# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0002048251-25-002400
**Filing Date:** 2025-11
**Character Count:** 81021
**Document Hash:** 032a96122c1aa6b106276cbc436a3ccf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-25-002400.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0002048251-25-002400

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**PERIOD START**: 20251231

**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:** 251516149

**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

### PENN MUTUAL AM STRATEGIC INCOME FUND (Series ID: S000061933)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000200669 | I Shares     | PMUBX           |

## Nport-Ex

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PENN MUTUAL AM** |
|  | **STRATEGIC INCOME FUND** |
|  | **SEPTEMBER 30, 2025** |
|  | **(Unaudited)** |

---

---

| |
|:---|
| SCHEDULE OF INVESTMENTS |
| MORTGAGE-BACKED SECURITIES — 33.6% |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| Agency Mortgage-Backed Obligations — 11.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 08/01/2053 | $2055687 | $2075937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2044 | 3668186 | 3691329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/01/2053 | 4361553 | 3834009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC, Ser 2016-4609, Cl QV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/15/2044 | 2634912 | 2587712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC, Ser 2022-5271, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 10/25/2047 | 2014405 | 2029092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/01/2054 | 2786689 | 2810843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 04/01/2053 | 3017814 | 2758171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA, Ser 2012-148, Cl PA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.250%, 04/20/2041 | 416891 | 413984 |
|  |  | 20201077 |
| Non-Agency Mortgage-Backed Obligations — 21.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BBCMS Mortgage Trust, Ser 5C25, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 03/15/2029 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.643%, 03/15/2057 (A) | 1000000 | 1026077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BBCMS Mortgage Trust, Ser C24, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 02/15/2034 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 02/15/2057 (B) | 610000 | 471473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BMO Mortgage Trust, Ser 5C3, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 02/15/2029 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.088%, 02/15/2057 (A) | 1350000 | 1383470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BSPRT Issuer, Ser 2021-FL6, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 10/15/2025 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.865%, , TSFR1M + 1.714% 03/15/2036 (B) | 1500000 | 1499404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bunker Hill Loan Depositary Trust, Ser 2019-3, Cl M1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 10/25/2025 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.269%, 11/25/2059 (B) (C) | 2650000 | 2627201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FREMF Mortgage Trust, Ser K53, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 01/25/2026 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.183%, 03/25/2049 (A) (B) | 1250000 | 1245232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FREMF Mortgage Trust, Ser K53, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 01/25/2026 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.183%, 03/25/2049 (A) (B) | 1500000 | 1493452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FREMF Mortgage Trust, Ser K65, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 07/25/2027 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.224%, 07/25/2050 (A) (B) | 2650000 | 2627058 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PENN MUTUAL AM** |
|  | **STRATEGIC INCOME FUND** |
|  | **SEPTEMBER 30, 2025** |
|  | **(Unaudited)** |

---

MORTGAGE-BACKED SECURITIES — continued

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| Non-Agency Mortgage-Backed Obligations — continued |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FREMF Mortgage Trust, Ser K69, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 10/25/2027 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.854%, 10/25/2049 (A) (B) | $3895000 | $3827758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FREMF Mortgage Trust, Ser K70, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 12/25/2027 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.942%, 12/25/2049 (A) (B) | 1750000 | 1706624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FREMF Mortgage Trust, Ser K83, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 10/25/2028 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.424%, 11/25/2051 (A) (B) | 1500000 | 1490225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FREMF Mortgage Trust, Ser K98, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 08/25/2029 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.862%, 10/25/2052 (A) (B) | 2000000 | 1934889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hawaii Hotel Trust, Ser MAUI, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.893%, , TSFR1M + 1.742% 03/15/2042 (B) | 2500000 | 2501562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2017-1, Cl A11 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 08/25/2029 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.446%, 01/25/2047 (A) (B) | 525050 | 472629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OBX Trust, Ser 2019-EXP3, Cl 2A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 04/25/2027 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.372%, , TSFR1M + 1.214% 10/25/2059 (B) | 357703 | 359103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRKCM Trust, Ser 2023-AFC3, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 08/25/2026 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.987%, 09/25/2058 (B) (C) | 3373657 | 3408399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential Mortgage Loan Trust, Ser 2020-2, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 10/25/2025 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.508%, 05/25/2060 (A) (B) | 1999406 | 1985032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2017-5, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 01/25/2029 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 08/25/2047 (A) (B) | 1563428 | 1416332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2021-5, Cl A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 07/25/2051 (A) (B) | 1904072 | 1668046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SWCH Commercial Mortgage Trust, Ser DATA, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.593%, , TSFR1M + 1.443% 02/15/2042 (B) | 2500000 | 2486719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Towd Point Mortgage Trust, Ser 2018-2, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 10/25/2029 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.250%, 03/25/2058 (A) (B) | 780082 | 771557 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PENN MUTUAL AM** |
|  | **STRATEGIC INCOME FUND** |
|  | **SEPTEMBER 30, 2025** |
|  | **(Unaudited)** |

---

MORTGAGE-BACKED SECURITIES — continued

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| Non-Agency Mortgage-Backed Obligations — continued |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verus Securitization Trust, Ser 2023-8, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 12/25/2026 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.664%, 12/25/2068 (B) (C) | $1126328 | $1139829 |
|  |  | 37542071 |
| &nbsp;&nbsp;&nbsp;TOTAL MORTGAGE-BACKED SECURITIES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $57,941,341) |  | 57743148 |
| U.S. TREASURY OBLIGATIONS — 24.6% |  |  |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 12/11/2025(D) | 5500000 | 5458238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 11/13/2025(D) | 2500000 | 2488004 |
|  |  | 7946242 |
| U.S. Treasury Inflation Indexed Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.375%, 07/15/2033 | 1489152 | 1466127 |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625%, 06/30/2026 | 3500000 | 3520945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, 07/31/2026 | 3000000 | 3014391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/15/2025 | 9000000 | 9000264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625%, 05/15/2026 | 5500000 | 5492459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/31/2025 | 5000000 | 4995176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.250%, 03/31/2026 | 2000000 | 1984531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.250%, 11/15/2025 | 2750000 | 2744199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.750%, 01/31/2029 | 2200000 | 2069805 |
|  |  | 32821770 |
| &nbsp;&nbsp;&nbsp;TOTAL U.S. TREASURY OBLIGATIONS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $42,119,126) |  | 42234139 |
| CORPORATE OBLIGATIONS — 21.8% |  |  |
| Communication Services — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warnermedia Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 09/15/2051 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.141%, 03/15/2052 | 280000 | 208600 |
| Consumer Discretionary — 3.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Motor Credit |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 04/28/2027 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.950%, 05/28/2027 | 1000000 | 998270 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PENN MUTUAL AM** |
|  | **STRATEGIC INCOME FUND** |
|  | **SEPTEMBER 30, 2025** |
|  | **(Unaudited)** |

---

CORPORATE OBLIGATIONS — continued

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| Consumer Discretionary — continued |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gap |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 10/01/2026 @ $102 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 10/01/2031 (B) | $1500000 | $1362918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Las Vegas Sands |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 05/15/2028 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625%, 06/15/2028 | 1500000 | 1533526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Caribbean Cruises |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 09/30/2027 @ $103 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625%, 09/30/2031 (B) | 1750000 | 1784439 |
|  |  | 5679153 |
| Energy — 4.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comstock Resources |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 10/17/2025 @ $102 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.750%, 03/01/2029 (B) | 1500000 | 1497550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, H15T5Y + 5.694% (E) | 2000000 | 2007460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 11/15/2026 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expand Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 11/01/2025 @ $101 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875%, 02/01/2029 (B) | 1500000 | 1505576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sunoco |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 07/01/2028 @ $103 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.250%, 07/01/2033 (B) | 2000000 | 2035684 |
|  |  | 7046270 |
| Financials — 5.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Maryland Capital II |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 11/01/2025 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.408%, TSFR3M + 1.112%, 02/01/2027 | 2411000 | 2381212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Life Global Funding MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.550%, 01/28/2033 (B) | 1750000 | 1747469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 06/12/2028 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.582%, SOFRRATE + 1.841%, 06/12/2029 | 1000000 | 1036232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 11/01/2025 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.033%, TSFR3M + 0.822%, 05/15/2028 | 2750000 | 2689859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 11/03/2031 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.491%, H15T5Y + 0.950%, 11/03/2036 | 2000000 | 1724202 |
|  |  | 9578974 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PENN MUTUAL AM** |
|  | **STRATEGIC INCOME FUND** |
|  | **SEPTEMBER 30, 2025** |
|  | **(Unaudited)** |

---

CORPORATE OBLIGATIONS — continued

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| Health Care — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care Service A Mutual Legal Reserve |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 03/01/2030 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.200%, 06/01/2030 (B) | $2000000 | $1808180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merck |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 09/07/2038 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.900%, 03/07/2039 | 1900000 | 1697621 |
|  |  | 3505801 |
| Industrials — 4.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Airlines Pass Through Trust, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.950%, 07/11/2030 | 1460000 | 1394345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ashtead Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 05/11/2032 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 08/11/2032 (B) | 2000000 | 2069690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boeing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 09/01/2038 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 03/01/2039 | 2034000 | 1646632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delta Air Lines |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 10/20/2025 (B) | 46 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Graham Packaging |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 11/01/2025 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.125%, 08/15/2028 (B) | 1500000 | 1502665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Airlines 2020-1 Class B Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875%, 01/15/2026 | 560096 | 560115 |
|  |  | 7173493 |
| Materials — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sherwin-Williams |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 07/01/2031 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.800%, 09/01/2031 | 1000000 | 1020967 |
| Utilities — 1.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dominion Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 11/03/2029 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875%, H15T5Y + 2.386%, 02/01/2055 | 2000000 | 2093348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duke Energy Carolinas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 12/15/2031 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.850%, 03/15/2032 | 1250000 | 1139375 |
|  |  | 3232723 |
| &nbsp;&nbsp;&nbsp;TOTAL CORPORATE OBLIGATIONS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $37,304,439) |  | 37445981 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PENN MUTUAL AM** |
|  | **STRATEGIC INCOME FUND** |
|  | **SEPTEMBER 30, 2025** |
|  | **(Unaudited)** |

---

ASSET-BACKED SECURITIES — 17.0%

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| Automotive — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exeter Automobile Receivables Trust, Ser 2021-3A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 04/15/2026 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.550%, 06/15/2027 | $1414790 | $1397970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exeter Automobile Receivables Trust, Ser 2022-1A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 06/15/2027 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.020%, 06/15/2028 | 346565 | 344570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prestige Auto Receivables Trust, Ser 2021-1A, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 07/15/2026 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.530%, 02/15/2028 (B) | 87246 | 87089 |
|  |  | 1829629 |
| Other ABS — 5.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlas Senior Loan Fund X, Ser 2018-10A, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 10/15/2025 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.079%, TSFR3M + 1.762%, 01/15/2031 (B) | 1500000 | 1500294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canyon Capital CLO, Ser 2018-1A, Cl CR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 10/15/2025 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.479%, TSFR3M + 2.162%, 07/15/2031 (B) | 1000000 | 999872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICG US CLO, Ser 2025-2RA, Cl BR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 10/16/2025 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.068%, TSFR3M + 1.750%, 01/16/2033 (B) | 2000000 | 1993256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northwoods Capital XVII, Ser 2018-17A, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 10/22/2025 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.444%, TSFR3M + 2.112%, 04/22/2031 (B) | 1500000 | 1498914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trysail CLO, Ser 2021-1A, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 10/20/2025 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.987%, TSFR3M + 2.662%, 07/20/2032 (B) | 1500000 | 1503228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trysail CLO, Ser 2022-1A, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 10/20/2025 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.176%, TSFR3M + 1.850%, 10/20/2033 (B) | 1500000 | 1503540 |
|  |  | 8999104 |
| Student Loan — 10.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ECMC Group Student Loan Trust, Ser 2019-1A, Cl A1A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 03/25/2033 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.720%, 07/25/2069 (B) | 1127674 | 1008658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Navient Private Education Loan Trust, Ser 2015-AA, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 08/15/2027 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.965%, TSFR1M + 1.814%, 11/15/2030 (B) | 194421 | 194649 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PENN MUTUAL AM** |
|  | **STRATEGIC INCOME FUND** |
|  | **SEPTEMBER 30, 2025** |
|  | **(Unaudited)** |

---

ASSET-BACKED SECURITIES — continued

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| Student Loan — continued |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Navient Private Education Loan Trust, Ser 2015-BA, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 07/15/2028 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.715%, TSFR1M + 1.564%, 07/16/2040 (B) | $1027012 | $1031371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Navient Private Education Refi Loan Trust, Ser 2019- GA, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 06/15/2027 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.400%, 10/15/2068 (B) | 2745677 | 2670622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Navient Private Education Refi Loan Trust, Ser 2021- CA, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 01/15/2030 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.060%, 10/15/2069 (B) | 1872114 | 1706923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Navient Private Education Refi Loan Trust, Ser 2021- EA, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 07/15/2030 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.970%, 12/16/2069 (B) | 2713111 | 2445503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nelnet Student Loan Trust, Ser 2004-4, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 10/25/2025 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.902%, SOFR90A + 0.562%, 01/25/2041 | 2284939 | 2249621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SLM Student Loan Trust, Ser 2014-2, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 12/25/2031 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.061%, SOFR30A + 0.704%, 03/25/2055 | 813230 | 806249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust, Ser 2015-A, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 01/15/2027 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 10/15/2048 (B) | 2260000 | 2245618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust, Ser 2015-C, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 09/15/2027 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 09/15/2043 (B) | 475060 | 473583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust, Ser 2017-A, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 06/17/2041 (B) | 963266 | 953894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust, Ser 2021-C, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 01/15/2053 (B) | 2846381 | 2487050 |
|  |  | 18273741 |
| &nbsp;&nbsp;&nbsp;TOTAL ASSET-BACKED SECURITIES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $29,103,614) |  | 29102474 |
| TOTAL INVESTMENTS — 97.0% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $166,468,520) |  | $166525742 |

---

*Percentages are based on Net Assets of $171,704,685.*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PENN MUTUAL AM** |
|  | **STRATEGIC INCOME FUND** |
|  | **SEPTEMBER 30, 2025** |
|  | **(Unaudited)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(A) Variable
 or floating rate security. The rate shown is the effective interest rate as of period
 end. The rates on certain securities are not based on published reference rates and spreads
 and are either determined by the issuer or agent based on current market conditions;
 by using a formula based on the rates of underlying loans; or by adjusting periodically
 based on prevailing interest rates.

&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 such securities
 as of September 30, 2025 was $74,750,805 and represents 43.5% of Net Assets.

&nbsp;&nbsp;&nbsp;&nbsp;(C) Step
 Bonds - The rate reflected on the Schedule of Investments is the effective yield on September
 30, 2025. The coupon on a step bond changes on a specified date.

&nbsp;&nbsp;&nbsp;&nbsp;(D) Zero
 coupon security.

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

ABS — Asset-Backed Security

Cl — Class

CLO — Collateralized Loan Obligation

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

FREMF — Freddie Mac Multi-Family

GNMA — Government National Mortgage Association

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

MTN — Medium Term Note

Ser — Series

SOFR — Secured Overnight Financing

SOFR30A — Secured Overnight Financing Rate 30-Day Average

SOFRRATE — Secured Overnight Financing Rate

TSFR1M — Term Secured Overnight Financing Rate 1 Month Average

TSFR3M — Term Secured Overnight Financing Rate 3 Month Average

The open futures contracts held by the Fund at September 30, 2025, are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of Contract** | **Number of<br> Contracts** | **Expiration<br> Date** | **Notional<br> Amount** | **Value** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| Short Contracts U.S. 5-Year Treasury Note | (90) | Dec-2025 | $(9790312) | $(9827578) | $(37266) |
|  |  |  | $(9790312) | $(9827578) | $(37266) |

---

PNN-QH-001-1500

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PENN MUTUAL AM** |
|  | **1847 INCOME FUND** |
|  | **SEPTEMBER 30, 2025** |
|  | **(Unaudited)** |

---

SCHEDULE OF INVESTMENTS<br> COMMON STOCK — 36.3%

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;Communication Services — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CuriosityStream | 98000 | $519400 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary — 5.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcos Dorados Holdings, Cl A | 106000 | 715500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carriage Services, Cl A | 18468 | 822565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cracker Barrel Old Country Store | 6900 | 304014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Domino's Pizza Group ADR | 99000 | 534600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matthews International, Cl A | 19000 | 461320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monro | 25000 | 449250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Papa John's International | 16700 | 804105 |
|  |  | 4091354 |
| &nbsp;&nbsp;&nbsp;Consumer Staples — 3.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alico | 21000 | 727860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;British American Tobacco ADR | 5200 | 276016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calavo Growers | 13750 | 353925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;John B Sanfilippo & Son | 6000 | 385680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keurig Dr Pepper | 7000 | 178570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomad Foods | 36500 | 479975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tate & Lyle ADR | 18525 | 457197 |
|  |  | 2859223 |
| &nbsp;&nbsp;&nbsp;Energy — 4.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Devon Energy | 11550 | 404943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FutureFuel | 63789 | 247501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MPLX | 13970 | 697802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NACCO Industries, Cl A | 17578 | 741089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Occidental Petroleum | 11325 | 535106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plains All American Pipeline | 19500 | 332670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Select Water Solutions, Cl A | 34405 | 367789 |
|  |  | 3326900 |
| &nbsp;&nbsp;&nbsp;Financials — 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ChoiceOne Financial Services | 13500 | 390960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup | 3500 | 355250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Columbia Banking System | 10000 | 257400 |
|  |  | 1003610 |
| &nbsp;&nbsp;&nbsp;Health Care — 3.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hikma Pharmaceuticals ADR | 15500 | 717611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Research | 25281 | 323091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nippon Shinyaku ADR | 58000 | 284780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Organon | 42000 | 448560 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PENN MUTUAL AM** |
|  | **1847 INCOME FUND** |
|  | **SEPTEMBER 30, 2025** |
|  | **(Unaudited)** |

---

COMMON STOCK — continued

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;Health Care — continued |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Perrigo | 12800 | $285056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIGA Technologies | 38280 | 350262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Smith & Nephew ADR | 13325 | 483564 |
|  |  | 2892924 |
| &nbsp;&nbsp;&nbsp;Industrials — 5.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AAON | 6500 | 607360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argan | 1542 | 416417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Ship Lease, Cl A | 15000 | 460500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huntington Ingalls Industries | 3225 | 928510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LSI Industries | 15000 | 354150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Luxfer Holdings | 20211 | 280933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Omega Flex | 6100 | 190229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Park Aerospace | 52000 | 1057680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quanex Building Products | 20000 | 284400 |
|  |  | 4580179 |
| &nbsp;&nbsp;&nbsp;Information Technology — 5.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adeia | 30000 | 504000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gen Digital | 13000 | 369070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Immersion | 104000 | 763360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;InterDigital | 2000 | 690460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microchip Technology | 4500 | 288990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OneSpan | 15000 | 238350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Opera ADR | 50419 | 1040648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vishay Intertechnology | 15000 | 229500 |
|  |  | 4124378 |
| &nbsp;&nbsp;&nbsp;Materials — 2.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agnico Eagle Mines | 4700 | 792232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barrick Gold | 24800 | 812696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortitude Gold | 40912 | 178376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TriMas | 10000 | 386400 |
|  |  | 2169704 |
| &nbsp;&nbsp;&nbsp;Real Estate — 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rayonier ‡ | 27000 | 716580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sun Communities ‡ | 2785 | 359265 |
|  |  | 1075845 |
| &nbsp;&nbsp;&nbsp;Utilities — 2.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AES | 34500 | 454020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Water Service Group | 14950 | 686056 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PENN MUTUAL AM** |
|  | **1847 INCOME FUND** |
|  | **SEPTEMBER 30, 2025** |
|  | **(Unaudited)** |

---

COMMON STOCK — continued

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;Utilities — continued |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;York Water | 21000 | $638820 |
|  |  | 1778896 |
| &nbsp;&nbsp;&nbsp;TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $25,434,596) |  | 28422413 |

---

U.S. TREASURY OBLIGATIONS — 35.0%

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | |
| U.S. Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 12/04/2025(A) | $650000 | 645496 |
| U.S. Treasury Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 11/15/2040 | 1500000 | 1457402 |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625%, 03/15/2026 | 4000000 | 4013406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 11/15/2025 | 5325000 | 5327288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/15/2025 | 2800000 | 2800082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 03/31/2027 | 4000000 | 4011875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625%, 05/15/2026 | 3500000 | 3495201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.250%, 03/31/2026 | 2000000 | 1984532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.250%, 11/15/2025 | 3705000 | 3697185 |
|  |  | 25329569 |
| &nbsp;&nbsp;&nbsp;TOTAL U.S. TREASURY OBLIGATIONS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $27,398,289) |  | 27432467 |
| CORPORATE OBLIGATIONS — 15.2% |  |  |
| Communication Services — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Activision Blizzard |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 03/15/2050 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 09/15/2050 | 395000 | 209000 |
| Consumer Discretionary — 5.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aptiv Swiss Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 03/13/2054 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 09/13/2054 | 1000000 | 954129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gap |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 10/01/2026 @ $102 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 10/01/2031 (B) | 1000000 | 908612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mattel |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 05/01/2041 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.450%, 11/01/2041 | 1000000 | 921193 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PENN MUTUAL AM** |
|  | **1847 INCOME FUND** |
|  | **SEPTEMBER 30, 2025** |
|  | **(Unaudited)** |

---

CORPORATE OBLIGATIONS — continued

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| Consumer Discretionary — continued |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MercadoLibre |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 10/14/2030 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125%, 01/14/2031 | $400000 | $369696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 12/14/2025 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.375%, 01/14/2026 | 451000 | 446717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wolverine World Wide |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 11/01/2025 @ $101 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/2029 (B) | 500000 | 457440 |
|  |  | 4057787 |
| Consumer Staples — 3.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energizer Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 11/01/2025 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, 03/31/2029 (B) | 500000 | 479530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Molson Coors Beverage |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2042 | 1000000 | 934598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spectrum Brands |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 03/15/2026 @ $102 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 03/15/2031 (B) | 1996000 | 1601790 |
|  |  | 3015918 |
| Energy — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Martin Midstream Partners |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 11/01/2025 @ $112 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.500%, 02/15/2028 (B) | 500000 | 531778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oceaneering International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 11/01/2027 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 02/01/2028 | 1000000 | 1012368 |
|  |  | 1544146 |
| Industrials — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BWX Technologies |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 10/17/2025 @ $101 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 04/15/2029 (B) | 1000000 | 968130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mueller Water Products |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 11/01/2025 @ $101 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/15/2029 (B) | 632000 | 608609 |
|  |  | 1576739 |
| Information Technology — 1.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amkor Technology |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 10/09/2025 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625%, 09/15/2027 (B) | 131000 | 131038 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PENN MUTUAL AM** |
|  | **1847 INCOME FUND** |
|  | **SEPTEMBER 30, 2025** |
|  | **(Unaudited)** |

---

CORPORATE OBLIGATIONS — continued

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| Information Technology — continued |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ciena |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 11/01/2025 @ $102 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/31/2030 (B) | $396000 | $377670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crane NXT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 09/15/2047 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.200%, 03/15/2048 | 500000 | 329876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Skyworks Solutions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 03/01/2031 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 06/01/2031 | 749000 | 677827 |
|  |  | 1516411 |
| &nbsp;&nbsp;&nbsp;TOTAL CORPORATE OBLIGATIONS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $12,221,997) |  | 11920001 |

---

PREFERRED STOCK — 4.8%

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| Industrials — 4.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pitney Bowes 6.700% | 194238 | 3762390 |
| TOTAL PREFERRED STOCK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $3,819,665) |  | 3762390 |

---

CONVERTIBLE BONDS — 4.0%

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | |
| Health Care — 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pacira BioSciences CV to 25.2752 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.125%, 05/15/2029 | $1000000 | 1013493 |
| Information Technology — 2.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cerence CV to 24.5586 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.500%, 07/01/2028 | 2575000 | 2122113 |
| &nbsp;&nbsp;&nbsp;TOTAL CONVERTIBLE BONDS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $2,951,185) |  | 3135606 |
| TOTAL INVESTMENTS — 95.3% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $71,825,732) |  | $74672877 |

---

*Percentages are based on Net Assets of $78,374,540.*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **PENN MUTUAL AM** |
|  | **1847 INCOME FUND** |
|  | **SEPTEMBER 30, 2025** |
|  | **(Unaudited)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;‡ Real
Estate Investment Trust

&nbsp;&nbsp;&nbsp;&nbsp;(A) Zero
 coupon security.

&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 such securities
 as of September 30, 2025 was $6,064,597 and represents 7.7% of Net Assets.

ADR — American Depositary Receipt

Cl — Class

CV — Convertible Security

PNN-QH-001-1500

### Attached PDF Documents

**Attachment 1:** `fp0096152-1_aiciii-penn.pdf`

_No text found in this document._

## 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:** Penn Mutual AM Strategic Income Fund

- **b. EDGAR series identifier (if any):** S000061933

- **c. LEI of Series:** 549300J2WFCC4B4BPD96

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

- **a. Date of fiscal year-end:** 2025-12-31

- **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:** $172289397.87

**Total Liabilities:** $584712.84

**Net Assets:** $171704685.03

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -475.14949477 | **1-Year:** -6243.73394658 | **5-Year:** -11890.23777637 | **10-Year:** -9177.59639977 | **30-Year:** -1771.38132530

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

- **3-Month:** -226.58130892 | **1-Year:** -3146.04598160 | **5-Year:** -5551.43870861 | **10-Year:** -915.87250298 | **30-Year:** -145.40485554

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000200669 | 0.57%                | 0.75%                | 0.27%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $52338.06                | $264548.22                                 |
| Month 2  | $311778.65               | $561793.61                                 |
| Month 3  | $27122.68                | $-366156.29                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| NAVIENT PRIVATE EDUCATION LOAN TRUST         | NAVIENT PRIVATE EDUCATION REFI LOAN TRUST 2021-E NAVSL 2021-EA A        | CUSIP: 63942EAA6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   2713111 | PA      | $2445502.87   | 1.42%             | 2069-12-16      | Fixed         | 0.97%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                  | FREDDIE MAC POOL FR RB5324                                              | CUSIP: 3133KY4H9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   3668186 | PA      | $3691328.99   | 2.15%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SMB PRIVATE EDUCATION LOAN TRUST             | SMB PRIVATE EDUCATION LOAN TRUST 2021-C SMB 2021-C C                    | CUSIP: 83208AAF0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   2846381 | PA      | $2487050.30   | 1.45%             | 2053-01-15      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| SUNOCO LP                                    | SUNOCO LP 144A 6.250000% 07/01/2033                                     | CUSIP: 86765KAD1<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2035684.46   | 1.19%             | 2033-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| United States of America                     | US TREASURY N/B 1.750000% 01/31/2029                                    | CUSIP: 91282CDW8<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   2200000 | PA      | $2069804.68   | 1.21%             | 2029-01-31      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| EXETER AUTOMOBILE RECEIVABLES TRUST          | EXETER AUTOMOBILE RECEIVABLES TRUST 2022-1 EART 2022-1A D               | CUSIP: 30167JAF1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    346565 | PA      | $344569.91    | 0.20%             | 2028-06-15      | Fixed         | 3.02%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association        | FANNIE MAE POOL FN MA5026                                               | CUSIP: 31418ESQ4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   3017814 | PA      | $2758170.93   | 1.61%             | 2053-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| United States of America                     | US 5YR NOTE (CBT) DEC25 FINANCIAL COMMODITY FUTURE.                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       -90 | NC      | $-9827578.13  | -5.72%            |  |  |  | No            |                  1 | On Loan: No      |
| PRKCM TRUST                                  | PRKCM 2023-AFC3 TRUST PRKCM 2023-AFC3 A2                                | CUSIP: 693984AB2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   3373657 | PA      | $3408398.89   | 1.99%             | 2058-09-25      | Fixed         | 6.99%                 | Yes           |                  2 | On Loan: No      |
| SMB PRIVATE EDUCATION LOAN TRUST             | SMB PRIVATE EDUCATION LOAN TRUST 2015-A SMB 2015-A C                    | CUSIP: 78448PAF7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   2260000 | PA      | $2245618.26   | 1.31%             | 2048-10-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| THE GAP, INC.                                | GAP INC/THE 144A 3.875000% 10/01/2031                                   | CUSIP: 364760AQ1<br>LEI: T2ZG1WRWZ4BUCMQL9224 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1362917.55   | 0.79%             | 2031-10-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORPORATION                     | STATE STREET CORP VARIABLE RATE 05/15/2028                              | CUSIP: 857477AX1<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |   2750000 | PA      | $2689859.29   | 1.57%             | 2028-05-15      | Floating      | 5.03%                 | No            |                  2 | On Loan: No      |
| SEQUOIA MORTGAGE TRUST                       | SEQUOIA MORTGAGE TRUST 2021-5 SEMT 2021-5 A5                            | CUSIP: 81748XAE4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1904072 | PA      | $1668045.64   | 0.97%             | 2051-07-25      | Floating      | 2.00%                 | Yes           |                  2 | On Loan: No      |
| NELNET STUDENT LOAN CORPORATION              | NELNET STUDENT LOAN TRUST 2004-4 NSLT 2004-4 B                          | CUSIP: 64031QBL4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   2284939 | PA      | $2249621.11   | 1.31%             | 2041-01-25      | Floating      | 4.90%                 | No            |                  2 | On Loan: No      |
| FIRST MARYLAND CAPITAL II                    | FIRST MARYLAND CAPITAL II VARIABLE RATE 02/01/2027                      | CUSIP: 32082CAC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2411000 | PA      | $2381211.66   | 1.39%             | 2027-02-01      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| THE SHERWIN-WILLIAMS COMPANY                 | SHERWIN-WILLIAMS CO/THE 4.800000% 09/01/2031                            | CUSIP: 824348BT2<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1020966.68   | 0.59%             | 2031-09-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| ECMC GROUP STUDENT LOAN TRUST                | ECMC GROUP STUDENT LOAN TRUST 2019-1 ECMC 2019-1A A1A                   | CUSIP: 26829XAA9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1127674 | PA      | $1008658.42   | 0.59%             | 2069-07-25      | Fixed         | 2.72%                 | No            |                  2 | On Loan: No      |
| VERUS SECURITIZATION TRUST                   | VERUS SECURITIZATION TRUST 2023-8 VERUS 2023-8 A2                       | CUSIP: 92540DAB1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1126328 | PA      | $1139828.74   | 0.66%             | 2068-12-25      | Fixed         | 6.66%                 | Yes           |                  2 | On Loan: No      |
| United States of America                     | TREASURY BILL 0.000000% 11/13/2025                                      | CUSIP: 912797QQ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2500000 | PA      | $2488003.60   | 1.45%             | 2025-11-13      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| EXETER AUTOMOBILE RECEIVABLES TRUST          | EXETER AUTOMOBILE RECEIVABLES TRUST 2021-3 EART 2021-3A D               | CUSIP: 30166AAF1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1414790 | PA      | $1397969.52   | 0.81%             | 2027-06-15      | Fixed         | 1.55%                 | No            |                  2 | On Loan: No      |
| BBCMS TRUST                                  | BBCMS MORTGAGE TRUST 2024-C24 BBCMS 2024-C24 D                          | CUSIP: 07336VAE1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    610000 | PA      | $471473.27    | 0.27%             | 2057-02-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| NAVIENT PRIVATE EDUCATION LOAN TRUST         | NAVIENT PRIVATE EDUCATION REFI LOAN TRUST 2021-C NAVSL 2021-CA A        | CUSIP: 63942JAA5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1872114 | PA      | $1706922.53   | 0.99%             | 2069-10-15      | Fixed         | 1.06%                 | Yes           |                  2 | On Loan: No      |
| J.P. MORGAN MORTGAGE TRUST                   | JP MORGAN MORTGAGE TRUST 2017-1 JPMMT 2017-1 A11                        | CUSIP: 46648CAL8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    525050 | PA      | $472629.31    | 0.28%             | 2047-01-25      | Floating      | 3.45%                 | No            |                  2 | On Loan: No      |
| CANYON CLO LTD                               | CANYON CAPITAL CLO 2016-1 LTD CANYC 2016-1A CR                          | CUSIP: 13887PAP0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $999872.00    | 0.58%             | 2031-07-15      | Floating      | 6.48%                 | No            |                  2 | On Loan: No      |
| RESIDENTIAL MORTGAGE LOAN TRUST              | RESIDENTIAL MORTGAGE LOAN TRUST 2020-2 RMLT 2020-2 A2                   | CUSIP: 76123MAB9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1999406 | PA      | $1985031.69   | 1.16%             | 2060-05-25      | Floating      | 2.51%                 | No            |                  2 | On Loan: No      |
| FREMF MORTGAGE TRUST                         | FREMF 2016-K53 MORTGAGE TRUST FREMF 2016-K53 B                          | CUSIP: 30288LAN3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1250000 | PA      | $1245232.00   | 0.73%             | 2049-03-25      | Floating      | 4.18%                 | No            |                  2 | On Loan: No      |
| WarnerMedia Holdings, Inc.                   | WARNERMEDIA HOLDINGS INC 5.141000% 03/15/2052                           | CUSIP: 55903VBU6<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    280000 | PA      | $208600.00    | 0.12%             | 2052-03-15      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| ATLAS SENIOR LOAN FUND, LTD                  | ATLAS SENIOR LOAN FUND X LTD ATCLO 2018-10A B                           | CUSIP: 04942JAE1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1500294.00   | 0.87%             | 2031-01-15      | Floating      | 6.08%                 | No            |                  2 | On Loan: No      |
| N/A                                          | WELLS FARGO FUTURES COLLATERAL                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |    112500 | PA      | $112500.00    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| United States of America                     | US TREASURY N/B 2.250000% 03/31/2026                                    | CUSIP: 9128286L9<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   2000000 | PA      | $1984531.24   | 1.16%             | 2026-03-31      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| N/A                                          | BROWN BROTHERS HARRIMAN SWEEP INTEREST                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |   2642722 | PA      | $2642721.61   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                     | TREASURY BILL 0.000000% 12/11/2025                                      | CUSIP: 912797QY6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5500000 | PA      | $5458238.17   | 3.18%             | 2025-12-11      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS SANDS CORP.                        | LAS VEGAS SANDS CORP 5.625000% 06/15/2028                               | CUSIP: 517834AM9<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1533525.72   | 0.89%             | 2028-06-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association     | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2012-148 PA                | CUSIP: 38378GNV6<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    416891 | PA      | $413983.66    | 0.24%             | 2041-04-20      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| U.S. BANCORP                                 | US BANCORP 2.491000% 11/03/2036                                         | CUSIP: 91159HJB7<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1724202.10   | 1.00%             | 2036-11-03      | Fixed         | 2.49%                 | No            |                  2 | On Loan: No      |
| ASHTEAD CAPITAL, INC.                        | ASHTEAD CAPITAL INC 144A 5.500000% 08/11/2032                           | CUSIP: 04505AAA7<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | GB        |   2000000 | PA      | $2069689.80   | 1.21%             | 2032-08-11      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PRESTIGE AUTO RECEIVABLES TRUST              | PRESTIGE AUTO RECEIVABLES TRUST 2021-1 PART 2021-1A C                   | CUSIP: 74113XAE6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     87246 | PA      | $87089.08     | 0.05%             | 2028-02-15      | Fixed         | 1.53%                 | Yes           |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                           | ENERGY TRANSFER LP 6.500000% MATURITY: PERPETUAL                        | CUSIP: 29273VAN0<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2007460.00   | 1.17%             | 2173-11-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| THE BOEING COMPANY                           | BOEING CO/THE 3.500000% 03/01/2039                                      | CUSIP: 097023CE3<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |   2034000 | PA      | $1646631.92   | 0.96%             | 2039-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| United States of America                     | US TREASURY N/B 4.375000% 07/31/2026                                    | CUSIP: 91282CLB5<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   3000000 | PA      | $3014390.61   | 1.76%             | 2026-07-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| SWCH COMMERCIAL MORTGAGE TRUST               | SWCH COMMERCIAL MORTGAGE TRUST 2025-DATA SWCH 2025-DATA A               | CUSIP: 78489CAA7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   2500000 | PA      | $2486718.75   | 1.45%             | 2042-02-15      | Floating      | 5.59%                 | Yes           |                  2 | On Loan: No      |
| United States of America                     | US TREASURY N/B 2.250000% 11/15/2025                                    | CUSIP: 912828M56<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   2750000 | PA      | $2744199.21   | 1.60%             | 2025-11-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| SMB PRIVATE EDUCATION LOAN TRUST             | SMB PRIVATE EDUCATION LOAN TRUST 2017-A SMB 2017-A B                    | CUSIP: 78448WAD7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    963266 | PA      | $953893.84    | 0.56%             | 2041-06-17      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FREMF MORTGAGE TRUST                         | FREMF 2017-K056 MORTGAGE TRUST FREMF 2017-K65 B                         | CUSIP: 30302XAE9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   2650000 | PA      | $2627057.63   | 1.53%             | 2050-07-25      | Floating      | 4.22%                 | No            |                  2 | On Loan: No      |
| BBCMS TRUST                                  | BBCMS MORTGAGE TRUST 2024-5C25 BBCMS 2024-5C25 C                        | CUSIP: 05554VAG5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1000000 | PA      | $1026076.60   | 0.60%             | 2057-03-15      | Floating      | 6.64%                 | No            |                  2 | On Loan: No      |
| FREMF MORTGAGE TRUST                         | FREMF 2016-K53 MORTGAGE TRUST FREMF 2016-K53 C                          | CUSIP: 30288LAQ6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1500000 | PA      | $1493451.75   | 0.87%             | 2049-03-25      | Floating      | 4.18%                 | No            |                  2 | On Loan: No      |
| HEALTH CARE SERVICE CORP MUT LEG RES CO      | HEALTH CARE SERVICE CORP A MUTUAL LEGAL RESERVE CO 2.200000% 06/01/2030 | CUSIP: 42218SAF5<br>LEI: 549300TMJ1FKCKECR148 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1808179.52   | 1.05%             | 2030-06-01      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                  | FREDDIE MAC REMICS FHR 5271 A                                           | CUSIP: 3137H9FU8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   2014405 | PA      | $2029092.23   | 1.18%             | 2047-10-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                  | FREDDIE MAC POOL FR SD8349                                              | CUSIP: 3132DWH22<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   2055687 | PA      | $2075936.82   | 1.21%             | 2053-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SLM STUDENT LOAN TRUST                       | SLM STUDENT LOAN TRUST 2014-2 SLMA 2014-2 A3                            | CUSIP: 78448GAC4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    813230 | PA      | $806248.81    | 0.47%             | 2055-03-25      | Floating      | 5.06%                 | No            |                  2 | On Loan: No      |
| United States of America                     | US TREASURY N/B 4.000000% 12/15/2025                                    | CUSIP: 91282CGA3<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   9000000 | PA      | $9000263.70   | 5.24%             | 2025-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES LTD.                 | ROYAL CARIBBEAN CRUISES LTD 144A 5.625000% 09/30/2031                   | CUSIP: 780153BW1<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | NUSS              | US        |   1750000 | PA      | $1784439.35   | 1.04%             | 2031-09-30      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT COMPANY LLC                | FORD MOTOR CREDIT CO LLC 4.950000% 05/28/2027                           | CUSIP: 345397C27<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $998270.55    | 0.58%             | 2027-05-28      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| UNITED AIRLINES PASS THROUGH TRUST 2020-1    | UNITED AIRLINES 2020-1 CLASS B PASS THROUGH TRUST 4.875000% 01/15/2026  | CUSIP: 90932VAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    560096 | PA      | $560115.07    | 0.33%             | 2026-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| THE PNC FINANCIAL SERVICES GROUP, INC.       | PNC FINANCIAL SERVICES GROUP INC/THE 5.582000% 06/12/2029               | CUSIP: 693475BR5<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1036231.93   | 0.60%             | 2029-06-12      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| MERCK & CO., INC.                            | MERCK & CO INC 3.900000% 03/07/2039                                     | CUSIP: 58933YAV7<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | DBT              | CORP              | US        |   1900000 | PA      | $1697621.37   | 0.99%             | 2039-03-07      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| SkyMiles IP Ltd.                             | DELTA AIR LINES INC / SKYMILES IP LTD 144A 4.500000% 10/20/2025         | CUSIP: 830867AA5<br>LEI: 2549008L7P4I8VB90936 | Long             | DBT              | NUSS              | US        |        46 | PA      | $45.94        | 0.00%             | 2025-10-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| TOWD POINT MORTGAGE TRUST                    | TOWD POINT MORTGAGE TRUST 2018-2 TPMT 2018-2 A1                         | CUSIP: 89175VAA1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    780082 | PA      | $771556.98    | 0.45%             | 2058-03-25      | Floating      | 3.25%                 | No            |                  2 | On Loan: No      |
| BMO MORTGAGE TRUST                           | BMO 2024-5C3 MORTGAGE TRUST BMO 2024-5C3 C                              | CUSIP: 09660QAY0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1350000 | PA      | $1383470.28   | 0.81%             | 2057-02-15      | Floating      | 7.09%                 | No            |                  2 | On Loan: No      |
| BUNKER HILL LOAN DEPOSITARY TRUST            | BUNKER HILL LOAN DEPOSITARY TRUST 2019-3 BHLD 2019-3 M1                 | CUSIP: 12062BAE5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   2650000 | PA      | $2627201.26   | 1.53%             | 2059-11-25      | Fixed         | 3.27%                 | No            |                  2 | On Loan: No      |
| HAWAII HOTEL TRUST                           | HAWAII HOTEL TRUST 2025-MAUI HHT 2025-MAUI B                            | CUSIP: 419909AC0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   2500000 | PA      | $2501562.50   | 1.46%             | 2042-03-15      | Floating      | 5.89%                 | Yes           |                  2 | On Loan: No      |
| Duke Energy Carolinas, LLC                   | DUKE ENERGY CAROLINAS LLC 2.850000% 03/15/2032                          | CUSIP: 26442CBG8<br>LEI: MWIUSDMN17TCR56VW396 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1139375.21   | 0.66%             | 2032-03-15      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| United States of America                     | US TREASURY N/B 3.000000% 10/31/2025                                    | CUSIP: 9128285J5<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   5000000 | PA      | $4995176.00   | 2.91%             | 2025-10-31      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| United States of America                     | U.S. TREASURY INFLATION-PROTECTED SECURITIES 1.375 07/15/33             | CUSIP: 91282CHP9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | USGA              | US        |   1400000 | PA      | $1466126.97   | 0.85%             | 2033-07-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                  | FREDDIE MAC REMICS FHR 4609 QV                                          | CUSIP: 3137BRDP7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   2634912 | PA      | $2587712.32   | 1.51%             | 2044-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                  | FREDDIE MAC POOL FR QG2979                                              | CUSIP: 3133C3JY3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   4361553 | PA      | $3834009.43   | 2.23%             | 2053-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| EXPAND ENERGY CORPORATION                    | EXPAND ENERGY CORP 144A 5.875000% 02/01/2029                            | CUSIP: 165167DG9<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1505575.52   | 0.88%             | 2029-02-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| American Airlines Pass Through Trust 2021-1B | AMERICAN AIRLINES 2021-1 CLASS B PASS THROUGH TRUS 3.950000% 07/11/2030 | CUSIP: 02376LAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1460000 | PA      | $1394344.68   | 0.81%             | 2030-07-11      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| NAVIENT PRIVATE EDUCATION LOAN TRUST         | NAVIENT PRIVATE EDUCATION LOAN TRUST 2015-B NAVSL 2015-BA A3            | CUSIP: 63939KAC3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1027012 | PA      | $1031371.31   | 0.60%             | 2040-07-16      | Floating      | 5.71%                 | No            |                  2 | On Loan: No      |
| United States of America                     | US TREASURY N/B 3.625000% 05/15/2026                                    | CUSIP: 91282CHB0<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   5500000 | PA      | $5492459.01   | 3.20%             | 2026-05-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| GRAHAM PACKAGING COMPANY INC.                | GRAHAM PACKAGING CO INC 144A 7.125000% 08/15/2028                       | CUSIP: 384701AA6<br>LEI: 549300YS0ZFT826HIK72 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1502665.50   | 0.88%             | 2028-08-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| FREMF MORTGAGE TRUST                         | FREMF 2018-K83 MORTGAGE TRUST FREMF 2018-K83 B                          | CUSIP: 302958AN3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1500000 | PA      | $1490224.80   | 0.87%             | 2051-11-25      | Floating      | 4.42%                 | No            |                  2 | On Loan: No      |
| FREMF MORTGAGE TRUST                         | FREMF 2019-K98 MORTGAGE TRUST FREMF 2019-K98 B                          | CUSIP: 30312DAG6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   2000000 | PA      | $1934889.00   | 1.13%             | 2052-10-25      | Floating      | 3.86%                 | No            |                  2 | On Loan: No      |
| ICG US CLO                                   | ICG US CLO 2015-2R LTD ICG 2015-2RA BR                                  | CUSIP: 44933WAQ2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $1993256.00   | 1.16%             | 2033-01-16      | Floating      | 6.07%                 | Yes           |                  2 | On Loan: No      |
| FREMF MORTGAGE TRUST                         | FREMF 2017-K69 MORTGAGE TRUST FREMF 2017-K69 B                          | CUSIP: 30305KAG9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   3895000 | PA      | $3827758.28   | 2.23%             | 2049-10-25      | Floating      | 3.85%                 | No            |                  2 | On Loan: No      |
| TRYSAIL CLO LTD                              | TRYSAIL CLO 2022-1 LTD TRYSL 2022-1A B                                  | CUSIP: 89856JAC0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |   1500000 | PA      | $1503540.00   | 0.88%             | 2033-10-20      | Floating      | 6.18%                 | Yes           |                  2 | On Loan: No      |
| NORTHWOODS CAPITAL LIMITED                   | NORTHWOODS CAPITAL XVII LTD WOODS 2018-17A C                            | CUSIP: 66860PAE4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1498914.00   | 0.87%             | 2031-04-22      | Floating      | 6.44%                 | No            |                  2 | On Loan: No      |
| OBX TRUST                                    | OBX 2019-EXP3 TRUST OBX 2019-EXP3 2A2                                   | CUSIP: 67113ABC3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    357703 | PA      | $359102.71    | 0.21%             | 2059-10-25      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| SMB PRIVATE EDUCATION LOAN TRUST             | SMB PRIVATE EDUCATION LOAN TRUST 2015-C SMB 2015-C B                    | CUSIP: 78448RAE6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    475060 | PA      | $473582.62    | 0.28%             | 2043-09-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association        | FANNIE MAE POOL FN MA5553                                               | CUSIP: 31418FE37<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   2786689 | PA      | $2810843.12   | 1.64%             | 2054-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TRYSAIL CLO LTD                              | TRYSAIL CLO 2021-1 LTD TRYSL 2021-1A C                                  | CUSIP: 89855AAL0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1503228.00   | 0.88%             | 2032-07-20      | Floating      | 6.99%                 | Yes           |                  2 | On Loan: No      |
| BSPRT ISSUER, LTD.                           | BSPRT 2021-FL6 ISSUER LTD BSPRT 2021-FL6 B                              | CUSIP: 05601HAE4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1499404.50   | 0.87%             | 2036-03-15      | Floating      | 5.86%                 | Yes           |                  2 | On Loan: No      |
| NAVIENT PRIVATE EDUCATION LOAN TRUST         | NAVIENT PRIVATE EDUCATION LOAN TRUST 2015-A NAVSL 2015-AA A3            | CUSIP: 63939EAD5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    194421 | PA      | $194649.27    | 0.11%             | 2030-11-15      | Floating      | 5.96%                 | No            |                  2 | On Loan: No      |
| COMSTOCK RESOURCES, INC.                     | COMSTOCK RESOURCES INC 144A 6.750000% 03/01/2029                        | CUSIP: 205768AS3<br>LEI: I03QQGEA4SS774AURI46 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1497549.90   | 0.87%             | 2029-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| United States of America                     | US TREASURY N/B 4.625000% 06/30/2026                                    | CUSIP: 91282CKY6<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   3500000 | PA      | $3520945.30   | 2.05%             | 2026-06-30      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| NAVIENT PRIVATE EDUCATION LOAN TRUST         | NAVIENT PRIVATE EDUCATION REFI LOAN TRUST 2019-G NAVSL 2019-GA A        | CUSIP: 63941JAA6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   2745677 | PA      | $2670622.08   | 1.56%             | 2068-10-15      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| N/A                                          | WELLS FARGO SWAPS   COLLATERAL                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |         1 | PA      | $1.26         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FREMF MORTGAGE TRUST                         | FREMF 2017-K70 MORTGAGE TRUST FREMF 2017-K70 C                          | CUSIP: 35708VAU6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1750000 | PA      | $1706623.80   | 0.99%             | 2049-12-25      | Floating      | 3.94%                 | No            |                  2 | On Loan: No      |
| NEW YORK LIFE GLOBAL FUNDING                 | NEW YORK LIFE GLOBAL FUNDING MTN 4.550000% 01/28/2033                   | CUSIP: 64952WEZ2<br>LEI: 635400DPNHEAUHB7ZI15 | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1747469.19   | 1.02%             | 2033-01-28      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| SEQUOIA MORTGAGE TRUST                       | SEQUOIA MORTGAGE TRUST 2017-5 SEMT 2017-5 A1                            | CUSIP: 81746DAA8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1563428 | PA      | $1416332.30   | 0.82%             | 2047-08-25      | Floating      | 3.50%                 | No            |                  2 | On Loan: No      |
| Dominion Energy, Inc.                        | DOMINION ENERGY INC 6.875000% 02/01/2055                                | CUSIP: 25746UDT3<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2093348.34   | 1.22%             | 2055-02-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** Andrew Metzger

**Name of Signer:** Andrew Metzger

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