# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0002048251-26-002439
**Filing Date:** 2026-3
**Character Count:** 209908
**Document Hash:** 5b20608b0dfa5e2fa3acb15e602fae67
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-26-002439.hdr.sgml**: 20260327

**ACCESSION NUMBER**: 0002048251-26-002439

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260327

**DATE AS OF CHANGE**: 20260327

**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:** 26808148

**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

### MetLife Core Plus Fund (Series ID: S000047684)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000149725 | I Class Shares | LPCIX           |
| C000149726 | R Class Shares | LPCYX           |

## Nport-Ex

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **METLIFE CORE PLUS FUND**<br> **JANUARY 31, 2026** *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **MORTGAGE-BACKED SECURITIES — 33.6%** | | |
|  | Face Amount | Value |
| **AGENCY MORTGAGE-BACKED OBLIGATIONS — 29.9%** |  |  |
| &nbsp;&nbsp;&nbsp;FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 01/01/37 to 05/01/52 | $1270872 | $1076988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 11/01/51 to 01/01/52 | 1965152 | 1707279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/01/47 | 53216 | 48442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 11/01/48 | 234538 | 221841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/48 | 46444 | 45232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 07/01/52 | 517407 | 516672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/53 to 05/01/55 | 1663803 | 1673606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 01/01/53 to 09/01/55 | 3487818 | 3570112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 01/01/53 to 07/01/55 | 1750878 | 1820396 |
| &nbsp;&nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, <br>Ser Q032, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.950%, 11/25/54 (A) | 94017 | 95195 |
| &nbsp;&nbsp;&nbsp;FHLMC, Ser 2012-271, Cl 30 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/15/42 | 26908 | 24896 |
| &nbsp;&nbsp;&nbsp;FHLMC, Ser 2017-356, Cl 300 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/15/47 | 107146 | 96809 |
| &nbsp;&nbsp;&nbsp;FNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.790%, 08/01/31 | 165567 | 145725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.850%, 09/01/35 | 226141 | 201449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 01/01/42 to 12/01/51 | 3035735 | 2515761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 06/01/50 to 04/01/52 | 2789060 | 2429065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/01/31 to 07/01/52 | 4367772 | 3978629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.040%, 01/01/28 | 156549 | 154151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 07/01/43 to 09/01/52 | 1921429 | 1812613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/48 to 04/01/54 | 697882 | 675529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 06/01/52 to 09/01/52 | 715995 | 714672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/31 to 05/01/55 | 1374725 | 1387267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/01/39 to 08/01/54 | 1681114 | 1717750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 10/01/53 to 03/01/54 | 1218337 | 1254533 |
| &nbsp;&nbsp;&nbsp;FNMA REMICS, Ser 2005-24, Cl ZE |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/25/35 | 1975 | 2023 |
| &nbsp;&nbsp;&nbsp;FNMA REMICS, Ser 2012-121, Cl TB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, 11/25/42 | 10203 | 10939 |
| &nbsp;&nbsp;&nbsp;FNMA REMICS, Ser 2022-57, Cl FA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.397%, SOFR30A + 0.700%, 09/25/52 (A) | 642976 | 638510 |
| &nbsp;&nbsp;&nbsp;FNMA TBA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/15/45 | 125000 | 110774 |

---

**1**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **METLIFE CORE PLUS FUND**<br> **JANUARY 31, 2026** *(Unaudited)* |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** |
|  | Face Amount | Face Amount | Value | Value |
| **AGENCY MORTGAGE-BACKED OBLIGATIONS — continued** | **AGENCY MORTGAGE-BACKED OBLIGATIONS — continued** | **AGENCY MORTGAGE-BACKED OBLIGATIONS — continued** | **AGENCY MORTGAGE-BACKED OBLIGATIONS — continued** | **AGENCY MORTGAGE-BACKED OBLIGATIONS — continued** |
| &nbsp;&nbsp;&nbsp;FNMA, Ser 2001-T4, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.500%, 07/25/41 | $| 976 | $| 1001 |
| &nbsp;&nbsp;&nbsp;GNMA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 12/20/50 to 02/20/51 |  | 836718 |  | 696383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 04/20/51 to 11/20/51 |  | 1092853 |  | 945983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/20/50 |  | 209534 |  | 189473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/20/49 to 04/20/52 |  | 1082804 |  | 1036971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.422%, 01/20/67 (A) |  | 28045 |  | 27968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/20/53 |  | 241979 |  | 242894 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2010-H14, Cl BI, IO |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.531%, 07/20/60 (A) |  | 1692 |  | 183 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2017-H16, Cl PT |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.465%, 05/20/66 (A) |  | 44 |  | 44 |
| &nbsp;&nbsp;&nbsp;UMBS TBA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 03/01/40 |  | 675000 |  | 623550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/15/56 |  | 128000 |  | 122231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/56 |  | 1096000 |  | 1095698 |
|  |  |  |  | 33629237 |
| **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 3.7%** | **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 3.7%** | **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 3.7%** | **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 3.7%** | **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 3.7%** |
| &nbsp;&nbsp;&nbsp;BANK, Ser 2022-BNK40, Cl A4 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.390%, 03/15/64 (A) |  | 115000 |  | 107834 |
| &nbsp;&nbsp;&nbsp;BBCMS Mortgage Trust, Ser 2020-C6, Cl AS |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.840%, 02/15/53 |  | 75000 |  | 68613 |
| &nbsp;&nbsp;&nbsp;BBCMS Mortgage Trust, Ser C32, Cl A5 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.720%, 02/15/62 |  | 195000 |  | 207605 |
| &nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Ser 2022-B33, Cl A5 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.458%, 03/15/55 (A) |  | 185000 |  | 172650 |
| &nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Ser 2022-B35, Cl AS |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.442%, 05/15/55 (A) |  | 205000 |  | 193108 |
| &nbsp;&nbsp;&nbsp;BFLD Commercial Mortgage Trust, Ser 660F, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.480%, TSFR1M + 1.800%, 11/15/42 (A) (B) |  | 190000 |  | 190810 |
| &nbsp;&nbsp;&nbsp;BFLD Commercial Mortgage Trust, Ser 660F, Cl C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.830%, TSFR1M + 2.150%, 11/15/42 (A) (B) |  | 125000 |  | 125469 |
| &nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust, Ser AIRC, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.371%, TSFR1M + 1.691%, 08/15/41 (A) (B) |  | 234158 |  | 234670 |

---

**2**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **METLIFE CORE PLUS FUND**<br> **JANUARY 31, 2026** *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** |
|  | Face Amount | Value |
| **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — continued** | **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — continued** | **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — continued** |
| &nbsp;&nbsp;&nbsp;CHI Commercial Mortgage Trust, Ser 2025-110W, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.102%, 12/13/40 (A) (B) | $215000 | $217046 |
| &nbsp;&nbsp;&nbsp;Citigroup Commercial Mortgage Trust, Ser GC41, Cl A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.869%, 08/10/56 | 175000 | 166358 |
| &nbsp;&nbsp;&nbsp;Citigroup Commercial Mortgage Trust, Ser P6, Cl A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.720%, 12/10/49 (A) | 55000 | 54132 |
| &nbsp;&nbsp;&nbsp;CSMC LLC, Ser 2014-USA, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.953%, 09/15/37 (B) | 125000 | 115012 |
| &nbsp;&nbsp;&nbsp;CSMC Trust, Ser 2021-RPL3, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 01/25/60 (A) (B) | 310112 | 275582 |
| &nbsp;&nbsp;&nbsp;GPMT, Ser 2021-FL3, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.290%, TSFR1M + 1.614%, 07/16/35 (A) (B) | 29281 | 29294 |
| &nbsp;&nbsp;&nbsp;HIH Trust, Ser 61P, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.522%, TSFR1M + 1.842%, 10/15/41 (A) (B) | 331705 | 332431 |
| &nbsp;&nbsp;&nbsp;JPMBB Commercial Mortgage Securities Trust, Ser 2014-C25, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.347%, 11/15/47 (A) | 215000 | 199965 |
| &nbsp;&nbsp;&nbsp;MAD Commercial Mortgage Trust, Ser 11MD, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.912%, 10/15/42 (A) (B) | 190000 | 191147 |
| &nbsp;&nbsp;&nbsp;MF1, Ser 2025-FL17, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.995%, TSFR1M + 1.320%, 02/18/40 (A) (B) | 255000 | 255014 |
| &nbsp;&nbsp;&nbsp;Mill City Mortgage Loan Trust, Ser 2021-NMR1, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.125%, 11/25/60 (A) (B) | 171028 | 165242 |
| &nbsp;&nbsp;&nbsp;Oceanview Mortgage Trust, Ser 2025-1, Cl AF1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.497%, SOFR30A + 0.800%, 11/25/54 (A) (B) | 120381 | 120463 |
| &nbsp;&nbsp;&nbsp;Oceanview Mortgage Trust, Ser 2025-2, Cl AF1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.547%, SOFR30A + 0.850%, 04/25/55 (A) (B) | 124428 | 124594 |
| &nbsp;&nbsp;&nbsp;Rate Mortgage Trust, Ser 2024-J4, Cl A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 12/25/54 (A) (B) | 166233 | 169154 |
| &nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2018-CH4, Cl B1B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.047%, 10/25/48 (A) (B) | 247957 | 249668 |
| &nbsp;&nbsp;&nbsp;Towd Point Mortgage Trust, Ser 2020-3, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.088%, 02/25/63 (A) (B) | 45182 | 44042 |

---

**3**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **METLIFE CORE PLUS FUND**<br> **JANUARY 31, 2026** *(Unaudited)* |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** |
|  | Face Amount | Face Amount | Value | Value |
| **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — continued** | **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — continued** | **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — continued** | **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — continued** | **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — continued** |
| &nbsp;&nbsp;&nbsp;WFRBS Commercial Mortgage Trust, Ser 2014-C22, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.371%, 09/15/57 (A) | $| 120000 | $| 109385 |
|  |  |  |  | 4119288 |
| &nbsp;&nbsp;&nbsp;TOTAL MORTGAGE-BACKED SECURITIES |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $38,811,587) |  |  |  | 37748525 |
| **CORPORATE OBLIGATIONS — 31.6%** | **CORPORATE OBLIGATIONS — 31.6%** | **CORPORATE OBLIGATIONS — 31.6%** | **CORPORATE OBLIGATIONS — 31.6%** | **CORPORATE OBLIGATIONS — 31.6%** |
| **COMMUNICATION SERVICES — 4.7%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.700%, 11/15/35 |  | 245000 |  | 243894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.450%, 11/15/55 |  | 190000 |  | 185307 |
| &nbsp;&nbsp;&nbsp;AT&T |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 06/01/41 |  | 240000 |  | 188622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.550%, 09/15/55 |  | 195000 |  | 129515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 04/30/33 |  | 240000 |  | 239437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.900%, 11/01/35 |  | 170000 |  | 167375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.700%, 11/01/54 |  | 215000 |  | 205290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 11/15/34 |  | 20000 |  | 20685 |
| &nbsp;&nbsp;&nbsp;Frontier Communications Holdings |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 01/15/30 (B) |  | 219000 |  | 220920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.750%, 05/01/29 (B) |  | 106000 |  | 106372 |
| &nbsp;&nbsp;&nbsp;IHS Holding |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625%, 11/29/26 (B) |  | 250000 |  | 248773 |
| &nbsp;&nbsp;&nbsp;Meta Platforms |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875%, 11/15/35 |  | 200000 |  | 197829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.400%, 08/15/54 |  | 155000 |  | 142847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.550%, 08/15/64 |  | 115000 |  | 105574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625%, 11/15/55 |  | 170000 |  | 161752 |
| &nbsp;&nbsp;&nbsp;Paramount Global |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.900%, 10/15/40 |  | 240000 |  | 204810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.250%, US0003M + 3.899%, 02/28/57 (A) |  | 225000 |  | 204469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.375%, H15T5Y + 3.999%, 03/30/62 (A) |  | 470000 |  | 441988 |
| &nbsp;&nbsp;&nbsp;Rakuten Group |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.750%, 04/15/29 (B) |  | 245000 |  | 274487 |
| &nbsp;&nbsp;&nbsp;Time Warner Cable |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875%, 11/15/40 |  | 380000 |  | 344409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.550%, 05/01/37 |  | 470000 |  | 472195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.300%, 07/01/38 |  | 115000 |  | 122106 |
| &nbsp;&nbsp;&nbsp;T-Mobile USA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.700%, 01/15/56 |  | 280000 |  | 270501 |

---

**4**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **METLIFE CORE PLUS FUND**<br> **JANUARY 31, 2026** *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | Face Amount | Value |
| **COMMUNICATION SERVICES — continued** |  |  |
| &nbsp;&nbsp;&nbsp;Verizon Communications |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/15/36 | $325000 | $321268 |
|  |  | 5220425 |
| **CONSUMER DISCRETIONARY — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Flutter Treasury DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.375%, 04/29/29 (B) | 215000 | 221653 |
| &nbsp;&nbsp;&nbsp;Resorts World Las Vegas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625%, 04/06/31 (B) | 270000 | 231340 |
| &nbsp;&nbsp;&nbsp;Stellantis Finance US |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.350%, 03/17/28 (B) | 200000 | 204404 |
|  |  | 657397 |
| **CONSUMER STAPLES — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Altria Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 08/06/35 | 210000 | 211948 |
| &nbsp;&nbsp;&nbsp;Anheuser-Busch InBev Worldwide |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.900%, 02/01/46 | 107000 | 98736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.450%, 01/23/39 | 65000 | 66983 |
| &nbsp;&nbsp;&nbsp;BAT Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.390%, 08/15/37 | 315000 | 289175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625%, 03/22/33 | 255000 | 252665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.350%, 08/15/32 | 180000 | 186966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.834%, 02/20/31 | 190000 | 201666 |
| &nbsp;&nbsp;&nbsp;Reynolds American |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.125%, 05/01/40 | 45000 | 53295 |
|  |  | 1361434 |
| **ENERGY — 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Continental Resources |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.268%, 11/15/26 (B) | 225000 | 221617 |
| &nbsp;&nbsp;&nbsp;Energy Transfer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.350%, 01/15/36 | 260000 | 259719 |
| &nbsp;&nbsp;&nbsp;Greensaif Pipelines Bidco Sarl |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.103%, 08/23/42 (B) | 230000 | 237661 |
| &nbsp;&nbsp;&nbsp;Hess |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.800%, 04/01/47 | 215000 | 222302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 01/15/40 | 355000 | 382277 |
| &nbsp;&nbsp;&nbsp;HF Sinclair |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/28 | 100000 | 99983 |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.450%, 09/15/36 | 215000 | 229338 |

---

**5**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **METLIFE CORE PLUS FUND**<br> **JANUARY 31, 2026** *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | Face Amount | Value |
| **ENERGY — continued** |  |  |
| &nbsp;&nbsp;&nbsp;ONEOK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.400%, 10/15/35 | $210000 | $211792 |
| &nbsp;&nbsp;&nbsp;Petroleos Mexicanos |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.690%, 01/23/50 | 275000 | 247396 |
| &nbsp;&nbsp;&nbsp;Raizen Fuels Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.250%, 07/08/32 (B) | 310000 | 259625 |
| &nbsp;&nbsp;&nbsp;Saudi Arabian Oil |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.375%, 06/02/55 (B) | 130000 | 133236 |
| &nbsp;&nbsp;&nbsp;SM Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.375%, 07/01/28 (B) | 209000 | 215123 |
| &nbsp;&nbsp;&nbsp;Tennessee Gas Pipeline |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.375%, 06/15/32 | 135000 | 158675 |
| &nbsp;&nbsp;&nbsp;Venture Global LNG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.875%, 02/01/32 (B) | 185000 | 195600 |
|  |  | 3074344 |
| **FINANCIALS — 10.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Atlas Warehouse Lending |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625%, 11/15/28 (B) | 250000 | 251112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 01/15/33 (B) | 255000 | 255376 |
| &nbsp;&nbsp;&nbsp;Avolon Holdings Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 11/15/29 (B) | 295000 | 306526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 03/01/29 (B) | 160000 | 165756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.375%, 05/04/28 (B) | 160000 | 166521 |
| &nbsp;&nbsp;&nbsp;Bank of America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.571%, SOFRRATE + 1.830%, 04/27/33 (A) | 205000 | 204052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.288%, SOFRRATE + 1.910%, 04/25/34 (A) | 200000 | 205453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.468%, SOFRRATE + 1.650%, 01/23/35 (A) | 370000 | 383646 |
| &nbsp;&nbsp;&nbsp;Canadian Imperial Bank of Commerce |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.283%, SOFRINDX + 0.790%, 01/29/30 (A) | 255000 | 255651 |
| &nbsp;&nbsp;&nbsp;CI Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.200%, 12/17/30 | 675000 | 612803 |
| &nbsp;&nbsp;&nbsp;Citibank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.570%, 04/30/34 | 170000 | 178941 |
| &nbsp;&nbsp;&nbsp;Citigroup |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.561%, SOFRRATE + 1.167%, 05/01/32 (A) | 490000 | 444478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.174%, SOFRRATE + 1.364%, 02/13/30 (A) | 325000 | 333938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.125%, 07/15/39 | 165000 | 209816 |
| &nbsp;&nbsp;&nbsp;Constellation Insurance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.800%, 01/24/30 (B) | 380000 | 387676 |
| &nbsp;&nbsp;&nbsp;Credit Suisse Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.500%, USSW5 + 4.598%, 06/11/74 (B) (C) | 725000 | 174000 |

---

**6**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **METLIFE CORE PLUS FUND**<br> **JANUARY 31, 2026** *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | Face Amount | Value |
| **FINANCIALS — continued** |  |  |
| &nbsp;&nbsp;&nbsp;Deutsche Bank NY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.999%, SOFRRATE + 1.700%, 09/11/30 (A) | $140000 | $142430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.819%, SOFRRATE + 2.510%, 11/20/29 (A) | 135000 | 143991 |
| &nbsp;&nbsp;&nbsp;Drawbridge Special Opportunities Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.950%, 09/17/30 (B) | 315000 | 300579 |
| &nbsp;&nbsp;&nbsp;Farmers Exchange Capital III |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.454%, TSFR3M + 3.716%, 10/15/54 (A) (B) | 405000 | 382574 |
| &nbsp;&nbsp;&nbsp;Farmers Insurance Exchange |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, H15T10Y + 3.864%, 10/15/64 (A) (B) | 170000 | 173295 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Capital I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.345%, 02/15/34 | 340000 | 362533 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.383%, SOFRRATE + 1.248%, 07/21/32 (A) | 410000 | 366646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.939%, SOFRRATE + 1.330%, 10/21/36 (A) | 190000 | 187351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.065%, SOFRRATE + 1.190%, 01/21/37 (A) | 280000 | 278799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.536%, SOFRRATE + 1.380%, 01/28/36 (A) | 265000 | 273949 |
| &nbsp;&nbsp;&nbsp;HSBC Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.733%, SOFRRATE + 1.520%, 05/17/32 (A) | 370000 | 389260 |
| &nbsp;&nbsp;&nbsp;Jackson Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125%, 11/23/31 | 265000 | 241165 |
| &nbsp;&nbsp;&nbsp;Jefferies Financial Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 02/15/36 | 245000 | 241844 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.810%, SOFRRATE + 1.190%, 10/22/36 (A) | 320000 | 315451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.572%, SOFRRATE + 1.680%, 04/22/36 (A) | 225000 | 234754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.766%, SOFRRATE + 1.490%, 04/22/35 (A) | 315000 | 333552 |
| &nbsp;&nbsp;&nbsp;Mercury General |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.400%, 03/15/27 | 139000 | 138940 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.593%, SOFRRATE + 0.879%, 05/04/27 (A) | 265000 | 263336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.238%, SOFRRATE + 0.800%, 01/09/30 (A) | 405000 | 405767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.466%, SOFRRATE + 1.730%, 01/18/35 (A) | 265000 | 274131 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, SOFRRATE + 1.870%, 04/21/34 (A) | 290000 | 297542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.831%, SOFRRATE + 1.580%, 04/19/35 (A) | 185000 | 195684 |
| &nbsp;&nbsp;&nbsp;Scentre Group Trust 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125%, H15T5Y + 4.685%, 09/24/80 (A) (B) | 305000 | 307026 |
| &nbsp;&nbsp;&nbsp;State Street |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.985%, TSFR3M + 1.262%, 06/15/47 (A) | 145000 | 130912 |
| &nbsp;&nbsp;&nbsp;UBS Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, USISSO05 + 3.321%, 07/08/76 (A) (B) (C) | 200000 | 202461 |

---

**7**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **METLIFE CORE PLUS FUND**<br> **JANUARY 31, 2026** *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | Face Amount | Value |
| **FINANCIALS — continued** |  |  |
| &nbsp;&nbsp;&nbsp;Wells Fargo |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.182%, SOFRRATE + 0.740%, 01/23/30 (A) | $235000 | $235197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.433%, SOFRRATE + 1.230%, 01/23/47 (A) | 125000 | 122514 |
| &nbsp;&nbsp;&nbsp;Willis North America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.550%, 03/15/31 | 200000 | 199866 |
|  |  | 11677294 |
| **HEALTH CARE — 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Amgen |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.375%, 06/01/37 | 135000 | 149362 |
| &nbsp;&nbsp;&nbsp;Centene |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/15/30 | 175000 | 156734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625%, 12/15/29 | 340000 | 331432 |
| &nbsp;&nbsp;&nbsp;CommonSpirit Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.975%, 09/01/35 | 245000 | 241355 |
| &nbsp;&nbsp;&nbsp;CVS Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.875%, 02/28/31 | 205000 | 180543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.050%, 03/25/48 | 435000 | 382542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.750%, H15T5Y + 2.516%, 12/10/54 (A) | 140000 | 145542 |
| &nbsp;&nbsp;&nbsp;HCA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 07/15/51 | 305000 | 206994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 09/01/30 | 185000 | 177868 |
| &nbsp;&nbsp;&nbsp;Health Care Service A Mutual Legal Reserve |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.200%, 06/15/29 (B) | 210000 | 215421 |
| &nbsp;&nbsp;&nbsp;Horizon Mutual Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.200%, 11/15/34 (B) | 365000 | 356067 |
| &nbsp;&nbsp;&nbsp;PeaceHealth Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.855%, 11/15/32 | 230000 | 231718 |
| &nbsp;&nbsp;&nbsp;Royalty Pharma |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.200%, 09/25/35 | 245000 | 246276 |
|  |  | 3021854 |
| **INDUSTRIALS — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/29/28 | 185000 | 179467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.950%, 09/10/34 | 225000 | 223510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, H15T5Y + 2.441%, 01/31/56 (A) | 215000 | 221092 |
| &nbsp;&nbsp;&nbsp;American Airlines Pass Through Trust, Ser 2025-1, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.900%, 05/11/38 | 110000 | 108632 |
| &nbsp;&nbsp;&nbsp;BAE Systems |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 03/26/31 (B) | 220000 | 228391 |
| &nbsp;&nbsp;&nbsp;Boeing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.298%, 05/01/29 | 340000 | 361155 |

---

**8**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **METLIFE CORE PLUS FUND**<br> **JANUARY 31, 2026** *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | Face Amount | Value |
| **INDUSTRIALS — continued** |  |  |
| &nbsp;&nbsp;&nbsp;SMBC Aviation Capital Finance DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 11/26/35 (B) | $335000 | $333861 |
|  |  | 1656108 |
| **INFORMATION TECHNOLOGY — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Broadcom |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.419%, 04/15/33 | 109000 | 100719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.800%, 10/15/34 | 90000 | 89858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.900%, 07/15/32 | 160000 | 163269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.926%, 05/15/37 (B) | 277000 | 272780 |
| &nbsp;&nbsp;&nbsp;Dell International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.100%, 02/15/36 | 260000 | 255468 |
| &nbsp;&nbsp;&nbsp;Foundry JV Holdco |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.100%, 01/25/36 (B) | 400000 | 420914 |
| &nbsp;&nbsp;&nbsp;Intel |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.050%, 08/12/51 | 85000 | 52960 |
| &nbsp;&nbsp;&nbsp;Oracle |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.600%, 04/01/40 | 110000 | 81245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.800%, 11/15/37 | 235000 | 189216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, 05/15/55 | 110000 | 75472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.450%, 09/26/30 | 225000 | 219623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.800%, 09/26/32 | 250000 | 242031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375%, 09/27/54 | 130000 | 104449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.950%, 09/26/55 | 85000 | 74951 |
| &nbsp;&nbsp;&nbsp;Sprint Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.750%, 03/15/32 | 145000 | 175598 |
|  |  | 2518553 |
| **MATERIALS — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Anglo American Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 04/05/34 (B) | 325000 | 340809 |
| &nbsp;&nbsp;&nbsp;Braskem Netherlands Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 01/31/30 (B) | 205000 | 88209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.000%, 10/15/34 (B) | 150000 | 61172 |
| &nbsp;&nbsp;&nbsp;First Quantum Minerals |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.250%, 02/15/34 (B) | 225000 | 236384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.625%, 06/01/31 (B) | 310000 | 325640 |
| &nbsp;&nbsp;&nbsp;FMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.450%, H15T5Y + 4.366%, 11/01/55 (A) | 205000 | 164416 |
|  |  | 1216630 |

---

**9**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **METLIFE CORE PLUS FUND**<br> **JANUARY 31, 2026** *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | Face Amount | Value |
| **REAL ESTATE — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Sabra Health Care |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.900%, 10/15/29 | $185000 | $181265 |
| **UTILITIES — 4.4%** |  |  |
| &nbsp;&nbsp;&nbsp;AEP Texas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.850%, 10/15/55 | 125000 | 122898 |
| &nbsp;&nbsp;&nbsp;Brooklyn Union Gas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.415%, 07/18/54 (B) | 220000 | 226900 |
| &nbsp;&nbsp;&nbsp;Chile Electricity Lux MPC Sarl |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.010%, 01/20/33 (B) | 223600 | 233998 |
| &nbsp;&nbsp;&nbsp;Dominion Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, H15T5Y + 2.262%, 02/15/56 (A) | 275000 | 277965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625%, H15T5Y + 2.207%, 05/15/55 (A) | 155000 | 159361 |
| &nbsp;&nbsp;&nbsp;DTE Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.050%, 10/01/35 | 290000 | 289013 |
| &nbsp;&nbsp;&nbsp;Louisville Gas and Electric |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.450%, 04/15/33 | 130000 | 135718 |
| &nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.450%, 03/15/35 | 375000 | 386364 |
| &nbsp;&nbsp;&nbsp;NiSource |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.350%, 04/01/34 | 245000 | 252444 |
| &nbsp;&nbsp;&nbsp;Pacific Gas and Electric |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.100%, 08/01/27 | 265000 | 257340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 02/01/31 | 205000 | 185358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.100%, 01/15/29 | 210000 | 220243 |
| &nbsp;&nbsp;&nbsp;PSEG Power |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 05/15/35 (B) | 260000 | 268644 |
| &nbsp;&nbsp;&nbsp;Public Service Company of Oklahoma |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.200%, 01/15/35 | 122000 | 122996 |
| &nbsp;&nbsp;&nbsp;RWE Finance US |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125%, 09/18/35 (B) | 190000 | 189048 |
| &nbsp;&nbsp;&nbsp;Southern Power |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.900%, 10/01/35 | 180000 | 176853 |
| &nbsp;&nbsp;&nbsp;Virginia Electric and Power |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/33 | 125000 | 127359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/15/34 | 382000 | 386497 |
| &nbsp;&nbsp;&nbsp;Virginia Power Fuel Securitization |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.088%, 05/01/27 | 98601 | 99191 |

---

**10**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **METLIFE CORE PLUS FUND**<br> **JANUARY 31, 2026** *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | Face Amount | Value |
| **UTILITIES — continued** |  |  |
| &nbsp;&nbsp;&nbsp;Vistra Operations |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.700%, 01/31/31 (B) | 235000 | 234671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 10/15/35 (B) | 235000 | 232672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.700%, 12/30/34 (B) | 290000 | 297303 |
|  |  | 4882836 |
| &nbsp;&nbsp;&nbsp;TOTAL CORPORATE OBLIGATIONS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $36,352,175) |  | 35468140 |
| **U.S. TREASURY OBLIGATIONS — 25.9%** | **U.S. TREASURY OBLIGATIONS — 25.9%** | **U.S. TREASURY OBLIGATIONS — 25.9%** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 08/15/51 | 1525000 | 870799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/15/49 | 2915000 | 2140020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125%, 05/15/48 (D) | 2755000 | 2085083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625%, 11/15/45 to 11/15/55 | 3405000 | 3295116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 08/15/55 | 1605000 | 1569640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875%, 08/15/45 | 705000 | 709076 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375%, 12/31/27 | 2105000 | 2098915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 09/30/27 to 01/15/29 | 9288000 | 9268870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625%, 12/31/30 | 1556000 | 1543722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 01/31/31 | 1127000 | 1124183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 12/31/32 | 3240000 | 3211144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/15/35 | 1155000 | 1131359 |
| &nbsp;&nbsp;&nbsp;TOTAL U.S. TREASURY OBLIGATIONS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $29,356,449) |  | 29047927 |
| **ASSET-BACKED SECURITIES — 5.4%** | **ASSET-BACKED SECURITIES — 5.4%** | **ASSET-BACKED SECURITIES — 5.4%** |
| &nbsp;&nbsp;&nbsp;American Express Credit Account Master Trust, Ser 2024-3, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.650%, 07/15/29 | 265000 | 268495 |
| &nbsp;&nbsp;&nbsp;Aqua Finance Issuer Trust, Ser 2025-B, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.790%, 05/17/51 (B) | 204533 | 206599 |
| &nbsp;&nbsp;&nbsp;ARI Fleet Lease Trust, Ser 2023-A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.330%, 02/17/32 (B) | 100000 | 100595 |
| &nbsp;&nbsp;&nbsp;ARI Fleet Lease Trust, Ser 2024-A, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.300%, 11/15/32 (B) | 37791 | 38006 |
| &nbsp;&nbsp;&nbsp;ARI Fleet Lease Trust, Ser 2026-A, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.610%, 11/15/34 (B) | 110000 | 110012 |

---

**11**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **METLIFE CORE PLUS FUND**<br> **JANUARY 31, 2026** *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** |
|  | Face Amount | Value |
| &nbsp;&nbsp;&nbsp;Avis Budget Rental Car Funding AESOP, Ser 2025-4A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.400%, 02/20/32 (B) | $105000 | $104105 |
| &nbsp;&nbsp;&nbsp;BA Credit Card Trust, Ser 2023-A2, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.980%, 11/15/28 | 275000 | 277673 |
| &nbsp;&nbsp;&nbsp;College Ave Student Loans, Ser 2019-A, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.280%, 12/28/48 (B) | 134854 | 129602 |
| &nbsp;&nbsp;&nbsp;College Ave Student Loans, Ser 2021-B, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.760%, 06/25/52 (B) | 77996 | 70555 |
| &nbsp;&nbsp;&nbsp;College Ave Student Loans, Ser 2021-B, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.420%, 06/25/52 (B) | 152574 | 140008 |
| &nbsp;&nbsp;&nbsp;Dell Equipment Finance Trust, Ser 2025-2, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.530%, 03/24/31 (B) | 250000 | 250668 |
| &nbsp;&nbsp;&nbsp;DLLAA, Ser 2025-1A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.950%, 09/20/29 (B) | 145000 | 147807 |
| &nbsp;&nbsp;&nbsp;Dllad, Ser 2024-1A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.300%, 07/20/29 (B) | 315000 | 321443 |
| &nbsp;&nbsp;&nbsp;Enterprise Fleet Financing, Ser 2023-2, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.560%, 04/22/30 (B) | 65419 | 65733 |
| &nbsp;&nbsp;&nbsp;Enterprise Fleet Financing, Ser 2024-3, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.310%, 04/20/27 (B) | 50117 | 50285 |
| &nbsp;&nbsp;&nbsp;Enterprise Fleet Financing, Ser 2025-1, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.820%, 02/20/29 (B) | 195000 | 198192 |
| &nbsp;&nbsp;&nbsp;Hilton Grand Vacations Trust, Ser 2020-AA, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.740%, 02/25/39 (B) | 22405 | 22058 |
| &nbsp;&nbsp;&nbsp;HPEFS Equipment Trust, Ser 2025-1A, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.790%, 09/20/32 (B) | 100000 | 100932 |
| &nbsp;&nbsp;&nbsp;Hyundai Auto Lease Securitization Trust, Ser 2025-A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.830%, 01/18/28 (B) | 250000 | 252515 |
| &nbsp;&nbsp;&nbsp;Navient Private Education Refi Loan Trust, Ser 2019-FA, <br>Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.600%, 08/15/68 (B) | 153713 | 148968 |
| &nbsp;&nbsp;&nbsp;Navient Refinance Loan Trust, Ser 2025-B, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.720%, 09/15/55 (B) | 119295 | 119376 |
| &nbsp;&nbsp;&nbsp;Nelnet Student Loan Trust, Ser 2021-BA, Cl AFL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.570%, TSFR1M + 0.894%, 04/20/62 (A) (B) | 40335 | 40300 |
| &nbsp;&nbsp;&nbsp;Nelnet Student Loan Trust, Ser 2025-CA, Cl A1A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.670%, 06/22/65 (B) | 266561 | 265346 |
| &nbsp;&nbsp;&nbsp;RCKT Mortgage Trust, Ser 2025-CES1, Cl A1A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.653%, 01/25/45 (B) (E) | 149390 | 151178 |
| &nbsp;&nbsp;&nbsp;RCKT Mortgage Trust, Ser 2025-CES10, Cl A1A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.894%, 11/25/55 (B) (E) | 312568 | 313500 |

---

**12**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **METLIFE CORE PLUS FUND**<br> **JANUARY 31, 2026** *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** |
|  | Face Amount | Value |
| &nbsp;&nbsp;&nbsp;RCKT Mortgage Trust, Ser 2025-CES12, Cl A1A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.027%, 11/25/55 (B) (E) | $98053 | $98532 |
| &nbsp;&nbsp;&nbsp;RCKT Mortgage Trust, Ser 2025-CES2, Cl A1A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.503%, 02/25/55 (B) (E) | 154691 | 156317 |
| &nbsp;&nbsp;&nbsp;RCKT Mortgage Trust, Ser 2025-CES8, Cl A1A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.148%, 08/25/55 (A) (B) | 147519 | 148611 |
| &nbsp;&nbsp;&nbsp;SBA Small Business Investment, Ser 2018-10B, Cl 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.548%, 09/10/28 | 23919 | 23616 |
| &nbsp;&nbsp;&nbsp;SBA Small Business Investment, Ser 2022-10A, Cl 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.938%, 03/10/32 | 86116 | 82263 |
| &nbsp;&nbsp;&nbsp;SBA Small Business Investment, Ser 2025-10A, Cl 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.963%, 03/10/35 | 150000 | 152467 |
| &nbsp;&nbsp;&nbsp;SBA Small Business Investment, Ser 2025-10B, Cl 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.532%, 09/10/35 | 90000 | 90399 |
| &nbsp;&nbsp;&nbsp;SBNA Auto Lease Trust, Ser 2025-A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.830%, 04/20/28 (B) | 175000 | 175988 |
| &nbsp;&nbsp;&nbsp;SCF Equipment Leasing, Ser 2025-1A, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.820%, 07/22/30 (B) | 54328 | 54496 |
| &nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust, Ser 2020-A, Cl A2A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.230%, 09/15/37 (B) | 52297 | 50838 |
| &nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust, Ser 2021-A, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.310%, 01/15/53 (B) | 76680 | 75092 |
| &nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust, Ser 2021-B, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.310%, 07/17/51 (B) | 212022 | 201035 |
| &nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust, Ser 2021-C, Cl APT1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.390%, 01/15/53 (B) | 92734 | 85441 |
| &nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust, Ser 2024-E, Cl A1A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.090%, 10/16/56 (B) | 185058 | 187795 |
| &nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust, Ser 2025-A, Cl A1A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.130%, 04/15/54 (B) |  |  |
| &nbsp;&nbsp;&nbsp;Sofi Professional Loan Program Trust, Ser 2018-C, <br>Cl A2FX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.590%, 01/25/48 (B) | 50882 | 50637 |
| &nbsp;&nbsp;&nbsp;South Carolina Student Loan, Ser 2015-A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.287%, TSFR1M + 1.614%, 01/25/36 (A) | 36730 | 36737 |
| &nbsp;&nbsp;&nbsp;United States Small Business Administration, Ser 2025-25F, Cl 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.100%, 06/01/50 | 197704 | 202338 |
| &nbsp;&nbsp;&nbsp;Verizon Master Trust, Ser 2025-10, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.670%, 10/20/33 (B) | 200000 | 200123 |

---

**13**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **METLIFE CORE PLUS FUND**<br> **JANUARY 31, 2026** *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** |
|  | Face Amount | Value |
| &nbsp;&nbsp;&nbsp;Verizon Master Trust, Ser 2025-5, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.420%, 06/20/31 | 130000 | 130785 |
| &nbsp;&nbsp;&nbsp;TOTAL ASSET-BACKED SECURITIES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $6,077,518) |  | 6097461 |
| **FOREIGN GOVERNMENT BONDS — 1.4%** | **FOREIGN GOVERNMENT BONDS — 1.4%** | **FOREIGN GOVERNMENT BONDS — 1.4%** |
| **MEXICO — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Mexico Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 11/13/54 @ 100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 02/12/34 | 225000 | 193837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375%, 03/22/33 | 215000 | 211721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625%, 01/29/38 | 315000 | 327427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.375%, 05/13/55 | 275000 | 294085 |
| **ISRAEL — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Israel Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875%, 01/13/56 | 200000 | 194741 |
| **SAUDI ARABIA — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Saudi Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875%, 01/12/56 (B) | 280000 | 272899 |
| &nbsp;&nbsp;&nbsp;TOTAL FOREIGN GOVERNMENT BONDS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,465,876) |  | 1494710 |
| **MUNICIPAL BONDS — 0.5%** | **MUNICIPAL BONDS — 0.5%** | **MUNICIPAL BONDS — 0.5%** |
| **GEORGIA — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Georgia State, Municipal Electric Authority, RB, Ser 2010-A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.637%, 04/01/57 | 356000 | 384494 |
| **ARIZONA — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Maricopa County Industrial Development Authority, RB Callable 09/01/29 @ 100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.375%, 10/01/29 (B) | 195000 | 207849 |
| &nbsp;&nbsp;&nbsp;TOTAL MUNICIPAL BONDS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $718,109) |  | 592343 |

---

**14**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **METLIFE CORE PLUS FUND**<br> **JANUARY 31, 2026** *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **PREFERRED STOCK — 0.2%** | **PREFERRED STOCK — 0.2%** | **PREFERRED STOCK — 0.2%** |
|  | Shares | Value |
| **FINANCIALS — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Citigroup, 6.250% | 8990 | $225559 |
| TOTAL PREFERRED STOCK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $224,750) |  | 225559 |
| TOTAL INVESTMENTS — 98.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $113,006,464) |  | $110674665 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of Contract** | **Number of Contracts** | **Expiration**<br> **Date** | **Notional Amount** | **Value** | **Unrealized Appreciation/ (Depreciation)** |
| **<u>Long Contracts</u>** |  |  |  |  |  |
| U.S. 2-Year <br>Treasury Notes | 21 | Mar-2026 | $4386150 | $4378336 | $(7814) |
| U.S. 5-Year <br>Treasury Notes | 78 | Mar-2026 | 8552160 | 8496516 | (55644) |
|  |  |  | $12938310 | $12874852 | $(63458) |
| **<u>Short Contracts</u>** |  |  |  |  |  |
| Ultra 10-Year U.S. Treasury Notes | (47) | Mar-2026 | $(5450582) | $(5365344) | $85238 |
|  |  |  | $7487728 | $7509508 | $21780 |

---

*Percentages are based on Net Assets of $112,274,000.*

&nbsp;&nbsp;&nbsp;&nbsp;*(A)* *Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(B)* *Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "accredited investors." The total value of these securities at January 31, 2026 was $18,559,671 and represents 16.5% of Net Assets.* 

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

&nbsp;&nbsp;&nbsp;&nbsp;*(D)* *Security, or portion thereof, has been pledged as collateral on open futures contracts. The total market value of such securities as of January 31, 2026 was $151,367.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(E)* *Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.* 

**15**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **METLIFE CORE PLUS FUND**<br> **JANUARY 31, 2026** *(Unaudited)* |

---

*Cl — Class*

*DAC — Designated Activity Company*

*FHLMC — Federal Home Loan Mortgage Corporation*

*FNMA — Federal National Mortgage Association*

*GNMA — Government National Mortgage Association*

*H15T5Y — US Treasury Yield Curve Rate T Note Constant Maturity 5 Year Rate*

*H15T10Y — US Treasury Yield Curve Rate T Note Constant Maturity 10 Year Rate*

*IO — Interest Only - face amount represents notional amount*

*LLC — Limited Liability Company*

*MTN — Medium Term Note*

*RB — Revenue Bond*

*Ser — Series*

*SOFR30A — Secured Overnight Financing Rate 30-day Average*

*SOFRRATE — Secured Overnight Financing Rate*

*TBA — To Be Announced*

*TSFR1M — One Month Term Secured Overnight Financing Rate*

*TSFR3M — Three Month Term Secured Overnight Financing Rate*

*US0003M — ICE LIBOR USD 3 Month*

*UMBS — Uniform Mortgage-Backed Security*

*USSW5 — USD Swap Semi 30/360 5-Year*

*MIM-QH-001-1100*

**16**

## 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:** MetLife Core Plus Bond Fund

- **b. EDGAR series identifier (if any):** S000047684

- **c. LEI of Series:** 549300C0FWBNF7X76S97

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

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

- **b. Date as of which information is reported:** 2026-01-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $116248833.67

**Total Liabilities:** $3987173.40

**Net Assets:** $112261660.27

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -231.15089918 | **1-Year:** -3483.13278630 | **5-Year:** -12235.64607785 | **10-Year:** -19900.32056145 | **30-Year:** -5977.44149943

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

- **3-Month:** -48.62244780 | **1-Year:** -615.97320072 | **5-Year:** -1567.56686707 | **10-Year:** -1867.48838510 | **30-Year:** -357.24362712

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000149726 | -0.14%               | -0.42%               | 0.14%                |
| Class ID C000149725 | 0.34%                | -0.35%               | 0.57%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $102125.29               | $-120708.26                                |
| Month 2  | $60273.56                | $-812796.96                                |
| Month 3  | $67969.93                | $115430.75                                 |

**Designated Index Information**

- **Index Name:** Bloomberg U.S. Aggregate Index

- **Index Identifier:** LEH_AGG

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Federal National Mortgage Association              | FANNIE MAE OR FREDDIE MAC 30YR TBA (FEBRUARY)                                   | CUSIP: 01F040628<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    128000 | PA      | $122231.12    | 0.11%             | 2056-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORPORATION                        | BANK OF AMERICA CORP 4.571000% 04/27/2033                                       | CUSIP: 06051GKQ1<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    205000 | PA      | $204052.37    | 0.18%             | 2033-04-27      | Fixed         | 4.57%                 | No            |                  2 | On Loan: No      |
| ARI FLEET LEASE TRUST                              | ARI FLEET LEASE TRUST 2023-A ARIFL 2023-A A3                                    | CUSIP: 00218GAC6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    100000 | PA      | $100595.06    | 0.09%             | 2032-02-17      | Fixed         | 5.33%                 | Yes           |                  2 | On Loan: No      |
| AVOLON HOLDINGS FUNDING LIMITED                    | AVOLON HOLDINGS FUNDING LTD 144A 5.750000% 11/15/2029                           | CUSIP: 05401AAV3<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | NUSS              | IE        |    295000 | PA      | $306525.67    | 0.27%             | 2029-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| AT&T INC.                                          | AT&T INC 5.700000% 11/01/2054                                                   | CUSIP: 00206RNE8<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    215000 | PA      | $205290.15    | 0.18%             | 2054-11-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| HF SINCLAIR CORPORATION                            | HF SINCLAIR CORP 5.000000% 02/01/2028                                           | CUSIP: 403949AQ3<br>LEI: 2549009G116AM01XHN24 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99983.52     | 0.09%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HILTON GRAND VACATIONS TRUST                       | HILTON GRAND VACATIONS TRUST 2020-A HGVT 2020-AA A                              | CUSIP: 43285HAA6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     22405 | PA      | $22058.41     | 0.02%             | 2039-02-25      | Fixed         | 2.74%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC POOL FR SD1381                                                      | CUSIP: 3132DNRA3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    517407 | PA      | $516671.57    | 0.46%             | 2052-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| VIRGINIA POWER FUEL SECURITIZATION, LLC            | VIRGINIA POWER FUEL SECURITIZATION LLC 5.088000% 05/01/2027                     | CUSIP: 92808VAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     98601 | PA      | $99191.07     | 0.09%             | 2027-05-01      | Fixed         | 5.09%                 | No            |                  2 | On Loan: No      |
| COLLEGE AVE STUDENT LOANS LLC                      | COLLEGE AVE STUDENT LOANS 2019-A LLC CASL 2019-A A2                             | CUSIP: 19421UAB0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    134854 | PA      | $129601.79    | 0.12%             | 2048-12-28      | Fixed         | 3.28%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS COMPANY LLC                      | VISTRA OPERATIONS CO LLC 144A 4.700000% 01/31/2031                              | CUSIP: 92840VAY8<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    235000 | PA      | $234670.74    | 0.21%             | 2031-01-31      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN CB0983                                                       | CUSIP: 3140QLCV6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    709567 | PA      | $619720.31    | 0.55%             | 2051-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN FM2847                                                       | CUSIP: 3140X6EV9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    719727 | PA      | $664959.22    | 0.59%             | 2048-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                     | MORGAN STANLEY MTN 5.831000% 04/19/2035                                         | CUSIP: 61747YFR1<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    185000 | PA      | $195684.32    | 0.17%             | 2035-04-19      | Fixed         | 5.83%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG, INC.                           | VENTURE GLOBAL LNG INC 144A 9.875000% 02/01/2032                                | CUSIP: 92332YAD3<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    185000 | PA      | $195599.76    | 0.17%             | 2032-02-01      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC STRIPS FHS 356 300                                                  | CUSIP: 3132J0NU7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    107146 | PA      | $96808.86     | 0.09%             | 2047-09-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ORACLE CORPORATION                                 | ORACLE CORP 4.375000% 05/15/2055                                                | CUSIP: 68389XBG9<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    110000 | PA      | $75471.70     | 0.07%             | 2055-05-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN CB1805                                                       | CUSIP: 3140QMAF1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    508217 | PA      | $441622.75    | 0.39%             | 2051-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Saudi Arabian Oil Company                          | SAUDI ARABIAN OIL CO 144A 6.375000% 06/02/2055                                  | CUSIP: 80414L3F0<br>LEI: 5586006WD91QHB7J4X50 | Long             | DBT              | NUSS              | SA        |    130000 | PA      | $133236.04    | 0.12%             | 2055-06-02      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM CORPORATION                   | OCCIDENTAL PETROLEUM CORP 6.450000% 09/15/2036                                  | CUSIP: 674599DF9<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    215000 | PA      | $229337.92    | 0.20%             | 2036-09-15      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| COLLEGE AVE STUDENT LOANS LLC                      | COLLEGE AVE STUDENT LOANS 2021-B LLC CASL 2021-B B                              | CUSIP: 19425AAC8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    152574 | PA      | $140007.81    | 0.12%             | 2052-06-25      | Fixed         | 2.42%                 | Yes           |                  2 | On Loan: No      |
| LOUISVILLE GAS AND ELECTRIC COMPANY                | LOUISVILLE GAS AND ELECTRIC CO 5.450000% 04/15/2033                             | CUSIP: 546676AZ0<br>LEI: KO3GRIB3RPH1XDX50U72 | Long             | DBT              | CORP              | US        |    130000 | PA      | $135718.19    | 0.12%             | 2033-04-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN BS2757                                                       | CUSIP: 3140LDB32<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    165567 | PA      | $145725.23    | 0.13%             | 2031-08-01      | Fixed         | 1.79%                 | No            |                  2 | On Loan: No      |
| AT&T INC.                                          | AT&T INC 3.550000% 09/15/2055                                                   | CUSIP: 00206RLJ9<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    195000 | PA      | $129514.75    | 0.12%             | 2055-09-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| HPEFS EQUIPMENT TRUST                              | HPEFS EQUIPMENT TRUST 2025-1 HPEFS 2025-1A C                                    | CUSIP: 40446EAE7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    100000 | PA      | $100932.07    | 0.09%             | 2032-09-20      | Fixed         | 4.79%                 | Yes           |                  2 | On Loan: No      |
| BANQUE CANADIENNE IMPERIALE DE COMMERCE            | CANADIAN IMPERIAL BANK OF COMMERCE 4.283000% 01/29/2030                         | CUSIP: 13607QWB4<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | NUSS              | CA        |    255000 | PA      | $255650.98    | 0.23%             | 2030-01-29      | Fixed         | 4.28%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN FS1543                                                       | CUSIP: 3140XGWD7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    465227 | PA      | $407847.10    | 0.36%             | 2052-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| SMB PRIVATE EDUCATION LOAN TRUST                   | SMB PRIVATE EDUCATION LOAN TRUST 2021-B SMB 2021-B A                            | CUSIP: 78449YAA8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    212022 | PA      | $201035.05    | 0.18%             | 2051-07-17      | Fixed         | 1.31%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC POOL FR RJ4778                                                      | CUSIP: 3142GVJY8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    614035 | PA      | $627503.15    | 0.56%             | 2055-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC POOL FR SD4301                                                      | CUSIP: 3132E0X64<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    397607 | PA      | $416086.17    | 0.37%             | 2053-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN FS1442                                                       | CUSIP: 3140XGS83<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   1087734 | PA      | $990192.38    | 0.88%             | 2050-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC.                                      | BROADCOM INC 144A 4.926000% 05/15/2037                                          | CUSIP: 11135FBV2<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    277000 | PA      | $272780.23    | 0.24%             | 2037-05-15      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| Estados Unidos Mexicanos                           | UNITED MEXICAN STATES 7.375000% 05/13/2055                                      | CUSIP: 91087BBD1<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    275000 | PA      | $294085.00    | 0.26%             | 2055-05-13      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| PEACEHEALTH                                        | PEACEHEALTH OBLIGATED GROUP 4.855000% 11/15/2032                                | CUSIP: 70462GAF5<br>LEI: PLDU35L52IYZUL5SMS69 | Long             | DBT              | CORP              | US        |    230000 | PA      | $231718.06    | 0.21%             | 2032-11-15      | Fixed         | 4.86%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN FS8749                                                       | CUSIP: 3140XQWK9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    359697 | PA      | $369231.58    | 0.33%             | 2054-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE COMPANY OF OKLAHOMA                 | PUBLIC SERVICE CO OF OKLAHOMA 5.200000% 01/15/2035                              | CUSIP: 744533BR0<br>LEI: F3TJNSIZRGXRH8GEIK79 | Long             | DBT              | CORP              | US        |    122000 | PA      | $122996.14    | 0.11%             | 2035-01-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| United States of America                           | US TREASURY N/B 4.000000% 11/15/2035                                            | CUSIP: 91282CPJ4<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   1155000 | PA      | $1131358.59   | 1.01%             | 2035-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BBCMS TRUST                                        | BBCMS MORTGAGE TRUST 2020-C6 BBCMS 2020-C6 AS                                   | CUSIP: 05492TAG5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     75000 | PA      | $68613.03     | 0.06%             | 2053-02-15      | Fixed         | 2.84%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN BS2363                                                       | CUSIP: 3140LCTV3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    226141 | PA      | $201448.72    | 0.18%             | 2035-09-01      | Fixed         | 1.85%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FUNDING LIMITED                    | AVOLON HOLDINGS FUNDING LTD 144A 5.750000% 03/01/2029                           | CUSIP: 05401AAU5<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | NUSS              | IE        |    160000 | PA      | $165756.13    | 0.15%             | 2029-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA, INC.                                 | T-MOBILE USA INC 5.700000% 01/15/2056                                           | CUSIP: 87264ADY8<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    280000 | PA      | $270501.25    | 0.24%             | 2056-01-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| United States of America                           | US TREASURY N/B 3.375000% 12/31/2027                                            | CUSIP: 91282CPS4<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   2105000 | PA      | $2098915.24   | 1.87%             | 2027-12-31      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS COMPANY LLC                      | VISTRA OPERATIONS CO LLC 144A 5.700000% 12/30/2034                              | CUSIP: 92840VAU6<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    290000 | PA      | $297303.07    | 0.26%             | 2034-12-30      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| ORACLE CORPORATION                                 | ORACLE CORP 5.950000% 09/26/2055                                                | CUSIP: 68389XDR3<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     85000 | PA      | $74950.76     | 0.07%             | 2055-09-26      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Group AG                             | CREDIT SUISSE GROUP AG 144A 7.500000% MATURITY: PERPETUAL                       | CUSIP: 22546DAB2<br>LEI: 549300506SI9CRFV9Z86 | Long             | DBT              | NUSS              | CH        |    725000 | PA      | $174000.00    | 0.15%             | 2174-06-11      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| META PLATFORMS, INC.                               | META PLATFORMS INC 5.625000% 11/15/2055                                         | CUSIP: 30303MAE2<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |    170000 | PA      | $161752.01    | 0.14%             | 2055-11-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| SMALL BUSINESS INVESTMENT COMPANIES                | SBA SMALL BUSINESS INVESTMENT COS SBIC 2018-10B 1                               | CUSIP: 831641FL4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     23919 | PA      | $23616.28     | 0.02%             | 2028-09-10      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AG NEW YORK BRANCH                   | DEUTSCHE BANK AG/NEW YORK NY 4.999000% 09/11/2030                               | CUSIP: 251526CX5<br>LEI: N/A                  | Long             | DBT              | NUSS              | DE        |    140000 | PA      | $142429.38    | 0.13%             | 2030-09-11      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN MA5341                                                       | CUSIP: 31418E5B2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |         0 | PA      | $0.03         | 0.00%             | 2054-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Estados Unidos Mexicanos                           | UNITED MEXICAN STATES 5.375000% 03/22/2033                                      | CUSIP: 91087BBK5<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    215000 | PA      | $211721.25    | 0.19%             | 2033-03-22      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN MA4599                                                       | CUSIP: 31418EDD9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    605310 | PA      | $537669.46    | 0.48%             | 2052-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| US 10YR ULTRA FUT MAR26                            | US 10YR ULTRA FUT MAR26 FINANCIAL COMMODITY FUTURE.                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       -47 | NC      | $-5365343.75  | -4.78%            |  |  |  | No            |                  1 | On Loan: No      |
| SBNA AUTO LEASE TRUST                              | SBNA AUTO LEASE TRUST 2025-A SBALT 2025-A A3                                    | CUSIP: 78437KAC8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    175000 | PA      | $175987.68    | 0.16%             | 2028-04-20      | Fixed         | 4.83%                 | Yes           |                  2 | On Loan: No      |
| United States of America                           | US TREASURY N/B 3.125000% 05/15/2048                                            | CUSIP: 912810SC3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2755000 | PA      | $2085083.01   | 1.86%             | 2048-05-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| SMALL BUSINESS INVESTMENT COMPANIES                | SBA SMALL BUSINESS INVESTMENT COS SBIC 2025-10A 1                               | CUSIP: 831641FZ3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    150000 | PA      | $152466.74    | 0.14%             | 2035-03-10      | Fixed         | 4.96%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN FS0896                                                       | CUSIP: 3140XF7J4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    328052 | PA      | $294111.01    | 0.26%             | 2051-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BBCMS TRUST                                        | BBCMS MORTGAGE TRUST 2025-C32 BBCMS 2025-C32 A5                                 | CUSIP: 07337AAD8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    195000 | PA      | $207604.39    | 0.18%             | 2062-02-15      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| RATE MORTGAGE TRUST                                | RATE MORTGAGE TRUST 2024-J4 RATE 2024-J4 A4                                     | CUSIP: 75408TAD8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    166233 | PA      | $169154.33    | 0.15%             | 2054-12-25      | Floating      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN FS1831                                                       | CUSIP: 3140XHA98<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     95952 | PA      | $92867.62     | 0.08%             | 2052-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHI COMMERCIAL MORTGAGE TRUST                      | CHI COMMERCIAL MORTGAGE TRUST 2025-110W CHI 2025-110W A                         | CUSIP: 12577HAA8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    215000 | PA      | $217046.09    | 0.19%             | 2040-12-13      | Floating      | 5.10%                 | Yes           |                  2 | On Loan: No      |
| ATLAS WAREHOUSE LENDING COMPANY, L.P.              | ATLAS WAREHOUSE LENDING CO LP 144A 5.250000% 01/15/2033                         | CUSIP: 049463AH5<br>LEI: 25490068J12A1HV7YM70 | Long             | DBT              | CORP              | US        |    255000 | PA      | $255376.30    | 0.23%             | 2033-01-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| United States of America                           | US TREASURY N/B 3.500000% 01/15/2029                                            | CUSIP: 91282CPT2<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   2405000 | PA      | $2398048.06   | 2.14%             | 2029-01-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| AVIS BUDGET RENTAL CAR FUNDING                     | AVIS BUDGET RENTAL CAR FUNDING AESOP LLC AESOP 2025-4A A                        | CUSIP: 05377RLA0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    105000 | PA      | $104105.05    | 0.09%             | 2032-02-20      | Fixed         | 4.40%                 | Yes           |                  2 | On Loan: No      |
| CI FINANCIAL CORP.                                 | CI FINANCIAL CORP 3.200000% 12/17/2030                                          | CUSIP: 125491AN0<br>LEI: 549300M9W7JJQSVCEM78 | Long             | DBT              | NUSS              | CA        |    675000 | PA      | $612803.48    | 0.55%             | 2030-12-17      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| HCA INC.                                           | HCA INC 3.500000% 09/01/2030                                                    | CUSIP: 404119CA5<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    185000 | PA      | $177867.87    | 0.16%             | 2030-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN MA4653                                                       | CUSIP: 31418EE30<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    464055 | PA      | $412141.06    | 0.37%             | 2052-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CSMC TRUST                                         | CSMC 2014-USA OA LLC CSMC 2014-USA A2                                           | CUSIP: 12649AAC3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    125000 | PA      | $115011.89    | 0.10%             | 2037-09-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| B.A.T CAPITAL CORPORATION                          | BAT CAPITAL CORP 4.390000% 08/15/2037                                           | CUSIP: 05526DBD6<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | GB        |    315000 | PA      | $289174.77    | 0.26%             | 2037-08-15      | Fixed         | 4.39%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                     | MORGAN STANLEY 1.593000% 05/04/2027                                             | CUSIP: 61772BAB9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    265000 | PA      | $263336.35    | 0.23%             | 2027-05-04      | Fixed         | 1.59%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE GRANTOR TRUST 2001-T4 FNGT 2001-T4 A1                                | CUSIP: 31359SR69<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |       976 | PA      | $1001.45      | 0.00%             | 2041-07-25      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| DRAWBRIDGE SPECIAL OPPORTUNITIES FUND LP           | DRAWBRIDGE SPECIAL OPPORTUNITIES FUND LP / DRAWBRI 5.950000% 09/17/2030         | CUSIP: 26150TAF6<br>LEI: OTW7FAILU3FWEXAKRN53 | Long             | DBT              | CORP              | US        |    315000 | PA      | $300579.23    | 0.27%             | 2030-09-17      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS COMPANY LLC                      | VISTRA OPERATIONS CO LLC 144A 5.250000% 10/15/2035                              | CUSIP: 92840VAW2<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    235000 | PA      | $232672.18    | 0.21%             | 2035-10-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS AND ELECTRIC COMPANY                   | PACIFIC GAS AND ELECTRIC CO 2.100000% 08/01/2027                                | CUSIP: 694308JF5<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    265000 | PA      | $257339.99    | 0.23%             | 2027-08-01      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                              | WELLS FARGO & CO 4.182000% 01/23/2030                                           | CUSIP: 95000U4D2<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    235000 | PA      | $235197.48    | 0.21%             | 2030-01-23      | Fixed         | 4.18%                 | No            |                  2 | On Loan: No      |
| HYUNDAI AUTO LEASE SECURITIZATION TRUST            | HYUNDAI AUTO LEASE SECURITIZATION TRUST 2025-A HALST 2025-A A3                  | CUSIP: 44935WAD9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    250000 | PA      | $252514.90    | 0.22%             | 2028-01-18      | Fixed         | 4.83%                 | Yes           |                  2 | On Loan: No      |
| United States of America                           | US TREASURY N/B 2.000000% 08/15/2051                                            | CUSIP: 912810SZ2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1525000 | PA      | $870798.82    | 0.78%             | 2051-08-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL                                   | PARAMOUNT GLOBAL 6.250000% 02/28/2057                                           | CUSIP: 92553PBC5<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |    225000 | PA      | $204468.75    | 0.18%             | 2057-02-28      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BFLD TRUST                                         | BFLD COMMERCIAL MORTGAGE TRUST 2025-660F BFLD 2025-660F C                       | CUSIP: 05556QAE9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    125000 | PA      | $125468.75    | 0.11%             | 2042-11-15      | Floating      | 5.83%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association           | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2017-H16 PT                        | CUSIP: 38375UF62<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |        44 | PA      | $43.67        | 0.00%             | 2066-05-20      | Floating      | 4.46%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2         | GINNIE MAE II POOL G2 AY2220                                                    | CUSIP: 36196RPD4<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |     28045 | PA      | $27967.66     | 0.02%             | 2067-01-20      | Floating      | 4.42%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FEDERAL NATIONAL MORTGAGE ASSOCIATION 30YR TBA FEBRUARY                         | CUSIP: 01F030629<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              |  | US        |    125000 | PA      | $110773.39    | 0.10%             | 2045-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| RESORTS WORLD LAS VEGAS LLC                        | RESORTS WORLD LAS VEGAS LLC / RWLV CAPITAL INC 144 4.625000% 04/06/2031         | CUSIP: 76120HAC1<br>LEI: 254900LHVH9D3APT8R82 | Long             | DBT              | CORP              | US        |    270000 | PA      | $231340.27    | 0.21%             | 2031-04-06      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| AEP TEXAS INC.                                     | AEP TEXAS INC 5.850000% 10/15/2055                                              | CUSIP: 00108WAU4<br>LEI: 5493001L78U618KXNZ75 | Long             | DBT              | CORP              | US        |    125000 | PA      | $122897.74    | 0.11%             | 2055-10-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| FARMERS EXCHANGE CAPITAL III                       | FARMERS EXCHANGE CAPITAL III 144A 5.454000% 10/15/2054                          | CUSIP: 30958QAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    405000 | PA      | $382573.69    | 0.34%             | 2054-10-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS HOLDINGS, LLC              | FRONTIER COMMUNICATIONS HOLDINGS LLC 144A 6.750000% 05/01/2029                  | CUSIP: 35906ABG2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    106000 | PA      | $106372.17    | 0.09%             | 2029-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| COLLEGE AVE STUDENT LOANS LLC                      | COLLEGE AVE STUDENT LOANS 2021-B LLC CASL 2021-B A2                             | CUSIP: 19425AAB0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     77996 | PA      | $70555.28     | 0.06%             | 2052-06-25      | Fixed         | 1.76%                 | Yes           |                  2 | On Loan: No      |
| CONSTELLATION INSURANCE, INC.                      | CONSTELLATION INSURANCE INC 144A 6.800000% 01/24/2030                           | CUSIP: 67740QAH9<br>LEI: 549300K609B872PZT291 | Long             | DBT              | CORP              | US        |    380000 | PA      | $387675.71    | 0.35%             | 2030-01-24      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN MA4520                                                       | CUSIP: 31418EAW0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    271405 | PA      | $237204.89    | 0.21%             | 2042-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC POOL FR RA8418                                                      | CUSIP: 3133KQK70<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    325985 | PA      | $339674.11    | 0.30%             | 2053-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| RCKT MORTGAGE TRUST                                | RCKT MORTGAGE TRUST 2025-CES10 RCKT 2025-CES10 A1A                              | CUSIP: 74939LAA2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    312568 | PA      | $313500.38    | 0.28%             | 2055-11-25      | Fixed         | 4.89%                 | Yes           |                  2 | On Loan: No      |
| DLLAA LLC                                          | DLLAA 2025-1 LLC DLLAA 2025-1A A3                                               | CUSIP: 233249AC5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    145000 | PA      | $147806.59    | 0.13%             | 2029-09-20      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| AVOLON HOLDINGS FUNDING LIMITED                    | AVOLON HOLDINGS FUNDING LTD 144A 6.375000% 05/04/2028                           | CUSIP: 05401AAS0<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | NUSS              | IE        |    160000 | PA      | $166520.63    | 0.15%             | 2028-05-04      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| United States of America                           | US TREASURY N/B 4.625000% 11/15/2045                                            | CUSIP: 912810UQ9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2225000 | PA      | $2164160.16   | 1.93%             | 2045-11-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| ONEOK, INC.                                        | ONEOK INC 5.400000% 10/15/2035                                                  | CUSIP: 682680DC4<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    210000 | PA      | $211791.82    | 0.19%             | 2035-10-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA STUDENT LOAN CORPORATION            | SOUTH CAROLINA STUDENT LOAN CORP 2015-A SCSLC 2015-A A                          | CUSIP: 83715RAH5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     36730 | PA      | $36736.57     | 0.03%             | 2036-01-25      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| Reynolds American Inc.                             | REYNOLDS AMERICAN INC 8.125000% 05/01/2040                                      | CUSIP: 761713BV7<br>LEI: 02S2RPPVO9RP4NEU2740 | Long             | DBT              | CORP              | GB        |     45000 | PA      | $53294.71     | 0.05%             | 2040-05-01      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2         | GINNIE MAE II POOL G2 MA6599                                                    | CUSIP: 36179VKL3<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    209534 | PA      | $189473.29    | 0.17%             | 2050-04-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| AMGEN INC.                                         | AMGEN INC 6.375000% 06/01/2037                                                  | CUSIP: 031162AW0<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    135000 | PA      | $149362.34    | 0.13%             | 2037-06-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| United States of America                           | US TREASURY N/B 3.500000% 11/15/2028                                            | CUSIP: 91282CPK1<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   2485000 | PA      | $2478593.37   | 2.21%             | 2028-11-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC GOLD POOL FG G61748                                                 | CUSIP: 31335B5H5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    234538 | PA      | $221841.47    | 0.20%             | 2048-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC POOL FR SD6603                                                      | CUSIP: 3132DUKQ9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    294667 | PA      | $296354.72    | 0.26%             | 2053-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2         | GINNIE MAE II POOL G2 MA5876                                                    | CUSIP: 36179UQ54<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    212964 | PA      | $204263.61    | 0.18%             | 2049-04-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO.                               | JPMORGAN CHASE & CO 5.572000% 04/22/2036                                        | CUSIP: 46647PEX0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    225000 | PA      | $234754.50    | 0.21%             | 2036-04-22      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| OCEANVIEW MORTGAGE TRUST                           | OCEANVIEW MORTGAGE TRUST 2025-INV1 BVINV 2025-1 AF1                             | CUSIP: 67551WAU5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    120381 | PA      | $120463.29    | 0.11%             | 2054-11-25      | Floating      | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Estados Unidos Mexicanos                           | UNITED MEXICAN STATES 6.625000% 01/29/2038                                      | CUSIP: 91087BBF6<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    315000 | PA      | $327426.75    | 0.29%             | 2038-01-29      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Virginia Electric and Power Company                | VIRGINIA ELECTRIC AND POWER CO 5.000000% 04/01/2033                             | CUSIP: 927804GK4<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |    125000 | PA      | $127359.14    | 0.11%             | 2033-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                | PETROLEOS MEXICANOS 7.690000% 01/23/2050                                        | CUSIP: 71654QDD1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |    275000 | PA      | $247395.72    | 0.22%             | 2050-01-23      | Fixed         | 7.69%                 | No            |                  2 | On Loan: No      |
| CONTINENTAL RESOURCES, INC.                        | CONTINENTAL RESOURCES INC/OK 144A 2.268000% 11/15/2026                          | CUSIP: 212015AU5<br>LEI: XXRTID9RYWOZ0UPIVR53 | Long             | DBT              | CORP              | US        |    225000 | PA      | $221617.50    | 0.20%             | 2026-11-15      | Fixed         | 2.27%                 | No            |                  2 | On Loan: No      |
| Dominion Energy, Inc.                              | DOMINION ENERGY INC 6.000000% 02/15/2056                                        | CUSIP: 25746UDZ9<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |    275000 | PA      | $277964.99    | 0.25%             | 2056-02-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MUNICIPAL ELEC AUTH GA                             | MUNI ELEC AUTH OF GEORGIA MUNICIPAL ELECTRIC AUTHORITY OF GEORGIA               | CUSIP: 626207YF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    356000 | PA      | $384493.63    | 0.34%             | 2057-04-01      | Fixed         | 6.64%                 | No            |                  2 | On Loan: No      |
| DELL INTERNATIONAL L.L.C.                          | DELL INTERNATIONAL LLC / EMC CORP 5.100000% 02/15/2036                          | CUSIP: 24703DBU4<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |    260000 | PA      | $255467.83    | 0.23%             | 2036-02-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN FS1482                                                       | CUSIP: 3140XGUG2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    578199 | PA      | $540494.83    | 0.48%             | 2049-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| United States of America                           | US TREASURY N/B 3.000000% 02/15/2049                                            | CUSIP: 912810SF6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2915000 | PA      | $2140019.91   | 1.91%             | 2049-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| THE BROOKLYN UNION GAS COMPANY                     | BROOKLYN UNION GAS CO/THE 144A 6.415000% 07/18/2054                             | CUSIP: 114259AY0<br>LEI: 83BQ1DXS6VA5GZFK8S35 | Long             | DBT              | CORP              | US        |    220000 | PA      | $226899.55    | 0.20%             | 2054-07-18      | Fixed         | 6.42%                 | No            |                  2 | On Loan: No      |
| ALPHABET INC.                                      | ALPHABET INC 5.450000% 11/15/2055                                               | CUSIP: 02079KBA4<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |    190000 | PA      | $185306.72    | 0.17%             | 2055-11-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS INC.                        | VERIZON COMMUNICATIONS INC 5.000000% 01/15/2036                                 | CUSIP: 92343VHG2<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    325000 | PA      | $321267.43    | 0.29%             | 2036-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SMB PRIVATE EDUCATION LOAN TRUST                   | SMB PRIVATE EDUCATION LOAN TRUST 2020-A SMB 2020-A A2A                          | CUSIP: 78449UAB4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     52297 | PA      | $50838.57     | 0.05%             | 2037-09-15      | Fixed         | 2.23%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS LTD.                        | FIRST QUANTUM MINERALS LTD 144A 7.250000% 02/15/2034                            | CUSIP: 335934AX3<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | NUSS              | ZM        |    225000 | PA      | $236384.55    | 0.21%             | 2034-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ANHEUSER-BUSCH INBEV WORLDWIDE INC.                | ANHEUSER-BUSCH INBEV WORLDWIDE INC 5.450000% 01/23/2039                         | CUSIP: 03523TBU1<br>LEI: 549300CRGMZK3K53BF92 | Long             | DBT              | CORP              | BE        |     65000 | PA      | $66983.36     | 0.06%             | 2039-01-23      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC.                                     | CITIGROUP INC 2.561000% 05/01/2032                                              | CUSIP: 172967MY4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    490000 | PA      | $444477.94    | 0.40%             | 2032-05-01      | Fixed         | 2.56%                 | No            |                  2 | On Loan: No      |
| SMALL BUSINESS ADMINISTRATION GTD                  | UNITED STATES SMALL BUSINESS ADMINISTRATION SBAP 2025-25F 1                     | CUSIP: 83162C2J1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    197704 | PA      | $202337.74    | 0.18%             | 2050-06-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| SEQUOIA MORTGAGE TRUST                             | SEQUOIA MORTGAGE TRUST 2018-CH4 SEMT 2018-CH4 B1B                               | CUSIP: 81747LCE9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    247957 | PA      | $249667.93    | 0.22%             | 2048-10-25      | Floating      | 5.05%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC POOL FR SD4705                                                      | CUSIP: 3132DSGN6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    562579 | PA      | $573926.78    | 0.51%             | 2053-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HESS CORPORATION                                   | HESS CORP 5.800000% 04/01/2047                                                  | CUSIP: 42809HAH0<br>LEI: UASVRYNXNK17ULIGK870 | Long             | DBT              | CORP              | US        |    215000 | PA      | $222301.78    | 0.20%             | 2047-04-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2         | GINNIE MAE II POOL G2 MA6476                                                    | CUSIP: 36179VFR6<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    591082 | PA      | $566778.77    | 0.50%             | 2050-02-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE FLEET FINANCING LLC                     | ENTERPRISE FLEET FINANCING 2024-3 LLC EFF 2024-3 A2                             | CUSIP: 29375QAB4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     50117 | PA      | $50284.73     | 0.04%             | 2027-04-20      | Fixed         | 5.31%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN CB3771                                                       | CUSIP: 3140QPFM4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |         0 | PA      | $0.04         | 0.00%             | 2052-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BENCHMARK MORTGAGE TRUST                           | BENCHMARK 2022-B33 MORTGAGE TRUST BMARK 2022-B33 A5                             | CUSIP: 08163PBG4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    185000 | PA      | $172650.29    | 0.15%             | 2055-03-15      | Floating      | 3.46%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC.                                     | Citigroup Inc PREFERRED STOCK                                                   | CUSIP: 172967242<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EP               |  | US        |      8990 | NS      | $225559.10    | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN CA6943                                                       | CUSIP: 3140QEWD0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    994329 | PA      | $819442.64    | 0.73%             | 2050-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Altria Group, Inc.                                 | ALTRIA GROUP INC 5.250000% 08/06/2035                                           | CUSIP: 02209SBV4<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |    210000 | PA      | $211948.25    | 0.19%             | 2035-08-06      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital Designated Activity Company | AERCAP IRELAND CAPITAL DAC / AERCAP GLOBAL AVIATIO 6.500000% 01/31/2056         | CUSIP: 00774MBQ7<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | NUSS              | IE        |    215000 | PA      | $221092.24    | 0.20%             | 2056-01-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE FLEET FINANCING LLC                     | ENTERPRISE FLEET FINANCING 2023-2 LLC EFF 2023-2 A2                             | CUSIP: 29375NAB1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     65419 | PA      | $65733.16     | 0.06%             | 2030-04-22      | Fixed         | 5.56%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE REMICS FNR 2022-57 FA                                                | CUSIP: 3136BN3C8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    642976 | PA      | $638509.67    | 0.57%             | 2052-09-25      | Floating      | 4.57%                 | No            |                  2 | On Loan: No      |
| FLUTTER TREASURY DESIGNATED ACTIVITY COMPANY       | FLUTTER TREASURY DAC 144A 6.375000% 04/29/2029                                  | CUSIP: 344045AA7<br>LEI: 635400JE8VLL9UFVIC38 | Long             | DBT              | NUSS              | IE        |    215000 | PA      | $221653.18    | 0.20%             | 2029-04-29      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| United States of America                           | US TREASURY N/B 3.750000% 01/31/2031                                            | CUSIP: 91282CPW5<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   1127000 | PA      | $1124182.50   | 1.00%             | 2031-01-31      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| DLLAD LLC                                          | DLLAD 2024-1 LLC DLLAD 2024-1A A3                                               | CUSIP: 23346MAC0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    315000 | PA      | $321442.92    | 0.29%             | 2029-07-20      | Fixed         | 5.30%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC POOL FR SL1806                                                      | CUSIP: 31427PAG9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    367858 | PA      | $380697.65    | 0.34%             | 2055-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Estados Unidos Mexicanos                           | UNITED MEXICAN STATES 3.500000% 02/12/2034                                      | CUSIP: 91087BAR1<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    225000 | PA      | $193837.50    | 0.17%             | 2034-02-12      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| VERIZON MASTER TRUST                               | VERIZON MASTER TRUST VZMT 2025-5 B                                              | CUSIP: 92348KEH2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    130000 | PA      | $130784.60    | 0.12%             | 2031-06-20      | Fixed         | 4.42%                 | No            |                  2 | On Loan: No      |
| United States of America                           | US TREASURY N/B 3.500000% 12/15/2028                                            | CUSIP: 91282CPP0<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   1400000 | PA      | $1396171.87   | 1.24%             | 2028-12-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC POOL FR SL1254                                                      | CUSIP: 31427NMC0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    261415 | PA      | $272013.03    | 0.24%             | 2055-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| THE BOEING COMPANY                                 | BOEING CO/THE 6.298000% 05/01/2029                                              | CUSIP: 097023DQ5<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    340000 | PA      | $361155.57    | 0.32%             | 2029-05-01      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| THE GOLDMAN SACHS GROUP, INC.                      | GOLDMAN SACHS GROUP INC/THE 5.065000% 01/21/2037                                | CUSIP: 38145GAS9<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    280000 | PA      | $278799.49    | 0.25%             | 2037-01-21      | Fixed         | 5.07%                 | No            |                  2 | On Loan: No      |
| BAE SYSTEMS PLC                                    | BAE SYSTEMS PLC 144A 5.250000% 03/26/2031                                       | CUSIP: 05523RAK3<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | DBT              | NUSS              | GB        |    220000 | PA      | $228391.22    | 0.20%             | 2031-03-26      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS AND ELECTRIC COMPANY                   | PACIFIC GAS AND ELECTRIC CO 2.500000% 02/01/2031                                | CUSIP: 694308JG3<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    205000 | PA      | $185357.93    | 0.17%             | 2031-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO.                               | JPMORGAN CHASE & CO 4.810000% 10/22/2036                                        | CUSIP: 46647PFE1<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    320000 | PA      | $315451.46    | 0.28%             | 2036-10-22      | Fixed         | 4.81%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC.                                     | CITIGROUP INC 8.125000% 07/15/2039                                              | CUSIP: 172967EW7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    165000 | PA      | $209816.31    | 0.19%             | 2039-07-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| OCEANVIEW MORTGAGE TRUST                           | OCEANVIEW MORTGAGE TRUST 2025-INV2 BVINV 2025-2 AF1                             | CUSIP: 67647BAU7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    124428 | PA      | $124594.37    | 0.11%             | 2055-04-25      | Floating      | 4.72%                 | Yes           |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS HOLDINGS, LLC              | FRONTIER COMMUNICATIONS HOLDINGS LLC 144A 6.000000% 01/15/2030                  | CUSIP: 35908MAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    219000 | PA      | $220920.29    | 0.20%             | 2030-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| State of Israel                                    | STATE OF ISRAEL 5.875000% 01/13/2056                                            | CUSIP: 46515CKR4<br>LEI: 213800T8ZHTFZIBYPE21 | Long             | DBT              | NUSS              | IL        |    200000 | PA      | $194740.74    | 0.17%             | 2056-01-13      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                     | MORGAN STANLEY 5.466000% 01/18/2035                                             | CUSIP: 61747YFL4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    265000 | PA      | $274130.64    | 0.24%             | 2035-01-18      | Fixed         | 5.47%                 | No            |                  2 | On Loan: No      |
| ALPHABET INC.                                      | ALPHABET INC 4.700000% 11/15/2035                                               | CUSIP: 02079KAY3<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |    245000 | PA      | $243893.92    | 0.22%             | 2035-11-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE FLEET FINANCING LLC                     | ENTERPRISE FLEET FINANCING 2025-1 LLC EFF 2025-1 A3                             | CUSIP: 29390HAC3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    195000 | PA      | $198192.03    | 0.18%             | 2029-02-20      | Fixed         | 4.82%                 | Yes           |                  2 | On Loan: No      |
| NELNET PRIVATE EDUCATION LOAN TRUST                | NELNET STUDENT LOAN TRUST 2021-B NSLT 2021-BA AFL                               | CUSIP: 64034QAA6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     40335 | PA      | $40300.17     | 0.04%             | 2062-04-20      | Floating      | 4.57%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN FA1103                                                       | CUSIP: 3140W1GM9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |         0 | PA      | $0.04         | 0.00%             | 2052-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC POOL FR SD3368                                                      | CUSIP: 3132DQW51<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    802448 | PA      | $819494.05    | 0.73%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORPORATION                             | CVS HEALTH CORP 5.050000% 03/25/2048                                            | CUSIP: 126650CZ1<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    435000 | PA      | $382541.58    | 0.34%             | 2048-03-25      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| GPMT LTD                                           | GPMT 2021-FL3 LTD GPMT 2021-FL3 A                                               | CUSIP: 36264BAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     29281 | PA      | $29293.86     | 0.03%             | 2035-07-16      | Floating      | 5.29%                 | Yes           |                  2 | On Loan: No      |
| CENTENE CORPORATION                                | CENTENE CORP 4.625000% 12/15/2029                                               | CUSIP: 15135BAT8<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |    340000 | PA      | $331431.61    | 0.30%             | 2029-12-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| AT&T INC.                                          | AT&T INC 4.750000% 04/30/2033                                                   | CUSIP: 00206RNG3<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    240000 | PA      | $239436.54    | 0.21%             | 2033-04-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| WFRBS COMMERCIAL MORTGAGE TRUST                    | WFRBS COMMERCIAL MORTGAGE TRUST 2014-C22 WFRBS 2014-C22 B                       | CUSIP: 92890KBF1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    120000 | PA      | $109384.80    | 0.10%             | 2057-09-15      | Floating      | 4.37%                 | No            |                  2 | On Loan: No      |
| JPMBB COMMERCIAL MORTGAGE SECURITIES TRUST         | JPMBB COMMERCIAL MORTGAGE SECURITIES TRUST 2014-C2 JPMBB 2014-C25 B             | CUSIP: 46643PBK5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    215000 | PA      | $199965.05    | 0.18%             | 2047-11-15      | Floating      | 4.35%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC POOL FR RA8790                                                      | CUSIP: 3133KQXT8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    222468 | PA      | $224114.88    | 0.20%             | 2053-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2         | GINNIE MAE II POOL G2 MA7051                                                    | CUSIP: 36179VZQ6<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    440549 | PA      | $366660.06    | 0.33%             | 2050-12-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORPORATION                        | BANK OF AMERICA CORP 5.288000% 04/25/2034                                       | CUSIP: 06051GLH0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    200000 | PA      | $205452.61    | 0.18%             | 2034-04-25      | Fixed         | 5.29%                 | No            |                  2 | On Loan: No      |
| CITIGROUP COMMERCIAL MORTGAGE TRUST                | CITIGROUP COMMERCIAL MORTGAGE TRUST 2019-GC41 CGCMT 2019-GC41 A5                | CUSIP: 17328FAW5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    175000 | PA      | $166358.20    | 0.15%             | 2056-08-10      | Fixed         | 2.87%                 | No            |                  2 | On Loan: No      |
| Braskem Netherlands Finance B.V.                   | BRASKEM NETHERLANDS FINANCE BV 144A 8.000000% 10/15/2034                        | CUSIP: 10554TAJ4<br>LEI: 2549000TLMHFQ74DS330 | Long             | DBT              | NUSS              | BR        |    150000 | PA      | $61171.50     | 0.05%             | 2034-10-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| ANGLO AMERICAN CAPITAL PLC                         | ANGLO AMERICAN CAPITAL PLC 144A 5.750000% 04/05/2034                            | CUSIP: 034863BE9<br>LEI: TINT358G1SSHR3L3PW36 | Long             | DBT              | NUSS              | ZA        |    325000 | PA      | $340808.81    | 0.30%             | 2034-04-05      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC POOL FR SD1661                                                      | CUSIP: 3132DNZ22<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    634349 | PA      | $556104.32    | 0.50%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| MAD COMMERCIAL MORTGAGE TRUST                      | MAD COMMERCIAL MORTGAGE TRUST 2025-11MD MAD 2025-11MD A                         | CUSIP: 55616AAA5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    190000 | PA      | $191147.11    | 0.17%             | 2042-10-15      | Floating      | 4.91%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN MA2956                                                       | CUSIP: 31418CJA3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     60022 | PA      | $54380.87     | 0.05%             | 2047-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NAVIENT REFINANCE LOAN TRUST                       | NAVIENT REFINANCE LOAN TRUST 2025-B NAVRL 2025-B A                              | CUSIP: 63943NAA5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    119295 | PA      | $119375.68    | 0.11%             | 2055-09-15      | Fixed         | 4.72%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN FA0373                                                       | CUSIP: 3140W0MX0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    501767 | PA      | $511048.40    | 0.46%             | 2053-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CENTENE CORPORATION                                | CENTENE CORP 3.000000% 10/15/2030                                               | CUSIP: 15135BAW1<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |    175000 | PA      | $156733.92    | 0.14%             | 2030-10-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| META PLATFORMS, INC.                               | META PLATFORMS INC 5.400000% 08/15/2054                                         | CUSIP: 30303M8V7<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |    155000 | PA      | $142847.25    | 0.13%             | 2054-08-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2010-H14 BI                        | CUSIP: 38375BCR1<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |      1692 | PA      | $183.24       | 0.00%             | 2060-07-20      | Floating      | 1.53%                 | No            |                  2 | On Loan: No      |
| N/A                                                | BROWN BROTHERS HARRIMAN SWEEP INTEREST                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |   4273191 | PA      | $4273190.97   | 3.81%             |  |  |  | No            |                  1 | On Loan: No      |
| FMC CORPORATION                                    | FMC CORP 8.450000% 11/01/2055                                                   | CUSIP: 302491AZ8<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | DBT              | CORP              | US        |    205000 | PA      | $164415.97    | 0.15%             | 2055-11-01      | Fixed         | 8.45%                 | No            |                  2 | On Loan: No      |
| AQUA FINANCE TRUST                                 | AQUA FINANCE ISSUER TRUST 2025-B AQFIT 2025-B A                                 | CUSIP: 03837GAA5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    204533 | PA      | $206598.78    | 0.18%             | 2051-05-17      | Fixed         | 4.79%                 | Yes           |                  2 | On Loan: No      |
| HIH TRUST                                          | HIH TRUST 2024-61P HIH 2024-61P A                                               | CUSIP: 40444VAA9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    331705 | PA      | $332430.57    | 0.30%             | 2041-10-15      | Floating      | 5.52%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC POOL FR SD1096                                                      | CUSIP: 3132DNGD9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    288216 | PA      | $236870.25    | 0.21%             | 2052-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN BT2371                                                       | CUSIP: 3140LQT59<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    259690 | PA      | $213919.24    | 0.19%             | 2051-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| TOWD POINT MORTGAGE TRUST                          | TOWD POINT MORTGAGE TRUST 2020-3 TPMT 2020-3 A1                                 | CUSIP: 89178UAL6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     45182 | PA      | $44041.86     | 0.04%             | 2063-02-25      | Floating      | 3.09%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO.                               | JPMORGAN CHASE & CO 5.766000% 04/22/2035                                        | CUSIP: 46647PEH5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    315000 | PA      | $333551.71    | 0.30%             | 2035-04-22      | Fixed         | 5.77%                 | No            |                  2 | On Loan: No      |
| CITIGROUP COMMERCIAL MORTGAGE TRUST                | CITIGROUP COMMERCIAL MORTGAGE TRUST 2016-P6 CGCMT 2016-P6 A5                    | CUSIP: 17291EAW1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     55000 | PA      | $54131.86     | 0.05%             | 2049-12-10      | Floating      | 3.72%                 | No            |                  2 | On Loan: No      |
| HEALTH CARE SERVICE CORP MUT LEG RES CO            | HEALTH CARE SERVICE CORP A MUTUAL LEGAL RESERVE CO 5.200000% 06/15/2029         | CUSIP: 42218SAK4<br>LEI: 549300TMJ1FKCKECR148 | Long             | DBT              | CORP              | US        |    210000 | PA      | $215421.02    | 0.19%             | 2029-06-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN CB7344                                                       | CUSIP: 3140QTES4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    736307 | PA      | $757536.58    | 0.67%             | 2053-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SMB PRIVATE EDUCATION LOAN TRUST                   | SMB PRIVATE EDUCATION LOAN TRUST 2021-A SMB 2021-A B                            | CUSIP: 78448YAD3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     76680 | PA      | $75091.84     | 0.07%             | 2053-01-15      | Fixed         | 2.31%                 | Yes           |                  2 | On Loan: No      |
| CITIGROUP INC.                                     | CITIGROUP INC 5.174000% 02/13/2030                                              | CUSIP: 172967PF2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    325000 | PA      | $333937.90    | 0.30%             | 2030-02-13      | Fixed         | 5.17%                 | No            |                  2 | On Loan: No      |
| SMALL BUSINESS INVESTMENT COMPANIES                | SBA SMALL BUSINESS INVESTMENT COS SBIC 2025-10B 1                               | CUSIP: 831641GA7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     90000 | PA      | $90399.36     | 0.08%             | 2035-09-10      | Fixed         | 4.53%                 | No            |                  2 | On Loan: No      |
| DELL EQUIPMENT FINANCE TRUST                       | DELL EQUIPMENT FINANCE TRUST 2025-2 DEFT 2025-2 C                               | CUSIP: 24703VAJ0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    250000 | PA      | $250667.73    | 0.22%             | 2031-03-24      | Fixed         | 4.53%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE REMICS FNR 2005-24 ZE                                                | CUSIP: 31394CF98<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |      1975 | PA      | $2023.05      | 0.00%             | 2035-04-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| THE GOLDMAN SACHS GROUP, INC.                      | GOLDMAN SACHS GROUP INC/THE 4.939000% 10/21/2036                                | CUSIP: 38141GD43<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    190000 | PA      | $187350.61    | 0.17%             | 2036-10-21      | Fixed         | 4.94%                 | No            |                  2 | On Loan: No      |
| TENNESSEE GAS PIPELINE COMPANY, L.L.C.             | TENNESSEE GAS PIPELINE CO LLC 8.375000% 06/15/2032                              | CUSIP: 880451AW9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    135000 | PA      | $158674.60    | 0.14%             | 2032-06-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN MA5699                                                       | CUSIP: 31418FKM8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |         0 | PA      | $0.02         | 0.00%             | 2055-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC POOL FR SD5660                                                      | CUSIP: 3132DTJD3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    247852 | PA      | $256268.84    | 0.23%             | 2054-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORPORATION                             | CVS HEALTH CORP 6.750000% 12/10/2054                                            | CUSIP: 126650EG1<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    140000 | PA      | $145542.32    | 0.13%             | 2054-12-10      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Chile Electricity Lux MPC S.a r.l.                 | CHILE ELECTRICITY LUX MPC SARL 144A 6.010000% 01/20/2033                        | CUSIP: 168829AA7<br>LEI: N/A                  | Long             | DBT              | NUSS              | CL        |    223600 | PA      | $233997.90    | 0.21%             | 2033-01-20      | Fixed         | 6.01%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN AN8044                                                       | CUSIP: 3138LL5E1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    156549 | PA      | $154150.78    | 0.14%             | 2028-01-01      | Fixed         | 3.04%                 | No            |                  2 | On Loan: No      |
| META PLATFORMS, INC.                               | META PLATFORMS INC 5.550000% 08/15/2064                                         | CUSIP: 30303M8W5<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |    115000 | PA      | $105574.40    | 0.09%             | 2064-08-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORPORATION                           | STATE STREET CORP VARIABLE RATE 06/15/2047                                      | CUSIP: 857477AY9<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |    145000 | PA      | $130911.62    | 0.12%             | 2047-06-15      | Floating      | 4.98%                 | No            |                  2 | On Loan: No      |
| FARMERS INSURANCE EXCHANGE                         | FARMERS INSURANCE EXCHANGE 144A 7.000000% 10/15/2064                            | CUSIP: 309601AG7<br>LEI: 549300UWG2TLX1GZVT44 | Long             | DBT              | CORP              | US        |    170000 | PA      | $173295.11    | 0.15%             | 2064-10-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS AND ELECTRIC COMPANY                   | PACIFIC GAS AND ELECTRIC CO 6.100000% 01/15/2029                                | CUSIP: 694308KL0<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    210000 | PA      | $220243.45    | 0.20%             | 2029-01-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2         | GINNIE MAE II POOL G2 MA7705                                                    | CUSIP: 36179WR26<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    541715 | PA      | $469501.63    | 0.42%             | 2051-11-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN FS3396                                                       | CUSIP: 3140XJX24<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    417991 | PA      | $425103.69    | 0.38%             | 2052-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES, INC.                            | AMERICAN AIRLINES 2025-1 CLASS A PASS THROUGH TRUS 4.900000% 05/11/2038         | CUSIP: 02377NAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    110000 | PA      | $108631.71    | 0.10%             | 2038-05-11      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC POOL FR SD5219                                                      | CUSIP: 3132DSYQ9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    398013 | PA      | $411925.24    | 0.37%             | 2054-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| THE GOLDMAN SACHS GROUP, INC.                      | GOLDMAN SACHS GROUP INC/THE 2.383000% 07/21/2032                                | CUSIP: 38141GYJ7<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    410000 | PA      | $366645.55    | 0.33%             | 2032-07-21      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN CA7048                                                       | CUSIP: 3140QEZN5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    182898 | PA      | $164882.83    | 0.15%             | 2050-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN FS2446                                                       | CUSIP: 3140XHWG8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    257962 | PA      | $249152.47    | 0.22%             | 2052-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| META PLATFORMS, INC.                               | META PLATFORMS INC 4.875000% 11/15/2035                                         | CUSIP: 30303MAD4<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |    200000 | PA      | $197828.74    | 0.18%             | 2035-11-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Raizen Fuels Finance S.A.                          | RAIZEN FUELS FINANCE SA 144A 6.250000% 07/08/2032                               | CUSIP: 75102XAF3<br>LEI: 52990010NH26VC32Q522 | Long             | DBT              | NUSS              | BR        |    310000 | PA      | $259625.00    | 0.23%             | 2032-07-08      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC POOL FR RC2401                                                      | CUSIP: 3133L8U29<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    261614 | PA      | $241988.26    | 0.22%             | 2037-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| SMALL BUSINESS INVESTMENT COMPANIES                | SBA SMALL BUSINESS INVESTMENT COS SBIC 2022-10A 1                               | CUSIP: 831641FT7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     86116 | PA      | $82262.75     | 0.07%             | 2032-03-10      | Fixed         | 2.94%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORPORATION                             | CVS HEALTH CORP 1.875000% 02/28/2031                                            | CUSIP: 126650DQ0<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    205000 | PA      | $180542.52    | 0.16%             | 2031-02-28      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| RCKT MORTGAGE TRUST                                | RCKT MORTGAGE TRUST 2025-CES12 RCKT 2025-CES12 A1A                              | CUSIP: 749349AA4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     98053 | PA      | $98532.39     | 0.09%             | 2055-11-25      | Fixed         | 5.03%                 | Yes           |                  2 | On Loan: No      |
| WILLIS NORTH AMERICA INC.                          | WILLIS NORTH AMERICA INC 4.550000% 03/15/2031                                   | CUSIP: 970648AP6<br>LEI: 5493004KVU1HWZCP0C66 | Long             | DBT              | CORP              | US        |    200000 | PA      | $199866.05    | 0.18%             | 2031-03-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC POOL FR SL1566                                                      | CUSIP: 31427NW47<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    241654 | PA      | $246056.42    | 0.22%             | 2053-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN FS7221                                                       | CUSIP: 3140XPAX7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    135329 | PA      | $139747.07    | 0.12%             | 2054-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2         | GINNIE MAE II POOL G2 MA7990                                                    | CUSIP: 36179W2X5<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    278758 | PA      | $265927.68    | 0.24%             | 2052-04-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC POOL FR RA8382                                                      | CUSIP: 3133KQJ31<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    789201 | PA      | $795041.17    | 0.71%             | 2053-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                  | HSBC HOLDINGS PLC 5.733000% 05/17/2032                                          | CUSIP: 404280EG0<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | NUSS              | GB        |    370000 | PA      | $389260.28    | 0.35%             | 2032-05-17      | Fixed         | 5.73%                 | No            |                  2 | On Loan: No      |
| United States of America                           | US TREASURY N/B 4.625000% 11/15/2055                                            | CUSIP: 912810UP1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1180000 | PA      | $1130956.25   | 1.01%             | 2055-11-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| NAVIENT PRIVATE EDUCATION LOAN TRUST               | NAVIENT PRIVATE EDUCATION REFI LOAN TRUST 2019-F NAVSL 2019-FA A2               | CUSIP: 63935CAB7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    153713 | PA      | $148967.98    | 0.13%             | 2068-08-15      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN FS4521                                                       | CUSIP: 3140XLAX6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    375257 | PA      | $378813.46    | 0.34%             | 2053-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC POOL FR SD7548                                                      | CUSIP: 3132DVL52<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    422158 | PA      | $365981.60    | 0.33%             | 2051-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS CAPITAL I                            | GOLDMAN SACHS CAPITAL I 6.345000% 02/15/2034                                    | CUSIP: 38143VAA7<br>LEI: 5299005MCIJK7R2NP351 | Long             | DBT              | CORP              | US        |    340000 | PA      | $362533.19    | 0.32%             | 2034-02-15      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE OR FREDDIE MAC 30YR TBA (MARCH)                                      | CUSIP: 01F032633<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    675000 | PA      | $623549.79    | 0.56%             | 2056-03-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| B.A.T CAPITAL CORPORATION                          | BAT CAPITAL CORP 4.625000% 03/22/2033                                           | CUSIP: 054989AF5<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | GB        |    255000 | PA      | $252664.48    | 0.23%             | 2033-03-22      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| MERCURY GENERAL CORPORATION                        | MERCURY GENERAL CORP 4.400000% 03/15/2027                                       | CUSIP: 589400AB6<br>LEI: 5493001Q9EXPCEL4W527 | Long             | DBT              | CORP              | US        |    139000 | PA      | $138940.08    | 0.12%             | 2027-03-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE REMICS FNR 2012-121 TB                                               | CUSIP: 3136A9XP8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     10203 | PA      | $10939.44     | 0.01%             | 2042-11-25      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Kingdom of Saudi Arabia                            | SAUDI GOVERNMENT INTERNATIONAL BOND 144A 5.875000% 01/12/2056                   | CUSIP: 80413TBS7<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |    280000 | PA      | $272899.00    | 0.24%             | 2056-01-12      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| United States of America                           | US TREASURY N/B 4.750000% 08/15/2055                                            | CUSIP: 912810UM8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1605000 | PA      | $1569639.84   | 1.40%             | 2055-08-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NELNET STUDENT LOAN TRUST                          | NELNET STUDENT LOAN TRUST 2025-C NSLT 2025-CA A1A                               | CUSIP: 64035UAA6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    266561 | PA      | $265345.78    | 0.24%             | 2065-06-22      | Fixed         | 4.67%                 | Yes           |                  2 | On Loan: No      |
| SCENTRE GROUP TRUST 2                              | SCENTRE GROUP TRUST 2 144A 5.125000% 09/24/2080                                 | CUSIP: 76025LAB0<br>LEI: 549300VRF0U0JH8TBJ74 | Long             | DBT              | NUSS              | AU        |    305000 | PA      | $307026.12    | 0.27%             | 2080-09-24      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN CB8001                                                       | CUSIP: 3140QT3K3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    144922 | PA      | $149652.83    | 0.13%             | 2054-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| B.A.T CAPITAL CORPORATION                          | BAT CAPITAL CORP 5.834000% 02/20/2031                                           | CUSIP: 05526DBY0<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | GB        |    190000 | PA      | $201666.34    | 0.18%             | 2031-02-20      | Fixed         | 5.83%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN FS7502                                                       | CUSIP: 3140XPKQ1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    201779 | PA      | $207596.50    | 0.18%             | 2054-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| RCKT MORTGAGE TRUST                                | RCKT MORTGAGE TRUST 2025-CES8 RCKT 2025-CES8 A1A                                | CUSIP: 74939WAA8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    147519 | PA      | $148610.59    | 0.13%             | 2055-08-25      | Floating      | 5.15%                 | Yes           |                  2 | On Loan: No      |
| GreenSaif Pipelines Bidco S.a rl                   | GREENSAIF PIPELINES BIDCO SARL 144A 6.102700% 08/23/2042                        | CUSIP: 39541EAE3<br>LEI: 549300YWDGUXPB8GRP47 | Long             | DBT              | NUSS              | SA        |    230000 | PA      | $237660.67    | 0.21%             | 2042-08-23      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| SMB PRIVATE EDUCATION LOAN TRUST                   | SMB PRIVATE EDUCATION LOAN TRUST 2021-C SMB 2021-C APT1                         | CUSIP: 83208AAA1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     92734 | PA      | $85441.51     | 0.08%             | 2053-01-15      | Fixed         | 1.39%                 | Yes           |                  2 | On Loan: No      |
| AT&T INC.                                          | AT&T INC 4.900000% 11/01/2035                                                   | CUSIP: 00206RNC2<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    170000 | PA      | $167375.34    | 0.15%             | 2035-11-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN FS8469                                                       | CUSIP: 3140XQMT1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    156011 | PA      | $160098.54    | 0.14%             | 2054-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SMB PRIVATE EDUCATION LOAN TRUST                   | SMB PRIVATE EDUCATION LOAN TRUST 2025-A SMB 2025-A A1A                          | CUSIP: 83207EAA4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |         0 | PA      | $0.03         | 0.00%             | 2054-04-15      | Fixed         | 5.13%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN AB9953                                                       | CUSIP: 31417HBX1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    537215 | PA      | $512395.10    | 0.46%             | 2043-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| United States of America                           | US TREASURY N/B 3.875000% 12/31/2032                                            | CUSIP: 91282CPQ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   3240000 | PA      | $3211143.75   | 2.86%             | 2032-12-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2         | GINNIE MAE II POOL G2 785432                                                    | CUSIP: 3622AA4R2<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    551138 | PA      | $476481.50    | 0.42%             | 2051-04-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN CA7031                                                       | CUSIP: 3140QEY55<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    266375 | PA      | $231323.79    | 0.21%             | 2050-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                              | WELLS FARGO & CO 5.433000% 01/23/2047                                           | CUSIP: 95000U4F7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    125000 | PA      | $122513.78    | 0.11%             | 2047-01-23      | Fixed         | 5.43%                 | No            |                  2 | On Loan: No      |
| VERIZON MASTER TRUST                               | VERIZON MASTER TRUST VZMT 2025-10 C                                             | CUSIP: 92348KFB4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    200000 | PA      | $200123.50    | 0.18%             | 2033-10-20      | Fixed         | 4.67%                 | Yes           |                  2 | On Loan: No      |
| JEFFERIES FINANCIAL GROUP INC.                     | JEFFERIES FINANCIAL GROUP INC 5.500000% 02/15/2036                              | CUSIP: 47233WLL1<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |    245000 | PA      | $241843.74    | 0.22%             | 2036-02-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN MA3306                                                       | CUSIP: 31418CU85<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    220089 | PA      | $213006.03    | 0.19%             | 2048-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2         | GINNIE MAE II POOL G2 MA7192                                                    | CUSIP: 36179V7D6<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    396170 | PA      | $329723.14    | 0.29%             | 2051-02-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN CB4630                                                       | CUSIP: 3140QQEC5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    149840 | PA      | $154291.12    | 0.14%             | 2052-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC MULTIFAMILY STRUCTURED PASS THROUGH CE FHMS Q032 A                  | CUSIP: 3137HKQ23<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |     94017 | PA      | $95195.36     | 0.08%             | 2054-11-25      | Floating      | 4.95%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC POOL FR SD0225                                                      | CUSIP: 3132DMHA6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |     53216 | PA      | $48442.32     | 0.04%             | 2047-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MF1 LTD                                            | MF1 2025-FL17 LLC MF1 2025-FL17 A                                               | CUSIP: 55287HAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    255000 | PA      | $255014.28    | 0.23%             | 2040-02-18      | Floating      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                 | ENERGY TRANSFER LP 5.350000% 01/15/2036                                         | CUSIP: 29273VBK5<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    260000 | PA      | $259719.25    | 0.23%             | 2036-01-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| US 2YR NOTE (CBT) MAR26                            | US 2YR NOTE (CBT) MAR26 FINANCIAL COMMODITY FUTURE.                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        21 | NC      | $4378335.94   | 3.90%             |  |  |  | No            |                  1 | On Loan: No      |
| ORACLE CORPORATION                                 | ORACLE CORP 4.450000% 09/26/2030                                                | CUSIP: 68389XDH5<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    225000 | PA      | $219623.46    | 0.20%             | 2030-09-26      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| SCF EQUIPMENT LEASING LLC                          | SCF EQUIPMENT LEASING 2025-1 LLC SCFET 2025-1A A2                               | CUSIP: 78437DAB6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     54328 | PA      | $54495.59     | 0.05%             | 2030-07-22      | Fixed         | 4.82%                 | Yes           |                  2 | On Loan: No      |
| THE GOLDMAN SACHS GROUP, INC.                      | GOLDMAN SACHS GROUP INC/THE 5.536000% 01/28/2036                                | CUSIP: 38141GC44<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    265000 | PA      | $273948.98    | 0.24%             | 2036-01-28      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| ARI FLEET LEASE TRUST                              | ARI FLEET LEASE TRUST 2026-A ARIFL 2026-A C                                     | CUSIP: 04033DAE4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    110000 | PA      | $110011.92    | 0.10%             | 2034-11-15      | Fixed         | 4.61%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC POOL FR RA3053                                                      | CUSIP: 3133KJMA7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    382360 | PA      | $316889.79    | 0.28%             | 2050-07-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC POOL FR SD7552                                                      | CUSIP: 3132DVL94<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    908645 | PA      | $785192.97    | 0.70%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS LTD.                        | FIRST QUANTUM MINERALS LTD 144A 8.625000% 06/01/2031                            | CUSIP: 335934AU9<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | NUSS              | ZM        |    310000 | PA      | $325639.81    | 0.29%             | 2031-06-01      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| ORACLE CORPORATION                                 | ORACLE CORP 5.375000% 09/27/2054                                                | CUSIP: 68389XCU7<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    130000 | PA      | $104449.20    | 0.09%             | 2054-09-27      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL                                   | PARAMOUNT GLOBAL 5.900000% 10/15/2040                                           | CUSIP: 124857AF0<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |    240000 | PA      | $204810.14    | 0.18%             | 2040-10-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AG NEW YORK BRANCH                   | DEUTSCHE BANK AG/NEW YORK NY 6.819000% 11/20/2029                               | CUSIP: 251526CU1<br>LEI: N/A                  | Long             | DBT              | NUSS              | DE        |    135000 | PA      | $143991.29    | 0.13%             | 2029-11-20      | Fixed         | 6.82%                 | No            |                  2 | On Loan: No      |
| ORACLE CORPORATION                                 | ORACLE CORP 3.800000% 11/15/2037                                                | CUSIP: 68389XBP9<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    235000 | PA      | $189215.97    | 0.17%             | 2037-11-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| TIME WARNER CABLE, LLC                             | TIME WARNER CABLE LLC 5.875000% 11/15/2040                                      | CUSIP: 88732JAY4<br>LEI: 549300U5NFR7S6E3GM41 | Long             | DBT              | CORP              | US        |    380000 | PA      | $344408.87    | 0.31%             | 2040-11-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC POOL FR RA9060                                                      | CUSIP: 3133KRB52<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    279281 | PA      | $287279.30    | 0.26%             | 2053-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC POOL FR SD1093                                                      | CUSIP: 3132DNGA5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    338682 | PA      | $281239.86    | 0.25%             | 2052-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN MA2833                                                       | CUSIP: 31418CEF7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    579162 | PA      | $527328.89    | 0.47%             | 2046-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN BM5111                                                       | CUSIP: 3140J9VD0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    267844 | PA      | $261659.60    | 0.23%             | 2033-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC.                                      | BROADCOM INC 4.900000% 07/15/2032                                               | CUSIP: 11135FCL3<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    160000 | PA      | $163268.90    | 0.15%             | 2032-07-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| BENCHMARK MORTGAGE TRUST                           | BENCHMARK 2022-B35 MORTGAGE TRUST BMARK 2022-B35 AS                             | CUSIP: 08163RBT2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    205000 | PA      | $193107.95    | 0.17%             | 2055-05-15      | Floating      | 4.44%                 | No            |                  2 | On Loan: No      |
| United States of America                           | US TREASURY N/B 3.625000% 12/31/2030                                            | CUSIP: 91282CPR6<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   1556000 | PA      | $1543722.20   | 1.38%             | 2030-12-31      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| SOFI PROFESSIONAL LOAN PROGRAM                     | SOFI PROFESSIONAL LOAN PROGRAM 2018-C TRUST SOFI 2018-C A2FX                    | CUSIP: 78490DAB0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     50882 | PA      | $50637.23     | 0.05%             | 2048-01-25      | Fixed         | 3.59%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN MA4080                                                       | CUSIP: 31418DRA2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |         0 | PA      | $0.02         | 0.00%             | 2050-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BA CREDIT CARD TRUST                               | BA CREDIT CARD TRUST BACCT 2023-A2 A2                                           | CUSIP: 05522RDH8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    275000 | PA      | $277673.39    | 0.25%             | 2028-11-15      | Fixed         | 4.98%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC.                                      | BROADCOM INC 3.419000% 04/15/2033                                               | CUSIP: 11135FCU3<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    109000 | PA      | $100719.42    | 0.09%             | 2033-04-15      | Fixed         | 3.42%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC POOL FR QY1454                                                      | CUSIP: 31426KTL0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    357466 | PA      | $358094.90    | 0.32%             | 2055-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HORIZON MUTUAL HOLDINGS, INC.                      | HORIZON MUTUAL HOLDINGS INC 144A 6.200000% 11/15/2034                           | CUSIP: 43990FAA6<br>LEI: 254900R6BWV4LUXBN549 | Long             | DBT              | CORP              | US        |    365000 | PA      | $356066.94    | 0.32%             | 2034-11-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| TIME WARNER CABLE, LLC                             | TIME WARNER CABLE LLC 6.550000% 05/01/2037                                      | CUSIP: 88732JAJ7<br>LEI: 549300U5NFR7S6E3GM41 | Long             | DBT              | CORP              | US        |    470000 | PA      | $472195.36    | 0.42%             | 2037-05-01      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| SMB PRIVATE EDUCATION LOAN TRUST                   | SMB PRIVATE EDUCATION LOAN TRUST 2024-E SMB 2024-E A1A                          | CUSIP: 78450XAA6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    185058 | PA      | $187795.56    | 0.17%             | 2056-10-16      | Fixed         | 5.09%                 | Yes           |                  2 | On Loan: No      |
| United States of America                           | US TREASURY N/B 3.500000% 09/30/2027                                            | CUSIP: 91282CPB1<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   1058000 | PA      | $1057421.40   | 0.94%             | 2027-09-30      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Braskem Netherlands Finance B.V.                   | BRASKEM NETHERLANDS FINANCE BV 144A 4.500000% 01/31/2030                        | CUSIP: 10554TAD7<br>LEI: 2549000TLMHFQ74DS330 | Long             | DBT              | NUSS              | BR        |    205000 | PA      | $88209.45     | 0.08%             | 2030-01-31      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SABRA HEALTH CARE LIMITED PARTNERSHIP              | SABRA HEALTH CARE LP 3.900000% 10/15/2029                                       | CUSIP: 78572XAG6<br>LEI: 549300OVKLRFSIQG0H81 | Long             | DBT              | CORP              | US        |    185000 | PA      | $181264.77    | 0.16%             | 2029-10-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| PSEG POWER LLC                                     | PSEG POWER LLC 144A 5.750000% 05/15/2035                                        | CUSIP: 69362BBE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    260000 | PA      | $268644.47    | 0.24%             | 2035-05-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN CB0985                                                       | CUSIP: 3140QLCX2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    566996 | PA      | $492175.16    | 0.44%             | 2051-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC STRIPS FHS 271 30                                                   | CUSIP: 3128HXTR6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |     26908 | PA      | $24896.23     | 0.02%             | 2042-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| HCA INC.                                           | HCA INC 3.500000% 07/15/2051                                                    | CUSIP: 404119CB3<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    305000 | PA      | $206994.38    | 0.18%             | 2051-07-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital Designated Activity Company | AERCAP IRELAND CAPITAL DAC / AERCAP GLOBAL AVIATIO 4.950000% 09/10/2034         | CUSIP: 00774MBM6<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | NUSS              | IE        |    225000 | PA      | $223510.47    | 0.20%             | 2034-09-10      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN AL9468                                                       | CUSIP: 3138ERQW3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     72969 | PA      | $71304.11     | 0.06%             | 2031-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN FS2041                                                       | CUSIP: 3140XHHT7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    714757 | PA      | $583034.35    | 0.52%             | 2051-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| AT&T INC.                                          | AT&T INC 6.000000% 11/15/2034                                                   | CUSIP: 00206RGW6<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20684.82     | 0.02%             | 2034-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CSMC TRUST                                         | CSMC 2021-RPL3 TRUST CSMC 2021-RPL3 A1                                          | CUSIP: 12661GAA7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    310112 | PA      | $275582.32    | 0.25%             | 2060-01-25      | Floating      | 2.00%                 | Yes           |                  2 | On Loan: No      |
| SPRINT CAPITAL CORPORATION                         | SPRINT CAPITAL CORP 8.750000% 03/15/2032                                        | CUSIP: 852060AT9<br>LEI: 549300L17W0GQBR1PO80 | Long             | DBT              | CORP              | US        |    145000 | PA      | $175598.30    | 0.16%             | 2032-03-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| United States of America                           | US 5YR NOTE (CBT) MAR26 FINANCIAL COMMODITY FUTURE.                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        71 | NC      | $7734007.81   | 6.89%             |  |  |  | No            |                  1 | On Loan: No      |
| AerCap Ireland Capital Designated Activity Company | AERCAP IRELAND CAPITAL DAC / AERCAP GLOBAL AVIATIO 3.000000% 10/29/2028         | CUSIP: 00774MAW5<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | NUSS              | IE        |    185000 | PA      | $179466.75    | 0.16%             | 2028-10-29      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                     | MORGAN STANLEY MTN 5.250000% 04/21/2034                                         | CUSIP: 61747YFE0<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    290000 | PA      | $297541.51    | 0.27%             | 2034-04-21      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ORACLE CORPORATION                                 | ORACLE CORP 4.800000% 09/26/2032                                                | CUSIP: 68389XDK8<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    250000 | PA      | $242030.52    | 0.22%             | 2032-09-26      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN CB2344                                                       | CUSIP: 3140QMTA2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    795554 | PA      | $662159.68    | 0.59%             | 2051-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL HOLDINGS, INC.              | NEXTERA ENERGY CAPITAL HOLDINGS INC 5.450000% 03/15/2035                        | CUSIP: 65339KDL1<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    375000 | PA      | $386364.06    | 0.34%             | 2035-03-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| RWE FINANCE US, LLC                                | RWE FINANCE US LLC 144A 5.125000% 09/18/2035                                    | CUSIP: 749983AC6<br>LEI: 529900J7MYLKI84UP772 | Long             | DBT              | CORP              | DE        |    190000 | PA      | $189047.97    | 0.17%             | 2035-09-18      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| AT&T INC.                                          | AT&T INC 3.500000% 06/01/2041                                                   | CUSIP: 00206RJZ6<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    240000 | PA      | $188621.91    | 0.17%             | 2041-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| STELLANTIS FINANCE US INC.                         | STELLANTIS FINANCE US INC 144A 5.350000% 03/17/2028                             | CUSIP: 85855CAM2<br>LEI: 549300QZ0AI8Q7LNON33 | Long             | DBT              | CORP              | US        |    200000 | PA      | $204403.72    | 0.18%             | 2028-03-17      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN MA3384                                                       | CUSIP: 31418CXN9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    123878 | PA      | $120503.06    | 0.11%             | 2048-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BX COMMERCIAL MORTGAGE TRUST                       | BX COMMERCIAL MORTGAGE TRUST 2024-AIRC BX 2024-AIRC A                           | CUSIP: 12433CAA3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    234158 | PA      | $234670.05    | 0.21%             | 2041-08-15      | Floating      | 5.37%                 | Yes           |                  2 | On Loan: No      |
| RCKT MORTGAGE TRUST                                | RCKT MORTGAGE TRUST 2025-CES1 RCKT 2025-CES1 A1A                                | CUSIP: 749427AA8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    149390 | PA      | $151177.98    | 0.13%             | 2045-01-25      | Fixed         | 5.65%                 | Yes           |                  2 | On Loan: No      |
| JACKSON FINANCIAL INC.                             | JACKSON FINANCIAL INC 3.125000% 11/23/2031                                      | CUSIP: 46817MAL1<br>LEI: 213800WXW2KG1N4CO374 | Long             | DBT              | CORP              | US        |    265000 | PA      | $241164.73    | 0.21%             | 2031-11-23      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                     | MORGAN STANLEY 4.238000% 01/09/2030                                             | CUSIP: 61748UAR3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    405000 | PA      | $405766.66    | 0.36%             | 2030-01-09      | Fixed         | 4.24%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN FS7252                                                       | CUSIP: 3140XPBW8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    576696 | PA      | $578538.47    | 0.52%             | 2053-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TIME WARNER CABLE, LLC                             | TIME WARNER CABLE LLC 7.300000% 07/01/2038                                      | CUSIP: 88732JAN8<br>LEI: 549300U5NFR7S6E3GM41 | Long             | DBT              | CORP              | US        |    115000 | PA      | $122105.99    | 0.11%             | 2038-07-01      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| Rakuten Group, Inc.                                | RAKUTEN GROUP INC 144A 9.750000% 04/15/2029                                     | CUSIP: 75102WAK4<br>LEI: 529900IMXUCQKUL1H943 | Long             | DBT              | NUSS              | JP        |    245000 | PA      | $274486.66    | 0.24%             | 2029-04-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Citibank National Association                      | CITIBANK NA 5.570000% 04/30/2034                                                | CUSIP: 17325FBG2<br>LEI: E57ODZWZ7FF32TWEFA76 | Long             | DBT              | CORP              | US        |    170000 | PA      | $178941.49    | 0.16%             | 2034-04-30      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| SMBC Aviation Capital Finance DAC                  | SMBC AVIATION CAPITAL FINANCE DAC 144A 5.250000% 11/26/2035                     | CUSIP: 78448TAP7<br>LEI: 549300OD7VKRVNWB2J98 | Long             | DBT              | NUSS              | IE        |    335000 | PA      | $333861.06    | 0.30%             | 2035-11-26      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BANK                                               | BANK 2022-BNK40 BANK 2022-BNK40 A4                                              | CUSIP: 06541LBG0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    115000 | PA      | $107834.22    | 0.10%             | 2064-03-15      | Floating      | 3.39%                 | No            |                  2 | On Loan: No      |
| FOUNDRY JV HOLDCO LLC                              | FOUNDRY JV HOLDCO LLC 144A 6.100000% 01/25/2036                                 | CUSIP: 350930AH6<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |    400000 | PA      | $420913.49    | 0.37%             | 2036-01-25      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| HESS CORPORATION                                   | HESS CORP 6.000000% 01/15/2040                                                  | CUSIP: 42809HAC1<br>LEI: UASVRYNXNK17ULIGK870 | Long             | DBT              | CORP              | US        |    355000 | PA      | $382276.79    | 0.34%             | 2040-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ROYALTY PHARMA PLC                                 | ROYALTY PHARMA PLC 5.200000% 09/25/2035                                         | CUSIP: 78081BAU7<br>LEI: 549300FGFN7VOK8BZR03 | Long             | DBT              | NUSS              | US        |    245000 | PA      | $246275.50    | 0.22%             | 2035-09-25      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| MILL CITY MORTGAGE LOAN TRUST                      | MILL CITY MORTGAGE LOAN TRUST 2021-NMR1 MCMLT 2021-NMR1 A1                      | CUSIP: 59982HAC4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    171028 | PA      | $165241.50    | 0.15%             | 2060-11-25      | Floating      | 1.12%                 | Yes           |                  2 | On Loan: No      |
| ORACLE CORPORATION                                 | ORACLE CORP 3.600000% 04/01/2040                                                | CUSIP: 68389XBW4<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    110000 | PA      | $81245.37     | 0.07%             | 2040-04-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN AL6344                                                       | CUSIP: 3138EPBN3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |      4781 | PA      | $4811.93      | 0.00%             | 2031-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN CB4613                                                       | CUSIP: 3140QQDT9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     99310 | PA      | $97634.56     | 0.09%             | 2052-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NISOURCE INC.                                      | NISOURCE INC 5.350000% 04/01/2034                                               | CUSIP: 65473PAQ8<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |    245000 | PA      | $252444.12    | 0.22%             | 2034-04-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| B.A.T CAPITAL CORPORATION                          | BAT CAPITAL CORP 5.350000% 08/15/2032                                           | CUSIP: 05526DCB9<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | GB        |    180000 | PA      | $186966.44    | 0.17%             | 2032-08-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN CB6484                                                       | CUSIP: 3140QSF22<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    429741 | PA      | $437836.14    | 0.39%             | 2053-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DTE ENERGY COMPANY                                 | DTE ENERGY CO 5.050000% 10/01/2035                                              | CUSIP: 233331BP1<br>LEI: 549300IX8SD6XXD71I78 | Long             | DBT              | CORP              | US        |    290000 | PA      | $289012.47    | 0.26%             | 2035-10-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN BM5227                                                       | CUSIP: 3140J9YZ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     84058 | PA      | $85244.27     | 0.08%             | 2039-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL                                   | PARAMOUNT GLOBAL 6.375000% 03/30/2062                                           | CUSIP: 92556HAE7<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |    470000 | PA      | $441988.00    | 0.39%             | 2062-03-30      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| RCKT MORTGAGE TRUST                                | RCKT MORTGAGE TRUST 2025-CES2 RCKT 2025-CES2 A1A                                | CUSIP: 74942BAA9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    154691 | PA      | $156316.99    | 0.14%             | 2055-02-25      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| ANHEUSER-BUSCH COMPANIES, LLC                      | ANHEUSER-BUSCH COS LLC / ANHEUSER-BUSCH INBEV WORL 4.900000% 02/01/2046         | CUSIP: 03522AAJ9<br>LEI: 5493002J2SVENP0PVK27 | Long             | DBT              | CORP              | BE        |    107000 | PA      | $98735.68     | 0.09%             | 2046-02-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                       | UBS GROUP AG 144A 7.000000% Maturity: Perpetual                                 | CUSIP: 902613BW7<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | NUSS              | CH        |    200000 | PA      | $202460.76    | 0.18%             | 2176-07-08      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORPORATION                        | BANK OF AMERICA CORP 5.468000% 01/23/2035                                       | CUSIP: 06051GMA4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    370000 | PA      | $383645.70    | 0.34%             | 2035-01-23      | Fixed         | 5.47%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE OR FREDDIE MAC 30YR TBA (FEBRUARY)                                   | CUSIP: 01F050627<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   1096000 | PA      | $1095698.05   | 0.98%             | 2056-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC POOL FR SL0620                                                      | CUSIP: 31427MVN8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    739968 | PA      | $759583.93    | 0.68%             | 2055-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Virginia Electric and Power Company                | VIRGINIA ELECTRIC AND POWER CO 5.000000% 01/15/2034                             | CUSIP: 927804GP3<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |    382000 | PA      | $386496.87    | 0.34%             | 2034-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CIVITAS RESOURCES, INC.                            | CIVITAS RESOURCES INC 144A 8.375000% 07/01/2028                                 | CUSIP: 17888HAA1<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |    209000 | PA      | $215123.28    | 0.19%             | 2028-07-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN CA5968                                                       | CUSIP: 3140QDT20<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    272679 | PA      | $236375.59    | 0.21%             | 2050-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC.                                      | BROADCOM INC 4.800000% 10/15/2034                                               | CUSIP: 11135FCD1<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     90000 | PA      | $89858.03     | 0.08%             | 2034-10-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| SOUTHERN POWER COMPANY                             | SOUTHERN POWER CO 4.900000% 10/01/2035                                          | CUSIP: 843646AY6<br>LEI: 5LADC78JBG2BMZD5XF57 | Long             | DBT              | CORP              | US        |    180000 | PA      | $176853.34    | 0.16%             | 2035-10-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2         | GINNIE MAE II POOL G2 MA9016                                                    | CUSIP: 36179YAR5<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    241979 | PA      | $242893.92    | 0.22%             | 2053-07-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| United States of America                           | US TREASURY N/B 4.875000% 08/15/2045                                            | CUSIP: 912810UN6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    705000 | PA      | $709075.78    | 0.63%             | 2045-08-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN FS1557                                                       | CUSIP: 3140XGWT2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    806015 | PA      | $759722.63    | 0.68%             | 2052-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY ARIZ INDL DEV AUTH ED REV            | MARICOPA CNTY AZ INDL DEV AUTH MARICOPA COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY | CUSIP: 56681NJD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $207849.10    | 0.19%             | 2029-10-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST       | AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST AMXCA 2024-3 A                     | CUSIP: 02589BAE0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    265000 | PA      | $268495.11    | 0.24%             | 2029-07-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| IHS Holding Limited                                | IHS HOLDING LTD 144A 5.625000% 11/29/2026                                       | CUSIP: 44963HAA3<br>LEI: 213800CLGMKL63VKTD94 | Long             | DBT              | NUSS              | NG        |    250000 | PA      | $248773.44    | 0.22%             | 2026-11-29      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CommonSpirit Health                                | COMMONSPIRIT HEALTH 4.975000% 09/01/2035                                        | CUSIP: 20268JBD4<br>LEI: 4SXHN5XW08IBO0UG2V58 | Long             | DBT              | CORP              | US        |    245000 | PA      | $241355.41    | 0.21%             | 2035-09-01      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| ARI FLEET LEASE TRUST                              | ARI FLEET LEASE TRUST 2024-A ARIFL 2024-A A2                                    | CUSIP: 00218KAB9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     37791 | PA      | $38006.31     | 0.03%             | 2032-11-15      | Fixed         | 5.30%                 | Yes           |                  2 | On Loan: No      |
| Dominion Energy, Inc.                              | DOMINION ENERGY INC 6.625000% 05/15/2055                                        | CUSIP: 25746UDV8<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |    155000 | PA      | $159360.93    | 0.14%             | 2055-05-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| INTEL CORPORATION                                  | INTEL CORP 3.050000% 08/12/2051                                                 | CUSIP: 458140BW9<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |     85000 | PA      | $52959.62     | 0.05%             | 2051-08-12      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| ATLAS WAREHOUSE LENDING COMPANY, L.P.              | ATLAS WAREHOUSE LENDING CO LP 144A 4.625000% 11/15/2028                         | CUSIP: 049463AF9<br>LEI: 25490068J12A1HV7YM70 | Long             | DBT              | CORP              | US        |    250000 | PA      | $251111.84    | 0.22%             | 2028-11-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| BFLD TRUST                                         | BFLD COMMERCIAL MORTGAGE TRUST 2025-660F BFLD 2025-660F B                       | CUSIP: 05556QAC3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    190000 | PA      | $190810.27    | 0.17%             | 2042-11-15      | Floating      | 5.48%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN FS2067                                                       | CUSIP: 3140XHJM0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    616685 | PA      | $617036.72    | 0.55%             | 2052-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC GOLD POOL FG G61605                                                 | CUSIP: 31335BYA8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |     46444 | PA      | $45231.93     | 0.04%             | 2048-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States of America                           | US TREASURY N/B 3.500000% 10/31/2027                                            | CUSIP: 91282CPE5<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   1940000 | PA      | $1938635.95   | 1.73%             | 2027-10-31      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-31

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

**Signature:** Andrew Metzger

**Name of Signer:** Andrew Metzger

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