# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0002048251-26-001577
**Filing Date:** 2026-2
**Character Count:** 85242
**Document Hash:** 19f122f995022e2d05e98b607a346525
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-26-001577.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0002048251-26-001577

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**PERIOD START**: 20260930

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22920
- **FILM NUMBER:** 26696298

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

---

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

---

---

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

---

**1**

---

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

---

---

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

---

**2**

---

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

---

---

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

---

**3**

---

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

---

---

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

---

**4**

---

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

---

---

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

---

**5**

---

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

---

---

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

---

**6**

---

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

---

**SCHEDULE OF INVESTMENTS (continued)** 

**LOAN OBLIGATIONS — 18.6%** 

---

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

---

**7**

---

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

---

**SCHEDULE OF INVESTMENTS (continued)** 

**LOAN OBLIGATIONS — continued**

---

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

---

**8**

---

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

---

**SCHEDULE OF INVESTMENTS (continued)**

**LOAN OBLIGATIONS — continued** 

---

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

---

**9**

---

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

---

**SCHEDULE OF INVESTMENTS (continued)**

**LOAN OBLIGATIONS — continued**

---

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

---

**COMMON STOCK — 0.4%**

---

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

---

**10**

---

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

---

**SCHEDULE OF INVESTMENTS (continued)**

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Industrials — 0.1%** | &nbsp;&nbsp;&nbsp;**Industrials — 0.1%** | &nbsp;&nbsp;&nbsp;**Industrials — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altera Infrastructure (C)(D) | 2800 | $112000 |
| &nbsp;&nbsp;&nbsp;**Information Technology — 0.0%** | &nbsp;&nbsp;&nbsp;**Information Technology — 0.0%** | &nbsp;&nbsp;&nbsp;**Information Technology — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PVKG Investment Holdings \*(C)(D) | 445 | 1780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL COMMON STOCK** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL COMMON STOCK** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL COMMON STOCK** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $2,331,677) |  | 605563 |
| **PREFERRED STOCK — 0.0%** | **PREFERRED STOCK — 0.0%** | **PREFERRED STOCK — 0.0%** |
| &nbsp;&nbsp;&nbsp;**Consumer Discretionary — 0.0%** | &nbsp;&nbsp;&nbsp;**Consumer Discretionary — 0.0%** | &nbsp;&nbsp;&nbsp;**Consumer Discretionary — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 Hour Fitness Worldwide, Inc. # \*(C)(D) | 22590 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL PREFERRED STOCK** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL PREFERRED STOCK** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL PREFERRED STOCK** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $30,496) |  | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS — 92.8%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS — 92.8%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS — 92.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $136,164,608) |  | $126034875 |

---

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

\* Non-income producing security.

# There is currently no interest rate available.

&nbsp;&nbsp;&nbsp;&nbsp;(A) Securities
sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933,
as amended, and may be sold only to dealers in that program or other "accredited investors". The total value of such
securities as of December 31, 2025, was $93,034,889 and represents 68.5% of Net Assets.

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

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

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

CME — Chicago Mercantile Exchange

LLC — Limited Liability Company

SOFR — Secured Overnight Financing Rate

**11**

---

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

---

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

---

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

---

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

*MIM-QH-002-0100*

**12**

---

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

---

---

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

---

**13**

---

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

---

---

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

---

**14**

---

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

---

---

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

---

**15**

---

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

---

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

\* Non-income producing security.

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

Cl — Class

ETF — Exchange Traded Fund

PLC — Public Limited Company

S&P — Standard & Poor's

SPDR — Standard & Poor's Depositary Receipts

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

*MIM-QH-002-0100*

**16**

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** OAKS

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19456

  - **Telephone number:** 8774463863

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

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

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

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

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

- **a. Date of fiscal year-end:** 2026-09-30

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $7371724.43

**Total Liabilities:** $50326.53

**Net Assets:** $7321397.90

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000206017 | -0.26%               | 3.66%                | -1.57%               |
| Class ID C000206018 | -0.29%               | 3.66%                | -1.58%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $93609.53                | $-114835.38                                |
| Month 2  | $-14603.47               | $288052.56                                 |
| Month 3  | $113786.79               | $-241346.66                                |

### Schedule of Portfolio Investments

| Name                                             | Title                                         | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ACI WORLDWIDE, INC.                              | ACI WORLDWIDE INC COMMON STOCK                | CUSIP: N/A<br>LEI: 5493003BPVMZUJ6F5C02       | Long             | EC               |  | US        |      2469 | NS      | $118042.89    | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| ADMA BIOLOGICS, INC.                             | ADMA BIOLOGICS INC COMMON STOCK               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |      6931 | NS      | $126421.44    | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| ADVANCED ENERGY INDUSTRIES, INC.                 | ADVANCED ENERGY INDUSTRIES COMMON STOCK       | CUSIP: N/A<br>LEI: 549300756XI3QLFT2U27       | Long             | EC               |  | US        |       468 | NS      | $97985.16     | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| ALASKA AIR GROUP, INC.                           | ALASKA AIR GROUP INC COMMON STOCK             | CUSIP: N/A<br>LEI: 529900G48RT4KWLC6C27       | Long             | EC               |  | US        |      1980 | NS      | $99594.00     | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| ALKERMES PUBLIC LIMITED COMPANY                  | ALKERMES PLC COMMON STOCK                     | CUSIP: G01767105<br>LEI: N/A                  | Long             | EC               |  | US        |      2273 | NS      | $63598.54     | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHATEC HOLDINGS, INC.                          | ALPHATEC HOLDINGS INC COMMON STOCK            | CUSIP: 02081G201<br>LEI: 549300EZE8CQ8K65FS24 | Long             | EC               |  | US        |      5803 | NS      | $122095.12    | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| ANTERO RESOURCES CORPORATION                     | ANTERO RESOURCES CORP COMMON STOCK            | CUSIP: 03674X106<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | EC               |  | US        |      2154 | NS      | $74226.84     | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| APTARGROUP, INC.                                 | APTARGROUP INC COMMON STOCK                   | CUSIP: N/A<br>LEI: VNPEQDQFAA7IY1T2PX43       | Long             | EC               |  | US        |       605 | NS      | $73785.80     | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ATLANTIC UNION BANKSHARES CORPORATION            | ATLANTIC UNION BANKSHARES CO COMMON STOCK     | CUSIP: 04911A107<br>LEI: N/A                  | Long             | EC               |  | US        |      2158 | NS      | $76177.40     | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| AXALTA COATING SYSTEMS LTD.                      | AXALTA COATING SYSTEMS LTD COMMON STOCK       | CUSIP: G0750C108<br>LEI: 529900AGLPA40GV6H619 | Long             | EC               |  | US        |      2333 | NS      | $75379.23     | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| AXSOME THERAPEUTICS, INC.                        | AXSOME THERAPEUTICS INC COMMON STOCK          | CUSIP: 05464T104<br>LEI: 549300EXGR0XLRJEIB95 | Long             | EC               |  | US        |       792 | NS      | $144650.88    | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| THE BALDWIN INSURANCE GROUP, INC                 | BALDWIN INSURANCE GROUP INC/ COMMON STOCK     | CUSIP: 05589G102<br>LEI: N/A                  | Long             | EC               |  | US        |      2989 | NS      | $71825.67     | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| BANNER CORPORATION                               | BANNER CORPORATION COMMON STOCK               | CUSIP: 06652V208<br>LEI: N/A                  | Long             | EC               |  | US        |      1039 | NS      | $65103.74     | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| BLACKSTONE MORTGAGE TRUST, INC.                  | BLACKSTONE MORTGAGE TRU-CL A REIT             | CUSIP: 09257W100<br>LEI: 549300OLDJ20R2Y2UW20 | Long             | EC               |  | US        |      5496 | NS      | $105138.48    | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                              | BROWN BROTHERS HARRIMAN SWEEP INTEREST        | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |    227242 | PA      | $227241.61    | 3.10%             |  |  |  | No            |                  1 | On Loan: No      |
| BRUKER CORPORATION                               | BRUKER CORP COMMON STOCK                      | CUSIP: 116794108<br>LEI: LEBZ6VLQ6I8XB1NHVY15 | Long             | EC               |  | US        |      2474 | NS      | $116550.14    | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| CACI INTERNATIONAL INC.                          | CACI INTERNATIONAL INC -CL A COMMON STOCK     | CUSIP: 127190304<br>LEI: SYRPI2D1O9WRTS2WX210 | Long             | EC               |  | US        |       119 | NS      | $63404.39     | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| CATALYST PHARMACEUTICALS, INC.                   | CATALYST PHARMACEUTICALS INC COMMON STOCK     | CUSIP: 14888U101<br>LEI: 5299004O0R5XXLA5H544 | Long             | EC               |  | US        |      4266 | NS      | $99568.44     | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| COEUR MINING, INC.                               | COEUR MINING INC COMMON STOCK                 | CUSIP: 192108504<br>LEI: 5493003AVK173D48DR70 | Long             | EC               |  | US        |      4005 | NS      | $71409.15     | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| COHEN & STEERS, INC.                             | COHEN & STEERS INC COMMON STOCK               | CUSIP: 19247A100<br>LEI: 549300XXIA338A0X2K65 | Long             | EC               |  | US        |      1196 | NS      | $75084.88     | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| DYNEX CAPITAL, INC.                              | DYNEX CAPITAL INC REIT                        | CUSIP: 26817Q886<br>LEI: 5CIJ4S9HAEBWILA19B65 | Long             | EC               |  | US        |      5871 | NS      | $82252.71     | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| E.L.F. BEAUTY, INC.                              | ELF BEAUTY INC COMMON STOCK                   | CUSIP: 26856L103<br>LEI: 549300U2K9TCON25C029 | Long             | EC               |  | US        |       996 | NS      | $75735.84     | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| ENERPAC TOOL GROUP CORP.                         | ENERPAC TOOL GROUP COMMON STOCK               | CUSIP: 292765104<br>LEI: IZW37BPZKUJE1QXGB081 | Long             | EC               |  | US        |       594 | NS      | $22714.56     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| ETSY, INC.                                       | ETSY INC COMMON STOCK                         | CUSIP: 29786A106<br>LEI: 54930089Q7XT501AEA40 | Long             | EC               |  | US        |      1388 | NS      | $76950.72     | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| EXLSERVICE HOLDINGS, INC.                        | EXLSERVICE HOLDINGS INC COMMON STOCK          | CUSIP: 302081104<br>LEI: 81E3DTNF6OSH489ZOV15 | Long             | EC               |  | US        |      2746 | NS      | $116540.24    | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| FEDERAL REALTY INVESTMENT TRUST                  | FEDERAL REALTY INVS TRUST REIT                | CUSIP: 313745101<br>LEI: 549300FHEI1SLVZ0RB48 | Long             | EC               |  | US        |       715 | NS      | $72072.00     | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST WATCH RESTAURANT GROUP, INC.               | FIRST WATCH RESTAURANT GROUP COMMON STOCK     | CUSIP: 33748L101<br>LEI: N/A                  | Long             | EC               |  | US        |      5300 | NS      | $79924.00     | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| FORTREA HOLDINGS INC.                            | FORTREA HOLDINGS INC COMMON STOCK             | CUSIP: 34965K107<br>LEI: 5493000FIVFABOVCDU97 | Long             | EC               |  | US        |      7178 | NS      | $123820.50    | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| GATES INDUSTRIAL CORPORATION PLC                 | GATES INDUSTRIAL CORP PLC COMMON STOCK        | CUSIP: G39108108<br>LEI: 549300S6K4FWUSB9KM27 | Long             | EC               |  | US        |      4398 | NS      | $94425.06     | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| GLOBUS MEDICAL, INC.                             | GLOBUS MEDICAL INC - A COMMON STOCK           | CUSIP: 379577208<br>LEI: 5299003M2P4CIK0RF205 | Long             | EC               |  | US        |      1333 | NS      | $116384.23    | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| HALOZYME THERAPEUTICS, INC.                      | HALOZYME THERAPEUTICS INC COMMON STOCK        | CUSIP: 40637H109<br>LEI: 529900242I3SV9AGM753 | Long             | EC               |  | US        |      1920 | NS      | $129216.00    | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| HANCOCK WHITNEY CORPORATION                      | HANCOCK WHITNEY CORP COMMON STOCK             | CUSIP: 410120109<br>LEI: 549300GRNBWY8HIICT41 | Long             | EC               |  | US        |      1545 | NS      | $98385.60     | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| HAYWARD HOLDINGS, INC.                           | HAYWARD HOLDINGS INC COMMON STOCK             | CUSIP: 421298100<br>LEI: N/A                  | Long             | EC               |  | US        |      6752 | NS      | $104318.40    | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| HELIOS TECHNOLOGIES, INC.                        | HELIOS TECHNOLOGIES INC COMMON STOCK          | CUSIP: 42328H109<br>LEI: 5493000BCJSMIDRNTI78 | Long             | EC               |  | US        |      1350 | NS      | $72211.50     | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| INDEPENDENCE REALTY TRUST, INC                   | INDEPENDENCE REALTY TRUST IN REIT             | CUSIP: 45378A106<br>LEI: 549300Z3L8NU44NQEB29 | Long             | EC               |  | US        |      4615 | NS      | $80670.20     | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Russell 2000 ETF                         | ISHARES RUSSELL 2000 ETF MUTUAL FUND          | CUSIP: 464287655<br>LEI: N/A                  | Long             | EC               | RF                | US        |       296 | NS      | $72863.36     | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ITT INC.                                         | ITT INC COMMON STOCK                          | CUSIP: 45073V108<br>LEI: 549300KDSERHTJOXUS80 | Long             | EC               |  | US        |       485 | NS      | $84152.35     | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| JBT MAREL CORPORATION                            | JBT MAREL CORP COMMON STOCK                   | CUSIP: 477839104<br>LEI: 5493007CT6ATBZ2L6826 | Long             | EC               |  | US        |       677 | NS      | $102003.59    | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| KADANT INC.                                      | KADANT INC COMMON STOCK                       | CUSIP: 48282T104<br>LEI: 549300K06LNJYBMPYP15 | Long             | EC               |  | US        |       256 | NS      | $72965.12     | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC.        | KNIGHT-SWIFT TRANSPORTATION COMMON STOCK      | CUSIP: 499049104<br>LEI: N/A                  | Long             | EC               |  | US        |      1567 | NS      | $81922.76     | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Kontoor Brands, Inc.                             | KONTOOR BRANDS INC COMMON STOCK               | CUSIP: 50050N103<br>LEI: 549300M0CPXV65RFF271 | Long             | EC               |  | US        |      1499 | NS      | $91573.91     | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| KORN FERRY                                       | KORN FERRY COMMON STOCK                       | CUSIP: 500643200<br>LEI: 549300FOD20OM0GT5G40 | Long             | EC               |  | US        |       983 | NS      | $64897.66     | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| KYNDRYL HOLDINGS, INC.                           | KYNDRYL HOLDINGS INC COMMON STOCK             | CUSIP: 50155Q100<br>LEI: 549300LQ4LWX2R8ZV130 | Long             | EC               |  | US        |      2763 | NS      | $73385.28     | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LAZARD, INC.                                     | LAZARD INC COMMON STOCK                       | CUSIP: 52110M109<br>LEI: 254900RIBCDJSUFG1A11 | Long             | EC               |  | US        |      1682 | NS      | $81677.92     | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| LEVI STRAUSS & CO.                               | LEVI STRAUSS & CO- CLASS A COMMON STOCK       | CUSIP: 52736R102<br>LEI: MB0UERO0RDFKU8258G77 | Long             | EC               |  | US        |      3517 | NS      | $72942.58     | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LITTELFUSE, INC.                                 | LITTELFUSE INC COMMON STOCK                   | CUSIP: 537008104<br>LEI: 549300MY7HLQFYTPCX75 | Long             | EC               |  | US        |       413 | NS      | $104455.96    | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| LXP INDUSTRIAL TRUST                             | LXP INDUSTRIAL TRUST REIT                     | CUSIP: 529043408<br>LEI: 549300S4MH2ICXDBFV43 | Long             | EC               |  | US        |      1614 | NS      | $80022.12     | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| THE MARZETTI COMPANY                             | MARZETTI COMPANY/THE COMMON STOCK             | CUSIP: 513847103<br>LEI: 529900X4O13HED1ZAS58 | Long             | EC               |  | US        |       387 | NS      | $63630.54     | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| MATADOR RESOURCES COMPANY                        | MATADOR RESOURCES CO COMMON STOCK             | CUSIP: 576485205<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | EC               |  | US        |      1354 | NS      | $57463.76     | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| MERCURY SYSTEMS, INC.                            | MERCURY SYSTEMS INC COMMON STOCK              | CUSIP: 589378108<br>LEI: 549300P3B84SGK7HH679 | Long             | EC               |  | US        |      1290 | NS      | $94182.90     | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| MERITAGE HOMES CORPORATION                       | MERITAGE HOMES CORP COMMON STOCK              | CUSIP: 59001A102<br>LEI: 52990044W9UMFJO2FB97 | Long             | EC               |  | US        |      1247 | NS      | $82052.60     | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| THE MOSAIC COMPANY                               | MOSAIC CO/THE COMMON STOCK                    | CUSIP: 61945C103<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | EC               |  | US        |      2933 | NS      | $70655.97     | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL HEALTH INVESTORS, INC.                  | NATL HEALTH INVESTORS INC REIT                | CUSIP: 63633D104<br>LEI: 549300ZPKZIG6DKDEC02 | Long             | EC               |  | US        |      1256 | NS      | $95920.72     | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| NCINO, INC.                                      | NCINO INC COMMON STOCK                        | CUSIP: 63947X101<br>LEI: 549300WVRR2WR3L6MZ46 | Long             | EC               |  | US        |      2899 | NS      | $74330.36     | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| NORTHWEST NATURAL HOLDING COMPANY                | NORTHWEST NATURAL HOLDING CO COMMON STOCK     | CUSIP: 66765N105<br>LEI: 254900PSJL6ZEC8FR782 | Long             | EC               |  | US        |      2282 | NS      | $106660.68    | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| NORTHWESTERN ENERGY GROUP, INC.                  | NORTHWESTERN ENERGY GROUP COMMON STOCK        | CUSIP: 668074305<br>LEI: 254900N1WG46G1VMDM34 | Long             | EC               |  | US        |      1026 | NS      | $66218.04     | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXSTAR MEDIA GROUP, INC.                        | Nexstar Media Group Inc COMMON STOCK          | CUSIP: 65336K103<br>LEI: 52990083ZRR5UT591988 | Long             | EC               |  | US        |       417 | NS      | $84671.85     | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| O-I GLASS, INC.                                  | O-I GLASS INC COMMON STOCK                    | CUSIP: 67098H104<br>LEI: N/A                  | Long             | EC               |  | US        |      4794 | NS      | $70759.44     | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| OCEANFIRST FINANCIAL CORP.                       | OCEANFIRST FINANCIAL CORP COMMON STOCK        | CUSIP: 675234108<br>LEI: N/A                  | Long             | EC               |  | US        |      4631 | NS      | $83126.45     | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| OLLIE'S BARGAIN OUTLET HOLDINGS, INC.            | OLLIE'S BARGAIN OUTLET HOLDI COMMON STOCK     | CUSIP: 681116109<br>LEI: 529900YO5DSQCPEFDZ05 | Long             | EC               |  | US        |       609 | NS      | $66752.49     | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Paymentus Holdings Inc                           | PAYMENTUS HOLDINGS INC-A COMMON STOCK         | CUSIP: 70439P108<br>LEI: N/A                  | Long             | EC               |  | US        |      3299 | NS      | $104215.41    | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| PEBBLEBROOK HOTEL TRUST                          | PEBBLEBROOK HOTEL TRUST REIT                  | CUSIP: 70509V100<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EC               |  | US        |      6488 | NS      | $73444.16     | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PLEXUS CORP.                                     | PLEXUS CORP COMMON STOCK                      | CUSIP: 729132100<br>LEI: 549300W7HCBI5YT25I79 | Long             | EC               |  | US        |       754 | NS      | $110838.00    | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| POTLATCHDELTIC CORPORATION                       | POTLATCHDELTIC CORP REIT                      | CUSIP: 737630103<br>LEI: 54930084YA8UJOTXDM59 | Long             | EC               |  | US        |      2112 | NS      | $84015.36     | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| QUAKER CHEMICAL CORPORATION                      | QUAKER CHEMICAL CORPORATION COMMON STOCK      | CUSIP: 747316107<br>LEI: 549300PJQ1R3WCWCPS54 | Long             | EC               |  | US        |       677 | NS      | $92958.87     | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| QUIDELORTHO CORPORATION                          | QUIDELORTHO CORP COMMON STOCK                 | CUSIP: 219798105<br>LEI: 549300YU8CMO9HF53113 | Long             | EC               |  | US        |      3785 | NS      | $108099.60    | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| RAMBUS INC.                                      | RAMBUS INC COMMON STOCK                       | CUSIP: 750917106<br>LEI: 2549000211GDCQSLV833 | Long             | EC               |  | US        |       834 | NS      | $76636.26     | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| RH                                               | RH COMMON STOCK                               | CUSIP: 74967X103<br>LEI: 5493008MTS3OGGMHGK69 | Long             | EC               |  | US        |       456 | NS      | $81692.40     | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| RIOT PLATFORMS, INC.                             | RIOT PLATFORMS INC COMMON STOCK               | CUSIP: 767292105<br>LEI: 5299005LKZAJQDQZDF73 | Long             | EC               |  | US        |      4091 | NS      | $51832.97     | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| SELECTIVE INSURANCE GROUP, INC.                  | SELECTIVE INSURANCE GROUP COMMON STOCK        | CUSIP: 816300107<br>LEI: 549300R3WGJWLE40R258 | Long             | EC               |  | US        |      1188 | NS      | $99399.96     | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| SEMTECH CORPORATION                              | SEMTECH CORP COMMON STOCK                     | CUSIP: 816850101<br>LEI: 549300J7WUY317SW6O61 | Long             | EC               |  | US        |       932 | NS      | $68679.08     | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTHSTATE BANK CORPORATION                      | SOUTHSTATE BANK CORP COMMON STOCK             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |       830 | NS      | $78111.30     | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| SPROUTS FARMERS MARKET, INC.                     | SPROUTS FARMERS MARKET INC COMMON STOCK       | CUSIP: 85208M102<br>LEI: 529900P8F4G77Q52XE24 | Long             | EC               |  | US        |       890 | NS      | $70906.30     | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| STAG INDUSTRIAL, INC.                            | STAG INDUSTRIAL INC REIT                      | CUSIP: 85254J102<br>LEI: 549300QWYX2W6FASVQ07 | Long             | EC               |  | US        |      1967 | NS      | $72306.92     | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Series Trust - SPDR S&P Biotech ETF         | STATE STREET SPDR S&P BIOTECH ETF MUTUAL FUND | CUSIP: 78464A870<br>LEI: 549300Y3ODFMPD5XXL58 | Long             | EC               | RF                | US        |      1098 | NS      | $133879.14    | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| STEVANATO GROUP SOCIETA PER AZIONI               | STEVANATO GROUP SPA COMMON STOCK              | CUSIP: T9224W109<br>LEI: 81560033F7E1CD477507 | Long             | EC               |  | US        |      4402 | NS      | $88568.24     | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| SUPERNUS PHARMACEUTICALS, INC.                   | SUPERNUS PHARMACEUTICALS INC COMMON STOCK     | CUSIP: 868459108<br>LEI: 549300GRM36VBKISYJ58 | Long             | EC               |  | US        |      1852 | NS      | $92044.40     | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| SYNOVUS FINANCIAL CORP                           | SYNOVUS FINANCIAL CORP COMMON STOCK           | CUSIP: 87161C501<br>LEI: N/A                  | Long             | EC               |  | US        |      1618 | NS      | $80980.90     | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| TEXAS CAPITAL BANCSHARES, INC.                   | TEXAS CAPITAL BANCSHARES INC COMMON STOCK     | CUSIP: 88224Q107<br>LEI: 549300466Q2SXRX0YM48 | Long             | EC               |  | US        |       958 | NS      | $86737.32     | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| UWM HOLDINGS CORPORATION                         | UWM HOLDINGS CORP COMMON STOCK                | CUSIP: 91823B109<br>LEI: N/A                  | Long             | EC               |  | US        |     13611 | NS      | $59616.18     | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| WEATHERFORD INTERNATIONAL PUBLIC LIMITED COMPANY | WEATHERFORD INTERNATIONAL PL COMMON STOCK     | CUSIP: G48833118<br>LEI: 529900LPBDSCQDJKHQ39 | Long             | EC               |  | US        |      1179 | NS      | $92268.54     | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| YETI HOLDINGS, INC.                              | YETI HOLDINGS INC COMMON STOCK                | CUSIP: 98585X104<br>LEI: 549300DSQICIGNT5GO63 | Long             | EC               |  | US        |      2448 | NS      | $108128.16    | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| ZIONS BANCORPORATION, NATIONAL ASSOCIATION       | ZIONS BANCORP NA COMMON STOCK                 | CUSIP: 989701107<br>LEI: 8WH0EE09O9V05QJZ3V89 | Long             | EC               |  | US        |      1873 | NS      | $109645.42    | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

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

**Signature:** Andrew Metzger

**Name of Signer:** Andrew Metzger

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