# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0001398344-26-000366
**Filing Date:** 2026-1
**Character Count:** 186036
**Document Hash:** 8bb7def4f49aced3bfdc5eb42c22531a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-000366.hdr.sgml**: 20260108

**ACCESSION NUMBER**: 0001398344-26-000366

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 26

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260108

**DATE AS OF CHANGE**: 20260108

**EFFECTIVENESS DATE**: 20260108

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22920
- **FILM NUMBER:** 26520080

**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

### MetLife Core Plus Fund (Series ID: S000047684)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000149725 | I Class Shares | LPCIX           |
| C000149726 | R Class Shares | LPCYX           |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

________

**FORM N-CSR**

**________**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT** 

**INVESTMENT COMPANIES**

**Investment Company Act File Number 811-22920**

**The Advisors' Inner Circle Fund III**

(Exact name of registrant as specified in charter)

________

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Address of principal executive offices) (Zip code)

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Name and address of agent for service)

**Registrant's telephone number, including area code: (877) 446-3863**

**Date of fiscal year end: October 31, 2025**

**Date of reporting period: October 31, 2025**

**Item 1. Reports to Stockholders.**

(a) A copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of
 1940, as amended (the "Act") (17 CFR § 270.30e-1), is attached hereto.

**# The Advisors' Inner Circle Fund III
![Image](i0880d4d76c8eb6a4114abf75.jpg)

## MetLife Core Plus Fund

## I Class Shares - LPCIX

## Annual Shareholder Report: October 31, 2025
This annual shareholder report contains important information about I Class Shares of the MetLife Core Plus Fund (the "Fund") for the period from November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://investments.metlife.com/mutual-fund-documents/. You can also request this information by contacting us at 800-252-4993.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| MetLife Core Plus Fund, I Class Shares | $46 | 0.45% |

---

## How did the Fund perform in the last year?
The Fund's overweight to spread sectors and underweight allocation to US Treasuries were key drivers of relative outperformance over the year. Corporate spread sectors, particularly Industrials and Financials, delivered the largest contributions through effective security selection, while High Yield positions also added value. Within structured products, Agency Mortgage-Backed Securities (MBS) performed exceptionally well, supported by a favorable yield environment and declining interest rate volatility, which reduced hedging costs and improved the mortgage basis. The overweight to mortgages was based on their attractive value relative to short-dated corporates and their role as a volatility dampener should corporate spreads come under stress. Strong fund flows further supported demand for mortgages, with exposures concentrated in 5.0% and 5.5% coupons for yield carry and convexity, and 2.0% and 2.5% coupons delivering the strongest relative performance. Overweighting FNMA versus GNMA and underweighting 15-year FNMA also contributed positively, as lower coupons benefited from the improved yield curve backdrop. Sector positioning within Financials, especially in Banking and systemically important global banks, was a significant source of outperformance, aided by both core and subordinated structures. The Insurance sector, notably Property & Casualty, rebounded with new issues and higher beta names, while Life Insurance results were mixed and Health Insurance faced headwinds but showed resilience among leading names. In Consumer Non-cyclicals, higher beta Pharmaceutical exposures benefited from the credit rally, and Health Care outperformed due to overweight positions in defensive, operationally strong names. Avoiding certain Food & Beverage companies under M&A pressure further aided results. Communications saw mixed outcomes, with Media & Entertainment weakness offset by strength in Cable, Satellite, and Wireline, while Technology outperformed on AI-related momentum and government support for semiconductors. Cyclicals, particularly US Automotives, rebounded, and Energy saw modest gains from targeted independent exposures. Utilities were muted, with defensive positioning helping but missed opportunities in select names. Overall, disciplined sector positioning and security selection across key areas underpinned relative outperformance despite some sector-specific challenges. In the ABS market, spreads tightened over the period, but recent elevated supply levels weighed on excess returns, resulting in underperformance relative to short investment grade corporates. Within the allocation, SBA Loans delivered stronger results and helped offset weaker performance from more esoteric exposures such as equipment trusts. A focus on higher quality collateral in Autos and Credit Card ABS, along with an avoidance of subprime segments, proved advantageous given the relative weakness in subprime. However, persistent supply overhang kept overall asset performance in line with the broader market. In CMBS, spreads also tightened but lagged the outperformance seen in Agency Mortgages. The approach to new issuance remained selective, favoring newly underwritten deals with robust cash flow and resilience in a higher-for-longer macroeconomic environment, which contributed to strong performance in those positions.

#### How did the Fund perform during the last 10 years?

## Total Return Based on $5,000,000 Investment
![Growth Chart](ie28021d21a7d9ce16cbf93c1.jpg)

---

| | | |
|:---|:---|:---|
| | MetLife Core Plus Fund, I Class Shares | Bloomberg U.S. Aggregate Bond Index (USD) (TR)<sup>Footnote Reference\*</sup> |
| Oct/15 | $5000000 | $5000000 |
| Oct/16 | $5265825 | $5218525 |
| Oct/17 | $5393993 | $5265611 |
| Oct/18 | $5300816 | $5157485 |
| Oct/19 | $5904360 | $5751077 |
| Oct/20 | $6268913 | $6106914 |
| Oct/21 | $6287435 | $6077723 |
| Oct/22 | $5225909 | $5124584 |
| Oct/23 | $5235797 | $5142825 |
| Oct/24 | $5838609 | $5685201 |
| Oct/25 | $6223516 | $6035360 |

---

The line graph represents historical performance of a hypothetical investment of $5,000,000 in the Fund during the last 10 years. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future performance.Call 800-252-4993 for current month-end performance.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Total Return (TR) - Reflects no deductions for fees, expenses or taxes. |

---

## Average Annual Total Returns as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Fund/Index Name</u> | <u>1 Year</u> | <u>5 Years</u> | <u>10 Years</u> |
| MetLife Core Plus Fund, I Class Shares | 6.59% | -0.15% | 2.21% |
| Bloomberg U.S. Aggregate Bond Index (USD) (TR)<sup>Footnote Reference\*</sup> | 6.16% | -0.24% | 1.90% |

---

## Key Fund Statistics as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $111930546 | 359 | $35116 | 198% |

---

## What did the Fund invest in?

### Asset/Sector Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i3c038b5935730700b7f5fb59.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Futures Contracts | 0.0% |
| Real Estate | 0.5% |
| Municipal Bonds | 0.5% |
| Foreign Government Bond | 0.8% |
| Consumer Discretionary | 1.3% |
| Materials | 1.6% |
| Consumer Staples | 1.7% |
| Industrials | 2.4% |
| Information Technology | 2.9% |
| Energy | 3.0% |
| Health Care | 3.2% |
| Utilities | 4.9% |
| Communication Services | 4.9% |
| Asset-Backed Securities | 9.3% |
| Financials | 9.5% |
| U.S. Treasury Obligations | 27.5% |
| Mortgage-Backed Securities | 37.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

| | |
|:---|:---|
| <u>Holding Name</u> | <u>Percentage of Total Net Assets</u> |
| U.S. Treasury Notes, 3.50%, 10/15/2028 | 3.7% |
| U.S. Treasury Bonds, 4.75%, 5/15/2055 | 3.3% |
| U.S. Treasury Bonds, 4.88%, 8/15/2045 | 2.8% |
| U.S. Treasury Notes, 3.88%, 7/15/2028 | 2.6% |
| FNMA, 5.00%, 5/1/2055 | 2.3% |
| U.S. Treasury Notes, 3.63%, 10/31/2030 | 2.3% |
| U.S. Treasury Bonds, 3.00%, 2/15/2049 | 2.0% |
| U.S. Treasury Bonds, 3.13%, 5/15/2048 | 1.9% |
| U.S. Treasury Notes, 3.50%, 9/30/2027 | 1.7% |
| U.S. Treasury Notes, 3.38%, 9/15/2028 | 1.3% |

---

## Material Fund Changes
There were no material changes during the reporting period.

## Changes in and Disagreements with Accountants
The Fund has selected Cohen & Co. to serve as the Fund's independent registered public accounting firm for the Fund's year ended October 31, 2025. The decision to select Cohen & Co. was recommended by the Fund's Audit Committee and was approved by the Fund's Board of Trustees on March 26, 2025.

## Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

* 800-252-4993 

* https://investments.metlife.com/mutual-fund-documents/ 

## Householding
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as "householding" and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 800-252-4993 to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.

#### The Advisors' Inner Circle Fund III

#### MetLife Core Plus Fund / I Class Shares - LPCIX
Annual Shareholder Report: October 31, 2025

LPCIX-AR-2025

![Image](i0880d4d76c8eb6a4114abf75.jpg)

# The Advisors' Inner Circle Fund III
![Image](i0880d4d76c8eb6a4114abf75.jpg)

## MetLife Core Plus Fund

## R Class Shares - LPCYX

## Annual Shareholder Report: October 31, 2025
This annual shareholder report contains important information about R Class Shares of the MetLife Core Plus Fund (the "Fund") for the period from November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://investments.metlife.com/mutual-fund-documents/. You can also request this information by contacting us at 800-252-4993.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| MetLife Core Plus Fund, R Class Shares | $46 | 0.45% |

---

## How did the Fund perform in the last year?
The Fund's overweight to spread sectors and underweight allocation to US Treasuries were key drivers of relative outperformance over the year. Corporate spread sectors, particularly Industrials and Financials, delivered the largest contributions through effective security selection, while High Yield positions also added value. Within structured products, Agency Mortgage-Backed Securities (MBS) performed exceptionally well, supported by a favorable yield environment and declining interest rate volatility, which reduced hedging costs and improved the mortgage basis. The overweight to mortgages was based on their attractive value relative to short-dated corporates and their role as a volatility dampener should corporate spreads come under stress. Strong fund flows further supported demand for mortgages, with exposures concentrated in 5.0% and 5.5% coupons for yield carry and convexity, and 2.0% and 2.5% coupons delivering the strongest relative performance. Overweighting FNMA versus GNMA and underweighting 15-year FNMA also contributed positively, as lower coupons benefited from the improved yield curve backdrop. Sector positioning within Financials, especially in Banking and systemically important global banks, was a significant source of outperformance, aided by both core and subordinated structures. The Insurance sector, notably Property & Casualty, rebounded with new issues and higher beta names, while Life Insurance results were mixed and Health Insurance faced headwinds but showed resilience among leading names. In Consumer Non-cyclicals, higher beta Pharmaceutical exposures benefited from the credit rally, and Health Care outperformed due to overweight positions in defensive, operationally strong names. Avoiding certain Food & Beverage companies under M&A pressure further aided results. Communications saw mixed outcomes, with Media & Entertainment weakness offset by strength in Cable, Satellite, and Wireline, while Technology outperformed on AI-related momentum and government support for semiconductors. Cyclicals, particularly US Automotives, rebounded, and Energy saw modest gains from targeted independent exposures. Utilities were muted, with defensive positioning helping but missed opportunities in select names. Overall, disciplined sector positioning and security selection across key areas underpinned relative outperformance despite some sector-specific challenges. In the ABS market, spreads tightened over the period, but recent elevated supply levels weighed on excess returns, resulting in underperformance relative to short investment grade corporates. Within the allocation, SBA Loans delivered stronger results and helped offset weaker performance from more esoteric exposures such as equipment trusts. A focus on higher quality collateral in Autos and Credit Card ABS, along with an avoidance of subprime segments, proved advantageous given the relative weakness in subprime. However, persistent supply overhang kept overall asset performance in line with the broader market. In CMBS, spreads also tightened but lagged the outperformance seen in Agency Mortgages. The approach to new issuance remained selective, favoring newly underwritten deals with robust cash flow and resilience in a higher-for-longer macroeconomic environment, which contributed to strong performance in those positions.

#### How did the Fund perform during the last 10 years?

## Total Return Based on $5,000,000 Investment
![Growth Chart](i35756daf1d7ec0fd324b4408.jpg)

---

| | | |
|:---|:---|:---|
| | MetLife Core Plus Fund, R Class Shares | Bloomberg U.S. Aggregate Bond Index (USD) (TR)<sup>Footnote Reference\*</sup> |
| Oct/15 | $5000000 | $5000000 |
| Oct/16 | $5265484 | $5218525 |
| Oct/17 | $5377625 | $5265611 |
| Oct/18 | $5279193 | $5157485 |
| Oct/19 | $5651579 | $5751077 |
| Oct/20 | $5773256 | $6106914 |
| Oct/21 | $5815998 | $6077723 |
| Oct/22 | $4829658 | $5124584 |
| Oct/23 | $4756458 | $5142825 |
| Oct/24 | $5157223 | $5685201 |
| Oct/25 | $5288332 | $6035360 |

---

The line graph represents historical performance of a hypothetical investment of $5,000,000 in the Fund during the last 10 years. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future performance.Call 800-252-4993 for current month-end performance.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Total Return (TR) - Reflects no deductions for fees, expenses or taxes. |

---

## Average Annual Total Returns as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Fund/Index Name</u> | <u>1 Year</u> | <u>5 Years</u> | <u>10 Years</u> |
| MetLife Core Plus Fund, R Class Shares | 2.54% | -1.74% | 0.56% |
| Bloomberg U.S. Aggregate Bond Index (USD) (TR)<sup>Footnote Reference\*</sup> | 6.16% | -0.24% | 1.90% |

---

## Key Fund Statistics as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $111930546 | 359 | $35116 | 198% |

---

## What did the Fund invest in?

### Asset/Sector Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i3c038b5935730700b7f5fb59.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Futures Contracts | 0.0% |
| Real Estate | 0.5% |
| Municipal Bonds | 0.5% |
| Foreign Government Bond | 0.8% |
| Consumer Discretionary | 1.3% |
| Materials | 1.6% |
| Consumer Staples | 1.7% |
| Industrials | 2.4% |
| Information Technology | 2.9% |
| Energy | 3.0% |
| Health Care | 3.2% |
| Utilities | 4.9% |
| Communication Services | 4.9% |
| Asset-Backed Securities | 9.3% |
| Financials | 9.5% |
| U.S. Treasury Obligations | 27.5% |
| Mortgage-Backed Securities | 37.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

| | |
|:---|:---|
| <u>Holding Name</u> | <u>Percentage of Total Net Assets</u> |
| U.S. Treasury Notes, 3.50%, 10/15/2028 | 3.7% |
| U.S. Treasury Bonds, 4.75%, 5/15/2055 | 3.3% |
| U.S. Treasury Bonds, 4.88%, 8/15/2045 | 2.8% |
| U.S. Treasury Notes, 3.88%, 7/15/2028 | 2.6% |
| FNMA, 5.00%, 5/1/2055 | 2.3% |
| U.S. Treasury Notes, 3.63%, 10/31/2030 | 2.3% |
| U.S. Treasury Bonds, 3.00%, 2/15/2049 | 2.0% |
| U.S. Treasury Bonds, 3.13%, 5/15/2048 | 1.9% |
| U.S. Treasury Notes, 3.50%, 9/30/2027 | 1.7% |
| U.S. Treasury Notes, 3.38%, 9/15/2028 | 1.3% |

---

## Material Fund Changes
There were no material changes during the reporting period.

## Changes in and Disagreements with Accountants
The Fund has selected Cohen & Co. to serve as the Fund's independent registered public accounting firm for the Fund's year ended October 31, 2025. The decision to select Cohen & Co. was recommended by the Fund's Audit Committee and was approved by the Fund's Board of Trustees on March 26, 2025.

## Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

* 800-252-4993 

* https://investments.metlife.com/mutual-fund-documents/ 

## Householding
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as "householding" and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 800-252-4993 to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.

#### The Advisors' Inner Circle Fund III

#### MetLife Core Plus Fund / R Class Shares - LPCYX
Annual Shareholder Report: October 31, 2025

LPCYX-AR-2025

![Image](i0880d4d76c8eb6a4114abf75.jpg)**

(b) Not applicable.

**Item 2.** **Code of Ethics.**

The Registrant (also referred to as the "Trust") has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, controller or principal accounting officer, and any person who performs a similar function. There have been no amendments to or waivers granted to this code of ethics during the period covered by this report.

**Item 3.** **Audit Committee Financial Expert.**

(a)(1) The Registrant's board of trustees has determined that the Registrant has at least one audit committee financial expert serving on the audit committee.

(a)(2) The Registrant's audit committee financial experts are Thomas P. Lemke and Jay Nadel, and each of Mr. Lemke and Mr. Nadel are "independent", as that term is defined in Form N-CSR Item 3(a)(2).

**Item 4. Principal Accountant Fees and Services.**

Fees billed by PricewaterhouseCoopers LLP ("PwC") related to The Advisors' Inner Circle Fund III (the aforementioned "Trust").

PwC billed the Trust aggregate fees for services rendered to the Trust for the last two fiscal years as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **FYE October 31, 2025** | **FYE October 31, 2025** | **FYE October 31, 2025** | **FYE October 31, 2024** | **FYE October 31, 2024** | **FYE October 31, 2024** |
| | | All fees and services to the Trust that were pre-approved | All fees and services to service affiliates that were pre-approved | All other fees and services to service affiliates that did not require pre-approval | All fees and services to the Trust that were pre-approved | All fees and services to service affiliates that were pre-approved | All other fees and services to service affiliates that did not require pre-approval |
| (a) | Audit Fees<sup>(1)</sup> | $584911 |  |  | $734463 |  |  |
| (b) | Audit-Related Fees |  |  | $7712106<sup>(2)</sup> |  |  |  |
| (c) | Tax Fees |  |  | $6540150<sup>(3)</sup> |  |  | $559700<sup>(4)</sup> |
| (d) | All Other Fees |  |  | $1304150<sup>(5)</sup> |  |  | $10530<sup>(6)</sup> |

---

Fees billed by Cohen & Company, Ltd. ("Cohen & Co") relate to the Trust.

Cohen & Co billed the Trust aggregate fees for services rendered to the Trust for the last two fiscal years as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **FYE October 31, 2025** | **FYE October 31, 2025** | **FYE October 31, 2025** | **FYE October 31, 2024** | **FYE October 31, 2024** | **FYE October 31, 2024** |
| | | All fees and services to the Trust that were pre-approved | All fees and services to service affiliates that were pre-approved | All other fees and services to service affiliates that did not require pre-approval | All fees and services to the Trust that were pre-approved | All fees and services to service affiliates that were pre-approved | All other fees and services to service affiliates that did not require pre-approval |
| (a) | Audit Fees<sup>(1)</sup> | $52000 |  |  |  |  |  |
| (b) | Audit-Related Fees |  |  |  |  |  |  |
| (c) | Tax Fees |  |  |  |  |  |  |
| (d) | All Other Fees |  |  |  |  |  |  |

---

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;(1) Audit fees include amounts related to the audit of the Trust's annual financial statements and services normally provided by the
 accountant in connection with statutory and regulatory filings.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Audit-related services performed in a period prior to the adoption of a new accounting standard, for the Penn Mutual ICC. Providing audit related services for other Natixis entities in the ICC, for the RWC Partners ICC.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Preparation of K1's for tax filings for other entities in the Penn Mutual ICC, for the Penn Mutual ICC. Includes fees for tax compliance services to other Natixis entities in the ICC, for the RWC Partners ICC.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Tax return preparation fees for affiliates of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Includes fees for licensing of online accounting research tools and other checklist templates, for the Penn Mutual ICC. Provision of other non-audit services including preparing benchmark reports, regulatory training and gap analysis reviews, for the RWC Partners ICC.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Non-audit fees consist of SSAE No. 18 report over investment management activities and non-statutory audit reports of Legal & General Investment Management America, Inc.

(e)(1) The Trust's Audit Committee has adopted and the Board of Trustees has ratified an Audit and Non-Audit Services Pre-Approval Policy (the "Policy"), which sets forth the procedures and the conditions pursuant to which services proposed to be performed by the independent auditor of the Funds may be pre-approved.

The Policy provides that all requests or applications for proposed services to be provided by the independent auditor must be submitted to the Registrant's Chief Financial Officer ("CFO") and must include a detailed description of the services proposed to be rendered. The CFO will determine whether such services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) require specific pre-approval;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) are included within the list of services that have received the general pre-approval of the Audit Committee pursuant to the Policy; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) have been previously pre-approved in connection with the independent auditor's annual engagement letter for the applicable year or otherwise. In any instance where services require pre-approval, the Audit Committee will consider whether such services are consistent with SEC's rules and whether the provision of such services would impair the auditor's independence.

Requests or applications to provide services that require specific pre-approval by the Audit Committee will be submitted to the Audit Committee by the CFO. The Audit Committee will be informed by the CFO on a quarterly basis of all services rendered by the independent auditor. The Audit Committee has delegated specific pre-approval authority to either the Audit Committee Chair or financial expert, provided that the estimated fee for any such proposed pre-approved service does not exceed $100,000 and any pre-approval decisions are reported to the Audit Committee at its next regularly-scheduled meeting.

Services that have received the general pre-approval of the Audit Committee are identified and described in the Policy. In addition, the Policy sets forth a maximum fee per engagement with respect to each identified service that has received general pre-approval.

All services to be provided by the independent auditor shall be provided pursuant to a signed written engagement letter with the Registrant, the investment adviser, or applicable control affiliate (except that matters as to which an engagement letter would be impractical because of timing issues or because the matter is small may not be the subject of an engagement letter) that sets forth both the services to be provided by the independent auditor and the total fees to be paid to the independent auditor for those services.

In addition, the Audit Committee has determined to take additional measures on an annual basis to meet the Audit Committee's responsibility to oversee the work of the independent auditor and to assure the auditor's independence from the Registrant, such as (a) reviewing a formal written statement from the independent auditor delineating all relationships between the independent auditor and the Registrant, and (b) discussing with the independent auditor the independent auditor's methods and procedures for ensuring independence.

(e)(2) Percentage of fees billed applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows (PwC):

---

| | | |
|:---|:---|:---|
| | **FYE October 31, 2025** | **FYE October 31, 2024** |
| Audit-Related Fees | None | None |
| Tax Fees | None | None |
| All Other Fees | None | None |

---

(e)(2) Percentage of fees billed applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows (Cohen & Co):

---

| | | |
|:---|:---|:---|
| | **FYE October 31, 2025** | **FYE October 31, 2024** |
| Audit-Related Fees | None | None |
| Tax Fees | None | None |
| All Other Fees | None | None |

---

(f)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

(g)&nbsp;&nbsp;&nbsp;&nbsp; The aggregate non-audit fees and services billed by PwC for services rendered to the Registrant, and rendered to the Registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for the last two fiscal-years-ended October 31<sup>st</sup> were $15,556,406 and $570,230 for 2025 and 2024, respectively.

(g)&nbsp;&nbsp;&nbsp;&nbsp; The aggregate non-audit fees and services billed by Cohen & Co for services rendered to the Registrant, and rendered to the Registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for the last two fiscal-years-ended October 31<sup>st</sup> were $0 and $0 for 2025 and 2024, respectively.

(h)&nbsp;&nbsp;&nbsp;&nbsp; During the past fiscal year, all non-audit services provided by the Registrant's principal accountant to either the Registrant's investment adviser or to any entity controlling, controlled by, or under common control with the Registrant's investment adviser that provides ongoing services to the Registrant were pre-approved by the Audit Committee of Registrant's Board of Trustees. Included in the Audit Committee's pre-approval of these non-audit service were the review and consideration as to whether the provision of these non-audit services is compatible with maintaining the principal accountant's independence.

(i)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable. The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the "PCAOB") has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.

(j)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable. The Registrant is not a "foreign issuer," as defined in 17 CFR § 240.3b-4e.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable to open-end management investment companies.

**Item 6. Schedule of Investments.**

(a)&nbsp;&nbsp;&nbsp;&nbsp; The Schedule of Investments is included as part of the Financial Statements and Other Information filed under Item 7 of this form.

(b)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

 **Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

Financial statements and financial highlights are filed herein.

![](fp0096598_01.jpg)

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MetLife Core Plus Fund** |

---

**October 31, 2025**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| Financial Statements (Form N-CSR Item 7) |  |
| &nbsp;&nbsp;&nbsp;Schedule of Investments | 1 |
| &nbsp;&nbsp;&nbsp;Statement of Assets and Liabilities | 18 |
| &nbsp;&nbsp;&nbsp;Statement of Operations | 19 |
| &nbsp;&nbsp;&nbsp;Statements of Changes in Net Assets | 20 |
| &nbsp;&nbsp;&nbsp;Financial Highlights | 22 |
| &nbsp;&nbsp;&nbsp;Notes to Financial Statements | 24 |
| Report of Independent Registered Public Accounting Firm | 36 |
| Notice to Shareholders (Unaudited) | 37 |
| Other Information (Form N-CSR Items 8-11) (Unaudited) | 38 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MetLife Core Plus Fund** |

---

**October 31, 2025**

**SCHEDULE OF INVESTMENTS**

**MORTGAGE-BACKED SECURITIES — 37.8%**

---

| | | |
|:---|:---|:---|
|  | Face Amount | Value |
| **AGENCY MORTGAGE-BACKED OBLIGATIONS — 36.0%** |  |  |
| &nbsp;&nbsp;&nbsp;FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 01/01/37 to 05/01/52 | $1297255 | $1097421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 11/01/51 to 01/01/52 | 1867667 | 1622225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/01/47 | 54422 | 49599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 11/01/48 | 240735 | 227344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/48 | 48119 | 46587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 07/01/52 to 11/01/52 | 1002310 | 991363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/53 to 05/01/55 | 1713887 | 1714500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 01/01/53 to 09/01/55 | 3851563 | 3921241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 01/01/53 to 07/01/55 | 2194057 | 2271097 |
| &nbsp;&nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser Q032, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.950%, 11/25/54 (A) | 94480 | 95730 |
| &nbsp;&nbsp;&nbsp;FHLMC, Ser 2012-271, Cl 30 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/15/42 | 27399 | 25531 |
| &nbsp;&nbsp;&nbsp;FHLMC, Ser 2017-356, Cl 300 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/15/47 | 110366 | 100587 |
| &nbsp;&nbsp;&nbsp;FNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.790%, 08/01/31 | 166357 | 144973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.850%, 09/01/35 | 230685 | 204029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 01/01/42 to 12/01/51 | 4260494 | 3521387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 06/01/50 to 04/01/52 | 3831114 | 3322108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/01/31 to 07/01/52 | 4491836 | 4094034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.040%, 01/01/28 | 157283 | 154025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 07/01/43 to 09/01/52 | 3237470 | 3025710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/48 to 04/01/54 | 970334 | 931788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 06/01/52 to 09/01/52 | 727150 | 723561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/31 to 05/01/55 | 4047350 | 4041757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/01/39 to 08/01/54 | 1754641 | 1786385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 10/01/53 to 05/01/54 | 1404980 | 1442555 |
| &nbsp;&nbsp;&nbsp;FNMA, Ser 2001-T4, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.500%, 07/25/41 | 997 | 1022 |

---

 

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MetLife Core Plus Fund** |

---

**October 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** |
|  | Face Amount | Face Amount | Value | Value |
| **AGENCY MORTGAGE-BACKED OBLIGATIONS — continued** | **AGENCY MORTGAGE-BACKED OBLIGATIONS — continued** | **AGENCY MORTGAGE-BACKED OBLIGATIONS — continued** | **AGENCY MORTGAGE-BACKED OBLIGATIONS — continued** | **AGENCY MORTGAGE-BACKED OBLIGATIONS — continued** |
| &nbsp;&nbsp;&nbsp;FNMA, Ser 2005-24, Cl ZE |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/25/35 | $| 2050 | $| 2094 |
| &nbsp;&nbsp;&nbsp;FNMA, Ser 2012-121, Cl TB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, 11/25/42 |  | 11156 |  | 11916 |
| &nbsp;&nbsp;&nbsp;FNMA, Ser 2022-57, Cl FA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.883%, SOFR30A + 0.700%, 09/25/52 (A) |  | 664881 |  | 654961 |
| &nbsp;&nbsp;&nbsp;GNMA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 12/20/50 to 02/20/51 |  | 854741 |  | 711232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 04/20/51 to 11/20/51 |  | 1117330 |  | 966493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/20/50 |  | 214733 |  | 193695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/20/49 to 04/20/52 |  | 1115190 |  | 1068238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.421%, 01/20/67 (A) |  | 27763 |  | 27596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/20/53 |  | 249169 |  | 249049 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2010-H14, Cl BI, IO |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.521%, 07/20/60 (A) |  | 1692 |  | 181 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2017-H16, Cl PT |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.686%, 05/20/66 (A) |  | 60 |  | 59 |
| &nbsp;&nbsp;&nbsp;UMBS TBA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 11/15/42 |  | 715000 |  | 633445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/12/39 |  | 263000 |  | 249510 |
|  |  |  |  | 40325028 |
| **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 1.8%** | **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 1.8%** | **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 1.8%** | **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 1.8%** | **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 1.8%** |
| &nbsp;&nbsp;&nbsp;BANK, Ser 2022-BNK40, Cl A4 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.390%, 03/15/64 (A) |  | 115000 |  | 107169 |
| &nbsp;&nbsp;&nbsp;BBCMS Mortgage Trust, Ser 2020-C6, Cl AS |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.840%, 02/15/53 |  | 75000 |  | 68546 |
| &nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Ser 2022-B33, Cl A5 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.458%, 03/15/55 |  | 185000 |  | 171877 |
| &nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Ser 2022-B35, Cl AS |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.443%, 05/15/55 (A) |  | 205000 |  | 192886 |
| &nbsp;&nbsp;&nbsp;CSMC LLC, Ser 2014-USA, Cl A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.953%, 09/15/37 (B) |  | 125000 |  | 113828 |

---

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MetLife Core Plus Fund** |

---

**October 31, 2025**

**MORTGAGE-BACKED SECURITIES — continued**

---

| | | |
|:---|:---|:---|
|  | Face Amount | Value |
| **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — continued** |  |  |
| &nbsp;&nbsp;&nbsp;CSMC Trust, Ser 2021-RPL3, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 01/25/60 (A) (B) | $319283 | $283845 |
| &nbsp;&nbsp;&nbsp;GPMT, Ser 2021-FL3, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.638%, TSFR1M + 1.614%, 07/16/35 (A) (B) | 63857 | 63893 |
| &nbsp;&nbsp;&nbsp;JPMBB Commercial Mortgage Securities Trust, Ser 2014-C25, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.347%, 11/15/47 (A) | 215000 | 199956 |
| &nbsp;&nbsp;&nbsp;Mill City Mortgage Loan Trust, Ser 2021-NMR1, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.125%, 11/25/60 (A) (B) | 190377 | 182877 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2015-C24, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.011%, 05/15/48 (A) | 92273 | 91628 |
| &nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2018-CH4, Cl B1B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.070%, 10/25/48 (A) (B) | 272815 | 273675 |
| &nbsp;&nbsp;&nbsp;Towd Point Mortgage Trust, Ser 2020-3, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.088%, 02/25/63 (A) (B) | 49056 | 47640 |
| &nbsp;&nbsp;&nbsp;WFRBS Commercial Mortgage Trust, Ser 2014-C22, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.371%, 09/15/57 (A) | 270000 | 245695 |
|  |  | 2043515 |
| &nbsp;&nbsp;&nbsp;TOTAL MORTGAGE-BACKED SECURITIES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $43,555,901) |  | 42368543 |
| **CORPORATE OBLIGATIONS — 35.9%** |  |  |
| **COMMUNICATION SERVICES — 4.9%** |  |  |
| &nbsp;&nbsp;&nbsp;AT&T |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 06/01/41 | 240000 | 189890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.550%, 09/15/55 | 285000 | 195433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.900%, 11/01/35 | 215000 | 211935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.700%, 11/01/54 | 215000 | 210582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 11/15/34 | 20000 | 20908 |
| &nbsp;&nbsp;&nbsp;Charter Communications Operating |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.100%, 06/01/29 | 185000 | 193393 |

---

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MetLife Core Plus Fund** |

---

**October 31, 2025**

**CORPORATE OBLIGATIONS — continued**

---

| | | |
|:---|:---|:---|
|  | Face Amount | Value |
| **COMMUNICATION SERVICES — continued** |  |  |
| &nbsp;&nbsp;&nbsp;Frontier Communications Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 01/15/30 (B) | $374000 | $379251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.750%, 05/01/29 (B) | 106000 | 107068 |
| &nbsp;&nbsp;&nbsp;IHS Holding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625%, 11/29/26 (B) | 250000 | 248336 |
| &nbsp;&nbsp;&nbsp;Meta Platforms |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.600%, 11/15/32 | 220000 | 221106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875%, 11/15/35 | 255000 | 256128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.400%, 08/15/54 | 155000 | 149257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.550%, 08/15/64 | 180000 | 174292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625%, 11/15/55 | 170000 | 168721 |
| &nbsp;&nbsp;&nbsp;Paramount Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.900%, 10/15/40 | 240000 | 221525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.250%, US0003M + 3.899%, 02/28/57 (A) | 225000 | 220500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.375%, H15T5Y + 3.999%, 03/30/62 (A) | 470000 | 462969 |
| &nbsp;&nbsp;&nbsp;Rakuten Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.750%, 04/15/29 (B) | 445000 | 499125 |
| &nbsp;&nbsp;&nbsp;Time Warner Cable |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875%, 11/15/40 | 380000 | 355411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.550%, 05/01/37 | 470000 | 481721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.300%, 07/01/38 | 115000 | 123467 |
| &nbsp;&nbsp;&nbsp;T-Mobile USA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.700%, 01/15/56 | 355000 | 350901 |
|  |  | 5441919 |
| **CONSUMER DISCRETIONARY — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Flutter Treasury DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.375%, 04/29/29 (B) | 135000 | 139871 |
| &nbsp;&nbsp;&nbsp;Ford Motor Credit |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.054%, 11/05/31 | 425000 | 434504 |
| &nbsp;&nbsp;&nbsp;General Motors |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.350%, 04/15/28 | 170000 | 174096 |
| &nbsp;&nbsp;&nbsp;General Motors Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.950%, 04/04/34 | 310000 | 324174 |
| &nbsp;&nbsp;&nbsp;Resorts World Las Vegas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625%, 04/06/31 (B) | 270000 | 230171 |

---

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MetLife Core Plus Fund** |

---

**October 31, 2025**

**CORPORATE OBLIGATIONS — continued**

---

| | | |
|:---|:---|:---|
|  | Face Amount | Value |
| **CONSUMER DISCRETIONARY — continued** |  |  |
| &nbsp;&nbsp;&nbsp;Stellantis Finance US |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.350%, 03/17/28 (B) | $200000 | $202987 |
|  |  | 1505803 |
| **CONSUMER STAPLES — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Altria Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 08/06/35 | 210000 | 211796 |
| &nbsp;&nbsp;&nbsp;Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.900%, 02/01/46 | 107000 | 100658 |
| &nbsp;&nbsp;&nbsp;Anheuser-Busch InBev Worldwide |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.450%, 01/23/39 | 125000 | 129807 |
| &nbsp;&nbsp;&nbsp;BAT Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.390%, 08/15/37 | 430000 | 395083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625%, 03/22/33 | 255000 | 251922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.350%, 08/15/32 | 260000 | 269013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.834%, 02/20/31 | 190000 | 200984 |
| &nbsp;&nbsp;&nbsp;Mars |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.200%, 03/01/35 (B) | 225000 | 230939 |
| &nbsp;&nbsp;&nbsp;Reynolds American |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.125%, 05/01/40 | 45000 | 53875 |
|  |  | 1844077 |
| **ENERGY — 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Civitas Resources |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.375%, 07/01/28 (B) | 239000 | 246943 |
| &nbsp;&nbsp;&nbsp;Continental Resources |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.268%, 11/15/26 (B) | 320000 | 311955 |
| &nbsp;&nbsp;&nbsp;Greensaif Pipelines Bidco Sarl |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.103%, 08/23/42 (B) | 230000 | 244159 |
| &nbsp;&nbsp;&nbsp;Hess |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.800%, 04/01/47 | 215000 | 224929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 01/15/40 | 485000 | 527984 |
| &nbsp;&nbsp;&nbsp;HF Sinclair |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/28 | 100000 | 100084 |
| &nbsp;&nbsp;&nbsp;MPLX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.950%, 04/01/55 | 190000 | 184747 |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.450%, 09/15/36 | 215000 | 228242 |

---

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MetLife Core Plus Fund** |

---

**October 31, 2025**

**CORPORATE OBLIGATIONS — continued**

---

| | | |
|:---|:---|:---|
|  | Face Amount | Value |
| **ENERGY — continued** |  |  |
| &nbsp;&nbsp;&nbsp;ONEOK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.400%, 10/15/35 | $270000 | $270995 |
| &nbsp;&nbsp;&nbsp;Petroleos Mexicanos |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.690%, 01/23/50 | 275000 | 249370 |
| &nbsp;&nbsp;&nbsp;Raizen Fuels Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.250%, 07/08/32 (B) | 310000 | 263500 |
| &nbsp;&nbsp;&nbsp;Saudi Arabian Oil |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.375%, 06/02/55 (B) | 200000 | 215619 |
| &nbsp;&nbsp;&nbsp;Tennessee Gas Pipeline |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.375%, 06/15/32 | 135000 | 160227 |
| &nbsp;&nbsp;&nbsp;Venture Global LNG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.875%, 02/01/32 (B) | 230000 | 245675 |
|  |  | 3474429 |
| **FINANCIALS — 9.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Aon North America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.450%, 03/01/34 | 295000 | 307357 |
| &nbsp;&nbsp;&nbsp;Avolon Holdings Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 11/15/29 (B) | 410000 | 425101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 03/01/29 (B) | 160000 | 165242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.375%, 05/04/28 (B) | 160000 | 166684 |
| &nbsp;&nbsp;&nbsp;Bank of America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.571%, SOFRRATE + 1.830%, 04/27/33 (A) | 205000 | 204663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.288%, SOFRRATE + 1.910%, 04/25/34 (A) | 200000 | 206937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.468%, SOFRRATE + 1.650%, 01/23/35 (A) | 440000 | 459639 |
| &nbsp;&nbsp;&nbsp;CI Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.200%, 12/17/30 | 675000 | 607951 |
| &nbsp;&nbsp;&nbsp;Citibank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.570%, 04/30/34 | 170000 | 180327 |
| &nbsp;&nbsp;&nbsp;Citigroup |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.561%, SOFRRATE + 1.167%, 05/01/32 (A) | 545000 | 492501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.174%, SOFRRATE + 1.364%, 02/13/30 (A) | 490000 | 502923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.125%, 07/15/39 | 165000 | 211575 |
| &nbsp;&nbsp;&nbsp;Constellation Insurance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.800%, 01/24/30 (B) | 380000 | 384336 |
| &nbsp;&nbsp;&nbsp;Credit Suisse Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.500%, USSW5 + 4.598%, 06/11/74 (B) (C) | 725000 | 195750 |

---

 

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MetLife Core Plus Fund** |

---

**October 31, 2025**

**CORPORATE OBLIGATIONS — continued**

---

| | | |
|:---|:---|:---|
|  | Face Amount | Value |
| **FINANCIALS — continued** |  |  |
| &nbsp;&nbsp;&nbsp;Deutsche Bank NY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.999%, SOFRRATE + 1.700%, 09/11/30 (A) | $140000 | $141828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.819%, SOFRRATE + 2.510%, 11/20/29 (A) | 135000 | 144157 |
| &nbsp;&nbsp;&nbsp;Drawbridge Special Opportunities Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.950%, 09/17/30 (B) | 315000 | 305232 |
| &nbsp;&nbsp;&nbsp;Farmers Exchange Capital III |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.454%, TSFR3M + 3.716%, 10/15/54 (A) (B) | 405000 | 378284 |
| &nbsp;&nbsp;&nbsp;Farmers Insurance Exchange |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, H15T10Y + 3.864%, 10/15/64 (A) (B) | 170000 | 176245 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Capital I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.345%, 02/15/34 | 340000 | 364221 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.383%, SOFRRATE + 1.248%, 07/21/32 (A) | 410000 | 365362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.939%, SOFRRATE + 1.330%, 10/21/36 (A) | 190000 | 189072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.536%, SOFRRATE + 1.380%, 01/28/36 (A) | 350000 | 364248 |
| &nbsp;&nbsp;&nbsp;HSBC Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.733%, SOFRRATE + 1.520%, 05/17/32 (A) | 370000 | 389641 |
| &nbsp;&nbsp;&nbsp;Jackson Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125%, 11/23/31 | 340000 | 308166 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.810%, SOFRRATE + 1.190%, 10/22/36 (A) | 320000 | 318979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.572%, SOFRRATE + 1.680%, 04/22/36 (A) | 225000 | 237177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.766%, SOFRRATE + 1.490%, 04/22/35 (A) | 400000 | 426593 |
| &nbsp;&nbsp;&nbsp;Mercury General |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.400%, 03/15/27 | 139000 | 138631 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.593%, SOFRRATE + 0.879%, 05/04/27 (A) | 265000 | 261413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.466%, SOFRRATE + 1.730%, 01/18/35 (A) | 340000 | 353622 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, SOFRRATE + 1.870%, 04/21/34 (A) | 290000 | 299302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.831%, SOFRRATE + 1.580%, 04/19/35 (A) | 185000 | 197253 |
| &nbsp;&nbsp;&nbsp;NTT Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.171%, 07/16/32 (B) | 540000 | 554873 |
| &nbsp;&nbsp;&nbsp;Wells Fargo |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.666%, TSFR3M + 0.762%, 01/15/27 (A) | 205000 | 203453 |
|  |  | 10628738 |

---

 

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MetLife Core Plus Fund** |

---

**October 31, 2025**

**CORPORATE OBLIGATIONS — continued**

---

| | | |
|:---|:---|:---|
|  | Face Amount | Value |
| **HEALTH CARE — 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Amgen |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.650%, 03/02/53 | $95000 | $94809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.375%, 06/01/37 | 135000 | 150287 |
| &nbsp;&nbsp;&nbsp;Biocon Biologics Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.670%, 10/09/29 (B) | 240000 | 237314 |
| &nbsp;&nbsp;&nbsp;Centene |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/15/30 | 175000 | 156125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625%, 12/15/29 | 485000 | 470481 |
| &nbsp;&nbsp;&nbsp;CommonSpirit Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.975%, 09/01/35 | 245000 | 243775 |
| &nbsp;&nbsp;&nbsp;CVS Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.875%, 02/28/31 | 305000 | 266220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.050%, 03/25/48 | 565000 | 505188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.750%, H15T5Y + 2.516%, 12/10/54 (A) | 140000 | 145492 |
| &nbsp;&nbsp;&nbsp;HCA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 09/01/30 | 240000 | 230589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 07/15/51 | 305000 | 211253 |
| &nbsp;&nbsp;&nbsp;Horizon Mutual Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.200%, 11/15/34 (B) | 365000 | 358536 |
| &nbsp;&nbsp;&nbsp;PeaceHealth Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.855%, 11/15/32 | 230000 | 232586 |
| &nbsp;&nbsp;&nbsp;Royalty Pharma |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.200%, 09/25/35 | 310000 | 310568 |
|  |  | 3613223 |
| **INDUSTRIALS — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/29/28 | 185000 | 178631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.950%, 09/10/34 | 375000 | 373321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, H15T5Y + 2.441%, 01/31/56 (A) | 215000 | 222120 |
| &nbsp;&nbsp;&nbsp;American Airlines Pass Through Trust, Ser 2025-1, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.900%, 05/11/38 | 165000 | 165308 |
| &nbsp;&nbsp;&nbsp;BAE Systems |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 03/26/31 (B) | 220000 | 228673 |
| &nbsp;&nbsp;&nbsp;Boeing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.196%, 02/04/26 | 265000 | 263581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.298%, 05/01/29 | 340000 | 360699 |

---

 

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MetLife Core Plus Fund** |

---

**October 31, 2025**

**CORPORATE OBLIGATIONS — continued**

---

| | | |
|:---|:---|:---|
|  | Face Amount | Value |
| **INDUSTRIALS — continued** |  |  |
| &nbsp;&nbsp;&nbsp;Delta Air Lines |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/10/30 | $360000 | $367926 |
| &nbsp;&nbsp;&nbsp;Paychex |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.350%, 04/15/32 | 234000 | 242671 |
| &nbsp;&nbsp;&nbsp;Regal Rexnord |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.050%, 02/15/26 | 300000 | 300884 |
|  |  | 2703814 |
| **INFORMATION TECHNOLOGY — 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Broadcom |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.419%, 04/15/33 | 109000 | 101640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.800%, 10/15/34 | 150000 | 150718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.900%, 07/15/32 | 230000 | 235130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.926%, 05/15/37 (B) | 277000 | 275805 |
| &nbsp;&nbsp;&nbsp;Dell International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.100%, 02/15/36 | 315000 | 311736 |
| &nbsp;&nbsp;&nbsp;Foundry JV Holdco |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.100%, 01/25/36 (B) | 400000 | 422544 |
| &nbsp;&nbsp;&nbsp;Intel |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.050%, 08/12/51 | 150000 | 95063 |
| &nbsp;&nbsp;&nbsp;Oracle |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.600%, 04/01/40 | 110000 | 86144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.800%, 11/15/37 | 540000 | 456829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.450%, 09/26/30 | 315000 | 312398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.800%, 09/26/32 | 250000 | 247426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375%, 09/27/54 | 130000 | 114282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.950%, 09/26/55 | 195000 | 184878 |
| &nbsp;&nbsp;&nbsp;Sprint Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.750%, 03/15/32 | 195000 | 237227 |
|  |  | 3231820 |
| **MATERIALS — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Anglo American Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 04/05/34 (B) | 325000 | 341350 |
| &nbsp;&nbsp;&nbsp;Braskem Netherlands Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 01/31/30 (B) | 205000 | 82242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.000%, 10/15/34 (B) | 150000 | 61687 |

---

 

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MetLife Core Plus Fund** |

---

**October 31, 2025**

**CORPORATE OBLIGATIONS — continued**

---

| | | |
|:---|:---|:---|
|  | Face Amount | Value |
| **MATERIALS — continued** |  |  |
| &nbsp;&nbsp;&nbsp;First Quantum Minerals |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.250%, 02/15/34 (B) | $225000 | $233665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.625%, 06/01/31 (B) | 560000 | 586486 |
| &nbsp;&nbsp;&nbsp;FMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.450%, H15T5Y + 4.366%, 11/01/55 (A) | 205000 | 198948 |
| &nbsp;&nbsp;&nbsp;Samarco Mineracao |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.500%, 06/30/31 (B) | 267296 | 267293 |
|  |  | 1771671 |
| **REAL ESTATE — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Sabra Health Care |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.900%, 10/15/29 | 245000 | 238107 |
| &nbsp;&nbsp;&nbsp;Scentre Group Trust 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125%, H15T5Y + 4.685%, 09/24/80 (A) (B) | 305000 | 307257 |
|  |  | 545364 |
| **UTILITIES — 4.9%** |  |  |
| &nbsp;&nbsp;&nbsp;AEP Texas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.850%, 10/15/55 | 125000 | 124937 |
| &nbsp;&nbsp;&nbsp;Brooklyn Union Gas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.415%, 07/18/54 (B) | 275000 | 290315 |
| &nbsp;&nbsp;&nbsp;Chile Electricity Lux MPC Sarl |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.010%, 01/20/33 (B) | 232700 | 243521 |
| &nbsp;&nbsp;&nbsp;Dominion Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, H15T5Y + 2.262%, 02/15/56 (A) | 275000 | 278592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625%, H15T5Y + 2.207%, 05/15/55 (A) | 195000 | 203306 |
| &nbsp;&nbsp;&nbsp;DTE Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.050%, 10/01/35 | 370000 | 368897 |
| &nbsp;&nbsp;&nbsp;Louisville Gas and Electric |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.450%, 04/15/33 | 205000 | 214903 |
| &nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.450%, 03/15/35 | 490000 | 507365 |
| &nbsp;&nbsp;&nbsp;NiSource |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.350%, 04/01/34 | 245000 | 251954 |
| &nbsp;&nbsp;&nbsp;Pacific Gas and Electric |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.100%, 08/01/27 | 355000 | 341203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 02/01/31 | 205000 | 183486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.100%, 01/15/29 | 315000 | 328594 |

---

 

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MetLife Core Plus Fund** |

---

**October 31, 2025**

**CORPORATE OBLIGATIONS — continued**

---

| | | |
|:---|:---|:---|
|  | Face Amount | Value |
| **UTILITIES — continued** |  |  |
| &nbsp;&nbsp;&nbsp;PSEG Power |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 05/15/35 (B) | $295000 | $308206 |
| &nbsp;&nbsp;&nbsp;Public Service Company of Oklahoma |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.200%, 01/15/35 | 167000 | 169021 |
| &nbsp;&nbsp;&nbsp;RWE Finance US |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125%, 09/18/35 (B) | 190000 | 187431 |
| &nbsp;&nbsp;&nbsp;Southern Power |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.900%, 10/01/35 | 180000 | 178088 |
| &nbsp;&nbsp;&nbsp;Virginia Electric and Power |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/15/34 | 457000 | 462408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/33 | 125000 | 127504 |
| &nbsp;&nbsp;&nbsp;Virginia Power Fuel Securitization |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.088%, 05/01/27 | 137072 | 138441 |
| &nbsp;&nbsp;&nbsp;Vistra Operations |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 10/15/35 (B) | 235000 | 233423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.700%, 12/30/34 (B) | 290000 | 297872 |
|  |  | 5439467 |
| &nbsp;&nbsp;&nbsp;TOTAL CORPORATE OBLIGATIONS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $40,718,487) |  | 40200325 |
| **U.S. TREASURY OBLIGATIONS — 27.5%** |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/15/49 | 2915000 | 2205038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125%, 05/15/48 (D) | 2755000 | 2146640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 05/15/55 to 08/15/55 | 4780000 | 4843265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875%, 08/15/45 | 3015000 | 3105450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/45 | 770000 | 805853 |

---

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MetLife Core Plus Fund** |

---

**October 31, 2025**

**U.S. TREASURY OBLIGATIONS — continued**

---

| | | |
|:---|:---|:---|
|  | Face Amount | Value |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375%, 09/15/28 | $1470000 | $1461042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 09/30/27 to 10/15/28 | 6113000 | 6097850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625%, 09/30/30 to 10/31/30 | 3905000 | 3890557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 06/30/27 | 1250000 | 1252344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 05/31/27 to 09/30/32 | 4295000 | 4316774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 08/15/35 | 615000 | 622688 |
| &nbsp;&nbsp;&nbsp;TOTAL U.S. TREASURY OBLIGATIONS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $30,552,789) |  | 30747501 |
| **ASSET-BACKED SECURITIES — 9.3%** |  |  |
| &nbsp;&nbsp;&nbsp;American Express Credit Account Master Trust, Ser 2024-3, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.650%, 07/15/29 | 265000 | 268467 |
| &nbsp;&nbsp;&nbsp;Aqua Finance Issuer Trust, Ser 2025-B, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.790%, 05/17/51 (B) | 227356 | 228562 |
| &nbsp;&nbsp;&nbsp;ARI Fleet Lease Trust, Ser 2023-A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.330%, 02/17/32 (B) | 100000 | 100642 |
| &nbsp;&nbsp;&nbsp;ARI Fleet Lease Trust, Ser 2024-A, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.300%, 11/15/32 (B) | 49690 | 49978 |
| &nbsp;&nbsp;&nbsp;Avis Budget Rental Car Funding AESOP, Ser 2025-4A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.400%, 02/20/32 (B) | 105000 | 104603 |
| &nbsp;&nbsp;&nbsp;BA Credit Card Trust, Ser 2023-A2, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.980%, 11/15/28 | 275000 | 277803 |
| &nbsp;&nbsp;&nbsp;BBCMS Trust, Ser C32, Cl A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.720%, 02/15/62 | 195000 | 208569 |
| &nbsp;&nbsp;&nbsp;BFLD Commercial Mortgage Trust, Ser 660F, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.765%, TSFR1M + 1.800%, 11/15/42 (A) (B) | 190000 | 190237 |
| &nbsp;&nbsp;&nbsp;BFLD Commercial Mortgage Trust, Ser 660F, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.115%, TSFR1M + 2.150%, 11/15/42 (A) (B) | 125000 | 125273 |
| &nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust, Ser AIRC, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.723%, TSFR1M + 1.691%, 08/15/39 (A) (B) | 252773 | 253089 |
| &nbsp;&nbsp;&nbsp;BX Trust, Ser GW, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.632%, TSFR1M + 1.600%, 07/15/42 (A) (B) | 190000 | 190238 |
| &nbsp;&nbsp;&nbsp;Carmax Auto Owner Trust, Ser 2025-4, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.420%, 07/15/31 | 90000 | 89764 |
| &nbsp;&nbsp;&nbsp;Chase Auto Owner Trust, Ser 2025-2A, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.320%, 03/25/31 (B) | 265000 | 263526 |

---

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MetLife Core Plus Fund** |

---

**October 31, 2025**

**ASSET-BACKED SECURITIES — continued**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Citigroup Commercial Mortgage Trust, Ser GC41, Cl A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.869%, 08/10/56 | $260000 | $244050 |
| &nbsp;&nbsp;&nbsp;Citigroup Commercial Mortgage Trust, Ser P6, Cl A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.720%, 12/10/49 (A) | 55000 | 53797 |
| &nbsp;&nbsp;&nbsp;College Ave Student Loans, Ser 2019-A, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.280%, 12/28/48 (B) | 142183 | 136402 |
| &nbsp;&nbsp;&nbsp;College Ave Student Loans, Ser 2021-B, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.760%, 06/25/52 (B) | 81842 | 74194 |
| &nbsp;&nbsp;&nbsp;College Ave Student Loans, Ser 2021-B, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.420%, 06/25/52 (B) | 160098 | 146828 |
| &nbsp;&nbsp;&nbsp;Dell Equipment Finance Trust, Ser 2025-2, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.530%, 03/24/31 (B) | 250000 | 249780 |
| &nbsp;&nbsp;&nbsp;DLLAA, Ser 2025-1A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.950%, 09/20/29 (B) | 145000 | 147518 |
| &nbsp;&nbsp;&nbsp;Dllad, Ser 2024-1A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.300%, 07/20/29 (B) | 315000 | 321336 |
| &nbsp;&nbsp;&nbsp;Enterprise Fleet Financing, Ser 2023-2, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.560%, 04/22/30 (B) | 88790 | 89311 |
| &nbsp;&nbsp;&nbsp;Enterprise Fleet Financing, Ser 2024-3, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.310%, 04/20/27 (B) | 71445 | 71791 |
| &nbsp;&nbsp;&nbsp;Enterprise Fleet Financing, Ser 2025-1, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.820%, 02/20/29 (B) | 195000 | 197836 |
| &nbsp;&nbsp;&nbsp;HIH Trust, Ser 61P, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.874%, TSFR1M + 1.842%, 10/15/41 (A) (B) | 334986 | 336033 |
| &nbsp;&nbsp;&nbsp;Hilton Grand Vacations Trust, Ser 2020-AA, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.740%, 02/25/39 (B) | 24926 | 24519 |
| &nbsp;&nbsp;&nbsp;HIN Timeshare Trust, Ser 2020-A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.390%, 10/09/39 (B) | 172718 | 166924 |
| &nbsp;&nbsp;&nbsp;HPEFS Equipment Trust, Ser 2025-1A, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.790%, 09/20/32 (B) | 100000 | 100532 |
| &nbsp;&nbsp;&nbsp;Hyundai Auto Lease Securitization Trust, Ser 2025-A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.830%, 01/18/28 (B) | 250000 | 252316 |
| &nbsp;&nbsp;&nbsp;M&T Bank Auto Receivables Trust, Ser 2025-1A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.730%, 06/17/30 (B) | 190000 | 192315 |
| &nbsp;&nbsp;&nbsp;MAD Commercial Mortgage Trust, Ser 11MD, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.754%, 10/15/42 (A) (B) | 190000 | 189744 |
| &nbsp;&nbsp;&nbsp;MF1, Ser 2025-FL17, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.351%, TSFR1M + 1.320%, 02/18/40 (A) (B) | 255000 | 255052 |

---

 

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MetLife Core Plus Fund** |

---

**October 31, 2025**

**ASSET-BACKED SECURITIES — continued**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Navient Private Education Refi Loan Trust, Ser 2019-FA, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.600%, 08/15/68 (B) | $168237 | $162839 |
| &nbsp;&nbsp;&nbsp;Navient Refinance Loan Trust, Ser 2025-B, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.720%, 09/15/55 (B) | 130000 | 129969 |
| &nbsp;&nbsp;&nbsp;Nelnet Student Loan Trust, Ser 2021-BA, Cl AFL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.926%, TSFR1M + 0.894%, 04/20/62 (A) (B) | 43943 | 43904 |
| &nbsp;&nbsp;&nbsp;Nelnet Student Loan Trust, Ser 2025-CA, Cl A1A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.670%, 06/22/65 (B) | 285000 | 283909 |
| &nbsp;&nbsp;&nbsp;Oceanview Mortgage Trust, Ser 2025-1, Cl AF1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.983%, SOFR30A + 0.800%, 11/25/54 (A) (B) | 163201 | 163320 |
| &nbsp;&nbsp;&nbsp;Oceanview Mortgage Trust, Ser 2025-2, Cl AF1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.033%, SOFR30A + 0.850%, 04/25/55 (A) (B) | 150641 | 150853 |
| &nbsp;&nbsp;&nbsp;Octane Receivables Trust, Ser 2023-1A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.870%, 05/21/29 (B) | 12022 | 12035 |
| &nbsp;&nbsp;&nbsp;Rate Mortgage Trust, Ser 2024-J4, Cl A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 12/25/54 (A) (B) | 203814 | 207286 |
| &nbsp;&nbsp;&nbsp;RCKT Mortgage Trust, Ser 2025-CES1, Cl A1A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.653%, 01/25/45 (B) (E) | 167908 | 169561 |
| &nbsp;&nbsp;&nbsp;RCKT Mortgage Trust, Ser 2025-CES10, Cl A1A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.894%, 11/25/55 (B) (E) | 325000 | 324526 |
| &nbsp;&nbsp;&nbsp;RCKT Mortgage Trust, Ser 2025-CES2, Cl A1A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.503%, 02/25/55 (B) (E) | 172291 | 173701 |
| &nbsp;&nbsp;&nbsp;RCKT Mortgage Trust, Ser 2025-CES8, Cl A1A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.148%, 08/25/55 (A) (B) | 155753 | 156480 |
| &nbsp;&nbsp;&nbsp;SBA Small Business Investment, Ser 2018-10B, Cl 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.548%, 09/10/28 | 23919 | 23557 |
| &nbsp;&nbsp;&nbsp;SBA Small Business Investment, Ser 2022-10A, Cl 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.938%, 03/10/32 | 86116 | 82538 |
| &nbsp;&nbsp;&nbsp;SBA Small Business Investment, Ser 2025-10A, Cl 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.963%, 03/10/35 | 300000 | 304047 |
| &nbsp;&nbsp;&nbsp;SBA Small Business Investment, Ser 2025-10B, Cl 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.532%, 09/10/35 | 90000 | 90302 |
| &nbsp;&nbsp;&nbsp;SBNA Auto Lease Trust, Ser 2025-A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.830%, 04/20/28 (B) | 175000 | 175969 |
| &nbsp;&nbsp;&nbsp;SCF Equipment Trust, Ser 2025-1A, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.820%, 07/22/30 (B) | 66981 | 67161 |
| &nbsp;&nbsp;&nbsp;SFS Auto Receivables Securitization Trust, Ser 2025-3A, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.440%, 11/20/31 (B) | 250000 | 249328 |

---

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MetLife Core Plus Fund** |

---

**October 31, 2025**

**ASSET-BACKED SECURITIES — continued**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust, Ser 2020-A, Cl A2A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.230%, 09/15/37 (B) | $58479 | $56669 |
| &nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust, Ser 2021-B, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.310%, 07/17/51 (B) | 233013 | 219817 |
| &nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust, Ser 2021-C, Cl APT1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.390%, 01/15/53 (B) | 97459 | 89911 |
| &nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust, Ser 2024-E, Cl A1A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.090%, 10/16/56 (B) | 194530 | 200485 |
| &nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust, Ser 2025-A, Cl A1A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.130%, 04/15/54 (B) | 200172 | 203936 |
| &nbsp;&nbsp;&nbsp;SoFi Consumer Loan Program Trust, Ser 2025-3, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.040%, 08/15/34 (B) | 220000 | 220519 |
| &nbsp;&nbsp;&nbsp;Sofi Professional Loan Program Trust, Ser 2018-C, Cl A2FX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.590%, 01/25/48 (B) | 65842 | 65377 |
| &nbsp;&nbsp;&nbsp;South Carolina Student Loan, Ser 2015-A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.606%, TSFR1M + 1.614%, 01/25/36 (A) | 66996 | 67010 |
| &nbsp;&nbsp;&nbsp;United States Small Business Administration, Ser 2025-25F, Cl 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.100%, 06/01/50 | 200000 | 203696 |
| &nbsp;&nbsp;&nbsp;Verizon Master Trust, Ser 2025-5, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.420%, 06/20/31 | 130000 | 130183 |
| &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Ser 2025-5C4, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.673%, 05/15/58 | 175000 | 183023 |
| &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Ser 2025-5C4, Cl AS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.093%, 05/15/58 | 160000 | 167672 |
| &nbsp;&nbsp;&nbsp;TOTAL ASSET-BACKED SECURITIES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $10,338,690) |  | 10380612 |

---

**FOREIGN GOVERNMENT BONDS — 0.8%**

---

| | | |
|:---|:---|:---|
|  | Face Amount | Value |
| **MEXICO — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Mexico Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 10/29/37 @ 100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375%, 03/22/33 | 215000 | 214828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625%, 01/29/38 | 315000 | 332640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.375%, 05/13/55 | 275000 | 308507 |
| &nbsp;&nbsp;&nbsp;TOTAL FOREIGN GOVERNMENT BONDS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $800,646) |  | 855975 |

---

 

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MetLife Core Plus Fund** |

---

**October 31, 2025**

---

| | | |
|:---|:---|:---|
| **MUNICIPAL BONDS — 0.5%** | | |
|  | Face Amount | Value |
| **GEORGIA — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Georgia State, Municipal Electric Authority, RB, Ser 2010-A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.637%, 04/01/57 | $356000 | $391088 |
| **ARIZONA — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Maricopa County Industrial Development Authority, RB Callable 09/01/29 @ 100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.375%, 10/01/29 (B) | 195000 | 204641 |
| &nbsp;&nbsp;&nbsp;TOTAL MUNICIPAL BONDS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $718,796) |  | 595729 |
| TOTAL INVESTMENTS — 111.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $126,685,309) |  | $125148685 |

---

Open futures contracts held by the Fund at October 31, 2025 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of Contract** | **Number of <br> Contracts** | **Expiration <br> Date** | **Notional <br> Amount** | **Value** | **Unrealized <br> Appreciation/ <br> (Depreciation)** |
| **Long Contracts** | |  | | | |
| U.S. 2-Year Treasury Notes | 18 | Dec-2025 | $3750870 | $3748359 | $(2511) |
| U.S. 5-Year Treasury Notes | 80 | Dec-2025 | 8738936 | 8736875 | (2061) |
| U.S. 10-Year Treasury Notes | 9 | Dec-2025 | 1009562 | 1014047 | 4485 |
|  |  |  | $13499368 | $13499281 | $(87) |
| **Short Contracts** |  |  |  |  |  |
| Ultra 10-Year U.S. Treasury Notes | (48) | Dec-2025 | $(5488549) | $(5543250) | $(54701) |
|  |  |  | $8010819 | $7956031 | $(54788) |

---

 

*Percentages are based on Net Assets of $111,930,546.*

&nbsp;&nbsp;&nbsp;&nbsp;*(A)* *Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(B)* *Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "accredited investors." The total value of these securities at October 31, 2025 was $20,437,499 and represents 18.3% of Net Assets.* 

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

&nbsp;&nbsp;&nbsp;&nbsp;*(D)* *Security, or portion thereof, has been pledged as collateral on open futures contracts. The total market value of such securities as of October 31, 2025 was $155,836.* 

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MetLife Core Plus Fund** |

---

**October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;*(E)* *Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.* 

*Cl — Class*

*DAC — Designated Activity Company*

*FHLMC — Federal Home Loan Mortgage Corporation*

*FNMA — Federal National Mortgage Association*

*GNMA — Government National Mortgage Association*

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

*H15T10Y — US Treasury Yield Curve Rate T Note Constant Maturity 10 Year Rate*

*IO — Interest Only - face amount represents notional amount*

*LLC — Limited Liability Company*

*MTN — Medium Term Note*

*RB — Revenue Bond*

*Ser — Series*

*SOFR30A — Secured Overnight Financing Rate 30-day Average*

*SOFRRATE — Secured Overnight Financing Rate*

*TBA — To Be Announced*

*TSFR1M — One Month Term Secured Overnight Financing Rate*

*TSFR3M — Three Month Term Secured Overnight Financing Rate*

*US0003M — ICE LIBOR USD 3 Month*

*USSW5 — USD Swap Semi 30/360 5-Year*

The following is a summary of the inputs used as of October 31, 2025, in valuing the Fund's investments carried at value :

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;Mortgage-Backed Securities | $— | $42368543 | $— | $42368543 |
| &nbsp;&nbsp;&nbsp;Corporate Obligations |  | 40200325 |  | 40200325 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Obligations |  | 30747501 |  | 30747501 |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities |  | 10380612 |  | 10380612 |
| &nbsp;&nbsp;&nbsp;Foreign Government Bonds |  | 855975 |  | 855975 |
| &nbsp;&nbsp;&nbsp;Municipal Bonds |  | 595729 |  | 595729 |
| Total Investments in Securities | $— | $125148685 | $— | $125148685 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;Futures Contracts\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized Appreciation | $4485 | $&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp;– | $4485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized Depreciation | (59273) | – | – | (59273) |
| Total Other Financial Instruments | $(54788) | $– | $– | $(54788) |

---

\* Futures contracts are valued at the unrealized appreciation(depreciation) on the instrument.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.

Amounts designated as "—" are $0.

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MetLife Core Plus Fund** |

---

**October 31, 2025**

**STATEMENT OF ASSETS AND LIABILITIES**

---

| | |
|:---|:---|
| **Assets:** | |
| Investments, at Value (Cost $126,685,309) | $125148685 |
| Cash and cash equivalents | 3632937 |
| Receivable for Investment Securities Sold | 1379203 |
| Dividends and Interest Receivable | 994368 |
| Reclaims Receivable | 9672 |
| Variation Margin Receivable | 1951 |
| Prepaid Expenses | 8249 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 131175065 |
| **Liabilities:** |  |
| Payable for Capital Shares Redeemed | 15100000 |
| Payable for Investment Securities Purchased | 4039697 |
| Payable due to Administrator | 10797 |
| Investment Advisory Fees Payable | 3387 |
| Chief Compliance Officer Fees Payable | 1500 |
| Payable due to Trustees | 800 |
| Other Accrued Expenses | 88338 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 19244519 |
| **Commitments and Contingencies†** |  |
| **Net Assets** | $111930546 |
| **NET ASSETS CONSIST OF:** |  |
| Paid-in Capital | $171015450 |
| Total Accumulated Losses | (59084904) |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $111930546 |
| **I Class Shares** |  |
| Net Assets | $111930540 |
| Outstanding Shares of Beneficial Interest (unlimited authorization — no par value) | 12715197 |
| Net Asset Value, Offering and Redemption Price Per Share | $8.80 |
| **R Class Shares** |  |
| Net Assets | $6 |
| Outstanding Shares of Beneficial Interest (unlimited authorization — no par value) | 1 |
| Net Asset Value, Offering and Redemption Price Per Share | $7.31 \* |

---

 

&nbsp;&nbsp;&nbsp;&nbsp;*†* *See Note 5 in the Notes to Financial Statements.* 

\* *Net Assets divided by Shares do not calculate to the stated NAV because Net Assets are shown rounded.*

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MetLife Core Plus Fund** |

---

**For the Year Ended**

**October 31, 2025**

**STATEMENT OF OPERATIONS**

---

| | |
|:---|:---|
| **Investment Income:** | |
| Interest | $5190772 |
| Less: Foreign Taxes Withheld | (1287) |
| &nbsp;&nbsp;&nbsp;**Total Investment Income** | 5189485 |
| **Expenses:** |  |
| Investment Advisory Fees | 433888 |
| Administration Fees | 109377 |
| Trustees' Fees | 15420 |
| Chief Compliance Officer Fees | 8774 |
| Transfer Agent Fees | 80721 |
| Legal Fees | 58951 |
| Pricing Fees | 50297 |
| Registration Fees | 39876 |
| Audit Fees | 28142 |
| Printing Fees | 18823 |
| Custodian Fees | 10759 |
| Insurance and Other Expenses | 32761 |
| &nbsp;&nbsp;&nbsp;**Total Expenses** | 887789 |
| **Less:** |  |
| Investment Advisory Fees Waived | (398772) |
| &nbsp;&nbsp;&nbsp;**Net Expenses** | 489017 |
| **Net Investment Income** | 4700468 |
| **Net Realized Gain (Loss) on:** |  |
| &nbsp;&nbsp;&nbsp;Investments | (833639) |
| &nbsp;&nbsp;&nbsp;Futures Contracts | 103324 |
| **Net Realized Loss** | (730315) |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;Investments | 3315843 |
| &nbsp;&nbsp;&nbsp;Futures Contracts | (7733) |
| **Net Change in Unrealized Appreciation** | 3308110 |
| **Net Realized and Unrealized Gain** | 2577795 |
| **Net Increase in Net Assets Resulting from Operations** | $7278263 |

---

 

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MetLife Core Plus Fund** |

---

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | Year Ended<br>October 31,<br>2025 | Year Ended<br>October 31,<br>2024 |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $4700468 | $6225710 |
| &nbsp;&nbsp;&nbsp;Net Realized Loss | (730315) | (9695065) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation | 3308110 | 25352665 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 7278263 | 21883310 |
| **Distributions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I Class Shares | (4483880) | (6690249) |
| &nbsp;&nbsp;&nbsp;**Total Distributions** | (4483880) | (6690249) |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;**I Class Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 25905914 | 9960319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Dividends | 4483880 | 6690248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (19033816) | (173382173) |
| &nbsp;&nbsp;&nbsp;**Increase (Decrease) from I Class Shares Capital Share Transactions** | 11355978 | (156731606) |
| &nbsp;&nbsp;&nbsp;**R Class Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Dividends |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed |  |  |
| &nbsp;&nbsp;&nbsp;**Increase from R Class Shares Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets from Capital Share Transactions** | 11355978 | (156731606) |
| &nbsp;&nbsp;&nbsp;**Total Increase (Decrease) in Net Assets** | 14150361 | (141538545) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 97780185 | 239318730 |
| &nbsp;&nbsp;&nbsp;End of Year | $111930546 | $97780185 |

---

 

*Amounts designated as "—" are $0 or have been rounded to $0.*

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MetLife Core Plus Fund** |

---

**STATEMENTS OF CHANGES IN NET ASSETS (continued)**

---

| | | |
|:---|:---|:---|
|  | Year Ended<br>October 31,<br>2025 | Year Ended<br>October 31,<br>2024 |
| **Shares Issued and Redeemed:** |  |  |
| &nbsp;&nbsp;&nbsp;**I Class Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 3006332 | 1174036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Dividends | 520526 | 774979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (2175260) | (20211028) |
| &nbsp;&nbsp;&nbsp;**Increase (Decrease) in Shares Outstanding from I Class Share Transactions** | 1351598 | (18262013) |
| &nbsp;&nbsp;&nbsp;**R Class Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Dividends |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed |  |  |
| &nbsp;&nbsp;&nbsp;**Increase in Shares Outstanding from R Class Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Shares Outstanding from Share Transactions** | 1351598 | (18262013) |

---

 

*Amounts designated as "—" are zero or have been rounded to zero.*

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MetLife Core Plus Fund** |

---

**FINANCIAL HIGHLIGHTS**

**Selected Per Share Data & Ratios For a Share**

**Outstanding Throughout Each Year**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **I Class Shares** | **I Class Shares** | **I Class Shares** | **I Class Shares** | **I Class Shares** |
|  | Year<br> Ended<br> October 31,<br> 2025 | Year<br> Ended<br> October 31,<br> 2024 | Year<br> Ended<br> October 31,<br> 2023 | Year<br> Ended<br> October 31,<br> 2022 | Year<br> Ended<br> October 31,<br> 2021 |
| Net Asset Value, Beginning of Year | $8.60 | $8.08 | $8.36 | $10.26 | $10.42 |
| Income from Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income<sup>(1)</sup> | 0.37 | 0.34 | 0.30 | 0.19 | 0.12 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain (Loss) on Investments | 0.18 | 0.58 | (0.27) | (1.91) | (0.09) |
| Total from Operations | 0.55 | 0.92 | 0.03 | (1.72) | 0.03 |
| Dividends and Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.35) | (0.40) | (0.31) | (0.18) | (0.13) |
| &nbsp;&nbsp;&nbsp;Net Realized Gains |  |  |  |  | (0.06) |
| Total Dividends and Distributions | (0.35) | (0.40) | (0.31) | (0.18) | (0.19) |
| Net Asset Value, End of Year | $8.80 | $8.60 | $8.08 | $8.36 | $10.26 |
| **Total Return †** | 6.59% | 11.51% | 0.19% | (16.88)% | 0.30% |
| **Ratios and Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Year (Thousands) | $111931 | $97780 | $239319 | $293030 | $302163 |
| Ratio of Expenses to Average Net Assets (including waivers and reimbursements)‡ | 0.45% | 0.45% | 0.45% | 0.45% | 0.45% |
| Ratio of Expenses to Average Net Assets (excluding waivers and reimbursements) | 0.82% | 0.71% | 0.64% | 0.62% | 0.64% |
| Ratio of Net Investment Income to Average Net Assets | 4.33% | 3.95% | 3.54% | 2.07% | 1.20% |
| Portfolio Turnover Rate† | 198% | 310% | 254% | 329% | 463% |

---

 

*Amounts designated as "—" are $0 or round to $0.*

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *Per share data calculated using average shares method.* 

&nbsp;&nbsp;&nbsp;&nbsp;*†* *Total return and portfolio turnover rate are for the period indicated. Return shown does not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total return would have been lower had the Adviser not waived its fee and/or reimbursed other expenses.* 

&nbsp;&nbsp;&nbsp;&nbsp;*‡* *The share class is expected to run at the expense limit of 0.45%.* 

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MetLife Core Plus Fund** |

---

**FINANCIAL HIGHLIGHTS (continued)**

**Selected Per Share Data & Ratios For a Share**

**Outstanding Throughout Each Year**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **R Class Shares** | **R Class Shares** | **R Class Shares** | **R Class Shares** | **R Class Shares** |
|  | Year<br> Ended<br> October 31,<br> 2025 | Year<br> Ended<br> October 31,<br> 2024 | Year<br> Ended<br> October 31,<br> 2023 | Year<br> Ended<br> October 31,<br> 2022 | Year<br> Ended<br> October 31,<br> 2021 |
| Net Asset Value, Beginning of Year | $7.48 | $7.27 | $7.68 | $9.45 | $9.57 |
| Income from Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income<sup>(1)</sup> | 0.35 | 0.34 | 0.31 | 0.22 | 0.16 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain (Loss) on Investments | (0.17)<sup>(2)</sup> | 0.27 | (0.41) | (1.81) | (0.09) |
| Total from Operations | 0.18 | 0.61 | (0.10) | (1.59) | 0.07 |
| Dividends and Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.35) | (0.40) | (0.31) | (0.18) | (0.13) |
| &nbsp;&nbsp;&nbsp;Net Realized Gains |  |  |  |  | (0.06) |
| Total Dividends and Distributions | (0.35) | (0.40) | (0.31) | (0.18) | (0.19) |
| Net Asset Value, End of Year | $7.31 | $7.48 | $7.27 | $7.68 | $9.45 |
| **Total Return †** | 2.54% | 8.43% | (1.52)% | (16.96)% | 0.74% |
| **Ratios and Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Year (Thousands) | $— | $— | $— | $— | $— |
| Ratio of Expenses to Average Net Assets (including waivers and reimbursements)‡ | 0.45% | 0.45% | 0.45% | 0.45% | 0.45% |
| Ratio of Expenses to Average Net Assets (excluding waivers and reimbursements) | 0.82%<sup>(3)</sup> | 0.71% | 0.64% | 0.62% | 0.64% |
| Ratio of Net Investment Income to Average Net Assets | 4.78%<sup>(3)</sup> | 4.40% | 3.99% | 2.52% | 1.65% |
| Portfolio Turnover Rate† | 198% | 310% | 254% | 329% | 463% |

---

 

*Amounts designated as "—" are $0 or round to $0.*

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *Per share data calculated using average shares method.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(2)* *Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(3)* *Amounts have been revised to reflect an estimation based on I Class Shares.* 

&nbsp;&nbsp;&nbsp;&nbsp;*†* *Total return and portfolio turnover rate are for the period indicated. Return shown does not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total return would have been lower had the Adviser not waived its fee and/or reimbursed other expenses.* 

&nbsp;&nbsp;&nbsp;&nbsp;*‡* *The share class is expected to run at the expense limit of 0.70% when assets are contributed. Amounts have been revised to reflect an estimation based on I Class Shares.* 

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MetLife Core Plus Fund** |

---

**October 31, 2025**

**NOTES TO FINANCIAL STATEMENTS**

**1. Organization:**

The Advisors' Inner Circle Fund III (the "Trust") is organized as a Delaware statutory trust under an Agreement and Declaration of Trust, dated December 4, 2013. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company with 47 funds. The financial statements herein are those of the MetLife Core Plus Fund (the "Fund"). The Fund is diversified and its investment objective is to seek to maximize capital appreciation and income. The Fund invests in a portfolio of investment grade, U.S. fixed income securities of any maturity or duration. The Fund also may invest up to 20% of its net assets in any combination of high yield bonds (also known as "junk bonds") and non-U.S. fixed income securities, including emerging market bonds. The financial statements of the remaining funds of the Trust are presented separately. The assets of each fund are segregated, and a shareholder's interest is limited to the fund in which shares are held.

**2. Significant Accounting Policies:**

The accompanying financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") and are presented in U.S. dollars which is the functional currency of the Fund. The Fund is an investment company and therefore applies the accounting and reporting guidance issued by the U.S. Financial Accounting Standards Board ("FASB") in Accounting Standards Codification ("ASC") Topic 946, Financial Services — Investment Companies. The following are significant accounting policies which are consistently followed in the preparation of the financial statements.

*Use of Estimates* — The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates and such differences could be material.

*Security Valuation* — Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ), including securities traded over the counter, are valued at the last quoted sale price on an exchange or market (foreign or domestic) on which they are traded on valuation date (or at approximately 4:00 pm ET if a security's primary exchange is normally open at that time), or, if there is no such reported sale on the valuation date, at the most recent quoted bid price. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. If available, debt securities are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Such methodologies generally consider such factors as security prices, yields, maturities, call features, ratings and developments relating to specific securities in arriving at valuations. On the first day a new debt security purchase is recorded, if a price is not available on the automated pricing feeds from our primary and secondary pricing vendors nor is it available from an independent broker, the security may be valued at its purchase price. Each day thereafter, the debt security will be valued according to the Trust's fair value procedures until an independent source can be secured. Debt obligations with remaining maturities of sixty days or less may be valued at their amortized cost, which approximates market value provided that it is determined the amortized cost continues to approximate fair value. Should existing credit, liquidity or interest rate conditions in the relevant markets and issuer specific circumstances suggest that amortized cost does not approximate fair value, then the amortized cost method may not be used.

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MetLife Core Plus Fund** |

---

**October 31, 2025**

Securities for which market prices are not "readily available" are valued in accordance with fair value procedures (the "Fair Value Procedures") established by the Adviser and approved by the Trust's Board of Trustees (the "Board"). Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the "valuation designee" to determine the fair value of securities and other instruments for which no readily available market quotations are available. The Fair Value Procedures are implemented through a Fair Value Committee (the "Committee") of the Adviser.

Some of the more common reasons that may necessitate that a security be valued using fair value procedures include: the security's trading has been halted or suspended; the security has been de-listed from a national exchange; the security's primary trading market is temporarily closed at a time when under normal conditions it would be open; the security has not been traded for an extended period of time; the security's primary pricing source is not able or willing to provide a price; or trading of the security is subject to local government imposed restrictions. When a security is valued in accordance with the fair value procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee. As of October 31, 2025, there were no such fair valued securities.

In accordance with the authoritative guidance on fair value measurement under U.S. GAAP, the Fund discloses fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

● Level 1 — Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Fund has the ability to access at the measurement date;

● Level 2 — Other significant observable inputs (includes quoted prices for similar securities, interest rates, prepayment speeds, credit risk, referenced indices, quoted prices in inactive markets, adjusted quoted prices in inactive markets, etc.); and

● Level 3 — Prices, inputs or proprietary modeling techniques which are both significant to the fair value measurement and unobservable (supported by little or no market activity).

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MetLife Core Plus Fund** |

---

**October 31, 2025**

Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement. For details of the investment classifications, refer to the Schedule of Investments.

*Federal Income Taxes* — It is the Fund's intention to continue to qualify as a regulated investment company for Federal income tax purposes by complying with the appropriate provisions of Subchapter M of the Internal Revenue Code of 1986, as amended. Accordingly, no provision for Federal income taxes has been made in the financial statements.

The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether it is "more-likely-than-not" (i.e., greater than 50-percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current period. The Fund did not record any tax provision in the current period. However, management's conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., all open tax year ends, since inception), on-going analysis of and changes to tax laws, regulations and interpretations thereof.

As of and during the period ended October 31, 2025, the Fund did not have a liability for any unrecognized tax benefits. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the period ended October 31, 2025, the Fund did not incur any interest or penalties.

Withholding taxes on foreign dividends have been provided for in accordance with the Fund's understanding of the applicable country's tax rules and rates. The Fund or its agent files withholding tax reclaims in certain jurisdictions to recover certain amounts previously withheld. The Fund may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction's applicable laws, payment history and market convention. Professional fees paid to those that provide assistance in receiving the tax reclaims, while generally are contingent upon successful receipt of reclaimed amounts, are recorded in Professional Fees on the Statement of Operations, if applicable, once the amounts are due. The professional fees related to pursuing these tax reclaims are not subject to the Adviser's expense limitation agreement.

*Security Transactions and Investment Income* — Security transactions are accounted for on trade date. Costs used in determining realized gains and losses on the sale of investment securities are based on the specific identification method. Dividend income is recorded on the ex-dividend date. Dividend income is recorded net of unrecoverable withholding tax. Interest income is recognized on the accrual basis from settlement date and includes the amortization of premiums and the accretion of discount. Realized gains (losses) on paydowns of mortgage-backed and asset-backed securities are recorded as an adjustment to interest income.

*Foreign Currency Translation* — The books and records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars on the date of valuation. The Fund does not isolate that portion of realized or unrealized gains and losses resulting from changes in the foreign exchange rate from fluctuations arising from changes in the market prices of the securities. These gains and losses are included in net realized and unrealized gains and losses on investments on the Statement of Operations. Net realized and unrealized gains and losses on foreign currency transactions represent net foreign exchange gains or losses from foreign currency exchange contracts, disposition of foreign currencies, currency gains or losses realized between trade and settlement dates on securities transactions and the difference between the amount of the investment income and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid.

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MetLife Core Plus Fund** |

---

**October 31, 2025**

*Expenses* — Expenses that are directly related to the Fund are charged to the Fund. Other operating expenses of the Trust are prorated to the funds managed by the trust based on the number of funds and/or relative net assets.

*Classes* — Class specific expenses are borne by that class of shares. Income, realized and unrealized gains (losses), and non-class specific expenses are allocated to the respective class on the basis of relative daily net assets.

*Dividends and Distributions to Shareholders* — The Fund will distribute its net investment income quarterly. Distributions from net realized capital gains, if any, are declared and paid annually. All distributions are recorded on ex-dividend date.

*Cash and Cash Equivalents* — Idle cash may be swept into various money market sweep accounts and is classified as cash equivalents on the Statement of Assets and Liabilities. The Fund maintains cash in bank deposit accounts which, at times, may exceed United States federally insured limits. Amounts invested are available on the same business day.

*Futures Contracts* — The Fund utilized futures contracts during the period ended October 31, 2025. To the extent consistent with its investment objective and strategies, the Fund may use futures contracts for tactical hedging purposes as well as to enhance the Fund's returns. Initial margin deposits of cash or securities are made upon entering into futures contracts. The futures contracts are valued at the settlement price established each day by the board of exchange on which they are traded. The futures contracts are marked to market daily and the resulting changes in value are accounted for as unrealized gains and losses. Variation margin payments are paid or received, depending upon whether unrealized gains or losses are incurred. When the futures contract is closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the amount invested in the futures contract.

Risks of entering into futures contracts include the possibility that there will be an imperfect price correlation between the futures and the underlying securities. Second, it is possible that a lack of liquidity for futures contracts could exist in the secondary market, resulting in an inability to close a position prior to its maturity date. Third, the futures contract involves the risk that a Fund could lose more than the original margin deposit required to initiate a futures transaction.

Finally, the risk exists that losses could exceed amounts disclosed on the Statement of Assets and Liabilities. Refer to the Fund's Schedule of Investments for details regarding open futures contracts as of October 31, 2025.

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MetLife Core Plus Fund** |

---

**October 31, 2025**

*Segment Reporting* — In this reporting period, the Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The management of the Fund's Adviser acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the Fund's single investment objective which is executed by the Fund's portfolio manager. The financial information in the form of the Fund's schedule of investments, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as "Total Assets" and significant segment expenses are listed on the accompanying Statement of Operations.

**3. Derivative Transactions:**

The following tables include the Fund's exposure by type of risk on derivatives held as of year-end and throughout the year.

The fair value of derivative instruments as of October 31, 2025, was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Asset Derivatives | Asset Derivatives | Asset Derivatives | Liability Derivatives | Liability Derivatives | Liability Derivatives |
| Statement of Assets and Liabilities | Statement of Assets and Liabilities | Fair Value | Statement of Assets and Liabilities | Statement of Assets and Liabilities | Fair Value |
| Interest Rate contracts | Net Assets – Unrealized appreciation on Futures Contracts | $4485 \* | Interest Rate contracts | Net Assets – Unrealized depreciation on Futures Contracts | $(59273 |
| Total |  | $4485 |  |  | $(59273 |

---

\* Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only current day's variation margin, if any, is reported within the Statement of Assets & Liabilities.

The effect of derivative instruments on the Statement of Operations for the year ended October 31, 2025, was as follows:

The amount of realized gain (loss) on derivatives recognized in income:

---

| | | |
|:---|:---|:---|
| | Futures<br>Contracts |<br>Total |
| Interest Rate Contracts | $103324 | $103324 |
| &nbsp;&nbsp;&nbsp;Total | $103324 | $103324 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MetLife Core Plus Fund** |

---

**October 31, 2025**

Change in unrealized appreciation (depreciation) on derivatives recognized in income:

---

| | | |
|:---|:---|:---|
| | Futures<br>Contracts |<br>Total |
| Interest Rate Contracts | $(7733) | $(7733) |
| &nbsp;&nbsp;&nbsp;Total | $(7733) | $(7733) |

---

The following discloses the volume of the Fund's futures contracts activity during the year ended October 31, 2025. For the year ended October 31, 2025, the average quarterly notional amount of futures contracts held were as follows:

---

| | |
|:---|:---|
| Average Quarterly Notional Balance Long | $12315154 |
| Average Quarterly Notional Balance Short | $(4612801) |

---

**4. Transactions with Affiliates:**

All officers of the Trust are also employees of SEI Investments Global Funds Services (the "Administrator"), a wholly owned subsidiary of SEI Investments Company, and/or SEI Investments Distribution Co. (the "Distributor"). Such officers are paid no fees by the Trust, other than the Chief Compliance Officer ("CCO") as described below, for serving as officers of the Trust.

A portion of the services provided by the CCO and his staff, whom are employees of the Administrator, are paid for by the Trust as incurred. The services include regulatory oversight of the Trust's advisors and service providers, as required by SEC regulations. The CCO's services and fees have been approved by, and are reviewed by, the Board. For the year ended October 31, 2025, the Fund paid $15,420 and $8,774 for Trustees' Fees and Chief Compliance Officer Fees, respectively.

**5. Administration, Shareholder Servicing, Custodian and Transfer Agent Agreements:**

The Fund and the Administrator are parties to an Administration Agreement under which the Administrator provides management and administrative services to the Fund. For these services, the Administrator is paid an asset-based fee, which will vary depending on the number of share classes and the average daily net assets of the Fund. For the period ended October 31, 2025, the Fund incurred and paid $109,377 for these services.

The Fund has adopted a shareholder servicing plan that provides that the Fund may pay financial intermediaries for shareholder services in an annual amount not to exceed 0.25% based on the Fund's R Class Shares' average net assets. For the period ended October 31, 2025, the R Class Shares incurred no shareholder servicing fees.

The Trust and the Distributor are parties to a Distribution Agreement. The Distributor receives no fees under this Agreement.

Brown Brothers Harriman & Co. acts as custodian (the "Custodian") for the Fund. The Custodian plays no role in determining the investment policies of the Fund or which securities are to be purchased or sold by the Fund.

SS&C Global Investor & Distribution Solutions, Inc. serves as the transfer agent and dividend disbursing agent for the Fund under a transfer agency agreement with the Trust.

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MetLife Core Plus Fund** |

---

**October 31, 2025**

**6. Investment Advisory Agreement:**

Under the terms of an investment advisory agreement, MetLife Investment Management, LLC, (the "Adviser") provides investment advisory services to the Fund at a fee, which is calculated daily and paid monthly at an annual rate of 0.40% of the Fund's average daily net assets. The Adviser has contractually agreed to reduce fees and/or reimburse expenses to the extent necessary to keep the total annual Fund operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses (collectively, "excluded expenses")) from exceeding 0.45% of the Fund's I Class Shares' average daily net assets and 0.70% of the Fund's R Class Shares' average daily net assets until February 28, 2026. This Agreement may be terminated: (i) by the Board, for any reason at any time; or (ii) by the Adviser, upon ninety (90) days' prior written notice to the Trust, effective as of the close of business on February 28, 2026. Refer to investment advisory fees waived on the Statement of Operations for fees waived for the period ended October 31, 2025. In addition, if at any point it becomes unnecessary for the Adviser to reduce fees or make expense reimbursements, the Adviser may retain the difference between the total annual operating expenses and the aforementioned expense limitations to recapture all or a portion of its prior expense limitation reimbursements made during the preceding three-year period. As of October 31, 2025, fees which were previously waived and/or reimbursed by the Adviser which may be subject to possible future recapture to the Adviser were $454,273, expiring in 2026, $456,258, expiring in 2027, and $398,772, expiring in 2028. The Adviser is a wholly owned subsidiary of MetLife, Inc., a publicly held company. During the period ended October 31, 2025, the Funds did not incur any recoupments. Reimbursement of previously waived fees and reimbursed expenses would be recognized as Recovery of Investment Advisory fees previously waived in the Statement of Operations.

**7. Investment Transactions:**

The cost of security purchases and the proceeds from security sales, other than short-term investments, for the period ended October 31, 2025, were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | U.S.<br> Government | Other | Total |
| Purchases | $189512293 | $42201851 | $231714144 |
| Sales | 169434337 | 38561538 | 207995875 |

---

**8. Federal Tax Information:**

The amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. These book/tax differences may be temporary or permanent. There are no permanent differences that are credited or charged to Paid-in Capital and Distributable Earnings as of October 31, 2025.

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MetLife Core Plus Fund** |

---

**October 31, 2025**

The tax character of dividends and distributions declared during the years ended October 31, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Ordinary Income** | **Total** |
| 2025.0 | $4483880 | $4483880 |
| 2024.0 | 6690249 | 6690249 |

---

As of October 31, 2025, the components of accumulated losses on a tax basis were as follows:

---

| | |
|:---|:---|
| **Undistributed Ordinary Income** | $480381 |
| **Capital Loss Carryforwards Short-Term\*** | (14791207) |
| **Capital Loss Carryforwards Long-Term\*** | (42898115) |
| **Unrealized Depreciation** | (1581354) |
| **Other Temporary Differences** | (294609) |
| **Total Accumulated Losses** | $(59084904) |

---

\* The Fund's utilization of carryforwards will be subject to annual limitations.

For Federal income tax purposes, capital losses incurred may be carried forward and applied against future capital gains. Such capital losses retain their character as either short-term or long-term capital losses. During the year ended October 31, 2025, the Fund did not utilize capital loss carryforwards to offset capital gains.

The Federal tax cost and aggregate gross unrealized appreciation and depreciation for the investments held by the Fund at October 31, 2025, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Federal<br> Tax<br> Cost** | **Aggregate<br> Gross<br> Unrealized<br> Appreciation** | **Aggregate<br> Gross<br> Unrealized<br> (Depreciation)** | **Net<br> Unrealized<br> Appreciation/<br> (Depreciation)** |
| $126730039 | $1764806 | $(3346160) | $(1581354) |

---

Tax cost on investment is different than book cost because of wash sales and perpetual bond adjustments.

**9. Concentration of Shareholders:**

At October 31, 2025, 100% of I Class Shares total shares outstanding were held by two record shareholders and 100% of R Class Shares total shares outstanding were held by one record related party shareholder, owning 10% or greater of the aggregate total shares outstanding. These are comprised of omnibus accounts that are held on behalf of various individual shareholders.

**10. Concentration of Risks:**

As with all mutual funds, there is no guarantee that the Fund will achieve its investment objective. You could lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency. The principal risks affecting shareholders' investments in the Fund are set forth below.

Credit Risk — The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation. A decline in the credit rating of an individual security held by the Fund may have an adverse impact on its price. Rating agencies might not always change their credit rating on an issuer or security in a timely manner to reflect events that could affect the issuer's ability to make timely payments on its obligations.

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MetLife Core Plus Fund** |

---

**October 31, 2025**

Interest Rate Risk — The risk that the value of fixed income securities, including U.S. Government securities, will fall due to rising interest rates.

Liquidity Risk — Liquidity risk is the risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on Fund management or performance.

Market Risk — The risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. Markets for securities in which the Fund invests may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund.

Issuer Risk — The risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services.

Unrated Securities Risk — Debt securities that are not rated by Moody's, S&P or Fitch may not have an active trading market or may be difficult to value, which means the Fund might have difficulty selling them promptly at an acceptable price.

Call Risk — The risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a call). If an issuer calls a security that the Fund has invested in, the Fund may not recoup the full amount of its initial investment and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features.

Prepayment Risk — The risk that, with declining interest rates, fixed income securities with stated interest rates may have the principal paid earlier than expected. Such sooner-than-expected principal payments may reduce the returns of the Fund because of loss of expected future interest payments on the principal amount paid back early and requires the Fund to invest the proceeds at generally lower interest rates.

Extension Risk — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value.

Asset-Backed Securities Risk — Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities, and asset-backed securities may not have the benefit of any security interest in the related assets.

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MetLife Core Plus Fund** |

---

**October 31, 2025**

Mortgage-Backed Securities Risk — Mortgage-backed securities are affected by, among other things, interest rate changes and the possibility of prepayment of the underlying mortgage loans. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations. TBA Transactions involve the additional risk that the value of the mortgage-backed securities to be purchased declines prior to settlement date or the counterparty does not deliver the securities as promised.

Derivatives Risk — The Fund's use of futures contracts, forward contracts and swaps is subject to market risk, leverage risk, correlation risk and liquidity risk. Market risk and liquidity risk are described elsewhere in this section. Leverage risk is the risk that the use of leverage may amplify the effects of market volatility on the Fund's share price and may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. The Fund's use of forward contracts and swaps is also subject to credit risk and valuation risk. Credit risk is described elsewhere in this section. Valuation risk is the risk that the derivative may be difficult to value and/or valued incorrectly. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument.

Fixed Income Market Risk — The prices of the Fund's fixed income securities respond to regulatory and economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. In the case of foreign securities, price fluctuations will reflect international economic and political events, as well as changes in currency valuations relative to the U.S. dollar. Events in the fixed income markets may lead to periods of volatility, liquidity issues and, in some cases, credit downgrades and increased likelihood of default.

Hedging Risk — The Fund may use derivative instruments for hedging purposes. Hedging through the use of these instruments does not eliminate fluctuations in the underlying prices of the securities that the Fund owns or intends to purchase or sell. While entering into these instruments tends to reduce the risk of loss due to a decline in the value of the hedged asset, such instruments also limit any potential gain that may result from the increase in value of the asset. There can be no assurance that any hedging strategy will be effective or that there will be a hedge in place at any given time.

Portfolio Turnover Risk — The Fund may buy and sell securities frequently. Such a strategy often involves higher expenses, including brokerage commissions, and may increase the amount of capital gains (in particular, short term gains) realized by the Fund. Shareholders may pay tax on such capital gains and will indirectly incur additional expenses related to a fund with a higher portfolio turnover rate.

High Yield Bond Risk — High yield, or "junk," bonds involve greater risks of default or downgrade and are more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is speculative. High-yield bonds also may be less liquid than higher quality investments.

Emerging Markets Securities Risk — Investments in emerging markets securities are considered speculative and subject to heightened risks in addition to the general risks of investing in foreign securities. Unlike more established markets, emerging markets may have governments that are less stable, markets that are less liquid and economies that are less developed. In addition, the securities markets of emerging market countries may consist of companies with smaller market capitalizations and may suffer periods of relative illiquidity; significant price volatility; restrictions on foreign investment; and possible restrictions on repatriation of investment income and capital. Furthermore, foreign investors may be required to register the proceeds of sales, and future economic or political crises could lead to price controls, forced mergers, expropriation or confiscatory taxation, seizure, nationalization or creation of government monopolies.

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MetLife Core Plus Fund** |

---

**October 31, 2025**

Foreign Company Risk — Investing in foreign companies poses additional risks since political and economic events unique to a country or region will affect those markets and their issuers. These risks will not necessarily affect the U.S. economy or similar issuers located in the U.S. Securities of foreign companies may not be registered with the SEC and foreign companies are generally not subject to the regulatory controls imposed on U.S. issuers and, as a consequence, there is generally less publically available information about foreign securities than is available about domestic securities. Income from foreign securities owned by the Fund may be reduced by a withholding tax at the source, which would reduce income received from the securities comprising the Fund's portfolio. Foreign securities may also be more difficult to value than securities of U.S. issuers.

Currency Risk — As a result of the Fund's investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected.

Country Risk — Investing in companies and governments poses additional risks since political and economic events unique to a country or region may affect those markets and issuers. These risks will not necessarily affect the U.S. economy or similar issuers located in the U.S. Securities of foreign companies may not be registered with the U.S. Securities and Exchange Commission (the "SEC") and foreign companies are generally not subject to the regulatory controls imposed on U.S. issuers and, as a consequence, there is generally less publicly available information about foreign securities than is available about domestic securities. Income from foreign securities owned by the Fund may be reduced by a withholding tax at the source, which would reduce income received from the securities comprising the Fund's portfolio. Foreign securities may also be more difficult to value than securities of U.S. issuers. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund.

Large Purchase and Redemption Risk — Large purchases or redemptions of the Fund's shares may force the Fund to purchase or sell securities at times when it would not otherwise do so, and may cause the Fund's portfolio turnover rate and transaction costs to rise, which may negatively affect the Fund's performance and have adverse tax consequences for Fund shareholders.

The foregoing is not intended to be a complete discussion of the risks associated with investing in the Fund. A more complete description of risks associated with the Fund is included in the prospectus and statement of additional information.

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MetLife Core Plus Fund** |

---

**October 31, 2025**

**11. Indemnifications:**

In the normal course of business, the Fund enters into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated; however, based on experience, the risk of loss from such claims is considered remote.

**12. Recent Accounting Pronouncement:**

In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management is evaluating the impacts of these changes on the Fund's financial statements.

**13. Subsequent Events:**

The Fund has evaluated the need for additional disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no additional disclosures and/or adjustments were required to the financial statements.

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MetLife Core Plus Fund** |

---

**October 31, 2025**

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the shareholders of MetLife Core Plus Fund and the Board of Trustees of The Advisors' Inner Circle Fund III:

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of MetLife Core Plus Fund (the "Fund"), a series of Advisors' Inner Circle Fund III as of October 31, 2025, the related statements of operations, and changes in net assets, and the financial highlights for the year then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations, changes in net assets, and the financial highlights for the year then ended, in conformity with accounting principles generally accepted in the United States of America.

The Fund's financial statements and financial highlights for the years ended October 31, 2024, and prior, were audited by other auditors whose report dated December 20, 2024, expressed an unqualified opinion on those financial statements and financial highlights.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian, and broker; when replies were not received from brokers, we performed other auditing procedures. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

We have served as the Fund's auditor since 2025.

![](fp0096598_02.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

December 23, 2025

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MetLife Core Plus Fund** |

---

**October 31, 2025**

**(Unaudited)**

**NOTICE TO SHAREHOLDERS**

For shareholders that do not have an October 31, 2025 tax year end, this notice is for informational purposes only. For shareholders with an October 31, 2025 tax year end, please consult your tax advisor as to the pertinence of this notice. For the fiscal year ended October 31, 2025, the Fund is designating the following items with regard to distributions paid during the year.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Long-Term**<br> **Capital Gain**<br> **Distributions** | **Ordinary**<br> **Income**<br> **Distributions** | **Total**<br> **Distributions** | **Qualifying for**<br> **Corporate**<br> **dividends**<br> **Received**<br> **Deduction (1)** | **Qualifying**<br> **Dividend**<br> **Income (2)** | **U.S.**<br> **Government**<br> **Interest (3)** | **Interest**<br> **Related**<br> **Dividends (4)** | **Short-Term**<br> **Capital Gain**<br> **Dividends (5)** |
| 0.00% | 100.00% | 100.00% | 0.00% | 0.00% | 21.31% | 99.47% | 0.00% |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* Qualifying dividends represent dividends
 which qualify for the corporate dividends received deduction and is reflected as a percentage of ordinary Income distributions (the total
 of short-term capital gain and net investment income distributions).

&nbsp;&nbsp;&nbsp;&nbsp;*(2)* The percentage in this column represents

 reflected as a percentage of ordinary income distributions (the total of short-term capital gain and net investment income distributions).
 It is the intention of each of the aforementioned funds to designate the maximum amount permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;*(3)* "U.S. Government Interest"
 represents the amount of interest that was derived from direct U.S. Government obligations and distributed during the fiscal year. This
 amount is reflected as a percentage of ordinary income. Generally, interest from direct U.S. Government obligations is exempt from state
 income tax. However, for shareholders who are residents of California, Connecticut and New York, the statutory threshold requirements
 were not satisfied to permit exemption of these amounts from state income.

&nbsp;&nbsp;&nbsp;&nbsp;*(4)* The percentage in this column represents
 the amount of "Interest Related Dividends" and is reflected as a percentage of ordinary income distribution. Interest related
 dividends are exempt from U.S. withholding tax when paid to foreign investors.

&nbsp;&nbsp;&nbsp;&nbsp;*(5)* The percentage of this column represents
 the amount of "Short-Term Capital Gain Dividends" and is reflected as a percentage of short-term capital gain distribution
 that is exempt from U.S. withholding tax when paid to foreign investors.

The information reported herein may differ from the information and distributions taxable to the shareholder for the calendar year ending December 31, 2025. Complete information will be computed and reported with your 2025 Form 1099-DIV.

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MetLife Core Plus Fund** |

---

**October 31, 2025**

**(Unaudited)**

**OTHER INFORMATION (FORM N-CSR ITEMS 8-11)**

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Effective March 26, 2025, the Audit Committee of the Board of Trustees of The Advisors' Inner Circle Fund III (the "Trust") accepted the resignation by Deloitte & Touche LLP ("D&T") as the independent registered public accounting firm for the MetLife Core Plus Fund (the "Fund") for the Fund's fiscal-year-ended October 31, 2025.

D&T's reports on the financial statements of the Fund as of and for the fiscal-years-ended October 31, 2024, and 2023, did not contain an adverse opinion or disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope, or accounting principles.

During the Fund's two fiscal-years-ended October 31, 2024, and 2023, and the subsequent interim period through March 26, 2025, there were no disagreements with D&T on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which, if not resolved to the satisfaction of D&T, would have caused D&T to make reference to the subject matter of the disagreement in connection with D&T's reports on the financial statements. In addition, there have been no reportable events of the kind described in item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934 with respect to the Fund.

The Fund has provided D&T with a copy of the foregoing disclosures and have requested that D&T furnish the Fund with a letter addressed to the U.S. Securities and Exchange Commission (the "SEC") stating whether D&T agrees with the statements made by the Fund, set forth above, and, if not, stating the respects in which D&T does not agree. A copy of the letter from D&T to the SEC is filed as an exhibit to this Form N-CSR.

On March 26, 2025, the Audit Committee of the Trust's Board of Trustees approved, and the Trust's Board of Trustees, based on the recommendation of the Audit Committee, approved, the appointment of Cohen & Company, Ltd. ("Cohen & Co.") as the Fund's independent registered public accounting firm for the fiscal-year-ended October 31, 2025.

For the two fiscal-years-ended October 31, 2024, and 2023, and the subsequent interim period through March 26, 2025, neither the Fund, nor anyone on the Fund's behalf, consulted with Cohen & Co. on items which: (1) concerned the application of accounting principles to a specific transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Fund's financial statements, and no written report or oral advice was provided to the Fund that Cohen & Co. concluded was an important factor considered by the Fund in reaching a decision as to any accounting, auditing, or financial reporting issue; or (2) concerned the subject of a disagreement (as defined in paragraph (a)(1)(v) of Item 304 of Regulation S-K) or reportable events (as described in paragraph (a)(1)(v) of said Item 304).

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

At a Special Meeting of Shareholders held on June 11, 2025, shareholders of the Advisors' Inner Circle III Trust elected Trustees.

All Nominees receiving a plurality of the votes cast at the Meeting with respect to a Trust will be elected as Trustees of the Trust, provided that thirty-three and one third percent (33 1/3%) of the shares of the Trust entitled to vote are present in person or by proxy at the Meeting. The election of Trustees for one Trust is not contingent on the election of Trustees for the other Trust. With a plurality vote, the Nominees who receive the highest number of votes will be elected, even if they receive votes from less than a majority of the votes cast. Because the Nominees are running unopposed, assuming a quorum is present, all Nominees are expected to be elected as Trustees, as all Nominees who receive a single vote in his other favor will be elected, while votes not cast or votes to withhold (or abstentions) will have no effect on the election outcome.

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MetLife Core Plus Fund** |
|  | **October 31, 2025** |

---

**(Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Votes For** | **Votes Withheld** | **Proposal Passing** |
| **John G. Alshefski** | 1662873478 | 5330326 | Yes |
| **Jon C. Hunt** | 1574558027 | 93645777 | Yes |
| **Thomas P. Lemke** | 1627701282 | 40502522 | Yes |
| **Nichelle Maynard-Elliott** | 1642537284 | 25666520 | Yes |
| **Jay C. Nadel** | 1647431408 | 20772396 | Yes |
| **Randall S. Yanker** | 1627734666 | 40469138 | Yes |

---

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

The remuneration paid by the company during the period covered by the report to the Trustees on the company's Board of Trustees is disclosed within the Statement(s) of Operations of the financial statements (Item 7).

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Not applicable.

**MetLife Core Plus Fund**

P.O. Box 219009

Kansas City, MO 64121-9009

1-800-252-4993

**Adviser:**

MetLife Investment Management, LLC

One MetLife Way

Whippany, NJ 07981

**Distributor:**

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, PA 19456

**Administrator:**

SEI Investments Global Funds Services

One Freedom Valley Drive

Oaks, PA 19456

**Legal Counsel:**

Morgan, Lewis & Bockius LLP

2222 Market Street

Philadelphia, PA 19103

**Independent Registered Public Accounting Firm:**

Cohen & Company, Ltd.

1835 Market Street, Suite 310

Philadelphia, PA 19103

This information must be preceded or accompanied by a current prospectus for the Fund described.

MIM-AR-001-0600

 **Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Included under Item 7.

 **Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Included under Item 7.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Included under Item 7.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Included under Item 7.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable to open-end management investment companies.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable to open-end management investment companies.

**Item 14. Purchases of Equity Securities by Closed-End Management Company and Affiliated Purchasers.**

Not applicable to open-end management investment companies.

**Item 15. Submission of Matters to a Vote of Security Holders.**

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees during the period covered by this report.

**Item 16. Controls and Procedures.**

(a)&nbsp;&nbsp;&nbsp;&nbsp; The Registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant's disclosure controls and procedures, as defined in Rule 30a-3(c) under the Act (17 CFR § 270.30a-3(c)), as of a date within 90 days of the filing date of the report, are effective based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR § 270.30a-3(b)) and Rule 13a-15(b) or Rule 15d-15(b) under the Act (17 CFR § 240.13a-15(b) or § 240.15d-15(b)).

(b)&nbsp;&nbsp;&nbsp;&nbsp; There has been no change in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR § 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable to open-end management investment companies.

**Item 18. Recovery of Erroneously Awarded Compensation.**

(a)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

(b)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

**Item 19. Exhibits.**

(a)(1) [Code of Ethics attached hereto.](fp0096598-1_ex99code.htm)

(a)(2) Not applicable.

(a)(3) [A separate certification for the principal executive officer and the principal financial officer of the Registrant, as required by Rule 30a-2(a) under the Act (17 CFR § 270.30a-2(a)), are filed herewith.](fp0096598-1_ex99cert.htm)

(a)(4) Not applicable.

(a)(5) [Change in Registrant's Independent Public Accountant attached hereto.](fp0096598-1_ex9919a5.htm)

(a)(5)(ii) [Letter from former accountant pursuant to Item 304(a) under Regulation S-K is attached hereto.](fp0096598-1_ex9919a5ii.htm)

(b)&nbsp;&nbsp;&nbsp;&nbsp; [Officer certifications, as required by Rule 30a-2(b) under the Act (17 CFR § 270.30a-2(b)), also accompany this filing as exhibits.](fp0096598-1_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| (Registrant) | The Advisors' Inner Circle Fund III |
| By (Signature and Title) | /s/ Michael Beattie |
|  | Michael Beattie |
|  | Principal Executive Officer |

---

Date: January 8, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Michael Beattie |
|  | Michael Beattie |
|  | Principal Executive Officer |

---

Date: January 8, 2026

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Andrew Metzger |
|  | Andrew Metzger |
|  | Principal Financial Officer |

---

Date: January 8, 2026

## Ex-99.Code

**THE ADVISORS' INNER CIRCLE FUND**<br> **THE ADVISORS' INNER CIRCLE FUND II**<br> **THE ADVISORS' INNER CIRCLE FUND III**<br> **BISHOP STREET FUNDS**<br> **GALLERY TRUST**<br> **FROST FAMILY OF FUNDS**<br> **CATHOLIC RESPONSIBLE INVESTMENTS FUNDS**<br> **SYMMETRY PANORAMIC TRUST**<br> **WILSHIRE PRIVATE ASSETS MASTER FUND**<br> **WILSHIRE PRIVATE ASSETS FUND**

**FINANCIAL OFFICER CODE OF ETHICS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Introduction** 

The reputation and integrity of The Advisors' Inner Circle Fund, The Advisors' Inner Circle Fund II, The Advisors' Inner Circle Fund III, Bishop Street Funds, Gallery Trust, Frost Family of Funds, Catholic Responsible Investments Funds, Symmetry Panoramic Trust, Wilshire Private Assets Master Fund and Wilshire Private Assets Fund (each a "Trust" and, collectively, the "Trusts") are valuable assets that are vital to the each Trust's success. The Trusts' senior financial officers ("SFOs") are responsible for conducting the Trusts' business in a manner that demonstrates a commitment to the highest standards of integrity. The Trusts' SFOs include the principal executive officer, the principal financial officer, comptroller or principal accounting officer, and any person who performs a similar function.

The Sarbanes-Oxley Act of 2002 (the "Act") effected sweeping corporate disclosure and financial reporting reform on public companies, including mutual funds, to address corporate malfeasance and assure investors that the companies in which they invest are accurately and completely disclosing financial information. Under the Act, all public companies (including the Trusts) must either have a code of ethics for their SFOs, or disclose why they do not. The Act was intended to foster corporate environments which encourage employees to question and report unethical and potentially illegal business practices. Each Trust has chosen to adopt this Financial Officer Code of Ethics (the "Code") to encourage its SFOs to act in a manner consistent with the highest principles of ethical conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.** **Purposes of the Code** 

The purposes of this Code are:

● To promote honest and ethical conduct by each Trust's SFOs, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

● To assist each Trust's SFOs in recognizing and avoiding conflicts of interest, including disclosing to an appropriate person any material transaction or relationship that reasonably could be expected to give rise to such a conflict;

● To promote full, fair, accurate, timely, and understandable disclosure in reports and documents that the Trusts file with, or submit to, the SEC and in other public communications made by the Trusts;

● To promote compliance with applicable laws, rules and regulations;

● To encourage the prompt internal reporting to an appropriate person of violations of this Code; and

● To establish accountability for adherence to this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.** **Questions about this Code** 

Each Trust's compliance officer designated to oversee compliance with the Trust's Code of Ethics adopted pursuant to Rule 17j-1 shall serve as Compliance Officer for the implementation and administration of this Code. You should direct your questions about this Code to the Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.** **Conduct Guidelines** 

Each Trust has adopted the following guidelines under which the Trust's SFOs must perform their official duties and conduct the business affairs of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Ethical and honest conduct is of paramount importance.** Each Trust's SFOs must act with
 honesty and integrity and avoid violations of this Code, including the avoidance of actual
 or apparent conflicts of interest with the Trust in personal and professional relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **SFOs must disclose material transactions or relationships.** Each Trust's SFOs must
 disclose to the Compliance Officer any actual or apparent conflicts of interest the SFO
 may have with the Trust that reasonably could be expected to give rise to any violations
 of this Code. Such conflicts of interest may arise as a result of material transactions
 or business or personal relationships to which the SFO may be a party. If it is not possible
 to disclose the matter to the Compliance Officer, it should be disclosed to the Trust's
 Chief Financial Officer, Chief Executive Officer or another appropriate person. In addition
 to disclosing any actual or apparent conflicts of interest in which an SFO is personally
 involved, the Trusts' SFOs have an obligation to report any other actual or apparent
 conflicts which they discover or of which they otherwise become aware. If you are unsure
 whether a particular fact pattern gives rise to a conflict of interest, or whether a
 particular transaction or relationship is "material," you should bring the
 matter to the attention of the Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Standards for quality of information shared with service providers of the Trusts.** Each Trust's SFOs must at all times seek to
provide information to the Trust's service providers (adviser, administrator, outside auditor, outside counsel, custodian, *etc.*) that is accurate, complete, objective, relevant, timely, and understandable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Standards for quality of information included in periodic reports.** Each Trust's SFOs
 must at all times endeavor to ensure full, fair, timely, accurate, and understandable
 disclosure in the Trust's periodic reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Compliance with laws.** Each Trust's SFOs must comply with the federal securities laws and
 other laws and rules applicable to the Trusts, such as the Internal Revenue Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Standard of care.** Each Trust's SFOs must at all times act in good faith and with due
 care, competence and diligence, without misrepresenting material facts or allowing your
 independent judgment to be subordinated. Each Trust's SFOs must conduct the affairs
 of the Trust in a responsible manner, consistent with this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Confidentiality of information.** Each Trust's SFOs must respect and protect the confidentiality
 of information acquired in the course of their professional duties, except when authorized
 by the Trust to disclose it or where disclosure is otherwise legally mandated. You may
 not use confidential information acquired in the course of your work for personal advantage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Sharing of information and educational standards.** Each Trust's SFOs should share information
 with relevant parties to keep them informed of the business affairs of the Trust, as
 appropriate, and maintain skills important and relevant to the Trust's needs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Promote ethical conduct.** Each Trust's SFOs should at all times proactively promote
 ethical behavior among peers in your work environment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Standards for recordkeeping.** Each Trust's SFOs must at all times endeavor to ensure that
 the Trust's financial books and records are thoroughly and accurately maintained
 to the best of their knowledge in a manner consistent with applicable laws and this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.** **Waivers of this Code** 

You may request a waiver of a provision of this Code by submitting your request in writing to the Compliance Officer for appropriate review. For example, if a family member works for a service provider that prepares a Trust's financial statements, you may have a potential conflict of interest in reviewing those statements and should seek a waiver of this Code to review the work. An executive officer of each Trust, or another appropriate person (such as a designated Board or Audit Committee member), will decide whether to grant a waiver. All waivers of this code must be disclosed to the applicable Trust's shareholders to the extent required by SEC rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI.** **Affirmation of the Code** 

Upon adoption of the Code, each Trust's SFOs must affirm in writing that they have received, read and understand the Code, and annually thereafter must affirm that they have complied with the requirements of the Code. To the extent necessary, each Trust's Compliance Officer will provide guidance on the conduct required by this Code and the manner in which violations or suspected violations must be reported and waivers must be requested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VII.** **Reporting Violations** 

In the event that an SFO discovers or, in good faith, suspects a violation of this Code, the SFO <u>must</u> immediately report the violation or suspected violation to the Compliance Officer. The Compliance Officer may, in his or her discretion, consult with another member of the Trust's senior management or the Board in determining how to address the suspected violation. For example, a Code violation may occur when a periodic report or financial statement of a Trust omits a material fact, or is technically accurate but, in the view of the SFO, is written in a way that obscures its meaning.

SFOs who report violations or suspected violations in good faith will not be subject to retaliation of any kind. Reported violations will be investigated and addressed promptly and will be treated as confidential to the extent possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VIII.** **Violations of the Code** 

Dishonest or unethical conduct or conduct that is illegal will constitute a violation of this Code, regardless of whether this Code specifically refers to such particular conduct. A violation of this Code may result in disciplinary action, up to and including removal as an SFO of the Trust. A variety of laws apply to the Trusts and their operations, including the Securities Act of 1933, the Investment Company Act of 1940, state laws relating to duties owed by Trust officers, and criminal laws. The Trusts will report any suspected criminal violations to the appropriate authorities, and will investigate, address and report, as appropriate, non-criminal violations.

Dated: September 2025

## Ex-99.Cert

**CERTIFICATION**

**Pursuant to Rule 30a-2(a) under the Investment Company Act of 1940**

**and Section 302 of the Sarbanes-Oxley Act of 2002**

I, Michael Beattie, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of The Advisors' Inner Circle Fund III (the "Registrant");

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact
 or omit to state a material fact necessary to make the statements made, in light of the
 circumstances under which such statements were made, not misleading with respect to the
 period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information, included
 in this report fairly present in all material respects the financial condition, results
 of operations, changes in net assets, and cash flows (if the financial statements are
 required to include a statement of cash flows) of the Registrant as of, and for, the
 periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 Registrant's other certifying officer(s), if any, and I are responsible for establishing
 and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under
 the Investment Company Act of 1940) and internal control over financial reporting (as
 defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant
 and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to
 the Registrant, including its consolidated subsidiaries, is made known to us by others
 within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over
 financial reporting to be designed under our supervision, to provide reasonable assurance
 regarding the reliability of financial reporting and the preparation of financial statements
 for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the Registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and
 procedures, as of a date within 90 days prior to the filing date of this report, based
 on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the Registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected,
 or is reasonably likely to materially affect, the Registrant's internal control
 over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 Registrant's other certifying officer(s) and I have disclosed to the Registrant's
 auditors and the audit committee of the Registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal
 control over financial reporting which are reasonably likely to adversely affect the
 Registrant's ability to record, process, summarize, and report financial information;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have
 a significant role in the Registrant's internal control over financial reporting.

Date: January 8, 2026

---

| |
|:---|
| /s/ Michael Beattie |
| Michael Beattie |
| Principal Executive Officer |

---

**CERTIFICATION**

**Pursuant to Rule 30a-2(a) under the Investment Company Act of 1940**

**and Section 302 of the Sarbanes-Oxley Act of 2002**

I, Andrew Metzger, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of The Advisors' Inner Circle Fund III (the "Registrant");

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact
 or omit to state a material fact necessary to make the statements made, in light of the
 circumstances under which such statements were made, not misleading with respect to the
 period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information, included
 in this report fairly present in all material respects the financial condition, results
 of operations, changes in net assets, and cash flows (if the financial statements are
 required to include a statement of cash flows) of the Registrant as of, and for, the
 periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 Registrant's other certifying officer(s), if any, and I are responsible for establishing
 and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under
 the Investment Company Act of 1940) and internal control over financial reporting (as
 defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant
 and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to
 the Registrant, including its consolidated subsidiaries, is made known to us by others
 within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over
 financial reporting to be designed under our supervision, to provide reasonable assurance
 regarding the reliability of financial reporting and the preparation of financial statements
 for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the Registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and
 procedures, as of a date within 90 days prior to the filing date of this report, based
 on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the Registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected,
 or is reasonably likely to materially affect, the Registrant's internal control
 over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 Registrant's other certifying officer(s) and I have disclosed to the Registrant's
 auditors and the audit committee of the Registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal
 control over financial reporting which are reasonably likely to adversely affect the
 Registrant's ability to record, process, summarize, and report financial information;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have
 a significant role in the Registrant's internal control over financial reporting.

Date: January 8, 2026

---

| |
|:---|
| /s/ Andrew Metzger |
| Andrew Metzger |
| Principal Financial Officer |

---

## Exhibit 99.19

Effective March 26, 2025, the Audit Committee of the Board of Trustees of The Advisors' Inner Circle Fund III (the "Trust") accepted the resignation by Deloitte & Touche LLP ("D&T") as the independent registered public accounting firm for the MetLife Core Plus Fund (the "Fund") for the Fund's fiscal-year-ended October 31, 2025.

D&T's reports on the financial statements of the Fund as of and for the fiscal-years-ended October 31, 2024, and 2023, did not contain an adverse opinion or disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope, or accounting principles.

During the Fund's two fiscal-years-ended October 31, 2024, and 2023, and the subsequent interim period through March 26, 2025, there were no disagreements with D&T on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which, if not resolved to the satisfaction of D&T, would have caused D&T to make reference to the subject matter of the disagreement in connection with D&T's reports on the financial statements. In addition, there have been no reportable events of the kind described in item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934 with respect to the Fund.

The Fund has provided D&T with a copy of the foregoing disclosures and have requested that D&T furnish the Fund with a letter addressed to the U.S. Securities and Exchange Commission (the "SEC") stating whether D&T agrees with the statements made by the Fund, set forth above, and, if not, stating the respects in which D&T does not agree. A copy of the letter from D&T to the SEC is filed as an exhibit to this Form N-CSR.

On March 26, 2025, the Audit Committee of the Trust's Board of Trustees approved, and the Trust's Board of Trustees, based on the recommendation of the Audit Committee, approved, the appointment of Cohen & Company, Ltd. ("Cohen & Co.") as the Fund's independent registered public accounting firm for the fiscal-year-ended October 31, 2025.

For the two fiscal-years-ended October 31, 2024, and 2023, and the subsequent interim period through March 26, 2025, neither the Fund, nor anyone on the Fund's behalf, consulted with Cohen & Co. on items which: (1) concerned the application of accounting principles to a specific transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Fund's financial statements, and no written report or oral advice was provided to the Fund that Cohen & Co. concluded was an important factor considered by the Fund in reaching a decision as to any accounting, auditing, or financial reporting issue; or (2) concerned the subject of a disagreement (as defined in paragraph (a)(1)(v) of Item 304 of Regulation S-K) or reportable events (as described in paragraph (a)(1)(v) of said Item 304).

Effective September 10, 2025, the Audit Committee of the Board of Trustees of The Advisors' Inner Circle Fund III (the "Trust") accepted the resignation by Ernst & Young LLP ("E&Y") as the independent registered public accounting firm for the PineBridge Dynamic Asset Allocation Fund (the "Fund") for the Fund's fiscal-year-ended October 31, 2025.

E&Y's reports on the financial statements of the Fund as of and for the fiscal-years-ended October 31, 2024, and 2023, did not contain an adverse opinion or disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope, or accounting principles.

During each of the Fund's two fiscal-years-ended October 31, 2024 and 2023, and the subsequent interim period through September 10, 2025, there were no disagreements with E&Y on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which, if not resolved to the satisfaction of E&Y, would have caused E&Y to make reference to the subject matter of the disagreement in connection with E&Y's reports on the financial statements. In addition, there have been no reportable events of the kind described in Item 304(a)(1) (v) of Regulation S-K under the Securities Exchange Act of 1934, as amended, with respect to the Fund.

The Fund has provided E&Y with a copy of the foregoing disclosures and has requested that E&Y furnish the Fund with a letter addressed to the U.S. Securities and Exchange Commission (the "SEC") stating whether E&Y agrees with the statements made by the Fund, set forth above, and, if not, stating the respects in which E&Y does not agree. A copy of the letter from E&Y to the SEC is filed as an exhibit to this Form N-CSR.

On September 10, 2025, the Audit Committee of the Trust's Board of Trustees approved, and the Trust's Board of Trustees, based upon the recommendation of the Audit Committee, approved, the appointment of Cohen & Company, Ltd. ("Cohen & Co") as the Fund's independent registered public accounting firm for the fiscal-year-ended October 31, 2025.

For the two fiscal-years-ended October 31, 2024 and 2023, and the subsequent interim period through September 10, 2025, neither the Fund, nor anyone on the Fund's behalf, consulted with Cohen & Co on items which: (1) concerned the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Fund's financial statements, and no written report or oral advice was provided to the Fund that Cohen & Co concluded was an important factor considered by the Fund in reaching a decision as to any accounting, auditing, or financial reporting issue; or (2) concerned the subject of a disagreement (as defined in paragraph (a)(1)(iv) of Item 304 of Regulation S-K) or reportable events (as described in paragraph (a)(1)(v) of said Item 304).

## Exhibit 99.19

March 28, 2025

Securities and Exchange Commission

Washington, D.C. 20549

Ladies and Gentlemen:

We were previously principal accountants for MetLife Core Plus Fund, one of the funds constituting The Advisors' Inner Circle Fund III (Investment Company Act file number 811-22920) (the "Fund") and, under the date of December 20, 2024, we reported on the statement of assets and liabilities, including the schedule of investments, as of October 31, 2024, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively, the financial statements). On March 26, 2025, based upon the approval of the Audit Committee of the Board of Trustees of The Advisors' Inner Circle Fund III (the "Trust"), we resigned our appointment as independent public accountant.

We have read the statements made by the Fund which we understand will be filed with the Commission pursuant to Item 13(a)(4) of Form N-CSR dated on or about December 30, 2025, and we agree with such statements, except that we are not in a position to agree or disagree with the Fund's statements that the Audit Committee of the Board of Trustees of the Trust (1) approved and recommended the decision to change independent accountants; and (2) approved and recommended the decision to appoint Cohen & Company, Ltd. as the Fund's independent accountant.

Very truly yours,

/s/ Deloitte & Touche LLP

---

| | | |
|:---|:---|:---|
| ![](image_001.jpg) | Ernst & Young LLP<br> One Commerce Square<br> Suite 700<br> 2005 Market Street<br> Philadelphia, PA 19103 | Tel: +1 215 448 5000<br> Fax: +1 215 448 5500<br> ey.com |

---

January 5, 2026

Securities and Exchange Commission

100 F Street, N.E.

Washington, D.C. 20549

Ladies and Gentlemen:

We have read Item 8 to Form N-CSR dated October 31, 2025 of The Advisors' Inner Circle Fund III and are in agreement with the statements contained in paragraphs 2 and 3 therein. We have no basis to agree or disagree with other statements of the registrant contained therein.

Yours very truly,

*/s/* Ernst & Young LLP

Philadelphia, Pennsylvania

A member firm of Ernst & Young Global Limited

## Exhibit 99.906

**CERTIFICATION**

**Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906**

**of the Sarbanes-Oxley Act of 2002**

The undersigned, Michael Beattie, the Principal Executive Officer of The Advisors' Inner Circle Fund III (the "Fund"), with respect to the Fund's Form N-CSR for the period ended October 31, 2025, as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. such
 Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities
 Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the
 information contained in such Form N-CSR fairly presents, in all material respects, the
 financial condition and results of operations of the Fund.

Dated: January 8, 2026

---

| |
|:---|
| /s/ Michael Beattie |
| Michael Beattie |
| Principal Executive Officer |

---

**CERTIFICATION**

**Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906** 

**of the Sarbanes-Oxley Act of 2002**

The undersigned, Andrew Metzger, the Principal Financial Officer of The Advisors' Inner Circle Fund III (the "Fund"), with respect to the Fund's Form N-CSR for the period ended October 31, 2025, as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. such
 Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities
 Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the
 information contained in such Form N-CSR fairly presents, in all material respects, the
 financial condition and results of operations of the Fund.

Dated: January 8, 2026

---

| |
|:---|
| /s/ Andrew Metzger |
| Andrew Metzger |
| Principal Financial Officer |

---