# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0002048251-26-002396
**Filing Date:** 2026-3
**Character Count:** 472082
**Document Hash:** e16b7cdcdaf93ebf00d75e7b561f3dc0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-26-002396.hdr.sgml**: 20260327

**ACCESSION NUMBER**: 0002048251-26-002396

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260327

**DATE AS OF CHANGE**: 20260327

**PERIOD START**: 20261031

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22920
- **FILM NUMBER:** 26807442

**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

### Knights of Columbus Limited Duration Fund (Series ID: S000048263)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000152510 | I Shares       | KCLIX           |
| C000158706 | Class S Shares | KCLSX           |

## Nport-Ex

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **LIMITED DURATION FUND** |
|  | **JANUARY 31, 2026** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | |
| **CORPORATE OBLIGATIONS — 49.1%** | **CORPORATE OBLIGATIONS — 49.1%** | |
|  | **Face Amount** |<br>**Value** |
| **COMMUNICATION SERVICES — 1.3%** | **COMMUNICATION SERVICES — 1.3%** | **COMMUNICATION SERVICES — 1.3%** |
| &nbsp;&nbsp;&nbsp;NTT Finance | &nbsp;&nbsp;&nbsp;NTT Finance | &nbsp;&nbsp;&nbsp;NTT Finance |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.620%, 07/16/28(A) | $1315000 | $1332271 |
| &nbsp;&nbsp;&nbsp;Paramount Global | &nbsp;&nbsp;&nbsp;Paramount Global | &nbsp;&nbsp;&nbsp;Paramount Global |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.700%, 06/01/28 | 1330000 | 1296183 |
| &nbsp;&nbsp;&nbsp;TELUS | &nbsp;&nbsp;&nbsp;TELUS | &nbsp;&nbsp;&nbsp;TELUS |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.700%, 09/15/27 | 765000 | 759734 |
|  |  | 3388188 |
| **CONSUMER DISCRETIONARY — 1.5%** | **CONSUMER DISCRETIONARY — 1.5%** | **CONSUMER DISCRETIONARY — 1.5%** |
| &nbsp;&nbsp;&nbsp;General Motors Financial | &nbsp;&nbsp;&nbsp;General Motors Financial | &nbsp;&nbsp;&nbsp;General Motors Financial |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.200%, 10/27/28 | 1265000 | 1268247 |
| &nbsp;&nbsp;&nbsp;Lowe's | &nbsp;&nbsp;&nbsp;Lowe's | &nbsp;&nbsp;&nbsp;Lowe's |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/15/28 | 1265000 | 1266441 |
| &nbsp;&nbsp;&nbsp;Toll Brothers Finance | &nbsp;&nbsp;&nbsp;Toll Brothers Finance | &nbsp;&nbsp;&nbsp;Toll Brothers Finance |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.350%, 02/15/28 | 1320000 | 1326790 |
|  |  | 3861478 |
| **CONSUMER STAPLES — 3.2%** | **CONSUMER STAPLES — 3.2%** | **CONSUMER STAPLES — 3.2%** |
| &nbsp;&nbsp;&nbsp;7-Eleven | &nbsp;&nbsp;&nbsp;7-Eleven | &nbsp;&nbsp;&nbsp;7-Eleven |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.300%, 02/10/28(A) | 1320000 | 1249511 |
| &nbsp;&nbsp;&nbsp;Alimentation Couche-Tard | &nbsp;&nbsp;&nbsp;Alimentation Couche-Tard | &nbsp;&nbsp;&nbsp;Alimentation Couche-Tard |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.550%, 07/26/27(A) | 1000000 | 993014 |
| &nbsp;&nbsp;&nbsp;Conagra Brands | &nbsp;&nbsp;&nbsp;Conagra Brands | &nbsp;&nbsp;&nbsp;Conagra Brands |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.850%, 11/01/28 | 1260000 | 1277570 |
| &nbsp;&nbsp;&nbsp;JBS | &nbsp;&nbsp;&nbsp;JBS | &nbsp;&nbsp;&nbsp;JBS |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/02/29 | 1310000 | 1264734 |
| &nbsp;&nbsp;&nbsp;Keurig Dr Pepper | &nbsp;&nbsp;&nbsp;Keurig Dr Pepper | &nbsp;&nbsp;&nbsp;Keurig Dr Pepper |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.950%, 04/15/29 | 1500000 | 1486031 |
| &nbsp;&nbsp;&nbsp;Mars | &nbsp;&nbsp;&nbsp;Mars | &nbsp;&nbsp;&nbsp;Mars |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.600%, 03/01/28(A) | 970000 | 982971 |
| &nbsp;&nbsp;&nbsp;The Campbell's | &nbsp;&nbsp;&nbsp;The Campbell's | &nbsp;&nbsp;&nbsp;The Campbell's |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.150%, 03/15/28 | 1265000 | 1266212 |
|  |  | 8520043 |
| **ENERGY — 4.3%** | **ENERGY — 4.3%** | **ENERGY — 4.3%** |
| &nbsp;&nbsp;&nbsp;BP Capital Markets America | &nbsp;&nbsp;&nbsp;BP Capital Markets America | &nbsp;&nbsp;&nbsp;BP Capital Markets America |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.017%, 11/17/27 | 987000 | 1006796 |
| &nbsp;&nbsp;&nbsp;Enbridge | &nbsp;&nbsp;&nbsp;Enbridge | &nbsp;&nbsp;&nbsp;Enbridge |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.600%, 06/20/28 | 1260000 | 1277423 |
| &nbsp;&nbsp;&nbsp;Energy Transfer | &nbsp;&nbsp;&nbsp;Energy Transfer | &nbsp;&nbsp;&nbsp;Energy Transfer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625%, US0003M + 4.155%(B)(C) | 1230000 | 1244473 |
| &nbsp;&nbsp;&nbsp;EOG Resources | &nbsp;&nbsp;&nbsp;EOG Resources | &nbsp;&nbsp;&nbsp;EOG Resources |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.400%, 07/15/28 | 1010000 | 1021948 |
| &nbsp;&nbsp;&nbsp;Helmerich & Payne | &nbsp;&nbsp;&nbsp;Helmerich & Payne | &nbsp;&nbsp;&nbsp;Helmerich & Payne |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.650%, 12/01/27 | 950000 | 957946 |
| &nbsp;&nbsp;&nbsp;Hess Midstream Operations | &nbsp;&nbsp;&nbsp;Hess Midstream Operations | &nbsp;&nbsp;&nbsp;Hess Midstream Operations |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 10/15/30(A) | 20000 | 20211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125%, 06/15/28(A) | 1270000 | 1270333 |
| &nbsp;&nbsp;&nbsp;MPLX | &nbsp;&nbsp;&nbsp;MPLX | &nbsp;&nbsp;&nbsp;MPLX |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 12/01/27 | 980000 | 982738 |
| &nbsp;&nbsp;&nbsp;Ovintiv | &nbsp;&nbsp;&nbsp;Ovintiv | &nbsp;&nbsp;&nbsp;Ovintiv |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.650%, 05/15/28 | 1320000 | 1361000 |
| &nbsp;&nbsp;&nbsp;Schlumberger Holdings | &nbsp;&nbsp;&nbsp;Schlumberger Holdings | &nbsp;&nbsp;&nbsp;Schlumberger Holdings |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/29/27(A) | 980000 | 992289 |

---

---

| | | |
|:---|:---|:---|
| **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | |
|  | **Face Amount** |<br>**Value** |
| **ENERGY — continued** | **ENERGY — continued** | **ENERGY — continued** |
| &nbsp;&nbsp;&nbsp;Western Midstream Operating | &nbsp;&nbsp;&nbsp;Western Midstream Operating | &nbsp;&nbsp;&nbsp;Western Midstream Operating |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 03/01/28 | 1320000 | 1326422 |
|  |  | 11461579 |
| **FINANCIALS — 14.5%** | **FINANCIALS — 14.5%** | **FINANCIALS — 14.5%** |
| &nbsp;&nbsp;&nbsp;Ally Financial | &nbsp;&nbsp;&nbsp;Ally Financial | &nbsp;&nbsp;&nbsp;Ally Financial |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.200%, 11/02/28 | 1335000 | 1265758 |
| &nbsp;&nbsp;&nbsp;American Express | &nbsp;&nbsp;&nbsp;American Express | &nbsp;&nbsp;&nbsp;American Express |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.351%, SOFRRATE + 0.810%, 07/20/29(B) | 1270000 | 1277885 |
| &nbsp;&nbsp;&nbsp;Antares Holdings | &nbsp;&nbsp;&nbsp;Antares Holdings | &nbsp;&nbsp;&nbsp;Antares Holdings |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.950%, 08/11/28(A) | 1170000 | 1236325 |
| &nbsp;&nbsp;&nbsp;Ares Capital | &nbsp;&nbsp;&nbsp;Ares Capital | &nbsp;&nbsp;&nbsp;Ares Capital |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.875%, 06/15/28 | 1335000 | 1281213 |
| &nbsp;&nbsp;&nbsp;Arthur J Gallagher | &nbsp;&nbsp;&nbsp;Arthur J Gallagher | &nbsp;&nbsp;&nbsp;Arthur J Gallagher |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.600%, 12/15/27 | 900000 | 910177 |
| &nbsp;&nbsp;&nbsp;Aviation Capital Group | &nbsp;&nbsp;&nbsp;Aviation Capital Group | &nbsp;&nbsp;&nbsp;Aviation Capital Group |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 04/30/29(A) | 1245000 | 1240618 |
| &nbsp;&nbsp;&nbsp;Bank of America MTN | &nbsp;&nbsp;&nbsp;Bank of America MTN | &nbsp;&nbsp;&nbsp;Bank of America MTN |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.183%, 11/25/27 | 975000 | 976264 |
| &nbsp;&nbsp;&nbsp;Bank of Nova Scotia | &nbsp;&nbsp;&nbsp;Bank of Nova Scotia | &nbsp;&nbsp;&nbsp;Bank of Nova Scotia |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.247%, SOFRRATE + 0.730%, 02/02/30(B) | 1255000 | 1257370 |
| &nbsp;&nbsp;&nbsp;Blackstone Private Credit Fund | &nbsp;&nbsp;&nbsp;Blackstone Private Credit Fund | &nbsp;&nbsp;&nbsp;Blackstone Private Credit Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.250%, 03/15/27 | 1039000 | 1023274 |
| &nbsp;&nbsp;&nbsp;Blue Owl Capital | &nbsp;&nbsp;&nbsp;Blue Owl Capital | &nbsp;&nbsp;&nbsp;Blue Owl Capital |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.875%, 06/11/28 | 1330000 | 1260489 |
| &nbsp;&nbsp;&nbsp;Brown & Brown | &nbsp;&nbsp;&nbsp;Brown & Brown | &nbsp;&nbsp;&nbsp;Brown & Brown |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.700%, 06/23/28 | 1261000 | 1277727 |
| &nbsp;&nbsp;&nbsp;Canadian Imperial Bank of Commerce | &nbsp;&nbsp;&nbsp;Canadian Imperial Bank of Commerce | &nbsp;&nbsp;&nbsp;Canadian Imperial Bank of Commerce |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.857%, SOFRRATE + 1.030%, 03/30/29(B) | 945000 | 960735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.283%, SOFRINDX + 0.790%, 01/29/30(B) | 250000 | 250638 |
| &nbsp;&nbsp;&nbsp;Capital One Financial | &nbsp;&nbsp;&nbsp;Capital One Financial | &nbsp;&nbsp;&nbsp;Capital One Financial |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.927%, SOFRRATE + 2.057%, 05/10/28(B) | 1255000 | 1267976 |
| &nbsp;&nbsp;&nbsp;Citigroup | &nbsp;&nbsp;&nbsp;Citigroup | &nbsp;&nbsp;&nbsp;Citigroup |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 07/25/28 | 1280000 | 1281385 |
| &nbsp;&nbsp;&nbsp;Eaton Vance | &nbsp;&nbsp;&nbsp;Eaton Vance | &nbsp;&nbsp;&nbsp;Eaton Vance |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 04/06/27 | 1010000 | 1006080 |
| &nbsp;&nbsp;&nbsp;FS KKR Capital | &nbsp;&nbsp;&nbsp;FS KKR Capital | &nbsp;&nbsp;&nbsp;FS KKR Capital |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125%, 10/12/28 | 1375000 | 1268853 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Private Credit | &nbsp;&nbsp;&nbsp;Goldman Sachs Private Credit | &nbsp;&nbsp;&nbsp;Goldman Sachs Private Credit |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375%, 01/31/29(A) | 1260000 | 1261676 |
| &nbsp;&nbsp;&nbsp;Golub Capital BDC | &nbsp;&nbsp;&nbsp;Golub Capital BDC | &nbsp;&nbsp;&nbsp;Golub Capital BDC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.050%, 12/05/28 | 1205000 | 1268306 |
| &nbsp;&nbsp;&nbsp;HPS Corporate Lending Fund | &nbsp;&nbsp;&nbsp;HPS Corporate Lending Fund | &nbsp;&nbsp;&nbsp;HPS Corporate Lending Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.450%, 01/14/28 | 1265000 | 1276701 |
| &nbsp;&nbsp;&nbsp;HSBC USA | &nbsp;&nbsp;&nbsp;HSBC USA | &nbsp;&nbsp;&nbsp;HSBC USA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.650%, 06/03/28 | 1255000 | 1274493 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;&nbsp;JPMorgan Chase |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.505%, SOFRRATE + 0.860%, 10/22/28(B) | 940000 | 948689 |

---

#### 1

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **LIMITED DURATION FUND** |
|  | **JANUARY 31, 2026** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | |
|  | **Face Amount** |<br>**Value** |
| **FINANCIALS — continued** |  |  |
| &nbsp;&nbsp;&nbsp;Main Street Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 06/04/27 | $925000 | $944030 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.950%, 04/23/27 | 975000 | 974828 |
| &nbsp;&nbsp;&nbsp;New Mountain Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.200%, 10/15/27 | 1305000 | 1320774 |
| &nbsp;&nbsp;&nbsp;Oaktree Specialty Lending |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.700%, 01/15/27 | 1010000 | 989586 |
| &nbsp;&nbsp;&nbsp;PNC Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.429%, SOFRRATE + 0.727%, 07/21/28(B) | 1065000 | 1072358 |
| &nbsp;&nbsp;&nbsp;Royal Bank of Canada MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.498%, SOFRRATE + 0.890%, 08/06/29(B) | 1305000 | 1318805 |
| &nbsp;&nbsp;&nbsp;Santander Holdings USA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.473%, SOFRRATE + 1.610%, 03/20/29(B) | 1300000 | 1329511 |
| &nbsp;&nbsp;&nbsp;Sixth Street Specialty Lending |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.950%, 08/14/28 | 1300000 | 1363140 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.150%, 03/19/29 | 1245000 | 1263836 |
| &nbsp;&nbsp;&nbsp;Truist Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.136%, SOFRRATE + 0.911%, 10/23/29(B) | 1320000 | 1319229 |
| &nbsp;&nbsp;&nbsp;Wells Fargo MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.900%, SOFRRATE + 0.780%, 01/24/28(B) | 1325000 | 1336190 |
|  |  | 38304919 |
| **HEALTH CARE — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Icon Investments Six DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.809%, 05/08/27 | 1001000 | 1019834 |
| **INDUSTRIALS — 5.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Daimler Truck Finance North America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.150%, 01/12/29(A) | 1279000 | 1278936 |
| &nbsp;&nbsp;&nbsp;Delta Air Lines |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.950%, 07/10/28 | 1255000 | 1276505 |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.750%, 01/15/28 | 1215000 | 1277439 |
| &nbsp;&nbsp;&nbsp;Ingersoll Rand |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.197%, 06/15/27 | 985000 | 1000195 |
| &nbsp;&nbsp;&nbsp;nVent Finance Sarl |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.550%, 04/15/28 | 1315000 | 1321261 |
| &nbsp;&nbsp;&nbsp;Owens Corning |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 06/15/27 | 985000 | 1003946 |
| &nbsp;&nbsp;&nbsp;Siemens Funding BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.350%, 05/26/28(A) | 1510000 | 1526985 |
| &nbsp;&nbsp;&nbsp;Southwest Airlines |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, 11/15/28 | 1320000 | 1327076 |
| &nbsp;&nbsp;&nbsp;United Airlines |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625%, 04/15/29(A) | 1255000 | 1253830 |
| &nbsp;&nbsp;&nbsp;Vertiv Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 11/15/28(A) | 1285000 | 1265411 |

---

---

| | | |
|:---|:---|:---|
| **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | |
|  | **Face Amount** |<br>**Value** |
| **INDUSTRIALS — continued** | **INDUSTRIALS — continued** | **INDUSTRIALS — continued** |
| &nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.700%, 09/15/28 | 1315000 | 1332374 |
|  |  | 13863958 |
| **INFORMATION TECHNOLOGY — 5.2%** | **INFORMATION TECHNOLOGY — 5.2%** | **INFORMATION TECHNOLOGY — 5.2%** |
| &nbsp;&nbsp;&nbsp;Amphenol | &nbsp;&nbsp;&nbsp;Amphenol | &nbsp;&nbsp;&nbsp;Amphenol |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, 06/12/28 | 1010000 | 1020469 |
| &nbsp;&nbsp;&nbsp;Dell International | &nbsp;&nbsp;&nbsp;Dell International | &nbsp;&nbsp;&nbsp;Dell International |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 04/01/28 | 1250000 | 1267665 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.400%, 09/25/27 | 954000 | 958941 |
| &nbsp;&nbsp;&nbsp;International Business Machines |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.600%, 02/03/33 | 100000 | 99843 |
| &nbsp;&nbsp;&nbsp;Jabil | &nbsp;&nbsp;&nbsp;Jabil | &nbsp;&nbsp;&nbsp;Jabil |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.200%, 02/01/29 | 1280000 | 1279526 |
| &nbsp;&nbsp;&nbsp;Kyndryl Holdings | &nbsp;&nbsp;&nbsp;Kyndryl Holdings | &nbsp;&nbsp;&nbsp;Kyndryl Holdings |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.700%, 10/15/28 | 1310000 | 1258367 |
| &nbsp;&nbsp;&nbsp;Microchip Technology | &nbsp;&nbsp;&nbsp;Microchip Technology | &nbsp;&nbsp;&nbsp;Microchip Technology |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.900%, 03/15/28 | 1300000 | 1320670 |
| &nbsp;&nbsp;&nbsp;NXP BV | &nbsp;&nbsp;&nbsp;NXP BV | &nbsp;&nbsp;&nbsp;NXP BV |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.300%, 08/19/28 | 1320000 | 1325903 |
| &nbsp;&nbsp;&nbsp;Oracle | &nbsp;&nbsp;&nbsp;Oracle | &nbsp;&nbsp;&nbsp;Oracle |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.300%, 03/25/28 | 1325000 | 1265751 |
| &nbsp;&nbsp;&nbsp;Roper Technologies | &nbsp;&nbsp;&nbsp;Roper Technologies | &nbsp;&nbsp;&nbsp;Roper Technologies |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 09/15/28 | 1320000 | 1327460 |
| &nbsp;&nbsp;&nbsp;Teledyne Technologies | &nbsp;&nbsp;&nbsp;Teledyne Technologies | &nbsp;&nbsp;&nbsp;Teledyne Technologies |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.250%, 04/01/28 | 1335000 | 1288297 |
| &nbsp;&nbsp;&nbsp;Vontier | &nbsp;&nbsp;&nbsp;Vontier | &nbsp;&nbsp;&nbsp;Vontier |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.400%, 04/01/28 | 1340000 | 1288681 |
|  |  | 13701573 |
| **MATERIALS — 3.7%** | **MATERIALS — 3.7%** | **MATERIALS — 3.7%** |
| &nbsp;&nbsp;&nbsp;Amrize Finance US | &nbsp;&nbsp;&nbsp;Amrize Finance US | &nbsp;&nbsp;&nbsp;Amrize Finance US |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.700%, 04/07/28 | 1230000 | 1247331 |
| &nbsp;&nbsp;&nbsp;Berry Global | &nbsp;&nbsp;&nbsp;Berry Global | &nbsp;&nbsp;&nbsp;Berry Global |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 04/15/28 | 1240000 | 1278155 |
| &nbsp;&nbsp;&nbsp;Glencore Funding | &nbsp;&nbsp;&nbsp;Glencore Funding | &nbsp;&nbsp;&nbsp;Glencore Funding |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.338%, 04/04/27(A) | 950000 | 964861 |
| &nbsp;&nbsp;&nbsp;Mosaic | &nbsp;&nbsp;&nbsp;Mosaic | &nbsp;&nbsp;&nbsp;Mosaic |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.350%, 01/15/29 | 1320000 | 1324084 |
| &nbsp;&nbsp;&nbsp;Nutrien | &nbsp;&nbsp;&nbsp;Nutrien | &nbsp;&nbsp;&nbsp;Nutrien |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.200%, 06/21/27 | 935000 | 949792 |
| &nbsp;&nbsp;&nbsp;Rio Tinto Finance USA | &nbsp;&nbsp;&nbsp;Rio Tinto Finance USA | &nbsp;&nbsp;&nbsp;Rio Tinto Finance USA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 03/14/28 | 965000 | 976848 |
| &nbsp;&nbsp;&nbsp;RPM International | &nbsp;&nbsp;&nbsp;RPM International | &nbsp;&nbsp;&nbsp;RPM International |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 03/15/27 | 962000 | 958446 |
| &nbsp;&nbsp;&nbsp;Sonoco Products | &nbsp;&nbsp;&nbsp;Sonoco Products | &nbsp;&nbsp;&nbsp;Sonoco Products |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.250%, 02/01/27 | 965000 | 949402 |
| &nbsp;&nbsp;&nbsp;WRKCo | &nbsp;&nbsp;&nbsp;WRKCo | &nbsp;&nbsp;&nbsp;WRKCo |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.900%, 06/01/28 | 1320000 | 1315472 |
|  |  | 9964391 |
| **REAL ESTATE — 4.3%** | **REAL ESTATE — 4.3%** | **REAL ESTATE — 4.3%** |
| &nbsp;&nbsp;&nbsp;Agree | &nbsp;&nbsp;&nbsp;Agree | &nbsp;&nbsp;&nbsp;Agree |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 06/15/28 | 1330000 | 1271325 |

---

#### 2

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **LIMITED DURATION FUND** |
|  | **JANUARY 31, 2026** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | |
|  | **Face Amount** |<br>**Value** |
| **REAL ESTATE — continued** | **REAL ESTATE — continued** | **REAL ESTATE — continued** |
| &nbsp;&nbsp;&nbsp;American Tower | &nbsp;&nbsp;&nbsp;American Tower | &nbsp;&nbsp;&nbsp;American Tower |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/15/28 | 1240000 | 1275075 |
| &nbsp;&nbsp;&nbsp;Crown Castle | &nbsp;&nbsp;&nbsp;Crown Castle | &nbsp;&nbsp;&nbsp;Crown Castle |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.800%, 09/01/28 | 1240000 | 1258803 |
| &nbsp;&nbsp;&nbsp;Extra Space Storage | &nbsp;&nbsp;&nbsp;Extra Space Storage | &nbsp;&nbsp;&nbsp;Extra Space Storage |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.700%, 04/01/28 | 1225000 | 1263744 |
| &nbsp;&nbsp;&nbsp;Highwoods Realty | &nbsp;&nbsp;&nbsp;Highwoods Realty | &nbsp;&nbsp;&nbsp;Highwoods Realty |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 03/15/28 | 1275000 | 1266840 |
| &nbsp;&nbsp;&nbsp;Invitation Homes Operating Partnership |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.300%, 11/15/28 | 1340000 | 1273969 |
| &nbsp;&nbsp;&nbsp;Public Storage Operating | &nbsp;&nbsp;&nbsp;Public Storage Operating | &nbsp;&nbsp;&nbsp;Public Storage Operating |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.399%, SOFRINDX + 0.700%, 04/16/27(B) | 975000 | 978363 |
| &nbsp;&nbsp;&nbsp;Store Capital | &nbsp;&nbsp;&nbsp;Store Capital | &nbsp;&nbsp;&nbsp;Store Capital |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 03/15/28 | 1900000 | 1906931 |
| &nbsp;&nbsp;&nbsp;Tanger Properties | &nbsp;&nbsp;&nbsp;Tanger Properties | &nbsp;&nbsp;&nbsp;Tanger Properties |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 07/15/27 | 1010000 | 1005339 |
|  |  | 11500389 |
| **UTILITIES — 5.4%** | **UTILITIES — 5.4%** | **UTILITIES — 5.4%** |
| &nbsp;&nbsp;&nbsp;Alliant Energy Finance | &nbsp;&nbsp;&nbsp;Alliant Energy Finance | &nbsp;&nbsp;&nbsp;Alliant Energy Finance |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.400%, 06/06/27(A) | 955000 | 968113 |
| &nbsp;&nbsp;&nbsp;Dominion Energy | &nbsp;&nbsp;&nbsp;Dominion Energy | &nbsp;&nbsp;&nbsp;Dominion Energy |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.600%, 05/15/28 | 980000 | 992213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.350%, H15T5Y + 3.195%(B)(C) | 1270000 | 1260883 |
| &nbsp;&nbsp;&nbsp;Emera | &nbsp;&nbsp;&nbsp;Emera | &nbsp;&nbsp;&nbsp;Emera |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.750%, US0003M + 5.440%, 06/15/76(B) | 1260000 | 1268607 |
| &nbsp;&nbsp;&nbsp;Evergy Kansas Central | &nbsp;&nbsp;&nbsp;Evergy Kansas Central | &nbsp;&nbsp;&nbsp;Evergy Kansas Central |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.700%, 03/13/28 | 1245000 | 1261345 |
| &nbsp;&nbsp;&nbsp;Eversource Energy | &nbsp;&nbsp;&nbsp;Eversource Energy | &nbsp;&nbsp;&nbsp;Eversource Energy |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.450%, 03/01/28 | 1225000 | 1257411 |
| &nbsp;&nbsp;&nbsp;Georgia Power | &nbsp;&nbsp;&nbsp;Georgia Power | &nbsp;&nbsp;&nbsp;Georgia Power |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.004%, 02/23/27 | 960000 | 971533 |
| &nbsp;&nbsp;&nbsp;National Fuel Gas | &nbsp;&nbsp;&nbsp;National Fuel Gas | &nbsp;&nbsp;&nbsp;National Fuel Gas |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 09/01/28 | 1330000 | 1346410 |
| &nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.875%, 01/15/27 | 1010000 | 991620 |
| &nbsp;&nbsp;&nbsp;Public Service of New Hampshire |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.400%, 07/01/28 | 1010000 | 1022014 |
| &nbsp;&nbsp;&nbsp;Toledo Edison | &nbsp;&nbsp;&nbsp;Toledo Edison | &nbsp;&nbsp;&nbsp;Toledo Edison |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.650%, 05/01/28(A) | 386000 | 367437 |
| &nbsp;&nbsp;&nbsp;Vistra Operations | &nbsp;&nbsp;&nbsp;Vistra Operations | &nbsp;&nbsp;&nbsp;Vistra Operations |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.300%, 10/15/28(A) | 1320000 | 1320124 |
| &nbsp;&nbsp;&nbsp;Wisconsin Electric Power | &nbsp;&nbsp;&nbsp;Wisconsin Electric Power | &nbsp;&nbsp;&nbsp;Wisconsin Electric Power |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.950%, 03/01/29 | 1190000 | 1189182 |
|  |  | 14216892 |
| &nbsp;&nbsp;&nbsp;Total Corporate Obligations |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $128,779,604) |  | 129803244 |

---

---

| | | |
|:---|:---|:---|
| **ASSET-BACKED SECURITIES — 22.3%** | **ASSET-BACKED SECURITIES — 22.3%** | |
|  | **Face Amount** |<br>**Value** |
| **Automotive — 5.1%** | **Automotive — 5.1%** | **Automotive — 5.1%** |
| &nbsp;&nbsp;&nbsp;American Heritage Auto Receivables Issuer Trust, Ser 2025-1A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.400%, 11/15/30 (A) | $560000 | $562810 |
| &nbsp;&nbsp;&nbsp;Avis Budget Rental Car Funding AESOP, Ser 2023-5A, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.120%, 04/20/28 (A) | 350000 | 356157 |
| &nbsp;&nbsp;&nbsp;BOF VII AL Funding Trust I, Ser 2023-CAR3, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.291%, 07/26/32 (A) | 333961 | 339843 |
| &nbsp;&nbsp;&nbsp;Carmax Auto Owner Trust, Ser 2025-1, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.110%, 09/16/30 | 490000 | 502308 |
| &nbsp;&nbsp;&nbsp;Drive Auto Receivables Trust, Ser 2025-1, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.790%, 09/15/32 | 1030000 | 1038370 |
| &nbsp;&nbsp;&nbsp;Drive Auto Receivables Trust, Ser 2025-2, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.140%, 09/15/32 | 570000 | 569403 |
| &nbsp;&nbsp;&nbsp;Enterprise Fleet Financing, Ser 2025-3, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.460%, 09/20/29 (A) | 1050000 | 1061852 |
| &nbsp;&nbsp;&nbsp;Exeter Select Automobile <br> Receivables Trust, Ser 2025-1, Cl A3 | &nbsp;&nbsp;&nbsp;Exeter Select Automobile <br> Receivables Trust, Ser 2025-1, Cl A3 | &nbsp;&nbsp;&nbsp;Exeter Select Automobile <br> Receivables Trust, Ser 2025-1, Cl A3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.690%, 04/15/30 | 440000 | 444451 |
| &nbsp;&nbsp;&nbsp;Flagship Credit Auto Trust, Ser 2021-3, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.460%, 09/15/27 (A) | 82057 | 81936 |
| &nbsp;&nbsp;&nbsp;Ford Credit Auto Owner Trust, Ser 2023-B, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.560%, 03/15/29 | 1050000 | 1068627 |
| &nbsp;&nbsp;&nbsp;Ford Credit Auto Owner Trust, Ser 2025-A, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.890%, 02/15/31 | 750000 | 766506 |
| &nbsp;&nbsp;&nbsp;Ford Credit Auto Owner Trust, Ser 2025-B, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.240%, 07/15/31 | 1140000 | 1145022 |
| &nbsp;&nbsp;&nbsp;GM Financial Consumer Automobile Receivables Trust, Ser 2025-1, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/16/30 | 490000 | 499481 |
| &nbsp;&nbsp;&nbsp;GM Financial Consumer Automobile Receivables Trust, Ser 2026-1, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.140%, 06/16/32 | 625000 | 624685 |
| &nbsp;&nbsp;&nbsp;Hertz Vehicle Financing, Ser 2022-5A, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.280%, 09/25/28 (A) | 375000 | 372761 |
| &nbsp;&nbsp;&nbsp;OCCU Auto Receivables Trust, Ser 2025-1A, Cl A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.790%, 01/15/31 (A) | 550000 | 556823 |
| &nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust, Ser 2024-4, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.930%, 09/17/29 | 915000 | 922882 |

---

#### 3

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **LIMITED DURATION FUND** |
|  | **JANUARY 31, 2026** |
|  | **(Unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | | |
|  | **Face Amount** | **Face Amount** | **Value** | **Value** |
| **Automotive — continued** | **Automotive — continued** | **Automotive — continued** | **Automotive — continued** | **Automotive — continued** |
| &nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust, Ser 2025-1, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.880%, 03/17/31 | $| 490000 | $| 495326 |
| &nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust, Ser 2025-2, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.870%, 05/15/31 |  | 535000 |  | 540599 |
| &nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust, Ser 2025-3, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.490%, 09/15/31 |  | 1050000 |  | 1057699 |
| &nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust, Ser 2025-4, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.270%, 01/15/32 |  | 600000 |  | 601535 |
|  |  |  |  | 13609076 |
| **Financials — 0.8%** | **Financials — 0.8%** | **Financials — 0.8%** | **Financials — 0.8%** | **Financials — 0.8%** |
| &nbsp;&nbsp;&nbsp;Dell Equipment Finance Trust, Ser 2025-2, Cl A3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.120%, 03/24/31 (A) |  | 570000 |  | 572046 |
| &nbsp;&nbsp;&nbsp;OWN Equipment Fund II, Ser 2025-1M, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.310%, 09/26/33 (A) |  | 950493 |  | 955939 |
| &nbsp;&nbsp;&nbsp;OWN Equipment Fund III, Ser 2025-2M, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.420%, 03/27/34 (A) |  | 716641 |  | 720972 |
|  |  |  |  | 2248957 |
| **Materials — 0.4%** | **Materials — 0.4%** | **Materials — 0.4%** | **Materials — 0.4%** | **Materials — 0.4%** |
| &nbsp;&nbsp;&nbsp;Signal Rail I, Ser 2021-1, Cl A | &nbsp;&nbsp;&nbsp;Signal Rail I, Ser 2021-1, Cl A | &nbsp;&nbsp;&nbsp;Signal Rail I, Ser 2021-1, Cl A | &nbsp;&nbsp;&nbsp;Signal Rail I, Ser 2021-1, Cl A | &nbsp;&nbsp;&nbsp;Signal Rail I, Ser 2021-1, Cl A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.230%, 08/17/51 (A) |  | 978934 |  | 926871 |
| **Other ABS — 16.0%** | **Other ABS — 16.0%** | **Other ABS — 16.0%** | **Other ABS — 16.0%** | **Other ABS — 16.0%** |
| &nbsp;&nbsp;&nbsp;ABPCI Direct Lending Fund CLO VI, Ser 2025-6A, Cl BRR |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.370%, TSFR3M + 1.700%, 01/27/37 (A)(B) |  | 550000 |  | 546530 |
| &nbsp;&nbsp;&nbsp;Affirm Asset Securitization Trust, Ser 2024-B, Cl A | &nbsp;&nbsp;&nbsp;Affirm Asset Securitization Trust, Ser 2024-B, Cl A | &nbsp;&nbsp;&nbsp;Affirm Asset Securitization Trust, Ser 2024-B, Cl A | &nbsp;&nbsp;&nbsp;Affirm Asset Securitization Trust, Ser 2024-B, Cl A | &nbsp;&nbsp;&nbsp;Affirm Asset Securitization Trust, Ser 2024-B, Cl A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.620%, 09/15/29 (A) |  | 1050000 |  | 1052506 |
| &nbsp;&nbsp;&nbsp;Affirm Asset Securitization Trust, Ser 2024-X2, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.330%, 12/17/29 (A) |  | 560000 |  | 560429 |
| &nbsp;&nbsp;&nbsp;Affirm Asset Securitization Trust, Ser 2025-X1, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.190%, 04/15/30 (A) |  | 500000 |  | 501196 |
| &nbsp;&nbsp;&nbsp;Affirm Master Trust, Ser 2025-1A, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.130%, 02/15/33 (A) |  | 940000 |  | 947274 |
| &nbsp;&nbsp;&nbsp;Antares CLO, Ser 2018-3, Cl A1R |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.474%, TSFR3M + 1.590%, 07/20/36 (A)(B) |  | 950000 |  | 957452 |
| &nbsp;&nbsp;&nbsp;Audax Senior Debt CLO XII, Ser 2025-12A, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.419%, TSFR3M + 1.750%, 04/22/37 (A)(B) |  | 750000 |  | 745318 |
| &nbsp;&nbsp;&nbsp;Avant Loans Funding Trust, Ser 2025-REV1, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.120%, 05/15/34 (A) |  | 550000 |  | 552801 |

---

---

| | | |
|:---|:---|:---|
| **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | |
|  | **Face Amount** |<br>**Value** |
| **Other ABS — continued** | **Other ABS — continued** | **Other ABS — continued** |
| &nbsp;&nbsp;&nbsp;Barings Equipment Finance, Ser 2025-B, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.020%, 02/13/29 (A) | $570000 | $570922 |
| &nbsp;&nbsp;&nbsp;Barings Private Credit CLO, Ser 2023-1, Cl A1BR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.572%, TSFR3M + 1.900%, 10/15/36 (A)(B) | 995000 | 999701 |
| &nbsp;&nbsp;&nbsp;Blackbird Capital Aircraft Lease Securitization, Ser 2016-1A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.213%, 12/16/41 (A)(D) | 18368 | 18412 |
| &nbsp;&nbsp;&nbsp;Blue Owl Asset Leasing Trust, Ser 2024-1A, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.410%, 03/15/30 (A) | 540000 | 546256 |
| &nbsp;&nbsp;&nbsp;California Street CLO IX, Ser 2021-9A, Cl AR3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.033%, TSFR3M + 1.362%, 07/16/32 (A)(B) | 286506 | 286791 |
| &nbsp;&nbsp;&nbsp;Cerberus Loan Funding XLVII, Ser 2024-3A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.422%, TSFR3M + 1.750%, 07/15/36 (A)(B) | 785000 | 786231 |
| &nbsp;&nbsp;&nbsp;Cologix Data Centers US Issuer, Ser 2021-1A, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.300%, 12/26/51 (A) | 500000 | 491625 |
| &nbsp;&nbsp;&nbsp;Crossroads Asset Trust, Ser 2025-A, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.910%, 02/20/32 (A) | 492159 | 495377 |
| &nbsp;&nbsp;&nbsp;DLLMT, Ser 2023-1A, Cl A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.350%, 03/20/31 (A) | 680000 | 686734 |
| &nbsp;&nbsp;&nbsp;DLLMT, Ser 2026-1A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.200%, 12/20/29 (A) | 630000 | 631316 |
| &nbsp;&nbsp;&nbsp;GBX Leasing, Ser 2022-1, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.870%, 02/20/52 (A) | 851144 | 809852 |
| &nbsp;&nbsp;&nbsp;Goldentree Loan Management US CLO XII, Ser 2024-12A, Cl AJR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.198%, TSFR3M + 1.530%, 07/20/37 (A)(B) | 1175000 | 1176595 |
| &nbsp;&nbsp;&nbsp;Gracie Point International Funding, Ser 2025-1A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.300%, SOFR30A + 1.500%, 08/15/28 (A)(B) | 1000000 | 1001711 |
| &nbsp;&nbsp;&nbsp;Granite Edvance, Ser 2020-1, Cl A1A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.550%, 09/25/60 | 874767 | 805224 |
| &nbsp;&nbsp;&nbsp;Guggenheim MM CLO, Ser 2021-3A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.481%, TSFR3M + 1.812%, 01/21/34 (A)(B) | 365000 | 366143 |
| &nbsp;&nbsp;&nbsp;HalseyPoint CLO III, Ser 2024-3A, Cl A1R |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.147%, TSFR3M + 1.480%, 07/30/37 (A)(B) | 950000 | 952140 |
| &nbsp;&nbsp;&nbsp;Hilton Grand Vacations Trust, Ser 2025-2A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.540%, 05/25/44 (A) | 431516 | 432674 |

---

#### 4

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **LIMITED DURATION FUND** |
|  | **JANUARY 31, 2026** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | |
|  | **Face Amount** |<br>**Value** |
| **Other ABS — continued** | **Other ABS — continued** | **Other ABS — continued** |
| &nbsp;&nbsp;&nbsp;Hlend CLO, Ser 2025-3A, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.368%, TSFR3M + 1.700%, 01/20/37 (A)(B) | $750000 | $750250 |
| &nbsp;&nbsp;&nbsp;HPEFS Equipment Trust, Ser 2025-1A, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.510%, 09/20/32 (A) | 1055000 | 1062946 |
| &nbsp;&nbsp;&nbsp;Kestrel Aircraft Funding, Ser 2018-1A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 12/15/38 (A) | 34017 | 34034 |
| &nbsp;&nbsp;&nbsp;MCF CLO VIII, Ser 2024-1A, Cl AR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.618%, TSFR3M + 1.950%, 04/18/36 (A)(B) | 950000 | 951502 |
| &nbsp;&nbsp;&nbsp;Mission Lane Credit Card Master Trust, Ser 2025-B, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.060%, 09/15/31 (A) | 530000 | 531765 |
| &nbsp;&nbsp;&nbsp;Nelnet Student Loan Trust, Ser 2014-2A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.662%, SOFR30A + 0.964%, 07/27/37 (A)(B) | 615249 | 616062 |
| &nbsp;&nbsp;&nbsp;NMEF Funding, Ser 2025-B, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.640%, 01/18/33 (A) | 550000 | 552235 |
| &nbsp;&nbsp;&nbsp;Oak Street Investment Grade Net <br> Lease Fund Series, Ser 2021-2A, Cl A3 | &nbsp;&nbsp;&nbsp;Oak Street Investment Grade Net <br> Lease Fund Series, Ser 2021-2A, Cl A3 | &nbsp;&nbsp;&nbsp;Oak Street Investment Grade Net <br> Lease Fund Series, Ser 2021-2A, Cl A3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.850%, 11/20/51 (A) | 1602621 | 1048682 |
| &nbsp;&nbsp;&nbsp;OCP CLO, Ser 2024-24A, Cl A2R |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.218%, TSFR3M + 1.550%, 10/20/37 (A)(B) | 950000 | 951611 |
| &nbsp;&nbsp;&nbsp;OWN Equipment Fund I, Ser 2024-2M, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.700%, 12/20/32 (A) | 361720 | 366585 |
| &nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Ser 2024-11, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.637%, 07/15/32 (A) | 321206 | 324019 |
| &nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Ser 2024-5, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.278%, 10/15/31 (A) | 179173 | 180021 |
| &nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Ser 2025-1, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.628%, 07/15/32 (A) | 334971 | 337489 |
| &nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Ser 2025-2, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.329%, 10/15/32 (A) | 789917 | 793157 |
| &nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Ser 2025-3, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.058%, 12/15/32 (A) | 399919 | 404996 |
| &nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Ser 2024-2, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.319%, 08/15/31 (A) | 180637 | 181040 |
| &nbsp;&nbsp;&nbsp;Palmer Square BDC CLO I, Ser 2024-1A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.272%, TSFR3M + 1.600%, 07/15/37 (A)(B) | 950000 | 952213 |

---

---

| | | |
|:---|:---|:---|
| **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | |
|  | **Face Amount** |<br>**Value** |
| **Other ABS — continued** | **Other ABS — continued** | **Other ABS — continued** |
| &nbsp;&nbsp;&nbsp;PEAC Solutions Receivables, Ser 2026-1A, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.270%, 10/20/28 (A) | $630000 | $633081 |
| &nbsp;&nbsp;&nbsp;PennantPark CLO XII, Ser 2025-12A, Cl B | &nbsp;&nbsp;&nbsp;PennantPark CLO XII, Ser 2025-12A, Cl B | &nbsp;&nbsp;&nbsp;PennantPark CLO XII, Ser 2025-12A, Cl B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.518%, TSFR3M + 1.850%, 04/20/37 (A)(B) | 625000 | 628545 |
| &nbsp;&nbsp;&nbsp;PK Alift Loan Funding VII, Ser 2025-2, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 03/15/43 (A) | 479297 | 479459 |
| &nbsp;&nbsp;&nbsp;Rocket Trust, Ser 2025-1A, Cl B | &nbsp;&nbsp;&nbsp;Rocket Trust, Ser 2025-1A, Cl B | &nbsp;&nbsp;&nbsp;Rocket Trust, Ser 2025-1A, Cl B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.990%, 07/25/34 (A) | 1050000 | 1056278 |
| &nbsp;&nbsp;&nbsp;SCF Equipment Leasing, Ser 2025-2A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.330%, 06/20/36 (A) | 600000 | 600202 |
| &nbsp;&nbsp;&nbsp;Silver Point SCF CLO IV, Ser 2024-1A, Cl A1AR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.392%, TSFR3M + 1.720%, 10/15/36 (A)(B) | 950000 | 952672 |
| &nbsp;&nbsp;&nbsp;SLM Student Loan Trust, Ser 2006-10, Cl A6 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.299%, SOFR90A + 0.412%, 03/25/44 (B) | 808953 | 788158 |
| &nbsp;&nbsp;&nbsp;SoFi Consumer Loan Program Trust, Ser 2025-3, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.670%, 08/15/34 (A) | 550000 | 554074 |
| &nbsp;&nbsp;&nbsp;SoFi Consumer Loan Program Trust, Ser 2026-1, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.440%, 12/26/35 (A) | 625000 | 626723 |
| &nbsp;&nbsp;&nbsp;Spirit Airlines Pass Through Trust, Ser 2015-1A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.100%, 04/01/28 | 846992 | 813248 |
| &nbsp;&nbsp;&nbsp;TCW CLO, Ser 2025-2A, Cl A1R2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.938%, TSFR3M + 1.270%, 01/20/38 (A)(B) | 1270000 | 1272685 |
| &nbsp;&nbsp;&nbsp;Thunderbolt II Aircraft Lease, Ser 2018-A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.960%, 09/15/38 (A)(D) | 39909 | 39929 |
| &nbsp;&nbsp;&nbsp;Trinity Rail Leasing, Ser 2019-1A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.820%, 04/17/49 (A) | 622372 | 621261 |
| &nbsp;&nbsp;&nbsp;Trinity Rail Leasing, Ser 2020-2A, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.560%, 11/19/50 (A) | 500000 | 482375 |
| &nbsp;&nbsp;&nbsp;Trinity Rail Leasing, Ser 2021-1A, Cl B | &nbsp;&nbsp;&nbsp;Trinity Rail Leasing, Ser 2021-1A, Cl B | &nbsp;&nbsp;&nbsp;Trinity Rail Leasing, Ser 2021-1A, Cl B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.080%, 07/19/51 (A) | 575000 | 549199 |
| &nbsp;&nbsp;&nbsp;Twin Brook CLO, Ser 2024-1A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.568%, TSFR3M + 1.900%, 07/20/36 (A)(B) | 750000 | 752019 |
| &nbsp;&nbsp;&nbsp;USQ Rail I, Ser 2021-1A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.250%, 02/28/51 (A) | 266861 | 254624 |

---

#### 5

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **LIMITED DURATION FUND** |
|  | **JANUARY 31, 2026** |
|  | **(Unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | | |
|  | **Face Amount** | **Face Amount** | **Value** | **Value** |
| **Other ABS — continued** | **Other ABS — continued** | **Other ABS — continued** | **Other ABS — continued** | **Other ABS — continued** |
| &nbsp;&nbsp;&nbsp;Venture 38 CLO, Ser 2025-38A, Cl ARR |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.667%, TSFR3M + 1.000%, 07/30/32 (A)(B) | $| 708861 | $| 708757 |
| &nbsp;&nbsp;&nbsp;Volofin Finance Designated Activity, Ser 2024-1A, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.935%, 06/15/37 (A) |  | 260404 |  | 265136 |
| &nbsp;&nbsp;&nbsp;Voya CLO, Ser 2018-4, Cl A2RR |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.272%, TSFR3M + 1.600%, 10/15/37 (A)(B) |  | 950000 |  | 951954 |
| &nbsp;&nbsp;&nbsp;Whitehorse Principal Lending CLO, Ser 2024-1A, Cl A1R |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.452%, TSFR3M + 1.780%, 10/15/36 (A)(B) |  | 1000000 |  | 1002654 |
| &nbsp;&nbsp;&nbsp;Wingspire Equipment Finance, Ser 2025-1A, Cl A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.330%, 09/20/33 (A) |  | 1140000 |  | 1143823 |
|  |  |  |  | 42136673 |
| &nbsp;&nbsp;&nbsp;Total Asset-Backed Securities | &nbsp;&nbsp;&nbsp;Total Asset-Backed Securities | &nbsp;&nbsp;&nbsp;Total Asset-Backed Securities | &nbsp;&nbsp;&nbsp;Total Asset-Backed Securities | &nbsp;&nbsp;&nbsp;Total Asset-Backed Securities |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $58,840,171) |  |  |  | 58921577 |
| **U.S. TREASURY OBLIGATIONS — 21.8%** | **U.S. TREASURY OBLIGATIONS — 21.8%** | **U.S. TREASURY OBLIGATIONS — 21.8%** | **U.S. TREASURY OBLIGATIONS — 21.8%** | **U.S. TREASURY OBLIGATIONS — 21.8%** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Notes | &nbsp;&nbsp;&nbsp;U.S. Treasury Notes | &nbsp;&nbsp;&nbsp;U.S. Treasury Notes | &nbsp;&nbsp;&nbsp;U.S. Treasury Notes | &nbsp;&nbsp;&nbsp;U.S. Treasury Notes |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, 11/30/28 |  | 22837800 |  | 23306153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 03/31/27 |  | 6360000 |  | 6383602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 12/31/27 |  | 10505000 |  | 10569836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 06/15/28 |  | 8243000 |  | 8301280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.500%, 01/31/27 |  | 9261000 |  | 9076359 |
| &nbsp;&nbsp;&nbsp;Total U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;Total U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;Total U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;Total U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;Total U.S. Treasury Obligations |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $57,370,728) |  |  |  | 57637230 |
| **MORTGAGE-BACKED SECURITIES — 3.8%** | **MORTGAGE-BACKED SECURITIES — 3.8%** | **MORTGAGE-BACKED SECURITIES — 3.8%** | **MORTGAGE-BACKED SECURITIES — 3.8%** | **MORTGAGE-BACKED SECURITIES — 3.8%** |
| **Non-Agency Mortgage-Backed Obligations — 3.8%** | **Non-Agency Mortgage-Backed Obligations — 3.8%** | **Non-Agency Mortgage-Backed Obligations — 3.8%** | **Non-Agency Mortgage-Backed Obligations — 3.8%** | **Non-Agency Mortgage-Backed Obligations — 3.8%** |
| &nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust, Ser 2025-BCAT, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.060%, TSFR1M + 1.380%, 08/15/42 (A)(B) |  | 527057 |  | 527716 |
| &nbsp;&nbsp;&nbsp;BX Trust, Ser 2025-LUNR, Cl B | &nbsp;&nbsp;&nbsp;BX Trust, Ser 2025-LUNR, Cl B | &nbsp;&nbsp;&nbsp;BX Trust, Ser 2025-LUNR, Cl B | &nbsp;&nbsp;&nbsp;BX Trust, Ser 2025-LUNR, Cl B | &nbsp;&nbsp;&nbsp;BX Trust, Ser 2025-LUNR, Cl B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.530%, TSFR1M + 1.850%, 06/15/40 (A)(B) |  | 444305 |  | 445415 |
| &nbsp;&nbsp;&nbsp;Chase Home Lending Mortgage Trust, Ser 2024-2, Cl A4A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 02/25/55 (A)(B) |  | 451479 |  | 457077 |
| &nbsp;&nbsp;&nbsp;Chase Home Lending Mortgage Trust, Ser 2024-5, Cl A6 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 04/25/55 (A)(B) |  | 476955 |  | 482733 |
| &nbsp;&nbsp;&nbsp;Citigroup Mortgage Loan Trust, Ser 2024-1, Cl A7A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 07/25/54 (A)(B) |  | 279134 |  | 282546 |
| &nbsp;&nbsp;&nbsp;COLT Mortgage Loan Trust, Ser 2021-2R, Cl A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.106%, 07/27/54 (A) |  | 76814 |  | 70523 |
| &nbsp;&nbsp;&nbsp;EFMT, Ser 2026-NQM1, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.771%, 02/25/71 (A)(B) |  | 500000 |  | 499999 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** | | |
|  | **Face Amount** | **Face Amount** | **Value** | **Value** |
| **Non-Agency Mortgage-Backed Obligations — continued** | **Non-Agency Mortgage-Backed Obligations — continued** | **Non-Agency Mortgage-Backed Obligations — continued** | **Non-Agency Mortgage-Backed Obligations — continued** | **Non-Agency Mortgage-Backed Obligations — continued** |
| &nbsp;&nbsp;&nbsp;Fidelis Mortgage Trust, Ser 2025-RTL1, Cl A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.220%, 02/27/40 (A)(B) | $| 950000 | $| 965639 |
| &nbsp;&nbsp;&nbsp;Fidelis Mortgage Trust, Ser 2025-RTL2, Cl A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.060%, 07/25/40 (A)(D) |  | 850000 |  | 857164 |
| &nbsp;&nbsp;&nbsp;FREMF Mortgage Trust, Ser 2020-K737, Cl C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.327%, 01/25/53 (A)(B) |  | 525000 |  | 518517 |
| &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Ser 2022-PJ2, Cl A7 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 06/25/52 (A)(B) |  | 669923 |  | 640787 |
| &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Ser 2022-PJ3, Cl A7 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 08/25/52 (A)(B) |  | 609677 |  | 581934 |
| &nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2022-4, Cl A12 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/25/52 (A)(B) |  | 649145 |  | 629920 |
| &nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2023-2, Cl A4A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/25/53 (A)(B) |  | 393811 |  | 392979 |
| &nbsp;&nbsp;&nbsp;Rate Mortgage Trust, Ser 2024-J4, Cl A7 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 12/25/54 (A)(B) |  | 598128 |  | 605127 |
| &nbsp;&nbsp;&nbsp;SCMS Mortgage Trust, Ser 2025-BNC1, Cl AS |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.308%, 12/15/57 (A)(B) |  | 1185000 |  | 1196339 |
| &nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2013-4, Cl B3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.434%, 04/25/43 (B) |  | 45591 |  | 44466 |
| &nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2024-5, Cl A11 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 06/25/54 (A)(B) |  | 172269 |  | 172430 |
| &nbsp;&nbsp;&nbsp;SWCH Commercial Mortgage Trust, Ser 2025-DATA, Cl C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.772%, TSFR1M + 2.092%, 02/15/42 (A)(B) |  | 625000 |  | 623047 |
| &nbsp;&nbsp;&nbsp;Verus Securitization Trust, Ser 2021-1, Cl A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.052%, 01/25/66 (A)(B) |  | 110181 |  | 101395 |
|  |  |  |  | 10095753 |
| &nbsp;&nbsp;&nbsp;Total Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;Total Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;Total Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;Total Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;Total Mortgage-Backed Securities |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $10,103,878) |  |  |  | 10095753 |
| **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — 2.0%** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — 2.0%** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — 2.0%** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — 2.0%** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — 2.0%** |
| &nbsp;&nbsp;&nbsp;FHLMC | &nbsp;&nbsp;&nbsp;FHLMC | &nbsp;&nbsp;&nbsp;FHLMC | &nbsp;&nbsp;&nbsp;FHLMC | &nbsp;&nbsp;&nbsp;FHLMC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 01/01/37 |  | 705 |  | 727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 11/01/37 |  | 902 |  | 947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/01/34 |  | 540 |  | 548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/39 |  | 2066 |  | 2030 |
| &nbsp;&nbsp;&nbsp;FHLMC, Ser 2020-5036, Cl AB | &nbsp;&nbsp;&nbsp;FHLMC, Ser 2020-5036, Cl AB | &nbsp;&nbsp;&nbsp;FHLMC, Ser 2020-5036, Cl AB | &nbsp;&nbsp;&nbsp;FHLMC, Ser 2020-5036, Cl AB | &nbsp;&nbsp;&nbsp;FHLMC, Ser 2020-5036, Cl AB |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 05/25/41 |  | 2102125 |  | 2024817 |
| &nbsp;&nbsp;&nbsp;FHLMC, Ser 2020-5019, Cl DA | &nbsp;&nbsp;&nbsp;FHLMC, Ser 2020-5019, Cl DA | &nbsp;&nbsp;&nbsp;FHLMC, Ser 2020-5019, Cl DA | &nbsp;&nbsp;&nbsp;FHLMC, Ser 2020-5019, Cl DA | &nbsp;&nbsp;&nbsp;FHLMC, Ser 2020-5019, Cl DA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 05/25/41 |  | 1963313 |  | 1893363 |

---

#### 6

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **LIMITED DURATION FUND** |
|  | **JANUARY 31, 2026** |
|  | **(Unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — continued** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — continued** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — continued** | |
|  | **Face Amount** | **Face Amount** |<br>**Value** |
| &nbsp;&nbsp;&nbsp;FNMA | &nbsp;&nbsp;&nbsp;FNMA | &nbsp;&nbsp;&nbsp;FNMA | &nbsp;&nbsp;&nbsp;FNMA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 05/01/36 | $| 170 | $181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 08/01/36 |  | 224 | 239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/01/38 |  | 1215 | 1260 |
| &nbsp;&nbsp;&nbsp;GNMA | &nbsp;&nbsp;&nbsp;GNMA | &nbsp;&nbsp;&nbsp;GNMA | &nbsp;&nbsp;&nbsp;GNMA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 03/15/32 |  | 319 | 334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 09/15/33 |  | 2491 | 2546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 09/15/37 |  | 1318 | 1397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 06/15/38 |  | 626 | 644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/33 |  | 576 | 578 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2022-212, Cl HP | &nbsp;&nbsp;&nbsp;GNMA, Ser 2022-212, Cl HP | &nbsp;&nbsp;&nbsp;GNMA, Ser 2022-212, Cl HP | &nbsp;&nbsp;&nbsp;GNMA, Ser 2022-212, Cl HP |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/20/43 |  | 1499202 | 1498169 |
| &nbsp;&nbsp;&nbsp;Total U.S. Government Agency Mortgage-Backed Obligations |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $5,285,419) |  |  | 5427780 |
| &nbsp;&nbsp;&nbsp;Total Investments in Securities— 99.0% | &nbsp;&nbsp;&nbsp;Total Investments in Securities— 99.0% | &nbsp;&nbsp;&nbsp;Total Investments in Securities— 99.0% | &nbsp;&nbsp;&nbsp;Total Investments in Securities— 99.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $260,379,800) |  |  | $261885584 |

---

Percentages are based on Net Assets of $264,587,551.

&nbsp;&nbsp;&nbsp;&nbsp;(A) Securities
 sold within the terms of a private placement memorandum, exempt from registration under section 144A of the Securities Act
 of 1933, as amended, and maybe sold only to dealers in the program or other "accredited investors". The total value
 of these securities at January 31, 2026 was $75,814,256 and represented 28.7% of Net Assets.

(B) Variable
 or floating rate security. The rate shown is the effective interest rate as of period end. The rates on certain securities
 are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market
 conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest
 rates.

(C) Perpetual
 security with no stated maturity date.

(D) 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.

For information on the Fund's policy regarding valuation of investments, fair value hierarchy levels and other significant accounting policies, please refer to the Fund's most recent financial statements.

See "Glossary" for abbreviations.

KOC-QH-002-2200

#### 7

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **CORE BOND FUND** |
|  | **JANUARY 31, 2026** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | |
| **CORPORATE OBLIGATIONS — 28.3%** | **CORPORATE OBLIGATIONS — 28.3%** | |
|  | **Face Amount** |<br>**Value** |
| **COMMUNICATION SERVICES — 1.0%** | **COMMUNICATION SERVICES — 1.0%** | **COMMUNICATION SERVICES — 1.0%** |
| &nbsp;&nbsp;&nbsp;Alphabet | &nbsp;&nbsp;&nbsp;Alphabet | &nbsp;&nbsp;&nbsp;Alphabet |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.450%, 11/15/55 | $1665000 | $1623872 |
| &nbsp;&nbsp;&nbsp;Discovery Communications | &nbsp;&nbsp;&nbsp;Discovery Communications | &nbsp;&nbsp;&nbsp;Discovery Communications |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 05/15/29 | 635000 | 616833 |
| &nbsp;&nbsp;&nbsp;NBN MTN | &nbsp;&nbsp;&nbsp;NBN MTN | &nbsp;&nbsp;&nbsp;NBN MTN |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.625%, 05/05/31(A) | 600000 | 552323 |
| &nbsp;&nbsp;&nbsp;NTT Finance | &nbsp;&nbsp;&nbsp;NTT Finance | &nbsp;&nbsp;&nbsp;NTT Finance |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.502%, 07/16/35(A) | 1175000 | 1213792 |
|  |  | 4006820 |
| **CONSUMER DISCRETIONARY — 0.7%** | **CONSUMER DISCRETIONARY — 0.7%** | **CONSUMER DISCRETIONARY — 0.7%** |
| &nbsp;&nbsp;&nbsp;L'Oreal | &nbsp;&nbsp;&nbsp;L'Oreal | &nbsp;&nbsp;&nbsp;L'Oreal |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/20/35(A) | 1190000 | 1211179 |
| &nbsp;&nbsp;&nbsp;Mars | &nbsp;&nbsp;&nbsp;Mars | &nbsp;&nbsp;&nbsp;Mars |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.375%, 07/16/40(A) | 540000 | 387222 |
| &nbsp;&nbsp;&nbsp;Paramount Global | &nbsp;&nbsp;&nbsp;Paramount Global | &nbsp;&nbsp;&nbsp;Paramount Global |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875%, 04/30/36 | 1145000 | 1117220 |
|  |  | 2715621 |
| **CONSUMER STAPLES — 0.7%** | **CONSUMER STAPLES — 0.7%** | **CONSUMER STAPLES — 0.7%** |
| &nbsp;&nbsp;&nbsp;Bunge Finance | &nbsp;&nbsp;&nbsp;Bunge Finance | &nbsp;&nbsp;&nbsp;Bunge Finance |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.750%, 05/14/31 | 1150000 | 1058800 |
| &nbsp;&nbsp;&nbsp;JBS USA Holding Lux Sarl | &nbsp;&nbsp;&nbsp;JBS USA Holding Lux Sarl | &nbsp;&nbsp;&nbsp;JBS USA Holding Lux Sarl |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.250%, 11/15/53 | 1000000 | 1132694 |
| &nbsp;&nbsp;&nbsp;Mondelez International | &nbsp;&nbsp;&nbsp;Mondelez International | &nbsp;&nbsp;&nbsp;Mondelez International |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.500%, 02/04/31 | 535000 | 468106 |
|  |  | 2659600 |
| **ENERGY — 2.5%** | **ENERGY — 2.5%** | **ENERGY — 2.5%** |
| &nbsp;&nbsp;&nbsp;APA | &nbsp;&nbsp;&nbsp;APA | &nbsp;&nbsp;&nbsp;APA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.750%, 02/15/55 | 1700000 | 1713266 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy | &nbsp;&nbsp;&nbsp;Diamondback Energy | &nbsp;&nbsp;&nbsp;Diamondback Energy |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.900%, 04/18/64 | 1500000 | 1432778 |
| &nbsp;&nbsp;&nbsp;Eastern Gas Transmission & Storage | &nbsp;&nbsp;&nbsp;Eastern Gas Transmission & Storage | &nbsp;&nbsp;&nbsp;Eastern Gas Transmission & Storage |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 11/15/29 | 560000 | 537903 |
| &nbsp;&nbsp;&nbsp;Energy Transfer | &nbsp;&nbsp;&nbsp;Energy Transfer | &nbsp;&nbsp;&nbsp;Energy Transfer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625%, US0003M + 4.155%(B)(C) | 1675000 | 1694710 |
| &nbsp;&nbsp;&nbsp;Expand Energy | &nbsp;&nbsp;&nbsp;Expand Energy | &nbsp;&nbsp;&nbsp;Expand Energy |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 02/01/32 | 1130000 | 1119659 |
| &nbsp;&nbsp;&nbsp;Helmerich & Payne | &nbsp;&nbsp;&nbsp;Helmerich & Payne | &nbsp;&nbsp;&nbsp;Helmerich & Payne |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/01/34 | 1200000 | 1190344 |
| &nbsp;&nbsp;&nbsp;ONEOK | &nbsp;&nbsp;&nbsp;ONEOK | &nbsp;&nbsp;&nbsp;ONEOK |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.650%, 09/01/34 | 1280000 | 1319391 |
|  |  | 9008051 |
| **FINANCIALS — 10.3%** | **FINANCIALS — 10.3%** | **FINANCIALS — 10.3%** |
| &nbsp;&nbsp;&nbsp;Ally Financial | &nbsp;&nbsp;&nbsp;Ally Financial | &nbsp;&nbsp;&nbsp;Ally Financial |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.184%, SOFRRATE + 2.290%, 07/26/35(B) | 1440000 | 1485024 |
| &nbsp;&nbsp;&nbsp;American Express | &nbsp;&nbsp;&nbsp;American Express | &nbsp;&nbsp;&nbsp;American Express |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.442%, SOFRINDX + 1.320%, 01/30/36(B) | 1293000 | 1334699 |

---

---

| | | |
|:---|:---|:---|
| **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | |
|  | **Face Amount** |<br>**Value** |
| **FINANCIALS — continued** | **FINANCIALS — continued** | **FINANCIALS — continued** |
| &nbsp;&nbsp;&nbsp;Ares Finance II | &nbsp;&nbsp;&nbsp;Ares Finance II | &nbsp;&nbsp;&nbsp;Ares Finance II |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.250%, 06/15/30(A) | $645000 | $612413 |
| &nbsp;&nbsp;&nbsp;Arthur J Gallagher | &nbsp;&nbsp;&nbsp;Arthur J Gallagher | &nbsp;&nbsp;&nbsp;Arthur J Gallagher |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.150%, 02/15/35 | 1090000 | 1098476 |
| &nbsp;&nbsp;&nbsp;Bain Capital Specialty Finance | &nbsp;&nbsp;&nbsp;Bain Capital Specialty Finance | &nbsp;&nbsp;&nbsp;Bain Capital Specialty Finance |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.950%, 03/15/30 | 1160000 | 1158142 |
| &nbsp;&nbsp;&nbsp;Bank of America | &nbsp;&nbsp;&nbsp;Bank of America | &nbsp;&nbsp;&nbsp;Bank of America |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.511%, SOFRRATE + 1.310%, 01/24/36(B) | 1150000 | 1193798 |
| &nbsp;&nbsp;&nbsp;Bank of Montreal | &nbsp;&nbsp;&nbsp;Bank of Montreal | &nbsp;&nbsp;&nbsp;Bank of Montreal |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.803%, USSW5 + 1.432%, 12/15/32(B) | 825000 | 816732 |
| &nbsp;&nbsp;&nbsp;Bank of Nova Scotia | &nbsp;&nbsp;&nbsp;Bank of Nova Scotia | &nbsp;&nbsp;&nbsp;Bank of Nova Scotia |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.350%, H15T5Y + 2.903%, 04/27/85(B) | 930000 | 974125 |
| &nbsp;&nbsp;&nbsp;Brown & Brown | &nbsp;&nbsp;&nbsp;Brown & Brown | &nbsp;&nbsp;&nbsp;Brown & Brown |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.250%, 06/23/55 | 1155000 | 1194412 |
| &nbsp;&nbsp;&nbsp;Capital One Financial | &nbsp;&nbsp;&nbsp;Capital One Financial | &nbsp;&nbsp;&nbsp;Capital One Financial |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.183%, SOFRRATE + 2.036%, 01/30/36(B) | 1940000 | 2008547 |
| &nbsp;&nbsp;&nbsp;Carlyle Finance Subsidiary | &nbsp;&nbsp;&nbsp;Carlyle Finance Subsidiary | &nbsp;&nbsp;&nbsp;Carlyle Finance Subsidiary |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 09/19/29(A) | 650000 | 631965 |
| &nbsp;&nbsp;&nbsp;CI Financial | &nbsp;&nbsp;&nbsp;CI Financial | &nbsp;&nbsp;&nbsp;CI Financial |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.200%, 12/17/30 | 910000 | 826150 |
| &nbsp;&nbsp;&nbsp;Citigroup | &nbsp;&nbsp;&nbsp;Citigroup | &nbsp;&nbsp;&nbsp;Citigroup |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.020%, SOFRRATE + 1.830%, 01/24/36(B) | 1150000 | 1198879 |
| &nbsp;&nbsp;&nbsp;Franklin BSP Capital | &nbsp;&nbsp;&nbsp;Franklin BSP Capital | &nbsp;&nbsp;&nbsp;Franklin BSP Capital |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.200%, 06/15/29 | 1080000 | 1119239 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group | &nbsp;&nbsp;&nbsp;Goldman Sachs Group | &nbsp;&nbsp;&nbsp;Goldman Sachs Group |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.387%, H15T5Y + 1.180%, 02/02/41(B) | 1875000 | 1857517 |
| &nbsp;&nbsp;&nbsp;Golub Capital BDC | &nbsp;&nbsp;&nbsp;Golub Capital BDC | &nbsp;&nbsp;&nbsp;Golub Capital BDC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 07/15/29 | 1280000 | 1309845 |
| &nbsp;&nbsp;&nbsp;Hercules Capital | &nbsp;&nbsp;&nbsp;Hercules Capital | &nbsp;&nbsp;&nbsp;Hercules Capital |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 06/16/30 | 1850000 | 1871180 |
| &nbsp;&nbsp;&nbsp;HPS Corporate Lending Fund | &nbsp;&nbsp;&nbsp;HPS Corporate Lending Fund | &nbsp;&nbsp;&nbsp;HPS Corporate Lending Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.950%, 04/14/32 | 1905000 | 1917075 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;&nbsp;JPMorgan Chase |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.946%, SOFRRATE + 1.340%, 10/22/35(B) | 1082000 | 1086559 |
| &nbsp;&nbsp;&nbsp;M&T Bank MTN | &nbsp;&nbsp;&nbsp;M&T Bank MTN | &nbsp;&nbsp;&nbsp;M&T Bank MTN |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.400%, H15T5Y + 1.430%, 07/30/35(B) | 778000 | 786102 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;Morgan Stanley |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.587%, SOFRRATE + 1.418%, 01/18/36(B) | 1150000 | 1197249 |
| &nbsp;&nbsp;&nbsp;National Australia Bank | &nbsp;&nbsp;&nbsp;National Australia Bank | &nbsp;&nbsp;&nbsp;National Australia Bank |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.347%, H15T5Y + 1.700%, 01/12/37(A)(B) | 750000 | 688779 |
| &nbsp;&nbsp;&nbsp;Neuberger Berman Group | &nbsp;&nbsp;&nbsp;Neuberger Berman Group | &nbsp;&nbsp;&nbsp;Neuberger Berman Group |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 03/15/27(A) | 970000 | 970680 |
| &nbsp;&nbsp;&nbsp;Oaktree Specialty Lending | &nbsp;&nbsp;&nbsp;Oaktree Specialty Lending | &nbsp;&nbsp;&nbsp;Oaktree Specialty Lending |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.340%, 02/27/30 | 1315000 | 1310131 |
| &nbsp;&nbsp;&nbsp;PennantPark Floating Rate Capital | &nbsp;&nbsp;&nbsp;PennantPark Floating Rate Capital | &nbsp;&nbsp;&nbsp;PennantPark Floating Rate Capital |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 04/01/26 | 650000 | 647903 |

---

#### 8

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **CORE BOND FUND** |
|  | **JANUARY 31, 2026** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | |
|  | **Face Amount** |<br>**Value** |
| **FINANCIALS — continued** | **FINANCIALS — continued** | **FINANCIALS — continued** |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group | &nbsp;&nbsp;&nbsp;PNC Financial Services Group | &nbsp;&nbsp;&nbsp;PNC Financial Services Group |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.373%, SOFRRATE + 1.417%, 07/21/36(B) | 1450000 | 1484638 |
| &nbsp;&nbsp;&nbsp;Raymond James Financial | &nbsp;&nbsp;&nbsp;Raymond James Financial | &nbsp;&nbsp;&nbsp;Raymond James Financial |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 04/01/51 | 610000 | 451911 |
| &nbsp;&nbsp;&nbsp;Santander Holdings USA | &nbsp;&nbsp;&nbsp;Santander Holdings USA | &nbsp;&nbsp;&nbsp;Santander Holdings USA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.342%, SOFRRATE + 2.138%, 05/31/35(B) | 1365000 | 1457994 |
| &nbsp;&nbsp;&nbsp;Sixth Street Specialty Lending | &nbsp;&nbsp;&nbsp;Sixth Street Specialty Lending | &nbsp;&nbsp;&nbsp;Sixth Street Specialty Lending |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625%, 08/15/30 | 2030000 | 2050232 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | &nbsp;&nbsp;&nbsp;Synchrony Financial | &nbsp;&nbsp;&nbsp;Synchrony Financial |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, SOFRRATE + 2.070%, 07/29/36(B) | 845000 | 856906 |
| &nbsp;&nbsp;&nbsp;UBS Group | &nbsp;&nbsp;&nbsp;UBS Group | &nbsp;&nbsp;&nbsp;UBS Group |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.179%, H15T1Y + 1.100%, 02/11/43(A)(B) | 555000 | 421327 |
| &nbsp;&nbsp;&nbsp;Wells Fargo | &nbsp;&nbsp;&nbsp;Wells Fargo | &nbsp;&nbsp;&nbsp;Wells Fargo |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.244%, SOFRRATE + 1.110%, 01/24/31(B) | 1150000 | 1188134 |
|  |  | 37206763 |
| **INDUSTRIALS — 3.1%** | **INDUSTRIALS — 3.1%** | **INDUSTRIALS — 3.1%** |
| &nbsp;&nbsp;&nbsp;Ashtead Capital | &nbsp;&nbsp;&nbsp;Ashtead Capital | &nbsp;&nbsp;&nbsp;Ashtead Capital |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.500%, 08/12/26(A) | 650000 | 640239 |
| &nbsp;&nbsp;&nbsp;Burlington Northern Santa Fe | &nbsp;&nbsp;&nbsp;Burlington Northern Santa Fe | &nbsp;&nbsp;&nbsp;Burlington Northern Santa Fe |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.550%, 03/15/56 | 1700000 | 1681708 |
| &nbsp;&nbsp;&nbsp;Daimler Truck Finance North America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 04/12/31(A) | 875000 | 872440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 12/14/31(A) | 940000 | 838979 |
| &nbsp;&nbsp;&nbsp;Flowserve | &nbsp;&nbsp;&nbsp;Flowserve | &nbsp;&nbsp;&nbsp;Flowserve |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.800%, 01/15/32 | 1407000 | 1263606 |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace | &nbsp;&nbsp;&nbsp;Howmet Aerospace | &nbsp;&nbsp;&nbsp;Howmet Aerospace |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.950%, 02/01/37 | 1685000 | 1820449 |
| &nbsp;&nbsp;&nbsp;Masco | &nbsp;&nbsp;&nbsp;Masco | &nbsp;&nbsp;&nbsp;Masco |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 08/15/32 | 317000 | 345844 |
| &nbsp;&nbsp;&nbsp;Northern Group Housing | &nbsp;&nbsp;&nbsp;Northern Group Housing | &nbsp;&nbsp;&nbsp;Northern Group Housing |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.605%, 08/15/33(A) | 391665 | 397855 |
| &nbsp;&nbsp;&nbsp;Oshkosh | &nbsp;&nbsp;&nbsp;Oshkosh | &nbsp;&nbsp;&nbsp;Oshkosh |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.100%, 03/01/30 | 1550000 | 1479494 |
| &nbsp;&nbsp;&nbsp;United Airlines | &nbsp;&nbsp;&nbsp;United Airlines | &nbsp;&nbsp;&nbsp;United Airlines |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625%, 04/15/29(A) | 1640000 | 1638472 |
|  |  | 10979086 |
| **INFORMATION TECHNOLOGY — 0.7%** | **INFORMATION TECHNOLOGY — 0.7%** | **INFORMATION TECHNOLOGY — 0.7%** |
| &nbsp;&nbsp;&nbsp;Constellation Software | &nbsp;&nbsp;&nbsp;Constellation Software | &nbsp;&nbsp;&nbsp;Constellation Software |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.461%, 02/16/34(A) | 1040000 | 1046031 |
| &nbsp;&nbsp;&nbsp;Microsoft | &nbsp;&nbsp;&nbsp;Microsoft | &nbsp;&nbsp;&nbsp;Microsoft |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.921%, 03/17/52 | 270000 | 175871 |
| &nbsp;&nbsp;&nbsp;NXP BV | &nbsp;&nbsp;&nbsp;NXP BV | &nbsp;&nbsp;&nbsp;NXP BV |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.550%, 12/01/28 | 245000 | 253498 |
| &nbsp;&nbsp;&nbsp;Oracle | &nbsp;&nbsp;&nbsp;Oracle | &nbsp;&nbsp;&nbsp;Oracle |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.875%, 03/25/31 | 600000 | 539023 |

---

---

| | | |
|:---|:---|:---|
| **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | |
|  | **Face Amount** |<br>**Value** |
| **INFORMATION TECHNOLOGY — continued** | **INFORMATION TECHNOLOGY — continued** | **INFORMATION TECHNOLOGY — continued** |
| &nbsp;&nbsp;&nbsp;Roper Technologies | &nbsp;&nbsp;&nbsp;Roper Technologies | &nbsp;&nbsp;&nbsp;Roper Technologies |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.950%, 09/15/29 | 420000 | 402666 |
|  |  | 2417089 |
| **MATERIALS — 2.1%** | **MATERIALS — 2.1%** | **MATERIALS — 2.1%** |
| &nbsp;&nbsp;&nbsp;Amrize Finance US | &nbsp;&nbsp;&nbsp;Amrize Finance US | &nbsp;&nbsp;&nbsp;Amrize Finance US |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.400%, 04/07/35 | 1765000 | 1825583 |
| &nbsp;&nbsp;&nbsp;Anglo American Capital | &nbsp;&nbsp;&nbsp;Anglo American Capital | &nbsp;&nbsp;&nbsp;Anglo American Capital |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 03/15/28(A) | 525000 | 528028 |
| &nbsp;&nbsp;&nbsp;Berry Global | &nbsp;&nbsp;&nbsp;Berry Global | &nbsp;&nbsp;&nbsp;Berry Global |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.650%, 01/15/27 | 625000 | 611503 |
| &nbsp;&nbsp;&nbsp;Martin Marietta Materials | &nbsp;&nbsp;&nbsp;Martin Marietta Materials | &nbsp;&nbsp;&nbsp;Martin Marietta Materials |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.400%, 07/15/31 | 865000 | 780545 |
| &nbsp;&nbsp;&nbsp;NewMarket | &nbsp;&nbsp;&nbsp;NewMarket | &nbsp;&nbsp;&nbsp;NewMarket |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.700%, 03/18/31 | 1592000 | 1457692 |
| &nbsp;&nbsp;&nbsp;Rio Tinto Finance USA | &nbsp;&nbsp;&nbsp;Rio Tinto Finance USA | &nbsp;&nbsp;&nbsp;Rio Tinto Finance USA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 03/14/55 | 1340000 | 1365291 |
| &nbsp;&nbsp;&nbsp;Sealed Air | &nbsp;&nbsp;&nbsp;Sealed Air | &nbsp;&nbsp;&nbsp;Sealed Air |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.573%, 10/15/26(A) | 835000 | 820974 |
|  |  | 7389616 |
| **REAL ESTATE — 3.3%** | **REAL ESTATE — 3.3%** | **REAL ESTATE — 3.3%** |
| &nbsp;&nbsp;&nbsp;Camp Pendleton & Quantico Housing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.165%, 10/01/50(A) | 400000 | 392336 |
| &nbsp;&nbsp;&nbsp;Extra Space Storage | &nbsp;&nbsp;&nbsp;Extra Space Storage | &nbsp;&nbsp;&nbsp;Extra Space Storage |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.350%, 03/15/32 | 730000 | 638152 |
| &nbsp;&nbsp;&nbsp;Highwoods Realty | &nbsp;&nbsp;&nbsp;Highwoods Realty | &nbsp;&nbsp;&nbsp;Highwoods Realty |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.600%, 02/01/31 | 1390000 | 1249002 |
| &nbsp;&nbsp;&nbsp;Invitation Homes Operating Partnership |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875%, 02/01/35 | 1135000 | 1106841 |
| &nbsp;&nbsp;&nbsp;Kilroy Realty | &nbsp;&nbsp;&nbsp;Kilroy Realty | &nbsp;&nbsp;&nbsp;Kilroy Realty |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875%, 10/15/35 | 1560000 | 1572007 |
| &nbsp;&nbsp;&nbsp;Kite Realty Group | &nbsp;&nbsp;&nbsp;Kite Realty Group | &nbsp;&nbsp;&nbsp;Kite Realty Group |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 03/01/34 | 1280000 | 1315696 |
| &nbsp;&nbsp;&nbsp;NNN REIT | &nbsp;&nbsp;&nbsp;NNN REIT | &nbsp;&nbsp;&nbsp;NNN REIT |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 04/15/30 | 700000 | 650483 |
| &nbsp;&nbsp;&nbsp;Store Capital | &nbsp;&nbsp;&nbsp;Store Capital | &nbsp;&nbsp;&nbsp;Store Capital |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.700%, 12/01/31 | 2000000 | 1770115 |
| &nbsp;&nbsp;&nbsp;Tanger Properties | &nbsp;&nbsp;&nbsp;Tanger Properties | &nbsp;&nbsp;&nbsp;Tanger Properties |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.750%, 09/01/31 | 1370000 | 1244657 |
| &nbsp;&nbsp;&nbsp;Vornado Realty | &nbsp;&nbsp;&nbsp;Vornado Realty | &nbsp;&nbsp;&nbsp;Vornado Realty |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 02/01/33 | 1765000 | 1785177 |
|  |  | 11724466 |
| **UTILITIES — 3.9%** | **UTILITIES — 3.9%** | **UTILITIES — 3.9%** |
| &nbsp;&nbsp;&nbsp;Alliant Energy | &nbsp;&nbsp;&nbsp;Alliant Energy | &nbsp;&nbsp;&nbsp;Alliant Energy |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, H15T5Y + 2.077%, 04/01/56(B) | 1495000 | 1484134 |
| &nbsp;&nbsp;&nbsp;American Electric Power | &nbsp;&nbsp;&nbsp;American Electric Power | &nbsp;&nbsp;&nbsp;American Electric Power |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.050%, H15T5Y + 1.940%, 03/15/56(B) | 1606000 | 1594822 |
| &nbsp;&nbsp;&nbsp;Duke Energy Carolinas NC Storm Funding II |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.070%, 01/01/46 | 840000 | 827332 |

---

#### 9

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **CORE BOND FUND** |
|  | **JANUARY 31, 2026** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | |
|  | **Face Amount** |<br>**Value** |
| **UTILITIES — continued** | **UTILITIES — continued** | **UTILITIES — continued** |
| &nbsp;&nbsp;&nbsp;Duquesne Light Holdings | &nbsp;&nbsp;&nbsp;Duquesne Light Holdings | &nbsp;&nbsp;&nbsp;Duquesne Light Holdings |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.532%, 10/01/30(A) | 540000 | 493284 |
| &nbsp;&nbsp;&nbsp;Entergy Arkansas | &nbsp;&nbsp;&nbsp;Entergy Arkansas | &nbsp;&nbsp;&nbsp;Entergy Arkansas |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 06/01/54 | 1080000 | 1078480 |
| &nbsp;&nbsp;&nbsp;Jersey Central Power & Light | &nbsp;&nbsp;&nbsp;Jersey Central Power & Light | &nbsp;&nbsp;&nbsp;Jersey Central Power & Light |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.750%, 03/01/32(A) | 670000 | 604570 |
| &nbsp;&nbsp;&nbsp;Monongahela Power | &nbsp;&nbsp;&nbsp;Monongahela Power | &nbsp;&nbsp;&nbsp;Monongahela Power |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.550%, 05/15/27(A) | 550000 | 546727 |
| &nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings | &nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings | &nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.900%, 06/15/28 | 1230000 | 1173639 |
| &nbsp;&nbsp;&nbsp;NiSource | &nbsp;&nbsp;&nbsp;NiSource | &nbsp;&nbsp;&nbsp;NiSource |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, H15T5Y + 2.035%, 07/15/56(B) | 1690000 | 1699639 |
| &nbsp;&nbsp;&nbsp;SCE Recovery Funding | &nbsp;&nbsp;&nbsp;SCE Recovery Funding | &nbsp;&nbsp;&nbsp;SCE Recovery Funding |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.541%, 09/15/50 | 1700000 | 1698989 |
| &nbsp;&nbsp;&nbsp;Southern | &nbsp;&nbsp;&nbsp;Southern | &nbsp;&nbsp;&nbsp;Southern |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.375%, H15T5Y + 2.069%, 03/15/55(B) | 1190000 | 1241103 |
| &nbsp;&nbsp;&nbsp;WEC Energy Group | &nbsp;&nbsp;&nbsp;WEC Energy Group | &nbsp;&nbsp;&nbsp;WEC Energy Group |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625%, H15T5Y + 1.905%, 05/15/56(B) | 1690000 | 1699030 |
|  |  | 14141749 |
| &nbsp;&nbsp;&nbsp;Total Corporate Obligations | &nbsp;&nbsp;&nbsp;Total Corporate Obligations | &nbsp;&nbsp;&nbsp;Total Corporate Obligations |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $102,534,360) |  | 102248861 |
| **U.S. TREASURY OBLIGATIONS — 24.2%** | **U.S. TREASURY OBLIGATIONS — 24.2%** | **U.S. TREASURY OBLIGATIONS — 24.2%** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bonds | &nbsp;&nbsp;&nbsp;U.S. Treasury Bonds | &nbsp;&nbsp;&nbsp;U.S. Treasury Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/15/52 | 2530000 | 2184200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 08/15/41 | 1870000 | 1679275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/15/45 | 9000000 | 6903984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/15/52 | 250000 | 178242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.875%, 05/15/52 | 5467000 | 3803409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.250%, 08/15/46 | 5599000 | 3675656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.875%, 11/15/51 | 8364000 | 4605428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.250%, 05/15/50 | 15080000 | 7199522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.125%, 08/15/40 | 1070000 | 669293 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Notes | &nbsp;&nbsp;&nbsp;U.S. Treasury Notes | &nbsp;&nbsp;&nbsp;U.S. Treasury Notes |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 08/15/35 | 3180000 | 3182981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 03/31/32 | 3100000 | 3129668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 11/15/32 | 4550000 | 4580393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/31/32 | 2120000 | 2121905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 12/31/27 | 12275000 | 12350760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 09/30/29 | 5069900 | 5101983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 10/31/32 | 1170000 | 1151810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.750%, 05/31/29 | 13000000 | 12637422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.625%, 07/31/29 | 5640000 | 5449430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.375%, 11/15/31 | 7680000 | 6677100 |
| &nbsp;&nbsp;&nbsp;Total U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;Total U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;Total U.S. Treasury Obligations |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $90,862,681) |  | 87282461 |
| **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — 20.0%** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — 20.0%** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — 20.0%** |
| &nbsp;&nbsp;&nbsp;FHLMC | &nbsp;&nbsp;&nbsp;FHLMC | &nbsp;&nbsp;&nbsp;FHLMC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 01/01/53 | 1066816 | 1099666 |

---

---

| | | |
|:---|:---|:---|
| **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — continued** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — continued** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — continued** |
|  | **Face Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 05/01/53 | $600079 | $618855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 09/01/53 | 1050434 | 1084302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 11/01/52 | 687850 | 701114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 01/01/53 | 1315024 | 1339039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 04/01/53 | 2083147 | 2117468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/01/54 | 1634010 | 1657446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/52 | 667278 | 670916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/53 | 748608 | 752343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/53 | 2338832 | 2347591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/55 | 2345388 | 2357048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 12/01/48 | 113037 | 112285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 09/01/52 | 637777 | 626952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/47 | 188667 | 183850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/47 | 178750 | 174610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/48 | 64676 | 62944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/01/52 | 1023572 | 984739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/54 | 976923 | 933698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 11/01/44 | 171927 | 163025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 04/01/46 | 109133 | 103148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 07/01/47 | 233282 | 220043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 12/01/48 | 149753 | 140674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 04/01/52 | 830153 | 773819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 11/01/54 | 832313 | 770672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/01/45 | 187571 | 172750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/01/45 | 94122 | 86238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/01/48 | 113817 | 102880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/01/50 | 401067 | 359456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 02/01/30 | 62982 | 61485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 01/01/52 | 1569258 | 1340107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 04/01/52 | 1552319 | 1326374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 08/01/50 | 886867 | 725450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 10/01/50 | 262223 | 214854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 05/01/51 | 2213781 | 1797383 |
| &nbsp;&nbsp;&nbsp;FHLMC, Ser 2024-5438, Cl GL | &nbsp;&nbsp;&nbsp;FHLMC, Ser 2024-5438, Cl GL | &nbsp;&nbsp;&nbsp;FHLMC, Ser 2024-5438, Cl GL |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.500%, 12/25/50 | 3500000 | 2220952 |
| &nbsp;&nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser 162, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.150%, 12/25/33(B) | 1000000 | 1049413 |
| &nbsp;&nbsp;&nbsp;FHLMC Structured Pass-Through Certificates, Ser 2003-54, Cl 4A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.271%, 02/25/43(B) | 40375 | 39514 |
| &nbsp;&nbsp;&nbsp;FNMA | &nbsp;&nbsp;&nbsp;FNMA | &nbsp;&nbsp;&nbsp;FNMA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 06/01/53 | 501897 | 520117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 04/01/53 | 583946 | 603007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 05/01/53 | 611509 | 630305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 06/01/53 | 679052 | 699388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 03/01/53 | 2695625 | 2742853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 04/01/53 | 628236 | 641582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 05/01/53 | 645839 | 656486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/37 | 425954 | 431311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/52 | 596580 | 599210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/52 | 666061 | 669030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/53 | 609096 | 617012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/53 | 1151879 | 1160405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 12/01/37 | 501015 | 502001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 02/01/41 | 248874 | 249911 |

---

#### 10

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **CORE BOND FUND** |
|  | **JANUARY 31, 2026** |
|  | **(Unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — continued** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — continued** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — continued** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — continued** |
|  | **Face Amount** | **Face Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 03/01/48 | $| 161534 | $161045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 10/01/52 |  | 704144 | 692088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 01/01/53 |  | 1070544 | 1055825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 03/01/53 |  | 1769047 | 1739649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 07/01/53 |  | 1748894 | 1717756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/35 |  | 59673 | 59240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/42 |  | 196780 | 193198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/49 |  | 141137 | 137326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/52 |  | 839337 | 806519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 02/01/47 |  | 196363 | 186579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 12/01/47 |  | 101508 | 94994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 08/01/48 |  | 104245 | 97619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 03/01/49 |  | 203712 | 192944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 06/01/49 |  | 391688 | 366812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 07/01/50 |  | 618216 | 577911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/01/48 |  | 162541 | 148460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/01/50 |  | 1451321 | 1292146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/01/51 |  | 1101886 | 994951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 01/01/52 |  | 560451 | 497332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/01/52 |  | 1122633 | 1004856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 12/01/49 |  | 279742 | 240362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 09/01/50 |  | 580318 | 498165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 10/01/50 |  | 2074681 | 1770579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 06/01/51 |  | 912102 | 790143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 09/01/52 |  | 1900221 | 1620200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 02/01/51 |  | 537760 | 440058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 04/01/51 |  | 1463315 | 1196848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 01/01/52 |  | 1837569 | 1507539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 02/01/52 |  | 1587613 | 1296501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 03/01/52 |  | 2977820 | 2422981 |
| &nbsp;&nbsp;&nbsp;FNMA, Ser 2024-56, Cl DL |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.500%, 09/25/51 |  | 3150000 | 1974213 |
| &nbsp;&nbsp;&nbsp;GNMA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 08/20/52 |  | 518617 | 534958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/20/52 |  | 752998 | 767446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/20/48 |  | 72040 | 69274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/20/52 |  | 612142 | 584227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 06/20/48 |  | 426008 | 398808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 06/20/51 |  | 827042 | 747119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 09/20/51 |  | 1876852 | 1626665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 11/20/51 |  | 1987750 | 1654306 |
| &nbsp;&nbsp;&nbsp;Total U.S. Government Agency Mortgage-Backed Obligations |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $72,959,238) |  |  | 72373363 |
| **ASSET-BACKED SECURITIES — 13.3%** | **ASSET-BACKED SECURITIES — 13.3%** | **ASSET-BACKED SECURITIES — 13.3%** |  |
| **Automotive — 2.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Carmax Auto Owner Trust, Ser 2025-1, Cl B |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.110%, 09/16/30 |  | 665000 | 681703 |
| &nbsp;&nbsp;&nbsp;Carvana Auto Receivables Trust, Ser 2025-P3, Cl B |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.480%, 10/10/31 |  | 1250000 | 1246748 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** |
|  | **Face Amount** | **Face Amount** | **Value** | **Value** |
| **Automotive — continued** | **Automotive — continued** | **Automotive — continued** | **Automotive — continued** | **Automotive — continued** |
| &nbsp;&nbsp;&nbsp;Exeter Select Automobile Receivables Trust, Ser 2025-1, Cl A3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.690%, 04/15/30 | $| 530000 | $| 535361 |
| &nbsp;&nbsp;&nbsp;GM Financial Consumer Automobile Receivables Trust, Ser 2025-1, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/16/30 |  | 665000 |  | 677867 |
| &nbsp;&nbsp;&nbsp;Hertz Vehicle Financing, Ser 2022-5A, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.280%, 09/25/28 (A) |  | 650000 |  | 646120 |
| &nbsp;&nbsp;&nbsp;OCCU Auto Receivables Trust, Ser 2025-1A, Cl A4 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.790%, 01/15/31 (A) |  | 755000 |  | 764367 |
| &nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust, Ser 2025-1, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.880%, 03/17/31 |  | 665000 |  | 672228 |
| &nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust, Ser 2025-2, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.870%, 05/15/31 |  | 660000 |  | 666907 |
| &nbsp;&nbsp;&nbsp;SFS Auto Receivables Securitization Trust, Ser 2025-1A, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.110%, 02/20/31 (A) |  | 665000 |  | 680903 |
| &nbsp;&nbsp;&nbsp;SFS Auto Receivables Securitization Trust, Ser 2025-2A, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.850%, 07/21/31 (A) |  | 710000 |  | 723294 |
| &nbsp;&nbsp;&nbsp;Toyota Auto Loan Extended Note Trust, Ser 2025-1A, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.650%, 05/25/38 (A) |  | 700000 |  | 714031 |
|  |  |  |  | 8009529 |
| **Financials — 0.7%** | **Financials — 0.7%** | **Financials — 0.7%** | **Financials — 0.7%** | **Financials — 0.7%** |
| &nbsp;&nbsp;&nbsp;OWN Equipment Fund II, Ser 2025-1M, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.310%, 09/26/33 (A) |  | 1377526 |  | 1385419 |
| &nbsp;&nbsp;&nbsp;OWN Equipment Fund III, Ser 2025-2M, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.420%, 03/27/34 (A) |  | 1037894 |  | 1044166 |
|  |  |  |  | 2429585 |
| **Other ABS — 10.4%** | **Other ABS — 10.4%** | **Other ABS — 10.4%** | **Other ABS — 10.4%** | **Other ABS — 10.4%** |
| &nbsp;&nbsp;&nbsp;ABPCI Direct Lending Fund CLO VI, Ser 2025-6A, Cl BRR |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.370%, TSFR3M + 1.700%, 01/27/37 (A)(B) |  | 770000 |  | 765142 |
| &nbsp;&nbsp;&nbsp;Affirm Asset Securitization Trust, Ser 2024-X2, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.330%, 12/17/29 (A) |  | 600000 |  | 600460 |
| &nbsp;&nbsp;&nbsp;Antares CLO, Ser 2018-3, Cl A1R |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.474%, TSFR3M + 1.590%, 07/20/36 (A)(B) |  | 1170000 |  | 1179177 |
| &nbsp;&nbsp;&nbsp;Audax Senior Debt CLO XII, Ser 2025-12A, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.419%, TSFR3M + 1.750%, 04/22/37 (A)(B) |  | 1000000 |  | 993757 |

---

#### 11

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **CORE BOND FUND** |
|  | **JANUARY 31, 2026** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** |
|  | **Face Amount** | **Value** |
| **Other ABS — continued** | **Other ABS — continued** | **Other ABS — continued** |
| &nbsp;&nbsp;&nbsp;Avant Loans Funding Trust, Ser 2025-REV1, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.120%, 05/15/34 (A) | $775000 | $778947 |
| &nbsp;&nbsp;&nbsp;Barings Private Credit CLO, Ser 2023-1, Cl A1BR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.572%, TSFR3M + 1.900%, 10/15/36 (A)(B) | 1170000 | 1175528 |
| &nbsp;&nbsp;&nbsp;Blue Owl Asset Leasing Trust, Ser 2024-1A, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.410%, 03/15/30 (A) | 710000 | 718225 |
| &nbsp;&nbsp;&nbsp;Business Jet Securities, Ser 2024-1A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.197%, 05/15/39 (A) | 787414 | 804834 |
| &nbsp;&nbsp;&nbsp;Centersquare Issuer, Ser 2025-3A, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/25/55 (A) | 755000 | 733895 |
| &nbsp;&nbsp;&nbsp;Cologix Data Centers US Issuer, Ser 2021-1A, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.300%, 12/26/51 (A) | 580000 | 570284 |
| &nbsp;&nbsp;&nbsp;GBX Leasing, Ser 2022-1, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.870%, 02/20/52 (A) | 1004351 | 955627 |
| &nbsp;&nbsp;&nbsp;GBX Leasing, Ser 2026-1A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.130%, 02/20/56 (A) | 830000 | 829069 |
| &nbsp;&nbsp;&nbsp;Goldentree Loan Management US CLO XII, Ser 2024-12A, Cl AJR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.198%, TSFR3M + 1.530%, 07/20/37 (A)(B) | 1425000 | 1426934 |
| &nbsp;&nbsp;&nbsp;Granite Edvance, Ser 2020-1, Cl A1A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.550%, 09/25/60 | 1093459 | 1006529 |
| &nbsp;&nbsp;&nbsp;HalseyPoint CLO III, Ser 2024-3A, Cl A1R |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.147%, TSFR3M + 1.480%, 07/30/37 (A)(B) | 1170000 | 1172636 |
| &nbsp;&nbsp;&nbsp;Kestrel Aircraft Funding, Ser 2018-1A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 12/15/38 (A) | 45694 | 45718 |
| &nbsp;&nbsp;&nbsp;MCF CLO VIII, Ser 2024-1A, Cl AR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.618%, TSFR3M + 1.950%, 04/18/36 (A)(B) | 1000000 | 1001581 |
| &nbsp;&nbsp;&nbsp;Mission Lane Credit Card Master Trust, Ser 2025-B, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.060%, 09/15/31 (A) | 725000 | 727415 |
| &nbsp;&nbsp;&nbsp;Oak Street Investment Grade Net <br> Lease Fund Series, Ser 2021-2A, Cl A3 | &nbsp;&nbsp;&nbsp;Oak Street Investment Grade Net <br> Lease Fund Series, Ser 2021-2A, Cl A3 | &nbsp;&nbsp;&nbsp;Oak Street Investment Grade Net <br> Lease Fund Series, Ser 2021-2A, Cl A3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.850%, 11/20/51 (A) | 1741979 | 1139871 |
| &nbsp;&nbsp;&nbsp;OCP CLO, Ser 2024-24A, Cl A2R |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.218%, TSFR3M + 1.550%, 10/20/37 (A)(B) | 1170000 | 1171984 |
| &nbsp;&nbsp;&nbsp;OWN Equipment Fund I, Ser 2024-2M, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.700%, 12/20/32 (A) | 482293 | 488780 |

---

---

| | | |
|:---|:---|:---|
| **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** |
|  | **Face Amount** | **Value** |
| **Other ABS — continued** | **Other ABS — continued** | **Other ABS — continued** |
| &nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Ser 2024-11, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.637%, 07/15/32 (A) | $394624 | $398081 |
| &nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Ser 2025-1, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.628%, 07/15/32 (A) | 449962 | 453343 |
| &nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Ser 2025-2, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.329%, 10/15/32 (A) | 999895 | 1003996 |
| &nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Ser 2025-3, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.058%, 12/15/32 (A) | 599878 | 607494 |
| &nbsp;&nbsp;&nbsp;Palmer Square BDC CLO I, Ser 2024-1A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.272%, TSFR3M + 1.600%, 07/15/37 (A)(B) | 1000000 | 1002329 |
| &nbsp;&nbsp;&nbsp;PennantPark CLO XII, Ser 2025-12A, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.518%, TSFR3M + 1.850%, 04/20/37 (A)(B) | 875000 | 879963 |
| &nbsp;&nbsp;&nbsp;PHEAA Student Loan Trust, Ser 2016-2A, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.312%, SOFR30A + 1.614%, 11/25/65 (A)(B) | 1050000 | 1046704 |
| &nbsp;&nbsp;&nbsp;PK Alift Loan Funding VII, Ser 2025-2, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 03/15/43 (A) | 718945 | 719189 |
| &nbsp;&nbsp;&nbsp;SCF Equipment Leasing, Ser 2025-2A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.330%, 06/20/36 (A) | 1000000 | 1000337 |
| &nbsp;&nbsp;&nbsp;SLM Student Loan Trust, Ser 2006-10, Cl A6 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.299%, SOFR90A + 0.412%, 03/25/44 (B) | 972845 | 947837 |
| &nbsp;&nbsp;&nbsp;SoFi Consumer Loan Program Trust, Ser 2026-1, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.440%, 12/26/35 (A) | 900000 | 902481 |
| &nbsp;&nbsp;&nbsp;Spirit Airlines Pass Through Trust, Ser 2015-1A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.100%, 04/01/28 | 917458 | 880907 |
| &nbsp;&nbsp;&nbsp;Store Master Funding I-VII, XIV, XIX, XX, XXIV and XXII, Ser 2024-1A, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.700%, 05/20/54 (A) | 991250 | 1011087 |
| &nbsp;&nbsp;&nbsp;Thunderbolt II Aircraft Lease, Ser 2018-A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.960%, 09/15/38 (A)(D) | 53478 | 53505 |
| &nbsp;&nbsp;&nbsp;Trinity Rail Leasing, Ser 2018-1A, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.620%, 06/17/48 (A) | 600000 | 599812 |
| &nbsp;&nbsp;&nbsp;Trinity Rail Leasing, Ser 2021-1A, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.080%, 07/19/51 (A) | 825000 | 787981 |
| &nbsp;&nbsp;&nbsp;Trinity Rail Leasing, Ser 2025-1A, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.300%, 10/19/55 (A) | 825000 | 816492 |

---

#### 12

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **CORE BOND FUND** |
|  | **JANUARY 31, 2026** |
|  | **(Unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** |
|  | **Face Amount** | **Face Amount** | **Value** | **Value** |
| **Other ABS — continued** | **Other ABS — continued** | **Other ABS — continued** | **Other ABS — continued** | **Other ABS — continued** |
| &nbsp;&nbsp;&nbsp;Twin Brook CLO, Ser 2024-1A, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.568%, TSFR3M + 1.900%, 07/20/36 (A)(B) | $| 800000 | $| 802154 |
| &nbsp;&nbsp;&nbsp;Vantage Data Centers, Ser 2025-1A, Cl A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.132%, 08/15/55 (A) |  | 750000 |  | 744031 |
| &nbsp;&nbsp;&nbsp;Verizon Master Trust, Ser 2025-8, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.410%, 08/22/33 (A) |  | 800000 |  | 796310 |
| &nbsp;&nbsp;&nbsp;Volofin Finance Designated Activity, Ser 2024-1A, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.935%, 06/15/37 (A) |  | 318271 |  | 324055 |
| &nbsp;&nbsp;&nbsp;Voya CLO, Ser 2018-4, Cl A2RR | &nbsp;&nbsp;&nbsp;Voya CLO, Ser 2018-4, Cl A2RR | &nbsp;&nbsp;&nbsp;Voya CLO, Ser 2018-4, Cl A2RR | &nbsp;&nbsp;&nbsp;Voya CLO, Ser 2018-4, Cl A2RR | &nbsp;&nbsp;&nbsp;Voya CLO, Ser 2018-4, Cl A2RR |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.272%, TSFR3M + 1.600%, 10/15/37 (A)(B) |  | 1170000 |  | 1172407 |
| &nbsp;&nbsp;&nbsp;Willis Engine Structured Trust IX, Ser 2025-B, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.159%, 12/15/50 (A) |  | 1745084 |  | 1745353 |
| &nbsp;&nbsp;&nbsp;Willis Engine Structured Trust VIII, Ser 2025-A, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.582%, 06/15/50 (A) |  | 587582 |  | 595490 |
|  |  |  |  | 37577731 |
| &nbsp;&nbsp;&nbsp;Total Asset-Backed Securities | &nbsp;&nbsp;&nbsp;Total Asset-Backed Securities | &nbsp;&nbsp;&nbsp;Total Asset-Backed Securities | &nbsp;&nbsp;&nbsp;Total Asset-Backed Securities | &nbsp;&nbsp;&nbsp;Total Asset-Backed Securities |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $47,960,158) |  |  |  | 48016845 |
| **MORTGAGE-BACKED SECURITIES — 9.1%** | **MORTGAGE-BACKED SECURITIES — 9.1%** | **MORTGAGE-BACKED SECURITIES — 9.1%** | **MORTGAGE-BACKED SECURITIES — 9.1%** | **MORTGAGE-BACKED SECURITIES — 9.1%** |
| **Non-Agency Mortgage-Backed Obligations — 8.9%** | **Non-Agency Mortgage-Backed Obligations — 8.9%** | **Non-Agency Mortgage-Backed Obligations — 8.9%** | **Non-Agency Mortgage-Backed Obligations — 8.9%** | **Non-Agency Mortgage-Backed Obligations — 8.9%** |
| &nbsp;&nbsp;&nbsp;BANK, Ser 2025-BNK50, Cl A5 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.652%, 05/15/68 (B) |  | 700000 |  | 741268 |
| &nbsp;&nbsp;&nbsp;BFLD Trust, Ser 2025-FPM, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.178%, 10/10/40 (A)(B) |  | 750000 |  | 760738 |
| &nbsp;&nbsp;&nbsp;BSTN Commercial Mortgage Trust, Ser 2025-HUB, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.062%, 04/13/41 (A)(B) |  | 750000 |  | 755103 |
| &nbsp;&nbsp;&nbsp;BWAY Trust, Ser 2025-1535, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.519%, 05/05/42 (A)(B) |  | 600000 |  | 618664 |
| &nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust, Ser 2025-BCAT, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.060%, TSFR1M + 1.380%, 08/15/42 (A)(B) |  | 723505 |  | 724409 |
| &nbsp;&nbsp;&nbsp;Chase Home Lending Mortgage Trust, Ser 2024-4, Cl A4 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 03/25/55 (A)(B) |  | 762324 |  | 772007 |
| &nbsp;&nbsp;&nbsp;Chase Home Lending Mortgage Trust, Ser 2025-1, Cl A4 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 11/25/55 (A)(B) |  | 757695 |  | 770039 |
| &nbsp;&nbsp;&nbsp;Citigroup Mortgage Loan Trust, Ser 2024-1, Cl A3A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 07/25/54 (A)(B) |  | 572078 |  | 581240 |
| &nbsp;&nbsp;&nbsp;CSMC Trust, Ser 2013-IVR3, Cl A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/25/43 (A)(B) |  | 114791 |  | 105915 |
| &nbsp;&nbsp;&nbsp;CSMC Trust, Ser 2015-2, Cl A18 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 02/25/45 (A)(B) |  | 102921 |  | 95442 |

---

---

| | | |
|:---|:---|:---|
| **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** |
|  | **Face Amount** | **Value** |
| **Non-Agency Mortgage-Backed Obligations — continued** | **Non-Agency Mortgage-Backed Obligations — continued** | **Non-Agency Mortgage-Backed Obligations — continued** |
| &nbsp;&nbsp;&nbsp;EFMT, Ser 2026-NQM1, Cl A1 | &nbsp;&nbsp;&nbsp;EFMT, Ser 2026-NQM1, Cl A1 | &nbsp;&nbsp;&nbsp;EFMT, Ser 2026-NQM1, Cl A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.771%, 02/25/71 (A)(B) | $750000 | $749998 |
| &nbsp;&nbsp;&nbsp;Fidelis Mortgage Trust, Ser 2025-RTL1, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.220%, 02/27/40 (A)(B) | 1300000 | 1321400 |
| &nbsp;&nbsp;&nbsp;Fidelis Mortgage Trust, Ser 2025-RTL2, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.060%, 07/25/40 (A)(D) | 1200000 | 1210114 |
| &nbsp;&nbsp;&nbsp;First Republic Mortgage Trust, Ser 2020-1, Cl A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.882%, 04/25/50 (A)(B) | 343175 | 345108 |
| &nbsp;&nbsp;&nbsp;FREMF Mortgage Trust, Ser 2019-K101, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.528%, 10/25/52 (A)(B) | 700000 | 672288 |
| &nbsp;&nbsp;&nbsp;GMAC Commercial Mortgage Asset, Ser 2010-FTLS, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.363%, 02/10/47 (A)(E) | 218243 | 224057 |
| &nbsp;&nbsp;&nbsp;GS Mortgage Securities Trust, Ser 2020-GSA2, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.560%, 12/12/53 | 341918 | 319809 |
| &nbsp;&nbsp;&nbsp;GS Mortgage Securities Trust, Ser 2024-RVR, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.372%, 08/10/41 (A)(B) | 1150000 | 1165599 |
| &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Ser 2021-PJ1, Cl A8 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 05/28/52 (A)(B) | 1001726 | 900124 |
| &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Ser 2022-MM1, Cl A8 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 07/25/52 (A)(B) | 1321794 | 1192402 |
| &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Ser 2022-PJ3, Cl A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 08/25/52 (A)(B) | 1154653 | 969908 |
| &nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2022-2, Cl A4A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 08/25/52 (A)(B) | 919570 | 828221 |
| &nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2022-3, Cl A4A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 08/25/52 (A)(B) | 1337523 | 1203172 |
| &nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2022-4, Cl A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/25/52 (A)(B) | 1408825 | 1290798 |
| &nbsp;&nbsp;&nbsp;MF1, Ser 2026-FL21, Cl ASFX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.123%, 02/18/41 (A) | 900000 | 900328 |
| &nbsp;&nbsp;&nbsp;OBX Trust, Ser 2025-J3, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 10/25/55 (A)(B) | 1511849 | 1495727 |
| &nbsp;&nbsp;&nbsp;Provident Funding Mortgage Trust, Ser 2025-1, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 02/25/55 (A)(B) | 764794 | 769638 |
| &nbsp;&nbsp;&nbsp;Provident Funding Mortgage Trust, Ser 2025-2, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 06/25/55 (A)(B) | 1070752 | 1079410 |
| &nbsp;&nbsp;&nbsp;Rate Mortgage Trust, Ser 2022-J1, Cl A9 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 01/25/52 (A)(B) | 1028842 | 923289 |

---

#### 13

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **CORE BOND FUND** |
|  | **JANUARY 31, 2026** |
|  | **(Unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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** |
| **Non-Agency Mortgage-Backed Obligations — continued** | **Non-Agency Mortgage-Backed Obligations — continued** | **Non-Agency Mortgage-Backed Obligations — continued** | **Non-Agency Mortgage-Backed Obligations — continued** | **Non-Agency Mortgage-Backed Obligations — continued** |
| &nbsp;&nbsp;&nbsp;Rate Mortgage Trust, Ser 2024-J4, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 12/25/54 (A)(B) | $| 948596 | $| 958055 |
| &nbsp;&nbsp;&nbsp;Rate Mortgage Trust, Ser 2025-J1, Cl A4 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 03/25/55 (A)(B) |  | 699778 |  | 710721 |
| &nbsp;&nbsp;&nbsp;Rocket Mortgage Trust, Ser 2021-5, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 11/25/51 (A)(B) |  | 1070094 |  | 898210 |
| &nbsp;&nbsp;&nbsp;Rocket Mortgage Trust, Ser 2022-1, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 01/25/52 (A)(B) |  | 1161354 |  | 976205 |
| &nbsp;&nbsp;&nbsp;Rocket Mortgage Trust, Ser 2022-3, Cl A5 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/25/52 (A)(B) |  | 1439579 |  | 1315928 |
| &nbsp;&nbsp;&nbsp;SCMS Mortgage Trust, Ser 2025-BNC1, Cl AS |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.308%, 12/15/57 (A)(B) |  | 850000 |  | 858133 |
| &nbsp;&nbsp;&nbsp;Seasoned Credit Risk Transfer Trust, Ser 2018-4, Cl MV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 03/25/58 |  | 569301 |  | 546926 |
| &nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2015-1, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 01/25/45 (A)(B) |  | 19652 |  | 18546 |
| &nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2015-2, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 05/25/45 (A)(B) |  | 38556 |  | 35957 |
| &nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2015-4, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 11/25/30 (A)(B) |  | 20472 |  | 20144 |
| &nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2024-7, Cl A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 08/25/54 (A)(B) |  | 625557 |  | 632073 |
| &nbsp;&nbsp;&nbsp;SWCH Commercial Mortgage Trust, Ser 2025-DATA, Cl C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.772%, TSFR1M + 2.092%, 02/15/42 (A)(B) |  | 875000 |  | 872266 |
| &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Ser 2025-5C5, Cl A3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.590%, 07/15/58 |  | 735000 |  | 768231 |
|  |  |  |  | 32097610 |
| **Real Estate — 0.2%** | **Real Estate — 0.2%** | **Real Estate — 0.2%** | **Real Estate — 0.2%** | **Real Estate — 0.2%** |
| &nbsp;&nbsp;&nbsp;NYC Trust, Ser 2025-77C, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.790%, 01/10/36 (A)(B) |  | 875000 |  | 878172 |
| &nbsp;&nbsp;&nbsp;Total Mortgage-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $33,366,953) |  |  |  | 32975782 |
| **MUNICIPAL BONDS — 4.1%** | **MUNICIPAL BONDS — 4.1%** | **MUNICIPAL BONDS — 4.1%** | **MUNICIPAL BONDS — 4.1%** | **MUNICIPAL BONDS — 4.1%** |
| &nbsp;&nbsp;&nbsp;Colorado Housing and Finance Authority, Ser B-1, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.787%, 11/01/47 |  | 688000 |  | 684812 |
| &nbsp;&nbsp;&nbsp;Colorado Housing and Finance Authority, Ser 2023-M1, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.619%, 11/01/38 |  | 845000 |  | 858165 |

---

---

| | | |
|:---|:---|:---|
| **MUNICIPAL BONDS — continued** | **MUNICIPAL BONDS — continued** | **MUNICIPAL BONDS — continued** |
|  | **Face Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Colorado Housing and Finance Authority, Ser L1, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.926%, 11/01/32 | $500000 | $509512 |
| &nbsp;&nbsp;&nbsp;Denver City & County, Housing Authority, Ser 2021-B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.104%, 02/01/39 | 300000 | 242336 |
| &nbsp;&nbsp;&nbsp;District of Columbia, University Refunding, Ser 2025-B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.751%, 04/01/35 | 1375000 | 1465786 |
| &nbsp;&nbsp;&nbsp;Grand Parkway Transportation, Ser 2020-B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.216%, 10/01/49 | 640000 | 461256 |
| &nbsp;&nbsp;&nbsp;Hawaii State, Department of Business Economic Development & Tourism, Ser 2014-A-2, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.242%, 01/01/31 | 61832 | 60873 |
| &nbsp;&nbsp;&nbsp;Idaho State, Housing & Finance Association, Ser 2023-D-1, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.713%, 07/01/38 | 750000 | 766989 |
| &nbsp;&nbsp;&nbsp;Indiana State, Housing & Community Development Authority, Ser 2024-B-3, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.932%, 07/01/44 | 1000000 | 1013461 |
| &nbsp;&nbsp;&nbsp;Iowa State, Student Loan Liquidity, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.426%, 12/01/35 | 1710000 | 1729503 |
| &nbsp;&nbsp;&nbsp;Maryland Department of Housing & Community Development, Ser 2024-B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.991%, 09/01/44 | 750000 | 758271 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Housing Finance Agency, Ser 2020-B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.350%, 12/01/40 | 145000 | 118724 |
| &nbsp;&nbsp;&nbsp;Michigan State, Housing Development Authority, Ser 2023-C, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.816%, 12/01/38 | 895000 | 915582 |
| &nbsp;&nbsp;&nbsp;Minnesota State, Housing Finance Agency, Ser 2024-V, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.925%, 07/01/49 | 750000 | 752315 |
| &nbsp;&nbsp;&nbsp;Minnesota State, Housing Finance Agency, Ser 2023-P, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.726%, 07/01/33 | 365000 | 385176 |
| &nbsp;&nbsp;&nbsp;New York City, Housing Development, Ser 2021-D, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.083%, 11/01/46 | 900000 | 643681 |
| &nbsp;&nbsp;&nbsp;New York State, Mortgage Agency, Ser 241, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.930%, 10/01/46 | 700000 | 479870 |
| &nbsp;&nbsp;&nbsp;Rhode Island State, Housing and Mortgage Finance, Ser 2020-1-T, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.993%, 10/01/38 | 540000 | 429307 |
| &nbsp;&nbsp;&nbsp;Utah State, Housing Corp., Ser D, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.699%, 01/01/44 | 1406000 | 1410143 |

---

#### 14

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **CORE BOND FUND** |
|  | **JANUARY 31, 2026** |
|  | **(Unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **MUNICIPAL BONDS — continued** | **MUNICIPAL BONDS — continued** | **MUNICIPAL BONDS — continued** | **MUNICIPAL BONDS — continued** |
|  | **Face Amount** | **Face Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Virginia State, Housing Development Authority, Ser 2020-C, RB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.829%, 04/01/41 | $| 500000 | $387107 |
| &nbsp;&nbsp;&nbsp;Washington State, Housing Finance Commission, Ser 2023-2T, RB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.738%, 12/01/38 |  | 550000 | 561799 |
| &nbsp;&nbsp;&nbsp;Total Municipal Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $15,369,616) |  |  | 14634668 |
| &nbsp;&nbsp;&nbsp;Total Investments in Securities— 99.0% | &nbsp;&nbsp;&nbsp;Total Investments in Securities— 99.0% | &nbsp;&nbsp;&nbsp;Total Investments in Securities— 99.0% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $363,053,006) |  |  | $357531980 |

---

Percentages are based on Net Assets of $360,999,371.

&nbsp;&nbsp;&nbsp;&nbsp;(A) Securities
 sold within the terms of a private placement memorandum, exempt from registration under section 144A of the Securities Act
 of 1933, as amended, and maybe sold only to dealers in the program or other "accredited investors". The total value
 of these securities at January 31, 2026 was $86,809,921 and represented 24.0% of Net Assets.

(B) Variable
 or floating rate security. The rate shown is the effective interest rate as of period end. The rates on certain securities
 are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market
 conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest
 rates.

(C) Perpetual
 security with no stated maturity date.

(D) 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.

(E) Level
 3 security in accordance with fair value hierarchy.

For information on the Fund's policy regarding valuation of investments, fair value hierarchy levels and other significant accounting policies, please refer to the Fund's most recent financial statements.

See "Glossary" for abbreviations.

KOC-QH-001-3400

#### 15

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **LONG/SHORT EQUITY FUND** |
|  | **JANUARY 31, 2026** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** <br> **COMMON STOCK — 61.3%** | **SCHEDULE OF INVESTMENTS** <br> **COMMON STOCK — 61.3%** | **SCHEDULE OF INVESTMENTS** <br> **COMMON STOCK — 61.3%** |
|  | **Shares** | **Value** |
| **COMMUNICATION SERVICES — 4.5%** | **COMMUNICATION SERVICES — 4.5%** | **COMMUNICATION SERVICES — 4.5%** |
| &nbsp;&nbsp;&nbsp;Fox (A) | 55177 | $4015782 |
| &nbsp;&nbsp;&nbsp;Live Nation Entertainment \*(A) | 16170 | 2351927 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Cl A (A) | 1627 | 1165745 |
| &nbsp;&nbsp;&nbsp;Omnicom Group (A) | 18352 | 1413838 |
|  |  | 8947292 |
| **CONSUMER DISCRETIONARY — 8.3%** | **CONSUMER DISCRETIONARY — 8.3%** | **CONSUMER DISCRETIONARY — 8.3%** |
| &nbsp;&nbsp;&nbsp;Airbnb, Cl A \*(A) | 13940 | 1803418 |
| &nbsp;&nbsp;&nbsp;Best Buy (A) | 18738 | 1219844 |
| &nbsp;&nbsp;&nbsp;Dick's Sporting Goods | 1786 | 360772 |
| &nbsp;&nbsp;&nbsp;eBay (A) | 32692 | 2982164 |
| &nbsp;&nbsp;&nbsp;Expedia Group (A) | 15600 | 4131504 |
| &nbsp;&nbsp;&nbsp;Ralph Lauren, Cl A (A) | 5782 | 2043417 |
| &nbsp;&nbsp;&nbsp;Tapestry (A) | 21108 | 2678816 |
| &nbsp;&nbsp;&nbsp;TopBuild \* | 3228 | 1510865 |
|  |  | 16730800 |
| **CONSUMER STAPLES — 2.6%** | **CONSUMER STAPLES — 2.6%** | **CONSUMER STAPLES — 2.6%** |
| &nbsp;&nbsp;&nbsp;Coca-Cola Consolidated | 12603 | 1916412 |
| &nbsp;&nbsp;&nbsp;Dollar Tree \* | 25256 | 2969853 |
| &nbsp;&nbsp;&nbsp;General Mills | 7371 | 340983 |
|  |  | 5227248 |
| **ENERGY — 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Coterra Energy (A) | 12403 | 357827 |
| &nbsp;&nbsp;&nbsp;EOG Resources | 10923 | 1224796 |
| &nbsp;&nbsp;&nbsp;Halliburton | 64955 | 2177292 |
| &nbsp;&nbsp;&nbsp;SLB | 37488 | 1813669 |
|  |  | 5573584 |
| **FINANCIALS — 10.3%** | **FINANCIALS — 10.3%** | **FINANCIALS — 10.3%** |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial (A) | 6902 | 3638665 |
| &nbsp;&nbsp;&nbsp;Bank of America | 16109 | 856999 |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Cl B \* | 10328 | 4962914 |
| &nbsp;&nbsp;&nbsp;Charles Schwab | 8549 | 888412 |
| &nbsp;&nbsp;&nbsp;Corebridge Financial | 20042 | 617895 |
| &nbsp;&nbsp;&nbsp;Corpay \* | 7897 | 2484633 |
| &nbsp;&nbsp;&nbsp;F&G Annuities & Life | 780 | 23002 |
| &nbsp;&nbsp;&nbsp;Fidelity National Financial | 13000 | 707070 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase (A) | 3855 | 1179206 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings | 12063 | 635599 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial (A) | 40322 | 2928587 |
| &nbsp;&nbsp;&nbsp;Unum Group | 5650 | 429231 |
| &nbsp;&nbsp;&nbsp;Wells Fargo | 14115 | 1277266 |
|  |  | 20629479 |
| **HEALTH CARE — 12.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Cardinal Health (A) | 21881 | 4701789 |
| &nbsp;&nbsp;&nbsp;Exelixis \* | 52330 | 2164369 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences | 30088 | 4270992 |
| &nbsp;&nbsp;&nbsp;Hologic \* | 50628 | 3793556 |
| &nbsp;&nbsp;&nbsp;Incyte \* | 29211 | 2923145 |
| &nbsp;&nbsp;&nbsp;Royalty Pharma PLC, Cl A (A) | 95039 | 3961225 |
| &nbsp;&nbsp;&nbsp;United Therapeutics \* | 7557 | 3547936 |
|  |  | 25363012 |
| **INDUSTRIALS — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Booz Allen Hamilton Holding, Cl A | 9787 | 865367 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **INFORMATION TECHNOLOGY — 16.6%** | **INFORMATION TECHNOLOGY — 16.6%** | **INFORMATION TECHNOLOGY — 16.6%** |
| &nbsp;&nbsp;&nbsp;Akamai Technologies \*(A) | 24798 | $2409126 |
| &nbsp;&nbsp;&nbsp;Check Point Software Technologies \* | 8719 | 1565148 |
| &nbsp;&nbsp;&nbsp;Cisco Systems (A) | 50063 | 3920934 |
| &nbsp;&nbsp;&nbsp;Dell Technologies, Cl C | 14969 | 1713052 |
| &nbsp;&nbsp;&nbsp;Docusign, Cl A \*(A) | 7721 | 405661 |
| &nbsp;&nbsp;&nbsp;Flex \* | 59144 | 3728438 |
| &nbsp;&nbsp;&nbsp;Gen Digital | 30575 | 733494 |
| &nbsp;&nbsp;&nbsp;International Business Machines (A) | 6332 | 1942025 |
| &nbsp;&nbsp;&nbsp;Jabil | 15874 | 3765154 |
| &nbsp;&nbsp;&nbsp;Lam Research | 6861 | 1601769 |
| &nbsp;&nbsp;&nbsp;Logitech International (A) | 25912 | 2224286 |
| &nbsp;&nbsp;&nbsp;NetApp (A) | 28748 | 2769870 |
| &nbsp;&nbsp;&nbsp;QUALCOMM (A) | 16187 | 2453787 |
| &nbsp;&nbsp;&nbsp;Wix.com \* | 1976 | 171596 |
| &nbsp;&nbsp;&nbsp;Zoom Communications, Cl A \*(A) | 42282 | 3894172 |
|  |  | 33298512 |
| **MATERIALS — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Anglogold Ashanti PLC | 9192 | 853661 |
| &nbsp;&nbsp;&nbsp;CF Industries Holdings (A) | 37457 | 3492116 |
|  |  | 4345777 |
| **UTILITIES — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;NRG Energy | 7313 | 1116183 |
| &nbsp;&nbsp;&nbsp;Talen Energy \* | 1948 | 678605 |
|  |  | 1794788 |
| &nbsp;&nbsp;&nbsp;Total Common Stock |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $93,624,169) |  | 122775859 |
| &nbsp;&nbsp;&nbsp;Total Investments in Securities— 61.3% | &nbsp;&nbsp;&nbsp;Total Investments in Securities— 61.3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $93,624,169) |  | $122775859 |
| **SECURITIES SOLD SHORT** | **SECURITIES SOLD SHORT** | **SECURITIES SOLD SHORT** |
| **COMMON STOCK — (13.1)%** | **COMMON STOCK — (13.1)%** | **COMMON STOCK — (13.1)%** |
|  | **Shares** | **Value** |
| **COMMUNICATION SERVICES — (0.3)%** | **COMMUNICATION SERVICES — (0.3)%** | **COMMUNICATION SERVICES — (0.3)%** |
| &nbsp;&nbsp;&nbsp;Reddit, Cl A \* | (3175) | (572357) |
| **CONSUMER DISCRETIONARY — (1.7)%** | **CONSUMER DISCRETIONARY — (1.7)%** | **CONSUMER DISCRETIONARY — (1.7)%** |
| &nbsp;&nbsp;&nbsp;Amer Sports \* | (85910) | (3146883) |
| &nbsp;&nbsp;&nbsp;MakeMyTrip \* | (4559) | (284391) |
|  |  | (3431274) |
| **CONSUMER STAPLES — (1.2)%** | **CONSUMER STAPLES — (1.2)%** | **CONSUMER STAPLES — (1.2)%** |
| &nbsp;&nbsp;&nbsp;Celsius Holdings \* | (26987) | (1416278) |
| &nbsp;&nbsp;&nbsp;McCormick | (14897) | (921081) |
|  |  | (2337359) |
| **HEALTH CARE — (0.1)%** |  |  |
| &nbsp;&nbsp;&nbsp;Cooper \* | (3398) | (276529) |
| **INDUSTRIALS — (2.3)%** |  |  |
| &nbsp;&nbsp;&nbsp;FTAI Aviation | (9079) | (2472393) |
| &nbsp;&nbsp;&nbsp;Watsco | (5482) | (2118519) |
|  |  | (4590912) |
| **INFORMATION TECHNOLOGY — (5.9)%** | **INFORMATION TECHNOLOGY — (5.9)%** | **INFORMATION TECHNOLOGY — (5.9)%** |
| &nbsp;&nbsp;&nbsp;Astera Labs \* | (4441) | (668903) |

---

#### 16

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **LONG/SHORT EQUITY FUND** |
|  | **JANUARY 31, 2026** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **INFORMATION TECHNOLOGY— continued** | **INFORMATION TECHNOLOGY— continued** | **INFORMATION TECHNOLOGY— continued** |
| &nbsp;&nbsp;&nbsp;Credo Technology Group Holding \* | (6124) | $(767215) |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Cl A \* | (1970) | (869568) |
| &nbsp;&nbsp;&nbsp;Datadog, Cl A \* | (3479) | (449904) |
| &nbsp;&nbsp;&nbsp;Fair Isaac \* | (567) | (829617) |
| &nbsp;&nbsp;&nbsp;HubSpot \* | (5008) | (1402240) |
| &nbsp;&nbsp;&nbsp;Microchip Technology | (30362) | (2305083) |
| &nbsp;&nbsp;&nbsp;Roper Technologies | (3252) | (1207240) |
| &nbsp;&nbsp;&nbsp;Samsara, Cl A \* | (75204) | (2109472) |
| &nbsp;&nbsp;&nbsp;Snowflake, Cl A \* | (2248) | (433190) |
| &nbsp;&nbsp;&nbsp;Strategy, Cl A \* | (4702) | (703937) |
|  |  | (11746369) |
| **MATERIALS — (1.6)%** |  |  |
| &nbsp;&nbsp;&nbsp;International Paper | (65521) | (2641807) |
| &nbsp;&nbsp;&nbsp;Smurfit Westrock PLC | (16355) | (680859) |
|  |  | (3322666) |
| &nbsp;&nbsp;&nbsp;Total Common Stock |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Proceeds $30,520,064) |  | (26277466) |
| **EXCHANGE-TRADED FUNDS — (24.4)%** | **EXCHANGE-TRADED FUNDS — (24.4)%** | **EXCHANGE-TRADED FUNDS — (24.4)%** |
|  | **Shares** | **Value** |
| **EQUITY FUND — (24.4)%** | **EQUITY FUND — (24.4)%** | **EQUITY FUND — (24.4)%** |
| &nbsp;&nbsp;&nbsp;ARK Blockchain & Fintech Innovation ETF | (46597) | (2017184) |
| &nbsp;&nbsp;&nbsp;ARK Innovation ETF\* | (70421) | (5272420) |
| &nbsp;&nbsp;&nbsp;ARK Next Generation Internet ETF | (7746) | (1060505) |
| &nbsp;&nbsp;&nbsp;iShares Russell 1000 ETF | (46783) | (17705494) |
| &nbsp;&nbsp;&nbsp;iShares Russell 1000 Value ETF | (39916) | (8775932) |
| &nbsp;&nbsp;&nbsp;iShares Russell 2000 Value ETF | (71840) | (13928339) |
|  |  | (48759874) |
| &nbsp;&nbsp;&nbsp;Total Exchange-Traded Funds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Proceeds $48,248,775) |  | (48759874) |
| &nbsp;&nbsp;&nbsp;Total Securities Sold Short— (37.5)% | &nbsp;&nbsp;&nbsp;Total Securities Sold Short— (37.5)% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Proceeds $78,768,839) |  | $(75037340) |

---

Percentages are based on Net Assets of $200,127,393.

\* Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(A) This
security or a partial position of this security has been committed as collateral for securities sold short.

For information on the Fund's policy regarding valuation of investments, fair value hierarchy levels and other significant accounting policies, please refer to the Fund's most recent financial statements.

See "Glossary" for abbreviations.

KOC-QH-007-1300

#### 17

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **LARGE CAP VALUE FUND** |
|  | **JANUARY 31, 2026** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS<br> COMMON STOCK — 99.4%** | **SCHEDULE OF INVESTMENTS<br> COMMON STOCK — 99.4%** | **SCHEDULE OF INVESTMENTS<br> COMMON STOCK — 99.4%** |
|  | **Shares** | **Value** |
| **COMMUNICATION SERVICES — 5.3%** | **COMMUNICATION SERVICES — 5.3%** | **COMMUNICATION SERVICES — 5.3%** |
| &nbsp;&nbsp;&nbsp;Alphabet, Cl A | 4617 | $1560546 |
| &nbsp;&nbsp;&nbsp;AT&T | 216019 | 5661858 |
| &nbsp;&nbsp;&nbsp;Comcast, Cl A | 83757 | 2491771 |
| &nbsp;&nbsp;&nbsp;Verizon Communications | 106521 | 4742315 |
| &nbsp;&nbsp;&nbsp;Versant Media Group \* | 3350 | 109152 |
| &nbsp;&nbsp;&nbsp;Walt Disney | 24532 | 2767209 |
|  |  | 17332851 |
| **CONSUMER DISCRETIONARY — 7.6%** | **CONSUMER DISCRETIONARY — 7.6%** | **CONSUMER DISCRETIONARY — 7.6%** |
| &nbsp;&nbsp;&nbsp;DR Horton | 25882 | 3852277 |
| &nbsp;&nbsp;&nbsp;General Motors | 87529 | 7352436 |
| &nbsp;&nbsp;&nbsp;Lennar, Cl A | 39890 | 4361972 |
| &nbsp;&nbsp;&nbsp;Lowe's | 13682 | 3653915 |
| &nbsp;&nbsp;&nbsp;TJX | 25482 | 3817458 |
| &nbsp;&nbsp;&nbsp;Viking Holdings \* | 23305 | 1681456 |
|  |  | 24719514 |
| **CONSUMER STAPLES — 9.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Casey's General Stores | 6838 | 4147247 |
| &nbsp;&nbsp;&nbsp;Coca-Cola | 16903 | 1264513 |
| &nbsp;&nbsp;&nbsp;Dollar General | 40288 | 5778508 |
| &nbsp;&nbsp;&nbsp;Monster Beverage \* | 65541 | 5293091 |
| &nbsp;&nbsp;&nbsp;PepsiCo | 32635 | 5013715 |
| &nbsp;&nbsp;&nbsp;Primo Brands, Cl A | 83558 | 1582588 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble | 16745 | 2541389 |
| &nbsp;&nbsp;&nbsp;Walmart | 31998 | 3812242 |
|  |  | 29433293 |
| **ENERGY — 13.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Baker Hughes, Cl A | 86903 | 4870044 |
| &nbsp;&nbsp;&nbsp;Chevron | 45809 | 8103612 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips | 40178 | 4187753 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil | 111022 | 15698511 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan | 152828 | 4659726 |
| &nbsp;&nbsp;&nbsp;Valero Energy | 25566 | 4638439 |
|  |  | 42158085 |
| **FINANCIALS — 23.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Allstate | 14555 | 2896299 |
| &nbsp;&nbsp;&nbsp;American Express | 7778 | 2739178 |
| &nbsp;&nbsp;&nbsp;American International Group | 55427 | 4150374 |
| &nbsp;&nbsp;&nbsp;Axis Capital Holdings | 35735 | 3687137 |
| &nbsp;&nbsp;&nbsp;Bank of America | 235283 | 12517056 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon | 26192 | 3140945 |
| &nbsp;&nbsp;&nbsp;Capital One Financial | 18091 | 3960663 |
| &nbsp;&nbsp;&nbsp;Citigroup | 79145 | 9157868 |
| &nbsp;&nbsp;&nbsp;First Horizon | 207382 | 5078785 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group | 8459 | 7912633 |
| &nbsp;&nbsp;&nbsp;Hartford Insurance Group | 14045 | 1896918 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase | 17139 | 5242649 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | 13374 | 2444767 |
| &nbsp;&nbsp;&nbsp;Prudential Financial | 47911 | 5323391 |
| &nbsp;&nbsp;&nbsp;US Bancorp | 57364 | 3218694 |
| &nbsp;&nbsp;&nbsp;Wells Fargo | 41968 | 3797684 |
|  |  | 77165041 |
| **HEALTH CARE — 5.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Cencora, Cl A | 11699 | 4202515 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences | 41317 | 5864948 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **HEALTH CARE— continued** | **HEALTH CARE— continued** | **HEALTH CARE— continued** |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics | 22907 | $4284296 |
| &nbsp;&nbsp;&nbsp;STERIS PLC | 7022 | 1843977 |
|  |  | 16195736 |
| **INDUSTRIALS — 8.5%** |  |  |
| &nbsp;&nbsp;&nbsp;3M | 22352 | 3423432 |
| &nbsp;&nbsp;&nbsp;AECOM | 30969 | 2986341 |
| &nbsp;&nbsp;&nbsp;CSX | 90343 | 3411352 |
| &nbsp;&nbsp;&nbsp;Cummins | 10099 | 5845503 |
| &nbsp;&nbsp;&nbsp;Emerson Electric | 12465 | 1831857 |
| &nbsp;&nbsp;&nbsp;FedEx | 21446 | 6910974 |
| &nbsp;&nbsp;&nbsp;United Rentals | 2122 | 1659531 |
| &nbsp;&nbsp;&nbsp;Waste Management | 7460 | 1657910 |
|  |  | 27726900 |
| **INFORMATION TECHNOLOGY — 14.1%** | **INFORMATION TECHNOLOGY — 14.1%** | **INFORMATION TECHNOLOGY — 14.1%** |
| &nbsp;&nbsp;&nbsp;Cisco Systems | 67823 | 5311897 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise | 149055 | 3207664 |
| &nbsp;&nbsp;&nbsp;Intel \* | 21305 | 990043 |
| &nbsp;&nbsp;&nbsp;International Business Machines | 19527 | 5988931 |
| &nbsp;&nbsp;&nbsp;Micron Technology | 29771 | 12351393 |
| &nbsp;&nbsp;&nbsp;Microsoft | 4015 | 1727614 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions | 4950 | 1992573 |
| &nbsp;&nbsp;&nbsp;QUALCOMM | 26688 | 4045634 |
| &nbsp;&nbsp;&nbsp;Sandisk \* | 2114 | 1218193 |
| &nbsp;&nbsp;&nbsp;Seagate Technology Holdings PLC | 3941 | 1606706 |
| &nbsp;&nbsp;&nbsp;Texas Instruments | 24567 | 5295417 |
| &nbsp;&nbsp;&nbsp;Western Digital | 8180 | 2046881 |
|  |  | 45782946 |
| **MATERIALS — 3.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Linde PLC | 6684 | 3054387 |
| &nbsp;&nbsp;&nbsp;Newmont | 29299 | 3291743 |
| &nbsp;&nbsp;&nbsp;Pan American Silver | 15443 | 843188 |
| &nbsp;&nbsp;&nbsp;Steel Dynamics | 30326 | 5445640 |
|  |  | 12634958 |
| **REAL ESTATE — 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Jones Lang LaSalle \* | 15004 | 5370082 |
| &nbsp;&nbsp;&nbsp;Kilroy Realty ‡ | 26845 | 925615 |
| &nbsp;&nbsp;&nbsp;Omega Healthcare Investors ‡ | 96545 | 4236395 |
|  |  | 10532092 |
| **UTILITIES — 5.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Entergy | 49381 | 4735144 |
| &nbsp;&nbsp;&nbsp;FirstEnergy | 105129 | 4976807 |
| &nbsp;&nbsp;&nbsp;Fortis | 75601 | 4031801 |
| &nbsp;&nbsp;&nbsp;National Fuel Gas | 34020 | 2849175 |
| &nbsp;&nbsp;&nbsp;NRG Energy | 17584 | 2683846 |
|  |  | 19276773 |
| &nbsp;&nbsp;&nbsp;Total Common Stock |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $248,504,346) |  | 322958189 |
| &nbsp;&nbsp;&nbsp;Total Investments in Securities— 99.4% | &nbsp;&nbsp;&nbsp;Total Investments in Securities— 99.4% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $248,504,346) |  | $322958189 |

---

Percentages are based on Net Assets of $324,989,904.

\* Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;‡ Real
Estate Investment Trust.

#### 18

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **LARGE CAP VALUE FUND** |
|  | **JANUARY 31, 2026** |
|  | **(Unaudited)** |

---

For information on the Fund's policy regarding valuation of investments, fair value hierarchy levels and other significant accounting policies, please refer to the Fund's most recent financial statements.

See "Glossary" for abbreviations.

KOC-QH-004-2200

#### 19

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **LARGE CAP GROWTH FUND** |
|  | **JANUARY 31, 2026** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS<br> COMMON STOCK — 98.9%#** | **SCHEDULE OF INVESTMENTS<br> COMMON STOCK — 98.9%#** | **SCHEDULE OF INVESTMENTS<br> COMMON STOCK — 98.9%#** |
|  | **Shares** | **Value** |
| **COMMUNICATION SERVICES — 14.0%** | **COMMUNICATION SERVICES — 14.0%** | **COMMUNICATION SERVICES — 14.0%** |
| &nbsp;&nbsp;&nbsp;Alphabet, Cl A | 39048 | $13198224 |
| &nbsp;&nbsp;&nbsp;Alphabet, Cl C | 33875 | 11467704 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Cl A | 14716 | 10544014 |
| &nbsp;&nbsp;&nbsp;Netflix \* | 28339 | 2366023 |
| &nbsp;&nbsp;&nbsp;Walt Disney | 16318 | 1840670 |
|  |  | 39416635 |
| **CONSUMER DISCRETIONARY — 6.8%** | **CONSUMER DISCRETIONARY — 6.8%** | **CONSUMER DISCRETIONARY — 6.8%** |
| &nbsp;&nbsp;&nbsp;AutoZone \* | 510 | 1889188 |
| &nbsp;&nbsp;&nbsp;Darden Restaurants | 11292 | 2251060 |
| &nbsp;&nbsp;&nbsp;DoorDash, Cl A \* | 8451 | 1729244 |
| &nbsp;&nbsp;&nbsp;Hyatt Hotels, Cl A | 4662 | 728997 |
| &nbsp;&nbsp;&nbsp;Tesla \* | 20034 | 8622834 |
| &nbsp;&nbsp;&nbsp;TJX | 16391 | 2455536 |
| &nbsp;&nbsp;&nbsp;Viking Holdings \* | 22656 | 1634630 |
|  |  | 19311489 |
| **CONSUMER STAPLES — 4.9%** | **CONSUMER STAPLES — 4.9%** | **CONSUMER STAPLES — 4.9%** |
| &nbsp;&nbsp;&nbsp;Coca-Cola | 38611 | 2888489 |
| &nbsp;&nbsp;&nbsp;Costco Wholesale | 2987 | 2808527 |
| &nbsp;&nbsp;&nbsp;Monster Beverage \* | 24915 | 2012135 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble | 17265 | 2620309 |
| &nbsp;&nbsp;&nbsp;Walmart | 29140 | 3471740 |
|  |  | 13801200 |
| **ENERGY — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Baker Hughes, Cl A | 33074 | 1853467 |
| **FINANCIALS — 12.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Allstate | 6484 | 1290251 |
| &nbsp;&nbsp;&nbsp;American Express | 6775 | 2385952 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon | 22146 | 2655748 |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Cl B \* | 5901 | 2835608 |
| &nbsp;&nbsp;&nbsp;Evercore, Cl A | 6338 | 2239025 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group | 2987 | 2794070 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase | 20179 | 6172554 |
| &nbsp;&nbsp;&nbsp;Mastercard, Cl A | 6702 | 3610971 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | 12474 | 2280247 |
| &nbsp;&nbsp;&nbsp;Progressive | 11583 | 2409264 |
| &nbsp;&nbsp;&nbsp;Toast, Cl A \* | 29286 | 911087 |
| &nbsp;&nbsp;&nbsp;Visa, Cl A | 16537 | 5322103 |
|  |  | 34906880 |
| **HEALTH CARE — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Boston Scientific \* | 23312 | 2180371 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences | 12312 | 1747688 |
| &nbsp;&nbsp;&nbsp;Insulet \* | 4517 | 1155494 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical \* | 4298 | 2167138 |
|  |  | 7250691 |
| **INDUSTRIALS — 9.6%** |  |  |
| &nbsp;&nbsp;&nbsp;API Group \* | 20908 | 869146 |
| &nbsp;&nbsp;&nbsp;ATI \* | 14934 | 1796560 |
| &nbsp;&nbsp;&nbsp;Builders FirstSource \* | 8086 | 925038 |
| &nbsp;&nbsp;&nbsp;Caterpillar | 5537 | 3639802 |
| &nbsp;&nbsp;&nbsp;Cummins | 5027 | 2909728 |
| &nbsp;&nbsp;&nbsp;Deere | 1238 | 653664 |
| &nbsp;&nbsp;&nbsp;EMCOR Group | 2331 | 1680022 |
| &nbsp;&nbsp;&nbsp;GE Vernova | 3133 | 2275717 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **INDUSTRIALS— continued** | **INDUSTRIALS— continued** | **INDUSTRIALS— continued** |
| &nbsp;&nbsp;&nbsp;General Electric | 11729 | $3598340 |
| &nbsp;&nbsp;&nbsp;Mueller Industries | 15371 | 2092608 |
| &nbsp;&nbsp;&nbsp;Uber Technologies \* | 31908 | 2554235 |
| &nbsp;&nbsp;&nbsp;United Rentals | 1748 | 1367041 |
| &nbsp;&nbsp;&nbsp;Waste Management | 12312 | 2736219 |
|  |  | 27098120 |
| **INFORMATION TECHNOLOGY — 43.7%** | **INFORMATION TECHNOLOGY — 43.7%** | **INFORMATION TECHNOLOGY — 43.7%** |
| &nbsp;&nbsp;&nbsp;Accenture PLC, Cl A | 3205 | 844966 |
| &nbsp;&nbsp;&nbsp;Adobe \* | 4444 | 1303203 |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices \* | 11365 | 2690436 |
| &nbsp;&nbsp;&nbsp;Apple | 105268 | 27314941 |
| &nbsp;&nbsp;&nbsp;AppLovin, Cl A \* | 1530 | 723858 |
| &nbsp;&nbsp;&nbsp;Arista Networks \* | 11875 | 1683163 |
| &nbsp;&nbsp;&nbsp;Broadcom | 34822 | 11536529 |
| &nbsp;&nbsp;&nbsp;Cisco Systems | 10928 | 855881 |
| &nbsp;&nbsp;&nbsp;Cloudflare, Cl A \* | 5391 | 956094 |
| &nbsp;&nbsp;&nbsp;CyberArk Software \* | 3497 | 1506613 |
| &nbsp;&nbsp;&nbsp;Intuit | 3497 | 1744723 |
| &nbsp;&nbsp;&nbsp;KLA | 823 | 1175195 |
| &nbsp;&nbsp;&nbsp;Lam Research | 7795 | 1819821 |
| &nbsp;&nbsp;&nbsp;Marvell Technology | 21928 | 1730558 |
| &nbsp;&nbsp;&nbsp;Microsoft | 54128 | 23290737 |
| &nbsp;&nbsp;&nbsp;NVIDIA | 161509 | 30869215 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor \* | 23895 | 1431072 |
| &nbsp;&nbsp;&nbsp;Oracle | 11073 | 1822394 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Cl A \* | 11000 | 1612490 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks \* | 4517 | 799373 |
| &nbsp;&nbsp;&nbsp;Salesforce | 11729 | 2489949 |
| &nbsp;&nbsp;&nbsp;ServiceNow \* | 6921 | 809826 |
| &nbsp;&nbsp;&nbsp;Snowflake, Cl A \* | 5027 | 968703 |
| &nbsp;&nbsp;&nbsp;Texas Instruments | 9980 | 2151189 |
| &nbsp;&nbsp;&nbsp;Twilio, Cl A \* | 11146 | 1342647 |
|  |  | 123473576 |
| **MATERIALS — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Amrize LTD \* | 24696 | 1299503 |
| &nbsp;&nbsp;&nbsp;Ecolab | 8742 | 2465157 |
|  |  | 3764660 |
| **REAL ESTATE — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;CBRE Group, Cl A \* | 10709 | 1824064 |
| &nbsp;&nbsp;&nbsp;Simon Property Group ‡ | 13259 | 2536579 |
| &nbsp;&nbsp;&nbsp;Welltower ‡ | 9252 | 1742707 |
|  |  | 6103350 |
| **UTILITIES — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Entergy | 23093 | 2214388 |
| &nbsp;&nbsp;&nbsp;Total Common Stock |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $167,495,245) |  | 279194456 |
| &nbsp;&nbsp;&nbsp;Total Investments in Securities— 98.9% | &nbsp;&nbsp;&nbsp;Total Investments in Securities— 98.9% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $167,495,245) |  | $279194456 |

---

Percentages are based on Net Assets of $282,284,117.

# More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.

\* Non-income producing security.

#### 20

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **LARGE CAP GROWTH FUND** |
|  | **JANUARY 31, 2026** |
|  | **(Unaudited)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;‡ Real
Estate Investment Trust.

For information on the Fund's policy regarding valuation of investments, fair value hierarchy levels and other significant accounting policies, please refer to the Fund's most recent financial statements.

See "Glossary" for abbreviations.

KOC-QH-003-2200

#### 21

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **SMALL CAP FUND** |
|  | **JANUARY 31, 2026** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS<br> COMMON STOCK — 98.5%** | **SCHEDULE OF INVESTMENTS<br> COMMON STOCK — 98.5%** | **SCHEDULE OF INVESTMENTS<br> COMMON STOCK — 98.5%** |
|  | **Shares** | **Value** |
| **COMMUNICATION SERVICES — 1.2%** | **COMMUNICATION SERVICES — 1.2%** | **COMMUNICATION SERVICES — 1.2%** |
| &nbsp;&nbsp;&nbsp;IMAX \* | 63054 | $2201215 |
| **CONSUMER DISCRETIONARY — 10.2%** | **CONSUMER DISCRETIONARY — 10.2%** | **CONSUMER DISCRETIONARY — 10.2%** |
| &nbsp;&nbsp;&nbsp;Boot Barn Holdings \* | 11476 | 2048237 |
| &nbsp;&nbsp;&nbsp;Cheesecake Factory | 32623 | 1890829 |
| &nbsp;&nbsp;&nbsp;Garrett Motion | 126237 | 2277315 |
| &nbsp;&nbsp;&nbsp;Laureate Education, Cl A \* | 75623 | 2593869 |
| &nbsp;&nbsp;&nbsp;National Vision Holdings \* | 83458 | 2199118 |
| &nbsp;&nbsp;&nbsp;Phinia | 44099 | 3138526 |
| &nbsp;&nbsp;&nbsp;Six Flags Entertainment \* | 116107 | 2091087 |
| &nbsp;&nbsp;&nbsp;TRI Pointe Group \* | 56349 | 1879239 |
| &nbsp;&nbsp;&nbsp;Warby Parker, Cl A \* | 22021 | 561756 |
|  |  | 18679976 |
| **CONSUMER STAPLES — 2.8%** | **CONSUMER STAPLES — 2.8%** | **CONSUMER STAPLES — 2.8%** |
| &nbsp;&nbsp;&nbsp;BellRing Brands \* | 36493 | 907581 |
| &nbsp;&nbsp;&nbsp;Dole PLC | 112956 | 1799389 |
| &nbsp;&nbsp;&nbsp;United Natural Foods \* | 60991 | 2270695 |
|  |  | 4977665 |
| **ENERGY — 5.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Excelerate Energy, Cl A | 64086 | 2393612 |
| &nbsp;&nbsp;&nbsp;International Seaways | 42939 | 2561311 |
| &nbsp;&nbsp;&nbsp;Liberty Energy, Cl A | 120435 | 2968723 |
| &nbsp;&nbsp;&nbsp;PBF Energy, Cl A | 19354 | 647585 |
| &nbsp;&nbsp;&nbsp;Uranium Energy \* | 37652 | 649120 |
| &nbsp;&nbsp;&nbsp;Weatherford International PLC | 12520 | 1177882 |
|  |  | 10398233 |
| **FINANCIALS — 18.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Bowhead Specialty Holdings \* | 63183 | 1551775 |
| &nbsp;&nbsp;&nbsp;Bread Financial Holdings | 18310 | 1328207 |
| &nbsp;&nbsp;&nbsp;Civista Bancshares | 77228 | 1863512 |
| &nbsp;&nbsp;&nbsp;Enterprise Financial Services | 17624 | 1010736 |
| &nbsp;&nbsp;&nbsp;Essent Group | 14829 | 933041 |
| &nbsp;&nbsp;&nbsp;Fidelis Insurance Holdings | 66665 | 1269302 |
| &nbsp;&nbsp;&nbsp;First Financial | 27078 | 1764403 |
| &nbsp;&nbsp;&nbsp;FirstCash Holdings | 13668 | 2330394 |
| &nbsp;&nbsp;&nbsp;Hamilton Insurance Group, Cl B \* | 82267 | 2282909 |
| &nbsp;&nbsp;&nbsp;Hancock Whitney | 38555 | 2652584 |
| &nbsp;&nbsp;&nbsp;Metropolitan Bank Holding | 25789 | 2388061 |
| &nbsp;&nbsp;&nbsp;Moelis, Cl A | 26821 | 1922261 |
| &nbsp;&nbsp;&nbsp;OFG Bancorp | 22947 | 924764 |
| &nbsp;&nbsp;&nbsp;Old Second Bancorp | 120435 | 2389430 |
| &nbsp;&nbsp;&nbsp;Piper Sandler | 7866 | 2724389 |
| &nbsp;&nbsp;&nbsp;Popular | 9929 | 1325819 |
| &nbsp;&nbsp;&nbsp;Shore Bancshares | 95612 | 1813760 |
| &nbsp;&nbsp;&nbsp;Valley National Bancorp | 226041 | 2816471 |
|  |  | 33291818 |
| **HEALTH CARE — 17.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Adaptive Biotechnologies \* | 124303 | 2299605 |
| &nbsp;&nbsp;&nbsp;ARS Pharmaceuticals \* | 118372 | 1182536 |
| &nbsp;&nbsp;&nbsp;Axsome Therapeutics \* | 17923 | 3302313 |
| &nbsp;&nbsp;&nbsp;Bioventus, Cl A \* | 262661 | 2082902 |
| &nbsp;&nbsp;&nbsp;CG oncology \* | 16118 | 838942 |
| &nbsp;&nbsp;&nbsp;Denali Therapeutics \* | 44357 | 964321 |
| &nbsp;&nbsp;&nbsp;Edgewise Therapeutics \* | 35010 | 985532 |

---

---

| | | | |
|:---|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** | **Value** |
| **HEALTH CARE— continued** | **HEALTH CARE— continued** | **HEALTH CARE— continued** | **HEALTH CARE— continued** |
| &nbsp;&nbsp;&nbsp;Guardant Health \* | 21792 | $| 2485160 |
| &nbsp;&nbsp;&nbsp;Ideaya Biosciences \* | 30044 |  | 967116 |
| &nbsp;&nbsp;&nbsp;Kymera Therapeutics \* | 11668 |  | 848147 |
| &nbsp;&nbsp;&nbsp;Madrigal Pharmaceuticals \* | 3353 |  | 1640656 |
| &nbsp;&nbsp;&nbsp;Merit Medical Systems \* | 23984 |  | 1944863 |
| &nbsp;&nbsp;&nbsp;Mirum Pharmaceuticals \* | 17665 |  | 1823381 |
| &nbsp;&nbsp;&nbsp;Newamsterdam Pharma \* | 29400 |  | 914928 |
| &nbsp;&nbsp;&nbsp;RadNet \* | 39328 |  | 2756893 |
| &nbsp;&nbsp;&nbsp;Revolution Medicines \* | 10960 |  | 1062572 |
| &nbsp;&nbsp;&nbsp;Rhythm Pharmaceuticals \* | 9336 |  | 957127 |
| &nbsp;&nbsp;&nbsp;Twist Bioscience \* | 20875 |  | 857336 |
| &nbsp;&nbsp;&nbsp;Vericel \* | 31334 |  | 1127397 |
| &nbsp;&nbsp;&nbsp;Viridian Therapeutics \* | 52610 |  | 1736130 |
|  |  |  | 30777857 |
| **INDUSTRIALS — 15.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Atmus Filtration Technologies | 22823 |  | 1323049 |
| &nbsp;&nbsp;&nbsp;Blue Bird \* | 15602 |  | 784937 |
| &nbsp;&nbsp;&nbsp;Brink's | 23855 |  | 3030539 |
| &nbsp;&nbsp;&nbsp;Copa Holdings, Cl A | 16634 |  | 2268878 |
| &nbsp;&nbsp;&nbsp;GATX | 2321 |  | 422213 |
| &nbsp;&nbsp;&nbsp;Granite Construction | 23597 |  | 2849102 |
| &nbsp;&nbsp;&nbsp;IES Holdings \* | 7221 |  | 2746074 |
| &nbsp;&nbsp;&nbsp;JBT Marel | 3522 |  | 554046 |
| &nbsp;&nbsp;&nbsp;Limbach Holdings \* | 15216 |  | 1308272 |
| &nbsp;&nbsp;&nbsp;LSI Industries | 95677 |  | 2115418 |
| &nbsp;&nbsp;&nbsp;Maximus | 24500 |  | 2313780 |
| &nbsp;&nbsp;&nbsp;SkyWest \* | 20373 |  | 1966402 |
| &nbsp;&nbsp;&nbsp;Standex International | 10316 |  | 2475840 |
| &nbsp;&nbsp;&nbsp;TAT Technologies \* | 9095 |  | 462754 |
| &nbsp;&nbsp;&nbsp;Willis Lease Finance | 12766 |  | 2326986 |
| &nbsp;&nbsp;&nbsp;Zurn Elkay Water Solutions | 10702 |  | 493469 |
|  |  |  | 27441759 |
| **INFORMATION TECHNOLOGY — 14.0%** | **INFORMATION TECHNOLOGY — 14.0%** | **INFORMATION TECHNOLOGY — 14.0%** | **INFORMATION TECHNOLOGY — 14.0%** |
| &nbsp;&nbsp;&nbsp;ACI Worldwide \* | 45319 |  | 1965032 |
| &nbsp;&nbsp;&nbsp;Amkor Technology | 38813 |  | 1875832 |
| &nbsp;&nbsp;&nbsp;Applied Digital \* | 22050 |  | 747054 |
| &nbsp;&nbsp;&nbsp;Belden | 20760 |  | 2439508 |
| &nbsp;&nbsp;&nbsp;Daktronics \* | 86946 |  | 2012800 |
| &nbsp;&nbsp;&nbsp;DigitalOcean Holdings \* | 43615 |  | 2409729 |
| &nbsp;&nbsp;&nbsp;Fastly, Cl A \* | 127914 |  | 1183205 |
| &nbsp;&nbsp;&nbsp;Intapp \* | 34299 |  | 1164451 |
| &nbsp;&nbsp;&nbsp;Red Violet | 18119 |  | 824052 |
| &nbsp;&nbsp;&nbsp;Semtech \* | 34064 |  | 2716604 |
| &nbsp;&nbsp;&nbsp;SoundHound AI, Cl A \* | 79559 |  | 673069 |
| &nbsp;&nbsp;&nbsp;TTM Technologies \* | 15773 |  | 1548908 |
| &nbsp;&nbsp;&nbsp;Viavi Solutions \* | 135135 |  | 3305402 |
| &nbsp;&nbsp;&nbsp;Workiva, Cl A \* | 32521 |  | 2504767 |
|  |  |  | 25370413 |
| **MATERIALS — 4.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Coeur Mining \* | 80075 |  | 1636733 |
| &nbsp;&nbsp;&nbsp;Constellium, Cl A \* | 116180 |  | 2610565 |
| &nbsp;&nbsp;&nbsp;FMC | 30546 |  | 482627 |
| &nbsp;&nbsp;&nbsp;NewMarket | 1161 |  | 778787 |
| &nbsp;&nbsp;&nbsp;O-I Glass, Cl I \* | 151382 |  | 2313117 |

---

#### 22

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **SMALL CAP FUND** |
|  | **JANUARY 31, 2026** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **MATERIALS— continued** | **MATERIALS— continued** | **MATERIALS— continued** |
| &nbsp;&nbsp;&nbsp;Tronox Holdings PLC, Cl A | 132814 | $804853 |
|  |  | 8626682 |
| **REAL ESTATE — 6.1%** | **REAL ESTATE — 6.1%** | **REAL ESTATE — 6.1%** |
| &nbsp;&nbsp;&nbsp;American Healthcare REIT ‡ | 58670 | 2752210 |
| &nbsp;&nbsp;&nbsp;CareTrust ‡ | 50289 | 1877791 |
| &nbsp;&nbsp;&nbsp;Cushman & Wakefield \* | 158216 | 2601071 |
| &nbsp;&nbsp;&nbsp;Newmark Group, Cl A | 82009 | 1462220 |
| &nbsp;&nbsp;&nbsp;Opendoor Technologies \* | 40817 | 210208 |
| &nbsp;&nbsp;&nbsp;Tanger ‡ | 67825 | 2219234 |
|  |  | 11122734 |
| **UTILITIES — 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;National Fuel Gas | 24371 | 2041071 |
| &nbsp;&nbsp;&nbsp;Southwest Gas Holdings | 20502 | 1697976 |
| &nbsp;&nbsp;&nbsp;Spire | 26950 | 2277005 |
|  |  | 6016052 |
| &nbsp;&nbsp;&nbsp;Total Common Stock |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $138,010,026) |  | 178904404 |
| **RIGHT — 0.0%** | **RIGHT — 0.0%** | **RIGHT — 0.0%** |
|  | **Number Of** **<br> Rights** |  |
| &nbsp;&nbsp;&nbsp;Blueprint Medicines\*‡‡ | 4287 |  |
| &nbsp;&nbsp;&nbsp;Total Rights |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $–) |  |  |
| &nbsp;&nbsp;&nbsp;Total Investments in Securities— 98.5% | &nbsp;&nbsp;&nbsp;Total Investments in Securities— 98.5% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $138,010,026) |  | $178904404 |

---

Percentages are based on Net Assets of $181,566,322.

\* Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;‡ Real
Estate Investment Trust.

‡‡ Expiration Date or Rate unavailable.

For information on the Fund's policy regarding valuation of investments, fair value hierarchy levels and other significant accounting policies, please refer to the Fund's most recent financial statements.

See "Glossary" for abbreviations.

KOC-QH-005-2200

#### 23

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
|  | **JANUARY 31, 2026** |
|  | **(Unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS<br> COMMON STOCK — 97.9%#** | **SCHEDULE OF INVESTMENTS<br> COMMON STOCK — 97.9%#** | **SCHEDULE OF INVESTMENTS<br> COMMON STOCK — 97.9%#** | **SCHEDULE OF INVESTMENTS<br> COMMON STOCK — 97.9%#** |
|  | **Shares** | **Shares** | **Value** |
| **COMMUNICATION SERVICES — 11.7%** | **COMMUNICATION SERVICES — 11.7%** | **COMMUNICATION SERVICES — 11.7%** | **COMMUNICATION SERVICES — 11.7%** |
| &nbsp;&nbsp;&nbsp;Advantage Solutions \* |  | 474 | $512 |
| &nbsp;&nbsp;&nbsp;Alphabet, Cl A |  | 29975 | 10131550 |
| &nbsp;&nbsp;&nbsp;Alphabet, Cl C |  | 24058 | 8144355 |
| &nbsp;&nbsp;&nbsp;AMC Entertainment Holdings, Cl A \* | &nbsp;&nbsp;&nbsp;AMC Entertainment Holdings, Cl A \* | 2574 | 3578 |
| &nbsp;&nbsp;&nbsp;AMC Networks, Cl A \* |  | 152 | 1172 |
| &nbsp;&nbsp;&nbsp;Angi, Cl A \* |  | 187 | 2424 |
| &nbsp;&nbsp;&nbsp;Anterix \* |  | 62 | 1628 |
| &nbsp;&nbsp;&nbsp;Arena Group Holdings \* |  | 145 | 564 |
| &nbsp;&nbsp;&nbsp;Array Digital Infrastructure |  | 76 | 3662 |
| &nbsp;&nbsp;&nbsp;AST SpaceMobile, Cl A \* |  | 1103 | 122665 |
| &nbsp;&nbsp;&nbsp;AT&T |  | 36933 | 968014 |
| &nbsp;&nbsp;&nbsp;Atlanta Braves Holdings, Cl A \* |  | 49 | 2157 |
| &nbsp;&nbsp;&nbsp;Atlanta Braves Holdings, Cl C \* |  | 188 | 7507 |
| &nbsp;&nbsp;&nbsp;ATN International |  | 50 | 1210 |
| &nbsp;&nbsp;&nbsp;Bandwidth, Cl A \* |  | 136 | 1900 |
| &nbsp;&nbsp;&nbsp;Boston Omaha, Cl A \* |  | 117 | 1429 |
| &nbsp;&nbsp;&nbsp;Bumble, Cl A \* |  | 350 | 1173 |
| &nbsp;&nbsp;&nbsp;Cable One |  | 23 | 1863 |
| &nbsp;&nbsp;&nbsp;Cardlytics \* |  | 245 | 237 |
| &nbsp;&nbsp;&nbsp;Cargurus, Cl A \* |  | 413 | 13381 |
| &nbsp;&nbsp;&nbsp;Cars.com \* |  | 295 | 3351 |
| &nbsp;&nbsp;&nbsp;Charter Communications, Cl A \* |  | 464 | 95640 |
| &nbsp;&nbsp;&nbsp;Cinemark Holdings |  | 517 | 12243 |
| &nbsp;&nbsp;&nbsp;Clear Channel Outdoor Holdings, Cl A \* |  | 1321 | 2761 |
| &nbsp;&nbsp;&nbsp;Cogent Communications Holdings |  | 242 | 5881 |
| &nbsp;&nbsp;&nbsp;Comcast, Cl A |  | 18911 | 562602 |
| &nbsp;&nbsp;&nbsp;DHI Group \* |  | 197 | 343 |
| &nbsp;&nbsp;&nbsp;DoubleVerify Holdings \* |  | 725 | 7844 |
| &nbsp;&nbsp;&nbsp;EchoStar, Cl A \* |  | 687 | 77782 |
| &nbsp;&nbsp;&nbsp;Electronic Arts |  | 1291 | 263261 |
| &nbsp;&nbsp;&nbsp;Entravision Communications, Cl A |  | 282 | 849 |
| &nbsp;&nbsp;&nbsp;Eventbrite, Cl A \* |  | 365 | 1613 |
| &nbsp;&nbsp;&nbsp;EverQuote, Cl A \* |  | 139 | 3155 |
| &nbsp;&nbsp;&nbsp;EW Scripps, Cl A \* |  | 460 | 1541 |
| &nbsp;&nbsp;&nbsp;Fox |  | 963 | 70087 |
| &nbsp;&nbsp;&nbsp;Fox, Cl B |  | 711 | 46620 |
| &nbsp;&nbsp;&nbsp;fuboTV, Cl A \* |  | 1694 | 3778 |
| &nbsp;&nbsp;&nbsp;GCI Liberty, Cl A \* |  | 17 | 637 |
| &nbsp;&nbsp;&nbsp;GCI Liberty, Cl C \* |  | 126 | 4661 |
| &nbsp;&nbsp;&nbsp;Getty Images Holdings \* |  | 645 | 845 |
| &nbsp;&nbsp;&nbsp;Globalstar \* |  | 246 | 15187 |
| &nbsp;&nbsp;&nbsp;Gogo \* |  | 392 | 1799 |
| &nbsp;&nbsp;&nbsp;Gray Media |  | 425 | 1917 |
| &nbsp;&nbsp;&nbsp;IAC \* |  | 338 | 12489 |
| &nbsp;&nbsp;&nbsp;Ibotta, Cl A \* |  | 87 | 1797 |
| &nbsp;&nbsp;&nbsp;IDT, Cl B |  | 103 | 5009 |
| &nbsp;&nbsp;&nbsp;iHeartMedia \* |  | 541 | 1753 |
| &nbsp;&nbsp;&nbsp;IMAX \* |  | 220 | 7680 |
| &nbsp;&nbsp;&nbsp;Iridium Communications |  | 459 | 9143 |
| &nbsp;&nbsp;&nbsp;John Wiley & Sons, Cl A |  | 191 | 5965 |
| &nbsp;&nbsp;&nbsp;Liberty Broadband, Cl A \* |  | 83 | 3986 |
| &nbsp;&nbsp;&nbsp;Liberty Broadband, Cl C \* |  | 598 | 28770 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **COMMUNICATION SERVICES— continued** | **COMMUNICATION SERVICES— continued** | **COMMUNICATION SERVICES— continued** |
| &nbsp;&nbsp;&nbsp;Liberty Media - Liberty Formula One, Cl A \* | 120 | $9563 |
| &nbsp;&nbsp;&nbsp;Liberty Media - Liberty Formula One, Cl C \* | 1094 | 95200 |
| &nbsp;&nbsp;&nbsp;Lionsgate Studios \* | 1141 | 10771 |
| &nbsp;&nbsp;&nbsp;Live Nation Entertainment \* | 820 | 119269 |
| &nbsp;&nbsp;&nbsp;Lumen Technologies \* | 4869 | 42945 |
| &nbsp;&nbsp;&nbsp;Madison Square Garden Entertainment, Cl A \* | 193 | 11941 |
| &nbsp;&nbsp;&nbsp;Madison Square Garden Sports \* | 91 | 25803 |
| &nbsp;&nbsp;&nbsp;Magnite \* | 703 | 10172 |
| &nbsp;&nbsp;&nbsp;Marcus | 115 | 1735 |
| &nbsp;&nbsp;&nbsp;Match Group | 1236 | 38501 |
| &nbsp;&nbsp;&nbsp;MediaAlpha, Cl A \* | 147 | 1504 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Cl A | 11188 | 8016202 |
| &nbsp;&nbsp;&nbsp;Millicom International Cellular | 494 | 30149 |
| &nbsp;&nbsp;&nbsp;National CineMedia | 308 | 1112 |
| &nbsp;&nbsp;&nbsp;Netflix \* | 21755 | 1816325 |
| &nbsp;&nbsp;&nbsp;New York Times, Cl A | 803 | 58868 |
| &nbsp;&nbsp;&nbsp;News | 1942 | 52492 |
| &nbsp;&nbsp;&nbsp;News, Cl B | 630 | 19593 |
| &nbsp;&nbsp;&nbsp;Newsmax, Cl B \* | 42 | 290 |
| &nbsp;&nbsp;&nbsp;Nexstar Media Group, Cl A | 147 | 31220 |
| &nbsp;&nbsp;&nbsp;Nextdoor Holdings \* | 1105 | 2166 |
| &nbsp;&nbsp;&nbsp;NII Holdings \*(A) | 46 |  |
| &nbsp;&nbsp;&nbsp;Omnicom Group | 1633 | 125798 |
| &nbsp;&nbsp;&nbsp;Optimum Communications, Cl A \* | 1304 | 1995 |
| &nbsp;&nbsp;&nbsp;Pinterest, Cl A \* | 2928 | 64797 |
| &nbsp;&nbsp;&nbsp;Playstudios \* | 442 | 280 |
| &nbsp;&nbsp;&nbsp;Playtika Holding | 359 | 1300 |
| &nbsp;&nbsp;&nbsp;PubMatic, Cl A \* | 187 | 1358 |
| &nbsp;&nbsp;&nbsp;QuinStreet \* | 272 | 3615 |
| &nbsp;&nbsp;&nbsp;Reddit, Cl A \* | 620 | 111767 |
| &nbsp;&nbsp;&nbsp;ROBLOX, Cl A \* | 3134 | 206092 |
| &nbsp;&nbsp;&nbsp;Roku, Cl A \* | 669 | 63689 |
| &nbsp;&nbsp;&nbsp;Rumble \* | 445 | 2532 |
| &nbsp;&nbsp;&nbsp;Scholastic | 88 | 3077 |
| &nbsp;&nbsp;&nbsp;Shenandoah Telecommunications | 243 | 2884 |
| &nbsp;&nbsp;&nbsp;Shutterstock | 122 | 2422 |
| &nbsp;&nbsp;&nbsp;Sinclair | 192 | 2786 |
| &nbsp;&nbsp;&nbsp;Sirius XM Holdings | 919 | 18702 |
| &nbsp;&nbsp;&nbsp;Skillz, Cl A \* | 10 | 37 |
| &nbsp;&nbsp;&nbsp;Snap, Cl A \* | 5606 | 38850 |
| &nbsp;&nbsp;&nbsp;Sphere Entertainment \* | 138 | 13180 |
| &nbsp;&nbsp;&nbsp;Spok Holdings | 91 | 1253 |
| &nbsp;&nbsp;&nbsp;Spotify Technology \* | 691 | 345742 |
| &nbsp;&nbsp;&nbsp;Stagwell, Cl A \* | 497 | 2987 |
| &nbsp;&nbsp;&nbsp;Starz Entertainment \* | 64 | 639 |
| &nbsp;&nbsp;&nbsp;System1 \* | 8 | 30 |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software \* | 923 | 203337 |
| &nbsp;&nbsp;&nbsp;Teads Holding \* | 169 | 114 |
| &nbsp;&nbsp;&nbsp;TEGNA | 804 | 15404 |
| &nbsp;&nbsp;&nbsp;Telephone and Data Systems | 451 | 20354 |
| &nbsp;&nbsp;&nbsp;Thryv Holdings \* | 205 | 986 |
| &nbsp;&nbsp;&nbsp;TKO Group Holdings, Cl A | 348 | 70498 |
| &nbsp;&nbsp;&nbsp;T-Mobile US | 2473 | 487700 |

---

#### 24

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
|  | **JANUARY 31, 2026** |
|  | **(Unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Shares** | **Value** | **Value** |
| **COMMUNICATION SERVICES— continued** | **COMMUNICATION SERVICES— continued** | **COMMUNICATION SERVICES— continued** | **COMMUNICATION SERVICES— continued** | **COMMUNICATION SERVICES— continued** |
| &nbsp;&nbsp;&nbsp;Trade Desk, Cl A \* |  | 2289 | $| 69425 |
| &nbsp;&nbsp;&nbsp;TripAdvisor \* |  | 553 |  | 7349 |
| &nbsp;&nbsp;&nbsp;Trump Media & Technology Group \* | &nbsp;&nbsp;&nbsp;Trump Media & Technology Group \* | 803 |  | 10262 |
| &nbsp;&nbsp;&nbsp;Uniti Group \* |  | 1191 |  | 9907 |
| &nbsp;&nbsp;&nbsp;Urban One \* |  | 8 |  | 67 |
| &nbsp;&nbsp;&nbsp;Urban One, Cl A \* |  | 2 |  | 31 |
| &nbsp;&nbsp;&nbsp;USA TODAY \* |  | 701 |  | 4150 |
| &nbsp;&nbsp;&nbsp;Verizon Communications |  | 19960 |  | 888619 |
| &nbsp;&nbsp;&nbsp;Versant Media Group \* |  | 757 |  | 24650 |
| &nbsp;&nbsp;&nbsp;Vivid Seats, Cl A \* |  | 17 |  | 121 |
| &nbsp;&nbsp;&nbsp;Walt Disney |  | 9293 |  | 1048250 |
| &nbsp;&nbsp;&nbsp;Warner Bros Discovery \* |  | 12100 |  | 333234 |
| &nbsp;&nbsp;&nbsp;Warner Music Group, Cl A |  | 727 |  | 21795 |
| &nbsp;&nbsp;&nbsp;Yelp, Cl A \* |  | 308 |  | 8433 |
| &nbsp;&nbsp;&nbsp;Ziff Davis \* |  | 203 |  | 7759 |
| &nbsp;&nbsp;&nbsp;ZipRecruiter, Cl A \* |  | 301 |  | 740 |
| &nbsp;&nbsp;&nbsp;ZoomInfo Technologies, Cl A \* |  | 1309 |  | 10537 |
|  |  |  |  | 35327325 |
| **CONSUMER DISCRETIONARY — 7.7%** | **CONSUMER DISCRETIONARY — 7.7%** | **CONSUMER DISCRETIONARY — 7.7%** | **CONSUMER DISCRETIONARY — 7.7%** | **CONSUMER DISCRETIONARY — 7.7%** |
| &nbsp;&nbsp;&nbsp;1-800-Flowers.com, Cl A \* |  | 124 |  | 536 |
| &nbsp;&nbsp;&nbsp;Abercrombie & Fitch, Cl A \* |  | 238 |  | 23236 |
| &nbsp;&nbsp;&nbsp;Academy Sports & Outdoors |  | 332 |  | 18263 |
| &nbsp;&nbsp;&nbsp;Acushnet Holdings |  | 138 |  | 13378 |
| &nbsp;&nbsp;&nbsp;Adient PLC \* |  | 404 |  | 8403 |
| &nbsp;&nbsp;&nbsp;ADT |  | 2719 |  | 21752 |
| &nbsp;&nbsp;&nbsp;Adtalem Global Education \* |  | 183 |  | 18950 |
| &nbsp;&nbsp;&nbsp;Advance Auto Parts |  | 299 |  | 14355 |
| &nbsp;&nbsp;&nbsp;Airbnb, Cl A \* |  | 1987 |  | 257058 |
| &nbsp;&nbsp;&nbsp;Allbirds, Cl A \* |  | 25 |  | 98 |
| &nbsp;&nbsp;&nbsp;American Axle & Manufacturing Holdings \* |  | 553 |  | 4407 |
| &nbsp;&nbsp;&nbsp;American Eagle Outfitters |  | 775 |  | 18065 |
| &nbsp;&nbsp;&nbsp;American Public Education \* |  | 77 |  | 3217 |
| &nbsp;&nbsp;&nbsp;America's Car-Mart \* |  | 35 |  | 900 |
| &nbsp;&nbsp;&nbsp;Aptiv PLC \* |  | 1112 |  | 84234 |
| &nbsp;&nbsp;&nbsp;Aramark |  | 1346 |  | 51808 |
| &nbsp;&nbsp;&nbsp;Arhaus, Cl A \* |  | 258 |  | 2626 |
| &nbsp;&nbsp;&nbsp;Arko |  | 278 |  | 1476 |
| &nbsp;&nbsp;&nbsp;Asbury Automotive Group \* |  | 99 |  | 23216 |
| &nbsp;&nbsp;&nbsp;AutoNation \* |  | 176 |  | 36076 |
| &nbsp;&nbsp;&nbsp;AutoZone \* |  | 86 |  | 318569 |
| &nbsp;&nbsp;&nbsp;BARK \* |  | 590 |  | 525 |
| &nbsp;&nbsp;&nbsp;Barnes & Noble Education \* |  | 104 |  | 931 |
| &nbsp;&nbsp;&nbsp;Bath & Body Works |  | 1059 |  | 23086 |
| &nbsp;&nbsp;&nbsp;Beazer Homes USA \* |  | 140 |  | 3020 |
| &nbsp;&nbsp;&nbsp;Bed Bath & Beyond \* |  | 329 |  | 1944 |
| &nbsp;&nbsp;&nbsp;Best Buy |  | 1010 |  | 65751 |
| &nbsp;&nbsp;&nbsp;Biglari Holdings, Cl B \* |  | 3 |  | 1125 |
| &nbsp;&nbsp;&nbsp;BJ's Restaurants \* |  | 108 |  | 4517 |
| &nbsp;&nbsp;&nbsp;Bloomin' Brands |  | 372 |  | 2232 |
| &nbsp;&nbsp;&nbsp;Booking Holdings |  | 166 |  | 830305 |
| &nbsp;&nbsp;&nbsp;Boot Barn Holdings \* |  | 157 |  | 28021 |
| &nbsp;&nbsp;&nbsp;BorgWarner |  | 1112 |  | 52720 |
| &nbsp;&nbsp;&nbsp;Bright Horizons Family Solutions \* |  | 291 |  | 26955 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **CONSUMER DISCRETIONARY— continued** | **CONSUMER DISCRETIONARY— continued** | **CONSUMER DISCRETIONARY— continued** |
| &nbsp;&nbsp;&nbsp;Brinker International \* | 226 | $35645 |
| &nbsp;&nbsp;&nbsp;Brunswick | 333 | 26713 |
| &nbsp;&nbsp;&nbsp;Buckle | 158 | 7473 |
| &nbsp;&nbsp;&nbsp;Build-A-Bear Workshop, Cl A | 62 | 3700 |
| &nbsp;&nbsp;&nbsp;Burlington Stores \* | 324 | 95859 |
| &nbsp;&nbsp;&nbsp;Caleres | 163 | 1992 |
| &nbsp;&nbsp;&nbsp;Callaway Golf \* | 596 | 8553 |
| &nbsp;&nbsp;&nbsp;Camping World Holdings, Cl A | 293 | 3865 |
| &nbsp;&nbsp;&nbsp;Capri Holdings \* | 585 | 13203 |
| &nbsp;&nbsp;&nbsp;CarMax \* | 756 | 33672 |
| &nbsp;&nbsp;&nbsp;Carnival \* | 5388 | 161748 |
| &nbsp;&nbsp;&nbsp;CarParts.com \* | 277 | 142 |
| &nbsp;&nbsp;&nbsp;Carriage Services, Cl A | 66 | 2832 |
| &nbsp;&nbsp;&nbsp;Carter's | 179 | 6195 |
| &nbsp;&nbsp;&nbsp;Carvana, Cl A \* | 684 | 274359 |
| &nbsp;&nbsp;&nbsp;Cato, Cl A \* | 74 | 226 |
| &nbsp;&nbsp;&nbsp;Cava Group \* | 513 | 31098 |
| &nbsp;&nbsp;&nbsp;Cavco Industries \* | 40 | 19681 |
| &nbsp;&nbsp;&nbsp;Century Communities | 130 | 8187 |
| &nbsp;&nbsp;&nbsp;Champion Homes \* | 284 | 22260 |
| &nbsp;&nbsp;&nbsp;Cheesecake Factory | 231 | 13389 |
| &nbsp;&nbsp;&nbsp;Chegg \* | 511 | 393 |
| &nbsp;&nbsp;&nbsp;Chewy, Cl A \* | 1132 | 32953 |
| &nbsp;&nbsp;&nbsp;Children's Place \* | 34 | 137 |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Cl A \* | 6883 | 267542 |
| &nbsp;&nbsp;&nbsp;Choice Hotels International | 129 | 13261 |
| &nbsp;&nbsp;&nbsp;Citi Trends \* | 24 | 1036 |
| &nbsp;&nbsp;&nbsp;Clarus | 145 | 555 |
| &nbsp;&nbsp;&nbsp;Columbia Sportswear | 129 | 7131 |
| &nbsp;&nbsp;&nbsp;Cooper-Standard Holdings \* | 84 | 2635 |
| &nbsp;&nbsp;&nbsp;Coursera \* | 681 | 4127 |
| &nbsp;&nbsp;&nbsp;Cracker Barrel Old Country Store | 110 | 3313 |
| &nbsp;&nbsp;&nbsp;Cricut, Cl A | 238 | 1064 |
| &nbsp;&nbsp;&nbsp;Crocs \* | 272 | 22826 |
| &nbsp;&nbsp;&nbsp;Dana | 658 | 19016 |
| &nbsp;&nbsp;&nbsp;Darden Restaurants | 599 | 119411 |
| &nbsp;&nbsp;&nbsp;Dave & Buster's Entertainment \* | 135 | 2534 |
| &nbsp;&nbsp;&nbsp;Deckers Outdoor \* | 761 | 90818 |
| &nbsp;&nbsp;&nbsp;Designer Brands, Cl A | 172 | 1090 |
| &nbsp;&nbsp;&nbsp;Destination XL Group \* | 222 | 152 |
| &nbsp;&nbsp;&nbsp;Dick's Sporting Goods | 330 | 66660 |
| &nbsp;&nbsp;&nbsp;Dillard's, Cl A | 14 | 8506 |
| &nbsp;&nbsp;&nbsp;Dine Brands Global | 75 | 2579 |
| &nbsp;&nbsp;&nbsp;Domino's Pizza | 160 | 65653 |
| &nbsp;&nbsp;&nbsp;DoorDash, Cl A \* | 1810 | 370362 |
| &nbsp;&nbsp;&nbsp;Dorman Products \* | 138 | 17140 |
| &nbsp;&nbsp;&nbsp;DR Horton | 1372 | 204208 |
| &nbsp;&nbsp;&nbsp;Dream Finders Homes, Cl A \* | 141 | 2593 |
| &nbsp;&nbsp;&nbsp;Driven Brands Holdings \* | 295 | 4587 |
| &nbsp;&nbsp;&nbsp;Duluth Holdings, Cl B \* | 60 | 145 |
| &nbsp;&nbsp;&nbsp;Duolingo, Cl A \* | 200 | 26812 |
| &nbsp;&nbsp;&nbsp;Dutch Bros, Cl A \* | 634 | 34483 |
| &nbsp;&nbsp;&nbsp;eBay | 2357 | 215006 |
| &nbsp;&nbsp;&nbsp;El Pollo Loco Holdings \* | 120 | 1216 |
| &nbsp;&nbsp;&nbsp;Escalade | 44 | 640 |
| &nbsp;&nbsp;&nbsp;Ethan Allen Interiors | 119 | 2729 |

---

#### 25

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
|  | **JANUARY 31, 2026** |
|  | **(Unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Shares** | **Value** |
| **CONSUMER DISCRETIONARY— continued** | **CONSUMER DISCRETIONARY— continued** | **CONSUMER DISCRETIONARY— continued** | **CONSUMER DISCRETIONARY— continued** |
| &nbsp;&nbsp;&nbsp;Etsy \* |  | 481 | $25474 |
| &nbsp;&nbsp;&nbsp;European Wax Center, Cl A \* |  | 123 | 483 |
| &nbsp;&nbsp;&nbsp;EVgo, Cl A \* |  | 642 | 1932 |
| &nbsp;&nbsp;&nbsp;Expedia Group |  | 604 | 159963 |
| &nbsp;&nbsp;&nbsp;Figs, Cl A \* |  | 433 | 4681 |
| &nbsp;&nbsp;&nbsp;First Watch Restaurant Group \* |  | 272 | 4349 |
| &nbsp;&nbsp;&nbsp;Five Below \* |  | 278 | 53276 |
| &nbsp;&nbsp;&nbsp;Floor & Decor Holdings, Cl A \* |  | 553 | 36476 |
| &nbsp;&nbsp;&nbsp;Ford Motor |  | 20174 | 280015 |
| &nbsp;&nbsp;&nbsp;Fox Factory Holding \* |  | 192 | 3533 |
| &nbsp;&nbsp;&nbsp;Frontdoor \* |  | 374 | 22107 |
| &nbsp;&nbsp;&nbsp;Funko, Cl A \* |  | 180 | 731 |
| &nbsp;&nbsp;&nbsp;GameStop, Cl A \* |  | 1920 | 45850 |
| &nbsp;&nbsp;&nbsp;Gap |  | 1273 | 35619 |
| &nbsp;&nbsp;&nbsp;Garmin |  | 852 | 171797 |
| &nbsp;&nbsp;&nbsp;Garrett Motion |  | 786 | 14179 |
| &nbsp;&nbsp;&nbsp;General Motors |  | 4816 | 404544 |
| &nbsp;&nbsp;&nbsp;Genesco \* |  | 49 | 1418 |
| &nbsp;&nbsp;&nbsp;Gentex |  | 1131 | 26024 |
| &nbsp;&nbsp;&nbsp;Gentherm \* |  | 150 | 4794 |
| &nbsp;&nbsp;&nbsp;Genuine Parts |  | 716 | 99517 |
| &nbsp;&nbsp;&nbsp;G-III Apparel Group |  | 181 | 5312 |
| &nbsp;&nbsp;&nbsp;Global Business Travel Group I \* |  | 825 | 5651 |
| &nbsp;&nbsp;&nbsp;Gold.com |  | 89 | 4615 |
| &nbsp;&nbsp;&nbsp;Goodyear Tire & Rubber \* |  | 1380 | 12986 |
| &nbsp;&nbsp;&nbsp;GoPro, Cl A \* |  | 579 | 672 |
| &nbsp;&nbsp;&nbsp;Graham Holdings, Cl B |  | 16 | 18666 |
| &nbsp;&nbsp;&nbsp;Grand Canyon Education \* |  | 143 | 24859 |
| &nbsp;&nbsp;&nbsp;Green Brick Partners \* |  | 154 | 10686 |
| &nbsp;&nbsp;&nbsp;Group 1 Automotive |  | 64 | 22673 |
| &nbsp;&nbsp;&nbsp;Groupon, Cl A \* |  | 125 | 1769 |
| &nbsp;&nbsp;&nbsp;GrowGeneration \* |  | 274 | 359 |
| &nbsp;&nbsp;&nbsp;H&R Block |  | 651 | 25682 |
| &nbsp;&nbsp;&nbsp;Hamilton Beach Brands Holding, Cl A | &nbsp;&nbsp;&nbsp;Hamilton Beach Brands Holding, Cl A | 26 | 496 |
| &nbsp;&nbsp;&nbsp;Harley-Davidson |  | 608 | 12038 |
| &nbsp;&nbsp;&nbsp;Hasbro |  | 682 | 60910 |
| &nbsp;&nbsp;&nbsp;Haverty Furniture |  | 67 | 1696 |
| &nbsp;&nbsp;&nbsp;Helen of Troy \* |  | 113 | 1871 |
| &nbsp;&nbsp;&nbsp;Hilton Grand Vacations \* |  | 349 | 15743 |
| &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings |  | 1178 | 351645 |
| &nbsp;&nbsp;&nbsp;Holley \* |  | 394 | 1517 |
| &nbsp;&nbsp;&nbsp;Home Depot |  | 5143 | 1926516 |
| &nbsp;&nbsp;&nbsp;Hooker Furnishings |  | 53 | 703 |
| &nbsp;&nbsp;&nbsp;Hovnanian Enterprises, Cl A \* |  | 22 | 2478 |
| &nbsp;&nbsp;&nbsp;Hyatt Hotels, Cl A |  | 210 | 32838 |
| &nbsp;&nbsp;&nbsp;Installed Building Products |  | 119 | 34289 |
| &nbsp;&nbsp;&nbsp;iRobot \* |  | 146 | 8 |
| &nbsp;&nbsp;&nbsp;J Jill |  | 35 | 546 |
| &nbsp;&nbsp;&nbsp;Jack in the Box |  | 92 | 1929 |
| &nbsp;&nbsp;&nbsp;JAKKS Pacific |  | 42 | 767 |
| &nbsp;&nbsp;&nbsp;Johnson Outdoors, Cl A |  | 23 | 1044 |
| &nbsp;&nbsp;&nbsp;KB Home |  | 280 | 16111 |
| &nbsp;&nbsp;&nbsp;KinderCare Learning \* |  | 160 | 747 |
| &nbsp;&nbsp;&nbsp;Kohl's |  | 543 | 9486 |
| &nbsp;&nbsp;&nbsp;Kontoor Brands |  | 276 | 16485 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **CONSUMER DISCRETIONARY— continued** | **CONSUMER DISCRETIONARY— continued** | **CONSUMER DISCRETIONARY— continued** |
| &nbsp;&nbsp;&nbsp;Krispy Kreme | 405 | $1276 |
| &nbsp;&nbsp;&nbsp;Kura Sushi USA, Cl A \* | 32 | 2138 |
| &nbsp;&nbsp;&nbsp;Lands' End \* | 57 | 1012 |
| &nbsp;&nbsp;&nbsp;Latham Group \* | 274 | 1723 |
| &nbsp;&nbsp;&nbsp;Laureate Education, Cl A \* | 644 | 22089 |
| &nbsp;&nbsp;&nbsp;La-Z-Boy, Cl Z | 203 | 7391 |
| &nbsp;&nbsp;&nbsp;LCI Industries | 118 | 17309 |
| &nbsp;&nbsp;&nbsp;Lear | 274 | 32083 |
| &nbsp;&nbsp;&nbsp;Legacy Housing \* | 41 | 851 |
| &nbsp;&nbsp;&nbsp;Leggett & Platt | 662 | 7726 |
| &nbsp;&nbsp;&nbsp;Lennar, Cl A | 1101 | 120394 |
| &nbsp;&nbsp;&nbsp;Lennar, Cl B | 48 | 4860 |
| &nbsp;&nbsp;&nbsp;Leslie's \* | 28 | 39 |
| &nbsp;&nbsp;&nbsp;Levi Strauss, Cl A | 508 | 10099 |
| &nbsp;&nbsp;&nbsp;LGI Homes \* | 101 | 5061 |
| &nbsp;&nbsp;&nbsp;Liberty Live Holdings, Cl A \* | 100 | 8044 |
| &nbsp;&nbsp;&nbsp;Liberty Live Holdings, Cl C \* | 270 | 22297 |
| &nbsp;&nbsp;&nbsp;Life Time Group Holdings \* | 688 | 20069 |
| &nbsp;&nbsp;&nbsp;Lifetime Brands | 65 | 205 |
| &nbsp;&nbsp;&nbsp;Lincoln Educational Services \* | 135 | 3599 |
| &nbsp;&nbsp;&nbsp;Lindblad Expeditions Holdings \* | 186 | 3101 |
| &nbsp;&nbsp;&nbsp;Lithia Motors, Cl A | 123 | 39783 |
| &nbsp;&nbsp;&nbsp;LKQ | 1322 | 43428 |
| &nbsp;&nbsp;&nbsp;Lovesac \* | 67 | 892 |
| &nbsp;&nbsp;&nbsp;Lowe's | 2896 | 773406 |
| &nbsp;&nbsp;&nbsp;Lucid Group, Cl A \* | 633 | 7005 |
| &nbsp;&nbsp;&nbsp;Lucky Strike Entertainment | 67 | 543 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica \* | 553 | 96499 |
| &nbsp;&nbsp;&nbsp;Luminar Technologies, Cl A \* | 301 | 24 |
| &nbsp;&nbsp;&nbsp;M/I Homes \* | 127 | 16980 |
| &nbsp;&nbsp;&nbsp;Macy's | 1319 | 26406 |
| &nbsp;&nbsp;&nbsp;Malibu Boats, Cl A \* | 94 | 3055 |
| &nbsp;&nbsp;&nbsp;Marine Products | 48 | 464 |
| &nbsp;&nbsp;&nbsp;MarineMax \* | 94 | 2541 |
| &nbsp;&nbsp;&nbsp;Marriott International, Cl A | 1127 | 355343 |
| &nbsp;&nbsp;&nbsp;Marriott Vacations Worldwide | 159 | 8635 |
| &nbsp;&nbsp;&nbsp;MasterCraft Boat Holdings \* | 79 | 1701 |
| &nbsp;&nbsp;&nbsp;Mattel \* | 1594 | 33299 |
| &nbsp;&nbsp;&nbsp;Matthews International, Cl A | 147 | 3865 |
| &nbsp;&nbsp;&nbsp;McDonald's | 3689 | 1162035 |
| &nbsp;&nbsp;&nbsp;Meritage Homes | 362 | 25163 |
| &nbsp;&nbsp;&nbsp;Mister Car Wash \* | 505 | 2803 |
| &nbsp;&nbsp;&nbsp;Mohawk Industries \* | 265 | 31371 |
| &nbsp;&nbsp;&nbsp;Monro | 142 | 2658 |
| &nbsp;&nbsp;&nbsp;Movado Group | 75 | 1710 |
| &nbsp;&nbsp;&nbsp;Murphy USA | 91 | 38448 |
| &nbsp;&nbsp;&nbsp;Nathan's Famous | 13 | 1315 |
| &nbsp;&nbsp;&nbsp;National Vision Holdings \* | 390 | 10277 |
| &nbsp;&nbsp;&nbsp;Nerdy \* | 264 | 259 |
| &nbsp;&nbsp;&nbsp;NIKE, Cl B | 6069 | 375125 |
| &nbsp;&nbsp;&nbsp;Noodles, Cl A \* | 181 | 120 |
| &nbsp;&nbsp;&nbsp;Norwegian Cruise Line Holdings \* | 2341 | 51408 |
| &nbsp;&nbsp;&nbsp;NVR \* | 14 | 106900 |
| &nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings \* | 316 | 34858 |
| &nbsp;&nbsp;&nbsp;On Holding, Cl A \* | 1181 | 53440 |
| &nbsp;&nbsp;&nbsp;OneSpaWorld Holdings | 499 | 9805 |

---

#### 26

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
|  | **JANUARY 31, 2026** |
|  | **(Unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Shares** | **Value** |
| **CONSUMER DISCRETIONARY— continued** | **CONSUMER DISCRETIONARY— continued** | **CONSUMER DISCRETIONARY— continued** | **CONSUMER DISCRETIONARY— continued** |
| &nbsp;&nbsp;&nbsp;OneWater Marine, Cl A \* |  | 59 | $784 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive \* |  | 4352 | 428280 |
| &nbsp;&nbsp;&nbsp;Outdoor Holding \* |  | 439 | 716 |
| &nbsp;&nbsp;&nbsp;Oxford Industries |  | 72 | 2653 |
| &nbsp;&nbsp;&nbsp;Papa John's International |  | 156 | 5487 |
| &nbsp;&nbsp;&nbsp;Patrick Industries |  | 165 | 20818 |
| &nbsp;&nbsp;&nbsp;Peloton Interactive, Cl A \* |  | 2004 | 11202 |
| &nbsp;&nbsp;&nbsp;Penske Automotive Group |  | 90 | 14111 |
| &nbsp;&nbsp;&nbsp;Perdoceo Education |  | 319 | 10218 |
| &nbsp;&nbsp;&nbsp;Petco Health & Wellness, Cl A \* |  | 394 | 1060 |
| &nbsp;&nbsp;&nbsp;PetMed Express \* |  | 98 | 313 |
| &nbsp;&nbsp;&nbsp;Phinia |  | 187 | 13309 |
| &nbsp;&nbsp;&nbsp;Planet Fitness, Cl A \* |  | 432 | 39329 |
| &nbsp;&nbsp;&nbsp;Polaris |  | 265 | 16918 |
| &nbsp;&nbsp;&nbsp;Pool |  | 169 | 42941 |
| &nbsp;&nbsp;&nbsp;Portillo's, Cl A \* |  | 334 | 1887 |
| &nbsp;&nbsp;&nbsp;PulteGroup |  | 1001 | 125215 |
| &nbsp;&nbsp;&nbsp;Purple Innovation, Cl A \* |  | 280 | 193 |
| &nbsp;&nbsp;&nbsp;Pursuit Attractions and Hospitality \* | &nbsp;&nbsp;&nbsp;Pursuit Attractions and Hospitality \* | 105 | 3647 |
| &nbsp;&nbsp;&nbsp;PVH |  | 239 | 14904 |
| &nbsp;&nbsp;&nbsp;QuantumScape, Cl A \* |  | 2293 | 20293 |
| &nbsp;&nbsp;&nbsp;QVC Group \* |  | 40 | 425 |
| &nbsp;&nbsp;&nbsp;Ralph Lauren, Cl A |  | 194 | 68562 |
| &nbsp;&nbsp;&nbsp;RealReal \* |  | 470 | 6895 |
| &nbsp;&nbsp;&nbsp;Revolve Group, Cl A \* |  | 202 | 5585 |
| &nbsp;&nbsp;&nbsp;RH \* |  | 77 | 15310 |
| &nbsp;&nbsp;&nbsp;RideNow Group, Cl B \* |  | 74 | 363 |
| &nbsp;&nbsp;&nbsp;Rivian Automotive, Cl A \* |  | 4580 | 67555 |
| &nbsp;&nbsp;&nbsp;Rocky Brands |  | 35 | 1127 |
| &nbsp;&nbsp;&nbsp;Ross Stores |  | 1645 | 310329 |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises |  | 1239 | 402241 |
| &nbsp;&nbsp;&nbsp;Sabre \* |  | 1913 | 2487 |
| &nbsp;&nbsp;&nbsp;Sally Beauty Holdings \* |  | 494 | 7519 |
| &nbsp;&nbsp;&nbsp;Savers Value Village \* |  | 188 | 1948 |
| &nbsp;&nbsp;&nbsp;Serve Robotics \* |  | 305 | 3181 |
| &nbsp;&nbsp;&nbsp;Service International |  | 706 | 56784 |
| &nbsp;&nbsp;&nbsp;Shake Shack, Cl A \* |  | 193 | 17094 |
| &nbsp;&nbsp;&nbsp;SharkNinja \* |  | 402 | 47516 |
| &nbsp;&nbsp;&nbsp;Shoe Carnival |  | 88 | 1677 |
| &nbsp;&nbsp;&nbsp;Signet Jewelers |  | 198 | 18270 |
| &nbsp;&nbsp;&nbsp;Six Flags Entertainment \* |  | 464 | 8357 |
| &nbsp;&nbsp;&nbsp;Sleep Number \* |  | 103 | 1199 |
| &nbsp;&nbsp;&nbsp;Smith Douglas Homes, Cl A \* |  | 41 | 740 |
| &nbsp;&nbsp;&nbsp;Solid Power \* |  | 710 | 3181 |
| &nbsp;&nbsp;&nbsp;Somnigroup International |  | 1044 | 91715 |
| &nbsp;&nbsp;&nbsp;Sonic Automotive, Cl A |  | 71 | 4257 |
| &nbsp;&nbsp;&nbsp;Sonos \* |  | 593 | 8510 |
| &nbsp;&nbsp;&nbsp;Sportsman's Warehouse Holdings \* |  | 177 | 242 |
| &nbsp;&nbsp;&nbsp;Standard Motor Products |  | 105 | 4193 |
| &nbsp;&nbsp;&nbsp;Starbucks |  | 5868 | 539563 |
| &nbsp;&nbsp;&nbsp;Stellantis |  | 9656 | 95305 |
| &nbsp;&nbsp;&nbsp;Steven Madden |  | 358 | 15709 |
| &nbsp;&nbsp;&nbsp;Stitch Fix, Cl A \* |  | 547 | 2626 |
| &nbsp;&nbsp;&nbsp;Stoneridge \* |  | 137 | 901 |
| &nbsp;&nbsp;&nbsp;Strategic Education |  | 111 | 9437 |

---

---

| | | | |
|:---|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** | **Value** |
| **CONSUMER DISCRETIONARY— continued** | **CONSUMER DISCRETIONARY— continued** | **CONSUMER DISCRETIONARY— continued** | **CONSUMER DISCRETIONARY— continued** |
| &nbsp;&nbsp;&nbsp;Strattec Security \* | 19 | $| 1503 |
| &nbsp;&nbsp;&nbsp;Stride \* | 214 |  | 18104 |
| &nbsp;&nbsp;&nbsp;Superior Group of | 53 |  | 528 |
| &nbsp;&nbsp;&nbsp;Sweetgreen, Cl A \* | 490 |  | 3009 |
| &nbsp;&nbsp;&nbsp;Tapestry | 1074 |  | 136301 |
| &nbsp;&nbsp;&nbsp;Target Hospitality \* | 164 |  | 1130 |
| &nbsp;&nbsp;&nbsp;Taylor Morrison Home, Cl A \* | 491 |  | 29926 |
| &nbsp;&nbsp;&nbsp;Tesla \* | 15041 |  | 6473797 |
| &nbsp;&nbsp;&nbsp;Texas Roadhouse, Cl A | 342 |  | 61512 |
| &nbsp;&nbsp;&nbsp;Thor Industries | 258 |  | 28862 |
| &nbsp;&nbsp;&nbsp;ThredUp, Cl A \* | 486 |  | 2469 |
| &nbsp;&nbsp;&nbsp;Tile Shop Holdings \* | 78 |  | 257 |
| &nbsp;&nbsp;&nbsp;Tilly's, Cl A \* | 72 |  | 106 |
| &nbsp;&nbsp;&nbsp;TJX | 5736 |  | 859310 |
| &nbsp;&nbsp;&nbsp;Toll Brothers | 495 |  | 71523 |
| &nbsp;&nbsp;&nbsp;TopBuild \* | 145 |  | 67867 |
| &nbsp;&nbsp;&nbsp;Torrid Holdings \* | 151 |  | 174 |
| &nbsp;&nbsp;&nbsp;Tractor Supply | 2732 |  | 139004 |
| &nbsp;&nbsp;&nbsp;Traeger \* | 305 |  | 336 |
| &nbsp;&nbsp;&nbsp;Travel + Leisure | 319 |  | 22183 |
| &nbsp;&nbsp;&nbsp;TRI Pointe Group \* | 418 |  | 13940 |
| &nbsp;&nbsp;&nbsp;Udemy \* | 476 |  | 2290 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty \* | 231 |  | 149540 |
| &nbsp;&nbsp;&nbsp;Under Armour, Cl A \* | 949 |  | 5855 |
| &nbsp;&nbsp;&nbsp;Under Armour, Cl C \* | 591 |  | 3587 |
| &nbsp;&nbsp;&nbsp;United Parks & Resorts \* | 134 |  | 5045 |
| &nbsp;&nbsp;&nbsp;Universal Technical Institute \* | 252 |  | 7013 |
| &nbsp;&nbsp;&nbsp;Upbound Group, Cl A | 265 |  | 5009 |
| &nbsp;&nbsp;&nbsp;Urban Outfitters \* | 332 |  | 23522 |
| &nbsp;&nbsp;&nbsp;Vail Resorts | 184 |  | 24485 |
| &nbsp;&nbsp;&nbsp;Valvoline \* | 654 |  | 21399 |
| &nbsp;&nbsp;&nbsp;Vera Bradley \* | 88 |  | 211 |
| &nbsp;&nbsp;&nbsp;VF | 1983 |  | 38847 |
| &nbsp;&nbsp;&nbsp;Victoria's Secret \* | 408 |  | 22240 |
| &nbsp;&nbsp;&nbsp;Viking Holdings \* | 901 |  | 65007 |
| &nbsp;&nbsp;&nbsp;Visteon | 135 |  | 12266 |
| &nbsp;&nbsp;&nbsp;Warby Parker, Cl A \* | 500 |  | 12755 |
| &nbsp;&nbsp;&nbsp;Wayfair, Cl A \* | 530 |  | 54850 |
| &nbsp;&nbsp;&nbsp;Wendy's | 791 |  | 6162 |
| &nbsp;&nbsp;&nbsp;Weyco Group | 29 |  | 917 |
| &nbsp;&nbsp;&nbsp;Whirlpool | 288 |  | 23037 |
| &nbsp;&nbsp;&nbsp;Williams-Sonoma | 624 |  | 127702 |
| &nbsp;&nbsp;&nbsp;Wingstop | 144 |  | 38222 |
| &nbsp;&nbsp;&nbsp;Winmark | 16 |  | 7211 |
| &nbsp;&nbsp;&nbsp;Winnebago Industries | 136 |  | 6244 |
| &nbsp;&nbsp;&nbsp;Wolverine World Wide | 402 |  | 7123 |
| &nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts | 382 |  | 27806 |
| &nbsp;&nbsp;&nbsp;XPEL \* | 120 |  | 6181 |
| &nbsp;&nbsp;&nbsp;Xponential Fitness, Cl A \* | 118 |  | 937 |
| &nbsp;&nbsp;&nbsp;YETI Holdings \* | 406 |  | 18558 |
| &nbsp;&nbsp;&nbsp;Yum! Brands | 1432 |  | 222676 |
| &nbsp;&nbsp;&nbsp;Zumiez \* | 66 |  | 1624 |
|  |  |  | 23454588 |
| **CONSUMER STAPLES — 4.6%** | **CONSUMER STAPLES — 4.6%** | **CONSUMER STAPLES — 4.6%** | **CONSUMER STAPLES — 4.6%** |
| &nbsp;&nbsp;&nbsp;Albertsons, Cl A | 2014 |  | 33533 |

---

#### 27

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
|  | **JANUARY 31, 2026** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **CONSUMER STAPLES— continued** | **CONSUMER STAPLES— continued** | **CONSUMER STAPLES— continued** |
| &nbsp;&nbsp;&nbsp;Alico | 29 | $1198 |
| &nbsp;&nbsp;&nbsp;Andersons | 163 | 10104 |
| &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland | 2466 | 165986 |
| &nbsp;&nbsp;&nbsp;B&G Foods | 388 | 1696 |
| &nbsp;&nbsp;&nbsp;Beauty Health \* | 366 | 549 |
| &nbsp;&nbsp;&nbsp;BellRing Brands \* | 627 | 15593 |
| &nbsp;&nbsp;&nbsp;Beyond Meat \* | 1880 | 1435 |
| &nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings \* | 676 | 62489 |
| &nbsp;&nbsp;&nbsp;Boston Beer, Cl A \* | 38 | 8118 |
| &nbsp;&nbsp;&nbsp;BRC, Cl A \* | 389 | 322 |
| &nbsp;&nbsp;&nbsp;Brown-Forman, Cl A | 217 | 6039 |
| &nbsp;&nbsp;&nbsp;Brown-Forman, Cl B | 1520 | 41602 |
| &nbsp;&nbsp;&nbsp;Bunge Global | 855 | 97367 |
| &nbsp;&nbsp;&nbsp;Calavo Growers | 84 | 2137 |
| &nbsp;&nbsp;&nbsp;Cal-Maine Foods | 212 | 17708 |
| &nbsp;&nbsp;&nbsp;Campbell's | 1012 | 28316 |
| &nbsp;&nbsp;&nbsp;Casey's General Stores | 191 | 115842 |
| &nbsp;&nbsp;&nbsp;Celsius Holdings \* | 961 | 50433 |
| &nbsp;&nbsp;&nbsp;Central Garden & Pet \* | 39 | 1319 |
| &nbsp;&nbsp;&nbsp;Central Garden & Pet, Cl A \* | 250 | 7668 |
| &nbsp;&nbsp;&nbsp;Chefs' Warehouse \* | 184 | 11574 |
| &nbsp;&nbsp;&nbsp;Clorox | 627 | 70719 |
| &nbsp;&nbsp;&nbsp;Coca-Cola | 18221 | 1363113 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Consolidated | 292 | 44402 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive | 4167 | 376238 |
| &nbsp;&nbsp;&nbsp;Conagra Brands | 2456 | 45461 |
| &nbsp;&nbsp;&nbsp;Constellation Brands, Cl A | 706 | 110630 |
| &nbsp;&nbsp;&nbsp;Costco Wholesale | 2286 | 2149412 |
| &nbsp;&nbsp;&nbsp;Coty, Cl A \* | 1855 | 5880 |
| &nbsp;&nbsp;&nbsp;Darling Ingredients \* | 772 | 35250 |
| &nbsp;&nbsp;&nbsp;Dole PLC | 354 | 5639 |
| &nbsp;&nbsp;&nbsp;Dollar General | 1134 | 162650 |
| &nbsp;&nbsp;&nbsp;Dollar Tree \* | 981 | 115356 |
| &nbsp;&nbsp;&nbsp;Edgewell Personal Care | 231 | 4495 |
| &nbsp;&nbsp;&nbsp;elf Beauty \* | 285 | 24222 |
| &nbsp;&nbsp;&nbsp;Energizer Holdings | 341 | 7444 |
| &nbsp;&nbsp;&nbsp;Estee Lauder, Cl A | 1083 | 124848 |
| &nbsp;&nbsp;&nbsp;Flowers Foods | 985 | 11259 |
| &nbsp;&nbsp;&nbsp;Fresh Del Monte Produce | 197 | 7813 |
| &nbsp;&nbsp;&nbsp;Freshpet \* | 243 | 16937 |
| &nbsp;&nbsp;&nbsp;General Mills | 2747 | 127076 |
| &nbsp;&nbsp;&nbsp;Grocery Outlet Holding \* | 471 | 4489 |
| &nbsp;&nbsp;&nbsp;Hain Celestial Group \* | 446 | 540 |
| &nbsp;&nbsp;&nbsp;Herbalife \* | 505 | 8706 |
| &nbsp;&nbsp;&nbsp;Hershey | 752 | 146452 |
| &nbsp;&nbsp;&nbsp;HF Foods Group \* | 206 | 393 |
| &nbsp;&nbsp;&nbsp;Honest \* | 456 | 1126 |
| &nbsp;&nbsp;&nbsp;Hormel Foods | 1502 | 36964 |
| &nbsp;&nbsp;&nbsp;Ingles Markets, Cl A | 73 | 5465 |
| &nbsp;&nbsp;&nbsp;Ingredion | 329 | 38855 |
| &nbsp;&nbsp;&nbsp;Interparfums | 92 | 8976 |
| &nbsp;&nbsp;&nbsp;J&J Snack Foods | 79 | 7505 |
| &nbsp;&nbsp;&nbsp;JM Smucker | 527 | 55261 |
| &nbsp;&nbsp;&nbsp;John B Sanfilippo & Son | 45 | 3640 |
| &nbsp;&nbsp;&nbsp;Kenvue | 9809 | 170677 |
| &nbsp;&nbsp;&nbsp;Keurig Dr Pepper | 6656 | 182641 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **CONSUMER STAPLES— continued** | **CONSUMER STAPLES— continued** | **CONSUMER STAPLES— continued** |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark | 1712 | $171183 |
| &nbsp;&nbsp;&nbsp;Kraft Heinz | 4410 | 104693 |
| &nbsp;&nbsp;&nbsp;Kroger | 3127 | 196532 |
| &nbsp;&nbsp;&nbsp;Lamb Weston Holdings | 714 | 32794 |
| &nbsp;&nbsp;&nbsp;Lifeway Foods \* | 25 | 551 |
| &nbsp;&nbsp;&nbsp;Limoneira | 83 | 1195 |
| &nbsp;&nbsp;&nbsp;Mama's Creations \* | 183 | 2763 |
| &nbsp;&nbsp;&nbsp;Maplebear \* | 1007 | 37420 |
| &nbsp;&nbsp;&nbsp;Marzetti | 99 | 16985 |
| &nbsp;&nbsp;&nbsp;McCormick | 1308 | 80874 |
| &nbsp;&nbsp;&nbsp;Medifast \* | 52 | 595 |
| &nbsp;&nbsp;&nbsp;MGP Ingredients | 74 | 1843 |
| &nbsp;&nbsp;&nbsp;Mission Produce \* | 208 | 2800 |
| &nbsp;&nbsp;&nbsp;Molson Coors Beverage, Cl B | 850 | 40834 |
| &nbsp;&nbsp;&nbsp;Mondelez International, Cl A | 6653 | 389001 |
| &nbsp;&nbsp;&nbsp;Monster Beverage \* | 3606 | 291221 |
| &nbsp;&nbsp;&nbsp;National Beverage \* | 119 | 4056 |
| &nbsp;&nbsp;&nbsp;Natural Grocers by Vitamin Cottage | 62 | 1694 |
| &nbsp;&nbsp;&nbsp;Nature's Sunshine Products \* | 68 | 1715 |
| &nbsp;&nbsp;&nbsp;Niagen Bioscience \* | 248 | 1486 |
| &nbsp;&nbsp;&nbsp;Nu Skin Enterprises, Cl A | 239 | 2536 |
| &nbsp;&nbsp;&nbsp;Oil-Dri Corp of America | 51 | 3088 |
| &nbsp;&nbsp;&nbsp;Olaplex Holdings \* | 438 | 692 |
| &nbsp;&nbsp;&nbsp;PepsiCo | 7060 | 1084628 |
| &nbsp;&nbsp;&nbsp;Performance Food Group \* | 774 | 73878 |
| &nbsp;&nbsp;&nbsp;Pilgrim's Pride | 210 | 9108 |
| &nbsp;&nbsp;&nbsp;Post Holdings \* | 245 | 25066 |
| &nbsp;&nbsp;&nbsp;PriceSmart | 128 | 18203 |
| &nbsp;&nbsp;&nbsp;Primo Brands, Cl A | 1307 | 24755 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble | 12082 | 1833685 |
| &nbsp;&nbsp;&nbsp;Reynolds Consumer Products | 272 | 6302 |
| &nbsp;&nbsp;&nbsp;Seaboard | 1 | 5082 |
| &nbsp;&nbsp;&nbsp;Seneca Foods, Cl A \* | 24 | 2864 |
| &nbsp;&nbsp;&nbsp;Simply Good Foods \* | 460 | 8634 |
| &nbsp;&nbsp;&nbsp;Spectrum Brands Holdings | 117 | 7454 |
| &nbsp;&nbsp;&nbsp;Sprouts Farmers Market \* | 500 | 35455 |
| &nbsp;&nbsp;&nbsp;Sysco | 2470 | 207109 |
| &nbsp;&nbsp;&nbsp;Target | 2343 | 247116 |
| &nbsp;&nbsp;&nbsp;Tootsie Roll Industries | 86 | 3258 |
| &nbsp;&nbsp;&nbsp;TreeHouse Foods \* | 220 | 5421 |
| &nbsp;&nbsp;&nbsp;Tyson Foods, Cl A | 1454 | 94990 |
| &nbsp;&nbsp;&nbsp;United Natural Foods \* | 293 | 10908 |
| &nbsp;&nbsp;&nbsp;US Foods Holding \* | 1156 | 96665 |
| &nbsp;&nbsp;&nbsp;USANA Health Sciences \* | 54 | 1172 |
| &nbsp;&nbsp;&nbsp;Utz Brands | 353 | 3721 |
| &nbsp;&nbsp;&nbsp;Village Super Market, Cl A | 45 | 1605 |
| &nbsp;&nbsp;&nbsp;Vita Coco \* | 238 | 12697 |
| &nbsp;&nbsp;&nbsp;Vital Farms \* | 170 | 4836 |
| &nbsp;&nbsp;&nbsp;Waldencast PLC, Cl A \* | 222 | 402 |
| &nbsp;&nbsp;&nbsp;Walmart | 22324 | 2659681 |
| &nbsp;&nbsp;&nbsp;WD-40 | 68 | 15724 |
| &nbsp;&nbsp;&nbsp;Weis Markets | 68 | 4838 |
| &nbsp;&nbsp;&nbsp;Westrock Coffee \* | 268 | 1294 |
| &nbsp;&nbsp;&nbsp;Zevia PBC, Cl A \* | 195 | 361 |
|  |  | 14055025 |

---

#### 28

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
|  | **JANUARY 31, 2026** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **ENERGY — 3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Aemetis \* | 295 | $451 |
| &nbsp;&nbsp;&nbsp;Amplify Energy \* | 195 | 979 |
| &nbsp;&nbsp;&nbsp;Antero Midstream | 1698 | 31956 |
| &nbsp;&nbsp;&nbsp;Antero Resources \* | 1492 | 54264 |
| &nbsp;&nbsp;&nbsp;APA | 1841 | 48621 |
| &nbsp;&nbsp;&nbsp;Archrock | 882 | 26098 |
| &nbsp;&nbsp;&nbsp;Ardmore Shipping | 194 | 2506 |
| &nbsp;&nbsp;&nbsp;Atlas Energy Solutions, Cl A | 370 | 4318 |
| &nbsp;&nbsp;&nbsp;Baker Hughes, Cl A | 5096 | 285580 |
| &nbsp;&nbsp;&nbsp;Borr Drilling | 1104 | 5167 |
| &nbsp;&nbsp;&nbsp;Bristow Group \* | 125 | 5495 |
| &nbsp;&nbsp;&nbsp;Cactus, Cl A | 343 | 19287 |
| &nbsp;&nbsp;&nbsp;California Resources | 374 | 20003 |
| &nbsp;&nbsp;&nbsp;Calumet \* | 419 | 9390 |
| &nbsp;&nbsp;&nbsp;Centrus Energy, Cl A \* | 86 | 23932 |
| &nbsp;&nbsp;&nbsp;Cheniere Energy | 1086 | 229711 |
| &nbsp;&nbsp;&nbsp;Chevron | 9905 | 1752141 |
| &nbsp;&nbsp;&nbsp;Chord Energy | 293 | 29370 |
| &nbsp;&nbsp;&nbsp;Clean Energy Fuels \* | 821 | 1806 |
| &nbsp;&nbsp;&nbsp;CNX Resources \* | 688 | 26694 |
| &nbsp;&nbsp;&nbsp;Comstock Resources \* | 395 | 9618 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips | 6451 | 672388 |
| &nbsp;&nbsp;&nbsp;Core Laboratories | 168 | 3283 |
| &nbsp;&nbsp;&nbsp;Core Natural Resources | 247 | 23559 |
| &nbsp;&nbsp;&nbsp;Coterra Energy | 3837 | 110697 |
| &nbsp;&nbsp;&nbsp;Crescent Energy, Cl A | 1215 | 11866 |
| &nbsp;&nbsp;&nbsp;CVR Energy \* | 151 | 3434 |
| &nbsp;&nbsp;&nbsp;Delek US Holdings | 295 | 8705 |
| &nbsp;&nbsp;&nbsp;Devon Energy | 3257 | 130964 |
| &nbsp;&nbsp;&nbsp;DHT Holdings | 670 | 9601 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy | 960 | 157392 |
| &nbsp;&nbsp;&nbsp;DMC Global \* | 94 | 808 |
| &nbsp;&nbsp;&nbsp;Dorian LPG | 198 | 5847 |
| &nbsp;&nbsp;&nbsp;DT Midstream | 523 | 65908 |
| &nbsp;&nbsp;&nbsp;Empire Petroleum \* | 59 | 178 |
| &nbsp;&nbsp;&nbsp;EOG Resources | 2815 | 315646 |
| &nbsp;&nbsp;&nbsp;EQT | 3205 | 185025 |
| &nbsp;&nbsp;&nbsp;Evolution Petroleum | 148 | 583 |
| &nbsp;&nbsp;&nbsp;Excelerate Energy, Cl A | 118 | 4407 |
| &nbsp;&nbsp;&nbsp;Expand Energy | 1197 | 134555 |
| &nbsp;&nbsp;&nbsp;Expro Group Holdings \* | 503 | 8053 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil | 21980 | 3107972 |
| &nbsp;&nbsp;&nbsp;Flowco Holdings, Cl A | 103 | 2153 |
| &nbsp;&nbsp;&nbsp;Forum Energy Technologies \* | 56 | 2533 |
| &nbsp;&nbsp;&nbsp;FutureFuel | 132 | 434 |
| &nbsp;&nbsp;&nbsp;Gevo \* | 1158 | 2270 |
| &nbsp;&nbsp;&nbsp;Golar LNG | 487 | 19767 |
| &nbsp;&nbsp;&nbsp;Granite Ridge Resources | 361 | 1812 |
| &nbsp;&nbsp;&nbsp;Green Plains \* | 319 | 3656 |
| &nbsp;&nbsp;&nbsp;Gulfport Energy \* | 69 | 14088 |
| &nbsp;&nbsp;&nbsp;Halliburton | 3899 | 130695 |
| &nbsp;&nbsp;&nbsp;Helix Energy Solutions Group \* | 691 | 5487 |
| &nbsp;&nbsp;&nbsp;Helmerich & Payne | 442 | 14975 |
| &nbsp;&nbsp;&nbsp;Hess Midstream, Cl A | 675 | 23942 |
| &nbsp;&nbsp;&nbsp;HF Sinclair | 825 | 42892 |
| &nbsp;&nbsp;&nbsp;HighPeak Energy | 113 | 514 |

---

---

| | | | |
|:---|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Shares** | **Value** |
| **ENERGY— continued** | **ENERGY— continued** | **ENERGY— continued** | **ENERGY— continued** |
| &nbsp;&nbsp;&nbsp;Infinity Natural Resources, Cl A \* |  | 76 | $1207 |
| &nbsp;&nbsp;&nbsp;Innovex International \* |  | 228 | 5666 |
| &nbsp;&nbsp;&nbsp;International Seaways |  | 244 | 14555 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan |  | 10014 | 305327 |
| &nbsp;&nbsp;&nbsp;Kinetik Holdings, Cl A |  | 221 | 9041 |
| &nbsp;&nbsp;&nbsp;Kodiak Gas Services |  | 334 | 14031 |
| &nbsp;&nbsp;&nbsp;Liberty Energy, Cl A |  | 786 | 19375 |
| &nbsp;&nbsp;&nbsp;Lightbridge \* |  | 122 | 1877 |
| &nbsp;&nbsp;&nbsp;Magnolia Oil & Gas, Cl A |  | 932 | 23775 |
| &nbsp;&nbsp;&nbsp;Mammoth Energy Services \* |  | 72 | 168 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum |  | 1568 | 276266 |
| &nbsp;&nbsp;&nbsp;Matador Resources |  | 592 | 26782 |
| &nbsp;&nbsp;&nbsp;Murphy Oil |  | 693 | 20852 |
| &nbsp;&nbsp;&nbsp;Nabors Industries \* |  | 70 | 4679 |
| &nbsp;&nbsp;&nbsp;NACCO Industries, Cl A |  | 17 | 837 |
| &nbsp;&nbsp;&nbsp;National Energy Services Reunited \* | &nbsp;&nbsp;&nbsp;National Energy Services Reunited \* | 274 | 5392 |
| &nbsp;&nbsp;&nbsp;Natural Gas Services Group |  | 60 | 2078 |
| &nbsp;&nbsp;&nbsp;Navigator Holdings |  | 133 | 2465 |
| &nbsp;&nbsp;&nbsp;New Fortress Energy, Cl A \* |  | 953 | 1268 |
| &nbsp;&nbsp;&nbsp;NextDecade \* |  | 884 | 4676 |
| &nbsp;&nbsp;&nbsp;Nine Energy Service \*(A) |  | 175 | 103 |
| &nbsp;&nbsp;&nbsp;Noble PLC |  | 651 | 23189 |
| &nbsp;&nbsp;&nbsp;Nordic American Tankers |  | 1016 | 4227 |
| &nbsp;&nbsp;&nbsp;Northern Oil & Gas |  | 478 | 11950 |
| &nbsp;&nbsp;&nbsp;NOV |  | 1865 | 34223 |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum |  | 3702 | 168034 |
| &nbsp;&nbsp;&nbsp;Oil States International \* |  | 282 | 2389 |
| &nbsp;&nbsp;&nbsp;ONEOK |  | 3247 | 257130 |
| &nbsp;&nbsp;&nbsp;OPAL Fuels, Cl A \* |  | 120 | 277 |
| &nbsp;&nbsp;&nbsp;Ovintiv |  | 1310 | 56946 |
| &nbsp;&nbsp;&nbsp;Par Pacific Holdings \* |  | 243 | 9171 |
| &nbsp;&nbsp;&nbsp;Patterson-UTI Energy |  | 1861 | 14013 |
| &nbsp;&nbsp;&nbsp;PBF Energy, Cl A |  | 414 | 13852 |
| &nbsp;&nbsp;&nbsp;Peabody Energy |  | 624 | 22002 |
| &nbsp;&nbsp;&nbsp;Permian Resources, Cl A |  | 3766 | 60746 |
| &nbsp;&nbsp;&nbsp;Phillips 66 |  | 2079 | 298461 |
| &nbsp;&nbsp;&nbsp;PrimeEnergy Resources \* |  | 1 | 183 |
| &nbsp;&nbsp;&nbsp;ProPetro Holding \* |  | 432 | 4964 |
| &nbsp;&nbsp;&nbsp;Range Resources |  | 1209 | 45761 |
| &nbsp;&nbsp;&nbsp;Ranger Energy Services, Cl A |  | 90 | 1388 |
| &nbsp;&nbsp;&nbsp;REX American Resources \* |  | 143 | 4835 |
| &nbsp;&nbsp;&nbsp;Riley Exploration Permian |  | 70 | 1964 |
| &nbsp;&nbsp;&nbsp;Ring Energy \* |  | 891 | 1060 |
| &nbsp;&nbsp;&nbsp;RPC |  | 502 | 3338 |
| &nbsp;&nbsp;&nbsp;Sable Offshore \* |  | 376 | 3640 |
| &nbsp;&nbsp;&nbsp;SandRidge Energy |  | 158 | 2504 |
| &nbsp;&nbsp;&nbsp;Scorpio Tankers |  | 226 | 14378 |
| &nbsp;&nbsp;&nbsp;SEACOR Marine Holdings \* |  | 114 | 762 |
| &nbsp;&nbsp;&nbsp;Seadrill \* |  | 297 | 11429 |
| &nbsp;&nbsp;&nbsp;Select Water Solutions, Cl A |  | 497 | 6009 |
| &nbsp;&nbsp;&nbsp;SLB |  | 7734 | 374162 |
| &nbsp;&nbsp;&nbsp;SM Energy |  | 1238 | 24102 |
| &nbsp;&nbsp;&nbsp;Solaris Energy Infrastructure, Cl A |  | 211 | 11645 |
| &nbsp;&nbsp;&nbsp;Summit Midstream \* |  | 54 | 1550 |

---

#### 29

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
|  | **JANUARY 31, 2026** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **ENERGY— continued** | **ENERGY— continued** | **ENERGY— continued** |
| &nbsp;&nbsp;&nbsp;Talos Energy \* | 633 | $7545 |
| &nbsp;&nbsp;&nbsp;Targa Resources | 1095 | 220073 |
| &nbsp;&nbsp;&nbsp;Teekay | 269 | 2752 |
| &nbsp;&nbsp;&nbsp;TETRA Technologies \* | 601 | 6851 |
| &nbsp;&nbsp;&nbsp;Texas Pacific Land | 295 | 102766 |
| &nbsp;&nbsp;&nbsp;Tidewater \* | 213 | 13310 |
| &nbsp;&nbsp;&nbsp;Transocean \* | 5131 | 25501 |
| &nbsp;&nbsp;&nbsp;Uranium Energy \* | 2454 | 42307 |
| &nbsp;&nbsp;&nbsp;VAALCO Energy | 508 | 2611 |
| &nbsp;&nbsp;&nbsp;Valaris \* | 294 | 16973 |
| &nbsp;&nbsp;&nbsp;Valero Energy | 1568 | 284482 |
| &nbsp;&nbsp;&nbsp;Venture Global, Cl A | 515 | 5047 |
| &nbsp;&nbsp;&nbsp;Vitesse Energy | 146 | 3060 |
| &nbsp;&nbsp;&nbsp;W&T Offshore | 492 | 1068 |
| &nbsp;&nbsp;&nbsp;Weatherford International PLC | 363 | 34151 |
| &nbsp;&nbsp;&nbsp;Williams | 6285 | 422729 |
| &nbsp;&nbsp;&nbsp;World Kinect | 269 | 7239 |
|  |  | 11242645 |
| **FINANCIALS — 14.4%** |  |  |
| &nbsp;&nbsp;&nbsp;1st Source | 83 | 5588 |
| &nbsp;&nbsp;&nbsp;Abacus Global Management | 207 | 1542 |
| &nbsp;&nbsp;&nbsp;Acacia Research \* | 168 | 669 |
| &nbsp;&nbsp;&nbsp;Acadian Asset Management | 138 | 7648 |
| &nbsp;&nbsp;&nbsp;ACNB | 51 | 2577 |
| &nbsp;&nbsp;&nbsp;Adamas Trust ‡ | 422 | 3376 |
| &nbsp;&nbsp;&nbsp;Affiliated Managers Group | 139 | 43520 |
| &nbsp;&nbsp;&nbsp;Affirm Holdings, Cl A \* | 1315 | 79295 |
| &nbsp;&nbsp;&nbsp;AGNC Investment ‡ | 5350 | 60990 |
| &nbsp;&nbsp;&nbsp;Alerus Financial | 105 | 2585 |
| &nbsp;&nbsp;&nbsp;Allstate | 1338 | 266249 |
| &nbsp;&nbsp;&nbsp;Ally Financial | 1423 | 60164 |
| &nbsp;&nbsp;&nbsp;AlTi Global \* | 177 | 830 |
| &nbsp;&nbsp;&nbsp;Amalgamated Financial | 84 | 3263 |
| &nbsp;&nbsp;&nbsp;Amerant Bancorp, Cl A | 205 | 4449 |
| &nbsp;&nbsp;&nbsp;American Coastal Insurance | 108 | 1193 |
| &nbsp;&nbsp;&nbsp;American Express | 2532 | 891694 |
| &nbsp;&nbsp;&nbsp;American Financial Group | 370 | 48200 |
| &nbsp;&nbsp;&nbsp;American International Group | 2854 | 213708 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial | 486 | 256214 |
| &nbsp;&nbsp;&nbsp;Ameris Bancorp | 335 | 27008 |
| &nbsp;&nbsp;&nbsp;AMERISAFE | 93 | 3498 |
| &nbsp;&nbsp;&nbsp;Angel Oak Mortgage REIT ‡ | 95 | 852 |
| &nbsp;&nbsp;&nbsp;Annaly Capital Management ‡ | 3309 | 76140 |
| &nbsp;&nbsp;&nbsp;Aon PLC, Cl A | 1078 | 376912 |
| &nbsp;&nbsp;&nbsp;Apollo Commercial Real Estate Finance ‡ | 696 | 7524 |
| &nbsp;&nbsp;&nbsp;Apollo Global Management | 2078 | 279574 |
| &nbsp;&nbsp;&nbsp;Arbor Realty Trust ‡ | 913 | 7030 |
| &nbsp;&nbsp;&nbsp;Arch Capital Group \* | 1837 | 176425 |
| &nbsp;&nbsp;&nbsp;Ares Commercial Real Estate ‡ | 257 | 1339 |
| &nbsp;&nbsp;&nbsp;Ares Management, Cl A | 1075 | 160895 |
| &nbsp;&nbsp;&nbsp;ARMOUR Residential REIT ‡ | 562 | 9779 |
| &nbsp;&nbsp;&nbsp;Arrow Financial | 71 | 2401 |
| &nbsp;&nbsp;&nbsp;Arthur J Gallagher | 1316 | 328171 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **FINANCIALS— continued** | **FINANCIALS— continued** | **FINANCIALS— continued** |
| &nbsp;&nbsp;&nbsp;Artisan Partners Asset Management, Cl A | 346 | $15404 |
| &nbsp;&nbsp;&nbsp;Associated Banc-Corp | 837 | 22817 |
| &nbsp;&nbsp;&nbsp;Assurant | 259 | 61676 |
| &nbsp;&nbsp;&nbsp;Assured Guaranty | 225 | 19091 |
| &nbsp;&nbsp;&nbsp;Atlantic Union Bankshares | 726 | 28190 |
| &nbsp;&nbsp;&nbsp;Atlanticus Holdings \* | 27 | 1394 |
| &nbsp;&nbsp;&nbsp;Axis Capital Holdings | 379 | 39105 |
| &nbsp;&nbsp;&nbsp;Axos Financial \* | 280 | 27717 |
| &nbsp;&nbsp;&nbsp;Bakkt, Cl A \* | 67 | 897 |
| &nbsp;&nbsp;&nbsp;Baldwin Insurance Group, Cl A \* | 352 | 7716 |
| &nbsp;&nbsp;&nbsp;Banc of California | 638 | 12747 |
| &nbsp;&nbsp;&nbsp;BancFirst | 94 | 10335 |
| &nbsp;&nbsp;&nbsp;Banco Latinoamericano de Comercio Exterior, Cl E | 145 | 7028 |
| &nbsp;&nbsp;&nbsp;Bancorp \* | 218 | 12958 |
| &nbsp;&nbsp;&nbsp;Bank First | 48 | 6698 |
| &nbsp;&nbsp;&nbsp;Bank of America | 35057 | 1865032 |
| &nbsp;&nbsp;&nbsp;Bank of Hawaii | 198 | 14806 |
| &nbsp;&nbsp;&nbsp;Bank of Marin Bancorp | 73 | 1960 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon | 3629 | 435190 |
| &nbsp;&nbsp;&nbsp;Bank OZK | 544 | 25873 |
| &nbsp;&nbsp;&nbsp;Bank7 | 20 | 889 |
| &nbsp;&nbsp;&nbsp;BankUnited | 376 | 17849 |
| &nbsp;&nbsp;&nbsp;Bankwell Financial Group | 28 | 1349 |
| &nbsp;&nbsp;&nbsp;Banner | 170 | 10513 |
| &nbsp;&nbsp;&nbsp;Bar Harbor Bankshares | 78 | 2645 |
| &nbsp;&nbsp;&nbsp;BayCom | 52 | 1517 |
| &nbsp;&nbsp;&nbsp;BCB Bancorp | 77 | 608 |
| &nbsp;&nbsp;&nbsp;Beacon Financial | 420 | 11901 |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Cl B \* | 6961 | 3344969 |
| &nbsp;&nbsp;&nbsp;Better Home & Finance Holding \* | 43 | 1303 |
| &nbsp;&nbsp;&nbsp;BGC Group, Cl A | 1807 | 16462 |
| &nbsp;&nbsp;&nbsp;Blackrock | 731 | 817945 |
| &nbsp;&nbsp;&nbsp;Blackstone, Cl A | 3770 | 536923 |
| &nbsp;&nbsp;&nbsp;Blackstone Mortgage Trust, Cl A ‡ | 788 | 15169 |
| &nbsp;&nbsp;&nbsp;Block, Cl A \* | 2805 | 169506 |
| &nbsp;&nbsp;&nbsp;Blue Foundry Bancorp \* | 92 | 1210 |
| &nbsp;&nbsp;&nbsp;Blue Owl Capital, Cl A | 3316 | 45230 |
| &nbsp;&nbsp;&nbsp;Blue Ridge Bankshares | 320 | 1360 |
| &nbsp;&nbsp;&nbsp;BOK Financial | 107 | 13904 |
| &nbsp;&nbsp;&nbsp;Bowhead Specialty Holdings \* | 100 | 2456 |
| &nbsp;&nbsp;&nbsp;BRC Group Holdings \* | 90 | 752 |
| &nbsp;&nbsp;&nbsp;Bread Financial Holdings | 223 | 16176 |
| &nbsp;&nbsp;&nbsp;Bridgewater Bancshares \* | 103 | 1979 |
| &nbsp;&nbsp;&nbsp;Brighthouse Financial \* | 285 | 18257 |
| &nbsp;&nbsp;&nbsp;BrightSpire Capital, Cl A ‡ | 638 | 3815 |
| &nbsp;&nbsp;&nbsp;Brown & Brown | 1526 | 110025 |
| &nbsp;&nbsp;&nbsp;Burke & Herbert Financial Services | 65 | 4256 |
| &nbsp;&nbsp;&nbsp;Business First Bancshares | 140 | 3944 |
| &nbsp;&nbsp;&nbsp;Byline Bancorp | 134 | 4279 |
| &nbsp;&nbsp;&nbsp;Cadence Bank | 938 | 39499 |
| &nbsp;&nbsp;&nbsp;California BanCorp | 121 | 2177 |
| &nbsp;&nbsp;&nbsp;Camden National | 82 | 3901 |
| &nbsp;&nbsp;&nbsp;Cannae Holdings | 225 | 3242 |

---

#### 30

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
|  | **JANUARY 31, 2026** |
| | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  | <br>**Shares** | <br>**Value** |
| **FINANCIALS— continued** |  |  |
| &nbsp;&nbsp;&nbsp;Cantaloupe \* | 314 | $3372 |
| &nbsp;&nbsp;&nbsp;Capital Bancorp | 56 | 1720 |
| &nbsp;&nbsp;&nbsp;Capital City Bank Group | 65 | 2714 |
| &nbsp;&nbsp;&nbsp;Capital One Financial | 3243 | 709970 |
| &nbsp;&nbsp;&nbsp;Capitol Federal Financial | 579 | 4215 |
| &nbsp;&nbsp;&nbsp;Carlyle Group | 1362 | 80058 |
| &nbsp;&nbsp;&nbsp;Carter Bankshares \* | 109 | 2334 |
| &nbsp;&nbsp;&nbsp;Cass Information Systems | 64 | 2877 |
| &nbsp;&nbsp;&nbsp;Cathay General Bancorp | 331 | 16941 |
| &nbsp;&nbsp;&nbsp;Cboe Global Markets | 539 | 142867 |
| &nbsp;&nbsp;&nbsp;Central Pacific Financial | 131 | 4267 |
| &nbsp;&nbsp;&nbsp;Charles Schwab | 8813 | 915847 |
| &nbsp;&nbsp;&nbsp;Chemung Financial | 21 | 1276 |
| &nbsp;&nbsp;&nbsp;Chimera Investment ‡ | 405 | 5002 |
| &nbsp;&nbsp;&nbsp;ChoiceOne Financial Services | 71 | 2037 |
| &nbsp;&nbsp;&nbsp;Chubb | 1886 | 583830 |
| &nbsp;&nbsp;&nbsp;Cincinnati Financial | 793 | 127586 |
| &nbsp;&nbsp;&nbsp;Citigroup | 9482 | 1097162 |
| &nbsp;&nbsp;&nbsp;Citizens & Northern | 84 | 1912 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group | 2086 | 131376 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Services | 23 | 1467 |
| &nbsp;&nbsp;&nbsp;City Holding | 70 | 8616 |
| &nbsp;&nbsp;&nbsp;Civista Bancshares | 94 | 2268 |
| &nbsp;&nbsp;&nbsp;Claros Mortgage Trust \*‡ | 596 | 1633 |
| &nbsp;&nbsp;&nbsp;CME Group, Cl A | 1858 | 537073 |
| &nbsp;&nbsp;&nbsp;CNB Financial | 144 | 3978 |
| &nbsp;&nbsp;&nbsp;Coastal Financial \* | 64 | 6130 |
| &nbsp;&nbsp;&nbsp;Cohen & Steers | 138 | 8868 |
| &nbsp;&nbsp;&nbsp;Coinbase Global, Cl A \* | 1136 | 221225 |
| &nbsp;&nbsp;&nbsp;Colony Bankcorp | 81 | 1576 |
| &nbsp;&nbsp;&nbsp;Columbia Banking System | 1532 | 45098 |
| &nbsp;&nbsp;&nbsp;Columbia Financial \* | 134 | 2180 |
| &nbsp;&nbsp;&nbsp;Comerica | 654 | 57990 |
| &nbsp;&nbsp;&nbsp;Commerce Bancshares | 733 | 38583 |
| &nbsp;&nbsp;&nbsp;Community Financial System | 264 | 16500 |
| &nbsp;&nbsp;&nbsp;Community Trust Bancorp | 78 | 4813 |
| &nbsp;&nbsp;&nbsp;Community West Bancshares | 85 | 2037 |
| &nbsp;&nbsp;&nbsp;Compass Diversified Holdings | 335 | 2201 |
| &nbsp;&nbsp;&nbsp;ConnectOne Bancorp | 240 | 6377 |
| &nbsp;&nbsp;&nbsp;Consumer Portfolio Services \* | 46 | 397 |
| &nbsp;&nbsp;&nbsp;Corebridge Financial | 1397 | 43070 |
| &nbsp;&nbsp;&nbsp;Corpay \* | 352 | 110750 |
| &nbsp;&nbsp;&nbsp;Crawford, Cl A | 87 | 944 |
| &nbsp;&nbsp;&nbsp;Credit Acceptance \* | 23 | 11460 |
| &nbsp;&nbsp;&nbsp;Cullen | 313 | 43138 |
| &nbsp;&nbsp;&nbsp;Customers Bancorp \* | 158 | 12485 |
| &nbsp;&nbsp;&nbsp;CVB Financial | 652 | 12851 |
| &nbsp;&nbsp;&nbsp;Dave \* | 58 | 9494 |
| &nbsp;&nbsp;&nbsp;Diamond Hill Investment Group | 12 | 2056 |
| &nbsp;&nbsp;&nbsp;DigitalBridge Group | 906 | 13943 |
| &nbsp;&nbsp;&nbsp;Dime Community Bancshares | 212 | 7212 |
| &nbsp;&nbsp;&nbsp;Donegal Group, Cl A | 85 | 1587 |
| &nbsp;&nbsp;&nbsp;Donegal Group, Cl B | 4 | 66 |
| &nbsp;&nbsp;&nbsp;Donnelley Financial Solutions \* | 126 | 6521 |
| &nbsp;&nbsp;&nbsp;Dynex Capital ‡ | 732 | 10160 |
| &nbsp;&nbsp;&nbsp;Eagle Bancorp | 140 | 3746 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  | <br>**Shares** | <br>**Value** |
| **FINANCIALS— continued** |  |  |
| &nbsp;&nbsp;&nbsp;East West Bancorp | 706 | $80795 |
| &nbsp;&nbsp;&nbsp;Eastern Bankshares | 1128 | 23107 |
| &nbsp;&nbsp;&nbsp;Ellington Financial ‡ | 484 | 6219 |
| &nbsp;&nbsp;&nbsp;Employers Holdings | 116 | 5060 |
| &nbsp;&nbsp;&nbsp;Enact Holdings | 145 | 5767 |
| &nbsp;&nbsp;&nbsp;Encore Capital Group \* | 111 | 6127 |
| &nbsp;&nbsp;&nbsp;Enova International \* | 118 | 19490 |
| &nbsp;&nbsp;&nbsp;Enterprise Financial Services | 178 | 10208 |
| &nbsp;&nbsp;&nbsp;Equitable Holdings | 1540 | 71456 |
| &nbsp;&nbsp;&nbsp;Equity Bancshares, Cl A | 81 | 3736 |
| &nbsp;&nbsp;&nbsp;Erie Indemnity, Cl A | 130 | 36791 |
| &nbsp;&nbsp;&nbsp;Esquire Financial Holdings | 36 | 3839 |
| &nbsp;&nbsp;&nbsp;Essent Group | 491 | 30894 |
| &nbsp;&nbsp;&nbsp;Euronet Worldwide \* | 202 | 14604 |
| &nbsp;&nbsp;&nbsp;Evercore, Cl A | 186 | 65708 |
| &nbsp;&nbsp;&nbsp;Everest Group | 214 | 70894 |
| &nbsp;&nbsp;&nbsp;EVERTEC | 318 | 9543 |
| &nbsp;&nbsp;&nbsp;EZCORP, Cl A \* | 279 | 5985 |
| &nbsp;&nbsp;&nbsp;F&G Annuities & Life | 184 | 5431 |
| &nbsp;&nbsp;&nbsp;FactSet Research Systems | 193 | 49091 |
| &nbsp;&nbsp;&nbsp;Farmers & Merchants Bancorp | 63 | 1690 |
| &nbsp;&nbsp;&nbsp;Farmers National Banc | 178 | 2310 |
| &nbsp;&nbsp;&nbsp;FB Bancorp \* | 98 | 1270 |
| &nbsp;&nbsp;&nbsp;FB Financial | 212 | 12185 |
| &nbsp;&nbsp;&nbsp;Federal Agricultural Mortgage, Cl C | 46 | 7788 |
| &nbsp;&nbsp;&nbsp;Federated Hermes, Cl B | 395 | 21046 |
| &nbsp;&nbsp;&nbsp;Fidelis Insurance Holdings | 299 | 5693 |
| &nbsp;&nbsp;&nbsp;Fidelity D&D Bancorp | 22 | 983 |
| &nbsp;&nbsp;&nbsp;Fidelity National Financial | 1336 | 72665 |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services | 2675 | 147794 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | 3399 | 170698 |
| &nbsp;&nbsp;&nbsp;Finance of America, Cl A \* | 28 | 652 |
| &nbsp;&nbsp;&nbsp;Financial Institutions | 98 | 3228 |
| &nbsp;&nbsp;&nbsp;Finwise Bancorp \* | 46 | 805 |
| &nbsp;&nbsp;&nbsp;First American Financial | 506 | 31969 |
| &nbsp;&nbsp;&nbsp;First Bancorp | 203 | 11760 |
| &nbsp;&nbsp;&nbsp;First Bancorp | 50 | 1368 |
| &nbsp;&nbsp;&nbsp;First BanCorp | 791 | 17497 |
| &nbsp;&nbsp;&nbsp;First Bank | 112 | 1868 |
| &nbsp;&nbsp;&nbsp;First Busey | 431 | 10627 |
| &nbsp;&nbsp;&nbsp;First Business Financial Services | 37 | 2121 |
| &nbsp;&nbsp;&nbsp;First Citizens BancShares, Cl A | 47 | 97270 |
| &nbsp;&nbsp;&nbsp;First Commonwealth Financial | 509 | 9177 |
| &nbsp;&nbsp;&nbsp;First Community Bankshares | 85 | 3062 |
| &nbsp;&nbsp;&nbsp;First Financial | 54 | 3519 |
| &nbsp;&nbsp;&nbsp;First Financial Bancorp | 463 | 13307 |
| &nbsp;&nbsp;&nbsp;First Financial Bankshares | 609 | 19378 |
| &nbsp;&nbsp;&nbsp;First Foundation \* | 365 | 2292 |
| &nbsp;&nbsp;&nbsp;First Hawaiian | 619 | 16434 |
| &nbsp;&nbsp;&nbsp;First Horizon | 2590 | 63429 |
| &nbsp;&nbsp;&nbsp;First Internet Bancorp | 40 | 872 |
| &nbsp;&nbsp;&nbsp;First Interstate BancSystem, Cl A | 437 | 15500 |
| &nbsp;&nbsp;&nbsp;First Merchants | 283 | 11252 |
| &nbsp;&nbsp;&nbsp;First Mid Bancshares | 103 | 4336 |

---

#### 31

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
|  | **JANUARY 31, 2026** |
| | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  | <br>**Shares** | <br>**Value** |
| **FINANCIALS— continued** |  |  |
| &nbsp;&nbsp;&nbsp;FirstCash Holdings | 199 | $33930 |
| &nbsp;&nbsp;&nbsp;Firstsun Capital Bancorp \* | 73 | 2882 |
| &nbsp;&nbsp;&nbsp;Fiserv \* | 2788 | 177679 |
| &nbsp;&nbsp;&nbsp;Five Star Bancorp | 71 | 2813 |
| &nbsp;&nbsp;&nbsp;Flushing Financial | 162 | 2558 |
| &nbsp;&nbsp;&nbsp;Flywire \* | 570 | 7182 |
| &nbsp;&nbsp;&nbsp;FNB | 1830 | 32117 |
| &nbsp;&nbsp;&nbsp;Forge Global Holdings \* | 49 | 2196 |
| &nbsp;&nbsp;&nbsp;Franklin BSP Realty Trust ‡ | 407 | 4176 |
| &nbsp;&nbsp;&nbsp;Franklin Resources | 1578 | 42006 |
| &nbsp;&nbsp;&nbsp;FS Bancorp | 32 | 1343 |
| &nbsp;&nbsp;&nbsp;Fulton Financial | 906 | 18709 |
| &nbsp;&nbsp;&nbsp;FVCBankcorp | 76 | 1151 |
| &nbsp;&nbsp;&nbsp;GBank Financial Holdings \* | 44 | 1431 |
| &nbsp;&nbsp;&nbsp;GCM Grosvenor | 261 | 2955 |
| &nbsp;&nbsp;&nbsp;Genworth Financial, Cl A \* | 2022 | 16864 |
| &nbsp;&nbsp;&nbsp;German American Bancorp | 175 | 7362 |
| &nbsp;&nbsp;&nbsp;Glacier Bancorp | 669 | 33905 |
| &nbsp;&nbsp;&nbsp;Global Payments | 1245 | 89316 |
| &nbsp;&nbsp;&nbsp;Globe Life | 415 | 58191 |
| &nbsp;&nbsp;&nbsp;GoHealth, Cl A \* | 44 | 95 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group | 1558 | 1457369 |
| &nbsp;&nbsp;&nbsp;Goosehead Insurance, Cl A \* | 118 | 7297 |
| &nbsp;&nbsp;&nbsp;Granite Point Mortgage Trust ‡ | 222 | 473 |
| &nbsp;&nbsp;&nbsp;Great Southern Bancorp | 46 | 2823 |
| &nbsp;&nbsp;&nbsp;Green Dot, Cl A \* | 267 | 3252 |
| &nbsp;&nbsp;&nbsp;Greene County Bancorp | 35 | 820 |
| &nbsp;&nbsp;&nbsp;Greenlight Capital Re, Cl A \* | 119 | 1651 |
| &nbsp;&nbsp;&nbsp;Hagerty, Cl A \* | 166 | 2093 |
| &nbsp;&nbsp;&nbsp;Hamilton Insurance Group, Cl B \* | 236 | 6549 |
| &nbsp;&nbsp;&nbsp;Hamilton Lane, Cl A | 205 | 28954 |
| &nbsp;&nbsp;&nbsp;Hancock Whitney | 427 | 29378 |
| &nbsp;&nbsp;&nbsp;Hanmi Financial | 149 | 3959 |
| &nbsp;&nbsp;&nbsp;Hanover Insurance Group | 166 | 28907 |
| &nbsp;&nbsp;&nbsp;Hartford Insurance Group | 1435 | 193811 |
| &nbsp;&nbsp;&nbsp;HBT Financial | 56 | 1511 |
| &nbsp;&nbsp;&nbsp;HCI Group | 56 | 8886 |
| &nbsp;&nbsp;&nbsp;Heritage Commerce | 296 | 3768 |
| &nbsp;&nbsp;&nbsp;Heritage Financial | 168 | 4336 |
| &nbsp;&nbsp;&nbsp;Heritage Insurance Holdings \* | 119 | 3102 |
| &nbsp;&nbsp;&nbsp;Hilltop Holdings | 215 | 8052 |
| &nbsp;&nbsp;&nbsp;Hingham Institution For Savings The | 8 | 2388 |
| &nbsp;&nbsp;&nbsp;Hippo Holdings \* | 79 | 2354 |
| &nbsp;&nbsp;&nbsp;Home Bancorp | 33 | 1970 |
| &nbsp;&nbsp;&nbsp;Home BancShares | 957 | 27657 |
| &nbsp;&nbsp;&nbsp;HomeTrust Bancshares | 73 | 3148 |
| &nbsp;&nbsp;&nbsp;Hope Bancorp | 615 | 7368 |
| &nbsp;&nbsp;&nbsp;Horace Mann Educators | 202 | 9052 |
| &nbsp;&nbsp;&nbsp;Horizon Bancorp | 249 | 4387 |
| &nbsp;&nbsp;&nbsp;Houlihan Lokey, Cl A | 281 | 47298 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares | 7979 | 139475 |
| &nbsp;&nbsp;&nbsp;Independent Bank | 247 | 19985 |
| &nbsp;&nbsp;&nbsp;Independent Bank/MI | 102 | 3585 |
| &nbsp;&nbsp;&nbsp;Interactive Brokers Group, Cl A | 2226 | 166683 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange | 2940 | 510913 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  | <br>**Shares** | <br>**Value** |
| **FINANCIALS— continued** |  |  |
| &nbsp;&nbsp;&nbsp;International Bancshares | 285 | $19847 |
| &nbsp;&nbsp;&nbsp;International Money Express \* | 136 | 2103 |
| &nbsp;&nbsp;&nbsp;Invesco | 2263 | 61757 |
| &nbsp;&nbsp;&nbsp;Invesco Mortgage Capital ‡ | 333 | 2860 |
| &nbsp;&nbsp;&nbsp;Investors Title | 7 | 1816 |
| &nbsp;&nbsp;&nbsp;Jack Henry & Associates | 374 | 67025 |
| &nbsp;&nbsp;&nbsp;Jackson Financial, Cl A | 353 | 41979 |
| &nbsp;&nbsp;&nbsp;James River Group Holdings | 180 | 1208 |
| &nbsp;&nbsp;&nbsp;Janus Henderson Group PLC | 635 | 30563 |
| &nbsp;&nbsp;&nbsp;Jefferies Financial Group | 764 | 46742 |
| &nbsp;&nbsp;&nbsp;John Marshall Bancorp | 62 | 1280 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase | 14042 | 4295307 |
| &nbsp;&nbsp;&nbsp;Kearny Financial | 284 | 2212 |
| &nbsp;&nbsp;&nbsp;Kemper | 313 | 12335 |
| &nbsp;&nbsp;&nbsp;Kestrel Group \* | 38 | 451 |
| &nbsp;&nbsp;&nbsp;KeyCorp | 5652 | 121631 |
| &nbsp;&nbsp;&nbsp;Kinsale Capital Group | 114 | 45130 |
| &nbsp;&nbsp;&nbsp;KKR | 3522 | 402424 |
| &nbsp;&nbsp;&nbsp;KKR Real Estate Finance Trust ‡ | 271 | 2244 |
| &nbsp;&nbsp;&nbsp;Ladder Capital, Cl A ‡ | 565 | 6198 |
| &nbsp;&nbsp;&nbsp;Lakeland Financial | 125 | 7450 |
| &nbsp;&nbsp;&nbsp;Lazard, Cl A | 572 | 30728 |
| &nbsp;&nbsp;&nbsp;LCNB | 64 | 1095 |
| &nbsp;&nbsp;&nbsp;Lemonade \* | 346 | 30009 |
| &nbsp;&nbsp;&nbsp;LendingClub \* | 560 | 9470 |
| &nbsp;&nbsp;&nbsp;LendingTree \* | 56 | 3173 |
| &nbsp;&nbsp;&nbsp;Lincoln National | 971 | 40403 |
| &nbsp;&nbsp;&nbsp;LINKBANCORP | 124 | 1085 |
| &nbsp;&nbsp;&nbsp;Live Oak Bancshares | 177 | 7073 |
| &nbsp;&nbsp;&nbsp;loanDepot, Cl A \* | 473 | 1031 |
| &nbsp;&nbsp;&nbsp;Loews | 880 | 92902 |
| &nbsp;&nbsp;&nbsp;LPL Financial Holdings | 408 | 148716 |
| &nbsp;&nbsp;&nbsp;M&T Bank | 784 | 173711 |
| &nbsp;&nbsp;&nbsp;Markel Group \* | 63 | 128560 |
| &nbsp;&nbsp;&nbsp;MarketAxess Holdings | 187 | 31646 |
| &nbsp;&nbsp;&nbsp;MarketWise | 10 | 167 |
| &nbsp;&nbsp;&nbsp;Marqeta, Cl A \* | 1997 | 8248 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan | 2528 | 475744 |
| &nbsp;&nbsp;&nbsp;Mastercard, Cl A | 4244 | 2286625 |
| &nbsp;&nbsp;&nbsp;MBIA \* | 228 | 1459 |
| &nbsp;&nbsp;&nbsp;Mechanics Bancorp, Cl A | 238 | 3568 |
| &nbsp;&nbsp;&nbsp;Medallion Financial | 84 | 864 |
| &nbsp;&nbsp;&nbsp;Mercantile Bank | 79 | 4106 |
| &nbsp;&nbsp;&nbsp;Merchants Bancorp | 106 | 4395 |
| &nbsp;&nbsp;&nbsp;Mercury General | 134 | 11737 |
| &nbsp;&nbsp;&nbsp;Metrocity Bankshares | 92 | 2592 |
| &nbsp;&nbsp;&nbsp;Metropolitan Bank Holding | 49 | 4537 |
| &nbsp;&nbsp;&nbsp;MFA Financial REIT ‡ | 511 | 4926 |
| &nbsp;&nbsp;&nbsp;MGIC Investment | 1139 | 30662 |
| &nbsp;&nbsp;&nbsp;Mid Penn Bancorp | 105 | 3464 |
| &nbsp;&nbsp;&nbsp;Middlefield Banc | 39 | 1308 |
| &nbsp;&nbsp;&nbsp;Midland States Bancorp | 103 | 2354 |
| &nbsp;&nbsp;&nbsp;MidWestOne Financial Group | 76 | 3520 |
| &nbsp;&nbsp;&nbsp;Moelis, Cl A | 379 | 27163 |
| &nbsp;&nbsp;&nbsp;Moody's | 778 | 401106 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | 6212 | 1135554 |

---

#### 32

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
|  | **JANUARY 31, 2026** |
| | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  | <br>**Shares** | <br>**Value** |
| **FINANCIALS— continued** |  |  |
| &nbsp;&nbsp;&nbsp;MSCI, Cl A | 375 | $228458 |
| &nbsp;&nbsp;&nbsp;MVB Financial | 57 | 1610 |
| &nbsp;&nbsp;&nbsp;Nasdaq | 2616 | 253464 |
| &nbsp;&nbsp;&nbsp;National Bank Holdings, Cl A | 186 | 7473 |
| &nbsp;&nbsp;&nbsp;Navient | 328 | 3218 |
| &nbsp;&nbsp;&nbsp;NB Bancorp | 194 | 4214 |
| &nbsp;&nbsp;&nbsp;NBT Bancorp | 257 | 11419 |
| &nbsp;&nbsp;&nbsp;NCR Atleos \* | 367 | 13689 |
| &nbsp;&nbsp;&nbsp;Nelnet, Cl A | 78 | 10288 |
| &nbsp;&nbsp;&nbsp;NerdWallet, Cl A \* | 209 | 2521 |
| &nbsp;&nbsp;&nbsp;NewtekOne | 113 | 1524 |
| &nbsp;&nbsp;&nbsp;Nexpoint Real Estate Finance ‡ | 38 | 561 |
| &nbsp;&nbsp;&nbsp;NI Holdings \* | 33 | 449 |
| &nbsp;&nbsp;&nbsp;Nicolet Bankshares | 61 | 8905 |
| &nbsp;&nbsp;&nbsp;NMI Holdings, Cl A \* | 383 | 14830 |
| &nbsp;&nbsp;&nbsp;Northeast Bank | 33 | 3803 |
| &nbsp;&nbsp;&nbsp;Northeast Community Bancorp | 61 | 1440 |
| &nbsp;&nbsp;&nbsp;Northern Trust | 942 | 140763 |
| &nbsp;&nbsp;&nbsp;Northfield Bancorp | 182 | 2242 |
| &nbsp;&nbsp;&nbsp;Northpointe Bancshares | 129 | 2224 |
| &nbsp;&nbsp;&nbsp;Northrim BanCorp | 109 | 2568 |
| &nbsp;&nbsp;&nbsp;Northwest Bancshares | 726 | 9351 |
| &nbsp;&nbsp;&nbsp;Norwood Financial | 40 | 1217 |
| &nbsp;&nbsp;&nbsp;Oak Valley Bancorp | 33 | 1054 |
| &nbsp;&nbsp;&nbsp;OceanFirst Financial | 280 | 5250 |
| &nbsp;&nbsp;&nbsp;Octave Specialty Group \* | 220 | 1247 |
| &nbsp;&nbsp;&nbsp;OFG Bancorp | 221 | 8906 |
| &nbsp;&nbsp;&nbsp;Old National Bancorp | 1775 | 43363 |
| &nbsp;&nbsp;&nbsp;Old Republic International | 1180 | 46221 |
| &nbsp;&nbsp;&nbsp;Old Second Bancorp | 251 | 4980 |
| &nbsp;&nbsp;&nbsp;OneMain Holdings, Cl A | 612 | 40110 |
| &nbsp;&nbsp;&nbsp;Onity Group \* | 30 | 1357 |
| &nbsp;&nbsp;&nbsp;Open Lending, Cl A \* | 500 | 895 |
| &nbsp;&nbsp;&nbsp;Oportun Financial \* | 170 | 921 |
| &nbsp;&nbsp;&nbsp;OppFi | 135 | 1285 |
| &nbsp;&nbsp;&nbsp;Orange County Bancorp | 52 | 1603 |
| &nbsp;&nbsp;&nbsp;Orchid Island Capital, Cl A ‡ | 763 | 5951 |
| &nbsp;&nbsp;&nbsp;Origin Bancorp | 148 | 6339 |
| &nbsp;&nbsp;&nbsp;Orrstown Financial Services | 91 | 3278 |
| &nbsp;&nbsp;&nbsp;Oscar Health, Cl A \* | 1050 | 15068 |
| &nbsp;&nbsp;&nbsp;P10, Cl A | 309 | 3331 |
| &nbsp;&nbsp;&nbsp;Palomar Holdings \* | 132 | 16314 |
| &nbsp;&nbsp;&nbsp;Park National | 73 | 11895 |
| &nbsp;&nbsp;&nbsp;Parke Bancorp | 53 | 1447 |
| &nbsp;&nbsp;&nbsp;Pathward Financial | 81 | 7314 |
| &nbsp;&nbsp;&nbsp;Paymentus Holdings, Cl A \* | 200 | 5346 |
| &nbsp;&nbsp;&nbsp;Payoneer Global \* | 1578 | 10083 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings | 4813 | 253597 |
| &nbsp;&nbsp;&nbsp;Paysafe \* | 156 | 1070 |
| &nbsp;&nbsp;&nbsp;Paysign \* | 174 | 726 |
| &nbsp;&nbsp;&nbsp;PCB Bancorp | 57 | 1279 |
| &nbsp;&nbsp;&nbsp;Peapack-Gladstone Financial | 80 | 2538 |
| &nbsp;&nbsp;&nbsp;PennyMac Financial Services | 152 | 15188 |
| &nbsp;&nbsp;&nbsp;PennyMac Mortgage Investment Trust ‡ | 431 | 5099 |
| &nbsp;&nbsp;&nbsp;Peoples Bancorp | 174 | 5658 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  | <br>**Shares** | <br>**Value** |
| **FINANCIALS— continued** |  |  |
| &nbsp;&nbsp;&nbsp;Peoples Financial Services | 45 | $2345 |
| &nbsp;&nbsp;&nbsp;Perella Weinberg Partners, Cl A | 308 | 6871 |
| &nbsp;&nbsp;&nbsp;Pinnacle Financial Partners | 747 | 71057 |
| &nbsp;&nbsp;&nbsp;Pioneer Bancorp \* | 53 | 750 |
| &nbsp;&nbsp;&nbsp;Piper Sandler | 88 | 30479 |
| &nbsp;&nbsp;&nbsp;PJT Partners | 116 | 20071 |
| &nbsp;&nbsp;&nbsp;Plumas Bancorp | 32 | 1604 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group | 2021 | 451289 |
| &nbsp;&nbsp;&nbsp;Ponce Financial Group \* | 102 | 1712 |
| &nbsp;&nbsp;&nbsp;Popular | 342 | 45667 |
| &nbsp;&nbsp;&nbsp;PRA Group \* | 186 | 2379 |
| &nbsp;&nbsp;&nbsp;Preferred Bank | 57 | 4889 |
| &nbsp;&nbsp;&nbsp;Primerica | 166 | 43665 |
| &nbsp;&nbsp;&nbsp;Primis Financial | 119 | 1604 |
| &nbsp;&nbsp;&nbsp;Principal Financial Group | 1127 | 106749 |
| &nbsp;&nbsp;&nbsp;Priority Technology Holdings \* | 121 | 715 |
| &nbsp;&nbsp;&nbsp;ProAssurance \* | 255 | 6176 |
| &nbsp;&nbsp;&nbsp;PROG Holdings | 192 | 6228 |
| &nbsp;&nbsp;&nbsp;Progressive | 3023 | 628784 |
| &nbsp;&nbsp;&nbsp;Prosperity Bancshares | 471 | 32504 |
| &nbsp;&nbsp;&nbsp;Provident Financial Services | 638 | 14125 |
| &nbsp;&nbsp;&nbsp;Prudential Financial | 1815 | 201665 |
| &nbsp;&nbsp;&nbsp;QCR Holdings | 82 | 7401 |
| &nbsp;&nbsp;&nbsp;Radian Group | 691 | 22734 |
| &nbsp;&nbsp;&nbsp;Raymond James Financial | 920 | 152591 |
| &nbsp;&nbsp;&nbsp;RBB Bancorp | 77 | 1597 |
| &nbsp;&nbsp;&nbsp;Ready Capital ‡ | 725 | 1544 |
| &nbsp;&nbsp;&nbsp;Red River Bancshares | 23 | 1910 |
| &nbsp;&nbsp;&nbsp;Redwood Trust ‡ | 642 | 3518 |
| &nbsp;&nbsp;&nbsp;Regional Management | 39 | 1445 |
| &nbsp;&nbsp;&nbsp;Regions Financial | 4589 | 130787 |
| &nbsp;&nbsp;&nbsp;Reinsurance Group of America, Cl A | 340 | 68935 |
| &nbsp;&nbsp;&nbsp;Remitly Global \* | 841 | 11118 |
| &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings | 234 | 65918 |
| &nbsp;&nbsp;&nbsp;Renasant | 469 | 17686 |
| &nbsp;&nbsp;&nbsp;Repay Holdings, Cl A \* | 346 | 1208 |
| &nbsp;&nbsp;&nbsp;Republic Bancorp, Cl A | 47 | 3413 |
| &nbsp;&nbsp;&nbsp;Rithm Capital ‡ | 2724 | 29801 |
| &nbsp;&nbsp;&nbsp;RLI | 468 | 27345 |
| &nbsp;&nbsp;&nbsp;Robinhood Markets, Cl A \* | 3947 | 392648 |
| &nbsp;&nbsp;&nbsp;Rocket, Cl A | 4861 | 87153 |
| &nbsp;&nbsp;&nbsp;Root, Cl A \* | 55 | 3417 |
| &nbsp;&nbsp;&nbsp;Ryan Specialty Holdings, Cl A | 560 | 27037 |
| &nbsp;&nbsp;&nbsp;S&P Global | 1577 | 832325 |
| &nbsp;&nbsp;&nbsp;S&T Bancorp | 190 | 8102 |
| &nbsp;&nbsp;&nbsp;Safety Insurance Group | 74 | 5824 |
| &nbsp;&nbsp;&nbsp;Seacoast Banking Corp of Florida | 483 | 16152 |
| &nbsp;&nbsp;&nbsp;SEI Investments | 584 | 51304 |
| &nbsp;&nbsp;&nbsp;Selective Insurance Group | 309 | 25981 |
| &nbsp;&nbsp;&nbsp;Selectquote \* | 680 | 966 |
| &nbsp;&nbsp;&nbsp;ServisFirst Bancshares | 257 | 21035 |
| &nbsp;&nbsp;&nbsp;Sezzle \* | 86 | 5439 |
| &nbsp;&nbsp;&nbsp;Shift4 Payments, Cl A \* | 337 | 19896 |
| &nbsp;&nbsp;&nbsp;Shore Bancshares | 153 | 2902 |
| &nbsp;&nbsp;&nbsp;Sierra Bancorp | 61 | 2160 |

---

#### 33

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
|  | **JANUARY 31, 2026** |
| | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  |<br>**Shares** |<br>**Value** |
| **FINANCIALS— continued** |  |  |
| &nbsp;&nbsp;&nbsp;Silvercrest Asset Management Group, Cl A | 35 | $516 |
| &nbsp;&nbsp;&nbsp;Simmons First National, Cl A | 719 | 14617 |
| &nbsp;&nbsp;&nbsp;SiriusPoint \* | 520 | 10613 |
| &nbsp;&nbsp;&nbsp;Skyward Specialty Insurance Group \* | 179 | 7987 |
| &nbsp;&nbsp;&nbsp;SLM | 985 | 26743 |
| &nbsp;&nbsp;&nbsp;SmartFinancial | 71 | 2834 |
| &nbsp;&nbsp;&nbsp;SoFi Technologies \* | 5862 | 133712 |
| &nbsp;&nbsp;&nbsp;South Plains Financial | 64 | 2666 |
| &nbsp;&nbsp;&nbsp;Southern First Bancshares \* | 38 | 2088 |
| &nbsp;&nbsp;&nbsp;Southern Missouri Bancorp | 48 | 3003 |
| &nbsp;&nbsp;&nbsp;Southside Bancshares | 143 | 4603 |
| &nbsp;&nbsp;&nbsp;SouthState | 517 | 52946 |
| &nbsp;&nbsp;&nbsp;Starwood Property Trust ‡ | 1792 | 32131 |
| &nbsp;&nbsp;&nbsp;State Street | 1377 | 180194 |
| &nbsp;&nbsp;&nbsp;Stellar Bancorp | 231 | 8579 |
| &nbsp;&nbsp;&nbsp;StepStone Group, Cl A | 379 | 26792 |
| &nbsp;&nbsp;&nbsp;Stewart Information Services | 138 | 9305 |
| &nbsp;&nbsp;&nbsp;Stifel Financial | 499 | 61527 |
| &nbsp;&nbsp;&nbsp;Stock Yards Bancorp | 138 | 9341 |
| &nbsp;&nbsp;&nbsp;StoneX Group \* | 236 | 26493 |
| &nbsp;&nbsp;&nbsp;Strive, Cl B \* | 1305 | 1072 |
| &nbsp;&nbsp;&nbsp;Sunrise Realty Trust ‡ | 49 | 461 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | 1846 | 134075 |
| &nbsp;&nbsp;&nbsp;T Rowe Price Group | 1114 | 117728 |
| &nbsp;&nbsp;&nbsp;Texas Capital Bancshares \* | 232 | 23471 |
| &nbsp;&nbsp;&nbsp;TFS Financial | 263 | 3702 |
| &nbsp;&nbsp;&nbsp;Third Coast Bancshares \* | 56 | 2271 |
| &nbsp;&nbsp;&nbsp;Timberland Bancorp | 36 | 1402 |
| &nbsp;&nbsp;&nbsp;Tiptree | 116 | 2074 |
| &nbsp;&nbsp;&nbsp;Toast, Cl A \* | 2516 | 78273 |
| &nbsp;&nbsp;&nbsp;Tompkins Financial | 64 | 5128 |
| &nbsp;&nbsp;&nbsp;Towne Bank | 381 | 13335 |
| &nbsp;&nbsp;&nbsp;TPG, Cl A | 666 | 39234 |
| &nbsp;&nbsp;&nbsp;TPG Mortgage Investment Trust ‡ | 153 | 1316 |
| &nbsp;&nbsp;&nbsp;TPG RE Finance Trust ‡ | 333 | 3007 |
| &nbsp;&nbsp;&nbsp;Tradeweb Markets, Cl A | 599 | 61739 |
| &nbsp;&nbsp;&nbsp;Travelers | 1138 | 323772 |
| &nbsp;&nbsp;&nbsp;TriCo Bancshares | 139 | 6925 |
| &nbsp;&nbsp;&nbsp;Triumph Financial \* | 113 | 7129 |
| &nbsp;&nbsp;&nbsp;Truist Financial | 6627 | 340760 |
| &nbsp;&nbsp;&nbsp;Trupanion \* | 158 | 5054 |
| &nbsp;&nbsp;&nbsp;TrustCo Bank NY | 91 | 3949 |
| &nbsp;&nbsp;&nbsp;Trustmark | 277 | 11778 |
| &nbsp;&nbsp;&nbsp;Two Harbors Investment ‡ | 517 | 5930 |
| &nbsp;&nbsp;&nbsp;UMB Financial | 352 | 44690 |
| &nbsp;&nbsp;&nbsp;United Bankshares | 716 | 30308 |
| &nbsp;&nbsp;&nbsp;United Community Banks | 624 | 21484 |
| &nbsp;&nbsp;&nbsp;United Fire Group | 91 | 3271 |
| &nbsp;&nbsp;&nbsp;Unity Bancorp | 36 | 1943 |
| &nbsp;&nbsp;&nbsp;Universal Insurance Holdings | 126 | 3837 |
| &nbsp;&nbsp;&nbsp;Univest Financial | 139 | 4606 |
| &nbsp;&nbsp;&nbsp;Unum Group | 831 | 63131 |
| &nbsp;&nbsp;&nbsp;Upstart Holdings \* | 422 | 16564 |
| &nbsp;&nbsp;&nbsp;US Bancorp | 7989 | 448263 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  |<br>**Shares** |<br>**Value** |
| **FINANCIALS— continued** |  |  |
| &nbsp;&nbsp;&nbsp;USCB Financial Holdings | 58 | $1093 |
| &nbsp;&nbsp;&nbsp;UWM Holdings | 881 | 4326 |
| &nbsp;&nbsp;&nbsp;Valley National Bancorp | 2472 | 30801 |
| &nbsp;&nbsp;&nbsp;Velocity Financial \* | 55 | 1116 |
| &nbsp;&nbsp;&nbsp;Victory Capital Holdings, Cl A | 283 | 19960 |
| &nbsp;&nbsp;&nbsp;Virtu Financial, Cl A | 395 | 16396 |
| &nbsp;&nbsp;&nbsp;Virtus Investment Partners | 32 | 5224 |
| &nbsp;&nbsp;&nbsp;Visa, Cl A | 8778 | 2825024 |
| &nbsp;&nbsp;&nbsp;Voya Financial | 496 | 38023 |
| &nbsp;&nbsp;&nbsp;WaFd | 391 | 12754 |
| &nbsp;&nbsp;&nbsp;Walker & Dunlop | 165 | 10377 |
| &nbsp;&nbsp;&nbsp;Washington Trust Bancorp | 95 | 3265 |
| &nbsp;&nbsp;&nbsp;Waterstone Financial | 76 | 1390 |
| &nbsp;&nbsp;&nbsp;Webster Financial | 852 | 56036 |
| &nbsp;&nbsp;&nbsp;Wells Fargo | 16520 | 1494895 |
| &nbsp;&nbsp;&nbsp;WesBanco | 474 | 16713 |
| &nbsp;&nbsp;&nbsp;West Bancorporation | 73 | 1732 |
| &nbsp;&nbsp;&nbsp;Westamerica Bancorporation | 128 | 6474 |
| &nbsp;&nbsp;&nbsp;Western Alliance Bancorp | 541 | 48230 |
| &nbsp;&nbsp;&nbsp;Western Union | 1585 | 14851 |
| &nbsp;&nbsp;&nbsp;WEX \* | 175 | 26933 |
| &nbsp;&nbsp;&nbsp;White Mountains Insurance Group | 13 | 26584 |
| &nbsp;&nbsp;&nbsp;Willis Towers Watson PLC | 501 | 159052 |
| &nbsp;&nbsp;&nbsp;Wintrust Financial | 342 | 50442 |
| &nbsp;&nbsp;&nbsp;WisdomTree | 672 | 10886 |
| &nbsp;&nbsp;&nbsp;World Acceptance \* | 15 | 1819 |
| &nbsp;&nbsp;&nbsp;WR Berkley | 1480 | 101498 |
| &nbsp;&nbsp;&nbsp;WSFS Financial | 276 | 17866 |
| &nbsp;&nbsp;&nbsp;Zions Bancorp | 752 | 45052 |
|  |  | 43713518 |
| **HEALTH CARE — 3.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Aardvark Therapeutics \* | 63 | 818 |
| &nbsp;&nbsp;&nbsp;Absci \* | 670 | 2003 |
| &nbsp;&nbsp;&nbsp;Acadia Healthcare \* | 453 | 6088 |
| &nbsp;&nbsp;&nbsp;ACADIA Pharmaceuticals \* | 630 | 15832 |
| &nbsp;&nbsp;&nbsp;Accendra Health \* | 373 | 824 |
| &nbsp;&nbsp;&nbsp;Accuray \* | 514 | 415 |
| &nbsp;&nbsp;&nbsp;Aclaris Therapeutics \* | 527 | 1850 |
| &nbsp;&nbsp;&nbsp;Acrivon Therapeutics \* | 93 | 166 |
| &nbsp;&nbsp;&nbsp;Actinium Pharmaceuticals \* | 153 | 177 |
| &nbsp;&nbsp;&nbsp;Acumen Pharmaceuticals \* | 177 | 460 |
| &nbsp;&nbsp;&nbsp;AdaptHealth, Cl A \* | 526 | 5286 |
| &nbsp;&nbsp;&nbsp;Adaptive Biotechnologies \* | 734 | 13579 |
| &nbsp;&nbsp;&nbsp;ADC Therapeutics \* | 555 | 2004 |
| &nbsp;&nbsp;&nbsp;Addus HomeCare \* | 91 | 9417 |
| &nbsp;&nbsp;&nbsp;ADMA Biologics \* | 1192 | 20622 |
| &nbsp;&nbsp;&nbsp;Agenus \* | 158 | 449 |
| &nbsp;&nbsp;&nbsp;Agilon Health \* | 1532 | 1275 |
| &nbsp;&nbsp;&nbsp;Agios Pharmaceuticals \* | 288 | 7903 |
| &nbsp;&nbsp;&nbsp;AirSculpt Technologies \* | 77 | 229 |
| &nbsp;&nbsp;&nbsp;Akebia Therapeutics \* | 1268 | 1788 |
| &nbsp;&nbsp;&nbsp;Alector \* | 399 | 754 |
| &nbsp;&nbsp;&nbsp;Align Technology \* | 362 | 59017 |
| &nbsp;&nbsp;&nbsp;Alignment Healthcare \* | 737 | 16605 |

---

#### 34

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
|  | **JANUARY 31, 2026** |
| | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  | <br>**Shares** | <br>**Value** |
| **HEALTH CARE— continued** |  |  |
| &nbsp;&nbsp;&nbsp;Alkermes PLC \* | 840 | $28468 |
| &nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals \* | 675 | 228190 |
| &nbsp;&nbsp;&nbsp;Alphatec Holdings \* | 572 | 8483 |
| &nbsp;&nbsp;&nbsp;Altimmune \* | 441 | 2470 |
| &nbsp;&nbsp;&nbsp;Alto Neuroscience \* | 121 | 1873 |
| &nbsp;&nbsp;&nbsp;Alumis \* | 383 | 9387 |
| &nbsp;&nbsp;&nbsp;Alvotech \* | 601 | 3227 |
| &nbsp;&nbsp;&nbsp;American Well, Cl A \* | 64 | 291 |
| &nbsp;&nbsp;&nbsp;AMN Healthcare Services \* | 192 | 4090 |
| &nbsp;&nbsp;&nbsp;Amylyx Pharmaceuticals \* | 485 | 6931 |
| &nbsp;&nbsp;&nbsp;AnaptysBio \* | 98 | 4646 |
| &nbsp;&nbsp;&nbsp;Anavex Life Sciences \* | 418 | 1965 |
| &nbsp;&nbsp;&nbsp;AngioDynamics \* | 195 | 2020 |
| &nbsp;&nbsp;&nbsp;Anika Therapeutics \* | 69 | 637 |
| &nbsp;&nbsp;&nbsp;Annexon \* | 512 | 3195 |
| &nbsp;&nbsp;&nbsp;Apellis Pharmaceuticals \* | 548 | 12374 |
| &nbsp;&nbsp;&nbsp;Apogee Therapeutics \* | 242 | 15853 |
| &nbsp;&nbsp;&nbsp;Applied Therapeutics \* | 629 | 65 |
| &nbsp;&nbsp;&nbsp;Aquestive Therapeutics \* | 521 | 1537 |
| &nbsp;&nbsp;&nbsp;Arbutus Biopharma \* | 752 | 3106 |
| &nbsp;&nbsp;&nbsp;Arcellx \* | 283 | 19332 |
| &nbsp;&nbsp;&nbsp;Arcturus Therapeutics Holdings \* | 119 | 889 |
| &nbsp;&nbsp;&nbsp;Arcus Biosciences \* | 342 | 7196 |
| &nbsp;&nbsp;&nbsp;Arcutis Biotherapeutics \* | 557 | 14131 |
| &nbsp;&nbsp;&nbsp;Ardelyx \* | 1167 | 8974 |
| &nbsp;&nbsp;&nbsp;ArriVent Biopharma \* | 165 | 3711 |
| &nbsp;&nbsp;&nbsp;Arrowhead Pharmaceuticals \* | 683 | 47352 |
| &nbsp;&nbsp;&nbsp;ARS Pharmaceuticals \* | 276 | 2757 |
| &nbsp;&nbsp;&nbsp;Artivion \* | 226 | 9214 |
| &nbsp;&nbsp;&nbsp;Arvinas \* | 358 | 4790 |
| &nbsp;&nbsp;&nbsp;Astrana Health \* | 188 | 4275 |
| &nbsp;&nbsp;&nbsp;Atea Pharmaceuticals \* | 333 | 1412 |
| &nbsp;&nbsp;&nbsp;AtriCure \* | 242 | 8937 |
| &nbsp;&nbsp;&nbsp;aTyr Pharma \* | 473 | 418 |
| &nbsp;&nbsp;&nbsp;Aura Biosciences \* | 243 | 1361 |
| &nbsp;&nbsp;&nbsp;Avadel Pharmaceuticals PLC \* | 485 | 10452 |
| &nbsp;&nbsp;&nbsp;Avanos Medical \* | 226 | 3010 |
| &nbsp;&nbsp;&nbsp;Aveanna Healthcare Holdings \* | 393 | 3301 |
| &nbsp;&nbsp;&nbsp;Avidity Biosciences \* | 678 | 49202 |
| &nbsp;&nbsp;&nbsp;Avita Medical \* | 132 | 582 |
| &nbsp;&nbsp;&nbsp;Axogen \* | 220 | 7667 |
| &nbsp;&nbsp;&nbsp;Axsome Therapeutics \* | 213 | 39245 |
| &nbsp;&nbsp;&nbsp;Baxter International | 2650 | 53185 |
| &nbsp;&nbsp;&nbsp;Beam Therapeutics \* | 453 | 12512 |
| &nbsp;&nbsp;&nbsp;Beta Bionics \* | 200 | 2766 |
| &nbsp;&nbsp;&nbsp;Bicara Therapeutics \* | 207 | 3478 |
| &nbsp;&nbsp;&nbsp;BioCryst Pharmaceuticals \* | 1169 | 7691 |
| &nbsp;&nbsp;&nbsp;Biohaven \* | 445 | 5264 |
| &nbsp;&nbsp;&nbsp;BioMarin Pharmaceutical \* | 984 | 55635 |
| &nbsp;&nbsp;&nbsp;Biomea Fusion \* | 304 | 340 |
| &nbsp;&nbsp;&nbsp;Biote, Cl A \* | 124 | 259 |
| &nbsp;&nbsp;&nbsp;Bioventus, Cl A \* | 176 | 1396 |
| &nbsp;&nbsp;&nbsp;Black Diamond Therapeutics \* | 210 | 523 |
| &nbsp;&nbsp;&nbsp;Boston Scientific \* | 7648 | 715317 |
| &nbsp;&nbsp;&nbsp;BrightSpring Health Services \* | 598 | 23483 |
| &nbsp;&nbsp;&nbsp;Bruker | 532 | 23562 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  | <br>**Shares** | <br>**Value** |
| **HEALTH CARE— continued** |  |  |
| &nbsp;&nbsp;&nbsp;Butterfly Network, Cl A \* | 856 | $3390 |
| &nbsp;&nbsp;&nbsp;C4 Therapeutics \* | 454 | 863 |
| &nbsp;&nbsp;&nbsp;Cabaletta Bio \* | 438 | 1126 |
| &nbsp;&nbsp;&nbsp;Candel Therapeutics \* | 195 | 1139 |
| &nbsp;&nbsp;&nbsp;Cardinal Health | 1219 | 261939 |
| &nbsp;&nbsp;&nbsp;CareDx \* | 248 | 5096 |
| &nbsp;&nbsp;&nbsp;Caribou Biosciences \* | 436 | 615 |
| &nbsp;&nbsp;&nbsp;Cartesian Therapeutics \* | 48 | 328 |
| &nbsp;&nbsp;&nbsp;Cassava Sciences \* | 212 | 422 |
| &nbsp;&nbsp;&nbsp;Castle Biosciences \* | 131 | 5160 |
| &nbsp;&nbsp;&nbsp;Catalyst Pharmaceuticals \* | 579 | 14070 |
| &nbsp;&nbsp;&nbsp;Celcuity \* | 195 | 21337 |
| &nbsp;&nbsp;&nbsp;Celldex Therapeutics \* | 334 | 8216 |
| &nbsp;&nbsp;&nbsp;Cencora, Cl A | 961 | 345210 |
| &nbsp;&nbsp;&nbsp;Century Therapeutics \* | 244 | 464 |
| &nbsp;&nbsp;&nbsp;Ceribell \* | 134 | 2762 |
| &nbsp;&nbsp;&nbsp;Certara \* | 607 | 5336 |
| &nbsp;&nbsp;&nbsp;Cerus \* | 904 | 2106 |
| &nbsp;&nbsp;&nbsp;CG oncology \* | 314 | 16344 |
| &nbsp;&nbsp;&nbsp;Chemed | 75 | 32035 |
| &nbsp;&nbsp;&nbsp;Cibus, Cl A \* | 167 | 326 |
| &nbsp;&nbsp;&nbsp;Claritev, Cl A \* | 46 | 1249 |
| &nbsp;&nbsp;&nbsp;ClearPoint Neuro \* | 133 | 1720 |
| &nbsp;&nbsp;&nbsp;Climb Bio \* | 143 | 639 |
| &nbsp;&nbsp;&nbsp;Clover Health Investments, Cl A \* | 1953 | 4375 |
| &nbsp;&nbsp;&nbsp;Codexis \* | 441 | 547 |
| &nbsp;&nbsp;&nbsp;Cogent Biosciences \* | 676 | 24275 |
| &nbsp;&nbsp;&nbsp;Coherus Oncology \* | 527 | 1138 |
| &nbsp;&nbsp;&nbsp;Collegium Pharmaceutical \* | 153 | 7026 |
| &nbsp;&nbsp;&nbsp;Compass Therapeutics \* | 620 | 3968 |
| &nbsp;&nbsp;&nbsp;Concentra Group Holdings Parent | 623 | 13818 |
| &nbsp;&nbsp;&nbsp;CONMED | 155 | 5950 |
| &nbsp;&nbsp;&nbsp;Contineum Therapeutics, Cl A \* | 102 | 1455 |
| &nbsp;&nbsp;&nbsp;Corbus Pharmaceuticals Holdings \* | 60 | 496 |
| &nbsp;&nbsp;&nbsp;CorMedix \* | 363 | 2817 |
| &nbsp;&nbsp;&nbsp;CorVel \* | 145 | 10096 |
| &nbsp;&nbsp;&nbsp;Corvus Pharmaceuticals \* | 325 | 6727 |
| &nbsp;&nbsp;&nbsp;Crinetics Pharmaceuticals \* | 476 | 23771 |
| &nbsp;&nbsp;&nbsp;Cross Country Healthcare \* | 156 | 1454 |
| &nbsp;&nbsp;&nbsp;CryoPort \* | 241 | 2292 |
| &nbsp;&nbsp;&nbsp;CVRx \* | 109 | 747 |
| &nbsp;&nbsp;&nbsp;Cytek Biosciences \* | 553 | 2765 |
| &nbsp;&nbsp;&nbsp;Cytokinetics \* | 614 | 38799 |
| &nbsp;&nbsp;&nbsp;CytomX Therapeutics \* | 763 | 4341 |
| &nbsp;&nbsp;&nbsp;DaVita \* | 176 | 19244 |
| &nbsp;&nbsp;&nbsp;Day One Biopharmaceuticals \* | 384 | 4285 |
| &nbsp;&nbsp;&nbsp;Definitive Healthcare, Cl A \* | 136 | 316 |
| &nbsp;&nbsp;&nbsp;Definium Therapeutics \* | 371 | 6262 |
| &nbsp;&nbsp;&nbsp;Delcath Systems \* | 155 | 1536 |
| &nbsp;&nbsp;&nbsp;Denali Therapeutics \* | 578 | 12566 |
| &nbsp;&nbsp;&nbsp;Dentsply Sirona | 999 | 12458 |
| &nbsp;&nbsp;&nbsp;Design Therapeutics \* | 152 | 1552 |
| &nbsp;&nbsp;&nbsp;Dexcom \* | 2018 | 147395 |
| &nbsp;&nbsp;&nbsp;Dianthus Therapeutics \* | 171 | 9130 |
| &nbsp;&nbsp;&nbsp;Disc Medicine, Cl A \* | 134 | 10361 |

---

#### 35

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
|  | **JANUARY 31, 2026** |
| | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  | <br>**Shares** | <br>**Value** |
| **HEALTH CARE— continued** |  |  |
| &nbsp;&nbsp;&nbsp;DocGo \* | 408 | $313 |
| &nbsp;&nbsp;&nbsp;Doximity, Cl A \* | 673 | 25217 |
| &nbsp;&nbsp;&nbsp;Dyne Therapeutics \* | 635 | 11360 |
| &nbsp;&nbsp;&nbsp;Edgewise Therapeutics \* | 451 | 12696 |
| &nbsp;&nbsp;&nbsp;Editas Medicine, Cl A \* | 450 | 895 |
| &nbsp;&nbsp;&nbsp;Edwards Lifesciences \* | 3007 | 244650 |
| &nbsp;&nbsp;&nbsp;Elanco Animal Health \* | 2533 | 60995 |
| &nbsp;&nbsp;&nbsp;Embecta | 288 | 3056 |
| &nbsp;&nbsp;&nbsp;Enanta Pharmaceuticals \* | 137 | 1767 |
| &nbsp;&nbsp;&nbsp;Encompass Health | 513 | 48494 |
| &nbsp;&nbsp;&nbsp;Enhabit \* | 245 | 2604 |
| &nbsp;&nbsp;&nbsp;Enliven Therapeutics \* | 247 | 6533 |
| &nbsp;&nbsp;&nbsp;Enovis \* | 282 | 6215 |
| &nbsp;&nbsp;&nbsp;Entrada Therapeutics \* | 156 | 1785 |
| &nbsp;&nbsp;&nbsp;Envista Holdings \* | 852 | 19996 |
| &nbsp;&nbsp;&nbsp;Erasca \* | 1163 | 12223 |
| &nbsp;&nbsp;&nbsp;Esperion Therapeutics \* | 1153 | 3909 |
| &nbsp;&nbsp;&nbsp;Eton Pharmaceuticals \* | 105 | 1576 |
| &nbsp;&nbsp;&nbsp;Evolent Health, Cl A \* | 579 | 1859 |
| &nbsp;&nbsp;&nbsp;Evolus \* | 264 | 1238 |
| &nbsp;&nbsp;&nbsp;Exact Sciences \* | 956 | 97837 |
| &nbsp;&nbsp;&nbsp;Exelixis \* | 1337 | 55298 |
| &nbsp;&nbsp;&nbsp;EyePoint \* | 398 | 5381 |
| &nbsp;&nbsp;&nbsp;Fate Therapeutics \* | 504 | 600 |
| &nbsp;&nbsp;&nbsp;Foghorn Therapeutics \* | 168 | 959 |
| &nbsp;&nbsp;&nbsp;Fortrea Holdings \* | 455 | 7649 |
| &nbsp;&nbsp;&nbsp;Fulcrum Therapeutics \* | 268 | 2876 |
| &nbsp;&nbsp;&nbsp;Fulgent Genetics \* | 100 | 2620 |
| &nbsp;&nbsp;&nbsp;Galectin Therapeutics \* | 232 | 657 |
| &nbsp;&nbsp;&nbsp;GeneDx Holdings, Cl A \* | 92 | 8856 |
| &nbsp;&nbsp;&nbsp;Genelux \* | 165 | 439 |
| &nbsp;&nbsp;&nbsp;Geron \* | 3076 | 4214 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences | 6410 | 909900 |
| &nbsp;&nbsp;&nbsp;Glaukos \* | 287 | 34262 |
| &nbsp;&nbsp;&nbsp;Globus Medical, Cl A \* | 578 | 52413 |
| &nbsp;&nbsp;&nbsp;GoodRx Holdings, Cl A \* | 435 | 987 |
| &nbsp;&nbsp;&nbsp;Gossamer Bio \* | 1104 | 2517 |
| &nbsp;&nbsp;&nbsp;GRAIL \* | 175 | 17118 |
| &nbsp;&nbsp;&nbsp;Guardant Health \* | 628 | 71617 |
| &nbsp;&nbsp;&nbsp;Guardian Pharmacy Services, Cl A \* | 115 | 3473 |
| &nbsp;&nbsp;&nbsp;Gyre Therapeutics \* | 130 | 1052 |
| &nbsp;&nbsp;&nbsp;Haemonetics \* | 239 | 15932 |
| &nbsp;&nbsp;&nbsp;Harmony Biosciences Holdings \* | 244 | 8911 |
| &nbsp;&nbsp;&nbsp;Harrow \* | 157 | 6428 |
| &nbsp;&nbsp;&nbsp;Health Catalyst \* | 329 | 707 |
| &nbsp;&nbsp;&nbsp;HealthEquity \* | 435 | 37266 |
| &nbsp;&nbsp;&nbsp;HealthStream | 116 | 2586 |
| &nbsp;&nbsp;&nbsp;Henry Schein \* | 537 | 40533 |
| &nbsp;&nbsp;&nbsp;Heron Therapeutics \* | 872 | 1151 |
| &nbsp;&nbsp;&nbsp;Hims & Hers Health \* | 1071 | 29013 |
| &nbsp;&nbsp;&nbsp;Hologic \* | 1133 | 84896 |
| &nbsp;&nbsp;&nbsp;Humacyte \* | 827 | 825 |
| &nbsp;&nbsp;&nbsp;ICON PLC \* | 392 | 70658 |
| &nbsp;&nbsp;&nbsp;ICU Medical \* | 123 | 18438 |
| &nbsp;&nbsp;&nbsp;Ideaya Biosciences \* | 430 | 13842 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  | <br>**Shares** | <br>**Value** |
| **HEALTH CARE— continued** |  |  |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories \* | 409 | $274218 |
| &nbsp;&nbsp;&nbsp;Immunome \* | 380 | 9356 |
| &nbsp;&nbsp;&nbsp;Immunovant \* | 366 | 9516 |
| &nbsp;&nbsp;&nbsp;Incyte \* | 843 | 84359 |
| &nbsp;&nbsp;&nbsp;InfuSystem Holdings \* | 89 | 735 |
| &nbsp;&nbsp;&nbsp;Inhibrx Biosciences \* | 59 | 4500 |
| &nbsp;&nbsp;&nbsp;Inmode \* | 285 | 4477 |
| &nbsp;&nbsp;&nbsp;Innoviva \* | 299 | 5980 |
| &nbsp;&nbsp;&nbsp;Inogen \* | 119 | 702 |
| &nbsp;&nbsp;&nbsp;Inovio Pharmaceuticals \* | 266 | 434 |
| &nbsp;&nbsp;&nbsp;Insmed \* | 1083 | 169890 |
| &nbsp;&nbsp;&nbsp;Inspire Medical Systems \* | 147 | 11140 |
| &nbsp;&nbsp;&nbsp;Insulet \* | 363 | 92859 |
| &nbsp;&nbsp;&nbsp;Integer Holdings \* | 175 | 15200 |
| &nbsp;&nbsp;&nbsp;Integra LifeSciences Holdings \* | 336 | 3743 |
| &nbsp;&nbsp;&nbsp;Intellia Therapeutics \* | 530 | 6969 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical \* | 1818 | 916672 |
| &nbsp;&nbsp;&nbsp;Invivyd \* | 876 | 1524 |
| &nbsp;&nbsp;&nbsp;Ionis Pharmaceuticals \* | 815 | 67376 |
| &nbsp;&nbsp;&nbsp;Iovance Biotherapeutics \* | 1674 | 4269 |
| &nbsp;&nbsp;&nbsp;IQVIA Holdings \* | 851 | 195858 |
| &nbsp;&nbsp;&nbsp;iRadimed | 41 | 4013 |
| &nbsp;&nbsp;&nbsp;IRhythm Holdings \* | 163 | 25185 |
| &nbsp;&nbsp;&nbsp;Ironwood Pharmaceuticals, Cl A \* | 709 | 3467 |
| &nbsp;&nbsp;&nbsp;Jade Biosciences | 229 | 3575 |
| &nbsp;&nbsp;&nbsp;Janux Therapeutics \* | 202 | 2769 |
| &nbsp;&nbsp;&nbsp;Jasper Therapeutics \* | 136 | 201 |
| &nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals PLC \* | 303 | 49840 |
| &nbsp;&nbsp;&nbsp;Joint \* | 49 | 479 |
| &nbsp;&nbsp;&nbsp;KalVista Pharmaceuticals \* | 233 | 3637 |
| &nbsp;&nbsp;&nbsp;Karyopharm Therapeutics \* | 77 | 500 |
| &nbsp;&nbsp;&nbsp;Keros Therapeutics \* | 142 | 2543 |
| &nbsp;&nbsp;&nbsp;Kestra Medical Technologies \* | 98 | 2418 |
| &nbsp;&nbsp;&nbsp;Kiniksa Pharmaceuticals International PLC, Cl A \* | 204 | 8960 |
| &nbsp;&nbsp;&nbsp;Kodiak Sciences \* | 167 | 3803 |
| &nbsp;&nbsp;&nbsp;Korro Bio \* | 39 | 520 |
| &nbsp;&nbsp;&nbsp;Krystal Biotech \* | 132 | 36860 |
| &nbsp;&nbsp;&nbsp;Kura Oncology \* | 429 | 3483 |
| &nbsp;&nbsp;&nbsp;Kymera Therapeutics \* | 304 | 22098 |
| &nbsp;&nbsp;&nbsp;Kyntra Bio \* | 20 | 156 |
| &nbsp;&nbsp;&nbsp;Kyverna Therapeutics \* | 150 | 1201 |
| &nbsp;&nbsp;&nbsp;Labcorp Holdings | 428 | 116211 |
| &nbsp;&nbsp;&nbsp;Lantheus Holdings \* | 344 | 23020 |
| &nbsp;&nbsp;&nbsp;Larimar Therapeutics \* | 271 | 959 |
| &nbsp;&nbsp;&nbsp;LeMaitre Vascular | 105 | 8922 |
| &nbsp;&nbsp;&nbsp;Lexeo Therapeutics \* | 276 | 2045 |
| &nbsp;&nbsp;&nbsp;Lexicon Pharmaceuticals \* | 899 | 1043 |
| &nbsp;&nbsp;&nbsp;Lifecore Biomedical \* | 130 | 1130 |
| &nbsp;&nbsp;&nbsp;LifeMD \* | 170 | 551 |
| &nbsp;&nbsp;&nbsp;LifeStance Health Group \* | 751 | 5310 |
| &nbsp;&nbsp;&nbsp;Ligand Pharmaceuticals \* | 96 | 18442 |
| &nbsp;&nbsp;&nbsp;Liquidia \* | 328 | 13904 |
| &nbsp;&nbsp;&nbsp;LivaNova PLC \* | 274 | 18005 |
| &nbsp;&nbsp;&nbsp;Lunai Bioworks \* | 88 | 69 |
| &nbsp;&nbsp;&nbsp;MacroGenics \* | 311 | 569 |

---

#### 36

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
|  | **JANUARY 31, 2026** |
| | **(Unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **COMMON STOCK — continued** | | | |
|  | **Shares** | **Shares** |<br>**Value** |
| **HEALTH CARE— continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;Madrigal Pharmaceuticals \* |  | 94 | $45995 |
| &nbsp;&nbsp;&nbsp;MannKind \* |  | 1508 | 8716 |
| &nbsp;&nbsp;&nbsp;Masimo \* |  | 264 | 36255 |
| &nbsp;&nbsp;&nbsp;Maze Therapeutics \* |  | 178 | 7757 |
| &nbsp;&nbsp;&nbsp;MBX Biosciences \* |  | 182 | 6707 |
| &nbsp;&nbsp;&nbsp;McKesson |  | 631 | 524494 |
| &nbsp;&nbsp;&nbsp;Medpace Holdings \* |  | 116 | 67568 |
| &nbsp;&nbsp;&nbsp;Medtronic PLC |  | 6626 | 682213 |
| &nbsp;&nbsp;&nbsp;Merit Medical Systems \* |  | 298 | 24165 |
| &nbsp;&nbsp;&nbsp;MiMedx Group \* |  | 584 | 2984 |
| &nbsp;&nbsp;&nbsp;Mineralys Therapeutics \* |  | 244 | 7537 |
| &nbsp;&nbsp;&nbsp;Mirati Therapeutics \*(A) |  | 201 |  |
| &nbsp;&nbsp;&nbsp;Mirum Pharmaceuticals \* |  | 215 | 22192 |
| &nbsp;&nbsp;&nbsp;Monopar Therapeutics \* |  | 27 | 1630 |
| &nbsp;&nbsp;&nbsp;Monte Rosa Therapeutics \* |  | 272 | 5581 |
| &nbsp;&nbsp;&nbsp;MoonLake Immunotherapeutics, Cl A \* | &nbsp;&nbsp;&nbsp;MoonLake Immunotherapeutics, Cl A \* | 176 | 2758 |
| &nbsp;&nbsp;&nbsp;Myriad Genetics \* |  | 444 | 2495 |
| &nbsp;&nbsp;&nbsp;National Research |  | 80 | 1627 |
| &nbsp;&nbsp;&nbsp;Nautilus Biotechnology, Cl A \* |  | 248 | 484 |
| &nbsp;&nbsp;&nbsp;Nektar Therapeutics, Cl A \* |  | 93 | 3472 |
| &nbsp;&nbsp;&nbsp;Neogen \* |  | 1088 | 11119 |
| &nbsp;&nbsp;&nbsp;NeoGenomics \* |  | 643 | 7755 |
| &nbsp;&nbsp;&nbsp;Neumora Therapeutics \* |  | 429 | 854 |
| &nbsp;&nbsp;&nbsp;Neurocrine Biosciences \* |  | 509 | 69255 |
| &nbsp;&nbsp;&nbsp;Neuronetics \* |  | 196 | 410 |
| &nbsp;&nbsp;&nbsp;NeuroPace \* |  | 137 | 2073 |
| &nbsp;&nbsp;&nbsp;Newamsterdam Pharma \* |  | 386 | 12012 |
| &nbsp;&nbsp;&nbsp;Nkarta \* |  | 232 | 515 |
| &nbsp;&nbsp;&nbsp;Novavax \* |  | 782 | 6917 |
| &nbsp;&nbsp;&nbsp;Novocure \* |  | 546 | 6770 |
| &nbsp;&nbsp;&nbsp;Nurix Therapeutics \* |  | 508 | 8392 |
| &nbsp;&nbsp;&nbsp;Nutex Health \* |  | 17 | 2529 |
| &nbsp;&nbsp;&nbsp;Nuvalent, Cl A \* |  | 240 | 24694 |
| &nbsp;&nbsp;&nbsp;Nuvation Bio \* |  | 1387 | 7268 |
| &nbsp;&nbsp;&nbsp;Ocular Therapeutix \* |  | 1021 | 9332 |
| &nbsp;&nbsp;&nbsp;Olema Pharmaceuticals \* |  | 315 | 8102 |
| &nbsp;&nbsp;&nbsp;Omeros \* |  | 330 | 3858 |
| &nbsp;&nbsp;&nbsp;OmniAb \* |  | 495 | 901 |
| &nbsp;&nbsp;&nbsp;Omnicell \* |  | 225 | 10912 |
| &nbsp;&nbsp;&nbsp;Oncology Institute \* |  | 391 | 1060 |
| &nbsp;&nbsp;&nbsp;OPKO Health \* |  | 1605 | 2022 |
| &nbsp;&nbsp;&nbsp;OptimizeRx \* |  | 77 | 828 |
| &nbsp;&nbsp;&nbsp;Option Care Health \* |  | 828 | 28152 |
| &nbsp;&nbsp;&nbsp;OraSure Technologies \* |  | 350 | 976 |
| &nbsp;&nbsp;&nbsp;Orchestra BioMed Holdings \* |  | 195 | 681 |
| &nbsp;&nbsp;&nbsp;Organogenesis Holdings, Cl A \* |  | 319 | 1276 |
| &nbsp;&nbsp;&nbsp;ORIC Pharmaceuticals \* |  | 421 | 4319 |
| &nbsp;&nbsp;&nbsp;Orthofix Medical \* |  | 184 | 2434 |
| &nbsp;&nbsp;&nbsp;OrthoPediatrics \* |  | 85 | 1484 |
| &nbsp;&nbsp;&nbsp;Oruka Therapeutics \* |  | 219 | 7496 |
| &nbsp;&nbsp;&nbsp;Outlook Therapeutics \* |  | 137 | 60 |
| &nbsp;&nbsp;&nbsp;Outset Medical \* |  | 86 | 432 |
| &nbsp;&nbsp;&nbsp;Ovid therapeutics \* |  | 317 | 494 |
| &nbsp;&nbsp;&nbsp;P3 Health Partners \* |  | 7 | 14 |
| &nbsp;&nbsp;&nbsp;Pacific Biosciences of California \* |  | 1474 | 3331 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  |<br>**Shares** |<br>**Value** |
| **HEALTH CARE— continued** |  |  |
| &nbsp;&nbsp;&nbsp;Pacira BioSciences \* | 218 | $4478 |
| &nbsp;&nbsp;&nbsp;PACS Group \* | 197 | 6651 |
| &nbsp;&nbsp;&nbsp;Palvella Therapeutics \* | 46 | 3528 |
| &nbsp;&nbsp;&nbsp;PDL BioPharma \*(A) | 64 |  |
| &nbsp;&nbsp;&nbsp;PDS Biotechnology \* | 230 | 192 |
| &nbsp;&nbsp;&nbsp;Penumbra \* | 195 | 69843 |
| &nbsp;&nbsp;&nbsp;PepGen \* | 208 | 1067 |
| &nbsp;&nbsp;&nbsp;Personalis \* | 263 | 2464 |
| &nbsp;&nbsp;&nbsp;Perspective Therapeutics \* | 297 | 1126 |
| &nbsp;&nbsp;&nbsp;Pharvaris \* | 286 | 7736 |
| &nbsp;&nbsp;&nbsp;Phathom Pharmaceuticals \* | 280 | 3828 |
| &nbsp;&nbsp;&nbsp;Phibro Animal Health, Cl A | 101 | 4055 |
| &nbsp;&nbsp;&nbsp;Phreesia \* | 286 | 3841 |
| &nbsp;&nbsp;&nbsp;Pliant Therapeutics \* | 299 | 362 |
| &nbsp;&nbsp;&nbsp;PMV Pharmaceuticals \* | 257 | 278 |
| &nbsp;&nbsp;&nbsp;Praxis Precision Medicines \* | 124 | 38936 |
| &nbsp;&nbsp;&nbsp;Precigen \* | 807 | 3623 |
| &nbsp;&nbsp;&nbsp;Prelude Therapeutics \* | 153 | 283 |
| &nbsp;&nbsp;&nbsp;Prestige Consumer Healthcare \* | 245 | 15795 |
| &nbsp;&nbsp;&nbsp;Prime Medicine \* | 496 | 1890 |
| &nbsp;&nbsp;&nbsp;Privia Health Group \* | 556 | 12910 |
| &nbsp;&nbsp;&nbsp;PROCEPT BioRobotics \* | 262 | 7587 |
| &nbsp;&nbsp;&nbsp;Progyny \* | 397 | 9476 |
| &nbsp;&nbsp;&nbsp;ProKidney, Cl A \* | 602 | 1192 |
| &nbsp;&nbsp;&nbsp;ProQR Therapeutics \* | 367 | 595 |
| &nbsp;&nbsp;&nbsp;Protagonist Therapeutics \* | 317 | 25931 |
| &nbsp;&nbsp;&nbsp;Prothena PLC \* | 219 | 1929 |
| &nbsp;&nbsp;&nbsp;PTC Therapeutics \* | 405 | 30590 |
| &nbsp;&nbsp;&nbsp;Pulmonx \* | 190 | 312 |
| &nbsp;&nbsp;&nbsp;Pulse Biosciences \* | 89 | 1231 |
| &nbsp;&nbsp;&nbsp;Puma Biotechnology \* | 212 | 1374 |
| &nbsp;&nbsp;&nbsp;Q32 Bio \* | 37 | 144 |
| &nbsp;&nbsp;&nbsp;Quanterix \* | 216 | 1369 |
| &nbsp;&nbsp;&nbsp;Quantum-Si \* | 727 | 821 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics | 572 | 106981 |
| &nbsp;&nbsp;&nbsp;RadNet \* | 358 | 25096 |
| &nbsp;&nbsp;&nbsp;Rapport Therapeutics \* | 154 | 4098 |
| &nbsp;&nbsp;&nbsp;RAPT Therapeutics \* | 126 | 7246 |
| &nbsp;&nbsp;&nbsp;Recursion Pharmaceuticals, Cl A \* | 2075 | 8694 |
| &nbsp;&nbsp;&nbsp;Replimune Group, Cl Rights \* | 303 | 2130 |
| &nbsp;&nbsp;&nbsp;ResMed | 751 | 193991 |
| &nbsp;&nbsp;&nbsp;Revolution Medicines \* | 905 | 87740 |
| &nbsp;&nbsp;&nbsp;Rezolute \* | 400 | 1336 |
| &nbsp;&nbsp;&nbsp;Rhythm Pharmaceuticals \* | 342 | 35062 |
| &nbsp;&nbsp;&nbsp;Rigel Pharmaceuticals \* | 88 | 3068 |
| &nbsp;&nbsp;&nbsp;Roivant Sciences, Cl A \* | 2203 | 47629 |
| &nbsp;&nbsp;&nbsp;Royalty Pharma PLC, Cl A | 1978 | 82443 |
| &nbsp;&nbsp;&nbsp;RxSight \* | 180 | 1564 |
| &nbsp;&nbsp;&nbsp;Sagimet Biosciences, Cl A \* | 128 | 726 |
| &nbsp;&nbsp;&nbsp;Sanara Medtech \* | 18 | 396 |
| &nbsp;&nbsp;&nbsp;SANUWAVE Health \* | 41 | 1105 |
| &nbsp;&nbsp;&nbsp;Savara \* | 813 | 4390 |
| &nbsp;&nbsp;&nbsp;Scholar Rock Holding \* | 409 | 18135 |
| &nbsp;&nbsp;&nbsp;Schrodinger \* | 316 | 4414 |
| &nbsp;&nbsp;&nbsp;Seer, Cl A \* | 200 | 364 |
| &nbsp;&nbsp;&nbsp;Select Medical Holdings | 523 | 7871 |

---

#### 37

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
|  | **JANUARY 31, 2026** |
| | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  | <br>**Shares** | <br>**Value** |
| **HEALTH CARE— continued** |  |  |
| &nbsp;&nbsp;&nbsp;Senseonics Holdings \* | 184 | $1347 |
| &nbsp;&nbsp;&nbsp;Septerna \* | 149 | 3478 |
| &nbsp;&nbsp;&nbsp;Sera Prognostics, Cl A \* | 143 | 395 |
| &nbsp;&nbsp;&nbsp;Seres Therapeutics \* | 33 | 498 |
| &nbsp;&nbsp;&nbsp;SI-BONE \* | 206 | 3415 |
| &nbsp;&nbsp;&nbsp;SIGA Technologies | 205 | 1373 |
| &nbsp;&nbsp;&nbsp;Sight Sciences \* | 170 | 1068 |
| &nbsp;&nbsp;&nbsp;Simulations Plus \* | 84 | 1419 |
| &nbsp;&nbsp;&nbsp;Sionna Therapeutics \* | 133 | 5621 |
| &nbsp;&nbsp;&nbsp;Soleno Therapeutics \* | 242 | 9331 |
| &nbsp;&nbsp;&nbsp;Solventum \* | 763 | 58728 |
| &nbsp;&nbsp;&nbsp;Sotera Health \* | 873 | 15819 |
| &nbsp;&nbsp;&nbsp;Spyre Therapeutics \* | 343 | 10969 |
| &nbsp;&nbsp;&nbsp;STAAR Surgical \* | 179 | 3392 |
| &nbsp;&nbsp;&nbsp;STERIS PLC | 508 | 133401 |
| &nbsp;&nbsp;&nbsp;Stoke Therapeutics \* | 264 | 8010 |
| &nbsp;&nbsp;&nbsp;Strata Critical Medical \* | 330 | 1610 |
| &nbsp;&nbsp;&nbsp;Stryker | 1801 | 665578 |
| &nbsp;&nbsp;&nbsp;Summit Therapeutics \* | 519 | 7515 |
| &nbsp;&nbsp;&nbsp;Supernus Pharmaceuticals \* | 270 | 13003 |
| &nbsp;&nbsp;&nbsp;Sutro Biopharma \* | 41 | 614 |
| &nbsp;&nbsp;&nbsp;Syndax Pharmaceuticals \* | 428 | 8693 |
| &nbsp;&nbsp;&nbsp;Tactile Systems Technology \* | 107 | 3088 |
| &nbsp;&nbsp;&nbsp;Talkspace \* | 593 | 2396 |
| &nbsp;&nbsp;&nbsp;Tandem Diabetes Care \* | 337 | 6703 |
| &nbsp;&nbsp;&nbsp;Tango Therapeutics \* | 564 | 6548 |
| &nbsp;&nbsp;&nbsp;Tarsus Pharmaceuticals \* | 197 | 12714 |
| &nbsp;&nbsp;&nbsp;Tectonic Therapeutic \* | 57 | 1139 |
| &nbsp;&nbsp;&nbsp;Tela Bio \* | 179 | 179 |
| &nbsp;&nbsp;&nbsp;Teladoc Health \* | 881 | 4801 |
| &nbsp;&nbsp;&nbsp;Teleflex | 228 | 23796 |
| &nbsp;&nbsp;&nbsp;Tempus AI, Cl A \* | 532 | 31824 |
| &nbsp;&nbsp;&nbsp;Terns Pharmaceuticals \* | 387 | 13390 |
| &nbsp;&nbsp;&nbsp;TG Therapeutics \* | 739 | 21749 |
| &nbsp;&nbsp;&nbsp;Theravance Biopharma \* | 190 | 3599 |
| &nbsp;&nbsp;&nbsp;Tonix Pharmaceuticals Holding \* | 58 | 1000 |
| &nbsp;&nbsp;&nbsp;TransMedics Group \* | 170 | 22776 |
| &nbsp;&nbsp;&nbsp;Travere Therapeutics \* | 443 | 13773 |
| &nbsp;&nbsp;&nbsp;Treace Medical Concepts \* | 227 | 527 |
| &nbsp;&nbsp;&nbsp;Trevi Therapeutics \* | 533 | 5580 |
| &nbsp;&nbsp;&nbsp;TriSalus Life Sciences \* | 133 | 661 |
| &nbsp;&nbsp;&nbsp;TruBridge \* | 72 | 1393 |
| &nbsp;&nbsp;&nbsp;TScan Therapeutics \* | 248 | 253 |
| &nbsp;&nbsp;&nbsp;Tvardi Therapeutics \* | 32 | 127 |
| &nbsp;&nbsp;&nbsp;Tyra Biosciences \* | 142 | 4376 |
| &nbsp;&nbsp;&nbsp;UFP Technologies \* | 38 | 9543 |
| &nbsp;&nbsp;&nbsp;United Therapeutics \* | 218 | 102349 |
| &nbsp;&nbsp;&nbsp;Upstream Bio \* | 243 | 7552 |
| &nbsp;&nbsp;&nbsp;UroGen Pharma \* | 210 | 4118 |
| &nbsp;&nbsp;&nbsp;US Physical Therapy | 75 | 6290 |
| &nbsp;&nbsp;&nbsp;Vanda Pharmaceuticals \* | 276 | 2081 |
| &nbsp;&nbsp;&nbsp;Varex Imaging \* | 206 | 2872 |
| &nbsp;&nbsp;&nbsp;Vaxcyte \* | 663 | 35517 |
| &nbsp;&nbsp;&nbsp;Veeva Systems, Cl A \* | 771 | 157222 |
| &nbsp;&nbsp;&nbsp;Ventyx Biosciences \* | 324 | 4520 |
| &nbsp;&nbsp;&nbsp;Vera Therapeutics, Cl A \* | 266 | 11507 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  |<br>**Shares** |<br>**Value** |
| **HEALTH CARE— continued** |  |  |
| &nbsp;&nbsp;&nbsp;Veracyte \* | 391 | $14889 |
| &nbsp;&nbsp;&nbsp;Verastem \* | 306 | 1867 |
| &nbsp;&nbsp;&nbsp;Vericel \* | 252 | 9067 |
| &nbsp;&nbsp;&nbsp;Verrica Pharmaceuticals \* | 27 | 187 |
| &nbsp;&nbsp;&nbsp;Viemed Healthcare \* | 144 | 1104 |
| &nbsp;&nbsp;&nbsp;Viking Therapeutics \* | 554 | 16088 |
| &nbsp;&nbsp;&nbsp;Vir Biotechnology \* | 550 | 4092 |
| &nbsp;&nbsp;&nbsp;Viridian Therapeutics \* | 438 | 14454 |
| &nbsp;&nbsp;&nbsp;Vor BioPharma \* | 24 | 313 |
| &nbsp;&nbsp;&nbsp;WaVe Life Sciences \* | 592 | 7660 |
| &nbsp;&nbsp;&nbsp;Waystar Holding \* | 596 | 15830 |
| &nbsp;&nbsp;&nbsp;West Pharmaceutical Services | 370 | 85514 |
| &nbsp;&nbsp;&nbsp;X4 Pharmaceuticals \* | 370 | 1367 |
| &nbsp;&nbsp;&nbsp;Xencor \* | 354 | 4280 |
| &nbsp;&nbsp;&nbsp;Xeris Biopharma Holdings \* | 751 | 5527 |
| &nbsp;&nbsp;&nbsp;XOMA Royalty \* | 60 | 1540 |
| &nbsp;&nbsp;&nbsp;Zenas Biopharma \* | 106 | 1947 |
| &nbsp;&nbsp;&nbsp;Zentalis Pharmaceuticals \* | 271 | 659 |
| &nbsp;&nbsp;&nbsp;Zevra Therapeutics \* | 264 | 2376 |
| &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings | 1024 | 89160 |
| &nbsp;&nbsp;&nbsp;Zoetis, Cl A | 2097 | 261748 |
| &nbsp;&nbsp;&nbsp;Zymeworks \* | 260 | 5858 |
| &nbsp;&nbsp;&nbsp;Zynex \* | 87 | 5 |
|  |  | 11758844 |
| **INDUSTRIALS — 9.3%** |  |  |
| &nbsp;&nbsp;&nbsp;374Water \* | 49 | 152 |
| &nbsp;&nbsp;&nbsp;3M | 2744 | 420271 |
| &nbsp;&nbsp;&nbsp;AAON | 350 | 31825 |
| &nbsp;&nbsp;&nbsp;AAR \* | 199 | 21076 |
| &nbsp;&nbsp;&nbsp;ABM Industries | 303 | 13950 |
| &nbsp;&nbsp;&nbsp;ACCO Brands | 436 | 1705 |
| &nbsp;&nbsp;&nbsp;Acuity | 158 | 48860 |
| &nbsp;&nbsp;&nbsp;ACV Auctions, Cl A \* | 839 | 6553 |
| &nbsp;&nbsp;&nbsp;Advanced Drainage Systems | 397 | 60360 |
| &nbsp;&nbsp;&nbsp;AerCap Holdings | 890 | 127857 |
| &nbsp;&nbsp;&nbsp;AeroVironment \* | 194 | 54008 |
| &nbsp;&nbsp;&nbsp;AerSale \* | 162 | 1213 |
| &nbsp;&nbsp;&nbsp;AGCO | 320 | 36291 |
| &nbsp;&nbsp;&nbsp;Air Lease, Cl A | 519 | 33543 |
| &nbsp;&nbsp;&nbsp;AirJoule Technologies, Cl A \* | 120 | 386 |
| &nbsp;&nbsp;&nbsp;Alamo Group | 52 | 10156 |
| &nbsp;&nbsp;&nbsp;Alaska Air Group \* | 145 | 7370 |
| &nbsp;&nbsp;&nbsp;Albany International, Cl A | 147 | 8157 |
| &nbsp;&nbsp;&nbsp;Alight, Cl A | 2131 | 3260 |
| &nbsp;&nbsp;&nbsp;Allegiant Travel, Cl A \* | 23 | 2038 |
| &nbsp;&nbsp;&nbsp;Allegion PLC | 439 | 72606 |
| &nbsp;&nbsp;&nbsp;Allient | 75 | 4576 |
| &nbsp;&nbsp;&nbsp;Allison Transmission Holdings | 430 | 46741 |
| &nbsp;&nbsp;&nbsp;Alta Equipment Group | 128 | 865 |
| &nbsp;&nbsp;&nbsp;Ameresco, Cl A \* | 161 | 5046 |
| &nbsp;&nbsp;&nbsp;American Airlines Group \* | 832 | 11066 |
| &nbsp;&nbsp;&nbsp;American Superconductor \* | 219 | 6552 |
| &nbsp;&nbsp;&nbsp;American Woodmark \* | 71 | 4217 |
| &nbsp;&nbsp;&nbsp;AMETEK | 1190 | 266536 |
| &nbsp;&nbsp;&nbsp;Amprius Technologies \* | 490 | 6096 |

---

#### 38

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
|  | **JANUARY 31, 2026** |
| | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  |<br>**Shares** |<br>**Value** |
| **INDUSTRIALS— continued** |  |  |
| &nbsp;&nbsp;&nbsp;AO Smith | 581 | $42698 |
| &nbsp;&nbsp;&nbsp;API Group \* | 1919 | 79773 |
| &nbsp;&nbsp;&nbsp;Apogee Enterprises | 106 | 3936 |
| &nbsp;&nbsp;&nbsp;Applied Industrial Technologies | 193 | 50259 |
| &nbsp;&nbsp;&nbsp;ArcBest | 112 | 10105 |
| &nbsp;&nbsp;&nbsp;Archer Aviation, Cl A \* | 2769 | 19909 |
| &nbsp;&nbsp;&nbsp;Arcosa | 249 | 28503 |
| &nbsp;&nbsp;&nbsp;Argan | 69 | 23951 |
| &nbsp;&nbsp;&nbsp;Armstrong World Industries | 220 | 40423 |
| &nbsp;&nbsp;&nbsp;Array Technologies \* | 757 | 8573 |
| &nbsp;&nbsp;&nbsp;Astec Industries | 114 | 5554 |
| &nbsp;&nbsp;&nbsp;Astronics \* | 153 | 11590 |
| &nbsp;&nbsp;&nbsp;Asure Software \* | 120 | 1154 |
| &nbsp;&nbsp;&nbsp;ATI \* | 695 | 83609 |
| &nbsp;&nbsp;&nbsp;Atkore | 167 | 11598 |
| &nbsp;&nbsp;&nbsp;Atmus Filtration Technologies | 422 | 24463 |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing | 2086 | 514867 |
| &nbsp;&nbsp;&nbsp;Avis Budget Group \* | 83 | 9544 |
| &nbsp;&nbsp;&nbsp;Axon Enterprise \* | 386 | 186662 |
| &nbsp;&nbsp;&nbsp;AZZ | 148 | 18395 |
| &nbsp;&nbsp;&nbsp;Babcock & Wilcox Enterprises \* | 475 | 4579 |
| &nbsp;&nbsp;&nbsp;Barrett Business Services | 125 | 4750 |
| &nbsp;&nbsp;&nbsp;BlackSky Technology, Cl A \* | 151 | 3333 |
| &nbsp;&nbsp;&nbsp;Blink Charging \* | 530 | 376 |
| &nbsp;&nbsp;&nbsp;Bloom Energy, Cl A \* | 1129 | 170897 |
| &nbsp;&nbsp;&nbsp;Blue Bird \* | 157 | 7899 |
| &nbsp;&nbsp;&nbsp;BlueLinx Holdings \* | 39 | 2713 |
| &nbsp;&nbsp;&nbsp;Boise Cascade | 185 | 14950 |
| &nbsp;&nbsp;&nbsp;Booz Allen Hamilton Holding, Cl A | 620 | 54820 |
| &nbsp;&nbsp;&nbsp;Bowman Consulting Group, Cl A \* | 70 | 2438 |
| &nbsp;&nbsp;&nbsp;Brady, Cl A | 212 | 18332 |
| &nbsp;&nbsp;&nbsp;Bridger Aerospace Group Holdings \* | 137 | 395 |
| &nbsp;&nbsp;&nbsp;BrightView Holdings \* | 359 | 4796 |
| &nbsp;&nbsp;&nbsp;Brink's | 213 | 27060 |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions | 601 | 118463 |
| &nbsp;&nbsp;&nbsp;Builders FirstSource \* | 555 | 63492 |
| &nbsp;&nbsp;&nbsp;Byrna Technologies \* | 89 | 1220 |
| &nbsp;&nbsp;&nbsp;Cadre Holdings | 143 | 5721 |
| &nbsp;&nbsp;&nbsp;Caesarstone \* | 103 | 225 |
| &nbsp;&nbsp;&nbsp;Carlisle | 218 | 74314 |
| &nbsp;&nbsp;&nbsp;Carpenter Technology | 250 | 79458 |
| &nbsp;&nbsp;&nbsp;Carrier Global | 4081 | 243146 |
| &nbsp;&nbsp;&nbsp;Casella Waste Systems, Cl A \* | 321 | 32382 |
| &nbsp;&nbsp;&nbsp;Caterpillar | 2417 | 1588839 |
| &nbsp;&nbsp;&nbsp;CBIZ \* | 256 | 10074 |
| &nbsp;&nbsp;&nbsp;CECO Environmental \* | 153 | 10317 |
| &nbsp;&nbsp;&nbsp;Centuri Holdings \* | 391 | 10792 |
| &nbsp;&nbsp;&nbsp;CH Robinson Worldwide | 593 | 115605 |
| &nbsp;&nbsp;&nbsp;ChargePoint Holdings \* | 93 | 560 |
| &nbsp;&nbsp;&nbsp;Chart Industries \* | 231 | 47896 |
| &nbsp;&nbsp;&nbsp;China Yuchai International | 59 | 2677 |
| &nbsp;&nbsp;&nbsp;Cimpress PLC \* | 86 | 6802 |
| &nbsp;&nbsp;&nbsp;Cintas | 1766 | 337995 |
| &nbsp;&nbsp;&nbsp;Civeo | 59 | 1494 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  |<br>**Shares** |<br>**Value** |
| **INDUSTRIALS— continued** |  |  |
| &nbsp;&nbsp;&nbsp;Clarivate PLC \* | 1919 | $5085 |
| &nbsp;&nbsp;&nbsp;Clean Harbors \* | 250 | 64978 |
| &nbsp;&nbsp;&nbsp;CNH Industrial | 4133 | 44471 |
| &nbsp;&nbsp;&nbsp;Columbus McKinnon | 140 | 2951 |
| &nbsp;&nbsp;&nbsp;Comfort Systems USA | 179 | 204436 |
| &nbsp;&nbsp;&nbsp;Commercial Vehicle Group \* | 166 | 249 |
| &nbsp;&nbsp;&nbsp;CompX International | 8 | 186 |
| &nbsp;&nbsp;&nbsp;Concentrix | 261 | 9748 |
| &nbsp;&nbsp;&nbsp;Concrete Pumping Holdings \* | 110 | 636 |
| &nbsp;&nbsp;&nbsp;Conduent \* | 734 | 1020 |
| &nbsp;&nbsp;&nbsp;Construction Partners, Cl A \* | 242 | 26591 |
| &nbsp;&nbsp;&nbsp;Copa Holdings, Cl A | 38 | 5183 |
| &nbsp;&nbsp;&nbsp;Copart \* | 4575 | 185654 |
| &nbsp;&nbsp;&nbsp;Core & Main, Cl A \* | 985 | 52560 |
| &nbsp;&nbsp;&nbsp;CoreCivic \* | 524 | 9710 |
| &nbsp;&nbsp;&nbsp;Costamare | 204 | 3423 |
| &nbsp;&nbsp;&nbsp;Costamare Bulkers Holdings \* | 44 | 727 |
| &nbsp;&nbsp;&nbsp;Covenant Logistics Group, Cl A | 72 | 1771 |
| &nbsp;&nbsp;&nbsp;CRA International | 31 | 5857 |
| &nbsp;&nbsp;&nbsp;Crane | 252 | 46025 |
| &nbsp;&nbsp;&nbsp;CSG Systems International | 138 | 11006 |
| &nbsp;&nbsp;&nbsp;CSW Industrials | 86 | 23218 |
| &nbsp;&nbsp;&nbsp;CSX | 9605 | 362685 |
| &nbsp;&nbsp;&nbsp;Cummins | 710 | 410962 |
| &nbsp;&nbsp;&nbsp;Curtiss-Wright | 194 | 127398 |
| &nbsp;&nbsp;&nbsp;Custom Truck One Source \* | 301 | 1902 |
| &nbsp;&nbsp;&nbsp;Dayforce \* | 808 | 55970 |
| &nbsp;&nbsp;&nbsp;Deere | 1293 | 682704 |
| &nbsp;&nbsp;&nbsp;Delta Air Lines | 844 | 55611 |
| &nbsp;&nbsp;&nbsp;Deluxe | 221 | 5834 |
| &nbsp;&nbsp;&nbsp;Distribution Solutions Group \* | 46 | 1306 |
| &nbsp;&nbsp;&nbsp;DLH Holdings \* | 41 | 234 |
| &nbsp;&nbsp;&nbsp;DNOW \* | 912 | 13846 |
| &nbsp;&nbsp;&nbsp;Donaldson | 595 | 60654 |
| &nbsp;&nbsp;&nbsp;Douglas Dynamics | 112 | 4220 |
| &nbsp;&nbsp;&nbsp;Dover | 705 | 142050 |
| &nbsp;&nbsp;&nbsp;DXP Enterprises \* | 65 | 8453 |
| &nbsp;&nbsp;&nbsp;Dycom Industries \* | 144 | 52472 |
| &nbsp;&nbsp;&nbsp;Eaton PLC | 2008 | 705651 |
| &nbsp;&nbsp;&nbsp;EMCOR Group | 229 | 165047 |
| &nbsp;&nbsp;&nbsp;Emerson Electric | 2902 | 426478 |
| &nbsp;&nbsp;&nbsp;Energy Recovery \* | 258 | 3764 |
| &nbsp;&nbsp;&nbsp;Energy Vault Holdings \* | 539 | 2533 |
| &nbsp;&nbsp;&nbsp;Enerpac Tool Group, Cl A | 263 | 10615 |
| &nbsp;&nbsp;&nbsp;EnerSys | 190 | 34236 |
| &nbsp;&nbsp;&nbsp;Ennis | 124 | 2417 |
| &nbsp;&nbsp;&nbsp;Enovix \* | 852 | 5640 |
| &nbsp;&nbsp;&nbsp;Enpro | 108 | 25788 |
| &nbsp;&nbsp;&nbsp;Enviri \* | 368 | 6963 |
| &nbsp;&nbsp;&nbsp;Eos Energy Enterprises \* | 1407 | 20598 |
| &nbsp;&nbsp;&nbsp;Equifax | 627 | 126278 |
| &nbsp;&nbsp;&nbsp;Esab | 293 | 35482 |
| &nbsp;&nbsp;&nbsp;ESCO Technologies | 132 | 30118 |
| &nbsp;&nbsp;&nbsp;ESS Tech \* | 17 | 30 |
| &nbsp;&nbsp;&nbsp;ESS Tech \* | 35 | 61 |
| &nbsp;&nbsp;&nbsp;Eve Holding \* | 441 | 1738 |

---

#### 39

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
|  | **JANUARY 31, 2026** |
| | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  | <br>**Shares** | <br>**Value** |
| **INDUSTRIALS— continued** |  |  |
| &nbsp;&nbsp;&nbsp;Everus Construction Group \* | 263 | $23273 |
| &nbsp;&nbsp;&nbsp;EVI Industries | 29 | 745 |
| &nbsp;&nbsp;&nbsp;ExlService Holdings \* | 789 | 30889 |
| &nbsp;&nbsp;&nbsp;Expeditors International of Washington | 697 | 111896 |
| &nbsp;&nbsp;&nbsp;Exponent | 252 | 18111 |
| &nbsp;&nbsp;&nbsp;Fastenal | 5925 | 256908 |
| &nbsp;&nbsp;&nbsp;Federal Signal | 307 | 33184 |
| &nbsp;&nbsp;&nbsp;FedEx | 1116 | 359631 |
| &nbsp;&nbsp;&nbsp;Ferguson Enterprises | 1011 | 255237 |
| &nbsp;&nbsp;&nbsp;First Advantage \* | 396 | 5346 |
| &nbsp;&nbsp;&nbsp;FiscalNote Holdings \* | 46 | 56 |
| &nbsp;&nbsp;&nbsp;Fiverr International \* | 151 | 2529 |
| &nbsp;&nbsp;&nbsp;Flowserve | 653 | 51032 |
| &nbsp;&nbsp;&nbsp;Fluence Energy, Cl A \* | 383 | 11785 |
| &nbsp;&nbsp;&nbsp;Forrester Research \* | 57 | 462 |
| &nbsp;&nbsp;&nbsp;Fortive | 1634 | 86292 |
| &nbsp;&nbsp;&nbsp;Fortune Brands Innovations | 617 | 33380 |
| &nbsp;&nbsp;&nbsp;Forward Air \* | 144 | 4015 |
| &nbsp;&nbsp;&nbsp;Franklin Covey \* | 53 | 1080 |
| &nbsp;&nbsp;&nbsp;Franklin Electric | 192 | 19127 |
| &nbsp;&nbsp;&nbsp;Frontier Group Holdings \* | 288 | 1336 |
| &nbsp;&nbsp;&nbsp;FTAI Aviation | 521 | 141879 |
| &nbsp;&nbsp;&nbsp;FTAI Infrastructure | 518 | 3015 |
| &nbsp;&nbsp;&nbsp;FTI Consulting \* | 156 | 27249 |
| &nbsp;&nbsp;&nbsp;FuelCell Energy \* | 162 | 1327 |
| &nbsp;&nbsp;&nbsp;Gates Industrial PLC \* | 1311 | 30179 |
| &nbsp;&nbsp;&nbsp;GATX | 182 | 33108 |
| &nbsp;&nbsp;&nbsp;GE Vernova | 1400 | 1016918 |
| &nbsp;&nbsp;&nbsp;Genco Shipping & Trading | 180 | 3762 |
| &nbsp;&nbsp;&nbsp;Gencor Industries \* | 52 | 746 |
| &nbsp;&nbsp;&nbsp;Generac Holdings \* | 298 | 50076 |
| &nbsp;&nbsp;&nbsp;General Electric | 5249 | 1610341 |
| &nbsp;&nbsp;&nbsp;Genpact | 891 | 39293 |
| &nbsp;&nbsp;&nbsp;GEO Group \* | 679 | 10850 |
| &nbsp;&nbsp;&nbsp;Gibraltar Industries \* | 146 | 7484 |
| &nbsp;&nbsp;&nbsp;Global Industrial | 68 | 2078 |
| &nbsp;&nbsp;&nbsp;Gorman-Rupp | 110 | 5994 |
| &nbsp;&nbsp;&nbsp;Grab Holdings, Cl A \* | 17027 | 73216 |
| &nbsp;&nbsp;&nbsp;Graco | 849 | 74143 |
| &nbsp;&nbsp;&nbsp;GrafTech International \* | 106 | 1599 |
| &nbsp;&nbsp;&nbsp;Graham \* | 52 | 3636 |
| &nbsp;&nbsp;&nbsp;Granite Construction | 225 | 27166 |
| &nbsp;&nbsp;&nbsp;Great Lakes Dredge & Dock \* | 329 | 4928 |
| &nbsp;&nbsp;&nbsp;Greenbrier | 152 | 7664 |
| &nbsp;&nbsp;&nbsp;Griffon | 218 | 17756 |
| &nbsp;&nbsp;&nbsp;GXO Logistics \* | 578 | 32709 |
| &nbsp;&nbsp;&nbsp;Hayward Holdings \* | 1060 | 17108 |
| &nbsp;&nbsp;&nbsp;Healthcare Services Group \* | 351 | 6606 |
| &nbsp;&nbsp;&nbsp;Heartland Express | 212 | 2139 |
| &nbsp;&nbsp;&nbsp;HEICO | 219 | 72469 |
| &nbsp;&nbsp;&nbsp;HEICO, Cl A | 386 | 98272 |
| &nbsp;&nbsp;&nbsp;Helios Technologies | 166 | 10753 |
| &nbsp;&nbsp;&nbsp;Herc Holdings | 168 | 24081 |
| &nbsp;&nbsp;&nbsp;Hertz Global Holdings \* | 585 | 2867 |
| &nbsp;&nbsp;&nbsp;Hexcel | 408 | 33786 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  | <br>**Shares** | <br>**Value** |
| **INDUSTRIALS— continued** |  |  |
| &nbsp;&nbsp;&nbsp;Hillenbrand | 351 | $11200 |
| &nbsp;&nbsp;&nbsp;Hillman Solutions \* | 977 | 9154 |
| &nbsp;&nbsp;&nbsp;HireQuest | 28 | 314 |
| &nbsp;&nbsp;&nbsp;HNI | 328 | 15675 |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace | 2062 | 429061 |
| &nbsp;&nbsp;&nbsp;Hub Group, Cl A | 295 | 14036 |
| &nbsp;&nbsp;&nbsp;Hubbell, Cl B | 274 | 133696 |
| &nbsp;&nbsp;&nbsp;Hudson Technologies \* | 189 | 1355 |
| &nbsp;&nbsp;&nbsp;Huron Consulting Group \* | 85 | 14365 |
| &nbsp;&nbsp;&nbsp;Hyliion Holdings \* | 594 | 1218 |
| &nbsp;&nbsp;&nbsp;Hyster-Yale | 49 | 1639 |
| &nbsp;&nbsp;&nbsp;IBEX Holdings \* | 51 | 1897 |
| &nbsp;&nbsp;&nbsp;ICF International | 91 | 8486 |
| &nbsp;&nbsp;&nbsp;IDEX | 387 | 76839 |
| &nbsp;&nbsp;&nbsp;IES Holdings \* | 43 | 16352 |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works | 1433 | 374386 |
| &nbsp;&nbsp;&nbsp;Ingersoll Rand | 2050 | 176485 |
| &nbsp;&nbsp;&nbsp;Innodata \* | 153 | 8482 |
| &nbsp;&nbsp;&nbsp;Innovative Solutions and Support \* | 68 | 1257 |
| &nbsp;&nbsp;&nbsp;Insperity | 174 | 7435 |
| &nbsp;&nbsp;&nbsp;Insteel Industries | 92 | 3049 |
| &nbsp;&nbsp;&nbsp;Interface, Cl A | 286 | 9000 |
| &nbsp;&nbsp;&nbsp;Intuitive Machines, Cl A \* | 498 | 9457 |
| &nbsp;&nbsp;&nbsp;ITT | 401 | 73102 |
| &nbsp;&nbsp;&nbsp;Jacobs Solutions | 610 | 82509 |
| &nbsp;&nbsp;&nbsp;Janus International Group \* | 665 | 4562 |
| &nbsp;&nbsp;&nbsp;JB Hunt Transport Services | 392 | 79466 |
| &nbsp;&nbsp;&nbsp;JBT Marel | 265 | 41687 |
| &nbsp;&nbsp;&nbsp;JELD-WEN Holding \* | 417 | 1134 |
| &nbsp;&nbsp;&nbsp;JetBlue Airways \* | 458 | 2230 |
| &nbsp;&nbsp;&nbsp;Joby Aviation \* | 2734 | 28898 |
| &nbsp;&nbsp;&nbsp;Johnson Controls International PLC | 3373 | 402264 |
| &nbsp;&nbsp;&nbsp;Kadant | 59 | 18941 |
| &nbsp;&nbsp;&nbsp;Karat Packaging | 44 | 1077 |
| &nbsp;&nbsp;&nbsp;Karman Holdings \* | 571 | 59270 |
| &nbsp;&nbsp;&nbsp;Kelly Services, Cl A | 151 | 1629 |
| &nbsp;&nbsp;&nbsp;Kennametal | 381 | 13103 |
| &nbsp;&nbsp;&nbsp;Kforce | 88 | 3109 |
| &nbsp;&nbsp;&nbsp;Kirby \* | 286 | 33651 |
| &nbsp;&nbsp;&nbsp;Knight-Swift Transportation Holdings, Cl A | 813 | 44796 |
| &nbsp;&nbsp;&nbsp;Korn Ferry | 261 | 18132 |
| &nbsp;&nbsp;&nbsp;KULR Technology Group \* | 178 | 634 |
| &nbsp;&nbsp;&nbsp;L B Foster, Cl A \* | 42 | 1262 |
| &nbsp;&nbsp;&nbsp;Landstar System | 174 | 25989 |
| &nbsp;&nbsp;&nbsp;LanzaTech Global \* | 9 | 111 |
| &nbsp;&nbsp;&nbsp;Legalzoom.com \* | 841 | 7476 |
| &nbsp;&nbsp;&nbsp;Lennox International | 163 | 80698 |
| &nbsp;&nbsp;&nbsp;Leonardo DRS | 380 | 15603 |
| &nbsp;&nbsp;&nbsp;Limbach Holdings \* | 53 | 4557 |
| &nbsp;&nbsp;&nbsp;Lincoln Electric Holdings | 284 | 75359 |
| &nbsp;&nbsp;&nbsp;Lindsay | 54 | 6765 |
| &nbsp;&nbsp;&nbsp;Liquidity Services \* | 105 | 3360 |
| &nbsp;&nbsp;&nbsp;Loar Holdings \* | 222 | 15225 |
| &nbsp;&nbsp;&nbsp;LSI Industries | 142 | 3140 |

---

#### 40

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
|  | **JANUARY 31, 2026** |
| | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  | <br>**Shares** | <br>**Value** |
| **INDUSTRIALS— continued** |  |  |
| &nbsp;&nbsp;&nbsp;Lyft, Cl A \* | 1957 | $33015 |
| &nbsp;&nbsp;&nbsp;Manitowoc \* | 170 | 2196 |
| &nbsp;&nbsp;&nbsp;ManpowerGroup | 229 | 8320 |
| &nbsp;&nbsp;&nbsp;Marten Transport | 290 | 3567 |
| &nbsp;&nbsp;&nbsp;Masco | 1069 | 70650 |
| &nbsp;&nbsp;&nbsp;MasTec \* | 322 | 77435 |
| &nbsp;&nbsp;&nbsp;Masterbrand \* | 625 | 7575 |
| &nbsp;&nbsp;&nbsp;Matrix Service \* | 133 | 1905 |
| &nbsp;&nbsp;&nbsp;Matson | 160 | 25648 |
| &nbsp;&nbsp;&nbsp;Maximus | 286 | 27010 |
| &nbsp;&nbsp;&nbsp;Mayville Engineering \* | 65 | 1274 |
| &nbsp;&nbsp;&nbsp;McGrath RentCorp | 122 | 13626 |
| &nbsp;&nbsp;&nbsp;Mercury Systems \* | 274 | 25723 |
| &nbsp;&nbsp;&nbsp;Microvast Holdings \* | 983 | 2575 |
| &nbsp;&nbsp;&nbsp;Middleby \* | 241 | 35468 |
| &nbsp;&nbsp;&nbsp;Miller Industries | 56 | 2294 |
| &nbsp;&nbsp;&nbsp;MillerKnoll | 339 | 6807 |
| &nbsp;&nbsp;&nbsp;Mistras Group \* | 102 | 1442 |
| &nbsp;&nbsp;&nbsp;Modine Manufacturing \* | 268 | 49489 |
| &nbsp;&nbsp;&nbsp;Montrose Environmental Group \* | 166 | 3698 |
| &nbsp;&nbsp;&nbsp;MSA Safety | 193 | 34190 |
| &nbsp;&nbsp;&nbsp;MSC Industrial Direct, Cl A | 219 | 18470 |
| &nbsp;&nbsp;&nbsp;Mueller Industries | 561 | 76375 |
| &nbsp;&nbsp;&nbsp;Mueller Water Products, Cl A | 799 | 21629 |
| &nbsp;&nbsp;&nbsp;MYR Group \* | 77 | 19253 |
| &nbsp;&nbsp;&nbsp;NANO Nuclear Energy \* | 187 | 5497 |
| &nbsp;&nbsp;&nbsp;National Presto Industries | 27 | 3440 |
| &nbsp;&nbsp;&nbsp;Net Power \* | 89 | 211 |
| &nbsp;&nbsp;&nbsp;Net Power \* | 73 | 173 |
| &nbsp;&nbsp;&nbsp;Nextpower, Cl A \* | 737 | 86295 |
| &nbsp;&nbsp;&nbsp;NL Industries | 42 | 255 |
| &nbsp;&nbsp;&nbsp;NN \* | 226 | 337 |
| &nbsp;&nbsp;&nbsp;Nordson | 274 | 75221 |
| &nbsp;&nbsp;&nbsp;Norfolk Southern | 1160 | 337838 |
| &nbsp;&nbsp;&nbsp;NPK International \* | 382 | 5275 |
| &nbsp;&nbsp;&nbsp;NuScale Power \* | 605 | 10575 |
| &nbsp;&nbsp;&nbsp;nVent Electric PLC | 824 | 92502 |
| &nbsp;&nbsp;&nbsp;NWPX Infrastructure \* | 47 | 3170 |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line | 981 | 169909 |
| &nbsp;&nbsp;&nbsp;Omega Flex | 18 | 594 |
| &nbsp;&nbsp;&nbsp;Openlane \* | 527 | 15831 |
| &nbsp;&nbsp;&nbsp;Orion Group Holdings \* | 186 | 2273 |
| &nbsp;&nbsp;&nbsp;Oshkosh | 325 | 46742 |
| &nbsp;&nbsp;&nbsp;Otis Worldwide | 2027 | 173146 |
| &nbsp;&nbsp;&nbsp;Owens Corning | 428 | 51292 |
| &nbsp;&nbsp;&nbsp;PACCAR | 2664 | 327432 |
| &nbsp;&nbsp;&nbsp;Palladyne AI \* | 133 | 867 |
| &nbsp;&nbsp;&nbsp;PAMT \* | 22 | 239 |
| &nbsp;&nbsp;&nbsp;Pangaea Logistics Solutions | 144 | 1221 |
| &nbsp;&nbsp;&nbsp;Park Aerospace | 91 | 2229 |
| &nbsp;&nbsp;&nbsp;Parker-Hannifin | 653 | 611104 |
| &nbsp;&nbsp;&nbsp;Park-Ohio Holdings | 49 | 1105 |
| &nbsp;&nbsp;&nbsp;Parsons \* | 270 | 18916 |
| &nbsp;&nbsp;&nbsp;Paychex | 1664 | 171608 |
| &nbsp;&nbsp;&nbsp;Paycom Software | 266 | 35844 |
| &nbsp;&nbsp;&nbsp;Paylocity Holding \* | 225 | 30371 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  | <br>**Shares** | <br>**Value** |
| **INDUSTRIALS— continued** |  |  |
| &nbsp;&nbsp;&nbsp;Pentair PLC | 840 | $88511 |
| &nbsp;&nbsp;&nbsp;Pitney Bowes | 776 | 8094 |
| &nbsp;&nbsp;&nbsp;Planet Labs PBC \* | 1200 | 29964 |
| &nbsp;&nbsp;&nbsp;Plug Power \* | 5779 | 12223 |
| &nbsp;&nbsp;&nbsp;Powell Industries | 49 | 21736 |
| &nbsp;&nbsp;&nbsp;Preformed Line Products | 12 | 3011 |
| &nbsp;&nbsp;&nbsp;Primoris Services | 269 | 39879 |
| &nbsp;&nbsp;&nbsp;Proto Labs \* | 118 | 6213 |
| &nbsp;&nbsp;&nbsp;Quad | 142 | 869 |
| &nbsp;&nbsp;&nbsp;Quanex Building Products | 229 | 4287 |
| &nbsp;&nbsp;&nbsp;Quanta Services | 764 | 362617 |
| &nbsp;&nbsp;&nbsp;QXO \* | 3312 | 73460 |
| &nbsp;&nbsp;&nbsp;Radiant Logistics \* | 181 | 1218 |
| &nbsp;&nbsp;&nbsp;RBC Bearings \* | 161 | 80447 |
| &nbsp;&nbsp;&nbsp;Red Cat Holdings \* | 515 | 6953 |
| &nbsp;&nbsp;&nbsp;Redwire \* | 388 | 4559 |
| &nbsp;&nbsp;&nbsp;Regal Rexnord | 340 | 54910 |
| &nbsp;&nbsp;&nbsp;Republic Services, Cl A | 1045 | 224769 |
| &nbsp;&nbsp;&nbsp;Resideo Technologies \* | 683 | 23400 |
| &nbsp;&nbsp;&nbsp;Resolute Holdings Management \* | 22 | 4487 |
| &nbsp;&nbsp;&nbsp;Resources Connection | 149 | 675 |
| &nbsp;&nbsp;&nbsp;REV Group | 242 | 15464 |
| &nbsp;&nbsp;&nbsp;Robert Half | 496 | 17167 |
| &nbsp;&nbsp;&nbsp;Rocket Lab \* | 2455 | 196572 |
| &nbsp;&nbsp;&nbsp;Rockwell Automation | 580 | 244557 |
| &nbsp;&nbsp;&nbsp;Rollins | 1525 | 96594 |
| &nbsp;&nbsp;&nbsp;Rush Enterprises, Cl A | 305 | 19578 |
| &nbsp;&nbsp;&nbsp;Rush Enterprises, Cl B | 35 | 2065 |
| &nbsp;&nbsp;&nbsp;RXO \* | 810 | 11810 |
| &nbsp;&nbsp;&nbsp;Ryder System | 193 | 36917 |
| &nbsp;&nbsp;&nbsp;Safe Bulkers | 262 | 1496 |
| &nbsp;&nbsp;&nbsp;Saia \* | 137 | 45877 |
| &nbsp;&nbsp;&nbsp;Satellogic, Cl A \* | 419 | 1927 |
| &nbsp;&nbsp;&nbsp;Schneider National, Cl B | 211 | 5663 |
| &nbsp;&nbsp;&nbsp;Sensata Technologies Holding PLC | 744 | 25735 |
| &nbsp;&nbsp;&nbsp;SES AI \* | 962 | 1953 |
| &nbsp;&nbsp;&nbsp;Shoals Technologies Group, Cl A \* | 828 | 7816 |
| &nbsp;&nbsp;&nbsp;Simpson Manufacturing | 214 | 37831 |
| &nbsp;&nbsp;&nbsp;SiteOne Landscape Supply \* | 227 | 32584 |
| &nbsp;&nbsp;&nbsp;Skillsoft \* | 22 | 199 |
| &nbsp;&nbsp;&nbsp;Sky Harbour Group, Cl A \* | 105 | 970 |
| &nbsp;&nbsp;&nbsp;SkyWest \* | 51 | 4923 |
| &nbsp;&nbsp;&nbsp;SKYX Platforms \* | 369 | 923 |
| &nbsp;&nbsp;&nbsp;Snap-on | 263 | 96287 |
| &nbsp;&nbsp;&nbsp;Southland Holdings \* | 38 | 71 |
| &nbsp;&nbsp;&nbsp;Southwest Airlines | 669 | 31791 |
| &nbsp;&nbsp;&nbsp;Spire Global \* | 116 | 1328 |
| &nbsp;&nbsp;&nbsp;SPX Technologies \* | 251 | 52311 |
| &nbsp;&nbsp;&nbsp;SS&C Technologies Holdings | 1092 | 89424 |
| &nbsp;&nbsp;&nbsp;StandardAero \* | 575 | 17762 |
| &nbsp;&nbsp;&nbsp;Standex International | 60 | 14400 |
| &nbsp;&nbsp;&nbsp;Stanley Black & Decker | 798 | 62771 |
| &nbsp;&nbsp;&nbsp;Stem \* | 40 | 629 |
| &nbsp;&nbsp;&nbsp;Sterling Infrastructure \* | 153 | 54760 |
| &nbsp;&nbsp;&nbsp;Stratasys \* | 317 | 3392 |

---

#### 41

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
|  | **JANUARY 31, 2026** |
| | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  |<br>**Shares** |<br>**Value** |
| **INDUSTRIALS— continued** |  |  |
| &nbsp;&nbsp;&nbsp;Sun Country Airlines Holdings \* | 67 | $1175 |
| &nbsp;&nbsp;&nbsp;Sunrun \* | 1118 | 21242 |
| &nbsp;&nbsp;&nbsp;Symbotic, Cl A \* | 283 | 15387 |
| &nbsp;&nbsp;&nbsp;TAT Technologies \* | 63 | 3205 |
| &nbsp;&nbsp;&nbsp;Tecnoglass | 135 | 6603 |
| &nbsp;&nbsp;&nbsp;Tennant | 92 | 7000 |
| &nbsp;&nbsp;&nbsp;Terex | 317 | 18069 |
| &nbsp;&nbsp;&nbsp;Tetra Tech | 1353 | 50954 |
| &nbsp;&nbsp;&nbsp;Thermon Group Holdings \* | 162 | 7330 |
| &nbsp;&nbsp;&nbsp;Timken | 328 | 30566 |
| &nbsp;&nbsp;&nbsp;Titan International \* | 244 | 2328 |
| &nbsp;&nbsp;&nbsp;Titan Machinery \* | 105 | 1708 |
| &nbsp;&nbsp;&nbsp;Toro | 503 | 46024 |
| &nbsp;&nbsp;&nbsp;Trane Technologies PLC | 1148 | 482826 |
| &nbsp;&nbsp;&nbsp;Transcat \* | 46 | 2774 |
| &nbsp;&nbsp;&nbsp;TransDigm Group | 287 | 409704 |
| &nbsp;&nbsp;&nbsp;TransUnion | 998 | 78862 |
| &nbsp;&nbsp;&nbsp;Trex \* | 551 | 22822 |
| &nbsp;&nbsp;&nbsp;TriNet Group | 146 | 8941 |
| &nbsp;&nbsp;&nbsp;Trinity Industries | 401 | 11525 |
| &nbsp;&nbsp;&nbsp;TrueBlue \* | 142 | 761 |
| &nbsp;&nbsp;&nbsp;TTEC Holdings \* | 101 | 322 |
| &nbsp;&nbsp;&nbsp;Tutor Perini | 227 | 17908 |
| &nbsp;&nbsp;&nbsp;Uber Technologies \* | 10767 | 861898 |
| &nbsp;&nbsp;&nbsp;UFP Industries | 296 | 30571 |
| &nbsp;&nbsp;&nbsp;U-Haul Holding \* | 45 | 2545 |
| &nbsp;&nbsp;&nbsp;U-Haul Holding, Cl B | 516 | 26476 |
| &nbsp;&nbsp;&nbsp;UL Solutions, Cl A | 320 | 22474 |
| &nbsp;&nbsp;&nbsp;UniFirst | 72 | 15480 |
| &nbsp;&nbsp;&nbsp;Union Pacific | 3026 | 711413 |
| &nbsp;&nbsp;&nbsp;United Airlines Holdings \* | 424 | 43384 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Cl B | 3804 | 404061 |
| &nbsp;&nbsp;&nbsp;United Rentals | 327 | 255734 |
| &nbsp;&nbsp;&nbsp;Universal Logistics Holdings | 34 | 544 |
| &nbsp;&nbsp;&nbsp;Upwork \* | 619 | 12399 |
| &nbsp;&nbsp;&nbsp;V2X \* | 115 | 7915 |
| &nbsp;&nbsp;&nbsp;Valmont Industries | 101 | 45002 |
| &nbsp;&nbsp;&nbsp;Veralto | 1233 | 122042 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Cl A | 719 | 156354 |
| &nbsp;&nbsp;&nbsp;Verra Mobility, Cl A \* | 767 | 14803 |
| &nbsp;&nbsp;&nbsp;Vertiv Holdings, Cl A | 1943 | 361748 |
| &nbsp;&nbsp;&nbsp;Vestis | 558 | 3644 |
| &nbsp;&nbsp;&nbsp;Vicor \* | 114 | 17974 |
| &nbsp;&nbsp;&nbsp;Virgin Galactic Holdings \* | 277 | 789 |
| &nbsp;&nbsp;&nbsp;VSE | 112 | 24480 |
| &nbsp;&nbsp;&nbsp;Wabash National | 197 | 1996 |
| &nbsp;&nbsp;&nbsp;Waste Management | 2079 | 462037 |
| &nbsp;&nbsp;&nbsp;Watsco | 179 | 69175 |
| &nbsp;&nbsp;&nbsp;Watts Water Technologies, Cl A | 141 | 42203 |
| &nbsp;&nbsp;&nbsp;Werner Enterprises | 286 | 9795 |
| &nbsp;&nbsp;&nbsp;WESCO International | 246 | 71200 |
| &nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies | 875 | 201372 |
| &nbsp;&nbsp;&nbsp;Wheels Up Experience \* | 512 | 323 |
| &nbsp;&nbsp;&nbsp;Willdan Group \* | 72 | 9086 |
| &nbsp;&nbsp;&nbsp;Willis Lease Finance | 12 | 2187 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  |<br>**Shares** |<br>**Value** |
| **INDUSTRIALS— continued** |  |  |
| &nbsp;&nbsp;&nbsp;WillScot Holdings, Cl A | 892 | $17867 |
| &nbsp;&nbsp;&nbsp;Woodward | 308 | 97895 |
| &nbsp;&nbsp;&nbsp;Worthington Enterprises | 156 | 8669 |
| &nbsp;&nbsp;&nbsp;WW Grainger | 232 | 250546 |
| &nbsp;&nbsp;&nbsp;Xometry, Cl A \* | 216 | 12340 |
| &nbsp;&nbsp;&nbsp;XPO \* | 580 | 85904 |
| &nbsp;&nbsp;&nbsp;Xylem | 1256 | 173165 |
| &nbsp;&nbsp;&nbsp;Zurn Elkay Water Solutions | 836 | 38548 |
|  |  | 28210068 |
| **INFORMATION TECHNOLOGY — 35.2%** | **INFORMATION TECHNOLOGY — 35.2%** |  |
| &nbsp;&nbsp;&nbsp;8x8 \* | 650 | 1079 |
| &nbsp;&nbsp;&nbsp;A10 Networks | 353 | 6156 |
| &nbsp;&nbsp;&nbsp;Accenture PLC, Cl A | 3218 | 848394 |
| &nbsp;&nbsp;&nbsp;ACI Worldwide \* | 524 | 22721 |
| &nbsp;&nbsp;&nbsp;ACM Research, Cl A \* | 253 | 14704 |
| &nbsp;&nbsp;&nbsp;Adeia | 536 | 9696 |
| &nbsp;&nbsp;&nbsp;Adobe \* | 2161 | 633713 |
| &nbsp;&nbsp;&nbsp;ADTRAN Holdings \* | 395 | 3642 |
| &nbsp;&nbsp;&nbsp;Advanced Energy Industries | 193 | 49284 |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices \* | 8352 | 1977063 |
| &nbsp;&nbsp;&nbsp;Aehr Test Systems \* | 140 | 3590 |
| &nbsp;&nbsp;&nbsp;Aeluma \* | 65 | 1026 |
| &nbsp;&nbsp;&nbsp;Aeva Technologies \* | 111 | 1417 |
| &nbsp;&nbsp;&nbsp;Agilysys \* | 128 | 11104 |
| &nbsp;&nbsp;&nbsp;Akamai Technologies \* | 726 | 70531 |
| &nbsp;&nbsp;&nbsp;Alarm.com Holdings \* | 238 | 11610 |
| &nbsp;&nbsp;&nbsp;Alkami Technology \* | 329 | 6972 |
| &nbsp;&nbsp;&nbsp;Alpha & Omega Semiconductor \* | 123 | 2718 |
| &nbsp;&nbsp;&nbsp;Ambarella \* | 203 | 13000 |
| &nbsp;&nbsp;&nbsp;Amdocs | 569 | 46624 |
| &nbsp;&nbsp;&nbsp;Amkor Technology | 598 | 28901 |
| &nbsp;&nbsp;&nbsp;Amphenol, Cl A | 6295 | 906984 |
| &nbsp;&nbsp;&nbsp;Amplitude, Cl A \* | 419 | 3842 |
| &nbsp;&nbsp;&nbsp;Analog Devices | 2536 | 788392 |
| &nbsp;&nbsp;&nbsp;Appfolio, Cl A \* | 115 | 21836 |
| &nbsp;&nbsp;&nbsp;Appian, Cl A \* | 204 | 5692 |
| &nbsp;&nbsp;&nbsp;Apple | 75202 | 19513415 |
| &nbsp;&nbsp;&nbsp;Applied Digital \* | 1265 | 42858 |
| &nbsp;&nbsp;&nbsp;Applied Materials | 4103 | 1322479 |
| &nbsp;&nbsp;&nbsp;Applied Optoelectronics \* | 295 | 12865 |
| &nbsp;&nbsp;&nbsp;AppLovin, Cl A \* | 1294 | 612204 |
| &nbsp;&nbsp;&nbsp;Arista Networks \* | 5400 | 765396 |
| &nbsp;&nbsp;&nbsp;Arlo Technologies \* | 505 | 6408 |
| &nbsp;&nbsp;&nbsp;Arrow Electronics \* | 265 | 35110 |
| &nbsp;&nbsp;&nbsp;Arteris \* | 147 | 2206 |
| &nbsp;&nbsp;&nbsp;Asana, Cl A \* | 439 | 4500 |
| &nbsp;&nbsp;&nbsp;ASGN \* | 212 | 11043 |
| &nbsp;&nbsp;&nbsp;Astera Labs \* | 688 | 103627 |
| &nbsp;&nbsp;&nbsp;Atlassian, Cl A \* | 858 | 101398 |
| &nbsp;&nbsp;&nbsp;Atomera \* | 151 | 442 |
| &nbsp;&nbsp;&nbsp;AudioEye \* | 38 | 358 |
| &nbsp;&nbsp;&nbsp;Aurora Innovation, Cl A \* | 7862 | 33020 |
| &nbsp;&nbsp;&nbsp;Autodesk \* | 1098 | 277651 |
| &nbsp;&nbsp;&nbsp;AvePoint \* | 779 | 9060 |
| &nbsp;&nbsp;&nbsp;Aviat Networks \* | 57 | 1243 |

---

#### 42

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
|  | **JANUARY 31, 2026** |
| | **(Unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **COMMON STOCK — continued** | | | |
|  | **Shares** | **Shares** |<br>**Value** |
| **INFORMATION TECHNOLOGY— continued** | **INFORMATION TECHNOLOGY— continued** | **INFORMATION TECHNOLOGY— continued** |  |
| &nbsp;&nbsp;&nbsp;Avnet |  | 416 | $25954 |
| &nbsp;&nbsp;&nbsp;Axcelis Technologies \* |  | 155 | 13651 |
| &nbsp;&nbsp;&nbsp;Backblaze, Cl A \* |  | 211 | 960 |
| &nbsp;&nbsp;&nbsp;Badger Meter |  | 152 | 22280 |
| &nbsp;&nbsp;&nbsp;Bel Fuse, Cl A |  | 8 | 1470 |
| &nbsp;&nbsp;&nbsp;Bel Fuse, Cl B |  | 52 | 10462 |
| &nbsp;&nbsp;&nbsp;Belden |  | 202 | 23737 |
| &nbsp;&nbsp;&nbsp;Benchmark Electronics |  | 175 | 9125 |
| &nbsp;&nbsp;&nbsp;Bentley Systems, Cl B |  | 770 | 27042 |
| &nbsp;&nbsp;&nbsp;BigBear.ai Holdings \* |  | 2154 | 10856 |
| &nbsp;&nbsp;&nbsp;BILL Holdings \* |  | 459 | 19815 |
| &nbsp;&nbsp;&nbsp;Bit Digital \* |  | 1576 | 3199 |
| &nbsp;&nbsp;&nbsp;Bitdeer Technologies Group, Cl A \* |  | 560 | 7302 |
| &nbsp;&nbsp;&nbsp;Blackbaud \* |  | 240 | 12888 |
| &nbsp;&nbsp;&nbsp;BlackLine \* |  | 284 | 13197 |
| &nbsp;&nbsp;&nbsp;Blend Labs, Cl A \* |  | 1130 | 2689 |
| &nbsp;&nbsp;&nbsp;Box, Cl A \* |  | 701 | 17770 |
| &nbsp;&nbsp;&nbsp;Braze, Cl A \* |  | 414 | 8619 |
| &nbsp;&nbsp;&nbsp;Broadcom |  | 23951 | 7934966 |
| &nbsp;&nbsp;&nbsp;C3.ai, Cl A \* |  | 626 | 6892 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems \* |  | 1403 | 415793 |
| &nbsp;&nbsp;&nbsp;Calix \* |  | 297 | 13267 |
| &nbsp;&nbsp;&nbsp;CCC Intelligent Solutions Holdings \* |  | 3027 | 22945 |
| &nbsp;&nbsp;&nbsp;CDW |  | 675 | 85313 |
| &nbsp;&nbsp;&nbsp;Cerence \* |  | 199 | 2255 |
| &nbsp;&nbsp;&nbsp;CEVA \* |  | 115 | 2425 |
| &nbsp;&nbsp;&nbsp;Ciena \* |  | 720 | 181303 |
| &nbsp;&nbsp;&nbsp;Cipher Mining \* |  | 1641 | 26190 |
| &nbsp;&nbsp;&nbsp;Circle Internet Group, Cl A \* |  | 223 | 14256 |
| &nbsp;&nbsp;&nbsp;Cirrus Logic \* |  | 264 | 34410 |
| &nbsp;&nbsp;&nbsp;Cisco Systems |  | 18498 | 1448763 |
| &nbsp;&nbsp;&nbsp;Cleanspark \* |  | 1369 | 16209 |
| &nbsp;&nbsp;&nbsp;Clear Secure, Cl A |  | 423 | 13798 |
| &nbsp;&nbsp;&nbsp;Clearfield \* |  | 57 | 1697 |
| &nbsp;&nbsp;&nbsp;Clearwater Analytics Holdings, Cl A \* | &nbsp;&nbsp;&nbsp;Clearwater Analytics Holdings, Cl A \* | 1459 | 35147 |
| &nbsp;&nbsp;&nbsp;Climb Global Solutions |  | 21 | 2490 |
| &nbsp;&nbsp;&nbsp;Cloudflare, Cl A \* |  | 1512 | 268153 |
| &nbsp;&nbsp;&nbsp;Cognex |  | 866 | 33549 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions, Cl A |  | 2487 | 204083 |
| &nbsp;&nbsp;&nbsp;Coherent \* |  | 798 | 169320 |
| &nbsp;&nbsp;&nbsp;Cohu \* |  | 224 | 6393 |
| &nbsp;&nbsp;&nbsp;Commerce.com \* |  | 335 | 1045 |
| &nbsp;&nbsp;&nbsp;Commvault Systems \* |  | 225 | 19283 |
| &nbsp;&nbsp;&nbsp;Comtech Telecommunications \* |  | 139 | 773 |
| &nbsp;&nbsp;&nbsp;Confluent, Cl A \* |  | 1365 | 41687 |
| &nbsp;&nbsp;&nbsp;Consensus Cloud Solutions \* |  | 92 | 1965 |
| &nbsp;&nbsp;&nbsp;Core Scientific \* |  | 1526 | 27453 |
| &nbsp;&nbsp;&nbsp;CoreWeave, Cl A \* |  | 1481 | 138014 |
| &nbsp;&nbsp;&nbsp;Corsair Gaming \* |  | 231 | 1178 |
| &nbsp;&nbsp;&nbsp;CPI Card Group \* |  | 31 | 403 |
| &nbsp;&nbsp;&nbsp;Crane NXT |  | 246 | 12428 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  |<br>**Shares** |<br>**Value** |
| **INFORMATION TECHNOLOGY— continued** | **INFORMATION TECHNOLOGY— continued** |  |
| &nbsp;&nbsp;&nbsp;Credo Technology Group Holding \* | 785 | $98345 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Cl A \* | 1256 | 554405 |
| &nbsp;&nbsp;&nbsp;CS Disco \* | 119 | 744 |
| &nbsp;&nbsp;&nbsp;CTS | 143 | 7352 |
| &nbsp;&nbsp;&nbsp;CyberArk Software \* | 255 | 109862 |
| &nbsp;&nbsp;&nbsp;Daily Journal \* | 7 | 4105 |
| &nbsp;&nbsp;&nbsp;Daktronics \* | 201 | 4653 |
| &nbsp;&nbsp;&nbsp;Datadog, Cl A \* | 1645 | 212731 |
| &nbsp;&nbsp;&nbsp;Dell Technologies, Cl C | 1618 | 185164 |
| &nbsp;&nbsp;&nbsp;Diebold Nixdorf \* | 122 | 8419 |
| &nbsp;&nbsp;&nbsp;Digi International \* | 181 | 7796 |
| &nbsp;&nbsp;&nbsp;Digimarc \* | 80 | 490 |
| &nbsp;&nbsp;&nbsp;Digital Turbine \* | 514 | 2683 |
| &nbsp;&nbsp;&nbsp;DigitalOcean Holdings \* | 335 | 18509 |
| &nbsp;&nbsp;&nbsp;Diodes \* | 227 | 13436 |
| &nbsp;&nbsp;&nbsp;Docusign, Cl A \* | 1030 | 54116 |
| &nbsp;&nbsp;&nbsp;Dolby Laboratories, Cl A | 304 | 19514 |
| &nbsp;&nbsp;&nbsp;Domo, Cl B \* | 165 | 969 |
| &nbsp;&nbsp;&nbsp;Dropbox, Cl A \* | 935 | 23824 |
| &nbsp;&nbsp;&nbsp;DXC Technology \* | 882 | 12727 |
| &nbsp;&nbsp;&nbsp;Dynatrace \* | 1552 | 59116 |
| &nbsp;&nbsp;&nbsp;Eastman Kodak \* | 348 | 2547 |
| &nbsp;&nbsp;&nbsp;eGain \* | 86 | 883 |
| &nbsp;&nbsp;&nbsp;Elastic \* | 478 | 31515 |
| &nbsp;&nbsp;&nbsp;Enphase Energy \* | 654 | 24185 |
| &nbsp;&nbsp;&nbsp;EPAM Systems \* | 278 | 57991 |
| &nbsp;&nbsp;&nbsp;ePlus | 131 | 11241 |
| &nbsp;&nbsp;&nbsp;Evolv Technologies Holdings \* | 814 | 5039 |
| &nbsp;&nbsp;&nbsp;Expensify, Cl A \* | 282 | 409 |
| &nbsp;&nbsp;&nbsp;Extreme Networks \* | 652 | 9506 |
| &nbsp;&nbsp;&nbsp;F5 \* | 298 | 82132 |
| &nbsp;&nbsp;&nbsp;Fair Isaac \* | 121 | 177044 |
| &nbsp;&nbsp;&nbsp;Fastly, Cl A \* | 672 | 6216 |
| &nbsp;&nbsp;&nbsp;First Solar \* | 524 | 118172 |
| &nbsp;&nbsp;&nbsp;Five9 \* | 375 | 6623 |
| &nbsp;&nbsp;&nbsp;Flex \* | 1922 | 121163 |
| &nbsp;&nbsp;&nbsp;FormFactor \* | 395 | 27844 |
| &nbsp;&nbsp;&nbsp;Fortinet \* | 3295 | 267752 |
| &nbsp;&nbsp;&nbsp;Frequency Electronics \* | 33 | 1735 |
| &nbsp;&nbsp;&nbsp;Freshworks, Cl A \* | 1132 | 12203 |
| &nbsp;&nbsp;&nbsp;Gartner \* | 380 | 79652 |
| &nbsp;&nbsp;&nbsp;Gen Digital | 2881 | 69115 |
| &nbsp;&nbsp;&nbsp;Gitlab, Cl A \* | 686 | 23996 |
| &nbsp;&nbsp;&nbsp;GlobalFoundries \* | 540 | 22788 |
| &nbsp;&nbsp;&nbsp;Globant \* | 217 | 14513 |
| &nbsp;&nbsp;&nbsp;GoDaddy, Cl A \* | 711 | 71470 |
| &nbsp;&nbsp;&nbsp;GPGI, Cl A \* | 193 | 4549 |
| &nbsp;&nbsp;&nbsp;Grid Dynamics Holdings \* | 329 | 2721 |
| &nbsp;&nbsp;&nbsp;Guidewire Software \* | 434 | 61090 |
| &nbsp;&nbsp;&nbsp;Hackett Group | 123 | 2245 |
| &nbsp;&nbsp;&nbsp;Harmonic \* | 559 | 5433 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise | 6797 | 146272 |
| &nbsp;&nbsp;&nbsp;HP | 4821 | 93720 |
| &nbsp;&nbsp;&nbsp;HubSpot \* | 263 | 73640 |
| &nbsp;&nbsp;&nbsp;I3 Verticals, Cl A \* | 114 | 2532 |

---

#### 43

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
|  | **JANUARY 31, 2026** |
| | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  | <br>**Shares** | <br>**Value** |
| **INFORMATION TECHNOLOGY— continued** | **INFORMATION TECHNOLOGY— continued** | **INFORMATION TECHNOLOGY— continued** |
| &nbsp;&nbsp;&nbsp;Ichor Holdings \* | 167 | $5067 |
| &nbsp;&nbsp;&nbsp;Identiv \* | 101 | 335 |
| &nbsp;&nbsp;&nbsp;Immersion | 145 | 974 |
| &nbsp;&nbsp;&nbsp;Impinj \* | 142 | 19610 |
| &nbsp;&nbsp;&nbsp;Information Services Group | 194 | 1081 |
| &nbsp;&nbsp;&nbsp;Insight Enterprises \* | 156 | 13107 |
| &nbsp;&nbsp;&nbsp;Intapp \* | 285 | 9676 |
| &nbsp;&nbsp;&nbsp;Intel \* | 20593 | 956957 |
| &nbsp;&nbsp;&nbsp;InterDigital | 130 | 42437 |
| &nbsp;&nbsp;&nbsp;International Business Machines | 4789 | 1468786 |
| &nbsp;&nbsp;&nbsp;inTEST \* | 59 | 540 |
| &nbsp;&nbsp;&nbsp;Intuit | 1408 | 702479 |
| &nbsp;&nbsp;&nbsp;IonQ \* | 1638 | 65487 |
| &nbsp;&nbsp;&nbsp;IPG Photonics \* | 122 | 11274 |
| &nbsp;&nbsp;&nbsp;Itron \* | 234 | 23185 |
| &nbsp;&nbsp;&nbsp;Jabil | 532 | 126185 |
| &nbsp;&nbsp;&nbsp;Jamf Holding \* | 417 | 5442 |
| &nbsp;&nbsp;&nbsp;JFrog \* | 504 | 27619 |
| &nbsp;&nbsp;&nbsp;Kaltura \* | 423 | 690 |
| &nbsp;&nbsp;&nbsp;Keysight Technologies \* | 882 | 190803 |
| &nbsp;&nbsp;&nbsp;Kimball Electronics \* | 116 | 3504 |
| &nbsp;&nbsp;&nbsp;KLA | 680 | 970999 |
| &nbsp;&nbsp;&nbsp;Klaviyo, Cl A \* | 606 | 13459 |
| &nbsp;&nbsp;&nbsp;Knowles \* | 418 | 10132 |
| &nbsp;&nbsp;&nbsp;Kopin \* | 766 | 1953 |
| &nbsp;&nbsp;&nbsp;Kulicke & Soffa Industries | 253 | 14504 |
| &nbsp;&nbsp;&nbsp;Kyndryl Holdings \* | 1171 | 26933 |
| &nbsp;&nbsp;&nbsp;Lam Research | 6472 | 1510953 |
| &nbsp;&nbsp;&nbsp;Lattice Semiconductor \* | 695 | 55961 |
| &nbsp;&nbsp;&nbsp;Life360 \* | 386 | 22114 |
| &nbsp;&nbsp;&nbsp;Lightwave Logic \* | 631 | 2082 |
| &nbsp;&nbsp;&nbsp;Littelfuse | 126 | 40794 |
| &nbsp;&nbsp;&nbsp;LivePerson \* | 47 | 143 |
| &nbsp;&nbsp;&nbsp;LiveRamp Holdings \* | 319 | 7768 |
| &nbsp;&nbsp;&nbsp;Lumentum Holdings \* | 358 | 140279 |
| &nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings \* | 339 | 74261 |
| &nbsp;&nbsp;&nbsp;Manhattan Associates \* | 308 | 46511 |
| &nbsp;&nbsp;&nbsp;MARA Holdings \* | 1827 | 17357 |
| &nbsp;&nbsp;&nbsp;Marvell Technology | 4446 | 350878 |
| &nbsp;&nbsp;&nbsp;MaxLinear, Cl A \* | 410 | 7114 |
| &nbsp;&nbsp;&nbsp;Methode Electronics | 167 | 1334 |
| &nbsp;&nbsp;&nbsp;Microchip Technology | 2731 | 207338 |
| &nbsp;&nbsp;&nbsp;Micron Technology | 5786 | 2400496 |
| &nbsp;&nbsp;&nbsp;Microsoft | 38413 | 16528730 |
| &nbsp;&nbsp;&nbsp;MicroVision \* | 1498 | 1217 |
| &nbsp;&nbsp;&nbsp;Mirion Technologies, Cl A \* | 1233 | 30628 |
| &nbsp;&nbsp;&nbsp;Mitek Systems \* | 215 | 2154 |
| &nbsp;&nbsp;&nbsp;MKS | 346 | 81452 |
| &nbsp;&nbsp;&nbsp;Monday.com \* | 225 | 25819 |
| &nbsp;&nbsp;&nbsp;MongoDB, Cl A \* | 408 | 151503 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems | 236 | 265299 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions | 858 | 345379 |
| &nbsp;&nbsp;&nbsp;N-Able \* | 355 | 2155 |
| &nbsp;&nbsp;&nbsp;Napco Security Technologies | 172 | 6345 |
| &nbsp;&nbsp;&nbsp;Navitas Semiconductor, Cl A \* | 883 | 7576 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  | <br>**Shares** | <br>**Value** |
| **INFORMATION TECHNOLOGY— continued** | **INFORMATION TECHNOLOGY— continued** | **INFORMATION TECHNOLOGY— continued** |
| &nbsp;&nbsp;&nbsp;nCino \*<br>| 532 | $11358 |
| &nbsp;&nbsp;&nbsp;NCR Voyix \* | 691 | 6855 |
| &nbsp;&nbsp;&nbsp;Neonode \* | 66 | 119 |
| &nbsp;&nbsp;&nbsp;NetApp | 1027 | 98952 |
| &nbsp;&nbsp;&nbsp;NETGEAR \* | 136 | 2844 |
| &nbsp;&nbsp;&nbsp;NetScout Systems \* | 349 | 9706 |
| &nbsp;&nbsp;&nbsp;NextNav \* | 428 | 6146 |
| &nbsp;&nbsp;&nbsp;nLight \* | 232 | 10582 |
| &nbsp;&nbsp;&nbsp;Novanta \* | 185 | 24890 |
| &nbsp;&nbsp;&nbsp;Nutanix, Cl A \* | 1356 | 53331 |
| &nbsp;&nbsp;&nbsp;NVE | 24 | 1620 |
| &nbsp;&nbsp;&nbsp;NVIDIA | 120622 | 23054483 |
| &nbsp;&nbsp;&nbsp;NXP Semiconductors | 1299 | 293756 |
| &nbsp;&nbsp;&nbsp;Okta, Cl A \* | 865 | 73075 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor \* | 2103 | 125949 |
| &nbsp;&nbsp;&nbsp;ON24 \* | 135 | 1076 |
| &nbsp;&nbsp;&nbsp;OneSpan | 179 | 2109 |
| &nbsp;&nbsp;&nbsp;Onestream, Cl A \* | 399 | 9420 |
| &nbsp;&nbsp;&nbsp;Onto Innovation \* | 251 | 50715 |
| &nbsp;&nbsp;&nbsp;Ooma \* | 123 | 1445 |
| &nbsp;&nbsp;&nbsp;Oracle | 8652 | 1423946 |
| &nbsp;&nbsp;&nbsp;OSI Systems \* | 83 | 20762 |
| &nbsp;&nbsp;&nbsp;Ouster \* | 274 | 5707 |
| &nbsp;&nbsp;&nbsp;Pagaya Technologies, Cl A \* | 271 | 5255 |
| &nbsp;&nbsp;&nbsp;PagerDuty \* | 439 | 4653 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Cl A \* | 11308 | 1657640 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks \* | 3432 | 607361 |
| &nbsp;&nbsp;&nbsp;PAR Technology \* | 202 | 5294 |
| &nbsp;&nbsp;&nbsp;PC Connection | 55 | 3235 |
| &nbsp;&nbsp;&nbsp;PDF Solutions \* | 160 | 5096 |
| &nbsp;&nbsp;&nbsp;Pegasystems | 469 | 20491 |
| &nbsp;&nbsp;&nbsp;Penguin Solutions \* | 257 | 4937 |
| &nbsp;&nbsp;&nbsp;Photronics \* | 283 | 9783 |
| &nbsp;&nbsp;&nbsp;Plexus \* | 137 | 27308 |
| &nbsp;&nbsp;&nbsp;Porch Group \* | 504 | 3977 |
| &nbsp;&nbsp;&nbsp;Power Integrations | 276 | 12679 |
| &nbsp;&nbsp;&nbsp;Powerfleet NJ \* | 565 | 2887 |
| &nbsp;&nbsp;&nbsp;Procore Technologies \* | 594 | 33555 |
| &nbsp;&nbsp;&nbsp;Progress Software \* | 212 | 8675 |
| &nbsp;&nbsp;&nbsp;PTC \* | 617 | 96332 |
| &nbsp;&nbsp;&nbsp;Pure Storage, Cl A \* | 1643 | 114254 |
| &nbsp;&nbsp;&nbsp;Q2 Holdings \* | 300 | 18375 |
| &nbsp;&nbsp;&nbsp;Qorvo \* | 474 | 37024 |
| &nbsp;&nbsp;&nbsp;QUALCOMM | 5548 | 841021 |
| &nbsp;&nbsp;&nbsp;Qualys \* | 185 | 24402 |
| &nbsp;&nbsp;&nbsp;Quantum Computing \* | 825 | 7648 |
| &nbsp;&nbsp;&nbsp;Rackspace Technology \* | 369 | 226 |
| &nbsp;&nbsp;&nbsp;Ralliant | 580 | 30723 |
| &nbsp;&nbsp;&nbsp;Rambus \* | 553 | 62948 |
| &nbsp;&nbsp;&nbsp;Rapid7 \* | 318 | 3791 |
| &nbsp;&nbsp;&nbsp;Red Violet | 56 | 2547 |
| &nbsp;&nbsp;&nbsp;Rekor Systems \* | 610 | 677 |
| &nbsp;&nbsp;&nbsp;ReposiTrak | 59 | 627 |
| &nbsp;&nbsp;&nbsp;Rezolve AI \* | 935 | 2412 |
| &nbsp;&nbsp;&nbsp;Ribbon Communications \* | 460 | 1205 |
| &nbsp;&nbsp;&nbsp;Richardson Electronics | 60 | 725 |

---

#### 44

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
|  | **JANUARY 31, 2026** |
| | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  |<br>**Shares** |<br>**Value** |
| **INFORMATION TECHNOLOGY— continued** | **INFORMATION TECHNOLOGY— continued** | **INFORMATION TECHNOLOGY— continued** |
| &nbsp;&nbsp;&nbsp;Rigetti Computing \* | 1603 | $29127 |
| &nbsp;&nbsp;&nbsp;Rimini Street \* | 273 | 942 |
| &nbsp;&nbsp;&nbsp;RingCentral, Cl A \* | 398 | 10300 |
| &nbsp;&nbsp;&nbsp;Riot Platforms \* | 1769 | 27366 |
| &nbsp;&nbsp;&nbsp;Riskified, Cl A \* | 368 | 1568 |
| &nbsp;&nbsp;&nbsp;Roadzen \* | 213 | 392 |
| &nbsp;&nbsp;&nbsp;Rogers \* | 90 | 8752 |
| &nbsp;&nbsp;&nbsp;Roper Technologies | 555 | 206033 |
| &nbsp;&nbsp;&nbsp;Rubrik, Cl A \* | 713 | 39892 |
| &nbsp;&nbsp;&nbsp;Salesforce | 4776 | 1013897 |
| &nbsp;&nbsp;&nbsp;Samsara, Cl A \* | 1643 | 46086 |
| &nbsp;&nbsp;&nbsp;Sandisk \* | 714 | 411443 |
| &nbsp;&nbsp;&nbsp;Sanmina \* | 266 | 37687 |
| &nbsp;&nbsp;&nbsp;ScanSource \* | 108 | 4643 |
| &nbsp;&nbsp;&nbsp;Seagate Technology Holdings PLC | 1102 | 449274 |
| &nbsp;&nbsp;&nbsp;SEMrush Holdings, Cl A \* | 322 | 3829 |
| &nbsp;&nbsp;&nbsp;Semtech \* | 446 | 35569 |
| &nbsp;&nbsp;&nbsp;SentinelOne, Cl A \* | 1652 | 23095 |
| &nbsp;&nbsp;&nbsp;ServiceNow \* | 5369 | 628227 |
| &nbsp;&nbsp;&nbsp;ServiceTitan, Cl A \* | 288 | 22562 |
| &nbsp;&nbsp;&nbsp;Silicon Laboratories \* | 165 | 23504 |
| &nbsp;&nbsp;&nbsp;SiTime \* | 110 | 39942 |
| &nbsp;&nbsp;&nbsp;SkyWater Technology \* | 173 | 5477 |
| &nbsp;&nbsp;&nbsp;Skyworks Solutions | 764 | 42601 |
| &nbsp;&nbsp;&nbsp;SmartRent, Cl A \* | 736 | 1192 |
| &nbsp;&nbsp;&nbsp;Snowflake, Cl A \* | 1622 | 312559 |
| &nbsp;&nbsp;&nbsp;SolarEdge Technologies \* | 293 | 9068 |
| &nbsp;&nbsp;&nbsp;SoundHound AI, Cl A \* | 1847 | 15626 |
| &nbsp;&nbsp;&nbsp;SoundThinking \* | 47 | 328 |
| &nbsp;&nbsp;&nbsp;Sprinklr, Cl A \* | 628 | 4007 |
| &nbsp;&nbsp;&nbsp;Sprout Social, Cl A \* | 256 | 2317 |
| &nbsp;&nbsp;&nbsp;SPS Commerce \* | 189 | 16870 |
| &nbsp;&nbsp;&nbsp;Strategy, Cl A \* | 1380 | 206600 |
| &nbsp;&nbsp;&nbsp;Super Micro Computer \* | 2633 | 76647 |
| &nbsp;&nbsp;&nbsp;Synaptics \* | 191 | 15759 |
| &nbsp;&nbsp;&nbsp;Synopsys \* | 956 | 444650 |
| &nbsp;&nbsp;&nbsp;TD SYNNEX | 375 | 59501 |
| &nbsp;&nbsp;&nbsp;TE Connectivity PLC | 1526 | 339962 |
| &nbsp;&nbsp;&nbsp;Teledyne Technologies \* | 240 | 148872 |
| &nbsp;&nbsp;&nbsp;Telos \* | 256 | 1398 |
| &nbsp;&nbsp;&nbsp;Tenable Holdings \* | 599 | 13214 |
| &nbsp;&nbsp;&nbsp;Teradata \* | 463 | 13205 |
| &nbsp;&nbsp;&nbsp;Teradyne | 820 | 197661 |
| &nbsp;&nbsp;&nbsp;Terawulf \* | 1750 | 23398 |
| &nbsp;&nbsp;&nbsp;Texas Instruments | 4691 | 1011145 |
| &nbsp;&nbsp;&nbsp;Trimble \* | 1223 | 82675 |
| &nbsp;&nbsp;&nbsp;TSS \* | 93 | 949 |
| &nbsp;&nbsp;&nbsp;TTM Technologies \* | 521 | 51162 |
| &nbsp;&nbsp;&nbsp;Tucows, Cl A \* | 34 | 755 |
| &nbsp;&nbsp;&nbsp;Turtle Beach \* | 72 | 861 |
| &nbsp;&nbsp;&nbsp;Twilio, Cl A \* | 754 | 90827 |
| &nbsp;&nbsp;&nbsp;Tyler Technologies \* | 222 | 82007 |
| &nbsp;&nbsp;&nbsp;UiPath, Cl A \* | 2106 | 26515 |
| &nbsp;&nbsp;&nbsp;Ultra Clean Holdings \* | 222 | 9697 |
| &nbsp;&nbsp;&nbsp;Unisys \* | 332 | 873 |
| &nbsp;&nbsp;&nbsp;Unity Software \* | 1740 | 50634 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  |<br>**Shares** |<br>**Value** |
| **INFORMATION TECHNOLOGY— continued** | **INFORMATION TECHNOLOGY— continued** | **INFORMATION TECHNOLOGY— continued** |
| &nbsp;&nbsp;&nbsp;Universal Display | 228 | $26179 |
| &nbsp;&nbsp;&nbsp;Varonis Systems, Cl B \* | 570 | 17009 |
| &nbsp;&nbsp;&nbsp;Veeco Instruments \* | 296 | 9244 |
| &nbsp;&nbsp;&nbsp;VeriSign | 429 | 104775 |
| &nbsp;&nbsp;&nbsp;Vertex, Cl A \* | 356 | 6604 |
| &nbsp;&nbsp;&nbsp;Viant Technology, Cl A \* | 73 | 863 |
| &nbsp;&nbsp;&nbsp;ViaSat \* | 648 | 29270 |
| &nbsp;&nbsp;&nbsp;Viavi Solutions \* | 1133 | 27713 |
| &nbsp;&nbsp;&nbsp;Vishay Intertechnology | 614 | 12372 |
| &nbsp;&nbsp;&nbsp;Vishay Precision Group \* | 59 | 2955 |
| &nbsp;&nbsp;&nbsp;Vistance Networks \* | 1050 | 18900 |
| &nbsp;&nbsp;&nbsp;Vontier | 754 | 28275 |
| &nbsp;&nbsp;&nbsp;Vuzix \* | 340 | 894 |
| &nbsp;&nbsp;&nbsp;Weave Communications \* | 304 | 1976 |
| &nbsp;&nbsp;&nbsp;Western Digital | 1756 | 439404 |
| &nbsp;&nbsp;&nbsp;WM Technology \* | 408 | 315 |
| &nbsp;&nbsp;&nbsp;Workday, Cl A \* | 1107 | 194422 |
| &nbsp;&nbsp;&nbsp;Workiva, Cl A \* | 257 | 19794 |
| &nbsp;&nbsp;&nbsp;Xerox Holdings | 569 | 1246 |
| &nbsp;&nbsp;&nbsp;Xperi \* | 221 | 1251 |
| &nbsp;&nbsp;&nbsp;Yext \* | 501 | 3587 |
| &nbsp;&nbsp;&nbsp;Zebra Technologies, Cl A \* | 259 | 60860 |
| &nbsp;&nbsp;&nbsp;Zeta Global Holdings, Cl A \* | 938 | 17428 |
| &nbsp;&nbsp;&nbsp;Zoom Communications, Cl A \* | 1319 | 121480 |
| &nbsp;&nbsp;&nbsp;Zscaler \* | 523 | 104605 |
|  |  | 106465762 |
| **MATERIALS — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;AdvanSix | 129 | 2043 |
| &nbsp;&nbsp;&nbsp;Air Products and Chemicals | 1125 | 306563 |
| &nbsp;&nbsp;&nbsp;Albemarle | 606 | 103402 |
| &nbsp;&nbsp;&nbsp;Alcoa | 1333 | 75728 |
| &nbsp;&nbsp;&nbsp;Alpha Metallurgical Resources \* | 52 | 10910 |
| &nbsp;&nbsp;&nbsp;Alto Ingredients \* | 344 | 860 |
| &nbsp;&nbsp;&nbsp;Amcor | 2378 | 105244 |
| &nbsp;&nbsp;&nbsp;American Vanguard \* | 124 | 630 |
| &nbsp;&nbsp;&nbsp;AptarGroup | 338 | 42233 |
| &nbsp;&nbsp;&nbsp;Ardagh Metal Packaging | 723 | 3174 |
| &nbsp;&nbsp;&nbsp;Arq \* | 171 | 609 |
| &nbsp;&nbsp;&nbsp;Ashland | 228 | 13944 |
| &nbsp;&nbsp;&nbsp;ASP Isotopes \* | 457 | 2897 |
| &nbsp;&nbsp;&nbsp;Aspen Aerogels \* | 408 | 1375 |
| &nbsp;&nbsp;&nbsp;Avery Dennison | 396 | 73462 |
| &nbsp;&nbsp;&nbsp;Avient | 457 | 16521 |
| &nbsp;&nbsp;&nbsp;Axalta Coating Systems \* | 1098 | 36871 |
| &nbsp;&nbsp;&nbsp;Balchem | 166 | 28248 |
| &nbsp;&nbsp;&nbsp;Ball | 1403 | 79789 |
| &nbsp;&nbsp;&nbsp;Cabot | 264 | 19058 |
| &nbsp;&nbsp;&nbsp;Celanese, Cl A | 563 | 25020 |
| &nbsp;&nbsp;&nbsp;Century Aluminum \* | 260 | 11786 |
| &nbsp;&nbsp;&nbsp;CF Industries Holdings | 830 | 77381 |
| &nbsp;&nbsp;&nbsp;Chemours | 749 | 11228 |
| &nbsp;&nbsp;&nbsp;Clearwater Paper \* | 77 | 1295 |
| &nbsp;&nbsp;&nbsp;Cleveland-Cliffs \* | 2503 | 34441 |
| &nbsp;&nbsp;&nbsp;Coeur Mining \* | 2906 | 59399 |
| &nbsp;&nbsp;&nbsp;Commercial Metals | 566 | 43508 |

---

#### 45

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
|  | **JANUARY 31, 2026** |
| | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  |<br>**Shares** |<br>**Value** |
| **MATERIALS— continued** |  |  |
| &nbsp;&nbsp;&nbsp;Compass Minerals International \* | 207 | $5171 |
| &nbsp;&nbsp;&nbsp;Constellium, Cl A \* | 683 | 15347 |
| &nbsp;&nbsp;&nbsp;Contango ORE \* | 52 | 1474 |
| &nbsp;&nbsp;&nbsp;Corteva | 3515 | 255892 |
| &nbsp;&nbsp;&nbsp;CRH PLC | 3464 | 424028 |
| &nbsp;&nbsp;&nbsp;Crown Holdings | 596 | 62389 |
| &nbsp;&nbsp;&nbsp;Dakota Gold \* | 461 | 2761 |
| &nbsp;&nbsp;&nbsp;Dow | 3639 | 100254 |
| &nbsp;&nbsp;&nbsp;DuPont de Nemours | 2159 | 94823 |
| &nbsp;&nbsp;&nbsp;Eagle Materials | 166 | 33832 |
| &nbsp;&nbsp;&nbsp;Eastman Chemical | 589 | 40829 |
| &nbsp;&nbsp;&nbsp;Ecolab | 1314 | 370535 |
| &nbsp;&nbsp;&nbsp;Ecovyst \* | 565 | 5995 |
| &nbsp;&nbsp;&nbsp;Element Solutions | 1175 | 34193 |
| &nbsp;&nbsp;&nbsp;Ferroglobe PLC | 595 | 2826 |
| &nbsp;&nbsp;&nbsp;Flotek Industries \* | 56 | 973 |
| &nbsp;&nbsp;&nbsp;FMC | 624 | 9859 |
| &nbsp;&nbsp;&nbsp;Freeport-McMoRan | 7378 | 444377 |
| &nbsp;&nbsp;&nbsp;Graphic Packaging Holding | 1510 | 22122 |
| &nbsp;&nbsp;&nbsp;Greif, Cl A | 128 | 9039 |
| &nbsp;&nbsp;&nbsp;Greif, Cl B | 25 | 2080 |
| &nbsp;&nbsp;&nbsp;Hawkins | 96 | 12504 |
| &nbsp;&nbsp;&nbsp;HB Fuller | 271 | 16287 |
| &nbsp;&nbsp;&nbsp;Hecla Mining | 3247 | 73122 |
| &nbsp;&nbsp;&nbsp;Huntsman | 826 | 8937 |
| &nbsp;&nbsp;&nbsp;Idaho Strategic Resources \* | 66 | 2380 |
| &nbsp;&nbsp;&nbsp;Ingevity \* | 181 | 11908 |
| &nbsp;&nbsp;&nbsp;Innospec | 123 | 10052 |
| &nbsp;&nbsp;&nbsp;International Flavors & Fragrances | 1300 | 90753 |
| &nbsp;&nbsp;&nbsp;International Paper | 2719 | 109630 |
| &nbsp;&nbsp;&nbsp;Intrepid Potash \* | 60 | 1970 |
| &nbsp;&nbsp;&nbsp;Ivanhoe Electric \* | 543 | 9280 |
| &nbsp;&nbsp;&nbsp;James Hardie Industries PLC \* | 2995 | 68855 |
| &nbsp;&nbsp;&nbsp;Kaiser Aluminum | 79 | 9687 |
| &nbsp;&nbsp;&nbsp;Knife River \* | 291 | 19546 |
| &nbsp;&nbsp;&nbsp;Koppers Holdings | 94 | 2769 |
| &nbsp;&nbsp;&nbsp;Kronos Worldwide | 108 | 567 |
| &nbsp;&nbsp;&nbsp;Lifezone Metals \* | 111 | 587 |
| &nbsp;&nbsp;&nbsp;Linde PLC | 2419 | 1105410 |
| &nbsp;&nbsp;&nbsp;Louisiana-Pacific | 325 | 27216 |
| &nbsp;&nbsp;&nbsp;LSB Industries \* | 256 | 2378 |
| &nbsp;&nbsp;&nbsp;LyondellBasell Industries, Cl A | 1321 | 64729 |
| &nbsp;&nbsp;&nbsp;Magnera \* | 178 | 2326 |
| &nbsp;&nbsp;&nbsp;Martin Marietta Materials | 310 | 202105 |
| &nbsp;&nbsp;&nbsp;Materion | 102 | 14105 |
| &nbsp;&nbsp;&nbsp;Mativ Holdings | 266 | 3205 |
| &nbsp;&nbsp;&nbsp;Metallus \* | 180 | 3591 |
| &nbsp;&nbsp;&nbsp;Minerals Technologies | 155 | 10193 |
| &nbsp;&nbsp;&nbsp;Mosaic | 1636 | 44990 |
| &nbsp;&nbsp;&nbsp;MP Materials \* | 762 | 44783 |
| &nbsp;&nbsp;&nbsp;Myers Industries | 185 | 3824 |
| &nbsp;&nbsp;&nbsp;NewMarket | 41 | 27502 |
| &nbsp;&nbsp;&nbsp;Newmont | 5635 | 633092 |
| &nbsp;&nbsp;&nbsp;Nucor | 1145 | 203489 |
| &nbsp;&nbsp;&nbsp;O-I Glass, Cl I \* | 759 | 11598 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  |<br>**Shares** |<br>**Value** |
| **MATERIALS— continued** |  |  |
| &nbsp;&nbsp;&nbsp;Olin | 573 | $11924 |
| &nbsp;&nbsp;&nbsp;Olympic Steel | 49 | 2356 |
| &nbsp;&nbsp;&nbsp;Origin Materials \* | 685 | 129 |
| &nbsp;&nbsp;&nbsp;Packaging Corp of America | 457 | 101705 |
| &nbsp;&nbsp;&nbsp;Perimeter Solutions \* | 694 | 18148 |
| &nbsp;&nbsp;&nbsp;PPG Industries | 1158 | 133900 |
| &nbsp;&nbsp;&nbsp;PureCycle Technologies \* | 812 | 7763 |
| &nbsp;&nbsp;&nbsp;Quaker Chemical | 68 | 10454 |
| &nbsp;&nbsp;&nbsp;Ramaco Resources, Cl A \* | 223 | 4351 |
| &nbsp;&nbsp;&nbsp;Ramaco Resources, Cl B | 34 | 446 |
| &nbsp;&nbsp;&nbsp;Ranpak Holdings, Cl A \* | 230 | 1159 |
| &nbsp;&nbsp;&nbsp;Rayonier Advanced Materials \* | 315 | 2444 |
| &nbsp;&nbsp;&nbsp;Reliance | 269 | 88636 |
| &nbsp;&nbsp;&nbsp;Royal Gold | 435 | 114540 |
| &nbsp;&nbsp;&nbsp;RPM International | 654 | 69952 |
| &nbsp;&nbsp;&nbsp;Ryerson Holding | 136 | 3838 |
| &nbsp;&nbsp;&nbsp;Scotts Miracle-Gro, Cl A | 221 | 14193 |
| &nbsp;&nbsp;&nbsp;Sealed Air | 754 | 31578 |
| &nbsp;&nbsp;&nbsp;Sensient Technologies | 216 | 20416 |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams | 1191 | 422376 |
| &nbsp;&nbsp;&nbsp;Silgan Holdings | 444 | 19159 |
| &nbsp;&nbsp;&nbsp;Smurfit Westrock PLC | 2687 | 111860 |
| &nbsp;&nbsp;&nbsp;Solesence \* | 92 | 124 |
| &nbsp;&nbsp;&nbsp;Sonoco Products | 505 | 24240 |
| &nbsp;&nbsp;&nbsp;Steel Dynamics | 705 | 126597 |
| &nbsp;&nbsp;&nbsp;Stepan | 108 | 6222 |
| &nbsp;&nbsp;&nbsp;SunCoke Energy | 421 | 3309 |
| &nbsp;&nbsp;&nbsp;Sylvamo | 168 | 8222 |
| &nbsp;&nbsp;&nbsp;Tredegar \* | 133 | 1137 |
| &nbsp;&nbsp;&nbsp;TriMas | 180 | 6259 |
| &nbsp;&nbsp;&nbsp;Trinseo PLC | 165 | 74 |
| &nbsp;&nbsp;&nbsp;Tronox Holdings PLC, Cl A | 589 | 3569 |
| &nbsp;&nbsp;&nbsp;United States Antimony \* | 597 | 4376 |
| &nbsp;&nbsp;&nbsp;United States Lime & Minerals | 54 | 6509 |
| &nbsp;&nbsp;&nbsp;Vulcan Materials | 682 | 204968 |
| &nbsp;&nbsp;&nbsp;Warrior Met Coal | 267 | 23843 |
| &nbsp;&nbsp;&nbsp;Westlake | 177 | 14040 |
| &nbsp;&nbsp;&nbsp;Worthington Steel | 186 | 7483 |
|  |  | 7612087 |
| **REAL ESTATE — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Acadia Realty Trust ‡ | 657 | 13147 |
| &nbsp;&nbsp;&nbsp;Agree Realty ‡ | 584 | 42182 |
| &nbsp;&nbsp;&nbsp;Alexander & Baldwin ‡ | 360 | 7466 |
| &nbsp;&nbsp;&nbsp;Alexander's ‡ | 10 | 2449 |
| &nbsp;&nbsp;&nbsp;Alpine Income Property Trust ‡ | 64 | 1128 |
| &nbsp;&nbsp;&nbsp;American Assets Trust ‡ | 232 | 4190 |
| &nbsp;&nbsp;&nbsp;American Healthcare REIT ‡ | 864 | 40530 |
| &nbsp;&nbsp;&nbsp;American Homes 4 Rent, Cl A ‡ | 1647 | 51584 |
| &nbsp;&nbsp;&nbsp;American Tower ‡ | 2413 | 432603 |
| &nbsp;&nbsp;&nbsp;Americold Realty Trust ‡ | 1433 | 17784 |
| &nbsp;&nbsp;&nbsp;Apartment Investment and Management, Cl A ‡ | 668 | 3928 |
| &nbsp;&nbsp;&nbsp;Apple Hospitality ‡ | 1060 | 12338 |
| &nbsp;&nbsp;&nbsp;Armada Hoffler Properties ‡ | 397 | 2767 |
| &nbsp;&nbsp;&nbsp;AvalonBay Communities ‡ | 733 | 130232 |

---

#### 46

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
|  | **JANUARY 31, 2026** |
| | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  | <br>**Shares** | <br>**Value** |
| **REAL ESTATE— continued** |  |  |
| &nbsp;&nbsp;&nbsp;Braemar Hotels & Resorts ‡ | 317 | $846 |
| &nbsp;&nbsp;&nbsp;Brandywine Realty Trust ‡ | 844 | 2389 |
| &nbsp;&nbsp;&nbsp;Brixmor Property Group ‡ | 1570 | 42060 |
| &nbsp;&nbsp;&nbsp;Broadstone Net Lease, Cl A ‡ | 930 | 17214 |
| &nbsp;&nbsp;&nbsp;BRT Apartments ‡ | 53 | 779 |
| &nbsp;&nbsp;&nbsp;BXP ‡ | 814 | 52641 |
| &nbsp;&nbsp;&nbsp;Camden Property Trust ‡ | 545 | 59432 |
| &nbsp;&nbsp;&nbsp;CareTrust ‡ | 1133 | 42306 |
| &nbsp;&nbsp;&nbsp;CBL & Associates Properties ‡ | 93 | 3329 |
| &nbsp;&nbsp;&nbsp;CBRE Group, Cl A \* | 1525 | 259753 |
| &nbsp;&nbsp;&nbsp;Centerspace ‡ | 84 | 5399 |
| &nbsp;&nbsp;&nbsp;Chatham Lodging Trust ‡ | 240 | 1706 |
| &nbsp;&nbsp;&nbsp;Clipper Realty ‡ | 61 | 213 |
| &nbsp;&nbsp;&nbsp;Compass, Cl A \* | 3359 | 42052 |
| &nbsp;&nbsp;&nbsp;COPT Defense Properties ‡ | 567 | 17469 |
| &nbsp;&nbsp;&nbsp;CoStar Group \* | 2164 | 133066 |
| &nbsp;&nbsp;&nbsp;Cousins Properties ‡ | 861 | 21732 |
| &nbsp;&nbsp;&nbsp;Crown Castle ‡ | 2248 | 195149 |
| &nbsp;&nbsp;&nbsp;CTO Realty Growth ‡ | 156 | 2772 |
| &nbsp;&nbsp;&nbsp;CubeSmart ‡ | 1170 | 43910 |
| &nbsp;&nbsp;&nbsp;Curbline Properties ‡ | 484 | 11737 |
| &nbsp;&nbsp;&nbsp;Cushman & Wakefield \* | 1153 | 18955 |
| &nbsp;&nbsp;&nbsp;DiamondRock Hospitality ‡ | 1008 | 9253 |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust ‡ | 1772 | 294063 |
| &nbsp;&nbsp;&nbsp;Douglas Elliman \* | 358 | 967 |
| &nbsp;&nbsp;&nbsp;Douglas Emmett ‡ | 818 | 8638 |
| &nbsp;&nbsp;&nbsp;Easterly Government Properties, Cl A ‡ | 219 | 5127 |
| &nbsp;&nbsp;&nbsp;EastGroup Properties ‡ | 273 | 49588 |
| &nbsp;&nbsp;&nbsp;Empire State Realty Trust, Cl A ‡ | 699 | 4634 |
| &nbsp;&nbsp;&nbsp;EPR Properties ‡ | 385 | 20882 |
| &nbsp;&nbsp;&nbsp;Equinix ‡ | 507 | 416212 |
| &nbsp;&nbsp;&nbsp;Equity LifeStyle Properties ‡ | 908 | 57358 |
| &nbsp;&nbsp;&nbsp;Equity Residential ‡ | 1908 | 118907 |
| &nbsp;&nbsp;&nbsp;Essential Properties Realty Trust ‡ | 1018 | 30906 |
| &nbsp;&nbsp;&nbsp;Essex Property Trust ‡ | 330 | 83117 |
| &nbsp;&nbsp;&nbsp;eXp World Holdings | 455 | 4113 |
| &nbsp;&nbsp;&nbsp;Extra Space Storage ‡ | 1085 | 149697 |
| &nbsp;&nbsp;&nbsp;Farmland Partners ‡ | 197 | 2287 |
| &nbsp;&nbsp;&nbsp;Federal Realty Investment Trust ‡ | 443 | 44814 |
| &nbsp;&nbsp;&nbsp;First Industrial Realty Trust ‡ | 682 | 39576 |
| &nbsp;&nbsp;&nbsp;Forestar Group \* | 96 | 2498 |
| &nbsp;&nbsp;&nbsp;Four Corners Property Trust ‡ | 528 | 13015 |
| &nbsp;&nbsp;&nbsp;Franklin Street Properties ‡ | 419 | 352 |
| &nbsp;&nbsp;&nbsp;FrontView REIT ‡ | 102 | 1674 |
| &nbsp;&nbsp;&nbsp;FRP Holdings \* | 56 | 1339 |
| &nbsp;&nbsp;&nbsp;Getty Realty ‡ | 288 | 8600 |
| &nbsp;&nbsp;&nbsp;Gladstone Commercial ‡ | 232 | 2703 |
| &nbsp;&nbsp;&nbsp;Gladstone Land ‡ | 170 | 1895 |
| &nbsp;&nbsp;&nbsp;Global Net Lease ‡ | 1101 | 10415 |
| &nbsp;&nbsp;&nbsp;Healthcare Realty Trust, Cl A ‡ | 1798 | 30188 |
| &nbsp;&nbsp;&nbsp;Highwoods Properties ‡ | 544 | 14062 |
| &nbsp;&nbsp;&nbsp;Host Hotels & Resorts ‡ | 3501 | 64874 |
| &nbsp;&nbsp;&nbsp;Howard Hughes Holdings \* | 156 | 12739 |
| &nbsp;&nbsp;&nbsp;Hudson Pacific Properties \*‡ | 270 | 2329 |
| &nbsp;&nbsp;&nbsp;Independence Realty Trust ‡ | 1168 | 19506 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  | <br>**Shares** | <br>**Value** |
| **REAL ESTATE— continued** |  |  |
| &nbsp;&nbsp;&nbsp;Industrial Logistics Properties Trust ‡ | 267 | $1423 |
| &nbsp;&nbsp;&nbsp;InvenTrust Properties ‡ | 389 | 11433 |
| &nbsp;&nbsp;&nbsp;Invitation Homes ‡ | 2961 | 79148 |
| &nbsp;&nbsp;&nbsp;Iron Mountain ‡ | 1515 | 139577 |
| &nbsp;&nbsp;&nbsp;JBG SMITH Properties ‡ | 298 | 5018 |
| &nbsp;&nbsp;&nbsp;Jones Lang LaSalle \* | 240 | 85898 |
| &nbsp;&nbsp;&nbsp;Kennedy-Wilson Holdings | 533 | 5250 |
| &nbsp;&nbsp;&nbsp;Kilroy Realty ‡ | 605 | 20860 |
| &nbsp;&nbsp;&nbsp;Kimco Realty ‡ | 3434 | 72389 |
| &nbsp;&nbsp;&nbsp;Kite Realty Group Trust ‡ | 1128 | 26497 |
| &nbsp;&nbsp;&nbsp;Lamar Advertising, Cl A ‡ | 445 | 57098 |
| &nbsp;&nbsp;&nbsp;Lineage ‡ | 360 | 12856 |
| &nbsp;&nbsp;&nbsp;LTC Properties ‡ | 227 | 8279 |
| &nbsp;&nbsp;&nbsp;LXP Industrial Trust ‡ | 290 | 14350 |
| &nbsp;&nbsp;&nbsp;Macerich ‡ | 1297 | 24552 |
| &nbsp;&nbsp;&nbsp;Marcus & Millichap | 123 | 3346 |
| &nbsp;&nbsp;&nbsp;Maui Land & Pineapple \* | 35 | 600 |
| &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities ‡ | 601 | 80714 |
| &nbsp;&nbsp;&nbsp;Millrose Properties, Cl A ‡ | 604 | 17999 |
| &nbsp;&nbsp;&nbsp;National Health Investors ‡ | 228 | 18723 |
| &nbsp;&nbsp;&nbsp;National Storage Affiliates Trust ‡ | 357 | 11356 |
| &nbsp;&nbsp;&nbsp;NET Lease Office Properties ‡ | 74 | 1444 |
| &nbsp;&nbsp;&nbsp;NETSTREIT ‡ | 419 | 7894 |
| &nbsp;&nbsp;&nbsp;Newmark Group, Cl A | 679 | 12107 |
| &nbsp;&nbsp;&nbsp;NexPoint Diversified Real Estate Trust ‡ | 167 | 800 |
| &nbsp;&nbsp;&nbsp;NexPoint Residential Trust ‡ | 105 | 3173 |
| &nbsp;&nbsp;&nbsp;NNN REIT ‡ | 967 | 40295 |
| &nbsp;&nbsp;&nbsp;Offerpad Solutions \* | 102 | 104 |
| &nbsp;&nbsp;&nbsp;Omega Healthcare Investors ‡ | 1522 | 66785 |
| &nbsp;&nbsp;&nbsp;One Liberty Properties ‡ | 77 | 1659 |
| &nbsp;&nbsp;&nbsp;Opendoor Technologies \* | 2946 | 15172 |
| &nbsp;&nbsp;&nbsp;Orion Properties ‡ | 274 | 611 |
| &nbsp;&nbsp;&nbsp;Outfront Media ‡ | 776 | 18869 |
| &nbsp;&nbsp;&nbsp;Park Hotels & Resorts ‡ | 859 | 9389 |
| &nbsp;&nbsp;&nbsp;Peakstone Realty Trust ‡ | 180 | 2812 |
| &nbsp;&nbsp;&nbsp;Pebblebrook Hotel Trust ‡ | 584 | 6669 |
| &nbsp;&nbsp;&nbsp;Phillips Edison ‡ | 646 | 23405 |
| &nbsp;&nbsp;&nbsp;Piedmont Realty Trust, Cl A ‡ | 616 | 5187 |
| &nbsp;&nbsp;&nbsp;Postal Realty Trust, Cl A ‡ | 117 | 2133 |
| &nbsp;&nbsp;&nbsp;PotlatchDeltic ‡ | 379 | 15816 |
| &nbsp;&nbsp;&nbsp;Prologis ‡ | 4776 | 623555 |
| &nbsp;&nbsp;&nbsp;Public Storage ‡ | 814 | 224819 |
| &nbsp;&nbsp;&nbsp;Rayonier ‡ | 803 | 18260 |
| &nbsp;&nbsp;&nbsp;RE/MAX Holdings, Cl A \* | 84 | 654 |
| &nbsp;&nbsp;&nbsp;Realty Income ‡ | 4704 | 287697 |
| &nbsp;&nbsp;&nbsp;Regency Centers ‡ | 931 | 67842 |
| &nbsp;&nbsp;&nbsp;Rexford Industrial Realty ‡ | 1198 | 48555 |
| &nbsp;&nbsp;&nbsp;RLJ Lodging Trust ‡ | 735 | 5461 |
| &nbsp;&nbsp;&nbsp;RMR Group, Cl A | 76 | 1151 |
| &nbsp;&nbsp;&nbsp;Ryman Hospitality Properties ‡ | 311 | 29452 |
| &nbsp;&nbsp;&nbsp;Sabra Health Care ‡ | 1217 | 22794 |
| &nbsp;&nbsp;&nbsp;Safehold ‡ | 280 | 3951 |
| &nbsp;&nbsp;&nbsp;Saul Centers ‡ | 64 | 2031 |

---

#### 47

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
|  | **JANUARY 31, 2026** |
| | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  |<br>**Shares** |<br>**Value** |
| **REAL ESTATE— continued** |  |  |
| &nbsp;&nbsp;&nbsp;SBA Communications, Cl A ‡ | 550 | $101261 |
| &nbsp;&nbsp;&nbsp;Seaport Entertainment Group \* | 37 | 699 |
| &nbsp;&nbsp;&nbsp;Seritage Growth Properties \* | 179 | 591 |
| &nbsp;&nbsp;&nbsp;Service Properties Trust ‡ | 783 | 1558 |
| &nbsp;&nbsp;&nbsp;Sila Realty Trust ‡ | 275 | 6696 |
| &nbsp;&nbsp;&nbsp;Simon Property Group ‡ | 1614 | 308774 |
| &nbsp;&nbsp;&nbsp;SITE Centers ‡ | 248 | 1518 |
| &nbsp;&nbsp;&nbsp;SL Green Realty ‡ | 358 | 16031 |
| &nbsp;&nbsp;&nbsp;Smartstop Self Storage REIT ‡ | 156 | 4905 |
| &nbsp;&nbsp;&nbsp;St. Joe | 205 | 13569 |
| &nbsp;&nbsp;&nbsp;STAG Industrial ‡ | 964 | 36160 |
| &nbsp;&nbsp;&nbsp;Star Holdings \* | 64 | 500 |
| &nbsp;&nbsp;&nbsp;Stratus Properties \* | 36 | 1068 |
| &nbsp;&nbsp;&nbsp;Strawberry Fields REIT ‡ | 36 | 472 |
| &nbsp;&nbsp;&nbsp;Summit Hotel Properties ‡ | 523 | 2312 |
| &nbsp;&nbsp;&nbsp;Sun Communities ‡ | 635 | 80918 |
| &nbsp;&nbsp;&nbsp;Sunstone Hotel Investors ‡ | 945 | 8288 |
| &nbsp;&nbsp;&nbsp;Tanger ‡ | 556 | 18192 |
| &nbsp;&nbsp;&nbsp;Tejon Ranch \* | 110 | 1770 |
| &nbsp;&nbsp;&nbsp;Terreno Realty ‡ | 523 | 32185 |
| &nbsp;&nbsp;&nbsp;Transcontinental Realty Investors \* | 6 | 319 |
| &nbsp;&nbsp;&nbsp;UDR ‡ | 1706 | 63378 |
| &nbsp;&nbsp;&nbsp;UMH Properties ‡ | 382 | 5971 |
| &nbsp;&nbsp;&nbsp;Urban Edge Properties ‡ | 634 | 12319 |
| &nbsp;&nbsp;&nbsp;Veris Residential ‡ | 354 | 5377 |
| &nbsp;&nbsp;&nbsp;Vornado Realty Trust ‡ | 905 | 28851 |
| &nbsp;&nbsp;&nbsp;Welltower ‡ | 3547 | 668113 |
| &nbsp;&nbsp;&nbsp;Weyerhaeuser ‡ | 3713 | 95721 |
| &nbsp;&nbsp;&nbsp;Whitestone, Cl B ‡ | 249 | 3546 |
| &nbsp;&nbsp;&nbsp;WP Carey ‡ | 1115 | 77771 |
| &nbsp;&nbsp;&nbsp;Xenia Hotels & Resorts ‡ | 478 | 7050 |
| &nbsp;&nbsp;&nbsp;Zillow Group, Cl A \* | 245 | 15249 |
| &nbsp;&nbsp;&nbsp;Zillow Group, Cl C \* | 865 | 54521 |
|  |  | 7207130 |
| **UTILITIES — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;AES | 3663 | 53663 |
| &nbsp;&nbsp;&nbsp;Alliant Energy | 1324 | 87265 |
| &nbsp;&nbsp;&nbsp;Ameren | 1392 | 143766 |
| &nbsp;&nbsp;&nbsp;American Electric Power | 2742 | 328423 |
| &nbsp;&nbsp;&nbsp;American States Water | 192 | 14008 |
| &nbsp;&nbsp;&nbsp;American Water Works | 1002 | 129388 |
| &nbsp;&nbsp;&nbsp;Artesian Resources, Cl A | 45 | 1501 |
| &nbsp;&nbsp;&nbsp;Atmos Energy | 828 | 137730 |
| &nbsp;&nbsp;&nbsp;Avista | 405 | 16722 |
| &nbsp;&nbsp;&nbsp;Black Hills | 374 | 27295 |
| &nbsp;&nbsp;&nbsp;Cadiz \* | 274 | 1545 |
| &nbsp;&nbsp;&nbsp;California Water Service Group | 298 | 13321 |
| &nbsp;&nbsp;&nbsp;CenterPoint Energy | 3358 | 133279 |
| &nbsp;&nbsp;&nbsp;Chesapeake Utilities | 116 | 14927 |
| &nbsp;&nbsp;&nbsp;Clearway Energy, Cl A | 151 | 5099 |
| &nbsp;&nbsp;&nbsp;Clearway Energy, Cl C | 413 | 14930 |
| &nbsp;&nbsp;&nbsp;CMS Energy | 1527 | 109165 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison | 1860 | 198332 |
| &nbsp;&nbsp;&nbsp;Consolidated Water | 75 | 2841 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  | <br>**Shares** | <br>**Value** |
| **UTILITIES— continued** |  |  |
| &nbsp;&nbsp;&nbsp;Constellation Energy | 1612 | $452456 |
| &nbsp;&nbsp;&nbsp;Dominion Energy | 4406 | 265109 |
| &nbsp;&nbsp;&nbsp;DTE Energy | 934 | 125511 |
| &nbsp;&nbsp;&nbsp;Duke Energy | 4006 | 486128 |
| &nbsp;&nbsp;&nbsp;Edison International | 1987 | 123750 |
| &nbsp;&nbsp;&nbsp;Entergy | 2302 | 220739 |
| &nbsp;&nbsp;&nbsp;Essential Utilities | 1446 | 56090 |
| &nbsp;&nbsp;&nbsp;Evergy | 1159 | 88930 |
| &nbsp;&nbsp;&nbsp;Eversource Energy | 1916 | 132453 |
| &nbsp;&nbsp;&nbsp;Exelon | 5216 | 233572 |
| &nbsp;&nbsp;&nbsp;FirstEnergy | 2830 | 133972 |
| &nbsp;&nbsp;&nbsp;Genie Energy, Cl B | 101 | 1391 |
| &nbsp;&nbsp;&nbsp;Global Water Resources | 62 | 538 |
| &nbsp;&nbsp;&nbsp;H2O America | 165 | 8587 |
| &nbsp;&nbsp;&nbsp;Hallador Energy \* | 156 | 2884 |
| &nbsp;&nbsp;&nbsp;Hawaiian Electric Industries \* | 868 | 13298 |
| &nbsp;&nbsp;&nbsp;IDACORP, Cl Rights | 278 | 36916 |
| &nbsp;&nbsp;&nbsp;MDU Resources Group | 1041 | 21351 |
| &nbsp;&nbsp;&nbsp;MGE Energy | 184 | 14698 |
| &nbsp;&nbsp;&nbsp;Middlesex Water | 89 | 4662 |
| &nbsp;&nbsp;&nbsp;Montauk Renewables \* | 290 | 505 |
| &nbsp;&nbsp;&nbsp;National Fuel Gas | 459 | 38441 |
| &nbsp;&nbsp;&nbsp;New Jersey Resources | 516 | 25532 |
| &nbsp;&nbsp;&nbsp;NextEra Energy | 10759 | 945716 |
| &nbsp;&nbsp;&nbsp;NiSource | 2460 | 108953 |
| &nbsp;&nbsp;&nbsp;Northwest Natural Holding | 200 | 9312 |
| &nbsp;&nbsp;&nbsp;Northwestern Energy Group | 315 | 21376 |
| &nbsp;&nbsp;&nbsp;NRG Energy | 992 | 151409 |
| &nbsp;&nbsp;&nbsp;OGE Energy | 1036 | 45253 |
| &nbsp;&nbsp;&nbsp;Oklo, Cl A \* | 611 | 48648 |
| &nbsp;&nbsp;&nbsp;ONE Gas | 307 | 24425 |
| &nbsp;&nbsp;&nbsp;Ormat Technologies | 302 | 37732 |
| &nbsp;&nbsp;&nbsp;Otter Tail | 207 | 18456 |
| &nbsp;&nbsp;&nbsp;PG&E | 11339 | 174847 |
| &nbsp;&nbsp;&nbsp;Pinnacle West Capital | 615 | 57539 |
| &nbsp;&nbsp;&nbsp;Portland General Electric | 564 | 28341 |
| &nbsp;&nbsp;&nbsp;PPL | 3659 | 132639 |
| &nbsp;&nbsp;&nbsp;Public Service Enterprise Group | 2576 | 212159 |
| &nbsp;&nbsp;&nbsp;Pure Cycle \* | 103 | 1193 |
| &nbsp;&nbsp;&nbsp;Sempra | 3372 | 293398 |
| &nbsp;&nbsp;&nbsp;Southern | 5656 | 505137 |
| &nbsp;&nbsp;&nbsp;Southwest Gas Holdings | 338 | 27993 |
| &nbsp;&nbsp;&nbsp;Spire | 291 | 24587 |
| &nbsp;&nbsp;&nbsp;Star Group | 135 | 1706 |
| &nbsp;&nbsp;&nbsp;Talen Energy \* | 236 | 82213 |
| &nbsp;&nbsp;&nbsp;TXNM Energy | 539 | 31758 |
| &nbsp;&nbsp;&nbsp;UGI | 1103 | 44241 |
| &nbsp;&nbsp;&nbsp;Unitil | 88 | 4480 |
| &nbsp;&nbsp;&nbsp;Vistra | 1737 | 275054 |
| &nbsp;&nbsp;&nbsp;WEC Energy Group | 1661 | 183823 |
| &nbsp;&nbsp;&nbsp;Xcel Energy | 3052 | 232135 |
| &nbsp;&nbsp;&nbsp;XPLR Infrastructure \* | 473 | 4607 |

---

#### 48

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
|  | **JANUARY 31, 2026** |
| | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  |<br>**Shares** |<br>**Value** |
| **UTILITIES— continued** |  |  |
| &nbsp;&nbsp;&nbsp;York Water | 72 | $2418 |
|  |  | 7652261 |
| &nbsp;&nbsp;&nbsp;Total Common Stock |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $212,210,951) |  | 296699253 |
| &nbsp;&nbsp;&nbsp;**RIGHTS — 0.0%** |  |  |
|  | **Number Of** |  |
|  | **Rights** |  |
| &nbsp;&nbsp;&nbsp;AbioMed‡‡(A) | 101 |  |
| &nbsp;&nbsp;&nbsp;Alibero Pharma‡‡(A) | 36 |  |
| &nbsp;&nbsp;&nbsp;Blueprint Medicines\*‡‡(A) | 286 | 132 |
| &nbsp;&nbsp;&nbsp;Concentra Biosciences‡‡ | 164 | 15 |
| &nbsp;&nbsp;&nbsp;Concentra Biosciences‡‡(A) | 66 | 1 |
| &nbsp;&nbsp;&nbsp;Concert Pharmaceuticals‡‡(A) | 89 |  |
| &nbsp;&nbsp;&nbsp;Day One Biopharmaceutical‡‡(A) | 23 | 95 |
| &nbsp;&nbsp;&nbsp;Flexion Therapeutics‡‡(A) | 42 |  |
| &nbsp;&nbsp;&nbsp;Icosavax‡‡(A) | 105 |  |
| &nbsp;&nbsp;&nbsp;Inhibrx‡‡(A) | 132 |  |
| &nbsp;&nbsp;&nbsp;MannKind‡‡(A) | 171 | 55 |
| &nbsp;&nbsp;&nbsp;Novartis‡‡(A) | 104 |  |
| &nbsp;&nbsp;&nbsp;Novo Nordisk‡‡ | 356 | 231 |
| &nbsp;&nbsp;&nbsp;Pfizer‡‡(A) | 288 | 1426 |
| &nbsp;&nbsp;&nbsp;Poseida Therapeutics‡‡(A) | 286 | 143 |
| &nbsp;&nbsp;&nbsp;Prevail Therapeutics‡‡(A) | 16 |  |

---

---

| | | |
|:---|:---|:---|
| **RIGHTS — continued** | | |
|  |<br>**Number Of**<br>**Rights** | <br>**Value** |
| &nbsp;&nbsp;&nbsp;Roche Holding‡‡(A) | 658 | $— |
| &nbsp;&nbsp;&nbsp;Sage Therapeutics‡‡(A) | 248 | 45 |
| &nbsp;&nbsp;&nbsp;Sanofi‡‡(A) | 138 | 7 |
| &nbsp;&nbsp;&nbsp;Verve Therapeutics‡‡(A) | 321 | 202 |
| &nbsp;&nbsp;&nbsp;Xoma Royalty‡‡(A) | 138 | 19 |
| &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings‡‡(A) | 206 | 18 |
| &nbsp;&nbsp;&nbsp;Total Rights |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $–) |  | 2389 |
| **WARRANTS — 0.0%** |  |  |
|  | **Number Of**<br> **Warrants**  |  |
| &nbsp;&nbsp;&nbsp;Enovix, Strike Price $8.75,\* |  |  |
| &nbsp;&nbsp;&nbsp;Expires 10/4/2026 | 102 |  |
| &nbsp;&nbsp;&nbsp;GameStop, Strike Price $32.00,\* |  |  |
| &nbsp;&nbsp;&nbsp;Expires 11/2/2026 | 192 | 749 |
|  |  | 749 |
| &nbsp;&nbsp;&nbsp;Total Warrants |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $–) |  | 749 |
| &nbsp;&nbsp;&nbsp;Total Investments in Securities— 97.9% | &nbsp;&nbsp;&nbsp;Total Investments in Securities— 97.9% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $212,210,951) |  | $296702391 |

---

Percentages are based on Net Assets of $302,917,393.

# More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.

\* Non-income producing security.

‡ Real
 Estate Investment Trust.

‡‡ Expiration Date or Rate unavailable.

(A) Level
 3 security in accordance with fair value hierarchy.

A list of the open OTC swap agreements held by the Fund at January 31, 2026, is as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Swap** | **Total Return Swap** | **Total Return Swap** | **Total Return Swap** | **Total Return Swap** | **Total Return Swap** | **Total Return Swap** | **Total Return Swap** | **Total Return Swap** | **Total Return Swap** | **Total Return Swap** |
| Counterparty | Reference Entity/<br> Obligation | Fund Pays | Fund<br> Receives | Payment<br> Frequency | Termination<br> Date | Currency | Notional<br> Amount | Value | Upfront Payments/ Receipts | Net Unrealized<br> Appreciation<br> (Depreciation) |
| Wells Fargo | WFCBL216 Custom<br> Basket\* | FEDL01+ 0.45% | Asset Return | Annually | 01/12/2027 | USD | 5954392 | $(10555) | $– | $(10555) |
|  |  |  |  |  |  |  |  | $(10555) | $– | $(10555) |

---

\*The following table represents the individual common stock exposures comprising the WFCBL216 Custom Basket Total Return Swaps as of January 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| |  | Notional | Unrealized | Percentage |
| Shares | Description | Amount ($) | Appreciation ($) | of Basket (%) |
| 108 | 3M Co | 9864 | (17) | 0.2 |
| 127 | Accenture PLC | 19911 | (35) | 0.3 |
| 85 | Adobe Inc | 14870 | (26) | 0.3 |
| 329 | Advanced Micro Devices Inc | 46401 | (82) | 0.8 |
| 35 | Aercap Holdings NV | 3001 | (5) | 0.1 |
| 52 | Affirm Holdings Inc | 1861 | (3) | 0.0 |

---

#### 49

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
|  | **JANUARY 31, 2026** |
| | **(Unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| |  | Notional | Unrealized | Percentage |
| Shares | Description | Amount ($) | Appreciation ($) | of Basket (%) |
| 44 | Air Products And Chemicals Inc | 7195 | (13) | 0.1 |
| 78 | Airbnb Inc | 6030 | (11) | 0.1 |
| 53 | Allstate Corp/The | 6252 | (11) | 0.1 |
| 27 | Alnylam Pharmaceuticals Inc | 5354 | (9) | 0.1 |
| 948 | Alphabet Inc, Class A | 191150 | (339) | 3.2 |
| 1181 | Alphabet Inc, Class C | 237792 | (421) | 4.0 |
| 94 | Amcor PLC | 2471 | (4) | 0.0 |
| 55 | Ameren Corp | 3374 | (6) | 0.1 |
| 108 | American Electric Power Co Inc | 7708 | (14) | 0.1 |
| 100 | American Express Co | 20932 | (37) | 0.4 |
| 112 | American International Group Inc | 5016 | (9) | 0.1 |
| 95 | American Tower Corp | 10153 | (18) | 0.2 |
| 39 | American Water Works Co Inc | 3037 | (5) | 0.1 |
| 19 | Ameriprise Financial Inc | 6013 | (11) | 0.1 |
| 47 | Ametek Inc | 6252 | (11) | 0.1 |
| 248 | Amphenol Corp | 21286 | (38) | 0.4 |
| 100 | Analog Devices Inc | 18507 | (33) | 0.3 |
| 42 | Aon PLC | 8844 | (16) | 0.2 |
| 82 | Apollo Global Management Inc | 6562 | (12) | 0.1 |
| 2962 | Apple Inc | 457985 | (812) | 7.7 |
| 162 | Applied Materials Inc | 31040 | (55) | 0.5 |
| 51 | Applovin Corp | 14366 | (25) | 0.2 |
| 72 | Arch Capital Group Ltd | 4140 | (7) | 0.1 |
| 97 | Archer-Daniels-Midland Co | 3897 | (7) | 0.1 |
| 42 | Ares Management Corp | 3774 | (7) | 0.1 |
| 213 | Arista Networks Inc | 17964 | (32) | 0.3 |
| 52 | Arthur J Gallagher & Co | 7703 | (14) | 0.1 |
| 27 | Astera Labs Inc | 2432 | (4) | 0.0 |
| 1455 | AT&T Inc | 22720 | (40) | 0.4 |
| 34 | Atlassian Corp | 2382 | (4) | 0.0 |
| 33 | Atmos Energy Corp | 3229 | (6) | 0.1 |
| 43 | Autodesk Inc | 6521 | (12) | 0.1 |
| 82 | Automatic Data Processing Inc | 12082 | (21) | 0.2 |
| 3 | Autozone Inc | 7457 | (13) | 0.1 |
| 29 | Avalonbay Communities Inc | 3058 | (5) | 0.1 |
| 15 | Axon Enterprise Inc | 4382 | (8) | 0.1 |
| 201 | Baker Hughes Co | 6703 | (12) | 0.1 |
| 1381 | Bank Of America Corp | 43773 | (78) | 0.7 |
| 143 | Bank Of New York Mellon Corp/T | 10214 | (18) | 0.2 |
| 275 | Berkshire Hathaway Inc | 78607 | (139) | 1.3 |
| 29 | Blackrock Inc | 19216 | (34) | 0.3 |
| 148 | Blackstone Inc | 12602 | (22) | 0.2 |
| 110 | Block Inc | 3977 | (7) | 0.1 |
| 44 | Bloom Energy Corp | 4013 | (7) | 0.1 |
| 7 | Booking Holdings Inc | 19478 | (35) | 0.3 |
| 301 | Boston Scientific Corp | 16788 | (30) | 0.3 |
| 943 | Broadcom Inc | 186233 | (330) | 3.1 |
| 24 | Broadridge Financial Solutions | 2780 | (5) | 0.1 |
| 60 | Brown & Brown Inc | 2582 | (5) | 0.1 |
| 55 | Cadence Design Systems Inc | 9759 | (17) | 0.2 |
| 128 | Capital One Financial Corp | 16656 | (30) | 0.3 |
| 48 | Cardinal Health Inc | 6151 | (11) | 0.1 |
| 212 | Carnival Corp | 3796 | (7) | 0.1 |
| 161 | Carrier Global Corp | 5706 | (10) | 0.1 |
| 27 | Carvana Co | 6437 | (11) | 0.1 |
| 8 | Casey's General Stores Inc | 2720 | (5) | 0.1 |
| 95 | Caterpillar Inc | 37298 | (66) | 0.6 |
| 21 | Cboe Global Markets Inc | 3356 | (6) | 0.1 |
| 60 | CBRE Group Inc | 6096 | (11) | 0.1 |
| 27 | CDW Corp/De | 2002 | (4) | 0.0 |
| 38 | Cencora Inc | 8100 | (14) | 0.1 |
| 132 | Centerpoint Energy Inc | 3128 | (6) | 0.1 |
| 23 | Ch Robinson Worldwide Inc | 2714 | (5) | 0.1 |

---

#### 50

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
|  | **JANUARY 31, 2026** |
| | **(Unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| |  | Notional | Unrealized | Percentage |
| Shares | Description | Amount ($) | Appreciation ($) | of Basket (%) |
| 347 | Charles Schwab Corp/The | 21493 | (38) | 0.4 |
| 18 | Charter Communications Inc | 2241 | (4) | 0.0 |
| 43 | Cheniere Energy Inc | 5389 | (10) | 0.1 |
| 390 | Chevron Corp | 41120 | (73) | 0.7 |
| 271 | Chipotle Mexican Grill Inc | 6279 | (11) | 0.1 |
| 74 | Chubb Ltd | 13701 | (24) | 0.2 |
| 28 | Ciena Corp | 4255 | (8) | 0.1 |
| 31 | Cincinnati Financial Corp | 2992 | (5) | 0.1 |
| 70 | Cintas Corp | 7932 | (14) | 0.1 |
| 729 | Cisco Systems Inc | 34028 | (60) | 0.6 |
| 374 | Citigroup Inc | 25753 | (46) | 0.4 |
| 82 | Citizens Financial Group Inc | 3084 | (5) | 0.1 |
| 60 | Cloudflare Inc | 6292 | (11) | 0.1 |
| 73 | Cme Group Inc | 12611 | (22) | 0.2 |
| 60 | Cms Energy Corp | 2563 | (5) | 0.1 |
| 718 | Coca-Cola Co/The | 31993 | (57) | 0.5 |
| 98 | Cognizant Technology Solutions | 4790 | (8) | 0.1 |
| 31 | Coherent Corp | 3973 | (7) | 0.1 |
| 45 | Coinbase Global Inc | 5192 | (9) | 0.1 |
| 164 | Colgate-Palmolive Co | 8829 | (16) | 0.2 |
| 745 | Comcast Corp | 13205 | (23) | 0.2 |
| 7 | Comfort Systems USA Inc | 4820 | (9) | 0.1 |
| 254 | ConocoPhillips | 15780 | (28) | 0.3 |
| 73 | Consolidated Edison Inc | 4657 | (8) | 0.1 |
| 28 | Constellation Brands Inc | 2593 | (5) | 0.1 |
| 64 | Constellation Energy Corp | 10623 | (19) | 0.2 |
| 180 | Copart Inc | 4358 | (8) | 0.1 |
| 58 | Coreweave Inc | 3239 | (6) | 0.1 |
| 14 | Corpay Inc | 2600 | (5) | 0.0 |
| 138 | Corteva Inc | 6005 | (11) | 0.1 |
| 85 | Costar Group Inc | 3122 | (6) | 0.1 |
| 90 | Costco Wholesale Corp | 50441 | (89) | 0.8 |
| 151 | Coterra Energy Inc | 2598 | (5) | 0.0 |
| 31 | Credo Technology Group Holding | 2307 | (4) | 0.0 |
| 136 | CRH PLC | 9954 | (18) | 0.2 |
| 49 | Crowdstrike Holdings Inc | 13018 | (23) | 0.2 |
| 89 | Crown Castle Inc | 4581 | (8) | 0.1 |
| 378 | CSX Corp | 8506 | (15) | 0.1 |
| 28 | Cummins Inc | 9644 | (17) | 0.2 |
| 8 | Curtiss-Wright Corp | 2988 | (5) | 0.0 |
| 10 | Cyberark Software Ltd | 2585 | (5) | 0.0 |
| 24 | Darden Restaurants Inc | 2804 | (5) | 0.0 |
| 65 | Datadog Inc | 4992 | (9) | 0.1 |
| 51 | Deere & Co | 16028 | (28) | 0.3 |
| 64 | Dell Technologies Inc | 4346 | (8) | 0.1 |
| 128 | Devon Energy Corp | 3074 | (5) | 0.0 |
| 79 | Dexcom Inc | 3459 | (6) | 0.1 |
| 38 | Diamondback Energy Inc | 3694 | (7) | 0.1 |
| 70 | Digital Realty Trust Inc | 6901 | (12) | 0.1 |
| 45 | Dollar General Corp | 3817 | (7) | 0.1 |
| 39 | Dollar Tree Inc | 2710 | (5) | 0.0 |
| 174 | Dominion Energy Inc | 6222 | (11) | 0.1 |
| 71 | Doordash Inc | 8691 | (15) | 0.1 |
| 28 | Dover Corp | 3332 | (6) | 0.1 |
| 54 | Dr Horton Inc | 4795 | (8) | 0.1 |
| 37 | Dte Energy Co | 2947 | (5) | 0.0 |
| 158 | Duke Energy Corp | 11410 | (20) | 0.2 |
| 79 | Eaton Corp PLC | 16566 | (29) | 0.3 |
| 93 | Ebay Inc | 5045 | (9) | 0.1 |
| 52 | Ecolab Inc | 8694 | (15) | 0.1 |
| 78 | Edison International | 2903 | (5) | 0.0 |
| 118 | Edwards Lifesciences Corp | 5741 | (10) | 0.1 |
| 51 | Electronic Arts Inc | 6179 | (11) | 0.1 |

---

#### 51

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
|  | **JANUARY 31, 2026** |
| | **(Unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| |  | Notional | Unrealized | Percentage |
| Shares | Description | Amount ($) | Appreciation ($) | of Basket (%) |
| 9 | Emcor Group Inc | 3862 | (7) | 0.1 |
| 114 | Emerson Electric Co | 10012 | (18) | 0.2 |
| 91 | Entergy Corp | 5181 | (9) | 0.1 |
| 111 | EOG Resources Inc | 7408 | (13) | 0.1 |
| 126 | EQT Corp | 4342 | (8) | 0.1 |
| 25 | Equifax Inc | 2964 | (5) | 0.0 |
| 20 | Equinix Inc | 9754 | (17) | 0.2 |
| 75 | Equity Residential | 2790 | (5) | 0.1 |
| 43 | Estee Lauder Cos Inc/The | 2931 | (5) | 0.0 |
| 75 | Eversource Energy | 3108 | (6) | 0.1 |
| 38 | Exact Sciences Corp | 2295 | (4) | 0.0 |
| 205 | Exelon Corp | 5482 | (10) | 0.1 |
| 47 | Expand Energy Corp | 3156 | (6) | 0.1 |
| 24 | Expedia Group Inc | 3758 | (7) | 0.1 |
| 27 | Expeditors International Of WA | 2626 | (5) | 0.0 |
| 43 | Extra Space Storage Inc | 3515 | (6) | 0.1 |
| 865 | Exxon Mobil Corp | 72905 | (129) | 1.2 |
| 5 | Fair Isaac Corp | 4139 | (7) | 0.1 |
| 233 | Fastenal Co | 6029 | (11) | 0.1 |
| 44 | Fedex Corp | 8437 | (15) | 0.1 |
| 40 | Ferguson Enterprises Inc | 5989 | (11) | 0.1 |
| 105 | Fidelity National Information | 3468 | (6) | 0.1 |
| 134 | Fifth Third Bancorp | 4007 | (7) | 0.1 |
| 2 | First Citizens Bancshares Inc | 2274 | (4) | 0.0 |
| 21 | First Solar Inc | 2776 | (5) | 0.0 |
| 111 | Firstenergy Corp | 3144 | (6) | 0.1 |
| 110 | Fiserv Inc | 4171 | (7) | 0.1 |
| 76 | Flex Ltd | 2843 | (5) | 0.0 |
| 795 | Ford Motor Co | 6572 | (12) | 0.1 |
| 130 | Fortinet Inc | 6284 | (11) | 0.1 |
| 291 | Freeport-Mcmoran Inc | 10429 | (18) | 0.2 |
| 21 | Ftai Aviation Ltd | 3330 | (6) | 0.1 |
| 34 | Garmin Ltd | 4033 | (7) | 0.1 |
| 55 | GE Vernova Inc | 23871 | (42) | 0.4 |
| 207 | General Electric Co | 37797 | (67) | 0.6 |
| 108 | General Mills Inc | 2981 | (5) | 0.0 |
| 190 | General Motors Co | 9495 | (17) | 0.2 |
| 28 | Genuine Parts Co | 2336 | (4) | 0.0 |
| 252 | Gilead Sciences Inc | 21353 | (38) | 0.4 |
| 49 | Global Payments Inc | 2096 | (4) | 0.0 |
| 61 | Goldman Sachs Group Inc/The | 34196 | (61) | 0.6 |
| 154 | Halliburton Co | 3067 | (5) | 0.0 |
| 57 | Hartford Insurance Group Inc/T | 4548 | (8) | 0.1 |
| 15 | Heico Corp | 2303 | (4) | 0.0 |
| 30 | Hershey Co/The | 3435 | (6) | 0.1 |
| 268 | Hewlett Packard Enterprise Co | 3434 | (6) | 0.1 |
| 46 | Hilton Worldwide Holdings Inc | 8255 | (15) | 0.1 |
| 203 | Home Depot Inc/The | 45221 | (80) | 0.8 |
| 81 | Howmet Aerospace Inc | 10074 | (18) | 0.2 |
| 190 | HP Inc | 2200 | (4) | 0.0 |
| 11 | Hubbell Inc | 3135 | (6) | 0.1 |
| 10 | Hubspot Inc | 1724 | (3) | 0.0 |
| 314 | Huntington Bancshares Inc/OH | 3273 | (6) | 0.1 |
| 16 | Idexx Laboratories Inc | 6444 | (11) | 0.1 |
| 56 | Illinois Tool Works Inc | 8783 | (16) | 0.1 |
| 81 | Ingersoll Rand Inc | 4142 | (7) | 0.1 |
| 43 | Insmed Inc | 3985 | (7) | 0.1 |
| 14 | Insulet Corp | 2177 | (4) | 0.0 |
| 811 | Intel Corp | 22461 | (40) | 0.4 |
| 88 | Interactive Brokers Group Inc | 3913 | (7) | 0.1 |
| 116 | Intercontinental Exchange Inc | 11992 | (21) | 0.2 |
| 189 | International Business Machine | 34479 | (61) | 0.6 |
| 107 | International Paper Co | 2573 | (5) | 0.0 |

---

#### 52

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
|  | **JANUARY 31, 2026** |
| | **(Unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| |  | Notional | Unrealized | Percentage |
| Shares | Description | Amount ($) | Appreciation ($) | of Basket (%) |
| 55 | Intuit Inc | 16489 | (29) | 0.3 |
| 72 | Intuitive Surgical Inc | 21513 | (38) | 0.4 |
| 34 | Iqvia Holdings Inc | 4598 | (8) | 0.1 |
| 60 | Iron Mountain Inc | 3276 | (6) | 0.1 |
| 21 | Jabil Inc | 2963 | (5) | 0.0 |
| 133 | Johnson Controls International | 9442 | (17) | 0.2 |
| 553 | JPMorgan Chase & Co | 100811 | (179) | 1.7 |
| 386 | Kenvue Inc | 4006 | (7) | 0.1 |
| 262 | Keurig Dr Pepper Inc | 4286 | (8) | 0.1 |
| 223 | Keycorp | 2854 | (5) | 0.0 |
| 35 | Keysight Technologies Inc | 4477 | (8) | 0.1 |
| 67 | Kimberly-Clark Corp | 4017 | (7) | 0.1 |
| 394 | Kinder Morgan Inc | 7166 | (13) | 0.1 |
| 139 | Kkr & Co Inc | 9444 | (17) | 0.2 |
| 27 | KLA Corp | 22774 | (40) | 0.4 |
| 174 | Kraft Heinz Co/The | 2457 | (4) | 0.0 |
| 123 | Kroger Co/The | 4610 | (8) | 0.1 |
| 17 | Labcorp Holdings Inc | 2726 | (5) | 0.0 |
| 255 | Lam Research Corp | 35465 | (63) | 0.6 |
| 43 | Lennar Corp | 2826 | (5) | 0.0 |
| 43 | Liberty Media Corp-Liberty For | 2235 | (4) | 0.0 |
| 95 | Linde PLC | 25952 | (46) | 0.4 |
| 32 | Live Nation Entertainment Inc | 2800 | (5) | 0.0 |
| 114 | Lowe's Cos Inc | 18155 | (32) | 0.3 |
| 16 | LPL Financial Holdings Inc | 3491 | (6) | 0.1 |
| 22 | Lululemon Athletica Inc | 2265 | (4) | 0.0 |
| 14 | Lumentum Holdings Inc | 3289 | (6) | 0.1 |
| 31 | M&T Bank Corp | 4076 | (7) | 0.1 |
| 62 | Marathon Petroleum Corp | 6483 | (11) | 0.1 |
| 2 | Markel Group Inc | 3008 | (5) | 0.0 |
| 44 | Marriott International Inc/MD | 8340 | (15) | 0.1 |
| 100 | Marsh & Mclennan Cos Inc | 11165 | (20) | 0.2 |
| 12 | Martin Marietta Materials Inc | 4735 | (8) | 0.1 |
| 175 | Marvell Technology Inc | 8236 | (15) | 0.1 |
| 145 | Mcdonald's Corp | 27270 | (48) | 0.4 |
| 25 | Mckesson Corp | 12310 | (22) | 0.2 |
| 261 | Medtronic PLC | 16012 | (28) | 0.3 |
| 441 | Meta Platforms Inc | 188355 | (334) | 3.2 |
| 108 | Microchip Technology Inc | 4867 | (9) | 0.1 |
| 228 | Micron Technology Inc | 56338 | (100) | 0.9 |
| 1513 | Microsoft Corp | 387937 | (688) | 6.5 |
| 262 | Mondelez International Inc | 9130 | (16) | 0.1 |
| 16 | Mongodb Inc | 3553 | (6) | 0.1 |
| 9 | Monolithic Power Systems Inc | 6213 | (11) | 0.1 |
| 142 | Monster Beverage Corp | 6834 | (12) | 0.1 |
| 31 | Moody's Corp | 9418 | (17) | 0.2 |
| 245 | Morgan Stanley | 26653 | (47) | 0.4 |
| 34 | Motorola Solutions Inc | 8107 | (14) | 0.1 |
| 15 | MSCI Inc | 5364 | (10) | 0.1 |
| 103 | Nasdaq Inc | 5950 | (11) | 0.1 |
| 40 | Netapp Inc | 2324 | (4) | 0.0 |
| 857 | Netflix Inc | 42631 | (76) | 0.7 |
| 222 | Newmont Corp | 14861 | (26) | 0.2 |
| 424 | Nextera Energy Inc | 22196 | (39) | 0.4 |
| 239 | Nike Inc | 8804 | (16) | 0.1 |
| 97 | Nisource Inc | 2558 | (5) | 0.0 |
| 46 | Norfolk Southern Corp | 7926 | (14) | 0.1 |
| 37 | Northern Trust Corp | 3304 | (6) | 0.1 |
| 39 | NRG Energy Inc | 3554 | (6) | 0.1 |
| 45 | Nucor Corp | 4774 | (8) | 0.1 |
| 4751 | Nvidia Corp | 541097 | (959) | 9.1 |
| 1 | NVR Inc | 2522 | (4) | 0.0 |
| 51 | NXP Semiconductors Nv | 6898 | (12) | 0.1 |

---

#### 53

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
|  | **JANUARY 31, 2026** |
| | **(Unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| |  | Notional | Unrealized | Percentage |
| Shares | Description | Amount ($) | Appreciation ($) | of Basket (%) |
| 146 | Occidental Petroleum Corp | 3944 | (7) | 0.1 |
| 39 | Old Dominion Freight Line Inc | 3986 | (7) | 0.1 |
| 64 | Omnicom Group Inc | 2950 | (5) | 0.0 |
| 83 | On Semiconductor Corp | 2957 | (5) | 0.0 |
| 128 | Oneok Inc | 6036 | (11) | 0.1 |
| 341 | Oracle Corp | 33418 | (59) | 0.6 |
| 171 | O'Reilly Automotive Inc | 10054 | (18) | 0.2 |
| 80 | Otis Worldwide Corp | 4063 | (7) | 0.1 |
| 105 | Paccar Inc | 7685 | (14) | 0.1 |
| 445 | Palantir Technologies Inc | 38904 | (69) | 0.6 |
| 135 | Palo Alto Networks Inc | 14240 | (25) | 0.2 |
| 26 | Parker-Hannifin Corp | 14344 | (25) | 0.2 |
| 66 | Paychex Inc | 4030 | (7) | 0.1 |
| 190 | Paypal Holdings Inc | 5952 | (11) | 0.1 |
| 278 | Pepsico Inc | 25443 | (45) | 0.4 |
| 447 | PG&E Corp | 4103 | (7) | 0.1 |
| 82 | Phillips 66 | 7004 | (12) | 0.1 |
| 80 | Pnc Financial Services Group I | 10595 | (19) | 0.2 |
| 46 | PPG Industries Inc | 3142 | (6) | 0.1 |
| 144 | PPL Corp | 3113 | (6) | 0.1 |
| 44 | Principal Financial Group Inc | 2504 | (4) | 0.0 |
| 476 | Procter & Gamble Co/The | 43001 | (76) | 0.7 |
| 119 | Progressive Corp/The | 14757 | (26) | 0.2 |
| 188 | Prologis Inc | 14634 | (26) | 0.2 |
| 72 | Prudential Financial Inc | 4734 | (8) | 0.1 |
| 24 | PTC Inc | 2262 | (4) | 0.0 |
| 101 | Public Service Enterprise Group | 4980 | (9) | 0.1 |
| 32 | Public Storage | 5282 | (9) | 0.1 |
| 39 | Pultegroup Inc | 2939 | (5) | 0.0 |
| 65 | Pure Storage Inc | 2682 | (5) | 0.0 |
| 219 | Qualcomm Inc | 19739 | (35) | 0.3 |
| 30 | Quanta Services Inc | 8511 | (15) | 0.1 |
| 23 | Quest Diagnostics Inc | 2514 | (4) | 0.0 |
| 36 | Raymond James Financial Inc | 3580 | (6) | 0.1 |
| 185 | Realty Income Corp | 6753 | (12) | 0.1 |
| 24 | Reddit Inc | 2624 | (5) | 0.0 |
| 181 | Regions Financial Corp | 3070 | (5) | 0.0 |
| 41 | Republic Services Inc | 5274 | (9) | 0.1 |
| 30 | Resmed Inc | 4550 | (8) | 0.1 |
| 156 | Robinhood Markets Inc | 9218 | (16) | 0.1 |
| 123 | Roblox Corp | 4837 | (9) | 0.1 |
| 191 | Rocket Cos Inc | 2045 | (4) | 0.0 |
| 97 | Rocket Lab Corp | 4613 | (8) | 0.1 |
| 23 | Rockwell Automation Inc | 5742 | (10) | 0.1 |
| 22 | Roper Technologies Inc | 4831 | (9) | 0.1 |
| 65 | Ross Stores Inc | 7283 | (13) | 0.1 |
| 49 | Royal Caribbean Cruises Ltd | 9442 | (17) | 0.2 |
| 62 | S&P Global Inc | 19534 | (35) | 0.3 |
| 188 | Salesforce Inc | 23794 | (42) | 0.4 |
| 28 | Sandisk Corp/De | 9661 | (17) | 0.2 |
| 22 | SBA Communications Corp | 2375 | (4) | 0.0 |
| 43 | Seagate Technology Holdings PLC | 10551 | (19) | 0.2 |
| 133 | Sempra | 6886 | (12) | 0.1 |
| 211 | Servicenow Inc | 14742 | (26) | 0.2 |
| 47 | Sherwin-Williams Co/The | 9912 | (18) | 0.2 |
| 64 | Simon Property Group Inc | 7249 | (13) | 0.1 |
| 304 | Slb Ltd | 8751 | (16) | 0.1 |
| 106 | Smurfit Westrock PLC | 2625 | (5) | 0.0 |
| 64 | Snowflake Inc | 7336 | (13) | 0.1 |
| 231 | Sofi Technologies Inc | 3139 | (6) | 0.1 |
| 41 | Somnigroup International Inc | 2152 | (4) | 0.0 |
| 223 | Southern Co/The | 11856 | (21) | 0.2 |
| 27 | Spotify Technology S.A. | 8114 | (14) | 0.1 |

---

#### 54

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
|  | **JANUARY 31, 2026** |
| | **(Unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| |  | Notional | Unrealized | Percentage |
| Shares | Description | Amount ($) | Appreciation ($) | of Basket (%) |
| 43 | SS&C Technologies Holdings Inc | 2098 | (4) | 0 |
| 231 | Starbucks Corp | 12665 | (22) | 0.2 |
| 54 | State Street Corp | 4231 | (7) | 0.1 |
| 28 | Steel Dynamics Inc | 2971 | (5) | 0 |
| 380 | Stellantis NV | 2237 | (4) | 0 |
| 20 | Steris PLC | 3128 | (6) | 0.1 |
| 54 | Strategy Inc | 4850 | (9) | 0.1 |
| 71 | Stryker Corp | 15624 | (28) | 0.3 |
| 73 | Synchrony Financial | 3146 | (6) | 0.1 |
| 38 | Synopsys Inc | 10436 | (19) | 0.2 |
| 97 | Sysco Corp | 4861 | (9) | 0.1 |
| 44 | T Rowe Price Group Inc | 2763 | (5) | 0 |
| 36 | Take-Two Interactive Software | 4772 | (8) | 0.1 |
| 42 | Tapestry Inc | 3199 | (6) | 0.1 |
| 43 | Targa Resources Corp | 5169 | (9) | 0.1 |
| 92 | Target Corp | 5800 | (10) | 0.1 |
| 60 | Te Connectivity PLC | 7978 | (14) | 0.1 |
| 9 | Teledyne Technologies Inc | 3497 | (6) | 0.1 |
| 32 | Teradyne Inc | 4640 | (8) | 0.1 |
| 592 | Tesla Inc | 151938 | (269) | 2.5 |
| 185 | Texas Instruments Inc | 23730 | (42) | 0.4 |
| 226 | TJX Cos Inc/The | 20170 | (36) | 0.3 |
| 97 | T-Mobile Us Inc | 11443 | (20) | 0.2 |
| 108 | Tractor Supply Co | 3262 | (6) | 0.1 |
| 45 | Trane Technologies PLC | 11326 | (20) | 0.2 |
| 11 | Transdigm Group Inc | 9636 | (17) | 0.2 |
| 45 | Travelers Cos Inc/The | 7601 | (13) | 0.1 |
| 48 | Trimble Inc | 1942 | (3) | 0 |
| 261 | Truist Financial Corp | 7998 | (14) | 0.1 |
| 30 | Twilio Inc | 2130 | (4) | 0 |
| 9 | Tyler Technologies Inc | 1921 | (3) | 0 |
| 424 | Uber Technologies Inc | 20229 | (36) | 0.3 |
| 9 | Ulta Beauty Inc | 3511 | (6) | 0.1 |
| 119 | Union Pacific Corp | 16701 | (30) | 0.3 |
| 150 | United Parcel Service Inc | 9483 | (17) | 0.2 |
| 13 | United Rentals Inc | 6006 | (11) | 0.1 |
| 9 | United Therapeutics Corp | 2409 | (4) | 0 |
| 315 | US Bancorp | 10521 | (19) | 0.2 |
| 62 | Valero Energy Corp | 6678 | (12) | 0.1 |
| 30 | Veeva Systems Inc | 3693 | (7) | 0.1 |
| 49 | Veralto Corp | 2863 | (5) | 0 |
| 17 | Verisign Inc | 2457 | (4) | 0 |
| 28 | Verisk Analytics Inc | 3668 | (7) | 0.1 |
| 786 | Verizon Communications Inc | 20856 | (37) | 0.3 |
| 30 | Versant Media Group Inc | 578 | (1) | 0 |
| 77 | Vertiv Holdings Co | 8491 | (15) | 0.1 |
| 68 | Vistra Corp | 6456 | (11) | 0.1 |
| 27 | Vulcan Materials Co | 4814 | (9) | 0.1 |
| 58 | W R Berkley Corp | 2382 | (4) | 0 |
| 879 | Walmart Inc | 62424 | (111) | 1 |
| 366 | Walt Disney Co/The | 24602 | (44) | 0.4 |
| 477 | Warner Bros Discovery Inc | 7821 | (14) | 0.1 |
| 82 | Waste Management Inc | 10842 | (19) | 0.2 |
| 65 | Wec Energy Group Inc | 4316 | (8) | 0.1 |
| 140 | Welltower Inc | 15681 | (28) | 0.3 |
| 15 | West Pharmaceutical Services I | 2006 | (4) | 0 |
| 69 | Western Digital Corp | 10314 | (18) | 0.2 |
| 34 | Westinghouse Air Brake Technologies Corp | 4722 | (8) | 0.1 |
| 248 | Williams Cos Inc/The | 9920 | (18) | 0.2 |
| 25 | Williams-Sonoma Inc | 2994 | (5) | 0 |
| 20 | Willis Towers Watson PLC | 3739 | (7) | 0.1 |
| 44 | Workday Inc | 4561 | (8) | 0.1 |
| 9 | WW Grainger Inc | 5883 | (10) | 0.1 |

---

#### 55

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
|  | **JANUARY 31, 2026** |
| | **(Unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| |  | Notional | Unrealized | Percentage |
| Shares | Description | Amount ($) | Appreciation ($) | of Basket (%) |
| 120 | Xcel Energy Inc | 5447 | (10) | 0.1 |
| 50 | Xylem Inc/Ny | 4066 | (7) | 0.1 |
| 56 | Yum! Brands Inc | 5229 | (9) | 0.1 |
| 40 | Zimmer Biomet Holdings Inc | 2090 | (4) | 0.0 |
| 83 | Zoetis Inc | 6143 | (11) | 0.1 |
| 52 | Zoom Communications Inc | 2853 | (5) | 0.0 |
| 21 | Zscaler Inc | 2456 | (4) | 0.0 |
|  |  | $5954392 | $(10555) | 100.0% |

---

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

For information on the Fund's policy regarding valuation of investments, fair value hierarchy levels and other significant accounting policies, please refer to the Fund's most recent financial statements.

See "Glossary for abbreviations".

KOC-QH-008-1300

#### 56

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |

---

**REAL ESTATE FUND** 

**JANUARY 31, 2026** 

**(Unaudited)**

**SCHEDULE OF INVESTMENTS** 

**COMMON STOCK — 99.1%#** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **REAL ESTATE — 99.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Agree Realty ‡ | 21286 | $1537488 |
| &nbsp;&nbsp;&nbsp;American Healthcare REIT ‡ | 29499 | 1383798 |
| &nbsp;&nbsp;&nbsp;American Homes 4 Rent, Cl A ‡ | 43241 | 1354308 |
| &nbsp;&nbsp;&nbsp;American Tower ‡ | 49705 | 8911112 |
| &nbsp;&nbsp;&nbsp;AvalonBay Communities ‡ | 14747 | 2620100 |
| &nbsp;&nbsp;&nbsp;Brixmor Property Group ‡ | 38591 | 1033853 |
| &nbsp;&nbsp;&nbsp;Broadstone Net Lease, Cl A ‡ | 75594 | 1399245 |
| &nbsp;&nbsp;&nbsp;BXP ‡ | 31879 | 2061615 |
| &nbsp;&nbsp;&nbsp;Camden Property Trust ‡ | 16468 | 1795835 |
| &nbsp;&nbsp;&nbsp;CareTrust ‡ | 25505 | 952357 |
| &nbsp;&nbsp;&nbsp;CBRE Group, Cl A \* | 8111 | 1381547 |
| &nbsp;&nbsp;&nbsp;Crown Castle ‡ | 48716 | 4229036 |
| &nbsp;&nbsp;&nbsp;CubeSmart ‡ | 21209 | 795974 |
| &nbsp;&nbsp;&nbsp;Cushman & Wakefield \* | 33152 | 545019 |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust ‡ | 34730 | 5763444 |
| &nbsp;&nbsp;&nbsp;EastGroup Properties ‡ | 10537 | 1913941 |
| &nbsp;&nbsp;&nbsp;Equinix ‡ | 11637 | 9553162 |
| &nbsp;&nbsp;&nbsp;Equity LifeStyle Properties ‡ | 7177 | 453371 |
| &nbsp;&nbsp;&nbsp;Equity Residential ‡ | 38156 | 2377882 |
| &nbsp;&nbsp;&nbsp;Essex Property Trust ‡ | 6742 | 1698108 |
| &nbsp;&nbsp;&nbsp;Extra Space Storage ‡ | 23176 | 3197593 |
| &nbsp;&nbsp;&nbsp;Federal Realty Investment Trust ‡ | 6088 | 615862 |
| &nbsp;&nbsp;&nbsp;First Industrial Realty Trust ‡ | 19190 | 1113596 |
| &nbsp;&nbsp;&nbsp;Highwoods Properties ‡ | 31173 | 805822 |
| &nbsp;&nbsp;&nbsp;Host Hotels & Resorts ‡ | 117389 | 2175218 |
| &nbsp;&nbsp;&nbsp;Invitation Homes ‡ | 72388 | 1934931 |
| &nbsp;&nbsp;&nbsp;Iron Mountain ‡ | 31649 | 2915822 |
| &nbsp;&nbsp;&nbsp;Kilroy Realty ‡ | 19251 | 663774 |
| &nbsp;&nbsp;&nbsp;Kimco Realty ‡ | 65822 | 1387528 |
| &nbsp;&nbsp;&nbsp;Lamar Advertising, Cl A ‡ | 14787 | 1897320 |
| &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities ‡ | 12067 | 1620598 |
| &nbsp;&nbsp;&nbsp;Millrose Properties, Cl A ‡ | 26389 | 786392 |
| &nbsp;&nbsp;&nbsp;NNN REIT ‡ | 19238 | 801647 |
| &nbsp;&nbsp;&nbsp;Omega Healthcare Investors ‡ | 31596 | 1386432 |
| &nbsp;&nbsp;&nbsp;PotlatchDeltic ‡ | 15159 | 632585 |
| &nbsp;&nbsp;&nbsp;Prologis ‡ | 109274 | 14266813 |
| &nbsp;&nbsp;&nbsp;Public Storage ‡ | 18610 | 5139896 |
| &nbsp;&nbsp;&nbsp;Realty Income ‡ | 115948 | 7091380 |
| &nbsp;&nbsp;&nbsp;Regency Centers ‡ | 25793 | 1879536 |
| &nbsp;&nbsp;&nbsp;Rexford Industrial Realty ‡ | 32169 | 1303810 |
| &nbsp;&nbsp;&nbsp;Ryman Hospitality Properties ‡ | 8331 | 788946 |
| &nbsp;&nbsp;&nbsp;SBA Communications, Cl A ‡ | 11368 | 2092962 |
| &nbsp;&nbsp;&nbsp;Simon Property Group ‡ | 39090 | 7478308 |
| &nbsp;&nbsp;&nbsp;STAG Industrial ‡ | 17916 | 672029 |
| &nbsp;&nbsp;&nbsp;Sun Communities ‡ | 19758 | 2517762 |
| &nbsp;&nbsp;&nbsp;Tanger ‡ | 25734 | 842016 |
| &nbsp;&nbsp;&nbsp;UDR ‡ | 34771 | 1291743 |
| &nbsp;&nbsp;&nbsp;Veris Residential ‡ | 43542 | 661403 |
| &nbsp;&nbsp;&nbsp;Vornado Realty Trust ‡ | 39933 | 1273064 |
| &nbsp;&nbsp;&nbsp;Welltower ‡ | 81604 | 15370929 |
| &nbsp;&nbsp;&nbsp;Weyerhaeuser ‡ | 63912 | 1647651 |
| &nbsp;&nbsp;&nbsp;WP Carey ‡ | 23986 | 1673024 |

---

**COMMON STOCK — continued** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **REAL ESTATE— continued** |  |  |
| &nbsp;&nbsp;&nbsp;Xenia Hotels & Resorts ‡ | 39100 | $576725 |
|  |  | 140264312 |
| &nbsp;&nbsp;&nbsp;Total Common Stock |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $136,325,323) |  | 140264312 |
| &nbsp;&nbsp;&nbsp;Total Investments in Securities— 99.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $136,325,323) |  | $140264312 |

---

Percentages are based on Net Assets of $141,586,809.

# More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.

\* Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;‡ Real
Estate Investment Trust.

For information on the Fund's policy regarding valuation of investments, fair value hierarchy levels and other significant accounting policies, please refer to the Fund's most recent financial statements.

See "Glossary" for abbreviations.

KOC-QH-009-1300

#### 57

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |

---

**INTERNATIONAL EQUITY FUND** 

**JANUARY 31, 2026** 

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **COMMON STOCK — 98.6%#** | **COMMON STOCK — 98.6%#** | **COMMON STOCK — 98.6%#** |
|  | **Shares** | **Value** |
| **AUSTRALIA — 2.0%** | **AUSTRALIA — 2.0%** | **AUSTRALIA — 2.0%** |
| &nbsp;&nbsp;&nbsp;**FINANCIALS — 0.5%** | &nbsp;&nbsp;&nbsp;**FINANCIALS — 0.5%** | &nbsp;&nbsp;&nbsp;**FINANCIALS — 0.5%** |
| &nbsp;&nbsp;&nbsp;QBE Insurance Group | 106000 | $1452812 |
| &nbsp;&nbsp;&nbsp;**MATERIALS — 1.5%** | &nbsp;&nbsp;&nbsp;**MATERIALS — 1.5%** | &nbsp;&nbsp;&nbsp;**MATERIALS — 1.5%** |
| &nbsp;&nbsp;&nbsp;BHP Group | 112936 | 3889781 |
| Total Australia |  | 5342593 |
| **AUSTRIA — 0.8%** | **AUSTRIA — 0.8%** | **AUSTRIA — 0.8%** |
| &nbsp;&nbsp;&nbsp;**INDUSTRIALS — 0.8%** | &nbsp;&nbsp;&nbsp;**INDUSTRIALS — 0.8%** | &nbsp;&nbsp;&nbsp;**INDUSTRIALS — 0.8%** |
| &nbsp;&nbsp;&nbsp;ANDRITZ | 25600 | 2215033 |
| **BRAZIL — 1.5%** | **BRAZIL — 1.5%** | **BRAZIL — 1.5%** |
| &nbsp;&nbsp;&nbsp;**FINANCIALS — 1.5%** | &nbsp;&nbsp;&nbsp;**FINANCIALS — 1.5%** | &nbsp;&nbsp;&nbsp;**FINANCIALS — 1.5%** |
| &nbsp;&nbsp;&nbsp;Itau Unibanco Holding | 472244 | 4058644 |
| **CANADA — 8.3%** | **CANADA — 8.3%** | **CANADA — 8.3%** |
| &nbsp;&nbsp;&nbsp;**CONSUMER DISCRETIONARY — 1.1%** | &nbsp;&nbsp;&nbsp;**CONSUMER DISCRETIONARY — 1.1%** | &nbsp;&nbsp;&nbsp;**CONSUMER DISCRETIONARY — 1.1%** |
| &nbsp;&nbsp;&nbsp;Dollarama | 21120 | 2846194 |
| &nbsp;&nbsp;&nbsp;**ENERGY — 1.2%** | &nbsp;&nbsp;&nbsp;**ENERGY — 1.2%** | &nbsp;&nbsp;&nbsp;**ENERGY — 1.2%** |
| &nbsp;&nbsp;&nbsp;Enbridge | 67500 | 3295065 |
| &nbsp;&nbsp;&nbsp;**FINANCIALS — 3.7%** | &nbsp;&nbsp;&nbsp;**FINANCIALS — 3.7%** | &nbsp;&nbsp;&nbsp;**FINANCIALS — 3.7%** |
| &nbsp;&nbsp;&nbsp;Manulife Financial | 114660 | 4367799 |
| &nbsp;&nbsp;&nbsp;Royal Bank of Canada | 34000 | 5661132 |
|  |  | 10028931 |
| &nbsp;&nbsp;&nbsp;**INFORMATION TECHNOLOGY — 1.0%** | &nbsp;&nbsp;&nbsp;**INFORMATION TECHNOLOGY — 1.0%** | &nbsp;&nbsp;&nbsp;**INFORMATION TECHNOLOGY — 1.0%** |
| &nbsp;&nbsp;&nbsp;Shopify, Cl A \* | 19400 | 2545587 |
| &nbsp;&nbsp;&nbsp;**MATERIALS — 1.3%** | &nbsp;&nbsp;&nbsp;**MATERIALS — 1.3%** | &nbsp;&nbsp;&nbsp;**MATERIALS — 1.3%** |
| &nbsp;&nbsp;&nbsp;Agnico Eagle Mines | 18900 | 3592756 |
| Total Canada |  | 22308533 |
| **CHINA — 12.5%** | **CHINA — 12.5%** | **CHINA — 12.5%** |
| &nbsp;&nbsp;&nbsp;**COMMUNICATION SERVICES — 3.6%** | &nbsp;&nbsp;&nbsp;**COMMUNICATION SERVICES — 3.6%** | &nbsp;&nbsp;&nbsp;**COMMUNICATION SERVICES — 3.6%** |
| &nbsp;&nbsp;&nbsp;China Tower, Cl H | 1340000 | 1927961 |
| &nbsp;&nbsp;&nbsp;Kuaishou Technology, Cl B | 198500 | 2028097 |
| &nbsp;&nbsp;&nbsp;Tencent Holdings | 75300 | 5787694 |
|  |  | 9743752 |
| &nbsp;&nbsp;&nbsp;**CONSUMER DISCRETIONARY — 3.2%** | &nbsp;&nbsp;&nbsp;**CONSUMER DISCRETIONARY — 3.2%** | &nbsp;&nbsp;&nbsp;**CONSUMER DISCRETIONARY — 3.2%** |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding | 256000 | 5446038 |
| &nbsp;&nbsp;&nbsp;ANTA Sports Products | 130000 | 1298692 |
| &nbsp;&nbsp;&nbsp;Midea Group, Cl A | 170000 | 1898669 |
|  |  | 8643399 |
| &nbsp;&nbsp;&nbsp;**FINANCIALS — 2.7%** | &nbsp;&nbsp;&nbsp;**FINANCIALS — 2.7%** | &nbsp;&nbsp;&nbsp;**FINANCIALS — 2.7%** |
| &nbsp;&nbsp;&nbsp;Bank of China, Cl H | 4203000 | 2509962 |
| &nbsp;&nbsp;&nbsp;People's Insurance Group of China, Cl H | 3180000 | 2765108 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **CHINA — continued** | **CHINA — continued** | **CHINA — continued** |
| &nbsp;&nbsp;&nbsp;**FINANCIALS — continued** | &nbsp;&nbsp;&nbsp;**FINANCIALS — continued** | &nbsp;&nbsp;&nbsp;**FINANCIALS — continued** |
| &nbsp;&nbsp;&nbsp;Shanghai Pudong Development Bank, Cl A | 1299916 | 1877365 |
|  |  | 7152435 |
| &nbsp;&nbsp;&nbsp;**INDUSTRIALS — 1.6%** | &nbsp;&nbsp;&nbsp;**INDUSTRIALS — 1.6%** | &nbsp;&nbsp;&nbsp;**INDUSTRIALS — 1.6%** |
| &nbsp;&nbsp;&nbsp;Sany Heavy Industry, Cl A | 500000 | 1577388 |
| &nbsp;&nbsp;&nbsp;Weichai Power, Cl H | 754000 | 2555782 |
|  |  | 4133170 |
| &nbsp;&nbsp;&nbsp;**INFORMATION TECHNOLOGY — 1.4%** | &nbsp;&nbsp;&nbsp;**INFORMATION TECHNOLOGY — 1.4%** | &nbsp;&nbsp;&nbsp;**INFORMATION TECHNOLOGY — 1.4%** |
| &nbsp;&nbsp;&nbsp;Cambricon Technologies, Cl A \* | 4470 | 808939 |
| &nbsp;&nbsp;&nbsp;Hygon Information Technology, Cl A | 26000 | 984480 |
| &nbsp;&nbsp;&nbsp;NAURA Technology Group, Cl A | 11675 | 797175 |
| &nbsp;&nbsp;&nbsp;Xiaomi, Cl B \* | 274600 | 1242996 |
|  |  | 3833590 |
| Total China |  | 33506346 |
| **FINLAND — 1.2%** | **FINLAND — 1.2%** | **FINLAND — 1.2%** |
| &nbsp;&nbsp;&nbsp;**INDUSTRIALS — 1.2%** | &nbsp;&nbsp;&nbsp;**INDUSTRIALS — 1.2%** | &nbsp;&nbsp;&nbsp;**INDUSTRIALS — 1.2%** |
| &nbsp;&nbsp;&nbsp;Wartsila Abp | 79500 | 3222945 |
| **FRANCE — 5.3%** | **FRANCE — 5.3%** | **FRANCE — 5.3%** |
| &nbsp;&nbsp;&nbsp;**CONSUMER STAPLES — 1.0%** | &nbsp;&nbsp;&nbsp;**CONSUMER STAPLES — 1.0%** | &nbsp;&nbsp;&nbsp;**CONSUMER STAPLES — 1.0%** |
| &nbsp;&nbsp;&nbsp;Danone | 33300 | 2609394 |
| &nbsp;&nbsp;&nbsp;**FINANCIALS — 1.1%** | &nbsp;&nbsp;&nbsp;**FINANCIALS — 1.1%** | &nbsp;&nbsp;&nbsp;**FINANCIALS — 1.1%** |
| &nbsp;&nbsp;&nbsp;BNP Paribas | 27950 | 3022314 |
| &nbsp;&nbsp;&nbsp;**INDUSTRIALS — 1.0%** | &nbsp;&nbsp;&nbsp;**INDUSTRIALS — 1.0%** | &nbsp;&nbsp;&nbsp;**INDUSTRIALS — 1.0%** |
| &nbsp;&nbsp;&nbsp;Schneider Electric | 9600 | 2752348 |
| &nbsp;&nbsp;&nbsp;**MATERIALS — 0.6%** | &nbsp;&nbsp;&nbsp;**MATERIALS — 0.6%** | &nbsp;&nbsp;&nbsp;**MATERIALS — 0.6%** |
| &nbsp;&nbsp;&nbsp;Air Liquide | 8500 | 1591736 |
| &nbsp;&nbsp;&nbsp;**UTILITIES — 1.6%** | &nbsp;&nbsp;&nbsp;**UTILITIES — 1.6%** | &nbsp;&nbsp;&nbsp;**UTILITIES — 1.6%** |
| &nbsp;&nbsp;&nbsp;Engie | 142810 | 4263812 |
| Total France |  | 14239604 |
| **GERMANY — 3.9%** | **GERMANY — 3.9%** | **GERMANY — 3.9%** |
| &nbsp;&nbsp;&nbsp;**CONSUMER DISCRETIONARY — 1.7%** | &nbsp;&nbsp;&nbsp;**CONSUMER DISCRETIONARY — 1.7%** | &nbsp;&nbsp;&nbsp;**CONSUMER DISCRETIONARY — 1.7%** |
| &nbsp;&nbsp;&nbsp;Aumovio \* | 34500 | 1655462 |
| &nbsp;&nbsp;&nbsp;Continental | 36000 | 2832824 |
|  |  | 4488286 |
| &nbsp;&nbsp;&nbsp;**INDUSTRIALS — 1.1%** | &nbsp;&nbsp;&nbsp;**INDUSTRIALS — 1.1%** | &nbsp;&nbsp;&nbsp;**INDUSTRIALS — 1.1%** |
| &nbsp;&nbsp;&nbsp;Siemens | 10200 | 3083779 |
| &nbsp;&nbsp;&nbsp;**INFORMATION TECHNOLOGY — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;SAP | 14364 | 2869483 |
| Total Germany |  | 10441548 |

---

#### 58

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |

---

**INTERNATIONAL EQUITY FUND**

**JANUARY 31, 2026**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **HONG KONG — 1.0%** | **HONG KONG — 1.0%** | **HONG KONG — 1.0%** |
| &nbsp;&nbsp;&nbsp;**CONSUMER STAPLES — 1.0%** | &nbsp;&nbsp;&nbsp;**CONSUMER STAPLES — 1.0%** | &nbsp;&nbsp;&nbsp;**CONSUMER STAPLES — 1.0%** |
| &nbsp;&nbsp;&nbsp;WH Group | 2175000 | $2566708 |
| **INDIA — 3.9%** | **INDIA — 3.9%** | **INDIA — 3.9%** |
| &nbsp;&nbsp;&nbsp;**COMMUNICATION SERVICES — 0.9%** | &nbsp;&nbsp;&nbsp;**COMMUNICATION SERVICES — 0.9%** | &nbsp;&nbsp;&nbsp;**COMMUNICATION SERVICES — 0.9%** |
| &nbsp;&nbsp;&nbsp;Bharti Airtel | 109600 | 2350588 |
| &nbsp;&nbsp;&nbsp;**CONSUMER DISCRETIONARY — 0.8%** | &nbsp;&nbsp;&nbsp;**CONSUMER DISCRETIONARY — 0.8%** | &nbsp;&nbsp;&nbsp;**CONSUMER DISCRETIONARY — 0.8%** |
| &nbsp;&nbsp;&nbsp;Eicher Motors | 27400 | 2123531 |
| &nbsp;&nbsp;&nbsp;**FINANCIALS — 1.0%** | &nbsp;&nbsp;&nbsp;**FINANCIALS — 1.0%** | &nbsp;&nbsp;&nbsp;**FINANCIALS — 1.0%** |
| &nbsp;&nbsp;&nbsp;ICICI Bank | 172440 | 2542219 |
| &nbsp;&nbsp;&nbsp;**INFORMATION TECHNOLOGY — 0.6%** | &nbsp;&nbsp;&nbsp;**INFORMATION TECHNOLOGY — 0.6%** | &nbsp;&nbsp;&nbsp;**INFORMATION TECHNOLOGY — 0.6%** |
| &nbsp;&nbsp;&nbsp;Persistent Systems | 25800 | 1696422 |
| &nbsp;&nbsp;&nbsp;**UTILITIES — 0.6%** | &nbsp;&nbsp;&nbsp;**UTILITIES — 0.6%** | &nbsp;&nbsp;&nbsp;**UTILITIES — 0.6%** |
| &nbsp;&nbsp;&nbsp;Power Grid Corp of India | 590266 | 1647741 |
| Total India |  | 10360501 |
| **ITALY — 1.8%** | **ITALY — 1.8%** | **ITALY — 1.8%** |
| &nbsp;&nbsp;&nbsp;**FINANCIALS — 1.8%** | &nbsp;&nbsp;&nbsp;**FINANCIALS — 1.8%** | &nbsp;&nbsp;&nbsp;**FINANCIALS — 1.8%** |
| &nbsp;&nbsp;&nbsp;UniCredit | 53400 | 4653614 |
| **JAPAN — 12.2%** | **JAPAN — 12.2%** | **JAPAN — 12.2%** |
| &nbsp;&nbsp;&nbsp;**CONSUMER DISCRETIONARY — 0.5%** | &nbsp;&nbsp;&nbsp;**CONSUMER DISCRETIONARY — 0.5%** | &nbsp;&nbsp;&nbsp;**CONSUMER DISCRETIONARY — 0.5%** |
| &nbsp;&nbsp;&nbsp;Honda Motor | 135000 | 1357768 |
| &nbsp;&nbsp;&nbsp;**FINANCIALS — 3.0%** | &nbsp;&nbsp;&nbsp;**FINANCIALS — 3.0%** | &nbsp;&nbsp;&nbsp;**FINANCIALS — 3.0%** |
| &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group | 298400 | 5404134 |
| &nbsp;&nbsp;&nbsp;Tokio Marine Holdings | 67300 | 2508443 |
|  |  | 7912577 |
| &nbsp;&nbsp;&nbsp;**HEALTH CARE — 1.4%** | &nbsp;&nbsp;&nbsp;**HEALTH CARE — 1.4%** | &nbsp;&nbsp;&nbsp;**HEALTH CARE — 1.4%** |
| &nbsp;&nbsp;&nbsp;Hoya | 23160 | 3885226 |
| &nbsp;&nbsp;&nbsp;**INDUSTRIALS — 4.4%** | &nbsp;&nbsp;&nbsp;**INDUSTRIALS — 4.4%** | &nbsp;&nbsp;&nbsp;**INDUSTRIALS — 4.4%** |
| &nbsp;&nbsp;&nbsp;ITOCHU | 305000 | 3904785 |
| &nbsp;&nbsp;&nbsp;Komatsu | 96700 | 3701214 |
| &nbsp;&nbsp;&nbsp;Sumitomo | 102000 | 4142127 |
|  |  | 11748126 |
| &nbsp;&nbsp;&nbsp;**INFORMATION TECHNOLOGY — 1.0%** | &nbsp;&nbsp;&nbsp;**INFORMATION TECHNOLOGY — 1.0%** | &nbsp;&nbsp;&nbsp;**INFORMATION TECHNOLOGY — 1.0%** |
| &nbsp;&nbsp;&nbsp;Murata Manufacturing | 128300 | 2606486 |
| &nbsp;&nbsp;&nbsp;**MATERIALS — 0.8%** | &nbsp;&nbsp;&nbsp;**MATERIALS — 0.8%** | &nbsp;&nbsp;&nbsp;**MATERIALS — 0.8%** |
| &nbsp;&nbsp;&nbsp;Nitto Denko | 98000 | 2177887 |
| &nbsp;&nbsp;&nbsp;**REAL ESTATE — 1.1%** | &nbsp;&nbsp;&nbsp;**REAL ESTATE — 1.1%** | &nbsp;&nbsp;&nbsp;**REAL ESTATE — 1.1%** |
| &nbsp;&nbsp;&nbsp;Mitsui Fudosan | 265300 | 3042170 |
| Total Japan |  | 32730240 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **LUXEMBOURG — 1.5%** | **LUXEMBOURG — 1.5%** | **LUXEMBOURG — 1.5%** |
| &nbsp;&nbsp;&nbsp;**MATERIALS — 1.5%** | &nbsp;&nbsp;&nbsp;**MATERIALS — 1.5%** | &nbsp;&nbsp;&nbsp;**MATERIALS — 1.5%** |
| &nbsp;&nbsp;&nbsp;ArcelorMittal | 75450 | $4097558 |
| **MEXICO — 1.5%** | **MEXICO — 1.5%** | **MEXICO — 1.5%** |
| &nbsp;&nbsp;&nbsp;**CONSUMER STAPLES — 0.3%** | &nbsp;&nbsp;&nbsp;**CONSUMER STAPLES — 0.3%** | &nbsp;&nbsp;&nbsp;**CONSUMER STAPLES — 0.3%** |
| &nbsp;&nbsp;&nbsp;La Comer \* | 417037 | 893686 |
| &nbsp;&nbsp;&nbsp;**FINANCIALS — 1.2%** | &nbsp;&nbsp;&nbsp;**FINANCIALS — 1.2%** | &nbsp;&nbsp;&nbsp;**FINANCIALS — 1.2%** |
| &nbsp;&nbsp;&nbsp;Grupo Financiero Banorte | 278000 | 3134102 |
| Total Mexico |  | 4027788 |
| **NETHERLANDS — 6.0%** | **NETHERLANDS — 6.0%** | **NETHERLANDS — 6.0%** |
| &nbsp;&nbsp;&nbsp;**CONSUMER STAPLES — 1.0%** | &nbsp;&nbsp;&nbsp;**CONSUMER STAPLES — 1.0%** | &nbsp;&nbsp;&nbsp;**CONSUMER STAPLES — 1.0%** |
| &nbsp;&nbsp;&nbsp;Koninklijke Ahold Delhaize | 68800 | 2690100 |
| &nbsp;&nbsp;&nbsp;**FINANCIALS — 1.3%** | &nbsp;&nbsp;&nbsp;**FINANCIALS — 1.3%** | &nbsp;&nbsp;&nbsp;**FINANCIALS — 1.3%** |
| &nbsp;&nbsp;&nbsp;ING Groep | 118000 | 3479940 |
| &nbsp;&nbsp;&nbsp;**HEALTH CARE — 0.9%** | &nbsp;&nbsp;&nbsp;**HEALTH CARE — 0.9%** | &nbsp;&nbsp;&nbsp;**HEALTH CARE — 0.9%** |
| &nbsp;&nbsp;&nbsp;Argenx \* | 2680 | 2253811 |
| &nbsp;&nbsp;&nbsp;**INFORMATION TECHNOLOGY — 2.8%** | &nbsp;&nbsp;&nbsp;**INFORMATION TECHNOLOGY — 2.8%** | &nbsp;&nbsp;&nbsp;**INFORMATION TECHNOLOGY — 2.8%** |
| &nbsp;&nbsp;&nbsp;ASML Holding | 5250 | 7528030 |
| Total Netherlands |  | 15951881 |
| **SINGAPORE — 0.9%** | **SINGAPORE — 0.9%** | **SINGAPORE — 0.9%** |
| &nbsp;&nbsp;&nbsp;**FINANCIALS — 0.9%** | &nbsp;&nbsp;&nbsp;**FINANCIALS — 0.9%** | &nbsp;&nbsp;&nbsp;**FINANCIALS — 0.9%** |
| &nbsp;&nbsp;&nbsp;United Overseas Bank | 79640 | 2400283 |
| **SOUTH AFRICA — 0.7%** | **SOUTH AFRICA — 0.7%** | **SOUTH AFRICA — 0.7%** |
| &nbsp;&nbsp;&nbsp;**FINANCIALS — 0.7%** | &nbsp;&nbsp;&nbsp;**FINANCIALS — 0.7%** | &nbsp;&nbsp;&nbsp;**FINANCIALS — 0.7%** |
| &nbsp;&nbsp;&nbsp;Investec PLC | 234500 | 1928260 |
| **SOUTH KOREA — 6.2%** | **SOUTH KOREA — 6.2%** | **SOUTH KOREA — 6.2%** |
| &nbsp;&nbsp;&nbsp;**CONSUMER DISCRETIONARY — 1.1%** | &nbsp;&nbsp;&nbsp;**CONSUMER DISCRETIONARY — 1.1%** | &nbsp;&nbsp;&nbsp;**CONSUMER DISCRETIONARY — 1.1%** |
| &nbsp;&nbsp;&nbsp;Kia | 25970 | 2763291 |
| &nbsp;&nbsp;&nbsp;**FINANCIALS — 1.2%** | &nbsp;&nbsp;&nbsp;**FINANCIALS — 1.2%** | &nbsp;&nbsp;&nbsp;**FINANCIALS — 1.2%** |
| &nbsp;&nbsp;&nbsp;KB Financial Group | 34581 | 3236755 |
| &nbsp;&nbsp;&nbsp;**INFORMATION TECHNOLOGY — 3.9%** | &nbsp;&nbsp;&nbsp;**INFORMATION TECHNOLOGY — 3.9%** | &nbsp;&nbsp;&nbsp;**INFORMATION TECHNOLOGY — 3.9%** |
| &nbsp;&nbsp;&nbsp;Samsung Electronics | 54920 | 6067275 |
| &nbsp;&nbsp;&nbsp;SK Hynix | 7100 | 4433080 |
|  |  | 10500355 |
| Total South Korea |  | 16500401 |
| **SPAIN — 4.6%** | **SPAIN — 4.6%** | **SPAIN — 4.6%** |
| &nbsp;&nbsp;&nbsp;**CONSUMER DISCRETIONARY — 0.9%** | &nbsp;&nbsp;&nbsp;**CONSUMER DISCRETIONARY — 0.9%** | &nbsp;&nbsp;&nbsp;**CONSUMER DISCRETIONARY — 0.9%** |
| &nbsp;&nbsp;&nbsp;Amadeus IT Group | 36340 | 2436484 |

---

#### 59

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |

---

**INTERNATIONAL EQUITY FUND** 

**JANUARY 31, 2026** 

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **SPAIN — continued** | **SPAIN — continued** | **SPAIN — continued** |
| &nbsp;&nbsp;&nbsp;**FINANCIALS — 2.8%** | &nbsp;&nbsp;&nbsp;**FINANCIALS — 2.8%** | &nbsp;&nbsp;&nbsp;**FINANCIALS — 2.8%** |
| &nbsp;&nbsp;&nbsp;CaixaBank | 351800 | $4643841 |
| &nbsp;&nbsp;&nbsp;Mapfre | 637700 | 2917958 |
|  |  | 7561799 |
| &nbsp;&nbsp;&nbsp;**INDUSTRIALS — 0.9%** | &nbsp;&nbsp;&nbsp;**INDUSTRIALS — 0.9%** | &nbsp;&nbsp;&nbsp;**INDUSTRIALS — 0.9%** |
| &nbsp;&nbsp;&nbsp;Aena SME | 77500 | 2406970 |
| Total Spain |  | 12405253 |
| **SWEDEN — 1.5%** | **SWEDEN — 1.5%** | **SWEDEN — 1.5%** |
| &nbsp;&nbsp;&nbsp;**HEALTH CARE — 0.6%** | &nbsp;&nbsp;&nbsp;**HEALTH CARE — 0.6%** | &nbsp;&nbsp;&nbsp;**HEALTH CARE — 0.6%** |
| &nbsp;&nbsp;&nbsp;Ambea | 105600 | 1610348 |
| &nbsp;&nbsp;&nbsp;**INFORMATION TECHNOLOGY — 0.9%** | &nbsp;&nbsp;&nbsp;**INFORMATION TECHNOLOGY — 0.9%** | &nbsp;&nbsp;&nbsp;**INFORMATION TECHNOLOGY — 0.9%** |
| &nbsp;&nbsp;&nbsp;Hexagon, Cl B | 200000 | 2255008 |
| Total Sweden |  | 3865356 |
| **SWITZERLAND — 3.4%** | **SWITZERLAND — 3.4%** | **SWITZERLAND — 3.4%** |
| &nbsp;&nbsp;&nbsp;**CONSUMER STAPLES — 1.0%** | &nbsp;&nbsp;&nbsp;**CONSUMER STAPLES — 1.0%** | &nbsp;&nbsp;&nbsp;**CONSUMER STAPLES — 1.0%** |
| &nbsp;&nbsp;&nbsp;Barry Callebaut | 1000 | 1764017 |
| &nbsp;&nbsp;&nbsp;Nestle PLC | 8700 | 830211 |
|  |  | 2594228 |
| &nbsp;&nbsp;&nbsp;**FINANCIALS — 2.4%** | &nbsp;&nbsp;&nbsp;**FINANCIALS — 2.4%** | &nbsp;&nbsp;&nbsp;**FINANCIALS — 2.4%** |
| &nbsp;&nbsp;&nbsp;Swiss Re | 15500 | 2476649 |
| &nbsp;&nbsp;&nbsp;UBS Group | 83609 | 3955993 |
|  |  | 6432642 |
| Total Switzerland |  | 9026870 |
| **TAIWAN — 7.0%** | **TAIWAN — 7.0%** | **TAIWAN — 7.0%** |
| &nbsp;&nbsp;&nbsp;**FINANCIALS — 1.5%** | &nbsp;&nbsp;&nbsp;**FINANCIALS — 1.5%** | &nbsp;&nbsp;&nbsp;**FINANCIALS — 1.5%** |
| &nbsp;&nbsp;&nbsp;CTBC Financial Holding | 2526900 | 4071204 |
| &nbsp;&nbsp;&nbsp;**INFORMATION TECHNOLOGY — 5.5%** | &nbsp;&nbsp;&nbsp;**INFORMATION TECHNOLOGY — 5.5%** | &nbsp;&nbsp;&nbsp;**INFORMATION TECHNOLOGY — 5.5%** |
| &nbsp;&nbsp;&nbsp;Delta Electronics | 48500 | 1850874 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing | 232160 | 12837504 |
|  |  | 14688378 |
| Total Taiwan |  | 18759582 |
| **THAILAND — 0.4%** | **THAILAND — 0.4%** | **THAILAND — 0.4%** |
| &nbsp;&nbsp;&nbsp;**COMMUNICATION SERVICES — 0.4%** | &nbsp;&nbsp;&nbsp;**COMMUNICATION SERVICES — 0.4%** | &nbsp;&nbsp;&nbsp;**COMMUNICATION SERVICES — 0.4%** |
| &nbsp;&nbsp;&nbsp;Advanced Info Service | 105000 | 1164492 |
| **UNITED KINGDOM — 7.8%** | **UNITED KINGDOM — 7.8%** | **UNITED KINGDOM — 7.8%** |
| &nbsp;&nbsp;&nbsp;**CONSUMER STAPLES — 1.1%** | &nbsp;&nbsp;&nbsp;**CONSUMER STAPLES — 1.1%** | &nbsp;&nbsp;&nbsp;**CONSUMER STAPLES — 1.1%** |
| &nbsp;&nbsp;&nbsp;Tesco | 495000 | 2880296 |
| &nbsp;&nbsp;&nbsp;**ENERGY — 2.0%** | &nbsp;&nbsp;&nbsp;**ENERGY — 2.0%** | &nbsp;&nbsp;&nbsp;**ENERGY — 2.0%** |
| &nbsp;&nbsp;&nbsp;Shell PLC | 141200 | 5427638 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **UNITED KINGDOM — continued** | **UNITED KINGDOM — continued** | **UNITED KINGDOM — continued** |
| &nbsp;&nbsp;&nbsp;**FINANCIALS — 2.0%** | &nbsp;&nbsp;&nbsp;**FINANCIALS — 2.0%** | &nbsp;&nbsp;&nbsp;**FINANCIALS — 2.0%** |
| &nbsp;&nbsp;&nbsp;Barclays | 775000 | $5172382 |
| &nbsp;&nbsp;&nbsp;**INDUSTRIALS — 1.0%** | &nbsp;&nbsp;&nbsp;**INDUSTRIALS — 1.0%** | &nbsp;&nbsp;&nbsp;**INDUSTRIALS — 1.0%** |
| &nbsp;&nbsp;&nbsp;IMI | 73000 | 2756637 |
| &nbsp;&nbsp;&nbsp;**MATERIALS — 1.1%** | &nbsp;&nbsp;&nbsp;**MATERIALS — 1.1%** | &nbsp;&nbsp;&nbsp;**MATERIALS — 1.1%** |
| &nbsp;&nbsp;&nbsp;CRH PLC | 24620 | 3004968 |
| &nbsp;&nbsp;&nbsp;**REAL ESTATE — 0.6%** | &nbsp;&nbsp;&nbsp;**REAL ESTATE — 0.6%** | &nbsp;&nbsp;&nbsp;**REAL ESTATE — 0.6%** |
| &nbsp;&nbsp;&nbsp;British Land ‡ | 283000 | 1614206 |
| Total United Kingdom |  | 20856127 |
| **UNITED STATES — 2.7%** | **UNITED STATES — 2.7%** | **UNITED STATES — 2.7%** |
| &nbsp;&nbsp;&nbsp;**INDUSTRIALS — 1.5%** | &nbsp;&nbsp;&nbsp;**INDUSTRIALS — 1.5%** | &nbsp;&nbsp;&nbsp;**INDUSTRIALS — 1.5%** |
| &nbsp;&nbsp;&nbsp;AerCap Holdings | 10600 | 1522796 |
| &nbsp;&nbsp;&nbsp;Copa Holdings, Cl A | 18400 | 2509760 |
|  |  | 4032556 |
| &nbsp;&nbsp;&nbsp;**MATERIALS — 1.2%** | &nbsp;&nbsp;&nbsp;**MATERIALS — 1.2%** | &nbsp;&nbsp;&nbsp;**MATERIALS — 1.2%** |
| &nbsp;&nbsp;&nbsp;Southern Copper | 16400 | 3121248 |
| Total United States |  | 7153804 |
| &nbsp;&nbsp;&nbsp;Total Common Stock | &nbsp;&nbsp;&nbsp;Total Common Stock | &nbsp;&nbsp;&nbsp;Total Common Stock |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $190,697,812) |  | 263783964 |
| **EXCHANGE-TRADED FUND — 0.5%** | **EXCHANGE-TRADED FUND — 0.5%** | **EXCHANGE-TRADED FUND — 0.5%** |
| **UNITED STATES — 0.5%** | **UNITED STATES — 0.5%** | **UNITED STATES — 0.5%** |
| &nbsp;&nbsp;&nbsp;iShares MSCI Poland ETF | 35000 | 1315650 |
| &nbsp;&nbsp;&nbsp;Total Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;Total Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;Total Exchange-Traded Funds |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,321,212) |  | 1315650 |
| &nbsp;&nbsp;&nbsp;Total Investments in Securities— 99.1% | &nbsp;&nbsp;&nbsp;Total Investments in Securities— 99.1% | &nbsp;&nbsp;&nbsp;Total Investments in Securities— 99.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $192,019,024) |  | $265099614 |

---

Percentages are based on Net Assets of $267,590,119.

# More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.

\* Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;‡ Real
Estate Investment Trust.

For information on the Fund's policy regarding valuation of investments, fair value hierarchy levels and other significant accounting policies, please refer to the Fund's most recent financial statements.

See "Glossary" for abbreviations.

KOC-QH-006-2200

#### 60

---

| | |
|:---|:---|
| **THE ADVISOR'S INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS FUNDS** |

---

**JANUARY 31, 2026** 

**(Unaudited)**

Glossary: (abbreviations which may be used in the preceding Schedules of Investments)

---

| |
|:---|
| **Fund Abbreviations** |
| BDC — Business Development Company |
| Cl — Class |
| CLO — Collateralized Loan Obligation |
| ETF — Exchange Traded Fund |
| FHLMC — Federal Home Loan Mortgage Corporation |
| FNMA — Federal National Mortgage Association |
| FREMF — Freddie Mac Multi-Family |
| GNMA — Government National Mortgage Association |
| H15T1Y — 1 Year U.S. Treasury Yield Curve Constant Maturity |
| H15T5Y — 5 Year U.S. Treasury Yield Curve Constant Maturity |
| MSCI — Morgan Stanley Capital International |
| MTN — Medium Term Note |
| PLC — Public Limited Company |
| RB — Revenue Bond |
| REIT — Real Estate Investment Trust |
| S&P — Standard & Poor's |
| Ser — Series |
| SOFR30A — Secured Overnight Financing Rate 30-day Average |
| SOFR90A — Secured Overnight Financing Rate 90-day Average |
| SOFRINDX — Secured Overnight Financing Rate Index |
| TSFR1M — 1 Month Term Secured Overnight Financing Rate |
| TSFR3M — 3 Month Term Secured Overnight Financing Rate |
| USSW5 — United States 5 Year Interest Swap Rate |

---

---

| |
|:---|
| **Currency Abbreviation** |
| USD — United States Dollar |

---

**61**

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** OAKS

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19456

  - **Telephone number:** 8774463863

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

- **a. Name of Series:** Knights of Columbus Limited Duration Bond Fund

- **b. EDGAR series identifier (if any):** S000048263

- **c. LEI of Series:** 5493008XUKTF2Q48C538

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

- **a. Date of fiscal year-end:** 2026-10-31

- **b. Date as of which information is reported:** 2026-01-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $266076606.22

**Total Liabilities:** $1511411.69

**Net Assets:** $264565194.53

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -386.88664160 | **1-Year:** -19692.97275676 | **5-Year:** -11727.87363224 | **10-Year:** -404.59439839 | **30-Year:** -2.39563969

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

- **3-Month:** -211.28788403 | **1-Year:** -3763.92049072 | **5-Year:** -5345.54015139 | **10-Year:** -706.74858566 | **30-Year:** -0.00171336

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000158706 | 0.41%                | 0.27%                | 0.41%                |
| Class ID C000152510 | 0.31%                | 0.40%                | 0.31%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $68596.82                | $38793.38                                  |
| Month 2  | $27423.08                | $-85114.48                                 |
| Month 3  | $30425.72                | $78270.30                                  |

### Schedule of Portfolio Investments

| Name                                                    | Title                                                                   | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| TOLL BROTHERS FINANCE CORP.                             | TOLL BROTHERS FINANCE CORP 4.350000% 02/15/2028                         | CUSIP: 88947EAT7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1320000 | PA      | $1326790.38   | 0.50%             | 2028-02-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| SANTANDER DRIVE AUTO RECEIVABLES TRUST                  | SANTANDER DRIVE AUTO RECEIVABLES TRUST 2025-2 SDART 2025-2 B            | CUSIP: 80287NAD7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    535000 | PA      | $540598.83    | 0.20%             | 2031-05-15      | Fixed         | 4.87%                 | No            |                  2 | On Loan: No      |
| FORD CREDIT AUTO OWNER TRUST                            | FORD CREDIT AUTO OWNER TRUST 2023-B FORDO 2023-B B                      | CUSIP: 344930AF9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1050000 | PA      | $1068626.79   | 0.40%             | 2029-03-15      | Fixed         | 5.56%                 | No            |                  2 | On Loan: No      |
| TWIN BROOK CLO LLC                                      | TWIN BROOK CLO 2024-1 LLC TWBRK 2024-1A A                               | CUSIP: 901397AA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    750000 | PA      | $752019.00    | 0.28%             | 2036-07-20      | Floating      | 5.57%                 | Yes           |                  2 | On Loan: No      |
| AUDAX SENIOR DEBT CLO                                   | AUDAX SENIOR DEBT CLO 12 LLC AUDAX 2025-12A B                           | CUSIP: 05071UAG1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    750000 | PA      | $745317.75    | 0.28%             | 2037-04-22      | Floating      | 5.42%                 | Yes           |                  2 | On Loan: No      |
| WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION         | WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP 4.700000% 09/15/2028           | CUSIP: 960386AM2<br>LEI: 06BTX5UWZD0GQ5N5Y745 | Long             | DBT              | CORP              | US        |   1315000 | PA      | $1332373.77   | 0.50%             | 2028-09-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC.                                     | ALLY FINANCIAL INC 2.200000% 11/02/2028                                 | CUSIP: 02005NBP4<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |   1335000 | PA      | $1265758.22   | 0.48%             | 2028-11-02      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                      | ENERGY TRANSFER LP 6.625000% MATURITY: PERPETUAL                        | CUSIP: 29273VAJ9<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   1155000 | PA      | $1168590.89   | 0.44%             | 2174-02-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| SCHLUMBERGER HOLDINGS CORPORATION                       | SCHLUMBERGER HOLDINGS CORP 144A 5.000000% 05/29/2027                    | CUSIP: 806851AL5<br>LEI: 529900IKZG65COT1D505 | Long             | DBT              | CORP              | US        |    980000 | PA      | $992288.98    | 0.38%             | 2027-05-29      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| nVent Finance S.a r.l.                                  | NVENT FINANCE SARL 4.550000% 04/15/2028                                 | CUSIP: 67078AAD5<br>LEI: 549300KO1OQ4MVFB6X02 | Long             | DBT              | NUSS              | GB        |   1315000 | PA      | $1321261.15   | 0.50%             | 2028-04-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| United States of America                                | US TREASURY N/B 3.875000% 12/31/2027                                    | CUSIP: 91282CGC9<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |  13505000 | PA      | $13588351.24  | 5.14%             | 2027-12-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Dominion Energy, Inc.                                   | DOMINION ENERGY INC 4.600000% 05/15/2028                                | CUSIP: 25746UDY2<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |    980000 | PA      | $992213.14    | 0.38%             | 2028-05-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| United States of America                                | US TREASURY N/B 4.375000% 11/30/2028                                    | CUSIP: 91282CJN2<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |  26037800 | PA      | $26571778.26  | 10.04%            | 2028-11-30      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| OVINTIV INC.                                            | OVINTIV INC 5.650000% 05/15/2028                                        | CUSIP: 69047QAB8<br>LEI: 2549003MEX7YMKLGI239 | Long             | DBT              | CORP              | US        |   1320000 | PA      | $1360999.73   | 0.51%             | 2028-05-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| AMRIZE FINANCE US LLC                                   | AMRIZE FINANCE US LLC 4.700000% 04/07/2028                              | CUSIP: 43475RAQ9<br>LEI: 529900FB2F1WKLFNGY62 | Long             | DBT              | CORP              | US        |   1230000 | PA      | $1247330.72   | 0.47%             | 2028-04-07      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| HELMERICH & PAYNE, INC.                                 | HELMERICH & PAYNE INC 4.650000% 12/01/2027                              | CUSIP: 423452AL5<br>LEI: 254900NAOGHJ88RZ4C73 | Long             | DBT              | CORP              | US        |    950000 | PA      | $957945.55    | 0.36%             | 2027-12-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| SCF EQUIPMENT LEASING LLC                               | SCF EQUIPMENT LEASING 2025-2 LLC SCFET 2025-2A A3                       | CUSIP: 78439XAC8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    600000 | PA      | $600201.96    | 0.23%             | 2036-06-20      | Fixed         | 4.33%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                | GINNIE MAE I POOL GN 686911                                             | CUSIP: 36296CDQ0<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |       626 | PA      | $644.44       | 0.00%             | 2038-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN 257262                                               | CUSIP: 31371NWX9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |       857 | PA      | $891.44       | 0.00%             | 2038-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AGREE LIMITED PARTNERSHIP                               | AGREE LP 2.000000% 06/15/2028                                           | CUSIP: 008513AB9<br>LEI: 549300DXY3G299V1BO77 | Long             | DBT              | CORP              | US        |   1330000 | PA      | $1271324.80   | 0.48%             | 2028-06-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| OCCU AUTO RECEIVABLES TRUST                             | OCCU AUTO RECEIVABLES TRUST 2025-1 OCCU 2025-1A A4                      | CUSIP: 67098SAD2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    550000 | PA      | $556823.47    | 0.21%             | 2031-01-15      | Fixed         | 4.79%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                | GINNIE MAE I POOL GN 604647                                             | CUSIP: 36200MWG4<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |      2491 | PA      | $2546.00      | 0.00%             | 2033-09-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| OWN EQUIPMENT FUND                                      | OWN EQUIPMENT FUND I LLC EQS 2024-2M A                                  | CUSIP: 69121NAA6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    361720 | PA      | $366584.92    | 0.14%             | 2032-12-20      | Fixed         | 5.70%                 | Yes           |                  2 | On Loan: No      |
| KYNDRYL HOLDINGS, INC.                                  | KYNDRYL HOLDINGS INC 2.700000% 10/15/2028                               | CUSIP: 50155QAK6<br>LEI: 549300LQ4LWX2R8ZV130 | Long             | DBT              | CORP              | US        |   1310000 | PA      | $1258366.82   | 0.48%             | 2028-10-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINANCIAL COMPANY, INC.                  | GENERAL MOTORS FINANCIAL CO INC 4.200000% 10/27/2028                    | CUSIP: 37045XFL5<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |   1170000 | PA      | $1173003.43   | 0.44%             | 2028-10-27      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                          | MORGAN STANLEY MTN 3.950000% 04/23/2027                                 | CUSIP: 61761JZN2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    975000 | PA      | $974827.66    | 0.37%             | 2027-04-23      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| MICROCHIP TECHNOLOGY INCORPORATED                       | MICROCHIP TECHNOLOGY INC 4.900000% 03/15/2028                           | CUSIP: 595017BK9<br>LEI: 5493007PTFULNYZJ1R12 | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1320669.56   | 0.50%             | 2028-03-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| BLUE OWL CAPITAL CORPORATION                            | BLUE OWL CAPITAL CORP 2.875000% 06/11/2028                              | CUSIP: 69121KAG9<br>LEI: 2549000BD79OOCPF2L94 | Long             | DBT              | CORP              | US        |   1330000 | PA      | $1260488.60   | 0.48%             | 2028-06-11      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE PRIVATE CREDIT FUND                          | BLACKSTONE PRIVATE CREDIT FUND 3.250000% 03/15/2027                     | CUSIP: 09261HAK3<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |   1039000 | PA      | $1023273.63   | 0.39%             | 2027-03-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| ALLIANT ENERGY FINANCE, LLC                             | ALLIANT ENERGY FINANCE LLC 144A 5.400000% 06/06/2027                    | CUSIP: 01882YAF3<br>LEI: 54930033ER6EOI5DL570 | Long             | DBT              | CORP              | US        |    955000 | PA      | $968112.97    | 0.37%             | 2027-06-06      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| NELNET STUDENT LOAN CORPORATION                         | NELNET STUDENT LOAN TRUST 2014-2 NSLT 2014-2A A3                        | CUSIP: 64033LAC4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    615249 | PA      | $616062.40    | 0.23%             | 2037-07-27      | Floating      | 4.84%                 | No            |                  2 | On Loan: No      |
| BERRY GLOBAL, INC.                                      | BERRY GLOBAL INC 5.500000% 04/15/2028                                   | CUSIP: 08576PAL5<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |   1240000 | PA      | $1278155.33   | 0.48%             | 2028-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                | GINNIE MAE I POOL GN 617705                                             | CUSIP: 36290UGN0<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |      1318 | PA      | $1396.99      | 0.00%             | 2037-09-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| AFFIRM ASSET SECURITIZATION TRUST                       | AFFIRM ASSET SECURITIZATION TRUST 2024-X2 AFFRM 2024-X2 B               | CUSIP: 00833QAB1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    560000 | PA      | $560429.24    | 0.21%             | 2029-12-17      | Fixed         | 5.33%                 | Yes           |                  2 | On Loan: No      |
| PAGAYA AI DEBT GRANTOR TRUST                            | PAGAYA AI DEBT GRANTOR TRUST 2024-11 PAID 2024-11 B                     | CUSIP: 69544AAB1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    321206 | PA      | $324019.11    | 0.12%             | 2032-07-15      | Fixed         | 5.64%                 | Yes           |                  2 | On Loan: No      |
| TCW CLO LTD                                             | TCW CLO 2019-2 LTD TCW 2019-2A A1R2                                     | CUSIP: 87242BBG4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1270000 | PA      | $1272684.78   | 0.48%             | 2038-01-20      | Floating      | 4.94%                 | Yes           |                  2 | On Loan: No      |
| AMPHENOL CORPORATION                                    | AMPHENOL CORP 4.375000% 06/12/2028                                      | CUSIP: 032095AT8<br>LEI: 549300D3L3G0R4U4VT04 | Long             | DBT              | CORP              | US        |   1010000 | PA      | $1020469.04   | 0.39%             | 2028-06-12      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| DRIVE AUTO RECEIVABLES TRUST                            | DRIVE AUTO RECEIVABLES TRUST 2025-2 DRIVE 2025-2 B                      | CUSIP: 262103AE4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    570000 | PA      | $569402.53    | 0.22%             | 2032-09-15      | Fixed         | 4.14%                 | No            |                  2 | On Loan: No      |
| SCMS MTG TR                                             | SCMS 2025-BNC1 MORTGAGE TRUST SCMS 2025-BNC1 AS                         | CUSIP: 78398LAG4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1185000 | PA      | $1196338.79   | 0.45%             | 2057-12-15      | Floating      | 5.31%                 | Yes           |                  2 | On Loan: No      |
| OWENS CORNING                                           | OWENS CORNING 5.500000% 06/15/2027                                      | CUSIP: 690742AN1<br>LEI: JO5M6676RDJIZ2U8X907 | Long             | DBT              | CORP              | US        |    985000 | PA      | $1003945.79   | 0.38%             | 2027-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NTT FINANCE CORPORATION                                 | NTT FINANCE CORP 144A 4.620000% 07/16/2028                              | CUSIP: 62954WAQ8<br>LEI: 3538007PR116187GD960 | Long             | DBT              | NUSS              | JP        |   1315000 | PA      | $1332270.70   | 0.50%             | 2028-07-16      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Spirit Airlines Pass Through Trusts                     | SPIRIT AIRLINES PASS THROUGH TRUST 2015-1A 4.100000% 04/01/2028         | CUSIP: 84858DAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    846992 | PA      | $813248.15    | 0.31%             | 2028-04-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                | GINNIE MAE I POOL GN 586974                                             | CUSIP: 36201MCK6<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |       319 | PA      | $333.78       | 0.00%             | 2032-03-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | FREDDIE MAC GOLD POOL FG A84454                                         | CUSIP: 3129305P1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |      2066 | PA      | $2029.72      | 0.00%             | 2039-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARS, INCORPORATED                                      | MARS INC 144A 4.600000% 03/01/2028                                      | CUSIP: 571676AX3<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |    970000 | PA      | $982971.28    | 0.37%             | 2028-03-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| 7-ELEVEN, INC.                                          | 7-ELEVEN INC 144A 1.300000% 02/10/2028                                  | CUSIP: 817826AD2<br>LEI: 549300K23JPL0SS3LB18 | Long             | DBT              | CORP              | US        |   1320000 | PA      | $1249511.43   | 0.47%             | 2028-02-10      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                                 | MPLX LP 4.250000% 12/01/2027                                            | CUSIP: 55336VBN9<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |    980000 | PA      | $982738.52    | 0.37%             | 2027-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| TANGER PROPERTIES LIMITED PARTNERSHIP                   | TANGER PROPERTIES LP 3.875000% 07/15/2027                               | CUSIP: 875484AK3<br>LEI: PQPGJDNFN35EXH363L31 | Long             | DBT              | CORP              | US        |   1010000 | PA      | $1005338.86   | 0.38%             | 2027-07-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| STORE CAPITAL LLC                                       | STORE CAPITAL LLC 4.500000% 03/15/2028                                  | CUSIP: 862121AA8<br>LEI: 254900Z9PIEFQ6AYXK50 | Long             | DBT              | CORP              | US        |   1900000 | PA      | $1906931.12   | 0.72%             | 2028-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GRACIE POINT INTERNATIONAL FUNDING                      | GRACIE POINT INTERNATIONAL FUNDING 2025-1 LLC GPIF 2025-1A A            | CUSIP: 38411WAA0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1000000 | PA      | $1001710.90   | 0.38%             | 2028-08-15      | Floating      | 5.30%                 | Yes           |                  2 | On Loan: No      |
| SLM STUDENT LOAN TRUST                                  | SLM STUDENT LOAN TRUST 2006-10 SLMA 2006-10 A6                          | CUSIP: 78443BAG1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    808953 | PA      | $788158.03    | 0.30%             | 2044-03-25      | Floating      | 4.72%                 | No            |                  2 | On Loan: No      |
| SANTANDER DRIVE AUTO RECEIVABLES TRUST                  | SANTANDER DRIVE AUTO RECEIVABLES TRUST 2025-4 SDART 2025-4 B            | CUSIP: 802923AD4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    600000 | PA      | $601535.10    | 0.23%             | 2032-01-15      | Fixed         | 4.27%                 | No            |                  2 | On Loan: No      |
| BANQUE CANADIENNE IMPERIALE DE COMMERCE                 | CANADIAN IMPERIAL BANK OF COMMERCE 4.857000% 03/30/2029                 | CUSIP: 13607PH98<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | NUSS              | CA        |    945000 | PA      | $960734.68    | 0.36%             | 2029-03-30      | Fixed         | 4.86%                 | No            |                  2 | On Loan: No      |
| BARINGS PRIVATE CREDIT CORP CLO LTD                     | BARINGS PRIVATE CREDIT CORP CLO 2023-1 LTD BPCC 2023-1A A1BR            | CUSIP: 067930AN7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | BM        |    995000 | PA      | $999701.38    | 0.38%             | 2036-10-15      | Floating      | 5.57%                 | Yes           |                  2 | On Loan: No      |
| CITIGROUP MORTGAGE LOAN TRUST INC                       | CITIGROUP MORTGAGE LOAN TRUST 2024-1 CMLTI 2024-1 A7A                   | CUSIP: 17332CBP0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    279134 | PA      | $282546.09    | 0.11%             | 2054-07-25      | Floating      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2022-212 HP                | CUSIP: 38383LWR7<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   1499202 | PA      | $1498168.74   | 0.57%             | 2043-06-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CARMAX AUTO OWNER TRUST                                 | CARMAX AUTO OWNER TRUST 2025-1 CARMX 2025-1 B                           | CUSIP: 14319WAF3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    490000 | PA      | $502307.48    | 0.19%             | 2030-09-16      | Fixed         | 5.11%                 | No            |                  2 | On Loan: No      |
| BX TRUST                                                | BX TRUST 2025-LUNR BX 2025-LUNR B                                       | CUSIP: 05594CAD6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    444305 | PA      | $445415.31    | 0.17%             | 2040-06-15      | Floating      | 5.53%                 | Yes           |                  2 | On Loan: No      |
| EOG RESOURCES, INC.                                     | EOG RESOURCES INC 4.400000% 07/15/2028                                  | CUSIP: 26875PAX9<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | DBT              | CORP              | US        |   1010000 | PA      | $1021947.92   | 0.39%             | 2028-07-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN 886371                                               | CUSIP: 31410DW89<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |       224 | PA      | $239.25       | 0.00%             | 2036-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | FREDDIE MAC GOLD POOL FG A68579                                         | CUSIP: 3128L0Q88<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |       902 | PA      | $947.38       | 0.00%             | 2037-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TELEDYNE TECHNOLOGIES INCORPORATED                      | TELEDYNE TECHNOLOGIES INC 2.250000% 04/01/2028                          | CUSIP: 879360AD7<br>LEI: 549300VSMO9KYQWDND94 | Long             | DBT              | CORP              | US        |   1335000 | PA      | $1288297.09   | 0.49%             | 2028-04-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN 867437                                               | CUSIP: 31409CV69<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |       170 | PA      | $181.19       | 0.00%             | 2036-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| THE MOSAIC COMPANY                                      | MOSAIC CO/THE 4.350000% 01/15/2029                                      | CUSIP: 61945CAJ2<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | DBT              | CORP              | US        |   1320000 | PA      | $1324084.09   | 0.50%             | 2029-01-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| RIO TINTO FINANCE (USA) PLC                             | RIO TINTO FINANCE USA PLC 4.500000% 03/14/2028                          | CUSIP: 76720AAR7<br>LEI: 2138006TSNBEUA761G16 | Long             | DBT              | NUSS              | AU        |    965000 | PA      | $976847.79    | 0.37%             | 2028-03-14      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GEORGIA POWER COMPANY                                   | GEORGIA POWER CO 5.004000% 02/23/2027                                   | CUSIP: 373334KV2<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |    960000 | PA      | $971532.87    | 0.37%             | 2027-02-23      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PAGAYA AI DEBT SELECTION TRUST                          | PAGAYA AI DEBT TRUST 2024-2 PAID 2024-2 A                               | CUSIP: 694961AA1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    180637 | PA      | $181039.69    | 0.07%             | 2031-08-15      | Fixed         | 6.32%                 | Yes           |                  2 | On Loan: No      |
| AMERICAN EXPRESS COMPANY                                | AMERICAN EXPRESS CO 4.351000% 07/20/2029                                | CUSIP: 025816EJ4<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |   1065000 | PA      | $1071612.22   | 0.41%             | 2029-07-20      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| EVERGY KANSAS CENTRAL, INC.                             | EVERGY KANSAS CENTRAL INC 4.700000% 03/13/2028                          | CUSIP: 30036FAE1<br>LEI: J75GNWGEO73W89ZV3S44 | Long             | DBT              | CORP              | US        |    945000 | PA      | $957406.40    | 0.36%             | 2028-03-13      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| HPS CORPORATE LENDING FUND                              | HPS CORPORATE LENDING FUND 5.450000% 01/14/2028                         | CUSIP: 40440VAH8<br>LEI: 549300ZS7IHUA6FKFV61 | Long             | DBT              | CORP              | US        |    890000 | PA      | $898232.26    | 0.34%             | 2028-01-14      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STREET CLO LIMITED PARTNERSHIP               | CALIFORNIA STREET CLO IX LP SYMP 2012-9A AR3                            | CUSIP: 13079WDC9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    286506 | PA      | $286790.92    | 0.11%             | 2032-07-16      | Floating      | 5.03%                 | Yes           |                  2 | On Loan: No      |
| EXETER SELECT AUTOMOBILE RECEIVABLES TRUST              | EXETER SELECT AUTOMOBILE RECEIVABLES TRUST 2025-1 ESART 2025-1 A3       | CUSIP: 30185AAC5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    440000 | PA      | $444450.69    | 0.17%             | 2030-04-15      | Fixed         | 4.69%                 | No            |                  2 | On Loan: No      |
| Siemens Funding B.V.                                    | SIEMENS FUNDING BV 144A 4.350000% 05/26/2028                            | CUSIP: 82622RAA4<br>LEI: 213800CCRGH2TO338X64 | Long             | DBT              | NUSS              | DE        |   1510000 | PA      | $1526985.28   | 0.58%             | 2028-05-26      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| HALSEYPOINT CLO                                         | HALSEYPOINT CLO 3 LTD HLSY 2020-3A A1R                                  | CUSIP: 40638UAS8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    950000 | PA      | $952140.35    | 0.36%             | 2037-07-30      | Floating      | 5.15%                 | Yes           |                  2 | On Loan: No      |
| DLLMT LLC                                               | DLLMT 2023-1 LLC DLLMT 2023-1A A4                                       | CUSIP: 232989AD5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    680000 | PA      | $686734.11    | 0.26%             | 2031-03-20      | Fixed         | 5.35%                 | Yes           |                  2 | On Loan: No      |
| THE CAMPBELL'S COMPANY                                  | CAMPBELL'S COMPANY/THE 4.150000% 03/15/2028                             | CUSIP: 134429BG3<br>LEI: 5493007JDSMX8Z5Z1902 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1000958.24   | 0.38%             | 2028-03-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Santander Holdings USA, Inc.                            | SANTANDER HOLDINGS USA INC 5.473000% 03/20/2029                         | CUSIP: 80282KBN5<br>LEI: 549300SMVCQN2P0O6I58 | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1329511.11   | 0.50%             | 2029-03-20      | Fixed         | 5.47%                 | No            |                  2 | On Loan: No      |
| WESTERN MIDSTREAM OPERATING, LP                         | WESTERN MIDSTREAM OPERATING LP 4.500000% 03/01/2028                     | CUSIP: 958254AH7<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |   1320000 | PA      | $1326422.04   | 0.50%             | 2028-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| HESS MIDSTREAM OPERATIONS LP                            | HESS MIDSTREAM OPERATIONS LP 144A 5.125000% 06/15/2028                  | CUSIP: 428104AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1100288.20   | 0.42%             | 2028-06-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| SONOCO PRODUCTS COMPANY.                                | SONOCO PRODUCTS CO 2.250000% 02/01/2027                                 | CUSIP: 835495AN2<br>LEI: GKOMIK4RDJGHEF0VNP11 | Long             | DBT              | CORP              | US        |    965000 | PA      | $949402.30    | 0.36%             | 2027-02-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| MAIN STREET CAPITAL CORPORATION                         | MAIN STREET CAPITAL CORP 6.500000% 06/04/2027                           | CUSIP: 56035LAJ3<br>LEI: 5493001FS9QJLJNF3E20 | Long             | DBT              | CORP              | US        |    925000 | PA      | $944030.25    | 0.36%             | 2027-06-04      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ARES CAPITAL CORPORATION.                               | ARES CAPITAL CORP 2.875000% 06/15/2028                                  | CUSIP: 04010LBB8<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |   1335000 | PA      | $1281212.65   | 0.48%             | 2028-06-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| INTERNATIONAL BUSINESS MACHINES CORPORATION             | INTERNATIONAL BUSINESS MACHINES CORP 4.600000% 02/03/2033               | CUSIP: 459200LS8<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99842.82     | 0.04%             | 2033-02-03      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| VOLOFIN FINANCE (IRELAND) DESIGNATED ACTIVITY COMPANY   | VOLOFIN FINANCE DESIGNATED ACTIVITY CO VFIN 2024-1A A                   | CUSIP: 92873RAA9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    260404 | PA      | $265135.94    | 0.10%             | 2037-06-15      | Fixed         | 5.93%                 | Yes           |                  2 | On Loan: No      |
| HESS MIDSTREAM OPERATIONS LP                            | HESS MIDSTREAM OPERATIONS LP 144A 5.500000% 10/15/2030                  | CUSIP: 428102AF4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     20000 | PA      | $20210.94     | 0.01%             | 2030-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| United States of America                                | US TREASURY N/B 3.875000% 06/15/2028                                    | CUSIP: 91282CNH0<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   8243000 | PA      | $8301280.57   | 3.14%             | 2028-06-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| SYNCHRONY FINANCIAL                                     | SYNCHRONY FINANCIAL 5.150000% 03/19/2029                                | CUSIP: 87165BAP8<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |   1245000 | PA      | $1263835.87   | 0.48%             | 2029-03-19      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                | GINNIE MAE I POOL GN 592038                                             | CUSIP: 36201SV71<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |       576 | PA      | $577.50       | 0.00%             | 2033-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AFFIRM MASTER TRUST                                     | AFFIRM MASTER TRUST AFRMT 2025-1A B                                     | CUSIP: 00833BAB4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    940000 | PA      | $947274.38    | 0.36%             | 2033-02-15      | Fixed         | 5.13%                 | Yes           |                  2 | On Loan: No      |
| AVIS BUDGET RENTAL CAR FUNDING                          | AVIS BUDGET RENTAL CAR FUNDING AESOP LLC AESOP 2023-5A B                | CUSIP: 05377RHD9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    350000 | PA      | $356157.45    | 0.13%             | 2028-04-20      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| SEQUOIA MORTGAGE TRUST                                  | SEQUOIA MORTGAGE TRUST 2013-4 SEMT 2013-4 B3                            | CUSIP: 81744YAH9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     45591 | PA      | $44465.58     | 0.02%             | 2043-04-25      | Floating      | 3.43%                 | No            |                  2 | On Loan: No      |
| TRINITY RAIL LEASING LLC                                | TRINITY RAIL LEASING 2021 LLC TRL 2021-1A B                             | CUSIP: 89656GAB0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    575000 | PA      | $549198.89    | 0.21%             | 2051-07-19      | Fixed         | 3.08%                 | Yes           |                  2 | On Loan: No      |
| ICON INVESTMENTS SIX DESIGNATED ACTIVITY COMPANY        | ICON INVESTMENTS SIX DAC 5.809000% 05/08/2027                           | CUSIP: 45115AAA2<br>LEI: 635400FQ1M7J2CHLAS59 | Long             | DBT              | NUSS              | US        |   1001000 | PA      | $1019834.21   | 0.39%             | 2027-05-08      | Fixed         | 5.81%                 | No            |                  2 | On Loan: No      |
| CHASE HOME LENDING MORTGAGE TRUST                       | CHASE HOME LENDING MORTGAGE TRUST SERIES 2024-5 CHASE 2024-5 A6         | CUSIP: 16159QAK3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    476955 | PA      | $482732.61    | 0.18%             | 2055-04-25      | Floating      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| AMERICAN TOWER CORPORATION                              | AMERICAN TOWER CORP 5.250000% 07/15/2028                                | CUSIP: 03027XCC2<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |   1240000 | PA      | $1275074.63   | 0.48%             | 2028-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PENNANTPARK CLO LTD                                     | PENNANTPARK CLO 12 LLC PNTPK 2025-12A B                                 | CUSIP: 70807EAE7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    625000 | PA      | $628545.00    | 0.24%             | 2037-04-20      | Floating      | 5.52%                 | Yes           |                  2 | On Loan: No      |
| HERTZ VEHICLE FINANCING III LLC                         | HERTZ VEHICLE FINANCING LLC HERTZ 2022-5A B                             | CUSIP: 42806MBL2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    375000 | PA      | $372761.40    | 0.14%             | 2028-09-25      | Fixed         | 4.28%                 | Yes           |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL HOLDINGS, INC.                   | NEXTERA ENERGY CAPITAL HOLDINGS INC 1.875000% 01/15/2027                | CUSIP: 65339KBY5<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |   1010000 | PA      | $991619.77    | 0.37%             | 2027-01-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| PEAC SOLUTIONS RECEIVABLES                              | PEAC SOLUTIONS RECEIVABLES 2026-1 LLC PEAC 2026-1A A2                   | CUSIP: 704583AB9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    630000 | PA      | $633081.33    | 0.24%             | 2028-10-20      | Fixed         | 4.27%                 | Yes           |                  2 | On Loan: No      |
| Eversource Energy                                       | EVERSOURCE ENERGY 5.450000% 03/01/2028                                  | CUSIP: 30040WAT5<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |    975000 | PA      | $1000796.77   | 0.38%             | 2028-03-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| GM FINANCIAL CONSUMER AUTOMOBILE RECEIVABLES TRUST      | GM FINANCIAL CONSUMER AUTOMOBILE RECEIVABLES TRUST GMCAR 2026-1 B       | CUSIP: 362970AE5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    625000 | PA      | $624685.38    | 0.24%             | 2032-06-16      | Fixed         | 4.14%                 | No            |                  2 | On Loan: No      |
| GUGGENHEIM MM CLO LTD.                                  | GUGGENHEIM MM CLO 2021-3 LTD GCF 2021-3A A                              | CUSIP: 40170UAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    365000 | PA      | $366143.18    | 0.14%             | 2034-01-21      | Floating      | 5.48%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                             | FREDDIE MAC GOLD POOL FG A24180                                         | CUSIP: 31297BUD2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |       540 | PA      | $548.31       | 0.00%             | 2034-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE HIGHER EDUCATION LOAN CORPORATION         | GRANITE EDVANCE CORP NHHEL 2020-1 A1A                                   | CUSIP: 644622AB8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    874767 | PA      | $805223.62    | 0.30%             | 2060-09-25      | Fixed         | 1.55%                 | No            |                  2 | On Loan: No      |
| FREMF MORTGAGE TRUST                                    | FREMF 2020-K737 MORTGAGE TRUST FREMF 2020-K737 C                        | CUSIP: 30300SAU6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    525000 | PA      | $518517.35    | 0.20%             | 2053-01-25      | Floating      | 3.33%                 | No            |                  2 | On Loan: No      |
| SOFI CONSUMER LOAN PROGRAM LLC                          | SOFI CONSUMER LOAN PROGRAM 2025-3 TRUST SCLP 2025-3 B                   | CUSIP: 83390JAB8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    550000 | PA      | $554074.40    | 0.21%             | 2034-08-15      | Fixed         | 4.67%                 | Yes           |                  2 | On Loan: No      |
| BANK OF AMERICA CORPORATION                             | BANK OF AMERICA CORP MTN 4.183000% 11/25/2027                           | CUSIP: 06051GGC7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    975000 | PA      | $976264.09    | 0.37%             | 2027-11-25      | Fixed         | 4.18%                 | No            |                  2 | On Loan: No      |
| EMERA INCORPORATED                                      | EMERA INC 6.750000% 06/15/2076                                          | CUSIP: 290876AD3<br>LEI: NQZVQT2P5IUF2PGA1Q48 | Long             | DBT              | NUSS              | CA        |   1145000 | PA      | $1152821.50   | 0.44%             | 2076-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| KEURIG DR PEPPER INC.                                   | KEURIG DR PEPPER INC 3.950000% 04/15/2029                               | CUSIP: 49271VAP5<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1486030.47   | 0.56%             | 2029-04-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| SIGNAL RAIL I LLC                                       | SIGNAL RAIL I LLC SRL 2021-1 A                                          | CUSIP: 82667CAA3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    978934 | PA      | $926871.35    | 0.35%             | 2051-08-17      | Fixed         | 2.23%                 | Yes           |                  2 | On Loan: No      |
| MISSION LANE CREDIT CARD MASTER TRUST                   | MISSION LANE CREDIT CARD MASTER TRUST MLANE 2025-B A                    | CUSIP: 60510MBU1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    530000 | PA      | $531765.43    | 0.20%             | 2031-09-15      | Fixed         | 5.06%                 | Yes           |                  2 | On Loan: No      |
| BROWN & BROWN, INC.                                     | BROWN & BROWN INC 4.700000% 06/23/2028                                  | CUSIP: 115236AJ0<br>LEI: 549300PC8KTJ71XKFY89 | Long             | DBT              | CORP              | US        |    385000 | PA      | $390107.04    | 0.15%             | 2028-06-23      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| THE BANK OF NOVA SCOTIA                                 | BANK OF NOVA SCOTIA/THE 4.247000% 02/02/2030                            | CUSIP: 06418GAY3<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | NUSS              | CA        |   1255000 | PA      | $1257369.78   | 0.48%             | 2030-02-02      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| TRINITY RAIL LEASING LLC                                | TRINITY RAIL LEASING 2020 LLC TRL 2020-2A A2                            | CUSIP: 89656YAB1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    500000 | PA      | $482375.25    | 0.18%             | 2050-11-19      | Fixed         | 2.56%                 | Yes           |                  2 | On Loan: No      |
| AFFIRM ASSET SECURITIZATION TRUST                       | AFFIRM ASSET SECURITIZATION TRUST 2025-X1 AFFRM 2025-X1 B               | CUSIP: 00834MAB9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    500000 | PA      | $501195.60    | 0.19%             | 2030-04-15      | Fixed         | 5.19%                 | Yes           |                  2 | On Loan: No      |
| COLT MORTGAGE LOAN TRUST                                | COLT 2021-2R MORTGAGE LOAN TRUST COLT 2021-2R A2                        | CUSIP: 12656YAB3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     76814 | PA      | $70523.08     | 0.03%             | 2054-07-27      | Fixed         | 1.11%                 | Yes           |                  2 | On Loan: No      |
| CITIGROUP INC.                                          | CITIGROUP INC 4.125000% 07/25/2028                                      | CUSIP: 172967KU4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    905000 | PA      | $905979.54    | 0.34%             | 2028-07-25      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Highwoods Realty Limited Partnership                    | HIGHWOODS REALTY LP 4.125000% 03/15/2028                                | CUSIP: 431282AQ5<br>LEI: JUJNVZX73BIYHLR58F51 | Long             | DBT              | CORP              | US        |   1030000 | PA      | $1023407.84   | 0.39%             | 2028-03-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| SIXTH STREET SPECIALTY LENDING, INC.                    | SIXTH STREET SPECIALTY LENDING INC 6.950000% 08/14/2028                 | CUSIP: 83012AAB5<br>LEI: 549300TX61566GJWCN05 | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1363140.10   | 0.52%             | 2028-08-14      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| HILTON GRAND VACATIONS TRUST                            | HILTON GRAND VACATIONS TRUST 2025-2 HGVT 2025-2A A                      | CUSIP: 43285JAA2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    431516 | PA      | $432674.23    | 0.16%             | 2044-05-25      | Fixed         | 4.54%                 | Yes           |                  2 | On Loan: No      |
| SOUTHWEST AIRLINES CO.                                  | SOUTHWEST AIRLINES CO 4.375000% 11/15/2028                              | CUSIP: 844741BL1<br>LEI: UDTZ87G0STFETI6HGH41 | Long             | DBT              | CORP              | US        |   1320000 | PA      | $1327076.07   | 0.50%             | 2028-11-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS COMPANY LLC                           | VISTRA OPERATIONS CO LLC 144A 4.300000% 10/15/2028                      | CUSIP: 92840VAX0<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |   1320000 | PA      | $1320124.08   | 0.50%             | 2028-10-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| THE TOLEDO EDISON COMPANY                               | TOLEDO EDISON CO/THE 144A 2.650000% 05/01/2028                          | CUSIP: 889175BF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    386000 | PA      | $367436.83    | 0.14%             | 2028-05-01      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| GBX LEASING LLC                                         | GBX LEASING 2022-1 LLC GBXL 2022-1 A                                    | CUSIP: 361528AA0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    851144 | PA      | $809851.84    | 0.31%             | 2052-02-20      | Fixed         | 2.87%                 | Yes           |                  2 | On Loan: No      |
| Nutrien Ltd.                                            | NUTRIEN LTD 5.200000% 06/21/2027                                        | CUSIP: 67077MBC1<br>LEI: 5493002QQ7GD21OWF963 | Long             | DBT              | NUSS              | CA        |    935000 | PA      | $949792.38    | 0.36%             | 2027-06-21      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| OWN EQUIPMENT FUND                                      | OWN EQUIPMENT FUND II LLC EQS 2025-1M B                                 | CUSIP: 690912AB6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    950493 | PA      | $955939.16    | 0.36%             | 2033-09-26      | Fixed         | 6.31%                 | Yes           |                  2 | On Loan: No      |
| VERUS SECURITIZATION TRUST                              | VERUS SECURITIZATION TRUST 2021-1 VERUS 2021-1 A2                       | CUSIP: 92537QAE1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    110181 | PA      | $101394.73    | 0.04%             | 2066-01-25      | Floating      | 1.05%                 | Yes           |                  2 | On Loan: No      |
| AVIATION CAPITAL GROUP LLC                              | AVIATION CAPITAL GROUP LLC 144A 4.250000% 04/30/2029                    | CUSIP: 05369AAV3<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |   1245000 | PA      | $1240618.27   | 0.47%             | 2029-04-30      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| DELL INTERNATIONAL L.L.C.                               | DELL INTERNATIONAL LLC / EMC CORP 4.750000% 04/01/2028                  | CUSIP: 24703TAL0<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |    945000 | PA      | $958354.82    | 0.36%             | 2028-04-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| HPEFS EQUIPMENT TRUST                                   | HPEFS EQUIPMENT TRUST 2025-1 HPEFS 2025-1A B                            | CUSIP: 40446EAD9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1055000 | PA      | $1062945.63   | 0.40%             | 2032-09-20      | Fixed         | 4.51%                 | Yes           |                  2 | On Loan: No      |
| PK ALIFT LOAN FUNDING LP                                | PK ALIFT LOAN FUNDING 7 LP PKAIR 2025-2 A                               | CUSIP: 69291NAA0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    479297 | PA      | $479459.41    | 0.18%             | 2043-03-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| VENTURE CLO LIMITED                                     | VENTURE 38 CLO LTD VENTR 2019-38A ARR                                   | CUSIP: 92332NBC8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    708861 | PA      | $708757.18    | 0.27%             | 2032-07-30      | Floating      | 4.67%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                     | BROWN BROTHERS HARRIMAN SWEEP INTEREST                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |   2266657 | PA      | $2266657.01   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDENTREE LOAN MANAGEMENT US CLO LTD                   | GOLDENTREE LOAN MANAGEMENT US CLO 12 LTD GLM 2022-12A AJR               | CUSIP: 38138FAS0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |   1175000 | PA      | $1176594.48   | 0.44%             | 2037-07-20      | Floating      | 5.20%                 | Yes           |                  2 | On Loan: No      |
| FLAGSHIP CREDIT AUTO TRUST                              | FLAGSHIP CREDIT AUTO TRUST 2021-3 FCAT 2021-3 C                         | CUSIP: 33846QAE1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     82057 | PA      | $81935.55     | 0.03%             | 2027-09-15      | Fixed         | 1.46%                 | Yes           |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL                                        | PARAMOUNT GLOBAL 3.700000% 06/01/2028                                   | CUSIP: 124857AX1<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |   1330000 | PA      | $1296183.14   | 0.49%             | 2028-06-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | FREDDIE MAC GOLD POOL FG A57231                                         | CUSIP: 3128KLA80<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |       705 | PA      | $726.94       | 0.00%             | 2037-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| THUNDERBOLT AIRCRAFT LEASE LIMITED                      | THUNDERBOLT II AIRCRAFT LEASE LTD TBOLT 2018-A A                        | CUSIP: 886065AA9<br>LEI: N/A                  | Long             | ABS-MBS          |  | KY        |     39909 | PA      | $39928.82     | 0.02%             | 2038-09-15      | Fixed         | 5.96%                 | No            |                  2 | On Loan: No      |
| GOLUB CAPITAL BDC, INC.                                 | GOLUB CAPITAL BDC INC 7.050000% 12/05/2028                              | CUSIP: 38173MAD4<br>LEI: 2549005WE0QLGK9APF78 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1052536.50   | 0.40%             | 2028-12-05      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| Dominion Energy, Inc.                                   | DOMINION ENERGY INC 4.350000% MATURITY: PERPETUAL                       | CUSIP: 25746UDM8<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |   1185000 | PA      | $1176493.48   | 0.44%             | 2174-04-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC.                                       | CROWN CASTLE INC 4.800000% 09/01/2028                                   | CUSIP: 22822VBB6<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |   1095000 | PA      | $1111604.48   | 0.42%             | 2028-09-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| DELL EQUIPMENT FINANCE TRUST                            | DELL EQUIPMENT FINANCE TRUST 2025-2 DEFT 2025-2 A3                      | CUSIP: 24703VAE1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    570000 | PA      | $572045.84    | 0.22%             | 2031-03-24      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| INGERSOLL RAND INC.                                     | INGERSOLL RAND INC 5.197000% 06/15/2027                                 | CUSIP: 45687VAC0<br>LEI: 5299004C02FMZCUOIR50 | Long             | DBT              | CORP              | US        |    985000 | PA      | $1000194.85   | 0.38%             | 2027-06-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | FREDDIE MAC REMICS FHR 5036 AB                                          | CUSIP: 3137F6SM0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   2102125 | PA      | $2024817.06   | 0.77%             | 2041-05-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                                    | GLENCORE FUNDING LLC 144A 5.338000% 04/04/2027                          | CUSIP: 378272BR8<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | AU        |    950000 | PA      | $964860.74    | 0.36%             | 2027-04-04      | Fixed         | 5.34%                 | No            |                  2 | On Loan: No      |
| FIDELIS MORTGAGE TRUST                                  | FIDELIS MORTGAGE TRUST 2025-RTL2 FIDL 2025-RTL2 A2                      | CUSIP: 31575JAC2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    850000 | PA      | $857164.23    | 0.32%             | 2040-07-25      | Fixed         | 6.06%                 | Yes           |                  2 | On Loan: No      |
| J.P. MORGAN MORTGAGE TRUST                              | J.P. MORGAN MORTGAGE TRUST 2022-4 JPMMT 2022-4 A12                      | CUSIP: 46655GAQ8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    649145 | PA      | $629920.21    | 0.24%             | 2052-10-25      | Floating      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| MCF CLO LLC                                             | MCF CLO VIII LTD MCFCL 2018-1A AR                                       | CUSIP: 55281GAQ1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    950000 | PA      | $951501.95    | 0.36%             | 2036-04-18      | Floating      | 5.62%                 | Yes           |                  2 | On Loan: No      |
| KESTREL AIRCRAFT FUNDING LTD                            | KESTREL AIRCRAFT FUNDING LTD KSTRL 2018-1A A                            | CUSIP: 49255PAA1<br>LEI: N/A                  | Long             | ABS-MBS          |  | KY        |     34017 | PA      | $34034.50     | 0.01%             | 2038-12-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| PAGAYA AI DEBT GRANTOR TRUST                            | PAGAYA AI DEBT GRANTOR TRUST 2025-3 PAID 2025-3 B                       | CUSIP: 69544TAC8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    399919 | PA      | $404996.24    | 0.15%             | 2032-12-15      | Fixed         | 6.06%                 | Yes           |                  2 | On Loan: No      |
| DLLMT LLC                                               | DLLMT 2026-1 LLC DLLMT 2026-1A A3                                       | CUSIP: 23347JAC6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    630000 | PA      | $631316.39    | 0.24%             | 2029-12-20      | Fixed         | 4.20%                 | Yes           |                  2 | On Loan: No      |
| NMEF FUNDING LLC                                        | NMEF FUNDING 2025-B LLC NMEF 2025-B A2                                  | CUSIP: 62919WAB5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    550000 | PA      | $552234.54    | 0.21%             | 2033-01-18      | Fixed         | 4.64%                 | Yes           |                  2 | On Loan: No      |
| GS MORTGAGE-BACKED SECURITIES TRUST                     | GS MORTGAGE-BACKED SECURITIES TRUST 2022-PJ3 GSMBS 2022-PJ3 A7          | CUSIP: 362924AL6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    609677 | PA      | $581934.43    | 0.22%             | 2052-08-25      | Floating      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| CONAGRA BRANDS, INC.                                    | CONAGRA BRANDS INC 4.850000% 11/01/2028                                 | CUSIP: 205887CC4<br>LEI: 54930035UDEIH090K650 | Long             | DBT              | CORP              | US        |   1260000 | PA      | $1277570.17   | 0.48%             | 2028-11-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| CERBERUS LOAN FUNDING L.P.                              | CERBERUS LOAN FUNDING XLVII LLC CERB 2024-3A A                          | CUSIP: 156945AA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    785000 | PA      | $786230.88    | 0.30%             | 2036-07-15      | Floating      | 5.42%                 | Yes           |                  2 | On Loan: No      |
| GOLDMAN SACHS PRIVATE CREDIT CORP.                      | GOLDMAN SACHS PRIVATE CREDIT CORP 144A 5.375000% 01/31/2029             | CUSIP: 38152BAE1<br>LEI: 549300TD27G6372IYJ65 | Long             | DBT              | CORP              | US        |   1130000 | PA      | $1131502.69   | 0.43%             | 2029-01-31      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| INVITATION HOMES OPERATING PARTNERSHIP LP               | INVITATION HOMES OPERATING PARTNERSHIP LP 2.300000% 11/15/2028          | CUSIP: 46188BAB8<br>LEI: 549300147YMUQB3GW319 | Long             | DBT              | CORP              | US        |   1085000 | PA      | $1031534.59   | 0.39%             | 2028-11-15      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| RATE MORTGAGE TRUST                                     | RATE MORTGAGE TRUST 2024-J4 RATE 2024-J4 A7                             | CUSIP: 75408TAG1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    598128 | PA      | $605127.13    | 0.23%             | 2054-12-25      | Floating      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| BANQUE ROYALE DU CANADA                                 | ROYAL BANK OF CANADA MTN 4.498000% 08/06/2029                           | CUSIP: 78017DAK4<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | NUSS              | CA        |   1305000 | PA      | $1318804.94   | 0.50%             | 2029-08-06      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BOF VII AL FUNDING TRUST I                              | BOF VII AL FUNDING TRUST I BVABS 2023-CAR3 A2                           | CUSIP: 097093AB4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    333961 | PA      | $339843.13    | 0.13%             | 2032-07-26      | Fixed         | 6.29%                 | Yes           |                  2 | On Loan: No      |
| NATIONAL FUEL GAS COMPANY                               | NATIONAL FUEL GAS CO 4.750000% 09/01/2028                               | CUSIP: 636180BP5<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | DBT              | CORP              | US        |   1330000 | PA      | $1346410.24   | 0.51%             | 2028-09-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NXP B.V.                                                | NXP BV / NXP FUNDING LLC / NXP USA INC 4.300000% 08/19/2028             | CUSIP: 62954HBF4<br>LEI: 724500RKKW4NOJ9YQF60 | Long             | DBT              | NUSS              | NL        |   1320000 | PA      | $1325903.13   | 0.50%             | 2028-08-19      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| SANTANDER DRIVE AUTO RECEIVABLES TRUST                  | SANTANDER DRIVE AUTO RECEIVABLES TRUST 2025-1 SDART 2025-1 B            | CUSIP: 80288DAD8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    490000 | PA      | $495325.76    | 0.19%             | 2031-03-17      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| JABIL INC.                                              | JABIL INC 4.200000% 02/01/2029                                          | CUSIP: 46656PAC8<br>LEI: 5493000CGCQY2OQU7669 | Long             | DBT              | CORP              | US        |    765000 | PA      | $764716.65    | 0.29%             | 2029-02-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| AMERICAN HERITAGE AUTO RECEIVABLES TRUST                | AMERICAN HERITAGE AUTO RECEIVABLES ISSUER TRUST 20 AHART 2025-1A A3     | CUSIP: 02650VAC4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    560000 | PA      | $562810.36    | 0.21%             | 2030-11-15      | Fixed         | 4.40%                 | Yes           |                  2 | On Loan: No      |
| HLEND CLO                                               | HLEND CLO 2025-3 LLC HLEND 2025-3A B                                    | CUSIP: 403961AC9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    750000 | PA      | $750250.20    | 0.28%             | 2037-01-20      | Floating      | 5.37%                 | Yes           |                  2 | On Loan: No      |
| CROSSROADS ASSET TRUST                                  | CROSSROADS ASSET TRUST 2025-A XROAD 2025-A A2                           | CUSIP: 22767VAB4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    492159 | PA      | $495376.55    | 0.19%             | 2032-02-20      | Fixed         | 4.91%                 | Yes           |                  2 | On Loan: No      |
| WHITEHORSE PRINCIPAL LENDING CLO LTD                    | WHITEHORSE PRINCIPAL LENDING CLO 2022-1 LTD WHCLO 2022-1A A1R           | CUSIP: 96525MAG0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |   1000000 | PA      | $1002654.00   | 0.38%             | 2036-10-15      | Floating      | 5.45%                 | Yes           |                  2 | On Loan: No      |
| NEW MOUNTAIN FINANCE CORPORATION                        | NEW MOUNTAIN FINANCE CORP 6.200000% 10/15/2027                          | CUSIP: 647551AG5<br>LEI: 549300L1MPTT1H7SES77 | Long             | DBT              | CORP              | US        |   1305000 | PA      | $1320773.98   | 0.50%             | 2027-10-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE FLEET FINANCING LLC                          | ENTERPRISE FLEET FINANCING 2025-3 LLC EFF 2025-3 A3                     | CUSIP: 29375UAC3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1050000 | PA      | $1061852.40   | 0.40%             | 2029-09-20      | Fixed         | 4.46%                 | Yes           |                  2 | On Loan: No      |
| FORD CREDIT AUTO OWNER TRUST                            | FORD CREDIT AUTO OWNER TRUST 2025-B FORDO 2025-B B                      | CUSIP: 34532BAE1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1140000 | PA      | $1145021.47   | 0.43%             | 2031-07-15      | Fixed         | 4.24%                 | No            |                  2 | On Loan: No      |
| United States of America                                | US TREASURY N/B 1.500000% 01/31/2027                                    | CUSIP: 912828Z78<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |  11261000 | PA      | $11036483.81  | 4.17%             | 2027-01-31      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| WINGSPIRE EQUIPMENT FINANCE LLC                         | WINGSPIRE EQUIPMENT FINANCE 2025-1 LLC WEF 2025-1A A2                   | CUSIP: 97415CAB4<br>LEI: 254900UTJF59Z6LWFR35 | Long             | ABS-MBS          |  | US        |   1140000 | PA      | $1143822.99   | 0.43%             | 2033-09-20      | Fixed         | 4.33%                 | Yes           |                  2 | On Loan: No      |
| USQ RAIL I LLC                                          | USQ RAIL I LLC STEAM 2021-1A A                                          | CUSIP: 90352WAD6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    266861 | PA      | $254623.97    | 0.10%             | 2051-02-28      | Fixed         | 2.25%                 | Yes           |                  2 | On Loan: No      |
| PAGAYA AI DEBT GRANTOR TRUST                            | PAGAYA AI DEBT GRANTOR TRUST 2024-5 PAID 2024-5 A                       | CUSIP: 69544LAA9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    179173 | PA      | $180021.34    | 0.07%             | 2031-10-15      | Fixed         | 6.28%                 | Yes           |                  2 | On Loan: No      |
| SWCH COMMERCIAL MORTGAGE TRUST                          | SWCH COMMERCIAL MORTGAGE TRUST 2025-DATA SWCH 2025-DATA C               | CUSIP: 78489CAC3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    625000 | PA      | $623046.88    | 0.24%             | 2042-02-15      | Floating      | 5.77%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                   | FANNIE MAE POOL FN 981754                                               | CUSIP: 31415BE39<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |       358 | PA      | $367.95       | 0.00%             | 2038-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DRIVE AUTO RECEIVABLES TRUST                            | DRIVE AUTO RECEIVABLES TRUST 2025-1 DRIVE 2025-1 B                      | CUSIP: 262102AD8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1030000 | PA      | $1038369.88   | 0.39%             | 2032-09-15      | Fixed         | 4.79%                 | No            |                  2 | On Loan: No      |
| ROPER TECHNOLOGIES, INC.                                | ROPER TECHNOLOGIES INC 4.250000% 09/15/2028                             | CUSIP: 776696AK2<br>LEI: 54930003T4SXCIWVXY35 | Long             | DBT              | CORP              | US        |   1320000 | PA      | $1327460.01   | 0.50%             | 2028-09-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ABPCI DIRECT LENDING FUND CLO LTD                       | ABPCI DIRECT LENDING FUND CLO VI LTD ABPCI 2019-6A BRR                  | CUSIP: 00086GBE0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    550000 | PA      | $546530.05    | 0.21%             | 2037-01-27      | Floating      | 5.37%                 | Yes           |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CORPORATION                       | CAPITAL ONE FINANCIAL CORP 4.927000% 05/10/2028                         | CUSIP: 14040HCS2<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    935000 | PA      | $944667.36    | 0.36%             | 2028-05-10      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE                 | PUBLIC SERVICE CO OF NEW HAMPSHIRE 4.400000% 07/01/2028                 | CUSIP: 744538AH2<br>LEI: 549300SHPFALUPKK2351 | Long             | DBT              | CORP              | US        |   1010000 | PA      | $1022013.84   | 0.39%             | 2028-07-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| TELUS CORPORATION                                       | TELUS CORP 3.700000% 09/15/2027                                         | CUSIP: 87971MBF9<br>LEI: 894500WE70KKZRQMBU11 | Long             | DBT              | NUSS              | CA        |    765000 | PA      | $759734.41    | 0.29%             | 2027-09-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| GS MORTGAGE-BACKED SECURITIES TRUST                     | GS MORTGAGE-BACKED SECURITIES CORP TRUST 2022-PJ2 GSMBS 2022-PJ2 A7     | CUSIP: 36267EAG6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    669923 | PA      | $640787.36    | 0.24%             | 2052-06-25      | Floating      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| SILVER POINT CLO LTD                                    | SILVER POINT SCF CLO IV LTD SPCSL 2021-1A A1AR                          | CUSIP: 82809JAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    950000 | PA      | $952672.35    | 0.36%             | 2036-10-15      | Floating      | 5.39%                 | Yes           |                  2 | On Loan: No      |
| HSBC USA INC.                                           | HSBC USA INC 4.650000% 06/03/2028                                       | CUSIP: 40428HR95<br>LEI: 549300LBOHZ4QSIWU288 | Long             | DBT              | CORP              | US        |   1015000 | PA      | $1030765.13   | 0.39%             | 2028-06-03      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| VERTIV GROUP CORPORATION                                | VERTIV GROUP CORP 144A 4.125000% 11/15/2028                             | CUSIP: 92535UAB0<br>LEI: 549300ZT8RQ5VK10E643 | Long             | DBT              | CORP              | US        |   1185000 | PA      | $1166935.15   | 0.44%             | 2028-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| WRKCO INC.                                              | WRKCO INC 3.900000% 06/01/2028                                          | CUSIP: 92940PAE4<br>LEI: 549300JEB576INN13W07 | Long             | DBT              | CORP              | US        |   1320000 | PA      | $1315471.73   | 0.50%             | 2028-06-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| ARTHUR J. GALLAGHER & CO.                               | ARTHUR J GALLAGHER & CO 4.600000% 12/15/2027                            | CUSIP: 04316JAK5<br>LEI: 54930049QLLMPART6V29 | Long             | DBT              | CORP              | US        |    900000 | PA      | $910176.57    | 0.34%             | 2027-12-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| BANQUE CANADIENNE IMPERIALE DE COMMERCE                 | CANADIAN IMPERIAL BANK OF COMMERCE 4.283000% 01/29/2030                 | CUSIP: 13607QWB4<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | NUSS              | CA        |    250000 | PA      | $250638.22    | 0.09%             | 2030-01-29      | Fixed         | 4.28%                 | No            |                  2 | On Loan: No      |
| SOFI CONSUMER LOAN PROGRAM LLC                          | SOFI CONSUMER LOAN PROGRAM TRUST 2026-1 SCLP 2026-1 B                   | CUSIP: 83408AAB7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    625000 | PA      | $626723.13    | 0.24%             | 2035-12-26      | Fixed         | 4.44%                 | Yes           |                  2 | On Loan: No      |
| BLACKBIRD CAPITAL AIRCRAFT LEASE SECURITIZATION LIMITED | BLACKBIRD CAPITAL AIRCRAFT LEASE SECURITIZATION LT BBIRD 2016-1A A      | CUSIP: 09228YAB8<br>LEI: N/A                  | Long             | ABS-MBS          |  | KY        |     18368 | PA      | $18411.71     | 0.01%             | 2041-12-16      | Fixed         | 4.21%                 | No            |                  2 | On Loan: No      |
| LOWE'S COMPANIES, INC.                                  | LOWE'S COS INC 4.000000% 10/15/2028                                     | CUSIP: 548661EU7<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |   1140000 | PA      | $1141298.41   | 0.43%             | 2028-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RCKT MORTGAGE TRUST                                     | RCKT TRUST 2025-PL1 RCKTL 2025-1A B                                     | CUSIP: 74939RAB7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1050000 | PA      | $1056278.16   | 0.40%             | 2034-07-25      | Fixed         | 4.99%                 | Yes           |                  2 | On Loan: No      |
| CHASE HOME LENDING MORTGAGE TRUST                       | CHASE HOME LENDING MORTGAGE TRUST SERIES 2024-2 CHASE 2024-2 A4A        | CUSIP: 161929BH6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    451479 | PA      | $457077.38    | 0.17%             | 2055-02-25      | Floating      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| ANTARES CLO LTD                                         | ANTARES CLO 2018-3 LTD ANTR 2018-3A A1R                                 | CUSIP: 03665LAL7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    950000 | PA      | $957451.80    | 0.36%             | 2036-07-20      | Floating      | 5.26%                 | Yes           |                  2 | On Loan: No      |
| ALIMENTATION COUCHE-TARD INC.                           | ALIMENTATION COUCHE-TARD INC 144A 3.550000% 07/26/2027                  | CUSIP: 01626PAH9<br>LEI: 549300OSW32RVX8CCZ87 | Long             | DBT              | NUSS              | CA        |   1000000 | PA      | $993013.70    | 0.38%             | 2027-07-26      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| PNC Bank, National Association (Delaware)               | PNC BANK NA 4.429000% 07/21/2028                                        | CUSIP: 69353RFZ6<br>LEI: AD6GFRVSDT01YPT1CS68 | Long             | DBT              | CORP              | US        |   1065000 | PA      | $1072358.01   | 0.41%             | 2028-07-21      | Fixed         | 4.43%                 | No            |                  2 | On Loan: No      |
| PAGAYA AI DEBT GRANTOR TRUST                            | PAGAYA AI DEBT GRANTOR TRUST 2025-2 PAID 2025-2 B                       | CUSIP: 69545GAC5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    789917 | PA      | $793157.11    | 0.30%             | 2032-10-15      | Fixed         | 5.33%                 | Yes           |                  2 | On Loan: No      |
| FIDELIS MORTGAGE TRUST                                  | FIDELIS MORTGAGE TRUST 2025-RTL1 FIDL 2025-RTL1 A2                      | CUSIP: 31575LAE3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    950000 | PA      | $965638.52    | 0.36%             | 2040-02-27      | Floating      | 6.22%                 | Yes           |                  2 | On Loan: No      |
| DAIMLER TRUCK FINANCE NORTH AMERICA LLC                 | DAIMLER TRUCK FINANCE NORTH AMERICA LLC 144A 4.150000% 01/12/2029       | CUSIP: 233853BK5<br>LEI: 5493003HSDTSCZRXBA58 | Long             | DBT              | CORP              | DE        |   1194000 | PA      | $1193940.17   | 0.45%             | 2029-01-12      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| JBS USA Holding Lux S.a r.l.                            | JBS NV/JBS USA FOODS GROUP HOLDINGS INC/JBS USA FO 3.000000% 02/02/2029 | CUSIP: 46590XAN6<br>LEI: RB8RC03FUD8DSX57C193 | Long             | DBT              | NUSS              | US        |   1310000 | PA      | $1264733.87   | 0.48%             | 2029-02-02      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| UNITED AIRLINES, INC.                                   | UNITED AIRLINES INC 144A 4.625000% 04/15/2029                           | CUSIP: 90932LAH0<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |   1255000 | PA      | $1253830.34   | 0.47%             | 2029-04-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| BP CAPITAL MARKETS AMERICA INC.                         | BP CAPITAL MARKETS AMERICA INC 5.017000% 11/17/2027                     | CUSIP: 10373QBY5<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |    987000 | PA      | $1006795.71   | 0.38%             | 2027-11-17      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| United States of America                                | US TREASURY N/B 3.875000% 03/31/2027                                    | CUSIP: 91282CMV0<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   6360000 | PA      | $6383601.58   | 2.41%             | 2027-03-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| DELTA AIR LINES, INC.                                   | DELTA AIR LINES INC 4.950000% 07/10/2028                                | CUSIP: 247361A24<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1017135.74   | 0.38%             | 2028-07-10      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Truist Bank                                             | TRUIST BANK 4.136000% 10/23/2029                                        | CUSIP: 89788JAH2<br>LEI: JJKC32MCHWDI71265Z06 | Long             | DBT              | CORP              | US        |   1320000 | PA      | $1319228.95   | 0.50%             | 2029-10-23      | Fixed         | 4.14%                 | No            |                  2 | On Loan: No      |
| SANTANDER DRIVE AUTO RECEIVABLES TRUST                  | SANTANDER DRIVE AUTO RECEIVABLES TRUST 2024-4 SDART 2024-4 B            | CUSIP: 802919AD2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    915000 | PA      | $922882.36    | 0.35%             | 2029-09-17      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| BLUE OWL ASSET LEASING TRUST                            | BLUE OWL ASSET LEASING TRUST 2024-1 LLC OWLEF 2024-1A B                 | CUSIP: 095921AC6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    540000 | PA      | $546255.74    | 0.21%             | 2030-03-15      | Fixed         | 5.41%                 | Yes           |                  2 | On Loan: No      |
| OAK STREET INVESTMENT GRADE NET LEASE FUND LLC.         | OAK STREET INVESTMENT GRADE NET LEASE FUND SERIES OAKIG 2021-2A A3      | CUSIP: 67181DAL5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1602621 | PA      | $1048681.53   | 0.40%             | 2051-11-20      | Fixed         | 2.85%                 | Yes           |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                   | WELLS FARGO & CO MTN 4.900000% 01/24/2028                               | CUSIP: 95000U3R2<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   1325000 | PA      | $1336190.10   | 0.51%             | 2028-01-24      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| ORACLE CORPORATION                                      | ORACLE CORP 2.300000% 03/25/2028                                        | CUSIP: 68389XCD5<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   1325000 | PA      | $1265751.30   | 0.48%             | 2028-03-25      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| BARINGS EQUIPMENT FINANCE LLC                           | BARINGS EQUIPMENT FINANCE LLC 2025-B MMAF 2025-B A2                     | CUSIP: 06764YAB4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    570000 | PA      | $570922.37    | 0.22%             | 2029-02-13      | Fixed         | 4.02%                 | Yes           |                  2 | On Loan: No      |
| ANTARES HOLDINGS LP                                     | ANTARES HOLDINGS LP 144A 7.950000% 08/11/2028                           | CUSIP: 03666HAF8<br>LEI: 5493008EAIGV4283RM42 | Long             | DBT              | CORP              | CA        |   1170000 | PA      | $1236324.76   | 0.47%             | 2028-08-11      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | FREDDIE MAC REMICS FHR 5019 DA                                          | CUSIP: 3137FXHH4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   1963313 | PA      | $1893363.73   | 0.72%             | 2041-05-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| OAKTREE SPECIALTY LENDING CORPORATION                   | OAKTREE SPECIALTY LENDING CORP 2.700000% 01/15/2027                     | CUSIP: 67401PAC2<br>LEI: 549300J6MGCEU5928620 | Long             | DBT              | CORP              | US        |   1010000 | PA      | $989585.96    | 0.37%             | 2027-01-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| VOYA CLO                                                | VOYA CLO 2018-4 LTD VOYA 2018-4A A2RR                                   | CUSIP: 92917WBN7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    950000 | PA      | $951954.15    | 0.36%             | 2037-10-15      | Floating      | 5.27%                 | Yes           |                  2 | On Loan: No      |
| PAGAYA AI DEBT GRANTOR TRUST                            | PAGAYA AI DEBT GRANTOR TRUST 2025-1 PAID 2025-1 B                       | CUSIP: 69544NAC1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    334971 | PA      | $337488.51    | 0.13%             | 2032-07-15      | Fixed         | 5.63%                 | Yes           |                  2 | On Loan: No      |
| COLOGIX DATA CENTERS US ISSUER, LLC                     | COLOGIX DATA CENTERS US ISSUER LLC CLGIX 2021-1A A2                     | CUSIP: 19521UAA1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    500000 | PA      | $491624.50    | 0.19%             | 2051-12-26      | Fixed         | 3.30%                 | Yes           |                  2 | On Loan: No      |
| VONTIER CORPORATION                                     | VONTIER CORP 2.400000% 04/01/2028                                       | CUSIP: 928881AD3<br>LEI: 549300VVSQLG4P5K4639 | Long             | DBT              | CORP              | US        |   1340000 | PA      | $1288680.83   | 0.49%             | 2028-04-01      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| OWN EQUIPMENT FUND                                      | OWN EQUIPMENT FUND III LLC EQS 2025-2M A                                | CUSIP: 69122AAA3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    716641 | PA      | $720971.68    | 0.27%             | 2034-03-27      | Fixed         | 5.42%                 | Yes           |                  2 | On Loan: No      |
| AFFIRM ASSET SECURITIZATION TRUST                       | AFFIRM ASSET SECURITIZATION TRUST 2024-B AFFRM 2024-B A                 | CUSIP: 00835AAA6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1050000 | PA      | $1052505.93   | 0.40%             | 2029-09-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| OCP CLO LTD                                             | OCP CLO 2022-24 LTD OCP 2022-24A A2R                                    | CUSIP: 67118YAN3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |    950000 | PA      | $951611.20    | 0.36%             | 2037-10-20      | Floating      | 5.22%                 | Yes           |                  2 | On Loan: No      |
| FORD CREDIT AUTO OWNER TRUST                            | FORD CREDIT AUTO OWNER TRUST 2025-A FORDO 2025-A B                      | CUSIP: 34535KAF5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    750000 | PA      | $766506.23    | 0.29%             | 2031-02-15      | Fixed         | 4.89%                 | No            |                  2 | On Loan: No      |
| Enbridge Inc.                                           | ENBRIDGE INC 4.600000% 06/20/2028                                       | CUSIP: 29250NCH6<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | NUSS              | CA        |   1010000 | PA      | $1023966.29   | 0.39%             | 2028-06-20      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| PUBLIC STORAGE OPERATING COMPANY                        | PUBLIC STORAGE OPERATING CO VARIABLE RATE 04/16/2027                    | CUSIP: 74464AAA9<br>LEI: 549300LMZF40TKJ6DM64 | Long             | DBT              | CORP              | US        |    975000 | PA      | $978363.49    | 0.37%             | 2027-04-16      | Floating      | 4.37%                 | No            |                  2 | On Loan: No      |
| SANTANDER DRIVE AUTO RECEIVABLES TRUST                  | SANTANDER DRIVE AUTO RECEIVABLES TRUST 2025-3 SDART 2025-3 B            | CUSIP: 80288JAD5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1050000 | PA      | $1057699.02   | 0.40%             | 2031-09-15      | Fixed         | 4.49%                 | No            |                  2 | On Loan: No      |
| SEQUOIA MORTGAGE TRUST                                  | SEQUOIA MORTGAGE TRUST 2024-5 SEMT 2024-5 A11                           | CUSIP: 81743CAL9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    172269 | PA      | $172429.75    | 0.07%             | 2054-06-25      | Floating      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| GM FINANCIAL CONSUMER AUTOMOBILE RECEIVABLES TRUST      | GM FINANCIAL CONSUMER AUTOMOBILE RECEIVABLES TRUST GMCAR 2025-1 B       | CUSIP: 362955AF3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    490000 | PA      | $499480.81    | 0.19%             | 2030-08-16      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RPM INTERNATIONAL INC.                                  | RPM INTERNATIONAL INC 3.750000% 03/15/2027                              | CUSIP: 749685AV5<br>LEI: 549300TJCKW4BRXPJ474 | Long             | DBT              | CORP              | US        |    962000 | PA      | $958446.25    | 0.36%             | 2027-03-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| J.P. MORGAN MORTGAGE TRUST                              | J.P. MORGAN MORTGAGE TRUST 2023-2 JPMMT 2023-2 A4A                      | CUSIP: 46656DAM3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    393811 | PA      | $392978.85    | 0.15%             | 2053-07-25      | Floating      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| EXTRA SPACE STORAGE LP                                  | EXTRA SPACE STORAGE LP 5.700000% 04/01/2028                             | CUSIP: 30225VAJ6<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              | CORP              | US        |    915000 | PA      | $943939.43    | 0.36%             | 2028-04-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| FS KKR CAPITAL CORP.                                    | FS KKR CAPITAL CORP 3.125000% 10/12/2028                                | CUSIP: 302635AK3<br>LEI: 549300TYRSI1T21B1360 | Long             | DBT              | CORP              | US        |    500000 | PA      | $461400.92    | 0.17%             | 2028-10-12      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| BX COMMERCIAL MORTGAGE TRUST                            | BX COMMERCIAL MORTGAGE TRUST 2025-BCAT BX 2025-BCAT A                   | CUSIP: 12433HAA2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    527057 | PA      | $527715.48    | 0.20%             | 2042-08-15      | Floating      | 5.06%                 | Yes           |                  2 | On Loan: No      |
| WISCONSIN ELECTRIC POWER COMPANY                        | WISCONSIN ELECTRIC POWER CO 3.950000% 03/01/2029                        | CUSIP: 976656CV8<br>LEI: AENKIFMULUAWOUU8Q584 | Long             | DBT              | CORP              | US        |   1190000 | PA      | $1189181.73   | 0.45%             | 2029-03-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| PALMER SQUARE BDC CLO LTD                               | PALMER SQUARE BDC CLO 1 LTD PSBDC 1A A                                  | CUSIP: 696928AA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    950000 | PA      | $952212.55    | 0.36%             | 2037-07-15      | Floating      | 5.27%                 | Yes           |                  2 | On Loan: No      |
| MORGAN STANLEY                                          | EATON VANCE CORP 3.500000% 04/06/2027                                   | CUSIP: 278265AE3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   1010000 | PA      | $1006080.26   | 0.38%             | 2027-04-06      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| AVANT LOANS FUNDING TRUST                               | AVANT LOANS FUNDING TRUST 2025-REV1 AVNT 2025-REV1 A                    | CUSIP: 05352BAA6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    550000 | PA      | $552801.10    | 0.21%             | 2034-05-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| HOWMET AEROSPACE INC.                                   | HOWMET AEROSPACE INC 6.750000% 01/15/2028                               | CUSIP: 022249AU0<br>LEI: 549300HO5WFZUT5N2T22 | Long             | DBT              | CORP              | US        |    925000 | PA      | $972535.69    | 0.37%             | 2028-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| HEWLETT PACKARD ENTERPRISE COMPANY                      | HEWLETT PACKARD ENTERPRISE CO 4.400000% 09/25/2027                      | CUSIP: 42824CBS7<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |    954000 | PA      | $958941.42    | 0.36%             | 2027-09-25      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO.                                    | JPMORGAN CHASE & CO 4.505000% 10/22/2028                                | CUSIP: 46647PEP7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    940000 | PA      | $948689.38    | 0.36%             | 2028-10-22      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| TRINITY RAIL LEASING LLC                                | TRINITY RAIL LEASING 2019-1 LLC TRL 2019-1A A                           | CUSIP: 89657BAA2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    622372 | PA      | $621260.57    | 0.23%             | 2049-04-17      | Fixed         | 3.82%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-31

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

**Signature:** Andrew Metzger

**Name of Signer:** Andrew Metzger

**Title:** Treasurer, Controller and Chief Financial Officer