THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	JULY 31, 2025 (UNAUDITED)

SCHEDULE OF INVESTMENTS
COMMON STOCK — 80.0%

	Shares		Value
Australia — 0.2%
Energy — 0.0%
Boss Energy *		14,990	$	16,503
Paladin Energy *		8,437		33,042
				49,545
Information Technology — 0.2%
WiseTech Global		1,346		101,946
Xero *		843		97,080
				199,026
Total Australia				248,571
Belgium — 0.1%
Health Care — 0.1%
UCB		662		142,234
Brazil — 0.2%
Communication Services — 0.1%
TIM		41,406		152,549
Consumer Discretionary — 0.1%
MercadoLibre *		30		71,217
Industrials — 0.0%
Rumo		11,463		33,962
Total Brazil				257,728
Canada — 0.3%
Energy — 0.2%
Cameco		598		44,897
Denison Mines *		24,312		50,007
Energy Fuels *		7,912		71,777
NexGen Energy *		6,448		43,278
				209,959
Information Technology — 0.1%
Shopify, Cl A *		1,400		171,094
Total Canada				381,053
China — 1.5%
Consumer Discretionary — 0.7%
Alibaba Group Holding		55,286		831,213
BYD, Cl A		300		4,363
Gree Electric Appliances of Zhuhai, Cl A		4,400		27,877
SAIC Motor, Cl A		4,200		10,004

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	JULY 31, 2025 (UNAUDITED)

COMMON STOCK — continued

	Shares		Value
China — continued
Consumer Discretionary — continued
Sailun Group, Cl A		5,300	$	9,475
Weifu High-Technology Group, Cl A		8,100		21,677
				904,609
Consumer Staples — 0.1%
Fujian Sunner Development, Cl A		10,500		23,251
Guangdong Haid Group, Cl A		4,200		32,945
Inner Mongolia Yili Industrial Group, Cl A		5,700		21,698
Kweichow Moutai, Cl A		100		19,729
Wellhope Foods, Cl A		10,100		11,973
Yifeng Pharmacy Chain, Cl A		2,700		8,880
				118,476
Financials — 0.2%
Agricultural Bank of China, Cl A		44,800		39,220
China Minsheng Banking, Cl A		30,200		20,510
Industrial & Commercial Bank of China, Cl A		26,200		27,527
Industrial Bank, Cl A		12,700		39,915
Ping An Insurance Group of China, Cl A		1,700		13,846
				141,018
Health Care — 0.1%
Guangxi LiuYao Group, Cl A		4,000		10,022
Huadong Medicine, Cl A		5,100		31,430
Jiangsu Hengrui Pharmaceuticals, Cl A		2,800		24,473
				65,925
Industrials — 0.3%
Beijing Career International, Cl A		5,000		24,824
China State Construction Engineering, Cl A		39,800		31,278
Contemporary Amperex Technology, Cl A		1,100		40,273
Guangxi Liugong Machinery, Cl A		9,800		14,570
Han’s Laser Technology Industry Group, Cl A		5,100		19,082
Nantong Jianghai Capacitor, Cl A		4,200		13,887
Ningbo Orient Wires & Cables, Cl A		1,300		8,552
Sieyuan Electric, Cl A		2,200		23,821
Sungrow Power Supply, Cl A		10,963		109,431
Sunwoda Electronic, Cl A		4,800		14,316
Suzhou Gold Mantis Construction Decoration, Cl A		18,000		9,039
YTO Express Group, Cl A		12,200		24,946
Yutong Bus, Cl A		10,900		37,722

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	JULY 31, 2025 (UNAUDITED)

COMMON STOCK — continued

	Shares		Value
China — continued
Industrials — continued
Zhejiang Sanhua Intelligent Controls, Cl A		4,200	$	15,389
				387,130
Information Technology — 0.1%
Huaqin Technology, Cl A		1,200		13,693
LONGi Green Energy Technology, Cl A *		6,700		14,650
Luxshare Precision Industry, Cl A		5,300		26,821
Zhejiang Dahua Technology, Cl A		6,400		14,433
Zhongji Innolight, Cl A		1,400		41,984
				111,581
Materials — 0.0%
Anhui Conch Cement, Cl A		5,800		18,973
Baoshan Iron & Steel, Cl A		23,500		23,958
Wanhua Chemical Group, Cl A		1,600		13,828
				56,759
Real Estate — 0.0%
China Vanke, Cl A *		9,500		8,490
Utilities — 0.0%
SDIC Power Holdings, Cl A		2,000		4,378
Total China				1,798,366
Denmark — 0.2%
Health Care — 0.1%
Novo Nordisk, Cl B		2,733		127,106
Industrials — 0.1%
DSV		165		36,974
Vestas Wind Systems		2,032		37,101
				74,075
Total Denmark				201,181
Finland — 0.1%
Financials — 0.0%
Nordea Bank Abp		1,154		16,839
Industrials — 0.0%
Kone, Cl B		281		17,256

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	JULY 31, 2025 (UNAUDITED)

COMMON STOCK — continued

	Shares		Value
Finland — continued
Utilities — 0.1%
Fortum		2,385	$	43,754
Total Finland				77,849
France — 2.0%
Consumer Discretionary — 0.1%
LVMH Moet Hennessy Louis Vuitton		287		154,065
Consumer Staples — 0.2%
L’Oreal		532		235,401
Financials — 0.0%
AXA		643		31,230
BNP Paribas		372		33,919
Societe Generale		262		16,723
				81,872
Health Care — 0.2%
Sanofi		2,111		189,506
Industrials — 1.3%
Airbus		1,091		219,351
Alstom *		977		22,917
Cie de Saint-Gobain		1,920		220,257
Dassault Aviation		52		16,191
Eiffage		177		23,760
Legrand		2,691		397,479
Nexans		324		46,566
Rexel		547		16,533
Safran		678		223,572
Schneider Electric		684		177,015
Thales		287		77,201
Vinci		1,006		139,742
				1,580,584
Information Technology — 0.1%
Capgemini		120		17,865
STMicroelectronics		1,913		48,617
				66,482
Materials — 0.1%
Air Liquide		669		131,617
Total France				2,439,527
Germany — 3.0%
Communication Services — 0.2%
CTS Eventim & KGaA		378		42,686

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	JULY 31, 2025 (UNAUDITED)

COMMON STOCK — continued

	Shares		Value
Germany — continued
Communication Services — continued
Deutsche Telekom		3,357	$	120,402
Freenet		1,551		50,303
Scout24		574		76,710
United Internet		750		21,497
				311,598
Consumer Discretionary — 0.1%
Zalando *		1,886		54,992
Consumer Staples — 0.0%
Redcare Pharmacy *		275		30,440
Financials — 0.6%
Allianz		406		160,442
Commerzbank		5,161		188,201
Deutsche Bank		6,019		198,245
Deutsche Boerse		68		19,678
DWS Group GmbH & KGaA		273		16,348
flatexDEGIRO		1,444		43,642
Muenchener Rueckversicherungs-Gesellschaft in Muenchen		206		134,862
				761,418
Health Care — 0.0%
Carl Zeiss Meditec		555		30,604
Industrials — 1.2%
Brenntag		738		45,785
Daimler Truck Holding		1,070		52,051
Deutsche Lufthansa		10,873		93,234
Deutsche Post		2,864		128,324
Fraport Frankfurt Airport Services Worldwide *		782		58,193
GEA Group		285		20,472
Hensoldt		611		66,967
MTU Aero Engines		147		63,410
Nordex *		884		21,699
Rational		27		20,843
RENK Group		384		29,809
Rheinmetall		182		360,269
Siemens		746		190,009
Siemens Energy *		785		90,886
				1,241,951
Information Technology — 0.4%
Bechtle		960		41,668

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	JULY 31, 2025 (UNAUDITED)

COMMON STOCK — continued

	Shares		Value
Germany — continued
Information Technology — continued
Infineon Technologies		1,539	$	60,457
SAP		1,522		435,225
				537,350
Materials — 0.1%
BASF		510		24,995
Heidelberg Materials		207		47,754
thyssenkrupp		7,656		88,620
				161,369
Real Estate — 0.2%
Aroundtown *		7,406		26,707
LEG Immobilien		1,322		104,932
TAG Immobilien		2,464		39,616
Vonovia		4,087		126,843
				298,098
Utilities — 0.2%
E.ON		7,886		143,866
RWE		3,285		134,768
				278,634
Total Germany				3,706,454
Greece — 0.2%
Consumer Discretionary — 0.1%
JUMBO		2,441		82,334
Financials — 0.1%
Piraeus Financial Holdings		17,113		131,590
Total Greece				213,924
Hong Kong — 4.0%
Communication Services — 2.1%
Baidu, Cl A *		27,700		303,075
Bilibili, Cl Z *		8,720		199,505
China Literature *		15,200		59,734
Cloud Music *		1,750		56,701
Kingsoft		35,000		159,154
Kuaishou Technology, Cl B *		35,100		342,718
NetEase		13,700		358,149
Tencent Holdings		15,778		1,104,653
				2,583,689
Consumer Discretionary — 1.1%
Geely Automobile Holdings		34,343		77,032

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	JULY 31, 2025 (UNAUDITED)

COMMON STOCK — continued

	Shares		Value
Hong Kong — continued
Consumer Discretionary — continued
JD.com, Cl A		13,200	$	208,058
Meituan, Cl B *		28,534		440,210
Tongcheng Travel Holdings		46,800		117,264
Trip.com Group		6,197		384,725
				1,227,289
Consumer Staples — 0.3%
Alibaba Health Information Technology *		162,000		100,462
East Buy Holding *		18,500		51,736
JD Health International *		37,950		242,669
				394,867
Financials — 0.3%
China Construction Bank, Cl H		180,099		184,206
China Everbright Bank, Cl H		69,000		32,424
Guotai Junan Securities, Cl H		5,000		10,794
Ping An Insurance Group of China, Cl H		10,667		73,233
ZhongAn Online P&C Insurance, Cl H *		28,400		72,679
				373,336
Industrials — 0.0%
China Railway Group, Cl H		21,000		10,566
Information Technology — 0.2%
China Railway Signal & Communication, Cl H		53,000		23,170
Lenovo Group		81,304		104,252
Xiaomi, Cl B *		18,587		125,052
				252,474
Total Hong Kong				4,842,221
Hungary — 0.2%
Financials — 0.1%
OTP Bank Nyrt		1,575		127,805
Health Care — 0.1%
Richter Gedeon Nyrt		2,892		86,725
Total Hungary				214,530
India — 2.4%
Consumer Discretionary — 0.2%
Indian Hotels, Cl A		13,625		114,601
Mahindra & Mahindra		2,021		73,622
				188,223
Consumer Staples — 0.1%
Chaman Lal Setia Exports		2,800		10,177

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	JULY 31, 2025 (UNAUDITED)

COMMON STOCK — continued

	Shares		Value
India — continued
Consumer Staples — continued
Dodla Dairy		2,270	$	32,845
Emami		13,100		89,473
Hindustan Unilever		1,684		48,364
Honasa Consumer *		6,582		20,381
				201,240
Energy — 0.2%
Reliance Industries		5,479		86,527
Waaree Energies *		2,400		81,448
				167,975
Financials — 1.3%
Bajaj Finance		6,900		69,051
Bank of Baroda		90,166		243,636
Bank of India		76,700		97,027
General Insurance Corp of India		7,000		31,141
HDFC Bank		15,378		352,899
ICICI Bank		10,156		171,020
ICICI Bank ADR		3,500		117,950
Indian Bank		27,900		197,257
Indian Energy Exchange		8,000		12,288
Punjab National Bank		46,400		55,492
Union Bank of India		68,500		101,730
				1,449,491
Health Care — 0.1%
Caplin Point Laboratories		1,700		39,808
Gland Pharma		2,450		57,439
Granules India		1,800		9,701
Orchid Pharma *		550		4,601
Sun Pharmaceutical Industries		1,650		32,043
Zydus Lifesciences		4,000		44,051
				187,643
Industrials — 0.2%
AIA Engineering		1,016		36,291
Amara Raja Energy & Mobility		7,381		80,839
Bharat Electronics		12,300		53,435
CMS Info Systems		5,400		28,174
eClerx Services		400		17,133
Elecon Engineering		5,200		33,719
InterGlobe Aviation *		200		13,422
KSB		2,800		26,753

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	JULY 31, 2025 (UNAUDITED)

COMMON STOCK — continued

	Shares		Value
India — continued
Industrials — continued
Polycab India		1,100	$	85,249
Shakti Pumps India		2,300		23,255
Transformers & Rectifiers India		6,500		37,629
Updater Services *		2,300		7,564
				443,463
Information Technology — 0.2%
PG Electroplast		6,800		62,575
Tata Consultancy Services		1,900		65,524
				128,099
Materials — 0.1%
Dhanuka Agritech		600		13,027
GHCL		2,000		13,559
National Aluminium		45,400		95,231
Shree Cement		150		52,582
				174,399
Utilities — 0.0%
NHPC		31,500		29,727
Total India				2,970,260
Indonesia — 0.1%
Financials — 0.1%
Bank Central Asia		157,649		79,013
Ireland — 0.2%
Consumer Staples — 0.2%
Kerry Group, Cl A		2,309		213,283
Italy — 0.2%
Financials — 0.0%
Intesa Sanpaolo		5,495		33,109
UniCredit		503		37,008
				70,117
Industrials — 0.2%
Iveco Group		1,221		25,238
Leonardo		1,289		69,481

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	JULY 31, 2025 (UNAUDITED)

COMMON STOCK — continued

	Shares		Value
Italy — continued
Industrials — continued
Prysmian		821	$	65,568
				160,287
Total Italy				230,404
Japan — 8.6%
Communication Services — 0.3%
Nippon Telegraph & Telephone		287,200		290,032
SKY Perfect JSAT Holdings		11,000		104,173
				394,205
Consumer Discretionary — 0.7%
Asics		900		21,158
Pan Pacific International Holdings		4,600		153,899
Saizeriya		1,600		56,131
Sony Group		14,500		348,773
Suzuki Motor		11,300		124,160
Toyota Motor		15,800		281,044
Treasure Factory		5,000		57,486
Yonex		1,300		25,526
				1,068,177
Consumer Staples — 0.6%
Ajinomoto		7,100		187,841
Fuji Oil Holdings		5,000		94,086
Kobe Bussan		3,400		90,540
Morinaga Milk Industry		4,500		97,862
Rohto Pharmaceutical		3,600		51,387
Toyo Suisan Kaisha		1,700		108,611
				630,327
Financials — 2.8%
Chiba Bank		15,500		144,471
Concordia Financial Group		43,000		285,143
Dai-ichi Life Holdings		51,900		410,642
Japan Post Bank		23,600		263,407
Japan Post Insurance		6,600		168,990
M&A Capital Partners		3,900		76,008
Mitsubishi UFJ Financial Group		42,500		585,768
Mizuho Financial Group		9,600		281,584
Rakuten Bank *		3,600		167,694
Resona Holdings		26,600		242,167
Shizuoka Financial Group		11,900		140,755
Sumitomo Mitsui Financial Group		19,100		481,828

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	JULY 31, 2025 (UNAUDITED)

COMMON STOCK — continued

	Shares		Value
Japan — continued
Financials — continued
Sumitomo Mitsui Trust Holdings		7,600	$	199,232
T&D Holdings		7,200		175,815
				3,623,504
Health Care — 0.5%
Chugai Pharmaceutical		6,181		296,298
Hoya		600		75,698
JCR Pharmaceuticals		6,600		24,701
JMDC		2,700		69,767
Sawai Group Holdings		4,600		59,048
				525,512
Industrials — 1.5%
Fuji Electric		1,200		59,662
Fujikura		700		47,518
GS Yuasa		6,400		114,856
Hitachi		23,093		706,661
Insource		12,100		73,033
ITOCHU		5,900		309,470
Kanematsu		3,000		56,364
MINEBEA MITSUMI		6,000		94,430
Mitsubishi Heavy Industries		1,700		40,590
Raito Kogyo		2,500		51,655
Takasago Thermal Engineering		3,700		179,526
Tokyu		8,400		94,556
				1,828,321
Information Technology — 1.7%
Advantest		2,700		179,548
FUJIFILM Holdings		6,200		128,602
Fujitsu		3,000		65,352
Keyence		1,068		386,329
Meiko Electronics		2,100		102,907
Micronics Japan		2,800		102,013
NEC		9,500		272,801
NTT Data Group		2,300		59,979
Obic		2,600		92,567
Oracle Japan		800		86,516
Tokyo Electron		400		63,592
Trend Micro		3,900		237,816
				1,778,022

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	JULY 31, 2025 (UNAUDITED)

COMMON STOCK — continued

	Shares		Value
Japan — continued
Materials — 0.4%
Mitsubishi Gas Chemical		6,900	$	119,199
Oji Holdings		14,300		69,696
Osaka Soda		9,500		115,690
Shin-Etsu Chemical		5,300		152,518
				457,103
Real Estate — 0.1%
Mitsui Fudosan		18,100		161,783
Total Japan				10,466,954
Mexico — 0.2%
Consumer Staples — 0.0%
Arca Continental		6,226		64,910
Financials — 0.1%
Gentera		39,679		89,980
Materials — 0.1%
Grupo Mexico, Cl B		10,449		65,186
Total Mexico				220,076
Netherlands — 0.7%
Financials — 0.0%
Adyen *		8		13,721
ING Groep		1,131		26,358
				40,079
Health Care — 0.2%
Argenx ADR *		321		215,176
Industrials — 0.0%
InPost *		3,053		43,849
Wolters Kluwer		193		30,062
				73,911
Information Technology — 0.5%
ASM International		379		183,458
ASML Holding		432		299,408
BE Semiconductor Industries		390		52,694
				535,560
Total Netherlands				864,726
Norway — 0.0%
Industrials — 0.0%
Kongsberg Gruppen		2,315		69,179

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	JULY 31, 2025 (UNAUDITED)

COMMON STOCK — continued

	Shares		Value
Portugal — 0.1%
Energy — 0.1%
Galp Energia SGPS		4,308	$	82,262
South Africa — 0.1%
Financials — 0.1%
FirstRand		17,079		72,527
South Korea — 0.7%
Financials — 0.1%
Woori Financial Group		7,948		141,023
Industrials — 0.1%
Doosan Enerbility *		959		44,928
HD Hyundai Electric		165		58,717
KEPCO Engineering & Construction		603		39,828
				143,473
Information Technology — 0.5%
Samsung Electronics		4,321		220,215
SK Hynix		1,723		333,945
				554,160
Total South Korea				838,656
Spain — 0.1%
Financials — 0.1%
Banco Bilbao Vizcaya Argentaria		2,117		35,308
Banco Santander		5,475		47,035
				82,343
Industrials — 0.0%
Aena SME		600		16,157
Ferrovial		387		19,839
				35,996
Utilities — 0.0%
Endesa		1,383		40,009
Total Spain				158,348
Sweden — 0.2%
Financials — 0.0%
Investor, Cl B		639		18,518
Industrials — 0.2%
Assa Abloy, Cl B		829		27,432
Atlas Copco, Cl A		3,484		53,056
Atlas Copco, Cl B		1,280		17,322

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	JULY 31, 2025 (UNAUDITED)

COMMON STOCK — continued

	Shares		Value
Sweden — continued
Industrials — continued
Saab, Cl B		1,514	$	82,352
Sandvik		1,718		41,919
SKF, Cl B		908		21,149
Trelleborg, Cl B		382		13,880
Volvo, Cl B		1,336		38,370
				295,480
Total Sweden				313,998
Switzerland — 1.1%
Consumer Staples — 0.2%
Nestle		2,419		211,365
Financials — 0.0%
Swiss Re		108		19,332
UBS Group		1,209		44,931
Zurich Insurance Group		53		36,152
				100,415
Health Care — 0.5%
Lonza Group		150		104,546
Novartis		2,197		250,210
Roche Holding		756		235,927
				590,683
Industrials — 0.4%
ABB		4,639		302,918
Geberit		56		42,902
VAT Group		135		47,275
				393,095
Materials — 0.0%
Amrize *		200		10,110
Holcim		200		15,950
				26,060
Total Switzerland				1,321,618
Taiwan — 1.2%
Information Technology — 1.2%
Accton Technology		4,000		118,137
Asustek Computer		1,832		40,215
Hon Hai Precision Industry		21,605		127,048
Largan Precision		1,083		84,943
MediaTek		3,906		176,881
Taiwan Semiconductor Manufacturing		19,680		757,666

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	JULY 31, 2025 (UNAUDITED)

COMMON STOCK — continued

	Shares		Value
Taiwan — continued
Information Technology — continued
Wiwynn		2,000	$	182,533
				1,487,423
Total Taiwan				1,487,423
Turkey — 0.0%
Financials — 0.0%
Akbank		14,017		23,240
United Kingdom — 2.0%
Consumer Discretionary — 0.1%
Coats Group		32,141		31,349
Compass Group		3,014		105,911
				137,260
Energy — 0.0%
Yellow Cake *		6,148		39,643
Financials — 0.1%
3i Group		351		19,179
Barclays		5,319		26,000
HSBC Holdings		6,518		79,409
Lloyds Banking Group		21,785		22,339
London Stock Exchange Group		177		21,575
NatWest Group		2,790		19,367
				187,869
Health Care — 0.5%
AstraZeneca		1,648		240,430
GSK		13,304		244,715
Hikma Pharmaceuticals		3,652		94,395
				579,540
Industrials — 1.1%
Ashtead Group		365		24,386
BAE Systems		8,179		195,157
Experian		740		38,991
Melrose Industries		3,677		24,826
RELX		1,504		78,150
RELX ADR		2,578		133,772
Rolls-Royce Holdings		17,249		244,816
Spirax Group		1,157		96,689
Weir Group		12,535		440,368
				1,277,155

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	JULY 31, 2025 (UNAUDITED)

COMMON STOCK — continued

	Shares		Value
United Kingdom — continued
Information Technology — 0.2%
ARM Holdings ADR *		594	$	83,977
Sage Group		5,689		91,347
				175,324
Total United Kingdom				2,396,791
United States — 50.1%
Communication Services — 3.4%
Alphabet, Cl A		9,260		1,776,994
AT&T		2,021		55,396
Comcast, Cl A		5,346		177,647
Electronic Arts		349		53,219
Fox, Cl A		2,460		137,170
Match Group		821		28,136
Meta Platforms, Cl A		2,133		1,649,747
Omnicom Group		1,476		106,346
Pinterest, Cl A *		2,163		83,492
Spotify Technology *		80		50,123
Verizon Communications		1,292		55,246
				4,173,516
Consumer Discretionary — 3.9%
Airbnb, Cl A *		988		130,821
Amazon.com *		6,563		1,536,464
Aramark		3,618		153,982
Booking Holdings		20		110,081
Darden Restaurants		133		26,822
Deckers Outdoor *		790		83,874
DoorDash, Cl A *		348		87,087
DR Horton		731		104,416
eBay		683		62,665
Etsy *		442		25,755
Expedia Group		1,027		185,086
Grand Canyon Education *		163		27,487
H&R Block		496		26,953
Hilton Worldwide Holdings		202		54,152
Home Depot		603		221,608
Las Vegas Sands		2,866		150,178
Lowe's		1,116		249,504
Lululemon Athletica *		246		49,330
Marriott International, Cl A		204		53,821
McDonald's		464		139,233

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	JULY 31, 2025 (UNAUDITED)

COMMON STOCK — continued

	Shares		Value
United States — continued
Consumer Discretionary — continued
NIKE, Cl B		1,107	$	82,682
NVR *		10		75,495
O'Reilly Automotive *		584		57,419
Pool		90		27,733
PulteGroup		1,154		130,310
Ralph Lauren, Cl A		96		28,680
Ross Stores		411		56,118
Starbucks		870		77,569
Tapestry		785		84,804
Tesla *		1,672		515,428
TJX		663		82,563
Williams-Sonoma		156		29,180
Yum! Brands		374		53,912
				4,781,212
Consumer Staples — 0.9%
Altria Group		930		57,604
Church & Dwight		283		26,537
Clorox		215		26,995
Colgate-Palmolive		628		52,658
Costco Wholesale		263		247,125
Ingredion		207		27,229
Kimberly-Clark		432		53,836
Monster Beverage *		925		54,344
Philip Morris International		493		80,876
Procter & Gamble		1,231		185,229
Walmart		2,791		273,462
				1,085,895
Energy — 0.5%
Centrus Energy, Cl A *		262		56,435
Chevron		737		111,759
ConocoPhillips		596		56,823
Coterra Energy		1,174		28,634
EOG Resources		469		56,289
Exxon Mobil		2,294		256,102
Uranium Energy *		6,735		58,392
				624,434
Financials — 6.4%
Aflac		541		53,754
Allstate		141		28,658

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	JULY 31, 2025 (UNAUDITED)

COMMON STOCK — continued

	Shares		Value
United States — continued
Financials — continued
Ameriprise Financial		104	$	53,892
Aon, Cl A		157		55,846
Apollo Global Management		1,241		180,342
Arch Capital Group		312		26,851
Ares Management, Cl A		686		127,274
Arthur J Gallagher		178		51,130
Bank of America		14,729		696,240
Berkshire Hathaway, Cl B *		578		272,747
BlackRock Funding		101		111,707
Blackstone		2,610		451,426
Blue Owl Capital, Cl A		3,300		63,855
Brookfield		3,510		235,345
Brown & Brown		537		49,066
Carlyle Group		767		46,526
Cboe Global Markets		117		28,202
Chubb		298		79,280
Citigroup		3,645		341,537
CME Group, Cl A		670		186,448
Commerce Bancshares		428		26,194
FactSet Research Systems		67		26,994
Fidelity National Information Services		2,492		197,890
FS KKR Capital		594		12,420
Goldman Sachs Group		780		564,400
Hartford Financial Services Group		226		28,112
Intercontinental Exchange		307		56,743
JPMorgan Chase		4,055		1,201,253
KKR		1,901		278,649
Main Street Capital		189		12,228
Marsh & McLennan		394		78,485
Mastercard, Cl A		446		252,646
Moody's		167		86,127
Morgan Stanley		3,129		445,757
Progressive		225		54,459
S&P Global		161		88,727
State Street		2,782		310,888
TPG, Cl A		802		45,770
Travelers		208		54,130
Visa, Cl A		865		298,831
W R Berkley		403		27,730

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	JULY 31, 2025 (UNAUDITED)

COMMON STOCK — continued

	Shares		Value
United States — continued
Financials — continued
Wells Fargo		6,305	$	508,372
				7,796,931
Health Care — 2.7%
Abbott Laboratories		1,106		139,566
AbbVie		1,036		195,825
Agilent Technologies		240		27,554
Alcon		2,228		195,061
Align Technology *		289		37,284
Amgen		456		134,566
Bristol-Myers Squibb		1,157		50,110
Cardinal Health		618		95,926
Centene *		1,970		51,358
Cigna Group		550		147,059
DaVita *		193		27,091
Elevance Health		293		82,943
Gilead Sciences		1,001		112,402
Hologic *		422		28,198
Humana		359		89,703
IDEXX Laboratories *		369		197,160
Incyte *		1,204		90,168
Johnson & Johnson		1,326		218,445
Medpace Holdings *		59		25,205
Merck		3,729		291,309
Mettler-Toledo International *		23		28,375
Molina Healthcare *		303		47,835
Penumbra *		119		30,020
Regeneron Pharmaceuticals		50		27,273
ResMed		208		56,564
Royalty Pharma, Cl A		4,633		170,494
Tenet Healthcare *		340		54,835
Thermo Fisher Scientific		440		205,779
United Therapeutics *		371		101,914
UnitedHealth Group		580		144,745
Veeva Systems, Cl A *		391		111,122
Zoetis, Cl A		370		53,942
				3,269,831
Industrials — 5.5%
Acuity Brands		95		29,578
AerCap Holdings		157		16,838

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	JULY 31, 2025 (UNAUDITED)

COMMON STOCK — continued

	Shares		Value
United States — continued
Industrials — continued
Allison Transmission Holdings		320	$	28,822
AMETEK		543		100,374
Automatic Data Processing		714		220,983
Booz Allen Hamilton Holding, Cl A		545		58,495
Broadridge Financial Solutions		282		69,798
BWX Technologies		315		47,858
Carlisle		133		47,177
Carrier Global		1,513		103,822
Caterpillar		453		198,423
CH Robinson Worldwide		1,410		162,601
Cintas		251		55,860
Clean Harbors *		122		28,769
Copart *		1,192		54,033
CSX		3,356		119,272
Cummins		307		112,859
Delta Air Lines		1,992		105,994
Eaton		1,000		384,720
EMCOR Group		216		135,538
Emerson Electric		914		132,996
Expeditors International of Washington		242		28,130
Fastenal		2,414		111,358
GE Vernova		323		213,274
Graco		317		26,622
Honeywell International		2,130		473,606
Hubbell, Cl B		150		65,622
Illinois Tool Works		215		55,034
Ingersoll Rand		1,136		96,140
Lincoln Electric Holdings		125		30,438
Lockheed Martin		131		55,148
MasTec *		610		115,418
NANO Nuclear Energy *		1,360		48,185
Norfolk Southern		426		118,428
NuScale Power *		1,224		61,457
nVent Electric		857		67,206
Old Dominion Freight Line		573		85,520
PACCAR		1,071		105,772
Parker-Hannifin		180		131,742
Paychex		1,049		151,402
Paycom Software		119		27,553
Quanta Services		578		234,743

THE ADVISORS’ INNER CIRCLE FUND III

PINEBRIDGE DYNAMIC

ASSET ALLOCATION FUND

JULY 31, 2025 (UNAUDITED)

COMMON STOCK — continued

	Shares		Value
United States — continued
Industrials — continued
Republic Services, Cl A		229	$	52,819
Rockwell Automation		716		251,824
Rollins		499		28,578
RTX		1,260		198,538
Trane Technologies		289		126,605
Union Pacific		2,228		494,549
United Airlines Holdings *		919		81,157
United Rentals		139		122,729
Verisk Analytics, Cl A		185		51,561
Vertiv Holdings, Cl A		949		138,174
Waste Management		770		176,453
Watsco		59		26,602
WESCO International		327		67,676
Westinghouse Air Brake Technologies		744		142,885
WW Grainger		149		154,892
				6,632,650
Information Technology — 23.7%
Accenture, Cl A		1,031		275,380
Adobe *		676		241,798
Advanced Micro Devices *		1,093		192,707
Akamai Technologies *		4,392		335,154
Amdocs		309		26,376
Amphenol, Cl A		2,915		310,477
Analog Devices		688		154,545
Appian, Cl A *		2,989		82,526
Apple		11,893		2,468,630
Applied Materials		1,042		187,623
AppLovin, Cl A *		385		150,419
APTIV *		1,191		81,750
Arista Networks *		1,467		180,764
Asana, Cl A *		6,257		91,853
Atlassian, Cl A *		867		166,273
Autodesk *		405		122,760
AvePoint *		4,719		90,039
Bentley Systems, Cl B		479		27,772
Box, Cl A *		2,740		87,954
Broadcom		2,793		820,304
Cadence Design Systems *		588		214,367
CCC Intelligent Solutions Holdings *		15,288		147,835
Check Point Software Technologies *		1,428		265,894

THE ADVISORS’ INNER CIRCLE FUND III

PINEBRIDGE DYNAMIC

ASSET ALLOCATION FUND

JULY 31, 2025 (UNAUDITED)

COMMON STOCK — continued

	Shares		Value
United States — continued
Information Technology — continued
Cirrus Logic *		265	$	26,688
Cisco Systems		2,423		164,958
Cloudflare, Cl A *		2,657		551,806
Cognizant Technology Solutions, Cl A		1,445		103,693
Confluent, Cl A *		3,684		65,299
CoreWeave, Cl A *		466		53,185
Credo Technology Group Holding *		572		63,807
Crowdstrike Holdings, Cl A *		1,492		678,218
CyberArk Software *		781		321,358
Datadog, Cl A *		3,386		473,972
DigitalOcean Holdings *		3,054		85,084
DocuSign, Cl A *		2,494		188,646
Dropbox, Cl A *		999		27,143
Dynatrace *		5,825		306,453
Elastic *		661		55,326
F5 *		93		29,148
Fabrinet *		188		60,861
Fortinet *		5,846		584,015
Freshworks, Cl A *		6,325		82,162
Gartner *		155		52,491
Gen Digital		10,541		310,854
Gitlab, Cl A *		2,072		90,774
GLOBALFOUNDRIES *		1,461		54,627
GoDaddy, Cl A *		748		120,862
Guidewire Software *		433		97,953
HubSpot *		270		140,305
International Business Machines		595		150,624
Intuit		444		348,598
Jabil		625		139,481
Keysight Technologies *		732		119,982
KLA		180		158,225
Lam Research		1,671		158,478
Manhattan Associates *		604		132,675
Marvell Technology		2,208		177,457
Microchip Technology		857		57,925
Micron Technology		711		77,599
Microsoft		6,737		3,594,190
Monday.com *		303		79,474
MongoDB, Cl A *		414		98,486
Monolithic Power Systems		78		55,477

THE ADVISORS’ INNER CIRCLE FUND III

PINEBRIDGE DYNAMIC

ASSET ALLOCATION FUND

JULY 31, 2025 (UNAUDITED)

COMMON STOCK — continued

	Shares		Value
United States — continued
Information Technology — continued
Motorola Solutions		714	$	313,432
NetApp		1,039		108,191
Nutanix, Cl A *		1,669		125,459
NVIDIA		25,850		4,597,939
Okta, Cl A *		3,044		297,703
ON Semiconductor *		2,781		156,737
Oracle		844		214,182
Palantir Technologies, Cl A *		1,979		313,375
Palo Alto Networks *		3,672		637,459
Pegasystems		2,318		136,090
Progress Software		1,819		87,458
PTC *		274		58,858
Pure Storage, Cl A *		2,238		133,206
QUALCOMM		2,517		369,395
RingCentral, Cl A *		1,000		25,490
Roper Technologies		784		431,514
Rubrik, Cl A *		1,083		102,831
SailPoint *		12,522		279,741
Salesforce		1,198		309,479
Samsara, Cl A *		1,564		59,479
Seagate Technology Holdings		688		108,023
SentinelOne, Cl A *		13,117		240,566
ServiceNow *		404		381,020
ServiceTitan, Cl A *		820		95,702
Skyworks Solutions		381		26,114
Snowflake, Cl A *		763		170,530
Synopsys *		723		457,999
TE Connectivity		1,383		284,552
Teradata *		1,260		26,372
Texas Instruments		451		81,658
Twilio, Cl A *		965		124,485
Tyler Technologies *		50		29,228
UiPath, Cl A *		7,169		84,236
VeriSign		97		26,080
Western Digital		1,455		114,494
Wix.com *		606		82,434
Workday, Cl A *		573		131,435
Zoom Video Communications, Cl A *		3,142		232,665
Zscaler *		1,527		436,050
				28,753,220

THE ADVISORS’ INNER CIRCLE FUND III

PINEBRIDGE DYNAMIC

ASSET ALLOCATION FUND

JULY 31, 2025 (UNAUDITED)

COMMON STOCK — continued

	Shares		Value
United States — continued
Materials — 0.8%
Amcor		8,607	$	80,475
CF Industries Holdings		300		27,849
CRH		1,167		111,390
Freeport-McMoRan		2,674		107,602
Linde		691		318,040
Martin Marietta Materials		168		96,580
Nucor		815		116,602
Southern Copper		278		26,176
Vulcan Materials		355		97,508
				982,222
Real Estate — 1.9%
American Tower ‡		1,505		313,627
Crown Castle ‡		2,271		238,659
Digital Realty Trust ‡		1,508		266,072
Equinix ‡		364		285,802
Host Hotels & Resorts ‡		1,689		26,551
Iron Mountain ‡		2,035		198,128
Lamar Advertising, Cl A ‡		222		27,140
Mid-America Apartment Communities ‡		182		25,922
Prologis ‡		3,736		398,930
Public Storage ‡		192		52,212
Rexford Industrial Realty ‡		4,254		155,399
SBA Communications, Cl A ‡		822		184,720
Simon Property Group ‡		336		55,033
Weyerhaeuser ‡		1,065		26,678
				2,254,873
Utilities — 0.4%
Consolidated Edison		267		27,635
Constellation Energy		144		50,089
National Fuel Gas		312		27,079
NRG Energy		726		121,387
Oklo, Cl A *		853		65,331
Public Service Enterprise Group		533		47,858
Sempra		1,306		106,674
UGI		743		26,882
WEC Energy Group		504		54,976
				527,911
Total United States				60,882,695
TOTAL COMMON STOCK

THE ADVISORS’ INNER CIRCLE FUND III

PINEBRIDGE DYNAMIC

ASSET ALLOCATION FUND

JULY 31, 2025 (UNAUDITED)

COMMON STOCK — continued

	Shares	Value
United States — continued
(Cost $74,061,706)		$	97,215,091

CORPORATE OBLIGATIONS — 4.5%

	Face Amount(1)
Australia — 0.1%
NCIG Holdings Pty
12.500%, 08/26/2031(A)	$	100,000	108,878

China — 0.7%
Fortune Star BVI
5.000%, 05/18/2026		275,000	271,994
GLP China Holdings MTN
2.950%, 03/29/2026		200,000	192,581
Yanlord Land HK
5.125%, 05/20/2026		365,000	362,763
			827,338
Hong Kong — 0.7%
Bank of East Asia MTN
5.825%, H15T5Y + 5.527%, (B) (C)		250,000	249,750
Elect Global Investments
4.850%, (C)		200,000	132,392
Melco Resorts Finance
5.750%, 07/21/2028		270,000	264,355
NWD Finance BVI
5.250%, H15T5Y + 7.889%, (C)		200,000	54,999
NWD MTN
8.625%, 02/08/2028		200,000	132,416
			833,912
India — 1.2%
Clean Renewable Power Mauritius Pte
4.250%, 03/25/2027		161,000	156,655
Greenko Dutch
3.850%, 03/29/2026		220,000	216,512
India Cleantech Energy
4.700%, 08/10/2026		197,500	194,300
Magnum Holdings
5.375%, 10/31/2026		200,000	198,734
ReNew Wind Energy AP2
4.500%, 07/14/2028		300,000	284,088
SAEL
7.800%, 07/31/2031(D)		194,250	189,457

THE ADVISORS’ INNER CIRCLE FUND III

PINEBRIDGE DYNAMIC

ASSET ALLOCATION FUND

JULY 31, 2025 (UNAUDITED)

CORPORATE OBLIGATIONS — continued

	Face Amount(1)		Value
India — continued
Vedanta Resources Finance II
10.875%, 09/17/2029	$	200,000	$	204,372
				1,444,118
Indonesia — 0.3%
Bukit Makmur Mandiri Utama
7.750%, 02/10/2026		200,000		199,502
Minejesa Capital BV
5.625%, 08/10/2037		200,000		195,646
				395,148
Japan — 0.7%
Nomura Holdings
7.000%, H15T5Y + 3.084%, (B) (C)		200,000		202,511
Rakuten Group
5.125%, H15T5Y + 4.578%, (B) (C)		350,000		344,393
SoftBank Group
6.875%, USISOA05 + 4.854%, (B) (C)		200,000		197,773
Sumitomo Mitsui Financial Group
5.796%, SOFRRATE + 1.780%, 07/08/2046(B)		110,000		109,242
				853,919
Macau — 0.3%
Champion Path Holdings
4.850%, 01/27/2028		200,000		194,132
Studio City Finance
6.500%, 01/15/2028		230,000		227,688
				421,820
Nigeria — 0.1%
IHS Netherlands Holdco
8.000%, 09/18/2027		137,495		138,072

South Korea — 0.2%
Hanwha Life Insurance
6.300%, H15T5Y + 2.292%, 06/24/2055(B),(D)		200,000		205,890

United Kingdom — 0.2%
Standard Chartered
7.750%, H15T5Y + 4.976%, (B) (C)		200,000		208,043

TOTAL CORPORATE OBLIGATIONS
(Cost $5,474,811)				5,437,138

THE ADVISORS’ INNER CIRCLE FUND III

PINEBRIDGE DYNAMIC

ASSET ALLOCATION FUND

JULY 31, 2025 (UNAUDITED)

EXCHANGE-TRADED FUNDS — 3.1%

	Shares		Value
United States — 3.1%
Domestic Commodity — 3.1%
Invesco DB Precious Metals Fund		50,275	$	3,768,111

International Equity — 0.0%
iShares MSCI Saudi Arabia ETF		2,005		75,308
TOTAL EXCHANGE-TRADED FUNDS
(Cost $2,913,889)				3,843,419

SOVEREIGN DEBT — 1.3%

	Face Amount(1)
Japan — 0.8%
Japan Government Thirty Year Bond
2.400%, 03/20/2055	JPY	177,550,000	1,030,965

Mongolia — 0.2%
City of Ulaanbaatar Mongolia
7.750%, 08/21/2027	$	200,000	203,000

Pakistan — 0.2%
Pakistan Government International Bond
6.000%, 04/08/2026		200,000	199,000

Sri Lanka — 0.1%
Sri Lanka Government International Bond
3.600%, 02/15/2038(A),(D)		200,000	167,400

TOTAL SOVEREIGN DEBT
(Cost $1,688,139)			1,600,365

CONVERTIBLE BOND — 0.2%

Macau — 0.2%
Wynn Macau
4.500%, 03/07/2029(D)	200,000	206,400

TOTAL CONVERTIBLE BONDS
(Cost $209,803)		206,400

THE ADVISORS’ INNER CIRCLE FUND III

PINEBRIDGE DYNAMIC

ASSET ALLOCATION FUND

JULY 31, 2025 (UNAUDITED)

PREFERRED STOCK — 0.0%

	Shares		Value
Germany — 0.0%
Jungheinrich 0.000%**		381	$	14,607

TOTAL PREFERRED STOCK
(Cost $15,733)				14,607

U.S. TREASURY OBLIGATIONS — 4.0%

	Face Amount(1)
U.S. Treasury Bills
4.335%, 08/12/2025(E)	$	2,428,000		2,424,828
4.276%, 08/28/2025(E)		2,440,000		2,432,154

TOTAL U.S. TREASURY OBLIGATIONS
(Cost $4,857,061)				4,856,982

TOTAL INVESTMENTS — 93.1%
(Cost $89,221,142)			$	113,174,002

Percentages are based on Net Assets of $121,543,068.

‡	Real Estate Investment Trust.
*	Non-income producing security.
**	There is currently no rate available.
(1)	In U.S. dollars unless otherwise indicated.
(A)	Step Bonds - The rate reflected on the Schedule of Investments is the effective yield on July 31, 2025. The coupon on a step bond changes on a specified date.
(B)	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.
(C)	Perpetual security with no stated maturity date.
(D)	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 July 31, 2025 was $769,147 and represents 0.63% of Net Assets.
(E)	Interest rate represents the security’s effective yield at the time of purchase.

THE ADVISORS’ INNER CIRCLE FUND III

PINEBRIDGE DYNAMIC

ASSET ALLOCATION FUND

JULY 31, 2025 (UNAUDITED)

ADR — American Depositary Receipt

AUD — Australian Dollar

CAD — Canadian Dollar

Cl — Class

CHF — Swiss Franc

CNH — Chinese Yuan Offshore

EAFE — Europe, Australasia and Far East

ETF — Exchange-Traded Fund

EUR — Euro

FTSE— Financial Times Stock Exchange

GBP — British Pound Sterling

H15T5Y — Harmonized Index of Consumer Prices 5 Year

HKD — Hong Kong Dollar

JPY — Japanese Yen

KRW — Korean Won

MSCI — Morgan Stanley Capital International

MTN — Medium Term Note

MXN — Mexican Peso

PLN — Polish Zloty

Pty — Proprietary

S&P— Standard & Poor's

SOFR — Secured Overnight Financing Rate

TOPIX — Tokyo Price Index

TSX — Toronto Stock Exchange

USD — U.S. Dollar

THE ADVISORS’ INNER CIRCLE FUND III

PINEBRIDGE DYNAMIC

ASSET ALLOCATION FUND

JULY 31, 2025 (UNAUDITED)

A list of the outstanding forward foreign currency contracts held by the Fund at July 31, 2025, is as follows:

Counterparty	Settlement Date	Currency to Deliver		Currency to Receive		Unrealized Appreciation/ (Depreciation)
Jefferies	09/17/25	EUR	1,011,000	USD	1,190,146	$	32,555
Morgan Stanley	09/17/25	JPY	143,599,000	USD	979,161		21,574
Morgan Stanley	09/17/25	HKD	29,646,000	USD	3,794,504		1,252
Morgan Stanley	09/17/25	EUR	4,230,000	USD	4,968,909		125,574
Morgan Stanley	09/17/25	USD	3,704,332	KRW	5,070,119,000		(60,032	)
Morgan Stanley	09/17/25	USD	16,546,371	EUR	14,385,000		(75,595	)
Morgan Stanley	09/17/25	USD	596,137	PLN	2,183,000		(14,099	)
Morgan Stanley	09/17/25	USD	1,189,344	MXN	22,793,000		12,389
Morgan Stanley	09/17/25	USD	4,008,306	GBP	2,964,000		(91,981	)
Morgan Stanley	09/17/25	USD	1,659,148	AUD	2,540,000		(25,281	)
Morgan Stanley	09/17/25	USD	1,856,143	JPY	265,478,000		(85,807	)
Morgan Stanley	09/17/25	USD	2,627,275	CAD	3,579,000		(38,043	)
Morgan Stanley	09/17/25	USD	1,787,888	CHF	1,454,000		13,367
Morgan Stanley	09/17/25	CNH	5,664,000	USD	793,527		4,888
						$	(179,239	)

THE ADVISORS’ INNER CIRCLE FUND III

PINEBRIDGE DYNAMIC

ASSET ALLOCATION FUND

JULY 31, 2025 (UNAUDITED)

The open futures contracts held by the Fund at July 31, 2025, are as follows:

Type of Contract	Number of Contracts			Expiration Date	Notional Amount ^†			Value			Unrealized Appreciation/ (Depreciation)
Long Contracts
Euro-Bobl		15		9/8/25	$	1,997,248		$	2,007,429		$	(11,858	)
Euro-Bund 10-Year Bond		58		9/8/25		8,550,344			8,584,797			(61,481	)
Euro-Buxl		14		9/8/25		1,899,185			1,875,358			(46,602	)
Long Gilt 10-Year Bond		61		9/26/25		7,517,819			7,424,406			89,919
U.S. Ultra Long Treasury Bond		23		9/19/25		2,674,065			2,698,187			24,122
					$	22,638,661		$	22,590,177		$	(5,900	)
Short Contracts
Euro STOXX 50		(5	)	9/19/25	$	(311,977	)	$	(304,701	)	$	488
FTSE 100 Index		(6	)	9/19/25		(730,126	)		(722,979	)		(9,674	)
FTSE China A50		(73	)	8/28/25		(1,018,326	)		(1,005,721	)		12,605
IFSC Nifty50 Index		(6	)	8/28/25		(297,009	)		(298,038	)		(1,029	)
MSCI EAFE Index		(16	)	9/19/25		(2,112,261	)		(2,090,720	)		21,541
MSCI Emerging Markets		(131	)	9/19/25		(7,904,670	)		(8,110,865	)		(206,195	)
S&P 500 Index E-MINI		(30	)	9/19/25		(9,264,600	)		(9,561,375	)		(296,775	)
S&P TSX 60 Index		(2	)	9/18/25		(468,456	)		(468,043	)		(7,234	)
TOPIX Index		(34	)	9/11/25		(6,548,544	)		(6,648,939	)		(372,721	)
					$	(28,655,969	)	$	(29,211,381	)	$	(858,994	)
					$	(6,017,308	)	$	(6,621,204	)	$	(864,894	)

†

The foreign exchange rate for the contract notional amounts are based on prevailing exchange rates on the date the respective contracts were opened.

PBI-QH-001-1900