# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0002048251-25-002712
**Filing Date:** 2025-11
**Character Count:** 30336
**Document Hash:** b7547ffc77678817e53227ca81f3290f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-25-002712.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0002048251-25-002712

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251128

**DATE AS OF CHANGE**: 20251128

**PERIOD START**: 20250930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Advisors' Inner Circle Fund III
- **CENTRAL INDEX KEY:** 0001593547

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22920
- **FILM NUMBER:** 251532812

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

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

## Series and Classes Contracts Data

### First Foundation Total Return Fund (Series ID: S000070257)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000223441 | Class A      | FBBAX           |
| C000223442 | Class Y      | FBBYX           |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** OAKS

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19456

  - **Telephone number:** 8774463863

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

- **a. Name of Series:** First Foundation Total Return Fund

- **b. EDGAR series identifier (if any):** S000070257

- **c. LEI of Series:** 549300SJF67OSDFU9488

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $84744615.18

**Total Liabilities:** $173372.78

**Net Assets:** $84571242.40

**Cash Not Reported:** $107300.98

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -2.07725279 | **1-Year:** -63.89965156 | **5-Year:** -190.79655138 | **10-Year:** -258.16693118 | **30-Year:** -28.54060232

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

- **3-Month:** -0.37765653 | **1-Year:** -5.88813465 | **5-Year:** -17.12866436 | **10-Year:** -22.02202281 | **30-Year:** -1.75214562

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000223442 | -0.66%               | 0.60%                | -1.08%               |
| Class ID C000223441 | -6.35%               | -5.20%               | -6.79%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $257690.82               | $-895126.85                                |
| Month 2  | $98898.16                | $477326.14                                 |
| Month 3  | $157790.50               | $-1497937.09                               |

### 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 REMICS FNR 2012-93 SW                                       | CUSIP: 3136A8FY1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     11317 | PA      | $1310.96      | 0.00%             | 2042-09-25      | Floating      | 1.63%                 | No            |                  2 | On Loan: No      |
| IHEARTCOMMUNICATIONS, INC.                    | IHEARTCOMMUNICATIONS INC 8.375000% 05/01/2027                          | CUSIP: 45174HBD8<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |       132 | PA      | $119.01       | 0.00%             | 2027-05-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CORPORATION             | CAPITAL ONE FINANCIAL CORP COMMON STOCK                                | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               |  | US        |      2845 | NS      | $604702.35    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                      | TREASURY BILL 0.000000% 03/12/2026                                     | CUSIP: 912797SB4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    765000 | PA      | $752130.90    | 0.89%             | 2026-03-12      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| J. G. BOSWELL COMPANY                         | BOSWELL (JG) CO COMMON STOCK                                           | CUSIP: 101205102<br>LEI: 549300F07JHRNLXLEC77 | Long             | EC               |  | US        |       963 | NS      | $481249.62    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Entain plc                                    | ENTAIN PLC COMMON STOCK                                                | CUSIP: N/A<br>LEI: 213800GNI3K45LQR8L28       | Long             | EC               |  | GB        |    230088 | NS      | $2706662.55   | 3.20%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                      | US TREASURY N/B 4.625000% 04/30/2031                                   | CUSIP: 91282CKN0<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |    525000 | PA      | $546492.19    | 0.65%             | 2031-04-30      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| EXOR N.V.                                     | EXOR NV COMMON STOCK                                                   | CUSIP: N/A<br>LEI: 5493002ENHZ6NYET7405       | Long             | EC               |  | NL        |     25100 | NS      | $2453787.04   | 2.90%             |  |  |  | No            |                  1 | On Loan: No      |
| CANAL+ SA                                     | CANAL+SA COMMON STOCK                                                  | CUSIP: N/A<br>LEI: 9695000537F9F73BXN18       | Long             | EC               |  | GB        |   1249397 | NS      | $4120924.41   | 4.87%             |  |  |  | No            |                  1 | On Loan: No      |
| FAIRFAX INDIA HOLDINGS CORPORATION            | FAIRFAX INDIA HO-SUB VTG SHS COMMON STOCK                              | CUSIP: 303897102<br>LEI: 549300K2JHXU7AX7CV78 | Long             | EC               |  | US        |     78675 | NS      | $1353996.75   | 1.60%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Keweenaw Land Association Ltd                 | KEWEENAW LAND ASSOCIATION LT COMMON STOCK                              | CUSIP: 493026108<br>LEI: N/A                  | Long             | EC               |  | US        |     52595 | NS      | $1998610.00   | 2.36%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                      | US TREASURY N/B 3.875000% 08/15/2033                                   | CUSIP: 91282CHT1<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   2750000 | PA      | $2727226.56   | 3.22%             | 2033-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association         | FANNIE MAE POOL FN AI4818                                              | CUSIP: 3138AJK84<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     18920 | PA      | $19376.12     | 0.02%             | 2041-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association         | FANNIE MAE POOL FN AS1770                                              | CUSIP: 3138WA6G7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     18972 | PA      | $18392.96     | 0.02%             | 2044-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association         | FANNIE MAE POOL FN AT2721                                              | CUSIP: 3138WQAX0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     56355 | PA      | $51826.61     | 0.06%             | 2043-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE PRODUCTS PARTNERS L.P.             | ENTERPRISE PRODUCTS PARTNERS PARTNERSHIP SHARES                        | CUSIP: 293792107<br>LEI: K4CDIF4M54DJZ6TB4Q48 | Long             | EC               |  | US        |     19570 | NS      | $611953.90    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                      | TREASURY BILL 0.000000% 10/21/2025                                     | CUSIP: 912797RD1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1275000 | PA      | $1272135.50   | 1.50%             | 2025-10-21      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association         | FANNIE MAE POOL FN AH3401                                              | CUSIP: 3138A4X75<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     17373 | PA      | $17386.08     | 0.02%             | 2041-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PERSHING SQUARE TONTINE - ESCROW              | PERSHING SQUARE TONTINE - ESCROW SPECIAL PURPOSE ACQUISITION COMPANIES | CUSIP: 715ESC018<br>LEI: N/A                  | Long             | EC               |  | US        |     42443 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Koninklijke Philips N.V.                      | KONINKLIJKE PHILIPS NVR- NY DEPOSITARY RECEIPT                         | CUSIP: 500472303<br>LEI: H1FJE8H61JGM1JSGM897 | Long             | EC               |  | US        |     61225 | NS      | $1668993.50   | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association         | FANNIE MAE POOL FN AE7731                                              | CUSIP: 31419JSV1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     12911 | PA      | $12924.83     | 0.02%             | 2040-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ALPHABET INC.                                 | ALPHABET INC-CL A COMMON STOCK                                         | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               |  | US        |     11620 | NS      | $2824822.00   | 3.34%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                      | TREASURY BILL 0.000000% 10/28/2025                                     | CUSIP: 912797RE9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    500000 | PA      | $498483.28    | 0.59%             | 2025-10-28      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2    | GINNIE MAE II POOL G2 4978                                             | CUSIP: 36202FQ74<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |      5051 | PA      | $5081.10      | 0.01%             | 2041-03-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PRAIRIESKY ROYALTY LTD.                       | PRAIRIESKY ROYALTY LTD COMMON STOCK                                    | CUSIP: 739721108<br>LEI: 529900AXG582AP7CV733 | Long             | EC               |  | CA        |    205375 | NS      | $3811112.91   | 4.51%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                      | US TREASURY N/B 1.375000% 08/15/2050                                   | CUSIP: 912810SP4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $1005625.00   | 1.19%             | 2050-08-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| TANDY LEATHER FACTORY, INC.                   | TANDY LEATHER FACTORY INC COMMON STOCK                                 | CUSIP: 87538X105<br>LEI: 549300XB36MQTBM8UQ34 | Long             | EC               |  | US        |    395175 | NS      | $1197380.25   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                      | TREASURY BILL 0.000000% 10/07/2025                                     | CUSIP: 912797RB5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    505000 | PA      | $504657.67    | 0.60%             | 2025-10-07      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States of America                      | TREASURY BILL 0.000000% 01/20/2026                                     | CUSIP: 912797SG3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    500000 | PA      | $494110.84    | 0.58%             | 2026-01-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| COMPAGNIE DE L'ODET SE                        | COMPAGNIE DE L'ODET SA COMMON STOCK                                    | CUSIP: N/A<br>LEI: 9695005PEG4IL375U849       | Long             | EC               |  | FR        |      4398 | NS      | $7048706.32   | 8.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association 2    | GINNIE MAE II POOL G2 MA1012                                           | CUSIP: 36179NDR6<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |     30560 | PA      | $28917.99     | 0.03%             | 2043-05-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| NATURAL RESOURCE PARTNERS L.P.                | NATURAL RESOURCE PARTNERS LP PARTNERSHIP SHARES                        | CUSIP: 63900P608<br>LEI: 529900EECJ7CSX1S1S58 | Long             | EC               |  | US        |      7696 | NS      | $808080.00    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association 2    | GINNIE MAE II POOL G2 4696                                             | CUSIP: 36202FGD2<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |      6398 | PA      | $6435.97      | 0.01%             | 2040-05-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FORMULA ONE GROUP                             | LIBERTY MEDIA CORP-FORMULA-A COMMON STOCK                              | CUSIP: 531229771<br>LEI: 549300ZKUTPIBZLWLL89 | Long             | EC               |  | US        |     21599 | NS      | $2056656.78   | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association         | FANNIE MAE POOL FN AD1593                                              | CUSIP: 31418NXX3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |      3592 | PA      | $3605.17      | 0.00%             | 2040-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Suncor Energy Inc.                            | SUNCOR ENERGY INC COMMON STOCK                                         | CUSIP: 867224107<br>LEI: 549300W70ZOQDVLCHY06 | Long             | EC               |  | US        |     79428 | NS      | $3320884.68   | 3.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Nintendo Co., Ltd.                            | NINTENDO CO LTD-UNSPONS ADR DEPOSITARY RECEIPT                         | CUSIP: 654445303<br>LEI: 353800FEEXU6I9M0ZF27 | Long             | EC               |  | US        |     45039 | NS      | $961132.26    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association 2    | GINNIE MAE II POOL G2 MA0935                                           | CUSIP: 36179NBC1<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |     18561 | PA      | $17850.77     | 0.02%             | 2043-04-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BURFORD CAPITAL LIMITED                       | BURFORD CAPITAL LTD COMMON STOCK                                       | CUSIP: G17977110<br>LEI: 549300FUKUWFYJMT2277 | Long             | EC               |  | US        |    296814 | NS      | $3549895.44   | 4.20%             |  |  |  | No            |                  1 | On Loan: No      |
| DSV A/S                                       | DSV A/S COMMON STOCK                                                   | CUSIP: N/A<br>LEI: 529900X41C0BSLK67H70       | Long             | EC               |  | DK        |     13074 | NS      | $2602328.58   | 3.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association         | FANNIE MAE INTEREST STRIP FNS 354 1                                    | CUSIP: 3136FCMA1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |      1016 | PA      | $872.94       | 0.00%             | 2034-12-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| INTERNATIONAL WORKPLACE GROUP PLC             | INTERNATIONAL WORKPLACE GROU COMMON STOCK                              | CUSIP: N/A<br>LEI: 2138003LWDII27UTAG52       | Long             | EC               |  | GB        |   1374391 | NS      | $4129834.02   | 4.88%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                      | TREASURY BILL 0.000000% 01/06/2026                                     | CUSIP: 912797SE8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    760000 | PA      | $752151.89    | 0.89%             | 2026-01-06      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Highland Copper Company Inc                   | HIGHLAND COPPER CO INC SPECIAL PURPOSE ACQUISITION COMPANIES           | CUSIP: 43004Y101<br>LEI: 529900Z42THLCZX6LB39 | Long             | EC               |  | CA        |    661000 | NS      | $80760.39     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| FEDERAL FARM CREDIT BANKS FUNDING CORPORATION | FEDERAL FARM CREDIT BANK 2.870000% 02/25/2030                          | CUSIP: 3133ENPL8<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGA              | US        |    500000 | PA      | $480691.95    | 0.57%             | 2030-02-25      | Fixed         | 2.87%                 | No            |                  2 | On Loan: No      |
| THE FEDERAL HOME LOAN BANKS                   | FEDERAL HOME LOAN BANK 2.500000% 03/18/2038                            | CUSIP: 3130AJBL2<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    300000 | PA      | $235423.46    | 0.28%             | 2038-03-18      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2    | GINNIE MAE II POOL G2 783755                                           | CUSIP: 3622A2E40<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |     16922 | PA      | $15560.94     | 0.02%             | 2043-04-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CME GROUP INC.                                | CME GROUP INC COMMON STOCK                                             | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               |  | US        |      3500 | NS      | $945665.00    | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                      | US TREASURY N/B 1.875000% 02/15/2032                                   | CUSIP: 91282CDY4<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   1200000 | PA      | $1064625.00   | 1.26%             | 2032-02-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| United States of America                      | TREASURY BILL 0.000000% 11/28/2025                                     | CUSIP: 912797NL7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1020000 | PA      | $1013427.49   | 1.20%             | 2025-11-28      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                   | FREDDIE MAC GOLD POOL FG Q01533                                        | CUSIP: 3132GEV23<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |     17169 | PA      | $17603.65     | 0.02%             | 2041-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association         | FANNIE MAE POOL FN AB7964                                              | CUSIP: 31417EZ61<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     33213 | PA      | $31338.87     | 0.04%             | 2043-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Nintendo Co., Ltd.                            | NINTENDO CO LTD COMMON STOCK                                           | CUSIP: N/A<br>LEI: 353800FEEXU6I9M0ZF27       | Long             | EC               |  | JP        |      6000 | NS      | $520228.87    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association         | FANNIE MAE POOL FN AR6834                                              | CUSIP: 3138W4SY8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     32066 | PA      | $29486.45     | 0.03%             | 2043-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BERKSHIRE HATHAWAY INC.                       | BERKSHIRE HATHAWAY INC-CL B COMMON STOCK                               | CUSIP: N/A<br>LEI: 5493000C01ZX7D35SD85       | Long             | EC               |  | US        |      5055 | NS      | $2541350.70   | 3.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Joint Corp                                    | JOINT CORP/THE COMMON STOCK                                            | CUSIP: 47973J102<br>LEI: N/A                  | Long             | EC               |  | US        |    256329 | NS      | $2445378.66   | 2.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association         | FANNIE MAE POOL FN AB6858                                              | CUSIP: 31417DTQ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     36123 | PA      | $34073.04     | 0.04%             | 2042-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BEAR STEARNS ASSET BACKED SECURITIES INC      | BEAR STEARNS ASSET BACKED SECURITIES TRUST 2003-AB BSABS 2003-ABF1 A   | CUSIP: 07384YLE4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |         1 | PA      | $0.77         | 0.00%             | 2034-01-25      | Floating      | 5.01%                 | No            |                  2 | On Loan: No      |
| The Swatch Group AG                           | SWATCH GROUP AG/THE-BR COMMON STOCK                                    | CUSIP: N/A<br>LEI: 529900NTES2LEON1JZ55       | Long             | EC               |  | CH        |      4000 | NS      | $751335.39    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                      | US TREASURY N/B 0.875000% 11/15/2030                                   | CUSIP: 91282CAV3<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   5815000 | PA      | $5041786.72   | 5.96%             | 2030-11-15      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| IHEARTCOMMUNICATIONS, INC.                    | IHEARTCOMMUNICATIONS INC 6.375000% 05/01/2026                          | CUSIP: 45174HBC0<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |       545 | PA      | $530.01       | 0.00%             | 2026-05-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association         | FANNIE MAE POOL FN AB9550                                              | CUSIP: 31417GTG1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     65309 | PA      | $60033.56     | 0.07%             | 2043-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| DELTA AIR LINES, INC.                         | DELTA AIR LINES INC COMMON STOCK                                       | CUSIP: 247361702<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | EC               |  | US        |     16500 | NS      | $936375.00    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| LAGARDERE SA                                  | LAGARDERE SA COMMON STOCK                                              | CUSIP: N/A<br>LEI: 969500VX2NV2AQQ65G45       | Long             | EC               |  | FR        |    183346 | NS      | $4261255.23   | 5.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association 2    | GINNIE MAE II POOL G2 4922                                             | CUSIP: 36202FPF7<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |     14884 | PA      | $14406.61     | 0.02%             | 2041-01-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2    | GINNIE MAE II POOL G2 MA1089                                           | CUSIP: 36179NF60<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |     12688 | PA      | $11651.68     | 0.01%             | 2043-06-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PERSHING SQUARE WARRANTS                      | PERSHING SQUARE WARRANTS EXPIRE 12/31/2049                             | CUSIP: 714920113<br>LEI: N/A                  | Long             | EC               |  | US        |     10610 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| BOLLORE SE                                    | BOLLORE SE COMMON STOCK                                                | CUSIP: N/A<br>LEI: 969500LEKCHH6VV86P94       | Long             | EC               |  | FR        |   1239539 | NS      | $7014334.85   | 8.29%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

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

**Signature:** Andrew Metzger

**Name of Signer:** Andrew Metzger

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