/USD SETTLE 2023-03-16                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | HU        |         1 | NC      | $801.33       | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| KINDER MORGAN, INC.                                | KINDER MORGAN INC 4.300000% 06/01/2025                                           | CUSIP: 49456BAF8<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |    200000 | PA      | $196136.98    | 1.23%             | 2025-06-01      | Fixed         | 4.30%                 | 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        |    110000 | PA      | $113092.21    | 0.71%             | 2034-02-15      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| SINGAPORE DOLLAR                                   | FX Forward Contract: SGD/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | SG        |         1 | NC      | $36.89        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CSX Corporation                                    | CSX CORP 4.500000% 11/15/2052                                                    | CUSIP: 126408HV8<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | DBT              | CORP              | US        |     95000 | PA      | $82470.46     | 0.52%             | 2052-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/ZAR SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-208.67      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/CNY SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-47.03       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORPORATION                        | BANK OF AMERICA CORP 5.015000% 07/22/2033                                        | CUSIP: 06051GKY4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     65000 | PA      | $61710.48     | 0.39%             | 2033-07-22      | Fixed         | 5.01%                 | No            |                  2 | On Loan: No      |
| United States of America                           | US TREASURY N/B 3.875000% 11/30/2027                                             | CUSIP: 91282CFZ9<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |     40000 | PA      | $39781.25     | 0.25%             | 2027-11-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/NOK SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-22.22       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| OKLAHOMA DEV FIN AUTH REV                          | OKLAHOMA ST DEV FIN AUTH OKLAHOMA DEVELOPMENT FINANCE AUTHORITY                  | CUSIP: 6789084G6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $55619.53     | 0.35%             | 2044-06-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| THE JOHNS HOPKINS UNIVERSITY                       | JOHNS HOPKINS UNIVERSITY 4.705000% 07/01/2032                                    | CUSIP: 478115AH1<br>LEI: 549300Z1XKWYKTIOM958 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29835.45     | 0.19%             | 2032-07-01      | Fixed         | 4.71%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                     | MORGAN STANLEY MTN 4.679000% 07/17/2026                                          | CUSIP: 61747YET8<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19657.11     | 0.12%             | 2026-07-17      | Fixed         | 4.68%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST       | AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST AMXCA 2022-3 A                      | CUSIP: 02582JJV3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    100000 | PA      | $97759.07     | 0.61%             | 2027-08-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INCORPORATED                    | UNITEDHEALTH GROUP INC 5.875000% 02/15/2053                                      | CUSIP: 91324PES7<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |     45000 | PA      | $48589.43     | 0.30%             | 2053-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| HUNGARIAN FORINT                                   | FX Forward Contract: HUF/USD SETTLE 2023-03-16                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | HU        |         1 | NC      | $639.00       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| THE GOLDMAN SACHS GROUP, INC.                      | GOLDMAN SACHS GROUP INC/THE 5.700000% 11/01/2024                                 | CUSIP: 38141GZV9<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     45000 | PA      | $45535.58     | 0.28%             | 2024-11-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| ROMANIAN LEU                                       | FX Forward Contract: RON/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | RO        |         1 | NC      | $6.84         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| THAILAND BAHT                                      | FX Forward Contract: THB/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | TH        |         1 | NC      | $112.19       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/INR SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-46.48       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CARPENTER TECHNOLOGY CORPORATION                   | CARPENTER TECHNOLOGY CORP 6.375000% 07/15/2028                                   | CUSIP: 144285AL7<br>LEI: DX6I6ZD3X5WNNCDJKP85 | Long             | DBT              | CORP              | US        |    150000 | PA      | $142654.50    | 0.89%             | 2028-07-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/SGD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-124.90      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/HUF SETTLE 2023-03-16                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-644.21      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| EURO                                               | FX Forward Contract: EUR/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | XX        |         1 | NC      | $274.64       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SWISS FRANC                                        | FX Forward Contract: CHF/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | CH        |         1 | NC      | $14.49        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| INDIA RUPEE                                        | FX Forward Contract: INR/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | IN        |         1 | NC      | $0.67         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NORTHERN TRUST CORPORATION                         | NORTHERN TRUST CORP 1.950000% 05/01/2030                                         | CUSIP: 665859AV6<br>LEI: 549300GLF98S992BC502 | Long             | DBT              | CORP              | US        |    120000 | PA      | $98582.35     | 0.62%             | 2030-05-01      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| TOYOTA MOTOR CREDIT CORPORATION                    | TOYOTA MOTOR CREDIT CORP MTN 4.400000% 09/20/2024                                | CUSIP: 89236TKG9<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |    175000 | PA      | $173349.11    | 1.08%             | 2024-09-20      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| SINGAPORE DOLLAR                                   | FX Forward Contract: SGD/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | SG        |         1 | NC      | $140.01       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MALAYSIAN RINGGIT                                  | FX Forward Contract: CNY/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | CN        |         1 | NC      | $7.69         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/MXN SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-1090.85     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| BRAZILIAN REAL                                     | FX Forward Contract: BRL/USD SETTLE 2023-03-16                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | BR        |         1 | NC      | $95.63        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CHILEAN PESO                                       | FX Forward Contract: CLP/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | CL        |         1 | NC      | $295.40       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| THE UNIVERSITY OF CHICAGO                          | UNIVERSITY OF CHICAGO/THE 2.761000% 04/01/2045                                   | CUSIP: 91412NBD1<br>LEI: 54930099Y7GU6182V326 | Long             | DBT              | CORP              | US        |     25000 | PA      | $18689.20     | 0.12%             | 2045-04-01      | Fixed         | 2.76%                 | No            |                  2 | On Loan: No      |
| United States of America                           | US TREASURY N/B 2.750000% 07/31/2027                                             | CUSIP: 91282CFB2<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |    105000 | PA      | $99343.95     | 0.62%             | 2027-07-31      | Fixed         | 2.75%                 | No            |                  1 | On Loan: No      |
| CHILEAN PESO                                       | FX Forward Contract: CLP/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | CL        |         1 | NC      | $51.38        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| AUSTRALIAN DOLLAR                                  | FX Forward Contract: AUD/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | AU        |         1 | NC      | $59.23        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BURLINGTON NORTHERN SANTA FE, LLC                  | BURLINGTON NORTHERN SANTA FE LLC 4.450000% 01/15/2053                            | CUSIP: 12189LBJ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $66620.18     | 0.42%             | 2053-01-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/CHF SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-53.10       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| KANSAS CITY SOUTHERN.                              | KANSAS CITY SOUTHERN/OLD 4.300000% 05/15/2043                                    | CUSIP: 485170AQ7<br>LEI: 5493008C12PZMWP3WY03 | Long             | DBT              | CORP              | US        |     25000 | PA      | $20546.61     | 0.13%             | 2043-05-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| THE PNC FINANCIAL SERVICES GROUP, INC.             | PNC FINANCIAL SERVICES GROUP INC/THE 5.000000% MATURITY: PERPETUAL               | CUSIP: 693475AQ8<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    135000 | PA      | $116706.99    | 0.73%             | 2171-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/PLN SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-47.23       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ZIMMER BIOMET HOLDINGS, INC.                       | ZIMMER BIOMET HOLDINGS INC 2.600000% 11/24/2031                                  | CUSIP: 98956PAV4<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | DBT              | CORP              | US        |     50000 | PA      | $40506.16     | 0.25%             | 2031-11-24      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/SGD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-333.65      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| TERRIER MEDIA BUYER                                | TERRIER MEDIA BUYER 17-Dec-2026                                                  | CUSIP: 88145LAE4<br>LEI: N/A                  | Long             | LON              |  | US        |    184808 | PA      | $172631.23    | 1.08%             | 2026-12-17      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| CZECH REPUBLIC KORUNA                              | FX Forward Contract: CZK/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | CZ        |         1 | NC      | $115.53       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/CNY SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-65.65       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GENERAL MILLS, INC.                                | GENERAL MILLS INC 5.241000% 11/18/2025                                           | CUSIP: 370334CS1<br>LEI: 2TGYMUGI08PO8X8L6150 | Long             | DBT              | CORP              | US        |    120000 | PA      | $120298.79    | 0.75%             | 2025-11-18      | Fixed         | 5.24%                 | No            |                  2 | On Loan: No      |
| POLISH ZLOTY                                       | FX Forward Contract: PLN/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | PA        |         1 | NC      | $189.08       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| 3M COMPANY                                         | 3M CO 2.650000% 04/15/2025                                                       | CUSIP: 88579YBM2<br>LEI: LUZQVYP4VS22CLWDAR65 | Long             | DBT              | CORP              | US        |    125000 | PA      | $119419.56    | 0.75%             | 2025-04-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/TWD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $51.33        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/NZD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $29.78        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| United States of America                           | US TREASURY N/B 1.375000% 08/15/2050                                             | CUSIP: 912810SP4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    100000 | PA      | $55566.41     | 0.35%             | 2050-08-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| SOUTH AFRICAN RAND                                 | FX Forward Contract: ZAR/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | ZA        |         1 | NC      | $749.51       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/SGD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-38.79       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SINGAPORE DOLLAR                                   | FX Forward Contract: SGD/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | SG        |         1 | NC      | $78.12        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| United States of America                           | US TREASURY N/B 1.125000% 08/15/2040                                             | CUSIP: 912810SQ2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     40000 | PA      | $24840.62     | 0.16%             | 2040-08-15      | Fixed         | 1.12%                 | No            |                  1 | On Loan: No      |
| NEW ZEALAND DOLLAR                                 | FX Forward Contract: NZD/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | NZ        |         1 | NC      | $-42.26       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| INDONESIA RUPIAH                                   | FX Forward Contract: IDR/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | ID        |         1 | NC      | $84.73        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| United States of America                           | US TREASURY N/B 4.125000% 11/15/2032                                             | CUSIP: 91282CFV8<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |    385000 | PA      | $392880.47    | 2.46%             | 2032-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| HUNGARIAN FORINT                                   | FX Forward Contract: HUF/USD SETTLE 2023-03-16                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | HU        |         1 | NC      | $337.17       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                     | MORGAN STANLEY 3.625000% 01/20/2027                                              | CUSIP: 61746BEF9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    100000 | PA      | $94301.51     | 0.59%             | 2027-01-20      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| JAPANESE YEN                                       | FX Forward Contract: JPY/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | JP        |         1 | NC      | $849.37       | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| EURO                                               | FX Forward Contract: EUR/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | XX        |         1 | NC      | $56.15        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| AVALONBAY COMMUNITIES, INC.                        | AVALONBAY COMMUNITIES INC MTN 3.450000% 06/01/2025                               | CUSIP: 05348EAV1<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | DBT              | CORP              | US        |     70000 | PA      | $67408.59     | 0.42%             | 2025-06-01      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| SINGAPORE DOLLAR                                   | FX Forward Contract: SGD/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | SG        |         1 | NC      | $39.04        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/TWD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $3.95         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| United States of America                           | US TREASURY N/B 2.000000% 08/15/2051                                             | CUSIP: 912810SZ2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    100000 | PA      | $65476.56     | 0.41%             | 2051-08-15      | Fixed         | 2.00%                 | No            |                  1 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/ZAR SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-805.94      | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| TEXAS ST                                           | TEXAS ST STATE OF TEXAS                                                          | CUSIP: 882722KF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26404.79     | 0.17%             | 2039-04-01      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| CANADIAN DOLLAR                                    | FX Forward Contract: CAD/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | CA        |         1 | NC      | $27.08        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Duke Energy Progress, LLC                          | DUKE ENERGY PROGRESS LLC 4.100000% 05/15/2042                                    | CUSIP: 144141DB1<br>LEI: 0NIFZ782LS46WOC9QK20 | Long             | DBT              | CORP              | US        |     60000 | PA      | $50363.15     | 0.32%             | 2042-05-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| SINGAPORE DOLLAR                                   | FX Forward Contract: SGD/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | SG        |         1 | NC      | $328.71       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/NZD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $11.24        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/ILS SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $92.46        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TAIWAN DOLLAR                                      | FX Forward Contract: TWD/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | TW        |         1 | NC      | $-5.66        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HLF FINANCING SARL, LLC                            | HLF FINANCING SARL LLC / HERBALIFE INTERNATIONAL I 4.875000% 06/01/2029          | CUSIP: 40390DAC9<br>LEI: 549300VKVJUV5OGV2R51 | Long             | DBT              | CORP              | US        |    150000 | PA      | $103315.50    | 0.65%             | 2029-06-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| SPECTRUM BRANDS, INC.                              | SPECTRUM BRANDS INC 144A 3.875000% 03/15/2031                                    | CUSIP: 84762LAX3<br>LEI: 549300VU3EH2E73C1Q04 | Long             | DBT              | CORP              | US        |    150000 | PA      | $116663.98    | 0.73%             | 2031-03-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/CZK SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-186.24      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Corporation de Securite Garda World                | GARDA WORLD SECURITY CORP 144A 4.625000% 02/15/2027                              | CUSIP: 36485MAK5<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | NUSS              | CA        |    150000 | PA      | $132447.00    | 0.83%             | 2027-02-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| APPLE INC.                                         | APPLE INC 3.200000% 05/13/2025                                                   | CUSIP: 037833BG4<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |    180000 | PA      | $173911.63    | 1.09%             | 2025-05-13      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| PACIFICORP                                         | PACIFICORP 5.350000% 12/01/2053                                                  | CUSIP: 695114CZ9<br>LEI: SGY07Y7FNYBNLM6Z1M11 | Long             | DBT              | CORP              | US        |     55000 | PA      | $54433.42     | 0.34%             | 2053-12-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/AUD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-573.14      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/SGD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-74.75       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/MXN SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-62.26       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MEXICAN PESO                                       | FX Forward Contract: MXN/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | MX        |         1 | NC      | $40.00        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/EUR SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-146.33      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/SEK SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $494.22       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/CHF SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-105.55      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/HUF SETTLE 2023-03-16                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-204.94      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| COLOMBIA PESO                                      | FX Forward Contract: COP/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | CO        |         1 | NC      | $-29.63       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/TWD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $11.86        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/HUF SETTLE 2023-03-16                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-64.62       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| INGEVITY CORPORATION                               | INGEVITY CORP 144A 3.875000% 11/01/2028                                          | CUSIP: 45688CAB3<br>LEI: 5493009UTFC4B5IMGF87 | Long             | DBT              | CORP              | US        |    200000 | PA      | $171973.04    | 1.08%             | 2028-11-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/KRW SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-186.75      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CARRIAGE SERVICES, INC.                            | CARRIAGE SERVICES INC 144A 4.250000% 05/15/2029                                  | CUSIP: 143905AP2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $119114.72    | 0.75%             | 2029-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| THE HOME DEPOT, INC.                               | HOME DEPOT INC/THE 4.500000% 12/06/2048                                          | CUSIP: 437076BX9<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |     80000 | PA      | $72543.00     | 0.45%             | 2048-12-06      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY MINN                                    | UNIV OF MINNESOTA MN UNIVERSITY OF MINNESOTA                                     | CUSIP: 914460WT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $101688.14    | 0.64%             | 2052-04-01      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| THAILAND BAHT                                      | FX Forward Contract: THB/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | TH        |         1 | NC      | $-11.32       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/MXN SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-301.89      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| COMCAST CORPORATION                                | COMCAST CORP 5.500000% 11/15/2032                                                | CUSIP: 20030NEB3<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     75000 | PA      | $78201.98     | 0.49%             | 2032-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/ZAR SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-71.57       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.                   | PHILIP MORRIS INTERNATIONAL INC 5.625000% 11/17/2029                             | CUSIP: 718172CW7<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50723.92     | 0.32%             | 2029-11-17      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/TWD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $841.36       | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CANADIAN DOLLAR                                    | FX Forward Contract: CAD/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | CA        |         1 | NC      | $61.75        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MALAYSIAN RINGGIT                                  | FX Forward Contract: CNY/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | CN        |         1 | NC      | $73.55        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BRITISH STERLING POUND                             | FX Forward Contract: GBP/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | GB        |         1 | NC      | $-104.25      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/RON SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-75.60       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BERKSHIRE HATHAWAY FINANCE CORPORATION             | BERKSHIRE HATHAWAY FINANCE CORP 4.250000% 01/15/2049                             | CUSIP: 084664CR0<br>LEI: 549300RLHFT5RU20WM87 | Long             | DBT              | CORP              | US        |     95000 | PA      | $84569.65     | 0.53%             | 2049-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/ILS SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $36.98        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CANADIAN DOLLAR                                    | FX Forward Contract: CAD/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | CA        |         1 | NC      | $51.73        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HONDA AUTO RECEIVABLES OWNER TRUST                 | HONDA AUTO RECEIVABLES 2022-2 OWNER TRUST HAROT 2022-2 A3                        | CUSIP: 43815PAC3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     20000 | PA      | $19573.99     | 0.12%             | 2026-07-20      | Fixed         | 3.73%                 | No            |                  2 | On Loan: No      |
| HONEYWELL INTERNATIONAL INC.                       | HONEYWELL INTERNATIONAL INC 3.812000% 11/21/2047                                 | CUSIP: 438516BS4<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | DBT              | CORP              | US        |     25000 | PA      | $20658.31     | 0.13%             | 2047-11-21      | Fixed         | 3.81%                 | No            |                  2 | On Loan: No      |
| United States of America                           | US TREASURY N/B 0.625000% 11/30/2027                                             | CUSIP: 91282CAY7<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |    100000 | PA      | $84914.06     | 0.53%             | 2027-11-30      | Fixed         | 0.62%                 | No            |                  1 | On Loan: No      |
| CITIGROUP INC.                                     | CITIGROUP INC 3.700000% 01/12/2026                                               | CUSIP: 172967KG5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    200000 | PA      | $192384.26    | 1.20%             | 2026-01-12      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| KANSAS GAS SERVICE SECURITIZATION I, L.L.C         | KANSAS GAS SERVICE SECURITIZATION I LLC 5.486000% 08/01/2032                     | CUSIP: 484915AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     65000 | PA      | $65553.39     | 0.41%             | 2032-08-01      | Fixed         | 5.49%                 | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/CAD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-76.15       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/GBP SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-42.70       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/BRL SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $132.90       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CHILEAN PESO                                       | FX Forward Contract: CLP/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | CL        |         1 | NC      | $610.51       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TOYOTA MOTOR CREDIT CORPORATION                    | TOYOTA MOTOR CREDIT CORP 5.400000% 11/10/2025                                    | CUSIP: 89236TKK0<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |     45000 | PA      | $45692.13     | 0.29%             | 2025-11-10      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| INDIA RUPEE                                        | FX Forward Contract: INR/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | IN        |         1 | NC      | $31.04        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORPORATION                        | BANK OF AMERICA CORP 8.050000% 06/15/2027                                        | CUSIP: 06051GHP7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    115000 | PA      | $123772.97    | 0.77%             | 2027-06-15      | Fixed         | 8.05%                 | No            |                  2 | On Loan: No      |
| HUNGARIAN FORINT                                   | FX Forward Contract: HUF/USD SETTLE 2023-03-16                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | HU        |         1 | NC      | $201.96       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/CZK SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-40.68       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BAY AREA TOLL AUTH CALIF TOLL BRDG REV             | BAY AREA CA TOLL AUTH TOLL BRI BAY AREA TOLL AUTHORITY                           | CUSIP: 072024ND0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $34010.62     | 0.21%             | 2049-04-01      | Fixed         | 6.26%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                              | WELLS FARGO & CO 3.900000% MATURITY: PERPETUAL                                   | CUSIP: 949746TD3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    200000 | PA      | $175053.00    | 1.10%             | 2171-03-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/HUF SETTLE 2023-03-16                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-32.31       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/SGD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-249.80      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SOUTH AFRICAN RAND                                 | FX Forward Contract: ZAR/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | ZA        |         1 | NC      | $38.00        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/THB SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-157.03      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/ZAR SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-20.81       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/NOK SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-166.83      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/CLP SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-918.43      | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| ROMANIAN LEU                                       | FX Forward Contract: RON/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | RO        |         1 | NC      | $69.02        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NORWEIGAN KRONE                                    | FX Forward Contract: NOK/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | NO        |         1 | NC      | $1215.10      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| ROMANIAN LEU                                       | FX Forward Contract: RON/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | RO        |         1 | NC      | $-3.81        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/BRL SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $70.93        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/CHF SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-15.29       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HUNGARIAN FORINT                                   | FX Forward Contract: HUF/USD SETTLE 2023-03-16                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | HU        |         1 | NC      | $1397.42      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| THAILAND BAHT                                      | FX Forward Contract: THB/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | TH        |         1 | NC      | $33.01        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/GBP SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $71.55        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/CHF SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-46.04       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| AMEREN ILLINOIS COMPANY                            | AMEREN ILLINOIS CO 3.850000% 09/01/2032                                          | CUSIP: 02361DAY6<br>LEI: RC71E2BZ6UOMFPDJSE79 | Long             | DBT              | CORP              | US        |     95000 | PA      | $88252.06     | 0.55%             | 2032-09-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| B.A.T CAPITAL CORPORATION                          | BAT CAPITAL CORP 7.750000% 10/19/2032                                            | CUSIP: 05526DBX2<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | GB        |     80000 | PA      | $86046.00     | 0.54%             | 2032-10-19      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| CZECH REPUBLIC KORUNA                              | FX Forward Contract: CZK/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | CZ        |         1 | NC      | $4.67         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Ascension Health Alliance                          | ASCENSION HEALTH 3.945000% 11/15/2046                                            | CUSIP: 04351LAB6<br>LEI: 549300IMOY6ECI21DH68 | Long             | DBT              | CORP              | US        |     40000 | PA      | $33052.13     | 0.21%             | 2046-11-15      | Fixed         | 3.94%                 | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/IDR SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-317.76      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| COLOMBIA PESO                                      | FX Forward Contract: COP/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | CO        |         1 | NC      | $-279.93      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ISRAELI SHEKEL                                     | FX Forward Contract: ILS/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | IL        |         1 | NC      | $-1649.03     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                 | ENERGY TRANSFER LP 7.600000% 02/01/2024                                          | CUSIP: 29273RBB4<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     70000 | PA      | $71164.34     | 0.45%             | 2024-02-01      | Fixed         | 7.60%                 | No            |                  2 | On Loan: No      |
| BWAY HOLDING COMPANY                               | BWAY HOLDING COMPANY 4/3/2024                                                    | CUSIP: 05604XAP1<br>LEI: N/A                  | Long             | LON              |  | US        |    195865 | PA      | $190995.99    | 1.20%             | 2024-04-03      | Floating      | 7.37%                 | No            |                  2 | On Loan: No      |
| GOTO GROUP, INC.                                   | GOTO GROUP INC 144A 5.500000% 09/01/2027                                         | CUSIP: 541056AA5<br>LEI: 549300D12V5KRBV00592 | Long             | DBT              | CORP              | US        |    100000 | PA      | $53782.19     | 0.34%             | 2027-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LA BANQUE TORONTO-DOMINION                         | TORONTO-DOMINION BANK/THE MTN 4.285000% 09/13/2024                               | CUSIP: 89115A2J0<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | NUSS              | CA        |     70000 | PA      | $69179.34     | 0.43%             | 2024-09-13      | Fixed         | 4.29%                 | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/INR SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $8.73         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MALAYSIAN RINGGIT                                  | FX Forward Contract: CNY/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | CN        |         1 | NC      | $344.84       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NORWEIGAN KRONE                                    | FX Forward Contract: NOK/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | NO        |         1 | NC      | $21.24        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SWISS FRANC                                        | FX Forward Contract: CHF/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | CH        |         1 | NC      | $16.87        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CANADIAN DOLLAR                                    | FX Forward Contract: CAD/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | CA        |         1 | NC      | $-172.55      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| THE KROGER CO.                                     | KROGER CO/THE 7.700000% 06/01/2029                                               | CUSIP: 501044BT7<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | DBT              | CORP              | US        |    190000 | PA      | $209364.22    | 1.31%             | 2029-06-01      | Fixed         | 7.70%                 | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/SGD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-25.83       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/THB SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $224.11       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| POLISH ZLOTY                                       | FX Forward Contract: PLN/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | PA        |         1 | NC      | $12.41        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FORD CREDIT AUTO OWNER TRUST                       | FORD CREDIT AUTO OWNER TRUST 2019-REV1 FORDR 2019-1 A                            | CUSIP: 34532PAA8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    100000 | PA      | $98044.42     | 0.61%             | 2030-07-15      | Fixed         | 3.52%                 | No            |                  2 | On Loan: No      |
| CHURCH & DWIGHT CO., INC.                          | CHURCH & DWIGHT CO INC 5.600000% 11/15/2032                                      | CUSIP: 17136MAC6<br>LEI: POOXSI30AWAQGYJZC921 | Long             | DBT              | CORP              | US        |    125000 | PA      | $129294.76    | 0.81%             | 2032-11-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| CZECH REPUBLIC KORUNA                              | FX Forward Contract: CZK/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | CZ        |         1 | NC      | $282.85       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CATERPILLAR INC.                                   | CATERPILLAR INC 2.600000% 04/09/2030                                             | CUSIP: 149123CH2<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | DBT              | CORP              | US        |     90000 | PA      | $78242.65     | 0.49%             | 2030-04-09      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| CHURCH & DWIGHT CO., INC.                          | CHURCH & DWIGHT CO INC 5.000000% 06/15/2052                                      | CUSIP: 17136MAB8<br>LEI: POOXSI30AWAQGYJZC921 | Long             | DBT              | CORP              | US        |    105000 | PA      | $98192.84     | 0.61%             | 2052-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDONESIA RUPIAH                                   | FX Forward Contract: IDR/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | ID        |         1 | NC      | $39.06        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/PHP SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-2.02        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| EATON CORPORATION                                  | EATON CORP 4.150000% 03/15/2033                                                  | CUSIP: 278062AH7<br>LEI: 0NZWDMRCE180888QQE14 | Long             | DBT              | CORP              | US        |     85000 | PA      | $79017.49     | 0.49%             | 2033-03-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| United States of America                           | US TREASURY N/B 4.000000% 11/15/2042                                             | CUSIP: 912810TM0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    165000 | PA      | $161545.31    | 1.01%             | 2042-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TAIWAN DOLLAR                                      | FX Forward Contract: TWD/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | TW        |         1 | NC      | $-55.99       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ANHEUSER-BUSCH COMPANIES, LLC                      | ANHEUSER-BUSCH COS LLC / ANHEUSER-BUSCH INBEV WORL 3.650000% 02/01/2026          | CUSIP: 03522AAG5<br>LEI: 5493002J2SVENP0PVK27 | Long             | DBT              | CORP              | BE        |    265000 | PA      | $255037.65    | 1.60%             | 2026-02-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| HYUNDAI AUTO RECEIVABLES TRUST                     | HYUNDAI AUTO RECEIVABLES TRUST 2019-B HART 2019-B A4                             | CUSIP: 44891JAD0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     40324 | PA      | $39957.23     | 0.25%             | 2025-04-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| AUSTRALIAN DOLLAR                                  | FX Forward Contract: AUD/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | AU        |         1 | NC      | $425.35       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NORWEIGAN KRONE                                    | FX Forward Contract: NOK/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | NO        |         1 | NC      | $178.87       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| United States of America                           | US TREASURY N/B 2.750000% 08/15/2032                                             | CUSIP: 91282CFF3<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |     10000 | PA      | $9106.25      | 0.06%             | 2032-08-15      | Fixed         | 2.75%                 | No            |                  1 | On Loan: No      |
| GENERAL MOTORS FINANCIAL COMPANY, INC.             | GENERAL MOTORS FINANCIAL CO INC 4.150000% 06/19/2023                             | CUSIP: 37045XCL8<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    200000 | PA      | $198929.17    | 1.24%             | 2023-06-19      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| BRAZILIAN REAL                                     | FX Forward Contract: BRL/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | BR        |         1 | NC      | $91.17        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| U.S. BANCORP                                       | US BANCORP 5.850000% 10/21/2033                                                  | CUSIP: 91159HJJ0<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |     45000 | PA      | $46716.28     | 0.29%             | 2033-10-21      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| ISRAELI SHEKEL                                     | FX Forward Contract: ILS/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | IL        |         1 | NC      | $-38.02       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/ZAR SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-307.38      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| TAIWAN DOLLAR                                      | FX Forward Contract: TWD/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | TW        |         1 | NC      | $-13.50       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/CNY SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-96.04       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| COLOMBIA PESO                                      | FX Forward Contract: COP/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | CO        |         1 | NC      | $-7.22        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/THB SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-58.27       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NEW ZEALAND DOLLAR                                 | FX Forward Contract: NZD/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | NZ        |         1 | NC      | $-26.69       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| RAIN CII CARBON LLC                                | RAIN CII CARBON LLC / CII CARBON CORP 144A 7.250000% 04/01/2025                  | CUSIP: 75079RAC2<br>LEI: 5493002CIT11OW5J8846 | Long             | DBT              | CORP              | US        |    110000 | PA      | $101365.00    | 0.63%             | 2025-04-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| COLOMBIA PESO                                      | FX Forward Contract: COP/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | CO        |         1 | NC      | $-93.31       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| WISCONSIN PUBLIC SERVICE CORPORATION               | WISCONSIN PUBLIC SERVICE CORP 5.350000% 11/10/2025                               | CUSIP: 976843BP6<br>LEI: 549300BJRHJVYNUMQZ30 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30331.11     | 0.19%             | 2025-11-10      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| EURO                                               | FX Forward Contract: EUR/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | XX        |         1 | NC      | $287.36       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TAIWAN DOLLAR                                      | FX Forward Contract: TWD/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | TW        |         1 | NC      | $-57.26       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CZECH REPUBLIC KORUNA                              | FX Forward Contract: CZK/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | CZ        |         1 | NC      | $149.41       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| KOREAN WON                                         | FX Forward Contract: KRW/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | KR        |         1 | NC      | $151.41       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BRITISH STERLING POUND                             | FX Forward Contract: GBP/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | GB        |         1 | NC      | $-53.81       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MEXICAN PESO                                       | FX Forward Contract: MXN/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | MX        |         1 | NC      | $39.77        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ROMANIAN LEU                                       | FX Forward Contract: RON/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | RO        |         1 | NC      | $76.76        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BP CAPITAL MARKETS AMERICA INC.                    | BP CAPITAL MARKETS AMERICA INC 3.796000% 09/21/2025                              | CUSIP: 10373QAB6<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |     65000 | PA      | $63821.20     | 0.40%             | 2025-09-21      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| MEXICAN PESO                                       | FX Forward Contract: MXN/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | MX        |         1 | NC      | $108.94       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NEW ZEALAND DOLLAR                                 | FX Forward Contract: NZD/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | NZ        |         1 | NC      | $-0.96        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SOUTH AFRICAN RAND                                 | FX Forward Contract: ZAR/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | ZA        |         1 | NC      | $113.99       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/SGD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-16.11       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| United States of America                           | US TREASURY N/B 3.250000% 06/30/2029                                             | CUSIP: 91282CEV9<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |     50000 | PA      | $47847.66     | 0.30%             | 2029-06-30      | Fixed         | 3.25%                 | No            |                  1 | On Loan: No      |
| TKC HOLDINGS, INC.                                 | TKC HOLDINGS INC 144A 6.875000% 05/15/2028                                       | CUSIP: 87256YAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    145000 | PA      | $113296.44    | 0.71%             | 2028-05-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CANADIAN DOLLAR                                    | FX Forward Contract: CAD/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | CA        |         1 | NC      | $82.67        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/NZD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $25.17        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TEXTRON INC.                                       | TEXTRON INC 3.000000% 06/01/2030                                                 | CUSIP: 883203CB5<br>LEI: 3PPKBHUG1HD6BO7RNR87 | Long             | DBT              | CORP              | US        |     40000 | PA      | $33993.08     | 0.21%             | 2030-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC POOL FR RA5715                                                       | CUSIP: 3133KMK46<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    599296 | PA      | $489350.61    | 3.06%             | 2051-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| EURO                                               | FX Forward Contract: EUR/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | XX        |         1 | NC      | $744.88       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SOUTH AFRICAN RAND                                 | FX Forward Contract: ZAR/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | ZA        |         1 | NC      | $70.60        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/SEK SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $189.61       | 0.00%             |  |  |  | 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        |    150000 | PA      | $125666.29    | 0.79%             | 2028-10-29      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/JPY SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-414.62      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/CAD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-166.17      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| T-MOBILE US TRUST                                  | T-MOBILE US TRUST 2022-1 TMUST 2022-1A A                                         | CUSIP: 87267WAA2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    100000 | PA      | $99833.73     | 0.62%             | 2028-05-22      | Fixed         | 4.91%                 | Yes           |                  2 | On Loan: No      |
| INDONESIA RUPIAH                                   | FX Forward Contract: IDR/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | ID        |         1 | NC      | $50.14        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINANCIAL COMPANY, INC.             | GENERAL MOTORS FINANCIAL CO INC 3.600000% 06/21/2030                             | CUSIP: 37045XCY0<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |     85000 | PA      | $71532.81     | 0.45%             | 2030-06-21      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/SGD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-127.97      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| United States of America                           | US TREASURY N/B 2.375000% 11/15/2049                                             | CUSIP: 912810SK5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     75000 | PA      | $54205.08     | 0.34%             | 2049-11-15      | Fixed         | 2.38%                 | No            |                  1 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/GBP SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $211.90       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/THB SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $20.70        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SOUTH AFRICAN RAND                                 | FX Forward Contract: ZAR/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | ZA        |         1 | NC      | $58.29        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SWISS FRANC                                        | FX Forward Contract: CHF/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | CH        |         1 | NC      | $66.40        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TAIWAN DOLLAR                                      | FX Forward Contract: TWD/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | TW        |         1 | NC      | $-33.27       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SOUTH AFRICAN RAND                                 | FX Forward Contract: ZAR/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | ZA        |         1 | NC      | $7.36         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| INDONESIA RUPIAH                                   | FX Forward Contract: IDR/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | ID        |         1 | NC      | $40.12        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/GBP SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $36.95        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SWEDISH KRONE                                      | FX Forward Contract: SEK/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | SE        |         1 | NC      | $-551.52      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| COSTCO WHOLESALE CORPORATION                       | COSTCO WHOLESALE CORP 1.600000% 04/20/2030                                       | CUSIP: 22160KAP0<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | DBT              | CORP              | US        |     55000 | PA      | $45059.66     | 0.28%             | 2030-04-20      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/TWD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $33.13        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ORGANON & CO.                                      | ORGANON & CO / ORGANON FOREIGN DEBT CO-ISSUER BV 1 5.125000% 04/30/2031          | CUSIP: 68622TAB7<br>LEI: 549300AMCKY57OK2CO56 | Long             | DBT              | CORP              | US        |    150000 | PA      | $129882.04    | 0.81%             | 2031-04-30      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| INDIA RUPEE                                        | FX Forward Contract: INR/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | IN        |         1 | NC      | $3.18         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/ZAR SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-44.34       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JAPANESE YEN                                       | FX Forward Contract: JPY/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | JP        |         1 | NC      | $439.83       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/MXN SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-416.55      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ARCOSA, INC.                                       | ARCOSA INC 144A 4.375000% 04/15/2029                                             | CUSIP: 039653AA8<br>LEI: 549300WFHLTCZV7D6V29 | Long             | DBT              | CORP              | US        |    150000 | PA      | $130077.09    | 0.81%             | 2029-04-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/CLP SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-257.24      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/AUD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-65.66       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Mondelez International, Inc.                       | MONDELEZ INTERNATIONAL INC 1.500000% 02/04/2031                                  | CUSIP: 609207AX3<br>LEI: 549300DV9GIB88LZ5P30 | Long             | DBT              | CORP              | US        |     80000 | PA      | $61509.77     | 0.38%             | 2031-02-04      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| ADVISOR GROUP HOLDINGS, INC.                       | ADVISOR GROUP HOLDINGS, INC. 7/31/2026                                           | CUSIP: 00775KAE8<br>LEI: N/A                  | Long             | LON              |  | US        |    145875 | PA      | $142426.52    | 0.89%             | 2026-07-31      | Floating      | 8.57%                 | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/CZK SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-80.55       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FLORIDA POWER & LIGHT COMPANY                      | FLORIDA POWER & LIGHT CO 4.050000% 10/01/2044                                    | CUSIP: 341081FL6<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |     40000 | PA      | $33853.74     | 0.21%             | 2044-10-01      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/ILS SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $553.04       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/CNY SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-41.72       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MEXICAN PESO                                       | FX Forward Contract: MXN/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | MX        |         1 | NC      | $55.95        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SWEDISH KRONE                                      | FX Forward Contract: SEK/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | SE        |         1 | NC      | $-484.89      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/BRL SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $43.06        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/INR SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-18.59       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                 | ENERGY TRANSFER LP 4.050000% 03/15/2025                                          | CUSIP: 29273RBD0<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    100000 | PA      | $96859.45     | 0.61%             | 2025-03-15      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| SWEDISH KRONE                                      | FX Forward Contract: SEK/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | SE        |         1 | NC      | $-119.38      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/CNY SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-26.01       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/CLP SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-101.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Duke Energy Progress, LLC                          | DUKE ENERGY PROGRESS LLC 4.000000% 04/01/2052                                    | CUSIP: 26442UAP9<br>LEI: 0NIFZ782LS46WOC9QK20 | Long             | DBT              | CORP              | US        |     20000 | PA      | $15998.08     | 0.10%             | 2052-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JAPANESE YEN                                       | FX Forward Contract: JPY/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | JP        |         1 | NC      | $1187.13      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/HUF SETTLE 2023-03-16                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-322.10      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JOHN DEERE CAPITAL CORPORATION                     | JOHN DEERE CAPITAL CORP MTN 4.350000% 09/15/2032                                 | CUSIP: 24422EWL9<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19428.84     | 0.12%             | 2032-09-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| JAPANESE YEN                                       | FX Forward Contract: JPY/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | JP        |         1 | NC      | $849.37       | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/NZD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $22.67        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/CNY SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-262.76      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SOUTH AFRICAN RAND                                 | FX Forward Contract: ZAR/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | ZA        |         1 | NC      | $312.15       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/COP SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $123.15       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| WALMART INC.                                       | WALMART INC 4.500000% 09/09/2052                                                 | CUSIP: 931142EZ2<br>LEI: Y87794H0US1R65VBXU25 | Long             | DBT              | CORP              | US        |     90000 | PA      | $85606.24     | 0.54%             | 2052-09-09      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| INDIA RUPEE                                        | FX Forward Contract: INR/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | IN        |         1 | NC      | $-165.74      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/CZK SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-116.21      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| INDIA RUPEE                                        | FX Forward Contract: INR/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | IN        |         1 | NC      | $3.07         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MEMORIAL SLOAN-KETTERING CANCER CENTER             | MEMORIAL SLOAN-KETTERING CANCER CENTER 5.000000% 07/01/2042                      | CUSIP: 586054AA6<br>LEI: 549300IZ71UAMEHWL382 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19464.50     | 0.12%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/TWD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $79.71        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GM FINANCIAL AUTOMOBILE LEASING TRUST              | GM FINANCIAL AUTOMOBILE LEASING TRUST 2022-3 GMALT 2022-3 A3                     | CUSIP: 380130AD6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     60000 | PA      | $58960.25     | 0.37%             | 2025-09-22      | Fixed         | 4.01%                 | No            |                  2 | On Loan: No      |
| EURO                                               | FX Forward Contract: EUR/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | XX        |         1 | NC      | $145.52       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| COLOMBIA PESO                                      | FX Forward Contract: COP/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | CO        |         1 | NC      | $-165.08      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SINGAPORE DOLLAR                                   | FX Forward Contract: SGD/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | SG        |         1 | NC      | $15.73        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TAIWAN DOLLAR                                      | FX Forward Contract: TWD/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | TW        |         1 | NC      | $-52.05       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| RAYTHEON TECHNOLOGIES CORPORATION                  | RAYTHEON TECHNOLOGIES CORP 1.900000% 09/01/2031                                  | CUSIP: 75513ECM1<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |    105000 | PA      | $82436.30     | 0.52%             | 2031-09-01      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| ALLIED UNIVERSAL HOLDCO LLC                        | ALLIED UNIVERSAL HOLDCO LLC/ALLIED UNIVERSAL FINAN 4.625000% 06/01/2028          | CUSIP: 019579AA9<br>LEI: 98450038B4549046D794 | Long             | DBT              | NUSS              | US        |    150000 | PA      | $123889.50    | 0.78%             | 2028-06-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| DIRECTV FINANCING, LLC                             | DIRECTV FINANCING LLC / DIRECTV FINANCING CO-OBLIG 5.875000% 08/15/2027          | CUSIP: 25461LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    170000 | PA      | $152092.20    | 0.95%             | 2027-08-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/SGD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-104.55      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SWISS FRANC                                        | FX Forward Contract: CHF/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | CH        |         1 | NC      | $57.31        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/NZD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $0.38         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PHILLIPINE PESO                                    | FX Forward Contract: PHP/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | PH        |         1 | NC      | $-20.72       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| WASTE MANAGEMENT, INC.                             | WASTE MANAGEMENT INC 2.000000% 06/01/2029                                        | CUSIP: 94106LBQ1<br>LEI: 549300YX8JIID70NFS41 | Long             | DBT              | CORP              | US        |     75000 | PA      | $63466.45     | 0.40%             | 2029-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/JPY SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-435.86      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| United States of America                           | US TREASURY N/B 4.000000% 11/15/2052                                             | CUSIP: 912810TL2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    155000 | PA      | $155217.97    | 0.97%             | 2052-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO.                               | JPMORGAN CHASE & CO 5.000000% MATURITY: PERPETUAL                                | CUSIP: 48128BAF8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    240000 | PA      | $219583.37    | 1.37%             | 2171-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| META PLATFORMS, INC.                               | META PLATFORMS INC VARIABLE RATE 08/15/2052                                      | CUSIP: 30303M8J4<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |     60000 | PA      | $47679.04     | 0.30%             | 2052-08-15      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| SWISS FRANC                                        | FX Forward Contract: CHF/USD SETTLE 2023-03-15                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | CH        |         1 | NC      | $1246.71      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2022-12-31

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

**Signature:** Andy Metzger

**Name of Signer:** Andy Metzger

**Title:** CFO