# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0001752724-25-211675
**Filing Date:** 2025-8
**Character Count:** 38939
**Document Hash:** ff3af636c41ae0fa96eb3753443825f1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-211675.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001752724-25-211675

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**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:** 251272898

**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 1847 INCOME FUND (Series ID: S000069101)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000220871 | I Shares     | PMEFX           |

## 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 1847 Income Fund

- **b. EDGAR series identifier (if any):** S000069101

- **c. LEI of Series:** 549300YH7SQ6GQGU1B30

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

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

- **b. Date as of which information is reported:** 2025-06-30

**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:** $75287261.82

**Total Liabilities:** $58406.93

**Net Assets:** $75228854.89

**Cash Not Reported:** $18257.56

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -8.64726363 | **1-Year:** -166.97537923 | **5-Year:** -930.00063641 | **10-Year:** -4137.46980881 | **30-Year:** -4254.89176450

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

- **3-Month:** -89.50823994 | **1-Year:** -1213.23393689 | **5-Year:** -3089.80568624 | **10-Year:** -2212.30658215 | **30-Year:** -765.62258571

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000220871 | 3.14%                | 3.35%                | -1.80%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-259295.20              | $2318563.93                                |
| Month 2  | $387271.45               | $1564790.79                                |
| Month 3  | $-820275.55              | $-794490.98                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AAON, INC.                                   | AAON INC COMMON STOCK                                                    | CUSIP: 000360206<br>LEI: 549300ZHF0E5VM7PUD37 | Long             | EC               |  | US        |      6500 | NS      | $479375.00    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| ACTIVISION BLIZZARD, INC.                    | ACTIVISION BLIZZARD INC 2.500000% 09/15/2050                             | CUSIP: 00507VAQ2<br>LEI: 549300TPQQDBP9GNOF40 | Long             | DBT              | CORP              | US        |    395000 | PA      | $205360.44    | 0.27%             | 2050-09-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| ADEIA INC.                                   | ADEIA INC COMMON STOCK                                                   | CUSIP: 00676P107<br>LEI: N/A                  | Long             | EC               |  | US        |     30000 | NS      | $424200.00    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| THE AES CORPORATION                          | AES CORP COMMON STOCK                                                    | CUSIP: 00130H105<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | EC               |  | US        |     34500 | NS      | $362940.00    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| MINES AGNICO EAGLE LIMITEE                   | AGNICO EAGLE MINES LTD COMMON STOCK                                      | CUSIP: 008474108<br>LEI: 254900BFJ2DOHPMEXN45 | Long             | EC               |  | US        |      4700 | NS      | $558971.00    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| ALICO, INC.                                  | ALICO INC COMMON STOCK                                                   | CUSIP: 016230104<br>LEI: N/A                  | Long             | EC               |  | US        |     21000 | NS      | $686280.00    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| AMKOR TECHNOLOGY, INC.                       | AMKOR TECHNOLOGY INC 144A 6.625000% 09/15/2027                           | CUSIP: 031652BK5<br>LEI: 529900VHLRTKPWZJBM84 | Long             | DBT              | CORP              | US        |    175000 | PA      | $175438.73    | 0.23%             | 2027-09-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| APTIV SWISS HOLDINGS LIMITED                 | APTIV SWISS HOLDINGS LTD 5.750000% 09/13/2054                            | CUSIP: 03837AAC4<br>LEI: N/A                  | Long             | DBT              | NUSS              | US        |   1000000 | PA      | $895621.69    | 1.19%             | 2054-09-13      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Arcos Dorados Holdings Inc.                  | ARCOS DORADOS HOLDINGS INC-A COMMON STOCK                                | CUSIP: G0457F107<br>LEI: 54930023P2MIZN13DQ85 | Long             | EC               |  | US        |    106000 | NS      | $836340.00    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| ARGAN, INC.                                  | ARGAN INC COMMON STOCK                                                   | CUSIP: 04010E109<br>LEI: 529900E4KZWBV9KGBS83 | Long             | EC               |  | US        |      1542 | NS      | $339980.16    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| SOCIETE MINIERE BARRICK                      | BARRICK MINING CORP COMMON STOCK                                         | CUSIP: 06849F108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               |  | US        |     27000 | NS      | $562140.00    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| BioGaia AB                                   | BIOGAIA AB-B -UNSP ADR DEPOSITARY RECEIPT                                | CUSIP: 09072J102<br>LEI: 549300UBUJOY2L7TT361 | Long             | EC               |  | US        |     29000 | NS      | $257520.00    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| BRITISH AMERICAN TOBACCO P.L.C.              | BRITISH AMERICAN TOB-SP ADR DEPOSITARY RECEIPT                           | CUSIP: 110448107<br>LEI: 213800FKA5MF17RJKT63 | Long             | EC               |  | US        |      5200 | NS      | $246116.00    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                          | BROWN BROTHERS HARRIMAN SWEEP INTEREST                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |   4018256 | PA      | $4018255.64   | 5.34%             |  |  |  | No            |                  1 | On Loan: No      |
| BWX TECHNOLOGIES, INC.                       | BWX TECHNOLOGIES INC 144A 4.125000% 04/15/2029                           | CUSIP: 05605HAC4<br>LEI: 549300NP85N265KWMS58 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $964088.70    | 1.28%             | 2029-04-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| CALAVO GROWERS, INC.                         | CALAVO GROWERS INC COMMON STOCK                                          | CUSIP: 128246105<br>LEI: N/A                  | Long             | EC               |  | US        |     13750 | NS      | $365612.50    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| CALIFORNIA WATER SERVICE GROUP               | CALIFORNIA WATER SERVICE GRP COMMON STOCK                                | CUSIP: 130788102<br>LEI: 529900QABDOBU6UVRQ36 | Long             | EC               |  | US        |     14950 | NS      | $679926.00    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| CARRIAGE SERVICES, INC.                      | CARRIAGE SERVICES INC COMMON STOCK                                       | CUSIP: 143905107<br>LEI: N/A                  | Long             | EC               |  | US        |     28468 | NS      | $1302126.32   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| CERENCE INC.                                 | CERENCE INC 1.500000% 07/01/2028                                         | CUSIP: 156727AD1<br>LEI: 5493002WL2W5WMS89568 | Long             | DBT              | CORP              | US        |   2575000 | PA      | $1947987.50   | 2.59%             | 2028-07-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| CHOICEONE FINANCIAL SERVICES, INC.           | CHOICEONE FINANCIAL SVCS INC COMMON STOCK                                | CUSIP: 170386106<br>LEI: N/A                  | Long             | EC               |  | US        |     13500 | NS      | $387450.00    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| CIENA CORPORATION                            | CIENA CORP 144A 4.000000% 01/31/2030                                     | CUSIP: 171779AL5<br>LEI: W0CZ7N0GH8UIGXDM1H41 | Long             | DBT              | CORP              | US        |    396000 | PA      | $375156.91    | 0.50%             | 2030-01-31      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| CITIGROUP INC.                               | CITIGROUP INC COMMON STOCK                                               | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               |  | US        |      3500 | NS      | $297920.00    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| COLUMBIA BANKING SYSTEM, INC.                | COLUMBIA BANKING SYSTEM INC COMMON STOCK                                 | CUSIP: 197236102<br>LEI: N/A                  | Long             | EC               |  | US        |     10000 | NS      | $233800.00    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| COMMSCOPE, LLC                               | COMMSCOPE LLC 144A 8.250000% 03/01/2027                                  | CUSIP: 20338QAA1<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $996146.50    | 1.32%             | 2027-03-01      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Cracker Barrel Old Country Store, Inc.       | CRACKER BARREL OLD COUNTRY COMMON STOCK                                  | CUSIP: 22410J106<br>LEI: 8P4PHQIUWPIECBFBW745 | Long             | EC               |  | US        |      6900 | NS      | $421452.00    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| CRANE NXT, CO.                               | CRANE NXT CO 4.200000% 03/15/2048                                        | CUSIP: 224399AT2<br>LEI: 549300EXNPSXEWUD3N21 | Long             | DBT              | CORP              | US        |    500000 | PA      | $301758.85    | 0.40%             | 2048-03-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| CuriosityStream Inc                          | CURIOSITYSTREAM INC COMMON STOCK                                         | CUSIP: 23130Q107<br>LEI: 549300MSP5P41EYSIZ09 | Long             | EC               |  | US        |     98000 | NS      | $551740.00    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| DELEK US HOLDINGS, INC.                      | DELEK US HOLDINGS INC COMMON STOCK                                       | CUSIP: 24665A103<br>LEI: 5493003O53JMENV1N385 | Long             | EC               |  | US        |     20500 | NS      | $434190.00    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| DEVON ENERGY CORPORATION                     | DEVON ENERGY CORP COMMON STOCK                                           | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               |  | US        |     11550 | NS      | $367405.50    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| DOMINO'S PIZZA GROUP PLC                     | DOMINOS PIZZA UK & IRL-ADR DEPOSITARY RECEIPT                            | CUSIP: 25754W104<br>LEI: 213800Q6ZKHAOV48JL75 | Long             | EC               |  | US        |     99000 | NS      | $688050.00    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| EMERSON ELECTRIC CO.                         | EMERSON ELECTRIC CO 2.750000% 10/15/2050                                 | CUSIP: 291011BM5<br>LEI: FGLT0EWZSUIRRITFOA30 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $628020.08    | 0.83%             | 2050-10-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Energizer Holdings, Inc.                     | ENERGIZER HOLDINGS INC 144A 4.375000% 03/31/2029                         | CUSIP: 29272WAD1<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |    500000 | PA      | $472907.25    | 0.63%             | 2029-03-31      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Enovix Corporation                           | ENOVIX CORP 144A 3.000000% 05/01/2028                                    | CUSIP: 293594AC1<br>LEI: 549300EC7NZGWORHYJ53 | Long             | DBT              | CORP              | US        |    500000 | PA      | $482000.00    | 0.64%             | 2028-05-01      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Fortitude Gold Corp                          | FORTITUDE GOLD CORP COMMON STOCK                                         | CUSIP: 34962K100<br>LEI: N/A                  | Long             | EC               |  | US        |     40912 | NS      | $146464.96    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| FUTUREFUEL CORP.                             | FUTUREFUEL CORP COMMON STOCK                                             | CUSIP: 36116M106<br>LEI: 529900WYQZSMWFXLA845 | Long             | EC               |  | US        |     63789 | NS      | $247501.32    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| THE GAP, INC.                                | GAP INC/THE 144A 3.875000% 10/01/2031                                    | CUSIP: 364760AQ1<br>LEI: T2ZG1WRWZ4BUCMQL9224 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $893828.55    | 1.19%             | 2031-10-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| GEN DIGITAL INC.                             | GEN DIGITAL INC COMMON STOCK                                             | CUSIP: 668771108<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | EC               |  | US        |     13000 | NS      | $382200.00    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Ship Lease, Inc.                      | GLOBAL SHIP LEASE INC-CL A COMMON STOCK                                  | CUSIP: Y27183600<br>LEI: 254900GLZ0J5N8UZM071 | Long             | EC               |  | US        |     15000 | NS      | $394650.00    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| HIKMA PHARMACEUTICALS PUBLIC LIMITED COMPANY | HIKMA PHARMACEUTICAL-SPN ADR DEPOSITARY RECEIPT                          | CUSIP: 431288109<br>LEI: 549300BNS685UXH4JI75 | Long             | EC               |  | US        |     15500 | NS      | $860715.00    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| HUNTINGTON INGALLS INDUSTRIES, INC.          | HUNTINGTON INGALLS INDUSTRIE COMMON STOCK                                | CUSIP: 446413106<br>LEI: 5TZLZ6WJTBVJ0QWBG121 | Long             | EC               |  | US        |      3225 | NS      | $778708.50    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| IMMERSION CORPORATION                        | IMMERSION CORPORATION COMMON STOCK                                       | CUSIP: 452521107<br>LEI: 529900AKNC1UAMQ2YB35 | Long             | EC               |  | US        |    104000 | NS      | $819520.00    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| InterDigital, Inc.                           | INTERDIGITAL INC COMMON STOCK                                            | CUSIP: 45867G101<br>LEI: 529900HQAUTC3VI47G64 | Long             | EC               |  | US        |      2000 | NS      | $448460.00    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| JOHN B. SANFILIPPO & SON, INC.               | JOHN B. SANFILIPPO & SON INC COMMON STOCK                                | CUSIP: 800422107<br>LEI: 5299007IBEYVXKYDUX28 | Long             | EC               |  | US        |      6000 | NS      | $379440.00    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| KEURIG DR PEPPER INC.                        | KEURIG DR PEPPER INC COMMON STOCK                                        | CUSIP: 49271V100<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | EC               |  | US        |      7000 | NS      | $231420.00    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| LSI INDUSTRIES INC.                          | LSI INDUSTRIES INC COMMON STOCK                                          | CUSIP: 50216C108<br>LEI: 529900HY42OANH6BVT33 | Long             | EC               |  | US        |     15000 | NS      | $255150.00    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| LUXFER HOLDINGS PLC                          | LUXFER HOLDINGS PLC COMMON STOCK                                         | CUSIP: G5698W116<br>LEI: 21380045UF5SJYZOXE41 | Long             | EC               |  | US        |     20211 | NS      | $246169.98    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| MARTIN MIDSTREAM PARTNERS L.P.               | MARTIN MIDSTREAM PARTNERS LP / MARTIN MIDSTREAM FI 11.500000% 02/15/2028 | CUSIP: 573334AK5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $525529.00    | 0.70%             | 2028-02-15      | Fixed         | 11.50%                | Yes           |                  2 | On Loan: No      |
| MATTEL, INC.                                 | MATTEL INC 5.450000% 11/01/2041                                          | CUSIP: 577081AW2<br>LEI: 549300VELLG24KHTJ564 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $888969.40    | 1.18%             | 2041-11-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| MATTHEWS INTERNATIONAL CORPORATION           | MATTHEWS INTL CORP-CLASS A COMMON STOCK                                  | CUSIP: 577128101<br>LEI: 549300ZVC5O0ATML6U61 | Long             | EC               |  | US        |     19000 | NS      | $454290.00    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| MercadoLibre, Inc.                           | MERCADOLIBRE INC 2.375000% 01/14/2026                                    | CUSIP: 58733RAE2<br>LEI: 549300DKPDN9M5S8GB14 | Long             | DBT              | CORP              | BR        |    451000 | PA      | $444553.90    | 0.59%             | 2026-01-14      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| MercadoLibre, Inc.                           | MERCADOLIBRE INC 3.125000% 01/14/2031                                    | CUSIP: 58733RAF9<br>LEI: 549300DKPDN9M5S8GB14 | Long             | DBT              | CORP              | BR        |    400000 | PA      | $359703.76    | 0.48%             | 2031-01-14      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| MICROCHIP TECHNOLOGY INCORPORATED            | MICROCHIP TECHNOLOGY INC COMMON STOCK                                    | CUSIP: 595017104<br>LEI: 5493007PTFULNYZJ1R12 | Long             | EC               |  | US        |      4500 | NS      | $316665.00    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| MOLSON COORS BEVERAGE COMPANY                | MOLSON COORS BEVERAGE CO 4.200000% 07/15/2046                            | CUSIP: 60871RAH3<br>LEI: 54930073LBBH6ZCBE225 | Long             | DBT              | CORP              | US        |   1353000 | PA      | $1079435.20   | 1.43%             | 2046-07-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| MOLSON COORS BEVERAGE COMPANY                | MOLSON COORS BEVERAGE CO 5.000000% 05/01/2042                            | CUSIP: 60871RAD2<br>LEI: 54930073LBBH6ZCBE225 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $912121.80    | 1.21%             | 2042-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONRO, INC.                                  | MONRO INC COMMON STOCK                                                   | CUSIP: 610236101<br>LEI: N/A                  | Long             | EC               |  | US        |     25000 | NS      | $372750.00    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| MPLX LP                                      | MPLX LP PARTNERSHIP SHARES                                               | CUSIP: 55336V100<br>LEI: 5493000CZJ19CK4P3G36 | Long             | EC               |  | US        |     13970 | NS      | $719594.70    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| MUELLER WATER PRODUCTS, INC.                 | MUELLER WATER PRODUCTS INC 144A 4.000000% 06/15/2029                     | CUSIP: 624758AF5<br>LEI: 549300F7ZU4P1F8V8L60 | Long             | DBT              | CORP              | US        |    632000 | PA      | $606744.40    | 0.81%             | 2029-06-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| NACCO INDUSTRIES, INC.                       | NACCO INDUSTRIES-CL A COMMON STOCK                                       | CUSIP: 629579103<br>LEI: N/A                  | Long             | EC               |  | US        |     20078 | NS      | $889656.18    | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL RESEARCH CORPORATION                | NATIONAL RESEARCH CORP COMMON STOCK                                      | CUSIP: 637372202<br>LEI: 549300FQIORB6GZCYT15 | Long             | EC               |  | US        |     25281 | NS      | $424720.80    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Nippon Shinyaku Co., Ltd.                    | NIPPON SHINYAKU CO-UNSP ADR DEPOSITARY RECEIPT                           | CUSIP: 65461U108<br>LEI: N/A                  | Long             | EC               |  | US        |     58000 | NS      | $317840.00    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Nomad Foods Limited                          | NOMAD FOODS LTD COMMON STOCK                                             | CUSIP: G6564A105<br>LEI: 5493000ZZ1837DS2SI43 | Long             | EC               |  | US        |     36500 | NS      | $620135.00    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| OCCIDENTAL PETROLEUM CORPORATION             | OCCIDENTAL PETROLEUM CORP COMMON STOCK                                   | CUSIP: 674599105<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | EC               |  | US        |     11325 | NS      | $475763.25    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| OCEANEERING INTERNATIONAL, INC.              | OCEANEERING INTERNATIONAL INC 6.000000% 02/01/2028                       | CUSIP: 675232AB8<br>LEI: 549300L6PH74701W0R30 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1008243.00   | 1.34%             | 2028-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| OMEGA FLEX, INC.                             | OMEGA FLEX INC COMMON STOCK                                              | CUSIP: 682095104<br>LEI: 254900V3UM4PIXLDNU54 | Long             | EC               |  | US        |      6100 | NS      | $197518.00    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| OMNICELL, INC.                               | OMNICELL INC 0.250000% 09/15/2025                                        | CUSIP: 68213NAD1<br>LEI: 5493008RH0GTKHHPZI77 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1474650.12   | 1.96%             | 2025-09-15      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| ONESPAN INC.                                 | ONESPAN INC COMMON STOCK                                                 | CUSIP: 68287N100<br>LEI: 984500E502E6DC354D26 | Long             | EC               |  | US        |     15000 | NS      | $250350.00    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Opera Ltd                                    | OPERA LTD-ADR DEPOSITARY RECEIPT                                         | CUSIP: 68373M107<br>LEI: 5493001ULS7KDNNZ3W51 | Long             | EC               |  | US        |     50419 | NS      | $952919.10    | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| ORGANON & CO.                                | ORGANON & CO COMMON STOCK                                                | CUSIP: 68622V106<br>LEI: 549300AMCKY57OK2CO56 | Long             | EC               |  | US        |     42000 | NS      | $406560.00    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| PACIRA BIOSCIENCES, INC.                     | PACIRA BIOSCIENCES INC 2.125000% 05/15/2029                              | CUSIP: 695127AJ9<br>LEI: 549300P56LERYBDHCF69 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $976207.80    | 1.30%             | 2029-05-15      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| PAPA JOHN'S INTERNATIONAL, INC.              | PAPA JOHN'S INTL INC COMMON STOCK                                        | CUSIP: 698813102<br>LEI: HZYLD3DK5XOX0WBVNB56 | Long             | EC               |  | US        |     16700 | NS      | $817298.00    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| PARK AEROSPACE CORP.                         | PARK AEROSPACE CORP COMMON STOCK                                         | CUSIP: 70014A104<br>LEI: 5299004AG0G7IB636095 | Long             | EC               |  | US        |     52000 | NS      | $768040.00    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| PERRIGO COMPANY PUBLIC LIMITED COMPANY       | PERRIGO CO PLC COMMON STOCK                                              | CUSIP: G97822103<br>LEI: 549300IFOQS6R1QLY196 | Long             | EC               |  | US        |     12800 | NS      | $342016.00    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| PLAINS ALL AMERICAN PIPELINE, L.P.           | PLAINS ALL AMER PIPELINE LP PARTNERSHIP SHARES                           | CUSIP: 726503105<br>LEI: 5521FA2ITF25TVH63740 | Long             | EC               |  | US        |     19500 | NS      | $357240.00    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| PITNEY BOWES INC.                            | Pitney Bowes Inc PREFERRED STOCK                                         | CUSIP: 724479506<br>LEI: 549300N2O26NW4ST6W55 | Long             | EP               |  | US        |    194238 | NS      | $3620596.32   | 4.81%             |  |  |  | No            |                  1 | On Loan: No      |
| QUANEX BUILDING PRODUCTS CORPORATION         | QUANEX BUILDING PRODUCTS COMMON STOCK                                    | CUSIP: 747619104<br>LEI: 5493000TL30VL5WOAW87 | Long             | EC               |  | US        |     20000 | NS      | $378000.00    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| RAYONIER INC.                                | RAYONIER INC REIT                                                        | CUSIP: 754907103<br>LEI: HGV8VDVNL0W6SF2U9C50 | Long             | EC               |  | US        |     27000 | NS      | $598860.00    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| REGENERON PHARMACEUTICALS, INC.              | REGENERON PHARMACEUTICALS INC 2.800000% 09/15/2050                       | CUSIP: 75886FAF4<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | DBT              | CORP              | US        |   3632000 | PA      | $2168233.25   | 2.88%             | 2050-09-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| SELECT WATER SOLUTIONS, INC.                 | SELECT WATER SOLUTIONS, INC COMMON STOCK                                 | CUSIP: 81617J301<br>LEI: 54930094OK8LA3QDW486 | Long             | EC               |  | US        |     34405 | NS      | $297259.20    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| SIGA TECHNOLOGIES, INC.                      | SIGA TECHNOLOGIES INC COMMON STOCK                                       | CUSIP: 826917106<br>LEI: N/A                  | Long             | EC               |  | US        |     38280 | NS      | $249585.60    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| SKYWORKS SOLUTIONS, INC.                     | SKYWORKS SOLUTIONS INC 3.000000% 06/01/2031                              | CUSIP: 83088MAL6<br>LEI: 549300WZ3ORQ2BVKBD96 | Long             | DBT              | CORP              | US        |    749000 | PA      | $659924.88    | 0.88%             | 2031-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SMITH & NEPHEW PLC                           | SMITH & NEPHEW PLC -SPON ADR DEPOSITARY RECEIPT                          | CUSIP: 83175M205<br>LEI: 213800ZTMDN8S67S1H61 | Long             | EC               |  | US        |     13325 | NS      | $408144.75    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| SPECTRIS PLC                                 | SPECTRIS PLC COMMON STOCK                                                | CUSIP: G8338K104<br>LEI: 213800Z4CO2CZO3M3T10 | Long             | EC               |  | US        |     17500 | NS      | $908250.00    | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| SPECTRUM BRANDS, INC.                        | SPECTRUM BRANDS INC 144A 3.875000% 03/15/2031                            | CUSIP: 84762LAX3<br>LEI: 549300VU3EH2E73C1Q04 | Long             | DBT              | CORP              | US        |   1996000 | PA      | $1601069.84   | 2.13%             | 2031-03-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| SUN COMMUNITIES, INC.                        | SUN COMMUNITIES INC REIT                                                 | CUSIP: 866674104<br>LEI: 549300H5GEOJYN41ZG57 | Long             | EC               |  | US        |      2785 | NS      | $352274.65    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| TATE & LYLE PUBLIC LIMITED COMPANY           | TATE & LYLE PLC-SPONS ADR DEPOSITARY RECEIPT                             | CUSIP: 876570706<br>LEI: 2138008K14474WPKZ244 | Long             | EC               |  | US        |     18525 | NS      | $537780.75    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| TERAWULF INC.                                | TERAWULF INC 144A 2.750000% 02/01/2030                                   | CUSIP: 88080TAB0<br>LEI: 254900CVMW1SX2T78A64 | Long             | DBT              | CORP              | US        |   2250000 | PA      | $1888806.17   | 2.51%             | 2030-02-01      | Fixed         | 2.75%                 | Yes           |                  2 | On Loan: No      |
| TRIMAS CORPORATION                           | TRIMAS CORP COMMON STOCK                                                 | CUSIP: 896215209<br>LEI: 75G1WUQ8QK4P5MZOYD78 | Long             | EC               |  | US        |     10000 | NS      | $286100.00    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                     | US TREASURY N/B 3.875000% 03/31/2027                                     | CUSIP: 91282CMV0<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   4000000 | PA      | $4006250.00   | 5.33%             | 2027-03-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| United States of America                     | US TREASURY N/B 4.250000% 11/15/2040                                     | CUSIP: 912810QL5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1500000 | PA      | $1437890.63   | 1.91%             | 2040-11-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| United States of America                     | US TREASURY N/B 4.500000% 11/15/2025                                     | CUSIP: 91282CFW6<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   5000000 | PA      | $5002490.25   | 6.65%             | 2025-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| United States of America                     | US TREASURY N/B 4.625000% 03/15/2026                                     | CUSIP: 91282CGR6<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   4000000 | PA      | $4014101.56   | 5.34%             | 2026-03-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| VISHAY INTERTECHNOLOGY, INC.                 | VISHAY INTERTECHNOLOGY INC COMMON STOCK                                  | CUSIP: 928298108<br>LEI: 5493009O8F3QQJTCQR75 | Long             | EC               |  | US        |     15000 | NS      | $238200.00    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| WOLVERINE WORLD WIDE, INC.                   | WOLVERINE WORLD WIDE INC 144A 4.000000% 08/15/2029                       | CUSIP: 978097AG8<br>LEI: 549300OVC7PK14LQ8D87 | Long             | DBT              | CORP              | US        |    500000 | PA      | $448300.65    | 0.60%             | 2029-08-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| THE YORK WATER COMPANY                       | YORK WATER CO COMMON STOCK                                               | CUSIP: 987184108<br>LEI: N/A                  | Long             | EC               |  | US        |     21000 | NS      | $663600.00    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-30

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

**Signature:** Andrew Metzger

**Name of Signer:** Andrew Metzger

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