# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0002048251-26-001582
**Filing Date:** 2026-2
**Character Count:** 106507
**Document Hash:** a4b8a9bda4ce3e34f7e7ff3b27a054ca
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-26-001582.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0002048251-26-001582

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**PERIOD START**: 20260930

**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:** 26696302

**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** |
|  | **DECEMBER 31, 2025** *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **CORPORATE OBLIGATIONS — 73.8%** | **CORPORATE OBLIGATIONS — 73.8%** | **CORPORATE OBLIGATIONS — 73.8%** |
|  | **Face Amount** | **Value** |
| **Communication Services — 4.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beasley Mezzanine Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 02/01/2026 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.200%, 08/01/2028(A) | $1027000 | $390260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dotdash Meredith |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 06/15/2028 @ $104 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.625%, 06/15/2032(A) | 1825000 | 1644074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ION Platform Finance US |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 05/30/2026 @ $105 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.500%, 05/30/2029(A) | 1825000 | 1848174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spanish Broadcasting System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 01/12/2026 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.750%, 03/01/2026(A) | 1113000 | 734580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Urban One |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 01/12/2026 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.625%, 04/01/2031(A) | 1330000 | 690520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Urban One |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.625%, 04/01/2031(A) | 343000 | 328483 |
|  |  | 5636091 |
| **Consumer Discretionary — 10.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Axle & Manufacturing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 10/15/2028 @ $103 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.375%, 10/15/2032(A) | 785000 | 799490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cruise Yacht Upper HoldCo |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 07/05/2026 @ $106 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.875%, 07/05/2028 | 1200000 | 1040049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Garda World Security |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 11/15/2027 @ $104 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.375%, 11/15/2032(A) | 1385000 | 1410779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jacobs Entertainment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 02/01/2026 @ $103 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.750%, 02/15/2029(A) | 1405000 | 1376689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 02/01/2026 @ $103 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.750%, 02/15/2029(A) | 711000 | 696780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NES Fircroft Bondco |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 09/30/2026 @ $104 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.000%, 09/30/2029(A) | 2000000 | 2023216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Park River Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 01/12/2026 @ $103 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.750%, 12/31/2030(A) | 2028844 | 1995875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 09/15/2026 @ $104 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.000%, 03/15/2031(A) | 255000 | 262904 |

---

**1**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **METLIFE OPPORTUNISTIC HIGH YIELD FUND** |
|  | **DECEMBER 31, 2025** *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS (continued)** | **SCHEDULE OF INVESTMENTS (continued)** | **SCHEDULE OF INVESTMENTS (continued)** |
| **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | **Face Amount** | **Value** |
| **Consumer Discretionary — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Scientific Games Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 02/01/2026 @ $103 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625%, 03/01/2030(A) | $1250000 | $1110951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SP Cruises Intermediate |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 09/14/2027 @ $106 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.500%, 03/14/2030(A) | 1500000 | 1471231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SWF Holdings I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 02/01/2026 @ $102 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 10/01/2029(A) | 670000 | 157450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Velocity Vehicle Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 06/01/2026 @ $104 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.000%, 06/01/2029(A) | 513000 | 487373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voyager Parent |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 07/01/2028 @ $105 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.250%, 07/01/2032(A) | 1340000 | 1421902 |
|  |  | 14254689 |
| **Energy — 18.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Archer Norge |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 08/25/2027 @ $105 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.500%, 02/25/2030 | 1250000 | 1313088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borr IHC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 02/01/2026 @ $105 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.000%, 11/15/2028(A) | 1920732 | 1929705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constellation Oil Services Holding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 11/07/2026 @ $105 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.375%, 11/07/2029(A) | 1430000 | 1487200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ferrellgas Escrow |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 02/01/2026 @ $101 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875%, 04/01/2029(A) | 1920000 | 1844935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genesis Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 05/15/2028 @ $104 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.000%, 05/15/2033 | 1268000 | 1316313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HMH Holding BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 06/17/2027 @ $104 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.875%, 12/17/2028(A) | 400000 | 408742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ITT Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 02/01/2026 @ $102 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 08/01/2029(A) | 1845000 | 1770557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinetics LNG Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 11/13/2028 @ $102 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.875%, 11/13/2029(A) | 625000 | 629247 |

---

**2**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **METLIFE OPPORTUNISTIC HIGH YIELD FUND** |
|  | **DECEMBER 31, 2025** *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS (continued)** | | |
| **CORPORATE OBLIGATIONS — continued** | | |
|  |<br>**Face Amount** |<br>**Value** |
| **Energy — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nabors Industries |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 08/15/2027 @ $104 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.875%, 08/15/2031(A) | $2504000 | $2429110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NGL Energy Operating |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 02/15/2027 @ $104 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.375%, 02/15/2032(A) | 1987000 | 2057668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Odfjell Rig III |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 09/08/2028 @ $104 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.250%, 03/08/2031(A) | 800000 | 811439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paratus Energy Services |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 12/27/2026 @ $105 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.500%, 06/27/2029 | 2000000 | 1997294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SESI |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 09/30/2027 @ $104 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.875%, 09/30/2030(A) | 960000 | 945063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Star Holding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 08/01/2027 @ $104 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.750%, 08/01/2031(A) | 988000 | 951306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summit Midstream Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 07/31/2026 @ $104 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.625%, 10/31/2029(A) | 1675000 | 1736888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tenneco |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 02/01/2026 @ $102 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.000%, 11/17/2028(A) | 1314000 | 1318205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransMontaigne Partners |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 03/15/2027 @ $104 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.500%, 06/15/2030(A) | 1055000 | 1065113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venture Global LNG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 06/01/2026 @ $104 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.375%, 06/01/2031(A) | 1000000 | 994426 |
|  |  | 25006299 |
| **Financials — 7.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asurion and Asurion - Issuer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 12/31/2028 @ $104 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.000%, 12/31/2032(A) | 125000 | 129702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avation Group S Pte MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 11/15/2027 @ $104 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.500%, 05/15/2031(A) | 695000 | 684478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Burford Capital Global Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 07/15/2028 @ $104 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.500%, 07/15/2033(A) | 1800000 | 1717670 |

---

**3**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **METLIFE OPPORTUNISTIC HIGH YIELD FUND** |
|  | **DECEMBER 31, 2025** *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS (continued)** | **SCHEDULE OF INVESTMENTS (continued)** | **SCHEDULE OF INVESTMENTS (continued)** |
| **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | **Face Amount** | **Value** |
| **Financials — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Midcap Financial Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 01/17/2026 @ $102 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 05/01/2028(A) | $1500000 | $1497374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MM Proton I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 10/15/2027 @ $105 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.875%, 10/05/2029(A) | 1275000 | 1267881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phoenix Aviation Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 07/15/2027 @ $105 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.250%, 07/15/2030(A) | 1615000 | 1720482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TrueNoord Capital DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 03/01/2027 @ $104 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.750%, 03/01/2030(A) | 1255000 | 1325574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VistaJet Malta Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 02/01/2026 @ $102 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.375%, 02/01/2030(A) | 2156000 | 2051755 |
|  |  | 10394916 |
| **Health Care — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harrow |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 09/15/2027 @ $104 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.625%, 09/15/2030(A) | 925000 | 972212 |
| **Industrials — 18.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Airswift Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 08/28/2026 @ $105 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.000%, 02/28/2029(A) | 2200000 | 2242873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alta Equipment Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 06/01/2026 @ $105 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.000%, 06/01/2029(A) | 1850000 | 1670732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brand Industrial Services |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 08/01/2026 @ $105 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.375%, 08/01/2030(A) | 1465000 | 1436641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brightline East |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 05/09/2027 @ $106 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.000%, 01/31/2030(A) | 2247000 | 629160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CHC Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 09/01/2027 @ $106 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.750%, 09/01/2030(A) | 1245000 | 1170250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cimpress |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 09/15/2027 @ $104 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.375%, 09/15/2032(A) | 1975000 | 2014507 |

---

**4**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **METLIFE OPPORTUNISTIC HIGH YIELD FUND** |
|  | **DECEMBER 31, 2025** *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS (continued)** | **SCHEDULE OF INVESTMENTS (continued)** | **SCHEDULE OF INVESTMENTS (continued)** |
| **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | **Face Amount** | **Value** |
| **Industrials — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deluxe |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 02/01/2026 @ $103 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.000%, 06/01/2029(A) | $1350000 | $1375052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Efesto Bidco S.p.A Efesto US |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 02/15/2028 @ $104 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.500%, 02/15/2032(A) | 1250000 | 1262637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Innovate |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.500%, 02/01/2027(A) | 1603035 | 1386625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JELD-WEN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 02/01/2026 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875%, 12/15/2027(A) | 950000 | 829171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Navios South American Logistics |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.875%, 07/14/2030 | 1400000 | 1444016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OneSky Flight |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 12/15/2026 @ $104 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.875%, 12/15/2029(A) | 1785000 | 1910191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oscar AcquisitionCo |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 02/01/2026 @ $105 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.500%, 04/15/2030(A) | 1480000 | 662350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Park-Ohio Industries |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 08/01/2027 @ $104 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.500%, 08/01/2030(A) | 1525000 | 1565901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Railworks Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 02/01/2026 @ $102 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.250%, 11/15/2028(A) | 1350000 | 1357614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rand Parent |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 02/15/2026 @ $104 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.500%, 02/15/2030(A) | 1740000 | 1812824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specialty Building Products Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 10/15/2026 @ $104 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.750%, 10/15/2029(A) | 1400000 | 1365952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wilsonart |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 08/15/2027 @ $106 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.000%, 08/15/2032(A) | 1670000 | 1492282 |
|  |  | 25628778 |
| **Information Technology — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virtusa |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 02/01/2026 @ $100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.125%, 12/15/2028(A) | 2150000 | 2118658 |

---

**5**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **METLIFE OPPORTUNISTIC HIGH YIELD FUND** |
|  | **DECEMBER 31, 2025** *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS (continued)** | **SCHEDULE OF INVESTMENTS (continued)** | **SCHEDULE OF INVESTMENTS (continued)** |
| **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | **Face Amount** | **Value** |
| **Materials — 11.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calderys Financing II |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 02/01/2026 @ $104 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.750%, 06/01/2028(A) | $1700000 | $1768000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cerdia Finanz GmbH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 10/15/2027 @ $105 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.375%, 10/03/2031(A) | 910000 | 940712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Energy Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 02/15/2027 @ $106 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.000%, 02/15/2031(A) | 606000 | 428442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 01/12/2026 @ $101 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625%, 10/15/2028(A) | 2025000 | 1316250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conuma Resources |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 05/01/2026 @ $110 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.125%, 05/01/2028(A) | 1610000 | 1577800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GPD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 06/30/2026 @ $106 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.500%, 12/31/2029(A) | 800000 | 407920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JW Aluminum Continuous Cast |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 04/01/2027 @ $105 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.250%, 04/01/2030(A) | 1865000 | 1948869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LABL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 10/01/2027 @ $104 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.625%, 10/01/2031(A) | 1877000 | 998297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magnera |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 11/15/2027 @ $104 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.250%, 11/15/2031(A) | 1125000 | 1104368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mativ Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 10/01/2026 @ $104 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.000%, 10/01/2029(A) | 2000000 | 2020050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rain Carbon |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 03/01/2026 @ $106 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.250%, 09/01/2029(A) | 1745000 | 1817130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TMS International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 01/12/2026 @ $102 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.250%, 04/15/2029(A) | 1869000 | 1806168 |
|  |  | 16134006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL CORPORATE OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $105,135,476) |  | 100145649 |

---

**6**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **METLIFE OPPORTUNISTIC HIGH YIELD FUND**<br> **DECEMBER 31, 2025** *(Unaudited)* |

---

**SCHEDULE OF INVESTMENTS (continued)** 

**LOAN OBLIGATIONS — 18.6%** 

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **Communication Services — 2.6%** | **Communication Services — 2.6%** | **Communication Services — 2.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ITG Communications, LLC, Initial Term Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ITG Communications, LLC, Initial Term Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ITG Communications, LLC, Initial Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.947%, CME Term SOFR + 4.750%, 07/01/2031 | $1825060 | $1761183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research Now Group, LLC, Second Out Term Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research Now Group, LLC, Second Out Term Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research Now Group, LLC, Second Out Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.640%, CME Term SOFR + 5.500%, 10/15/2028 | 720918 | 437056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Townsquare Media, Inc., Initial Term Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Townsquare Media, Inc., Initial Term Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Townsquare Media, Inc., Initial Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.878%, CME Term SOFR + 5.000%, 02/06/2030 | 1908960 | 1331500 |
|  |  | 3529739 |
| **Consumer Discretionary — 3.1%** | **Consumer Discretionary — 3.1%** | **Consumer Discretionary — 3.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Century Casino, Term B Loan, 1st Lien | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Century Casino, Term B Loan, 1st Lien | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Century Casino, Term B Loan, 1st Lien |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.850%, CME Term SOFR + 6.000%, 03/23/2029 | 2182152 | 1689357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kelso Industries, LLC, Term Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kelso Industries, LLC, Term Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kelso Industries, LLC, Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.572%, CME Term SOFR + 5.750%, 12/26/2029 | 996841 | 994348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;River Rock Entertainment Authority, Term Loan, 1st Lien | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;River Rock Entertainment Authority, Term Loan, 1st Lien | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;River Rock Entertainment Authority, Term Loan, 1st Lien |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.730%, 06/25/2031 | 1640000 | 1590800 |
|  |  | 4274505 |
| **Energy — 1.0%** | **Energy — 1.0%** | **Energy — 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natgasoline, LLC, 2025 Term Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natgasoline, LLC, 2025 Term Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natgasoline, LLC, 2025 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.216%, CME Term SOFR + 5.500%, 03/24/2030 | 1344313 | 1351034 |
| **Financials — 1.1%** | **Financials — 1.1%** | **Financials — 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HP PHRG Borrower, LLC, Closing Date Term Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HP PHRG Borrower, LLC, Closing Date Term Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HP PHRG Borrower, LLC, Closing Date Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.672%, CME Term SOFR + 4.000%, 02/13/2032 | 1313400 | 1303550 |

---

**7**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **METLIFE OPPORTUNISTIC HIGH YIELD FUND**<br> **DECEMBER 31, 2025** *(Unaudited)* |

---

**SCHEDULE OF INVESTMENTS (continued)** 

**LOAN OBLIGATIONS — continued**

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **Financials — continued** | **Financials — continued** | **Financials — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLG Holdings, Closing Date Initial Term Loan, 2nd Lien | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLG Holdings, Closing Date Initial Term Loan, 2nd Lien | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLG Holdings, Closing Date Initial Term Loan, 2nd Lien |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.331%, CME Term SOFR + 7.500%, 07/02/2029 | 996000 | 231570 |
|  |  | 1535120 |
| **Industrials — 5.1%** | **Industrials — 5.1%** | **Industrials — 5.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Brands Group, LLC, 2022-II Incremental Term Loan, 1st Lien | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Brands Group, LLC, 2022-II Incremental Term Loan, 1st Lien | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Brands Group, LLC, 2022-II Incremental Term Loan, 1st Lien |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.987%, CME Term SOFR + 7.000%, 03/30/2027 | 543947 | 1104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Brands Group, LLC, DIP Term Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Brands Group, LLC, DIP Term Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Brands Group, LLC, DIP Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.843%, CME Term SOFR + 10.000%, 03/30/2027 | 231146 | 41606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Brands Group, LLC, Roll-Up Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Brands Group, LLC, Roll-Up Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Brands Group, LLC, Roll-Up Loan |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.688%, CME Term SOFR + 7.000%, 06/29/2026 | 261852 | 3011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form Technologies, LLC, Term Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form Technologies, LLC, Term Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form Technologies, LLC, Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.620%, CME Term SOFR + 5.750%, 05/30/2030 | 1303450 | 1168217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HDI Aerospace Intermediate Holding III Corp., Term Loan B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HDI Aerospace Intermediate Holding III Corp., Term Loan B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HDI Aerospace Intermediate Holding III Corp., Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.687%, CME Term SOFR + 3.750%, 09/19/2031 | 1405935 | 1411207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michael Baker International, LLC, Term B-1 Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michael Baker International, LLC, Term B-1 Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michael Baker International, LLC, Term B-1 Loan |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.840%, CME Term SOFR + 4.000%, 12/01/2028 | 738788 | 739711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One Stop Mailing, LLC, Term Loan, 1st Lien | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One Stop Mailing, LLC, Term Loan, 1st Lien | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One Stop Mailing, LLC, Term Loan, 1st Lien |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.081%, CME Term SOFR + 6.250%, 05/07/2027 | 937413 | 940286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Titan Purchaser, Inc., Term Loan B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Titan Purchaser, Inc., Term Loan B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Titan Purchaser, Inc., Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.672%, CME Term SOFR + 6.000%, 01/31/2030 | 999701 | 1005330 |

---

**8**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **METLIFE OPPORTUNISTIC HIGH YIELD FUND**<br> **DECEMBER 31, 2025** *(Unaudited)* |

---

**SCHEDULE OF INVESTMENTS (continued)**

**LOAN OBLIGATIONS — continued** 

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **Industrials — continued** | **Industrials — continued** | **Industrials — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trulite Holding Corp., Term Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trulite Holding Corp., Term Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trulite Holding Corp., Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.661%, CME Term SOFR + 6.000%, 02/22/2030 | 1641895 | 1576219 |
|  |  | 6886691 |
| **Information Technology — 1.6%** | **Information Technology — 1.6%** | **Information Technology — 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cyberswift US Finco, LLC, Term Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cyberswift US Finco, LLC, Term Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cyberswift US Finco, LLC, Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.937%, CME Term SOFR + 4.000%, 09/23/2032 (B) | 695000 | 693047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerald EMS, Term Loan, 1st Lien | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerald EMS, Term Loan, 1st Lien | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerald EMS, Term Loan, 1st Lien |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.222%, CME Term SOFR + 6.250%, 12/29/2027 | 589063 | 365219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magenta Security Holdings, LLC, Third Out Term Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magenta Security Holdings, LLC, Third Out Term Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magenta Security Holdings, LLC, Third Out Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.350%, CME Term SOFR + 6.250%, 07/27/2028 | 14648 | 3223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venga Finance, LLC, 2025 Incremental Dollar Term Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venga Finance, LLC, 2025 Incremental Dollar Term Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venga Finance, LLC, 2025 Incremental Dollar Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.834%, CME Term SOFR + 3.750%, 06/28/2029 | 1051557 | 1053134 |
|  |  | 2114623 |
| **Materials — 1.6%** | **Materials — 1.6%** | **Materials — 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IRIS Holdings, Term Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IRIS Holdings, Term Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IRIS Holdings, Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.690%, CME Term SOFR + 4.750%, 06/28/2028 (B) | 725000 | 701894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Opta Inc., 2024 Incremental Delayed Term Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Opta Inc., 2024 Incremental Delayed Term Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Opta Inc., 2024 Incremental Delayed Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.581%, CME Term SOFR + 6.750%, 11/09/2028 | 433513 | 420507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Opta Inc., Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Opta Inc., Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Opta Inc., Delayed Draw Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.581%, CME Term SOFR + 6.750%, 11/08/2028 | 135757 | 131685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.581%, CME Term SOFR + 6.750%, 11/09/2028 | 154375 | 149744 |

---

**9**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **METLIFE OPPORTUNISTIC HIGH YIELD FUND**<br> **DECEMBER 31, 2025** *(Unaudited)* |

---

**SCHEDULE OF INVESTMENTS (continued)**

**LOAN OBLIGATIONS — continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face Amount** | **Face Amount** | **Value** | **Value** |
| **Materials — continued** | **Materials — continued** | **Materials — continued** | **Materials — continued** | **Materials — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Opta Inc., Term Loan, 1st Lien | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Opta Inc., Term Loan, 1st Lien | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Opta Inc., Term Loan, 1st Lien | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Opta Inc., Term Loan, 1st Lien | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Opta Inc., Term Loan, 1st Lien |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.623%, CME Term SOFR + 6.750%, 11/09/2028 | $| 867300 | $| 841281 |
|  |  |  |  | 2245111 |
| **Utilities — 2.5%** | **Utilities — 2.5%** | **Utilities — 2.5%** | **Utilities — 2.5%** | **Utilities — 2.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodnight Water Solutions Holdings, LLC, Term Loan B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodnight Water Solutions Holdings, LLC, Term Loan B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodnight Water Solutions Holdings, LLC, Term Loan B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodnight Water Solutions Holdings, LLC, Term Loan B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodnight Water Solutions Holdings, LLC, Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.716%, CME Term SOFR + 4.000%, 06/04/2029 |  | 1414655 |  | 1404045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MH Sub I, LLC, 2023 May Incremental Term Loan, 1st Lien | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MH Sub I, LLC, 2023 May Incremental Term Loan, 1st Lien | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MH Sub I, LLC, 2023 May Incremental Term Loan, 1st Lien | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MH Sub I, LLC, 2023 May Incremental Term Loan, 1st Lien | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MH Sub I, LLC, 2023 May Incremental Term Loan, 1st Lien |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.966%, CME Term SOFR + 4.250%, 05/03/2028 |  | 1290877 |  | 1197288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MH Sub I, LLC, 2024 December New Term Loan, 1st Lien | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MH Sub I, LLC, 2024 December New Term Loan, 1st Lien | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MH Sub I, LLC, 2024 December New Term Loan, 1st Lien | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MH Sub I, LLC, 2024 December New Term Loan, 1st Lien | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MH Sub I, LLC, 2024 December New Term Loan, 1st Lien |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.966%, CME Term SOFR + 4.250%, 12/31/2031 |  | 873748 |  | 745281 |
|  |  |  |  | 3346614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LOAN OBLIGATIONS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LOAN OBLIGATIONS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LOAN OBLIGATIONS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LOAN OBLIGATIONS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LOAN OBLIGATIONS** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $28,666,959) |  |  |  | 25283437 |

---

**COMMON STOCK — 0.4%**

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| &nbsp;&nbsp;&nbsp;**Communication Services — 0.0%** | &nbsp;&nbsp;&nbsp;**Communication Services — 0.0%** | &nbsp;&nbsp;&nbsp;**Communication Services — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beasley Broadcast Group, Inc., Class A \*(C)(D) | 1042 | 4491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Insights Holdings \*(C)(D) | 10040 | 50200 |
|  |  | 54691 |
| &nbsp;&nbsp;&nbsp;**Consumer Discretionary — 0.1%** | &nbsp;&nbsp;&nbsp;**Consumer Discretionary — 0.1%** | &nbsp;&nbsp;&nbsp;**Consumer Discretionary — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 Hour Fitness Worldwide, Inc. \*(C)(D) | 90461 | 905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PSS Industrial Offering, Class A \*(C)(D) | 1353 | 132705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PSS Industrial Offering, Class B \*(C)(D) | 351 | 34466 |
|  |  | 168076 |
| &nbsp;&nbsp;&nbsp;**Energy — 0.2%** | &nbsp;&nbsp;&nbsp;**Energy — 0.2%** | &nbsp;&nbsp;&nbsp;**Energy — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greenfire Resources \* | 56516 | 269016 |

---

**10**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **METLIFE OPPORTUNISTIC HIGH YIELD FUND**<br> **DECEMBER 31, 2025** *(Unaudited)* |

---

**SCHEDULE OF INVESTMENTS (continued)**

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Industrials — 0.1%** | &nbsp;&nbsp;&nbsp;**Industrials — 0.1%** | &nbsp;&nbsp;&nbsp;**Industrials — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altera Infrastructure (C)(D) | 2800 | $112000 |
| &nbsp;&nbsp;&nbsp;**Information Technology — 0.0%** | &nbsp;&nbsp;&nbsp;**Information Technology — 0.0%** | &nbsp;&nbsp;&nbsp;**Information Technology — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PVKG Investment Holdings \*(C)(D) | 445 | 1780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL COMMON STOCK** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL COMMON STOCK** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL COMMON STOCK** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $2,331,677) |  | 605563 |
| **PREFERRED STOCK — 0.0%** | **PREFERRED STOCK — 0.0%** | **PREFERRED STOCK — 0.0%** |
| &nbsp;&nbsp;&nbsp;**Consumer Discretionary — 0.0%** | &nbsp;&nbsp;&nbsp;**Consumer Discretionary — 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;&nbsp;**TOTAL PREFERRED STOCK** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL PREFERRED STOCK** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL PREFERRED STOCK** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $30,496) |  | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS — 92.8%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS — 92.8%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS — 92.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $136,164,608) |  | $126034875 |

---

Percentages are based on Net Assets of $135,783,718.

\* Non-income producing security.

# There is currently no interest rate available.

&nbsp;&nbsp;&nbsp;&nbsp;(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 December 31, 2025, was $93,034,889 and represents 68.5% of Net Assets.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(D) Securities
considered restricted. The total market value of such securities as of December 31, 2025, was $336,773 and represented 0.2% of
the Net Assets.

CME — Chicago Mercantile Exchange

LLC — Limited Liability Company

SOFR — Secured Overnight Financing Rate

**11**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **METLIFE OPPORTUNISTIC HIGH YIELD FUND**<br> **DECEMBER 31, 2025** *(Unaudited)* |

---

A list of the restricted securities, excluding 144a, held by the Fund on December 31, 2025, is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Number of Shares | Acquisition Date | Cost | Market Value |
| **Common Stock** | **Common Stock** | **Common Stock** | **Common Stock** | **Common Stock** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 Hour Fitness Worldwide, Inc. | 90461 | 12/29/2020 | $601017 | $905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altera Infrastructure | 2800 | 12/5/2022 | 633990 | 112000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beasley Broadcast Group, Inc., Class A | 1042 | 10/10/2024 | 11 | 4491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Insights Holdings | 10040 | 7/15/2024 | 315135 | 50200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PSS Industrial Offering, Class A | 1353 | 5/23/2022 | 77451 | 132705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PSS Industrial Offering, Class B | 351 | 12/23/2019 | 527705 | 34466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PVKG Investment Holdings | 445 | 6/4/2024 | 137213 | 1780 |
| **Preferred Stock** | **Preferred Stock** | **Preferred Stock** | **Preferred Stock** | **Preferred Stock** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 Hour Fitness Worldwide, Inc. | 22590 | 12/7/2020 | 30496 | 226 |
|  |  |  | $2323018 | $336773 |

---

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.

*MIM-QH-002-0100*

**12**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **METLIFE SMALL COMPANY EQUITY FUND** |
|  | **DECEMBER 31, 2025** *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **COMMON STOCK — 94.3%** | | |
|  |<br>**Shares** |<br>**Value** |
| &nbsp;&nbsp;&nbsp;**Communication Services — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nexstar Media Group, Cl A | 417 | $84672 |
| &nbsp;&nbsp;&nbsp;**Consumer Discretionary — 9.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Etsy \* | 1388 | 76951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Watch Restaurant Group \* | 5300 | 79924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kontoor Brands | 1499 | 91574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Levi Strauss, Cl A | 3517 | 72943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meritage Homes | 1247 | 82053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings \* | 609 | 66752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RH \* | 456 | 81692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YETI Holdings \* | 2448 | 108128 |
|  |  | 660017 |
| &nbsp;&nbsp;&nbsp;**Consumer Staples — 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;elf Beauty \* | 996 | 75736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marzetti | 387 | 63631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sprouts Farmers Market \* | 890 | 70906 |
|  |  | 210273 |
| &nbsp;&nbsp;&nbsp;**Energy — 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Antero Resources \* | 2154 | 74227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matador Resources | 1354 | 57464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weatherford International | 1179 | 92268 |
|  |  | 223959 |
| &nbsp;&nbsp;&nbsp;**Financials — 18.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlantic Union Bankshares | 2158 | 76177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baldwin Insurance Group, Cl A \* | 2989 | 71826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banner | 1039 | 65104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone Mortgage Trust, Cl A ‡ | 5496 | 105139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cohen & Steers | 1196 | 75085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dynex Capital ‡ | 5871 | 82253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hancock Whitney | 1545 | 98386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lazard, Cl A | 1682 | 81678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OceanFirst Financial | 4631 | 83126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paymentus Holdings, Cl A \* | 3299 | 104215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selective Insurance Group | 1188 | 99400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SouthState Bank | 830 | 78111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synovus Financial | 1618 | 80981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Capital Bancshares \* | 958 | 86737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UWM Holdings | 13611 | 59616 |

---

**13**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **METLIFE SMALL COMPANY EQUITY FUND** |
|  | **DECEMBER 31, 2025** *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS (continued)** | | |
| **COMMON STOCK — continued** | | |
|  |<br>**Shares** |<br>**Value** |
| &nbsp;&nbsp;&nbsp;**Financials — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zions Bancorp | 1873 | $109645 |
|  |  | 1357479 |
| &nbsp;&nbsp;&nbsp;**Health Care — 18.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ADMA Biologics \* | 6931 | 126422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alkermes \* | 2273 | 63599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphatec Holdings \* | 5803 | 122095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axsome Therapeutics \* | 792 | 144651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bruker | 2474 | 116550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Catalyst Pharmaceuticals \* | 4266 | 99568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortrea Holdings \* | 7178 | 123821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Globus Medical, Cl A \* | 1333 | 116384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Halozyme Therapeutics \* | 1920 | 129216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QuidelOrtho \* | 3785 | 108100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stevanato Group | 4402 | 88568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Supernus Pharmaceuticals \* | 1852 | 92044 |
|  |  | 1331018 |
| &nbsp;&nbsp;&nbsp;**Industrials — 14.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alaska Air Group \* | 1980 | 99594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CACI International, Cl A \* | 119 | 63404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enerpac Tool Group, Cl A | 594 | 22715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ExlService Holdings \* | 2746 | 116540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gates Industrial PLC \* | 4398 | 94425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hayward Holdings \* | 6752 | 104318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Helios Technologies | 1350 | 72212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ITT | 485 | 84152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JBT Marel | 677 | 102004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kadant | 256 | 72965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Knight-Swift Transportation Holdings, Cl A | 1567 | 81923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Korn Ferry | 983 | 64898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mercury Systems \* | 1290 | 94183 |
|  |  | 1073333 |
| &nbsp;&nbsp;&nbsp;**Information Technology — 10.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACI Worldwide \* | 2469 | 118043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Energy Industries | 468 | 97985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kyndryl Holdings \* | 2763 | 73385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Littelfuse | 413 | 104456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;nCino \* | 2899 | 74331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plexus \* | 754 | 110838 |

---

**14**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **METLIFE SMALL COMPANY EQUITY FUND** |
|  | **DECEMBER 31, 2025** *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS (continued)** | | |
| **COMMON STOCK — continued** | | |
|  |<br>**Shares** |<br>**Value** |
| &nbsp;&nbsp;&nbsp;**Information Technology — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rambus \* | 834 | $76636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Riot Platforms \* | 4091 | 51833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Semtech \* | 932 | 68679 |
|  |  | 776186 |
| &nbsp;&nbsp;&nbsp;**Materials — 6.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AptarGroup | 605 | 73786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axalta Coating Systems \* | 2333 | 75379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coeur Mining \* | 4005 | 71409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mosaic | 2933 | 70656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O-I Glass, Cl I \* | 4794 | 70759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quaker Chemical | 677 | 92959 |
|  |  | 454948 |
| &nbsp;&nbsp;&nbsp;**Real Estate — 7.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Realty Investment Trust ‡ | 715 | 72072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Independence Realty Trust ‡ | 4615 | 80670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LXP Industrial Trust ‡ | 1614 | 80022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Health Investors ‡ | 1256 | 95921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pebblebrook Hotel Trust ‡ | 6488 | 73444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PotlatchDeltic ‡ | 2112 | 84015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STAG Industrial ‡ | 1967 | 72307 |
|  |  | 558451 |
| &nbsp;&nbsp;&nbsp;**Utilities — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northwest Natural Holding | 2282 | 106661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northwestern Energy Group | 1026 | 66218 |
|  |  | 172879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL COMMON STOCK** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $6,105,332) |  | 6903215 |
| **EXCHANGE-TRADED FUNDS — 2.8%** |  |  |
| **EQUITY FUNDS — 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares Russell 2000 ETF | 296 | 72863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street SPDR S&P Biotech ETF | 1098 | 133879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXCHANGE-TRADED FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $164,980) |  | 206742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS — 97.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $6,270,312) |  | $7109957 |

---

**15**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **METLIFE SMALL COMPANY EQUITY FUND** |
|  | **DECEMBER 31, 2025** *(Unaudited)* |

---

Percentages are based on Net Assets of $7,321,398.

\* Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;‡ 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

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.

*MIM-QH-002-0100*

**16**

## 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:** 2026-09-30

- **b. Date as of which information is reported:** 2025-12-31

**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:** $136812233.26

**Total Liabilities:** $1028514.97

**Net Assets:** $135783718.29

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -6.89866700 | **1-Year:** -254.81235404 | **5-Year:** -109.74825042 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

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

- **3-Month:** -382.67527607 | **1-Year:** -11595.00410358 | **5-Year:** -18300.43091559 | **10-Year:** -1367.05880090 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000206015 | 0.17%                | -0.15%               | -1.02%               |
| Class ID C000206016 | 0.32%                | -0.13%               | -1.11%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-849136.70              | $20835.60                                  |
| Month 2  | $-139265.69              | $-1098965.43                               |
| Month 3  | $97469.84                | $-2645475.04                               |

### 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        |   2200000 | PA      | $2242872.96   | 1.65%             | 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        |   1850000 | PA      | $1670731.67   | 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      | $112000.00    | 0.08%             |  |  |  | No            |                  3 | On Loan: No      |
| AMERICAN AXLE & MANUFACTURING, INC.           | AMERICAN AXLE & MANUFACTURING INC 144A 6.375000% 10/15/2032                     | CUSIP: 02406PBC3<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |    785000 | PA      | $799490.00    | 0.59%             | 2032-10-15      | Fixed         | 6.38%                 | Yes           |                  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      | $1313087.45   | 0.97%             | 2030-02-25      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| ASURION, LLC                                  | ASURION LLC AND ASURION CO-ISSUER INC 144A 8.000000% 12/31/2032                 | CUSIP: 045941AA9<br>LEI: 549300KNQVXGIOXWK278 | Long             | DBT              | CORP              | US        |    125000 | PA      | $129701.43    | 0.10%             | 2032-12-31      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| AVATION GROUP (S) PTE. LTD.                   | AVATION GROUP S PTE LTD MTN 8.500000% 05/15/2031                                | CUSIP: 05390AAA2<br>LEI: 2138006F359FM7HRYK39 | Long             | DBT              | NUSS              | SG        |    695000 | PA      | $684478.01    | 0.50%             | 2031-05-15      | Fixed         | 8.50%                 | Yes           |                  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      | $4491.02      | 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      | $390260.00    | 0.29%             | 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        |   1920732 | PA      | $1929704.60   | 1.42%             | 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        |   1465000 | PA      | $1436641.09   | 1.06%             | 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      | $629160.00    | 0.46%             | 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        |   8074464 | PA      | $8074464.39   | 5.95%             |  |  |  | No            |                  1 | On Loan: No      |
| BURFORD CAPITAL GLOBAL FINANCE LLC            | BURFORD CAPITAL GLOBAL FINANCE LLC 144A 7.500000% 07/15/2033                    | CUSIP: 12116LAG4<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |   1800000 | PA      | $1717670.18   | 1.27%             | 2033-07-15      | Fixed         | 7.50%                 | 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        |   1700000 | PA      | $1768000.00   | 1.30%             | 2028-06-01      | Fixed         | 11.75%                | 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        |    910000 | PA      | $940712.50    | 0.69%             | 2031-10-03      | Fixed         | 9.38%                 | Yes           |                  2 | On Loan: No      |
| CHC GROUP LLC                                 | CHC GROUP LLC 144A 11.750000% 09/01/2030                                        | CUSIP: 12550EAA6<br>LEI: N/A                  | Long             | DBT              | NUSS              | US        |   1245000 | PA      | $1170249.43   | 0.86%             | 2030-09-01      | Fixed         | 11.75%                | 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      | $2014507.54   | 1.48%             | 2032-09-15      | Fixed         | 7.38%                 | 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      | $428442.00    | 0.32%             | 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        |   2025000 | PA      | $1316250.00   | 0.97%             | 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      | $1487200.00   | 1.10%             | 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        |   1610000 | PA      | $1577800.00   | 1.16%             | 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      | $1040049.16   | 0.77%             | 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        |   2182152 | PA      | $1689356.54   | 1.24%             | 2029-03-23      | Floating      | 9.85%                 | No            |                  2 | On Loan: No      |
| DELUXE CORPORATION                            | DELUXE CORP 144A 8.000000% 06/01/2029                                           | CUSIP: 248019AU5<br>LEI: KWGNKB8TX9LE5TV29231 | Long             | DBT              | CORP              | US        |   1350000 | PA      | $1375051.95   | 1.01%             | 2029-06-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| People Inc                                    | DOTDASH MEREDITH INC 144A 7.625000% 06/15/2032                                  | CUSIP: 25849JAA8<br>LEI: 549300R2AA7U9CJUQO13 | Long             | DBT              | CORP              | US        |   1825000 | PA      | $1644074.56   | 1.21%             | 2032-06-15      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| EFESTO BIDCO S.P.A.                           | EFESTO BIDCO SPA EFESTO US LLC 144A 7.500000% 02/15/2032                        | CUSIP: 28201XAB1<br>LEI: 815600D1A091DE3F5933 | Long             | DBT              | NUSS              | IT        |   1250000 | PA      | $1262637.50   | 0.93%             | 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        |    589062 | PA      | $365218.75    | 0.27%             | 2027-12-29      | Floating      | 10.22%                | 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        |   1920000 | PA      | $1844934.80   | 1.36%             | 2029-04-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| FIRST BRANDS GROUP TL                         | FIRST BRANDS GROUP TL 3/30/2027                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    231146 | PA      | $41606.33     | 0.03%             | 2027-03-30      | Floating      | 13.84%                | No            |                  2 | On Loan: No      |
| FIRST BRANDS GROUP, LLC                       | FIRST BRANDS GROUP, LLC 3/30/2027                                               | CUSIP: 31935HAG2<br>LEI: N/A                  | Long             | LON              |  | US        |    543947 | PA      | $1104.21      | 0.00%             | 2027-03-30      | Floating      | 9.41%                 | No            |                  2 | On Loan: No      |
| FORM TECHNOLOGIES LLC                         | FORM TECHNOLOGIES LLC 5/30/2030                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   1303450 | PA      | $1168217.06   | 0.86%             | 2030-05-30      | Floating      | 9.62%                 | No            |                  2 | On Loan: No      |
| First Brands 10/25 DIP Roll Up PIK TLB        | First Brands 10/25 DIP Roll Up PIK TLB 6/29/2026                                | CUSIP: 31935HAN7<br>LEI: N/A                  | Long             | LON              |  | US        |    261852 | PA      | $3011.29      | 0.00%             | 2026-06-29      | Floating      | 10.84%                | 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      | $1410779.01   | 1.04%             | 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      | $1316313.34   | 0.97%             | 2033-05-15      | Fixed         | 8.00%                 | No            |                  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        |   1414655 | PA      | $1404045.09   | 1.03%             | 2029-06-04      | Floating      | 7.72%                 | No            |                  2 | On Loan: No      |
| GPD COMPANIES, INC.                           | GPD COS INC 144A 12.500000% 12/31/2029                                          | CUSIP: 36260VAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    800000 | PA      | $407920.22    | 0.30%             | 2029-12-31      | Fixed         | 12.50%                | Yes           |                  2 | On Loan: No      |
| GREENFIRE RESOURCES LTD.                      | GREENFIRE RESOURCES LTD COMMON STOCK                                            | CUSIP: 39525U107<br>LEI: 254900MTS0G2VGMJW059 | Long             | EC               |  | US        |     56516 | NS      | $269016.16    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| HARROW, INC.                                  | HARROW INC 144A 8.625000% 09/15/2030                                            | CUSIP: 415858AC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    925000 | PA      | $972212.00    | 0.72%             | 2030-09-15      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| HDI AEROSPACE                                 | HDI AEROSPACE 9/19/2031                                                         | CUSIP: 40415WAB0<br>LEI: N/A                  | Long             | LON              |  | US        |   1405935 | PA      | $1411207.26   | 1.04%             | 2031-09-19      | Floating      | 7.69%                 | No            |                  2 | On Loan: No      |
| HMH Holding B.V.                              | HMH HOLDING BV 144A 7.875000% 12/17/2028                                        | CUSIP: N/A<br>LEI: 8945008FRZIYPW0VW366       | Long             | DBT              | CORP              | NO        |    400000 | PA      | $408742.31    | 0.30%             | 2028-12-17      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| HP PHRG BORROWER, LLC                         | HP PHRG BORROWER, LLC 2/13/2032                                                 | CUSIP: 40445XAC0<br>LEI: N/A                  | Long             | LON              |  | US        |   1313400 | PA      | $1303549.50   | 0.96%             | 2032-02-13      | Floating      | 7.67%                 | No            |                  2 | On Loan: No      |
| INNOVATE CORP.                                | INNOVATE CORP 144A 10.500000% 02/01/2027                                        | CUSIP: 45784JAB1<br>LEI: 549300S6O246JWQQ1K58 | Long             | DBT              | CORP              | US        |   1603035 | PA      | $1386625.28   | 1.02%             | 2027-02-01      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| INTERNET BRANDS 12/24 TLB4                    | INTERNET BRANDS 12/24 TLB4 12/31/2031                                           | CUSIP: 45567YAP0<br>LEI: N/A                  | Long             | LON              |  | US        |    873748 | PA      | $745280.63    | 0.55%             | 2031-12-31      | Floating      | 7.97%                 | No            |                  2 | On Loan: No      |
| INTERNET BRANDS                               | INTERNET BRANDS 5/3/2028                                                        | CUSIP: 45567YAN5<br>LEI: N/A                  | Long             | LON              |  | US        |   1290877 | PA      | $1197288.27   | 0.88%             | 2028-05-03      | Floating      | 7.97%                 | No            |                  2 | On Loan: No      |
| ION PLATFORM FINANCE US, INC.                 | ION PLATFORM FINANCE US INC / ION PLATFORM FINANCE 9.500000% 05/30/2029         | CUSIP: 46206AAB8<br>LEI: 213800FKHT3BRRKMCC89 | Long             | DBT              | CORP              | US        |   1825000 | PA      | $1848174.18   | 1.36%             | 2029-05-30      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| IRS HOLDINGS INC TL                           | IRS HOLDINGS INC TL 6/28/2028                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    725000 | PA      | $701894.25    | 0.52%             | 2028-06-28      | Floating      | 8.69%                 | No            |                  2 | On Loan: No      |
| ITG COMMS LLC                                 | ITG COMMS LLC 7/1/2031                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   1825060 | PA      | $1761182.72   | 1.30%             | 2031-07-01      | Floating      | 8.95%                 | No            |                  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        |   1845000 | PA      | $1770557.02   | 1.30%             | 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      | $696780.00    | 0.51%             | 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        |   1405000 | PA      | $1376689.25   | 1.01%             | 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        |    950000 | PA      | $829171.31    | 0.61%             | 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      | $1948869.05   | 1.44%             | 2030-04-01      | Fixed         | 10.25%                | Yes           |                  2 | On Loan: No      |
| KELSO INDUSTRIES LLC TERM LOAN                | KELSO INDUSTRIES LLC TERM LOAN 12/26/2029                                       | CUSIP: 48825CAB1<br>LEI: N/A                  | Long             | LON              |  | US        |    996841 | PA      | $994348.41    | 0.73%             | 2029-12-26      | Floating      | 9.57%                 | No            |                  2 | On Loan: No      |
| Kinetics LNG Holdings Limited                 | KINETICS LNG HOLDINGS LTD 144A 9.875000% 11/13/2029                             | CUSIP: N/A<br>LEI: 25490021IVBADCMVD229       | Long             | DBT              | CORP              | IM        |    625000 | PA      | $629247.51    | 0.46%             | 2029-11-13      | Fixed         | 9.88%                 | Yes           |                  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      | $998296.72    | 0.74%             | 2031-10-01      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| MAGENTA SECURITY HOLDINGS LLC                 | MAGENTA SECURITY HOLDINGS LLC 7/27/2028                                         | CUSIP: 55909UAG4<br>LEI: N/A                  | Long             | LON              |  | US        |     14648 | PA      | $3222.52      | 0.00%             | 2028-07-27      | Floating      | 10.35%                | No            |                  2 | On Loan: No      |
| Magnera Corporation                           | MAGNERA CORP 144A 7.250000% 11/15/2031                                          | CUSIP: 55939AAA5<br>LEI: 549300LDQLQBT38QDY28 | Long             | DBT              | CORP              | US        |   1125000 | PA      | $1104367.50   | 0.81%             | 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        |   1051557 | PA      | $1053134.42   | 0.78%             | 2029-06-28      | Floating      | 7.83%                 | 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      | $2020049.88   | 1.49%             | 2029-10-01      | Fixed         | 8.00%                 | 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        |    738788 | PA      | $739710.98    | 0.54%             | 2028-12-01      | Floating      | 7.84%                 | 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        |   1500000 | PA      | $1497374.10   | 1.10%             | 2028-05-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| MM PROTON I, LLC                              | MM PROTON I LLC 144A 9.875000% 10/05/2029                                       | CUSIP: N/A<br>LEI: 894500OBXVZUWQ8BCL18       | Long             | DBT              | CORP              | US        |   1275000 | PA      | $1267881.25   | 0.93%             | 2029-10-05      | Fixed         | 9.88%                 | 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      | $2429110.52   | 1.79%             | 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        |   1344312 | PA      | $1351034.06   | 0.99%             | 2030-03-24      | Floating      | 9.22%                 | No            |                  2 | On Loan: No      |
| N/A                                           | NAVIOS SOUTH AMERICAN LOGISTICS IN 8.875% 07/14/2030                            | CUSIP: BCCJ08DC1<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   1400000 | PA      | $1444016.38   | 1.06%             | 2030-07-14      | Fixed         | 8.88%                 | 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      | $2023216.40   | 1.49%             | 2029-09-30      | Fixed         | 8.00%                 | 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      | $50200.00     | 0.04%             |  |  |  | No            |                  3 | 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      | $2057667.66   | 1.52%             | 2032-02-15      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| NORD SEC INC                                  | NORD SEC INC 9/23/2032                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    695000 | PA      | $693047.05    | 0.51%             | 2032-09-23      | Floating      | 7.94%                 | No            |                  2 | On Loan: No      |
| Odfjell Rig III Ltd.                          | ODFJELL RIG III LTD 144A 7.250000% 03/08/2031                                   | CUSIP: N/A<br>LEI: 529900JX0H45QUN1EC58       | Long             | DBT              | CORP              | NO        |    800000 | PA      | $811438.93    | 0.60%             | 2031-03-08      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| ONE STOP MAILING LLC                          | ONE STOP MAILING LLC 5/7/2027                                                   | CUSIP: 68248MAG5<br>LEI: N/A                  | Long             | LON              |  | US        |    937413 | PA      | $940285.61    | 0.69%             | 2027-05-07      | Floating      | 10.08%                | 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      | $1910191.22   | 1.41%             | 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        |    290132 | PA      | $281428.53    | 0.21%             | 2028-11-09      | Floating      | 10.60%                | No            |                  2 | On Loan: No      |
| OPTA INC TL                                   | OPTA INC TL 11/9/2028                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | CA        |    867300 | PA      | $841281.00    | 0.62%             | 2028-11-09      | Floating      | 10.62%                | 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        |    433512 | PA      | $420507.13    | 0.31%             | 2028-11-09      | Floating      | 10.58%                | 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        |   1480000 | PA      | $662349.73    | 0.49%             | 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      | $1997293.44   | 1.47%             | 2029-06-27      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| PARK RIVER HOLDINGS, INC.                     | PARK RIVER HOLDINGS INC 144A 8.000000% 03/15/2031                               | CUSIP: 70082LAC1<br>LEI: 254900PGY077KWCROT75 | Long             | DBT              | CORP              | US        |    255000 | PA      | $262903.73    | 0.19%             | 2031-03-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| PARK RIVER HOLDINGS, INC.                     | PARK RIVER HOLDINGS INC 144A 8.750000% 12/31/2030                               | CUSIP: 70082LAD9<br>LEI: 254900PGY077KWCROT75 | Long             | DBT              | CORP              | US        |   2028844 | PA      | $1995875.29   | 1.47%             | 2030-12-31      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| PARK-OHIO INDUSTRIES, INC.                    | PARK-OHIO INDUSTRIES INC 144A 8.500000% 08/01/2030                              | CUSIP: 700677AS6<br>LEI: 5493006LQUO5SLMNYM18 | Long             | DBT              | CORP              | US        |   1525000 | PA      | $1565900.50   | 1.15%             | 2030-08-01      | Fixed         | 8.50%                 | Yes           |                  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        |   1615000 | PA      | $1720482.11   | 1.27%             | 2030-07-15      | Fixed         | 9.25%                 | Yes           |                  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      | $132704.87    | 0.10%             |  |  |  | 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      | $34466.55     | 0.03%             |  |  |  | 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        |   1350000 | PA      | $1357614.00   | 1.00%             | 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        |   1745000 | PA      | $1817130.45   | 1.34%             | 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        |   1740000 | PA      | $1812824.25   | 1.34%             | 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        |    720918 | PA      | $437056.56    | 0.32%             | 2028-10-15      | Floating      | 8.88%                 | 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      | $231570.00    | 0.17%             | 2029-07-02      | Floating      | 11.33%                | 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   | 1.17%             | 2031-06-25      | Floating      | 12.73%                | 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      | $1110950.80   | 0.82%             | 2030-03-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| SESI, L.L.C.                                  | SESI LLC 144A 7.875000% 09/30/2030                                              | CUSIP: 78412FAX2<br>LEI: XDZ56K6RXS5J1ESBZS35 | Long             | DBT              | CORP              | US        |    960000 | PA      | $945063.20    | 0.70%             | 2030-09-30      | Fixed         | 7.88%                 | 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      | $1471230.74   | 1.08%             | 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    | 0.54%             | 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        |   1400000 | PA      | $1365952.00   | 1.01%             | 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      | $951305.58    | 0.70%             | 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        |   1675000 | PA      | $1736887.90   | 1.28%             | 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      | $157450.00    | 0.12%             | 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        |   1314000 | PA      | $1318204.62   | 0.97%             | 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        |   1869000 | PA      | $1806167.66   | 1.33%             | 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        |   1908960 | PA      | $1331499.93   | 0.98%             | 2030-02-06      | Floating      | 9.64%                 | 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      | $1065113.23   | 0.78%             | 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      | $1325573.67   | 0.98%             | 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        |   1641895 | PA      | $1576218.90   | 1.16%             | 2030-02-22      | Floating      | 9.98%                 | No            |                  2 | On Loan: No      |
| URBAN ONE, INC.                               | URBAN ONE INC 144A 7.625000% 04/01/2031                                         | CUSIP: 91705JAD7<br>LEI: 549300PLGIGPBRQUP240 | Long             | DBT              | CORP              | US        |    343000 | PA      | $328483.00    | 0.24%             | 2030-04-01      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| URBAN ONE, INC.                               | URBAN ONE INC 144A 7.625000% 04/01/2031                                         | CUSIP: 91705JAD7<br>LEI: 549300PLGIGPBRQUP240 | Long             | DBT              | CORP              | US        |   1330000 | PA      | $690519.71    | 0.51%             | 2031-04-01      | Fixed         | 7.62%                 | 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        |    513000 | PA      | $487373.16    | 0.36%             | 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        |   1000000 | PA      | $994425.90    | 0.73%             | 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      | $2118657.67   | 1.56%             | 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        |   2156000 | PA      | $2051754.55   | 1.51%             | 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      | $1421902.14   | 1.05%             | 2032-07-01      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| WAUPACA FOUNDRY                               | WAUPACA FOUNDRY 1/31/2030                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    999701 | PA      | $1005329.52   | 0.74%             | 2030-01-31      | Floating      | 9.67%                 | No            |                  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      | $1492282.29   | 1.10%             | 2032-08-15      | Fixed         | 11.00%                | Yes           |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-31

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

**Signature:** Andrew Metzger

**Name of Signer:** Andrew Metzger

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