# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0001398344-25-012809
**Filing Date:** 2025-7
**Character Count:** 140421
**Document Hash:** de7135e15868f5773479aa6fc68bd8d8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-012809.hdr.sgml**: 20250707

**ACCESSION NUMBER**: 0001398344-25-012809

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250707

**DATE AS OF CHANGE**: 20250707

**EFFECTIVENESS DATE**: 20250707

**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:** 251108801

**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 Core Plus Fund (Series ID: S000047684)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000149725 | I Class Shares | LPCIX           |
| C000149726 | R Class Shares | LPCYX           |

?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: (877) 446-3863**

**Date of fiscal year end: October 31, 2025**

**Date of reporting period: April 30, 2025**

**Item 1. Reports to Stockholders.**

(a) 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](i5d97a350d5356c078d4508d6.jpg)

## MetLife Core Plus Fund

## I Class Shares - LPCIX

## Semi-Annual Shareholder Report: April 30, 2025
This semi-annual shareholder report contains important information about I Class Shares of the MetLife Core Plus Fund (the "Fund") for the period from November 1, 2024 to April 30, 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 800-252-4993.

## 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> |
| MetLife Core Plus Fund, I Class Shares | $23 | 0.45% |

---

# Key Fund Statistics as of April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $100434053 | 326 | $14523 | 95% |

---

## What did the Fund invest in?

### Asset Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](icab7d96b041c8882578e39a0.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Futures Contracts | 0.1% |
| Foreign Government Bond | 0.4% |
| Short-Term Investments | 0.4% |
| Municipal Bonds | 0.6% |
| Real Estate | 0.6% |
| Consumer Staples | 1.2% |
| Consumer Discretionary | 1.9% |
| Materials | 1.9% |
| Information Technology | 2.3% |
| Health Care | 2.5% |
| Industrials | 2.6% |
| Utilities | 3.6% |
| Energy | 4.0% |
| Communication Services | 3.9% |
| Asset-Backed Securities | 7.3% |
| Financials | 10.1% |
| U.S. Treasury Obligations | 20.2% |
| Mortgage-Backed Securities | 35.2% |

---

---

| | |
|:---|:---|
| 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> |
| U.S. Treasury Notes | 3.750% | 04/15/28 | 3.3% |
| U.S. Treasury Notes | 4.250% | 01/15/28 | 3.2% |
| U.S. Treasury Bonds | 4.750% | 02/15/45 | 2.5% |
| U.S. Treasury Bonds | 3.125% | 05/15/48 | 2.1% |
| U.S. Treasury Bonds | 3.000% | 02/15/49 | 2.0% |
| U.S. Treasury Bonds | 4.625% | 02/15/55 | 1.6% |
| U.S. Treasury Notes | 4.000% | 04/30/32 | 1.5% |
| U.S. Treasury Bonds | 4.500% | 11/15/54 | 1.4% |
| FNMA | 5.500% | 05/01/55 | 1.3% |
| FNMA | 2.000% | 06/01/51 | 1.2% |

---

---

| | |
|:---|:---|
| 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
There were no changes in or disagreements with accountants during the reporting period.

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

* 800-252-4993 

* 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 800-252-4993 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.

## LPCIX-SAR-2025

# The Advisors' Inner Circle Fund III
![Image](i5d97a350d5356c078d4508d6.jpg)

## MetLife Core Plus Fund

## R Class Shares - LPCYX

## Semi-Annual Shareholder Report: April 30, 2025
This semi-annual shareholder report contains important information about R Class Shares of the MetLife Core Plus Fund (the "Fund") for the period from November 1, 2024 to April 30, 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 800-252-4993.

## 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> |
| MetLife Core Plus Fund, R Class Shares | $22 | 0.45% |

---

# Key Fund Statistics as of April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $100434053 | 326 | $14523 | 95% |

---

## What did the Fund invest in?

### Asset Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i045198c162357cdfe35fe2fa.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Futures Contracts | 0.1% |
| Foreign Government Bond | 0.4% |
| Short-Term Investments | 0.4% |
| Municipal Bonds | 0.6% |
| Real Estate | 0.6% |
| Consumer Staples | 1.2% |
| Consumer Discretionary | 1.9% |
| Materials | 1.9% |
| Information Technology | 2.3% |
| Health Care | 2.5% |
| Industrials | 2.6% |
| Utilities | 3.6% |
| Energy | 4.0% |
| Communication Services | 3.9% |
| Asset-Backed Securities | 7.3% |
| Financials | 10.1% |
| U.S. Treasury Obligations | 20.2% |
| Mortgage-Backed Securities | 35.2% |

---

---

| | |
|:---|:---|
| 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> |
| U.S. Treasury Notes | 3.750% | 04/15/28 | 3.3% |
| U.S. Treasury Notes | 4.250% | 01/15/28 | 3.2% |
| U.S. Treasury Bonds | 4.750% | 02/15/45 | 2.5% |
| U.S. Treasury Bonds | 3.125% | 05/15/48 | 2.1% |
| U.S. Treasury Bonds | 3.000% | 02/15/49 | 2.0% |
| U.S. Treasury Bonds | 4.625% | 02/15/55 | 1.6% |
| U.S. Treasury Notes | 4.000% | 04/30/32 | 1.5% |
| U.S. Treasury Bonds | 4.500% | 11/15/54 | 1.4% |
| FNMA | 5.500% | 05/01/55 | 1.3% |
| FNMA | 2.000% | 06/01/51 | 1.2% |

---

---

| | |
|:---|:---|
| 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
There were no changes in or disagreements with accountants during the reporting period.

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

* 800-252-4993 

* 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 800-252-4993 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.

## LPCYX-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.**

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

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

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

Financial statements and financial highlights are filed herein.

![](fp0093742-1_01.jpg)

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MetLife Core Plus Fund** |

---

**April 30, 2025**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| Financial Statements (Form N-CSR Item 7) |  |
| &nbsp;&nbsp;&nbsp;Schedule of Investments | 1 |
| &nbsp;&nbsp;&nbsp;Statement of Assets and Liabilities | 18 |
| &nbsp;&nbsp;&nbsp;Statement of Operations | 19 |
| &nbsp;&nbsp;&nbsp;Statements of Changes in Net Assets | 20 |
| &nbsp;&nbsp;&nbsp;Financial Highlights | 22 |
| &nbsp;&nbsp;&nbsp;Notes to Financial Statements | 24 |
| Other Information (Form N-CSRS Items 8-11) | 36 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MetLife Core Plus Fund** |

---

**April 30, 2025**

**(Unaudited)**

**SCHEDULE OF INVESTMENTS** 

**MORTGAGE-BACKED SECURITIES — 35.2%**

---

| | | |
|:---|:---|:---|
|  | Face Amount | Value |
| **AGENCY MORTGAGE-BACKED OBLIGATIONS — 32.3%** |  |  |
| &nbsp;&nbsp;&nbsp;FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 01/01/37 to 05/01/52 | $1359533 | $1128293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 02/01/51 to 01/01/52 | 1640867 | 1390779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/01/47 | 57829 | 51444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 11/01/48 | 254424 | 234571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/48 | 50881 | 48020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 07/01/52 to 11/01/52 | 1057077 | 1023391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/53 to 04/01/53 | 1438851 | 1413835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 05/01/53 to 06/01/54 | 1484385 | 1493986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 01/01/53 to 04/01/54 | 1247949 | 1281865 |
| &nbsp;&nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates, Ser Q032, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.950%, 10/25/57 (A) | 99944 | 101223 |
| &nbsp;&nbsp;&nbsp;FHLMC, Ser 2006-R006, Cl ZA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 04/15/36 | 122873 | 129907 |
| &nbsp;&nbsp;&nbsp;FHLMC, Ser 2012-271, Cl 30 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/15/42 | 29350 | 27150 |
| &nbsp;&nbsp;&nbsp;FHLMC, Ser 2017-356, Cl 300 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/15/47 | 117698 | 106385 |
| &nbsp;&nbsp;&nbsp;FNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.850%, 09/01/35 | 239609 | 210254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 01/01/42 to 12/01/51 | 6610637 | 5320014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 06/01/50 to 04/01/52 | 3260005 | 2765006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/01/31 to 12/01/51 | 3401832 | 3065564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.040%, 01/01/28 | 158745 | 154750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 07/01/43 to 09/01/52 | 3147817 | 2885103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/48 to 05/01/52 | 476363 | 449530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 06/01/52 to 09/01/52 | 783477 | 763051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/31 to 04/01/53 | 891193 | 885123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/01/39 to 05/01/55 | 3137125 | 3143168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 02/01/54 to 05/01/54 | 677906 | 690439 |
| &nbsp;&nbsp;&nbsp;FNMA, Ser 2001-T4, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.500%, 07/25/41 | 1047 | 1063 |

---

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MetLife Core Plus Fund** |

---

**April 30, 2025**

**(Unaudited)**

**MORTGAGE-BACKED SECURITIES — continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Face Amount | Face Amount | Value | Value |
| **AGENCY MORTGAGE-BACKED OBLIGATIONS — continued** | **AGENCY MORTGAGE-BACKED OBLIGATIONS — continued** | **AGENCY MORTGAGE-BACKED OBLIGATIONS — continued** | **AGENCY MORTGAGE-BACKED OBLIGATIONS — continued** | **AGENCY MORTGAGE-BACKED OBLIGATIONS — continued** |
| &nbsp;&nbsp;&nbsp;FNMA, Ser 2005-24, Cl ZE |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/25/35 | $| 2227 | $| 2271 |
| &nbsp;&nbsp;&nbsp;FNMA, Ser 2012-121, Cl TB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, 11/25/42 |  | 12172 |  | 12995 |
| &nbsp;&nbsp;&nbsp;FNMA, Ser 2012-411, Cl A3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/25/42 |  | 301206 |  | 275077 |
| &nbsp;&nbsp;&nbsp;GNMA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 12/20/50 to 02/20/51 |  | 895712 |  | 730891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 04/20/51 to 11/20/51 |  | 1173322 |  | 994816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/20/50 |  | 226795 |  | 201638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/20/49 to 04/20/52 |  | 1186175 |  | 1112011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.492%, 01/20/67 (A) |  | 36762 |  | 36448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/20/53 |  | 263605 |  | 258999 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2010-H14, Cl BI, IO |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.499%, 07/20/60 (A) |  | 1713 |  | 179 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2017-H16, Cl PT |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.707%, 05/20/66 (A) |  | 62 |  | 61 |
|  |  |  |  | 32389300 |
| **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 2.9%** | **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 2.9%** | **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 2.9%** | **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 2.9%** | **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 2.9%** |
| &nbsp;&nbsp;&nbsp;1345 Avenue of the Americas & Park Avenue Plaza Trust, Ser 2005-1, Cl A3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.278%, 08/10/35 (B) |  | 331081 |  | 329612 |
| &nbsp;&nbsp;&nbsp;BBCMS Mortgage Trust, Ser 2020-C6, Cl AS |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.840%, 02/15/53 |  | 75000 |  | 67680 |
| &nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Ser 2022-B33, Cl A5 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.458%, 03/15/55 |  | 185000 |  | 167554 |
| &nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Ser 2022-B35, Cl AS |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.591%, 05/15/55 (A) |  | 205000 |  | 188903 |
| &nbsp;&nbsp;&nbsp;COMM Mortgage Trust, Ser 2014-UBS3, Cl AM |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.012%, 06/10/47 |  | 63285 |  | 60520 |
| &nbsp;&nbsp;&nbsp;CSMC LLC, Ser 2014-USA, Cl A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.953%, 09/15/37 (B) |  | 125000 |  | 114688 |

---

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MetLife Core Plus Fund** |

---

**April 30, 2025**

**(Unaudited)**

**MORTGAGE-BACKED SECURITIES — continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Face Amount | Face Amount | Value | Value |
| **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — continued** | **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — continued** | **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — continued** | **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — continued** | **NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — continued** |
| &nbsp;&nbsp;&nbsp;CSMC Trust, Ser 2021-RPL3, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 01/25/60 (A) (B) | $| 341305 | $| 300729 |
| &nbsp;&nbsp;&nbsp;GPMT, Ser 2021-FL3, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.934%, TSFR1M + 1.614%, 07/16/35 (A) (B) |  | 157345 |  | 153588 |
| &nbsp;&nbsp;&nbsp;JPMBB Commercial Mortgage Securities Trust, Ser 2014-C25, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.347%, 11/15/47 (A) |  | 215000 |  | 199972 |
| &nbsp;&nbsp;&nbsp;Mill City Mortgage Loan Trust, Ser 2021-NMR1, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.125%, 11/25/60 (A) (B) |  | 227401 |  | 216639 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2015-C24, Cl C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.450%, 05/15/48 (A) |  | 210000 |  | 204506 |
| &nbsp;&nbsp;&nbsp;MSCG Trust, Ser 2015-ALDR, Cl A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.577%, 06/07/35 (A) (B) |  | 380000 |  | 378960 |
| &nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2018-CH4, Cl B1B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.036%, 10/25/48 (A) (B) |  | 296767 |  | 295597 |
| &nbsp;&nbsp;&nbsp;Towd Point Mortgage Trust, Ser 2020-3, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.088%, 02/25/63 (A) (B) |  | 56978 |  | 54994 |
| &nbsp;&nbsp;&nbsp;WFRBS Commercial Mortgage Trust, Ser 2014-C22, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.371%, 09/15/57 (A) |  | 270000 |  | 244296 |
|  |  |  |  | 2978238 |
| &nbsp;&nbsp;&nbsp;TOTAL MORTGAGE-BACKED SECURITIES |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $37,570,962) |  |  |  | 35367538 |
| **CORPORATE OBLIGATIONS — 34.6%** | **CORPORATE OBLIGATIONS — 34.6%** | **CORPORATE OBLIGATIONS — 34.6%** | **CORPORATE OBLIGATIONS — 34.6%** | **CORPORATE OBLIGATIONS — 34.6%** |
| **COMMUNICATION SERVICES — 3.9%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;AT&T |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 06/01/41 |  | 240000 |  | 184276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.550%, 09/15/55 |  | 195000 |  | 130587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 11/15/34 |  | 20000 |  | 20461 |
| &nbsp;&nbsp;&nbsp;Charter Communications Operating |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.100%, 06/01/29 |  | 185000 |  | 191583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.150%, 11/10/26 |  | 320000 |  | 326181 |

---

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MetLife Core Plus Fund** |

---

**April 30, 2025**

**(Unaudited)**

**CORPORATE OBLIGATIONS — continued** 

---

| | | |
|:---|:---|:---|
|  | Face Amount | Value |
| **COMMUNICATION SERVICES — continued** |  |  |
| &nbsp;&nbsp;&nbsp;Frontier Communications Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 01/15/30 (B) | $374000 | $375325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.750%, 05/01/29 (B) | 106000 | 106445 |
| &nbsp;&nbsp;&nbsp;IHS Holding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625%, 11/29/26 (B) | 250000 | 243791 |
| &nbsp;&nbsp;&nbsp;Meta Platforms |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.450%, 08/15/52 | 90000 | 74864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.400%, 08/15/54 | 155000 | 149142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.550%, 08/15/64 | 180000 | 173150 |
| &nbsp;&nbsp;&nbsp;Paramount Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.900%, 10/15/40 | 175000 | 151990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.250%, US0003M + 3.899%, 02/28/57 (A) | 225000 | 207670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.375%, H15T5Y + 3.999%, 03/30/62 (A) | 470000 | 452105 |
| &nbsp;&nbsp;&nbsp;Rakuten Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.750%, 04/15/29 (B) | 445000 | 469390 |
| &nbsp;&nbsp;&nbsp;Rogers Communications |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, H15T5Y + 2.653%, 04/15/55 (A) | 230000 | 231717 |
| &nbsp;&nbsp;&nbsp;Time Warner Cable |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875%, 11/15/40 | 330000 | 300711 |
| &nbsp;&nbsp;&nbsp;Warnermedia Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.141%, 03/15/52 | 285000 | 194844 |
|  |  | 3984232 |
| **CONSUMER DISCRETIONARY — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Ford Motor Credit |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.050%, 03/05/31 | 120000 | 117219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.054%, 11/05/31 | 445000 | 431406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 02/07/35 | 200000 | 193564 |
| &nbsp;&nbsp;&nbsp;General Motors Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.950%, 04/04/34 | 240000 | 238902 |
| &nbsp;&nbsp;&nbsp;LG Energy Solution |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875%, 04/02/35 (B) | 240000 | 234419 |
| &nbsp;&nbsp;&nbsp;Resorts World Las Vegas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625%, 04/06/31 (B) | 270000 | 216374 |
| &nbsp;&nbsp;&nbsp;Stellantis Finance US |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.350%, 03/17/28 (B) | 200000 | 201514 |

---

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MetLife Core Plus Fund** |

---

**April 30, 2025**

**(Unaudited)**

**CORPORATE OBLIGATIONS — continued** 

---

| | | |
|:---|:---|:---|
|  | Face Amount | Value |
| **CONSUMER DISCRETIONARY — continued** |  |  |
| &nbsp;&nbsp;&nbsp;Time Warner Cable |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.550%, 05/01/37 | $280000 | $275506 |
|  |  | 1908904 |
| **CONSUMER STAPLES — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.900%, 02/01/46 | 107000 | 97552 |
| &nbsp;&nbsp;&nbsp;Anheuser-Busch InBev Worldwide |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.450%, 01/23/39 | 125000 | 126663 |
| &nbsp;&nbsp;&nbsp;BAT Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.390%, 08/15/37 | 280000 | 245521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.350%, 08/15/32 | 260000 | 261460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.834%, 02/20/31 | 190000 | 197803 |
| &nbsp;&nbsp;&nbsp;Mars |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.200%, 03/01/35 (B) | 225000 | 225883 |
| &nbsp;&nbsp;&nbsp;Reynolds American |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.125%, 05/01/40 | 45000 | 50707 |
|  |  | 1205589 |
| **ENERGY — 4.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Civitas Resources |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.375%, 07/01/28 (B) | 239000 | 234804 |
| &nbsp;&nbsp;&nbsp;Continental Resources |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.268%, 11/15/26 (B) | 320000 | 306668 |
| &nbsp;&nbsp;&nbsp;Devon Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.875%, 09/30/31 | 145000 | 164209 |
| &nbsp;&nbsp;&nbsp;Eastern Energy Gas Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.800%, 01/15/35 | 200000 | 206453 |
| &nbsp;&nbsp;&nbsp;Energy Transfer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.400%, 12/01/30 | 340000 | 361543 |
| &nbsp;&nbsp;&nbsp;Expand Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.700%, 01/15/35 | 200000 | 197302 |
| &nbsp;&nbsp;&nbsp;Galaxy Pipeline Assets Bidco |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.750%, 09/30/27 (B) | 299274 | 288285 |
| &nbsp;&nbsp;&nbsp;Greensaif Pipelines Bidco Sarl |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.103%, 08/23/42 (B) | 230000 | 227976 |
| &nbsp;&nbsp;&nbsp;Harbour Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.327%, 04/01/35 (B) | 215000 | 204323 |

---

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MetLife Core Plus Fund** |

---

**April 30, 2025**

**(Unaudited)**

**CORPORATE OBLIGATIONS — continued** 

---

| | | |
|:---|:---|:---|
|  | Face Amount | Value |
| **ENERGY — continued** |  |  |
| &nbsp;&nbsp;&nbsp;Hess |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.800%, 04/01/47 | $215000 | $210279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 01/15/40 | 365000 | 381898 |
| &nbsp;&nbsp;&nbsp;HF Sinclair |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/28 | 100000 | 98966 |
| &nbsp;&nbsp;&nbsp;MPLX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.950%, 04/01/55 | 150000 | 138036 |
| &nbsp;&nbsp;&nbsp;Petroleos Mexicanos |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.690%, 01/23/50 | 275000 | 200639 |
| &nbsp;&nbsp;&nbsp;Sabine Pass Liquefaction |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/15/27 | 255000 | 256783 |
| &nbsp;&nbsp;&nbsp;Tennessee Gas Pipeline |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.900%, 03/01/30 (B) | 110000 | 100614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.375%, 06/15/32 | 135000 | 155611 |
| &nbsp;&nbsp;&nbsp;Venture Global LNG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.875%, 02/01/32 (B) | 230000 | 233534 |
|  |  | 3967923 |
| **FINANCIALS — 10.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Aon North America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.450%, 03/01/34 | 295000 | 300138 |
| &nbsp;&nbsp;&nbsp;Avolon Holdings Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 11/15/29 (B) | 245000 | 248030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 03/01/29 (B) | 160000 | 162367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.375%, 05/04/28 (B) | 160000 | 164981 |
| &nbsp;&nbsp;&nbsp;Banco Santander |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.722%, H15T1Y + 0.900%, 09/14/27 (A) | 200000 | 192063 |
| &nbsp;&nbsp;&nbsp;Bank of America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.571%, SOFRRATE + 1.830%, 04/27/33 (A) | 205000 | 198612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.468%, SOFRRATE + 1.650%, 01/23/35 (A) | 320000 | 324580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.744%, SOFRRATE + 1.697%, 02/12/36 (A) | 200000 | 199090 |
| &nbsp;&nbsp;&nbsp;Bank of Nova Scotia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.900%, H15T5Y + 4.551%, 09/04/73 (A) (C) | 540000 | 537729 |
| &nbsp;&nbsp;&nbsp;Barclays |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, 01/12/26 | 330000 | 329191 |
| &nbsp;&nbsp;&nbsp;Cantor Fitzgerald |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 04/14/27 (B) | 220000 | 218500 |

---

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MetLife Core Plus Fund** |

---

**April 30, 2025**

**(Unaudited)**

**CORPORATE OBLIGATIONS — continued** 

---

| | | |
|:---|:---|:---|
|  | Face Amount | Value |
| **FINANCIALS — continued** |  |  |
| &nbsp;&nbsp;&nbsp;CI Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.200%, 12/17/30 | $540000 | $471225 |
| &nbsp;&nbsp;&nbsp;Citibank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.570%, 04/30/34 | 170000 | 175460 |
| &nbsp;&nbsp;&nbsp;Citigroup |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.561%, SOFRRATE + 1.167%, 05/01/32 (A) | 290000 | 253408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.174%, SOFRRATE + 1.364%, 02/13/30 (A) | 490000 | 497206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.125%, 07/15/39 | 165000 | 204095 |
| &nbsp;&nbsp;&nbsp;Constellation Insurance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.800%, 01/24/30 (B) | 380000 | 368577 |
| &nbsp;&nbsp;&nbsp;Cooperatieve Rabobank UA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.758%, H15T1Y + 1.420%, 04/06/33 (A) (B) | 375000 | 344723 |
| &nbsp;&nbsp;&nbsp;Credit Suisse Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.500%, USSW5 + 4.598%, 06/11/73 (B) (C) | 725000 | 54375 |
| &nbsp;&nbsp;&nbsp;Deutsche Bank NY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.999%, SOFRRATE + 1.700%, 09/11/30 (A) | 140000 | 140151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.819%, SOFRRATE + 2.510%, 11/20/29 (A) | 135000 | 143435 |
| &nbsp;&nbsp;&nbsp;Farmers Exchange Capital III |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.454%, US0003M + 3.454%, 10/15/54 (A) (B) | 335000 | 303738 |
| &nbsp;&nbsp;&nbsp;Farmers Insurance Exchange |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, H15T10Y + 3.864%, 10/15/64 (A) (B) | 170000 | 170782 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Capital I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.345%, 02/15/34 | 325000 | 332260 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.383%, SOFRRATE + 1.248%, 07/21/32 (A) | 230000 | 198117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.536%, SOFRRATE + 1.380%, 01/28/36 (A) | 175000 | 176727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.734%, SOFRRATE + 1.696%, 01/28/56 (A) | 115000 | 112001 |
| &nbsp;&nbsp;&nbsp;HSBC Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.733%, SOFRRATE + 1.520%, 05/17/32 (A) | 370000 | 382814 |
| &nbsp;&nbsp;&nbsp;Jackson Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125%, 11/23/31 | 340000 | 292647 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.045%, SOFRRATE + 0.800%, 11/19/26 (A) | 195000 | 191193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.572%, SOFRRATE + 1.680%, 04/22/36 (A) | 225000 | 230136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.766%, SOFRRATE + 1.490%, 04/22/35 (A) | 280000 | 290220 |
| &nbsp;&nbsp;&nbsp;Mercury General |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.400%, 03/15/27 | 144000 | 142118 |

---

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MetLife Core Plus Fund** |

---

**April 30, 2025**

**(Unaudited)**

**CORPORATE OBLIGATIONS — continued** 

---

| | | |
|:---|:---|:---|
|  | Face Amount | Value |
| **FINANCIALS — continued** |  |  |
| &nbsp;&nbsp;&nbsp;Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.593%, SOFRRATE + 0.879%, 05/04/27 (A) | $265000 | $257296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.466%, SOFRRATE + 1.730%, 01/18/35 (A) | 210000 | 212134 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, SOFRRATE + 1.870%, 04/21/34 (A) | 290000 | 289999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.831%, SOFRRATE + 1.580%, 04/19/35 (A) | 185000 | 191020 |
| &nbsp;&nbsp;&nbsp;NatWest Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.642%, H15T1Y + 0.900%, 06/14/27 (A) | 275000 | 265926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.472%, H15T1Y + 2.850%, 11/10/26 (A) | 115000 | 116593 |
| &nbsp;&nbsp;&nbsp;SBL Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.200%, 10/30/34 (B) | 75000 | 70310 |
| &nbsp;&nbsp;&nbsp;Wells Fargo |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.018%, TSFR3M + 0.762%, 01/15/27 (A) | 205000 | 200918 |
|  |  | 9954885 |
| **HEALTH CARE — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Amgen |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.650%, 03/02/53 | 95000 | 91181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.375%, 06/01/37 | 135000 | 146701 |
| &nbsp;&nbsp;&nbsp;Biocon Biologics Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.670%, 10/09/29 (B) | 240000 | 216367 |
| &nbsp;&nbsp;&nbsp;Centene |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625%, 12/15/29 | 395000 | 380778 |
| &nbsp;&nbsp;&nbsp;CVS Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.875%, 02/28/31 | 305000 | 257330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.050%, 03/25/48 | 430000 | 365451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.750%, H15T5Y + 2.516%, 12/10/54 (A) | 140000 | 139057 |
| &nbsp;&nbsp;&nbsp;HCA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 09/01/30 | 240000 | 224266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 06/15/49 | 255000 | 221225 |
| &nbsp;&nbsp;&nbsp;Horizon Mutual Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.200%, 11/15/34 (B) | 305000 | 298248 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375%, 04/15/54 | 185000 | 171616 |
|  |  | 2512220 |

---

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MetLife Core Plus Fund** |

---

**April 30, 2025**

**(Unaudited)**

**CORPORATE OBLIGATIONS — continued** 

---

| | | |
|:---|:---|:---|
|  | Face Amount | Value |
| **INDUSTRIALS — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/29/28 | $185000 | $174721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.950%, 09/10/34 | 375000 | 359383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, H15T5Y + 2.441%, 01/31/56 (A) | 215000 | 208785 |
| &nbsp;&nbsp;&nbsp;BAE Systems |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 03/26/31 (B) | 220000 | 224859 |
| &nbsp;&nbsp;&nbsp;Boeing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.196%, 02/04/26 | 265000 | 259639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.298%, 05/01/29 | 245000 | 257659 |
| &nbsp;&nbsp;&nbsp;Paychex |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.350%, 04/15/32 | 255000 | 259024 |
| &nbsp;&nbsp;&nbsp;Regal Rexnord |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.050%, 02/15/26 | 300000 | 301723 |
| &nbsp;&nbsp;&nbsp;United Airlines |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, 04/15/26 (B) | 615000 | 606220 |
|  |  | 2652013 |
| **INFORMATION TECHNOLOGY — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Broadcom |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.419%, 04/15/33 (B) | 109000 | 97207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.800%, 10/15/34 | 150000 | 146021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.926%, 05/15/37 (B) | 212000 | 203042 |
| &nbsp;&nbsp;&nbsp;Dell International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/30 | 200000 | 200661 |
| &nbsp;&nbsp;&nbsp;Foundry JV Holdco |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.100%, 01/25/36 (B) | 200000 | 203770 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/15/34 | 140000 | 135166 |
| &nbsp;&nbsp;&nbsp;Intel |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.050%, 08/12/51 | 150000 | 86135 |
| &nbsp;&nbsp;&nbsp;Kyndryl Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.050%, 10/15/26 | 230000 | 221842 |
| &nbsp;&nbsp;&nbsp;Oracle |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.600%, 04/01/40 | 110000 | 85738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.800%, 11/15/37 | 400000 | 334005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.900%, 11/09/52 | 80000 | 86062 |
| &nbsp;&nbsp;&nbsp;Sprint Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.750%, 03/15/32 | 195000 | 234056 |

---

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MetLife Core Plus Fund** |

---

**April 30, 2025**

**(Unaudited)**

**CORPORATE OBLIGATIONS — continued** 

---

| | | |
|:---|:---|:---|
|  | Face Amount | Value |
| **INFORMATION TECHNOLOGY — continued** |  |  |
| &nbsp;&nbsp;&nbsp;Vontier |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.800%, 04/01/26 | $330000 | $320496 |
|  |  | 2354201 |
| **MATERIALS — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Anglo American Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 04/05/34 (B) | 325000 | 327247 |
| &nbsp;&nbsp;&nbsp;Celanese US Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 04/15/30 | 125000 | 122141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.800%, 11/15/30 | 260000 | 259909 |
| &nbsp;&nbsp;&nbsp;First Quantum Minerals |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.625%, 06/01/31 (B) | 560000 | 567590 |
| &nbsp;&nbsp;&nbsp;Glencore Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.186%, 04/01/30 (B) | 240000 | 242999 |
| &nbsp;&nbsp;&nbsp;Orbia Advance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.800%, 05/13/30 (B) | 250000 | 249833 |
| &nbsp;&nbsp;&nbsp;Samarco Mineracao |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.500%, 06/30/31 (B) | 255625 | 240588 |
|  |  | 2010307 |
| **REAL ESTATE — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Sabra Health Care |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.900%, 10/15/29 | 245000 | 229987 |
| &nbsp;&nbsp;&nbsp;Scentre Group Trust 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125%, H15T5Y + 4.685%, 09/24/80 (A) (B) | 190000 | 185541 |
| &nbsp;&nbsp;&nbsp;VICI Properties |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625%, 04/01/35 | 210000 | 207812 |
|  |  | 623340 |
| **UTILITIES — 3.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Brooklyn Union Gas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.415%, 07/18/54 (B) | 215000 | 219878 |
| &nbsp;&nbsp;&nbsp;Chile Electricity Lux MPC Sarl |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.010%, 01/20/33 (B) | 241800 | 249175 |
| &nbsp;&nbsp;&nbsp;Dominion Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625%, H15T5Y + 2.207%, 05/15/55 (A) | 195000 | 191722 |
| &nbsp;&nbsp;&nbsp;Entergy Louisiana |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.800%, 03/15/55 | 145000 | 143097 |

---

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MetLife Core Plus Fund** |

---

**April 30, 2025**

**(Unaudited)**

**CORPORATE OBLIGATIONS — continued** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Face Amount | Face Amount | Value | Value |
| **UTILITIES — continued** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Louisville Gas and Electric |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.450%, 04/15/33 | $| 205000 | $| 209856 |
| &nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.450%, 03/15/35 |  | 395000 |  | 397836 |
| &nbsp;&nbsp;&nbsp;NiSource |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.350%, 04/01/34 |  | 245000 |  | 246617 |
| &nbsp;&nbsp;&nbsp;Pacific Gas and Electric |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.100%, 08/01/27 |  | 355000 |  | 334318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.100%, 01/15/29 |  | 315000 |  | 325533 |
| &nbsp;&nbsp;&nbsp;PG&E |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.375%, H15T5Y + 3.883%, 03/15/55 (A) |  | 230000 |  | 223282 |
| &nbsp;&nbsp;&nbsp;Public Service of Oklahoma |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.200%, 01/15/35 |  | 175000 |  | 172149 |
| &nbsp;&nbsp;&nbsp;Virginia Electric and Power |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/15/34 |  | 185000 |  | 182100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/33 |  | 282000 |  | 279956 |
| &nbsp;&nbsp;&nbsp;Virginia Power Fuel Securitization |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.088%, 05/01/27 |  | 174589 |  | 176045 |
| &nbsp;&nbsp;&nbsp;Vistra Operations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.700%, 12/30/34 (B) |  | 195000 |  | 194085 |
|  |  |  |  | 3545649 |
| &nbsp;&nbsp;&nbsp;TOTAL CORPORATE OBLIGATIONS |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $36,465,784) |  |  |  | 34719263 |
| **U.S. TREASURY OBLIGATIONS — 20.2%** | **U.S. TREASURY OBLIGATIONS — 20.2%** | **U.S. TREASURY OBLIGATIONS — 20.2%** | **U.S. TREASURY OBLIGATIONS — 20.2%** | **U.S. TREASURY OBLIGATIONS — 20.2%** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/15/49 |  | 2690000 |  | 2002054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125%, 05/15/48 |  | 2755000 |  | 2112203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 11/15/54 |  | 1470000 |  | 1422914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625%, 11/15/44 to 02/15/55 |  | 2210000 |  | 2189677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 02/15/45 |  | 2470000 |  | 2486981 |

---

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MetLife Core Plus Fund** |

---

**April 30, 2025**

**(Unaudited)**

 **U.S. TREASURY OBLIGATIONS — continued** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Face Amount | Face Amount | Value | Value |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Notes |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 04/15/28 | $| 3295000 | $| 3310188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 04/30/30 |  | 980000 |  | 986967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/30/32 |  | 1490000 |  | 1496519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 01/31/27 |  | 320000 |  | 322487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 01/15/28 |  | 3180000 |  | 3233290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625%, 02/15/35 |  | 660000 |  | 684750 |
| &nbsp;&nbsp;&nbsp;TOTAL U.S. TREASURY OBLIGATIONS |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $20,328,561) |  |  |  | 20248030 |
| **ASSET-BACKED SECURITIES — 7.3%** | **ASSET-BACKED SECURITIES — 7.3%** | **ASSET-BACKED SECURITIES — 7.3%** | **ASSET-BACKED SECURITIES — 7.3%** | **ASSET-BACKED SECURITIES — 7.3%** |
| &nbsp;&nbsp;&nbsp;AccessLex Institute, Ser 2007-A, Cl A3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.883%, TSFR3M + 0.562%, 05/25/36 (A) |  | 112645 |  | 111346 |
| &nbsp;&nbsp;&nbsp;ARI Fleet Lease Trust, Ser 2023-A, Cl A3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.330%, 02/17/32 (B) |  | 100000 |  | 101004 |
| &nbsp;&nbsp;&nbsp;ARI Fleet Lease Trust, Ser 2024-A, Cl A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.300%, 11/15/32 (B) |  | 76590 |  | 76978 |
| &nbsp;&nbsp;&nbsp;BA Credit Card Trust, Ser 2023-A2, Cl A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.980%, 11/15/28 |  | 275000 |  | 278335 |
| &nbsp;&nbsp;&nbsp;BBCMS Trust, Ser C32, Cl A5 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.720%, 02/15/62 |  | 155000 |  | 162415 |
| &nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust, Ser AIRC, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.013%, TSFR1M + 1.691%, 08/15/39 (A) (B) |  | 140754 |  | 140754 |
| &nbsp;&nbsp;&nbsp;BX Trust, Ser 2025-VLT6, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.214%, TSFR1M + 1.893%, 03/15/42 (A) (B) |  | 175000 |  | 172922 |
| &nbsp;&nbsp;&nbsp;College Ave Student Loans, Ser 2019-A, Cl A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.280%, 12/28/48 (B) |  | 157626 |  | 150363 |
| &nbsp;&nbsp;&nbsp;College Ave Student Loans, Ser 2021-B, Cl A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.760%, 06/25/52 (B) |  | 89349 |  | 79518 |
| &nbsp;&nbsp;&nbsp;College Ave Student Loans, Ser 2021-B, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.420%, 06/25/52 (B) |  | 174783 |  | 157868 |
| &nbsp;&nbsp;&nbsp;Dell Equipment Finance Trust, Ser 2025-1, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.960%, 02/24/31 (B) |  | 100000 |  | 100203 |
| &nbsp;&nbsp;&nbsp;DLLAA, Ser 2025-1A, Cl A3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.950%, 09/20/29 (B) |  | 120000 |  | 121942 |
| &nbsp;&nbsp;&nbsp;Dllad, Ser 2024-1A, Cl A3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.300%, 07/20/29 (B) |  | 315000 |  | 321060 |

---

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MetLife Core Plus Fund** |

---

**April 30, 2025**

**(Unaudited)**

**ASSET-BACKED SECURITIES — continued** 

---

| | | |
|:---|:---|:---|
|  | Face Amount | Value |
| &nbsp;&nbsp;&nbsp;Enterprise Fleet Financing, Ser 2023-2, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.560%, 04/22/30 (B) | $134487 | $135322 |
| &nbsp;&nbsp;&nbsp;Enterprise Fleet Financing, Ser 2023-3, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.400%, 03/20/30 (B) | 127159 | 129238 |
| &nbsp;&nbsp;&nbsp;Enterprise Fleet Financing, Ser 2024-3, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.310%, 04/20/27 (B) | 122075 | 122479 |
| &nbsp;&nbsp;&nbsp;Enterprise Fleet Financing, Ser 2025-1, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.820%, 02/20/29 (B) | 145000 | 146673 |
| &nbsp;&nbsp;&nbsp;Fontainebleau Miami Beach Mortgage Trust, Ser FBLU, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.172%, TSFR1M + 1.850%, 12/15/39 (A) (B) | 195000 | 193416 |
| &nbsp;&nbsp;&nbsp;HIH Trust, Ser 61P, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.164%, TSFR1M + 1.842%, 10/15/41 (A) (B) | 230000 | 229425 |
| &nbsp;&nbsp;&nbsp;Hilton Grand Vacations Trust, Ser 2020-AA, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.740%, 02/25/39 (B) | 30166 | 29376 |
| &nbsp;&nbsp;&nbsp;HIN Timeshare Trust, Ser 2020-A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.390%, 10/09/39 (B) | 230088 | 219001 |
| &nbsp;&nbsp;&nbsp;Honda Auto Receivables Owner Trust, Ser 2024-3, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.570%, 03/21/29 | 100000 | 100596 |
| &nbsp;&nbsp;&nbsp;Hudson Yards Mortgage Trust, Ser SPRL, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.950%, 01/13/40 (A) (B) | 280000 | 287794 |
| &nbsp;&nbsp;&nbsp;Hyundai Auto Lease Securitization Trust, Ser 2025-A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.830%, 01/18/28 (B) | 150000 | 151488 |
| &nbsp;&nbsp;&nbsp;Hyundai Auto Lease Securitization Trust, Ser 2025-B, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.940%, 08/15/29 (B) | 165000 | 165376 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase, Ser 2021-3, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.760%, 02/26/29 (B) | 732 | 730 |
| &nbsp;&nbsp;&nbsp;LEX Mortgage Trust, Ser 2024-BBG, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.036%, 10/13/33 (A) (B) | 195000 | 195807 |
| &nbsp;&nbsp;&nbsp;M&T Bank Auto Receivables Trust, Ser 2025-1A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.730%, 06/17/30 (B) | 190000 | 191620 |
| &nbsp;&nbsp;&nbsp;MF1, Ser 2025-FL17, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.640%, TSFR1M + 1.320%, 02/18/40 (A) (B) | 155000 | 153710 |
| &nbsp;&nbsp;&nbsp;Navient Private Education Refi Loan Trust, Ser 2019-FA, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.600%, 08/15/68 (B) | 22456 | 21644 |
| &nbsp;&nbsp;&nbsp;Oceanview Mortgage Trust, Ser 2025-1, Cl AF1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.154%, SOFR30A + 0.800%, 11/25/54 (A) (B) | 209322 | 208222 |

---

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MetLife Core Plus Fund** |

---

**April 30, 2025**

**(Unaudited)**

**ASSET-BACKED SECURITIES — continued** 

---

| | | |
|:---|:---|:---|
|  | Face Amount | Value |
| &nbsp;&nbsp;&nbsp;Octane Receivables Trust, Ser 2023-1A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.870%, 05/21/29 (B) | $53338 | $53490 |
| &nbsp;&nbsp;&nbsp;Rate Mortgage Trust, Ser 2024-J4, Cl A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 12/25/54 (A) (B) | 225857 | 229063 |
| &nbsp;&nbsp;&nbsp;RCKT Mortgage Trust, Ser 2025-CES1, Cl A1A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.653%, 01/25/45 (B) (D) | 193315 | 194680 |
| &nbsp;&nbsp;&nbsp;RCKT Mortgage Trust, Ser 2025-CES2, Cl A1A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.503%, 02/25/55 (B) (D) | 196404 | 197466 |
| &nbsp;&nbsp;&nbsp;SBA Small Business Investment, Ser 2018-10B, Cl 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.548%, 09/10/28 | 25837 | 25537 |
| &nbsp;&nbsp;&nbsp;SBA Small Business Investment, Ser 2022-10A, Cl 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.938%, 03/10/32 | 87414 | 81714 |
| &nbsp;&nbsp;&nbsp;SBA Small Business Investment, Ser 2025-10A, Cl 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.963%, 03/10/35 | 180000 | 182567 |
| &nbsp;&nbsp;&nbsp;SBNA Auto Lease Trust, Ser 2024-B, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.560%, 11/22/27 (B) | 120000 | 121225 |
| &nbsp;&nbsp;&nbsp;SBNA Auto Lease Trust, Ser 2025-A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.830%, 04/20/28 (B) | 175000 | 175804 |
| &nbsp;&nbsp;&nbsp;SCF Equipment Trust, Ser 2025-1A, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.820%, 07/22/30 (B) | 105000 | 105165 |
| &nbsp;&nbsp;&nbsp;Scholar Funding Trust, Ser 2011-A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.524%, SOFR90A + 1.162%, 10/28/43 (A) (B) | 236466 | 235123 |
| &nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust, Ser 2020-A, Cl A2A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.230%, 09/15/37 (B) | 71766 | 68788 |
| &nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust, Ser 2021-B, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.310%, 07/17/51 (B) | 218594 | 204118 |
| &nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust, Ser 2021-C, Cl APT1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.390%, 01/15/53 (B) | 107561 | 98342 |
| &nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust, Ser 2021-D, Cl A1A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.340%, 03/17/53 (B) | 290169 | 264108 |
| &nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust, Ser 2025-A, Cl A1A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.130%, 04/15/54 (B) | 110000 | 109978 |
| &nbsp;&nbsp;&nbsp;South Carolina Student Loan, Ser 2015-A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.941%, TSFR1M + 1.614%, 01/25/36 (A) | 128839 | 128862 |
| &nbsp;&nbsp;&nbsp;Verizon Master Trust, Ser 2024-6, Cl A1A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.170%, 08/20/30 | 45000 | 45001 |

---

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MetLife Core Plus Fund** |

---

**April 30, 2025**

**(Unaudited)**

**ASSET-BACKED SECURITIES — continued** 

---

| | | |
|:---|:---|:---|
|  | Face Amount | Value |
| &nbsp;&nbsp;&nbsp;Wheels Fleet Lease Funding 1, Ser 2025-1A, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.570%, 01/18/40 (B) | $140000 | $140352 |
| &nbsp;&nbsp;&nbsp;TOTAL ASSET-BACKED SECURITIES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $7,344,733) |  | 7318008 |
| **MUNICIPAL BONDS — 0.6%** |  |  |
| **GEORGIA — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Georgia State, Municipal Electric Authority, RB, Ser 2010-A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.637%, 04/01/57 | 356000 | 387188 |
| **ARIZONA — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Maricopa County Industrial Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.375%, 10/01/29 (B) | 195000 | 202529 |
| &nbsp;&nbsp;&nbsp;TOTAL MUNICIPAL BONDS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $720,130) |  | 589717 |
| **SHORT-TERM INVESTMENTS — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;American Electric Power, 5.699%, 08/15/2025 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $214,819) | 215000 | 215467 |
| &nbsp;&nbsp;&nbsp;Royalty Pharma, 1.200%, 09/02/2025 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $230,150) | 230000 | 227106 |
| &nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $444,969) |  | 442573 |
| **FOREIGN GOVERNMENT BONDS — 0.4%** |  |  |
| **MEXICO — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Mexico Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.375%, 05/13/55 | 275000 | 272217 |
| **COLOMBIA — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Colombia Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.750%, 11/07/36 | 130000 | 123832 |
| &nbsp;&nbsp;&nbsp;TOTAL FOREIGN GOVERNMENT BONDS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $401,450) |  | 396049 |
| TOTAL INVESTMENTS — 98.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $103,276,589) |  | $99081178 |

---

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MetLife Core Plus Fund** |

---

**April 30, 2025**

**(Unaudited)**

Open futures contracts held by the Fund at April 30, 2025 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Type of Contract | Number of<br> Contracts <br> Long (Short) | Expiration<br> Date | Notional <br> Amount<br> (Thousands) | Value | Unrealized <br> Appreciation/ <br> (Depreciation) <br> (Thousands) |
| U.S. 2-Year Treasury Note | 26 | Jun-2025 | $5382890 | $5411859 | $28969 |
| U.S. 5-Year Treasury Note | 61 | Jun-2025 | 6562727 | 6660914 | 98187 |
| U.S. 10-Year Treasury Note | 15 | Jun-2025 | 1663377 | 1683281 | 19904 |
| Ultra 10-Year U.S. Treasury Note | (36) | Jun-2025 | (4122957) | (4130437) | (7480) |
|  |  |  | $9486037 | $9625617 | $139580 |

---

---

| | |
|:---|:---|
|  | *Percentages are based on Net Assets of $100,434,053.* |
| *(A)* | *Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.* |
| *(B)* | *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 these securities at April 30, 2025 was $18,351,348 and represents 18.3% of Net Assets.* |
| *(C)* | *Perpetual security with no stated maturity date.* |
| *(D)* | *Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.* |

---

---

| |
|:---|
| *Cl — Class* |
| *DAC — Designated Activity Company* |
| *FHLMC — Federal Home Loan Mortgage Corporation* |
| *FNMA — Federal National Mortgage Association* |
| *GNMA — Government National Mortgage Association* |
| *H15T1Y — US Treasury Yield Curve Rate T Note Constant Maturity 1 Year Rate* |
| *H15T5Y — US Treasury Yield Curve Rate T Note Constant Maturity 5 Year Rate* |
| *H15T10Y — US Treasury Yield Curve Rate T Note Constant Maturity 10 Year Rate* |
| *IO — Interest Only - face amount represents notional amount* |
| *LLC — Limited Liability Company* |
| *MTN — Medium Term Note* |
| *RB — Revenue Bond* |
| *Ser — Series* |
| *SOFR30A — Secured Overnight Financing Rate 30-day Average* |
| *SOFR90A — Secured Overnight Financing Rate 90-day Average* |
| *SOFRRATE — Secured Overnight Financing Rate* |
| *TSFR1M — One Month Term Secured Overnight Financing Rate* |
| *TSFR3M — Three Month Term Secured Overnight Financing Rate* |
| *UMBS — Uniform Mortgage-Backed Security* |
| *USSW5 — USD Swap Semi 30/360 5-Year* |

---

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MetLife Core Plus Fund** |

---

**April 30, 2025**

**(Unaudited)**

The following is a summary of the inputs used as of April 30, 2025, in valuing the Fund's investments carried at value :

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;Mortgage-Backed Securities | $— | $35367538 | $— | $35367538 |
| &nbsp;&nbsp;&nbsp;Corporate Obligations |  | 34719263 |  | 34719263 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Obligations |  | 20248030 |  | 20248030 |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities |  | 7318008 |  | 7318008 |
| &nbsp;&nbsp;&nbsp;Municipal Bonds |  | 589717 |  | 589717 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments |  | 442573 |  | 442573 |
| &nbsp;&nbsp;&nbsp;Foreign Government Bonds |  | 396049 |  | 396049 |
| Total Investments in Securities | $— | $99081178 | $— | $99081178 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;Futures Contracts\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized Appreciation | $147060 | $– | $– | $147060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Unrealized Depreciation</u> | (7480) | – | – | (7480) |
| <u>Total Other Financial Instruments</u> | $139580 | $– | $– | $139580 |

---

\* Futures contracts are valued at the unrealized appreciation(depreciation) on the instrument.

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

Amounts designated as "—" are $0.

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MetLife Core Plus Fund** |

---

**April 30, 2025**

**(Unaudited)**

**STATEMENT OF ASSETS AND LIABILITIES** 

---

| | |
|:---|:---|
| **Assets:** | |
| Investments, at Value (Cost $103,276,589) | $99081178 |
| Cash and cash equivalents | 2197394 |
| Dividends and Interest Receivable | 783607 |
| Receivable for Investment Securities Sold | 342285 |
| Reclaims Receivable | 11958 |
| Variation Margin Receivable | 11789 |
| Prepaid Expenses | 24797 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 102453008 |
| **Liabilities:** |  |
| Payable for Investment Securities Purchased | 1932304 |
| Payable due to Administrator | 8183 |
| Payable due to Trustees | 4976 |
| Chief Compliance Officer Fees Payable | 2936 |
| Investment Advisory Fees Payable - Note 6 | 2323 |
| Unrealized loss on futures | 316 |
| Other Accrued Expenses | 67917 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 2018955 |
| **Commitments and Contingencies†** |  |
| **Net Assets** | $100434053 |
| **NET ASSETS CONSIST OF:** |  |
| Paid-in Capital | $161947598 |
| Total Accumulated Losses | (61513545) |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $100434053 |
| **I Class Shares** |  |
| Net Assets | $100434047 |
| Outstanding Shares of Beneficial Interest (unlimited authorization — no par value) | 11628579 |
| Net Asset Value, Offering and Redemption Price Per Share | $8.64 \* |
| **R Class Shares** |  |
| Net Assets | $6 |
| Outstanding Shares of Beneficial Interest (unlimited authorization — no par value) | 1 |
| Net Asset Value, Offering and Redemption Price Per Share | $7.37 \* |

---

---

| | |
|:---|:---|
| *†* | *See Note 5 in the Notes to Financial Statements.* |
| *\** | *Net Assets divided by Shares do not calculate to the stated NAV because Net Assets are shown rounded.* |

---

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MetLife Core Plus Fund** |

---

**For the Six Months Ended**

**April 30, 2025**

**(Unaudited)**

**STATEMENT OF OPERATIONS** 

---

| | |
|:---|:---|
| **Investment Income** | |
| Interest | $2303954 |
| Less: Foreign Taxes Withheld | (135) |
| &nbsp;&nbsp;&nbsp;**Total Investment Income** | 2303819 |
| **Expenses** |  |
| Investment Advisory Fees | 193630 |
| Administration Fees | 48407 |
| Trustees' Fees | 8166 |
| Chief Compliance Officer Fees | 5200 |
| Transfer Agent Fees | 40341 |
| Pricing Fees | 20506 |
| Legal Fees | 19527 |
| Registration Fees | 18217 |
| Audit Fees | 13408 |
| Printing Fees | 10067 |
| Custodian Fees | 6635 |
| Insurance and Other Expenses | 12835 |
| &nbsp;&nbsp;&nbsp;**Total Expenses** | 396939 |
| **Less:** |  |
| Investment Advisory Fees Waived | (179107) |
| &nbsp;&nbsp;&nbsp;**Net Expenses** | 217832 |
| **Net Investment Income** | 2085987 |
| **Net Realized Gain (Loss) on:** |  |
| &nbsp;&nbsp;&nbsp;Investments | (573229) |
| &nbsp;&nbsp;&nbsp;Futures Contracts | 29303 |
| **Net Realized Loss** | (543926) |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;Investments | 657056 |
| &nbsp;&nbsp;&nbsp;Futures Contracts | 186635 |
| **Net Change in Unrealized Appreciation (Depreciation)** | 843691 |
| **Net Realized and Unrealized Gain** | 299765 |
| **Net Increase in Net Assets Resulting from Operations** | $2385752 |

---

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MetLife Core Plus Fund** |

---

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | |
|:---|:---|:---|
|  | Six Months<br> Ended April 30,<br> 2025<br> (Unaudited) | Year Ended<br> October 31,<br> 2024 |
| &nbsp;&nbsp;&nbsp;**Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $2085987 | $6225710 |
| &nbsp;&nbsp;&nbsp;Net Realized Loss | (543926) | (9695065) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 843691 | 25352665 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 2385752 | 21883310 |
| &nbsp;&nbsp;&nbsp;**Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I Class Shares | (2020010) | (6690249) |
| &nbsp;&nbsp;&nbsp;**Total Distributions** | (2020010) | (6690249) |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;**I Class Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 4104943 | 9960319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Dividends | 2020010 | 6690248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (3836827) | (173382173) |
| &nbsp;&nbsp;&nbsp;**Increase (Decrease) from I Class Shares Capital Share Transactions** | 2288126 | (156731606) |
| &nbsp;&nbsp;&nbsp;**R Class Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Dividends |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed |  |  |
| &nbsp;&nbsp;&nbsp;**Increase from R Class Shares Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets from Capital Share Transactions** | 2288126 | (156731606) |
| &nbsp;&nbsp;&nbsp;**Total Increase (Decrease) in Net Assets** | 2653868 | (141538545) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 97780185 | 239318730 |
| &nbsp;&nbsp;&nbsp;End of Period | $100434053 | $97780185 |

---

 

*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** | **MetLife Core Plus Fund** |

---

**STATEMENTS OF CHANGES IN NET ASSETS (continued)** 

---

| | | |
|:---|:---|:---|
|  | Six Months <br> Ended April 30,<br> 2025<br> (Unaudited) | Year Ended <br> October 31,<br> 2024 |
| **Shares Issued and Redeemed:** |  |  |
| &nbsp;&nbsp;&nbsp;**I Class Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 475976 | 1174036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Dividends | 237029 | 774979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (448025) | (20211028) |
| &nbsp;&nbsp;&nbsp;**Increase (Decrease) in Shares Outstanding from I Class Share Transactions** | 264980 | (18262013) |
| &nbsp;&nbsp;&nbsp;**R Class Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Dividends |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed |  |  |
| &nbsp;&nbsp;&nbsp;**Increase in Shares Outstanding from R Class Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Shares Outstanding from Share Transactions** | 264980 | (18262013) |

---

 

*Amounts designated as "—" are zero or have been rounded to zero.*

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MetLife Core Plus Fund** |

---

**FINANCIAL HIGHLIGHTS** 

**Selected Per Share Data & Ratios For a Share Outstanding Throughout the Period/Years**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **I Class Shares** | **I Class Shares** | **I Class Shares** | **I Class Shares** | **I Class Shares** | |
|  | Six Months Ended April 30, 2025 (Unaudited) | Year Ended October 31, 2024 | Year Ended October 31, 2023 | Year Ended October 31, 2022 | Year Ended October 31, 2021 | Year Ended October 31, 2020 |
| Net Asset Value, Beginning of Period/Year | $8.60 | $8.08 | $8.36 | $10.26 | $10.42 | $10.36 |
| Income from Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income<sup>(1)</sup> | 0.18 | 0.34 | 0.30 | 0.19 | 0.12 | 0.23 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain (Loss) on Investments | 0.04 | 0.58 | (0.27) | (1.91) | (0.09) | 0.39 |
| Total from Operations | 0.22 | 0.92 | 0.03 | (1.72) | 0.03 | 0.62 |
| Dividends and Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.18) | (0.40) | (0.31) | (0.18) | (0.13) | (0.26) |
| &nbsp;&nbsp;&nbsp;Net Realized Gains |  |  |  |  | (0.06) | (0.30) |
| Total Dividends and Distributions | (0.18 | (0.40) | (0.31) | (0.18) | (0.19) | (0.56) |
| Net Asset Value, End of Period/Year | $8.64 | $8.60 | $8.08 | $8.36 | $10.26 | $10.42 |
| **Total Return †** | 2.58 | 11.51% | 0.19% | (16.88)% | 0.30% | 6.17% |
| **Ratios and Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Period/ Year (Thousands) | $100434 | $97780 | $239319 | $293030 | $302163 | $100285 |
| Ratio of Expenses to Average Net Assets (including waivers, reimbursements, excluding fees paid indirectly)‡ | 0.45 | 0.45% | 0.45% | 0.45% | 0.45% | 0.45% |
| Ratio of Expenses to Average Net Assets (excluding waivers, reimbursements and fees paid indirectly) | 0.82 | 0.71% | 0.64% | 0.62% | 0.64% | 1.22% |
| Ratio of Net Investment Income to Average Net Assets | 4.31 | 3.95% | 3.54% | 2.07% | 1.20% | 2.24% |
| Portfolio Turnover Rate† | 95 | 310% | 254% | 329% | 463% | 300% |

---

 

*Amounts designated as "—" are $0 or round to $0.*

---

| | |
|:---|:---|
| *(1)* | *Per share calculations were performed using average shares method.* |
| *\*\** | *Annualized.* |
| *†* | *Total return and portfolio turnover rate are for the period indicated and have not been annualized. Return shown does not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total return would have been lower had the Adviser not waived its fee and/or reimbursed other expenses.* |
| *‡* | *The share class is expected to run at the expense limit of 0.45%.* |

---

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MetLife Core Plus Fund** |

---

**FINANCIAL HIGHLIGHTS (continued)** 

**Selected Per Share Data & Ratios For a Share Outstanding Throughout the Period/Years**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **R Class Shares** | **R Class Shares** | **R Class Shares** | **R Class Shares** | **R Class Shares** | **R Class Shares** |
|  | Six Months Ended April 30, 2025 (Unaudited) | Year Ended October 31, 2024 | Year Ended October 31, 2023 | Year Ended October 31, 2022 | Year Ended October 31, 2021 | Year Ended October 31, 2020 |
| Net Asset Value, Beginning of Period/Year | $7.48 | $7.27 | $7.68 | $9.45 | $9.57 | $9.92 |
| Income from Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income (Loss)<sup>(1)</sup> | 0.17 | 0.34 | 0.31 | 0.22 | 0.16 | (0.01) |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain (Loss) on Investments | (0.10 | 0.27 | (0.41) | (1.81) | (0.09) | 0.21 |
| Total from Operations | 0.07 | 0.61 | (0.10) | (1.59) | 0.07 | 0.20 |
| Dividends and Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.18) | (0.40) | (0.31) | (0.18) | (0.13) | (0.25) |
| &nbsp;&nbsp;&nbsp;Net Realized Gains |  |  |  |  | (0.06) | (0.30) |
| Total Dividends and Distributions | (0.18 | (0.40) | (0.31) | (0.18) | (0.19) | (0.55) |
| Net Asset Value, End of Period/Year | $7.37 | $7.48 | $7.27 | $7.68 | $9.45 | $9.57 |
| **Total Return †** | 0.94 | 8.43% | (1.52)% | (16.96)% | 0.74% | 2.05% |
| **Ratios and Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Period/ Year (Thousands) | $— | $— | $— | $— | $— | $— |
| Ratio of Expenses to Average Net Assets (including waivers, reimbursements, excluding fees paid indirectly)‡ | 0.45 | 0.45% | 0.45% | 0.45% | 0.45% | 0.45% |
| Ratio of Expenses to Average Net Assets (excluding waivers, reimbursements and fees paid indirectly) | 0.82 | 0.71% | 0.64% | 0.62% | 0.64% | 1.22% |
| Ratio of Net Investment Income (Loss) to Average Net Assets | 4.75 | 4.40% | 3.99% | 2.52% | 1.65% | (0.11)% |
| Portfolio Turnover Rate† | 95 | 310% | 254% | 329% | 463% | 300% |

---

*Amounts designated as "—" are $0 or round to $0.*

---

| | |
|:---|:---|
| *(1)* | *Per share calculations were performed using average shares method.* |
| *†* | *Total return and portfolio turnover rate are for the period indicated and have not been annualized. Return shown does not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total return would have been lower had the Adviser not waived its fee and/or reimbursed other expenses.* |
| *‡* | *The share class is expected to run at the expense limit of 0.70% when assets are contributed. Amounts have been revised to reflect an estimation base on I Class Shares.* |
| *\*\** | *Annualized.* |

---

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MetLife Core Plus Fund** |

---

**April 30, 2025**

**(Unaudited)**

**NOTES TO FINANCIAL STATEMENTS** 

1. Organization:

**The Advisors' Inner Circle Fund III** (the "Trust") is organized as a Delaware statutory trust under an Agreement and 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 MetLife Core Plus Fund (the "Fund"). The Fund is diversified and its investment objective is to seek to maximize capital appreciation and income. The Fund invests in a portfolio of investment grade, U.S. fixed income securities of any maturity or duration. The Fund also may invest up to 20% of its net assets in any combination of high yield bonds (also known as "junk bonds") and non-U.S. fixed income securities, including emerging market bonds. 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 following are significant accounting policies, which are consistently followed in the preparation of the financial statements of the Fund. The Fund is an investment company that applies the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board ("FASB").

*Use of Estimates* — The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts 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 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 ET 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 ADVISORS' INNER CIRCLE FUND III** | **MetLife Core Plus Fund** |

---

**April 30, 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 April 30, 2025, there were no such fair valued securities.

In accordance with the authoritative guidance on fair value measurement under U.S. GAAP, the Fund discloses fair value of its 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 Fund has the ability to access at the measurement date;

● 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 inactive markets, 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 the investment classifications, refer to the Schedule of Investments.

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MetLife Core Plus Fund** |

---

**April 30, 2025**

**(Unaudited)**

*Federal Income Taxes* — It is the Fund's intention to continue 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, as amended. Accordingly, no provision for Federal income taxes has been made in the financial statements.

The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's state 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 Fund 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., all open tax year ends, since inception), on-going analysis of and changes to tax laws, regulations and interpretations thereof.

As of and during the period ended April 30, 2025, the Fund did not have a liability for any unrecognized tax benefits. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the period ended April 30, 2025, the Fund did not incur any interest or penalties.

Withholding taxes on foreign dividends have been provided for in accordance with the Fund's understanding of the applicable country's tax rules and rates. The Fund or its agent files withholding tax reclaims in certain jurisdictions to recover certain amounts previously withheld. The Fund may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction's applicable laws, payment history and market convention.

*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 is recorded on the ex-dividend date. Dividend income is recorded net of unrecoverable withholding tax. Interest income is recognized on the accrual basis from settlement date and includes the amortization of premiums and the accretion of discount. Realized gains (losses) on paydowns of mortgage-backed and asset-backed securities are recorded as an adjustment to interest income.

*Foreign Currency Translation* — The books and records of the Fund 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 Fund does 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 Statement 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 Fund's books and the U.S. dollar equivalent of the amounts actually received or paid.

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MetLife Core Plus Fund** |

---

**April 30, 2025**

**(Unaudited)**

*Expenses* — Expenses that are directly related to the Fund are charged to the Fund. Other operating expenses of the Trust are prorated to the funds managed by the trust based on the number of funds and/or relative net assets.

*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 Fund will distribute its net investment income quarterly. Distributions from net realized capital gains, if any, are declared and paid annually. All distributions are recorded on ex-dividend date.

*Cash and Cash Equivalents* — Idle cash may be swept into various money market sweep accounts and is classified as cash equivalents on the Statement of Assets and Liabilities. The Fund maintains cash in bank deposit accounts which, at times, may exceed United States federally insured limits. Amounts invested are available on the same business day.

*Futures Contracts* — The Fund utilized futures contracts during the period ended April 30, 2025. To the extent consistent with its investment objective and strategies, the Fund may use futures contracts for tactical hedging purposes as well as to enhance the Fund's returns. Initial margin deposits of cash or securities are made upon entering into futures contracts. The futures contracts are valued at the settlement price established each day by the board of exchange on which they are traded. The futures contracts are marked to market daily and the resulting changes in value are accounted for as unrealized gains and losses. Variation margin payments are paid or received, depending upon whether unrealized gains or losses are incurred. When the futures contract is closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the amount invested in the futures contract.

Risks of entering into futures contracts include the possibility that there will be an imperfect price correlation between the futures and the underlying securities. Second, it is possible that a lack of liquidity for futures contracts could exist in the secondary market, resulting in an inability to close a position prior to its maturity date. Third, the futures contract involves the risk that a Fund could lose more than the original margin deposit required to initiate a futures transaction.

Finally, the risk exists that losses could exceed amounts disclosed on the Statement of Assets and Liabilities. Refer to the Fund's Schedule of Investments for details regarding open futures contracts as of April 30, 2025.

3. Derivative Transactions:

The following tables include the Fund's exposure by type of risk on derivatives held throughout the period.

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MetLife Core Plus Fund** |

---

**April 30, 2025**

**(Unaudited)**

The fair value of derivative instruments as of April 30, 2025, was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Asset Derivatives | Asset Derivatives | Asset Derivatives | Liability Derivatives | Liability Derivatives | Liability Derivatives |
| Statement of Assets and Liabilities | Statement of Assets and Liabilities | Fair Value | Statement of Assets and Liabilities | Statement of Assets and Liabilities | Fair Value |
| Interest Rate contracts | Net Assets – Unrealized appreciation on Futures Contracts | $147060 \* | Interest Rate contracts | Net Assets – Unrealized depreciation on Futures Contracts | $(7480 |
| Total |  | $147060 |  |  | $(7480 |

---

\* Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only current day's variation margin, if any, is reported within the Statement of Assets & Liabilities.

The effect of derivative instruments on the Statement of Operations for the period ended April 30, 2025, was as follows:

The amount of realized gain (loss) on derivatives recognized in income:

---

| | | |
|:---|:---|:---|
| | Futures <br> Contracts | Total |
| Interest Rate Contracts | $29303 | $29303 |
| &nbsp;&nbsp;&nbsp;Total | $29303 | $29303 |

---

Change in unrealized appreciation (depreciation) on derivatives recognized in income:

---

| | | |
|:---|:---|:---|
| | Futures <br> Contracts | Total |
| Interest Rate Contracts | $186635 | $186635 |
| &nbsp;&nbsp;&nbsp;Total | $186635 | $186635 |

---

The following discloses the volume of the Fund's forward futures contracts activity during the period ended April 30, 2025. For the period ended April 30, 2025, the average quarterly notional amount of futures contracts held were as follows:

---

| | |
|:---|:---|
| Average Quarterly Notional Balance Long | $6878027 |
| Average Quarterly Notional Balance Short | $(2065219) |

---

4. Transactions with Affiliates:

All 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.

A portion of the services provided by the CCO and his staff, whom are employees of the Administrator, 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 April 30, 2025, the Fund paid $8,166 and $5,200 for Trustees' Fees and Chief Compliance Officer Fees, respectively.

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MetLife Core Plus Fund** |

---

**April 30, 2025**

**(Unaudited)**

5. Administration, Shareholder Servicing, Custodian and Transfer Agent Agreements:

The Fund and the Administrator are parties to an Administration Agreement under which the Administrator provides management and administrative services to the Fund. 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 Fund. For the period ended April 30, 2025, the Fund incurred and paid $48,407 for these services.

The Fund has adopted a shareholder servicing plan that provides that the Fund may pay financial intermediaries for shareholder services in an annual amount not to exceed 0.25% based on the Fund's R Class Shares' average net assets. For the period ended April 30, 2025, the R Class Shares incurred no shareholder servicing fees.

The Trust and the Distributor are parties to a Distribution Agreement. The Distributor receives no fees under this Agreement.

Brown Brothers Harriman & Co. acts as custodian (the "Custodian") for the Fund. The Custodian plays no role in determining the investment policies of the Fund or which securities are to be purchased or sold by the Fund.

SS&C Global Investor & Distribution Solutions, Inc. serves as the transfer agent and dividend disbursing agent for the Fund under a transfer agency agreement with the Trust.

6. Investment Advisory Agreement:

Under the terms of an investment advisory agreement, MetLife Investment Management, LLC, (the "Adviser") provides investment advisory services to the Fund at a fee, which is calculated daily and paid monthly at an annual rate of 0.40% of the Fund's average daily net assets. The Adviser has contractually agreed to reduce fees and/or reimburse expenses to the extent necessary to keep the total annual Fund operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses (collectively, "excluded expenses")) from exceeding 0.45% of the Fund's I Class Shares' average daily net assets and 0.70% of the Fund's R Class Shares' average daily net assets until February 28, 2026. This Agreement may be terminated: (i) by the Board, for any reason at any time; or (ii) by the Adviser, upon ninety (90) days' prior written notice to the Trust, effective as of the close of business on February 28, 2026. Refer to investment advisory fees waived on the Statement of Operations for fees waived for the period ended April 30, 2025. In addition, if at any point it becomes unnecessary for the Adviser to reduce fees or make expense reimbursements, the Adviser may retain the difference between the total annual operating expenses and the aforementioned expense limitations to recapture all or a portion of its prior expense limitation reimbursements made during the preceding three-year period. As of April 30, 2025, fees which were previously waived and/or reimbursed by the Adviser which may be subject to possible future recapture to the Adviser were $818,705, expiring in 2026, $402,170, expiring in 2027, and $150,075, expiring in 2028. The Adviser is a wholly owned subsidiary of MetLife, Inc., a publicly held company. During the period ended April 30, 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 Statement of Operations.

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MetLife Core Plus Fund** |

---

**April 30, 2025**

**(Unaudited)**

7. Investment Transactions:

The cost of security purchases and the proceeds from security sales, other than short-term investments, for the period ended April 30, 2025, were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | U.S.<br> Government | Other | Total |
| Purchases | $77123536 | $15318188 | $92441724 |
| Sales | 73664723 | 17624718 | 91289441 |

---

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. The permanent differences primarily consist of foreign currency translations, gains and losses on paydowns of mortgage and asset-backed securities for tax purposes, and Perpetual Bond adjustment. There are no permanent differences that are credited or charged to Paid-in Capital and Distributable Earnings as of October 31, 2024.

The tax character of dividends and distributions declared during the years ended October 31, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Ordinary Income** | **Total** |
| 2024.0 | $6690249 | $6690249 |
| 2023.0 | 9126133 | 9126133 |

---

As of October 31, 2024, the components of accumulated losses on a tax basis were as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Undistributed Ordinary Income** | $387896 |
| &nbsp;&nbsp;&nbsp;**Capital Loss Carryforwards Short-Term\*** | (15142368) |
| &nbsp;&nbsp;&nbsp;**Capital Loss Carryforwards Long-Term\*** | (42009979) |
| &nbsp;&nbsp;&nbsp;**Unrealized Depreciation** | (5049562) |
| &nbsp;&nbsp;&nbsp;**Other Temporary Differences** | (65274) |
| &nbsp;&nbsp;&nbsp;**Total Accumulated Losses** | $(61879287) |

---

\* The Fund's utilization of carryforwards will be subject to annual imitations.

For Federal income tax purposes, capital losses incurred may be carried forward and applied against future capital gains. Such capital losses retain their character as either short-term or long-term capital losses. During the year ended October 31, 2024, the Fund did not utilize capital loss carryforwards to offset capital gains.

The Federal tax cost and aggregate gross unrealized appreciation and depreciation for the investments held by the Fund at April 30, 2025, were as follows:

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MetLife Core Plus Fund** |

---

**April 30, 2025**

**(Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| <br>**Federal** <br> **Tax**<br> **Cost** | **Aggregate** <br> **Gross** <br> **Unrealized**<br> **Appreciation** | **Aggregate** <br> **Gross** <br> **Unrealized**<br> **(Depreciation)** | **Net** <br> **Unrealized** <br> **Appreciation/**<br> **(Depreciation)** |
| $103276589 | $587031 | $(4782442) | $(4195411) |

---

Tax cost on investment is different than book cost because of wash sale adjustments.

9. Concentration of Shareholders:

At April 30, 2025, 100% of I Class Shares total shares outstanding were held by two record shareholders and 100% of R Class Shares total shares outstanding were held by one record related party shareholder, owning 10% or greater of the aggregate total shares outstanding. These are comprised of omnibus accounts that are held on behalf of various individual shareholders.

10. Concentration of Risks:

As with all mutual funds, there is no guarantee that the Fund will achieve its investment objective. You could lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency. The principal risks affecting shareholders' investments in the Fund are set forth below.

Credit Risk — 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. A decline in the credit rating of an individual security held by the Fund may have an adverse impact on its price. Rating agencies might not always change their credit rating on an issuer or security in a timely manner to reflect events that could affect the issuer's ability to make timely payments on its obligations.

Interest Rate Risk — The risk that the value of fixed income securities, including U.S. Government securities, will fall due to rising interest rates.

Liquidity Risk — Liquidity risk is the risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on Fund management or performance.

Market Risk — The risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. Markets for securities in which the Fund invests may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, 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.

Issuer Risk — The risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services.

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MetLife Core Plus Fund** |

---

**April 30, 2025**

**(Unaudited)**

Unrated Securities Risk — Debt securities that are not rated by Moody's, S&P or Fitch may not have an active trading market or may be difficult to value, which means the Fund might have difficulty selling them promptly at an acceptable price.

Call Risk — The risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a call). If an issuer calls a security that the Fund has invested in, the Fund may not recoup the full amount of its initial investment and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features.

Prepayment Risk — The risk that, with declining interest rates, fixed income securities with stated interest rates may have the principal paid earlier than expected. Such sooner-than-expected principal payments may reduce the returns of the Fund because of loss of expected future interest payments on the principal amount paid back early and requires the Fund to invest the proceeds at generally lower interest rates.

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

Asset-Backed Securities Risk — Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities, and asset-backed securities may not have the benefit of any security interest in the related assets.

Mortgage-Backed Securities Risk — Mortgage-backed securities are affected by, among other things, interest rate changes and the possibility of prepayment of the underlying mortgage loans. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations. TBA Transactions involve the additional risk that the value of the mortgage-backed securities to be purchased declines prior to settlement date or the counterparty does not deliver the securities as promised.

Derivatives Risk — The Fund's use of futures contracts, forward contracts and swaps is subject to market risk, leverage risk, correlation risk and liquidity risk. Market risk and liquidity risk are described elsewhere in this section. Leverage risk is the risk that the use of leverage may 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. 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 forward contracts and swaps is also subject to credit risk and valuation risk. Credit risk is described elsewhere in this section. Valuation risk is the risk that the derivative may be difficult to value and/or valued incorrectly. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument.

Fixed Income Market Risk — The prices of the Fund's fixed income securities respond to regulatory and economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. 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. Events in the fixed income markets may lead to periods of volatility, liquidity issues and, in some cases, credit downgrades and increased likelihood of default.

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MetLife Core Plus Fund** |

---

**April 30, 2025**

**(Unaudited)**

Hedging Risk — The Fund may use derivative instruments for hedging purposes. Hedging through the use of these instruments does not eliminate fluctuations in the underlying prices of the securities that the Fund owns or intends to purchase or sell. While entering into these instruments tends to reduce the risk of loss due to a decline in the value of the hedged asset, such instruments also limit any potential gain that may result from the increase in value of the asset. There can be no assurance that any hedging strategy will be effective or that there will be a hedge in place at any given time.

Portfolio Turnover Risk — The Fund may buy and sell securities 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 and will indirectly incur additional expenses related to a fund with a higher portfolio turnover rate.

High Yield Bond Risk — High yield, or "junk," bonds involve greater risks of default or downgrade and are more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is speculative. High-yield bonds also may be less liquid than higher quality investments.

Emerging Markets Securities Risk — Investments in emerging markets securities are considered speculative and subject to heightened risks in addition to the general risks of investing in foreign securities. Unlike more established markets, emerging markets may have governments that are less stable, markets that are less liquid and economies that are less developed. In addition, the securities markets of emerging market countries may consist of companies with smaller market capitalizations and may suffer periods of relative illiquidity; significant price volatility; restrictions on foreign investment; and possible restrictions on repatriation of investment income and capital. Furthermore, foreign investors may be required to register the proceeds of sales, and future economic or political crises could lead to price controls, forced mergers, expropriation or confiscatory taxation, seizure, nationalization or creation of government monopolies.

Foreign Company Risk — Investing in foreign companies poses additional risks since political and economic events unique to a country or region will affect those markets and their issuers. These risks will not necessarily affect the U.S. economy or similar issuers located in the U.S. Securities of foreign companies may not be registered with the SEC and foreign companies are generally not subject to the regulatory controls imposed on U.S. issuers and, as a consequence, there is generally less publically available information about foreign securities than is available about domestic securities. Income from foreign securities owned by the Fund may be reduced by a withholding tax at the source, which would reduce income received from the securities comprising the Fund's portfolio. Foreign securities may also be more difficult to value than securities of U.S. issuers.

Currency Risk — As a result of the Fund's investments in securities or other investments 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 or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected.

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MetLife Core Plus Fund** |

---

**April 30, 2025**

**(Unaudited)**

Privately Issued Securities Risk — 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.

Country Risk — Investing in companies and governments poses additional risks since political and economic events unique to a country or region may affect those markets and issuers. These risks will not necessarily affect the U.S. economy or similar issuers located in the U.S. Securities of foreign companies may not be registered with the U.S. Securities and Exchange Commission (the "SEC") and foreign companies are generally not subject to the regulatory controls imposed on U.S. issuers and, as a consequence, there is generally less publicly available information about foreign securities than is available about domestic securities. Income from foreign securities owned by the Fund may be reduced by a withholding tax at the source, which would reduce income received from the securities comprising the Fund's portfolio. Foreign securities may also be more difficult to value than securities of U.S. issuers. 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.

Large Purchase and Redemption Risk — Large purchases or redemptions of the Fund's shares may force the Fund to purchase or sell securities at times when it would not otherwise do so, and may cause the Fund's portfolio turnover rate and transaction costs to rise, which may negatively affect the Fund's performance and have adverse tax consequences for Fund shareholders.

The foregoing is not intended to be a complete discussion of the risks associated with investing in the Fund. A more complete description of risks associated with the Fund is included in the prospectus and statement of additional information.

11. Indemnifications:

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

12. Recent Accounting Pronouncement:

In this reporting period, the Fund 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 the 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 Fund's Adviser acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers. The financial information in the form of the 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 the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Statement of Operations.

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MetLife Core Plus Fund** |

---

**April 30, 2025**

**(Unaudited)**

13. Subsequent Events:

The Fund has 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.

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MetLife Core Plus Fund** |

---

**April 30, 2025**

**(Unaudited)**

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

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

Not applicable.

**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.**

Pursuant to Section 15 of the Investment Company Act of 1940 (the "1940 Act"), the Fund's advisory agreement (the "Agreement") must be renewed at least annually after its initial two-year term: (i) by the vote of the Board of Trustees (the "Board" or the "Trustees") of The Advisors' Inner Circle Fund III (the "Trust") or by a vote of a majority of the shareholders of the Fund; and (ii) by the vote of a majority of the Trustees who are not parties to the Agreement or "interested persons" of any party thereto, as defined in the 1940 Act (the "Independent Trustees"), cast in person at a meeting called for the purpose of voting on such renewal.

A Board meeting was held on December 4–5, 2024 to decide whether to renew the Agreement for an additional one-year term. In preparation for the meeting, the Trustees requested that the Adviser furnish information necessary to evaluate the terms of the Agreement. Prior to the meeting, the Independent Trustees of the Fund met to review and discuss the information provided and submitted a request for additional information to the Adviser, and information was provided in response to this request. The Trustees used this information, as well as other information that the Adviser and other service providers of the Fund presented or submitted to the Board at the meeting and other meetings held during the prior year, to help them decide whether to renew the Agreement for an additional year.

Specifically, the Board requested and received written materials from the Adviser and other service providers of the Fund regarding: (i) the nature, extent and quality of the Adviser's services; (ii) the Adviser's investment management personnel; (iii) the Adviser's operations and financial condition; (iv) the Adviser's brokerage practices (including any soft dollar arrangements) and investment strategies; (v) the Fund's advisory fee paid to the Adviser and overall fees and operating expenses compared with a peer group of mutual funds; (vi) the level of the Adviser's profitability from its relationship with the Fund, including both direct and indirect benefits accruing to the Adviser and its affiliates; (vii) the Adviser's potential economies of scale; (viii) the Adviser's compliance program, including a description of material compliance matters and material compliance violations; (ix) the Adviser's policies on and compliance procedures for personal securities transactions; and (x) the Fund's performance compared with a peer group of mutual funds and the Fund's benchmark index.

Representatives from the Adviser, along with other Fund service providers, presented additional information and participated in question and answer sessions at the Board meeting to help the Trustees evaluate the Adviser's services, fee and other aspects of the Agreement. The Independent Trustees received advice from independent counsel and met in executive sessions outside the presence of Fund management and the Adviser.

At the Board meeting, the Trustees, including all of the Independent Trustees, based on their evaluation of the information provided by the Adviser and other service providers of the Fund, renewed the Agreement. In considering the renewal of the Agreement, the Board considered various factors that they determined were relevant, including: (i) the nature, extent and quality of the services provided by the Adviser; (ii) the investment performance of the Fund and the Adviser; (iii) the costs of the services provided and profits realized by the Adviser from its relationship with the Fund, including both direct and indirect benefits accruing to the Adviser and its affiliates; (iv) the extent to which economies of scale are being realized by the Adviser; and (v) whether fee levels reflect such economies of scale for the benefit of Fund investors, as discussed in further detail below.

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MetLife Core Plus Fund** |

---

**April 30, 2025**

**(Unaudited)**

**Nature, Extent and Quality of Services Provided by the Adviser**

In considering the nature, extent and quality of the services provided by the Adviser, the Board reviewed the portfolio management services provided by the Adviser to the Fund, including the quality and continuity of the Adviser's portfolio management personnel, the resources of the Adviser, and the Adviser's compliance history and compliance program. The Trustees reviewed the terms of the Agreement. The Trustees also reviewed the Adviser's investment and risk management approaches for the Fund. The most recent investment adviser registration form ("Form ADV") for the Adviser was available to the Board, as was the response of the Adviser to a detailed series of questions which included, among other things, information about the investment advisory services provided by the Adviser to the Fund.

The Trustees also considered other services provided to the Fund by the Adviser such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to the Fund's investment restrictions, and monitoring compliance with various Fund policies and procedures and with applicable securities laws and regulations. Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that the nature, extent and quality of the services provided to the Fund by the Adviser were sufficient to support renewal of the Agreement.

**Investment Performance of the Fund and the Adviser**

The Board was provided with regular reports regarding the Fund's performance over various time periods. The Trustees also reviewed reports prepared by the Fund's administrator comparing the Fund's performance to its benchmark index and a peer group of mutual funds as classified by Lipper, an independent provider of investment company data, over various periods of time. Representatives from the Adviser provided information regarding and led discussions of factors impacting the performance of the Fund, outlining current market conditions and explaining their expectations and strategies for the future. The Trustees determined that the Fund's performance was satisfactory, or, where the Fund's performance was materially below its benchmark and/or peer group, the Trustees were satisfied by the reasons for the underperformance and/or the steps taken by the Adviser in an effort to improve the performance of the Fund. Based on this information, the Board concluded, within the context of its full deliberations, that the investment results that the Adviser had been able to achieve for the Fund were sufficient to support renewal of the Agreement.

**Costs of Advisory Services, Profitability and Economies of Scale**

In considering the advisory fee payable by the Fund to the Adviser, the Trustees reviewed, among other things, a report of the advisory fee paid to the Adviser. The Trustees also reviewed reports prepared by the Fund's administrator comparing the Fund's net and gross expense ratios and advisory fee to those paid by a peer group of mutual funds as classified by Lipper. The Trustees reviewed the management fees charged by the Adviser to other clients with comparable mandates. The Trustees considered any differences in management fees and took into account the respective demands, resources and complexity associated with the Fund and other client accounts as well as the extensive regulatory, compliance and tax regimes to which the Fund is subject. The Board concluded, within the context of its full deliberations, that the advisory fee was reasonable in light of the nature and quality of the services rendered by the Adviser.

The Trustees reviewed the costs of services provided by and the profits realized by the Adviser from its relationship with the Fund, including both direct benefits and indirect benefits, such as research and brokerage services received under soft dollar arrangements, accruing to the Adviser and its affiliates. The Trustees considered how the Adviser's profitability was affected by factors such as its organizational structure and method for allocating expenses. The Trustees concluded that the profit margins of the Adviser with respect to the management of the Fund were not unreasonable. The Board also considered the Adviser's commitment to managing the Fund and its willingness to continue its expense limitation and fee waiver arrangement with the Fund.

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **MetLife Core Plus Fund** |

---

**April 30, 2025**

**(Unaudited)**

The Trustees considered the Adviser's views relating to economies of scale in connection with the Fund as Fund assets grow and the extent to which the benefits of any such economies of scale are shared with the Fund and Fund shareholders. The Board considered the existence of any economies of scale and whether those were passed along to the Fund's shareholders through a graduated advisory fee schedule or other means, including fee waivers. The Trustees recognized that economies of scale are difficult to identify and quantify and are rarely identifiable on a fund-by-fund basis. Based on this evaluation, the Board concluded that the advisory fee was reasonable in light of the information that was provided to the Trustees by the Adviser with respect to economies of scale.

**Renewal of the Agreement**

Based on the Board's deliberations and its evaluation of the information described above and other factors and information it believed relevant in the exercise of its reasonable business judgment, the Board, including all of the Independent Trustees, with the assistance of Fund counsel and Independent Trustees' counsel, unanimously concluded that the terms of the Agreement, including the fees payable thereunder, were fair and reasonable and agreed to renew the Agreement for another year. In its deliberations, the Board did not identify any absence of information as material to its decision, or any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.

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**MetLife Core Plus Fund**

P.O. Box 219009

Kansas City, MO 64121-9009

1-800-252-4993

**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:** 

Deloitte & Touche LLP

30 Rockefeller Plaza

New York, NY 10112-0015

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

MIM-SA-001-0600

**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) 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) 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) 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.](fp0093742-1_ex99cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

[(b) Officer certifications, as required by Rule 30a-2(b) under the Act (17 CFR § 270.30a-2(b)), also accompany this filing as exhibits.](fp0093742-1_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: July 7, 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: July 7, 2025 |  |

---

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Andrew Metzger |
|  | Andrew Metzger |
|  | Principal Financial Officer |
| Date: July 7, 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: July 7, 2025

---

| |
|:---|
| /s/ Michael Beattie |
| Michael Beattie |

---

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: July 7, 2025

---

| |
|:---|
| /s/ Andrew Metzger |
| Andrew Metzger |

---

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 April 30, 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: July 7, 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 April 30, 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: July 7, 2025 |  |
|  | /s/ Andrew Metzger |
|  | Andrew Metzger |
|  | Principal Financial Officer |

---