# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0002048251-25-002399
**Filing Date:** 2025-11
**Character Count:** 77217
**Document Hash:** e4aaab4e1166ae820439bf69e2f8e7f8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-25-002399.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0002048251-25-002399

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Advisors' Inner Circle Fund III
- **CENTRAL INDEX KEY:** 0001593547

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22920
- **FILM NUMBER:** 251516148

**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           |

## Nport-Ex

---

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

---

---

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

---

---

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

---

---

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

---

MORTGAGE-BACKED SECURITIES — continued

---

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

---

---

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

---

MORTGAGE-BACKED SECURITIES — continued

---

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

---

---

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

---

CORPORATE OBLIGATIONS — continued

---

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

---

---

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

---

CORPORATE OBLIGATIONS — continued

---

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

---

---

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

---

ASSET-BACKED SECURITIES — 17.0%

---

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

---

---

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

---

ASSET-BACKED SECURITIES — continued

---

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

---

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

---

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

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(B) Securities
 sold within terms of a private placement memorandum, exempt from registration under Section
 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that
 program or other "accredited investors". The total value of such securities
 as of September 30, 2025 was $74,750,805 and represents 43.5% of Net Assets.

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

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

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

ABS — Asset-Backed Security

Cl — Class

CLO — Collateralized Loan Obligation

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

FREMF — Freddie Mac Multi-Family

GNMA — Government National Mortgage Association

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

MTN — Medium Term Note

Ser — Series

SOFR — Secured Overnight Financing

SOFR30A — Secured Overnight Financing Rate 30-Day Average

SOFRRATE — Secured Overnight Financing Rate

TSFR1M — Term Secured Overnight Financing Rate 1 Month Average

TSFR3M — Term Secured Overnight Financing Rate 3 Month Average

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

---

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

---

PNN-QH-001-1500

---

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

---

SCHEDULE OF INVESTMENTS<br> COMMON STOCK — 36.3%

---

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

---

---

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

---

COMMON STOCK — continued

---

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

---

---

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

---

COMMON STOCK — continued

---

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

---

U.S. TREASURY OBLIGATIONS — 35.0%

---

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

---

---

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

---

CORPORATE OBLIGATIONS — continued

---

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

---

---

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

---

CORPORATE OBLIGATIONS — continued

---

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

---

PREFERRED STOCK — 4.8%

---

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

---

CONVERTIBLE BONDS — 4.0%

---

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

---

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

---

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

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(B) Securities
 sold within terms of a private placement memorandum, exempt from registration under Section
 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that
 program or other "accredited investors". The total value of such securities
 as of September 30, 2025 was $6,064,597 and represents 7.7% of Net Assets.

ADR — American Depositary Receipt

Cl — Class

CV — Convertible Security

PNN-QH-001-1500

### Attached PDF Documents

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

_No text found in this document._

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** OAKS

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19456

  - **Telephone number:** 8774463863

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

- **a. Name of Series:** Penn Mutual AM 1847 Income Fund

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

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

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

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

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $78442632.20

**Total Liabilities:** $68092.60

**Net Assets:** $78374539.60

**Cash Not Reported:** $16263.93

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -16.55086598 | **1-Year:** -91.73937828 | **5-Year:** -774.36008996 | **10-Year:** -1927.76630927 | **30-Year:** -1337.14216026

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

- **3-Month:** -22.20965164 | **1-Year:** -1099.08630401 | **5-Year:** -2531.07366512 | **10-Year:** -2298.19988222 | **30-Year:** -828.21342046

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000220871 | 1.63%                | 1.72%                | 1.06%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $679129.00               | $310454.89                                 |
| Month 2  | $141503.93               | $825786.25                                 |
| Month 3  | $26313.55                | $814860.37                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| MercadoLibre, Inc.                           | MERCADOLIBRE INC 3.125000% 01/14/2031                                    | CUSIP: 58733RAF9<br>LEI: 549300DKPDN9M5S8GB14 | Long             | DBT              | CORP              | BR        |    400000 | PA      | $369695.84    | 0.47%             | 2031-01-14      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| United States of America                     | US TREASURY N/B 2.250000% 11/15/2025                                     | CUSIP: 912828M56<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   3705000 | PA      | $3697184.75   | 4.72%             | 2025-11-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| CARRIAGE SERVICES, INC.                      | CARRIAGE SERVICES INC COMMON STOCK                                       | CUSIP: 143905107<br>LEI: N/A                  | Long             | EC               |  | US        |     18468 | NS      | $822564.72    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| MARTIN MIDSTREAM PARTNERS L.P.               | MARTIN MIDSTREAM PARTNERS LP / MARTIN MIDSTREAM FI 11.500000% 02/15/2028 | CUSIP: 573334AK5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $531777.50    | 0.68%             | 2028-02-15      | Fixed         | 11.50%                | Yes           |                  2 | On Loan: No      |
| SMITH & NEPHEW PLC                           | SMITH & NEPHEW PLC -SPON ADR DEPOSITARY RECEIPT                          | CUSIP: 83175M205<br>LEI: 213800ZTMDN8S67S1H61 | Long             | EC               |  | US        |     13325 | NS      | $483564.25    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| SKYWORKS SOLUTIONS, INC.                     | SKYWORKS SOLUTIONS INC 3.000000% 06/01/2031                              | CUSIP: 83088MAL6<br>LEI: 549300WZ3ORQ2BVKBD96 | Long             | DBT              | CORP              | US        |    749000 | PA      | $677827.35    | 0.86%             | 2031-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Cracker Barrel Old Country Store, Inc.       | CRACKER BARREL OLD COUNTRY COMMON STOCK                                  | CUSIP: 22410J106<br>LEI: 8P4PHQIUWPIECBFBW745 | Long             | EC               |  | US        |      6900 | NS      | $304014.00    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                     | US TREASURY N/B 2.250000% 03/31/2026                                     | CUSIP: 9128286L9<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   2000000 | PA      | $1984531.24   | 2.53%             | 2026-03-31      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| DEVON ENERGY CORPORATION                     | DEVON ENERGY CORP COMMON STOCK                                           | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               |  | US        |     11550 | NS      | $404943.00    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                     | TREASURY BILL 0.000000% 12/04/2025                                       | CUSIP: 912797QS9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    650000 | PA      | $645495.79    | 0.82%             | 2025-12-04      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SUN COMMUNITIES, INC.                        | SUN COMMUNITIES INC REIT                                                 | CUSIP: 866674104<br>LEI: 549300H5GEOJYN41ZG57 | Long             | EC               |  | US        |      2785 | NS      | $359265.00    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| IMMERSION CORPORATION                        | IMMERSION CORPORATION COMMON STOCK                                       | CUSIP: 452521107<br>LEI: 529900AKNC1UAMQ2YB35 | Long             | EC               |  | US        |    104000 | NS      | $763360.00    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| GEN DIGITAL INC.                             | GEN DIGITAL INC COMMON STOCK                                             | CUSIP: 668771108<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | EC               |  | US        |     13000 | NS      | $369070.00    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Ship Lease, Inc.                      | GLOBAL SHIP LEASE INC-CL A COMMON STOCK                                  | CUSIP: Y27183600<br>LEI: 254900GLZ0J5N8UZM071 | Long             | EC               |  | US        |     15000 | NS      | $460500.00    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| TATE & LYLE PUBLIC LIMITED COMPANY           | TATE & LYLE PLC-SPONS ADR DEPOSITARY RECEIPT                             | CUSIP: 876570706<br>LEI: 2138008K14474WPKZ244 | Long             | EC               |  | US        |     18525 | NS      | $457197.00    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| APTIV SWISS HOLDINGS LIMITED                 | APTIV SWISS HOLDINGS LTD 5.750000% 09/13/2054                            | CUSIP: 03837AAC4<br>LEI: N/A                  | Long             | DBT              | NUSS              | US        |   1000000 | PA      | $954129.15    | 1.22%             | 2054-09-13      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MINES AGNICO EAGLE LIMITEE                   | AGNICO EAGLE MINES LTD COMMON STOCK                                      | CUSIP: N/A<br>LEI: 254900BFJ2DOHPMEXN45       | Long             | EC               |  | US        |      4700 | NS      | $792232.00    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| KEURIG DR PEPPER INC.                        | KEURIG DR PEPPER INC COMMON STOCK                                        | CUSIP: 49271V100<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | EC               |  | US        |      7000 | NS      | $178570.00    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| MercadoLibre, Inc.                           | MERCADOLIBRE INC 2.375000% 01/14/2026                                    | CUSIP: 58733RAE2<br>LEI: 549300DKPDN9M5S8GB14 | Long             | DBT              | CORP              | BR        |    451000 | PA      | $446717.48    | 0.57%             | 2026-01-14      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                      | MPLX LP PARTNERSHIP SHARES                                               | CUSIP: 55336V100<br>LEI: 5493000CZJ19CK4P3G36 | Long             | EC               |  | US        |     13970 | NS      | $697801.50    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL RESEARCH CORPORATION                | NATIONAL RESEARCH CORP COMMON STOCK                                      | CUSIP: 637372202<br>LEI: 549300FQIORB6GZCYT15 | Long             | EC               |  | US        |     25281 | NS      | $323091.18    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| THE YORK WATER COMPANY                       | YORK WATER CO COMMON STOCK                                               | CUSIP: 987184108<br>LEI: N/A                  | Long             | EC               |  | US        |     21000 | NS      | $638820.00    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| MATTHEWS INTERNATIONAL CORPORATION           | MATTHEWS INTL CORP-CLASS A COMMON STOCK                                  | CUSIP: 577128101<br>LEI: 549300ZVC5O0ATML6U61 | Long             | EC               |  | US        |     19000 | NS      | $461320.00    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| AAON, INC.                                   | AAON INC COMMON STOCK                                                    | CUSIP: N/A<br>LEI: 549300ZHF0E5VM7PUD37       | Long             | EC               |  | US        |      6500 | NS      | $607360.00    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| HIKMA PHARMACEUTICALS PUBLIC LIMITED COMPANY | HIKMA PHARMACEUTICAL-SPN ADR DEPOSITARY RECEIPT                          | CUSIP: 431288109<br>LEI: 549300BNS685UXH4JI75 | Long             | EC               |  | US        |     15500 | NS      | $717611.25    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcos Dorados Holdings Inc.                  | ARCOS DORADOS HOLDINGS INC-A COMMON STOCK                                | CUSIP: G0457F107<br>LEI: 54930023P2MIZN13DQ85 | Long             | EC               |  | US        |    106000 | NS      | $715500.00    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| MUELLER WATER PRODUCTS, INC.                 | MUELLER WATER PRODUCTS INC 144A 4.000000% 06/15/2029                     | CUSIP: 624758AF5<br>LEI: 549300F7ZU4P1F8V8L60 | Long             | DBT              | CORP              | US        |    632000 | PA      | $608608.68    | 0.78%             | 2029-06-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| SOCIETE MINIERE BARRICK                      | BARRICK MINING CORP COMMON STOCK                                         | CUSIP: 06849F108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               |  | US        |     24800 | NS      | $812696.00    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| FUTUREFUEL CORP.                             | FUTUREFUEL CORP COMMON STOCK                                             | CUSIP: 36116M106<br>LEI: 529900WYQZSMWFXLA845 | Long             | EC               |  | US        |     63789 | NS      | $247501.32    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| ADEIA INC.                                   | ADEIA INC COMMON STOCK                                                   | CUSIP: 00676P107<br>LEI: N/A                  | Long             | EC               |  | US        |     30000 | NS      | $504000.00    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                          | BROWN BROTHERS HARRIMAN SWEEP INTEREST                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |   3297244 | PA      | $3297244.47   | 4.21%             |  |  |  | No            |                  1 | On Loan: No      |
| JOHN B. SANFILIPPO & SON, INC.               | JOHN B. SANFILIPPO & SON INC COMMON STOCK                                | CUSIP: 800422107<br>LEI: 5299007IBEYVXKYDUX28 | Long             | EC               |  | US        |      6000 | NS      | $385680.00    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| LSI INDUSTRIES INC.                          | LSI INDUSTRIES INC COMMON STOCK                                          | CUSIP: 50216C108<br>LEI: 529900HY42OANH6BVT33 | Long             | EC               |  | US        |     15000 | NS      | $354150.00    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| ORGANON & CO.                                | ORGANON & CO COMMON STOCK                                                | CUSIP: 68622V106<br>LEI: 549300AMCKY57OK2CO56 | Long             | EC               |  | US        |     42000 | NS      | $448560.00    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                     | US TREASURY N/B 4.250000% 11/15/2040                                     | CUSIP: 912810QL5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1500000 | PA      | $1457402.34   | 1.86%             | 2040-11-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| WOLVERINE WORLD WIDE, INC.                   | WOLVERINE WORLD WIDE INC 144A 4.000000% 08/15/2029                       | CUSIP: 978097AG8<br>LEI: 549300OVC7PK14LQ8D87 | Long             | DBT              | CORP              | US        |    500000 | PA      | $457439.65    | 0.58%             | 2029-08-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| SELECT WATER SOLUTIONS, INC.                 | SELECT WATER SOLUTIONS, INC COMMON STOCK                                 | CUSIP: 81617J301<br>LEI: 54930094OK8LA3QDW486 | Long             | EC               |  | US        |     34405 | NS      | $367789.45    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                     | US TREASURY N/B 3.625000% 05/15/2026                                     | CUSIP: 91282CHB0<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   3500000 | PA      | $3495201.19   | 4.46%             | 2026-05-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| COLUMBIA BANKING SYSTEM, INC.                | COLUMBIA BANKING SYSTEM INC COMMON STOCK                                 | CUSIP: 197236102<br>LEI: N/A                  | Long             | EC               |  | US        |     10000 | NS      | $257400.00    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| PERRIGO COMPANY PUBLIC LIMITED COMPANY       | PERRIGO CO PLC COMMON STOCK                                              | CUSIP: G97822103<br>LEI: 549300IFOQS6R1QLY196 | Long             | EC               |  | US        |     12800 | NS      | $285056.00    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| OMEGA FLEX, INC.                             | OMEGA FLEX INC COMMON STOCK                                              | CUSIP: 682095104<br>LEI: 254900V3UM4PIXLDNU54 | Long             | EC               |  | US        |      6100 | NS      | $190228.50    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Opera Ltd                                    | OPERA LTD-ADR DEPOSITARY RECEIPT                                         | CUSIP: 68373M107<br>LEI: 5493001ULS7KDNNZ3W51 | Long             | EC               |  | US        |     50419 | NS      | $1040648.16   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| BWX TECHNOLOGIES, INC.                       | BWX TECHNOLOGIES INC 144A 4.125000% 04/15/2029                           | CUSIP: 05605HAC4<br>LEI: 549300NP85N265KWMS58 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $968130.50    | 1.24%             | 2029-04-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| CERENCE INC.                                 | CERENCE INC 1.500000% 07/01/2028                                         | CUSIP: 156727AD1<br>LEI: 5493002WL2W5WMS89568 | Long             | DBT              | CORP              | US        |   2575000 | PA      | $2122112.91   | 2.71%             | 2028-07-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| PITNEY BOWES INC.                            | Pitney Bowes Inc PREFERRED STOCK                                         | CUSIP: 724479506<br>LEI: 549300N2O26NW4ST6W55 | Long             | EP               |  | US        |    194238 | NS      | $3762390.06   | 4.80%             |  |  |  | No            |                  1 | On Loan: No      |
| CHOICEONE FINANCIAL SERVICES, INC.           | CHOICEONE FINANCIAL SVCS INC COMMON STOCK                                | CUSIP: 170386106<br>LEI: N/A                  | Long             | EC               |  | US        |     13500 | NS      | $390960.00    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIGROUP INC.                               | CITIGROUP INC COMMON STOCK                                               | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               |  | US        |      3500 | NS      | $355250.00    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                     | US TREASURY N/B 3.875000% 03/31/2027                                     | CUSIP: 91282CMV0<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   4000000 | PA      | $4011875.00   | 5.12%             | 2027-03-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| United States of America                     | US TREASURY N/B 4.500000% 11/15/2025                                     | CUSIP: 91282CFW6<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   5325000 | PA      | $5327288.10   | 6.80%             | 2025-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BRITISH AMERICAN TOBACCO P.L.C.              | BRITISH AMERICAN TOB-SP ADR DEPOSITARY RECEIPT                           | CUSIP: 110448107<br>LEI: 213800FKA5MF17RJKT63 | Long             | EC               |  | US        |      5200 | NS      | $276016.00    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| VISHAY INTERTECHNOLOGY, INC.                 | VISHAY INTERTECHNOLOGY INC COMMON STOCK                                  | CUSIP: 928298108<br>LEI: 5493009O8F3QQJTCQR75 | Long             | EC               |  | US        |     15000 | NS      | $229500.00    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| THE GAP, INC.                                | GAP INC/THE 144A 3.875000% 10/01/2031                                    | CUSIP: 364760AQ1<br>LEI: T2ZG1WRWZ4BUCMQL9224 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $908611.70    | 1.16%             | 2031-10-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| ARGAN, INC.                                  | ARGAN INC COMMON STOCK                                                   | CUSIP: N/A<br>LEI: 529900E4KZWBV9KGBS83       | Long             | EC               |  | US        |      1542 | NS      | $416417.10    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| PARK AEROSPACE CORP.                         | PARK AEROSPACE CORP COMMON STOCK                                         | CUSIP: 70014A104<br>LEI: 5299004AG0G7IB636095 | Long             | EC               |  | US        |     52000 | NS      | $1057680.00   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| MOLSON COORS BEVERAGE COMPANY                | MOLSON COORS BEVERAGE CO 5.000000% 05/01/2042                            | CUSIP: 60871RAD2<br>LEI: 54930073LBBH6ZCBE225 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $934598.45    | 1.19%             | 2042-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONRO, INC.                                  | MONRO INC COMMON STOCK                                                   | CUSIP: 610236101<br>LEI: N/A                  | Long             | EC               |  | US        |     25000 | NS      | $449250.00    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| MATTEL, INC.                                 | MATTEL INC 5.450000% 11/01/2041                                          | CUSIP: 577081AW2<br>LEI: 549300VELLG24KHTJ564 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $921193.00    | 1.18%             | 2041-11-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| DOMINO'S PIZZA GROUP PLC                     | DOMINOS PIZZA UK & IRL-ADR DEPOSITARY RECEIPT                            | CUSIP: 25754W104<br>LEI: 213800Q6ZKHAOV48JL75 | Long             | EC               |  | US        |     99000 | NS      | $534600.00    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| ACTIVISION BLIZZARD, INC.                    | ACTIVISION BLIZZARD INC 2.500000% 09/15/2050                             | CUSIP: 00507VAQ2<br>LEI: 549300TPQQDBP9GNOF40 | Long             | DBT              | CORP              | US        |    395000 | PA      | $209000.16    | 0.27%             | 2050-09-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| THE AES CORPORATION                          | AES CORP COMMON STOCK                                                    | CUSIP: 00130H105<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | EC               |  | US        |     34500 | NS      | $454020.00    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| PAPA JOHN'S INTERNATIONAL, INC.              | PAPA JOHN'S INTL INC COMMON STOCK                                        | CUSIP: 698813102<br>LEI: HZYLD3DK5XOX0WBVNB56 | Long             | EC               |  | US        |     16700 | NS      | $804105.00    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| NACCO INDUSTRIES, INC.                       | NACCO INDUSTRIES-CL A COMMON STOCK                                       | CUSIP: 629579103<br>LEI: N/A                  | Long             | EC               |  | US        |     17578 | NS      | $741088.48    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| CuriosityStream Inc                          | CURIOSITYSTREAM INC COMMON STOCK                                         | CUSIP: 23130Q107<br>LEI: 549300MSP5P41EYSIZ09 | Long             | EC               |  | US        |     98000 | NS      | $519400.00    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Energizer Holdings, Inc.                     | ENERGIZER HOLDINGS INC 144A 4.375000% 03/31/2029                         | CUSIP: 29272WAD1<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |    500000 | PA      | $479530.05    | 0.61%             | 2029-03-31      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| CRANE NXT, CO.                               | CRANE NXT CO 4.200000% 03/15/2048                                        | CUSIP: 224399AT2<br>LEI: 549300EXNPSXEWUD3N21 | Long             | DBT              | CORP              | US        |    500000 | PA      | $329876.45    | 0.42%             | 2048-03-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| RAYONIER INC.                                | RAYONIER INC REIT                                                        | CUSIP: 754907103<br>LEI: HGV8VDVNL0W6SF2U9C50 | Long             | EC               |  | US        |     27000 | NS      | $716580.00    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| CALAVO GROWERS, INC.                         | CALAVO GROWERS INC COMMON STOCK                                          | CUSIP: 128246105<br>LEI: N/A                  | Long             | EC               |  | US        |     13750 | NS      | $353925.00    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| AMKOR TECHNOLOGY, INC.                       | AMKOR TECHNOLOGY INC 144A 6.625000% 09/15/2027                           | CUSIP: 031652BK5<br>LEI: 529900VHLRTKPWZJBM84 | Long             | DBT              | CORP              | US        |    131000 | PA      | $131037.86    | 0.17%             | 2027-09-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| PLAINS ALL AMERICAN PIPELINE, L.P.           | PLAINS ALL AMER PIPELINE LP PARTNERSHIP SHARES                           | CUSIP: 726503105<br>LEI: 5521FA2ITF25TVH63740 | Long             | EC               |  | US        |     19500 | NS      | $332670.00    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| TRIMAS CORPORATION                           | TRIMAS CORP COMMON STOCK                                                 | CUSIP: 896215209<br>LEI: 75G1WUQ8QK4P5MZOYD78 | Long             | EC               |  | US        |     10000 | NS      | $386400.00    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| OCCIDENTAL PETROLEUM CORPORATION             | OCCIDENTAL PETROLEUM CORP COMMON STOCK                                   | CUSIP: 674599105<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | EC               |  | US        |     11325 | NS      | $535106.25    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| InterDigital, Inc.                           | INTERDIGITAL INC COMMON STOCK                                            | CUSIP: 45867G101<br>LEI: 529900HQAUTC3VI47G64 | Long             | EC               |  | US        |      2000 | NS      | $690460.00    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| OCEANEERING INTERNATIONAL, INC.              | OCEANEERING INTERNATIONAL INC 6.000000% 02/01/2028                       | CUSIP: 675232AB8<br>LEI: 549300L6PH74701W0R30 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1012368.00   | 1.29%             | 2028-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fortitude Gold Corp                          | FORTITUDE GOLD CORP COMMON STOCK                                         | CUSIP: 34962K100<br>LEI: N/A                  | Long             | EC               |  | US        |     40912 | NS      | $178376.32    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Nippon Shinyaku Co., Ltd.                    | NIPPON SHINYAKU CO-UNSP ADR DEPOSITARY RECEIPT                           | CUSIP: 65461U108<br>LEI: N/A                  | Long             | EC               |  | US        |     58000 | NS      | $284780.00    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| CALIFORNIA WATER SERVICE GROUP               | CALIFORNIA WATER SERVICE GRP COMMON STOCK                                | CUSIP: 130788102<br>LEI: 529900QABDOBU6UVRQ36 | Long             | EC               |  | US        |     14950 | NS      | $686055.50    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROCHIP TECHNOLOGY INCORPORATED            | MICROCHIP TECHNOLOGY INC COMMON STOCK                                    | CUSIP: 595017104<br>LEI: 5493007PTFULNYZJ1R12 | Long             | EC               |  | US        |      4500 | NS      | $288990.00    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| ALICO, INC.                                  | ALICO INC COMMON STOCK                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |     21000 | NS      | $727860.00    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| HUNTINGTON INGALLS INDUSTRIES, INC.          | HUNTINGTON INGALLS INDUSTRIE COMMON STOCK                                | CUSIP: 446413106<br>LEI: 5TZLZ6WJTBVJ0QWBG121 | Long             | EC               |  | US        |      3225 | NS      | $928509.75    | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| SPECTRUM BRANDS, INC.                        | SPECTRUM BRANDS INC 144A 3.875000% 03/15/2031                            | CUSIP: 84762LAX3<br>LEI: 549300VU3EH2E73C1Q04 | Long             | DBT              | CORP              | US        |   1996000 | PA      | $1601790.00   | 2.04%             | 2031-03-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| CIENA CORPORATION                            | CIENA CORP 144A 4.000000% 01/31/2030                                     | CUSIP: 171779AL5<br>LEI: W0CZ7N0GH8UIGXDM1H41 | Long             | DBT              | CORP              | US        |    396000 | PA      | $377669.64    | 0.48%             | 2030-01-31      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| PACIRA BIOSCIENCES, INC.                     | PACIRA BIOSCIENCES INC 2.125000% 05/15/2029                              | CUSIP: 695127AJ9<br>LEI: 549300P56LERYBDHCF69 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1013493.67   | 1.29%             | 2029-05-15      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| United States of America                     | US TREASURY N/B 4.000000% 12/15/2025                                     | CUSIP: 91282CGA3<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   2800000 | PA      | $2800082.04   | 3.57%             | 2025-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Nomad Foods Limited                          | NOMAD FOODS LTD COMMON STOCK                                             | CUSIP: G6564A105<br>LEI: 5493000ZZ1837DS2SI43 | Long             | EC               |  | US        |     36500 | NS      | $479975.00    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| LUXFER HOLDINGS PLC                          | LUXFER HOLDINGS PLC COMMON STOCK                                         | CUSIP: G5698W116<br>LEI: 21380045UF5SJYZOXE41 | Long             | EC               |  | US        |     20211 | NS      | $280932.90    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| ONESPAN INC.                                 | ONESPAN INC COMMON STOCK                                                 | CUSIP: 68287N100<br>LEI: 984500E502E6DC354D26 | Long             | EC               |  | US        |     15000 | NS      | $238350.00    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                     | US TREASURY N/B 4.625000% 03/15/2026                                     | CUSIP: 91282CGR6<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   4000000 | PA      | $4013406.24   | 5.12%             | 2026-03-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| QUANEX BUILDING PRODUCTS CORPORATION         | QUANEX BUILDING PRODUCTS COMMON STOCK                                    | CUSIP: 747619104<br>LEI: 5493000TL30VL5WOAW87 | Long             | EC               |  | US        |     20000 | NS      | $284400.00    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| SIGA TECHNOLOGIES, INC.                      | SIGA TECHNOLOGIES INC COMMON STOCK                                       | CUSIP: 826917106<br>LEI: N/A                  | Long             | EC               |  | US        |     38280 | NS      | $350262.00    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

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

**Signature:** Andrew Metzger

**Name of Signer:** Andrew Metzger

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