RRH [delisted] The Advisorsa Inner Circle Fund III

The fund is actively managed and invests in a combination of:U. S.

Treasury securities; forwards, futures or options on various currencies; long and short positions on the short and long-end of the treasury or swap yield curve via futures, swaps, forwards and other over-the-counter ("OTC") derivatives; long and short positions on equity indexes and/or investment companies, including ETFs; and commodity futures and options.

The fund is non-diversified.