# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0001752724-25-212421
**Filing Date:** 2025-8
**Character Count:** 89220
**Document Hash:** 54d9e1f1c1a4409c6d9956578f2eadce
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-212421.hdr.sgml**: 20250829

**ACCESSION NUMBER**: 0001752724-25-212421

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250829

**DATE AS OF CHANGE**: 20250829

**PERIOD START**: 20250930

**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:** 251277720

**BUSINESS ADDRESS:**
- **STREET 1:** ONE FREEDOM VALLEY DRIVE
- **CITY:** OAKS
- **STATE:** PA
- **ZIP:** 19456
- **BUSINESS PHONE:** (800) 342-5734

**MAIL ADDRESS:**
- **STREET 1:** ONE FREEDOM VALLEY DRIVE
- **CITY:** OAKS
- **STATE:** PA
- **ZIP:** 19456

## Series and Classes Contracts Data

### MetLife Opportunistic High Yield Fund (Series ID: S000063586)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000206015 | Investor Shares      | MFHVX           |
| C000206016 | Institutional Shares | MFHIX           |

## Nport-Ex

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **METLIFE OPPORTUNISTIC HIGH YIELD FUND** |
|  | **JUNE 30, 2025** *(Unaudited)* |

---

**SCHEDULE OF INVESTMENTS <br> CORPORATE OBLIGATIONS — 77.1%**

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **Communication Services — 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Beasley Mezzanine Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 08/02/2025 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.200%, 08/01/2028(A) | $1027000 | $179725 |
| &nbsp;&nbsp;&nbsp;Dotdash Meredith |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 06/15/2028 @ $104 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.625%, 06/15/2032(A) | 1825000 | 1769703 |
| &nbsp;&nbsp;&nbsp;Spanish Broadcasting System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 07/13/2025 @ $102 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.750%, 03/01/2026(A) | 1113000 | 734580 |
| &nbsp;&nbsp;&nbsp;Urban One |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 08/02/2025 @ $102 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.375%, 02/01/2028(A) | 2183000 | 1222881 |
|  |  | 3906889 |
| **Consumer Discretionary — 9.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Cruise Yacht Upper HoldCo |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 07/05/2026 @ $106 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.875%, 07/05/2028 | 1200000 | 993244 |
| &nbsp;&nbsp;&nbsp;Garda World Security |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 11/15/2027 @ $104 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.375%, 11/15/2032(A) | 1385000 | 1422684 |
| &nbsp;&nbsp;&nbsp;Jacobs Entertainment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 08/02/2025 @ $103 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.750%, 02/15/2029(A) | 1800000 | 1732500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 08/02/2025 @ $103 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.750%, 02/15/2029(A) | 711000 | 681110 |
| &nbsp;&nbsp;&nbsp;NES Fircroft Bondco |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 09/30/2026 @ $104 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.000%, 09/30/2029(A) | 2000000 | 2002500 |
| &nbsp;&nbsp;&nbsp;Park River Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 08/02/2025 @ $102 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.750%, 08/01/2029(A) | 2406000 | 1962196 |
| &nbsp;&nbsp;&nbsp;Scientific Games Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 08/02/2025 @ $103 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625%, 03/01/2030(A) | 1250000 | 1204573 |
| &nbsp;&nbsp;&nbsp;SP Cruises Intermediate |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 09/14/2027 @ $106 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.500%, 03/14/2030(A) | 1500000 | 1378133 |
| &nbsp;&nbsp;&nbsp;SWF Holdings I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 08/02/2025 @ $103 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 10/01/2029(A) | 670000 | 256275 |

---

**1**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **METLIFE OPPORTUNISTIC HIGH YIELD FUND** |
|  | **JUNE 30, 2025** *(Unaudited)* |

---

**CORPORATE OBLIGATIONS — continued**

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Velocity Vehicle Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 06/01/2026 @ $104 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.000%, 06/01/2029(A) | $226000 | $225817 |
| &nbsp;&nbsp;&nbsp;Voyager Parent |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 07/01/2028 @ $105 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.250%, 07/01/2032(A) | 1340000 | 1394172 |
|  |  | 13253204 |
| **Energy — 21.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Archer Norge |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 08/25/2027 @ $105 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.500%, 02/25/2030 | 1250000 | 1288612 |
| &nbsp;&nbsp;&nbsp;Borr IHC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 11/15/2025 @ $105 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.000%, 11/15/2028(A) | 1990937 | 1818307 |
| &nbsp;&nbsp;&nbsp;Constellation Oil Services Holding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 11/07/2026 @ $105 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.375%, 11/07/2029(A) | 1430000 | 1455025 |
| &nbsp;&nbsp;&nbsp;Ferrellgas Escrow |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 08/02/2025 @ $101 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875%, 04/01/2029(A) | 2325000 | 2151019 |
| &nbsp;&nbsp;&nbsp;Genesis Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 05/15/2028 @ $104 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.000%, 05/15/2033 | 1268000 | 1325722 |
| &nbsp;&nbsp;&nbsp;Global Partners |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 07/01/2028 @ $104 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.125%, 07/01/2033(A) | 550000 | 557708 |
| &nbsp;&nbsp;&nbsp;Greenfire Resources |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 10/01/2025 @ $106 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.000%, 10/01/2028(A) | 1881000 | 1979826 |
| &nbsp;&nbsp;&nbsp;ITT Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 08/02/2025 @ $102 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 08/01/2029(A) | 2200000 | 2092092 |
| &nbsp;&nbsp;&nbsp;Nabors Industries |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 08/15/2027 @ $104 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.875%, 08/15/2031(A) | 2504000 | 1859991 |
| &nbsp;&nbsp;&nbsp;NGL Energy Operating |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 02/15/2027 @ $104 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.375%, 02/15/2032(A) | 1987000 | 1992967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 02/15/2026 @ $104 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.125%, 02/15/2029(A) | 140000 | 141442 |
| &nbsp;&nbsp;&nbsp;Odfjell Rig III |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 11/30/2025 @ $105 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.250%, 05/31/2028 | 1097367 | 1122587 |

---

**2**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **METLIFE OPPORTUNISTIC HIGH YIELD FUND** |
|  | **JUNE 30, 2025** *(Unaudited)* |

---

**CORPORATE OBLIGATIONS — continued**

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Paratus Energy Services |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 12/27/2026 @ $105 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.500%, 06/27/2029 | $2000000 | $1965000 |
| &nbsp;&nbsp;&nbsp;Shelf Drilling Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 10/15/2025 @ $105 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.625%, 04/15/2029(A) | 2473000 | 1981323 |
| &nbsp;&nbsp;&nbsp;Star Holding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 08/01/2027 @ $104 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.750%, 08/01/2031(A) | 988000 | 931058 |
| &nbsp;&nbsp;&nbsp;Summit Midstream Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 07/31/2026 @ $104 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.625%, 10/31/2029(A) | 1360000 | 1391329 |
| &nbsp;&nbsp;&nbsp;Tenneco |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 08/02/2025 @ $104 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.000%, 11/17/2028(A) | 2174000 | 2149863 |
| &nbsp;&nbsp;&nbsp;TransMontaigne Partners |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 03/15/2027 @ $104 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.500%, 06/15/2030(A) | 1055000 | 1097511 |
| &nbsp;&nbsp;&nbsp;Venture Global LNG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 06/01/2026 @ $104 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.375%, 06/01/2031(A) | 1900000 | 1973408 |
| &nbsp;&nbsp;&nbsp;Welltec International APS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 07/13/2025 @ $102 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.250%, 10/15/2026(A) | 691000 | 687603 |
|  |  | 29962393 |
| **Financials — 5.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Burford Capital Global Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 08/02/2025 @ $103 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875%, 04/15/2030(A) | 1650000 | 1648269 |
| &nbsp;&nbsp;&nbsp;Midcap Financial Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 07/18/2025 @ $102 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 05/01/2028(A) | 1833000 | 1815676 |
| &nbsp;&nbsp;&nbsp;Phoenix Aviation Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 07/15/2027 @ $105 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.250%, 07/15/2030(A) | 1195000 | 1237706 |
| &nbsp;&nbsp;&nbsp;TrueNoord Capital DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 03/01/2027 @ $104 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.750%, 03/01/2030(A) | 1255000 | 1303146 |
| &nbsp;&nbsp;&nbsp;VistaJet Malta Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 08/02/2025 @ $103 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.375%, 02/01/2030(A) | 2361000 | 2213390 |
|  |  | 8218187 |

---

**3**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **METLIFE OPPORTUNISTIC HIGH YIELD FUND** |
|  | **JUNE 30, 2025** *(Unaudited)* |

---

**CORPORATE OBLIGATIONS — continued**

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **Industrials — 19.2%** | | |
| &nbsp;&nbsp;&nbsp;Airswift Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 08/28/2026 @ $105 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.000%, 02/28/2029(A) | $2000000 | $2021054 |
| &nbsp;&nbsp;&nbsp;Alta Equipment Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 06/01/2026 @ $105 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.000%, 06/01/2029(A) | 1847000 | 1722372 |
| &nbsp;&nbsp;&nbsp;Brand Industrial Services |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 08/01/2026 @ $105 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.375%, 08/01/2030(A) | 1970000 | 1817594 |
| &nbsp;&nbsp;&nbsp;Brightline East |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 05/09/2027 @ $106 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.000%, 01/31/2030(A) | 2247000 | 1662780 |
| &nbsp;&nbsp;&nbsp;Cimpress |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 09/15/2027 @ $104 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.375%, 09/15/2032(A) | 1975000 | 1885142 |
| &nbsp;&nbsp;&nbsp;Deluxe |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 08/02/2025 @ $103 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.000%, 06/01/2029(A) | 1950000 | 1879974 |
| &nbsp;&nbsp;&nbsp;Efesto Bidco S.p.A Efesto US |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 02/15/2028 @ $104 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.500%, 02/15/2032(A) | 1239000 | 1254495 |
| &nbsp;&nbsp;&nbsp;Innovate |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 07/13/2025 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.500%, 02/01/2026(A) | 1454000 | 1294147 |
| &nbsp;&nbsp;&nbsp;JELD-WEN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 08/02/2025 @ $101 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875%, 12/15/2027(A) | 845000 | 783383 |
| &nbsp;&nbsp;&nbsp;Navios South American Logistics |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.875%, 07/14/2030 | 1000000 | 1000000 |
| &nbsp;&nbsp;&nbsp;New Flyer Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 07/01/2027 @ $105 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.250%, 07/01/2030(A) | 190000 | 200458 |
| &nbsp;&nbsp;&nbsp;OneSky Flight |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 12/15/2026 @ $104 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.875%, 12/15/2029(A) | 1785000 | 1858615 |
| &nbsp;&nbsp;&nbsp;Oscar AcquisitionCo |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 08/02/2025 @ $105 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.500%, 04/15/2030(A) | 1361000 | 1108211 |
| &nbsp;&nbsp;&nbsp;Park-Ohio Industries |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 08/02/2025 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625%, 04/15/2027 | 1975000 | 1928859 |

---

**4**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **METLIFE OPPORTUNISTIC HIGH YIELD FUND** |
|  | **JUNE 30, 2025** *(Unaudited)* |

---

**CORPORATE OBLIGATIONS — continued**

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Railworks Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 08/02/2025 @ $104 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.250%, 11/15/2028(A) | $1899000 | $1941727 |
| &nbsp;&nbsp;&nbsp;Rand Parent |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 02/15/2026 @ $104 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.500%, 02/15/2030(A) | 2025000 | 2033424 |
| &nbsp;&nbsp;&nbsp;Specialty Building Products Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 10/15/2026 @ $104 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.750%, 10/15/2029(A) | 795000 | 781287 |
| &nbsp;&nbsp;&nbsp;Wilsonart |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 08/15/2027 @ $106 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.000%, 08/15/2032(A) | 1670000 | 1517238 |
|  |  | 26690760 |
| **Information Technology — 4.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Consensus Cloud Solutions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 10/15/2026 @ $102 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 10/15/2028(A) | 1791000 | 1781877 |
| &nbsp;&nbsp;&nbsp;ION Trading Technologies S.A.R.L. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 05/30/2026 @ $105 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.500%, 05/30/2029(A) | 1800000 | 1848602 |
| &nbsp;&nbsp;&nbsp;Virtusa |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 08/02/2025 @ $102 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.125%, 12/15/2028(A) | 2150000 | 2049172 |
| &nbsp;&nbsp;&nbsp;Xerox Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 11/30/2026 @ $104 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.875%, 11/30/2029(A) | 140000 | 105701 |
|  |  | 5785352 |
| **Materials — 14.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Calderys Financing II |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 08/02/2025 @ $104 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.750%, 06/01/2028(A) | 1592000 | 1652541 |
| &nbsp;&nbsp;&nbsp;Cascades |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 07/15/2027 @ $103 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.750%, 07/15/2030(A) | 345000 | 346694 |
| &nbsp;&nbsp;&nbsp;Cerdia Finanz GmbH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 10/15/2027 @ $105 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.375%, 10/03/2031(A) | 1650000 | 1710176 |
| &nbsp;&nbsp;&nbsp;Consolidated Energy Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 02/15/2027 @ $106 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.000%, 02/15/2031(A) | 606000 | 594387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 08/02/2025 @ $103 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625%, 10/15/2028(A) | 1456000 | 1248183 |

---

**5**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **METLIFE OPPORTUNISTIC HIGH YIELD FUND** |
|  | **JUNE 30, 2025** *(Unaudited)* |

---

**CORPORATE OBLIGATIONS — continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face Amount** | **Face Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;Conuma Resources |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 05/01/2026 @ $110 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.125%, 05/01/2028(A) | $| 1684000 | $| 1675580 |
| &nbsp;&nbsp;&nbsp;JW Aluminum Continuous Cast |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 04/01/2027 @ $105 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.250%, 04/01/2030(A) |  | 1865000 |  | 1883725 |
| &nbsp;&nbsp;&nbsp;LABL |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 10/01/2027 @ $104 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.625%, 10/01/2031(A) |  | 1877000 |  | 1605526 |
| &nbsp;&nbsp;&nbsp;Magnera |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 11/15/2027 @ $104 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.250%, 11/15/2031(A) |  | 1125000 |  | 1060762 |
| &nbsp;&nbsp;&nbsp;Mativ Holdings |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 10/01/2026 @ $104 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.000%, 10/01/2029(A) |  | 2000000 |  | 1812153 |
| &nbsp;&nbsp;&nbsp;Mercer International |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 10/01/2025 @ $106 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.875%, 10/01/2028(A) |  | 1895000 |  | 1922030 |
| &nbsp;&nbsp;&nbsp;Rain Carbon |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 03/01/2026 @ $106 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.250%, 09/01/2029(A) |  | 2055000 |  | 2203887 |
| &nbsp;&nbsp;&nbsp;TMS International |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 07/13/2025 @ $102 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.250%, 04/15/2029(A) |  | 2259000 |  | 2147897 |
|  |  |  |  | 19863541 |
| &nbsp;&nbsp;&nbsp;**TOTAL CORPORATE OBLIGATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $112,164,544) |  |  |  | 107680326 |
| **LOAN OBLIGATIONS — 18.7%** | **LOAN OBLIGATIONS — 18.7%** | **LOAN OBLIGATIONS — 18.7%** | **LOAN OBLIGATIONS — 18.7%** | **LOAN OBLIGATIONS — 18.7%** |
| **Communication Services — 1.9%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;DIRECTV Financing, LLC, 2024 Term Loan |  |  |  |  |
| &nbsp;&nbsp;&nbsp;9.791%, CME Term SOFR + 5.250%, 08/02/2029 |  | 241443 |  | 239137 |
| &nbsp;&nbsp;&nbsp;Research Now Group, LLC, Second Out Term Loan |  |  |  |  |
| &nbsp;&nbsp;&nbsp;10.086%, CME Term SOFR + 5.500%, 10/15/2028 |  | 724578 |  | 637324 |
| &nbsp;&nbsp;&nbsp;Townsquare Media, Inc., Initial Term Loan |  |  |  |  |
| &nbsp;&nbsp;&nbsp;9.324%, CME Term SOFR + 5.000%, 02/06/2030 |  | 1937813 |  | 1724653 |
|  |  |  |  | 2601114 |

---

**6**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **METLIFE OPPORTUNISTIC HIGH YIELD FUND** |
|  | **JUNE 30, 2025** *(Unaudited)* |

---

**LOAN OBLIGATIONS — continued**

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **Consumer Discretionary — 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Century Casino, Term Loan, 1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;10.411%, CME Term SOFR + 6.000%, 03/23/2029 | $2193606 | $1928180 |
| &nbsp;&nbsp;&nbsp;Kelso Industries, LLC, Delayed Draw Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, CME Term SOFR + 5.750%, 12/26/2029 | 152950 |  |
| &nbsp;&nbsp;&nbsp;Kelso Industries, LLC, Initial Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;10.077%, CME Term SOFR + 5.750%, 12/26/2029 | 103500 | 103500 |
| &nbsp;&nbsp;&nbsp;Kelso Industries, LLC, Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;10.077%, CME Term SOFR + 5.750%, 12/26/2029 | 773368 | 773368 |
| &nbsp;&nbsp;&nbsp;River Rock Entertainment Authority, Term Loan, 1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, 06/25/2031 (B) | 1640000 | 1590800 |
|  |  | 4395848 |
| **Energy — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Natgasoline, LLC |  |  |
| &nbsp;&nbsp;&nbsp;9.827%, CME Term SOFR + 5.500%, 03/24/2030 | 1361438 | 1349525 |
| **Financials — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;HP PHRG Borrower, LLC, Closing Date Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;8.333%, CME Term SOFR + 4.000%, 02/13/2032 | 1320000 | 1311750 |
| &nbsp;&nbsp;&nbsp;RLG Holdings, Term Loan, 2nd Lien |  |  |
| &nbsp;&nbsp;&nbsp;11.941%, CME Term SOFR + 7.500%, 07/02/2029 | 996000 | 641802 |
|  |  | 1953552 |
| **Industrials — 5.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Aramsco, Inc., Initial Delayed Draw Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;9.048%, CME Term SOFR + 4.750%, 10/10/2030 | 51071 | 41112 |
| &nbsp;&nbsp;&nbsp;Aramsco, Inc., Initial Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;9.046%, CME Term SOFR + 4.750%, 10/10/2030 | 493042 | 396899 |

---

**7**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **METLIFE OPPORTUNISTIC HIGH YIELD FUND** |
|  | **JUNE 30, 2025** *(Unaudited)* |

---

**LOAN OBLIGATIONS — continued**

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **Industrials — continued** |  |  |
| &nbsp;&nbsp;&nbsp;FCG Acquisitions, Inc., Initial Term Loan, 2nd Lien |  |  |
| &nbsp;&nbsp;&nbsp;11.307%, CME Term SOFR + 6.750%, 03/30/2029 | $380000 | $379050 |
| &nbsp;&nbsp;&nbsp;Form Technologies, LLC, Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;10.020%, CME Term SOFR + 5.750%, 05/30/2030 | 1310000 | 1236312 |
| &nbsp;&nbsp;&nbsp;HDI Aerospace Intermediate Holding III Corp., Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;8.730%, CME Term SOFR + 4.500%, 09/19/2031 | 1413000 | 1413000 |
| &nbsp;&nbsp;&nbsp;Kodiak BP, LLC, Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;8.035%, CME Term SOFR + 3.750%, 12/04/2031 | 228850 | 220172 |
| &nbsp;&nbsp;&nbsp;Michael Baker International, LLC, Term B-1 Loan |  |  |
| &nbsp;&nbsp;&nbsp;8.280%, CME Term SOFR + 4.000%, 12/01/2028 | 742519 | 745303 |
| &nbsp;&nbsp;&nbsp;One Stop Mailing, LLC, Term Loan, 1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;10.691%, CME Term SOFR + 6.250%, 05/07/2027 | 945428 | 945792 |
| &nbsp;&nbsp;&nbsp;Titan Purchaser, Inc., Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;10.296%, CME Term SOFR + 6.000%, 01/31/2030 | 1083615 | 1083615 |
| &nbsp;&nbsp;&nbsp;Trulite Holding Corp., Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;10.288%, CME Term SOFR + 6.000%, 02/22/2030 | 1378357 | 1330115 |
|  |  | 7791370 |
| **Information Technology — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Emerald EMS, Term Loan, 1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;10.733%, CME Term SOFR + 6.250%, 12/29/2027 | 597188 | 412060 |
| &nbsp;&nbsp;&nbsp;Venga Finance, LLC, 2025 Incremental Dollar Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;8.344%, CME Term SOFR + 3.750%, 06/28/2029 | 1054206 | 1053552 |
|  |  | 1465612 |

---

**8**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **METLIFE OPPORTUNISTIC HIGH YIELD FUND** |
|  | **JUNE 30, 2025** *(Unaudited)* |

---

**LOAN OBLIGATIONS — continued**

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **Materials — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Opta Inc., 2024 Incremental Delayed Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;11.291%, CME Term SOFR + 6.750%, 11/09/2028 | $435708 | $424815 |
| &nbsp;&nbsp;&nbsp;Opta Inc., Delayed Draw Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;11.331%, CME Term SOFR + 6.750%, 11/09/2028 | 155160 | 151281 |
| &nbsp;&nbsp;&nbsp;11.291%, CME Term SOFR + 6.750%, 11/08/2028 | 136447 | 133036 |
| &nbsp;&nbsp;&nbsp;Opta Inc., Term Loan, 1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;11.312%, CME Term SOFR + 6.750%, 11/09/2028 | 871725 | 849932 |
|  |  | 1559064 |
| **Utilities — 3.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Goodnight Water Solutions Holdings, LLC, Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;8.827%, CME Term SOFR + 4.500%, 06/04/2029 | 1422220 | 1422220 |
| &nbsp;&nbsp;&nbsp;MH Sub 1, LLC, 2023 May Incremental Term Loan, 1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;8.577%, CME Term SOFR + 4.250%, 05/03/2028 | 1297497 | 1216001 |
| &nbsp;&nbsp;&nbsp;MH Sub I, LLC, 2024 December New Term Loan, 1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;8.577%, CME Term SOFR + 4.250%, 12/31/2031 | 878161 | 761076 |
| &nbsp;&nbsp;&nbsp;WaterBridge Midstream Operating, LLC, Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;9.314%, CME Term SOFR + 4.750%, 06/27/2029 | 1652513 | 1641589 |
|  |  | 5040886 |
| &nbsp;&nbsp;&nbsp;**TOTAL LOAN OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $27,377,596) |  | 26156971 |

---

**9**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **METLIFE OPPORTUNISTIC HIGH YIELD FUND** |
|  | **JUNE 30, 2025** *(Unaudited)* |

---

**MUNICIPAL BOND — 1.1%**

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;California Infrastructure & Economic Development Bank, Sub-Ser B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 01/01/2029 @ $105 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.500%, 01/01/2065 (A) | $1550000 | $1468785 |
| &nbsp;&nbsp;&nbsp;**TOTAL MUNICIPAL BOND** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,516,893) |  | 1468785 |

---

**COMMON STOCK — 0.4%**

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| &nbsp;&nbsp;&nbsp;**Communication Services — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beasley Broadcast Group, Inc., Class A \*(C)(D) | 1042 | 3720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Insights Holdings \*(C)(D) | 10040 | 203310 |
|  |  | 207030 |
| &nbsp;&nbsp;&nbsp;**Consumer Discretionary — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 Hour Fitness Worldwide, Inc. \*(C)(D) | 90461 | 905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PSS Industrial Offering, Class A \*(C)(D) | 1353 | 91852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PSS Industrial Offering, Class B \*(C)(D) | 351 | 23856 |
|  |  | 116613 |
| &nbsp;&nbsp;&nbsp;**Energy — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greenfire Resources \* | 56516 | 252061 |
| &nbsp;&nbsp;&nbsp;**Industrials — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altera Infrastructure (C)(D) | 2800 | 28000 |
| &nbsp;&nbsp;&nbsp;**Information Technology — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PVKG Investment Holdings \*(C)(D) | 445 | 1780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL COMMON STOCK** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $2,331,677) |  | 605484 |
| **PREFERRED STOCK — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;**Consumer Discretionary — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 Hour Fitness Worldwide, Inc. # \*(C)(D) | 22590 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL PREFERRED STOCK** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $30,496) |  | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS — 97.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $143,421,206) |  | $135911792 |

---

Percentages are based on Net Assets of $139,742,761.

**10**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **METLIFE OPPORTUNISTIC HIGH YIELD FUND** |
|  | **JUNE 30, 2025** *(Unaudited)* |

---

\* Non-income producing security.

# There is currently no interest rate available.

(A) Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "accredited investors". The total value of such securities as of June 30, 2025 was $99,525,087 and represents 71.2% of Net Assets.

(B) Unsettled Bank Loan. Interest rate may not be available.

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

(D) Securities considered restricted. The total market value of such securities as of June 30, 2025 was $353,649 and represented 0.3% of the Net Assets.

---

| |
|:---|
| CME — Chicago Mercantile Exchange |
| LLC — Limited Liability Company |
| Ser — Series |
| SOFR — Secured Overnight Financing Rate |

---

A list of the restricted securities, excluding 144a, held by the Fund at June 30, 2025, is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Number of<br> Shares | Acquisition<br> Date | Cost | Market Value |
| **Common Stock** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;24 Hour Fitness Worldwide, Inc. | 90461 | 12/29/2020 | $601017 | $905 |
| &nbsp;&nbsp;&nbsp;Altera Infrastructure | 2800 | 12/5/2022 | 633990 | 28000 |
| &nbsp;&nbsp;&nbsp;Beasley Broadcast Group, Inc., Class A | 1042 | 10/10/2024 | 11 | 3720 |
| &nbsp;&nbsp;&nbsp;New Insights Holdings | 10040 | 7/15/2025 | 315135 | 203310 |
| &nbsp;&nbsp;&nbsp;PSS Industrial Offering, Class A | 1353 | 5/23/2022 | 77451 | 91852 |
| &nbsp;&nbsp;&nbsp;PSS Industrial Offering, Class B | 351 | 12/23/2019 | 527705 | 23856 |
| &nbsp;&nbsp;&nbsp;PVKG Investment Holdings | 445 | 6/4/2024 | 137213 | 1780 |
| **Preferred Stock** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;24 Hour Fitness Worldwide, Inc. | 22590 | 12/7/2020 | 30496 | 226 |
|  |  |  | $2323018 | $353649 |

---

 

*MES-QH-001-1300*

**11**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **METLIFE SMALL COMPANY EQUITY FUND** |
|  | **JUNE 30, 2025** *(Unaudited)* |

---

**SCHEDULE OF INVESTMENTS** <br> **COMMON STOCK — 94.4%**

 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Communication Services — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nexstar Media Group, Cl A | 578 | $99965 |
| &nbsp;&nbsp;&nbsp;**Consumer Discretionary — 8.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bright Horizons Family Solutions \* | 1020 | 126062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Watch Restaurant Group \* | 5922 | 94989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kontoor Brands | 2004 | 132204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Levi Strauss, Cl A | 6354 | 117486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meritage Homes | 1420 | 95097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings \* | 1035 | 136392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YETI Holdings \* | 2972 | 93677 |
|  |  | 795907 |
| &nbsp;&nbsp;&nbsp;**Consumer Staples — 3.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;elf Beauty \* | 797 | 99179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inter Parfums | 808 | 106098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lancaster Colony | 534 | 92259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sprouts Farmers Market \* | 370 | 60917 |
|  |  | 358453 |
| &nbsp;&nbsp;&nbsp;**Energy — 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Antero Resources \* | 2315 | 93248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlas Energy Solutions, Cl A | 4563 | 61007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matador Resources | 1873 | 89380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TechnipFMC PLC | 3114 | 107246 |
|  |  | 350881 |
| &nbsp;&nbsp;&nbsp;**Financials — 16.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlantic Union Bankshares | 2953 | 92370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banner | 1440 | 92376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone Mortgage Trust, Cl A ‡ | 6406 | 123316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dynex Capital ‡ | 8077 | 98701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hancock Whitney | 1837 | 105444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lazard, Cl A | 1943 | 93225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OceanFirst Financial | 5322 | 93720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Piper Sandler | 366 | 101726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selective Insurance Group | 1386 | 120097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simmons First National, Cl A | 5309 | 100659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SouthState | 1149 | 105742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synovus Financial | 2205 | 114109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Capital Bancshares \* | 1473 | 116956 |

---

**12**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **METLIFE SMALL COMPANY EQUITY FUND** |
|  | **JUNE 30, 2025** *(Unaudited)* |

---

**COMMON STOCK — continued**

 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Financials — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zions Bancorp | 2234 | $116034 |
|  |  | 1474475 |
| &nbsp;&nbsp;&nbsp;**Health Care — 16.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ADMA Biologics \* | 7588 | 138177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alkermes \* | 4360 | 124740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphatec Holdings \* | 12438 | 138062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avantor \* | 8373 | 112700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axsome Therapeutics \* | 1300 | 135707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bruker | 2729 | 112435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Catalyst Pharmaceuticals \* | 4743 | 102923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Globus Medical, Cl A \* | 2204 | 130080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Haemonetics \* | 1906 | 142207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Halozyme Therapeutics \* | 2638 | 137229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICU Medical \* | 847 | 111931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stevanato Group | 5464 | 133485 |
|  |  | 1519676 |
| &nbsp;&nbsp;&nbsp;**Industrials — 16.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACV Auctions, Cl A \* | 4323 | 70119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Lease, Cl A | 2368 | 138504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alaska Air Group \* | 1675 | 82879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allegiant Travel | 849 | 46653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CACI International, Cl A \* | 239 | 113931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enerpac Tool Group, Cl A | 2007 | 81404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fluor \* | 3119 | 159911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gates Industrial PLC \* | 6023 | 138710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hayward Holdings \* | 7846 | 108275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Helios Technologies | 2823 | 94203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ITT | 669 | 104919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;John Bean Technologies | 776 | 93322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Korn Ferry | 1357 | 99509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mercury Systems \* | 2529 | 136212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WNS Holdings \* | 857 | 54197 |
|  |  | 1522748 |
| &nbsp;&nbsp;&nbsp;**Information Technology — 12.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACI Worldwide \* | 2725 | 125105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Energy Industries | 1131 | 149858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackLine \* | 2017 | 114203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Itron \* | 770 | 101355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kyndryl Holdings \* | 4120 | 172875 |

---

**13**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **METLIFE SMALL COMPANY EQUITY FUND** |
|  | **JUNE 30, 2025** *(Unaudited)* |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Information Technology — continued** | &nbsp;&nbsp;&nbsp;**Information Technology — continued** | &nbsp;&nbsp;&nbsp;**Information Technology — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Littelfuse | 413 | $93639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lumentum Holdings \* | 976 | 92779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rambus \* | 2603 | 166644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Semtech \* | 2503 | 112985 |
|  |  | 1129443 |
| &nbsp;&nbsp;&nbsp;**Materials — 6.7%** | &nbsp;&nbsp;&nbsp;**Materials — 6.7%** | &nbsp;&nbsp;&nbsp;**Materials — 6.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axalta Coating Systems \* | 2854 | 84735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coeur Mining \* | 19854 | 175906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mosaic | 3456 | 126075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O-I Glass, Cl I \* | 8867 | 130700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TriMas | 3327 | 95186 |
|  |  | 612602 |
| &nbsp;&nbsp;&nbsp;**Real Estate — 6.7%** | &nbsp;&nbsp;&nbsp;**Real Estate — 6.7%** | &nbsp;&nbsp;&nbsp;**Real Estate — 6.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Independence Realty Trust ‡ | 6303 | 111500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kilroy Realty ‡ | 2929 | 100494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Health Investors ‡ | 1690 | 118503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plymouth Industrial ‡ | 5300 | 85118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PotlatchDeltic ‡ | 2903 | 111388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STAG Industrial ‡ | 2454 | 89031 |
|  |  | 616034 |
| &nbsp;&nbsp;&nbsp;**Utilities — 2.1%** | &nbsp;&nbsp;&nbsp;**Utilities — 2.1%** | &nbsp;&nbsp;&nbsp;**Utilities — 2.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northwest Natural Holding | 3114 | 123688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northwestern Energy Group | 1420 | 72846 |
|  |  | 196534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL COMMON STOCK** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $7,771,597) |  | 8676718 |
| **EXCHANGE-TRADED FUNDS — 1.9%** | **EXCHANGE-TRADED FUNDS — 1.9%** | **EXCHANGE-TRADED FUNDS — 1.9%** |
| **EQUITY FUNDS — 1.9%** | **EQUITY FUNDS — 1.9%** | **EQUITY FUNDS — 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares Russell 2000 ETF | 215 | 46395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPDR S&P Biotech ETF | 1579 | 130946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXCHANGE-TRADED FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $170,405) |  | 177341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS — 96.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $7,942,002) |  | $8854059 |

---

Percentages are based on Net Assets of $9,195,104.

\* Non-income producing security.

**14**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **METLIFE SMALL COMPANY EQUITY FUND** |
|  | **JUNE 30, 2025** *(Unaudited)* |

---

‡ Real
Estate Investment Trust

Cl — Class

ETF — Exchange Traded Fund

PLC — Public Limited Company

S&P — Standard & Poor's

SPDR — Standard & Poor's Depositary Receipts

 

*MES-QH-001-1300*

 

**15**

## 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:** MetLife Opportunistic High Yield Fund

- **b. EDGAR series identifier (if any):** S000063586

- **c. LEI of Series:** 549300TXDB86NRMFUC06

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

- **a. Date of fiscal year-end:** 2025-09-30

- **b. Date as of which information is reported:** 2025-06-30

**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:** $141813048.55

**Total Liabilities:** $2072723.48

**Net Assets:** $139740325.07

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -6.89805571 | **1-Year:** -227.08537996 | **5-Year:** -245.87656363 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

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

- **3-Month:** -388.50177416 | **1-Year:** -12764.43459363 | **5-Year:** -22219.18657051 | **10-Year:** -2307.98023336 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000206015 | 2.15%                | 1.78%                | -1.25%               |
| Class ID C000206016 | 2.16%                | 1.80%                | -1.35%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-18325.93               | $1905496.21                                |
| Month 2  | $76183.80                | $1243523.09                                |
| Month 3  | $-686937.97              | $-2729837.49                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| N/A                                             | 24 HOUR FITNESS OFFERING DUMMY ID PREFERRED SHARES                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               |  | US        |     22590 | NS      | $225.90       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| N/A                                             | 24 HOUR FITNESS RESTRICTED SHARES DUMMY ID EQUITY COMMON STOCK                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |     90461 | NS      | $904.61       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| AIRSWIFT GLOBAL AS                              | AIRSWIFT GLOBAL AS 144A 10.000000% 02/28/2029                                     | CUSIP: N/A<br>LEI: 254900CWKUHRNINY3J70       | Long             | DBT              | CORP              | GB        |   2000000 | PA      | $2021054.14   | 1.45%             | 2029-02-28      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| ALTA EQUIPMENT GROUP INC.                       | ALTA EQUIPMENT GROUP INC 144A 9.000000% 06/01/2029                                | CUSIP: 02128LAC0<br>LEI: 549300DGOB28CLGS1X27 | Long             | DBT              | CORP              | US        |   1847000 | PA      | $1722371.83   | 1.23%             | 2029-06-01      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| N/A                                             | ALTERA RIGHTS RESTRICTED NON CUSTODY HOLDING                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | GB        |      2800 | NS      | $28000.00     | 0.02%             |  |  |  | No            |                  3 | On Loan: No      |
| ARAMSCO- INC. INITIAL DELAY DRAW TL             | ARAMSCO- INC. INITIAL DELAY DRAW TL 10/10/2030                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |     51071 | PA      | $41111.78     | 0.03%             | 2030-10-10      | Floating      | 9.05%                 | No            |                  2 | On Loan: No      |
| ARCHER NORGE AS                                 | ARCHER NORGE AS 9.500000% 02/25/2030                                              | CUSIP: N/A<br>LEI: 2549006R6VHK9FL7D418       | Long             | DBT              | NUSS              | NO        |   1250000 | PA      | $1288612.50   | 0.92%             | 2030-02-25      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Aramsco- Inc. Initial TL                        | Aramsco- Inc. Initial TL 10/10/2030                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    493042 | PA      | $396898.68    | 0.28%             | 2030-10-10      | Floating      | 9.08%                 | No            |                  2 | On Loan: No      |
| N/A                                             | BEASLEY BROADCAST GROUP INC CLASS A RESTRICTED DUMMY ID RESTRICTED COMMON STOCK   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |      1042 | NS      | $3719.94      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| BEASLEY MEZZANINE HOLDINGS, LLC                 | BEASLEY MEZZANINE HOLDINGS LLC 144A 9.200000% 08/01/2028                          | CUSIP: 07403VAB5<br>LEI: 549300VK8LJV1TK18D38 | Long             | DBT              | CORP              | US        |   1027000 | PA      | $179725.00    | 0.13%             | 2028-08-01      | Fixed         | 9.20%                 | Yes           |                  2 | On Loan: No      |
| Borr IHC Limited                                | BORR IHC LTD / BORR FINANCE LLC 144A 10.000000% 11/15/2028                        | CUSIP: 100018AA8<br>LEI: 254900WQF2MM46DNLY83 | Long             | DBT              | NUSS              | MX        |   1990937 | PA      | $1818307.01   | 1.30%             | 2028-11-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| BRAND INDUSTRIAL SERVICES, INC.                 | BRAND INDUSTRIAL SERVICES INC 144A 10.375000% 08/01/2030                          | CUSIP: 104931AA8<br>LEI: 549300B658W2BPDQMW42 | Long             | DBT              | CORP              | US        |   1970000 | PA      | $1817593.57   | 1.30%             | 2030-08-01      | Fixed         | 10.38%                | Yes           |                  2 | On Loan: No      |
| BLH ESCROW 1 LLC                                | BRIGHTLINE EAST LLC 144A 11.000000% 01/31/2030                                    | CUSIP: 093536AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2247000 | PA      | $1662780.00   | 1.19%             | 2030-01-31      | Fixed         | 11.00%                | Yes           |                  2 | On Loan: No      |
| N/A                                             | BROWN BROTHERS HARRIMAN SWEEP INTEREST                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |   1979594 | PA      | $1979594.39   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| BURFORD CAPITAL GLOBAL FINANCE LLC              | BURFORD CAPITAL GLOBAL FINANCE LLC 144A 6.875000% 04/15/2030                      | CUSIP: 12116LAC3<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |   1650000 | PA      | $1648269.65   | 1.18%             | 2030-04-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| CALDERYS FINANCING II, LLC                      | CALDERYS FINANCING II LLC 144A 11.750000% 06/01/2028                              | CUSIP: 12878AAA9<br>LEI: 254900CB1N9CREDQAK86 | Long             | DBT              | CORP              | US        |   1592000 | PA      | $1652540.58   | 1.18%             | 2028-06-01      | Fixed         | 11.75%                | Yes           |                  2 | On Loan: No      |
| CALIFORNIA INFRASTRUCTURE & ECONOMIC DEV BK REV | CALIFORNIA ST INFRASTRUCTURE & CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT B | CUSIP: 13034A6B1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1468784.65   | 1.05%             | 2065-01-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Cascades Inc.                                   | CASCADES INC/CASCADES USA INC 144A 6.750000% 07/15/2030                           | CUSIP: 14739LAD4<br>LEI: FPD41G4F3GH7OJ38TS94 | Long             | DBT              | NUSS              | CA        |    345000 | PA      | $346693.95    | 0.25%             | 2030-07-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Cerdia Finanz GmbH                              | CERDIA FINANZ GMBH 144A 9.375000% 10/03/2031                                      | CUSIP: 15679GAC6<br>LEI: 391200KURNDJSX9GX570 | Long             | DBT              | NUSS              | DE        |   1650000 | PA      | $1710175.50   | 1.22%             | 2031-10-03      | Fixed         | 9.38%                 | Yes           |                  2 | On Loan: No      |
| CIMPRESS PUBLIC LIMITED COMPANY                 | CIMPRESS PLC 144A 7.375000% 09/15/2032                                            | CUSIP: 17186HAH5<br>LEI: 549300X1IFD75XISOR81 | Long             | DBT              | NUSS              | IE        |   1975000 | PA      | $1885142.24   | 1.35%             | 2032-09-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| CONSENSUS CLOUD SOLUTIONS, INC.                 | CONSENSUS CLOUD SOLUTIONS INC 144A 6.500000% 10/15/2028                           | CUSIP: 20848VAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1791000 | PA      | $1781877.18   | 1.28%             | 2028-10-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Consolidated Energy Finance S.A.                | CONSOLIDATED ENERGY FINANCE SA 144A 12.000000% 02/15/2031                         | CUSIP: 20914UAH9<br>LEI: 549300PUNIS0USNSL750 | Long             | DBT              | NUSS              | CH        |    606000 | PA      | $594387.06    | 0.43%             | 2031-02-15      | Fixed         | 12.00%                | Yes           |                  2 | On Loan: No      |
| Consolidated Energy Finance S.A.                | CONSOLIDATED ENERGY FINANCE SA 144A 5.625000% 10/15/2028                          | CUSIP: 20914UAF3<br>LEI: 549300PUNIS0USNSL750 | Long             | DBT              | NUSS              | CH        |   1881000 | PA      | $1612521.11   | 1.15%             | 2028-10-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Constellation Oil Services Holding S.A.         | CONSTELLATION OIL SERVICES HOLDING SA 144A 9.375000% 11/07/2029                   | CUSIP: 650921AA7<br>LEI: 5493005YJTU769NW5I10 | Long             | DBT              | NUSS              | BR        |   1430000 | PA      | $1455025.00   | 1.04%             | 2029-11-07      | Fixed         | 9.38%                 | Yes           |                  2 | On Loan: No      |
| CONUMA RESOURCES LIMITED                        | CONUMA RESOURCES LTD 144A 13.125000% 05/01/2028                                   | CUSIP: 21240FAA0<br>LEI: 549300YVRVP2GAVPY828 | Long             | DBT              | NUSS              | CA        |   1684000 | PA      | $1675580.00   | 1.20%             | 2028-05-01      | Fixed         | 13.12%                | Yes           |                  2 | On Loan: No      |
| CRUISE YACHT UPPER HOLDCO LTD                   | CRUISE YACHT UPPER HOLDCO LTD 11.875000% 07/05/2028                               | CUSIP: N/A<br>LEI: 984500DE088QEE80G074       | Long             | DBT              | NUSS              | LU        |   1200000 | PA      | $993243.89    | 0.71%             | 2028-07-05      | Fixed         | 11.88%                | No            |                  2 | On Loan: No      |
| Century Casino TL                               | Century Casino TL 3/23/2029                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   2193606 | PA      | $1928180.08   | 1.38%             | 2029-03-23      | Floating      | 10.41%                | No            |                  2 | On Loan: No      |
| DELUXE CORPORATION                              | DELUXE CORP 144A 8.000000% 06/01/2029                                             | CUSIP: 248019AU5<br>LEI: KWGNKB8TX9LE5TV29231 | Long             | DBT              | CORP              | US        |   1950000 | PA      | $1879973.94   | 1.35%             | 2029-06-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| DIRECTV FINANCING, LLC                          | DIRECTV FINANCING, LLC 8/2/2029                                                   | CUSIP: 25460HAD4<br>LEI: N/A                  | Long             | LON              |  | US        |    241443 | PA      | $239137.36    | 0.17%             | 2029-08-02      | Floating      | 9.79%                 | No            |                  2 | On Loan: No      |
| DOTDASH MEREDITH, INC.                          | DOTDASH MEREDITH INC 144A 7.625000% 06/15/2032                                    | CUSIP: 25849JAA8<br>LEI: 549300R2AA7U9CJUQO13 | Long             | DBT              | CORP              | US        |   1825000 | PA      | $1769702.50   | 1.27%             | 2032-06-15      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| EFESTO BIDCO S.P.A.                             | EFESTO BIDCO S.P.A EFESTO US LLC 144A 7.500000% 02/15/2032                        | CUSIP: 28201XAB1<br>LEI: 815600D1A091DE3F5933 | Long             | DBT              | NUSS              | IT        |   1239000 | PA      | $1254495.08   | 0.90%             | 2032-02-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Emerald EMS                                     | Emerald EMS 12/29/2027                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    597188 | PA      | $412059.38    | 0.29%             | 2027-12-29      | Floating      | 10.73%                | No            |                  2 | On Loan: No      |
| FCG ACQUISITIONS, INC.                          | FCG ACQUISITIONS, INC. 3/30/2029                                                  | CUSIP: 30260UAF2<br>LEI: N/A                  | Long             | LON              |  | US        |    380000 | PA      | $379050.00    | 0.27%             | 2029-03-30      | Floating      | 11.31%                | No            |                  2 | On Loan: No      |
| FERRELLGAS, L.P.                                | FERRELLGAS LP / FERRELLGAS FINANCE CORP 144A 5.875000% 04/01/2029                 | CUSIP: 315289AC2<br>LEI: 549300EW667UKOZLEW85 | Long             | DBT              | CORP              | US        |   2325000 | PA      | $2151019.09   | 1.54%             | 2029-04-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| FORM TECHNOLOGIES LLC                           | FORM TECHNOLOGIES LLC 5/30/2030                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   1310000 | PA      | $1236312.50   | 0.88%             | 2030-05-30      | Floating      | 10.02%                | No            |                  2 | On Loan: No      |
| Corporation de Securite Garda World             | GARDA WORLD SECURITY CORP 144A 8.375000% 11/15/2032                               | CUSIP: 36485MAP4<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | NUSS              | CA        |   1385000 | PA      | $1422684.47   | 1.02%             | 2032-11-15      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| GENESIS ENERGY, L.P.                            | GENESIS ENERGY LP / GENESIS ENERGY FINANCE CORP 8.000000% 05/15/2033              | CUSIP: 37185LAR3<br>LEI: 549300VJ5D6MDK138782 | Long             | DBT              | CORP              | US        |   1268000 | PA      | $1325721.90   | 0.95%             | 2033-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| GLOBAL PARTNERS LP                              | GLOBAL PARTNERS LP / GLP FINANCE CORP 144A 7.125000% 07/01/2033                   | CUSIP: 37954FAL8<br>LEI: 549300PCHWTW9P4DU444 | Long             | DBT              | CORP              | US        |    550000 | PA      | $557707.62    | 0.40%             | 2033-07-01      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| GOODNIGHT WATER SOLUTIONS HOLDINGS, LLC         | GOODNIGHT WATER SOLUTIONS HOLDINGS, LLC 6/4/2029                                  | CUSIP: 38238YAC3<br>LEI: N/A                  | Long             | LON              |  | US        |   1422220 | PA      | $1422220.00   | 1.02%             | 2029-06-04      | Floating      | 8.83%                 | No            |                  2 | On Loan: No      |
| Greenfire Resources Ltd.                        | GREENFIRE RESOURCES LTD 144A 12.000000% 10/01/2028                                | CUSIP: 39525UAA5<br>LEI: 254900MTS0G2VGMJW059 | Long             | DBT              | NUSS              | CA        |   1881000 | PA      | $1979825.86   | 1.42%             | 2028-10-01      | Fixed         | 12.00%                | Yes           |                  2 | On Loan: No      |
| Greenfire Resources Ltd.                        | GREENFIRE RESOURCES LTD COMMON STOCK                                              | CUSIP: 39525U107<br>LEI: 254900MTS0G2VGMJW059 | Long             | EC               |  | US        |     56516 | NS      | $252061.36    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| HDI AEROSPACE                                   | HDI AEROSPACE 9/19/2031                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   1413000 | PA      | $1413000.00   | 1.01%             | 2031-09-19      | Floating      | 8.73%                 | No            |                  2 | On Loan: No      |
| INNOVATE CORP.                                  | INNOVATE CORP 144A 8.500000% 02/01/2026                                           | CUSIP: 404139AJ6<br>LEI: 549300S6O246JWQQ1K58 | Long             | DBT              | CORP              | US        |   1454000 | PA      | $1294147.24   | 0.93%             | 2026-02-01      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| INTERNET BRANDS 12/24 TLB4                      | INTERNET BRANDS 12/24 TLB4 31-DEC-2031                                            | CUSIP: 45567YAP0<br>LEI: N/A                  | Long             | LON              |  | US        |    878161 | PA      | $761075.46    | 0.54%             | 2031-12-31      | Floating      | 8.58%                 | No            |                  2 | On Loan: No      |
| INTERNET BRANDS                                 | INTERNET BRANDS 5/3/2028                                                          | CUSIP: 45567YAN5<br>LEI: N/A                  | Long             | LON              |  | US        |   1297497 | PA      | $1216000.94   | 0.87%             | 2028-05-03      | Floating      | 8.58%                 | No            |                  2 | On Loan: No      |
| ION TRADING TECHNOLOGIES S.a r.l.               | ION TRADING TECHNOLOGIES SARL 144A 9.500000% 05/30/2029                           | CUSIP: 46205YAB7<br>LEI: 5493009ZVXOKZLQ6QJ12 | Long             | DBT              | NUSS              | LU        |   1800000 | PA      | $1848601.80   | 1.32%             | 2029-05-30      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| ITT HOLDINGS LLC                                | ITT HOLDINGS LLC 144A 6.500000% 08/01/2029                                        | CUSIP: 45074JAA2<br>LEI: 549300TH2PHOLK31LB42 | Long             | DBT              | CORP              | US        |   2200000 | PA      | $2092092.42   | 1.50%             | 2029-08-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| JACOBS ENTERTAINMENT, INC.                      | JACOBS ENTERTAINMENT INC 144A 6.750000% 02/15/2029                                | CUSIP: 469815AL8<br>LEI: 5493004U9JIWY3HSUO63 | Long             | DBT              | CORP              | US        |    711000 | PA      | $681109.56    | 0.49%             | 2029-02-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| JACOBS ENTERTAINMENT, INC.                      | JACOBS ENTERTAINMENT INC 144A 6.750000% 02/15/2029                                | CUSIP: 469815AK0<br>LEI: 5493004U9JIWY3HSUO63 | Long             | DBT              | CORP              | US        |   1800000 | PA      | $1732500.00   | 1.24%             | 2029-02-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| JELD-WEN, INC.                                  | JELD-WEN INC 144A 4.875000% 12/15/2027                                            | CUSIP: 475795AD2<br>LEI: 549300XWE6NM0N1HFW16 | Long             | DBT              | CORP              | US        |    845000 | PA      | $783382.77    | 0.56%             | 2027-12-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| JW ALUMINUM CONTINUOUS CAST COMPANY             | JW ALUMINUM CONTINUOUS CAST CO 144A 10.250000% 04/01/2030                         | CUSIP: 46648XAB4<br>LEI: 5493008HJ8BWQC8XAF08 | Long             | DBT              | CORP              | US        |   1865000 | PA      | $1883725.14   | 1.35%             | 2030-04-01      | Fixed         | 10.25%                | Yes           |                  2 | On Loan: No      |
| KELSO INDUSTRIES LLC                            | KELSO INDUSTRIES DDTL UNFUNDED 12/26/2029                                         | CUSIP: 48825CAC9<br>LEI: N/A                  | Long             | LON              |  | US        |    152950 | PA      | $-2294.25     | -0.00%            | 2029-12-26      | Floating      | 5.75%                 | No            |                  2 | On Loan: No      |
| KELSO INDUSTRIES LLC TERM LOAN                  | KELSO INDUSTRIES LLC TERM LOAN 12/26/2029 & SOFR 5.75%                            | CUSIP: 48825CAB1<br>LEI: N/A                  | Long             | LON              |  | US        |    876868 | PA      | $876867.81    | 0.63%             | 2029-12-26      | Floating      | 10.08%                | No            |                  2 | On Loan: No      |
| Kodiak Building Partners TL                     | Kodiak Building Partners TL 12/4/2031                                             | CUSIP: 50011JAF7<br>LEI: N/A                  | Long             | LON              |  | US        |    228850 | PA      | $220172.01    | 0.16%             | 2031-12-04      | Floating      | 8.03%                 | No            |                  2 | On Loan: No      |
| LABL, INC.                                      | LABL INC 144A 8.625000% 10/01/2031                                                | CUSIP: 50168QAF2<br>LEI: 5493004FUZN8R6Y3VB98 | Long             | DBT              | CORP              | US        |   1877000 | PA      | $1605526.11   | 1.15%             | 2031-10-01      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| TREASURE ESCROW CORPORATION                     | MAGNERA CORP 144A 7.250000% 11/15/2031                                            | CUSIP: 55939AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1125000 | PA      | $1060762.50   | 0.76%             | 2031-11-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| MARLINK/VENGA 1/25 (USD) COV-LITE TLB           | MARLINK/VENGA 1/25 (USD) COV-LITE TLB 6/28/2029                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   1054206 | PA      | $1053552.23   | 0.75%             | 2029-06-28      | Floating      | 8.34%                 | No            |                  2 | On Loan: No      |
| Mativ Holdings, Inc.                            | MATIV HOLDINGS INC 144A 8.000000% 10/01/2029                                      | CUSIP: 808541AC0<br>LEI: 549300Z1FU4IDULG1R21 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1812153.00   | 1.30%             | 2029-10-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| MERCER INTERNATIONAL INC.                       | MERCER INTERNATIONAL INC 144A 12.875000% 10/01/2028                               | CUSIP: 588056BC4<br>LEI: 549300Z5IAG39VRTY874 | Long             | DBT              | CORP              | DE        |   1895000 | PA      | $1922030.28   | 1.38%             | 2028-10-01      | Fixed         | 12.88%                | Yes           |                  2 | On Loan: No      |
| MICHAEL BAKER 1/25 COV-LITE                     | MICHAEL BAKER 1/25 COV-LITE 12/01/2028 AND SOFR 75 BPS                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    742519 | PA      | $745303.20    | 0.53%             | 2028-12-01      | Floating      | 8.28%                 | No            |                  2 | On Loan: No      |
| MIDCAP FINANCIAL ISSUER TRUST                   | MIDCAP FINANCIAL ISSUER TRUST 144A 6.500000% 05/01/2028                           | CUSIP: 59567LAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1833000 | PA      | $1815675.68   | 1.30%             | 2028-05-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| NABORS INDUSTRIES, INC.                         | NABORS INDUSTRIES INC 144A 8.875000% 08/15/2031                                   | CUSIP: 62957HAQ8<br>LEI: 549300VFQWRKICUFNU92 | Long             | DBT              | CORP              | US        |   2504000 | PA      | $1859991.11   | 1.33%             | 2031-08-15      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| NATGASOLINE LLC TL                              | NATGASOLINE LLC TL 3/24/2030                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   1361438 | PA      | $1349524.92   | 0.97%             | 2030-03-24      | Floating      | 9.80%                 | No            |                  2 | On Loan: No      |
| NES FIRCROFT BONDCO AS                          | NES FIRCROFT BONDCO AS 144A 8.000000% 09/30/2029                                  | CUSIP: N/A<br>LEI: 636700CUSS22I12S3R10       | Long             | DBT              | CORP              | GB        |   2000000 | PA      | $2002500.00   | 1.43%             | 2029-09-30      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| NEW FLYER HOLDINGS, INC.                        | NEW FLYER HOLDINGS INC 144A 9.250000% 07/01/2030                                  | CUSIP: 64438WAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    190000 | PA      | $200457.93    | 0.14%             | 2030-07-01      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| N/A                                             | NEW INSIGHTS HOLDINGS RESTRICTED SHARES DUMMY ID EQUITY COMMON STOCK              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |     10040 | NS      | $203310.00    | 0.15%             |  |  |  | No            |                  3 | On Loan: No      |
| NGL ENERGY OPERATING LLC                        | NGL ENERGY OPERATING LLC / NGL ENERGY FINANCE CORP 8.125000% 02/15/2029           | CUSIP: 62922LAC2<br>LEI: 5493008CQD36WWZJ3O79 | Long             | DBT              | CORP              | US        |    140000 | PA      | $141442.14    | 0.10%             | 2029-02-15      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| NGL ENERGY OPERATING LLC                        | NGL ENERGY OPERATING LLC / NGL ENERGY FINANCE CORP 8.375000% 02/15/2032           | CUSIP: 62922LAD0<br>LEI: 5493008CQD36WWZJ3O79 | Long             | DBT              | CORP              | US        |   1987000 | PA      | $1992966.96   | 1.43%             | 2032-02-15      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Odfjell Rig III Ltd.                            | ODFJELL RIG III LTD 9.250000% 05/31/2028                                          | CUSIP: ZK5320120<br>LEI: 529900JX0H45QUN1EC58 | Long             | DBT              | NUSS              | NO        |   1097367 | PA      | $1122586.60   | 0.80%             | 2028-05-31      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| ONE STOP MAILING LLC                            | ONE STOP MAILING LLC 05/07/2027                                                   | CUSIP: 68248MAG5<br>LEI: N/A                  | Long             | LON              |  | US        |    945428 | PA      | $945792.61    | 0.68%             | 2027-05-07      | Floating      | 10.69%                | No            |                  2 | On Loan: No      |
| ONESKY FLIGHT, LLC                              | ONESKY FLIGHT LLC 144A 8.875000% 12/15/2029                                       | CUSIP: 68278CAA3<br>LEI: 549300PM6NEPXGG5B882 | Long             | DBT              | CORP              | US        |   1785000 | PA      | $1858615.19   | 1.33%             | 2029-12-15      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| OPTA INC DDTL                                   | OPTA INC DDTL 11/08/2028 AND SOFR 6.75                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    291608 | PA      | $284317.33    | 0.20%             | 2028-11-09      | Floating      | 11.31%                | No            |                  2 | On Loan: No      |
| OPTA INC TL                                     | OPTA INC TL 11/9/2028                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | CA        |    871725 | PA      | $849931.88    | 0.61%             | 2028-11-09      | Floating      | 11.31%                | No            |                  2 | On Loan: No      |
| OPTA INCREMENTAL DELAYED TL UNFUNDED            | OPTA INCREMENTAL DELAYED TL UNFUNDED 11/09/2028 AND SOFR 6.75%                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    435708 | PA      | $424814.81    | 0.30%             | 2028-11-09      | Floating      | 11.29%                | No            |                  2 | On Loan: No      |
| OSCAR ACQUISITIONCO, LLC                        | OSCAR ACQUISITIONCO LLC / OSCAR FINANCE INC 144A 9.500000% 04/15/2030             | CUSIP: 687785AB1<br>LEI: 254900RDCZK0Q19MEL65 | Long             | DBT              | CORP              | US        |   1361000 | PA      | $1108210.58   | 0.79%             | 2030-04-15      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Paratus Energy Services Ltd.                    | PARATUS ENERGY SERVICES LTD 9.500000% 06/27/2029                                  | CUSIP: N/A<br>LEI: 549300XB7T5BX418QX67       | Long             | DBT              | NUSS              | GB        |   2000000 | PA      | $1965000.00   | 1.41%             | 2029-06-27      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| PARK RIVER HOLDINGS, INC.                       | PARK RIVER HOLDINGS INC 144A 6.750000% 08/01/2029                                 | CUSIP: 70082LAB3<br>LEI: 254900PGY077KWCROT75 | Long             | DBT              | CORP              | US        |   2406000 | PA      | $1962195.98   | 1.40%             | 2029-08-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| PARK-OHIO INDUSTRIES, INC.                      | PARK-OHIO INDUSTRIES INC 6.625000% 04/15/2027                                     | CUSIP: 700677AR8<br>LEI: 5493006LQUO5SLMNYM18 | Long             | DBT              | CORP              | US        |   1975000 | PA      | $1928858.67   | 1.38%             | 2027-04-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Phoenix Aviation Capital Limited                | PHOENIX AVIATION CAPITAL LTD 144A 9.250000% 07/15/2030                            | CUSIP: 71910DAA9<br>LEI: N/A                  | Long             | DBT              | NUSS              | IE        |   1195000 | PA      | $1237706.25   | 0.89%             | 2030-07-15      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| POWER HOUSE 2/25 COV-LITE                       | POWER HOUSE 2/25 COV-LITE 2/13/2032                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   1320000 | PA      | $1311750.00   | 0.94%             | 2032-02-13      | Floating      | 8.33%                 | No            |                  2 | On Loan: No      |
| N/A                                             | PSS INDUSTRIAL OFFERING CLASS A MEMBERSHIP INTEREST                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               |  | US        |      1353 | NS      | $91851.79     | 0.07%             |  |  |  | No            |                  3 | On Loan: No      |
| N/A                                             | PSS INDUSTRIAL OFFERING CLASS B MEMBERSHIP INTEREST                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               |  | US        |       351 | NS      | $23856.05     | 0.02%             |  |  |  | No            |                  3 | On Loan: No      |
| N/A                                             | PVKG INVEST HOLDINGS RESTRICTED SHARES UNLISTED COMMON STOCK                      | CUSIP: 69433A109<br>LEI: N/A                  | Long             | EC               |  | US        |       445 | NS      | $1780.00      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| RAILWORKS HOLDINGS, LP                          | RAILWORKS HOLDINGS LP / RAILWORKS RALLY INC 144A 8.250000% 11/15/2028             | CUSIP: 75079MAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2074000 | PA      | $2120665.00   | 1.52%             | 2028-11-15      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| RAIN CARBON INC.                                | RAIN CARBON INC 144A 12.250000% 09/01/2029                                        | CUSIP: 75079LAB7<br>LEI: 25490038N6JQH7QXUK52 | Long             | DBT              | CORP              | US        |   2055000 | PA      | $2203886.81   | 1.58%             | 2029-09-01      | Fixed         | 12.25%                | Yes           |                  2 | On Loan: No      |
| RAND PARENT, LLC                                | RAND PARENT LLC 144A 8.500000% 02/15/2030                                         | CUSIP: 753272AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2025000 | PA      | $2033424.00   | 1.46%             | 2030-02-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| RESEARCH NOW TL (DYNATA)                        | RESEARCH NOW TL (DYNATA) 10/15/2028 AND 3M SOFR                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    724578 | PA      | $637323.89    | 0.46%             | 2028-10-15      | Floating      | 10.09%                | No            |                  2 | On Loan: No      |
| RLG Holdings INC                                | RLG Holdings INC 7/2/2029                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    996000 | PA      | $641802.48    | 0.46%             | 2029-07-02      | Floating      | 11.94%                | No            |                  2 | On Loan: No      |
| River Rock Entertainment Authority              | River Rock Entertainment Authority 6/25/2031                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   1640000 | PA      | $1590800.00   | 1.14%             | 2031-06-25      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| SCIENTIFIC GAMES HOLDINGS LP                    | SCIENTIFIC GAMES HOLDINGS LP/SCIENTIFIC GAMES US F 6.625000% 03/01/2030           | CUSIP: 80874DAA4<br>LEI: 549300W5GPFXXB6TQ330 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1204573.13   | 0.86%             | 2030-03-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| SHELF DRILLING HOLDINGS, LTD.                   | SHELF DRILLING HOLDINGS LTD 144A 9.625000% 04/15/2029                             | CUSIP: 822538AH7<br>LEI: 54930078ZJ3XP4MRYB68 | Long             | DBT              | NUSS              | AE        |   2473000 | PA      | $1981323.09   | 1.42%             | 2029-04-15      | Fixed         | 9.62%                 | Yes           |                  2 | On Loan: No      |
| SP Cruises Intermediate Limited                 | SP CRUISES INTERMEDIATE LTD 144A 11.500000% 03/14/2030                            | CUSIP: N/A<br>LEI: 2549001UGAS65A7Y0678       | Long             | DBT              | CORP              | BM        |   1500000 | PA      | $1378133.25   | 0.99%             | 2030-03-14      | Fixed         | 11.50%                | Yes           |                  2 | On Loan: No      |
| SPANISH BROADCASTING SYSTEM, INC.               | SPANISH BROADCASTING SYSTEM INC 144A 9.750000% 03/01/2026                         | CUSIP: 846425AQ9<br>LEI: 5493005DKYB1X4C9LH64 | Long             | DBT              | CORP              | US        |   1113000 | PA      | $734580.00    | 0.53%             | 2026-03-01      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| SPECIALTY BUILDING PRODUCTS HOLDINGS, LLC       | SPECIALTY BUILDING PRODUCTS HOLDINGS LLC / SBP FIN 7.750000% 10/15/2029           | CUSIP: 84749AAC1<br>LEI: 549300ICFD46O3KMJC06 | Long             | DBT              | CORP              | US        |    795000 | PA      | $781287.52    | 0.56%             | 2029-10-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| STAR HOLDING LLC                                | STAR HOLDING LLC 144A 8.750000% 08/01/2031                                        | CUSIP: 85513AAA6<br>LEI: 254900BDGPE9N1WAKD59 | Long             | DBT              | CORP              | US        |    988000 | PA      | $931058.40    | 0.67%             | 2031-08-01      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| SUMMIT MIDSTREAM HOLDINGS, LLC                  | SUMMIT MIDSTREAM HOLDINGS LLC 144A 8.625000% 10/31/2029                           | CUSIP: 86614JAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1360000 | PA      | $1391328.96   | 1.00%             | 2029-10-31      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| SWF ESCROW ISSUER CORPORATION                   | SWF HOLDINGS I CORP 144A 6.500000% 10/01/2029                                     | CUSIP: 78500AAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    670000 | PA      | $256275.00    | 0.18%             | 2029-10-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| TENNECO LLC                                     | TENNECO INC 144A 8.000000% 11/17/2028                                             | CUSIP: 880349AU9<br>LEI: 549300U0EXXFAQFAD785 | Long             | DBT              | CORP              | US        |   2174000 | PA      | $2149862.95   | 1.54%             | 2028-11-17      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| TMS INTERNATIONAL CORP.                         | TMS INTERNATIONAL CORP/DE 144A 6.250000% 04/15/2029                               | CUSIP: 87261QAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2259000 | PA      | $2147896.51   | 1.54%             | 2029-04-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| TOWN MEDIA LLC                                  | TOWN MEDIA LLC 2/6/2030                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   1937812 | PA      | $1724653.13   | 1.23%             | 2030-02-06      | Floating      | 9.32%                 | No            |                  2 | On Loan: No      |
| TRANSMONTAIGNE PARTNERS LLC                     | TRANSMONTAIGNE PARTNERS LLC 144A 8.500000% 06/15/2030                             | CUSIP: 89377AAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1055000 | PA      | $1097511.23   | 0.79%             | 2030-06-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| TRUENOORD CAPITAL DESIGNATED ACTIVITY COMPANY   | TRUENOORD CAPITAL DAC 144A 8.750000% 03/01/2030                                   | CUSIP: 89785GAA6<br>LEI: N/A                  | Long             | DBT              | NUSS              | IE        |   1255000 | PA      | $1303145.57   | 0.93%             | 2030-03-01      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| TRULITE HLDG CORP                               | TRULITE HLDG CORP 2/22/2030                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   1378357 | PA      | $1330114.86   | 0.95%             | 2030-02-22      | Floating      | 10.29%                | No            |                  2 | On Loan: No      |
| URBAN ONE, INC.                                 | URBAN ONE INC 144A 7.375000% 02/01/2028                                           | CUSIP: 91705JAC9<br>LEI: 549300PLGIGPBRQUP240 | Long             | DBT              | CORP              | US        |   2183000 | PA      | $1222881.15   | 0.88%             | 2028-02-01      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| VELOCITY VEHICLE GROUP LLC                      | VELOCITY VEHICLE GROUP LLC 144A 8.000000% 06/01/2029                              | CUSIP: 92262TAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    226000 | PA      | $225817.46    | 0.16%             | 2029-06-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG, INC.                        | VENTURE GLOBAL LNG INC 144A 8.375000% 06/01/2031                                  | CUSIP: 92332YAB7<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |   1900000 | PA      | $1973407.79   | 1.41%             | 2031-06-01      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| VIRTUSA CORPORATION                             | VIRTUSA CORP 144A 7.125000% 12/15/2028                                            | CUSIP: 92837TAA0<br>LEI: C77OMXDER63WLJCSKT03 | Long             | DBT              | CORP              | US        |   2150000 | PA      | $2049172.31   | 1.47%             | 2028-12-15      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| VISTAJET MALTA FINANCE P.L.C.                   | VISTAJET MALTA FINANCE PLC / VISTA MANAGEMENT HOLD 6.375000% 02/01/2030           | CUSIP: 92840JAB5<br>LEI: 5299001UK94VGT0CPQ36 | Long             | DBT              | NUSS              | CH        |   2361000 | PA      | $2213390.00   | 1.58%             | 2030-02-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| VOYAGER PARENT, LLC                             | VOYAGER PARENT LLC 144A 9.250000% 07/01/2032                                      | CUSIP: 92921EAA0<br>LEI: 2549002DYVI4ACSV4V71 | Long             | DBT              | CORP              | US        |   1340000 | PA      | $1394171.74   | 1.00%             | 2032-07-01      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| WATERBRIDGE MIDSTREAM OPERATING LLC             | WATERBRIDGE MIDSTREAM OPERATING LLC 6/27/2029                                     | CUSIP: 94120XAF2<br>LEI: N/A                  | Long             | LON              |  | US        |   1652512 | PA      | $1641589.39   | 1.17%             | 2029-06-27      | Floating      | 9.31%                 | No            |                  2 | On Loan: No      |
| WAUPACA FOUNDRY                                 | WAUPACA FOUNDRY 1/31/2030                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   1083615 | PA      | $1083614.62   | 0.78%             | 2030-01-31      | Floating      | 10.30%                | No            |                  2 | On Loan: No      |
| WELLTEC INTERNATIONAL ApS                       | WELLTEC INTERNATIONAL APS 144A 8.250000% 10/15/2026                               | CUSIP: 95039LAA6<br>LEI: 549300MW4UJ1X7Q4F350 | Long             | DBT              | NUSS              | DK        |    691000 | PA      | $687603.25    | 0.49%             | 2026-10-15      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| WILSONART LLC                                   | WILSONART LLC 144A 11.000000% 08/15/2032                                          | CUSIP: 97246JAA6<br>LEI: 549300SAZRUMYKDJBY14 | Long             | DBT              | CORP              | US        |   1670000 | PA      | $1517238.42   | 1.09%             | 2032-08-15      | Fixed         | 11.00%                | Yes           |                  2 | On Loan: No      |
| Xerox Holdings Corp                             | XEROX HOLDINGS CORP 144A 8.875000% 11/30/2029                                     | CUSIP: 98421MAC0<br>LEI: 5493000Y33XDVO2CXC18 | Long             | DBT              | CORP              | US        |    290000 | PA      | $218950.96    | 0.16%             | 2029-11-30      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-30

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

**Signature:** Andrew Metzger

**Name of Signer:** Andrew Metzger

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