# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0001398344-25-011440
**Filing Date:** 2025-6
**Character Count:** 170571
**Document Hash:** 58f57568a917c6ffd80351f102c4e095
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-011440.hdr.sgml**: 20250606

**ACCESSION NUMBER**: 0001398344-25-011440

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 22

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250606

**DATE AS OF CHANGE**: 20250606

**EFFECTIVENESS DATE**: 20250606

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22920
- **FILM NUMBER:** 251029382

**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

### Mesirow High Yield Fund (Series ID: S000063586)

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

### MetLife Small Company Equity Fund (Series ID: S000063587)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000206017 | Institutional Shares | MSVIX           |
| C000206018 | Investor Shares      | MSVVX           |

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

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSRS**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT** 

**INVESTMENT COMPANIES**

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

**The Advisors' Inner Circle Fund III**

(Exact name of registrant as specified in charter)

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Address of principal executive offices) (Zip code)

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Name and address of agent for service)

**Registrant's telephone number, including area code: 1-877-446-3863**

**Date of fiscal year end: September 30, 2025**

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

**Item 1.** **Reports to Stockholders.**

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

**# The Advisors' Inner Circle Fund III
![Image](if3e6cfa1902ba4b7731d24c6.jpg)

## Mesirow High Yield Fund

## Institutional Shares - MFHIX

## Semi-Annual Shareholder Report: March 31, 2025
This semi-annual shareholder report contains important information about Institutional Shares of the Mesirow High Yield Fund (the "Fund") for the period from October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://investments.metlife.com/mutual-fund-documents. You can also request this information by contacting us at 1-833-MESIROW (833-637-4769). This semi-annual shareholder report describes changes to the Fund that occurred during the reporting period.

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

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| Mesirow High Yield Fund, Institutional Shares | $38 | 0.75% |

---

## Key Fund Statistics as of March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $155236357 | 136 | $214378 | 16% |

---

## What did the Fund invest in?

### Asset Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i887eebc2a35d82161bf7eae1.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Real Estate | 0.4% |
| Municipal Bond | 0.8% |
| Consumer Staples | 0.8% |
| Health Care | 1.2% |
| Utilities | 4.0% |
| Communication Services | 4.2% |
| Information Technology | 5.7% |
| Financials | 6.3% |
| Consumer Discretionary | 13.9% |
| Materials | 16.0% |
| Energy | 18.9% |
| Industrials | 23.1% |

---

---

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

---

### Top Ten Holdings

---

| | | | |
|:---|:---|:---|:---|
| <u>Holding Name</u> | <u>Coupon Rate</u> | <u>Maturity Date</u> | <u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u> |
| Tenneco | 8.000% | 11/17/28 | 1.6% |
| Virtusa | 7.125% | 12/15/28 | 1.5% |
| ITT Holdings | 6.500% | 08/01/29 | 1.5% |
| Midcap Financial Issuer Trust | 6.500% | 05/01/28 | 1.4% |
| Consensus Cloud Solutions | 6.500% | 10/15/28 | 1.4% |
| TKC Holdings | 6.875% | 05/15/28 | 1.4% |
| Rain Carbon | 12.250% | 09/01/29 | 1.4% |
| Allied Universal Holdco | 7.875% | 02/15/31 | 1.4% |
| Rand Parent | 8.500% | 02/15/30 | 1.4% |
| Venture Global LNG | 8.375% | 06/01/31 | 1.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(A)</sup> | &nbsp;&nbsp;Short-Term Investments are not shown in the top ten chart. |

---

#### Changes in and Disagreements with Accountants
The Fund has selected Cohen & Co. to serve as the Fund's independent registered public accounting firm for the Fund's year ended September 30, 2025. The decision to select Cohen & Co. was recommended by the Fund's Audit Committee and was approved by the Fund's Board of Trustees on March 26, 2025.

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

* 1-833-MESIROW (833-637-4769) 

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

## Householding
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as "householding" and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-833-MESIROW (833-637-4769) to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.

![Image](if3e6cfa1902ba4b7731d24c6.jpg)

#### MFHIX-SAR-2025

# The Advisors' Inner Circle Fund III
![Image](if3e6cfa1902ba4b7731d24c6.jpg)

## Mesirow High Yield Fund

## Investor Shares - MFHVX

## Semi-Annual Shareholder Report: March 31, 2025
This semi-annual shareholder report contains important information about Investor Shares of the Mesirow High Yield Fund (the "Fund") for the period from October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://investments.metlife.com/mutual-fund-documents. You can also request this information by contacting us at 1-833-MESIROW (833-637-4769). This semi-annual shareholder report describes changes to the Fund that occurred during the reporting period.

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

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| Mesirow High Yield Fund, Investor Shares | $50 | 1.00% |

---

## Key Fund Statistics as of March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $155236357 | 136 | $214378 | 16% |

---

## What did the Fund invest in?

### Asset Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](ib0a6b692c18e9afb484d6462.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Real Estate | 0.4% |
| Municipal Bond | 0.8% |
| Consumer Staples | 0.8% |
| Health Care | 1.2% |
| Utilities | 4.0% |
| Communication Services | 4.2% |
| Information Technology | 5.7% |
| Financials | 6.3% |
| Consumer Discretionary | 13.9% |
| Materials | 16.0% |
| Energy | 18.9% |
| Industrials | 23.1% |

---

---

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

---

### Top Ten Holdings

---

| | | | |
|:---|:---|:---|:---|
| <u>Holding Name</u> | <u>Coupon Rate</u> | <u>Maturity Date</u> | <u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u> |
| Tenneco | 8.000% | 11/17/28 | 1.6% |
| Virtusa | 7.125% | 12/15/28 | 1.5% |
| ITT Holdings | 6.500% | 08/01/29 | 1.5% |
| Midcap Financial Issuer Trust | 6.500% | 05/01/28 | 1.4% |
| Consensus Cloud Solutions | 6.500% | 10/15/28 | 1.4% |
| TKC Holdings | 6.875% | 05/15/28 | 1.4% |
| Rain Carbon | 12.250% | 09/01/29 | 1.4% |
| Allied Universal Holdco | 7.875% | 02/15/31 | 1.4% |
| Rand Parent | 8.500% | 02/15/30 | 1.4% |
| Venture Global LNG | 8.375% | 06/01/31 | 1.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(A)</sup> | &nbsp;&nbsp;Short-Term Investments are not shown in the top ten chart. |

---

#### Changes in and Disagreements with Accountants
The Fund has selected Cohen & Co. to serve as the Fund's independent registered public accounting firm for the Fund's year ended September 30, 2025. The decision to select Cohen & Co. was recommended by the Fund's Audit Committee and was approved by the Fund's Board of Trustees on March 26, 2025.

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

* 1-833-MESIROW (833-637-4769) 

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

## Householding
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as "householding" and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-833-MESIROW (833-637-4769) to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.

![Image](if3e6cfa1902ba4b7731d24c6.jpg)

#### MFHVX-SAR-2025

# The Advisors' Inner Circle Fund III
![Image](if3e6cfa1902ba4b7731d24c6.jpg)

## Mesirow Small Company Fund

## Institutional Shares - MSVIX

## Semi-Annual Shareholder Report: March 31, 2025
This semi-annual shareholder report contains important information about Institutional Shares of the Mesirow Small Company Fund (the "Fund") for the period from October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://investments.metlife.com/mutual-fund-documents. You can also request this information by contacting us at 1-833-MESIROW (833-637-4769). This semi-annual shareholder report describes changes to the Fund that occurred during the reporting period.

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

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| Mesirow Small Company Fund, Institutional Shares | $47 | 0.98% |

---

## Key Fund Statistics as of March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $10245991 | 82 | $- | 46% |

---

## What did the Fund invest in?

### Asset Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](ie7bf39cd85736ff41f05d326.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Communication Services | 1.2% |
| Exchange Traded Fund | 1.3% |
| Utilities | 1.5% |
| Energy | 4.6% |
| Materials | 5.2% |
| Consumer Staples | 5.4% |
| Real Estate | 6.6% |
| Consumer Discretionary | 10.0% |
| Information Technology | 10.1% |
| Financials | 16.8% |
| Industrials | 17.0% |
| Health Care | 18.5% |

---

---

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

---

### Top Ten Holdings

---

| | |
|:---|:---|
| <u>Holding Name</u> | <u>Percentage of Total Net Assets</u> |
| Catalyst Pharmaceuticals | 1.8% |
| Axsome Therapeutics | 1.7% |
| Mercury Systems | 1.6% |
| Globus Medical, Cl A | 1.6% |
| ADMA Biologics | 1.6% |
| Northwest Natural Holding | 1.5% |
| ACI Worldwide | 1.5% |
| WNS Holdings | 1.5% |
| Alkermes | 1.5% |
| Bright Horizons Family Solutions | 1.5% |

---

#### Material Fund Changes
This is a summary of material changes made to the Fund since March 31, 2025:

Effective May 19, 2025, the Fund's shareholders approved a new investment advisory agreement between the Trust, on behalf of the Fund, and MetLife Investment Management. Moreover, the name of the Fund changed from the "Mesirow Small Company Fund" to the "MetLife Small Company Fund".

#### Changes in and Disagreements with Accountants
The Fund has selected Cohen & Co. to serve as the Fund's independent registered public accounting firm for the Fund's year ended September 30, 2025. The decision to select Cohen & Co. was recommended by the Fund's Audit Committee and was approved by the Fund's Board of Trustees on March 26, 2025.

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

* 1-833-MESIROW (833-637-4769) 

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

## Householding
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as "householding" and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-833-MESIROW (833-637-4769) to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.

![Image](if3e6cfa1902ba4b7731d24c6.jpg)

#### MSVIX-SAR-2025

# The Advisors' Inner Circle Fund III
![Image](if3e6cfa1902ba4b7731d24c6.jpg)

## Mesirow Small Company Fund

## Investor Shares - MSVVX

## Semi-Annual Shareholder Report: March 31, 2025
This semi-annual shareholder report contains important information about Investor Shares of the Mesirow Small Company Fund (the "Fund") for the period from October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://investments.metlife.com/mutual-fund-documents. You can also request this information by contacting us at 1-833-MESIROW (833-637-4769). This semi-annual shareholder report describes changes to the Fund that occurred during the reporting period.

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

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| Mesirow Small Company Fund, Investor Shares | $59 | 1.23% |

---

## Key Fund Statistics as of March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $10245991 | 82 | $- | 46% |

---

## What did the Fund invest in?

### Asset Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](ibfe6f7985293f918620e2011.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Communication Services | 1.2% |
| Exchange Traded Fund | 1.3% |
| Utilities | 1.5% |
| Energy | 4.6% |
| Materials | 5.2% |
| Consumer Staples | 5.4% |
| Real Estate | 6.6% |
| Consumer Discretionary | 10.0% |
| Information Technology | 10.1% |
| Financials | 16.8% |
| Industrials | 17.0% |
| Health Care | 18.5% |

---

---

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

---

### Top Ten Holdings

---

| | |
|:---|:---|
| <u>Holding Name</u> | <u>Percentage of Total Net Assets</u> |
| Catalyst Pharmaceuticals | 1.8% |
| Axsome Therapeutics | 1.7% |
| Mercury Systems | 1.6% |
| Globus Medical, Cl A | 1.6% |
| ADMA Biologics | 1.6% |
| Northwest Natural Holding | 1.5% |
| ACI Worldwide | 1.5% |
| WNS Holdings | 1.5% |
| Alkermes | 1.5% |
| Bright Horizons Family Solutions | 1.5% |

---

#### Material Fund Changes
This is a summary of material changes made to the Fund since March 31, 2025:

Effective May 19, 2025, the Fund's shareholders approved a new investment advisory agreement between the Trust, on behalf of the Fund, and MetLife Investment Management. Moreover, the name of the Fund changed from the "Mesirow Small Company Fund" to the "MetLife Small Company Fund".

#### Changes in and Disagreements with Accountants
The Fund has selected Cohen & Co. to serve as the Fund's independent registered public accounting firm for the Fund's year ended September 30, 2025. The decision to select Cohen & Co. was recommended by the Fund's Audit Committee and was approved by the Fund's Board of Trustees on March 26, 2025.

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

* 1-833-MESIROW (833-637-4769) 

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

## Householding
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as "householding" and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-833-MESIROW (833-637-4769) to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.

![Image](if3e6cfa1902ba4b7731d24c6.jpg)

#### MSVVX-SAR-2025**

(b) Not applicable.

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

Not applicable for semi-annual report.

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

Not applicable for semi-annual report.

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

Not applicable for semi-annual report.

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

Not applicable to open-end management investment companies.

**Item 6.** **Schedule of Investments.**

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

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

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

Financial statements and financial highlights are filed herein.

![](fp0093120_01.jpg)

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **Mesirow Funds** |

---

**March 31, 2025 (Unaudited)**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| Financial Statements (Form N-CSRS Item 7) |  |
| &nbsp;&nbsp;&nbsp;Schedules of Investments | 1 |
| &nbsp;&nbsp;&nbsp;Statements of Assets and Liabilities | 18 |
| &nbsp;&nbsp;&nbsp;Statements of Operations | 20 |
| &nbsp;&nbsp;&nbsp;Statements of Changes in Net Assets | 22 |
| &nbsp;&nbsp;&nbsp;Financial Highlights | 24 |
| &nbsp;&nbsp;&nbsp;Notes to Financial Statements | 28 |
| Other Information (Form N-CSRS Items 8-11) (Unaudited) | 45 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **Mesirow High Yield Fund** |

---

**March 31, 2025 (Unaudited)**

---

| |
|:---|
| **SCHEDULE OF INVESTMENTS** |
| **CORPORATE OBLIGATIONS — 76.5%** |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **Communication Services — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beasley Mezzanine Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 05/05/2025 @ $100 9.200%, 08/01/2028(A) | $1027000 | $462150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McGraw-Hill Education |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 09/01/2027 @ $104 7.375%, 09/01/2031(A) | 1123000 | 1129200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spanish Broadcasting System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 04/15/2025 @ $102 9.750%, 03/01/2026(A) | 1110000 | 710421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Urban One |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 05/05/2025 @ $102 7.375%, 02/01/2028(A) | 2183000 | 1124245 |
|  |  | 3426016 |
| **Consumer Discretionary — 12.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allied Universal Holdco |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 02/15/2027 @ $104 7.875%, 02/15/2031(A) | 2148000 | 2175387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Champ Acquisition |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 12/01/2027 @ $104 8.375%, 12/01/2031(A) | 1790000 | 1849134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cruise Yacht Upper HoldCo |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 07/05/2026 @ $106 11.875%, 07/05/2028 | 1200000 | 1230877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Garda World Security |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 11/15/2027 @ $104 8.375%, 11/15/2032(A) | 1125000 | 1106111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jacobs Entertainment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 05/05/2025 @ $103 6.750%, 02/15/2029(A) | 1668000 | 1600664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 05/05/2025 @ $103 6.750%, 02/15/2029(A) | 711000 | 682297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NES Fircroft Bondco |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 09/30/2026 @ $104 8.000%, 09/30/2029(A) | 2000000 | 1995293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Park River Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 05/05/2025 @ $103 6.750%, 08/01/2029(A) | 2406000 | 1869672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Scientific Games Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 05/05/2025 @ $103 6.625%, 03/01/2030(A) | 2190000 | 2065373 |

---

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

 *1*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **Mesirow High Yield Fund** |

---

**March 31, 2025 (Unaudited)**

**CORPORATE OBLIGATIONS — continued**

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SP Cruises Intermediate |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 09/14/2027 @ $106 11.500%, 03/14/2030(A) | $1500000 | $1443750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SWF Holdings I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 05/05/2025 @ $103 6.500%, 10/01/2029(A) | 670000 | 297627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TKC Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 05/05/2025 @ $103 6.875%, 05/15/2028(A) | 2212000 | 2197695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Velocity Vehicle Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 06/01/2026 @ $104 8.000%, 06/01/2029(A) | 226000 | 231818 |
|  |  | 18745698 |
| **Consumer Staples — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chobani Holdco II |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 10/01/2025 @ $104 8.750%cash/0% PIK, 10/01/2029(A) | 486000 | 528264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiesta Purchaser |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 03/01/2027 @ $104 7.875%, 03/01/2031(A) | 668000 | 689687 |
|  |  | 1217951 |
| **Energy — 17.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alliance Resource Operating Partners |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 06/15/2026 @ $104 8.625%, 06/15/2029(A) | 344000 | 360472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Archer Norge |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 08/25/2027 @ $105 9.500%, 02/25/2030 | 1250000 | 1285896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borr IHC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 11/15/2025 @ $105 10.000%, 11/15/2028(A) | 2077024 | 1975365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bristow Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 05/05/2025 @ $102 6.875%, 03/01/2028(A) | 1544000 | 1528222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ferrellgas Escrow |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 05/05/2025 @ $101 5.875%, 04/01/2029(A) | 1200000 | 1086338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genesis Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 01/15/2026 @ $104 8.250%, 01/15/2029 | 83000 | 85692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 05/15/2028 @ $104 8.000%, 05/15/2033 | 1183000 | 1192206 |

---

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

 *2*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **Mesirow High Yield Fund** |

---

**March 31, 2025 (Unaudited)**

**CORPORATE OBLIGATIONS — continued**

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greenfire Resources |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 10/01/2025 @ $106 12.000%, 10/01/2028(A) | $1881000 | $1989750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ITT Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 05/05/2025 @ $103 6.500%, 08/01/2029(A) | 2454000 | 2263892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nabors Industries |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 08/15/2027 @ $104 8.875%, 08/15/2031(A) | 1594000 | 1384057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NewCo Holding USD 20 Sarl |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 11/07/2026 @ $105 9.375%, 11/07/2029(A) | 500000 | 508000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NGL Energy Operating |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 02/15/2027 @ $104 8.375%, 02/15/2032(A) | 1987000 | 1991261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 02/15/2026 @ $104 8.125%, 02/15/2029(A) | 140000 | 140978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Odfjell Rig III |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 11/30/2025 @ $105 9.250%, 05/31/2028 | 902962 | 948561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paratus Energy Services |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 12/27/2026 @ $105 9.500%, 06/27/2029 | 2000000 | 1970000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shelf Drilling Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 10/15/2025 @ $105 9.625%, 04/15/2029(A) | 2147000 | 1855669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Star Holding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 08/01/2027 @ $104 8.750%, 08/01/2031(A) | 988000 | 944373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tenneco |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 05/05/2025 @ $104 8.000%, 11/17/2028(A) | 2524000 | 2407250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransMontaigne Partners |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 03/15/2027 @ $104 8.500%, 06/15/2030(A) | 1055000 | 1060707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venture Global LNG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 06/01/2026 @ $104 8.375%, 06/01/2031(A) | 2106000 | 2136076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Welltec International APS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 04/15/2025 @ $102 8.250%, 10/15/2026(A) | 691000 | 695556 |
|  |  | 27810321 |

---

 

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

 *3*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **Mesirow High Yield Fund** |

---

**March 31, 2025 (Unaudited)**

**CORPORATE OBLIGATIONS — continued**

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **Financials — 4.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acrisure |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 02/01/2026 @ $104 8.250%, 02/01/2029(A) | $765000 | $785981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 05/15/2026 @ $104 7.500%, 11/06/2030(A) | 457000 | 464933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Burford Capital Global Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 05/05/2025 @ $103 6.875%, 04/15/2030(A) | 1995000 | 1969665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Midcap Financial Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 04/20/2025 @ $103 6.500%, 05/01/2028(A) | 2333000 | 2248762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TrueNoord Capital DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 03/01/2027 @ $104 8.750%, 03/01/2030(A) | 180000 | 182416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VistaJet Malta Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 05/05/2025 @ $103 6.375%, 02/01/2030(A) | 2361000 | 2068310 |
|  |  | 7720067 |
| **Health Care — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Organon |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 05/15/2029 @ $104 7.875%, 05/15/2034(A) | 1074000 | 1042508 |
| **Industrials — 18.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Airswift Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 08/28/2026 @ $105 10.000%, 02/28/2029(A) | 2000000 | 2071303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alta Equipment Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 06/01/2026 @ $105 9.000%, 06/01/2029(A) | 1847000 | 1615853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcosa |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 08/15/2027 @ $103 6.875%, 08/15/2032(A) | 1021000 | 1035104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brand Industrial Services |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 08/01/2026 @ $105 10.375%, 08/01/2030(A) | 1970000 | 1879384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brightline East |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 05/09/2027 @ $106 11.000%, 01/31/2030(A) | 2247000 | 1979281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cimpress |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 09/15/2027 @ $104 7.375%, 09/15/2032(A) | 1963000 | 1803835 |

---

 

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

 *4*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **Mesirow High Yield Fund** |

---

**March 31, 2025 (Unaudited)**

**CORPORATE OBLIGATIONS — continued** 

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conduent Business Services |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 05/05/2025 @ $103 6.000%, 11/01/2029(A) | $544000 | $509478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deluxe |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 09/15/2026 @ $104 8.125%, 09/15/2029(A) | 588000 | 591432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 05/05/2025 @ $104 8.000%, 06/01/2029(A) | 1525000 | 1388403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Efesto Bidco S.p.A Efesto US |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 02/15/2028 @ $104 7.500%, 02/15/2032(A) | 1239000 | 1208137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F-Brasile |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 04/15/2025 @ $100 7.375%, 08/15/2026(A) | 905000 | 902828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GEO Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 04/15/2026 @ $104 8.625%, 04/15/2029 | 1201000 | 1261709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Innovate |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 04/15/2025 @ $100 8.500%, 02/01/2026(A) | 1454000 | 1356189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Masterbrand |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 07/15/2027 @ $104 7.000%, 07/15/2032(A) | 700000 | 698688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OneSky Flight |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 12/15/2026 @ $104 8.875%, 12/15/2029(A) | 950000 | 960151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Park-Ohio Industries |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 05/05/2025 @ $100 6.625%, 04/15/2027 | 1852000 | 1790400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Railworks Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 05/05/2025 @ $104 8.250%, 11/15/2028(A) | 1849000 | 1809019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rand Parent |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 02/15/2026 @ $104 8.500%, 02/15/2030(A) | 2183000 | 2161186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Smyrna Ready Mix Concrete |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 11/15/2026 @ $104 8.875%, 11/15/2031(A) | 1077000 | 1115811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spirit AeroSystems |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 11/15/2026 @ $105 9.750%, 11/15/2030(A) | 1155000 | 1274940 |

---

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

 *5*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **Mesirow High Yield Fund** |

---

**March 31, 2025 (Unaudited)**

**CORPORATE OBLIGATIONS — continued**

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wilsonart |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 08/15/2027 @ $106 11.000%, 08/15/2032(A) | $925000 | $848729 |
|  |  | 28261860 |
| **Information Technology — 4.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consensus Cloud Solutions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 10/15/2026 @ $102 6.500%, 10/15/2028(A) | 2291000 | 2246922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ION Trading Technologies S.A.R.L. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 05/30/2026 @ $105 9.500%, 05/30/2029(A) | 2038000 | 2045716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virtusa |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 05/05/2025 @ $102 7.125%, 12/15/2028(A) | 2443000 | 2296995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xerox Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 11/30/2026 @ $104 8.875%, 11/30/2029(A) | 540000 | 362517 |
|  |  | 6952150 |
| **Materials — 14.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Algoma Steel |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 04/15/2026 @ $105 9.125%, 04/15/2029(A) | 1231000 | 1145088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calderys Financing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 06/01/2025 @ $106 11.250%, 06/01/2028(A) | 573000 | 603471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calderys Financing II |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 06/01/2025 @ $104 11.750%, 06/01/2028(A) | 1592000 | 1580118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cerdia Finanz GmbH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 10/15/2027 @ $105 9.375%, 10/03/2031(A) | 1650000 | 1688131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clydesdale Acquisition Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 07/15/2026 @ $103 6.875%, 01/15/2030(A) | 634000 | 638809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 05/05/2025 @ $103 6.625%, 04/15/2029(A) | 800000 | 804418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Energy Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 02/15/2027 @ $106 12.000%, 02/15/2031(A) | 211000 | 210494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 05/05/2025 @ $103 5.625%, 10/15/2028(A) | 1881000 | 1617660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conuma Resources |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 05/01/2026 @ $110 13.125%, 05/01/2028(A) | 1756000 | 1756000 |

---

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

 *6*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **Mesirow High Yield Fund** |
|  | **March 31, 2025 (Unaudited)** |

---

**CORPORATE OBLIGATIONS — continued**

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JW Aluminum Continuous Cast |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 04/01/2027 @ $105 10.250%, 04/01/2030(A) | $2140000 | $2131975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LABL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 10/01/2027 @ $104 8.625%, 10/01/2031(A) | 1877000 | 1398365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magnera |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 11/15/2027 @ $104 7.250%, 11/15/2031(A) | 887000 | 862705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mativ Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 10/01/2026 @ $104 8.000%, 10/01/2029(A) | 786000 | 677438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mercer International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 10/01/2025 @ $106 12.875%, 10/01/2028(A) | 1895000 | 2005098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Owens-Brockway Glass Container |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 06/01/2027 @ $104 7.375%, 06/01/2032(A) | 489000 | 466705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rain Carbon |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 03/01/2026 @ $106 12.250%, 09/01/2029(A) | 2055000 | 2183018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TMS International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 04/15/2025 @ $102 6.250%, 04/15/2029(A) | 2259000 | 2102952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trident TPI Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 12/31/2025 @ $106 12.750%, 12/31/2028(A) | 1000000 | 1072527 |
|  |  | 22944972 |
| **Real Estate — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cushman & Wakefield US Borrower |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 05/05/2025 @ $102 6.750%, 05/15/2028(A) | 700000 | 701778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL CORPORATE OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $122,650,741) |  | 118823321 |
| **LOAN OBLIGATIONS — 17.5%** |  |  |
| **Communication Services — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DIRECTV Financing, LLC, 2024 Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.802%, CME Term SOFR + 5.510%, 08/02/2029 | 247723 | 243698 |

---

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **Mesirow High Yield Fund** |
|  | **March 31, 2025 (Unaudited)** |

---

**LOAN OBLIGATIONS — continued**

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **Communication Services — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research Now Group, LLC, Second Out Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.085%, CME Term SOFR + 5.760%, 10/15/2028 | $726407 | $671476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Townsquare Media, Inc., Initial Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.323%, CME Term SOFR + 5.000%, 02/06/2030 | 1950000 | 1828125 |
|  |  | 2743299 |
| **Consumer Discretionary — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Century Casino, Term Loan, 1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.414%, CME Term SOFR + 6.100%, 03/23/2029 | 2199334 | 1967040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kelso Industries, LLC, Delayed Draw Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.000%, 12/26/2029 | 52900 | 52239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kelso Industries, LLC, Initial Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.074%, CME Term SOFR + 5.750%, 12/26/2029 | 50600 | 49967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kelso Industries, LLC, Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.074%, CME Term SOFR + 5.750%, 12/26/2029 | 773368 | 763701 |
|  |  | 2832947 |
| **Energy — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natgasoline, LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.799%, 03/24/2030 (B) | 1370000 | 1332325 |
| **Financials — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HP PHRG Borrower, LLC, Closing Date Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.322%, CME Term SOFR + 4.000%, 02/13/2032 | 1320000 | 1285350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLG Holdings, Term Loan, 2nd Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.939%, CME Term SOFR + 7.610%, 07/02/2029 | 996000 | 687240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Runner Buyer Inc., Initial Term Loan, 1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.933%, CME Term SOFR + 5.000%, 10/08/2028 | 469757 | 143609 |
|  |  | 2116199 |

---

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **Mesirow High Yield Fund** |
|  | **March 31, 2025 (Unaudited)** |

---

**LOAN OBLIGATIONS — continued**

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **Health Care — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bracket Intermediate Holding Corp., Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.549%, CME Term SOFR + 4.250%, 05/08/2028 | $864655 | $866817 |
| **Industrials — 4.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aramsco, Inc., Initial Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.049%, CME Term SOFR + 4.750%, 10/10/2030 | 494419 | 460428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FCG Acquisitions, Inc., Initial Term Loan, 2nd Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.311%, CME Term SOFR + 7.010%, 03/30/2029 | 380000 | 370500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form Technologies, LLC, Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.043%, CME Term SOFR + 5.750%, 05/30/2030 | 1310000 | 1277250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HDI Aerospace Intermediate Holding III Corp., Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.822%, CME Term SOFR + 4.500%, 09/19/2031 | 1413000 | 1402403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kodiak BP, LLC, Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.046%, CME Term SOFR + 3.750%, 11/26/2031 | 230000 | 220471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michael Baker, Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.325%, CME Term SOFR + 4.000%, 12/01/2028 | 744375 | 741896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One Stop Mailing, LLC, Term Loan, 1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.689%, CME Term SOFR + 6.360%, 05/07/2027 | 949834 | 947229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Titan Purchaser, Inc., Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.299%, CME Term SOFR + 6.000%, 01/31/2030 | 1083615 | 1076842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trulite Holding Corp., Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.310%, CME Term SOFR + 6.000%, 02/22/2030 | 1082250 | 1068722 |
|  |  | 7565741 |
| **Information Technology — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerald EMS, Term Loan, 1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.675%, CME Term SOFR + 6.350%, 12/29/2027 | 601250 | 444925 |

---

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **Mesirow High Yield Fund** |
|  | **March 31, 2025 (Unaudited)** |

---

**LOAN OBLIGATIONS — continued**

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **Information Technology — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magenta Security Holdings, LLC, Closing Date First Out Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.301%, CME Term SOFR + 7.010%, 07/27/2028 | $116515 | $105030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magenta Security Holdings, LLC, Second Out Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.301%, CME Term SOFR + 8.010%, 07/27/2028 | 151974 | 76899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magenta Security Holdings, LLC, Third Out Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.551%, CME Term SOFR + 7.260%, 07/27/2028 | 526068 | 143353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venga Finance, LLC, 2025 Incremental Dollar Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.325%, CME Term SOFR + 4.010%, 06/28/2029 | 1056855 | 1054741 |
|  |  | 1824948 |
| **Materials — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Opta Inc., 2024 Incremental Delayed Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.601%, CME Term SOFR + 7.010%, 11/09/2028 | 436805 | 425885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Opta Inc., Delayed Draw Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.307%, CME Term SOFR + 7.010%, 11/09/2028 | 155553 | 151664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.299%, CME Term SOFR + 7.010%, 11/08/2028 | 136792 | 133373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Opta Inc., Term Loan, 1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.301%, CME Term SOFR + 7.010%, 11/09/2028 | 873938 | 852089 |
|  |  | 1563011 |
| **Utilities — 4.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EPIC Y-Grade Services, LP, Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.044%, CME Term SOFR + 5.750%, 06/29/2029 | 1174100 | 1172820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodnight Water Solutions Holdings, LLC, Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.825%, CME Term SOFR + 4.500%, 06/04/2029 | 1426003 | 1422438 |

---

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **Mesirow High Yield Fund** |
|  | **March 31, 2025 (Unaudited)** |

---

**LOAN OBLIGATIONS — continued**

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **Utilities — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MH Sub 1, LLC, 2023 May Incremental Term Loan, 1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.575%, CME Term SOFR + 4.250%, 05/03/2028 | $1300807 | $1230082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MH Sub I, LLC, 2024 December New Term Loan, 1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.575%, CME Term SOFR + 4.250%, 12/11/2031 | 880367 | 805289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WaterBridge Midstream Operating, LLC, Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.053%, CME Term SOFR + 4.750%, 06/21/2029 | 1656675 | 1641616 |
|  |  | 6272245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LOAN OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $28,770,125) |  | 27117532 |
| **MUNICIPAL BOND — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Infrastructure & Economic Development Bank, Sub-Ser B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable 01/01/2029 @ $105 9.500%, 01/01/2065 (A) | 1200000 | 1199284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL MUNICIPAL BOND** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,180,143) |  | 1199284 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — 0.5%** | | |
|  |<br>**Shares** | |
| &nbsp;&nbsp;&nbsp;**Communication Services — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beasley Broadcast Group, Inc., Class A \*(C)(D) | 1042 | 4970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Insights Holdings \*(C)(D) | 10040 | 235940 |
|  |  | 240910 |
| &nbsp;&nbsp;&nbsp;**Consumer Discretionary — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 Hour Fitness Worldwide, Inc. \*(C)(D) | 90461 | 905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PSS Industrial Offering, Class A \*(C)(D) | 1353 | 81706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PSS Industrial Offering, Class B \*(C)(D) | 351 | 21221 |
|  |  | 103832 |
| &nbsp;&nbsp;&nbsp;**Energy — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greenfire Resources \* | 56516 | 331749 |

---

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | &nbsp;&nbsp;**Mesirow High Yield Fund** |
|  | &nbsp;&nbsp;&nbsp;**March 31, 2025 (Unaudited)** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Industrials — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altera Infrastructure (C)(D) | 2800 | $75600 |
| &nbsp;&nbsp;&nbsp;**Information Technology — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PVKG Investment Holdings \*(C)(D) | 445 | 4450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL COMMON STOCK** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $2,331,676) |  | 756541 |
| **PREFERRED STOCK — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;**Consumer Discretionary — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 Hour Fitness Worldwide, Inc. <sup>#</sup> \*(C)(D) | 22590 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL PREFERRED STOCK** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $30,496) |  | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS — 95.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $154,963,181) |  | $147896904 |

---

Percentages are based on Net Assets of $155,236,357.

\* Non-income producing security.

# There is currently no interest rate available.

&nbsp;&nbsp;&nbsp;&nbsp;(A) Securities
 sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended,
 and may be sold only to dealers in that program or other "accredited investors". The total value of such securities as of March
 31, 2025 was $110,257,264 and represents 71.0% of Net Assets.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(D) Securities
 considered restricted. The total market value of such securities as of March 31, 2025 was $425,018 and represented 0.3% of the Net Assets.

CME — Chicago Mercantile Exchange

LLC — Limited Liability Company

LP — Limited Partnership

Ser — Series

SOFR — Secured Overnight Financing Rate

USD — U.S. Dollar

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **Mesirow High Yield Fund** |
|  | **March 31, 2025 (Unaudited)** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investments in Securities | Level 1 | Level 2 | Level 3<sup>(1)</sup> | Total |
| &nbsp;&nbsp;&nbsp;Corporate Obligations | $— | $118823321 | $— | $118823321 |
| &nbsp;&nbsp;&nbsp;Loan Obligations |  | 27117532 |  | 27117532 |
| &nbsp;&nbsp;&nbsp;Municipal Bond |  | 1199284 |  | 1199284 |
| &nbsp;&nbsp;&nbsp;Common Stock | 331749 |  | 424792 | 756541 |
| &nbsp;&nbsp;&nbsp;Preferred Stock |  |  | 226 | 226 |
| Total Investments in Securities | $331749 | $147140137 | $425018 | $147896904 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) A
 reconciliation of Level 3 investments and disclosures of significant unobservable inputs are presented when the Fund has a significant
 amount of Level 3 investments at the end of the year in relation to Net Assets. Management has concluded that Level 3 investments are
 not material in relation to Net Assets.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Number of<br> Shares | Acquisition<br> Date | Cost | Market Value |
| **Common Stock** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 Hour Fitness Worldwide, Inc. | 90461 | 12/29/2020 | $601017 | $905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altera Infrastructure | 2800 | 12/5/2022 | 633990 | 75600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beasley Broadcast Group, Inc., Class A | 1042 | 10/10/2024 | 10 | 4970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Insights Holdings | 10040 | 7/15/2024 | 315135 | 235940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PSS Industrial Offering, Class A | 1353 | 5/23/2022 | 77451 | 81706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PSS Industrial Offering, Class B | 351 | 12/23/2019 | 527705 | 21221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PVKG Investment Holdings | 445 | 6/4/2024 | 137213 | 4450 |
| **Preferred Stock** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 Hour Fitness Worldwide, Inc. | 22590 | 12/7/2020 | 30496 | 226 |
|  |  |  | $2323017 | $425018 |

---

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

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **Mesirow Small Company Fund** |
|  | **March 31, 2025 (Unaudited)** |

---

**SCHEDULE OF INVESTMENTS**

 **COMMON STOCK — 96.9%**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Communication Services — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Nexstar Media Group, Cl A | 688 | $123303 |
| **Consumer Discretionary — 10.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Bright Horizons Family Solutions \* | 1215 | 154354 |
| &nbsp;&nbsp;&nbsp;First Watch Restaurant Group \* | 6786 | 112987 |
| &nbsp;&nbsp;&nbsp;Hanesbrands \* | 17936 | 103491 |
| &nbsp;&nbsp;&nbsp;Kontoor Brands | 1763 | 113061 |
| &nbsp;&nbsp;&nbsp;Levi Strauss, Cl A | 7566 | 117954 |
| &nbsp;&nbsp;&nbsp;Meritage Homes | 1421 | 100720 |
| &nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings \* | 1222 | 142192 |
| &nbsp;&nbsp;&nbsp;RH \* | 394 | 92358 |
| &nbsp;&nbsp;&nbsp;Wayfair, Cl A \* | 2579 | 82605 |
|  |  | 1019722 |
| **Consumer Staples — 5.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Darling Ingredients \* | 2877 | 89878 |
| &nbsp;&nbsp;&nbsp;elf Beauty \* | 1709 | 107308 |
| &nbsp;&nbsp;&nbsp;Inter Parfums | 806 | 91779 |
| &nbsp;&nbsp;&nbsp;Lancaster Colony | 636 | 111300 |
| &nbsp;&nbsp;&nbsp;Sprouts Farmers Market \* | 982 | 149892 |
|  |  | 550157 |
| **Energy — 4.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Antero Resources \* | 3425 | 138507 |
| &nbsp;&nbsp;&nbsp;Atlas Energy Solutions, Cl A | 5434 | 96943 |
| &nbsp;&nbsp;&nbsp;Matador Resources | 2328 | 118937 |
| &nbsp;&nbsp;&nbsp;TechnipFMC PLC | 3708 | 117506 |
|  |  | 471893 |
| **Financials — 16.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Blackstone Mortgage Trust, Cl A ‡ | 6251 | 125020 |
| &nbsp;&nbsp;&nbsp;Dynex Capital ‡ | 7316 | 95254 |
| &nbsp;&nbsp;&nbsp;Hancock Whitney | 2849 | 149430 |
| &nbsp;&nbsp;&nbsp;Kemper | 1538 | 102815 |
| &nbsp;&nbsp;&nbsp;Piper Sandler | 434 | 107484 |
| &nbsp;&nbsp;&nbsp;Prosperity Bancshares | 1664 | 118760 |
| &nbsp;&nbsp;&nbsp;Selective Insurance Group | 1643 | 150400 |
| &nbsp;&nbsp;&nbsp;Simmons First National, Cl A | 6277 | 128867 |
| &nbsp;&nbsp;&nbsp;SouthState | 1141 | 105908 |
| &nbsp;&nbsp;&nbsp;Synovus Financial | 2612 | 122085 |
| &nbsp;&nbsp;&nbsp;Texas Capital Bancshares \* | 1754 | 131024 |
| &nbsp;&nbsp;&nbsp;United Community Banks | 3645 | 102534 |
| &nbsp;&nbsp;&nbsp;WaFd | 5344 | 152732 |

---

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **Mesirow Small Company Fund** |
|  | **March 31, 2025 (Unaudited)** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials — continued** |  |  |
| &nbsp;&nbsp;&nbsp;Zions Bancorp | 2642 | $131730 |
|  |  | 1724043 |
| **Health Care — 18.5%** |  |  |
| &nbsp;&nbsp;&nbsp;ADMA Biologics \* | 8181 | 162311 |
| &nbsp;&nbsp;&nbsp;Alkermes \* | 4689 | 154831 |
| &nbsp;&nbsp;&nbsp;Alphatec Holdings \* | 13175 | 133595 |
| &nbsp;&nbsp;&nbsp;Avantor \* | 8918 | 144561 |
| &nbsp;&nbsp;&nbsp;Axsome Therapeutics \* | 1521 | 177394 |
| &nbsp;&nbsp;&nbsp;Bruker | 2980 | 124385 |
| &nbsp;&nbsp;&nbsp;Catalyst Pharmaceuticals \* | 7400 | 179450 |
| &nbsp;&nbsp;&nbsp;Globus Medical, Cl A \* | 2281 | 166969 |
| &nbsp;&nbsp;&nbsp;Haemonetics \* | 2178 | 138412 |
| &nbsp;&nbsp;&nbsp;Halozyme Therapeutics \* | 2063 | 131640 |
| &nbsp;&nbsp;&nbsp;ICU Medical \* | 918 | 127473 |
| &nbsp;&nbsp;&nbsp;Stevanato Group | 7342 | 149924 |
| &nbsp;&nbsp;&nbsp;Surgery Partners \* | 4419 | 104951 |
|  |  | 1895896 |
| **Industrials — 17.0%** |  |  |
| &nbsp;&nbsp;&nbsp;ACV Auctions, Cl A \* | 5147 | 72521 |
| &nbsp;&nbsp;&nbsp;Air Lease, Cl A | 2795 | 135026 |
| &nbsp;&nbsp;&nbsp;Alaska Air Group \* | 1980 | 97456 |
| &nbsp;&nbsp;&nbsp;Allegiant Travel | 1618 | 83570 |
| &nbsp;&nbsp;&nbsp;CACI International, Cl A \* | 368 | 135027 |
| &nbsp;&nbsp;&nbsp;Enerpac Tool Group, Cl A | 2378 | 106677 |
| &nbsp;&nbsp;&nbsp;Fluor \* | 3714 | 133035 |
| &nbsp;&nbsp;&nbsp;Gates Industrial PLC \* | 7010 | 129054 |
| &nbsp;&nbsp;&nbsp;Hayward Holdings \* | 9343 | 130055 |
| &nbsp;&nbsp;&nbsp;Helios Technologies | 2740 | 87927 |
| &nbsp;&nbsp;&nbsp;ITT | 797 | 102941 |
| &nbsp;&nbsp;&nbsp;Korn Ferry | 1616 | 109613 |
| &nbsp;&nbsp;&nbsp;Mercury Systems \* | 3892 | 167706 |
| &nbsp;&nbsp;&nbsp;Mueller Water Products, Cl A | 3869 | 98350 |
| &nbsp;&nbsp;&nbsp;WNS Holdings \* | 2556 | 157168 |
|  |  | 1746126 |
| **Information Technology — 10.1%** |  |  |
| &nbsp;&nbsp;&nbsp;ACI Worldwide \* | 2877 | 157401 |
| &nbsp;&nbsp;&nbsp;Advanced Energy Industries | 1257 | 119805 |
| &nbsp;&nbsp;&nbsp;Itron \* | 1347 | 141112 |
| &nbsp;&nbsp;&nbsp;Kyndryl Holdings \* | 4906 | 154048 |
| &nbsp;&nbsp;&nbsp;Lumentum Holdings \* | 1578 | 98372 |

---

 

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **Mesirow Small Company Fund** |
|  | **March 31, 2025 (Unaudited)** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology — continued** |  |  |
| &nbsp;&nbsp;&nbsp;nCino \* | 3365 | $92437 |
| &nbsp;&nbsp;&nbsp;Pegasystems | 1682 | 116933 |
| &nbsp;&nbsp;&nbsp;Rambus \* | 2878 | 149008 |
|  |  | 1029116 |
| **Materials — 5.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Aspen Aerogels \* | 7876 | 50328 |
| &nbsp;&nbsp;&nbsp;Axalta Coating Systems \* | 3399 | 112745 |
| &nbsp;&nbsp;&nbsp;Hecla Mining | 24675 | 137193 |
| &nbsp;&nbsp;&nbsp;Mosaic | 4115 | 111146 |
| &nbsp;&nbsp;&nbsp;O-I Glass, Cl I \* | 10558 | 121100 |
|  |  | 532512 |
| **Real Estate — 6.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Independence Realty Trust ‡ | 5976 | 126871 |
| &nbsp;&nbsp;&nbsp;Kilroy Realty ‡ | 2979 | 97592 |
| &nbsp;&nbsp;&nbsp;National Health Investors ‡ | 1699 | 125488 |
| &nbsp;&nbsp;&nbsp;National Storage Affiliates Trust ‡ | 2832 | 111581 |
| &nbsp;&nbsp;&nbsp;Plymouth Industrial ‡ | 6201 | 101076 |
| &nbsp;&nbsp;&nbsp;STAG Industrial ‡ | 3193 | 115331 |
|  |  | 677939 |
| **Utilities — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Northwest Natural Holding | 3698 | 157978 |
| &nbsp;&nbsp;&nbsp;**TOTAL COMMON STOCK** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $9,520,102) |  | 9928685 |
| **EXCHANGE TRADED FUND — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;SPDR S&P Biotech ETF | 1639 | 132923 |
| &nbsp;&nbsp;&nbsp;**TOTAL EXCHANGE TRADED FUND** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $127,796) |  | 132923 |
| &nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS — 98.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $9,647,898) |  | $10061608 |

---

Percentages are based on Net Assets of $10,245,991.

\* Non-income producing security. <br> ‡ Real Estate Investment Trust

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **Mesirow Small Company Fund** |
|  | **March 31, 2025 (Unaudited)** |
| **** | **** |

---

Cl — Class

ETF — Exchange Traded Fund

PLC — Public Limited Company

S&P — Standard & Poor's

SPDR — Standard & Poor's Depositary Receipts

As of March 31, 2025, all of the Fund's investments were considered Level 1, in accordance with the authoritative guidance of fair value measurements and disclosure under U.S. generally accepted accounting principles.

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

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **Mesirow Funds** |
|  | **March 31, 2025 (Unaudited)** |

---

**STATEMENTS OF ASSETS AND LIABILITIES**

---

| | | |
|:---|:---|:---|
|  | **High Yield<br> Fund** | **Small<br> Company<br> Fund** |
| **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at Value (Cost $154,963,181 and $9,647,898, respectively) | $147896904 | $10061608 |
| &nbsp;&nbsp;&nbsp;Cash | 5652623 | 164821 |
| &nbsp;&nbsp;&nbsp;Receivable for Capital Shares Sold | 126005 | 12822 |
| &nbsp;&nbsp;&nbsp;Interest and Dividend Receivable | 3082334 | 16533 |
| &nbsp;&nbsp;&nbsp;Receivable for Investment Securities Sold | 40472 |  |
| &nbsp;&nbsp;&nbsp;Receivable from Investment Adviser |  | 13399 |
| &nbsp;&nbsp;&nbsp;Receivable Due from Trustee | 2308 | 870 |
| &nbsp;&nbsp;&nbsp;Prepaid Expenses | 33592 | 24408 |
| **Total Assets** | 156834238 | 10294461 |
| **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;Payable for Investment Securities Purchased | 1328900 |  |
| &nbsp;&nbsp;&nbsp;Payable for Capital Shares Redeemed | 114643 | 1173 |
| &nbsp;&nbsp;&nbsp;Payable to Investment Adviser | 35874 |  |
| &nbsp;&nbsp;&nbsp;Distribution Fees Payable (Investor Shares) | 5816 | 251 |
| &nbsp;&nbsp;&nbsp;Shareholder Servicing Fees Payable (Institutional Shares) | 7801 | 1030 |
| &nbsp;&nbsp;&nbsp;Shareholder Servicing Fees Payable (Investor Shares) | 5198 |  |
| &nbsp;&nbsp;&nbsp;Payable to Administrator | 13640 | 9767 |
| &nbsp;&nbsp;&nbsp;Chief Compliance Officer Fees Payable | 2767 | 422 |
| &nbsp;&nbsp;&nbsp;Audit Fees Payable | 21676 | 12825 |
| &nbsp;&nbsp;&nbsp;Legal Fees Payable | 20443 | 3369 |
| &nbsp;&nbsp;&nbsp;Transfer Agent Fees Payable | 10521 | 8198 |
| &nbsp;&nbsp;&nbsp;Printing Fees Payable | 25243 | 4328 |
| &nbsp;&nbsp;&nbsp;Unfunded Bank Loans | 5359 |  |
| &nbsp;&nbsp;&nbsp;Other Accrued Expenses |  | 7107 |
| **Total Liabilities** | 1597881 | 48470 |
| **Commitments and Contingencies†** |  |  |
| **Net Assets** | $155236357 | $10245991 |
| **Net Assets Consist of:** |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in Capital | $167998268 | $5475835 |
| &nbsp;&nbsp;&nbsp;Total Distributable Earnings/(Loss) | (12761911) | 4770156 |
| **Net Assets** | $155236357 | $10245991 |

---

 

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **Mesirow Funds** |
|  | **March 31, 2025 (Unaudited)** |

---

**STATEMENTS OF ASSETS AND LIABILITIES (continued)**

---

| | | |
|:---|:---|:---|
|  | **High Yield Fund** | **Small Company Fund** |
| **Institutional Shares** |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $128583540 | $9001150 |
| &nbsp;&nbsp;&nbsp;Shares Issued and Outstanding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(unlimited authorization — no par value) | 15498882 | 765483 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Offering and Redemption Price Per Share | $8.30 | $11.76 |
| **Investor Shares** |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $26652817 | $1244841 |
| &nbsp;&nbsp;&nbsp;Shares Issued and Outstanding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(unlimited authorization — no par value) | 3218289 | 105708 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Offering and Redemption Price Per Share | $8.28 | $11.78 |

---

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

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

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **Mesirow Funds** |
|  | **For the Six Months Ended <br> March 31, 2025 (Unaudited)** |

---

**STATEMENTS OF OPERATIONS**

---

| | | |
|:---|:---|:---|
|  | **High Yield Fund** | **Small Company Fund** |
| **Investment Income:** |  |  |
| &nbsp;&nbsp;&nbsp;Interest Income | $7178802 | $16475 |
| &nbsp;&nbsp;&nbsp;Dividend Income | 11918 | 138149 |
| &nbsp;&nbsp;&nbsp;**Total Investment Income** | 7190720 | 154624 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;Investment Advisory Fees (Note 5) | 422276 | 96319 |
| &nbsp;&nbsp;&nbsp;Shareholder Servicing Fees (Institutional Shares) (Note 4) | 61321 | 1211 |
| &nbsp;&nbsp;&nbsp;Shareholder Servicing Fees (Investor Shares) (Note 4) | 23076 | 1068 |
| &nbsp;&nbsp;&nbsp;Administration Fees (Note 4) | 76672 | 57237 |
| &nbsp;&nbsp;&nbsp;Distribution Fees (Investor Shares) (Note 4) | 38460 | 1780 |
| &nbsp;&nbsp;&nbsp;Trustees' Fees | 18184 | 3401 |
| &nbsp;&nbsp;&nbsp;Chief Compliance Officer Fees (Note 3) | 7082 | 1304 |
| &nbsp;&nbsp;&nbsp;Transfer Agent Fees (Note 4) | 36720 | 25957 |
| &nbsp;&nbsp;&nbsp;Legal Fees | 28890 | 5192 |
| &nbsp;&nbsp;&nbsp;Registration Fees | 26378 | 12843 |
| &nbsp;&nbsp;&nbsp;Audit Fees | 23101 | 13967 |
| &nbsp;&nbsp;&nbsp;Printing Fees | 22768 | 3931 |
| &nbsp;&nbsp;&nbsp;Pricing Fees | 10183 | 1999 |
| &nbsp;&nbsp;&nbsp;Custodian Fees (Note 4) | 1835 | 1360 |
| &nbsp;&nbsp;&nbsp;Other Expenses | 25817 | 8609 |
| **Total Expenses** | 822763 | 236178 |
| **Less:** |  |  |
| &nbsp;&nbsp;&nbsp;Waiver of Investment Advisory Fees (Note 5) | (207898) | (96319) |
| &nbsp;&nbsp;&nbsp;Reimbursement by Investment Adviser |  | (11346) |
| &nbsp;&nbsp;&nbsp;Fees Paid Indirectly (Note 4) | (55) | (31) |
| &nbsp;&nbsp;&nbsp;**Net Expenses** | 614810 | 128482 |
| **Net Investment Income** | 6575910 | 26142 |
| **Net Realized Gain/(Loss) on:** |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (883723) | 4745683 |
| **Net Realized Gain/(Loss)** | (883723) | 4745683 |
| **Net Change in Unrealized Appreciation/(Depreciation) on:** |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (4551660) | (5058288) |
| &nbsp;&nbsp;&nbsp;Foreign Currency Transactions and Translation of Other Assets and Liabilities Dominated in Foreign Currencies | 1 |  |
| **Net Change in Unrealized Depreciation** | (4551659) | (5058288) |
| **Net Realized and Unrealized Loss** | (5435382) | (312605) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $1140528 | $(286463) |

---

 

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **Mesirow Funds** |
|  | **For the Six Months Ended <br> March 31, 2025 (Unaudited)** |

---

**STATEMENTS OF OPERATIONS (continued)**

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

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **Mesirow High Yield Fund** |

---

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Six<br> Months<br> Ended<br> March 31,<br> 2025 (Unaudited)** | **Year<br> Ended<br> September 30, 2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $6575910 | $10426756 |
| &nbsp;&nbsp;&nbsp;Net Realized Loss | (883723) | (812230) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | (4551659) | 4632307 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 1140528 | 14246833 |
| **Distributions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | (5388300) | (9116384) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | (1291003) | (2020562) |
| &nbsp;&nbsp;&nbsp;**Total Distributions:** | (6679303) | (11136946) |
| **Capital Share Transactions:<sup>(1)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 23178721 | 69988645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Dividends and Distributions | 5356017 | 7378030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption Fees<sup>(2)</sup> | 5892 | 33547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (9856287) | (30026026) |
| &nbsp;&nbsp;&nbsp;Increase from Institutional Shares Capital Share Transactions | 18684343 | 47374196 |
| &nbsp;&nbsp;&nbsp;Investor Shares: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 7899521 | 20602874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Dividends and Distributions | 1284294 | 1976166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption Fees<sup>(2)</sup> | 8644 | 4262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (11653708) | (5456362) |
| &nbsp;&nbsp;&nbsp;Increase (Decrease) from Investor Shares Capital Share Transactions | (2461249) | 17126940 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets from Capital Share Transactions** | 16223094 | 64501136 |
| **Total Increase in Net Assets** | 10684319 | 67611023 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 144552038 | 76941015 |
| &nbsp;&nbsp;&nbsp;End of Period | $155236357 | $144552038 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) For share transactions, see Note
 6 in the Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;(2) For redemption fees, see Note 2
 in the Notes to Financial Statements.

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **Mesirow Small Company Fund** |

---

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended March 31, 2025 (Unaudited)** | **Year<br> Ended<br> September 30, 2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $26142 | $102096 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain | 4745683 | 2078610 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | (5058288) | 4576239 |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | (286463) | 6756945 |
| **Distributions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | (2337916) | (1192995) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | (106759) | (80873) |
| &nbsp;&nbsp;&nbsp;**Total Distributions:** | (2444675) | (1273868) |
| **Capital Share Transactions:<sup>(1)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 258494 | 531207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Dividends and Distributions | 2337916 | 1192994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption Fees<sup>(2)</sup> | 19 | 353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (22330239) | (222900) |
| &nbsp;&nbsp;&nbsp;Increase (Decrease) from Institutional Shares Capital Share Transactions | (19733810) | 1501654 |
| &nbsp;&nbsp;&nbsp;Investor Shares: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 99902 | 589127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Dividends and Distributions | 106759 | 80873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption Fees<sup>(2)</sup> | 79 | 1098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (256849) | (1433351) |
| &nbsp;&nbsp;&nbsp;Decrease from Investor Shares Capital Share Transactions | (50109) | (762253) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets from Capital Share Transactions** | (19783919) | 739401 |
| **Total Increase (Decrease) in Net Assets** | (22515057) | 6222478 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 32761048 | 26538570 |
| &nbsp;&nbsp;&nbsp;End of Period | $10245991 | $32761048 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) For share transactions, see Note
 6 in the Notes to Financial Statements.

(2) For redemption fees, see Note 2 in the Notes to Financial Statements.

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **Mesirow High Yield Fund** |

---

**FINANCIAL HIGHLIGHTS**

**Selected Per Share Data & Ratios**

 **For a Share Outstanding**

 **Throughout Each Period/Year**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Institutional Shares** | **Six<br> Months<br> Ended<br> March 31,<br> 2025<br> (Unaudited)** | **Year<br> Ended<br> September<br> 30, 2024** | **Year<br> Ended<br> September<br> 30, 2023** | **Year<br> Ended<br> September<br> 30, 2022** | **Year<br> Ended<br> September<br> 30, 2021** | **Year<br> Ended<br> September<br> 30, 2020** |
| Net Asset Value, Beginning of Year/Period | $8.59 | $8.32 | $8.32 | $10.33 | $9.32 | $10.18 |
| Income (Loss) from Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income<sup>(1)</sup> | 0.37 | 0.78 | 0.77 | 0.76 | 0.74 | 0.66 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain (Loss) | (0.29 | 0.32 | 0.04 | (1.86 | 1.00 | (0.64) |
| Total from Operations | 0.08 | 1.10 | 0.81 | (1.10 | 1.74 | 0.02 |
| Redemption Fees<sup>^^</sup> |  |  |  | 0.01 |  |  |
| Dividends and Distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.37) | (0.83) | (0.81) | (0.72) | (0.70) | (0.70) |
| &nbsp;&nbsp;&nbsp;Net Realized Gain |  |  |  | (0.20 | (0.03) | (0.18) |
| Total Dividends and Distributions | (0.37 | (0.83 | (0.81 | (0.92 | (0.73) | (0.88) |
| Return of Capital |  |  |  |  |  |  |
| Net Asset Value, End of Year/Period | $8.30 | $8.59 | $8.32 | $8.32 | $10.33 | $9.32 |
| **Total Return†** | 0.92 | 13.80 | 10.17 | (11.33 | 19.19% | 0.55% |
| **Ratios and Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Year/Period (Thousands) | $128583 | $114380 | $64498 | $45077 | $66855 | $46918 |
| Ratio of Expenses to Average Net Assets | 0.75 | 0.75 | 0.75 | 0.75 | 0.75% | 0.75% |
| Ratio of Expenses to Average Net Assets (Excluding Waivers, Reimbursements and Fees Paid Indirectly) | 1.01 | 1.07 | 1.40 | 1.21 | 1.20% | 1.59% |
| Ratio of Net Investment Income to Average Net Assets | 8.62 | 9.13 | 9.19 | 7.91 | 7.29% | 7.04% |
| Portfolio Turnover Rate | 16 | 100 | 62 | 74 | 71% | 90% |

---

\*\* Annualized.

\*\*\* Not Annualized.

---

| | |
|:---|:---|
| ^ | Amount represents less than $0.005 per share. |

---

^^ See Note 2 in the Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;† Return is for
 the period indicated and has not been annualized. Total return would have been lower had certain expenses not been waived and assumed
 by the Adviser during the period. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions
 or the redemption of Fund shares.

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

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

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **Mesirow High Yield Fund** |

---

**FINANCIAL HIGHLIGHTS (continued)**

**Selected Per Share Data & Ratios**

 **For a Share Outstanding**

 **Throughout Each Period/Year**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investor Shares** | **Six<br> Months<br> Ended<br> March 31,<br> 2025<br> (Unaudited)** | **Year<br> Ended<br> September<br> 30, 2024** | **Year<br> Ended<br> September<br> 30, 2023** | **Year<br> Ended<br> September<br> 30, 2022** | **Year<br> Ended<br> September<br> 30, 2021** | **Year<br> Ended<br> September<br> 30, 2020** |
| Net Asset Value, Beginning of Year/Period | $8.57 | $8.31 | $8.31 | $10.32 | $9.31 | $10.19 |
| Income (Loss) from Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income<sup>(1)</sup> | 0.35 | 0.75 | 0.75 | 0.74 | 0.70 | 0.63 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain (Loss) | (0.28 | 0.32 | 0.04 | (1.86 | 1.02 | (0.65) |
| Total from Operations | 0.07 | 1.07 | 0.79 | (1.12 | 1.72 | (0.02) |
| Redemption Fees<sup>^^</sup> |  |  |  | 0.01 |  |  |
| Dividends and Distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.36) | (0.81) | (0.79) | (0.70) | (0.68) | (0.68) |
| &nbsp;&nbsp;&nbsp;Net Realized Gain |  |  |  | (0.20 | (0.03) | (0.18) |
| Total Dividends and Distributions | (0.36 | (0.81 | (0.79 | (0.90 | (0.71) | (0.86) |
| Return of Capital |  |  |  |  |  |  |
| Net Asset Value, End of Year/Period | $8.28 | $8.57 | $8.31 | $8.31 | $10.32 | $9.31 |
| **Total Return†** | 0.80 | 13.43 | 9.92 | (11.56 | 18.94% | 0.11% |
| **Ratios and Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Year/Period (Thousands) | $26653 | $30172 | $12443 | $7198 | $5740 | $713 |
| Ratio of Expenses to Average Net Assets | 1.00 | 1.00 | 1.00 | 1.00 | 1.00% | 0.99% |
| Ratio of Expenses to Average Net Assets (Excluding Waivers, Reimbursements and Fees Paid Indirectly) | 1.31 | 1.41 | 1.66 | 1.50 | 1.43% | 1.77% |
| Ratio of Net Investment Income to Average Net Assets | 8.35 | 8.89 | 9.00 | 7.89 | 6.86% | 6.99% |
| Portfolio Turnover Rate | 16 | 100 | 62 | 74 | 71% | 90% |

---

\*\* Annualized.

\*\*\* Not Annualized.

---

| | |
|:---|:---|
| ^ | Amount represents less than $0.005 per share. |

---

^^ See Note 2 in the Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;† Return
 is for the period indicated and has not been annualized. Total return would have been lower had certain expenses not been waived and assumed
 by the Adviser during the period. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions
 or the redemption of Fund shares.

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

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

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **Mesirow Small Company Fund** |

---

**FINANCIAL HIGHLIGHTS**

**Selected Per Share Data & Ratios**

 **For a Share Outstanding**

 **Throughout Each Period/Year**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Institutional Shares** | **Six<br> Months<br> Ended<br> March 31,<br> 2025<br> (Unaudited)** | **Year<br> Ended<br> September<br> 30, 2024** | **Year<br> Ended<br> September<br> 30, 2023** | **Year<br> Ended<br> September<br> 30, 2022** | **Year<br> Ended<br> September<br> 30, 2021** | **Year<br> Ended<br> September<br> 30, 2020** |
| Net Asset Value, Beginning of Year/Period | $13.79 | $11.46 | $10.39 | $14.04 | $9.03 | $11.14 |
| Income (Loss) from Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income<sup>(1)</sup> | 0.01 | 0.04 | 0.08 | 0.02 | 0.04 | 0.05 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain (Loss) | (1.01 | 2.85 | 1.32 | (0.81 | 5.02 | (1.28) |
| Total from Operations | (1.00 | 2.89 | 1.40 | (0.79 | 5.06 | (1.23) |
| Redemption Fees<sup>^^</sup> |  |  |  |  |  |  |
| Dividends and Distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.03) | (0.09) | (0.02) | (0.03) | (0.05) | (0.07) |
| &nbsp;&nbsp;&nbsp;Net Realized Gain | (1.00 | (0.47 | (0.31 | (2.83 |  | (0.81) |
| Total Dividends and Distributions | (1.03 | (0.56 | (0.33 | (2.86 | (0.05) | (0.88) |
| Net Asset Value, End of Year/Period | $11.76 | $13.79 | $11.46 | $10.39 | $14.04 | $9.03 |
| **Total Return†** | (7.68 | 25.99 | 13.56 | (7.41 | 56.17% | (12.51)% |
| **Ratios and Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Year/Period (Thousands) | $9001 | $31251 | $24529 | $15346 | $12320 | $8094 |
| Ratio of Expenses to Average Net Assets | 0.98 | 0.98 | 0.98 | 0.98 | 0.98% | 0.98% |
| Ratio of Expenses to Average Net Assets (Excluding Waivers, Reimbursements and Fees Paid Indirectly) | 1.80 | 1.75 | 2.06 | 2.82 | 2.92% | 3.85% |
| Ratio of Net Investment Income to Average Net Assets | 0.21 | 0.37 | 0.66 | 0.18 | 0.30% | 0.52% |
| Portfolio Turnover Rate | 46 | 92 | 102 | 109 | 108% | 136% |

---

\*\* Annualized.

\*\*\* Not Annualized.

---

| | |
|:---|:---|
| ^ | Amount represents less than $0.005 per share. |

---

^^ See Note 2 in the Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;† Return
 is for the period indicated and has not been annualized. Total return would have been lower had certain expenses not been waived and assumed
 by the Adviser during the period. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions
 or the redemption of Fund shares.

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

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

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **Mesirow Small Company Fund** |

---

**FINANCIAL HIGHLIGHTS (continued)**

**Selected Per Share Data & Ratios**

 **For a Share Outstanding**

 **Throughout Each Period/Year**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investor Shares** | **Six<br> Months<br> Ended<br> March 31,<br> 2025<br> (Unaudited)** | **Year<br> Ended<br> September<br> 30, 2024** | **Year<br> Ended<br> September<br> 30, 2023** | **Year<br> Ended<br> September<br> 30, 2022** | **Year<br> Ended<br> September<br> 30, 2021** | **Year<br> Ended<br> September<br> 30, 2020** |
| Net Asset Value, Beginning of Year/Period | $13.80 | $11.47 | $10.41 | $14.07 | $9.05 | $11.14 |
| Income (Loss) from Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income (Loss)<sup>(1)</sup> | 0.01 | 0.02 | 0.06 | (0.02) | 0.01 | 0.14 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain (Loss) | (1.03 | 2.83 | 1.31 | (0.80 | 5.06 | (1.35 |
| Total from Operations | (1.02 | 2.85 | 1.37 | (0.82 | 5.07 | (1.21 |
| Redemption Fees<sup>^^</sup> |  | 0.01 | 0.01 |  |  |  |
| Dividends and Distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income |  | (0.06) | (0.01) | (0.01) | (0.05) | (0.07) |
| &nbsp;&nbsp;&nbsp;Net Realized Gain | (1.00 | (0.47) | (0.31) | (2.83 |  | (0.81 |
| Total Dividends and Distributions | (1.00 | (0.53) | (0.32) | (2.84 | (0.05) | (0.88 |
| Net Asset Value, End of Year/Period | $11.78 | $13.80 | $11.47 | $10.41 | $14.07 | $9.05 |
| **Total Return†** | (7.80 | 25.71% | 13.37% | (7.64 | 56.16% | (12.32 |
| **Ratios and Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Year/Period (Thousands) | $1245 | $1510 | $2010 | $237 | $23 | $— |
| Ratio of Expenses to Average Net Assets | 1.23 | 1.23% | 1.23% | 1.23 | 1.23% | 0.00 |
| Ratio of Expenses to Average Net Assets (Excluding Waivers, Reimbursements and Fees Paid Indirectly) | 2.47 | 2.15% | 2.34% | 3.21 | 3.06% | 3.57 |
| Ratio of Net Investment Income (Loss) to Average Net Assets | 0.15 | 0.13% | 0.52% | (0.21) | 0.08% | 1.50 |
| Portfolio Turnover Rate | 46 | 92% | 102% | 109 | 108% | 136 |

---

\*\* Annualized.

\*\*\* Not Annualized.

---

| | |
|:---|:---|
| ^ | Amount represents less than $0.005 per share. |

---

^^ See Note 2 in the Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;† Return
 is for the period indicated and has not been annualized. Total return would have been lower had certain expenses not been waived and assumed
 by the Adviser during the period. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions
 or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;‡ The
 ratio rounds to 0.00% due to the relative net asset value of Investor Shares. Prospectively, it is expected the ratio of net expenses
 to average net asset would approximate 1.23% (4.10% excluding waivers, reimbursements and fees paid indirectly), for the year ended September
 30, 2020.

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

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

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **Mesirow Funds** |
|  | **March 31, 2025 (Unaudited)** |

---

**NOTES TO FINANCIAL STATEMENTS**

**1. Organization:**

The Advisors' Inner Circle Fund III (the "Trust") is organized as a Delaware statutory trust under a Declaration of Trust dated December 4, 2013. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company with 46 Funds. The financial statements herein are those of the Mesirow Funds (the "Funds"). The investment objective of the Mesirow High Yield Fund (the "High Yield Fund") is to seek to provide a high level of current income consistent with the preservation of principal. The investment objective of the Mesirow Small Company Fund (the "Small Company Fund") is to seek to provide long-term capital appreciation with less volatility than the U.S. small company market. Each of the funds is classified as a diversified investment company. As of February 28, 2025, MetLife Investment Management, LLC serves as the High Yield Fund and Small Company Fund investment adviser (the "Adviser"). Prior to February 28, 2025, Mesirow Financial Investment Management, Inc. served as the High Yield Fund investment adviser (the "Adviser") and Mesirow Institutional Investment Management, Inc. served as the Small Company Fund Adviser. The Funds currently offer Institutional and Investor Shares. The High Yield Fund and the Small Company Fund commenced operations on December 3, 2018 and December 19, 2018, respectively. The financial statements of the remaining Funds of the Trust are presented separately. The assets of each Fund are segregated, and a shareholder's interest is limited to the Fund in which shares are held.

**2. Significant Accounting Policies:**

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

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

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **Mesirow Funds** |
|  | **March 31, 2025 (Unaudited)** |

---

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

Some of the more common reasons that may necessitate that a security be valued using Fair Value Procedures include: the security's trading has been halted or suspended; the security has been de-listed from a national exchange; the security's primary trading market is temporarily closed at a time when under normal conditions it would be open; the security has not been traded for an extended period of time; the security's primary pricing source is not able or willing to provide a price; or trading of the security is subject to local government imposed restrictions. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee. As of March 31, 2025, the total market value of securities in the High Yield Fund valued in accordance with Fair Value Procedures was $425,018 or 0.3% of the Fund's net assets. Small Company Fund had no fair value securities.

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

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **Mesirow Funds** |
|  | **March 31, 2025 (Unaudited)** |

---

● Level 2 — Other significant observable inputs (includes quoted prices for similar securities, interest rates, prepayment speeds, credit risk, referenced indices, quoted prices in inactive markets, adjusted quoted prices in active markets, adjusted quoted prices on foreign equity securities that were adjusted in accordance with the Adviser's pricing procedures, etc.); and

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

Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement.

For details of investment classifications, reference the Schedule of Investments.

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

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

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

*Security Transactions and Investment Income* — Security transactions are accounted for on trade date. Costs used in determining realized gains and losses on the sale of investment securities are based on the specific identification method. Dividend income and expense are recorded on the ex-dividend date. Interest income is recognized on the accrual basis from settlement date and includes the amortization of premiums and the accretion of discount. Certain dividends from foreign securities will be recorded as soon as the Funds are informed of the dividend if such information is obtained subsequent to the ex-dividend date. Discounts and premiums on fixed income securities are accreted and amortized using the effective interest method. Realized gains (losses) on paydowns of mortgage-backed and asset-backed securities are recorded as an adjustment to interest income.

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **Mesirow Funds** |
|  | **March 31, 2025 (Unaudited)** |

---

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

*Expenses* — Most expenses of the Trust can be directly attributed to a particular Fund. Expenses which cannot be directly attributed to a particular Fund are apportioned among the Funds of the Trust based on the number of Funds and/or relative net assets.

*Cash* — Idle cash may be swept into various time deposit accounts and is classified as cash equivalents on the Statements of Assets and Liabilities. The Funds maintain cash in bank deposit accounts which, at times, may exceed United States federally insured limits. Amounts invested are available on the same business day.

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

*Dividends and Distributions to Shareholders* — The High Yield Fund distributes its net investment income monthly and makes distributions of its net realized capital gains, if any, at least annually. The Small Company Fund distributes its net investment income, and makes distributions of its net realized capital gains, if any, at least annually. If shareholders own Fund shares on a Fund's record date, shareholders will be entitled to receive the distribution. All distributions are recorded on ex-dividend date.

*Redemption Fees* — The Funds impose a 1.00% redemption fee on the value of the Institutional Shares and Investor shares redeemed fewer than 90 days from the date of purchase. The redemption fee is recorded as an increase to paid-in capital. The High Yield Fund, Institutional Shares and Investor Shares imposed redemption fees of $5,892 and $8,644, respectively. The Small Company Fund, Institutional Shares and Investor Shares imposed redemption fees of $19 and $79, respectively, for the period ended March 31, 2025.

*Loan Obligations* — To the extent consistent with its investment objective and strategies, certain Funds may invest in U.S. dollar denominated fixed and floating-rate loans ("Loans") arranged through private negotiations between one or more financial institutions ("Lenders"). A Fund's investments in such Loans may be in the form of participations in Loans ("Obligations") or assignments of all or a portion of Loans from third parties. Obligations typically result in a Fund having a contractual relationship with the Lenders. A Fund has the right to receive payments of principal, interest and any fees to which it is entitled from the Lender selling the Obligation only upon receipt by the Lender of the payments from the borrower. In connection with purchasing Obligations, a Fund generally has neither right to enforce compliance by the borrower with the terms of the loan agreement relating to the Loan, nor any rights of set-off against the borrower, and a Fund will not benefit directly from any collateral supporting the Loan in which it has purchased the Obligation. As a result, a Fund assumes the credit risk of both the borrower and the Lender that is selling the Obligation. Unfunded commitments represent the remaining obligation of a Fund to the borrower. At any point in time, up to the maturity date of the issue, the borrower may demand the unfunded portion. As of March 31, 2025, the High Yield Fund held an unfunded commitment to Aramsco, Inc., Initial Delayed Draw Term Loan and Kelso Industries, LLC, Delayed Draw Term Loan with an unfunded par and fair value amount of 51,071 and $3,447, and 152,950 and $1,912, respectively.

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **Mesirow Funds** |
|  | **March 31, 2025 (Unaudited)** |

---

*Restricted Securities* — As of March 31, 2025, the High Yield Fund owned private placement investments that were purchased through private offerings or acquired through initial public offerings or acquired through restructuring and cannot be sold without prior registration under the Securities Act of 1933 or pursuant to an exemption therefrom. In addition, the Funds have generally agreed to further restrictions on the disposition of certain holdings as set forth in various agreements entered into in connection with the purchase of these investments. These investments are valued at fair value as determined in accordance with the procedures approved by the Board.

**3. Transactions with Affiliates:**

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

The services provided by the CCO and his staff are paid for by the Trust as incurred. The services include regulatory oversight of the Trust's Advisors and service providers, as required by SEC regulations. The CCO's services and fees have been approved by, and are reviewed by, the Board. For the period ended March 31, 2025, the High Yield Fund and the Small Company Fund were allocated CCO fees totaling $7,082 and $1,304, respectively.

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

The Funds and the Administrator are parties to an Administration Agreement under which the Administrator provides administrative services to the Funds. For these services, the Administrator is paid an asset-based fee, which will vary depending on the number of share classes and the average daily net assets of the Funds. For the period ended March 31, 2025, the High Yield Fund and the Small Company Fund each paid $76,672 and $57,237 for these services, respectively.

The Funds have adopted the Distribution Plan (the "Plan") for the Investor Shares. Under the Plan, the Distributor or financial intermediaries may receive up to 0.25% of the average daily net assets of the Investor Shares as compensation for distribution and shareholder services. The Plan is characterized as a compensation plan since the distribution fee will be paid to the Distributor without regard to the distribution or shareholder service expenses incurred by the Distributor or the amount of payments made to financial intermediaries. The Trust intends to operate the Plan in accordance with its terms and with Financial Industry Regulatory Authority ("FINRA") rules concerning sales charges. For the period ended March 31, 2025, the High Yield Fund and the Small Company Fund paid distribution fees totaling $38,460 and $1,780, respectively.

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **Mesirow Funds** |
|  | **March 31, 2025 (Unaudited)** |

---

The Funds have adopted a shareholder servicing plan (the "Service Plan") that provides that the Funds may pay financial intermediaries for shareholder services in an annual amount not to exceed 0.15% based on the average daily net assets of the Funds' Institutional Shares and Investor Shares. Certain brokers, dealers, banks, trust companies and other financial representatives receive compensation from the Fund for providing a variety of services, including record keeping and transaction processing. Such fees are based on the assets of the Fund that are serviced by the financial representative. Such fees are paid by the Fund to the extent that the number of accounts serviced by the financial representative multiplied by the account fee charged by the Fund's transfer agent would not exceed the amount that would have been charged had the accounts serviced by the financial representative been registered directly through the transfer agent. All fees in excess of this calculated amount are paid by the Adviser. For the period ended March 31, 2025, the High Yield Fund and the Small Company Fund paid $61,321 and $1,211 for the Institutional Shares and $23,076 and $1,068 for the Investor Shares, respectively, for these services.

Brown Brothers Harriman & Co. acts as custodian (the "Custodian") for the Funds. The Custodian plays no role in determining the investment policies of the Funds or which securities are to be purchased or sold by the Funds. For the period ended March 31, 2025, the High Yield Fund and the Small Company Fund paid custody fees totaling $1,835 and $1,360, respectively.

SS&C Global Investor & Distribution Solutions, Inc., serves as the transfer agent and dividend disbursing agent for the Funds under a transfer agency agreement with the Trust. For the period ended March 31, 2025, the High Yield Fund and the Small Company Fund paid transfer agent fees totaling $36,720 and $25,957, respectively.

The Funds may earn cash management credits which can be used to offset transfer agency expenses. For the period ended March 31, 2025, the High Yield Fund and the Small Company Fund earned credits of $55 and $31, respectively, which were used to offset transfer agent expenses. These amounts are labeled as "Fees Paid Indirectly" on the Statements of Operations.

**5. Investment Advisory Agreements:**

Under the terms of the investment advisory agreements, the Advisers provide investment advisory services to the High Yield Fund and the Small Company Fund at a fee calculated at an annual rate of 0.55% and 0.75%, respectively of the Funds' average daily net assets. As of March 31, 2025, the fees for these services were $422,276 and $96,319 for the High Yield Fund and the Small Company Fund, respectively.

For each Fund, the Advisers have contractually agreed to reduce its fees and/or reimburse expenses to the extent necessary to keep the Funds' total annual Fund operating expenses (excluding interest, taxes, brokerage commissions, 12b-1 fees, shareholder servicing fees, acquired fund fees and expenses and non-routine expenses (collectively, "excluded expenses")) for Institutional Shares and Investor Shares from exceeding certain levels as set forth below until February 28, 2026. This agreement may be terminated by: (i) the Board, for any reason at any time; or (ii) the Adviser, upon ninety (90) days' prior written notice to the Trust, effective as of the close of business on February 28, 2026. In addition, the Adviser may receive from the Fund the difference between the total annual Fund operating expenses (not including excluded expenses) and the contractual expense limit to recoup all or a portion of its prior fee waivers or expense reimbursements made during the three-year period preceding the recoupment if at any point total annual Fund operating expenses (not including excluded expenses) are below the contractual expense limit (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment. During the period ended March 31, 2025, the Funds did not incur any recoupments. Reimbursement of previously waived fees and reimbursed expenses would be recognized as Recovery of Investment Advisory fees previously waived in the Statements of Operations. For the period ended March 31, 2025, the High Yield Fund and the Small Company Fund incurred $207,898 and $107,665, respectively, of fees waived/reimbursed to the Adviser.

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **Mesirow Funds** |
|  | **March 31, 2025 (Unaudited)** |

---

Accordingly, the contractual expense limitations for each Fund are as follows:

---

| | | |
|:---|:---|:---|
|  | **Institutional Shares** | **Investor Shares** |
| **High Yield Fund** | 0.75% | 1.00% |
| **Small Company Fund** | 0.98% | 1.23% |

---

At March 31, 2025, the amount the Advisers may seek as reimbursement of previously waived fees and reimbursed expenses is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2026** | **2027** | **2028** | **Total** |
| **High Yield Fund** | $332964 | $425475 | $414357 | $1172796 |
| **Small Company Fund** | 237677 | 261497 | 219239 | 718413 |

---

**6. Shares Transactions:**

---

| | | |
|:---|:---|:---|
| **High Yield Fund** | **Six Months Ended March 31, 2025 (Unaudited)** | **Year Ended September 30, 2024** |
| Institutional Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 2709520 | 8215952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Dividends and Distributions | 631034 | 869398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (1160040) | (3522494) |
| &nbsp;&nbsp;&nbsp;Net Institutional Shares Capital Share Transactions | 2180514 | 5562856 |
| Investor Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 927634 | 2431096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Dividends and Distributions | 151430 | 233437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (1381048) | (642353) |
| &nbsp;&nbsp;&nbsp;Net Investor Shares Capital Share Transactions | (301984) | 2022180 |
| &nbsp;&nbsp;&nbsp;Net Increase in Shares Outstanding | 1878530 | 7585036 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **Mesirow Funds** |
|  | **March 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **Small Company Fund** | **Six Months Ended March 31, 2025 (Unaudited)** | **Year Ended September 30, 2024** |
| Institutional Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 19875 | 42453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Dividends and Distributions | 187945 | 100663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (1707874) | (18003) |
| &nbsp;&nbsp;&nbsp;Net Institutional Shares Capital Share Transactions | (1500054) | 125113 |
| Investor Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 7413 | 49197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Dividends and Distributions | 8589 | 6824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (19738) | (121751) |
| &nbsp;&nbsp;&nbsp;Net Investor Shares Capital Share Transactions | (3736) | (65730) |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Shares Outstanding | (1503790) | 59383 |

---

**7. Investment Transactions:**

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

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| **High Yield Fund** | $25004273 | $15638383 |
| **Small Company Fund** | 11229593 | 32292204 |

---

**8. Federal Tax Information:**

The amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. These book/tax differences may be temporary or permanent. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. To the extent these differences are permanent, they are charged or credited to distributable earnings or paid-in-capital, as appropriate, in the period that the differences arise. No permanent differences have been charged to paid-in-capital for the period. The permanent differences not affecting paid-in-capital in the current year are primarily attributable to different treatment for gains and losses on paydowns of mortgage and asset backed securities for tax purposes, distribution in excess, foreign currency translations, premium amortization on callable bonds, perpetual bond adjustments and section 988 transactions and reclassification of long term capital gain distribution on real estate investment trusts.

The tax character of dividends and distributions paid during the years ended September 30, 2024 and September 30, 2023 was as follows:

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **Mesirow Funds** |
|  | **March 31, 2025 (Unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Ordinary<br> Income** | **Long-Term<br> Capital Gain** | **Total** |
| **High Yield Fund** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | $11136946 | $— | $11136946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 6180254 |  | 6180254 |
| **Small Company Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 676229 | 597639 | 1273868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 78926 | 589575 | 668501 |

---

As of September 30, 2024, the components of distributable earnings (accumulated losses) on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
|  | **High Yield<br> Fund** | **Small<br> Company<br> Fund** |
| Undistributed Ordinary Income | $99225 | $484910 |
| Undistributed Long-Term Capital Gains |  | 1591294 |
| Capital Loss Carryforwards | (3937615) |  |
| Unrealized Appreciation (Depreciation) | (3384744) | 5425094 |
| Other Temporary Differences | (2) | (3) |
| Total Distributable Earnings (Accumulated Losses) | $(7223136) | $7501295 |

---

Post-October losses represent losses realized on investment transactions from November 1, 2023 through September 30, 2024 that, in accordance with Federal income tax regulations, the Funds may elect to defer and treat as having arisen in the following fiscal year.

During the year ended September 30, 2024, the Funds had no utilization of capital loss carryforwards to offset capital gains.

The Funds have capital losses carried forward as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Short-Term Loss** | **Long-Term Loss** | **Total** |
| **Mesirow High Yield Fund** | $532034 | $3405581 | $3937615 |

---

For Federal income tax purposes the difference between Federal tax cost and book cost primarily relates to interest from perpetual bonds, premium amortization of callable bonds, and wash sales. The Federal tax cost and aggregate gross unrealized appreciation and depreciation for the investments (including foreign currency and derivatives, if applicable) held by the Funds at March 31, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal Tax Cost** | **Aggregate**<br>**Gross**<br>**Unrealized Appreciation** | **Aggregate**<br>**Gross** <br> **Unrealized Depreciation**  | **Net Unrealized** <br> **Appreciation (Depreciation)**  |
| **High Yield Fund** | $154963181 | $1978005 | $(9044282) | $(7066277) |
| **Small Company Fund** | 9647898 | 1111566 | (697856) | 413710 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **Mesirow Funds**<br> **March 31, 2025 (Unaudited)**<br>|

---

**9. Concentration of Risks:**

As with all management investment companies, a shareholder in each Fund is subject to the risk that his or her investment could lose money. The Funds are subject to the principal risks noted below, any of which may adversely affect the Funds' net asset value ("NAV") and ability to meet its investment objective.

Asset-Backed Securities Risk *(High Yield Fund)* — Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities. Securitization trusts generally do not have any assets or sources of funds other than receivables and related property they own, and asset-backed securities are generally not insured or guaranteed by the related sponsor or any other entity. Asset-backed securities may be more illiquid than more conventional types of fixed income securities that the Fund may acquire.

Bank Loans Risk *(High Yield Fund)* — Investments in bank loans (through both assignments and participations) are generally subject to the same risks as investments in other types of debt instruments, including, in many cases, investments in junk bonds. There may be limited public information available regarding bank loans and bank loans may be difficult to value. If the Fund holds a bank loan through another financial institution, or relies on a financial institution to administer the loan, its receipt of principal and interest on the loan may be subject to the credit risk of that financial institution. It is possible that any collateral securing a loan may be insufficient or unavailable to the Fund, and that the Fund's rights to collateral may be limited by bankruptcy or insolvency laws. In addition, the secondary market for bank loans may be subject to irregular trading activity, wide bid/ask spreads, and extended trade settlement periods, which may cause the Fund to be unable to realize the full value of its investment in a bank loan.

Bank loans may not be considered "securities," and purchasers, such as the Fund, therefore may not be entitled to rely on the anti-fraud protections of the federal securities laws.

Below Investment Grade Securities (Junk Bonds) Risk *(High Yield Fund)* — Fixed income securities rated below investment grade (junk bonds) involve greater risks of default or downgrade and are generally more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is speculative. Because these securities typically offer a higher rate of return to compensate investors for these risks, they are sometimes referred to as "high yield bonds," but there is no guarantee that an investment in these securities will result in a high rate of return.

Convertible Securities and Preferred Stocks Risk *(High Yield Fund)* — Convertible and preferred securities have many of the same characteristics as stocks, including many of the same risks. In addition, convertible securities may be more sensitive to changes in interest rates than stocks. Convertible securities may also have credit ratings below investment grade, meaning that they carry a higher risk of failure by the issuer to pay principal and/or interest when due.

Corporate Fixed Income Securities Risk *(High Yield Fund)* — Corporate fixed income securities respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers.

Credit Risk *(High Yield Fund)* — The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation.

 *37*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **Mesirow Funds**<br> **March 31, 2025 (Unaudited)** |

---

Derivatives Risk *(High Yield Fund)* — The Fund's use of futures, forwards, options and swaps is subject to market risk, leverage risk, correlation risk and liquidity risk. Leverage risk, liquidity risk and market risk are described in this section. Many over-the-counter derivative instruments will not have liquidity beyond the counterparty to the instrument. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. The Fund's use of over-the-counter forward contracts, options and swaps is also subject to credit risk and valuation risk. Valuation risk is described below. Credit risk is described above. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund's initial investment. The other parties to certain derivative contracts present the same types of credit risk as issuers of fixed income securities. The Fund's use of derivatives may also increase the amount of taxes payable by shareholders. Both U.S. and non-U.S. regulators have adopted and implemented regulations governing derivatives markets, the ultimate impact of which remains unclear. Additionally, some derivatives, such as non-deliverable forwards, require funds to be posted by the Fund when positions are opened. This creates a risk that the funds may not be returned to the Fund even if the position is closed.

Duration Risk *(High Yield Fund)* — The longer-term securities in which the Fund may invest tend to be more volatile than shorter-term securities. A portfolio with a longer average portfolio duration is more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration.

Equity Market Risk *(Small Company Fund)* — The risk that stock prices will fall over short or extended periods of time. In addition, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund.

Exchange-Traded Funds (ETFs) Risk *(High Yield Fund and Small Company Fund)* — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities in which the ETF invests, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses.

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

Fixed Income Market Risk *(High Yield Fund)* — The prices of the Fund's fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the value of the Fund's fixed income securities will vary inversely with the direction of prevailing interest rates. Declines in dealer market-making capacity as a result of structural or regulatory changes could decrease liquidity and/or increase volatility in the fixed income markets. In the case of foreign securities, price fluctuations will reflect international economic and political events, as well as changes in currency valuations relative to the U.S. dollar. In response to these events, the Fund's value may fluctuate and/or the Fund may experience increased redemptions from shareholders, which may impact the Fund's liquidity or force the Fund to sell securities into a declining or illiquid market.

 *38*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **Mesirow Funds**<br> **March 31, 2025 (Unaudited)** |

---

Foreign Currency Risk *(High Yield Fund)* — As a result of the Fund's investments in securities denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar, in which case the dollar value of an investment in the Fund would be adversely affected.

Foreign Investment/Emerging Markets Risk *(High Yield Fund)* — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements, and different legal, regulatory and tax environments. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund. These additional risks may be heightened with respect to emerging market countries because political turmoil and rapid changes in economic conditions are more likely to occur in these countries.

Interest Rate Risk *(High Yield Fund)* — The risk that a change in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which the Fund invests. Generally, the value of the Fund's fixed income securities will vary inversely with the direction of prevailing interest rates. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by the Fund. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates.

Investment Strategy Risk *(High Yield Fund and Small Company Fund)* — The risk that the Fund's investment strategy may underperform other segments of the equity markets or the equity markets as a whole.

Investment Style Risk *(High Yield Fund)* — The risk that high yield fixed income securities may underperform other segments of the fixed income markets or the fixed income markets as a whole.

Large Capitalization Risk *(High Yield Fund)* — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies.

Leverage Risk *(High Yield Fund)* — The Fund's use of borrowing, derivatives and when-issued, delayed delivery or forward commitment transactions may result in the Fund's total investment exposure substantially exceeding the value of its portfolio securities and, in certain cases, the Fund's investment returns depending substantially on the performance of securities that the Fund may not directly own. The use of leverage can amplify the effects of market volatility on the Fund's share price and may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations. In the case of borrowings, the Fund may experience losses if its borrowing costs exceed the investment returns on the securities purchased with the borrowed money. The Fund's use of leverage may result in a heightened risk of investment loss.

 *39*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **Mesirow Funds**<br> **March 31, 2025 (Unaudited)** |

---

Liquidity Risk *(High Yield Fund and Small Company Fund)* — The risk that certain securities may be difficult or impossible to sell at the time and the price that the seller would like. The seller may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

Market Risk *(High Yield Fund and Small Company Fund)* — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the bond market as a whole. In addition, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which a Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund.

Master Limited Partnerships (MLPs) *(High Yield Fund)* — MLPs are limited partnerships in which the ownership units are publicly traded. MLPs often own several properties or businesses (or own interests) that are related to oil and gas industries or other natural resources, but they also may finance other projects. To the extent that an MLP's interests are all in a particular industry, the MLP will be negatively impacted by economic events adversely impacting that industry. Additional risks of investing in a MLP also include those involved in investing in a partnership as opposed to a corporation, such as limited control of management, limited voting rights and tax risks. MLPs may be subject to state taxation in certain jurisdictions, which will have the effect of reducing the amount of income paid by the MLP to its investors. Accordingly, it remains difficult to predict the full impact of the market transition away from LIBOR on the Fund, with the recent synthetic USD LIBOR cessation date.

Money Market Instruments Risk *(High Yield Fund and Small Company Fund)* — The value of money market instruments may be affected by changing interest rates and by changes in the credit ratings of the investments. An investment in a money market fund is not a bank deposit and is not insured or guaranteed by any bank, the FDIC or any other government agency. A money market fund's sponsor has no legal obligation to provide financial support to the fund, and there should be no expectation that the sponsor will provide financial support to the fund at any time. Certain money market funds float their net asset value while others seek to preserve the value of investments at a stable net asset value (typically,$1.00 per share). An investment in a money market fund, even an investment in a fund seeking to maintain a stable net asset value per share, is not guaranteed and it is possible for the Fund to lose money by investing in these and other types of money market funds. If the liquidity of a money market fund's portfolio deteriorates below certain levels, the money market fund may suspend redemptions (i.e., impose a redemption gate) and thereby prevent the Fund from selling its investment in the money market fund or impose a fee of up to 2% on amounts the Fund redeems from the money market fund (i.e., impose a liquidity fee). These measures may result in an investment loss or prohibit the Fund from redeeming shares when the Adviser would otherwise redeem shares. Money market funds and the securities they invest in are subject to comprehensive regulations. The enactment of new legislation or regulations, as well as changes in interpretation and enforcement of current laws, may affect the manner of operation, performance and/or yield of money market funds.

 *40*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **Mesirow Funds**<br> **March 31, 2025 (Unaudited)** |

---

Mortgage-Backed Securities Risk *(High Yield Fund)* — Mortgage-backed securities are affected significantly by the rate of prepayments and modifications of the mortgage loans backing those securities, as well as by other factors such as borrower defaults, delinquencies, realized or liquidation losses and other shortfalls. Mortgage-backed securities are particularly sensitive to prepayment risk, which is described below, given that the term to maturity for mortgage loans is generally substantially longer than the expected lives of those securities; however, the timing and amount of prepayments cannot be accurately predicted. The timing of changes in the rate of prepayments of the mortgage loans may significantly affect the Fund's actual yield to maturity on any mortgage-backed securities, even if the average rate of principal payments is consistent with the Fund's expectation. Along with prepayment risk, mortgage-backed securities are significantly affected by interest rate risk, which is described above. In a low interest rate environment, mortgage loan prepayments would generally be expected to increase due to factors such as refinancing and loan modifications at lower interest rates. In contrast, if prevailing interest rates rise, prepayments of mortgage loans would generally be expected to decline and therefore extend the weighted average lives of mortgage-backed securities held or acquired by the Fund.

Municipal Securities Risk *(High Yield Fund)* — Municipal securities, like other fixed income securities, rise and fall in value in response to economic and market factors, primarily changes in interest rates, and actual or perceived credit quality. Rising interest rates will generally cause municipal securities to decline in value. Longer-term securities respond more sharply to interest rate changes than do shorter-term securities. A municipal security will also lose value if, due to rating downgrades or other factors, there are concerns about the issuer's current or future ability to make principal or interest payments. State and local governments rely on taxes and, to some extent, revenues from private projects financed by municipal securities, to pay interest and principal on municipal debt.

Poor statewide or local economic results or changing political sentiments may reduce tax revenues and increase the expenses of municipal issuers, making it more difficult for them to meet their obligations. Actual or perceived erosion of the creditworthiness of municipal issuers may reduce the value of the Fund's holdings. As a result, the Fund will be more susceptible to factors that adversely affect issuers of municipal obligations than a mutual fund that does not have as great a concentration in municipal obligations.

Portfolio Turnover Risk *(Small Company Fund)* — The Fund is subject to portfolio turnover risk because it may buy and sell investments frequently. Such a strategy often involves higher expenses, including brokerage commissions, and may increase the amount of capital gains (in particular, short term gains) realized by the Fund. Shareholders may pay tax on such capital gains.

Prepayment Risk *(High Yield Fund)* — The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates.

Privately Issued Securities Risk *(High Yield Fund)* — Investment in privately placed securities may be less liquid than in publicly traded securities. Although these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Fund or less than what may be considered the fair value of such securities. Further, companies whose securities are not publicly traded may not be subject to the disclosure and other investor protection requirements that might be applicable if their securities were publicly traded.

 *41*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **Mesirow Funds**<br> **March 31, 2025 (Unaudited)** |

---

Sector Emphasis Risk *(Small Company Fund)* — The securities of companies in the same business sector, if comprising a significant portion of the Fund's portfolio, may in some circumstances react negatively to market conditions, interest rates and economic, regulatory or financial developments and adversely affect the value of the portfolio to a greater extent than if such securities comprised a lesser portion of the Fund's portfolio or the Fund's portfolio was diversified across a greater number of industry sectors.

Small- and Mid-Capitalization Companies Risk *(Small Company Fund)* — The Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small- and mid-capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small- and mid-capitalization stocks may be more volatile than those of larger companies. Small- and mid-capitalization stocks may be traded over-the-counter or listed on an exchange.

Style Risk *(Small Company Fund)* — Relative value investing focuses on companies with stocks that appear undervalued in light of factors such as the company's earnings, book value, revenues or cash flow. If the Adviser's assessment of market conditions, or a company's value or prospects for exceeding earnings expectations, is wrong, the Fund could suffer losses or produce poor performance relative to other funds.

U.S. Government Securities Risk *(High Yield Fund)* —Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency's own resources.

Valuation Risk *(High Yield Fund and Small Company Fund)* — The risk that a security may be difficult to value. The Fund may value certain securities at a price higher than the price at which they can be sold.

Value Style Risk *(Small Company Fund)* — Value investing focuses on companies with stocks that appear undervalued in light of factors such as the company's earnings, book value, revenues or cash flow. If the Adviser's assessment of market conditions, or a company's value or prospects for exceeding earnings expectations, is wrong, the Fund could suffer losses or produce poor performance relative to other funds.

Warrants and Rights Risk *(High Yield Fund)* — Warrants and rights may be more speculative than other types of investments. The price of a warrant or right may be more volatile than the price of its underlying security, and a warrant or right may offer greater potential for capital appreciation as well as capital loss. A warrant or right ceases to have value if it is not exercised prior to its expiration date.

When-Issued and Delayed Delivery Securities and Forward Commitments Risk *(High Yield Fund)* — When-issued and delayed delivery securities and forward commitments involve the risk that the security the Fund buys will lose value prior to its delivery.

 *42*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **Mesirow Funds**<br> **March 31, 2025 (Unaudited)** |

---

**10. Concentration of Shareholders:**

At March 31, 2025, the percentage of total shares outstanding held by shareholders of the Funds owning 10% or greater of the aggregate total shares outstanding was as follows:

---

| | | |
|:---|:---|:---|
| | **No. of**<br> **Shareholders** | **% Ownership** |
| **High Yield Fund** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | 3 | 77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | 2 | 94% |
| <br> **Small Company Fund** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | 3 | 83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | 2 | 99% |

---

**11. Indemnifications:**

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

**12. Recent Accounting Pronouncement:**

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

**13. Subsequent Events:**

On May 19, 2025, a special meeting (the "Meeting") of the Fund's shareholders was held to vote on a proposal (the "Proposal") to approve a new investment advisory agreement (the "New Agreement") between the Trust, on behalf of the Fund, and MetLife Investment Management, LLC ("MetLife"). Prior to the Meeting, MetLife served as investment adviser to the Fund pursuant to an interim investment advisory agreement between the Trust, on behalf of the Fund, and MetLife, which became effective on March 3, 2025 upon MetLife's purchase of certain material assets of Mesirow Institutional Investment Management, Inc., the Fund's predecessor adviser. Shareholders of the Fund approved the Proposal at the Meeting.

 *43*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **Mesirow Funds**<br> **March 31, 2025 (Unaudited)** |

---

Additionally, the name of the "Mesirow Small Company Fund" has been changed to the "MetLife Small Company Equity Fund," and corresponding changes have been made to the "Principal Investment Strategies" section of the Prospectus.

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

 *44*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **Mesirow Funds**<br> **March 31, 2025** |

---

**OTHER INFORMATION (FORM N-CSRS ITEMS 8-11) (UNAUDITED)**

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

On March 26, 2025, PricewaterhouseCoopers LLP ("PwC") resigned as the Funds' independent registered public accounting firm for the fiscal-year-ended September 30, 2025.

PwC's report on the financial statements of Mesirow High Yield Fund and Mesirow Small Company Fund (the "Funds") for the fiscal-periods-ended September 30, 2024 and 2023, did not contain an adverse opinion or disclaimer of opinion, and was not qualified or modified as to uncertainty, audit scope, or accounting principles.

For the two fiscal-years-ended September 30, 2024 and 2023, and the subsequent interim period through March 26, 2025, there have been no disagreements with PwC on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which, if not resolved to the satisfaction of PwC, would have caused PwC to make reference to the subject matter of the disagreement in connection with PwC's report on the financial statements. In addition, there have been no reportable events of the kind described in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934.

The Funds requested that PwC furnish the Funds with a letter addressed to the U.S. Securities and Exchange Commission (the "SEC") stating PwC agrees with the Funds' statements. A copy of the letter from PwC to the SEC is filed as an Exhibit to this Form N-CSRS.

On March 26, 2025, the Audit Committee of the Trust's Board of Trustees approved, and the Trust's Board of Trustees, based upon the recommendation of the Audit Committee, approved, the appointment of Cohen & Company, Ltd. ("Cohen") as the Trust's independent registered public accounting firm for the fiscal-year-ended September 30, 2025.

For the two fiscal-years-ended September 30, 2024 and 2023, and the subsequent interim period through March 26, 2025, neither the Funds, nor anyone on the Funds' behalf, consulted with Cohen on items which: (1) concerned the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Funds' financial statements, and no written report or oral advice was provided to the Funds that Cohen concluded was an important factor considered by the Funds in reaching a decision as to any accounting, auditing, or financial reporting issue; or (ii) concerned the subject of a disagreement (as defined in paragraph (a)(1) (iv) of Item 304 of Regulation S-K) or reportable events (as described in paragraph (a)(1)(v) of said Item 304).

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

There were no matters submitted to a vote of shareholders during the period covered by this report.

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

Included within the Statement(s) of Operations of the financial statements.

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

Not applicable.

 *45*

NOTES

**Mesirow Funds**

P.O. Box 219009

Kansas City, MO 64121-9009

1-833-637-4769

**Adviser:** 

MetLife Investment Management, LLC

One MetLife Way

Whippany, NJ 07981

**Distributor:** 

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, PA 19456

**Administrator:** 

SEI Investments Global Funds Services

One Freedom Valley Drive

Oaks, PA 19456

**Legal Counsel:** 

Morgan, Lewis & Bockius LLP

2222 Market Street

Philadelphia, PA 19103

**Independent Registered Public Accounting Firm:** 

PricewaterhouseCoopers LLP

Two Commerce Square, Suite 1800

2001 Market Street

Philadelphia, PA 19103-7045

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

MES-SA-001-0700

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

Included under Item 7.

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

Included under Item 7.

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

Included under Item 7.

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

Included under Item 7.

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

Not applicable to open-end management investment companies.

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

Not applicable to open-end management investment companies.

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

Not applicable to open-end management investment companies.

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

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

**Item 16.** **Controls and Procedures.**

(a)&nbsp;&nbsp;&nbsp;&nbsp; The Registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant's disclosure controls and procedures, as defined in Rule 30a-3(c) under the Act (17 CFR § 270.30a-3(c)), as of a date within 90 days of the filing date of the report, are effective based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR § 270.30a-3(b)) and Rule 13a-15(b) or Rule 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR § 240.13a-15(b) or § 240.15d-15(b)).

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

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

Not applicable to open-end management investment companies.

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

(a) Not applicable.

(b) Not applicable.

**Item 19.** **Exhibits.**

(a)(1) Not applicable.

(a)(2) Not applicable.

---

| | |
|:---|:---|
| [(a)(3)](fp0093120-2_ex99cert.htm) | [A separate certification for the principal executive officer and the principal financial officer of the Registrant, as required by Rule 30a-2(a) under the Act (17 CFR § 270.30a-2(a)), are filed herewith.](fp0093120-2_ex99cert.htm) |

---

---

| | |
|:---|:---|
| [(a)(4)](fp0093120-2_ex99a4.htm) | [Change in Registrant's Independent Public Accountant attached hereto.](fp0093120-2_ex99a4.htm) |
| [(a)(4)(ii)](fp0093120-2_ex99a4ii.htm) | [Letter from former accountant pursuant to item 304(a) under Regulation S-K is attached hereto.](fp0093120-2_ex99a4ii.htm) |

---

(a)(5) Not applicable.

[(b)](fp0093120-2_ex99906cert.htm) [Officer certifications, as required by Rule 30a-2(b) under the Act (17 CFR § 270.30a-2(b)), also accompany this filing as exhibits.](fp0093120-2_ex99906cert.htm)

**SIGNATURES**

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

---

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

---

Date: June 6, 2025

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

---

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

---

Date: June 6, 2025

---

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

---

Date: June 6, 2025

## Ex-99.Cert

**CERTIFICATION**

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

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

I, Michael Beattie, certify that:

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

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

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

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

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

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

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

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

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

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

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

Date: June 6, 2025

---

| |
|:---|
| /s/ Michael Beattie |
| Michael Beattie<br> Principal Executive Officer |

---

**CERTIFICATION**

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

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

I, Andrew Metzger, certify that:

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

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

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

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

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

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

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

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

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

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

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

Date: June 6, 2025

---

| |
|:---|
| /s/ Andrew Metzger |
| Andrew Metzger<br> Principal Financial Officer |

---

## Exhibit 99.906

**CERTIFICATION**

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

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

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

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

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

Dated: June 6, 2025

---

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

---

**CERTIFICATION**

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

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

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

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

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

Dated: June 6, 2025

---

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

---

## Ex-99

June 6, 2025

Securities and Exchange Commission

100 F Street, N.E.

Washington, DC 20549

Commissioners:

We have read the statements made by Mesirow Small Company Fund and Mesirow High Yield Fund (the "Funds"), (copy attached), which we understand will be filed with the Securities and Exchange Commission, pursuant to Item 8 of Form N-CSR of the Funds dated June 6, 2025. We agree with the statements concerning our Firm contained therein.

Very truly yours,

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

Please see disclosure attached below:

## Ex-99

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **Mesirow Funds**<br> **March 31, 2025** |

---

**OTHER INFORMATION (FORM N-CSRS ITEMS 8-11) (UNAUDITED)**

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

On March 26, 2025, PricewaterhouseCoopers LLP ("PwC") resigned as the Funds' independent registered public accounting firm for the fiscal-year-ended September 30, 2025.

PwC's report on the financial statements of Mesirow High Yield Fund and Mesirow Small Company Fund (the "Funds") for the fiscal-periods-ended September 30, 2024 and 2023, did not contain an adverse opinion or disclaimer of opinion, and was not qualified or modified as to uncertainty, audit scope, or accounting principles.

For the two fiscal-years-ended September 30, 2024 and 2023, and the subsequent interim period through March 26, 2025, there have been no disagreements with PwC on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which, if not resolved to the satisfaction of PwC, would have caused PwC to make reference to the subject matter of the disagreement in connection with PwC's report on the financial statements. In addition, there have been no reportable events of the kind described in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934.

The Funds requested that PwC furnish the Funds with a letter addressed to the U.S. Securities and Exchange Commission (the "SEC") stating PwC agrees with the Funds' statements. A copy of the letter from PwC to the SEC is filed as an Exhibit to this Form N-CSRS.

On March 26, 2025, the Audit Committee of the Trust's Board of Trustees approved, and the Trust's Board of Trustees, based upon the recommendation of the Audit Committee, approved, the appointment of Cohen & Company, Ltd. ("Cohen") as the Trust's independent registered public accounting firm for the fiscal-year-ended September 30, 2025.

For the two fiscal-years-ended September 30, 2024 and 2023, and the subsequent interim period through March 26, 2025, neither the Funds, nor anyone on the Funds' behalf, consulted with Cohen on items which: (1) concerned the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Funds' financial statements, and no written report or oral advice was provided to the Funds that Cohen concluded was an important factor considered by the Funds in reaching a decision as to any accounting, auditing, or financial reporting issue; or (ii) concerned the subject of a disagreement (as defined in paragraph (a)(1) (iv) of Item 304 of Regulation S-K) or reportable events (as described in paragraph (a)(1)(v) of said Item 304).