# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0001752724-23-044354
**Filing Date:** 2023-2
**Character Count:** 35993
**Document Hash:** 9d8de72a4b3e857809ff0ffacc707deb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-044354.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-044354

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**PERIOD START**: 20221231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Advisors' Inner Circle Fund III
- **CENTRAL INDEX KEY:** 0001593547
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22920
- **FILM NUMBER:** 23679335

**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:** 2022-12-31

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $39696161.09

**Total Liabilities:** $54998.19

**Net Assets:** $39641162.90

**Cash Not Reported:** $3693.03

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -7.27447240 | **1-Year:** -257.95121736 | **5-Year:** -899.94109192 | **10-Year:** -2382.06432971 | **30-Year:** -4490.07419084

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

- **3-Month:** -83.96915798 | **1-Year:** -1552.23928781 | **5-Year:** -2621.71259698 | **10-Year:** -1131.03167351 | **30-Year:** -133.75832591

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000220871 | -1.11%               | 3.33%                | 4.14%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $156102.37               | $-709734.29                                |
| Month 2  | $-234275.54              | $1292503.31                                |
| Month 3  | $-88683.95               | $1510347.17                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| SOUTHERN COPPER CORPORATION                 | SOUTHERN COPPER CORP COMMON STOCK                                      | CUSIP: 84265V105<br>LEI: 2549007U6NAP46Q9TU15 | Long             | EC               |  | US        |      4935 | NS      | $298024.65    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| SNAP INC.                                   | SNAP INC 0.750000% 08/01/2026                                          | CUSIP: 83304AAB2<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | DBT              | CORP              | US        |    400000 | PA      | $338800.00    | 0.85%             | 2026-08-01      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| GRAHAM HOLDINGS COMPANY                     | GRAHAM HOLDINGS CO 144A 5.750000% 06/01/2026                           | CUSIP: 384637AA2<br>LEI: 529900BOSCEEEMAFQJ29 | Long             | DBT              | CORP              | US        |   1169000 | PA      | $1148659.40   | 2.90%             | 2026-06-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Ingles Markets, Incorporated                | INGLES MARKETS INC 144A 4.000000% 06/15/2031                           | CUSIP: 457030AK0<br>LEI: 549300XH5RYBMYP8TF26 | Long             | DBT              | CORP              | US        |   1559000 | PA      | $1311181.36   | 3.31%             | 2031-06-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| BRADY CORPORATION                           | BRADY CORPORATION - CL A COMMON STOCK                                  | CUSIP: 104674106<br>LEI: 549300G2LEQOFQC8GY34 | Long             | EC               |  | US        |      5610 | NS      | $264231.00    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE & CO.                        | JPMorgan Chase & Co PREFERRED STOCK                                    | CUSIP: 48128B549<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EP               |  | US        |     20000 | NS      | $376800.00    | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |
| Novartis AG                                 | NOVARTIS AG-SPONSORED ADR DEPOSITARY RECEIPT                           | CUSIP: 66987V109<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               |  | US        |      4120 | NS      | $373766.40    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERNATIONAL BUSINESS MACHINES CORPORATION | INTL BUSINESS MACHINES CORP COMMON STOCK                               | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               |  | US        |      2725 | NS      | $383925.25    | 0.97%             |  |  |  | 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        |    649000 | PA      | $509031.03    | 1.28%             | 2031-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FIRST MAJESTIC SILVER CORP.                 | FIRST MAJESTIC SILVER CORP COMMON STOCK                                | CUSIP: 32076V103<br>LEI: 529900PWCU5DUH1DYR51 | Long             | EC               |  | US        |     45280 | NS      | $377635.20    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| VISHAY INTERTECHNOLOGY, INC.                | VISHAY INTERTECHNOLOGY INC 2.250000% 06/15/2025                        | CUSIP: 928298AP3<br>LEI: 5493009O8F3QQJTCQR75 | Long             | DBT              | CORP              | US        |   1015000 | PA      | $979578.11    | 2.47%             | 2025-06-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| SERVICE CORPORATION INTERNATIONAL           | SERVICE CORP INTERNATIONAL/US 3.375000% 08/15/2030                     | CUSIP: 817565CF9<br>LEI: 549300RKVM2ME20JHZ15 | Long             | DBT              | CORP              | US        |   1433000 | PA      | $1164895.56   | 2.94%             | 2030-08-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| SPECTRIS PLC                                | SPECTRIS PLC COMMON STOCK                                              | CUSIP: G8338K104<br>LEI: 213800Z4CO2CZO3M3T10 | Long             | EC               |  | US        |     12650 | NS      | $456348.75    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| The Bank of New York Mellon Corporation     | BANK OF NEW YORK MELLON CORP COMMON STOCK                              | CUSIP: 064058100<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EC               |  | US        |      6550 | NS      | $298156.00    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| InterDigital Wireless, Inc.                 | INTERDIGITAL INC 2.000000% 06/01/2024                                  | CUSIP: 45867GAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1274000 | PA      | $1217466.25   | 3.07%             | 2024-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| IONIS PHARMACEUTICALS, INC.                 | IONIS PHARMACEUTICALS INC 0.125000% 12/15/2024                         | CUSIP: 462222AB6<br>LEI: 549300SI4ZGLG0BLUZ92 | Long             | DBT              | CORP              | US        |   1256000 | PA      | $1140573.60   | 2.88%             | 2024-12-15      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| MAGNOLIA OIL & GAS OPERATING LLC            | MAGNOLIA OIL & GAS OPERATING LLC / MAGNOLIA OIL & 6.000000% 08/01/2026 | CUSIP: 559665AA2<br>LEI: 984500CG376B0B99F016 | Long             | DBT              | CORP              | US        |    530000 | PA      | $508800.00    | 1.28%             | 2026-08-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| HEXPOL AB                                   | HEXPOL AB COMMON STOCK                                                 | CUSIP: W4580B159<br>LEI: 549300MN30TBRLYN3465 | Long             | EC               |  | US        |     18000 | NS      | $188820.00    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| SANOFI SA                                   | SANOFI-ADR DEPOSITARY RECEIPT                                          | CUSIP: 80105N105<br>LEI: 549300E9PC51EN656011 | Long             | EC               |  | US        |      4500 | NS      | $217935.00    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| MPLX LP                                     | MPLX LP PARTNERSHIP SHARES                                             | CUSIP: 55336V100<br>LEI: 5493000CZJ19CK4P3G36 | Long             | EC               |  | US        |      7540 | NS      | $247613.60    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Owens & Minor, Inc.                         | OWENS & MINOR INC 4.375000% 12/15/2024                                 | CUSIP: 690732AE2<br>LEI: 549300LMT5KQQXCEZ733 | Long             | DBT              | CORP              | US        |    957000 | PA      | $922001.91    | 2.33%             | 2024-12-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| HALOZYME THERAPEUTICS, INC.                 | HALOZYME THERAPEUTICS INC 0.250000% 03/01/2027                         | CUSIP: 40637HAD1<br>LEI: 529900242I3SV9AGM753 | Long             | DBT              | CORP              | US        |   1305000 | PA      | $1263403.13   | 3.19%             | 2027-03-01      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| SNAP INC.                                   | SNAP INC 0.250000% 05/01/2025                                          | CUSIP: 83304AAD8<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | DBT              | CORP              | US        |     26000 | PA      | $23517.00     | 0.06%             | 2025-05-01      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| ALPHABET INC.                               | ALPHABET INC 2.250000% 08/15/2060                                      | CUSIP: 02079KAG2<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |    571000 | PA      | $321665.87    | 0.81%             | 2060-08-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| REGENERON PHARMACEUTICALS, INC.             | REGENERON PHARMACEUTICALS INC 2.800000% 09/15/2050                     | CUSIP: 75886FAF4<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | DBT              | CORP              | US        |   1770000 | PA      | $1097769.61   | 2.77%             | 2050-09-15      | Fixed         | 2.80%                 | No            |                  2 | 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        |   1245000 | PA      | $1094043.75   | 2.76%             | 2029-06-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| LIGAND PHARMACEUTICALS INCORPORATED         | LIGAND PHARMACEUTICALS INC 0.750000% 05/15/2023                        | CUSIP: 53220KAF5<br>LEI: 5493008K7TB0IKP37H79 | Long             | DBT              | CORP              | US        |   1256000 | PA      | $1222245.00   | 3.08%             | 2023-05-15      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| FUTUREFUEL CORP.                            | FUTUREFUEL CORP COMMON STOCK                                           | CUSIP: 36116M106<br>LEI: 529900WYQZSMWFXLA845 | Long             | EC               |  | US        |     65444 | NS      | $532059.72    | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | BROWN BROTHERS HARRIMAN SWEEP INTEREST                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |   1245624 | PA      | $1245623.70   | 3.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Signet UK Finance plc                       | SIGNET UK FINANCE PLC 4.700000% 06/15/2024                             | CUSIP: 82671AAA1<br>LEI: 529900PWL7LM6UK07586 | Long             | DBT              | NUSS              | US        |    100000 | PA      | $97000.00     | 0.24%             | 2024-06-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| MACY'S RETAIL HOLDINGS, LLC                 | MACY'S RETAIL HOLDINGS LLC 7.000000% 02/15/2028                        | CUSIP: 55616XAC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    113000 | PA      | $110740.00    | 0.28%             | 2028-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| RPC, INC.                                   | RPC INC COMMON STOCK                                                   | CUSIP: 749660106<br>LEI: 549300ZDXAFBC3SB4918 | Long             | EC               |  | US        |     29586 | NS      | $263019.54    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| LSI INDUSTRIES INC.                         | LSI INDUSTRIES INC COMMON STOCK                                        | CUSIP: 50216C108<br>LEI: 529900HY42OANH6BVT33 | Long             | EC               |  | US        |     26540 | NS      | $324849.60    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| ARGAN, INC.                                 | ARGAN INC COMMON STOCK                                                 | CUSIP: 04010E109<br>LEI: 529900E4KZWBV9KGBS83 | Long             | EC               |  | US        |     13280 | NS      | $489766.40    | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| MACY'S RETAIL HOLDINGS, LLC                 | MACY'S RETAIL HOLDINGS LLC 4.300000% 02/15/2043                        | CUSIP: 55616XAJ6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    350000 | PA      | $210945.00    | 0.53%             | 2043-02-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| SUPERNUS PHARMACEUTICALS, INC.              | SUPERNUS PHARMACEUTICALS INC 0.625000% 04/01/2023                      | CUSIP: 868459AD0<br>LEI: 549300GRM36VBKISYJ58 | Long             | DBT              | CORP              | US        |    675000 | PA      | $663187.50    | 1.67%             | 2023-04-01      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| RICHARDSON ELECTRONICS, LTD.                | RICHARDSON ELEC LTD COMMON STOCK                                       | CUSIP: 763165107<br>LEI: N/A                  | Long             | EC               |  | US        |     11644 | NS      | $248366.52    | 0.63%             |  |  |  | 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      | $645473.35    | 1.63%             | 2050-10-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| SPOK HOLDINGS, INC.                         | SPOK HOLDINGS INC COMMON STOCK                                         | CUSIP: 84863T106<br>LEI: 549300HXXANIVN2ICC89 | Long             | EC               |  | US        |     59203 | NS      | $484872.57    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| ELECTRONIC ARTS INC.                        | ELECTRONIC ARTS INC 2.950000% 02/15/2051                               | CUSIP: 285512AF6<br>LEI: 549300O7A67PUEYKDL45 | Long             | DBT              | CORP              | US        |    425000 | PA      | $274205.95    | 0.69%             | 2051-02-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| UGI CORPORATION                             | UGI Corp PREFERRED STOCK                                               | CUSIP: 902681113<br>LEI: DX6GCWD4Q1JO9CRE5I40 | Long             | EP               |  | US        |      5645 | NS      | $487869.13    | 1.23%             |  |  |  | No            |                  2 | On Loan: No      |
| SNAP-ON INCORPORATED                        | SNAP-ON INC COMMON STOCK                                               | CUSIP: 833034101<br>LEI: HHWAT5TDOYZMM26KKQ73 | Long             | EC               |  | US        |      1265 | NS      | $289039.85    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORPORATION                 | Bank of America Corp PREFERRED STOCK                                   | CUSIP: 06055H400<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               |  | US        |     41870 | NS      | $734818.50    | 1.85%             |  |  |  | No            |                  2 | On Loan: No      |
| CHENIERE ENERGY, INC.                       | CHENIERE ENERGY INC 4.625000% 10/15/2028                               | CUSIP: 16411RAK5<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | DBT              | CORP              | US        |    514000 | PA      | $464587.82    | 1.17%             | 2028-10-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| AMPHENOL CORPORATION                        | AMPHENOL CORP 2.200000% 09/15/2031                                     | CUSIP: 032095AL5<br>LEI: 549300D3L3G0R4U4VT04 | Long             | DBT              | CORP              | US        |     41000 | PA      | $32481.08     | 0.08%             | 2031-09-15      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| Koninklijke Philips N.V.                    | KONINKLIJKE PHILIPS NVR- NY DEPOSITARY RECEIPT                         | CUSIP: 500472303<br>LEI: H1FJE8H61JGM1JSGM897 | Long             | EC               |  | US        |      9300 | NS      | $139407.00    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Jazz Investments I Limited                  | JAZZ INVESTMENTS I LTD 1.500000% 08/15/2024                            | CUSIP: 472145AD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    515000 | PA      | $506953.13    | 1.28%             | 2024-08-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| HF SINCLAIR CORPORATION                     | HF SINCLAIR CORP COMMON STOCK                                          | CUSIP: 403949100<br>LEI: N/A                  | Long             | EC               |  | US        |      2425 | NS      | $125833.25    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| MURPHY OIL USA, INC.                        | MURPHY OIL USA INC 4.750000% 09/15/2029                                | CUSIP: 626738AE8<br>LEI: N32S6DTR2ZZ5222WHV58 | Long             | DBT              | CORP              | US        |    864000 | PA      | $790585.92    | 1.99%             | 2029-09-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Suncor Energy Inc.                          | SUNCOR ENERGY INC COMMON STOCK                                         | CUSIP: 867224107<br>LEI: 549300W70ZOQDVLCHY06 | Long             | EC               |  | US        |      5890 | NS      | $186889.70    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| HOLOGIC, INC.                               | HOLOGIC INC 144A 4.625000% 02/01/2028                                  | CUSIP: 436440AM3<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | DBT              | CORP              | US        |    100000 | PA      | $94229.50     | 0.24%             | 2028-02-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| UTAH MEDICAL PRODUCTS, INC.                 | UTAH MEDICAL PRODUCTS INC COMMON STOCK                                 | CUSIP: 917488108<br>LEI: 5493002R27BBGV8DID60 | Long             | EC               |  | US        |      2300 | NS      | $231219.00    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| GRAFTECH INTERNATIONAL LTD.                 | GRAFTECH INTERNATIONAL LTD COMMON STOCK                                | CUSIP: 384313508<br>LEI: 549300GY32W00XP57351 | Long             | EC               |  | US        |     42000 | NS      | $199920.00    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| EVOLUTION PETROLEUM CORPORATION             | EVOLUTION PETROLEUM CORP COMMON STOCK                                  | CUSIP: 30049A107<br>LEI: 549300P9ZXGJZ6SSM116 | Long             | EC               |  | US        |     51668 | NS      | $390093.40    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| JOHN BEAN TECHNOLOGIES CORPORATION          | JOHN BEAN TECHNOLOGIES CORP 0.250000% 05/15/2026                       | CUSIP: 477839AB0<br>LEI: 5493007CT6ATBZ2L6826 | Long             | DBT              | CORP              | US        |    500000 | PA      | $429250.00    | 1.08%             | 2026-05-15      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| ACTIVISION BLIZZARD, INC.                   | ACTIVISION BLIZZARD INC 2.500000% 09/15/2050                           | CUSIP: 00507VAQ2<br>LEI: 549300TPQQDBP9GNOF40 | Long             | DBT              | CORP              | US        |   1040000 | PA      | $638665.65    | 1.61%             | 2050-09-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FREEPORT-MCMORAN INC.                       | FREEPORT-MCMORAN INC 4.550000% 11/14/2024                              | CUSIP: 35671DBL8<br>LEI: 549300IRDTHJQ1PVET45 | Long             | DBT              | CORP              | US        |    410000 | PA      | $403961.49    | 1.02%             | 2024-11-14      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| GARRETT MOTION INC.                         | Garrett Motion Inc PREFERRED STOCK                                     | CUSIP: 366505204<br>LEI: 549300LS5WT7EMBNV724 | Long             | EP               |  | CH        |     44986 | NS      | $391378.20    | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| OIL-DRI CORPORATION OF AMERICA              | OIL-DRI CORP OF AMERICA COMMON STOCK                                   | CUSIP: 677864100<br>LEI: 549300RSG5KPUH16WH66 | Long             | EC               |  | US        |      4617 | NS      | $154854.18    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| KEYSIGHT TECHNOLOGIES, INC.                 | KEYSIGHT TECHNOLOGIES INC 4.550000% 10/30/2024                         | CUSIP: 49338LAB9<br>LEI: 549300GLKVIO8YRCYN02 | Long             | DBT              | CORP              | US        |    675000 | PA      | $664642.74    | 1.68%             | 2024-10-30      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| VISTRA CORP.                                | Vistra Corp. COMMON STOCK                                              | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               |  | US        |      8705 | NS      | $201956.00    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| ALLEGION US HOLDING COMPANY INC.            | ALLEGION US HOLDING CO INC 3.200000% 10/01/2024                        | CUSIP: 01748NAD6<br>LEI: 5493002B66JX7J7SXI33 | Long             | DBT              | CORP              | US        |     24000 | PA      | $23079.10     | 0.06%             | 2024-10-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| CADENCE DESIGN SYSTEMS, INC.                | CADENCE DESIGN SYSTEMS INC 4.375000% 10/15/2024                        | CUSIP: 127387AL2<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | DBT              | CORP              | US        |     93000 | PA      | $92243.00     | 0.23%             | 2024-10-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| VERISIGN, INC.                              | VERISIGN INC 4.750000% 07/15/2027                                      | CUSIP: 92343EAL6<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | DBT              | CORP              | US        |    367000 | PA      | $354241.29    | 0.89%             | 2027-07-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| HAYNES INTERNATIONAL, INC.                  | HAYNES INTERNATIONAL INC COMMON STOCK                                  | CUSIP: 420877201<br>LEI: 549300I9MS5UZLRFDO40 | Long             | EC               |  | US        |      4300 | NS      | $196467.00    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| MACY'S RETAIL HOLDINGS, LLC                 | MACY'S RETAIL HOLDINGS LLC 5.125000% 01/15/2042                        | CUSIP: 55616XAG2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $163357.60    | 0.41%             | 2042-01-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| HEALTHCARE SERVICES GROUP, INC.             | HEALTHCARE SERVICES GROUP COMMON STOCK                                 | CUSIP: 421906108<br>LEI: 529900GVZ1D2FBYMS719 | Long             | EC               |  | US        |      7770 | NS      | $93240.00     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortitude Gold Corp                         | FORTITUDE GOLD CORP COMMON STOCK                                       | CUSIP: 34962K100<br>LEI: N/A                  | Long             | EC               |  | US        |     78801 | NS      | $434193.51    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| MURPHY OIL USA, INC.                        | MURPHY OIL USA INC 5.625000% 05/01/2027                                | CUSIP: 626738AD0<br>LEI: N32S6DTR2ZZ5222WHV58 | Long             | DBT              | CORP              | US        |    246000 | PA      | $238868.46    | 0.60%             | 2027-05-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CHASE CORPORATION                           | CHASE CORP COMMON STOCK                                                | CUSIP: 16150R104<br>LEI: N/A                  | Long             | EC               |  | US        |      1550 | NS      | $133703.00    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| TENARIS S.A.                                | TENARIS SA-ADR DEPOSITARY RECEIPT                                      | CUSIP: 88031M109<br>LEI: 549300Y7C05BKC4HZB40 | Long             | EC               |  | US        |      9430 | NS      | $331558.80    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| GENERAL ELECTRIC COMPANY                    | GENERAL ELECTRIC CO COMMON STOCK                                       | CUSIP: 369604301<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | EC               |  | US        |      2300 | NS      | $192717.00    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| HORIZON THERAPEUTICS USA, INC.              | HORIZON THERAPEUTICS USA INC 144A 5.500000% 08/01/2027                 | CUSIP: 44055PAA4<br>LEI: 254900IS87RLPXY88S03 | Long             | DBT              | CORP              | US        |    800000 | PA      | $821200.00    | 2.07%             | 2027-08-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| KORN FERRY                                  | KORN FERRY 144A 4.625000% 12/15/2027                                   | CUSIP: 50067PAA7<br>LEI: 549300FOD20OM0GT5G40 | Long             | DBT              | CORP              | US        |    896000 | PA      | $825224.96    | 2.08%             | 2027-12-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| ARTISAN PARTNERS ASSET MANAGEMENT INC.      | ARTISAN PARTNERS ASSET MA -A COMMON STOCK                              | CUSIP: 04316A108<br>LEI: 549300T1FUI6JF63XU51 | Long             | EC               |  | US        |      8750 | NS      | $259875.00    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| COMPASS MINERALS INTERNATIONAL, INC.        | COMPASS MINERALS INTERNATIONAL INC 144A 4.875000% 07/15/2024           | CUSIP: 20451NAE1<br>LEI: 2549008X9G8XP7YJGC47 | Long             | DBT              | CORP              | US        |    727000 | PA      | $698828.75    | 1.76%             | 2024-07-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| TURNING POINT BRANDS, INC.                  | TURNING POINT BRANDS INC 2.500000% 07/15/2024                          | CUSIP: 90041LAE5<br>LEI: 549300IYG00QF0VVP302 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1107686.13   | 2.79%             | 2024-07-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| VERISIGN, INC.                              | VERISIGN INC 2.700000% 06/15/2031                                      | CUSIP: 92343EAM4<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | DBT              | CORP              | US        |    400000 | PA      | $325766.58    | 0.82%             | 2031-06-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| ELECTRONIC ARTS INC.                        | ELECTRONIC ARTS INC 1.850000% 02/15/2031                               | CUSIP: 285512AE9<br>LEI: 549300O7A67PUEYKDL45 | Long             | DBT              | CORP              | US        |    337000 | PA      | $264877.49    | 0.67%             | 2031-02-15      | Fixed         | 1.85%                 | No            |                  2 | On Loan: No      |
| HOLOGIC, INC.                               | HOLOGIC INC 144A 3.250000% 02/15/2029                                  | CUSIP: 436440AP6<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | DBT              | CORP              | US        |    205000 | PA      | $176032.77    | 0.44%             | 2029-02-15      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| ROYALTY PHARMA PLC                          | ROYALTY PHARMA PLC 3.550000% 09/02/2050                                | CUSIP: 78081BAM5<br>LEI: 549300FGFN7VOK8BZR03 | Long             | DBT              | NUSS              | US        |   1635000 | PA      | $1044852.46   | 2.64%             | 2050-09-02      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| NORDIC AMERICAN TANKERS LIMITED             | NORDIC AMERICAN TANKERS LTD COMMON STOCK                               | CUSIP: G65773106<br>LEI: 213800W4T8AMPKIPIU94 | Long             | EC               |  | US        |     66500 | NS      | $203490.00    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| NVE Corporation                             | NVE CORP COMMON STOCK                                                  | CUSIP: 629445206<br>LEI: 5299003C1ATTWX8X0112 | Long             | EC               |  | US        |      6413 | NS      | $415241.75    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Hasbro, Inc.                                | HASBRO INC COMMON STOCK                                                | CUSIP: 418056107<br>LEI: 549300NUB6D2R1ITYR45 | Long             | EC               |  | US        |      2350 | NS      | $143373.50    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2022-12-31

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

**Signature:** Andy Metzger

**Name of Signer:** Andy Metzger

**Title:** CFO