# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0001752724-25-211676
**Filing Date:** 2025-8
**Character Count:** 42457
**Document Hash:** 071c7b5ffd6d0a4e60d01f026ddcb8d7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-211676.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001752724-25-211676

**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:** 251272899

**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           |

## 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:** 2025-06-30

**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:** $169986328.34

**Total Liabilities:** $561152.31

**Net Assets:** $169425176.03

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -504.85649651 | **1-Year:** -6604.37302801 | **5-Year:** -13007.39066840 | **10-Year:** -11093.07924816 | **30-Year:** -3453.50150533

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

- **3-Month:** -296.86537670 | **1-Year:** -3875.58592007 | **5-Year:** -7098.73494153 | **10-Year:** -2342.34496354 | **30-Year:** -834.83177270

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000200669 | 1.01%                | 0.36%                | 0.18%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $127362.12               | $1078578.26                                |
| Month 2  | $155986.87               | $-333859.20                                |
| Month 3  | $-45501.45               | $-203411.14                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| 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        |   1550000 | PA      | $1461133.70   | 0.86%             | 2030-07-11      | Fixed         | 3.95%                 | 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      | $2025462.94   | 1.20%             | 2032-08-11      | Fixed         | 5.50%                 | 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      | $1501210.50   | 0.89%             | 2031-01-15      | Floating      | 6.02%                 | 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      | $1025462.80   | 0.61%             | 2057-03-15      | Floating      | 6.64%                 | 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      | $467997.67    | 0.28%             | 2057-02-15      | Fixed         | 4.25%                 | Yes           |                  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      | $1378887.17   | 0.81%             | 2057-02-15      | Floating      | 7.09%                 | No            |                  2 | On Loan: No      |
| BNSF FUNDING TRUST I                         | BNSF FUNDING TRUST I 6.613000% 12/15/2055                               | CUSIP: 05567SAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1504965.00   | 0.89%             | 2055-12-15      | Fixed         | 6.61%                 | 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      | $1587673.32   | 0.94%             | 2039-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| N/A                                          | BROWN BROTHERS HARRIMAN SWEEP INTEREST                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |   7335656 | PA      | $7335656.24   | 4.33%             |  |  |  | No            |                  1 | 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      | $1490160.00   | 0.88%             | 2036-03-15      | Floating      | 6.03%                 | Yes           |                  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      | $2609613.74   | 1.54%             | 2059-11-25      | Fixed         | 3.27%                 | 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      | $1000036.00   | 0.59%             | 2031-07-15      | Floating      | 6.42%                 | 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      | $1503358.50   | 0.89%             | 2029-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORPORATION                       | CVS HEALTH CORP 5.050000% 03/25/2048                                    | CUSIP: 126650CZ1<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1511033.81   | 0.89%             | 2048-03-25      | Fixed         | 5.05%                 | 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        |        92 | PA      | $91.78        | 0.00%             | 2025-10-20      | Fixed         | 4.50%                 | 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      | $2103968.26   | 1.24%             | 2055-02-01      | Fixed         | 6.88%                 | No            |                  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      | $1121350.35   | 0.66%             | 2032-03-15      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| ECMC GROUP STUDENT LOAN TRUST                | ECMC GROUP STUDENT LOAN TRUST ECMC 2019-1A A1A                          | CUSIP: 26829XAA9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1147977 | PA      | $1045680.96   | 0.62%             | 2069-07-25      | Fixed         | 2.72%                 | No            |                  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      | $2008935.86   | 1.19%             | 2173-11-15      | Fixed         | 6.50%                 | 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        |   1836515 | PA      | $1805093.40   | 1.07%             | 2027-06-15      | Fixed         | 1.55%                 | 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        |    452806 | PA      | $448647.39    | 0.26%             | 2028-06-15      | Fixed         | 3.02%                 | 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      | $1506031.50   | 0.89%             | 2029-02-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association        | FANNIE MAE POOL FN MA5026                                               | CUSIP: 31418ESQ4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   3118054 | PA      | $2809622.64   | 1.66%             | 2053-04-01      | 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        |   2858649 | PA      | $2859186.73   | 1.69%             | 2054-12-01      | Fixed         | 5.50%                 | 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      | $2362871.55   | 1.39%             | 2027-02-01      | Floating      | 5.39%                 | 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      | $993371.94    | 0.59%             | 2027-05-28      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                  | FREDDIE MAC POOL FR QG2979                                              | CUSIP: 3133C3JY3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   4433603 | PA      | $3839573.11   | 2.27%             | 2053-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                  | FREDDIE MAC POOL FR RB5324                                              | CUSIP: 3133KY4H9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   3779536 | PA      | $3778462.80   | 2.23%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                  | FREDDIE MAC POOL FR SD8349                                              | CUSIP: 3132DWH22<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   2119705 | PA      | $2122286.58   | 1.25%             | 2053-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                  | FREDDIE MAC REMICS FHR 4609 QV                                          | CUSIP: 3137BRDP7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   3076069 | PA      | $3006969.76   | 1.77%             | 2044-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                  | FREDDIE MAC REMICS FHR 5271 A                                           | CUSIP: 3137H9FU8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   2131470 | PA      | $2147286.94   | 1.27%             | 2047-10-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FREMF MORTGAGE TRUST                         | FREMF 2015-K47 MORTGAGE TRUST FREMF 2015-K47 C                          | CUSIP: 30293AAQ3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   2271086 | PA      | $2262342.63   | 1.34%             | 2048-06-25      | Floating      | 3.68%                 | 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      | $1240595.63   | 0.73%             | 2049-03-25      | Floating      | 4.19%                 | 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      | $1485741.30   | 0.88%             | 2049-03-25      | Floating      | 4.19%                 | 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      | $2619192.16   | 1.55%             | 2050-07-25      | Floating      | 4.22%                 | No            |                  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      | $3813428.57   | 2.25%             | 2049-10-25      | Floating      | 3.85%                 | 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      | $1699282.20   | 1.00%             | 2049-12-25      | Floating      | 3.94%                 | 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      | $1468979.25   | 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      | $1899711.20   | 1.12%             | 2052-10-25      | Floating      | 3.86%                 | 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      | $1340742.83   | 0.79%             | 2031-10-01      | Fixed         | 3.88%                 | 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        |    799705 | PA      | $790106.24    | 0.47%             | 2041-04-20      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association     | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2013-11 LP                 | CUSIP: 38378FVY3<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   3571197 | PA      | $3342778.30   | 1.97%             | 2043-01-20      | Fixed         | 3.50%                 | 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      | $1497229.95   | 0.88%             | 2028-08-15      | Fixed         | 7.12%                 | 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      | $2498437.50   | 1.47%             | 2042-03-15      | Floating      | 6.05%                 | Yes           |                  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      | $1788075.74   | 1.06%             | 2030-06-01      | Fixed         | 2.20%                 | 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      | $1992712.00   | 1.18%             | 2033-01-16      | Floating      | 6.01%                 | 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        |    543089 | PA      | $487587.57    | 0.29%             | 2047-01-25      | Floating      | 3.45%                 | 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      | $1530052.91   | 0.90%             | 2028-06-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING, INC.                      | LEVEL 3 FINANCING, INC. 3/27/2032                                       | CUSIP: 52729KAT3<br>LEI: N/A                  | Long             | LON              |  | US        |   1500000 | PA      | $1515315.00   | 0.89%             | 2032-03-27      | Floating      | 8.58%                 | No            |                  2 | On Loan: No      |
| MAJORDRIVE TL                                | MAJORDRIVE TL 6/1/2029                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   1492308 | PA      | $1466192.31   | 0.87%             | 2029-06-01      | Floating      | 9.95%                 | No            |                  2 | On Loan: No      |
| MAUSER PACKAGING SOLUTIONS HOLDING COMPANY   | MAUSER PACKAGING SOLUTIONS HOLDING CO 144A 7.875000% 08/15/2026         | CUSIP: 57763RAB3<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $998560.10    | 0.59%             | 2026-08-15      | Fixed         | 7.88%                 | 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      | $1672000.13   | 0.99%             | 2039-03-07      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| NAVIENT PRIVATE EDUCATION LOAN TRUST         | NAVIENT PRIVATE EDUCATION LOAN TRUST 2014-A NAVSL 2014-AA A3            | CUSIP: 63939CAD9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     66591 | PA      | $66607.19     | 0.04%             | 2031-10-15      | Floating      | 6.03%                 | No            |                  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        |    351841 | PA      | $352534.27    | 0.21%             | 2030-11-15      | Floating      | 6.13%                 | 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        |   1180497 | PA      | $1186093.63   | 0.70%             | 2040-07-16      | Floating      | 5.88%                 | 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        |   3014283 | PA      | $2907343.33   | 1.72%             | 2068-10-15      | Fixed         | 2.40%                 | No            |                  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        |   1979691 | PA      | $1781367.72   | 1.05%             | 2069-10-15      | Fixed         | 1.06%                 | Yes           |                  2 | On Loan: No      |
| 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        |   2862840 | PA      | $2561414.47   | 1.51%             | 2069-12-16      | Fixed         | 0.97%                 | 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      | $2251242.96   | 1.33%             | 2041-01-25      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| NEUBERGER BERMAN CLO LTD                     | NEUBERGER BERMAN CLO XV NEUB 2013-15A BR2                               | CUSIP: 64129KBG1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1499565.00   | 0.89%             | 2029-10-15      | Floating      | 5.87%                 | Yes           |                  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      | $1712702.48   | 1.01%             | 2033-01-28      | Fixed         | 4.55%                 | No            |                  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      | $1498978.50   | 0.88%             | 2031-04-22      | Floating      | 6.38%                 | 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        |    411084 | PA      | $412936.60    | 0.24%             | 2059-10-25      | Floating      | 5.53%                 | 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      | $1035621.42   | 0.61%             | 2029-06-12      | Fixed         | 5.58%                 | 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        |    267935 | PA      | $266292.11    | 0.16%             | 2028-02-15      | Fixed         | 1.53%                 | Yes           |                  2 | On Loan: No      |
| PRKCM TRUST                                  | PRKCM 2023-AFC3 TRUST PRKCM 2023-AFC3 A2                                | CUSIP: 693984AB2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   3618958 | PA      | $3652506.72   | 2.16%             | 2058-09-25      | Fixed         | 6.99%                 | Yes           |                  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        |   2636724 | PA      | $2609573.25   | 1.54%             | 2060-05-25      | Floating      | 2.51%                 | 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      | $1760690.91   | 1.04%             | 2031-09-30      | Fixed         | 5.62%                 | 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        |   1619305 | PA      | $1462965.67   | 0.86%             | 2047-08-25      | Floating      | 3.50%                 | 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        |   1943493 | PA      | $1692243.86   | 1.00%             | 2051-07-25      | Floating      | 2.00%                 | Yes           |                  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      | $1010718.05   | 0.60%             | 2031-09-01      | Fixed         | 4.80%                 | 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        |    830758 | PA      | $823581.53    | 0.49%             | 2055-03-25      | Floating      | 5.01%                 | No            |                  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      | $2233064.64   | 1.32%             | 2048-10-15      | Fixed         | 4.50%                 | 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        |    761760 | PA      | $757109.85    | 0.45%             | 2043-09-15      | Fixed         | 3.50%                 | 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        |   1000000 | PA      | $984705.40    | 0.58%             | 2041-06-17      | Fixed         | 3.50%                 | 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      | $2467390.35   | 1.46%             | 2053-01-15      | Fixed         | 3.00%                 | Yes           |                  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      | $2668772.65   | 1.58%             | 2028-05-15      | Floating      | 5.15%                 | No            |                  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      | $2033397.66   | 1.20%             | 2033-07-01      | Fixed         | 6.25%                 | 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      | $2481503.75   | 1.46%             | 2042-02-15      | Floating      | 5.75%                 | Yes           |                  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        |    933721 | PA      | $920649.19    | 0.54%             | 2058-03-25      | Floating      | 3.25%                 | No            |                  2 | On Loan: No      |
| United States of America                     | TREASURY BILL 0.000000% 08/12/2025                                      | CUSIP: 912797QJ9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3000000 | PA      | $2984943.45   | 1.76%             | 2025-08-12      | None          | 0.00%                 | No            |                  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      | $2461251.95   | 1.45%             | 2025-11-13      | None          | 0.00%                 | No            |                  2 | 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      | $5397649.57   | 3.19%             | 2025-12-11      | None          | 0.00%                 | 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      | $1503486.00   | 0.89%             | 2032-07-20      | Floating      | 6.93%                 | Yes           |                  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      | $1503645.00   | 0.89%             | 2033-10-20      | Floating      | 6.12%                 | Yes           |                  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      | $1436002.05   | 0.85%             | 2033-07-15      | Fixed         | 1.38%                 | 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        |    663088 | PA      | $662166.43    | 0.39%             | 2026-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| United States of America                     | US 5YR NOTE (CBT) SEP25 FINANCIAL COMMODITY FUTURE.                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |      -150 | NC      | $-16350000.00 | -9.65%            |  |  |  | No            |                  1 | On Loan: No      |
| U.S. BANCORP                                 | US BANCORP 2.491000% 11/03/2036                                         | CUSIP: 91159HJB7<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1697563.72   | 1.00%             | 2036-11-03      | Fixed         | 2.49%                 | 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      | $2055281.25   | 1.21%             | 2029-01-31      | Fixed         | 1.75%                 | 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      | $3011953.14   | 1.78%             | 2026-07-31      | Fixed         | 4.38%                 | 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        |   1228776 | PA      | $1241415.34   | 0.73%             | 2068-12-25      | Fixed         | 6.66%                 | Yes           |                  2 | On Loan: No      |
| WarnerMedia Holdings, Inc.                   | WARNERMEDIA HOLDINGS INC 5.141000% 03/15/2052                           | CUSIP: 55903VBE2<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1395000.00   | 0.82%             | 2052-03-15      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| N/A                                          | WELLS FARGO FUTURES COLLATERAL                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |    187500 | PA      | $187500.00    | 0.11%             |  |  |  | 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      |

### 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