| THE ADVISORS’ INNER CIRCLE FUND III | METLIFE CORE PLUS FUND |
| JULY 31, 2025 (Unaudited) |
SCHEDULE OF INVESTMENTS
MORTGAGE-BACKED SECURITIES — 33.5%
| Face Amount | Value | |||||||
| AGENCY MORTGAGE-BACKED OBLIGATIONS — 31.7% | ||||||||
| FHLMC | ||||||||
| 2.000%, 01/01/37 to 05/01/52 | $ | 1,323,181 | $ | 1,086,739 | ||||
| 2.500%, 11/01/51 to 01/01/52 | 1,912,710 | 1,601,570 | ||||||
| 3.000%, 12/01/47 | 56,005 | 49,394 | ||||||
| 3.500%, 11/01/48 | 248,549 | 227,602 | ||||||
| 4.000%, 09/01/48 | 49,803 | 46,819 | ||||||
| 4.500%, 07/01/52 to 11/01/52 | 1,030,952 | 991,169 | ||||||
| 5.000%, 01/01/53 to 05/01/55 | 1,775,431 | 1,737,016 | ||||||
| 5.500%, 01/01/53 to 03/01/55 | 3,287,899 | 3,293,124 | ||||||
| 6.000%, 01/01/53 to 07/01/55 | 2,252,925 | 2,304,688 | ||||||
| FHLMC Multifamily Structured Pass Through Certificates, Ser Q032, Cl A | ||||||||
| 4.950%, 11/25/54 (A) | 99,002 | 99,516 | ||||||
| FHLMC, Ser 2006-R006, Cl ZA | ||||||||
| 6.000%, 04/15/36 | 117,325 | 123,349 | ||||||
| FHLMC, Ser 2012-271, Cl 30 | ||||||||
| 3.000%, 08/15/42 | 28,046 | 25,651 | ||||||
| FHLMC, Ser 2017-356, Cl 300 | ||||||||
| 3.000%, 09/15/47 | 114,617 | 102,372 | ||||||
| FNMA | ||||||||
| 1.790%, 08/01/31 | 167,138 | 143,170 | ||||||
| 1.850%, 09/01/35 | 235,174 | 205,130 | ||||||
| 2.000%, 01/01/42 to 12/01/51 | 4,328,353 | 3,452,386 | ||||||
| 2.500%, 06/01/50 to 04/01/52 | 3,921,392 | 3,277,180 | ||||||
| 3.000%, 12/01/31 to 05/01/52 | 3,940,774 | 3,492,084 | ||||||
| 3.040%, 01/01/28 | 158,009 | 153,344 | ||||||
| 3.500%, 07/01/43 to 09/01/52 | 3,073,461 | 2,788,442 | ||||||
| 4.000%, 03/01/48 to 04/01/54 | 723,664 | 675,233 | ||||||
| 4.500%, 06/01/52 to 09/01/52 | 753,269 | 729,326 | ||||||
| 5.000%, 02/01/31 to 05/01/55 | 4,141,734 | 4,044,558 | ||||||
| 5.500%, 12/01/39 to 05/01/55 | 3,413,936 | 3,407,436 | ||||||
| 6.000%, 10/01/53 to 05/01/54 | 1,466,427 | 1,492,093 | ||||||
| FNMA, Ser 2001-T4, Cl A1 | ||||||||
| 7.500%, 07/25/41 | 1,023 | 1,033 | ||||||
| FNMA, Ser 2005-24, Cl ZE | ||||||||
| 5.000%, 04/25/35 | 2,127 | 2,154 | ||||||
| FNMA, Ser 2012-121, Cl TB | ||||||||
| 7.000%, 11/25/42 | 11,725 | 12,444 | ||||||
1
| THE ADVISORS’ INNER CIRCLE FUND III | METLIFE CORE PLUS FUND |
| JULY 31, 2025 (Unaudited) |
MORTGAGE-BACKED SECURITIES — continued
| Face Amount | Value | |||||||
| AGENCY MORTGAGE-BACKED OBLIGATIONS — continued | ||||||||
| FNMA, Ser 2012-411, Cl A3 | ||||||||
| 3.000%, 08/25/42 | $ | 292,799 | $ | 264,398 | ||||
| GNMA | ||||||||
| 2.000%, 12/20/50 to 02/20/51 | 874,683 | 706,510 | ||||||
| 2.500%, 04/20/51 to 11/20/51 | 1,144,693 | 961,909 | ||||||
| 3.000%, 04/20/50 | 220,660 | 193,307 | ||||||
| 4.000%, 04/20/49 to 04/20/52 | 1,149,602 | 1,070,955 | ||||||
| 4.470%, 01/20/67 (A) | 33,548 | 33,195 | ||||||
| 5.000%, 07/20/53 | 256,214 | 250,683 | ||||||
| GNMA, Ser 2010-H14, Cl BI, IO | ||||||||
| 1.512%, 07/20/60 (A) | 1,713 | 179 | ||||||
| GNMA, Ser 2017-H16, Cl PT | ||||||||
| 4.694%, 05/20/66 (A) | 60 | 59 | ||||||
| 39,046,217 | ||||||||
| NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 1.8% | ||||||||
| BANK, Ser 2022-BNK40, Cl A4 | ||||||||
| 3.391%, 03/15/64 (A) | 115,000 | 105,137 | ||||||
| BBCMS Mortgage Trust, Ser 2020-C6, Cl AS | ||||||||
| 2.840%, 02/15/53 | 75,000 | 67,209 | ||||||
| Benchmark Mortgage Trust, Ser 2022-B33, Cl A5 | ||||||||
| 3.458%, 03/15/55 | 185,000 | 168,603 | ||||||
| Benchmark Mortgage Trust, Ser 2022-B35, Cl AS | ||||||||
| 4.443%, 05/15/55 (A) | 205,000 | 189,418 | ||||||
| COMM Mortgage Trust, Ser 2014-UBS3, Cl AM | ||||||||
| 4.012%, 06/10/47 | 38,800 | 37,054 | ||||||
| CSMC LLC, Ser 2014-USA, Cl A2 | ||||||||
| 3.953%, 09/15/37 (B) | 125,000 | 114,375 | ||||||
| CSMC Trust, Ser 2021-RPL3, Cl A1 | ||||||||
| 2.000%, 01/25/60 (A) (B) | 330,112 | 289,859 | ||||||
| GPMT, Ser 2021-FL3, Cl A | ||||||||
| 5.964%, TSFR1M + 1.614%, 07/16/35 (A) (B) | 131,591 | 130,976 | ||||||
| JPMBB Commercial Mortgage Securities Trust, Ser 2014-C25, Cl B | ||||||||
| 4.347%, 11/15/47 (A) | 215,000 | 199,763 | ||||||
2
| THE ADVISORS’ INNER CIRCLE FUND III | METLIFE CORE PLUS FUND |
| JULY 31, 2025 (Unaudited) |
MORTGAGE-BACKED SECURITIES — continued
| Face Amount | Value | |||||||
| NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — continued | ||||||||
| Mill City Mortgage Loan Trust, Ser 2021-NMR1, Cl A1 | ||||||||
| 1.125%, 11/25/60 (A) (B) | $ | 212,222 | $ | 202,337 | ||||
| Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2015-C24, Cl C | ||||||||
| 4.300%, 05/15/48 (A) | 210,000 | 205,004 | ||||||
| Sequoia Mortgage Trust, Ser 2018-CH4, Cl B1B | ||||||||
| 5.036%, 10/25/48 (A) (B) | 284,801 | 282,558 | ||||||
| Towd Point Mortgage Trust, Ser 2020-3, Cl A1 | ||||||||
| 3.088%, 02/25/63 (A) (B) | 52,681 | 50,790 | ||||||
| WFRBS Commercial Mortgage Trust, Ser 2014-C22, Cl B | ||||||||
| 4.371%, 09/15/57 (A) | 270,000 | 245,020 | ||||||
| 2,288,103 | ||||||||
| TOTAL MORTGAGE-BACKED SECURITIES | ||||||||
| (Cost $43,555,623) | 41,334,320 | |||||||
| CORPORATE OBLIGATIONS — 30.7% | ||||||||
| COMMUNICATION SERVICES — 2.9% | ||||||||
| AT&T | ||||||||
| 3.500%, 06/01/41 | 240,000 | 187,687 | ||||||
| 3.550%, 09/15/55 | 285,000 | 191,082 | ||||||
| 6.000%, 11/15/34 | 20,000 | 20,131 | ||||||
| Charter Communications Operating | ||||||||
| 6.100%, 06/01/29 | 185,000 | 192,984 | ||||||
| Frontier Communications Holdings | ||||||||
| 6.000%, 01/15/30 (B) | 374,000 | 378,446 | ||||||
| 6.750%, 05/01/29 (B) | 106,000 | 107,014 | ||||||
| IHS Holding | ||||||||
| 5.625%, 11/29/26 (B) | 250,000 | 246,796 | ||||||
| Meta Platforms | ||||||||
| 4.450%, 08/15/52 | 90,000 | 75,675 | ||||||
| 5.400%, 08/15/54 | 155,000 | 149,779 | ||||||
| 5.550%, 08/15/64 | 180,000 | 174,632 | ||||||
| Paramount Global | ||||||||
| 5.900%, 10/15/40 | 240,000 | 220,029 | ||||||
| 6.250%, US0003M + 3.899%, 02/28/57 (A) | 225,000 | 216,844 | ||||||
| 6.375%, H15T5Y + 3.999%, 03/30/62 (A) | 470,000 | 462,949 | ||||||
| Rakuten Group | ||||||||
| 9.750%, 04/15/29 (B) | 445,000 | 487,238 | ||||||
3
| THE ADVISORS’ INNER CIRCLE FUND III | METLIFE CORE PLUS FUND |
| JULY 31, 2025 (Unaudited) |
CORPORATE OBLIGATIONS — continued
| Face Amount | Value | |||||||
| COMMUNICATION SERVICES — continued | ||||||||
| Time Warner Cable | ||||||||
| 5.875%, 11/15/40 | $ | 380,000 | $ | 359,471 | ||||
| Warnermedia Holdings | ||||||||
| 5.141%, 03/15/52 | 58,000 | 35,823 | ||||||
| 3,506,580 | ||||||||
| CONSUMER DISCRETIONARY — 1.5% | ||||||||
| Ford Motor Credit | ||||||||
| 6.050%, 03/05/31 | 120,000 | 120,331 | ||||||
| 6.054%, 11/05/31 | 445,000 | 445,255 | ||||||
| General Motors | ||||||||
| 5.350%, 04/15/28 | 170,000 | 172,760 | ||||||
| General Motors Financial | ||||||||
| 5.450%, 07/15/30 | 360,000 | 366,203 | ||||||
| 5.950%, 04/04/34 | 310,000 | 315,081 | ||||||
| Resorts World Las Vegas | ||||||||
| 4.625%, 04/06/31 (B) | 270,000 | 223,684 | ||||||
| Stellantis Finance US | ||||||||
| 5.350%, 03/17/28 (B) | 200,000 | 201,125 | ||||||
| 1,844,439 | ||||||||
| CONSUMER SERVICES — 0.5% | ||||||||
| Time Warner Cable | ||||||||
| 6.550%, 05/01/37 | 470,000 | 482,902 | ||||||
| 7.300%, 07/01/38 | 115,000 | 124,010 | ||||||
| 606,912 | ||||||||
| CONSUMER STAPLES — 1.1% | ||||||||
| Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide Inc | ||||||||
| 4.900%, 02/01/46 | 107,000 | 97,825 | ||||||
| Anheuser-Busch InBev Worldwide | ||||||||
| 5.450%, 01/23/39 | 125,000 | 126,578 | ||||||
| BAT Capital | ||||||||
| 4.390%, 08/15/37 | 430,000 | 384,014 | ||||||
| 5.350%, 08/15/32 | 260,000 | 265,351 | ||||||
| 5.834%, 02/20/31 | 190,000 | 198,979 | ||||||
| Mars | ||||||||
| 5.200%, 03/01/35 (B) | 225,000 | 226,077 | ||||||
| Reynolds American | ||||||||
| 8.125%, 05/01/40 | 45,000 | 52,475 | ||||||
| 1,351,299 | ||||||||
4
| THE ADVISORS’ INNER CIRCLE FUND III | METLIFE CORE PLUS FUND |
| JULY 31, 2025 (Unaudited) |
CORPORATE OBLIGATIONS — continued
| Face Amount | Value | |||||||
| ENERGY — 3.1% | ||||||||
| Civitas Resources | ||||||||
| 8.375%, 07/01/28 (B) | $ | 239,000 | $ | 245,770 | ||||
| Continental Resources | ||||||||
| 2.268%, 11/15/26 (B) | 320,000 | 309,740 | ||||||
| Eastern Energy Gas Holdings | ||||||||
| 5.800%, 01/15/35 | 250,000 | 259,307 | ||||||
| Energy Transfer | ||||||||
| 6.400%, 12/01/30 | 340,000 | 364,853 | ||||||
| Galaxy Pipeline Assets Bidco | ||||||||
| 1.750%, 09/30/27 (B) | 299,274 | 289,133 | ||||||
| Greensaif Pipelines Bidco Sarl | ||||||||
| 6.103%, 08/23/42 (B) | 230,000 | 233,842 | ||||||
| Harbour Energy | ||||||||
| 6.327%, 04/01/35 (B) | 215,000 | 215,104 | ||||||
| Hess | ||||||||
| 5.800%, 04/01/47 | 215,000 | 218,122 | ||||||
| 6.000%, 01/15/40 | 485,000 | 519,053 | ||||||
| HF Sinclair | ||||||||
| 5.000%, 02/01/28 | 100,000 | 99,753 | ||||||
| MPLX | ||||||||
| 5.950%, 04/01/55 | 190,000 | 179,981 | ||||||
| Petroleos Mexicanos | ||||||||
| 7.690%, 01/23/50 | 275,000 | 233,135 | ||||||
| Saudi Arabian Oil | ||||||||
| 6.375%, 06/02/55 (B) | 200,000 | 202,840 | ||||||
| Tennessee Gas Pipeline | ||||||||
| 8.375%, 06/15/32 | 135,000 | 156,598 | ||||||
| Venture Global LNG | ||||||||
| 9.875%, 02/01/32 (B) | 230,000 | 248,157 | ||||||
| 3,775,388 | ||||||||
| FINANCIALS — 8.3% | ||||||||
| Aon North America | ||||||||
| 5.450%, 03/01/34 | 295,000 | 301,757 | ||||||
| Avolon Holdings Funding | ||||||||
| 5.750%, 11/15/29 (B) | 410,000 | 422,068 | ||||||
| 5.750%, 03/01/29 (B) | 160,000 | 164,203 | ||||||
| 6.375%, 05/04/28 (B) | 160,000 | 166,543 | ||||||
| Bank of America | ||||||||
| 4.571%, SOFRRATE + 1.830%, 04/27/33 (A) | 205,000 | 201,822 | ||||||
| 5.288%, SOFRRATE + 1.910%, 04/25/34 (A) | 200,000 | 203,746 | ||||||
| 5.468%, SOFRRATE + 1.650%, 01/23/35 (A) | 440,000 | 451,554 | ||||||
5
| THE ADVISORS’ INNER CIRCLE FUND III | METLIFE CORE PLUS FUND |
| JULY 31, 2025 (Unaudited) |
CORPORATE OBLIGATIONS — continued
| Face Amount | Value | |||||||
| FINANCIALS — continued | ||||||||
| Brown & Brown | ||||||||
| 5.550%, 06/23/35 | $ | 270,000 | $ | 272,941 | ||||
| CI Financial | ||||||||
| 3.200%, 12/17/30 | 675,000 | 599,154 | ||||||
| Citibank | ||||||||
| 5.570%, 04/30/34 | 170,000 | 176,747 | ||||||
| Citigroup | ||||||||
| 2.561%, SOFRRATE + 1.167%, 05/01/32 (A) | 545,000 | 482,514 | ||||||
| 5.174%, SOFRRATE + 1.364%, 02/13/30 (A) | 490,000 | 498,916 | ||||||
| 8.125%, 07/15/39 | 165,000 | 206,337 | ||||||
| Constellation Insurance | ||||||||
| 6.800%, 01/24/30 (B) | 380,000 | 374,795 | ||||||
| Cooperatieve Rabobank UA | ||||||||
| 3.758%, H15T1Y + 1.420%, 04/06/33 (A) (B) | 375,000 | 349,691 | ||||||
| Credit Suisse Group | ||||||||
| 7.500%, USSW5 + 4.598%, 06/11/74 (B) (C) | 725,000 | 48,938 | ||||||
| Deutsche Bank NY | ||||||||
| 4.999%, SOFRRATE + 1.700%, 09/11/30 (A) | 140,000 | 141,171 | ||||||
| 6.819%, SOFRRATE + 2.510%, 11/20/29 (A) | 135,000 | 143,692 | ||||||
| Farmers Exchange Capital III | ||||||||
| 5.454%, TSFR3M + 3.454%, 10/15/54 (A) (B) | 405,000 | 365,892 | ||||||
| Farmers Insurance Exchange | ||||||||
| 7.000%, H15T10Y + 3.864%, 10/15/64 (A) (B) | 170,000 | 173,365 | ||||||
| Goldman Sachs Capital I | ||||||||
| 6.345%, 02/15/34 | 325,000 | 340,014 | ||||||
| Goldman Sachs Group | ||||||||
| 2.383%, SOFRRATE + 1.248%, 07/21/32 (A) | 410,000 | 358,159 | ||||||
| 5.536%, SOFRRATE + 1.380%, 01/28/36 (A) | 350,000 | 357,829 | ||||||
| HSBC Holdings | ||||||||
| 5.733%, SOFRRATE + 1.520%, 05/17/32 (A) | 370,000 | 384,311 | ||||||
| Jackson Financial | ||||||||
| 3.125%, 11/23/31 | 340,000 | 301,326 | ||||||
| JPMorgan Chase | ||||||||
| 5.572%, SOFRRATE + 1.680%, 04/22/36 (A) | 225,000 | 232,353 | ||||||
| 5.766%, SOFRRATE + 1.490%, 04/22/35 (A) | 400,000 | 419,513 | ||||||
| Mercury General | ||||||||
| 4.400%, 03/15/27 | 139,000 | 137,542 | ||||||
| Morgan Stanley | ||||||||
| 1.593%, SOFRRATE + 0.879%, 05/04/27 (A) | 265,000 | 259,021 | ||||||
| 5.466%, SOFRRATE + 1.730%, 01/18/35 (A) | 340,000 | 348,286 | ||||||
| Morgan Stanley MTN | ||||||||
| 5.250%, SOFRRATE + 1.870%, 04/21/34 (A) | 290,000 | 294,688 | ||||||
| 5.831%, SOFRRATE + 1.580%, 04/19/35 (A) | 185,000 | 193,928 | ||||||
6
| THE ADVISORS’ INNER CIRCLE FUND III | METLIFE CORE PLUS FUND |
| JULY 31, 2025 (Unaudited) |
CORPORATE OBLIGATIONS — continued
| Face Amount | Value | |||||||
| FINANCIALS — continued | ||||||||
| NTT Finance | ||||||||
| 5.171%, 07/16/32 (B) | $ | 540,000 | $ | 544,662 | ||||
| SBL Holdings | ||||||||
| 7.200%, 10/30/34 (B) | 75,000 | 73,088 | ||||||
| Symetra Life Insurance | ||||||||
| 6.550%, 10/01/55 (B) | 265,000 | 270,530 | ||||||
| Wells Fargo | ||||||||
| 5.079%, TSFR3M + 0.762%, 01/15/27 (A) | 205,000 | 203,096 | ||||||
| 10,464,192 | ||||||||
| HEALTH CARE — 2.8% | ||||||||
| Amgen | ||||||||
| 5.650%, 03/02/53 | 95,000 | 91,864 | ||||||
| 6.375%, 06/01/37 | 135,000 | 147,302 | ||||||
| Biocon Biologics Global | ||||||||
| 6.670%, 10/09/29 (B) | 240,000 | 225,974 | ||||||
| Biogen | ||||||||
| 5.750%, 05/15/35 | 250,000 | 256,449 | ||||||
| Centene | ||||||||
| 3.000%, 10/15/30 | 175,000 | 152,418 | ||||||
| 4.625%, 12/15/29 | 485,000 | 461,179 | ||||||
| CVS Health | ||||||||
| 1.875%, 02/28/31 | 305,000 | 260,679 | ||||||
| 5.050%, 03/25/48 | 565,000 | 486,146 | ||||||
| 6.750%, H15T5Y + 2.516%, 12/10/54 (A) | 140,000 | 140,116 | ||||||
| HCA | ||||||||
| 3.500%, 09/01/30 | 240,000 | 226,242 | ||||||
| 3.500%, 07/15/51 | 305,000 | 200,557 | ||||||
| Horizon Mutual Holdings | ||||||||
| 6.200%, 11/15/34 (B) | 365,000 | 354,579 | ||||||
| UnitedHealth Group | ||||||||
| 5.300%, 06/15/35 | 265,000 | 267,792 | ||||||
| 5.375%, 04/15/54 | 185,000 | 170,012 | ||||||
| 3,441,309 | ||||||||
| INDUSTRIALS — 2.7% | ||||||||
| AerCap Ireland Capital DAC | ||||||||
| 3.000%, 10/29/28 | 185,000 | 176,061 | ||||||
| 4.950%, 09/10/34 | 375,000 | 365,732 | ||||||
| 6.500%, H15T5Y + 2.441%, 01/31/56 (A) | 215,000 | 217,626 | ||||||
| BAE Systems | ||||||||
| 5.250%, 03/26/31 (B) | 220,000 | 226,101 | ||||||
7
| THE ADVISORS’ INNER CIRCLE FUND III | METLIFE CORE PLUS FUND |
| JULY 31, 2025 (Unaudited) |
CORPORATE OBLIGATIONS — continued
| Face Amount | Value | |||||||
| INDUSTRIALS — continued | ||||||||
| Boeing | ||||||||
| 2.196%, 02/04/26 | $ | 265,000 | $ | 261,484 | ||||
| 6.298%, 05/01/29 | 340,000 | 358,963 | ||||||
| Delta Air Lines | ||||||||
| 5.250%, 07/10/30 | 360,000 | 363,393 | ||||||
| Paychex | ||||||||
| 5.350%, 04/15/32 | 325,000 | 333,135 | ||||||
| Regal Rexnord | ||||||||
| 6.050%, 02/15/26 | 300,000 | 299,831 | ||||||
| United Airlines | ||||||||
| 4.375%, 04/15/26 (B) | 615,000 | 611,346 | ||||||
| 3,213,672 | ||||||||
| INFORMATION TECHNOLOGY — 2.1% | ||||||||
| Broadcom | ||||||||
| 3.419%, 04/15/33 (B) | 109,000 | 98,603 | ||||||
| 4.800%, 10/15/34 | 150,000 | 147,186 | ||||||
| 4.900%, 07/15/32 | 230,000 | 230,709 | ||||||
| 4.926%, 05/15/37 (B) | 277,000 | 267,684 | ||||||
| Foundry JV Holdco | ||||||||
| 6.100%, 01/25/36 (B) | 400,000 | 408,780 | ||||||
| Intel | ||||||||
| 3.050%, 08/12/51 | 360,000 | 208,119 | ||||||
| Oracle | ||||||||
| 3.600%, 04/01/40 | 110,000 | 86,820 | ||||||
| 3.800%, 11/15/37 | 540,000 | 458,150 | ||||||
| 5.375%, 09/27/54 | 130,000 | 117,093 | ||||||
| Sprint Capital | ||||||||
| 8.750%, 03/15/32 | 195,000 | 235,540 | ||||||
| Vontier | ||||||||
| 1.800%, 04/01/26 | 330,000 | 323,280 | ||||||
| 2,581,964 | ||||||||
| MATERIALS — 1.8% | ||||||||
| Anglo American Capital | ||||||||
| 5.750%, 04/05/34 (B) | 325,000 | 335,813 | ||||||
| Braskem Netherlands Finance BV | ||||||||
| 8.000%, 10/15/34 (B) | 355,000 | 252,494 | ||||||
| Celanese US Holdings | ||||||||
| 7.050%, 11/15/30 | 175,000 | 182,249 | ||||||
| First Quantum Minerals | ||||||||
| 8.625%, 06/01/31 (B) | 560,000 | 583,102 | ||||||
8
| THE ADVISORS’ INNER CIRCLE FUND III | METLIFE CORE PLUS FUND |
| JULY 31, 2025 (Unaudited) |
CORPORATE OBLIGATIONS — continued
| Face Amount | Value | |||||||
| MATERIALS — continued | ||||||||
| FMC | ||||||||
| 8.450%, H15T5Y + 4.366%, 11/01/55 (A) | $ | 205,000 | $ | 211,936 | ||||
| Glencore Funding | ||||||||
| 5.186%, 04/01/30 (B) | 330,000 | 335,247 | ||||||
| Samarco Mineracao | ||||||||
| 9.500%, 06/30/31 (B) | 261,415 | 258,894 | ||||||
| 2,159,735 | ||||||||
| REAL ESTATE — 0.3% | ||||||||
| Sabra Health Care | ||||||||
| 3.900%, 10/15/29 | 245,000 | 233,053 | ||||||
| Scentre Group Trust 2 | ||||||||
| 5.125%, H15T5Y + 4.685%, 09/24/80 (A) (B) | 190,000 | 186,827 | ||||||
| 419,880 | ||||||||
| UTILITIES — 3.6% | ||||||||
| Brooklyn Union Gas | ||||||||
| 6.415%, 07/18/54 (B) | 275,000 | 282,435 | ||||||
| Chile Electricity Lux MPC Sarl | ||||||||
| 6.010%, 01/20/33 (B) | 232,700 | 241,319 | ||||||
| Dominion Energy | ||||||||
| 6.625%, H15T5Y + 2.207%, 05/15/55 (A) | 195,000 | 199,812 | ||||||
| Entergy Louisiana | ||||||||
| 5.800%, 03/15/55 | 165,000 | 164,565 | ||||||
| Louisville Gas and Electric | ||||||||
| 5.450%, 04/15/33 | 205,000 | 211,529 | ||||||
| NextEra Energy Capital Holdings | ||||||||
| 5.450%, 03/15/35 | 490,000 | 498,517 | ||||||
| NiSource | ||||||||
| 5.350%, 04/01/34 | 245,000 | 248,798 | ||||||
| Pacific Gas and Electric | ||||||||
| 2.100%, 08/01/27 | 355,000 | 337,091 | ||||||
| 2.500%, 02/01/31 | 205,000 | 178,976 | ||||||
| 6.100%, 01/15/29 | 315,000 | 325,783 | ||||||
| PG&E | ||||||||
| 7.375%, H15T5Y + 3.883%, 03/15/55 (A) | 230,000 | 221,946 | ||||||
| PSEG Power | ||||||||
| 5.750%, 05/15/35 (B) | 295,000 | 303,819 | ||||||
| Public Service Company of Oklahoma | ||||||||
| 5.200%, 01/15/35 | 240,000 | 239,462 | ||||||
| Virginia Electric and Power | ||||||||
| 5.000%, 01/15/34 | 300,000 | 298,195 | ||||||
| 5.000%, 04/01/33 | 282,000 | 284,039 | ||||||
9
| THE ADVISORS’ INNER CIRCLE FUND III | METLIFE CORE PLUS FUND |
| JULY 31, 2025 (Unaudited) |
| CORPORATE OBLIGATIONS — continued | ||||||||
| Face Amount | Value | |||||||
| UTILITIES — continued | ||||||||
| Virginia Power Fuel Securitization | ||||||||
| 5.088%, 05/01/27 | $ | 137,072 | $ | 137,556 | ||||
| Vistra Operations | ||||||||
| 5.700%, 12/30/34 (B) | 290,000 | 295,227 | ||||||
| 4,469,069 | ||||||||
| TOTAL CORPORATE OBLIGATIONS | ||||||||
| (Cost $38,939,379) | 37,834,439 | |||||||
| U.S. TREASURY OBLIGATIONS — 26.4% | ||||||||
| U.S. Treasury Bonds | ||||||||
| 3.000%, 02/15/49 | 2,915,000 | 2,120,663 | ||||||
| 3.125%, 05/15/48 | 2,755,000 | 2,064,958 | ||||||
| 4.625%, 02/15/55 | 880,000 | 843,013 | ||||||
| 4.750%, 02/15/45 to 05/15/55 | 5,060,000 | 4,957,014 | ||||||
| 5.000%, 05/15/45 | 1,825,000 | 1,851,805 | ||||||
| U.S. Treasury Notes | ||||||||
| 3.750%, 06/30/27 to 04/15/28 | 2,920,000 | 2,909,049 | ||||||
| 3.875%, 05/31/27 to 07/31/30 | 9,764,700 | 9,750,016 | ||||||
| 4.000%, 06/30/32 to 07/31/32 | 2,450,000 | 2,429,310 | ||||||
| 4.250%, 01/15/28 to 05/15/35 | 5,650,000 | 5,652,983 | ||||||
| TOTAL U.S. TREASURY OBLIGATIONS | ||||||||
| (Cost $32,821,708) | 32,578,811 | |||||||
| ASSET-BACKED SECURITIES — 6.7% | ||||||||
| American Express Credit Account Master Trust, Ser 2024-3, Cl A | ||||||||
| 4.650%, 07/15/29 | 265,000 | 267,044 | ||||||
| ARI Fleet Lease Trust, Ser 2023-A, Cl A3 | ||||||||
| 5.330%, 02/17/32 (B) | 100,000 | 100,619 | ||||||
| ARI Fleet Lease Trust, Ser 2024-A, Cl A2 | ||||||||
| 5.300%, 11/15/32 (B) | 62,216 | 62,458 | ||||||
| BA Credit Card Trust, Ser 2023-A2, Cl A2 | ||||||||
| 4.980%, 11/15/28 | 275,000 | 277,272 | ||||||
| BBCMS Trust, Ser C32, Cl A5 | ||||||||
| 5.720%, 02/15/62 | 195,000 | 204,261 | ||||||
| BX Commercial Mortgage Trust, Ser AIRC, Cl A | ||||||||
| 6.033%, TSFR1M + 1.691%, 08/15/39 (A) (B) | 252,773 | 253,621 | ||||||
| BX Trust, Ser GW, Cl A | ||||||||
| 5.942%, TSFR1M + 1.600%, 07/15/42 (A) (B) | 190,000 | 190,592 | ||||||
10
| THE ADVISORS’ INNER CIRCLE FUND III | METLIFE CORE PLUS FUND |
| JULY 31, 2025 (Unaudited) |
| ASSET-BACKED SECURITIES — continued | ||||||||
| Face Amount | Value | |||||||
| BX Trust, Ser VLT6, Cl B | ||||||||
| 6.235%, TSFR1M + 1.893%, 03/15/42 (A) (B) | $ | 175,000 | $ | 174,891 | ||||
| Citigroup Commercial Mortgage Trust, Ser GC41, Cl A5 | ||||||||
| 2.869%, 08/10/56 | 260,000 | 240,501 | ||||||
| Citigroup Commercial Mortgage Trust, Ser P6, Cl A5 | ||||||||
| 3.720%, 12/10/49 (A) | 55,000 | 53,411 | ||||||
| College Ave Student Loans, Ser 2019-A, Cl A2 | ||||||||
| 3.280%, 12/28/48 (B) | 149,830 | 142,623 | ||||||
| College Ave Student Loans, Ser 2021-B, Cl A2 | ||||||||
| 1.760%, 06/25/52 (B) | 85,735 | 76,826 | ||||||
| College Ave Student Loans, Ser 2021-B, Cl B | ||||||||
| 2.420%, 06/25/52 (B) | 167,714 | 150,839 | ||||||
| DLLAA, Ser 2025-1A, Cl A3 | ||||||||
| 4.950%, 09/20/29 (B) | 120,000 | 121,416 | ||||||
| Dllad, Ser 2024-1A, Cl A3 | ||||||||
| 5.300%, 07/20/29 (B) | 315,000 | 319,837 | ||||||
| Enterprise Fleet Financing, Ser 2023-2, Cl A2 | ||||||||
| 5.560%, 04/22/30 (B) | 111,293 | 111,878 | ||||||
| Enterprise Fleet Financing, Ser 2023-3, Cl A2 | ||||||||
| 6.400%, 03/20/30 (B) | 211,295 | 214,188 | ||||||
| Enterprise Fleet Financing, Ser 2024-3, Cl A2 | ||||||||
| 5.310%, 04/20/27 (B) | 93,087 | 93,431 | ||||||
| Enterprise Fleet Financing, Ser 2025-1, Cl A3 | ||||||||
| 4.820%, 02/20/29 (B) | 195,000 | 196,897 | ||||||
| Fontainebleau Miami Beach Mortgage Trust, Ser FBLU, Cl B | ||||||||
| 6.192%, TSFR1M + 1.850%, 12/15/39 (A) (B) | 195,000 | 195,114 | ||||||
| HIH Trust, Ser 61P, Cl A | ||||||||
| 6.184%, TSFR1M + 1.842%, 10/15/41 (A) (B) | 226,608 | 226,750 | ||||||
| Hilton Grand Vacations Trust, Ser 2020-AA, Cl A | ||||||||
| 2.740%, 02/25/39 (B) | 27,482 | 26,757 | ||||||
| HIN Timeshare Trust, Ser 2020-A, Cl A | ||||||||
| 1.390%, 10/09/39 (B) | 198,028 | 189,355 | ||||||
| HPEFS Equipment Trust, Ser 2025-1A, Cl C | ||||||||
| 4.790%, 09/20/32 (B) | 100,000 | 99,821 | ||||||
| Hyundai Auto Lease Securitization Trust, Ser 2025-A, Cl A3 | ||||||||
| 4.830%, 01/18/28 (B) | 250,000 | 251,593 | ||||||
| M&T Bank Auto Receivables Trust, Ser 2025-1A, Cl A3 | ||||||||
| 4.730%, 06/17/30 (B) | 190,000 | 191,340 | ||||||
| MF1, Ser 2025-FL17, Cl A | ||||||||
| 5.670%, TSFR1M + 1.320%, 02/18/40 (A) (B) | 255,000 | 254,648 | ||||||
11
| THE ADVISORS’ INNER CIRCLE FUND III | METLIFE CORE PLUS FUND JULY 31, 2025 (Unaudited) |
| ASSET-BACKED SECURITIES — continued | ||||||||
| Face Amount | Value | |||||||
| Navient Private Education Refi Loan Trust, Ser 2019-FA, Cl A2 | ||||||||
| 2.600%, 08/15/68 (B) | $ | 182,680 | $ | 175,214 | ||||
| Nelnet Student Loan Trust, Ser 2021-BA, Cl AFL | ||||||||
| 5.245%, TSFR1M + 0.894%, 04/20/62 (A) (B) | 47,529 | 47,284 | ||||||
| Oceanview Mortgage Trust, Ser 2025-1, Cl AF1 | ||||||||
| 5.150%, SOFR30A + 0.800%, 11/25/54 (A) (B) | 186,703 | 185,940 | ||||||
| Oceanview Mortgage Trust, Ser 2025-2, Cl AF1 | ||||||||
| 5.200%, SOFR30A + 0.850%, 04/25/55 (A) (B) | 168,940 | 168,827 | ||||||
| Octane Receivables Trust, Ser 2023-1A, Cl A | ||||||||
| 5.870%, 05/21/29 (B) | 31,876 | 31,930 | ||||||
| Rate Mortgage Trust, Ser 2024-J4, Cl A4 | ||||||||
| 6.000%, 12/25/54 (A) (B) | 214,574 | 216,814 | ||||||
| RCKT Mortgage Trust, Ser 2025-CES1, Cl A1A | ||||||||
| 5.653%, 01/25/45 (B) (D) | 182,567 | 183,161 | ||||||
| RCKT Mortgage Trust, Ser 2025-CES2, Cl A1A | ||||||||
| 5.503%, 02/25/55 (B) (D) | 185,973 | 186,188 | ||||||
| SBA Small Business Investment, Ser 2018-10B, Cl 1 | ||||||||
| 3.548%, 09/10/28 | 25,837 | 25,363 | ||||||
| SBA Small Business Investment, Ser 2022-10A, Cl 1 | ||||||||
| 2.938%, 03/10/32 | 87,414 | 82,389 | ||||||
| SBA Small Business Investment, Ser 2025-10A, Cl 1 | ||||||||
| 4.963%, 03/10/35 | 180,000 | 180,903 | ||||||
| SBNA Auto Lease Trust, Ser 2024-B, Cl A3 | ||||||||
| 5.560%, 11/22/27 (B) | 120,000 | 120,608 | ||||||
| SBNA Auto Lease Trust, Ser 2025-A, Cl A3 | ||||||||
| 4.830%, 04/20/28 (B) | 175,000 | 175,670 | ||||||
| SCF Equipment Trust, Ser 2025-1A, Cl A2 | ||||||||
| 4.820%, 07/22/30 (B) | 105,000 | 105,011 | ||||||
| Scholar Funding Trust, Ser 2011-A, Cl A | ||||||||
| 5.502%, SOFR90A + 1.162%, 10/28/43 (A) (B) | 232,214 | 230,342 | ||||||
| SMB Private Education Loan Trust, Ser 2020-A, Cl A2A | ||||||||
| 2.230%, 09/15/37 (B) | 65,009 | 62,520 | ||||||
| SMB Private Education Loan Trust, Ser 2021-B, Cl A | ||||||||
| 1.310%, 07/17/51 (B) | 251,934 | 235,356 | ||||||
| SMB Private Education Loan Trust, Ser 2021-C, Cl APT1 | ||||||||
| 1.390%, 01/15/53 (B) | 102,194 | 92,859 | ||||||
| SMB Private Education Loan Trust, Ser 2024-E, Cl A1A | ||||||||
| 5.090%, 10/16/56 (B) | 202,511 | 203,904 | ||||||
| SMB Private Education Loan Trust, Ser 2025-A, Cl A1A | ||||||||
| 5.130%, 04/15/54 (B) | 205,662 | 206,970 | ||||||
| Sofi Professional Loan Program Trust, Ser 2018-C, Cl A2FX | ||||||||
| 3.590%, 01/25/48 (B) | 79,577 | 78,677 | ||||||
12
| THE ADVISORS’ INNER CIRCLE FUND III | METLIFE CORE PLUS FUND |
| JULY 31, 2025 (Unaudited) |
| ASSET-BACKED SECURITIES — continued | ||||||||
| Face Amount | Value | |||||||
| South Carolina Student Loan, Ser 2015-A, Cl A | ||||||||
| 5.967%, TSFR1M + 1.614%, 01/25/36 (A) | $ | 96,823 | $ | 96,854 | ||||
| United States Small Business Administration, Ser 2025- 25F, Cl 1 | ||||||||
| 5.100%, 06/01/50 | 200,000 | 201,102 | ||||||
| Wells Fargo Commercial Mortgage Trust, Ser 2025-5C4, Cl A3 | ||||||||
| 5.673%, 05/15/58 | 175,000 | 181,480 | ||||||
| Wells Fargo Commercial Mortgage Trust, Ser 2025-5C4, Cl AS | ||||||||
| 6.093%, 05/15/58 | 160,000 | 166,177 | ||||||
| TOTAL ASSET-BACKED SECURITIES | ||||||||
| (Cost $8,337,384) | 8,329,526 | |||||||
| FOREIGN GOVERNMENT BONDS — 0.8% | ||||||||
| MEXICO — 0.5% | ||||||||
| Mexico Government International Bond Callable 11/13/54 @ 100 | ||||||||
| 6.625%, 01/29/38 | 315,000 | 316,575 | ||||||
| 7.375%, 05/13/55 | 275,000 | 283,250 | ||||||
| HUNGARY — 0.2% | ||||||||
| Hungary Government International Bond | ||||||||
| 6.750%, 09/23/55(B) | 275,000 | 278,075 | ||||||
| COLOMBIA — 0.1% | ||||||||
| Colombia Government International Bond Callable 08/07/36 @ 100 | ||||||||
| 7.750%, 11/07/36 | 130,000 | 129,610 | ||||||
| TOTAL FOREIGN GOVERNMENT BONDS | ||||||||
| (Cost $985,180) | 1,007,510 | |||||||
| MUNICIPAL BONDS — 0.5% | ||||||||
| GEORGIA — 0.3% | ||||||||
| Georgia State, Municipal Electric Authority, RB, Ser 2010-A | ||||||||
| 6.637%, 04/01/57 | 356,000 | 381,569 | ||||||
| ARIZONA — 0.2% | ||||||||
| Maricopa County Industrial Development Authority Callable 09/01/29 @ 100 | ||||||||
| 7.375%, 10/01/29(B) | 195,000 | 201,225 | ||||||
| TOTAL MUNICIPAL BONDS | ||||||||
| (Cost $719,456) | 582,794 | |||||||
13
| THE ADVISORS’ INNER CIRCLE FUND III | METLIFE CORE PLUS FUND |
| JULY 31, 2025 (Unaudited) |
| SHORT-TERM INVESTMENT — 0.2% | ||||||||
| Face Amount | Value | |||||||
| American Electric Power, 5.699%, 08/15/2025 | ||||||||
| (Cost $214,968) | $ | 215,000 | $ | 215,034 | ||||
| TOTAL INVESTMENTS — 98.8% | ||||||||
| (Cost $125,573,698) | $ | 121,882,434 | ||||||
Open futures contracts held by the Fund at July 31, 2025 are as follows:
| Unrealized | ||||||||||||||||||||
| Number of | Expiration | Notional | Appreciation/ | |||||||||||||||||
| Type of Contract | Contracts | Date | Amount | Value | (Depreciation) | |||||||||||||||
| Long Contracts | ||||||||||||||||||||
| U.S. 2-Year Treasury Notes | 25 | Sep-2025 | $ | 5,177,419 | $ | 5,174,609 | $ | (2,810 | ) | |||||||||||
| U.S. 5-Year Treasury Notes | 59 | Sep-2025 | 6,371,648 | 6,382,141 | 10,493 | |||||||||||||||
| U.S. 10-Year Treasury Notes | 10 | Sep-2025 | 1,096,735 | 1,110,625 | 13,890 | |||||||||||||||
| $ | 12,645,802 | $ | 12,667,375 | $ | 21,573 | |||||||||||||||
| Short Contracts | ||||||||||||||||||||
| Ultra 10-Year U.S. Treasury Notes | (53 | ) | Sep-2025 | $ | (5,950,469 | ) | $ | (5,993,141 | ) | $ | (42,672 | ) | ||||||||
| $ | 6,695,333 | $ | 6,674,234 | $ | (21,099 | ) | ||||||||||||||
| Percentages are based on Net Assets of $123,300,477. |
| (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 July 31, 2025 was $19,739,949 and represents 16.0% 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. |
14
| THE ADVISORS’ INNER CIRCLE FUND III | METLIFE CORE PLUS FUND JULY 31, 2025 (Unaudited) |
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
PIK — Payment-in-Kind
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
US0003M — ICE LIBOR USD 3 Month
USSW5 — USD Swap Semi 30/360 5-Year
MIM-QH-001-1000
15