# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0002048251-26-004678
**Filing Date:** 2026-5
**Character Count:** 55209
**Document Hash:** ee82ee2d0bb547c4e38437d709db2c60
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-26-004678.hdr.sgml**: 20260529

**ACCESSION NUMBER**: 0002048251-26-004678

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260529

**DATE AS OF CHANGE**: 20260529

**PERIOD START**: 20260930

**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:** 261045063

**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 Opportunistic High Yield Fund (Series ID: S000063586)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000206015 | Investor Shares      | MFHVX           |
| C000206016 | Institutional Shares | MFHIX           |

## 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 Opportunistic High Yield Fund

- **b. EDGAR series identifier (if any):** S000063586

- **c. LEI of Series:** 549300TXDB86NRMFUC06

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

- **a. Date of fiscal year-end:** 2026-09-30

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $121809094.83

**Total Liabilities:** $1250119.90

**Net Assets:** $120558974.93

**Cash Not Reported:** $2206.33

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -10.61059435 | **1-Year:** -340.84495310 | **5-Year:** -135.70204625 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

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

- **3-Month:** -272.36512085 | **1-Year:** -11281.05719887 | **5-Year:** -16909.63727874 | **10-Year:** -1360.54687913 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000206016 | -1.40%               | -0.07%               | 1.26%                |
| Class ID C000206015 | -1.43%               | -0.09%               | 1.24%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-843050.30              | $-1926361.83                               |
| Month 2  | $-1122626.03             | $123748.54                                 |
| Month 3  | $-3252064.79             | $3856833.47                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| URBAN ONE, INC.                               | URBAN ONE INC 144A 10.5000% 04/01/2030                                   | CUSIP: 91705JAD7<br>LEI: 549300PLGIGPBRQUP240 | Long             | DBT              | CORP              | US        |    343000 | PA      | $343857.50    | 0.29%             | 2030-04-01      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| Borr IHC Limited                              | BORR IHC LTD / BORR FINANCE LLC 144A 10.375000% 11/15/2030               | CUSIP: 100018AB6<br>LEI: 254900WQF2MM46DNLY83 | Long             | DBT              | NUSS              | MX        |    361165 | PA      | $365459.14    | 0.30%             | 2030-11-15      | Fixed         | 10.38%                | Yes           |                  2 | On Loan: No      |
| TKC HOLDINGS, INC.                            | TKC HOLDINGS INC 144A 8.500000% 08/15/2030                               | CUSIP: 87256YAE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    350000 | PA      | $352917.25    | 0.29%             | 2030-08-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| ONE STOP MAILING LLC                          | ONE STOP MAILING LLC 5/7/2027                                            | CUSIP: 68248MAG5<br>LEI: N/A                  | Long             | LON              |  | US        |    896978 | PA      | $894745.98    | 0.74%             | 2027-05-07      | Floating      | 10.03%                | No            |                  2 | On Loan: No      |
| ALTA EQUIPMENT GROUP INC.                     | ALTA EQUIPMENT GROUP INC 144A 9.000000% 06/01/2029                       | CUSIP: 02128LAC0<br>LEI: 549300DGOB28CLGS1X27 | Long             | DBT              | CORP              | US        |   1675000 | PA      | $1484400.18   | 1.23%             | 2029-06-01      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| HP PHRG BORROWER, LLC                         | HP PHRG BORROWER, LLC 2/13/2032                                          | CUSIP: 40445XAC0<br>LEI: N/A                  | Long             | LON              |  | US        |    931055 | PA      | $921744.22    | 0.76%             | 2032-02-13      | Floating      | 7.70%                 | No            |                  2 | On Loan: No      |
| TOWN MEDIA LLC                                | TOWN MEDIA LLC 2/6/2030                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   1598556 | PA      | $1152974.33   | 0.96%             | 2030-02-06      | Floating      | 8.68%                 | No            |                  2 | On Loan: No      |
| Consolidated Energy Finance S.A.              | CONSOLIDATED ENERGY FINANCE SA 144A 5.625000% 10/15/2028                 | CUSIP: 20914UAF3<br>LEI: 549300PUNIS0USNSL750 | Long             | DBT              | NUSS              | CH        |   1870000 | PA      | $1741437.50   | 1.44%             | 2028-10-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| AMERICAN AXLE & MANUFACTURING, INC.           | AMERICAN AXLE & MANUFACTURING INC 144A 6.375000% 10/15/2032              | CUSIP: 02406PBC3<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |    725000 | PA      | $717563.68    | 0.60%             | 2032-10-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| OSCAR ACQUISITIONCO, LLC                      | OSCAR ACQUISITIONCO LLC / OSCAR FINANCE INC 144A 9.500000% 04/15/2030    | CUSIP: 687785AB1<br>LEI: 254900RDCZK0Q19MEL65 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $407147.80    | 0.34%             | 2030-04-15      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| OAK-EAGLE ACQUIRECO, INC.                     | OAK-EAGLE ACQUIRECO INC 144A 7.250000% 07/01/2033                        | CUSIP: 67124CAA1<br>LEI: 6488ICS9P20290MA1H31 | Long             | DBT              | CORP              | US        |    225000 | PA      | $233121.25    | 0.19%             | 2033-07-01      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| SUMMIT MIDSTREAM HOLDINGS, LLC                | SUMMIT MIDSTREAM HOLDINGS LLC 144A 8.625000% 10/31/2029                  | CUSIP: 86614JAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1337000.60   | 1.11%             | 2029-10-31      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| KELSO INDUSTRIES 1/26 DDTL                    | KELSO INDUSTRIES 1/26 DDTL 12/30/2029 AND 5.75                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |     21331 | PA      | $21063.98     | 0.02%             | 2029-12-30      | Floating      | 1.00%                 | No            |                  2 | On Loan: No      |
| MIDCAP FINANCIAL ISSUER TRUST                 | MIDCAP FINANCIAL ISSUER TRUST 144A 6.500000% 05/01/2028                  | CUSIP: 59567LAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1164460.92   | 0.97%             | 2028-05-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| PARK RIVER HOLDINGS, INC.                     | PARK RIVER HOLDINGS INC 144A 8.000000% 03/15/2031                        | CUSIP: 70082LAC1<br>LEI: 254900PGY077KWCROT75 | Long             | DBT              | CORP              | US        |    255000 | PA      | $253822.46    | 0.21%             | 2031-03-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| CALDERYS FINANCING II, LLC                    | CALDERYS FINANCING II LLC 144A 11.750000% 06/01/2028                     | CUSIP: 12878AAA9<br>LEI: 254900CB1N9CREDQAK86 | Long             | DBT              | CORP              | US        |   1536950 | PA      | $1560589.83   | 1.29%             | 2028-06-01      | Fixed         | 11.75%                | Yes           |                  2 | On Loan: No      |
| MOHEGAN ESCROW ISSUER, LLC                    | MOHEGAN TRIBAL GAMING AUTHORITY / MS DIGITAL ENTER 11.875000% 04/15/2031 | CUSIP: 60832QAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    550000 | PA      | $572971.85    | 0.48%             | 2031-04-15      | Fixed         | 11.88%                | Yes           |                  2 | On Loan: No      |
| CRUISE YACHT UPPER HOLDCO LTD                 | CRUISE YACHT UPPER HOLDCO LTD 11.875000% 07/05/2028                      | CUSIP: N/A<br>LEI: 984500DE088QEE80G074       | Long             | DBT              | NUSS              | LU        |   1200000 | PA      | $1066096.12   | 0.88%             | 2028-07-05      | Fixed         | 11.88%                | No            |                  2 | On Loan: No      |
| NORD SEC INC                                  | NORD SEC INC 9/23/2032                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    625000 | PA      | $614062.50    | 0.51%             | 2032-09-23      | Floating      | 7.65%                 | No            |                  2 | On Loan: No      |
| BEASLEY MEZZANINE HOLDINGS, LLC               | BEASLEY MEZZANINE HOLDINGS LLC 144A 9.200000% 08/01/2028                 | CUSIP: 07403VAB5<br>LEI: 549300VK8LJV1TK18D38 | Long             | DBT              | CORP              | US        |   1027000 | PA      | $379990.00    | 0.32%             | 2028-08-01      | Fixed         | 9.20%                 | Yes           |                  2 | On Loan: No      |
| VIRTUSA CORPORATION                           | VIRTUSA CORP 144A 7.125000% 12/15/2028                                   | CUSIP: 92837TAA0<br>LEI: C77OMXDER63WLJCSKT03 | Long             | DBT              | CORP              | US        |   2150000 | PA      | $1655779.29   | 1.37%             | 2028-12-15      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| ITT HOLDINGS LLC                              | ITT HOLDINGS LLC 144A 6.500000% 08/01/2029                               | CUSIP: 45074JAA2<br>LEI: 549300TH2PHOLK31LB42 | Long             | DBT              | CORP              | US        |   1700000 | PA      | $1652974.94   | 1.37%             | 2029-08-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Consolidated Energy Finance S.A.              | CONSOLIDATED ENERGY FINANCE SA 144A 12.000000% 02/15/2031                | CUSIP: 20914UAH9<br>LEI: 549300PUNIS0USNSL750 | Long             | DBT              | NUSS              | CH        |    296000 | PA      | $291560.00    | 0.24%             | 2031-02-15      | Fixed         | 12.00%                | Yes           |                  2 | On Loan: No      |
| OWENS-BROCKWAY GLASS CONTAINER INC.           | OWENS-BROCKWAY GLASS CONTAINER INC 144A 7.375000% 06/01/2032             | CUSIP: 69073TAV5<br>LEI: V2UQUCDZJ9WY98W8QU33 | Long             | DBT              | CORP              | US        |    500000 | PA      | $473238.35    | 0.39%             | 2032-06-01      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Emerald EMS                                   | Emerald EMS 12/29/2027                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    589062 | PA      | $294531.25    | 0.24%             | 2027-12-29      | Floating      | 10.10%                | No            |                  2 | On Loan: No      |
| Phoenix Aviation Capital Limited              | PHOENIX AVIATION CAPITAL LTD 144A 9.250000% 07/15/2030                   | CUSIP: 71910DAA9<br>LEI: N/A                  | Long             | DBT              | NUSS              | IE        |   1490000 | PA      | $1499372.10   | 1.24%             | 2030-07-15      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| EFESTO BIDCO S.P.A.                           | EFESTO BIDCO SPA EFESTO US LLC 144A 7.500000% 02/15/2032                 | CUSIP: 28201XAB1<br>LEI: 815600D1A091DE3F5933 | Long             | DBT              | NUSS              | IT        |    895000 | PA      | $890463.32    | 0.74%             | 2032-02-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| RAILWORKS HOLDINGS, LP                        | RAILWORKS HOLDINGS LP / RAILWORKS RALLY INC 144A 8.250000% 11/15/2028    | CUSIP: 75079MAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1050000 | PA      | $1047984.74   | 0.87%             | 2028-11-15      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| TRULITE HLDG CORP                             | TRULITE HLDG CORP 2/22/2030                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   1631163 | PA      | $1500670.28   | 1.24%             | 2030-02-22      | Floating      | 9.66%                 | No            |                  2 | On Loan: No      |
| AVATION GROUP (S) PTE. LTD.                   | AVATION GROUP S PTE LTD MTN 8.500000% 05/15/2031                         | CUSIP: 05390AAA2<br>LEI: 2138006F359FM7HRYK39 | Long             | DBT              | NUSS              | SG        |   1045000 | PA      | $969409.22    | 0.80%             | 2031-05-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| NATGASOLINE LLC TL                            | NATGASOLINE LLC TL 3/24/2030                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    978043 | PA      | $981710.65    | 0.81%             | 2030-03-24      | Floating      | 9.17%                 | No            |                  2 | On Loan: No      |
| MARLINK/VENGA 1/25 (USD) COV-LITE TLB         | MARLINK/VENGA 1/25 (USD) COV-LITE TLB 6/28/2029                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   1048908 | PA      | $1043338.62   | 0.87%             | 2029-06-28      | Floating      | 7.68%                 | No            |                  2 | On Loan: No      |
| AMERIGAS PARTNERS, L.P.                       | AMERIGAS PARTNERS LP / AMERIGAS FINANCE CORP 144A 9.500000% 06/01/2030   | CUSIP: 030981AP9<br>LEI: H36E1IF6YS0OBMHM6168 | Long             | DBT              | CORP              | US        |    205000 | PA      | $217180.49    | 0.18%             | 2030-06-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| CLOUD SOFTWARE GROUP, INC.                    | CLOUD SOFTWARE GROUP INC 144A 8.250000% 06/30/2032                       | CUSIP: 18912UAC6<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1185543.64   | 0.98%             | 2032-06-30      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| RESEARCH NOW TL (DYNATA)                      | RESEARCH NOW TL (DYNATA) 10/15/2028 AND 3M SOFR                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    719088 | PA      | $363139.59    | 0.30%             | 2028-10-15      | Floating      | 9.41%                 | No            |                  2 | On Loan: No      |
| MICHAEL BAKER 1/25 COV-LITE                   | MICHAEL BAKER 1/25 COV-LITE 12/01/2028 AND SOFR 75 BPS                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    736922 | PA      | $736000.73    | 0.61%             | 2028-12-01      | Floating      | 7.67%                 | No            |                  2 | On Loan: No      |
| CIMPRESS PUBLIC LIMITED COMPANY               | CIMPRESS PLC 144A 7.375000% 09/15/2032                                   | CUSIP: 17186HAH5<br>LEI: 549300X1IFD75XISOR81 | Long             | DBT              | NUSS              | IE        |   1325000 | PA      | $1313427.57   | 1.09%             | 2032-09-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| JACOBS ENTERTAINMENT, INC.                    | JACOBS ENTERTAINMENT INC 144A 6.750000% 02/15/2029                       | CUSIP: 469815AK0<br>LEI: 5493004U9JIWY3HSUO63 | Long             | DBT              | CORP              | US        |    855000 | PA      | $799425.00    | 0.66%             | 2029-02-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| CONUMA RESOURCES LIMITED                      | CONUMA RESOURCES LTD 144A 13.125000% 05/01/2028                          | CUSIP: 21240FAA0<br>LEI: 549300YVRVP2GAVPY828 | Long             | DBT              | NUSS              | CA        |   1475000 | PA      | $1436281.25   | 1.19%             | 2028-05-01      | Fixed         | 13.12%                | Yes           |                  2 | On Loan: No      |
| SP Cruises Intermediate Limited               | SP CRUISES INTERMEDIATE LTD 144A 11.500000% 03/14/2030                   | CUSIP: N/A<br>LEI: 2549001UGAS65A7Y0678       | Long             | DBT              | CORP              | BM        |   1375000 | PA      | $1368618.01   | 1.14%             | 2030-03-14      | Fixed         | 11.50%                | Yes           |                  2 | On Loan: No      |
| PROAMPAC PG BORROWER LLC                      | PROAMPAC PG BORROWER LLC 2/18/2033                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    600000 | PA      | $577950.00    | 0.48%             | 2033-02-18      | Floating      | 7.78%                 | No            |                  2 | On Loan: No      |
| TMS INTERNATIONAL CORP.                       | TMS INTERNATIONAL CORP/DE 144A 6.250000% 04/15/2029                      | CUSIP: 87261QAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1600000 | PA      | $1544000.00   | 1.28%             | 2029-04-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| MM PROTON I, LLC                              | MM PROTON I LLC 144A 9.875000% 10/05/2029                                | CUSIP: N/A<br>LEI: 894500OBXVZUWQ8BCL18       | Long             | DBT              | CORP              | US        |   1150000 | PA      | $1135157.05   | 0.94%             | 2029-10-05      | Fixed         | 9.88%                 | Yes           |                  2 | On Loan: No      |
| BEASLEY BROADCAST GROUP, INC.                 | BEASLEY BROADCAST GRP INC -A COMMON STOCK                                | CUSIP: N/A<br>LEI: 549300R5FEOSY86VTY76       | Long             | EC               |  | US        |      1042 | NS      | $3480.28      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                           | PSS INDUSTRIAL OFFERING CLASS A MEMBERSHIP INTEREST                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               |  | US        |      1353 | NS      | $153807.79    | 0.13%             |  |  |  | No            |                  3 | On Loan: No      |
| CHAMP ACQUISITION CORPORATION                 | CHAMP ACQUISITION CORP 144A 8.375000% 12/01/2031                         | CUSIP: 15807XAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    270000 | PA      | $282994.83    | 0.23%             | 2031-12-01      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| IRS HOLDINGS INC TL                           | IRS HOLDINGS INC TL 6/28/2028                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    723260 | PA      | $675857.83    | 0.56%             | 2028-06-28      | Floating      | 8.52%                 | No            |                  2 | On Loan: No      |
| NEXSTAR MEDIA INC.                            | NEXSTAR MEDIA INC 144A 7.250000% 04/15/2034                              | CUSIP: 65346UAA7<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |    300000 | PA      | $300893.00    | 0.25%             | 2034-04-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| URBAN ONE, INC.                               | URBAN ONE INC 144A 7.625000% 04/01/2031                                  | CUSIP: 91705JAD7<br>LEI: 549300PLGIGPBRQUP240 | Long             | DBT              | CORP              | US        |   1330000 | PA      | $538650.00    | 0.45%             | 2031-04-01      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| Kinetics LNG Holdings Limited                 | KINETICS LNG HOLDINGS LTD 144A 9.875000% 11/13/2029                      | CUSIP: N/A<br>LEI: 25490021IVBADCMVD229       | Long             | DBT              | CORP              | IM        |    625000 | PA      | $631074.78    | 0.52%             | 2029-11-13      | Fixed         | 9.88%                 | Yes           |                  2 | On Loan: No      |
| GENESIS ENERGY, L.P.                          | GENESIS ENERGY LP / GENESIS ENERGY FINANCE CORP 6.750000% 03/15/2034     | CUSIP: 37185LAS1<br>LEI: 549300VJ5D6MDK138782 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49763.78     | 0.04%             | 2034-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| KELSO INDUSTRIES LLC TERM LOAN                | KELSO INDUSTRIES LLC TERM LOAN 12/26/2029                                | CUSIP: 48825CAB1<br>LEI: N/A                  | Long             | LON              |  | US        |    989940 | PA      | $977566.09    | 0.81%             | 2029-12-26      | Floating      | 9.42%                 | No            |                  2 | On Loan: No      |
| Odfjell Rig III Ltd.                          | ODFJELL RIG III LTD 144A 7.250000% 03/08/2031                            | CUSIP: N/A<br>LEI: 529900JX0H45QUN1EC58       | Long             | DBT              | CORP              | NO        |    800000 | PA      | $826391.93    | 0.69%             | 2031-03-08      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| OPTA INCREMENTAL DELAYED TL UNFUNDED          | OPTA INCREMENTAL DELAYED TL UNFUNDED 11/09/2028 AND SOFR 6.75%           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    432415 | PA      | $419442.55    | 0.35%             | 2028-11-09      | Floating      | 10.71%                | No            |                  2 | On Loan: No      |
| NES FIRCROFT BONDCO AS                        | NES FIRCROFT BONDCO AS 144A 8.000000% 09/30/2029                         | CUSIP: N/A<br>LEI: 636700CUSS22I12S3R10       | Long             | DBT              | CORP              | GB        |   1875000 | PA      | $1907267.38   | 1.58%             | 2029-09-30      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| ARCHER NORGE AS                               | ARCHER NORGE AS 9.500000% 02/25/2030                                     | CUSIP: N/A<br>LEI: 2549006R6VHK9FL7D418       | Long             | DBT              | NUSS              | NO        |   1227938 | PA      | $1306162.50   | 1.08%             | 2030-02-25      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| INTERNET BRANDS                               | INTERNET BRANDS 5/3/2028                                                 | CUSIP: 45567YAN5<br>LEI: N/A                  | Long             | LON              |  | US        |   1287567 | PA      | $1103625.08   | 0.92%             | 2028-05-03      | Floating      | 7.92%                 | No            |                  2 | On Loan: No      |
| VOYAGER PARENT, LLC                           | VOYAGER PARENT LLC 144A 9.250000% 07/01/2032                             | CUSIP: 92921EAA0<br>LEI: 2549002DYVI4ACSV4V71 | Long             | DBT              | CORP              | US        |   1240000 | PA      | $1287385.36   | 1.07%             | 2032-07-01      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| RAND PARENT, LLC                              | RAND PARENT LLC 144A 8.500000% 02/15/2030                                | CUSIP: 753272AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1334482.50   | 1.11%             | 2030-02-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| VISTAJET MALTA FINANCE P.L.C.                 | VISTAJET MALTA FINANCE PLC / VISTA MANAGEMENT HOLD 6.375000% 02/01/2030  | CUSIP: 92840JAB5<br>LEI: 5299001UK94VGT0CPQ36 | Long             | DBT              | NUSS              | CH        |   1991000 | PA      | $1719444.13   | 1.43%             | 2030-02-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| GREENFIRE RESOURCES LTD.                      | GREENFIRE RESOURCES LTD COMMON STOCK                                     | CUSIP: 39525U107<br>LEI: 254900MTS0G2VGMJW059 | Long             | EC               |  | US        |     56516 | NS      | $357181.12    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| NABORS INDUSTRIES, INC.                       | NABORS INDUSTRIES INC 144A 8.875000% 08/15/2031                          | CUSIP: 62957HAQ8<br>LEI: 549300VFQWRKICUFNU92 | Long             | DBT              | CORP              | US        |   1759000 | PA      | $1832485.74   | 1.52%             | 2031-08-15      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| Constellation Oil Services Holding S.A.       | CONSTELLATION OIL SERVICES HOLDING SA 144A 9.375000% 11/07/2029          | CUSIP: 650921AA7<br>LEI: 5493005YJTU769NW5I10 | Long             | DBT              | NUSS              | BR        |   1430000 | PA      | $1487057.00   | 1.23%             | 2029-11-07      | Fixed         | 9.38%                 | Yes           |                  2 | On Loan: No      |
| N/A                                           | PSS INDUSTRIAL OFFERING CLASS B MEMBERSHIP INTEREST                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               |  | US        |       351 | NS      | $39947.47     | 0.03%             |  |  |  | No            |                  3 | On Loan: No      |
| N/A                                           | BROWN BROTHERS HARRIMAN SWEEP INTEREST                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |   2226944 | PA      | $2226944.14   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                           | PVKG INVEST HOLDINGS RESTRICTED SHARES UNLISTED COMMON STOCK             | CUSIP: 69433A109<br>LEI: N/A                  | Long             | EC               |  | US        |       445 | NS      | $111.25       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| VENTURE GLOBAL LNG, INC.                      | VENTURE GLOBAL LNG INC 144A 8.375000% 06/01/2031                         | CUSIP: 92332YAB7<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    925000 | PA      | $961977.19    | 0.80%             | 2031-06-01      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| JW ALUMINUM CONTINUOUS CAST COMPANY           | JW ALUMINUM CONTINUOUS CAST CO 144A 10.250000% 04/01/2030                | CUSIP: 46648XAB4<br>LEI: 5493008HJ8BWQC8XAF08 | Long             | DBT              | CORP              | US        |   1700000 | PA      | $1758991.87   | 1.46%             | 2030-04-01      | Fixed         | 10.25%                | Yes           |                  2 | On Loan: No      |
| OPTA INC TL                                   | OPTA INC TL 11/9/2028                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | CA        |    865088 | PA      | $839134.88    | 0.70%             | 2028-11-09      | Floating      | 10.69%                | No            |                  2 | On Loan: No      |
| INTERNET BRANDS 12/24 TLB4                    | INTERNET BRANDS 12/24 TLB4 12/31/2031                                    | CUSIP: 45567YAP0<br>LEI: N/A                  | Long             | LON              |  | US        |    871541 | PA      | $577030.15    | 0.48%             | 2031-12-31      | Floating      | 7.92%                 | No            |                  2 | On Loan: No      |
| CYPRIUM CORPORATION                           | CYPRIUM CORP / CYPRIUM HOLDINGS LUXEMBOURG SARL 14 6.375000% 04/15/2034  | CUSIP: 23292NAB4<br>LEI: 254900V7LN9S9W17X250 | Long             | DBT              | NUSS              | US        |   1215000 | PA      | $1179330.05   | 0.98%             | 2034-04-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| NGL ENERGY OPERATING LLC                      | NGL ENERGY OPERATING LLC / NGL ENERGY FINANCE CORP 8.375000% 02/15/2032  | CUSIP: 62922LAD0<br>LEI: 5493008CQD36WWZJ3O79 | Long             | DBT              | CORP              | US        |   1452000 | PA      | $1496349.89   | 1.24%             | 2032-02-15      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Cerdia Finanz GmbH                            | CERDIA FINANZ GMBH 144A 9.375000% 10/03/2031                             | CUSIP: 15679GAC6<br>LEI: 391200KURNDJSX9GX570 | Long             | DBT              | NUSS              | DE        |    910000 | PA      | $901382.30    | 0.75%             | 2031-10-03      | Fixed         | 9.38%                 | Yes           |                  2 | On Loan: No      |
| FS KKR CAPITAL CORP.                          | FS KKR CAPITAL CORP 6.125000% 01/15/2031                                 | CUSIP: 302635AQ0<br>LEI: 549300TYRSI1T21B1360 | Long             | DBT              | CORP              | US        |    990000 | PA      | $928836.08    | 0.77%             | 2031-01-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| FIRST BRANDS GROUP, LLC                       | FIRST BRANDS GROUP, LLC 3/30/2027                                        | CUSIP: 31935HAG2<br>LEI: N/A                  | Long             | LON              |  | US        |    237031 | PA      | $308.14       | 0.00%             | 2027-03-30      | Floating      | 10.78%                | No            |                  2 | On Loan: No      |
| GardaWorld Security Corporation               | GARDA WORLD SECURITY CORP 144A 8.375000% 11/15/2032                      | CUSIP: 36485MAP4<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | NUSS              | CA        |   1280000 | PA      | $1280869.12   | 1.06%             | 2032-11-15      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Magnera Corporation                           | MAGNERA CORP 144A 7.250000% 11/15/2031                                   | CUSIP: 55939AAA5<br>LEI: 549300LDQLQBT38QDY28 | Long             | DBT              | CORP              | US        |   1125000 | PA      | $1041300.00   | 0.86%             | 2031-11-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| CHC GROUP LLC                                 | CHC GROUP LLC 144A 11.750000% 09/01/2030                                 | CUSIP: 12550EAA6<br>LEI: N/A                  | Long             | DBT              | NUSS              | US        |   1380000 | PA      | $1337681.20   | 1.11%             | 2030-09-01      | Fixed         | 11.75%                | Yes           |                  2 | On Loan: No      |
| ITG COMMS LLC                                 | ITG COMMS LLC 7/1/2031                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   1540372 | PA      | $1463353.34   | 1.21%             | 2031-07-01      | Floating      | 8.45%                 | No            |                  2 | On Loan: No      |
| GPD COMPANIES, INC.                           | GPD COS INC 144A 12.500000% 12/31/2029                                   | CUSIP: 36260VAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    810186 | PA      | $433449.51    | 0.36%             | 2029-12-31      | Fixed         | 12.50%                | Yes           |                  2 | On Loan: No      |
| Paratus Energy Services Ltd.                  | PARATUS ENERGY SERVICES LTD 9.500000% 06/27/2029                         | CUSIP: N/A<br>LEI: 549300XB7T5BX418QX67       | Long             | DBT              | NUSS              | GB        |   1900000 | PA      | $1973788.46   | 1.64%             | 2029-06-27      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| SPANISH BROADCASTING SYSTEM, INC.             | SPANISH BROADCASTING SYSTEM INC 144A 9.750000% 03/01/2026                | CUSIP: 846425AQ9<br>LEI: 5493005DKYB1X4C9LH64 | Long             | DBT              | CORP              | US        |   1113000 | PA      | $717885.00    | 0.60%             | 2027-03-31      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| Borr IHC Limited                              | BORR IHC LTD / BORR FINANCE LLC 144A 10.000000% 11/15/2028               | CUSIP: 100018AA8<br>LEI: 254900WQF2MM46DNLY83 | Long             | DBT              | NUSS              | MX        |   1152439 | PA      | $1180813.44   | 0.98%             | 2028-11-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| TENNECO LLC                                   | TENNECO INC 144A 8.000000% 11/17/2028                                    | CUSIP: 880349AU9<br>LEI: 549300U0EXXFAQFAD785 | Long             | DBT              | CORP              | US        |   1214000 | PA      | $1209682.17   | 1.00%             | 2028-11-17      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| VELOCITY COMMERCIAL CAPITAL, LLC              | VELOCITY COMMERCIAL CAPITAL LLC 144A 9.375000% 02/15/2031                | CUSIP: 92259RAE5<br>LEI: 549300TA4MQM8WN2XG31 | Long             | DBT              | CORP              | US        |    800000 | PA      | $799417.92    | 0.66%             | 2031-02-15      | Fixed         | 9.38%                 | Yes           |                  2 | On Loan: No      |
| JACOBS ENTERTAINMENT, INC.                    | JACOBS ENTERTAINMENT INC 144A 6.750000% 02/15/2029                       | CUSIP: 469815AL8<br>LEI: 5493004U9JIWY3HSUO63 | Long             | DBT              | CORP              | US        |    711000 | PA      | $659025.90    | 0.55%             | 2029-02-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| N/A                                           | ALTERA RIGHTS RESTRICTED NON CUSTODY HOLDING                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | GB        |      2800 | NS      | $84000.00     | 0.07%             |  |  |  | No            |                  3 | On Loan: No      |
| WAUPACA FOUNDRY                               | WAUPACA FOUNDRY 1/31/2030                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    985556 | PA      | $988019.73    | 0.82%             | 2030-01-31      | Floating      | 9.70%                 | No            |                  2 | On Loan: No      |
| Century Casino TL                             | Century Casino TL 4/2/2029                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   2176425 | PA      | $1479968.74   | 1.23%             | 2029-04-02      | Floating      | 9.78%                 | No            |                  2 | On Loan: No      |
| HDI AEROSPACE                                 | HDI AEROSPACE 9/19/2031                                                  | CUSIP: 40415WAB0<br>LEI: N/A                  | Long             | LON              |  | US        |   1199374 | PA      | $1200129.39   | 1.00%             | 2031-09-19      | Floating      | 7.40%                 | No            |                  2 | On Loan: No      |
| FERRELLGAS, L.P.                              | FERRELLGAS LP / FERRELLGAS FINANCE CORP 144A 5.875000% 04/01/2029        | CUSIP: 315289AC2<br>LEI: 549300EW667UKOZLEW85 | Long             | DBT              | CORP              | US        |   1770000 | PA      | $1692115.93   | 1.40%             | 2029-04-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| N/A                                           | NEW INSIGHTS HOLDINGS RESTRICTED SHARES DUMMY ID EQUITY COMMON STOCK     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |     10040 | NS      | $50200.00     | 0.04%             |  |  |  | No            |                  3 | On Loan: No      |
| STAR HOLDING LLC                              | STAR HOLDING LLC 144A 8.750000% 08/01/2031                               | CUSIP: 85513AAA6<br>LEI: 254900BDGPE9N1WAKD59 | Long             | DBT              | CORP              | US        |    913000 | PA      | $926270.46    | 0.77%             | 2031-08-01      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| RAIN CARBON INC.                              | RAIN CARBON INC 144A 12.250000% 09/01/2029                               | CUSIP: 75079LAB7<br>LEI: 25490038N6JQH7QXUK52 | Long             | DBT              | CORP              | US        |   1595000 | PA      | $1641014.16   | 1.36%             | 2029-09-01      | Fixed         | 12.25%                | Yes           |                  2 | On Loan: No      |
| ONESKY FLIGHT, LLC                            | ONESKY FLIGHT LLC 144A 8.875000% 12/15/2029                              | CUSIP: 68278CAA3<br>LEI: 549300PM6NEPXGG5B882 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1290268.75   | 1.07%             | 2029-12-15      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| GENESIS ENERGY, L.P.                          | GENESIS ENERGY LP / GENESIS ENERGY FINANCE CORP 8.000000% 05/15/2033     | CUSIP: 37185LAR3<br>LEI: 549300VJ5D6MDK138782 | Long             | DBT              | CORP              | US        |   1173000 | PA      | $1212051.52   | 1.01%             | 2033-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| NAVIOS SOUTH AMERICAN LOGISTICS INC.          | NAVIOS SOUTH AMERICAN LOGISTICS INC 144A 8.875000% 07/14/2030            | CUSIP: N/A<br>LEI: 89450079LEE5QGJRM678       | Long             | DBT              | CORP              | UY        |   1400000 | PA      | $1446405.28   | 1.20%             | 2030-07-14      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| AIRSWIFT GLOBAL AS                            | AIRSWIFT GLOBAL AS 144A 10.000000% 02/28/2029                            | CUSIP: N/A<br>LEI: 254900CWKUHRNINY3J70       | Long             | DBT              | CORP              | GB        |   2200000 | PA      | $2248953.48   | 1.87%             | 2029-02-28      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| JELD-WEN, INC.                                | JELD-WEN INC 144A 4.875000% 12/15/2027                                   | CUSIP: 475795AD2<br>LEI: 549300XWE6NM0N1HFW16 | Long             | DBT              | CORP              | US        |    875000 | PA      | $593278.26    | 0.49%             | 2027-12-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| People Inc                                    | DOTDASH MEREDITH INC 144A 7.625000% 06/15/2032                           | CUSIP: 25849JAA8<br>LEI: 549300R2AA7U9CJUQO13 | Long             | DBT              | CORP              | US        |   1325000 | PA      | $1221756.00   | 1.01%             | 2032-06-15      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| McGraw-Hill Education, Inc.                   | MCGRAW-HILL EDUCATION INC 144A 8.000000% 08/01/2029                      | CUSIP: 57767XAB6<br>LEI: 254900U6YJ9QZ4IQOR26 | Long             | DBT              | CORP              | US        |    500000 | PA      | $499258.21    | 0.41%             | 2029-08-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| TRANSMONTAIGNE PARTNERS LLC                   | TRANSMONTAIGNE PARTNERS LLC 144A 8.500000% 06/15/2030                    | CUSIP: 89377AAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    975000 | PA      | $985667.48    | 0.82%             | 2030-06-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| SPECIALTY BUILDING PRODUCTS HOLDINGS, LLC     | SPECIALTY BUILDING PRODUCTS HOLDINGS LLC / SBP FIN 7.750000% 10/15/2029  | CUSIP: 84749AAC1<br>LEI: 549300ICFD46O3KMJC06 | Long             | DBT              | CORP              | US        |   1295000 | PA      | $1124307.35   | 0.93%             | 2029-10-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| River Rock Entertainment Authority            | River Rock Entertainment Authority 6/25/2031                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   1640000 | PA      | $1599000.00   | 1.33%             | 2031-06-25      | Floating      | 12.67%                | No            |                  2 | On Loan: No      |
| DELUXE CORPORATION                            | DELUXE CORP 144A 8.000000% 06/01/2029                                    | CUSIP: 248019AU5<br>LEI: KWGNKB8TX9LE5TV29231 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1258137.50   | 1.04%             | 2029-06-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| VELOCITY VEHICLE GROUP LLC                    | VELOCITY VEHICLE GROUP LLC 144A 8.000000% 06/01/2029                     | CUSIP: 92262TAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    513000 | PA      | $479222.03    | 0.40%             | 2029-06-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| GOODNIGHT WATER SOLUTIONS HOLDINGS, LLC       | GOODNIGHT WATER SOLUTIONS HOLDINGS, LLC 6/4/2029                         | CUSIP: 38238YAC3<br>LEI: N/A                  | Long             | LON              |  | US        |    862343 | PA      | $861265.16    | 0.71%             | 2029-06-04      | Floating      | 7.67%                 | No            |                  2 | On Loan: No      |
| UKG INC.                                      | UKG INC 144A 6.875000% 02/01/2031                                        | CUSIP: 90279XAA0<br>LEI: 529900FKHWSTQ1GXK240 | Long             | DBT              | CORP              | US        |    950000 | PA      | $928449.66    | 0.77%             | 2031-02-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| SESI, L.L.C.                                  | SESI LLC 144A 7.875000% 09/30/2030                                       | CUSIP: 78412FAX2<br>LEI: XDZ56K6RXS5J1ESBZS35 | Long             | DBT              | CORP              | US        |   1075000 | PA      | $1096190.40   | 0.91%             | 2030-09-30      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| PARK RIVER HOLDINGS, INC.                     | PARK RIVER HOLDINGS INC 144A 8.750000% 12/31/2030                        | CUSIP: 70082LAD9<br>LEI: 254900PGY077KWCROT75 | Long             | DBT              | CORP              | US        |   1523844 | PA      | $1403510.92   | 1.16%             | 2030-12-31      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| ION PLATFORM FINANCE US, INC.                 | ION PLATFORM FINANCE US INC / ION PLATFORM FINANCE 9.500000% 05/30/2029  | CUSIP: 46206AAB8<br>LEI: 213800FKHT3BRRKMCC89 | Long             | DBT              | CORP              | US        |   1700000 | PA      | $1600309.62   | 1.33%             | 2029-05-30      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| WILSONART LLC                                 | WILSONART LLC 144A 11.000000% 08/15/2032                                 | CUSIP: 97246JAA6<br>LEI: 549300SAZRUMYKDJBY14 | Long             | DBT              | CORP              | US        |    815000 | PA      | $590778.75    | 0.49%             | 2032-08-15      | Fixed         | 11.00%                | Yes           |                  2 | On Loan: No      |
| TRUENOORD CAPITAL DESIGNATED ACTIVITY COMPANY | TRUENOORD CAPITAL DAC 144A 8.750000% 03/01/2030                          | CUSIP: 89785GAA6<br>LEI: N/A                  | Long             | DBT              | NUSS              | IE        |   1150000 | PA      | $1174237.40   | 0.97%             | 2030-03-01      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| First Brands 10/25 DIP Roll Up PIK TLB        | First Brands 10/25 DIP Roll Up PIK TLB 6/29/2026                         | CUSIP: 31935HAN7<br>LEI: N/A                  | Long             | LON              |  | US        |    593725 | PA      | $397.80       | 0.00%             | 2026-06-29      | Floating      | 10.67%                | No            |                  2 | On Loan: No      |
| FIRST BRANDS GROUP TL                         | FIRST BRANDS GROUP TL 6/29/2026                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |      7028 | PA      | $1616.52      | 0.00%             | 2026-06-29      | Floating      | 13.67%                | No            |                  2 | On Loan: No      |
| BRAND INDUSTRIAL SERVICES, INC.               | BRAND INDUSTRIAL SERVICES INC 144A 10.375000% 08/01/2030                 | CUSIP: 104931AA8<br>LEI: 549300B658W2BPDQMW42 | Long             | DBT              | CORP              | US        |    515000 | PA      | $470665.09    | 0.39%             | 2030-08-01      | Fixed         | 10.38%                | Yes           |                  2 | On Loan: No      |
| FORM TECHNOLOGIES LLC                         | FORM TECHNOLOGIES LLC 5/30/2030                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   1300175 | PA      | $1176658.38   | 0.98%             | 2030-05-30      | Floating      | 9.42%                 | No            |                  2 | On Loan: No      |
| HMH Holding B.V.                              | HMH HOLDING BV 144A 7.875000% 12/17/2028                                 | CUSIP: N/A<br>LEI: 8945008FRZIYPW0VW366       | Long             | DBT              | CORP              | NO        |    400000 | PA      | $404854.17    | 0.34%             | 2028-12-17      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| BURFORD CAPITAL GLOBAL FINANCE LLC            | BURFORD CAPITAL GLOBAL FINANCE LLC 144A 8.500000% 01/15/2034             | CUSIP: 12116LAJ8<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |   1800000 | PA      | $1545696.00   | 1.28%             | 2034-01-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| SCIENTIFIC GAMES HOLDINGS LP                  | SCIENTIFIC GAMES HOLDINGS LP/SCIENTIFIC GAMES US F 6.625000% 03/01/2030  | CUSIP: 80874DAA4<br>LEI: 549300W5GPFXXB6TQ330 | Long             | DBT              | CORP              | US        |   1150000 | PA      | $989312.92    | 0.82%             | 2030-03-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Mativ Holdings, Inc.                          | MATIV HOLDINGS INC 144A 8.000000% 10/01/2029                             | CUSIP: 808541AC0<br>LEI: 549300Z1FU4IDULG1R21 | Long             | DBT              | CORP              | US        |   1325000 | PA      | $1234080.62   | 1.02%             | 2029-10-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| OPTA INC DDTL                                 | OPTA INC DDTL 11/08/2028 AND SOFR 6.75                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    289395 | PA      | $280713.15    | 0.23%             | 2028-11-09      | Floating      | 10.71%                | No            |                  2 | On Loan: No      |
| INNOVATE CORP.                                | INNOVATE CORP 144A 10.500000% 02/01/2027                                 | CUSIP: 45784JAB1<br>LEI: 549300S6O246JWQQ1K58 | Long             | DBT              | CORP              | US        |   1687194 | PA      | $1413024.98   | 1.17%             | 2027-02-01      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| HARROW, INC.                                  | HARROW INC 144A 8.625000% 09/15/2030                                     | CUSIP: 415858AC3<br>LEI: 529900AP4LIRLNV8A089 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1516995.00   | 1.26%             | 2030-09-15      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| PARK-OHIO INDUSTRIES, INC.                    | PARK-OHIO INDUSTRIES INC 144A 8.500000% 08/01/2030                       | CUSIP: 700677AS6<br>LEI: 5493006LQUO5SLMNYM18 | Long             | DBT              | CORP              | US        |   1410000 | PA      | $1444989.15   | 1.20%             | 2030-08-01      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** Andrew Metzger

**Name of Signer:** Andrew Metzger

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