# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0002048251-26-004384
**Filing Date:** 2026-5
**Character Count:** 28124
**Document Hash:** 9c65413a99940925807b7fd1c563b97a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-26-004384.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0002048251-26-004384

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260528

**DATE AS OF CHANGE**: 20260528

**PERIOD START**: 20260930

**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:** 261030737

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

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

## Series and Classes Contracts Data

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** OAKS

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19456

  - **Telephone number:** 8774463863

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

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

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

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

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

- **a. Date of fiscal year-end:** 2026-09-30

- **b. Date as of which information is reported:** 2026-03-31

**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:** $66683495.65

**Total Liabilities:** $176947.44

**Net Assets:** $66506548.21

**Cash Not Reported:** $32.92

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000223442 | -8.03%               | -0.96%               | 3.77%                |
| Class ID C000223441 | -13.35%              | -6.69%               | -2.22%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $576026.04               | $-6588879.01                               |
| Month 2  | $21827.78                | $-878606.44                                |
| Month 3  | $625499.72               | $2239020.47                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| U-Haul Holding Company                        | U-HAUL HOLDING CO-NON VOTING COMMON STOCK                              | CUSIP: N/A<br>LEI: 5493003WIDMLDHYC6Y24       | Long             | EC               |  | US        |     27126 | NS      | $1211718.42   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association         | FANNIE MAE REMICS FNR 2012-93 SW                                       | CUSIP: 3136A8FY1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     10220 | PA      | $1099.58      | 0.00%             | 2042-09-25      | Floating      | 2.32%                 | No            |                  2 | On Loan: No      |
| IHEARTCOMMUNICATIONS, INC.                    | IHEARTCOMMUNICATIONS INC 8.375000% 05/01/2027                          | CUSIP: 45174HBD8<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |       132 | PA      | $116.16       | 0.00%             | 2027-05-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CORPORATION             | CAPITAL ONE FINANCIAL CORP COMMON STOCK                                | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               |  | US        |      3385 | NS      | $617450.24    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Entain plc                                    | ENTAIN PLC COMMON STOCK                                                | CUSIP: N/A<br>LEI: 213800GNI3K45LQR8L28       | Long             | EC               |  | GB        |    230088 | NS      | $1702175.44   | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                      | US TREASURY N/B 4.625000% 04/30/2031                                   | CUSIP: 91282CKN0<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |    525000 | PA      | $540585.94    | 0.81%             | 2031-04-30      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| EXOR N.V.                                     | EXOR NV COMMON STOCK                                                   | CUSIP: N/A<br>LEI: 5493002ENHZ6NYET7405       | Long             | EC               |  | NL        |     26350 | NS      | $1993176.06   | 3.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CANAL+ SA                                     | CANAL+SA COMMON STOCK                                                  | CUSIP: N/A<br>LEI: 9695000537F9F73BXN18       | Long             | EC               |  | GB        |    799995 | NS      | $2108331.59   | 3.17%             |  |  |  | No            |                  1 | On Loan: No      |
| FAIRFAX INDIA HOLDINGS CORPORATION            | FAIRFAX INDIA HO-SUB VTG SHS COMMON STOCK                              | CUSIP: 303897102<br>LEI: 549300K2JHXU7AX7CV78 | Long             | EC               |  | US        |    100775 | NS      | $1622477.50   | 2.44%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Keweenaw Land Association Ltd                 | KEWEENAW LAND ASSOCIATION LT COMMON STOCK                              | CUSIP: 493026108<br>LEI: N/A                  | Long             | EC               |  | US        |     52595 | NS      | $2616601.25   | 3.93%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                      | US TREASURY N/B 3.875000% 08/15/2033                                   | CUSIP: 91282CHT1<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   2750000 | PA      | $2699619.15   | 4.06%             | 2033-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association         | FANNIE MAE POOL FN AI4818                                              | CUSIP: 3138AJK84<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     17701 | PA      | $17889.28     | 0.03%             | 2041-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association         | FANNIE MAE POOL FN AS1770                                              | CUSIP: 3138WA6G7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     18265 | PA      | $17620.11     | 0.03%             | 2044-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association         | FANNIE MAE POOL FN AT2721                                              | CUSIP: 3138WQAX0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     53314 | PA      | $48833.25     | 0.07%             | 2043-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| United States of America                      | TREASURY BILL 0.000000% 05/26/2026                                     | CUSIP: 912797TT4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    750000 | PA      | $745823.50    | 1.12%             | 2026-05-26      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE PRODUCTS PARTNERS L.P.             | ENTERPRISE PRODUCTS PARTNERS PARTNERSHIP SHARES                        | CUSIP: 293792107<br>LEI: K4CDIF4M54DJZ6TB4Q48 | Long             | EC               |  | US        |     15670 | NS      | $592952.80    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association         | FANNIE MAE POOL FN AH3401                                              | CUSIP: 3138A4X75<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     16437 | PA      | $16266.90     | 0.02%             | 2041-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PERSHING SQUARE TONTINE - ESCROW              | PERSHING SQUARE TONTINE - ESCROW SPECIAL PURPOSE ACQUISITION COMPANIES | CUSIP: 715ESC018<br>LEI: N/A                  | Long             | EC               |  | US        |     42443 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| SCHOLASTIC CORPORATION                        | SCHOLASTIC CORP COMMON STOCK                                           | CUSIP: 807066105<br>LEI: N/A                  | Long             | EC               |  | US        |     12171 | NS      | $475399.26    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Koninklijke Philips N.V.                      | KONINKLIJKE PHILIPS NVR- NY DEPOSITARY RECEIPT                         | CUSIP: 500472303<br>LEI: H1FJE8H61JGM1JSGM897 | Long             | EC               |  | US        |     43175 | NS      | $1182995.00   | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association         | FANNIE MAE POOL FN AE7731                                              | CUSIP: 31419JSV1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     11936 | PA      | $11812.52     | 0.02%             | 2040-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ALPHABET INC.                                 | ALPHABET INC-CL A COMMON STOCK                                         | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               |  | US        |      9700 | NS      | $2789332.00   | 4.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association 2    | GINNIE MAE II POOL G2 4978                                             | CUSIP: 36202FQ74<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |      4754 | PA      | $4713.40      | 0.01%             | 2041-03-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PRAIRIESKY ROYALTY LTD.                       | PRAIRIESKY ROYALTY LTD COMMON STOCK                                    | CUSIP: 739721108<br>LEI: 529900AXG582AP7CV733 | Long             | EC               |  | CA        |    128528 | NS      | $2965570.28   | 4.46%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERNATIONAL WORKPLACE GROUP PLC             | INTERNATIONAL WORKPLACE GROU COMMON STOCK                              | CUSIP: G4969N103<br>LEI: 2138003LWDII27UTAG52 | Long             | EC               |  | US        |     21500 | NS      | $51170.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                      | US TREASURY N/B 1.375000% 08/15/2050                                   | CUSIP: 912810SP4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $977968.76    | 1.47%             | 2050-08-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| TANDY LEATHER FACTORY, INC.                   | TANDY LEATHER FACTORY INC COMMON STOCK                                 | CUSIP: 87538X105<br>LEI: 549300XB36MQTBM8UQ34 | Long             | EC               |  | US        |    170027 | NS      | $392762.37    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| COMPAGNIE DE L'ODET SE                        | COMPAGNIE DE L'ODET SA COMMON STOCK                                    | CUSIP: N/A<br>LEI: 9695005PEG4IL375U849       | Long             | EC               |  | FR        |      4398 | NS      | $6567355.69   | 9.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association 2    | GINNIE MAE II POOL G2 MA1012                                           | CUSIP: 36179NDR6<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |     29033 | PA      | $27514.23     | 0.04%             | 2043-05-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| NATURAL RESOURCE PARTNERS L.P.                | NATURAL RESOURCE PARTNERS LP PARTNERSHIP SHARES                        | CUSIP: 63900P608<br>LEI: 529900EECJ7CSX1S1S58 | Long             | EC               |  | US        |      5296 | NS      | $640816.00    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association 2    | GINNIE MAE II POOL G2 4696                                             | CUSIP: 36202FGD2<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |      6031 | PA      | $5981.21      | 0.01%             | 2040-05-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FORMULA ONE GROUP                             | LIBERTY MEDIA CORP-FORMULA-A COMMON STOCK                              | CUSIP: 531229771<br>LEI: 549300ZKUTPIBZLWLL89 | Long             | EC               |  | US        |     21599 | NS      | $1686449.92   | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association         | FANNIE MAE POOL FN AD1593                                              | CUSIP: 31418NXX3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |      3371 | PA      | $3335.80      | 0.01%             | 2040-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Nintendo Co., Ltd.                            | NINTENDO CO LTD-UNSPONS ADR DEPOSITARY RECEIPT                         | CUSIP: 654445303<br>LEI: 353800FEEXU6I9M0ZF27 | Long             | EC               |  | US        |     22739 | NS      | $324940.31    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association 2    | GINNIE MAE II POOL G2 MA0935                                           | CUSIP: 36179NBC1<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |     17326 | PA      | $16553.28     | 0.02%             | 2043-04-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BURFORD CAPITAL LIMITED                       | BURFORD CAPITAL LTD COMMON STOCK                                       | CUSIP: G17977110<br>LEI: 549300FUKUWFYJMT2277 | Long             | EC               |  | US        |    363129 | NS      | $1641343.08   | 2.47%             |  |  |  | No            |                  1 | On Loan: No      |
| DSV A/S                                       | DSV A/S COMMON STOCK                                                   | CUSIP: N/A<br>LEI: 529900X41C0BSLK67H70       | Long             | EC               |  | DK        |      9560 | NS      | $2256816.85   | 3.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association         | FANNIE MAE INTEREST STRIP FNS 354 1                                    | CUSIP: 3136FCMA1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |       892 | PA      | $768.71       | 0.00%             | 2034-12-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| INTERNATIONAL WORKPLACE GROUP PLC             | INTERNATIONAL WORKPLACE GROU COMMON STOCK                              | CUSIP: N/A<br>LEI: 2138003LWDII27UTAG52       | Long             | EC               |  | GB        |   1031519 | NS      | $2379110.05   | 3.58%             |  |  |  | No            |                  1 | On Loan: No      |
| FEDERAL FARM CREDIT BANKS FUNDING CORPORATION | FEDERAL FARM CREDIT BANK 2.870000% 02/25/2030                          | CUSIP: 3133ENPL8<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGA              | US        |    500000 | PA      | $480026.90    | 0.72%             | 2030-02-25      | Fixed         | 2.87%                 | No            |                  2 | On Loan: No      |
| THE FEDERAL HOME LOAN BANKS                   | FEDERAL HOME LOAN BANK 2.500000% 03/18/2038                            | CUSIP: 3130AJBL2<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    300000 | PA      | $233944.43    | 0.35%             | 2038-03-18      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2    | GINNIE MAE II POOL G2 783755                                           | CUSIP: 3622A2E40<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |     16047 | PA      | $14697.15     | 0.02%             | 2043-04-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CME GROUP INC.                                | CME GROUP INC COMMON STOCK                                             | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               |  | US        |      2400 | NS      | $708840.00    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                      | US TREASURY N/B 1.875000% 02/15/2032                                   | CUSIP: 91282CDY4<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   1200000 | PA      | $1064109.37   | 1.60%             | 2032-02-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                   | FREDDIE MAC GOLD POOL FG Q01533                                        | CUSIP: 3132GEV23<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |     15803 | PA      | $15991.49     | 0.02%             | 2041-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIVENDI SE                                    | VIVENDI SE COMMON STOCK                                                | CUSIP: N/A<br>LEI: 969500FU4DRAEVJW7U54       | Long             | EC               |  | FR        |    430917 | NS      | $881297.02    | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association         | FANNIE MAE POOL FN AB7964                                              | CUSIP: 31417EZ61<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     31365 | PA      | $29617.79     | 0.04%             | 2043-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Nintendo Co., Ltd.                            | NINTENDO CO LTD COMMON STOCK                                           | CUSIP: N/A<br>LEI: 353800FEEXU6I9M0ZF27       | Long             | EC               |  | JP        |      6000 | NS      | $330944.75    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association         | FANNIE MAE POOL FN AR6834                                              | CUSIP: 3138W4SY8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     30151 | PA      | $27617.51     | 0.04%             | 2043-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BERKSHIRE HATHAWAY INC.                       | BERKSHIRE HATHAWAY INC-CL B COMMON STOCK                               | CUSIP: N/A<br>LEI: 5493000C01ZX7D35SD85       | Long             | EC               |  | US        |      5055 | NS      | $2422356.00   | 3.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Joint Corp                                    | JOINT CORP/THE COMMON STOCK                                            | CUSIP: 47973J102<br>LEI: N/A                  | Long             | EC               |  | US        |    304421 | NS      | $2694125.85   | 4.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association         | FANNIE MAE POOL FN AB6858                                              | CUSIP: 31417DTQ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     33846 | PA      | $31866.87     | 0.05%             | 2042-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BEAR STEARNS ASSET BACKED SECURITIES INC      | BEAR STEARNS ASSET BACKED SECURITIES TRUST 2003-AB BSABS 2003-ABF1 A   | CUSIP: 07384YLE4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |         1 | PA      | $0.78         | 0.00%             | 2034-01-25      | Floating      | 4.53%                 | No            |                  2 | On Loan: No      |
| The Swatch Group Ltd                          | SWATCH GROUP AG/THE-BR COMMON STOCK                                    | CUSIP: N/A<br>LEI: 529900NTES2LEON1JZ55       | Long             | EC               |  | CH        |      4000 | NS      | $863667.48    | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                      | US TREASURY N/B 0.875000% 11/15/2030                                   | CUSIP: 91282CAV3<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   5815000 | PA      | $5068135.94   | 7.62%             | 2030-11-15      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| IHEARTCOMMUNICATIONS, INC.                    | IHEARTCOMMUNICATIONS INC 6.375000% 05/01/2026                          | CUSIP: 45174HBC0<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |       545 | PA      | $528.65       | 0.00%             | 2026-05-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association         | FANNIE MAE POOL FN AB9550                                              | CUSIP: 31417GTG1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     62440 | PA      | $57153.31     | 0.09%             | 2043-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| DELTA AIR LINES, INC.                         | DELTA AIR LINES INC COMMON STOCK                                       | CUSIP: 247361702<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | EC               |  | US        |      1350 | NS      | $89748.00     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| LAGARDERE SA                                  | LAGARDERE SA COMMON STOCK                                              | CUSIP: N/A<br>LEI: 969500VX2NV2AQQ65G45       | Long             | EC               |  | FR        |    186533 | NS      | $3868641.55   | 5.82%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                           | BROWN BROTHERS HARRIMAN SWEEP INTEREST                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |    754564 | PA      | $754563.68    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association 2    | GINNIE MAE II POOL G2 4922                                             | CUSIP: 36202FPF7<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |     14015 | PA      | $13488.80     | 0.02%             | 2041-01-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2    | GINNIE MAE II POOL G2 MA1089                                           | CUSIP: 36179NF60<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |     12044 | PA      | $11022.70     | 0.02%             | 2043-06-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PERSHING SQUARE WARRANTS                      | PERSHING SQUARE WARRANTS EXPIRE 12/31/2049                             | CUSIP: 714920113<br>LEI: N/A                  | Long             | EC               |  | US        |     10610 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| BOLLORE SE                                    | BOLLORE SE COMMON STOCK                                                | CUSIP: N/A<br>LEI: 969500LEKCHH6VV86P94       | Long             | EC               |  | FR        |   1003284 | NS      | $5662040.59   | 8.51%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-03-31

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

**Signature:** Andrew Metzger

**Name of Signer:** Andrew Metzger

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