# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0002048251-25-003865
**Filing Date:** 2025-12
**Character Count:** 146902
**Document Hash:** 40a2805879412feb7515da9f68ba0b86
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-25-003865.hdr.sgml**: 20251230

**ACCESSION NUMBER**: 0002048251-25-003865

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251230

**DATE AS OF CHANGE**: 20251229

**PERIOD START**: 20251031

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22920
- **FILM NUMBER:** 251610505

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

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

## Series and Classes Contracts Data

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** OAKS

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19456

  - **Telephone number:** 8774463863

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

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

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

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

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

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

- **b. Date as of which information is reported:** 2025-10-31

**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:** $337533915.18

**Total Liabilities:** $194095.79

**Net Assets:** $337339819.39

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -476.13313493 | **1-Year:** -10142.00290127 | **5-Year:** -36598.57155735 | **10-Year:** -50856.93658793 | **30-Year:** -15622.40496135

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

- **3-Month:** -166.16151390 | **1-Year:** -2956.25167780 | **5-Year:** -7772.64643522 | **10-Year:** -5284.42825057 | **30-Year:** -1407.00966557

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000152509 | 0.56%                | 1.13%                | 1.14%                |
| Class ID C000158704 | 0.45%                | 1.11%                | 1.14%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $129752.84               | $574212.69                                 |
| Month 2  | $-246143.22              | $2463907.52                                |
| Month 3  | $-676577.79              | $3166380.68                                |

### Schedule of Portfolio Investments

| Name                                                                           | Title                                                                             | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| RCKT MORTGAGE TRUST                                                            | RCKT MORTGAGE TRUST 2021-5 RCKT 2021-5 A1                                         | CUSIP: 749384AA1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1089210 | PA      | $913447.78    | 0.27%             | 2051-11-25      | Floating      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| RCKT MORTGAGE TRUST                                                            | RCKT MORTGAGE TRUST 2022-3 RCKT 2022-3 A5                                         | CUSIP: 74938XAD1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1453354 | PA      | $1315168.66   | 0.39%             | 2052-05-25      | Floating      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| BOARDWALK PIPELINES, LP                                                        | BOARDWALK PIPELINES LP 4.800000% 05/03/2029                                       | CUSIP: 096630AG3<br>LEI: 549300W6AQ2GHHCGL606 | Long             | DBT              | CORP              | US        |    480000 | PA      | $486412.53    | 0.14%             | 2029-05-03      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN FS4653                                                         | CUSIP: 3140XLE38<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    662893 | PA      | $671905.47    | 0.20%             | 2053-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BX COMMERCIAL MORTGAGE TRUST                                                   | BX COMMERCIAL MORTGAGE TRUST 2021-VOLT BX 2021-VOLT C                             | CUSIP: 05609VAJ4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1157750 | PA      | $1157034.82   | 0.34%             | 2036-09-15      | Floating      | 5.25%                 | Yes           |                  2 | On Loan: No      |
| United States of America                                                       | US TREASURY N/B 1.250000% 05/15/2050                                              | CUSIP: 912810SN9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  15080000 | PA      | $7492875.00   | 2.22%             | 2050-05-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC GOLD POOL FG Q49490                                                   | CUSIP: 3132WPRL3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    239298 | PA      | $225641.99    | 0.07%             | 2047-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN CB6720                                                         | CUSIP: 3140QSPE5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   1770697 | PA      | $1730033.08   | 0.51%             | 2053-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| EASTERN GAS TRANSMISSION AND STORAGE, INC.                                     | EASTERN GAS TRANSMISSION & STORAGE INC 3.000000% 11/15/2029                       | CUSIP: 276480AH3<br>LEI: H2VQBNB3NSKRM5QWBI71 | Long             | DBT              | CORP              | US        |    560000 | PA      | $535960.53    | 0.16%             | 2029-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| United States of America                                                       | US TREASURY N/B 1.375000% 11/15/2031                                              | CUSIP: 91282CDJ7<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   2880000 | PA      | $2504024.99   | 0.74%             | 2031-11-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| ARTHUR J. GALLAGHER & CO.                                                      | ARTHUR J GALLAGHER & CO 5.150000% 02/15/2035                                      | CUSIP: 04316JAN9<br>LEI: 54930049QLLMPART6V29 | Long             | DBT              | CORP              | US        |   1090000 | PA      | $1100565.92   | 0.33%             | 2035-02-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| AMERICAN ELECTRIC POWER COMPANY, INC.                                          | AMERICAN ELECTRIC POWER CO INC 6.050000% 03/15/2056                               | CUSIP: 02557TAF6<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |   1606000 | PA      | $1626388.17   | 0.48%             | 2056-03-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC POOL FR SL0470                                                        | CUSIP: 31427MQY0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   2399109 | PA      | $2396555.92   | 0.71%             | 2055-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC GOLD POOL FG G08615                                                   | CUSIP: 3128MJVH0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    175954 | PA      | $167059.63    | 0.05%             | 2044-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| NewMarket Corporation                                                          | NEWMARKET CORP 2.700000% 03/18/2031                                               | CUSIP: 651587AG2<br>LEI: 54930082CG88ERDREQ47 | Long             | DBT              | CORP              | US        |   1592000 | PA      | $1448499.79   | 0.43%             | 2031-03-18      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| ASHTEAD CAPITAL, INC.                                                          | ASHTEAD CAPITAL INC 144A 1.500000% 08/12/2026                                     | CUSIP: 045054AN3<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | GB        |    650000 | PA      | $635857.90    | 0.19%             | 2026-08-12      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC GOLD POOL FG G08702                                                   | CUSIP: 3128MJX88<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    111847 | PA      | $105666.53    | 0.03%             | 2046-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| RATE MORTGAGE TRUST                                                            | RATE MORTGAGE TRUST 2022-J1 RATE 2022-J1 A9                                       | CUSIP: 75410RAJ5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1052672 | PA      | $939040.55    | 0.28%             | 2052-01-25      | Floating      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC POOL FR SD8493                                                        | CUSIP: 3132DWNJ8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   1739882 | PA      | $1758147.92   | 0.52%             | 2054-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| RAYMOND JAMES FINANCIAL, INC.                                                  | RAYMOND JAMES FINANCIAL INC 3.750000% 04/01/2051                                  | CUSIP: 754730AH2<br>LEI: RGUZHJ05YTITL6D76949 | Long             | DBT              | CORP              | US        |    610000 | PA      | $458428.99    | 0.14%             | 2051-04-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| United States of America                                                       | US TREASURY N/B 3.000000% 08/15/2052                                              | CUSIP: 912810TJ7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    250000 | PA      | $184775.39    | 0.05%             | 2052-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GM FINANCIAL CONSUMER AUTOMOBILE RECEIVABLES TRUST                             | GM FINANCIAL CONSUMER AUTOMOBILE RECEIVABLES TRUST GMCAR 2025-1 B                 | CUSIP: 362955AF3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    665000 | PA      | $677314.20    | 0.20%             | 2030-08-16      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC GOLD POOL FG V84897                                                   | CUSIP: 3132LANN8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |     66340 | PA      | $64186.87     | 0.02%             | 2048-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC POOL FR QD4256                                                        | CUSIP: 3133B1WR8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   1596575 | PA      | $1360543.72   | 0.40%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| TANGER PROPERTIES LIMITED PARTNERSHIP                                          | TANGER PROPERTIES LP 2.750000% 09/01/2031                                         | CUSIP: 875484AL1<br>LEI: PQPGJDNFN35EXH363L31 | Long             | DBT              | CORP              | US        |   1370000 | PA      | $1230901.78   | 0.36%             | 2031-09-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN BX0441                                                         | CUSIP: 3140N4P35<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    461060 | PA      | $466109.80    | 0.14%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC POOL FR RA8715                                                        | CUSIP: 3133KQVG8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    763794 | PA      | $763927.32    | 0.23%             | 2053-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN CB4621                                                         | CUSIP: 3140QQD36<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    311155 | PA      | $311779.12    | 0.09%             | 2052-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SEQUOIA MORTGAGE TRUST                                                         | SEQUOIA MORTGAGE TRUST 2015-4 SEMT 2015-4 A1                                      | CUSIP: 81746MAA8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     23747 | PA      | $23232.45     | 0.01%             | 2030-11-25      | Floating      | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC REMICS FHR 5438 GL                                                    | CUSIP: 3137HF7G4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   3500000 | PA      | $2214244.20   | 0.66%             | 2050-12-25      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN FS4190                                                         | CUSIP: 3140XKUQ1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   1193436 | PA      | $1194998.19   | 0.35%             | 2053-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STORE MASTER FUNDING LLC                                                       | STORE MASTER FUNDING I-VII XIV XIX XX XXIV XXII STR 2024-1A A2                    | CUSIP: 86212XAM2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    992500 | PA      | $1016072.94   | 0.30%             | 2054-05-20      | Fixed         | 5.70%                 | Yes           |                  2 | On Loan: No      |
| ENTERGY ARKANSAS, LLC                                                          | ENTERGY ARKANSAS LLC 5.750000% 06/01/2054                                         | CUSIP: 29366MAG3<br>LEI: 549300A0I5ONUIFMLP35 | Long             | DBT              | CORP              | US        |   1080000 | PA      | $1115083.05   | 0.33%             | 2054-06-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC GOLD POOL FG G60187                                                   | CUSIP: 31335AF45<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |     96329 | PA      | $88266.70     | 0.03%             | 2045-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC POOL FR QA8805                                                        | CUSIP: 3133A3YA0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    404064 | PA      | $362106.49    | 0.11%             | 2050-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL                                                               | PARAMOUNT GLOBAL 6.875000% 04/30/2036                                             | CUSIP: 925524AX8<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |   1145000 | PA      | $1204143.67   | 0.36%             | 2036-04-30      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS COMPANY                                                       | AMERICAN EXPRESS CO 5.442000% 01/30/2036                                          | CUSIP: 025816DZ9<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |   1293000 | PA      | $1345778.07   | 0.40%             | 2036-01-30      | Fixed         | 5.44%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN CB6328                                                         | CUSIP: 3140QSA68<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    643589 | PA      | $661654.58    | 0.20%             | 2053-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| OSHKOSH CORPORATION                                                            | OSHKOSH CORP 3.100000% 03/01/2030                                                 | CUSIP: 688225AH4<br>LEI: 549300FEKNPCFSA2B506 | Long             | DBT              | CORP              | US        |   1550000 | PA      | $1470484.60   | 0.44%             | 2030-03-01      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| OWN EQUIPMENT FUND                                                             | OWN EQUIPMENT FUND I LLC EQS 2024-2M A                                            | CUSIP: 69121NAA6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    509487 | PA      | $507078.94    | 0.15%             | 2032-12-20      | Fixed         | 5.70%                 | Yes           |                  2 | On Loan: No      |
| VANTAGE DATA CENTERS ISSUER LLC                                                | VANTAGE DATA CENTERS LLC VDC 2025-1A A2                                           | CUSIP: 92212KAH9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    750000 | PA      | $754648.88    | 0.22%             | 2055-08-15      | Fixed         | 5.13%                 | Yes           |                  2 | On Loan: No      |
| TRINITY RAIL LEASING LLC                                                       | TRINITY RAIL LEASING 2018 LLC TRL 2018-1A A2                                      | CUSIP: 89657AAB2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    600000 | PA      | $595104.18    | 0.18%             | 2048-06-17      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN FM7377                                                         | CUSIP: 3140XBFT2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   1119911 | PA      | $1009927.25   | 0.30%             | 2051-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| AMRIZE FINANCE US LLC                                                          | AMRIZE FINANCE US LLC 144A 5.400000% 04/07/2035                                   | CUSIP: 43475RAD8<br>LEI: 529900FB2F1WKLFNGY62 | Long             | DBT              | CORP              | US        |   1765000 | PA      | $1822602.70   | 0.54%             | 2035-04-07      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| DIAMONDBACK ENERGY, INC.                                                       | DIAMONDBACK ENERGY INC 5.900000% 04/18/2064                                       | CUSIP: 25278XBB4<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1437200.46   | 0.43%             | 2064-04-18      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST HSG DEV AUTH                                                       | VIRGINIA ST HSG DEV AUTH VIRGINIA HOUSING DEVELOPMENT AUTHORITY                   | CUSIP: 92812VY34<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $387241.30    | 0.11%             | 2041-04-01      | Fixed         | 2.83%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN CB6032                                                         | CUSIP: 3140QRV26<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    646500 | PA      | $657994.11    | 0.20%             | 2053-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| United States of America                                                       | US TREASURY N/B 4.000000% 11/15/2052                                              | CUSIP: 912810TL2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2530000 | PA      | $2261088.68   | 0.67%             | 2052-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DUQUESNE LIGHT HOLDINGS, INC.                                                  | DUQUESNE LIGHT HOLDINGS INC 144A 2.532000% 10/01/2030                             | CUSIP: 266233AH8<br>LEI: 4CUJ1D8WDXK9X7QI6B93 | Long             | DBT              | CORP              | US        |    540000 | PA      | $486446.14    | 0.14%             | 2030-10-01      | Fixed         | 2.53%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2                                     | GINNIE MAE II POOL G2 CE1947                                                      | CUSIP: 3617VQEU6<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    855710 | PA      | $769206.48    | 0.23%             | 2051-06-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                                                       | MINNESOTA ST HSG FIN AGY MINNESOTA HOUSING FINANCE AGENCY                         | CUSIP: 60416UNK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $752076.98    | 0.22%             | 2049-07-01      | Fixed         | 5.92%                 | No            |                  2 | On Loan: No      |
| NTT FINANCE CORPORATION                                                        | NTT FINANCE CORP 144A 5.502000% 07/16/2035                                        | CUSIP: 62954WAV7<br>LEI: 3538007PR116187GD960 | Long             | DBT              | NUSS              | JP        |   1175000 | PA      | $1224818.44   | 0.36%             | 2035-07-16      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ONEOK, INC.                                                                    | ONEOK INC 5.650000% 09/01/2034                                                    | CUSIP: 682680CU5<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |   1280000 | PA      | $1318441.78   | 0.39%             | 2034-09-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN FS0982                                                         | CUSIP: 3140XGCU1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   1152920 | PA      | $1030847.20   | 0.31%             | 2052-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SWCH COMMERCIAL MORTGAGE TRUST                                                 | SWCH COMMERCIAL MORTGAGE TRUST 2025-DATA SWCH 2025-DATA C                         | CUSIP: 78489CAC3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    875000 | PA      | $870078.13    | 0.26%             | 2042-02-15      | Floating      | 6.12%                 | Yes           |                  2 | On Loan: No      |
| KITE REALTY GROUP, L.P.                                                        | KITE REALTY GROUP LP 5.500000% 03/01/2034                                         | CUSIP: 49803XAE3<br>LEI: 549300X6R2GYI8Y3OD81 | Long             | DBT              | CORP              | US        |   1280000 | PA      | $1320380.95   | 0.39%             | 2034-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PAGAYA AI DEBT GRANTOR TRUST                                                   | PAGAYA AI DEBT GRANTOR TRUST 2025-1 PAID 2025-1 B                                 | CUSIP: 69544NAC1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    449962 | PA      | $454070.22    | 0.13%             | 2032-07-15      | Fixed         | 5.63%                 | Yes           |                  2 | On Loan: No      |
| BLUE OWL ASSET LEASING TRUST                                                   | BLUE OWL ASSET LEASING TRUST 2024-1 LLC OWLEF 2024-1A B                           | CUSIP: 095921AC6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    710000 | PA      | $717578.82    | 0.21%             | 2030-03-15      | Fixed         | 5.41%                 | Yes           |                  2 | On Loan: No      |
| BAIN CAPITAL SPECIALTY FINANCE, INC.                                           | BAIN CAPITAL SPECIALTY FINANCE INC 5.950000% 03/15/2030                           | CUSIP: 05684BAD9<br>LEI: 549300V2JL72R0EYBK64 | Long             | DBT              | CORP              | US        |   1160000 | PA      | $1156167.81   | 0.34%             | 2030-03-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| BANK                                                                           | BANK 2025-BNK50 BANK 2025-BNK50 A5                                                | CUSIP: 064908AH9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    700000 | PA      | $743731.17    | 0.22%             | 2068-05-15      | Floating      | 5.65%                 | No            |                  2 | On Loan: No      |
| PENNANTPARK CLO LTD                                                            | PENNANTPARK CLO 12 LLC PNTPK 2025-12A B                                           | CUSIP: 70807EAE7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    875000 | PA      | $874101.38    | 0.26%             | 2037-04-20      | Floating      | 5.73%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC MULTIFAMILY STRUCTURED PASS THROUGH CE FHMS K-162 A2                  | CUSIP: 3137HBP73<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   1000000 | PA      | $1054064.30   | 0.31%             | 2033-12-25      | Floating      | 5.15%                 | No            |                  2 | On Loan: No      |
| SANTANDER DRIVE AUTO RECEIVABLES TRUST                                         | SANTANDER DRIVE AUTO RECEIVABLES TRUST 2025-1 SDART 2025-1 B                      | CUSIP: 80288DAD8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    665000 | PA      | $669045.33    | 0.20%             | 2031-03-17      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ORACLE CORPORATION                                                             | ORACLE CORP 2.875000% 03/25/2031                                                  | CUSIP: 68389XCE3<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    600000 | PA      | $546924.25    | 0.16%             | 2031-03-25      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC POOL FR SD2174                                                        | CUSIP: 3132DPMX3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    550044 | PA      | $565253.14    | 0.17%             | 2053-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| EXTRA SPACE STORAGE LP                                                         | EXTRA SPACE STORAGE LP 2.350000% 03/15/2032                                       | CUSIP: 30225VAG2<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              | CORP              | US        |    730000 | PA      | $634367.23    | 0.19%             | 2032-03-15      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| NEUBERGER BERMAN GROUP LLC                                                     | NEUBERGER BERMAN GROUP LLC / NEUBERGER BERMAN FINA 4.500000% 03/15/2027           | CUSIP: 64128XAG5<br>LEI: 549300XIWEKOTC8HO652 | Long             | DBT              | CORP              | US        |    970000 | PA      | $968764.20    | 0.29%             | 2027-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y CITY HSG DEV CORP MULTIFAMILY HSG REV                             | NEW YORK CITY NY HSG DEV CORP NEW YORK CITY HOUSING DEVELOPMENT CORP              | CUSIP: 64972EWP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $647035.65    | 0.19%             | 2046-11-01      | Fixed         | 3.08%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN AJ8172                                                         | CUSIP: 3138E1CJ4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    211029 | PA      | $206600.91    | 0.06%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CSMC TRUST                                                                     | CSMC TRUST 2013-IVR3 CSMC 2013-IVR3 A2                                            | CUSIP: 12646XAJ1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    116167 | PA      | $106000.48    | 0.03%             | 2043-05-25      | Floating      | 3.00%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL HOLDINGS, INC.                                          | NEXTERA ENERGY CAPITAL HOLDINGS INC 1.900000% 06/15/2028                          | CUSIP: 65339KBW9<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |   1230000 | PA      | $1165507.35   | 0.35%             | 2028-06-15      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| Constellation Software Inc.                                                    | CONSTELLATION SOFTWARE INC/CANADA 144A 5.461000% 02/16/2034                       | CUSIP: 21037XAD2<br>LEI: 549300B6PYHMCTDWQV29 | Long             | DBT              | NUSS              | CA        |   1040000 | PA      | $1054857.39   | 0.31%             | 2034-02-16      | Fixed         | 5.46%                 | No            |                  2 | On Loan: No      |
| CSMC TRUST                                                                     | CSMC TRUST 2015-2 CSMC 2015-2 A18                                                 | CUSIP: 12649RBJ0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    103933 | PA      | $95843.15     | 0.03%             | 2045-02-25      | Floating      | 3.50%                 | No            |                  2 | On Loan: No      |
| MONONGAHELA POWER COMPANY                                                      | MONONGAHELA POWER CO 144A 3.550000% 05/15/2027                                    | CUSIP: 610202BR3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    550000 | PA      | $545454.98    | 0.16%             | 2027-05-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| HALSEYPOINT CLO                                                                | HALSEYPOINT CLO 3 LTD HLSY 2020-3A A1R                                            | CUSIP: 40638UAS8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1170000 | PA      | $1172928.51   | 0.35%             | 2037-07-30      | Floating      | 5.32%                 | Yes           |                  2 | On Loan: No      |
| ROPER TECHNOLOGIES, INC.                                                       | ROPER TECHNOLOGIES INC 2.950000% 09/15/2029                                       | CUSIP: 776743AG1<br>LEI: 54930003T4SXCIWVXY35 | Long             | DBT              | CORP              | US        |    420000 | PA      | $401138.31    | 0.12%             | 2029-09-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2                                     | GINNIE MAE II POOL G2 MA8491                                                      | CUSIP: 36179XNG7<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    802541 | PA      | $815855.10    | 0.24%             | 2052-12-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC POOL FR QG5435                                                        | CUSIP: 3133C6BC2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   2409043 | PA      | $2404791.89   | 0.71%             | 2053-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN AL9918                                                         | CUSIP: 3138ESAU2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    207677 | PA      | $197203.18    | 0.06%             | 2047-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC POOL FR RA8415                                                        | CUSIP: 3133KQK47<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    658785 | PA      | $669736.92    | 0.20%             | 2053-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2                                     | GINNIE MAE II POOL G2 MA7704                                                      | CUSIP: 36179WRZ3<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   2031316 | PA      | $1690168.78   | 0.50%             | 2051-11-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| PALMER SQUARE BDC CLO LTD                                                      | PALMER SQUARE BDC CLO 1 LTD PSBDC 1A A                                            | CUSIP: 696928AA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1001536.00   | 0.30%             | 2037-07-15      | Floating      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| JERSEY CENTRAL POWER & LIGHT COMPANY                                           | JERSEY CENTRAL POWER & LIGHT CO 144A 2.750000% 03/01/2032                         | CUSIP: 476556DD4<br>LEI: 549300W9UGH9ZPLNPF79 | Long             | DBT              | CORP              | US        |    670000 | PA      | $600971.06    | 0.18%             | 2032-03-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC POOL FR QF6108                                                        | CUSIP: 3133BTYD6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    709297 | PA      | $719606.41    | 0.21%             | 2053-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| COLOGIX DATA CENTERS US ISSUER, LLC                                            | COLOGIX DATA CENTERS US ISSUER LLC CLGIX 2021-1A A2                               | CUSIP: 19521UAA1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    580000 | PA      | $566630.36    | 0.17%             | 2051-12-26      | Fixed         | 3.30%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN CB4794                                                         | CUSIP: 3140QQKG9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    717592 | PA      | $702086.46    | 0.21%             | 2052-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SEQUOIA MORTGAGE TRUST                                                         | SEQUOIA MORTGAGE TRUST 2015-2 SEMT 2015-2 A1                                      | CUSIP: 81733YAA7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     39287 | PA      | $36251.42     | 0.01%             | 2045-05-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN CB4573                                                         | CUSIP: 3140QQCK9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    304756 | PA      | $304882.16    | 0.09%             | 2052-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VOYA CLO                                                                       | VOYA CLO 2018-4 LTD VOYA 2018-4A A2RR                                             | CUSIP: 92917WBN7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1170000 | PA      | $1170355.68   | 0.35%             | 2037-10-15      | Floating      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC POOL FR QB2616                                                        | CUSIP: 3133A83Z8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    335820 | PA      | $274968.16    | 0.08%             | 2050-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FLOWSERVE CORPORATION                                                          | FLOWSERVE CORP 2.800000% 01/15/2032                                               | CUSIP: 34355JAB4<br>LEI: 6Y0GK87T6V7NJKZJVM41 | Long             | DBT              | CORP              | US        |   1407000 | PA      | $1251608.05   | 0.37%             | 2032-01-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| NATIONAL AUSTRALIA BANK LIMITED                                                | NATIONAL AUSTRALIA BANK LTD 144A 3.347000% 01/12/2037                             | CUSIP: 632525BB6<br>LEI: F8SB4JFBSYQFRQEH3Z21 | Long             | DBT              | NUSS              | AU        |    750000 | PA      | $684554.27    | 0.20%             | 2037-01-12      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| ABPCI DIRECT LENDING FUND CLO LTD                                              | ABPCI DIRECT LENDING FUND CLO VI LTD ABPCI 2019-6A BRR                            | CUSIP: 00086GBE0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    770000 | PA      | $760766.93    | 0.23%             | 2037-01-27      | Floating      | 5.56%                 | Yes           |                  2 | On Loan: No      |
| BANK OF AMERICA CORPORATION                                                    | BANK OF AMERICA CORP 5.511000% 01/24/2036                                         | CUSIP: 06051GMM8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   1150000 | PA      | $1203966.75   | 0.36%             | 2036-01-24      | Fixed         | 5.51%                 | No            |                  2 | On Loan: No      |
| OCP CLO LTD                                                                    | OCP CLO 2022-24 LTD OCP 2022-24A A2R                                              | CUSIP: 67118YAN3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |   1170000 | PA      | $1170352.17   | 0.35%             | 2037-10-20      | Floating      | 5.43%                 | Yes           |                  2 | On Loan: No      |
| SFS AUTO RECEIVABLES SECURITIZATION TRUST                                      | SFS AUTO RECEIVABLES SECURITIZATION TRUST 2025-1 SFAST 2025-1A B                  | CUSIP: 81885BAJ4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    665000 | PA      | $681868.72    | 0.20%             | 2031-02-20      | Fixed         | 5.11%                 | Yes           |                  2 | On Loan: No      |
| GS MORTGAGE SECURITIES CORPORATION TRUST                                       | GS MORTGAGE SECURITIES CORP TRUST 2024-RVR GSMS 2024-RVR A                        | CUSIP: 36272JAA1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1150000 | PA      | $1167321.42   | 0.35%             | 2041-08-10      | Floating      | 5.20%                 | Yes           |                  2 | On Loan: No      |
| SANTANDER DRIVE AUTO RECEIVABLES TRUST                                         | SANTANDER DRIVE AUTO RECEIVABLES TRUST 2025-2 SDART 2025-2 B                      | CUSIP: 80287NAD7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    660000 | PA      | $664194.10    | 0.20%             | 2031-05-15      | Fixed         | 4.87%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC POOL FR QD9323                                                        | CUSIP: 3133B7LC0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   1586497 | PA      | $1353148.93   | 0.40%             | 2052-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FIDELIS MORTGAGE TRUST                                                         | FIDELIS MORTGAGE TRUST 2025-RTL2 FIDL 2025-RTL2 A2                                | CUSIP: 31575JAC2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1200000 | PA      | $1207269.00   | 0.36%             | 2040-07-25      | Floating      | 6.06%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC GOLD POOL FG G08799                                                   | CUSIP: 3128MJ3H1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    116232 | PA      | $105297.83    | 0.03%             | 2048-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| TOYOTA AUTO LOAN EXTENDED NOTE TRUST                                           | TOYOTA AUTO LOAN EXTENDED NOTE TRUST 2025-1 TALNT 2025-1A A                       | CUSIP: 891950AA5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    700000 | PA      | $712767.51    | 0.21%             | 2038-05-25      | Fixed         | 4.65%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN CB2610                                                         | CUSIP: 3140QM3U6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   1885517 | PA      | $1545578.58   | 0.46%             | 2052-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN CB5995                                                         | CUSIP: 3140QRUV3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   1802149 | PA      | $1764117.86   | 0.52%             | 2053-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN CB6033                                                         | CUSIP: 3140QRV34<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    635181 | PA      | $655306.50    | 0.19%             | 2053-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TRINITY RAIL LEASING LLC                                                       | TRINITY RAIL LEASING 2025 LLC TRL 2025-1A B                                       | CUSIP: 89657MAB6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    825000 | PA      | $821263.58    | 0.24%             | 2055-10-19      | Fixed         | 5.30%                 | Yes           |                  2 | On Loan: No      |
| MASCO CORPORATION                                                              | MASCO CORP 6.500000% 08/15/2032                                                   | CUSIP: 574599AY2<br>LEI: 5GCSNMQXHEYA1JO8QN11 | Long             | DBT              | CORP              | US        |    317000 | PA      | $348783.68    | 0.10%             | 2032-08-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ANGLO AMERICAN CAPITAL PLC                                                     | ANGLO AMERICAN CAPITAL PLC 144A 4.500000% 03/15/2028                              | CUSIP: 034863AU4<br>LEI: TINT358G1SSHR3L3PW36 | Long             | DBT              | NUSS              | ZA        |    525000 | PA      | $527027.25    | 0.16%             | 2028-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                                   | UBS GROUP AG 144A 3.179000% 02/11/2043                                            | CUSIP: 902613AL2<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | NUSS              | CH        |    555000 | PA      | $427620.85    | 0.13%             | 2043-02-11      | Fixed         | 3.18%                 | No            |                  2 | On Loan: No      |
| L'OREAL SA                                                                     | L'OREAL SA 144A 5.000000% 05/20/2035                                              | CUSIP: 502117AA2<br>LEI: 529900JI1GG6F7RKVI53 | Long             | DBT              | NUSS              | FR        |   1190000 | PA      | $1223935.28   | 0.36%             | 2035-05-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC POOL FR SD2184                                                        | CUSIP: 3132DPM96<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    638074 | PA      | $656633.80    | 0.19%             | 2053-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| HERTZ VEHICLE FINANCING III LLC                                                | HERTZ VEHICLE FINANCING LLC HERTZ 2022-5A B                                       | CUSIP: 42806MBL2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    650000 | PA      | $642053.88    | 0.19%             | 2028-09-25      | Fixed         | 4.28%                 | Yes           |                  2 | On Loan: No      |
| BUSINESS JET SECURITIES LLC                                                    | BUSINESS JET SECURITIES 2024-1 LLC BJETS 2024-1A A                                | CUSIP: 12327CAA2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    965860 | PA      | $989900.56    | 0.29%             | 2039-05-15      | Fixed         | 6.20%                 | Yes           |                  2 | On Loan: No      |
| CITIGROUP INC.                                                                 | CITIGROUP INC 6.020000% 01/24/2036                                                | CUSIP: 172967PU9<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   1150000 | PA      | $1203119.52   | 0.36%             | 2036-01-24      | Fixed         | 6.02%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN CA1389                                                         | CUSIP: 3140Q8RK3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    165629 | PA      | $164392.02    | 0.05%             | 2048-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| United States of America                                                       | US TREASURY N/B 3.750000% 10/31/2032                                              | CUSIP: 91282CPF2<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   1170000 | PA      | $1160128.13   | 0.34%             | 2032-10-31      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| AFFIRM ASSET SECURITIZATION TRUST                                              | AFFIRM ASSET SECURITIZATION TRUST 2024-X2 AFFRM 2024-X2 B                         | CUSIP: 00833QAB1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    600000 | PA      | $601029.24    | 0.18%             | 2029-12-17      | Fixed         | 5.33%                 | Yes           |                  2 | On Loan: No      |
| Spirit Airlines Pass Through Trusts                                            | SPIRIT AIRLINES PASS THROUGH TRUST 2015-1A 4.100000% 04/01/2028                   | CUSIP: 84858DAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    964923 | PA      | $916349.01    | 0.27%             | 2028-04-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| BSTN COMMERCIAL MORTGAGE TRUST                                                 | BSTN COMMERCIAL MORTGAGE TRUST 2025-HUB BSTN 2025-HUB A                           | CUSIP: 05594GAA3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    750000 | PA      | $754652.40    | 0.22%             | 2041-04-13      | Floating      | 5.06%                 | Yes           |                  2 | On Loan: No      |
| NEW YORK ST MTG AGY HOMEOWNER MTG REV                                          | NEW YORK ST MTGE AGY HOMEOWNER STATE OF NEW YORK MORTGAGE AGENCY HOMEOWNER MORTGA | CUSIP: 64988YPC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $482200.46    | 0.14%             | 2046-10-01      | Fixed         | 2.93%                 | No            |                  2 | On Loan: No      |
| GS MORTGAGE-BACKED SECURITIES TRUST                                            | GS MORTGAGE-BACKED SECURITIES TRUST 2022-LTV2 GSMBS 2022-MM1 A8                   | CUSIP: 36266PAJ6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1348642 | PA      | $1204855.29   | 0.36%             | 2052-07-25      | Floating      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| EXETER SELECT AUTOMOBILE RECEIVABLES TRUST                                     | EXETER SELECT AUTOMOBILE RECEIVABLES TRUST 2025-1 ESART 2025-1 A3                 | CUSIP: 30185AAC5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    530000 | PA      | $533841.71    | 0.16%             | 2030-04-15      | Fixed         | 4.69%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC POOL FR SD8097                                                        | CUSIP: 3132DV7J8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    567084 | PA      | $463249.07    | 0.14%             | 2050-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| EXPAND ENERGY CORPORATION                                                      | EXPAND ENERGY CORP 4.750000% 02/01/2032                                           | CUSIP: 845467AT6<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |   1130000 | PA      | $1109297.43   | 0.33%             | 2032-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| AUDAX SENIOR DEBT CLO                                                          | AUDAX SENIOR DEBT CLO 12 LLC AUDAX 2025-12A B                                     | CUSIP: 05071UAG1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $988181.00    | 0.29%             | 2037-04-22      | Floating      | 5.61%                 | Yes           |                  2 | On Loan: No      |
| United States of America                                                       | US TREASURY N/B 4.000000% 07/31/2032                                              | CUSIP: 91282CNR8<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   2120000 | PA      | $2135320.31   | 0.63%             | 2032-07-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC POOL FR SD3737                                                        | CUSIP: 3132E0EJ7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   1133907 | PA      | $1169374.83   | 0.35%             | 2053-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| RATE MORTGAGE TRUST                                                            | RATE MORTGAGE TRUST 2024-J4 RATE 2024-J4 A1                                       | CUSIP: 75408TAA4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1092401 | PA      | $1112864.61   | 0.33%             | 2054-12-25      | Floating      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC POOL FR RA8278                                                        | CUSIP: 3133KQFT8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    693725 | PA      | $695276.20    | 0.21%             | 2052-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST HSG DEV AUTH SINGLE FAMILY MTG REV                                 | MICHIGAN ST HSG DEV AUTH SF MT MICHIGAN STATE HOUSING DEVELOPMENT AUTHORITY       | CUSIP: 594654VG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    895000 | PA      | $914030.03    | 0.27%             | 2038-12-01      | Fixed         | 5.82%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC STRUCTURED PASS-THROUGH CERTIFICATES FSPC T-54 4A                     | CUSIP: 31393LFP3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |     43705 | PA      | $42169.25     | 0.01%             | 2043-02-25      | Floating      | 4.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC POOL FR RA7125                                                        | CUSIP: 3133KN4J9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    849290 | PA      | $789543.47    | 0.23%             | 2052-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN FM5000                                                         | CUSIP: 3140X8RW9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    633029 | PA      | $590126.34    | 0.17%             | 2050-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| United States of America                                                       | US TREASURY N/B 2.625000% 07/31/2029                                              | CUSIP: 91282CFC0<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   5640000 | PA      | $5438854.70   | 1.61%             | 2029-07-31      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC POOL FR ZN1811                                                        | CUSIP: 3131Y8AL9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    113688 | PA      | $112426.45    | 0.03%             | 2048-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PAGAYA AI DEBT GRANTOR TRUST                                                   | PAGAYA AI DEBT GRANTOR TRUST 2025-2 PAID 2025-2 B                                 | CUSIP: 69545GAC5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    999895 | PA      | $1006310.80   | 0.30%             | 2032-10-15      | Fixed         | 5.33%                 | Yes           |                  2 | On Loan: No      |
| CHASE HOME LENDING MORTGAGE TRUST                                              | CHASE HOME LENDING MORTGAGE TRUST SERIES 2024-4 CHASE 2024-4 A4                   | CUSIP: 16159NAD6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    844183 | PA      | $853752.19    | 0.25%             | 2055-03-25      | Floating      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN FS2040                                                         | CUSIP: 3140XHHS9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   1613268 | PA      | $1315382.16   | 0.39%             | 2052-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST CMNTY DEV ADMIN DEPT HSG & CMNTY DEV                               | MARYLAND CMNTY DEV ADMIN HSG & MARYLAND DEPARTMENT OF HOUSING & COMMUNITY DEVELOP | CUSIP: 57419UDG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $761350.65    | 0.23%             | 2044-09-01      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| AVANT LOANS FUNDING TRUST                                                      | AVANT LOANS FUNDING TRUST 2025-REV1 AVNT 2025-REV1 A                              | CUSIP: 05352BAA6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    775000 | PA      | $777427.61    | 0.23%             | 2034-05-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN BK2066                                                         | CUSIP: 3140HFJL4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    314601 | PA      | $282227.96    | 0.08%             | 2050-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| INVITATION HOMES OPERATING PARTNERSHIP LP                                      | INVITATION HOMES OPERATING PARTNERSHIP LP 4.875000% 02/01/2035                    | CUSIP: 46188BAG7<br>LEI: 549300147YMUQB3GW319 | Long             | DBT              | CORP              | US        |   1135000 | PA      | $1123587.42   | 0.33%             | 2035-02-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| BANQUE DE MONTREAL                                                             | BANK OF MONTREAL 3.803000% 12/15/2032                                             | CUSIP: 06368BGS1<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | NUSS              | CA        |    825000 | PA      | $811124.45    | 0.24%             | 2032-12-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| OBX TRUST                                                                      | OBX 2025-J3 TRUST OBX 2025-J3 A3                                                  | CUSIP: 67449KAC7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1687995 | PA      | $1663269.03   | 0.49%             | 2055-10-25      | Floating      | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN BR0948                                                         | CUSIP: 3140KYBS2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   1492018 | PA      | $1214847.62   | 0.36%             | 2051-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| United States of America                                                       | US TREASURY N/B 4.125000% 11/15/2032                                              | CUSIP: 91282CFV8<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   3350000 | PA      | $3398548.84   | 1.01%             | 2032-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| United States of America                                                       | US TREASURY N/B 4.125000% 03/31/2032                                              | CUSIP: 91282CMT5<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   3100000 | PA      | $3148558.59   | 0.93%             | 2032-03-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| United States of America                                                       | US TREASURY N/B 1.875000% 11/15/2051                                              | CUSIP: 912810TB4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6814000 | PA      | $3900216.47   | 1.16%             | 2051-11-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN BO0115                                                         | CUSIP: 3140JUDV3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    207126 | PA      | $196369.40    | 0.06%             | 2049-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CI FINANCIAL CORP.                                                             | CI FINANCIAL CORP 3.200000% 12/17/2030                                            | CUSIP: 125491AN0<br>LEI: 549300M9W7JJQSVCEM78 | Long             | DBT              | NUSS              | CA        |    910000 | PA      | $819608.64    | 0.24%             | 2030-12-17      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| SEALED AIR CORPORATION                                                         | SEALED AIR CORP 144A 1.573000% 10/15/2026                                         | CUSIP: 81211KAZ3<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |    835000 | PA      | $811198.76    | 0.24%             | 2026-10-15      | Fixed         | 1.57%                 | No            |                  2 | On Loan: No      |
| MISSION LANE CREDIT CARD MASTER TRUST                                          | MISSION LANE CREDIT CARD MASTER TRUST MLANE 2025-B A                              | CUSIP: 60510MBU1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    725000 | PA      | $728661.90    | 0.22%             | 2031-09-15      | Fixed         | 5.06%                 | Yes           |                  2 | On Loan: No      |
| PAGAYA AI DEBT GRANTOR TRUST                                                   | PAGAYA AI DEBT GRANTOR TRUST 2025-3 PAID 2025-3 B                                 | CUSIP: 69544TAC8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    599879 | PA      | $609386.48    | 0.18%             | 2032-12-15      | Fixed         | 6.06%                 | Yes           |                  2 | On Loan: No      |
| PROVIDENT FUNDING MORTGAGE LOAN TRUST                                          | PROVIDENT FUNDING MORTGAGE TRUST 2025-2 PFMT 2025-2 A2                            | CUSIP: 74389DAB3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1247307 | PA      | $1255541.81   | 0.37%             | 2055-06-25      | Floating      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN BX5440                                                         | CUSIP: 3140NABJ1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    655625 | PA      | $665207.07    | 0.20%             | 2053-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                                                       | MINNESOTA ST HSG FIN AGY MINNESOTA HOUSING FINANCE AGENCY                         | CUSIP: 60416T4L9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $397291.43    | 0.12%             | 2033-07-01      | Fixed         | 5.73%                 | No            |                  2 | On Loan: No      |
| COLORADO HSG & FIN AUTH                                                        | COLORADO ST HSG & FIN AUTH COLORADO HOUSING AND FINANCE AUTHORITY                 | CUSIP: 19648GAS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    845000 | PA      | $859060.63    | 0.25%             | 2038-11-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC.                                                            | ALLY FINANCIAL INC 6.184000% 07/26/2035                                           | CUSIP: 02005NBV1<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |   1440000 | PA      | $1490686.30   | 0.44%             | 2035-07-26      | Fixed         | 6.18%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND HSG & MTG FIN CORP REV                                            | RHODE ISLAND ST HSG & MTGE FIN RHODE ISLAND HOUSING & MORTGAGE FINANCE CORP       | CUSIP: 76221TNA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    540000 | PA      | $425944.44    | 0.13%             | 2038-10-01      | Fixed         | 2.99%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN CB5430                                                         | CUSIP: 3140QRA86<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   1081539 | PA      | $1061714.58   | 0.31%             | 2053-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CARVANA AUTO RECEIVABLES TRUST                                                 | CARVANA AUTO RECEIVABLES TRUST 2025-P3 CRVNA 2025-P3 B                            | CUSIP: 14688AAE7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1250000 | PA      | $1244442.25   | 0.37%             | 2031-10-10      | Fixed         | 4.48%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN AE0954                                                         | CUSIP: 31419BBY0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    256286 | PA      | $257828.12    | 0.08%             | 2041-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| DISCOVERY COMMUNICATIONS, LLC                                                  | DISCOVERY COMMUNICATIONS LLC 4.125000% 05/15/2029                                 | CUSIP: 25470DCA5<br>LEI: L2Z2MO2EQURH3BREWI15 | Long             | DBT              | CORP              | US        |    635000 | PA      | $614273.60    | 0.18%             | 2029-05-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST HSG FIN AGY HSG REV                                           | MASSACHUSETTS ST HSG FIN AGY H MASSACHUSETTS HOUSING FINANCE AGENCY               | CUSIP: 57587A7A0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $118505.50    | 0.04%             | 2040-12-01      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| CENTERSQUARE ISSUER LLC AND CENTERSQUARE CO-ISSUER LLC                         | CENTERSQUARE ISSUER LLC CNSQ 2025-3A A2                                           | CUSIP: 15201EAK0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    755000 | PA      | $738498.12    | 0.22%             | 2055-08-25      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC POOL FR RA8249                                                        | CUSIP: 3133KQEW2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    716507 | PA      | $728576.49    | 0.22%             | 2052-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN BW5186                                                         | CUSIP: 3140MWXQ4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    674681 | PA      | $674917.00    | 0.20%             | 2052-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUNGE Ltd FINANCE CORP                                                         | BUNGE LTD FINANCE CORP 2.750000% 05/14/2031                                       | CUSIP: 120568BC3<br>LEI: 549300QHC068L40NNM71 | Long             | DBT              | CORP              | US        |   1150000 | PA      | $1056429.95   | 0.31%             | 2031-05-14      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                          | WELLS FARGO & CO 5.244000% 01/24/2031                                             | CUSIP: 95000U3P6<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   1150000 | PA      | $1190229.16   | 0.35%             | 2031-01-24      | Fixed         | 5.24%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN AY5040                                                         | CUSIP: 3138YJS64<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     61631 | PA      | $61321.21     | 0.02%             | 2035-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARS, INCORPORATED                                                             | MARS INC 144A 2.375000% 07/16/2040                                                | CUSIP: 571676AN5<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |    540000 | PA      | $389371.79    | 0.12%             | 2040-07-16      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN FM7514                                                         | CUSIP: 3140XBK41<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    926328 | PA      | $797706.66    | 0.24%             | 2051-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| COLT MORTGAGE LOAN TRUST                                                       | COLT 2022-4 MORTGAGE LOAN TRUST COLT 2022-4 A1                                    | CUSIP: 19685GAA4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    679763 | PA      | $677361.57    | 0.20%             | 2067-03-25      | Floating      | 4.30%                 | Yes           |                  2 | On Loan: No      |
| United States of America                                                       | US TREASURY N/B 3.000000% 05/15/2045                                              | CUSIP: 912810RM2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   9000000 | PA      | $7078007.79   | 2.10%             | 2045-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| United States of America                                                       | US TREASURY N/B 2.750000% 05/31/2029                                              | CUSIP: 91282CES6<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |  13000000 | PA      | $12614570.28  | 3.74%             | 2029-05-31      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| KILROY REALTY, L.P.                                                            | KILROY REALTY LP 5.875000% 10/15/2035                                             | CUSIP: 49427RAT9<br>LEI: 5493008CT3N3JR7P1552 | Long             | DBT              | CORP              | US        |   1560000 | PA      | $1575065.09   | 0.47%             | 2035-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| STORE CAPITAL LLC                                                              | STORE CAPITAL LLC 2.700000% 12/01/2031                                            | CUSIP: 862121AD2<br>LEI: 254900Z9PIEFQ6AYXK50 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1754256.24   | 0.52%             | 2031-12-01      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN FS2805                                                         | CUSIP: 3140XJDK6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   1931172 | PA      | $1640148.21   | 0.49%             | 2052-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FRANKLIN BSP CAPITAL CORPORATION                                               | FRANKLIN BSP CAPITAL CORP 7.200000% 06/15/2029                                    | CUSIP: 35250VAB0<br>LEI: 549300KJEVMKATLINB36 | Long             | DBT              | CORP              | US        |   1080000 | PA      | $1114331.61   | 0.33%             | 2029-06-15      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| HERCULES CAPITAL, INC.                                                         | HERCULES CAPITAL INC 6.000000% 06/16/2030                                         | CUSIP: 427096AN2<br>LEI: 549300UJ5OC256GR2B73 | Long             | DBT              | CORP              | US        |   1150000 | PA      | $1163951.54   | 0.35%             | 2030-06-16      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN FM4684                                                         | CUSIP: 3140X8F28<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   2124775 | PA      | $1808200.05   | 0.54%             | 2050-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| THE PNC FINANCIAL SERVICES GROUP, INC.                                         | PNC FINANCIAL SERVICES GROUP INC/THE 5.373000% 07/21/2036                         | CUSIP: 693475CE3<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |   1450000 | PA      | $1489520.00   | 0.44%             | 2036-07-21      | Fixed         | 5.37%                 | No            |                  2 | On Loan: No      |
| United States of America                                                       | US TREASURY N/B 4.000000% 03/31/2030                                              | CUSIP: 91282CMU2<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |    520000 | PA      | $526581.25    | 0.16%             | 2030-03-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ALLIANT ENERGY CORPORATION                                                     | ALLIANT ENERGY CORP 5.750000% 04/01/2056                                          | CUSIP: 018802AF5<br>LEI: 5493009ML300G373MZ12 | Long             | DBT              | CORP              | US        |   1495000 | PA      | $1500068.05   | 0.44%             | 2056-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC POOL FR SD8098                                                        | CUSIP: 3132DV7K5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    266476 | PA      | $218235.46    | 0.06%             | 2050-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN MA4941                                                         | CUSIP: 31418EP38<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   2157537 | PA      | $2189199.25   | 0.65%             | 2053-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DENVER COLO CITY & CNTY HSG AUTH MULTIFAMILY HSG REV                           | DENVER CO CITY & CNTY MF HSG R DENVER CITY & COUNTY HOUSING AUTHORITY             | CUSIP: 24917QAZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $246072.99    | 0.07%             | 2039-02-01      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| FIDELIS MORTGAGE TRUST                                                         | FIDELIS MORTGAGE TRUST 2025-RTL1 FIDL 2025-RTL1 A2                                | CUSIP: 31575LAE3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1300000 | PA      | $1321082.10   | 0.39%             | 2040-02-27      | Floating      | 6.22%                 | Yes           |                  2 | On Loan: No      |
| FREDDIE MAC SEASONED CREDIT RISK TRANSFER TRUST                                | FREDDIE MAC SEASONED CREDIT RISK TRANSFER TRUST SE SCRT 2018-4 MV                 | CUSIP: 35563PHH5<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    578267 | PA      | $550920.09    | 0.16%             | 2058-03-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BARINGS PRIVATE CREDIT CORP CLO LTD                                            | BARINGS PRIVATE CREDIT CORP CLO 2023-1 LTD BPCC 2023-1A A1BR                      | CUSIP: 067930AN7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | BM        |   1170000 | PA      | $1159108.47   | 0.34%             | 2036-10-15      | Floating      | 5.80%                 | Yes           |                  2 | On Loan: No      |
| OWN EQUIPMENT FUND                                                             | OWN EQUIPMENT FUND II LLC EQS 2025-1M B                                           | CUSIP: 690912AB6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1430240 | PA      | $1358751.77   | 0.40%             | 2033-09-26      | Fixed         | 6.31%                 | Yes           |                  2 | On Loan: No      |
| TRINITY RAIL LEASING LLC                                                       | TRINITY RAIL LEASING 2021 LLC TRL 2021-1A B                                       | CUSIP: 89656GAB0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    825000 | PA      | $775033.05    | 0.23%             | 2051-07-19      | Fixed         | 3.08%                 | Yes           |                  2 | On Loan: No      |
| RCKT MORTGAGE TRUST                                                            | RCKT MORTGAGE TRUST 2022-1 RCKT 2022-1 A1                                         | CUSIP: 74938FAA6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1182444 | PA      | $990838.65    | 0.29%             | 2052-01-25      | Floating      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| PROVIDENT FUNDING MORTGAGE LOAN TRUST                                          | PROVIDENT FUNDING MORTGAGE TRUST 2025-1 PFMT 2025-1 A3                            | CUSIP: 74388NAC0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    860918 | PA      | $864717.45    | 0.26%             | 2055-02-25      | Floating      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| NNN REIT, INC.                                                                 | NNN REIT INC 2.500000% 04/15/2030                                                 | CUSIP: 637417AN6<br>LEI: 5493008JKH5SOTI0JS97 | Long             | DBT              | CORP              | US        |    700000 | PA      | $648380.09    | 0.19%             | 2030-04-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| United States of America                                                       | US TREASURY N/B 2.875000% 05/15/2052                                              | CUSIP: 912810TG3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5467000 | PA      | $3942433.07   | 1.17%             | 2052-05-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC POOL FR RA7114                                                        | CUSIP: 3133KN3X9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   1055740 | PA      | $1007840.77   | 0.30%             | 2052-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States of America                                                       | US TREASURY N/B 3.875000% 12/31/2027                                              | CUSIP: 91282CGC9<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |  13575000 | PA      | $13653480.47  | 4.05%             | 2027-12-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| J.P. MORGAN MORTGAGE TRUST                                                     | JP MORGAN MORTGAGE TRUST 2022-3 JPMMT 2022-3 A4A                                  | CUSIP: 46654UAE5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1377960 | PA      | $1226652.61   | 0.36%             | 2052-08-25      | Floating      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN BM4831                                                         | CUSIP: 3140J9LM1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    171886 | PA      | $156927.44    | 0.05%             | 2048-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| VOLOFIN FINANCE (IRELAND) DESIGNATED ACTIVITY COMPANY                          | VOLOFIN FINANCE DESIGNATED ACTIVITY CO VFIN 2024-1A A                             | CUSIP: 92873RAA9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    385636 | PA      | $392815.91    | 0.12%             | 2037-06-15      | Fixed         | 5.93%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC GOLD POOL FG G08749                                                   | CUSIP: 3128MJZP8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    195232 | PA      | $189138.69    | 0.06%             | 2047-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMN                                                    | WASHINGTON ST HSG FIN COMMISSI WASHINGTON STATE HOUSING FINANCE COMMISSION        | CUSIP: 93978T5G0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $562441.39    | 0.17%             | 2038-12-01      | Fixed         | 5.74%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                                 | MORGAN STANLEY 5.587000% 01/18/2036                                               | CUSIP: 61748UAF9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   1150000 | PA      | $1204380.17   | 0.36%             | 2036-01-18      | Fixed         | 5.59%                 | No            |                  2 | On Loan: No      |
| NBN CO LIMITED                                                                 | NBN CO LTD MTN 2.625000% 05/05/2031                                               | CUSIP: 62878U2B7<br>LEI: 2549007CRZ2NT7S96A24 | Long             | DBT              | NUSS              | AU        |    600000 | PA      | $550276.20    | 0.16%             | 2031-05-05      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| BERRY GLOBAL, INC.                                                             | BERRY GLOBAL INC 1.650000% 01/15/2027                                             | CUSIP: 08576PAF8<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |    625000 | PA      | $604813.21    | 0.18%             | 2027-01-15      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| NORTHERN GROUP HSG LLC                                                         | NORTHERN GROUP HOUSING LLC 144A 5.605000% 08/15/2033                              | CUSIP: 66516XAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    401960 | PA      | $412753.83    | 0.12%             | 2033-08-15      | Fixed         | 5.61%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN BN8511                                                         | CUSIP: 3140JRN56<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    142061 | PA      | $137413.09    | 0.04%             | 2049-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NXP B.V.                                                                       | NXP BV / NXP FUNDING LLC 5.550000% 12/01/2028                                     | CUSIP: 62947QBC1<br>LEI: 724500RKKW4NOJ9YQF60 | Long             | DBT              | NUSS              | NL        |    245000 | PA      | $253354.49    | 0.08%             | 2028-12-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| ARES FINANCE CO. II LLC                                                        | ARES FINANCE CO II LLC 144A 3.250000% 06/15/2030                                  | CUSIP: 04015KAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    645000 | PA      | $607499.08    | 0.18%             | 2030-06-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| GRAND PARKWAY TRANSN CORP TEX SYS TOLL REV                                     | GRAND PARKWAY TRANSPRTN CORP T GRAND PARKWAY TRANSPORTATION CORP                  | CUSIP: 38611TDK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    640000 | PA      | $466704.45    | 0.14%             | 2049-10-01      | Fixed         | 3.22%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC GOLD POOL FG G08789                                                   | CUSIP: 3128MJ2X7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    182406 | PA      | $177146.08    | 0.05%             | 2047-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC POOL FR RA7930                                                        | CUSIP: 3133KPY36<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    651323 | PA      | $637345.71    | 0.19%             | 2052-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SEQUOIA MORTGAGE TRUST                                                         | SEQUOIA MORTGAGE TRUST 2015-1 SEMT 2015-1 A1                                      | CUSIP: 81745QAA0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     20245 | PA      | $18883.33     | 0.01%             | 2045-01-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Highwoods Realty Limited Partnership                                           | HIGHWOODS REALTY LP 2.600000% 02/01/2031                                          | CUSIP: 431282AT9<br>LEI: JUJNVZX73BIYHLR58F51 | Long             | DBT              | CORP              | US        |   1390000 | PA      | $1233784.13   | 0.37%             | 2031-02-01      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN MA3870                                                         | CUSIP: 31418DJQ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    285495 | PA      | $243994.91    | 0.07%             | 2049-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| HPS CORPORATE LENDING FUND                                                     | HPS CORPORATE LENDING FUND 5.950000% 04/14/2032                                   | CUSIP: 40440VAK1<br>LEI: 549300ZS7IHUA6FKFV61 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1205897.30   | 0.36%             | 2032-04-14      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| IDAHO HSG & FIN ASSN SINGLE FAMILY MTG REV                                     | IDAHO ST HSG & FIN ASSN SF MTG IDAHO HOUSING & FINANCE ASSOCIATION                | CUSIP: 45129Y3V6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $778129.50    | 0.23%             | 2038-07-01      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN BJ8340                                                         | CUSIP: 3140HAHS2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    405137 | PA      | $378695.20    | 0.11%             | 2049-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| IOWA STUDENT LN LIQUIDITY CORP STUDENT LN REV                                  | IOWA ST STUDENT LOAN LIQUIDITY IOWA STUDENT LOAN LIQUIDITY CORP                   | CUSIP: 462590PL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1710000 | PA      | $1746637.43   | 0.52%             | 2035-12-01      | Fixed         | 5.43%                 | No            |                  2 | On Loan: No      |
| HAWAII ST DEPT BUSINESS ECONOMIC DEV & TOURISM GREEN ENERGY MKT SECURITIZATION | HAWAII ST DEPT BUSINESS ECON D STATE OF HAWAII DEPARTMENT OF BUSINESS ECONOMIC DE | CUSIP: 41980UAB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     71569 | PA      | $70487.27     | 0.02%             | 2031-01-01      | Fixed         | 3.24%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN MA3210                                                         | CUSIP: 31418CR89<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    103547 | PA      | $97234.21     | 0.03%             | 2047-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BWAY TRUST                                                                     | BWAY TRUST 2025-1535 BWAY 2025-1535 A                                             | CUSIP: 12430BAA8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    600000 | PA      | $621801.42    | 0.18%             | 2042-05-05      | Floating      | 6.31%                 | Yes           |                  2 | On Loan: No      |
| MARTIN MARIETTA MATERIALS, INC.                                                | MARTIN MARIETTA MATERIALS INC 2.400000% 07/15/2031                                | CUSIP: 573284AW6<br>LEI: 5299005MZ4WZECVATV08 | Long             | DBT              | CORP              | US        |    865000 | PA      | $776788.09    | 0.23%             | 2031-07-15      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| Mondelez International, Inc.                                                   | MONDELEZ INTERNATIONAL INC 1.500000% 02/04/2031                                   | CUSIP: 609207AX3<br>LEI: 549300DV9GIB88LZ5P30 | Long             | DBT              | CORP              | US        |    535000 | PA      | $463585.19    | 0.14%             | 2031-02-04      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| J.P. MORGAN MORTGAGE TRUST                                                     | J.P. MORGAN MORTGAGE TRUST 2022-4 JPMMT 2022-4 A4                                 | CUSIP: 46655GAE5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1447090 | PA      | $1315267.72   | 0.39%             | 2052-10-25      | Floating      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| OCCU AUTO RECEIVABLES TRUST                                                    | OCCU AUTO RECEIVABLES TRUST 2025-1 OCCU 2025-1A A4                                | CUSIP: 67098SAD2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    755000 | PA      | $760384.06    | 0.23%             | 2031-01-15      | Fixed         | 4.79%                 | Yes           |                  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        |   1070000 | PA      | $680912.89    | 0.20%             | 2040-08-15      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| N/A                                                                            | BROWN BROTHERS HARRIMAN SWEEP INTEREST                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |   4248199 | PA      | $4248199.08   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| HELMERICH & PAYNE, INC.                                                        | HELMERICH & PAYNE INC 5.500000% 12/01/2034                                        | CUSIP: 423452AN1<br>LEI: 254900NAOGHJ88RZ4C73 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1181949.30   | 0.35%             | 2034-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN FS3394                                                         | CUSIP: 3140XJXY4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    853497 | PA      | $813517.47    | 0.24%             | 2052-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO.                                                           | JPMORGAN CHASE & CO 4.946000% 10/22/2035                                          | CUSIP: 46647PER3<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   1082000 | PA      | $1094109.52   | 0.32%             | 2035-10-22      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| CAMP PENDLETON & QUANTICO HOUSING, LLC                                         | CAMP PENDLETON & QUANTICO HOUSING LLC 144A 6.165000% 10/01/2050                   | CUSIP: 134011AL9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $400120.80    | 0.12%             | 2050-10-01      | Fixed         | 6.17%                 | No            |                  2 | On Loan: No      |
| RIO TINTO FINANCE (USA) PLC                                                    | RIO TINTO FINANCE USA PLC 5.750000% 03/14/2055                                    | CUSIP: 76720AAV8<br>LEI: 2138006TSNBEUA761G16 | Long             | DBT              | NUSS              | AU        |   1340000 | PA      | $1385656.02   | 0.41%             | 2055-03-14      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| THE SOUTHERN COMPANY                                                           | SOUTHERN CO/THE 6.375000% 03/15/2055                                              | CUSIP: 842587EB9<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |   1190000 | PA      | $1271810.12   | 0.38%             | 2055-03-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CAROLINAS NC STORM FUNDING LLC                                     | DUKE ENERGY CAROLINAS NC STORM FUNDING II LLC 5.070000% 01/01/2046                | CUSIP: 26443UAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    840000 | PA      | $842293.86    | 0.25%             | 2046-01-01      | Fixed         | 5.07%                 | No            |                  2 | On Loan: No      |
| PENNANTPARK FLOATING RATE CAPITAL LTD.                                         | PENNANTPARK FLOATING RATE CAPITAL LTD 4.250000% 04/01/2026                        | CUSIP: 70806AAA4<br>LEI: 529900BH3IP6381K4L72 | Long             | DBT              | CORP              | US        |    650000 | PA      | $646904.61    | 0.19%             | 2026-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| MICROSOFT CORPORATION                                                          | MICROSOFT CORP 2.921000% 03/17/2052                                               | CUSIP: 594918CE2<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | DBT              | CORP              | US        |    270000 | PA      | $182087.23    | 0.05%             | 2052-03-17      | Fixed         | 2.92%                 | No            |                  2 | On Loan: No      |
| CARMAX AUTO OWNER TRUST                                                        | CARMAX AUTO OWNER TRUST 2025-1 CARMX 2025-1 B                                     | CUSIP: 14319WAF3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    665000 | PA      | $678097.31    | 0.20%             | 2030-09-16      | Fixed         | 5.11%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC GOLD POOL FG G08626                                                   | CUSIP: 3128MJVU1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    192472 | PA      | $177486.00    | 0.05%             | 2045-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO COMMERCIAL MORTGAGE TRUST                                          | WELLS FARGO COMMERCIAL MORTGAGE TRUST 2025-5C5 WFCM 2025-5C5 A3                   | CUSIP: 95004MAC1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    735000 | PA      | $767974.38    | 0.23%             | 2058-07-15      | Fixed         | 5.59%                 | No            |                  2 | On Loan: No      |
| United States of America                                                       | US TREASURY N/B 3.875000% 09/30/2029                                              | CUSIP: 91282CFL0<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   5569900 | PA      | $5613414.84   | 1.66%             | 2029-09-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| J.P. MORGAN MORTGAGE TRUST                                                     | JP MORGAN MORTGAGE TRUST 2022-2 JPMMT 2022-2 A4A                                  | CUSIP: 46655DAE2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    939129 | PA      | $838044.48    | 0.25%             | 2052-08-25      | Floating      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| BX COMMERCIAL MORTGAGE TRUST                                                   | BX COMMERCIAL MORTGAGE TRUST 2025-BCAT BX 2025-BCAT A                             | CUSIP: 12433HAA2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    723505 | PA      | $723955.95    | 0.21%             | 2042-08-15      | Floating      | 5.41%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association 2                                     | GINNIE MAE II POOL G2 MA5330                                                      | CUSIP: 36179T4P7<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |     73996 | PA      | $71135.93     | 0.02%             | 2048-07-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GS MORTGAGE SECURITIES TRUST                                                   | GS MORTGAGE SECURITIES TRUST 2020-GSA2 GSMS 2020-GSA2 A3                          | CUSIP: 36264KAT7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    341918 | PA      | $316545.26    | 0.09%             | 2053-12-12      | Fixed         | 1.56%                 | No            |                  2 | On Loan: No      |
| OAK STREET INVESTMENT GRADE NET LEASE FUND LLC.                                | OAK STREET INVESTMENT GRADE NET LEASE FUND SERIES OAKIG 2021-2A A3                | CUSIP: 67181DAL5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1741979 | PA      | $1450185.84   | 0.43%             | 2051-11-20      | Fixed         | 2.85%                 | Yes           |                  2 | On Loan: No      |
| Santander Holdings USA, Inc.                                                   | SANTANDER HOLDINGS USA INC 6.342000% 05/31/2035                                   | CUSIP: 80282KBL9<br>LEI: 549300SMVCQN2P0O6I58 | Long             | DBT              | CORP              | US        |   1365000 | PA      | $1450890.99   | 0.43%             | 2035-05-31      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| SFS AUTO RECEIVABLES SECURITIZATION TRUST                                      | SFS AUTO RECEIVABLES SECURITIZATION TRUST 2025-2 SFAST 2025-2A B                  | CUSIP: 78398HAE8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    710000 | PA      | $722889.62    | 0.21%             | 2031-07-21      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| THE BANK OF NOVA SCOTIA                                                        | BANK OF NOVA SCOTIA/THE 7.350000% 04/27/2085                                      | CUSIP: 0641598X7<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | NUSS              | CA        |    930000 | PA      | $971664.93    | 0.29%             | 2085-04-27      | Fixed         | 7.35%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2                                     | GINNIE MAE II POOL G2 MA5263                                                      | CUSIP: 36179TZ40<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    437529 | PA      | $407704.16    | 0.12%             | 2048-06-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE HIGHER EDUCATION LOAN CORPORATION                                | GRANITE EDVANCE CORP NHHEL 2020-1 A1A                                             | CUSIP: 644622AB8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1142952 | PA      | $1052507.71   | 0.31%             | 2060-09-25      | Fixed         | 1.55%                 | No            |                  2 | On Loan: No      |
| GOLUB CAPITAL BDC, INC.                                                        | GOLUB CAPITAL BDC INC 6.000000% 07/15/2029                                        | CUSIP: 38173MAE2<br>LEI: 2549005WE0QLGK9APF78 | Long             | DBT              | CORP              | US        |   1280000 | PA      | $1299293.39   | 0.39%             | 2029-07-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TWIN BROOK CLO LLC                                                             | TWIN BROOK CLO 2024-1 LLC TWBRK 2024-1A A                                         | CUSIP: 901397AA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    800000 | PA      | $800128.80    | 0.24%             | 2036-07-20      | Floating      | 5.78%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE REMICS FNR 2024-56 DL                                                  | CUSIP: 3136BSTA3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   3150000 | PA      | $1968119.06   | 0.58%             | 2051-09-25      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| FREMF MORTGAGE TRUST                                                           | FREMF 2019-K101 MORTGAGE TRUST FREMF 2019-K101 B                                  | CUSIP: 30298YAE3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    700000 | PA      | $671200.53    | 0.20%             | 2052-10-25      | Floating      | 3.53%                 | No            |                  2 | On Loan: No      |
| M&T BANK CORPORATION                                                           | M&T BANK CORP MTN 5.400000% 07/30/2035                                            | CUSIP: 55261FAZ7<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |    778000 | PA      | $783618.14    | 0.23%             | 2035-07-30      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| SEQUOIA MORTGAGE TRUST                                                         | SEQUOIA MORTGAGE TRUST 2024-7 SEMT 2024-7 A2                                      | CUSIP: 81748EAB2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    767235 | PA      | $777773.46    | 0.23%             | 2054-08-25      | Floating      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN FM4231                                                         | CUSIP: 3140X7VZ9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    591140 | PA      | $504838.98    | 0.15%             | 2050-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                            | GMAC COMMERCIAL MORTGAGE ASSET CORP GMACN 2010-FTLS A                             | CUSIP: 36188AAB1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    219339 | PA      | $233587.60    | 0.07%             | 2047-02-10      | Fixed         | 6.36%                 | No            |                  3 | On Loan: No      |
| MCF CLO LLC                                                                    | MCF CLO VIII LTD MCFCL 2018-1A AR                                                 | CUSIP: 55281GAQ1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $998801.00    | 0.30%             | 2036-04-18      | Floating      | 5.83%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC POOL FR SD6140                                                        | CUSIP: 3132DTZD5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   1820725 | PA      | $1862935.48   | 0.55%             | 2054-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2                                     | GINNIE MAE II POOL G2 MA8045                                                      | CUSIP: 36179W5E4<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    628188 | PA      | $599423.74    | 0.18%             | 2052-05-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KESTREL AIRCRAFT FUNDING LTD                                                   | KESTREL AIRCRAFT FUNDING LTD KSTRL 2018-1A A                                      | CUSIP: 49255PAA1<br>LEI: N/A                  | Long             | ABS-MBS          |  | KY        |    111119 | PA      | $111018.77    | 0.03%             | 2038-12-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| PAGAYA AI DEBT GRANTOR TRUST                                                   | PAGAYA AI DEBT GRANTOR TRUST 2024-11 PAID 2024-11 B                               | CUSIP: 69544AAB1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    456361 | PA      | $459400.87    | 0.14%             | 2032-07-15      | Fixed         | 5.64%                 | Yes           |                  2 | On Loan: No      |
| WILLIS ENGINE STRUCTURED TRUST                                                 | WILLIS ENGINE STRUCTURED TRUST VIII WESTF 2025-A A                                | CUSIP: 97063RAA8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    592989 | PA      | $600910.50    | 0.18%             | 2050-06-15      | Fixed         | 5.58%                 | Yes           |                  2 | On Loan: No      |
| BROWN & BROWN, INC.                                                            | BROWN & BROWN INC 6.250000% 06/23/2055                                            | CUSIP: 115236AN1<br>LEI: 549300PC8KTJ71XKFY89 | Long             | DBT              | CORP              | US        |   1155000 | PA      | $1214659.52   | 0.36%             | 2055-06-23      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN CA2182                                                         | CUSIP: 3140Q9M83<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    105151 | PA      | $98208.41     | 0.03%             | 2048-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| COLORADO HSG & FIN AUTH                                                        | COLORADO ST HSG & FIN AUTH COLORADO HOUSING AND FINANCE AUTHORITY                 | CUSIP: 19648GN65<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $512724.95    | 0.15%             | 2032-11-01      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC GOLD POOL FG Q62573                                                   | CUSIP: 3132VN2F9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    152242 | PA      | $142756.84    | 0.04%             | 2048-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CORPORATION                                              | CAPITAL ONE FINANCIAL CORP 6.183000% 01/30/2036                                   | CUSIP: 14040HDJ1<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |   1940000 | PA      | $2021792.73   | 0.60%             | 2036-01-30      | Fixed         | 6.18%                 | No            |                  2 | On Loan: No      |
| CHASE HOME LENDING MORTGAGE TRUST                                              | CHASE HOME LENDING MORTGAGE TRUST 2025-1 CHASE 2025-1 A4                          | CUSIP: 16160TAD0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    809032 | PA      | $820148.77    | 0.24%             | 2055-11-25      | Floating      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| THUNDERBOLT AIRCRAFT LEASE LIMITED                                             | THUNDERBOLT II AIRCRAFT LEASE LTD TBOLT 2018-A A                                  | CUSIP: 886065AA9<br>LEI: N/A                  | Long             | ABS-MBS          |  | KY        |    155586 | PA      | $155495.72    | 0.05%             | 2038-09-15      | Fixed         | 5.96%                 | No            |                  2 | On Loan: No      |
| PHEAA STUDENT LOAN TRUST I                                                     | PHEAA STUDENT LOAN TRUST 2016-2 PHEAA 2016-2A B                                   | CUSIP: 69343VAB8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1050000 | PA      | $1038286.10   | 0.31%             | 2065-11-25      | Floating      | 5.80%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN FS4932                                                         | CUSIP: 3140XLPS1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    739205 | PA      | $758107.01    | 0.22%             | 2053-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ANTARES CLO LTD                                                                | ANTARES CLO 2018-3 LTD ANTR 2018-3A A1R                                           | CUSIP: 03665LAL7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1170000 | PA      | $1167714.99   | 0.35%             | 2036-07-20      | Floating      | 5.47%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN BK0640                                                         | CUSIP: 3140HDWA8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   1201892 | PA      | $1067427.91   | 0.32%             | 2050-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| DAIMLER TRUCK FINANCE NORTH AMERICA LLC                                        | DAIMLER TRUCK FINANCE NORTH AMERICA LLC 144A 2.500000% 12/14/2031                 | CUSIP: 233853AH3<br>LEI: 5493003HSDTSCZRXBA58 | Long             | DBT              | CORP              | DE        |    940000 | PA      | $835115.99    | 0.25%             | 2031-12-14      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| SLM STUDENT LOAN TRUST                                                         | SLM STUDENT LOAN TRUST 2006-10 SLMA 2006-10 A6                                    | CUSIP: 78443BAG1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1004294 | PA      | $981685.54    | 0.29%             | 2044-03-25      | Floating      | 4.72%                 | No            |                  2 | On Loan: No      |
| HOWMET AEROSPACE INC.                                                          | HOWMET AEROSPACE INC 3.000000% 01/15/2029                                         | CUSIP: 443201AB4<br>LEI: 549300HO5WFZUT5N2T22 | Long             | DBT              | CORP              | US        |    495000 | PA      | $478226.62    | 0.14%             | 2029-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN BX4155                                                         | CUSIP: 3140N8TM0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    509964 | PA      | $524174.05    | 0.16%             | 2052-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC POOL FR SD8316                                                        | CUSIP: 3132DWGZ0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   2183506 | PA      | $2209054.80   | 0.65%             | 2053-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PK ALIFT LOAN FUNDING LP                                                       | PK ALIFT LOAN FUNDING 7 LP PKAIR 2025-2 A                                         | CUSIP: 69291NAA0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    750000 | PA      | $751380.68    | 0.22%             | 2043-03-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN MA4562                                                         | CUSIP: 31418EB82<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   3025983 | PA      | $2467100.77   | 0.73%             | 2052-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Siemens Funding B.V.                                                           | SIEMENS FUNDING BV 144A 5.800000% 05/28/2055                                      | CUSIP: 82622RAF3<br>LEI: 213800CCRGH2TO338X64 | Long             | DBT              | NUSS              | DE        |   1730000 | PA      | $1845914.72   | 0.55%             | 2055-05-28      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| United States of America                                                       | US TREASURY N/B 3.750000% 08/15/2041                                              | CUSIP: 912810QS0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    310000 | PA      | $283310.94    | 0.08%             | 2041-08-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                                             | ENERGY TRANSFER LP 6.625000% MATURITY: PERPETUAL                                  | CUSIP: 29273VAJ9<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   1675000 | PA      | $1672424.02   | 0.50%             | 2174-02-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC POOL FR SD2862                                                        | CUSIP: 3132DQFB7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    670715 | PA      | $689243.68    | 0.20%             | 2053-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GS MORTGAGE-BACKED SECURITIES TRUST                                            | GS MORTGAGE-BACKED SECURITIES TRUST 2022-PJ1 GSMBS 2022-PJ1 A8                    | CUSIP: 36263NAH8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1025394 | PA      | $910492.52    | 0.27%             | 2052-05-28      | Floating      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| GOLDENTREE LOAN MANAGEMENT US CLO LTD                                          | GOLDENTREE LOAN MANAGEMENT US CLO 12 LTD GLM 2022-12A AJR                         | CUSIP: 38138FAS0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |   1425000 | PA      | $1427007.83   | 0.42%             | 2037-07-20      | Floating      | 5.41%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN MA4255                                                         | CUSIP: 31418DWR9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    546928 | PA      | $447347.90    | 0.13%             | 2051-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST HSG & CMNTY DEV AUTH SINGLE FAMILY REV                              | INDIANA ST HSG & CMNTY DEV AUT INDIANA HOUSING & COMMUNITY DEVELOPMENT AUTHORITY  | CUSIP: 45505TY39<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017573.60   | 0.30%             | 2044-07-01      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| BFLD TRUST                                                                     | BFLD TRUST 2025-FPM BFLD 2025-FPM A                                               | CUSIP: 05556HAA7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    750000 | PA      | $758049.08    | 0.22%             | 2040-10-10      | Floating      | 5.01%                 | Yes           |                  2 | On Loan: No      |
| VERIZON MASTER TRUST                                                           | VERIZON MASTER TRUST VZMT 2025-8 B                                                | CUSIP: 92348KET6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    800000 | PA      | $796000.56    | 0.24%             | 2033-08-22      | Fixed         | 4.41%                 | Yes           |                  2 | On Loan: No      |
| APA CORPORATION                                                                | APA CORP 7.750000% 12/15/2029                                                     | CUSIP: 03743QAY4<br>LEI: 549300VCIWLRHYVSHC79 | Long             | DBT              | CORP              | US        |    950000 | PA      | $1027671.62   | 0.30%             | 2029-12-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN FS3686                                                         | CUSIP: 3140XKCY4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    627139 | PA      | $631797.46    | 0.19%             | 2053-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN MA5044                                                         | CUSIP: 31418ETA8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    566803 | PA      | $588335.43    | 0.17%             | 2053-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MONROE CAPITAL MML CLO LTD                                                     | MONROE CAPITAL MML CLO XI LTD MCMML 2021-1A A1                                    | CUSIP: 61034NAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    846134 | PA      | $845491.42    | 0.25%             | 2033-05-20      | Floating      | 6.02%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC GOLD POOL FG G18540                                                   | CUSIP: 3128MMS61<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |     69027 | PA      | $67176.52     | 0.02%             | 2030-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN MA4834                                                         | CUSIP: 31418ELQ1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    534120 | PA      | $533692.54    | 0.16%             | 2037-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| DISTRICT COLUMBIA UNIV REV                                                     | DIST OF COLUMBIA UNIV REVENUE DISTRICT OF COLUMBIA                                | CUSIP: 25484JDK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1472398.68   | 0.44%             | 2035-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| UNITED AIRLINES, INC.                                                          | UNITED AIRLINES INC 144A 4.625000% 04/15/2029                                     | CUSIP: 90932LAH0<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |   1640000 | PA      | $1624289.95   | 0.48%             | 2029-04-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| GS MORTGAGE-BACKED SECURITIES TRUST                                            | GS MORTGAGE-BACKED SECURITIES TRUST 2022-PJ3 GSMBS 2022-PJ3 A4                    | CUSIP: 362924AE2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1179364 | PA      | $986842.66    | 0.29%             | 2052-08-25      | Floating      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| SIXTH STREET SPECIALTY LENDING, INC.                                           | SIXTH STREET SPECIALTY LENDING INC 5.625000% 08/15/2030                           | CUSIP: 83012AAD1<br>LEI: 549300TX61566GJWCN05 | Long             | DBT              | CORP              | US        |   1320000 | PA      | $1334775.39   | 0.40%             | 2030-08-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| United States of America                                                       | US TREASURY N/B 2.250000% 08/15/2046                                              | CUSIP: 912810RT7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5599000 | PA      | $3778231.46   | 1.12%             | 2046-08-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC POOL FR SD3984                                                        | CUSIP: 3132E0M90<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   2240071 | PA      | $1817448.75   | 0.54%             | 2051-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| SYNCHRONY FINANCIAL                                                            | SYNCHRONY FINANCIAL 6.000000% 07/29/2036                                          | CUSIP: 87165BAY9<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |    845000 | PA      | $863983.19    | 0.26%             | 2036-07-29      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| JBS USA Holding Lux S.a r.l.                                                   | JBS USA HOLDING LUX SARL/ JBS USA FOOD CO/ JBS LUX 7.250000% 11/15/2053           | CUSIP: 47214BAD0<br>LEI: RB8RC03FUD8DSX57C193 | Long             | DBT              | NUSS              | US        |   1000000 | PA      | $1132883.00   | 0.34%             | 2053-11-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| RATE MORTGAGE TRUST                                                            | RATE MORTGAGE TRUST 205-J1 RATE 2025-J1 A4                                        | CUSIP: 75410CAD1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    865371 | PA      | $878221.84    | 0.26%             | 2055-03-25      | Floating      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association 2                                     | GINNIE MAE II POOL G2 MA7589                                                      | CUSIP: 36179WNE4<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   1918572 | PA      | $1661366.25   | 0.49%             | 2051-09-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CITIGROUP MORTGAGE LOAN TRUST INC                                              | CITIGROUP MORTGAGE LOAN TRUST 2024-1 CMLTI 2024-1 A3A                             | CUSIP: 17332CAS5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    665788 | PA      | $675333.09    | 0.20%             | 2054-07-25      | Floating      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association 2                                     | GINNIE MAE II POOL G2 MA8204                                                      | CUSIP: 36179XDH6<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    549902 | PA      | $564559.73    | 0.17%             | 2052-08-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FIRST REPUBLIC MORTGAGE LOAN TRUST                                             | FIRST REPUBLIC MORTGAGE TRUST 2020-1 FRMT 2020-1 A5                               | CUSIP: 33616LAN0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    343684 | PA      | $341520.42    | 0.10%             | 2050-04-25      | Floating      | 2.88%                 | Yes           |                  2 | On Loan: No      |
| OAKTREE SPECIALTY LENDING CORPORATION                                          | OAKTREE SPECIALTY LENDING CORP 6.340000% 02/27/2030                               | CUSIP: 67401PAE8<br>LEI: 549300J6MGCEU5928620 | Long             | DBT              | CORP              | US        |   1315000 | PA      | $1320779.03   | 0.39%             | 2030-02-27      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| CARLYLE FINANCE SUBSIDIARY L.L.C.                                              | CARLYLE FINANCE SUBSIDIARY LLC 144A 3.500000% 09/19/2029                          | CUSIP: 14314DAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    650000 | PA      | $631424.40    | 0.19%             | 2029-09-19      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-31

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

**Signature:** Andrew Metzger

**Name of Signer:** Andrew Metzger

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