# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0002048251-26-005306
**Filing Date:** 2026-6
**Character Count:** 159596
**Document Hash:** 2c352b4023e460649c0f4a427b9e37b5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-26-005306.hdr.sgml**: 20260625

**ACCESSION NUMBER**: 0002048251-26-005306

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260430

**FILED AS OF DATE**: 20260625

**DATE AS OF CHANGE**: 20260625

**PERIOD START**: 20261031

**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:** 261121217

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

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

## Series and Classes Contracts Data

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** OAKS

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19456

  - **Telephone number:** 8774463863

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

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

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

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

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

- **a. Date of fiscal year-end:** 2026-10-31

- **b. Date as of which information is reported:** 2026-04-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $382373365.31

**Total Liabilities:** $435711.51

**Net Assets:** $381937653.80

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -476.21585146 | **1-Year:** -10298.02906845 | **5-Year:** -39771.07549058 | **10-Year:** -55871.69827228 | **30-Year:** -20046.61702515

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

- **3-Month:** -156.72159576 | **1-Year:** -3567.58243203 | **5-Year:** -7642.30204357 | **10-Year:** -6409.12348082 | **30-Year:** -2443.56931326

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000152509 | 0.23%                | -1.81%               | 1.47%                |
| Class ID C000158704 | 0.23%                | -1.83%               | 1.47%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-413686.92              | $52806.51                                  |
| Month 2  | $86500.01                | $-8354442.90                               |
| Month 3  | $210388.30               | $4006953.03                                |

### Schedule of Portfolio Investments

| Name                                                                           | Title                                                                             | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| RCKT MORTGAGE TRUST                                                            | RCKT MORTGAGE TRUST 2021-5 RCKT 2021-5 A1                                         | CUSIP: 749384AA1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1050557 | PA      | $868299.42    | 0.23%             | 2051-11-25      | Floating      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| RCKT MORTGAGE TRUST                                                            | RCKT MORTGAGE TRUST 2022-3 RCKT 2022-3 A5                                         | CUSIP: 74938XAD1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1389394 | PA      | $1259089.45   | 0.33%             | 2052-05-25      | Floating      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| NISOURCE INC.                                                                  | NISOURCE INC 5.750000% 07/15/2056                                                 | CUSIP: 65473PAY1<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |   1690000 | PA      | $1690307.58   | 0.44%             | 2056-07-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN FS4653                                                         | CUSIP: 3140XLE38<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    625212 | PA      | $631001.04    | 0.17%             | 2053-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| United States of America                                                       | US TREASURY N/B 1.250000% 05/15/2050                                              | CUSIP: 912810SN9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  15620000 | PA      | $7324315.63   | 1.92%             | 2050-05-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC GOLD POOL FG Q49490                                                   | CUSIP: 3132WPRL3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    228462 | PA      | $212206.06    | 0.06%             | 2047-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN CB6720                                                         | CUSIP: 3140QSPE5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   1717758 | PA      | $1657109.52   | 0.43%             | 2053-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| EASTERN GAS TRANSMISSION AND STORAGE, INC.                                     | EASTERN GAS TRANSMISSION & STORAGE INC 3.000000% 11/15/2029                       | CUSIP: 276480AH3<br>LEI: H2VQBNB3NSKRM5QWBI71 | Long             | DBT              | CORP              | US        |    560000 | PA      | $530361.84    | 0.14%             | 2029-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| United States of America                                                       | US TREASURY N/B 1.375000% 11/15/2031                                              | CUSIP: 91282CDJ7<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   7366000 | PA      | $6377056.97   | 1.67%             | 2031-11-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| ARTHUR J. GALLAGHER & CO.                                                      | ARTHUR J GALLAGHER & CO 5.150000% 02/15/2035                                      | CUSIP: 04316JAN9<br>LEI: 54930049QLLMPART6V29 | Long             | DBT              | CORP              | US        |   1090000 | PA      | $1079511.69   | 0.28%             | 2035-02-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| AMERICAN ELECTRIC POWER COMPANY, INC.                                          | AMERICAN ELECTRIC POWER CO INC 6.050000% 03/15/2056                               | CUSIP: 02557TAF6<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |   1606000 | PA      | $1600890.19   | 0.42%             | 2056-03-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC POOL FR SL0470                                                        | CUSIP: 31427MQY0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   2321728 | PA      | $2299569.71   | 0.60%             | 2055-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC GOLD POOL FG G08615                                                   | CUSIP: 3128MJVH0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    167884 | PA      | $156774.48    | 0.04%             | 2044-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| NewMarket Corporation                                                          | NEWMARKET CORP 2.700000% 03/18/2031                                               | CUSIP: 651587AG2<br>LEI: 54930082CG88ERDREQ47 | Long             | DBT              | CORP              | US        |   1592000 | PA      | $1441566.62   | 0.38%             | 2031-03-18      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| ASHTEAD CAPITAL, INC.                                                          | ASHTEAD CAPITAL INC 144A 1.500000% 08/12/2026                                     | CUSIP: 045054AN3<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | GB        |    650000 | PA      | $644351.92    | 0.17%             | 2026-08-12      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC GOLD POOL FG G08702                                                   | CUSIP: 3128MJX88<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    106708 | PA      | $99319.62     | 0.03%             | 2046-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| RATE MORTGAGE TRUST                                                            | RATE MORTGAGE TRUST 2022-J1 RATE 2022-J1 A9                                       | CUSIP: 75410RAJ5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1006912 | PA      | $895434.70    | 0.23%             | 2052-01-25      | Floating      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| GBX LEASING LLC                                                                | GBX LEASING 2022-1 LLC GBXL 2022-1 A                                              | CUSIP: 361528AA0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    991448 | PA      | $939847.62    | 0.25%             | 2052-02-20      | Fixed         | 2.87%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC POOL FR SD8493                                                        | CUSIP: 3132DWNJ8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   1535834 | PA      | $1544408.56   | 0.40%             | 2054-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| RAYMOND JAMES FINANCIAL, INC.                                                  | RAYMOND JAMES FINANCIAL INC 3.750000% 04/01/2051                                  | CUSIP: 754730AH2<br>LEI: RGUZHJ05YTITL6D76949 | Long             | DBT              | CORP              | US        |    610000 | PA      | $439431.35    | 0.12%             | 2051-04-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| United States of America                                                       | US TREASURY N/B 3.000000% 08/15/2052                                              | CUSIP: 912810TJ7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2950000 | PA      | $2070185.54   | 0.54%             | 2052-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC GOLD POOL FG V84897                                                   | CUSIP: 3132LANN8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |     63709 | PA      | $60731.80     | 0.02%             | 2048-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC POOL FR QD4256                                                        | CUSIP: 3133B1WR8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   1545743 | PA      | $1302616.40   | 0.34%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| TANGER PROPERTIES LIMITED PARTNERSHIP                                          | TANGER PROPERTIES LP 2.750000% 09/01/2031                                         | CUSIP: 875484AL1<br>LEI: PQPGJDNFN35EXH363L31 | Long             | DBT              | CORP              | US        |   1370000 | PA      | $1225818.54   | 0.32%             | 2031-09-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN BX0441                                                         | CUSIP: 3140N4P35<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    399508 | PA      | $403063.17    | 0.11%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC POOL FR RA8715                                                        | CUSIP: 3133KQVG8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    734917 | PA      | $728509.19    | 0.19%             | 2053-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN CB4621                                                         | CUSIP: 3140QQD36<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    292507 | PA      | $290024.64    | 0.08%             | 2052-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SEQUOIA MORTGAGE TRUST                                                         | SEQUOIA MORTGAGE TRUST 2015-4 SEMT 2015-4 A1                                      | CUSIP: 81746MAA8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     17238 | PA      | $16963.85     | 0.00%             | 2030-11-25      | Floating      | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC REMICS FHR 5438 GL                                                    | CUSIP: 3137HF7G4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   3500000 | PA      | $2195080.65   | 0.57%             | 2050-12-25      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN FS4190                                                         | CUSIP: 3140XKUQ1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   1138189 | PA      | $1130370.18   | 0.30%             | 2053-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STORE MASTER FUNDING LLC                                                       | STORE MASTER FUNDING I-VII XIV XIX XX XXIV XXII STR 2024-1A A2                    | CUSIP: 86212XAM2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    990000 | PA      | $1003417.94   | 0.26%             | 2054-05-20      | Fixed         | 5.70%                 | Yes           |                  2 | On Loan: No      |
| ENTERGY ARKANSAS, LLC                                                          | ENTERGY ARKANSAS LLC 5.750000% 06/01/2054                                         | CUSIP: 29366MAG3<br>LEI: 549300A0I5ONUIFMLP35 | Long             | DBT              | CORP              | US        |   1080000 | PA      | $1054315.44   | 0.28%             | 2054-06-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC GOLD POOL FG G60187                                                   | CUSIP: 31335AF45<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |     92099 | PA      | $83404.09     | 0.02%             | 2045-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC POOL FR QA8805                                                        | CUSIP: 3133A3YA0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    398001 | PA      | $352458.62    | 0.09%             | 2050-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NYC TRUST                                                                      | NYC TRUST 2025-77C NYC 2025-77C A                                                 | CUSIP: 67123LAA2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    875000 | PA      | $869490.13    | 0.23%             | 2036-01-10      | Floating      | 4.95%                 | Yes           |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL                                                               | PARAMOUNT GLOBAL 6.875000% 04/30/2036                                             | CUSIP: 925524AX8<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |   1145000 | PA      | $1065138.51   | 0.28%             | 2036-04-30      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| GBX LEASING LLC                                                                | GBX LEASING 2022-1 LLC GBXL 2026-1A A                                             | CUSIP: 361528AE2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    828334 | PA      | $819763.24    | 0.21%             | 2056-02-20      | Fixed         | 5.13%                 | Yes           |                  2 | On Loan: No      |
| AMERICAN EXPRESS COMPANY                                                       | AMERICAN EXPRESS CO 5.442000% 01/30/2036                                          | CUSIP: 025816DZ9<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |   1293000 | PA      | $1321399.50   | 0.35%             | 2036-01-30      | Fixed         | 5.44%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN CB6328                                                         | CUSIP: 3140QSA68<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    564186 | PA      | $580043.33    | 0.15%             | 2053-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| OSHKOSH CORPORATION                                                            | OSHKOSH CORP 3.100000% 03/01/2030                                                 | CUSIP: 688225AH4<br>LEI: 549300FEKNPCFSA2B506 | Long             | DBT              | CORP              | US        |   1550000 | PA      | $1454707.63   | 0.38%             | 2030-03-01      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| OWN EQUIPMENT FUND                                                             | OWN EQUIPMENT FUND I LLC EQS 2024-2M A                                            | CUSIP: 69121NAA6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    455020 | PA      | $456910.31    | 0.12%             | 2032-12-20      | Fixed         | 5.70%                 | Yes           |                  2 | On Loan: No      |
| ANGEL OAK MORTGAGE TRUST                                                       | ANGEL OAK MORTGAGE TRUST 2026-2 AOMT 2026-2 A1                                    | CUSIP: 03466LAA2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    883759 | PA      | $875077.08    | 0.23%             | 2071-02-25      | Floating      | 4.69%                 | Yes           |                  2 | On Loan: No      |
| VANTAGE DATA CENTERS ISSUER LLC                                                | VANTAGE DATA CENTERS LLC VDC 2025-1A A2                                           | CUSIP: 92212KAH9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    750000 | PA      | $727892.70    | 0.19%             | 2055-08-15      | Fixed         | 5.13%                 | Yes           |                  2 | On Loan: No      |
| TRINITY RAIL LEASING LLC                                                       | TRINITY RAIL LEASING 2018 LLC TRL 2018-1A A2                                      | CUSIP: 89657AAB2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    600000 | PA      | $594420.84    | 0.16%             | 2048-06-17      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN FM7377                                                         | CUSIP: 3140XBFT2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   1086425 | PA      | $969380.05    | 0.25%             | 2051-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST HSG DEV AUTH                                                       | VIRGINIA ST HSG DEV AUTH VIRGINIA HOUSING DEVELOPMENT AUTHORITY                   | CUSIP: 92812VY34<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $388202.45    | 0.10%             | 2041-04-01      | Fixed         | 2.83%                 | No            |                  2 | On Loan: No      |
| COLORADO HSG & FIN AUTH                                                        | COLORADO ST HSG & FIN AUTH COLORADO HOUSING AND FINANCE AUTHORITY                 | CUSIP: 19648G5E8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    688000 | PA      | $677728.85    | 0.18%             | 2047-11-01      | Fixed         | 5.79%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN CB6032                                                         | CUSIP: 3140QRV26<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    594313 | PA      | $602670.59    | 0.16%             | 2053-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| United States of America                                                       | US TREASURY N/B 4.000000% 11/15/2052                                              | CUSIP: 912810TL2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2530000 | PA      | $2147139.86   | 0.56%             | 2052-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DUQUESNE LIGHT HOLDINGS, INC.                                                  | DUQUESNE LIGHT HOLDINGS INC 144A 2.532000% 10/01/2030                             | CUSIP: 266233AH8<br>LEI: 4CUJ1D8WDXK9X7QI6B93 | Long             | DBT              | CORP              | US        |    540000 | PA      | $488901.04    | 0.13%             | 2030-10-01      | Fixed         | 2.53%                 | No            |                  2 | On Loan: No      |
| HOWMET AEROSPACE INC.                                                          | HOWMET AEROSPACE INC 5.950000% 02/01/2037                                         | CUSIP: 013817AK7<br>LEI: 549300HO5WFZUT5N2T22 | Long             | DBT              | CORP              | US        |   1685000 | PA      | $1790071.87   | 0.47%             | 2037-02-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2                                     | GINNIE MAE II POOL G2 CE1947                                                      | CUSIP: 3617VQEU6<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    794633 | PA      | $708317.26    | 0.19%             | 2051-06-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                                                       | MINNESOTA ST HSG FIN AGY MINNESOTA HOUSING FINANCE AGENCY                         | CUSIP: 60416UNK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $745387.95    | 0.20%             | 2049-07-01      | Fixed         | 5.92%                 | No            |                  2 | On Loan: No      |
| NTT FINANCE CORPORATION                                                        | NTT FINANCE CORP 144A 5.502000% 07/16/2035                                        | CUSIP: 62954WAV7<br>LEI: 3538007PR116187GD960 | Long             | DBT              | NUSS              | JP        |   1175000 | PA      | $1195535.62   | 0.31%             | 2035-07-16      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ONEOK, INC.                                                                    | ONEOK INC 5.650000% 09/01/2034                                                    | CUSIP: 682680CU5<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |   1280000 | PA      | $1308558.81   | 0.34%             | 2034-09-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN FS0982                                                         | CUSIP: 3140XGCU1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   1096638 | PA      | $969458.84    | 0.25%             | 2052-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SWCH COMMERCIAL MORTGAGE TRUST                                                 | SWCH COMMERCIAL MORTGAGE TRUST 2025-DATA SWCH 2025-DATA C                         | CUSIP: 78489CAC3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    875000 | PA      | $865156.25    | 0.23%             | 2042-02-15      | Floating      | 5.75%                 | Yes           |                  2 | On Loan: No      |
| PAGAYA AI DEBT GRANTOR TRUST                                                   | PAGAYA AI DEBT GRANTOR TRUST 2025-1 PAID 2025-1 B                                 | CUSIP: 69544NAC1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    381976 | PA      | $383043.03    | 0.10%             | 2032-07-15      | Fixed         | 5.63%                 | Yes           |                  2 | On Loan: No      |
| BLUE OWL ASSET LEASING TRUST                                                   | BLUE OWL ASSET LEASING TRUST 2024-1 LLC OWLEF 2024-1A B                           | CUSIP: 095921AC6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    710000 | PA      | $715181.15    | 0.19%             | 2030-03-15      | Fixed         | 5.41%                 | Yes           |                  2 | On Loan: No      |
| BAIN CAPITAL SPECIALTY FINANCE, INC.                                           | BAIN CAPITAL SPECIALTY FINANCE INC 5.950000% 03/15/2030                           | CUSIP: 05684BAD9<br>LEI: 549300V2JL72R0EYBK64 | Long             | DBT              | CORP              | US        |   1160000 | PA      | $1137089.59   | 0.30%             | 2030-03-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| ALPHABET INC.                                                                  | ALPHABET INC 5.450000% 11/15/2055                                                 | CUSIP: 02079KBA4<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |   1665000 | PA      | $1592603.30   | 0.42%             | 2055-11-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| BANK                                                                           | BANK 2025-BNK50 BANK 2025-BNK50 A5                                                | CUSIP: 064908AH9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    700000 | PA      | $731541.09    | 0.19%             | 2068-05-15      | Floating      | 5.65%                 | No            |                  2 | On Loan: No      |
| PENNANTPARK CLO LTD                                                            | PENNANTPARK CLO 12 LLC PNTPK 2025-12A B                                           | CUSIP: 70807EAE7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    875000 | PA      | $868943.25    | 0.23%             | 2037-04-20      | Floating      | 5.53%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC MULTIFAMILY STRUCTURED PASS THROUGH CE FHMS K-162 A2                  | CUSIP: 3137HBP73<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   1000000 | PA      | $1036725.10   | 0.27%             | 2033-12-25      | Floating      | 5.15%                 | No            |                  2 | On Loan: No      |
| WILLIS ENGINE STRUCTURED TRUST                                                 | WILLIS ENGINE STRUCTURED TRUST IX WESTF 2025-B A                                  | CUSIP: 970910AA3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1725197 | PA      | $1713955.35   | 0.45%             | 2050-12-15      | Fixed         | 5.16%                 | Yes           |                  2 | On Loan: No      |
| ORACLE CORPORATION                                                             | ORACLE CORP 2.875000% 03/25/2031                                                  | CUSIP: 68389XCE3<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    600000 | PA      | $533240.69    | 0.14%             | 2031-03-25      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC POOL FR SD2174                                                        | CUSIP: 3132DPMX3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    458547 | PA      | $471689.73    | 0.12%             | 2053-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| EXTRA SPACE STORAGE LP                                                         | EXTRA SPACE STORAGE LP 2.350000% 03/15/2032                                       | CUSIP: 30225VAG2<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              | CORP              | US        |    730000 | PA      | $631869.03    | 0.17%             | 2032-03-15      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| NEUBERGER BERMAN GROUP LLC                                                     | NEUBERGER BERMAN GROUP LLC / NEUBERGER BERMAN FINA 4.500000% 03/15/2027           | CUSIP: 64128XAG5<br>LEI: 549300XIWEKOTC8HO652 | Long             | DBT              | CORP              | US        |    970000 | PA      | $968360.70    | 0.25%             | 2027-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y CITY HSG DEV CORP MULTIFAMILY HSG REV                             | NEW YORK CITY NY HSG DEV CORP NEW YORK CITY HOUSING DEVELOPMENT CORP              | CUSIP: 64972EWP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $639079.83    | 0.17%             | 2046-11-01      | Fixed         | 3.08%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN AJ8172                                                         | CUSIP: 3138E1CJ4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    193674 | PA      | $186436.93    | 0.05%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CSMC TRUST                                                                     | CSMC TRUST 2013-IVR3 CSMC 2013-IVR3 A2                                            | CUSIP: 12646XAJ1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    113456 | PA      | $103928.14    | 0.03%             | 2043-05-25      | Floating      | 3.00%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL HOLDINGS, INC.                                          | NEXTERA ENERGY CAPITAL HOLDINGS INC 1.900000% 06/15/2028                          | CUSIP: 65339KBW9<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |   1230000 | PA      | $1168965.73   | 0.31%             | 2028-06-15      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| Constellation Software Inc.                                                    | CONSTELLATION SOFTWARE INC/CANADA 144A 5.461000% 02/16/2034                       | CUSIP: 21037XAD2<br>LEI: 549300B6PYHMCTDWQV29 | Long             | DBT              | NUSS              | CA        |   1040000 | PA      | $1018753.23   | 0.27%             | 2034-02-16      | Fixed         | 5.46%                 | No            |                  2 | On Loan: No      |
| PCY TRUST                                                                      | PCY TRUST 2026-FCMT PCY 2026-FCMT A                                               | CUSIP: 704929AA6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    960000 | PA      | $964182.14    | 0.25%             | 2041-04-05      | Floating      | 5.15%                 | Yes           |                  2 | On Loan: No      |
| CSMC TRUST                                                                     | CSMC TRUST 2015-2 CSMC 2015-2 A18                                                 | CUSIP: 12649RBJ0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    101924 | PA      | $94014.42     | 0.02%             | 2045-02-25      | Floating      | 3.50%                 | No            |                  2 | On Loan: No      |
| WEC ENERGY GROUP INC.                                                          | WEC ENERGY GROUP INC 5.625000% 05/15/2056                                         | CUSIP: 92939UAU0<br>LEI: 549300IGLYTZUK3PVP70 | Long             | DBT              | CORP              | US        |   1690000 | PA      | $1679607.85   | 0.44%             | 2056-05-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| MONONGAHELA POWER COMPANY                                                      | MONONGAHELA POWER CO 144A 3.550000% 05/15/2027                                    | CUSIP: 610202BR3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    550000 | PA      | $546480.21    | 0.14%             | 2027-05-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| HALSEYPOINT CLO                                                                | HALSEYPOINT CLO 3 LTD HLSY 2020-3A A1R                                            | CUSIP: 40638UAS8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1170000 | PA      | $1171568.97   | 0.31%             | 2037-07-30      | Floating      | 5.14%                 | Yes           |                  2 | On Loan: No      |
| ROPER TECHNOLOGIES, INC.                                                       | ROPER TECHNOLOGIES INC 2.950000% 09/15/2029                                       | CUSIP: 776743AG1<br>LEI: 54930003T4SXCIWVXY35 | Long             | DBT              | CORP              | US        |    420000 | PA      | $397398.20    | 0.10%             | 2029-09-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2                                     | GINNIE MAE II POOL G2 MA8491                                                      | CUSIP: 36179XNG7<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    712526 | PA      | $723784.75    | 0.19%             | 2052-12-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC POOL FR QG5435                                                        | CUSIP: 3133C6BC2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   2230710 | PA      | $2206805.17   | 0.58%             | 2053-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN AL9918                                                         | CUSIP: 3138ESAU2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    188914 | PA      | $176776.66    | 0.05%             | 2047-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC POOL FR RA8415                                                        | CUSIP: 3133KQK47<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    618135 | PA      | $624492.77    | 0.16%             | 2053-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2                                     | GINNIE MAE II POOL G2 MA7704                                                      | CUSIP: 36179WRZ3<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   1948761 | PA      | $1604045.83   | 0.42%             | 2051-11-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| PALMER SQUARE BDC CLO LTD                                                      | PALMER SQUARE BDC CLO 1 LTD PSBDC 1A A                                            | CUSIP: 696928AA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1000758.00   | 0.26%             | 2037-07-15      | Floating      | 5.27%                 | Yes           |                  2 | On Loan: No      |
| JERSEY CENTRAL POWER & LIGHT COMPANY                                           | JERSEY CENTRAL POWER & LIGHT CO 144A 2.750000% 03/01/2032                         | CUSIP: 476556DD4<br>LEI: 549300W9UGH9ZPLNPF79 | Long             | DBT              | CORP              | US        |    670000 | PA      | $602012.72    | 0.16%             | 2032-03-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| OBX TRUST                                                                      | OBX 2026-NQM5 TRUST OBX 2026-NQM5 A1                                              | CUSIP: 67124DAF8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    933309 | PA      | $936189.10    | 0.25%             | 2066-01-25      | Floating      | 5.32%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC POOL FR QF6108                                                        | CUSIP: 3133BTYD6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    646045 | PA      | $651745.79    | 0.17%             | 2053-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN CB4794                                                         | CUSIP: 3140QQKG9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    683275 | PA      | $659689.87    | 0.17%             | 2052-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2                                     | GINNIE MAE II POOL G2 MA7418                                                      | CUSIP: 36179WG36<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   1685252 | PA      | $1445088.20   | 0.38%             | 2051-06-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| SEQUOIA MORTGAGE TRUST                                                         | SEQUOIA MORTGAGE TRUST 2015-2 SEMT 2015-2 A1                                      | CUSIP: 81733YAA7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     37905 | PA      | $35145.69     | 0.01%             | 2045-05-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2                                     | GINNIE MAE II POOL G2 MA9961                                                      | CUSIP: 36180AB69<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   1735969 | PA      | $1570507.47   | 0.41%             | 2054-10-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN CB4573                                                         | CUSIP: 3140QQCK9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    292199 | PA      | $289271.69    | 0.08%             | 2052-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VOYA CLO                                                                       | VOYA CLO 2018-4 LTD VOYA 2018-4A A2RR                                             | CUSIP: 92917WBN7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1170000 | PA      | $1169678.25   | 0.31%             | 2037-10-15      | Floating      | 5.27%                 | Yes           |                  2 | On Loan: No      |
| SNF GROUP SA                                                                   | SNF GROUP SACA 144A 5.626000% 03/31/2031                                          | CUSIP: 784944AA8<br>LEI: 969500F7036FEDYPRV54 | Long             | DBT              | NUSS              | FR        |   1860000 | PA      | $1882615.13   | 0.49%             | 2031-03-31      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC POOL FR QB2616                                                        | CUSIP: 3133A83Z8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    323809 | PA      | $261901.60    | 0.07%             | 2050-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FLOWSERVE CORPORATION                                                          | FLOWSERVE CORP 2.800000% 01/15/2032                                               | CUSIP: 34355JAB4<br>LEI: 6Y0GK87T6V7NJKZJVM41 | Long             | DBT              | CORP              | US        |   1407000 | PA      | $1244254.45   | 0.33%             | 2032-01-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| AMRIZE FINANCE US LLC                                                          | AMRIZE FINANCE US LLC 5.400000% 04/07/2035                                        | CUSIP: 43475RAT3<br>LEI: 529900FB2F1WKLFNGY62 | Long             | DBT              | CORP              | US        |   1765000 | PA      | $1799057.48   | 0.47%             | 2035-04-07      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| United States of America                                                       | US TREASURY N/B 3.750000% 02/28/2033                                              | CUSIP: 91282CQC8<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   2000000 | PA      | $1947187.50   | 0.51%             | 2033-02-28      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| NATIONAL AUSTRALIA BANK LIMITED                                                | NATIONAL AUSTRALIA BANK LTD 144A 3.347000% 01/12/2037                             | CUSIP: 632525BB6<br>LEI: F8SB4JFBSYQFRQEH3Z21 | Long             | DBT              | NUSS              | AU        |    750000 | PA      | $679662.26    | 0.18%             | 2037-01-12      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| ABPCI DIRECT LENDING FUND CLO LTD                                              | ABPCI DIRECT LENDING FUND CLO VI LTD ABPCI 2019-6A BRR                            | CUSIP: 00086GBE0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    770000 | PA      | $761393.71    | 0.20%             | 2037-01-27      | Floating      | 5.37%                 | Yes           |                  2 | On Loan: No      |
| BANK OF AMERICA CORPORATION                                                    | BANK OF AMERICA CORP 5.511000% 01/24/2036                                         | CUSIP: 06051GMM8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   1150000 | PA      | $1176216.02   | 0.31%             | 2036-01-24      | Fixed         | 5.51%                 | No            |                  2 | On Loan: No      |
| SALESFORCE, INC.                                                               | SALESFORCE INC 6.550000% 03/15/2056                                               | CUSIP: 79466LAW4<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | DBT              | CORP              | US        |   1880000 | PA      | $1866796.82   | 0.49%             | 2056-03-15      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| OCP CLO LTD                                                                    | OCP CLO 2022-24 LTD OCP 2022-24A A2R                                              | CUSIP: 67118YAN3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |   1170000 | PA      | $1166564.88   | 0.31%             | 2037-10-20      | Floating      | 5.23%                 | Yes           |                  2 | On Loan: No      |
| SFS AUTO RECEIVABLES SECURITIZATION TRUST                                      | SFS AUTO RECEIVABLES SECURITIZATION TRUST 2025-1 SFAST 2025-1A B                  | CUSIP: 81885BAJ4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    665000 | PA      | $673111.01    | 0.18%             | 2031-02-20      | Fixed         | 5.11%                 | Yes           |                  2 | On Loan: No      |
| GS MORTGAGE SECURITIES CORPORATION TRUST                                       | GS MORTGAGE SECURITIES CORP TRUST 2024-RVR GSMS 2024-RVR A                        | CUSIP: 36272JAA1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1150000 | PA      | $1153901.49   | 0.30%             | 2041-08-10      | Floating      | 5.37%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC POOL FR QD9323                                                        | CUSIP: 3133B7LC0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   1522753 | PA      | $1283954.81   | 0.34%             | 2052-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FIDELIS MORTGAGE TRUST                                                         | FIDELIS MORTGAGE TRUST 2025-RTL2 FIDL 2025-RTL2 A2                                | CUSIP: 31575JAC2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1200000 | PA      | $1202530.80   | 0.31%             | 2040-07-25      | Fixed         | 6.06%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC GOLD POOL FG G08799                                                   | CUSIP: 3128MJ3H1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    110855 | PA      | $99021.86     | 0.03%             | 2048-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN CB2610                                                         | CUSIP: 3140QM3U6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   1807605 | PA      | $1462720.59   | 0.38%             | 2052-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN CB5995                                                         | CUSIP: 3140QRUV3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   1748413 | PA      | $1688945.47   | 0.44%             | 2053-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN CB6033                                                         | CUSIP: 3140QRV34<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    545669 | PA      | $562053.65    | 0.15%             | 2053-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TRINITY RAIL LEASING LLC                                                       | TRINITY RAIL LEASING 2025 LLC TRL 2025-1A B                                       | CUSIP: 89657MAB6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    825000 | PA      | $809616.97    | 0.21%             | 2055-10-19      | Fixed         | 5.30%                 | Yes           |                  2 | On Loan: No      |
| ELLINGTON FINANCIAL MORTGAGE TRUST                                             | EFMT 2026-NQM1 EFMT 2026-NQM1 A1                                                  | CUSIP: 26846GAF4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    735120 | PA      | $730126.92    | 0.19%             | 2071-02-25      | Floating      | 4.77%                 | Yes           |                  2 | On Loan: No      |
| MASCO CORPORATION                                                              | MASCO CORP 6.500000% 08/15/2032                                                   | CUSIP: 574599AY2<br>LEI: 5GCSNMQXHEYA1JO8QN11 | Long             | DBT              | CORP              | US        |    317000 | PA      | $342006.58    | 0.09%             | 2032-08-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ANGLO AMERICAN CAPITAL PLC                                                     | ANGLO AMERICAN CAPITAL PLC 144A 4.500000% 03/15/2028                              | CUSIP: 034863AU4<br>LEI: TINT358G1SSHR3L3PW36 | Long             | DBT              | NUSS              | ZA        |    525000 | PA      | $525155.07    | 0.14%             | 2028-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                                   | UBS GROUP AG 144A 3.179000% 02/11/2043                                            | CUSIP: 902613AL2<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | NUSS              | CH        |    555000 | PA      | $409364.11    | 0.11%             | 2043-02-11      | Fixed         | 3.18%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC POOL FR SD2184                                                        | CUSIP: 3132DPM96<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    543131 | PA      | $557713.39    | 0.15%             | 2053-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| HERTZ VEHICLE FINANCING III LLC                                                | HERTZ VEHICLE FINANCING LLC HERTZ 2022-5A B                                       | CUSIP: 42806MBL2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    650000 | PA      | $640634.61    | 0.17%             | 2028-09-25      | Fixed         | 4.28%                 | Yes           |                  2 | On Loan: No      |
| BUSINESS JET SECURITIES LLC                                                    | BUSINESS JET SECURITIES 2024-1 LLC BJETS 2024-1A A                                | CUSIP: 12327CAA2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    695121 | PA      | $705461.18    | 0.18%             | 2039-05-15      | Fixed         | 6.20%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association 2                                     | GINNIE MAE II POOL G2 788234                                                      | CUSIP: 3622AEBB1<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   1811632 | PA      | $1614976.43   | 0.42%             | 2052-05-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC.                                                                 | CITIGROUP INC 6.020000% 01/24/2036                                                | CUSIP: 172967PU9<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   1150000 | PA      | $1180604.52   | 0.31%             | 2036-01-24      | Fixed         | 6.02%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN CA1389                                                         | CUSIP: 3140Q8RK3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    148659 | PA      | $145747.58    | 0.04%             | 2048-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| United States of America                                                       | US TREASURY N/B 3.750000% 10/31/2032                                              | CUSIP: 91282CPF2<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   1170000 | PA      | $1141755.47   | 0.30%             | 2032-10-31      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN FM8784                                                         | CUSIP: 3140XCXN3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   3404593 | PA      | $2741312.72   | 0.72%             | 2051-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Spirit Airlines Pass Through Trusts                                            | SPIRIT AIRLINES PASS THROUGH TRUST 2015-1A 4.100000% 04/01/2028                   | CUSIP: 84858DAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    869993 | PA      | $840844.09    | 0.22%             | 2028-04-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN FS0916                                                         | CUSIP: 3140XGAS8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   1057815 | PA      | $927426.60    | 0.24%             | 2052-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BSTN COMMERCIAL MORTGAGE TRUST                                                 | BSTN COMMERCIAL MORTGAGE TRUST 2025-HUB BSTN 2025-HUB A                           | CUSIP: 05594GAA3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    750000 | PA      | $748777.73    | 0.20%             | 2041-04-13      | Floating      | 5.06%                 | Yes           |                  2 | On Loan: No      |
| NEW YORK ST MTG AGY HOMEOWNER MTG REV                                          | NEW YORK ST MTGE AGY HOMEOWNER STATE OF NEW YORK MORTGAGE AGENCY HOMEOWNER MORTGA | CUSIP: 64988YPC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $470642.20    | 0.12%             | 2046-10-01      | Fixed         | 2.93%                 | No            |                  2 | On Loan: No      |
| GS MORTGAGE-BACKED SECURITIES TRUST                                            | GS MORTGAGE-BACKED SECURITIES TRUST 2022-LTV2 GSMBS 2022-MM1 A8                   | CUSIP: 36266PAJ6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1274088 | PA      | $1139788.74   | 0.30%             | 2052-07-25      | Floating      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC POOL FR SD8097                                                        | CUSIP: 3132DV7J8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    548970 | PA      | $443317.81    | 0.12%             | 2050-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| EXPAND ENERGY CORPORATION                                                      | EXPAND ENERGY CORP 4.750000% 02/01/2032                                           | CUSIP: 845467AT6<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |   1130000 | PA      | $1107926.82   | 0.29%             | 2032-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| AUDAX SENIOR DEBT CLO                                                          | AUDAX SENIOR DEBT CLO 12 LLC AUDAX 2025-12A B                                     | CUSIP: 05071UAG1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $984033.00    | 0.26%             | 2037-04-22      | Floating      | 5.41%                 | Yes           |                  2 | On Loan: No      |
| United States of America                                                       | US TREASURY N/B 4.000000% 07/31/2032                                              | CUSIP: 91282CNR8<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   1120000 | PA      | $1110462.51   | 0.29%             | 2032-07-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC POOL FR SD3737                                                        | CUSIP: 3132E0EJ7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    990357 | PA      | $1019694.31   | 0.27%             | 2053-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC POOL FR RA8278                                                        | CUSIP: 3133KQFT8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    658631 | PA      | $653227.30    | 0.17%             | 2052-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OBX TRUST                                                                      | OBX 2026-NQM4 TRUST OBX 2026-NQM4 A1                                              | CUSIP: 67124FAF3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    942518 | PA      | $942823.44    | 0.25%             | 2066-02-25      | Floating      | 5.17%                 | Yes           |                  2 | On Loan: No      |
| MICHIGAN ST HSG DEV AUTH SINGLE FAMILY MTG REV                                 | MICHIGAN ST HSG DEV AUTH SF MT MICHIGAN STATE HOUSING DEVELOPMENT AUTHORITY       | CUSIP: 594654VG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    895000 | PA      | $909809.21    | 0.24%             | 2038-12-01      | Fixed         | 5.82%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC STRUCTURED PASS-THROUGH CERTIFICATES FSPC T-54 4A                     | CUSIP: 31393LFP3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |     39323 | PA      | $38120.12     | 0.01%             | 2043-02-25      | Floating      | 4.24%                 | No            |                  2 | On Loan: No      |
| MF1 LTD                                                                        | MF1 2026-FL21 LLC MF1 2026-FL21 ASFX                                              | CUSIP: 55287NAE7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    900000 | PA      | $895613.40    | 0.23%             | 2041-02-18      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC POOL FR RA7125                                                        | CUSIP: 3133KN4J9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    807662 | PA      | $741201.14    | 0.19%             | 2052-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN FM5000                                                         | CUSIP: 3140X8RW9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    603562 | PA      | $555504.86    | 0.15%             | 2050-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| United States of America                                                       | US TREASURY N/B 2.625000% 07/31/2029                                              | CUSIP: 91282CFC0<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   5640000 | PA      | $5416382.80   | 1.42%             | 2029-07-31      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC POOL FR ZN1811                                                        | CUSIP: 3131Y8AL9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    103626 | PA      | $101124.50    | 0.03%             | 2048-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PAGAYA AI DEBT GRANTOR TRUST                                                   | PAGAYA AI DEBT GRANTOR TRUST 2025-2 PAID 2025-2 B                                 | CUSIP: 69545GAC5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    999895 | PA      | $1000234.43   | 0.26%             | 2032-10-15      | Fixed         | 5.33%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN FS2040                                                         | CUSIP: 3140XHHS9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   1563923 | PA      | $1261819.63   | 0.33%             | 2052-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST CMNTY DEV ADMIN DEPT HSG & CMNTY DEV                               | MARYLAND CMNTY DEV ADMIN HSG & MARYLAND DEPARTMENT OF HOUSING & COMMUNITY DEVELOP | CUSIP: 57419UDG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $752261.33    | 0.20%             | 2044-09-01      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| AVANT LOANS FUNDING TRUST                                                      | AVANT LOANS FUNDING TRUST 2025-REV1 AVNT 2025-REV1 A                              | CUSIP: 05352BAA6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    775000 | PA      | $776478.00    | 0.20%             | 2034-05-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN BK2066                                                         | CUSIP: 3140HFJL4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    295852 | PA      | $262275.93    | 0.07%             | 2050-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| INVITATION HOMES OPERATING PARTNERSHIP LP                                      | INVITATION HOMES OPERATING PARTNERSHIP LP 4.875000% 02/01/2035                    | CUSIP: 46188BAG7<br>LEI: 549300147YMUQB3GW319 | Long             | DBT              | CORP              | US        |   1135000 | PA      | $1095287.61   | 0.29%             | 2035-02-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| MISSION LANE CREDIT CARD MASTER TRUST                                          | MISSION LANE CREDIT CARD MASTER TRUST MLANE 2026-A A                              | CUSIP: 60510MCG1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    230000 | PA      | $229928.13    | 0.06%             | 2032-07-15      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| BANK OF MONTREAL                                                               | BANK OF MONTREAL 3.803000% 12/15/2032                                             | CUSIP: 06368BGS1<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | NUSS              | CA        |    825000 | PA      | $811261.79    | 0.21%             | 2032-12-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| INSTAR LEASING, LLC                                                            | INSTAR LEASING III LLC INSTR 2021-1A A                                            | CUSIP: 45783NAA5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    927802 | PA      | $885803.61    | 0.23%             | 2054-02-15      | Fixed         | 2.30%                 | Yes           |                  2 | On Loan: No      |
| Eversource Energy                                                              | EVERSOURCE ENERGY 6.350000% 08/15/2056                                            | CUSIP: 30040WBD9<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |   1720000 | PA      | $1719229.78   | 0.45%             | 2056-08-15      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| OBX TRUST                                                                      | OBX 2025-J3 TRUST OBX 2025-J3 A3                                                  | CUSIP: 67449KAC7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1242629 | PA      | $1190933.62   | 0.31%             | 2055-10-25      | Floating      | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN BR0948                                                         | CUSIP: 3140KYBS2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   1432219 | PA      | $1156558.63   | 0.30%             | 2051-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| United States of America                                                       | US TREASURY N/B 4.125000% 11/15/2032                                              | CUSIP: 91282CFV8<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   4550000 | PA      | $4535248.04   | 1.19%             | 2032-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| NORTH DAKOTA ST HSG FIN AGY                                                    | NORTH DAKOTA ST HSG FIN AGY NORTH DAKOTA HOUSING FINANCE AGENCY                   | CUSIP: 658909Q41<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    980000 | PA      | $950896.16    | 0.25%             | 2042-07-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| United States of America                                                       | US TREASURY N/B 4.125000% 03/31/2032                                              | CUSIP: 91282CMT5<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   3100000 | PA      | $3100242.17   | 0.81%             | 2032-03-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| United States of America                                                       | US TREASURY N/B 1.875000% 11/15/2051                                              | CUSIP: 912810TB4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   8364000 | PA      | $4535182.95   | 1.19%             | 2051-11-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN BO0115                                                         | CUSIP: 3140JUDV3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    200264 | PA      | $186792.35    | 0.05%             | 2049-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC POOL FR SD6652                                                        | CUSIP: 3132DUL96<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    819540 | PA      | $746647.52    | 0.20%             | 2054-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CI FINANCIAL CORP.                                                             | CI FINANCIAL CORP 3.200000% 12/17/2030                                            | CUSIP: 125491AN0<br>LEI: 549300M9W7JJQSVCEM78 | Long             | DBT              | NUSS              | CA        |    910000 | PA      | $815495.34    | 0.21%             | 2030-12-17      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| PHILLIPS EDISON GROCERY CENTER OPERATING PARTNERSHIP I, L.P.                   | PHILLIPS EDISON GROCERY CENTER OPERATING PARTNERSH 4.750000% 03/15/2033           | CUSIP: 71845JAE8<br>LEI: 549300WUPIVS6ZE0ZI51 | Long             | DBT              | CORP              | US        |   1840000 | PA      | $1804526.07   | 0.47%             | 2033-03-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MISSION LANE CREDIT CARD MASTER TRUST                                          | MISSION LANE CREDIT CARD MASTER TRUST MLANE 2025-B A                              | CUSIP: 60510MBU1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    725000 | PA      | $726355.61    | 0.19%             | 2031-09-15      | Fixed         | 5.06%                 | Yes           |                  2 | On Loan: No      |
| PAGAYA AI DEBT GRANTOR TRUST                                                   | PAGAYA AI DEBT GRANTOR TRUST 2025-3 PAID 2025-3 B                                 | CUSIP: 69544TAC8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    599878 | PA      | $604032.58    | 0.16%             | 2032-12-15      | Fixed         | 6.06%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN BX5440                                                         | CUSIP: 3140NABJ1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    621236 | PA      | $626766.70    | 0.16%             | 2053-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                                                       | MINNESOTA ST HSG FIN AGY MINNESOTA HOUSING FINANCE AGENCY                         | CUSIP: 60416T4L9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    355000 | PA      | $372297.23    | 0.10%             | 2033-07-01      | Fixed         | 5.73%                 | No            |                  2 | On Loan: No      |
| COLORADO HSG & FIN AUTH                                                        | COLORADO ST HSG & FIN AUTH COLORADO HOUSING AND FINANCE AUTHORITY                 | CUSIP: 19648GAS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    845000 | PA      | $855588.27    | 0.22%             | 2038-11-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC.                                                            | ALLY FINANCIAL INC 6.184000% 07/26/2035                                           | CUSIP: 02005NBV1<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |   1440000 | PA      | $1460990.32   | 0.38%             | 2035-07-26      | Fixed         | 6.18%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND HSG & MTG FIN CORP REV                                            | RHODE ISLAND ST HSG & MTGE FIN RHODE ISLAND HOUSING & MORTGAGE FINANCE CORP       | CUSIP: 76221TNA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    540000 | PA      | $434982.47    | 0.11%             | 2038-10-01      | Fixed         | 2.99%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN CB5430                                                         | CUSIP: 3140QRA86<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   1059638 | PA      | $1026531.26   | 0.27%             | 2053-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CARVANA AUTO RECEIVABLES TRUST                                                 | CARVANA AUTO RECEIVABLES TRUST 2025-P3 CRVNA 2025-P3 B                            | CUSIP: 14688AAE7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1250000 | PA      | $1241560.25   | 0.33%             | 2031-10-10      | Fixed         | 4.48%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN AE0954                                                         | CUSIP: 31419BBY0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    240495 | PA      | $238465.18    | 0.06%             | 2041-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST HSG FIN AGY HSG REV                                           | MASSACHUSETTS ST HSG FIN AGY H MASSACHUSETTS HOUSING FINANCE AGENCY               | CUSIP: 57587A7A0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $119014.70    | 0.03%             | 2040-12-01      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| CENTERSQUARE ISSUER LLC AND CENTERSQUARE CO-ISSUER LLC                         | CENTERSQUARE ISSUER LLC CNSQ 2025-3A A2                                           | CUSIP: 15201EAK0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    755000 | PA      | $716542.49    | 0.19%             | 2055-08-25      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC POOL FR RA8249                                                        | CUSIP: 3133KQEW2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    674175 | PA      | $681525.23    | 0.18%             | 2052-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN BW5186                                                         | CUSIP: 3140MWXQ4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    662914 | PA      | $656868.87    | 0.17%             | 2052-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST HSG & CMNTY SVCS DEPT MTG REV                                        | OREGON ST HSG & CMNTY SVCS DEP STATE OF OREGON HOUSING & COMMUNITY SERVICES DEPAR | CUSIP: 68609NBA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    580000 | PA      | $579496.39    | 0.15%             | 2041-07-01      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| BUNGE Ltd FINANCE CORP                                                         | BUNGE LTD FINANCE CORP 2.750000% 05/14/2031                                       | CUSIP: 120568BC3<br>LEI: 549300QHC068L40NNM71 | Long             | DBT              | CORP              | US        |   1150000 | PA      | $1051027.84   | 0.28%             | 2031-05-14      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                          | WELLS FARGO & CO 5.244000% 01/24/2031                                             | CUSIP: 95000U3P6<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   1150000 | PA      | $1172316.99   | 0.31%             | 2031-01-24      | Fixed         | 5.24%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN AY5040                                                         | CUSIP: 3138YJS64<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     57570 | PA      | $56687.54     | 0.01%             | 2035-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARS, INCORPORATED                                                             | MARS INC 144A 2.375000% 07/16/2040                                                | CUSIP: 571676AN5<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |    540000 | PA      | $379128.44    | 0.10%             | 2040-07-16      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM CORPORATION                                               | OCCIDENTAL PETROLEUM CORP 6.050000% 10/01/2054                                    | CUSIP: 674599EM3<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |   1985000 | PA      | $1935526.85   | 0.51%             | 2054-10-01      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN FM7514                                                         | CUSIP: 3140XBK41<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    896071 | PA      | $767605.63    | 0.20%             | 2051-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| United States of America                                                       | US TREASURY N/B 3.000000% 05/15/2045                                              | CUSIP: 912810RM2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   9000000 | PA      | $6784804.71   | 1.78%             | 2045-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| United States of America                                                       | US TREASURY N/B 2.750000% 05/31/2029                                              | CUSIP: 91282CES6<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |  10850000 | PA      | $10482964.90  | 2.74%             | 2029-05-31      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| STORE CAPITAL LLC                                                              | STORE CAPITAL LLC 2.700000% 12/01/2031                                            | CUSIP: 862121AD2<br>LEI: 254900Z9PIEFQ6AYXK50 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1754724.52   | 0.46%             | 2031-12-01      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN FS2805                                                         | CUSIP: 3140XJDK6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   1871557 | PA      | $1573936.60   | 0.41%             | 2052-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FRANKLIN BSP CAPITAL CORPORATION                                               | FRANKLIN BSP CAPITAL CORP 7.200000% 06/15/2029                                    | CUSIP: 35250VAB0<br>LEI: 549300KJEVMKATLINB36 | Long             | DBT              | CORP              | US        |   1080000 | PA      | $1096893.82   | 0.29%             | 2029-06-15      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| HERCULES CAPITAL, INC.                                                         | HERCULES CAPITAL INC 6.000000% 06/16/2030                                         | CUSIP: 427096AN2<br>LEI: 549300UJ5OC256GR2B73 | Long             | DBT              | CORP              | US        |   1850000 | PA      | $1838837.91   | 0.48%             | 2030-06-16      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN FM4684                                                         | CUSIP: 3140X8F28<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   2058790 | PA      | $1733844.10   | 0.45%             | 2050-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| OWN EQUIPMENT FUND                                                             | OWN EQUIPMENT FUND III LLC EQS 2025-2M A                                          | CUSIP: 69122AAA3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1001154 | PA      | $994882.13    | 0.26%             | 2034-03-27      | Fixed         | 5.42%                 | Yes           |                  2 | On Loan: No      |
| THE PNC FINANCIAL SERVICES GROUP, INC.                                         | PNC FINANCIAL SERVICES GROUP INC/THE 5.373000% 07/21/2036                         | CUSIP: 693475CE3<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |   1450000 | PA      | $1457061.94   | 0.38%             | 2036-07-21      | Fixed         | 5.37%                 | No            |                  2 | On Loan: No      |
| ALLIANT ENERGY CORPORATION                                                     | ALLIANT ENERGY CORP 5.750000% 04/01/2056                                          | CUSIP: 018802AF5<br>LEI: 5493009ML300G373MZ12 | Long             | DBT              | CORP              | US        |   1495000 | PA      | $1469471.98   | 0.38%             | 2056-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC POOL FR SD8098                                                        | CUSIP: 3132DV7K5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    258103 | PA      | $208855.36    | 0.05%             | 2050-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN MA4941                                                         | CUSIP: 31418EP38<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    714338 | PA      | $720879.47    | 0.19%             | 2053-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DENVER COLO CITY & CNTY HSG AUTH MULTIFAMILY HSG REV                           | DENVER CO CITY & CNTY MF HSG R DENVER CITY & COUNTY HOUSING AUTHORITY             | CUSIP: 24917QAZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $242657.07    | 0.06%             | 2039-02-01      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| FIDELIS MORTGAGE TRUST                                                         | FIDELIS MORTGAGE TRUST 2025-RTL1 FIDL 2025-RTL1 A2                                | CUSIP: 31575LAE3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1300000 | PA      | $1304513.34   | 0.34%             | 2040-02-27      | Floating      | 6.22%                 | Yes           |                  2 | On Loan: No      |
| FREDDIE MAC SEASONED CREDIT RISK TRANSFER TRUST                                | FREDDIE MAC SEASONED CREDIT RISK TRANSFER TRUST SE SCRT 2018-4 MV                 | CUSIP: 35563PHH5<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    560256 | PA      | $530136.73    | 0.14%             | 2058-03-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BARINGS PRIVATE CREDIT CORP CLO LTD                                            | BARINGS PRIVATE CREDIT CORP CLO 2023-1 LTD BPCC 2023-1A A1BR                      | CUSIP: 067930AN7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | BM        |   1170000 | PA      | $1169967.24   | 0.31%             | 2036-10-15      | Floating      | 5.57%                 | Yes           |                  2 | On Loan: No      |
| OWN EQUIPMENT FUND                                                             | OWN EQUIPMENT FUND II LLC EQS 2025-1M B                                           | CUSIP: 690912AB6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1323766 | PA      | $1318892.42   | 0.35%             | 2033-09-26      | Fixed         | 6.31%                 | Yes           |                  2 | On Loan: No      |
| TRINITY RAIL LEASING LLC                                                       | TRINITY RAIL LEASING 2021 LLC TRL 2021-1A B                                       | CUSIP: 89656GAB0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    825000 | PA      | $786197.28    | 0.21%             | 2051-07-19      | Fixed         | 3.08%                 | Yes           |                  2 | On Loan: No      |
| RCKT MORTGAGE TRUST                                                            | RCKT MORTGAGE TRUST 2022-1 RCKT 2022-1 A1                                         | CUSIP: 74938FAA6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1141546 | PA      | $943506.79    | 0.25%             | 2052-01-25      | Floating      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| NNN REIT, INC.                                                                 | NNN REIT INC 2.500000% 04/15/2030                                                 | CUSIP: 637417AN6<br>LEI: 5493008JKH5SOTI0JS97 | Long             | DBT              | CORP              | US        |    700000 | PA      | $646851.74    | 0.17%             | 2030-04-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| APA CORPORATION                                                                | APA CORP 6.750000% 02/15/2055                                                     | CUSIP: 03743QAT5<br>LEI: 549300VCIWLRHYVSHC79 | Long             | DBT              | CORP              | US        |   1700000 | PA      | $1737410.78   | 0.45%             | 2055-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| METRONET INFRASTRUCTURE ISSUER LLC                                             | METRONET INFRASTRUCTURE ISSUER LLC MNET 2026-1A A2                                | CUSIP: 59170JBK3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    945000 | PA      | $947512.00    | 0.25%             | 2056-04-20      | Fixed         | 5.27%                 | Yes           |                  2 | On Loan: No      |
| A&D MORTGAGE TRUST                                                             | A&D MORTGAGE TRUST 2026-NQM2 ADMT 2026-NQM2 A1                                    | CUSIP: 00038TAC6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    890053 | PA      | $884403.34    | 0.23%             | 2071-03-25      | Floating      | 4.81%                 | Yes           |                  2 | On Loan: No      |
| United States of America                                                       | US TREASURY N/B 2.875000% 05/15/2052                                              | CUSIP: 912810TG3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5467000 | PA      | $3742332.34   | 0.98%             | 2052-05-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC POOL FR RA7114                                                        | CUSIP: 3133KN3X9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   1018304 | PA      | $960624.16    | 0.25%             | 2052-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States of America                                                       | US TREASURY N/B 3.875000% 12/31/2027                                              | CUSIP: 91282CGC9<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |  14925000 | PA      | $14921501.88  | 3.91%             | 2027-12-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| J.P. MORGAN MORTGAGE TRUST                                                     | JP MORGAN MORTGAGE TRUST 2022-3 JPMMT 2022-3 A4A                                  | CUSIP: 46654UAE5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1296144 | PA      | $1155931.55   | 0.30%             | 2052-08-25      | Floating      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN BM4831                                                         | CUSIP: 3140J9LM1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    158718 | PA      | $143273.20    | 0.04%             | 2048-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| VOLOFIN FINANCE (IRELAND) DESIGNATED ACTIVITY COMPANY                          | VOLOFIN FINANCE DESIGNATED ACTIVITY CO VFIN 2024-1A A                             | CUSIP: 92873RAA9<br>LEI: N/A                  | Long             | ABS-MBS          |  | IE        |    231331 | PA      | $234026.23    | 0.06%             | 2037-06-15      | Fixed         | 5.93%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC GOLD POOL FG G08749                                                   | CUSIP: 3128MJZP8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    184581 | PA      | $176101.02    | 0.05%             | 2047-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMN                                                    | WASHINGTON ST HSG FIN COMMISSI WASHINGTON STATE HOUSING FINANCE COMMISSION        | CUSIP: 93978T5G0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $559794.07    | 0.15%             | 2038-12-01      | Fixed         | 5.74%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                                 | MORGAN STANLEY 5.587000% 01/18/2036                                               | CUSIP: 61748UAF9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   1150000 | PA      | $1178891.31   | 0.31%             | 2036-01-18      | Fixed         | 5.59%                 | No            |                  2 | On Loan: No      |
| NBN CO LIMITED                                                                 | NBN CO LTD MTN 2.625000% 05/05/2031                                               | CUSIP: 62878U2B7<br>LEI: 2549007CRZ2NT7S96A24 | Long             | DBT              | NUSS              | AU        |    600000 | PA      | $547736.00    | 0.14%             | 2031-05-05      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| BERRY GLOBAL, INC.                                                             | BERRY GLOBAL INC 1.650000% 01/15/2027                                             | CUSIP: 08576PAF8<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |    625000 | PA      | $613039.94    | 0.16%             | 2027-01-15      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| NORTHERN GROUP HSG LLC                                                         | NORTHERN GROUP HOUSING LLC 144A 5.605000% 08/15/2033                              | CUSIP: 66516XAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    381214 | PA      | $384397.14    | 0.10%             | 2033-08-15      | Fixed         | 5.61%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN BN8511                                                         | CUSIP: 3140JRN56<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    140091 | PA      | $133623.56    | 0.03%             | 2049-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NXP B.V.                                                                       | NXP BV / NXP FUNDING LLC 5.550000% 12/01/2028                                     | CUSIP: 62947QBC1<br>LEI: 724500RKKW4NOJ9YQF60 | Long             | DBT              | NUSS              | NL        |    245000 | PA      | $250591.21    | 0.07%             | 2028-12-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| ARES FINANCE CO. II LLC                                                        | ARES FINANCE CO II LLC 144A 3.250000% 06/15/2030                                  | CUSIP: 04015KAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    645000 | PA      | $606302.57    | 0.16%             | 2030-06-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| GRAND PARKWAY TRANSN CORP TEX SYS TOLL REV                                     | GRAND PARKWAY TRANSPRTN CORP T GRAND PARKWAY TRANSPORTATION CORP                  | CUSIP: 38611TDK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    640000 | PA      | $456956.16    | 0.12%             | 2049-10-01      | Fixed         | 3.22%                 | No            |                  2 | On Loan: No      |
| LBTY COMMERCIAL MORTGAGE TRUST                                                 | LBTY COMMERCIAL MORTGAGE TRUST 2026-225L LBTY 2026-225L A                         | CUSIP: 50178LAA2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    885000 | PA      | $873978.39    | 0.23%             | 2043-02-10      | Floating      | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC GOLD POOL FG G08789                                                   | CUSIP: 3128MJ2X7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    174673 | PA      | $166962.60    | 0.04%             | 2047-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC POOL FR RA7930                                                        | CUSIP: 3133KPY36<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    625997 | PA      | $604417.02    | 0.16%             | 2052-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SCMS MTG TR                                                                    | SCMS 2025-BNC1 MORTGAGE TRUST SCMS 2025-BNC1 AS                                   | CUSIP: 78398LAG4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    850000 | PA      | $852245.96    | 0.22%             | 2057-12-15      | Floating      | 5.31%                 | Yes           |                  2 | On Loan: No      |
| SEQUOIA MORTGAGE TRUST                                                         | SEQUOIA MORTGAGE TRUST 2015-1 SEMT 2015-1 A1                                      | CUSIP: 81745QAA0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     19450 | PA      | $18257.33     | 0.00%             | 2045-01-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Highwoods Realty Limited Partnership                                           | HIGHWOODS REALTY LP 2.600000% 02/01/2031                                          | CUSIP: 431282AT9<br>LEI: JUJNVZX73BIYHLR58F51 | Long             | DBT              | CORP              | US        |   1390000 | PA      | $1235223.22   | 0.32%             | 2031-02-01      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN MA3870                                                         | CUSIP: 31418DJQ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    275205 | PA      | $233367.67    | 0.06%             | 2049-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| HPS CORPORATE LENDING FUND                                                     | HPS CORPORATE LENDING FUND 5.950000% 04/14/2032                                   | CUSIP: 40440VAK1<br>LEI: 549300ZS7IHUA6FKFV61 | Long             | DBT              | CORP              | US        |   1905000 | PA      | $1875610.65   | 0.49%             | 2032-04-14      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| THE GOLDMAN SACHS GROUP, INC.                                                  | GOLDMAN SACHS GROUP INC/THE 5.387000% 02/02/2041                                  | CUSIP: 38145GAU4<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   1875000 | PA      | $1825046.76   | 0.48%             | 2041-02-02      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| IDAHO HSG & FIN ASSN SINGLE FAMILY MTG REV                                     | IDAHO ST HSG & FIN ASSN SF MTG IDAHO HOUSING & FINANCE ASSOCIATION                | CUSIP: 45129Y3V6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    710000 | PA      | $723543.11    | 0.19%             | 2038-07-01      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN BJ8340                                                         | CUSIP: 3140HAHS2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    385560 | PA      | $355434.42    | 0.09%             | 2049-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| IOWA STUDENT LN LIQUIDITY CORP STUDENT LN REV                                  | IOWA ST STUDENT LOAN LIQUIDITY IOWA STUDENT LOAN LIQUIDITY CORP                   | CUSIP: 462590PL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1710000 | PA      | $1715701.65   | 0.45%             | 2035-12-01      | Fixed         | 5.43%                 | No            |                  2 | On Loan: No      |
| HAWAII ST DEPT BUSINESS ECONOMIC DEV & TOURISM GREEN ENERGY MKT SECURITIZATION | HAWAII ST DEPT BUSINESS ECON D STATE OF HAWAII DEPARTMENT OF BUSINESS ECONOMIC DE | CUSIP: 41980UAB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     61832 | PA      | $60949.74     | 0.02%             | 2031-01-01      | Fixed         | 3.24%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN MA3210                                                         | CUSIP: 31418CR89<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     99289 | PA      | $91486.08     | 0.02%             | 2047-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| SCE RECOVERY FUNDING LLC, SENIOR SECURED RECOVERY BONDS                        | SCE RECOVERY FUNDING LLC 5.541000% 09/15/2050                                     | CUSIP: 78433LAL0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1700000 | PA      | $1669457.15   | 0.44%             | 2050-09-15      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| BWAY TRUST                                                                     | BWAY TRUST 2025-1535 BWAY 2025-1535 A                                             | CUSIP: 12430BAA8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    600000 | PA      | $606201.60    | 0.16%             | 2042-05-05      | Floating      | 6.52%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN FS3826                                                         | CUSIP: 3140XKHC7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    546228 | PA      | $478943.51    | 0.13%             | 2052-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MARTIN MARIETTA MATERIALS, INC.                                                | MARTIN MARIETTA MATERIALS INC 2.400000% 07/15/2031                                | CUSIP: 573284AW6<br>LEI: 5299005MZ4WZECVATV08 | Long             | DBT              | CORP              | US        |    865000 | PA      | $771587.69    | 0.20%             | 2031-07-15      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| Mondelez International, Inc.                                                   | MONDELEZ INTERNATIONAL INC 1.500000% 02/04/2031                                   | CUSIP: 609207AX3<br>LEI: 549300DV9GIB88LZ5P30 | Long             | DBT              | CORP              | US        |    535000 | PA      | $466232.48    | 0.12%             | 2031-02-04      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| SOFI CONSUMER LOAN PROGRAM LLC                                                 | SOFI CONSUMER LOAN PROGRAM TRUST 2026-1 SCLP 2026-1 B                             | CUSIP: 83408AAB7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    900000 | PA      | $892878.48    | 0.23%             | 2035-12-26      | Fixed         | 4.44%                 | Yes           |                  2 | On Loan: No      |
| J.P. MORGAN MORTGAGE TRUST                                                     | J.P. MORGAN MORTGAGE TRUST 2022-4 JPMMT 2022-4 A4                                 | CUSIP: 46655GAE5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1372630 | PA      | $1250068.29   | 0.33%             | 2052-10-25      | Floating      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| OCCU AUTO RECEIVABLES TRUST                                                    | OCCU AUTO RECEIVABLES TRUST 2025-1 OCCU 2025-1A A4                                | CUSIP: 67098SAD2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    755000 | PA      | $759558.92    | 0.20%             | 2031-01-15      | Fixed         | 4.79%                 | Yes           |                  2 | On Loan: No      |
| United States of America                                                       | US TREASURY N/B 1.125000% 08/15/2040                                              | CUSIP: 912810SQ2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1070000 | PA      | $662814.84    | 0.17%             | 2040-08-15      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| N/A                                                                            | BROWN BROTHERS HARRIMAN SWEEP INTEREST                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |   3970238 | PA      | $3970238.33   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| HELMERICH & PAYNE, INC.                                                        | HELMERICH & PAYNE INC 5.500000% 12/01/2034                                        | CUSIP: 423452AN1<br>LEI: 254900NAOGHJ88RZ4C73 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1186071.96   | 0.31%             | 2034-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MVW LLC                                                                        | MVW 2026-1 LLC MVWOT 2026-1A B                                                    | CUSIP: 55400XAB3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    600000 | PA      | $598555.14    | 0.16%             | 2043-03-20      | Fixed         | 4.97%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN FS3394                                                         | CUSIP: 3140XJXY4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    820718 | PA      | $773022.49    | 0.20%             | 2052-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO.                                                           | JPMORGAN CHASE & CO 4.946000% 10/22/2035                                          | CUSIP: 46647PER3<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   1082000 | PA      | $1069842.01   | 0.28%             | 2035-10-22      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| CAMP PENDLETON & QUANTICO HOUSING, LLC                                         | CAMP PENDLETON & QUANTICO HOUSING LLC 144A 6.165000% 10/01/2050                   | CUSIP: 134011AL9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $385268.00    | 0.10%             | 2050-10-01      | Fixed         | 6.17%                 | No            |                  2 | On Loan: No      |
| VORNADO REALTY L.P.                                                            | VORNADO REALTY LP 5.750000% 02/01/2033                                            | CUSIP: 929043AN7<br>LEI: 549300BMOJ05INE4YK86 | Long             | DBT              | CORP              | US        |   1765000 | PA      | $1767992.77   | 0.46%             | 2033-02-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| RIO TINTO FINANCE (USA) PLC                                                    | RIO TINTO FINANCE USA PLC 5.750000% 03/14/2055                                    | CUSIP: 76720AAV8<br>LEI: 2138006TSNBEUA761G16 | Long             | DBT              | NUSS              | AU        |   1340000 | PA      | $1342885.34   | 0.35%             | 2055-03-14      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| THE SOUTHERN COMPANY                                                           | SOUTHERN CO/THE 6.375000% 03/15/2055                                              | CUSIP: 842587EB9<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |   1190000 | PA      | $1225754.74   | 0.32%             | 2055-03-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CAROLINAS NC STORM FUNDING LLC                                     | DUKE ENERGY CAROLINAS NC STORM FUNDING II LLC 5.070000% 01/01/2046                | CUSIP: 26443UAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    840000 | PA      | $813434.46    | 0.21%             | 2046-01-01      | Fixed         | 5.07%                 | No            |                  2 | On Loan: No      |
| MICROSOFT CORPORATION                                                          | MICROSOFT CORP 2.921000% 03/17/2052                                               | CUSIP: 594918CE2<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | DBT              | CORP              | US        |    270000 | PA      | $171764.44    | 0.04%             | 2052-03-17      | Fixed         | 2.92%                 | No            |                  2 | On Loan: No      |
| CARMAX AUTO OWNER TRUST                                                        | CARMAX AUTO OWNER TRUST 2025-1 CARMX 2025-1 B                                     | CUSIP: 14319WAF3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    665000 | PA      | $670678.04    | 0.18%             | 2030-09-16      | Fixed         | 5.11%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC GOLD POOL FG G08626                                                   | CUSIP: 3128MJVU1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    183971 | PA      | $167475.93    | 0.04%             | 2045-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO COMMERCIAL MORTGAGE TRUST                                          | WELLS FARGO COMMERCIAL MORTGAGE TRUST 2025-5C5 WFCM 2025-5C5 A3                   | CUSIP: 95004MAC1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    735000 | PA      | $756940.34    | 0.20%             | 2058-07-15      | Fixed         | 5.59%                 | No            |                  2 | On Loan: No      |
| United States of America                                                       | US TREASURY N/B 3.875000% 09/30/2029                                              | CUSIP: 91282CFL0<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   5069900 | PA      | $5058017.42   | 1.32%             | 2029-09-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| J.P. MORGAN MORTGAGE TRUST                                                     | JP MORGAN MORTGAGE TRUST 2022-2 JPMMT 2022-2 A4A                                  | CUSIP: 46655DAE2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    891286 | PA      | $795814.88    | 0.21%             | 2052-08-25      | Floating      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| BX COMMERCIAL MORTGAGE TRUST                                                   | BX COMMERCIAL MORTGAGE TRUST 2025-BCAT BX 2025-BCAT A                             | CUSIP: 12433HAA2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    711862 | PA      | $712529.36    | 0.19%             | 2042-08-15      | Floating      | 5.03%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association 2                                     | GINNIE MAE II POOL G2 MA5330                                                      | CUSIP: 36179T4P7<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |     70505 | PA      | $67078.65     | 0.02%             | 2048-07-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UTAH HSG CORP SINGLE FAMILY MTG REV                                            | UTAH HSG CORP SF MTGE REVENUE UTAH HOUSING CORP                                   | CUSIP: 917437HJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1406000 | PA      | $1406633.54   | 0.37%             | 2044-01-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| United States of America                                                       | US TREASURY N/B 4.250000% 08/15/2035                                              | CUSIP: 91282CNT4<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   3180000 | PA      | $3152175.00   | 0.83%             | 2035-08-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| GS MORTGAGE SECURITIES TRUST                                                   | GS MORTGAGE SECURITIES TRUST 2020-GSA2 GSMS 2020-GSA2 A3                          | CUSIP: 36264KAT7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    341918 | PA      | $321084.67    | 0.08%             | 2053-12-12      | Fixed         | 1.56%                 | No            |                  2 | On Loan: No      |
| OAK STREET INVESTMENT GRADE NET LEASE FUND LLC.                                | OAK STREET INVESTMENT GRADE NET LEASE FUND SERIES OAKIG 2021-2A A3                | CUSIP: 67181DAL5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1741979 | PA      | $1045013.33   | 0.27%             | 2051-11-20      | Fixed         | 2.85%                 | Yes           |                  2 | On Loan: No      |
| Santander Holdings USA, Inc.                                                   | SANTANDER HOLDINGS USA INC 6.342000% 05/31/2035                                   | CUSIP: 80282KBL9<br>LEI: 549300SMVCQN2P0O6I58 | Long             | DBT              | CORP              | US        |   1365000 | PA      | $1438238.94   | 0.38%             | 2035-05-31      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                                                       | MINNESOTA ST HSG FIN AGY MINNESOTA HOUSING FINANCE AGENCY                         | CUSIP: 60416T6J2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $193672.49    | 0.05%             | 2041-07-01      | Fixed         | 6.14%                 | No            |                  2 | On Loan: No      |
| SFS AUTO RECEIVABLES SECURITIZATION TRUST                                      | SFS AUTO RECEIVABLES SECURITIZATION TRUST 2025-2 SFAST 2025-2A B                  | CUSIP: 78398HAE8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    710000 | PA      | $714662.85    | 0.19%             | 2031-07-21      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| THE BANK OF NOVA SCOTIA                                                        | BANK OF NOVA SCOTIA/THE 7.350000% 04/27/2085                                      | CUSIP: 0641598X7<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | NUSS              | CA        |    930000 | PA      | $962682.99    | 0.25%             | 2085-04-27      | Fixed         | 7.35%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2                                     | GINNIE MAE II POOL G2 MA5263                                                      | CUSIP: 36179TZ40<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    415453 | PA      | $384005.66    | 0.10%             | 2048-06-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE HIGHER EDUCATION LOAN CORPORATION                                | GRANITE EDVANCE CORP NHHEL 2020-1 A1A                                             | CUSIP: 644622AB8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1037679 | PA      | $948028.52    | 0.25%             | 2060-09-25      | Fixed         | 1.55%                 | No            |                  2 | On Loan: No      |
| GOLUB CAPITAL BDC, INC.                                                        | GOLUB CAPITAL BDC INC 6.000000% 07/15/2029                                        | CUSIP: 38173MAE2<br>LEI: 2549005WE0QLGK9APF78 | Long             | DBT              | CORP              | US        |   1280000 | PA      | $1283514.16   | 0.34%             | 2029-07-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TWIN BROOK CLO LLC                                                             | TWIN BROOK CLO 2024-1 LLC TWBRK 2024-1A A                                         | CUSIP: 901397AA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    800000 | PA      | $800728.00    | 0.21%             | 2036-07-20      | Floating      | 5.58%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE REMICS FNR 2024-56 DL                                                  | CUSIP: 3136BSTA3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   3150000 | PA      | $1947718.08   | 0.51%             | 2051-09-25      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| FREMF MORTGAGE TRUST                                                           | FREMF 2019-K101 MORTGAGE TRUST FREMF 2019-K101 B                                  | CUSIP: 30298YAE3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    700000 | PA      | $667545.27    | 0.17%             | 2052-10-25      | Floating      | 3.64%                 | No            |                  2 | On Loan: No      |
| M&T BANK CORPORATION                                                           | M&T BANK CORP MTN 5.400000% 07/30/2035                                            | CUSIP: 55261FAZ7<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |    778000 | PA      | $778708.14    | 0.20%             | 2035-07-30      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN FM4231                                                         | CUSIP: 3140X7VZ9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    569789 | PA      | $482713.46    | 0.13%             | 2050-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                            | GMAC COMMERCIAL MORTGAGE ASSET CORP GMACN 2010-FTLS A                             | CUSIP: 36188AAB1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    217127 | PA      | $220203.47    | 0.06%             | 2047-02-10      | Fixed         | 6.36%                 | No            |                  3 | On Loan: No      |
| MCF CLO LLC                                                                    | MCF CLO VIII LTD MCFCL 2018-1A AR                                                 | CUSIP: 55281GAQ1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $999788.00    | 0.26%             | 2036-04-18      | Floating      | 5.63%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association 2                                     | GINNIE MAE II POOL G2 MA8045                                                      | CUSIP: 36179W5E4<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    597304 | PA      | $563742.92    | 0.15%             | 2052-05-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2                                     | GINNIE MAE II POOL G2 MA7135                                                      | CUSIP: 36179V4U1<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   1519547 | PA      | $1250755.50   | 0.33%             | 2051-01-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| DAIMLER TRUCK FINANCE NORTH AMERICA LLC                                        | DAIMLER TRUCK FINANCE NORTH AMERICA LLC 144A 4.500000% 04/12/2031                 | CUSIP: 233853BL3<br>LEI: 5493003HSDTSCZRXBA58 | Long             | DBT              | CORP              | DE        |    875000 | PA      | $859662.15    | 0.23%             | 2031-04-12      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BURLINGTON NORTHERN SANTA FE, LLC                                              | BURLINGTON NORTHERN SANTA FE LLC 5.550000% 03/15/2056                             | CUSIP: 12189LBN0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1700000 | PA      | $1644629.45   | 0.43%             | 2056-03-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| PAGAYA AI DEBT GRANTOR TRUST                                                   | PAGAYA AI DEBT GRANTOR TRUST 2024-11 PAID 2024-11 B                               | CUSIP: 69544AAB1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    335755 | PA      | $337619.07    | 0.09%             | 2032-07-15      | Fixed         | 5.64%                 | Yes           |                  2 | On Loan: No      |
| WILLIS ENGINE STRUCTURED TRUST                                                 | WILLIS ENGINE STRUCTURED TRUST VIII WESTF 2025-A A                                | CUSIP: 97063RAA8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    582573 | PA      | $587871.56    | 0.15%             | 2050-06-15      | Fixed         | 5.58%                 | Yes           |                  2 | On Loan: No      |
| BROWN & BROWN, INC.                                                            | BROWN & BROWN INC 6.250000% 06/23/2055                                            | CUSIP: 115236AN1<br>LEI: 549300PC8KTJ71XKFY89 | Long             | DBT              | CORP              | US        |   1155000 | PA      | $1148374.12   | 0.30%             | 2055-06-23      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN CA2182                                                         | CUSIP: 3140Q9M83<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    101354 | PA      | $93459.94     | 0.02%             | 2048-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| COLORADO HSG & FIN AUTH                                                        | COLORADO ST HSG & FIN AUTH COLORADO HOUSING AND FINANCE AUTHORITY                 | CUSIP: 19648GN65<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $506048.05    | 0.13%             | 2032-11-01      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC GOLD POOL FG Q62573                                                   | CUSIP: 3132VN2F9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    144546 | PA      | $133760.64    | 0.04%             | 2048-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CORPORATION                                              | CAPITAL ONE FINANCIAL CORP 6.183000% 01/30/2036                                   | CUSIP: 14040HDJ1<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |   1940000 | PA      | $1975745.51   | 0.52%             | 2036-01-30      | Fixed         | 6.18%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN FM5608                                                         | CUSIP: 3140X9GS8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   2205964 | PA      | $1850682.38   | 0.48%             | 2051-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| M&T BANK RV TRUST                                                              | M&T BANK RV TRUST 2026-1 MTBRV 2026-1A A                                          | CUSIP: 551923AA3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    850563 | PA      | $838430.86    | 0.22%             | 2046-01-15      | Fixed         | 4.35%                 | Yes           |                  2 | On Loan: No      |
| THUNDERBOLT AIRCRAFT LEASE LIMITED                                             | THUNDERBOLT II AIRCRAFT LEASE LTD TBOLT 2018-A A                                  | CUSIP: 886065AA9<br>LEI: N/A                  | Long             | ABS-MBS          |  | KY        |      9543 | PA      | $9546.91      | 0.00%             | 2038-09-15      | Fixed         | 5.96%                 | No            |                  2 | On Loan: No      |
| PHEAA STUDENT LOAN TRUST I                                                     | PHEAA STUDENT LOAN TRUST 2016-2 PHEAA 2016-2A B                                   | CUSIP: 69343VAB8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1050000 | PA      | $1047372.06   | 0.27%             | 2065-11-25      | Floating      | 5.26%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN FS4932                                                         | CUSIP: 3140XLPS1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    627984 | PA      | $646292.56    | 0.17%             | 2053-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ANTARES CLO LTD                                                                | ANTARES CLO 2018-3 LTD ANTR 2018-3A A1R                                           | CUSIP: 03665LAL7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1170000 | PA      | $1169755.47   | 0.31%             | 2036-07-20      | Floating      | 5.27%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN BK0640                                                         | CUSIP: 3140HDWA8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   1139318 | PA      | $1000149.54   | 0.26%             | 2050-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| DAIMLER TRUCK FINANCE NORTH AMERICA LLC                                        | DAIMLER TRUCK FINANCE NORTH AMERICA LLC 144A 2.500000% 12/14/2031                 | CUSIP: 233853AH3<br>LEI: 5493003HSDTSCZRXBA58 | Long             | DBT              | CORP              | DE        |    940000 | PA      | $830338.17    | 0.22%             | 2031-12-14      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| ARES CAPITAL CORPORATION.                                                      | ARES CAPITAL CORP 5.250000% 04/12/2031                                            | CUSIP: 04010LBM4<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |   1855000 | PA      | $1804274.49   | 0.47%             | 2031-04-12      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SLM STUDENT LOAN TRUST                                                         | SLM STUDENT LOAN TRUST 2006-10 SLMA 2006-10 A6                                    | CUSIP: 78443BAG1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    944681 | PA      | $913320.30    | 0.24%             | 2044-03-25      | Floating      | 4.08%                 | No            |                  2 | On Loan: No      |
| SCF EQUIPMENT LEASING LLC                                                      | SCF EQUIPMENT LEASING 2025-2 LLC SCFET 2025-2A A3                                 | CUSIP: 78439XAC8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1000000 | PA      | $993356.40    | 0.26%             | 2036-06-20      | Fixed         | 4.33%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC POOL FR SD8316                                                        | CUSIP: 3132DWGZ0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   1971313 | PA      | $1988495.72   | 0.52%             | 2053-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN FA1371                                                         | CUSIP: 3140W1QZ9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    989713 | PA      | $903525.12    | 0.24%             | 2052-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| PK ALIFT LOAN FUNDING LP                                                       | PK ALIFT LOAN FUNDING 7 LP PKAIR 2025-2 A                                         | CUSIP: 69291NAA0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    699631 | PA      | $692038.42    | 0.18%             | 2043-03-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN MA4562                                                         | CUSIP: 31418EB82<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   2931520 | PA      | $2355024.70   | 0.62%             | 2052-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| United States of America                                                       | US TREASURY N/B 3.750000% 08/15/2041                                              | CUSIP: 912810QS0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5510000 | PA      | $4874843.35   | 1.28%             | 2041-08-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                                             | ENERGY TRANSFER LP 6.625000% MATURITY: PERPETUAL                                  | CUSIP: 29273VAJ9<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   1675000 | PA      | $1689756.75   | 0.44%             | 2175-02-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC POOL FR SD2862                                                        | CUSIP: 3132DQFB7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    555307 | PA      | $570999.44    | 0.15%             | 2053-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FORD CREDIT AUTO OWNER TRUST                                                   | FORD CREDIT AUTO OWNER TRUST 2026-A FORDO 2026-A B                                | CUSIP: 34532WAF2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    945000 | PA      | $938195.34    | 0.25%             | 2032-04-15      | Fixed         | 4.34%                 | No            |                  2 | On Loan: No      |
| GS MORTGAGE-BACKED SECURITIES TRUST                                            | GS MORTGAGE-BACKED SECURITIES TRUST 2022-PJ1 GSMBS 2022-PJ1 A8                    | CUSIP: 36263NAH8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    964683 | PA      | $859655.91    | 0.23%             | 2052-05-28      | Floating      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| GOLDENTREE LOAN MANAGEMENT US CLO LTD                                          | GOLDENTREE LOAN MANAGEMENT US CLO 12 LTD GLM 2022-12A AJR                         | CUSIP: 38138FAS0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |   1425000 | PA      | $1420867.50   | 0.37%             | 2037-07-20      | Floating      | 5.21%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN MA4255                                                         | CUSIP: 31418DWR9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    528928 | PA      | $427617.18    | 0.11%             | 2051-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| BINOM MORTGAGE LOAN TRUST                                                      | BINOM MORTGAGE LOAN TRUST 2026-NQM1 BINOM 2026-NQM1 A1                            | CUSIP: 09055CAE8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    970000 | PA      | $966515.75    | 0.25%             | 2066-02-25      | Floating      | 5.06%                 | Yes           |                  2 | On Loan: No      |
| INDIANA ST HSG & CMNTY DEV AUTH SINGLE FAMILY REV                              | INDIANA ST HSG & CMNTY DEV AUT INDIANA HOUSING & COMMUNITY DEVELOPMENT AUTHORITY  | CUSIP: 45505TY39<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000332.90   | 0.26%             | 2044-07-01      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| BFLD TRUST                                                                     | BFLD TRUST 2025-FPM BFLD 2025-FPM A                                               | CUSIP: 05556HAA7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    750000 | PA      | $752485.20    | 0.20%             | 2040-10-10      | Floating      | 5.18%                 | Yes           |                  2 | On Loan: No      |
| VERIZON MASTER TRUST                                                           | VERIZON MASTER TRUST VZMT 2025-8 B                                                | CUSIP: 92348KET6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    800000 | PA      | $789650.08    | 0.21%             | 2033-08-22      | Fixed         | 4.41%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN FS3686                                                         | CUSIP: 3140XKCY4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    602618 | PA      | $599561.82    | 0.16%             | 2053-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN MA5044                                                         | CUSIP: 31418ETA8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    454119 | PA      | $471673.74    | 0.12%             | 2053-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2                                     | GINNIE MAE II POOL G2 MB0144                                                      | CUSIP: 3618N5ES4<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    964456 | PA      | $900732.36    | 0.24%             | 2055-01-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC GOLD POOL FG G18540                                                   | CUSIP: 3128MMS61<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |     57280 | PA      | $55756.70     | 0.01%             | 2030-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                          | FANNIE MAE POOL FN MA4834                                                         | CUSIP: 31418ELQ1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    472976 | PA      | $470523.64    | 0.12%             | 2037-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SANTANDER MORTGAGE ASSET RECEIVABLES TRUST                                     | SANTANDER MORTGAGE ASSET RECEIVABLE TRUST 2026-NQM SAN 2026-NQM3 A1               | CUSIP: 802929AC3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    946315 | PA      | $945568.50    | 0.25%             | 2066-03-25      | Floating      | 5.18%                 | Yes           |                  2 | On Loan: No      |
| DISTRICT COLUMBIA UNIV REV                                                     | DIST OF COLUMBIA UNIV REVENUE DISTRICT OF COLUMBIA                                | CUSIP: 25484JDK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1445287.80   | 0.38%             | 2035-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| UNITED AIRLINES, INC.                                                          | UNITED AIRLINES INC 144A 4.625000% 04/15/2029                                     | CUSIP: 90932LAH0<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |   1640000 | PA      | $1618885.16   | 0.42%             | 2029-04-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| GS MORTGAGE-BACKED SECURITIES TRUST                                            | GS MORTGAGE-BACKED SECURITIES TRUST 2022-PJ3 GSMBS 2022-PJ3 A4                    | CUSIP: 362924AE2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1131880 | PA      | $932688.54    | 0.24%             | 2052-08-25      | Floating      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| SIXTH STREET SPECIALTY LENDING, INC.                                           | SIXTH STREET SPECIALTY LENDING INC 5.625000% 08/15/2030                           | CUSIP: 83012AAD1<br>LEI: 549300TX61566GJWCN05 | Long             | DBT              | CORP              | US        |   2030000 | PA      | $2015618.12   | 0.53%             | 2030-08-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| United States of America                                                       | US TREASURY N/B 2.250000% 08/15/2046                                              | CUSIP: 912810RT7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2699000 | PA      | $1742225.58   | 0.46%             | 2046-08-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC POOL FR SD3984                                                        | CUSIP: 3132E0M90<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   2185120 | PA      | $1749635.80   | 0.46%             | 2051-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CENTERPOINT ENERGY RESTORATION BOND COMPANY LLC                                | CENTERPOINT ENERGY RESTORATION BOND CO III LLC 4.864000% 12/15/2039               | CUSIP: 15202GAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    902000 | PA      | $876056.41    | 0.23%             | 2039-12-15      | Fixed         | 4.86%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                    | FREDDIE MAC POOL FR SD8484                                                        | CUSIP: 3132DWM91<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    958547 | PA      | $899463.34    | 0.24%             | 2054-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WORLD OMNI AUTO RECEIVABLE TRUST                                               | WORLD OMNI AUTO RECEIVABLES TRUST 2026-A WOART 2026-A B                           | CUSIP: 98190AAF8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    900000 | PA      | $890060.76    | 0.23%             | 2032-03-15      | Fixed         | 4.16%                 | No            |                  2 | On Loan: No      |
| SYNCHRONY FINANCIAL                                                            | SYNCHRONY FINANCIAL 6.000000% 07/29/2036                                          | CUSIP: 87165BAY9<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |    845000 | PA      | $840713.06    | 0.22%             | 2036-07-29      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| JBS USA Holding Lux S.a r.l.                                                   | JBS NV/JBS USA FOODS GROUP HOLDINGS INC/JBS USA FO 7.250000% 11/15/2053           | CUSIP: 47214BAD0<br>LEI: RB8RC03FUD8DSX57C193 | Long             | DBT              | NUSS              | US        |   1000000 | PA      | $1090312.00   | 0.29%             | 2053-11-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2                                     | GINNIE MAE II POOL G2 MA7589                                                      | CUSIP: 36179WNE4<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   1837760 | PA      | $1575845.15   | 0.41%             | 2051-09-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2                                     | GINNIE MAE II POOL G2 MA8204                                                      | CUSIP: 36179XDH6<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    476032 | PA      | $489577.97    | 0.13%             | 2052-08-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FIRST REPUBLIC MORTGAGE LOAN TRUST                                             | FIRST REPUBLIC MORTGAGE TRUST 2020-1 FRMT 2020-1 A5                               | CUSIP: 33616LAN0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    340174 | PA      | $344897.54    | 0.09%             | 2050-04-25      | Floating      | 2.88%                 | Yes           |                  2 | On Loan: No      |
| OAKTREE SPECIALTY LENDING CORPORATION                                          | OAKTREE SPECIALTY LENDING CORP 6.340000% 02/27/2030                               | CUSIP: 67401PAE8<br>LEI: 549300J6MGCEU5928620 | Long             | DBT              | CORP              | US        |   1315000 | PA      | $1302060.91   | 0.34%             | 2030-02-27      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| CARLYLE FINANCE SUBSIDIARY L.L.C.                                              | CARLYLE FINANCE SUBSIDIARY LLC 144A 3.500000% 09/19/2029                          | CUSIP: 14314DAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    650000 | PA      | $626418.44    | 0.16%             | 2029-09-19      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-30

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

**Signature:** Andrew Metzger

**Name of Signer:** Andrew Metzger

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