NPORT-EX 2 fp0091124-1_nportex.htm SCHEDULE F

THE ADVISORS’ INNER CIRCLE FUND III PENN MUTUAL AM
  STRATEGIC INCOME FUND
  SEPTEMBER 30, 2024
  (Unaudited)
   
 

SCHEDULE OF INVESTMENTS

MORTGAGE-BACKED SECURITIES — 29.3%
   

Face Amount

    

Value

  

Agency Mortgage-Backed Obligations — 10.1%

        

FHLMC

                

5.500%, 08/01/2053

  $ 2,294,903     $ 2,321,870  

3.000%, 05/01/2053

    4,666,652       4,189,441  

FHLMC Multifamily Structured Pass - Through, Ser K043, Cl X3, IO

                

Callable 10/25/2024 @ $100

                

1.688%, 02/25/2043 † (A)

     20,425,000       57,300  

FHLMC, Ser 2016-4609, Cl QV

                

3.000%, 05/15/2044

    3,444,729       3,359,483  

FNMA

                

3.500%, 04/01/2053

    3,252,476       3,029,070  

GNMA, Ser 2013-11, Cl LP

                

3.500%, 01/20/2043

    3,899,808       3,653,133  
              16,610,297  

Non-Agency Mortgage-Backed Obligations — 19.2%

        

BBCMS Mortgage Trust 2024-5C25, Ser 5C25, Cl C

                

Callable 03/15/2029 @ $100

                

6.643%, 03/15/2057 (A)

     1,000,000       1,032,701  

BBCMS Mortgage Trust 2024-C24, Ser C24, Cl D

                

Callable 02/15/2034 @ $100

                

4.250%, 02/15/2057 (B)

     610,000       483,898  

BMO 2024-5C3 Mortgage Trust, Ser 5C3, Cl C

                

Callable 02/15/2029 @ $100

                

7.088%, 02/15/2057 (A)

     1,350,000       1,400,972  

BSPRT Issuer, Ser 2021-FL6, Cl B

                

Callable 10/15/2024 @ $100

                

6.811%, , TSFR1M + 1.714% 03/15/2036 (B)

     1,500,000       1,459,036  

Bunker Hill Loan Depositary Trust, Ser 2019-3, Cl M1

                

Callable 10/25/2024 @ $100

                

3.269%, 11/25/2059 (B) (C)

     1,150,000       1,104,291  

Fontainebleau Miami Beach Trust 2019-FBLU, Ser FBLU, Cl B

                

3.447%, 12/10/2036 (B)

     1,200,000       1,188,002  

FREMF 2016-K53 Mortgage Trust, Ser K53, Cl B

                

Callable 01/25/2026 @ $100

                

4.161%, 03/25/2049 (A) (B)

     1,250,000       1,234,513  

FREMF 2016-K53 Mortgage Trust, Ser K53, Cl C

                

Callable 01/25/2026 @ $100

                

4.161%, 03/25/2049 (A) (B)

     1,500,000       1,478,257  

 

 

THE ADVISORS’ INNER CIRCLE FUND III PENN MUTUAL AM
  STRATEGIC INCOME FUND
  SEPTEMBER 30, 2024
  (Unaudited)
   
 

MORTGAGE-BACKED SECURITIES — continued

 

  

Face Amount

    

Value

  

Non-Agency Mortgage-Backed Obligations — continued

        

FREMF 2017-K729 Mortgage Trust, Ser K729, Cl B

                

Callable 11/25/2024 @ $100

                

3.786%, 11/25/2049 (A) (B)

   $ 1,000,000     $ 994,682  

FREMF Mortgage Trust, Ser K41, Cl B

                

Callable 11/25/2024 @ $100

                

3.977%, 11/25/2047 (A) (B)

     1,735,000       1,728,434  

FREMF Mortgage Trust, Ser K47, Cl C

                

Callable 05/25/2025 @ $100

                

3.709%, 06/25/2048 (A) (B)

     3,000,000       2,965,693  

FREMF Mortgage Trust, Ser K65, Cl B

                

Callable 07/25/2027 @ $100

                

4.221%, 07/25/2050 (A) (B)

     2,650,000       2,612,293  

FREMF Mortgage Trust, Ser K69, Cl B

                

Callable 10/25/2027 @ $100

                

3.854%, 10/25/2049 (A) (B)

     3,895,000       3,789,562  

JP Morgan Mortgage Trust, Ser 2017-1, Cl A11

                

Callable 11/25/2030 @ $100

                

3.448%, 01/25/2047 (A) (B)

     569,318       518,717  

Morgan Stanley Capital I Trust 2015-MS1, Ser MS1, Cl A4

                

Callable 07/15/2025 @ $100

                

3.779%, 05/15/2048 (A)

     1,000,000       988,621  

OBX 2019-EXP3 Trust, Ser 2019-EXP3, Cl 2A2

                

Callable 04/25/2028 @ $100

                

6.069%, , TSFR1M + 1.214% 10/25/2059 (B)

     759,350       764,085  

Sequoia Mortgage Trust, Ser 2017-5, Cl A1

                

Callable 07/25/2029 @ $100

                

3.500%, 08/25/2047 (A) (B)

     1,673,502       1,538,806  

Sequoia Mortgage Trust, Ser 2021-5, Cl A5

                

2.000%, 07/25/2051 (A) (B)

     2,073,193       1,814,866  

Towd Point Mortgage Trust 2018-2, Ser 2018-2, Cl A1

                

Callable 10/25/2028 @ $100

                

3.250%, 03/25/2058 (A) (B)

     965,203       945,232  

Verus Securitization Trust 2020-2, Ser 2020-2, Cl A2

                

Callable 10/25/2024 @ $100

                

3.989%, 05/25/2060 (A) (B)

     1,637,000       1,620,211  

 

 

THE ADVISORS’ INNER CIRCLE FUND III PENN MUTUAL AM
  STRATEGIC INCOME FUND
  SEPTEMBER 30, 2024
  (Unaudited)
   
 

MORTGAGE-BACKED SECURITIES — continued

 

  

Face Amount

    

Value

  

Non-Agency Mortgage-Backed Obligations — continued

        

Verus Securitization Trust 2023-8, Ser 2023-8, Cl A2

                

Callable 12/25/2026 @ $100

                

6.664%, 12/25/2068 (B) (C)

   $ 1,678,990     $ 1,705,699  
              31,368,571  

TOTAL MORTGAGE-BACKED SECURITIES

               

(Cost $47,976,282)

            47,978,868  

CORPORATE OBLIGATIONS — 26.4%
                 

Communication Services — 0.5%

        

Paramount Global

                

Callable 02/19/2032 @ $100

                

4.200%, 05/19/2032

    1,000,000       886,765  
         

Consumer Discretionary — 3.2%

        

Ford Motor Credit

                

Callable 04/28/2027 @ $100

                

4.950%, 05/28/2027

    1,000,000       997,551  

Gap

                

Callable 10/01/2026 @ $102

                

3.875%, 10/01/2031 (B)

     1,500,000       1,311,232  

MajorDrive Holdings IV

                

Callable 11/04/2024 @ $103

                

6.375%, 06/01/2029 (B)

     1,500,000       1,459,017  

Newell Brands

                

Callable 01/01/2026 @ $100

                

5.700%, 04/01/2026

    1,500,000       1,503,681  
              5,271,481  

Energy — 2.1%

        

Energy Transfer

                

6.500%, H15T5Y + 5.694% (D)

     2,000,000       1,995,215  

Callable 11/15/2026 @ $100

                

Expand Energy

                

Callable 11/04/2024 @ $103

                

5.875%, 02/01/2029 (B)

     1,500,000       1,507,680  
              3,502,895  

Financials — 6.0%

        

Ashtead Capital

                

Callable 05/11/2032 @ $100

                

5.500%, 08/11/2032 (B)

     2,000,000       2,046,137  

 

 

THE ADVISORS’ INNER CIRCLE FUND III PENN MUTUAL AM
  STRATEGIC INCOME FUND
  SEPTEMBER 30, 2024
  (Unaudited)
   
 

CORPORATE OBLIGATIONS — continued

 

  

Face Amount

    

Value

  

Financials — continued

        

First Maryland Capital II

                

Callable 11/04/2024 @ $100

                

6.359%, TSFR3M + 1.112%, 02/01/2027

  $ 2,411,000     $ 2,296,564  

New York Life Global Funding MTN

                

4.550%, 01/28/2033 (B)

     1,750,000       1,757,457  

PNC Financial Services Group

                

Callable 06/12/2028 @ $100

                

5.582%, SOFRRATE + 1.841%, 06/12/2029

    1,000,000       1,040,880  

State Street

                

Callable 11/04/2024 @ $100

                

5.940%, TSFR3M + 0.822%, 05/15/2028

    2,750,000       2,599,841  
              9,740,879  

Health Care — 4.1%

        

Centene

                

Callable 12/15/2024 @ $102

                

4.625%, 12/15/2029

    2,500,000       2,446,455  

Emergent BioSolutions

                

Callable 10/18/2024 @ $101

                

3.875%, 08/15/2028 (B)

     1,000,000       762,300  

Health Care Service A Mutual Legal Reserve

                

Callable 03/01/2030 @ $100

                

2.200%, 06/01/2030 (B)

     2,000,000       1,777,975  

Merck

                

Callable 09/07/2038 @ $100

                

3.900%, 03/07/2039

    1,900,000       1,737,736  
              6,724,466  

Industrials — 6.9%

        

AerCap Holdings

                

Callable 10/10/2024 @ $100

                

5.875%, H15T5Y + 4.535%, 10/10/2079

    2,000,000       1,999,962  

American Airlines Pass Through Trust, Cl B

                

3.950%, 07/11/2030

    1,640,000       1,547,057  

BNSF Funding Trust I

                

Callable 01/15/2026 @ $100

                

6.613%, US0003M + 2.350%, 12/15/2055

    1,500,000       1,512,028  

Boeing

                

Callable 11/01/2034 @ $100

                

3.250%, 02/01/2035

    1,300,000       1,058,239  

Concentrix

                

Callable 07/02/2026 @ $100

                

6.650%, 08/02/2026

    1,000,000       1,027,400  

 

 

THE ADVISORS’ INNER CIRCLE FUND III PENN MUTUAL AM
  STRATEGIC INCOME FUND
  SEPTEMBER 30, 2024
  (Unaudited)
   
 

CORPORATE OBLIGATIONS — continued

 

  

Face Amount

    

Value

  

Industrials — continued

        

Delta Air Lines

                

4.500%, 10/20/2025 (B)

   $ 230     $ 229  

Graham Packaging

                

Callable 11/04/2024 @ $102

                

7.125%, 08/15/2028 (B)

     1,000,000       990,135  

Mauser Packaging Solutions Holding

                

Callable 11/04/2024 @ $104

                

7.875%, 08/15/2026 (B)

     1,000,000       1,010,147  

Trivium Packaging Finance BV

                

Callable 11/04/2024 @ $100

                

5.500%, 08/15/2026 (B)

     1,200,000       1,195,325  

United Airlines 2020-1 Class B Pass Through Trust

                

4.875%, 01/15/2026

    901,740       893,579  
              11,234,101  

Materials — 0.6%

        

Sherwin-Williams

                

Callable 07/01/2031 @ $100

                

4.800%, 09/01/2031

    1,000,000       1,019,918  
         

Utilities — 3.0%

        

Dominion Energy

                

Callable 11/03/2029 @ $100

                

6.875%, H15T5Y + 2.386%, 02/01/2055

    2,000,000       2,124,141  

Duke Energy Carolinas

                

Callable 12/15/2031 @ $100

                

2.850%, 03/15/2032

    1,250,000       1,128,168  

Vistra

                

8.000%, H15T5Y + 6.930% (B)(D)

     1,500,000       1,571,307  

Callable 10/15/2026 @ $100

                
              4,823,616  

TOTAL CORPORATE OBLIGATIONS

               

(Cost $43,468,032)

            43,204,121  

U.S. TREASURY OBLIGATIONS — 25.4%
                 

U.S. Treasury Inflation Indexed Bond

                

1.375%, 07/15/2033

     2,400,000       2,449,969  
         

U.S. Treasury Notes

                

4.125%, 01/31/2025

     2,250,000       2,246,097  

3.375%, 09/15/2027

     35,000,000       34,822,266  

 

 

THE ADVISORS’ INNER CIRCLE FUND III PENN MUTUAL AM
  STRATEGIC INCOME FUND
  SEPTEMBER 30, 2024
  (Unaudited)
   
 

U.S. TREASURY OBLIGATIONS — continued

 

  

Face Amount

    

Value

  

1.750%, 01/31/2029

   $ 2,200,000     $ 2,039,469  
      39,107,832  
         

TOTAL U.S. TREASURY OBLIGATIONS

       

(Cost $41,495,739)

            41,557,801  
 

ASSET-BACKED SECURITIES — 10.2%
                 

Automotive — 0.9%

        

Exeter Automobile Receivables Trust 2022-1, Ser 2022-1A, Cl D

                

Callable 03/15/2027 @ $100

                

3.020%, 06/15/2028

    575,000       563,271  

Prestige Auto Receivables Trust, Ser 2021-1A, Cl C

                

Callable 04/15/2026 @ $100

                

1.530%, 02/15/2028 (B)

     910,945       894,144  
              1,457,415  

Other ABS — 2.8%

        

Canyon Capital CLO 2016-1, Ser 2018-1A, Cl CR

                

Callable 10/15/2024 @ $100

                

7.463%, TSFR3M + 2.162%, 07/15/2031 (B)

     1,000,000       1,000,027  

CARLYLE US CLO 2017-4, Ser 2017-4A, Cl B

                

Callable 10/15/2024 @ $100

                

7.413%, TSFR3M + 2.112%, 01/15/2030 (B)

     1,000,000       998,752  

Northwoods Capital XVII, Ser 2018-17A, Cl C

                

Callable 10/22/2024 @ $100

                

7.394%, TSFR3M + 2.112%, 04/22/2031 (B)

     1,500,000       1,500,128  

Park Avenue Institutional Advisers CLO 2018-1, Ser 2021-1A, Cl BR

                

Callable 10/20/2024 @ $100

                

7.644%, TSFR3M + 2.362%, 10/20/2031 (B)

     1,000,000       998,749  
              4,497,656  

Student Loan — 6.5%

        

ECMC Group Student Loan Trust, Ser 2019-1A, Cl A1A

                

Callable 06/25/2032 @ $100

                

2.720%, 07/25/2069 (B)

     1,190,664       1,098,307  

Navient Private Education Loan Trust, Ser 2014-AA, Cl A3

                

Callable 05/15/2026 @ $100

                

6.811%, TSFR1M + 1.714%, 10/15/2031 (B)

     1,062,097       1,064,587  

 

 

THE ADVISORS’ INNER CIRCLE FUND III PENN MUTUAL AM
  STRATEGIC INCOME FUND
  SEPTEMBER 30, 2024
  (Unaudited)
   
 

ASSET-BACKED SECURITIES — continued

 

  

Face Amount

    

Value

  

Student Loan — continued

        

Navient Private Education Loan Trust, Ser 2015-AA, Cl A3

                

Callable 04/15/2028 @ $100

                

6.911%, TSFR1M + 1.814%, 11/15/2030 (B)

   $ 855,462     $ 857,778  

Navient Private Education Loan Trust, Ser 2015-BA, Cl A3

                

Callable 07/15/2028 @ $100

                

6.661%, TSFR1M + 1.564%, 07/16/2040 (B)

     1,625,509       1,629,306  

Nelnet Student Loan Trust 2004-4, Ser 2004-4, Cl B

                

Callable 10/25/2024 @ $100

                

5.921%, SOFR90A + 0.562%, 01/25/2041

    2,284,939       2,263,104  

SLM Student Loan Trust, Ser 2014-2, Cl A3

                

Callable 04/25/2031 @ $100

                

5.985%, SOFR30A + 0.704%, 03/25/2055

    879,636       875,816  

SMB Private Education Loan Trust 2017-A, Ser 2017-A, Cl B

                

3.500%, 06/17/2041 (B)

     1,000,000       975,526  

SMB Private Education Loan Trust, Ser 2015-C, Cl B

                

Callable 06/15/2028 @ $100

                

3.500%, 09/15/2043 (B)

     1,718,505       1,698,766  

SMB Private Education Loan Trust, Ser 2016-B, Cl A2B

                

6.661%, TSFR1M + 1.564%, 02/17/2032 (B)

     206,008       206,247  
              10,669,437  

TOTAL ASSET-BACKED SECURITIES

               

(Cost $16,710,400)

            16,624,508  

MUNICIPAL BOND — 1.8%
                 

Texas — 1.8%

        

University of Texas System Permanent University Fund

                

5.262%0, 07/01/2039

    2,790,000       2,889,137  
         
         

TOTAL MUNICIPAL BOND

                

(Cost $2,790,000)

            2,889,137  
 

 

 

THE ADVISORS’ INNER CIRCLE FUND III PENN MUTUAL AM
  STRATEGIC INCOME FUND
  SEPTEMBER 30, 2024
  (Unaudited)
   
 

LOAN PARTICIPATION — 0.9%
   

Face Amount

    

Value

  

Tallgrass Energy

                

9.595%0, 08/01/2029

  $ 1,496,250     $ 1,492,509  
                 

TOTAL LOAN PARTICIPATION

                

(Cost $1,487,208)

            1,492,509  

PREFERRED STOCK — 0.9%
   


Shares

          

Consumer Discretionary — 0.5%

        

Hovnanian Enterprises 7.625% (D)

    50,000       900,000  

Information Technology — 0.4%

        

Synchronoss Technologies 8.375%

    25,000       611,750  

TOTAL PREFERRED STOCK

               

(Cost $1,434,032)

            1,511,750  
 

CONVERTIBLE BOND — 0.8%
   

Face Amount

          

Health Care — 0.8%

        

Ionis Pharmaceuticals CV to 12.0075

                

0.125%, 12/15/2024

  $ 1,400,000       1,376,375  
         

TOTAL CONVERTIBLE BOND

                

(Cost $1,387,305)

            1,376,375  

TOTAL INVESTMENTS — 95.7%

                

(Cost $156,748,998)

           $ 156,635,069  

 

 

Percentages are based on Net Assets of $163,733,570.

†

Affiliated Investment.

(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.

(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, 2024 was $56,257,535 and represents 34.4% of Net Assets.

(C)

Step Bonds - The rate reflected on the Schedule of Investments is the effective yield on September 30, 2024. The coupon on a step bond changes on a specified date.

 

 

THE ADVISORS’ INNER CIRCLE FUND III PENN MUTUAL AM
  STRATEGIC INCOME FUND
  SEPTEMBER 30, 2024
  (Unaudited)
   
 

(D)

Perpetual security with no stated maturity date.

 

ABS — Asset-Backed Security

Cl — Class

CLO — Collateralized Loan Obligation

CV — Convertible Security

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

IO — Interest Only - face amount represents notional amount

MTN — Medium Term Note

Ser — Series

SOFR30A — Secured Overnight Financing Rate 30-Day Average

SOFR90A — Secured Overnight Financing Rate 90-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, 2024, are as follows:    

 

Type of Contract

  

Number of
Contracts

    

Expiration Date

    

Notional Amount

    

Value

    

Unrealized Appreciation/ (Depreciation)

  

Short Contracts

                                        

U.S. 5-Year Treasury Note

     (13)       Dec-2024     $ (1,426,221 )   $ (1,428,477 )   $ (2,256 )

U.S. Ultra Long Treasury Bond

     (50)       Dec-2024       (6,691,151 )     (6,654,687 )     36,464  
                    $ (8,117,372 )   $ (8,083,164 )   $ 34,208  

 


The following is a summary of the Fund's transactions with affiliates for the period ended September 30, 2024:

 

 

Value as of 12/31/2023

    

Purchases at
Cost

    

Proceeds
from Sale

    

Change in
Unrealized
Appreciation/
(Depreciation)

    

Realized
Gain/(Loss)

    

Value as of
9/30/2024

    

Dividend
Income

    

Capital
Gain
Distributions

  
  FHLMC Multifamily Structured Pass - Through, Ser K043, Cl X3              
  $ 324,418     $ —     $ (229,024 )   $ (38,094 )   $ —     $ 57,300     $ 26,884     $ —  

 


 

PNN-QH-001-1300

 

 

THE ADVISORS’ INNER CIRCLE FUND III PENN MUTUAL AM
  1847 INCOME FUND
  SEPTEMBER 30, 2024
  (Unaudited)
   
 

SCHEDULE OF INVESTMENTS

U.S. TREASURY OBLIGATIONS — 28.7%
   

Face Amount

    

Value

  

U.S. Treasury Bond

                

3.625%, 02/15/2053

   $ 1,500,000     $ 1,363,945  
         

U.S. Treasury Note

                

2.750%, 02/28/2025

     20,000,000       19,864,844  
         

TOTAL U.S. TREASURY OBLIGATIONS

       

(Cost $21,237,625)

            21,228,789  
 

COMMON STOCK — 26.6%
   


Shares

          

Communication Services — 0.7%

        

John Wiley & Sons, Cl A

    10,000       482,500  

Consumer Discretionary — 1.0%

        

Carriage Services, Cl A

    13,200       433,356  

Nordstrom

    12,000       269,880  
              703,236  

Consumer Staples — 2.8%

        

British American Tobacco ADR

    7,000       256,060  

Calavo Growers

    31,750       905,828  

Keurig Dr Pepper

    7,000       262,360  

Kraft Heinz

    6,000       210,660  

PriceSmart

    5,175       474,962  
              2,109,870  

Energy — 2.9%

        

Delek US Holdings

    15,500       290,625  

Devon Energy

    6,550       256,236  

Evolution Petroleum

    60,168       319,492  

MPLX

    10,770       478,834  

Nordic American Tankers

    134,000       491,780  

Select Water Solutions, Cl A

    36,100       401,793  
              2,238,760  

Financials — 0.7%

        

Jefferies Financial Group

    5,225       321,599  

New York Community Bancorp

    22,333       250,803  
              572,402  

Health Care — 2.0%

        

Baxter International

    5,900       224,023  

Bristol-Myers Squibb

    4,600       238,004  

Perrigo

    7,800       204,594  

 

 

THE ADVISORS’ INNER CIRCLE FUND III PENN MUTUAL AM
  1847 INCOME FUND
  SEPTEMBER 30, 2024
  (Unaudited)
   
 

COMMON STOCK — continued

 

  

Shares

    

Value

  

Health Care — continued

        

Roche Holding ADR

    5,800     $ 231,710  

SIGA Technologies

    85,080       574,290  
              1,472,621  

Industrials — 5.3%

        

3M

    4,500       615,150  

Argan

    10,050       1,019,371  

Brady, Cl A

    3,660       280,466  

BWX Technologies

    6,250       679,375  

Hoshizaki ADR

    30,000       264,900  

Luxfer Holdings ADR

    33,211       430,082  

National Presto Industries

    7,825       587,971  
              3,877,315  

Information Technology — 6.4%

        

American Software, Cl A

    34,000       380,460  

Comtech Telecommunications *

     332,004       1,596,939  

Hewlett Packard Enterprise

    23,200       474,672  

Immersion

    32,000       285,440  

InterDigital

    3,750       531,113  

Opera ADR

    61,650       952,492  

ReposiTrak

    12,966       239,482  

Richardson Electronics

    21,044       259,683  
              4,720,281  

Materials — 2.1%

        

Agnico Eagle Mines

    4,500       362,520  

Anglo American ADR

    23,000       372,830  

Fortitude Gold

    100,912       515,660  

Valhi

    8,335       278,139  
              1,529,149  

Utilities — 2.7%

        

AES

    37,000       742,220  

California Water Service Group

    4,400       238,568  

Duke Energy

    2,400       276,720  

FirstEnergy

    5,760       255,456  

UGI

    8,500       212,670  

York Water

    7,500       280,950  
              2,006,584  

TOTAL COMMON STOCK

               

(Cost $17,081,322)

            19,712,718  
 

 

 

THE ADVISORS’ INNER CIRCLE FUND III PENN MUTUAL AM
  1847 INCOME FUND
  SEPTEMBER 30, 2024
  (Unaudited)
   
 

CORPORATE OBLIGATIONS — 23.4%
   

Face Amount

    

Value

  

Communication Services — 2.8%

        

Alphabet

                

Callable 02/15/2050 @ $100

                

2.050%, 08/15/2050

  $ 1,600,000     $ 996,334  

Electronic Arts

                

Callable 08/15/2050 @ $100

                

2.950%, 02/15/2051

    695,000       479,690  

Lumen Technologies

                

Callable 01/01/2025 @ $100

                

5.625%, 04/01/2025

    600,000       595,152  
              2,071,176  

Consumer Discretionary — 3.8%

        

Foot Locker

                

Callable 11/04/2024 @ $102

                

4.000%, 10/01/2029 (A)

     500,000       434,763  

Gap

                

Callable 11/04/2024 @ $102

                

3.625%, 10/01/2029 (A)

     1,545,000       1,397,447  

Macy's Retail Holdings

                

Callable 07/15/2041 @ $100

                

5.125%, 01/15/2042

    250,000       192,346  

MercadoLibre

                

Callable 10/14/2030 @ $100

                

3.125%, 01/14/2031

    400,000       362,323  

Callable 12/14/2025 @ $100

                

2.375%, 01/14/2026

    451,000       436,506  
              2,823,385  

Consumer Staples — 2.4%

        

Ingles Markets

                

Callable 06/15/2026 @ $102

                

4.000%, 06/15/2031 (A)

     1,179,000       1,078,116  

Molson Coors Beverage

                

Callable 01/15/2046 @ $100

                

4.200%, 07/15/2046

    853,000       735,889  
              1,814,005  

Energy — 1.7%

        

Magnolia Oil & Gas Operating

                

Callable 10/15/2024 @ $100

                

6.000%, 08/01/2026 (A)

     688,000       684,715  

 

 

THE ADVISORS’ INNER CIRCLE FUND III PENN MUTUAL AM
  1847 INCOME FUND
  SEPTEMBER 30, 2024
  (Unaudited)
   
 

CORPORATE OBLIGATIONS — continued

 

  

Face Amount

    

Value

  

Energy — continued

        

Martin Midstream Partners

                

Callable 08/15/2025 @ $112

                

11.500%, 02/15/2028 (A)

   $ 500,000     $ 550,490  
              1,235,205  

Health Care — 5.8%

        

Emergent BioSolutions

                

Callable 10/18/2024 @ $101

                

3.875%, 08/15/2028 (A)

     1,930,000       1,471,239  

Regeneron Pharmaceuticals

                

Callable 03/15/2050 @ $100

                

2.800%, 09/15/2050

    2,319,000       1,526,178  

Royalty Pharma

                

Callable 03/02/2050 @ $100

                

3.550%, 09/02/2050

    1,834,000       1,328,956  
              4,326,373  

Industrials — 2.7%

        

Emerson Electric

                

Callable 06/21/2051 @ $100

                

2.800%, 12/21/2051

    275,000       189,078  

Callable 04/15/2050 @ $100

                

2.750%, 10/15/2050

    1,000,000       686,996  

Mueller Water Products

                

Callable 11/04/2024 @ $102

                

4.000%, 06/15/2029 (A)

     1,145,000       1,092,176  
              1,968,250  

Information Technology — 4.2%

        

Apple

                

Callable 02/08/2062 @ $100

                

4.100%, 08/08/2062

    1,000,000       887,727  

Ciena

                

Callable 01/31/2025 @ $102

                

4.000%, 01/31/2030 (A)

     396,000       374,366  

Microsoft

                

Callable 03/15/2050 @ $100

                

2.500%, 09/15/2050

    1,750,000       1,185,740  

 

 

THE ADVISORS’ INNER CIRCLE FUND III PENN MUTUAL AM
  1847 INCOME FUND
  SEPTEMBER 30, 2024
  (Unaudited)
   
 

CORPORATE OBLIGATIONS — continued

 

  

Face Amount

    

Value

  

Information Technology — continued

        

Skyworks Solutions

                

Callable 03/01/2031 @ $100

                

3.000%, 06/01/2031

  $ 749,000     $ 660,425  
              3,108,258  

TOTAL CORPORATE OBLIGATIONS

               

(Cost $18,234,590)

            17,346,652  

CONVERTIBLE BONDS — 7.9%
                 

Communication Services — 0.6%

        

Cardlytics CV to 11.7457

                

1.000%, 09/15/2025

    500,000       454,999  
         

Consumer Discretionary — 0.6%

        

Etsy CV to 4.0518

                

0.250%, 06/15/2028

    500,000       408,092  
         

Financials — 1.7%

        

Euronet Worldwide CV to 5.2987

                

Callable 03/20/2025 @ $100

                

0.750%, 03/15/2049

    734,000       719,320  

LendingTree CV to 2.1683

                

0.500%, 07/15/2025

    535,000       500,172  
              1,219,492  

Health Care — 3.1%

        

Exact Sciences CV to 10.0644

                

1.750%, 04/15/2031 (A)

     500,000       505,673  

Ionis Pharmaceuticals CV to 12.0075

                

0.125%, 12/15/2024

    1,356,000       1,333,117  

Omnicell CV to 10.2751

                

0.250%, 09/15/2025

    500,000       477,188  
              2,315,978  

Industrials — 0.6%

        

Enovix CV to 64.0800

                

3.000%, 05/01/2028 (A)

     500,000       451,982  
         

Information Technology — 1.3%

        

Pegasystems CV to 7.4045

                

0.750%, 03/01/2025

    500,000       488,750  

 

 

THE ADVISORS’ INNER CIRCLE FUND III PENN MUTUAL AM
  1847 INCOME FUND
  SEPTEMBER 30, 2024
  (Unaudited)
   
 

CONVERTIBLE BONDS — continued

 

  

Face Amount

    

Value

  

Information Technology — continued

        

Verint Systems CV to 16.1092

                

0.250%, 04/15/2026

  $ 500,000     $ 464,750  
              953,500  

TOTAL CONVERTIBLE BONDS

               

(Cost $5,790,936)

            5,804,043  

PREFERRED STOCK — 5.0%
   


Shares

          

Consumer Discretionary — 2.2%

        

Dillard's Capital Trust I 7.500%

    8,955       231,576  

Hovnanian Enterprises 7.625% (B)

    78,000       1,404,000  
              1,635,576  

Industrials — 0.3%

        

Chart Industries 6.750%

    5,000       251,250  

Information Technology — 2.5%

        

Synchronoss Technologies 8.375%

    75,267       1,841,784  

TOTAL PREFERRED STOCK

               

(Cost $3,526,296)

            3,728,610  
 

TOTAL INVESTMENTS — 91.6%

                

(Cost $65,870,769)

           $ 67,820,812  

 

 

Percentages are based on Net Assets of $74,075,412.

*

Non-income producing security.

(A)

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, 2024 was $8,040,967 and represents 10.9% of Net Assets.

(B)

Perpetual security with no stated maturity date.

 

 

ADR — American Depositary Receipt

Cl — Class

CV — Convertible Security

 

 

PNN-QH-001-1300