# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0001752724-25-211458
**Filing Date:** 2025-8
**Character Count:** 67184
**Document Hash:** 4e2e991f141f24a7d0251f73d9b7e455
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-211458.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001752724-25-211458

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**PERIOD START**: 20250930

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22920
- **FILM NUMBER:** 251271059

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

---

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

---

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

---

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

---

**1**

---

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

---

**CORPORATE OBLIGATIONS — continued**

---

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

---

**2**

---

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

---

**CORPORATE OBLIGATIONS — continued**

---

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

---

**3**

---

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

---

**CORPORATE OBLIGATIONS — continued**

---

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

---

**4**

---

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

---

**CORPORATE OBLIGATIONS — continued**

---

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

---

**5**

---

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

---

**CORPORATE OBLIGATIONS — continued**

---

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

---

**6**

---

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

---

**LOAN OBLIGATIONS — continued**

---

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

---

**7**

---

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

---

**LOAN OBLIGATIONS — continued**

---

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

---

**8**

---

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

---

**LOAN OBLIGATIONS — continued**

---

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

---

**9**

---

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

---

**MUNICIPAL BOND — 1.1%**

---

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

---

**COMMON STOCK — 0.4%**

---

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

---

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

**10**

---

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

---

\* Non-income producing security.

# There is currently no interest rate available.

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

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

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

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

---

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

---

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

---

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

---

 

*MES-QH-001-1300*

**11**

---

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

---

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

 

---

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

---

**12**

---

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

---

**COMMON STOCK — continued**

 

---

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

---

**13**

---

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

---

**COMMON STOCK — continued**

---

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

---

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

\* Non-income producing security.

**14**

---

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

---

‡ Real
Estate Investment Trust

Cl — Class

ETF — Exchange Traded Fund

PLC — Public Limited Company

S&P — Standard & Poor's

SPDR — Standard & Poor's Depositary Receipts

 

*MES-QH-001-1300*

 

**15**

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** OAKS

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19456

  - **Telephone number:** 8774463863

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

- **a. Name of Series:** MetLife Small Company Equity Fund

- **b. EDGAR series identifier (if any):** S000063587

- **c. LEI of Series:** 549300TPIJFQMVKOX529

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $9230133.31

**Total Liabilities:** $35142.90

**Net Assets:** $9194990.41

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000206017 | 3.95%                | 4.38%                | -2.98%               |
| Class ID C000206018 | 3.94%                | 4.38%                | -3.06%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-53474.58               | $390690.08                                 |
| Month 2  | $-57198.68               | $420486.76                                 |
| Month 3  | $-31786.69               | $-302256.86                                |

### Schedule of Portfolio Investments

| Name                                       | Title                                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ACI WORLDWIDE, INC.                        | ACI WORLDWIDE INC COMMON STOCK            | CUSIP: 004498101<br>LEI: 5493003BPVMZUJ6F5C02 | Long             | EC               |  | US        |      2725 | NS      | $125104.75    | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| ACV AUCTIONS INC.                          | ACV AUCTIONS INC-A COMMON STOCK           | CUSIP: 00091G104<br>LEI: N/A                  | Long             | EC               |  | US        |      4323 | NS      | $70119.06     | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| ADMA BIOLOGICS, INC.                       | ADMA BIOLOGICS INC COMMON STOCK           | CUSIP: 000899104<br>LEI: N/A                  | Long             | EC               |  | US        |      7588 | NS      | $138177.48    | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| ADVANCED ENERGY INDUSTRIES, INC.           | ADVANCED ENERGY INDUSTRIES COMMON STOCK   | CUSIP: 007973100<br>LEI: 549300756XI3QLFT2U27 | Long             | EC               |  | US        |      1131 | NS      | $149857.50    | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| AIR LEASE CORPORATION                      | AIR LEASE CORP COMMON STOCK               | CUSIP: 00912X302<br>LEI: 5493004NW4M4P8TMMK63 | Long             | EC               |  | US        |      2368 | NS      | $138504.32    | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| ALASKA AIR GROUP, INC.                     | ALASKA AIR GROUP INC COMMON STOCK         | CUSIP: 011659109<br>LEI: 529900G48RT4KWLC6C27 | Long             | EC               |  | US        |      1675 | NS      | $82879.00     | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| ALKERMES PUBLIC LIMITED COMPANY            | ALKERMES PLC COMMON STOCK                 | CUSIP: G01767105<br>LEI: N/A                  | Long             | EC               |  | US        |      4360 | NS      | $124739.60    | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| ALLEGIANT TRAVEL COMPANY                   | ALLEGIANT TRAVEL CO COMMON STOCK          | CUSIP: 01748X102<br>LEI: 549300JM9OZXOHWL2K18 | Long             | EC               |  | US        |       849 | NS      | $46652.55     | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHATEC HOLDINGS, INC.                    | ALPHATEC HOLDINGS INC COMMON STOCK        | CUSIP: 02081G201<br>LEI: 549300EZE8CQ8K65FS24 | Long             | EC               |  | US        |     12438 | NS      | $138061.80    | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| ANTERO RESOURCES CORPORATION               | ANTERO RESOURCES CORP COMMON STOCK        | CUSIP: 03674X106<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | EC               |  | US        |      2315 | NS      | $93248.20     | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ATLANTIC UNION BANKSHARES CORPORATION      | ATLANTIC UNION BANKSHARES CO COMMON STOCK | CUSIP: 04911A107<br>LEI: N/A                  | Long             | EC               |  | US        |      2953 | NS      | $92369.84     | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ATLAS ENERGY SOLUTIONS INC.                | ATLAS ENERGY SOLUTIONS INC COMMON STOCK   | CUSIP: 642045108<br>LEI: N/A                  | Long             | EC               |  | US        |      4563 | NS      | $61007.31     | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| AVANTOR, INC.                              | AVANTOR INC COMMON STOCK                  | CUSIP: 05352A100<br>LEI: N/A                  | Long             | EC               |  | US        |      8373 | NS      | $112700.58    | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| AXALTA COATING SYSTEMS LTD.                | AXALTA COATING SYSTEMS LTD COMMON STOCK   | CUSIP: G0750C108<br>LEI: 529900AGLPA40GV6H619 | Long             | EC               |  | US        |      2854 | NS      | $84735.26     | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| AXSOME THERAPEUTICS, INC.                  | AXSOME THERAPEUTICS INC COMMON STOCK      | CUSIP: 05464T104<br>LEI: 549300EXGR0XLRJEIB95 | Long             | EC               |  | US        |      1300 | NS      | $135707.00    | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| BANNER CORPORATION                         | BANNER CORPORATION COMMON STOCK           | CUSIP: 06652V208<br>LEI: N/A                  | Long             | EC               |  | US        |      1440 | NS      | $92376.00     | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BLACKLINE, INC                             | BLACKLINE INC COMMON STOCK                | CUSIP: 09239B109<br>LEI: 529900P9N7PK9LV5EK56 | Long             | EC               |  | US        |      2017 | NS      | $114202.54    | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| BLACKSTONE MORTGAGE TRUST, INC.            | BLACKSTONE MORTGAGE TRU-CL A REIT         | CUSIP: 09257W100<br>LEI: 549300OLDJ20R2Y2UW20 | Long             | EC               |  | US        |      6406 | NS      | $123315.50    | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| BRIGHT HORIZONS FAMILY SOLUTIONS INC.      | BRIGHT HORIZONS FAMILY SOLUT COMMON STOCK | CUSIP: 109194100<br>LEI: N/A                  | Long             | EC               |  | US        |      1020 | NS      | $126061.80    | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                        | BROWN BROTHERS HARRIMAN SWEEP INTEREST    | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |    293120 | PA      | $293119.58    | 3.19%             |  |  |  | No            |                  1 | On Loan: No      |
| BRUKER CORPORATION                         | BRUKER CORP COMMON STOCK                  | CUSIP: 116794108<br>LEI: LEBZ6VLQ6I8XB1NHVY15 | Long             | EC               |  | US        |      2729 | NS      | $112434.80    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| CACI INTERNATIONAL INC.                    | CACI INTERNATIONAL INC -CL A COMMON STOCK | CUSIP: 127190304<br>LEI: SYRPI2D1O9WRTS2WX210 | Long             | EC               |  | US        |       239 | NS      | $113931.30    | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| CATALYST PHARMACEUTICALS, INC.             | CATALYST PHARMACEUTICALS INC COMMON STOCK | CUSIP: 14888U101<br>LEI: 5299004O0R5XXLA5H544 | Long             | EC               |  | US        |      4743 | NS      | $102923.10    | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| COEUR MINING, INC.                         | COEUR MINING INC COMMON STOCK             | CUSIP: 192108504<br>LEI: 5493003AVK173D48DR70 | Long             | EC               |  | US        |     19854 | NS      | $175906.44    | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| DYNEX CAPITAL, INC.                        | DYNEX CAPITAL INC REIT                    | CUSIP: 26817Q886<br>LEI: 5CIJ4S9HAEBWILA19B65 | Long             | EC               |  | US        |      8077 | NS      | $98700.94     | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| E.L.F. BEAUTY, INC.                        | ELF BEAUTY INC COMMON STOCK               | CUSIP: 26856L103<br>LEI: 549300U2K9TCON25C029 | Long             | EC               |  | US        |       797 | NS      | $99178.68     | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| ENERPAC TOOL GROUP CORP.                   | ENERPAC TOOL GROUP COMMON STOCK           | CUSIP: 292765104<br>LEI: IZW37BPZKUJE1QXGB081 | Long             | EC               |  | US        |      2007 | NS      | $81403.92     | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST WATCH RESTAURANT GROUP, INC.         | FIRST WATCH RESTAURANT GROUP COMMON STOCK | CUSIP: 33748L101<br>LEI: N/A                  | Long             | EC               |  | US        |      5922 | NS      | $94988.88     | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| FLUOR CORPORATION.                         | FLUOR CORP COMMON STOCK                   | CUSIP: 343412102<br>LEI: CQ7WZ4NOFWT7FAE6Q943 | Long             | EC               |  | US        |      3119 | NS      | $159911.13    | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| GATES INDUSTRIAL CORPORATION PLC           | GATES INDUSTRIAL CORP PLC COMMON STOCK    | CUSIP: G39108108<br>LEI: 549300S6K4FWUSB9KM27 | Long             | EC               |  | US        |      6023 | NS      | $138709.69    | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| GLOBUS MEDICAL, INC.                       | GLOBUS MEDICAL INC - A COMMON STOCK       | CUSIP: 379577208<br>LEI: 5299003M2P4CIK0RF205 | Long             | EC               |  | US        |      2204 | NS      | $130080.08    | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| HAEMONETICS CORPORATION                    | HAEMONETICS CORP/MASS COMMON STOCK        | CUSIP: 405024100<br>LEI: 549300ZEL6TXZS6F5F95 | Long             | EC               |  | US        |      1906 | NS      | $142206.66    | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| HALOZYME THERAPEUTICS, INC.                | HALOZYME THERAPEUTICS INC COMMON STOCK    | CUSIP: 40637H109<br>LEI: 529900242I3SV9AGM753 | Long             | EC               |  | US        |      2638 | NS      | $137228.76    | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| HANCOCK WHITNEY CORPORATION                | HANCOCK WHITNEY CORP COMMON STOCK         | CUSIP: 410120109<br>LEI: 549300GRNBWY8HIICT41 | Long             | EC               |  | US        |      1837 | NS      | $105443.80    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| HAYWARD HOLDINGS, INC.                     | HAYWARD HOLDINGS INC COMMON STOCK         | CUSIP: 421298100<br>LEI: N/A                  | Long             | EC               |  | US        |      7846 | NS      | $108274.80    | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| HELIOS TECHNOLOGIES, INC.                  | HELIOS TECHNOLOGIES INC COMMON STOCK      | CUSIP: 42328H109<br>LEI: 5493000BCJSMIDRNTI78 | Long             | EC               |  | US        |      2823 | NS      | $94203.51     | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ICU MEDICAL, INC.                          | ICU MEDICAL INC COMMON STOCK              | CUSIP: 44930G107<br>LEI: 5493003NRW7LS2QZRH60 | Long             | EC               |  | US        |       847 | NS      | $111931.05    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| INDEPENDENCE REALTY TRUST, INC             | INDEPENDENCE REALTY TRUST IN REIT         | CUSIP: 45378A106<br>LEI: 549300Z3L8NU44NQEB29 | Long             | EC               |  | US        |      6303 | NS      | $111500.07    | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERPARFUMS INC                           | INTERPARFUMS INC COMMON STOCK             | CUSIP: 458334109<br>LEI: N/A                  | Long             | EC               |  | US        |       808 | NS      | $106098.48    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Russell 2000 ETF                   | ISHARES RUSSELL 2000 ETF MUTUAL FUND      | CUSIP: 464287655<br>LEI: N/A                  | Long             | EC               | RF                | US        |       215 | NS      | $46394.85     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| ITRON, INC.                                | ITRON INC COMMON STOCK                    | CUSIP: 465741106<br>LEI: 24F6LSZD18II6ICG6S41 | Long             | EC               |  | US        |       770 | NS      | $101355.10    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| ITT INC.                                   | ITT INC COMMON STOCK                      | CUSIP: 45073V108<br>LEI: 549300KDSERHTJOXUS80 | Long             | EC               |  | US        |       669 | NS      | $104919.27    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| JBT MAREL CORPORATION                      | JBT MAREL CORP COMMON STOCK               | CUSIP: 477839104<br>LEI: 5493007CT6ATBZ2L6826 | Long             | EC               |  | US        |       776 | NS      | $93321.76     | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| KILROY REALTY CORPORATION                  | KILROY REALTY CORP REIT                   | CUSIP: 49427F108<br>LEI: 549300CXXI18B214UN80 | Long             | EC               |  | US        |      2929 | NS      | $100493.99    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Kontoor Brands, Inc.                       | KONTOOR BRANDS INC COMMON STOCK           | CUSIP: 50050N103<br>LEI: 549300M0CPXV65RFF271 | Long             | EC               |  | US        |      2004 | NS      | $132203.88    | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| KORN FERRY                                 | KORN FERRY COMMON STOCK                   | CUSIP: 500643200<br>LEI: 549300FOD20OM0GT5G40 | Long             | EC               |  | US        |      1357 | NS      | $99508.81     | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| KYNDRYL HOLDINGS, INC.                     | KYNDRYL HOLDINGS INC COMMON STOCK         | CUSIP: 50155Q100<br>LEI: 549300LQ4LWX2R8ZV130 | Long             | EC               |  | US        |      4120 | NS      | $172875.20    | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| LANCASTER COLONY CORPORATION               | LANCASTER COLONY CORP COMMON STOCK        | CUSIP: 513847103<br>LEI: 529900X4O13HED1ZAS58 | Long             | EC               |  | US        |       534 | NS      | $92259.18     | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Lazard, Inc.                               | LAZARD INC COMMON STOCK                   | CUSIP: 52110M109<br>LEI: N/A                  | Long             | EC               |  | US        |      1943 | NS      | $93225.14     | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| LEVI STRAUSS & CO.                         | LEVI STRAUSS & CO- CLASS A COMMON STOCK   | CUSIP: 52736R102<br>LEI: MB0UERO0RDFKU8258G77 | Long             | EC               |  | US        |      6354 | NS      | $117485.46    | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| LITTELFUSE, INC.                           | LITTELFUSE INC COMMON STOCK               | CUSIP: 537008104<br>LEI: 549300MY7HLQFYTPCX75 | Long             | EC               |  | US        |       413 | NS      | $93639.49     | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| LUMENTUM HOLDINGS INC.                     | LUMENTUM HOLDINGS INC COMMON STOCK        | CUSIP: 55024U109<br>LEI: 549300JLWRRC38DWEF52 | Long             | EC               |  | US        |       976 | NS      | $92778.56     | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MATADOR RESOURCES COMPANY                  | MATADOR RESOURCES CO COMMON STOCK         | CUSIP: 576485205<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | EC               |  | US        |      1873 | NS      | $89379.56     | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| MERCURY SYSTEMS, INC.                      | MERCURY SYSTEMS INC COMMON STOCK          | CUSIP: 589378108<br>LEI: 549300P3B84SGK7HH679 | Long             | EC               |  | US        |      2529 | NS      | $136211.94    | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| MERITAGE HOMES CORPORATION                 | MERITAGE HOMES CORP COMMON STOCK          | CUSIP: 59001A102<br>LEI: 52990044W9UMFJO2FB97 | Long             | EC               |  | US        |      1420 | NS      | $95097.40     | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| THE MOSAIC COMPANY                         | MOSAIC CO/THE COMMON STOCK                | CUSIP: 61945C103<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | EC               |  | US        |      3456 | NS      | $126074.88    | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL HEALTH INVESTORS, INC.            | NATL HEALTH INVESTORS INC REIT            | CUSIP: 63633D104<br>LEI: 549300ZPKZIG6DKDEC02 | Long             | EC               |  | US        |      1690 | NS      | $118502.80    | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| NORTHWEST NATURAL HOLDING COMPANY          | NORTHWEST NATURAL HOLDING CO COMMON STOCK | CUSIP: 66765N105<br>LEI: 254900PSJL6ZEC8FR782 | Long             | EC               |  | US        |      3114 | NS      | $123688.08    | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| NORTHWESTERN ENERGY GROUP, INC.            | NORTHWESTERN ENERGY GROUP COMMON STOCK    | CUSIP: 668074305<br>LEI: 254900N1WG46G1VMDM34 | Long             | EC               |  | US        |      1420 | NS      | $72846.00     | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXSTAR MEDIA GROUP, INC.                  | Nexstar Media Group Inc COMMON STOCK      | CUSIP: 65336K103<br>LEI: 52990083ZRR5UT591988 | Long             | EC               |  | US        |       578 | NS      | $99965.10     | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| O-I GLASS, INC.                            | O-I GLASS INC COMMON STOCK                | CUSIP: 67098H104<br>LEI: N/A                  | Long             | EC               |  | US        |      8867 | NS      | $130699.58    | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| OCEANFIRST FINANCIAL CORP.                 | OCEANFIRST FINANCIAL CORP COMMON STOCK    | CUSIP: 675234108<br>LEI: N/A                  | Long             | EC               |  | US        |      5322 | NS      | $93720.42     | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| OLLIE'S BARGAIN OUTLET HOLDINGS, INC.      | OLLIE'S BARGAIN OUTLET HOLDI COMMON STOCK | CUSIP: 681116109<br>LEI: 529900YO5DSQCPEFDZ05 | Long             | EC               |  | US        |      1035 | NS      | $136392.30    | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| PIPER SANDLER COMPANIES                    | PIPER SANDLER COS COMMON STOCK            | CUSIP: 724078100<br>LEI: QUQDBTUSOAKFEVMRMF78 | Long             | EC               |  | US        |       366 | NS      | $101726.04    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| PLYMOUTH INDUSTRIAL REIT, INC.             | PLYMOUTH INDUSTRIAL REIT INC REIT         | CUSIP: 729640102<br>LEI: N/A                  | Long             | EC               |  | US        |      5300 | NS      | $85118.00     | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| POTLATCHDELTIC CORPORATION                 | POTLATCHDELTIC CORP REIT                  | CUSIP: 737630103<br>LEI: 54930084YA8UJOTXDM59 | Long             | EC               |  | US        |      2903 | NS      | $111388.11    | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| RAMBUS INC.                                | RAMBUS INC COMMON STOCK                   | CUSIP: 750917106<br>LEI: 2549000211GDCQSLV833 | Long             | EC               |  | US        |      2603 | NS      | $166644.06    | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| SELECTIVE INSURANCE GROUP, INC.            | SELECTIVE INSURANCE GROUP COMMON STOCK    | CUSIP: 816300107<br>LEI: 549300R3WGJWLE40R258 | Long             | EC               |  | US        |      1386 | NS      | $120096.90    | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| SEMTECH CORPORATION                        | SEMTECH CORP COMMON STOCK                 | CUSIP: 816850101<br>LEI: 549300J7WUY317SW6O61 | Long             | EC               |  | US        |      2503 | NS      | $112985.42    | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| SIMMONS FIRST NATIONAL CORPORATION         | SIMMONS FIRST NATL CORP-CL A COMMON STOCK | CUSIP: 828730200<br>LEI: 549300IVR5AJKUVOGN05 | Long             | EC               |  | US        |      5309 | NS      | $100658.64    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTHSTATE CORPORATION                     | SOUTHSTATE CORP COMMON STOCK              | CUSIP: 840441109<br>LEI: 549300JZUANXM0YQ4W53 | Long             | EC               |  | US        |      1149 | NS      | $105742.47    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Series Trust - SPDR S&P Biotech ETF   | SPDR S&P BIOTECH ETF MUTUAL FUND          | CUSIP: 78464A870<br>LEI: 549300Y3ODFMPD5XXL58 | Long             | EC               | RF                | US        |      1579 | NS      | $130946.47    | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| SPROUTS FARMERS MARKET, INC.               | SPROUTS FARMERS MARKET INC COMMON STOCK   | CUSIP: 85208M102<br>LEI: 529900P8F4G77Q52XE24 | Long             | EC               |  | US        |       370 | NS      | $60916.80     | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| STAG INDUSTRIAL, INC.                      | STAG INDUSTRIAL INC REIT                  | CUSIP: 85254J102<br>LEI: 549300QWYX2W6FASVQ07 | Long             | EC               |  | US        |      2454 | NS      | $89031.12     | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| STEVANATO GROUP SOCIETA PER AZIONI         | STEVANATO GROUP SPA COMMON STOCK          | CUSIP: T9224W109<br>LEI: 81560033F7E1CD477507 | Long             | EC               |  | US        |      5464 | NS      | $133485.52    | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| SYNOVUS FINANCIAL CORP.                    | SYNOVUS FINANCIAL CORP COMMON STOCK       | CUSIP: 87161C501<br>LEI: 549300EIUS8UN5JTLE54 | Long             | EC               |  | US        |      2205 | NS      | $114108.75    | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| TECHNIPFMC PLC                             | TECHNIPFMC PLC COMMON STOCK               | CUSIP: G87110105<br>LEI: 549300D5I93QWCJTCK36 | Long             | EC               |  | US        |      3114 | NS      | $107246.16    | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| TEXAS CAPITAL BANCSHARES, INC.             | TEXAS CAPITAL BANCSHARES INC COMMON STOCK | CUSIP: 88224Q107<br>LEI: 549300466Q2SXRX0YM48 | Long             | EC               |  | US        |      1473 | NS      | $116956.20    | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| TRIMAS CORPORATION                         | TRIMAS CORP COMMON STOCK                  | CUSIP: 896215209<br>LEI: 75G1WUQ8QK4P5MZOYD78 | Long             | EC               |  | US        |      3327 | NS      | $95185.47     | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| WNS (HOLDINGS) LIMITED                     | WNS HOLDINGS LTD COMMON STOCK             | CUSIP: G98196101<br>LEI: 529900RM7QHUD3W9DM42 | Long             | EC               |  | US        |      1580 | NS      | $99919.20     | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| YETI HOLDINGS, INC.                        | YETI HOLDINGS INC COMMON STOCK            | CUSIP: 98585X104<br>LEI: 549300DSQICIGNT5GO63 | Long             | EC               |  | US        |      2972 | NS      | $93677.44     | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ZIONS BANCORPORATION, NATIONAL ASSOCIATION | ZIONS BANCORP NA COMMON STOCK             | CUSIP: 989701107<br>LEI: 8WH0EE09O9V05QJZ3V89 | Long             | EC               |  | US        |      2234 | NS      | $116033.96    | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

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

**Signature:** Andrew Metzger

**Name of Signer:** Andrew Metzger

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