# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0001752724-23-044358
**Filing Date:** 2023-2
**Character Count:** 33070
**Document Hash:** c166246e4ecbd20f52f0654fa7f5e269
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-044358.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-044358

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**PERIOD START**: 20221231

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22920
- **FILM NUMBER:** 23679338

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

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

## Series and Classes Contracts Data

### PENN MUTUAL AM STRATEGIC INCOME FUND (Series ID: S000061933)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000200669 | I Shares     | PMUBX           |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** OAKS

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19456

  - **Telephone number:** 8774463863

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

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

- **b. EDGAR series identifier (if any):** S000061933

- **c. LEI of Series:** 549300J2WFCC4B4BPD96

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

- **a. Date of fiscal year-end:** 2022-12-31

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $109797872.42

**Total Liabilities:** $254345.97

**Net Assets:** $109543526.45

**Cash Not Reported:** $0.02

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -308.06662304 | **1-Year:** -3543.69856788 | **5-Year:** -10191.20159344 | **10-Year:** -11093.40975203 | **30-Year:** -2980.54040583

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

- **3-Month:** -187.09168457 | **1-Year:** -2920.35532216 | **5-Year:** -6096.52290466 | **10-Year:** -1617.85576887 | **30-Year:** -17.66182011

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000200669 | 0.01%                | 1.61%                | 0.23%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2429.93                 | $-504231.70                                |
| Month 2  | $-400224.33              | $2157152.99                                |
| Month 3  | $-62597.33               | $-568936.11                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CENTENE CORPORATION                           | CENTENE CORP 4.625000% 12/15/2029                                       | CUSIP: 15135BAT8<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2284589.55   | 2.09%             | 2029-12-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                   | FREDDIE MAC MULTIFAMILY STRUCTURED PASS THROUGH CE FHMS K106 A1         | CUSIP: 3137FRUS8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   2034872 | PA      | $1788489.57   | 1.63%             | 2029-10-25      | Fixed         | 1.78%                 | No            |                  2 | On Loan: No      |
| TRINITAS CLO LTD                              | TRINITAS CLO XIV LTD TRNTS 2020-14A D                                   | CUSIP: 89641QAJ9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $1863764.00   | 1.70%             | 2034-01-25      | Floating      | 8.66%                 | Yes           |                  2 | On Loan: No      |
| DUKE ENERGY CORPORATION                       | Duke Energy Corp PREFERRED STOCK                                        | CUSIP: 26441C402<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EP               |  | US        |     80000 | NS      | $1824000.00   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| NEW YORK LIFE INSURANCE CO                    | NEW YORK LIFE INSURANCE CO 144A 5.875000% 05/15/2033                    | CUSIP: 64952GAE8<br>LEI: TAE73CY392TBWJ3O3305 | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1805858.41   | 1.65%             | 2033-05-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                   | FREDDIE MAC MULTIFAMILY STRUCTURED PASS THROUGH CE FHMS K043 X3         | CUSIP: 3137BGK40<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |  20425000 | PA      | $620266.40    | 0.57%             | 2043-02-25      | Floating      | 1.63%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORPORATION                      | STATE STREET CORP VARIABLE RATE 05/15/2028                              | CUSIP: 857477AX1<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |   2750000 | PA      | $2510335.25   | 2.29%             | 2028-05-15      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| SEQUOIA MORTGAGE TRUST                        | SEQUOIA MORTGAGE TRUST 2021-5 SEMT 2021-5 A5                            | CUSIP: 81748XAE4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   2391536 | PA      | $2006363.21   | 1.83%             | 2051-07-25      | Floating      | 2.00%                 | Yes           |                  2 | On Loan: No      |
| United States of America                      | US TREASURY N/B 1.875000% 08/31/2024                                    | CUSIP: 9128282U3<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   1500000 | PA      | $1434726.57   | 1.31%             | 2024-08-31      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| FIRST MARYLAND CAPITAL II                     | FIRST MARYLAND CAPITAL II VARIABLE RATE 02/01/2027                      | CUSIP: 32082CAC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2411000 | PA      | $2228791.21   | 2.03%             | 2027-02-01      | Floating      | 5.29%                 | No            |                  2 | On Loan: No      |
| Kraft Heinz Foods Company                     | KRAFT HEINZ FOODS CO 4.625000% 10/01/2039                               | CUSIP: 50077LAX4<br>LEI: 5493003STKEZ2S0RNU91 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1754464.80   | 1.60%             | 2039-10-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| ECMC GROUP STUDENT LOAN TRUST                 | ECMC GROUP STUDENT LOAN TRUST ECMC 2019-1A A1A                          | CUSIP: 26829XAA9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1676741 | PA      | $1456138.58   | 1.33%             | 2069-07-25      | Fixed         | 2.72%                 | No            |                  2 | On Loan: No      |
| United States of America                      | US 10YR ULTRA FUT MAR23 FINANCIAL COMMODITY FUTURE.                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        -3 | NC      | $-354843.75   | -0.32%            |  |  |  | No            |                  1 | On Loan: No      |
| BENEFIT STREET PARTNERS CLO LTD               | BENEFIT STREET PARTNERS CLO II LTD BSP 2013-IIA CR                      | CUSIP: 08179XAU9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1411363.50   | 1.29%             | 2029-07-15      | Floating      | 7.78%                 | No            |                  2 | On Loan: No      |
| J.P. MORGAN MORTGAGE TRUST                    | JP MORGAN MORTGAGE TRUST 2017-1 JPMMT 2017-1 A11                        | CUSIP: 46648CAL8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    677840 | PA      | $582244.88    | 0.53%             | 2047-01-25      | Floating      | 3.45%                 | No            |                  2 | On Loan: No      |
| THUNDERBOLT AIRCRAFT LEASE LIMITED            | THUNDERBOLT AIRCRAFT LEASE LTD TBOLT 2017-A B                           | CUSIP: 88606WAB8<br>LEI: N/A                  | Long             | ABS-MBS          |  | KY        |   1608291 | PA      | $1151217.27   | 1.05%             | 2032-05-17      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC.                            | NEWELL BRANDS INC 5.625000% 04/01/2036                                  | CUSIP: 651229AX4<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $858612.97    | 0.78%             | 2036-04-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| EQT CORPORATION                               | EQT CORP 5.678000% 10/01/2025                                           | CUSIP: 26884LAP4<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $995139.48    | 0.91%             | 2025-10-01      | Fixed         | 5.68%                 | No            |                  2 | On Loan: No      |
| N/A                                           | WELLS FARGO FUTURES COLLATERAL                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |    399814 | PA      | $399814.00    | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                          | ONEMAIN FINANCE CORP 8.250000% 10/01/2023                               | CUSIP: 85172FAF6<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2009876.12   | 1.83%             | 2023-10-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| N/A                                           | BROWN BROTHERS HARRIMAN SWEEP INTEREST                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |    271790 | PA      | $271789.92    | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS COMPANY LLC                 | VISTRA OPERATIONS CO LLC 144A 5.125000% 05/13/2025                      | CUSIP: 92840VAL6<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1955440.00   | 1.79%             | 2025-05-13      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA, INC.                            | T-MOBILE USA INC 3.500000% 04/15/2031                                   | CUSIP: 87264ABW4<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1295699.13   | 1.18%             | 2031-04-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FIRST EAGLE BSL CLO LLC                       | FIRST EAGLE BSL CLO 2019-1 LTD FEIM 2019-1A C                           | CUSIP: 32010FAC1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2600000 | PA      | $2314889.20   | 2.11%             | 2033-01-20      | Floating      | 8.59%                 | No            |                  2 | On Loan: No      |
| United States of America                      | US 2YR NOTE (CBT) MAR23 FINANCIAL COMMODITY FUTURE.                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        35 | NC      | $7177734.38   | 6.55%             |  |  |  | No            |                  1 | On Loan: No      |
| PACIFIC GAS AND ELECTRIC COMPANY              | PACIFIC GAS AND ELECTRIC CO 4.000000% 12/01/2046                        | CUSIP: 694308HR1<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1338966.42   | 1.22%             | 2046-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ASHTEAD CAPITAL, INC.                         | ASHTEAD CAPITAL INC 144A 5.500000% 08/11/2032                           | CUSIP: 04505AAA7<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | GB        |   2000000 | PA      | $1912938.42   | 1.75%             | 2032-08-11      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FEDERAL FARM CREDIT BANKS FUNDING CORPORATION | FEDERAL FARM CREDIT BANK 6.440000% 11/01/2032                           | CUSIP: 3133ENX21<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGA              | US        |   2500000 | PA      | $2496187.95   | 2.28%             | 2032-11-01      | Fixed         | 6.44%                 | No            |                  2 | On Loan: No      |
| NAVIENT PRIVATE EDUCATION LOAN TRUST          | NAVIENT PRIVATE EDUCATION LOAN TRUST 2014-A NAVSL 2014-AA A3            | CUSIP: 63939CAD9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   2250000 | PA      | $2226567.38   | 2.03%             | 2031-10-15      | Floating      | 5.92%                 | No            |                  2 | On Loan: No      |
| United States of America                      | US TREASURY N/B 1.375000% 09/30/2023                                    | CUSIP: 912828T26<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   1500000 | PA      | $1463437.50   | 1.34%             | 2023-09-30      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| MPT OPERATING PARTNERSHIP, L.P.               | MPT OPERATING PARTNERSHIP LP / MPT FINANCE CORP 5.000000% 10/15/2027    | CUSIP: 55342UAH7<br>LEI: WUQXXXF7PXTUPGROE843 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1681060.00   | 1.53%             | 2027-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| United States of America                      | TREASURY BILL 0.000000% 11/02/2023                                      | CUSIP: 912796YT0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4600000 | PA      | $4425426.55   | 4.04%             | 2023-11-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States of America                      | US TREASURY N/B 1.625000% 04/30/2023                                    | CUSIP: 912828R28<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   1150000 | PA      | $1139308.59   | 1.04%             | 2023-04-30      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| SMB PRIVATE EDUCATION LOAN TRUST              | SMB PRIVATE EDUCATION LOAN TRUST 2016-B SMB 2016-B A2B                  | CUSIP: 78449GAC3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1286779 | PA      | $1277417.22   | 1.17%             | 2032-02-17      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| FIRSTENERGY CORP.                             | FIRSTENERGY CORP 4.400000% 07/15/2027                                   | CUSIP: 337932AH0<br>LEI: 549300SVYJS666PQJH88 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1860496.86   | 1.70%             | 2027-07-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| FREMF MORTGAGE TRUST                          | FREMF 2017-K056 MORTGAGE TRUST FREMF 2017-K65 B                         | CUSIP: 30302XAE9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   2650000 | PA      | $2466727.06   | 2.25%             | 2050-07-25      | Floating      | 4.08%                 | No            |                  2 | On Loan: No      |
| United States of America                      | U.S. TREASURY INFLATION-PROTECTED SECURITIES 1% 02/15/48                | CUSIP: 912810SB5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | USGA              | US        |   1000000 | PA      | $1016030.14   | 0.93%             | 2048-02-15      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| United States of America                      | US 5YR NOTE (CBT) MAR23 FINANCIAL COMMODITY FUTURE.                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       -22 | NC      | $-2374453.13  | -2.17%            |  |  |  | No            |                  1 | On Loan: No      |
| Health Care Service Corporation               | HEALTH CARE SERVICE CORP A MUTUAL LEGAL RESERVE CO 2.200000% 06/01/2030 | CUSIP: 42218SAF5<br>LEI: 549300TMJ1FKCKECR148 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1607526.14   | 1.47%             | 2030-06-01      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                            | ENERGY TRANSFER LP 7.125000% MATURITY: PERPETUAL                        | CUSIP: 29273VAM2<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1252500.00   | 1.14%             | 2171-05-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| DEERPATH CAPITAL CLO LTD                      | DEERPATH CAPITAL CLO 2020-1 LTD DPATH 2020-1A A1                        | CUSIP: 24460RAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2500000 | PA      | $2446652.50   | 2.23%             | 2032-04-17      | Floating      | 5.93%                 | No            |                  2 | On Loan: No      |
| FXI HOLDINGS, INC.                            | FXI HOLDINGS INC 144A 7.875000% 11/01/2024                              | CUSIP: 36120RAA7<br>LEI: 549300VLKCUZW3MSVS50 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1246995.00   | 1.14%             | 2024-11-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| SLM STUDENT LOAN TRUST                        | SLM STUDENT LOAN TRUST 2014-2 SLMA 2014-2 A3                            | CUSIP: 78448GAC4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1271869 | PA      | $1226149.22   | 1.12%             | 2055-03-25      | Floating      | 4.98%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT COMPANY LLC                 | FORD MOTOR CREDIT CO LLC 4.950000% 05/28/2027                           | CUSIP: 345397C27<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $932900.00    | 0.85%             | 2027-05-28      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| MERCK & CO., INC.                             | MERCK & CO INC 3.900000% 03/07/2039                                     | CUSIP: 58933YAV7<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | DBT              | CORP              | US        |   1900000 | PA      | $1667382.43   | 1.52%             | 2039-03-07      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| SkyMiles IP Ltd.                              | DELTA AIR LINES INC / SKYMILES IP LTD 144A 4.500000% 10/20/2025         | CUSIP: 830867AA5<br>LEI: 2549008L7P4I8VB90936 | Long             | DBT              | NUSS              | US        |   3000000 | PA      | $2926745.40   | 2.67%             | 2025-10-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BRISTOL-MYERS SQUIBB COMPANY                  | BRISTOL-MYERS SQUIBB CO 3.400000% 07/26/2029                            | CUSIP: 110122CP1<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |    619000 | PA      | $572849.14    | 0.52%             | 2029-07-26      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| BUNKER HILL LOAN DEPOSITARY TRUST             | BUNKER HILL LOAN DEPOSITARY TRUST 2019-3 BHLD 2019-3 M1                 | CUSIP: 12062BAE5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1150000 | PA      | $983917.46    | 0.90%             | 2059-11-25      | Fixed         | 3.27%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                         | Wells Fargo & Co PREFERRED STOCK                                        | CUSIP: 94988U151<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EP               |  | US        |     60000 | NS      | $1099200.00   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| FREMF MORTGAGE TRUST                          | FREMF 2013-K29 MORTGAGE TRUST FREMF 2013-K29 C                          | CUSIP: 30291JAL7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   2000000 | PA      | $1983013.80   | 1.81%             | 2046-05-25      | Floating      | 3.47%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                   | FREDDIE MAC REMICS FHR 4609 QV                                          | CUSIP: 3137BRDP7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   4020000 | PA      | $3783154.87   | 3.45%             | 2044-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Carnival Corporation                          | CARNIVAL CORP 144A 5.750000% 12/01/2027                                 | CUSIP: 143658BU5<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $893000.00    | 0.82%             | 2027-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CHESAPEAKE ENERGY CORPORATION                 | CHESAPEAKE ENERGY CORP 144A 5.875000% 02/01/2029                        | CUSIP: 165167DG9<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1421227.73   | 1.30%             | 2029-02-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| American Airlines Pass Through Trust 2021-1B  | AMERICAN AIRLINES 2021-1 CLASS B PASS THROUGH TRUS 3.950000% 07/11/2030 | CUSIP: 02376LAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1586875.60   | 1.45%             | 2030-07-11      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| TRINITAS CLO LTD                              | TRINITAS CLO XII LTD TRNTS 2020-12A C                                   | CUSIP: 89641GAE2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1445817.00   | 1.32%             | 2033-04-25      | Floating      | 7.36%                 | No            |                  2 | On Loan: No      |
| FREMF MORTGAGE TRUST                          | FREMF 2017-K69 MORTGAGE TRUST FREMF 2017-K69 B                          | CUSIP: 30305KAG9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   2635000 | PA      | $2398237.87   | 2.19%             | 2049-10-25      | Floating      | 3.73%                 | No            |                  2 | On Loan: No      |
| FREMF MORTGAGE TRUST                          | FREMF 2015-K47 MORTGAGE TRUST FREMF 2015-K47 C                          | CUSIP: 30293AAQ3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   3000000 | PA      | $2825175.00   | 2.58%             | 2048-06-25      | Floating      | 3.59%                 | No            |                  2 | On Loan: No      |
| United States of America                      | US TREASURY N/B 2.875000% 10/31/2023                                    | CUSIP: 9128285K2<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |    700000 | PA      | $689527.34    | 0.63%             | 2023-10-31      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| MOUNTAIN VIEW CLO LTD                         | MOUNTAIN VIEW CLO X LTD MVW 2015-10A CR                                 | CUSIP: 62432CAW1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1805000 | PA      | $1774786.11   | 1.62%             | 2027-10-13      | Floating      | 5.79%                 | No            |                  2 | On Loan: No      |
| VISTRA CORP.                                  | VISTRA CORP 144A 7.000000% MATURITY: PERPETUAL                          | CUSIP: 92840MAC6<br>LEI: 549300KP43CPCUJOOG15 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $909933.21    | 0.83%             | 2171-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| SMB PRIVATE EDUCATION LOAN TRUST              | SMB PRIVATE EDUCATION LOAN TRUST 2015-C SMB 2015-C A3                   | CUSIP: 78448RAD8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    801886 | PA      | $802549.42    | 0.73%             | 2032-08-16      | Floating      | 6.27%                 | No            |                  2 | On Loan: No      |
| THE BOEING COMPANY                            | BOEING CO/THE 3.250000% 02/01/2035                                      | CUSIP: 097023CP8<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |   1300000 | PA      | $988647.13    | 0.90%             | 2035-02-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| SMB PRIVATE EDUCATION LOAN TRUST              | SMB PRIVATE EDUCATION LOAN TRUST 2015-C SMB 2015-C B                    | CUSIP: 78448RAE6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   3660000 | PA      | $3441288.65   | 3.14%             | 2043-09-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| HALCYON LOAN ADVISORS FUNDING LTD             | HALCYON LOAN ADVISORS FUNDING 2014-3 LTD HLA 2014-3A C1R                | CUSIP: 40538FAW3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    393259 | PA      | $391012.77    | 0.36%             | 2025-10-22      | Floating      | 6.97%                 | No            |                  2 | On Loan: No      |
| BSPRT ISSUER, LTD.                            | BSPRT 2021-FL6 ISSUER LTD BSPRT 2021-FL6 B                              | CUSIP: 05601HAE4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1376739.00   | 1.26%             | 2036-03-15      | Floating      | 5.92%                 | Yes           |                  2 | On Loan: No      |
| NAVIENT PRIVATE EDUCATION LOAN TRUST          | NAVIENT PRIVATE EDUCATION LOAN TRUST 2015-A NAVSL 2015-AA A3            | CUSIP: 63939EAD5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   2000000 | PA      | $1996290.40   | 1.82%             | 2030-11-15      | Floating      | 6.02%                 | No            |                  2 | On Loan: No      |
| CRESTLINE DENALI CLO LTD                      | CRESTLINE DENALI CLO XVI LTD DEN16 2018-1A A                            | CUSIP: 22615EAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2500000 | PA      | $2455342.50   | 2.24%             | 2030-01-20      | Floating      | 5.36%                 | No            |                  2 | On Loan: No      |
| DELL INTERNATIONAL L.L.C.                     | DELL INTERNATIONAL LLC / EMC CORP 144A 3.375000% 12/15/2041             | CUSIP: 24703DBE0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1004590.10   | 0.92%             | 2041-12-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| N/A                                           | WELLS FARGO SWAPS   COLLATERAL                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |         1 | PA      | $1.26         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| OCP CLO LTD                                   | OCP CLO 2017-13 LTD OCP 2017-13A DR                                     | CUSIP: 67097NAG7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $1799632.00   | 1.64%             | 2030-07-15      | Floating      | 10.58%                | Yes           |                  2 | On Loan: No      |
| SEQUOIA MORTGAGE TRUST                        | SEQUOIA MORTGAGE TRUST 2017-5 SEMT 2017-5 A1                            | CUSIP: 81746DAA8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    767485 | PA      | $669942.43    | 0.61%             | 2047-08-25      | Floating      | 3.50%                 | No            |                  2 | On Loan: No      |
| United States of America                      | US ULTRA BOND CBT MAR23 FINANCIAL COMMODITY FUTURE.                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       -54 | NC      | $-7252875.00  | -6.62%            |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

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

**Signature:** Andy Metzger

**Name of Signer:** Andy Metzger

**Title:** CFO