# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0002048251-25-000655
**Filing Date:** 2025-9
**Character Count:** 373918
**Document Hash:** cb39f4d7d6dac29983f0ad9a6e881e09
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-25-000655.hdr.sgml**: 20250929

**ACCESSION NUMBER**: 0002048251-25-000655

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250929

**DATE AS OF CHANGE**: 20250929

**PERIOD START**: 20251031

**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:** 251353131

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

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

## Series and Classes Contracts Data

### Knights of Columbus Long/Short Equity Fund (Series ID: S000066638)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000214839 | Investor Shares | KCEVX           |

## Nport-Ex

---

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

---

**LIMITED DURATION FUND**

**JULY 31, 2025**

**(Unaudited)**

**SCHEDULE OF INVESTMENTS**

**CORPORATE OBLIGATIONS — 45.0%**

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **COMMUNICATION SERVICES — 1.7%** | **COMMUNICATION SERVICES — 1.7%** | **COMMUNICATION SERVICES — 1.7%** |
| &nbsp;&nbsp;&nbsp;Charter Communications Operating |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.150%, 11/10/26 | $1040000 | $1055025 |
| &nbsp;&nbsp;&nbsp;NTT Finance | &nbsp;&nbsp;&nbsp;NTT Finance | &nbsp;&nbsp;&nbsp;NTT Finance |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.620%, 07/16/28(A) | 1160000 | 1162449 |
| &nbsp;&nbsp;&nbsp;Paramount Global | &nbsp;&nbsp;&nbsp;Paramount Global | &nbsp;&nbsp;&nbsp;Paramount Global |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.700%, 06/01/28 | 950000 | 920382 |
| &nbsp;&nbsp;&nbsp;TELUS | &nbsp;&nbsp;&nbsp;TELUS | &nbsp;&nbsp;&nbsp;TELUS |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.700%, 09/15/27 | 765000 | 751706 |
|  |  | 3889562 |
| **CONSUMER DISCRETIONARY — 0.4%** | **CONSUMER DISCRETIONARY — 0.4%** | **CONSUMER DISCRETIONARY — 0.4%** |
| &nbsp;&nbsp;&nbsp;Toll Brothers Finance | &nbsp;&nbsp;&nbsp;Toll Brothers Finance | &nbsp;&nbsp;&nbsp;Toll Brothers Finance |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.350%, 02/15/28 | 985000 | 979543 |
| **CONSUMER STAPLES — 2.2%** | **CONSUMER STAPLES — 2.2%** | **CONSUMER STAPLES — 2.2%** |
| &nbsp;&nbsp;&nbsp;Alimentation Couche-Tard | &nbsp;&nbsp;&nbsp;Alimentation Couche-Tard | &nbsp;&nbsp;&nbsp;Alimentation Couche-Tard |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.550%, 07/26/27(A) | 1000000 | 982968 |
| &nbsp;&nbsp;&nbsp;Bacardi | &nbsp;&nbsp;&nbsp;Bacardi | &nbsp;&nbsp;&nbsp;Bacardi |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.750%, 07/15/26(A) | 770000 | 754961 |
| &nbsp;&nbsp;&nbsp;Conagra Brands | &nbsp;&nbsp;&nbsp;Conagra Brands | &nbsp;&nbsp;&nbsp;Conagra Brands |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.375%, 11/01/27 | 1088000 | 1010839 |
| &nbsp;&nbsp;&nbsp;Mars | &nbsp;&nbsp;&nbsp;Mars | &nbsp;&nbsp;&nbsp;Mars |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.600%, 03/01/28(A) | 970000 | 975336 |
| &nbsp;&nbsp;&nbsp;The Campbell's | &nbsp;&nbsp;&nbsp;The Campbell's | &nbsp;&nbsp;&nbsp;The Campbell's |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.150%, 03/15/28 | 1000000 | 993224 |
|  |  | 4717328 |
| **ENERGY — 5.4%** | **ENERGY — 5.4%** | **ENERGY — 5.4%** |
| &nbsp;&nbsp;&nbsp;BP Capital Markets America | &nbsp;&nbsp;&nbsp;BP Capital Markets America | &nbsp;&nbsp;&nbsp;BP Capital Markets America |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.017%, 11/17/27 | 987000 | 1001756 |
| &nbsp;&nbsp;&nbsp;Canadian Natural Resources | &nbsp;&nbsp;&nbsp;Canadian Natural Resources | &nbsp;&nbsp;&nbsp;Canadian Natural Resources |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.850%, 06/01/27 | 975000 | 962810 |
| &nbsp;&nbsp;&nbsp;Enbridge | &nbsp;&nbsp;&nbsp;Enbridge | &nbsp;&nbsp;&nbsp;Enbridge |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.600%, 06/20/28 | 1010000 | 1014169 |
| &nbsp;&nbsp;&nbsp;Energy Transfer | &nbsp;&nbsp;&nbsp;Energy Transfer | &nbsp;&nbsp;&nbsp;Energy Transfer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.400%, 03/15/27 | 990000 | 986756 |
| &nbsp;&nbsp;&nbsp;EOG Resources | &nbsp;&nbsp;&nbsp;EOG Resources | &nbsp;&nbsp;&nbsp;EOG Resources |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.400%, 07/15/28 | 1010000 | 1012871 |
| &nbsp;&nbsp;&nbsp;Helmerich & Payne | &nbsp;&nbsp;&nbsp;Helmerich & Payne | &nbsp;&nbsp;&nbsp;Helmerich & Payne |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.650%, 12/01/27 | 950000 | 936435 |
| &nbsp;&nbsp;&nbsp;Hess Midstream Operations | &nbsp;&nbsp;&nbsp;Hess Midstream Operations | &nbsp;&nbsp;&nbsp;Hess Midstream Operations |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125%, 06/15/28(A) | 1100000 | 1094333 |
| &nbsp;&nbsp;&nbsp;MPLX | &nbsp;&nbsp;&nbsp;MPLX | &nbsp;&nbsp;&nbsp;MPLX |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 12/01/27 | 980000 | 973053 |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum | &nbsp;&nbsp;&nbsp;Occidental Petroleum | &nbsp;&nbsp;&nbsp;Occidental Petroleum |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.200%, 08/15/26 | 1085000 | 1064387 |
| &nbsp;&nbsp;&nbsp;Schlumberger Holdings | &nbsp;&nbsp;&nbsp;Schlumberger Holdings | &nbsp;&nbsp;&nbsp;Schlumberger Holdings |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/29/27(A) | 980000 | 990152 |
| &nbsp;&nbsp;&nbsp;Suncor Energy | &nbsp;&nbsp;&nbsp;Suncor Energy | &nbsp;&nbsp;&nbsp;Suncor Energy |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, 11/15/28 | 855000 | 913115 |
| &nbsp;&nbsp;&nbsp;Western Midstream Operating | &nbsp;&nbsp;&nbsp;Western Midstream Operating | &nbsp;&nbsp;&nbsp;Western Midstream Operating |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 03/01/28 | 985000 | 977638 |
|  |  | 11927475 |

---

**CORPORATE OBLIGATIONS — continued**

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **FINANCIALS — 13.0%** | **FINANCIALS — 13.0%** | **FINANCIALS — 13.0%** |
| &nbsp;&nbsp;&nbsp;Ally Financial | &nbsp;&nbsp;&nbsp;Ally Financial | &nbsp;&nbsp;&nbsp;Ally Financial |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.200%, 11/02/28 | $1175000 | $1084535 |
| &nbsp;&nbsp;&nbsp;American Express | &nbsp;&nbsp;&nbsp;American Express | &nbsp;&nbsp;&nbsp;American Express |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.351%, SOFRRATE + 0.810%, 07/20/29(B) | 1065000 | 1062901 |
| &nbsp;&nbsp;&nbsp;Antares Holdings | &nbsp;&nbsp;&nbsp;Antares Holdings | &nbsp;&nbsp;&nbsp;Antares Holdings |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.950%, 08/11/28(A) | 1030000 | 1085748 |
| &nbsp;&nbsp;&nbsp;Ares Capital | &nbsp;&nbsp;&nbsp;Ares Capital | &nbsp;&nbsp;&nbsp;Ares Capital |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.875%, 06/15/28 | 1125000 | 1063086 |
| &nbsp;&nbsp;&nbsp;Arthur J Gallagher | &nbsp;&nbsp;&nbsp;Arthur J Gallagher | &nbsp;&nbsp;&nbsp;Arthur J Gallagher |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.600%, 12/15/27 | 900000 | 903086 |
| &nbsp;&nbsp;&nbsp;Bank of America MTN | &nbsp;&nbsp;&nbsp;Bank of America MTN | &nbsp;&nbsp;&nbsp;Bank of America MTN |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.183%, 11/25/27 | 975000 | 969644 |
| &nbsp;&nbsp;&nbsp;Blackstone Private Credit Fund | &nbsp;&nbsp;&nbsp;Blackstone Private Credit Fund | &nbsp;&nbsp;&nbsp;Blackstone Private Credit Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.250%, 03/15/27 | 1039000 | 1011056 |
| &nbsp;&nbsp;&nbsp;Blue Owl Capital | &nbsp;&nbsp;&nbsp;Blue Owl Capital | &nbsp;&nbsp;&nbsp;Blue Owl Capital |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.875%, 06/11/28 | 1180000 | 1100598 |
| &nbsp;&nbsp;&nbsp;Brown & Brown | &nbsp;&nbsp;&nbsp;Brown & Brown | &nbsp;&nbsp;&nbsp;Brown & Brown |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.700%, 06/23/28 | 385000 | 386171 |
| &nbsp;&nbsp;&nbsp;Canadian Imperial Bank of Commerce |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.857%, SOFRRATE + 1.030%, 03/30/29(B) | 945000 | 952583 |
| &nbsp;&nbsp;&nbsp;Capital One Financial | &nbsp;&nbsp;&nbsp;Capital One Financial | &nbsp;&nbsp;&nbsp;Capital One Financial |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.927%, SOFRRATE + 2.057%, 05/10/28(B) | 935000 | 940209 |
| &nbsp;&nbsp;&nbsp;Citigroup | &nbsp;&nbsp;&nbsp;Citigroup | &nbsp;&nbsp;&nbsp;Citigroup |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 07/25/28 | 905000 | 897200 |
| &nbsp;&nbsp;&nbsp;Eaton Vance | &nbsp;&nbsp;&nbsp;Eaton Vance | &nbsp;&nbsp;&nbsp;Eaton Vance |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 04/06/27 | 1010000 | 995406 |
| &nbsp;&nbsp;&nbsp;FS KKR Capital | &nbsp;&nbsp;&nbsp;FS KKR Capital | &nbsp;&nbsp;&nbsp;FS KKR Capital |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125%, 10/12/28 | 500000 | 461004 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs BDC | &nbsp;&nbsp;&nbsp;Goldman Sachs BDC | &nbsp;&nbsp;&nbsp;Goldman Sachs BDC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.375%, 03/11/27 | 910000 | 927652 |
| &nbsp;&nbsp;&nbsp;Golub Capital BDC | &nbsp;&nbsp;&nbsp;Golub Capital BDC | &nbsp;&nbsp;&nbsp;Golub Capital BDC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.050%, 12/05/28 | 435000 | 456147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 08/24/26 | 540000 | 525908 |
| &nbsp;&nbsp;&nbsp;Hercules Capital | &nbsp;&nbsp;&nbsp;Hercules Capital | &nbsp;&nbsp;&nbsp;Hercules Capital |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.625%, 09/16/26 | 1090000 | 1057748 |
| &nbsp;&nbsp;&nbsp;HPS Corporate Lending Fund | &nbsp;&nbsp;&nbsp;HPS Corporate Lending Fund | &nbsp;&nbsp;&nbsp;HPS Corporate Lending Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.450%, 01/14/28 | 890000 | 891896 |
| &nbsp;&nbsp;&nbsp;HSBC USA | &nbsp;&nbsp;&nbsp;HSBC USA | &nbsp;&nbsp;&nbsp;HSBC USA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.650%, 06/03/28 | 1015000 | 1019987 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;&nbsp;JPMorgan Chase |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.505%, SOFRRATE + 0.860%, 10/22/28(B) | 940000 | 941106 |
| &nbsp;&nbsp;&nbsp;Main Street Capital | &nbsp;&nbsp;&nbsp;Main Street Capital | &nbsp;&nbsp;&nbsp;Main Street Capital |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 06/04/27 | 925000 | 943665 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley MTN | &nbsp;&nbsp;&nbsp;Morgan Stanley MTN | &nbsp;&nbsp;&nbsp;Morgan Stanley MTN |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.950%, 04/23/27 | 975000 | 966864 |
| &nbsp;&nbsp;&nbsp;New Mountain Finance | &nbsp;&nbsp;&nbsp;New Mountain Finance | &nbsp;&nbsp;&nbsp;New Mountain Finance |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.200%, 10/15/27 | 925000 | 936338 |
| &nbsp;&nbsp;&nbsp;Oaktree Specialty Lending | &nbsp;&nbsp;&nbsp;Oaktree Specialty Lending | &nbsp;&nbsp;&nbsp;Oaktree Specialty Lending |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.700%, 01/15/27 | 1010000 | 971604 |

---

**1**

---

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

---

**LIMITED DURATION FUND**

**JULY 31, 2025**

**(Unaudited)**

**CORPORATE OBLIGATIONS — continued** 

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **FINANCIALS — continued** | **FINANCIALS — continued** | **FINANCIALS — continued** |
| &nbsp;&nbsp;&nbsp;PNC Bank | &nbsp;&nbsp;&nbsp;PNC Bank | &nbsp;&nbsp;&nbsp;PNC Bank |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.429%, SOFRRATE + 0.727%, 07/21/28(B) | 1065000 | 1064809 |
| &nbsp;&nbsp;&nbsp;Royal Bank of Canada | &nbsp;&nbsp;&nbsp;Royal Bank of Canada | &nbsp;&nbsp;&nbsp;Royal Bank of Canada |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.498%, SOFRRATE + 0.890%, 08/06/29(B) | 1095000 | 1095717 |
| &nbsp;&nbsp;&nbsp;Santander Holdings USA | &nbsp;&nbsp;&nbsp;Santander Holdings USA | &nbsp;&nbsp;&nbsp;Santander Holdings USA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.473%, SOFRRATE + 1.610%, 03/20/29(B) | 950000 | 965420 |
| &nbsp;&nbsp;&nbsp;Sixth Street Specialty Lending | &nbsp;&nbsp;&nbsp;Sixth Street Specialty Lending | &nbsp;&nbsp;&nbsp;Sixth Street Specialty Lending |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.950%, 08/14/28 | 1040000 | 1089646 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | &nbsp;&nbsp;&nbsp;Synchrony Financial | &nbsp;&nbsp;&nbsp;Synchrony Financial |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.700%, 08/04/26 | 1070000 | 1059075 |
| &nbsp;&nbsp;&nbsp;Wells Fargo | &nbsp;&nbsp;&nbsp;Wells Fargo | &nbsp;&nbsp;&nbsp;Wells Fargo |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.900%, SOFRRATE + 0.780%, 01/24/28(B) | 905000 | 909719 |
|  |  | 28736528 |
| **HEALTH CARE — 0.5%** | **HEALTH CARE — 0.5%** | **HEALTH CARE — 0.5%** |
| &nbsp;&nbsp;&nbsp;Icon Investments Six DAC | &nbsp;&nbsp;&nbsp;Icon Investments Six DAC | &nbsp;&nbsp;&nbsp;Icon Investments Six DAC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.809%, 05/08/27 | 1001000 | 1017562 |
| **INDUSTRIALS — 3.9%** | **INDUSTRIALS — 3.9%** | **INDUSTRIALS — 3.9%** |
| &nbsp;&nbsp;&nbsp;Delta Air Lines | &nbsp;&nbsp;&nbsp;Delta Air Lines | &nbsp;&nbsp;&nbsp;Delta Air Lines |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.950%, 07/10/28 | 1000000 | 1004436 |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace | &nbsp;&nbsp;&nbsp;Howmet Aerospace | &nbsp;&nbsp;&nbsp;Howmet Aerospace |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.750%, 01/15/28 | 925000 | 970632 |
| &nbsp;&nbsp;&nbsp;Ingersoll Rand | &nbsp;&nbsp;&nbsp;Ingersoll Rand | &nbsp;&nbsp;&nbsp;Ingersoll Rand |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.197%, 06/15/27 | 985000 | 997268 |
| &nbsp;&nbsp;&nbsp;nVent Finance Sarl | &nbsp;&nbsp;&nbsp;nVent Finance Sarl | &nbsp;&nbsp;&nbsp;nVent Finance Sarl |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.550%, 04/15/28 | 1055000 | 1048793 |
| &nbsp;&nbsp;&nbsp;Owens Corning | &nbsp;&nbsp;&nbsp;Owens Corning | &nbsp;&nbsp;&nbsp;Owens Corning |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 06/15/27 | 985000 | 1001830 |
| &nbsp;&nbsp;&nbsp;Siemens Funding BV | &nbsp;&nbsp;&nbsp;Siemens Funding BV | &nbsp;&nbsp;&nbsp;Siemens Funding BV |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.350%, 05/26/28(A) | 1510000 | 1514727 |
| &nbsp;&nbsp;&nbsp;United Airlines | &nbsp;&nbsp;&nbsp;United Airlines | &nbsp;&nbsp;&nbsp;United Airlines |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, 04/15/26(A) | 1065000 | 1058672 |
| &nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.700%, 09/15/28 | 1000000 | 1005240 |
|  |  | 8601598 |
| **INFORMATION TECHNOLOGY — 4.5%** | **INFORMATION TECHNOLOGY — 4.5%** | **INFORMATION TECHNOLOGY — 4.5%** |
| &nbsp;&nbsp;&nbsp;Amphenol | &nbsp;&nbsp;&nbsp;Amphenol | &nbsp;&nbsp;&nbsp;Amphenol |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, 06/12/28 | 1010000 | 1012359 |
| &nbsp;&nbsp;&nbsp;Broadcom | &nbsp;&nbsp;&nbsp;Broadcom | &nbsp;&nbsp;&nbsp;Broadcom |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.459%, 09/15/26 | 900000 | 891127 |
| &nbsp;&nbsp;&nbsp;Dell International | &nbsp;&nbsp;&nbsp;Dell International | &nbsp;&nbsp;&nbsp;Dell International |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 04/01/28 | 945000 | 952549 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise | &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise | &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.400%, 09/25/27 | 954000 | 953672 |
| &nbsp;&nbsp;&nbsp;Kyndryl Holdings | &nbsp;&nbsp;&nbsp;Kyndryl Holdings | &nbsp;&nbsp;&nbsp;Kyndryl Holdings |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.050%, 10/15/26 | 1093000 | 1059229 |
| &nbsp;&nbsp;&nbsp;Microchip Technology | &nbsp;&nbsp;&nbsp;Microchip Technology | &nbsp;&nbsp;&nbsp;Microchip Technology |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.900%, 03/15/28 | 900000 | 907467 |

---

---

| | | |
|:---|:---|:---|
| **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | **Face Amount** | **Value** |
| **INFORMATION TECHNOLOGY — continued** | **INFORMATION TECHNOLOGY — continued** | **INFORMATION TECHNOLOGY — continued** |
| &nbsp;&nbsp;&nbsp;Oracle | &nbsp;&nbsp;&nbsp;Oracle | &nbsp;&nbsp;&nbsp;Oracle |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.300%, 03/25/28 | 1065000 | 1008452 |
| &nbsp;&nbsp;&nbsp;Renesas Electronics | &nbsp;&nbsp;&nbsp;Renesas Electronics | &nbsp;&nbsp;&nbsp;Renesas Electronics |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.170%, 11/25/26(A) | 1000000 | 967291 |
| &nbsp;&nbsp;&nbsp;Teledyne Technologies | &nbsp;&nbsp;&nbsp;Teledyne Technologies | &nbsp;&nbsp;&nbsp;Teledyne Technologies |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.250%, 04/01/28 | 1015000 | 961907 |
| &nbsp;&nbsp;&nbsp;Vontier | &nbsp;&nbsp;&nbsp;Vontier | &nbsp;&nbsp;&nbsp;Vontier |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.800%, 04/01/26 | 1035000 | 1013925 |
|  |  | 9727978 |
| **MATERIALS — 4.3%** | **MATERIALS — 4.3%** | **MATERIALS — 4.3%** |
| &nbsp;&nbsp;&nbsp;Amcor Flexibles North America | &nbsp;&nbsp;&nbsp;Amcor Flexibles North America | &nbsp;&nbsp;&nbsp;Amcor Flexibles North America |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.100%, 09/15/26 | 1085000 | 1065078 |
| &nbsp;&nbsp;&nbsp;Amrize Finance US | &nbsp;&nbsp;&nbsp;Amrize Finance US | &nbsp;&nbsp;&nbsp;Amrize Finance US |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.700%, 04/07/28(A) | 960000 | 964657 |
| &nbsp;&nbsp;&nbsp;Berry Global | &nbsp;&nbsp;&nbsp;Berry Global | &nbsp;&nbsp;&nbsp;Berry Global |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 04/15/28 | 910000 | 931022 |
| &nbsp;&nbsp;&nbsp;FMC | &nbsp;&nbsp;&nbsp;FMC | &nbsp;&nbsp;&nbsp;FMC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.200%, 10/01/26 | 1027000 | 1010820 |
| &nbsp;&nbsp;&nbsp;Glencore Funding | &nbsp;&nbsp;&nbsp;Glencore Funding | &nbsp;&nbsp;&nbsp;Glencore Funding |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.338%, 04/04/27(A) | 950000 | 960729 |
| &nbsp;&nbsp;&nbsp;Nutrien | &nbsp;&nbsp;&nbsp;Nutrien | &nbsp;&nbsp;&nbsp;Nutrien |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.200%, 06/21/27 | 935000 | 945917 |
| &nbsp;&nbsp;&nbsp;Rio Tinto Finance USA | &nbsp;&nbsp;&nbsp;Rio Tinto Finance USA | &nbsp;&nbsp;&nbsp;Rio Tinto Finance USA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 03/14/28 | 965000 | 969436 |
| &nbsp;&nbsp;&nbsp;RPM International | &nbsp;&nbsp;&nbsp;RPM International | &nbsp;&nbsp;&nbsp;RPM International |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 03/15/27 | 962000 | 941899 |
| &nbsp;&nbsp;&nbsp;Sonoco Products | &nbsp;&nbsp;&nbsp;Sonoco Products | &nbsp;&nbsp;&nbsp;Sonoco Products |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.250%, 02/01/27 | 965000 | 931395 |
| &nbsp;&nbsp;&nbsp;WRKCo | &nbsp;&nbsp;&nbsp;WRKCo | &nbsp;&nbsp;&nbsp;WRKCo |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.900%, 06/01/28 | 840000 | 827014 |
|  |  | 9547967 |
| **REAL ESTATE — 5.4%** | **REAL ESTATE — 5.4%** | **REAL ESTATE — 5.4%** |
| &nbsp;&nbsp;&nbsp;Agree | &nbsp;&nbsp;&nbsp;Agree | &nbsp;&nbsp;&nbsp;Agree |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 06/15/28 | 1080000 | 1009621 |
| &nbsp;&nbsp;&nbsp;American Tower | &nbsp;&nbsp;&nbsp;American Tower | &nbsp;&nbsp;&nbsp;American Tower |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/15/28 | 970000 | 991899 |
| &nbsp;&nbsp;&nbsp;Crown Castle | &nbsp;&nbsp;&nbsp;Crown Castle | &nbsp;&nbsp;&nbsp;Crown Castle |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.800%, 09/01/28 | 1095000 | 1100265 |
| &nbsp;&nbsp;&nbsp;Extra Space Storage | &nbsp;&nbsp;&nbsp;Extra Space Storage | &nbsp;&nbsp;&nbsp;Extra Space Storage |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.700%, 04/01/28 | 915000 | 940436 |
| &nbsp;&nbsp;&nbsp;Highwoods Realty | &nbsp;&nbsp;&nbsp;Highwoods Realty | &nbsp;&nbsp;&nbsp;Highwoods Realty |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 03/15/28 | 1030000 | 1007770 |
| &nbsp;&nbsp;&nbsp;Invitation Homes Operating Partnership |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.300%, 11/15/28 | 1085000 | 1014197 |
| &nbsp;&nbsp;&nbsp;Kite Realty Group | &nbsp;&nbsp;&nbsp;Kite Realty Group | &nbsp;&nbsp;&nbsp;Kite Realty Group |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/26 | 985000 | 975891 |
| &nbsp;&nbsp;&nbsp;Public Storage Operating | &nbsp;&nbsp;&nbsp;Public Storage Operating | &nbsp;&nbsp;&nbsp;Public Storage Operating |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.062%, SOFRINDX + 0.700%, 04/16/27(B) | 975000 | 976830 |
| &nbsp;&nbsp;&nbsp;Store Capital | &nbsp;&nbsp;&nbsp;Store Capital | &nbsp;&nbsp;&nbsp;Store Capital |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 03/15/28 | 1900000 | 1874725 |
| &nbsp;&nbsp;&nbsp;Tanger Properties | &nbsp;&nbsp;&nbsp;Tanger Properties | &nbsp;&nbsp;&nbsp;Tanger Properties |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 07/15/27 | 1010000 | 994099 |

---

**2**

---

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

---

**LIMITED DURATION FUND**

**JULY 31, 2025**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | **Face Amount** | **Value** |
| **REAL ESTATE — continued** | **REAL ESTATE — continued** | **REAL ESTATE — continued** |
| &nbsp;&nbsp;&nbsp;Vornado Realty | &nbsp;&nbsp;&nbsp;Vornado Realty | &nbsp;&nbsp;&nbsp;Vornado Realty |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.150%, 06/01/26 | 1075000 | 1045288 |
|  |  | 11931021 |
| **UTILITIES — 3.7%** | **UTILITIES — 3.7%** | **UTILITIES — 3.7%** |
| &nbsp;&nbsp;&nbsp;Alliant Energy Finance | &nbsp;&nbsp;&nbsp;Alliant Energy Finance | &nbsp;&nbsp;&nbsp;Alliant Energy Finance |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.400%, 06/06/27(A) | 955000 | 963114 |
| &nbsp;&nbsp;&nbsp;Dominion Energy | &nbsp;&nbsp;&nbsp;Dominion Energy | &nbsp;&nbsp;&nbsp;Dominion Energy |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.600%, 05/15/28 | 980000 | 983860 |
| &nbsp;&nbsp;&nbsp;Evergy Kansas Central | &nbsp;&nbsp;&nbsp;Evergy Kansas Central | &nbsp;&nbsp;&nbsp;Evergy Kansas Central |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.700%, 03/13/28 | 945000 | 951330 |
| &nbsp;&nbsp;&nbsp;Eversource Energy | &nbsp;&nbsp;&nbsp;Eversource Energy | &nbsp;&nbsp;&nbsp;Eversource Energy |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.450%, 03/01/28 | 975000 | 996756 |
| &nbsp;&nbsp;&nbsp;Georgia Power | &nbsp;&nbsp;&nbsp;Georgia Power | &nbsp;&nbsp;&nbsp;Georgia Power |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.004%, 02/23/27 | 960000 | 969765 |
| &nbsp;&nbsp;&nbsp;National Fuel Gas | &nbsp;&nbsp;&nbsp;National Fuel Gas | &nbsp;&nbsp;&nbsp;National Fuel Gas |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 10/01/26 | 1000000 | 1006930 |
| &nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings | &nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings | &nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.875%, 01/15/27 | 1010000 | 973418 |
| &nbsp;&nbsp;&nbsp;Public Service of New Hampshire | &nbsp;&nbsp;&nbsp;Public Service of New Hampshire | &nbsp;&nbsp;&nbsp;Public Service of New Hampshire |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.400%, 07/01/28 | 1010000 | 1012345 |
| &nbsp;&nbsp;&nbsp;Toledo Edison | &nbsp;&nbsp;&nbsp;Toledo Edison | &nbsp;&nbsp;&nbsp;Toledo Edison |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.650%, 05/01/28(A) | 386000 | 362043 |
|  |  | 8219561 |
| &nbsp;&nbsp;&nbsp;Total Corporate Obligations |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $98,773,396) |  | 99296123 |
| **U.S. TREASURY OBLIGATIONS — 23.4%** | **U.S. TREASURY OBLIGATIONS — 23.4%** | **U.S. TREASURY OBLIGATIONS — 23.4%** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Notes | &nbsp;&nbsp;&nbsp;U.S. Treasury Notes | &nbsp;&nbsp;&nbsp;U.S. Treasury Notes |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625%, 11/15/26 | 8614000 | 8669520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, 11/30/28 | 14400000 | 14610375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 03/31/27 | 8900000 | 8882269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 12/31/27 | 12105000 | 12096962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 06/15/28 | 7265000 | 7263865 |
| &nbsp;&nbsp;&nbsp;Total U.S. Treasury Obligations |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $51,463,567) |  | 51522991 |
| **ASSET-BACKED SECURITIES — 22.2%** | **ASSET-BACKED SECURITIES — 22.2%** | **ASSET-BACKED SECURITIES — 22.2%** |
| **Automotive — 4.8%** | **Automotive — 4.8%** | **Automotive — 4.8%** |
| &nbsp;&nbsp;&nbsp;Avis Budget Rental Car Funding AESOP, Ser 2023-5A, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.120%, 04/20/28 (A) | 350000 | 355050 |
| &nbsp;&nbsp;&nbsp;BOF VII AL Funding Trust I, Ser 2023-CAR3, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.291%, 07/26/32 (A) | 465083 | 471729 |
| &nbsp;&nbsp;&nbsp;Carmax Auto Owner Trust, Ser 2025-1, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.110%, 09/16/30 | 490000 | 497509 |
| &nbsp;&nbsp;&nbsp;Drive Auto Receivables Trust, Ser 2025-1, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.790%, 09/15/32 | 1030000 | 1030914 |
| &nbsp;&nbsp;&nbsp;Enterprise Fleet Financing, Ser 2025-3, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.460%, 09/20/29 (A) | 1050000 | 1054848 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** |
|  | **Face Amount** | **Face Amount** | **Value** | **Value** |
| **Automotive — continued** | **Automotive — continued** | **Automotive — continued** | **Automotive — continued** | **Automotive — continued** |
| &nbsp;&nbsp;&nbsp;Exeter Select Automobile Receivables Trust, Ser 2025-1, Cl A3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.690%, 04/15/30 | $| 440000 | $| 440365 |
| &nbsp;&nbsp;&nbsp;Flagship Credit Auto Trust, Ser 2021-3, Cl C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.460%, 09/15/27 (A) |  | 506654 |  | 503032 |
| &nbsp;&nbsp;&nbsp;Ford Credit Auto Owner Trust, Ser 2023-B, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.560%, 03/15/29 |  | 1050000 |  | 1064972 |
| &nbsp;&nbsp;&nbsp;Ford Credit Auto Owner Trust, Ser 2025-A, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.890%, 02/15/31 |  | 750000 |  | 754563 |
| &nbsp;&nbsp;&nbsp;GM Financial Consumer Automobile Receivables Trust, Ser 2025-1, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/16/30 |  | 490000 |  | 496932 |
| &nbsp;&nbsp;&nbsp;Hertz Vehicle Financing, Ser 2022-5A, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.280%, 09/25/28 (A) |  | 375000 |  | 366951 |
| &nbsp;&nbsp;&nbsp;OCCU Auto Receivables Trust, Ser 2025-1A, Cl A4 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.790%, 01/15/31 (A) |  | 550000 |  | 549897 |
| &nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust, Ser 2024-4, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.930%, 09/17/29 |  | 915000 |  | 919165 |
| &nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust, Ser 2025-1, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.880%, 03/17/31 |  | 490000 |  | 492484 |
| &nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust, Ser 2025-2, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.870%, 05/15/31 |  | 535000 |  | 537962 |
| &nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust, Ser 2025-3, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.490%, 09/15/31 |  | 1050000 |  | 1046882 |
|  |  |  |  | 10583255 |
| **Other ABS — 17.4%** | **Other ABS — 17.4%** | **Other ABS — 17.4%** | **Other ABS — 17.4%** | **Other ABS — 17.4%** |
| &nbsp;&nbsp;&nbsp;ABPCI Direct Lending Fund CLO VI, Ser 2025-6A, Cl BRR |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.014%, TSFR3M + 1.700%, 01/27/37 (A)(B) |  | 550000 |  | 546354 |
| &nbsp;&nbsp;&nbsp;Affirm Asset Securitization Trust, Ser 2023-B, Cl 1A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.820%, 09/15/28 (A) |  | 950000 |  | 951805 |
| &nbsp;&nbsp;&nbsp;Affirm Asset Securitization Trust, Ser 2024-B, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.620%, 09/15/29 (A) |  | 1050000 |  | 1049280 |
| &nbsp;&nbsp;&nbsp;Affirm Asset Securitization Trust, Ser 2024-X1, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.270%, 05/15/29 (A) |  | 19946 |  | 19951 |
| &nbsp;&nbsp;&nbsp;Affirm Asset Securitization Trust, Ser 2024-X2, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.330%, 12/17/29 (A) |  | 560000 |  | 560258 |
| &nbsp;&nbsp;&nbsp;Affirm Asset Securitization Trust, Ser 2025-X1, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.190%, 04/15/30 (A) |  | 500000 |  | 499802 |

---

**3**

---

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

---

**LIMITED DURATION FUND**

**JULY 31, 2025**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** |
|  | **Face Amount** | **Value** |
| **Other ABS — continued** | **Other ABS — continued** | **Other ABS — continued** |
| &nbsp;&nbsp;&nbsp;Affirm Master Trust, Ser 2025-1A, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.130%, 02/15/33 (A) | $940000 | $941466 |
| &nbsp;&nbsp;&nbsp;Antares CLO, Ser 2018-3, Cl A1R |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.916%, TSFR3M + 1.590%, 07/20/36 (A)(B) | 950000 | 950226 |
| &nbsp;&nbsp;&nbsp;APL Finance DAC, Ser 2023-1A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, 07/21/31 (A) | 258284 | 260665 |
| &nbsp;&nbsp;&nbsp;Audax Senior Debt CLO XII, Ser 2025-12A, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.917%, TSFR3M + 1.750%, 04/22/37 (A)(B) | 750000 | 744865 |
| &nbsp;&nbsp;&nbsp;Avant Loans Funding Trust, Ser 2025-REV1, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.120%, 05/15/34 (A) | 550000 | 549161 |
| &nbsp;&nbsp;&nbsp;Barings Private Credit CLO, Ser 2023-1, Cl A1BR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.218%, TSFR3M + 1.900%, 10/15/36 (A)(B) | 995000 | 990422 |
| &nbsp;&nbsp;&nbsp;Blackbird Capital Aircraft Lease Securitization, Ser 2016-1A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.213%, 12/16/41 (A)(C) | 87789 | 87748 |
| &nbsp;&nbsp;&nbsp;Blue Owl Asset Leasing Trust, Ser 2024-1A, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.410%, 03/15/30 (A) | 540000 | 544335 |
| &nbsp;&nbsp;&nbsp;California Street CLO IX, Ser 2021-9A, Cl AR3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.679%, TSFR3M + 1.362%, 07/16/32 (A)(B) | 497617 | 498169 |
| &nbsp;&nbsp;&nbsp;Cerberus Loan Funding XLVII, Ser 2024-3A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.068%, TSFR3M + 1.750%, 07/15/36 (A)(B) | 785000 | 786697 |
| &nbsp;&nbsp;&nbsp;College Loan Trust I, Ser 2006-1, Cl A7B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375%, SOFR90A + 1.012%, 04/25/46 (A)(B) | 700000 | 695263 |
| &nbsp;&nbsp;&nbsp;Cologix Data Centers US Issuer, Ser 2021-1A, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.300%, 12/26/51 (A) | 500000 | 483129 |
| &nbsp;&nbsp;&nbsp;Crossroads Asset Trust, Ser 2025- A, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.910%, 02/20/32 (A) | 525000 | 525273 |
| &nbsp;&nbsp;&nbsp;Goldentree Loan Management US CLO XII, Ser 2024-12A, Cl AJR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.856%, TSFR3M + 1.530%, 07/20/37 (A)(B) | 1175000 | 1172663 |
| &nbsp;&nbsp;&nbsp;Golub Capital Partners CLO, Ser 2022-30A, Cl AR2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.946%, TSFR3M + 1.620%, 04/20/34 (A)(B) | 450000 | 450419 |
| &nbsp;&nbsp;&nbsp;Gracie Point International Funding, Ser 2023-1A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.298%, SOFR90A + 1.950%, 09/01/26 (A)(B) | 735125 | 735725 |

---

---

| | | |
|:---|:---|:---|
| **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** |
|  | **Face Amount** | **Value** |
| **Other ABS — continued** | **Other ABS — continued** | **Other ABS — continued** |
| &nbsp;&nbsp;&nbsp;Granite Edvance, Ser 2020-1, Cl A1A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.550%, 09/25/60 | $950238 | $860865 |
| &nbsp;&nbsp;&nbsp;Guggenheim MM CLO, Ser 2021- 3A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.137%, TSFR3M + 1.812%, 01/21/34 (A)(B) | 365000 | 365128 |
| &nbsp;&nbsp;&nbsp;HalseyPoint CLO III, Ser 2024- 3A, Cl A1R |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.790%, TSFR3M + 1.480%, 07/30/37 (A)(B) | 950000 | 951112 |
| &nbsp;&nbsp;&nbsp;Hlend CLO, Ser 2025-3A, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.972%, TSFR3M + 1.700%, 01/20/37 (A)(B) | 750000 | 748612 |
| &nbsp;&nbsp;&nbsp;HPEFS Equipment Trust, Ser 2025-1A, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.510%, 09/20/32 (A) | 1055000 | 1052988 |
| &nbsp;&nbsp;&nbsp;Kestrel Aircraft Funding, Ser 2018-1A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 12/15/38 (A) | 93451 | 92285 |
| &nbsp;&nbsp;&nbsp;MCF CLO VIII, Ser 2024-1A, Cl AR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.279%, TSFR3M + 1.950%, 04/18/36 (A)(B) | 950000 | 950852 |
| &nbsp;&nbsp;&nbsp;Mission Lane Credit Card Master Trust, Ser 2025-B, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.060%, 09/15/31 (A) | 530000 | 528935 |
| &nbsp;&nbsp;&nbsp;Monroe Capital Mml CLO XI, Ser 2021-1A, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.134%, TSFR3M + 1.812%, 05/20/33 (A)(B) | 962000 | 961828 |
| &nbsp;&nbsp;&nbsp;Nelnet Student Loan Trust, Ser 2014-2A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.315%, SOFR30A + 0.964%, 07/27/37 (A)(B) | 670697 | 669375 |
| &nbsp;&nbsp;&nbsp;Oak Street Investment Grade Net Lease Fund Series, Ser 2021-2A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.850%, 11/20/51 (A) | 1604633 | 1502035 |
| &nbsp;&nbsp;&nbsp;OCP CLO, Ser 2024-24A, Cl A2R |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.876%, TSFR3M + 1.550%, 10/20/37 (A)(B) | 950000 | 950301 |
| &nbsp;&nbsp;&nbsp;OWN Equipment Fund I, Ser 2024-2M, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.700%, 12/20/32 (A) | 402543 | 405964 |
| &nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Ser 2024-11, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.637%, 07/15/32 (A) | 496735 | 497721 |
| &nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Ser 2024-5, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.278%, 10/15/31 (A) | 274105 | 276324 |
| &nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Ser 2025-1, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.628%, 07/15/32 (A) | 334971 | 335961 |

---

**4**

---

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

---

**LIMITED DURATION FUND**

**JULY 31, 2025**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** |
|  | **Face Amount** | **Value** |
| **Other ABS — continued** | **Other ABS — continued** | **Other ABS — continued** |
| &nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Ser 2025-2, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.329%, 10/15/32 (A) | $789917 | $788990 |
| &nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Ser 2025-3, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.058%, 12/15/32 (A) | 400000 | 403912 |
| &nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Ser 2024-2, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.319%, 08/15/31 (A) | 287187 | 289041 |
| &nbsp;&nbsp;&nbsp;Palmer Square BDC CLO I, Ser 2024-1A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.918%, TSFR3M + 1.600%, 07/15/37 (A)(B) | 950000 | 952860 |
| &nbsp;&nbsp;&nbsp;PennantPark CLO XII, Ser 2025- 12A, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.041%, TSFR3M + 1.850%, 04/20/37 (A)(B) | 625000 | 622705 |
| &nbsp;&nbsp;&nbsp;Rocket Trust, Ser 2025-1A, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.990%, 07/25/34 (A) | 1050000 | 1049453 |
| &nbsp;&nbsp;&nbsp;Silver Point Scf CLO IV, Ser 2024- 1A, Cl A1AR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.038%, TSFR3M + 1.720%, 10/15/36 (A)(B) | 950000 | 952125 |
| &nbsp;&nbsp;&nbsp;SLM Student Loan Trust, Ser 2006- 10, Cl A6 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.752%, SOFR90A + 0.412%, 03/25/44 (B) | 853833 | 817545 |
| &nbsp;&nbsp;&nbsp;Spirit Airlines Pass Through Trust, Ser 2015-1A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.100%, 04/01/28 | 890811 | 810578 |
| &nbsp;&nbsp;&nbsp;TCW CLO, Ser 2025-2A, Cl A1R2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.596%, TSFR3M + 1.270%, 01/20/38 (A)(B) | 1270000 | 1271612 |
| &nbsp;&nbsp;&nbsp;Thunderbolt II Aircraft Lease, Ser 2018-A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.960%, 09/15/38 (A)(C) | 156710 | 155958 |
| &nbsp;&nbsp;&nbsp;Trinitas CLO XIV, Ser 2024-14A, Cl A2R |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.859%, TSFR3M + 1.540%, 01/25/34 (A)(B) | 985000 | 983786 |
| &nbsp;&nbsp;&nbsp;Twin Brook CLO, Ser 2024-1A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.226%, TSFR3M + 1.900%, 07/20/36 (A)(B) | 750000 | 751804 |
| &nbsp;&nbsp;&nbsp;Venture 38 CLO, Ser 2025-38A, Cl ARR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.310%, TSFR3M + 1.000%, 07/30/32 (A)(B) | 969296 | 967735 |
| &nbsp;&nbsp;&nbsp;Volofin Finance Designated Activity, Ser 2024-1A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.935%, 06/15/37 (A) | 346354 | 349209 |
| &nbsp;&nbsp;&nbsp;Voya CLO, Ser 2018-4, Cl A2RR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.918%, TSFR3M + 1.600%, 10/15/37 (A)(B) | 950000 | 950296 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** |
|  | **Face Amount** | **Face Amount** | **Value** | **Value** |
| **Other ABS — continued** | **Other ABS — continued** | **Other ABS — continued** | **Other ABS — continued** | **Other ABS — continued** |
| &nbsp;&nbsp;&nbsp;Whitehorse Principal Lending CLO, Ser 2024-1A, Cl A1R |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.098%, TSFR3M + 1.780%, 10/15/36 (A)(B) | $| 1000000 | $| 1001861 |
| &nbsp;&nbsp;&nbsp;Willis Engine Structured Trust IV, Ser 2018-A, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 09/15/43 (A)(C) |  | 138136 |  | 136992 |
|  |  |  |  | 38450424 |
| &nbsp;&nbsp;&nbsp;Total Asset-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $48,812,502) |  |  |  | 49033679 |
| **MORTGAGE-BACKED SECURITIES — 4.8%** | **MORTGAGE-BACKED SECURITIES — 4.8%** | **MORTGAGE-BACKED SECURITIES — 4.8%** | **MORTGAGE-BACKED SECURITIES — 4.8%** | **MORTGAGE-BACKED SECURITIES — 4.8%** |
| **Non-Agency Mortgage-Backed Obligations — 4.8%** | **Non-Agency Mortgage-Backed Obligations — 4.8%** | **Non-Agency Mortgage-Backed Obligations — 4.8%** | **Non-Agency Mortgage-Backed Obligations — 4.8%** | **Non-Agency Mortgage-Backed Obligations — 4.8%** |
| &nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust, Ser 2021-VOLT, Cl C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.556%, TSFR1M + 1.214%, 09/15/36 (A)(B) |  | 1065711 |  | 1061381 |
| &nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust, Ser 2025-BCAT, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.730%, TSFR1M + 1.380%, 08/15/42 (A)(B) |  | 550000 |  | 550000 |
| &nbsp;&nbsp;&nbsp;BX Trust, Ser 2025-LUNR, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.192%, TSFR1M + 1.850%, 06/15/40 (A)(B) |  | 520000 |  | 521619 |
| &nbsp;&nbsp;&nbsp;Chase Home Lending Mortgage Trust, Ser 2024-2, Cl A4A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 02/25/55 (A)(B) |  | 540195 |  | 543100 |
| &nbsp;&nbsp;&nbsp;Chase Home Lending Mortgage Trust, Ser 2024-5, Cl A6 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 04/25/55 (A)(B) |  | 587445 |  | 590938 |
| &nbsp;&nbsp;&nbsp;Citigroup Mortgage Loan Trust, Ser 2024-1, Cl A7A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 07/25/54 (A)(B) |  | 398054 |  | 400578 |
| &nbsp;&nbsp;&nbsp;COLT Mortgage Loan Trust, Ser 2021-2R, Cl A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.106%, 07/27/54 (A) |  | 88079 |  | 80389 |
| &nbsp;&nbsp;&nbsp;Fidelis Mortgage Trust, Ser 2025- RTL1, Cl A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.220%, 02/27/40 (A)(B) |  | 950000 |  | 951755 |
| &nbsp;&nbsp;&nbsp;Fidelis Mortgage Trust, Ser 2025- RTL2, Cl A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.060%, 07/25/40 (A)(B) |  | 850000 |  | 849017 |
| &nbsp;&nbsp;&nbsp;FREMF Mortgage Trust, Ser 2020- K737, Cl C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.328%, 01/25/53 (A)(B) |  | 525000 |  | 511935 |
| &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Ser 2022-PJ2, Cl A7 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 06/25/52 (A)(B) |  | 727392 |  | 684504 |
| &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Ser 2022-PJ3, Cl A7 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 08/25/52 (A)(B) |  | 695642 |  | 651748 |
| &nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2022-4, Cl A12 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/25/52 (A)(B) |  | 734546 |  | 701852 |

---

**5**

---

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

---

**LIMITED DURATION FUND**

**JULY 31, 2025**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** |
|  | **Face Amount** | **Value** |
| **Non-Agency Mortgage-Backed Obligations — continued** | **Non-Agency Mortgage-Backed Obligations — continued** | **Non-Agency Mortgage-Backed Obligations — continued** |
| &nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2023-2, Cl A4A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/25/53 (A)(B) | 425856 | $421202 |
| &nbsp;&nbsp;&nbsp;Rate Mortgage Trust, Ser 2024-J4, Cl A7 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 12/25/54 (A)(B) | 844766 | 850124 |
| &nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2013- 4, Cl B3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.434%, 04/25/43 (B) | 49832 | 47876 |
| &nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2024- 5, Cl A11 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 06/25/54 (A)(B) | 327831 | 327655 |
| &nbsp;&nbsp;&nbsp;SWCH Commercial Mortgage Trust, Ser 2025-DATA, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.434%, TSFR1M + 2.092%, 02/15/42 (A)(B) | 625000 | 621484 |
| &nbsp;&nbsp;&nbsp;Verus Securitization Trust, Ser 2021-1, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.052%, 01/25/66 (A)(B) | 123093 | 109869 |
|  |  | 10477026 |
| &nbsp;&nbsp;&nbsp;Total Mortgage-Backed Securities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $10,561,641) |  | 10477026 |
| **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — 3.1%** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — 3.1%** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — 3.1%** |
| &nbsp;&nbsp;&nbsp;FHLMC | &nbsp;&nbsp;&nbsp;FHLMC | &nbsp;&nbsp;&nbsp;FHLMC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 01/01/37 | 734 | 751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 11/01/37 | 927 | 966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/01/34 | 580 | 591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/39 | 2338 | 2235 |
| &nbsp;&nbsp;&nbsp;FHLMC, Ser 2020-5036, Cl AB | &nbsp;&nbsp;&nbsp;FHLMC, Ser 2020-5036, Cl AB | &nbsp;&nbsp;&nbsp;FHLMC, Ser 2020-5036, Cl AB |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 05/25/41 | 2389669 | 2270229 |
| &nbsp;&nbsp;&nbsp;FHLMC, Ser 2020-5019, Cl DA | &nbsp;&nbsp;&nbsp;FHLMC, Ser 2020-5019, Cl DA | &nbsp;&nbsp;&nbsp;FHLMC, Ser 2020-5019, Cl DA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 05/25/41 | 2241934 | 2134592 |
| &nbsp;&nbsp;&nbsp;FNMA | &nbsp;&nbsp;&nbsp;FNMA | &nbsp;&nbsp;&nbsp;FNMA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 05/01/36 | 205 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 08/01/36 | 232 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/01/38 | 1280 | 1303 |
| &nbsp;&nbsp;&nbsp;GNMA | &nbsp;&nbsp;&nbsp;GNMA | &nbsp;&nbsp;&nbsp;GNMA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 03/15/32 | 345 | 360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 09/15/33 | 3232 | 3293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 09/15/37 | 1369 | 1436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 06/15/38 | 643 | 657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/33 | 719 | 731 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2022-212, Cl HP | &nbsp;&nbsp;&nbsp;GNMA, Ser 2022-212, Cl HP | &nbsp;&nbsp;&nbsp;GNMA, Ser 2022-212, Cl HP |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/20/43 | 2484559 | 2479921 |
| &nbsp;&nbsp;&nbsp;Total U.S. Government Agency Mortgage-Backed Obligations |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $6,783,459) |  | 6897526 |
| &nbsp;&nbsp;&nbsp;Total Investments in Securities— 98.5% | &nbsp;&nbsp;&nbsp;Total Investments in Securities— 98.5% | &nbsp;&nbsp;&nbsp;Total Investments in Securities— 98.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $216,394,565) |  | $217227345 |

---

Percentages are based on Net Assets of $220,580,784.

&nbsp;&nbsp;&nbsp;&nbsp;(A) Securities
 sold within the terms of a private placement memorandum, exempt from registration under section 144A of the Securities Act
 of 1933, as amended, and maybe sold only to dealers in the program or other "accredited investors". The total value
 of these securities at July 31, 2025 was $63,529,273 and represented 28.8% of Net Assets.

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

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

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

See "Glossary" for abbreviations.

KOC-QH-002-2100

**6**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **CORE BOND FUND** |
|  | **JULY 31, 2025** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **CORPORATE OBLIGATIONS — 26.4%** | **CORPORATE OBLIGATIONS — 26.4%** | **CORPORATE OBLIGATIONS — 26.4%** |
|  | **Face Amount** | **Value** |
| **COMMUNICATION SERVICES — 0.8%** | **COMMUNICATION SERVICES — 0.8%** | **COMMUNICATION SERVICES — 0.8%** |
| &nbsp;&nbsp;&nbsp;Discovery Communications | &nbsp;&nbsp;&nbsp;Discovery Communications | &nbsp;&nbsp;&nbsp;Discovery Communications |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 05/15/29 | $635000 | $591490 |
| &nbsp;&nbsp;&nbsp;NBN MTN | &nbsp;&nbsp;&nbsp;NBN MTN | &nbsp;&nbsp;&nbsp;NBN MTN |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.625%, 05/05/31(A) | 600000 | 539874 |
| &nbsp;&nbsp;&nbsp;NTT Finance | &nbsp;&nbsp;&nbsp;NTT Finance | &nbsp;&nbsp;&nbsp;NTT Finance |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.502%, 07/16/35(A) | 1175000 | 1193210 |
|  |  | 2324574 |
| **CONSUMER DISCRETIONARY — 0.5%** | **CONSUMER DISCRETIONARY — 0.5%** | **CONSUMER DISCRETIONARY — 0.5%** |
| &nbsp;&nbsp;&nbsp;L'Oreal | &nbsp;&nbsp;&nbsp;L'Oreal | &nbsp;&nbsp;&nbsp;L'Oreal |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/20/35(A) | 1190000 | 1200303 |
| &nbsp;&nbsp;&nbsp;Mars | &nbsp;&nbsp;&nbsp;Mars | &nbsp;&nbsp;&nbsp;Mars |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.375%, 07/16/40(A) | 540000 | 374618 |
|  |  | 1574921 |
| **CONSUMER STAPLES — 0.9%** | **CONSUMER STAPLES — 0.9%** | **CONSUMER STAPLES — 0.9%** |
| &nbsp;&nbsp;&nbsp;Bunge Finance | &nbsp;&nbsp;&nbsp;Bunge Finance | &nbsp;&nbsp;&nbsp;Bunge Finance |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.750%, 05/14/31 | 1150000 | 1037410 |
| &nbsp;&nbsp;&nbsp;JBS USA Holding Lux Sarl | &nbsp;&nbsp;&nbsp;JBS USA Holding Lux Sarl | &nbsp;&nbsp;&nbsp;JBS USA Holding Lux Sarl |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.250%, 11/15/53 | 1000000 | 1108644 |
| &nbsp;&nbsp;&nbsp;Mondelez International | &nbsp;&nbsp;&nbsp;Mondelez International | &nbsp;&nbsp;&nbsp;Mondelez International |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.500%, 02/04/31 | 535000 | 455782 |
|  |  | 2601836 |
| **ENERGY — 2.6%** | **ENERGY — 2.6%** | **ENERGY — 2.6%** |
| &nbsp;&nbsp;&nbsp;APA | &nbsp;&nbsp;&nbsp;APA | &nbsp;&nbsp;&nbsp;APA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.750%, 12/15/29(A) | 950000 | 1023090 |
| &nbsp;&nbsp;&nbsp;Boardwalk Pipelines | &nbsp;&nbsp;&nbsp;Boardwalk Pipelines | &nbsp;&nbsp;&nbsp;Boardwalk Pipelines |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.800%, 05/03/29 | 480000 | 483532 |
| &nbsp;&nbsp;&nbsp;Eastern Gas Transmission & Storage | &nbsp;&nbsp;&nbsp;Eastern Gas Transmission & Storage | &nbsp;&nbsp;&nbsp;Eastern Gas Transmission & Storage |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 11/15/29 | 560000 | 527964 |
| &nbsp;&nbsp;&nbsp;Energy Transfer | &nbsp;&nbsp;&nbsp;Energy Transfer | &nbsp;&nbsp;&nbsp;Energy Transfer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.600%, 09/01/34 | 1100000 | 1112408 |
| &nbsp;&nbsp;&nbsp;Expand Energy | &nbsp;&nbsp;&nbsp;Expand Energy | &nbsp;&nbsp;&nbsp;Expand Energy |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 02/01/32 | 1130000 | 1097566 |
| &nbsp;&nbsp;&nbsp;Helmerich & Payne | &nbsp;&nbsp;&nbsp;Helmerich & Payne | &nbsp;&nbsp;&nbsp;Helmerich & Payne |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/01/34 | 1200000 | 1106942 |
| &nbsp;&nbsp;&nbsp;Hess | &nbsp;&nbsp;&nbsp;Hess | &nbsp;&nbsp;&nbsp;Hess |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.800%, 04/01/47 | 1187000 | 1204239 |
| &nbsp;&nbsp;&nbsp;ONEOK | &nbsp;&nbsp;&nbsp;ONEOK | &nbsp;&nbsp;&nbsp;ONEOK |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.650%, 09/01/34 | 1280000 | 1296201 |
|  |  | 7851942 |
| **FINANCIALS — 11.0%** | **FINANCIALS — 11.0%** | **FINANCIALS — 11.0%** |
| &nbsp;&nbsp;&nbsp;Ally Financial | &nbsp;&nbsp;&nbsp;Ally Financial | &nbsp;&nbsp;&nbsp;Ally Financial |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.184%, SOFRRATE + 2.290%, 07/26/35(B) | 1440000 | 1473546 |
| &nbsp;&nbsp;&nbsp;American Express | &nbsp;&nbsp;&nbsp;American Express | &nbsp;&nbsp;&nbsp;American Express |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.442%, SOFRINDX + 1.320%, 01/30/36(B) | 1293000 | 1318488 |
| &nbsp;&nbsp;&nbsp;Ares Finance II | &nbsp;&nbsp;&nbsp;Ares Finance II | &nbsp;&nbsp;&nbsp;Ares Finance II |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.250%, 06/15/30(A) | 645000 | 599822 |
| &nbsp;&nbsp;&nbsp;Arthur J Gallagher | &nbsp;&nbsp;&nbsp;Arthur J Gallagher | &nbsp;&nbsp;&nbsp;Arthur J Gallagher |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.150%, 02/15/35 | 1090000 | 1083624 |

---

---

| | | |
|:---|:---|:---|
| **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | **Face Amount** | **Value** |
| **FINANCIALS — continued** | **FINANCIALS — continued** | **FINANCIALS — continued** |
| &nbsp;&nbsp;&nbsp;Bain Capital Specialty Finance | &nbsp;&nbsp;&nbsp;Bain Capital Specialty Finance | &nbsp;&nbsp;&nbsp;Bain Capital Specialty Finance |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.950%, 03/15/30 | $1160000 | $1153153 |
| &nbsp;&nbsp;&nbsp;Bank of America | &nbsp;&nbsp;&nbsp;Bank of America | &nbsp;&nbsp;&nbsp;Bank of America |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.511%, SOFRRATE + 1.310%, 01/24/36(B) | 1150000 | 1178431 |
| &nbsp;&nbsp;&nbsp;Bank of Montreal | &nbsp;&nbsp;&nbsp;Bank of Montreal | &nbsp;&nbsp;&nbsp;Bank of Montreal |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.803%, USSW5 + 1.432%, 12/15/32(B) | 825000 | 801593 |
| &nbsp;&nbsp;&nbsp;Bank of Nova Scotia | &nbsp;&nbsp;&nbsp;Bank of Nova Scotia | &nbsp;&nbsp;&nbsp;Bank of Nova Scotia |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.350%, H15T5Y + 2.903%, 04/27/85(B) | 930000 | 949346 |
| &nbsp;&nbsp;&nbsp;Brown & Brown | &nbsp;&nbsp;&nbsp;Brown & Brown | &nbsp;&nbsp;&nbsp;Brown & Brown |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.250%, 06/23/55 | 1155000 | 1183434 |
| &nbsp;&nbsp;&nbsp;Capital One Financial | &nbsp;&nbsp;&nbsp;Capital One Financial | &nbsp;&nbsp;&nbsp;Capital One Financial |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.183%, SOFRRATE + 2.036%, 01/30/36(B) | 1940000 | 1991618 |
| &nbsp;&nbsp;&nbsp;Carlyle Finance Subsidiary | &nbsp;&nbsp;&nbsp;Carlyle Finance Subsidiary | &nbsp;&nbsp;&nbsp;Carlyle Finance Subsidiary |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 09/19/29(A) | 650000 | 623302 |
| &nbsp;&nbsp;&nbsp;CI Financial | &nbsp;&nbsp;&nbsp;CI Financial | &nbsp;&nbsp;&nbsp;CI Financial |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.200%, 12/17/30 | 910000 | 807749 |
| &nbsp;&nbsp;&nbsp;Citigroup | &nbsp;&nbsp;&nbsp;Citigroup | &nbsp;&nbsp;&nbsp;Citigroup |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.020%, SOFRRATE + 1.830%, 01/24/36(B) | 1150000 | 1178557 |
| &nbsp;&nbsp;&nbsp;Franklin BSP Capital | &nbsp;&nbsp;&nbsp;Franklin BSP Capital | &nbsp;&nbsp;&nbsp;Franklin BSP Capital |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.200%, 06/15/29 | 1080000 | 1120265 |
| &nbsp;&nbsp;&nbsp;Golub Capital BDC | &nbsp;&nbsp;&nbsp;Golub Capital BDC | &nbsp;&nbsp;&nbsp;Golub Capital BDC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 07/15/29 | 1280000 | 1299676 |
| &nbsp;&nbsp;&nbsp;Hercules Capital | &nbsp;&nbsp;&nbsp;Hercules Capital | &nbsp;&nbsp;&nbsp;Hercules Capital |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 06/16/30 | 1150000 | 1150051 |
| &nbsp;&nbsp;&nbsp;HPS Corporate Lending Fund | &nbsp;&nbsp;&nbsp;HPS Corporate Lending Fund | &nbsp;&nbsp;&nbsp;HPS Corporate Lending Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.950%, 04/14/32 | 1200000 | 1190561 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;&nbsp;JPMorgan Chase |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.946%, SOFRRATE + 1.340%, 10/22/35(B) | 1082000 | 1070025 |
| &nbsp;&nbsp;&nbsp;M&T Bank | &nbsp;&nbsp;&nbsp;M&T Bank | &nbsp;&nbsp;&nbsp;M&T Bank |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.400%, H15T5Y + 1.430%, 07/30/35(B) | 778000 | 779183 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;Morgan Stanley |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.587%, SOFRRATE + 1.418%, 01/18/36(B) | 1150000 | 1180308 |
| &nbsp;&nbsp;&nbsp;National Australia Bank | &nbsp;&nbsp;&nbsp;National Australia Bank | &nbsp;&nbsp;&nbsp;National Australia Bank |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.347%, H15T5Y + 1.700%, 01/12/37(A)(B) | 750000 | 662799 |
| &nbsp;&nbsp;&nbsp;Neuberger Berman Group | &nbsp;&nbsp;&nbsp;Neuberger Berman Group | &nbsp;&nbsp;&nbsp;Neuberger Berman Group |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 03/15/27(A) | 970000 | 962782 |
| &nbsp;&nbsp;&nbsp;Oaktree Specialty Lending | &nbsp;&nbsp;&nbsp;Oaktree Specialty Lending | &nbsp;&nbsp;&nbsp;Oaktree Specialty Lending |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.340%, 02/27/30 | 1315000 | 1311669 |
| &nbsp;&nbsp;&nbsp;PennantPark Floating Rate Capital | &nbsp;&nbsp;&nbsp;PennantPark Floating Rate Capital | &nbsp;&nbsp;&nbsp;PennantPark Floating Rate Capital |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 04/01/26 | 650000 | 640727 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group | &nbsp;&nbsp;&nbsp;PNC Financial Services Group | &nbsp;&nbsp;&nbsp;PNC Financial Services Group |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.373%, SOFRRATE + 1.417%, 07/21/36(B) | 1450000 | 1465026 |
| &nbsp;&nbsp;&nbsp;Raymond James Financial | &nbsp;&nbsp;&nbsp;Raymond James Financial | &nbsp;&nbsp;&nbsp;Raymond James Financial |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 04/01/51 | 610000 | 443135 |

---

**7**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **CORE BOND FUND** |
|  | **JULY 31, 2025** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | **Face Amount** | **Value** |
| **FINANCIALS — continued** | **FINANCIALS — continued** | **FINANCIALS — continued** |
| &nbsp;&nbsp;&nbsp;Santander Holdings USA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.342%, SOFRRATE + 2.138%, 05/31/35(B) | $1365000 | $1435093 |
| &nbsp;&nbsp;&nbsp;Sixth Street Specialty Lending |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625%, 08/15/30 | 1320000 | 1323372 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, SOFRRATE + 2.070%, 07/29/36(B) | 845000 | 847544 |
| &nbsp;&nbsp;&nbsp;UBS Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.179%, H15T1Y + 1.100%, 02/11/43(A)(B) | 555000 | 408255 |
| &nbsp;&nbsp;&nbsp;Wells Fargo |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.244%, SOFRRATE + 1.110%, 01/24/31(B) | 1150000 | 1177387 |
|  |  | 32810521 |
| **INDUSTRIALS — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Ashtead Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.500%, 08/12/26(A) | 650000 | 629023 |
| &nbsp;&nbsp;&nbsp;Canadian Pacific Railway |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.100%, 12/02/51 | 880000 | 574735 |
| &nbsp;&nbsp;&nbsp;Daimler Truck Finance North America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 12/14/31(A) | 940000 | 816759 |
| &nbsp;&nbsp;&nbsp;Flowserve |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.800%, 01/15/32 | 1407000 | 1229203 |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 01/15/29 | 495000 | 471974 |
| &nbsp;&nbsp;&nbsp;Masco |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 08/15/32 | 317000 | 336890 |
| &nbsp;&nbsp;&nbsp;Northern Group Housing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.605%, 08/15/33(A) | 412084 | 418925 |
| &nbsp;&nbsp;&nbsp;Oshkosh |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.100%, 03/01/30 | 1550000 | 1443492 |
| &nbsp;&nbsp;&nbsp;Siemens Funding BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.800%, 05/28/55(A) | 1730000 | 1790078 |
|  |  | 7711079 |
| **INFORMATION TECHNOLOGY — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Constellation Software |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.461%, 02/16/34(A) | 1040000 | 1053610 |
| &nbsp;&nbsp;&nbsp;Microsoft |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.921%, 03/17/52 | 270000 | 178134 |
| &nbsp;&nbsp;&nbsp;NXP BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.550%, 12/01/28 | 245000 | 252314 |
| &nbsp;&nbsp;&nbsp;Oracle |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.875%, 03/25/31 | 600000 | 543888 |
| &nbsp;&nbsp;&nbsp;Roper Technologies |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.950%, 09/15/29 | 420000 | 395148 |
|  |  | 2423094 |
| **MATERIALS — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Amrize Finance US |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.400%, 04/07/35(A) | 1765000 | 1780296 |
| &nbsp;&nbsp;&nbsp;Anglo American Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 03/15/28(A) | 525000 | 523079 |

---

---

| | | |
|:---|:---|:---|
| **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | **Face Amount** | **Value** |
| **MATERIALS — continued** |  |  |
| &nbsp;&nbsp;&nbsp;Berry Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.650%, 01/15/27 | $625000 | $599068 |
| &nbsp;&nbsp;&nbsp;Martin Marietta Materials |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.400%, 07/15/31 | 865000 | 759959 |
| &nbsp;&nbsp;&nbsp;NewMarket |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.700%, 03/18/31 | 1592000 | 1420481 |
| &nbsp;&nbsp;&nbsp;Rio Tinto Finance USA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 03/14/55 | 1340000 | 1340429 |
| &nbsp;&nbsp;&nbsp;Sealed Air |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.573%, 10/15/26(A) | 835000 | 801933 |
| &nbsp;&nbsp;&nbsp;Silgan Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.400%, 04/01/26(A) | 420000 | 410680 |
|  |  | 7635925 |
| **REAL ESTATE — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Camp Pendleton & Quantico Housing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.165%, 10/01/50(A) | 400000 | 385302 |
| &nbsp;&nbsp;&nbsp;Extra Space Storage |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.350%, 03/15/32 | 730000 | 622146 |
| &nbsp;&nbsp;&nbsp;Highwoods Realty |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.600%, 02/01/31 | 1390000 | 1200002 |
| &nbsp;&nbsp;&nbsp;Invitation Homes Operating Partnership |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875%, 02/01/35 | 1135000 | 1094110 |
| &nbsp;&nbsp;&nbsp;Kite Realty Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 03/01/34 | 1280000 | 1304539 |
| &nbsp;&nbsp;&nbsp;NNN REIT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 04/15/30 | 700000 | 637377 |
| &nbsp;&nbsp;&nbsp;Store Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 03/15/28 | 380000 | 374945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.700%, 12/01/31 | 700000 | 595899 |
| &nbsp;&nbsp;&nbsp;Tanger Properties |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.750%, 09/01/31 | 1370000 | 1197715 |
|  |  | 7412035 |
| **UTILITIES — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;DPL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.350%, 04/15/29 | 1415000 | 1379920 |
| &nbsp;&nbsp;&nbsp;Duquesne Light Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.532%, 10/01/30(A) | 540000 | 474798 |
| &nbsp;&nbsp;&nbsp;Entergy Arkansas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 06/01/54 | 1080000 | 1075606 |
| &nbsp;&nbsp;&nbsp;Jersey Central Power & Light |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.750%, 03/01/32(A) | 670000 | 587456 |
| &nbsp;&nbsp;&nbsp;Monongahela Power |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.550%, 05/15/27(A) | 550000 | 540434 |
| &nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.900%, 06/15/28 | 1230000 | 1149663 |
| &nbsp;&nbsp;&nbsp;Southern |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.375%, H15T5Y + 2.069%, 03/15/55(B) | 1190000 | 1231308 |
|  |  | 6439185 |
| &nbsp;&nbsp;&nbsp;Total Corporate Obligations |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $80,318,120) |  | 78785112 |

---

**8**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **CORE BOND FUND** |
|  | **JULY 31, 2025** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **U.S. TREASURY OBLIGATIONS — 23.5%** | **U.S. TREASURY OBLIGATIONS — 23.5%** | **U.S. TREASURY OBLIGATIONS — 23.5%** |
|  | **Face Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/15/52 | $7000000 | $6033398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 08/15/41 | 2250000 | 1995820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/15/45 | 9000000 | 6812227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/15/52 | 250000 | 177725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.875%, 05/15/52 | 5467000 | 3791023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.250%, 08/15/46 | 2575000 | 1667212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.875%, 11/15/51 | 5750000 | 3149922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.250%, 05/15/50 | 1850000 | 876943 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 03/31/32 | 5100000 | 5102191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 11/15/32 | 3350000 | 3342541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/31/30 | 2400000 | 2405531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 12/31/27 | 16000000 | 15989375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 09/30/29 | 8500000 | 8484395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.750%, 05/31/29 | 9000000 | 8630859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.625%, 05/31/27 | 850000 | 829879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.375%, 11/15/31 | 1000000 | 850352 |
| &nbsp;&nbsp;&nbsp;Total U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;Total U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;Total U.S. Treasury Obligations |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $74,592,675) |  | 70139393 |
| **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — 22.2%** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — 22.2%** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — 22.2%** |
| &nbsp;&nbsp;&nbsp;FHLMC | &nbsp;&nbsp;&nbsp;FHLMC | &nbsp;&nbsp;&nbsp;FHLMC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 01/01/53 | 1236528 | 1256868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 05/01/53 | 694676 | 705656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 09/01/53 | 1170496 | 1197052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 07/01/54 | 1897998 | 1927872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 11/01/52 | 748971 | 747192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 01/01/53 | 1403122 | 1399291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 04/01/53 | 2256657 | 2248642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/01/54 | 1790112 | 1781124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/52 | 709793 | 694619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/53 | 776288 | 758691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 12/01/48 | 114332 | 110098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 09/01/52 | 669506 | 635481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/47 | 199826 | 188018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/47 | 186712 | 176082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/48 | 66818 | 62738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/01/52 | 1061800 | 982681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 11/01/44 | 180771 | 167181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 04/01/46 | 114860 | 105447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 07/01/47 | 244193 | 223510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 12/01/48 | 155228 | 141193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 04/01/52 | 869447 | 783494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/01/45 | 198540 | 176718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/01/45 | 98676 | 87214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/01/48 | 118529 | 103520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/01/50 | 420903 | 364587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 02/01/30 | 75662 | 73083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 01/01/52 | 1656963 | 1363516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 04/01/52 | 1614560 | 1329879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 08/01/50 | 919898 | 723643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 10/01/50 | 271548 | 214156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 05/01/51 | 2271283 | 1777834 |
| &nbsp;&nbsp;&nbsp;FHLMC, Ser 2024-5438, Cl GL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.500%, 12/25/50 | 3500000 | 2167308 |

---

---

| | | |
|:---|:---|:---|
| **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — continued** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — continued** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — continued** |
|  | **Face Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser 162, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.150%, 12/25/33(B) | $1000000 | $1034816 |
| &nbsp;&nbsp;&nbsp;FHLMC Structured Pass-Through Certificates, Ser 2003-54, Cl 4A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.252%, 02/25/43(B) | 44829 | 42628 |
| &nbsp;&nbsp;&nbsp;FNMA | &nbsp;&nbsp;&nbsp;FNMA | &nbsp;&nbsp;&nbsp;FNMA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 06/01/53 | 605911 | 627303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 12/01/52 | 543876 | 552439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 04/01/53 | 651762 | 666815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 05/01/53 | 667108 | 678018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 06/01/53 | 783776 | 797071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 03/01/53 | 2910176 | 2900613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 04/01/53 | 678707 | 679707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 05/01/53 | 683249 | 681262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/37 | 519143 | 521210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/52 | 636257 | 622009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/52 | 692928 | 676806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/53 | 641491 | 630131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/53 | 1222573 | 1197759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 12/01/37 | 564661 | 558399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 02/01/41 | 264228 | 260871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 03/01/48 | 170753 | 164924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 10/01/52 | 728007 | 690977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 01/01/53 | 1127843 | 1071918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/35 | 63377 | 62368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/42 | 214155 | 205067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/49 | 173500 | 162597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/52 | 872158 | 806223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 02/01/47 | 213981 | 197371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 12/01/47 | 106152 | 96707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 08/01/48 | 106028 | 96002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 03/01/49 | 210504 | 194356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 06/01/49 | 432761 | 392832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 07/01/50 | 648242 | 585888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/01/48 | 179131 | 158157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/01/50 | 1539305 | 1323601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/01/51 | 1149007 | 1001145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/01/52 | 1187314 | 1018968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 12/01/49 | 291401 | 241096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 09/01/50 | 605524 | 501729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 10/01/50 | 2140546 | 1764883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 06/01/51 | 940710 | 783025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 09/01/52 | 1971078 | 1617283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 02/01/51 | 556722 | 438276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 04/01/51 | 1520834 | 1191174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 01/01/52 | 1913812 | 1512196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 02/01/52 | 1640788 | 1286305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 03/01/52 | 3078151 | 2416681 |
| &nbsp;&nbsp;&nbsp;FNMA, Ser 2024-56, Cl DL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.500%, 09/25/51 | 3150000 | 1932624 |
| &nbsp;&nbsp;&nbsp;GNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 08/20/52 | 581456 | 594022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/20/52 | 836800 | 841531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/20/48 | 76090 | 71049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/20/52 | 646320 | 600180 |

---

**9**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **CORE BOND FUND** |
|  | **JULY 31, 2025** |
|  | **(Unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — continued** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — continued** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — continued** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — continued** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — continued** |
|  | **Face Amount** | **Face Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 06/20/48 | $| 450468 | $| 411229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 06/20/51 |  | 872207 |  | 762499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 09/20/51 |  | 1967134 |  | 1655162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 11/20/51 |  | 2080868 |  | 1680188 |
| &nbsp;&nbsp;&nbsp;Total U.S. Government Agency Mortgage-Backed Obligations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $68,804,336) |  |  |  | 66332478 |
| **ASSET-BACKED SECURITIES — 12.9%** | **ASSET-BACKED SECURITIES — 12.9%** | **ASSET-BACKED SECURITIES — 12.9%** | **ASSET-BACKED SECURITIES — 12.9%** | **ASSET-BACKED SECURITIES — 12.9%** |
| **Automotive — 2.3%** | **Automotive — 2.3%** | **Automotive — 2.3%** | **Automotive — 2.3%** | **Automotive — 2.3%** |
| &nbsp;&nbsp;&nbsp;Carmax Auto Owner Trust, Ser 2025-1, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.110%, 09/16/30 |  | 665000 |  | 675190 |
| &nbsp;&nbsp;&nbsp;Exeter Select Automobile Receivables Trust, Ser 2025-1, Cl A3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.690%, 04/15/30 |  | 530000 |  | 530440 |
| &nbsp;&nbsp;&nbsp;GM Financial Consumer Automobile Receivables Trust, Ser 2025-1, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/16/30 |  | 665000 |  | 674407 |
| &nbsp;&nbsp;&nbsp;Hertz Vehicle Financing, Ser 2022-5A, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.280%, 09/25/28 (A) |  | 650000 |  | 636049 |
| &nbsp;&nbsp;&nbsp;OCCU Auto Receivables Trust, Ser 2025-1A, Cl A4 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.790%, 01/15/31 (A) |  | 755000 |  | 754859 |
| &nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust, Ser 2025-1, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.880%, 03/17/31 |  | 665000 |  | 668371 |
| &nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust, Ser 2025-2, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.870%, 05/15/31 |  | 660000 |  | 663654 |
| &nbsp;&nbsp;&nbsp;SFS Auto Receivables Securitization Trust, Ser 2025- 1A, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.110%, 02/20/31 (A) |  | 665000 |  | 676121 |
| &nbsp;&nbsp;&nbsp;SFS Auto Receivables Securitization Trust, Ser 2025- 2A, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.850%, 07/21/31 (A) |  | 710000 |  | 716305 |
| &nbsp;&nbsp;&nbsp;Toyota Auto Loan Extended Note Trust, Ser 2025-1A, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.650%, 05/25/38 (A) |  | 700000 |  | 705777 |
|  |  |  |  | 6701173 |
| **Other ABS — 10.6%** | **Other ABS — 10.6%** | **Other ABS — 10.6%** | **Other ABS — 10.6%** | **Other ABS — 10.6%** |
| &nbsp;&nbsp;&nbsp;ABPCI Direct Lending Fund CLO VI, Ser 2025-6A, Cl BRR |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.014%, TSFR3M + 1.700%, 01/27/37 (A)(B) |  | 770000 |  | 764895 |
| &nbsp;&nbsp;&nbsp;Affirm Asset Securitization Trust, Ser 2024-X2, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.330%, 12/17/29 (A) |  | 600000 |  | 600276 |

---

---

| | | |
|:---|:---|:---|
| **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** |
|  | **Face Amount** | **Value** |
| **Other ABS — continued** | **Other ABS — continued** | **Other ABS — continued** |
| &nbsp;&nbsp;&nbsp;Antares CLO, Ser 2018-3, Cl A1R |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.916%, TSFR3M + 1.590%, 07/20/36 (A)(B) | $1170000 | $1170278 |
| &nbsp;&nbsp;&nbsp;Audax Senior Debt CLO XII, Ser 2025-12A, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.917%, TSFR3M + 1.750%, 04/22/37 (A)(B) | 1000000 | 993153 |
| &nbsp;&nbsp;&nbsp;Avant Loans Funding Trust, Ser 2025-REV1, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.120%, 05/15/34 (A) | 775000 | 773817 |
| &nbsp;&nbsp;&nbsp;Barings Private Credit CLO, Ser 2023-1, Cl A1BR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.218%, TSFR3M + 1.900%, 10/15/36 (A)(B) | 1170000 | 1164617 |
| &nbsp;&nbsp;&nbsp;Blue Owl Asset Leasing Trust, Ser 2024-1A, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.410%, 03/15/30 (A) | 710000 | 715700 |
| &nbsp;&nbsp;&nbsp;Business Jet Securities, Ser 2024- 1A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.197%, 05/15/39 (A) | 357269 | 363780 |
| &nbsp;&nbsp;&nbsp;College Loan Trust I, Ser 2006-1, Cl A7B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375%, SOFR90A + 1.012%, 04/25/46 (A)(B) | 890000 | 883978 |
| &nbsp;&nbsp;&nbsp;Cologix Data Centers US Issuer, Ser 2021-1A, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.300%, 12/26/51 (A) | 580000 | 560429 |
| &nbsp;&nbsp;&nbsp;Dryden LXXXVII CLO, Ser 2021- 87A, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.684%, TSFR3M + 1.362%, 05/20/34 (A)(B) | 1100000 | 1099725 |
| &nbsp;&nbsp;&nbsp;Goldentree Loan Management US CLO XII, Ser 2024-12A, Cl AJR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.856%, TSFR3M + 1.530%, 07/20/37 (A)(B) | 1425000 | 1422165 |
| &nbsp;&nbsp;&nbsp;Golub Capital Partners CLO, Ser 2022-30A, Cl AR2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.946%, TSFR3M + 1.620%, 04/20/34 (A)(B) | 500000 | 500466 |
| &nbsp;&nbsp;&nbsp;Granite Edvance, Ser 2020-1, Cl A1A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.550%, 09/25/60 | 1187797 | 1076081 |
| &nbsp;&nbsp;&nbsp;HalseyPoint CLO III, Ser 2024- 3A, Cl A1R |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.790%, TSFR3M + 1.480%, 07/30/37 (A)(B) | 1170000 | 1171370 |
| &nbsp;&nbsp;&nbsp;Kestrel Aircraft Funding, Ser 2018-1A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 12/15/38 (A) | 125532 | 123965 |
| &nbsp;&nbsp;&nbsp;MCF CLO VIII, Ser 2024-1A, Cl AR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.279%, TSFR3M + 1.950%, 04/18/36 (A)(B) | 1000000 | 1000897 |
| &nbsp;&nbsp;&nbsp;Mission Lane Credit Card Master Trust, Ser 2025-B, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.060%, 09/15/31 (A) | 725000 | 723544 |

---

**10**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **CORE BOND FUND** |
|  | **JULY 31, 2025** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** |
|  | **Face Amount** | **Value** |
| **Other ABS — continued** | **Other ABS — continued** | **Other ABS — continued** |
| &nbsp;&nbsp;&nbsp;Monroe Capital Mml CLO XI, Ser 2021-1A, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.134%, TSFR3M + 1.812%, 05/20/33 (A)(B) | $1025000 | $1024817 |
| &nbsp;&nbsp;&nbsp;Oak Street Investment Grade Net Lease Fund Series, Ser 2021-2A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.850%, 11/20/51 (A) | 1744167 | 1632647 |
| &nbsp;&nbsp;&nbsp;OCP CLO, Ser 2024-24A, Cl A2R |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.876%, TSFR3M + 1.550%, 10/20/37 (A)(B) | 1170000 | 1170371 |
| &nbsp;&nbsp;&nbsp;OWN Equipment Fund I, Ser 2024-2M, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.700%, 12/20/32 (A) | 536724 | 541285 |
| &nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Ser 2024-11, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.637%, 07/15/32 (A) | 610275 | 611486 |
| &nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Ser 2025-1, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.628%, 07/15/32 (A) | 449962 | 451291 |
| &nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Ser 2025-2, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.329%, 10/15/32 (A) | 999895 | 998721 |
| &nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Ser 2025-3, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.058%, 12/15/32 (A) | 600000 | 605869 |
| &nbsp;&nbsp;&nbsp;Palmer Square BDC CLO I, Ser 2024-1A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.918%, TSFR3M + 1.600%, 07/15/37 (A)(B) | 1000000 | 1003011 |
| &nbsp;&nbsp;&nbsp;PennantPark CLO XII, Ser 2025- 12A, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.041%, TSFR3M + 1.850%, 04/20/37 (A)(B) | 875000 | 871787 |
| &nbsp;&nbsp;&nbsp;PHEAA Student Loan Trust, Ser 2016-2A, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.965%, SOFR30A + 1.614%, 11/25/65 (A)(B) | 1050000 | 1030042 |
| &nbsp;&nbsp;&nbsp;SLM Student Loan Trust, Ser 2006- 10, Cl A6 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.752%, SOFR90A + 0.412%, 03/25/44 (B) | 1026817 | 983177 |
| &nbsp;&nbsp;&nbsp;Spirit Airlines Pass Through Trust, Ser 2015-1A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.100%, 04/01/28 | 964923 | 878014 |
| &nbsp;&nbsp;&nbsp;Store Master Funding I-VII, XIV, XIX, XX, XXIV and XXII, Ser 2024-1A, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.700%, 05/20/54 (A) | 993750 | 1013418 |
| &nbsp;&nbsp;&nbsp;Thunderbolt II Aircraft Lease, Ser 2018-A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.960%, 09/15/38 (A)(C) | 209992 | 208984 |
| &nbsp;&nbsp;&nbsp;Trinity Rail Leasing, Ser 2018-1A, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.620%, 06/17/48 (A) | 600000 | 588663 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** |
|  | **Face Amount** | **Face Amount** | **Value** | **Value** |
| **Other ABS — continued** | **Other ABS — continued** | **Other ABS — continued** | **Other ABS — continued** | **Other ABS — continued** |
| &nbsp;&nbsp;&nbsp;Twin Brook CLO, Ser 2024-1A, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.226%, TSFR3M + 1.900%, 07/20/36 (A)(B) | $| 800000 | $| 801925 |
| &nbsp;&nbsp;&nbsp;Volofin Finance Designated Activity, Ser 2024-1A, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.935%, 06/15/37 (A) |  | 423321 |  | 426810 |
| &nbsp;&nbsp;&nbsp;Voya CLO, Ser 2018-4, Cl A2RR |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.918%, TSFR3M + 1.600%, 10/15/37 (A)(B) |  | 1170000 |  | 1170365 |
| &nbsp;&nbsp;&nbsp;Willis Engine Structured Trust VIII, Ser 2025-A, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.582%, 06/15/50 (A) |  | 598603 |  | 601208 |
|  |  |  |  | 31723027 |
| &nbsp;&nbsp;&nbsp;Total Asset-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $38,178,728) |  |  |  | 38424200 |
| **MORTGAGE-BACKED SECURITIES — 10.0%** | **MORTGAGE-BACKED SECURITIES — 10.0%** | **MORTGAGE-BACKED SECURITIES — 10.0%** | **MORTGAGE-BACKED SECURITIES — 10.0%** | **MORTGAGE-BACKED SECURITIES — 10.0%** |
| **Non-Agency Mortgage-Backed Obligations — 10.0%** | **Non-Agency Mortgage-Backed Obligations — 10.0%** | **Non-Agency Mortgage-Backed Obligations — 10.0%** | **Non-Agency Mortgage-Backed Obligations — 10.0%** | **Non-Agency Mortgage-Backed Obligations — 10.0%** |
| &nbsp;&nbsp;&nbsp;BANK, Ser 2025-BNK50, Cl A5 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.652%, 05/15/68 (B) |  | 700000 |  | 728747 |
| &nbsp;&nbsp;&nbsp;BWAY Trust, Ser 2025-1535, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.309%, 05/05/42 (A)(B) |  | 600000 |  | 611266 |
| &nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust, Ser 2021-VOLT, Cl C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.556%, TSFR1M + 1.214%, 09/15/36 (A)(B) |  | 1157750 |  | 1153046 |
| &nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust, Ser 2025-BCAT, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.730%, TSFR1M + 1.380%, 08/15/42 (A)(B) |  | 755000 |  | 755000 |
| &nbsp;&nbsp;&nbsp;Chase Home Lending Mortgage Trust, Ser 2024-4, Cl A4 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 03/25/55 (A)(B) |  | 902283 |  | 910567 |
| &nbsp;&nbsp;&nbsp;Chase Home Lending Mortgage Trust, Ser 2025-1, Cl A4 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 11/25/55 (A)(B) |  | 881920 |  | 888774 |
| &nbsp;&nbsp;&nbsp;Citigroup Mortgage Loan Trust, Ser 2024-1, Cl A3A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 07/25/54 (A)(B) |  | 709293 |  | 714335 |
| &nbsp;&nbsp;&nbsp;COLT Mortgage Loan Trust, Ser 2022-4, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.301%, 03/25/67 (A)(B) |  | 699350 |  | 691733 |
| &nbsp;&nbsp;&nbsp;CSMC Trust, Ser 2013-IVR3, Cl A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/25/43 (A)(B) |  | 120867 |  | 109026 |
| &nbsp;&nbsp;&nbsp;CSMC Trust, Ser 2015-2, Cl A18 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 02/25/45 (A)(B) |  | 104902 |  | 95910 |
| &nbsp;&nbsp;&nbsp;Fidelis Mortgage Trust, Ser 2025- RTL1, Cl A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.220%, 02/27/40 (A)(B) |  | 1300000 |  | 1302401 |
| &nbsp;&nbsp;&nbsp;Fidelis Mortgage Trust, Ser 2025- RTL2, Cl A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.060%, 07/25/40 (A)(B) |  | 1200000 |  | 1198612 |

---

**11**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **CORE BOND FUND** |
|  | **JULY 31, 2025** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** |
|  | **Face Amount** | **Value** |
| **Non-Agency Mortgage-Backed Obligations — continued** | **Non-Agency Mortgage-Backed Obligations — continued** | **Non-Agency Mortgage-Backed Obligations — continued** |
| &nbsp;&nbsp;&nbsp;First Republic Mortgage Trust, Ser 2020-1, Cl A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.878%, 04/25/50 (A)(B) | $348372 | $340920 |
| &nbsp;&nbsp;&nbsp;FREMF Mortgage Trust, Ser 2019- K101, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.527%, 10/25/52 (A)(B) | 700000 | 662608 |
| &nbsp;&nbsp;&nbsp;GMAC Commercial Mortgage Asset, Ser 2010-FTLS, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.363%, 02/10/47 (A)(D) | 220416 | 227932 |
| &nbsp;&nbsp;&nbsp;GS Mortgage Securities Trust, Ser 2020-GSA2, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.560%, 12/12/53 | 341918 | 311322 |
| &nbsp;&nbsp;&nbsp;GS Mortgage Securities Trust, Ser 2024-RVR, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.198%, 08/10/41 (A)(B) | 1150000 | 1154900 |
| &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Ser 2021-PJ1, Cl A8 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 05/28/52 (A)(B) | 1050833 | 922716 |
| &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Ser 2022-MM1, Cl A8 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 07/25/52 (A)(B) | 1396545 | 1233377 |
| &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Ser 2022-PJ3, Cl A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 08/25/52 (A)(B) | 1211709 | 975379 |
| &nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2022-2, Cl A4A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 08/25/52 (A)(B) | 966517 | 852513 |
| &nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2022-3, Cl A4A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 08/25/52 (A)(B) | 1416234 | 1244525 |
| &nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2022-4, Cl A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/25/52 (A)(B) | 1486291 | 1333949 |
| &nbsp;&nbsp;&nbsp;Provident Funding Mortgage Trust, Ser 2025-1, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 02/25/55 (A)(B) | 948832 | 947624 |
| &nbsp;&nbsp;&nbsp;Provident Funding Mortgage Trust, Ser 2025-2, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 06/25/55 (A)(B) | 1374185 | 1360802 |
| &nbsp;&nbsp;&nbsp;Rate Mortgage Trust, Ser 2022-J1, Cl A9 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 01/25/52 (A)(B) | 1078125 | 945410 |
| &nbsp;&nbsp;&nbsp;Rate Mortgage Trust, Ser 2024-J4, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 12/25/54 (A)(B) | 1133575 | 1138711 |
| &nbsp;&nbsp;&nbsp;Rate Mortgage Trust, Ser 2025-J1, Cl A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 03/25/55 (A)(B) | 915270 | 920754 |
| &nbsp;&nbsp;&nbsp;Rocket Mortgage Trust, Ser 2021- 5, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 11/25/51 (A)(B) | 1103323 | 888767 |
| &nbsp;&nbsp;&nbsp;Rocket Mortgage Trust, Ser 2022- 1, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 01/25/52 (A)(B) | 1198224 | 969796 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** |
|  | **Face Amount** | **Face Amount** | **Value** | **Value** |
| **Non-Agency Mortgage-Backed Obligations — continued** | **Non-Agency Mortgage-Backed Obligations — continued** | **Non-Agency Mortgage-Backed Obligations — continued** | **Non-Agency Mortgage-Backed Obligations — continued** | **Non-Agency Mortgage-Backed Obligations — continued** |
| &nbsp;&nbsp;&nbsp;Rocket Mortgage Trust, Ser 2022- 3, Cl A5 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/25/52 (A)(B) | $| 1474650 | $| 1320697 |
| &nbsp;&nbsp;&nbsp;Seasoned Credit Risk Transfer Trust, Ser 2018-4, Cl MV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 03/25/58 |  | 587156 |  | 548309 |
| &nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2015- 1, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 01/25/45 (A)(B) |  | 20469 |  | 18941 |
| &nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2015- 2, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 05/25/45 (A)(B) |  | 39774 |  | 36387 |
| &nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2015- 4, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 11/25/30 (A)(B) |  | 26860 |  | 26123 |
| &nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2024- 7, Cl A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 08/25/54 (A)(B) |  | 838272 |  | 842660 |
| &nbsp;&nbsp;&nbsp;SWCH Commercial Mortgage Trust, Ser 2025-DATA, Cl C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.434%, TSFR1M + 2.092%, 02/15/42 (A)(B) |  | 875000 |  | 870078 |
| &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Ser 2025-5C5, Cl A3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.590%, 07/15/58 |  | 735000 |  | 760446 |
|  |  |  |  | 30015063 |
| &nbsp;&nbsp;&nbsp;Total Mortgage-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $30,901,471) |  |  |  | 30015063 |
| **MUNICIPAL BONDS — 3.6%** | **MUNICIPAL BONDS — 3.6%** | **MUNICIPAL BONDS — 3.6%** | **MUNICIPAL BONDS — 3.6%** | **MUNICIPAL BONDS — 3.6%** |
| &nbsp;&nbsp;&nbsp;Colorado Housing and Finance Authority, Ser 2023-M1, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.619%, 11/01/38 |  | 845000 |  | 848841 |
| &nbsp;&nbsp;&nbsp;Colorado Housing and Finance Authority, Ser L1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.926%, 11/01/32 |  | 500000 |  | 501434 |
| &nbsp;&nbsp;&nbsp;Denver City & County, Housing Authority, Ser 2021-B, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.104%, 02/01/39 |  | 300000 |  | 235400 |
| &nbsp;&nbsp;&nbsp;District of Columbia, University Refunding, Ser 2025-B, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.751%, 04/01/35 |  | 1375000 |  | 1422479 |
| &nbsp;&nbsp;&nbsp;Grand Parkway Transportation, Ser 2020-B, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.216%, 10/01/49 |  | 640000 |  | 445736 |
| &nbsp;&nbsp;&nbsp;Hawaii State, Department of Business Economic Development & Tourism, Ser 2014-A-2, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.242%, 01/01/31 |  | 71569 |  | 69897 |
| &nbsp;&nbsp;&nbsp;Idaho State, Housing & Finance Association, Ser 2023-D-1, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.713%, 07/01/38 |  | 830000 |  | 831868 |
| &nbsp;&nbsp;&nbsp;Indiana State, Housing & Community Development Authority, Ser 2024-B-3, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.932%, 07/01/44 |  | 1000000 |  | 1003471 |

---

**12**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **CORE BOND FUND** |
|  | **JULY 31, 2025** |
|  | **(Unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **MUNICIPAL BONDS — continued** | **MUNICIPAL BONDS — continued** | **MUNICIPAL BONDS — continued** | **MUNICIPAL BONDS — continued** |
|  | **Face Amount** | **Face Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Maryland Department of Housing & Community Development, Ser 2024-B, RB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.991%, 09/01/44 | $| 750000 | $752749 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Housing Finance Agency, Ser 2020-B, RB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.350%, 12/01/40 |  | 145000 | 114686 |
| &nbsp;&nbsp;&nbsp;Michigan State, Housing Development Authority, Ser 2023-C, RB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.816%, 12/01/38 |  | 895000 | 895410 |
| &nbsp;&nbsp;&nbsp;Minnesota State, Housing Finance Agency, Ser 2024-V, RB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.925%, 07/01/49 |  | 750000 | 744883 |
| &nbsp;&nbsp;&nbsp;Minnesota State, Housing Finance Agency, Ser 2023-P, RB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.726%, 07/01/33 |  | 380000 | 391864 |
| &nbsp;&nbsp;&nbsp;New York City, Housing Development, Ser 2021-D, RB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.083%, 11/01/46 |  | 900000 | 616347 |
| &nbsp;&nbsp;&nbsp;New York State, Mortgage Agency, Ser 241, RB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.930%, 10/01/46 |  | 700000 | 462031 |
| &nbsp;&nbsp;&nbsp;Rhode Island State, Housing and Mortgage Finance, Ser 2020-1-T, RB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.993%, 10/01/38 |  | 540000 | 411043 |
| &nbsp;&nbsp;&nbsp;Virginia State, Housing Development Authority, Ser 2020-C, RB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.829%, 04/01/41 |  | 500000 | 374728 |
| &nbsp;&nbsp;&nbsp;Washington State, Housing Finance Commission, Ser 2023- 2T, RB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.738%, 12/01/38 |  | 550000 | 550971 |
| &nbsp;&nbsp;&nbsp;Total Municipal Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $11,664,824) |  |  | 10673838 |
| &nbsp;&nbsp;&nbsp;Total Investments in Securities— 98.6% | &nbsp;&nbsp;&nbsp;Total Investments in Securities— 98.6% | &nbsp;&nbsp;&nbsp;Total Investments in Securities— 98.6% | &nbsp;&nbsp;&nbsp;Total Investments in Securities— 98.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $304,460,154) |  |  | $294370084 |

---

Percentages are based on Net Assets of $298,682,604.

&nbsp;&nbsp;&nbsp;&nbsp;(A) Securities
 sold within the terms of a private placement memorandum, exempt from registration under section 144A of the Securities Act
 of 1933, as amended, and maybe sold only to dealers in the program or other "accredited investors". The total value
 of these securities at July 31, 2025 was $77,741,533 and represented 26.0% of Net Assets.

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

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

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

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

See "Glossary" for abbreviations.

KOC-QH-001-2100

**13**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS**<br> **LONG/SHORT EQUITY FUND**<br> **JULY 31, 2025**<br> **(Unaudited)** |

---

**SCHEDULE OF INVESTMENTS** 

**COMMON STOCK — 72.1%** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMUNICATION SERVICES — 6.1%** | **COMMUNICATION SERVICES — 6.1%** | **COMMUNICATION SERVICES — 6.1%** |
| &nbsp;&nbsp;&nbsp;Electronic Arts | 3610 | $550489 |
| &nbsp;&nbsp;&nbsp;Fox (A) | 59311 | 3307181 |
| &nbsp;&nbsp;&nbsp;Live Nation Entertainment \*(A) | 13081 | 1932064 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Cl A (A) | 3446 | 2665274 |
| &nbsp;&nbsp;&nbsp;Omnicom Group (A) | 21357 | 1538772 |
|  |  | 9993780 |
| **CONSUMER DISCRETIONARY — 9.0%** | **CONSUMER DISCRETIONARY — 9.0%** | **CONSUMER DISCRETIONARY — 9.0%** |
| &nbsp;&nbsp;&nbsp;Airbnb, Cl A \* | 10419 | 1379580 |
| &nbsp;&nbsp;&nbsp;Best Buy (A) | 17138 | 1114998 |
| &nbsp;&nbsp;&nbsp;Dick's Sporting Goods | 5899 | 1247698 |
| &nbsp;&nbsp;&nbsp;eBay (A) | 35773 | 3282173 |
| &nbsp;&nbsp;&nbsp;Expedia Group (A) | 13437 | 2421616 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica \* | 3420 | 685812 |
| &nbsp;&nbsp;&nbsp;Ralph Lauren, Cl A | 5692 | 1700485 |
| &nbsp;&nbsp;&nbsp;Tapestry (A) | 21108 | 2280297 |
| &nbsp;&nbsp;&nbsp;Williams-Sonoma | 2575 | 481654 |
|  |  | 14594313 |
| **CONSUMER STAPLES — 3.0%** | **CONSUMER STAPLES — 3.0%** | **CONSUMER STAPLES — 3.0%** |
| &nbsp;&nbsp;&nbsp;Coca-Cola Consolidated | 15364 | 1716927 |
| &nbsp;&nbsp;&nbsp;Dollar Tree \* | 11494 | 1305144 |
| &nbsp;&nbsp;&nbsp;General Mills | 7078 | 346680 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark | 6200 | 772644 |
| &nbsp;&nbsp;&nbsp;Maplebear \* | 16666 | 799468 |
|  |  | 4940863 |
| **ENERGY — 3.4%** | **ENERGY — 3.4%** | **ENERGY — 3.4%** |
| &nbsp;&nbsp;&nbsp;Cheniere Energy | 3461 | 816381 |
| &nbsp;&nbsp;&nbsp;Coterra Energy | 11907 | 290412 |
| &nbsp;&nbsp;&nbsp;EOG Resources | 6603 | 792492 |
| &nbsp;&nbsp;&nbsp;Halliburton | 26786 | 600006 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum | 7284 | 1239664 |
| &nbsp;&nbsp;&nbsp;Schlumberger | 33785 | 1141933 |
| &nbsp;&nbsp;&nbsp;TechnipFMC PLC | 15505 | 563917 |
|  |  | 5444805 |
| **FINANCIALS — 16.0%** | **FINANCIALS — 16.0%** | **FINANCIALS — 16.0%** |
| &nbsp;&nbsp;&nbsp;American Express (A) | 1894 | 566893 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial (A) | 6058 | 3139195 |
| &nbsp;&nbsp;&nbsp;Bank of America | 15351 | 725642 |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Cl B \*(A) | 11935 | 5631888 |
| &nbsp;&nbsp;&nbsp;Corebridge Financial | 67092 | 2385792 |
| &nbsp;&nbsp;&nbsp;Corpay \* | 9663 | 3121632 |
| &nbsp;&nbsp;&nbsp;Equitable Holdings | 21062 | 1081534 |
| &nbsp;&nbsp;&nbsp;Fidelity National Financial | 12203 | 688615 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase (A) | 8011 | 2373179 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings \* | 24003 | 1650446 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial (A) | 37248 | 2595068 |
| &nbsp;&nbsp;&nbsp;Unum Group | 5536 | 397540 |
| &nbsp;&nbsp;&nbsp;Wells Fargo | 20288 | 1635821 |
|  |  | 25993245 |
| **HEALTH CARE — 10.1%** | **HEALTH CARE — 10.1%** | **HEALTH CARE — 10.1%** |
| &nbsp;&nbsp;&nbsp;Cardinal Health (A) | 19775 | 3069475 |
| &nbsp;&nbsp;&nbsp;DaVita \* | 20245 | 2841791 |
| &nbsp;&nbsp;&nbsp;Exelixis \* | 48221 | 1746565 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences | 28959 | 3251806 |
| &nbsp;&nbsp;&nbsp;Hologic \* | 15989 | 1068385 |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **HEALTH CARE— continued** | **HEALTH CARE— continued** | **HEALTH CARE— continued** |
| &nbsp;&nbsp;&nbsp;Royalty Pharma PLC, Cl A | 59865 | $2203032 |
| &nbsp;&nbsp;&nbsp;United Therapeutics \*(A) | 8211 | 2255562 |
|  |  | 16436616 |
| **INDUSTRIALS — 1.2%** | **INDUSTRIALS — 1.2%** | **INDUSTRIALS — 1.2%** |
| &nbsp;&nbsp;&nbsp;Carlisle | 2028 | 719352 |
| &nbsp;&nbsp;&nbsp;Owens Corning (A) | 8978 | 1251802 |
|  |  | 1971154 |
| **INFORMATION TECHNOLOGY — 20.1%** | **INFORMATION TECHNOLOGY — 20.1%** | **INFORMATION TECHNOLOGY — 20.1%** |
| &nbsp;&nbsp;&nbsp;Akamai Technologies \*(A) | 24265 | 1851662 |
| &nbsp;&nbsp;&nbsp;AppLovin, Cl A \*(A) | 3757 | 1467860 |
| &nbsp;&nbsp;&nbsp;Check Point Software Technologies \*(A) | 6182 | 1151088 |
| &nbsp;&nbsp;&nbsp;Cisco Systems (A) | 47627 | 3242446 |
| &nbsp;&nbsp;&nbsp;Dell Technologies, Cl C | 16269 | 2158734 |
| &nbsp;&nbsp;&nbsp;DocuSign, Cl A \*(A) | 7402 | 559887 |
| &nbsp;&nbsp;&nbsp;Flex \* | 63878 | 3185596 |
| &nbsp;&nbsp;&nbsp;Gen Digital | 28572 | 842588 |
| &nbsp;&nbsp;&nbsp;International Business Machines (A) | 7357 | 1862425 |
| &nbsp;&nbsp;&nbsp;Jabil | 14750 | 3291758 |
| &nbsp;&nbsp;&nbsp;Logitech International (A) | 31703 | 2944575 |
| &nbsp;&nbsp;&nbsp;NetApp (A) | 30588 | 3185128 |
| &nbsp;&nbsp;&nbsp;NXP Semiconductors | 3370 | 720405 |
| &nbsp;&nbsp;&nbsp;QUALCOMM (A) | 15873 | 2329521 |
| &nbsp;&nbsp;&nbsp;Skyworks Solutions | 14388 | 986154 |
| &nbsp;&nbsp;&nbsp;Wix.com \* | 1551 | 210982 |
| &nbsp;&nbsp;&nbsp;Zoom Video Communications, Cl A \*(A) | 37032 | 2742220 |
|  |  | 32733029 |
| **MATERIALS — 2.2%** | **MATERIALS — 2.2%** | **MATERIALS — 2.2%** |
| &nbsp;&nbsp;&nbsp;Anglogold Ashanti | 9627 | 445249 |
| &nbsp;&nbsp;&nbsp;CF Industries Holdings (A) | 33662 | 3124843 |
|  |  | 3570092 |
| **UTILITIES — 1.0%** | **UTILITIES — 1.0%** | **UTILITIES — 1.0%** |
| &nbsp;&nbsp;&nbsp;NRG Energy | 5395 | 902044 |
| &nbsp;&nbsp;&nbsp;Talen Energy \* | 2009 | 758538 |
|  |  | 1660582 |
| &nbsp;&nbsp;&nbsp;Total Common Stock |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $97,774,188) |  | 117338479 |
| **PURCHASED OPTIONS — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Total Purchased Options |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,580,310) |  | 51524 |
| &nbsp;&nbsp;&nbsp;Total Investments in Securities— 72.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $99,354,498) |  | $117390003 |

---

**SECURITIES SOLD SHORT** 

**COMMON STOCK — (18.4)%** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMUNICATION SERVICES — (0.2)%** | **COMMUNICATION SERVICES — (0.2)%** | **COMMUNICATION SERVICES — (0.2)%** |
| &nbsp;&nbsp;&nbsp;GCI Liberty \* | (800) | (26600) |
| &nbsp;&nbsp;&nbsp;Liberty Broadband, Cl C \* | (4000) | (245280) |
|  |  | (271880) |

---

**14**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS**<br> **LONG/SHORT EQUITY FUND**<br> **JULY 31, 2025**<br> **(Unaudited)** |

---

**COMMON STOCK — continued** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **CONSUMER DISCRETIONARY — (2.2)%** | **CONSUMER DISCRETIONARY — (2.2)%** | **CONSUMER DISCRETIONARY — (2.2)%** |
| &nbsp;&nbsp;&nbsp;Amer Sports \* | (61982) | $(2326804) |
| &nbsp;&nbsp;&nbsp;Cava Group \* | (3782) | (332854) |
| &nbsp;&nbsp;&nbsp;MakeMyTrip \* | (9333) | (873476) |
|  |  | (3533134) |
| **HEALTH CARE — (1.6)%** | **HEALTH CARE — (1.6)%** | **HEALTH CARE — (1.6)%** |
| &nbsp;&nbsp;&nbsp;Cooper \* | (24788) | (1752263) |
| &nbsp;&nbsp;&nbsp;McKesson | (1196) | (829474) |
|  |  | (2581737) |
| **INDUSTRIALS — (0.6)%** | **INDUSTRIALS — (0.6)%** | **INDUSTRIALS — (0.6)%** |
| &nbsp;&nbsp;&nbsp;Equifax | (1202) | (288757) |
| &nbsp;&nbsp;&nbsp;Rocket Lab \* | (16760) | (769619) |
|  |  | (1058376) |
| **INFORMATION TECHNOLOGY — (11.7)%** | **INFORMATION TECHNOLOGY — (11.7)%** | **INFORMATION TECHNOLOGY — (11.7)%** |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices \* | (9817) | (1730835) |
| &nbsp;&nbsp;&nbsp;Coherent \* | (7574) | (814962) |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Cl A \* | (3962) | (1801006) |
| &nbsp;&nbsp;&nbsp;Datadog, Cl A \* | (4461) | (624451) |
| &nbsp;&nbsp;&nbsp;Entegris | (4439) | (348284) |
| &nbsp;&nbsp;&nbsp;Fair Isaac \* | (396) | (568941) |
| &nbsp;&nbsp;&nbsp;First Solar \* | (8517) | (1488175) |
| &nbsp;&nbsp;&nbsp;Marvell Technology | (19588) | (1574288) |
| &nbsp;&nbsp;&nbsp;Microchip Technology | (18567) | (1254944) |
| &nbsp;&nbsp;&nbsp;MicroStrategy, Cl A \* | (5064) | (2035019) |
| &nbsp;&nbsp;&nbsp;MongoDB, Cl A \* | (8405) | (1999465) |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Cl A \* | (9402) | (1488807) |
| &nbsp;&nbsp;&nbsp;Samsara, Cl A \* | (45274) | (1721770) |

---

**COMMON STOCK — continued** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| **INFORMATION TECHNOLOGY— continued** | **INFORMATION TECHNOLOGY— continued** | **INFORMATION TECHNOLOGY— continued** | **INFORMATION TECHNOLOGY— continued** |
| &nbsp;&nbsp;&nbsp;Snowflake, Cl A \* | (1971) | $| (440519) |
| &nbsp;&nbsp;&nbsp;Super Micro Computer \* | (19849) |  | (1170496) |
|  |  |  | (19061962) |
| **MATERIALS — (0.7)%** | **MATERIALS — (0.7)%** | **MATERIALS — (0.7)%** | **MATERIALS — (0.7)%** |
| &nbsp;&nbsp;&nbsp;International Paper | (24582) |  | (1148963) |
| **REAL ESTATE — (0.6)%** | **REAL ESTATE — (0.6)%** | **REAL ESTATE — (0.6)%** | **REAL ESTATE — (0.6)%** |
| &nbsp;&nbsp;&nbsp;Invitation Homes | (14686) |  | (450126) |
| &nbsp;&nbsp;&nbsp;Lineage | (13130) |  | (566559) |
|  |  |  | (1016685) |
| **UTILITIES — (0.8)%** | **UTILITIES — (0.8)%** | **UTILITIES — (0.8)%** | **UTILITIES — (0.8)%** |
| &nbsp;&nbsp;&nbsp;Constellation Energy | (3716) |  | (1292573) |
| &nbsp;&nbsp;&nbsp;Total Common Stock |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Proceeds $28,792,353) |  |  | (29965310) |
| **EXCHANGE-TRADED FUNDS — (28.4)%** | **EXCHANGE-TRADED FUNDS — (28.4)%** | **EXCHANGE-TRADED FUNDS — (28.4)%** | **EXCHANGE-TRADED FUNDS — (28.4)%** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EQUITY FUND — (20.5)%** | **EQUITY FUND — (20.5)%** | **EQUITY FUND — (20.5)%** |
| &nbsp;&nbsp;&nbsp;ARK Innovation ETF | (115320) | (8687055) |
| &nbsp;&nbsp;&nbsp;iShares Russell 1000 Value ETF | (66635) | (13021812) |
| &nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust | (18421) | (11643546) |
|  |  | (33352413) |
| **DOMESTIC STOCK — (7.9)%** | **DOMESTIC STOCK — (7.9)%** | **DOMESTIC STOCK — (7.9)%** |
| &nbsp;&nbsp;&nbsp;Vanguard Small-Capital Value ETF | (64979) | (12883386) |
| &nbsp;&nbsp;&nbsp;Total Exchange-Traded Funds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Proceeds $45,710,372) |  | (46235799) |
| &nbsp;&nbsp;&nbsp;Total Securities Sold Short— (46.8)% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Proceeds $74,502,725) |  | $(76201109) |

---

A list of the open option contracts held by the Fund at July 31, 2025, is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of Contracts** | **Notional Amount** | **Exercise Price** | **Expiration Date** | **Value** |
| **PURCHASED OPTIONS — 0.0%** | **PURCHASED OPTIONS — 0.0%** | **PURCHASED OPTIONS — 0.0%** | **PURCHASED OPTIONS — 0.0%** | **PURCHASED OPTIONS — 0.0%** | **PURCHASED OPTIONS — 0.0%** |
| Put Options | Put Options | Put Options | Put Options | Put Options | Put Options |
| &nbsp;&nbsp;&nbsp;iShares Russell 2000 ETF | 514 | $11276646 | $160.00 | 09/30/25 | $10794 |
| &nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust | 138 | 8722704 | 550.00 | 09/30/25 | 28980 |
| &nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust | 216 | 13652928 | 450.00 | 09/30/25 | 11448 |
| &nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust | 302 | 19088816 | 505.00 | 07/31/25 | 302 |
|  |  | $52741094 |  |  | $51524 |
| TOTAL PURCHASED OPTIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,580,310) |  | $52741094 |  |  | $51524 |

---

Percentages are based on Net Assets of $162,729,798.

\* Non-income producing security.

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

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

See "Glossary" for abbreviations.

KOC-QH-007-1200

**15**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS**<br> **LARGE CAP VALUE FUND**<br> **JULY 31, 2025**<br> **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **COMMON STOCK — 97.7%** | **COMMON STOCK — 97.7%** | **COMMON STOCK — 97.7%** |
|  | **Shares** | **Value** |
| **COMMUNICATION SERVICES — 7.6%** | **COMMUNICATION SERVICES — 7.6%** | **COMMUNICATION SERVICES — 7.6%** |
| &nbsp;&nbsp;&nbsp;AT&T | 269211 | $7379074 |
| &nbsp;&nbsp;&nbsp;Comcast, Cl A | 82633 | 2745894 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Cl A | 1603 | 1239824 |
| &nbsp;&nbsp;&nbsp;Verizon Communications | 105091 | 4493691 |
| &nbsp;&nbsp;&nbsp;Walt Disney | 43969 | 5237148 |
|  |  | 21095631 |
| **CONSUMER DISCRETIONARY — 3.7%** | **CONSUMER DISCRETIONARY — 3.7%** | **CONSUMER DISCRETIONARY — 3.7%** |
| &nbsp;&nbsp;&nbsp;General Motors | 86355 | 4606176 |
| &nbsp;&nbsp;&nbsp;Lennar, Cl A | 22330 | 2504979 |
| &nbsp;&nbsp;&nbsp;TJX | 25140 | 3130684 |
|  |  | 10241839 |
| **CONSUMER STAPLES — 9.1%** | **CONSUMER STAPLES — 9.1%** | **CONSUMER STAPLES — 9.1%** |
| &nbsp;&nbsp;&nbsp;Casey's General Stores | 6747 | 3509317 |
| &nbsp;&nbsp;&nbsp;Coca-Cola | 35937 | 2439763 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive | 42130 | 3532600 |
| &nbsp;&nbsp;&nbsp;Dollar General | 39747 | 4169460 |
| &nbsp;&nbsp;&nbsp;Monster Beverage \* | 64662 | 3798893 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble | 32176 | 4841523 |
| &nbsp;&nbsp;&nbsp;Walmart | 31568 | 3093033 |
|  |  | 25384589 |
| **ENERGY — 11.6%** | **ENERGY — 11.6%** | **ENERGY — 11.6%** |
| &nbsp;&nbsp;&nbsp;Baker Hughes, Cl A | 85737 | 3862452 |
| &nbsp;&nbsp;&nbsp;Cheniere Energy | 14053 | 3314822 |
| &nbsp;&nbsp;&nbsp;Chevron | 20476 | 3104981 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips | 39639 | 3779182 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil | 93440 | 10431642 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan | 150777 | 4230802 |
| &nbsp;&nbsp;&nbsp;Valero Energy | 25223 | 3463370 |
|  |  | 32187251 |
| **FINANCIALS — 24.5%** | **FINANCIALS — 24.5%** | **FINANCIALS — 24.5%** |
| &nbsp;&nbsp;&nbsp;Allstate | 20731 | 4213576 |
| &nbsp;&nbsp;&nbsp;American Express | 7673 | 2296606 |
| &nbsp;&nbsp;&nbsp;American International Group | 54683 | 4245041 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial | 5016 | 2599241 |
| &nbsp;&nbsp;&nbsp;Axis Capital Holdings | 35256 | 3308423 |
| &nbsp;&nbsp;&nbsp;Bank of America | 159815 | 7554455 |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Cl B \* | 11042 | 5210499 |
| &nbsp;&nbsp;&nbsp;Citigroup | 78083 | 7316377 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group | 8345 | 6038358 |
| &nbsp;&nbsp;&nbsp;Hartford Financial Services Group | 13875 | 1725911 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase | 44170 | 13084921 |
| &nbsp;&nbsp;&nbsp;Popular | 18608 | 2132105 |
| &nbsp;&nbsp;&nbsp;Prudential Financial | 22443 | 2324646 |
| &nbsp;&nbsp;&nbsp;Visa, Cl A | 3834 | 1324532 |
| &nbsp;&nbsp;&nbsp;Wells Fargo | 59645 | 4809176 |
|  |  | 68183867 |
| **HEALTH CARE — 7.8%** | **HEALTH CARE — 7.8%** | **HEALTH CARE — 7.8%** |
| &nbsp;&nbsp;&nbsp;Boston Scientific \* | 33039 | 3466452 |
| &nbsp;&nbsp;&nbsp;Cencora, Cl A | 15607 | 4464851 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences | 40820 | 4583678 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics | 22600 | 3783466 |
| &nbsp;&nbsp;&nbsp;STERIS PLC | 6938 | 1571387 |
| &nbsp;&nbsp;&nbsp;Stryker | 9453 | 3712477 |
|  |  | 21582311 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **INDUSTRIALS — 9.2%** | **INDUSTRIALS — 9.2%** | **INDUSTRIALS — 9.2%** |
| &nbsp;&nbsp;&nbsp;3M | 28342 | $4229194 |
| &nbsp;&nbsp;&nbsp;AECOM | 39301 | 4430795 |
| &nbsp;&nbsp;&nbsp;CSX | 89130 | 3167680 |
| &nbsp;&nbsp;&nbsp;Cummins | 12768 | 4693772 |
| &nbsp;&nbsp;&nbsp;Emerson Electric | 23453 | 3412646 |
| &nbsp;&nbsp;&nbsp;United Rentals | 2098 | 1852408 |
| &nbsp;&nbsp;&nbsp;Waste Management | 16539 | 3790077 |
|  |  | 25576572 |
| **INFORMATION TECHNOLOGY — 9.1%** | **INFORMATION TECHNOLOGY — 9.1%** | **INFORMATION TECHNOLOGY — 9.1%** |
| &nbsp;&nbsp;&nbsp;Cisco Systems | 96348 | 6559372 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise | 66270 | 1371126 |
| &nbsp;&nbsp;&nbsp;Intel | 116717 | 2310996 |
| &nbsp;&nbsp;&nbsp;International Business Machines | 19265 | 4876935 |
| &nbsp;&nbsp;&nbsp;Micron Technology | 24335 | 2655922 |
| &nbsp;&nbsp;&nbsp;Microsoft | 3962 | 2113727 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions | 2466 | 1082525 |
| &nbsp;&nbsp;&nbsp;Texas Instruments | 24273 | 4394869 |
|  |  | 25365472 |
| **MATERIALS — 2.5%** | **MATERIALS — 2.5%** | **MATERIALS — 2.5%** |
| &nbsp;&nbsp;&nbsp;Linde PLC | 6595 | 3035415 |
| &nbsp;&nbsp;&nbsp;Pan American Silver | 70906 | 1915880 |
| &nbsp;&nbsp;&nbsp;Steel Dynamics | 16324 | 2082289 |
|  |  | 7033584 |
| **REAL ESTATE — 4.5%** | **REAL ESTATE — 4.5%** | **REAL ESTATE — 4.5%** |
| &nbsp;&nbsp;&nbsp;American Tower ‡ | 12224 | 2547359 |
| &nbsp;&nbsp;&nbsp;Essex Property Trust ‡ | 9449 | 2458441 |
| &nbsp;&nbsp;&nbsp;Omega Healthcare Investors ‡ | 82314 | 3202015 |
| &nbsp;&nbsp;&nbsp;Realty Income ‡ | 33069 | 1856163 |
| &nbsp;&nbsp;&nbsp;Welltower ‡ | 14563 | 2403914 |
|  |  | 12467892 |
| **UTILITIES — 8.1%** | **UTILITIES — 8.1%** | **UTILITIES — 8.1%** |
| &nbsp;&nbsp;&nbsp;Entergy | 61278 | 5541370 |
| &nbsp;&nbsp;&nbsp;FirstEnergy | 103718 | 4429796 |
| &nbsp;&nbsp;&nbsp;Fortis | 74586 | 3652476 |
| &nbsp;&nbsp;&nbsp;National Fuel Gas | 51658 | 4483398 |
| &nbsp;&nbsp;&nbsp;NRG Energy | 26997 | 4513898 |
|  |  | 22620938 |
| &nbsp;&nbsp;&nbsp;Total Common Stock |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $218,773,159) |  | 271739946 |
| &nbsp;&nbsp;&nbsp;Total Investments in Securities— 97.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $218,773,159) |  | $271739946 |

---

Percentages are based on Net Assets of $278,030,751.

\* Non-income producing security.

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

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

See "Glossary" for abbreviations.

KOC-QH-004-2100

**16**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS**<br> **LARGE CAP GROWTH FUND**<br> **JULY 31, 2025**<br> **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **COMMON STOCK — 97.4%#** | **COMMON STOCK — 97.4%#** | **COMMON STOCK — 97.4%#** |
|  | **Shares** | **Value** |
| **COMMUNICATION SERVICES — 12.0%** | **COMMUNICATION SERVICES — 12.0%** | **COMMUNICATION SERVICES — 12.0%** |
| &nbsp;&nbsp;&nbsp;Alphabet, Cl A | 42750 | $8203725 |
| &nbsp;&nbsp;&nbsp;Alphabet, Cl C | 36415 | 7022997 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Cl A | 14653 | 11333216 |
| &nbsp;&nbsp;&nbsp;Netflix \* | 2793 | 3238204 |
| &nbsp;&nbsp;&nbsp;Spotify Technology \* | 1934 | 1211729 |
|  |  | 31009871 |
| **CONSUMER DISCRETIONARY — 4.9%** | **CONSUMER DISCRETIONARY — 4.9%** | **CONSUMER DISCRETIONARY — 4.9%** |
| &nbsp;&nbsp;&nbsp;AutoZone \* | 430 | 1620403 |
| &nbsp;&nbsp;&nbsp;Darden Restaurants | 8522 | 1718632 |
| &nbsp;&nbsp;&nbsp;Tesla \* | 19263 | 5938205 |
| &nbsp;&nbsp;&nbsp;TJX | 16327 | 2033201 |
| &nbsp;&nbsp;&nbsp;Viking Holdings \* | 22629 | 1328775 |
|  |  | 12639216 |
| **CONSUMER STAPLES — 5.4%** | **CONSUMER STAPLES — 5.4%** | **CONSUMER STAPLES — 5.4%** |
| &nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings \* | 19764 | 2093007 |
| &nbsp;&nbsp;&nbsp;Coca-Cola | 45257 | 3072498 |
| &nbsp;&nbsp;&nbsp;Costco Wholesale | 1361 | 1278850 |
| &nbsp;&nbsp;&nbsp;Primo Brands | 35582 | 982419 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble | 17187 | 2586128 |
| &nbsp;&nbsp;&nbsp;Walmart | 40889 | 4006304 |
|  |  | 14019206 |
| **ENERGY — 0.3%** | **ENERGY — 0.3%** | **ENERGY — 0.3%** |
| &nbsp;&nbsp;&nbsp;Cheniere Energy | 3724 | 878417 |
| **FINANCIALS — 12.0%** | **FINANCIALS — 12.0%** | **FINANCIALS — 12.0%** |
| &nbsp;&nbsp;&nbsp;American Express | 9238 | 2765026 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon | 22056 | 2237581 |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Cl B \* | 10026 | 4731069 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group | 3724 | 2694649 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase | 13606 | 4030641 |
| &nbsp;&nbsp;&nbsp;Mastercard, Cl A | 5514 | 3123516 |
| &nbsp;&nbsp;&nbsp;Progressive | 11529 | 2790479 |
| &nbsp;&nbsp;&nbsp;SoFi Technologies \* | 67681 | 1528237 |
| &nbsp;&nbsp;&nbsp;Toast, Cl A \* | 29288 | 1430426 |
| &nbsp;&nbsp;&nbsp;Visa, Cl A | 16470 | 5689891 |
|  |  | 31021515 |
| **HEALTH CARE — 3.7%** | **HEALTH CARE — 3.7%** | **HEALTH CARE — 3.7%** |
| &nbsp;&nbsp;&nbsp;Boston Scientific \* | 23273 | 2441803 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences | 12246 | 1375103 |
| &nbsp;&nbsp;&nbsp;Insulet \* | 4512 | 1301261 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical \* | 4225 | 2032605 |
| &nbsp;&nbsp;&nbsp;Stryker | 6517 | 2559422 |
|  |  | 9710194 |
| **INDUSTRIALS — 9.1%** | **INDUSTRIALS — 9.1%** | **INDUSTRIALS — 9.1%** |
| &nbsp;&nbsp;&nbsp;API Group \* | 20817 | 750869 |
| &nbsp;&nbsp;&nbsp;ATI \* | 14823 | 1140482 |
| &nbsp;&nbsp;&nbsp;Builders FirstSource \* | 8021 | 1019710 |
| &nbsp;&nbsp;&nbsp;Caterpillar | 7734 | 3387647 |
| &nbsp;&nbsp;&nbsp;Cummins | 5013 | 1842879 |
| &nbsp;&nbsp;&nbsp;Deere | 1169 | 612988 |
| &nbsp;&nbsp;&nbsp;EMCOR Group | 2315 | 1452639 |
| &nbsp;&nbsp;&nbsp;GE Vernova | 1824 | 1204369 |
| &nbsp;&nbsp;&nbsp;General Electric | 11673 | 3164317 |
| &nbsp;&nbsp;&nbsp;Mueller Industries | 15346 | 1310088 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **INDUSTRIALS— continued** | **INDUSTRIALS— continued** | **INDUSTRIALS— continued** |
| &nbsp;&nbsp;&nbsp;Uber Technologies \* | 31866 | $2796241 |
| &nbsp;&nbsp;&nbsp;United Rentals | 2936 | 2592312 |
| &nbsp;&nbsp;&nbsp;Waste Management | 9739 | 2231789 |
|  |  | 23506330 |
| **INFORMATION TECHNOLOGY — 46.5%** | **INFORMATION TECHNOLOGY — 46.5%** | **INFORMATION TECHNOLOGY — 46.5%** |
| &nbsp;&nbsp;&nbsp;Accenture PLC, Cl A | 3228 | 862199 |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices \* | 11315 | 1994948 |
| &nbsp;&nbsp;&nbsp;Apple | 100739 | 20910394 |
| &nbsp;&nbsp;&nbsp;AppLovin, Cl A \* | 1536 | 600115 |
| &nbsp;&nbsp;&nbsp;Arista Networks \* | 19406 | 2391207 |
| &nbsp;&nbsp;&nbsp;Broadcom | 34718 | 10196677 |
| &nbsp;&nbsp;&nbsp;Cloudflare, Cl A \* | 5420 | 1125626 |
| &nbsp;&nbsp;&nbsp;CyberArk Software \* | 3438 | 1414634 |
| &nbsp;&nbsp;&nbsp;Intuit | 3438 | 2699277 |
| &nbsp;&nbsp;&nbsp;KLA | 2936 | 2580832 |
| &nbsp;&nbsp;&nbsp;Microsoft | 53973 | 28794596 |
| &nbsp;&nbsp;&nbsp;NVIDIA | 165576 | 29451003 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor \* | 12658 | 713405 |
| &nbsp;&nbsp;&nbsp;Oracle | 13678 | 3471066 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Cl A \* | 13893 | 2199956 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks \* | 9882 | 1715515 |
| &nbsp;&nbsp;&nbsp;Salesforce | 11673 | 3015486 |
| &nbsp;&nbsp;&nbsp;ServiceNow \* | 2507 | 2364402 |
| &nbsp;&nbsp;&nbsp;Snowflake, Cl A \* | 4962 | 1109007 |
| &nbsp;&nbsp;&nbsp;Texas Instruments | 6302 | 1141040 |
| &nbsp;&nbsp;&nbsp;Twilio, Cl A \* | 11100 | 1431900 |
|  |  | 120183285 |
| **MATERIALS — 0.8%** | **MATERIALS — 0.8%** | **MATERIALS — 0.8%** |
| &nbsp;&nbsp;&nbsp;Amrize LTD \* | 12518 | 639920 |
| &nbsp;&nbsp;&nbsp;Ecolab | 5944 | 1555902 |
|  |  | 2195822 |
| **REAL ESTATE — 1.8%** | **REAL ESTATE — 1.8%** | **REAL ESTATE — 1.8%** |
| &nbsp;&nbsp;&nbsp;Simon Property Group ‡ | 9954 | 1630366 |
| &nbsp;&nbsp;&nbsp;Welltower ‡ | 18261 | 3014343 |
|  |  | 4644709 |
| **UTILITIES — 0.9%** | **UTILITIES — 0.9%** | **UTILITIES — 0.9%** |
| &nbsp;&nbsp;&nbsp;Vistra | 10670 | 2225122 |
| &nbsp;&nbsp;&nbsp;Total Common Stock |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $149,056,622) |  | 252033687 |
| &nbsp;&nbsp;&nbsp;Total Investments in Securities— 97.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $149,056,622) |  | $252033687 |

---

Percentages are based on Net Assets of $258,676,606.

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

\* Non-income producing security.

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

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

See "Glossary" for abbreviations.

KOC-QH-003-2100

**17**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS**<br> **SMALL CAP FUND**<br> **JULY 31, 2025**<br> **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **COMMON STOCK — 97.7%** | **COMMON STOCK — 97.7%** | **COMMON STOCK — 97.7%** |
|  | **Shares** | **Value** |
| **COMMUNICATION SERVICES — 1.5%** | **COMMUNICATION SERVICES — 1.5%** | **COMMUNICATION SERVICES — 1.5%** |
| &nbsp;&nbsp;&nbsp;IMAX \* | 89370 | $2304852 |
| **CONSUMER DISCRETIONARY — 11.5%** | **CONSUMER DISCRETIONARY — 11.5%** | **CONSUMER DISCRETIONARY — 11.5%** |
| &nbsp;&nbsp;&nbsp;Boot Barn Holdings \* | 14183 | 2438058 |
| &nbsp;&nbsp;&nbsp;Cheesecake Factory | 33052 | 2112353 |
| &nbsp;&nbsp;&nbsp;Garrett Motion | 203528 | 2654005 |
| &nbsp;&nbsp;&nbsp;Phinia | 45029 | 2282970 |
| &nbsp;&nbsp;&nbsp;Shake Shack, Cl A \* | 19278 | 2319915 |
| &nbsp;&nbsp;&nbsp;Six Flags Entertainment | 55908 | 1675004 |
| &nbsp;&nbsp;&nbsp;TRI Pointe Group \* | 57560 | 1772848 |
| &nbsp;&nbsp;&nbsp;Warby Parker, Cl A \* | 89370 | 2140411 |
|  |  | 17395564 |
| **CONSUMER STAPLES — 2.7%** | **CONSUMER STAPLES — 2.7%** | **CONSUMER STAPLES — 2.7%** |
| &nbsp;&nbsp;&nbsp;Dole PLC | 115397 | 1643253 |
| &nbsp;&nbsp;&nbsp;Primo Brands | 27045 | 746713 |
| &nbsp;&nbsp;&nbsp;United Natural Foods \* | 62242 | 1720369 |
|  |  | 4110335 |
| **ENERGY — 4.3%** | **ENERGY — 4.3%** | **ENERGY — 4.3%** |
| &nbsp;&nbsp;&nbsp;Civitas Resources | 30903 | 938215 |
| &nbsp;&nbsp;&nbsp;Excelerate Energy, Cl A | 65272 | 1674880 |
| &nbsp;&nbsp;&nbsp;International Seaways | 43928 | 1752727 |
| &nbsp;&nbsp;&nbsp;Liberty Energy, Cl A | 122833 | 1515759 |
| &nbsp;&nbsp;&nbsp;PBF Energy, Cl A | 27015 | 610539 |
|  |  | 6492120 |
| **FINANCIALS — 21.4%** | **FINANCIALS — 21.4%** | **FINANCIALS — 21.4%** |
| &nbsp;&nbsp;&nbsp;Axis Capital Holdings | 16111 | 1511856 |
| &nbsp;&nbsp;&nbsp;Bowhead Specialty Holdings \* | 44892 | 1458990 |
| &nbsp;&nbsp;&nbsp;Bread Financial Holdings | 30846 | 1890860 |
| &nbsp;&nbsp;&nbsp;Enterprise Financial Services | 37042 | 2044348 |
| &nbsp;&nbsp;&nbsp;Essent Group | 31947 | 1788713 |
| &nbsp;&nbsp;&nbsp;Fidelis Insurance Holdings | 68164 | 1029958 |
| &nbsp;&nbsp;&nbsp;FirstCash Holdings | 13712 | 1827672 |
| &nbsp;&nbsp;&nbsp;Hamilton Insurance Group, Cl B \* | 84000 | 1805160 |
| &nbsp;&nbsp;&nbsp;Hancock Whitney | 27816 | 1661171 |
| &nbsp;&nbsp;&nbsp;Metropolitan Bank Holding | 26253 | 1851887 |
| &nbsp;&nbsp;&nbsp;OceanFirst Financial | 60067 | 1007924 |
| &nbsp;&nbsp;&nbsp;OFG Bancorp | 48196 | 2054114 |
| &nbsp;&nbsp;&nbsp;Old Second Bancorp | 122007 | 2070459 |
| &nbsp;&nbsp;&nbsp;Piper Sandler | 6609 | 2083950 |
| &nbsp;&nbsp;&nbsp;Popular | 10130 | 1160695 |
| &nbsp;&nbsp;&nbsp;Priority Technology Holdings \* | 194150 | 1329927 |
| &nbsp;&nbsp;&nbsp;QCR Holdings | 22000 | 1562000 |
| &nbsp;&nbsp;&nbsp;UMB Financial | 18726 | 2059673 |
| &nbsp;&nbsp;&nbsp;Valley National Bancorp | 119666 | 1109304 |
| &nbsp;&nbsp;&nbsp;WaFd | 35610 | 1036429 |
|  |  | 32345090 |
| **HEALTH CARE — 13.2%** | **HEALTH CARE — 13.2%** | **HEALTH CARE — 13.2%** |
| &nbsp;&nbsp;&nbsp;ARS Pharmaceuticals \* | 62380 | 1102878 |
| &nbsp;&nbsp;&nbsp;Axsome Therapeutics \* | 18177 | 1842784 |
| &nbsp;&nbsp;&nbsp;Bioventus, Cl A \* | 267837 | 1746297 |
| &nbsp;&nbsp;&nbsp;Denali Therapeutics \* | 35815 | 495321 |
| &nbsp;&nbsp;&nbsp;Integer Holdings \* | 16679 | 1809838 |
| &nbsp;&nbsp;&nbsp;Kiniksa Pharmaceuticals International, Cl A \* | 30019 | 908375 |

---

---

| | | | |
|:---|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** | **Value** |
| **HEALTH CARE— continued** | **HEALTH CARE— continued** | **HEALTH CARE— continued** | **HEALTH CARE— continued** |
| &nbsp;&nbsp;&nbsp;Kymera Therapeutics \* | 17030 | $| 745063 |
| &nbsp;&nbsp;&nbsp;Madrigal Pharmaceuticals \* | 4297 |  | 1299885 |
| &nbsp;&nbsp;&nbsp;Merit Medical Systems \* | 24236 |  | 2056667 |
| &nbsp;&nbsp;&nbsp;Merus \* | 12279 |  | 813361 |
| &nbsp;&nbsp;&nbsp;Mirum Pharmaceuticals \* | 17907 |  | 925434 |
| &nbsp;&nbsp;&nbsp;Newamsterdam Pharma \* | 29644 |  | 646536 |
| &nbsp;&nbsp;&nbsp;RadNet \* | 39796 |  | 2178035 |
| &nbsp;&nbsp;&nbsp;Twist Bioscience \* | 20875 |  | 700774 |
| &nbsp;&nbsp;&nbsp;Vericel \* | 31722 |  | 1108367 |
| &nbsp;&nbsp;&nbsp;Viking Therapeutics \* | 17498 |  | 569910 |
| &nbsp;&nbsp;&nbsp;Viridian Therapeutics \* | 53705 |  | 940912 |
|  |  |  | 19890437 |
| **INDUSTRIALS — 18.6%** | **INDUSTRIALS — 18.6%** | **INDUSTRIALS — 18.6%** | **INDUSTRIALS — 18.6%** |
| &nbsp;&nbsp;&nbsp;BrightView Holdings \* | 135777 |  | 2165643 |
| &nbsp;&nbsp;&nbsp;Brink's | 24373 |  | 2128738 |
| &nbsp;&nbsp;&nbsp;Copa Holdings, Cl A | 17075 |  | 1889519 |
| &nbsp;&nbsp;&nbsp;CSW Industrials | 5218 |  | 1353967 |
| &nbsp;&nbsp;&nbsp;Granite Construction | 23823 |  | 2250559 |
| &nbsp;&nbsp;&nbsp;IES Holdings \* | 7265 |  | 2565054 |
| &nbsp;&nbsp;&nbsp;Limbach Holdings \* | 15423 |  | 2112951 |
| &nbsp;&nbsp;&nbsp;LSI Industries | 115259 |  | 2109240 |
| &nbsp;&nbsp;&nbsp;Maximus | 24787 |  | 1830768 |
| &nbsp;&nbsp;&nbsp;SkyWest \* | 20655 |  | 2395154 |
| &nbsp;&nbsp;&nbsp;SPX Technologies \* | 12586 |  | 2295560 |
| &nbsp;&nbsp;&nbsp;Standex International | 12393 |  | 2041623 |
| &nbsp;&nbsp;&nbsp;Verra Mobility, Cl A \* | 43081 |  | 1088226 |
| &nbsp;&nbsp;&nbsp;Willis Lease Finance | 12944 |  | 1832611 |
|  |  |  | 28059613 |
| **INFORMATION TECHNOLOGY — 10.8%** | **INFORMATION TECHNOLOGY — 10.8%** | **INFORMATION TECHNOLOGY — 10.8%** | **INFORMATION TECHNOLOGY — 10.8%** |
| &nbsp;&nbsp;&nbsp;ACI Worldwide \* | 31620 |  | 1345747 |
| &nbsp;&nbsp;&nbsp;Belden | 21068 |  | 2605058 |
| &nbsp;&nbsp;&nbsp;Benchmark Electronics | 45167 |  | 1738930 |
| &nbsp;&nbsp;&nbsp;Couchbase \* | 47484 |  | 1151962 |
| &nbsp;&nbsp;&nbsp;DigitalOcean Holdings \* | 56321 |  | 1569103 |
| &nbsp;&nbsp;&nbsp;FormFactor \* | 40318 |  | 1145434 |
| &nbsp;&nbsp;&nbsp;Intapp \* | 21320 |  | 853866 |
| &nbsp;&nbsp;&nbsp;LiveRamp Holdings \* | 55908 |  | 1834901 |
| &nbsp;&nbsp;&nbsp;SoundHound AI, Cl A \* | 91970 |  | 950050 |
| &nbsp;&nbsp;&nbsp;Viavi Solutions \* | 148446 |  | 1491882 |
| &nbsp;&nbsp;&nbsp;Workiva, Cl A \* | 25275 |  | 1613303 |
|  |  |  | 16300236 |
| **MATERIALS — 2.5%** | **MATERIALS — 2.5%** | **MATERIALS — 2.5%** | **MATERIALS — 2.5%** |
| &nbsp;&nbsp;&nbsp;MP Materials \* | 20627 |  | 1268560 |
| &nbsp;&nbsp;&nbsp;O-I Glass \* | 154165 |  | 2005687 |
| &nbsp;&nbsp;&nbsp;Tronox Holdings PLC, Cl A | 133372 |  | 425457 |
|  |  |  | 3699704 |
| **REAL ESTATE — 7.4%** | **REAL ESTATE — 7.4%** | **REAL ESTATE — 7.4%** | **REAL ESTATE — 7.4%** |
| &nbsp;&nbsp;&nbsp;American Healthcare REIT ‡ | 59488 |  | 2298616 |
| &nbsp;&nbsp;&nbsp;CareTrust ‡ | 51364 |  | 1633375 |
| &nbsp;&nbsp;&nbsp;COPT Defense Properties ‡ | 72295 |  | 1972208 |
| &nbsp;&nbsp;&nbsp;Cushman & Wakefield PLC \* | 160977 |  | 1962310 |
| &nbsp;&nbsp;&nbsp;Independence Realty Trust ‡ | 77770 |  | 1304203 |
| &nbsp;&nbsp;&nbsp;Tanger ‡ | 68715 |  | 2062824 |
|  |  |  | 11233536 |

---

**18**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS**<br> **SMALL CAP FUND**<br> **JULY 31, 2025**<br> **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **UTILITIES — 3.8%** | **UTILITIES — 3.8%** | **UTILITIES — 3.8%** |
| &nbsp;&nbsp;&nbsp;National Fuel Gas | 24765 | $2149354 |
| &nbsp;&nbsp;&nbsp;Southwest Gas Holdings | 20773 | 1623202 |
| &nbsp;&nbsp;&nbsp;Spire | 27265 | 2030425 |
|  |  | 5802981 |
| &nbsp;&nbsp;&nbsp;Total Common Stock |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $129,082,895) |  | 147634468 |
| **RIGHT — 0.0%** |  |  |

---

---

| | | |
|:---|:---|:---|
|  | **Number Of<br> Rights** | |
| &nbsp;&nbsp;&nbsp;Blueprint Medicines\*‡‡ | 4287 | 1972 |
| &nbsp;&nbsp;&nbsp;Total Rights |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $–) |  | 1972 |
| &nbsp;&nbsp;&nbsp;Total Investments in Securities— 97.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $129,082,895) |  | $147636440 |

---

Percentages are based on Net Assets of $151,063,265.

\* Non-income producing security. <br> ‡ Real Estate Investment Trust. <br> ‡‡ Expiration Date or Rate unavailable.

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

See "Glossary" for abbreviations.

KOC-QH-005-2100

**19**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
|  | **JULY 31, 2025** |
|  | **(Unaudited)** |

---

**SCHEDULE OF INVESTMENTS**

**COMMON STOCK — 97.2%#**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMUNICATION SERVICES — 10.4%** | **COMMUNICATION SERVICES — 10.4%** | **COMMUNICATION SERVICES — 10.4%** |
| &nbsp;&nbsp;&nbsp;Advantage Solutions \* | 410 | $562 |
| &nbsp;&nbsp;&nbsp;Alphabet, Cl A | 26046 | 4998227 |
| &nbsp;&nbsp;&nbsp;Alphabet, Cl C | 21033 | 4056424 |
| &nbsp;&nbsp;&nbsp;Altice USA, Cl A \* | 1124 | 2922 |
| &nbsp;&nbsp;&nbsp;AMC Entertainment Holdings, Cl A \* | 1929 | 5594 |
| &nbsp;&nbsp;&nbsp;AMC Networks, Cl A \* | 142 | 851 |
| &nbsp;&nbsp;&nbsp;Angi, Cl A \* | 205 | 3321 |
| &nbsp;&nbsp;&nbsp;Anterix \* | 56 | 1244 |
| &nbsp;&nbsp;&nbsp;AST SpaceMobile, Cl A \* | 790 | 42004 |
| &nbsp;&nbsp;&nbsp;AT&T | 32277 | 884713 |
| &nbsp;&nbsp;&nbsp;Atlanta Braves Holdings, Cl A \* | 43 | 2025 |
| &nbsp;&nbsp;&nbsp;Atlanta Braves Holdings, Cl C \* | 166 | 7397 |
| &nbsp;&nbsp;&nbsp;ATN International | 46 | 789 |
| &nbsp;&nbsp;&nbsp;Bandwidth, Cl A \* | 119 | 1655 |
| &nbsp;&nbsp;&nbsp;Boston Omaha, Cl A \* | 102 | 1372 |
| &nbsp;&nbsp;&nbsp;Bumble, Cl A \* | 230 | 1789 |
| &nbsp;&nbsp;&nbsp;Cable One | 21 | 2688 |
| &nbsp;&nbsp;&nbsp;Cardlytics \* | 214 | 437 |
| &nbsp;&nbsp;&nbsp;Cargurus, Cl A \* | 359 | 11782 |
| &nbsp;&nbsp;&nbsp;Cars.com \* | 274 | 3526 |
| &nbsp;&nbsp;&nbsp;Charter Communications, Cl A \* | 407 | 109630 |
| &nbsp;&nbsp;&nbsp;Cinemark Holdings | 493 | 13247 |
| &nbsp;&nbsp;&nbsp;Clear Channel Outdoor Holdings, Cl A \* | 1214 | 1287 |
| &nbsp;&nbsp;&nbsp;Cogent Communications Holdings | 199 | 9072 |
| &nbsp;&nbsp;&nbsp;Comcast, Cl A | 16589 | 551252 |
| &nbsp;&nbsp;&nbsp;DHI Group \* | 180 | 479 |
| &nbsp;&nbsp;&nbsp;DoubleVerify Holdings \* | 606 | 9284 |
| &nbsp;&nbsp;&nbsp;EchoStar, Cl A \* | 597 | 19456 |
| &nbsp;&nbsp;&nbsp;Electronic Arts | 1166 | 177803 |
| &nbsp;&nbsp;&nbsp;Entravision Communications, Cl A | 251 | 555 |
| &nbsp;&nbsp;&nbsp;Eventbrite, Cl A \* | 320 | 781 |
| &nbsp;&nbsp;&nbsp;EverQuote, Cl A \* | 117 | 2877 |
| &nbsp;&nbsp;&nbsp;EW Scripps, Cl A \* | 306 | 915 |
| &nbsp;&nbsp;&nbsp;Fox | 892 | 49738 |
| &nbsp;&nbsp;&nbsp;Fox | 535 | 27360 |
| &nbsp;&nbsp;&nbsp;Frontier Communications Parent \* | 1103 | 40524 |
| &nbsp;&nbsp;&nbsp;fuboTV \* | 1508 | 6002 |
| &nbsp;&nbsp;&nbsp;Gannett \* | 625 | 2381 |
| &nbsp;&nbsp;&nbsp;GCI Liberty \* | 103 | 3425 |
| &nbsp;&nbsp;&nbsp;GCI Liberty \* | 14 | 463 |
| &nbsp;&nbsp;&nbsp;Getty Images Holdings \* | 554 | 981 |
| &nbsp;&nbsp;&nbsp;Globalstar \* | 216 | 5085 |
| &nbsp;&nbsp;&nbsp;Gogo \* | 287 | 4552 |
| &nbsp;&nbsp;&nbsp;Gray Television | 386 | 1741 |
| &nbsp;&nbsp;&nbsp;IAC \* | 305 | 11986 |
| &nbsp;&nbsp;&nbsp;Ibotta, Cl A \* | 75 | 2726 |
| &nbsp;&nbsp;&nbsp;IDT, Cl B | 91 | 5361 |
| &nbsp;&nbsp;&nbsp;iHeartMedia \* | 486 | 909 |
| &nbsp;&nbsp;&nbsp;IMAX \* | 197 | 5081 |
| &nbsp;&nbsp;&nbsp;Integral Ad Science Holding \* | 439 | 3600 |
| &nbsp;&nbsp;&nbsp;Interpublic Group of Companies | 1647 | 40516 |
| &nbsp;&nbsp;&nbsp;Iridium Communications | 422 | 10322 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  |<br>**Shares** |<br>**Value** |
| **COMMUNICATION SERVICES— continued** | **COMMUNICATION SERVICES— continued** | **COMMUNICATION SERVICES— continued** |
| &nbsp;&nbsp;&nbsp;John Wiley & Sons, Cl A | 180 | $6948 |
| &nbsp;&nbsp;&nbsp;Liberty Broadband, Cl A \* | 74 | 4524 |
| &nbsp;&nbsp;&nbsp;Liberty Broadband, Cl C \* | 518 | 31764 |
| &nbsp;&nbsp;&nbsp;Liberty Media - Liberty Formula One, Cl A \* | 105 | 9463 |
| &nbsp;&nbsp;&nbsp;Liberty Media - Liberty Formula One, Cl C \* | 943 | 94630 |
| &nbsp;&nbsp;&nbsp;Liberty Media - Liberty Live, Cl A \* | 89 | 7280 |
| &nbsp;&nbsp;&nbsp;Liberty Media - Liberty Live, Cl C \* | 209 | 17604 |
| &nbsp;&nbsp;&nbsp;Live Nation Entertainment \* | 713 | 105310 |
| &nbsp;&nbsp;&nbsp;Lumen Technologies \* | 4218 | 18770 |
| &nbsp;&nbsp;&nbsp;Madison Square Garden Entertainment, Cl A \* | 170 | 6424 |
| &nbsp;&nbsp;&nbsp;Madison Square Garden Sports \* | 78 | 15764 |
| &nbsp;&nbsp;&nbsp;Magnite \* | 615 | 14151 |
| &nbsp;&nbsp;&nbsp;Marcus | 104 | 1702 |
| &nbsp;&nbsp;&nbsp;Match Group | 1094 | 37491 |
| &nbsp;&nbsp;&nbsp;MediaAlpha, Cl A \* | 128 | 1283 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Cl A | 9775 | 7560376 |
| &nbsp;&nbsp;&nbsp;Netflix \* | 1900 | 2202860 |
| &nbsp;&nbsp;&nbsp;New York Times, Cl A | 686 | 35597 |
| &nbsp;&nbsp;&nbsp;News | 500 | 16710 |
| &nbsp;&nbsp;&nbsp;News | 1693 | 49639 |
| &nbsp;&nbsp;&nbsp;Nexstar Media Group, Cl A | 128 | 23950 |
| &nbsp;&nbsp;&nbsp;Nextdoor Holdings \* | 938 | 1642 |
| &nbsp;&nbsp;&nbsp;NII Holdings \*(A) | 46 |  |
| &nbsp;&nbsp;&nbsp;Omnicom Group | 865 | 62323 |
| &nbsp;&nbsp;&nbsp;Outbrain \* | 150 | 379 |
| &nbsp;&nbsp;&nbsp;Paramount Global, Cl A | 40 | 764 |
| &nbsp;&nbsp;&nbsp;Paramount Global, Cl B | 2377 | 29879 |
| &nbsp;&nbsp;&nbsp;Pinterest, Cl A \* | 2517 | 97156 |
| &nbsp;&nbsp;&nbsp;Playstudios \* | 396 | 455 |
| &nbsp;&nbsp;&nbsp;PubMatic, Cl A \* | 179 | 2150 |
| &nbsp;&nbsp;&nbsp;QuinStreet \* | 237 | 3889 |
| &nbsp;&nbsp;&nbsp;Reddit, Cl A \* | 511 | 82061 |
| &nbsp;&nbsp;&nbsp;ROBLOX, Cl A \* | 2629 | 362250 |
| &nbsp;&nbsp;&nbsp;Roku, Cl A \* | 577 | 54330 |
| &nbsp;&nbsp;&nbsp;Rumble \* | 394 | 3325 |
| &nbsp;&nbsp;&nbsp;Scholastic | 79 | 1949 |
| &nbsp;&nbsp;&nbsp;Shenandoah Telecommunications | 235 | 3450 |
| &nbsp;&nbsp;&nbsp;Shutterstock | 107 | 2050 |
| &nbsp;&nbsp;&nbsp;Sinclair | 170 | 2458 |
| &nbsp;&nbsp;&nbsp;Sirius XM Holdings | 851 | 17973 |
| &nbsp;&nbsp;&nbsp;Skillz, Cl A \* | 18 | 125 |
| &nbsp;&nbsp;&nbsp;Snap, Cl A \* | 4870 | 45924 |
| &nbsp;&nbsp;&nbsp;Sphere Entertainment \* | 118 | 5080 |
| &nbsp;&nbsp;&nbsp;Spok Holdings | 78 | 1431 |
| &nbsp;&nbsp;&nbsp;Spotify Technology \* | 579 | 362767 |
| &nbsp;&nbsp;&nbsp;Stagwell, Cl A \* | 477 | 2733 |
| &nbsp;&nbsp;&nbsp;System1 \* | 18 | 109 |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software \* | 765 | 170388 |
| &nbsp;&nbsp;&nbsp;TEGNA | 713 | 11907 |
| &nbsp;&nbsp;&nbsp;Telephone and Data Systems | 380 | 14835 |
| &nbsp;&nbsp;&nbsp;Thryv Holdings \* | 179 | 2356 |

---

**20**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
|  | **JULY 31, 2025** |
|  | **(Unaudited)** |

---

**COMMON STOCK — continued** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMUNICATION SERVICES— continued** | **COMMUNICATION SERVICES— continued** | **COMMUNICATION SERVICES— continued** |
| &nbsp;&nbsp;&nbsp;TKO Group Holdings, Cl A | 300 | $50403 |
| &nbsp;&nbsp;&nbsp;T-Mobile US | 2031 | 484211 |
| &nbsp;&nbsp;&nbsp;Toro Combineco \* | 130 | 941 |
| &nbsp;&nbsp;&nbsp;Trade Desk, Cl A \* | 1979 | 172094 |
| &nbsp;&nbsp;&nbsp;TripAdvisor \* | 554 | 9689 |
| &nbsp;&nbsp;&nbsp;TrueCar \* | 336 | 615 |
| &nbsp;&nbsp;&nbsp;Trump Media & Technology Group \* | 501 | 8813 |
| &nbsp;&nbsp;&nbsp;United States Cellular \* | 61 | 4449 |
| &nbsp;&nbsp;&nbsp;Urban One \* | 71 | 46 |
| &nbsp;&nbsp;&nbsp;Urban One, Cl A \* | 23 | 36 |
| &nbsp;&nbsp;&nbsp;Verizon Communications | 17304 | 739919 |
| &nbsp;&nbsp;&nbsp;Vimeo \* | 672 | 2547 |
| &nbsp;&nbsp;&nbsp;Vivid Seats, Cl A \* | 331 | 513 |
| &nbsp;&nbsp;&nbsp;Walt Disney | 8114 | 966459 |
| &nbsp;&nbsp;&nbsp;Warner Bros Discovery \* | 10090 | 132885 |
| &nbsp;&nbsp;&nbsp;Warner Music Group, Cl A | 629 | 18405 |
| &nbsp;&nbsp;&nbsp;WideOpenWest \* | 222 | 748 |
| &nbsp;&nbsp;&nbsp;Yelp, Cl A \* | 279 | 9606 |
| &nbsp;&nbsp;&nbsp;Ziff Davis \* | 189 | 5882 |
| &nbsp;&nbsp;&nbsp;ZipRecruiter, Cl A \* | 296 | 1243 |
| &nbsp;&nbsp;&nbsp;ZoomInfo Technologies, Cl A \* | 1357 | 14696 |
|  |  | 25381291 |
| **CONSUMER DISCRETIONARY — 7.5%** |  |  |
| &nbsp;&nbsp;&nbsp;1-800-Flowers.com, Cl A \* | 111 | 656 |
| &nbsp;&nbsp;&nbsp;Abercrombie & Fitch, Cl A \* | 209 | 20068 |
| &nbsp;&nbsp;&nbsp;Academy Sports & Outdoors | 295 | 14983 |
| &nbsp;&nbsp;&nbsp;Acushnet Holdings | 124 | 9873 |
| &nbsp;&nbsp;&nbsp;Adient PLC \* | 367 | 7868 |
| &nbsp;&nbsp;&nbsp;ADT | 1595 | 13318 |
| &nbsp;&nbsp;&nbsp;Adtalem Global Education \* | 158 | 18055 |
| &nbsp;&nbsp;&nbsp;Advance Auto Parts | 265 | 14064 |
| &nbsp;&nbsp;&nbsp;Airbnb, Cl A \* | 1705 | 225759 |
| &nbsp;&nbsp;&nbsp;Allbirds, Cl A \* | 22 | 222 |
| &nbsp;&nbsp;&nbsp;A-Mark Precious Metals | 72 | 1532 |
| &nbsp;&nbsp;&nbsp;American Axle & Manufacturing Holdings \* | 489 | 2176 |
| &nbsp;&nbsp;&nbsp;American Eagle Outfitters | 704 | 7603 |
| &nbsp;&nbsp;&nbsp;America's Car-Mart \* | 32 | 1441 |
| &nbsp;&nbsp;&nbsp;AMMO \* | 387 | 457 |
| &nbsp;&nbsp;&nbsp;Aptiv PLC \* | 1016 | 69738 |
| &nbsp;&nbsp;&nbsp;Aramark | 1180 | 50221 |
| &nbsp;&nbsp;&nbsp;Arhaus, Cl A \* | 228 | 1997 |
| &nbsp;&nbsp;&nbsp;Arko | 257 | 1072 |
| &nbsp;&nbsp;&nbsp;Asbury Automotive Group \* | 87 | 19324 |
| &nbsp;&nbsp;&nbsp;AutoNation \* | 154 | 29667 |
| &nbsp;&nbsp;&nbsp;AutoZone \* | 75 | 282628 |
| &nbsp;&nbsp;&nbsp;BARK \* | 569 | 490 |
| &nbsp;&nbsp;&nbsp;Barnes & Noble Education \* | 93 | 821 |
| &nbsp;&nbsp;&nbsp;Bath & Body Works | 950 | 27512 |
| &nbsp;&nbsp;&nbsp;Beazer Homes USA \* | 131 | 3078 |
| &nbsp;&nbsp;&nbsp;Best Buy | 872 | 56732 |
| &nbsp;&nbsp;&nbsp;Beyond \* | 245 | 2193 |
| &nbsp;&nbsp;&nbsp;Biglari Holdings, Cl B \* | 3 | 925 |
| &nbsp;&nbsp;&nbsp;BJ's Restaurants \* | 96 | 3401 |

---

**COMMON STOCK — continued** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **CONSUMER DISCRETIONARY— continued** | **CONSUMER DISCRETIONARY— continued** | **CONSUMER DISCRETIONARY— continued** |
| &nbsp;&nbsp;&nbsp;Bloomin' Brands | 329 | $2997 |
| &nbsp;&nbsp;&nbsp;Booking Holdings | 145 | 798089 |
| &nbsp;&nbsp;&nbsp;Boot Barn Holdings \* | 136 | 23378 |
| &nbsp;&nbsp;&nbsp;BorgWarner | 977 | 35954 |
| &nbsp;&nbsp;&nbsp;Bowlero | 72 | 713 |
| &nbsp;&nbsp;&nbsp;Bright Horizons Family Solutions \* | 256 | 28954 |
| &nbsp;&nbsp;&nbsp;Brinker International \* | 195 | 30732 |
| &nbsp;&nbsp;&nbsp;Brunswick | 292 | 17021 |
| &nbsp;&nbsp;&nbsp;Buckle | 140 | 6912 |
| &nbsp;&nbsp;&nbsp;Build-A-Bear Workshop, Cl A | 55 | 2789 |
| &nbsp;&nbsp;&nbsp;Burlington Stores \* | 281 | 76702 |
| &nbsp;&nbsp;&nbsp;Caleres | 147 | 2018 |
| &nbsp;&nbsp;&nbsp;Camping World Holdings, Cl A | 268 | 3709 |
| &nbsp;&nbsp;&nbsp;Capri Holdings \* | 516 | 9386 |
| &nbsp;&nbsp;&nbsp;CarMax \* | 681 | 38551 |
| &nbsp;&nbsp;&nbsp;Carnival \* | 4668 | 138966 |
| &nbsp;&nbsp;&nbsp;CarParts.com \* | 243 | 203 |
| &nbsp;&nbsp;&nbsp;Carriage Services, Cl A | 58 | 2605 |
| &nbsp;&nbsp;&nbsp;Carter's | 157 | 3806 |
| &nbsp;&nbsp;&nbsp;Carvana, Cl A \* | 564 | 220056 |
| &nbsp;&nbsp;&nbsp;Cato, Cl A | 65 | 183 |
| &nbsp;&nbsp;&nbsp;Cava Group \* | 444 | 39076 |
| &nbsp;&nbsp;&nbsp;Cavco Industries \* | 36 | 14532 |
| &nbsp;&nbsp;&nbsp;Century Communities | 121 | 6811 |
| &nbsp;&nbsp;&nbsp;Champion Homes \* | 250 | 15225 |
| &nbsp;&nbsp;&nbsp;Cheesecake Factory | 202 | 12910 |
| &nbsp;&nbsp;&nbsp;Chegg \* | 449 | 588 |
| &nbsp;&nbsp;&nbsp;Chewy, Cl A \* | 761 | 27929 |
| &nbsp;&nbsp;&nbsp;Children's Place \* | 32 | 154 |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Cl A \* | 6013 | 257837 |
| &nbsp;&nbsp;&nbsp;Choice Hotels International | 116 | 14814 |
| &nbsp;&nbsp;&nbsp;Clarus | 131 | 472 |
| &nbsp;&nbsp;&nbsp;Columbia Sportswear | 116 | 6562 |
| &nbsp;&nbsp;&nbsp;Cooper-Standard Holdings \* | 75 | 1808 |
| &nbsp;&nbsp;&nbsp;Coursera \* | 499 | 6307 |
| &nbsp;&nbsp;&nbsp;Cracker Barrel Old Country Store | 98 | 6076 |
| &nbsp;&nbsp;&nbsp;Cricut, Cl A | 197 | 965 |
| &nbsp;&nbsp;&nbsp;Crocs \* | 241 | 24035 |
| &nbsp;&nbsp;&nbsp;Dana | 584 | 9297 |
| &nbsp;&nbsp;&nbsp;Darden Restaurants | 523 | 105473 |
| &nbsp;&nbsp;&nbsp;Dave & Buster's Entertainment \* | 121 | 3538 |
| &nbsp;&nbsp;&nbsp;Deckers Outdoor \* | 675 | 71665 |
| &nbsp;&nbsp;&nbsp;Denny's \* | 221 | 822 |
| &nbsp;&nbsp;&nbsp;Designer Brands, Cl A | 146 | 412 |
| &nbsp;&nbsp;&nbsp;Destination XL Group \* | 199 | 259 |
| &nbsp;&nbsp;&nbsp;Dick's Sporting Goods | 243 | 51397 |
| &nbsp;&nbsp;&nbsp;Dillard's, Cl A | 12 | 5603 |
| &nbsp;&nbsp;&nbsp;Dine Brands Global | 68 | 1537 |
| &nbsp;&nbsp;&nbsp;Domino's Pizza | 142 | 65776 |
| &nbsp;&nbsp;&nbsp;DoorDash, Cl A \* | 1698 | 424925 |
| &nbsp;&nbsp;&nbsp;Dorman Products \* | 117 | 14113 |
| &nbsp;&nbsp;&nbsp;DR Horton | 1228 | 175408 |
| &nbsp;&nbsp;&nbsp;Dream Finders Homes, Cl A \* | 126 | 3190 |
| &nbsp;&nbsp;&nbsp;Duluth Holdings, Cl B \* | 51 | 107 |
| &nbsp;&nbsp;&nbsp;Duolingo, Cl A \* | 171 | 59260 |
| &nbsp;&nbsp;&nbsp;Dutch Bros, Cl A \* | 517 | 30643 |

---

**21**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
|  | **JULY 31, 2025** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  |<br>**Shares** |<br>**Value** |
| **CONSUMER DISCRETIONARY— continued** | **CONSUMER DISCRETIONARY— continued** | **CONSUMER DISCRETIONARY— continued** |
| &nbsp;&nbsp;&nbsp;eBay | 2085 | $191299 |
| &nbsp;&nbsp;&nbsp;El Pollo Loco Holdings \* | 107 | 1102 |
| &nbsp;&nbsp;&nbsp;Escalade | 39 | 479 |
| &nbsp;&nbsp;&nbsp;Ethan Allen Interiors | 106 | 3156 |
| &nbsp;&nbsp;&nbsp;Etsy \* | 443 | 25814 |
| &nbsp;&nbsp;&nbsp;European Wax Center, Cl A \* | 111 | 519 |
| &nbsp;&nbsp;&nbsp;EVgo, Cl A \* | 549 | 1850 |
| &nbsp;&nbsp;&nbsp;Expedia Group | 542 | 97679 |
| &nbsp;&nbsp;&nbsp;Figs, Cl A \* | 654 | 4251 |
| &nbsp;&nbsp;&nbsp;First Watch Restaurant Group \* | 179 | 3095 |
| &nbsp;&nbsp;&nbsp;Five Below \* | 241 | 32901 |
| &nbsp;&nbsp;&nbsp;Floor & Decor Holdings, Cl A \* | 480 | 36787 |
| &nbsp;&nbsp;&nbsp;Foot Locker \* | 418 | 10467 |
| &nbsp;&nbsp;&nbsp;Ford Motor | 17490 | 193614 |
| &nbsp;&nbsp;&nbsp;Fox Factory Holding \* | 169 | 5133 |
| &nbsp;&nbsp;&nbsp;Frontdoor \* | 333 | 19481 |
| &nbsp;&nbsp;&nbsp;Funko, Cl A \* | 146 | 561 |
| &nbsp;&nbsp;&nbsp;GameStop, Cl A \* | 1964 | 44092 |
| &nbsp;&nbsp;&nbsp;Gap | 1126 | 21912 |
| &nbsp;&nbsp;&nbsp;Garmin | 729 | 159476 |
| &nbsp;&nbsp;&nbsp;Garrett Motion | 526 | 6859 |
| &nbsp;&nbsp;&nbsp;General Motors | 4334 | 231176 |
| &nbsp;&nbsp;&nbsp;Genesco \* | 45 | 1083 |
| &nbsp;&nbsp;&nbsp;Gentex | 1013 | 26763 |
| &nbsp;&nbsp;&nbsp;Gentherm \* | 135 | 4325 |
| &nbsp;&nbsp;&nbsp;Genuine Parts | 620 | 79906 |
| &nbsp;&nbsp;&nbsp;G-III Apparel Group \* | 169 | 3988 |
| &nbsp;&nbsp;&nbsp;Global Business Travel Group I \* | 507 | 3260 |
| &nbsp;&nbsp;&nbsp;Goodyear Tire & Rubber \* | 1136 | 11678 |
| &nbsp;&nbsp;&nbsp;GoPro, Cl A \* | 575 | 742 |
| &nbsp;&nbsp;&nbsp;Graham Holdings, Cl B | 13 | 12404 |
| &nbsp;&nbsp;&nbsp;Grand Canyon Education \* | 125 | 21079 |
| &nbsp;&nbsp;&nbsp;Green Brick Partners \* | 140 | 8672 |
| &nbsp;&nbsp;&nbsp;Group 1 Automotive | 57 | 23493 |
| &nbsp;&nbsp;&nbsp;Groupon, Cl A \* | 108 | 3331 |
| &nbsp;&nbsp;&nbsp;GrowGeneration \* | 244 | 240 |
| &nbsp;&nbsp;&nbsp;Guess? | 160 | 2080 |
| &nbsp;&nbsp;&nbsp;H&R Block | 593 | 32224 |
| &nbsp;&nbsp;&nbsp;Hanesbrands \* | 1473 | 6025 |
| &nbsp;&nbsp;&nbsp;Harley-Davidson | 500 | 12165 |
| &nbsp;&nbsp;&nbsp;Hasbro | 589 | 44269 |
| &nbsp;&nbsp;&nbsp;Haverty Furniture | 60 | 1238 |
| &nbsp;&nbsp;&nbsp;Helen of Troy \* | 101 | 2220 |
| &nbsp;&nbsp;&nbsp;Hilton Grand Vacations \* | 299 | 13401 |
| &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings | 1046 | 280412 |
| &nbsp;&nbsp;&nbsp;Holley \* | 282 | 587 |
| &nbsp;&nbsp;&nbsp;Home Depot | 4459 | 1638727 |
| &nbsp;&nbsp;&nbsp;Hooker Furnishings | 47 | 444 |
| &nbsp;&nbsp;&nbsp;Hovnanian Enterprises, Cl A \* | 20 | 2389 |
| &nbsp;&nbsp;&nbsp;Hyatt Hotels, Cl A | 180 | 25375 |
| &nbsp;&nbsp;&nbsp;Installed Building Products | 103 | 20836 |
| &nbsp;&nbsp;&nbsp;iRobot \* | 131 | 552 |
| &nbsp;&nbsp;&nbsp;J Jill | 31 | 486 |
| &nbsp;&nbsp;&nbsp;Jack in the Box | 82 | 1615 |
| &nbsp;&nbsp;&nbsp;JAKKS Pacific | 37 | 655 |
| &nbsp;&nbsp;&nbsp;Johnson Outdoors, Cl A | 17 | 564 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  |<br>**Shares** |<br>**Value** |
| **CONSUMER DISCRETIONARY— continued** | **CONSUMER DISCRETIONARY— continued** | **CONSUMER DISCRETIONARY— continued** |
| &nbsp;&nbsp;&nbsp;KB Home | 280 | $15473 |
| &nbsp;&nbsp;&nbsp;KinderCare Learning \* | 139 | 1336 |
| &nbsp;&nbsp;&nbsp;Kohl's | 482 | 5225 |
| &nbsp;&nbsp;&nbsp;Kontoor Brands | 243 | 13525 |
| &nbsp;&nbsp;&nbsp;Krispy Kreme | 370 | 1339 |
| &nbsp;&nbsp;&nbsp;Kura Sushi USA, Cl A \* | 28 | 2457 |
| &nbsp;&nbsp;&nbsp;Lands' End \* | 53 | 622 |
| &nbsp;&nbsp;&nbsp;Latham Group \* | 179 | 1214 |
| &nbsp;&nbsp;&nbsp;Laureate Education, Cl A \* | 577 | 13040 |
| &nbsp;&nbsp;&nbsp;La-Z-Boy | 182 | 6547 |
| &nbsp;&nbsp;&nbsp;LCI Industries | 109 | 10355 |
| &nbsp;&nbsp;&nbsp;Lear | 239 | 22535 |
| &nbsp;&nbsp;&nbsp;Legacy Housing \* | 38 | 850 |
| &nbsp;&nbsp;&nbsp;Leggett & Platt | 587 | 5606 |
| &nbsp;&nbsp;&nbsp;Lennar, Cl A | 1016 | 113975 |
| &nbsp;&nbsp;&nbsp;Lennar, Cl B | 36 | 3858 |
| &nbsp;&nbsp;&nbsp;Leslie's \* | 505 | 187 |
| &nbsp;&nbsp;&nbsp;Levi Strauss, Cl A | 423 | 8329 |
| &nbsp;&nbsp;&nbsp;LGI Homes \* | 91 | 4848 |
| &nbsp;&nbsp;&nbsp;Life Time Group Holdings \* | 471 | 13527 |
| &nbsp;&nbsp;&nbsp;Lincoln Educational Services \* | 120 | 2744 |
| &nbsp;&nbsp;&nbsp;Lindblad Expeditions Holdings \* | 165 | 1972 |
| &nbsp;&nbsp;&nbsp;Lionsgate Studios \* | 881 | 5216 |
| &nbsp;&nbsp;&nbsp;Lithia Motors, Cl A | 115 | 33120 |
| &nbsp;&nbsp;&nbsp;LKQ | 1151 | 33920 |
| &nbsp;&nbsp;&nbsp;Lovesac \* | 60 | 1081 |
| &nbsp;&nbsp;&nbsp;Lowe's | 2509 | 560937 |
| &nbsp;&nbsp;&nbsp;Lucid Group \* | 5508 | 13550 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica \* | 492 | 98661 |
| &nbsp;&nbsp;&nbsp;Luminar Technologies, Cl A \* | 152 | 451 |
| &nbsp;&nbsp;&nbsp;M/I Homes \* | 116 | 13942 |
| &nbsp;&nbsp;&nbsp;Macy's | 1195 | 15093 |
| &nbsp;&nbsp;&nbsp;Malibu Boats, Cl A \* | 85 | 2831 |
| &nbsp;&nbsp;&nbsp;Marine Products | 42 | 361 |
| &nbsp;&nbsp;&nbsp;MarineMax \* | 84 | 1905 |
| &nbsp;&nbsp;&nbsp;Marriott International, Cl A | 996 | 262775 |
| &nbsp;&nbsp;&nbsp;Marriott Vacations Worldwide | 141 | 10500 |
| &nbsp;&nbsp;&nbsp;MasterCraft Boat Holdings \* | 72 | 1392 |
| &nbsp;&nbsp;&nbsp;Mattel \* | 1435 | 24409 |
| &nbsp;&nbsp;&nbsp;Matthews International, Cl A | 133 | 3124 |
| &nbsp;&nbsp;&nbsp;McDonald's | 3209 | 962925 |
| &nbsp;&nbsp;&nbsp;Meritage Homes | 314 | 21145 |
| &nbsp;&nbsp;&nbsp;Mister Car Wash \* | 439 | 2535 |
| &nbsp;&nbsp;&nbsp;Modine Manufacturing \* | 230 | 30949 |
| &nbsp;&nbsp;&nbsp;Mohawk Industries \* | 233 | 26681 |
| &nbsp;&nbsp;&nbsp;Monro | 127 | 1790 |
| &nbsp;&nbsp;&nbsp;Movado Group | 67 | 1039 |
| &nbsp;&nbsp;&nbsp;Murphy USA | 81 | 29361 |
| &nbsp;&nbsp;&nbsp;Nathan's Famous | 12 | 1140 |
| &nbsp;&nbsp;&nbsp;National Vision Holdings \* | 346 | 8394 |
| &nbsp;&nbsp;&nbsp;Nerdy \* | 221 | 334 |
| &nbsp;&nbsp;&nbsp;NIKE, Cl B | 5228 | 390479 |
| &nbsp;&nbsp;&nbsp;Noodles, Cl A \* | 163 | 151 |
| &nbsp;&nbsp;&nbsp;Norwegian Cruise Line Holdings \* | 1966 | 50251 |
| &nbsp;&nbsp;&nbsp;NVR \* | 13 | 98143 |
| &nbsp;&nbsp;&nbsp;ODP \* | 126 | 2248 |

---

**22**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
|  | **JULY 31, 2025** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  |<br>**Shares** |<br>**Value** |
| **CONSUMER DISCRETIONARY— continued** | **CONSUMER DISCRETIONARY— continued** | **CONSUMER DISCRETIONARY— continued** |
| &nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings \* | 274 | $37437 |
| &nbsp;&nbsp;&nbsp;On Holding, Cl A \* | 1056 | 51290 |
| &nbsp;&nbsp;&nbsp;OneSpaWorld Holdings | 442 | 9777 |
| &nbsp;&nbsp;&nbsp;OneWater Marine, Cl A \* | 47 | 721 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive \* | 3824 | 375976 |
| &nbsp;&nbsp;&nbsp;Oxford Industries | 71 | 2711 |
| &nbsp;&nbsp;&nbsp;Papa John's International | 138 | 5853 |
| &nbsp;&nbsp;&nbsp;Patrick Industries | 144 | 14003 |
| &nbsp;&nbsp;&nbsp;Peloton Interactive, Cl A \* | 1648 | 11767 |
| &nbsp;&nbsp;&nbsp;Penske Automotive Group | 83 | 13895 |
| &nbsp;&nbsp;&nbsp;Perdoceo Education | 268 | 7713 |
| &nbsp;&nbsp;&nbsp;Petco Health & Wellness, Cl A \* | 329 | 990 |
| &nbsp;&nbsp;&nbsp;PetMed Express \* | 84 | 262 |
| &nbsp;&nbsp;&nbsp;Phinia | 172 | 8720 |
| &nbsp;&nbsp;&nbsp;Planet Fitness, Cl A \* | 374 | 40837 |
| &nbsp;&nbsp;&nbsp;Polaris | 234 | 12381 |
| &nbsp;&nbsp;&nbsp;Pool | 161 | 49611 |
| &nbsp;&nbsp;&nbsp;Portillo's, Cl A \* | 264 | 2629 |
| &nbsp;&nbsp;&nbsp;Potbelly \* | 112 | 1347 |
| &nbsp;&nbsp;&nbsp;PulteGroup | 894 | 100950 |
| &nbsp;&nbsp;&nbsp;Purple Innovation, Cl A \* | 250 | 203 |
| &nbsp;&nbsp;&nbsp;PVH | 233 | 17107 |
| &nbsp;&nbsp;&nbsp;QuantumScape, Cl A \* | 1725 | 14835 |
| &nbsp;&nbsp;&nbsp;Qurate Retail \* | 33 | 126 |
| &nbsp;&nbsp;&nbsp;Ralph Lauren, Cl A | 173 | 51684 |
| &nbsp;&nbsp;&nbsp;Revolve Group, Cl A \* | 180 | 3735 |
| &nbsp;&nbsp;&nbsp;RH \* | 68 | 13982 |
| &nbsp;&nbsp;&nbsp;Rivian Automotive, Cl A \* | 3908 | 50296 |
| &nbsp;&nbsp;&nbsp;Rocky Brands | 31 | 811 |
| &nbsp;&nbsp;&nbsp;Ross Stores | 1445 | 197300 |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises | 1070 | 340121 |
| &nbsp;&nbsp;&nbsp;Sabre \* | 1676 | 5078 |
| &nbsp;&nbsp;&nbsp;Sally Beauty Holdings \* | 453 | 4412 |
| &nbsp;&nbsp;&nbsp;Savers Value Village \* | 102 | 1062 |
| &nbsp;&nbsp;&nbsp;Service International | 634 | 48381 |
| &nbsp;&nbsp;&nbsp;Shake Shack, Cl A \* | 172 | 20698 |
| &nbsp;&nbsp;&nbsp;SharkNinja \* | 317 | 36804 |
| &nbsp;&nbsp;&nbsp;Shoe Carnival | 76 | 1555 |
| &nbsp;&nbsp;&nbsp;Signet Jewelers | 184 | 14554 |
| &nbsp;&nbsp;&nbsp;Six Flags Entertainment | 407 | 12194 |
| &nbsp;&nbsp;&nbsp;Skechers USA, Cl A \* | 585 | 37001 |
| &nbsp;&nbsp;&nbsp;Sleep Number \* | 92 | 674 |
| &nbsp;&nbsp;&nbsp;Smith Douglas Homes, Cl A \* | 37 | 697 |
| &nbsp;&nbsp;&nbsp;Solid Power \* | 612 | 1952 |
| &nbsp;&nbsp;&nbsp;Sonic Automotive, Cl A | 61 | 4413 |
| &nbsp;&nbsp;&nbsp;Sonos \* | 520 | 5621 |
| &nbsp;&nbsp;&nbsp;Sportsman's Warehouse Holdings \* | 161 | 543 |
| &nbsp;&nbsp;&nbsp;Standard Motor Products | 97 | 2945 |
| &nbsp;&nbsp;&nbsp;Starbucks | 4985 | 444463 |
| &nbsp;&nbsp;&nbsp;Stellantis | 8110 | 72098 |
| &nbsp;&nbsp;&nbsp;Steven Madden | 306 | 7346 |
| &nbsp;&nbsp;&nbsp;Stitch Fix, Cl A \* | 448 | 2119 |
| &nbsp;&nbsp;&nbsp;Stoneridge \* | 121 | 932 |
| &nbsp;&nbsp;&nbsp;Strategic Education | 100 | 7414 |
| &nbsp;&nbsp;&nbsp;Stride \* | 190 | 24364 |
| &nbsp;&nbsp;&nbsp;Sweetgreen, Cl A \* | 435 | 5603 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  |<br>**Shares** |<br>**Value** |
| **CONSUMER DISCRETIONARY— continued** | **CONSUMER DISCRETIONARY— continued** | **CONSUMER DISCRETIONARY— continued** |
| &nbsp;&nbsp;&nbsp;Tapestry | 922 | $99604 |
| &nbsp;&nbsp;&nbsp;Target Hospitality \* | 128 | 972 |
| &nbsp;&nbsp;&nbsp;Taylor Morrison Home, Cl A \* | 438 | 25965 |
| &nbsp;&nbsp;&nbsp;Tempur Sealy International | 906 | 65576 |
| &nbsp;&nbsp;&nbsp;Tesla \* | 12509 | 3856149 |
| &nbsp;&nbsp;&nbsp;Texas Roadhouse, Cl A | 297 | 54984 |
| &nbsp;&nbsp;&nbsp;Thor Industries | 227 | 20655 |
| &nbsp;&nbsp;&nbsp;ThredUp, Cl A \* | 400 | 3304 |
| &nbsp;&nbsp;&nbsp;Tile Shop Holdings \* | 70 | 442 |
| &nbsp;&nbsp;&nbsp;Tilly's, Cl A \* | 64 | 115 |
| &nbsp;&nbsp;&nbsp;TJX | 4998 | 622401 |
| &nbsp;&nbsp;&nbsp;Toll Brothers | 443 | 52433 |
| &nbsp;&nbsp;&nbsp;TopBuild \* | 130 | 48156 |
| &nbsp;&nbsp;&nbsp;Topgolf Callaway Brands \* | 537 | 4967 |
| &nbsp;&nbsp;&nbsp;Torrid Holdings \* | 86 | 214 |
| &nbsp;&nbsp;&nbsp;Tractor Supply | 2379 | 135484 |
| &nbsp;&nbsp;&nbsp;Traeger \* | 257 | 416 |
| &nbsp;&nbsp;&nbsp;Travel + Leisure | 284 | 16827 |
| &nbsp;&nbsp;&nbsp;TRI Pointe Group \* | 394 | 12135 |
| &nbsp;&nbsp;&nbsp;Udemy \* | 420 | 3196 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty \* | 202 | 104032 |
| &nbsp;&nbsp;&nbsp;Under Armour, Cl A \* | 846 | 5617 |
| &nbsp;&nbsp;&nbsp;Under Armour, Cl C \* | 571 | 3597 |
| &nbsp;&nbsp;&nbsp;United Parks & Resorts \* | 120 | 5680 |
| &nbsp;&nbsp;&nbsp;Universal Technical Institute \* | 213 | 6863 |
| &nbsp;&nbsp;&nbsp;Upbound Group, Cl A | 219 | 4519 |
| &nbsp;&nbsp;&nbsp;Urban Outfitters \* | 299 | 22509 |
| &nbsp;&nbsp;&nbsp;Vail Resorts | 166 | 24943 |
| &nbsp;&nbsp;&nbsp;Valvoline \* | 564 | 19881 |
| &nbsp;&nbsp;&nbsp;Vera Bradley \* | 85 | 164 |
| &nbsp;&nbsp;&nbsp;VF | 1723 | 20194 |
| &nbsp;&nbsp;&nbsp;Viad \* | 93 | 2812 |
| &nbsp;&nbsp;&nbsp;Victoria's Secret \* | 343 | 6448 |
| &nbsp;&nbsp;&nbsp;Viking Holdings \* | 718 | 42161 |
| &nbsp;&nbsp;&nbsp;Visteon \* | 120 | 13338 |
| &nbsp;&nbsp;&nbsp;Warby Parker, Cl A \* | 425 | 10179 |
| &nbsp;&nbsp;&nbsp;Wayfair, Cl A \* | 434 | 28488 |
| &nbsp;&nbsp;&nbsp;Wendy's | 731 | 7200 |
| &nbsp;&nbsp;&nbsp;Weyco Group | 26 | 756 |
| &nbsp;&nbsp;&nbsp;Whirlpool | 248 | 20594 |
| &nbsp;&nbsp;&nbsp;Williams-Sonoma | 545 | 101942 |
| &nbsp;&nbsp;&nbsp;Wingstop | 124 | 46790 |
| &nbsp;&nbsp;&nbsp;Winmark | 14 | 5284 |
| &nbsp;&nbsp;&nbsp;Winnebago Industries | 121 | 3596 |
| &nbsp;&nbsp;&nbsp;Wolverine World Wide | 351 | 7926 |
| &nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts | 340 | 29240 |
| &nbsp;&nbsp;&nbsp;XPEL \* | 97 | 3171 |
| &nbsp;&nbsp;&nbsp;Xponential Fitness, Cl A \* | 120 | 1255 |
| &nbsp;&nbsp;&nbsp;YETI Holdings \* | 368 | 13520 |
| &nbsp;&nbsp;&nbsp;Yum! Brands | 1248 | 179899 |
| &nbsp;&nbsp;&nbsp;Zumiez \* | 70 | 960 |
|  |  | 18099998 |
| **CONSUMER STAPLES — 4.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Albertsons, Cl A | 1491 | 28657 |
| &nbsp;&nbsp;&nbsp;Alico | 25 | 807 |

---

**23**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
|  | **JULY 31, 2025** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  |<br>**Shares** |<br>**Value** |
| **CONSUMER STAPLES— continued** |  |  |
| &nbsp;&nbsp;&nbsp;Andersons | 145 | $5208 |
| &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland | 2135 | 115674 |
| &nbsp;&nbsp;&nbsp;B&G Foods | 341 | 1398 |
| &nbsp;&nbsp;&nbsp;Beauty Health \* | 334 | 514 |
| &nbsp;&nbsp;&nbsp;BellRing Brands \* | 568 | 31001 |
| &nbsp;&nbsp;&nbsp;Beyond Meat \* | 321 | 976 |
| &nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings \* | 585 | 61951 |
| &nbsp;&nbsp;&nbsp;Boston Beer, Cl A \* | 36 | 7455 |
| &nbsp;&nbsp;&nbsp;BRC, Cl A \* | 137 | 233 |
| &nbsp;&nbsp;&nbsp;Brown-Forman, Cl A | 190 | 5442 |
| &nbsp;&nbsp;&nbsp;Brown-Forman, Cl B | 1303 | 37592 |
| &nbsp;&nbsp;&nbsp;Bunge Global | 593 | 47298 |
| &nbsp;&nbsp;&nbsp;Calavo Growers | 74 | 1946 |
| &nbsp;&nbsp;&nbsp;Cal-Maine Foods | 176 | 19561 |
| &nbsp;&nbsp;&nbsp;Campbell Soup | 882 | 28154 |
| &nbsp;&nbsp;&nbsp;Casey's General Stores | 165 | 85821 |
| &nbsp;&nbsp;&nbsp;Celsius Holdings \* | 789 | 35773 |
| &nbsp;&nbsp;&nbsp;Central Garden & Pet \* | 26 | 1015 |
| &nbsp;&nbsp;&nbsp;Central Garden & Pet, Cl A \* | 229 | 8134 |
| &nbsp;&nbsp;&nbsp;Chefs' Warehouse \* | 165 | 11312 |
| &nbsp;&nbsp;&nbsp;Clorox | 550 | 69058 |
| &nbsp;&nbsp;&nbsp;Coca-Cola | 15795 | 1072323 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Consolidated | 232 | 25926 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive | 3625 | 303956 |
| &nbsp;&nbsp;&nbsp;Conagra Brands | 2129 | 38876 |
| &nbsp;&nbsp;&nbsp;Constellation Brands, Cl A | 663 | 110748 |
| &nbsp;&nbsp;&nbsp;Costco Wholesale | 1987 | 1867065 |
| &nbsp;&nbsp;&nbsp;Coty, Cl A \* | 1646 | 7983 |
| &nbsp;&nbsp;&nbsp;Darling Ingredients \* | 700 | 22666 |
| &nbsp;&nbsp;&nbsp;Dole PLC | 316 | 4500 |
| &nbsp;&nbsp;&nbsp;Dollar General | 983 | 103117 |
| &nbsp;&nbsp;&nbsp;Dollar Tree \* | 909 | 103217 |
| &nbsp;&nbsp;&nbsp;Edgewell Personal Care | 213 | 5374 |
| &nbsp;&nbsp;&nbsp;elf Beauty \* | 245 | 29692 |
| &nbsp;&nbsp;&nbsp;Energizer Holdings | 320 | 7206 |
| &nbsp;&nbsp;&nbsp;Estee Lauder, Cl A | 939 | 87646 |
| &nbsp;&nbsp;&nbsp;Flowers Foods | 870 | 13789 |
| &nbsp;&nbsp;&nbsp;Fresh Del Monte Produce | 176 | 6616 |
| &nbsp;&nbsp;&nbsp;Freshpet \* | 215 | 14689 |
| &nbsp;&nbsp;&nbsp;General Mills | 2445 | 119756 |
| &nbsp;&nbsp;&nbsp;Grocery Outlet Holding \* | 420 | 5531 |
| &nbsp;&nbsp;&nbsp;Hain Celestial Group \* | 401 | 630 |
| &nbsp;&nbsp;&nbsp;Herbalife \* | 442 | 4066 |
| &nbsp;&nbsp;&nbsp;Hershey | 652 | 121357 |
| &nbsp;&nbsp;&nbsp;HF Foods Group \* | 174 | 472 |
| &nbsp;&nbsp;&nbsp;Hormel Foods | 1304 | 36629 |
| &nbsp;&nbsp;&nbsp;Ingles Markets, Cl A | 65 | 4090 |
| &nbsp;&nbsp;&nbsp;Ingredion | 286 | 37620 |
| &nbsp;&nbsp;&nbsp;Inter Parfums | 81 | 9769 |
| &nbsp;&nbsp;&nbsp;J&J Snack Foods | 71 | 8015 |
| &nbsp;&nbsp;&nbsp;JM Smucker | 456 | 48947 |
| &nbsp;&nbsp;&nbsp;John B Sanfilippo & Son | 40 | 2532 |
| &nbsp;&nbsp;&nbsp;Kellanova | 1237 | 98750 |
| &nbsp;&nbsp;&nbsp;Kenvue | 8601 | 184405 |
| &nbsp;&nbsp;&nbsp;Keurig Dr Pepper | 5446 | 177812 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark | 1486 | 185185 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  |<br>**Shares** |<br>**Value** |
| **CONSUMER STAPLES— continued** |  |  |
| &nbsp;&nbsp;&nbsp;Kraft Heinz | 3763 | $103332 |
| &nbsp;&nbsp;&nbsp;Kroger | 2711 | 190041 |
| &nbsp;&nbsp;&nbsp;Lamb Weston Holdings | 628 | 35840 |
| &nbsp;&nbsp;&nbsp;Lancaster Colony | 90 | 15998 |
| &nbsp;&nbsp;&nbsp;Limoneira | 71 | 1042 |
| &nbsp;&nbsp;&nbsp;Maplebear \* | 887 | 42549 |
| &nbsp;&nbsp;&nbsp;McCormick | 1132 | 79953 |
| &nbsp;&nbsp;&nbsp;Medifast \* | 47 | 647 |
| &nbsp;&nbsp;&nbsp;MGP Ingredients | 65 | 1838 |
| &nbsp;&nbsp;&nbsp;Mission Produce \* | 199 | 2456 |
| &nbsp;&nbsp;&nbsp;Molson Coors Beverage, Cl B | 761 | 37076 |
| &nbsp;&nbsp;&nbsp;Mondelez International, Cl A | 5794 | 374814 |
| &nbsp;&nbsp;&nbsp;Monster Beverage \* | 3111 | 182771 |
| &nbsp;&nbsp;&nbsp;National Beverage \* | 106 | 4857 |
| &nbsp;&nbsp;&nbsp;Natural Grocers by Vitamin Cottage | 55 | 2084 |
| &nbsp;&nbsp;&nbsp;Nature's Sunshine Products \* | 51 | 714 |
| &nbsp;&nbsp;&nbsp;Nu Skin Enterprises, Cl A | 213 | 1785 |
| &nbsp;&nbsp;&nbsp;Oil-Dri Corp of America | 44 | 2482 |
| &nbsp;&nbsp;&nbsp;Olaplex Holdings \* | 389 | 541 |
| &nbsp;&nbsp;&nbsp;PepsiCo | 6139 | 846691 |
| &nbsp;&nbsp;&nbsp;Performance Food Group \* | 689 | 69176 |
| &nbsp;&nbsp;&nbsp;Pilgrim's Pride | 186 | 8815 |
| &nbsp;&nbsp;&nbsp;Post Holdings \* | 224 | 23701 |
| &nbsp;&nbsp;&nbsp;PriceSmart | 114 | 12255 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble | 10510 | 1581440 |
| &nbsp;&nbsp;&nbsp;Reynolds Consumer Products | 244 | 5488 |
| &nbsp;&nbsp;&nbsp;Seaboard | 1 | 3167 |
| &nbsp;&nbsp;&nbsp;Seneca Foods, Cl A \* | 21 | 2199 |
| &nbsp;&nbsp;&nbsp;Seneca Foods, Cl B \* | 3 | 320 |
| &nbsp;&nbsp;&nbsp;Simply Good Foods \* | 413 | 12580 |
| &nbsp;&nbsp;&nbsp;SpartanNash | 149 | 3954 |
| &nbsp;&nbsp;&nbsp;Spectrum Brands Holdings | 113 | 6047 |
| &nbsp;&nbsp;&nbsp;Sprouts Farmers Market \* | 438 | 66375 |
| &nbsp;&nbsp;&nbsp;Sysco | 2171 | 172812 |
| &nbsp;&nbsp;&nbsp;Target | 2034 | 204417 |
| &nbsp;&nbsp;&nbsp;Tootsie Roll Industries | 80 | 3034 |
| &nbsp;&nbsp;&nbsp;TreeHouse Foods \* | 199 | 3825 |
| &nbsp;&nbsp;&nbsp;Tyson Foods, Cl A | 1263 | 66055 |
| &nbsp;&nbsp;&nbsp;United Natural Foods \* | 257 | 7103 |
| &nbsp;&nbsp;&nbsp;US Foods Holding \* | 1026 | 85497 |
| &nbsp;&nbsp;&nbsp;USANA Health Sciences \* | 49 | 1440 |
| &nbsp;&nbsp;&nbsp;Utz Brands | 308 | 4013 |
| &nbsp;&nbsp;&nbsp;Village Super Market, Cl A | 40 | 1376 |
| &nbsp;&nbsp;&nbsp;Vita Coco \* | 179 | 6312 |
| &nbsp;&nbsp;&nbsp;Vital Farms \* | 148 | 5506 |
| &nbsp;&nbsp;&nbsp;Waldencast PLC, Cl A \* | 203 | 361 |
| &nbsp;&nbsp;&nbsp;Walmart | 19284 | 1889446 |
| &nbsp;&nbsp;&nbsp;WD-40 | 60 | 12864 |
| &nbsp;&nbsp;&nbsp;Weis Markets | 73 | 5286 |
| &nbsp;&nbsp;&nbsp;Westrock Coffee \* | 241 | 1603 |
| &nbsp;&nbsp;&nbsp;WK Kellogg | 273 | 6293 |
| &nbsp;&nbsp;&nbsp;Zevia PBC, Cl A \* | 155 | 480 |
|  |  | 11676686 |

---

**24**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
|  | **JULY 31, 2025** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  |<br>**Shares** |<br>**Value** |
| **ENERGY — 3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Aemetis \* | 218 | $593 |
| &nbsp;&nbsp;&nbsp;Amplify Energy \* | 173 | 657 |
| &nbsp;&nbsp;&nbsp;Antero Midstream | 1487 | 27286 |
| &nbsp;&nbsp;&nbsp;Antero Resources \* | 1299 | 45374 |
| &nbsp;&nbsp;&nbsp;APA | 1615 | 31153 |
| &nbsp;&nbsp;&nbsp;Archrock | 765 | 17870 |
| &nbsp;&nbsp;&nbsp;Ardmore Shipping | 173 | 1882 |
| &nbsp;&nbsp;&nbsp;Aris Water Solutions, Cl A | 128 | 2723 |
| &nbsp;&nbsp;&nbsp;Atlas Energy Solutions, Cl A | 335 | 4355 |
| &nbsp;&nbsp;&nbsp;Baker Hughes, Cl A | 4434 | 199752 |
| &nbsp;&nbsp;&nbsp;Berry | 280 | 846 |
| &nbsp;&nbsp;&nbsp;Bristow Group \* | 111 | 3837 |
| &nbsp;&nbsp;&nbsp;Cactus, Cl A | 304 | 12862 |
| &nbsp;&nbsp;&nbsp;California Resources | 364 | 17538 |
| &nbsp;&nbsp;&nbsp;Centrus Energy, Cl A \* | 70 | 15078 |
| &nbsp;&nbsp;&nbsp;Cheniere Energy | 958 | 225973 |
| &nbsp;&nbsp;&nbsp;Chesapeake Energy | 1038 | 108762 |
| &nbsp;&nbsp;&nbsp;Chevron | 8637 | 1309669 |
| &nbsp;&nbsp;&nbsp;Chord Energy | 261 | 28796 |
| &nbsp;&nbsp;&nbsp;Civitas Resources | 408 | 12387 |
| &nbsp;&nbsp;&nbsp;Clean Energy Fuels \* | 751 | 1525 |
| &nbsp;&nbsp;&nbsp;CNX Resources \* | 612 | 18550 |
| &nbsp;&nbsp;&nbsp;Comstock Resources \* | 351 | 6272 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips | 5749 | 548110 |
| &nbsp;&nbsp;&nbsp;Core Laboratories | 208 | 2276 |
| &nbsp;&nbsp;&nbsp;Coterra Energy | 3334 | 81316 |
| &nbsp;&nbsp;&nbsp;Crescent Energy, Cl A | 983 | 9083 |
| &nbsp;&nbsp;&nbsp;CVR Energy | 136 | 3642 |
| &nbsp;&nbsp;&nbsp;Delek US Holdings | 269 | 6018 |
| &nbsp;&nbsp;&nbsp;Devon Energy | 2871 | 95375 |
| &nbsp;&nbsp;&nbsp;DHT Holdings | 556 | 6166 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy | 854 | 126956 |
| &nbsp;&nbsp;&nbsp;DMC Global \* | 86 | 696 |
| &nbsp;&nbsp;&nbsp;Dorian LPG | 178 | 5125 |
| &nbsp;&nbsp;&nbsp;DT Midstream | 455 | 46742 |
| &nbsp;&nbsp;&nbsp;Empire Petroleum \* | 51 | 231 |
| &nbsp;&nbsp;&nbsp;EOG Resources | 2466 | 295969 |
| &nbsp;&nbsp;&nbsp;EQT | 2643 | 142061 |
| &nbsp;&nbsp;&nbsp;Evolution Petroleum | 132 | 638 |
| &nbsp;&nbsp;&nbsp;Excelerate Energy, Cl A | 99 | 2540 |
| &nbsp;&nbsp;&nbsp;Expro Group Holdings \* | 461 | 4970 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil | 19356 | 2160904 |
| &nbsp;&nbsp;&nbsp;Forum Energy Technologies \* | 52 | 1025 |
| &nbsp;&nbsp;&nbsp;FutureFuel | 117 | 474 |
| &nbsp;&nbsp;&nbsp;Gevo \* | 1024 | 1331 |
| &nbsp;&nbsp;&nbsp;Golar LNG | 432 | 17781 |
| &nbsp;&nbsp;&nbsp;Granite Ridge Resources | 322 | 1671 |
| &nbsp;&nbsp;&nbsp;Green Plains \* | 285 | 2357 |
| &nbsp;&nbsp;&nbsp;Gulfport Energy \* | 67 | 11667 |
| &nbsp;&nbsp;&nbsp;Halliburton | 3518 | 78803 |
| &nbsp;&nbsp;&nbsp;Helix Energy Solutions Group \* | 635 | 3766 |
| &nbsp;&nbsp;&nbsp;Helmerich & Payne | 392 | 6354 |
| &nbsp;&nbsp;&nbsp;Hess Midstream, Cl A | 515 | 22418 |
| &nbsp;&nbsp;&nbsp;HF Sinclair | 713 | 31329 |
| &nbsp;&nbsp;&nbsp;HighPeak Energy | 105 | 1047 |
| &nbsp;&nbsp;&nbsp;Innovex International \* | 206 | 3383 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  |<br>**Shares** |<br>**Value** |
| **ENERGY— continued** |  |  |
| &nbsp;&nbsp;&nbsp;International Seaways | 207 | $8259 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan | 8689 | 243813 |
| &nbsp;&nbsp;&nbsp;Kinetik Holdings, Cl A | 195 | 8459 |
| &nbsp;&nbsp;&nbsp;Kodiak Gas Services | 236 | 7630 |
| &nbsp;&nbsp;&nbsp;Liberty Energy, Cl A | 708 | 8737 |
| &nbsp;&nbsp;&nbsp;Magnolia Oil & Gas, Cl A | 823 | 19604 |
| &nbsp;&nbsp;&nbsp;Mammoth Energy Services \* | 63 | 164 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum | 1394 | 237245 |
| &nbsp;&nbsp;&nbsp;Matador Resources | 516 | 25738 |
| &nbsp;&nbsp;&nbsp;Murphy Oil | 618 | 15332 |
| &nbsp;&nbsp;&nbsp;Nabors Industries \* | 68 | 2365 |
| &nbsp;&nbsp;&nbsp;NACCO Industries, Cl A | 15 | 569 |
| &nbsp;&nbsp;&nbsp;National Energy Services Reunited \* | 243 | 1621 |
| &nbsp;&nbsp;&nbsp;Natural Gas Services Group \* | 53 | 1277 |
| &nbsp;&nbsp;&nbsp;Navigator Holdings | 129 | 2034 |
| &nbsp;&nbsp;&nbsp;New Fortress Energy, Cl A | 802 | 2185 |
| &nbsp;&nbsp;&nbsp;NextDecade \* | 812 | 9224 |
| &nbsp;&nbsp;&nbsp;Nine Energy Service \* | 146 | 111 |
| &nbsp;&nbsp;&nbsp;Noble PLC | 565 | 15148 |
| &nbsp;&nbsp;&nbsp;Nordic American Tankers | 910 | 2539 |
| &nbsp;&nbsp;&nbsp;Northern Oil & Gas | 438 | 12334 |
| &nbsp;&nbsp;&nbsp;NOV | 1667 | 20971 |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum | 3005 | 132040 |
| &nbsp;&nbsp;&nbsp;Oil States International \* | 259 | 1292 |
| &nbsp;&nbsp;&nbsp;ONEOK | 2798 | 229744 |
| &nbsp;&nbsp;&nbsp;Ovintiv | 1143 | 47069 |
| &nbsp;&nbsp;&nbsp;Par Pacific Holdings \* | 231 | 7249 |
| &nbsp;&nbsp;&nbsp;Patterson-UTI Energy | 1685 | 9958 |
| &nbsp;&nbsp;&nbsp;PBF Energy, Cl A | 369 | 8339 |
| &nbsp;&nbsp;&nbsp;Peabody Energy | 514 | 8301 |
| &nbsp;&nbsp;&nbsp;Permian Resources, Cl A | 2884 | 40837 |
| &nbsp;&nbsp;&nbsp;Phillips 66 | 1821 | 225039 |
| &nbsp;&nbsp;&nbsp;PrimeEnergy Resources \* | 1 | 169 |
| &nbsp;&nbsp;&nbsp;ProFrac Holding, Cl A \* | 69 | 484 |
| &nbsp;&nbsp;&nbsp;ProPetro Holding \* | 381 | 2042 |
| &nbsp;&nbsp;&nbsp;Range Resources | 1044 | 38336 |
| &nbsp;&nbsp;&nbsp;Ranger Energy Services, Cl A | 70 | 937 |
| &nbsp;&nbsp;&nbsp;REX American Resources \* | 64 | 3346 |
| &nbsp;&nbsp;&nbsp;Riley Exploration Permian | 58 | 1522 |
| &nbsp;&nbsp;&nbsp;Ring Energy \* | 795 | 607 |
| &nbsp;&nbsp;&nbsp;RPC | 447 | 2079 |
| &nbsp;&nbsp;&nbsp;Sable Offshore \* | 290 | 8894 |
| &nbsp;&nbsp;&nbsp;SandRidge Energy | 141 | 1465 |
| &nbsp;&nbsp;&nbsp;Schlumberger | 6682 | 225845 |
| &nbsp;&nbsp;&nbsp;Scorpio Tankers | 196 | 8861 |
| &nbsp;&nbsp;&nbsp;SEACOR Marine Holdings \* | 98 | 490 |
| &nbsp;&nbsp;&nbsp;Seadrill \* | 265 | 7727 |
| &nbsp;&nbsp;&nbsp;Select Water Solutions, Cl A | 434 | 4179 |
| &nbsp;&nbsp;&nbsp;Sitio Royalties, Cl A | 336 | 6105 |
| &nbsp;&nbsp;&nbsp;SM Energy | 504 | 13905 |
| &nbsp;&nbsp;&nbsp;Solaris Energy Infrastructure, |  |  |
| &nbsp;&nbsp;&nbsp;Cl A | 161 | 5260 |
| &nbsp;&nbsp;&nbsp;Summit Midstream \* | 48 | 1223 |
| &nbsp;&nbsp;&nbsp;Talos Energy \* | 578 | 4942 |
| &nbsp;&nbsp;&nbsp;Targa Resources | 960 | 159754 |

---

**25**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS**<br> **U.S. ALL CAP INDEX FUND**<br> **JULY 31, 2025**<br> **(Unaudited)** |

---

**COMMON STOCK — continued** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| **ENERGY— continued** | **ENERGY— continued** | **ENERGY— continued** | **ENERGY— continued** |
| &nbsp;&nbsp;&nbsp;Teekay | 232 | $| 1670 |
| &nbsp;&nbsp;&nbsp;TETRA Technologies \* | 544 |  | 2230 |
| &nbsp;&nbsp;&nbsp;Texas Pacific Land | 85 |  | 82291 |
| &nbsp;&nbsp;&nbsp;Tidewater \* | 206 |  | 10302 |
| &nbsp;&nbsp;&nbsp;Transocean \* | 3491 |  | 10194 |
| &nbsp;&nbsp;&nbsp;Uranium Energy \* | 1888 |  | 16369 |
| &nbsp;&nbsp;&nbsp;VAALCO Energy | 446 |  | 1659 |
| &nbsp;&nbsp;&nbsp;Valaris \* | 261 |  | 12692 |
| &nbsp;&nbsp;&nbsp;Valero Energy | 1390 |  | 190861 |
| &nbsp;&nbsp;&nbsp;Viper Energy, Cl A | 588 |  | 22144 |
| &nbsp;&nbsp;&nbsp;Vital Energy \* | 135 |  | 2523 |
| &nbsp;&nbsp;&nbsp;Vitesse Energy | 128 |  | 3063 |
| &nbsp;&nbsp;&nbsp;W&T Offshore | 440 |  | 779 |
| &nbsp;&nbsp;&nbsp;Weatherford International | 319 |  | 18040 |
| &nbsp;&nbsp;&nbsp;Williams | 5454 |  | 326967 |
| &nbsp;&nbsp;&nbsp;World Kinect | 245 |  | 6681 |
|  |  |  | 8377828 |
| **FINANCIALS — 15.1%** | **FINANCIALS — 15.1%** | **FINANCIALS — 15.1%** | **FINANCIALS — 15.1%** |
| &nbsp;&nbsp;&nbsp;1st Source | 69 |  | 4128 |
| &nbsp;&nbsp;&nbsp;Acacia Research \* | 149 |  | 527 |
| &nbsp;&nbsp;&nbsp;ACNB | 45 |  | 1894 |
| &nbsp;&nbsp;&nbsp;Affiliated Managers Group | 123 |  | 25814 |
| &nbsp;&nbsp;&nbsp;Affirm Holdings, Cl A \* | 1134 |  | 77747 |
| &nbsp;&nbsp;&nbsp;AGNC Investment ‡ | 4078 |  | 38456 |
| &nbsp;&nbsp;&nbsp;Alerus Financial | 100 |  | 2114 |
| &nbsp;&nbsp;&nbsp;Allstate | 1168 |  | 237396 |
| &nbsp;&nbsp;&nbsp;Ally Financial | 1225 |  | 46366 |
| &nbsp;&nbsp;&nbsp;AlTi Global \* | 140 |  | 573 |
| &nbsp;&nbsp;&nbsp;Amalgamated Financial | 77 |  | 2232 |
| &nbsp;&nbsp;&nbsp;Ambac Financial Group \* | 223 |  | 1873 |
| &nbsp;&nbsp;&nbsp;Amerant Bancorp, Cl A | 170 |  | 3281 |
| &nbsp;&nbsp;&nbsp;American Coastal Insurance | 106 |  | 1103 |
| &nbsp;&nbsp;&nbsp;American Express | 2255 |  | 674944 |
| &nbsp;&nbsp;&nbsp;American Financial Group | 323 |  | 40343 |
| &nbsp;&nbsp;&nbsp;American International Group | 2606 |  | 202304 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial | 429 |  | 222304 |
| &nbsp;&nbsp;&nbsp;Ameris Bancorp | 292 |  | 19958 |
| &nbsp;&nbsp;&nbsp;AMERISAFE | 83 |  | 3717 |
| &nbsp;&nbsp;&nbsp;Angel Oak Mortgage REIT ‡ | 77 |  | 713 |
| &nbsp;&nbsp;&nbsp;Annaly Capital Management ‡ | 2664 |  | 54159 |
| &nbsp;&nbsp;&nbsp;Aon PLC, Cl A | 936 |  | 332945 |
| &nbsp;&nbsp;&nbsp;Apollo Commercial Real Estate Finance ‡ | 620 |  | 5964 |
| &nbsp;&nbsp;&nbsp;Apollo Global Management | 1783 |  | 259106 |
| &nbsp;&nbsp;&nbsp;Arbor Realty Trust ‡ | 814 |  | 9084 |
| &nbsp;&nbsp;&nbsp;Arch Capital Group | 1594 |  | 137180 |
| &nbsp;&nbsp;&nbsp;Ares Commercial Real Estate ‡ | 229 |  | 1024 |
| &nbsp;&nbsp;&nbsp;Ares Management, Cl A | 926 |  | 171801 |
| &nbsp;&nbsp;&nbsp;ARMOUR Residential REIT ‡ | 365 |  | 5953 |
| &nbsp;&nbsp;&nbsp;Arrow Financial | 64 |  | 1715 |
| &nbsp;&nbsp;&nbsp;Arthur J Gallagher | 1136 |  | 326316 |
| &nbsp;&nbsp;&nbsp;Artisan Partners Asset Management, Cl A | 309 |  | 13982 |
| &nbsp;&nbsp;&nbsp;Associated Banc-Corp | 725 |  | 17936 |
| &nbsp;&nbsp;&nbsp;Assurant | 226 |  | 42330 |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **FINANCIALS— continued** | **FINANCIALS— continued** | **FINANCIALS— continued** |
| &nbsp;&nbsp;&nbsp;Assured Guaranty | 211 | $17846 |
| &nbsp;&nbsp;&nbsp;Atlantic Union Bankshares | 631 | 19996 |
| &nbsp;&nbsp;&nbsp;Atlanticus Holdings \* | 22 | 1092 |
| &nbsp;&nbsp;&nbsp;AvidXchange Holdings \* | 759 | 7484 |
| &nbsp;&nbsp;&nbsp;Axis Capital Holdings | 335 | 31436 |
| &nbsp;&nbsp;&nbsp;Axos Financial \* | 245 | 21156 |
| &nbsp;&nbsp;&nbsp;B. Riley Financial \* | 79 | 424 |
| &nbsp;&nbsp;&nbsp;Bakkt Holdings, Cl A \* | 21 | 208 |
| &nbsp;&nbsp;&nbsp;Baldwin Insurance Group, Cl A \* | 310 | 11420 |
| &nbsp;&nbsp;&nbsp;Banc of California | 619 | 8988 |
| &nbsp;&nbsp;&nbsp;BancFirst | 83 | 10335 |
| &nbsp;&nbsp;&nbsp;Banco Latinoamericano de Comercio Exterior | 129 | 5155 |
| &nbsp;&nbsp;&nbsp;Bancorp \* | 202 | 12758 |
| &nbsp;&nbsp;&nbsp;Bank First | 43 | 5109 |
| &nbsp;&nbsp;&nbsp;Bank of America | 30960 | 1463479 |
| &nbsp;&nbsp;&nbsp;Bank of Hawaii | 175 | 10829 |
| &nbsp;&nbsp;&nbsp;Bank of Marin Bancorp | 65 | 1472 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon | 3193 | 323930 |
| &nbsp;&nbsp;&nbsp;Bank OZK | 480 | 23664 |
| &nbsp;&nbsp;&nbsp;Bank7 | 18 | 797 |
| &nbsp;&nbsp;&nbsp;BankUnited | 334 | 12181 |
| &nbsp;&nbsp;&nbsp;Bankwell Financial Group | 25 | 997 |
| &nbsp;&nbsp;&nbsp;Banner | 151 | 9373 |
| &nbsp;&nbsp;&nbsp;Bar Harbor Bankshares | 63 | 1830 |
| &nbsp;&nbsp;&nbsp;BayCom | 46 | 1242 |
| &nbsp;&nbsp;&nbsp;BCB Bancorp | 68 | 568 |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Cl B \* | 5898 | 2783148 |
| &nbsp;&nbsp;&nbsp;Berkshire Hills Bancorp | 206 | 5076 |
| &nbsp;&nbsp;&nbsp;BGC Group, Cl A | 1576 | 14610 |
| &nbsp;&nbsp;&nbsp;BlackRock Funding | 637 | 704528 |
| &nbsp;&nbsp;&nbsp;Blackstone, Cl A | 3238 | 560044 |
| &nbsp;&nbsp;&nbsp;Blackstone Mortgage Trust, Cl A ‡ | 719 | 13287 |
| &nbsp;&nbsp;&nbsp;Block, Cl A \* | 2478 | 191450 |
| &nbsp;&nbsp;&nbsp;Blue Foundry Bancorp \* | 84 | 718 |
| &nbsp;&nbsp;&nbsp;Blue Owl Capital, Cl A | 2762 | 53445 |
| &nbsp;&nbsp;&nbsp;BOK Financial | 99 | 10051 |
| &nbsp;&nbsp;&nbsp;Bowhead Specialty Holdings \* | 68 | 2210 |
| &nbsp;&nbsp;&nbsp;Bread Financial Holdings | 203 | 12444 |
| &nbsp;&nbsp;&nbsp;Bridgewater Bancshares \* | 93 | 1447 |
| &nbsp;&nbsp;&nbsp;Brighthouse Financial \* | 256 | 12250 |
| &nbsp;&nbsp;&nbsp;Brightsphere Investment Group | 123 | 5140 |
| &nbsp;&nbsp;&nbsp;BrightSpire Capital, Cl A ‡ | 572 | 2963 |
| &nbsp;&nbsp;&nbsp;Brookline Bancorp | 390 | 4025 |
| &nbsp;&nbsp;&nbsp;Brown & Brown | 1076 | 98314 |
| &nbsp;&nbsp;&nbsp;Burke & Herbert Financial Services | 58 | 3363 |
| &nbsp;&nbsp;&nbsp;Business First Bancshares | 125 | 2969 |
| &nbsp;&nbsp;&nbsp;Byline Bancorp | 122 | 3209 |
| &nbsp;&nbsp;&nbsp;Cadence Bank | 811 | 28263 |
| &nbsp;&nbsp;&nbsp;California BanCorp \* | 108 | 1619 |
| &nbsp;&nbsp;&nbsp;Camden National | 73 | 2753 |
| &nbsp;&nbsp;&nbsp;Cannae Holdings | 245 | 5238 |
| &nbsp;&nbsp;&nbsp;Cantaloupe \* | 279 | 3089 |
| &nbsp;&nbsp;&nbsp;Capital Bancorp | 54 | 1700 |
| &nbsp;&nbsp;&nbsp;Capital City Bank Group | 58 | 2296 |

---

**26**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS**<br> **U.S. ALL CAP INDEX FUND**<br> **JULY 31, 2025**<br> **(Unaudited)** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **FINANCIALS— continued** | **FINANCIALS— continued** | **FINANCIALS— continued** |
| &nbsp;&nbsp;&nbsp;Capital One Financial | 2799 | $601765 |
| &nbsp;&nbsp;&nbsp;Capitol Federal Financial | 512 | 3082 |
| &nbsp;&nbsp;&nbsp;Carlyle Group | 1158 | 70244 |
| &nbsp;&nbsp;&nbsp;Carter Bankshares \* | 99 | 1721 |
| &nbsp;&nbsp;&nbsp;Cass Information Systems | 58 | 2321 |
| &nbsp;&nbsp;&nbsp;Cathay General Bancorp | 299 | 13521 |
| &nbsp;&nbsp;&nbsp;Cboe Global Markets | 468 | 112807 |
| &nbsp;&nbsp;&nbsp;Central Pacific Financial | 118 | 3146 |
| &nbsp;&nbsp;&nbsp;Charles Schwab | 7648 | 747439 |
| &nbsp;&nbsp;&nbsp;Chemung Financial | 19 | 961 |
| &nbsp;&nbsp;&nbsp;Chimera Investment ‡ | 351 | 4693 |
| &nbsp;&nbsp;&nbsp;Chubb | 1669 | 444021 |
| &nbsp;&nbsp;&nbsp;Cincinnati Financial | 689 | 101634 |
| &nbsp;&nbsp;&nbsp;Citigroup | 8357 | 783051 |
| &nbsp;&nbsp;&nbsp;Citizens & Northern | 65 | 1236 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group | 1837 | 87662 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Services | 20 | 1085 |
| &nbsp;&nbsp;&nbsp;City Holding | 63 | 7692 |
| &nbsp;&nbsp;&nbsp;Civista Bancshares | 65 | 1266 |
| &nbsp;&nbsp;&nbsp;Claros Mortgage Trust ‡ | 528 | 1505 |
| &nbsp;&nbsp;&nbsp;CME Group, Cl A | 1613 | 448866 |
| &nbsp;&nbsp;&nbsp;CNB Financial | 123 | 2814 |
| &nbsp;&nbsp;&nbsp;Coastal Financial \* | 56 | 5387 |
| &nbsp;&nbsp;&nbsp;Cohen & Steers | 123 | 9048 |
| &nbsp;&nbsp;&nbsp;Coinbase Global, Cl A \* | 919 | 347161 |
| &nbsp;&nbsp;&nbsp;Columbia Banking System | 933 | 22205 |
| &nbsp;&nbsp;&nbsp;Columbia Financial \* | 119 | 1712 |
| &nbsp;&nbsp;&nbsp;Comerica | 583 | 39393 |
| &nbsp;&nbsp;&nbsp;Commerce Bancshares | 582 | 35618 |
| &nbsp;&nbsp;&nbsp;Community Financial System | 234 | 12332 |
| &nbsp;&nbsp;&nbsp;Community Trust Bancorp | 69 | 3725 |
| &nbsp;&nbsp;&nbsp;Community West Bancshares | 75 | 1444 |
| &nbsp;&nbsp;&nbsp;Compass Diversified Holdings | 298 | 1904 |
| &nbsp;&nbsp;&nbsp;ConnectOne Bancorp | 211 | 4849 |
| &nbsp;&nbsp;&nbsp;Consumer Portfolio Services \* | 40 | 316 |
| &nbsp;&nbsp;&nbsp;Corebridge Financial | 1062 | 37765 |
| &nbsp;&nbsp;&nbsp;Corpay \* | 304 | 98207 |
| &nbsp;&nbsp;&nbsp;Crawford, Cl A | 76 | 727 |
| &nbsp;&nbsp;&nbsp;Crawford, Cl B | 28 | 258 |
| &nbsp;&nbsp;&nbsp;Credit Acceptance \* | 21 | 10296 |
| &nbsp;&nbsp;&nbsp;Cullen | 268 | 34146 |
| &nbsp;&nbsp;&nbsp;Customers Bancorp \* | 129 | 8224 |
| &nbsp;&nbsp;&nbsp;CVB Financial | 586 | 10952 |
| &nbsp;&nbsp;&nbsp;Diamond Hill Investment Group | 12 | 1627 |
| &nbsp;&nbsp;&nbsp;DigitalBridge Group | 779 | 8366 |
| &nbsp;&nbsp;&nbsp;Dime Community Bancshares | 186 | 5154 |
| &nbsp;&nbsp;&nbsp;Donegal Group, Cl A | 73 | 1252 |
| &nbsp;&nbsp;&nbsp;Donegal Group, Cl B | 4 | 62 |
| &nbsp;&nbsp;&nbsp;Donnelley Financial Solutions \* | 121 | 6408 |
| &nbsp;&nbsp;&nbsp;Dynex Capital ‡ | 451 | 5610 |
| &nbsp;&nbsp;&nbsp;Eagle Bancorp | 131 | 2108 |
| &nbsp;&nbsp;&nbsp;East West Bancorp | 612 | 61353 |
| &nbsp;&nbsp;&nbsp;Eastern Bankshares | 878 | 13565 |
| &nbsp;&nbsp;&nbsp;Ellington Financial ‡ | 405 | 5139 |
| &nbsp;&nbsp;&nbsp;Employers Holdings | 107 | 4417 |
| &nbsp;&nbsp;&nbsp;Enact Holdings | 128 | 4449 |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **FINANCIALS— continued** | **FINANCIALS— continued** | **FINANCIALS— continued** |
| &nbsp;&nbsp;&nbsp;Encore Capital Group \* | 101 | $3725 |
| &nbsp;&nbsp;&nbsp;Enova International \* | 107 | 11188 |
| &nbsp;&nbsp;&nbsp;Enterprise Financial Services | 159 | 8775 |
| &nbsp;&nbsp;&nbsp;Equitable Holdings | 1370 | 70350 |
| &nbsp;&nbsp;&nbsp;Equity Bancshares, Cl A | 72 | 2706 |
| &nbsp;&nbsp;&nbsp;Erie Indemnity, Cl A | 113 | 40255 |
| &nbsp;&nbsp;&nbsp;Esquire Financial Holdings | 32 | 3068 |
| &nbsp;&nbsp;&nbsp;Essent Group | 448 | 25084 |
| &nbsp;&nbsp;&nbsp;Euronet Worldwide \* | 182 | 17687 |
| &nbsp;&nbsp;&nbsp;Evercore, Cl A | 164 | 49387 |
| &nbsp;&nbsp;&nbsp;Everest Group | 212 | 71190 |
| &nbsp;&nbsp;&nbsp;EVERTEC | 283 | 10230 |
| &nbsp;&nbsp;&nbsp;EZCORP, Cl A \* | 222 | 3179 |
| &nbsp;&nbsp;&nbsp;F&G Annuities & Life | 95 | 3031 |
| &nbsp;&nbsp;&nbsp;FactSet Research Systems | 170 | 68493 |
| &nbsp;&nbsp;&nbsp;Farmers & Merchants Bancorp | 56 | 1345 |
| &nbsp;&nbsp;&nbsp;Farmers National Banc | 158 | 2139 |
| &nbsp;&nbsp;&nbsp;FB Financial | 185 | 9011 |
| &nbsp;&nbsp;&nbsp;Federal Agricultural Mortgage, Cl C | 40 | 6891 |
| &nbsp;&nbsp;&nbsp;Federated Hermes, Cl B | 341 | 16903 |
| &nbsp;&nbsp;&nbsp;Fidelis Insurance Holdings | 267 | 4034 |
| &nbsp;&nbsp;&nbsp;Fidelity D&D Bancorp | 20 | 809 |
| &nbsp;&nbsp;&nbsp;Fidelity National Financial | 1173 | 66192 |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services | 2338 | 185661 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | 2975 | 123671 |
| &nbsp;&nbsp;&nbsp;Finance of America, Cl A \* | 26 | 560 |
| &nbsp;&nbsp;&nbsp;Financial Institutions | 86 | 2192 |
| &nbsp;&nbsp;&nbsp;First American Financial | 443 | 26602 |
| &nbsp;&nbsp;&nbsp;First Bancorp | 44 | 1109 |
| &nbsp;&nbsp;&nbsp;First Bancorp | 181 | 9066 |
| &nbsp;&nbsp;&nbsp;First BanCorp | 715 | 14893 |
| &nbsp;&nbsp;&nbsp;First Bank | 138 | 2056 |
| &nbsp;&nbsp;&nbsp;First Busey | 388 | 8663 |
| &nbsp;&nbsp;&nbsp;First Business Financial Services | 33 | 1571 |
| &nbsp;&nbsp;&nbsp;First Citizens BancShares, Cl A | 43 | 85775 |
| &nbsp;&nbsp;&nbsp;First Commonwealth Financial | 443 | 7314 |
| &nbsp;&nbsp;&nbsp;First Community Bankshares | 76 | 2774 |
| &nbsp;&nbsp;&nbsp;First Financial | 48 | 2570 |
| &nbsp;&nbsp;&nbsp;First Financial Bancorp | 406 | 9841 |
| &nbsp;&nbsp;&nbsp;First Financial Bankshares | 541 | 18729 |
| &nbsp;&nbsp;&nbsp;First Foundation \* | 316 | 1539 |
| &nbsp;&nbsp;&nbsp;First Hawaiian | 562 | 13629 |
| &nbsp;&nbsp;&nbsp;First Horizon | 2266 | 49421 |
| &nbsp;&nbsp;&nbsp;First Interstate BancSystem, Cl A | 379 | 10911 |
| &nbsp;&nbsp;&nbsp;First Merchants | 256 | 9759 |
| &nbsp;&nbsp;&nbsp;First Mid Bancshares | 91 | 3455 |
| &nbsp;&nbsp;&nbsp;FirstCash Holdings | 172 | 22926 |
| &nbsp;&nbsp;&nbsp;Fiserv \* | 2474 | 343738 |
| &nbsp;&nbsp;&nbsp;Five Star Bancorp | 63 | 1896 |
| &nbsp;&nbsp;&nbsp;Flushing Financial | 144 | 1727 |
| &nbsp;&nbsp;&nbsp;Flywire \* | 500 | 5445 |
| &nbsp;&nbsp;&nbsp;FNB | 1590 | 24359 |
| &nbsp;&nbsp;&nbsp;Forge Global Holdings \* | 39 | 858 |
| &nbsp;&nbsp;&nbsp;Franklin BSP Realty Trust ‡ | 363 | 3666 |

---

**27**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS**<br> **U.S. ALL CAP INDEX FUND**<br> **JULY 31, 2025**<br> **(Unaudited)** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **FINANCIALS— continued** | **FINANCIALS— continued** | **FINANCIALS— continued** |
| &nbsp;&nbsp;&nbsp;Franklin Resources | 1407 | $33768 |
| &nbsp;&nbsp;&nbsp;FS Bancorp | 29 | 1134 |
| &nbsp;&nbsp;&nbsp;Fulton Financial | 809 | 14522 |
| &nbsp;&nbsp;&nbsp;FVCBankcorp | 70 | 897 |
| &nbsp;&nbsp;&nbsp;GCM Grosvenor | 196 | 2311 |
| &nbsp;&nbsp;&nbsp;Genworth Financial, Cl A \* | 1825 | 14345 |
| &nbsp;&nbsp;&nbsp;German American Bancorp | 156 | 5994 |
| &nbsp;&nbsp;&nbsp;Glacier Bancorp | 506 | 22178 |
| &nbsp;&nbsp;&nbsp;Global Payments | 1095 | 87545 |
| &nbsp;&nbsp;&nbsp;Globe Life | 364 | 51131 |
| &nbsp;&nbsp;&nbsp;GoHealth, Cl A \* | 17 | 104 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group | 1389 | 1005066 |
| &nbsp;&nbsp;&nbsp;Goosehead Insurance, Cl A | 105 | 9546 |
| &nbsp;&nbsp;&nbsp;Granite Point Mortgage Trust ‡ | 203 | 518 |
| &nbsp;&nbsp;&nbsp;Great Southern Bancorp | 41 | 2335 |
| &nbsp;&nbsp;&nbsp;Green Dot, Cl A \* | 235 | 2378 |
| &nbsp;&nbsp;&nbsp;Greene County Bancorp | 31 | 734 |
| &nbsp;&nbsp;&nbsp;Greenlight Capital Re, Cl A \* | 108 | 1404 |
| &nbsp;&nbsp;&nbsp;Guaranty Bancshares | 39 | 1701 |
| &nbsp;&nbsp;&nbsp;Hagerty, Cl A \* | 143 | 1453 |
| &nbsp;&nbsp;&nbsp;Hamilton Insurance Group, Cl B \* | 201 | 4319 |
| &nbsp;&nbsp;&nbsp;Hamilton Lane, Cl A | 175 | 26653 |
| &nbsp;&nbsp;&nbsp;Hancock Whitney | 377 | 22514 |
| &nbsp;&nbsp;&nbsp;Hanmi Financial | 133 | 3034 |
| &nbsp;&nbsp;&nbsp;Hanover Insurance Group | 145 | 24886 |
| &nbsp;&nbsp;&nbsp;HarborOne Bancorp | 169 | 1999 |
| &nbsp;&nbsp;&nbsp;Hartford Financial Services Group | 1270 | 157975 |
| &nbsp;&nbsp;&nbsp;HBT Financial | 57 | 1418 |
| &nbsp;&nbsp;&nbsp;HCI Group | 40 | 5602 |
| &nbsp;&nbsp;&nbsp;Heritage Commerce | 264 | 2442 |
| &nbsp;&nbsp;&nbsp;Heritage Financial | 149 | 3358 |
| &nbsp;&nbsp;&nbsp;Hilltop Holdings | 200 | 5920 |
| &nbsp;&nbsp;&nbsp;Hingham Institution For Savings The | 7 | 1714 |
| &nbsp;&nbsp;&nbsp;Hippo Holdings \* | 75 | 1938 |
| &nbsp;&nbsp;&nbsp;Home Bancorp | 31 | 1621 |
| &nbsp;&nbsp;&nbsp;Home BancShares | 824 | 23204 |
| &nbsp;&nbsp;&nbsp;HomeStreet \* | 80 | 1046 |
| &nbsp;&nbsp;&nbsp;HomeTrust Bancshares | 65 | 2526 |
| &nbsp;&nbsp;&nbsp;Hope Bancorp | 546 | 5455 |
| &nbsp;&nbsp;&nbsp;Horace Mann Educators | 181 | 7698 |
| &nbsp;&nbsp;&nbsp;Horizon Bancorp | 190 | 2943 |
| &nbsp;&nbsp;&nbsp;Houlihan Lokey, Cl A | 242 | 46140 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares | 6439 | 105793 |
| &nbsp;&nbsp;&nbsp;Independent Bank | 215 | 13689 |
| &nbsp;&nbsp;&nbsp;Independent Bank/MI | 92 | 2811 |
| &nbsp;&nbsp;&nbsp;Interactive Brokers Group, Cl A | 1888 | 123777 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange | 2575 | 475937 |
| &nbsp;&nbsp;&nbsp;International Bancshares | 253 | 17250 |
| &nbsp;&nbsp;&nbsp;International Money Express \* | 120 | 1079 |
| &nbsp;&nbsp;&nbsp;Invesco | 1977 | 41537 |
| &nbsp;&nbsp;&nbsp;Invesco Mortgage Capital ‡ | 292 | 2205 |
| &nbsp;&nbsp;&nbsp;Investors Title | 6 | 1267 |
| &nbsp;&nbsp;&nbsp;Jack Henry & Associates | 325 | 55190 |
| &nbsp;&nbsp;&nbsp;Jackson Financial, Cl A | 315 | 27581 |
| &nbsp;&nbsp;&nbsp;James River Group Holdings | 159 | 906 |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **FINANCIALS— continued** | **FINANCIALS— continued** | **FINANCIALS— continued** |
| &nbsp;&nbsp;&nbsp;Janus Henderson Group PLC | 557 | $24118 |
| &nbsp;&nbsp;&nbsp;Jefferies Financial Group | 665 | 38344 |
| &nbsp;&nbsp;&nbsp;John Marshall Bancorp | 55 | 1013 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase | 12333 | 3653528 |
| &nbsp;&nbsp;&nbsp;Kearny Financial | 253 | 1500 |
| &nbsp;&nbsp;&nbsp;Kemper | 275 | 16937 |
| &nbsp;&nbsp;&nbsp;KeyCorp | 4902 | 87844 |
| &nbsp;&nbsp;&nbsp;Kinsale Capital Group | 99 | 43628 |
| &nbsp;&nbsp;&nbsp;KKR Real Estate Finance Trust ‡ | 252 | 2278 |
| &nbsp;&nbsp;&nbsp;Ladder Capital, Cl A ‡ | 511 | 5580 |
| &nbsp;&nbsp;&nbsp;Lakeland Financial | 113 | 7161 |
| &nbsp;&nbsp;&nbsp;Lazard, Cl A | 496 | 25782 |
| &nbsp;&nbsp;&nbsp;LCNB | 57 | 841 |
| &nbsp;&nbsp;&nbsp;Lemonade \* | 290 | 10927 |
| &nbsp;&nbsp;&nbsp;LendingClub \* | 496 | 7733 |
| &nbsp;&nbsp;&nbsp;LendingTree \* | 49 | 2287 |
| &nbsp;&nbsp;&nbsp;Lincoln National | 757 | 28849 |
| &nbsp;&nbsp;&nbsp;Live Oak Bancshares | 155 | 4900 |
| &nbsp;&nbsp;&nbsp;Loews | 777 | 70350 |
| &nbsp;&nbsp;&nbsp;LPL Financial Holdings | 353 | 139693 |
| &nbsp;&nbsp;&nbsp;M&T Bank | 727 | 137185 |
| &nbsp;&nbsp;&nbsp;Markel Group \* | 55 | 110456 |
| &nbsp;&nbsp;&nbsp;MarketAxess Holdings | 161 | 33086 |
| &nbsp;&nbsp;&nbsp;MarketWise | 7 | 131 |
| &nbsp;&nbsp;&nbsp;Marqeta, Cl A \* | 1868 | 10648 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan | 2207 | 439634 |
| &nbsp;&nbsp;&nbsp;Mastercard, Cl A | 3637 | 2060251 |
| &nbsp;&nbsp;&nbsp;MBIA \* | 197 | 1050 |
| &nbsp;&nbsp;&nbsp;Mercantile Bank | 70 | 3198 |
| &nbsp;&nbsp;&nbsp;Merchants Bancorp | 92 | 2696 |
| &nbsp;&nbsp;&nbsp;Mercury General | 119 | 8241 |
| &nbsp;&nbsp;&nbsp;Metrocity Bankshares | 83 | 2291 |
| &nbsp;&nbsp;&nbsp;Metropolitan Bank Holding | 47 | 3315 |
| &nbsp;&nbsp;&nbsp;MFA Financial ‡ | 456 | 4145 |
| &nbsp;&nbsp;&nbsp;MGIC Investment | 1070 | 27713 |
| &nbsp;&nbsp;&nbsp;Mid Penn Bancorp | 230 | 6314 |
| &nbsp;&nbsp;&nbsp;Middlefield Banc | 35 | 975 |
| &nbsp;&nbsp;&nbsp;Midland States Bancorp | 91 | 1543 |
| &nbsp;&nbsp;&nbsp;MidWestOne Financial Group | 68 | 1873 |
| &nbsp;&nbsp;&nbsp;Moelis, Cl A | 328 | 23006 |
| &nbsp;&nbsp;&nbsp;Moody's | 681 | 351212 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | 5471 | 779399 |
| &nbsp;&nbsp;&nbsp;Mr Cooper Group \* | 280 | 43602 |
| &nbsp;&nbsp;&nbsp;MSCI, Cl A | 337 | 189178 |
| &nbsp;&nbsp;&nbsp;MVB Financial | 51 | 1160 |
| &nbsp;&nbsp;&nbsp;Nasdaq | 2092 | 201292 |
| &nbsp;&nbsp;&nbsp;National Bank Holdings, Cl A | 167 | 6189 |
| &nbsp;&nbsp;&nbsp;Navient | 308 | 3986 |
| &nbsp;&nbsp;&nbsp;NB Bancorp \* | 160 | 2757 |
| &nbsp;&nbsp;&nbsp;NBT Bancorp | 227 | 9393 |
| &nbsp;&nbsp;&nbsp;NCR Atleos \* | 326 | 9976 |
| &nbsp;&nbsp;&nbsp;Nelnet, Cl A | 61 | 7611 |
| &nbsp;&nbsp;&nbsp;NerdWallet, Cl A \* | 179 | 1896 |
| &nbsp;&nbsp;&nbsp;New York Community Bancorp | 1500 | 16935 |
| &nbsp;&nbsp;&nbsp;New York Mortgage Trust ‡ | 376 | 2380 |
| &nbsp;&nbsp;&nbsp;NewtekOne | 114 | 1304 |

---

**28**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS**<br> **U.S. ALL CAP INDEX FUND**<br> **JULY 31, 2025**<br> **(Unaudited)** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **FINANCIALS— continued** | **FINANCIALS— continued** | **FINANCIALS— continued** |
| &nbsp;&nbsp;&nbsp;Nexpoint Real Estate Finance ‡ | 34 | $469 |
| &nbsp;&nbsp;&nbsp;NI Holdings \* | 30 | 382 |
| &nbsp;&nbsp;&nbsp;Nicolet Bankshares | 56 | 7224 |
| &nbsp;&nbsp;&nbsp;NMI Holdings, Cl A \* | 343 | 12801 |
| &nbsp;&nbsp;&nbsp;Northeast Bank | 29 | 2876 |
| &nbsp;&nbsp;&nbsp;Northeast Community Bancorp | 54 | 1116 |
| &nbsp;&nbsp;&nbsp;Northern Trust | 832 | 108160 |
| &nbsp;&nbsp;&nbsp;Northfield Bancorp | 166 | 1768 |
| &nbsp;&nbsp;&nbsp;Northrim BanCorp | 24 | 2005 |
| &nbsp;&nbsp;&nbsp;Northwest Bancshares | 561 | 6564 |
| &nbsp;&nbsp;&nbsp;Norwood Financial | 36 | 873 |
| &nbsp;&nbsp;&nbsp;OceanFirst Financial | 252 | 4229 |
| &nbsp;&nbsp;&nbsp;OFG Bancorp | 201 | 8567 |
| &nbsp;&nbsp;&nbsp;Old National Bancorp | 1411 | 29786 |
| &nbsp;&nbsp;&nbsp;Old Republic International | 1018 | 36821 |
| &nbsp;&nbsp;&nbsp;Old Second Bancorp | 192 | 3258 |
| &nbsp;&nbsp;&nbsp;OneMain Holdings, Cl A | 532 | 30744 |
| &nbsp;&nbsp;&nbsp;Onity Group \* | 26 | 981 |
| &nbsp;&nbsp;&nbsp;Open Lending, Cl A \* | 454 | 994 |
| &nbsp;&nbsp;&nbsp;OppFi | 101 | 1075 |
| &nbsp;&nbsp;&nbsp;Orange County Bancorp | 37 | 925 |
| &nbsp;&nbsp;&nbsp;Orchid Island Capital, Cl A ‡ | 477 | 3320 |
| &nbsp;&nbsp;&nbsp;Origin Bancorp | 132 | 4825 |
| &nbsp;&nbsp;&nbsp;Orrstown Financial Services | 82 | 2695 |
| &nbsp;&nbsp;&nbsp;Oscar Health, Cl A \* | 915 | 12856 |
| &nbsp;&nbsp;&nbsp;P10, Cl A | 233 | 2866 |
| &nbsp;&nbsp;&nbsp;Pacific Premier Bancorp | 425 | 9210 |
| &nbsp;&nbsp;&nbsp;Palomar Holdings \* | 117 | 15501 |
| &nbsp;&nbsp;&nbsp;Park National | 66 | 10683 |
| &nbsp;&nbsp;&nbsp;Parke Bancorp | 48 | 991 |
| &nbsp;&nbsp;&nbsp;Pathward Financial | 106 | 8016 |
| &nbsp;&nbsp;&nbsp;Paymentus Holdings, Cl A \* | 137 | 3820 |
| &nbsp;&nbsp;&nbsp;Payoneer Global \* | 1320 | 8672 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings \* | 4349 | 299037 |
| &nbsp;&nbsp;&nbsp;Paysafe \* | 145 | 1762 |
| &nbsp;&nbsp;&nbsp;PCB Bancorp | 52 | 1063 |
| &nbsp;&nbsp;&nbsp;Peapack-Gladstone Financial | 70 | 1784 |
| &nbsp;&nbsp;&nbsp;PennyMac Financial Services | 125 | 11643 |
| &nbsp;&nbsp;&nbsp;PennyMac Mortgage Investment Trust ‡ | 384 | 4527 |
| &nbsp;&nbsp;&nbsp;Peoples Bancorp | 154 | 4411 |
| &nbsp;&nbsp;&nbsp;Peoples Financial Services | 44 | 2143 |
| &nbsp;&nbsp;&nbsp;Perella Weinberg Partners, Cl A | 256 | 5105 |
| &nbsp;&nbsp;&nbsp;Pinnacle Financial Partners | 340 | 29883 |
| &nbsp;&nbsp;&nbsp;Pioneer Bancorp \* | 50 | 614 |
| &nbsp;&nbsp;&nbsp;Piper Sandler | 77 | 24280 |
| &nbsp;&nbsp;&nbsp;PJT Partners | 96 | 17148 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group | 1764 | 335636 |
| &nbsp;&nbsp;&nbsp;Ponce Financial Group \* | 90 | 1265 |
| &nbsp;&nbsp;&nbsp;Popular | 303 | 34718 |
| &nbsp;&nbsp;&nbsp;PRA Group \* | 168 | 2554 |
| &nbsp;&nbsp;&nbsp;Preferred Bank | 56 | 5086 |
| &nbsp;&nbsp;&nbsp;Primerica | 148 | 39313 |
| &nbsp;&nbsp;&nbsp;Primis Financial | 107 | 1197 |
| &nbsp;&nbsp;&nbsp;Primo Brands | 940 | 25953 |
| &nbsp;&nbsp;&nbsp;Principal Financial Group | 1001 | 77908 |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **FINANCIALS— continued** | **FINANCIALS— continued** | **FINANCIALS— continued** |
| &nbsp;&nbsp;&nbsp;Priority Technology Holdings \* | 107 | $733 |
| &nbsp;&nbsp;&nbsp;ProAssurance \* | 282 | 6700 |
| &nbsp;&nbsp;&nbsp;PROG Holdings | 175 | 5572 |
| &nbsp;&nbsp;&nbsp;Progressive | 2624 | 635113 |
| &nbsp;&nbsp;&nbsp;Prosperity Bancshares | 409 | 27248 |
| &nbsp;&nbsp;&nbsp;Provident Financial Services | 565 | 10294 |
| &nbsp;&nbsp;&nbsp;Prudential Financial | 1587 | 164381 |
| &nbsp;&nbsp;&nbsp;QCR Holdings | 73 | 5183 |
| &nbsp;&nbsp;&nbsp;Radian Group | 626 | 20414 |
| &nbsp;&nbsp;&nbsp;Raymond James Financial | 825 | 137882 |
| &nbsp;&nbsp;&nbsp;RBB Bancorp | 71 | 1286 |
| &nbsp;&nbsp;&nbsp;Ready Capital ‡ | 747 | 3145 |
| &nbsp;&nbsp;&nbsp;Red River Bancshares | 19 | 1143 |
| &nbsp;&nbsp;&nbsp;Redwood Trust ‡ | 589 | 3216 |
| &nbsp;&nbsp;&nbsp;Regional Management | 36 | 1197 |
| &nbsp;&nbsp;&nbsp;Regions Financial | 4042 | 102384 |
| &nbsp;&nbsp;&nbsp;Reinsurance Group of America, Cl A | 295 | 56773 |
| &nbsp;&nbsp;&nbsp;Remitly Global \* | 684 | 11286 |
| &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings | 214 | 52160 |
| &nbsp;&nbsp;&nbsp;Renasant | 417 | 15279 |
| &nbsp;&nbsp;&nbsp;Repay Holdings, Cl A \* | 336 | 1653 |
| &nbsp;&nbsp;&nbsp;Republic Bancorp, Cl A | 40 | 2754 |
| &nbsp;&nbsp;&nbsp;Rithm Capital ‡ | 2371 | 28523 |
| &nbsp;&nbsp;&nbsp;RLI | 398 | 26264 |
| &nbsp;&nbsp;&nbsp;Robinhood Markets, Cl A \* | 3395 | 349855 |
| &nbsp;&nbsp;&nbsp;Rocket, Cl A | 1039 | 15342 |
| &nbsp;&nbsp;&nbsp;Root, Cl A \* | 41 | 4962 |
| &nbsp;&nbsp;&nbsp;Ryan Specialty Holdings, Cl A | 475 | 29065 |
| &nbsp;&nbsp;&nbsp;S&P Global | 1375 | 757762 |
| &nbsp;&nbsp;&nbsp;S&T Bancorp | 170 | 6229 |
| &nbsp;&nbsp;&nbsp;Safety Insurance Group | 64 | 4502 |
| &nbsp;&nbsp;&nbsp;Seacoast Banking Corp of Florida | 375 | 10571 |
| &nbsp;&nbsp;&nbsp;SEI Investments | 512 | 45117 |
| &nbsp;&nbsp;&nbsp;Selective Insurance Group | 268 | 20896 |
| &nbsp;&nbsp;&nbsp;Selectquote \* | 607 | 1068 |
| &nbsp;&nbsp;&nbsp;ServisFirst Bancshares | 225 | 17696 |
| &nbsp;&nbsp;&nbsp;Sezzle \* | 74 | 11458 |
| &nbsp;&nbsp;&nbsp;Shift4 Payments, Cl A \* | 296 | 30488 |
| &nbsp;&nbsp;&nbsp;Shore Bancshares | 136 | 2109 |
| &nbsp;&nbsp;&nbsp;Sierra Bancorp | 55 | 1613 |
| &nbsp;&nbsp;&nbsp;Silvercrest Asset Management Group, Cl A | 36 | 589 |
| &nbsp;&nbsp;&nbsp;Simmons First National, Cl A | 555 | 10639 |
| &nbsp;&nbsp;&nbsp;SiriusPoint \* | 454 | 8903 |
| &nbsp;&nbsp;&nbsp;Skyward Specialty Insurance Group \* | 158 | 7992 |
| &nbsp;&nbsp;&nbsp;SLM | 880 | 27984 |
| &nbsp;&nbsp;&nbsp;SmartFinancial | 63 | 2158 |
| &nbsp;&nbsp;&nbsp;SoFi Technologies \* | 4640 | 104771 |
| &nbsp;&nbsp;&nbsp;South Plains Financial | 53 | 1967 |
| &nbsp;&nbsp;&nbsp;Southern First Bancshares \* | 34 | 1413 |
| &nbsp;&nbsp;&nbsp;Southern Missouri Bancorp | 42 | 2272 |
| &nbsp;&nbsp;&nbsp;Southside Bancshares | 128 | 3768 |
| &nbsp;&nbsp;&nbsp;SouthState | 450 | 42414 |
| &nbsp;&nbsp;&nbsp;Starwood Property Trust ‡ | 1427 | 27769 |

---

**29**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS**<br> **U.S. ALL CAP INDEX FUND**<br> **JULY 31, 2025**<br> **(Unaudited)** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **FINANCIALS— continued** | **FINANCIALS— continued** | **FINANCIALS— continued** |
| &nbsp;&nbsp;&nbsp;State Street | 1206 | $134770 |
| &nbsp;&nbsp;&nbsp;Stellar Bancorp | 194 | 5729 |
| &nbsp;&nbsp;&nbsp;StepStone Group, Cl A | 293 | 17392 |
| &nbsp;&nbsp;&nbsp;Stewart Information Services | 124 | 8051 |
| &nbsp;&nbsp;&nbsp;Stifel Financial | 437 | 49870 |
| &nbsp;&nbsp;&nbsp;Stock Yards Bancorp | 129 | 9644 |
| &nbsp;&nbsp;&nbsp;StoneX Group \* | 186 | 18087 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | 1695 | 118091 |
| &nbsp;&nbsp;&nbsp;Synovus Financial | 601 | 28391 |
| &nbsp;&nbsp;&nbsp;T Rowe Price Group | 973 | 98711 |
| &nbsp;&nbsp;&nbsp;Texas Capital Bancshares \* | 202 | 16962 |
| &nbsp;&nbsp;&nbsp;TFS Financial | 234 | 3068 |
| &nbsp;&nbsp;&nbsp;Third Coast Bancshares \* | 50 | 1882 |
| &nbsp;&nbsp;&nbsp;Timberland Bancorp | 32 | 1001 |
| &nbsp;&nbsp;&nbsp;Tiptree | 104 | 2161 |
| &nbsp;&nbsp;&nbsp;Toast, Cl A \* | 2122 | 103638 |
| &nbsp;&nbsp;&nbsp;Tompkins Financial | 57 | 3687 |
| &nbsp;&nbsp;&nbsp;Towne Bank | 300 | 10509 |
| &nbsp;&nbsp;&nbsp;TPG, Cl A | 426 | 24312 |
| &nbsp;&nbsp;&nbsp;TPG RE Finance Trust ‡ | 282 | 2453 |
| &nbsp;&nbsp;&nbsp;Tradeweb Markets, Cl A | 519 | 71907 |
| &nbsp;&nbsp;&nbsp;Travelers | 1003 | 261021 |
| &nbsp;&nbsp;&nbsp;TriCo Bancshares | 125 | 5140 |
| &nbsp;&nbsp;&nbsp;Triumph Financial \* | 99 | 5615 |
| &nbsp;&nbsp;&nbsp;Truist Financial | 5797 | 253387 |
| &nbsp;&nbsp;&nbsp;Trupanion \* | 148 | 7017 |
| &nbsp;&nbsp;&nbsp;TrustCo Bank NY | 82 | 2752 |
| &nbsp;&nbsp;&nbsp;Trustmark | 248 | 9238 |
| &nbsp;&nbsp;&nbsp;Two Harbors Investment ‡ | 460 | 4485 |
| &nbsp;&nbsp;&nbsp;UMB Financial | 292 | 32062 |
| &nbsp;&nbsp;&nbsp;United Bankshares | 629 | 22342 |
| &nbsp;&nbsp;&nbsp;United Community Banks | 531 | 16195 |
| &nbsp;&nbsp;&nbsp;United Fire Group | 79 | 2097 |
| &nbsp;&nbsp;&nbsp;Unity Bancorp | 32 | 1572 |
| &nbsp;&nbsp;&nbsp;Universal Insurance Holdings | 114 | 2695 |
| &nbsp;&nbsp;&nbsp;Univest Financial | 125 | 3605 |
| &nbsp;&nbsp;&nbsp;Unum Group | 745 | 53498 |
| &nbsp;&nbsp;&nbsp;Upstart Holdings \* | 369 | 30162 |
| &nbsp;&nbsp;&nbsp;US Bancorp | 6908 | 310584 |
| &nbsp;&nbsp;&nbsp;USCB Financial Holdings | 54 | 899 |
| &nbsp;&nbsp;&nbsp;UWM Holdings | 803 | 3228 |
| &nbsp;&nbsp;&nbsp;Valley National Bancorp | 2147 | 19903 |
| &nbsp;&nbsp;&nbsp;Velocity Financial \* | 48 | 797 |
| &nbsp;&nbsp;&nbsp;Veritex Holdings | 235 | 7454 |
| &nbsp;&nbsp;&nbsp;Victory Capital Holdings, Cl A | 227 | 15643 |
| &nbsp;&nbsp;&nbsp;Virtu Financial, Cl A | 358 | 15802 |
| &nbsp;&nbsp;&nbsp;Virtus Investment Partners | 29 | 5606 |
| &nbsp;&nbsp;&nbsp;Visa, Cl A | 7695 | 2658392 |
| &nbsp;&nbsp;&nbsp;Voya Financial | 426 | 29820 |
| &nbsp;&nbsp;&nbsp;WaFd | 360 | 10478 |
| &nbsp;&nbsp;&nbsp;Walker & Dunlop | 144 | 10801 |
| &nbsp;&nbsp;&nbsp;Washington Trust Bancorp | 85 | 2290 |
| &nbsp;&nbsp;&nbsp;Waterstone Financial | 70 | 932 |
| &nbsp;&nbsp;&nbsp;Webster Financial | 749 | 43180 |
| &nbsp;&nbsp;&nbsp;Wells Fargo | 14578 | 1175424 |
| &nbsp;&nbsp;&nbsp;WesBanco | 420 | 12643 |

---

**COMMON STOCK — continued**

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| **FINANCIALS— continued** | **FINANCIALS— continued** | **FINANCIALS— continued** | **FINANCIALS— continued** |
| &nbsp;&nbsp;&nbsp;West Bancorporation | 65 | $| 1169 |
| &nbsp;&nbsp;&nbsp;Westamerica Bancorporation | 114 |  | 5461 |
| &nbsp;&nbsp;&nbsp;Western Alliance Bancorp | 470 |  | 36453 |
| &nbsp;&nbsp;&nbsp;Western Union | 1476 |  | 11882 |
| &nbsp;&nbsp;&nbsp;WEX \* | 152 |  | 25791 |
| &nbsp;&nbsp;&nbsp;White Mountains Insurance Group | 11 |  | 19666 |
| &nbsp;&nbsp;&nbsp;Willis Towers Watson PLC | 442 |  | 139588 |
| &nbsp;&nbsp;&nbsp;Wintrust Financial | 295 |  | 37754 |
| &nbsp;&nbsp;&nbsp;WisdomTree | 597 |  | 7922 |
| &nbsp;&nbsp;&nbsp;World Acceptance \* | 14 |  | 2202 |
| &nbsp;&nbsp;&nbsp;WR Berkley | 1356 |  | 93306 |
| &nbsp;&nbsp;&nbsp;WSFS Financial | 257 |  | 14094 |
| &nbsp;&nbsp;&nbsp;Zions Bancorp | 651 |  | 34907 |
|  |  |  | 36763592 |
| **HEALTH CARE — 3.7%** | **HEALTH CARE — 3.7%** | **HEALTH CARE — 3.7%** | **HEALTH CARE — 3.7%** |
| &nbsp;&nbsp;&nbsp;89bio \* | 646 |  | 6137 |
| &nbsp;&nbsp;&nbsp;Absci \* | 477 |  | 1350 |
| &nbsp;&nbsp;&nbsp;Acadia Healthcare \* | 401 |  | 8730 |
| &nbsp;&nbsp;&nbsp;ACADIA Pharmaceuticals \* | 555 |  | 13226 |
| &nbsp;&nbsp;&nbsp;Accuray \* | 412 |  | 540 |
| &nbsp;&nbsp;&nbsp;Aclaris Therapeutics \* | 469 |  | 718 |
| &nbsp;&nbsp;&nbsp;Acrivon Therapeutics \* | 72 |  | 92 |
| &nbsp;&nbsp;&nbsp;Actinium Pharmaceuticals \* | 137 |  | 223 |
| &nbsp;&nbsp;&nbsp;Acumen Pharmaceuticals \* | 167 |  | 234 |
| &nbsp;&nbsp;&nbsp;AdaptHealth, Cl A \* | 468 |  | 4198 |
| &nbsp;&nbsp;&nbsp;Adaptive Biotechnologies \* | 658 |  | 6738 |
| &nbsp;&nbsp;&nbsp;ADC Therapeutics \* | 376 |  | 1042 |
| &nbsp;&nbsp;&nbsp;Addus HomeCare \* | 80 |  | 8542 |
| &nbsp;&nbsp;&nbsp;ADMA Biologics \* | 1035 |  | 19354 |
| &nbsp;&nbsp;&nbsp;Agenus \* | 109 |  | 602 |
| &nbsp;&nbsp;&nbsp;Agilon Health \* | 1352 |  | 2420 |
| &nbsp;&nbsp;&nbsp;Agios Pharmaceuticals \* | 256 |  | 9528 |
| &nbsp;&nbsp;&nbsp;AirSculpt Technologies \* | 50 |  | 330 |
| &nbsp;&nbsp;&nbsp;Akebia Therapeutics \* | 1088 |  | 4009 |
| &nbsp;&nbsp;&nbsp;Akero Therapeutics \* | 342 |  | 16707 |
| &nbsp;&nbsp;&nbsp;Alector \* | 353 |  | 526 |
| &nbsp;&nbsp;&nbsp;Align Technology \* | 317 |  | 40896 |
| &nbsp;&nbsp;&nbsp;Alignment Healthcare \* | 522 |  | 7193 |
| &nbsp;&nbsp;&nbsp;Alkermes PLC \* | 730 |  | 19338 |
| &nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals \* | 581 |  | 227891 |
| &nbsp;&nbsp;&nbsp;Alphatec Holdings \* | 482 |  | 5100 |
| &nbsp;&nbsp;&nbsp;Altimmune \* | 339 |  | 1251 |
| &nbsp;&nbsp;&nbsp;Alvotech \* | 494 |  | 4476 |
| &nbsp;&nbsp;&nbsp;Amedisys \* | 144 |  | 14198 |
| &nbsp;&nbsp;&nbsp;American Well, Cl A \* | 58 |  | 426 |
| &nbsp;&nbsp;&nbsp;AMN Healthcare Services \* | 170 |  | 3118 |
| &nbsp;&nbsp;&nbsp;Amylyx Pharmaceuticals \* | 340 |  | 2730 |
| &nbsp;&nbsp;&nbsp;AnaptysBio \* | 100 |  | 2455 |
| &nbsp;&nbsp;&nbsp;Anavex Life Sciences \* | 386 |  | 4362 |
| &nbsp;&nbsp;&nbsp;AngioDynamics \* | 174 |  | 1542 |
| &nbsp;&nbsp;&nbsp;Anika Therapeutics \* | 62 |  | 512 |
| &nbsp;&nbsp;&nbsp;Annexon \* | 455 |  | 1092 |
| &nbsp;&nbsp;&nbsp;Apellis Pharmaceuticals \* | 483 |  | 10790 |
| &nbsp;&nbsp;&nbsp;Apogee Therapeutics \* | 175 |  | 6695 |

---

**30**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS**<br> **U.S. ALL CAP INDEX FUND**<br> **JULY 31, 2025**<br> **(Unaudited)** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **HEALTH CARE— continued** | **HEALTH CARE— continued** | **HEALTH CARE— continued** |
| &nbsp;&nbsp;&nbsp;Applied Therapeutics \* | 544 | $245 |
| &nbsp;&nbsp;&nbsp;Aquestive Therapeutics \* | 366 | 1405 |
| &nbsp;&nbsp;&nbsp;Arbutus Biopharma \* | 666 | 2184 |
| &nbsp;&nbsp;&nbsp;Arcellx \* | 241 | 17205 |
| &nbsp;&nbsp;&nbsp;Arcturus Therapeutics Holdings \* | 106 | 1294 |
| &nbsp;&nbsp;&nbsp;Arcus Biosciences \* | 296 | 2702 |
| &nbsp;&nbsp;&nbsp;Arcutis Biotherapeutics \* | 478 | 6969 |
| &nbsp;&nbsp;&nbsp;Ardelyx \* | 1024 | 4342 |
| &nbsp;&nbsp;&nbsp;ArriVent Biopharma \* | 122 | 2380 |
| &nbsp;&nbsp;&nbsp;Arrowhead Pharmaceuticals \* | 536 | 8469 |
| &nbsp;&nbsp;&nbsp;ARS Pharmaceuticals \* | 252 | 4455 |
| &nbsp;&nbsp;&nbsp;Artivion \* | 179 | 5533 |
| &nbsp;&nbsp;&nbsp;Arvinas \* | 284 | 2113 |
| &nbsp;&nbsp;&nbsp;Astrana Health \* | 195 | 4653 |
| &nbsp;&nbsp;&nbsp;Astria Therapeutics \* | 207 | 1432 |
| &nbsp;&nbsp;&nbsp;Atea Pharmaceuticals \* | 323 | 1176 |
| &nbsp;&nbsp;&nbsp;AtriCure \* | 214 | 7511 |
| &nbsp;&nbsp;&nbsp;Aura Biosciences \* | 164 | 1130 |
| &nbsp;&nbsp;&nbsp;Avadel Pharmaceuticals \* | 412 | 4330 |
| &nbsp;&nbsp;&nbsp;Avanos Medical \* | 199 | 2223 |
| &nbsp;&nbsp;&nbsp;Avantor \* | 2933 | 39419 |
| &nbsp;&nbsp;&nbsp;Aveanna Healthcare Holdings \* | 223 | 885 |
| &nbsp;&nbsp;&nbsp;Avidity Biosciences \* | 508 | 18649 |
| &nbsp;&nbsp;&nbsp;Avita Medical \* | 117 | 620 |
| &nbsp;&nbsp;&nbsp;Axogen \* | 188 | 2461 |
| &nbsp;&nbsp;&nbsp;Axsome Therapeutics \* | 182 | 18451 |
| &nbsp;&nbsp;&nbsp;Baxter International | 2292 | 49874 |
| &nbsp;&nbsp;&nbsp;Beam Therapeutics \* | 423 | 8337 |
| &nbsp;&nbsp;&nbsp;BioCryst Pharmaceuticals \* | 921 | 7497 |
| &nbsp;&nbsp;&nbsp;Biohaven \* | 380 | 5738 |
| &nbsp;&nbsp;&nbsp;BioMarin Pharmaceutical \* | 848 | 49057 |
| &nbsp;&nbsp;&nbsp;Biomea Fusion \* | 114 | 189 |
| &nbsp;&nbsp;&nbsp;Biote, Cl A \* | 112 | 456 |
| &nbsp;&nbsp;&nbsp;Bioventus, Cl A \* | 155 | 1011 |
| &nbsp;&nbsp;&nbsp;Black Diamond Therapeutics \* | 187 | 497 |
| &nbsp;&nbsp;&nbsp;Boston Scientific \* | 6626 | 695200 |
| &nbsp;&nbsp;&nbsp;BrightSpring Health Services \* | 355 | 7331 |
| &nbsp;&nbsp;&nbsp;Bruker | 462 | 17755 |
| &nbsp;&nbsp;&nbsp;Butterfly Network \* | 735 | 1257 |
| &nbsp;&nbsp;&nbsp;C4 Therapeutics \* | 299 | 613 |
| &nbsp;&nbsp;&nbsp;Cabaletta Bio \* | 220 | 334 |
| &nbsp;&nbsp;&nbsp;Cardinal Health | 1080 | 167638 |
| &nbsp;&nbsp;&nbsp;CareDx \* | 232 | 2850 |
| &nbsp;&nbsp;&nbsp;Cargo Therapeutics \* | 164 | 733 |
| &nbsp;&nbsp;&nbsp;Caribou Biosciences \* | 388 | 788 |
| &nbsp;&nbsp;&nbsp;Cartesian Therapeutics \* | 42 | 538 |
| &nbsp;&nbsp;&nbsp;Cassava Sciences \* | 193 | 405 |
| &nbsp;&nbsp;&nbsp;Castle Biosciences \* | 116 | 1757 |
| &nbsp;&nbsp;&nbsp;Catalyst Pharmaceuticals \* | 503 | 10729 |
| &nbsp;&nbsp;&nbsp;Celcuity \* | 149 | 5836 |
| &nbsp;&nbsp;&nbsp;Celldex Therapeutics \* | 297 | 6528 |
| &nbsp;&nbsp;&nbsp;Cencora, Cl A | 820 | 234586 |
| &nbsp;&nbsp;&nbsp;Century Therapeutics \* | 224 | 123 |
| &nbsp;&nbsp;&nbsp;Certara \* | 544 | 5353 |
| &nbsp;&nbsp;&nbsp;Cerus \* | 804 | 1029 |
| &nbsp;&nbsp;&nbsp;CG oncology \* | 277 | 7393 |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **HEALTH CARE— continued** | **HEALTH CARE— continued** | **HEALTH CARE— continued** |
| &nbsp;&nbsp;&nbsp;Chemed | 65 | $26799 |
| &nbsp;&nbsp;&nbsp;ChromaDex \* | 298 | 2786 |
| &nbsp;&nbsp;&nbsp;Cibus, Cl A \* | 97 | 144 |
| &nbsp;&nbsp;&nbsp;ClearPoint Neuro \* | 117 | 1217 |
| &nbsp;&nbsp;&nbsp;Clover Health Investments, Cl A \* | 1713 | 4951 |
| &nbsp;&nbsp;&nbsp;Codexis \* | 361 | 967 |
| &nbsp;&nbsp;&nbsp;Cogent Biosciences \* | 483 | 5516 |
| &nbsp;&nbsp;&nbsp;Coherus Biosciences \* | 457 | 430 |
| &nbsp;&nbsp;&nbsp;Collegium Pharmaceutical \* | 138 | 4121 |
| &nbsp;&nbsp;&nbsp;Compass Therapeutics \* | 403 | 1197 |
| &nbsp;&nbsp;&nbsp;Concentra Group Holdings Parent | 555 | 11083 |
| &nbsp;&nbsp;&nbsp;CONMED | 138 | 7059 |
| &nbsp;&nbsp;&nbsp;Corbus Pharmaceuticals Holdings \* | 53 | 491 |
| &nbsp;&nbsp;&nbsp;CorMedix \* | 275 | 3209 |
| &nbsp;&nbsp;&nbsp;CorVel \* | 129 | 11429 |
| &nbsp;&nbsp;&nbsp;Corvus Pharmaceuticals \* | 261 | 1088 |
| &nbsp;&nbsp;&nbsp;Crinetics Pharmaceuticals \* | 411 | 11750 |
| &nbsp;&nbsp;&nbsp;Cross Country Healthcare \* | 139 | 1870 |
| &nbsp;&nbsp;&nbsp;CryoPort \* | 217 | 1591 |
| &nbsp;&nbsp;&nbsp;CVRx \* | 98 | 780 |
| &nbsp;&nbsp;&nbsp;Cytek Biosciences \* | 490 | 1764 |
| &nbsp;&nbsp;&nbsp;Cytokinetics \* | 531 | 19987 |
| &nbsp;&nbsp;&nbsp;DaVita \* | 170 | 23863 |
| &nbsp;&nbsp;&nbsp;Day One Biopharmaceuticals \* | 338 | 2268 |
| &nbsp;&nbsp;&nbsp;Definitive Healthcare, Cl A \* | 146 | 569 |
| &nbsp;&nbsp;&nbsp;Denali Therapeutics \* | 509 | 7039 |
| &nbsp;&nbsp;&nbsp;DENTSPLY SIRONA | 884 | 12650 |
| &nbsp;&nbsp;&nbsp;Design Therapeutics \* | 114 | 441 |
| &nbsp;&nbsp;&nbsp;Dexcom \* | 1749 | 141267 |
| &nbsp;&nbsp;&nbsp;Dianthus Therapeutics \* | 120 | 2480 |
| &nbsp;&nbsp;&nbsp;Disc Medicine, Cl A \* | 104 | 6215 |
| &nbsp;&nbsp;&nbsp;DocGo \* | 370 | 503 |
| &nbsp;&nbsp;&nbsp;Doximity, Cl A \* | 527 | 30961 |
| &nbsp;&nbsp;&nbsp;Dyne Therapeutics \* | 426 | 4196 |
| &nbsp;&nbsp;&nbsp;Edgewise Therapeutics \* | 357 | 5091 |
| &nbsp;&nbsp;&nbsp;Editas Medicine, Cl A \* | 369 | 926 |
| &nbsp;&nbsp;&nbsp;Edwards Lifesciences \* | 2614 | 207316 |
| &nbsp;&nbsp;&nbsp;Elanco Animal Health \* | 2199 | 30082 |
| &nbsp;&nbsp;&nbsp;Eliem Therapeutics \* | 122 | 171 |
| &nbsp;&nbsp;&nbsp;Embecta | 255 | 2591 |
| &nbsp;&nbsp;&nbsp;Enanta Pharmaceuticals \* | 94 | 713 |
| &nbsp;&nbsp;&nbsp;Encompass Health | 445 | 48999 |
| &nbsp;&nbsp;&nbsp;Enhabit \* | 219 | 1472 |
| &nbsp;&nbsp;&nbsp;Enliven Therapeutics \* | 152 | 2859 |
| &nbsp;&nbsp;&nbsp;Enovis \* | 252 | 6754 |
| &nbsp;&nbsp;&nbsp;Entrada Therapeutics \* | 138 | 811 |
| &nbsp;&nbsp;&nbsp;Envista Holdings \* | 752 | 14205 |
| &nbsp;&nbsp;&nbsp;Erasca \* | 1016 | 1438 |
| &nbsp;&nbsp;&nbsp;Esperion Therapeutics \* | 882 | 1252 |
| &nbsp;&nbsp;&nbsp;Eton Pharmaceuticals \* | 105 | 1487 |
| &nbsp;&nbsp;&nbsp;Evolent Health, Cl A \* | 502 | 5045 |
| &nbsp;&nbsp;&nbsp;Evolus \* | 247 | 2203 |
| &nbsp;&nbsp;&nbsp;Exact Sciences \* | 826 | 38781 |
| &nbsp;&nbsp;&nbsp;Exelixis \* | 1187 | 42993 |
| &nbsp;&nbsp;&nbsp;EyePoint Pharmaceuticals \* | 299 | 2936 |

---

**31**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
|  | **JULY 31, 2025** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  |<br>**Shares** |<br>**Value** |
| **HEALTH CARE— continued** |  |  |
| &nbsp;&nbsp;&nbsp;Fate Therapeutics \* | 446 | $491 |
| &nbsp;&nbsp;&nbsp;FibroGen \* | 17 | 117 |
| &nbsp;&nbsp;&nbsp;Foghorn Therapeutics \* | 145 | 761 |
| &nbsp;&nbsp;&nbsp;Fortrea Holdings \* | 405 | 2325 |
| &nbsp;&nbsp;&nbsp;Fulcrum Therapeutics \* | 238 | 1602 |
| &nbsp;&nbsp;&nbsp;Fulgent Genetics \* | 83 | 1426 |
| &nbsp;&nbsp;&nbsp;GeneDx Holdings, Cl A \* | 84 | 8564 |
| &nbsp;&nbsp;&nbsp;Genelux \* | 138 | 468 |
| &nbsp;&nbsp;&nbsp;Geron \* | 2682 | 3084 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences | 5584 | 627027 |
| &nbsp;&nbsp;&nbsp;Glaukos \* | 247 | 21264 |
| &nbsp;&nbsp;&nbsp;Globus Medical, Cl A \* | 503 | 26473 |
| &nbsp;&nbsp;&nbsp;GoodRx Holdings, Cl A \* | 393 | 1882 |
| &nbsp;&nbsp;&nbsp;Gossamer Bio \* | 996 | 2032 |
| &nbsp;&nbsp;&nbsp;GRAIL \* | 130 | 4447 |
| &nbsp;&nbsp;&nbsp;Guardant Health \* | 531 | 21760 |
| &nbsp;&nbsp;&nbsp;Haemonetics \* | 223 | 16511 |
| &nbsp;&nbsp;&nbsp;Harmony Biosciences Holdings \* | 190 | 6684 |
| &nbsp;&nbsp;&nbsp;Harrow \* | 140 | 4446 |
| &nbsp;&nbsp;&nbsp;Health Catalyst \* | 298 | 1088 |
| &nbsp;&nbsp;&nbsp;HealthEquity \* | 378 | 36666 |
| &nbsp;&nbsp;&nbsp;HealthStream | 107 | 2799 |
| &nbsp;&nbsp;&nbsp;Henry Schein \* | 541 | 36599 |
| &nbsp;&nbsp;&nbsp;Heron Therapeutics \* | 646 | 1118 |
| &nbsp;&nbsp;&nbsp;HilleVax \* | 127 | 268 |
| &nbsp;&nbsp;&nbsp;Hims & Hers Health \* | 794 | 52547 |
| &nbsp;&nbsp;&nbsp;Hologic \* | 999 | 66753 |
| &nbsp;&nbsp;&nbsp;Humacyte \* | 589 | 1414 |
| &nbsp;&nbsp;&nbsp;ICON PLC \* | 360 | 60908 |
| &nbsp;&nbsp;&nbsp;ICU Medical \* | 104 | 13355 |
| &nbsp;&nbsp;&nbsp;Ideaya Biosciences \* | 372 | 9058 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories \* | 360 | 192352 |
| &nbsp;&nbsp;&nbsp;IGM Biosciences \* | 66 | 84 |
| &nbsp;&nbsp;&nbsp;Immunome \* | 324 | 3408 |
| &nbsp;&nbsp;&nbsp;Immunovant \* | 307 | 4937 |
| &nbsp;&nbsp;&nbsp;Incyte \* | 718 | 53771 |
| &nbsp;&nbsp;&nbsp;InfuSystem Holdings \* | 82 | 459 |
| &nbsp;&nbsp;&nbsp;Inhibrx Biosciences \* | 53 | 1162 |
| &nbsp;&nbsp;&nbsp;Inmode \* | 269 | 3675 |
| &nbsp;&nbsp;&nbsp;Innoviva \* | 265 | 4815 |
| &nbsp;&nbsp;&nbsp;Inogen \* | 107 | 675 |
| &nbsp;&nbsp;&nbsp;Inovio Pharmaceuticals \* | 164 | 233 |
| &nbsp;&nbsp;&nbsp;Insmed \* | 818 | 87755 |
| &nbsp;&nbsp;&nbsp;Inspire Medical Systems \* | 132 | 16439 |
| &nbsp;&nbsp;&nbsp;Insulet \* | 314 | 90558 |
| &nbsp;&nbsp;&nbsp;Integer Holdings \* | 153 | 16602 |
| &nbsp;&nbsp;&nbsp;Integra LifeSciences Holdings \* | 297 | 3903 |
| &nbsp;&nbsp;&nbsp;Intellia Therapeutics \* | 456 | 5308 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical \* | 1601 | 770225 |
| &nbsp;&nbsp;&nbsp;Invivyd \* | 358 | 248 |
| &nbsp;&nbsp;&nbsp;Ionis Pharmaceuticals \* | 691 | 29699 |
| &nbsp;&nbsp;&nbsp;Iovance Biotherapeutics \* | 1384 | 3557 |
| &nbsp;&nbsp;&nbsp;IQVIA Holdings \* | 765 | 142183 |
| &nbsp;&nbsp;&nbsp;iRadimed | 36 | 2100 |
| &nbsp;&nbsp;&nbsp;iRhythm Technologies \* | 140 | 19625 |
| &nbsp;&nbsp;&nbsp;Ironwood Pharmaceuticals, Cl A \* | 644 | 492 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  |<br>**Shares** |<br>**Value** |
| **HEALTH CARE— continued** |  |  |
| &nbsp;&nbsp;&nbsp;Janux Therapeutics \* | 178 | $4275 |
| &nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals PLC \* | 267 | 30606 |
| &nbsp;&nbsp;&nbsp;Joint \* | 49 | 541 |
| &nbsp;&nbsp;&nbsp;KalVista Pharmaceuticals \* | 198 | 2699 |
| &nbsp;&nbsp;&nbsp;Karyopharm Therapeutics \* | 37 | 140 |
| &nbsp;&nbsp;&nbsp;Keros Therapeutics \* | 154 | 2205 |
| &nbsp;&nbsp;&nbsp;Kiniksa Pharmaceuticals International, Cl A \* | 169 | 5114 |
| &nbsp;&nbsp;&nbsp;Kodiak Sciences \* | 148 | 973 |
| &nbsp;&nbsp;&nbsp;Korro Bio \* | 35 | 524 |
| &nbsp;&nbsp;&nbsp;Krystal Biotech \* | 115 | 17695 |
| &nbsp;&nbsp;&nbsp;Kura Oncology \* | 358 | 2166 |
| &nbsp;&nbsp;&nbsp;Kymera Therapeutics \* | 241 | 10544 |
| &nbsp;&nbsp;&nbsp;Kyverna Therapeutics \* | 134 | 478 |
| &nbsp;&nbsp;&nbsp;Labcorp Holdings | 374 | 97270 |
| &nbsp;&nbsp;&nbsp;Lantheus Holdings \* | 300 | 21357 |
| &nbsp;&nbsp;&nbsp;Larimar Therapeutics \* | 186 | 644 |
| &nbsp;&nbsp;&nbsp;LeMaitre Vascular | 92 | 7474 |
| &nbsp;&nbsp;&nbsp;Lexeo Therapeutics \* | 77 | 364 |
| &nbsp;&nbsp;&nbsp;Lexicon Pharmaceuticals \* | 827 | 885 |
| &nbsp;&nbsp;&nbsp;Lifecore Biomedical \* | 119 | 833 |
| &nbsp;&nbsp;&nbsp;LifeStance Health Group \* | 456 | 1815 |
| &nbsp;&nbsp;&nbsp;Ligand Pharmaceuticals \* | 84 | 11053 |
| &nbsp;&nbsp;&nbsp;Liquidia \* | 286 | 5345 |
| &nbsp;&nbsp;&nbsp;LivaNova PLC \* | 208 | 8776 |
| &nbsp;&nbsp;&nbsp;MacroGenics \* | 263 | 410 |
| &nbsp;&nbsp;&nbsp;Madrigal Pharmaceuticals \* | 76 | 22991 |
| &nbsp;&nbsp;&nbsp;MannKind \* | 1332 | 5035 |
| &nbsp;&nbsp;&nbsp;Masimo \* | 224 | 34449 |
| &nbsp;&nbsp;&nbsp;McKesson | 552 | 382834 |
| &nbsp;&nbsp;&nbsp;Medpace Holdings \* | 103 | 44002 |
| &nbsp;&nbsp;&nbsp;Medtronic PLC | 5752 | 519060 |
| &nbsp;&nbsp;&nbsp;Merit Medical Systems \* | 259 | 21979 |
| &nbsp;&nbsp;&nbsp;Mersana Therapeutics \* | 20 | 139 |
| &nbsp;&nbsp;&nbsp;Merus \* | 305 | 20203 |
| &nbsp;&nbsp;&nbsp;MiMedx Group \* | 505 | 3631 |
| &nbsp;&nbsp;&nbsp;Mind Medicine MindMed \* | 314 | 2854 |
| &nbsp;&nbsp;&nbsp;Mineralys Therapeutics \* | 170 | 2405 |
| &nbsp;&nbsp;&nbsp;Mirati Therapeutics \* | 201 |  |
| &nbsp;&nbsp;&nbsp;Mirum Pharmaceuticals \* | 187 | 9664 |
| &nbsp;&nbsp;&nbsp;ModivCare \* | 42 | 121 |
| &nbsp;&nbsp;&nbsp;Monte Rosa Therapeutics \* | 241 | 1193 |
| &nbsp;&nbsp;&nbsp;MoonLake Immunotherapeutics, Cl A \* | 166 | 8373 |
| &nbsp;&nbsp;&nbsp;Multiplan \* | 42 | 1675 |
| &nbsp;&nbsp;&nbsp;Myriad Genetics \* | 396 | 1521 |
| &nbsp;&nbsp;&nbsp;National Research | 75 | 937 |
| &nbsp;&nbsp;&nbsp;Nautilus Biotechnology, Cl A \* | 221 | 168 |
| &nbsp;&nbsp;&nbsp;Neogen \* | 972 | 4520 |
| &nbsp;&nbsp;&nbsp;NeoGenomics \* | 570 | 2759 |
| &nbsp;&nbsp;&nbsp;Neumora Therapeutics \* | 369 | 723 |
| &nbsp;&nbsp;&nbsp;Neurocrine Biosciences \* | 438 | 56165 |
| &nbsp;&nbsp;&nbsp;NeuroPace \* | 120 | 1021 |
| &nbsp;&nbsp;&nbsp;Newamsterdam Pharma \* | 337 | 7350 |
| &nbsp;&nbsp;&nbsp;Nkarta \* | 206 | 447 |
| &nbsp;&nbsp;&nbsp;Novavax \* | 689 | 4582 |

---

**32**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
|  | **JULY 31, 2025** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  |<br>**Shares** |<br>**Value** |
| **HEALTH CARE— continued** |  |  |
| &nbsp;&nbsp;&nbsp;Novocure \* | 488 | $5646 |
| &nbsp;&nbsp;&nbsp;Nurix Therapeutics \* | 339 | 3817 |
| &nbsp;&nbsp;&nbsp;Nuvalent, Cl A \* | 207 | 16218 |
| &nbsp;&nbsp;&nbsp;Nuvation Bio \* | 1194 | 2818 |
| &nbsp;&nbsp;&nbsp;Ocular Therapeutix \* | 676 | 7828 |
| &nbsp;&nbsp;&nbsp;Olema Pharmaceuticals \* | 280 | 1439 |
| &nbsp;&nbsp;&nbsp;Omeros \* | 244 | 944 |
| &nbsp;&nbsp;&nbsp;OmniAb \* | 446 | 852 |
| &nbsp;&nbsp;&nbsp;Omnicell \* | 203 | 6295 |
| &nbsp;&nbsp;&nbsp;OPKO Health \* | 1006 | 1288 |
| &nbsp;&nbsp;&nbsp;OptimizeRx \* | 69 | 871 |
| &nbsp;&nbsp;&nbsp;Option Care Health \* | 725 | 21279 |
| &nbsp;&nbsp;&nbsp;OraSure Technologies \* | 333 | 1059 |
| &nbsp;&nbsp;&nbsp;Orchestra BioMed Holdings \* | 107 | 327 |
| &nbsp;&nbsp;&nbsp;Organogenesis Holdings, Cl A \* | 292 | 1349 |
| &nbsp;&nbsp;&nbsp;ORIC Pharmaceuticals \* | 272 | 2712 |
| &nbsp;&nbsp;&nbsp;Orthofix Medical \* | 163 | 1800 |
| &nbsp;&nbsp;&nbsp;OrthoPediatrics \* | 75 | 1554 |
| &nbsp;&nbsp;&nbsp;Outlook Therapeutics \* | 89 | 174 |
| &nbsp;&nbsp;&nbsp;Outset Medical \* | 76 | 1223 |
| &nbsp;&nbsp;&nbsp;Ovid therapeutics \* | 256 | 128 |
| &nbsp;&nbsp;&nbsp;Owens & Minor \* | 333 | 2308 |
| &nbsp;&nbsp;&nbsp;P3 Health Partners \* | 6 | 46 |
| &nbsp;&nbsp;&nbsp;Pacific Biosciences of California \* | 1311 | 1809 |
| &nbsp;&nbsp;&nbsp;Pacira BioSciences \* | 200 | 4218 |
| &nbsp;&nbsp;&nbsp;PACS Group \* | 176 | 1947 |
| &nbsp;&nbsp;&nbsp;PDL BioPharma \*(A) | 64 |  |
| &nbsp;&nbsp;&nbsp;PDS Biotechnology \* | 199 | 213 |
| &nbsp;&nbsp;&nbsp;Penumbra \* | 168 | 42381 |
| &nbsp;&nbsp;&nbsp;PepGen \* | 67 | 92 |
| &nbsp;&nbsp;&nbsp;Personalis \* | 233 | 1277 |
| &nbsp;&nbsp;&nbsp;Perspective Therapeutics \* | 262 | 1006 |
| &nbsp;&nbsp;&nbsp;Pharvaris \* | 199 | 3956 |
| &nbsp;&nbsp;&nbsp;Phathom Pharmaceuticals \* | 241 | 2058 |
| &nbsp;&nbsp;&nbsp;Phibro Animal Health, Cl A | 91 | 2411 |
| &nbsp;&nbsp;&nbsp;Phreesia \* | 248 | 6686 |
| &nbsp;&nbsp;&nbsp;Pliant Therapeutics \* | 266 | 388 |
| &nbsp;&nbsp;&nbsp;PMV Pharmaceuticals \* | 225 | 319 |
| &nbsp;&nbsp;&nbsp;Praxis Precision Medicines \* | 85 | 4609 |
| &nbsp;&nbsp;&nbsp;Precigen \* | 660 | 1129 |
| &nbsp;&nbsp;&nbsp;Prelude Therapeutics \* | 79 | 62 |
| &nbsp;&nbsp;&nbsp;Premier, Cl A | 402 | 8635 |
| &nbsp;&nbsp;&nbsp;Prestige Consumer Healthcare \* | 218 | 16121 |
| &nbsp;&nbsp;&nbsp;Prime Medicine \* | 263 | 984 |
| &nbsp;&nbsp;&nbsp;Privia Health Group \* | 463 | 9038 |
| &nbsp;&nbsp;&nbsp;PROCEPT BioRobotics \* | 233 | 11303 |
| &nbsp;&nbsp;&nbsp;Progyny \* | 351 | 8252 |
| &nbsp;&nbsp;&nbsp;ProKidney, Cl A \* | 126 | 349 |
| &nbsp;&nbsp;&nbsp;Protagonist Therapeutics \* | 273 | 14704 |
| &nbsp;&nbsp;&nbsp;Prothena PLC \* | 196 | 1347 |
| &nbsp;&nbsp;&nbsp;PTC Therapeutics \* | 348 | 18134 |
| &nbsp;&nbsp;&nbsp;Pulmonx \* | 168 | 309 |
| &nbsp;&nbsp;&nbsp;Pulse Biosciences \* | 78 | 1172 |
| &nbsp;&nbsp;&nbsp;Puma Biotechnology \* | 186 | 578 |
| &nbsp;&nbsp;&nbsp;Quanterix \* | 160 | 950 |
| &nbsp;&nbsp;&nbsp;Quantum-Si \* | 601 | 889 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  |<br>**Shares** |<br>**Value** |
| **HEALTH CARE— continued** |  |  |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics | 499 | $83538 |
| &nbsp;&nbsp;&nbsp;RadNet \* | 301 | 16474 |
| &nbsp;&nbsp;&nbsp;Rapport Therapeutics \* | 102 | 1465 |
| &nbsp;&nbsp;&nbsp;RAPT Therapeutics \* | 74 | 795 |
| &nbsp;&nbsp;&nbsp;Recursion Pharmaceuticals, Cl A \* | 1653 | 9835 |
| &nbsp;&nbsp;&nbsp;Renovaro \* | 458 | 117 |
| &nbsp;&nbsp;&nbsp;Replimune Group, Cl Rights \* | 248 | 1743 |
| &nbsp;&nbsp;&nbsp;ResMed | 653 | 177577 |
| &nbsp;&nbsp;&nbsp;REVOLUTION Medicines \* | 771 | 28735 |
| &nbsp;&nbsp;&nbsp;Rhythm Pharmaceuticals \* | 274 | 23353 |
| &nbsp;&nbsp;&nbsp;Rigel Pharmaceuticals \* | 78 | 1643 |
| &nbsp;&nbsp;&nbsp;Roivant Sciences, Cl A \* | 1944 | 22084 |
| &nbsp;&nbsp;&nbsp;Royalty Pharma PLC, Cl A | 1681 | 61861 |
| &nbsp;&nbsp;&nbsp;RxSight \* | 161 | 1253 |
| &nbsp;&nbsp;&nbsp;Sage Therapeutics \* | 248 | 2108 |
| &nbsp;&nbsp;&nbsp;Sagimet Biosciences, Cl A \* | 109 | 947 |
| &nbsp;&nbsp;&nbsp;Sanara Medtech \* | 16 | 387 |
| &nbsp;&nbsp;&nbsp;Savara \* | 715 | 1852 |
| &nbsp;&nbsp;&nbsp;Scholar Rock Holding \* | 360 | 13338 |
| &nbsp;&nbsp;&nbsp;Schrodinger \* | 281 | 5713 |
| &nbsp;&nbsp;&nbsp;scPharmaceuticals \* | 157 | 798 |
| &nbsp;&nbsp;&nbsp;Seer, Cl A \* | 191 | 405 |
| &nbsp;&nbsp;&nbsp;Select Medical Holdings | 492 | 7277 |
| &nbsp;&nbsp;&nbsp;Semler Scientific \* | 33 | 1183 |
| &nbsp;&nbsp;&nbsp;Senseonics Holdings \* | 2580 | 1251 |
| &nbsp;&nbsp;&nbsp;Sera Prognostics, Cl A \* | 121 | 336 |
| &nbsp;&nbsp;&nbsp;Seres Therapeutics \* | 29 | 419 |
| &nbsp;&nbsp;&nbsp;SI-BONE \* | 181 | 3082 |
| &nbsp;&nbsp;&nbsp;SIGA Technologies | 184 | 1216 |
| &nbsp;&nbsp;&nbsp;Sight Sciences \* | 152 | 506 |
| &nbsp;&nbsp;&nbsp;Simulations Plus | 74 | 963 |
| &nbsp;&nbsp;&nbsp;Soleno Therapeutics \* | 199 | 17208 |
| &nbsp;&nbsp;&nbsp;Solventum \* | 622 | 44386 |
| &nbsp;&nbsp;&nbsp;Sotera Health \* | 687 | 7894 |
| &nbsp;&nbsp;&nbsp;Spyre Therapeutics \* | 228 | 3869 |
| &nbsp;&nbsp;&nbsp;STAAR Surgical \* | 159 | 2848 |
| &nbsp;&nbsp;&nbsp;STERIS PLC | 440 | 99656 |
| &nbsp;&nbsp;&nbsp;Stoke Therapeutics \* | 233 | 2994 |
| &nbsp;&nbsp;&nbsp;Stryker | 1557 | 611481 |
| &nbsp;&nbsp;&nbsp;Summit Therapeutics \* | 337 | 8887 |
| &nbsp;&nbsp;&nbsp;Supernus Pharmaceuticals \* | 239 | 8389 |
| &nbsp;&nbsp;&nbsp;Surmodics \* | 61 | 2190 |
| &nbsp;&nbsp;&nbsp;Sutro Biopharma \* | 363 | 292 |
| &nbsp;&nbsp;&nbsp;Syndax Pharmaceuticals \* | 380 | 3770 |
| &nbsp;&nbsp;&nbsp;Tactile Systems Technology \* | 103 | 1028 |
| &nbsp;&nbsp;&nbsp;Tandem Diabetes Care \* | 296 | 4612 |
| &nbsp;&nbsp;&nbsp;Tango Therapeutics \* | 318 | 1921 |
| &nbsp;&nbsp;&nbsp;Tarsus Pharmaceuticals \* | 174 | 6755 |
| &nbsp;&nbsp;&nbsp;Tela Bio \* | 161 | 274 |
| &nbsp;&nbsp;&nbsp;Teladoc Health \* | 779 | 5617 |
| &nbsp;&nbsp;&nbsp;Teleflex | 200 | 23900 |
| &nbsp;&nbsp;&nbsp;Tempus AI, Cl A \* | 429 | 24277 |
| &nbsp;&nbsp;&nbsp;Terns Pharmaceuticals \* | 344 | 2005 |
| &nbsp;&nbsp;&nbsp;TG Therapeutics \* | 643 | 22826 |
| &nbsp;&nbsp;&nbsp;Theravance Biopharma \* | 167 | 1864 |
| &nbsp;&nbsp;&nbsp;Third Harmonic Bio \* | 112 | 603 |

---

**33**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
|  | **JULY 31, 2025** |
|  | **(Unaudited)** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **HEALTH CARE— continued** |  |  |
| &nbsp;&nbsp;&nbsp;Tourmaline Bio \* | 102 | $2257 |
| &nbsp;&nbsp;&nbsp;TransMedics Group \* | 147 | 17489 |
| &nbsp;&nbsp;&nbsp;Travere Therapeutics \* | 392 | 6056 |
| &nbsp;&nbsp;&nbsp;Treace Medical Concepts \* | 204 | 1095 |
| &nbsp;&nbsp;&nbsp;Trevi Therapeutics \* | 369 | 2732 |
| &nbsp;&nbsp;&nbsp;TruBridge \* | 64 | 1332 |
| &nbsp;&nbsp;&nbsp;Tyra Biosciences \* | 132 | 1443 |
| &nbsp;&nbsp;&nbsp;UFP Technologies \* | 33 | 7471 |
| &nbsp;&nbsp;&nbsp;United Therapeutics \* | 199 | 54665 |
| &nbsp;&nbsp;&nbsp;UroGen Pharma \* | 169 | 3221 |
| &nbsp;&nbsp;&nbsp;US Physical Therapy | 67 | 4901 |
| &nbsp;&nbsp;&nbsp;Vanda Pharmaceuticals \* | 247 | 1052 |
| &nbsp;&nbsp;&nbsp;Varex Imaging \* | 182 | 1325 |
| &nbsp;&nbsp;&nbsp;Vaxcyte \* | 549 | 18639 |
| &nbsp;&nbsp;&nbsp;Veeva Systems, Cl A \* | 663 | 188425 |
| &nbsp;&nbsp;&nbsp;Ventyx Biosciences \* | 280 | 784 |
| &nbsp;&nbsp;&nbsp;Vera Therapeutics, Cl A \* | 222 | 4615 |
| &nbsp;&nbsp;&nbsp;Veracyte \* | 344 | 8087 |
| &nbsp;&nbsp;&nbsp;Verastem \* | 228 | 1407 |
| &nbsp;&nbsp;&nbsp;Vericel \* | 223 | 7792 |
| &nbsp;&nbsp;&nbsp;Verrica Pharmaceuticals \* | 23 | 127 |
| &nbsp;&nbsp;&nbsp;Viemed Healthcare \* | 131 | 798 |
| &nbsp;&nbsp;&nbsp;Vigil Neuroscience \* | 138 | 1111 |
| &nbsp;&nbsp;&nbsp;Viking Therapeutics \* | 473 | 15406 |
| &nbsp;&nbsp;&nbsp;Vir Biotechnology \* | 486 | 2464 |
| &nbsp;&nbsp;&nbsp;Viridian Therapeutics \* | 338 | 5922 |
| &nbsp;&nbsp;&nbsp;Vor BioPharma \* | 191 | 395 |
| &nbsp;&nbsp;&nbsp;WaVe Life Sciences \* | 495 | 4009 |
| &nbsp;&nbsp;&nbsp;Waystar Holding \* | 353 | 13054 |
| &nbsp;&nbsp;&nbsp;West Pharmaceutical Services | 321 | 76802 |
| &nbsp;&nbsp;&nbsp;X4 Pharmaceuticals \* | 26 | 43 |
| &nbsp;&nbsp;&nbsp;Xencor \* | 315 | 2621 |
| &nbsp;&nbsp;&nbsp;Xeris Biopharma Holdings \* | 647 | 3293 |
| &nbsp;&nbsp;&nbsp;XOMA Royalty \* | 40 | 995 |
| &nbsp;&nbsp;&nbsp;Y-mAbs Therapeutics \* | 155 | 693 |
| &nbsp;&nbsp;&nbsp;Zentalis Pharmaceuticals \* | 220 | 304 |
| &nbsp;&nbsp;&nbsp;Zevra Therapeutics \* | 229 | 2544 |
| &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings | 887 | 81294 |
| &nbsp;&nbsp;&nbsp;Zimvie \* | 122 | 2292 |
| &nbsp;&nbsp;&nbsp;Zoetis, Cl A | 1827 | 266358 |
| &nbsp;&nbsp;&nbsp;Zymeworks \* | 232 | 2914 |
| &nbsp;&nbsp;&nbsp;Zynex \* | 76 | 169 |
|  |  | 9016471 |
| **INDUSTRIALS — 9.2%** |  |  |
| &nbsp;&nbsp;&nbsp;374Water \* | 341 | 84 |
| &nbsp;&nbsp;&nbsp;3M | 2413 | 360068 |
| &nbsp;&nbsp;&nbsp;AAON | 303 | 25259 |
| &nbsp;&nbsp;&nbsp;AAR \* | 154 | 11505 |
| &nbsp;&nbsp;&nbsp;ABM Industries | 274 | 12640 |
| &nbsp;&nbsp;&nbsp;ACCO Brands | 388 | 1455 |
| &nbsp;&nbsp;&nbsp;Acuity Brands | 138 | 42966 |
| &nbsp;&nbsp;&nbsp;ACV Auctions, Cl A \* | 736 | 10459 |
| &nbsp;&nbsp;&nbsp;Ads-Tec Energy PLC \* | 37 | 475 |
| &nbsp;&nbsp;&nbsp;Advanced Drainage Systems | 343 | 39359 |
| &nbsp;&nbsp;&nbsp;AEBI Schmidt Holding \* | 145 | 1494 |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INDUSTRIALS— continued** |  |  |
| &nbsp;&nbsp;&nbsp;AerCap Holdings | 813 | $87194 |
| &nbsp;&nbsp;&nbsp;AeroVironment \* | 125 | 33455 |
| &nbsp;&nbsp;&nbsp;AerSale \* | 141 | 852 |
| &nbsp;&nbsp;&nbsp;AGCO | 277 | 32678 |
| &nbsp;&nbsp;&nbsp;Air Lease, Cl A | 450 | 24930 |
| &nbsp;&nbsp;&nbsp;Alamo Group | 46 | 10239 |
| &nbsp;&nbsp;&nbsp;Alaska Air Group \* | 135 | 7150 |
| &nbsp;&nbsp;&nbsp;Albany International, Cl A | 136 | 7370 |
| &nbsp;&nbsp;&nbsp;Alight, Cl A | 1914 | 10259 |
| &nbsp;&nbsp;&nbsp;Allegiant Travel, Cl A \* | 21 | 1084 |
| &nbsp;&nbsp;&nbsp;Allegion PLC | 385 | 63879 |
| &nbsp;&nbsp;&nbsp;Allient | 66 | 2660 |
| &nbsp;&nbsp;&nbsp;Allison Transmission Holdings | 380 | 34227 |
| &nbsp;&nbsp;&nbsp;Alta Equipment Group | 119 | 923 |
| &nbsp;&nbsp;&nbsp;Ameresco, Cl A \* | 138 | 2335 |
| &nbsp;&nbsp;&nbsp;American Airlines Group \* | 739 | 8491 |
| &nbsp;&nbsp;&nbsp;American Superconductor \* | 167 | 9494 |
| &nbsp;&nbsp;&nbsp;American Woodmark \* | 65 | 3420 |
| &nbsp;&nbsp;&nbsp;AMETEK | 1031 | 190580 |
| &nbsp;&nbsp;&nbsp;AO Smith | 518 | 36669 |
| &nbsp;&nbsp;&nbsp;API Group \* | 1647 | 59407 |
| &nbsp;&nbsp;&nbsp;Apogee Enterprises | 94 | 3947 |
| &nbsp;&nbsp;&nbsp;Applied Industrial Technologies | 170 | 46155 |
| &nbsp;&nbsp;&nbsp;ArcBest | 102 | 7459 |
| &nbsp;&nbsp;&nbsp;Archer Aviation, Cl A \* | 1979 | 19849 |
| &nbsp;&nbsp;&nbsp;Arcosa | 215 | 18464 |
| &nbsp;&nbsp;&nbsp;Argan | 58 | 14209 |
| &nbsp;&nbsp;&nbsp;Armstrong World Industries | 192 | 36129 |
| &nbsp;&nbsp;&nbsp;Array Technologies \* | 682 | 4433 |
| &nbsp;&nbsp;&nbsp;Astec Industries | 100 | 3966 |
| &nbsp;&nbsp;&nbsp;Astronics \* | 134 | 4840 |
| &nbsp;&nbsp;&nbsp;Asure Software \* | 108 | 1048 |
| &nbsp;&nbsp;&nbsp;ATI \* | 625 | 48087 |
| &nbsp;&nbsp;&nbsp;Atkore | 152 | 11707 |
| &nbsp;&nbsp;&nbsp;Atmus Filtration Technologies | 367 | 14280 |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing | 1818 | 562671 |
| &nbsp;&nbsp;&nbsp;Avis Budget Group \* | 74 | 12598 |
| &nbsp;&nbsp;&nbsp;Axon Enterprise \* | 330 | 249312 |
| &nbsp;&nbsp;&nbsp;AZZ | 131 | 14344 |
| &nbsp;&nbsp;&nbsp;Babcock & Wilcox Enterprises \* | 414 | 402 |
| &nbsp;&nbsp;&nbsp;Barrett Business Services | 111 | 5103 |
| &nbsp;&nbsp;&nbsp;BlackSky Technology, Cl A \* | 118 | 2270 |
| &nbsp;&nbsp;&nbsp;Blade Air Mobility \* | 269 | 1073 |
| &nbsp;&nbsp;&nbsp;Blink Charging \* | 428 | 417 |
| &nbsp;&nbsp;&nbsp;Bloom Energy, Cl A \* | 899 | 33614 |
| &nbsp;&nbsp;&nbsp;Blue Bird \* | 141 | 6315 |
| &nbsp;&nbsp;&nbsp;BlueLinx Holdings \* | 35 | 2564 |
| &nbsp;&nbsp;&nbsp;Boise Cascade | 168 | 14080 |
| &nbsp;&nbsp;&nbsp;Booz Allen Hamilton Holding, Cl A | 558 | 59890 |
| &nbsp;&nbsp;&nbsp;Bowman Consulting Group, Cl A \* | 69 | 2393 |
| &nbsp;&nbsp;&nbsp;Brady, Cl A | 191 | 13479 |
| &nbsp;&nbsp;&nbsp;BrightView Holdings \* | 266 | 4243 |
| &nbsp;&nbsp;&nbsp;Brink's | 188 | 16420 |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions | 522 | 129200 |
| &nbsp;&nbsp;&nbsp;Builders FirstSource \* | 499 | 63438 |

---

**34**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
|  | **JULY 31, 2025** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  |<br>**Shares** |<br>**Value** |
| **INDUSTRIALS— continued** |  |  |
| &nbsp;&nbsp;&nbsp;Byrna Technologies \* | 73 | $1621 |
| &nbsp;&nbsp;&nbsp;Cadre Holdings | 109 | 3605 |
| &nbsp;&nbsp;&nbsp;Carlisle | 192 | 68104 |
| &nbsp;&nbsp;&nbsp;Carrier Global | 3606 | 247444 |
| &nbsp;&nbsp;&nbsp;Casella Waste Systems, Cl A \* | 276 | 30009 |
| &nbsp;&nbsp;&nbsp;Caterpillar | 2141 | 937801 |
| &nbsp;&nbsp;&nbsp;CBIZ \* | 230 | 14058 |
| &nbsp;&nbsp;&nbsp;CECO Environmental \* | 134 | 6023 |
| &nbsp;&nbsp;&nbsp;Centuri Holdings \* | 75 | 1635 |
| &nbsp;&nbsp;&nbsp;CH Robinson Worldwide | 517 | 59620 |
| &nbsp;&nbsp;&nbsp;ChargePoint Holdings \* | 93 | 859 |
| &nbsp;&nbsp;&nbsp;Chart Industries \* | 201 | 39965 |
| &nbsp;&nbsp;&nbsp;China Yuchai International | 53 | 1208 |
| &nbsp;&nbsp;&nbsp;Cimpress PLC \* | 77 | 4259 |
| &nbsp;&nbsp;&nbsp;Cintas | 1541 | 342950 |
| &nbsp;&nbsp;&nbsp;Civeo | 55 | 1374 |
| &nbsp;&nbsp;&nbsp;Clarivate PLC \* | 1781 | 6857 |
| &nbsp;&nbsp;&nbsp;Clean Harbors \* | 222 | 52350 |
| &nbsp;&nbsp;&nbsp;CNH Industrial | 3572 | 46293 |
| &nbsp;&nbsp;&nbsp;Columbus McKinnon | 124 | 1817 |
| &nbsp;&nbsp;&nbsp;Comfort Systems USA | 156 | 109715 |
| &nbsp;&nbsp;&nbsp;Commercial Vehicle Group \* | 142 | 240 |
| &nbsp;&nbsp;&nbsp;CompX International | 7 | 163 |
| &nbsp;&nbsp;&nbsp;Concentrix | 239 | 12421 |
| &nbsp;&nbsp;&nbsp;Concrete Pumping Holdings | 105 | 717 |
| &nbsp;&nbsp;&nbsp;Conduent \* | 672 | 1788 |
| &nbsp;&nbsp;&nbsp;Construction Partners, Cl A \* | 208 | 20977 |
| &nbsp;&nbsp;&nbsp;Copa Holdings, Cl A | 34 | 3762 |
| &nbsp;&nbsp;&nbsp;Copart \* | 3964 | 179688 |
| &nbsp;&nbsp;&nbsp;Core & Main, Cl A \* | 852 | 54221 |
| &nbsp;&nbsp;&nbsp;CoreCivic \* | 475 | 9519 |
| &nbsp;&nbsp;&nbsp;Costamare | 181 | 1826 |
| &nbsp;&nbsp;&nbsp;Covenant Logistics Group, Cl A | 71 | 1715 |
| &nbsp;&nbsp;&nbsp;CRA International | 28 | 4946 |
| &nbsp;&nbsp;&nbsp;Crane | 218 | 42678 |
| &nbsp;&nbsp;&nbsp;CSG Systems International | 123 | 7683 |
| &nbsp;&nbsp;&nbsp;CSW Industrials | 74 | 19202 |
| &nbsp;&nbsp;&nbsp;CSX | 8406 | 298749 |
| &nbsp;&nbsp;&nbsp;Cummins | 615 | 226086 |
| &nbsp;&nbsp;&nbsp;Curtiss-Wright | 168 | 82357 |
| &nbsp;&nbsp;&nbsp;Custom Truck One Source \* | 267 | 1653 |
| &nbsp;&nbsp;&nbsp;Dayforce \* | 692 | 39908 |
| &nbsp;&nbsp;&nbsp;Deere | 1127 | 590965 |
| &nbsp;&nbsp;&nbsp;Delta Air Lines | 731 | 38897 |
| &nbsp;&nbsp;&nbsp;Deluxe | 196 | 3155 |
| &nbsp;&nbsp;&nbsp;Distribution Solutions Group \* | 42 | 1259 |
| &nbsp;&nbsp;&nbsp;DNOW \* | 478 | 7438 |
| &nbsp;&nbsp;&nbsp;Donaldson | 532 | 38288 |
| &nbsp;&nbsp;&nbsp;Douglas Dynamics | 100 | 2860 |
| &nbsp;&nbsp;&nbsp;Dover | 611 | 110677 |
| &nbsp;&nbsp;&nbsp;Driven Brands Holdings \* | 262 | 4428 |
| &nbsp;&nbsp;&nbsp;Dun & Bradstreet Holdings | 1453 | 13222 |
| &nbsp;&nbsp;&nbsp;DXP Enterprises \* | 57 | 6456 |
| &nbsp;&nbsp;&nbsp;Dycom Industries \* | 124 | 33332 |
| &nbsp;&nbsp;&nbsp;Eaton PLC | 1754 | 674799 |
| &nbsp;&nbsp;&nbsp;EMCOR Group | 200 | 125498 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  |<br>**Shares** |<br>**Value** |
| **INDUSTRIALS— continued** |  |  |
| &nbsp;&nbsp;&nbsp;Emerson Electric | 2521 | $366831 |
| &nbsp;&nbsp;&nbsp;Energy Recovery \* | 237 | 3188 |
| &nbsp;&nbsp;&nbsp;Energy Vault Holdings \* | 436 | 501 |
| &nbsp;&nbsp;&nbsp;Enerpac Tool Group, Cl A | 239 | 9204 |
| &nbsp;&nbsp;&nbsp;EnerSys | 174 | 16072 |
| &nbsp;&nbsp;&nbsp;Ennis | 112 | 1994 |
| &nbsp;&nbsp;&nbsp;Enovix \* | 716 | 9594 |
| &nbsp;&nbsp;&nbsp;Enpro | 93 | 19754 |
| &nbsp;&nbsp;&nbsp;Enviri \* | 327 | 2943 |
| &nbsp;&nbsp;&nbsp;Eos Energy Enterprises \* | 990 | 5643 |
| &nbsp;&nbsp;&nbsp;Equifax | 555 | 133328 |
| &nbsp;&nbsp;&nbsp;Esab | 255 | 34213 |
| &nbsp;&nbsp;&nbsp;ESCO Technologies | 114 | 22082 |
| &nbsp;&nbsp;&nbsp;ESS Tech \* | 35 | 66 |
| &nbsp;&nbsp;&nbsp;Eve Holding \* | 199 | 1294 |
| &nbsp;&nbsp;&nbsp;Everus Construction Group \* | 228 | 16931 |
| &nbsp;&nbsp;&nbsp;EVI Industries | 27 | 602 |
| &nbsp;&nbsp;&nbsp;ExlService Holdings \* | 701 | 30444 |
| &nbsp;&nbsp;&nbsp;Expeditors International of Washington | 614 | 71371 |
| &nbsp;&nbsp;&nbsp;Exponent | 225 | 15516 |
| &nbsp;&nbsp;&nbsp;Fastenal | 5141 | 237154 |
| &nbsp;&nbsp;&nbsp;Federal Signal | 267 | 33794 |
| &nbsp;&nbsp;&nbsp;FedEx | 985 | 220138 |
| &nbsp;&nbsp;&nbsp;Ferguson Enterprises | 883 | 197200 |
| &nbsp;&nbsp;&nbsp;First Advantage \* | 351 | 6069 |
| &nbsp;&nbsp;&nbsp;FiscalNote Holdings \* | 413 | 234 |
| &nbsp;&nbsp;&nbsp;Fiverr International \* | 132 | 2915 |
| &nbsp;&nbsp;&nbsp;Flowserve | 583 | 32671 |
| &nbsp;&nbsp;&nbsp;Fluence Energy, Cl A \* | 284 | 2306 |
| &nbsp;&nbsp;&nbsp;Forrester Research \* | 51 | 497 |
| &nbsp;&nbsp;&nbsp;Fortive | 1518 | 72758 |
| &nbsp;&nbsp;&nbsp;Fortune Brands Innovations | 541 | 29506 |
| &nbsp;&nbsp;&nbsp;Forward Air \* | 120 | 3647 |
| &nbsp;&nbsp;&nbsp;Franklin Covey \* | 49 | 966 |
| &nbsp;&nbsp;&nbsp;Franklin Electric | 177 | 16629 |
| &nbsp;&nbsp;&nbsp;Frontier Group Holdings \* | 256 | 1121 |
| &nbsp;&nbsp;&nbsp;FTAI Aviation | 454 | 62475 |
| &nbsp;&nbsp;&nbsp;FTAI Infrastructure | 468 | 2934 |
| &nbsp;&nbsp;&nbsp;FTI Consulting \* | 151 | 25119 |
| &nbsp;&nbsp;&nbsp;FuelCell Energy \* | 93 | 461 |
| &nbsp;&nbsp;&nbsp;Gates Industrial PLC \* | 1087 | 26958 |
| &nbsp;&nbsp;&nbsp;GATX | 158 | 24125 |
| &nbsp;&nbsp;&nbsp;GE Vernova | 1224 | 808195 |
| &nbsp;&nbsp;&nbsp;Genco Shipping & Trading | 197 | 3138 |
| &nbsp;&nbsp;&nbsp;Gencor Industries \* | 45 | 656 |
| &nbsp;&nbsp;&nbsp;Generac Holdings \* | 261 | 50814 |
| &nbsp;&nbsp;&nbsp;General Electric | 4609 | 1249408 |
| &nbsp;&nbsp;&nbsp;Genpact | 775 | 34139 |
| &nbsp;&nbsp;&nbsp;GEO Group \* | 601 | 15578 |
| &nbsp;&nbsp;&nbsp;Gibraltar Industries \* | 131 | 8650 |
| &nbsp;&nbsp;&nbsp;Global Industrial | 60 | 2044 |
| &nbsp;&nbsp;&nbsp;GMS \* | 171 | 18748 |
| &nbsp;&nbsp;&nbsp;Gorman-Rupp | 97 | 3993 |
| &nbsp;&nbsp;&nbsp;Grab Holdings, Cl A \* | 14741 | 72083 |
| &nbsp;&nbsp;&nbsp;Graco | 742 | 62313 |

---

**35**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
|  | **JULY 31, 2025** |
|  | **(Unaudited)** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INDUSTRIALS— continued** |  |  |
| &nbsp;&nbsp;&nbsp;GrafTech International \* | 898 | $1248 |
| &nbsp;&nbsp;&nbsp;Graham \* | 46 | 2629 |
| &nbsp;&nbsp;&nbsp;Granite Construction | 194 | 18327 |
| &nbsp;&nbsp;&nbsp;Great Lakes Dredge & Dock \* | 291 | 3224 |
| &nbsp;&nbsp;&nbsp;Greenbrier | 136 | 6188 |
| &nbsp;&nbsp;&nbsp;Griffon | 197 | 16010 |
| &nbsp;&nbsp;&nbsp;GXO Logistics \* | 515 | 25601 |
| &nbsp;&nbsp;&nbsp;Hayward Holdings \* | 934 | 14365 |
| &nbsp;&nbsp;&nbsp;Healthcare Services Group \* | 324 | 4215 |
| &nbsp;&nbsp;&nbsp;Heartland Express | 198 | 1548 |
| &nbsp;&nbsp;&nbsp;HEICO | 189 | 61765 |
| &nbsp;&nbsp;&nbsp;HEICO, Cl A | 335 | 86460 |
| &nbsp;&nbsp;&nbsp;Heidrick & Struggles International | 89 | 3963 |
| &nbsp;&nbsp;&nbsp;Helios Technologies | 148 | 5430 |
| &nbsp;&nbsp;&nbsp;Herc Holdings | 144 | 16821 |
| &nbsp;&nbsp;&nbsp;Hertz Global Holdings \* | 528 | 3384 |
| &nbsp;&nbsp;&nbsp;Hexcel | 357 | 21388 |
| &nbsp;&nbsp;&nbsp;Hillenbrand | 312 | 6462 |
| &nbsp;&nbsp;&nbsp;Hillman Solutions \* | 871 | 6872 |
| &nbsp;&nbsp;&nbsp;HireQuest | 24 | 246 |
| &nbsp;&nbsp;&nbsp;HNI | 198 | 10185 |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace | 1793 | 322328 |
| &nbsp;&nbsp;&nbsp;Hub Group, Cl A | 261 | 9140 |
| &nbsp;&nbsp;&nbsp;Hubbell, Cl B | 240 | 104995 |
| &nbsp;&nbsp;&nbsp;Hudson Technologies \* | 170 | 1596 |
| &nbsp;&nbsp;&nbsp;Huron Consulting Group \* | 76 | 10038 |
| &nbsp;&nbsp;&nbsp;Hyliion Holdings \* | 527 | 791 |
| &nbsp;&nbsp;&nbsp;Hyster-Yale | 44 | 1848 |
| &nbsp;&nbsp;&nbsp;IBEX Holdings \* | 44 | 1301 |
| &nbsp;&nbsp;&nbsp;ICF International | 82 | 6879 |
| &nbsp;&nbsp;&nbsp;IDEX | 338 | 55266 |
| &nbsp;&nbsp;&nbsp;IES Holdings \* | 38 | 13417 |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works | 1251 | 320218 |
| &nbsp;&nbsp;&nbsp;Ingersoll Rand | 1807 | 152926 |
| &nbsp;&nbsp;&nbsp;Innodata \* | 135 | 7412 |
| &nbsp;&nbsp;&nbsp;Insperity | 155 | 9235 |
| &nbsp;&nbsp;&nbsp;Insteel Industries | 82 | 2960 |
| &nbsp;&nbsp;&nbsp;Interface, Cl A | 255 | 5258 |
| &nbsp;&nbsp;&nbsp;ITT | 360 | 61186 |
| &nbsp;&nbsp;&nbsp;Janus International Group \* | 597 | 5116 |
| &nbsp;&nbsp;&nbsp;JB Hunt Transport Services | 348 | 50129 |
| &nbsp;&nbsp;&nbsp;JELD-WEN Holding \* | 373 | 1679 |
| &nbsp;&nbsp;&nbsp;JetBlue Airways \* | 398 | 1767 |
| &nbsp;&nbsp;&nbsp;Joby Aviation \* | 2156 | 35919 |
| &nbsp;&nbsp;&nbsp;John Bean Technologies | 229 | 31556 |
| &nbsp;&nbsp;&nbsp;Johnson Controls International PLC | 2953 | 310065 |
| &nbsp;&nbsp;&nbsp;Kadant | 52 | 17304 |
| &nbsp;&nbsp;&nbsp;Karat Packaging | 31 | 844 |
| &nbsp;&nbsp;&nbsp;Kelly Services, Cl A | 134 | 1642 |
| &nbsp;&nbsp;&nbsp;Kennametal | 343 | 8493 |
| &nbsp;&nbsp;&nbsp;Kforce | 80 | 2788 |
| &nbsp;&nbsp;&nbsp;Kirby \* | 254 | 24209 |
| &nbsp;&nbsp;&nbsp;Knight-Swift Transportation Holdings, Cl A | 704 | 29920 |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INDUSTRIALS— continued** |  |  |
| &nbsp;&nbsp;&nbsp;Korn Ferry | 228 | $16158 |
| &nbsp;&nbsp;&nbsp;L B Foster, Cl A \* | 39 | 917 |
| &nbsp;&nbsp;&nbsp;Landstar System | 154 | 20539 |
| &nbsp;&nbsp;&nbsp;LanzaTech Global \* | 628 | 271 |
| &nbsp;&nbsp;&nbsp;Legalzoom.com \* | 755 | 6787 |
| &nbsp;&nbsp;&nbsp;Lennox International | 142 | 86478 |
| &nbsp;&nbsp;&nbsp;Leonardo DRS | 339 | 14102 |
| &nbsp;&nbsp;&nbsp;Limbach Holdings \* | 47 | 6439 |
| &nbsp;&nbsp;&nbsp;Lincoln Electric Holdings | 250 | 60875 |
| &nbsp;&nbsp;&nbsp;Lindsay | 48 | 6552 |
| &nbsp;&nbsp;&nbsp;Liquidity Services \* | 105 | 2507 |
| &nbsp;&nbsp;&nbsp;Loar Holdings \* | 158 | 11678 |
| &nbsp;&nbsp;&nbsp;LSI Industries | 124 | 2269 |
| &nbsp;&nbsp;&nbsp;Lyft, Cl A \* | 1684 | 23677 |
| &nbsp;&nbsp;&nbsp;Manitowoc \* | 153 | 1951 |
| &nbsp;&nbsp;&nbsp;ManpowerGroup | 206 | 8498 |
| &nbsp;&nbsp;&nbsp;Marten Transport | 258 | 3137 |
| &nbsp;&nbsp;&nbsp;Masco | 943 | 64247 |
| &nbsp;&nbsp;&nbsp;MasTec \* | 277 | 52411 |
| &nbsp;&nbsp;&nbsp;Masterbrand \* | 558 | 6155 |
| &nbsp;&nbsp;&nbsp;Matrix Service \* | 117 | 1788 |
| &nbsp;&nbsp;&nbsp;Matson | 144 | 15376 |
| &nbsp;&nbsp;&nbsp;Maximus | 251 | 18539 |
| &nbsp;&nbsp;&nbsp;Mayville Engineering \* | 63 | 1057 |
| &nbsp;&nbsp;&nbsp;McGrath RentCorp | 109 | 13602 |
| &nbsp;&nbsp;&nbsp;Mercury Systems \* | 232 | 12201 |
| &nbsp;&nbsp;&nbsp;Microvast Holdings \* | 802 | 2542 |
| &nbsp;&nbsp;&nbsp;Middleby \* | 226 | 32815 |
| &nbsp;&nbsp;&nbsp;Miller Industries | 50 | 2038 |
| &nbsp;&nbsp;&nbsp;MillerKnoll | 300 | 5694 |
| &nbsp;&nbsp;&nbsp;Mistras Group \* | 91 | 723 |
| &nbsp;&nbsp;&nbsp;Montrose Environmental Group \* | 145 | 3290 |
| &nbsp;&nbsp;&nbsp;MRC Global \* | 375 | 5505 |
| &nbsp;&nbsp;&nbsp;MSA Safety | 167 | 29704 |
| &nbsp;&nbsp;&nbsp;MSC Industrial Direct, Cl A | 195 | 16891 |
| &nbsp;&nbsp;&nbsp;Mueller Industries | 484 | 41319 |
| &nbsp;&nbsp;&nbsp;Mueller Water Products, Cl A | 693 | 17159 |
| &nbsp;&nbsp;&nbsp;MYR Group \* | 70 | 13545 |
| &nbsp;&nbsp;&nbsp;National Presto Industries | 24 | 2315 |
| &nbsp;&nbsp;&nbsp;Net Power \* | 73 | 210 |
| &nbsp;&nbsp;&nbsp;Net Power \* | 76 | 219 |
| &nbsp;&nbsp;&nbsp;Newpark Resources \* | 350 | 3157 |
| &nbsp;&nbsp;&nbsp;NEXTracker, Cl A \* | 625 | 36413 |
| &nbsp;&nbsp;&nbsp;NL Industries | 37 | 228 |
| &nbsp;&nbsp;&nbsp;NN \* | 200 | 390 |
| &nbsp;&nbsp;&nbsp;Nordson | 227 | 48626 |
| &nbsp;&nbsp;&nbsp;Norfolk Southern | 1005 | 279390 |
| &nbsp;&nbsp;&nbsp;Northwest Pipe \* | 43 | 1797 |
| &nbsp;&nbsp;&nbsp;NuScale Power \* | 546 | 27415 |
| &nbsp;&nbsp;&nbsp;NV5 Global \* | 256 | 5747 |
| &nbsp;&nbsp;&nbsp;nVent Electric PLC | 732 | 57403 |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line | 858 | 128057 |
| &nbsp;&nbsp;&nbsp;Omega Flex | 16 | 510 |
| &nbsp;&nbsp;&nbsp;OPENLANE \* | 472 | 11630 |
| &nbsp;&nbsp;&nbsp;Orion Group Holdings \* | 161 | 1193 |
| &nbsp;&nbsp;&nbsp;Oshkosh | 288 | 36441 |

---

**36**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
|  | **JULY 31, 2025** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  |<br>**Shares** |<br>**Value** |
| **INDUSTRIALS— continued** |  |  |
| &nbsp;&nbsp;&nbsp;Otis Worldwide | 1769 | $151586 |
| &nbsp;&nbsp;&nbsp;Owens Corning | 380 | 52983 |
| &nbsp;&nbsp;&nbsp;PACCAR | 2311 | 228234 |
| &nbsp;&nbsp;&nbsp;PAM Transportation Services \* | 24 | 272 |
| &nbsp;&nbsp;&nbsp;Pangaea Logistics Solutions | 130 | 633 |
| &nbsp;&nbsp;&nbsp;Park Aerospace | 81 | 1460 |
| &nbsp;&nbsp;&nbsp;Parker-Hannifin | 575 | 420843 |
| &nbsp;&nbsp;&nbsp;Park-Ohio Holdings | 43 | 705 |
| &nbsp;&nbsp;&nbsp;Parsons \* | 234 | 17363 |
| &nbsp;&nbsp;&nbsp;Paychex | 1446 | 208701 |
| &nbsp;&nbsp;&nbsp;Paycom Software | 229 | 53023 |
| &nbsp;&nbsp;&nbsp;Paylocity Holding \* | 199 | 36791 |
| &nbsp;&nbsp;&nbsp;Pentair PLC | 733 | 74913 |
| &nbsp;&nbsp;&nbsp;Pitney Bowes | 725 | 8236 |
| &nbsp;&nbsp;&nbsp;Planet Labs PBC \* | 967 | 6044 |
| &nbsp;&nbsp;&nbsp;Plug Power \* | 4277 | 6416 |
| &nbsp;&nbsp;&nbsp;Powell Industries | 42 | 9958 |
| &nbsp;&nbsp;&nbsp;Preformed Line Products | 11 | 1698 |
| &nbsp;&nbsp;&nbsp;Primoris Services | 228 | 21471 |
| &nbsp;&nbsp;&nbsp;Proto Labs \* | 105 | 4528 |
| &nbsp;&nbsp;&nbsp;Quad | 125 | 666 |
| &nbsp;&nbsp;&nbsp;Quanex Building Products | 210 | 4091 |
| &nbsp;&nbsp;&nbsp;Quanta Services | 658 | 267234 |
| &nbsp;&nbsp;&nbsp;QXO \* | 1441 | 28906 |
| &nbsp;&nbsp;&nbsp;Radiant Logistics \* | 161 | 952 |
| &nbsp;&nbsp;&nbsp;Ralliant \* | 506 | 23134 |
| &nbsp;&nbsp;&nbsp;RBC Bearings \* | 139 | 53840 |
| &nbsp;&nbsp;&nbsp;Redwire \* | 173 | 2472 |
| &nbsp;&nbsp;&nbsp;Regal Rexnord | 294 | 44947 |
| &nbsp;&nbsp;&nbsp;Republic Services, Cl A | 908 | 209430 |
| &nbsp;&nbsp;&nbsp;Resideo Technologies \* | 647 | 17663 |
| &nbsp;&nbsp;&nbsp;Resources Connection | 136 | 688 |
| &nbsp;&nbsp;&nbsp;REV Group | 222 | 11000 |
| &nbsp;&nbsp;&nbsp;Robert Half | 443 | 16351 |
| &nbsp;&nbsp;&nbsp;Rocket Lab \* | 1933 | 88763 |
| &nbsp;&nbsp;&nbsp;Rockwell Automation | 506 | 177965 |
| &nbsp;&nbsp;&nbsp;Rollins | 1318 | 75482 |
| &nbsp;&nbsp;&nbsp;Rush Enterprises, Cl A | 277 | 14997 |
| &nbsp;&nbsp;&nbsp;Rush Enterprises, Cl B | 36 | 1955 |
| &nbsp;&nbsp;&nbsp;RXO \* | 721 | 11139 |
| &nbsp;&nbsp;&nbsp;Ryder System | 172 | 30566 |
| &nbsp;&nbsp;&nbsp;Safe Bulkers | 255 | 1002 |
| &nbsp;&nbsp;&nbsp;Saia \* | 119 | 35967 |
| &nbsp;&nbsp;&nbsp;Schneider National, Cl B | 169 | 4132 |
| &nbsp;&nbsp;&nbsp;Sensata Technologies Holding PLC | 649 | 19963 |
| &nbsp;&nbsp;&nbsp;SES AI \* | 865 | 1124 |
| &nbsp;&nbsp;&nbsp;Shoals Technologies Group, Cl A \* | 739 | 3983 |
| &nbsp;&nbsp;&nbsp;Simpson Manufacturing | 188 | 33733 |
| &nbsp;&nbsp;&nbsp;SiteOne Landscape Supply \* | 199 | 27428 |
| &nbsp;&nbsp;&nbsp;Skillsoft \* | 19 | 271 |
| &nbsp;&nbsp;&nbsp;SkyWest \* | 45 | 5218 |
| &nbsp;&nbsp;&nbsp;SKYX Platforms \* | 277 | 277 |
| &nbsp;&nbsp;&nbsp;Snap-on | 230 | 73874 |
| &nbsp;&nbsp;&nbsp;Southwest Airlines | 640 | 19795 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  |<br>**Shares** |<br>**Value** |
| **INDUSTRIALS— continued** |  |  |
| &nbsp;&nbsp;&nbsp;Spirit AeroSystems Holdings, Cl A \* | 521 | $20527 |
| &nbsp;&nbsp;&nbsp;SPX Technologies \* | 204 | 37208 |
| &nbsp;&nbsp;&nbsp;SS&C Technologies Holdings | 960 | 82061 |
| &nbsp;&nbsp;&nbsp;Standardaero \* | 401 | 11449 |
| &nbsp;&nbsp;&nbsp;Standex International | 52 | 8566 |
| &nbsp;&nbsp;&nbsp;Stanley Black & Decker | 692 | 46814 |
| &nbsp;&nbsp;&nbsp;Steelcase, Cl A | 391 | 4039 |
| &nbsp;&nbsp;&nbsp;Stem \* | 40 | 525 |
| &nbsp;&nbsp;&nbsp;Sterling Infrastructure \* | 132 | 35322 |
| &nbsp;&nbsp;&nbsp;Stratasys \* | 208 | 2253 |
| &nbsp;&nbsp;&nbsp;Sun Country Airlines Holdings \* | 60 | 695 |
| &nbsp;&nbsp;&nbsp;Sunrun \* | 987 | 10127 |
| &nbsp;&nbsp;&nbsp;Symbotic, Cl A \* | 234 | 12624 |
| &nbsp;&nbsp;&nbsp;Tecnoglass | 107 | 8349 |
| &nbsp;&nbsp;&nbsp;Tennant | 83 | 6851 |
| &nbsp;&nbsp;&nbsp;Terex | 285 | 14495 |
| &nbsp;&nbsp;&nbsp;Tetra Tech | 1197 | 43978 |
| &nbsp;&nbsp;&nbsp;Thermon Group Holdings \* | 147 | 4157 |
| &nbsp;&nbsp;&nbsp;Timken | 288 | 21914 |
| &nbsp;&nbsp;&nbsp;Titan International \* | 216 | 1827 |
| &nbsp;&nbsp;&nbsp;Titan Machinery \* | 92 | 1777 |
| &nbsp;&nbsp;&nbsp;Toro | 444 | 32967 |
| &nbsp;&nbsp;&nbsp;TPI Composites \* | 148 | 116 |
| &nbsp;&nbsp;&nbsp;Trane Technologies PLC | 999 | 437642 |
| &nbsp;&nbsp;&nbsp;Transcat \* | 41 | 3134 |
| &nbsp;&nbsp;&nbsp;TransDigm Group | 248 | 398898 |
| &nbsp;&nbsp;&nbsp;TransUnion | 870 | 82815 |
| &nbsp;&nbsp;&nbsp;Trex \* | 477 | 30642 |
| &nbsp;&nbsp;&nbsp;TriNet Group | 131 | 8883 |
| &nbsp;&nbsp;&nbsp;Trinity Industries | 361 | 8411 |
| &nbsp;&nbsp;&nbsp;TrueBlue \* | 126 | 910 |
| &nbsp;&nbsp;&nbsp;TTEC Holdings \* | 117 | 583 |
| &nbsp;&nbsp;&nbsp;Tutor Perini \* | 197 | 9486 |
| &nbsp;&nbsp;&nbsp;Uber Technologies \* | 9366 | 821866 |
| &nbsp;&nbsp;&nbsp;UFP Industries | 265 | 25970 |
| &nbsp;&nbsp;&nbsp;U-Haul Holding \* | 40 | 2314 |
| &nbsp;&nbsp;&nbsp;U-Haul Holding, Cl B | 448 | 23296 |
| &nbsp;&nbsp;&nbsp;UL Solutions, Cl A | 275 | 20108 |
| &nbsp;&nbsp;&nbsp;UniFirst | 66 | 11288 |
| &nbsp;&nbsp;&nbsp;Union Pacific | 2644 | 586889 |
| &nbsp;&nbsp;&nbsp;United Airlines Holdings \* | 367 | 32410 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Cl B | 3292 | 283639 |
| &nbsp;&nbsp;&nbsp;United Rentals | 290 | 256053 |
| &nbsp;&nbsp;&nbsp;Universal Logistics Holdings | 30 | 718 |
| &nbsp;&nbsp;&nbsp;Upwork \* | 554 | 6626 |
| &nbsp;&nbsp;&nbsp;V2X \* | 76 | 3601 |
| &nbsp;&nbsp;&nbsp;Valmont Industries | 88 | 32028 |
| &nbsp;&nbsp;&nbsp;Veralto | 1069 | 112063 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Cl A | 626 | 174472 |
| &nbsp;&nbsp;&nbsp;Verra Mobility, Cl A \* | 682 | 17227 |
| &nbsp;&nbsp;&nbsp;Vertiv Holdings, Cl A | 1672 | 243443 |
| &nbsp;&nbsp;&nbsp;Vestis | 509 | 3085 |
| &nbsp;&nbsp;&nbsp;Vicor \* | 104 | 4622 |
| &nbsp;&nbsp;&nbsp;Virgin Galactic Holdings \* | 169 | 642 |
| &nbsp;&nbsp;&nbsp;VSE | 86 | 13462 |

---

**37**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
|  | **JULY 31, 2025** |
|  | **(Unaudited)** |

---

**COMMON STOCK — continued**

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| **INDUSTRIALS— continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;Wabash National | 182 | $| 1813 |
| &nbsp;&nbsp;&nbsp;Waste Management | 1802 |  | 412946 |
| &nbsp;&nbsp;&nbsp;Watsco | 156 |  | 70337 |
| &nbsp;&nbsp;&nbsp;Watts Water Technologies, Cl A | 122 |  | 32003 |
| &nbsp;&nbsp;&nbsp;Werner Enterprises | 264 |  | 7318 |
| &nbsp;&nbsp;&nbsp;WESCO International | 214 |  | 44289 |
| &nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies | 760 |  | 145958 |
| &nbsp;&nbsp;&nbsp;Willdan Group \* | 61 |  | 5203 |
| &nbsp;&nbsp;&nbsp;Willis Lease Finance | 14 |  | 1982 |
| &nbsp;&nbsp;&nbsp;WillScot Holdings, Cl A | 800 |  | 23480 |
| &nbsp;&nbsp;&nbsp;Woodward | 264 |  | 67869 |
| &nbsp;&nbsp;&nbsp;Worthington Enterprises | 138 |  | 8552 |
| &nbsp;&nbsp;&nbsp;WW Grainger | 203 |  | 211027 |
| &nbsp;&nbsp;&nbsp;Xometry, Cl A \* | 196 |  | 6339 |
| &nbsp;&nbsp;&nbsp;XPO \* | 504 |  | 60626 |
| &nbsp;&nbsp;&nbsp;Xylem | 1089 |  | 157491 |
| &nbsp;&nbsp;&nbsp;Zurn Elkay Water Solutions | 732 |  | 32391 |
|  |  |  | 22457096 |
| **INFORMATION TECHNOLOGY — 35.4%** | **INFORMATION TECHNOLOGY — 35.4%** | **INFORMATION TECHNOLOGY — 35.4%** | **INFORMATION TECHNOLOGY — 35.4%** |
| &nbsp;&nbsp;&nbsp;8x8 \* | 565 |  | 1096 |
| &nbsp;&nbsp;&nbsp;A10 Networks | 323 |  | 5950 |
| &nbsp;&nbsp;&nbsp;Accenture PLC, Cl A | 2808 |  | 750017 |
| &nbsp;&nbsp;&nbsp;ACI Worldwide \* | 465 |  | 19790 |
| &nbsp;&nbsp;&nbsp;ACM Research, Cl A \* | 225 |  | 6831 |
| &nbsp;&nbsp;&nbsp;Adeia | 475 |  | 6151 |
| &nbsp;&nbsp;&nbsp;Adobe \* | 1903 |  | 680684 |
| &nbsp;&nbsp;&nbsp;ADTRAN Holdings \* | 352 |  | 3270 |
| &nbsp;&nbsp;&nbsp;Advanced Energy Industries | 168 |  | 23339 |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices \* | 7237 |  | 1275876 |
| &nbsp;&nbsp;&nbsp;Aehr Test Systems \* | 124 |  | 2096 |
| &nbsp;&nbsp;&nbsp;Aeva Technologies \* | 75 |  | 1398 |
| &nbsp;&nbsp;&nbsp;Agilysys \* | 113 |  | 12891 |
| &nbsp;&nbsp;&nbsp;Akamai Technologies \* | 642 |  | 48991 |
| &nbsp;&nbsp;&nbsp;Alarm.com Holdings \* | 211 |  | 11527 |
| &nbsp;&nbsp;&nbsp;Alkami Technology \* | 292 |  | 6509 |
| &nbsp;&nbsp;&nbsp;Alpha & Omega Semiconductor \* | 106 |  | 2700 |
| &nbsp;&nbsp;&nbsp;Ambarella \* | 179 |  | 11830 |
| &nbsp;&nbsp;&nbsp;Amdocs | 504 |  | 43021 |
| &nbsp;&nbsp;&nbsp;Amkor Technology | 535 |  | 12070 |
| &nbsp;&nbsp;&nbsp;Amphenol, Cl A | 5398 |  | 574941 |
| &nbsp;&nbsp;&nbsp;Amplitude, Cl A \* | 349 |  | 4268 |
| &nbsp;&nbsp;&nbsp;Analog Devices | 2217 |  | 498005 |
| &nbsp;&nbsp;&nbsp;Appfolio, Cl A \* | 94 |  | 25134 |
| &nbsp;&nbsp;&nbsp;Appian, Cl A \* | 182 |  | 5025 |
| &nbsp;&nbsp;&nbsp;Apple | 65883 |  | 13675334 |
| &nbsp;&nbsp;&nbsp;Applied Digital \* | 802 |  | 10538 |
| &nbsp;&nbsp;&nbsp;Applied Materials | 3626 |  | 652898 |
| &nbsp;&nbsp;&nbsp;Applied Optoelectronics \* | 208 |  | 4757 |
| &nbsp;&nbsp;&nbsp;AppLovin, Cl A \* | 1115 |  | 435630 |
| &nbsp;&nbsp;&nbsp;Arista Networks \* | 4418 |  | 544386 |
| &nbsp;&nbsp;&nbsp;Arlo Technologies \* | 440 |  | 7128 |
| &nbsp;&nbsp;&nbsp;Arrow Electronics \* | 231 |  | 26796 |
| &nbsp;&nbsp;&nbsp;Asana, Cl A \* | 385 |  | 5652 |
| &nbsp;&nbsp;&nbsp;ASGN \* | 189 |  | 9476 |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INFORMATION TECHNOLOGY— continued** | **INFORMATION TECHNOLOGY— continued** | **INFORMATION TECHNOLOGY— continued** |
| &nbsp;&nbsp;&nbsp;Astera Labs \* | 578 | $79030 |
| &nbsp;&nbsp;&nbsp;Atlassian, Cl A \* | 730 | 139999 |
| &nbsp;&nbsp;&nbsp;Atomera \* | 130 | 650 |
| &nbsp;&nbsp;&nbsp;Aurora Innovation, Cl A \* | 4781 | 27778 |
| &nbsp;&nbsp;&nbsp;Autodesk \* | 954 | 289167 |
| &nbsp;&nbsp;&nbsp;AvePoint \* | 669 | 12765 |
| &nbsp;&nbsp;&nbsp;Aviat Networks \* | 51 | 1102 |
| &nbsp;&nbsp;&nbsp;Avnet | 385 | 20382 |
| &nbsp;&nbsp;&nbsp;Axcelis Technologies \* | 141 | 9544 |
| &nbsp;&nbsp;&nbsp;Badger Meter | 132 | 24916 |
| &nbsp;&nbsp;&nbsp;Bel Fuse, Cl A | 7 | 802 |
| &nbsp;&nbsp;&nbsp;Bel Fuse, Cl B | 46 | 5982 |
| &nbsp;&nbsp;&nbsp;Belden | 176 | 21762 |
| &nbsp;&nbsp;&nbsp;Benchmark Electronics | 156 | 6006 |
| &nbsp;&nbsp;&nbsp;Bentley Systems, Cl B | 652 | 37803 |
| &nbsp;&nbsp;&nbsp;BigBear.ai Holdings \* | 1244 | 7899 |
| &nbsp;&nbsp;&nbsp;BigCommerce Holdings \* | 288 | 1377 |
| &nbsp;&nbsp;&nbsp;BILL Holdings \* | 414 | 17740 |
| &nbsp;&nbsp;&nbsp;Bitdeer Technologies Group, Cl A \* | 424 | 5465 |
| &nbsp;&nbsp;&nbsp;Blackbaud \* | 214 | 14428 |
| &nbsp;&nbsp;&nbsp;BlackLine \* | 257 | 13821 |
| &nbsp;&nbsp;&nbsp;Blend Labs, Cl A \* | 1003 | 3320 |
| &nbsp;&nbsp;&nbsp;Box, Cl A \* | 619 | 19870 |
| &nbsp;&nbsp;&nbsp;Braze, Cl A \* | 332 | 9253 |
| &nbsp;&nbsp;&nbsp;Broadcom | 20665 | 6069310 |
| &nbsp;&nbsp;&nbsp;C3.ai, Cl A \* | 529 | 12463 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems \* | 1226 | 446963 |
| &nbsp;&nbsp;&nbsp;Calix \* | 262 | 14853 |
| &nbsp;&nbsp;&nbsp;CCC Intelligent Solutions Holdings \* | 2401 | 23218 |
| &nbsp;&nbsp;&nbsp;CDW | 589 | 102710 |
| &nbsp;&nbsp;&nbsp;Cerence \* | 175 | 1505 |
| &nbsp;&nbsp;&nbsp;CEVA \* | 103 | 2201 |
| &nbsp;&nbsp;&nbsp;Ciena \* | 618 | 57375 |
| &nbsp;&nbsp;&nbsp;Cipher Mining \* | 1190 | 6497 |
| &nbsp;&nbsp;&nbsp;Cirrus Logic \* | 237 | 23868 |
| &nbsp;&nbsp;&nbsp;Cisco Systems | 16275 | 1108002 |
| &nbsp;&nbsp;&nbsp;Cleanspark \* | 1220 | 13871 |
| &nbsp;&nbsp;&nbsp;Clear Secure, Cl A | 411 | 12088 |
| &nbsp;&nbsp;&nbsp;Clearfield \* | 53 | 2322 |
| &nbsp;&nbsp;&nbsp;Clearwater Analytics Holdings, Cl A \* | 1065 | 21577 |
| &nbsp;&nbsp;&nbsp;Climb Global Solutions | 18 | 2124 |
| &nbsp;&nbsp;&nbsp;Cloudflare, Cl A \* | 1331 | 276422 |
| &nbsp;&nbsp;&nbsp;Cognex | 758 | 30904 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions, Cl A | 2204 | 158159 |
| &nbsp;&nbsp;&nbsp;Coherent \* | 680 | 73168 |
| &nbsp;&nbsp;&nbsp;Cohu \* | 199 | 3554 |
| &nbsp;&nbsp;&nbsp;CommScope Holding \* | 914 | 7495 |
| &nbsp;&nbsp;&nbsp;CommVault Systems \* | 193 | 36660 |
| &nbsp;&nbsp;&nbsp;CompoSecure, Cl A \* | 171 | 2430 |
| &nbsp;&nbsp;&nbsp;Comtech Telecommunications \* | 123 | 267 |
| &nbsp;&nbsp;&nbsp;Confluent, Cl A \* | 1129 | 20012 |
| &nbsp;&nbsp;&nbsp;Consensus Cloud Solutions \* | 85 | 1715 |

---

**38**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
|  | **JULY 31, 2025** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **INFORMATION TECHNOLOGY— continued** | **INFORMATION TECHNOLOGY— continued** | **INFORMATION TECHNOLOGY— continued** |
| &nbsp;&nbsp;&nbsp;CoreCard \* | 24 | $695 |
| &nbsp;&nbsp;&nbsp;Corsair Gaming \* | 205 | 1857 |
| &nbsp;&nbsp;&nbsp;Couchbase \* | 159 | 3857 |
| &nbsp;&nbsp;&nbsp;CPI Card Group \* | 27 | 524 |
| &nbsp;&nbsp;&nbsp;Crane NXT | 218 | 12936 |
| &nbsp;&nbsp;&nbsp;Credo Technology Group Holding \* | 652 | 72731 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Cl A \* | 1074 | 488208 |
| &nbsp;&nbsp;&nbsp;CS Disco \* | 99 | 393 |
| &nbsp;&nbsp;&nbsp;CTS | 132 | 5173 |
| &nbsp;&nbsp;&nbsp;CyberArk Software \* | 222 | 91346 |
| &nbsp;&nbsp;&nbsp;Daily Journal \* | 6 | 2397 |
| &nbsp;&nbsp;&nbsp;Daktronics \* | 197 | 3195 |
| &nbsp;&nbsp;&nbsp;Datadog, Cl A \* | 1361 | 190513 |
| &nbsp;&nbsp;&nbsp;Dell Technologies, Cl C | 1394 | 184970 |
| &nbsp;&nbsp;&nbsp;Diebold Nixdorf \* | 113 | 6361 |
| &nbsp;&nbsp;&nbsp;Digi International \* | 160 | 5218 |
| &nbsp;&nbsp;&nbsp;Digimarc \* | 84 | 1003 |
| &nbsp;&nbsp;&nbsp;Digital Turbine \* | 453 | 2469 |
| &nbsp;&nbsp;&nbsp;DigitalOcean Holdings \* | 281 | 7829 |
| &nbsp;&nbsp;&nbsp;Diodes \* | 201 | 9923 |
| &nbsp;&nbsp;&nbsp;DocuSign, Cl A \* | 899 | 68000 |
| &nbsp;&nbsp;&nbsp;Dolby Laboratories, Cl A | 270 | 20342 |
| &nbsp;&nbsp;&nbsp;Domo, Cl B \* | 141 | 2321 |
| &nbsp;&nbsp;&nbsp;Dropbox, Cl A \* | 870 | 23638 |
| &nbsp;&nbsp;&nbsp;DXC Technology \* | 795 | 10820 |
| &nbsp;&nbsp;&nbsp;Dynatrace \* | 1298 | 68288 |
| &nbsp;&nbsp;&nbsp;E2open Parent Holdings \* | 1118 | 3689 |
| &nbsp;&nbsp;&nbsp;Eastman Kodak \* | 310 | 2077 |
| &nbsp;&nbsp;&nbsp;eGain \* | 81 | 501 |
| &nbsp;&nbsp;&nbsp;Elastic \* | 406 | 33982 |
| &nbsp;&nbsp;&nbsp;Enphase Energy \* | 569 | 18413 |
| &nbsp;&nbsp;&nbsp;Entegris | 675 | 52960 |
| &nbsp;&nbsp;&nbsp;EPAM Systems \* | 248 | 39112 |
| &nbsp;&nbsp;&nbsp;ePlus \* | 117 | 7579 |
| &nbsp;&nbsp;&nbsp;Evolv Technologies Holdings \* | 601 | 3940 |
| &nbsp;&nbsp;&nbsp;Expensify, Cl A \* | 254 | 516 |
| &nbsp;&nbsp;&nbsp;Extreme Networks \* | 578 | 10207 |
| &nbsp;&nbsp;&nbsp;F5 \* | 257 | 80549 |
| &nbsp;&nbsp;&nbsp;Fair Isaac \* | 106 | 152292 |
| &nbsp;&nbsp;&nbsp;Fastly, Cl A \* | 590 | 4006 |
| &nbsp;&nbsp;&nbsp;First Solar \* | 455 | 79502 |
| &nbsp;&nbsp;&nbsp;Five9 \* | 333 | 8601 |
| &nbsp;&nbsp;&nbsp;Flex \* | 1703 | 84929 |
| &nbsp;&nbsp;&nbsp;FormFactor \* | 343 | 9745 |
| &nbsp;&nbsp;&nbsp;Fortinet \* | 2847 | 284415 |
| &nbsp;&nbsp;&nbsp;Freshworks, Cl A \* | 1022 | 13276 |
| &nbsp;&nbsp;&nbsp;Gartner \* | 336 | 113786 |
| &nbsp;&nbsp;&nbsp;Gen Digital | 2429 | 71631 |
| &nbsp;&nbsp;&nbsp;Gitlab, Cl A \* | 591 | 25892 |
| &nbsp;&nbsp;&nbsp;GLOBALFOUNDRIES \* | 460 | 17199 |
| &nbsp;&nbsp;&nbsp;Globant \* | 193 | 16262 |
| &nbsp;&nbsp;&nbsp;GoDaddy, Cl A \* | 635 | 102603 |
| &nbsp;&nbsp;&nbsp;Grid Dynamics Holdings \* | 288 | 2733 |
| &nbsp;&nbsp;&nbsp;Guidewire Software \* | 374 | 84606 |
| &nbsp;&nbsp;&nbsp;Hackett Group | 111 | 2596 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **INFORMATION TECHNOLOGY— continued** | **INFORMATION TECHNOLOGY— continued** | **INFORMATION TECHNOLOGY— continued** |
| &nbsp;&nbsp;&nbsp;Harmonic \* | 512 | $4357 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise | 5854 | 121119 |
| &nbsp;&nbsp;&nbsp;HP | 4223 | 104730 |
| &nbsp;&nbsp;&nbsp;HubSpot \* | 227 | 117961 |
| &nbsp;&nbsp;&nbsp;I3 Verticals, Cl A \* | 100 | 2798 |
| &nbsp;&nbsp;&nbsp;Ichor Holdings \* | 149 | 2949 |
| &nbsp;&nbsp;&nbsp;Identiv \* | 91 | 330 |
| &nbsp;&nbsp;&nbsp;Immersion | 128 | 892 |
| &nbsp;&nbsp;&nbsp;Impinj \* | 115 | 17777 |
| &nbsp;&nbsp;&nbsp;Informatica, Cl A \* | 470 | 11609 |
| &nbsp;&nbsp;&nbsp;Information Services Group | 174 | 750 |
| &nbsp;&nbsp;&nbsp;Insight Enterprises \* | 141 | 16720 |
| &nbsp;&nbsp;&nbsp;Intapp \* | 244 | 9772 |
| &nbsp;&nbsp;&nbsp;Intel | 17802 | 352480 |
| &nbsp;&nbsp;&nbsp;InterDigital | 114 | 29435 |
| &nbsp;&nbsp;&nbsp;International Business Machines | 4132 | 1046016 |
| &nbsp;&nbsp;&nbsp;inTEST \* | 52 | 363 |
| &nbsp;&nbsp;&nbsp;Intuit | 1223 | 960214 |
| &nbsp;&nbsp;&nbsp;IonQ \* | 905 | 36082 |
| &nbsp;&nbsp;&nbsp;IPG Photonics \* | 109 | 8163 |
| &nbsp;&nbsp;&nbsp;Itron \* | 202 | 25157 |
| &nbsp;&nbsp;&nbsp;Jabil | 459 | 102435 |
| &nbsp;&nbsp;&nbsp;Jamf Holding \* | 348 | 2763 |
| &nbsp;&nbsp;&nbsp;Kaltura \* | 377 | 675 |
| &nbsp;&nbsp;&nbsp;Keysight Technologies \* | 770 | 126211 |
| &nbsp;&nbsp;&nbsp;Kimball Electronics \* | 105 | 1970 |
| &nbsp;&nbsp;&nbsp;KLA | 595 | 523023 |
| &nbsp;&nbsp;&nbsp;Klaviyo, Cl A \* | 391 | 12160 |
| &nbsp;&nbsp;&nbsp;Knowles \* | 380 | 7718 |
| &nbsp;&nbsp;&nbsp;Kulicke & Soffa Industries | 231 | 7568 |
| &nbsp;&nbsp;&nbsp;Kyndryl Holdings \* | 1029 | 38865 |
| &nbsp;&nbsp;&nbsp;Lam Research | 5720 | 542485 |
| &nbsp;&nbsp;&nbsp;Lattice Semiconductor \* | 607 | 30247 |
| &nbsp;&nbsp;&nbsp;Life360 \* | 338 | 25887 |
| &nbsp;&nbsp;&nbsp;Lightwave Logic \* | 554 | 1291 |
| &nbsp;&nbsp;&nbsp;Littelfuse | 109 | 28049 |
| &nbsp;&nbsp;&nbsp;LivePerson \* | 326 | 305 |
| &nbsp;&nbsp;&nbsp;LiveRamp Holdings \* | 285 | 9354 |
| &nbsp;&nbsp;&nbsp;Lumentum Holdings \* | 298 | 32804 |
| &nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings \* | 283 | 38811 |
| &nbsp;&nbsp;&nbsp;Manhattan Associates \* | 269 | 59089 |
| &nbsp;&nbsp;&nbsp;MARA Holdings \* | 1489 | 23943 |
| &nbsp;&nbsp;&nbsp;Marvell Technology | 3868 | 310871 |
| &nbsp;&nbsp;&nbsp;MaxLinear, Cl A \* | 353 | 5584 |
| &nbsp;&nbsp;&nbsp;Meridianlink \* | 134 | 2141 |
| &nbsp;&nbsp;&nbsp;Methode Electronics | 153 | 1004 |
| &nbsp;&nbsp;&nbsp;Microchip Technology | 2363 | 159715 |
| &nbsp;&nbsp;&nbsp;Micron Technology | 4989 | 544500 |
| &nbsp;&nbsp;&nbsp;Microsoft | 33189 | 17706332 |
| &nbsp;&nbsp;&nbsp;MicroStrategy, Cl A \* | 1117 | 448878 |
| &nbsp;&nbsp;&nbsp;MicroVision \* | 1054 | 1170 |
| &nbsp;&nbsp;&nbsp;Mirion Technologies, Cl A \* | 881 | 19690 |
| &nbsp;&nbsp;&nbsp;Mitek Systems \* | 190 | 1714 |
| &nbsp;&nbsp;&nbsp;MKS Instruments | 301 | 28649 |
| &nbsp;&nbsp;&nbsp;Monday.com \* | 179 | 46950 |

---

**39**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
|  | **JULY 31, 2025** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **INFORMATION TECHNOLOGY— continued** | **INFORMATION TECHNOLOGY— continued** | **INFORMATION TECHNOLOGY— continued** |
| &nbsp;&nbsp;&nbsp;MongoDB, Cl A \* | 351 | $83499 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems | 207 | 147227 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions | 746 | 327479 |
| &nbsp;&nbsp;&nbsp;N-Able \* | 325 | 2626 |
| &nbsp;&nbsp;&nbsp;Napco Security Technologies | 155 | 4732 |
| &nbsp;&nbsp;&nbsp;Navitas Semiconductor, Cl A \* | 595 | 4361 |
| &nbsp;&nbsp;&nbsp;nCino \* | 465 | 12985 |
| &nbsp;&nbsp;&nbsp;NCR Voyix \* | 609 | 8295 |
| &nbsp;&nbsp;&nbsp;NetApp | 910 | 94758 |
| &nbsp;&nbsp;&nbsp;NETGEAR \* | 121 | 2813 |
| &nbsp;&nbsp;&nbsp;NetScout Systems \* | 311 | 6662 |
| &nbsp;&nbsp;&nbsp;NextNav \* | 338 | 4999 |
| &nbsp;&nbsp;&nbsp;nLight \* | 214 | 4496 |
| &nbsp;&nbsp;&nbsp;Novanta \* | 160 | 19683 |
| &nbsp;&nbsp;&nbsp;Nutanix, Cl A \* | 1142 | 85844 |
| &nbsp;&nbsp;&nbsp;NVE | 21 | 1330 |
| &nbsp;&nbsp;&nbsp;NVIDIA | 104615 | 18607870 |
| &nbsp;&nbsp;&nbsp;NXP Semiconductors | 1083 | 231513 |
| &nbsp;&nbsp;&nbsp;Okta, Cl A \* | 737 | 72079 |
| &nbsp;&nbsp;&nbsp;Olo, Cl A \* | 487 | 5104 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor \* | 1884 | 106182 |
| &nbsp;&nbsp;&nbsp;ON24 \* | 160 | 794 |
| &nbsp;&nbsp;&nbsp;OneSpan | 160 | 2360 |
| &nbsp;&nbsp;&nbsp;Onestream, Cl A \* | 305 | 7274 |
| &nbsp;&nbsp;&nbsp;Onto Innovation \* | 217 | 20561 |
| &nbsp;&nbsp;&nbsp;Ooma \* | 109 | 1240 |
| &nbsp;&nbsp;&nbsp;Oracle | 6945 | 1762433 |
| &nbsp;&nbsp;&nbsp;OSI Systems \* | 71 | 15692 |
| &nbsp;&nbsp;&nbsp;Pagaya Technologies, Cl A \* | 216 | 6491 |
| &nbsp;&nbsp;&nbsp;PagerDuty \* | 380 | 6126 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Cl A \* | 9734 | 1541379 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks \* | 2924 | 507606 |
| &nbsp;&nbsp;&nbsp;PAR Technology \* | 178 | 10819 |
| &nbsp;&nbsp;&nbsp;PC Connection | 51 | 3141 |
| &nbsp;&nbsp;&nbsp;PDF Solutions \* | 156 | 3468 |
| &nbsp;&nbsp;&nbsp;Pegasystems | 408 | 23954 |
| &nbsp;&nbsp;&nbsp;Photronics \* | 273 | 5558 |
| &nbsp;&nbsp;&nbsp;Plexus \* | 119 | 15173 |
| &nbsp;&nbsp;&nbsp;Power Integrations | 250 | 12130 |
| &nbsp;&nbsp;&nbsp;Procore Technologies \* | 505 | 36173 |
| &nbsp;&nbsp;&nbsp;Progress Software | 190 | 9135 |
| &nbsp;&nbsp;&nbsp;PROS Holdings \* | 194 | 3044 |
| &nbsp;&nbsp;&nbsp;PTC \* | 534 | 114709 |
| &nbsp;&nbsp;&nbsp;Pure Storage, Cl A \* | 1384 | 82376 |
| &nbsp;&nbsp;&nbsp;Q2 Holdings \* | 266 | 21599 |
| &nbsp;&nbsp;&nbsp;Qorvo \* | 416 | 34778 |
| &nbsp;&nbsp;&nbsp;QUALCOMM | 4888 | 717363 |
| &nbsp;&nbsp;&nbsp;Qualys \* | 161 | 21424 |
| &nbsp;&nbsp;&nbsp;Rackspace Technology \* | 348 | 421 |
| &nbsp;&nbsp;&nbsp;Rambus \* | 476 | 35191 |
| &nbsp;&nbsp;&nbsp;Rapid7 \* | 281 | 5935 |
| &nbsp;&nbsp;&nbsp;Red Violet | 48 | 2128 |
| &nbsp;&nbsp;&nbsp;Ribbon Communications \* | 409 | 1538 |
| &nbsp;&nbsp;&nbsp;Richardson Electronics | 54 | 544 |
| &nbsp;&nbsp;&nbsp;Rimini Street \* | 239 | 1147 |
| &nbsp;&nbsp;&nbsp;RingCentral, Cl A \* | 351 | 8947 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **INFORMATION TECHNOLOGY— continued** | **INFORMATION TECHNOLOGY— continued** | **INFORMATION TECHNOLOGY— continued** |
| &nbsp;&nbsp;&nbsp;Riot Platforms \* | 1449 | $19431 |
| &nbsp;&nbsp;&nbsp;Riskified, Cl A \* | 336 | 1714 |
| &nbsp;&nbsp;&nbsp;Rogers \* | 82 | 5378 |
| &nbsp;&nbsp;&nbsp;Roper Technologies | 481 | 264742 |
| &nbsp;&nbsp;&nbsp;Rubrik, Cl A \* | 343 | 32568 |
| &nbsp;&nbsp;&nbsp;Salesforce | 4170 | 1077236 |
| &nbsp;&nbsp;&nbsp;Samsara, Cl A \* | 1208 | 45940 |
| &nbsp;&nbsp;&nbsp;Sanmina \* | 231 | 26805 |
| &nbsp;&nbsp;&nbsp;ScanSource \* | 96 | 3729 |
| &nbsp;&nbsp;&nbsp;Seagate Technology Holdings PLC | 947 | 148688 |
| &nbsp;&nbsp;&nbsp;SEMrush Holdings, Cl A \* | 231 | 2070 |
| &nbsp;&nbsp;&nbsp;Semtech \* | 379 | 19367 |
| &nbsp;&nbsp;&nbsp;SentinelOne, Cl A \* | 1387 | 25438 |
| &nbsp;&nbsp;&nbsp;ServiceNow \* | 928 | 875215 |
| &nbsp;&nbsp;&nbsp;Silicon Laboratories \* | 142 | 18711 |
| &nbsp;&nbsp;&nbsp;SiTime \* | 84 | 17039 |
| &nbsp;&nbsp;&nbsp;SkyWater Technology \* | 47 | 421 |
| &nbsp;&nbsp;&nbsp;Skyworks Solutions | 686 | 47018 |
| &nbsp;&nbsp;&nbsp;SMART Global Holdings \* | 229 | 5398 |
| &nbsp;&nbsp;&nbsp;SmartRent, Cl A \* | 729 | 736 |
| &nbsp;&nbsp;&nbsp;Snowflake, Cl A \* | 1315 | 293902 |
| &nbsp;&nbsp;&nbsp;SolarEdge Technologies \* | 260 | 6672 |
| &nbsp;&nbsp;&nbsp;SoundHound AI, Cl A \* | 1613 | 16662 |
| &nbsp;&nbsp;&nbsp;SoundThinking \* | 41 | 468 |
| &nbsp;&nbsp;&nbsp;Sprinklr, Cl A \* | 500 | 4505 |
| &nbsp;&nbsp;&nbsp;Sprout Social, Cl A \* | 224 | 3842 |
| &nbsp;&nbsp;&nbsp;SPS Commerce \* | 168 | 18289 |
| &nbsp;&nbsp;&nbsp;Super Micro Computer \* | 1987 | 117173 |
| &nbsp;&nbsp;&nbsp;Synaptics \* | 172 | 10784 |
| &nbsp;&nbsp;&nbsp;Synopsys \* | 824 | 521979 |
| &nbsp;&nbsp;&nbsp;TD SYNNEX | 290 | 41873 |
| &nbsp;&nbsp;&nbsp;TE Connectivity PLC | 1329 | 273442 |
| &nbsp;&nbsp;&nbsp;Teledyne Technologies \* | 207 | 114061 |
| &nbsp;&nbsp;&nbsp;Tenable Holdings \* | 530 | 16594 |
| &nbsp;&nbsp;&nbsp;Teradata \* | 422 | 8832 |
| &nbsp;&nbsp;&nbsp;Teradyne | 723 | 77672 |
| &nbsp;&nbsp;&nbsp;Terawulf \* | 1435 | 7405 |
| &nbsp;&nbsp;&nbsp;Texas Instruments | 4068 | 736552 |
| &nbsp;&nbsp;&nbsp;Trimble \* | 1065 | 89343 |
| &nbsp;&nbsp;&nbsp;TTM Technologies \* | 443 | 20932 |
| &nbsp;&nbsp;&nbsp;Tucows, Cl A \* | 30 | 517 |
| &nbsp;&nbsp;&nbsp;Turtle Beach \* | 58 | 843 |
| &nbsp;&nbsp;&nbsp;Twilio, Cl A \* | 623 | 80367 |
| &nbsp;&nbsp;&nbsp;Tyler Technologies \* | 193 | 112820 |
| &nbsp;&nbsp;&nbsp;UiPath, Cl A \* | 1845 | 21679 |
| &nbsp;&nbsp;&nbsp;Ultra Clean Holdings \* | 197 | 4436 |
| &nbsp;&nbsp;&nbsp;Unisys \* | 297 | 1227 |
| &nbsp;&nbsp;&nbsp;Unity Software \* | 1377 | 45937 |
| &nbsp;&nbsp;&nbsp;Universal Display | 198 | 28591 |
| &nbsp;&nbsp;&nbsp;Varonis Systems, Cl B \* | 480 | 26798 |
| &nbsp;&nbsp;&nbsp;Veeco Instruments \* | 254 | 5278 |
| &nbsp;&nbsp;&nbsp;Verint Systems \* | 274 | 5831 |
| &nbsp;&nbsp;&nbsp;VeriSign | 358 | 96255 |
| &nbsp;&nbsp;&nbsp;Vertex, Cl A \* | 290 | 9619 |
| &nbsp;&nbsp;&nbsp;Viant Technology, Cl A \* | 66 | 957 |
| &nbsp;&nbsp;&nbsp;ViaSat \* | 536 | 8806 |

---

**40**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
|  | **JULY 31, 2025** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **INFORMATION TECHNOLOGY— continued** | **INFORMATION TECHNOLOGY— continued** | **INFORMATION TECHNOLOGY— continued** |
| &nbsp;&nbsp;&nbsp;Viavi Solutions \* | 980 | $9849 |
| &nbsp;&nbsp;&nbsp;Vishay Intertechnology | 546 | 8949 |
| &nbsp;&nbsp;&nbsp;Vishay Precision Group \* | 53 | 1406 |
| &nbsp;&nbsp;&nbsp;Vontier | 661 | 27412 |
| &nbsp;&nbsp;&nbsp;Vuzix \* | 287 | 577 |
| &nbsp;&nbsp;&nbsp;Weave Communications \* | 276 | 2015 |
| &nbsp;&nbsp;&nbsp;Western Digital | 1547 | 121733 |
| &nbsp;&nbsp;&nbsp;Wolfspeed \* | 686 | 1029 |
| &nbsp;&nbsp;&nbsp;Workday, Cl A \* | 958 | 219746 |
| &nbsp;&nbsp;&nbsp;Workiva, Cl A \* | 222 | 14170 |
| &nbsp;&nbsp;&nbsp;Xerox Holdings | 513 | 2078 |
| &nbsp;&nbsp;&nbsp;Xperi \* | 194 | 1168 |
| &nbsp;&nbsp;&nbsp;Yext \* | 453 | 3678 |
| &nbsp;&nbsp;&nbsp;Zebra Technologies, Cl A \* | 226 | 76619 |
| &nbsp;&nbsp;&nbsp;Zeta Global Holdings, Cl A \* | 819 | 12817 |
| &nbsp;&nbsp;&nbsp;Zoom Video Communications, Cl A \* | 1076 | 79678 |
| &nbsp;&nbsp;&nbsp;Zscaler \* | 435 | 124219 |
|  |  | 86136648 |
| **MATERIALS — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;AdvanSix | 115 | 2314 |
| &nbsp;&nbsp;&nbsp;Air Products and Chemicals | 976 | 280971 |
| &nbsp;&nbsp;&nbsp;Albemarle | 526 | 35689 |
| &nbsp;&nbsp;&nbsp;Alcoa | 1148 | 34406 |
| &nbsp;&nbsp;&nbsp;Alpha Metallurgical Resources \* | 46 | 5431 |
| &nbsp;&nbsp;&nbsp;Alto Ingredients \* | 326 | 329 |
| &nbsp;&nbsp;&nbsp;Amcor PLC | 10126 | 94678 |
| &nbsp;&nbsp;&nbsp;American Vanguard \* | 116 | 448 |
| &nbsp;&nbsp;&nbsp;AptarGroup | 294 | 46199 |
| &nbsp;&nbsp;&nbsp;Ardagh Metal Packaging | 643 | 2546 |
| &nbsp;&nbsp;&nbsp;Ashland | 209 | 10776 |
| &nbsp;&nbsp;&nbsp;Aspen Aerogels \* | 362 | 2773 |
| &nbsp;&nbsp;&nbsp;Avery Dennison | 348 | 58384 |
| &nbsp;&nbsp;&nbsp;Avient | 402 | 12691 |
| &nbsp;&nbsp;&nbsp;Axalta Coating Systems \* | 976 | 27640 |
| &nbsp;&nbsp;&nbsp;Balchem | 145 | 22108 |
| &nbsp;&nbsp;&nbsp;Ball | 1260 | 72148 |
| &nbsp;&nbsp;&nbsp;Cabot | 240 | 17323 |
| &nbsp;&nbsp;&nbsp;Carpenter Technology | 217 | 54118 |
| &nbsp;&nbsp;&nbsp;Celanese, Cl A | 500 | 26115 |
| &nbsp;&nbsp;&nbsp;Century Aluminum \* | 231 | 4893 |
| &nbsp;&nbsp;&nbsp;CF Industries Holdings | 741 | 68787 |
| &nbsp;&nbsp;&nbsp;Chemours | 664 | 7955 |
| &nbsp;&nbsp;&nbsp;Clearwater Paper \* | 70 | 1579 |
| &nbsp;&nbsp;&nbsp;Cleveland-Cliffs \* | 2171 | 22839 |
| &nbsp;&nbsp;&nbsp;Coeur Mining \* | 2648 | 23011 |
| &nbsp;&nbsp;&nbsp;Commercial Metals | 502 | 26034 |
| &nbsp;&nbsp;&nbsp;Compass Minerals International \* | 184 | 3667 |
| &nbsp;&nbsp;&nbsp;Constellium, Cl A \* | 630 | 8637 |
| &nbsp;&nbsp;&nbsp;Corteva | 3050 | 219997 |
| &nbsp;&nbsp;&nbsp;CRH PLC | 3028 | 289023 |
| &nbsp;&nbsp;&nbsp;Crown Holdings | 520 | 51667 |
| &nbsp;&nbsp;&nbsp;Dakota Gold \* | 392 | 1411 |
| &nbsp;&nbsp;&nbsp;Dow | 3158 | 73550 |
| &nbsp;&nbsp;&nbsp;DuPont de Nemours | 1665 | 119714 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **MATERIALS— continued** | **MATERIALS— continued** | **MATERIALS— continued** |
| &nbsp;&nbsp;&nbsp;Eagle Materials | 148 | $33195 |
| &nbsp;&nbsp;&nbsp;Eastman Chemical | 514 | 37322 |
| &nbsp;&nbsp;&nbsp;Ecolab | 1140 | 298406 |
| &nbsp;&nbsp;&nbsp;Ecovyst \* | 467 | 4021 |
| &nbsp;&nbsp;&nbsp;Element Solutions | 1014 | 23930 |
| &nbsp;&nbsp;&nbsp;Ferroglobe PLC | 530 | 2242 |
| &nbsp;&nbsp;&nbsp;FMC | 545 | 21277 |
| &nbsp;&nbsp;&nbsp;Freeport-McMoRan | 6408 | 257858 |
| &nbsp;&nbsp;&nbsp;Glatfelter \* | 158 | 1967 |
| &nbsp;&nbsp;&nbsp;Graphic Packaging Holding | 1335 | 29851 |
| &nbsp;&nbsp;&nbsp;Greif, Cl A | 112 | 7104 |
| &nbsp;&nbsp;&nbsp;Greif, Cl B | 12 | 788 |
| &nbsp;&nbsp;&nbsp;Hawkins | 86 | 14042 |
| &nbsp;&nbsp;&nbsp;HB Fuller | 241 | 13544 |
| &nbsp;&nbsp;&nbsp;Hecla Mining | 2652 | 15222 |
| &nbsp;&nbsp;&nbsp;Huntsman | 736 | 7139 |
| &nbsp;&nbsp;&nbsp;Ingevity \* | 162 | 6770 |
| &nbsp;&nbsp;&nbsp;Innospec | 111 | 8869 |
| &nbsp;&nbsp;&nbsp;International Flavors & Fragrances | 1147 | 81471 |
| &nbsp;&nbsp;&nbsp;International Paper | 2360 | 110306 |
| &nbsp;&nbsp;&nbsp;Intrepid Potash \* | 53 | 1764 |
| &nbsp;&nbsp;&nbsp;Ivanhoe Electric \* | 383 | 3661 |
| &nbsp;&nbsp;&nbsp;Kaiser Aluminum | 70 | 5412 |
| &nbsp;&nbsp;&nbsp;Knife River \* | 252 | 20785 |
| &nbsp;&nbsp;&nbsp;Koppers Holdings | 86 | 2826 |
| &nbsp;&nbsp;&nbsp;Kronos Worldwide | 97 | 519 |
| &nbsp;&nbsp;&nbsp;Linde PLC | 2117 | 974370 |
| &nbsp;&nbsp;&nbsp;Louisiana-Pacific | 282 | 25496 |
| &nbsp;&nbsp;&nbsp;LSB Industries \* | 228 | 1762 |
| &nbsp;&nbsp;&nbsp;LyondellBasell Industries, Cl A | 1145 | 66330 |
| &nbsp;&nbsp;&nbsp;Martin Marietta Materials | 270 | 155218 |
| &nbsp;&nbsp;&nbsp;Materion | 91 | 9582 |
| &nbsp;&nbsp;&nbsp;Mativ Holdings | 237 | 1569 |
| &nbsp;&nbsp;&nbsp;Metallus \* | 181 | 2860 |
| &nbsp;&nbsp;&nbsp;Minerals Technologies | 141 | 8199 |
| &nbsp;&nbsp;&nbsp;Mosaic | 1412 | 50846 |
| &nbsp;&nbsp;&nbsp;MP Materials \* | 599 | 36839 |
| &nbsp;&nbsp;&nbsp;Myers Industries | 164 | 2403 |
| &nbsp;&nbsp;&nbsp;NewMarket | 36 | 24732 |
| &nbsp;&nbsp;&nbsp;Newmont | 4987 | 309693 |
| &nbsp;&nbsp;&nbsp;Nucor | 1030 | 147362 |
| &nbsp;&nbsp;&nbsp;O-I Glass \* | 678 | 8821 |
| &nbsp;&nbsp;&nbsp;Olin | 514 | 9735 |
| &nbsp;&nbsp;&nbsp;Olympic Steel | 44 | 1368 |
| &nbsp;&nbsp;&nbsp;Origin Materials \* | 617 | 449 |
| &nbsp;&nbsp;&nbsp;Packaging Corp of America | 397 | 76919 |
| &nbsp;&nbsp;&nbsp;Perimeter Solutions \* | 635 | 10243 |
| &nbsp;&nbsp;&nbsp;Piedmont Lithium \* | 91 | 664 |
| &nbsp;&nbsp;&nbsp;PPG Industries | 1016 | 107188 |
| &nbsp;&nbsp;&nbsp;PureCycle Technologies \* | 720 | 9655 |
| &nbsp;&nbsp;&nbsp;Quaker Chemical | 62 | 7094 |
| &nbsp;&nbsp;&nbsp;Ramaco Resources, Cl A | 128 | 2605 |
| &nbsp;&nbsp;&nbsp;Ramaco Resources, Cl B | 28 | 375 |
| &nbsp;&nbsp;&nbsp;Ranpak Holdings, Cl A \* | 205 | 748 |
| &nbsp;&nbsp;&nbsp;Rayonier Advanced Materials \* | 280 | 1075 |

---

**41**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
|  | **JULY 31, 2025** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **MATERIALS— continued** | **MATERIALS— continued** | **MATERIALS— continued** |
| &nbsp;&nbsp;&nbsp;Reliance | 236 | $68471 |
| &nbsp;&nbsp;&nbsp;Royal Gold | 294 | 44517 |
| &nbsp;&nbsp;&nbsp;RPM International | 569 | 66806 |
| &nbsp;&nbsp;&nbsp;Ryerson Holding | 119 | 2451 |
| &nbsp;&nbsp;&nbsp;Scotts Miracle-Gro, Cl A | 188 | 11780 |
| &nbsp;&nbsp;&nbsp;Sealed Air | 654 | 19143 |
| &nbsp;&nbsp;&nbsp;Sensient Technologies | 187 | 20998 |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams | 1036 | 342792 |
| &nbsp;&nbsp;&nbsp;Silgan Holdings | 393 | 18286 |
| &nbsp;&nbsp;&nbsp;Smurfit WestRock PLC | 2332 | 103494 |
| &nbsp;&nbsp;&nbsp;Sonoco Products | 438 | 19741 |
| &nbsp;&nbsp;&nbsp;Steel Dynamics | 629 | 80235 |
| &nbsp;&nbsp;&nbsp;Stepan | 95 | 4823 |
| &nbsp;&nbsp;&nbsp;SunCoke Energy | 374 | 2764 |
| &nbsp;&nbsp;&nbsp;Sylvamo | 152 | 7003 |
| &nbsp;&nbsp;&nbsp;Tredegar \* | 118 | 1028 |
| &nbsp;&nbsp;&nbsp;TriMas | 165 | 5895 |
| &nbsp;&nbsp;&nbsp;Trinseo PLC | 147 | 393 |
| &nbsp;&nbsp;&nbsp;Tronox Holdings PLC, Cl A | 526 | 1678 |
| &nbsp;&nbsp;&nbsp;United States Lime & Minerals | 48 | 4780 |
| &nbsp;&nbsp;&nbsp;Vulcan Materials | 587 | 161231 |
| &nbsp;&nbsp;&nbsp;Warrior Met Coal | 231 | 11869 |
| &nbsp;&nbsp;&nbsp;Westlake | 160 | 12688 |
| &nbsp;&nbsp;&nbsp;Worthington Steel | 166 | 5066 |
|  |  | 5812274 |
| **REAL ESTATE — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Acadia Realty Trust ‡ | 534 | 9997 |
| &nbsp;&nbsp;&nbsp;Agree Realty ‡ | 485 | 34775 |
| &nbsp;&nbsp;&nbsp;Alexander & Baldwin ‡ | 320 | 5754 |
| &nbsp;&nbsp;&nbsp;Alexander's ‡ | 9 | 2261 |
| &nbsp;&nbsp;&nbsp;Alpine Income Property Trust ‡ | 58 | 815 |
| &nbsp;&nbsp;&nbsp;American Assets Trust ‡ | 207 | 3939 |
| &nbsp;&nbsp;&nbsp;American Healthcare REIT ‡ | 705 | 27241 |
| &nbsp;&nbsp;&nbsp;American Homes 4 Rent, Cl A ‡ | 1427 | 49503 |
| &nbsp;&nbsp;&nbsp;American Tower ‡ | 2095 | 436577 |
| &nbsp;&nbsp;&nbsp;Americold Realty Trust ‡ | 1276 | 20518 |
| &nbsp;&nbsp;&nbsp;Anywhere Real Estate \* | 423 | 1954 |
| &nbsp;&nbsp;&nbsp;Apartment Investment and Management, Cl A ‡ | 592 | 4979 |
| &nbsp;&nbsp;&nbsp;Apple Hospitality ‡ | 952 | 11186 |
| &nbsp;&nbsp;&nbsp;Armada Hoffler Properties ‡ | 354 | 2418 |
| &nbsp;&nbsp;&nbsp;AvalonBay Communities ‡ | 637 | 118660 |
| &nbsp;&nbsp;&nbsp;Braemar Hotels & Resorts ‡ | 293 | 645 |
| &nbsp;&nbsp;&nbsp;Brandywine Realty Trust ‡ | 750 | 3000 |
| &nbsp;&nbsp;&nbsp;Brixmor Property Group ‡ | 1363 | 35615 |
| &nbsp;&nbsp;&nbsp;Broadstone Net Lease, Cl A ‡ | 824 | 13382 |
| &nbsp;&nbsp;&nbsp;BRT Apartments ‡ | 48 | 698 |
| &nbsp;&nbsp;&nbsp;BXP ‡ | 706 | 46194 |
| &nbsp;&nbsp;&nbsp;Camden Property Trust ‡ | 482 | 52634 |
| &nbsp;&nbsp;&nbsp;CareTrust ‡ | 837 | 26617 |
| &nbsp;&nbsp;&nbsp;CBRE Group, Cl A \* | 1309 | 203864 |
| &nbsp;&nbsp;&nbsp;Centerspace ‡ | 75 | 4082 |
| &nbsp;&nbsp;&nbsp;Chatham Lodging Trust ‡ | 214 | 1459 |
| &nbsp;&nbsp;&nbsp;City Office REIT ‡ | 173 | 1201 |
| &nbsp;&nbsp;&nbsp;Clipper Realty ‡ | 53 | 184 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **REAL ESTATE— continued** | **REAL ESTATE— continued** | **REAL ESTATE— continued** |
| &nbsp;&nbsp;&nbsp;Compass, Cl A \* | 2233 | $17730 |
| &nbsp;&nbsp;&nbsp;COPT Defense Properties ‡ | 505 | 13776 |
| &nbsp;&nbsp;&nbsp;CoStar Group \* | 1869 | 177879 |
| &nbsp;&nbsp;&nbsp;Cousins Properties ‡ | 748 | 20271 |
| &nbsp;&nbsp;&nbsp;Crown Castle ‡ | 1960 | 205976 |
| &nbsp;&nbsp;&nbsp;CTO Realty Growth ‡ | 141 | 2328 |
| &nbsp;&nbsp;&nbsp;CubeSmart ‡ | 1020 | 39688 |
| &nbsp;&nbsp;&nbsp;Curbline Properties ‡ | 429 | 9481 |
| &nbsp;&nbsp;&nbsp;Cushman & Wakefield PLC \* | 1023 | 12470 |
| &nbsp;&nbsp;&nbsp;DiamondRock Hospitality ‡ | 917 | 7079 |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust ‡ | 1510 | 266424 |
| &nbsp;&nbsp;&nbsp;Douglas Elliman \* | 320 | 880 |
| &nbsp;&nbsp;&nbsp;Douglas Emmett ‡ | 729 | 11052 |
| &nbsp;&nbsp;&nbsp;Easterly Government Properties, Cl A ‡ | 182 | 4008 |
| &nbsp;&nbsp;&nbsp;EastGroup Properties ‡ | 234 | 38198 |
| &nbsp;&nbsp;&nbsp;Elme Communities ‡ | 390 | 5881 |
| &nbsp;&nbsp;&nbsp;Empire State Realty Trust, Cl A ‡ | 612 | 4431 |
| &nbsp;&nbsp;&nbsp;EPR Properties ‡ | 334 | 18383 |
| &nbsp;&nbsp;&nbsp;Equinix ‡ | 438 | 343904 |
| &nbsp;&nbsp;&nbsp;Equity LifeStyle Properties ‡ | 776 | 46498 |
| &nbsp;&nbsp;&nbsp;Equity Residential ‡ | 1653 | 104470 |
| &nbsp;&nbsp;&nbsp;Essential Properties Realty Trust ‡ | 881 | 26862 |
| &nbsp;&nbsp;&nbsp;Essex Property Trust ‡ | 286 | 74411 |
| &nbsp;&nbsp;&nbsp;eXp World Holdings | 349 | 3762 |
| &nbsp;&nbsp;&nbsp;Extra Space Storage ‡ | 942 | 126567 |
| &nbsp;&nbsp;&nbsp;Farmland Partners ‡ | 183 | 1916 |
| &nbsp;&nbsp;&nbsp;Federal Realty Investment Trust ‡ | 382 | 35205 |
| &nbsp;&nbsp;&nbsp;First Industrial Realty Trust ‡ | 592 | 28842 |
| &nbsp;&nbsp;&nbsp;Forestar Group \* | 86 | 2133 |
| &nbsp;&nbsp;&nbsp;Four Corners Property Trust ‡ | 442 | 11156 |
| &nbsp;&nbsp;&nbsp;FRP Holdings \* | 50 | 1320 |
| &nbsp;&nbsp;&nbsp;Getty Realty ‡ | 236 | 6558 |
| &nbsp;&nbsp;&nbsp;Gladstone Commercial ‡ | 203 | 2669 |
| &nbsp;&nbsp;&nbsp;Gladstone Land ‡ | 151 | 1389 |
| &nbsp;&nbsp;&nbsp;Global Net Lease ‡ | 886 | 6193 |
| &nbsp;&nbsp;&nbsp;Healthcare Realty Trust, Cl A ‡ | 1559 | 23946 |
| &nbsp;&nbsp;&nbsp;Highwoods Properties ‡ | 475 | 13780 |
| &nbsp;&nbsp;&nbsp;Host Hotels & Resorts ‡ | 3090 | 48575 |
| &nbsp;&nbsp;&nbsp;Howard Hughes Holdings \* | 138 | 9485 |
| &nbsp;&nbsp;&nbsp;Hudson Pacific Properties ‡ | 710 | 1740 |
| &nbsp;&nbsp;&nbsp;Independence Realty Trust ‡ | 1028 | 17240 |
| &nbsp;&nbsp;&nbsp;InvenTrust Properties ‡ | 346 | 9539 |
| &nbsp;&nbsp;&nbsp;Invitation Homes ‡ | 2569 | 78740 |
| &nbsp;&nbsp;&nbsp;Iron Mountain ‡ | 1314 | 127931 |
| &nbsp;&nbsp;&nbsp;JBG SMITH Properties ‡ | 327 | 6926 |
| &nbsp;&nbsp;&nbsp;Jones Lang LaSalle \* | 209 | 56505 |
| &nbsp;&nbsp;&nbsp;Kennedy-Wilson Holdings | 478 | 3499 |
| &nbsp;&nbsp;&nbsp;Kilroy Realty ‡ | 525 | 19352 |
| &nbsp;&nbsp;&nbsp;Kimco Realty ‡ | 2982 | 63308 |
| &nbsp;&nbsp;&nbsp;Kite Realty Group Trust ‡ | 979 | 21518 |
| &nbsp;&nbsp;&nbsp;Lamar Advertising, Cl A ‡ | 392 | 47922 |
| &nbsp;&nbsp;&nbsp;Lineage ‡ | 316 | 13635 |
| &nbsp;&nbsp;&nbsp;LTC Properties ‡ | 201 | 6842 |
| &nbsp;&nbsp;&nbsp;LXP Industrial Trust, Cl B ‡ | 1288 | 9995 |
| &nbsp;&nbsp;&nbsp;Macerich ‡ | 1126 | 18815 |

---

**42**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
|  | **JULY 31, 2025** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **REAL ESTATE— continued** | **REAL ESTATE— continued** | **REAL ESTATE— continued** |
| &nbsp;&nbsp;&nbsp;Marcus & Millichap | 110 | $3428 |
| &nbsp;&nbsp;&nbsp;Maui Land & Pineapple \* | 31 | 527 |
| &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities ‡ | 521 | 74206 |
| &nbsp;&nbsp;&nbsp;National Health Investors ‡ | 200 | 13972 |
| &nbsp;&nbsp;&nbsp;National Storage Affiliates Trust ‡ | 316 | 9309 |
| &nbsp;&nbsp;&nbsp;NET Lease Office Properties \*‡ | 66 | 2191 |
| &nbsp;&nbsp;&nbsp;NETSTREIT ‡ | 365 | 6654 |
| &nbsp;&nbsp;&nbsp;Newmark Group, Cl A | 587 | 8905 |
| &nbsp;&nbsp;&nbsp;NexPoint Diversified Real Estate Trust ‡ | 147 | 645 |
| &nbsp;&nbsp;&nbsp;NexPoint Residential Trust ‡ | 94 | 2931 |
| &nbsp;&nbsp;&nbsp;NNN REIT ‡ | 837 | 34535 |
| &nbsp;&nbsp;&nbsp;Office Properties Income Trust ‡ | 308 | 74 |
| &nbsp;&nbsp;&nbsp;Omega Healthcare Investors ‡ | 1286 | 50025 |
| &nbsp;&nbsp;&nbsp;One Liberty Properties ‡ | 68 | 1522 |
| &nbsp;&nbsp;&nbsp;Opendoor Technologies \* | 2787 | 5128 |
| &nbsp;&nbsp;&nbsp;Orion Office REIT ‡ | 248 | 650 |
| &nbsp;&nbsp;&nbsp;Outfront Media ‡ | 654 | 11462 |
| &nbsp;&nbsp;&nbsp;Paramount Group ‡ | 860 | 5263 |
| &nbsp;&nbsp;&nbsp;Park Hotels & Resorts ‡ | 835 | 8901 |
| &nbsp;&nbsp;&nbsp;Peakstone Realty Trust ‡ | 160 | 2176 |
| &nbsp;&nbsp;&nbsp;Pebblebrook Hotel Trust ‡ | 520 | 5216 |
| &nbsp;&nbsp;&nbsp;Phillips Edison ‡ | 560 | 18922 |
| &nbsp;&nbsp;&nbsp;Piedmont Office Realty Trust, Cl A ‡ | 548 | 4143 |
| &nbsp;&nbsp;&nbsp;Plymouth Industrial ‡ | 182 | 2643 |
| &nbsp;&nbsp;&nbsp;Postal Realty Trust, Cl A ‡ | 83 | 1138 |
| &nbsp;&nbsp;&nbsp;PotlatchDeltic ‡ | 345 | 14107 |
| &nbsp;&nbsp;&nbsp;Prologis ‡ | 4147 | 442817 |
| &nbsp;&nbsp;&nbsp;Public Storage ‡ | 707 | 192262 |
| &nbsp;&nbsp;&nbsp;Rayonier ‡ | 693 | 16154 |
| &nbsp;&nbsp;&nbsp;RE/MAX Holdings, Cl A \* | 75 | 577 |
| &nbsp;&nbsp;&nbsp;Realty Income ‡ | 3980 | 223397 |
| &nbsp;&nbsp;&nbsp;Regency Centers ‡ | 809 | 57763 |
| &nbsp;&nbsp;&nbsp;Rexford Industrial Realty ‡ | 1057 | 38612 |
| &nbsp;&nbsp;&nbsp;RLJ Lodging Trust ‡ | 658 | 4869 |
| &nbsp;&nbsp;&nbsp;RMR Group, Cl A | 68 | 1092 |
| &nbsp;&nbsp;&nbsp;Ryman Hospitality Properties ‡ | 256 | 24335 |
| &nbsp;&nbsp;&nbsp;Sabra Health Care ‡ | 1049 | 18913 |
| &nbsp;&nbsp;&nbsp;Safehold ‡ | 249 | 3484 |
| &nbsp;&nbsp;&nbsp;Saul Centers ‡ | 58 | 1869 |
| &nbsp;&nbsp;&nbsp;SBA Communications, Cl A ‡ | 480 | 107866 |
| &nbsp;&nbsp;&nbsp;Seaport Entertainment Group \* | 33 | 761 |
| &nbsp;&nbsp;&nbsp;Seritage Growth Properties \* | 154 | 491 |
| &nbsp;&nbsp;&nbsp;Service Properties Trust ‡ | 698 | 1836 |
| &nbsp;&nbsp;&nbsp;Sila Realty Trust ‡ | 245 | 5988 |
| &nbsp;&nbsp;&nbsp;Simon Property Group ‡ | 1400 | 229306 |
| &nbsp;&nbsp;&nbsp;SITE Centers ‡ | 221 | 2380 |
| &nbsp;&nbsp;&nbsp;SL Green Realty ‡ | 318 | 18206 |
| &nbsp;&nbsp;&nbsp;Spirit MTA ‡(A) | 11 |  |
| &nbsp;&nbsp;&nbsp;St. Joe | 182 | 9191 |
| &nbsp;&nbsp;&nbsp;STAG Industrial ‡ | 837 | 28734 |
| &nbsp;&nbsp;&nbsp;Star Holdings \* | 58 | 417 |
| &nbsp;&nbsp;&nbsp;Stratus Properties \* | 32 | 510 |
| &nbsp;&nbsp;&nbsp;Summit Hotel Properties ‡ | 478 | 2495 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **REAL ESTATE— continued** | **REAL ESTATE— continued** | **REAL ESTATE— continued** |
| &nbsp;&nbsp;&nbsp;Sun Communities ‡ | 563 | $69829 |
| &nbsp;&nbsp;&nbsp;Sunstone Hotel Investors ‡ | 892 | 7805 |
| &nbsp;&nbsp;&nbsp;Tanger ‡ | 493 | 14800 |
| &nbsp;&nbsp;&nbsp;Tejon Ranch \* | 98 | 1760 |
| &nbsp;&nbsp;&nbsp;Terreno Realty ‡ | 454 | 25192 |
| &nbsp;&nbsp;&nbsp;Transcontinental Realty Investors \* | 5 | 205 |
| &nbsp;&nbsp;&nbsp;UDR ‡ | 1479 | 58110 |
| &nbsp;&nbsp;&nbsp;UMH Properties ‡ | 327 | 5324 |
| &nbsp;&nbsp;&nbsp;Uniti Group ‡ | 1071 | 5698 |
| &nbsp;&nbsp;&nbsp;Urban Edge Properties ‡ | 563 | 11102 |
| &nbsp;&nbsp;&nbsp;Veris Residential ‡ | 362 | 5097 |
| &nbsp;&nbsp;&nbsp;Vornado Realty Trust ‡ | 794 | 30506 |
| &nbsp;&nbsp;&nbsp;Welltower ‡ | 2933 | 484150 |
| &nbsp;&nbsp;&nbsp;Weyerhaeuser ‡ | 3245 | 81287 |
| &nbsp;&nbsp;&nbsp;Whitestone, Cl B ‡ | 221 | 2694 |
| &nbsp;&nbsp;&nbsp;WP Carey ‡ | 967 | 62043 |
| &nbsp;&nbsp;&nbsp;Xenia Hotels & Resorts ‡ | 451 | 5732 |
| &nbsp;&nbsp;&nbsp;Zillow Group, Cl A \* | 159 | 12203 |
| &nbsp;&nbsp;&nbsp;Zillow Group, Cl C \* | 731 | 58151 |
|  |  | 6063921 |
| **UTILITIES — 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;AES | 3146 | 41370 |
| &nbsp;&nbsp;&nbsp;ALLETE | 259 | 17076 |
| &nbsp;&nbsp;&nbsp;Alliant Energy | 1149 | 74696 |
| &nbsp;&nbsp;&nbsp;Ameren | 1206 | 121963 |
| &nbsp;&nbsp;&nbsp;American Electric Power | 2377 | 268934 |
| &nbsp;&nbsp;&nbsp;American States Water | 171 | 12584 |
| &nbsp;&nbsp;&nbsp;American Water Works | 871 | 122149 |
| &nbsp;&nbsp;&nbsp;Artesian Resources, Cl A | 40 | 1306 |
| &nbsp;&nbsp;&nbsp;Atmos Energy | 710 | 110703 |
| &nbsp;&nbsp;&nbsp;Avista | 357 | 13316 |
| &nbsp;&nbsp;&nbsp;Black Hills | 322 | 18605 |
| &nbsp;&nbsp;&nbsp;Cadiz \* | 243 | 773 |
| &nbsp;&nbsp;&nbsp;California Water Service Group | 265 | 12050 |
| &nbsp;&nbsp;&nbsp;CenterPoint Energy | 2916 | 113199 |
| &nbsp;&nbsp;&nbsp;Chesapeake Utilities | 101 | 12108 |
| &nbsp;&nbsp;&nbsp;Clearway Energy, Cl A | 135 | 4155 |
| &nbsp;&nbsp;&nbsp;Clearway Energy, Cl C | 365 | 11910 |
| &nbsp;&nbsp;&nbsp;CMS Energy | 1325 | 97785 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison | 1613 | 166946 |
| &nbsp;&nbsp;&nbsp;Consolidated Water | 67 | 1949 |
| &nbsp;&nbsp;&nbsp;Constellation Energy | 1412 | 491150 |
| &nbsp;&nbsp;&nbsp;Dominion Energy | 3820 | 223279 |
| &nbsp;&nbsp;&nbsp;DTE Energy | 815 | 112804 |
| &nbsp;&nbsp;&nbsp;Duke Energy | 3477 | 422942 |
| &nbsp;&nbsp;&nbsp;Edison International | 1724 | 89855 |
| &nbsp;&nbsp;&nbsp;Entergy | 1998 | 180679 |
| &nbsp;&nbsp;&nbsp;Essential Utilities | 1234 | 45411 |
| &nbsp;&nbsp;&nbsp;Evergy | 1006 | 71225 |
| &nbsp;&nbsp;&nbsp;Eversource Energy | 1634 | 108007 |
| &nbsp;&nbsp;&nbsp;Exelon | 4527 | 203443 |
| &nbsp;&nbsp;&nbsp;FirstEnergy | 2457 | 104938 |
| &nbsp;&nbsp;&nbsp;Genie Energy, Cl B | 92 | 1869 |
| &nbsp;&nbsp;&nbsp;Global Water Resources | 59 | 563 |

---

**43**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
|  | **JULY 31, 2025** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **UTILITIES— continued** | **UTILITIES— continued** | **UTILITIES— continued** |
| &nbsp;&nbsp;&nbsp;Hallador Energy \* | 136 | $2399 |
| &nbsp;&nbsp;&nbsp;Hawaiian Electric Industries \* | 773 | 8287 |
| &nbsp;&nbsp;&nbsp;IDACORP, Cl Rights | 241 | 30205 |
| &nbsp;&nbsp;&nbsp;MDU Resources Group | 903 | 15577 |
| &nbsp;&nbsp;&nbsp;MGE Energy | 164 | 13930 |
| &nbsp;&nbsp;&nbsp;Middlesex Water | 79 | 4076 |
| &nbsp;&nbsp;&nbsp;Montauk Renewables \* | 284 | 616 |
| &nbsp;&nbsp;&nbsp;National Fuel Gas | 400 | 34716 |
| &nbsp;&nbsp;&nbsp;New Jersey Resources | 447 | 20522 |
| &nbsp;&nbsp;&nbsp;NextEra Energy | 9232 | 656026 |
| &nbsp;&nbsp;&nbsp;NextEra Energy Partners | 420 | 4003 |
| &nbsp;&nbsp;&nbsp;NiSource | 2108 | 89485 |
| &nbsp;&nbsp;&nbsp;Northwest Natural Holding | 177 | 7066 |
| &nbsp;&nbsp;&nbsp;Northwestern Energy Group | 272 | 14606 |
| &nbsp;&nbsp;&nbsp;NRG Energy | 897 | 149978 |
| &nbsp;&nbsp;&nbsp;OGE Energy | 898 | 40787 |
| &nbsp;&nbsp;&nbsp;Oklo, Cl A \* | 515 | 39444 |
| &nbsp;&nbsp;&nbsp;ONE Gas | 266 | 19338 |
| &nbsp;&nbsp;&nbsp;Ormat Technologies | 261 | 23336 |
| &nbsp;&nbsp;&nbsp;Otter Tail | 183 | 14124 |
| &nbsp;&nbsp;&nbsp;PG&E | 9844 | 138013 |
| &nbsp;&nbsp;&nbsp;Pinnacle West Capital | 533 | 48300 |
| &nbsp;&nbsp;&nbsp;Portland General Electric | 489 | 20108 |
| &nbsp;&nbsp;&nbsp;PPL | 3195 | 114030 |
| &nbsp;&nbsp;&nbsp;Public Service Enterprise Group | 2226 | 199873 |
| &nbsp;&nbsp;&nbsp;Pure Cycle \* | 87 | 853 |
| &nbsp;&nbsp;&nbsp;Sempra | 2963 | 242018 |
| &nbsp;&nbsp;&nbsp;SJW Group | 139 | 6712 |
| &nbsp;&nbsp;&nbsp;Southern | 4905 | 463424 |
| &nbsp;&nbsp;&nbsp;Southwest Gas Holdings | 285 | 22270 |
| &nbsp;&nbsp;&nbsp;Spire | 250 | 18618 |
| &nbsp;&nbsp;&nbsp;Talen Energy \* | 206 | 77779 |
| &nbsp;&nbsp;&nbsp;TXNM Energy | 411 | 23341 |
| &nbsp;&nbsp;&nbsp;UGI | 958 | 34660 |
| &nbsp;&nbsp;&nbsp;Unitil | 71 | 3662 |
| &nbsp;&nbsp;&nbsp;Vistra | 1516 | 316147 |
| &nbsp;&nbsp;&nbsp;WEC Energy Group | 1430 | 155984 |
| &nbsp;&nbsp;&nbsp;Xcel Energy | 2584 | 189769 |
| &nbsp;&nbsp;&nbsp;York Water | 64 | 1937 |
|  |  | 6545761 |
| &nbsp;&nbsp;&nbsp;Total Common Stock |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $173,055,317) |  | 236331566 |

---

---

| | | |
|:---|:---|:---|
| **RIGHTS — 0.0%** | **RIGHTS — 0.0%** | **RIGHTS — 0.0%** |
|  | **Number Of<br>Rights** | **Value** |
| &nbsp;&nbsp;&nbsp;AbioMed‡‡ | 101 | $— |
| &nbsp;&nbsp;&nbsp;Alibero Pharma‡‡ | 36 |  |
| &nbsp;&nbsp;&nbsp;Blueprint Medicines‡‡ | 286 | 132 |
| &nbsp;&nbsp;&nbsp;Cincor Pharma‡‡ | 31 |  |
| &nbsp;&nbsp;&nbsp;Concert Pharmaceuticals‡‡ | 89 |  |
| &nbsp;&nbsp;&nbsp;Flexion Therapeutics‡‡(A) | 42 |  |
| &nbsp;&nbsp;&nbsp;Icosavax‡‡ | 105 |  |
| &nbsp;&nbsp;&nbsp;Inhibrx‡‡ | 132 |  |
| &nbsp;&nbsp;&nbsp;Novartis‡‡ | 104 |  |
| &nbsp;&nbsp;&nbsp;Poseida Therapeutics‡‡ | 286 | 143 |
| &nbsp;&nbsp;&nbsp;Prevail Therapeutics‡‡(A) | 16 |  |
| &nbsp;&nbsp;&nbsp;Verve Therapeutics‡‡ | 321 | 202 |
| &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings‡‡ | 206 | 18 |
| &nbsp;&nbsp;&nbsp;Total Rights |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $–) |  | 495 |
| **WARRANT — 0.0%** | **WARRANT — 0.0%** | **WARRANT — 0.0%** |
|  | **Number Of**<br>**Warrants** |  |
| &nbsp;&nbsp;&nbsp;Enovix, Strike Price $8.75,\* |  |  |
| &nbsp;&nbsp;&nbsp;Expires 10/1/2026 | 102 | $477 |
| &nbsp;&nbsp;&nbsp;Total Warrants |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $–) |  | 477 |
| &nbsp;&nbsp;&nbsp;Total Investments in Securities— 97.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $173,055,317) |  | $236332538 |

---

Percentages are based on Net Assets of $243,150,768.

---

| | |
|:---|:---|
| # | More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes. |
| \* | Non-income producing security. |
| ‡ | Real Estate Investment Trust. |
| ‡‡ | Expiration Date or Rate unavailable. |
| (A) | Level 3 security in accordance with fair value hierarchy. |

---

A list of the open OTC swap agreements held by the Fund at July 31, 2025, is as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Swap** | **Total Return Swap** | **Total Return Swap** | **Total Return Swap** | **Total Return Swap** | **Total Return Swap** | **Total Return Swap** | **Total Return Swap** | **Total Return Swap** | **Total Return Swap** | **Total Return Swap** |
| Counterparty | Reference Entity/ <br>Obligation | Fund Pays | Fund Receives | Payment <br>Frequency | Termination <br>Date | Currency | Notional<br> Amount | Value | Upfront<br> Payments/<br> Receipts | Net Unrealized<br> Appreciation<br> (Depreciation) |
| Wells Fargo | WFCBL214 Custom Basket\* | FEDL01+ 0.45% | Asset Return | Annually | 07/14/2026 | USD | 6511652 | $79047 | $– | $79047 |
|  |  |  |  |  |  |  |  | $79047 | $– | $79047 |

---

**44**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS**<br> **U.S. ALL CAP INDEX FUND** <br> **JULY 31, 2025** <br> **(Unaudited)** |

---

\* The following table represents the individual common stock exposures comprising the WFCBL214 Custom Basket Total Return Swaps as of July 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Shares | Description | Notional <br>Amount ($) | Unrealized <br>Appreciation ($) | Percentage <br> of Basket (%) |
| 127 | 3M Co | 11616 | 141 | 0.2 |
| 148 | Accenture PLC | 24193 | 294 | 0.4 |
| 101 | Adobe Inc | 22015 | 267 | 0.3 |
| 382 | Advanced Micro Devices Inc | 41222 | 500 | 0.6 |
| 43 | Aercap Holdings Nv | 2811 | 34 | 0.0 |
| 51 | Air Products And Chemicals Inc | 9065 | 110 | 0.1 |
| 90 | Airbnb Inc | 7283 | 88 | 0.1 |
| 62 | Allstate Corp/The | 7659 | 93 | 0.1 |
| 31 | Alnylam Pharmaceuticals Inc | 7355 | 89 | 0.1 |
| 1374 | Alphabet Inc, Class A | 161170 | 1956 | 2.5 |
| 1108 | Alphabet Inc, Class C | 130681 | 1586 | 2.0 |
| 534 | Amcor Plc | 3054 | 37 | 0.1 |
| 64 | Ameren Corp | 3934 | 48 | 0.1 |
| 125 | American Electric Power Co Inc | 8674 | 105 | 0.1 |
| 119 | American Express Co | 21769 | 264 | 0.3 |
| 137 | American International Group Inc | 6526 | 79 | 0.1 |
| 111 | American Tower Corp | 14081 | 171 | 0.2 |
| 46 | American Water Works Co Inc | 3942 | 48 | 0.1 |
| 23 | Ameriprise Financial Inc | 7167 | 87 | 0.1 |
| 54 | Ametek Inc | 6147 | 75 | 0.1 |
| 285 | Amphenol Corp | 18545 | 225 | 0.3 |
| 117 | Analog Devices Inc | 16061 | 195 | 0.3 |
| 49 | Aon PLC | 10745 | 130 | 0.2 |
| 94 | Apollo Global Management Inc | 8359 | 101 | 0.1 |
| 3483 | Apple Inc | 442015 | 5366 | 6.8 |
| 192 | Applied Materials Inc | 21099 | 256 | 0.3 |
| 59 | Applovin Corp | 14079 | 171 | 0.2 |
| 84 | Arch Capital Group Ltd | 4424 | 54 | 0.1 |
| 113 | Archer-Daniels-Midland Co | 3731 | 45 | 0.1 |
| 49 | Ares Management Corp | 5540 | 67 | 0.1 |
| 233 | Arista Networks Inc | 17547 | 213 | 0.3 |
| 60 | Arthur J Gallagher & Co | 10525 | 128 | 0.2 |
| 1702 | AT&T Inc | 28526 | 346 | 0.4 |
| 38 | Atlassian Corp | 4513 | 55 | 0.1 |
| 37 | Atmos Energy Corp | 3571 | 43 | 0.1 |
| 50 | Autodesk Inc | 9323 | 113 | 0.1 |
| 96 | Automatic Data Processing Inc | 18152 | 220 | 0.3 |
| 4 | Autozone Inc | 9101 | 110 | 0.1 |
| 34 | Avalonbay Communities Inc | 3825 | 46 | 0.1 |
| 17 | Axon Enterprise Inc | 8048 | 98 | 0.1 |
| 234 | Baker Hughes Co | 6443 | 78 | 0.1 |
| 1634 | Bank Of America Corp | 47224 | 573 | 0.7 |
| 168 | Bank Of New York Mellon Corp/The | 10447 | 127 | 0.2 |
| 311 | Berkshire Hathaway Inc | 89755 | 1090 | 1.4 |
| 34 | Blackrock Inc | 22716 | 276 | 0.4 |
| 171 | Blackstone Inc | 18064 | 219 | 0.3 |
| 131 | Block Inc | 6170 | 75 | 0.1 |
| 8 | Booking Holdings Inc | 25814 | 313 | 0.4 |
| 350 | Boston Scientific Corp | 22426 | 272 | 0.3 |
| 1092 | Broadcom Inc | 196020 | 2380 | 3.0 |
| 28 | Broadridge Financial Solutions Inc | 4166 | 51 | 0.1 |
| 57 | Brown & Brown Inc | 3173 | 39 | 0.1 |
| 65 | Cadence Design Systems Inc | 14422 | 175 | 0.2 |
| 148 | Capital One Financial Corp | 19401 | 236 | 0.3 |
| 57 | Cardinal Health Inc | 5391 | 65 | 0.1 |
| 246 | Carnival Corp | 4482 | 54 | 0.1 |
| 190 | Carrier Global Corp | 7980 | 97 | 0.1 |
| 30 | Carvana Co | 7103 | 86 | 0.1 |
| 9 | Casey's General Stores Inc | 2780 | 34 | 0.0 |
| 113 | Caterpillar Inc | 30247 | 367 | 0.5 |
| 25 | Cboe Global Markets Inc | 3639 | 44 | 0.1 |

---

**45**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS**<br> **U.S. ALL CAP INDEX FUND** <br> **JULY 31, 2025** <br> **(Unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Shares | Description | Notional <br>Amount ($) | Unrealized <br>Appreciation ($) | Percentage <br> of Basket (%) |
| 69 | CBRE Group Inc | 6575 | 80 | 0.1 |
| 31 | CDW Corp/De | 3313 | 40 | 0.1 |
| 43 | Cencora Inc | 7564 | 92 | 0.1 |
| 154 | Centerpoint Energy Inc | 3651 | 44 | 0.1 |
| 403 | Charles Schwab Corp/The | 24108 | 293 | 0.4 |
| 21 | Charter Communications Inc | 3533 | 43 | 0.1 |
| 51 | Cheniere Energy Inc | 7287 | 88 | 0.1 |
| 454 | Chevron Corp | 42093 | 511 | 0.7 |
| 317 | Chipotle Mexican Grill Inc | 8302 | 101 | 0.1 |
| 88 | Chubb Ltd | 14319 | 174 | 0.2 |
| 36 | Cincinnati Financial Corp | 3279 | 40 | 0.1 |
| 81 | Cintas Corp | 11061 | 134 | 0.2 |
| 859 | Cisco Systems Inc | 35748 | 434 | 0.6 |
| 441 | Citigroup Inc | 25256 | 307 | 0.4 |
| 97 | Citizens Financial Group Inc | 2827 | 34 | 0.0 |
| 69 | Cloudflare Inc | 8704 | 106 | 0.1 |
| 85 | Cme Group Inc | 14476 | 176 | 0.2 |
| 70 | Cms Energy Corp | 3153 | 38 | 0.1 |
| 833 | Coca-Cola Co/The | 34562 | 420 | 0.5 |
| 116 | Cognizant Technology Solutions Corp | 5101 | 62 | 0.1 |
| 48 | Coinbase Global Inc | 11200 | 136 | 0.2 |
| 191 | Colgate-Palmolive Co | 9803 | 119 | 0.2 |
| 875 | Comcast Corp | 17780 | 216 | 0.3 |
| 8 | Comfort Systems USA Inc | 3536 | 43 | 0.1 |
| 299 | ConocoPhillips | 17433 | 212 | 0.3 |
| 85 | Consolidated Edison Inc | 5387 | 65 | 0.1 |
| 35 | Constellation Brands Inc | 3557 | 43 | 0.1 |
| 75 | Constellation Energy Corp | 15845 | 192 | 0.2 |
| 209 | Copart Inc | 5795 | 70 | 0.1 |
| 16 | Corpay Inc | 3170 | 38 | 0.1 |
| 161 | Corteva Inc | 7096 | 86 | 0.1 |
| 99 | Costar Group Inc | 5735 | 70 | 0.1 |
| 105 | Costco Wholesale Corp | 60219 | 731 | 0.9 |
| 176 | Coterra Energy Inc | 2623 | 32 | 0.0 |
| 160 | CRH PLC | 9324 | 113 | 0.1 |
| 56 | Crowdstrike Holdings Inc | 15700 | 191 | 0.2 |
| 103 | Crown Castle Inc | 6615 | 80 | 0.1 |
| 443 | CSX Corp | 9636 | 117 | 0.2 |
| 32 | Cummins Inc | 7292 | 89 | 0.1 |
| 9 | Curtiss-Wright Corp | 2656 | 32 | 0.0 |
| 12 | Cyberark Software Ltd | 2947 | 36 | 0.1 |
| 28 | Darden Restaurants Inc | 3403 | 41 | 0.1 |
| 72 | Datadog Inc | 6145 | 75 | 0.1 |
| 59 | Deere & Co | 19065 | 231 | 0.3 |
| 74 | Dell Technologies Inc | 5998 | 73 | 0.1 |
| 151 | Devon Energy Corp | 3071 | 37 | 0.1 |
| 92 | Dexcom Inc | 4555 | 55 | 0.1 |
| 45 | Diamondback Energy Inc | 4095 | 50 | 0.1 |
| 80 | Digital Realty Trust Inc | 8594 | 104 | 0.1 |
| 52 | Dollar General Corp | 3327 | 40 | 0.1 |
| 48 | Dollar Tree Inc | 3330 | 40 | 0.1 |
| 202 | Dominion Energy Inc | 7202 | 87 | 0.1 |
| 90 | Doordash Inc | 13706 | 166 | 0.2 |
| 32 | Dover Corp | 3572 | 43 | 0.1 |
| 167 | Dow Inc | 2372 | 29 | 0.0 |
| 65 | Dr Horton Inc | 5659 | 69 | 0.1 |
| 43 | Dte Energy Co | 3637 | 44 | 0.1 |
| 183 | Duke Energy Corp | 13642 | 166 | 0.2 |
| 9 | Duolingo Inc | 1914 | 23 | 0.0 |
| 88 | Dupont De Nemours Inc | 3860 | 47 | 0.1 |
| 93 | Eaton Corp PLC | 21766 | 264 | 0.3 |
| 110 | Ebay Inc | 6169 | 75 | 0.1 |
| 60 | Ecolab Inc | 9627 | 117 | 0.2 |

---

**46**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS**<br> **U.S. ALL CAP INDEX FUND** <br> **JULY 31, 2025** <br> **(Unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Shares | Description | Notional <br>Amount ($) | Unrealized <br>Appreciation ($) | Percentage <br> of Basket (%) |
| 91 | Edison International | 2899 | 35 | 0.0 |
| 138 | Edwards Lifesciences Corp | 6688 | 81 | 0.1 |
| 62 | Electronic Arts Inc | 5737 | 70 | 0.1 |
| 11 | Emcor Group Inc | 4038 | 49 | 0.1 |
| 133 | Emerson Electric Co | 11831 | 144 | 0.2 |
| 105 | Entergy Corp | 5828 | 71 | 0.1 |
| 130 | EOG Resources Inc | 9545 | 116 | 0.2 |
| 141 | EQT Corp | 4623 | 56 | 0.1 |
| 29 | Equifax Inc | 4299 | 52 | 0.1 |
| 23 | Equinix Inc | 11090 | 135 | 0.2 |
| 87 | Equity Residential | 3370 | 41 | 0.1 |
| 15 | Essex Property Trust Inc | 2404 | 29 | 0.0 |
| 86 | Eversource Energy | 3484 | 42 | 0.1 |
| 239 | Exelon Corp | 6562 | 80 | 0.1 |
| 55 | Expand Energy Corp | 3509 | 43 | 0.1 |
| 29 | Expedia Group Inc | 3150 | 38 | 0.1 |
| 50 | Extra Space Storage Inc | 4084 | 50 | 0.1 |
| 1021 | Exxon Mobil Corp | 69673 | 846 | 1.1 |
| 14 | F5 Inc | 2595 | 32 | 0.0 |
| 6 | Fair Isaac Corp | 4916 | 60 | 0.1 |
| 271 | Fastenal Co | 7649 | 93 | 0.1 |
| 52 | Fedex Corp | 7103 | 86 | 0.1 |
| 47 | Ferguson Enterprises Inc | 6359 | 77 | 0.1 |
| 123 | Fidelity National Information Services Inc | 5987 | 73 | 0.1 |
| 157 | Fifth Third Bancorp | 3989 | 48 | 0.1 |
| 2 | First Citizens Bancshares Inc/Nc | 2792 | 34 | 0.0 |
| 24 | First Solar Inc | 2564 | 31 | 0.0 |
| 130 | Firstenergy Corp | 3385 | 41 | 0.1 |
| 130 | Fiserv Inc | 11069 | 134 | 0.2 |
| 922 | Ford Motor Co | 6239 | 76 | 0.1 |
| 150 | Fortinet Inc | 9175 | 111 | 0.1 |
| 80 | Fortive Corp | 2347 | 28 | 0.0 |
| 338 | Freeport-Mcmoran Inc | 8316 | 101 | 0.1 |
| 38 | Garmin Ltd | 5144 | 62 | 0.1 |
| 18 | Gartner Inc | 3674 | 45 | 0.1 |
| 65 | GE Vernova Inc | 26066 | 316 | 0.4 |
| 243 | General Electric Co | 40304 | 489 | 0.6 |
| 129 | General Mills Inc | 3862 | 47 | 0.1 |
| 228 | General Motors Co | 7447 | 90 | 0.1 |
| 33 | Genuine Parts Co | 2577 | 31 | 0.0 |
| 295 | Gilead Sciences Inc | 20224 | 246 | 0.3 |
| 58 | Global Payments Inc | 2825 | 34 | 0.0 |
| 33 | Godaddy Inc | 3309 | 40 | 0.1 |
| 73 | Goldman Sachs Group Inc/The | 32408 | 393 | 0.5 |
| 20 | Guidewire Software Inc | 2726 | 33 | 0.0 |
| 186 | Halliburton Co | 2546 | 31 | 0.0 |
| 67 | Hartford Insurance Group Inc/The | 5096 | 62 | 0.1 |
| 18 | Heico Corp | 2786 | 34 | 0.0 |
| 34 | Hershey Co/The | 3912 | 47 | 0.1 |
| 310 | Hewlett Packard Enterprise Co | 3917 | 48 | 0.1 |
| 55 | Hilton Worldwide Holdings Inc | 9043 | 110 | 0.1 |
| 235 | Home Depot Inc/The | 52858 | 642 | 0.8 |
| 95 | Howmet Aerospace Inc | 10399 | 126 | 0.2 |
| 223 | HP Inc | 3376 | 41 | 0.1 |
| 13 | Hubbell Inc | 3380 | 41 | 0.1 |
| 12 | Hubspot Inc | 3810 | 46 | 0.1 |
| 340 | Huntington Bancshares Inc/Oh | 3412 | 41 | 0.1 |
| 19 | Idexx Laboratories Inc | 6208 | 75 | 0.1 |
| 66 | Illinois Tool Works Inc | 10327 | 125 | 0.2 |
| 95 | Ingersoll Rand Inc | 4931 | 60 | 0.1 |
| 43 | Insmed Inc | 2789 | 34 | 0.0 |
| 17 | Insulet Corp | 2922 | 35 | 0.0 |
| 940 | Intel Corp | 11380 | 138 | 0.2 |

---

**47**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS**<br> **U.S. ALL CAP INDEX FUND** <br> **JULY 31, 2025** <br> **(Unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Shares | Description | Notional <br>Amount ($) | Unrealized <br>Appreciation ($) | Percentage <br> of Basket (%) |
| 100 | Interactive Brokers Group Inc | 3995 | 48 | 0.1 |
| 135 | Intercontinental Exchange Inc | 15265 | 185 | 0.2 |
| 218 | International Business Machines Corp | 33743 | 410 | 0.5 |
| 60 | International Flavors & Fragrances Inc | 2627 | 32 | 0.0 |
| 125 | International Paper Co | 3559 | 43 | 0.1 |
| 65 | Intuit Inc | 30972 | 376 | 0.5 |
| 84 | Intuitive Surgical Inc | 24842 | 302 | 0.4 |
| 136 | Invitation Homes Inc | 2540 | 31 | 0.0 |
| 40 | Iqvia Holdings Inc | 4588 | 56 | 0.1 |
| 69 | Iron Mountain Inc | 4125 | 50 | 0.1 |
| 24 | Jabil Inc | 3307 | 40 | 0.1 |
| 156 | Johnson Controls International PLC | 10000 | 121 | 0.2 |
| 652 | JPMorgan Chase & Co | 118114 | 1434 | 1.8 |
| 65 | Kellanova | 3185 | 39 | 0.1 |
| 454 | Kenvue Inc | 5954 | 72 | 0.1 |
| 286 | Keurig Dr Pepper Inc | 5718 | 69 | 0.1 |
| 259 | Keycorp | 2833 | 34 | 0.0 |
| 41 | Keysight Technologies Inc | 4070 | 49 | 0.1 |
| 78 | Kimberly-Clark Corp | 5974 | 73 | 0.1 |
| 458 | Kinder Morgan Inc | 7864 | 95 | 0.1 |
| 31 | KLA Corp | 16878 | 205 | 0.2 |
| 199 | Kraft Heinz Co/The | 3334 | 40 | 0.1 |
| 143 | Kroger Co/The | 6130 | 74 | 0.1 |
| 20 | Labcorp Holdings Inc | 3139 | 38 | 0.0 |
| 302 | Lam Research Corp | 17506 | 213 | 0.3 |
| 54 | Lennar Corp | 3677 | 45 | 0.1 |
| 8 | Lennox International Inc | 2799 | 34 | 0.0 |
| 50 | Liberty Media Corp-Liberty Formula One | 3052 | 37 | 0.0 |
| 112 | Linde PLC | 31436 | 382 | 0.5 |
| 38 | Live Nation Entertainment Inc | 3395 | 41 | 0.1 |
| 132 | Lowe's Cos Inc | 18096 | 220 | 0.3 |
| 19 | LPL Financial Holdings Inc | 4506 | 55 | 0.1 |
| 26 | Lululemon Athletica Inc | 3186 | 39 | 0.1 |
| 38 | M&T Bank Corp | 4425 | 54 | 0.1 |
| 74 | Marathon Petroleum Corp | 7653 | 93 | 0.1 |
| 3 | Markel Group Inc | 3557 | 43 | 0.0 |
| 53 | Marriott International Inc/MD | 8473 | 103 | 0.1 |
| 116 | Marsh & Mclennan Cos Inc | 14182 | 172 | 0.2 |
| 14 | Martin Marietta Materials Inc | 5004 | 61 | 0.1 |
| 204 | Marvell Technology Inc | 10043 | 122 | 0.1 |
| 60 | Mccormick & Co Inc/Md | 2579 | 31 | 0.0 |
| 169 | Mcdonald's Corp | 31057 | 377 | 0.5 |
| 29 | Mckesson Corp | 12347 | 150 | 0.2 |
| 303 | Medtronic PLC | 16741 | 203 | 0.2 |
| 516 | Meta Platforms Inc | 244027 | 2962 | 3.7 |
| 125 | Microchip Technology Inc | 5152 | 63 | 0.1 |
| 264 | Micron Technology Inc | 17608 | 214 | 0.3 |
| 1760 | Microsoft Corp | 574031 | 6968 | 8.8 |
| 59 | Microstrategy Inc | 14501 | 176 | 0.2 |
| 27 | Mid-America Apartment Communities Inc | 2394 | 29 | 0.0 |
| 306 | Mondelez International Inc | 12090 | 147 | 0.2 |
| 11 | Monolithic Power Systems Inc | 4758 | 58 | 0.1 |
| 164 | Monster Beverage Corp | 5900 | 72 | 0.1 |
| 36 | Moody's Corp | 11328 | 138 | 0.2 |
| 289 | Morgan Stanley | 25140 | 305 | 0.4 |
| 39 | Motorola Solutions Inc | 10568 | 128 | 0.1 |
| 18 | MSCI Inc | 6096 | 74 | 0.1 |
| 110 | Nasdaq Inc | 6493 | 79 | 0.1 |
| 48 | Netapp Inc | 3056 | 37 | 0.0 |
| 100 | Netflix Inc | 70903 | 861 | 1.1 |
| 263 | Newmont Corp | 9993 | 121 | 0.1 |
| 487 | Nextera Energy Inc | 21162 | 257 | 0.3 |
| 275 | Nike Inc | 12557 | 152 | 0.2 |

---

**48**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS**<br> **U.S. ALL CAP INDEX FUND** <br> **JULY 31, 2025** <br> **(Unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Shares | Description | Notional <br>Amount ($) | Unrealized <br>Appreciation ($) | Percentage <br> of Basket (%) |
| 111 | Nisource Inc | 2883 | 35 | 0.0 |
| 53 | Norfolk Southern Corp | 9012 | 109 | 0.1 |
| 44 | Northern Trust Corp | 3489 | 42 | 0.0 |
| 47 | NRG Energy Inc | 4852 | 59 | 0.1 |
| 54 | Nucor Corp | 4746 | 58 | 0.1 |
| 60 | Nutanix Inc | 2769 | 34 | 0.0 |
| 5550 | Nvidia Corp | 603627 | 7328 | 9.2 |
| 1 | NVR Inc | 3084 | 37 | 0.0 |
| 57 | NXP Semiconductors Nv | 7469 | 91 | 0.1 |
| 159 | Occidental Petroleum Corp | 4270 | 52 | 0.1 |
| 45 | Old Dominion Freight Line Inc | 4140 | 50 | 0.1 |
| 99 | On Semiconductor Corp | 3425 | 42 | 0.0 |
| 148 | Oneok Inc | 7411 | 90 | 0.1 |
| 391 | Oracle Corp | 60691 | 737 | 0.9 |
| 202 | O'Reilly Automotive Inc | 12126 | 147 | 0.2 |
| 93 | Otis Worldwide Corp | 4890 | 59 | 0.1 |
| 122 | Paccar Inc | 7361 | 89 | 0.1 |
| 21 | Packaging Corp Of America | 2478 | 30 | 0.0 |
| 515 | Palantir Technologies Inc | 49834 | 605 | 0.8 |
| 155 | Palo Alto Networks Inc | 16468 | 200 | 0.2 |
| 30 | Parker-Hannifin Corp | 13569 | 165 | 0.2 |
| 76 | Paychex Inc | 6729 | 82 | 0.1 |
| 229 | Paypal Holdings Inc | 9627 | 117 | 0.1 |
| 324 | Pepsico Inc | 27325 | 332 | 0.4 |
| 519 | PG&E Corp | 4451 | 54 | 0.1 |
| 96 | Phillips 66 | 7260 | 88 | 0.1 |
| 133 | Pinterest Inc | 3129 | 38 | 0.0 |
| 93 | PNC Financial Services Group Inc/The | 10825 | 131 | 0.2 |
| 54 | PPG Industries Inc | 3457 | 42 | 0.0 |
| 168 | PPL Corp | 3672 | 45 | 0.1 |
| 53 | Principal Financial Group Inc | 2513 | 31 | 0.0 |
| 555 | Procter & Gamble Co/The | 51038 | 620 | 0.8 |
| 138 | Progressive Corp/The | 20489 | 249 | 0.3 |
| 219 | Prologis Inc | 14283 | 173 | 0.2 |
| 84 | Prudential Financial Inc | 5302 | 64 | 0.1 |
| 28 | PTC Inc | 3701 | 45 | 0.1 |
| 117 | Public Service Enterprise Group Inc | 6446 | 78 | 0.1 |
| 37 | Public Storage | 6203 | 75 | 0.1 |
| 47 | Pultegroup Inc | 3255 | 40 | 0.0 |
| 73 | Pure Storage Inc | 2656 | 32 | 0.0 |
| 258 | Qualcomm Inc | 23175 | 281 | 0.3 |
| 35 | Quanta Services Inc | 8615 | 105 | 0.1 |
| 26 | Quest Diagnostics Inc | 2694 | 33 | 0.0 |
| 27 | Ralliant Corp | 746 | 9 | 0.0 |
| 44 | Raymond James Financial Inc | 4448 | 54 | 0.1 |
| 210 | Realty Income Corp | 7211 | 88 | 0.1 |
| 213 | Regions Financial Corp | 3302 | 40 | 0.0 |
| 48 | Republic Services Inc | 6757 | 82 | 0.1 |
| 34 | Resmed Inc | 5729 | 70 | 0.1 |
| 179 | Robinhood Markets Inc | 11260 | 137 | 0.2 |
| 138 | Roblox Corp | 11650 | 141 | 0.2 |
| 27 | Rockwell Automation Inc | 5745 | 70 | 0.1 |
| 25 | Roper Technologies Inc | 8534 | 104 | 0.1 |
| 76 | Ross Stores Inc | 6366 | 77 | 0.1 |
| 56 | Royal Caribbean Cruises Ltd | 10971 | 133 | 0.2 |
| 73 | S&P Global Inc | 24447 | 297 | 0.4 |
| 220 | Salesforce Inc | 34823 | 423 | 0.4 |
| 25 | SBA Communications Corp | 3481 | 42 | 0.0 |
| 321 | Schlumberger NV | 6638 | 81 | 0.1 |
| 50 | Seagate Technology Holdings PLC | 4788 | 58 | 0.1 |
| 154 | Sempra | 7706 | 94 | 0.1 |
| 49 | Servicenow Inc | 28219 | 343 | 0.4 |
| 55 | Sherwin-Williams Co/The | 11060 | 134 | 0.2 |

---

**49**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS**<br> **U.S. ALL CAP INDEX FUND** <br> **JULY 31, 2025** <br> **(Unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Shares | Description | Notional <br>Amount ($) | Unrealized <br>Appreciation ($) | Percentage <br> of Basket (%) |
| 74 | Simon Property Group Inc | 7395 | 90 | 0.1 |
| 123 | Smurfit Westrock PLC | 3339 | 41 | 0.1 |
| 69 | Snowflake Inc | 9487 | 115 | 0.1 |
| 259 | Southern Co/The | 14947 | 181 | 0.2 |
| 31 | Spotify Technology Sa | 11702 | 142 | 0.2 |
| 51 | SS&C Technologies Holdings Inc | 2646 | 32 | 0.0 |
| 264 | Starbucks Corp | 14367 | 174 | 0.2 |
| 64 | State Street Corp | 4379 | 53 | 0.1 |
| 33 | Steel Dynamics Inc | 2589 | 31 | 0.0 |
| 428 | Stellantis Nv | 2326 | 28 | 0.0 |
| 23 | Steris PLC | 3211 | 39 | 0.0 |
| 82 | Stryker Corp | 19726 | 239 | 0.3 |
| 105 | Super Micro Computer Inc | 3782 | 46 | 0.1 |
| 89 | Synchrony Financial | 3808 | 46 | 0.1 |
| 43 | Synopsys Inc | 16841 | 204 | 0.2 |
| 115 | Sysco Corp | 5575 | 68 | 0.1 |
| 51 | T Rowe Price Group Inc | 3186 | 39 | 0.0 |
| 40 | Take-Two Interactive Software Inc | 5496 | 67 | 0.1 |
| 49 | Tapestry Inc | 3213 | 39 | 0.0 |
| 51 | Targa Resources Corp | 5155 | 63 | 0.1 |
| 107 | Target Corp | 6588 | 80 | 0.1 |
| 70 | Te Connectivity PLC | 8818 | 107 | 0.1 |
| 11 | Teledyne Technologies Inc | 3680 | 45 | 0.1 |
| 665 | Tesla Inc | 125279 | 1521 | 2.0 |
| 215 | Texas Instruments Inc | 23776 | 289 | 0.3 |
| 4 | Texas Pacific Land Corp | 2660 | 32 | 0.0 |
| 264 | TJX Cos Inc/The | 20077 | 244 | 0.3 |
| 107 | T-Mobile Us Inc | 15620 | 190 | 0.2 |
| 112 | Toast Inc | 3346 | 41 | 0.0 |
| 125 | Tractor Supply Co | 4369 | 53 | 0.1 |
| 105 | Trade Desk Inc/The | 5608 | 68 | 0.1 |
| 53 | Trane Technologies PLC | 14110 | 171 | 0.2 |
| 13 | Transdigm Group Inc | 12879 | 156 | 0.2 |
| 46 | Transunion | 2672 | 32 | 0.0 |
| 53 | Travelers Cos Inc/The | 8417 | 102 | 0.1 |
| 56 | Trimble Inc | 2882 | 35 | 0.0 |
| 306 | Truist Financial Corp | 8173 | 99 | 0.1 |
| 10 | Tyler Technologies Inc | 3634 | 44 | 0.1 |
| 494 | Uber Technologies Inc | 26522 | 322 | 0.4 |
| 11 | Ulta Beauty Inc | 3356 | 41 | 0.0 |
| 139 | Union Pacific Corp | 18929 | 230 | 0.3 |
| 174 | United Parcel Service Inc | 9149 | 111 | 0.1 |
| 15 | United Rentals Inc | 8265 | 100 | 0.1 |
| 364 | US Bancorp | 10017 | 122 | 0.1 |
| 54 | US Foods Holding Corp | 2757 | 34 | 0.0 |
| 74 | Valero Energy Corp | 6192 | 75 | 0.1 |
| 35 | Veeva Systems Inc | 6081 | 74 | 0.1 |
| 56 | Veralto Corp | 3614 | 44 | 0.1 |
| 19 | Verisign Inc | 3102 | 38 | 0.0 |
| 33 | Verisk Analytics Inc | 5632 | 68 | 0.1 |
| 915 | Verizon Communications Inc | 23931 | 291 | 0.4 |
| 88 | Vertiv Holdings Co | 7871 | 96 | 0.1 |
| 80 | Vistra Corp | 10177 | 124 | 0.2 |
| 31 | Vulcan Materials Co | 5198 | 63 | 0.1 |
| 72 | W R Berkley Corp | 3016 | 37 | 0.0 |
| 1018 | Walmart Inc | 60980 | 740 | 0.9 |
| 428 | Walt Disney Co/The | 31167 | 378 | 0.4 |
| 530 | Warner Bros Discovery Inc | 4266 | 52 | 0.1 |
| 95 | Waste Management Inc | 13323 | 162 | 0.2 |
| 75 | Wec Energy Group Inc | 5031 | 61 | 0.1 |
| 155 | Welltower Inc | 15624 | 190 | 0.2 |
| 82 | Western Digital Corp | 3927 | 48 | 0.1 |
| 40 | Westinghouse Air Brake Technologies Corp | 4705 | 57 | 0.1 |

---

**50**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS**<br> **U.S. ALL CAP INDEX FUND** <br> **JULY 31, 2025** <br> **(Unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Shares | Description | Notional <br>Amount ($) | Unrealized <br>Appreciation ($) | Percentage <br> of Basket (%) |
| 171 | Weyerhaeuser Co | 2622 | 32 | 0.0 |
| 288 | Williams Cos Inc/The | 10545 | 128 | 0.1 |
| 29 | Williams-Sonoma Inc | 3287 | 40 | 0.0 |
| 23 | Willis Towers Watson PLC | 4507 | 55 | 0.1 |
| 51 | Workday Inc | 7088 | 86 | 0.1 |
| 11 | WW Grainger Inc | 6794 | 82 | 0.1 |
| 136 | Xcel Energy Inc | 6121 | 74 | 0.1 |
| 57 | Xylem Inc/Ny | 5078 | 62 | 0.1 |
| 66 | Yum! Brands Inc | 5804 | 71 | 0.1 |
| 47 | Zimmer Biomet Holdings Inc | 2622 | 32 | 0.0 |
| 96 | Zoetis Inc | 8592 | 104 | 0.1 |
| 57 | Zoom Communications Inc | 2569 | 31 | 0.0 |
| 23 | Zscaler Inc | 4003 | 49 | 0.1 |
|  |  | $6511652 | $79047 | 100.0% |

---

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

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

See "Glossary for abbreviations".

KOC-QH-008-1200

**51**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS**<br> **REAL ESTATE FUND**<br> **JULY 31, 2025**<br> **(Unaudited)** |

---

**SCHEDULE OF INVESTMENTS**

**COMMON STOCK — 97.7%#**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **REAL ESTATE — 97.7%** |  |  |
| &nbsp;&nbsp;&nbsp;American Healthcare REIT ‡ | 68381 | $2642242 |
| &nbsp;&nbsp;&nbsp;American Homes 4 Rent, Cl A ‡ | 51330 | 1780638 |
| &nbsp;&nbsp;&nbsp;American Tower ‡ | 60362 | 12578837 |
| &nbsp;&nbsp;&nbsp;AvalonBay Communities ‡ | 16380 | 3051266 |
| &nbsp;&nbsp;&nbsp;Brixmor Property Group ‡ | 62308 | 1628108 |
| &nbsp;&nbsp;&nbsp;BXP ‡ | 24616 | 1610625 |
| &nbsp;&nbsp;&nbsp;Camden Property Trust ‡ | 18291 | 1997377 |
| &nbsp;&nbsp;&nbsp;CBRE Group, Cl A \* | 13236 | 2061375 |
| &nbsp;&nbsp;&nbsp;Cousins Properties ‡ | 45164 | 1223944 |
| &nbsp;&nbsp;&nbsp;Crown Castle ‡ | 39473 | 4148218 |
| &nbsp;&nbsp;&nbsp;CubeSmart ‡ | 33429 | 1300722 |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust ‡ | 38973 | 6876396 |
| &nbsp;&nbsp;&nbsp;EastGroup Properties ‡ | 10031 | 1637460 |
| &nbsp;&nbsp;&nbsp;EPR Properties ‡ | 26925 | 1481952 |
| &nbsp;&nbsp;&nbsp;Equinix ‡ | 12316 | 9670154 |
| &nbsp;&nbsp;&nbsp;Equity LifeStyle Properties ‡ | 7971 | 477622 |
| &nbsp;&nbsp;&nbsp;Equity Residential ‡ | 42383 | 2678606 |
| &nbsp;&nbsp;&nbsp;Essential Properties Realty Trust ‡ | 45993 | 1402327 |
| &nbsp;&nbsp;&nbsp;Essex Property Trust ‡ | 7488 | 1948228 |
| &nbsp;&nbsp;&nbsp;Extra Space Storage ‡ | 20692 | 2780177 |
| &nbsp;&nbsp;&nbsp;Highwoods Properties ‡ | 14432 | 418672 |
| &nbsp;&nbsp;&nbsp;Host Hotels & Resorts ‡ | 21673 | 340699 |
| &nbsp;&nbsp;&nbsp;Invitation Homes ‡ | 109358 | 3351823 |
| &nbsp;&nbsp;&nbsp;Iron Mountain ‡ | 30836 | 3002193 |
| &nbsp;&nbsp;&nbsp;Kimco Realty ‡ | 36411 | 773005 |
| &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities ‡ | 13403 | 1908989 |
| &nbsp;&nbsp;&nbsp;NNN REIT ‡ | 21369 | 881685 |
| &nbsp;&nbsp;&nbsp;Omega Healthcare Investors ‡ | 52229 | 2031708 |
| &nbsp;&nbsp;&nbsp;Prologis ‡ | 111024 | 11855143 |
| &nbsp;&nbsp;&nbsp;Public Storage ‡ | 15362 | 4177542 |
| &nbsp;&nbsp;&nbsp;Realty Income ‡ | 116751 | 6553234 |
| &nbsp;&nbsp;&nbsp;Regency Centers ‡ | 39224 | 2800594 |
| &nbsp;&nbsp;&nbsp;Ryman Hospitality Properties ‡ | 14515 | 1379796 |
| &nbsp;&nbsp;&nbsp;SBA Communications, Cl A ‡ | 12094 | 2717764 |
| &nbsp;&nbsp;&nbsp;Simon Property Group ‡ | 35934 | 5885630 |
| &nbsp;&nbsp;&nbsp;Sun Communities ‡ | 18238 | 2262059 |
| &nbsp;&nbsp;&nbsp;Tanger ‡ | 51886 | 1557618 |
| &nbsp;&nbsp;&nbsp;Terreno Realty ‡ | 25074 | 1391356 |
| &nbsp;&nbsp;&nbsp;UDR ‡ | 38623 | 1517498 |
| &nbsp;&nbsp;&nbsp;Ventas ‡ | 25089 | 1685479 |
| &nbsp;&nbsp;&nbsp;Vornado Realty Trust ‡ | 21200 | 814504 |
| &nbsp;&nbsp;&nbsp;Welltower ‡ | 88582 | 14622231 |
| &nbsp;&nbsp;&nbsp;Weyerhaeuser ‡ | 110837 | 2776467 |
| &nbsp;&nbsp;&nbsp;WP Carey ‡ | 30551 | 1960152 |
|  |  | 139642115 |
| &nbsp;&nbsp;&nbsp;Total Common Stock |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $139,419,399) |  | 139642115 |
| &nbsp;&nbsp;&nbsp;Total Investments in Securities— 97.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $139,419,399) |  | $139642115 |

---

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

\* Non-income producing security.

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

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

See "Glossary" for abbreviations.

KOC-QH-009-1200

Percentages are based on Net Assets of $142,996,271.

**52**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS**<br> **INTERNATIONAL EQUITY FUND**<br> **JULY 31, 2025**<br> **(Unaudited)** |

---

**SCHEDULE OF INVESTMENTS**

**COMMON STOCK — 96.6%#**

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| **AUSTRALIA — 3.3%** |  |  |  |
| **FINANCIALS — 1.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;QBE Insurance Group | 166000 | $| 2462476 |
| **MATERIALS — 1.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;BHP Group | 97436 |  | 2460764 |
| **REAL ESTATE — 1.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Goodman Group ‡ | 119700 |  | 2676304 |
| Total Australia |  |  | 7599544 |
| **AUSTRIA — 0.6%** |  |  |  |
| **INDUSTRIALS — 0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;ANDRITZ | 18900 |  | 1315270 |
| **BRAZIL — 2.1%** |  |  |  |
| **CONSUMER DISCRETIONARY — 0.8%** | **CONSUMER DISCRETIONARY — 0.8%** | **CONSUMER DISCRETIONARY — 0.8%** | **CONSUMER DISCRETIONARY — 0.8%** |
| &nbsp;&nbsp;&nbsp;MercadoLibre \* | 780 |  | 1851634 |
| **FINANCIALS — 1.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Itau Unibanco Holding | 458490 |  | 2864155 |
| Total Brazil |  |  | 4715789 |
| **CANADA — 10.0%** |  |  |  |
| **CONSUMER DISCRETIONARY — 1.3%** | **CONSUMER DISCRETIONARY — 1.3%** | **CONSUMER DISCRETIONARY — 1.3%** | **CONSUMER DISCRETIONARY — 1.3%** |
| &nbsp;&nbsp;&nbsp;Dollarama | 22420 |  | 3064304 |
| **ENERGY — 1.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Canadian Natural Resources | 104420 |  | 3305327 |
| **FINANCIALS — 3.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Manulife Financial | 114660 |  | 3547542 |
| &nbsp;&nbsp;&nbsp;Royal Bank of Canada | 36300 |  | 4657749 |
|  |  |  | 8205291 |
| **INFORMATION TECHNOLOGY — 2.5%** | **INFORMATION TECHNOLOGY — 2.5%** | **INFORMATION TECHNOLOGY — 2.5%** | **INFORMATION TECHNOLOGY — 2.5%** |
| &nbsp;&nbsp;&nbsp;Constellation Software | 900 |  | 3104974 |
| &nbsp;&nbsp;&nbsp;Shopify, Cl A \* | 19700 |  | 2408047 |
|  |  |  | 5513021 |
| **MATERIALS — 1.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Agnico Eagle Mines | 21500 |  | 2669035 |
| Total Canada |  |  | 22756978 |
| **CHINA — 11.0%** |  |  |  |
| **COMMUNICATION SERVICES — 2.6%** | **COMMUNICATION SERVICES — 2.6%** | **COMMUNICATION SERVICES — 2.6%** | **COMMUNICATION SERVICES — 2.6%** |
| &nbsp;&nbsp;&nbsp;Tencent Holdings | 85300 |  | 5972044 |
| **CONSUMER DISCRETIONARY — 2.6%** | **CONSUMER DISCRETIONARY — 2.6%** | **CONSUMER DISCRETIONARY — 2.6%** | **CONSUMER DISCRETIONARY — 2.6%** |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding | 265000 |  | 3984216 |
| &nbsp;&nbsp;&nbsp;ANTA Sports Products | 183000 |  | 2100490 |
|  |  |  | 6084706 |

---

**COMMON STOCK — continued**

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| **CHINA — continued** |  |  |  |
| **FINANCIALS — 2.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Bank of China, Cl H | 4323000 | $| 2495294 |
| &nbsp;&nbsp;&nbsp;People's Insurance Group of China, Cl H | 2850000 |  | 2189564 |
| &nbsp;&nbsp;&nbsp;Shanghai Pudong Development Bank, Cl A | 1000000 |  | 1778419 |
|  |  |  | 6463277 |
| **INDUSTRIALS — 1.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;NARI Technology, Cl A | 463928 |  | 1410318 |
| &nbsp;&nbsp;&nbsp;Weichai Power, Cl H | 944000 |  | 2001154 |
|  |  |  | 3411472 |
| **INFORMATION TECHNOLOGY — 1.4%** | **INFORMATION TECHNOLOGY — 1.4%** | **INFORMATION TECHNOLOGY — 1.4%** | **INFORMATION TECHNOLOGY — 1.4%** |
| &nbsp;&nbsp;&nbsp;Xiaomi, Cl B \* | 481600 |  | 3240182 |
| Total China |  |  | 25171681 |
| **FINLAND — 1.0%** |  |  |  |
| **INDUSTRIALS — 1.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Wartsila Abp | 80500 |  | 2224091 |
| **FRANCE — 7.1%** |  |  |  |
| **CONSUMER STAPLES — 1.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Danone | 40400 |  | 3306214 |
| **FINANCIALS — 1.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;BNP Paribas | 42250 |  | 3852285 |
| **INDUSTRIALS — 1.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Vinci | 23240 |  | 3228245 |
| **MATERIALS — 1.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Air Liquide | 13600 |  | 2675619 |
| **UTILITIES — 1.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Engie | 142810 |  | 3210119 |
| Total France |  |  | 16272482 |
| **GERMANY — 6.2%** |  |  |  |
| **COMMUNICATION SERVICES — 1.4%** | **COMMUNICATION SERVICES — 1.4%** | **COMMUNICATION SERVICES — 1.4%** | **COMMUNICATION SERVICES — 1.4%** |
| &nbsp;&nbsp;&nbsp;Deutsche Telekom | 87000 |  | 3120337 |
| **CONSUMER DISCRETIONARY — 1.8%** | **CONSUMER DISCRETIONARY — 1.8%** | **CONSUMER DISCRETIONARY — 1.8%** | **CONSUMER DISCRETIONARY — 1.8%** |
| &nbsp;&nbsp;&nbsp;adidas | 9400 |  | 1796615 |
| &nbsp;&nbsp;&nbsp;Continental | 27000 |  | 2306090 |
|  |  |  | 4102705 |
| **INDUSTRIALS — 1.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Siemens | 11050 |  | 2814474 |
| **INFORMATION TECHNOLOGY — 1.8%** | **INFORMATION TECHNOLOGY — 1.8%** | **INFORMATION TECHNOLOGY — 1.8%** | **INFORMATION TECHNOLOGY — 1.8%** |
| &nbsp;&nbsp;&nbsp;SAP | 14840 |  | 4243587 |
| Total Germany |  |  | 14281103 |

---

**53**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS**<br> **INTERNATIONAL EQUITY FUND**<br> **JULY 31, 2025**<br> **(Unaudited)** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **HONG KONG — 1.9%** | | |
| **COMMUNICATION SERVICES — 0.8%** | **COMMUNICATION SERVICES — 0.8%** | **COMMUNICATION SERVICES — 0.8%** |
| &nbsp;&nbsp;&nbsp;China Tower, Cl H | 1340000 | $1875083 |
| **CONSUMER STAPLES — 1.1%** | **CONSUMER STAPLES — 1.1%** | **CONSUMER STAPLES — 1.1%** |
| &nbsp;&nbsp;&nbsp;WH Group | 2485000 | 2487829 |
| Total Hong Kong |  | 4362912 |
| **INDIA — 4.8%** |  |  |
| **COMMUNICATION SERVICES — 1.2%** | **COMMUNICATION SERVICES — 1.2%** | **COMMUNICATION SERVICES — 1.2%** |
| &nbsp;&nbsp;&nbsp;Bharti Airtel | 125600 | 2734205 |
| **FINANCIALS — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;ICICI Bank | 212440 | 3577343 |
| **HEALTH CARE — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Divi's Laboratories | 34660 | 2595498 |
| **UTILITIES — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Power Grid Corp of India | 590266 | 1951282 |
| Total India |  | 10858328 |
| **ITALY — 0.8%** |  |  |
| **ENERGY — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Tenaris | 100000 | 1746519 |
| **JAPAN — 10.2%** |  |  |
| **CONSUMER DISCRETIONARY — 1.3%** | **CONSUMER DISCRETIONARY — 1.3%** | **CONSUMER DISCRETIONARY — 1.3%** |
| &nbsp;&nbsp;&nbsp;Honda Motor | 195000 | 2018816 |
| &nbsp;&nbsp;&nbsp;ZOZO | 100500 | 994887 |
|  |  | 3013703 |
| **FINANCIALS — 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group | 274400 | 3781992 |
| &nbsp;&nbsp;&nbsp;Tokio Marine Holdings | 67300 | 2702292 |
|  |  | 6484284 |
| **HEALTH CARE — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Hoya | 19160 | 2417279 |
| **INDUSTRIALS — 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;ITOCHU | 61000 | 3199609 |
| &nbsp;&nbsp;&nbsp;Komatsu | 102200 | 3292670 |
|  |  | 6492279 |
| **MATERIALS — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Nitto Denko | 138000 | 2855760 |
| **REAL ESTATE — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Mitsui Fudosan | 219300 | 1960169 |
| Total Japan |  | 23223474 |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **LUXEMBOURG — 1.0%** |  |  |
| **MATERIALS — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;ArcelorMittal | 75450 | $2352245 |
| **MEXICO — 1.5%** |  |  |
| **CONSUMER STAPLES — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;La Comer \* | 495037 | 1063580 |
| **FINANCIALS — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Grupo Financiero Banorte | 278000 | 2475843 |
| Total Mexico |  | 3539423 |
| **NETHERLANDS — 1.1%** |  |  |
| **CONSUMER STAPLES — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Koninklijke Ahold Delhaize | 65500 | 2587019 |
| **NORWAY — 1.0%** |  |  |
| **COMMUNICATION SERVICES — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Telenor | 154000 | 2362499 |
| **SINGAPORE — 1.2%** |  |  |
| **FINANCIALS — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;United Overseas Bank | 101640 | 2823837 |
| **SOUTH KOREA — 3.8%** |  |  |
| **CONSUMER DISCRETIONARY — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Kia | 23470 | 1717319 |
| **FINANCIALS — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;KB Financial Group | 34581 | 2747399 |
| **INFORMATION TECHNOLOGY — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Samsung Electronics | 82520 | 4205547 |
| Total South Korea |  | 8670265 |
| **SPAIN — 5.9%** |  |  |
| **CONSUMER DISCRETIONARY — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Amadeus IT Group | 30040 | 2412029 |
| &nbsp;&nbsp;&nbsp;Industria de Diseno Textil | 45440 | 2170537 |
|  |  | 4582566 |
| **FINANCIALS — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;CaixaBank | 383800 | 3610913 |
| &nbsp;&nbsp;&nbsp;Mapfre | 587700 | 2393458 |
|  |  | 6004371 |
| **INDUSTRIALS — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Aena SME | 111000 | 2989025 |
| Total Spain |  | 13575962 |

---

**54**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS**<br> **INTERNATIONAL EQUITY FUND**<br> **JULY 31, 2025**<br> **(Unaudited)** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SWITZERLAND — 1.9%** | **SWITZERLAND — 1.9%** | **SWITZERLAND — 1.9%** |
| **FINANCIALS — 1.9%** | **FINANCIALS — 1.9%** | **FINANCIALS — 1.9%** |
| &nbsp;&nbsp;&nbsp;UBS Group | 113760 | $4227779 |
| **TAIWAN — 6.8%** |  |  |
| **FINANCIALS — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;CTBC Financial Holding | 2355000 | 3235999 |
| **INFORMATION TECHNOLOGY — 5.4%** | **INFORMATION TECHNOLOGY — 5.4%** | **INFORMATION TECHNOLOGY — 5.4%** |
| &nbsp;&nbsp;&nbsp;ASML Holding | 4750 | 3292102 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor |  |  |
| &nbsp;&nbsp;&nbsp;Manufacturing | 233160 | 8976494 |
|  |  | 12268596 |
| Total Taiwan |  | 15504595 |
| **UNITED KINGDOM — 5.8%** | **UNITED KINGDOM — 5.8%** | **UNITED KINGDOM — 5.8%** |
| **CONSUMER STAPLES — 1.6%** | **CONSUMER STAPLES — 1.6%** | **CONSUMER STAPLES — 1.6%** |
| &nbsp;&nbsp;&nbsp;Unilever PLC | 62130 | 3604826 |
| **FINANCIALS — 3.9%** |  |  |
| &nbsp;&nbsp;&nbsp;3i Group PLC | 61460 | 3358320 |
| &nbsp;&nbsp;&nbsp;Investec PLC | 234500 | 1725023 |
| &nbsp;&nbsp;&nbsp;Lloyds Banking Group PLC | 3705000 | 3799298 |
|  |  | 8882641 |
| **REAL ESTATE — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;British Land ‡ | 165000 | 758332 |
| Total United Kingdom |  | 13245799 |
| **UNITED STATES — 7.6%** | **UNITED STATES — 7.6%** | **UNITED STATES — 7.6%** |
| **CONSUMER STAPLES — 0.8%** | **CONSUMER STAPLES — 0.8%** | **CONSUMER STAPLES — 0.8%** |
| &nbsp;&nbsp;&nbsp;Nestle PLC | 20700 | 1808706 |
| **ENERGY — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Shell PLC | 135400 | 4865364 |
| **FINANCIALS — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Swiss Re | 15500 | 2774522 |
| **INDUSTRIALS — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Schneider Electric | 14000 | 3623110 |
| **MATERIALS — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;CRH PLC | 24620 | 2333279 |
| &nbsp;&nbsp;&nbsp;Linde PLC | 4193 | 1929870 |
|  |  | 4263149 |
| Total United States |  | 17334851 |
| &nbsp;&nbsp;&nbsp;Total Common Stock |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $169,860,148) |  | 220752445 |
| &nbsp;&nbsp;&nbsp;Total Investments in Securities— 96.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $169,860,148) |  | $220752445 |

---

Percentages are based on Net Assets of $228,633,855.

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

\* Non-income producing security.

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

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

See "Glossary" for abbreviations.

KOC-QH-006-2100

**55**

---

| | |
|:---|:---|
| **THE ADVISOR'S INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS FUNDS**<br> **JULY 31, 2025**<br> **(Unaudited)** |

---

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

---

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

---

**56**

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** OAKS

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19456

  - **Telephone number:** 8774463863

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

- **a. Name of Series:** Knights of Columbus Long/Short Equity Fund

- **b. EDGAR series identifier (if any):** S000066638

- **c. LEI of Series:** 549300JH3RCMZIAGJR87

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

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-07-31

**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:** $243136939.03

**Total Liabilities:** $80332097.83

**Net Assets:** $162804841.20

**Cash Not Reported:** $80987190.54

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000214839 | -1.32%               | 0.98%                | 1.94%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1441561.97              | $-3692529.93                               |
| Month 2  | $-4331320.26             | $5942250.30                                |
| Month 3  | $-1044294.53             | $4298057.53                                |

**Designated Index Information**

- **Index Name:** SPIA_SP500_USD-PR

- **Index Identifier:** SPIA_SP500_USD-PR

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| SUPER MICRO COMPUTER, INC.                     | SUPER MICRO COMPUTER INC COMMON STOCK        | CUSIP: 86800U302<br>LEI: 54930022CZO1N2UGVW07 | Short            | EC               |  | US        |    -19849 | NS      | $-1170495.53  | -0.72%            |  |  |  | No            |                  1 | On Loan: No      |
| Samsara Inc                                    | SAMSARA INC-CL A COMMON STOCK                | CUSIP: 79589L106<br>LEI: N/A                  | Short            | EC               |  | US        |    -45274 | NS      | $-1721770.22  | -1.06%            |  |  |  | No            |                  1 | On Loan: No      |
| SYNCHRONY FINANCIAL                            | SYNCHRONY FINANCIAL COMMON STOCK             | CUSIP: 87165B103<br>LEI: 549300RS7EWPM9MA6C78 | Long             | EC               |  | US        |     37248 | NS      | $2595068.16   | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| CISCO SYSTEMS, INC.                            | CISCO SYSTEMS INC COMMON STOCK               | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               |  | US        |     47627 | NS      | $3242446.16   | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Logitech international S.A.                    | LOGITECH INTERNATIONAL-REG COMMON STOCK      | CUSIP: H50430232<br>LEI: 549300SN6PRK6IJJC215 | Long             | EC               |  | US        |     31703 | NS      | $2944574.64   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERNATIONAL BUSINESS MACHINES CORPORATION    | INTL BUSINESS MACHINES CORP COMMON STOCK     | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               |  | US        |      7357 | NS      | $1862424.55   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| JABIL INC.                                     | JABIL INC COMMON STOCK                       | CUSIP: 466313103<br>LEI: 5493000CGCQY2OQU7669 | Long             | EC               |  | US        |     14750 | NS      | $3291757.50   | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| MakeMyTrip Limited                             | MAKEMYTRIP LTD COMMON STOCK                  | CUSIP: V5633W109<br>LEI: 529900DNT8HNJ7RYUO60 | Short            | EC               |  | US        |     -9333 | NS      | $-873475.47   | -0.54%            |  |  |  | No            |                  1 | On Loan: No      |
| FIDELITY NATIONAL FINANCIAL, INC               | FIDELITY NATIONAL FINANCIAL COMMON STOCK     | CUSIP: 31620R303<br>LEI: N/A                  | Long             | EC               |  | US        |     12203 | NS      | $688615.29    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| DOLLAR TREE, INC.                              | DOLLAR TREE INC COMMON STOCK                 | CUSIP: 256746108<br>LEI: 549300PMSTQITB1WHR43 | Long             | EC               |  | US        |     11494 | NS      | $1305143.70   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERNATIONAL PAPER COMPANY                    | INTERNATIONAL PAPER CO COMMON STOCK          | CUSIP: 460146103<br>LEI: 824LMFJDH41EY779Q875 | Short            | EC               |  | US        |    -24582 | NS      | $-1148962.68  | -0.71%            |  |  |  | No            |                  1 | On Loan: No      |
| ROYALTY PHARMA PLC                             | ROYALTY PHARMA PLC- CL A COMMON STOCK        | CUSIP: G7709Q104<br>LEI: 549300FGFN7VOK8BZR03 | Long             | EC               |  | US        |     59865 | NS      | $2203032.00   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| ZOOM COMMUNICATIONS, INC.                      | ZOOM COMMUNICATIONS INC COMMON STOCK         | CUSIP: 98980L101<br>LEI: 549300T9GCHU0ODOM055 | Long             | EC               |  | US        |     37032 | NS      | $2742219.60   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| COCA-COLA CONSOLIDATED, INC.                   | COCA-COLA CONSOLIDATED INC COMMON STOCK      | CUSIP: 191098102<br>LEI: 57VG5X0E00X0QJU7CQ58 | Long             | EC               |  | US        |     15364 | NS      | $1716927.00   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| AKAMAI TECHNOLOGIES, INC.                      | AKAMAI TECHNOLOGIES INC COMMON STOCK         | CUSIP: 00971T101<br>LEI: OC1LZNN2LF5WTJ5RIL89 | Long             | EC               |  | US        |     24265 | NS      | $1851662.15   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR S&P 500 ETF Trust                         | SPY US 09/30/25 P550 LONG                    | CUSIP: N/A<br>LEI: 549300NZAMSJ8FXPQQ63       | N/A              | DE               |  | US        |       138 | NC      | $28980.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| THE COOPER COMPANIES, INC.                     | COOPER COS INC/THE COMMON STOCK              | CUSIP: 216648501<br>LEI: QJKMVPIGLH7530PCUE20 | Short            | EC               |  | US        |    -24788 | NS      | $-1752263.72  | -1.08%            |  |  |  | No            |                  1 | On Loan: No      |
| GENERAL MILLS, INC.                            | GENERAL MILLS INC COMMON STOCK               | CUSIP: 370334104<br>LEI: 2TGYMUGI08PO8X8L6150 | Long             | EC               |  | US        |      7078 | NS      | $346680.44    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE & CO.                           | JPMORGAN CHASE & CO COMMON STOCK             | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               |  | US        |      8011 | NS      | $2373178.64   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED THERAPEUTICS CORPORATION                | UNITED THERAPEUTICS CORP COMMON STOCK        | CUSIP: 91307C102<br>LEI: 5299005C4HZL4UWROC14 | Long             | EC               |  | US        |      8211 | NS      | $2255561.70   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Russell 2000 ETF                       | IWM US 09/30/25 P160 LONG                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       514 | NC      | $10794.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CROWDSTRIKE HOLDINGS, INC.                     | CROWDSTRIKE HOLDINGS INC - A COMMON STOCK    | CUSIP: 22788C105<br>LEI: 549300YBY08K9KM4HX32 | Short            | EC               |  | US        |     -3962 | NS      | $-1801006.34  | -1.11%            |  |  |  | No            |                  1 | On Loan: No      |
| CARDINAL HEALTH, INC.                          | CARDINAL HEALTH INC COMMON STOCK             | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               |  | US        |     19775 | NS      | $3069475.50   | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| CORPAY, INC.                                   | CORPAY INC COMMON STOCK                      | CUSIP: 219948106<br>LEI: 549300DG6RR0NQSFLN74 | Long             | EC               |  | US        |      9663 | NS      | $3121632.15   | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| NXP Semiconductors N.V.                        | NXP SEMICONDUCTORS NV COMMON STOCK           | CUSIP: N6596X109<br>LEI: 724500M9BY5293JDF951 | Long             | EC               |  | US        |      3370 | NS      | $720404.90    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| GILEAD SCIENCES, INC.                          | GILEAD SCIENCES INC COMMON STOCK             | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               |  | US        |     28959 | NS      | $3251806.11   | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| DELL TECHNOLOGIES INC.                         | DELL TECHNOLOGIES -C COMMON STOCK            | CUSIP: 24703L202<br>LEI: 549300TJB5YBRUPOG437 | Long             | EC               |  | US        |     16269 | NS      | $2158733.61   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| AIRBNB, INC.                                   | AIRBNB INC-CLASS A COMMON STOCK              | CUSIP: 009066101<br>LEI: 549300HMUDNO0RY56D37 | Long             | EC               |  | US        |     10419 | NS      | $1379579.79   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| DATADOG, INC.                                  | DATADOG INC - CLASS A COMMON STOCK           | CUSIP: 23804L103<br>LEI: 549300F6JNO0KRPO1K63 | Short            | EC               |  | US        |     -4461 | NS      | $-624450.78   | -0.38%            |  |  |  | No            |                  1 | On Loan: No      |
| CF INDUSTRIES HOLDINGS, INC.                   | CF INDUSTRIES HOLDINGS INC COMMON STOCK      | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               |  | US        |     33662 | NS      | $3124843.46   | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLOVIN CORPORATION                           | APPLOVIN CORP-CLASS A COMMON STOCK           | CUSIP: 03831W108<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | EC               |  | US        |      3757 | NS      | $1467859.90   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROSTRATEGY INCORPORATED                     | MICROSTRATEGY INC-CL A COMMON STOCK          | CUSIP: 594972408<br>LEI: 549300WQTWEJUEHXQX21 | Short            | EC               |  | US        |     -5064 | NS      | $-2035019.04  | -1.25%            |  |  |  | No            |                  1 | On Loan: No      |
| META PLATFORMS, INC.                           | META PLATFORMS INC COMMON STOCK              | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               |  | US        |      3446 | NS      | $2665274.24   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| UNUM GROUP                                     | UNUM GROUP COMMON STOCK                      | CUSIP: 91529Y106<br>LEI: 549300E32YFDO6TZ8R31 | Long             | EC               |  | US        |      5536 | NS      | $397540.16    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| INVITATION HOMES INC.                          | INVITATION HOMES INC REIT                    | CUSIP: 46187W107<br>LEI: 984500FE452E665C9F85 | Short            | EC               |  | US        |    -14686 | NS      | $-450125.90   | -0.28%            |  |  |  | No            |                  1 | On Loan: No      |
| EXELIXIS, INC.                                 | EXELIXIS INC COMMON STOCK                    | CUSIP: 30161Q104<br>LEI: 254900PJQB59O2O95R37 | Long             | EC               |  | US        |     48221 | NS      | $1746564.62   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| ANGLOGOLD ASHANTI PLC                          | ANGLOGOLD ASHANTI PLC COMMON STOCK           | CUSIP: G0378L100<br>LEI: 2138005YDSA7A82RNU96 | Long             | EC               |  | US        |      9627 | NS      | $445248.75    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| DOCUSIGN, INC.                                 | DOCUSIGN INC COMMON STOCK                    | CUSIP: 256163106<br>LEI: 549300Q7PVDWRZ39JG09 | Long             | EC               |  | US        |      7402 | NS      | $559887.28    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR S&P 500 ETF Trust                         | SPY US 09/30/25 P450 LONG                    | CUSIP: N/A<br>LEI: 549300NZAMSJ8FXPQQ63       | N/A              | DE               |  | US        |       216 | NC      | $11448.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Schlumberger N.V.                              | SCHLUMBERGER LTD COMMON STOCK                | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               |  | US        |     33785 | NS      | $1141933.00   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| FOX CORPORATION                                | FOX CORP - CLASS A COMMON STOCK              | CUSIP: 35137L105<br>LEI: 549300DDU6FDRBIELS05 | Long             | EC               |  | US        |     59311 | NS      | $3307181.36   | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| GEN DIGITAL INC.                               | GEN DIGITAL INC COMMON STOCK                 | CUSIP: 668771108<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | EC               |  | US        |     28572 | NS      | $842588.28    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| ROCKET LAB USA, INC.                           | ROCKET LAB CORP COMMON STOCK                 | CUSIP: 773121108<br>LEI: 254900B4DEYFZJ980A14 | Short            | EC               |  | US        |    -16760 | NS      | $-769619.20   | -0.47%            |  |  |  | No            |                  1 | On Loan: No      |
| DICK'S SPORTING GOODS, INC.                    | DICK'S SPORTING GOODS INC COMMON STOCK       | CUSIP: 253393102<br>LEI: 529900SSBV5I4LWSK313 | Long             | EC               |  | US        |      5899 | NS      | $1247697.49   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust - iShares Russell 1000 Value ETF | ISHARES RUSSELL 1000 VALUE E MUTUAL FUND     | CUSIP: 464287598<br>LEI: 549300KLSYN5NN4YNM90 | Short            | EC               | RF                | US        |    -66635 | NS      | $-13021811.70 | -8.00%            |  |  |  | No            |                  1 | On Loan: No      |
| WELLS FARGO SHORT PORTFOLIO REBATE INCOME      | WELLS FARGO SHORT PORTFOLIO REBATE INCOME    | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |         1 | PA      | $0.00         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| OMNICOM GROUP INC.                             | OMNICOM GROUP COMMON STOCK                   | CUSIP: 681919106<br>LEI: HKUPACFHSSASQK8HLS17 | Long             | EC               |  | US        |     21357 | NS      | $1538771.85   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| ARK Innovation ETF                             | ARK INNOVATION ETF MUTUAL FUND               | CUSIP: 00214Q104<br>LEI: N/A                  | Short            | EC               | RF                | US        |   -115320 | NS      | $-8687055.60  | -5.34%            |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN EXPRESS COMPANY                       | AMERICAN EXPRESS CO COMMON STOCK             | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               |  | US        |      1894 | NS      | $566893.14    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM INCORPORATED                          | QUALCOMM INC COMMON STOCK                    | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               |  | US        |     15873 | NS      | $2329521.48   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| WILLIAMS-SONOMA, INC.                          | WILLIAMS-SONOMA INC COMMON STOCK             | CUSIP: 969904101<br>LEI: 549300IARG6YWVTZ1I92 | Long             | EC               |  | US        |      2575 | NS      | $481653.75    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| ELECTRONIC ARTS INC.                           | ELECTRONIC ARTS INC COMMON STOCK             | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               |  | US        |      3610 | NS      | $550488.90    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| PALANTIR TECHNOLOGIES INC.                     | PALANTIR TECHNOLOGIES INC-A COMMON STOCK     | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Short            | EC               |  | US        |     -9402 | NS      | $-1488806.70  | -0.91%            |  |  |  | No            |                  1 | On Loan: No      |
| WELLS FARGO & COMPANY                          | WELLS FARGO & CO COMMON STOCK                | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               |  | US        |     20288 | NS      | $1635821.44   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GCI LIBERTY, INC.                              | GCI LIBERTY INC-CL C COMMON STOCK            | CUSIP: 36164V800<br>LEI: N/A                  | Short            | EC               |  | US        |      -800 | NS      | $-26600.00    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| EBAY INC.                                      | EBAY INC COMMON STOCK                        | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Long             | EC               |  | US        |     35773 | NS      | $3282172.75   | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| TECHNIPFMC PLC                                 | TECHNIPFMC PLC COMMON STOCK                  | CUSIP: G87110105<br>LEI: 549300D5I93QWCJTCK36 | Long             | EC               |  | US        |     15505 | NS      | $563916.85    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| EXPEDIA GROUP, INC.                            | EXPEDIA GROUP INC COMMON STOCK               | CUSIP: 30212P303<br>LEI: N/A                  | Long             | EC               |  | US        |     13437 | NS      | $2421616.14   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| NETAPP, INC.                                   | NETAPP INC COMMON STOCK                      | CUSIP: 64110D104<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | EC               |  | US        |     30588 | NS      | $3185128.44   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| FAIR ISAAC CORPORATION                         | FAIR ISAAC CORP COMMON STOCK                 | CUSIP: 303250104<br>LEI: RI6HET5SJUEY30V1PS26 | Short            | EC               |  | US        |      -396 | NS      | $-568941.12   | -0.35%            |  |  |  | No            |                  1 | On Loan: No      |
| TALEN ENERGY CORP                              | TALEN ENERGY CORP COMMON STOCK               | CUSIP: 87422Q109<br>LEI: N/A                  | Long             | EC               |  | US        |      2009 | NS      | $758538.13    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| SKYWORKS SOLUTIONS, INC.                       | SKYWORKS SOLUTIONS INC COMMON STOCK          | CUSIP: 83088M102<br>LEI: 549300WZ3ORQ2BVKBD96 | Long             | EC               |  | US        |     14388 | NS      | $986153.52    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| MARVELL TECHNOLOGY, INC                        | MARVELL TECHNOLOGY INC COMMON STOCK          | CUSIP: 573874104<br>LEI: N/A                  | Short            | EC               |  | US        |    -19588 | NS      | $-1574287.56  | -0.97%            |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Small Cap Value ETF                   | VANGUARD SMALL-CAP VALUE ETF MUTUAL FUND     | CUSIP: 922908611<br>LEI: N/A                  | Short            | EC               | RF                | US        |    -64979 | NS      | $-12883386.33 | -7.91%            |  |  |  | No            |                  1 | On Loan: No      |
| HALLIBURTON COMPANY                            | HALLIBURTON CO COMMON STOCK                  | CUSIP: 406216101<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | EC               |  | US        |     26786 | NS      | $600006.40    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| LIVE NATION ENTERTAINMENT, INC.                | LIVE NATION ENTERTAINMENT IN COMMON STOCK    | CUSIP: 538034109<br>LEI: 5493007B9BM9ZXJINO78 | Long             | EC               |  | US        |     13081 | NS      | $1932063.70   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUIFAX INC.                                   | EQUIFAX INC COMMON STOCK                     | CUSIP: 294429105<br>LEI: 5493004MCF8JDC86VS77 | Short            | EC               |  | US        |     -1202 | NS      | $-288756.46   | -0.18%            |  |  |  | No            |                  1 | On Loan: No      |
| MONGODB, INC.                                  | MONGODB INC COMMON STOCK                     | CUSIP: 60937P106<br>LEI: 549300TPTG69WKWE1Z37 | Short            | EC               |  | US        |     -8405 | NS      | $-1999465.45  | -1.23%            |  |  |  | No            |                  1 | On Loan: No      |
| BEST BUY CO., INC.                             | BEST BUY CO INC COMMON STOCK                 | CUSIP: 086516101<br>LEI: HL5XPTVRV0O8TUN5LL90 | Long             | EC               |  | US        |     17138 | NS      | $1114998.28   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR S&P 500 ETF Trust                         | SPDR S&P 500 ETF TRUST MUTUAL FUND           | CUSIP: 78462F103<br>LEI: 549300NZAMSJ8FXPQQ63 | Short            | EC               | RF                | US        |    -18421 | NS      | $-11643545.68 | -7.15%            |  |  |  | No            |                  1 | On Loan: No      |
| HOLOGIC, INC.                                  | HOLOGIC INC COMMON STOCK                     | CUSIP: 436440101<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | EC               |  | US        |     15989 | NS      | $1068384.98   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR S&P 500 ETF Trust                         | SPY US 07/31/25 P505 LONG                    | CUSIP: 4YA99U9T5<br>LEI: 549300NZAMSJ8FXPQQ63 | N/A              | DE               |  | US        |       302 | NC      | $302.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG RESOURCES, INC.                            | EOG RESOURCES INC COMMON STOCK               | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               |  | US        |      6603 | NS      | $792492.06    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| FLEX LTD.                                      | FLEX LTD COMMON STOCK                        | CUSIP: Y2573F102<br>LEI: 549300EAQH74YHD07T53 | Long             | EC               |  | US        |     63878 | NS      | $3185595.86   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| OWENS CORNING                                  | OWENS CORNING COMMON STOCK                   | CUSIP: 690742101<br>LEI: JO5M6676RDJIZ2U8X907 | Long             | EC               |  | US        |      8978 | NS      | $1251802.54   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| SNOWFLAKE INC.                                 | SNOWFLAKE INC COMMON STOCK                   | CUSIP: 833445109<br>LEI: 254900CJNSY1K7T53Z16 | Short            | EC               |  | US        |     -1971 | NS      | $-440518.50   | -0.27%            |  |  |  | No            |                  1 | On Loan: No      |
| EQUITABLE HOLDINGS, INC.                       | EQUITABLE HOLDINGS INC COMMON STOCK          | CUSIP: 29452E101<br>LEI: 549300FIBAKMNHPZ4009 | Long             | EC               |  | US        |     21062 | NS      | $1081533.70   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLS FARGO SHORT PORTFOLIO INTEREST EXPENSE   | WELLS FARGO SHORT PORTFOLIO INTEREST EXPENSE | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |         1 | PA      | $0.00         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| KIMBERLY-CLARK CORPORATION                     | KIMBERLY-CLARK CORP COMMON STOCK             | CUSIP: 494368103<br>LEI: MP3J6QPYPGN75NVW2S34 | Long             | EC               |  | US        |      6200 | NS      | $772644.00    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERIPRISE FINANCIAL, INC.                     | AMERIPRISE FINANCIAL INC COMMON STOCK        | CUSIP: 03076C106<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | EC               |  | US        |      6058 | NS      | $3139195.02   | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Coherent Corp.                                 | COHERENT CORP COMMON STOCK                   | CUSIP: 19247G107<br>LEI: 549300O5C25A0MMHHU33 | Short            | EC               |  | US        |    -15149 | NS      | $-1630032.40  | -1.00%            |  |  |  | No            |                  1 | On Loan: No      |
| WIX.COM LTD                                    | WIX.COM LTD COMMON STOCK                     | CUSIP: M98068105<br>LEI: 5493008P6N29Q1AG9464 | Long             | EC               |  | US        |      1551 | NS      | $210982.53    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| TAPESTRY, INC.                                 | TAPESTRY INC COMMON STOCK                    | CUSIP: 876030107<br>LEI: 549300LJNVY5SW3VTN33 | Long             | EC               |  | US        |     21108 | NS      | $2280297.24   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG ENERGY, INC.                               | NRG ENERGY INC COMMON STOCK                  | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               |  | US        |      5395 | NS      | $902044.00    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                            | BROWN BROTHERS HARRIMAN SWEEP INTEREST       | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |  44223501 | PA      | $44223500.68  | 27.16%            |  |  |  | No            |                  1 | On Loan: No      |
| LULULEMON ATHLETICA INC.                       | LULULEMON ATHLETICA INC COMMON STOCK         | CUSIP: 550021109<br>LEI: 549300D9GZ4BMLDW5T40 | Long             | EC               |  | US        |      3420 | NS      | $685812.60    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| COREBRIDGE FINANCIAL, INC.                     | COREBRIDGE FINANCIAL INC COMMON STOCK        | CUSIP: 21871X109<br>LEI: 549300XY1661QCIA7J65 | Long             | EC               |  | US        |     67092 | NS      | $2385791.52   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Maplebear Inc                                  | MAPLEBEAR INC COMMON STOCK                   | CUSIP: 565394103<br>LEI: N/A                  | Long             | EC               |  | US        |     16666 | NS      | $799468.02    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| CARLISLE COMPANIES INCORPORATED                | CARLISLE COS INC COMMON STOCK                | CUSIP: 142339100<br>LEI: XR64VGX1ZPX6G7ZN7Z11 | Long             | EC               |  | US        |      2028 | NS      | $719351.88    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| LINEAGE, INC.                                  | LINEAGE INC REIT                             | CUSIP: 53566V106<br>LEI: N/A                  | Short            | EC               |  | US        |    -13130 | NS      | $-566559.50   | -0.35%            |  |  |  | No            |                  1 | On Loan: No      |
| CHECK POINT SOFTWARE TECHNOLOGIES LTD.         | CHECK POINT SOFTWARE TECH COMMON STOCK       | CUSIP: M22465104<br>LEI: 2549003ZVBH73EPNS513 | Long             | EC               |  | US        |      6182 | NS      | $1151088.40   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| FTAI Aviation Ltd,                             | FTAI AVIATION LTD COMMON STOCK               | CUSIP: G3730V105<br>LEI: N/A                  | Short            | EC               |  | US        |    -12856 | NS      | $-1769114.16  | -1.09%            |  |  |  | No            |                  1 | On Loan: No      |
| RALPH LAUREN CORPORATION                       | RALPH LAUREN CORP COMMON STOCK               | CUSIP: 751212101<br>LEI: HO1QNWM0IXBZ0QSMMO20 | Long             | EC               |  | US        |      5692 | NS      | $1700485.00   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Amer Sports, Inc                               | AMER SPORTS INC COMMON STOCK                 | CUSIP: G0260P102<br>LEI: 391200YCSWTRD1J21867 | Short            | EC               |  | US        |    -61982 | NS      | $-2326804.28  | -1.43%            |  |  |  | No            |                  1 | On Loan: No      |
| MCKESSON CORPORATION                           | MCKESSON CORP COMMON STOCK                   | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Short            | EC               |  | US        |     -1196 | NS      | $-829473.84   | -0.51%            |  |  |  | No            |                  1 | On Loan: No      |
| Coterra Energy Inc.                            | COTERRA ENERGY INC COMMON STOCK              | CUSIP: 127097103<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | EC               |  | US        |     11907 | NS      | $290411.73    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| CHENIERE ENERGY, INC.                          | CHENIERE ENERGY INC COMMON STOCK             | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               |  | US        |      3461 | NS      | $816380.68    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| BERKSHIRE HATHAWAY INC.                        | BERKSHIRE HATHAWAY INC-CL B COMMON STOCK     | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               |  | US        |     11935 | NS      | $5631887.80   | 3.46%             |  |  |  | No            |                  1 | On Loan: No      |
| LIBERTY BROADBAND CORPORATION                  | LIBERTY BROADBAND-C COMMON STOCK             | CUSIP: 530307305<br>LEI: 549300MIX43II8JLN536 | Short            | EC               |  | US        |     -4000 | NS      | $-245280.00   | -0.15%            |  |  |  | No            |                  1 | On Loan: No      |
| ADVANCED MICRO DEVICES, INC.                   | ADVANCED MICRO DEVICES COMMON STOCK          | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Short            | EC               |  | US        |    -17308 | NS      | $-3051573.48  | -1.87%            |  |  |  | No            |                  1 | On Loan: No      |
| MARATHON PETROLEUM CORPORATION                 | MARATHON PETROLEUM CORP COMMON STOCK         | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               |  | US        |      7284 | NS      | $1239663.96   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORPORATION                    | BANK OF AMERICA CORP COMMON STOCK            | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               |  | US        |     15351 | NS      | $725641.77    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| ENTEGRIS, INC.                                 | ENTEGRIS INC COMMON STOCK                    | CUSIP: 29362U104<br>LEI: IYX6OWO7BT5DKO3BYG52 | Short            | EC               |  | US        |     -4439 | NS      | $-348283.94   | -0.21%            |  |  |  | No            |                  1 | On Loan: No      |
| MICROCHIP TECHNOLOGY INCORPORATED              | MICROCHIP TECHNOLOGY INC COMMON STOCK        | CUSIP: 595017104<br>LEI: 5493007PTFULNYZJ1R12 | Short            | EC               |  | US        |    -18567 | NS      | $-1254943.53  | -0.77%            |  |  |  | No            |                  1 | On Loan: No      |
| FIRST SOLAR, INC.                              | FIRST SOLAR INC COMMON STOCK                 | CUSIP: 336433107<br>LEI: 549300NPYMLM4NHTOF27 | Short            | EC               |  | US        |     -8517 | NS      | $-1488175.41  | -0.91%            |  |  |  | No            |                  1 | On Loan: No      |
| CONSTELLATION ENERGY CORPORATION.              | CONSTELLATION ENERGY COMMON STOCK            | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Short            | EC               |  | US        |     -3716 | NS      | $-1292573.44  | -0.79%            |  |  |  | No            |                  1 | On Loan: No      |
| CAVA GROUP, INC.                               | CAVA GROUP INC COMMON STOCK                  | CUSIP: 148929102<br>LEI: N/A                  | Short            | EC               |  | US        |     -3782 | NS      | $-332853.82   | -0.20%            |  |  |  | No            |                  1 | On Loan: No      |
| PAYPAL HOLDINGS, INC.                          | PAYPAL HOLDINGS INC COMMON STOCK             | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               |  | US        |     24003 | NS      | $1650446.28   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| DAVITA INC.                                    | DAVITA INC COMMON STOCK                      | CUSIP: 23918K108<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | EC               |  | US        |     20245 | NS      | $2841790.65   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-31

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

**Signature:** Andrew Metzger

**Name of Signer:** Andrew Metzger

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