Advisors' Inner Circle Fund III NPORT-P Penn Mutual AM 1847 Income Fund (Sep 2024 report)

THE ADVISORS’ INNER CIRCLE FUND III	PENN MUTUAL AM
	STRATEGIC INCOME FUND
	SEPTEMBER 30, 2024
	(Unaudited)

SCHEDULE OF INVESTMENTS
MORTGAGE-BACKED SECURITIES — 29.3%
	Face Amount		Value
Agency Mortgage-Backed Obligations — 10.1%
FHLMC
5.500%, 08/01/2053	$	2,294,903	$	2,321,870
3.000%, 05/01/2053		4,666,652		4,189,441
FHLMC Multifamily Structured Pass - Through, Ser K043, Cl X3, IO
Callable 10/25/2024 @ $100
1.688%, 02/25/2043 † (A)		20,425,000		57,300
FHLMC, Ser 2016-4609, Cl QV
3.000%, 05/15/2044		3,444,729		3,359,483
FNMA
3.500%, 04/01/2053		3,252,476		3,029,070
GNMA, Ser 2013-11, Cl LP
3.500%, 01/20/2043		3,899,808		3,653,133
				16,610,297
Non-Agency Mortgage-Backed Obligations — 19.2%
BBCMS Mortgage Trust 2024-5C25, Ser 5C25, Cl C
Callable 03/15/2029 @ $100
6.643%, 03/15/2057 (A)		1,000,000		1,032,701
BBCMS Mortgage Trust 2024-C24, Ser C24, Cl D
Callable 02/15/2034 @ $100
4.250%, 02/15/2057 (B)		610,000		483,898
BMO 2024-5C3 Mortgage Trust, Ser 5C3, Cl C
Callable 02/15/2029 @ $100
7.088%, 02/15/2057 (A)		1,350,000		1,400,972
BSPRT Issuer, Ser 2021-FL6, Cl B
Callable 10/15/2024 @ $100
6.811%, , TSFR1M + 1.714% 03/15/2036 (B)		1,500,000		1,459,036
Bunker Hill Loan Depositary Trust, Ser 2019-3, Cl M1
Callable 10/25/2024 @ $100
3.269%, 11/25/2059 (B) (C)		1,150,000		1,104,291
Fontainebleau Miami Beach Trust 2019-FBLU, Ser FBLU, Cl B
3.447%, 12/10/2036 (B)		1,200,000		1,188,002
FREMF 2016-K53 Mortgage Trust, Ser K53, Cl B
Callable 01/25/2026 @ $100
4.161%, 03/25/2049 (A) (B)		1,250,000		1,234,513
FREMF 2016-K53 Mortgage Trust, Ser K53, Cl C
Callable 01/25/2026 @ $100
4.161%, 03/25/2049 (A) (B)		1,500,000		1,478,257

THE ADVISORS’ INNER CIRCLE FUND III	PENN MUTUAL AM
	STRATEGIC INCOME FUND
	SEPTEMBER 30, 2024
	(Unaudited)

MORTGAGE-BACKED SECURITIES — continued
	Face Amount		Value
Non-Agency Mortgage-Backed Obligations — continued
FREMF 2017-K729 Mortgage Trust, Ser K729, Cl B
Callable 11/25/2024 @ $100
3.786%, 11/25/2049 (A) (B)	$	1,000,000	$	994,682
FREMF Mortgage Trust, Ser K41, Cl B
Callable 11/25/2024 @ $100
3.977%, 11/25/2047 (A) (B)		1,735,000		1,728,434
FREMF Mortgage Trust, Ser K47, Cl C
Callable 05/25/2025 @ $100
3.709%, 06/25/2048 (A) (B)		3,000,000		2,965,693
FREMF Mortgage Trust, Ser K65, Cl B
Callable 07/25/2027 @ $100
4.221%, 07/25/2050 (A) (B)		2,650,000		2,612,293
FREMF Mortgage Trust, Ser K69, Cl B
Callable 10/25/2027 @ $100
3.854%, 10/25/2049 (A) (B)		3,895,000		3,789,562
JP Morgan Mortgage Trust, Ser 2017-1, Cl A11
Callable 11/25/2030 @ $100
3.448%, 01/25/2047 (A) (B)		569,318		518,717
Morgan Stanley Capital I Trust 2015-MS1, Ser MS1, Cl A4
Callable 07/15/2025 @ $100
3.779%, 05/15/2048 (A)		1,000,000		988,621
OBX 2019-EXP3 Trust, Ser 2019-EXP3, Cl 2A2
Callable 04/25/2028 @ $100
6.069%, , TSFR1M + 1.214% 10/25/2059 (B)		759,350		764,085
Sequoia Mortgage Trust, Ser 2017-5, Cl A1
Callable 07/25/2029 @ $100
3.500%, 08/25/2047 (A) (B)		1,673,502		1,538,806
Sequoia Mortgage Trust, Ser 2021-5, Cl A5
2.000%, 07/25/2051 (A) (B)		2,073,193		1,814,866
Towd Point Mortgage Trust 2018-2, Ser 2018-2, Cl A1
Callable 10/25/2028 @ $100
3.250%, 03/25/2058 (A) (B)		965,203		945,232
Verus Securitization Trust 2020-2, Ser 2020-2, Cl A2
Callable 10/25/2024 @ $100
3.989%, 05/25/2060 (A) (B)		1,637,000		1,620,211

THE ADVISORS’ INNER CIRCLE FUND III	PENN MUTUAL AM
	STRATEGIC INCOME FUND
	SEPTEMBER 30, 2024
	(Unaudited)

MORTGAGE-BACKED SECURITIES — continued
	Face Amount		Value
Non-Agency Mortgage-Backed Obligations — continued
Verus Securitization Trust 2023-8, Ser 2023-8, Cl A2
Callable 12/25/2026 @ $100
6.664%, 12/25/2068 (B) (C)	$	1,678,990	$	1,705,699
				31,368,571
TOTAL MORTGAGE-BACKED SECURITIES
(Cost $47,976,282)				47,978,868
CORPORATE OBLIGATIONS — 26.4%
Communication Services — 0.5%
Paramount Global
Callable 02/19/2032 @ $100
4.200%, 05/19/2032		1,000,000		886,765
Consumer Discretionary — 3.2%
Ford Motor Credit
Callable 04/28/2027 @ $100
4.950%, 05/28/2027		1,000,000		997,551
Gap
Callable 10/01/2026 @ $102
3.875%, 10/01/2031 (B)		1,500,000		1,311,232
MajorDrive Holdings IV
Callable 11/04/2024 @ $103
6.375%, 06/01/2029 (B)		1,500,000		1,459,017
Newell Brands
Callable 01/01/2026 @ $100
5.700%, 04/01/2026		1,500,000		1,503,681
				5,271,481
Energy — 2.1%
Energy Transfer
6.500%, H15T5Y + 5.694% (D)		2,000,000		1,995,215
Callable 11/15/2026 @ $100
Expand Energy
Callable 11/04/2024 @ $103
5.875%, 02/01/2029 (B)		1,500,000		1,507,680
				3,502,895
Financials — 6.0%
Ashtead Capital
Callable 05/11/2032 @ $100
5.500%, 08/11/2032 (B)		2,000,000		2,046,137

THE ADVISORS’ INNER CIRCLE FUND III	PENN MUTUAL AM
	STRATEGIC INCOME FUND
	SEPTEMBER 30, 2024
	(Unaudited)

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
Financials — continued
First Maryland Capital II
Callable 11/04/2024 @ $100
6.359%, TSFR3M + 1.112%, 02/01/2027	$	2,411,000	$	2,296,564
New York Life Global Funding MTN
4.550%, 01/28/2033 (B)		1,750,000		1,757,457
PNC Financial Services Group
Callable 06/12/2028 @ $100
5.582%, SOFRRATE + 1.841%, 06/12/2029		1,000,000		1,040,880
State Street
Callable 11/04/2024 @ $100
5.940%, TSFR3M + 0.822%, 05/15/2028		2,750,000		2,599,841
				9,740,879
Health Care — 4.1%
Centene
Callable 12/15/2024 @ $102
4.625%, 12/15/2029		2,500,000		2,446,455
Emergent BioSolutions
Callable 10/18/2024 @ $101
3.875%, 08/15/2028 (B)		1,000,000		762,300
Health Care Service A Mutual Legal Reserve
Callable 03/01/2030 @ $100
2.200%, 06/01/2030 (B)		2,000,000		1,777,975
Merck
Callable 09/07/2038 @ $100
3.900%, 03/07/2039		1,900,000		1,737,736
				6,724,466
Industrials — 6.9%
AerCap Holdings
Callable 10/10/2024 @ $100
5.875%, H15T5Y + 4.535%, 10/10/2079		2,000,000		1,999,962
American Airlines Pass Through Trust, Cl B
3.950%, 07/11/2030		1,640,000		1,547,057
BNSF Funding Trust I
Callable 01/15/2026 @ $100
6.613%, US0003M + 2.350%, 12/15/2055		1,500,000		1,512,028
Boeing
Callable 11/01/2034 @ $100
3.250%, 02/01/2035		1,300,000		1,058,239
Concentrix
Callable 07/02/2026 @ $100
6.650%, 08/02/2026		1,000,000		1,027,400

THE ADVISORS’ INNER CIRCLE FUND III	PENN MUTUAL AM
	STRATEGIC INCOME FUND
	SEPTEMBER 30, 2024
	(Unaudited)

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
Industrials — continued
Delta Air Lines
4.500%, 10/20/2025 (B)	$	230	$	229
Graham Packaging
Callable 11/04/2024 @ $102
7.125%, 08/15/2028 (B)		1,000,000		990,135
Mauser Packaging Solutions Holding
Callable 11/04/2024 @ $104
7.875%, 08/15/2026 (B)		1,000,000		1,010,147
Trivium Packaging Finance BV
Callable 11/04/2024 @ $100
5.500%, 08/15/2026 (B)		1,200,000		1,195,325
United Airlines 2020-1 Class B Pass Through Trust
4.875%, 01/15/2026		901,740		893,579
				11,234,101
Materials — 0.6%
Sherwin-Williams
Callable 07/01/2031 @ $100
4.800%, 09/01/2031		1,000,000		1,019,918
Utilities — 3.0%
Dominion Energy
Callable 11/03/2029 @ $100
6.875%, H15T5Y + 2.386%, 02/01/2055		2,000,000		2,124,141
Duke Energy Carolinas
Callable 12/15/2031 @ $100
2.850%, 03/15/2032		1,250,000		1,128,168
Vistra
8.000%, H15T5Y + 6.930% (B)(D)		1,500,000		1,571,307
Callable 10/15/2026 @ $100
				4,823,616
TOTAL CORPORATE OBLIGATIONS
(Cost $43,468,032)				43,204,121
U.S. TREASURY OBLIGATIONS — 25.4%
U.S. Treasury Inflation Indexed Bond
1.375%, 07/15/2033		2,400,000		2,449,969
U.S. Treasury Notes
4.125%, 01/31/2025		2,250,000		2,246,097
3.375%, 09/15/2027		35,000,000		34,822,266

THE ADVISORS’ INNER CIRCLE FUND III	PENN MUTUAL AM
	STRATEGIC INCOME FUND
	SEPTEMBER 30, 2024
	(Unaudited)

U.S. TREASURY OBLIGATIONS — continued
	Face Amount		Value
1.750%, 01/31/2029	$	2,200,000	$	2,039,469
				39,107,832
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $41,495,739)				41,557,801
ASSET-BACKED SECURITIES — 10.2%
Automotive — 0.9%
Exeter Automobile Receivables Trust 2022-1, Ser 2022-1A, Cl D
Callable 03/15/2027 @ $100
3.020%, 06/15/2028		575,000		563,271
Prestige Auto Receivables Trust, Ser 2021-1A, Cl C
Callable 04/15/2026 @ $100
1.530%, 02/15/2028 (B)		910,945		894,144
				1,457,415
Other ABS — 2.8%
Canyon Capital CLO 2016-1, Ser 2018-1A, Cl CR
Callable 10/15/2024 @ $100
7.463%, TSFR3M + 2.162%, 07/15/2031 (B)		1,000,000		1,000,027
CARLYLE US CLO 2017-4, Ser 2017-4A, Cl B
Callable 10/15/2024 @ $100
7.413%, TSFR3M + 2.112%, 01/15/2030 (B)		1,000,000		998,752
Northwoods Capital XVII, Ser 2018-17A, Cl C
Callable 10/22/2024 @ $100
7.394%, TSFR3M + 2.112%, 04/22/2031 (B)		1,500,000		1,500,128
Park Avenue Institutional Advisers CLO 2018-1, Ser 2021-1A, Cl BR
Callable 10/20/2024 @ $100
7.644%, TSFR3M + 2.362%, 10/20/2031 (B)		1,000,000		998,749
				4,497,656
Student Loan — 6.5%
ECMC Group Student Loan Trust, Ser 2019-1A, Cl A1A
Callable 06/25/2032 @ $100
2.720%, 07/25/2069 (B)		1,190,664		1,098,307
Navient Private Education Loan Trust, Ser 2014-AA, Cl A3
Callable 05/15/2026 @ $100
6.811%, TSFR1M + 1.714%, 10/15/2031 (B)		1,062,097		1,064,587

THE ADVISORS’ INNER CIRCLE FUND III	PENN MUTUAL AM
	STRATEGIC INCOME FUND
	SEPTEMBER 30, 2024
	(Unaudited)

ASSET-BACKED SECURITIES — continued
	Face Amount		Value
Student Loan — continued
Navient Private Education Loan Trust, Ser 2015-AA, Cl A3
Callable 04/15/2028 @ $100
6.911%, TSFR1M + 1.814%, 11/15/2030 (B)	$	855,462	$	857,778
Navient Private Education Loan Trust, Ser 2015-BA, Cl A3
Callable 07/15/2028 @ $100
6.661%, TSFR1M + 1.564%, 07/16/2040 (B)		1,625,509		1,629,306
Nelnet Student Loan Trust 2004-4, Ser 2004-4, Cl B
Callable 10/25/2024 @ $100
5.921%, SOFR90A + 0.562%, 01/25/2041		2,284,939		2,263,104
SLM Student Loan Trust, Ser 2014-2, Cl A3
Callable 04/25/2031 @ $100
5.985%, SOFR30A + 0.704%, 03/25/2055		879,636		875,816
SMB Private Education Loan Trust 2017-A, Ser 2017-A, Cl B
3.500%, 06/17/2041 (B)		1,000,000		975,526
SMB Private Education Loan Trust, Ser 2015-C, Cl B
Callable 06/15/2028 @ $100
3.500%, 09/15/2043 (B)		1,718,505		1,698,766
SMB Private Education Loan Trust, Ser 2016-B, Cl A2B
6.661%, TSFR1M + 1.564%, 02/17/2032 (B)		206,008		206,247
				10,669,437
TOTAL ASSET-BACKED SECURITIES
(Cost $16,710,400)				16,624,508
MUNICIPAL BOND — 1.8%
Texas — 1.8%
University of Texas System Permanent University Fund
5.262%0, 07/01/2039		2,790,000		2,889,137
TOTAL MUNICIPAL BOND
(Cost $2,790,000)				2,889,137

THE ADVISORS’ INNER CIRCLE FUND III	PENN MUTUAL AM
	STRATEGIC INCOME FUND
	SEPTEMBER 30, 2024
	(Unaudited)

LOAN PARTICIPATION — 0.9%
	Face Amount		Value
Tallgrass Energy
9.595%0, 08/01/2029	$	1,496,250	$	1,492,509
TOTAL LOAN PARTICIPATION
(Cost $1,487,208)				1,492,509
PREFERRED STOCK — 0.9%
	Shares
Consumer Discretionary — 0.5%
Hovnanian Enterprises 7.625% (D)		50,000		900,000
Information Technology — 0.4%
Synchronoss Technologies 8.375%		25,000		611,750
TOTAL PREFERRED STOCK
(Cost $1,434,032)				1,511,750
CONVERTIBLE BOND — 0.8%
	Face Amount
Health Care — 0.8%
Ionis Pharmaceuticals CV to 12.0075
0.125%, 12/15/2024	$	1,400,000		1,376,375
TOTAL CONVERTIBLE BOND
(Cost $1,387,305)				1,376,375
TOTAL INVESTMENTS — 95.7%
(Cost $156,748,998)			$	156,635,069

	Percentages are based on Net Assets of $163,733,570.
†	Affiliated Investment.
(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)	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 September 30, 2024 was $56,257,535 and represents 34.4% of Net Assets.
(C)	Step Bonds - The rate reflected on the Schedule of Investments is the effective yield on September 30, 2024. The coupon on a step bond changes on a specified date.

THE ADVISORS’ INNER CIRCLE FUND III	PENN MUTUAL AM
	STRATEGIC INCOME FUND
	SEPTEMBER 30, 2024
	(Unaudited)

(D) Perpetual security with no stated maturity date.

ABS — Asset-Backed Security

Cl — Class

CLO — Collateralized Loan Obligation

CV — Convertible Security

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

FREMF — Freddie Mac Multi-Family

GNMA — Government National Mortgage Association

H15T5Y— US Treasury Yield Curve Rate T Note Constant Maturity 5 Year

IO — Interest Only - face amount represents notional amount

MTN — Medium Term Note

Ser — Series

SOFR30A — Secured Overnight Financing Rate 30-Day Average

SOFR90A — Secured Overnight Financing Rate 90-Day Average

SOFRRATE — Secured Overnight Financing Rate

TSFR1M — Term Secured Overnight Financing Rate 1 Month Average

TSFR3M — Term Secured Overnight Financing Rate 3 Month Average

The open futures contracts held by the Fund at September 30, 2024, are as follows:    

Type of Contract	Number of Contracts		Expiration Date		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)
Short Contracts
U.S. 5-Year Treasury Note		(13)		Dec-2024	$	(1,426,221	)	$	(1,428,477	)	$	(2,256	)
U.S. Ultra Long Treasury Bond		(50)		Dec-2024		(6,691,151	)		(6,654,687	)		36,464
					$	(8,117,372	)	$	(8,083,164	)	$	34,208

The following is a summary of the Fund's transactions with affiliates for the period ended September 30, 2024:

Value as of 12/31/2023		Purchases at Cost		Proceeds from Sale			Change in Unrealized Appreciation/ (Depreciation)			Realized Gain/(Loss)		Value as of 9/30/2024		Dividend Income		Capital Gain Distributions
FHLMC Multifamily Structured Pass - Through, Ser K043, Cl X3
$	324,418	$	—	$	(229,024	)	$	(38,094	)	$	—	$	57,300	$	26,884	$	—

PNN-QH-001-1300

THE ADVISORS’ INNER CIRCLE FUND III	PENN MUTUAL AM
	1847 INCOME FUND
	SEPTEMBER 30, 2024
	(Unaudited)

SCHEDULE OF INVESTMENTS
U.S. TREASURY OBLIGATIONS — 28.7%
	Face Amount		Value
U.S. Treasury Bond
3.625%, 02/15/2053	$	1,500,000	$	1,363,945
U.S. Treasury Note
2.750%, 02/28/2025		20,000,000		19,864,844
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $21,237,625)				21,228,789
COMMON STOCK — 26.6%
	Shares
Communication Services — 0.7%
John Wiley & Sons, Cl A		10,000		482,500
Consumer Discretionary — 1.0%
Carriage Services, Cl A		13,200		433,356
Nordstrom		12,000		269,880
				703,236
Consumer Staples — 2.8%
British American Tobacco ADR		7,000		256,060
Calavo Growers		31,750		905,828
Keurig Dr Pepper		7,000		262,360
Kraft Heinz		6,000		210,660
PriceSmart		5,175		474,962
				2,109,870
Energy — 2.9%
Delek US Holdings		15,500		290,625
Devon Energy		6,550		256,236
Evolution Petroleum		60,168		319,492
MPLX		10,770		478,834
Nordic American Tankers		134,000		491,780
Select Water Solutions, Cl A		36,100		401,793
				2,238,760
Financials — 0.7%
Jefferies Financial Group		5,225		321,599
New York Community Bancorp		22,333		250,803
				572,402
Health Care — 2.0%
Baxter International		5,900		224,023
Bristol-Myers Squibb		4,600		238,004
Perrigo		7,800		204,594

THE ADVISORS’ INNER CIRCLE FUND III	PENN MUTUAL AM
	1847 INCOME FUND
	SEPTEMBER 30, 2024
	(Unaudited)

COMMON STOCK — continued
	Shares		Value
Health Care — continued
Roche Holding ADR		5,800	$	231,710
SIGA Technologies		85,080		574,290
				1,472,621
Industrials — 5.3%
3M		4,500		615,150
Argan		10,050		1,019,371
Brady, Cl A		3,660		280,466
BWX Technologies		6,250		679,375
Hoshizaki ADR		30,000		264,900
Luxfer Holdings ADR		33,211		430,082
National Presto Industries		7,825		587,971
				3,877,315
Information Technology — 6.4%
American Software, Cl A		34,000		380,460
Comtech Telecommunications *		332,004		1,596,939
Hewlett Packard Enterprise		23,200		474,672
Immersion		32,000		285,440
InterDigital		3,750		531,113
Opera ADR		61,650		952,492
ReposiTrak		12,966		239,482
Richardson Electronics		21,044		259,683
				4,720,281
Materials — 2.1%
Agnico Eagle Mines		4,500		362,520
Anglo American ADR		23,000		372,830
Fortitude Gold		100,912		515,660
Valhi		8,335		278,139
				1,529,149
Utilities — 2.7%
AES		37,000		742,220
California Water Service Group		4,400		238,568
Duke Energy		2,400		276,720
FirstEnergy		5,760		255,456
UGI		8,500		212,670
York Water		7,500		280,950
				2,006,584
TOTAL COMMON STOCK
(Cost $17,081,322)				19,712,718

THE ADVISORS’ INNER CIRCLE FUND III	PENN MUTUAL AM
	1847 INCOME FUND
	SEPTEMBER 30, 2024
	(Unaudited)

CORPORATE OBLIGATIONS — 23.4%
	Face Amount		Value
Communication Services — 2.8%
Alphabet
Callable 02/15/2050 @ $100
2.050%, 08/15/2050	$	1,600,000	$	996,334
Electronic Arts
Callable 08/15/2050 @ $100
2.950%, 02/15/2051		695,000		479,690
Lumen Technologies
Callable 01/01/2025 @ $100
5.625%, 04/01/2025		600,000		595,152
				2,071,176
Consumer Discretionary — 3.8%
Foot Locker
Callable 11/04/2024 @ $102
4.000%, 10/01/2029 (A)		500,000		434,763
Gap
Callable 11/04/2024 @ $102
3.625%, 10/01/2029 (A)		1,545,000		1,397,447
Macy's Retail Holdings
Callable 07/15/2041 @ $100
5.125%, 01/15/2042		250,000		192,346
MercadoLibre
Callable 10/14/2030 @ $100
3.125%, 01/14/2031		400,000		362,323
Callable 12/14/2025 @ $100
2.375%, 01/14/2026		451,000		436,506
				2,823,385
Consumer Staples — 2.4%
Ingles Markets
Callable 06/15/2026 @ $102
4.000%, 06/15/2031 (A)		1,179,000		1,078,116
Molson Coors Beverage
Callable 01/15/2046 @ $100
4.200%, 07/15/2046		853,000		735,889
				1,814,005
Energy — 1.7%
Magnolia Oil & Gas Operating
Callable 10/15/2024 @ $100
6.000%, 08/01/2026 (A)		688,000		684,715

THE ADVISORS’ INNER CIRCLE FUND III	PENN MUTUAL AM
	1847 INCOME FUND
	SEPTEMBER 30, 2024
	(Unaudited)

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
Energy — continued
Martin Midstream Partners
Callable 08/15/2025 @ $112
11.500%, 02/15/2028 (A)	$	500,000	$	550,490
				1,235,205
Health Care — 5.8%
Emergent BioSolutions
Callable 10/18/2024 @ $101
3.875%, 08/15/2028 (A)		1,930,000		1,471,239
Regeneron Pharmaceuticals
Callable 03/15/2050 @ $100
2.800%, 09/15/2050		2,319,000		1,526,178
Royalty Pharma
Callable 03/02/2050 @ $100
3.550%, 09/02/2050		1,834,000		1,328,956
				4,326,373
Industrials — 2.7%
Emerson Electric
Callable 06/21/2051 @ $100
2.800%, 12/21/2051		275,000		189,078
Callable 04/15/2050 @ $100
2.750%, 10/15/2050		1,000,000		686,996
Mueller Water Products
Callable 11/04/2024 @ $102
4.000%, 06/15/2029 (A)		1,145,000		1,092,176
				1,968,250
Information Technology — 4.2%
Apple
Callable 02/08/2062 @ $100
4.100%, 08/08/2062		1,000,000		887,727
Ciena
Callable 01/31/2025 @ $102
4.000%, 01/31/2030 (A)		396,000		374,366
Microsoft
Callable 03/15/2050 @ $100
2.500%, 09/15/2050		1,750,000		1,185,740

THE ADVISORS’ INNER CIRCLE FUND III	PENN MUTUAL AM
	1847 INCOME FUND
	SEPTEMBER 30, 2024
	(Unaudited)

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
Information Technology — continued
Skyworks Solutions
Callable 03/01/2031 @ $100
3.000%, 06/01/2031	$	749,000	$	660,425
				3,108,258
TOTAL CORPORATE OBLIGATIONS
(Cost $18,234,590)				17,346,652
CONVERTIBLE BONDS — 7.9%
Communication Services — 0.6%
Cardlytics CV to 11.7457
1.000%, 09/15/2025		500,000		454,999
Consumer Discretionary — 0.6%
Etsy CV to 4.0518
0.250%, 06/15/2028		500,000		408,092
Financials — 1.7%
Euronet Worldwide CV to 5.2987
Callable 03/20/2025 @ $100
0.750%, 03/15/2049		734,000		719,320
LendingTree CV to 2.1683
0.500%, 07/15/2025		535,000		500,172
				1,219,492
Health Care — 3.1%
Exact Sciences CV to 10.0644
1.750%, 04/15/2031 (A)		500,000		505,673
Ionis Pharmaceuticals CV to 12.0075
0.125%, 12/15/2024		1,356,000		1,333,117
Omnicell CV to 10.2751
0.250%, 09/15/2025		500,000		477,188
				2,315,978
Industrials — 0.6%
Enovix CV to 64.0800
3.000%, 05/01/2028 (A)		500,000		451,982
Information Technology — 1.3%
Pegasystems CV to 7.4045
0.750%, 03/01/2025		500,000		488,750

THE ADVISORS’ INNER CIRCLE FUND III	PENN MUTUAL AM
	1847 INCOME FUND
	SEPTEMBER 30, 2024
	(Unaudited)

CONVERTIBLE BONDS — continued
	Face Amount		Value
Information Technology — continued
Verint Systems CV to 16.1092
0.250%, 04/15/2026	$	500,000	$	464,750
				953,500
TOTAL CONVERTIBLE BONDS
(Cost $5,790,936)				5,804,043
PREFERRED STOCK — 5.0%
	Shares
Consumer Discretionary — 2.2%
Dillard's Capital Trust I 7.500%		8,955		231,576
Hovnanian Enterprises 7.625% (B)		78,000		1,404,000
				1,635,576
Industrials — 0.3%
Chart Industries 6.750%		5,000		251,250
Information Technology — 2.5%
Synchronoss Technologies 8.375%		75,267		1,841,784
TOTAL PREFERRED STOCK
(Cost $3,526,296)				3,728,610
TOTAL INVESTMENTS — 91.6%
(Cost $65,870,769)			$	67,820,812

	Percentages are based on Net Assets of $74,075,412.
*	Non-income producing security.
(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 September 30, 2024 was $8,040,967 and represents 10.9% of Net Assets.
(B)	Perpetual security with no stated maturity date.

ADR — American Depositary Receipt

Cl — Class

CV — Convertible Security

PNN-QH-001-1300