Advisors' Inner Circle Fund III NPORT-P Barrow Hanley International Value Fund (Jul 2024 report)

THE ADVISORS’ INNER CIRCLE FUND III	BARROW HANLEY
CONCENTRATED EMERGING MARKETS ESG OPPORTUNITIES FUND
July 31, 2024 (Unaudited)

 

SCHEDULE OF INVESTMENTS
COMMON STOCK — 95.6%
	Shares		Value
BRAZIL — 1.6%
Dexco		375,339	$	485,088
CHINA — 22.9%
Baidu, Cl A *		55,142		611,393
China International Capital, Cl H		478,203		533,002
China Mengniu Dairy		316,253		529,184
Great Wall Motor, Cl H		707,712		966,295
Haier Smart Home, Cl A		312,857		1,022,859
JD.com, Cl A		61,026		804,665
Ping An Insurance Group of China, Cl H		203,828		885,148
Tingyi Cayman Islands Holding		647,701		789,739
Xinyi Glass Holdings		746,089		788,137
				6,930,422
COLOMBIA — 2.2%
Bancolombia ADR		20,264		675,196
HONG KONG — 5.9%
ASMPT		63,057		659,296
Hang Lung Properties		759,976		557,285
Sino Biopharmaceutical		1,587,545		569,293
				1,785,874
INDIA — 5.3%
IndusInd Bank		44,374		758,454
UPL		122,899		841,395
				1,599,849
MALAYSIA — 3.5%
Petronas Chemicals Group		376,537		475,492
Public Bank		639,835		586,576
				1,062,068
MEXICO — 1.4%
Fibra Uno Administracion ‡		330,471		420,383
SAUDI ARABIA — 2.2%
Saudi National Bank		65,222		659,027
SOUTH AFRICA — 4.6%
Absa Group		64,693		568,815
Sibanye Stillwater		732,143		836,028
				1,404,843
SOUTH KOREA — 19.4%
Amorepacific		10,237		1,360,634
HL Mando		23,778		678,299
Korea Investment Holdings		12,857		690,760
Shinhan Financial Group		26,435		1,162,636
SK Hynix		8,284		1,188,121
SK Telecom		19,922		788,293
				5,868,743
TAIWAN — 15.5%
Bizlink Holding		112,281		1,310,748
Hiwin Technologies		132,420		814,386
Largan Precision		10,830		939,614
MediaTek		43,116		1,642,079
				4,706,827
THAILAND — 6.6%
Kasikornbank		217,627		803,888
Siam Cement		57,400		356,296
Thai Union Group, Cl F		2,060,704		839,391
				1,999,575
UNITED ARAB EMIRATES — 2.2%
First Abu Dhabi Bank PJSC		183,944		653,665

 

COMMON STOCK — (continued)
	Shares		Value
VIETNAM — 2.3%
Vietnam Dairy Products JSC		243,907	$	691,809
TOTAL COMMON STOCK
(Cost $29,100,020)				28,943,369
PREFERRED STOCK — 2.1%
BRAZIL — 2.1%
Banco Bradesco (A)		292,785		642,909
TOTAL PREFERRED STOCK
(Cost $802,651)				642,909
TOTAL INVESTMENTS— 97.7%
(Cost $29,902,671)			$	29,586,278

	Percentages are based on Net Assets of $30,295,403.
*	Non-income producing security.
‡	Real Estate Investment Trust.
(A)	There is currently no rate available.

ADR — American Depositary Receipt

Cl — Class

JSC — Joint-Stock Company

1 

THE ADVISORS’ INNER CIRCLE FUND III	BARROW HANLEY
CREDIT OPPORTUNITIES FUND
July 31, 2024 (Unaudited)

 

SCHEDULE OF INVESTMENTS
CORPORATE OBLIGATIONS — 71.5%
	Face Amount		Value
COMMUNICATION SERVICES — 4.1%
CCO Holdings
7.375%, 03/01/2031 (A)	$	750,000	$	757,365
4.750%, 03/01/2030 (A)		1,000,000		895,253
CSC Holdings
11.750%, 01/31/2029 (A)		250,000		225,998
4.625%, 12/01/2030 (A)		1,000,000		395,036
4.125%, 12/01/2030 (A)		750,000		519,269
LCPR Senior Secured Financing DAC
5.125%, 07/15/2029 (A)		1,000,000		832,050
				3,624,971
CONSUMER DISCRETIONARY — 8.8%
Adient Global Holdings
8.250%, 04/15/2031 (A)		1,000,000		1,051,378
Allied Universal Holdco
7.875%, 02/15/2031 (A)		640,000		651,141
4.625%, 06/01/2028 (A)		125,000		115,216
Boost Newco Borrower
7.500%, 01/15/2031 (A)		250,000		263,318
Caesars Entertainment
6.500%, 02/15/2032 (A)		500,000		506,598
Cougar JV Subsidiary
8.000%, 05/15/2032 (A)		35,000		36,622
Goodyear Tire & Rubber
5.625%, 04/30/2033		500,000		460,106
Ken Garff Automotive
4.875%, 09/15/2028 (A)		600,000		567,321
Lithia Motors
4.375%, 01/15/2031 (A)		500,000		448,786
3.875%, 06/01/2029 (A)		250,000		227,046
PetSmart
7.750%, 02/15/2029 (A)		500,000		485,286
Raising Cane's Restaurants
9.375%, 05/01/2029 (A)		250,000		269,891
Tenneco
8.000%, 11/17/2028 (A)		1,250,000		1,134,452
Upbound Group
6.375%, 02/15/2029 (A)		1,000,000		978,319
Williams Scotsman
6.625%, 06/15/2029 (A)		500,000		509,145
				7,704,625
CONSUMER STAPLES — 4.0%
Ashton Woods USA
6.625%, 01/15/2028 (A)		250,000		251,264
4.625%, 04/01/2030 (A)		500,000		456,436
Champions Financing
8.750%, 02/15/2029 (A)		32,000		32,638
Darling Ingredients
6.000%, 06/15/2030 (A)		1,000,000		992,255
Energizer Holdings
6.500%, 12/31/2027 (A)		50,000		50,269
STL Holding
8.750%, 02/15/2029 (A)		320,000		333,154

 

CORPORATE OBLIGATIONS — (continued)
		Face Amount		Value
CONSUMER STAPLES — (continued)
United Natural Foods
6.750%, 10/15/2028 (A)	$	1,500,000	$	1,370,293
				3,486,309
ENERGY — 2.9%
CQP Holdco
5.500%, 06/15/2031 (A)		1,073,000		1,029,155
Genesis Energy
8.875%, 04/15/2030		250,000		264,681
Global Partners
8.250%, 01/15/2032 (A)		500,000		513,627
7.000%, 08/01/2027		750,000		755,770
				2,563,233
FINANCIALS — 13.6%
Aretec Group
10.000%, 08/15/2030 (A)		750,000		799,644
Bread Financial Holdings
9.750%, 03/15/2029 (A)		750,000		804,129
Burford Capital Global Finance
9.250%, 07/01/2031 (A)		1,790,000		1,907,372
Freedom Mortgage
12.000%, 10/01/2028 (A)		500,000		537,965
6.625%, 01/15/2027 (A)		500,000		490,095
Freedom Mortgage Holdings
9.125%, 05/15/2031 (A)		1,000,000		983,750
Ladder Capital Finance Holdings LLLP
7.000%, 07/15/2031 (A)		250,000		255,872
Nationstar Mortgage Holdings
6.500%, 08/01/2029 (A)		660,000		659,026
5.500%, 08/15/2028 (A)		250,000		242,803
OneMain Finance
9.000%, 01/15/2029		500,000		530,142
PROG Holdings
6.000%, 11/15/2029 (A)		2,000,000		1,923,924
Rithm Capital
8.000%, 04/01/2029 (A)		1,000,000		991,286
6.250%, 10/15/2025 (A)		1,750,000		1,748,734
				11,874,742
HEALTH CARE — 3.3%
Bausch Health
6.125%, 02/01/2027 (A)		250,000		212,607
5.250%, 01/30/2030 (A)		750,000		378,750
4.875%, 06/01/2028 (A)		250,000		192,525
Bausch Health Americas
8.500%, 01/31/2027 (A)		446,000		330,040
Concentra Escrow Issuer
6.875%, 07/15/2032 (A)		165,000		170,002
LifePoint Health
11.000%, 10/15/2030 (A)		125,000		140,294
Pediatrix Medical Group
5.375%, 02/15/2030 (A)		500,000		454,168
Sotera Health Holdings
7.375%, 06/01/2031 (A)		750,000		765,038

2 

THE ADVISORS’ INNER CIRCLE FUND III	BARROW HANLEY
CREDIT OPPORTUNITIES FUND
July 31, 2024 (Unaudited)

 

CORPORATE OBLIGATIONS — (continued)
	Face Amount		Value
HEALTH CARE — (continued)
Star Parent
9.000%, 10/01/2030 (A)	$	250,000	$	266,789
				2,910,213
INDUSTRIALS — 12.5%
American Airlines
5.500%, 04/20/2026 (A)		437,500		434,571
Ardagh Metal Packaging Finance USA
6.000%, 06/15/2027 (A)		125,000		124,254
Clean Harbors
6.375%, 02/01/2031 (A)		125,000		126,415
Dycom Industries
4.500%, 04/15/2029 (A)		800,000		755,845
Enviri
5.750%, 07/31/2027 (A)		757,000		734,483
Gates
6.875%, 07/01/2029 (A)		300,000		305,478
ILFC E-Capital Trust I
7.159%, TSFR3M + 1.812%, 12/21/2065 (A)(B)		2,455,000		2,037,808
ILFC E-Capital Trust II
7.409%, TSFR3M + 2.062%, 12/21/2065 (A)(B)		1,000,000		844,377
Interface
5.500%, 12/01/2028 (A)		1,324,000		1,277,876
ITT Holdings
6.500%, 08/01/2029 (A)		1,000,000		938,341
Reworld Holding
4.875%, 12/01/2029 (A)		1,125,000		1,028,741
SPX FLOW
8.750%, 04/01/2030 (A)		250,000		260,485
Waste Pro USA
5.500%, 02/15/2026 (A)		750,000		743,603
WESCO Distribution
6.625%, 03/15/2032 (A)		640,000		651,955
6.375%, 03/15/2029 (A)		640,000		648,278
				10,912,510
INFORMATION TECHNOLOGY — 1.6%
Entegris
5.950%, 06/15/2030 (A)		500,000		498,834
Total Play Telecomunicaciones
6.375%, 09/20/2028 (A)		1,500,000		918,970
				1,417,804
MATERIALS — 12.8%
Ardagh Metal Packaging Finance USA
4.000%, 09/01/2029 (A)		1,000,000		849,356
Arsenal AIC Parent
8.000%, 10/01/2030 (A)		250,000		265,987
Avient
7.125%, 08/01/2030 (A)		500,000		513,376
Axalta Coating Systems
3.375%, 02/15/2029 (A)		500,000		455,139

 

CORPORATE OBLIGATIONS — (continued)
		Face Amount		Value
MATERIALS — (continued)
Chemours
4.625%, 11/15/2029 (A)	$	1,500,000	$	1,313,819
Graham Packaging
7.125%, 08/15/2028 (A)		500,000		487,358
Graphic Packaging International
3.750%, 02/01/2030 (A)		750,000		680,766
INEOS Finance
7.500%, 04/15/2029 (A)		640,000		651,475
Kaiser Aluminum
4.500%, 06/01/2031 (A)		500,000		443,039
LABL
9.500%, 11/01/2028 (A)		375,000		378,841
8.250%, 11/01/2029 (A)		375,000		328,565
5.875%, 11/01/2028 (A)		250,000		230,868
Mativ Holdings
6.875%, 10/01/2026 (A)		1,500,000		1,498,036
Mauser Packaging Solutions Holding
7.875%, 04/15/2027 (A)		1,050,000		1,083,634
Panther Escrow Issuer
7.125%, 06/01/2031 (A)		500,000		513,055
Polar US Borrower
6.750%, 05/15/2026 (A)		2,000,000		557,000
TMS International
6.250%, 04/15/2029 (A)		1,000,000		928,311
				11,178,625
REAL ESTATE — 6.8%
Cushman & Wakefield US Borrower
8.875%, 09/01/2031 (A)		1,000,000		1,075,553
Greystar Real Estate Partners
7.750%, 09/01/2030 (A)		1,000,000		1,060,382
Howard Hughes
4.375%, 02/01/2031 (A)		2,000,000		1,787,573
Iron Mountain
5.625%, 07/15/2032 (A)		250,000		241,089
5.250%, 07/15/2030 (A)		500,000		481,206
4.875%, 09/15/2029 (A)		250,000		238,863
Newmark Group
7.500%, 01/12/2029		655,000		687,653
Service Properties Trust
8.625%, 11/15/2031 (A)		375,000		398,463
				5,970,782
UTILITIES — 1.1%
Vistra
7.000%, H15T5Y + 5.740%(A)(B)(C)		1,000,000		1,005,744
TOTAL CORPORATE OBLIGATIONS
(Cost $64,948,778)				62,649,558

3 

THE ADVISORS’ INNER CIRCLE FUND III	BARROW HANLEY
CREDIT OPPORTUNITIES FUND
July 31, 2024 (Unaudited)

 

REGISTERED INVESTMENT COMPANY — 22.0%
	Shares		Value
Barrow Hanley Floating Rate Fund †		1,944,704	$	19,275,902
TOTAL REGISTERED INVESTMENT COMPANY
(Cost $19,193,159)				19,275,902
ASSET-BACKED SECURITIES — 1.3%
		Face Amount
OTHER ASSET-BACKED SECURITIES — 1.3%
Empower CLO, Ser 2023-2A, Cl D
10.701%, TSFR3M + 5.400%, 07/15/2036 (A)(B)	$	500,000		517,389
Katayma CLO II, Ser 2024-2A, Cl E
12.618%, TSFR3M + 7.330%, 04/20/2037 (A)(B)		250,000		252,699
PPM CLO 7, Ser 2024-7A, Cl E
12.071%, TSFR3M + 6.750%, 07/20/2037 (A)(B)		400,000		395,562
TOTAL ASSET-BACKED SECURITIES
(Cost $1,147,517)				1,165,650
TOTAL INVESTMENTS— 94.8%
(Cost $85,289,454)			$	83,091,110

 

	Percentages are based on Net Assets of $87,615,894.
†	Investment in Affiliated Security.
(A)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On July 31, 2024, the value of these securities amounted to $61,116,856, representing 69.8% of the Net Assets of the Fund.
(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.
(C)	Perpetual security with no stated maturity date.

Cl — Class

CLO — Collateralized Loan Obligation

DAC — Designated Activity Company

H15T5Y— U.S. Treasury Yield Curve Rate T Note Constant Maturity 5 Year

Ser — Series

SPX — Standard & Poor's 500 Index

TSFR3M — Term Secured Overnight Financing Rate 3 Months

 The following is a summary of the Fund’s transactions with affiliates for the period ended July 31, 2024:

Security Description	Value 10/31/2023	Purchases at Cost	Proceeds from Sales	Realized Gain (Loss)	Change in Unrealized Appreciation (Depreciation)	Value 7/31/2024	Income	Capital Gains
Barrow Hanley Floating Rate Fund	$24,237,159	$1,439,519	$(7,000,000)	$(29,570)	$628,794	$19,275,902	$1,439,518	$—

4 

THE ADVISORS’ INNER CIRCLE FUND III	BARROW HANLEY
EMERGING MARKETS VALUE FUND
July 31, 2024 (Unaudited)

 

SCHEDULE OF INVESTMENTS
COMMON STOCK — 95.3%
	Shares		Value
BRAZIL — 2.7%
Dexco		36,870	$	47,651
TIM		11,428		35,095
				82,746
CHINA — 24.4%
Autohome ADR		2,234		55,716
Baidu, Cl A *		6,211		68,865
China International Capital, Cl H		34,787		38,773
China Mengniu Dairy		23,147		38,732
China Merchants Bank, Cl H		18,288		75,801
China Oilfield Services, Cl H		34,590		30,470
China Petroleum & Chemical, Cl H		67,569		43,304
ENN Energy Holdings		6,449		45,125
Great Wall Motor, Cl H		37,067		50,611
Haier Smart Home, Cl A		13,018		42,561
JD.com, Cl A		4,266		56,250
Ping An Insurance Group of China, Cl H		13,498		58,617
Tingyi Cayman Islands Holding		40,521		49,407
Xinyi Glass Holdings		47,223		49,884
Xinyi Solar Holdings		59,207		28,092
				732,208
COLOMBIA — 1.6%
Bancolombia ADR		1,431		47,681
HONG KONG — 3.8%
ASMPT		3,694		38,623
Hang Lung Properties		37,200		27,279
Sino Biopharmaceutical		132,240		47,421
				113,323
HUNGARY — 1.1%
OTP Bank Nyrt		632		32,397
INDIA — 7.3%
Axis Bank		5,166		72,166
IndusInd Bank		4,013		68,591
UPL		11,392		77,992
				218,749
INDONESIA — 2.7%
Astra International		183,151		53,241
Telkom Indonesia Persero		162,400		28,843
				82,084
MACAO — 1.2%
Sands China *		18,981		35,582
MALAYSIA — 2.5%
Petronas Chemicals Group		27,560		34,803
Public Bank		44,920		41,181
				75,984
MEXICO — 2.1%
Fibra Uno Administracion ‡		20,267		25,781
Grupo Financiero Banorte, Cl O		4,813		36,143
				61,924
PHILIPPINES — 1.3%
BDO Unibank		16,945		39,860
RUSSIA — 0.0%
Alrosa PJSC (A)		12,058		–
Moscow Exchange MICEX-RTS PJSC (A)		8,812		–
				–

 

COMMON STOCK — (continued)
	Shares		Value
SOUTH AFRICA — 4.5%
Absa Group	5,690	$	50,029
Gold Fields	2,306		40,147
Sibanye Stillwater	39,821		45,471
			135,647
SOUTH KOREA — 16.7%
Amorepacific	373		49,577
HL Mando	2,083		59,420
Korea Electric Power *	2,010		29,008
Korea Investment Holdings	1,338		71,886
Samsung Electro-Mechanics	391		45,709
Shinhan Financial Group	1,507		66,279
SK Hynix	557		79,887
SK Telecom	1,388		54,922
S-Oil	948		46,766
			503,454
TAIWAN — 13.5%
Bizlink Holding	12,176		142,140
Hiwin Technologies	8,571		52,712
Largan Precision	944		81,902
MediaTek	3,392		129,185
			405,939
THAILAND — 8.2%
Kasikornbank	12,672		46,809
PTT Exploration & Production PCL	20,281		83,389
Siam Cement	4,547		28,225
Thai Beverage PCL	118,591		44,783
Thai Union Group, Cl F	103,963		42,347
			245,553
UNITED ARAB EMIRATES — 1.7%
First Abu Dhabi Bank PJSC	14,160		50,319
TOTAL COMMON STOCK
(Cost $2,999,843)			2,863,450
PREFERRED STOCK — 1.4%
BRAZIL — 1.4%
Banco Bradesco (B)	19,526		42,876
TOTAL PREFERRED STOCK
(Cost $53,263)			42,876
TOTAL INVESTMENTS— 96.7%
(Cost $3,053,106)		$	2,906,326

	Percentages are based on Net Assets of $3,006,221.
*	Non-income producing security.
‡	Real Estate Investment Trust.
(A)	Level 3 security in accordance with fair value hierarchy.
(B)	There is currently no rate available.

ADR — American Depositary Receipt

Cl — Class

PJSC — Public Joint-Stock Company

5 

THE ADVISORS’ INNER CIRCLE FUND III	BARROW HANLEY
FLOATING RATE FUND
July 31, 2024 (Unaudited)

 

SCHEDULE OF INVESTMENTS
BANK LOAN OBLIGATIONS — 86.3%
	Face Amount		Value
AEROSPACE AND DEFENSE — 1.7%
Cobham Ultra SeniorCo S.a r.l., Facility B (USD), 1st Lien
9.363%, CME Term SOFR + 3.750%, 08/03/2029(A)	$	776,278	$	753,960
Peraton Corp., Term B Loan, 1st Lien
9.183%, CME Term SOFR + 3.500%, 02/01/2028(A)		935,472		935,080
				1,689,040
AUTOMOBILE — 2.5%
Adient US LLC Term B-2 Loan
8.094%, CME Term SOFR + 2.750%, 01/31/2031(A)		1,120,256		1,125,229
Champions Holdco, Inc., Initial Term Loan, 1st Lien
10.080%, CME Term SOFR + 4.750%, 02/06/2029(A)		390,000		386,264
Tenneco Inc., Term Loan B 1st Lien
10.469%, CME Term SOFR + 3.250%, 11/17/2028(A)		997,184		946,797
10.435%, CME Term SOFR + 4.500%, 11/17/2028(A)		2,816		2,673
				2,460,963
BANKING — 1.3%
Nexus Buyer LLC, Amendment No. 5 Term Loan, 1st Lien
9.844%, CME Term SOFR + 4.500%, 12/13/2028(A)		997,500		997,001
Nexus Buyer LLC, Term Loan, 1st Lien
9.183%, CME Term SOFR + 3.750%, 11/09/2026(A)		328,735		324,833
				1,321,834
BEVERAGE, FOOD AND TOBACCO — 0.5%
Woof Holdings, Inc., Initial Term Loan, 1st Lien
9.360%, CME Term SOFR + 3.750%, 12/21/2027(A)		382,580		290,761
Woof Holdings, Inc., Term Loan, 2nd Lien
12.633%, CME Term SOFR + 7.250%, 12/21/2028(A)		395,000		192,562
				483,323
BROADCASTING AND ENTERTAINMENT — 1.4%
CSC Holdings, LLC, 2022 Refinancing Term Loan, 1st Lien
9.833%, CME Term SOFR + 4.250%, 01/18/2028(A)		778,150		746,059
CSC Holdings, LLC, September 2019 Initial Term Loan, 1st Lien
7.948%, Syn LIBOR + 2.500%, 04/15/2027(A)		775,784		660,022
				1,406,081

 

BANK LOAN OBLIGATIONS — (continued)
		Face Amount		Value
BUILDING AND DEVELOPMENT — 3.0%
Aegion Corporation, 2024 Replacement Term Loan
9.594%, CME Term SOFR + 4.250%, 05/17/2028(A)	$	768,723	$	771,129
Crown Subsea Communications Holdings, Inc Initial Term
10.080%, CME Term SOFR + 4.750%, 01/30/2031(A)		650,000		653,412
OEG Borrower, LLC, 2024 Refinancing Term Loan
8.835%, CME Term SOFR + 3.500%, 06/30/2031(A)		405,000		404,243
Potters Industries, LLC 2024 Incremental Term Loan
9.085%, CME Term SOFR + 3.750%, 12/14/2027(A)		1,146,847		1,152,225
				2,981,009
BUILDINGS AND REAL ESTATE — 0.7%
WireCo WorldGroup Inc., 2023 Refinancing Term Loan, 1st Lien
9.032%, CME Term SOFR + 3.750%, 10/27/2028(A)		667,101		668,769
BUSINESS EQUIPMENT & SERVICES — 1.9%
BIFM CA Buyer Inc. 2024 Term Loan (First Lien)
9.594%, CME Term SOFR + 4.250%, 05/31/2028(A)		750,769		753,584
Cotiviti, Inc. Initial Floating Rate Term Loan
8.593%, CME Term SOFR + 3.250%, 05/01/2031(A)		566,516		568,289
Emerald X Inc., Initial Term Loan
10.444%, CME Term SOFR + 5.000%, 06/02/2026(A)		391,050		392,638
Ensemble RCM, LLC, Term B Loan
8.252%, CME Term SOFR + 3.000%, 08/01/2029(B)		377		379
KUEHG Corp. Amendment No. 2 Term Loan
9.835%, CME Term SOFR + 4.500%, 06/12/2030(A)		196,513		197,424
				1,912,314
CHEMICALS, PLASTICS AND RUBBER — 5.1%
Chemours Company, The, Tranche B-3 US$ Term Loan, 1st Lien
8.844%, CME Term SOFR + 3.000%, 08/18/2028(A)		1,488,750		1,485,653
Momentive Performance Materials Inc. Initial Term Loan
9.844%, CME Term SOFR + 4.500%, 03/22/2028(A)		780,125		779,150
Nouryon Finance B.V. Tranche 1 Term Loan
8.826%, CME Term SOFR + 3.500%, 04/03/2028(A)		1,008,457		1,013,187

6 

THE ADVISORS’ INNER CIRCLE FUND III	BARROW HANLEY
FLOATING RATE FUND
July 31, 2024 (Unaudited)

 

BANK LOAN OBLIGATIONS — (continued)
	Face Amount		Value
CHEMICALS, PLASTICS AND RUBBER — (continued)
Schenectady International Group, Inc., Initial Term Loan, 1st Lien
10.164%, CME Term SOFR + 4.750%, 10/15/2025(A)	$	1,209,360	$	961,442
W. R. Grace Holdings LLC, Initial Term Loan, 1st Lien
8.594%, CME Term SOFR + 3.750%, 09/22/2028(A)		770,668		773,750
				5,013,182
CONGLOMERATES — 1.0%
Heartland Dental, LLC, 2024 New Term Loan
9.844%, CME Term SOFR + 4.500%, 04/28/2028(A)		952,947		951,107
CONTAINERS & GLASS PRODUCTS — 0.3%
Mauser Packaging Solutions Holding Company, Term B-1 Loan
8.837%, CME Term SOFR + 3.500%, 04/15/2027(A)		280,867		281,687
CONTAINERS, PACKAGING AND GLASS — 1.0%
Pregis TopCo LLC, Initial Term Loan, 1st Lien
9.344%, CME Term SOFR + 3.750%, 07/31/2026(A)		437,708		439,350
ProAmpac PG Borrower LLC, 2024-1 Refinancing Term Loan, 1st Lien
9.322%, CME Term SOFR + 4.000%, 09/15/2028(A)		199,182		199,680
9.301%, CME Term SOFR + 4.000%, 09/15/2028(A)		298,321		299,067
				938,097
CONTAINERS, PACKAGING AND GLASS PRODUCTS — 0.6%
Five Star Lower Holding LLC, Initial Term Loan, 1st Lien
9.630%, CME Term SOFR + 5.000%, 05/05/2029(A)		388,088		362,214
Pregis TopCo LLC, Third Amendment Refinancing Term Loan, 1st Lien
9.197%, CME Term SOFR + 3.750%, 07/31/2026(A)		192,044		193,004
				555,218
DIVERSIFIED NATURAL RESOURCES, PRECIOUS METALS AND MINERALS — 1.5%
Mativ Holdings, Inc., Term B Loan, 1st Lien
9.197%, CME Term SOFR + 3.500%, 04/20/2028(A)		1,515,269		1,511,481
DIVERSIFIED/CONGLOMERATE MANUFACTURING — 1.2%
TK Elevator Midco GmbH, Facility B2 (USD), 1st Lien
8.791%, CME Term SOFR + 3.500%, 04/30/2030(A)		417,649		419,670

 

BANK LOAN OBLIGATIONS — (continued)
		Face Amount		Value
DIVERSIFIED/CONGLOMERATE MANUFACTURING — (continued)
8.588%, CME Term SOFR + 3.500%, 04/30/2030(A)	$	727,072	$	730,591
				1,150,261
DIVERSIFIED/CONGLOMERATE SERVICE — 7.4%
DXP Enterprises, Inc., 2023 Refinancing-Incremental Term Loan, 1st Lien
10.164%, CME Term SOFR + 5.250%, 10/11/2030(A)		784,075		788,780
Medline Borrower, LP, Refinancing Term Loan, 1st Lien
7.847%, CME Term SOFR + 2.750%, 10/23/2028(A)		703,396		705,464
Mercury Borrower, Inc., Initial Term Loan, 1st Lien
8.947%, CME Term SOFR + 3.750%, 08/02/2028(A)		1,565,316		1,565,316
Service Logic Acquisition, Inc., Closing Date Initial Term Loan, 1st Lien
9.574%, CME Term SOFR + 4.000%, 10/29/2027(A)		763,629		766,974
Sharp Services, LLC, Tranche C Term Loan, 1st Lien
9.085%, CME Term SOFR + 3.750%, 12/31/2028(A)		772,215		776,077
TMS International Corporation, Term B-5 Loan, 1st Lien
9.594%, CME Term SOFR + 4.250%, 03/02/2030(A)		2,163,563		2,170,335
VT Topco Inc., Incremental Term Loan, 1st Lien
8.844%, CME Term SOFR + 3.500%, 08/09/2030(A)		497,503		501,025
				7,273,971
ECOLOGICAL SERVICES & EQUIPMENT — 0.4%
TMF Sapphire Bidco B.V. New Facility B2 Loan (First Lien)
9.314%, CME Term SOFR + 4.000%, 05/03/2028(A)		393,025		393,516
ELECTRONICS — 3.9%
Ingram Micro Inc., Term Loan B
8.596%, CME Term SOFR + 3.000%, 06/30/2028(A)		257,311		258,811
MH SUB I LLC, 2023 May Incremental Term Loan
9.594%, CME Term SOFR + 3.250%, 05/03/2028(A)		2,546,504		2,539,883
Ultra Clean Holdings, Inc. Sixth Amendment Term Loan
8.844%, CME Term SOFR + 3.500%, 02/28/2028(A)		1,031,344		1,036,934
				3,835,628
ELECTRONICS/ELECTRICAL — 2.0%
Adeia Inc., Amendment No.3 Replacement Term Loan
8.345%, CME Term SOFR + 3.000%, 06/08/2028(A)		508,866		510,459

7 

THE ADVISORS’ INNER CIRCLE FUND III	BARROW HANLEY
FLOATING RATE FUND
July 31, 2024 (Unaudited)

 

BANK LOAN OBLIGATIONS — (continued)
	Face Amount		Value
ELECTRONICS/ELECTRICAL — (continued)
Aretec Group, Inc. (fka RCS Capital Corporation), Term B-2 Loan
9.344%, CME Term SOFR + 4.000%, 08/09/2030(A)	$	700,738	$	688,475
Proofpoint Inc., 2024 Refinancing Term Loan (First Lien)
8.344%, CME Term SOFR + 3.000%, 08/31/2028(A)		773,414		775,525
				1,974,459
FINANCE (INCLUDING STRUCTURED PRODUCTS) — 5.8%
Chariot Buyer LLC, Initial Term Loan, 1st Lien
8.683%, CME Term SOFR + 3.750%, 11/03/2028(A)		778,030		776,303
Dermatology Intermediate Holdings III, Inc., Closing Date Term Loan, 1st Lien
9.502%, CME Term SOFR + 4.250%, 03/30/2029(A)		392,000		378,852
Fiserv Investment Solutions, Inc., Initial Term Loan, 1st Lien
9.372%, CME Term SOFR + 4.000%, 02/18/2027(A)		922,815		881,750
Global IID Parent LLC, Term B Loan, 1st Lien
10.110%, CME Term SOFR + 3.750%, 12/16/2028(A)		1,540,353		1,521,098
Greystone Select, Term Loan, 1st Lien
10.541%, CME Term SOFR + 5.000%, 06/16/2028(A)		379,260		376,416
KKR Apple Bidco, LLC, Amendment No. 1 Term Loan, 1st Lien
8.833%, CME Term SOFR + 4.500%, 09/22/2028(A)		779,170		780,634
MSP Law PLLC, Term Loan, 1st Lien
17.500%, 04/09/2025(C)		612,857		511,736
Osmosis Buyer Limited, 2024 Refinancing Term B Loan, 1st Lien
9.105%, CME Term SOFR + 4.750%, 07/31/2028(A)		501,970		503,295
				5,730,084
FINANCIAL INTERMEDIARIES — 4.8%
Dermatology Intermediate Holdings III, Inc., Term B-1 Loan
10.752%, CME Term SOFR + 5.500%, 03/30/2029		807,975		803,935
DRW Holdings, LLC, Term Loan (First Lien)
8.844%, 06/17/2031(B)		148,547		148,361

 

BANK LOAN OBLIGATIONS — (continued)
		Face Amount		Value
FINANCIAL INTERMEDIARIES — (continued)
Edelman Financial Engines Center, LLC, The - 2024 Refinancing Term Loan (Second Lien) - Assignment
10.594%, CME Term SOFR + 5.250%, 10/20/2028	$	350,000	$	350,175
Fleetpride, Inc., 2023 Incremental Term Loan
9.844%, CME Term SOFR + 3.500%, 09/29/2028(A)		496,250		495,019
Neon Maple/Pivotal Pay/Nuvei, Term Loam B-1 (First Lien)
0.000%, 07/18/2031(B)		810,000		807,975
Osaic Holdings, Inc., Term B-3 Loan
9.344%, CME Term SOFR + 4.000%, 08/17/2028(A)(B)		810,000		796,919
Russell Investments US Institutional Holdco, Inc. 2027 Rem Loan
11.752%, CME Term SOFR + 5.000%, 05/30/2027(A)		1,556,260		1,369,509
				4,771,893
FOOD SERVICE — 0.3%
Aspire Bakeries Holdings, LLC, Initial Term Loan
9.600%, CME Term SOFR + 4.250%, 12/13/2030(A)		335,307		335,447
FOOD/DRUG RETAILERS — 1.2%
United Natural Foods, Inc. 2024 Term Loan
10.094%, CME Term SOFR + 4.750%, 05/01/2031(A)		1,212,041		1,218,865
HEALTH CARE — 1.6%
Petco Health and Wellness Company, Inc., Initial Term Loan (First Lien)
8.846%, CME Term SOFR + 3.250%, 03/03/2028(A)		1,045,000		963,793
WCG Purchaser Corp., 2024 Refinancing Term Loan
8.844%, CME Term SOFR + 3.500%, 01/08/2027(A)		638,459		639,104
				1,602,897
HEALTHCARE, EDUCATION AND CHILDCARE — 6.2%
Bella Holding Company, LLC, Initial Term Loan, 1st Lien
9.183%, CME Term SOFR + 3.750%, 05/10/2028(A)(B)		1,173,177		1,173,834
Charlotte Buyer, Inc., Initial Term Loan B, 1st Lien
10.586%, CME Term SOFR + 5.250%, 02/11/2028(A)		781,090		784,831

8 

THE ADVISORS’ INNER CIRCLE FUND III	BARROW HANLEY
FLOATING RATE FUND
July 31, 2024 (Unaudited)

 

BANK LOAN OBLIGATIONS — (continued)
	Face Amount		Value
HEALTHCARE, EDUCATION AND CHILDCARE — (continued)
LifePoint Health, Inc. 2024 Refinancing Term Loan (First Lien)
10.316%, CMR Term SOFR + 4.750%, 11/16/2028(A)	$	1,493,297	$	1,500,255
MED ParentCo, LP, Eigth Amendment Refinancing Term Loan, 1st Lien
9.344%, CME Term SOFR + 4.000%, 04/15/2031(A)		1,042,572		1,043,667
Star Parent, Inc., Term Loan
9.085%, CME Term SOFR + 3.000%, 09/27/2030(A)		498,750		499,259
Summit Behavioral Healthcare LLC, Tranche 1 Term Loan
9.597%, CME Term SOFR + 4.250%, 11/24/2028(A)		774,151		777,696
Zest Acquisition Corp., Term B-1 Loan, 1st Lien
10.183%, CME Term SOFR + 5.500%, 02/08/2028(A)		349,675		350,549
				6,130,091
HOME FURNISHINGS — 0.8%
Pactiv Evergreen Inc., Tranche B-4 U.S. Term Loan
7.844%, CME Term SOFR + 2.500%, 09/24/2028(A)		769,166		770,289
HOTELS, MOTELS, INNS AND GAMING — 0.6%
BRE/Everbright M6 Borrower LLC, Initial Term Loan, 1st Lien
10.436%, CME Term SOFR + 4.000%, 09/09/2026(A)		619,706		619,706
INDUSTRIAL EQUIPMENT — 2.5%
DS Parent Term Loan B 1st Lien
10.835%, CME Term SOFR + 5.500%, 01/31/2031(A)		1,000,000		989,060
Engineered Machinery Holdings, Inc., Incremental Amendment No. 3 Term Loan, 2nd Lien
11.596%, CME Term SOFR + 3.250%, 05/21/2029(A)		395,000		393,025
Filtration Group Corporation, 2021 Incremental Term Loan, 1st Lien
8.947%, CME Term SOFR + 3.250%, 10/21/2028(A)		845,591		849,938
Triton Water Holdings, Inc., Initial Term Loan, 1st Lien
8.860%, CME Term SOFR + 3.750%, 03/31/2028(A)		283,786		284,467
				2,516,490

 

BANK LOAN OBLIGATIONS — (continued)
		Face Amount		Value
INSURANCE — 4.4%
Acrisure, LLC 2024 Refinancing Term Loan
8.594%, PRIME + 2.250%, 11/06/2030(A)	$	1,643,400	$	1,640,902
8.344%, CME Term SOFR + 3.000%, 02/16/2027		405,000		404,356
Asurion, LLC, New B-11 Term Loan, 1st Lien
9.694%, CME Term SOFR + 4.250%, 08/19/2028(A)		437,783		435,752
Asurion, LLC, New B-4 Term Loan, 2nd Lien
10.680%, CME Term SOFR + 3.750%, 01/20/2029(A)		790,000		723,711
OneDigital Borrower LLC, Closing Date Term Loan (First Lien)
8.594%, CME Term SOFR + 3.250%, 07/02/2031		383,796		382,169
OneDigital Borrower LLC, Initial Loan (Second Lien)
10.594%, CME Term SOFR + 3.500%, 06/14/2031		810,000		805,950
				4,392,840
LODGING & CASINOS — 0.2%
Scientific Games Holdings LP, 2024 Refinancing Dollar Term Loan
8.318%, CME Term SOFR + 3.000%, 04/04/2029(A)		194,045		193,657
MACHINERY (NON-AGRICULTURE, NON-CONSTRUCTION AND NON-ELECTRONIC) — 5.6%
Alliance Laundry Systems LLC, Initial Term B Loan, 1st Lien
8.934%, CME Term SOFR + 3.500%, 10/08/2027(A)		8,506		8,549
8.899%, CME Term SOFR + 4.500%, 10/08/2027(A)		485,275		487,701
AZZ Inc., Initial Term Loan, 1st Lien
9.083%, CME Term SOFR + 3.250%, 05/13/2029(A)		811,119		816,529
Crosby US Acquisition Corp., Amendment No. 3 Replacement Term Loan, 1st Lien
9.344%, CME Term SOFR + 4.000%, 08/16/2029(A)		437,800		439,372
Engineered Machinery Holdings, Inc., Incremental Amendment No. 5 Term Loan, 1st Lien
9.346%, CME Term SOFR + 3.750%, 05/19/2028(A)		646,684		649,212
Filtration Group Corporation, 2023 Extended Dollar Term Loan
9.680%, CME Term SOFR + 4.250%, 10/21/2028(A)		195,525		196,503

9 

THE ADVISORS’ INNER CIRCLE FUND III	BARROW HANLEY
FLOATING RATE FUND
July 31, 2024 (Unaudited)

 

BANK LOAN OBLIGATIONS — (continued)
	Face Amount		Value
MACHINERY (NON-AGRICULTURE, NON-CONSTRUCTION AND NON-ELECTRONIC) — (continued)
Gates Corporation, Initial B-4 Dollar Term Loan, 1st Lien
8.333%, CME Term SOFR + 4.250%, 11/16/2029(A)	$	778,150	$	779,200
Indicor, LLC - Tranche C Dollar Term Loan (First Lien)
8.585%, CME Term SOFR + 3.250%, 11/22/2029		780,164		781,467
Pro Mach Group, Inc., Closing Date Initial Term Loan, 1st Lien
9.470%, CME Term SOFR + 3.500%, 08/31/2028(A)		772,160		773,341
SPX Flow Inc., Term Loan (First Lein)
8.844%, CME Term SOFR + 3.500%, 04/05/2029		551,025		554,585
				5,486,459
PERSONAL AND NON-DURABLE CONSUMER PRODUCTS (MANUFACTURING ONLY) — 1.6%
ABG Intermediate Holdings 2 LLC, Tranche TLB-1 Term Loan, 1st Lien
8.933%, CME Term SOFR + 3.500%, 12/21/2028(A)		774,667		777,378
Hanesbrands Inc., Initial Tranche B Term Loan, 1st Lien
9.083%, CME Term SOFR + 4.250%, 03/08/2030(A)		780,125		781,592
				1,558,970
PERSONAL TRANSPORTATION — 0.9%
AAdvantage Loyality IP Ltd. (American Airlines, Inc.), Initial Term Loan, 1st Lien
10.329%, CME Term SOFR + 3.750%, 04/20/2028(A)		888,750		918,354
PRINTING, PUBLISHING AND BROADCASTING — 3.6%
Fleet Midco I Limited, Facility B, 1st Lien
8.338%, CME Term SOFR + 3.250%, 02/21/2031(A)		444,686		444,685
LABL, Inc., Initial Dollar Term Loan, 1st Lien
10.433%, CME Term SOFR + 5.250%, 10/29/2028(A)		770,668		745,035
Magnite, Inc. Initial Term Loan
9.836%, CME Term SOFR + 4.500%, 02/06/2031(A)		445,205		447,432
Magnite, Inc., Term Loan B
9.844%, CME Term SOFR + 4.500%, 02/06/2031(A)		1,175,732		1,181,611
Taboola Inc., Tranche B Term Loan
9.458%, CME Term SOFR + 4.000%, 09/01/2028(A)		759,999		759,999
				3,578,762

 

BANK LOAN OBLIGATIONS — (continued)
		Face Amount		Value
RETAIL STORES — 5.9%
Allied Universal Holdco LLC (f/k/a USAGM Holdco, LLC), Initial U.S. Dollar Term Loan, 1st Lien
9.183%, CME Term SOFR + 3.000%, 05/12/2028(A)	$	747,321	$	746,820
BCPE Empire Holdings, Inc., Amendment No. 5 Refinancing Term Loan, 1st Lien
9.344%, CME Term SOFR + 4.000%, 12/11/2028(A)		2,058,542		2,061,898
Chefs' Warehouse, Inc., The, 2022 Term Loan, 1st Lien
10.183%, CME Term SOFR + 3.500%, 08/23/2029(A)		351,221		351,512
Pet IQ, Term Loan, 1st Lien
9.714%, CME Term SOFR + 4.250%, 04/07/2028(A)		766,668		763,793
PetSmart LLC, Initial Term Loan, 1st Lien
9.183%, CME Term SOFR + 5.250%, 02/11/2028(A)		766,668		759,799
Upbound Group, Inc., Initial Term Loan (2021), 1st Lien
8.952%, CME Term SOFR + 3.250%, 02/17/2028(A)		726,547		727,455
Victoria's Secret & Co., Initial Term Loan, 1st Lien
8.888%, CME Term SOFR + 3.250%, 08/02/2028(A)		384,088		384,089
				5,795,366
RETAILERS (EXCEPT FOOD & DRUG) — 0.4%
Apro, LLC, Initial Term Loan
9.077%, CME Term SOFR + 3.750%, 07/09/2031(A)		405,000		406,012
SUMMIT BEHAVIORAL HEALTHCARE — 1.2%
Koppers Inc., Term Loan B
8.330%, CME Term SOFR + 3.000%, 04/10/2030(A)		1,173,187		1,180,519
SURFACE TRANSPORT — 0.4%
Kenan Advantage Group, Inc., The, U.S. Term B-3 Loan, 1st Lien
9.094%, CME Term SOFR + 3.750%, 01/25/2029(A)		379,921		380,111
TELECOMMUNICATIONS — 0.6%
Frontier Communications Holdings, LLC, Term Loan (First Lien)
8.763%, CME Term SOFR + 3.500%, 06/20/2031(A)		562,721		565,889

10 

THE ADVISORS’ INNER CIRCLE FUND III	BARROW HANLEY
FLOATING RATE FUND
July 31, 2024 (Unaudited)

 

BANK LOAN OBLIGATIONS — (continued)
	Face Amount		Value
UTILITIES — 0.3%
Del Monte Foods, Inc., Initial Term Loan, 1st Lien
9.736%, CME Term SOFR + 6.000%, 05/16/2029(A)	$	350,551	$	262,914
TOTAL BANK LOAN OBLIGATIONS
(Cost $85,131,115)				85,217,555
CORPORATE OBLIGATIONS — 10.4%
COMMUNICATION SERVICES — 1.7%
CCO Holdings
4.750%, 03/01/2030 (D)		685,000		613,249
CSC Holdings
4.125%, 12/01/2030 (D)		1,580,000		1,093,927
				1,707,176
FINANCIALS — 2.9%
Acrisure
7.500%, 11/06/2030 (D)		320,000		324,774
Burford Capital Global Finance
9.250%, 07/01/2031 (D)		1,185,000		1,262,702
Ken Garff Automotive
4.875%, 09/15/2028 (D)		395,000		373,486
Rithm Capital
8.000%, 04/01/2029 (D)		880,000		872,332
				2,833,294
HEALTH CARE — 0.5%
Bausch Health
5.250%, 01/30/2030 (D)		790,000		398,950
Bausch Health Americas
8.500%, 01/31/2027 (D)		115,000		85,100
				484,050
INDUSTRIALS — 3.2%
AerCap Global Aviation Trust
6.500%, TSFR3M + 4.562%, 06/15/2045 (A)(D)		790,000		788,976
ILFC E-Capital Trust I
7.159%, TSFR3M + 1.812%, 12/21/2065 (A)(D)		1,343,000		1,114,776
ILFC E-Capital Trust II
7.409%, TSFR3M + 2.062%, 12/21/2065 (A)(D)		1,102,000		930,504
Waste Pro USA
5.500%, 02/15/2026 (D)		395,000		391,631
				3,225,887
MATERIALS — 2.1%
Ardagh Metal Packaging Finance USA
4.000%, 09/01/2029 (D)		500,000		424,678
Chemours
4.625%, 11/15/2029 (D)		1,185,000		1,037,917

 

CORPORATE OBLIGATIONS — (continued)
		Face Amount		Value
MATERIALS — (continued)
Graham Packaging
7.125%, 08/15/2028 (D)	$	500,000	$	487,358
TMS International
6.250%, 04/15/2029 (D)		115,000		106,756
				2,056,709
TOTAL CORPORATE OBLIGATIONS
(Cost $10,528,575)				10,307,116
ASSET-BACKED SECURITIES — 1.4%
OTHER ASSET-BACKED SECURITIES — 1.4%
Empower CLO, Ser 2023-2A, Cl D
10.701%, TSFR3M + 5.400%, 07/15/2036 (A)(D)		500,000		517,389
Katayma CLO II, Ser 2024-2A, Cl E
12.618%, TSFR3M + 7.330%, 04/20/2037 (A)(D)		500,000		505,398
PPM CLO 7, Ser 2024-7A, Cl E
12.071%, TSFR3M + 6.750%, 07/20/2037 (A)(D)		350,000		346,117
				1,368,904
TOTAL ASSET-BACKED SECURITIES
(Cost $1,345,034)				1,368,904
WARRANT — 0.0%
		Number of Warrants
Service King#(C)
Strike Price $–		2,554		–
TOTAL WARRANT
(Cost $—)				–
TOTAL INVESTMENTS— 98.1%
(Cost $97,004,724)			$	96,893,575

	Percentages are based on Net Assets of $98,790,639.
#	Expiration date not available.
(A)	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.
(B)	Unsettled bank loan. Interest rate may not be available.
(C)	Level 3 security in accordance with fair value hierarchy.

11 

THE ADVISORS’ INNER CIRCLE FUND III	BARROW HANLEY
FLOATING RATE FUND
July 31, 2024 (Unaudited)

 

(D) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On July 31, 2024, the value of these securities amounted to $11,676,020, representing 11.8% of the Net Assets of the Fund.

Cl — Class

CLO — Collateralized Loan Obligation

CME — Chicago Mercantile Exchange

LIBOR— London Interbank Offered Rate

LLC — Limited Liability Company

LP— Limited Partnership

Ltd. — Limited

Ser — Series

SOFR — Secured Overnight Financing Rate

SPX — Standard & Poor's 500 Index

TSFR3M — Term Secured Overnight Financing Rate 3 Months

USD — U.S. Dollar

12 

THE ADVISORS’ INNER CIRCLE FUND III	BARROW HANLEY
INTERNATIONAL VALUE FUND
July 31, 2024 (Unaudited)

 

SCHEDULE OF INVESTMENTS
COMMON STOCK — 94.4%
	Shares		Value
AUSTRIA — 1.3%
Mondi		39,796	$	778,075
CANADA — 4.0%
Enbridge		37,500		1,403,415
Suncor Energy		25,680		1,025,600
				2,429,015
CHINA — 1.8%
BOC Hong Kong Holdings		378,500		1,101,179
FINLAND — 3.8%
Fortum		62,847		966,399
Stora Enso, Cl R		56,433		705,476
Valmet		22,730		643,729
				2,315,604
FRANCE — 4.9%
Arkema		9,972		899,903
BNP Paribas		17,480		1,197,622
Thales		5,846		929,243
				3,026,768
GERMANY — 8.3%
BASF		26,615		1,239,121
Continental		15,908		975,223
Deutsche Post		21,513		959,600
GEA Group		22,445		991,071
Rheinmetall		1,726		940,078
				5,105,093
HONG KONG — 4.1%
AIA Group		104,400		698,317
CLP Holdings		124,500		1,068,537
Link REIT ‡		180,947		763,419
				2,530,273
ITALY — 5.9%
Azimut Holding		29,513		739,468
Enel		163,116		1,164,515
Saipem *		319,266		758,461
Snam		198,702		949,524
				3,611,968
JAPAN — 18.1%
Asahi Group Holdings		28,200		1,038,132
Komatsu		36,700		1,043,292
Makita		47,500		1,565,717
MINEBEA MITSUMI		48,400		1,164,230
Nabtesco		50,967		1,008,988
NSK		172,000		901,780
Olympus		67,900		1,172,232
Persol Holdings		453,500		777,800
Tosoh		54,600		742,742
TOTO		39,800		1,095,901
Welcia Holdings		43,900		587,956
				11,098,770
NETHERLANDS — 5.1%
Akzo Nobel		17,134		1,059,435
Euronext		10,357		1,047,125
Randstad		21,144		1,029,819
				3,136,379
NORWAY — 3.5%
Aker BP		50,089		1,212,866
Equinor		35,683		944,893
				2,157,759
SINGAPORE — 2.3%
United Overseas Bank		57,400		1,391,874

 

COMMON STOCK — (continued)
	Shares		Value
SOUTH AFRICA — 1.0%
Sibanye Stillwater	560,988	$	640,587
SOUTH KOREA — 1.4%
SK Hynix	6,059		869,003
SWEDEN — 6.8%
Boliden	30,371		928,825
Electrolux, Cl B *	84,751		754,912
Elekta, Cl B	115,126		722,774
Getinge, Cl B	50,517		986,489
SKF, Cl B	41,245		766,780
			4,159,780
SWITZERLAND — 3.6%
Barry Callebaut	431		693,484
Julius Baer Group	28,253		1,546,220
			2,239,704
UNITED KINGDOM — 16.1%
Associated British Foods PLC	29,561		943,739
BAE Systems PLC	49,980		833,569
Centrica PLC	445,351		759,310
CK Hutchison Holdings PLC	197,500		1,031,762
Entain PLC	59,623		438,145
Legal & General Group PLC	316,619		944,353
M&G PLC	304,908		832,593
Persimmon PLC	56,975		1,161,845
Smith & Nephew PLC	83,941		1,209,823
St. James's Place PLC	106,091		934,528
Standard Chartered PLC	79,139		781,755
			9,871,422
UNITED STATES — 2.4%
Sanofi	14,395		1,484,019
TOTAL COMMON STOCK
(Cost $55,729,018)			57,947,272
PREFERRED STOCK — 4.4%
GERMANY — 4.4%
Dr Ing hc F Porsche (A)	14,148		1,065,355
Henkel & KGaA (A)	19,227		1,644,715
TOTAL PREFERRED STOCK
(Cost $2,722,046)			2,710,070
TOTAL INVESTMENTS— 98.8%
(Cost $58,451,064)		$	60,657,342

	Percentages are based on Net Assets of $61,380,722.
*	Non-income producing security.
‡	Real Estate Investment Trust.
(A)	There is currently no rate available.

Cl — Class

PLC — Public Limited Company

13 

THE ADVISORS’ INNER CIRCLE FUND III	BARROW HANLEY
TOTAL RETURN BOND FUND
July 31, 2024 (Unaudited)

 

SCHEDULE OF INVESTMENTS
MORTGAGE-BACKED SECURITIES — 47.9%
	Face Amount		Value
AGENCY COLLATERALIZED MORTGAGE OBLIGATION — 0.5%
GNMA, Ser 2023-111, Cl PH
5.000%, 05/20/2053	$	665,088	$	664,802
Seasoned Loans Structured Transaction Trust, Ser 2020-3, Cl A1C
2.000%, 11/25/2030		124,318		112,171
				776,973
AGENCY MORTGAGE BACKED SECURITIES — 46.0%
FHLMC
6.000%, 03/01/2053 to 04/01/2054		6,636,972		6,765,190
5.500%, 09/01/2053 to 04/01/2054		4,502,667		4,521,110
5.000%, 11/01/2052		3,093,567		3,050,514
4.500%, 05/01/2053		2,130,876		2,054,941
4.000%, 06/01/2042 to 04/01/2048		1,326,402		1,266,293
3.500%, 09/01/2028 to 01/01/2048		464,534		435,062
3.000%, 11/01/2032 to 04/01/2047		389,676		348,298
2.500%, 06/01/2035 to 05/01/2052		2,417,837		2,112,686
2.000%, 09/01/2050 to 03/01/2052		2,067,877		1,673,667
FNMA
6.500%, 06/01/2054		688,267		710,785
6.000%, 01/01/2054		1,665,618		1,695,703
5.500%, 12/01/2035 to 02/01/2054		4,401,976		4,415,857
5.000%, 05/01/2040 to 06/01/2053		4,132,069		4,092,422
4.500%, 04/01/2034 to 06/01/2053		3,325,340		3,241,480
4.000%, 07/01/2045 to 06/01/2052		1,482,522		1,401,725
3.500%, 06/01/2037 to 05/01/2052		2,452,315		2,264,784
3.000%, 10/01/2034 to 07/01/2052		5,555,954		4,915,648
2.500%, 11/01/2041 to 02/01/2052		11,351,798		9,653,111
2.000%, 11/01/2035 to 01/01/2052		7,208,551		5,903,491
GNMA
5.500%, 07/20/2053		2,611,146		2,619,410
5.000%, 10/15/2039 to 04/20/2053		2,754,356		2,727,927
4.500%, 02/20/2050 to 09/20/2052		784,762		761,770
4.000%, 12/20/2047 to 03/20/2052		1,729,826		1,634,363
3.500%, 09/15/2041 to 01/20/2052		364,149		338,339
3.000%, 06/20/2051 to 06/20/2053		6,488,020		5,795,604
2.500%, 04/20/2050 to 04/20/2052		2,903,779		2,499,155
				76,899,335

 

MORTGAGE-BACKED SECURITIES — (continued)
		Face Amount		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES — 1.4%
BX Commercial Mortgage Trust, Ser VOLT, Cl A
6.143%, TSFR1M + 0.814%, 09/15/2036 (A)(B)	$	550,000	$	542,094
Cold Storage Trust, Ser ICE5, Cl A
6.343%, TSFR1M + 1.014%, 11/15/2037 (A)(B)		398,111		396,867
NRTH 2024-PARK Mortgage Trust, Ser PARK, Cl A
6.970%, TSFR1M + 1.641%, 03/15/2039 (A)(B)		1,450,000		1,443,656
				2,382,617
TOTAL MORTGAGE-BACKED SECURITIES
(Cost $79,436,937)				80,058,925
CORPORATE OBLIGATIONS — 38.6%
COMMUNICATION SERVICES — 5.4%
AT&T
3.800%, 12/01/2057		500,000		359,642
3.650%, 09/15/2059		935,000		646,145
Charter Communications Operating
6.550%, 06/01/2034		1,100,000		1,128,308
6.484%, 10/23/2045		1,886,000		1,784,234
5.750%, 04/01/2048		370,000		319,662
Paramount Global
4.600%, 01/15/2045		3,000,000		2,083,794
Rogers Communications
4.300%, 02/15/2048		1,058,000		859,639
Warnermedia Holdings
5.391%, 03/15/2062		1,130,000		842,687
5.050%, 03/15/2042		1,185,000		934,827
				8,958,938
CONSUMER DISCRETIONARY — 4.4%
BAT Capital
4.540%, 08/15/2047		1,395,000		1,118,164
Bayer US Finance
6.500%, 11/21/2033 (A)		1,155,000		1,212,994
6.125%, 11/21/2026 (A)		585,000		596,521
Bayer US Finance II
4.250%, 12/15/2025 (A)		645,000		635,242
3.950%, 04/15/2045 (A)		1,770,000		1,282,779
Ford Motor Credit
5.125%, 06/16/2025		460,000		457,773
4.134%, 08/04/2025		460,000		453,667
3.375%, 11/13/2025		405,000		394,895
Nissan Motor
4.810%, 09/17/2030 (A)		400,000		376,807

14 

THE ADVISORS’ INNER CIRCLE FUND III	BARROW HANLEY
TOTAL RETURN BOND FUND
July 31, 2024 (Unaudited)

 

CORPORATE OBLIGATIONS — (continued)
	Face Amount		Value
CONSUMER DISCRETIONARY — (continued)
Whirlpool MTN
5.150%, 03/01/2043	$	900,000	$	805,482
				7,334,324
CONSUMER STAPLES — 0.9%
Reynolds American
5.700%, 08/15/2035		1,440,000		1,455,300
ENERGY — 3.5%
BP Capital Markets
6.450%, H15T5Y + 2.153%(B)(C)		1,080,000		1,114,603
Enbridge
7.375%, H15T5Y + 3.122%, 03/15/2055 (B)		2,105,000		2,132,997
7.200%, H15T5Y + 2.970%, 06/27/2054 (B)		850,000		865,040
Energy Transfer
8.000%, H15T5Y + 4.020%, 05/15/2054 (B)		500,000		532,299
7.500%, 07/01/2038		280,000		326,911
6.000%, 06/15/2048		745,000		740,295
Kinder Morgan Energy Partners
5.400%, 09/01/2044		75,000		70,465
ONEOK Partners
6.850%, 10/15/2037		110,000		121,967
				5,904,577
FINANCIALS — 11.0%
Bank of America
2.482%, H15T5Y + 1.200%, 09/21/2036 (B)		920,000		754,922
Barclays PLC
9.625%, USISSO05 + 5.775%(B)(C)		2,000,000		2,184,204
BPCE
6.508%, H15T1Y + 2.791%, 01/18/2035 (A)(B)		1,735,000		1,789,561
Citigroup
1.281%, SOFRRATE + 0.528%, 11/03/2025 (B)		225,000		222,510
Deutsche Bank NY
3.035%, SOFRRATE + 1.718%, 05/28/2032 (B)		315,000		271,618
Fairfax Financial Holdings
6.350%, 03/22/2054 (A)		1,015,000		1,044,019
Fidelity National Financial
3.200%, 09/17/2051		155,000		98,061
Intesa Sanpaolo
7.778%, H15T1Y + 3.900%, 06/20/2054 (A)(B)		610,000		655,259
6.625%, 06/20/2033 (A)		1,435,000		1,519,980
4.198%, H15T1Y + 2.600%, 06/01/2032 (A)(B)		460,000		398,264
JPMorgan Chase
1.561%, SOFRRATE + 0.605%, 12/10/2025 (B)		345,000		340,217

 

CORPORATE OBLIGATIONS — (continued)
		Face Amount		Value
FINANCIALS — (continued)
Macquarie Group MTN
2.871%, SOFRRATE + 1.532%, 01/14/2033 (A)(B)	$	965,000	$	815,843
Markel Group
5.000%, 05/20/2049		765,000		687,885
3.450%, 05/07/2052		915,000		624,901
Mitsubishi UFJ Financial Group
2.193%, 02/25/2025		315,000		309,399
Moody's
2.550%, 08/18/2060		75,000		40,885
Morgan Stanley
2.484%, SOFRRATE + 1.360%, 09/16/2036 (B)		185,000		150,020
Morgan Stanley MTN
0.864%, SOFRRATE + 0.745%, 10/21/2025 (B)		610,000		603,571
NatWest Group
3.754%, H15T5Y + 2.100%, 11/01/2029 (B)		1,695,000		1,685,489
Societe Generale MTN
7.367%, 01/10/2053 (A)		510,000		516,638
State Street
2.354%, SOFRRATE + 0.940%, 11/01/2025 (B)		495,000		491,301
UBS Group
9.250%, H15T5Y + 4.745%(A)(B)(C)		1,000,000		1,088,720
9.250%, H15T5Y + 4.758%(A)(B)(C)		1,000,000		1,131,655
7.750%, USISSO05 + 4.160%(A)(B)(C)		1,000,000		1,027,886
				18,452,808
INDUSTRIALS — 2.1%
AerCap Ireland Capital DAC
6.950%, H15T5Y + 2.720%, 03/10/2055 (B)		1,675,000		1,693,764
3.400%, 10/29/2033		665,000		574,063
3.300%, 01/30/2032		1,230,000		1,082,772
American Airlines 2019-1 Class AA Pass Through Trust
3.150%, 02/15/2032		78,300		71,638
Quanta Services
3.050%, 10/01/2041		150,000		108,799
				3,531,036
INFORMATION TECHNOLOGY — 0.3%
Dell International
3.450%, 12/15/2051		60,000		41,892
Sprint Capital
8.750%, 03/15/2032		400,000		486,368
				528,260
MATERIALS — 0.1%
EIDP
1.700%, 07/15/2025		150,000		145,142

15 

THE ADVISORS’ INNER CIRCLE FUND III	BARROW HANLEY
TOTAL RETURN BOND FUND
July 31, 2024 (Unaudited)

 

CORPORATE OBLIGATIONS — (continued)
	Face Amount		Value
REAL ESTATE — 0.2%
Alexandria Real Estate Equities
3.550%, 03/15/2052	$	350,000	$	242,286
UTILITIES — 10.7%
Appalachian Power
4.500%, 03/01/2049		1,550,000		1,266,204
Arizona Public Service
2.650%, 09/15/2050		90,000		54,236
Consumers Energy
2.500%, 05/01/2060		67,000		38,522
DTE Energy
1.050%, 06/01/2025		620,000		598,305
Duke Energy
5.800%, 06/15/2054		710,000		710,312
Duke Energy Carolinas
6.050%, 04/15/2038		355,000		380,660
6.000%, 01/15/2038		125,000		134,173
3.200%, 08/15/2049		305,000		212,082
Duke Energy Progress
4.200%, 08/15/2045		225,000		187,790
4.150%, 12/01/2044		465,000		385,616
Duke Energy Progress NC Storm Funding
2.387%, 07/01/2037		1,135,000		935,192
Electricite de France
6.900%, 05/23/2053 (A)		510,000		568,281
6.000%, 04/22/2064 (A)		535,000		519,170
5.000%, 09/21/2048 (A)		1,215,000		1,094,353
4.750%, 10/13/2035 (A)		670,000		636,120
Entergy
2.800%, 06/15/2030		295,000		264,180
Entergy Arkansas
3.350%, 06/15/2052		145,000		100,255
Entergy Louisiana
5.350%, 03/15/2034		785,000		800,104
4.000%, 03/15/2033		380,000		350,272
Florida Power & Light
3.950%, 03/01/2048		125,000		101,820
Kentucky Utilities
3.300%, 06/01/2050		160,000		112,199
MidAmerican Energy
3.650%, 08/01/2048		290,000		223,237
National Fuel Gas
3.950%, 09/15/2027		135,000		130,668
2.950%, 03/01/2031		680,000		584,722
National Grid
5.809%, 06/12/2033		1,755,000		1,810,290
National Rural Utilities Cooperative Finance
5.450%, 10/30/2025		195,000		196,260
National Rural Utilities Cooperative Finance MTN
1.000%, 10/18/2024		360,000		356,270
NiSource
5.250%, 03/30/2028		825,000		836,572
Pacific Gas and Electric
5.550%, 05/15/2029		275,000		280,890

 

CORPORATE OBLIGATIONS — (continued)
		Face Amount		Value
UTILITIES — (continued)
PacifiCorp
5.500%, 05/15/2054	$	1,110,000	$	1,054,347
5.350%, 12/01/2053		570,000		529,772
4.150%, 02/15/2050		890,000		699,201
Sempra
3.300%, 04/01/2025		630,000		620,917
Sempra Infrastructure Partners
3.250%, 01/15/2032 (A)		420,000		354,863
Vistra Operations
5.125%, 05/13/2025 (A)		805,000		800,958
				17,928,813
TOTAL CORPORATE OBLIGATIONS
(Cost $62,493,819)				64,481,484
ASSET-BACKED SECURITIES — 5.5%
AUTOMOTIVE — 3.7%
Ally Auto Receivables Trust, Ser 2022-1, Cl A3
3.310%, 11/15/2026		88,685		87,829
AmeriCredit Automobile Receivables Trust, Ser 2022-2, Cl A3
4.380%, 04/18/2028		196,715		195,617
Americredit Automobile Receivables Trust, Ser 2023-1, Cl A2A
5.840%, 10/19/2026		104,167		104,191
AmeriCredit Automobile Receivables Trust, Ser 2024-1, Cl A2A
5.750%, 02/18/2028		1,630,000		1,632,112
BMW Vehicle Lease Trust, Ser 2023-2, Cl A3
5.990%, 09/25/2026		940,000		946,493
BMW Vehicle Owner Trust, Ser 2022-A, Cl A3
3.210%, 08/25/2026		45,684		45,174
Fifth Third Auto Trust, Ser 2023-1, Cl A2A
5.800%, 11/16/2026		120,155		120,284
Ford Credit Auto Owner Trust, Ser 2021-2, Cl A
1.530%, 05/15/2034 (A)		205,000		190,775
Ford Credit Auto Owner Trust, Ser 2023-A, Cl A3
4.650%, 02/15/2028		260,000		259,011
GM Financial Automobile Leasing Trust, Ser 2024-1, Cl A3
5.090%, 03/22/2027		860,000		861,282
GM Financial Revolving Receivables Trust, Ser 2021-1, Cl A
1.170%, 06/12/2034 (A)		155,000		143,719

16 

THE ADVISORS’ INNER CIRCLE FUND III	BARROW HANLEY
TOTAL RETURN BOND FUND
July 31, 2024 (Unaudited)

 

ASSET-BACKED SECURITIES — (continued)
	Face Amount		Value
AUTOMOTIVE — (continued)
Honda Auto Receivables Owner Trust, Ser 2022-1, Cl A3
1.880%, 05/15/2026	$	356,985	$	350,451
Honda Auto Receivables Owner Trust, Ser 2023-2, Cl A3
4.930%, 11/15/2027		270,000		269,940
Mercedes-Benz Auto Lease Trust, Ser 2024-A, Cl A2A
5.440%, 02/16/2027		530,000		531,618
Toyota Auto Loan Extended Note Trust, Ser 2020-1A, Cl A
1.350%, 05/25/2033 (A)		215,000		208,292
Toyota Auto Loan Extended Note Trust, Ser 2023-1A, Cl A
4.930%, 06/25/2036 (A)		100,000		101,235
Toyota Auto Receivables Owner Trust, Ser 2022-A, Cl A3
1.230%, 06/15/2026		59,511		58,448
Volkswagen Auto Loan Enhanced Trust, Ser 2021-1, Cl A3
1.020%, 06/22/2026		49,315		48,540
				6,155,011
OTHER ASSET-BACKED SECURITIES — 1.8%
CNH Equipment Trust, Ser 2021-A, Cl A3
0.400%, 12/15/2025		22,537		22,372
CNH Equipment Trust, Ser 2023-A, Cl A3
4.810%, 08/15/2028		235,000		234,716
CNH Equipment Trust, Ser 2024-B, Cl A2A
5.420%, 10/15/2027		325,000		326,011
John Deere Owner Trust, Ser 2022-A, Cl A3
2.320%, 09/15/2026		138,856		136,577
John Deere Owner Trust, Ser 2022-B, Cl A3
3.740%, 02/16/2027		180,445		178,397
John Deere Owner Trust, Ser 2024-B, Cl A2A
5.420%, 05/17/2027		1,625,000		1,632,702
New Economy Assets Phase 1 Sponsor, Ser 2021-1, Cl A1
1.910%, 10/20/2061 (A)		235,000		212,782
Taco Bell Funding, Ser 2021-1A, Cl A2II
2.294%, 08/25/2051 (A)		176,850		156,026
Wendy's Funding, Ser 2021-1A, Cl A2I
2.370%, 06/15/2051 (A)		174,551		154,033
				3,053,616
TOTAL ASSET-BACKED SECURITIES
(Cost $9,193,083)				9,208,627

 

U.S. TREASURY OBLIGATIONS — 4.7%
		Face Amount		Value
U.S. Treasury Notes
4.875%, 04/30/2026	$	2,730,000	$	2,752,715
4.625%, 04/30/2029		3,235,000		3,330,028
4.625%, 04/30/2031		1,275,000		1,324,406
4.500%, 11/30/2024		465,000		463,892
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $7,743,639)				7,871,041
SOVEREIGN BONDS — 2.8%
ISRAEL — 1.0%
Israel Government International Bond
5.500%, 03/12/2034		1,435,000		1,400,890
5.375%, 03/12/2029		360,000		358,643
				1,759,533
MEXICO — 1.8%
Mexico Government International Bond
4.280%, 08/14/2041		1,765,000		1,399,143
3.771%, 05/24/2061		2,545,000		1,598,524
				2,997,667
TOTAL SOVEREIGN BONDS
(Cost $4,778,228)				4,757,200
TOTAL INVESTMENTS— 99.5%
(Cost $163,645,706)			$	166,377,277

	Percentages are based on Net Assets of $167,269,583.
(A)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On July 31, 2024, the value of these securities amounted to $21,615,392, representing 12.9% of the Net Assets of the Fund.
(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.
(C)	Perpetual security with no stated maturity date.

Cl — Class

DAC — Designated Activity Company

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

GNMA — Government National Mortgage Association

H15T1Y — U.S. Treasury Yield Curve Rate T Note Constant Maturity 1 Year

H15T5Y — U.S. Treasury Yield Curve Rate T Note Constant Maturity 5 Year

MTN — Medium Term Note

PLC — Public Limited Company

Ser — Series

SOFRRATE —Secured Overnight Financing Rate

TSFR1M — Term Secured Overnight Financing Rate 1 Month

USISSO05 — 5-Year SOFR SWAP Rate

17 

THE ADVISORS’ INNER CIRCLE FUND III	BARROW HANLEY
US VALUE OPPORTUNITIES FUND
July 31, 2024 (Unaudited)

 

SCHEDULE OF INVESTMENTS
COMMON STOCK — 98.8%
	Shares		Value
COMMUNICATION SERVICES — 5.7%
Alphabet, Cl C		10,875	$	1,883,006
Comcast, Cl A		27,542		1,136,658
Electronic Arts		9,982		1,506,683
T-Mobile US		7,127		1,299,110
				5,825,457
CONSUMER DISCRETIONARY — 10.1%
Aptiv PLC *		16,065		1,114,750
Aramark		30,798		1,055,448
Carnival *		96,348		1,605,157
Las Vegas Sands		29,720		1,178,992
Lithia Motors, Cl A		2,993		827,056
SharkNinja		18,680		1,435,558
Six Flags Entertainment		21,803		1,038,494
United Parks & Resorts *		23,052		1,213,688
Wynn Resorts		10,440		864,641
				10,333,784
CONSUMER STAPLES — 3.1%
Keurig Dr Pepper		48,579		1,665,288
Philip Morris International		13,266		1,527,713
				3,193,001
ENERGY — 8.3%
Enbridge		40,230		1,505,407
Exxon Mobil		15,086		1,789,029
Halliburton		34,287		1,189,073
Hess		9,721		1,491,396
Phillips 66		10,013		1,456,691
Plains GP Holdings, Cl A		57,140		1,091,374
				8,522,970
FINANCIALS — 16.9%
Allstate		8,225		1,407,462
American Express		4,584		1,159,935
American International Group		17,887		1,417,187
Axis Capital Holdings		15,077		1,142,083
Bank of America		38,396		1,547,743
Berkshire Hathaway, Cl B *		3,304		1,448,804
Chubb		4,775		1,316,276
Fidelity National Information Services		21,389		1,643,317
Jefferies Financial Group		35,887		2,098,313
M&T Bank		6,644		1,143,898
Wells Fargo		24,880		1,476,379
Willis Towers Watson PLC		5,620		1,586,414
				17,387,811
HEALTH CARE — 8.5%
Avantor *		59,809		1,599,891
Elevance Health		2,428		1,291,769
Medtronic PLC		13,083		1,050,826
Merck		10,542		1,192,616
Sanofi ADR		30,050		1,556,890
Smith & Nephew ADR		31,870		917,219
UnitedHealth Group		1,985		1,143,678
				8,752,889
INDUSTRIALS — 15.8%
AECOM		14,052		1,273,252

 

COMMON STOCK — (continued)
	Shares		Value
INDUSTRIALS — (continued)
AerCap Holdings	19,462	$	1,828,455
BWX Technologies	19,447		1,934,782
CACI International, Cl A *	3,483		1,607,335
Jacobs Solutions	10,570		1,546,919
JB Hunt Transport Services	5,833		1,009,984
Johnson Controls International	20,731		1,483,096
MDU Resources Group	63,175		1,701,935
Stanley Black & Decker	8,841		933,786
U-Haul Holding, Cl B	15,174		967,039
Vertiv Holdings, Cl A	25,049		1,971,356
			16,257,939
INFORMATION TECHNOLOGY — 10.1%
Broadcom	12,350		1,984,398
Ciena *	20,994		1,107,224
Cognizant Technology Solutions, Cl A	17,614		1,333,028
Littelfuse	1,922		513,385
Microchip Technology	15,737		1,397,131
Oracle	15,476		2,158,128
QUALCOMM	10,595		1,917,165
			10,410,459
MATERIALS — 9.2%
Air Products and Chemicals	6,124		1,615,817
Axalta Coating Systems *	44,555		1,588,386
CRH	29,931		2,565,087
DuPont de Nemours	6,109		511,323
Element Solutions	54,823		1,477,480
Knife River *	21,386		1,700,595
			9,458,688
REAL ESTATE — 6.6%
CubeSmart ‡	28,174		1,340,519
Mid-America Apartment Communities ‡	7,338		1,025,632
Prologis ‡	8,925		1,124,996
Public Storage ‡	4,069		1,204,099
SBA Communications, Cl A ‡	2,309		506,918
VICI Properties, Cl A ‡	50,343		1,573,722
			6,775,886
UTILITIES — 4.5%
CenterPoint Energy	49,723		1,379,813
Entergy	13,297		1,542,053
Pinnacle West Capital	19,220		1,645,040
			4,566,906
TOTAL COMMON STOCK
(Cost $74,174,142)			101,485,790
TOTAL INVESTMENTS— 98.8%
(Cost $74,174,142)		$	101,485,790

	Percentages are based on Net Assets of $102,681,961.
*	Non-income producing security.
‡	Real Estate Investment Trust.

ADR — American Depositary Receipt

Cl — Class

PLC — Public Limited Company

18 

THE ADVISORS’ INNER CIRCLE FUND III	BARROW HANLEY
US VALUE OPPORTUNITIES FUND
July 31, 2024 (Unaudited)

PBH-QH-001- 0600

19