Subsequent to the Form N-CSR filing (on January 8, 2026) for The Advisors’ Inner Circle Fund III (the “Trust”), a misstatement of certain amounts related to PricewaterhouseCoopers LLP (“PwC”) fees in Item 4 (Principal Accountant Fees and Services) for the fiscal year ended October 31, 2025 was identified. This filing intends to correct the fees for services provided to the Trust by PwC. The amounts provided for the fiscal year ended October 31, 2024 were appropriately stated and have not changed. There are no other changes included in this supplemental filing.

The Advisors' Inner Circle Fund III

MetLife Core Plus Fund

I Class Shares - LPCIX

Annual Shareholder Report: October 31, 2025

This annual shareholder report contains important information about I Class Shares of the MetLife Core Plus Fund (the "Fund") for the period from November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://investments.metlife.com/mutual-fund-documents/. You can also request this information by contacting us at 800-252-4993.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
MetLife Core Plus Fund, I Class Shares	$46	0.45%

How did the Fund perform in the last year?

The Fund’s overweight to spread sectors and underweight allocation to US Treasuries were key drivers of relative outperformance over the year. Corporate spread sectors, particularly Industrials and Financials, delivered the largest contributions through effective security selection, while High Yield positions also added value. Within structured products, Agency Mortgage-Backed Securities (MBS) performed exceptionally well, supported by a favorable yield environment and declining interest rate volatility, which reduced hedging costs and improved the mortgage basis. The overweight to mortgages was based on their attractive value relative to short-dated corporates and their role as a volatility dampener should corporate spreads come under stress. Strong fund flows further supported demand for mortgages, with exposures concentrated in 5.0% and 5.5% coupons for yield carry and convexity, and 2.0% and 2.5% coupons delivering the strongest relative performance. Overweighting FNMA versus GNMA and underweighting 15-year FNMA also contributed positively, as lower coupons benefited from the improved yield curve backdrop. Sector positioning within Financials, especially in Banking and systemically important global banks, was a significant source of outperformance, aided by both core and subordinated structures. The Insurance sector, notably Property & Casualty, rebounded with new issues and higher beta names, while Life Insurance results were mixed and Health Insurance faced headwinds but showed resilience among leading names. In Consumer Non-cyclicals, higher beta Pharmaceutical exposures benefited from the credit rally, and Health Care outperformed due to overweight positions in defensive, operationally strong names. Avoiding certain Food & Beverage companies under M&A pressure further aided results. Communications saw mixed outcomes, with Media & Entertainment weakness offset by strength in Cable, Satellite, and Wireline, while Technology outperformed on AI-related momentum and government support for semiconductors. Cyclicals, particularly US Automotives, rebounded, and Energy saw modest gains from targeted independent exposures. Utilities were muted, with defensive positioning helping but missed opportunities in select names. Overall, disciplined sector positioning and security selection across key areas underpinned relative outperformance despite some sector-specific challenges. In the ABS market, spreads tightened over the period, but recent elevated supply levels weighed on excess returns, resulting in underperformance relative to short investment grade corporates. Within the allocation, SBA Loans delivered stronger results and helped offset weaker performance from more esoteric exposures such as equipment trusts. A focus on higher quality collateral in Autos and Credit Card ABS, along with an avoidance of subprime segments, proved advantageous given the relative weakness in subprime. However, persistent supply overhang kept overall asset performance in line with the broader market. In CMBS, spreads also tightened but lagged the outperformance seen in Agency Mortgages. The approach to new issuance remained selective, favoring newly underwritten deals with robust cash flow and resilience in a higher-for-longer macroeconomic environment, which contributed to strong performance in those positions.

How did the Fund perform during the last 10 years?

Total Return Based on $5,000,000 Investment

	MetLife Core Plus Fund, I Class Shares	Bloomberg U.S. Aggregate Bond Index (USD) (TR)^{Footnote Reference*}
Oct/15	$5,000,000	$5,000,000
Oct/16	$5,265,825	$5,218,525
Oct/17	$5,393,993	$5,265,611
Oct/18	$5,300,816	$5,157,485
Oct/19	$5,904,360	$5,751,077
Oct/20	$6,268,913	$6,106,914
Oct/21	$6,287,435	$6,077,723
Oct/22	$5,225,909	$5,124,584
Oct/23	$5,235,797	$5,142,825
Oct/24	$5,838,609	$5,685,201
Oct/25	$6,223,516	$6,035,360

The line graph represents historical performance of a hypothetical investment of $5,000,000 in the Fund during the last 10 years. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future performance.Call 800-252-4993 for current month-end performance.

Footnote	Description
Footnote^*	Total Return (TR) - Reflects no deductions for fees, expenses or taxes.

Average Annual Total Returns as of October 31, 2025

Fund/Index Name	1 Year	5 Years	10 Years
MetLife Core Plus Fund, I Class Shares	6.59%	-0.15%	2.21%
Bloomberg U.S. Aggregate Bond Index (USD) (TR)^{Footnote Reference*}	6.16%	-0.24%	1.90%

Key Fund Statistics as of October 31, 2025

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$111,930,546	359	$35,116	198%

What did the Fund invest in?

Asset/Sector Weightings^{Footnote Reference*}

Value	Value
Futures Contracts	0.0%
Real Estate	0.5%
Municipal Bonds	0.5%
Foreign Government Bond	0.8%
Consumer Discretionary	1.3%
Materials	1.6%
Consumer Staples	1.7%
Industrials	2.4%
Information Technology	2.9%
Energy	3.0%
Health Care	3.2%
Utilities	4.9%
Communication Services	4.9%
Asset-Backed Securities	9.3%
Financials	9.5%
U.S. Treasury Obligations	27.5%
Mortgage-Backed Securities	37.8%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name			Percentage of Total Net Assets
U.S. Treasury Notes, 3.50%, 10/15/2028			3.7%
U.S. Treasury Bonds, 4.75%, 5/15/2055			3.3%
U.S. Treasury Bonds, 4.88%, 8/15/2045			2.8%
U.S. Treasury Notes, 3.88%, 7/15/2028			2.6%
FNMA, 5.00%, 5/1/2055			2.3%
U.S. Treasury Notes, 3.63%, 10/31/2030			2.3%
U.S. Treasury Bonds, 3.00%, 2/15/2049			2.0%
U.S. Treasury Bonds, 3.13%, 5/15/2048			1.9%
U.S. Treasury Notes, 3.50%, 9/30/2027			1.7%
U.S. Treasury Notes, 3.38%, 9/15/2028			1.3%

Material Fund Changes

There were no material changes during the reporting period.

Changes in and Disagreements with Accountants

The Fund has selected Cohen & Co. to serve as the Fund's independent registered public accounting firm for the Fund's year ended October 31, 2025. The decision to select Cohen & Co. was recommended by the Fund's Audit Committee and was approved by the Fund's Board of Trustees on March 26, 2025.

Additional Information

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

800-252-4993
https://investments.metlife.com/mutual-fund-documents/

Householding

Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as “householding” and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 800-252-4993 to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.

The Advisors' Inner Circle Fund III

MetLife Core Plus Fund / I Class Shares - LPCIX

Annual Shareholder Report: October 31, 2025

LPCIX-AR-2025

The Advisors' Inner Circle Fund III

MetLife Core Plus Fund

R Class Shares - LPCYX

Annual Shareholder Report: October 31, 2025

This annual shareholder report contains important information about R Class Shares of the MetLife Core Plus Fund (the "Fund") for the period from November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://investments.metlife.com/mutual-fund-documents/. You can also request this information by contacting us at 800-252-4993.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
MetLife Core Plus Fund, R Class Shares	$46	0.45%

How did the Fund perform in the last year?

How did the Fund perform during the last 10 years?

Total Return Based on $5,000,000 Investment

	MetLife Core Plus Fund, R Class Shares	Bloomberg U.S. Aggregate Bond Index (USD) (TR)^{Footnote Reference*}
Oct/15	$5,000,000	$5,000,000
Oct/16	$5,265,484	$5,218,525
Oct/17	$5,377,625	$5,265,611
Oct/18	$5,279,193	$5,157,485
Oct/19	$5,651,579	$5,751,077
Oct/20	$5,773,256	$6,106,914
Oct/21	$5,815,998	$6,077,723
Oct/22	$4,829,658	$5,124,584
Oct/23	$4,756,458	$5,142,825
Oct/24	$5,157,223	$5,685,201
Oct/25	$5,288,332	$6,035,360

Footnote	Description
Footnote^*	Total Return (TR) - Reflects no deductions for fees, expenses or taxes.

Average Annual Total Returns as of October 31, 2025

Fund/Index Name	1 Year	5 Years	10 Years
MetLife Core Plus Fund, R Class Shares	2.54%	-1.74%	0.56%
Bloomberg U.S. Aggregate Bond Index (USD) (TR)^{Footnote Reference*}	6.16%	-0.24%	1.90%

Key Fund Statistics as of October 31, 2025

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$111,930,546	359	$35,116	198%

What did the Fund invest in?

Asset/Sector Weightings^{Footnote Reference*}

Value	Value
Futures Contracts	0.0%
Real Estate	0.5%
Municipal Bonds	0.5%
Foreign Government Bond	0.8%
Consumer Discretionary	1.3%
Materials	1.6%
Consumer Staples	1.7%
Industrials	2.4%
Information Technology	2.9%
Energy	3.0%
Health Care	3.2%
Utilities	4.9%
Communication Services	4.9%
Asset-Backed Securities	9.3%
Financials	9.5%
U.S. Treasury Obligations	27.5%
Mortgage-Backed Securities	37.8%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name			Percentage of Total Net Assets
U.S. Treasury Notes, 3.50%, 10/15/2028			3.7%
U.S. Treasury Bonds, 4.75%, 5/15/2055			3.3%
U.S. Treasury Bonds, 4.88%, 8/15/2045			2.8%
U.S. Treasury Notes, 3.88%, 7/15/2028			2.6%
FNMA, 5.00%, 5/1/2055			2.3%
U.S. Treasury Notes, 3.63%, 10/31/2030			2.3%
U.S. Treasury Bonds, 3.00%, 2/15/2049			2.0%
U.S. Treasury Bonds, 3.13%, 5/15/2048			1.9%
U.S. Treasury Notes, 3.50%, 9/30/2027			1.7%
U.S. Treasury Notes, 3.38%, 9/15/2028			1.3%

Material Fund Changes

There were no material changes during the reporting period.

Changes in and Disagreements with Accountants

Additional Information

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

800-252-4993
https://investments.metlife.com/mutual-fund-documents/

Householding

The Advisors' Inner Circle Fund III

MetLife Core Plus Fund / R Class Shares - LPCYX

Annual Shareholder Report: October 31, 2025

LPCYX-AR-2025

The Registrant (also referred to as the “Trust”) has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, controller or principal accounting officer, and any person who performs a similar function. There have been no amendments to or waivers granted to this code of ethics during the period covered by this report.

(a)(1) The Registrant’s board of trustees has determined that the Registrant has at least one audit committee financial expert serving on the audit committee.

(a)(2) The Registrant’s audit committee financial experts are Thomas P. Lemke and Jay Nadel, and each of Mr. Lemke and Mr. Nadel are “independent”, as that term is defined in Form N-CSR Item 3(a)(2).

Fees billed by PricewaterhouseCoopers LLP (“PwC”) related to The Advisors’ Inner Circle Fund III (the aforementioned “Trust”).

PwC billed the Trust aggregate fees for services rendered to the Trust for the last two fiscal years as follows:

Cohen & Co billed the Trust aggregate fees for services rendered to the Trust for the last two fiscal years as follows:

(e)(1) The Trust’s Audit Committee has adopted and the Board of Trustees has ratified an Audit and Non-Audit Services Pre-Approval Policy (the “Policy”), which sets forth the procedures and the conditions pursuant to which services proposed to be performed by the independent auditor of the Funds may be pre-approved.

The Policy provides that all requests or applications for proposed services to be provided by the independent auditor must be submitted to the Registrant’s Chief Financial Officer (“CFO”) and must include a detailed description of the services proposed to be rendered. The CFO will determine whether such services:

(2) are included within the list of services that have received the general pre-approval of the Audit Committee pursuant to the Policy; or

(3) have been previously pre-approved in connection with the independent auditor’s annual engagement letter for the applicable year or otherwise. In any instance where services require pre-approval, the Audit Committee will consider whether such services are consistent with SEC’s rules and whether the provision of such services would impair the auditor’s independence.

Requests or applications to provide services that require specific pre-approval by the Audit Committee will be submitted to the Audit Committee by the CFO. The Audit Committee will be informed by the CFO on a quarterly basis of all services rendered by the independent auditor. The Audit Committee has delegated specific pre-approval authority to either the Audit Committee Chair or financial expert, provided that the estimated fee for any such proposed pre-approved service does not exceed $100,000 and any pre-approval decisions are reported to the Audit Committee at its next regularly-scheduled meeting.

Services that have received the general pre-approval of the Audit Committee are identified and described in the Policy. In addition, the Policy sets forth a maximum fee per engagement with respect to each identified service that has received general pre-approval.

All services to be provided by the independent auditor shall be provided pursuant to a signed written engagement letter with the Registrant, the investment adviser, or applicable control affiliate (except that matters as to which an engagement letter would be impractical because of timing issues or because the matter is small may not be the subject of an engagement letter) that sets forth both the services to be provided by the independent auditor and the total fees to be paid to the independent auditor for those services.

In addition, the Audit Committee has determined to take additional measures on an annual basis to meet the Audit Committee’s responsibility to oversee the work of the independent auditor and to assure the auditor's independence from the Registrant, such as (a) reviewing a formal written statement from the independent auditor delineating all relationships between the independent auditor and the Registrant, and (b) discussing with the independent auditor the independent auditor’s methods and procedures for ensuring independence.

(e)(2) Percentage of fees billed applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows (PwC):

(e)(2) Percentage of fees billed applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows (Cohen & Co):

(g) The aggregate non-audit fees and services billed by PwC for services rendered to the Registrant, and rendered to the Registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for the last two fiscal-years-ended October 31^stwere $450,000 and $570,230 for 2025 and 2024, respectively.

(g) The aggregate non-audit fees and services billed by Cohen & Co for services rendered to the Registrant, and rendered to the Registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for the last two fiscal-years-ended October 31^stwere $0 and $0 for 2025 and 2024, respectively.

(h) During the past fiscal year, all non-audit services provided by the Registrant’s principal accountant to either the Registrant’s investment adviser or to any entity controlling, controlled by, or under common control with the Registrant’s investment adviser that provides ongoing services to the Registrant were pre-approved by the Audit Committee of Registrant’s Board of Trustees. Included in the Audit Committee’s pre-approval of these non-audit service were the review and consideration as to whether the provision of these non-audit services is compatible with maintaining the principal accountant’s independence.

(i) Not applicable. The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the “PCAOB”) has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.

(j) Not applicable. The Registrant is not a “foreign issuer,” as defined in 17 CFR § 240.3b-4e.

(a) The Schedule of Investments is included as part of the Financial Statements and Other Information filed under Item 7 of this form.

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

H15T10Y — US Treasury Yield Curve Rate T Note Constant Maturity 10 Year Rate

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

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

The Advisors’ Inner Circle Fund III (the “Trust”) is organized as a Delaware statutory trust under an Agreement and Declaration of Trust, dated December 4, 2013. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company with 47 funds. The financial statements herein are those of the MetLife Core Plus Fund (the “Fund”). The Fund is diversified and its investment objective is to seek to maximize capital appreciation and income. The Fund invests in a portfolio of investment grade, U.S. fixed income securities of any maturity or duration. The Fund also may invest up to 20% of its net assets in any combination of high yield bonds (also known as “junk bonds”) and non-U.S. fixed income securities, including emerging market bonds. The financial statements of the remaining funds of the Trust are presented separately. The assets of each fund are segregated, and a shareholder’s interest is limited to the fund in which shares are held.

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

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

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

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

Some of the more common reasons that may necessitate that a security be valued using fair value procedures include: the security’s trading has been halted or suspended; the security has been de-listed from a national exchange; the security’s primary trading market is temporarily closed at a time when under normal conditions it would be open; the security has not been traded for an extended period of time; the security’s primary pricing source is not able or willing to provide a price; or trading of the security is subject to local government imposed restrictions. When a security is valued in accordance with the fair value procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee. As of October 31, 2025, there were no such fair valued securities.

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

Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement. For details of the investment classifications, refer to the Schedule of Investments.

Federal Income Taxes — It is the Fund’s intention to continue to qualify as a regulated investment company for Federal income tax purposes by complying with the appropriate provisions of Subchapter M of the Internal Revenue Code of 1986, as amended. Accordingly, no provision for Federal income taxes has been made in the financial statements.

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

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

Withholding taxes on foreign dividends have been provided for in accordance with the Fund’s understanding of the applicable country’s tax rules and rates. The Fund or its agent files withholding tax reclaims in certain jurisdictions to recover certain amounts previously withheld. The Fund may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. Professional fees paid to those that provide assistance in receiving the tax reclaims, while generally are contingent upon successful receipt of reclaimed amounts, are recorded in Professional Fees on the Statement of Operations, if applicable, once the amounts are due. The professional fees related to pursuing these tax reclaims are not subject to the Adviser’s expense limitation agreement.

Security Transactions and Investment Income — Security transactions are accounted for on trade date. Costs used in determining realized gains and losses on the sale of investment securities are based on the specific identification method. Dividend income is recorded on the ex-dividend date. Dividend income is recorded net of unrecoverable withholding tax. Interest income is recognized on the accrual basis from settlement date and includes the amortization of premiums and the accretion of discount. Realized gains (losses) on paydowns of mortgage-backed and asset-backed securities are recorded as an adjustment to interest income.

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

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

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

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

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

Futures Contracts — The Fund utilized futures contracts during the period ended October 31, 2025. To the extent consistent with its investment objective and strategies, the Fund may use futures contracts for tactical hedging purposes as well as to enhance the Fund’s returns. Initial margin deposits of cash or securities are made upon entering into futures contracts. The futures contracts are valued at the settlement price established each day by the board of exchange on which they are traded. The futures contracts are marked to market daily and the resulting changes in value are accounted for as unrealized gains and losses. Variation margin payments are paid or received, depending upon whether unrealized gains or losses are incurred. When the futures contract is closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the amount invested in the futures contract.

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

Finally, the risk exists that losses could exceed amounts disclosed on the Statement of Assets and Liabilities. Refer to the Fund’s Schedule of Investments for details regarding open futures contracts as of October 31, 2025.

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

The following tables include the Fund’s exposure by type of risk on derivatives held as of year-end and throughout the year.

The fair value of derivative instruments as of October 31, 2025, was as follows:

The effect of derivative instruments on the Statement of Operations for the year ended October 31, 2025, was as follows:

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

The following discloses the volume of the Fund’s futures contracts activity during the year ended October 31, 2025. For the year ended October 31, 2025, the average quarterly notional amount of futures contracts held were as follows:

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

A portion of the services provided by the CCO and his staff, whom are employees of the Administrator, are paid for by the Trust as incurred. The services include regulatory oversight of the Trust’s advisors and service providers, as required by SEC regulations. The CCO’s services and fees have been approved by, and are reviewed by, the Board. For the year ended October 31, 2025, the Fund paid $15,420 and $8,774 for Trustees' Fees and Chief Compliance Officer Fees, respectively.

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

The Fund and the Administrator are parties to an Administration Agreement under which the Administrator provides management and administrative services to the Fund. For these services, the Administrator is paid an asset-based fee, which will vary depending on the number of share classes and the average daily net assets of the Fund. For the period ended October 31, 2025, the Fund incurred and paid $109,377 for these services.

The Fund has adopted a shareholder servicing plan that provides that the Fund may pay financial intermediaries for shareholder services in an annual amount not to exceed 0.25% based on the Fund’s R Class Shares’ average net assets. For the period ended October 31, 2025, the R Class Shares incurred no shareholder servicing fees.

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

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

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

Under the terms of an investment advisory agreement, MetLife Investment Management, LLC, (the “Adviser”) provides investment advisory services to the Fund at a fee, which is calculated daily and paid monthly at an annual rate of 0.40% of the Fund’s average daily net assets. The Adviser has contractually agreed to reduce fees and/or reimburse expenses to the extent necessary to keep the total annual Fund operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses (collectively, “excluded expenses”)) from exceeding 0.45% of the Fund’s I Class Shares’ average daily net assets and 0.70% of the Fund’s R Class Shares’ average daily net assets until February 28, 2026. This Agreement may be terminated: (i) by the Board, for any reason at any time; or (ii) by the Adviser, upon ninety (90) days’ prior written notice to the Trust, effective as of the close of business on February 28, 2026. Refer to investment advisory fees waived on the Statement of Operations for fees waived for the period ended October 31, 2025. In addition, if at any point it becomes unnecessary for the Adviser to reduce fees or make expense reimbursements, the Adviser may retain the difference between the total annual operating expenses and the aforementioned expense limitations to recapture all or a portion of its prior expense limitation reimbursements made during the preceding three-year period. As of October 31, 2025, fees which were previously waived and/or reimbursed by the Adviser which may be subject to possible future recapture to the Adviser were $454,273, expiring in 2026, $456,258, expiring in 2027, and $398,772, expiring in 2028. The Adviser is a wholly owned subsidiary of MetLife, Inc., a publicly held company. During the period ended October 31, 2025, the Funds did not incur any recoupments. Reimbursement of previously waived fees and reimbursed expenses would be recognized as Recovery of Investment Advisory fees previously waived in the Statement of Operations.

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

The amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. These book/tax differences may be temporary or permanent. There are no permanent differences that are credited or charged to Paid-in Capital and Distributable Earnings as of October 31, 2025.

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

As of October 31, 2025, the components of accumulated losses on a tax basis were as follows:

For Federal income tax purposes, capital losses incurred may be carried forward and applied against future capital gains. Such capital losses retain their character as either short-term or long-term capital losses. During the year ended October 31, 2025, the Fund did not utilize capital loss carryforwards to offset capital gains.

The Federal tax cost and aggregate gross unrealized appreciation and depreciation for the investments held by the Fund at October 31, 2025, were as follows:

Tax cost on investment is different than book cost because of wash sales and perpetual bond adjustments.

At October 31, 2025, 100% of I Class Shares total shares outstanding were held by two record shareholders and 100% of R Class Shares total shares outstanding were held by one record related party shareholder, owning 10% or greater of the aggregate total shares outstanding. These are comprised of omnibus accounts that are held on behalf of various individual shareholders.

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

Credit Risk — The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation. A decline in the credit rating of an individual security held by the Fund may have an adverse impact on its price. Rating agencies might not always change their credit rating on an issuer or security in a timely manner to reflect events that could affect the issuer’s ability to make timely payments on its obligations.

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

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

Market Risk — The risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. Markets for securities in which the Fund invests may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund’s performance and cause losses on your investment in the Fund.

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

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

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

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

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

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

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

Derivatives Risk — The Fund’s use of futures contracts, forward contracts and swaps is subject to market risk, leverage risk, correlation risk and liquidity risk. Market risk and liquidity risk are described elsewhere in this section. Leverage risk is the risk that the use of leverage may amplify the effects of market volatility on the Fund’s share price and may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. The Fund’s use of forward contracts and swaps is also subject to credit risk and valuation risk. Credit risk is described elsewhere in this section. Valuation risk is the risk that the derivative may be difficult to value and/or valued incorrectly. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument.

Fixed Income Market Risk — The prices of the Fund’s fixed income securities respond to regulatory and economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. In the case of foreign securities, price fluctuations will reflect international economic and political events, as well as changes in currency valuations relative to the U.S. dollar. Events in the fixed income markets may lead to periods of volatility, liquidity issues and, in some cases, credit downgrades and increased likelihood of default.

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

Portfolio Turnover Risk — The Fund may buy and sell securities frequently. Such a strategy often involves higher expenses, including brokerage commissions, and may increase the amount of capital gains (in particular, short term gains) realized by the Fund. Shareholders may pay tax on such capital gains and will indirectly incur additional expenses related to a fund with a higher portfolio turnover rate.

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

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

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

Currency Risk — As a result of the Fund’s investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected.

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

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

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

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

In December 2023, the FASB issued Accounting Standards Update 2023-09 (“ASU 2023-09”), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management is evaluating the impacts of these changes on the Fund's financial statements.

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

To the Shareholders of MetLife Core Plus Fund and Board of Trustees of Advisors’ Inner Circle Fund III

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of MetLife Core Plus Fund (the “Fund”), a series of Advisors’ Inner Circle Fund III as of October 31, 2025, the related statements of operations, and changes in net assets, and the financial highlights for the year then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations, changes in net assets, and the financial highlights for the year then ended, in conformity with accounting principles generally accepted in the United States of America.

The Fund’s financial statements and financial highlights for the years ended October 31, 2024, and prior, were audited by other auditors whose report dated December 20, 2024, expressed an unqualified opinion on those financial statements and financial highlights.

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

For shareholders that do not have an October 31, 2025 tax year end, this notice is for informational purposes only. For shareholders with an October 31, 2025 tax year end, please consult your tax advisor as to the pertinence of this notice. For the fiscal year ended October 31, 2025, the Fund is designating the following items with regard to distributions paid during the year.

The information reported herein may differ from the information and distributions taxable to the shareholder for the calendar year ending December 31, 2025. Complete information will be computed and reported with your 2025 Form 1099-DIV.

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

Effective March 26, 2025, the Audit Committee of the Board of Trustees of The Advisors’ Inner Circle Fund III (the “Trust”) accepted the resignation by Deloitte & Touche LLP (“D&T”) as the independent registered public accounting firm for the MetLife Core Plus Fund (the “Fund”) for the Fund’s fiscal-year-ended October 31, 2025.

D&T’s reports on the financial statements of the Fund as of and for the fiscal-years-ended October 31, 2024, and 2023, did not contain an adverse opinion or disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope, or accounting principles.

During the Fund’s two fiscal-years-ended October 31, 2024, and 2023, and the subsequent interim period through March 26, 2025, there were no disagreements with D&T on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which, if not resolved to the satisfaction of D&T, would have caused D&T to make reference to the subject matter of the disagreement in connection with D&T’s reports on the financial statements. In addition, there have been no reportable events of the kind described in item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934 with respect to the Fund.

The Fund has provided D&T with a copy of the foregoing disclosures and have requested that D&T furnish the Fund with a letter addressed to the U.S. Securities and Exchange Commission (the “SEC”) stating whether D&T agrees with the statements made by the Fund, set forth above, and, if not, stating the respects in which D&T does not agree. A copy of the letter from D&T to the SEC is filed as an exhibit to this Form N-CSR.

On March 26, 2025, the Audit Committee of the Trust’s Board of Trustees approved, and the Trust’s Board of Trustees, based on the recommendation of the Audit Committee, approved, the appointment of Cohen & Company, Ltd. (“Cohen & Co.”) as the Fund’s independent registered public accounting firm for the fiscal-year-ended October 31, 2025.

For the two fiscal-years-ended October 31, 2024, and 2023, and the subsequent interim period through March 26, 2025, neither the Fund, nor anyone on the Fund’s behalf, consulted with Cohen & Co. on items which: (1) concerned the application of accounting principles to a specific transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Fund’s financial statements, and no written report or oral advice was provided to the Fund that Cohen & Co. concluded was an important factor considered by the Fund in reaching a decision as to any accounting, auditing, or financial reporting issue; or (2) concerned the subject of a disagreement (as defined in paragraph (a)(1)(v) of Item 304 of Regulation S-K) or reportable events (as described in paragraph (a)(1)(v) of said Item 304).

At a Special Meeting of Shareholders held on June 11, 2025, shareholders of the Advisors’ Inner Circle III Trust elected Trustees.

All Nominees receiving a plurality of the votes cast at the Meeting with respect to a Trust will be elected as Trustees of the Trust, provided that thirty-three and one third percent (33 1/3%) of the shares of the Trust entitled to vote are present in person or by proxy at the Meeting. The election of Trustees for one Trust is not contingent on the election of Trustees for the other Trust. With a plurality vote, the Nominees who receive the highest number of votes will be elected, even if they receive votes from less than a majority of the votes cast. Because the Nominees are running unopposed, assuming a quorum is present, all Nominees are expected to be elected as Trustees, as all Nominees who receive a single vote in his other favor will be elected, while votes not cast or votes to withhold (or abstentions) will have no effect on the election outcome.

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

The remuneration paid by the company during the period covered by the report to the Trustees on the company’s Board of Trustees is disclosed within the Statement(s) of Operations of the financial statements (Item 7).

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

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

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

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

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

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

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

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

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

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

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

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

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

		FYE October 31, 2025			FYE October 31, 2024
		All fees and services to the Trust that were pre-approved	All fees and services to service affiliates that were pre-approved	All other fees and services to service affiliates that did not require pre-approval	All fees and services to the Trust that were pre-approved	All fees and services to service affiliates that were pre-approved	All other fees and services to service affiliates that did not require pre-approval
(a)	Audit Fees⁽¹⁾	$785,015	None	None	$734,463	None	None
(b)	Audit-Related Fees	None	None	None	None	None	None
(c)	Tax Fees	None	None	$250,000⁽²⁾	None	None	$559,700⁽⁴⁾
(d)	All Other Fees	None	None	$200,000⁽³⁾	None	None	$10,530⁽⁵⁾

		FYE October 31, 2025			FYE October 31, 2024
		All fees and services to the Trust that were pre-approved	All fees and services to service affiliates that were pre-approved	All other fees and services to service affiliates that did not require pre-approval	All fees and services to the Trust that were pre-approved	All fees and services to service affiliates that were pre-approved	All other fees and services to service affiliates that did not require pre-approval
(a)	Audit Fees⁽¹⁾	$52,000	None	None	None	None	None
(b)	Audit-Related Fees	None	None	None	None	None	None
(c)	Tax Fees	None	None	None	None	None	None
(d)	All Other Fees	None	None	None	None	None	None

	FYE October 31, 2025	FYE October 31, 2024
Audit-Related Fees	None	None
Tax Fees	None	None
All Other Fees	None	None

	FYE October 31, 2025	FYE October 31, 2024
Audit-Related Fees	None	None
Tax Fees	None	None
All Other Fees	None	None

	Face Amount		Value
AGENCY MORTGAGE-BACKED OBLIGATIONS — 36.0%
FHLMC
2.000%, 01/01/37 to 05/01/52	$	1,297,255	$	1,097,421
2.500%, 11/01/51 to 01/01/52		1,867,667		1,622,225
3.000%, 12/01/47		54,422		49,599
3.500%, 11/01/48		240,735		227,344
4.000%, 09/01/48		48,119		46,587
4.500%, 07/01/52 to 11/01/52		1,002,310		991,363
5.000%, 01/01/53 to 05/01/55		1,713,887		1,714,500
5.500%, 01/01/53 to 09/01/55		3,851,563		3,921,241
6.000%, 01/01/53 to 07/01/55		2,194,057		2,271,097
FHLMC Multifamily Structured Pass Through Certificates, Ser Q032, Cl A
4.950%, 11/25/54 (A)		94,480		95,730
FHLMC, Ser 2012-271, Cl 30
3.000%, 08/15/42		27,399		25,531
FHLMC, Ser 2017-356, Cl 300
3.000%, 09/15/47		110,366		100,587
FNMA
1.790%, 08/01/31		166,357		144,973
1.850%, 09/01/35		230,685		204,029
2.000%, 01/01/42 to 12/01/51		4,260,494		3,521,387
2.500%, 06/01/50 to 04/01/52		3,831,114		3,322,108
3.000%, 12/01/31 to 07/01/52		4,491,836		4,094,034
3.040%, 01/01/28		157,283		154,025
3.500%, 07/01/43 to 09/01/52		3,237,470		3,025,710
4.000%, 03/01/48 to 04/01/54		970,334		931,788
4.500%, 06/01/52 to 09/01/52		727,150		723,561
5.000%, 02/01/31 to 05/01/55		4,047,350		4,041,757
5.500%, 12/01/39 to 08/01/54		1,754,641		1,786,385
6.000%, 10/01/53 to 05/01/54		1,404,980		1,442,555
FNMA, Ser 2001-T4, Cl A1
7.500%, 07/25/41		997		1,022

Financial Statements (Form N-CSR Item 7)
Schedule of Investments	1
Statement of Assets and Liabilities	18
Statement of Operations	19
Statements of Changes in Net Assets	20
Financial Highlights	22
Notes to Financial Statements	24
Report of Independent Registered Public Accounting Firm	36
Notice to Shareholders (Unaudited)	37
Other Information (Form N-CSR Items 8-11) (Unaudited)	38

MORTGAGE-BACKED SECURITIES — continued

	Face Amount		Value
AGENCY MORTGAGE-BACKED OBLIGATIONS — continued
FNMA, Ser 2005-24, Cl ZE
5.000%, 04/25/35	$	2,050	$	2,094
FNMA, Ser 2012-121, Cl TB
7.000%, 11/25/42		11,156		11,916
FNMA, Ser 2022-57, Cl FA
4.883%, SOFR30A + 0.700%, 09/25/52 (A)		664,881		654,961
GNMA
2.000%, 12/20/50 to 02/20/51		854,741		711,232
2.500%, 04/20/51 to 11/20/51		1,117,330		966,493
3.000%, 04/20/50		214,733		193,695
4.000%, 04/20/49 to 04/20/52		1,115,190		1,068,238
4.421%, 01/20/67 (A)		27,763		27,596
5.000%, 07/20/53		249,169		249,049
GNMA, Ser 2010-H14, Cl BI, IO
1.521%, 07/20/60 (A)		1,692		181
GNMA, Ser 2017-H16, Cl PT
4.686%, 05/20/66 (A)		60		59
UMBS TBA
3.000%, 11/15/42		715,000		633,445
4.000%, 11/12/39		263,000		249,510
				40,325,028
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 1.8%
BANK, Ser 2022-BNK40, Cl A4
3.390%, 03/15/64 (A)		115,000		107,169
BBCMS Mortgage Trust, Ser 2020-C6, Cl AS
2.840%, 02/15/53		75,000		68,546
Benchmark Mortgage Trust, Ser 2022-B33, Cl A5
3.458%, 03/15/55		185,000		171,877
Benchmark Mortgage Trust, Ser 2022-B35, Cl AS
4.443%, 05/15/55 (A)		205,000		192,886
CSMC LLC, Ser 2014-USA, Cl A2
3.953%, 09/15/37 (B)		125,000		113,828

	Face Amount		Value
COMMUNICATION SERVICES — continued
Frontier Communications Holdings
6.000%, 01/15/30 (B)	$	374,000	$	379,251
6.750%, 05/01/29 (B)		106,000		107,068
IHS Holding
5.625%, 11/29/26 (B)		250,000		248,336
Meta Platforms
4.600%, 11/15/32		220,000		221,106
4.875%, 11/15/35		255,000		256,128
5.400%, 08/15/54		155,000		149,257
5.550%, 08/15/64		180,000		174,292
5.625%, 11/15/55		170,000		168,721
Paramount Global
5.900%, 10/15/40		240,000		221,525
6.250%, US0003M + 3.899%, 02/28/57 (A)		225,000		220,500
6.375%, H15T5Y + 3.999%, 03/30/62 (A)		470,000		462,969
Rakuten Group
9.750%, 04/15/29 (B)		445,000		499,125
Time Warner Cable
5.875%, 11/15/40		380,000		355,411
6.550%, 05/01/37		470,000		481,721
7.300%, 07/01/38		115,000		123,467
T-Mobile USA
5.700%, 01/15/56		355,000		350,901
				5,441,919
CONSUMER DISCRETIONARY — 1.3%
Flutter Treasury DAC
6.375%, 04/29/29 (B)		135,000		139,871
Ford Motor Credit
6.054%, 11/05/31		425,000		434,504
General Motors
5.350%, 04/15/28		170,000		174,096
General Motors Financial
5.950%, 04/04/34		310,000		324,174
Resorts World Las Vegas
4.625%, 04/06/31 (B)		270,000		230,171

	Face Amount		Value
CONSUMER DISCRETIONARY — continued
Stellantis Finance US
5.350%, 03/17/28 (B)	$	200,000	$	202,987
				1,505,803
CONSUMER STAPLES — 1.7%
Altria Group
5.250%, 08/06/35		210,000		211,796
Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide Inc
4.900%, 02/01/46		107,000		100,658
Anheuser-Busch InBev Worldwide
5.450%, 01/23/39		125,000		129,807
BAT Capital
4.390%, 08/15/37		430,000		395,083
4.625%, 03/22/33		255,000		251,922
5.350%, 08/15/32		260,000		269,013
5.834%, 02/20/31		190,000		200,984
Mars
5.200%, 03/01/35 (B)		225,000		230,939
Reynolds American
8.125%, 05/01/40		45,000		53,875
				1,844,077
ENERGY — 3.0%
Civitas Resources
8.375%, 07/01/28 (B)		239,000		246,943
Continental Resources
2.268%, 11/15/26 (B)		320,000		311,955
Greensaif Pipelines Bidco Sarl
6.103%, 08/23/42 (B)		230,000		244,159
Hess
5.800%, 04/01/47		215,000		224,929
6.000%, 01/15/40		485,000		527,984
HF Sinclair
5.000%, 02/01/28		100,000		100,084
MPLX
5.950%, 04/01/55		190,000		184,747
Occidental Petroleum
6.450%, 09/15/36		215,000		228,242

	Face Amount		Value
ENERGY — continued
ONEOK
5.400%, 10/15/35	$	270,000	$	270,995
Petroleos Mexicanos
7.690%, 01/23/50		275,000		249,370
Raizen Fuels Finance
6.250%, 07/08/32 (B)		310,000		263,500
Saudi Arabian Oil
6.375%, 06/02/55 (B)		200,000		215,619
Tennessee Gas Pipeline
8.375%, 06/15/32		135,000		160,227
Venture Global LNG
9.875%, 02/01/32 (B)		230,000		245,675
				3,474,429
FINANCIALS — 9.5%
Aon North America
5.450%, 03/01/34		295,000		307,357
Avolon Holdings Funding
5.750%, 11/15/29 (B)		410,000		425,101
5.750%, 03/01/29 (B)		160,000		165,242
6.375%, 05/04/28 (B)		160,000		166,684
Bank of America
4.571%, SOFRRATE + 1.830%, 04/27/33 (A)		205,000		204,663
5.288%, SOFRRATE + 1.910%, 04/25/34 (A)		200,000		206,937
5.468%, SOFRRATE + 1.650%, 01/23/35 (A)		440,000		459,639
CI Financial
3.200%, 12/17/30		675,000		607,951
Citibank
5.570%, 04/30/34		170,000		180,327
Citigroup
2.561%, SOFRRATE + 1.167%, 05/01/32 (A)		545,000		492,501
5.174%, SOFRRATE + 1.364%, 02/13/30 (A)		490,000		502,923
8.125%, 07/15/39		165,000		211,575
Constellation Insurance
6.800%, 01/24/30 (B)		380,000		384,336
Credit Suisse Group
7.500%, USSW5 + 4.598%, 06/11/74 (B) (C)		725,000		195,750

	Face Amount		Value
FINANCIALS — continued
Deutsche Bank NY
4.999%, SOFRRATE + 1.700%, 09/11/30 (A)	$	140,000	$	141,828
6.819%, SOFRRATE + 2.510%, 11/20/29 (A)		135,000		144,157
Drawbridge Special Opportunities Fund
5.950%, 09/17/30 (B)		315,000		305,232
Farmers Exchange Capital III
5.454%, TSFR3M + 3.716%, 10/15/54 (A) (B)		405,000		378,284
Farmers Insurance Exchange
7.000%, H15T10Y + 3.864%, 10/15/64 (A) (B)		170,000		176,245
Goldman Sachs Capital I
6.345%, 02/15/34		340,000		364,221
Goldman Sachs Group
2.383%, SOFRRATE + 1.248%, 07/21/32 (A)		410,000		365,362
4.939%, SOFRRATE + 1.330%, 10/21/36 (A)		190,000		189,072
5.536%, SOFRRATE + 1.380%, 01/28/36 (A)		350,000		364,248
HSBC Holdings
5.733%, SOFRRATE + 1.520%, 05/17/32 (A)		370,000		389,641
Jackson Financial
3.125%, 11/23/31		340,000		308,166
JPMorgan Chase
4.810%, SOFRRATE + 1.190%, 10/22/36 (A)		320,000		318,979
5.572%, SOFRRATE + 1.680%, 04/22/36 (A)		225,000		237,177
5.766%, SOFRRATE + 1.490%, 04/22/35 (A)		400,000		426,593
Mercury General
4.400%, 03/15/27		139,000		138,631
Morgan Stanley
1.593%, SOFRRATE + 0.879%, 05/04/27 (A)		265,000		261,413
5.466%, SOFRRATE + 1.730%, 01/18/35 (A)		340,000		353,622
Morgan Stanley MTN
5.250%, SOFRRATE + 1.870%, 04/21/34 (A)		290,000		299,302
5.831%, SOFRRATE + 1.580%, 04/19/35 (A)		185,000		197,253
NTT Finance
5.171%, 07/16/32 (B)		540,000		554,873
Wells Fargo
4.666%, TSFR3M + 0.762%, 01/15/27 (A)		205,000		203,453
				10,628,738

	Face Amount		Value
HEALTH CARE — 3.2%
Amgen
5.650%, 03/02/53	$	95,000	$	94,809
6.375%, 06/01/37		135,000		150,287
Biocon Biologics Global
6.670%, 10/09/29 (B)		240,000		237,314
Centene
3.000%, 10/15/30		175,000		156,125
4.625%, 12/15/29		485,000		470,481
CommonSpirit Health
4.975%, 09/01/35		245,000		243,775
CVS Health
1.875%, 02/28/31		305,000		266,220
5.050%, 03/25/48		565,000		505,188
6.750%, H15T5Y + 2.516%, 12/10/54 (A)		140,000		145,492
HCA
3.500%, 09/01/30		240,000		230,589
3.500%, 07/15/51		305,000		211,253
Horizon Mutual Holdings
6.200%, 11/15/34 (B)		365,000		358,536
PeaceHealth Obligated Group
4.855%, 11/15/32		230,000		232,586
Royalty Pharma
5.200%, 09/25/35		310,000		310,568
				3,613,223
INDUSTRIALS — 2.4%
AerCap Ireland Capital DAC
3.000%, 10/29/28		185,000		178,631
4.950%, 09/10/34		375,000		373,321
6.500%, H15T5Y + 2.441%, 01/31/56 (A)		215,000		222,120
American Airlines Pass Through Trust, Ser 2025-1, Cl A
4.900%, 05/11/38		165,000		165,308
BAE Systems
5.250%, 03/26/31 (B)		220,000		228,673
Boeing
2.196%, 02/04/26		265,000		263,581
6.298%, 05/01/29		340,000		360,699

	Face Amount		Value
INDUSTRIALS — continued
Delta Air Lines
5.250%, 07/10/30	$	360,000	$	367,926
Paychex
5.350%, 04/15/32		234,000		242,671
Regal Rexnord
6.050%, 02/15/26		300,000		300,884
				2,703,814
INFORMATION TECHNOLOGY — 2.9%
Broadcom
3.419%, 04/15/33		109,000		101,640
4.800%, 10/15/34		150,000		150,718
4.900%, 07/15/32		230,000		235,130
4.926%, 05/15/37 (B)		277,000		275,805
Dell International
5.100%, 02/15/36		315,000		311,736
Foundry JV Holdco
6.100%, 01/25/36 (B)		400,000		422,544
Intel
3.050%, 08/12/51		150,000		95,063
Oracle
3.600%, 04/01/40		110,000		86,144
3.800%, 11/15/37		540,000		456,829
4.450%, 09/26/30		315,000		312,398
4.800%, 09/26/32		250,000		247,426
5.375%, 09/27/54		130,000		114,282
5.950%, 09/26/55		195,000		184,878
Sprint Capital
8.750%, 03/15/32		195,000		237,227
				3,231,820
MATERIALS — 1.6%
Anglo American Capital
5.750%, 04/05/34 (B)		325,000		341,350
Braskem Netherlands Finance BV
4.500%, 01/31/30 (B)		205,000		82,242
8.000%, 10/15/34 (B)		150,000		61,687

	Face Amount		Value
MATERIALS — continued
First Quantum Minerals
7.250%, 02/15/34 (B)	$	225,000	$	233,665
8.625%, 06/01/31 (B)		560,000		586,486
FMC
8.450%, H15T5Y + 4.366%, 11/01/55 (A)		205,000		198,948
Samarco Mineracao
9.500%, 06/30/31 (B)		267,296		267,293
				1,771,671
REAL ESTATE — 0.5%
Sabra Health Care
3.900%, 10/15/29		245,000		238,107
Scentre Group Trust 2
5.125%, H15T5Y + 4.685%, 09/24/80 (A) (B)		305,000		307,257
				545,364
UTILITIES — 4.9%
AEP Texas
5.850%, 10/15/55		125,000		124,937
Brooklyn Union Gas
6.415%, 07/18/54 (B)		275,000		290,315
Chile Electricity Lux MPC Sarl
6.010%, 01/20/33 (B)		232,700		243,521
Dominion Energy
6.000%, H15T5Y + 2.262%, 02/15/56 (A)		275,000		278,592
6.625%, H15T5Y + 2.207%, 05/15/55 (A)		195,000		203,306
DTE Energy
5.050%, 10/01/35		370,000		368,897
Louisville Gas and Electric
5.450%, 04/15/33		205,000		214,903
NextEra Energy Capital Holdings
5.450%, 03/15/35		490,000		507,365
NiSource
5.350%, 04/01/34		245,000		251,954
Pacific Gas and Electric
2.100%, 08/01/27		355,000		341,203
2.500%, 02/01/31		205,000		183,486
6.100%, 01/15/29		315,000		328,594

	Face Amount		Value
UTILITIES — continued
PSEG Power
5.750%, 05/15/35 (B)	$	295,000	$	308,206
Public Service Company of Oklahoma
5.200%, 01/15/35		167,000		169,021
RWE Finance US
5.125%, 09/18/35 (B)		190,000		187,431
Southern Power
4.900%, 10/01/35		180,000		178,088
Virginia Electric and Power
5.000%, 01/15/34		457,000		462,408
5.000%, 04/01/33		125,000		127,504
Virginia Power Fuel Securitization
5.088%, 05/01/27		137,072		138,441
Vistra Operations
5.250%, 10/15/35 (B)		235,000		233,423
5.700%, 12/30/34 (B)		290,000		297,872
				5,439,467
TOTAL CORPORATE OBLIGATIONS
(Cost $40,718,487)				40,200,325

U.S. TREASURY OBLIGATIONS — 27.5%

U.S. Treasury Bonds
3.000%, 02/15/49		2,915,000		2,205,038
3.125%, 05/15/48 (D)		2,755,000		2,146,640
4.750%, 05/15/55 to 08/15/55		4,780,000		4,843,265
4.875%, 08/15/45		3,015,000		3,105,450
5.000%, 05/15/45		770,000		805,853

	Face Amount		Value
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — continued
CSMC Trust, Ser 2021-RPL3, Cl A1
2.000%, 01/25/60 (A) (B)	$	319,283	$	283,845
GPMT, Ser 2021-FL3, Cl A
5.638%, TSFR1M + 1.614%, 07/16/35 (A) (B)		63,857		63,893
JPMBB Commercial Mortgage Securities Trust, Ser 2014-C25, Cl B
4.347%, 11/15/47 (A)		215,000		199,956
Mill City Mortgage Loan Trust, Ser 2021-NMR1, Cl A1
1.125%, 11/25/60 (A) (B)		190,377		182,877
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2015-C24, Cl C
4.011%, 05/15/48 (A)		92,273		91,628
Sequoia Mortgage Trust, Ser 2018-CH4, Cl B1B
5.070%, 10/25/48 (A) (B)		272,815		273,675
Towd Point Mortgage Trust, Ser 2020-3, Cl A1
3.088%, 02/25/63 (A) (B)		49,056		47,640
WFRBS Commercial Mortgage Trust, Ser 2014-C22, Cl B
4.371%, 09/15/57 (A)		270,000		245,695
				2,043,515
TOTAL MORTGAGE-BACKED SECURITIES
(Cost $43,555,901)				42,368,543

CORPORATE OBLIGATIONS — 35.9%

COMMUNICATION SERVICES — 4.9%
AT&T
3.500%, 06/01/41		240,000		189,890
3.550%, 09/15/55		285,000		195,433
4.900%, 11/01/35		215,000		211,935
5.700%, 11/01/54		215,000		210,582
6.000%, 11/15/34		20,000		20,908
Charter Communications Operating
6.100%, 06/01/29		185,000		193,393

	Face Amount		Value
U.S. Treasury Notes
3.375%, 09/15/28	$	1,470,000	$	1,461,042
3.500%, 09/30/27 to 10/15/28		6,113,000		6,097,850
3.625%, 09/30/30 to 10/31/30		3,905,000		3,890,557
3.750%, 06/30/27		1,250,000		1,252,344
3.875%, 05/31/27 to 09/30/32		4,295,000		4,316,774
4.250%, 08/15/35		615,000		622,688
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $30,552,789)				30,747,501

ASSET-BACKED SECURITIES — 9.3%
American Express Credit Account Master Trust, Ser 2024-3, Cl A
4.650%, 07/15/29		265,000		268,467
Aqua Finance Issuer Trust, Ser 2025-B, Cl A
4.790%, 05/17/51 (B)		227,356		228,562
ARI Fleet Lease Trust, Ser 2023-A, Cl A3
5.330%, 02/17/32 (B)		100,000		100,642
ARI Fleet Lease Trust, Ser 2024-A, Cl A2
5.300%, 11/15/32 (B)		49,690		49,978
Avis Budget Rental Car Funding AESOP, Ser 2025-4A, Cl A
4.400%, 02/20/32 (B)		105,000		104,603
BA Credit Card Trust, Ser 2023-A2, Cl A2
4.980%, 11/15/28		275,000		277,803
BBCMS Trust, Ser C32, Cl A5
5.720%, 02/15/62		195,000		208,569
BFLD Commercial Mortgage Trust, Ser 660F, Cl B
5.765%, TSFR1M + 1.800%, 11/15/42 (A) (B)		190,000		190,237
BFLD Commercial Mortgage Trust, Ser 660F, Cl C
6.115%, TSFR1M + 2.150%, 11/15/42 (A) (B)		125,000		125,273
BX Commercial Mortgage Trust, Ser AIRC, Cl A
5.723%, TSFR1M + 1.691%, 08/15/39 (A) (B)		252,773		253,089
BX Trust, Ser GW, Cl A
5.632%, TSFR1M + 1.600%, 07/15/42 (A) (B)		190,000		190,238
Carmax Auto Owner Trust, Ser 2025-4, Cl B
4.420%, 07/15/31		90,000		89,764
Chase Auto Owner Trust, Ser 2025-2A, Cl B
4.320%, 03/25/31 (B)		265,000		263,526

Citigroup Commercial Mortgage Trust, Ser GC41, Cl A5
2.869%, 08/10/56	$	260,000	$	244,050
Citigroup Commercial Mortgage Trust, Ser P6, Cl A5
3.720%, 12/10/49 (A)		55,000		53,797
College Ave Student Loans, Ser 2019-A, Cl A2
3.280%, 12/28/48 (B)		142,183		136,402
College Ave Student Loans, Ser 2021-B, Cl A2
1.760%, 06/25/52 (B)		81,842		74,194
College Ave Student Loans, Ser 2021-B, Cl B
2.420%, 06/25/52 (B)		160,098		146,828
Dell Equipment Finance Trust, Ser 2025-2, Cl C
4.530%, 03/24/31 (B)		250,000		249,780
DLLAA, Ser 2025-1A, Cl A3
4.950%, 09/20/29 (B)		145,000		147,518
Dllad, Ser 2024-1A, Cl A3
5.300%, 07/20/29 (B)		315,000		321,336
Enterprise Fleet Financing, Ser 2023-2, Cl A2
5.560%, 04/22/30 (B)		88,790		89,311
Enterprise Fleet Financing, Ser 2024-3, Cl A2
5.310%, 04/20/27 (B)		71,445		71,791
Enterprise Fleet Financing, Ser 2025-1, Cl A3
4.820%, 02/20/29 (B)		195,000		197,836
HIH Trust, Ser 61P, Cl A
5.874%, TSFR1M + 1.842%, 10/15/41 (A) (B)		334,986		336,033
Hilton Grand Vacations Trust, Ser 2020-AA, Cl A
2.740%, 02/25/39 (B)		24,926		24,519
HIN Timeshare Trust, Ser 2020-A, Cl A
1.390%, 10/09/39 (B)		172,718		166,924
HPEFS Equipment Trust, Ser 2025-1A, Cl C
4.790%, 09/20/32 (B)		100,000		100,532
Hyundai Auto Lease Securitization Trust, Ser 2025-A, Cl A3
4.830%, 01/18/28 (B)		250,000		252,316
M&T Bank Auto Receivables Trust, Ser 2025-1A, Cl A3
4.730%, 06/17/30 (B)		190,000		192,315
MAD Commercial Mortgage Trust, Ser 11MD, Cl A
4.754%, 10/15/42 (A) (B)		190,000		189,744
MF1, Ser 2025-FL17, Cl A
5.351%, TSFR1M + 1.320%, 02/18/40 (A) (B)		255,000		255,052

Navient Private Education Refi Loan Trust, Ser 2019-FA, Cl A2
2.600%, 08/15/68 (B)	$	168,237	$	162,839
Navient Refinance Loan Trust, Ser 2025-B, Cl A
4.720%, 09/15/55 (B)		130,000		129,969
Nelnet Student Loan Trust, Ser 2021-BA, Cl AFL
4.926%, TSFR1M + 0.894%, 04/20/62 (A) (B)		43,943		43,904
Nelnet Student Loan Trust, Ser 2025-CA, Cl A1A
4.670%, 06/22/65 (B)		285,000		283,909
Oceanview Mortgage Trust, Ser 2025-1, Cl AF1
4.983%, SOFR30A + 0.800%, 11/25/54 (A) (B)		163,201		163,320
Oceanview Mortgage Trust, Ser 2025-2, Cl AF1
5.033%, SOFR30A + 0.850%, 04/25/55 (A) (B)		150,641		150,853
Octane Receivables Trust, Ser 2023-1A, Cl A
5.870%, 05/21/29 (B)		12,022		12,035
Rate Mortgage Trust, Ser 2024-J4, Cl A4
6.000%, 12/25/54 (A) (B)		203,814		207,286
RCKT Mortgage Trust, Ser 2025-CES1, Cl A1A
5.653%, 01/25/45 (B) (E)		167,908		169,561
RCKT Mortgage Trust, Ser 2025-CES10, Cl A1A
4.894%, 11/25/55 (B) (E)		325,000		324,526
RCKT Mortgage Trust, Ser 2025-CES2, Cl A1A
5.503%, 02/25/55 (B) (E)		172,291		173,701
RCKT Mortgage Trust, Ser 2025-CES8, Cl A1A
5.148%, 08/25/55 (A) (B)		155,753		156,480
SBA Small Business Investment, Ser 2018-10B, Cl 1
3.548%, 09/10/28		23,919		23,557
SBA Small Business Investment, Ser 2022-10A, Cl 1
2.938%, 03/10/32		86,116		82,538
SBA Small Business Investment, Ser 2025-10A, Cl 1
4.963%, 03/10/35		300,000		304,047
SBA Small Business Investment, Ser 2025-10B, Cl 1
4.532%, 09/10/35		90,000		90,302
SBNA Auto Lease Trust, Ser 2025-A, Cl A3
4.830%, 04/20/28 (B)		175,000		175,969
SCF Equipment Trust, Ser 2025-1A, Cl A2
4.820%, 07/22/30 (B)		66,981		67,161
SFS Auto Receivables Securitization Trust, Ser 2025-3A, Cl B
4.440%, 11/20/31 (B)		250,000		249,328

SMB Private Education Loan Trust, Ser 2020-A, Cl A2A
2.230%, 09/15/37 (B)	$	58,479	$	56,669
SMB Private Education Loan Trust, Ser 2021-B, Cl A
1.310%, 07/17/51 (B)		233,013		219,817
SMB Private Education Loan Trust, Ser 2021-C, Cl APT1
1.390%, 01/15/53 (B)		97,459		89,911
SMB Private Education Loan Trust, Ser 2024-E, Cl A1A
5.090%, 10/16/56 (B)		194,530		200,485
SMB Private Education Loan Trust, Ser 2025-A, Cl A1A
5.130%, 04/15/54 (B)		200,172		203,936
SoFi Consumer Loan Program Trust, Ser 2025-3, Cl C
5.040%, 08/15/34 (B)		220,000		220,519
Sofi Professional Loan Program Trust, Ser 2018-C, Cl A2FX
3.590%, 01/25/48 (B)		65,842		65,377
South Carolina Student Loan, Ser 2015-A, Cl A
5.606%, TSFR1M + 1.614%, 01/25/36 (A)		66,996		67,010
United States Small Business Administration, Ser 2025-25F, Cl 1
5.100%, 06/01/50		200,000		203,696
Verizon Master Trust, Ser 2025-5, Cl B
4.420%, 06/20/31		130,000		130,183
Wells Fargo Commercial Mortgage Trust, Ser 2025-5C4, Cl A3
5.673%, 05/15/58		175,000		183,023
Wells Fargo Commercial Mortgage Trust, Ser 2025-5C4, Cl AS
6.093%, 05/15/58		160,000		167,672
TOTAL ASSET-BACKED SECURITIES
(Cost $10,338,690)				10,380,612

	Face Amount		Value
MEXICO — 0.8%
Mexico Government International Bond
Callable 10/29/37 @ 100
5.375%, 03/22/33		215,000		214,828
6.625%, 01/29/38		315,000		332,640
7.375%, 05/13/55		275,000		308,507
TOTAL FOREIGN GOVERNMENT BONDS
(Cost $800,646)				855,975

MUNICIPAL BONDS — 0.5%

	Face Amount		Value
GEORGIA — 0.3%
Georgia State, Municipal Electric Authority, RB, Ser 2010-A
6.637%, 04/01/57	$	356,000	$	391,088
ARIZONA — 0.2%
Maricopa County Industrial Development Authority, RB Callable 09/01/29 @ 100
7.375%, 10/01/29 (B)		195,000		204,641
TOTAL MUNICIPAL BONDS
(Cost $718,796)				595,729
TOTAL INVESTMENTS — 111.8%
(Cost $126,685,309)			$	125,148,685

Type of Contract	Number of Contracts		Expiration Date	Notional Amount			Value			Unrealized Appreciation/ (Depreciation)
Long Contracts
U.S. 2-Year Treasury Notes		18	Dec-2025	$	3,750,870		$	3,748,359		$	(2,511	)
U.S. 5-Year Treasury Notes		80	Dec-2025		8,738,936			8,736,875			(2,061	)
U.S. 10-Year Treasury Notes		9	Dec-2025		1,009,562			1,014,047			4,485
				$	13,499,368		$	13,499,281		$	(87	)
Short Contracts
Ultra 10-Year U.S. Treasury Notes		(48)	Dec-2025	$	(5,488,549	)	$	(5,543,250	)	$	(54,701	)
				$	8,010,819		$	7,956,031		$	(54,788	)

Investments in Securities	Level 1		Level 2		Level 3		Total
Mortgage-Backed Securities	$	—	$	42,368,543	$	—	$	42,368,543
Corporate Obligations		—		40,200,325		—		40,200,325
U.S. Treasury Obligations		—		30,747,501		—		30,747,501
Asset-Backed Securities		—		10,380,612		—		10,380,612
Foreign Government Bonds		—		855,975		—		855,975
Municipal Bonds		—		595,729		—		595,729
Total Investments in Securities	$	—	$	125,148,685	$	—	$	125,148,685

Other Financial Instruments	Level 1			Level 2		Level 3		Total
Futures Contracts*
Unrealized Appreciation	$	4,485		$	–	$	–	$	4,485
Unrealized Depreciation		(59,273	)		–		–		(59,273	)
Total Other Financial Instruments	$	(54,788	)	$	–	$	–	$	(54,788	)

Assets:
Investments, at Value (Cost $126,685,309)	$	125,148,685
Cash and cash equivalents		3,632,937
Receivable for Investment Securities Sold		1,379,203
Dividends and Interest Receivable		994,368
Reclaims Receivable		9,672
Variation Margin Receivable		1,951
Prepaid Expenses		8,249
Total Assets		131,175,065
Liabilities:
Payable for Capital Shares Redeemed		15,100,000
Payable for Investment Securities Purchased		4,039,697
Payable due to Administrator		10,797
Investment Advisory Fees Payable		3,387
Chief Compliance Officer Fees Payable		1,500
Payable due to Trustees		800
Other Accrued Expenses		88,338
Total Liabilities		19,244,519
Commitments and Contingencies†
Net Assets	$	111,930,546
NET ASSETS CONSIST OF:
Paid-in Capital	$	171,015,450
Total Accumulated Losses		(59,084,904	)
Net Assets	$	111,930,546
I Class Shares
Net Assets	$	111,930,540
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		12,715,197
Net Asset Value, Offering and Redemption Price Per Share	$	8.80
R Class Shares
Net Assets	$	6
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		1
Net Asset Value, Offering and Redemption Price Per Share	$	7.31	*

The Advisors' Inner Circle Fund III

MetLife Core Plus Fund

I Class Shares - LPCIX

Annual Shareholder Report: October 31, 2025

What were the Fund costs for the last year?

How did the Fund perform in the last year?

Total Return Based on $5,000,000 Investment

Average Annual Total Returns as of October 31, 2025

Key Fund Statistics as of October 31, 2025

What did the Fund invest in?

Asset/Sector WeightingsFootnote Reference*

Top Ten Holdings

Material Fund Changes

Changes in and Disagreements with Accountants

Additional Information

Householding

The Advisors' Inner Circle Fund III

MetLife Core Plus Fund

R Class Shares - LPCYX

Annual Shareholder Report: October 31, 2025

What were the Fund costs for the last year?

How did the Fund perform in the last year?

Total Return Based on $5,000,000 Investment

Average Annual Total Returns as of October 31, 2025

Key Fund Statistics as of October 31, 2025

What did the Fund invest in?

Asset/Sector WeightingsFootnote Reference*

Top Ten Holdings

Material Fund Changes

Changes in and Disagreements with Accountants

Additional Information

Householding

Asset/Sector Weightings^{Footnote Reference*}

Asset/Sector Weightings^{Footnote Reference*}

Investment Income:
Interest	$	5,190,772
Less: Foreign Taxes Withheld		(1,287	)
Total Investment Income		5,189,485
Expenses:
Investment Advisory Fees		433,888
Administration Fees		109,377
Trustees' Fees		15,420
Chief Compliance Officer Fees		8,774
Transfer Agent Fees		80,721
Legal Fees		58,951
Pricing Fees		50,297
Registration Fees		39,876
Audit Fees		28,142
Printing Fees		18,823
Custodian Fees		10,759
Insurance and Other Expenses		32,761
Total Expenses		887,789
Less:
Investment Advisory Fees Waived		(398,772	)
Net Expenses		489,017
Net Investment Income		4,700,468
Net Realized Gain (Loss) on:
Investments		(833,639	)
Futures Contracts		103,324
Net Realized Loss		(730,315	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		3,315,843
Futures Contracts		(7,733	)
Net Change in Unrealized Appreciation		3,308,110

Net Realized and Unrealized Gain		2,577,795

Net Increase in Net Assets Resulting from Operations	$	7,278,263

	Year Ended			Year Ended
	October 31,			October 31,
	2025			2024
Operations:
Net Investment Income	$	4,700,468		$	6,225,710
Net Realized Loss		(730,315	)		(9,695,065	)
Net Change in Unrealized Appreciation		3,308,110			25,352,665
Net Increase in Net Assets Resulting from Operations		7,278,263			21,883,310
Distributions:
I Class Shares		(4,483,880	)		(6,690,249	)
Total Distributions		(4,483,880	)		(6,690,249	)
Capital Share Transactions:
I Class Shares:
Issued		25,905,914			9,960,319
Reinvestment of Dividends		4,483,880			6,690,248
Redeemed		(19,033,816	)		(173,382,173	)
Increase (Decrease) from I Class Shares Capital Share Transactions		11,355,978			(156,731,606	)
R Class Shares:
Issued		—			—
Reinvestment of Dividends		—			—
Redeemed		—			—
Increase from R Class Shares Capital Share Transactions		—			—
Net Increase (Decrease) in Net Assets from Capital Share Transactions		11,355,978			(156,731,606	)
Total Increase (Decrease) in Net Assets		14,150,361			(141,538,545	)
Net Assets:
Beginning of Year		97,780,185			239,318,730
End of Year	$	111,930,546		$	97,780,185

	I Class Shares
	Year Ended October 31, 2025			Year Ended October 31, 2024			Year Ended October 31, 2023			Year Ended October 31, 2022			Year Ended October 31, 2021
Net Asset Value, Beginning of Year	$	8.60		$	8.08		$	8.36		$	10.26		$	10.42
Income from Operations:
Net Investment Income⁽¹⁾		0.37			0.34			0.30			0.19			0.12
Net Realized and Unrealized Gain (Loss) on Investments		0.18			0.58			(0.27	)		(1.91	)		(0.09	)
Total from Operations		0.55			0.92			0.03			(1.72	)		0.03
Dividends and Distributions from:
Net Investment Income		(0.35	)		(0.40	)		(0.31	)		(0.18	)		(0.13	)
Net Realized Gains		—			—			—			—			(0.06	)
Total Dividends and Distributions		(0.35	)		(0.40	)		(0.31	)		(0.18	)		(0.19	)
Net Asset Value, End of Year	$	8.80		$	8.60		$	8.08		$	8.36		$	10.26
Total Return †		6.59	%		11.51	%		0.19	%		(16.88	)%		0.30	%
Ratios and Supplemental Data
Net Assets, End of Year (Thousands)	$	111,931		$	97,780		$	239,319		$	293,030		$	302,163
Ratio of Expenses to Average Net Assets (including waivers and reimbursements)‡		0.45	%		0.45	%		0.45	%		0.45	%		0.45	%
Ratio of Expenses to Average Net Assets (excluding waivers and reimbursements)		0.82	%		0.71	%		0.64	%		0.62	%		0.64	%
Ratio of Net Investment Income to Average Net Assets		4.33	%		3.95	%		3.54	%		2.07	%		1.20	%
Portfolio Turnover Rate†		198	%		310	%		254	%		329	%		463	%

Asset Derivatives					Liability Derivatives
Statement of Assets and Liabilities		Fair Value			Statement of Assets and Liabilities		Fair Value
Interest Rate contracts	Net Assets – Unrealized appreciation on Futures Contracts	$	4,485	*	Interest Rate contracts	Net Assets – Unrealized depreciation on Futures Contracts	$	(59,273	)*
Total		$	4,485				$	(59,273	)

	Futures
	Contracts		Total
Interest Rate Contracts	$	103,324	$	103,324
Total	$	103,324	$	103,324

Average Quarterly Notional Balance Long		$	12,315,154
Average Quarterly Notional Balance Short		$	(4,612,801	)

	U.S. Government		Other		Total
Purchases	$	189,512,293	$	42,201,851	$	231,714,144
Sales		169,434,337		38,561,538		207,995,875

	Ordinary Income		Total
2025	$	4,483,880	$	4,483,880
2024		6,690,249		6,690,249

Undistributed Ordinary Income	$	480,381
Capital Loss Carryforwards Short-Term*		(14,791,207	)
Capital Loss Carryforwards Long-Term*		(42,898,115	)
Unrealized Depreciation		(1,581,354	)
Other Temporary Differences		(294,609	)
Total Accumulated Losses	$	(59,084,904	)

Federal Tax Cost				Aggregate Gross Unrealized Appreciation				Aggregate Gross Unrealized (Depreciation)				Net Unrealized Appreciation/ (Depreciation)
$	126,730,039			$	1,764,806			$	(3,346,160	)		$	(1,581,354	)