Advisors' Inner Circle Fund III NPORT-P Mesirow Small Company Sustainability Fund (Jun 2024 report)

THE ADVISORS’ INNER CIRCLE FUND III MESIROW ENHANCED CORE PLUS FUND JUNE 30, 2024 (Unaudited)

SCHEDULE OF INVESTMENTS CORPORATE OBLIGATIONS — 56.0%
	Face Amount		Value
Communication Services — 3.8%
AT&T
Callable 03/15/2053 @ $100 3.500%, 09/15/2053	$	55,000	$	37,336
Comcast
Callable 02/15/2033 @ $100 4.800%, 05/15/2033		45,000		43,773
Directv Financing
Callable 08/02/2024 @ $104 5.875%, 08/15/2027(A)		170,000		159,900
Fox
Callable 07/13/2033 @ $100 6.500%, 10/13/2033		100,000		104,752
Meta Platforms
Callable 11/15/2052 @ $100 5.600%, 05/15/2053		130,000		132,686
Callable 02/15/2033 @ $100 4.950%, 05/15/2033		100,000		100,501
Callable 03/15/2030 @ $100 4.800%, 05/15/2030		105,000		105,150
				684,098
Consumer Discretionary — 5.3%
Allied Universal Holdco
Callable 08/02/2024 @ $102 4.625%, 06/01/2028(A)		150,000		136,813
Carriage Services
Callable 08/02/2024 @ $102 4.250%, 05/15/2029(A)		150,000		134,018
Emory University
Callable 03/01/2050 @ $100 2.969%, 09/01/2050		75,000		50,857
Garda World Security
Callable 08/02/2024 @ $101 4.625%, 02/15/2027(A)		150,000		143,334
General Motors Financial 5.400%, 04/06/2026		15,000		14,966
Howard University
Callable 10/01/2032 @ $100 5.209%, 10/01/2052		15,000		13,262
IHO Verwaltungs GmbH
Callable 07/15/2024 @ $101 4.750%cash/0% PIK, 09/15/2026(A)		149,000		144,387

THE ADVISORS’ INNER CIRCLE FUND III MESIROW ENHANCED CORE PLUS FUND JUNE 30, 2024 (Unaudited)

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
Mattel
Callable 05/01/2041 @ $100 5.450%, 11/01/2041	$	75,000	$	67,347
McDonald’s MTN
Callable 10/30/2025 @ $100 3.700%, 01/30/2026		35,000		34,197
McDonald’s MTN 3.700%, 02/15/2042		15,000		11,728
TKC Holdings
Callable 08/02/2024 @ $103 6.875%, 05/15/2028(A)		145,000		140,587
Toyota Motor Credit MTN 4.400%, 09/20/2024		75,000		74,782
				966,278
Consumer Staples — 2.8%
BAT Capital
Callable 12/20/2030 @ $100 5.834%, 02/20/2031		30,000		30,423
Callable 09/16/2051 @ $100 5.650%, 03/16/2052		30,000		26,784
Church & Dwight
Callable 08/15/2032 @ $100 5.600%, 11/15/2032		59,000		61,135
Callable 12/15/2051 @ $100 5.000%, 06/15/2052		40,000		37,167
Coca-Cola
Callable 11/13/2053 @ $ 100 5.300%, 05/13/2054		45,000		44,654
Constellation Brands
Callable 07/15/2024 @ $100 5.000%, 02/02/2026		40,000		39,900
Callable 12/15/2028 @ $100 4.800%, 01/15/2029		65,000		64,036
General Mills
Callable 07/18/2024 @ $100 5.241%, 11/18/2025		120,000		119,553
Keurig Dr Pepper
Callable 01/15/2031 @ $100 5.200%, 03/15/2031		65,000		64,870
Kraft Heinz Foods
Callable 12/01/2049 @ $100 5.500%, 06/01/2050		25,000		23,917
				512,439

THE ADVISORS’ INNER CIRCLE FUND III MESIROW ENHANCED CORE PLUS FUND JUNE 30, 2024 (Unaudited)

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
Energy — 4.8%
Archrock Partners
Callable 08/02/2024 @ $102 6.875%, 04/01/2027(A)	$	150,000	$	150,598
Boardwalk Pipelines
Callable 05/01/2034 @ $100 5.625%, 08/01/2034		75,000		73,701
Devon Energy
Callable 01/15/2025 @ $102 4.500%, 01/15/2030		10,000		9,622
Diamondback Energy
Callable 10/18/2053 @ $100 5.750%, 04/18/2054		55,000		53,319
Energy Transfer
Callable 11/15/2053 @ $100 5.950%, 05/15/2054		35,000		34,082
Callable 12/15/2024 @ $100 4.050%, 03/15/2025		100,000		98,901
Halliburton
Callable 05/15/2045 @ $100 5.000%, 11/15/2045		40,000		36,210
Kinder Morgan
Callable 03/01/2025 @ $100 4.300%, 06/01/2025		200,000		197,396
MPLX
Callable 03/01/2034 @ $100 5.500%, 06/01/2034		75,000		73,860
Schlumberger Investment
Callable 03/01/2034 @ $100 5.000%, 06/01/2034		110,000		108,274
Valero Energy
Callable 06/01/2051 @ $100 3.650%, 12/01/2051		40,000		27,595
				863,558
Financials — 10.0%
American Express
Callable 01/13/2026 @ $100 4.900%, 02/13/2026		35,000		34,775
Bank of America
Callable 04/25/2033 @ $100 5.288%, SOFRRATE + 1.910%, 04/25/2034(B)		135,000		133,583

THE ADVISORS’ INNER CIRCLE FUND III MESIROW ENHANCED CORE PLUS FUND JUNE 30, 2024 (Unaudited)

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
Citigroup
Callable 06/11/2034 @ $100 5.449%, SOFRRATE + 1.447%, 06/11/2035(B)	$	55,000	$	54,569
Callable 02/13/2029 @ $100 5.174%, SOFRRATE + 1.364%, 02/13/2030(B)		75,000		74,563
Goldman Sachs Group
Callable 10/24/2028 @ $100 6.484%, SOFRRATE + 1.770%, 10/24/2029(B)		25,000		26,101
Callable 04/25/2034 @ $100 5.851%, SOFRRATE + 1.552%, 04/25/2035(B)		50,000		51,216
Goldman Sachs Group 5.700%, 11/01/2024		55,000		55,019
Jefferies Financial Group
Callable 01/14/2034 @ $100 6.200%, 04/14/2034		30,000		30,385
JPMorgan Chase
Callable 10/23/2028 @ $100 6.087%, SOFRRATE + 1.570%, 10/23/2029(B)		65,000		67,159
Callable 04/22/2034 @ $100 5.766%, SOFRRATE + 1.490%, 04/22/2035(B)		30,000		30,780
Callable 06/01/2033 @ $100 5.350%, SOFRRATE + 1.845%, 06/01/2034(B)		60,000		59,734
Callable 08/01/2024 @ $100 5.000%, TSFR3M + 3.380%(B) (C)		240,000		239,314
Macquarie Airfinance Holdings
Callable 05/01/2025 @ $104 8.375%, 05/01/2028(A)		200,000		210,794
Mastercard
Callable 02/09/2034 @ $100 4.875%, 05/09/2034		65,000		64,267
Morgan Stanley MTN
Callable 04/19/2034 @ $100 5.831%, SOFRRATE + 1.580%, 04/19/2035(B)		70,000		71,755
Callable 07/21/2033 @ $100 5.424%, SOFRRATE + 1.880%, 07/21/2034(B)		25,000		24,874

THE ADVISORS’ INNER CIRCLE FUND III MESIROW ENHANCED CORE PLUS FUND JUNE 30, 2024 (Unaudited)

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
Callable 04/20/2028 @ $100 5.164%, SOFRRATE + 1.590%, 04/20/2029(B)	$	35,000	$	34,887
Northern Trust
Callable 10/01/2026 @ $100 4.600%, TSFR3M + 3.464%(B) (C)		185,000		179,033
Royal Bank of Canada MTN 4.950%, 04/25/2025		40,000		39,809
State Street
Callable 01/26/2025 @ $100 4.857%, SOFRRATE + 0.604%, 01/26/2026(B)		50,000		49,775
Toronto-Dominion Bank MTN 4.285%, 09/13/2024		70,000		69,770
US Bancorp
Callable 01/23/2034 @ $100 5.678%, SOFRRATE + 1.860%, 01/23/2035(B)		85,000		85,326
Callable 04/15/2027 @ $100 5.300%, TSFR3M + 3.176%(B) (C)		135,000		130,910
				1,818,398
Health Care — 8.2%
AbbVie
Callable 12/15/2043 @ $100 4.850%, 06/15/2044		30,000		27,726
Advocate Health & Hospitals
Callable 03/15/2030 @ $100 2.211%, 06/15/2030		35,000		29,906
AMN Healthcare
Callable 08/02/2024 @ $101 4.625%, 10/01/2027(A)		150,000		142,887
Baylor Scott & White Holdings
Callable 11/15/2049 @ $100 2.839%, 11/15/2050		16,000		10,449
Becton Dickinson
Callable 05/07/2029 @ $100 5.081%, 06/07/2029		55,000		54,950
Bristol-Myers Squibb
Callable 05/15/2053 @ $100 6.250%, 11/15/2053		25,000		26,851
CVS Health
Callable 01/20/2026 @ $100 5.000%, 02/20/2026		15,000		14,885

THE ADVISORS’ INNER CIRCLE FUND III MESIROW ENHANCED CORE PLUS FUND JUNE 30, 2024 (Unaudited)

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
Eli Lilly
Callable 08/09/2053 @ $100 5.000%, 02/09/2054	$	40,000	$	38,199
Indiana University Health Obligated Group
Callable 05/01/2048 @ $100 3.970%, 11/01/2048		10,000		8,148
Iowa Health System
Callable 08/15/2049 @ $100 3.665%, 02/15/2050		20,000		15,219
NY Society for Relief of Ruptured & Crippled Maintaining Hosp Special Surgery
Callable 04/01/2050 @ $100 2.667%, 10/01/2050		80,000		50,592
Organon
Callable 04/30/2026 @ $103 5.125%, 04/30/2031(A)		150,000		134,738
Providence St. Joseph Health Obligated Group
Callable 04/01/2033 @ $100 5.403%, 10/01/2033		130,000		128,954
Smith & Nephew
Callable 02/20/2027 @ $100 5.150%, 03/20/2027		105,000		104,650
SSM Health Care
Callable 03/01/2028 @ $100 4.894%, 06/01/2028		30,000		29,825
Callable 03/01/2027 @ $100 3.823%, 06/01/2027		60,000		57,953
Stanford Health Care
Callable 05/15/2048 @ $100 3.795%, 11/15/2048		220,000		175,193
Stryker
Callable 09/15/2045 @ $100 4.625%, 03/15/2046		115,000		101,047
Sutter Health
Callable 02/15/2033 @ $100 5.164%, 08/15/2033		255,000		255,679
UnitedHealth Group
Callable 08/15/2052 @ $100 5.875%, 02/15/2053		45,000		46,734
Willis-Knighton Medical Center
Callable 03/01/2048 @ $100 4.813%, 09/01/2048		25,000		21,996
				1,476,581

THE ADVISORS’ INNER CIRCLE FUND III MESIROW ENHANCED CORE PLUS FUND JUNE 30, 2024 (Unaudited)

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
Industrials — 7.1%
Arcosa
Callable 08/02/2024 @ $102 4.375%, 04/15/2029(A)	$	150,000	$	139,294
BAE Systems
Callable 02/26/2031 @ $100 5.250%, 03/26/2031(A)		200,000		199,434
Boeing
Callable 03/01/2031 @ $100 6.388%, 05/01/2031(A)		45,000		45,812
Burlington Northern Santa Fe
Callable 03/01/2044 @ $100 4.550%, 09/01/2044		120,000		105,441
Daimler Truck Finance North America 5.200%, 01/17/2025(A)		150,000		149,593
Fortress Transportation and Infrastructure Investors
Callable 08/02/2024 @ $103 5.500%, 05/01/2028(A)		150,000		145,432
Howmet Aerospace
Callable 11/15/2028 @ $100 3.000%, 01/15/2029		85,000		77,189
Owens Corning
Callable 03/15/2034 @ $100 5.700%, 06/15/2034		60,000		60,552
RELX Capital
Callable 02/22/2030 @ $100 3.000%, 05/22/2030		70,000		62,803
Republic Services
Callable 09/15/2033 @ $100 5.000%, 12/15/2033		75,000		73,425
RTX
Callable 06/16/2025 @ $100 3.950%, 08/16/2025		35,000		34,400
Textron
Callable 06/17/2029 @ $100 3.900%, 09/17/2029		35,000		32,829
United Parcel Service
Callable 11/22/2053 @ $100 5.500%, 05/22/2054		70,000		69,415
Westinghouse Air Brake Technologies
Callable 12/11/2033 @ $100 5.611%, 03/11/2034		110,000		110,605
				1,306,224

THE ADVISORS’ INNER CIRCLE FUND III MESIROW ENHANCED CORE PLUS FUND JUNE 30, 2024 (Unaudited)

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
Information Technology — 3.7%
Central Parent
Callable 06/15/2025 @ $104 8.000%, 06/15/2029(A)	$	150,000	$	152,302
Consensus Cloud Solutions
Callable 08/02/2024 @ $103 6.000%, 10/15/2026(A)		175,000		170,690
GoTo Group
Callable 07/15/2024 @ $101 5.500%, 05/01/2028(A)		25,225		19,935
Callable 07/15/2024 @ $101 5.500%, 05/01/2028(A)		34,835		13,934
ION Trading Technologies S.A.R.L.
Callable 08/02/2024 @ $103 5.750%, 05/15/2028(A)		201,000		183,667
Kyndryl Holdings
Callable 04/15/2041 @ $100 4.100%, 10/15/2041		50,000		37,872
Motorola Solutions
Callable 03/15/2029 @ $100 5.000%, 04/15/2029		65,000		64,497
Sierra Pacific Power
Callable 02/01/2026 @ $100 2.600%, 05/01/2026		20,000		19,074
Workday
Callable 01/01/2032 @ $100 3.800%, 04/01/2032		5,000		4,493
				666,464
Materials — 3.7%
ArcelorMittal
Callable 03/17/2034 @ $100 6.000%, 06/17/2034		65,000		64,951
ATI
Callable 10/01/2026 @ $103 5.125%, 10/01/2031		140,000		129,406
Carpenter Technology
Callable 08/02/2024 @ $102 6.375%, 07/15/2028		150,000		149,969
Ingevity
Callable 08/02/2024 @ $102 3.875%, 11/01/2028(A)		200,000		181,460
Rain CII Carbon
Callable 08/02/2024 @ $100 7.250%, 04/01/2025(A)		3,000		2,936

THE ADVISORS’ INNER CIRCLE FUND III MESIROW ENHANCED CORE PLUS FUND JUNE 30, 2024 (Unaudited)

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
TriMas
Callable 08/02/2024 @ $102 4.125%, 04/15/2029(A)	$	150,000	$	137,385
				666,107
Real Estate — 0.5%
Alexandria Real Estate Equities
Callable 10/15/2052 @ $100 5.150%, 04/15/2053		50,000		43,952
American Homes 4 Rent
Callable 11/01/2033 @ $100 5.500%, 02/01/2034		45,000		44,249
				88,201
Utilities — 6.1%
Alabama Power
Callable 05/15/2033 @ $100 5.850%, 11/15/2033		5,000		5,202
Atmos Energy
Callable 05/15/2053 @ $100 6.200%, 11/15/2053		85,000		91,503
Constellation Energy Generation
Callable 09/15/2053 @ $100 5.750%, 03/15/2054		30,000		29,074
Consumers 2023 Securitization Funding 5.210%, 09/01/2030		100,000		100,529
DTE Electric
Callable 12/01/2033 @ $100 5.200%, 03/01/2034		30,000		29,904
DTE Energy
Callable 03/01/2034 @ $100 5.850%, 06/01/2034		30,000		30,434
Duke Energy Florida Project Finance 2.538%, 09/01/2029		114,254		107,825
Entergy Arkansas
Callable 03/01/2034 @ $100 5.450%, 06/01/2034		30,000		30,041
Entergy Texas
Callable 03/01/2053 @ $100 5.800%, 09/01/2053		15,000		14,996
Callable 03/15/2052 @ $100 5.000%, 09/15/2052		20,000		17,724
Florida Power & Light
Callable 03/15/2034 @ $100 5.300%, 06/15/2034		70,000		70,554

THE ADVISORS’ INNER CIRCLE FUND III MESIROW ENHANCED CORE PLUS FUND JUNE 30, 2024 (Unaudited)

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
Kansas Gas Service Securitization I 5.486%, 08/01/2032	$	31,407	$	31,826
Monongahela Power
Callable 11/15/2033 @ $100 5.850%, 02/15/2034(A)		20,000		20,358
NextEra Energy Capital Holdings 6.051%, 03/01/2025		75,000		75,143
Oglethorpe Power
Callable 06/01/2053 @ $100 6.200%, 12/01/2053		35,000		35,888
Callable 10/01/2046 @ $100 4.500%, 04/01/2047		25,000		20,337
Callable 02/01/2050 @ $100 3.750%, 08/01/2050		250,000		177,214
San Diego Gas & Electric
Callable 10/15/2053 @ $100 5.550%, 04/15/2054		45,000		43,974
Callable 12/15/2031 @ $100 3.000%, 03/15/2032		90,000		77,631
Southern California Edison
Callable 08/01/2032 @ $100 5.950%, 11/01/2032		10,000		10,334
Callable 04/01/2031 @ $100 5.450%, 06/01/2031		30,000		30,214
Virginia Power Fuel Securitization 4.877%, 05/01/2031		65,000		64,814
				1,115,519
TOTAL CORPORATE OBLIGATIONS (Cost $10,377,478)				10,163,867
MORTGAGE-BACKED SECURITIES — 19.1%
FHLMC 5.000%, 08/01/2038 - 07/01/2043		222,416		219,615
4.500%, 11/01/2052		145,998		137,950
4.000%, 01/01/2053		163,593		149,987
3.000%, 06/01/2052		545,139		465,193
2.500%, 05/01/2052		388,902		318,742
2.000%, 10/01/2051 - 02/01/2052		1,098,614		863,986

THE ADVISORS’ INNER CIRCLE FUND III MESIROW ENHANCED CORE PLUS FUND JUNE 30, 2024 (Unaudited)

MORTGAGE-BACKED SECURITIES — continued
	Face Amount		Value
FNMA 5.000%, 11/01/2037 - 04/01/2053	$	355,336	$	347,089
4.500%, 07/01/2052		114,154		107,956
4.000%, 08/01/2037 - 10/01/2052		271,551		253,503
3.500%, 08/01/2052		332,331		294,921
2.500%, 09/01/2036 - 03/01/2052		356,413		302,916
TOTAL MORTGAGE-BACKED SECURITIES (Cost $3,590,180)				3,461,858
ASSET-BACKED SECURITIES — 11.2%
Automotive — 2.1%
Fifth Third Auto Trust, Ser 2023-1, Cl A3
Callable 02/15/2027 @ $100 5.530%, 08/15/2028		35,000		35,089
Ford Credit Auto Owner Trust, Ser 2018-1, Cl A
Callable 01/15/2025 @ $100 3.190%, 07/15/2031 (A)		100,000		98,648
Ford Credit Auto Owner Trust, Ser 2022-1, Cl A
Callable 05/15/2027 @ $100 3.880%, 11/15/2034 (A)		100,000		96,679
GM Financial Automobile Leasing Trust, Ser 2022-3, Cl A3
Callable 12/20/2024 @ $100 4.010%, 09/22/2025		18,360		18,320
GM Financial Automobile Leasing Trust, Ser 2023-3, Cl A3
Callable 03/20/2026 @ $100 5.380%, 11/20/2026		15,000		14,989
Honda Auto Receivables Owner Trust, Ser 2022-2, Cl A3
Callable 01/18/2026 @ $100 3.730%, 07/20/2026		17,836		17,619
NextGear Floorplan Master Owner Trust, Ser 2024-1A, Cl A2 5.120%, 03/15/2029 (A)		100,000		99,590
				380,934
Other ABS — 9.1%
American Express Credit Account Master Trust, Ser 2021-1, Cl A 0.900%, 11/15/2026		100,000		98,247

THE ADVISORS’ INNER CIRCLE FUND III MESIROW ENHANCED CORE PLUS FUND JUNE 30, 2024 (Unaudited)

ASSET-BACKED SECURITIES — continued
	Face Amount		Value
American Express Credit Account Master Trust, Ser 2023-4, Cl A 5.150%, 09/15/2030	$	100,000	$	101,181
Capital One Multi-Asset Execution Trust, Ser 2021-A2, Cl A2 1.390%, 07/15/2030		60,000		52,254
Chase Issuance Trust, Ser 2024-A2, Cl A 4.630%, 01/15/2031		100,000		99,279
Citibank Credit Card Issuance Trust, Ser 2007-A3, Cl A3 6.150%, 06/15/2039		100,000		106,796
Dell Equipment Finance Trust, Ser 2024-1, Cl A3
Callable 12/22/2026 @ $100 5.390%, 03/22/2030 (A)		100,000		100,213
First National Master Note Trust, Ser 2024-1, Cl A 5.340%, 05/15/2030		60,000		60,240
Hilton Grand Vacations Trust, Ser 2024-1B, Cl B
Callable 11/15/2030 @ $100 5.990%, 09/15/2039 (A)		213,009		215,247
John Deere Owner Trust, Ser 2023-A, Cl A3
Callable 11/15/2026 @ $100 5.010%, 11/15/2027		40,000		39,817
Kubota Credit Owner Trust, Ser 2023-2A, Cl A2
Callable 04/15/2027 @ $100 5.610%, 07/15/2026 (A)		79,134		79,104
MVW 2024-1, Ser 2024-1A, Cl A
Callable 09/20/2032 @ $100 5.320%, 02/20/2043 (A)		95,034		94,835
MVW Owner Trust, Ser 2018-1A, Cl A
Callable 07/20/2024 @ $100 3.450%, 01/21/2036 (A)		209,041		208,673
Sierra Timeshare Receivables Funding, Ser 2023-1A, Cl B
Callable 08/20/2027 @ $100 5.830%, 01/20/2040 (A)		51,688		51,391
T-Mobile US Trust, Ser 2022-1A, Cl A
Callable 01/20/2026 @ $100 4.910%, 05/22/2028 (A)		100,000		99,459
T-Mobile US Trust, Ser 2024-1A, Cl A
Callable 03/20/2027 @ $100 5.050%, 09/20/2029 (A)		100,000		99,785

THE ADVISORS’ INNER CIRCLE FUND III MESIROW ENHANCED CORE PLUS FUND JUNE 30, 2024 (Unaudited)

ASSET-BACKED SECURITIES — continued
	Face Amount		Value
Verizon Master Trust, Ser 2024-3, Cl A1A
Callable 04/20/2027 @ $100 5.340%, 04/22/2030	$	75,000	$	75,656
WF Card Issuance Trust, Ser 2024-A1, Cl A 4.940%, 02/15/2029		65,000		64,897
				1,647,074
TOTAL ASSET-BACKED SECURITIES (Cost $2,019,897)				2,028,008
U.S. TREASURY OBLIGATIONS — 8.4%
U.S. Treasury Bonds 4.750%, 11/15/2053		65,000		67,194
4.500%, 02/15/2044		180,000		176,569
4.375%, 08/15/2043		55,000		53,088
4.250%, 02/15/2054		110,000		104,741
4.000%, 11/15/2042		55,000		50,686
3.875%, 05/15/2043		40,000		36,091
3.875%, 02/15/2043		5,000		4,519
U.S. Treasury Notes 4.875%, 04/30/2026		85,000		85,126
4.625%, 05/31/2031		255,000		259,144
4.625%, 04/30/2029		30,000		30,344
4.625%, 06/15/2027		25,000		25,072
4.500%, 05/31/2029		145,000		145,986
4.500%, 05/15/2027		40,000		39,947
4.375%, 05/15/2034		375,000		375,117
4.250%, 01/31/2026		40,000		39,616
4.125%, 02/15/2027		5,000		4,942
4.000%, 02/15/2034		5,000		4,853
4.000%, 01/31/2031		25,000		24,497
TOTAL U.S. TREASURY OBLIGATIONS (Cost $1,529,866)				1,527,532
MUNICIPAL BONDS — 2.7%
Maryland State, Health & Higher Educational Facilities Authority, RB
Callable 01/01/2040 @ $100 3.052%, 07/01/2040		75,000		56,363
North Texas Tollway Authority, 6.718%, 01/01/2049		90,000		102,420

THE ADVISORS’ INNER CIRCLE FUND III MESIROW ENHANCED CORE PLUS FUND JUNE 30, 2024 (Unaudited)

MUNICIPAL BONDS — continued
	Face Amount		Value
Oklahoma State, Development Finance Authority, RB 4.623%, 06/01/2044	$	60,000	$	56,871
Regents of the University of California Medical Center Pooled Revenue, RB 4.563%, 05/15/2053		120,000		106,205
San Diego County Water Authority, 6.138%, 05/01/2049		60,000		63,830
State of Kansas Department of Transportation, 4.596%, 09/01/2035		90,000		85,997
Texas State, GO 5.517%, 04/01/2039		25,000		25,746
TOTAL MUNICIPAL BONDS (Cost $510,564)				497,432
LOAN OBLIGATION — 0.8%
Financials — 0.8%
Osaic Holdings, Inc., Term Loan B-3 9.329%, CME Term SOFR + 4.000%, 08/17/2028		144,388		144,768
TOTAL LOAN OBLIGATION (Cost $143,208)				144,768
TOTAL INVESTMENTS — 98.2% (Cost $18,171,193)			$	17,823,465

A list of the open forward contracts held by the Fund at June 30, 2024, is as follows:

Counterparty	Settlement Date		Currency to Deliver			Currency to Receive			Unrealized Appreciation/  (Depreciation)
HSBC		09/18/24		USD	67,000		ILS	248,503	$	(976)
HSBC		09/18/24		USD	79,000		IDR	1,305,356,438		671
HSBC		09/18/24		AUD	110,477		USD	73,079		(771)
HSBC		09/18/24		USD	114,264		GBP	90,000		(428)
HSBC		09/18/24		USD	40,000		RON	186,485		92
HSBC		09/18/24		USD	91,000		RON	422,796		(104)
HSBC		09/18/24		USD	136,000		PHP	7,994,272		712
HSBC		09/18/24		USD	140,230		CZK	3,224,975		(2,115)
HSBC		09/18/24		USD	235,204		SEK	2,456,306		(2,508)

THE ADVISORS’ INNER CIRCLE FUND III MESIROW ENHANCED CORE PLUS FUND JUNE 30, 2024 (Unaudited)

Counterparty	Settlement Date		Currency to Deliver			Currency to Receive			Unrealized Appreciation/  (Depreciation)
HSBC		09/18/24		ILS	244,585		USD	66,000	$	1,017
HSBC		09/18/24		USD	281,000		HUF	104,238,481		845
HSBC		09/18/24		USD	333,243		BRL	1,810,762		(12,202)
HSBC		09/18/24		USD	338,544		CHF	299,058		(2,472)
HSBC		09/18/24		USD	10,000		COP	42,120,358		22
HSBC		09/18/24		USD	336,000		COP	1,406,376,252		(1,371)
HSBC		09/18/24		USD	364,265		NOK	3,867,775		(1,297)
HSBC		09/18/24		USD	404,000		ZAR	7,502,943		5,906
HSBC		09/18/24		USD	10,000		ZAR	182,507		(29)
HSBC		09/18/24		USD	414,243		MXN	7,782,881		5,932
HSBC		09/18/24		USD	460,000		TWD	14,815,370		(2,912)
HSBC		09/18/24		USD	476,243		SGD	640,867		(1,850)
HSBC		09/18/24		GBP	491,177		USD	625,925		4,660
HSBC		09/18/24		USD	351,000		PLN	1,426,357		2,978
HSBC		09/18/24		USD	149,000		PLN	598,726		(414)
HSBC		09/18/24		USD	299,890		AUD	450,042		951
HSBC		09/18/24		USD	200,572		AUD	300,000		(31)
HSBC		09/18/24		USD	522,489		JPY	81,203,582		(11,605)
HSBC		09/18/24		EUR	446,396		USD	480,593		687
HSBC		09/18/24		EUR	90,000		USD	96,629		(127)
HSBC		09/18/24		USD	441,736		THB	16,138,467		881
HSBC		09/18/24		USD	186,000		THB	6,778,612		(88)
HSBC		09/18/24		USD	742,966		EUR	690,000		(1,169)
HSBC		09/18/24		SEK	12,980		USD	1,243		13
HSBC		09/18/24		SEK	739,085		USD	70,000		(16)
HSBC		09/18/24		USD	341,004		NZD	560,000		88
HSBC		09/18/24		USD	415,965		NZD	680,000		(1,782)
HSBC		09/18/24		USD	807,000		INR	67,584,688		1,546
HSBC		09/18/24		CHF	921,718		USD	1,041,243		5,443
HSBC		09/18/24		BRL	1,070,738		USD	196,894		7,056
HSBC		09/18/24		NZD	1,314,687		USD	808,638		7,872
HSBC		09/18/24		USD	1,220,000		CAD	1,669,247		2,471
HSBC		09/18/24		USD	250,000		CAD	341,178		(139)
HSBC		09/18/24		RON	1,543,999		USD	333,000		1,058
HSBC		09/18/24		PLN	1,690,679		USD	417,344		(2,231)
HSBC		09/18/24		SGD	1,442,345		USD	1,072,480		4,803
HSBC		09/18/24		SGD	388,218		USD	287,000		(373)
HSBC		09/18/24		CAD	2,233,162		USD	1,628,416		(7,037)

THE ADVISORS’ INNER CIRCLE FUND III MESIROW ENHANCED CORE PLUS FUND JUNE 30, 2024 (Unaudited)

Counterparty	Settlement Date		Currency to Deliver			Currency to Receive			Unrealized Appreciation/  (Depreciation)
HSBC		09/18/24		CZK	2,525,492		USD	109,000	$	842
HSBC		09/18/24		NOK	3,832,247		USD	360,000		366
HSBC		09/18/24		MXN	6,923,767		USD	367,970		(5,824)
HSBC		09/18/24		THB	1,529,745		USD	42,000		45
HSBC		09/18/24		THB	6,261,594		USD	171,000		(732)
HSBC		09/18/24		PHP	9,084,292		USD	154,665		(687)
HSBC		09/18/24		ZAR	9,634,660		USD	518,099		(8,268)
HSBC		09/18/24		TWD	13,336,195		USD	413,669		2,217
HSBC		09/18/24		TWD	1,137,865		USD	35,000		(106)
HSBC		09/18/24		JPY	31,129,499		USD	201,243		5,395
HSBC		09/18/24		INR	37,217,336		USD	444,321		(926)
HSBC		09/18/24		HUF	99,909,019		USD	271,000		861
HSBC		09/18/24		HUF	56,068,440		USD	151,131		(470)
HSBC		09/18/24		COP	1,907,280,833		USD	455,885		2,072
HSBC		09/18/24		IDR	3,579,697,820		USD	219,384		901
HSBC		09/18/24		IDR	16,461,859		USD	1,000		(5)
HSBC		09/19/24		USD	10,000		CNH	72,603		7
HSBC		09/19/24		USD	8,000		CNH	57,746		(41)
HSBC		09/19/24		USD	12,000		KRW	16,525,859		27
HSBC		09/19/24		USD	113,000		KRW	154,673,427		(433)
HSBC		09/19/24		CNH	4,872,967		USD	674,512		2,871
HSBC		09/19/24		CNH	507,998		USD	70,000		(17)
HSBC		09/19/24		KRW	178,233,621		USD	130,203		489
HSBC		09/19/24		KRW	160,115,812		USD	116,000		(528)
HSBC		09/23/24		USD	103,475		CLP	95,335,798		(2,223)
HSBC		09/23/24		CLP	21,487,267		USD	23,000		179
HSBC		09/23/24		CLP	75,335,360		USD	80,000		(10)
									$	(2,341)

Percentages are based on Net Assets of $18,142,019.

(A) Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “accredited investors”. The total value of such securities as of June 30, 2024 was $4,303,912 and represents 23.7% of Net Assets.

(B) Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates on certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates.

THE ADVISORS’ INNER CIRCLE FUND III MESIROW ENHANCED CORE PLUS FUND JUNE 30, 2024 (Unaudited)

(C) Perpetual security with no stated maturity date.

AUD — Australian Dollar

BRL — Brazilian Real

CAD — Canadian Dollar

CHF — Swiss Franc

Cl — Class

CLP — Chilean Peso

CNH — Chinese Yuan Offshore

COP — Colombian Peso

CZK — Czech Koruna

EUR — Euro

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

GBP — British Pound Sterling

HUF — Hungarian Forint

IDR — Indonesian Rupiah

ILS — Israeli New Shekels

INR — Indian Rupee

JPY — Japanese Yen

KRW — Korean Won

MTN — Medium Term Note

MXN — Mexican Peso

NOK — Norwegian Krone

NZD — New Zealand Dollar

PHP— Philippine Peso

PIK — Payment-in-Kind

PLN — Polish Zloty

RB — Revenue Bond

RON — Romanian Leu

SEK — Swedish Krona

Ser — Series

SGD — Singapore Dollar

SOFR — Secured Overnight Financing Rate

TSFR3M — Term Secured Overnight Financing Rate 30-day Average 3 Month

THB — Thai Baht

TWD — Taiwan Dollar

USD — United States Dollar

ZAR — South African Rand

MES-QH-001-1100

THE ADVISORS’ INNER CIRCLE FUND III MESIROW HIGH YIELD FUND JUNE 30, 2024 (Unaudited)

SCHEDULE OF INVESTMENTS CORPORATE OBLIGATIONS — 79.9%
	Face Amount		Value
Communication Services — 2.2%
Beasley Mezzanine Holdings
Callable 08/02/2024 @ $102 8.625%, 02/01/2026(A)	$	1,487,000	$	877,330
Spanish Broadcasting System
Callable 07/15/2024 @ $105 9.750%, 03/01/2026(A)		1,110,000		662,801
Urban One
Callable 08/02/2024 @ $104 7.375%, 02/01/2028(A)		2,183,000		1,677,835
				3,217,966
Consumer Discretionary — 12.2%
Allied Universal Holdco
Callable 02/15/2027 @ $104 7.875%, 02/15/2031(A)		2,105,000		2,110,477
Arrow Bidco
Callable 09/15/2024 @ $102 10.750%, 06/15/2025(A)		1,023,000		1,034,541
Carnival
Callable 11/01/2024 @ $103 6.000%, 05/01/2029(A)		1,860,000		1,837,345
Cruise Yacht Upper HoldCo
Callable 07/05/2026 @ $106 11.875%, 07/05/2028		800,000		800,000
Hilton Grand Vacations Borrower Escrow
Callable 01/15/2027 @ $103 6.625%, 01/15/2032(A)		1,000,000		1,004,682
Jacobs Entertainment
Callable 02/15/2025 @ $103 6.750%, 02/15/2029(A)		1,470,000		1,363,351
Callable 02/15/2025 @ $103 6.750%, 02/15/2029(A)		711,000		659,417
NCL Finance
Callable 12/15/2027 @ $100 6.125%, 03/15/2028(A)		1,082,000		1,068,512
NES Fircroft Bondco
Callable 09/29/2024 @ $106 11.750%, 09/29/2026(A)		1,000,000		1,054,461
Park River Holdings
Callable 08/02/2024 @ $103 6.750%, 08/01/2029(A)		1,868,000		1,535,025

THE ADVISORS’ INNER CIRCLE FUND III MESIROW HIGH YIELD FUND JUNE 30, 2024 (Unaudited)

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
Phinia
Callable 04/15/2026 @ $103 6.750%, 04/15/2029(A)	$	285,000	$	289,230
Scientific Games Holdings
Callable 03/01/2025 @ $103 6.625%, 03/01/2030(A)		2,190,000		2,134,848
SWF Escrow Issuer
Callable 10/01/2024 @ $103 6.500%, 10/01/2029(A)		670,000		360,904
TKC Holdings
Callable 08/02/2024 @ $103 6.875%, 05/15/2028(A)		2,212,000		2,144,680
Velocity Vehicle Group
Callable 06/01/2026 @ $104 8.000%, 06/01/2029(A)		226,000		232,452
				17,629,925
Consumer Staples — 0.8%
B&G Foods
Callable 09/15/2025 @ $104 8.000%, 09/15/2028(A)		465,000		472,545
Fiesta Purchaser
Callable 03/01/2027 @ $104 7.875%, 03/01/2031(A)		668,000		690,236
				1,162,781
Energy — 15.6%
Alliance Resource Operating Partners
Callable 06/15/2026 @ $104 8.625%, 06/15/2029(A)		344,000		353,030
Archrock Partners
Callable 08/02/2024 @ $102 6.250%, 04/01/2028(A)		1,000,000		990,383
Borr IHC
Callable 11/15/2025 @ $105 10.000%, 11/15/2028(A)		1,773,163		1,852,956
Bristow Group
Callable 08/02/2024 @ $103 6.875%, 03/01/2028(A)		1,544,000		1,515,418
Ferrellgas Escrow
Callable 08/02/2024 @ $103 5.875%, 04/01/2029(A)		1,200,000		1,104,058
Greenfire Resources
Callable 10/01/2025 @ $106 12.000%, 10/01/2028(A)		2,097,000		2,239,128

THE ADVISORS’ INNER CIRCLE FUND III MESIROW HIGH YIELD FUND JUNE 30, 2024 (Unaudited)

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
ITT Holdings
Callable 08/02/2024 @ $103 6.500%, 08/01/2029(A)	$	2,307,000	$	2,090,155
Kodiak Gas Services
Callable 02/15/2026 @ $104 7.250%, 02/15/2029(A)		383,000		392,604
NGL Energy Operating
Callable 02/15/2027 @ $104 8.375%, 02/15/2032(A)		1,267,000		1,286,506
Callable 02/15/2026 @ $104 8.125%, 02/15/2029(A)		140,000		142,648
Odfjell Rig III
Callable 12/01/2025 @ $105 9.250%, 05/31/2028		957,513		1,001,319
Paratus Energy Services
Callable 12/27/2026 @ $105 9.500%, 06/27/2029		1,300,000		1,298,375
Shelf Drilling Holdings
Callable 10/15/2025 @ $105 9.625%, 04/15/2029(A)		1,572,000		1,503,275
Summit Midstream Holdings
Callable 08/02/2024 @ $104 10.000%, 10/15/2026(A) (B)		973,000		1,000,393
Tenneco
Callable 11/17/2024 @ $104 8.000%, 11/17/2028(A)		2,340,000		2,130,207
TransMontaigne Partners
Callable 07/18/2024 @ $100 6.125%, 02/15/2026		897,000		868,552
Venture Global LNG
Callable 06/01/2026 @ $104 8.375%, 06/01/2031(A)		2,106,000		2,184,409
Welltec International APS
Callable 07/15/2024 @ $104 8.250%, 10/15/2026(A)		691,000		704,223
				22,657,639
Financials — 5.9%
Acrisure
Callable 02/01/2026 @ $104 8.250%, 02/01/2029(A)		765,000		768,700
Callable 05/15/2026 @ $104 7.500%, 11/06/2030(A)		457,000		457,317

THE ADVISORS’ INNER CIRCLE FUND III MESIROW HIGH YIELD FUND JUNE 30, 2024 (Unaudited)

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
AmWINS Group
Callable 02/15/2026 @ $103 6.375%, 02/15/2029(A)	$	1,000,000	$	1,002,727
Burford Capital Global Finance
Callable 04/15/2025 @ $103 6.875%, 04/15/2030(A)		1,995,000		1,958,883
GGAM Finance
Callable 04/15/2026 @ $103 6.875%, 04/15/2029(A)		155,000		157,712
HUB International
Callable 06/15/2026 @ $104 7.250%, 06/15/2030(A)		1,000,000		1,025,131
Midcap Financial Issuer Trust
Callable 07/18/2024 @ $103 6.500%, 05/01/2028(A)		1,686,000		1,594,418
VistaJet Malta Finance
Callable 02/01/2025 @ $103 6.375%, 02/01/2030(A)		2,069,000		1,625,721
				8,590,609
Health Care — 1.4%
Endo Finance Holdings
Callable 04/15/2027 @ $104 8.500%, 04/15/2031(A)		967,000		997,922
Organon
Callable 05/15/2029 @ $104 7.875%, 05/15/2034(A)		1,074,000		1,103,538
				2,101,460
Industrials — 19.9%
AAR Escrow Issuer
Callable 03/15/2026 @ $103 6.750%, 03/15/2029(A)		1,053,000		1,073,411
Airswift Global
Callable 08/28/2026 @ $105 10.000%, 02/28/2029(A)		1,400,000		1,421,000
Alta Equipment Group
Callable 06/01/2026 @ $105 9.000%, 06/01/2029(A)		1,494,000		1,385,996
Brand Industrial Services
Callable 08/01/2026 @ $105 10.375%, 08/01/2030(A)		929,000		1,003,965
Brightline East
Callable 05/09/2027 @ $106 11.000%, 01/31/2030(A)		2,247,000		2,048,961

THE ADVISORS’ INNER CIRCLE FUND III MESIROW HIGH YIELD FUND JUNE 30, 2024 (Unaudited)

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
Cimpress
Callable 07/18/2024 @ $100 7.000%, 06/15/2026	$	1,373,000	$	1,371,902
Conduent Business Services
Callable 11/01/2024 @ $103 6.000%, 11/01/2029(A)		2,307,000		2,154,865
EMRLD Borrower
Callable 06/15/2026 @ $103 6.625%, 12/15/2030(A)		1,000,000		1,007,802
F-Brasile
Callable 07/15/2024 @ $102 7.375%, 08/15/2026(A)		2,059,000		2,038,410
Fortress Transportation and Infrastructure Investors
Callable 06/15/2027 @ $104 7.000%, 06/15/2032(A)		1,128,000		1,143,957
Callable 08/02/2024 @ $103 5.500%, 05/01/2028(A)		1,014,000		983,120
GEO Group
Callable 04/15/2026 @ $104 8.625%, 04/15/2029(A)		1,201,000		1,230,072
Innovate
Callable 07/15/2024 @ $102 8.500%, 02/01/2026(A)		1,454,000		1,090,500
Masterbrand
Callable 07/15/2027 @ $104 7.000%, 07/15/2032(A)		1,313,000		1,327,838
Navios South American Logistics
Callable 08/02/2024 @ $100 10.750%, 07/01/2025(A)		1,169,000		1,169,281
New Enterprise Stone & Lime
Callable 08/02/2024 @ $102 9.750%, 07/15/2028(A)		846,000		860,089
Park-Ohio Industries
Callable 08/02/2024 @ $101 6.625%, 04/15/2027		1,852,000		1,782,826
Railworks Holdings
Callable 11/15/2024 @ $104 8.250%, 11/15/2028(A)		1,554,000		1,581,195
Rand Parent
Callable 02/15/2026 @ $104 8.500%, 02/15/2030(A)		1,728,000		1,749,446
Smyrna Ready Mix Concrete
Callable 11/15/2026 @ $104 8.875%, 11/15/2031(A)		1,077,000		1,142,617

THE ADVISORS’ INNER CIRCLE FUND III MESIROW HIGH YIELD FUND JUNE 30, 2024 (Unaudited)

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
Spirit AeroSystems
Callable 11/15/2026 @ $105 9.750%, 11/15/2030(A)	$	1,155,000	$	1,274,099
				28,841,352
Information Technology — 6.2%
Central Parent
Callable 06/15/2025 @ $104 8.000%, 06/15/2029(A)		1,000,000		1,015,345
Consensus Cloud Solutions
Callable 10/15/2026 @ $102 6.500%, 10/15/2028(A)		2,291,000		2,138,964
GoTo Group
Callable 07/15/2024 @ $101 5.500%, 05/01/2028(A)		476,692		376,720
Callable 07/15/2024 @ $101 5.500%, 05/01/2028(A)		658,288		263,315
ION Trading Technologies S.A.R.L.
Callable 05/30/2026 @ $105 9.500%, 05/30/2029(A)		653,000		665,113
Callable 08/02/2024 @ $103 5.750%, 05/15/2028(A)		1,646,000		1,504,060
Virtusa
Callable 08/02/2024 @ $104 7.125%, 12/15/2028(A)		2,168,000		1,995,058
Xerox Holdings
Callable 11/30/2026 @ $104 8.875%, 11/30/2029(A)		1,070,000		1,020,598
				8,979,173
Materials — 14.8%
Algoma Steel
Callable 04/15/2026 @ $105 9.125%, 04/15/2029(A)		1,231,000		1,198,686
Calderys Financing
Callable 06/01/2025 @ $106 11.250%, 06/01/2028(A)		1,865,000		1,972,804
Cerdia Finanz GMBH
Callable 08/02/2024 @ $105 10.500%, 02/15/2027(A)		1,183,000		1,224,790
Clydesdale Acquisition Holdings
Callable 04/15/2025 @ $103 6.625%, 04/15/2029(A)		1,350,000		1,326,826
Consolidated Energy Finance
Callable 10/15/2024 @ $103 5.625%, 10/15/2028(A)		1,881,000		1,599,267

THE ADVISORS’ INNER CIRCLE FUND III MESIROW HIGH YIELD FUND JUNE 30, 2024 (Unaudited)

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
Conuma Resources
Callable 05/01/2026 @ $110 13.125%, 05/01/2028(A)	$	1,641,000	$	1,666,361
JW Aluminum Continuous Cast
Callable 07/18/2024 @ $100 10.250%, 06/01/2026(A)		688,000		691,440
LABL
Callable 07/15/2024 @ $100 6.750%, 07/15/2026(A)		1,403,000		1,385,474
Mativ Holdings
Callable 08/02/2024 @ $102 6.875%, 10/01/2026(A)		1,801,000		1,789,424
Mauser Packaging Solutions Holding
Callable 02/15/2025 @ $104 7.875%, 04/15/2027(A)		1,200,000		1,223,990
Mercer International
Callable 10/01/2025 @ $106 12.875%, 10/01/2028(A)		1,895,000		2,038,431
Owens-Brockway Glass Container
Callable 06/01/2027 @ $104 7.375%, 06/01/2032(A)		489,000		489,568
Rain Carbon
Callable 03/01/2026 @ $106 12.250%, 09/01/2029(A)		1,673,000		1,800,621
Rain CII Carbon
Callable 08/02/2024 @ $100 7.250%, 04/01/2025(A)		24,000		23,490
TMS International
Callable 07/15/2024 @ $103 6.250%, 04/15/2029(A)		2,020,000		1,844,089
Trident TPI Holdings
Callable 12/31/2025 @ $106 12.750%, 12/31/2028(A)		1,000,000		1,092,205
Vallourec
Callable 04/15/2027 @ $104 7.500%, 04/15/2032(A)		249,000		257,843
				21,625,309
Real Estate — 0.9%
Cushman & Wakefield US Borrower
Callable 08/02/2024 @ $102 6.750%, 05/15/2028(A)		1,242,000		1,232,843
TOTAL CORPORATE OBLIGATIONS (Cost $117,017,920)				116,039,057

THE ADVISORS’ INNER CIRCLE FUND III MESIROW HIGH YIELD FUND JUNE 30, 2024 (Unaudited)

LOAN OBLIGATIONS — 13.3%
	Face Amount		Value
Communication Services — 0.7%
DIRECTV Financing, LLC, 2024 Term Loan 10.708%, CME Term SOFR + 5.360%, 08/02/2029	$	266,564	$	265,050
Research Now Group, Inc., Initial Term Loan, 1st Lien 11.068%, CME Term SOFR + 5.760%, 12/20/2024		1,072,620		796,120
				1,061,170
Consumer Discretionary — 1.2%
Century Casino, Term Loan, 1st Lien 11.429%, CME Term SOFR + 6.100%, 03/23/2029		1,740,000		1,676,925
Financials — 0.8%
RLG Holdings, Term Loan, 2nd Lien 12.958%, CME Term SOFR + 7.610%, 07/02/2029		996,000		899,717
Runner Buyer Inc., Initial Term Loan, 1st Lien 10.962%, CME Term SOFR + 5.610%, 10/08/2028		474,600		273,687
				1,173,404
Industrials — 3.6%
FCG Acquisitions, Inc., Initial Term Loan, 2nd Lien 12.346%, CME Term SOFR + 7.010%, 03/30/2029		380,000		367,650
Forming Machining Industries Holdings, LLC, Initial Term Loan, 1st Lien 9.747%, CME Term SOFR + 4.400%, 10/09/2025		239,848		179,485
Forming Machining Industries Holdings, LLC, Initial Term Loan, 2nd Lien 14.247%, CME Term SOFR + 8.900%, 10/09/2026		527,382		316,429
Michael Baker International, LLC, Term Loan B 10.094%, CME Term SOFR + 4.750%, 11/02/2028 (C)		750,000		750,938
NA Rail Hold Co. LLC, Tranche B-2 Term Loan, 1st Lien 9.596%, CME Term SOFR + 4.260%, 10/19/2026		354,233		353,347

THE ADVISORS’ INNER CIRCLE FUND III MESIROW HIGH YIELD FUND JUNE 30, 2024 (Unaudited)

LOAN OBLIGATIONS — continued
	Face Amount		Value
Industrials — continued
One Stop Mailing, LLC, Term Loan, 1st Lien 11.708%, CME Term SOFR + 6.360%, 05/07/2027	$	957,484	$	909,610
Rand Parent/Atlas Air, Term Loan, 1st Lien 9.585%, CME Term SOFR + 4.250%, 02/08/2028		335,750		335,945
Titan Purchaser, Inc., Term Loan B 11.344%, CME Term SOFR + 6.000%, 01/31/2030		987,500		998,609
Trulite Holding Corp., Term Loan 11.346%, CME Term SOFR + 6.000%, 02/22/2030		1,103,063		1,064,455
				5,276,468
Information Technology — 2.2%
Bracket Holdings/Signant Health, Term Loan, 1st Lien 10.435%, CME Term SOFR + 5.100%, 05/08/2028		871,200		873,744
ConvergeOne Holdings, Corp., Initial Term Loan, 2nd Lien 16.000%, PRIME + 7.500%, 01/14/2027		140,000		3,500
Emerald EMS, Term Loan, 1st Lien 11.747%, CME Term SOFR + 6.400%, 12/29/2027		617,500		543,400
Magenta Buyer, LLC., Term Loan, 1st Lien 10.591%, CME Term SOFR + 5.260%, 07/27/2028 (C)		973,456		537,027
Redstone Holdco, Term Loan, 1st Lien 10.208%, CME Term SOFR + 4.860%, 04/27/2028 (C)		253,382		225,862
Venga Finance S.A.R.L, Initial Dollar Term Loan 10.359%, CME Term SOFR + 5.010%, 06/28/2029		994,937		994,937
Venga Finance S.A.R.L, Term Loan 10.359%, 06/29/2029 (C)		70,000		70,000
				3,248,470
Materials — 1.8%
Alchemy US Holdco 1, LLC, Initial Term Loan, 1st Lien 12.834%, CME Term SOFR + 7.570%, 10/10/2025 (C)		1,387,721		1,381,129

THE ADVISORS’ INNER CIRCLE FUND III MESIROW HIGH YIELD FUND JUNE 30, 2024 (Unaudited)

LOAN OBLIGATIONS — continued
	Face Amount		Value
Materials — continued
Opta Inc., Term Loan, 1st Lien 12.196%, CME Term SOFR + 6.860%, 11/09/2028 (C)	$	733,607	$	372,460
12.191%, CME Term SOFR + 6.860%, 11/09/2028		880,575		858,560
				2,612,149
Utilities — 3.0%
EPIC Y-Grade Services, LP, Term Loan 11.052%, CME Term SOFR + 5.750%, 06/29/2029		1,180,000		1,177,605
Goodnight Water Solutions Holdings, LLC, Term Loan B 10.593%, CME Term SOFR + 5.250%, 05/23/2029 (C)		1,513,000		1,505,435
WaterBridge Midstream Operating, LLC, Term Loan B 11.335%, CME Term SOFR + 6.010%, 06/21/2029 (C)		1,665,000		1,652,512
				4,335,552
TOTAL LOAN OBLIGATIONS (Cost $20,650,793)				19,384,138
EXCHANGE TRADED FUND — 2.7%
	Shares
iShares iBoxx High Yield Corporate Bond ETF		50,000		3,857,000
TOTAL EXCHANGE TRADED FUND (Cost $3,845,925)				3,857,000
COMMON STOCK — 0.4%
Consumer Discretionary — 0.1%
24 Hour Fitness Worldwide, Inc. *(D)(E)		90,461		9,046
PSS Industrial Offering, Class A *(D)(E)		1,353		96,181
PSS Industrial Offering, Class B *(D)(E)		351		24,980
				130,207
Energy — 0.3%
Greenfire Resources *		56,516		381,483
TOTAL COMMON STOCK (Cost $1,245,328)				511,690

THE ADVISORS’ INNER CIRCLE FUND III MESIROW HIGH YIELD FUND JUNE 30, 2024 (Unaudited)

RIGHTS — 0.0%
	Number of Rights		Value
Industrials — 0.0%
Altera Infrastructure †(D)(E)		2,800	$	64,120
TOTAL RIGHTS (Cost $633,990)				64,120
PREFERRED STOCK — 0.0%
	Shares
Consumer Discretionary — 0.0%
24 Hour Fitness Worldwide, Inc. # *(D)(E)		22,590		5,648
TOTAL PREFERRED STOCK (Cost $30,497)				5,648
TOTAL INVESTMENTS — 96.3% (Cost $143,424,453)			$	139,861,653

Percentages are based on Net Assets of $145,247,647.

* Non-income producing security.

# There is currently no interest rate available.

† Expiration date unavailable.

(A) Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “accredited investors”. The total value of such securities as of June 30, 2024 was $108,916,083 and represents 75.0% of Net Assets.

(B) Step Bonds - The rate reflected on the Schedule of Investments is the effective yield on June 30, 2024. The coupon on a step bond changes on a specified date.

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

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

(E) Securities considered restricted. The total market value of such securities as of June 30, 2024 was $199,975 and represented 0.1% of the Net Assets.

LLC — Limited Liability Company

SOFR — Secured Overnight Financing Rate

THE ADVISORS’ INNER CIRCLE FUND III MESIROW HIGH YIELD FUND JUNE 30, 2024 (Unaudited)

A list of the restricted securities, excluding 144a, held by the Fund at June 30, 2024, is as follows:

Description	Number of Shares		Acquisition Date/Right to Acquire Date		Cost		Market Value
Common Stock
24 Hour Fitness Worldwide, Inc.		90,461		12/29/2020	$	601,017	$	9,046
PSS Industrial Offering, Class A		1,353		5/23/2022		77,451		96,181
PSS Industrial Offering, Class B		351		12/23/2019		527,705		24,980
Preferred Stock
24 Hour Fitness Worldwide, Inc.		22,590		12/7/2020		30,497		5,648
Rights
Altera Infrastructure		2,800		12/5/2022		633,990		64,120
					$	1,870,660	$	199,975

MES-QH-001-1100

THE ADVISORS’ INNER CIRCLE FUND III MESIROW SMALL COMPANY FUND JUNE 30, 2024 (Unaudited)

SCHEDULE OF INVESTMENTS COMMON STOCK — 94.8%
	Shares		Value
Communication Services — 1.3%
Nexstar Media Group, Cl A		2,231	$	370,368
Consumer Discretionary — 9.9%
Academy Sports & Outdoors		5,509		293,354
Bright Horizons Family Solutions *		3,318		365,245
Brunswick		3,841		279,510
Gentex		9,902		333,797
Kontoor Brands		5,720		378,378
Meritage Homes		1,729		279,839
Ollie’s Bargain Outlet Holdings *		4,179		410,252
RH *		1,250		305,550
Wayfair, Cl A *		5,278		278,309
				2,924,234
Consumer Staples — 4.0%
Boston Beer, Cl A *		1,520		463,676
Lancaster Colony		1,879		355,075
Sprouts Farmers Market *		4,484		375,131
				1,193,882
Energy — 5.8%
Antero Resources *		10,859		354,329
Atlas Energy Solutions, Cl A		14,750		293,967
ChampionX		11,301		375,306
Matador Resources		5,896		351,402
TechnipFMC PLC		12,990		339,689
				1,714,693
Financials — 12.5%
First Horizon		25,479		401,804
First Interstate BancSystem, Cl A		13,499		374,867
Hancock Whitney		7,741		370,252
Hanover Insurance Group		2,744		344,207
Kemper		7,219		428,303
Lazard, Cl A		9,654		368,590
Piper Sandler		1,441		331,675
SouthState		4,192		320,353
Texas Capital Bancshares *		6,067		370,937
Wintrust Financial		3,800		374,528
				3,685,516
Health Care — 15.0%
ADMA Biologics *		50,661		566,390
Amicus Therapeutics *		33,367		331,001
Amphastar Pharmaceuticals *		9,149		365,960

THE ADVISORS’ INNER CIRCLE FUND III MESIROW SMALL COMPANY FUND JUNE 30, 2024 (Unaudited)

COMMON STOCK — continued
	Shares		Value
Health Care — continued
Catalyst Pharmaceuticals *		31,200	$	483,288
Enovis *		6,246		282,319
Globus Medical, Cl A *		6,714		459,842
Halozyme Therapeutics *		9,252		484,435
ICU Medical *		3,647		433,081
LivaNova *		7,233		396,513
Merit Medical Systems *		3,733		320,851
Surgery Partners *		13,386		318,453
				4,442,133
Industrials — 17.2%
Alaska Air Group *		7,145		288,658
Brink’s		4,345		444,928
CACI International, Cl A *		1,041		447,765
Copa Holdings, Cl A		3,079		293,059
Enerpac Tool Group, Cl A		7,641		291,733
Fluor *		12,238		532,965
Hayward Holdings *		27,458		337,734
Helios Technologies		4,504		215,066
ITT		2,180		281,612
Korn Ferry		4,407		295,886
Mercury Systems *		9,414		254,084
Mueller Water Products, Cl A		19,700		353,024
SPX Technologies *		2,369		336,730
Stericycle *		5,094		296,114
XPO *		3,947		418,974
				5,088,332
Information Technology — 12.7%
Calix *		9,022		319,649
Itron *		2,690		266,202
Kyndryl Holdings *		16,092		423,381
Lumentum Holdings *		7,063		359,648
nCino *		11,849		372,651
Q2 Holdings *		7,154		431,601
Rambus *		7,147		419,958
Tenable Holdings *		8,526		371,563
Veeco Instruments *		7,314		341,637
Verint Systems *		13,451		433,122
				3,739,412
Materials — 7.9%
AptarGroup		2,166		304,994
Aspen Aerogels *		13,562		323,454
ATI Inc. *		6,279		348,170

THE ADVISORS’ INNER CIRCLE FUND III MESIROW SMALL COMPANY FUND JUNE 30, 2024 (Unaudited)

COMMON STOCK — continued
	Shares		Value
Materials — continued
Axalta Coating Systems *		10,063	$	343,853
Hecla Mining		78,165		379,100
Ingevity *		6,570		287,175
Tronox Holdings PLC		22,682		355,881
				2,342,627
Real Estate — 6.6%
Agree Realty ‡		6,109		378,392
Armada Hoffler Properties ‡		26,869		297,977
Howard Hughes Holdings *		3,983		258,178
Independence Realty Trust ‡		21,720		407,033
Safehold ‡		14,879		287,016
STAG Industrial ‡		9,255		333,735
				1,962,331
Utilities — 1.9%
Northwest Natural Holding		7,188		259,559
OGE Energy		8,012		286,028
				545,587
TOTAL COMMON STOCK (Cost $24,118,743)				28,009,115
EXCHANGE TRADED FUND — 1.5%
SPDR S&P Biotech ETF		4,828		447,604
TOTAL EXCHANGE TRADED FUND (Cost $380,631)				447,604
TOTAL INVESTMENTS — 96.3% (Cost $24,499,374)			$	28,456,719

Percentages are based on Net Assets of $29,544,189.

* Non-income producing security.

‡ Real Estate Investment Trust

Cl — Class

ETF — Exchange Traded Fund

PLC — Public Limited Company

S&P — Standard and Poor’s

SPDR — Standard and Poor’s Depositary Receipts

MES-QH-001-1100