# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0002048251-26-004707
**Filing Date:** 2026-6
**Character Count:** 464869
**Document Hash:** 7ca9659da8dda11539d8da867a4933b9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-26-004707.hdr.sgml**: 20260601

**ACCESSION NUMBER**: 0002048251-26-004707

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260601

**DATE AS OF CHANGE**: 20260601

**PERIOD START**: 20261231

**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:** 261047726

**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

### FS Multi-Strategy Alternatives Fund (Series ID: S000075444)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000234545 | Class I      | FSMSX           |
| C000234546 | Class A      | FSMMX           |

## Nport-Ex

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS MULTI-STRATEGY <br> ALTERNATIVES FUND <br> MARCH 31, 2026 <br> (Unaudited)** |

---

CONSOLIDATED SCHEDULE OF INVESTMENTS

(Percentages are based on Net Assets of $1,490,752 (000))

MORTGAGE-BACKED SECURITIES — 151.8%

---

| | | |
|:---|:---|:---|
|  | Face Amount (000) | Fair Value (000) |
| CAYMAN ISLANDS — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Acore Issuer, Ser 2026-FL1, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 09/20/28 @ $100.000 7.075%, TSFR1M + 3.400%, 08/20/43(A)(B) | $1000 | $1000 |
| &nbsp;&nbsp;&nbsp;Arbor Realty Commercial Real Estate Notes, Ser 2022-FL1, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 04/15/26 @ $100.000 6.672%, SOFR30A + 3.000%, 01/15/37(A)(B) | 1580 | 1579 |
| &nbsp;&nbsp;&nbsp;AREIT Trust, Ser 2022-CRE6, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.522%, SOFR30A + 2.850%, 01/20/37(A)(B) | 270 | 270 |
| &nbsp;&nbsp;&nbsp;BRSP, Ser 2024-FL2, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 08/19/26 @ $100.000 8.518%, TSFR1M + 4.841%, 08/19/37(A)(B) | 2000 | 1988 |
| &nbsp;&nbsp;&nbsp;MF1, Ser 2022-FL8, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 04/17/26 @ $100.000 5.027%, TSFR1M + 1.350%, 02/19/37(A)(B) | 3749 | 3749 |
| &nbsp;&nbsp;&nbsp;MF1, Ser 2022-FL8, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 04/17/26 @ $100.000 6.827%, TSFR1M + 3.150%, 02/19/37(A)(B) | 2810 | 2768 |
|  |  | 11354 |
| IRELAND — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Hera Financing DAC, Ser 2024-1A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.646%, SONIA/N + 1.900%, 11/17/34(A)(B) | 4822 | 6406 |
| UNITED STATES — 150.6% |  |  |
| &nbsp;&nbsp;&nbsp;245 Park Avenue Trust, Ser 2017-245P, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.657%, 06/05/37(A)(B) | $2310 | 2231 |
| &nbsp;&nbsp;&nbsp;A&D Mortgage Trust, Ser 2024-NQM2, Cl B1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 04/25/27 @ $100.000 8.379%, 04/25/69(A)(B) | 1807 | 1834 |
| &nbsp;&nbsp;&nbsp;A&D Mortgage Trust, Ser 2025-NQM5, Cl B1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 12/25/28 @ $100.000 6.853%, 12/25/70(A)(B) | 1797 | 1778 |
| &nbsp;&nbsp;&nbsp;A&D Mortgage Trust, Ser 2026-NQM1, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 01/25/30 @ $100.000 4.912%, 02/25/71(A)(B) | 6913 | 6849 |
| &nbsp;&nbsp;&nbsp;A&D Mortgage Trust, Ser 2026-NQM1, Cl B1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 01/25/30 @ $100.000 6.522%, 02/25/71(A)(B) | 1520 | 1492 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS MULTI-STRATEGY <br> ALTERNATIVES FUND <br> MARCH 31, 2026 <br> (Unaudited)** |

---

MORTGAGE-BACKED SECURITIES — continued

---

| | | |
|:---|:---|:---|
|  | Face Amount (000) | Fair Value (000) |
| UNITED STATES — (continued) |  |  |
| &nbsp;&nbsp;&nbsp;A10 Issuer, Ser 2025-FL6, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 05/15/27 @ $100.000 7.713%, TSFR1M + 4.040%, 05/15/42(A)(B) | $1000 | $1001 |
| &nbsp;&nbsp;&nbsp;ADMT, Ser 2024-NQM6, Cl B1B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 12/25/27 @ $100.000 7.267%, 01/25/70(A)(B) | 400 | 398 |
| &nbsp;&nbsp;&nbsp;ADMT, Ser 2024-NQM6, Cl B2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 12/25/27 @ $100.000 7.267%, 01/25/70(A)(B) | 410 | 406 |
| &nbsp;&nbsp;&nbsp;Angel Oak Mortgage Trust, Ser 2025-8, Cl B1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 07/25/28 @ $100.000 6.972%, 07/25/70(A)(B) | 1205 | 1197 |
| &nbsp;&nbsp;&nbsp;Angel Oak Mortgage Trust, Ser 2025-R1, Cl B1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 09/25/28 @ $100.000 6.858%, 07/25/62(A)(B) | 1303 | 1286 |
| &nbsp;&nbsp;&nbsp;Arbor Realty Commercial Real Estate Notes, Ser 2025-FL1, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 01/20/28 @ $100.000 6.968%, TSFR1M + 3.293%, 01/20/43(A)(B) | 700 | 699 |
| &nbsp;&nbsp;&nbsp;Arbor Realty Commercial Real Estate Notes, Ser 2025-FL1, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 01/20/28 @ $100.000 7.617%, TSFR1M + 3.942%, 01/20/43(A)(B) | 3420 | 3417 |
| &nbsp;&nbsp;&nbsp;BLP Commercial Mortgage Trust, Ser 2025-IND2, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.423%, TSFR1M + 3.750%, 12/15/42(A)(B) | 3380 | 3379 |
| &nbsp;&nbsp;&nbsp;BSPDF Issuer, Ser 2026-FL3, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 09/18/28 @ $100.000 7.150%, TSFR1M + 3.500%, 09/18/43(A)(B) | 750 | 746 |
| &nbsp;&nbsp;&nbsp;BSPRT Issuer, Ser 2024-FL11, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 09/15/27 @ $100.000 5.311%, TSFR1M + 1.638%, 07/15/39(A)(B) | 10000 | 10023 |
| &nbsp;&nbsp;&nbsp;BX Trust, Ser 2024-VLT4, Cl F |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.610%, TSFR1M + 3.938%, 06/15/41(A)(B) | 3750 | 3711 |
| &nbsp;&nbsp;&nbsp;BX Trust, Ser 2025-VLT6, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.264%, TSFR1M + 2.592%, 03/15/42(A)(B) | 1500 | 1483 |
| &nbsp;&nbsp;&nbsp;BX Trust, Ser 2025-VLT6, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.863%, TSFR1M + 3.191%, 03/15/42(A)(B) | 4300 | 4261 |
| &nbsp;&nbsp;&nbsp;BX Trust, Ser 2025-VLT7, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.923%, TSFR1M + 3.250%, 07/15/44(A)(B) | 6000 | 5955 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS MULTI-STRATEGY <br> ALTERNATIVES FUND <br> MARCH 31, 2026 <br> (Unaudited)** |

---

MORTGAGE-BACKED SECURITIES — continued

---

| | | |
|:---|:---|:---|
|  | Face Amount (000) | Fair Value (000) |
| UNITED STATES — (continued) |  |  |
| &nbsp;&nbsp;&nbsp;BX Trust, Ser 2025-VLT7, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.423%, TSFR1M + 3.750%, 07/15/44(A)(B) | $7500 | $7425 |
| &nbsp;&nbsp;&nbsp;BXMT, Ser 2025-FL5, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 03/18/27 @ $100.000 5.318%, TSFR1M + 1.639%, 10/18/42(A)(B) | 5000 | 4984 |
| &nbsp;&nbsp;&nbsp;Cascade Funding Mortgage Trust, Ser 2021-FRR1, Cl CK98 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/29/29(A)(C) | 260 | 187 |
| &nbsp;&nbsp;&nbsp;Chase Home Lending Mortgage Trust, Ser 2024-4, Cl AX1, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 02/25/34 @ $100.000 0.120%, 03/25/55(A)(B) | 7585 | 10 |
| &nbsp;&nbsp;&nbsp;Chase Home Lending Mortgage Trust, Ser 2024-5, Cl AX1, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 01/25/34 @ $100.000 0.192%, 04/25/55(A)(B) | 10569 | 25 |
| &nbsp;&nbsp;&nbsp;CLNY Trust, Ser 2019-IKPR, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.710%, TSFR1M + 2.040%, 11/15/38(A)(B) | 2122 | 2048 |
| &nbsp;&nbsp;&nbsp;CLNY Trust, Ser 2019-IKPR, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.059%, TSFR1M + 2.389%, 11/15/38(A)(B) | 450 | 430 |
| &nbsp;&nbsp;&nbsp;COLT Mortgage Loan Trust, Ser 2025-1, Cl B2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 01/25/28 @ $100.000 7.097%, 01/25/70(A)(B) | 300 | 301 |
| &nbsp;&nbsp;&nbsp;COLT Mortgage Loan Trust, Ser 2025-4, Cl B1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 05/25/28 @ $100.000 7.529%, 04/25/70(A)(B) | 920 | 932 |
| &nbsp;&nbsp;&nbsp;COMM Mortgage Trust, Ser 2014-UBS6, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 10/10/28 @ $100.000 3.731%, 12/10/47(A)(B) | 519 | 501 |
| &nbsp;&nbsp;&nbsp;COMM Mortgage Trust, Ser 2024-CBM, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.927%, 12/10/41(A)(B) | 610 | 613 |
| &nbsp;&nbsp;&nbsp;COMM Mortgage Trust, Ser 2024-CBM, Cl F |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.927%, 12/10/41(A)(B) | 2020 | 1962 |
| &nbsp;&nbsp;&nbsp;COMM Mortgage Trust, Ser 2024-WCL1, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.962%, TSFR1M + 3.289%, 06/15/41(A)(B) | 1000 | 999 |
| &nbsp;&nbsp;&nbsp;CONE Trust, Ser 2024-DFW1, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.363%, TSFR1M + 2.690%, 08/15/41(A)(B) | 4500 | 4460 |
| &nbsp;&nbsp;&nbsp;Cross Mortgage Trust, Ser 2023-H1, Cl B1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 07/25/26 @ $100.000 8.264%, 03/25/68(A)(B) | 2500 | 2505 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS MULTI-STRATEGY <br> ALTERNATIVES FUND <br> MARCH 31, 2026 <br> (Unaudited)** |

---

MORTGAGE-BACKED SECURITIES — continued

---

| | | |
|:---|:---|:---|
|  | Face Amount (000) | Fair Value (000) |
| UNITED STATES — (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Cross Mortgage Trust, Ser 2023-H2, Cl B1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 10/25/26 @ $100.000 8.353%, 11/25/68(A)(B) | $3760 | $3782 |
| &nbsp;&nbsp;&nbsp;Cross Mortgage Trust, Ser 2024-H1, Cl B1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 01/25/27 @ $100.000 8.712%, 12/25/68(A)(B) | 100 | 101 |
| &nbsp;&nbsp;&nbsp;Cross Mortgage Trust, Ser 2024-H5, Cl B1B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 07/25/27 @ $100.000 8.117%, 08/26/69(A)(B) | 4180 | 4204 |
| &nbsp;&nbsp;&nbsp;Cross Mortgage Trust, Ser 2025-H5, Cl B1B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 06/25/28 @ $100.000 7.632%, 07/25/70(A)(B) | 2585 | 2605 |
| &nbsp;&nbsp;&nbsp;CRSNT Trust, Ser 2026-MOON, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.173%, TSFR1M + 3.500%, 02/15/31(A)(B) | 3164 | 3162 |
| &nbsp;&nbsp;&nbsp;Deephaven Residential Mortgage Trust, Ser 2025-INV1, Cl B2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 11/25/28 @ $100.000 7.181%, 11/25/60(A)(B) | 1152 | 1122 |
| &nbsp;&nbsp;&nbsp;EFMT, Ser 2025-INV1, Cl B2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 02/25/28 @ $100.000 7.302%, 03/25/70(A)(B) | 100 | 99 |
| &nbsp;&nbsp;&nbsp;EFMT, Ser 2025-NQM4, Cl B2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 08/25/28 @ $100.000 7.287%, 09/25/70(A)(B) | 110 | 108 |
| &nbsp;&nbsp;&nbsp;Ellington Financial Mortgage Trust, Ser 2022-3, Cl M1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 04/25/26 @ $100.000 4.984%, 08/25/67(A)(B) | 200 | 184 |
| &nbsp;&nbsp;&nbsp;FHLMC STACR REMIC Trust, Ser 2026-DNA2, Cl M1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 03/25/31 @ $100.000 4.872%, SOFR30A + 1.200%, 03/25/46(A)(B) | 2000 | 1998 |
| &nbsp;&nbsp;&nbsp;FHLMC TBA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 04/15/56 | 1434000 | 1439994 |
| &nbsp;&nbsp;&nbsp;FHLMC, Ser 2017-356, Cl S5, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.213%, 09/15/47(B) | 17401 | 1838 |
| &nbsp;&nbsp;&nbsp;FHLMC, Ser 2022-5250, Cl SA, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.668%, 08/25/52(B) | 35797 | 2272 |
| &nbsp;&nbsp;&nbsp;FHLMC, Ser 2022-5252, Cl SP, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.688%, 09/25/52(B) | 25596 | 1302 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS MULTI-STRATEGY <br> ALTERNATIVES FUND <br> MARCH 31, 2026 <br> (Unaudited)** |

---

MORTGAGE-BACKED SECURITIES — continued

---

| | | |
|:---|:---|:---|
|  | Face Amount (000) | Fair Value (000) |
| UNITED STATES — (continued) |  |  |
| &nbsp;&nbsp;&nbsp;FHLMC, Ser 2022-5255, Cl SA, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.638%, 09/25/52(B) | $35164 | $1904 |
| &nbsp;&nbsp;&nbsp;FHLMC, Ser 2023-406, Cl S16, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.838%, 10/25/53(B) | 27756 | 1243 |
| &nbsp;&nbsp;&nbsp;FHLMC, Ser 2023-406, Cl S4, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.438%, 10/25/53(B) | 41634 | 2497 |
| &nbsp;&nbsp;&nbsp;FHLMC, Ser 2023-406, Cl S43, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.538%, 10/25/53(B) | 27756 | 2458 |
| &nbsp;&nbsp;&nbsp;FHLMC, Ser 2023-406, Cl S44, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.338%, 10/25/53(B) | 54263 | 4472 |
| &nbsp;&nbsp;&nbsp;FHLMC, Ser 2023-5290, Cl TS, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.588%, 12/25/52(B) | 38652 | 2931 |
| &nbsp;&nbsp;&nbsp;FHLMC, Ser 2023-5296, Cl ST, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.588%, 11/25/52(B) | 37956 | 3073 |
| &nbsp;&nbsp;&nbsp;FHLMC, Ser 2023-5332, Cl SA, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.338%, 08/25/53(B) | 63709 | 4051 |
| &nbsp;&nbsp;&nbsp;FHLMC, Ser 2023-5336, Cl SA, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.138%, 09/25/53(B) | 39927 | 1994 |
| &nbsp;&nbsp;&nbsp;FHLMC, Ser 2023-5339, Cl AS, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.078%, 09/25/53(B) | 34522 | 2104 |
| &nbsp;&nbsp;&nbsp;FHLMC, Ser 2023-5344, Cl SA, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.988%, 10/25/53(B) | 41923 | 2027 |
| &nbsp;&nbsp;&nbsp;FHLMC, Ser 2023-5354, Cl SL, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.188%, 11/25/53(B) | 23081 | 1691 |
| &nbsp;&nbsp;&nbsp;FHLMC, Ser 2024-5416, Cl SC, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.338%, 06/25/54(B) | 30576 | 2679 |
| &nbsp;&nbsp;&nbsp;FHLMC, Ser 2024-5420, Cl SG, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.538%, 06/25/54(B) | 137934 | 4629 |
| &nbsp;&nbsp;&nbsp;FHLMC, Ser 2024-5481, Cl SA, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.338%, 12/25/54(B) | 77883 | 2195 |
| &nbsp;&nbsp;&nbsp;FNMA TBA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/38 | 407000 | 400704 |
| &nbsp;&nbsp;&nbsp;FNMA, Ser 2012-75, Cl DS, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.174%, 07/25/42(B) | 7663 | 710 |
| &nbsp;&nbsp;&nbsp;FNMA, Ser 2018-73, Cl SC, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.424%, 10/25/48(B) | 16541 | 1790 |
| &nbsp;&nbsp;&nbsp;FNMA, Ser 2020-41, Cl IP, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/25/49 | 9866 | 1783 |
| &nbsp;&nbsp;&nbsp;FNMA, Ser 2020-76, Cl MI, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 11/25/50 | 9876 | 2286 |

---

---

| | | | |
|:---|:---|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS MULTI-STRATEGY** | **FS MULTI-STRATEGY** | **FS MULTI-STRATEGY** |
|  | **ALTERNATIVES FUND** | **ALTERNATIVES FUND** | **ALTERNATIVES FUND** |
|  |  | **MARCH 31, 2026** | **MARCH 31, 2026** |
|  |  |  | **(Unaudited)** |

---

MORTGAGE-BACKED SECURITIES — continued

---

| | | |
|:---|:---|:---|
|  | Face Amount (000) | Fair Value (000) |
| UNITED STATES — (continued) |  |  |
| &nbsp;&nbsp;&nbsp;FNMA, Ser 2021-87, Cl GI, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 12/25/51 | $22807 | $4334 |
| &nbsp;&nbsp;&nbsp;FNMA, Ser 2022-16, Cl QI, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 04/25/52 | 20702 | 2140 |
| &nbsp;&nbsp;&nbsp;FNMA, Ser 2022-4, Cl WI, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/25/52 | 26382 | 2672 |
| &nbsp;&nbsp;&nbsp;FNMA, Ser 2022-40, Cl PS, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.388%, 12/25/51(B) | 16171 | 936 |
| &nbsp;&nbsp;&nbsp;FNMA, Ser 2022-58, Cl S, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.638%, 09/25/52(B) | 44511 | 2142 |
| &nbsp;&nbsp;&nbsp;FNMA, Ser 2022-74, Cl SA, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.138%, 10/25/52(B) | 44266 | 1623 |
| &nbsp;&nbsp;&nbsp;FNMA, Ser 2022-74, Cl US, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.338%, 11/25/52(B) | 50404 | 1965 |
| &nbsp;&nbsp;&nbsp;FNMA, Ser 2023-11, Cl HS, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 04/25/53(B) | 84961 | 4042 |
| &nbsp;&nbsp;&nbsp;FNMA, Ser 2023-11, Cl SA, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.588%, 04/25/53(B) | 40974 | 2845 |
| &nbsp;&nbsp;&nbsp;FNMA, Ser 2023-19, Cl SB, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.188%, 05/25/53(B) | 13444 | 1179 |
| &nbsp;&nbsp;&nbsp;FNMA, Ser 2023-431, Cl C35, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 07/25/37 | 48639 | 3016 |
| &nbsp;&nbsp;&nbsp;FNMA, Ser 2024-11, Cl IK, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 03/25/54 | 8274 | 1517 |
| &nbsp;&nbsp;&nbsp;FNMA, Ser 2024-12, Cl DS, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.388%, 03/25/54(B) | 28340 | 1563 |
| &nbsp;&nbsp;&nbsp;FNMA, Ser 2024-22, Cl SA, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.438%, 05/25/54(B) | 47705 | 2742 |
| &nbsp;&nbsp;&nbsp;FNMA, Ser 2024-24, Cl SB, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.938%, 09/25/53(B) | 29089 | 2025 |
| &nbsp;&nbsp;&nbsp;FNMA, Ser 2024-35, Cl BS, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.538%, 06/25/54(B) | 21277 | 812 |
| &nbsp;&nbsp;&nbsp;FNMA, Ser 2024-68, Cl SA, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.288%, 09/25/54(B) | 40279 | 2339 |
| &nbsp;&nbsp;&nbsp;FNMA, Ser 2024-84, Cl HS, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.438%, 11/25/54(B) | 39207 | 3359 |
| &nbsp;&nbsp;&nbsp;FNMA, Ser 2024-88, Cl SC, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.461%, 12/25/54(B) | 90139 | 2970 |
| &nbsp;&nbsp;&nbsp;FNMA, Ser 2024-88, Cl SD, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.152%, 12/25/54(B) | 86661 | 4397 |

---

---

| | | | |
|:---|:---|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS MULTI-STRATEGY** | **FS MULTI-STRATEGY** | **FS MULTI-STRATEGY** |
|  | **ALTERNATIVES FUND** | **ALTERNATIVES FUND** | **ALTERNATIVES FUND** |
|  |  | **MARCH 31, 2026** | **MARCH 31, 2026** |
|  |  |  | **(Unaudited)** |

---

MORTGAGE-BACKED SECURITIES — continued

---

| | | |
|:---|:---|:---|
|  | Face Amount (000) | Fair Value (000) |
| UNITED STATES — (continued) |  |  |
| &nbsp;&nbsp;&nbsp;FNMA, Ser 2024-89, Cl SD, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.438%, 09/25/53(B) | $51548 | $1818 |
| &nbsp;&nbsp;&nbsp;FNMA, Ser 2024-90, Cl SB, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.088%, 11/25/53(B) | 67090 | 3480 |
| &nbsp;&nbsp;&nbsp;FNMA, Ser 2024-92, Cl SB, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.488%, 12/25/54(B) | 61430 | 2187 |
| &nbsp;&nbsp;&nbsp;FNMA, Ser 2024-97, Cl MS, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.238%, 01/25/55(B) | 24576 | 1391 |
| &nbsp;&nbsp;&nbsp;FNMA, Ser 2025-4, Cl SB, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.138%, 12/25/53(B) | 87529 | 4059 |
| &nbsp;&nbsp;&nbsp;Fontainebleau Miami Beach Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser 2024-FBLU, Cl F |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.923%, TSFR1M + 4.250%, 12/15/39(A)(B) | 3790 | 3802 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2010-35, Cl AS, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.961%, 03/20/40(B) | 8920 | 735 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2010-37, Cl SG, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.911%, 03/20/40(B) | 6980 | 566 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2011-70, Cl WI, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.061%, 12/20/40(B) | 14157 | 713 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2015-123, Cl SE, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.931%, 09/20/45(B) | 8327 | 799 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2016-77, Cl SC, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.311%, 10/20/45(B) | 11244 | 1216 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2018-100, Cl S, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.411%, 07/20/48(B) | 8812 | 947 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2018-89, Cl LS, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.411%, 06/20/48(B) | 14778 | 1454 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2018-91, Cl SH, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.461%, 07/20/48(B) | 8590 | 939 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2018-91, Cl SJ, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.461%, 07/20/48(B) | 9399 | 1040 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2021-139, Cl WI, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.047%, 11/20/45(B) | 10932 | 1787 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2021-215, Cl SB, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.127%, 12/20/51(B) | 12789 | 752 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2021-216, Cl IC, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/20/51 | 24419 | 3561 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2022-137, Cl JS, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.327%, 08/20/52(B) | 38960 | 2830 |

---

---

| | | | |
|:---|:---|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS MULTI-STRATEGY** | **FS MULTI-STRATEGY** | **FS MULTI-STRATEGY** |
|  | **ALTERNATIVES FUND** | **ALTERNATIVES FUND** | **ALTERNATIVES FUND** |
|  |  | **MARCH 31, 2026** | **MARCH 31, 2026** |
|  |  |  | **(Unaudited)** |

---

MORTGAGE-BACKED SECURITIES — continued

---

| | | |
|:---|:---|:---|
|  | Face Amount (000) | Fair Value (000) |
| UNITED STATES — (continued) |  |  |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2022-148, Cl SJ, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.327%, 08/20/52(B) | $29306 | $2252 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2022-159, Cl JS, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.577%, 09/20/52(B) | 35488 | 1940 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2022-193, Cl SA, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.027%, 11/20/52(B) | 48238 | 1288 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2022-23, Cl WI, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 02/20/52 | 8156 | 1793 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2023-21, Cl SE, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.327%, 02/20/53(B) | 23208 | 762 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2023-23, Cl SB, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.477%, 02/20/53(B) | 31286 | 584 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2023-53, Cl SB, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.877%, 04/20/53(B) | 28206 | 1236 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2023-56, Cl SE, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.227%, 04/20/53(B) | 25202 | 759 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2023-82, Cl US, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.077%, 06/20/53(B) | 10874 | 616 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2024-108, Cl SB, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.327%, 07/20/54(B) | 55761 | 3773 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2024-58, Cl SB, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.677%, 04/20/54(B) | 99203 | 4223 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2024-65, Cl SV, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.127%, 12/20/53(B) | 56971 | 2875 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2024-H11, Cl EI, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.773%, 06/20/74(B) | 905 | 58 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2024-H14, Cl AI, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.874%, 08/20/74(B) | 2371 | 155 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2024-H20, Cl KI, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.877%, 11/20/74(B) | 13762 | 1034 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2024-H21, Cl IB, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.840%, 12/20/74(B) | 3696 | 284 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2025-120, Cl AI, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 05/20/55(B) | 3602 | 614 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2025-120, Cl AS, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.177%, 12/20/53(B) | 7925 | 608 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2025-120, Cl BI, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 02/20/55(B) | 2076 | 326 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2025-120, Cl BS, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.727%, 01/20/55(B) | 38984 | 2516 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS MULTI-STRATEGY** |
|  | **ALTERNATIVES FUND** |
|  | **MARCH 31, 2026** |
|  | **(Unaudited)** |

---

MORTGAGE-BACKED SECURITIES — continued

---

| | | |
|:---|:---|:---|
|  | Face Amount (000) | Fair Value (000) |
| UNITED STATES — (continued) | UNITED STATES — (continued) | UNITED STATES — (continued) |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2025-120, Cl CS, IO | &nbsp;&nbsp;&nbsp;GNMA, Ser 2025-120, Cl CS, IO | &nbsp;&nbsp;&nbsp;GNMA, Ser 2025-120, Cl CS, IO |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.477%, 10/20/53(B) | $51875 | $3198 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2025-120, Cl DS, IO | &nbsp;&nbsp;&nbsp;GNMA, Ser 2025-120, Cl DS, IO | &nbsp;&nbsp;&nbsp;GNMA, Ser 2025-120, Cl DS, IO |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.327%, 11/20/53(B) | 20448 | 1124 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2025-120, Cl ES, IO | &nbsp;&nbsp;&nbsp;GNMA, Ser 2025-120, Cl ES, IO | &nbsp;&nbsp;&nbsp;GNMA, Ser 2025-120, Cl ES, IO |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.927%, 02/20/54(B) | 20537 | 932 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2025-120, Cl GS, IO | &nbsp;&nbsp;&nbsp;GNMA, Ser 2025-120, Cl GS, IO | &nbsp;&nbsp;&nbsp;GNMA, Ser 2025-120, Cl GS, IO |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.727%, 06/20/54(B) | 31809 | 1321 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2025-120, Cl HS, IO | &nbsp;&nbsp;&nbsp;GNMA, Ser 2025-120, Cl HS, IO | &nbsp;&nbsp;&nbsp;GNMA, Ser 2025-120, Cl HS, IO |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.527%, 09/20/54(B) | 18881 | 672 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2025-120, Cl IC, IO | &nbsp;&nbsp;&nbsp;GNMA, Ser 2025-120, Cl IC, IO | &nbsp;&nbsp;&nbsp;GNMA, Ser 2025-120, Cl IC, IO |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 01/20/50 | 65320 | 14457 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2025-120, Cl IS, IO | &nbsp;&nbsp;&nbsp;GNMA, Ser 2025-120, Cl IS, IO | &nbsp;&nbsp;&nbsp;GNMA, Ser 2025-120, Cl IS, IO |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.327%, 05/20/55(B) | 44743 | 1440 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2025-120, Cl LS, IO | &nbsp;&nbsp;&nbsp;GNMA, Ser 2025-120, Cl LS, IO | &nbsp;&nbsp;&nbsp;GNMA, Ser 2025-120, Cl LS, IO |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.477%, 04/20/53(B) | 59571 | 4338 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2025-120, Cl MS, IO | &nbsp;&nbsp;&nbsp;GNMA, Ser 2025-120, Cl MS, IO | &nbsp;&nbsp;&nbsp;GNMA, Ser 2025-120, Cl MS, IO |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.477%, 05/20/53(B) | 41814 | 2591 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2025-120, Cl NS, IO | &nbsp;&nbsp;&nbsp;GNMA, Ser 2025-120, Cl NS, IO | &nbsp;&nbsp;&nbsp;GNMA, Ser 2025-120, Cl NS, IO |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.327%, 03/20/55(B) | 70313 | 4116 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2025-120, Cl SB, IO | &nbsp;&nbsp;&nbsp;GNMA, Ser 2025-120, Cl SB, IO | &nbsp;&nbsp;&nbsp;GNMA, Ser 2025-120, Cl SB, IO |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.827%, 05/20/53(B) | 50199 | 2279 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2025-120, Cl SC, IO | &nbsp;&nbsp;&nbsp;GNMA, Ser 2025-120, Cl SC, IO | &nbsp;&nbsp;&nbsp;GNMA, Ser 2025-120, Cl SC, IO |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.627%, 03/20/55(B) | 22845 | 918 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2025-189, Cl SA, IO | &nbsp;&nbsp;&nbsp;GNMA, Ser 2025-189, Cl SA, IO | &nbsp;&nbsp;&nbsp;GNMA, Ser 2025-189, Cl SA, IO |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.277%, 11/20/55(B) | 354848 | 4563 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2025-24, Cl SV, IO | &nbsp;&nbsp;&nbsp;GNMA, Ser 2025-24, Cl SV, IO | &nbsp;&nbsp;&nbsp;GNMA, Ser 2025-24, Cl SV, IO |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.490%, 02/20/55(B) | 136736 | 1966 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2025-26, Cl SG, IO | &nbsp;&nbsp;&nbsp;GNMA, Ser 2025-26, Cl SG, IO | &nbsp;&nbsp;&nbsp;GNMA, Ser 2025-26, Cl SG, IO |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.677%, 02/20/55(B) | 59661 | 939 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2025-H19, Cl IA, IO | &nbsp;&nbsp;&nbsp;GNMA, Ser 2025-H19, Cl IA, IO | &nbsp;&nbsp;&nbsp;GNMA, Ser 2025-H19, Cl IA, IO |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.900%, 09/20/75(B) | 2219 | 159 |
| &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Ser 2026-NQM1, Cl B2 | &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Ser 2026-NQM1, Cl B2 | &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Ser 2026-NQM1, Cl B2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 01/25/29 @ $100.000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 01/25/29 @ $100.000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 01/25/29 @ $100.000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.606%, 03/25/66(A)(B) | 120 | 118 |
| &nbsp;&nbsp;&nbsp;GSMS Trust, Ser 2024-FAIR, Cl D | &nbsp;&nbsp;&nbsp;GSMS Trust, Ser 2024-FAIR, Cl D | &nbsp;&nbsp;&nbsp;GSMS Trust, Ser 2024-FAIR, Cl D |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.419%, 07/15/29(A)(B) | 2750 | 2788 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS MULTI-STRATEGY** |
|  | **ALTERNATIVES FUND** |
|  | **MARCH 31, 2026** |
|  | **(Unaudited)** |

---

MORTGAGE-BACKED SECURITIES — continued

---

| | | |
|:---|:---|:---|
|  | Face Amount (000) | Fair Value (000) |
| UNITED STATES — (continued) |  |  |
| &nbsp;&nbsp;&nbsp;HOMES Trust, Ser 2024-AFC1, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 09/25/27 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.224%, 08/25/59(A)(D) | $3356 | $3359 |
| &nbsp;&nbsp;&nbsp;HOMES Trust, Ser 2025-AFC1, Cl B1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 01/25/28 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.005%, 01/25/60(A)(B) | 1755 | 1754 |
| &nbsp;&nbsp;&nbsp;HOMES Trust, Ser 2025-NQM2, Cl B2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 04/25/28 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.378%, 02/25/70(A)(B) | 230 | 227 |
| &nbsp;&nbsp;&nbsp;HOMES Trust, Ser 2025-NQM5, Cl B2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 10/25/28 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.365%, 09/25/70(A)(B) | 930 | 918 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Mortgage Trust, Ser 2023-4, Cl B4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 05/25/35 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.256%, 11/25/53(A)(B) | 249 | 234 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Mortgage Trust, Ser 2025-CCM2, Cl B4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 08/25/31 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.549%, 09/25/55(A)(B) | 620 | 538 |
| &nbsp;&nbsp;&nbsp;Jackson Park Trust, Ser 2019-LIC, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.242%, 10/14/39(A)(B) | 420 | 372 |
| &nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust Series, Ser 2026-NQX1, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 03/25/29 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/25/66(A)(B) | 5000 | 5011 |
| &nbsp;&nbsp;&nbsp;KSL Commercial Mortgage Trust, Ser 2024-HT2, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.215%, TSFR1M + 1.542%, 12/15/39(A)(B) | 7130 | 7116 |
| &nbsp;&nbsp;&nbsp;LAQ Mortgage Trust, Ser 2023-LAQ, Cl F |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 03/15/27 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.607%, TSFR1M + 6.934%, 03/15/36(A)(B) | 1125 | 1068 |
| &nbsp;&nbsp;&nbsp;LAQ Mortgage Trust, Ser 2023-LAQ, Cl G |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 03/15/27 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.105%, TSFR1M + 8.432%, 03/15/36(A)(B) | 405 | 384 |
| &nbsp;&nbsp;&nbsp;MFA Trust, Ser 2024-NQM2, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 06/25/27 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.272%, 08/25/69(A)(D) | 2620 | 2617 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2013-C9, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 06/15/28 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.792%, 05/15/46(A)(B) | 1030 | 924 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS MULTI-STRATEGY** |
|  | **ALTERNATIVES FUND** |
|  | **MARCH 31, 2026** |
|  | **(Unaudited)** |

---

MORTGAGE-BACKED SECURITIES — continued

---

| | | |
|:---|:---|:---|
|  | Face Amount (000) | Fair Value (000) |
| UNITED STATES — (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital I Trust, Ser 2024-BPR2, Cl X, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.855%, 05/05/29(A)(B) | $2236 | $54 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust, Ser 2024-4, Cl B4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 09/25/28 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.943%, 09/25/54(A)(B) | 100 | 92 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust, Ser 2024-INV2, Cl B5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 04/25/31 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.437%, 02/25/54(A)(B) | 98 | 96 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust, Ser 2024-NQM3, Cl B1B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 09/25/27 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.504%, 07/25/69(A)(B) | 150 | 149 |
| &nbsp;&nbsp;&nbsp;Natixis Commercial Mortgage Securities Trust, Ser 2022-RRI, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.866%, TSFR1M + 5.193%, 03/15/35(A)(B) | 466 | 466 |
| &nbsp;&nbsp;&nbsp;New Residential Mortgage Loan Trust, Ser 2024-NQM3, Cl B2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 03/25/32 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.156%, 11/25/64(A)(B) | 460 | 450 |
| &nbsp;&nbsp;&nbsp;New Residential Mortgage Loan Trust, Ser 2025-NQM2, Cl B1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 08/25/33 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.252%, 04/25/65(A)(B) | 590 | 602 |
| &nbsp;&nbsp;&nbsp;New Residential Mortgage Loan Trust, Ser 2025-NQM2, Cl B2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 08/25/33 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.252%, 04/25/65(A)(B) | 100 | 100 |
| &nbsp;&nbsp;&nbsp;New Residential Mortgage Loan Trust, Ser 2025-NQM5, Cl B2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 01/25/33 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.399%, 08/25/65(A)(B) | 2300 | 2252 |
| &nbsp;&nbsp;&nbsp;OBX Trust, Ser 2021-INV2, Cl AIO1, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 05/25/46 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.208%, 10/25/51(A)(B) | 3519 | 37 |
| &nbsp;&nbsp;&nbsp;Olympic Tower Mortgage Trust, Ser 2017-OT, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.945%, 05/10/39(A)(B) | 1390 | 1296 |
| &nbsp;&nbsp;&nbsp;Olympic Tower Mortgage Trust, Ser 2017-OT, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.945%, 05/10/39(A)(B) | 150 | 137 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS MULTI-STRATEGY** |
|  | **ALTERNATIVES FUND** |
|  | **MARCH 31, 2026** |
|  | **(Unaudited)** |

---

MORTGAGE-BACKED SECURITIES — continued

---

| | | |
|:---|:---|:---|
|  | Face Amount (000) | Fair Value (000) |
| UNITED STATES — (continued) |  |  |
| &nbsp;&nbsp;&nbsp;PRPM Trust, Ser 2024-RCF3, Cl M2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 05/25/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/25/54(A)(D) | $310 | $293 |
| &nbsp;&nbsp;&nbsp;PRPM Trust, Ser 2025-NQM1, Cl B1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 02/25/28 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.782%, 11/25/69(A)(B) | 1000 | 1012 |
| &nbsp;&nbsp;&nbsp;PRPM Trust, Ser 2025-NQM3, Cl B1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 07/25/28 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.894%, 05/25/70(A)(B) | 650 | 651 |
| &nbsp;&nbsp;&nbsp;PRPM Trust, Ser 2025-RCF6, Cl M2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 12/25/27 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/25/55(A)(D) | 150 | 143 |
| &nbsp;&nbsp;&nbsp;Rate Mortgage Trust, Ser 2021-J3, Cl AX1, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 10/25/44 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.207%, 10/25/51(A)(B) | 1870 | 19 |
| &nbsp;&nbsp;&nbsp;Rate Mortgage Trust, Ser 2024-J4, Cl B4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 06/25/30 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.268%, 12/25/54(A)(B) | 1191 | 967 |
| &nbsp;&nbsp;&nbsp;RMF Proprietary Issuance Trust, Ser 2021-2, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 04/25/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.125%, 09/25/61(A)(B) | 76 | 72 |
| &nbsp;&nbsp;&nbsp;SCG Mortgage Trust, Ser 2024-MSP, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.610%, TSFR1M + 4.937%, 04/15/41(A)(B) | 3320 | 3306 |
| &nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2024-9, Cl B4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 07/25/28 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.502%, 10/25/54(A)(B) | 362 | 329 |
| &nbsp;&nbsp;&nbsp;SG Residential Mortgage Trust, Ser 2025-1, Cl B1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 12/25/28 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.749%, 12/25/65(A)(B) | 1660 | 1639 |
| &nbsp;&nbsp;&nbsp;SWCH Commercial Mortgage Trust, Ser 2025-DATA, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.115%, TSFR1M + 1.443%, 02/15/42(A)(B) | 4000 | 3950 |
| &nbsp;&nbsp;&nbsp;SWCH Commercial Mortgage Trust, Ser 2025-DATA, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.515%, TSFR1M + 1.842%, 02/15/42(A)(B) | 2500 | 2465 |
| &nbsp;&nbsp;&nbsp;SWCH Commercial Mortgage Trust, Ser 2025-DATA, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.314%, TSFR1M + 2.641%, 02/15/42(A)(B) | 4150 | 4081 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS MULTI-STRATEGY** |
|  | **ALTERNATIVES FUND** |
|  | **MARCH 31, 2026** |
|  | **(Unaudited)** |

---

MORTGAGE-BACKED SECURITIES — continued

---

| | | |
|:---|:---|:---|
|  | Face Amount (000) | Fair Value (000) |
| UNITED STATES — (continued) |  |  |
| &nbsp;&nbsp;&nbsp;SWCH Commercial Mortgage Trust, Ser 2025-DATA, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.013%, TSFR1M + 3.340%, 02/15/42(A)(B) | $10490 | $10303 |
| &nbsp;&nbsp;&nbsp;THPT Mortgage Trust, Ser 2023-THL, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.398%, 12/10/34(A)(B) | 1500 | 1500 |
| &nbsp;&nbsp;&nbsp;Verus Securitization Trust, Ser 2023-5, Cl B2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 06/25/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.970%, 06/25/68(A)(B) | 3431 | 3425 |
| &nbsp;&nbsp;&nbsp;Verus Securitization Trust, Ser 2023-6, Cl B2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 09/25/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.762%, 09/25/68(A)(B) | 1080 | 1080 |
| &nbsp;&nbsp;&nbsp;Verus Securitization Trust, Ser 2024-6, Cl B2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 07/25/27 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.889%, 07/25/69(A)(B) | 200 | 201 |
| &nbsp;&nbsp;&nbsp;Verus Securitization Trust, Ser 2024-9, Cl B2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 12/25/27 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.348%, 11/25/69(A)(B) | 150 | 149 |
| &nbsp;&nbsp;&nbsp;Verus Securitization Trust, Ser 2025-1, Cl B2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 01/25/28 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.349%, 01/25/70(A)(B) | 570 | 569 |
| &nbsp;&nbsp;&nbsp;Verus Securitization Trust, Ser 2025-INV1, Cl B2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 02/25/28 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.300%, 02/25/70(A)(B) | 230 | 228 |
| &nbsp;&nbsp;&nbsp;WCORE Commercial Mortgage Trust, Ser 2024-CORE, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.611%, TSFR1M + 3.939%, 11/15/41(A)(B) | 1000 | 995 |
| &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Ser 2025-AGLN, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.861%, TSFR1M + 4.189%, 07/15/37(A)(B) | 3070 | 3027 |
| &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Ser 2025-AURA, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.266%, TSFR1M + 1.593%, 10/15/42(A)(B) | 5000 | 4988 |
| &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Ser 2025-AURA, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.611%, TSFR1M + 4.938%, 10/15/42(A)(B) | 2112 | 2122 |
| &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Ser 2025-B33RP, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.173%, TSFR1M + 3.500%, 08/15/42(A)(B) | 3630 | 3628 |
| &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Ser 2025-DWHP, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.014%, TSFR1M + 2.341%, 04/15/38(A)(B) | 10000 | 10047 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS MULTI-STRATEGY** |
|  | **ALTERNATIVES FUND** |
|  | **MARCH 31, 2026** |
|  | **(Unaudited)** |

---

MORTGAGE-BACKED SECURITIES — continued

---

| | | |
|:---|:---|:---|
|  | Face Amount (000) | Fair Value (000) |
| UNITED STATES — (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Ser 2025-DWHP, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.108%, TSFR1M + 6.436%, 04/15/38(A)(B) | $2320 | $2323 |
| &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Ser 2026-1250B, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.089%, 03/10/41(A)(B) | 3320 | 3302 |
| &nbsp;&nbsp;&nbsp;Wells Fargo Mortgage Backed Securities Trust, Ser 2021-RR1, Cl AIO1, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 04/25/45 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.478%, 12/25/50(A)(B) | 3502 | 103 |
|  |  | 2244999 |
| TOTAL MORTGAGE-BACKED SECURITIES |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,262,213) (000) |  | 2262759 |
| CORPORATE OBLIGATIONS — 30.9% |  |  |
| CANADA — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;goeasy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 04/12/26 @ $104.625 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.250%, 12/01/28(A) | 773 | 719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 07/01/26 @ $103.813 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.625%, 07/01/29(A) | 1695 | 1487 |
| &nbsp;&nbsp;&nbsp;Jones Deslauriers Insurance Management |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 05/02/26 @ $104.250 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.500%, 03/15/30(A) | 1492 | 1517 |
|  |  | 3723 |
| DENMARK — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;GENMAB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 12/15/28 @ $103.625 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.250%, 12/15/33(A) | 938 | 982 |
| FRANCE — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Altice France |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 10/01/26 @ $101.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.500%, 11/01/29(A) | 2824 | 2853 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS MULTI-STRATEGY** |
|  | **ALTERNATIVES FUND** |
|  | **MARCH 31, 2026** |
|  | **(Unaudited)** |

---

CORPORATE OBLIGATIONS — continued

---

| | | |
|:---|:---|:---|
|  | Face Amount (000) | Fair Value (000) |
| NETHERLANDS — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Trivium Packaging Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 07/15/27 @ $106.125 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.250%, 01/15/31(A) | $2458 | $2661 |
| PANAMA — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Sable International Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 10/15/27 @ $103.563 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.125%, 10/15/32(A) | 901 | 890 |
| UNITED KINGDOM — 15.9% |  |  |
| &nbsp;&nbsp;&nbsp;Ardonagh Finco |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 02/15/27 @ $103.875 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.750%, 02/15/31(A) | 1896 | 1918 |
| &nbsp;&nbsp;&nbsp;Barclays Bank MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 12/29/26(A)(E) | 138383 | 159482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 12/29/26(A)(E) | 30000 | 37548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 12/29/26(A)(E) | 39149 | 34214 |
| &nbsp;&nbsp;&nbsp;eG Global Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 05/30/26 @ $106.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.000%, 11/30/28(A) | 3701 | 3960 |
|  |  | 237122 |
| UNITED STATES — 14.3% |  |  |
| &nbsp;&nbsp;&nbsp;1261229 BC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 04/15/28 @ $105.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.000%, 04/15/32(A) | 1127 | 1154 |
| &nbsp;&nbsp;&nbsp;Acrisure |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 06/15/26 @ $104.250 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.500%, 06/15/29(A) | 3810 | 3774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 05/02/26 @ $104.125 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.250%, 02/01/29(A) | 845 | 835 |
| &nbsp;&nbsp;&nbsp;Advance Auto Parts |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 08/01/27 @ $103.500 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, 08/01/30(A) | 1726 | 1749 |
| &nbsp;&nbsp;&nbsp;Amneal Pharmaceuticals |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 08/01/28 @ $103.438 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875%, 08/01/32(A) | 686 | 706 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS MULTI-STRATEGY** |
|  | **ALTERNATIVES FUND** |
|  | **MARCH 31, 2026** |
|  | **(Unaudited)** |

---

CORPORATE OBLIGATIONS — continued

---

| | | |
|:---|:---|:---|
|  | Face Amount (000) | Fair Value (000) |
| UNITED STATES — (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Arbor Realty SR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 09/15/28 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.500%, 12/15/28(A) | $2534 | $2490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 01/15/30 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.875%, 07/15/30(A) | 3508 | 3244 |
| &nbsp;&nbsp;&nbsp;Arbor Realty Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 12/15/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 03/15/27(A) | 1757 | 1672 |
| &nbsp;&nbsp;&nbsp;Arches Buyer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 05/02/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.125%, 12/01/28(A) | 1921 | 1840 |
| &nbsp;&nbsp;&nbsp;Ares Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 02/01/29 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875%, 03/01/29 | 1565 | 1576 |
| &nbsp;&nbsp;&nbsp;Ares Strategic Income Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 03/15/31 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.550%, 04/15/31(A) | 805 | 771 |
| &nbsp;&nbsp;&nbsp;Arko |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 05/02/26 @ $101.281 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125%, 11/15/29(A) | 2090 | 1854 |
| &nbsp;&nbsp;&nbsp;Asurion |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 02/01/29 @ $104.188 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.375%, 02/01/34(A) | 390 | 378 |
| &nbsp;&nbsp;&nbsp;Atlanticus Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 09/01/27 @ $104.875 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.750%, 09/01/30(A) | 1817 | 1634 |
| &nbsp;&nbsp;&nbsp;Beacon Mobility |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 08/01/27 @ $103.625 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.250%, 08/01/30(A) | 957 | 989 |
| &nbsp;&nbsp;&nbsp;Blue Owl Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 06/15/30 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.200%, 07/15/30 | 265 | 261 |
| &nbsp;&nbsp;&nbsp;Blue Owl Credit Income |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 02/15/30 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.800%, 03/15/30 | 2401 | 2315 |
| &nbsp;&nbsp;&nbsp;Burford Capital Global Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 01/15/29 @ $104.250 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.500%, 01/15/34(A) | 1671 | 1435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 05/02/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.250%, 04/15/28(A) | 3096 | 2912 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS MULTI-STRATEGY** |
|  | **ALTERNATIVES FUND** |
|  | **MARCH 31, 2026** |
|  | **(Unaudited)** |

---

CORPORATE OBLIGATIONS — continued

---

| | | |
|:---|:---|:---|
|  | Face Amount (000) | Fair Value (000) |
| UNITED STATES — (continued) |  |  |
| &nbsp;&nbsp;&nbsp;BW Real Estate |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 3/30/2030 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.500, H15T5Y + 5.402% (A)(B)(F) | $1136 | $1137 |
| &nbsp;&nbsp;&nbsp;C&S Group Enterprises |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 05/02/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/28(A) | 1629 | 1515 |
| &nbsp;&nbsp;&nbsp;Carvana |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 04/12/26 @ $104.500 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.000% Cash/13.000% PIK, 06/01/30(A) | 6845 | 7121 |
| &nbsp;&nbsp;&nbsp;Century Communities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 02/15/29 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 08/15/29(A) | 1276 | 1198 |
| &nbsp;&nbsp;&nbsp;Clarios Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 09/15/28 @ $103.375 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.750%, 09/15/32(A) | 2831 | 2854 |
| &nbsp;&nbsp;&nbsp;Clarivate Science Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 04/12/26 @ $100.969 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 07/01/28(A) | 266 | 251 |
| &nbsp;&nbsp;&nbsp;Clear Channel Outdoor Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 05/02/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.750%, 04/15/28(A) | 2135 | 2145 |
| &nbsp;&nbsp;&nbsp;Clue Opco |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 10/15/26 @ $104.750 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.500%, 10/15/31(A) | 2793 | 2700 |
| &nbsp;&nbsp;&nbsp;Credit Acceptance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 04/12/26 @ $104.625 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.250%, 12/15/28(A) | 4512 | 4675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 03/15/27 @ $103.313 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625%, 03/15/30(A) | 1780 | 1739 |
| &nbsp;&nbsp;&nbsp;Dealer Tire |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 05/02/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.000%, 02/01/28(A) | 2092 | 2034 |
| &nbsp;&nbsp;&nbsp;Dotdash Meredith |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 06/15/28 @ $103.813 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.625%, 06/15/32(A) | 1263 | 1165 |
| &nbsp;&nbsp;&nbsp;EchoStar |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 11/30/26 @ $105.375 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.750%, 11/30/29 | 3567 | 3853 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS MULTI-STRATEGY** |
|  | **ALTERNATIVES FUND** |
|  | **MARCH 31, 2026** |
|  | **(Unaudited)** |

---

CORPORATE OBLIGATIONS — continued

---

| | | |
|:---|:---|:---|
|  | Face Amount (000) | Fair Value (000) |
| UNITED STATES — (continued) |  |  |
| &nbsp;&nbsp;&nbsp;EF Holdco |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 09/30/27 @ $103.688 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.375%, 09/30/30(A) | $1950 | $1878 |
| &nbsp;&nbsp;&nbsp;Enpro |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 06/01/28 @ $103.063 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.125%, 06/01/33(A) | 1306 | 1321 |
| &nbsp;&nbsp;&nbsp;EW Scripps |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 08/15/27 @ $104.938 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.875%, 08/15/30(A) | 767 | 745 |
| &nbsp;&nbsp;&nbsp;Fiesta Purchaser |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 03/01/27 @ $103.938 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.875%, 03/01/31(A) | 935 | 952 |
| &nbsp;&nbsp;&nbsp;Five Point Operating |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 10/01/27 @ $104.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.000%, 10/01/30(A) | 1728 | 1724 |
| &nbsp;&nbsp;&nbsp;Flagstar Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 05/01/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.574%, TSFR3M + 3.910%, 11/01/30(B) | 973 | 922 |
| &nbsp;&nbsp;&nbsp;Freedom Mortgage |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 04/17/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625%, 01/15/27(A) | 1787 | 1785 |
| &nbsp;&nbsp;&nbsp;Freedom Mortgage Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 05/15/27 @ $104.563 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.125%, 05/15/31(A) | 3200 | 3253 |
| &nbsp;&nbsp;&nbsp;Gee Automotive Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 03/01/28 @ $103.625 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.250%, 03/01/31(A) | 1006 | 1009 |
| &nbsp;&nbsp;&nbsp;Genworth Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 04/17/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.917%, TSFR3M + 2.264%, 11/15/36(B) | 1256 | 1018 |
| &nbsp;&nbsp;&nbsp;GEO Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 04/15/27 @ $105.125 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.250%, 04/15/31 | 899 | 959 |
| &nbsp;&nbsp;&nbsp;Global Atlantic Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 03/01/31 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.250%, H15T5Y + 3.550%, 03/01/56(A)(B) | 3490 | 3290 |
| &nbsp;&nbsp;&nbsp;Gray Media |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 07/15/26 @ $105.250 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.500%, 07/15/29(A) | 1491 | 1584 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS MULTI-STRATEGY** |
|  | **ALTERNATIVES FUND** |
|  | **MARCH 31, 2026** |
|  | **(Unaudited)** |

---

CORPORATE OBLIGATIONS — continued

---

| | | |
|:---|:---|:---|
|  | Face Amount (000) | Fair Value (000) |
| UNITED STATES — (continued) |  |  |
| &nbsp;&nbsp;Heartland Dental |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 05/02/26 @ $105.250 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10.500%, 04/30/28(A) | $1809 | $1859 |
| &nbsp;&nbsp;Herc Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 06/15/27 @ $103.500 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.000%, 06/15/30(A) | 953 | 977 |
| &nbsp;&nbsp;Icahn Enterprises |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 05/15/29 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10.000%, 11/15/29(A) | 4719 | 4649 |
| &nbsp;&nbsp;ILFC E-Capital Trust I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 05/02/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.380%, 12/21/65(A)(B) | 2030 | 1723 |
| &nbsp;&nbsp;ILFC E-Capital Trust II |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 05/02/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.630%, 12/21/65(A)(B) | 379 | 329 |
| &nbsp;&nbsp;Illuminate Buyer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 05/02/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.000%, 07/01/28(A) | 2500 | 2502 |
| &nbsp;&nbsp;Iris Holding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 05/02/26 @ $105.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10.000%, 12/15/28(A) | 3341 | 2764 |
| &nbsp;&nbsp;Jane Street Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 11/01/27 @ $103.063 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.125%, 11/01/32(A) | 1341 | 1326 |
| &nbsp;&nbsp;KeHE Distributors |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 05/02/26 @ $104.500 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.000%, 02/15/29(A) | 3851 | 4009 |
| &nbsp;&nbsp;Kohl's |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 06/01/27 @ $105.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10.000%, 06/01/30(A) | 1960 | 2073 |
| &nbsp;&nbsp;Ladder Capital Finance Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 07/01/30 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 08/01/30 | 1627 | 1630 |
| &nbsp;&nbsp;LD Holdings Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 04/12/26 @ $104.125 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.750%, 11/01/27(A) | 3110 | 2926 |
| &nbsp;&nbsp;LFS Topco |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 07/15/27 @ $104.375 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.750%, 07/15/30(A) | 1700 | 1624 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS MULTI-STRATEGY** |
|  | **ALTERNATIVES FUND** |
|  | **MARCH 31, 2026** |
|  | **(Unaudited)** |

---

CORPORATE OBLIGATIONS — continued

---

| | | |
|:---|:---|:---|
|  | Face Amount (000) | Fair Value (000) |
| UNITED STATES — (continued) |  |  |
| &nbsp;&nbsp;Light & Wonder International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 10/01/28 @ $103.125 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.250%, 10/01/33(A) | $1617 | $1584 |
| &nbsp;&nbsp;Lindblad Expeditions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 09/15/27 @ $103.500 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.000%, 09/15/30(A) | 735 | 750 |
| &nbsp;&nbsp;Maxim Crane Works Holdings Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 05/02/26 @ $105.750 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11.500%, 09/01/28(A) | 6373 | 6641 |
| &nbsp;&nbsp;Midcap Financial Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 04/17/26 @ $101.625 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.500%, 05/01/28(A) | 3261 | 3164 |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 05/02/26 @ $101.406 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.625%, 01/15/30(A) | 4546 | 4236 |
| &nbsp;&nbsp;Mohegan Tribal Gaming Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 04/15/27 @ $105.938 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11.875%, 04/15/31(A) | 2148 | 2238 |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 04/15/27 @ $104.125 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.250%, 04/15/30(A) | 735 | 752 |
| &nbsp;&nbsp;Muvico |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 07/31/27 @ $107.500 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;15.000%, 02/19/29(A) | 2549 | 2416 |
| &nbsp;&nbsp;Nassau of New York |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 07/15/27 @ $103.938 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.875%, 07/15/30(A) | 3345 | 3056 |
| &nbsp;&nbsp;National Mentor Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 12/15/27 @ $105.250 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10.500%, 12/15/30(A) | 1132 | 1168 |
| &nbsp;&nbsp;Navient |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 03/15/27 @ $105.750 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11.500%, 03/15/31 | 1170 | 1189 |
| &nbsp;&nbsp;Neptune Bidco US |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 11/15/27 @ $105.188 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10.375%, 05/15/31(A) | 994 | 1003 |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 02/15/29 @ $104.750 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.500%, 02/15/33(A) | 168 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 05/02/26 @ $104.645 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.290%, 04/15/29(A) | 4517 | 4530 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS MULTI-STRATEGY** |
|  | **ALTERNATIVES FUND** |
|  | **MARCH 31, 2026** |
|  | **(Unaudited)** |

---

CORPORATE OBLIGATIONS — continued

---

| | | |
|:---|:---|:---|
|  | Face Amount (000) | Fair Value (000) |
| UNITED STATES — (continued) |  |  |
| &nbsp;&nbsp;New Enterprise Stone & Lime |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 05/02/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.750%, 07/15/28(A) | $3608 | $3604 |
| &nbsp;&nbsp;Nexstar Media |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 04/15/29 @ $103.625 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.250%, 04/15/34(A) | 1851 | 1856 |
| &nbsp;&nbsp;Park River Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 04/12/26 @ $103.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.750%, 12/31/30(A) | 796 | 733 |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 09/15/26 @ $104.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.000%, 03/15/31(A) | 4687 | 4665 |
| &nbsp;&nbsp;Planet Financial Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 12/15/26 @ $105.250 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10.500%, 12/15/29(A) | 1625 | 1559 |
| &nbsp;&nbsp;PRA Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 06/01/26 @ $104.438 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.875%, 01/31/30(A) | 721 | 728 |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 04/12/26 @ $102.094 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.375%, 02/01/28(A) | 1975 | 1989 |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 04/12/26 @ $101.250 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/29(A) | 1443 | 1332 |
| &nbsp;&nbsp;Provident Funding Associates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 09/15/26 @ $104.875 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.750%, 09/15/29(A) | 250 | 257 |
| &nbsp;&nbsp;Quikrete Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 03/01/28 @ $103.375 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.750%, 03/01/33(A) | 1282 | 1302 |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 03/01/28 @ $103.188 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.375%, 03/01/32(A) | 741 | 751 |
| &nbsp;&nbsp;Radiology Partners |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 07/15/28 @ $104.250 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.500%, 07/15/32(A) | 1427 | 1447 |
| &nbsp;&nbsp;Raven Acquisition Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 11/15/27 @ $103.438 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.875%, 11/15/31(A) | 2789 | 2689 |
| &nbsp;&nbsp;Rfna |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 02/15/27 @ $103.938 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.875%, 02/15/30(A) | 742 | 709 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS MULTI-STRATEGY** |
|  | **ALTERNATIVES FUND** |
|  | **MARCH 31, 2026** |
|  | **(Unaudited)** |

---

CORPORATE OBLIGATIONS — continued

---

| | | |
|:---|:---|:---|
|  | Face Amount (000) | Fair Value (000) |
| UNITED STATES — (continued) |  |  |
| &nbsp;&nbsp;Risewell Homes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 10/01/26 @ $104.625 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.250%, 10/01/29(A) | $1388 | $1402 |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 11/01/27 @ $104.250 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.500%, 11/01/30(A) | 1288 | 1260 |
| &nbsp;&nbsp;Rithm Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 07/15/27 @ $104.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.000%, 07/15/30(A) | 4040 | 3899 |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 04/12/26 @ $104.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.000%, 04/01/29(A) | 4384 | 4307 |
| &nbsp;&nbsp;Rocket Software |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 04/12/26 @ $103.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.000%, 11/28/28(A) | 5750 | 5741 |
| &nbsp;&nbsp;RR Donnelley & Sons |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 08/01/26 @ $104.750 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.500%, 08/01/29(A) | 4266 | 4318 |
| &nbsp;&nbsp;Scripps Escrow II |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 05/02/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.875%, 01/15/29(A) | 961 | 889 |
| &nbsp;&nbsp;Service Properties Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 06/15/27 @ $104.438 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.875%, 06/15/32 | 854 | 847 |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 04/12/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 09/30/27(A)(E) | 4740 | 4312 |
| &nbsp;&nbsp;Six Flags Entertainment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 04/17/26 @ $101.083 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.500%, 10/01/28 | 1619 | 1616 |
| &nbsp;&nbsp;Sixth Street Lending Partners |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 12/15/29 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.750%, 01/15/30 | 1601 | 1577 |
| &nbsp;&nbsp;Star Leasing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 02/15/27 @ $103.813 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.625%, 02/15/30(A) | 332 | 307 |
| &nbsp;&nbsp;Starwood Property Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 10/01/28 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.250%, 04/01/29(A) | 368 | 379 |
| &nbsp;&nbsp;Starz Capital Holdings 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 05/02/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 04/15/30(A) | 1164 | 1068 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS MULTI-STRATEGY** |
|  | **ALTERNATIVES FUND** |
|  | **MARCH 31, 2026** |
|  | **(Unaudited)** |

---

CORPORATE OBLIGATIONS — continued

---

| | | |
|:---|:---|:---|
|  | Face Amount (000) | Fair Value (000) |
| UNITED STATES — (continued) |  |  |
| &nbsp;&nbsp;Synergy Infrastructure Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 12/01/27 @ $103.938 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.875%, 12/01/30(A) | $1895 | $1932 |
| &nbsp;&nbsp;TKC Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 08/15/27 @ $104.250 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.500%, 08/15/30(A) | 2838 | 2862 |
| &nbsp;&nbsp;TMS International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 04/12/26 @ $101.563 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.250%, 04/15/29(A) | 945 | 912 |
| &nbsp;&nbsp;US Acute Care Solutions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 05/15/26 @ $104.875 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.750%, 05/15/29(A) | 2328 | 2249 |
| &nbsp;&nbsp;Viking Baked Goods Acquisition |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 11/01/27 @ $104.313 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.625%, 11/01/31(A) | 2199 | 2176 |
| &nbsp;&nbsp;VT Topco |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 08/15/26 @ $104.250 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.500%, 08/15/30(A) | 1456 | 1480 |
|  |  | 212851 |
| TOTAL CORPORATE OBLIGATIONS |  |  |
| &nbsp;&nbsp;(Cost $456,146) (000) |  | 461082 |
| ASSET-BACKED SECURITIES — 20.5% |  |  |
| BERMUDA — 0.7% |  |  |
| &nbsp;&nbsp;Eagle RE, Ser 2023-1, Cl M2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 09/25/28 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.862%, SOFR30A + 5.200%, 09/26/33(A)(B) | 1150 | 1214 |
| &nbsp;&nbsp;Home RE, Ser 2026-1, Cl M1C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 01/25/31 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.262%, SOFR30A + 2.600%, 01/25/36(A)(B) | 1000 | 1002 |
| &nbsp;&nbsp;Home RE, Ser 2026-1, Cl M2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 01/25/31 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.862%, SOFR30A + 3.200%, 01/25/36(A)(B) | 1150 | 1159 |
| &nbsp;&nbsp;Radnor RE, Ser 2021-1, Cl M2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 05/25/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.812%, SOFR30A + 3.150%, 12/27/33(A)(B) | 611 | 613 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS MULTI-STRATEGY** |
|  | **ALTERNATIVES FUND** |
|  | **MARCH 31, 2026** |
|  | **(Unaudited)** |

---

ASSET-BACKED SECURITIES — continued

---

| | | |
|:---|:---|:---|
|  | Face Amount (000) | Fair Value (000) |
| BERMUDA — (continued) |  |  |
| &nbsp;&nbsp;Radnor RE, Ser 2021-2, Cl M2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 09/25/27 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.662%, SOFR30A + 5.000%, 11/25/31(A)(B) | $6000 | $6219 |
|  |  | 10207 |
| CAYMAN ISLANDS — 5.6% |  |  |
| &nbsp;&nbsp;1988 CLO 5, Ser 2024-5A, Cl D1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 07/15/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.972%, TSFR3M + 3.300%, 07/15/37(A)(B) | 850 | 849 |
| &nbsp;&nbsp;Anchorage Capital CLO, Ser 2025-21A, Cl ER |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 04/20/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.918%, TSFR3M + 6.250%, 10/20/34(A)(B) | 470 | 429 |
| &nbsp;&nbsp;Apidos CLO XXIII, Ser 2025-23A, Cl ERR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 04/15/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.872%, TSFR3M + 5.200%, 04/15/33(A)(B) | 2155 | 2043 |
| &nbsp;&nbsp;CarVal CLO III, Ser 2025-2A, Cl ER2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 04/20/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.668%, TSFR3M + 6.000%, 07/20/32(A)(B) | 490 | 456 |
| &nbsp;&nbsp;CIFC Funding, Ser 2017-4A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 04/24/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10.030%, TSFR3M + 6.362%, 10/24/30(A)(B) | 700 | 698 |
| &nbsp;&nbsp;CIFC Funding, Ser 2025-4A, Cl ER |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 07/16/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.921%, TSFR3M + 5.250%, 07/16/35(A)(B) | 750 | 696 |
| &nbsp;&nbsp;CIFC Funding, Ser 2025-7A, Cl ER |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 04/23/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.571%, TSFR3M + 4.900%, 01/23/35(A)(B) | 1500 | 1395 |
| &nbsp;&nbsp;Dryden 55 CLO, Ser 2018-55A, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 04/15/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.334%, TSFR3M + 5.662%, 04/15/31(A)(B) | 1450 | 1351 |
| &nbsp;&nbsp;Dryden 60 CLO, Ser 2018-60A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 04/15/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.934%, TSFR3M + 3.262%, 07/15/31(A)(B) | 300 | 300 |
| &nbsp;&nbsp;Elmwood CLO 30, Ser 2024-6A, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 07/17/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.918%, TSFR3M + 5.250%, 07/17/37(A)(B) | 500 | 477 |
| &nbsp;&nbsp;Elmwood CLO II, Ser 2024-2A, Cl A2RR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 10/20/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.218%, TSFR3M + 1.550%, 10/20/37(A)(B) | 11000 | 10967 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS MULTI-STRATEGY** |
|  | **ALTERNATIVES FUND** |
|  | **MARCH 31, 2026** |
|  | **(Unaudited)** |

---

ASSET-BACKED SECURITIES — continued

---

| | | |
|:---|:---|:---|
|  | Face Amount (000) | Fair Value (000) |
| CAYMAN ISLANDS — (continued) |  |  |
| &nbsp;&nbsp;Empower CLO, Ser 2024-1A, Cl ER |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 10/20/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.568%, TSFR3M + 5.900%, 10/20/37(A)(B) | $660 | $601 |
| &nbsp;&nbsp;Fortress Credit BSL III, Ser 2015-1A, Cl ER |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 04/18/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10.119%, TSFR3M + 6.452%, 04/18/31(A)(B) | 1000 | 996 |
| &nbsp;&nbsp;Fortress Credit Bsl VII, Ser 2024-1A, Cl DR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 04/23/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.721%, TSFR3M + 3.050%, 07/23/32(A)(B) | 1090 | 1083 |
| &nbsp;&nbsp;Fortress Credit BSL VIII, Ser 2019-2A, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 04/20/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10.939%, TSFR3M + 7.272%, 10/20/32(A)(B) | 1000 | 927 |
| &nbsp;&nbsp;Golub Capital Partners CLO, Ser 2025-53A, Cl ER |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 04/20/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.368%, TSFR3M + 4.700%, 07/20/34(A)(B) | 2185 | 1991 |
| &nbsp;&nbsp;Harbor Park CLO, Ser 2025-1A, Cl ER2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 04/20/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.918%, TSFR3M + 5.250%, 01/20/31(A)(B) | 3170 | 2889 |
| &nbsp;&nbsp;Kennedy Lewis CLO 6, Ser 2024-6A, Cl AR2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 10/22/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.069%, TSFR3M + 1.400%, 10/22/37(A)(B) | 10000 | 10004 |
| &nbsp;&nbsp;KKR CLO, Ser 2018-23, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 04/20/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.929%, TSFR3M + 6.262%, 10/20/31(A)(B) | 1000 | 932 |
| &nbsp;&nbsp;Madison Park Funding XXVII, Ser 2025-27A, Cl ER |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 04/20/27 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.168%, TSFR3M + 5.500%, 04/20/38(A)(B) | 250 | 219 |
| &nbsp;&nbsp;Magnetite XXXI, Ser 2026-31A, Cl ER |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 07/15/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.172%, TSFR3M + 4.500%, 07/15/34(A)(B) | 3500 | 3254 |
| &nbsp;&nbsp;Meacham Park CLO, Ser 2024-1A, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 10/20/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.018%, TSFR3M + 5.350%, 10/20/37(A)(B) | 1500 | 1363 |
| &nbsp;&nbsp;Neuberger Berman Loan Advisers CLO, Ser 2024-29A, Cl A2R |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 01/19/27 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.188%, TSFR3M + 1.520%, 01/19/39(A)(B) | 11700 | 11664 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS MULTI-STRATEGY** |
|  | **ALTERNATIVES FUND** |
|  | **MARCH 31, 2026** |
|  | **(Unaudited)** |

---

ASSET-BACKED SECURITIES — continued

---

| | | |
|:---|:---|:---|
|  | Face Amount (000) | Fair Value (000) |
| CAYMAN ISLANDS — (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Neuberger Berman Loan Advisers CLO, Ser 2025-38A, Cl ER2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 04/20/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.268%, TSFR3M + 4.600%, 10/20/36(A)(B) | $1795 | $1666 |
| &nbsp;&nbsp;&nbsp;Neuberger Berman Loan Advisers CLO, Ser 2025-45A, Cl ER |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 04/14/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.517%, TSFR3M + 4.850%, 10/14/36(A)(B) | 150 | 138 |
| &nbsp;&nbsp;&nbsp;Neuberger Berman Loan Advisers CLO, Ser 2025-46A, Cl ER |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 04/20/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.818%, TSFR3M + 5.150%, 01/20/37(A)(B) | 250 | 233 |
| &nbsp;&nbsp;&nbsp;Neuberger Berman Loan Advisers CLO, Ser 2025-47A, Cl ER |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 07/14/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.017%, TSFR3M + 5.350%, 04/16/35(A)(B) | 150 | 139 |
| &nbsp;&nbsp;&nbsp;Northwoods Capital XII-B, Ser 2024-12BA, Cl BR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 06/15/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.374%, TSFR3M + 1.700%, 06/15/31(A)(B) | 10500 | 10498 |
| &nbsp;&nbsp;&nbsp;Oaktree CLO, Ser 2019-4A, Cl ERR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 07/20/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.258%, TSFR3M + 6.590%, 07/20/37(A)(B) | 250 | 231 |
| &nbsp;&nbsp;&nbsp;Octagon Investment Partners 29, Ser 2024-1A, Cl ER2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 07/18/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.838%, TSFR3M + 7.170%, 07/18/39(A)(B) | 1500 | 1393 |
| &nbsp;&nbsp;&nbsp;Octagon Investment Partners 48, Ser 2024-3A, Cl ER2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 10/15/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.422%, TSFR3M + 6.750%, 01/15/39(A)(B) | 1000 | 941 |
| &nbsp;&nbsp;&nbsp;OHA Credit Partners VII, Ser 2025-7A, Cl D2R4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 02/20/27 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.156%, TSFR3M + 3.500%, 02/20/38(A)(B) | 2000 | 1863 |
| &nbsp;&nbsp;&nbsp;OHA Credit Partners VII, Ser 2025-7A, Cl ER4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 02/20/27 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.156%, TSFR3M + 4.500%, 02/20/38(A)(B) | 2000 | 1838 |
| &nbsp;&nbsp;&nbsp;Regatta XX Funding, Ser 2025-2A, Cl ER |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 01/15/27 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.572%, TSFR3M + 4.900%, 01/15/38(A)(B) | 2000 | 1835 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS MULTI-STRATEGY** |
|  | **ALTERNATIVES FUND** |
|  | **MARCH 31, 2026** |
|  | **(Unaudited)** |

---

ASSET-BACKED SECURITIES — continued

---

| | | |
|:---|:---|:---|
|  | Face Amount (000) | Fair Value (000) |
| CAYMAN ISLANDS — (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Renew, Ser 2024-2A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 07/20/41 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.326%, 11/20/60(A) | $7867 | $7517 |
| &nbsp;&nbsp;&nbsp;Symphony CLO XX, Ser 2019-20A, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 04/16/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.223%, TSFR3M + 6.552%, 01/16/32(A)(B) | 250 | 233 |
|  |  | 84109 |
| IRELAND — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Hayfin Emerald CLO V DAC, Ser 2024-5A, Cl ER |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 05/17/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.034%, EUR003M + 7.050%, 11/17/37(A)(B) | 2760 | 3188 |
| JERSEY — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;BSL CLO 5, Ser 2024-5A, Cl D1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 01/20/27 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.768%, TSFR3M + 3.100%, 01/20/38(A)(B) | $440 | 435 |
| &nbsp;&nbsp;&nbsp;Fortress Credit BSL XVIII, Ser 2025-1A, Cl D1R |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 04/23/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.571%, TSFR3M + 3.900%, 04/23/36(A)(B) | 430 | 425 |
| &nbsp;&nbsp;&nbsp;Fortress Credit BSL XX, Ser 2026-3A, Cl DR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 07/23/27 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.621%, TSFR3M + 2.950%, 01/23/37(A)(B) | 1080 | 1060 |
| &nbsp;&nbsp;&nbsp;Juniper Valley Park CLO, Ser 2025-1A, Cl ERR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 07/20/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.418%, TSFR3M + 4.750%, 07/20/36(A)(B) | 2770 | 2557 |
|  |  | 4477 |
| UNITED KINGDOM — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Newday Funding Master Issuer, Ser 2024-3A, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 11/15/27 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.484%, SONIA/N + 3.750%, 11/15/32(A)(B) | 780 | 1050 |
| UNITED STATES — 13.6% |  |  |
| &nbsp;&nbsp;&nbsp;ACHM Trust, Ser 2024-HE2, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 09/25/29 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.350%, 10/25/39(A) | $7026 | 7038 |
| &nbsp;&nbsp;&nbsp;ACHM Trust, Ser 2025-HE1, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 08/25/31 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.920%, 03/25/55(A)(B) | 2793 | 2827 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS MULTI-STRATEGY** |
|  | **ALTERNATIVES FUND** |
|  | **MARCH 31, 2026** |
|  | **(Unaudited)** |

---

ASSET-BACKED SECURITIES — continued

---

| | | |
|:---|:---|:---|
|  | Face Amount (000) | Fair Value (000) |
| UNITED STATES — (continued) |  |  |
| &nbsp;&nbsp;&nbsp;ACHV ABS Trust, Ser 2023-4CP, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 04/25/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.500%, 11/25/30(A) | $203 | $204 |
| &nbsp;&nbsp;&nbsp;Affirm Asset Securitization Trust, Ser 2023-X1, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 04/15/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.550%, 11/15/28(A) | 52 | 52 |
| &nbsp;&nbsp;&nbsp;Affirm Asset Securitization Trust, Ser 2024-B, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 09/15/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.350%, 09/15/29(A) | 2000 | 2002 |
| &nbsp;&nbsp;&nbsp;Affirm Master Trust, Ser 2025-1A, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 02/15/27 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.180%, 02/15/33(A) | 5000 | 5033 |
| &nbsp;&nbsp;&nbsp;Aligned Data Centers Issuer, Ser 2021-1A, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 04/15/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.482%, 08/15/46(A) | 2000 | 1978 |
| &nbsp;&nbsp;&nbsp;Ally Bank Auto Credit-Linked Notes, Ser 2024-A, Cl G |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 11/15/27 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.748%, 05/17/32(A) | 253 | 262 |
| &nbsp;&nbsp;&nbsp;Aqua Finance Trust, Ser 2024-A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 01/17/33 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.810%, 04/18/50(A) | 5816 | 5828 |
| &nbsp;&nbsp;&nbsp;Avant Loans Funding Trust, Ser 2025-REV1, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 12/15/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.390%, 05/15/34(A) | 725 | 734 |
| &nbsp;&nbsp;&nbsp;Avis Budget Rental Car Funding AESOP, Ser 2026-2A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 08/20/31 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.040%, 08/20/32(A) | 1640 | 1631 |
| &nbsp;&nbsp;&nbsp;Bellemeade Re, Ser 2025-1, Cl M1B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 10/25/29 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.162%, SOFR30A + 2.500%, 10/25/35(A)(B) | 1250 | 1256 |
| &nbsp;&nbsp;&nbsp;Bellemeade Re, Ser 2025-1, Cl M1C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 10/25/29 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.912%, SOFR30A + 3.250%, 10/25/35(A)(B) | 1750 | 1766 |
| &nbsp;&nbsp;&nbsp;Blue Stream Issuer, Ser 2023-1A, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 11/20/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.898%, 05/20/53(A) | 1000 | 1015 |
| &nbsp;&nbsp;&nbsp;Bluepeak ABS Issuer, Ser 2025-1A, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 12/20/28 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.491%, 12/20/55(A) | 1000 | 1013 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS MULTI-STRATEGY** |
|  | **ALTERNATIVES FUND** |
|  | **MARCH 31, 2026** |
|  | **(Unaudited)** |

---

ASSET-BACKED SECURITIES — continued

---

| | | |
|:---|:---|:---|
|  | Face Amount (000) | Fair Value (000) |
| UNITED STATES — (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Carvana Auto Receivables Trust, Ser 2024-N3, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 11/10/29 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.660%, 04/12/32(A) | $2120 | $2141 |
| &nbsp;&nbsp;&nbsp;Carvana Auto Receivables Trust, Ser 2025-N1, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 05/10/30 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.730%, 08/10/32(A) | 5058 | 5098 |
| &nbsp;&nbsp;&nbsp;Consolidated Communications, Ser 2025-1A, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 05/20/28 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.408%, 05/20/55(A) | 5000 | 5203 |
| &nbsp;&nbsp;&nbsp;Consolidated Communications, Ser 2025-4A, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 12/20/28 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.098%, 12/20/55(A) | 2500 | 2545 |
| &nbsp;&nbsp;&nbsp;Consumer Portfolio Services Auto Trust, Ser 2025-B, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 10/15/29 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.950%, 03/15/33(A) | 2620 | 2689 |
| &nbsp;&nbsp;&nbsp;CPS Auto Receivables Trust, Ser 2026-A, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 04/15/30 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.660%, 08/15/33(A) | 1000 | 974 |
| &nbsp;&nbsp;&nbsp;Ent Auto Receivables Trust, Ser 2023-1A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 06/15/28 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.700%, 03/17/31(A) | 1560 | 1625 |
| &nbsp;&nbsp;&nbsp;Equify ABS, Ser 2024-1A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 07/15/28 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.430%, 04/18/33(A) | 2076 | 2081 |
| &nbsp;&nbsp;&nbsp;Exeter Automobile Receivables Trust, Ser 2025-3A, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 12/15/29 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.520%, 12/15/32(A) | 4590 | 4614 |
| &nbsp;&nbsp;&nbsp;Exeter Automobile Receivables Trust, Ser 2025-5A, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 07/15/30 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.150%, 06/15/33(A) | 3460 | 3415 |
| &nbsp;&nbsp;&nbsp;Exeter Automobile Receivables Trust, Ser 2026-1A, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 09/15/30 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.690%, 08/15/33(A) | 3000 | 2903 |
| &nbsp;&nbsp;&nbsp;Exeter Automobile Receivables Trust, Ser 2026-2A, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 01/15/31 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.540%, 11/15/33(A) | 3370 | 3361 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS MULTI-STRATEGY** |
|  | **ALTERNATIVES FUND** |
|  | **MARCH 31, 2026** |
|  | **(Unaudited)** |

---

ASSET-BACKED SECURITIES — continued

---

| | | |
|:---|:---|:---|
|  | Face Amount (000) | Fair Value (000) |
| UNITED STATES — (continued) |  |  |
| &nbsp;&nbsp;&nbsp;FIGRE Trust, Ser 2025-HE8, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 04/25/33 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.250%, 11/25/55(A)(B) | $200 | $203 |
| &nbsp;&nbsp;&nbsp;FIP Master Funding, Ser 2024-1A, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.880%, 10/15/54(A) | 7969 | 7898 |
| &nbsp;&nbsp;&nbsp;Flatiron CLO 23, Ser 2025-1A, Cl ER |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 07/17/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.618%, TSFR3M + 4.950%, 04/17/36(A)(B) | 2100 | 1992 |
| &nbsp;&nbsp;&nbsp;Flexential Issuer, Ser 2021-1A, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 04/25/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.250%, 11/27/51(A) | 3348 | 3346 |
| &nbsp;&nbsp;&nbsp;Flexential Issuer, Ser 2021-1A, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 04/25/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.720%, 11/27/51(A) | 1500 | 1490 |
| &nbsp;&nbsp;&nbsp;Flexential Issuer, Ser 2021-1A, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 04/25/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.930%, 11/27/51(A) | 5000 | 4965 |
| &nbsp;&nbsp;&nbsp;Flexential Issuer, Ser 2025-1A, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 10/25/28 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.030%, 10/25/60(A) | 6500 | 6456 |
| &nbsp;&nbsp;&nbsp;Flexential Issuer, Ser 2025-1A, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 10/25/28 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.540%, 10/25/60(A) | 5000 | 5008 |
| &nbsp;&nbsp;&nbsp;GLS Auto Receivables Issuer Trust, Ser 2025-1A, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 07/15/29 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.190%, 03/15/32(A) | 4250 | 4324 |
| &nbsp;&nbsp;&nbsp;GLS Auto Receivables Issuer Trust, Ser 2025-2A, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 12/15/29 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.730%, 06/15/32(A) | 1720 | 1776 |
| &nbsp;&nbsp;&nbsp;GLS Auto Receivables Issuer Trust, Ser 2026-1A, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 09/15/30 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.510%, 03/15/33(A) | 2000 | 1963 |
| &nbsp;&nbsp;&nbsp;GoodLeap Home Improvement Solutions Trust, Ser 2024-1A, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.940%, 10/20/46(A) | 794 | 822 |
| &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Ser 2025-HE2, Cl B1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 10/25/28 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.762%, SOFR30A + 3.100%, 12/25/65(A)(B) | 950 | 971 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS MULTI-STRATEGY** |
|  | **ALTERNATIVES FUND** |
|  | **MARCH 31, 2026** |
|  | **(Unaudited)** |

---

ASSET-BACKED SECURITIES — continued

---

| | | |
|:---|:---|:---|
|  | Face Amount (000) | Fair Value (000) |
| UNITED STATES — (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Hertz Vehicle Financing III, Ser 2023-4A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.440%, 03/25/30(A) | $290 | $301 |
| &nbsp;&nbsp;&nbsp;Hertz Vehicle Financing III, Ser 2025-2A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 09/25/30 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.340%, 09/25/31(A) | 1280 | 1281 |
| &nbsp;&nbsp;&nbsp;Home RE, Ser 2023-1, Cl M2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 10/25/28 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.662%, SOFR30A + 6.000%, 10/25/33(A)(B) | 720 | 773 |
| &nbsp;&nbsp;&nbsp;Hotwire Funding, Ser 2024-1A, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 06/20/27 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.188%, 06/20/54(A) | 140 | 145 |
| &nbsp;&nbsp;&nbsp;Island Finance Trust, Ser 2025-1A, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 11/17/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.950%, 03/19/35(A) | 300 | 303 |
| &nbsp;&nbsp;&nbsp;Island Finance Trust, Ser 2025-1A, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 11/17/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.000%, 03/19/35(A) | 350 | 354 |
| &nbsp;&nbsp;&nbsp;Kapitus Asset Securitization V, Ser 2025-1A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 05/10/27 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.920%, 04/10/32(A) | 550 | 550 |
| &nbsp;&nbsp;&nbsp;Kinetic ABS Issuer, Ser 2026-1A, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 02/25/29 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.653%, 02/25/56(A) | 3500 | 3527 |
| &nbsp;&nbsp;&nbsp;LMRE Trust, Ser 2025-SFR1, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 12/17/42(A) | 5000 | 4867 |
| &nbsp;&nbsp;&nbsp;Mariner Finance Issuance Trust, Ser 2024-AA, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 08/20/27 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.770%, 09/22/36(A) | 570 | 579 |
| &nbsp;&nbsp;&nbsp;Marlette Funding Trust, Ser 2023-2A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 06/15/27 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.920%, 06/15/33(A) | 1670 | 1698 |
| &nbsp;&nbsp;&nbsp;MetroNet Infrastructure Issuer, Ser 2025-2A, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 08/20/28 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.830%, 08/20/55(A) | 1500 | 1522 |
| &nbsp;&nbsp;&nbsp;OnDeck Asset Securitization Trust IV, Ser 2024-2A, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 10/17/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.030%, 10/17/31(A) | 1300 | 1296 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS MULTI-STRATEGY** |
|  | **ALTERNATIVES FUND** |
|  | **MARCH 31, 2026** |
|  | **(Unaudited)** |

---

ASSET-BACKED SECURITIES — continued

---

| | | |
|:---|:---|:---|
|  | Face Amount (000) | Fair Value (000) |
| UNITED STATES — (continued) |  |  |
| &nbsp;&nbsp;&nbsp;OnDeck Asset Securitization Trust IV, Ser 2024-2A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 10/17/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.490%, 10/17/31(A) | $140 | $141 |
| &nbsp;&nbsp;&nbsp;OnDeck Asset Securitization Trust IV, Ser 2025-1A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 04/17/27 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.770%, 04/19/32(A) | 100 | 101 |
| &nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Ser 2025-3, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 05/15/27 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.988%, 12/15/32(A) | 200 | 201 |
| &nbsp;&nbsp;&nbsp;Progress Residential Trust, Ser 2024-SFR2, Cl F |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.650%, 04/17/41(A)(B) | 690 | 643 |
| &nbsp;&nbsp;&nbsp;Radnor RE, Ser 2022-1, Cl M2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 02/25/28 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.162%, SOFR30A + 8.500%, 09/25/32(A)(B) | 6500 | 7213 |
| &nbsp;&nbsp;&nbsp;RCKT Mortgage Trust, Ser 2024-CES7, Cl A1A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 09/25/27 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.158%, 10/25/44(A)(D) | 3059 | 3055 |
| &nbsp;&nbsp;&nbsp;Reach ABS Trust, Ser 2025-1A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 07/15/29 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.750%, 08/16/32(A) | 260 | 271 |
| &nbsp;&nbsp;&nbsp;Reach ABS Trust, Ser 2025-2A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 02/15/30 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.310%, 08/18/32(A) | 1530 | 1578 |
| &nbsp;&nbsp;&nbsp;Regional Management Issuance Trust, Ser 2024-1, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 06/15/27 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.460%, 07/15/36(A) | 2500 | 2550 |
| &nbsp;&nbsp;&nbsp;SAIF Securitization Trust, Ser 2025-CES1, Cl B1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 08/25/28 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.234%, 06/25/65(A)(B) | 1000 | 1011 |
| &nbsp;&nbsp;&nbsp;SAIF Securitization Trust, Ser 2026-CES1, Cl B1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 03/25/29 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.383%, 02/25/56(A)(B) | 2880 | 2884 |
| &nbsp;&nbsp;&nbsp;Sierra Timeshare Receivables Funding, Ser 2026-1A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 09/20/33 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.100%, 12/22/42(A) | 2000 | 1984 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS MULTI-STRATEGY** |
|  | **ALTERNATIVES FUND** |
|  | **MARCH 31, 2026** |
|  | **(Unaudited)** |

---

ASSET-BACKED SECURITIES — continued

---

| | | |
|:---|:---|:---|
|  | Face Amount (000) | Fair Value (000) |
| UNITED STATES — (continued) |  |  |
| &nbsp;&nbsp;&nbsp;STAR Trust, Ser 2024-SFR4, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.423%, TSFR1M + 1.750%, 10/17/41(A)(B) | $9978 | $9978 |
| &nbsp;&nbsp;&nbsp;Switch ABS Issuer, Ser 2024-2A, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 06/25/27 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.033%, 06/25/54(A) | 4500 | 4587 |
| &nbsp;&nbsp;&nbsp;Switch ABS Issuer, Ser 2025-1A, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 03/25/28 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.485%, 03/25/55(A) | 5000 | 4896 |
| &nbsp;&nbsp;&nbsp;Switch ABS Issuer, Ser 2025-2A, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 10/25/28 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.244%, 10/25/55(A) | 2500 | 2441 |
| &nbsp;&nbsp;&nbsp;Switch ABS Issuer, Ser 2026-1A, Cl A21 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 03/25/29 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.609%, 03/27/56(A) | 1000 | 1000 |
| &nbsp;&nbsp;&nbsp;Towd Point Asset Trust, Ser 2021-SL1, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.490%, TSFR1M + 1.814%, 11/20/61(A)(B) | 3130 | 3083 |
| &nbsp;&nbsp;&nbsp;Uniti Fiber Abs Issuer, Ser 2025-1A, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 10/20/28 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.018%, 04/20/55(A) | 3000 | 3084 |
| &nbsp;&nbsp;&nbsp;Upgrade Auto Receivables Trust, Ser 2025-1A, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 03/15/30 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.500%, 11/15/33(A) | 210 | 210 |
| &nbsp;&nbsp;&nbsp;Upgrade Receivables Trust, Ser 2024-1A, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 12/15/27 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.530%, 02/18/31(A) | 2251 | 2379 |
| &nbsp;&nbsp;&nbsp;Upstart Securitization Trust, Ser 2023-2, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 03/20/27 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.870%, 06/20/33(A) | 1134 | 1189 |
| &nbsp;&nbsp;&nbsp;Upstart Securitization Trust, Ser 2025-2, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 03/20/29 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.000%, 06/20/35(A) | 2580 | 2662 |
| &nbsp;&nbsp;&nbsp;Upstart Securitization Trust, Ser 2025-3, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 04/20/29 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.410%, 09/20/35(A) | 1000 | 1015 |
| &nbsp;&nbsp;&nbsp;Upstart Securitization Trust, Ser 2025-4, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 11/20/29 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.670%, 11/20/35(A) | 1515 | 1546 |
| &nbsp;&nbsp;&nbsp;US Bank, Ser 2023-1, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 10/25/26 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.597%, 08/25/32(A) | 117 | 119 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS MULTI-STRATEGY** |
|  | **ALTERNATIVES FUND** |
|  | **MARCH 31, 2026** |
|  | **(Unaudited)** |

---

ASSET-BACKED SECURITIES — continued

---

| | | |
|:---|:---|:---|
|  | Face Amount (000) | Fair Value (000) |
| UNITED STATES — (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Verdant Receivables, Ser 2024-1A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 08/12/28 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.230%, 12/12/31(A) | $570 | $590 |
| &nbsp;&nbsp;&nbsp;VINE Trust, Ser 2023-SFR1, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 12/17/40(A) | 6483 | 6386 |
| &nbsp;&nbsp;&nbsp;Vista Point Securitization Trust, Ser 2024-CES2, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 09/25/27 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.252%, 10/25/54(A)(D) | 1930 | 1926 |
| &nbsp;&nbsp;&nbsp;Vista Point Securitization Trust, Ser 2024-CES3, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 12/25/27 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.679%, 01/25/55(A)(D) | 3643 | 3654 |
| &nbsp;&nbsp;&nbsp;Vista Point Securitization Trust, Ser 2024-CES3, Cl B1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 12/25/27 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.833%, 01/25/55(A)(B) | 1644 | 1672 |
| &nbsp;&nbsp;&nbsp;Westgate Resorts, Ser 2023-1A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 04/20/27 @ $100.000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.140%, 12/20/37(A) | 196 | 201 |
|  |  | 201948 |
| TOTAL ASSET-BACKED SECURITIES |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $306,344) (000) |  | 304979 |
| CONVERTIBLE BONDS — 5.7% |  |  |
| AUSTRALIA — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;IREN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 07/01/31(A)(E) | 4151 | 3023 |
| CAMEROON — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Golar LNG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.750%, 12/15/30(A) | 2745 | 3262 |
| CHINA — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.500%, 06/01/31 | 2474 | 3431 |
| &nbsp;&nbsp;&nbsp;JD.com |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.250%, 06/01/29 | 7260 | 7220 |
| &nbsp;&nbsp;&nbsp;Trip.com Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.750%, 06/15/29 | 5884 | 6089 |
|  |  | 16740 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS MULTI-STRATEGY** |
|  | **ALTERNATIVES FUND** |
|  | **MARCH 31, 2026** |
|  | **(Unaudited)** |

---

CONVERTIBLE BONDS — continued

---

| | | |
|:---|:---|:---|
|  | Face Amount (000) | Fair Value (000) |
| NETHERLANDS — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Nebius Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.750%, 09/15/32(A) | $1662 | $1735 |
| UNITED STATES — 4.1% |  |  |
| &nbsp;&nbsp;&nbsp;Alliant Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.250%, 05/30/28(A) | 4489 | 4756 |
| &nbsp;&nbsp;&nbsp;AST SpaceMobile |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.250%, 04/15/36(A) | 525 | 505 |
| &nbsp;&nbsp;&nbsp;CMS Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125%, 05/01/31(A) | 6496 | 6665 |
| &nbsp;&nbsp;&nbsp;Coinbase Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 10/01/29(A)(E) | 6529 | 5716 |
| &nbsp;&nbsp;&nbsp;Exelon |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.250%, 03/15/29(A) | 2444 | 2526 |
| &nbsp;&nbsp;&nbsp;Federal Realty OP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.250%, 01/15/29(A) | 1615 | 1651 |
| &nbsp;&nbsp;&nbsp;FirstEnergy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 01/15/31(A) | 4356 | 5022 |
| &nbsp;&nbsp;&nbsp;GameStop |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 04/01/30(A)(E) | 6134 | 6312 |
| &nbsp;&nbsp;&nbsp;Liberty Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 03/01/32(A)(E) | 892 | 905 |
| &nbsp;&nbsp;&nbsp;MARA Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 03/01/30(E) | 458 | 404 |
| &nbsp;&nbsp;&nbsp;NCL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.750%, 09/15/30(A) | 2537 | 2354 |
| &nbsp;&nbsp;&nbsp;PennyMac |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.500%, 06/01/29 | 2295 | 2383 |
| &nbsp;&nbsp;&nbsp;PG&E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 12/01/27 | 7160 | 7414 |
| &nbsp;&nbsp;&nbsp;PPL Capital Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/01/30(A) | 808 | 844 |
| &nbsp;&nbsp;&nbsp;Redwood Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.750%, 06/15/27 | 4116 | 4157 |
| &nbsp;&nbsp;&nbsp;Rexford Industrial Realty |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 03/15/29(A) | 2339 | 2293 |
| &nbsp;&nbsp;&nbsp;Super Micro Computer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 06/15/30(A)(E) | 5691 | 4168 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS MULTI-STRATEGY** |
|  | **ALTERNATIVES FUND** |
|  | **MARCH 31, 2026** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| CONVERTIBLE BONDS — continued |  |  |
|  | Face Amount (000) | Fair Value (000) |
| &nbsp;&nbsp;Upstart Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 02/15/32(A)(E) | $4029 | $2580 |
|  |  | 60655 |
| TOTAL CONVERTIBLE BONDS |  |  |
| &nbsp;&nbsp;(Cost $87,119) (000) |  | 85415 |
| U.S. TREASURY OBLIGATIONS — 4.3% |  |  |
| &nbsp;&nbsp;U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.672%, 06/04/26(G) | 25000 | 24839 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.625%, 05/05/26(G) | 20000 | 19932 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.545%, 06/18/26(G) | 15000 | 14883 |
| &nbsp;&nbsp;U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.625%, 06/15/27 | 5000 | 5047 |
| TOTAL U.S. TREASURY OBLIGATIONS |  |  |
| &nbsp;&nbsp;(Cost $64,700) (000) |  | 64701 |
| PREFERRED STOCK — 2.1% |  |  |
|  | Shares |  |
| UNITED STATES — 2.1% |  |  |
| Financials — 0.4% |  |  |
| &nbsp;&nbsp;Adamas Trust, 6.875% | 34100 | 801 |
| &nbsp;&nbsp;Apollo Global Management, 6.750% | 37500 | 2192 |
| &nbsp;&nbsp;Ares Management, 6.750% | 25260 | 914 |
| &nbsp;&nbsp;PennyMac Mortgage Investment Trust, 9.000% | 20247 | 509 |
| &nbsp;&nbsp;TPG RE Finance Trust, 6.250% | 12403 | 219 |
| &nbsp;&nbsp;Western Alliance Bancorp, 4.250% | 19200 | 440 |
|  |  | 5075 |
| Information Technology — 1.3% |  |  |
| &nbsp;&nbsp;Hewlett Packard Enterprise, 7.625% | 89990 | 5805 |
| &nbsp;&nbsp;Microchip Technology, 7.500% | 118906 | 6774 |
| &nbsp;&nbsp;Novanta, 6.500% | 78440 | 4208 |
| &nbsp;&nbsp;Oracle, 6.500% | 68235 | 3071 |
|  |  | 19858 |
| Materials — 0.1% |  |  |
| &nbsp;&nbsp;Albemarle, 7.250% | 22725 | 1633 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS MULTI-STRATEGY** |
|  | **ALTERNATIVES FUND** |
|  | **MARCH 31, 2026** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| PREFERRED STOCK — continued |  |  |
|  | Shares | Fair Value (000) |
| UNITED STATES — (continued) |  |  |
| Real Estate — 0.0% |  |  |
| &nbsp;&nbsp;Brookfield Property Partners, 6.250% | 19585 | $341 |
| Utilities — 0.3% |  |  |
| &nbsp;&nbsp;NextEra Energy, 7.375% | 69849 | 3508 |
| TOTAL PREFERRED STOCK |  |  |
| &nbsp;&nbsp;(Cost $30,702) (000) |  | 30415 |
| EXCHANGE-TRADED FUND — 1.4% |  |  |
| UNITED STATES — 1.4% |  |  |
| Equity Fund — 1.4% |  |  |
| &nbsp;&nbsp;iShares Bitcoin Trust ETF \* | 534150 | 20522 |
| TOTAL EXCHANGE-TRADED FUND |  |  |
| &nbsp;&nbsp;(Cost $29,908) (000) |  | 20522 |
| PURCHASED OPTIONS — 0.9% |  |  |
|  | Contracts |  |
| PURCHASED OPTIONS |  |  |
| &nbsp;&nbsp;Total Purchased Options(H) |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $14,066) (000) | 9730 | $13176 |
| PURCHASED SWAPTIONS — 0.9% |  |  |
|  | Notional Amount (000) |  |
| PURCHASED SWAPTIONS |  |  |
| &nbsp;&nbsp;Total Purchased Swaptions(H) |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $13,853) (000) | $982200 | $13435 |
| SHORT-TERM INVESTMENT — 2.0% |  |  |
|  | Shares |  |
| &nbsp;&nbsp;BlackRock Cash Funds Treasury Fund - Institutional Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.590%(I) | 30050857 | 30051 |
| TOTAL SHORT-TERM INVESTMENT |  |  |
| &nbsp;&nbsp;(Cost $30,051) (000) |  | 30051 |
| TOTAL INVESTMENTS — 220.5% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,295,102) (000) |  | $3286535 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS MULTI-STRATEGY** |
|  | **ALTERNATIVES FUND** |
|  | **MARCH 31, 2026** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| SECURITIES SOLD SHORT |  |  |
| &nbsp;&nbsp;CORPORATE OBLIGATIONS — (0.7)% |  |  |
|  | Face Amount (000) | Fair Value (000) |
| GERMANY — (0.1)% |  |  |
| &nbsp;&nbsp;Cerdia Finanz GmbH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.375%, 10/03/31 (A) | $(1131) | $(1120) |
| LUXEMBOURG — (0.3)% |  |  |
| &nbsp;&nbsp;INEOS Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.500%, 04/15/29 (A) | (2309) | (2240) |
| &nbsp;&nbsp;&nbsp;&nbsp;6.750%, 05/15/28 (A) | (2492) | (2409) |
|  |  | (4649) |
| UNITED STATES — (0.3)% |  |  |
| &nbsp;&nbsp;Celanese US Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.500%, 04/15/30 | (1217) | (1242) |
| &nbsp;&nbsp;Hudson Pacific Properties |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.950%, 02/15/28 | (617) | (585) |
| &nbsp;&nbsp;Miter Brands Acquisition Holdco |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.750%, 04/01/32 (A) | (1585) | (1518) |
| &nbsp;&nbsp;Park-Ohio Industries |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.500%, 08/01/30 (A) | (1052) | (1078) |
| &nbsp;&nbsp;ZoomInfo Technologies |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.875%, 02/01/29 (A) | (1283) | (1066) |
|  |  | (5489) |
| TOTAL CORPORATE OBLIGATIONS |  |  |
| &nbsp;&nbsp;(Proceeds $(11055)) (000) |  | (11258) |
| U.S. TREASURY OBLIGATIONS — (2.6)% |  |  |
| &nbsp;&nbsp;U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.625%, 06/15/27 | (39000) | (39366) |
| Total U.S. Treasury Obligations |  |  |
| &nbsp;&nbsp;(Proceeds $(39291)) (000) |  | (39366) |
| COMMON STOCK — (3.6)% |  |  |
|  | Shares |  |
| AUSTRALIA — (0.1)% |  |  |
| Information Technology — (0.1)% |  |  |
| &nbsp;&nbsp;IREN | (37551) | (1287) |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS MULTI-STRATEGY** |
|  | **ALTERNATIVES FUND** |
|  | **MARCH 31, 2026** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| COMMON STOCK — continued |  |  |
|  | Shares | Fair Value (000) |
| CAMEROON — (0.1)% |  |  |
| Energy — (0.1)% |  |  |
| &nbsp;&nbsp;Golar LNG | (36710) | $(1987) |
| CHINA — (0.4)% |  |  |
| Consumer Discretionary — (0.4)% |  |  |
| &nbsp;&nbsp;Alibaba Group Holding ADR | (18966) | (2379) |
| &nbsp;&nbsp;JD.com ADR | (62150) | (1838) |
| &nbsp;&nbsp;Trip.com Group ADR | (45371) | (2259) |
|  |  | (6476) |
| NETHERLANDS — (0.1)% |  |  |
| Information Technology — (0.1)% |  |  |
| &nbsp;&nbsp;Nebius Group, Cl A | (9450) | (981) |
| UNITED STATES — (2.9)% |  |  |
| Communication Services — 0.0% |  |  |
| &nbsp;&nbsp;AST SpaceMobile, Cl A | (3969) | (329) |
| Consumer Discretionary — (0.3)% |  |  |
| &nbsp;&nbsp;GameStop, Cl A | (131502) | (3030) |
| &nbsp;&nbsp;Norwegian Cruise Line Holdings | (38180) | (714) |
|  |  | (3744) |
| Energy — 0.0% |  |  |
| &nbsp;&nbsp;Liberty Energy, Cl A | (15487) | (446) |
| Financials — (0.3)% |  |  |
| &nbsp;&nbsp;Apollo Global Management | (16293) | (1815) |
| &nbsp;&nbsp;Ares Management, Cl A | (7022) | (766) |
| &nbsp;&nbsp;Coinbase Global, Cl A | (8659) | (1512) |
| &nbsp;&nbsp;Upstart Holdings | (35164) | (902) |
|  |  | (4995) |
| Information Technology — (1.2)% |  |  |
| &nbsp;&nbsp;Hewlett Packard Enterprise | (208805) | (4972) |
| &nbsp;&nbsp;MARA Holdings | (7557) | (62) |
| &nbsp;&nbsp;Microchip Technology | (88500) | (5718) |
| &nbsp;&nbsp;Novanta | (26326) | (3109) |
| &nbsp;&nbsp;Oracle | (14061) | (2068) |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS MULTI-STRATEGY** |
|  | **ALTERNATIVES FUND** |
|  | **MARCH 31, 2026** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| COMMON STOCK — continued |  |  |
|  | Shares | Fair Value (000) |
| UNITED STATES — (continued) |  |  |
| &nbsp;&nbsp;Super Micro Computer | (73261) | $(1668) |
|  |  | (17597) |
| Materials — (0.1)% |  |  |
| &nbsp;&nbsp;Albemarle | (8051) | (1445) |
| Real Estate — (0.1)% |  |  |
| &nbsp;&nbsp;Federal Realty Investment Trust | (5249) | (557) |
| &nbsp;&nbsp;Rexford Industrial Realty | (7352) | (241) |
|  |  | (798) |
| Utilities — (0.9)% |  |  |
| &nbsp;&nbsp;Alliant Energy | (27801) | (1995) |
| &nbsp;&nbsp;CMS Energy | (32977) | (2559) |
| &nbsp;&nbsp;Exelon | (15405) | (755) |
| &nbsp;&nbsp;FirstEnergy | (55479) | (2811) |
| &nbsp;&nbsp;NextEra Energy | (26422) | (2454) |
| &nbsp;&nbsp;PG&E | (111893) | (1966) |
| &nbsp;&nbsp;PPL | (10035) | (383) |
|  |  | (12923) |
|  |  | (42277) |
| TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;(Proceeds $(55595)) (000) |  | (53008) |
| TOTAL SECURITIES SOLD SHORT — (6.9)% |  |  |
| &nbsp;&nbsp;(Proceeds $(105941)) (000) |  | $(103632) |
| WRITTEN SWAPTIONS — (0.9)% |  |  |
|  | Notional Amount (000) |  |
| Total Written Swaptions(H) |  |  |
| &nbsp;&nbsp;(Premiums Received $13,989) (000) | $(744200) | $(13641) |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS MULTI-STRATEGY** |
|  | **ALTERNATIVES FUND** |
|  | **MARCH 31, 2026** |
|  | **(Unaudited)** |

---

\* Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(A) Securities
sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933,
as amended, and may be sold only to dealers in that program or other "accredited investors." On March 31, 2026, the
value of these securities amounted $1,011,715 (000) and represented 67.9% of net assets.

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

&nbsp;&nbsp;&nbsp;&nbsp;(C) No
rate available.

&nbsp;&nbsp;&nbsp;&nbsp;(D) Step
Bonds - The rate reflected on the Schedule of Investments is the effective yield on March 31, 2026. The coupon on a step bond
changes on a specified date.

&nbsp;&nbsp;&nbsp;&nbsp;(E) Zero
Coupon Security.

&nbsp;&nbsp;&nbsp;&nbsp;(F) Perpetual
security with no stated maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;(G) The
rate reported on the Schedule of Investments is the effective yield at the time of purchase.

&nbsp;&nbsp;&nbsp;&nbsp;(H) Refer
to table below for details on Options Contracts.

&nbsp;&nbsp;&nbsp;&nbsp;(I) Rate
shown is the 7-day effective yield as of March 31, 2026. The BlackRock Cash Funds Treasury Fund's financial statements are available
on the SEC's website at https://www.sec.gov.

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS MULTI-STRATEGY** |
|  | **ALTERNATIVES FUND** |
|  | **MARCH 31, 2026** |
|  | **(Unaudited)** |

---

Open exchange-traded options contracts held by the Fund at March 31, 2026, are as follows:

PURCHASED OPTIONS — 0.6%

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Number of<br> Contracts | Notional<br> Amount<br> (000) | Strike<br> Price | Expiration<br> Date | Fair Value<br> (000) |
| CALL OPTIONS | CALL OPTIONS | CALL OPTIONS | CALL OPTIONS | CALL OPTIONS | CALL OPTIONS |
| UNITED STATES — 0.3% | UNITED STATES — 0.3% | UNITED STATES — 0.3% | UNITED STATES — 0.3% | UNITED STATES — 0.3% | UNITED STATES — 0.3% |
| &nbsp;&nbsp;&nbsp;10-Year U.S. Treasury Long Bond Future Option | 1312 | $1457 | $110.00 | 04/24/26 | $1845 |
| &nbsp;&nbsp;&nbsp;10-Year U.S. Treasury Long Bond Future Option | 1218 | 1352 | 111.00 | 04/24/26 | 894 |
| &nbsp;&nbsp;&nbsp;10-Year U.S. Treasury Long Bond Future Option | 539 | 599 | 112.00 | 04/24/26 | 177 |
| &nbsp;&nbsp;&nbsp;10-Year U.S. Treasury Long Bond Future Option | 1693 | 1880 | 110.50 | 04/24/26 | 1772 |
|  |  |  |  |  | 4688 |
| PUT OPTIONS | PUT OPTIONS | PUT OPTIONS | PUT OPTIONS | PUT OPTIONS | PUT OPTIONS |
| UNITED STATES — 0.3% | UNITED STATES — 0.3% | UNITED STATES — 0.3% | UNITED STATES — 0.3% | UNITED STATES — 0.3% | UNITED STATES — 0.3% |
| &nbsp;&nbsp;&nbsp;10-Year U.S. Treasury Long Bond Future Option | 1312 | 1457 | 110.00 | 04/24/26 | 472 |
| &nbsp;&nbsp;&nbsp;10-Year U.S. Treasury Long Bond Future Option | 1218 | 1352 | 111.00 | 04/24/26 | 837 |
| &nbsp;&nbsp;&nbsp;10-Year U.S. Treasury Long Bond Future Option | 539 | 598 | 112.00 | 04/24/26 | 691 |
| &nbsp;&nbsp;&nbsp;10-Year U.S. Treasury Long Bond Future Option | 1693 | 1880 | 110.50 | 04/24/26 | 847 |
| &nbsp;&nbsp;&nbsp;iShares Russell 2000 ETF | 130 | 3224 | 245.00 | 04/17/26 | 70 |
| &nbsp;&nbsp;&nbsp;iShares Russell 2000 ETF | 73 | 1810 | 231.00 | 05/15/26 | 32 |
|  |  |  |  |  | 2949 |
| Total Purchased Options |  |  |  |  | 7637 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS MULTI-STRATEGY** |
|  | **ALTERNATIVES FUND** |
|  | **MARCH 31, 2026** |
|  | **(Unaudited)** |

---

Open OTC options contracts held by the Fund at March 31, 2026, are as follows:

PURCHASED OPTIONS — 0.3%

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Counterparty | Number of<br> Contracts  | Notional<br> Amount<br> (000)  | Strike<br> Price | Expiration<br> Date | Fair Value<br> (000) |
| CALL OPTIONS | CALL OPTIONS | CALL OPTIONS | CALL OPTIONS | CALL OPTIONS | CALL OPTIONS | CALL OPTIONS |
| EURO — 0.0% | EURO — 0.0% | EURO — 0.0% | EURO — 0.0% | EURO — 0.0% | EURO — 0.0% | EURO — 0.0% |
| &nbsp;&nbsp;&nbsp;EURIBOR Swap Rate Option<sup>(1)</sup> | Nomura Securities International | 1 | 1000000 | 0.25% | 07/17/28 | $175 |
| UNITED STATES — 0.3% | UNITED STATES — 0.3% | UNITED STATES — 0.3% | UNITED STATES — 0.3% | UNITED STATES — 0.3% | UNITED STATES — 0.3% | UNITED STATES — 0.3% |
| &nbsp;&nbsp;&nbsp;Hybrid Binary Option<sup>(2)</sup> | Morgan Stanley | 1 | $200000 | 3.52% | 12/18/26 | $3380 |
| &nbsp;&nbsp;&nbsp;MS Cross-Asset Carry & Convexity Basket Option<sup>(3)</sup> | Morgan Stanley | 1 | 77400 | $210.93 | 10/16/27 | 1984 |
| Total Purchased Options |  |  |  |  |  | $5539 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) A
call option purchased on the spread between the 30-year and 10-year euro constant-maturity swap rates, a 10s30s spread. The option
has two strike conditions that must be met at expiry to exercise: the 10s30s spread exceeds 0.25% and the 30-year euro swap rate
is below 2.50%.

&nbsp;&nbsp;&nbsp;&nbsp;(2) This
option contract is purchased with two strike conditions that must be met at expiry to exercise: SPX = $6,424.30 and the 5-year
SOFR rate < 3.52%

&nbsp;&nbsp;&nbsp;&nbsp;(3) This
is a 3.15% deferred premium 2 year ATM call option with a volatility lock mechanism on a basket of Morgan Stanley volatility carry
strategies across equity, VIX, rates, and credit.

The following table represents the individual underlying components comprising the Basket Option at March 31, 2026:

---

| | | |
|:---|:---|:---|
| Ticker | Strategy | Percentage of<br> Notional |
| MSCBUVQ1 | NDX Up Vol | 32.48% |
| MSCBWVPS | SPX Vol Carry | 10.27% |
| MSCBWVRS | RTY Vol Carry | 10.30% |
| MSVXCS02 | VIX RV and Rolldown | 39.69% |
| MSFVWGTT | Rates Vol Carry | 30.09% |
| MSCBVMH2 | Credit Vol Carry | 9.96% |
| MSCV10SP | SPX Conditional Down Var | 15.00% |
| MSCBLMSP | SPX Long Gamma | 15.88% |
| MSCBLMNQ | NDX Long Gamma | 12.03% |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS MULTI-STRATEGY** |
|  | **ALTERNATIVES FUND** |
|  | **MARCH 31, 2026** |
|  | **(Unaudited)** |

---

Open OTC swaptions contracts held by the Fund at March 31, 2026, are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Counterparty | Notional<br> Amount<br> (000) | Strike<br> Price | Expiration<br> Date | Value<br>(000) |
| PURCHASED SWAPTIONS — 0.9% | PURCHASED SWAPTIONS — 0.9% | PURCHASED SWAPTIONS — 0.9% | PURCHASED SWAPTIONS — 0.9% | PURCHASED SWAPTIONS — 0.9% | PURCHASED SWAPTIONS — 0.9% |
| Call Swaptions |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;USD-SOFR Swaption Receiver | Nomura Securities International | $60000 | 4.27% | 01/16/2035 | $2775 |
| &nbsp;&nbsp;&nbsp;USD-SOFR Swaption Receiver | Nomura Securities International | 400000 | 2.49% | 03/16/2028 | (226) |
| &nbsp;&nbsp;&nbsp;USD-SOFR Swaption Receiver | Nomura Securities International | 11200 | 4.48% | 09/26/2035 | 340 |
| &nbsp;&nbsp;&nbsp;USD-SOFR Swaption Receiver | Nomura Securities International | 13000 | 4.75% | 01/16/2035 | 110 |
|  |  | 484200 |  |  | 2999 |
| Put Swaptions |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;MidOcean CREI Fund Management Swaption Payer | JPMorgan Chase | 45000 | 4.10% | 04/06/2026 | 3 |
| &nbsp;&nbsp;&nbsp;USD-SOFR Swaption Payer | Nomura Securities International | 300000 | 4.40% | 01/16/2035 | 10240 |
| &nbsp;&nbsp;&nbsp;USD-SOFR Swaption Payer | Nomura Securities International | 70000 | 3.65% | 03/16/2028 | 295 |
| &nbsp;&nbsp;&nbsp;USD-SOFR Swaption Payer | Nomura Securities International | 2000 | 4.22% | 09/26/2030 | 104 |
| &nbsp;&nbsp;&nbsp;USD-SOFR Swaption Straddle | Nomura Securities International | 81000 | 4.22% | 09/26/2030 | (206) |
|  |  | 498000 |  |  | 10436 |
| Total Purchased Swaptions |  | $982200 |  |  | $13435 |
| WRITTEN SWAPTIONS — (0.9)% | WRITTEN SWAPTIONS — (0.9)% | WRITTEN SWAPTIONS — (0.9)% | WRITTEN SWAPTIONS — (0.9)% | WRITTEN SWAPTIONS — (0.9)% | WRITTEN SWAPTIONS — (0.9)% |
| Put Swaptions |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;USD-SOFR Swaption Payer | Nomura Securities International | (60000) | 4.27% | 01/16/2035 | (3836) |
| &nbsp;&nbsp;&nbsp;USD-SOFR Swaption Payer | Nomura Securities International | (11200) | 4.48% | 09/26/2035 | (381) |
| &nbsp;&nbsp;&nbsp;USD-SOFR Swaption Payer | Nomura Securities International | (13000) | 4.75% | 01/16/2035 | 17 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS MULTI-STRATEGY** |
|  | **ALTERNATIVES FUND** |
|  | **MARCH 31, 2026** |
|  | **(Unaudited)** |

---

Open OTC swaptions contracts held by the Fund at March 31, 2026, are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Counterparty | Notional<br> Amount<br> (000) | Strike<br> Price | Expiration<br> Date | Value<br>(000) |
| WRITTEN SWAPTIONS (continued) | WRITTEN SWAPTIONS (continued) | WRITTEN SWAPTIONS (continued) | WRITTEN SWAPTIONS (continued) | WRITTEN SWAPTIONS (continued) | WRITTEN SWAPTIONS (continued) |
| &nbsp;&nbsp;&nbsp;USD-SOFR Swaption Payer | Nomura Securities International | $(350000) | 6.40% | 01/16/2035 | $(9154) |
| &nbsp;&nbsp;&nbsp;USD-SOFR Swaption Straddle | Nomura Securities International | (100000) | 3.49% | 03/16/2028 | (178) |
| &nbsp;&nbsp;&nbsp;USD-SOFR Swaption Straddle | Nomura Securities International | (10000) | 4.14% | 03/23/2029 | 27 |
| &nbsp;&nbsp;&nbsp;USD-SOFR Swaption Straddle | Nomura Securities International | (128000) | 4.48% | 09/26/2035 | (34) |
|  |  | (672200) |  |  | (13539) |
| Call Swaptions |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;USD-SOFR Swaption Receiver | Nomura Securities International | (70000) | 3.65% | 03/16/2028 | (10) |
| &nbsp;&nbsp;&nbsp;USD-SOFR Swaption Receiver | Nomura Securities International | (2000) | 4.22% | 09/26/2030 | (92) |
|  |  | (72000) |  |  | (102) |
| Total Written Swaptions |  | $(744200) |  |  | $(13641) |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS MULTI-STRATEGY** |
|  | **ALTERNATIVES FUND** |
|  | **MARCH 31, 2026** |
|  | **(Unaudited)** |

---

Open futures contracts held by the Fund at March 31, 2026, are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Type of Contract | Number of<br> Contracts | Expiration<br> Date | Notional<br> Amount<br> (000) | Value<br> (000) | Unrealized<br> Appreciation/<br> (Depreciation)<br> (000) |
| Long Contracts | Long Contracts | Long Contracts | Long Contracts | Long Contracts | Long Contracts |
| &nbsp;&nbsp;&nbsp;S&P 500 Annual Dividend Index | 2876 | Dec-2027 | $49949 | $57412 | $7463 |
| &nbsp;&nbsp;&nbsp;U.S. 5-Year Treasury Notes | 211 | Jun-2026 | 23106 | 22826 | (280) |
|  |  |  | 73055 | 80238 | 7183 |
| Short Contracts | Short Contracts | Short Contracts | Short Contracts | Short Contracts | Short Contracts |
| &nbsp;&nbsp;&nbsp;3 Month SOFR | (723) | Jun-2026 | (174614) | (174108) | 506 |
| &nbsp;&nbsp;&nbsp;3 Month SOFR | (723) | Jun-2027 | (175391) | (174216) | 1175 |
| &nbsp;&nbsp;&nbsp;3 Month SOFR | (723) | Jun-2028 | (174758) | (174596) | 162 |
| &nbsp;&nbsp;&nbsp;3 Month SOFR | (723) | Sep-2026 | (175029) | (174125) | 904 |
| &nbsp;&nbsp;&nbsp;3 Month SOFR | (723) | Sep-2027 | (175355) | (174325) | 1030 |
| &nbsp;&nbsp;&nbsp;3 Month SOFR | (723) | Sep-2028 | (174650) | (174542) | 108 |
| &nbsp;&nbsp;&nbsp;3 Month SOFR | (723) | Dec-2026 | (175282) | (174125) | 1157 |
| &nbsp;&nbsp;&nbsp;3 Month SOFR | (723) | Dec-2027 | (175076) | (174487) | 589 |
| &nbsp;&nbsp;&nbsp;3 Month SOFR | (723) | Dec-2028 | (174532) | (174478) | 54 |
| &nbsp;&nbsp;&nbsp;3 Month SOFR | (723) | Mar-2027 | (175382) | (174180) | 1202 |
| &nbsp;&nbsp;&nbsp;3 Month SOFR | (723) | Mar-2028 | (174858) | (174595) | 263 |
| &nbsp;&nbsp;&nbsp;EURO STOXX® Quality Dividend 50 Index | (3000) | Dec-2026 | (54590) | (58498) | (4448) |
| &nbsp;&nbsp;&nbsp;U.S. 10-Year Treasury Notes | (7673) | Jun-2026 | $(860902) | (852062) | 8840 |
| &nbsp;&nbsp;&nbsp;U.S. Ultra Long Treasury Bonds | (47) | Jun-2026 | (5648) | (5478) | 170 |
|  |  |  | (2846067) | (2833815) | 11712 |
|  |  |  | (2773012) | $(2753577) | $18895 |

---

Open forward foreign currency contracts held by the Fund at March 31, 2026, are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br> Date  | Currency to Deliver (000) | Currency to Deliver (000) | Currency to Receive (000) | Currency to Receive (000) | Unrealized<br> Appreciation/<br> (Depreciation)<br> (000) |
| State Street | 04/17/26 | GBP | 5847 | USD | 7776 | $38 |
| State Street | 04/17/26 | EUR | 2802 | USD | 3223 | (19) |
|  |  |  |  |  |  | $19 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS MULTI-STRATEGY** |
|  | **ALTERNATIVES FUND** |
|  | **MARCH 31, 2026** |
|  | **(Unaudited)** |

---

Open centrally cleared swap contracts held by the Fund at March 31, 2026, are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Credit Default Swaps | Credit Default Swaps | Credit Default Swaps | Credit Default Swaps | Credit Default Swaps | Credit Default Swaps | Credit Default Swaps | Credit Default Swaps | Credit Default Swaps |
| Reference Entity/<br> Obligation | Buy/Sell<br> Protection | (Pays)/<br> Receives<br> Rate  | Payment <br>Frequency | Termination<br> Date | Notional<br> Amount<br> (000) | Value<br> (000) | Upfront<br> Payments/<br> Receipts<br> (000) | Net<br> Unrealized<br> Appreciation<br> (Depreciation)<br> (000)  |
| CDX.NA.HY.45 (4Y) | Buy | 5.00% | Quarterly | 12/20/30 | $33660 | $(1918) | $(2214) | $296 |
| CDX.NA.HY.46 (5Y) | Buy | 5.00% | Quarterly | 06/20/31 | 1000 | (52) | (46) | (6) |
|  |  |  |  |  |  | $(1970) | $(2260) | $290 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Interest Rate Swaps | Interest Rate Swaps | Interest Rate Swaps | Interest Rate Swaps | Interest Rate Swaps | Interest Rate Swaps | Interest Rate Swaps | Interest Rate Swaps | Interest Rate Swaps |
| Fund Pays | Fund Receives | Payment<br> Frequency | Termination<br> Date | Currency | Notional<br> Amount<br> (000) | Value<br> (000) | Upfront<br> Payments/<br> Receipts<br> (000) | Net<br> Unrealized<br> Appreciation<br> (Depreciation)<br> (000)  |
| 3.517% | SOFR INDEX | Annually | 06/19/2027 | USD | 19000 | $29 | $– | $29 |
| 3.464% | SOFR INDEX | Annually | 01/28/2029 | USD | 7187 | 26 |  | 26 |
| 3.464% | SOFR INDEX | Annually | 01/28/2029 | USD | 5122 | 18 |  | 18 |
| 3.514% | SOFR INDEX | Annually | 01/28/2030 | USD | 23124 | 62 |  | 62 |
| 3.514% | SOFR INDEX | Annually | 01/28/2030 | USD | 12476 | 33 |  | 33 |
| 3.32636% | SOFR INDEX | Annually | 08/31/2030 | USD | 23000 | 232 |  | 232 |
| 3.571% | SOFR INDEX | Annually | 01/28/2031 | USD | 24960 | 49 |  | 49 |
| 3.571% | SOFR INDEX | Annually | 01/28/2031 | USD | 4643 | 9 |  | 9 |
| 3.635% | SOFR INDEX | Annually | 01/28/2032 | USD | 3100 | 3 |  | 3 |
| 3.867% | SOFR INDEX | Annually | 01/28/2036 | USD | 5845 | (13) |  | (13) |
| 3.966% | SOFR INDEX | Annually | 01/28/2038 | USD | 163 |  |  |  |
| 4.088% | SOFR INDEX | Annually | 01/28/2041 | USD | 392 | (2) |  | (2) |
| 4.209% | SOFR INDEX | Annually | 01/28/2051 | USD | 363 | (4) | – | (4) |
|  |  |  |  |  |  | $442 | $– | $442 |

---

Open OTC swap contracts held by the Fund at March 31, 2026, are as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Credit Default Swap | Credit Default Swap | Credit Default Swap | Credit Default Swap | Credit Default Swap | Credit Default Swap | Credit Default Swap | Credit Default Swap | Credit Default Swap | Credit Default Swap |
| Counterparty | Reference<br> Entity/<br> Obligation | Buy/Sell<br> Protection | (Pays)/<br> Receives<br> Rate  | Payment<br> Frequency  | Termination<br> Date  | Notional<br> Amount<br> (000) | Value<br> (000) | Upfront<br> Payments/<br> Receipts<br> (000)  | Net<br> Unrealized<br> Depreciation<br> (000)  |
| JPMorgan Chase | CDX.NA.HY.43 (4Y) | Sell | 5.00% | Quarterly | 12/30/2030 | $4851 | $(2537) | $(2435) | $(102) |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS MULTI-STRATEGY** |
|  | **ALTERNATIVES FUND** |
|  | **MARCH 31, 2026** |
|  | **(Unaudited)** |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Total Return Swaps | Total Return Swaps | Total Return Swaps | Total Return Swaps | Total Return Swaps | Total Return Swaps | Total Return Swaps | Total Return Swaps | Total Return Swaps | Total Return Swaps | Total Return Swaps |
| Counterparty | Reference<br> Entity/<br> Obligation | Fund<br> Pays  | Fund <br>Receives | Payment <br>Frequency | Termination <br>Date | Currency | Notional<br> Amount<br> (000)^  | Fair Value<br> (000)  | Upfront<br> Payments/<br> Receipts<br> (000)  | Net Unrealized<br> Appreciation<br> (Depreciation)<br> (000)  |
| Bank of America | \*\*BABXRPFV INDEX | 0.00% | TOTAL RETURN | Monthly | 01/21/27 | USD | 52044 | $(207) | $– | $(207) |
| Bank of America | \*\*BAEIZDIR INDEX | 0.00% | TOTAL RETURN | Monthly | 03/16/27 | USD | 25000 | (256) |  | (256) |
| Bank of America | \*\*BAFXCAVE INDEX | 0.00% | TOTAL RETURN | Monthly | 09/22/26 | USD | 80473 |  |  |  |
| Bank of America | \*\*MLFSCRED INDEX | SOFR +0.25% | TOTAL RETURN | Quarterly | 10/26/26 | USD | 25427 | (3775) |  | (3775) |
| Bank of America | \*\*MLFSLGLB INDEX | SOFR +0.40% | TOTAL RETURN | Quarterly | 08/21/26 | USD | 91544 | (4143) |  | (4143) |
| Bank of America | \*\*MLFSSGLB INDEX | TOTAL RETURN | SOFR -0.28% | Quarterly | 08/21/26 | USD | 91673 | 5290 |  | 5290 |
| Barclays | \*\*BCFSSOFL INDEX | 0.45% | TOTAL RETURN | Quarterly | 02/12/27 | USD | 18398 | (2) |  | (2) |
| Barclays | \*\*BCFSSOFS INDEX | TOTAL RETURN | 0.00% | Quarterly | 02/12/27 | USD | 19070 | 2 |  | 2 |
| Barclays | \*\*BCUSBSHT INDEX | 0.45% | TOTAL RETURN | Quarterly | 02/11/27 | USD | 16632 | 187 |  | 187 |
| BNP Paribas | \*\*BPFXMRGU INDEX | 0.10% | TOTAL RETURN | Quarterly | 09/18/26 | USD | 39509 | 168 |  | 168 |
| BNP Paribas | \*\*BPFXSTG2 INDEX | 0.10% | TOTAL RETURN | Quarterly | 10/15/26 | USD | 38621 | 87 |  | 87 |
| BNP Paribas | Freedom Mortgage Holdings LLC | 0.00% | TOTAL RETURN | Monthly | 04/30/27 | USD | 4469 | 68 |  | 68 |
| BNP Paribas | Starwood Property Trust, Inc. | 0.00% | TOTAL RETURN | Monthly | 04/30/27 | USD | 1912 | 53 |  | 53 |
| Deutsche Bank | \*\*DBGNLASU INDEX | 0.00% | TOTAL RETURN | Quarterly | 01/25/27 | USD | 51388 | 3352 |  | 3352 |
| Goldman Sachs | \*\*AGGSCAZE INDEX | 0.40% | TOTAL RETURN | Quarterly | 02/04/27 | USD | 9866 | (235) |  | (235) |
| Goldman Sachs | \*\*GSCBEJFB INDEX | SOFR +0.42% | TOTAL RETURN | Monthly | 04/30/26 | USD | 162556 | (65) |  | (65) |
| Goldman Sachs | \*\*GSCBFSBK INDEX | TOTAL RETURN | SOFR -0.45% | Monthly | 04/30/26 | USD | 140074 |  |  |  |
| Goldman Sachs | \*\*GSFSHALT INDEX | TOTAL RETURN | SOFR -0.20% | Quarterly | 03/24/27 | USD | 14835 | 107 |  | 107 |
| Goldman Sachs | \*\*GSFSTINT INDEX | SOFR +0.55% | TOTAL RETURN | Quarterly | 03/24/27 | USD | 14430 | 9 |  | 9 |
| Goldman Sachs | \*\*GSXAF22F INDEX | 0.00% | TOTAL RETURN | Quarterly | 09/28/26 | USD | 52731 | (137) |  | (137) |
| JPMorgan Chase | \*\*JPMPURE INDEX | TOTAL RETURN | 0.40% | Quarterly | 03/18/27 | USD | 14997 | (148) |  | (148) |
| JPMorgan Chase | IBOXHY INDEX | TOTAL RETURN | SOFR | Quarterly | 06/20/26 | USD | 21186 | 62 | 107 | (45) |
| JPMorgan Chase | IBOXHY INDEX | TOTAL RETURN | SOFR | Quarterly | 09/20/26 | USD | 20692 | 20 | 157 | (137) |
| JPMorgan Chase | IBOXIG INDEX | TOTAL RETURN | SOFR | Quarterly | 06/20/26 | USD | 7400 | (1) | 57 | (58) |
| Morgan Stanley | \*\*MSFSREL INDEX | FEDFUNDS +0.55% | TOTAL RETURN | Quarterly | 10/06/27 | USD | 24104 | (780) |  | (780) |
| Morgan Stanley | \*\*MSQSPB12 INDEX | 0.00% | TOTAL RETURN | Quarterly | 11/11/26 | USD | 66554 | (367) |  | (367) |
| Nomura Securities International | \*\*NMIVRU3X INDEX | 1.25% | TOTAL RETURN | Quarterly | 09/29/26 | USD | 561 | 17 | – | 17 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS MULTI-STRATEGY** |
|  | **ALTERNATIVES FUND** |
|  | **MARCH 31, 2026** |
|  | **(Unaudited)** |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Reference<br> Entity/<br> Obligation | Fund<br> Pays  | Fund <br>Receives | Payment <br>Frequency | Termination <br>Date | Currency | Notional<br> Amount<br> (000)^  | Fair Value<br> (000)  | Upfront<br> Payments/<br> Receipts<br> (000)  | Net Unrealized<br> Appreciation<br> (Depreciation)<br> (000)  |
| Nomura Securities International | \*\*NMSY2RNU INDEX | 0.15% | TOTAL RETURN | Quarterly | 07/31/26 | USD | 74878 | $(176) | $– | $(176) |
| Nomura Securities International | \*\*NMVVU5X INDEX | 1.25% | TOTAL RETURN | Quarterly | 02/11/27 | USD | 207426 | 596 |  | 596 |
| Nomura Securities International | \*\*NMVVU5XX INDEX | TOTAL RETURN | 1.25% | Quarterly | 02/11/27 | USD | 206639 | 337 |  | 337 |
| Nomura Securities International | \*\*NMVVUX5 INDEX | TOTAL RETURN | 1.25% | Quarterly | 02/11/27 | USD | 210928 | (459) |  | (459) |
| Nomura Securities International | \*\*NMVVUX5X INDEX | 1.25% | TOTAL RETURN | Quarterly | 02/11/27 | USD | 207105 | (331) |  | (331) |
| Nomura Securities International | \*\*NNMIVRU3 INDEX | 1.25% | TOTAL RETURN | Quarterly | 09/29/26 | USD | 912 | 28 |  | 28 |
| Societe Generale | \*\*SGIASW20 INDEX | 0.50% | TOTAL RETURN | Quarterly | 09/11/26 | USD | 50000 | 203 |  | 203 |
| Societe Generale | \*\*SGMDSBVH INDEX | 0.20% | TOTAL RETURN | Quarterly | 04/07/26 | USD | 74533 | 204 |  | 204 |
| UBS | \*\*UBCSDQMV INDEX | 0.20% | TOTAL RETURN | Quarterly | 01/15/27 | USD | 58266 | 1643 | – | 1643 |
|  |  |  |  |  |  |  | 2196833 | $1351 | $321 | $1030 |

---

---

| | |
|:---|:---|
| ^ | Notional amounts for OTC swaps are listed in their local currency. |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS MULTI-STRATEGY** |
|  | **ALTERNATIVES FUND** |
|  | **MARCH 31, 2026** |
|  | **(Unaudited)** |

---

\*\* The following tables represent the individual underlying components comprising the Index Basket Swaps at March 31, 2026.

\*\* BABXRPFV Index: A commodity volatility multi-factor basket of four commodity strategies with equally weighted risk contributions targeting three factors: Vol Carry, Vol Hedging, and Relative Value Vol

---

| | | | |
|:---|:---|:---|:---|
| | Top Underlying Components | Notional | Percentage of Notional |
| Future | Brent Crude Futures June 26 | $9266605 | 17.88% |
|  | Brent Crude Futures July 26 | 6073567 | 11.72% |
|  | Gold 100 oz Futures June 26 | (4736556) | -9.14% |
|  | Corn Futures May 26 | 3560078 | 6.87% |
|  | Brent Crude Futures August 26 | 3227626 | 6.23% |
|  | WTI Crude Futures June 26 | 3123088 | 6.02% |
|  | WTI Crude Futures July 26 | 2548236 | 4.92% |
|  | LME Copper Futures May 26 | (2295220) | -4.43% |
|  | LME Copper Futures June 26 | (1962954) | -3.79% |
|  | LME Zinc Futures May 26 | (1104188) | -2.13% |
|  | Corn Futures July 26 | 863886 | 1.67% |
|  | LME Copper Futures July 26 | (854063) | -1.65% |
|  | WTI Crude Futures May 26 | 603687 | 1.16% |
|  | WTI Crude Futures August 26 | 569351 | 1.10% |
|  | LME Nickel Futures May 26 | (276760) | -0.53% |
|  | Gold 100 oz Futures August 26 | 271952 | 0.52% |
|  | LME Zinc Futures June 26 | 264461 | 0.51% |
|  | Brent Crude Futures September 26 | 224468 | 0.43% |
|  | LME Zinc Futures July 26 | 148509 | 0.29% |
| Option | Call Option on CRUDE OIL OPT IPE Jun 26C 61 | (1319587) | -2.55% |
|  | Call Option on CRUDE OIL OPT IPE Jun 26C 60 | (980177) | -1.89% |
|  | Call Option on CRUDE OIL FUT OPT May 26C 58 | (908223) | -1.75% |
|  | Call Option on CRUDE OIL FUT OPT May 26C 57 | (810482) | -1.56% |
|  | Call Option on CRUDE OIL OPT IPE Jul 26C 66 | (758884) | -1.46% |
|  | Call Option on CRUDE OIL FUT OPT May 26C 56 | (698659) | -1.35% |
|  | Call Option on CRUDE OIL OPT IPE Jun 26C 63 | (686076) | -1.32% |
|  | Call Option on CRUDE OIL OPT IPE Jun 26C 59 | (607627) | -1.17% |
|  | Call Option on CRUDE OIL OPT IPE Jul 26C 68 | (576789) | -1.11% |
|  | Call Option on CRUDE OIL OPT IPE Aug 26C 69 | (556589) | -1.07% |
|  | Call Option on CRUDE OIL FUT OPT Jun 26C 59 | (517238) | -1.00% |
|  | Call Option on CRUDE OIL FUT OPT Jun 26C 60 | (494404) | -0.95% |
|  | Call Option on CRUDE OIL OPT IPE Jul 26C 64 | (411412) | -0.79% |
|  | Call Option on CRUDE OIL FUT OPT Jul 26C 65 | (395884) | -0.76% |
|  | Call Option on CRUDE OIL FUT OPT May 26C 81 | 373875 | 0.72% |
|  | Call Option on CRUDE OIL OPT IPE Jul 26C 67 | (363358) | -0.70% |
|  | Call Option on CRUDE OIL FUT OPT Jun 26C 62 | (360600) | -0.70% |
|  | Call Option on CRUDE OIL OPT IPE Jun 26C 62 | (357185) | -0.69% |
|  | Call Option on CRUDE OIL FUT OPT Jun 26C 64 | (329322) | -0.64% |
|  | Call Option on CRUDE OIL OPT IPE Jul 26C 65 | (262533) | -0.51% |
|  | Call Option on CRUDE OIL FUT OPT May 26C 82 | 236297 | 0.46% |
|  | Call Option on CRUDE OIL FUT OPT Jul 26C 62 | (230936) | -0.45% |
|  | Call Option on CRUDE OIL FUT OPT May 26C 83 | 224098 | 0.43% |
|  | Call Option on CRUDE OIL FUT OPT May 26C 80 | 196657 | 0.38% |
|  | Call Option on CRUDE OIL FUT OPT Jun 26C 61 | (188091) | -0.36% |
|  | Call Option on CRUDE OIL OPT IPE Jun 26C 64 | (164375) | -0.32% |
|  | Call Option on CRUDE OIL OPT IPE Jun 26C 65 | (157246) | -0.30% |
|  | Put Option on COPPER LME OPT Jun 26P 12900 | (156988) | -0.30% |
|  | Call Option on CRUDE OIL OPT IPE Aug 26C 74 | (147205) | -0.28% |
|  | Call Option on CRUDE OIL FUT OPT May 26C 55 | (144860) | -0.28% |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS MULTI-STRATEGY** |
|  | **ALTERNATIVES FUND** |
|  | **MARCH 31, 2026** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| Top Underlying Components | Notional | Percentage of Notional |
| Call Option on CRUDE OIL OPT IPE Jul 26C 63 | $(143478) | -0.28% |

---

\*\* BAEIZDIR Index: The strategy aims to capture intraday reversals by spending a fixed premium budget (30bps) to buy 25-delta out-of-the-money 0DTE calls (puts) when the S&P 500 moves significantly down (up) during the day. The strategy deploys the premium budget linearly based on the strength of the move (adjusted for prevailing volatility levels), and won't trade if the move is below threshold.

---

| | | | |
|:---|:---|:---|:---|
| | Top Underlying Components | Notional | Percentage of Notional |
| Index | BAEIZDIR Index | $24743593 | 100.00% |

---

\*\* BAFXCAVE Index: An FX multi-factor basket of 4 equally weighted FX strategies: Cross-Sectional Carry EM, Defensive Carry, PPP Value G10 and PPP Value EM.

---

| | | | |
|:---|:---|:---|:---|
| | Top Underlying Components | Notional | Percentage of Notional |
| FX Contract | INR Non-Deliverable Forward Points 2 Month | $27467553 | 34.13% |
|  | Swiss Franc 2 Month | (19378441) | -24.08% |
|  | CNH Fwd Points 2 Month | (14825588) | -18.42% |
|  | Singapore Dollar 2 Month | (14411150) | -17.91% |
|  | New Romanian Leu 2 Month | 12497768 | 15.53% |
|  | Australian Dollar 2 Month | (9388127) | -11.67% |
|  | New Zealand Dollar 2 Month | (9213978) | -11.45% |
|  | Japanese Yen 2 Month | 8801554 | 10.94% |
|  | PHP Onshore Points 2 Month | 8653922 | 10.75% |
|  | BRL Fwd Points 2 Month | 8091219 | 10.05% |
|  | IDR Non-Deliverable Forward Points 2 Month | 5160617 | 6.41% |
|  | COP Ndf Points 2 Month | 5134668 | 6.38% |
|  | Taiwan Dollar 2 Month | 5036230 | 6.26% |
|  | Canadian Dollar 2 Month | 5017478 | 6.23% |
|  | Euro 2 Month | 4926634 | 6.12% |
|  | Norwegian Krone 2 Month | (4900571) | -6.09% |
|  | Czech Koruna 2 Month | (4529089) | -5.63% |
|  | Swedish Krona 2 Month | (3253786) | -4.04% |
|  | British Pound 2 Month | (2300520) | -2.86% |
|  | Israeli Shekel 2 Month | (2092739) | -2.60% |
|  | KRW Onshore Points 2 Month | (1856638) | -2.31% |
|  | CLP Ndf Points 2 Month | (1774688) | -2.21% |
|  | Polish Zloty 2 Month | (1697411) | -2.11% |
|  | Thai Baht 2 Month | 1638686 | 2.04% |
|  | Mexican Peso 2 Month | (1335581) | -1.66% |
|  | Hungarian Forint 2 Month | (1051251) | -1.31% |
|  | PEN Fwd Points 2 Month | (182856) | -0.23% |
|  | S. African Rand 2 Month | 47274 | 0.06% |

---

\*\* MLFSCRED Index: A long basket of 27 Private Credit BDCs

---

| | | | |
|:---|:---|:---|:---|
| | Top Underlying Components | Notional | Percentage of Notional |
| Equity | Ares Capital Corp | $3127861 | 14.32% |
|  | Blackstone Secured Lending Fund | 2208097 | 10.11% |
|  | Golub Capital BDC Inc | 1434785 | 6.57% |
|  | Capital Southwest Corp | 1185249 | 5.43% |
|  | Hercules Capital Inc | 1182305 | 5.41% |
|  | PennantPark Floating Rate Capital Ltd | 988485 | 4.53% |
|  | Sixth Street Specialty Lending Inc | 904175 | 4.14% |
|  | Goldman Sachs BDC Inc | 835509 | 3.83% |
|  | Oaktree Specialty Lending Corp | 814908 | 3.73% |
|  | Carlyle Secured Lending Inc | 742808 | 3.40% |
|  | MidCap Financial Investment Co | 686548 | 3.14% |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS MULTI-STRATEGY** |
|  | **ALTERNATIVES FUND** |
|  | **MARCH 31, 2026** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| Top Underlying Components | Notional | Percentage of Notional |
| New Mountain Finance Corp | $679076 | 3.11% |
| Gladstone Capital Corp | 635285 | 2.91% |
| Bain Capital Specialty Finance Inc | 633165 | 2.90% |
| SLR Investment Corp | 624571 | 2.86% |
| Barings BDC Inc | 604247 | 2.77% |
| Fidus Investment Corp | 553592 | 2.53% |
| Nuveen Churchill Direct Lending Corp | 516775 | 2.37% |
| Crescent Capital BDC Inc | 486465 | 2.23% |
| Horizon Technology Finance Corp | 425984 | 1.95% |
| Oxford Square Capital Corp | 409953 | 1.88% |
| BlackRock TCP Capital Corp | 400889 | 1.84% |
| Stellus Capital Investment Corp | 379925 | 1.74% |
| PennantPark Investment Corp | 371219 | 1.70% |
| TriplePoint Venture Growth BDC Corp | 347337 | 1.59% |
| CION Investment Corp | 334723 | 1.53% |
| Runway Growth Finance Corp | 326858 | 1.50% |

---

\*\* MLFSLGLB Index: A basket of stocks seeking long exposure to artificial intelligence across a universe of AI Adopters, AI Robotics, and AI Healthcare.

---

| | | | |
|:---|:---|:---|:---|
| | Top Underlying Components | Notional | Percentage of Notional |
| Equity | Cheniere Energy Inc | $396461 | 0.45% |
|  | Coterra Energy Inc | 390977 | 0.45% |
|  | Antero Resources Corp | 388160 | 0.44% |
|  | Range Resources Corp | 374108 | 0.43% |
|  | NKT A/S | 370733 | 0.42% |
|  | MasTec Inc | 367808 | 0.42% |
|  | ONEOK Inc | 366551 | 0.42% |
|  | Entergy Corp | 365084 | 0.42% |
|  | Brookfield Renewable Partners | 363750 | 0.41% |
|  | MYR Group Inc | 359862 | 0.41% |
|  | Clearway Energy Inc | 359541 | 0.41% |
|  | GE Vernova Inc | 356418 | 0.41% |
|  | EQT AB | 353105 | 0.40% |
|  | Vertiv Holdings Co | 352437 | 0.40% |
|  | Energy Transfer LP | 351822 | 0.40% |
|  | Chesapeake Energy Corp | 349500 | 0.40% |
|  | Enterprise Products Partners LP | 348032 | 0.40% |
|  | Hannon Armstrong Sustainable Infrastructure Capital Inc | 347968 | 0.40% |
|  | Prysmian SpA | 346327 | 0.40% |
|  | Eaton Corp PLC | 345842 | 0.39% |
|  | Hubbell Inc | 345385 | 0.39% |
|  | NextEra Energy Inc | 344878 | 0.39% |
|  | First Solar Inc | 343332 | 0.39% |
|  | NiSource Inc | 343213 | 0.39% |
|  | Southern Co | 342842 | 0.39% |
|  | Enbridge Inc | 342599 | 0.39% |
|  | Duke Energy Corp | 342520 | 0.39% |
|  | American Electric Power Co Inc | 341612 | 0.39% |
|  | BWX Technologies Inc | 341563 | 0.39% |
|  | Kinder Morgan Inc | 339448 | 0.39% |
|  | Dominion Energy Inc | 339084 | 0.39% |
|  | Nexans SA | 337534 | 0.38% |
|  | Baker Hughes Co | 335610 | 0.38% |
|  | Next PLC | 334051 | 0.38% |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS MULTI-STRATEGY** |
|  | **ALTERNATIVES FUND** |
|  | **MARCH 31, 2026** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| Top Underlying Components | Notional | Percentage of Notional |
| Quanta Services Inc | $333487 | 0.38% |
| TC Energy Corp | 332180 | 0.38% |
| Array Technologies Inc | 331425 | 0.38% |
| Williams Cos Inc | 329756 | 0.38% |
| Dt Midstream Inc | 329161 | 0.38% |
| Fluor Corp | 328654 | 0.37% |
| Wesco International Inc | 325979 | 0.37% |
| NexGen Energy Ltd | 322662 | 0.37% |
| Trane Technologies PLC | 321369 | 0.37% |
| Fluence Energy Inc | 317072 | 0.36% |
| Cameco Corp | 317007 | 0.36% |
| Corning Inc | 316776 | 0.36% |
| Jacobs Solutions Inc | 315085 | 0.36% |
| Siemens Energy AG | 313812 | 0.36% |
| Odine Solutions Teknoloji TI | 311002 | 0.35% |
| Schneider Electric SE | 309763 | 0.35% |

---

\*\* MLFSSGLB Index: A basket of stocks meant as a market hedge to exposure of the AI Factor.

---

| | | | |
|:---|:---|:---|:---|
| | Top Underlying Components | Notional | Percentage of Notional |
| Equity | Yelp Inc | $(542258) | 0.63% |
|  | Grand Canyon Education Inc | (520591) | 0.60% |
|  | DXC Technology Co | (517955) | 0.60% |
|  | Graham Holdings Co | (513770) | 0.59% |
|  | Sprinklr Inc | (513197) | 0.59% |
|  | RingCentral Inc | (513171) | 0.59% |
|  | Korn Ferry | (511968) | 0.59% |
|  | Intuit Inc | (506917) | 0.59% |
|  | Shutterstock Inc | (505025) | 0.58% |
|  | Strategic Education Inc | (490561) | 0.57% |
|  | Paychex Inc | (489775) | 0.57% |
|  | EPAM Systems Inc | (488682) | 0.56% |
|  | Gartner Inc | (488205) | 0.56% |
|  | ZoomInfo Technologies Inc | (487677) | 0.56% |
|  | Exlservice Holdings Inc | (484516) | 0.56% |
|  | Cognizant Technology Solutions Corp | (484455) | 0.56% |
|  | Workiva Inc | (484346) | 0.56% |
|  | Automatic Data Processing Inc | (477312) | 0.55% |
|  | LiveRamp Holdings Inc | (468495) | 0.54% |
|  | Asgn Inc | (468491) | 0.54% |
|  | Paycom Software Inc | (468482) | 0.54% |
|  | Take-Two Interactive Software Inc | (462304) | 0.53% |
|  | Appian Corp | (455370) | 0.53% |
|  | BILL Holdings Inc | (444878) | 0.51% |
|  | Dropbox Inc | (441087) | 0.51% |
|  | Tenable Holdings Inc | (430558) | 0.50% |
|  | Concentrix Corp | (426793) | 0.49% |
|  | Upwork Inc | (424097) | 0.49% |
|  | Legalzoom.com Inc | (414494) | 0.48% |
|  | Booking Holdings Inc | (385321) | 0.44% |
|  | Ameriprise Financial Inc | (362874) | 0.42% |
|  | CBRE Group Inc | (361124) | 0.42% |
|  | Raymond James Financial Inc | (358061) | 0.41% |
|  | Yext Inc | (344087) | 0.40% |
|  | Adtalem Global Education Inc | (342093) | 0.39% |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS MULTI-STRATEGY** |
|  | **ALTERNATIVES FUND** |
|  | **MARCH 31, 2026** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| Top Underlying Components | Notional | Percentage of Notional |
| Verisk Analytics Inc | $(335981) | 0.39% |
| Perdoceo Education Corp | (334800) | 0.39% |
| Zoom Video Communications Inc | (333413) | 0.38% |
| Costar Group Inc | (327897) | 0.38% |
| TripAdvisor Inc | (327579) | 0.38% |
| IAC INC | (324108) | 0.37% |
| VeriSign Inc | (321598) | 0.37% |
| News Corp | (319178) | 0.37% |
| Medpace Holdings Inc | (314536) | 0.36% |
| Klaviyo Inc | (314370) | 0.36% |
| New York Times Co | (313525) | 0.36% |
| Kyndryl Holdings Inc | (311244) | 0.36% |
| Twilio Inc | (310542) | 0.36% |
| Fox Corp | (310365) | 0.36% |
| H&R Block Inc | (307161) | 0.35% |

---

\*\* BCFSSOFL Index: Long basket of 30 software names in Vertical and Security SaaS.

---

| | | | |
|:---|:---|:---|:---|
| | Top Underlying Components | Notional | Percentage of Notional |
| Equity | Tyler Technologies Inc | $802115 | 4.36% |
|  | Akamai Technologies Inc | 752780 | 4.09% |
|  | Procore Technologies Inc | 746087 | 4.06% |
|  | CCC Intelligent Solutions Holdings Inc | 727923 | 3.96% |
|  | Intapp Inc | 667817 | 3.63% |
|  | F5 Inc | 665500 | 3.62% |
|  | Waystar Holding Corp | 661566 | 3.60% |
|  | Fortinet Inc | 661044 | 3.59% |
|  | Autodesk Inc | 651493 | 3.54% |
|  | Pegasystems Inc | 650228 | 3.53% |
|  | Nutanix Inc | 645824 | 3.51% |
|  | Rubrik Inc-A | 639436 | 3.48% |
|  | Okta Inc | 638539 | 3.47% |
|  | Q2 HOLDINGS INC | 608318 | 3.31% |
|  | CDW Corp | 605095 | 3.29% |
|  | Check Point Software Technologies Ltd | 604005 | 3.28% |
|  | Hinge Health Inc-A | 592247 | 3.22% |
|  | PTC Inc | 584241 | 3.18% |
|  | Alkami Technology Inc | 582167 | 3.16% |
|  | Alarm.Com Holdings Inc | 577664 | 3.14% |
|  | Synopsys Inc | 575043 | 3.13% |
|  | Doximity Inc | 572997 | 3.11% |
|  | Qualys Inc | 562794 | 3.06% |
|  | nCino Inc | 554158 | 3.01% |
|  | Appfolio Inc | 551252 | 3.00% |
|  | CommVault Systems Inc | 542132 | 2.95% |
|  | Tenable Holdings Inc | 526203 | 2.86% |
|  | Netskope Inc-Cl A | 501261 | 2.72% |
|  | Gen Digital Inc | 486641 | 2.65% |
|  | Teradata Corp | 461134 | 2.51% |

---

\*\* BCFSSOFS Index: Short basket of 36 software names in Horizontal SaaS.

---

| | | | |
|:---|:---|:---|:---|
| | Top Underlying Components | Notional | Percentage of Notional |
| Equity | Braze Inc | $(891165) | 4.67% |
|  | Freshworks Inc-Cl A | (735863) | 3.86% |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS MULTI-STRATEGY** |
|  | **ALTERNATIVES FUND** |
|  | **MARCH 31, 2026** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| Top Underlying Components | Notional | Percentage of Notional |
| Twilio Inc | $(730198) | 3.83% |
| HubSpot Inc | (685401) | 3.59% |
| Intuit Inc | (685022) | 3.59% |
| DocuSign Inc | (679388) | 3.56% |
| ServiceNow Inc | (656189) | 3.44% |
| Klaviyo Inc | (653323) | 3.43% |
| Box Inc | (649906) | 3.41% |
| Salesforce Inc | (646162) | 3.39% |
| Adobe Inc | (602615) | 3.16% |
| Monday.com Ltd | (592805) | 3.11% |
| Workday Inc | (574374) | 3.01% |
| Asana Inc | (555559) | 2.91% |
| Atlassian Corp | (510170) | 2.68% |
| Unity Software Inc | (506585) | 2.66% |
| Zeta Global Holdings Corp | (489422) | 2.57% |
| Paycom Software Inc | (488986) | 2.56% |
| Exlservice Holdings Inc | (482464) | 2.53% |
| Paylocity Holding Corp | (480567) | 2.52% |
| Genpact Ltd | (479980) | 2.52% |
| Gitlab Inc | (472573) | 2.48% |
| DoubleVerify Holdings Inc | (471336) | 2.47% |
| Gartner Inc | (456436) | 2.39% |
| Robert Half International Inc | (452718) | 2.37% |
| Amdocs Ltd | (442461) | 2.32% |
| SoundHound AI Inc | (423834) | 2.22% |
| Cognizant Technology Solutions Corp | (423589) | 2.22% |
| Accenture PLC | (416581) | 2.18% |
| Duolingo Inc | (409976) | 2.15% |
| Agilysys Inc. | (399213) | 2.09% |
| FleetCor Technologies Inc | (397081) | 2.08% |
| SAP SE-Sponsored ADR | (387337) | 2.03% |
| BILL Holdings Inc | (384183) | 2.01% |
| Sps Commerce Inc | (383828) | 2.01% |
| C3.ai Inc | (372668) | 1.95% |

---

\*\* BCUSBSHT Index: This is a sector neutral basket that is long high-profitability, institutionally owned names with minimal default risk, and is short companies with elevated - and rising - default risk.

---

| | | | |
|:---|:---|:---|:---|
| | Top Underlying Components | Notional | Percentage of Notional |
| Currency | US Dollar Spot | $16623467 | 98.77% |
| Equity | Exxon Mobil Corp | 380830 | 2.26% |
|  | Chevron Corp | 369288 | 2.19% |
|  | EchoStar Corp | (358687) | -2.13% |
|  | Linde PLC | 344896 | 2.05% |
|  | Duke Energy Corp | 335709 | 1.99% |
|  | Costco Wholesale Corp | 332111 | 1.97% |
|  | Occidental Petroleum Corp | 331592 | 1.97% |
|  | Walmart Inc | 330265 | 1.96% |
|  | Netflix Inc | 329787 | 1.96% |
|  | Carvana Co | (327832) | -1.95% |
|  | Oracle Corp | (327352) | -1.94% |
|  | Charter Communications Inc | (327215) | -1.94% |
|  | Entergy Corp | 324532 | 1.93% |
|  | Amazon.com Inc | 323090 | 1.92% |
|  | AST SpaceMobile Inc | (314737) | -1.87% |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS MULTI-STRATEGY** |
|  | **ALTERNATIVES FUND** |
|  | **MARCH 31, 2026** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| Top Underlying Components | Notional | Percentage of Notional |
| NVIDIA Corp | $313831 | 1.86% |
| Dollar Tree Inc | (311640) | -1.85% |
| Alphabet Inc | 311385 | 1.85% |
| Opendoor Technologies Inc | (310539) | -1.85% |
| Tesla Inc | 309607 | 1.84% |
| American Tower Corp | 308318 | 1.83% |
| Vistra Corp | (303979) | -1.81% |
| Eli Lilly & Co | 303961 | 1.81% |
| MicroStrategy Inc | (299636) | -1.78% |
| Talen Energy Corp | (297653) | -1.77% |
| Robinhood March kets Inc | (293358) | -1.74% |
| Bloom Energy Corp | (292485) | -1.74% |
| Meta Platforms Inc | 290840 | 1.73% |
| WEC Energy Group Inc | 290811 | 1.73% |
| Centrus Energy Corp- Class A | (287326) | -1.71% |
| NRG Energy Inc | (284939) | -1.69% |
| Solaris Oilfield Infrastructure Inc | (281630) | -1.67% |
| Newmont Corp | 280019 | 1.66% |
| Snap Inc | (277188) | -1.65% |
| Coinbase Global Inc | (270263) | -1.61% |
| MP Materials Corp | (260530) | -1.55% |
| Atmos Energy Corp | 254468 | 1.51% |
| International Paper Co | (253513) | -1.51% |
| Cheniere Energy Inc | 253401 | 1.51% |
| Estee Lauder Cos Inc | (253097) | -1.50% |
| SM Energy Co | (252054) | -1.50% |
| Procter & Gamble Co | 247817 | 1.47% |
| JPMorgan Chase & Co | 235452 | 1.40% |
| Venture Global Inc-Cl A | (234386) | -1.39% |
| American Water Works Co Inc | (228174) | -1.36% |
| Elevance Health Inc | (222059) | -1.32% |
| Ameren Corp | 218521 | 1.30% |
| Carnival Corp | (210078) | -1.25% |
| Boston Properties Inc | (203395) | -1.21% |
| Coca-Cola Co | 202932 | 1.21% |
| Rivian Automotive Inc | (202668) | -1.20% |
| Alexandria Real Estate Equities Inc | (202530) | -1.20% |
| PepsiCo Inc | 195907 | 1.16% |
| Johnson & Johnson | 193420 | 1.15% |
| Cleveland-Cliffs Inc | (191395) | -1.14% |
| Hims & Hers Health Inc | (191132) | -1.14% |
| The Campbell's Company | (190485) | -1.13% |
| Microsoft Corp | 188051 | 1.12% |
| Bunge Global S.A. | (187155) | -1.11% |
| VICI Properties Inc | 184409 | 1.10% |
| Apple Inc | 179555 | 1.07% |
| Caterpillar Inc | 177480 | 1.05% |
| Public Storage | 175120 | 1.04% |
| Sherwin-Williams Co | 170996 | 1.02% |
| Visa Inc | 170976 | 1.02% |
| Murphy Oil Corp | (170312) | -1.01% |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS MULTI-STRATEGY** |
|  | **ALTERNATIVES FUND** |
|  | **MARCH 31, 2026** |
|  | **(Unaudited)** |

---

\*\* BPFXMRGU Index: This strategy aims to benefit from the tendency of FX rates of several G10 currency pairs to revert to their mean on the short-term by systematically taking long and short exposures in a basket of eight currency pairs.

---

| | | | |
|:---|:---|:---|:---|
| | Top Underlying Components | Notional | Percentage of Notional |
| Currency | Cash | $39205915 | 98.81% |
| FX Contract | AUD USD 1 Month Forward | (17226129) | -43.41% |
|  | NZD USD 1 Month Forward | 14458544 | 36.44% |
|  | NOK USD 1 Month Forward | (13379070) | -33.72% |
|  | CAD USD 1 Month Forward | 12812462 | 32.29% |
|  | SEK USD 1 Month Forward | 3806992 | 9.59% |

---

\*\* BPFXSTG2 Index: The index calculates the short term equilibrium exchange rate for each currency based on the relationship between the FX market and the interest rate, equity, and commodity markets. The index adopts short positions on pairs deemed to be overvalued while taking long positions in undervalued currencies, and positions are closed when the spot converges back to the calculated fair value rate.

---

| | | | |
|:---|:---|:---|:---|
| | Top Underlying Components | Notional | Percentage of Notional |
| Currency | Cash | $13045721 | 33.70% |
| FX Contract | CAD USD 1 Month Forward | 8522147 | 22.01% |
|  | AUD USD 1 Month Forward | 6433022 | 16.62% |
|  | NZD USD 1 Month Forward | 6409953 | 16.56% |
|  | NOK USD 1 Month Forward | 2160126 | 5.58% |
|  | JPY USD 1 Month Forward | 2144406 | 5.54% |

---

\*\* DBGNLASU Index: A dynamic multi-factor, multi-style portfolio that is updated monthly to optimize the best 1 month forward return by using machine learning to select from over 100 factors in a beta, sector, and region neutral format.

---

| | | | |
|:---|:---|:---|:---|
| | Top Underlying Components | Notional | Percentage of Notional |
| Currency | US Dollar Spot | $61094813 | 111.61% |
| Index | JPY Overnight Rate (Mid) Index | (4312489) | -7.88% |
|  | Deutsche Bank Fed Funds Effective Rate Total Return Index | 3116891 | 5.69% |
|  | Deutsche Bank SONIA Total Return Index | (3091841) | -5.65% |
|  | Deutsche Bank Canadian Dollar ON Index | (2948586) | -5.39% |
|  | Deutsche Bank Australia Overnight Money Market TR Index | (942596) | -1.72% |
|  | Deutsche Bank Australia Overnight Money Market TR Index | (716677) | -1.31% |
| Equity | Carvana Co | (475353) | -0.87% |
|  | Barrick Gold Corp | 475304 | 0.87% |
|  | IonQ Inc | (439972) | -0.80% |
|  | Lundin Gold Inc | 431986 | 0.79% |
|  | Affirm Holdings Inc | (428199) | -0.78% |
|  | Astellas Pharma Inc | 415048 | 0.76% |
|  | Rocket Lab Corp | (405989) | -0.74% |
|  | MicroStrategy Inc | (392690) | -0.72% |
|  | Kinross Gold Corp | 384016 | 0.70% |
|  | Newmont Corp | 373260 | 0.68% |
|  | Lockheed Martin Corp | 372676 | 0.68% |
|  | Archer-Daniels-Midland Co | 369442 | 0.67% |
|  | Coinbase Global Inc | (369228) | -0.67% |
|  | Super Micro Computer Inc | (368874) | -0.67% |
|  | Ivanhoe Mines Ltd | (362512) | -0.66% |
|  | Bristol-Myers Squibb Co | 362250 | 0.66% |
|  | Zebra Technologies Corp | (360383) | -0.66% |
|  | Las Vegas Sands Corp | 358744 | 0.66% |
|  | Lumentum Holdings Inc | (357032) | -0.65% |
|  | Vodafone Group PLC | 355454 | 0.65% |
|  | SoftBank Group Corp | (352668) | -0.64% |
|  | Magna International Inc | 350235 | 0.64% |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS MULTI-STRATEGY** |
|  | **ALTERNATIVES FUND** |
|  | **MARCH 31, 2026** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| Top Underlying Components | Notional | Percentage of Notional |
| Galaxy Entertainment Group Ltd | $345689 | 0.63% |
| Tapestry Inc | 343755 | 0.63% |
| Gilead Sciences Inc | 343440 | 0.63% |
| General Dynamics Corp | 340687 | 0.62% |
| AST SpaceMobile Inc | (339710) | -0.62% |
| Colgate-Palmolive Co | 339626 | 0.62% |
| Booking Holdings Inc | 339211 | 0.62% |
| Alphabet Inc | 336995 | 0.62% |
| Teck Resources Ltd | (336505) | -0.61% |
| Engie SA | 336053 | 0.61% |
| Bloom Energy Corp- A | (335080) | -0.61% |
| Trimble Inc | (335080) | -0.61% |
| Honeywell International Inc | 334753 | 0.61% |
| Broadcom Inc | 334325 | 0.61% |
| Rivian Automotive Inc | (334204) | -0.61% |
| Bridgestone Corp | 332254 | 0.61% |
| Samsara Inc | (331293) | -0.61% |
| BAE Systems PLC | 330933 | 0.60% |
| RTX Corp | 330513 | 0.60% |
| Coca-Cola Co/The | 330282 | 0.60% |

---

\*\* AGGSCAZE Index: This strategy provides exposure to California Carbon Allowance futures.

---

| | | | |
|:---|:---|:---|:---|
| | Top Underlying Components | Notional | Percentage of Notional |
| Future | CCA Spec Vint 2026 December 26 | $9635445 | 100.00% |

---

\*\* GSCBEJFB Index: A long basket of small to medium sized banks that are attractive M&A targets in order to take advantage of the impending consolidation cycle as well as select positions in specialty finance and fintech companies.

---

| | | | |
|:---|:---|:---|:---|
| | Top Underlying Components | Notional | Percentage of Notional |
| Equity | First Horizon Corp | $12417643 | 7.64% |
|  | First Busey Corp | 9232039 | 5.68% |
|  | Berkshire Hills Bancorp Inc | 8890595 | 5.47% |
|  | NB Bancorp Inc | 8799574 | 5.42% |
|  | BankUnited Inc | 8269238 | 5.09% |
|  | Old Second Bancorp Inc | 7928534 | 4.88% |
|  | Valley National Bancorp | 7782308 | 4.79% |
|  | Ameris Bancorp | 7211909 | 4.44% |
|  | Banc of California Inc | 6976512 | 4.29% |
|  | First Citizens BancShares Inc | 6242372 | 3.84% |
|  | ConnectOne Bancorp Inc | 6205859 | 3.82% |
|  | Truist Financial Corp | 6125467 | 3.77% |
|  | Green Dot Corp | 5395053 | 3.32% |
|  | Wintrust Financial Corp | 5174170 | 3.18% |
|  | Shore Bancshares Inc | 5068388 | 3.12% |
|  | Eastern Bankshares Inc | 4928176 | 3.03% |
|  | Associated Banc-Corp | 4900774 | 3.02% |
|  | International Bancshares Corp | 4696916 | 2.89% |
|  | TowneBank | 4671753 | 2.88% |
|  | Origin Bancorp Inc | 3813169 | 2.35% |
|  | TriCo Bancshares | 3674793 | 2.26% |
|  | Provident Financial Services Inc | 3638780 | 2.24% |
|  | Rithm Capital Corp | 3316137 | 2.04% |
|  | Firstsun Capital Bancorp | 3062078 | 1.88% |
|  | Homestreet Inc | 2641148 | 1.63% |
|  | Carter Bankshares Inc | 2537039 | 1.56% |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS MULTI-STRATEGY** |
|  | **ALTERNATIVES FUND** |
|  | **MARCH 31, 2026** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| Top Underlying Components | Notional | Percentage of Notional |
| Wesbanco Inc | $2443197 | 1.50% |
| HomeTrust Bancshares Inc | 1837581 | 1.13% |
| Fulton Financial Corp | 1727507 | 1.06% |
| Third Coast Bancshares Inc | 1623194 | 1.00% |
| Bridgewater Bancshares Inc | 1258200 | 0.77% |

---

\*\* GSCBFSBK Index: S&P Regional Banks Index excluding the names the fund is long from GSCBEJFB.

---

| | | | |
|:---|:---|:---|:---|
| | Top Underlying Components | Notional | Percentage of Notional |
| Equity | Popular Inc | $(4076819) | 2.91% |
|  | Cullen/Frost Bankers Inc | (3792949) | 2.71% |
|  | Citizens Financial Group | (3701156) | 2.64% |
|  | New York Community Bancorp Inc | (3673626) | 2.62% |
|  | M&T Bank Corp | (3616778) | 2.58% |
|  | Zions Bancorp Na | (3486652) | 2.49% |
|  | Southstate Corp | (3457497) | 2.47% |
|  | Hancock Whitney Corp | (3440868) | 2.46% |
|  | Old National Bancorp | (3419401) | 2.44% |
|  | Regions Financial Corp | (3406756) | 2.43% |
|  | FNB Corp | (3402793) | 2.43% |
|  | Bank OZK | (3384607) | 2.42% |
|  | UMB Financial Corp | (3378886) | 2.41% |
|  | Columbia Banking System Inc | (3360052) | 2.40% |
|  | Commerce Bancshares Inc | (3314576) | 2.37% |
|  | East West Bancorp Inc | (3305766) | 2.36% |
|  | Prosperity Bancshares Inc | (3254268) | 2.32% |
|  | Huntington Bancshares Inc | (3138644) | 2.24% |
|  | Pinnacle Financial Partners | (3051683) | 2.18% |
|  | Western Alliance Bancorp | (2944482) | 2.10% |
|  | Glacier Bancorp Inc | (2602014) | 1.86% |
|  | Texas Capital Bancshares Inc | (2531673) | 1.81% |
|  | Atlantic Union Bankshares Corp | (2310683) | 1.65% |
|  | Bancorp Inc | (2055273) | 1.47% |
|  | BOK Financial Corp | (1999539) | 1.43% |
|  | Home BancShares Inc | (1833310) | 1.31% |
|  | United Bankshares Inc | (1802967) | 1.29% |
|  | Axos Financial Inc | (1763383) | 1.26% |
|  | First Interstate BancSystem Inc | (1731586) | 1.24% |
|  | First Hawaiian Inc | (1683336) | 1.20% |
|  | Bank of Hawaii Corp | (1650799) | 1.18% |
|  | First BanCorp/Puerto Rico | (1594670) | 1.14% |
|  | Independent Bank Corp | (1401576) | 1.00% |
|  | WSFS Financial Corp | (1364220) | 0.97% |
|  | United Community Banks/GA | (1325466) | 0.95% |
|  | Simmons First National Corp | (1294361) | 0.92% |
|  | Nicolet Bankshares Inc | (1272208) | 0.91% |
|  | Customers Bancorp Inc | (1213926) | 0.87% |
|  | Cathay General Bancorp | (1172483) | 0.84% |
|  | ServisFirst Bancshares Inc | (1162332) | 0.83% |
|  | Renasant Corp | (1160408) | 0.83% |
|  | Seacoast Banking Corp/FL | (1121216) | 0.80% |
|  | First Financial Bankshares Inc | (1100669) | 0.79% |
|  | Pathward Financial Inc | (1077190) | 0.77% |
|  | FB Financial Corp | (1075026) | 0.77% |
|  | Washington Federal Inc | (973415) | 0.69% |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS MULTI-STRATEGY** |
|  | **ALTERNATIVES FUND** |
|  | **MARCH 31, 2026** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| Top Underlying Components | Notional | Percentage of Notional |
| BancFirst Corp | $(942719) | 0.67% |
| CVB Financial Corp | (916592) | 0.65% |
| Hilltop Holdings Inc | (838526) | 0.60% |
| First Financial Bancorp | (821455) | 0.59% |

---

\*\* GSFSHALT Index: Short a basket of 45 Hard Asset Low Obsolescence (HALO) companies that have rallied too far.

---

| | | | |
|:---|:---|:---|:---|
| | Top Underlying Components | Notional | Percentage of Notional |
| Equity | Smurfit WestRock PLC | $(549274) | 3.73% |
|  | T-Mobile US Inc | (547037) | 3.71% |
|  | Live Nation Entertainment Inc | (537644) | 3.65% |
|  | Comcast Corp | (525922) | 3.57% |
|  | Ball Corp | (519375) | 3.52% |
|  | Primo Brands Corp | (506739) | 3.44% |
|  | Royalty Pharma PLC | (500163) | 3.39% |
|  | Coca-Cola Consolidated Inc | (491262) | 3.33% |
|  | BorgWarner Inc | (488973) | 3.32% |
|  | Toll Brothers Inc | (452385) | 3.07% |
|  | Vail Resorts Inc | (446743) | 3.03% |
|  | Carpenter Technology Corp | (437164) | 2.97% |
|  | Cava Group Inc | (434044) | 2.95% |
|  | Vishay Intertechnology Inc | (431599) | 2.93% |
|  | CNH Industrial NV | (430028) | 2.92% |
|  | FTAI Aviation Ltd | (427842) | 2.90% |
|  | DaVita Inc | (424617) | 2.88% |
|  | Madison Square Garden Sports | (415367) | 2.82% |
|  | Hexcel Corp | (411352) | 2.79% |
|  | Plug Power Inc | (411016) | 2.79% |
|  | Watsco Inc | (405006) | 2.75% |
|  | Cheesecake Factory Inc/The | (377031) | 2.56% |
|  | Cinemark Holdings Inc | (375460) | 2.55% |
|  | Stride Inc | (358944) | 2.44% |
|  | Nexstar Media Group Inc | (340920) | 2.31% |
|  | Kirby Corp | (313841) | 2.13% |
|  | Sonoco Products Co | (298634) | 2.03% |
|  | Boston Beer Co Inc | (278389) | 1.89% |
|  | Marriott Vacations World | (239189) | 1.62% |
|  | Liberty Global Ltd-A | (226783) | 1.54% |
|  | Lantheus Holdings Inc | (221337) | 1.50% |
|  | DENTSPLY SIRONA Inc | (204670) | 1.39% |
|  | NetScout Systems Inc | (197138) | 1.34% |
|  | Knowles Corp | (189187) | 1.28% |
|  | Telephone and Data Systems Inc | (187671) | 1.27% |
|  | Acushnet Holdings Corp | (177054) | 1.20% |
|  | GATX Corp | (164961) | 1.12% |
|  | Rush Enterprises Inc-Cl A | (151133) | 1.03% |
|  | Mueller Water Products Inc-A | (117844) | 0.80% |
|  | Supernus Pharmaceuticals Inc | (116025) | 0.79% |
|  | Alamo Group Inc. | (113651) | 0.77% |
|  | Lionsgate Studios Corp | (100156) | 0.68% |
|  | Neogen Corp | (81918) | 0.56% |
|  | DXP Enterprises Inc | (77836) | 0.53% |
|  | Costamare Inc | (34600) | 0.23% |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS MULTI-STRATEGY** |
|  | **ALTERNATIVES FUND** |
|  | **MARCH 31, 2026** |
|  | **(Unaudited)** |

---

\*\* GSFSTINT Index: Long a basket of 29 Domestic Internet companies.

---

| | | | |
|:---|:---|:---|:---|
| | Top Underlying Components | Notional | Percentage of Notional |
| Equity | Carvana Co | $766900 | 5.31% |
|  | Reddit Inc | 744915 | 5.16% |
|  | Expedia Group Inc | 740342 | 5.12% |
|  | Netflix Inc | 738640 | 5.11% |
|  | Amazon.com Inc | 734337 | 5.08% |
|  | ROBLOX Corp | 733987 | 5.08% |
|  | Airbnb Inc | 732063 | 5.07% |
|  | eBay Inc | 729632 | 5.05% |
|  | Uber Technologies Inc | 718158 | 4.97% |
|  | Alphabet Inc | 696684 | 4.82% |
|  | Spotify Technology S.A. | 688065 | 4.76% |
|  | Pinterest Inc | 687627 | 4.76% |
|  | Meta Platforms Inc | 682672 | 4.72% |
|  | Doordash Inc | 681364 | 4.72% |
|  | AppLovin Corp | 635337 | 4.40% |
|  | Trade Desk Inc | 603450 | 4.18% |
|  | Wayfair Inc | 484974 | 3.36% |
|  | Chewy Inc | 372897 | 2.58% |
|  | Lyft Inc | 371253 | 2.57% |
|  | Wix.com Ltd | 336941 | 2.33% |
|  | Snap Inc | 334879 | 2.32% |
|  | GoDaddy Inc | 329127 | 2.28% |
|  | Etsy Inc | 313649 | 2.17% |
|  | Maplebear Inc | 261542 | 1.81% |
|  | Match Group Inc | 192532 | 1.33% |
|  | Cargurus Inc | 91428 | 0.63% |
|  | Cars.com Inc | 21610 | 0.15% |
|  | Bumble Inc | 12891 | 0.09% |
|  | Cimpress PLC | 12387 | 0.09% |

---

\*\* GSXAF22F Index: A basket of Tail Reversion and Carry strategies across Commodity, Equity, FX, and Rates exposures.

---

| | | | |
|:---|:---|:---|:---|
| | Top Underlying Components | Notional | Percentage of Notional |
| Future | Euro-BTP Futures June 26 | $25362767 | 48.22% |
|  | US 10Yr Note (CBT) June 26 | (16919109) | -32.17% |
|  | US 2Yr Note (CBT) June 26 | (16507246) | -31.39% |
|  | Euro-Schatz Futures June 26 | 16499542 | 31.37% |
|  | CAN 10 Year Bond Futures June 26 | 13928996 | 26.48% |
|  | US 5Yr Note (CBT) June 26 | (13775931) | -26.19% |
|  | Euro-BOBL Futures June 26 | 13768454 | 26.18% |
|  | AUST 10 Year Bond Futures June 26 | (13351569) | -25.39% |
|  | Euro-OAT Futures June 26 | 11725639 | 22.29% |
|  | Long Gilt Futures June 26 | (11613806) | -22.08% |
|  | Jpn 10Y Bond(OSE) June 26 | 10207552 | 19.41% |
|  | US Long Bond (CBT) June 26 | (5191222) | -9.87% |
|  | Soybean Meal Futures July 26 | 2956657 | 5.62% |
|  | Wheat Futures (CBT) July 26 | (2758138) | -5.24% |
|  | LME Copper Futures June 26 | 2550440 | 4.85% |
|  | Corn Futures July 26 | (2480208) | -4.72% |
|  | Soybean Futures July 26 | (2457457) | -4.67% |
|  | KC HRW Wheat Futures July 26 | (2384952) | -4.53% |
|  | Cotton No.2 Futures July 26 | (2357423) | -4.48% |
|  | Sugar #11 (World) July 26 | (2330132) | -4.43% |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS MULTI-STRATEGY** |
|  | **ALTERNATIVES FUND** |
|  | **MARCH 31, 2026** |
|  | **(Unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| | Top Underlying Components | Notional | Percentage of Notional |
|  | LME Nickel Futures June 26 | $(1998468) | -3.80% |
|  | Coffee 'C' Futures July 26 | 1766487 | 3.36% |
|  | E-Mini Russel 2000 June 26 | (1620251) | -3.08% |
|  | FTSE/JSE Top 40 June 26 | 1610007 | 3.06% |
|  | LME Zinc Futures June 26 | (1333346) | -2.54% |
|  | Soybean Oil Futures July 26 | 1324021 | 2.52% |
|  | Set50 Futures June 26 | (1316057) | -2.50% |
|  | Nasdaq 100 E-Mini June 26 | (1221838) | -2.32% |
|  | IBEX 35 Index Futures April 26 | 1120796 | 2.13% |
|  | Gold 100 oz Futures June 26 | 1119668 | 2.13% |
|  | TOPIX Index Futures June 26 | (1099538) | -2.09% |
|  | Kospi2 Index Futures June 26 | 1084817 | 2.06% |
|  | FTSE 100 Index Futures June 26 | 1034260 | 1.97% |
|  | S&P500 EMINI Futures June 26 | (997346) | -1.90% |
|  | Gasoline RBOB Futures June 26 | 907291 | 1.73% |
|  | CAC 40 10 Euro Futures April 26 | 754125 | 1.43% |
|  | FTSE/MIB Index Futures June 26 | 740523 | 1.41% |
|  | Euro-Bund Futures June 26 | 731152 | 1.39% |
|  | Brent Crude Futures July 26 | 714918 | 1.36% |
|  | OMXS30 Index Futures April 26 | (705240) | -1.34% |
|  | Silver Futures July 26 | 637317 | 1.21% |
|  | Silver Futures May 26 | 637317 | 1.21% |
|  | LME Nickel Futures May 26 | (590733) | -1.12% |
|  | S&P/TSX 60 Index Futures June 26 | 553782 | 1.05% |
|  | Low SU Gasoil G May 26 | (543120) | -1.03% |
|  | LME PRI Alum Futures June 26 | 534888 | 1.02% |
| Currency | US Dollar Spot | (1183882) | -2.25% |
|  | Japanese Yen Spot | (1099538) | -2.09% |
|  | British Pound Spot | 1034260 | 1.97% |
| FX Contract | USD/TWD D 5May26 | 595778 | 1.13% |
|  | USD/BRL L 5May26 | 567937 | 1.08% |
|  | USD/BRL L 22Apr26 | 567767 | 1.08% |

---

\*\* JPMPURE Index: A selection of US Equities, optimized for the Momentum factor and is sector-neutral.

---

| | | | |
|:---|:---|:---|:---|
| | Top Underlying Components | Notional | Percentage of Notional |
| Currency | US Dollar Spot | $(14887008) | 98.28% |
| Equity | Firefly Aerospace Inc | 193794 | -1.28% |
|  | Corcept Therapeutics Inc | 191083 | -1.26% |
|  | FMC Corp | 186820 | -1.23% |
|  | AXT Inc | (186199) | 1.23% |
|  | Argan Inc | (184720) | 1.22% |
|  | Planet Labs PBC | (179504) | 1.19% |
|  | Par Pacific Holdings Inc | (178167) | 1.18% |
|  | Praxis Precision Medicines Inc | (177766) | 1.17% |
|  | Arrowhead Pharmaceuticals Inc | (176168) | 1.16% |
|  | Terns Pharmaceuticals Inc | (175812) | 1.16% |
|  | Unity Software Inc | 175713 | -1.16% |
|  | Chewy Inc | 175176 | -1.16% |
|  | Dell Technologies | 173637 | -1.15% |
|  | JetBlue Airways Corp | (173466) | 1.15% |
|  | EchoStar Corp | (173120) | 1.14% |
|  | Marvell Technology Inc | 172493 | -1.14% |
|  | Fastly Inc - Class A | (172260) | 1.14% |
|  | Cirrus Logic Inc | (171953) | 1.14% |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS MULTI-STRATEGY** |
|  | **ALTERNATIVES FUND** |
|  | **MARCH 31, 2026** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| Top Underlying Components | Notional | Percentage of Notional |
| Powell Industries Inc | $(171664) | 1.13% |
| Pagaya Technologies Ltd-A | 170910 | -1.13% |
| GRAIL Inc | (170101) | 1.12% |
| Sphere Entertainment Co | (169579) | 1.12% |
| LyondellBasell Industries NV | 169104 | -1.12% |
| Century Aluminum Co | (168983) | 1.12% |
| Akamai Technologies Inc | (168106) | 1.11% |
| Bread Financial Holdings Inc | (167431) | 1.11% |
| Peloton Interactive Inc | 167207 | -1.10% |
| Semtech Corp | (166982) | 1.10% |
| Kyndryl Holdings Inc | 166884 | -1.10% |
| Valley National Bancorp | (166667) | 1.10% |
| HP Inc | 166430 | -1.10% |
| Popular Inc | (165827) | 1.09% |
| DigitalOcean Holdings Inc | (165713) | 1.09% |
| Factset Research Systems Inc | 164818 | -1.09% |
| Impinj Inc | 164350 | -1.08% |
| Block Inc | 164239 | -1.08% |
| Liquidia Corp | (164166) | 1.08% |
| Wisdomtree Inc | (162690) | 1.07% |
| Macy's Inc | (162665) | 1.07% |
| CDW Corp | 162457 | -1.07% |
| FTAI Aviation Ltd | (162326) | 1.07% |
| Monolithic Power Systems Inc | (162014) | 1.07% |
| MACOM Technology Solutions Holdings Inc | (161653) | 1.07% |
| Ultragenyx Pharmaceutical Inc | 161633 | -1.07% |
| KKR & Co Inc | 161110 | -1.06% |
| Advanced Energy Industries Inc | (160873) | 1.06% |
| Ciena Corp | (160566) | 1.06% |
| Hecla Mining Co | (160458) | 1.06% |
| Accenture PLC | 160393 | -1.06% |
| Tapestry Inc | (160269) | 1.06% |
| ZoomInfo Technologies Inc | 160265 | -1.06% |
| PayPal Holdings Inc | 160119 | -1.06% |
| Sitime Corp | (160066) | 1.06% |
| Affiliated Managers Group Inc | (159945) | 1.06% |
| Lumentum Holdings Inc | (159781) | 1.05% |
| Zebra Technologies Corp | 159047 | -1.05% |
| Blue Owl Capital Inc | 158200 | -1.04% |
| Gartner Inc | 158073 | -1.04% |
| Teradyne Inc | (157421) | 1.04% |
| Dynex Capital Inc | (157243) | 1.04% |
| Snap Inc | 157170 | -1.04% |
| Tyler Technologies Inc | 157132 | -1.04% |
| Orchid Island Capital Inc | (157103) | 1.04% |
| Lattice Semiconductor Corp | (156969) | 1.04% |
| Upstart Holdings Inc | 156753 | -1.03% |
| QUALCOMM Inc | 155808 | -1.03% |
| Dana Inc | (155527) | 1.03% |
| Duolingo Inc | 155518 | -1.03% |
| Paylocity Holding Corp | 155436 | -1.03% |
| GoDaddy Inc | 155114 | -1.02% |
| Victoria's Secret & Co | (154894) | 1.02% |
| Sable Offshore Corp | 154670 | -1.02% |
| Comfort Systems USA Inc | (154410) | 1.02% |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS MULTI-STRATEGY** |
|  | **ALTERNATIVES FUND** |
|  | **MARCH 31, 2026** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| Top Underlying Components | Notional | Percentage of Notional |
| C3.ai Inc | $154370 | -1.02% |
| Fiserv Inc | 154367 | -1.02% |
| American Eagle Outfitters Inc | (154258) | 1.02% |
| Ocular Therapeutix Inc | 154251 | -1.02% |
| Pinterest Inc | 154237 | -1.02% |
| Ralliant Corp | 153894 | -1.02% |
| Astronics Corp | (153540) | 1.01% |
| CCC Intelligent Solutions Holdings Inc | 153504 | -1.01% |
| Seagate Technology Holdings PLC | (153458) | 1.01% |
| Viking Therapeutics Inc | 153101 | -1.01% |
| Nektar Therapeutics | (152919) | 1.01% |
| Brookdale Senior Living Inc | (152217) | 1.00% |
| Trade Desk Inc | 152089 | -1.00% |
| Allegiant Travel Co | (151890) | 1.00% |
| AMC Entertainment Holdings-CL A | 151663 | -1.00% |
| Universal Display Corp | 151649 | -1.00% |

---

\*\* MSFSREL Index: A long-only custom basket of 15 equity REITs across the Industrial, Multi-Family, Single-Family, Retail, Self-Storage and Healthcare sectors.

---

| | | | |
|:---|:---|:---|:---|
| | Top Underlying Components | Notional | Percentage of Notional |
| Equity | Regency Centers Corp | $2171120 | 9.29% |
|  | Apollo Commercial Real Estate | 2119523 | 9.07% |
|  | Apple Hospitality REIT Inc | 1909928 | 8.18% |
|  | BrightSpire Capital Inc | 1898118 | 8.13% |
|  | Camden Property Trust | 1789782 | 7.66% |
|  | AvalonBay Communities Inc | 1779631 | 7.62% |
|  | American Homes 4 Rent | 1748917 | 7.49% |
|  | Veris Residential Inc | 1264280 | 5.41% |
|  | NNN REIT Inc | 1063039 | 4.55% |
|  | Healthpeak Properties Inc | 1025187 | 4.39% |
|  | Cubesmart | 1022519 | 4.38% |
|  | Prologis Inc | 894120 | 3.83% |
|  | Mid-America Apartment Communities | 885371 | 3.79% |
|  | Stag Industrial Inc | 843334 | 3.61% |
|  | LXP Industrial Trust | 795068 | 3.40% |
|  | Sun Communities Inc | 757083 | 3.24% |
|  | Rexford Industrial Realty Inc | 714484 | 3.06% |
|  | Invitation Homes Inc | 679638 | 2.91% |

---

\*\* MSQSPB12 Index: This is a long volatility hedge, whereby the underlying the option is a basket of risk-recycled single stocks.

---

| | | | |
|:---|:---|:---|:---|
| | Top Underlying Components | Notional | Percentage of Notional |
| Currency | USD Cash | $65375084 | 98.77% |
| Future | S&P500 EMINI Futures June 26 | (2740616) | -4.14% |
|  | CBOE VIX Futures July 26 | 1579023 | 2.39% |
|  | CBOE VIX Futures May 26 | 629049 | 0.95% |
|  | CBOE VIX Futures April 26 | (492689) | -0.74% |
|  | CBOE VIX Futures June 26 | 240106 | 0.36% |
| Option | June 26 Calls on SPX | (252294) | -0.38% |
|  | January 27 Puts on SPX | 231878 | 0.35% |
|  | April 26 Puts on SPX | 230884 | 0.35% |
|  | February 27 Puts on SPX | 183901 | 0.28% |
|  | December 26 Puts on SPX | 175857 | 0.27% |
|  | May 26 Puts on SPX | 165202 | 0.25% |
|  | October 26 Puts on SPX | 158756 | 0.24% |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS MULTI-STRATEGY** |
|  | **ALTERNATIVES FUND** |
|  | **MARCH 31, 2026** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| Top Underlying Components | Notional | Percentage of Notional |
| August 26 Puts on SPX | $153909 | 0.23% |
| November 26 Puts on SPX | 127522 | 0.19% |
| July 26 Puts on SPX | 119651 | 0.18% |
| September 26 Puts on SPX | 119000 | 0.18% |
| April 26 Calls on SPX | 103723 | 0.16% |
| March 27 Puts on SPX | 47243 | 0.07% |
| June 26 Puts on SPX | 42479 | 0.06% |
| March 26 Puts on SPX | (39001) | -0.06% |
| May 26 Calls on SPX | 27702 | 0.04% |
| March 26 Calls on SPX | 473 | 0.00% |

---

\*\* NMIVRU3X Index: The index sells ATMF 3m10y swaptions on a daily basis, delta-hedged with IRS until expiry.

---

| | | | |
|:---|:---|:---|:---|
| | Top Underlying Components | Notional | Percentage of Notional |
| Index | Nomura Interest Rate Volatility Risk Premium USD 3M10Y Index | $1518773 | 100.00% |

---

\*\* NMSY2RNU Index: Currency selection strategy using mean reversion signals.

---

| | | | |
|:---|:---|:---|:---|
| | Top Underlying Components | Notional | Percentage of Notional |
| Currency | New Zealand Dollar Spot | $10887685 | 14.57% |
|  | Swedish Krona Spot | 10708026 | 14.33% |
|  | Swiss Franc Spot | 7826532 | 10.47% |
|  | Euro Spot | (7055253) | -9.44% |
|  | Australian Dollar Spot | 6786597 | 9.08% |
|  | Japanese Yen Spot | (6582949) | -8.81% |
|  | Norwegian Krone Spot | (5546863) | -7.42% |
|  | British Pound Spot | (2839314) | -3.80% |
|  | Canadian Dollar Spot | 671549 | 0.90% |

---

\*\* NMVVU5X Index: Nomura Interest Rate 5Y10Y USD Swaption Straddle Aggreate Index

---

| | | | |
|:---|:---|:---|:---|
| | Top Underlying Components | Notional | Percentage of Notional |
| Index | Nomura Interest Rate 5Y10Y USD | $208374915 | 100.00% |

---

\*\* NMVVU5XX Index: Nomura Interest Rate 5Y10Y USD Swaption Straddle Aggregate Index Charges

---

| | | | |
|:---|:---|:---|:---|
| | Top Underlying Components | Notional | Percentage of Notional |
| Index | Nomura Interest Rate 5Y10Y USD | $(206653735) | 100.00% |

---

\*\* NMVVUX5 Index: Nomura Interest Rate 10Y5Y USD Swaption Straddle Aggregate Index

---

| | | | |
|:---|:---|:---|:---|
| | Top Underlying Components | Notional | Percentage of Notional |
| Index | Nomura Interest Rate 10Y5Y USD | $(211745935) | 100.00% |

---

\*\* NMVVUX5X Index: Nomura Interest Rate 10Y5Y USD Swaption Straddle Aggregate Index Charges

---

| | | | |
|:---|:---|:---|:---|
| | Top Underlying Components | Notional | Percentage of Notional |
| Index | Nomura Interest Rate 10Y5Y USD | $207126670 | 100.00% |

---

\*\* SGIASW20 Index: The index aims to systematically utilize liquid instruments to capture the attractive structural risk-premium contained within the 20y treasury asset-swap spread.

---

| | | | |
|:---|:---|:---|:---|
| | Top Underlying Components | Notional | Percentage of Notional |
| Index | SGI USD 20Y Swap Index | $(47756851) | -95.10% |
|  | SGI USD 20Y Treasury Index | 45706528 | 91.02% |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS MULTI-STRATEGY** |
|  | **ALTERNATIVES FUND** |
|  | **MARCH 31, 2026** |
|  | **(Unaudited)** |

---

\*\* SGMDSBVH Index: This strategy seeks to monetize mispricing of downside risk by selling short-term S&P 500 puts while utilizing exposure to VIX futures to provide convex down-side protection.

---

| | | | |
|:---|:---|:---|:---|
| | Top Underlying Components | Notional | Percentage of Notional |
| Option | April 26 Puts on SPX | $(51306289) | -68.62% |
|  | April 26 Puts on SPX | (25653145) | -34.31% |
|  | April 26 Puts on SPX | (25532311) | -34.15% |
|  | April 26 Puts on SPX | (17102096) | -22.87% |
|  | April 26 Puts on SPX | (17021541) | -22.76% |
|  | April 26 Puts on SPX | (16728619) | -22.37% |
| Future | CBOE VIX Futures May 26 | 39353721 | 52.63% |
|  | CBOE VIX Futures April 26 | 35418319 | 47.37% |

---

\*\* UBCSDQMV Index: A combination of the UBS filtered Value strategy, which applies a Quality and Momentum filter when identifying value stocks, and the Delta Quality Momentum strategy, which selects stocks based on YoY changes in quality characteristics and price momentum.

---

| | | | |
|:---|:---|:---|:---|
| | Top Underlying Components | Notional | Percentage of Notional |
| Currency | US Dollar Spot | $46175826 | 77.05% |
| Equity | Dow Inc | (826898) | -1.38% |
|  | CF Industries Holdings Inc | 790082 | 1.32% |
|  | Shell PLC | (697613) | -1.16% |
|  | Tokio Marine Holdings Inc | 678439 | 1.13% |
|  | ONEOK Inc | (666265) | -1.11% |
|  | TechnipFMC PLC | 636543 | 1.06% |
|  | Digital Realty Trust Inc | (624686) | -1.04% |
|  | Chesapeake Energy Corp | 622981 | 1.04% |
|  | Panasonic Holdings Corp | (614782) | -1.03% |
|  | London Stock Exchange Group PLC | (598683) | -1.00% |
|  | Williams Cos Inc | (598531) | -1.00% |
|  | Cava Group Inc | (598483) | -1.00% |
|  | Nintendo Co Ltd | (593029) | -0.99% |
|  | FirstEnergy Corp | 592898 | 0.99% |
|  | Weyerhaeuser Co | (589034) | -0.98% |
|  | Jones Lang LaSalle Inc | 588385 | 0.98% |
|  | Rio Tinto PLC | 581894 | 0.97% |
|  | Arthur J Gallagher & Co | (580802) | -0.97% |
|  | Host Hotels & Resorts Inc | 580526 | 0.97% |
|  | Evergy Inc | 577249 | 0.96% |
|  | Sempra Energy | (575011) | -0.96% |
|  | Commonwealth Bank of Australia | (563105) | -0.94% |
|  | Exelon Corp | 561334 | 0.94% |
|  | GSK PLC | 561165 | 0.94% |
|  | Incyte Corp | 558461 | 0.93% |
|  | Brown & Brown Inc | (553947) | -0.92% |
|  | Costar Group Inc | (551453) | -0.92% |
|  | Novartis AG | 551353 | 0.92% |
|  | Darden Restaurants Inc | 550954 | 0.92% |
|  | Daiichi Sankyo Co Ltd | (547787) | -0.91% |
|  | NextEra Energy Inc | (544541) | -0.91% |
|  | Deutsche Boerse AG | (541704) | -0.90% |
|  | DTE Energy Co | 538887 | 0.90% |
|  | TotalEnergies SE | 538289 | 0.90% |
|  | Keurig Dr Pepper Inc | (535197) | -0.89% |
|  | HCA Healthcare Inc | 530085 | 0.88% |
|  | Welltower Inc | 529208 | 0.88% |
|  | Grab Holdings Ltd - CL A | (529137) | -0.88% |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS MULTI-STRATEGY** |
|  | **ALTERNATIVES FUND** |
|  | **MARCH 31, 2026** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| Top Underlying Components | Notional | Percentage of Notional |
| Mercedes-Benz Group AG | $528669 | 0.88% |
| Hasbro Inc | 526842 | 0.88% |
| Canadian Imperial Bank of Commerce | 525799 | 0.88% |
| Xcel Energy Inc | (522680) | -0.87% |
| Bank of Montreal | 520885 | 0.87% |
| Sony Group Corp | (514478) | -0.86% |
| United Therapeutics Corp | 510822 | 0.85% |
| Nutrien Ltd | 510400 | 0.85% |
| BorgWarner Inc | 506317 | 0.84% |
| INPEX Corp | (502899) | -0.84% |
| Halliburton Co | (498841) | -0.83% |

---

Amounts designated as "—" are either $0 or have been rounded to $0.

As of March 31, 2026, the open Reverse Repurchase Agreements held by the Fund are listed below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount (000) | Counterparty | Rate | Maturity | Value (000) |
| $(804) | Bank of America | 4.15% | 06/09/2026 | $(804) |
| (3895) | Bank of America | 4.21% | 05/15/2026 | (3895) |
| (5464) | Bank of America | 4.21% | 05/15/2026 | (5464) |
| (5600) | Bank of America | 4.21% | 05/15/2026 | (5600) |
| (1550) | Bank of America | 4.22% | 06/09/2026 | (1550) |
| (871) | Bank of America | 4.22% | 06/09/2026 | (871) |
| (3990) | Bank of America | 4.22% | 06/09/2026 | (3990) |
| (2722) | Bank of America | 4.22% | 04/15/2026 | (2722) |
| (8010) | Bank of America | 4.22% | 04/15/2026 | (8010) |
| (5147) | Bank of America | 4.22% | 04/15/2026 | (5147) |
| (4012) | Bank of America | 4.22% | 04/15/2026 | (4012) |
| (1516) | Bank of America | 4.22% | 04/21/2026 | (1516) |
| (4012) | Bank of America | 4.22% | 04/21/2026 | (4012) |
| (8030) | Bank of America | 4.22% | 04/21/2026 | (8030) |
| (1597) | Citigroup | 4.27% | 04/17/2026 | (1597) |
| (1596) | Citigroup | 4.29% | 06/10/2026 | (1596) |
| (1611) | Citigroup | 4.30% | 06/23/2026 | (1611) |
| (8034) | JPMorgan Chase | 4.15% | 05/13/2026 | (8034) |
|  |  |  |  | $(68461) |

---

For the period ended March 31, 2026, the daily average borrowing and interest rate under the reverse repurchase agreements were $65,980 ($ Thousands) and 4.22%, respectively.

See "Glossary" for abbreviations.

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS MULTI-STRATEGY** |
|  | **ALTERNATIVES FUND** |
|  | **MARCH 31, 2026 (Unaudited)** |

---

**GLOSSARY**

---

| | |
|:---|:---|
| Currency Abbreviations | Portfolio Abbreviations |
| AUD — Australian Dollar | ABS — Asset-Backed Security |
| BRL — Brazilian Real | ADR — American Depositary Receipt |
| CAD — Canadian Dollar | BDC — Business Development Company |
| CLP — Chilean Peso | Cl — Class |
| CNH — Chinese Yuan Offshore | CLO — Collateralized Loan Obligation |
| COP — Colombian Peso | ETF — Exchange-Traded Fund |
| EUR — Euro | EUR003M — 3-Month EURIBOR Rate |
| GBP — British Pound Sterling | EURIBOR — Euro London Interbank Offered Rate |
| IDR — Indonesian Rupiah | FED FUNDS — Federal Funds Effective Rate |
| INR — Indian Rupee | G10 — Group of Ten |
| JPY — Japanese Yen | H15T5Y — 5 Year US Treasury Yield Curve Constant Maturity Rate |
| KRW — Korean Won | IO — Interest Only |
| NOK — Norwegian Krone | OTC — Over the Counter |
| NZD — New Zealand Dollar | PIK — Payment-in-Kind |
| PEN — Peruvian Sol | PPP — Purchasing Power Parity |
| PHP — Philippines Peso | REIT — Real Estate Investment Trust |
| SEK — Swedish Krona | Ser — Series |
| TWD — Taiwan Dollar | SOFR — Secured Overnight Financing Rate |
| USD — U.S. Dollar | SOFR30A — Secured Overnight Financing Rate 30-Day Average |
|  | SONIA — Sterling Overnight Index Average |
|  | SONIA/N — Sterling Overnight Index Average index with a lookback period of 'N' days |
|  | TBA — To Be Announced |
|  | TSFR1M — 1 Month CME Term Secured Overnight Financing Rate |
|  | TSFR3M — 3 Month CME Term Secured Overnight Financing Rate |
|  | CHI-QH-002-0800 |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** OAKS

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19456

  - **Telephone number:** 8774463863

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

- **a. Name of Series:** FS Multi-Strategy Alternatives Fund

- **b. EDGAR series identifier (if any):** S000075444

- **c. LEI of Series:** 549300E0668BUMX3FG88

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

- **a. Date of fiscal year-end:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**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:** $7061528987.71

**Total Liabilities:** $5570624503.90

**Net Assets:** $1490904483.81

**Cash Not Reported:** $193870981.13

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000234545 | -0.44%               | 0.27%                | 1.08%                |
| Class ID C000234546 | -5.41%               | -4.83%               | -3.94%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $11033150.96             | $-41121410.81                              |
| Month 2  | $6828607.36              | $4508311.35                                |
| Month 3  | $7751580.53              | $-5041442.13                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| FLEXENTIAL LLC                                     | FLEXENTIAL ISSUER 2021-1 FLX 2021-1A A2                                   | CUSIP: 33938MAA7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    3347657 | PA      | $3345708.81    | 0.22%             | 2051-11-27      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC REMICS FHR 5332 SA                                            | CUSIP: 3137HADS2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   63708941 | PA      | $4050614.47    | 0.27%             | 2053-08-25      | Floating      | 2.34%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2011-70 WI                   | CUSIP: 38377WMN1<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   14157317 | PA      | $712561.84     | 0.05%             | 2040-12-20      | Floating      | 1.06%                 | No            |                  2 | On Loan: No      |
| STATE STREET                                       | FX Forward Contract: USD/EUR SETTLE 2026-04-17                            | CUSIP: N/A<br>LEI: 549300ZFEEJ2IP5VME73       | N/A              | DFE              |  | US        |          1 | NC      | $-18532.86     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| RATE MORTGAGE TRUST                                | RATE MORTGAGE TRUST 2021-J3 RATE 2021-J3 AX1                              | CUSIP: 75409TBN4<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    1870010 | PA      | $18932.73      | 0.00%             | 2051-10-25      | Floating      | 0.21%                 | Yes           |                  2 | On Loan: No      |
| MakeMyTrip Limited                                 | MAKEMYTRIP LTD COMMON STOCK                                               | CUSIP: V5633W109<br>LEI: 529900DNT8HNJ7RYUO60 | Short            | EC               |  | IN        |      -2407 | NS      | $-89757.03     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE REMICS FNR 2024-88 SD                                          | CUSIP: 3136BT6E8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   86660925 | PA      | $4397261.99    | 0.29%             | 2054-12-25      | Floating      | 2.15%                 | No            |                  2 | On Loan: No      |
| Nomura                                             | Nomura Interest Rate Volatility Risk Premium USD 3M10Y Index TRS          | CUSIP: N/A<br>LEI: GGDZP1UYGU9STUHRDP48       | N/A              | DE               |  | US        |        734 | NC      | $28269.28      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SWITCH ABS ISSUER LLC                              | SWITCH ABS ISSUER LLC SWTCH 2025-2A B                                     | CUSIP: 871044AY9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    2500000 | PA      | $2440702.25    | 0.16%             | 2055-10-25      | Fixed         | 6.24%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association           | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2025-120 GS                  | CUSIP: 38381N4R6<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   31808986 | PA      | $1321459.81    | 0.09%             | 2054-06-20      | Floating      | 1.73%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC REMICS FHR 5250 SA                                            | CUSIP: 3137H8RP8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   35797136 | PA      | $2271639.68    | 0.15%             | 2052-08-25      | Floating      | 1.67%                 | No            |                  2 | On Loan: No      |
| CMS ENERGY CORPORATION                             | CMS ENERGY CORP COMMON STOCK                                              | CUSIP: 125896100<br>LEI: 549300IA9XFBAGNIBW29 | Short            | EC               |  | US        |     -32977 | NS      | $-2558355.66   | -0.17%            |  |  |  | No            |                  1 | On Loan: No      |
| BAML                                               | Private Credit BDCs TRS                                                   | CUSIP: TFSCRED00<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DE               |  | US        |     300589 | NC      | $-3586026.77   | -0.24%            |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                                  | BARCLAYS BANK PLC MTN ZERO COUPON 12/29/2026                              | CUSIP: DC6516686<br>LEI: G5GSEF7VJP5I7OUK5573 | Long             | DBT              | NUSS              | GB        |   30000000 | PA      | $37547310.00   | 2.52%             | 2026-12-29      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| JUNIPER VALLEY PARK CLO LTD                        | JUNIPER VALLEY PARK CLO LTD JNPPK 2023-1A ERR                             | CUSIP: 48206RAG6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |    2770000 | PA      | $2557272.31    | 0.17%             | 2036-07-20      | Floating      | 8.42%                 | Yes           |                  2 | On Loan: No      |
| EMERGENT AUTO RECEIVABLES TRUST                    | ENT AUTO RECEIVABLES TRUST 2023-1 ENT 2023-1A D                           | CUSIP: 293601AN0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    1560000 | PA      | $1625283.19    | 0.11%             | 2031-03-17      | Fixed         | 7.70%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association           | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2025-120 MS                  | CUSIP: 38381N5S3<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   41814100 | PA      | $2590546.60    | 0.17%             | 2053-05-20      | Floating      | 2.48%                 | No            |                  2 | On Loan: No      |
| NEUBERGER BERMAN LOAN ADVISERS LLC                 | NEUBERGER BERMAN LOAN ADVISERS CLO 29 LTD NEUB 2018-29A A2R               | CUSIP: 64130XAU0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   11700000 | PA      | $11664022.50   | 0.78%             | 2039-01-19      | Floating      | 5.19%                 | Yes           |                  2 | On Loan: No      |
| VINE TRUST                                         | VINE 2023-SFR1 TRUST VINEB 2023-SFR1 A                                    | CUSIP: 91825KAA5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    6483414 | PA      | $6386306.92    | 0.43%             | 2040-12-17      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | 3 MONTH SOFR FUT  MAR26 FINANCIAL COMMODITY FUTURE.                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       -723 | NC      | $-174107437.50 | -11.68%           |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association           | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2022-23 WI                   | CUSIP: 38383MNG9<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    8155832 | PA      | $1792675.59    | 0.12%             | 2052-02-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC STRIPS FHS 406 S43                                            | CUSIP: 3142G5YH5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   27756122 | PA      | $2458268.09    | 0.16%             | 2053-10-25      | Floating      | 3.54%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE REMICS FNR 2021-87 GI                                          | CUSIP: 3136BKLN0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   22806596 | PA      | $4333875.91    | 0.29%             | 2051-12-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| GS MORTGAGE SECURITIES TRUST                       | GSMS TRUST 2024-FAIR GSMS 2024-FAIR D                                     | CUSIP: 36270JAG0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    2750000 | PA      | $2787496.80    | 0.19%             | 2029-07-15      | Floating      | 7.42%                 | Yes           |                  2 | On Loan: No      |
| GOLAR LNG LIMITED                                  | GOLAR LNG LTD COMMON STOCK                                                | CUSIP: G9456A100<br>LEI: 213800C2VSFZG3EZLO34 | Short            | EC               |  | CM        |     -36710 | NS      | $-1986378.10   | -0.13%            |  |  |  | No            |                  1 | On Loan: No      |
| ARBOR REALTY COMMERCIAL REAL ESTATE NOTES LTD      | ARBOR REALTY COMMERCIAL REAL ESTATE NOTES 2022-FL1 ARCLO 2022-FL1 D       | CUSIP: 03880XAJ5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1580000 | PA      | $1579276.36    | 0.11%             | 2037-01-15      | Floating      | 6.67%                 | Yes           |                  2 | On Loan: No      |
| ARBOR REALTY TRUST, INC.                           | ARBOR REALTY TRUST INC 144A 4.500000% 03/15/2027                          | CUSIP: 038923AQ1<br>LEI: 549300ASFUWYQO0RW077 | Long             | DBT              | CORP              | US        |    1757000 | PA      | $1671950.38    | 0.11%             | 2027-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE REMICS FNR 2024-90 SB                                          | CUSIP: 3136BTXE8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   67089591 | PA      | $3480339.61    | 0.23%             | 2053-11-25      | Floating      | 2.09%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2025-120 SC                  | CUSIP: 38381N6K9<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   22844907 | PA      | $917492.60     | 0.06%             | 2055-03-20      | Floating      | 1.63%                 | No            |                  2 | On Loan: No      |
| LADDER CAPITAL FINANCE HOLDINGS LLLP               | LADDER CAPITAL FINANCE HOLDINGS LLLP / LADDER CAPI 5.500000% 08/01/2030   | CUSIP: 505742AS5<br>LEI: 254900TBF2Z4GR7NSX02 | Long             | DBT              | CORP              | US        |    1627000 | PA      | $1630187.24    | 0.11%             | 2030-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FIRSTENERGY CORP.                                  | FIRSTENERGY CORP COMMON STOCK                                             | CUSIP: 337932107<br>LEI: 549300SVYJS666PQJH88 | Short            | EC               |  | US        |     -55479 | NS      | $-2810566.14   | -0.19%            |  |  |  | No            |                  1 | On Loan: No      |
| 1988 CLO LTD                                       | 1988 CLO 5 LTD MUZ88 2024-5A D1                                           | CUSIP: 68252PAN6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     850000 | PA      | $849253.70     | 0.06%             | 2037-07-15      | Floating      | 6.97%                 | Yes           |                  2 | On Loan: No      |
| CIFC FUNDING LTD                                   | CIFC FUNDING 2021-VII LTD CIFC 2021-7A ER                                 | CUSIP: 12567KAE5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1500000 | PA      | $1394722.50    | 0.09%             | 2035-01-23      | Floating      | 8.57%                 | Yes           |                  2 | On Loan: No      |
| EXETER AUTOMOBILE RECEIVABLES TRUST                | EXETER AUTOMOBILE RECEIVABLES TRUST 2026-2 EART 2026-2A E                 | CUSIP: 30166WAG1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    3370000 | PA      | $3360709.25    | 0.23%             | 2033-11-15      | Fixed         | 7.54%                 | Yes           |                  2 | On Loan: No      |
| ALBEMARLE CORPORATION                              | Albemarle Corp PREFERRED STOCK                                            | CUSIP: N/A<br>LEI: HDBLS2Q6GV1LSKQPBS54       | Long             | EP               |  | US        |      22725 | NS      | $1632791.25    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| FLEXENTIAL LLC                                     | FLEXENTIAL ISSUER 2021-1 FLX 2021-1A C                                    | CUSIP: 33938MAC3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    5000000 | PA      | $4964754.00    | 0.33%             | 2051-11-27      | Fixed         | 6.93%                 | Yes           |                  2 | On Loan: No      |
| TPG RE FINANCE TRUST, INC.                         | TPG RE Finance Trust Inc PREFERRED STOCK                                  | CUSIP: 87266M206<br>LEI: N/A                  | Long             | EP               |  | US        |      12403 | NS      | $219285.04     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| SIXTH STREET LENDING PARTNERS                      | SIXTH STREET LENDING PARTNERS 5.750000% 01/15/2030                        | CUSIP: 829932AD4<br>LEI: 549300S9P1HMDERGCR64 | Long             | DBT              | CORP              | US        |    1601000 | PA      | $1576975.91    | 0.11%             | 2030-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| RADNOR RE/ESSENT                                   | RADNOR RE 2021-2 LTD RMIR 2021-2 M2                                       | CUSIP: 75049GAC3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    6000000 | PA      | $6219376.80    | 0.42%             | 2031-11-25      | Floating      | 8.66%                 | Yes           |                  2 | On Loan: No      |
| GAMESTOP CORP.                                     | GAMESTOP CORP-CLASS A COMMON STOCK                                        | CUSIP: 36467W109<br>LEI: 549300505KLOET039L77 | Short            | EC               |  | US        |    -131502 | NS      | $-3029806.08   | -0.20%            |  |  |  | No            |                  1 | On Loan: No      |
| STARZ CAPITAL HOLDINGS 1, INC                      | STARZ CAPITAL HOLDINGS 1 INC 144A 6.000000% 04/15/2030                    | CUSIP: 535939AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1164000 | PA      | $1067970.00    | 0.07%             | 2030-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC REMICS FHR 5416 SC                                            | CUSIP: 3137HD6J4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   30576378 | PA      | $2678677.26    | 0.18%             | 2054-06-25      | Floating      | 3.34%                 | No            |                  2 | On Loan: No      |
| KAPITUS ASSET SECURITIZATION LLC                   | KAPITUS ASSET SECURITIZATION V LLC KAPT 2025-1A D                         | CUSIP: 48555NAD9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     550000 | PA      | $550330.00     | 0.04%             | 2032-04-10      | Fixed         | 10.92%                | Yes           |                  2 | On Loan: No      |
| BNP                                                | BNP Paribas FX Mean Reversion G10 Selection USD Index TRS                 | CUSIP: TFXMRGU02<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |     227073 | NC      | $169896.02     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Nomura                                             | Nomura Interest Rate Volatility Risk Premium USD 3M10Y Index TRS          | CUSIP: N/A<br>LEI: GGDZP1UYGU9STUHRDP48       | N/A              | DE               |  | US        |        452 | NC      | $17408.33      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SG RESIDENTIAL MORTGAGE TRUST                      | SG RESIDENTIAL MORTGAGE TRUST 2025-1 SGR 2025-1 B1                        | CUSIP: 81880NAK0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    1660000 | PA      | $1638608.58    | 0.11%             | 2065-12-25      | Floating      | 6.75%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | BRK: MERRILL LYNCH, PIERCE, FENNER & SMITH COL: 00040DAC7                 | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               |  | US        |   -5600000 | PA      | $-5600000.00   | -0.38%            |  |  |  | No            |                  2 | On Loan: No      |
| WELLS FARGO COMMERCIAL MORTGAGE TRUST              | WELLS FARGO COMMERCIAL MORTGAGE TRUST 2025-B33RP WFCM 2025-B33RP E        | CUSIP: 95004RAJ5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    3630000 | PA      | $3627729.07    | 0.24%             | 2042-08-15      | Floating      | 7.17%                 | Yes           |                  2 | On Loan: No      |
| AB BSL CLO LTD                                     | AB BSL CLO 5 LTD ABBSL 2024-5A D1                                         | CUSIP: 00038GAJ9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |     440000 | PA      | $434834.84     | 0.03%             | 2038-01-20      | Floating      | 6.77%                 | Yes           |                  2 | On Loan: No      |
| VIKING BAKED GOODS ACQUISITION CORPORATION         | VIKING BAKED GOODS ACQUISITION CORP 144A 8.625000% 11/01/2031             | CUSIP: 92676AAA5<br>LEI: 254900DBFD2H1FJK0893 | Long             | DBT              | CORP              | US        |    2199000 | PA      | $2175941.73    | 0.15%             | 2031-11-01      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| BAML                                               | BAML Commodity Vol TRS                                                    | CUSIP: N/A<br>LEI: 984500653R409CC5AB28       | N/A              | DE               |  | US        |     170315 | NC      | $-1012130.95   | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| FLEXENTIAL LLC                                     | FLEXENTIAL ISSUER LLC FLX 2025-1A C                                       | CUSIP: 33938MAL3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    5000000 | PA      | $5008150.50    | 0.34%             | 2060-10-25      | Fixed         | 8.54%                 | Yes           |                  2 | On Loan: No      |
| FREEDOM MORTGAGE HOLDINGS LLC                      | FREEDOM MORTGAGE HOLDINGS LLC 144A 9.125000% 05/15/2031                   | CUSIP: 35641AAB4<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |    3200000 | PA      | $3252800.00    | 0.22%             | 2031-05-15      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| Societe Generale                                   | SG V-Step TRS                                                             | CUSIP: TMDSBVH01<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DE               |  | US        |      19425 | NC      | $61285.88      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| REGATTA FUNDING LTD                                | REGATTA XX FUNDING LTD REG20 2021-2A ER                                   | CUSIP: 75885AAE9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    2000000 | PA      | $1835162.00    | 0.12%             | 2038-01-15      | Floating      | 8.57%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | BLCKRCK CASH-TRSRY-INST MONEY MARKET                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |   30050857 | PA      | $30050857.11   | 2.02%             |  |  |  | No            |                  2 | On Loan: No      |
| SWO NA P 04/06/2026 04/08/2026 04/08/2036 4.1 CASH | SWO NA P 04/06/2026 04/08/2026 04/08/2036 4.1 CASH EXPIRATION: 04/06/2026 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |   45000000 | NC      | $3030.76       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| AVIS BUDGET RENTAL CAR FUNDING                     | AVIS BUDGET RENTAL CAR FUNDING AESOP LLC AESOP 2026-2A D                  | CUSIP: 05377RLK8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    1640000 | PA      | $1631460.68    | 0.11%             | 2032-08-20      | Fixed         | 7.04%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | 3 MONTH SOFR FUT  MAR28 FINANCIAL COMMODITY FUTURE.                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       -723 | NC      | $-174595462.50 | -11.71%           |  |  |  | No            |                  1 | On Loan: No      |
| VT TOPCO, INC.                                     | VT TOPCO INC 144A 8.500000% 08/15/2030                                    | CUSIP: 91838PAA9<br>LEI: 5493007T812R37X02Y38 | Long             | DBT              | CORP              | US        |    1456000 | PA      | $1480315.20    | 0.10%             | 2030-08-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| BX TRUST                                           | BX TRUST 2024-VLT4 BX 2024-VLT4 F                                         | CUSIP: 05612TAL9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    3750000 | PA      | $3711085.88    | 0.25%             | 2041-06-15      | Floating      | 7.61%                 | Yes           |                  2 | On Loan: No      |
| PARK-OHIO INDUSTRIES, INC.                         | PARK-OHIO INDUSTRIES INC 144A 8.500000% 08/01/2030                        | CUSIP: 700677AS6<br>LEI: 5493006LQUO5SLMNYM18 | Short            | DBT              | CORP              | US        |   -1052000 | PA      | $-1078105.38   | -0.07%            | 2030-08-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| ACRISURE, LLC                                      | ACRISURE LLC / ACRISURE FINANCE INC 144A 8.250000% 02/01/2029             | CUSIP: 00489LAK9<br>LEI: 549300R0Z1Q47XRTGO22 | Long             | DBT              | CORP              | US        |     845000 | PA      | $835359.90     | 0.06%             | 2029-02-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| CARVANA AUTO RECEIVABLES TRUST                     | CARVANA AUTO RECEIVABLES TRUST 2025-N1 CRVNA 2025-N1 E                    | CUSIP: 14688XAG2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    5058000 | PA      | $5097945.05    | 0.34%             | 2032-08-10      | Fixed         | 7.73%                 | Yes           |                  2 | On Loan: No      |
| ILFC E-CAPITAL TRUST I                             | ILFC E-CAPITAL TRUST I 144A VARIABLE RATE 12/21/2065                      | CUSIP: 44965TAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    2030000 | PA      | $1723230.26    | 0.12%             | 2065-12-21      | Floating      | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC REMICS FHR 5344 SA                                            | CUSIP: 3137HAN51<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   41922666 | PA      | $2026474.60    | 0.14%             | 2053-10-25      | Floating      | 1.99%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST, INC.                      | STARWOOD PROPERTY TRUST INC 144A 7.250000% 04/01/2029                     | CUSIP: 85571BBB0<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |     368000 | PA      | $378903.47     | 0.03%             | 2029-04-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2024-H14 AI                  | CUSIP: 38383KG22<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    2371318 | PA      | $154619.41     | 0.01%             | 2074-08-20      | Floating      | 0.87%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO COMMERCIAL MORTGAGE TRUST              | WELLS FARGO COMMERCIAL MORTGAGE TRUST 2025-AGLN WFCM 2025-AGLN E          | CUSIP: 94990HAJ6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    3070000 | PA      | $3027345.11    | 0.20%             | 2037-07-15      | Floating      | 7.86%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE REMICS FNR 2024-88 SC                                          | CUSIP: 3136BT5U3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   90139008 | PA      | $2969557.52    | 0.20%             | 2054-12-25      | Floating      | 1.46%                 | No            |                  2 | On Loan: No      |
| SUPER MICRO COMPUTER, INC.                         | SUPER MICRO COMPUTER INC COMMON STOCK                                     | CUSIP: 86800U302<br>LEI: 54930022CZO1N2UGVW07 | Short            | EC               |  | US        |     -73261 | NS      | $-1668152.97   | -0.11%            |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC REMICS FHR 5481 SA                                            | CUSIP: 3137HHRB9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   77882620 | PA      | $2194716.67    | 0.15%             | 2054-12-25      | Floating      | 1.34%                 | No            |                  2 | On Loan: No      |
| NOVANTA INC.                                       | Novanta Inc PREFERRED STOCK                                               | CUSIP: 67000B203<br>LEI: N/A                  | Long             | EP               |  | US        |      78440 | NS      | $4207521.60    | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| CLARIVATE SCIENCE HOLDINGS CORPORATION             | CLARIVATE SCIENCE HOLDINGS CORP 144A 3.875000% 07/01/2028                 | CUSIP: 18064PAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     266000 | PA      | $251028.75     | 0.02%             | 2028-07-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| US 10YR FUT OPTN  May26C   112                     | US 10YR FUT OPTN  May26C   112 LONG                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        539 | NC      | $176859.38     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| LFS TOPCO LLC                                      | LFS TOPCO LLC 144A 8.750000% 07/15/2030                                   | CUSIP: 50203TAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     740000 | PA      | $707022.34     | 0.05%             | 2030-07-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| USD-SOFR 4.7475 01/16/2035                         | USD-SOFR 4.7475 01/16/2035 EXPIRATION: 01/16/2035                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |  -13000000 | NC      | $16945.14      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ANCHORAGE CAPITAL CLO LTD                          | ANCHORAGE CAPITAL CLO 21 LTD ANCHC 2021-21A ER                            | CUSIP: 03331LAJ6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     470000 | PA      | $429270.74     | 0.03%             | 2034-10-20      | Floating      | 9.92%                 | Yes           |                  2 | On Loan: No      |
| HOME RE LIMITED                                    | HOME RE 2026-1 LTD HMIR 2026-1 M2                                         | CUSIP: 436956AD8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     150000 | PA      | $151204.92     | 0.01%             | 2036-01-25      | Floating      | 6.86%                 | Yes           |                  2 | On Loan: No      |
| PG&E CORPORATION                                   | PG&E CORP 4.250000% 12/01/2027                                            | CUSIP: 69331CAL2<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |    7160000 | PA      | $7414006.37    | 0.50%             | 2027-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| NEPTUNE BIDCO US INC.                              | NEPTUNE BIDCO US INC 144A 9.500000% 02/15/2033                            | CUSIP: 640695AD4<br>LEI: 549300VG15T3VCYZ4531 | Long             | DBT              | CORP              | US        |     168000 | PA      | $163000.15     | 0.01%             | 2033-02-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| United States of America                           | TREASURY BILL 0.000000% 06/04/2026                                        | CUSIP: 912797SX6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    5060000 | PA      | $5027491.98    | 0.34%             | 2026-06-04      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Nomura                                             | Nomura G10 FX Mean Reversion 25x TRS                                      | CUSIP: N/A<br>LEI: 984500653R409CC5AB28       | N/A              | DE               |  | US        |     308216 | NC      | $-157190.17    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| MARLETTE FUNDING TRUST                             | MARLETTE FUNDING TRUST 2023-2 MFT 2023-2A D                               | CUSIP: 57109LAD5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    1670000 | PA      | $1697507.41    | 0.11%             | 2033-06-15      | Fixed         | 7.92%                 | Yes           |                  2 | On Loan: No      |
| LIBERTY ENERGY INC.                                | Liberty Energy Inc COMMON STOCK                                           | CUSIP: 53115L104<br>LEI: 254900PKFJW6RILDCM60 | Short            | EC               |  | US        |     -15487 | NS      | $-446025.60    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| SABLE INTERNATIONAL FINANCE LIMITED                | SABLE INTERNATIONAL FINANCE LTD 144A 7.125000% 10/15/2032                 | CUSIP: 785712AK6<br>LEI: 2138009IE9A35LO5JS73 | Long             | DBT              | NUSS              | PA        |     901000 | PA      | $889984.28     | 0.06%             | 2032-10-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| MUVICO, LLC                                        | MUVICO LLC 144A 15.000000% 02/19/2029                                     | CUSIP: 62844JAE8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    2548515 | PA      | $2416197.38    | 0.16%             | 2029-02-19      | Fixed         | 15.00%                | No            |                  2 | On Loan: No      |
| ARES STRATEGIC INCOME FUND                         | ARES STRATEGIC INCOME FUND 144A 5.550000% 04/15/2031                      | CUSIP: 04020EAU1<br>LEI: 549300IANZJVZPTICV54 | Long             | DBT              | CORP              | US        |     805000 | PA      | $771171.69     | 0.05%             | 2031-04-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| BLUE STREAM ISSUER LLC                             | BLUE STREAM ISSUER LLC BSTRM 2023-1A C                                    | CUSIP: 09606BAE4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    1000000 | PA      | $1015123.90    | 0.07%             | 2053-05-20      | Fixed         | 8.90%                 | Yes           |                  2 | On Loan: No      |
| CARVAL CLO LTD                                     | CARVAL CLO III LTD CARVL 2019-2A ER2                                      | CUSIP: 14686VAJ2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     490000 | PA      | $455911.68     | 0.03%             | 2032-07-20      | Floating      | 9.67%                 | Yes           |                  2 | On Loan: No      |
| EURIBOR SWAP RATE OPTION 7-17-28                   | EURIBOR SWAP RATE OPTION 7-17-28 LONG                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | XX        | 1000000000 | NC      | $174742.24     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| NEUBERGER BERMAN LOAN ADVISERS LLC                 | NEUBERGER BERMAN LOAN ADVISERS CLO 45 LTD NEUB 2021-45A ER                | CUSIP: 64134HAL1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     150000 | PA      | $137518.20     | 0.01%             | 2036-10-14      | Floating      | 8.52%                 | Yes           |                  2 | On Loan: No      |
| A&D MORTGAGE TRUST                                 | A&D MORTGAGE TRUST 2026-NQM1 ADMT 2026-NQM1 A1                            | CUSIP: 00040DAC7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    6913242 | PA      | $6849441.06    | 0.46%             | 2071-02-25      | Floating      | 4.91%                 | Yes           |                  2 | On Loan: No      |
| ISLAND FINANCE TRUST                               | ISLAND FINANCE TRUST 2025-1 ISLN 2025-1A C                                | CUSIP: 463920AC2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     350000 | PA      | $353851.16     | 0.02%             | 2035-03-19      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| Nebius Group N.V.                                  | NEBIUS GROUP NV COMMON STOCK                                              | CUSIP: N97284108<br>LEI: 549300GGZHJ5Q1B18P93 | Short            | EC               |  | NL        |      -9450 | NS      | $-980532.00    | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| USD-SOFR 3.65% 03/16/2028                          | USD-SOFR 3.65% 03/16/2028 EXPIRATION: 03/16/2028                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |  -70000000 | NC      | $-10610.10     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| UNITI FIBER ABS ISSUER LLC                         | UNITI FIBER ABS ISSUER LLC UNIT 2025-1A C                                 | CUSIP: 91326EAC9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    3000000 | PA      | $3084427.50    | 0.21%             | 2055-04-20      | Fixed         | 9.02%                 | Yes           |                  2 | On Loan: No      |
| BEACON MOBILITY FINANCE CORP.                      | BEACON MOBILITY CORP 144A 7.250000% 08/01/2030                            | CUSIP: 073644AA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     957000 | PA      | $988548.46     | 0.07%             | 2030-08-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                | 3 MONTH SOFR FUT  SEP26 FINANCIAL COMMODITY FUTURE.                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       -723 | NC      | $-174125512.50 | -11.68%           |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | BARCLAYS COLLATERAL BALANCE FS FUNDS                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |    2150000 | PA      | $2150000.00    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| SWCH COMMERCIAL MORTGAGE TRUST                     | SWCH COMMERCIAL MORTGAGE TRUST 2025-DATA SWCH 2025-DATA E                 | CUSIP: 78489CAE9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   10490000 | PA      | $10303152.12   | 0.69%             | 2042-02-15      | Floating      | 7.01%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association           | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2025-120 AI                  | CUSIP: 38381N7U6<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    3602418 | PA      | $614152.82     | 0.04%             | 2055-05-20      | Floating      | 6.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2025-26 SG                   | CUSIP: 38385CG36<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   59660647 | PA      | $938634.99     | 0.06%             | 2055-02-20      | Floating      | 0.68%                 | No            |                  2 | On Loan: No      |
| N/A                                                | BANK OF AMERICA COLLATERAL BALANCE FS FUNDS                               | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |     758458 | PA      | $758458.20     | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| FORTRESS CREDIT BSL LIMITED                        | FORTRESS CREDIT BSL XVIII LTD FCBSL 2023-1A D1R                           | CUSIP: 34965DBC6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |     430000 | PA      | $424858.92     | 0.03%             | 2036-04-23      | Floating      | 7.57%                 | Yes           |                  2 | On Loan: No      |
| ACRISURE, LLC                                      | ACRISURE LLC / ACRISURE FINANCE INC 144A 8.500000% 06/15/2029             | CUSIP: 00489LAM5<br>LEI: 549300R0Z1Q47XRTGO22 | Long             | DBT              | CORP              | US        |    3810000 | PA      | $3773861.39    | 0.25%             | 2029-06-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| PRPM LLC                                           | PRPM 2025-NQM1 TRUST PRPM 2025-NQM1 B1                                    | CUSIP: 74391EAF8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    1000000 | PA      | $1011727.50    | 0.07%             | 2069-11-25      | Floating      | 7.78%                 | Yes           |                  2 | On Loan: No      |
| VISTA POINT SECURITIZATION TRUST                   | VISTA POINT SECURITIZATION TRUST 2024-CES3 VSTA 2024-CES3 A1              | CUSIP: 92841WAA7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    3642679 | PA      | $3654388.61    | 0.25%             | 2055-01-25      | Fixed         | 5.68%                 | Yes           |                  2 | On Loan: No      |
| People Inc                                         | DOTDASH MEREDITH INC 144A 7.625000% 06/15/2032                            | CUSIP: 25849JAA8<br>LEI: 549300R2AA7U9CJUQO13 | Long             | DBT              | CORP              | US        |    1263000 | PA      | $1164587.04    | 0.08%             | 2032-06-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| BX TRUST                                           | BX TRUST 2025-VLT7 BX 2025-VLT7 D                                         | CUSIP: 123913AG0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    6000000 | PA      | $5955000.00    | 0.40%             | 2044-07-15      | Floating      | 6.92%                 | Yes           |                  2 | On Loan: No      |
| ONDECK ASSET SECURITIZATION TRUST LLC              | ONDECK ASSET SECURITIZATION TRUST IV LLC ONDK 2024-2A C                   | CUSIP: 67108SAF5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    1300000 | PA      | $1295809.71    | 0.09%             | 2031-10-17      | Fixed         | 7.03%                 | Yes           |                  2 | On Loan: No      |
| J.P. MORGAN MORTGAGE TRUST                         | JP MORGAN MORTGAGE TRUST SERIES 2026-NQX1 JPMMT 2026-NQX1 A1              | CUSIP: 46594QAE7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    5000000 | PA      | $5010870.35    | 0.34%             | 2066-07-25      | Floating      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| PARK AVENUE TRUST                                  | 245 PARK AVENUE TRUST 2017-245P PRKAV 2017-245P E                         | CUSIP: 90187LAN9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    2310000 | PA      | $2230631.63    | 0.15%             | 2037-06-05      | Floating      | 3.66%                 | No            |                  2 | On Loan: No      |
| BAML                                               | FS AI Factor Long TRS                                                     | CUSIP: TFSLGLB07<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DE               |  | US        |     829775 | NC      | $-3870236.56   | -0.26%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays                                           | Barclays US Balance Sheet Efficiency Pair TRS                             | CUSIP: TUSBSHT01<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DE               |  | US        |     189500 | NC      | $199562.45     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| WEST COMMERCIAL MORTGAGE TRUST                     | WCORE COMMERCIAL MORTGAGE TRUST 2024-CORE WCORE 2024-CORE E               | CUSIP: 951913AJ1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    1000000 | PA      | $995308.50     | 0.07%             | 2041-11-15      | Floating      | 7.61%                 | Yes           |                  2 | On Loan: No      |
| NEW ENTERPRISE STONE & LIME CO., INC.              | NEW ENTERPRISE STONE & LIME CO INC 144A 9.750000% 07/15/2028              | CUSIP: 644274AG7<br>LEI: 549300O5DQ5Y61B8VF38 | Long             | DBT              | CORP              | US        |    3608000 | PA      | $3604347.15    | 0.24%             | 2028-07-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| MARA HOLDINGS, INC.                                | MARA HOLDINGS INC ZERO COUPON 03/01/2030                                  | CUSIP: 565788AF3<br>LEI: 549300M8ISKPTX2W7F94 | Long             | DBT              | CORP              | US        |     458000 | PA      | $403956.00     | 0.03%             | 2030-03-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE REMICS FNR 2020-76 MI                                          | CUSIP: 3136BCME7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    9875874 | PA      | $2285980.50    | 0.15%             | 2050-11-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| JD.COM, INC.                                       | JD.COM INC-ADR DEPOSITARY RECEIPT                                         | CUSIP: 47215P106<br>LEI: 549300HVTWB0GJZ16V92 | Short            | EC               |  | CN        |     -62150 | NS      | $-1837775.50   | -0.12%            |  |  |  | No            |                  1 | On Loan: No      |
| MIDCAP FINANCIAL ISSUER TRUST                      | MIDCAP FINANCIAL ISSUER TRUST 144A 5.625000% 01/15/2030                   | CUSIP: 59590AAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    4546000 | PA      | $4236235.56    | 0.28%             | 2030-01-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| GS MORTGAGE-BACKED SECURITIES TRUST                | GS MORTGAGE-BACKED SECURITIES TRUST 2025-HE2 GSMBS 2025-HE2 B1            | CUSIP: 362934AE1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     950000 | PA      | $971313.92     | 0.07%             | 2065-12-25      | Floating      | 6.76%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association           | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2016-77 SC                   | CUSIP: 38379YKE7<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   11244420 | PA      | $1216431.52    | 0.08%             | 2045-10-20      | Floating      | 2.31%                 | No            |                  2 | On Loan: No      |
| PENNYMAC CORP.                                     | PENNYMAC CORP 8.500000% 06/01/2029                                        | CUSIP: 70932AAH6<br>LEI: EWN0I878407TKQNXZ933 | Long             | DBT              | CORP              | US        |    2295000 | PA      | $2382414.97    | 0.16%             | 2029-06-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| SX5E DIVIDEND FUT DEC26                            | SX5E DIVIDEND FUT DEC26 PHYSICAL INDEX FUTURE.                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |      -3000 | NC      | $-58497850.11  | -3.92%            |  |  |  | No            |                  1 | On Loan: No      |
| ONDECK ASSET SECURITIZATION TRUST LLC              | ONDECK ASSET SECURITIZATION IV LLC ONDK 2025-1A D                         | CUSIP: 68237DAD5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     100000 | PA      | $101127.97     | 0.01%             | 2032-04-19      | Fixed         | 8.77%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | BRK: MERRILL LYNCH, PIERCE, FENNER & SMITH COL: 58004JAA0                 | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               |  | US        |   -1516000 | PA      | $-1516000.00   | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE CORPORATION                       | FREEDOM MORTGAGE CORP 144A 6.625000% 01/15/2027                           | CUSIP: 35640YAJ6<br>LEI: 549300LYRWPSYPK6S325 | Long             | DBT              | CORP              | US        |    1787000 | PA      | $1784594.52    | 0.12%             | 2027-01-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| USD-SOFR 4.7475 01/16/2035                         | USD-SOFR 4.7475 01/16/2035 EXPIRATION: 01/16/2035                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |   13000000 | NC      | $109548.37     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| KOHL'S CORPORATION                                 | KOHL'S CORP 144A 10.000000% 06/01/2030                                    | CUSIP: 500255AY0<br>LEI: 549300JF6LPRTRJ0FH50 | Long             | DBT              | CORP              | US        |    1960000 | PA      | $2072547.12    | 0.14%             | 2030-06-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| GOLAR LNG LIMITED                                  | GOLAR LNG LTD 144A 2.750000% 12/15/2030                                   | CUSIP: 38046YAC5<br>LEI: 213800C2VSFZG3EZLO34 | Long             | DBT              | CORP              | CM        |    2745000 | PA      | $3262432.50    | 0.22%             | 2030-12-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE REMICS FNR 2012-75 DS                                          | CUSIP: 3136A6W83<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    7662550 | PA      | $710060.18     | 0.05%             | 2042-07-25      | Floating      | 2.17%                 | No            |                  2 | On Loan: No      |
| NEWDAY FUNDING PLC                                 | NEWDAY FUNDING MASTER ISSUER PLC - SERIES 2024-3 NDFT 2024-3A E           | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-MBS          |  | GB        |     780000 | PA      | $1050010.17    | 0.07%             | 2032-11-15      | Floating      | 7.48%                 | Yes           |                  2 | On Loan: No      |
| NORTHWOODS CAPITAL LIMITED                         | NORTHWOODS CAPITAL XII-B LTD WOODS 2018-12BA BR                           | CUSIP: 66858CAQ0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   10500000 | PA      | $10498131.00   | 0.70%             | 2031-06-15      | Floating      | 5.37%                 | Yes           |                  2 | On Loan: No      |
| HERTZ VEHICLE FINANCING III LLC                    | HERTZ VEHICLE FINANCING III LLC HERTZ 2023-4A D                           | CUSIP: 42806MCH0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     290000 | PA      | $301145.63     | 0.02%             | 2030-03-25      | Fixed         | 9.44%                 | Yes           |                  2 | On Loan: No      |
| ALBEMARLE CORPORATION                              | ALBEMARLE CORP COMMON STOCK                                               | CUSIP: N/A<br>LEI: HDBLS2Q6GV1LSKQPBS54       | Short            | EC               |  | US        |      -8051 | NS      | $-1445396.03   | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| Gray Media, Inc                                    | GRAY MEDIA INC 144A 10.500000% 07/15/2029                                 | CUSIP: 389375AM8<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |    1491000 | PA      | $1584411.87    | 0.11%             | 2029-07-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| United States of America                           | TREASURY BILL 0.000000% 05/05/2026                                        | CUSIP: 912797TL1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    3460000 | PA      | $3448156.56    | 0.23%             | 2026-05-05      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE REMICS FNR 2024-92 SB                                          | CUSIP: 3136BT3S0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   61430115 | PA      | $2187458.83    | 0.15%             | 2054-12-25      | Floating      | 1.49%                 | No            |                  2 | On Loan: No      |
| VERUS SECURITIZATION TRUST                         | VERUS SECURITIZATION TRUST 2023-5 VERUS 2023-5 B2                         | CUSIP: 924934AF9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    3431000 | PA      | $3424985.80    | 0.23%             | 2068-06-25      | Floating      | 7.97%                 | Yes           |                  2 | On Loan: No      |
| RMF PROPRIETARY ISSUANCE TRUST                     | RMF PROPRIETARY ISSUANCE TRUST 2021-2 RPIT 2021-2 A                       | CUSIP: 74969VAA3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      75924 | PA      | $72335.00      | 0.00%             | 2061-09-25      | Floating      | 2.13%                 | Yes           |                  2 | On Loan: No      |
| SWITCH ABS ISSUER LLC                              | SWITCH ABS ISSUER LLC SWTCH 2026-1A A21                                   | CUSIP: 871044BA0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    1000000 | PA      | $999763.00     | 0.07%             | 2056-03-27      | Fixed         | 5.61%                 | Yes           |                  2 | On Loan: No      |
| THPT MORTGAGE TRUST                                | THPT 2023-THL MORTGAGE TRUST THPT 2023-THL E                              | CUSIP: 87252LAL9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    1500000 | PA      | $1500032.85    | 0.10%             | 2034-12-10      | Floating      | 10.40%                | Yes           |                  2 | On Loan: No      |
| CIFC FUNDING LTD                                   | CIFC FUNDING 2022-IV LTD CIFC 2022-4A ER                                  | CUSIP: 12567XAG2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     750000 | PA      | $695628.00     | 0.05%             | 2035-07-16      | Floating      | 8.92%                 | Yes           |                  2 | On Loan: No      |
| COMM MORTGAGE TRUST                                | COMM 2024-CBM MORTGAGE TRUST COMM 2024-CBM F                              | CUSIP: 12674GAQ7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    2020000 | PA      | $1961651.09    | 0.13%             | 2041-12-10      | Floating      | 7.93%                 | Yes           |                  2 | On Loan: No      |
| SUPER MICRO COMPUTER, INC.                         | SUPER MICRO COMPUTER INC 144A ZERO COUPON 06/15/2030                      | CUSIP: 86800UAE4<br>LEI: 54930022CZO1N2UGVW07 | Long             | DBT              | CORP              | US        |    5691000 | PA      | $4168004.34    | 0.28%             | 2030-06-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC REMICS FHR 5354 SL                                            | CUSIP: 3137HATB2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   23081401 | PA      | $1690959.59    | 0.11%             | 2053-11-25      | Floating      | 3.19%                 | No            |                  2 | On Loan: No      |
| EXELON CORPORATION                                 | EXELON CORP COMMON STOCK                                                  | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Short            | EC               |  | US        |     -15405 | NS      | $-755153.10    | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | BRK: MERRILL LYNCH, PIERCE, FENNER & SMITH COL: 58004JAA0                 | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               |  | US        |    -871000 | PA      | $-871000.00    | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| GLS AUTO RECEIVABLES TRUST                         | GLS AUTO RECEIVABLES ISSUER TRUST 2025-1 GCAR 2025-1A E                   | CUSIP: 36271KAN1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    4250000 | PA      | $4324145.50    | 0.29%             | 2032-03-15      | Fixed         | 7.19%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE REMICS FNR 2022-58 S                                           | CUSIP: 3136BN4Y9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   44510556 | PA      | $2141892.47    | 0.14%             | 2052-09-25      | Floating      | 1.64%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY RESIDENTIAL MORTGAGE LOAN TRUST     | MORGAN STANLEY RESIDENTIAL MORTGAGE LOAN TRUST 202 MSRM 2024-NQM3 B1B     | CUSIP: 61776UAJ6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     150000 | PA      | $148893.57     | 0.01%             | 2069-07-25      | Floating      | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Nomura                                             | Nomura Interest Rate 10Y5Y USD TRS                                        | CUSIP: TMVVUX500<br>LEI: N/A                  | N/A              | DE               |  | US        |  210927780 | NC      | $-818155.00    | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| STAR TRUST                                         | STAR 2024-SFR4 TRUST STAR 2024-SFR4 A                                     | CUSIP: 85520AAA7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    9977929 | PA      | $9977928.52    | 0.67%             | 2041-10-17      | Floating      | 5.42%                 | Yes           |                  2 | On Loan: No      |
| USD-SOFR 2.4975% 03/16/2028                        | USD-SOFR 2.4975% 03/16/2028 EXPIRATION: 03/16/2028                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |  400000000 | NC      | $-226083.37    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| STATE STREET                                       | FX Forward Contract: USD/GBP SETTLE 2026-04-17                            | CUSIP: N/A<br>LEI: 549300ZFEEJ2IP5VME73       | N/A              | DFE              |  | US        |          1 | NC      | $32120.51      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE REMICS FNR 2024-22 SA                                          | CUSIP: 3136BRN52<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   47705236 | PA      | $2741815.50    | 0.18%             | 2054-05-25      | Floating      | 2.44%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE REMICS FNR 2022-4 WI                                           | CUSIP: 3136BLK90<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   26381991 | PA      | $2672266.19    | 0.18%             | 2052-02-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MITER BRANDS ACQUISITION HOLDCO, INC.              | MITER BRANDS ACQUISITION HOLDCO INC / MIWD BORROWE 6.750000% 04/01/2032   | CUSIP: 60672JAA7<br>LEI: N/A                  | Short            | DBT              | CORP              | US        |   -1585000 | PA      | $-1518038.82   | -0.10%            | 2032-04-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| RISEWELL HOMES INC.                                | RISEWELL HOMES INC 144A 8.500000% 11/01/2030                              | CUSIP: 645370AG2<br>LEI: 549300PLCE8TB3TVRQ85 | Long             | DBT              | CORP              | US        |    1288000 | PA      | $1259433.83    | 0.08%             | 2030-11-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2025-120 SB                  | CUSIP: 38381N6F0<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   50198835 | PA      | $2279247.97    | 0.15%             | 2053-05-20      | Floating      | 1.83%                 | No            |                  2 | On Loan: No      |
| FIGRE TRUST                                        | FIGRE TRUST 2025-HE8 FIGRE 2025-HE8 E                                     | CUSIP: 30191WAE5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     200000 | PA      | $202771.84     | 0.01%             | 2055-11-25      | Floating      | 7.25%                 | Yes           |                  2 | On Loan: No      |
| USD-SOFR 4.1475% 03/23/2029                        | USD-SOFR 4.1475% 03/23/2029 EXPIRATION: 03/23/2029                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |  -10000000 | NC      | $27270.35      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| OCTAGON INVESTMENT PARTNERS, LTD.                  | OCTAGON INVESTMENT PARTNERS 29 LTD OCT29 2016-1A ER2                      | CUSIP: 67591KAG4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1500000 | PA      | $1392940.50    | 0.09%             | 2039-07-18      | Floating      | 10.84%                | Yes           |                  2 | On Loan: No      |
| United States of America                           | TREASURY BILL 0.000000% 06/18/2026                                        | CUSIP: 912797TD9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    8500000 | PA      | $8433755.25    | 0.57%             | 2026-06-18      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CONSOLIDATED COMMUNICATIONS LLC                    | CONSOLIDATED COMMUNICATIONS LLC/FIDIUM FIBER FINAN CNSL 2025-1A C         | CUSIP: 209031AC7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    5000000 | PA      | $5203062.00    | 0.35%             | 2055-05-20      | Fixed         | 9.41%                 | Yes           |                  2 | On Loan: No      |
| GENERATE CLO LTD                                   | KENNEDY LEWIS CLO 6 LTD KLLM 6A AR2                                       | CUSIP: 37148JAN3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   10000000 | PA      | $10003960.00   | 0.67%             | 2037-10-22      | Floating      | 5.07%                 | Yes           |                  2 | On Loan: No      |
| SWITCH ABS ISSUER LLC                              | SWITCH ABS ISSUER LLC SWTCH 2025-1A B                                     | CUSIP: 871044AN3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    5000000 | PA      | $4896285.50    | 0.33%             | 2055-03-25      | Fixed         | 6.49%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE REMICS FNR 2024-35 BS                                          | CUSIP: 3136BSBN4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   21276619 | PA      | $811596.62     | 0.05%             | 2054-06-25      | Floating      | 1.54%                 | No            |                  2 | On Loan: No      |
| N/A                                                | BRK: MERRILL LYNCH, PIERCE, FENNER & SMITH COL: 500937AA5                 | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               |  | US        |   -1550000 | PA      | $-1550000.00   | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| REDWOOD TRUST, INC.                                | REDWOOD TRUST INC 7.750000% 06/15/2027                                    | CUSIP: 758075AF2<br>LEI: DRBV4N1ERQLEMIF11G78 | Long             | DBT              | CORP              | US        |    4116000 | PA      | $4157160.00    | 0.28%             | 2027-06-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| PRA GROUP, INC.                                    | PRA GROUP INC 144A 8.375000% 02/01/2028                                   | CUSIP: 69354NAE6<br>LEI: 549300Q5HW3JSSB86K27 | Long             | DBT              | CORP              | US        |    1975000 | PA      | $1988503.08    | 0.13%             | 2028-02-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| ACHM TRUST                                         | ACHM TRUST 2025-HE1 ACHM 2025-HE1 A                                       | CUSIP: 00449SAA5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    2793358 | PA      | $2826693.17    | 0.19%             | 2055-03-25      | Floating      | 5.92%                 | Yes           |                  2 | On Loan: No      |
| DRYDEN CLO LTD                                     | DRYDEN 60 CLO LTD DRSLF 2018-60A D                                        | CUSIP: 26251NAE0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     300000 | PA      | $299723.70     | 0.02%             | 2031-07-15      | Floating      | 6.93%                 | No            |                  2 | On Loan: No      |
| Trivium Packaging Finance B.V.                     | TRIVIUM PACKAGING FINANCE BV 144A 12.250000% 01/15/2031                   | CUSIP: 89686QAC0<br>LEI: 724500GMZWW3PVYET548 | Long             | DBT              | NUSS              | NL        |    2458000 | PA      | $2661298.72    | 0.18%             | 2031-01-15      | Fixed         | 12.25%                | No            |                  2 | On Loan: No      |
| ORACLE CORPORATION                                 | ORACLE CORP COMMON STOCK                                                  | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Short            | EC               |  | US        |     -14061 | NS      | $-2068513.71   | -0.14%            |  |  |  | No            |                  1 | On Loan: No      |
| JPM Chase                                          | WF-IRS 12YR PAY FIXED 3.966000                                            | CUSIP: N/A<br>LEI: B4TYDEB6GKMZO031MB27       | N/A              | DIR              |  | US        |     163423 | NC      | $-526.07       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| United States of America                           | US TREASURY N/B 4.625000% 06/15/2027                                      | CUSIP: 91282CKV2<br>LEI: 254900HROIFWPRGM1V77 | Short            | SN               | UST               | US        |  -39000000 | PA      | $-39365625.00  | -2.64%            | 2027-06-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| FIDIUM FIBER LLC                                   | CONSOLIDATED COMMUNICATIONS LLC/FIDIUM FIBER FINAN CNSL 2025-4A C         | CUSIP: 315961AE2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    2500000 | PA      | $2545454.00    | 0.17%             | 2055-12-20      | Fixed         | 8.10%                 | Yes           |                  2 | On Loan: No      |
| AVANT LOANS FUNDING TRUST                          | AVANT LOANS FUNDING TRUST 2025-REV1 AVNT 2025-REV1 D                      | CUSIP: 05352BAD0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     725000 | PA      | $733933.52     | 0.05%             | 2034-05-15      | Fixed         | 8.39%                 | Yes           |                  2 | On Loan: No      |
| JANE STREET GROUP, LLC                             | JANE STREET GROUP / JSG FINANCE INC 144A 6.125000% 11/01/2032             | CUSIP: 47077WAD0<br>LEI: 5493002N1IVX6KHGYO08 | Long             | DBT              | CORP              | US        |    1341000 | PA      | $1326099.75    | 0.09%             | 2032-11-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP                                  | CLARIOS GLOBAL LP / CLARIOS US FINANCE CO 144A 6.750000% 09/15/2032       | CUSIP: 18060TAE5<br>LEI: 549300474L1ZLXZY2P98 | Long             | DBT              | NUSS              | US        |    2831000 | PA      | $2853648.00    | 0.19%             | 2032-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| NOVANTA INC.                                       | NOVANTA INC COMMON STOCK                                                  | CUSIP: 67000B104<br>LEI: N/A                  | Short            | EC               |  | US        |     -26326 | NS      | $-3109363.86   | -0.21%            |  |  |  | No            |                  1 | On Loan: No      |
| A10 ISSUER LLC                                     | A10 2025-FL6 ISSUER LLC A10 2025-FL6 E                                    | CUSIP: 00028AAL9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    1000000 | PA      | $1001371.00    | 0.07%             | 2042-05-15      | Floating      | 7.71%                 | Yes           |                  2 | On Loan: No      |
| MIDCAP FINANCIAL ISSUER TRUST                      | MIDCAP FINANCIAL ISSUER TRUST 144A 6.500000% 05/01/2028                   | CUSIP: 59567LAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    3261000 | PA      | $3164422.55    | 0.21%             | 2028-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                     | QSP Convexity TRS                                                         | CUSIP: TSQSPB120<br>LEI: 0Z3VO5H2G7GRS05BHJ91 | N/A              | DE               |  | US        |     654991 | NC      | $-366794.96    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| BW REAL ESTATE, INC.                               | BW REAL ESTATE INC 144A 9.500000% MATURITY: PERPETUAL                     | CUSIP: 05614HAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1136000 | PA      | $1137420.00    | 0.08%             | 2174-06-30      | Variable      | 9.50%                 | No            |                  2 | On Loan: No      |
| FONTAINEBLEAU MIAMI BEACH TRUST                    | FONTAINEBLEAU MIAMI BEACH MORTGAGE TRUST 2024-FBLU FMBT 2024-FBLU F       | CUSIP: 34461WAL4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    3790000 | PA      | $3801843.75    | 0.26%             | 2039-12-15      | Floating      | 7.92%                 | Yes           |                  2 | On Loan: No      |
| OCTAGON INVESTMENT PARTNERS, LTD.                  | OCTAGON INVESTMENT PARTNERS 48 LTD OCT48 2020-3A ER2                      | CUSIP: 67577QAG9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1000000 | PA      | $941380.00     | 0.06%             | 2039-01-15      | Floating      | 10.42%                | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association           | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2023-56 SE                   | CUSIP: 38383XP40<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   25202137 | PA      | $759415.99     | 0.05%             | 2053-04-20      | Floating      | 1.23%                 | No            |                  2 | On Loan: No      |
| 1261229 B.C. LTD.                                  | 1261229 BC LTD 144A 10.000000% 04/15/2032                                 | CUSIP: 68288AAA5<br>LEI: N/A                  | Long             | DBT              | NUSS              | US        |    1127000 | PA      | $1153872.19    | 0.08%             | 2032-04-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| ANGEL OAK MORTGAGE TRUST                           | ANGEL OAK MORTGAGE TRUST 2025-R1 AOMT 2025-R1 B1                          | CUSIP: 034951AE3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    1303000 | PA      | $1285534.59    | 0.09%             | 2062-07-25      | Floating      | 6.86%                 | Yes           |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS, INC.                            | QUIKRETE HOLDINGS INC 144A 6.375000% 03/01/2032                           | CUSIP: 74843PAA8<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |     741000 | PA      | $751376.22     | 0.05%             | 2032-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ONDECK ASSET SECURITIZATION TRUST LLC              | ONDECK ASSET SECURITIZATION TRUST IV LLC ONDK 2024-2A D                   | CUSIP: 67108SAG3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     140000 | PA      | $141005.68     | 0.01%             | 2031-10-17      | Fixed         | 9.49%                 | Yes           |                  2 | On Loan: No      |
| TMS INTERNATIONAL CORP.                            | TMS INTERNATIONAL CORP/DE 144A 6.250000% 04/15/2029                       | CUSIP: 87261QAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     945000 | PA      | $911925.00     | 0.06%             | 2029-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| FORTRESS CREDIT BSL LIMITED                        | FORTRESS CREDIT BSL XX LTD FCBSL 2023-3A DR                               | CUSIP: 349936AS3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |    1080000 | PA      | $1059946.56    | 0.07%             | 2037-01-23      | Floating      | 6.62%                 | Yes           |                  2 | On Loan: No      |
| RADIAN GUARANTY INC AND EAGLE RE LTD               | EAGLE RE 2023-1 LTD EMIR 2023-1 M2                                        | CUSIP: 26982EAG1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    1150000 | PA      | $1213563.49    | 0.08%             | 2033-09-26      | Floating      | 8.86%                 | Yes           |                  2 | On Loan: No      |
| ECHOSTAR CORPORATION                               | ECHOSTAR CORP 10.750000% 11/30/2029                                       | CUSIP: 278768AC0<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |    3567000 | PA      | $3853254.50    | 0.26%             | 2029-11-30      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| US 10YR FUT OPTN  May26C 110.5                     | US 10YR FUT OPTN  May26C 110.5 LONG                                       | CUSIP: 01Z9WN3W4<br>LEI: N/A                  | N/A              | DIR              |  | US        |       1693 | NC      | $1772359.38    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| THE GEO GROUP, INC.                                | GEO GROUP INC/THE 10.250000% 04/15/2031                                   | CUSIP: 36162JAH9<br>LEI: 54930024XOXET7NQVZ63 | Long             | DBT              | CORP              | US        |     899000 | PA      | $959038.63     | 0.06%             | 2031-04-15      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| FLAGSTAR BANK, NATIONAL ASSOCIATION                | FLAGSTAR BANCORP INC VARIABLE RATE 11/01/2030                             | CUSIP: 337930AD3<br>LEI: SS1TRMSN6BRNMOREEV51 | Long             | DBT              | CORP              | US        |     973000 | PA      | $922057.30     | 0.06%             | 2030-11-01      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| N/A                                                | BRK: MERRILL LYNCH, PIERCE, FENNER & SMITH COL: 66858CAQ0                 | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               |  | US        |   -8010000 | PA      | $-8010000.00   | -0.54%            |  |  |  | No            |                  2 | On Loan: No      |
| USD-SOFR 4.48% 09/26/2035                          | USD-SOFR 4.48% 09/26/2035 EXPIRATION: 09/26/2035                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |  -11200000 | NC      | $-381032.33    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | NOMURA COLLATERAL BALANCE FS FUNDS                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |    1640000 | PA      | $1640000.00    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2024-H11 EI                  | CUSIP: 38383KB50<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |     904519 | PA      | $58117.84      | 0.00%             | 2074-06-20      | Floating      | 0.77%                 | No            |                  2 | On Loan: No      |
| REXFORD INDUSTRIAL REALTY, L.P.                    | REXFORD INDUSTRIAL REALTY LP 144A 4.125000% 03/15/2029                    | CUSIP: 76169XAE4<br>LEI: 549300028US163ELJN70 | Long             | DBT              | CORP              | US        |    2339000 | PA      | $2293389.50    | 0.15%             | 2029-03-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE OR FREDDIE MAC 30YR TBA (APRIL)                                | CUSIP: 01F052649<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        | 1434000000 | PA      | $1439993690.00 | 96.59%            | 2056-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ELLINGTON FINANCIAL MORTGAGE TRUST                 | EFMT 2025-INV1 EFMT 2025-INV1 B2                                          | CUSIP: 26846XAF7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     100000 | PA      | $99368.86      | 0.01%             | 2070-03-25      | Floating      | 7.30%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association           | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2023-21 SE                   | CUSIP: 38383VY93<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   23208447 | PA      | $761483.07     | 0.05%             | 2053-02-20      | Floating      | 1.33%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC STRIPS FHS 356 S5                                             | CUSIP: 31325WWV0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   17400908 | PA      | $1838091.03    | 0.12%             | 2047-09-15      | Floating      | 2.21%                 | No            |                  2 | On Loan: No      |
| ALLY BANK AUTO CREDIT-LINKED NOTES                 | ALLY BANK AUTO CREDIT-LINKED NOTES SERIES 2024-A ABCLN 2024-A G           | CUSIP: 02007G2A0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     253155 | PA      | $261677.98     | 0.02%             | 2032-05-17      | Fixed         | 12.75%                | Yes           |                  2 | On Loan: No      |
| NEW RESIDENTIAL MORTGAGE LOAN TRUST                | NEW RESIDENTIAL MORTGAGE LOAN TRUST 2025-NQM2 NRZT 2025-NQM2 B2           | CUSIP: 64831XAH1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     100000 | PA      | $100056.00     | 0.01%             | 2065-04-25      | Floating      | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Societe Generale                                   | SG Swap Spread Index TRS                                                  | CUSIP: N/A<br>LEI: O2RNE8IBXP4R0TD8PU41       | N/A              | DE               |  | US        |      50416 | NC      | $216536.42     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| United States of America                           | TREASURY BILL 0.000000% 05/05/2026                                        | CUSIP: 912797TL1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   16540000 | PA      | $16483384.24   | 1.11%             | 2026-05-05      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2018-91 SH                   | CUSIP: 38380XYA9<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    8590411 | PA      | $938700.85     | 0.06%             | 2048-07-20      | Floating      | 2.46%                 | No            |                  2 | On Loan: No      |
| HEWLETT PACKARD ENTERPRISE COMPANY                 | HEWLETT PACKARD ENTERPRISE COMMON STOCK                                   | CUSIP: 42824C109<br>LEI: 549300BX44RGX6ANDV88 | Short            | EC               |  | US        |    -208805 | NS      | $-4971647.05   | -0.33%            |  |  |  | No            |                  1 | On Loan: No      |
| COLT MORTGAGE LOAN TRUST                           | COLT 2025-4 MORTGAGE LOAN TRUST COLT 2025-4 B1                            | CUSIP: 12674HAE2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     920000 | PA      | $932183.28     | 0.06%             | 2070-04-25      | Floating      | 7.53%                 | Yes           |                  2 | On Loan: No      |
| KKR FINANCIAL CLO, LTD.                            | KKR CLO 23 LTD KKR 23 E                                                   | CUSIP: 48252XAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1000000 | PA      | $932335.00     | 0.06%             | 2031-10-20      | Floating      | 9.93%                 | No            |                  2 | On Loan: No      |
| JPM Chase                                          | TRS on MARKIT IBOXX HY SEP26 TRS                                          | CUSIP: TRS620599<br>LEI: 984500653R409CC5AB28 | N/A              | DE               |  | US        |   13491999 | NC      | $-25169.19     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| EXETER AUTOMOBILE RECEIVABLES TRUST                | EXETER AUTOMOBILE RECEIVABLES TRUST 2026-1 EART 2026-1A E                 | CUSIP: 30168HAG2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    3000000 | PA      | $2903468.10    | 0.19%             | 2033-08-15      | Fixed         | 6.69%                 | Yes           |                  2 | On Loan: No      |
| RITHM CAPITAL CORP.                                | RITHM CAPITAL CORP 144A 8.000000% 07/15/2030                              | CUSIP: 64828TAC6<br>LEI: 549300WNTHGEO5LP2G31 | Long             | DBT              | CORP              | US        |    4040000 | PA      | $3899330.43    | 0.26%             | 2030-07-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| OHA CREDIT PARTNERS LTD                            | OHA CREDIT PARTNERS VII LTD OAKC 2012-7A ER4                              | CUSIP: 67102UAK5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    2000000 | PA      | $1837770.00    | 0.12%             | 2038-02-20      | Floating      | 8.16%                 | Yes           |                  2 | On Loan: No      |
| NEXSTAR MEDIA INC.                                 | NEXSTAR MEDIA INC 144A 7.250000% 04/15/2034                               | CUSIP: 65346UAA7<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |    1851000 | PA      | $1856509.83    | 0.12%             | 2034-04-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2021-216 IC                  | CUSIP: 38383D4F2<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   24419187 | PA      | $3561352.82    | 0.24%             | 2051-12-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PAGAYA AI DEBT GRANTOR TRUST                       | PAGAYA AI DEBT GRANTOR TRUST 2025-3 PAID 2025-3 D                         | CUSIP: 69544TAE4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     199959 | PA      | $201133.76     | 0.01%             | 2032-12-15      | Fixed         | 6.99%                 | Yes           |                  2 | On Loan: No      |
| Societe Generale                                   | SG V-Step TRS                                                             | CUSIP: TMDSBVH00<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DE               |  | US        |      56314 | NC      | $177670.67     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| VERUS SECURITIZATION TRUST                         | VERUS SECURITIZATION TRUST 2023-6 VERUS 2023-6 B2                         | CUSIP: 92539XAF1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    1080000 | PA      | $1080320.22    | 0.07%             | 2068-09-25      | Floating      | 7.76%                 | Yes           |                  2 | On Loan: No      |
| CFMT ISSUER TRUST                                  | CASCADE FUNDING MORTGAGE TRUST 2021-FRR1 CFMT 2021-FRR1 CK98              | CUSIP: 12529YCA8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     260000 | PA      | $187239.00     | 0.01%             | 2029-08-29      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| UPSTART HOLDINGS, INC.                             | UPSTART HOLDINGS INC 144A ZERO COUPON 02/15/2032                          | CUSIP: 91680MAG2<br>LEI: 549300WNB47JRNENIC75 | Long             | DBT              | CORP              | US        |    4029000 | PA      | $2579989.61    | 0.17%             | 2032-02-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2025-120 HS                  | CUSIP: 38381N4X3<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   18880690 | PA      | $672203.52     | 0.05%             | 2054-09-20      | Floating      | 1.53%                 | No            |                  2 | On Loan: No      |
| United States of America                           | TREASURY BILL 0.000000% 06/04/2026                                        | CUSIP: 912797SX6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   18540000 | PA      | $18420889.58   | 1.24%             | 2026-06-04      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CARVANA AUTO RECEIVABLES TRUST                     | CARVANA AUTO RECEIVABLES TRUST 2024-N3 CRVNA 2024-N3 E                    | CUSIP: 14687WAG5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    2120000 | PA      | $2141039.09    | 0.14%             | 2032-04-12      | Fixed         | 7.66%                 | Yes           |                  2 | On Loan: No      |
| WESTERN ALLIANCE BANCORPORATION                    | Western Alliance Bancorp PREFERRED STOCK                                  | CUSIP: 957638406<br>LEI: 5493003VJXZ5JXT9S762 | Long             | EP               |  | US        |      19200 | NS      | $440064.00     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| iShares Russell 2000 ETF                           | IWM US 05/15/26 P231 LONG                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         73 | NC      | $31901.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| HEARTLAND DENTAL, LLC                              | HEARTLAND DENTAL LLC / HEARTLAND DENTAL FINANCE CO 10.500000% 04/30/2028  | CUSIP: 42239PAB5<br>LEI: 5493008FRC0GRKBN1075 | Long             | DBT              | CORP              | US        |    1809000 | PA      | $1858783.32    | 0.12%             | 2028-04-30      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| SYNERGY INFRASTRUCTURE HOLDINGS, LLC               | SYNERGY INFRASTRUCTURE HOLDINGS LLC 144A 7.875000% 12/01/2030             | CUSIP: 87191JAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1895000 | PA      | $1931617.09    | 0.13%             | 2030-12-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE REMICS FNR 2025-4 SB                                           | CUSIP: 3136BUU73<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   87528902 | PA      | $4058680.15    | 0.27%             | 2053-12-25      | Floating      | 2.14%                 | No            |                  2 | On Loan: No      |
| United States of America                           | US 5YR NOTE (CBT) JUN26 FINANCIAL COMMODITY FUTURE.                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        211 | NC      | $22825914.06   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTURY COMMUNITIES, INC.                          | CENTURY COMMUNITIES INC 144A 3.875000% 08/15/2029                         | CUSIP: 156504AM4<br>LEI: 5299002QMB2O7ZL1CA26 | Long             | DBT              | CORP              | US        |    1276000 | PA      | $1197466.41    | 0.08%             | 2029-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| ACHM TRUST                                         | ACHM TRUST 2024-HE2 ACHM 2024-HE2 A                                       | CUSIP: 00112DAA4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    7025995 | PA      | $7037607.19    | 0.47%             | 2039-10-25      | Fixed         | 5.35%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | 3 MONTH SOFR FUT  JUN27 FINANCIAL COMMODITY FUTURE.                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       -723 | NC      | $-174324337.50 | -11.69%           |  |  |  | No            |                  1 | On Loan: No      |
| RISEWELL HOMES INC.                                | RISEWELL HOMES INC 144A 9.250000% 10/01/2029                              | CUSIP: 645370AF4<br>LEI: 549300PLCE8TB3TVRQ85 | Long             | DBT              | CORP              | US        |    1388000 | PA      | $1402084.04    | 0.09%             | 2029-10-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| REXFORD INDUSTRIAL REALTY, INC.                    | REXFORD INDUSTRIAL REALTY IN REIT                                         | CUSIP: 76169C100<br>LEI: 549300MSLO0DF0EMX355 | Short            | EC               |  | US        |      -7352 | NS      | $-240630.96    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| SWCH COMMERCIAL MORTGAGE TRUST                     | SWCH COMMERCIAL MORTGAGE TRUST 2025-DATA SWCH 2025-DATA B                 | CUSIP: 78489CAB5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    2500000 | PA      | $2464843.75    | 0.17%             | 2042-02-15      | Floating      | 5.51%                 | Yes           |                  2 | On Loan: No      |
| NAVIENT CORPORATION                                | NAVIENT CORP 11.500000% 03/15/2031                                        | CUSIP: 63938CAP3<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |    1170000 | PA      | $1189390.41    | 0.08%             | 2031-03-15      | Fixed         | 11.50%                | No            |                  2 | On Loan: No      |
| AFFIRM ASSET SECURITIZATION TRUST                  | AFFIRM ASSET SECURITIZATION TRUST 2024-B AFFRM 2024-B E                   | CUSIP: 00835AAE8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    2000000 | PA      | $2002326.20    | 0.13%             | 2029-09-15      | Fixed         | 7.35%                 | Yes           |                  2 | On Loan: No      |
| Deutsche Bank                                      | DB Equity Factor Rotation TRS                                             | CUSIP: TGNLASU00<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |      16554 | NC      | $3352350.54    | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| RADNOR RE/ESSENT                                   | RADNOR RE 2022-1 LTD RMIR 2022-1 M2                                       | CUSIP: 75049XAC6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    6500000 | PA      | $7212480.60    | 0.48%             | 2032-09-25      | Floating      | 12.16%                | Yes           |                  2 | On Loan: No      |
| EG GLOBAL FINANCE PLC                              | EG GLOBAL FINANCE PLC 144A 12.000000% 11/30/2028                          | CUSIP: 28228PAC5<br>LEI: 549300TL8Q5207VYET27 | Long             | DBT              | NUSS              | GB        |    3701000 | PA      | $3959892.35    | 0.27%             | 2028-11-30      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| CREDIT ACCEPTANCE CORPORATION                      | CREDIT ACCEPTANCE CORP 144A 6.625000% 03/15/2030                          | CUSIP: 225310AS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1780000 | PA      | $1738437.00    | 0.12%             | 2030-03-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Alibaba Group Holding Limited                      | ALIBABA GROUP HOLDING-SP ADR DEPOSITARY RECEIPT                           | CUSIP: 01609W102<br>LEI: 5493001NTNQJDH60PM02 | Short            | EC               |  | CN        |     -18966 | NS      | $-2379474.36   | -0.16%            |  |  |  | No            |                  1 | On Loan: No      |
| ARBOR REALTY SR, INC.                              | ARBOR REALTY SR INC 144A 8.500000% 12/15/2028                             | CUSIP: 03881NAL1<br>LEI: 549300TW7RTL2CI3CN08 | Long             | DBT              | CORP              | US        |     277000 | PA      | $272230.77     | 0.02%             | 2028-12-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| NEUBERGER BERMAN LOAN ADVISERS LLC                 | NEUBERGER BERMAN LOAN ADVISERS CLO 38 LTD NEUB 2020-38A ER2               | CUSIP: 64133TAN2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    1795000 | PA      | $1666470.82    | 0.11%             | 2036-10-20      | Floating      | 8.27%                 | Yes           |                  2 | On Loan: No      |
| RCKT MORTGAGE TRUST                                | RCKT MORTGAGE TRUST 2024-CES7 RCKT 2024-CES7 A1A                          | CUSIP: 749414AA6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    3059137 | PA      | $3055328.18    | 0.20%             | 2044-10-25      | Fixed         | 5.16%                 | Yes           |                  2 | On Loan: No      |
| ALLIANT ENERGY CORPORATION                         | ALLIANT ENERGY CORP COMMON STOCK                                          | CUSIP: N/A<br>LEI: 5493009ML300G373MZ12       | Short            | EC               |  | US        |     -27801 | NS      | $-1994999.76   | -0.13%            |  |  |  | No            |                  1 | On Loan: No      |
| RITHM CAPITAL CORP.                                | RITHM CAPITAL CORP 144A 8.000000% 04/01/2029                              | CUSIP: 64828TAB8<br>LEI: 549300WNTHGEO5LP2G31 | Long             | DBT              | CORP              | US        |    4384000 | PA      | $4306975.75    | 0.29%             | 2029-04-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | BRK: MERRILL LYNCH, PIERCE, FENNER & SMITH COL: 91825KAA5                 | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               |  | US        |   -5464000 | PA      | $-5464000.00   | -0.37%            |  |  |  | No            |                  2 | On Loan: No      |
| AFFIRM MASTER TRUST                                | AFFIRM MASTER TRUST AFRMT 2025-1A E                                       | CUSIP: 00833BAE8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    5000000 | PA      | $5033132.50    | 0.34%             | 2033-02-15      | Fixed         | 7.18%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | 3 MONTH SOFR FUT  JUN28 FINANCIAL COMMODITY FUTURE.                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       -723 | NC      | $-174541237.50 | -11.71%           |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                           | TREASURY BILL 0.000000% 06/04/2026                                        | CUSIP: 912797SX6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    1400000 | PA      | $1391009.06    | 0.09%             | 2026-06-04      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2022-137 JS                  | CUSIP: 38383UWK2<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   38960439 | PA      | $2830296.70    | 0.19%             | 2052-08-20      | Floating      | 2.33%                 | No            |                  2 | On Loan: No      |
| LD HOLDINGS GROUP LLC                              | LD HOLDINGS GROUP LLC 144A 8.750000% 11/01/2027                           | CUSIP: 521088AD6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    3110000 | PA      | $2926181.58    | 0.20%             | 2027-11-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| BLUEPEAK FIBER                                     | BLUEPEAK ABS ISSUER LLC BPEAK 2025-1A B                                   | CUSIP: 09631QAB6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    1000000 | PA      | $1012626.90    | 0.07%             | 2055-12-20      | Fixed         | 6.49%                 | Yes           |                  2 | On Loan: No      |
| RENEW FINANCIAL GROUP LLC                          | RENEW 2024-2 RENEW 2024-2A A                                              | CUSIP: 75975DAA2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    7867134 | PA      | $7516830.88    | 0.50%             | 2060-11-20      | Fixed         | 5.33%                 | Yes           |                  2 | On Loan: No      |
| PRA GROUP, INC.                                    | PRA GROUP INC 144A 5.000000% 10/01/2029                                   | CUSIP: 69354NAD8<br>LEI: 549300Q5HW3JSSB86K27 | Long             | DBT              | CORP              | US        |    1443000 | PA      | $1332110.79    | 0.09%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAIF SECURITIZATION TRUST                          | SAIF SECURITIZATION TRUST 2025-CES1 SAIF 2025-CES1 B1                     | CUSIP: 78438CAE1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    1000000 | PA      | $1010872.10    | 0.07%             | 2065-06-25      | Floating      | 7.23%                 | Yes           |                  2 | On Loan: No      |
| MFA TRUST                                          | MFA 2024-NQM2 TRUST MFRA 2024-NQM2 A1                                     | CUSIP: 58004JAA0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    2619539 | PA      | $2617357.58    | 0.18%             | 2069-08-25      | Fixed         | 5.27%                 | Yes           |                  2 | On Loan: No      |
| MOHEGAN ESCROW ISSUER, LLC                         | MOHEGAN TRIBAL GAMING AUTHORITY / MS DIGITAL ENTER 11.875000% 04/15/2031  | CUSIP: 60832QAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    2148000 | PA      | $2237715.52    | 0.15%             | 2031-04-15      | Fixed         | 11.88%                | No            |                  2 | On Loan: No      |
| MAXIM CRANE WORKS HOLDINGS CAPITAL, LLC            | MAXIM CRANE WORKS HOLDINGS CAPITAL LLC 144A 11.500000% 09/01/2028         | CUSIP: 57779EAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    6373000 | PA      | $6640799.83    | 0.45%             | 2028-09-01      | Fixed         | 11.50%                | No            |                  2 | On Loan: No      |
| PPL CORPORATION                                    | PPL CORP COMMON STOCK                                                     | CUSIP: 69351T106<br>LEI: 9N3UAJSNOUXFKQLF3V18 | Short            | EC               |  | US        |     -10035 | NS      | $-383337.00    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| VERUS SECURITIZATION TRUST                         | VERUS SECURITIZATION TRUST 2025-INV1 VERUS 2025-INV1 B2                   | CUSIP: 924929AH5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     230000 | PA      | $228147.05     | 0.02%             | 2070-02-25      | Floating      | 7.30%                 | Yes           |                  2 | On Loan: No      |
| LAQ MORTGAGE TRUST                                 | LAQ 2023-LAQ MORTGAGE TRUST LAQ 2023-LAQ F                                | CUSIP: 516681AL7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    1125000 | PA      | $1067810.51    | 0.07%             | 2036-03-15      | Floating      | 10.61%                | Yes           |                  2 | On Loan: No      |
| MakeMyTrip Limited                                 | MAKEMYTRIP LTD 144A ZERO COUPON 07/01/2030                                | CUSIP: 56087FAC8<br>LEI: 529900DNT8HNJ7RYUO60 | Long             | DBT              | CORP              | IN        |     889000 | PA      | $748538.00     | 0.05%             | 2030-07-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| ALLIANT ENERGY CORPORATION                         | ALLIANT ENERGY CORP 144A 3.250000% 05/30/2028                             | CUSIP: 018802AD0<br>LEI: 5493009ML300G373MZ12 | Long             | DBT              | CORP              | US        |    4489000 | PA      | $4755976.99    | 0.32%             | 2028-05-30      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                | BRK: CITIGROUP COL: 403945AC2                                             | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               |  | US        |   -1610802 | PA      | $-1610802.25   | -0.11%            |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                                  | BARCLAYS BANK PLC MTN ZERO COUPON 12/29/2026                              | CUSIP: DC6516678<br>LEI: G5GSEF7VJP5I7OUK5573 | Long             | DBT              | NUSS              | GB        |  138383017 | PA      | $159482275.60  | 10.70%            | 2026-12-29      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| GEE AUTOMOTIVE HOLDINGS, L.L.C.                    | GEE AUTOMOTIVE HOLDINGS LLC 144A 7.250000% 03/01/2031                     | CUSIP: 36846VAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1006000 | PA      | $1009080.37    | 0.07%             | 2031-03-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS, INC.                            | QUIKRETE HOLDINGS INC 144A 6.750000% 03/01/2033                           | CUSIP: 74843PAB6<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |    1282000 | PA      | $1302050.48    | 0.09%             | 2033-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| IREN LIMITED                                       | IREN LIMITED COMMON STOCK                                                 | CUSIP: Q4982L109<br>LEI: 254900FZF02RB3NNGB71 | Short            | EC               |  | AU        |     -37551 | NS      | $-1287248.28   | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY RESIDENTIAL MORTGAGE LOAN TRUST     | MORGAN STANLEY RESIDENTIAL MORTGAGE LOAN TRUST 202 MSRM 2024-INV2 B5      | CUSIP: 617939BR3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      97897 | PA      | $95533.30      | 0.01%             | 2054-02-25      | Floating      | 7.44%                 | Yes           |                  2 | On Loan: No      |
| AREIT LTD.                                         | AREIT 2022-CRE6 TRUST AREIT 2022-CRE6 D                                   | CUSIP: 04002VAJ0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     270000 | PA      | $269997.84     | 0.02%             | 2037-01-20      | Floating      | 6.52%                 | Yes           |                  2 | On Loan: No      |
| LINDBLAD EXPEDITIONS, LLC                          | LINDBLAD EXPEDITIONS LLC 144A 7.000000% 09/15/2030                        | CUSIP: 53523LAB6<br>LEI: 549300MPUWOG67Y2R254 | Long             | DBT              | CORP              | US        |     735000 | PA      | $750428.39     | 0.05%             | 2030-09-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Alibaba Group Holding Limited                      | ALIBABA GROUP HOLDING LTD 0.500000% 06/01/2031                            | CUSIP: 01609WBG6<br>LEI: 5493001NTNQJDH60PM02 | Long             | DBT              | CORP              | CN        |    2474000 | PA      | $3431438.00    | 0.23%             | 2031-06-01      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| JPM Chase                                          | WF-IRS 25YR PAY FIXED 4.209000                                            | CUSIP: SL514BSW3<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |     362685 | NC      | $-3768.93      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC REMICS FHR 5296 ST                                            | CUSIP: 3137H9SM2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   37955557 | PA      | $3073325.95    | 0.21%             | 2052-11-25      | Floating      | 2.59%                 | No            |                  2 | On Loan: No      |
| RADIOLOGY PARTNERS, INC.                           | RADIOLOGY PARTNERS INC 144A 8.500000% 07/15/2032                          | CUSIP: 75041VAE4<br>LEI: 549300SFTAG2177WUZ08 | Long             | DBT              | CORP              | US        |    1427000 | PA      | $1446792.49    | 0.10%             | 2032-07-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| LFS TOPCO LLC                                      | LFS TOPCO LLC 144A 8.750000% 07/15/2030                                   | CUSIP: 50203TAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     960000 | PA      | $917218.18     | 0.06%             | 2030-07-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| AST SPACEMOBILE, INC.                              | AST SPACEMOBILE INC COMMON STOCK                                          | CUSIP: 00217D100<br>LEI: 254900MBSC9P2UCI6623 | Short            | EC               |  | US        |      -3969 | NS      | $-328911.03    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC REMICS FHR 5290 TS                                            | CUSIP: 3137H9QC6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   38652032 | PA      | $2931447.38    | 0.20%             | 2052-12-25      | Floating      | 2.59%                 | No            |                  2 | On Loan: No      |
| MICROCHIP TECHNOLOGY INCORPORATED                  | Microchip Technology Inc PREFERRED STOCK                                  | CUSIP: 595017302<br>LEI: 5493007PTFULNYZJ1R12 | Long             | EP               |  | US        |     118906 | NS      | $6774074.82    | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| SWITCH ABS ISSUER LLC                              | SWITCH ABS ISSUER LLC SWTCH 2024-2A C                                     | CUSIP: 871044AJ2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    4500000 | PA      | $4587188.40    | 0.31%             | 2054-06-25      | Fixed         | 10.03%                | Yes           |                  2 | On Loan: No      |
| USD-SOFR 3.65% 03/16/2028                          | USD-SOFR 3.65% 03/16/2028 EXPIRATION: 03/16/2028                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |   70000000 | NC      | $294528.07     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ARES MANAGEMENT CORPORATION                        | Ares Management Corp PREFERRED STOCK                                      | CUSIP: 03990B309<br>LEI: 529900JUV61FH7B8VW38 | Long             | EP               |  | US        |      25260 | NS      | $913906.80     | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| THE NASSAU COMPANIES OF NEW YORK                   | NASSAU COS OF NEW YORK/THE 144A 7.875000% 07/15/2030                      | CUSIP: 63155AAA6<br>LEI: 549300Q3ENSFI87YLC32 | Long             | DBT              | CORP              | US        |    3345000 | PA      | $3055552.47    | 0.20%             | 2030-07-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| BNP                                                | BNP FX STEER TRS                                                          | CUSIP: TFXSTG200<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DE               |  | US        |     250333 | NC      | $94726.01      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| VERUS SECURITIZATION TRUST                         | VERUS SECURITIZATION TRUST 2025-1 VERUS 2025-1 B2                         | CUSIP: 92540TAF7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     570000 | PA      | $568730.55     | 0.04%             | 2070-01-25      | Floating      | 7.35%                 | Yes           |                  2 | On Loan: No      |
| COLT MORTGAGE LOAN TRUST                           | COLT 2025-1 MORTGAGE LOAN TRUST COLT 2025-1 B2                            | CUSIP: 196920AH5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     300000 | PA      | $300477.27     | 0.02%             | 2070-01-25      | Floating      | 7.10%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | BRK: MERRILL LYNCH, PIERCE, FENNER & SMITH COL: 05613RAA6                 | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               |  | US        |   -4012000 | PA      | $-4012000.00   | -0.27%            |  |  |  | No            |                  2 | On Loan: No      |
| NEUBERGER BERMAN LOAN ADVISERS LLC                 | NEUBERGER BERMAN LOAN ADVISERS CLO 47 LTD NEUB 2022-47A ER                | CUSIP: 64134TAL5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     150000 | PA      | $139241.10     | 0.01%             | 2035-04-16      | Floating      | 9.02%                 | Yes           |                  2 | On Loan: No      |
| FLATIRON CLO LTD                                   | FLATIRON CLO 23 LLC FLAT 2023-1A ER                                       | CUSIP: 33883DAY0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    2100000 | PA      | $1992072.60    | 0.13%             | 2036-04-17      | Floating      | 8.62%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | BRK: MERRILL LYNCH, PIERCE, FENNER & SMITH COL: 05613YAA1                 | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               |  | US        |   -3990000 | PA      | $-3990000.00   | -0.27%            |  |  |  | No            |                  2 | On Loan: No      |
| A&D MORTGAGE TRUST                                 | A&D MORTGAGE TRUST 2025-NQM5 ADMT 2025-NQM5 B1                            | CUSIP: 00250AAG9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    1797000 | PA      | $1778168.70    | 0.12%             | 2070-12-25      | Floating      | 6.85%                 | Yes           |                  2 | On Loan: No      |
| FEDERAL REALTY OP LP                               | FEDERAL REALTY OP LP 144A 3.250000% 01/15/2029                            | CUSIP: 313747BD8<br>LEI: 549300LI6XZ51GOCJ427 | Long             | DBT              | CORP              | US        |    1615000 | PA      | $1650663.08    | 0.11%             | 2029-01-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| USD-SOFR 4.48% 09/26/2035                          | USD-SOFR 4.48% 09/26/2035 EXPIRATION: 09/26/2035                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        | -128000000 | NC      | $-33636.94     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| JPM Chase                                          | TRS on MARKIT IBOXX HY JUN26 TRS                                          | CUSIP: TRS620595<br>LEI: 984500653R409CC5AB28 | N/A              | DE               |  | US        |   13986003 | NC      | $-13203.11     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST                           | SERVICE PROPERTIES TRUST 144A ZERO COUPON 09/30/2027                      | CUSIP: 81761LAF9<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |    4740000 | PA      | $4312429.58    | 0.29%             | 2027-09-30      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| AFFIRM ASSET SECURITIZATION TRUST                  | AFFIRM ASSET SECURITIZATION TRUST 2023-X1 AFFRM 2023-X1 D                 | CUSIP: 00834KAD9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |      51548 | PA      | $51721.24      | 0.00%             | 2028-11-15      | Fixed         | 9.55%                 | Yes           |                  2 | On Loan: No      |
| USD-SOFR 4.48% 09/26/2035                          | USD-SOFR 4.48% 09/26/2035 EXPIRATION: 09/26/2035                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |   11200000 | NC      | $340178.75     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ARBOR REALTY COMMERCIAL REAL ESTATE NOTES LTD      | ARBOR REALTY COMMERCIAL REAL ESTATE NOTES 2025-FL1 ARCREN 2025-FL1 E      | CUSIP: 03881KAL7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    3420000 | PA      | $3417199.02    | 0.23%             | 2043-01-20      | Floating      | 7.62%                 | Yes           |                  2 | On Loan: No      |
| RAVEN ACQUISITION HOLDINGS, LLC                    | RAVEN ACQUISITION HOLDINGS LLC 144A 6.875000% 11/15/2031                  | CUSIP: 75420NAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    2789000 | PA      | $2688755.25    | 0.18%             | 2031-11-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2025-24 SV                   | CUSIP: 38385CZ92<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |  136735742 | PA      | $1966177.92    | 0.13%             | 2055-02-20      | Floating      | 0.49%                 | No            |                  2 | On Loan: No      |
| BURFORD CAPITAL GLOBAL FINANCE LLC                 | BURFORD CAPITAL GLOBAL FINANCE LLC 144A 6.250000% 04/15/2028              | CUSIP: 12116LAA7<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |    3096000 | PA      | $2911942.80    | 0.20%             | 2028-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2024-H21 IB                  | CUSIP: 38383K5P3<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    3695774 | PA      | $283828.08     | 0.02%             | 2074-12-20      | Floating      | 0.84%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2025-120 IS                  | CUSIP: 38381N5B0<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   44742726 | PA      | $1439695.65    | 0.10%             | 2055-05-20      | Floating      | 1.33%                 | No            |                  2 | On Loan: No      |
| LUMMUS TECHNOLOGY HOLDINGS V LLC                   | ILLUMINATE BUYER LLC / ILLUMINATE HOLDINGS IV INC 9.000000% 07/01/2028    | CUSIP: 45232TAA9<br>LEI: 549300K1Y0YC1YC1H809 | Long             | DBT              | CORP              | US        |    2500000 | PA      | $2502020.00    | 0.17%             | 2028-07-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| HOMES TRUST                                        | HOMES 2025-NQM2 TRUST HOMES 2025-NQM2 B2                                  | CUSIP: 403966AF1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     230000 | PA      | $227225.07     | 0.02%             | 2070-02-25      | Floating      | 7.38%                 | Yes           |                  2 | On Loan: No      |
| CHASE HOME LENDING MORTGAGE TRUST                  | CHASE HOME LENDING MORTGAGE TRUST SERIES 2024-5 CHASE 2024-5 AX1          | CUSIP: 16159QAX5<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   10569149 | PA      | $24784.65      | 0.00%             | 2055-04-25      | Floating      | 0.19%                 | Yes           |                  2 | On Loan: No      |
| HAYFIN EMERALD CLO DAC                             | HAYFIN EMERALD CLO V DAC HAYEM 5A ER                                      | CUSIP: HAFNJFSD0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | IE        |    2760000 | PA      | $3187602.85    | 0.21%             | 2037-11-17      | Floating      | 9.03%                 | Yes           |                  2 | On Loan: No      |
| ARES CAPITAL CORPORATION.                          | ARES CAPITAL CORP 5.875000% 03/01/2029                                    | CUSIP: 04010LBF9<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |    1565000 | PA      | $1576099.29    | 0.11%             | 2029-03-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| MF1 LTD                                            | MF1 2022-FL8 LTD MF1 2022-FL8 A                                           | CUSIP: 55284JAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    3748947 | PA      | $3748927.81    | 0.25%             | 2037-02-19      | Floating      | 5.03%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | 3 MONTH SOFR FUT  SEP28 FINANCIAL COMMODITY FUTURE.                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       -723 | NC      | $-174477975.00 | -11.70%           |  |  |  | No            |                  1 | On Loan: No      |
| GOLUB CAPITAL PARTNERS CLO LTD                     | GOLUB CAPITAL PARTNERS CLO 53B LTD GCBSL 2021-53A ER                      | CUSIP: 38178CAE9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    2185000 | PA      | $1991111.84    | 0.13%             | 2034-07-20      | Floating      | 8.37%                 | Yes           |                  2 | On Loan: No      |
| A&D MORTGAGE TRUST                                 | ADMT 2024-NQM6 ADMT 2024-NQM6 B1B                                         | CUSIP: 00249YAH9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     400000 | PA      | $398103.20     | 0.03%             | 2070-01-25      | Floating      | 7.27%                 | Yes           |                  2 | On Loan: No      |
| Barclays                                           | FS Short Software TRS                                                     | CUSIP: N/A<br>LEI: B4TYDEB6GKMZO031MB27       | N/A              | DE               |  | US        |   15644966 | NC      | $515726.40     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| USD-SOFR 4.22% 09/26/2030                          | USD-SOFR 4.22% 09/26/2030 EXPIRATION: 09/26/2030                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |   -2000000 | NC      | $-91832.42     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE REMICS FNR 2024-97 MS                                          | CUSIP: 3136BUNH9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   24576193 | PA      | $1390462.00    | 0.09%             | 2055-01-25      | Floating      | 2.24%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC.                                 | HERC HOLDINGS INC 144A 7.000000% 06/15/2030                               | CUSIP: 42704LAF1<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |     953000 | PA      | $977176.66     | 0.07%             | 2030-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ARBOR REALTY SR, INC.                              | ARBOR REALTY SR INC 144A 7.875000% 07/15/2030                             | CUSIP: 03881NAJ6<br>LEI: 549300TW7RTL2CI3CN08 | Long             | DBT              | CORP              | US        |    2528000 | PA      | $2337714.28    | 0.16%             | 2030-07-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| VERUS SECURITIZATION TRUST                         | VERUS SECURITIZATION TRUST 2024-9 VERUS 2024-9 B2                         | CUSIP: 92540RAH7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     150000 | PA      | $149443.23     | 0.01%             | 2069-11-25      | Floating      | 7.35%                 | Yes           |                  2 | On Loan: No      |
| EXETER AUTOMOBILE RECEIVABLES TRUST                | EXETER AUTOMOBILE RECEIVABLES TRUST EART 2025-3A E                        | CUSIP: 30166XAG9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    4590000 | PA      | $4614077.30    | 0.31%             | 2032-12-15      | Fixed         | 7.52%                 | No            |                  2 | On Loan: No      |
| ARDONAGH FINCO LIMITED                             | ARDONAGH FINCO LTD 144A 7.750000% 02/15/2031                              | CUSIP: 039853AA4<br>LEI: 254900D2T84O1K03BA28 | Long             | DBT              | NUSS              | GB        |    1896000 | PA      | $1918215.43    | 0.13%             | 2031-02-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| ARBOR REALTY SR, INC.                              | ARBOR REALTY SR INC 144A 7.875000% 07/15/2030                             | CUSIP: 03881NAJ6<br>LEI: 549300TW7RTL2CI3CN08 | Long             | DBT              | CORP              | US        |     980000 | PA      | $906234.18     | 0.06%             | 2030-07-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| BX TRUST                                           | BX TRUST 2025-VLT6 BX 2025-VLT6 D                                         | CUSIP: 12433KAG2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    1500000 | PA      | $1483125.00    | 0.10%             | 2042-03-15      | Floating      | 6.26%                 | Yes           |                  2 | On Loan: No      |
| FIVE POINT OPERATING COMPANY, LP                   | FIVE POINT OPERATING CO LP 144A 8.000000% 10/01/2030                      | CUSIP: 33834YAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1728000 | PA      | $1723933.67    | 0.12%             | 2030-10-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| PROGRESS RESIDENTIAL MASTER TRUST                  | PROGRESS RESIDENTIAL 2024-SFR2 TRUST PROG 2024-SFR2 F                     | CUSIP: 74290XAN1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     690000 | PA      | $642747.77     | 0.04%             | 2041-04-17      | Floating      | 3.65%                 | Yes           |                  2 | On Loan: No      |
| JPM Chase                                          | WF-IRS 51MTH PAY FIXED 3.32636                                            | CUSIP: N/A<br>LEI: B4TYDEB6GKMZO031MB27       | N/A              | DIR              |  | US        |   23000000 | NC      | $232468.25     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| DRYDEN SENIOR LOAN FUND                            | DRYDEN 55 CLO LTD DRSLF 2018-55A E                                        | CUSIP: 26245QAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1450000 | PA      | $1351226.00    | 0.09%             | 2031-04-15      | Floating      | 9.33%                 | No            |                  2 | On Loan: No      |
| N/A                                                | MORGAN STANLEY COLLATERAL BALANCE FS FUNDS                                | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |   26038876 | PA      | $26038876.00   | 1.75%             |  |  |  | No            |                  2 | On Loan: No      |
| KEHE DISTRIBUTORS, LLC                             | KEHE DISTRIBUTORS LLC / KEHE FINANCE CORP / NEXTWA 9.000000% 02/15/2029   | CUSIP: 487526AC9<br>LEI: 549300WQCH7SRQ8JKE47 | Long             | DBT              | CORP              | US        |    3851000 | PA      | $4009083.55    | 0.27%             | 2029-02-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| goeasy Ltd.                                        | GOEASY LTD 144A 9.250000% 12/01/2028                                      | CUSIP: 380355AH0<br>LEI: 5493009DJVZG2P8YV435 | Long             | DBT              | NUSS              | CA        |     773000 | PA      | $718974.99     | 0.05%             | 2028-12-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| United States of America                           | TREASURY BILL 0.000000% 06/18/2026                                        | CUSIP: 912797TD9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    4750000 | PA      | $4712989.43    | 0.32%             | 2026-06-18      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| THE E.W. SCRIPPS COMPANY                           | EW SCRIPPS CO/THE 144A 9.875000% 08/15/2030                               | CUSIP: 811054AH8<br>LEI: 549300U1OW41QPKYW028 | Long             | DBT              | CORP              | US        |     767000 | PA      | $744582.81     | 0.05%             | 2030-08-15      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| JPM Chase                                          | WF-IRS 4YR PAY FIXED 3.514000                                             | CUSIP: SL514BSV9<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |   23124340 | NC      | $61741.61      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| US 10YR FUT OPTN  May26P   110                     | US 10YR FUT OPTN  May26P   110 LONG                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       1312 | NC      | $471500.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| U S BANK NATIONAL ASSOCIATION                      | US BANK NA USCLN 2023-1 D                                                 | CUSIP: 90357PAX2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     116905 | PA      | $118630.81     | 0.01%             | 2032-08-25      | Fixed         | 13.60%                | Yes           |                  2 | On Loan: No      |
| ICAHN ENTERPRISES L.P.                             | ICAHN ENTERPRISES LP / ICAHN ENTERPRISES FINANCE C 10.000000% 11/15/2029  | CUSIP: 451102CK1<br>LEI: 549300T0G4GS0SINS786 | Long             | DBT              | CORP              | US        |    4719000 | PA      | $4648914.36    | 0.31%             | 2029-11-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY, INC.                               | NEXTERA ENERGY INC COMMON STOCK                                           | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Short            | EC               |  | US        |     -26422 | NS      | $-2454075.36   | -0.16%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | BRK: CITIGROUP COL: 95004VAA5                                             | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               |  | US        |   -1596000 | PA      | $-1596000.00   | -0.11%            |  |  |  | No            |                  2 | On Loan: No      |
| CROSS MORTGAGE TRUST                               | CROSS 2025-H5 MORTGAGE TRUST CROSS 2025-H5 B1B                            | CUSIP: 227920AH8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    2585000 | PA      | $2604976.88    | 0.17%             | 2070-07-25      | Floating      | 7.63%                 | Yes           |                  2 | On Loan: No      |
| TRIP.COM GROUP LIMITED                             | TRIP.COM GROUP LTD 0.750000% 06/15/2029                                   | CUSIP: 89677QAB3<br>LEI: 2549004RMYDSRQL4KW41 | Long             | DBT              | CORP              | CN        |    5884000 | PA      | $6088539.73    | 0.41%             | 2029-06-15      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| PRPM LLC                                           | PRPM 2024-RCF3 LLC PRPM 2024-RCF3 M2                                      | CUSIP: 74390BAJ7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     310000 | PA      | $292775.01     | 0.02%             | 2054-05-25      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| NEW RESIDENTIAL MORTGAGE LOAN TRUST                | NEW RESIDENTIAL MORTGAGE LOAN TRUST 2025-NQM2 NRZT 2025-NQM2 B1           | CUSIP: 64831XAG3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     590000 | PA      | $601664.30     | 0.04%             | 2065-04-25      | Floating      | 7.25%                 | Yes           |                  2 | On Loan: No      |
| ROCKET SOFTWARE, INC.                              | ROCKET SOFTWARE INC 144A 9.000000% 11/28/2028                             | CUSIP: 77314EAB4<br>LEI: 549300PVG26ISP5X1556 | Long             | DBT              | CORP              | US        |    5750000 | PA      | $5741364.94    | 0.39%             | 2028-11-28      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| JPM Chase                                          | TRS on MARKIT IBOXX IG JUN26 TRS                                          | CUSIP: TRS620600<br>LEI: 984500653R409CC5AB28 | N/A              | DE               |  | US        |    7400000 | NC      | $-10195.07     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MEACHAM PARK CLO, LTD.                             | MEACHAM PARK CLO LTD MCHPK 2024-1A E                                      | CUSIP: 58286RAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1500000 | PA      | $1362801.00    | 0.09%             | 2037-10-20      | Floating      | 9.02%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE REMICS FNR 2023-19 SB                                          | CUSIP: 3136BP2C4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   13443629 | PA      | $1179008.98    | 0.08%             | 2053-05-25      | Floating      | 3.19%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2024-H20 KI                  | CUSIP: 38383K4A7<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   13762220 | PA      | $1033472.51    | 0.07%             | 2074-11-20      | Floating      | 0.88%                 | No            |                  2 | On Loan: No      |
| Barclays                                           | FS Long Software TRS                                                      | CUSIP: N/A<br>LEI: B4TYDEB6GKMZO031MB27       | N/A              | DE               |  | US        |      41913 | NC      | $-156444.46    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| goeasy Ltd.                                        | GOEASY LTD 144A 7.625000% 07/01/2029                                      | CUSIP: 380355AJ6<br>LEI: 5493009DJVZG2P8YV435 | Long             | DBT              | NUSS              | CA        |    1695000 | PA      | $1487487.59    | 0.10%             | 2029-07-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| PPL CAPITAL FUNDING, INC.                          | PPL CAPITAL FUNDING INC 144A 3.000000% 12/01/2030                         | CUSIP: 69352PAU7<br>LEI: 549300MROK5WY0D2NU17 | Long             | DBT              | CORP              | US        |     808000 | PA      | $843552.00     | 0.06%             | 2030-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| KSL COMMERCIAL MORTGAGE TRUST                      | KSL COMMERCIAL MORTGAGE TRUST 2024-HT2 KSL 2024-HT2 A                     | CUSIP: 500937AA5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    7129677 | PA      | $7116308.92    | 0.48%             | 2039-12-15      | Floating      | 5.21%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC STRIPS FHS 406 S44                                            | CUSIP: 3142G5YG7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   54263218 | PA      | $4471810.06    | 0.30%             | 2053-10-25      | Floating      | 3.34%                 | No            |                  2 | On Loan: No      |
| N/A                                                | BRK: MERRILL LYNCH, PIERCE, FENNER & SMITH COL: 95004EAA3                 | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               |  | US        |   -8030000 | PA      | $-8030000.00   | -0.54%            |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2025-120 CS                  | CUSIP: 38381N4C9<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   51874759 | PA      | $3197840.25    | 0.21%             | 2053-10-20      | Floating      | 2.48%                 | No            |                  2 | On Loan: No      |
| iShares Bitcoin Trust ETF                          | ISHARES BITCOIN TRUST ETF MUTUAL FUND                                     | CUSIP: 46438F101<br>LEI: N/A                  | Long             | EC               | RF                | US        |     534150 | NS      | $20522043.00   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| MARA HOLDINGS, INC.                                | MARA HOLDINGS INC COMMON STOCK                                            | CUSIP: 565788106<br>LEI: 549300M8ISKPTX2W7F94 | Short            | EC               |  | US        |      -7557 | NS      | $-61665.12     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| TOWD POINT ASSET TRUST                             | TOWD POINT ASSET TRUST 2021-SL1 TPAT 2021-SL1 D                           | CUSIP: 89179XAD7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    3130000 | PA      | $3083381.78    | 0.21%             | 2061-11-20      | Floating      | 5.49%                 | Yes           |                  2 | On Loan: No      |
| BSPDF ISSUER LTD                                   | BSPDF 2026-FL3 ISSUER LLC BSPDF 2026-FL3 E                                | CUSIP: 05594VAL6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     750000 | PA      | $746290.14     | 0.05%             | 2043-09-18      | Floating      | 7.15%                 | Yes           |                  2 | On Loan: No      |
| WELLS FARGO COMMERCIAL MORTGAGE TRUST              | WELLS FARGO COMMERCIAL MORTGAGE TRUST 2025-AURA WFCM 2025-AURA E          | CUSIP: 95004VAJ6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    2112000 | PA      | $2122297.27    | 0.14%             | 2042-10-15      | Floating      | 8.61%                 | Yes           |                  2 | On Loan: No      |
| RATE MORTGAGE TRUST                                | RATE MORTGAGE TRUST 2024-J4 RATE 2024-J4 B4                               | CUSIP: 75408TCL8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    1191000 | PA      | $966653.71     | 0.06%             | 2054-12-25      | Floating      | 6.27%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC REMICS FHR 5420 SG                                            | CUSIP: 3137HDCW8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |  137933910 | PA      | $4629213.73    | 0.31%             | 2054-06-25      | Floating      | 1.54%                 | No            |                  2 | On Loan: No      |
| RADNOR RE/ESSENT                                   | RADNOR RE 2021-1 LTD RMIR 2021-1 M2                                       | CUSIP: 75279YAD3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     610583 | PA      | $612920.71     | 0.04%             | 2033-12-27      | Floating      | 6.81%                 | Yes           |                  2 | On Loan: No      |
| SWCH COMMERCIAL MORTGAGE TRUST                     | SWCH COMMERCIAL MORTGAGE TRUST 2025-DATA SWCH 2025-DATA D                 | CUSIP: 78489CAD1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    4150000 | PA      | $4081265.63    | 0.27%             | 2042-02-15      | Floating      | 6.31%                 | Yes           |                  2 | On Loan: No      |
| AQUA FINANCE TRUST                                 | AQUA FINANCE TRUST 2024-A AQFIT 2024-A A                                  | CUSIP: 03837DAA2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    5815731 | PA      | $5828313.46    | 0.39%             | 2050-04-18      | Fixed         | 4.81%                 | Yes           |                  2 | On Loan: No      |
| JPM Chase                                          | WF-IRS 15YR PAY FIXED 4.088000                                            | CUSIP: N/A<br>LEI: B4TYDEB6GKMZO031MB27       | N/A              | DIR              |  | US        |     391584 | NC      | $-1827.28      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| J.P. MORGAN MORTGAGE TRUST                         | JP MORGAN MORTGAGE TRUST SERIES 2025-CCM2 JPMMT 2025-CCM2 B4              | CUSIP: 46659EBG0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     620000 | PA      | $537935.56     | 0.04%             | 2055-09-25      | Floating      | 6.55%                 | Yes           |                  2 | On Loan: No      |
| JPM Chase                                          | WF-IRS 4YR PAY FIXED 3.514000                                             | CUSIP: SL517BSV9<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |   12476079 | NC      | $33310.93      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE REMICS FNR 2018-73 SC                                          | CUSIP: 3136B3EB2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   16540925 | PA      | $1789842.22    | 0.12%             | 2048-10-25      | Floating      | 2.42%                 | No            |                  2 | On Loan: No      |
| GENWORTH FINANCIAL, INC.                           | GENWORTH HOLDINGS INC VARIABLE RATE 11/15/2036                            | CUSIP: 37247DAG1<br>LEI: 549300EMCG286BDNKJ33 | Long             | DBT              | CORP              | US        |    1256000 | PA      | $1018403.74    | 0.07%             | 2036-11-15      | Floating      | 5.92%                 | No            |                  2 | On Loan: No      |
| IREN LIMITED                                       | IREN LTD 144A ZERO COUPON 07/01/2031                                      | CUSIP: 46270CAE9<br>LEI: 254900FZF02RB3NNGB71 | Long             | DBT              | CORP              | AU        |    4151000 | PA      | $3023173.30    | 0.20%             | 2031-07-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| INEOS FINANCE PLC                                  | INEOS FINANCE PLC 144A 7.500000% 04/15/2029                               | CUSIP: 44984WAJ6<br>LEI: 2138002D68XDR4LZCG32 | Short            | DBT              | NUSS              | LU        |   -2309000 | PA      | $-2239980.30   | -0.15%            | 2029-04-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| METRONET INFRASTRUCTURE ISSUER LLC                 | METRONET INFRASTRUCTURE ISSUER LLC MNET 2025-2A C                         | CUSIP: 59170JBB3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    1500000 | PA      | $1522440.45    | 0.10%             | 2055-08-20      | Fixed         | 7.83%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs                                      | GS Carbon Allowance TRS                                                   | CUSIP: TGSCAZE06<br>LEI: 984500653R409CC5AB28 | N/A              | DE               |  | US        |      51341 | NC      | $-114582.84    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| JPM Chase                                          | WF-IRS 3YR PAY FIXED 3.464000                                             | CUSIP: SL517BSV6<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |    5122462 | NC      | $18406.60      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC                           | CELANESE US HOLDINGS LLC 6.500000% 04/15/2030                             | CUSIP: 15089QAZ7<br>LEI: CD30XVRLT4QO00B1C706 | Short            | DBT              | CORP              | US        |   -1217000 | PA      | $-1241939.98   | -0.08%            | 2030-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FLEXENTIAL LLC                                     | FLEXENTIAL ISSUER 2021-1 FLX 2021-1A B                                    | CUSIP: 33938MAB5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    1500000 | PA      | $1490413.50    | 0.10%             | 2051-11-27      | Fixed         | 3.72%                 | Yes           |                  2 | On Loan: No      |
| NCL CORPORATION LTD.                               | NCL CORP LTD 144A 0.750000% 09/15/2030                                    | CUSIP: 62886HBW0<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | US        |    2805000 | PA      | $2602281.67    | 0.17%             | 2030-09-15      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE INTEREST STRIP FNS 431 C35                                     | CUSIP: 31423YP78<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   48639213 | PA      | $3015825.77    | 0.20%             | 2037-07-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| JPM Chase                                          | WF-IRS 3YR PAY FIXED 3.464000                                             | CUSIP: SL514BSV6<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |    7186769 | NC      | $25824.29      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| RFNA, LP                                           | RFNA LP 144A 7.875000% 02/15/2030                                         | CUSIP: 74984AAA0<br>LEI: 2549002A4GSOTYKKHR45 | Long             | DBT              | CORP              | US        |     742000 | PA      | $709124.15     | 0.05%             | 2030-02-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE REMICS FNR 2022-74 SA                                          | CUSIP: 3136BPKK6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   44266146 | PA      | $1623332.54    | 0.11%             | 2052-10-25      | Floating      | 1.14%                 | No            |                  2 | On Loan: No      |
| USD-SOFR 6.40 01/16/2035                           | USD-SOFR 6.40 01/16/2035 EXPIRATION: 01/16/2035                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        | -350000000 | NC      | $-9153619.11   | -0.61%            |  |  |  | No            |                  1 | On Loan: No      |
| BAML                                               | BofA Intraday Reversal TRS                                                | CUSIP: N/A<br>LEI: GGDZP1UYGU9STUHRDP48       | N/A              | DE               |  | US        |     208490 | NC      | $-256442.70    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| ELLINGTON FINANCIAL MORTGAGE TRUST                 | ELLINGTON FINANCIAL MORTGAGE TRUST 2022-3 EFMT 2022-3 M1                  | CUSIP: 31573EAD3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     200000 | PA      | $183900.20     | 0.01%             | 2067-08-25      | Floating      | 4.98%                 | Yes           |                  2 | On Loan: No      |
| ATLANTICUS HOLDINGS CORPORATION                    | ATLANTICUS HOLDINGS CORP 144A 9.750000% 09/01/2030                        | CUSIP: 04914AAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1817000 | PA      | $1633449.57    | 0.11%             | 2030-09-01      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| ADVANCE AUTO PARTS, INC.                           | ADVANCE AUTO PARTS INC 144A 7.000000% 08/01/2030                          | CUSIP: 00751YAK2<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | DBT              | CORP              | US        |    1726000 | PA      | $1748518.83    | 0.12%             | 2030-08-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ASURION, LLC                                       | ASURION LLC/ ASURION CO-ISSUER INC 144A 8.375000% 02/01/2034              | CUSIP: 045941AB7<br>LEI: 549300KNQVXGIOXWK278 | Long             | DBT              | CORP              | US        |     390000 | PA      | $378636.34     | 0.03%             | 2034-02-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| PRPM LLC                                           | PRPM 2025-RCF6 LLC PRPM 2025-RCF6 M2                                      | CUSIP: 69393BAF2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     150000 | PA      | $142815.50     | 0.01%             | 2055-12-25      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE REMICS FNR 2024-11 IK                                          | CUSIP: 3136BRFU6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    8274156 | PA      | $1516651.14    | 0.10%             | 2054-03-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs                                      | US HALO Too Far TRS                                                       | CUSIP: TFSHALT01<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |   14834592 | NC      | $96667.78      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| PROVIDENT FUNDING ASSOCIATES, L.P.                 | PROVIDENT FUNDING ASSOCIATES LP / PFG FINANCE CORP 9.750000% 09/15/2029   | CUSIP: 74387UAK7<br>LEI: 54930043BMDE130FJ617 | Long             | DBT              | CORP              | US        |     250000 | PA      | $256649.27     | 0.02%             | 2029-09-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                | BRK: MERRILL LYNCH, PIERCE, FENNER & SMITH COL: 95004VAA5                 | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               |  | US        |    -804000 | PA      | $-804000.00    | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| COMM MORTGAGE TRUST                                | COMM 2024-WCL1 MORTGAGE TRUST COMM 2024-WCL1 D                            | CUSIP: 20047DAG9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    1000000 | PA      | $999321.30     | 0.07%             | 2041-06-15      | Floating      | 6.96%                 | Yes           |                  2 | On Loan: No      |
| REGIONAL MANAGEMENT ISSUANCE TRUST                 | REGIONAL MANAGEMENT ISSUANCE TRUST 2024-1 RMIT 2024-1 D                   | CUSIP: 758983AD2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    2500000 | PA      | $2550095.50    | 0.17%             | 2036-07-15      | Fixed         | 7.46%                 | Yes           |                  2 | On Loan: No      |
| EMPOWER CLO LTD                                    | EMPOWER CLO 2022-1 LTD EMPWR 2022-1A ER                                   | CUSIP: 29246YAE8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     660000 | PA      | $600626.40     | 0.04%             | 2037-10-20      | Floating      | 9.57%                 | Yes           |                  2 | On Loan: No      |
| BX TRUST                                           | BX TRUST 2025-VLT7 BX 2025-VLT7 E                                         | CUSIP: 123913AJ4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    7500000 | PA      | $7425181.50    | 0.50%             | 2044-07-15      | Floating      | 7.42%                 | Yes           |                  2 | On Loan: No      |
| BURFORD CAPITAL GLOBAL FINANCE LLC                 | BURFORD CAPITAL GLOBAL FINANCE LLC 144A 8.500000% 01/15/2034              | CUSIP: 12116LAJ8<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |    1671000 | PA      | $1434921.12    | 0.10%             | 2034-01-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| FORTRESS CREDIT BSL LIMITED                        | FORTRESS CREDIT BSL VIII LTD FCBSL 2019-2A E                              | CUSIP: 34962FAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1000000 | PA      | $926635.00     | 0.06%             | 2032-10-20      | Floating      | 10.94%                | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2025-120 AS                  | CUSIP: 38381N3V8<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    7924960 | PA      | $607888.00     | 0.04%             | 2053-12-20      | Floating      | 3.18%                 | No            |                  2 | On Loan: No      |
| UPSTART SECURITIZATION TRUST                       | UPSTART SECURITIZATION TRUST 2025-3 UPST 2025-3 D                         | CUSIP: 91684FAE8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    1000000 | PA      | $1015373.70    | 0.07%             | 2035-09-20      | Fixed         | 7.41%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association           | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2024-65 SV                   | CUSIP: 38384NLH6<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   56970539 | PA      | $2874830.25    | 0.19%             | 2053-12-20      | Floating      | 2.13%                 | No            |                  2 | On Loan: No      |
| SEQUOIA MORTGAGE TRUST                             | SEQUOIA MORTGAGE TRUST 2024-9 SEMT 2024-9 B4                              | CUSIP: 81749PCL2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     362258 | PA      | $329165.97     | 0.02%             | 2054-10-25      | Floating      | 6.50%                 | Yes           |                  2 | On Loan: No      |
| CROSS MORTGAGE TRUST                               | CROSS 2023-H1 MORTGAGE TRUST CROSS 2023-H1 B1                             | CUSIP: 22758CAE1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    2500000 | PA      | $2504563.50    | 0.17%             | 2068-03-25      | Floating      | 8.26%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | S&P 500 ANNL DIV  DEC27 PHYSICAL INDEX FUTURE.                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       2876 | NC      | $57412150.00   | 3.85%             |  |  |  | No            |                  1 | On Loan: No      |
| U.S. ACUTE CARE SOLUTIONS, LLC                     | US ACUTE CARE SOLUTIONS LLC 144A 9.750000% 05/15/2029                     | CUSIP: 90367UAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    2328000 | PA      | $2248960.68    | 0.15%             | 2029-05-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| CARVANA CO.                                        | CARVANA CO 144A 13.000000% 06/01/2030                                     | CUSIP: 146869AN2<br>LEI: 5493003WEAK2PJ5WS063 | Long             | DBT              | CORP              | US        |    6845000 | PA      | $7120531.79    | 0.48%             | 2030-06-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC REMICS FHR 5252 SP                                            | CUSIP: 3137H8Y70<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   25595954 | PA      | $1301538.90    | 0.09%             | 2052-09-25      | Floating      | 1.69%                 | No            |                  2 | On Loan: No      |
| BELLEMEADE RE LTD.                                 | BELLEMEADE RE 2025-1 LTD BMIR 2025-1 M1B                                  | CUSIP: 07876NAB1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    1250000 | PA      | $1256023.13    | 0.08%             | 2035-10-25      | Floating      | 6.16%                 | Yes           |                  2 | On Loan: No      |
| OAKTREE CLO LTD                                    | OAKTREE CLO 2019-4 LTD OAKCL 2019-4A ERR                                  | CUSIP: 67400JAE3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $230860.75     | 0.02%             | 2037-07-20      | Floating      | 10.26%                | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association           | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2025-189 SA                  | CUSIP: 38385H7R2<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |  354848431 | PA      | $4563137.91    | 0.31%             | 2055-11-20      | Floating      | 0.28%                 | No            |                  2 | On Loan: No      |
| SAIF SECURITIZATION TRUST                          | SAIF SECURITIZATION TRUST 2026-CES1 SAIF 2026-CES1 B1                     | CUSIP: 78710HAG4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    2880000 | PA      | $2884227.84    | 0.19%             | 2056-02-25      | Floating      | 7.38%                 | Yes           |                  2 | On Loan: No      |
| GLS AUTO RECEIVABLES TRUST                         | GLS AUTO RECEIVABLES ISSUER TRUST 2026-1 GCAR 2026-1A E                   | CUSIP: 36274AAG5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    2000000 | PA      | $1963122.40    | 0.13%             | 2033-03-15      | Fixed         | 6.51%                 | Yes           |                  2 | On Loan: No      |
| APOLLO GLOBAL MANAGEMENT, INC.                     | Apollo Global Management Inc PREFERRED STOCK                              | CUSIP: 03769M304<br>LEI: 254900LMFT1CY9IYB476 | Long             | EP               |  | US        |      37500 | NS      | $2192250.00    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| UPSTART SECURITIZATION TRUST                       | UPSTART SECURITIZATION TRUST 2025-2 UPST 2025-2 D                         | CUSIP: 91679EAE8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    2580000 | PA      | $2661771.55    | 0.18%             | 2035-06-20      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| REACH ABS TRUST                                    | REACH ABS TRUST 2025-1 REACH 2025-1A D                                    | CUSIP: 75525PAD4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     260000 | PA      | $270686.05     | 0.02%             | 2032-08-16      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| VISTA POINT SECURITIZATION TRUST                   | VISTA POINT SECURITIZATION TRUST SERIES 2024-CES2 VSTA 2024-CES2 A1       | CUSIP: 92841YAA3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    1929813 | PA      | $1925728.27    | 0.13%             | 2054-10-25      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| GAMESTOP CORP.                                     | GAMESTOP CORP 144A ZERO COUPON 04/01/2030                                 | CUSIP: 36467WAD1<br>LEI: 549300505KLOET039L77 | Long             | DBT              | CORP              | US        |    6134000 | PA      | $6311886.00    | 0.42%             | 2030-04-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs                                      | S&P Regional Banks Index TRS                                              | CUSIP: TCBFSBK01<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DE               |  | US        |  142988252 | NC      | $2913614.80    | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| ACORE ISSUER LLC                                   | ACORE 2026-FL1 ISSUER LLC ACORE 2026-FL1 E                                | CUSIP: 00485EAL7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    1000000 | PA      | $999992.00     | 0.07%             | 2043-08-20      | Floating      | 7.08%                 | Yes           |                  2 | On Loan: No      |
| Brookfield Property Preferred L.P.                 | Brookfield Property Preferred LP PREFERRED STOCK                          | CUSIP: G1624R107<br>LEI: 254900N07TR905Y0G344 | Long             | EP               |  | US        |      19585 | NS      | $340779.00     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| ELLINGTON FINANCIAL MORTGAGE TRUST                 | EFMT 2025-NQM4 EFMT 2025-NQM4 B2                                          | CUSIP: 26846RAL7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     110000 | PA      | $107967.64     | 0.01%             | 2070-09-25      | Floating      | 7.29%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association           | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2024-58 SB                   | CUSIP: 38384NEU5<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   99203172 | PA      | $4223446.08    | 0.28%             | 2054-04-20      | Floating      | 1.68%                 | No            |                  2 | On Loan: No      |
| VERUS SECURITIZATION TRUST                         | VERUS SECURITIZATION TRUST 2024-6 VERUS 2024-6 B2                         | CUSIP: 92540JAF9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     200000 | PA      | $201045.96     | 0.01%             | 2069-07-25      | Floating      | 7.89%                 | Yes           |                  2 | On Loan: No      |
| MORGAN STANLEY CAPITAL I TRUST                     | MORGAN STANLEY CAPITAL I TRUST 2024-BPR2 MSC 2024-BPR2 X                  | CUSIP: 61776EAC7<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    2236412 | PA      | $54425.31      | 0.00%             | 2029-05-05      | Floating      | 0.85%                 | Yes           |                  2 | On Loan: No      |
| OHA CREDIT PARTNERS LTD                            | OHA CREDIT PARTNERS VII LTD OAKC 2012-7A D2R4                             | CUSIP: 67102QBV9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    2000000 | PA      | $1863342.00    | 0.12%             | 2038-02-20      | Floating      | 7.16%                 | Yes           |                  2 | On Loan: No      |
| AMNEAL PHARMACEUTICALS LLC                         | AMNEAL PHARMACEUTICALS LLC 144A 6.875000% 08/01/2032                      | CUSIP: 03168LAA3<br>LEI: 54930037VIXE7LRZ1M66 | Long             | DBT              | CORP              | US        |     686000 | PA      | $706201.33     | 0.05%             | 2032-08-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| JPM Chase                                          | WF-IRS 5YR PAY FIXED 3.571000                                             | CUSIP: N/A<br>LEI: B4TYDEB6GKMZO031MB27       | N/A              | DIR              |  | US        |    4642912 | NC      | $9037.49       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BAML                                               | FS AI Factor Short TRS                                                    | CUSIP: TFSSGLB07<br>LEI: 74KKBLHM4AWY05GPNY79 | N/A              | DE               |  | US        |   91672599 | NC      | $5066599.49    | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC REMICS FHR 5336 SA                                            | CUSIP: 3137HAJU1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   39927087 | PA      | $1994302.10    | 0.13%             | 2053-09-25      | Floating      | 2.14%                 | No            |                  2 | On Loan: No      |
| APIDOS CLO                                         | APIDOS CLO XXIII APID 2015-23A ERR                                        | CUSIP: 03766QAJ9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    2155000 | PA      | $2043112.40    | 0.14%             | 2033-04-15      | Floating      | 8.87%                 | Yes           |                  2 | On Loan: No      |
| Nomura                                             | Nomura Interest Rate 5Y10Y USD TRS                                        | CUSIP: TVVU5XX00<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |  206639385 | NC      | $-14350.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2021-139 WI                  | CUSIP: 38382XJQ9<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   10931621 | PA      | $1787259.98    | 0.12%             | 2045-11-20      | Floating      | 4.05%                 | No            |                  2 | On Loan: No      |
| WESTGATE RESORTS LLC                               | WESTGATE RESORTS 2023-1 LLC WESTR 2023-1A D                               | CUSIP: 96033EAD0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     196163 | PA      | $200590.15     | 0.01%             | 2037-12-20      | Fixed         | 10.14%                | Yes           |                  2 | On Loan: No      |
| Goldman Sachs                                      | GS Carry + Tail Reversion TRS                                             | CUSIP: TSXAF2200<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |     115941 | NC      | $-39419.94     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE REMICS FNR 2024-89 SD                                          | CUSIP: 3136BTWQ2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   51547645 | PA      | $1818384.42    | 0.12%             | 2053-09-25      | Floating      | 1.44%                 | No            |                  2 | On Loan: No      |
| SIX FLAGS ENTERTAINMENT CORPORATION                | SIX FLAGS ENTERTAINMENT CORP / CANADA'S WONDERLAND 6.500000% 10/01/2028   | CUSIP: 150190AK2<br>LEI: 529900AS2CYWYFHRS781 | Long             | DBT              | CORP              | US        |    1619000 | PA      | $1616375.44    | 0.11%             | 2028-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                | BRK: MERRILL LYNCH, PIERCE, FENNER & SMITH COL: 05613RAA6                 | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               |  | US        |   -4012000 | PA      | $-4012000.00   | -0.27%            |  |  |  | No            |                  2 | On Loan: No      |
| FIESTA PURCHASER, INC.                             | FIESTA PURCHASER INC 144A 7.875000% 03/01/2031                            | CUSIP: 31659AAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     935000 | PA      | $951888.91     | 0.06%             | 2031-03-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| CROSS MORTGAGE TRUST                               | CROSS 2024-H5 MORTGAGE TRUST CROSS 2024-H5 B1B                            | CUSIP: 22757HAF8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    4180000 | PA      | $4203794.65    | 0.28%             | 2069-08-26      | Floating      | 8.12%                 | Yes           |                  2 | On Loan: No      |
| ELMWOOD CLO                                        | ELMWOOD CLO II LTD ELMW2 2019-2A A2RR                                     | CUSIP: 29001LAY7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   11000000 | PA      | $10967187.00   | 0.74%             | 2037-10-20      | Floating      | 5.22%                 | Yes           |                  2 | On Loan: No      |
| Barclays                                           | FS Short Software TRS                                                     | CUSIP: N/A<br>LEI: B4TYDEB6GKMZO031MB27       | N/A              | DE               |  | US        |    3951481 | NC      | $10764.71      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LAQ MORTGAGE TRUST                                 | LAQ 2023-LAQ MORTGAGE TRUST LAQ 2023-LAQ G                                | CUSIP: 516681AN3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     405000 | PA      | $384245.65     | 0.03%             | 2036-03-15      | Floating      | 12.11%                | Yes           |                  2 | On Loan: No      |
| GLS AUTO RECEIVABLES TRUST                         | GLS AUTO RECEIVABLES ISSUER TRUST 2025-2 GCAR 2025-2A E                   | CUSIP: 37989BAN2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    1720000 | PA      | $1775575.09    | 0.12%             | 2032-06-15      | Fixed         | 7.73%                 | Yes           |                  2 | On Loan: No      |
| WELLS FARGO COMMERCIAL MORTGAGE TRUST              | WELLS FARGO COMMERCIAL MORTGAGE TRUST 2026-1250B WFCM 2026-1250B E        | CUSIP: 949939AJ1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    3320000 | PA      | $3301670.71    | 0.22%             | 2041-03-10      | Floating      | 8.09%                 | Yes           |                  2 | On Loan: No      |
| HOMES TRUST                                        | HOMES 2024-AFC1 TRUST HOMES 2024-AFC1 A1                                  | CUSIP: 403945AC2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    3355838 | PA      | $3358721.41    | 0.23%             | 2059-08-25      | Fixed         | 5.22%                 | Yes           |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST                           | SERVICE PROPERTIES TRUST 3.950000% 01/15/2028                             | CUSIP: 44106MAX0<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |    1370000 | PA      | $1310102.09    | 0.09%             | 2028-01-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| PLANET FINANCIAL GROUP, LLC                        | PLANET FINANCIAL GROUP LLC 144A 10.500000% 12/15/2029                     | CUSIP: 72702AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1625000 | PA      | $1558661.00    | 0.10%             | 2029-12-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| WELLS FARGO COMMERCIAL MORTGAGE TRUST              | WELLS FARGO COMMERCIAL MORTGAGE TRUST 2025-DWHP WFCM 2025-DWHP E          | CUSIP: 95004EAJ4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    2320000 | PA      | $2322716.02    | 0.16%             | 2038-04-15      | Floating      | 10.11%                | Yes           |                  2 | On Loan: No      |
| N/A                                                | 3 MONTH SOFR FUT  DEC27 FINANCIAL COMMODITY FUTURE.                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       -723 | NC      | $-174595462.50 | -11.71%           |  |  |  | No            |                  1 | On Loan: No      |
| SPX-SOFR BINARY CALL OPTION 12/19/25               | SPX-SOFR BINARY CALL OPTION 12/19/25 LONG                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |  200000000 | NC      | $3380000.00    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association           | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2010-37 SG                   | CUSIP: 38376XJR5<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    6979832 | PA      | $566343.57     | 0.04%             | 2040-03-20      | Floating      | 1.91%                 | No            |                  2 | On Loan: No      |
| BLP COMMERCIAL MORTGAGE TRUST                      | BLP COMMERCIAL MORTGAGE TRUST 2025-IND2 BLP 2025-IND2 E                   | CUSIP: 05556WAJ5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    3380000 | PA      | $3378943.75    | 0.23%             | 2042-12-15      | Floating      | 7.42%                 | Yes           |                  2 | On Loan: No      |
| CPS AUTO RECEIVABLES TRUST                         | CONSUMER PORTFOLIO SERVICES AUTO TRUST 2025-B CPS 2025-B E                | CUSIP: 12630SAE1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    2620000 | PA      | $2688886.87    | 0.18%             | 2033-03-15      | Fixed         | 7.95%                 | Yes           |                  2 | On Loan: No      |
| PARK RIVER HOLDINGS, INC.                          | PARK RIVER HOLDINGS INC 144A 8.000000% 03/15/2031                         | CUSIP: 70082LAC1<br>LEI: 254900PGY077KWCROT75 | Long             | DBT              | CORP              | US        |    4687000 | PA      | $4665356.37    | 0.31%             | 2031-03-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| USD-SOFR 3.4975% 09/26/2030                        | USD-SOFR 3.4975% 09/26/2030 EXPIRATION: 03/16/2028                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        | -100000000 | NC      | $-178132.15    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| MICROCHIP TECHNOLOGY INCORPORATED                  | MICROCHIP TECHNOLOGY INC COMMON STOCK                                     | CUSIP: 595017104<br>LEI: 5493007PTFULNYZJ1R12 | Short            | EC               |  | US        |     -88500 | NS      | $-5717985.00   | -0.38%            |  |  |  | No            |                  1 | On Loan: No      |
| COMM MORTGAGE TRUST                                | COMM 2024-CBM MORTGAGE TRUST COMM 2024-CBM E                              | CUSIP: 12674GAN4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     610000 | PA      | $613181.03     | 0.04%             | 2041-12-10      | Floating      | 7.93%                 | Yes           |                  2 | On Loan: No      |
| SWCH COMMERCIAL MORTGAGE TRUST                     | SWCH COMMERCIAL MORTGAGE TRUST 2025-DATA SWCH 2025-DATA A                 | CUSIP: 78489CAA7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    4000000 | PA      | $3950000.00    | 0.26%             | 2042-02-15      | Floating      | 5.12%                 | Yes           |                  2 | On Loan: No      |
| FLEXENTIAL LLC                                     | FLEXENTIAL ISSUER LLC FLX 2025-1A A2                                      | CUSIP: 33938MAK5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    6500000 | PA      | $6455510.75    | 0.43%             | 2060-10-25      | Fixed         | 6.03%                 | Yes           |                  2 | On Loan: No      |
| ELMWOOD CLO                                        | ELMWOOD CLO 30 LTD ELM30 2024-6A E                                        | CUSIP: 29001KAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     500000 | PA      | $476931.50     | 0.03%             | 2037-07-17      | Floating      | 8.92%                 | Yes           |                  2 | On Loan: No      |
| Nebius Group N.V.                                  | NEBIUS GROUP NV 144A 2.750000% 09/15/2032                                 | CUSIP: 63954QAF3<br>LEI: 549300GGZHJ5Q1B18P93 | Long             | DBT              | CORP              | NL        |    1662000 | PA      | $1735128.00    | 0.12%             | 2032-09-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2025-H19 IA                  | CUSIP: 38384LXL8<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    2218710 | PA      | $159219.84     | 0.01%             | 2075-09-20      | Floating      | 0.90%                 | No            |                  2 | On Loan: No      |
| BLUE OWL CAPITAL CORPORATION                       | BLUE OWL CAPITAL CORP 6.200000% 07/15/2030                                | CUSIP: 69121KAJ3<br>LEI: 2549000BD79OOCPF2L94 | Long             | DBT              | CORP              | US        |     265000 | PA      | $261170.38     | 0.02%             | 2030-07-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| LIGHT AND WONDER INTERNATIONAL, INC.               | LIGHT & WONDER INTERNATIONAL INC 144A 6.250000% 10/01/2033                | CUSIP: 531968AB1<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |    1617000 | PA      | $1584158.73    | 0.11%             | 2033-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| JP Morgan                                          | JPM Pure Momentum TRS                                                     | CUSIP: TPMPURE00<br>LEI: 984500653R409CC5AB28 | N/A              | DE               |  | US        |   14996979 | NC      | $-150622.92    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| CONE TRUST                                         | CONE TRUST 2024-DFW1 CONE 2024-DFW1 C                                     | CUSIP: 20682AAJ9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    4500000 | PA      | $4459744.80    | 0.30%             | 2041-08-15      | Floating      | 6.36%                 | Yes           |                  2 | On Loan: No      |
| NEW RESIDENTIAL MORTGAGE LOAN TRUST                | NEW RESIDENTIAL MORTGAGE LOAN TRUST 2025-NQM5 NRZT 2025-NQM5 B2           | CUSIP: 64832GAH7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    2300000 | PA      | $2251534.17    | 0.15%             | 2065-08-25      | Floating      | 7.40%                 | Yes           |                  2 | On Loan: No      |
| MORGAN STANLEY BANK OF AMERICA MERRILL LYNCH TRUST | MORGAN STANLEY BANK OF AMERICA MERRILL LYNCH TRUST MSBAM 2013-C9 E        | CUSIP: 61762DAJ0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    1030000 | PA      | $923996.83     | 0.06%             | 2046-05-15      | Floating      | 3.79%                 | No            |                  2 | On Loan: No      |
| HOMES TRUST                                        | HOMES 2025-AFC1 TRUST HOMES 2025-AFC1 B1                                  | CUSIP: 403969AG3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    1755000 | PA      | $1754457.53    | 0.12%             | 2060-01-25      | Floating      | 7.01%                 | Yes           |                  2 | On Loan: No      |
| ZOOMINFO TECHNOLOGIES LLC                          | ZOOMINFO TECHNOLOGIES LLC/ZOOMINFO FINANCE CORP 14 3.875000% 02/01/2029   | CUSIP: 98981BAA0<br>LEI: 254900NOX7TLOJ3WS309 | Short            | DBT              | CORP              | US        |   -1283000 | PA      | $-1065994.19   | -0.07%            | 2029-02-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Nomura                                             | Nomura Interest Rate 5Y10Y USD TRS                                        | CUSIP: TMVVU5X00<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DE               |  | US        |     205000 | NC      | $948535.00     | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE REMICS FNR 2024-84 HS                                          | CUSIP: 3136BTVQ3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   39207281 | PA      | $3359075.99    | 0.23%             | 2054-11-25      | Floating      | 3.44%                 | No            |                  2 | On Loan: No      |
| INEOS FINANCE PLC                                  | INEOS FINANCE PLC 144A 6.750000% 05/15/2028                               | CUSIP: 44984WAH0<br>LEI: 2138002D68XDR4LZCG32 | Short            | DBT              | NUSS              | LU        |   -2492000 | PA      | $-2408361.00   | -0.16%            | 2028-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| EXELON CORPORATION                                 | EXELON CORP 144A 3.250000% 03/15/2029                                     | CUSIP: 30161NBT7<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |    2444000 | PA      | $2526064.66    | 0.17%             | 2029-03-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| PRA GROUP, INC.                                    | PRA GROUP INC 144A 5.000000% 10/01/2029                                   | CUSIP: 69354NAD8<br>LEI: 549300Q5HW3JSSB86K27 | Long             | DBT              | CORP              | US        |    1900000 | PA      | $1753992.03    | 0.12%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CMS ENERGY CORPORATION                             | CMS ENERGY CORP 144A 3.125000% 05/01/2031                                 | CUSIP: 125896BZ2<br>LEI: 549300IA9XFBAGNIBW29 | Long             | DBT              | CORP              | US        |    6496000 | PA      | $6664896.00    | 0.45%             | 2031-05-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| HUDSON PACIFIC PROPERTIES, L.P.                    | HUDSON PACIFIC PROPERTIES LP 5.950000% 02/15/2028                         | CUSIP: 44409MAD8<br>LEI: 5493007NTUGLGZ8T3526 | Short            | DBT              | CORP              | US        |    -617000 | PA      | $-585136.50    | -0.04%            | 2028-02-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| UPSTART SECURITIZATION TRUST                       | UPSTART SECURITIZATION TRUST 2023-2 UPST 2023-2 C                         | CUSIP: 91683VAC8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    1134000 | PA      | $1189020.09    | 0.08%             | 2033-06-20      | Fixed         | 11.87%                | Yes           |                  2 | On Loan: No      |
| UPGRADE RECEIVABLES TRUST                          | UPGRADE RECEIVABLES TRUST 2024-1 UPGR 2024-1A E                           | CUSIP: 91533NAE4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    2251000 | PA      | $2379240.82    | 0.16%             | 2031-02-18      | Fixed         | 11.53%                | Yes           |                  2 | On Loan: No      |
| CLNY TRUST                                         | CLNY TRUST 2019-IKPR CLNY 2019-IKPR C                                     | CUSIP: 12564NAJ1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    2122000 | PA      | $2047730.00    | 0.14%             | 2038-11-15      | Floating      | 5.71%                 | No            |                  2 | On Loan: No      |
| BRIGHTSPIRE CAPITAL                                | BRSP 2024-FL2 LTD BRSP 2024-FL2 D                                         | CUSIP: 05613BAJ2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    2000000 | PA      | $1987988.00    | 0.13%             | 2037-08-19      | Floating      | 8.52%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association           | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2022-193 SA                  | CUSIP: 38383Y7L0<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   48238031 | PA      | $1288461.93    | 0.09%             | 2052-11-20      | Floating      | 1.03%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs                                      | EJF Financials Services TRS                                               | CUSIP: TSCBEJF60<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |    1077735 | NC      | $2176253.10    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| TRIP.COM GROUP LIMITED                             | TRIP.COM GROUP LTD-ADR DEPOSITARY RECEIPT                                 | CUSIP: 89677Q107<br>LEI: 2549004RMYDSRQL4KW41 | Short            | EC               |  | CN        |     -45371 | NS      | $-2259022.09   | -0.15%            |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC STRIPS FHS 406 S16                                            | CUSIP: 3142G5WQ7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   27756122 | PA      | $1243299.38    | 0.08%             | 2053-10-25      | Floating      | 1.84%                 | No            |                  2 | On Loan: No      |
| NORWEGIAN CRUISE LINE HOLDINGS LTD.                | NORWEGIAN CRUISE LINE HOLDIN COMMON STOCK                                 | CUSIP: G66721104<br>LEI: N/A                  | Short            | EC               |  | US        |     -42473 | NS      | $-794245.10    | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| KINETIC ABS ISSUER LLC                             | KINETIC ABS ISSUER LLC UNITK 2026-1A C                                    | CUSIP: 49459AAE0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    3500000 | PA      | $3527167.00    | 0.24%             | 2056-02-25      | Fixed         | 7.65%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association           | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2025-120 NS                  | CUSIP: 38381N5V6<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   70312662 | PA      | $4116279.03    | 0.28%             | 2055-03-20      | Floating      | 2.33%                 | No            |                  2 | On Loan: No      |
| CONVEXITY MSCBXAW7 10/07/2027                      | CONVEXITY MSCBXAW7 10/07/2027 LONG                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |   77400000 | NC      | $1983916.80    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association           | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2024-108 SB                  | CUSIP: 38384UEW5<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   55760626 | PA      | $3772641.32    | 0.25%             | 2054-07-20      | Floating      | 2.33%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs                                      | GS Carry + Tail Reversion TRS                                             | CUSIP: N/A<br>LEI: KD3XUN7C6T14HNAYLU02       | N/A              | DE               |  | US        |     289714 | NC      | $-98502.76     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| PRPM LLC                                           | PRPM 2025-NQM3 TRUST PRPM 2025-NQM3 B1                                    | CUSIP: 69382NAE2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     650000 | PA      | $650499.27     | 0.04%             | 2070-05-25      | Floating      | 6.89%                 | Yes           |                  2 | On Loan: No      |
| TKC HOLDINGS, INC.                                 | TKC HOLDINGS INC 144A 8.500000% 08/15/2030                                | CUSIP: 87256YAE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    2838000 | PA      | $2861654.73    | 0.19%             | 2030-08-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| A&D MORTGAGE TRUST                                 | A&D MORTGAGE TRUST 2026-NQM1 ADMT 2026-NQM1 B1                            | CUSIP: 00040DAJ2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    1520000 | PA      | $1492201.63    | 0.10%             | 2071-02-25      | Floating      | 6.52%                 | Yes           |                  2 | On Loan: No      |
| VERDANT RECEIVABLES LLC                            | VERDANT RECEIVABLES 2024-1 LLC VERD 2024-1A D                             | CUSIP: 92339MAE0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     570000 | PA      | $589811.83     | 0.04%             | 2031-12-12      | Fixed         | 7.23%                 | Yes           |                  2 | On Loan: No      |
| R. R. DONNELLEY & SONS COMPANY                     | RR DONNELLEY & SONS CO 144A 9.500000% 08/01/2029                          | CUSIP: 257867BJ9<br>LEI: SU4X0P4WWRGOQDTSV032 | Long             | DBT              | CORP              | US        |    4266000 | PA      | $4318062.26    | 0.29%             | 2029-08-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| OLYMPIC TOWER MORTGAGE TRUST                       | OLYMPIC TOWER 2017-OT MORTGAGE TRUST OT 2017-OT C                         | CUSIP: 68162MAJ1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    1390000 | PA      | $1296110.37    | 0.09%             | 2039-05-10      | Floating      | 3.95%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE REMICS FNR 2023-11 SA                                          | CUSIP: 3136BPU66<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   40974023 | PA      | $2845068.18    | 0.19%             | 2053-04-25      | Floating      | 2.59%                 | No            |                  2 | On Loan: No      |
| GOODLEAP HOME IMPROVEMENT SOLUTIONS TRUST          | GOODLEAP HOME IMPROVEMENT SOLUTIONS TRUST 2024-1 GDLP 2024-1A C           | CUSIP: 381935AC9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     794349 | PA      | $821729.42     | 0.06%             | 2046-10-20      | Fixed         | 8.94%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                | BRK: MERRILL LYNCH, PIERCE, FENNER & SMITH COL: 50208WAA2                 | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               |  | US        |   -3895000 | PA      | $-3895000.00   | -0.26%            |  |  |  | No            |                  2 | On Loan: No      |
| MARINER FINANCE ISSUANCE TRUST                     | MARINER FINANCE ISSUANCE TRUST 2024-A MFIT 2024-AA D                      | CUSIP: 567928AD8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     570000 | PA      | $579333.07     | 0.04%             | 2036-09-22      | Fixed         | 6.77%                 | Yes           |                  2 | On Loan: No      |
| FORTRESS CREDIT BSL LIMITED                        | FORTRESS CREDIT BSL VII LTD FCBSL 2019-1A DR                              | CUSIP: 34956NAU6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1090000 | PA      | $1082708.99    | 0.07%             | 2032-07-23      | Floating      | 6.72%                 | Yes           |                  2 | On Loan: No      |
| GESTION D'ASSURANCES JONES DESLAURIERS INC         | JONES DESLAURIERS INSURANCE MANAGEMENT INC 144A 8.500000% 03/15/2030      | CUSIP: 48020RAB1<br>LEI: 549300JQIWNFU00E5424 | Long             | DBT              | NUSS              | CA        |    1492000 | PA      | $1516510.58    | 0.10%             | 2030-03-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| HEWLETT PACKARD ENTERPRISE COMPANY                 | Hewlett Packard Enterprise Co PREFERRED STOCK                             | CUSIP: 42824C208<br>LEI: 549300BX44RGX6ANDV88 | Long             | EP               |  | US        |      89990 | NS      | $5805254.90    | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE REMICS FNR 2022-40 PS                                          | CUSIP: 3136BNQM1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   16171388 | PA      | $936232.78     | 0.06%             | 2051-12-25      | Floating      | 2.39%                 | No            |                  2 | On Loan: No      |
| A&D MORTGAGE TRUST                                 | ADMT 2024-NQM6 ADMT 2024-NQM6 B2                                          | CUSIP: 00249YAJ5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     410000 | PA      | $406448.17     | 0.03%             | 2070-01-25      | Floating      | 7.27%                 | Yes           |                  2 | On Loan: No      |
| BLUE OWL CREDIT INCOME CORP.                       | BLUE OWL CREDIT INCOME CORP 5.800000% 03/15/2030                          | CUSIP: 09581CAD3<br>LEI: 5493003I42XBWPE05N35 | Long             | DBT              | CORP              | US        |    2401000 | PA      | $2315127.54    | 0.16%             | 2030-03-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| N/A                                                | BRK: MERRILL LYNCH, PIERCE, FENNER & SMITH COL: 749414AA6                 | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               |  | US        |   -2722000 | PA      | $-2722000.00   | -0.18%            |  |  |  | No            |                  2 | On Loan: No      |
| JD.COM, INC.                                       | JD.COM INC 0.250000% 06/01/2029                                           | CUSIP: 47215PAJ5<br>LEI: 549300HVTWB0GJZ16V92 | Long             | DBT              | CORP              | CN        |    7260000 | PA      | $7220070.00    | 0.48%             | 2029-06-01      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO COMMERCIAL MORTGAGE TRUST              | WELLS FARGO COMMERCIAL MORTGAGE TRUST 2025-DWHP WFCM 2025-DWHP A          | CUSIP: 95004EAA3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   10000000 | PA      | $10046670.00   | 0.67%             | 2038-04-15      | Floating      | 6.01%                 | Yes           |                  2 | On Loan: No      |
| SCG TRUST                                          | SCG 2024-MSP MORTGAGE TRUST SCG 2024-MSP E                                | CUSIP: 78436EAJ8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    3320000 | PA      | $3306102.48    | 0.22%             | 2041-04-15      | Floating      | 8.61%                 | Yes           |                  2 | On Loan: No      |
| ADAMAS TRUST, INC.                                 | Adamas Trust Inc PREFERRED STOCK                                          | CUSIP: 649604865<br>LEI: 549300JFGR0M7ULHWG48 | Long             | EP               |  | US        |      34100 | NS      | $800668.00     | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                | BRK: CITIGROUP COL: 95004VAA5                                             | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               |  | US        |   -1597600 | PA      | $-1597600.00   | -0.11%            |  |  |  | No            |                  2 | On Loan: No      |
| PARK RIVER HOLDINGS, INC.                          | PARK RIVER HOLDINGS INC 144A 8.750000% 12/31/2030                         | CUSIP: 70082LAD9<br>LEI: 254900PGY077KWCROT75 | Long             | DBT              | CORP              | US        |     796000 | PA      | $733142.43     | 0.05%             | 2030-12-31      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2022-159 JS                  | CUSIP: 38383YML3<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   35487700 | PA      | $1939984.83    | 0.13%             | 2052-09-20      | Floating      | 1.58%                 | No            |                  2 | On Loan: No      |
| US 10YR FUT OPTN  May26P   112                     | US 10YR FUT OPTN  May26P   112 LONG                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        539 | NC      | $690593.75     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| JPM Chase                                          | WF-IRS 15MTH PAY FIXED 3.517                                              | CUSIP: N/A<br>LEI: B4TYDEB6GKMZO031MB27       | N/A              | DIR              |  | US        |   19000000 | NC      | $28473.77      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| COMM MORTGAGE TRUST                                | COMM 2014-UBS6 MORTGAGE TRUST COMM 2014-UBS6 D                            | CUSIP: 12592PAJ2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     518687 | PA      | $500719.31     | 0.03%             | 2047-12-10      | Floating      | 3.73%                 | No            |                  2 | On Loan: No      |
| A&D MORTGAGE TRUST                                 | A&D MORTGAGE TRUST 2024-NQM2 ADMT 2024-NQM2 B1                            | CUSIP: 00002NAE7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    1807000 | PA      | $1833949.06    | 0.12%             | 2069-04-25      | Floating      | 8.38%                 | Yes           |                  2 | On Loan: No      |
| MOHEGAN ESCROW ISSUER, LLC                         | MOHEGAN TRIBAL GAMING AUTHORITY / MS DIGITAL ENTER 8.250000% 04/15/2030   | CUSIP: 60832QAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     735000 | PA      | $752441.55     | 0.05%             | 2030-04-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2025-120 LS                  | CUSIP: 38381N5Q7<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   59570667 | PA      | $4338221.89    | 0.29%             | 2053-04-20      | Floating      | 2.48%                 | No            |                  2 | On Loan: No      |
| HERA FINANCING DAC                                 | HERA FINANCING 2024-1 DAC HRFIN 2024-1A A                                 | CUSIP: HER7UYUZ0<br>LEI: N/A                  | Long             | ABS-MBS          |  | GB        |    4821701 | PA      | $6406157.64    | 0.43%             | 2034-11-17      | Floating      | 5.64%                 | Yes           |                  2 | On Loan: No      |
| CREDIT ACCEPTANCE CORPORATION                      | CREDIT ACCEPTANCE CORP 144A 9.250000% 12/15/2028                          | CUSIP: 225310AQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    4512000 | PA      | $4675262.21    | 0.31%             | 2028-12-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| SIERRA TIMESHARE RECEIVABLES FUNDING LLC           | SIERRA TIMESHARE 2026-1 RECEIVABLES FUNDING LLC SRFC 2026-1A D            | CUSIP: 82652VAD2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    2000000 | PA      | $1984000.00    | 0.13%             | 2042-12-22      | Fixed         | 7.10%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE REMICS FNR 2022-74 US                                          | CUSIP: 3136BPKM2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   50404326 | PA      | $1965274.75    | 0.13%             | 2052-11-25      | Floating      | 1.34%                 | No            |                  2 | On Loan: No      |
| EXETER AUTOMOBILE RECEIVABLES TRUST                | EXETER AUTOMOBILE RECEIVABLES TRUST 2025-5 EART 2025-5A E                 | CUSIP: 30166VAN8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    3460000 | PA      | $3415078.13    | 0.23%             | 2033-06-15      | Fixed         | 7.15%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO MORTGAGE BACKED SECURITIES TRUST       | WELLS FARGO MORTGAGE BACKED SECURITIES 2021-RR1 TR WFMBS 2021-RR1 AIO1    | CUSIP: 95003JAW5<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    3502189 | PA      | $102475.10     | 0.01%             | 2050-12-25      | Floating      | 0.48%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association           | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2025-120 BI                  | CUSIP: 38381N7V4<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    2076353 | PA      | $325664.72     | 0.02%             | 2055-02-20      | Floating      | 6.00%                 | No            |                  2 | On Loan: No      |
| ILFC E-CAPITAL TRUST II                            | ILFC E-CAPITAL TRUST II 144A 6.538290% 12/21/2065                         | CUSIP: 44965UAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     379000 | PA      | $329001.11     | 0.02%             | 2065-12-21      | Floating      | 6.63%                 | Yes           |                  2 | On Loan: No      |
| UPGRADE RECEIVABLES TRUST                          | UPGRADE AUTO RECEIVABLES TRUST 2025-1 UPGA 2025-1A E                      | CUSIP: 91531AAH7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     210000 | PA      | $209865.52     | 0.01%             | 2033-11-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| CLUE OPCO LLC                                      | CLUE OPCO LLC 144A 9.500000% 10/15/2031                                   | CUSIP: 36267QAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    2793000 | PA      | $2699721.90    | 0.18%             | 2031-10-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| EQUIFY ABS LLC                                     | EQUIFY ABS 2024-1 LLC EQFY 2024-1A A                                      | CUSIP: 29445TAA6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    2075860 | PA      | $2081278.30    | 0.14%             | 2033-04-18      | Fixed         | 5.43%                 | Yes           |                  2 | On Loan: No      |
| JPM Chase                                          | TRS on MARKIT IBOXX HY JUN26 TRS                                          | CUSIP: TRS620598<br>LEI: 984500653R409CC5AB28 | N/A              | DE               |  | US        |    7200000 | NC      | $49651.71      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| THE E.W. SCRIPPS COMPANY                           | SCRIPPS ESCROW II INC 144A 3.875000% 01/15/2029                           | CUSIP: 81105DAA3<br>LEI: 549300U1OW41QPKYW028 | Long             | DBT              | CORP              | US        |     961000 | PA      | $888872.43     | 0.06%             | 2029-01-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| ACHV ABS TRUST                                     | ACHV ABS TRUST 2023-4CP ACHV 2023-4CP E                                   | CUSIP: 00092CAE2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     203062 | PA      | $203577.93     | 0.01%             | 2030-11-25      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| UPSTART HOLDINGS, INC.                             | UPSTART HOLDINGS INC COMMON STOCK                                         | CUSIP: 91680M107<br>LEI: 549300WNB47JRNENIC75 | Short            | EC               |  | US        |     -35164 | NS      | $-901956.60    | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                           | US ULTRA BOND CBT JUN26 FINANCIAL COMMODITY FUTURE.                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        -47 | NC      | $-5478437.50   | -0.37%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | 3 MONTH SOFR FUT  MAR27 FINANCIAL COMMODITY FUTURE.                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       -723 | NC      | $-174215887.50 | -11.69%           |  |  |  | No            |                  1 | On Loan: No      |
| NEW RESIDENTIAL MORTGAGE LOAN TRUST                | NEW RESIDENTIAL MORTGAGE LOAN TRUST 2024-NQM3 NRZT 2024-NQM3 B2           | CUSIP: 647910AH1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     460000 | PA      | $450303.38     | 0.03%             | 2064-11-25      | Floating      | 7.16%                 | Yes           |                  2 | On Loan: No      |
| JPM Chase                                          | TRS on MARKIT IBOXX HY SEP26 TRS                                          | CUSIP: TRS620597<br>LEI: 984500653R409CC5AB28 | N/A              | DE               |  | US        |    7199999 | NC      | $20533.46      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NEPTUNE BIDCO US INC.                              | NEPTUNE BIDCO US INC 144A 9.290000% 04/15/2029                            | CUSIP: 640695AA0<br>LEI: 549300VG15T3VCYZ4531 | Long             | DBT              | CORP              | US        |    4517000 | PA      | $4529548.23    | 0.30%             | 2029-04-15      | Fixed         | 9.29%                 | No            |                  2 | On Loan: No      |
| USD-SOFR 4.27 01/16/2035                           | USD-SOFR 4.27 01/16/2035 EXPIRATION: 01/16/2035                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |   60000000 | NC      | $2775262.53    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| GS MORTGAGE SECURITIES TRUST                       | GS MORTGAGE-BACKED SECURITIES TRUST 2026-NQM1 GSMBS 2026-NQM1 B2          | CUSIP: 36276EAK6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     120000 | PA      | $118422.68     | 0.01%             | 2066-03-25      | Floating      | 7.61%                 | Yes           |                  2 | On Loan: No      |
| NEXTERA ENERGY, INC.                               | NextEra Energy Inc PREFERRED STOCK                                        | CUSIP: 65339F655<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EP               |  | US        |      69849 | NS      | $3508515.27    | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2025-120 DS                  | CUSIP: 38381N4H8<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   20447648 | PA      | $1123553.29    | 0.08%             | 2053-11-20      | Floating      | 2.33%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE REMICS FNR 2022-16 QI                                          | CUSIP: 3136BMMZ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   20701589 | PA      | $2140316.62    | 0.14%             | 2052-04-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| DEALER TIRE, LLC                                   | DEALER TIRE LLC / DT ISSUER LLC 144A 8.000000% 02/01/2028                 | CUSIP: 24229JAA1<br>LEI: 549300XTS06OMOCRSE50 | Long             | DBT              | CORP              | US        |    2092000 | PA      | $2034362.05    | 0.14%             | 2028-02-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| ANGEL OAK MORTGAGE TRUST                           | ANGEL OAK MORTGAGE TRUST 2025-8 AOMT 2025-8 B1                            | CUSIP: 03466UAE4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    1205000 | PA      | $1197124.36    | 0.08%             | 2070-07-25      | Floating      | 6.97%                 | Yes           |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HOLDINGS, INC.               | CLEAR CHANNEL OUTDOOR HOLDINGS INC 144A 7.750000% 04/15/2028              | CUSIP: 18453HAC0<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |    2135000 | PA      | $2145130.58    | 0.14%             | 2028-04-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE REMICS FNR 2024-68 SA                                          | CUSIP: 3136BSZC2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   40279164 | PA      | $2339272.87    | 0.16%             | 2054-09-25      | Floating      | 2.29%                 | No            |                  2 | On Loan: No      |
| N/A                                                | BNP COLLATERAL BALANCE FS FUNDS                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |     520000 | PA      | $520000.00     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| AST SPACEMOBILE, INC.                              | AST SPACEMOBILE INC 144A 2.250000% 04/15/2036                             | CUSIP: 00217DAG5<br>LEI: 254900MBSC9P2UCI6623 | Long             | DBT              | CORP              | US        |     525000 | PA      | $505050.00     | 0.03%             | 2036-04-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| OBX TRUST                                          | OBX 2021-INV2 TRUST OBX 2021-INV2 AIO1                                    | CUSIP: 67114KBB2<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    3518941 | PA      | $36874.98      | 0.00%             | 2051-10-25      | Floating      | 0.21%                 | Yes           |                  2 | On Loan: No      |
| Nomura                                             | Nomura Interest Rate 10Y5Y USD TRS                                        | CUSIP: TVVUX5X00<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DE               |  | US        |     205000 | NC      | $21320.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| USD-SOFR 4.22% 09/26/2030                          | USD-SOFR 4.22% 09/26/2030 EXPIRATION: 09/26/2030                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |   81000000 | NC      | $-205728.54    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                | BARCLAYS COLLATERAL BALANCE FS FUNDS                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |    2900000 | PA      | $2900000.00    | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| JPM Chase                                          | WF-IRS 5YR PAY FIXED 3.571000                                             | CUSIP: N/A<br>LEI: B4TYDEB6GKMZO031MB27       | N/A              | DIR              |  | US        |   24959822 | NC      | $48584.63      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2015-123 SE                  | CUSIP: 38379QCX1<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    8326964 | PA      | $798953.90     | 0.05%             | 2045-09-20      | Floating      | 1.93%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE REMICS FNR 2024-12 DS                                          | CUSIP: 3136BQ2G3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   28339543 | PA      | $1563305.55    | 0.10%             | 2054-03-25      | Floating      | 2.39%                 | No            |                  2 | On Loan: No      |
| NEUBERGER BERMAN LOAN ADVISERS LLC                 | NEUBERGER BERMAN LOAN ADVISERS CLO 46 LTD NEUB 2021-46A ER                | CUSIP: 64134RAL9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $232596.25     | 0.02%             | 2037-01-20      | Floating      | 8.82%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association           | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2025-120 BS                  | CUSIP: 38381N3Y2<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   38984344 | PA      | $2516123.64    | 0.17%             | 2055-01-20      | Floating      | 2.73%                 | No            |                  2 | On Loan: No      |
| LMRE TRUST                                         | LMRE 2025 SFR1 TRUST LMRE 2025-SFR1 A                                     | CUSIP: 50208WAA2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    5000000 | PA      | $4867004.00    | 0.33%             | 2042-12-17      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| SYMPHONY CLO, LTD.                                 | SYMPHONY CLO XX LTD SYMP 2018-20A E                                       | CUSIP: 87166XAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $233238.25     | 0.02%             | 2032-01-16      | Floating      | 10.22%                | No            |                  2 | On Loan: No      |
| N/A                                                | SOC GEN COLLATERAL BALANCE FS FUNDS                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |    2052814 | PA      | $2052814.22    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| GENMAB A/S                                         | GENMAB A/S/GENMAB FINANCE LLC 144A 7.250000% 12/15/2033                   | CUSIP: 37230JAB8<br>LEI: 529900MTJPDPE4MHJ122 | Long             | DBT              | NUSS              | DK        |     938000 | PA      | $981833.68     | 0.07%             | 2033-12-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| STATE STREET                                       | FX Forward Contract: USD/GBP SETTLE 2026-04-17                            | CUSIP: N/A<br>LEI: 549300ZFEEJ2IP5VME73       | N/A              | DFE              |  | US        |          1 | NC      | $5855.93       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2018-91 SJ                   | CUSIP: 38380XYB7<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    9398863 | PA      | $1039619.55    | 0.07%             | 2048-07-20      | Floating      | 2.46%                 | No            |                  2 | On Loan: No      |
| Barclays                                           | FS Long Software TRS                                                      | CUSIP: N/A<br>LEI: B4TYDEB6GKMZO031MB27       | N/A              | DE               |  | US        |     160000 | NC      | $-1005904.00   | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| USD-SOFR 4.40 01/16/2035                           | USD-SOFR 4.40 01/16/2035 EXPIRATION: 01/16/2035                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |  300000000 | NC      | $10240465.52   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| LIBERTY ENERGY INC.                                | LIBERTY ENERGY INC 144A ZERO COUPON 03/01/2032                            | CUSIP: 53115LAC8<br>LEI: 254900PKFJW6RILDCM60 | Long             | DBT              | CORP              | US        |     892000 | PA      | $905358.13     | 0.06%             | 2032-03-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC REMICS FHR 5339 AS                                            | CUSIP: 3137HAHA7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   34521787 | PA      | $2103560.95    | 0.14%             | 2053-09-25      | Floating      | 2.08%                 | No            |                  2 | On Loan: No      |
| ISLAND FINANCE TRUST                               | ISLAND FINANCE TRUST 2025-1 ISLN 2025-1A B                                | CUSIP: 463920AB4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     300000 | PA      | $303188.40     | 0.02%             | 2035-03-19      | Fixed         | 7.95%                 | Yes           |                  2 | On Loan: No      |
| JACKSON PARK TRUST                                 | JACKSON PARK TRUST 2019-LIC JAX 2019-LIC E                                | CUSIP: 46868RAN4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     420000 | PA      | $371956.37     | 0.02%             | 2039-10-14      | Floating      | 3.24%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2023-53 SB                   | CUSIP: 38383XXY5<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   28205603 | PA      | $1235758.00    | 0.08%             | 2053-04-20      | Floating      | 1.88%                 | No            |                  2 | On Loan: No      |
| N/A                                                | BRK: JP MORGAN CHASE BANK NA COL: 85520AAA7                               | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               |  | US        |   -8034000 | PA      | $-8034000.00   | -0.54%            |  |  |  | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE REMICS FNR 2020-41 IP                                          | CUSIP: 3136B9Z42<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    9865728 | PA      | $1783198.77    | 0.12%             | 2049-09-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                | BANK OF AMERICA COLLATERAL BALANCE FS FUNDS                               | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |    1691807 | PA      | $1691807.00    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley                                     | MS Long REIT Basket TRS                                                   | CUSIP: TSFSREL05<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |     247234 | NC      | $-743185.40    | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| COINBASE GLOBAL, INC.                              | COINBASE GLOBAL INC -CLASS A COMMON STOCK                                 | CUSIP: 19260Q107<br>LEI: 5493004G3J2SC154DU06 | Short            | EC               |  | US        |      -8659 | NS      | $-1511947.99   | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC STRIPS FHS 406 S4                                             | CUSIP: 3142G5WY0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   41634182 | PA      | $2497314.01    | 0.17%             | 2053-10-25      | Floating      | 2.44%                 | No            |                  2 | On Loan: No      |
| N/A                                                | 3 MONTH SOFR FUT  SEP27 FINANCIAL COMMODITY FUTURE.                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       -723 | NC      | $-174487012.50 | -11.70%           |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                           | US 10YR NOTE (CBT)JUN26 FINANCIAL COMMODITY FUTURE.                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |      -7673 | NC      | $-852062671.90 | -57.15%           |  |  |  | No            |                  1 | On Loan: No      |
| FORTRESS CREDIT BSL LIMITED                        | FORTRESS CREDIT BSL III LTD FCBSL 2015-1A ER                              | CUSIP: 34960HAE9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1000000 | PA      | $996145.00     | 0.07%             | 2031-04-18      | Floating      | 10.12%                | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SAS                                  | ALTICE FRANCE SA 144A 9.500000% 11/01/2029                                | CUSIP: 02090DAA6<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | NUSS              | FR        |    2824000 | PA      | $2853485.38    | 0.19%             | 2029-11-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| BELLEMEADE RE LTD.                                 | BELLEMEADE RE 2025-1 LTD BMIR 2025-1 M1C                                  | CUSIP: 07876NAC9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    1750000 | PA      | $1766083.20    | 0.12%             | 2035-10-25      | Floating      | 6.91%                 | Yes           |                  2 | On Loan: No      |
| ARBOR REALTY COMMERCIAL REAL ESTATE NOTES LTD      | ARBOR REALTY COMMERCIAL REAL ESTATE NOTES 2025-FL1 ARCREN 2025-FL1 D      | CUSIP: 03881KAJ2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     700000 | PA      | $699450.50     | 0.05%             | 2043-01-20      | Floating      | 6.97%                 | Yes           |                  2 | On Loan: No      |
| J.P. MORGAN MORTGAGE TRUST                         | J.P. MORGAN MORTGAGE TRUST 2023-4 JPMMT 2023-4 B4                         | CUSIP: 46656QCC4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     249382 | PA      | $233807.38     | 0.02%             | 2053-11-25      | Floating      | 6.26%                 | Yes           |                  2 | On Loan: No      |
| UPSTART SECURITIZATION TRUST                       | UPSTART SECURITIZATION TRUST 2025-4 UPST 2025-4 D                         | CUSIP: 91684AAE9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    1515000 | PA      | $1546319.14    | 0.10%             | 2035-11-20      | Fixed         | 7.67%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE REMICS FNR 2024-24 SB                                          | CUSIP: 3136BRRX7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   29088558 | PA      | $2025159.99    | 0.14%             | 2053-09-25      | Floating      | 2.94%                 | No            |                  2 | On Loan: No      |
| USD-SOFR 4.22% 09/26/2030                          | USD-SOFR 4.22% 09/26/2030 EXPIRATION: 09/26/2030                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |    2000000 | NC      | $104073.55     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CPS AUTO RECEIVABLES TRUST                         | CPS AUTO RECEIVABLES TRUST 2026-A CPS 2026-A E                            | CUSIP: 22410MAE9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    1000000 | PA      | $973910.90     | 0.07%             | 2033-08-15      | Fixed         | 6.66%                 | Yes           |                  2 | On Loan: No      |
| CROSS MORTGAGE TRUST                               | CROSS 2023-H2 MORTGAGE TRUST CROSS 2023-H2 B1                             | CUSIP: 22757NAG3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    3760000 | PA      | $3781680.16    | 0.25%             | 2068-11-25      | Floating      | 8.35%                 | Yes           |                  2 | On Loan: No      |
| HOME RE LIMITED                                    | HOME RE 2026-1 LTD HMIR 2026-1 M1C                                        | CUSIP: 436956AC0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    1000000 | PA      | $1001919.10    | 0.07%             | 2036-01-25      | Floating      | 6.26%                 | Yes           |                  2 | On Loan: No      |
| ARCHES BUYER INC.                                  | ARCHES BUYER INC 144A 6.125000% 12/01/2028                                | CUSIP: 039524AB9<br>LEI: 2549009ADY4208OH2Y47 | Long             | DBT              | CORP              | US        |    1921000 | PA      | $1839756.11    | 0.12%             | 2028-12-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                                  | BARCLAYS BANK PLC MTN ZERO COUPON 12/29/2026                              | CUSIP: DC6516694<br>LEI: G5GSEF7VJP5I7OUK5573 | Long             | DBT              | NUSS              | GB        |   39149194 | PA      | $34213929.16   | 2.29%             | 2026-12-29      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| ARBOR REALTY SR, INC.                              | ARBOR REALTY SR INC 144A 8.500000% 12/15/2028                             | CUSIP: 03881NAL1<br>LEI: 549300TW7RTL2CI3CN08 | Long             | DBT              | CORP              | US        |    2257000 | PA      | $2218140.28    | 0.15%             | 2028-12-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY RESIDENTIAL MORTGAGE LOAN TRUST     | MORGAN STANLEY RESIDENTIAL MORTGAGE LOAN TRUST 202 MSRM 2024-4 B4         | CUSIP: 61777BBL1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     100000 | PA      | $92079.30      | 0.01%             | 2054-09-25      | Floating      | 6.94%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association           | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2018-89 LS                   | CUSIP: 38380XKS5<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   14778371 | PA      | $1453698.08    | 0.10%             | 2048-06-20      | Floating      | 2.41%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs                                      | Domestic Internet Basket TRS                                              | CUSIP: N/A<br>LEI: KD3XUN7C6T14HNAYLU02       | N/A              | DE               |  | US        |      64378 | NC      | $20223.13      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| VISTA POINT SECURITIZATION TRUST                   | VISTA POINT SECURITIZATION TRUST 2024-CES3 VSTA 2024-CES3 B1              | CUSIP: 92841WAE9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    1644000 | PA      | $1672188.85    | 0.11%             | 2055-01-25      | Floating      | 7.83%                 | Yes           |                  2 | On Loan: No      |
| HOME RE LIMITED                                    | HOME RE 2023-1 LTD HMIR 2023-1 M2                                         | CUSIP: 43731BAC5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     720000 | PA      | $772817.76     | 0.05%             | 2033-10-25      | Floating      | 9.66%                 | Yes           |                  2 | On Loan: No      |
| NATIXIS COMMERCIAL MORTGAGE SECURITIES TRUST       | NATIXIS COMMERCIAL MORTGAGE SECURITIES TRUST 2022- NCMS 2022-RRI E        | CUSIP: 63875JAN8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     466448 | PA      | $466379.18     | 0.03%             | 2035-03-15      | Floating      | 8.87%                 | Yes           |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                                  | Credit Default Swap                                                       | CUSIP: CD6205309<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DCR              |  | US        |   33660000 | NC      | $-1766062.75   | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| REACH ABS TRUST                                    | REACH ABS TRUST 2025-2 REACH 2025-2A D                                    | CUSIP: 75525QAD2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    1530000 | PA      | $1577487.22    | 0.11%             | 2032-08-18      | Fixed         | 7.31%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2021-215 SB                  | CUSIP: 38383DZ35<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   12789040 | PA      | $752046.71     | 0.05%             | 2051-12-20      | Floating      | 1.13%                 | No            |                  2 | On Loan: No      |
| BXMT LTD.                                          | BXMT 2025-FL5 LTD BXMT 2025-FL5 A                                         | CUSIP: 05613YAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    5000000 | PA      | $4984010.00    | 0.33%             | 2042-10-18      | Floating      | 5.32%                 | Yes           |                  2 | On Loan: No      |
| United States of America                           | TREASURY BILL 0.000000% 06/18/2026                                        | CUSIP: 912797TD9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    1750000 | PA      | $1736361.38    | 0.12%             | 2026-06-18      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ALIGNED DATA CENTERS                               | ALIGNED DATA CENTERS ISSUER LLC ADC 2021-1A B                             | CUSIP: 01627AAB4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    2000000 | PA      | $1977623.20    | 0.13%             | 2046-08-15      | Fixed         | 2.48%                 | Yes           |                  2 | On Loan: No      |
| Cerdia Finanz GmbH                                 | CERDIA FINANZ GMBH 144A 9.375000% 10/03/2031                              | CUSIP: 15679GAC6<br>LEI: 391200KURNDJSX9GX570 | Short            | DBT              | NUSS              | DE        |   -1131000 | PA      | $-1120289.43   | -0.08%            | 2031-10-03      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| CLNY TRUST                                         | CLNY TRUST 2019-IKPR CLNY 2019-IKPR D                                     | CUSIP: 12564NAL6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     450000 | PA      | $429750.00     | 0.03%             | 2038-11-15      | Floating      | 6.06%                 | No            |                  2 | On Loan: No      |
| JPM Chase                                          | WF-IRS 10YR PAY FIXED 3.867000                                            | CUSIP: N/A<br>LEI: B4TYDEB6GKMZO031MB27       | N/A              | DIR              |  | US        |    5844585 | NC      | $-13112.64     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2022-148 SJ                  | CUSIP: 38383YAT9<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   29306107 | PA      | $2251887.12    | 0.15%             | 2052-08-20      | Floating      | 2.33%                 | No            |                  2 | On Loan: No      |
| MADISON PARK FUNDING, LTD.                         | MADISON PARK FUNDING XXVII LTD MDPK 2018-27A ER                           | CUSIP: 55820XAE9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $218939.50     | 0.01%             | 2038-04-20      | Floating      | 9.17%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FEDERAL NATIONAL MORTGAGE ASSOCIATION 30YR TBA                            | CUSIP: 01F050650<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              |  | US        |  407000000 | PA      | $400704239.10  | 26.88%            | 2045-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HERTZ VEHICLE FINANCING III LLC                    | HERTZ VEHICLE FINANCING III LLC 2025-2 HERTZ 2025-2A D                    | CUSIP: 42806MDA4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    1280000 | PA      | $1281261.70    | 0.09%             | 2031-09-25      | Fixed         | 8.34%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association           | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2010-35 AS                   | CUSIP: 38376WL37<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    8920232 | PA      | $735229.65     | 0.05%             | 2040-03-20      | Floating      | 1.96%                 | No            |                  2 | On Loan: No      |
| NEPTUNE BIDCO US INC.                              | NEPTUNE BIDCO US INC 144A 10.375000% 05/15/2031                           | CUSIP: 640695AC6<br>LEI: 549300VG15T3VCYZ4531 | Long             | DBT              | CORP              | US        |     994000 | PA      | $1002953.95    | 0.07%             | 2031-05-15      | Fixed         | 10.38%                | No            |                  2 | On Loan: No      |
| HOMES TRUST                                        | HOMES 2025-NQM5 TRUST HOMES 2025-NQM5 B2                                  | CUSIP: 43762CAH4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     930000 | PA      | $918425.13     | 0.06%             | 2070-09-25      | Floating      | 7.37%                 | Yes           |                  2 | On Loan: No      |
| CIFC FUNDING LTD                                   | CIFC FUNDING 2017-IV LTD CIFC 2017-4A D                                   | CUSIP: 12551KAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     700000 | PA      | $697910.50     | 0.05%             | 2030-10-24      | Floating      | 10.03%                | No            |                  2 | On Loan: No      |
| ARES MANAGEMENT CORPORATION                        | ARES MANAGEMENT CORP - A COMMON STOCK                                     | CUSIP: 03990B101<br>LEI: 529900JUV61FH7B8VW38 | Short            | EC               |  | US        |      -7022 | NS      | $-766100.20    | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| JP MORGAN CHASE BANK N.A.                          | Credit Default Swap                                                       | CUSIP: CD6205314<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DCR              |  | US        |   -4850530 | NC      | $-2545605.49   | -0.17%            |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2025-120 ES                  | CUSIP: 38381N4K1<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   20537449 | PA      | $931781.99     | 0.06%             | 2054-02-20      | Floating      | 1.93%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2018-100 S                   | CUSIP: 38380XRP4<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    8812080 | PA      | $947268.61     | 0.06%             | 2048-07-20      | Floating      | 2.41%                 | No            |                  2 | On Loan: No      |
| DEEPHAVEN RESIDENTIAL MORTGAGE TRUST               | DEEPHAVEN RESIDENTIAL MORTGAGE TRUST 2025-INV1 DRMT 2025-INV1 B2          | CUSIP: 24382EAH0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    1152000 | PA      | $1122352.13    | 0.08%             | 2060-11-25      | Floating      | 7.18%                 | Yes           |                  2 | On Loan: No      |
| APOLLO GLOBAL MANAGEMENT, INC.                     | APOLLO GLOBAL MANAGEMENT INC COMMON STOCK                                 | CUSIP: 03769M106<br>LEI: 254900LMFT1CY9IYB476 | Short            | EC               |  | US        |     -16293 | NS      | $-1815366.06   | -0.12%            |  |  |  | No            |                  1 | On Loan: No      |
| WELLS FARGO COMMERCIAL MORTGAGE TRUST              | WELLS FARGO COMMERCIAL MORTGAGE TRUST 2025-AURA WFCM 2025-AURA A          | CUSIP: 95004VAA5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    5000000 | PA      | $4987487.00    | 0.33%             | 2042-10-15      | Floating      | 5.27%                 | Yes           |                  2 | On Loan: No      |
| HARBOR PARK CLO LTD                                | HARBOR PARK CLO LTD HARB 2018-1A ER2                                      | CUSIP: 41154YAE3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    3170000 | PA      | $2889286.99    | 0.19%             | 2031-01-20      | Floating      | 8.92%                 | Yes           |                  2 | On Loan: No      |
| NATIONAL MENTOR HOLDINGS, INC.                     | NATIONAL MENTOR HOLDINGS INC 144A 10.500000% 12/15/2030                   | CUSIP: 63688RAF4<br>LEI: 5493004QULJVJP3CNZ62 | Long             | DBT              | CORP              | US        |    1132000 | PA      | $1168424.36    | 0.08%             | 2030-12-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| Enpro Inc.                                         | ENPRO INC 144A 6.125000% 06/01/2033                                       | CUSIP: 29355XAH0<br>LEI: 549300Y5CFT2LKCFDN54 | Long             | DBT              | CORP              | US        |    1306000 | PA      | $1320974.60    | 0.09%             | 2033-06-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| iShares Russell 2000 ETF                           | IWM US 04/17/26 P245 LONG                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        130 | NC      | $70460.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| COINBASE GLOBAL, INC.                              | COINBASE GLOBAL INC 144A ZERO COUPON 10/01/2029                           | CUSIP: 19260QAG2<br>LEI: 5493004G3J2SC154DU06 | Long             | DBT              | CORP              | US        |    6529000 | PA      | $5716139.50    | 0.38%             | 2029-10-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| CROSS MORTGAGE TRUST                               | CROSS 2024-H1 MORTGAGE TRUST CROSS 2024-H1 B1                             | CUSIP: 22757AAG1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     100000 | PA      | $101266.56     | 0.01%             | 2068-12-25      | Floating      | 8.71%                 | Yes           |                  2 | On Loan: No      |
| PRA GROUP, INC.                                    | PRA GROUP INC 144A 8.875000% 01/31/2030                                   | CUSIP: 69354NAF3<br>LEI: 549300Q5HW3JSSB86K27 | Long             | DBT              | CORP              | US        |     721000 | PA      | $727966.30     | 0.05%             | 2030-01-31      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| N/A                                                | BRK: MERRILL LYNCH, PIERCE, FENNER & SMITH COL: 55284JAA7                 | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               |  | US        |   -5147000 | PA      | $-5147000.00   | -0.35%            |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2023-23 SB                   | CUSIP: 38383V8A9<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   31285538 | PA      | $583628.59     | 0.04%             | 2053-02-20      | Floating      | 0.48%                 | No            |                  2 | On Loan: No      |
| OLYMPIC TOWER MORTGAGE TRUST                       | OLYMPIC TOWER 2017-OT MORTGAGE TRUST OT 2017-OT D                         | CUSIP: 68162MAL6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     150000 | PA      | $137369.87     | 0.01%             | 2039-05-10      | Floating      | 3.95%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2023-82 US                   | CUSIP: 38384AN74<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   10873916 | PA      | $615645.23     | 0.04%             | 2053-06-20      | Floating      | 3.08%                 | No            |                  2 | On Loan: No      |
| JPM Chase                                          | WF-IRS 6YR PAY FIXED 3.635000                                             | CUSIP: N/A<br>LEI: B4TYDEB6GKMZO031MB27       | N/A              | DIR              |  | US        |    3099929 | NC      | $3335.41       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                | 3 MONTH SOFR FUT  JUN26 FINANCIAL COMMODITY FUTURE.                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       -723 | NC      | $-174125512.50 | -11.68%           |  |  |  | No            |                  1 | On Loan: No      |
| BAML                                               | BAML FX Multi-Factor TRS                                                  | CUSIP: N/A<br>LEI: B4TYDEB6GKMZO031MB27       | N/A              | DE               |  | US        |     375604 | NC      | $510483.40     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| C&S GROUP ENTERPRISES LLC                          | C&S GROUP ENTERPRISES LLC 144A 5.000000% 12/15/2028                       | CUSIP: 12467AAF5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1629000 | PA      | $1514845.71    | 0.10%             | 2028-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| US 10YR FUT OPTN  May26P 110.5                     | US 10YR FUT OPTN  May26P 110.5 LONG                                       | CUSIP: 01Z9WMJF9<br>LEI: N/A                  | N/A              | DIR              |  | US        |       1693 | NC      | $846500.00     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| GLOBAL ATLANTIC (FIN) COMPANY                      | GLOBAL ATLANTIC FIN CO 144A 7.250000% 03/01/2056                          | CUSIP: 37959GAH0<br>LEI: 98450051B2E65CAA7E94 | Long             | DBT              | CORP              | US        |    3490000 | PA      | $3289542.43    | 0.22%             | 2056-03-01      | Variable      | 7.25%                 | No            |                  2 | On Loan: No      |
| STAR LEASING COMPANY, LLC                          | STAR LEASING CO LLC 144A 7.625000% 02/15/2030                             | CUSIP: 854938AA5<br>LEI: 549300WXKNX4PT3HSN71 | Long             | DBT              | CORP              | US        |     332000 | PA      | $307239.04     | 0.02%             | 2030-02-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| PG&E CORPORATION                                   | P G & E CORP COMMON STOCK                                                 | CUSIP: 69331C108<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Short            | EC               |  | US        |    -111893 | NS      | $-1965960.01   | -0.13%            |  |  |  | No            |                  1 | On Loan: No      |
| CRSNT TRUST                                        | CRSNT TRUST 2026-MOON CRSNT 2026-MOON E                                   | CUSIP: 12642SAJ6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    3164000 | PA      | $3162022.50    | 0.21%             | 2031-02-15      | Floating      | 7.17%                 | Yes           |                  2 | On Loan: No      |
| MAGNETITE CLO, LIMITED                             | MAGNETITE XXXI LTD MAGNE 2021-31A ER                                      | CUSIP: 55952GAE6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    3500000 | PA      | $3253894.00    | 0.22%             | 2034-07-15      | Floating      | 8.17%                 | Yes           |                  2 | On Loan: No      |
| FUNDAMENTAL INCOME NET-LEASE MORTGAGE NOTES        | FIP MASTER FUNDING LLC FI 2024-1A A1                                      | CUSIP: 30332YAC5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    7968519 | PA      | $7897622.06    | 0.53%             | 2054-10-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| BX TRUST                                           | BX TRUST 2025-VLT6 BX 2025-VLT6 E                                         | CUSIP: 12433KAJ6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    4300000 | PA      | $4261072.10    | 0.29%             | 2042-03-15      | Floating      | 6.86%                 | Yes           |                  2 | On Loan: No      |
| IRIS ESCROW ISSUER CORPORATION                     | IRIS HOLDING INC 144A 10.000000% 12/15/2028                               | CUSIP: 462914AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    3341000 | PA      | $2763675.20    | 0.19%             | 2028-12-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| PENNYMAC MORTGAGE INVESTMENT TRUST                 | PennyMac Mortgage Investment Trust PREFERRED STOCK                        | CUSIP: 70931T707<br>LEI: 549300BSSOQO1ZWDUJ97 | Long             | EP               |  | US        |      20247 | NS      | $509009.58     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC REMICS FHR 5255 SA                                            | CUSIP: 3137H8VH1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   35164390 | PA      | $1904359.22    | 0.13%             | 2052-09-25      | Floating      | 1.64%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                    | US TREASURY N/B 4.625000% 06/15/2027                                      | CUSIP: 91282CKV2<br>LEI: N/A                  | Long             | SN               | UST               | US        |    5000000 | PA      | $5046875.00    | 0.34%             | 2027-06-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| FIRSTENERGY CORP.                                  | FIRSTENERGY CORP 144A 3.875000% 01/15/2031                                | CUSIP: 337932AU1<br>LEI: 549300SVYJS666PQJH88 | Long             | DBT              | CORP              | US        |    4356000 | PA      | $5022468.00    | 0.34%             | 2031-01-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| N/A                                                | 3 MONTH SOFR FUT  DEC26 FINANCIAL COMMODITY FUTURE.                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       -723 | NC      | $-174179737.50 | -11.68%           |  |  |  | No            |                  1 | On Loan: No      |
| UBS                                                | UBS Value & Delta Quality, Momentum, Value TRS                            | CUSIP: TCSDQMV00<br>LEI: 984500653R409CC5AB28 | N/A              | DE               |  | US        |      45356 | NC      | $1663068.45    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| HOME RE LIMITED                                    | HOME RE 2026-1 LTD HMIR 2026-1 M2                                         | CUSIP: 436956AD8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    1000000 | PA      | $1008032.80    | 0.07%             | 2036-01-25      | Floating      | 6.86%                 | Yes           |                  2 | On Loan: No      |
| MF1 LTD                                            | MF1 2022-FL8 LTD MF1 2022-FL8 E                                           | CUSIP: 55284JAL3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    2810000 | PA      | $2767731.98    | 0.19%             | 2037-02-19      | Floating      | 6.83%                 | Yes           |                  2 | On Loan: No      |
| HOTWIRE FUNDING LLC                                | HOTWIRE FUNDING LLC HWIRE 2024-1A C                                       | CUSIP: 44148JAM1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     140000 | PA      | $145157.53     | 0.01%             | 2054-06-20      | Fixed         | 9.19%                 | Yes           |                  2 | On Loan: No      |
| CHASE HOME LENDING MORTGAGE TRUST                  | CHASE HOME LENDING MORTGAGE TRUST SERIES 2024-4 CHASE 2024-4 AX1          | CUSIP: 16159NAX2<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    7585438 | PA      | $10452.73      | 0.00%             | 2055-03-25      | Floating      | 0.12%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE REMICS FNR 2023-11 HS                                          | CUSIP: 3136BPW72<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   84960972 | PA      | $4042349.59    | 0.27%             | 2053-04-25      | Floating      | 2.00%                 | No            |                  2 | On Loan: No      |
| ARKO CORP.                                         | ARKO CORP 144A 5.125000% 11/15/2029                                       | CUSIP: 041242AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    2090000 | PA      | $1854400.57    | 0.12%             | 2029-11-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs                                      | GS Carbon Allowance TRS                                                   | CUSIP: TGSCAZE04<br>LEI: 984500653R409CC5AB28 | N/A              | DE               |  | US        |      51842 | NC      | $-115700.97    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| US 10YR FUT OPTN  May26C   110                     | US 10YR FUT OPTN  May26C   110 LONG                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       1312 | NC      | $1845000.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| USD-SOFR 4.27 01/16/2035                           | USD-SOFR 4.27 01/16/2035 EXPIRATION: 01/16/2035                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |  -60000000 | NC      | $-3836528.98   | -0.26%            |  |  |  | No            |                  1 | On Loan: No      |
| BSPRT ISSUER, LTD.                                 | BSPRT 2024-FL11 ISSUER LLC BSPRT 2024-FL11 A                              | CUSIP: 05613RAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   10000000 | PA      | $10023200.00   | 0.67%             | 2039-07-15      | Floating      | 5.31%                 | Yes           |                  2 | On Loan: No      |
| ORACLE CORPORATION                                 | Oracle Corp PREFERRED STOCK                                               | CUSIP: 68389X204<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EP               |  | US        |      68235 | NS      | $3071257.35    | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| FEDERAL REALTY INVESTMENT TRUST                    | FEDERAL REALTY INVS TRUST REIT                                            | CUSIP: 313745101<br>LEI: 549300FHEI1SLVZ0RB48 | Short            | EC               |  | US        |      -5249 | NS      | $-557496.29    | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-03-31

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

**Signature:** Andrew Metzger

**Name of Signer:** Andrew Metzger

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