# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0002048251-25-002703
**Filing Date:** 2025-11
**Character Count:** 59932
**Document Hash:** 082ca95a9fe33550943d9224fd698fcf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-25-002703.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0002048251-25-002703

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251128

**DATE AS OF CHANGE**: 20251128

**PERIOD START**: 20250930

**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:** 251532802

**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

### First Foundation Fixed Income Fund (Series ID: S000070256)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000223439 | Class Y      | FFBYX           |
| C000223440 | Class A      | FFBAX           |

## 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:** First Foundation Fixed Income Fund

- **b. EDGAR series identifier (if any):** S000070256

- **c. LEI of Series:** 549300ZX1F6RSOYD3766

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

- **a. Date of fiscal year-end:** 2025-09-30

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $72893105.74

**Total Liabilities:** $443473.14

**Net Assets:** $72449632.60

**Cash Not Reported:** $613.61

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -76.07012157 | **1-Year:** -1484.48703840 | **5-Year:** -5784.81594975 | **10-Year:** -15731.02197145 | **30-Year:** -8846.16900385

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

- **3-Month:** -118.69899067 | **1-Year:** -1792.06485881 | **5-Year:** -4167.58198188 | **10-Year:** -3960.23426870 | **30-Year:** -758.64381592

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000223439 | 1.10%                | 1.19%                | 0.03%                |
| Class ID C000223440 | -3.25%               | -3.04%               | -4.30%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $34864.95                | $501426.12                                 |
| Month 2  | $-4975.16                | $647487.51                                 |
| Month 3  | $1865.28                 | $-325270.91                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| INTEL CORPORATION                                      | INTEL CORP 5.600000% 02/21/2054                                                   | CUSIP: 458140CM0<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1920355.20   | 2.65%             | 2054-02-21      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| EDISON INTERNATIONAL                                   | EDISON INTERNATIONAL 5.375000% MATURITY: PERPETUAL                                | CUSIP: 281020AS6<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |    725000 | PA      | $703880.69    | 0.97%             | 2174-09-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2017-69 AS                           | CUSIP: 38379RXX6<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    470486 | PA      | $433231.60    | 0.60%             | 2058-02-16      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| NEVADA POWER COMPANY                                   | NEVADA POWER CO 6.250000% 05/15/2055                                              | CUSIP: 641423CH9<br>LEI: MJZFGXRJ52U8U4MKJ519 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1267625.00   | 1.75%             | 2055-05-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| LINCOLN NATIONAL CORPORATION                           | LINCOLN NATIONAL CORP VARIABLE RATE 05/17/2066                                    | CUSIP: 534187BN8<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1504017.74   | 2.08%             | 2066-05-17      | Floating      | 6.80%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | FREDDIE MAC REMICS FHR 5253 PL                                                    | CUSIP: 3137H8HL8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   2000000 | PA      | $1796856.40   | 2.48%             | 2052-08-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LKQ CORPORATION                                        | LKQ CORP 6.250000% 06/15/2033                                                     | CUSIP: 501889AF6<br>LEI: DS830JTTZQN6GK0I2E41 | Long             | DBT              | CORP              | US        |    325000 | PA      | $346822.58    | 0.48%             | 2033-06-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| THE PNC FINANCIAL SERVICES GROUP, INC.                 | PNC FINANCIAL SERVICES GROUP INC/THE 6.250000% MATURITY: PERPETUAL                | CUSIP: 693475BP9<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    500000 | PA      | $513050.50    | 0.71%             | 2174-06-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | FEDERAL HOME LOAN MORTGAGE CORP MTN 2.000000% 10/29/2040                          | CUSIP: 3134GW6D3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   1000000 | PA      | $688636.10    | 0.95%             | 2040-10-29      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| HUMANA INC.                                            | HUMANA INC 5.750000% 04/15/2054                                                   | CUSIP: 444859CB6<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |   1525000 | PA      | $1455596.49   | 2.01%             | 2054-04-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FANNIE MAE POOL FN AS2009                                                         | CUSIP: 3138WBGT6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    187788 | PA      | $182288.92    | 0.25%             | 2044-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FEDERAL FARM CREDIT BANKS FUNDING CORPORATION          | FEDERAL FARM CREDIT BANK 4.550000% 02/17/2033                                     | CUSIP: 3133EPAZ8<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGA              | US        |   1000000 | PA      | $989450.18    | 1.37%             | 2033-02-17      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FANNIE MAE POOL FN AI4818                                                         | CUSIP: 3138AJK84<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     59830 | PA      | $61273.17     | 0.08%             | 2041-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| United States of America                               | US TREASURY N/B 3.000000% 08/15/2052                                              | CUSIP: 912810TJ7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1250000 | PA      | $914257.81    | 1.26%             | 2052-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| THE DOW CHEMICAL COMPANY                               | DOW CHEMICAL CO/THE 5.600000% 02/15/2054                                          | CUSIP: 260543DK6<br>LEI: ZQUIP1CSZO8LXRBSOU78 | Long             | DBT              | CORP              | US        |    500000 | PA      | $452447.73    | 0.62%             | 2054-02-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| HUMANA INC.                                            | HUMANA INC 5.550000% 05/01/2035                                                   | CUSIP: 444859CD2<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |    500000 | PA      | $509379.28    | 0.70%             | 2035-05-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| CVS LEASE BACKED PASS THROUGH SERIES TRUST             | CVS PASS-THROUGH TRUST 6.036000% 12/10/2028                                       | CUSIP: 126650BP4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     23377 | PA      | $23862.60     | 0.03%             | 2028-12-10      | Fixed         | 6.04%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | FREDDIE MAC GOLD POOL FG Q26366                                                   | CUSIP: 3132M6W30<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    278685 | PA      | $269472.10    | 0.37%             | 2044-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ELEVANCE HEALTH, INC.                                  | ELEVANCE HEALTH INC 5.850000% 11/01/2064                                          | CUSIP: 036752BF9<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |    500000 | PA      | $497602.82    | 0.69%             | 2064-11-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| MULTNOMAH CNTY ORE SCH DIST NO 1J PORTLAND             | MULTNOMAH CNTY OR SCH DIST #1J MULTNOMAH COUNTY SCHOOL DISTRICT NO 1J PORTLAND    | CUSIP: 625517MY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $382804.20    | 0.53%             | 2038-06-30      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| SMALL BUSINESS INVESTMENT COMPANIES                    | SBA SMALL BUSINESS INVESTMENT COS SBIC 2018-10B 1                                 | CUSIP: 831641FL4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    519975 | PA      | $514119.88    | 0.71%             | 2028-09-10      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| SMALL BUSINESS INVESTMENT COMPANIES                    | SBA SMALL BUSINESS INVESTMENT COS SBIC 2023-10B 1                                 | CUSIP: 831641FW0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1267921 | PA      | $1316185.97   | 1.82%             | 2033-09-10      | Fixed         | 5.69%                 | No            |                  2 | On Loan: No      |
| RIVERNORTH/DOUBLELINE STRATEGIC OPPORTUNITY FUND, INC. | RIVERNRTH/DOUBLELNE STR OPP MUTUAL FUND                                           | CUSIP: 76882G107<br>LEI: 549300TYVWPHZ1HNWL70 | Long             | EC               |  | US        |     61339 | NS      | $523221.67    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association               | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2023-147 BD                          | CUSIP: 38384DQQ3<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    572819 | PA      | $575108.99    | 0.79%             | 2051-03-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FANNIE MAE POOL FN AL0065                                                         | CUSIP: 3138EGCB8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     62529 | PA      | $62576.72     | 0.09%             | 2041-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BOOZ ALLEN HAMILTON INC.                               | BOOZ ALLEN HAMILTON INC 5.950000% 04/15/2035                                      | CUSIP: 09951LAD5<br>LEI: 549300D7XCH2480XU542 | Long             | DBT              | CORP              | US        |    750000 | PA      | $781880.01    | 1.08%             | 2035-04-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| United States of America                               | US TREASURY N/B 4.250000% 05/15/2035                                              | CUSIP: 91282CNC1<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   2000000 | PA      | $2018437.50   | 2.79%             | 2035-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FANNIE MAE POOL FN AE3049                                                         | CUSIP: 31419DL74<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    294689 | PA      | $295309.25    | 0.41%             | 2040-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL HOLDINGS, INC.                  | NEXTERA ENERGY CAPITAL HOLDINGS INC 6.750000% 06/15/2054                          | CUSIP: 65339KDB3<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    250000 | PA      | $268682.75    | 0.37%             | 2054-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2             | GINNIE MAE II POOL G2 4922                                                        | CUSIP: 36202FPF7<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    258101 | PA      | $249815.94    | 0.34%             | 2041-01-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BAYER US FINANCE II LLC                                | BAYER US FINANCE II LLC 144A 4.875000% 06/25/2048                                 | CUSIP: 07274NAQ6<br>LEI: 529900XWNEXYNJ3X6T40 | Long             | DBT              | CORP              | DE        |    250000 | PA      | $211038.85    | 0.29%             | 2048-06-25      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FANNIE MAE POOL FN AB7964                                                         | CUSIP: 31417EZ61<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    259883 | PA      | $245217.84    | 0.34%             | 2043-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2017-24 A                            | CUSIP: 38379U6D3<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |     45694 | PA      | $44668.15     | 0.06%             | 2044-09-16      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORPORATION                                 | CVS HEALTH CORP 6.125000% 09/15/2039                                              | CUSIP: 126650BR0<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    725000 | PA      | $754683.66    | 1.04%             | 2039-09-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| TELEPHONE AND DATA SYSTEMS, INC.                       | Telephone and Data Systems Inc PREFERRED STOCK                                    | CUSIP: 879433761<br>LEI: N/A                  | Long             | EP               |  | US        |     10385 | NS      | $205623.00    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| RIVERNORTH/DOUBLELINE STRATEGIC OPPORTUNITY FUND, INC. | RiverNorth/DoubleLine Strategic Opportunity Fund I PREFERRED STOCK                | CUSIP: 76882G206<br>LEI: 549300TYVWPHZ1HNWL70 | Long             | EP               |  | US        |       976 | NS      | $16699.36     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIGROUP INC.                                         | CITIGROUP INC 7.000000% MATURITY: PERPETUAL                                       | CUSIP: 172967PM7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    500000 | PA      | $531075.00    | 0.73%             | 2173-11-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                     | ENERGY TRANSFER LP 8.000000% 05/15/2054                                           | CUSIP: 29273VAX8<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    500000 | PA      | $534311.00    | 0.74%             | 2054-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN ELECTRIC POWER COMPANY, INC.                  | AMERICAN ELECTRIC POWER CO INC 7.050000% 12/15/2054                               | CUSIP: 025537AZ4<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |    500000 | PA      | $522801.00    | 0.72%             | 2054-12-15      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| SMALL BUSINESS ADMINISTRATION GTD                      | UNITED STATES SMALL BUSINESS ADMINISTRATION SBAP 2018-20H 1                       | CUSIP: 83162CZR7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    648932 | PA      | $623889.47    | 0.86%             | 2038-08-01      | Fixed         | 3.58%                 | No            |                  2 | On Loan: No      |
| PORT AUTH N Y & N J                                    | PORT AUTH OF NEW YORK & NEW JE PORT AUTHORITY OF NEW YORK & NEW JERSEY            | CUSIP: 73358WJA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    320000 | PA      | $273108.51    | 0.38%             | 2062-10-01      | Fixed         | 4.46%                 | No            |                  2 | On Loan: No      |
| BNSF FUNDING TRUST I                                   | BNSF FUNDING TRUST I 6.613000% 12/15/2055                                         | CUSIP: 05567SAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $499485.95    | 0.69%             | 2055-12-15      | Fixed         | 6.61%                 | No            |                  2 | On Loan: No      |
| N/A                                                    | ARBOR REALTY TRUST INC 4.500000% 03/15/2027                                       | CUSIP: 038923AR9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1682239.41   | 2.32%             | 2027-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PIMCO Dynamic Income Fund                              | PIMCO DYNAMIC INCOME FUND MUTUAL FUND                                             | CUSIP: 72201Y101<br>LEI: F0MWMXS5YG3P711FB044 | Long             | EC               |  | US        |     10000 | NS      | $198000.00    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| THE BOEING COMPANY                                     | BOEING CO/THE 3.300000% 03/01/2035                                                | CUSIP: 097023BK0<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    225000 | PA      | $193357.46    | 0.27%             | 2035-03-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| FRESB MORTGAGE TRUST                                   | FRESB 2018-SB52 MORTGAGE TRUST FRESB 2018-SB52 A10F                               | CUSIP: 30297CAJ1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1600546 | PA      | $1569831.47   | 2.17%             | 2028-06-25      | Floating      | 3.48%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2             | GINNIE MAE II POOL G2 MA1012                                                      | CUSIP: 36179NDR6<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    343028 | PA      | $324591.19    | 0.45%             | 2043-05-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2020-3 AH                            | CUSIP: 38382BM83<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    940672 | PA      | $775946.10    | 1.07%             | 2062-02-16      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FANNIE MAE POOL FN AC5400                                                         | CUSIP: 31417SAA8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     18912 | PA      | $19027.58     | 0.03%             | 2039-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FANNIE MAE REMICS FNR 2010-16 PA                                                  | CUSIP: 31398MRQ1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     11917 | PA      | $11940.84     | 0.02%             | 2040-02-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FEDERAL FARM CREDIT BANKS FUNDING CORPORATION          | FEDERAL FARM CREDIT BANK 4.700000% 08/16/2032                                     | CUSIP: 3133ENG61<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGA              | US        |    175000 | PA      | $174574.13    | 0.24%             | 2032-08-16      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS AND ELECTRIC COMPANY                       | PACIFIC GAS AND ELECTRIC CO 4.950000% 07/01/2050                                  | CUSIP: 694308JN8<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1716573.50   | 2.37%             | 2050-07-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| EVEREST REINSURANCE HOLDINGS, INC.                     | EVEREST REINSURANCE HOLDINGS INC VARIABLE RATE 05/15/2037                         | CUSIP: 299808AE5<br>LEI: 254900P29PM5UJR3VU91 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $952829.40    | 1.32%             | 2037-05-15      | Floating      | 6.86%                 | No            |                  2 | On Loan: No      |
| SMALL BUSINESS INVESTMENT COMPANIES                    | SBA SMALL BUSINESS INVESTMENT COS SBIC 2018-10A 1                                 | CUSIP: 831641FK6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    355009 | PA      | $347521.45    | 0.48%             | 2028-03-10      | Fixed         | 3.19%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | FEDERAL HOME LOAN MORTGAGE CORP MTN 1.540000% 08/17/2035                          | CUSIP: 3134GWQH2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   2500000 | PA      | $1920409.13   | 2.65%             | 2035-08-17      | Fixed         | 1.54%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2017-70 AE                           | CUSIP: 38379RYP2<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    481658 | PA      | $412382.70    | 0.57%             | 2058-10-16      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| DENTSPLY SIRONA INC.                                   | DENTSPLY SIRONA INC 8.375000% 09/12/2055                                          | CUSIP: 24906PAB5<br>LEI: 9NHEHR1SOZCYXDO8HO28 | Long             | DBT              | CORP              | US        |    250000 | PA      | $257658.75    | 0.36%             | 2055-09-12      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2012-100 BA                          | CUSIP: 38378BC23<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   2161719 | PA      | $1838733.38   | 2.54%             | 2052-08-16      | Floating      | 2.60%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FANNIE MAE POOL FN AH7284                                                         | CUSIP: 3138A9CW2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     39157 | PA      | $38131.80     | 0.05%             | 2041-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DoubleLine Income Solutions Fund                       | DOUBLELINE INCOME SOLUTIONS MUTUAL FUND                                           | CUSIP: 258622109<br>LEI: 549300RGXFCKJWYUTL28 | Long             | EC               |  | US        |      9193 | NS      | $112890.04    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association               | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2018-3 AG                            | CUSIP: 38380JNJ3<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    182463 | PA      | $157066.76    | 0.22%             | 2058-10-16      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2012-83 AK                           | CUSIP: 38378BXN4<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    532038 | PA      | $481710.42    | 0.66%             | 2053-12-16      | Floating      | 3.19%                 | No            |                  2 | On Loan: No      |
| WALGREENS BOOTS ALLIANCE, INC.                         | WALGREENS BOOTS ALLIANCE INC 4.650000% 06/01/2046                                 | CUSIP: 931427AR9<br>LEI: 549300RPTUOIXG4LIH86 | Long             | DBT              | CORP              | US        |    250000 | PA      | $240725.00    | 0.33%             | 2046-06-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2018-68 B                            | CUSIP: 38380JK56<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   1000000 | PA      | $850863.50    | 1.17%             | 2059-02-16      | Floating      | 3.00%                 | No            |                  2 | On Loan: No      |
| ARBOR REALTY TRUST, INC.                               | Arbor Realty Trust Inc PREFERRED STOCK                                            | CUSIP: N/A<br>LEI: 549300ASFUWYQO0RW077       | Long             | EP               |  | US        |      1335 | NS      | $24817.65     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Enbridge Inc.                                          | ENBRIDGE INC 8.500000% 01/15/2084                                                 | CUSIP: 29250NBT1<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | NUSS              | CA        |   1250000 | PA      | $1429643.75   | 1.97%             | 2084-01-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2024-45 DB                           | CUSIP: 38384KGY1<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   1500000 | PA      | $1517506.05   | 2.09%             | 2054-03-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY BANK OF AMERICA MERRILL LYNCH TRUST     | MORGAN STANLEY BANK OF AMERICA MERRILL LYNCH TRUST MSBAM 2013-C10 C               | CUSIP: 61762MCB5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    191000 | PA      | $175686.23    | 0.24%             | 2046-07-15      | Floating      | 4.08%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2023-111 ML                          | CUSIP: 38384CJP5<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   1000000 | PA      | $1023106.20   | 1.41%             | 2045-05-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| THE BOEING COMPANY                                     | BOEING CO/THE 6.625000% 02/15/2038                                                | CUSIP: 097023AS4<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    250000 | PA      | $277026.34    | 0.38%             | 2038-02-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INCORPORATED                        | UNITEDHEALTH GROUP INC 5.800000% 03/15/2036                                       | CUSIP: 91324PAR3<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    500000 | PA      | $535538.23    | 0.74%             | 2036-03-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2023-1 AL                            | CUSIP: 38383VDG0<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   1500000 | PA      | $1467663.90   | 2.03%             | 2053-01-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CORPORATION                                | DUKE ENERGY CORP 6.450000% 09/01/2054                                             | CUSIP: 26441CCG8<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |    500000 | PA      | $528139.00    | 0.73%             | 2054-09-01      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| APPLOVIN CORPORATION                                   | APPLOVIN CORP 5.375000% 12/01/2031                                                | CUSIP: 03831WAC2<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | DBT              | CORP              | US        |    250000 | PA      | $258618.92    | 0.36%             | 2031-12-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORPORATION                                 | CVS HEALTH CORP 7.000000% 03/10/2055                                              | CUSIP: 126650EH9<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    250000 | PA      | $262435.74    | 0.36%             | 2055-03-10      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FANNIE MAE POOL FN AR6834                                                         | CUSIP: 3138W4SY8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    215913 | PA      | $198542.02    | 0.27%             | 2043-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MODESTO CALIF IRR DIST FING AUTH ELEC SYS REV          | MODESTO CA IRR DIST FING AUTH MODESTO IRRIGATION DISTRICT                         | CUSIP: 607767AA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $571362.55    | 0.79%             | 2040-10-01      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| CREATIVE MEDIA & COMMUNITY TRUST CORPORATION.          | CREATIVE MEDIA & COMMUNITY T REIT                                                 | CUSIP: 12564W102<br>LEI: 549300X9XL9BLF80OY48 | Long             | EC               |  | US        |       272 | NS      | $1722.91      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association                  | FANNIE MAE POOL FN AH3401                                                         | CUSIP: 3138A4X75<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     58118 | PA      | $58162.96     | 0.08%             | 2041-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Small Business Administration                          | SMALL BUSINESS ADMINISTRATION POOLS SBA 510032                                    | CUSIP: 83164MED7<br>LEI: N/A                  | Long             |  |  | US        |     70576 | PA      | $69965.02     | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | FREDDIE MAC GOLD POOL FG Q01533                                                   | CUSIP: 3132GEV23<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |     54294 | PA      | $55668.65     | 0.08%             | 2041-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PIMCO Dynamic Income Opportunities Fund                | PIMCO DYNAMIC INCOME OPPORT MUTUAL FUND                                           | CUSIP: 69355M107<br>LEI: 549300MWJBXCL907ZB49 | Long             | EC               |  | US        |     20000 | NS      | $282400.00    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTHWEST AIRLINES CO.                                 | SOUTHWEST AIRLINES CO 7.375000% 03/01/2027                                        | CUSIP: 844741AN8<br>LEI: UDTZ87G0STFETI6HGH41 | Long             | DBT              | CORP              | US        |    250000 | PA      | $258992.10    | 0.36%             | 2027-03-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| THE FEDERAL HOME LOAN BANKS                            | FEDERAL HOME LOAN BANK 2.000000% 02/25/2036                                       | CUSIP: 3130AL3X0<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    500000 | PA      | $387940.85    | 0.54%             | 2036-02-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FANNIE MAE REMICS FNR 2023-70 B                                                   | CUSIP: 3136BQH93<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    779277 | PA      | $782968.80    | 1.08%             | 2054-01-25      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FANNIE MAE POOL FN AS1770                                                         | CUSIP: 3138WA6G7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    127054 | PA      | $123176.85    | 0.17%             | 2044-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                    | MALLINCKRODT PLC COMMON STOCK                                                     | CUSIP: G5890A102<br>LEI: N/A                  | Long             | EC               |  | US        |        59 | NS      | $5402.99      | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| LEIDOS HOLDINGS, INC.                                  | LEIDOS HOLDINGS INC 5.950000% 12/01/2040                                          | CUSIP: 78390XAC5<br>LEI: 549300IUTGTP6EJP8124 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153968.03    | 0.21%             | 2040-12-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FANNIE MAE POOL FN AE7731                                                         | CUSIP: 31419JSV1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     43269 | PA      | $43315.54     | 0.06%             | 2040-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| THE BOEING COMPANY                                     | BOEING CO/THE 5.805000% 05/01/2050                                                | CUSIP: 097023CW3<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    750000 | PA      | $749297.83    | 1.03%             | 2050-05-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| FEDERAL FARM CREDIT BANKS FUNDING CORPORATION          | FEDERAL FARM CREDIT BANK 2.740000% 04/01/2041                                     | CUSIP: 3133EMVE9<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGA              | US        |    500000 | PA      | $381479.63    | 0.53%             | 2041-04-01      | Fixed         | 2.74%                 | No            |                  2 | On Loan: No      |
| THE FEDERAL HOME LOAN BANKS                            | FEDERAL HOME LOAN BANK 3.000000% 02/24/2037                                       | CUSIP: 3130AQVP5<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    500000 | PA      | $426608.15    | 0.59%             | 2037-02-24      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CALIF CITY & CNTY REDEV FING AUTH TAX    | SAN FRANCISCO CITY & CNTY CA R SAN FRANCISCO CITY & COUNTY REDEVELOPMENT FINANCIN | CUSIP: 79771PU78<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $258112.01    | 0.36%             | 2029-08-01      | Fixed         | 8.26%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FANNIE MAE REMICS FNR 2015-45 ZY                                                  | CUSIP: 3136APFJ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   1289770 | PA      | $1114251.15   | 1.54%             | 2045-07-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2017-46 A                            | CUSIP: 38379U7H3<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    290718 | PA      | $239943.78    | 0.33%             | 2057-11-16      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| SCE TRUST VI                                           | SCE Trust VI PREFERRED STOCK                                                      | CUSIP: 78410V200<br>LEI: N/A                  | Long             | EP               |  | US        |        25 | NS      | $426.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                               | US TREASURY N/B 2.750000% 11/15/2047                                              | CUSIP: 912810RZ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $722773.44    | 1.00%             | 2047-11-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FANNIE MAE REMICS FNR 2012-98 WZ                                                  | CUSIP: 3136A8AJ9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   1839979 | PA      | $1792419.91   | 2.47%             | 2042-09-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CTO REALTY GROWTH, INC.                                | CTO Realty Growth Inc PREFERRED STOCK                                             | CUSIP: 22948Q200<br>LEI: 254900ZQ99OFO1WXS678 | Long             | EP               |  | US        |     27486 | NS      | $585454.55    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association                  | FANNIE MAE POOL FN AB6858                                                         | CUSIP: 31417DTQ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    249835 | PA      | $235656.82    | 0.33%             | 2042-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| REINSURANCE GROUP OF AMERICA, INCORPORATED             | Reinsurance Group of America Inc PREFERRED STOCK                                  | CUSIP: 759351885<br>LEI: LORM1GNEU1DKEW527V90 | Long             | EP               |  | US        |        51 | NS      | $1318.35      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association               | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2017-106 AC                          | CUSIP: 38379RS95<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    135395 | PA      | $124446.23    | 0.17%             | 2051-04-16      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2018-129 AG                          | CUSIP: 38380MMK4<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |     58189 | PA      | $57647.16     | 0.08%             | 2059-05-16      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FANNIE MAE POOL FN AB9550                                                         | CUSIP: 31417GTG1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    521843 | PA      | $479693.92    | 0.66%             | 2043-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2022-146 PA                          | CUSIP: 38383UTF7<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    970777 | PA      | $950690.10    | 1.31%             | 2052-06-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LPL HOLDINGS, INC.                                     | LPL HOLDINGS INC 6.000000% 05/20/2034                                             | CUSIP: 50212YAK0<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |    500000 | PA      | $522438.10    | 0.72%             | 2034-05-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2             | GINNIE MAE II POOL G2 MA0935                                                      | CUSIP: 36179NBC1<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |     62588 | PA      | $60194.34     | 0.08%             | 2043-04-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FANNIE MAE POOL FN AH3394                                                         | CUSIP: 3138A4XY6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     30532 | PA      | $29764.20     | 0.04%             | 2041-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2023-150 DC                          | CUSIP: 38384C7A1<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   3000000 | PA      | $3068655.90   | 4.24%             | 2050-06-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BANK OF HAWAII CORPORATION                             | Bank of Hawaii Corp PREFERRED STOCK                                               | CUSIP: N/A<br>LEI: 5493006Q8BQ8AD8M2U33       | Long             | EP               |  | US        |     25389 | NS      | $663922.35    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| LINCOLN NATIONAL CORPORATION                           | LINCOLN NATIONAL CORP VARIABLE RATE 04/20/2067                                    | CUSIP: 534187BP3<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | DBT              | CORP              | US        |   1650000 | PA      | $1377382.26   | 1.90%             | 2067-04-20      | Floating      | 6.63%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2019-55 AH                           | CUSIP: 38380M7B1<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    698674 | PA      | $610583.18    | 0.84%             | 2061-03-16      | Floating      | 3.15%                 | No            |                  2 | On Loan: No      |
| FEDERAL FARM CREDIT BANKS FUNDING CORPORATION          | FEDERAL FARM CREDIT BANK 1.875000% 02/11/2036                                     | CUSIP: 3133EMQP0<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGA              | US        |   1000000 | PA      | $773642.13    | 1.07%             | 2036-02-11      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Dominion Energy, Inc.                                  | DOMINION ENERGY INC 6.875000% 02/01/2055                                          | CUSIP: 25746UDT3<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1308342.71   | 1.81%             | 2055-02-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2018-156 AD                          | CUSIP: 38380MVQ1<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    313181 | PA      | $293027.26    | 0.40%             | 2059-08-16      | Floating      | 3.25%                 | No            |                  2 | On Loan: No      |
| JPMBB COMMERCIAL MORTGAGE SECURITIES TRUST             | JPMBB COMMERCIAL MORTGAGE SECURITIES TRUST 2014-C1 JPMBB 2014-C18 C               | CUSIP: 46641JBC9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    100000 | PA      | $96120.00     | 0.13%             | 2047-02-15      | Floating      | 4.65%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FANNIE MAE-ACES FNA 2021-M3 X1                                                    | CUSIP: 3136BDXR4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   8962698 | PA      | $573833.14    | 0.79%             | 2033-11-25      | Floating      | 2.01%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2019-2 AE                            | CUSIP: 38380MZX2<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    484840 | PA      | $461668.07    | 0.64%             | 2059-03-16      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| FEDERAL FARM CREDIT BANKS FUNDING CORPORATION          | FEDERAL FARM CREDIT BANK 2.710000% 12/01/2036                                     | CUSIP: 3133ENFT2<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGA              | US        |    389000 | PA      | $324039.08    | 0.45%             | 2036-12-01      | Fixed         | 2.71%                 | No            |                  2 | On Loan: No      |
| OAKTREE SPECIALTY LENDING CORPORATION                  | OAKTREE SPECIALTY LENDING CORP 7.100000% 02/15/2029                               | CUSIP: 67401PAD0<br>LEI: 549300J6MGCEU5928620 | Long             | DBT              | CORP              | US        |    200000 | PA      | $206849.38    | 0.29%             | 2029-02-15      | Fixed         | 7.10%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2020-8 AH                            | CUSIP: 38380NM48<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   1157367 | PA      | $957314.76    | 1.32%             | 2062-01-16      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| NISOURCE INC.                                          | NISOURCE INC 6.950000% 11/30/2054                                                 | CUSIP: 65473PAR6<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |    350000 | PA      | $364221.90    | 0.50%             | 2054-11-30      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| APTIV SWISS HOLDINGS LIMITED                           | APTIV SWISS HOLDINGS LTD 6.875000% 12/15/2054                                     | CUSIP: 03837AAD2<br>LEI: N/A                  | Long             | DBT              | NUSS              | US        |    250000 | PA      | $255412.25    | 0.35%             | 2054-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2             | GINNIE MAE II POOL G2 CD1323                                                      | CUSIP: 3617VBPG8<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    591334 | PA      | $495805.07    | 0.68%             | 2051-06-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                     | ENERGY TRANSFER LP 5.950000% 10/01/2043                                           | CUSIP: 29273RAZ2<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    250000 | PA      | $246833.11    | 0.34%             | 2043-10-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| FRESB MORTGAGE TRUST                                   | FRESB 2017-SB42 MORTGAGE TRUST FRESB 2017-SB42 A10F                               | CUSIP: 30306BAB9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    731501 | PA      | $713743.47    | 0.99%             | 2027-10-25      | Floating      | 2.96%                 | No            |                  2 | On Loan: No      |
| THE FEDERAL HOME LOAN BANKS                            | FEDERAL HOME LOAN BANK 5.700000% 03/25/2044                                       | CUSIP: 3130B0KS7<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    250000 | PA      | $247655.73    | 0.34%             | 2044-03-25      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Doubleline Opportunistic Credit Fund                   | DOUBLELINE OPPORT CREDIT MUTUAL FUND                                              | CUSIP: 258623107<br>LEI: 5493003RT2VL4QLFXN55 | Long             | EC               |  | US        |       295 | NS      | $4596.10      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association                  | FANNIE MAE POOL FN AT2721                                                         | CUSIP: 3138WQAX0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    449924 | PA      | $413771.24    | 0.57%             | 2043-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2024-45 JZ                           | CUSIP: 38384KGD7<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    243189 | PA      | $240977.58    | 0.33%             | 2054-03-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| COMSTOCK PARK MICH PUB SCHS                            | COMSTOCK PARK MI PUBLIC SCHS COMSTOCK PARK PUBLIC SCHOOLS                         | CUSIP: 205759GX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $70133.52     | 0.10%             | 2026-05-01      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-30

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

**Signature:** Andrew Metzger

**Name of Signer:** Andrew Metzger

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