Advisors' Inner Circle Fund III NPORT-P FS Chiron Real Development Fund (Sep 2024 report)

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND SEPTEMBER 30, 2024 (Unaudited)

CONSOLIDATED SCHEDULE OF INVESTMENTS
(Percentages are based on Net Assets of $1,950,792 (000))
MORTGAGE-BACKED SECURITIES — 122.8%
	Face Amount (000)		Fair Value (000)
CAYMAN ISLANDS — 1.1%
ACREC, Ser 2021-FL1, Cl E
Callable 10/16/24 @ $100.000
8.129%, TSFR1M + 3.114%, 10/16/36(A)(B)	$	1,030	$	984
Arbor Realty Commercial Real Estate Notes, Ser 2021-FL1, Cl D
Callable 10/15/24 @ $100.000
8.161%, TSFR1M + 3.064%, 12/15/35(A)(B)		1,572		1,533
Arbor Realty Commercial Real Estate Notes, Ser 2021-FL1, Cl E
Callable 10/15/24 @ $100.000
8.611%, TSFR1M + 3.514%, 12/15/35(A)(B)		130		124
Arbor Realty Commercial Real Estate Notes, Ser 2021-FL3, Cl D
Callable 10/15/24 @ $100.000
7.411%, TSFR1M + 2.314%, 08/15/34(A)(B)		200		198
Arbor Realty Commercial Real Estate Notes, Ser 2021-FL3, Cl E
Callable 10/15/24 @ $100.000
7.761%, TSFR1M + 2.664%, 08/15/34(A)(B)		840		814
Arbor Realty Commercial Real Estate Notes, Ser 2021-FL4, Cl E
Callable 10/15/24 @ $100.000
8.611%, TSFR1M + 3.514%, 11/15/36(A)(B)		1,603		1,528
Arbor Realty Commercial Real Estate Notes, Ser 2022-FL1, Cl D
Callable 10/15/24 @ $100.000
8.342%, SOFR30A + 3.000%, 01/15/37(A)(B)		1,580		1,524
AREIT Trust, Ser 2022-CRE6, Cl D
Callable 10/15/25 @ $100.000
8.191%, SOFR30A + 2.850%, 01/20/37(A)(B)		270		265
AREIT Trust, Ser 2022-CRE6, Cl E
Callable 10/15/25 @ $100.000
8.741%, SOFR30A + 3.400%, 01/20/37(A)(B)		200		193
BRSP, Ser 2021-FL1, Cl D
Callable 10/19/24 @ $100.000
7.779%, TSFR1M + 2.814%, 08/19/38(A)(B)		100		97
BRSP, Ser 2024-FL2, Cl D
Callable 08/19/26 @ $100.000
9.806%, TSFR1M + 4.841%, 08/19/37(A)(B)		2,000		2,000

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND SEPTEMBER 30, 2024 (Unaudited)

MORTGAGE-BACKED SECURITIES — continued
	Face Amount (000)		Fair Value (000)
CAYMAN ISLANDS — (continued)
MF1, Ser 2021-FL6, Cl E
Callable 10/16/24 @ $100.000
8.079%, TSFR1M + 3.064%, 07/16/36(A)(B)	$	440	$	410
MF1, Ser 2021-FL7, Cl E
Callable 10/16/24 @ $100.000
7.929%, TSFR1M + 2.914%, 10/16/36(A)(B)		252		237
MF1, Ser 2022-FL8, Cl A
Callable 10/17/24 @ $100.000
6.315%, TSFR1M + 1.350%, 02/19/37(A)(B)		9,687		9,624
PFP, Ser 2021-8, Cl E
Callable 09/14/25 @ $100.000
7.712%, TSFR1M + 2.614%, 08/09/37(A)(B)		110		108
PFP, Ser 2024-11, Cl C
Callable 10/17/26 @ $100.000
8.072%, TSFR1M + 2.990%, 09/17/39(A)(B)		1,200		1,199
STWD, Ser 2021-FL2, Cl D
Callable 10/16/24 @ $100.000
7.929%, TSFR1M + 2.914%, 04/18/38(A)(B)		100		94
				20,932
IRELAND — 0.3%
Hera Financing DAC, Ser 2024-1A, Cl A
6.857%, SONIO/N + 1.900%, 11/17/34(A)(B)	GBP	5,000		6,685
UNITED STATES — 121.4%
245 Park Avenue Trust, Ser 2017-245P, Cl E
3.779%, 06/05/37(A)(B)	$	240		211
A&D Mortgage Trust, Ser 2024-NQM1, Cl B1
Callable 01/25/27 @ $100.000
8.567%, 02/25/69(A)(B)		1,000		1,023
Arbor Realty Commercial Real Estate Notes, Ser 2022-FL2, Cl A
Callable 10/15/24 @ $100.000
6.947%, TSFR1M + 1.850%, 05/15/37(A)(B)		5,664		5,664
Arbor Realty Commercial Real Estate Notes, Ser 2022-FL2, Cl E
Callable 10/15/24 @ $100.000
10.097%, TSFR1M + 5.000%, 05/15/37(A)(B)		100		96
AREIT Trust, Ser 2022-CRE7, Cl E
10.274%, TSFR1M + 5.191%, 06/17/39(A)(B)		110		109

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND SEPTEMBER 30, 2024 (Unaudited)

MORTGAGE-BACKED SECURITIES — continued
	Face Amount (000)		Fair Value (000)
UNITED STATES — (continued)
Atrium Hotel Portfolio Trust, Ser 2018-ATRM, Cl F
9.394%, TSFR1M + 4.297%, 06/15/35(A)(B)	$	200	$	197
BBCMS Mortgage Trust, Ser 2020-C7, Cl C
Callable 04/15/30 @ $100.000
3.714%, 04/15/53(B)		120		90
BBCMS Trust, Ser 2018-BXH, Cl F
Callable 10/15/25 @ $100.000
8.219%, TSFR1M + 3.122%, 10/15/37(A)(B)		690		683
BDS, Ser 2024-FL13, Cl A
Callable 08/19/28 @ $100.000
6.776%, TSFR1M + 1.576%, 09/19/39(A)(B)		8,000		7,996
BF Mortgage Trust, Ser 2019-NYT, Cl C
7.094%, TSFR1M + 1.997%, 12/15/35(A)(B)		100		90
BRAVO Residential Funding Trust, Ser 2023-NQM7, Cl B2
Callable 10/25/26 @ $100.000
7.977%, 09/25/63(A)(B)		170		169
BRAVO Residential Funding Trust, Ser 2024-NQM1, Cl B2
Callable 01/25/27 @ $100.000
8.210%, 12/01/63(A)(B)		100		101
BRAVO Residential Funding Trust, Ser 2024-NQM3, Cl B2
Callable 03/25/27 @ $100.000
8.409%, 03/25/64(A)(B)		100		100
BSPRT Issuer, Ser 2024-FL11, Cl A
Callable 09/15/27 @ $100.000
6.801%, TSFR1M + 1.638%, 07/15/39(A)(B)		10,000		9,977
BX Trust, Ser 2018-GW, Cl G
8.314%, TSFR1M + 3.217%, 05/15/35(A)(B)		2,227		2,216
BX Trust, Ser 2018-GWMZ, Cl MC
10.881%, TSFR1M + 5.785%, 05/15/37(A)(B)		1,580		1,573
CAFL Issuer, Ser 2021-RTL1, Cl A2
Callable 10/28/24 @ $100.000
3.104%, 03/28/29(A)(C)		442		437
Cascade Funding Mortgage Trust, Ser 2021-FRR1, Cl CK98
08/29/29(A)(D)		260		168

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND SEPTEMBER 30, 2024 (Unaudited)

MORTGAGE-BACKED SECURITIES — continued
	Face Amount (000)		Fair Value (000)
UNITED STATES — (continued)
Chase Home Lending Mortgage Trust, Ser 2024-4, Cl AX1, IO
Callable 12/25/36 @ $100.000
0.237%, 03/25/55(A)(B)	$	10,411	$	27
Chase Home Lending Mortgage Trust, Ser 2024-5, Cl AX1, IO
Callable 02/25/37 @ $100.000
0.299%, 04/25/55(A)(B)		14,053		58
CHNGE Mortgage Trust, Ser 2022-4, Cl B2
Callable 10/25/24 @ $100.000
6.953%, 10/25/57(A)(B)		310		291
Citigroup Commercial Mortgage Trust, Ser 2013-375P, Cl B
3.635%, 05/10/35(A)(B)		1,500		1,444
Citigroup Commercial Mortgage Trust, Ser 2013-375P, Cl D
3.635%, 05/10/35(A)(B)		210		198
Citigroup Commercial Mortgage Trust, Ser 2014-GC23, Cl C
Callable 10/10/24 @ $100.000
4.573%, 07/10/47(B)		2,923		2,747
CLNY Trust, Ser 2019-IKPR, Cl D
7.258%, TSFR1M + 2.139%, 11/15/38(A)(B)		260		244
COLEM Mortgage Trust, Ser 2022-HLNE, Cl B
Callable 12/12/26 @ $100.000
2.543%, 04/12/42(A)(B)		100		81
COLT Mortgage Loan Trust, Ser 2022-7, Cl B2
Callable 07/25/25 @ $100.000
6.285%, 04/25/67(A)(B)		180		176
COLT Mortgage Loan Trust, Ser 2023-1, Cl B2
Callable 04/25/26 @ $100.000
8.052%, 04/25/68(A)(B)		140		139
COLT Mortgage Loan Trust, Ser 2024-2, Cl B2
Callable 03/25/27 @ $100.000
8.427%, 04/25/69(A)(B)		100		101
COLT Mortgage Loan Trust, Ser 2024-INV1, Cl B1
Callable 01/25/27 @ $100.000
8.159%, 12/25/68(A)(B)		100		101
COLT Mortgage Loan Trust, Ser 2024-INV2, Cl B1
Callable 04/25/27 @ $100.000
8.183%, 05/25/69(A)(B)		140		143

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND SEPTEMBER 30, 2024 (Unaudited)

MORTGAGE-BACKED SECURITIES — continued
	Face Amount (000)		Fair Value (000)
UNITED STATES — (continued)
COMM Mortgage Trust, Ser 2013-CR8, Cl D
Callable 05/10/25 @ $100.000
3.637%, 06/10/46(A)(B)	$	170	$	167
COMM Mortgage Trust, Ser 2013-CR8, Cl E
Callable 05/10/25 @ $100.000
4.000%, 06/10/46(A)(B)		150		146
COMM Mortgage Trust, Ser 2013-CR8, Cl F
Callable 05/10/25 @ $100.000
4.000%, 06/10/46(A)(B)		110		106
COMM Mortgage Trust, Ser 2015-PC1, Cl C
Callable 06/10/25 @ $100.000
4.414%, 07/10/50(B)		1,710		1,527
COMM Mortgage Trust, Ser 2019-521F, Cl B
6.344%, TSFR1M + 1.247%, 06/15/34(A)(B)		510		439
COMM Mortgage Trust, Ser 2019-521F, Cl C
6.544%, TSFR1M + 1.447%, 06/15/34(A)(B)		360		283
COMM Mortgage Trust, Ser 2024-WCL1, Cl D
8.372%, TSFR1M + 3.289%, 06/15/41(A)(B)		1,000		996
Connecticut Avenue Securities Trust, Ser 2024-R01, Cl 1B2
Callable 01/25/29 @ $100.000
9.280%, SOFR30A + 4.000%, 01/25/44(A)(B)		150		155
Connecticut Avenue Securities Trust, Ser 2024-R02, Cl 1B2
Callable 02/25/29 @ $100.000
8.980%, SOFR30A + 3.700%, 02/25/44(A)(B)		350		357
CORE Mortgage Trust, Ser 2019-CORE, Cl E
7.044%, TSFR1M + 1.947%, 12/15/31(A)(B)		1,604		1,516
Cross Mortgage Trust, Ser 2023-H2, Cl B1
Callable 10/25/26 @ $100.000
8.439%, 11/25/68(A)(B)		760		772
CSMC Trust, Ser 2017-CHOP, Cl H
12.794%, PRIME + 4.294%, 07/15/32(A)(B)		570		516
CSMC Trust, Ser 2017-PFHP, Cl A
6.094%, TSFR1M + 0.997%, 12/15/30(A)(B)		150		145
CSMC Trust, Ser 2021-BHAR, Cl A
6.362%, TSFR1M + 1.264%, 11/15/38(A)(B)		7,950		7,878
CSMC Trust, Ser 2021-GATE, Cl B
7.168%, TSFR1M + 2.071%, 12/15/36(A)(B)		500		475

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND SEPTEMBER 30, 2024 (Unaudited)

MORTGAGE-BACKED SECURITIES — continued
	Face Amount (000)		Fair Value (000)
UNITED STATES — (continued)
CSMC Trust, Ser 2021-GATE, Cl C
7.918%, TSFR1M + 2.821%, 12/15/36(A)(B)	$	300	$	282
CSMC Trust, Ser 2021-GATE, Cl D
8.768%, TSFR1M + 3.671%, 12/15/36(A)(B)		480		446
CSMC Trust, Ser 2022-ATH3, Cl B1
Callable 08/25/25 @ $100.000
7.100%, 08/25/67(A)(B)		730		724
EFMT, Ser 2024-INV2, Cl B1
Callable 09/25/27 @ $100.000
7.169%, 10/25/69(A)(B)		1,350		1,350
EFMT, Ser 2024-INV2, Cl B2
Callable 09/25/27 @ $100.000
7.694%, 10/25/69(A)(B)		130		127
Ellington Financial Mortgage Trust, Ser 2022-3, Cl M1
Callable 07/25/25 @ $100.000
4.996%, 08/25/67(A)(B)		200		190
FHLMC Multifamily Structured Credit Risk, Ser 2021-MN1, Cl B1
Callable 09/25/32 @ $100.000
13.030%, SOFR30A + 7.750%, 01/25/51(A)(B)		130		139
FHLMC Multifamily Structured Credit Risk, Ser 2022-MN4, Cl B1
Callable 08/25/37 @ $100.000
14.780%, SOFR30A + 9.500%, 05/25/52(A)(B)		30		35
FHLMC Multifamily Structured Credit Risk, Ser 2022-MN4, Cl M2
Callable 08/25/37 @ $100.000
11.780%, SOFR30A + 6.500%, 05/25/52(A)(B)		867		926
FHLMC Multifamily Structured Credit Risk, Ser 2023-MN7, Cl B1
Callable 09/25/31 @ $100.000
14.113%, SOFR30A + 8.850%, 09/25/43(A)(B)		180		196
FHLMC Multifamily Structured Credit Risk, Ser 2023-MN7, Cl M2
Callable 09/25/31 @ $100.000
10.963%, SOFR30A + 5.700%, 09/25/43(A)(B)		500		532
FHLMC, Ser 2017-356, Cl S5, IO
0.544%, 09/15/47(B)		20,475		2,981
FHLMC, Ser 2017-357, Cl IO, IO
4.500%, 09/15/47		13,135		2,664

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND SEPTEMBER 30, 2024 (Unaudited)

MORTGAGE-BACKED SECURITIES — continued
	Face Amount (000)		Fair Value (000)
UNITED STATES — (continued)
FHLMC, Ser 2019-4927, Cl IO, IO
5.000%, 11/25/49	$	8,651	$	2,016
FHLMC, Ser 2020-4973, Cl BI, IO
4.500%, 05/25/50		20,433		4,652
FHLMC, Ser 2020-4973, Cl IK, IO
5.000%, 05/25/50		8,829		1,658
FHLMC, Ser 2020-4986, Cl IO, IO
4.500%, 06/25/50		15,655		3,461
FHLMC, Ser 2020-4989, Cl EI, IO
4.000%, 07/25/50		13,959		2,794
FHLMC, Ser 2020-4998, Cl KI, IO
4.000%, 08/25/50		16,970		3,539
FHLMC, Ser 2020-5003, Cl LI, IO
2.500%, 08/25/50		15,673		1,751
FHLMC, Ser 2020-5015, Cl BI, IO
4.000%, 09/25/50		15,433		3,088
FHLMC, Ser 2020-5019, Cl MI, IO
4.000%, 10/25/50		21,204		4,442
FHLMC, Ser 2020-5038, Cl HI, IO
4.000%, 11/25/50		23,789		5,090
FHLMC, Ser 2021-5077, Cl LI, IO
3.000%, 02/25/51		25,634		3,263
FHLMC, Ser 2021-5093, Cl GI, IO
3.000%, 03/25/51		14,735		2,517
FHLMC, Ser 2021-5104, Cl GI, IO
3.500%, 06/25/49		17,316		3,504
FHLMC, Ser 2021-5112, Cl KI, IO
3.500%, 06/25/51		19,836		3,735
FHLMC, Ser 2021-5134, Cl BI, IO
4.500%, 08/25/51		20,471		4,645
FHLMC, Ser 2021-5152, Cl YI, IO
4.000%, 10/25/49		12,972		2,692
FHLMC, Ser 2021-5154, Cl GI, IO
2.000%, 03/25/42		23,348		1,264
FHLMC, Ser 2021-5163, Cl JI, IO
4.000%, 09/25/51		19,205		3,942
FHLMC, Ser 2021-5163, Cl NI, IO
4.500%, 11/25/51		8,591		1,830
FHLMC, Ser 2021-5182, Cl IO, IO
4.000%, 04/25/51		12,827		2,731

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND SEPTEMBER 30, 2024 (Unaudited)

MORTGAGE-BACKED SECURITIES — continued
	Face Amount (000)		Fair Value (000)
UNITED STATES — (continued)
FHLMC, Ser 2021-5184, Cl IO, IO
4.000%, 01/25/52	$	17,918	$	3,669
FHLMC, Ser 2022-5191, Cl NI, IO
4.000%, 06/15/42		13,034		2,371
FHLMC, Ser 2022-5250, Cl SA, IO
0.050%, 08/25/52(B)		43,083		2,949
FHLMC, Ser 2022-5251, Cl MS, IO
08/25/52(B)(D)		59,651		3,540
FHLMC, Ser 2022-5252, Cl SP, IO
0.070%, 09/25/52(B)		30,657		2,194
FHLMC, Ser 2022-5255, Cl SA, IO
0.020%, 09/25/52(B)		43,201		2,565
FHLMC, Ser 2022-5270, Cl IB, IO
4.500%, 09/25/50		10,638		2,163
FHLMC, Ser 2022-5279, Cl IM, IO
4.000%, 11/25/51		9,792		1,960
FHLMC, Ser 2023-406, Cl S43, IO
1.920%, 10/25/53(B)		43,743		3,471
FHLMC, Ser 2023-406, Cl S44, IO
1.720%, 10/25/53(B)		85,517		6,440
FHLMC, Ser 2023-406, Cl S5, IO
0.770%, 10/25/53(B)		65,614		3,601
FHLMC, Ser 2023-5290, Cl TS, IO
0.970%, 12/25/52(B)		47,645		4,054
FHLMC, Ser 2023-5296, Cl ST, IO
0.970%, 11/25/52(B)		46,989		4,081
FHLMC, Ser 2023-5336, Cl SA, IO
0.520%, 09/25/53(B)		65,094		3,223
FHLMC, Ser 2023-5339, Cl AS, IO
0.460%, 09/25/53(B)		45,417		2,948
FHLMC, Ser 2023-5344, Cl SA, IO
0.370%, 10/25/53(B)		65,543		3,116
FHLMC, Ser 2023-5354, Cl SL, IO
1.570%, 11/25/53(B)		43,474		2,884
FHLMC, Ser 2024-5412, Cl MI, IO
5.000%, 01/25/49		15,874		2,459
FHLMC, Ser 2024-5416, Cl SC, IO
1.720%, 06/25/54(B)		42,855		3,129
FHLMC, Ser 2024-5420, Cl SG, IO
06/25/54(B)(D)		266,994		9,436

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND SEPTEMBER 30, 2024 (Unaudited)

MORTGAGE-BACKED SECURITIES — continued
	Face Amount (000)		Fair Value (000)
UNITED STATES — (continued)
FNMA or FHLMC TBA
6.000%, 10/01/36	$	100,000	$	102,203
5.500%, 10/01/34		949,000		959,989
5.000%, 10/01/36		812,000		811,461
FNMA, Ser 2012-75, Cl DS, IO
0.555%, 07/25/42(B)		8,826		1,276
FNMA, Ser 2018-73, Cl SC, IO
0.805%, 10/25/48(B)		19,694		2,604
FNMA, Ser 2019-49, Cl IC, IO
4.500%, 05/25/44		8,550		912
FNMA, Ser 2020-41, Cl IP, IO
4.000%, 09/25/49		11,817		2,245
FNMA, Ser 2020-57, Cl IB, IO
4.500%, 08/25/50		30,376		6,449
FNMA, Ser 2020-76, Cl MI, IO
5.500%, 11/25/50		11,793		2,991
FNMA, Ser 2020-77, Cl HI, IO
4.000%, 11/25/50		17,433		3,612
FNMA, Ser 2020-89, Cl KI, IO
4.000%, 12/25/50		22,819		4,395
FNMA, Ser 2021-25, Cl IT, IO
4.000%, 05/25/51		19,976		4,208
FNMA, Ser 2021-27, Cl EI, IO
4.500%, 05/25/51		23,378		5,285
FNMA, Ser 2021-4, Cl IV, IO
4.500%, 06/25/50		12,489		2,756
FNMA, Ser 2021-62, Cl DI, IO
4.500%, 09/25/48		9,472		2,130
FNMA, Ser 2021-62, Cl HI, IO
2.500%, 08/25/51		13,209		1,817
FNMA, Ser 2021-87, Cl GI, IO
3.500%, 12/25/51		26,743		5,054
FNMA, Ser 2021-91, Cl NI, IO
3.500%, 01/25/52		20,405		3,877
FNMA, Ser 2022-16, Cl QI, IO
3.500%, 04/25/52		26,313		2,844
FNMA, Ser 2022-40, Cl PS, IO
0.770%, 12/25/51(B)		20,731		1,181
FNMA, Ser 2022-74, Cl SA, IO
10/25/52(B)(D)		54,530		2,237

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND SEPTEMBER 30, 2024 (Unaudited)

MORTGAGE-BACKED SECURITIES — continued
	Face Amount (000)		Fair Value (000)
UNITED STATES — (continued)
FNMA, Ser 2022-74, Cl US, IO
11/25/52(B)(D)	$	65,310	$	2,701
FNMA, Ser 2022-90, Cl CI, IO
4.500%, 05/25/50		21,871		4,468
FNMA, Ser 2023-11, Cl HS, IO
0.895%, 04/25/53(B)		122,411		5,506
FNMA, Ser 2023-11, Cl SA, IO
0.970%, 04/25/53(B)		59,035		4,496
FNMA, Ser 2023-19, Cl SB, IO
1.570%, 05/25/53(B)		19,693		1,725
FNMA, Ser 2023-431, Cl C35, IO
2.000%, 07/25/37		62,338		4,352
FNMA, Ser 2024-11, Cl IK, IO
6.500%, 03/25/54		11,851		2,326
FNMA, Ser 2024-12, Cl DS, IO
0.770%, 03/25/54(B)		45,652		2,729
FNMA, Ser 2024-22, Cl SA, IO
0.820%, 05/25/54(B)		76,849		4,677
FNMA, Ser 2024-24, Cl SB, IO
1.320%, 09/25/53(B)		46,859		3,426
Fontainebleau Miami Beach Trust, Ser 2019-FBLU, Cl F
4.095%, 12/10/36(A)(B)		1,260		1,236
GCAT Trust, Ser 2024-NQM2, Cl B1
Callable 06/25/27 @ $100.000
7.860%, 06/25/59(A)(B)		1,000		1,025
GCAT Trust, Ser 2024-NQM2, Cl B2
Callable 06/25/27 @ $100.000
8.104%, 06/25/59(A)(B)		210		208
GNMA, Ser 2010-35, Cl AS, IO
0.675%, 03/20/40(B)		10,576		1,070
GNMA, Ser 2010-37, Cl SG, IO
0.625%, 03/20/40(B)		8,312		827
GNMA, Ser 2011-70, Cl WI, IO
12/20/40(B)(D)		16,687		994
GNMA, Ser 2015-123, Cl SE, IO
0.645%, 09/20/45(B)		9,802		1,310
GNMA, Ser 2016-77, Cl SC, IO
1.025%, 10/20/45(B)		13,303		1,928

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND SEPTEMBER 30, 2024 (Unaudited)

MORTGAGE-BACKED SECURITIES — continued
	Face Amount (000)		Fair Value (000)
UNITED STATES — (continued)
GNMA, Ser 2017-179, Cl TI, IO
4.500%, 12/20/47	$	11,888	$	2,588
GNMA, Ser 2018-100, Cl S, IO
1.125%, 07/20/48(B)		10,305		1,401
GNMA, Ser 2018-21, Cl PI, IO
4.500%, 02/20/48		24,290		5,215
GNMA, Ser 2018-89, Cl LS, IO
1.125%, 06/20/48(B)		16,748		2,338
GNMA, Ser 2018-91, Cl SH, IO
1.175%, 07/20/48(B)		10,465		1,356
GNMA, Ser 2018-91, Cl SJ, IO
1.175%, 07/20/48(B)		10,898		1,290
GNMA, Ser 2019-133, Cl EI, IO
4.500%, 04/20/49		9,216		1,998
GNMA, Ser 2019-143, Cl SC, IO
0.975%, 04/20/46(B)		23,042		3,142
GNMA, Ser 2020-127, Cl IY, IO
4.000%, 08/20/50		14,059		2,773
GNMA, Ser 2020-148, Cl IP, IO
4.500%, 02/20/48		21,068		4,527
GNMA, Ser 2020-4, Cl IO, IO
5.000%, 01/20/50		16,622		3,144
GNMA, Ser 2020-53, Cl QI, IO
4.500%, 08/20/49		10,977		2,241
GNMA, Ser 2020-61, Cl IO, IO
4.500%, 05/20/50		16,851		3,340
GNMA, Ser 2020-78, Cl DI, IO
4.000%, 06/20/50		43,097		8,953
GNMA, Ser 2021-139, Cl WI, IO
4.048%, 11/20/45(B)		12,972		2,119
GNMA, Ser 2021-158, Cl JI, IO
5.000%, 02/20/50		10,141		2,316
GNMA, Ser 2021-215, Cl SB, IO
1.000%, 12/20/51(B)		16,223		924
GNMA, Ser 2021-216, Cl IC, IO
3.000%, 12/20/51		29,189		3,709
GNMA, Ser 2021-78, Cl IC, IO
4.000%, 05/20/51		27,946		4,768
GNMA, Ser 2022-148, Cl SJ, IO
0.655%, 08/20/52(B)		38,430		2,717

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND SEPTEMBER 30, 2024 (Unaudited)

MORTGAGE-BACKED SECURITIES — continued
	Face Amount (000)		Fair Value (000)
UNITED STATES — (continued)
GNMA, Ser 2022-153, Cl SG, IO
0.105%, 09/20/52(B)	$	37,520	$	1,690
GNMA, Ser 2022-188, Cl IE, IO
4.500%, 01/20/50		13,722		2,576
GNMA, Ser 2022-193, Cl SA, IO
11/20/52(B)(D)		76,364		2,568
GNMA, Ser 2022-212, Cl SA, IO
0.805%, 12/20/52(B)		30,723		1,361
GNMA, Ser 2022-213, Cl TS, IO
1.505%, 12/20/52(B)		15,823		1,009
GNMA, Ser 2022-23, Cl WI, IO
4.500%, 02/20/52		9,093		1,816
GNMA, Ser 2022-30, Cl IG, IO
3.000%, 02/20/52		25,041		3,692
GNMA, Ser 2022-34, Cl IT, IO
4.000%, 01/20/51		15,661		3,200
GNMA, Ser 2022-5, Cl NI, IO
3.000%, 01/20/52		24,934		3,383
GNMA, Ser 2023-102, Cl BS, IO
0.705%, 07/20/53(B)		26,178		1,391
GNMA, Ser 2023-4, Cl SA, IO
0.105%, 01/20/53(B)		61,558		2,123
GNMA, Ser 2023-4, Cl SG, IO
0.905%, 01/20/53(B)		81,563		4,790
GNMA, Ser 2023-5, Cl SC, IO
0.855%, 01/20/53(B)		63,106		2,670
GNMA, Ser 2023-82, Cl US, IO
1.405%, 06/20/53(B)		27,622		1,955
GNMA, Ser 2024-24, Cl HI, IO
4.000%, 03/20/52		34,474		6,712
GNMA, Ser 2024-65, Cl SU, IO
0.805%, 05/20/53(B)		67,794		3,611
GNMA, Ser 2024-H11, Cl EI, IO
0.682%, 06/20/74(B)		926		57
GS Mortgage Securities Trust, Ser 2015-590M, Cl C
Callable 10/10/25 @ $100.000
3.932%, 10/10/35(A)(B)		180		165

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND SEPTEMBER 30, 2024 (Unaudited)

MORTGAGE-BACKED SECURITIES — continued
	Face Amount (000)		Fair Value (000)
UNITED STATES — (continued)
GS Mortgage-Backed Securities Trust, Ser 2021-PJ4, Cl AIOS, IO
Callable 12/25/44 @ $100.000
0.220%, 09/25/51(A)(B)	$	2,755	$	35
GS Mortgage-Backed Securities Trust, Ser 2021-PJ6, Cl AIOS, IO
Callable 03/25/45 @ $100.000
0.150%, 11/25/51(A)(B)		5,928		48
GS Mortgage-Backed Securities Trust, Ser 2021-PJ7, Cl AIOS, IO
Callable 05/25/45 @ $100.000
0.150%, 01/25/52(A)(B)		7,435		63
GS Mortgage-Backed Securities Trust, Ser 2023-CCM1, Cl B2
Callable 02/25/26 @ $100.000
7.488%, 08/25/53(A)(B)		630		611
GSMS Trust, Ser 2024-FAIR, Cl D
8.214%, 07/15/29(A)(B)		2,750		2,823
HOMES Trust, Ser 2024-AFC1, Cl A1
Callable 09/25/27 @ $100.000
5.224%, 08/25/59(A)(C)		5,000		5,011
HOMES Trust, Ser 2024-AFC1, Cl B1
Callable 09/25/27 @ $100.000
6.893%, 08/25/59(A)(B)		130		125
HPLY Trust, Ser 2019-HIT, Cl F
8.383%, TSFR1M + 3.264%, 11/15/36(A)(B)		870		865
Hudsons Bay Simon JV Trust, Ser 2015-HB7, Cl A7
Callable 08/05/25 @ $100.000
3.914%, 08/05/34(A)		1,067		1,041
Imperial Fund Mortgage Trust, Ser 2020-NQM1, Cl B2
Callable 10/25/24 @ $100.000
5.194%, 10/25/55(A)(B)		742		729
J.P. Morgan Chase Commercial Mortgage Securities Trust, Ser 2022-NLP, Cl A
5.693%, TSFR1M + 0.597%, 04/15/37(A)(B)		264		256
J.P. Morgan Chase Commercial Mortgage Securities Trust, Ser 2022-NLP, Cl B
6.203%, TSFR1M + 1.107%, 04/15/37(A)(B)		2,470		2,384

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND SEPTEMBER 30, 2024 (Unaudited)

MORTGAGE-BACKED SECURITIES — continued
	Face Amount (000)		Fair Value (000)
UNITED STATES — (continued)
J.P. Morgan Chase Commercial Mortgage Securities Trust, Ser 2022-NLP, Cl D
7.263%, TSFR1M + 2.166%, 04/15/37(A)(B)	$	195	$	176
J.P. Morgan Mortgage Trust, Ser 2023-4, Cl B4
Callable 02/25/43 @ $100.000
6.310%, 11/25/53(A)(B)		255		243
JP Morgan Mortgage Trust Series, Ser 2024-VIS1, Cl B2
Callable 04/25/27 @ $100.000
8.102%, 07/25/64(A)(B)		100		100
JP Morgan Mortgage Trust Series, Ser 2024-VIS2, Cl B2
Callable 08/25/27 @ $100.000
7.717%, 11/25/64(A)(B)		100		98
JPMBB Commercial Mortgage Securities Trust, Ser 2014-C19, Cl F
Callable 01/15/25 @ $100.000
3.750%, 04/15/47(A)(B)		710		639
JPMBB Commercial Mortgage Securities Trust, Ser 2015-C33, Cl D1
Callable 11/15/25 @ $100.000
4.290%, 12/15/48(A)(B)		490		434
LAQ Mortgage Trust, Ser 2023-LAQ, Cl F
Callable 03/15/25 @ $100.000
12.031%, TSFR1M + 6.934%, 03/15/36(A)(B)		1,125		1,110
LAQ Mortgage Trust, Ser 2023-LAQ, Cl G
Callable 03/15/25 @ $100.000
13.529%, TSFR1M + 8.432%, 03/15/36(A)(B)		405		399
MCR Mortgage Trust, Ser 2024-HTL, Cl F
10.750%, TSFR1M + 5.653%, 02/15/37(A)(B)		337		338
MFA Trust, Ser 2024-NQM2, Cl A1
Callable 09/25/27 @ $100.000
5.272%, 08/25/69(A)(C)		4,958		4,968
MKT Mortgage Trust, Ser 2020-525M, Cl B
2.866%, 02/12/40(A)		2,490		1,946
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2015-C23, Cl D
Callable 06/15/25 @ $100.000
4.275%, 07/15/50(A)(B)		840		792

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND SEPTEMBER 30, 2024 (Unaudited)

MORTGAGE-BACKED SECURITIES — continued
	Face Amount (000)		Fair Value (000)
UNITED STATES — (continued)
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2015-C24, Cl E
Callable 08/15/25 @ $100.000
4.465%, 05/15/48(A)(B)	$	170	$	149
Morgan Stanley Capital I Trust, Ser 2015-420, Cl A
Callable 10/12/24 @ $100.000
3.727%, 10/12/50(A)		884		845
Morgan Stanley Capital I Trust, Ser 2018-MP, Cl E
4.419%, 07/11/40(A)(B)		130		82
Morgan Stanley Capital I Trust, Ser 2019-MEAD, Cl D
Callable 11/10/24 @ $100.000
3.283%, 11/10/36(A)(B)		330		308
Morgan Stanley Capital I Trust, Ser 2024-BPR2, Cl E
9.044%, 05/05/29(A)(B)		110		106
Morgan Stanley Capital I Trust, Ser 2024-BPR2, Cl X, IO
1.073%, 05/05/29(A)(B)		2,286		82
Morgan Stanley Residential Mortgage Loan Trust, Ser 2024-INV2, Cl B4
Callable 01/25/37 @ $100.000
7.551%, 02/25/54(A)(B)		129		136
Morgan Stanley Residential Mortgage Loan Trust, Ser 2024-INV2, Cl B5
Callable 01/25/37 @ $100.000
7.551%, 02/25/54(A)(B)		100		99
Morgan Stanley Residential Mortgage Loan Trust, Ser 2024-INV2, Cl B6
Callable 01/25/37 @ $100.000
7.488%, 02/25/54(A)(B)		120		99
Morgan Stanley Residential Mortgage Loan Trust, Ser 2024-NQM3, Cl B1B
Callable 09/25/27 @ $100.000
7.504%, 07/25/69(A)(B)		150		145
Multifamily Connecticut Avenue Securities Trust, Ser 2023-01, Cl B1
Callable 10/25/30 @ $100.000
15.030%, SOFR30A + 9.750%, 11/25/53(A)(B)		100		113
Multifamily Connecticut Avenue Securities Trust, Ser 2023-01, Cl M10
Callable 10/25/30 @ $100.000
11.780%, SOFR30A + 6.500%, 11/25/53(A)(B)		1,730		1,937

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND SEPTEMBER 30, 2024 (Unaudited)

MORTGAGE-BACKED SECURITIES — continued
	Face Amount (000)		Fair Value (000)
UNITED STATES — (continued)
Natixis Commercial Mortgage Securities Trust, Ser 2022-RRI, Cl E
10.290%, TSFR1M + 5.193%, 03/15/35(A)(B)	$	1,125	$	1,120
New Residential Mortgage Loan Trust, Ser 2024-NQM1, Cl B1
Callable 02/25/27 @ $100.000
7.912%, 03/25/64(A)(B)		2,000		2,039
New Residential Mortgage Loan Trust, Ser 2024-NQM1, Cl B2
Callable 02/25/27 @ $100.000
8.102%, 03/25/64(A)(B)		190		189
NLT Trust, Ser 2023-1, Cl B1
Callable 04/25/44 @ $100.000
3.732%, 10/25/62(A)(B)		270		168
NLT Trust, Ser 2023-1, Cl B2
Callable 04/25/44 @ $100.000
3.732%, 10/25/62(A)(B)		230		124
NLT Trust, Ser 2023-1, Cl B3
Callable 04/25/44 @ $100.000
3.732%, 10/25/62(A)(B)		400		190
NYO Commercial Mortgage Trust, Ser 2021-1290, Cl C
7.207%, TSFR1M + 2.109%, 11/15/38(A)(B)		140		132
OBX Trust, Ser 2021-INV2, Cl AIO1, IO
Callable 10/25/47 @ $100.000
0.209%, 10/25/51(A)(B)		3,903		44
Olympic Tower Mortgage Trust, Ser 2017-OT, Cl D
4.077%, 05/10/39(A)(B)		150		116
PRKCM Trust, Ser 2023-AFC1, Cl B2
Callable 02/25/26 @ $100.000
7.520%, 02/25/58(A)(B)		430		422
PRKCM Trust, Ser 2023-AFC3, Cl B1
Callable 08/25/26 @ $100.000
7.750%, 09/25/58(A)(B)		120		122
PRKCM Trust, Ser 2023-AFC3, Cl B2
Callable 08/25/26 @ $100.000
7.750%, 09/25/58(A)(B)		110		109
PRKCM Trust, Ser 2024-AFC1, Cl B2
Callable 02/25/27 @ $100.000
8.471%, 03/25/59(A)(B)		180		181

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND SEPTEMBER 30, 2024 (Unaudited)

MORTGAGE-BACKED SECURITIES — continued
	Face Amount (000)		Fair Value (000)
UNITED STATES — (continued)
PRKCM Trust, Ser 2024-HOME1, Cl B1
Callable 05/25/27 @ $100.000
7.788%, 05/25/59(A)(B)	$	150	$	152
PRKCM Trust, Ser 2024-HOME1, Cl B2
Callable 05/25/27 @ $100.000
7.788%, 05/25/59(A)(B)		150		147
PRPM Trust, Ser 2023-NQM2, Cl B1
Callable 09/25/26 @ $100.000
7.003%, 08/25/68(A)(B)		290		288
PRPM Trust, Ser 2023-NQM2, Cl B2
Callable 09/25/26 @ $100.000
7.003%, 08/25/68(A)(B)		290		277
PRPM Trust, Ser 2023-NQM3, Cl B2
Callable 01/25/27 @ $100.000
7.493%, 11/25/68(A)(B)		310		299
PRPM Trust, Ser 2024-NQM1, Cl B1
Callable 03/25/27 @ $100.000
7.554%, 12/25/68(A)(B)		170		170
PRPM Trust, Ser 2024-RCF3, Cl M2
Callable 05/25/26 @ $100.000
4.000%, 05/25/54(A)(C)		310		257
PRPM Trust, Ser 2024-RCF5, Cl M2
Callable 08/25/26 @ $100.000
4.000%, 08/25/54(A)(C)		120		101
RATE Mortgage Trust, Ser 2021-J3, Cl AX1, IO
Callable 07/25/43 @ $100.000
0.211%, 10/25/51(A)(B)		2,064		24
RCKT Mortgage Trust, Ser 2021-4, Cl AX1, IO
Callable 07/25/45 @ $100.000
0.506%, 09/25/51(A)(B)		9,446		256
RCKT Mortgage Trust, Ser 2024-CES7, Cl A1A
Callable 09/25/27 @ $100.000
5.158%, 10/25/44(A)(C)		5,000		4,993
RMF Proprietary Issuance Trust, Ser 2021-2, Cl A
Callable 03/25/25 @ $100.000
2.125%, 09/25/61(A)(B)		86		75
Saluda Grade Alternative Mortgage Trust, Ser 2024-RTL4, Cl A2
Callable 07/25/26 @ $100.000
7.500%, 02/25/30(A)(C)		350		337

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND SEPTEMBER 30, 2024 (Unaudited)

MORTGAGE-BACKED SECURITIES — continued
	Face Amount (000)		Fair Value (000)
UNITED STATES — (continued)
Santander Bank Mortgage Credit-Linked Notes Series, Ser 2023-MTG1, Cl M2
Callable 08/25/40 @ $100.000
10.180%, SOFR30A + 4.900%, 02/26/52(A)(B)	$	215	$	237
Santander Bank Mortgage Credit-Linked Notes Series, Ser 2023-MTG1, Cl M3
Callable 08/25/40 @ $100.000
11.130%, SOFR30A + 5.850%, 02/26/52(A)(B)		313		355
SCG Mortgage Trust, Ser 2024-MSP, Cl E
10.034%, TSFR1M + 4.937%, 04/15/41(A)(B)		1,630		1,622
THPT Mortgage Trust, Ser 2023-THL, Cl E
10.745%, 12/10/34(A)(B)		1,500		1,551
THPT Mortgage Trust, Ser 2023-THL, Cl F
7.428%, 12/10/34(A)(B)		170		159
UBS-BAMLL Trust, Ser 2012-WRM, Cl A
Callable 10/10/24 @ $100.000
3.663%, 06/10/30(A)		3		3
UBS-BAMLL Trust, Ser 2012-WRM, Cl C
Callable 10/10/24 @ $100.000
4.379%, 06/10/30(A)(B)		240		209
Verus Securitization Trust, Ser 2019-INV2, Cl B1
Callable 10/25/24 @ $100.000
4.452%, 07/25/59(A)(B)		140		137
Verus Securitization Trust, Ser 2022-4, Cl B2
Callable 04/25/25 @ $100.000
4.782%, 04/25/67(A)(B)		160		142
Verus Securitization Trust, Ser 2022-6, Cl B2
Callable 06/25/25 @ $100.000
4.922%, 06/25/67(A)(B)		400		343
Verus Securitization Trust, Ser 2022-7, Cl B2
Callable 07/25/25 @ $100.000
5.356%, 07/25/67(A)(B)		100		94
Verus Securitization Trust, Ser 2022-INV1, Cl B2
Callable 08/25/25 @ $100.000
5.820%, 08/25/67(A)(B)		510		495
Verus Securitization Trust, Ser 2022-INV2, Cl B1
Callable 10/25/25 @ $100.000
6.803%, 10/25/67(A)(B)		1,400		1,387

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND SEPTEMBER 30, 2024 (Unaudited)

MORTGAGE-BACKED SECURITIES — continued
	Face Amount (000)		Fair Value (000)
UNITED STATES — (continued)
Verus Securitization Trust, Ser 2022-INV2, Cl B2
Callable 10/25/25 @ $100.000
6.803%, 10/25/67(A)(B)	$	100	$	98
Verus Securitization Trust, Ser 2023-3, Cl B2
Callable 04/25/26 @ $100.000
7.856%, 03/25/68(A)(B)		100		99
Verus Securitization Trust, Ser 2023-5, Cl B2
Callable 06/25/26 @ $100.000
8.099%, 06/25/68(A)(B)		273		272
Verus Securitization Trust, Ser 2023-6, Cl B2
Callable 09/25/26 @ $100.000
7.815%, 09/25/68(A)(B)		190		188
Verus Securitization Trust, Ser 2023-8, Cl B1
Callable 12/25/26 @ $100.000
8.122%, 12/25/68(A)(B)		1,500		1,523
Verus Securitization Trust, Ser 2023-8, Cl B2
Callable 12/25/26 @ $100.000
8.122%, 12/25/68(A)(B)		100		100
Verus Securitization Trust, Ser 2023-INV1, Cl B2
Callable 02/25/26 @ $100.000
7.545%, 02/25/68(A)(B)		890		877
Verus Securitization Trust, Ser 2023-INV2, Cl B2
Callable 07/25/26 @ $100.000
8.122%, 08/25/68(A)(B)		220		220
Verus Securitization Trust, Ser 2023-INV3, Cl B1
Callable 11/25/26 @ $100.000
8.239%, 11/25/68(A)(B)		180		182
Verus Securitization Trust, Ser 2023-INV3, Cl B2
Callable 11/25/26 @ $100.000
8.239%, 11/25/68(A)(B)		100		100
Verus Securitization Trust, Ser 2024-1, Cl B1
Callable 01/25/27 @ $100.000
7.909%, 01/25/69(A)(B)		2,000		2,034
Verus Securitization Trust, Ser 2024-1, Cl B2
Callable 01/25/27 @ $100.000
8.319%, 01/25/69(A)(B)		160		160
Verus Securitization Trust, Ser 2024-2, Cl B1
Callable 02/25/27 @ $100.000
7.864%, 02/25/69(A)(B)		1,500		1,524

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND SEPTEMBER 30, 2024 (Unaudited)

MORTGAGE-BACKED SECURITIES — continued
	Face Amount (000)		Fair Value (000)
UNITED STATES — (continued)
Verus Securitization Trust, Ser 2024-3, Cl B1
Callable 04/25/27 @ $100.000
8.028%, 04/25/69(A)(B)	$	2,000	$	2,052
Verus Securitization Trust, Ser 2024-3, Cl B2
Callable 04/25/27 @ $100.000
8.423%, 04/25/69(A)(B)		220		221
Verus Securitization Trust, Ser 2024-4, Cl B1
Callable 05/25/27 @ $100.000
7.643%, 06/25/69(A)(B)		1,000		1,019
Verus Securitization Trust, Ser 2024-4, Cl B2
Callable 05/25/27 @ $100.000
8.059%, 06/25/69(A)(B)		100		99
Verus Securitization Trust, Ser 2024-5, Cl B1
Callable 06/25/27 @ $100.000
7.793%, 06/25/69(A)(B)		1,500		1,540
Verus Securitization Trust, Ser 2024-5, Cl B2
Callable 06/25/27 @ $100.000
7.834%, 06/25/69(A)(B)		400		396
Verus Securitization Trust, Ser 2024-6, Cl B2
Callable 07/25/27 @ $100.000
7.922%, 07/25/69(A)(B)		200		197
Verus Securitization Trust, Ser 2024-7, Cl A1
Callable 09/25/27 @ $100.000
5.095%, 09/25/69(A)(B)		10,000		10,000
Verus Securitization Trust, Ser 2024-7, Cl B1
Callable 09/25/27 @ $100.000
6.496%, 09/25/69(A)(B)		1,950		1,946
Verus Securitization Trust, Ser 2024-7, Cl B2
Callable 09/25/27 @ $100.000
7.855%, 09/25/69(A)(B)		250		246
Verus Securitization Trust, Ser 2024-INV1, Cl B2
Callable 03/25/27 @ $100.000
8.509%, 03/25/69(A)(B)		130		131
Verus Securitization Trust, Ser 2024-INV2, Cl B2
Callable 08/25/27 @ $100.000
7.987%, 08/26/69(A)(B)		100		99
Visio Trust, Ser 2023-1, Cl B2
Callable 03/25/26 @ $100.000
7.861%, 03/25/58(A)(B)		450		445

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND SEPTEMBER 30, 2024 (Unaudited)

MORTGAGE-BACKED SECURITIES — continued
	Face Amount (000)		Fair Value (000)
UNITED STATES — (continued)
Visio Trust, Ser 2023-2, Cl B2
Callable 08/25/26 @ $100.000
7.774%, 10/25/58(A)(B)	$	460	$	454
Vista Point Securitization Trust, Ser 2024-CES2, Cl A1
Callable 09/25/27 @ $100.000
5.252%, 10/25/54(A)(C)		8,000		8,006
VMC Finance, Ser 2021-FL4, Cl C
Callable 07/18/25 @ $100.000
7.379%, TSFR1M + 2.364%, 06/16/36(A)(B)		350		338
Wells Fargo Commercial Mortgage Trust, Ser 2015-C26, Cl D
Callable 02/15/25 @ $100.000
3.586%, 02/15/48(A)		310		301
Wells Fargo Commercial Mortgage Trust, Ser 2015-C26, Cl E
Callable 02/15/25 @ $100.000
3.250%, 02/15/48(A)		540		516
Wells Fargo Commercial Mortgage Trust, Ser 2015-NXS3, Cl D
Callable 10/15/25 @ $100.000
3.153%, 09/15/57(A)		290		270
Wells Fargo Commercial Mortgage Trust, Ser 2021-FCMT, Cl E
9.712%, TSFR1M + 4.614%, 05/15/31(A)(B)		100		95
Wells Fargo Commercial Mortgage Trust, Ser 2024-MGP, Cl A11
7.087%, TSFR1M + 1.991%, 08/15/41(A)(B)		5,000		4,998
Wells Fargo Commercial Mortgage Trust, Ser 2024-MGP, Cl D11
8.785%, TSFR1M + 3.688%, 08/15/41(A)(B)		2,000		1,995
Wells Fargo Mortgage Backed Securities Trust, Ser 2021-INV2, Cl B4
Callable 05/25/43 @ $100.000
3.643%, 09/25/51(A)(B)		95		78
Wells Fargo Mortgage Backed Securities Trust, Ser 2021-RR1, Cl AIO1, IO
Callable 03/25/44 @ $100.000
0.486%, 12/25/50(A)(B)		3,815		105

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND SEPTEMBER 30, 2024 (Unaudited)

MORTGAGE-BACKED SECURITIES — continued
	Face Amount (000)		Fair Value (000)
UNITED STATES — (continued)
WFRBS Commercial Mortgage Trust, Ser 2014-C25, Cl D
Callable 12/15/24 @ $100.000
3.803%, 11/15/47(A)(B)	$	200	$	195
				2,367,265
TOTAL MORTGAGE-BACKED SECURITIES
(Cost $2,354,323) (000)				2,394,882
CORPORATE OBLIGATIONS — 18.5%
CANADA — 0.5%
Bombardier
Callable 11/04/24 @ $100.000
7.875%, 04/15/27(A)		7,632		7,654
Husky Injection Molding Systems
Callable 02/15/26 @ $104.500
9.000%, 02/15/29(A)		807		842
Kronos Acquisition Holdings
Callable 06/30/27 @ $104.125
8.250%, 06/30/31(A)		1,040		1,044
				9,540
GERMANY — 0.0%
Cerdia Finanz GmbH
Callable 11/04/24 @ $105.250
10.500%, 02/15/27(A)		1,038		1,092
NETHERLANDS — 0.2%
Trivium Packaging Finance
Callable 11/04/24 @ $100.000
5.500%, 08/15/26(A)		3,107		3,095
PUERTO RICO — 0.1%
Sable International Finance
Callable 10/15/27 @ $103.563
7.125%, 10/15/32(A)		459		461

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND SEPTEMBER 30, 2024 (Unaudited)

CORPORATE OBLIGATIONS — continued
	Face Amount (000)		Fair Value (000)
PUERTO RICO — (continued)
Callable 11/04/24 @ $100.000
5.750%, 09/07/27(A)	$	1,390	$	1,383
				1,844
SWITZERLAND — 0.1%
VistaJet Malta Finance
Callable 11/04/24 @ $103.938
7.875%, 05/01/27(A)		1,083		1,057
Callable 02/01/25 @ $103.188
6.375%, 02/01/30(A)		575		494
				1,551
UNITED KINGDOM — 4.3%
Barclays Bank Versor MTN
0.000%, 12/27/24(A)(E)		82,511		83,053
eG Global Finance
Callable 05/30/26 @ $106.000
12.000%, 11/30/28(A)		796		888
				83,941
UNITED STATES — 13.3%
Acrisure
Callable 06/15/26 @ $104.250
8.500%, 06/15/29(A)		990		1,034
AdaptHealth
Callable 10/15/24 @ $102.042
6.125%, 08/01/28(A)		2,310		2,312
AECOM
Callable 12/15/26 @ $100.000
5.125%, 03/15/27		1,350		1,356
Albertsons
Callable 11/04/24 @ $101.875
7.500%, 03/15/26(A)		1,323		1,334
Ally Financial
Callable 5/15/2026 @ $100.000
4.700, H15T5Y + 3.868% (B)(F)		240		209

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND SEPTEMBER 30, 2024 (Unaudited)

CORPORATE OBLIGATIONS — continued
	Face Amount (000)		Fair Value (000)
UNITED STATES — (continued)
Alta Equipment Group
Callable 06/01/26 @ $104.500
9.000%, 06/01/29(A)	$	180	$	161
American Airlines
5.500%, 04/20/26(A)		541		540
AmeriTex HoldCo Intermediate
Callable 10/15/25 @ $105.125
10.250%, 10/15/28(A)		1,703		1,781
ANGI Group
Callable 10/15/24 @ $100.969
3.875%, 08/15/28(A)		1,000		917
Anywhere Real Estate Group
Callable 04/15/25 @ $102.625
7.000%, 04/15/30(A)		231		214
Arcosa
Callable 08/15/27 @ $103.438
6.875%, 08/15/32(A)		1,010		1,057
Callable 11/04/24 @ $102.188
4.375%, 04/15/29(A)		471		451
Ares Capital
7.000%, 01/15/27		1,022		1,064
Callable 02/01/29 @ $100.000
5.875%, 03/01/29		1,565		1,603
Callable 04/15/28 @ $100.000
2.875%, 06/15/28		397		366
Avient
Callable 09/15/27 @ $103.125
6.250%, 11/01/31(A)		273		280
Blue Owl Credit Income
Callable 02/15/30 @ $100.000
5.800%, 03/15/30(A)		957		948
Bread Financial Holdings
Callable 03/15/26 @ $104.875
9.750%, 03/15/29(A)		4,588		4,848
Callable 11/04/24 @ $100.000
7.000%, 01/15/26(A)		679		676
Brink's
Callable 06/15/26 @ $103.250
6.500%, 06/15/29(A)		500		518

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND SEPTEMBER 30, 2024 (Unaudited)

CORPORATE OBLIGATIONS — continued
	Face Amount (000)		Fair Value (000)
UNITED STATES — (continued)
Brundage-Bone Concrete Pumping Holdings
Callable 11/04/24 @ $101.500
6.000%, 02/01/26(A)	$	2,771	$	2,760
Buckeye Partners
Callable 02/01/25 @ $100.000
4.125%, 03/01/25(A)		429		425
Carnival
7.875%, 06/01/27		1,565		1,660
Catalent Pharma Solutions
Callable 11/04/24 @ $100.000
5.000%, 07/15/27(A)		818		814
CCO Holdings
Callable 07/01/25 @ $102.125
4.250%, 02/01/31(A)		500		441
CD&R Smokey Buyer
Callable 10/15/26 @ $104.750
9.500%, 10/15/29(A)		1,984		1,986
Callable 10/09/24 @ $100.000
6.750%, 07/15/25(A)		1,151		1,151
Central Parent
Callable 06/15/25 @ $104.000
8.000%, 06/15/29(A)		699		727
Century Communities
Callable 02/15/29 @ $100.000
3.875%, 08/15/29(A)		1,276		1,196
Charter Communications Operating
Callable 05/01/29 @ $100.000
6.100%, 06/01/29		924		956
CITGO Petroleum
Callable 11/04/24 @ $100.000
7.000%, 06/15/25(A)		6,572		6,568
Clarios Global
Callable 11/04/24 @ $100.000
8.500%, 05/15/27(A)		9,084		9,114
Callable 11/04/24 @ $100.000
6.250%, 05/15/26(A)		500		500
Cloud Software Group
Callable 06/30/27 @ $104.125
8.250%, 06/30/32(A)		924		966

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND SEPTEMBER 30, 2024 (Unaudited)

CORPORATE OBLIGATIONS — continued
	Face Amount (000)		Fair Value (000)
UNITED STATES — (continued)
CoreCivic
Callable 07/15/27 @ $100.000
4.750%, 10/15/27	$	2,266	$	2,163
Cornerstone Building Brands
Callable 08/15/26 @ $104.750
9.500%, 08/15/29(A)		1,120		1,150
Callable 11/04/24 @ $101.531
6.125%, 01/15/29(A)		1,500		1,327
CVS Health
6.250%, 06/01/27		725		759
Callable 12/25/27 @ $100.000
4.300%, 03/25/28		3,349		3,340
Dealer Tire
Callable 11/04/24 @ $102.000
8.000%, 02/01/28(A)		1,912		1,903
Dell International
Callable 07/01/29 @ $100.000
5.300%, 10/01/29		4,117		4,288
Enova International
Callable 08/01/26 @ $104.563
9.125%, 08/01/29(A)		1,878		1,927
Fiserv
Callable 07/21/28 @ $100.000
5.375%, 08/21/28		3,954		4,107
Focus Financial Partners
Callable 09/15/27 @ $103.375
6.750%, 09/15/31(A)		909		918
Ford Motor Credit
Callable 05/16/25 @ $100.000
5.125%, 06/16/25		4,720		4,718
Freedom Mortgage
Callable 10/01/25 @ $106.000
12.000%, 10/01/28(A)		1,738		1,898
Callable 11/04/24 @ $103.313
6.625%, 01/15/27(A)		1,787		1,791
Freedom Mortgage Holdings
Callable 02/01/26 @ $104.625
9.250%, 02/01/29(A)		1,036		1,077
Callable 05/15/27 @ $104.563
9.125%, 05/15/31(A)		229		235

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND SEPTEMBER 30, 2024 (Unaudited)

CORPORATE OBLIGATIONS — continued
	Face Amount (000)		Fair Value (000)
UNITED STATES — (continued)
GE HealthCare Technologies
Callable 10/15/27 @ $100.000
5.650%, 11/15/27	$	3,974	$	4,135
Genesis Energy
Callable 11/04/24 @ $104.000
8.000%, 01/15/27		2,000		2,045
Genworth Holdings
Callable 10/18/24 @ $100.000
7.382%, TSFR3M + 2.264%, 11/15/36(B)		1,771		1,447
GEO Group
Callable 04/15/27 @ $105.125
10.250%, 04/15/31		899		958
Callable 04/15/26 @ $104.313
8.625%, 04/15/29		1,587		1,650
Getty Images
Callable 10/18/24 @ $100.000
9.750%, 03/01/27(A)		6,399		6,397
GFL Environmental
Callable 11/04/24 @ $101.281
5.125%, 12/15/26(A)		3,000		2,993
GN Bondco
Callable 10/15/26 @ $104.750
9.500%, 10/15/31(A)		1,000		1,053
Go Daddy Operating
Callable 11/04/24 @ $100.875
5.250%, 12/01/27(A)		2,000		1,993
Goodyear Tire & Rubber
Callable 10/18/24 @ $100.000
9.500%, 05/31/25		7,273		7,292
GTCR AP Finance
Callable 10/07/24 @ $100.000
8.000%, 05/15/27(A)		165		165
HCA
Callable 03/01/26 @ $100.000
5.375%, 09/01/26		4,005		4,048
Heartland Dental
Callable 05/15/25 @ $105.250
10.500%, 04/30/28(A)		880		941

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND SEPTEMBER 30, 2024 (Unaudited)

CORPORATE OBLIGATIONS — continued
	Face Amount (000)		Fair Value (000)
UNITED STATES — (continued)
Herc Holdings
Callable 06/15/26 @ $103.313
6.625%, 06/15/29(A)	$	2,000	$	2,072
H-Food Holdings
Callable 10/15/24 @ $100.000
8.500%, 06/01/26(A)		1,080		77
HLF Financing Sarl
Callable 04/15/26 @ $106.125
12.250%, 04/15/29(A)		500		498
HP
Callable 12/15/27 @ $100.000
4.750%, 01/15/28		4,232		4,307
Hudson Pacific Properties
Callable 01/15/28 @ $100.000
5.950%, 02/15/28		833		764
ILFC E-Capital Trust I
Callable 11/04/24 @ $100.000
6.565%, TSFR3M + 1.812%, 12/21/65(A)(B)		240		190
ILFC E-Capital Trust II
Callable 11/04/24 @ $100.000
6.815%, TSFR3M + 2.062%, 12/21/65(A)(B)		1,700		1,357
Illuminate Buyer
Callable 11/04/24 @ $102.250
9.000%, 07/01/28(A)		3,704		3,745
JetBlue Airways
Callable 08/27/27 @ $104.938
9.875%, 09/20/31(A)		478		504
KeHE Distributors
Callable 02/15/26 @ $104.500
9.000%, 02/15/29(A)		1,791		1,863
LABL
Callable 10/08/24 @ $100.000
6.750%, 07/15/26(A)		636		635
Ladder Capital Finance Holdings
Callable 07/15/27 @ $103.500
7.000%, 07/15/31(A)		563		597
Callable 11/04/24 @ $101.063
4.250%, 02/01/27(A)		2,757		2,689

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND SEPTEMBER 30, 2024 (Unaudited)

CORPORATE OBLIGATIONS — continued
	Face Amount (000)		Fair Value (000)
UNITED STATES — (continued)
LD Holdings Group
Callable 11/01/25 @ $104.125
8.750%, 11/01/27(A)	$	768	$	745
Callable 10/15/24 @ $103.063
6.125%, 04/01/28(A)		342		303
Level 3 Financing
Callable 03/22/27 @ $105.375
10.750%, 12/15/30(A)		2,654		2,913
Callable 05/15/26 @ $105.250
10.500%, 05/15/30(A)		717		772
Madison IAQ
Callable 11/04/24 @ $102.938
5.875%, 06/30/29(A)		1,000		974
Maxim Crane Works Holdings Capital
Callable 09/01/25 @ $105.750
11.500%, 09/01/28(A)		5,195		5,507
Midcap Financial Issuer Trust
Callable 10/18/24 @ $103.250
6.500%, 05/01/28(A)		1,887		1,828
Mohegan Tribal Gaming Authority
Callable 11/04/24 @ $102.000
8.000%, 02/01/26(A)		8,048		7,959
Nationstar Mortgage Holdings
Callable 11/04/24 @ $101.250
5.000%, 02/01/26(A)		2,097		2,087
New Enterprise Stone & Lime
Callable 11/04/24 @ $102.438
9.750%, 07/15/28(A)		1,690		1,726
New Home
Callable 10/01/26 @ $104.625
9.250%, 10/01/29(A)		1,388		1,462
New York Community Bancorp
Callable 11/06/24 @ $100.000
8.269%, TSFR3M + 3.042%, 11/06/28(B)		1,000		919
NuStar Logistics
Callable 03/01/26 @ $100.000
6.000%, 06/01/26		1,677		1,687
Callable 01/28/27 @ $100.000
5.625%, 04/28/27		1,174		1,179

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND SEPTEMBER 30, 2024 (Unaudited)

CORPORATE OBLIGATIONS — continued
	Face Amount (000)		Fair Value (000)
UNITED STATES — (continued)
Olympus Water US Holding
Callable 06/01/25 @ $104.875
9.750%, 11/15/28(A)	$	915	$	977
Callable 11/04/24 @ $103.563
7.125%, 10/01/27(A)		1,463		1,493
OneMain Finance
7.125%, 03/15/26		2,284		2,332
Oracle
Callable 04/06/28 @ $100.000
4.500%, 05/06/28		4,518		4,573
Callable 08/27/29 @ $100.000
4.200%, 09/27/29		153		153
Pactiv
8.375%, 04/15/27		1,029		1,093
7.950%, 12/15/25		777		802
Pebblebrook Hotel
Callable 10/15/26 @ $103.188
6.375%, 10/15/29(A)		1,196		1,204
Prime Security Services Borrower
5.750%, 04/15/26(A)		2,721		2,734
Callable 08/31/26 @ $100.000
3.375%, 08/31/27(A)		783		744
Provident Funding Associates
Callable 09/15/26 @ $104.875
9.750%, 09/15/29(A)		663		675
Regal Rexnord
Callable 03/15/28 @ $100.000
6.050%, 04/15/28		5,198		5,404
Rithm Capital
Callable 04/01/26 @ $104.000
8.000%, 04/01/29(A)		2,215		2,241
Callable 11/04/24 @ $100.000
6.250%, 10/15/25(A)		1,308		1,307
RLJ Lodging Trust
Callable 11/04/24 @ $100.938
3.750%, 07/01/26(A)		793		775
Select Medical
Callable 11/04/24 @ $101.042
6.250%, 08/15/26(A)		8,504		8,556

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND SEPTEMBER 30, 2024 (Unaudited)

CORPORATE OBLIGATIONS — continued
	Face Amount (000)		Fair Value (000)
UNITED STATES — (continued)
Service International
Callable 10/15/27 @ $102.875
5.750%, 10/15/32	$	221	$	222
Service Properties Trust
Callable 06/15/27 @ $104.438
8.875%, 06/15/32		328		313
Callable 09/15/27 @ $100.000
5.500%, 12/15/27		70		67
Callable 08/15/25 @ $100.000
5.250%, 02/15/26		7,978		7,840
Callable 08/15/26 @ $100.000
4.950%, 02/15/27		1,650		1,562
Callable 08/01/26 @ $100.000
4.750%, 10/01/26		1,650		1,586
Six Flags Theme Parks
Callable 11/04/24 @ $100.000
7.000%, 07/01/25(A)		2,364		2,366
Sixth Street Lending Partners
Callable 12/15/29 @ $100.000
5.750%, 01/15/30(A)		957		954
Southwestern Energy
Callable 10/18/24 @ $102.792
8.375%, 09/15/28		1,126		1,158
Starwood Property Trust
Callable 10/01/28 @ $100.000
7.250%, 04/01/29(A)		1,788		1,875
Callable 10/15/29 @ $100.000
6.000%, 04/15/30(A)		2,297		2,298
Callable 11/04/24 @ $100.000
3.750%, 12/31/24(A)		2,337		2,324
Callable 01/15/26 @ $100.000
3.625%, 07/15/26(A)		1,311		1,266
Sunoco
Callable 11/04/24 @ $101.000
6.000%, 04/15/27		1,726		1,732
Surgery Center Holdings
Callable 04/15/27 @ $103.625
7.250%, 04/15/32(A)		500		522

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND SEPTEMBER 30, 2024 (Unaudited)

CORPORATE OBLIGATIONS — continued
	Face Amount (000)		Fair Value (000)
UNITED STATES — (continued)
SWF Escrow Issuer
Callable 11/04/24 @ $103.250
6.500%, 10/01/29(A)	$	1,001	$	636
Tenet Healthcare
Callable 10/18/24 @ $100.000
6.250%, 02/01/27		1,324		1,326
TKC Holdings
Callable 11/04/24 @ $103.438
6.875%, 05/15/28(A)		2,989		2,953
T-Mobile USA
Callable 02/15/28 @ $100.000
4.950%, 03/15/28		5,724		5,855
Callable 09/01/29 @ $100.000
4.200%, 10/01/29		159		158
TMS International
Callable 10/15/24 @ $103.125
6.250%, 04/15/29(A)		1,012		964
Townsquare Media
Callable 11/04/24 @ $101.719
6.875%, 02/01/26(A)		2,139		2,135
US Acute Care Solutions
Callable 05/15/26 @ $104.875
9.750%, 05/15/29(A)		1,957		2,027
Valley National Bancorp
Callable 06/15/25 @ $100.000
5.250%, TSFR3M + 5.140%, 06/15/30(B)		107		101
Callable 06/15/26 @ $100.000
3.000%, TSFR3M + 2.360%, 06/15/31(B)		410		333
Vector Group
Callable 11/04/24 @ $100.000
10.500%, 11/01/26(A)		8,594		8,691
Callable 11/04/24 @ $102.875
5.750%, 02/01/29(A)		995		1,008
WASH Multifamily Acquisition
Callable 11/04/24 @ $101.438
5.750%, 04/15/26(A)		1,976		1,965
Webster Financial
Callable 11/01/25 @ $100.000
3.875%, TSFR3M + 3.690%, 11/01/30(B)		230		215

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND SEPTEMBER 30, 2024 (Unaudited)

CORPORATE OBLIGATIONS — continued
	Face Amount (000)		Fair Value (000)
UNITED STATES — (continued)
White Capital Parent
Callable 11/04/24 @ $100.000
8.250% cash/0% PIK, 03/15/26(A)	$	1,804	$	1,805
Williams Scotsman
Callable 10/18/24 @ $100.000
6.125%, 06/15/25(A)		1,127		1,126
				259,456
TOTAL CORPORATE OBLIGATIONS
(Cost $357,744) (000)				360,519
ASSET-BACKED SECURITIES — 10.7%
BERMUDA — 0.0%
Rad CLO, Ser 2023-20A, Cl E
Callable 07/20/25 @ $100.000
13.362%, TSFR3M + 8.080%, 07/20/36(A)(B)		250		256
CAYMAN ISLANDS — 4.4%
AB BSL CLO, Ser 2021-2A, Cl E
Callable 10/15/24 @ $100.000
12.273%, TSFR3M + 6.972%, 04/15/34(A)(B)		250		243
Allegro CLO VI, Ser 2018-2A, Cl D
Callable 10/17/24 @ $100.000
8.297%, TSFR3M + 3.012%, 01/17/31(A)(B)		2,000		1,999
Anchorage Capital CLO, Ser 2024-28A, Cl E
Callable 01/20/26 @ $100.000
12.235%, TSFR3M + 6.950%, 04/20/37(A)(B)		1,420		1,418
Anchorage Capital CLO, Ser 2024-29A, Cl E
Callable 07/20/26 @ $100.000
12.161%, TSFR3M + 6.840%, 07/20/37(A)(B)		1,500		1,505
Apidos CLO XV, Ser 2018-15A, Cl ERR
Callable 10/20/24 @ $100.000
11.244%, TSFR3M + 5.962%, 04/20/31(A)(B)		1,000		995
Apidos CLO XX, Ser 2018-20A, Cl DR
Callable 10/16/24 @ $100.000
11.248%, TSFR3M + 5.962%, 07/16/31(A)(B)		250		250
Apidos CLO XXII, Ser 2020-22A, Cl DR
Callable 10/20/24 @ $100.000
12.294%, TSFR3M + 7.012%, 04/20/31(A)(B)		1,000		998

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND SEPTEMBER 30, 2024 (Unaudited)

ASSET-BACKED SECURITIES — continued
	Face Amount (000)		Fair Value (000)
CAYMAN ISLANDS — (continued)
Bain Capital Credit CLO, Ser 2021-2A, Cl ER
Callable 10/19/25 @ $100.000
12.151%, TSFR3M + 6.872%, 07/19/34(A)(B)	$	360	$	345
Callable 01/17/25 @ $100.000
11.867%, TSFR3M + 6.582%, 10/17/32(A)(B)		250		243
Bain Capital Credit CLO, Ser 2021-3A, Cl ER
Callable 10/21/24 @ $100.000
12.644%, TSFR3M + 7.362%, 10/21/34(A)(B)		700		675
Benefit Street Partners CLO IX, Ser 2018-9A, Cl ER
Callable 10/20/24 @ $100.000
11.244%, TSFR3M + 5.962%, 07/20/31(A)(B)		500		492
Carlyle Global Market Strategies CLO, Ser 2017-1A, Cl CR
Callable 11/14/24 @ $100.000
8.728%, TSFR3M + 3.612%, 08/14/30(A)(B)		750		750
Carlyle US CLO, Ser 2021-2A, Cl DR
Callable 10/15/24 @ $100.000
12.063%, TSFR3M + 6.762%, 07/15/32(A)(B)		500		498
Carlyle US CLO, Ser 2023-3A, Cl E
Callable 10/15/25 @ $100.000
13.701%, TSFR3M + 8.400%, 10/15/36(A)(B)		410		421
CFG Investments, Ser 2023-1, Cl B
Callable 02/25/25 @ $100.000
10.050%, 07/25/34(A)		210		215
CIFC Funding, Ser 2015-3A, Cl ER
Callable 10/19/24 @ $100.000
10.491%, TSFR3M + 5.212%, 04/19/29(A)(B)		250		249
CIFC Funding, Ser 2017-2A, Cl E
Callable 10/20/24 @ $100.000
11.494%, TSFR3M + 6.212%, 04/20/30(A)(B)		500		496
CIFC Funding, Ser 2017-4A, Cl D
Callable 10/24/24 @ $100.000
11.645%, TSFR3M + 6.362%, 10/24/30(A)(B)		700		700
Dewolf Park CLO, Ser 2017-1A, Cl E
Callable 10/15/24 @ $100.000
11.763%, TSFR3M + 6.462%, 10/15/30(A)(B)		300		299
Dryden CLO, Ser 2018-60A, Cl D
Callable 10/15/24 @ $100.000
8.563%, TSFR3M + 3.262%, 07/15/31(A)(B)		300		300

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND SEPTEMBER 30, 2024 (Unaudited)

ASSET-BACKED SECURITIES — continued
	Face Amount (000)		Fair Value (000)
CAYMAN ISLANDS — (continued)
Eaton Vance CLO, Ser 2013-1A, Cl D3R
Callable 10/15/24 @ $100.000
12.363%, TSFR3M + 7.062%, 01/15/34(A)(B)	$	1,500	$	1,492
Empower CLO, Ser 2022-1A, Cl E
Callable 10/20/24 @ $100.000
13.832%, TSFR3M + 8.550%, 10/20/34(A)(B)		400		400
Empower CLO, Ser 2023-2A, Cl E
Callable 10/15/25 @ $100.000
13.551%, TSFR3M + 8.250%, 07/15/36(A)(B)		1,530		1,573
Empower CLO, Ser 2024-1A, Cl D2
Callable 04/25/26 @ $100.000
9.250%, 04/25/37(A)		250		255
Empower CLO, Ser 2024-1A, Cl E
Callable 04/25/26 @ $100.000
11.811%, TSFR3M + 6.500%, 04/25/37(A)(B)		250		253
Fillmore Park CLO, Ser 2018-1A, Cl E
Callable 10/15/24 @ $100.000
10.963%, TSFR3M + 5.662%, 07/15/30(A)(B)		788		785
Fortress Credit BSL III, Ser 2015-1A, Cl ER
Callable 10/18/24 @ $100.000
11.731%, TSFR3M + 6.452%, 04/18/31(A)(B)		1,000		989
Fortress Credit BSL VII, Ser 2019-1A, Cl E
Callable 10/23/24 @ $100.000
12.485%, TSFR3M + 7.202%, 07/23/32(A)(B)		1,600		1,602
Fortress Credit BSL VIII, Ser 2019-2A, Cl E
Callable 10/20/24 @ $100.000
12.554%, TSFR3M + 7.272%, 10/20/32(A)(B)		1,000		975
Galaxy XXVI CLO, Ser 2018-26A, Cl E
Callable 11/22/24 @ $100.000
11.233%, TSFR3M + 6.112%, 11/22/31(A)(B)		1,500		1,495
Generate CLO, Ser 2023-3A, Cl E2R
Callable 01/20/26 @ $100.000
13.112%, TSFR3M + 7.830%, 10/20/36(A)(B)		1,250		1,300
Generate CLO, Ser 2024-14A, Cl E
Callable 04/22/26 @ $100.000
12.032%, TSFR3M + 6.750%, 04/22/37(A)(B)		1,780		1,757
Generate CLO, Ser 2024-2A, Cl ER2
Callable 10/22/26 @ $100.000
12.546%, TSFR3M + 7.350%, 10/22/37(A)(B)		100		100

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND SEPTEMBER 30, 2024 (Unaudited)

ASSET-BACKED SECURITIES — continued
	Face Amount (000)		Fair Value (000)
CAYMAN ISLANDS — (continued)
Generate CLO, Ser 2024-6A, Cl AR2
10/22/37(A)(B)(D)	$	10,000	$	10,002
Goldentree Loan Management US CLO, Ser 2019-5A, Cl E
Callable 04/20/25 @ $100.000
10.394%, TSFR3M + 5.112%, 10/20/32(A)(B)		520		517
Greywolf CLO IV, Ser 2021-1A, Cl DR
Callable 10/17/24 @ $100.000
12.406%, TSFR3M + 7.120%, 04/17/34(A)(B)		1,500		1,472
HPS Loan Management, Ser 2018-2016, Cl DR
Callable 10/20/24 @ $100.000
8.444%, TSFR3M + 3.162%, 07/20/30(A)(B)		1,180		1,181
KKR CLO, Ser 2018-23, Cl E
Callable 10/20/24 @ $100.000
11.544%, TSFR3M + 6.262%, 10/20/31(A)(B)		1,000		999
LCM XIII, Ser 2016-13A, Cl ER
Callable 10/19/24 @ $100.000
12.841%, TSFR3M + 7.562%, 07/19/27(A)(B)		400		390
Madison Park Funding LI, Ser 2021-51A, Cl E
Callable 10/19/24 @ $100.000
11.811%, TSFR3M + 6.532%, 07/19/34(A)(B)		1,250		1,246
Madison Park Funding XIV, Ser 2018-14A, Cl ER
Callable 10/22/24 @ $100.000
11.344%, TSFR3M + 6.062%, 10/22/30(A)(B)		1,000		988
Madison Park Funding XXVII, Ser 2018-27A, Cl C
Callable 10/20/24 @ $100.000
8.144%, TSFR3M + 2.862%, 04/20/30(A)(B)		250		250
Marble Point CLO XV, Ser 2019-1A, Cl DR
Callable 10/23/24 @ $100.000
9.145%, TSFR3M + 3.862%, 07/23/32(A)(B)		1,000		1,000
Neuberger Berman Loan Advisers CLO, Ser 2021-30A, Cl ER
Callable 10/20/24 @ $100.000
11.744%, TSFR3M + 6.462%, 01/20/31(A)(B)		1,250		1,241
Northwoods Capital XII-B, Ser 2024-12BA, Cl BR
Callable 03/15/25 @ $100.000
6.647%, TSFR3M + 1.700%, 06/15/31(A)(B)		10,000		10,015
Northwoods Capital XVIII, Ser 2019-18A, Cl E
Callable 11/20/24 @ $100.000
11.970%, TSFR3M + 6.842%, 05/20/32(A)(B)		270		257

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND SEPTEMBER 30, 2024 (Unaudited)

ASSET-BACKED SECURITIES — continued
	Face Amount (000)		Fair Value (000)
CAYMAN ISLANDS — (continued)
Oaktree CLO, Ser 2019-1A, Cl D
Callable 10/22/24 @ $100.000
9.344%, TSFR3M + 4.062%, 04/22/30(A)(B)	$	1,040	$	1,035
Oaktree CLO, Ser 2019-2A, Cl C
9.523%, TSFR3M + 4.222%, 04/15/31(A)(B)		1,890		1,887
Oaktree CLO, Ser 2019-3A, Cl ER
Callable 10/20/24 @ $100.000
12.324%, TSFR3M + 7.042%, 10/20/34(A)(B)		1,500		1,499
Oaktree CLO, Ser 2022-1A, Cl E
Callable 11/15/24 @ $100.000
12.878%, TSFR3M + 7.760%, 05/15/33(A)(B)		1,250		1,249
Oaktree CLO, Ser 2023-2A, Cl E
Callable 07/20/25 @ $100.000
13.932%, TSFR3M + 8.650%, 07/20/36(A)(B)		250		257
Octagon Investment Partners 45, Ser 2022-1A, Cl ER
Callable 10/15/24 @ $100.000
12.121%, TSFR3M + 6.820%, 04/15/35(A)(B)		500		459
OHA Credit Partners VII, Ser 2012-7A, Cl ER3
Callable 11/20/24 @ $100.000
11.640%, TSFR3M + 6.512%, 02/20/34(A)(B)		250		246
OZLM Funding II, Ser 2012-2A, Cl DR2
Callable 10/30/24 @ $100.000
11.417%, TSFR3M + 6.162%, 07/30/31(A)(B)		640		620
OZLM IX, Ser 2014-9A, Cl DRR
Callable 10/20/24 @ $100.000
11.664%, TSFR3M + 6.382%, 10/20/31(A)(B)		480		475
OZLM VIII, Ser 2014-8A, Cl DRR
Callable 10/17/24 @ $100.000
11.627%, TSFR3M + 6.342%, 10/17/29(A)(B)		1,590		1,589
OZLM XI, Ser 2015-11A, Cl DR
Callable 10/30/24 @ $100.000
12.517%, TSFR3M + 7.262%, 10/30/30(A)(B)		250		249
OZLM XVII, Ser 2017-17A, Cl D
Callable 10/20/24 @ $100.000
11.534%, TSFR3M + 6.252%, 07/20/30(A)(B)		360		349
Palmer Square CLO, Ser 2023-1A, Cl E
Callable 01/20/25 @ $100.000
13.362%, TSFR3M + 8.080%, 01/20/36(A)(B)		1,500		1,520

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND SEPTEMBER 30, 2024 (Unaudited)

ASSET-BACKED SECURITIES — continued
	Face Amount (000)		Fair Value (000)
CAYMAN ISLANDS — (continued)
Park Avenue Institutional Advisers CLO, Ser 2018-1A, Cl C
Callable 10/20/24 @ $100.000
8.874%, TSFR3M + 3.592%, 10/20/31(A)(B)	$	1,000	$	999
Rad CLO, Ser 2020-7A, Cl FR
Callable 04/17/25 @ $100.000
12.416%, TSFR3M + 7.130%, 04/17/36(A)(B)		320		313
Regatta XIV Funding, Ser 2018-3A, Cl E
Callable 01/25/25 @ $100.000
11.496%, TSFR3M + 6.212%, 10/25/31(A)(B)		1,250		1,234
Regatta XIX Funding, Ser 2022-1A, Cl E
Callable 10/20/24 @ $100.000
12.162%, TSFR3M + 6.880%, 04/20/35(A)(B)		250		252
Renew, Ser 2024-2A, Cl A
Callable 11/20/43 @ $100.000
5.326%, 11/20/60(A)		9,000		8,949
Sculptor CLO XXVII, Ser 2021-27A, Cl E
Callable 10/20/24 @ $100.000
12.594%, TSFR3M + 7.312%, 07/20/34(A)(B)		3,000		2,975
Sycamore Tree CLO, Ser 2023-2A, Cl ER
Callable 01/20/26 @ $100.000
12.962%, TSFR3M + 7.680%, 01/20/37(A)(B)		1,000		1,007
Symphony CLO XX, Ser 2019-20A, Cl E
Callable 01/16/25 @ $100.000
11.838%, TSFR3M + 6.552%, 01/16/32(A)(B)		250		247
TIAA CLO I, Ser 2016-1A, Cl DR
Callable 01/20/25 @ $100.000
9.044%, TSFR3M + 3.762%, 07/20/31(A)(B)		500		500
TICP CLO VII, Ser 2027-7A, Cl ER
Callable 04/15/25 @ $100.000
12.613%, TSFR3M + 7.312%, 04/15/33(A)(B)		1,830		1,825
				85,360
JERSEY — 0.3%
Benefit Street Partners CLO XXX, Ser 2023-30A, Cl D
Callable 04/25/25 @ $100.000
10.885%, TSFR3M + 5.600%, 04/25/36(A)(B)		1,375		1,399
Boyce Park CLO, Ser 2022-1A, Cl E
Callable 10/21/24 @ $100.000
11.532%, TSFR3M + 6.250%, 04/21/35(A)(B)		1,000		994

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND SEPTEMBER 30, 2024 (Unaudited)

ASSET-BACKED SECURITIES — continued
	Face Amount (000)		Fair Value (000)
JERSEY — (continued)
Deerpath Capital CLO, Ser 2020-1A, Cl DR
11.676%, TSFR3M + 6.390%, 04/17/34(A)(B)	$	250	$	252
Dryden CLO, Ser 2023-107A, Cl E
Callable 08/15/25 @ $100.000
12.848%, TSFR3M + 7.730%, 08/15/35(A)(B)		590		601
Halseypoint CLO, Ser 2023-7A, Cl E
Callable 07/20/25 @ $100.000
14.062%, TSFR3M + 8.780%, 07/20/36(A)(B)		360		370
ICG US CLO, Ser 2023-1A, Cl E
Callable 01/18/25 @ $100.000
14.089%, TSFR3M + 8.810%, 07/18/36(A)(B)		740		761
Ivy Hill Middle Market Credit Fund XXI, Ser 2023-21A, Cl E
Callable 10/18/25 @ $100.000
13.799%, TSFR3M + 8.520%, 07/18/35(A)(B)		450		450
OCP CLO, Ser 2024-31A, Cl E
Callable 04/20/26 @ $100.000
12.193%, TSFR3M + 6.900%, 04/20/37(A)(B)		1,440		1,447
				6,274
UNITED KINGDOM — 0.1%
Newday Funding Master Issuer, Ser 2024-2A, Cl E
Callable 07/15/27 @ $100.000
8.859%, SONIO/N + 3.900%, 07/15/32(A)(B)	GBP	1,800		2,407
UNITED STATES — 5.9%
Accelerated, Ser 2024-1A, Cl A
Callable 02/22/32 @ $100.000
4.680%, 08/22/44(A)	$	6,319		6,303
ACHV ABS TRUST, Ser 2023-3PL, Cl D
Callable 04/18/26 @ $100.000
8.360%, 08/19/30(A)		1,000		1,029
ACHV ABS TRUST, Ser 2023-4CP, Cl E
Callable 03/25/26 @ $100.000
10.500%, 11/25/30(A)		500		514
ACHV ABS TRUST, Ser 2024-2PL, Cl D
Callable 01/25/28 @ $100.000
6.400%, 10/27/31(A)		2,546		2,573
Affirm Asset Securitization Trust, Ser 2023-X1, Cl D
Callable 06/15/25 @ $100.000
9.550%, 11/15/28(A)		110		113

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND SEPTEMBER 30, 2024 (Unaudited)

ASSET-BACKED SECURITIES — continued
	Face Amount (000)		Fair Value (000)
UNITED STATES — (continued)
Affirm Asset Securitization Trust, Ser 2024-A, Cl 1E
Callable 02/15/26 @ $100.000
9.170%, 02/15/29(A)	$	1,500	$	1,534
Affirm Asset Securitization Trust, Ser 2024-A, Cl D
Callable 02/15/26 @ $100.000
6.890%, 02/15/29(A)		1,300		1,317
Affirm Asset Securitization Trust, Ser 2024-B, Cl A
Callable 09/15/26 @ $100.000
4.620%, 09/15/29(A)		7,500		7,501
Affirm Asset Securitization Trust, Ser 2024-B, Cl E
Callable 09/15/26 @ $100.000
7.350%, 09/15/29(A)		2,850		2,855
Ally Bank Auto Credit-Linked Notes, Ser 2024-A, Cl G
Callable 12/15/27 @ $100.000
12.748%, 05/17/32(A)		523		534
AMSR Trust, Ser 2023-SFR2, Cl F1
3.950%, 06/17/40(A)		210		186
AMSR Trust, Ser 2023-SFR2, Cl F2
3.950%, 06/17/40(A)		640		545
Aqua Finance Trust, Ser 2024-A, Cl A
Callable 06/17/30 @ $100.000
4.810%, 04/18/50(A)		9,000		8,999
Ascent Education Funding Trust, Ser 2024-A, Cl C
Callable 05/25/34 @ $100.000
8.010%, 10/25/50(A)		130		133
Brex Commercial Charge Card Master Trust, Ser 2024-1, Cl B
11.590%, 07/15/27(A)		500		505
ClickLease Equipment Receivables Trust, Ser 2024-1, Cl C
Callable 05/15/27 @ $100.000
8.400%, 02/15/30(A)		230		237
ClickLease Equipment Receivables Trust, Ser 2024-1, Cl D
Callable 05/15/27 @ $100.000
11.410%, 02/15/30(A)		770		795
CPS Auto Receivables Trust, Ser 2023-D, Cl E
Callable 01/15/28 @ $100.000
10.130%, 05/15/31(A)		1,630		1,807

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND SEPTEMBER 30, 2024 (Unaudited)

ASSET-BACKED SECURITIES — continued
	Face Amount (000)		Fair Value (000)
UNITED STATES — (continued)
CPS Auto Receivables Trust, Ser 2024-B, Cl E
Callable 06/15/29 @ $100.000
8.360%, 11/17/31(A)	$	700	$	728
CyrusOne Data Centers Issuer I, Ser 2024-3A, Cl A2
4.650%, 05/20/49(A)		120		113
Ent Auto Receivables Trust, Ser 2023-1A, Cl D
Callable 03/15/28 @ $100.000
7.700%, 03/17/31(A)		1,560		1,636
Exeter Automobile Receivables Trust, Ser 2023-3A, Cl E
Callable 08/15/27 @ $100.000
9.980%, 01/15/31(A)		1,130		1,241
Exeter Automobile Receivables Trust, Ser 2023-4A, Cl E
Callable 10/15/27 @ $100.000
9.570%, 02/18/31(A)		1,290		1,403
FHF Issuer Trust, Ser 2024-1A, Cl C
Callable 01/15/28 @ $100.000
7.420%, 05/15/31(A)		900		939
FIGRE Trust, Ser 2023-HE4, Cl A
5.056%, 09/25/54(A)(B)		10,000		10,041
Foundation Finance Trust, Ser 2024-2A, Cl A
Callable 12/15/29 @ $100.000
4.600%, 03/15/50(A)		8,500		8,516
Frontier Issuer, Ser 2024-1, Cl C
Callable 05/20/28 @ $100.000
11.160%, 06/20/54(A)		1,170		1,341
Hertz Vehicle Financing III, Ser 2021-2A, Cl D
4.340%, 12/27/27(A)		490		451
Hertz Vehicle Financing III, Ser 2023-1A, Cl 1D
9.130%, 06/25/27(A)		470		474
Hertz Vehicle Financing III, Ser 2023-2A, Cl D
9.400%, 09/25/29(A)		250		255
Hertz Vehicle Financing III, Ser 2023-4A, Cl D
9.440%, 03/25/30(A)		290		297
Hertz Vehicle Financing, Ser 2022-2A, Cl D
Callable 06/25/27 @ $100.000
5.160%, 06/26/28(A)		250		230

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND SEPTEMBER 30, 2024 (Unaudited)

ASSET-BACKED SECURITIES — continued
	Face Amount (000)			Fair Value (000)
UNITED STATES — (continued)
Hertz Vehicle Financing, Ser 2022-4A, Cl D
Callable 09/25/25 @ $100.000
6.560%, 09/25/26(A)	$	250		$	247
Hertz Vehicle Financing, Ser 2022-5A, Cl D
Callable 09/25/27 @ $100.000
6.780%, 09/25/28(A)		1,370			1,305
Hotwire Funding, Ser 2024-1A, Cl C
Callable 06/20/27 @ $100.000
9.188%, 06/20/54(A)		140			148
Laurel Road Prime Student Loan Trust, Ser 2017-B, Cl R
Callable 10/25/24 @ $100.000
08/25/42(A)(D)		—	^		25
Lendbuzz Securitization Trust, Ser 2024-3A, Cl A2
Callable 04/15/28 @ $100.000
4.970%, 10/15/29(A)		5,750			5,758
Mariner Finance Issuance Trust, Ser 2024-AA, Cl D
Callable 08/20/27 @ $100.000
6.770%, 09/22/36(A)		570			583
Marlette Funding Trust, Ser 2022-3A, Cl D
Callable 11/15/26 @ $100.000
7.800%, 11/15/32(A)		170			172
Marlette Funding Trust, Ser 2023-2A, Cl D
Callable 05/15/27 @ $100.000
7.920%, 06/15/33(A)		1,670			1,702
Marlette Funding Trust, Ser 2023-3A, Cl D
Callable 09/15/27 @ $100.000
8.040%, 09/15/33(A)		1,520			1,591
Marlette Funding Trust, Ser 2024-1A, Cl D
Callable 10/15/28 @ $100.000
6.930%, 07/17/34(A)		1,760			1,809
Mercury Financial Credit Card Master Trust, Ser 2024-2A, Cl B
Callable 04/20/26 @ $100.000
7.430%, 07/20/29(A)		2,100			2,144
Mission Lane Credit Card Master Trust, Ser 2024-A, Cl C
Callable 03/15/26 @ $100.000
7.320%, 08/15/29(A)		1,360			1,374

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND SEPTEMBER 30, 2024 (Unaudited)

ASSET-BACKED SECURITIES — continued
	Face Amount (000)		Fair Value (000)
UNITED STATES — (continued)
OnDeck Asset Securitization Trust IV, Ser 2023-1A, Cl C
9.930%, 08/19/30(A)	$	600	$	627
OnDeck Asset Securitization Trust IV, Ser 2024-1A, Cl C
Callable 06/17/26 @ $100.000
8.990%, 06/17/31(A)		100		104
OnDeck Asset Securitization Trust IV, Ser 2024-2A, Cl C
7.030%, 10/17/31(A)		1,300		1,298
OnDeck Asset Securitization Trust IV, Ser 2024-2A, Cl D
9.490%, 10/17/31(A)		140		140
OneMain Financial Issuance Trust, Ser 2023-2A, Cl D
Callable 09/14/26 @ $100.000
7.520%, 09/15/36(A)		1,560		1,644
PEAC Solutions Receivables, Ser 2024-2A, Cl A3
Callable 06/20/27 @ $100.000
4.650%, 10/20/31(A)		5,000		4,988
Progress Residential Trust, Ser 2024-SFR2, Cl F
3.650%, 04/17/41(A)(B)		690		572
Progress Residential Trust, Ser 2024-SFR3, Cl E2
4.000%, 06/17/41(A)		2,000		1,808
Progress Residential Trust, Ser 2024-SFR4, Cl F1
3.400%, 07/17/41(A)		140		113
Purchasing Power Funding, Ser 2024-A, Cl D
7.260%, 08/15/28(A)		450		460
Reach ABS Trust, Ser 2024-1A, Cl D
Callable 03/15/28 @ $100.000
10.640%, 02/18/31(A)		270		293
Regional Management Issuance Trust, Ser 2022-1, Cl D
Callable 03/15/25 @ $100.000
6.720%, 03/15/32(A)		250		245
Regional Management Issuance Trust, Ser 2024-1, Cl D
Callable 05/15/29 @ $100.000
7.460%, 07/15/36(A)		2,500		2,600
STAR Trust, Ser 2024-SFR4, Cl A
Callable 10/17/26 @ $100.000
6.711%, TSFR1M + 1.750%, 10/17/41(A)(B)		10,000		10,009

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND SEPTEMBER 30, 2024 (Unaudited)

ASSET-BACKED SECURITIES — continued
	Face Amount (000)		Fair Value (000)
UNITED STATES — (continued)
Thor, Ser 2024-A, Cl C
Callable 02/15/29 @ $100.000
7.660%, 08/15/41(A)	$	120	$	120
Upstart Securitization Trust, Ser 2023-2, Cl C
Callable 04/20/27 @ $100.000
11.870%, 06/20/33(A)		1,134		1,191
Upstart Securitization Trust, Ser 2023-3, Cl B
Callable 05/20/27 @ $100.000
8.250%, 10/20/33(A)		1,204		1,247
US Bank, Ser 2023-1, Cl C
Callable 10/25/26 @ $100.000
9.785%, 08/25/32(A)		310		315
US Bank, Ser 2023-1, Cl D
Callable 10/25/26 @ $100.000
13.597%, 08/25/32(A)		468		476
VB-S1 Issuer, Ser 2024-1A, Cl F
Callable 05/15/27 @ $100.000
8.871%, 05/15/54(A)		130		134
Verdant Receivables, Ser 2024-1A, Cl D
Callable 08/12/28 @ $100.000
7.230%, 12/12/31(A)		570		591
Vista Point Securitization Trust, Ser 2024-CES1, Cl B1
Callable 05/25/27 @ $100.000
8.867%, 05/25/54(A)(B)		130		133
VStrong Auto Receivables Trust, Ser 2023-A, Cl D
Callable 04/15/28 @ $100.000
9.310%, 02/15/30(A)		1,255		1,415
VStrong Auto Receivables Trust, Ser 2023-A, Cl E
Callable 04/15/28 @ $100.000
9.990%, 12/16/30(A)		1,080		1,158
Westgate Resorts, Ser 2023-1A, Cl D
Callable 04/20/27 @ $100.000
10.140%, 12/20/37(A)		315		325
Westgate Resorts, Ser 2024-1A, Cl D
Callable 11/20/27 @ $100.000
9.260%, 01/20/38(A)		1,401		1,420
				115,429
TOTAL ASSET-BACKED SECURITIES
(Cost $206,154) (000)				209,726

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND SEPTEMBER 30, 2024 (Unaudited)

CONVERTIBLE BONDS — 7.2%
	Face Amount (000)		Fair Value (000)
CANADA — 0.1%
Shopify
0.13%, 11/01/25	$	2,313	$	2,226
CHINA — 0.8%
Alibaba Group Holding
0.50%, 06/01/31(A)		3,010		3,701
Trip.com Group
0.75%, 06/15/29(A)		4,593		5,252
ZTO Express Cayman
1.50%, 09/01/27		5,208		5,544
				14,497
SINGAPORE — 0.3%
Sea
2.38%, 12/01/25		5,055		6,056
UNITED STATES — 6.0%
Akamai Technologies
1.13%, 02/15/29		2,140		2,169
Bloom Energy
3.00%, 06/01/28		4,290		3,943
Carnival
5.75%, 12/01/27		4,990		8,024
CMS Energy
3.38%, 05/01/28		5,000		5,355
Coinbase Global
0.25%, 04/01/30(A)		1,625		1,470
CONMED
2.25%, 06/15/27		3,000		2,783
DigitalOcean Holdings
0.00%, 12/01/26(E)		1,414		1,249
DraftKings Holdings
0.00%, 03/15/28(E)		4,975		4,306
Duke Energy
4.13%, 04/15/26		5,000		5,292
Etsy
0.13%, 10/01/26		3,000		2,958
Exact Sciences
0.38%, 03/01/28		3,960		3,701
FirstEnergy
4.00%, 05/01/26		4,990		5,222

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND SEPTEMBER 30, 2024 (Unaudited)

CONVERTIBLE BONDS — continued
	Face Amount (000)		Fair Value (000)
Ford Motor
0.00%, 03/15/26(E)	$	5,000	$	4,892
JetBlue Airways
0.50%, 04/01/26		476		437
Liberty Media
2.38%, 09/30/53(A)		4,990		5,956
Lumentum Holdings
0.50%, 06/15/28		3,109		2,688
Match Group Financeco 3
2.00%, 01/15/30(A)		315		282
MicroStrategy
0.88%, 03/15/31(A)		3,881		4,019
NCL
1.13%, 02/15/27		4,970		4,808
Opendoor Technologies
0.25%, 08/15/26(A)		1,408		1,179
PennyMac
8.50%, 06/01/29(A)		300		300
PG&E
4.25%, 12/01/27(A)		5,037		5,455
Redwood Trust
7.75%, 06/15/27		3,043		3,034
RWT Holdings
5.75%, 10/01/25		338		331
Sarepta Therapeutics
1.25%, 09/15/27		5,000		5,667
SoFi Technologies
1.25%, 03/15/29(A)		3,730		3,972
TXNM Energy
5.75%, 06/01/54(A)		5,000		5,421
UGI
5.00%, 06/01/28(A)		4,485		4,770
Vishay Intertechnology
2.25%, 09/15/30		5,000		4,577
Wayfair
3.50%, 11/15/28		4,904		7,221

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND SEPTEMBER 30, 2024 (Unaudited)

CONVERTIBLE BONDS — continued
	Face Amount (000)		Fair Value (000)
WEC Energy Group
4.38%, 06/01/29(A)	$	4,940	$	5,466
				116,947
TOTAL CONVERTIBLE BONDS
(Cost $132,597) (000)				139,726
PREFERRED STOCK — 0.3%
	Shares
UNITED STATES — 0.3%
Brookfield Property Partners, 6.250%		15,625		268
Chart Industries, 6.750%		95,720		4,810
MFA Financial, 6.500%		2,275		54
New York Mortgage Trust, 7.875%		1,275		31
New York Mortgage Trust, 6.875%		575		12
Rithm Capital, 6.375%		575		14
TPG RE Finance Trust, 6.250%		21,103		403
TOTAL PREFERRED STOCK
(Cost $5,550) (000)				5,592
COMMON STOCK — 0.2%
UNITED STATES — 0.2%
Lantheus Holdings*		31,564		3,464
Total Common Stock
(Cost $3,920) (000)				3,464
PURCHASED OPTIONS — 0.1%
	Contracts
PURCHASED OPTIONS
Total Purchased Options(G) (Cost $3,946) (000)		2,891	$	3,123

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND SEPTEMBER 30, 2024 (Unaudited)

SHORT-TERM INVESTMENT — 25.3%
	Shares			Fair Value (000)
BlackRock Cash Funds Treasury Fund - Institutional Shares
5.030%(H)		493,229,679		$	493,230
TOTAL SHORT-TERM INVESTMENT
(Cost $493,230) (000)					493,230
TOTAL INVESTMENTS — 185.1%
(Cost $3,557,464) (000)				$	3,610,262
SECURITIES SOLD SHORT
CORPORATE OBLIGATIONS — (0.6)%
	Face Amount (000)			Fair Value (000)
UNITED STATES — (0.6)%
Cleveland-Cliffs
6.750%, 04/15/30 (A)	$	(2,874	)		(2,922	)
Embecta
5.000%, 02/15/30 (A)		(914	)		(842	)
Fiesta Purchaser
7.875%, 03/01/31 (A)		(1,881	)		(1,996	)
Fortress Intermediate 3
7.500%, 06/01/31 (A)		(924	)		(975	)
Guitar Center
8.500%, 01/15/26 (A)		(1,288	)		(1,121	)
Herbalife Nutrition
7.875%, 09/01/25 (A)		(500	)		(498	)
HUB International
5.625%, 12/01/29 (A)		(669	)		(656	)
Organon
5.125%, 04/30/31 (A)		(1,826	)		(1,720	)
Park-Ohio Industries
6.625%, 04/15/27		(927	)		(910	)
Zayo Group Holdings
4.000%, 03/01/27 (A)		(924	)		(826	)
					(12,466	)
TOTAL CORPORATE OBLIGATIONS
(Proceeds $(11,992)) (000)					(12,466	)

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND SEPTEMBER 30, 2024 (Unaudited)

U.S. TREASURY OBLIGATION — (1.1)%
	Face Amount (000)			Fair Value (000)
U.S. Treasury Note
4.625%, 06/15/27	$	(20,000	)	$	(20,540	)
Total U.S. Treasury Obligation
(Proceeds $-20,133) (000)					(20,540	)
COMMON STOCK — (3.6)%
	Shares
CANADA — 0.0%
Shopify, Cl A		(3,222	)		(258	)
CHINA — (0.4)%
Alibaba Group Holding ADR		(21,674	)		(2,300	)
Trip.com Group ADR		(46,238	)		(2,748	)
ZTO Express Cayman ADR		(92,888	)		(2,301	)
					(7,349	)
SINGAPORE — (0.2)%
Sea ADR		(32,970	)		(3,108	)
UNITED STATES — (3.0)%
Akamai Technologies		(9,554	)		(965	)
Bloom Energy, Cl A		(159,287	)		(1,682	)
Carnival		(291,039	)		(5,378	)
Chart Industries		(30,828	)		(3,827	)
CMS Energy		(33,565	)		(2,371	)
Coinbase Global, Cl A		(3,494	)		(622	)
CONMED		(6,192	)		(445	)
DraftKings, Cl A		(25,688	)		(1,007	)
Duke Energy		(21,148	)		(2,438	)
Etsy		(15,053	)		(836	)
Exact Sciences		(18,039	)		(1,229	)
FirstEnergy		(44,767	)		(1,986	)
Ford Motor		(119,425	)		(1,261	)
Lantheus Holdings		(31,564	)		(3,464	)
Live Nation Entertainment		(35,674	)		(3,906	)
Lumentum Holdings		(10,796	)		(684	)
Match Group		(1,757	)		(67	)
MicroStrategy, Cl A		(12,391	)		(2,089	)
Norwegian Cruise Line Holdings		(67,866	)		(1,392	)
PG&E		(115,182	)		(2,277	)
Sarepta Therapeutics		(23,773	)		(2,969	)

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND SEPTEMBER 30, 2024 (Unaudited)

COMMON STOCK — continued
	Shares			Fair Value (000)
UNITED STATES — (continued)
SoFi Technologies		(300,078	)	$	(2,359	)
TXNM Energy		(78,700	)		(3,445	)
UGI		(94,292	)		(2,359	)
Vishay Intertechnology		(86,698	)		(1,639	)
Wayfair, Cl A		(90,531	)		(5,086	)
WEC Energy Group		(26,564	)		(2,555	)
					(58,338	)
TOTAL COMMON STOCK
(Proceeds $(63,434)) (000)					(69,053	)
TOTAL SECURITIES SOLD SHORT — (5.3)%
(Proceeds $(95,559)) (000)				$	(102,059	)

^	Amount rounds to less than $1(000).
*	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." On September 30, 2024, the value of these securities amounted $686,569 (000) and represented 35.2% 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.
(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.
(D)	No rate available.
(E)	Zero Coupon Security.
(F)	Perpetual security with no stated maturity date.
(G)	Refer to table below for details on Options Contracts.
(H)	Rate shown is the 7-day effective yield as of September 30, 2024. The BlackRock Cash Funds Treasury Fund's financial statements are available on the SEC's website at https://www.sec.gov.

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND SEPTEMBER 30, 2024 (Unaudited)

Open exchange traded options contract held by the Fund at September 30, 2024 are as follows:

PURCHASED OPTIONS — 0.0%
	Number of Contracts		Notional Amount (000)		Strike Price		Expiration Date		Fair Value (000)
CALL OPTIONS
UNITED STATES — 0.0%
10 Year U.S. Treasury Long Bond Future Option		542	$	61,940	$	114.00		10/28/24	$	449
10 Year U.S. Treasury Long Bond Future Option		903		103,195		114.50		10/28/24		522
										971
PUT OPTIONS
UNITED STATES — 0.0%
10 Year U.S. Treasury Long Bond Future Option		542		61,940		114.00		10/28/24		296
10 Year U.S. Treasury Long Bond Future Option		903		103,195		114.50		10/28/24		719
										1,015
Total Purchased Options										1,986

Open OTC options contract held by the Fund at September 30, 2024 are as follows:

PURCHASED OPTION — 0.1%
	Counterparty		Number of Contracts		Notional Amount (000)		Strike Price			Expiration Date		Fair Value (000)
CALL OPTIONS
UNITED STATES — 0.1%
Palladium Dispersion Basket Option, Strike Price 18%(1)		UBS		1	$	50,000	$	18	%		03/14/25	$	1,137
Total Purchased Options												$	1,137

(1) This option contract is written on the average absolute dispersion between a basket of the top 25 names in the S&P 500 at contract initiation and the individual components of the basket. Payoff is computed as the average absolute deviation of each component versus the basket performance above the strike over the life of the contract, strike is set at 18% average dispersion.

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND SEPTEMBER 30, 2024 (Unaudited)

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

Type of Contract	Number of Contracts		Expiration Date		Notional Amount (000)			Value (000)			Unrealized Appreciation/ (Depreciation) (000)
Long Contracts
S&P 500 Annual Dividend Index		1,982		Dec-2024	$	30,324		$	37,187		$	6,863
S&P 500 Annual Dividend Index		1,605		Dec-2026		29,994			30,114			120
						60,318			67,301			6,983
Short Contracts
U.S. 2-Year Treasury Note		(8,028)		Dec-2024	$	(1,668,246	)	$	(1,671,768	)	$	(3,522	)
U.S. 10-Year Treasury Note		(2,846)		Dec-2024		(325,021	)		(325,245	)		(224	)
U.S. Ultra Long Treasury Bond		(48)		Dec-2024		(6,428	)		(6,389	)		39
						(1,999,695	)		(2,003,402	)		(3,707	)
					$	(1,939,377	)	$	(1,936,101	)	$	3,276

Open forward foreign currency contract held by the Fund at September 30, 2024 is as follows:

Counterparty	Settlement Date		Currency to Deliver (000)			Currency to Receive (000)			Unrealized Appreciation/ (Depreciation) (000)
JPMorgan Chase Bank		10/18/24		GBP	7,219		USD	9,587	$	(64	)
JPMorgan Chase Bank		10/18/24		USD	581		GBP	440		7
									$	(57	)

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND SEPTEMBER 30, 2024 (Unaudited)

Open centrally cleared swap contracts held by the Fund at September 30, 2024 are as follows:

Interest Rate Swaps
Fund Pays	Fund Receives		Payment Frequency		Termination Date		Currency		Notional Amount (000)		Value (000)				Upfront Payments/ Receipts (000)		Net Unrealized Appreciation (Depreciation) (000)
4.746%		SOFR INDEX		Annually		05/08/2026		USD		1,626	$	(25	)	$	–		$	(25	)
4.498%		SOFR INDEX		Annually		05/08/2027		USD		6,746		(68	)		16			(84	)
4.341%		SOFR INDEX		Annually		05/08/2028		USD		22,563		(701	)		6			(707	)
4.246%		SOFR INDEX		Annually		05/08/2029		USD		7,830		(292	)		16			(308	)
4.191%		SOFR INDEX		Annually		05/08/2030		USD		3,777		(159	)		(14	)		(145	)
4.191%		SOFR INDEX		Annually		05/08/2030		USD		3,777		(166	)		–			(166	)
4.156%		SOFR INDEX		Annually		05/08/2031		USD		1,910		(90	)		2			(92	)
4.132%		SOFR INDEX		Annually		05/08/2032		USD		302		(16	)		–			(16	)
4.107%		SOFR INDEX		Annually		05/08/2034		USD		243		(14	)		–			(14	)
4.104%		SOFR INDEX		Annually		05/08/2036		USD		753		(49	)		–			(49	)
4.102%		SOFR INDEX		Annually		05/08/2039		USD		47		(3	)		–			(3	)
4.102%		SOFR INDEX		Annually		05/08/2039		USD		624		(40	)		3			(43	)
4.067%		SOFR INDEX		Annually		05/08/2044		USD		255		(21	)		–			(21	)
3.971%		SOFR INDEX		Annually		05/08/2049		USD		267		(24	)		–			(24	)
											$	(1,668	)	$	29		$	(1,697	)

Open OTC swap agreements held by the Fund at September 30, 2024 are as follows:

Credit Default Swap

Counterparty

Reference Entity/ Obligation

Buy/Sell Protection

(Pays)/Receives Rate

Payment Frequency

Termination Date

Notional Amount (000)

Value (000)

Upfront Payments/ Receipts (000)

Net Unrealized Appreciation (000)

JPMorgan Chase

Cleveland-Cliffs

Buy

5.00%

Quarterly

12/20/2029

$990

$

82

$

(76

)

$

158

Total Return Swaps

Counterparty

Reference Entity/ Obligation

Fund Pays

Fund Receives

Payment Frequency

Termination Date

Currency

Notional Amount (000)^

Fair Value (000)

Upfront Payments/ Receipts (000)

Net Unrealized Appreciation (Depreciation) (000)

Bank of America

**BABXRPFB INDEX

0.00%

TOTAL RETURN

Quarterly

01/06/25

USD

118,069

$

(1,909

)

$

–

$

(1,909

)

Bank of America

**BABXRPFV INDEX

0.00%

TOTAL RETURN

Quarterly

01/21/25

USD

48,410

359

–

359

Bank of America

**BAESFSGR INDEX

0.10%

TOTAL RETURN

Quarterly

07/31/25

USD

93,993

(1,077

)

–

(1,077

)

Bank of America

**BAFXCAVE INDEX

0.00%

TOTAL RETURN

Quarterly

09/22/25

USD

89,535

(530

)

–

(530

)

BNP Paribas

**BNPUMFRL INDEX

SOFR +0.60%

TOTAL RETURN

Quarterly

05/06/25

USD

98,163

5,608

–

5,608

BNP Paribas

**BNPUMFRS INDEX

TOTAL RETURN

SOFR -0.05%

Quarterly

05/06/25

USD

97,333

(5,113

)

–

(5,113

)

BNP Paribas

**BPFXMRGU INDEX

0.10%

TOTAL RETURN

Quarterly

09/18/25

USD

38,875

(248

)

–

(248

)

CIBC Bank

**CIBQC01E INDEX

0.30%

TOTAL RETURN

Quarterly

08/27/25

USD

67,714

(1,065

)

–

(1,065

)

Deutsche Bank

**DBGNLASU INDEX

0.00%

TOTAL RETURN

Quarterly

01/27/25

USD

47,671

54

–

54

Deutsche Bank

**DBTIDUS5 INDEX

0.00%

TOTAL RETURN

Quarterly

08/08/25

USD

93,014

(457

)

–

(457

)

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND SEPTEMBER 30, 2024 (Unaudited)

Counterparty

Reference Entity/ Obligation

Fund Pays

Fund Receives

Payment Frequency

Termination Date

Currency

Notional Amount (000)^

Fair Value (000)

Upfront Payments/ Receipts (000)

Net Unrealized Appreciation (Depreciation) (000)

Goldman Sachs

**GSCBEJFB INDEX

SOFR +0.35%

TOTAL RETURN

N/A

10/31/24

USD

119,091

$

1,442

$

–

$

1,442

Goldman Sachs

**GSCBFSGR INDEX

TOTAL RETURN

SOFR -0.10%

Quarterly

09/19/25

USD

48,609

(286

)

–

(286

)

Goldman Sachs

**GSCBFSVA INDEX

SOFR +0.30%

TOTAL RETURN

Quarterly

09/19/25

USD

48,723

(575

)

–

(575

)

Goldman Sachs

**GSUC22VL INDEX

FED FUNDS +0.50%

TOTAL RETURN

N/A

10/06/24

USD

120,319

(1,413

)

–

(1,413

)

Goldman Sachs

**GSUC22VS INDEX

TOTAL RETURN

FED FUNDS -0.50%

N/A

10/06/24

USD

98,640

513

–

513

Goldman Sachs

**GSVISK1D INDEX

0.00%

TOTAL RETURN

Quarterly

08/13/25

USD

54,635

1,281

–

1,281

Goldman Sachs

**GSXAF11F INDEX

-0.30%

TOTAL RETURN

Quarterly

03/14/25

USD

100,527

(5,379

)

–

(5,379

)

Goldman Sachs

**RCXTMGT3 INDEX

0.00%

TOTAL RETURN

Quarterly

10/11/24

USD

42,303

(684

)

–

(684

)

Goldman Sachs

SPSIRBKT INDEX

TOTAL RETURN

SOFR -0.20%

N/A

10/31/24

USD

100,609

12

–

12

JPMorgan Chase

**JMABNPMF INDEX

0.20%

TOTAL RETURN

Annually

03/31/25

USD

54,312

(672

)

–

(672

)

JPMorgan Chase

IBOXHY INDEX

TOTAL RETURN

SOFR

Quarterly

12/20/24

USD

13,450

(487

)

82

(569

)

JPMorgan Chase

IBOXHY INDEX

TOTAL RETURN

SOFR

Quarterly

03/20/25

USD

13,450

(758

)

108

(866

)

JPMorgan Chase

IBXXLLTR INDEX

SOFR

TOTAL RETURN

Quarterly

12/20/24

USD

4,929

100

(29

)

129

Macquarie Bank Limited

**MQIS311 INDEX

0.25%

TOTAL RETURN

Quarterly

03/25/25

USD

107,590

1,572

–

1,572

Nomura

**NMSY2RNU INDEX

0.15%

TOTAL RETURN

Quarterly

07/31/25

USD

73,859

1,071

–

1,071

Societe Generale

**SGEPVLHE INDEX

0.00%

TOTAL RETURN

Quarterly

07/02/25

EUR

86,602

(2,574

)

–

(2,574

)

Societe Generale

**SGIPULSU INDEX

0.25%

TOTAL RETURN

Quarterly

01/29/25

USD

34,513

268

–

268

Societe Generale

**SGIXFVET INDEX

SOFR +0.20%

TOTAL RETURN

Quarterly

08/01/25

USD

46,176

(458

)

–

(458

)

Societe Generale

**SGIXVR2U INDEX

SOFR

TOTAL RETURN

N/A

04/04/25

USD

49,384

121

–

121

UBS

**UBCSBSB2 INDEX

0.00%

TOTAL RETURN

Annually

08/27/25

USD

234,884

2,253

–

2,253

2,245,382

$

(9,031

)

$

161

$

(9,192

)

^ Notional amounts for OTC swaps are listed in their local currency.

** The following tables represent the individual underlying components comprising the Index Basket Swaps at September 30, 2024.

**BABXRPFB Index: A commodity multi-factor basket of eight strategies targeting four factors: Carry, Liquidity, Relative Value, and Value
	Top Underlying Components		Notional		Percentage of Notional
Future	Brent Crude Futures March 25	$	(18,561,050	)	-15.98	%
	WTI Crude Futures March 25		18,416,286		15.85	%
	WTI Crude Futures November 24		(18,015,522	)	-15.51	%
	Natural Gas Futures January 25		(14,619,467	)	-12.59	%
	Soybean Futures January 25		(12,895,282	)	-11.10	%
	Soybean Futures March 25		10,228,539		8.81	%
	Corn Futures May 25		9,064,382		7.80	%

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND SEPTEMBER 30, 2024 (Unaudited)

Top Underlying Components		Notional		Percentage of Notional
Brent Crude Futures February 25	$	8,539,385		7.35	%
LME Zinc Futures November 24		(8,424,333	)	-7.25	%
Soybean Meal Futures January 25		(8,406,984	)	-7.24	%
Natural Gas Futures March 25		7,870,316		6.78	%
Coffee 'C' Futures May 25		7,277,823		6.27	%
LME Copper Futures January 25		7,112,770		6.12	%
LME Copper Futures December 24		(7,061,568	)	-6.08	%
Soybean Meal Futures March 25		6,584,118		5.67	%
Soybean Oil Futures January 25		(6,277,806	)	-5.40	%
Live Cattle Futures April 25		6,216,807		5.35	%
Brent Crude Futures May 25		6,165,194		5.31	%
Natural Gas Futures February 25		5,182,612		4.46	%
WTI Crude Futures January 25		(5,060,665	)	-4.36	%
Sugar #11 (World) May 25		4,923,706		4.24	%
Coffee 'C' Futures December 24		(4,895,813	)	-4.21	%
Soybean Oil Futures March 25		4,813,266		4.14	%
Lean Hogs Futures April 25		4,443,882		3.83	%
Sugar #11 (World) March 25		(4,329,826	)	-3.73	%
Natural Gas Futures December 24		4,318,932		3.72	%
LME PRI Alum Futures March 25		4,306,470		3.71	%
LME PRI Alum Futures November 24		(4,255,697	)	-3.66	%
Brent Crude Futures June 25		(4,203,492	)	-3.62	%
WTI Crude Futures May 25		(4,171,152	)	-3.59	%
Brent Crude Futures January 25		4,153,516		3.58	%
WTI Crude Futures December 24		4,149,844		3.57	%
Corn Futures December 24		(4,105,348	)	-3.53	%
LME Zinc Futures January 25		3,934,539		3.39	%
Copper Futures March 25		(3,747,848	)	-3.23	%
Copper Futures May 25		3,742,768		3.22	%
Live Cattle Futures February 25		(3,473,970	)	-2.99	%
Low SU Gasoil G January 25		3,448,355		2.97	%
Corn Futures March 25		(3,060,348	)	-2.63	%
Wheat Futures (CBT) December 24		(3,049,118	)	-2.62	%
Gasoline RBOB Futures March 25		2,947,631		2.54	%
Soybean Futures May 25		2,920,730		2.51	%
Soybean Meal Futures December 24		2,912,842		2.51	%
Natural Gas Futures November 24		(2,866,541	)	-2.47	%
Gasoline RBOB Futures January 25		2,844,925		2.45	%
Lean Hogs Futures February 25		(2,813,106	)	-2.42	%
LME Zinc Futures March 25		2,742,718		2.36	%
LME Nickel Futures March 25		2,706,037		2.33	%
Live Cattle Futures December 24		(2,477,628	)	-2.13	%
Coffee 'C' Futures March 25		(2,321,600	)	-2.00	%
LME Copper Futures November 24		2,159,296		1.86	%
Copper Futures December 24		(2,159,296	)	-1.86	%
Mill Wheat Euro Futures December 24		(2,159,296	)	-1.86	%
LME Lead Futures November 24		(2,155,274	)	-1.86	%
Low SU Gasoil G March 25		2,107,525		1.81	%
Low SU Gasoil G November 24		(2,021,578	)	-1.74	%
KC HRW Wheat Futures March 25		1,957,109		1.68	%
NY Harb ULSD Futures January 25		1,907,368		1.64	%
LME Zinc Futures December 24		1,788,725		1.54	%
Cotton No.2 Futures March 25		1,658,163		1.43	%
LME Nickel Futures December 24		(1,627,571	)	-1.40	%
NY Harb ULSD Futures March 25		1,586,026		1.37	%

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND SEPTEMBER 30, 2024 (Unaudited)

	Top Underlying Components		Notional		Percentage of Notional
	Wheat Futures (CBT) May 25	$	1,563,422		1.35	%
	Cotton No.2 Futures December 24		(1,561,533	)	-1.34	%
	Canola Futures (WCE) November 24		1,527,225		1.31	%
	Wheat Futures (CBT) March 25		1,498,014		1.29	%
	Rapeseed Euro November 24		(1,481,615	)	-1.28	%
	Low SU Gasoil G December 24		(1,440,497	)	-1.24	%
	Soybean Oil Futures December 24		1,323,395		1.14	%
	Gasoline RBOB Futures November 24		(1,322,858	)	-1.14	%
	Cattle Feeder Futures November 24		(1,225,352	)	-1.05	%
Currency	Euro Spot		(3,640,910	)	-3.13	%
	Canadian Dollar Spot		1,527,225		1.31	%
**BABXRPFV Index: A commodity volatility multi-factor basket of four commodity strategies with equally weighted risk contributions targeting three factors: Vol Carry, Vol Hedging, and Relative Value Vol
	Top Underlying Components		Notional		Percentage of Notional
Future	Brent Crude Futures December 24	$	(23,210,529	)	-47.59	%
	WTI Crude Futures November 24		16,878,589		34.61	%
	Gold 100 oz Futures December 24		14,867,846		30.49	%
	Brent Crude Futures January 25		(13,282,980	)	-27.24	%
	WTI Crude Futures December 24		11,449,879		23.48	%
	Corn Futures December 24		7,026,148		14.41	%
	LME Copper Futures December 24		5,246,416		10.76	%
	WTI Crude Futures January 25		4,995,986		10.24	%
	Corn Futures March 25		4,744,878		9.73	%
	LME Copper Futures November 24		2,789,655		5.72	%
	Wheat Futures (CBT) December 24		(2,469,498	)	-5.06	%
	Wheat Futures (CBT) March 25		(1,683,068	)	-3.45	%
	Natural Gas Futures December 24		(418,641	)	-0.86	%
	Natural Gas Futures November 24		(64,440	)	-0.13	%
Option	Put Option on Brent Crude Futures December 24		(4,526,284	)	-9.28	%
	LME Copper Futures January 25		3,963,814		8.13	%
	Put Option on Brent Crude Futures January 25		(3,038,716	)	-6.23	%
	Put Option on WTI Crude Futures November 24		3,007,462		6.17	%
	Put Option on WTI Crude Futures December 24		2,470,952		5.07	%
	Put Option on Brent Crude Futures February 25		(2,139,847	)	-4.39	%
	Brent Crude Futures February 25		(2,100,492	)	-4.31	%
	Put Option on WTI Crude Futures January 25		2,059,768		4.22	%
	Call Option on Gold 100 Oz Futures December 24		(1,639,758	)	-3.36	%
	Call Option on Brent Crude Futures February 25		(1,442,533	)	-2.96	%
	Call Option on Corn Futures December 24		(1,130,402	)	-2.32	%
	LME Copper Futures October 24		(1,110,931	)	-2.28	%
	Put Option on WTI Crude Futures February 25		958,292		1.97	%
	Call Option on Corn Futures March 25		(914,001	)	-1.87	%
	Call Option on WTI Crude Futures January 25		886,117		1.82	%
	Call Option on WTI Crude Futures February 25		836,701		1.72	%
	Call Option on LME Copper Futures December 24		(800,026	)	-1.64	%
	Call Option on LME Copper Futures January 25		(776,960	)	-1.59	%
	Call Option on Wheat Futures (CBT) December 24		764,542		1.57	%
	Put Option on Brent Crude Futures March 25		(691,972	)	-1.42	%
	Call Option on Wheat Futures (CBT) March 25		616,274		1.26	%
	Put Option on Corn Futures December 24		(586,420	)	-1.20	%
	Call Option on Brent Crude Futures March 25		(565,951	)	-1.16	%
	Put Option on Wheat Futures (CBT) December 24		550,117		1.13	%
	Call Option on Brent Crude Futures January 25		(528,100	)	-1.08	%

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND SEPTEMBER 30, 2024 (Unaudited)

	Top Underlying Components		Notional		Percentage of Notional
	Call Option on LME Copper Futures November 24	$	(526,641	)	-1.08	%
	Put Option on Wheat Futures (CBT) March 25		379,860		0.78	%
	Put Option on Corn Futures March 25		(336,252	)	-0.69	%
	Call Option on WTI Crude Futures December 24		316,918		0.65	%
	Put Option on LME Copper Futures November 24		(269,415	)	-0.55	%
	Put Option on LME Copper Futures January 25		(235,126	)	-0.48	%
	Put Option on LME Copper Futures December 24		(126,917	)	-0.26	%
	WTI Crude Futures February 25		(125,188	)	-0.26	%
	Put Option on Gold 100 Oz Futures December 24		(101,570	)	-0.21	%
	Call Option on Brent Crude Futures December 24		(100,554	)	-0.21	%
	Natural Gas Futures January 25		(81,549	)	-0.17	%
**BAESFSGR Index: A strategy that seeks to participate in modest up and down market moves by selling short dated, deep out-of-the-money calls and purchasing longer dated calls and delta replicated calls, while simultaneously selling short dated puts to buy delta-replicated longer dated puts.
	Top Underlying Components		Notional		Percentage of Notional
Future	S&P 500 E-mini Futures December 24	$	(1,588,480,846	)	-1709.30	%
Currency	US Dollar Spot		1,393,905,405		1499.92	%
Option	October 24 Calls on SPX		315,958,944		339.99	%
	October 24 Puts on SPX		(28,451,614	)	-30.62	%
**BAFXCAVE Index: An FX multi-factor basket of 4 equally weighted FX strategies: Cross-Sectional Carry EM, Defensive Carry, PPP Value G10 and PPP Value EM.
	Top Underlying Components		Notional		Percentage of Notional
Currency	INR Non-Deliverable Forward Points 2 Month	$	18,312,059		20.57	%
	Swiss Franc 2 Month		(16,217,402	)	-18.22	%
	Japanese Yen 2 Month		15,829,423		17.78	%
	Norwegian Krone 2 Month		(14,488,251	)	-16.28	%
	IDR Non-Deliverable Forward Points 2 Month		13,750,792		15.45	%
	KRW Onshore Points 2 Month		(11,988,162	)	-13.47	%
	Singapore Dollar 2 Month		(11,308,995	)	-12.71	%
	PHP Onshore Points 2 Month		10,898,188		12.24	%
	Taiwan Dollar 2 Month		(10,216,594	)	-11.48	%
	Australian Dollar 2 Month		(10,200,789	)	-11.46	%
	CNH Fwd Points 2 Month		(9,207,120	)	-10.34	%
	Euro 2 Month		8,208,476		9.22	%
	Czech Koruna 2 Month		(6,618,644	)	-7.44	%
	Thai Baht 2 Month		5,298,490		5.95	%
	COP Ndf Points 2 Month		4,780,216		5.37	%
	Swedish Krona 2 Month		3,844,157		4.32	%
	S. African Rand 2 Month		3,564,910		4.01	%
	BRL Fwd Points 2 Month		3,271,101		3.68	%
	British Pound 2 Month		3,082,591		3.46	%
	Polish Zloty 2 Month		(2,377,807	)	-2.67	%
	Canadian Dollar 2 Month		2,303,950		2.59	%
	CLP Ndf Points 2 Month		(2,205,115	)	-2.48	%
	Mexican Peso 2 Month		1,026,015		1.15	%
	New Zealand Dollar 2 Month		794,183		0.89	%
	Hungarian Forint 2 Month		(579,440	)	-0.65	%
	New Romanian Leu 2 Month		576,384		0.65	%
	Israeli Shekel 2 Month		(555,325	)	-0.62	%
	PEN Fwd Points 2 Month		570		0.00	%

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND SEPTEMBER 30, 2024 (Unaudited)

**BNPUMFRL Index: An alpha oriented strategy using a propriety model to take long positions based on value, quality, and momentum factors.
	Top Underlying Components		Notional	Percentage of Notional
Equity	Baycom Corp	$	304,931	0.29	%
	Oak Valley Bancorp		299,050	0.29	%
	Financial Institutions Inc		295,286	0.28	%
	Red River Bancshares Inc		295,149	0.28	%
	Ocwen Financial Corp		293,697	0.28	%
	Timberland Bancorp Inc		285,825	0.27	%
	ModivCare Inc		281,340	0.27	%
	Rigel Pharmaceuticals Inc		280,390	0.27	%
	Primis Financial Corp		280,062	0.27	%
	LINKBANCORP Inc		275,025	0.26	%
	Enterprise Bancorp Inc		274,897	0.26	%
	TTEC Holdings Inc		274,038	0.26	%
	MVB Financial Corp		271,443	0.26	%
	OceanFirst Financial Corp		270,541	0.26	%
	Northrim Bancorp Inc		269,975	0.26	%
	Central Pacific Financial Corp		268,598	0.26	%
	Bank OZK		268,573	0.26	%
	OFG Bancorp		266,631	0.25	%
	HBT Financial Inc		266,602	0.25	%
	Amalgamated Financial Corp		266,089	0.25	%
	Mid Penn Bancorp Inc		265,742	0.25	%
	Hims & Hers Health Inc		264,775	0.25	%
	CareDx Inc		264,629	0.25	%
	Associated Banc-Corp		264,261	0.25	%
	Civista Bancshares Inc		264,138	0.25	%
	Metropolitan Bank Holding Corp		264,138	0.25	%
	Capital City Bank Group Inc		263,988	0.25	%
	Midwestone Financial Group Inc		263,865	0.25	%
	Zions Bancorp Na		263,691	0.25	%
	Fulcrum Therapeutics Inc		263,317	0.25	%
	Hancock Whitney Corp		263,212	0.25	%
	Popular Inc		263,037	0.25	%
	Chemung Financial Corp		262,716	0.25	%
	Enterprise Financial Services Corp		262,042	0.25	%
	Pathward Financial Inc		261,759	0.25	%
	Pacific Premier Bancorp Inc		261,745	0.25	%
	Shore Bancshares Inc		261,520	0.25	%
	Independent Bank Corp		261,007	0.25	%
	Heritage Financial Corp of Washington		260,902	0.25	%
	Customers Bancorp Inc		260,825	0.25	%
	First Financial Corp		260,807	0.25	%
	TriCo Bancshares		260,594	0.25	%
	TrustCo Bank Corp		259,972	0.25	%
	Compass Therapeutics Inc		259,378	0.25	%
	Westamerica BanCorp		259,311	0.25	%
	Stellar Bancorp Inc		259,231	0.25	%
	Banner Corp		259,050	0.25	%
	Arcturus Therapeutics Holdings Inc		259,015	0.25	%
	Entrada Therapeutics Inc		258,690	0.25	%
	First Busey Corp		258,185	0.25	%

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND SEPTEMBER 30, 2024 (Unaudited)

**BNPUMFRS Index: An alpha oriented strategy using a propriety model to take short positions based on value, quality, and momentum factors.
	Top Underlying Components		Notional		Percentage of Notional
Equity	Northeast Bank	$	(326,891	)	0.32	%
	Homestreet Inc		(313,650	)	0.30	%
	Biomea Fusion Inc		(311,105	)	0.30	%
	Truist Financial Corp		(297,823	)	0.29	%
	First Western Financial Inc		(297,166	)	0.29	%
	Bankwell Financial Group Inc		(296,922	)	0.29	%
	Bancorp Inc		(296,465	)	0.29	%
	Orrstown Financial Services Inc		(296,220	)	0.29	%
	Eagle Bancorp Inc		(295,187	)	0.29	%
	Metrocity Bankshares Inc		(294,808	)	0.29	%
	New York Community Bancorp Inc		(294,536	)	0.29	%
	Western Alliance Bancorp		(294,294	)	0.29	%
	First Financial Northwest Inc		(293,489	)	0.28	%
	Synovus Financial Corp		(293,420	)	0.28	%
	PNC Financial Services Group Inc		(293,368	)	0.28	%
	Banco Latinoamericano de Comercio Exterior S.A.		(293,117	)	0.28	%
	JPMorgan Chase & Co		(292,944	)	0.28	%
	Ponce Financial Group Inc		(292,748	)	0.28	%
	Bank of New York Mellon Corp		(292,690	)	0.28	%
	Bank of America Corp		(292,349	)	0.28	%
	Merchants Bancorp		(291,995	)	0.28	%
	QCR Holdings Inc		(291,896	)	0.28	%
	Alerus Financial Corp		(291,847	)	0.28	%
	Glacier Bancorp Inc		(291,706	)	0.28	%
	RBB Bancorp		(291,596	)	0.28	%
	Amerant Bancorp Inc		(291,295	)	0.28	%
	Columbia Financial Inc		(290,684	)	0.28	%
	Preferred Bank/Los Angeles CA		(290,599	)	0.28	%
	Provident Financial Services Inc		(289,691	)	0.28	%
	Washington Trust Bancorp Inc		(289,348	)	0.28	%
	Capitol Federal Financial Inc		(289,291	)	0.28	%
	West BanCorp Inc		(289,186	)	0.28	%
	BancFirst Corp		(288,701	)	0.28	%
	TFS Financial Corp		(288,588	)	0.28	%
	Pinnacle Financial Partners Inc		(288,507	)	0.28	%
	Independent Bank Group Inc		(288,054	)	0.28	%
	Trustmark Corp		(287,780	)	0.28	%
	Kearny Financial Corp		(287,678	)	0.28	%
	Park National Corp		(287,201	)	0.28	%
	Northfield Bancorp Inc		(285,863	)	0.28	%
	Triumph Financial Inc		(285,458	)	0.28	%
	First Financial Bankshares Inc		(285,195	)	0.28	%
	Live Oak Bancshares Inc		(284,966	)	0.28	%
	Lakeland Financial Corp		(284,954	)	0.28	%
	ServisFirst Bancshares Inc		(284,142	)	0.28	%
	Frontier Group Holdings Inc		(281,498	)	0.27	%
	Waterstone Financial Inc		(281,494	)	0.27	%
	Blue Foundry Bancorp		(281,396	)	0.27	%
	CorMedix Inc		(280,932	)	0.27	%
	Burke & Herbert Financial Services Corp		(280,021	)	0.27	%

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND SEPTEMBER 30, 2024 (Unaudited)

**BPFXMRGU Index: This strategy aims to benefit from the tendency of FX rates of several G10 currency pairs to revert to their mean on the short-term by systematically taking long and short exposures in a basket of eight currency pairs.
	Top Underlying Components		Notional		Percentage of Notional
Currency	US Dollar Spot	$	47,937,112		123.97	%
	Norwegian Krone Spot		9,990,781		25.84	%
	Swiss Franc Spot		(9,146,419	)	-23.65	%
	New Zealand Dollar Spot		(8,948,862	)	-23.14	%
	Canadian Dollar Spot		5,811,502		15.03	%
	Swedish Krona Spot		(4,031,553	)	-10.43	%
	Australian Dollar Spot		(2,944,595	)	-7.62	%
**CIBQC01E Index: A cross-asset, mean reversion strategy that uses a aproprietary RSI signal to identify oversold and overbought assets, incroporating statistical screening to reduce false-positives in long/short selection and portfolio optimization to deliver a stable volatility profile.
	Top Underlying Components		Notional		Percentage of Notional
Currency	US Dollar Spot	$	59,882,633		89.85	%
Future	Euro-Bund Futures December 24		6,756,280		10.14	%
	Canadian Dollar Currency Futures December 24		(6,698,207	)	-10.05	%
	3 Month Euro EURIBOR December 24		6,691,949		10.04	%
	Three-Month Saron Index Futures December 24		6,681,842		10.03	%
	ICE 3 Month SONIA Futures December 24		6,670,354		10.01	%
	British Pound Currency Futures December 24		(5,810,789	)	-8.72	%
	IBEX Mini Index Futures October 24		(2,110,340	)	-3.17	%
	Lean Hogs Futures December 24		(1,850,213	)	-2.78	%
	CAC 40 10 Euro Futures October 24		(1,837,708	)	-2.76	%
	Euro STOXX 50 December 24		(1,726,833	)	-2.59	%
**DBGNLASU Index: A dynamic multi-factor, multi-style portfolio that is updated monthly to optimize the best 1 month forward return by using machine learning to select from over 100 factors in a beta, sector, and region neutral format.
	Top Underlying Components		Notional		Percentage of Notional
Currency	US Dollar Spot	$	37,283,654		78.12	%
Index	Deutsche Bank Fed Funds Effective Rate Total Return Index		(6,262,391	)	-13.12	%
	JPY Overnight Rate (Mid) Index		(6,245,037	)	-13.08	%
	Deutsche Bank SEK Overnight Cash Index		474,454		0.99	%
	Deutsche Bank SONIA Total Return Index		444,510		0.93	%
	Deutsche Bank Australia Overnight Money Market TR Index		367,364		0.77	%
	Deutsche Bank Swiss Overnight Money Market Index		(358,031	)	-0.75	%
	Deutsche Bank Canadian Dollar ON Index		(351,890	)	-0.74	%
Equity	MicroStrategy Inc		(560,196	)	-1.17	%
	Ono Pharmaceutical Co Ltd		379,204		0.79	%
	Cigna Group/The		369,550		0.77	%
	Coinbase Global Inc		(352,173	)	-0.74	%
	Ivanhoe Mines Ltd		(350,305	)	-0.73	%
	Lockheed Martin Corp		344,378		0.72	%
	Kirin Holdings Co Ltd		343,885		0.72	%
	Colgate-Palmolive Co		338,844		0.71	%
	NRG Energy Inc		337,034		0.71	%
	Merck & Co Inc		332,910		0.70	%
	Johnson & Johnson		325,175		0.68	%
	QUALCOMM Inc		323,910		0.68	%
	MEIJI Holdings Co Ltd		322,234		0.68	%
	Mineral Resources Ltd		(321,297	)	-0.67	%
	Carnival Corp		(317,819	)	-0.67	%
	Boeing Co/The		(317,694	)	-0.67	%

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND SEPTEMBER 30, 2024 (Unaudited)

	Top Underlying Components		Notional		Percentage of Notional
	Davide Campari-Milano NV	$	(317,493	)	-0.67	%
	3M Co		315,479		0.66	%
	Royal Caribbean Cruises Ltd		(310,071	)	-0.65	%
	Block Inc		(309,948	)	-0.65	%
	DraftKings Inc		(307,202	)	-0.64	%
	Apple Inc		305,469		0.64	%
	EQT Corp		(303,666	)	-0.64	%
	Cardinal Health Inc		303,471		0.64	%
	CVS Health Corp		303,413		0.64	%
	Tokyo Gas Co Ltd		303,201		0.64	%
	Cameco Corp		(303,164	)	-0.64	%
	Nintendo Co Ltd		302,499		0.63	%
	Meta Platforms Inc		302,323		0.63	%
	Archer-Daniels-Midland Co		300,412		0.63	%
	Garmin Ltd		299,397		0.63	%
	Kao Corp		299,147		0.63	%
	EQT AB		(295,878	)	-0.62	%
	Humana Inc		294,709		0.62	%
	Osaka Gas Co Ltd		292,090		0.61	%
	AbbVie Inc		290,107		0.61	%
	Idemitsu Kosan Co Ltd		290,101		0.61	%
	Kimberly-Clark Corp		288,816		0.61	%
	Amgen Inc		288,311		0.60	%
	Tyson Foods Inc		288,183		0.60	%
	International Flavors & Fragrances Inc		288,072		0.60	%
**DBTIDUS5 Index: Seeks to capture intraday momentum in US equity markets by reacting rapidly to market volatility.
	Top Underlying Components		Notional		Percentage of Notional
Index	Deutsche Bank US Equity Dynamic Intraday Trend Index	$	92,557,473		100.00	%
**GSCBEJFB Index: A long basket of small to medium sized banks that are attractive M&A targets in order to take advantage of the impending consolidation cycle as well as select positions in specialty finance and fintech companies.
	Top Underlying Components		Notional		Percentage of Notional
Equity	First Horizon Corp	$	7,689,051		6.37	%
	Sandy Spring Bancorp Inc		6,575,434		5.44	%
	NB Bancorp Inc		6,424,891		5.32	%
	Pinnacle Financial Partners Inc		6,096,514		5.05	%
	First Bancshares Inc/The		5,970,205		4.94	%
	Wintrust Financial Corp		5,567,713		4.61	%
	First Citizens BancShares Inc		5,533,539		4.58	%
	First Bancorp/Southern Pines NC		5,480,690		4.54	%
	Ameris Bancorp		5,198,853		4.30	%
	Pacific Premier Bancorp Inc		5,054,498		4.18	%
	Heritage Commerce Corp		4,871,661		4.03	%
	Veritex Holdings Inc		4,805,592		3.98	%
	National Bank Holdings Corp		4,566,447		3.78	%
	Independent Bank Group Inc		4,383,096		3.63	%
	Rithm Capital Corp		4,156,709		3.44	%
	Stellar Bancorp Inc		4,135,489		3.42	%
	Premier Financial Corp		4,104,759		3.40	%
	Comerica Inc		3,930,720		3.25	%
	Old Second Bancorp Inc		3,401,596		2.82	%
	Axos Financial Inc		3,335,490		2.76	%
	Merchants Bancorp		3,111,646		2.58	%

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND SEPTEMBER 30, 2024 (Unaudited)

	Top Underlying Components		Notional		Percentage of Notional
	Flushing Financial Corp	$	3,090,295		2.56	%
	TriCo Bancshares		2,985,697		2.47	%
	First Interstate BancSystem Inc		2,893,328		2.40	%
	ConnectOne Bancorp Inc		2,769,285		2.29	%
	Carter Bankshares Inc		1,381,128		1.14	%
	HomeTrust Bancshares Inc		1,315,455		1.09	%
	Third Coast Bancshares Inc		1,033,296		0.86	%
	Bridgewater Bancshares Inc		918,081		0.76	%
**GSCBFSGR Index: A short basket of stocks focused on growth companies selected from the S&P 1500.
	Top Underlying Components		Notional		Percentage of Notional
Equity	MP Materials Corp	$	(574,925	)	1.17	%
	Las Vegas Sands Corp		(567,636	)	1.16	%
	Wynn Resorts Ltd		(559,799	)	1.14	%
	Scotts Miracle-Gro Co		(548,157	)	1.12	%
	Duolingo Inc		(518,345	)	1.06	%
	Iridium Communications Inc		(510,592	)	1.04	%
	Comfort Systems USA Inc		(503,609	)	1.03	%
	Albemarle Corp		(503,057	)	1.03	%
	BlackLine Inc		(494,371	)	1.01	%
	Live Nation Entertainment Inc		(489,891	)	1.00	%
	Arista Networks Inc		(488,075	)	1.00	%
	MSCI Inc		(486,170	)	0.99	%
	Crowdstrike Holdings Inc		(482,896	)	0.99	%
	Federal Signal Corp		(480,448	)	0.98	%
	Axon Enterprise Inc		(479,828	)	0.98	%
	Installed Building Products Inc		(479,438	)	0.98	%
	Performance Food Group Co		(477,563	)	0.98	%
	Chefs' Warehouse Inc		(477,209	)	0.97	%
	Palo Alto Networks Inc		(476,744	)	0.97	%
	Snap-on Inc		(474,791	)	0.97	%
	AZZ Inc		(474,365	)	0.97	%
	Badger Meter Inc		(474,254	)	0.97	%
	Kinsale Capital Group Inc		(472,373	)	0.96	%
	Apple Hospitality REIT Inc		(472,345	)	0.96	%
	Paylocity Holding Corp		(471,966	)	0.96	%
	Chart Industries Inc		(469,554	)	0.96	%
	Bancorp Inc		(468,716	)	0.96	%
	Goosehead Insurance Inc		(468,656	)	0.96	%
	Atmos Energy Corp		(467,303	)	0.95	%
	Lantheus Holdings Inc		(466,812	)	0.95	%
	Essential Properties Realty Trust Inc		(466,774	)	0.95	%
	AMETEK Inc		(466,122	)	0.95	%
	DiamondRock Hospitality Co		(465,813	)	0.95	%
	Chipotle Mexican Grill Inc		(465,508	)	0.95	%
	Brown & Brown Inc		(464,833	)	0.95	%
	Republic Services Inc		(463,818	)	0.95	%
	Wingstop Inc		(463,779	)	0.95	%
	OFG Bancorp		(463,149	)	0.95	%
	Welltower Inc		(461,264	)	0.94	%
	CareTrust REIT Inc		(458,761	)	0.94	%
	Krystal Biotech Inc		(458,142	)	0.94	%
	Kirby Corp		(457,587	)	0.93	%
	eXp World Holdings Inc		(457,345	)	0.93	%

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND SEPTEMBER 30, 2024 (Unaudited)

	Top Underlying Components		Notional		Percentage of Notional
	Kite Realty Group Trust	$	(456,507	)	0.93	%
	DigitalOcean Holdings Inc		(455,552	)	0.93	%
	Arch Capital Group Ltd		(455,251	)	0.93	%
	Rexford Industrial Realty Inc		(453,536	)	0.93	%
	Permian Resources Corp		(451,647	)	0.92	%
	Vertex Pharmaceuticals Inc		(451,201	)	0.92	%
	Sabra Health Care REIT Inc		(450,495	)	0.92	%
**GSCBFSVA Index: A long basket of stocks focused on value companies selected from the S&P 1500.
	Top Underlying Components		Notional		Percentage of Notional
Equity	Alpha Metallurgical Resources	$	691,431		1.43	%
	Jabil Inc		651,640		1.35	%
	United Airlines Holdings Inc		631,911		1.31	%
	CVS Health Corp		630,903		1.31	%
	Whirlpool Corp		621,768		1.29	%
	Kroger Co		614,739		1.27	%
	Masterbrand Inc		611,221		1.27	%
	TD SYNNEX Corp		608,788		1.26	%
	Mosaic Co		606,888		1.26	%
	Sonic Automotive Inc		606,307		1.26	%
	Douglas Emmett Inc		605,804		1.26	%
	Ufp Industries Inc		598,707		1.24	%
	Ryder System Inc		597,614		1.24	%
	Air Lease Corp		597,034		1.24	%
	Vontier Corp		595,859		1.24	%
	Greif Inc		594,459		1.23	%
	Schneider National Inc		593,993		1.23	%
	O-I Glass Inc		592,369		1.23	%
	American Woodmark Corp		592,157		1.23	%
	NOW Inc		591,992		1.23	%
	Bank OZK		591,720		1.23	%
	Black Hills Corp		588,816		1.22	%
	World Kinect Corp		588,510		1.22	%
	Scansource Inc		587,918		1.22	%
	Avista Corp		587,258		1.22	%
	PennyMac Mortgage Investment Trust		586,905		1.22	%
	ManpowerGroup Inc		586,656		1.22	%
	Telephone and Data Systems Inc		586,496		1.22	%
	Innovative Industrial Properties Inc		585,631		1.21	%
	Reinsurance Group of America Inc		584,760		1.21	%
	Collegium Pharmaceutical Inc		584,373		1.21	%
	Walgreens Boots Alliance Inc		583,240		1.21	%
	StoneX Group Inc		581,407		1.21	%
	Bunge Global S.A.		580,016		1.20	%
	Hope Bancorp Inc		579,121		1.20	%
	Centene Corp		578,506		1.20	%
	Xerox Holdings Corp		576,500		1.20	%
	Hilltop Holdings Inc		576,289		1.20	%
	ArcBest Corp		574,763		1.19	%
	Kyndryl Holdings Inc		574,357		1.19	%
	Viatris Inc		572,206		1.19	%
	Lumen Technologies Inc		570,364		1.18	%
	EchoStar Corp		566,194		1.17	%
	Terex Corp		555,500		1.15	%

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND SEPTEMBER 30, 2024 (Unaudited)

	Top Underlying Components		Notional	Percentage of Notional
	PBF Energy Inc	$	546,427	1.13	%
	Liberty Energy Inc		545,622	1.13	%
	Par Pacific Holdings Inc		532,902	1.11	%
	Vital Energy Inc		532,817	1.10	%
	DXC Technology Co		526,700	1.09	%
	Fortrea Holdings Inc		510,437	1.06	%
	Synchrony Financial		504,409	1.05	%
**GSUC22VL Index: A long basket of low duration (2Y) investment grade bonds.
	Top Underlying Components		Notional	Percentage of Notional
Fixed Income	Capital One Financial Corp	$	2,087,854	1.73	%
	Tapestry Inc		2,043,759	1.69	%
	Ares Capital Corp		2,037,802	1.69	%
	Charter Communications Operating LLC / Charter Communications Operating Capital		2,028,635	1.68	%
	Las Vegas Sands Corp		2,022,609	1.68	%
	Transcontinental Gas Pipe Line Co LLC		2,021,143	1.68	%
	American Express Co		2,017,889	1.67	%
	Truist Financial Corp		2,015,154	1.67	%
	HF Sinclair Corp		2,012,272	1.67	%
	Concentrix Corp		2,008,814	1.67	%
	Lloyds Banking Group PLC		1,996,312	1.66	%
	GE HealthCare Technologies Inc		1,991,808	1.65	%
	GLP Capital LP / GLP Financing II Inc		1,984,898	1.65	%
	Algonquin Power & Utilities Corp		1,982,435	1.64	%
	WRKCo Inc		1,979,502	1.64	%
	Global Payments Inc		1,978,182	1.64	%
	Hewlett Packard Enterprise Co		1,975,323	1.64	%
	Regal Rexnord Corp		1,975,182	1.64	%
	Ford Motor Credit Co LLC		1,972,569	1.64	%
	Suzano International Finance BV		1,972,559	1.64	%
	UBS Group AG		1,971,970	1.64	%
	Plains All American Pipeline LP / PAA Finance Corp		1,968,134	1.63	%
	Dell International LLC / EMC Corp		1,967,485	1.63	%
	HSBC Holdings PLC		1,966,801	1.63	%
	Conagra Brands Inc		1,966,427	1.63	%
	Ally Financial Inc		1,962,447	1.63	%
	DuPont de Nemours Inc		1,962,106	1.63	%
	Omega Healthcare Investors Inc		1,961,044	1.63	%
	HCA Inc		1,958,625	1.62	%
	NextEra Energy Capital Holdings Inc		1,958,375	1.62	%
	Energy Transfer LP		1,953,725	1.62	%
	Dominion Energy Inc		1,953,344	1.62	%
	PNC Financial Services Group Inc/The		1,952,113	1.62	%
	Sysco Corp		1,951,297	1.62	%
	Manufacturers & Traders Trust Co		1,941,743	1.61	%
	Air Lease Corp		1,929,840	1.60	%
	Rogers Communications Inc		1,929,007	1.60	%
	Microchip Technology Inc		1,926,960	1.60	%
	Southern California Edison Co		1,926,450	1.60	%
	Crown Castle Inc		1,926,447	1.60	%
	Tyson Foods Inc		1,925,906	1.60	%
	Pacific Gas and Electric Co		1,925,020	1.60	%
	Broadcom Inc		1,924,931	1.60	%

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND SEPTEMBER 30, 2024 (Unaudited)

	Top Underlying Components		Notional		Percentage of Notional
	Discover Financial Services	$	1,921,659		1.59	%
	Emera US Finance LP		1,913,389		1.59	%
	Santander Holdings USA Inc		1,906,642		1.58	%
	Brighthouse Financial Inc		1,900,903		1.58	%
	Warnermedia Holdings Inc		1,896,697		1.57	%
	Blue Owl Capital Corp		1,882,026		1.56	%
	T-Mobile USA Inc		1,879,809		1.56	%
	Blackstone Private Credit Fund		1,873,151		1.55	%
	AerCap Ireland Capital DAC / AerCap Global Aviation Trust		1,871,377		1.55	%
	CDW LLC / CDW Finance Corp		1,871,209		1.55	%
	JBS USA Holding Lux Sarl/ JBS USA Food Co/ JBS Lux Co Sarl		1,853,563		1.54	%
	Barclays PLC		1,853,340		1.54	%
	Boeing Co/The		1,848,607		1.53	%
	Nomura Holdings Inc		1,845,723		1.53	%
	KeyCorp		1,844,537		1.53	%
	VF Corp		1,843,275		1.53	%
	Viatris Inc		1,830,277		1.52	%
	Oaktree Specialty Lending Corp		1,826,705		1.51	%
**GSUC22VS Index: A short basket of 5y duration high yield bonds.
	Top Underlying Components		Notional		Percentage of Notional
Fixed Income	Bombardier Inc	$	(1,288,513	)	1.30	%
	BellRing Brands Inc		(1,282,291	)	1.29	%
	Chobani LLC / Chobani Finance Corp Inc		(1,270,323	)	1.28	%
	USA Compression Partners LP / USA Compression Finance Corp		(1,265,070	)	1.27	%
	Six Flags Entertainment Corp		(1,261,399	)	1.27	%
	Light & Wonder International Inc		(1,257,165	)	1.27	%
	USI Inc		(1,253,480	)	1.26	%
	Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer		(1,251,343	)	1.26	%
	Blue Racer Midstream LLC / Blue Racer Finance Corp		(1,251,079	)	1.26	%
	KeHE Distributors LLC / KeHE Finance Corp / NextWave Distribution Inc		(1,246,647	)	1.26	%
	Gates Corp/DE		(1,243,208	)	1.25	%
	HUB International Ltd		(1,241,586	)	1.25	%
	Kodiak Gas Services LLC		(1,235,644	)	1.24	%
	Transocean Inc		(1,233,047	)	1.24	%
	Hudbay Minerals Inc		(1,232,722	)	1.24	%
	Owens-Brockway Glass Container Inc		(1,228,966	)	1.24	%
	Acrisure LLC / Acrisure Finance Inc		(1,228,463	)	1.24	%
	MGM China Holdings Ltd		(1,228,169	)	1.24	%
	Clydesdale Acquisition Holdings Inc		(1,221,240	)	1.23	%
	Carnival Corp		(1,220,437	)	1.23	%
	AssuredPartners Inc		(1,217,882	)	1.23	%
	Triton Water Holdings Inc		(1,212,429	)	1.22	%
	Viking Cruises Ltd		(1,210,696	)	1.22	%
	Churchill Downs Inc		(1,210,225	)	1.22	%
	NCR Voyix Corp		(1,196,567	)	1.21	%
	Medline Borrower LP		(1,195,129	)	1.20	%
	APX Group Inc		(1,189,684	)	1.20	%
	Compass Group Diversified Holdings LLC		(1,182,164	)	1.19	%
	PROG Holdings Inc		(1,181,078	)	1.19	%
	Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer		(1,178,889	)	1.19	%
	Scientific Games Holdings LP/Scientific Games US FinCo Inc		(1,178,378	)	1.19	%
	LSF11 A5 HoldCo LLC		(1,174,915	)	1.18	%

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND SEPTEMBER 30, 2024 (Unaudited)

Top Underlying Components		Notional		Percentage of Notional
TGNR Intermediate Holdings LLC	$	(1,173,231	)	1.18	%
Mavis Tire Express Services Topco Corp		(1,171,209	)	1.18	%
GFL Environmental Inc		(1,168,135	)	1.18	%
Coherent Corp		(1,166,866	)	1.18	%
HealthEquity Inc		(1,166,253	)	1.17	%
SCIH Salt Holdings Inc		(1,163,420	)	1.17	%
Navient Corp		(1,162,911	)	1.17	%
Boyne USA Inc		(1,161,354	)	1.17	%
BroadStreet Partners Inc		(1,160,693	)	1.17	%
Aretec Group Inc		(1,159,613	)	1.17	%
Encompass Health Corp		(1,159,049	)	1.17	%
SeaWorld Parks & Entertainment Inc		(1,157,533	)	1.17	%
LCM Investments Holdings II LLC		(1,156,657	)	1.17	%
Clarivate Science Holdings Corp		(1,154,637	)	1.16	%
Post Holdings Inc		(1,154,597	)	1.16	%
Madison IAQ LLC		(1,152,785	)	1.16	%
Roller Bearing Co of America Inc		(1,150,221	)	1.16	%
Primo Water Holdings Inc		(1,150,218	)	1.16	%
Boyd Gaming Corp		(1,150,110	)	1.16	%
MajorDrive Holdings IV LLC		(1,148,327	)	1.16	%
AthenaHealth Group Inc		(1,146,887	)	1.16	%
Option Care Health Inc		(1,145,983	)	1.15	%
Calpine Corp		(1,145,911	)	1.15	%
AmWINS Group Inc		(1,145,205	)	1.15	%
Caesars Entertainment Inc		(1,145,059	)	1.15	%
Nationstar Mortgage Holdings Inc		(1,145,007	)	1.15	%
Energizer Holdings Inc		(1,144,278	)	1.15	%
Outfront Media Capital LLC / Outfront Media Capital Corp		(1,143,303	)	1.15	%
MIWD Holdco II LLC / MIWD Finance Corp		(1,139,448	)	1.15	%
Stagwell Global LLC		(1,138,893	)	1.15	%
Organon & Co / Organon Foreign Debt Co-Issuer BV		(1,137,165	)	1.15	%
CHS/Community Health Systems Inc		(1,136,716	)	1.14	%
Performance Food Group Inc		(1,126,430	)	1.13	%
American Axle & Manufacturing Inc		(1,123,321	)	1.13	%
Comstock Resources Inc		(1,123,173	)	1.13	%
Reworld Holding Corp		(1,121,605	)	1.13	%
Brookfield Residential Properties Inc / Brookfield Residential US LLC		(1,116,906	)	1.13	%
Thor Industries Inc		(1,116,767	)	1.12	%
Suburban Propane Partners LP/Suburban Energy Finance Corp		(1,113,647	)	1.12	%
H&E Equipment Services Inc		(1,113,189	)	1.12	%
Tronox Inc		(1,109,467	)	1.12	%
WR Grace Holdings LLC		(1,109,148	)	1.12	%
Prestige Brands Inc		(1,104,527	)	1.11	%
ZoomInfo Technologies LLC/ZoomInfo Finance Corp		(1,101,472	)	1.11	%
Goodyear Tire & Rubber Co/The		(1,100,613	)	1.11	%
AdaptHealth LLC		(1,093,830	)	1.10	%
Gap Inc/The		(1,093,112	)	1.10	%
Playtika Holding Corp		(1,085,095	)	1.09	%
ANGI Group LLC		(1,082,422	)	1.09	%
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc		(1,082,020	)	1.09	%
DaVita Inc		(1,065,137	)	1.07	%
Valvoline Inc		(1,063,303	)	1.07	%
Chemours Co/The		(1,061,930	)	1.07	%

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND SEPTEMBER 30, 2024 (Unaudited)

**GSVISK1D Index: A strategy that seeks a systematic short exposure to the skew of the SPX Index by selling "expensive" OTM put options while purchasing "cheaper" OTM call options
	Top Underlying Components		Notional		Percentage of Notional
Option	October 24 Calls on SPX	$	59,774,971		106.84	%
	November 24 Calls on SPX		56,913,712		101.72	%
	SPX EQ Forward December 24		(54,707,758	)	-97.78	%
	SPX EQ Forward November 24		(51,939,246	)	-92.83	%
	December 24 Calls on SPX		28,240,633		50.47	%
	SPX EQ Forward September 24		(25,161,677	)	-44.97	%
	January 25 Calls on SPX		5,680,956		10.15	%
	SPX EQ Forward October 24		(4,460,229	)	-7.97	%
	February 25 Calls on SPX		2,926,461		5.23	%
	SPX EQ Forward February 25		(2,316,110	)	-4.14	%
Currency	US Dollar Spot		53,665,012		95.92	%
**GSXAF11F Index: A basket of Trend, Tail Reversion, and Carry strategies across Commodity, Credit, Equity, FX, and Rates exposures
	Top Underlying Components		Notional		Percentage of Notional
CDX	MARKIT CDX.NA.IG.43 12/29	$	(34,570,817	)	-36.33	%
	MARKIT ITRX EUROPE 12/29		(19,358,528	)	-20.34	%
	MARKIT ITRX EUR XOVER 12/29		(5,117,035	)	-5.38	%
	MARKIT CDX.NA.HY.42 06/29		(3,583,843	)	-3.77	%
	MARKIT CDX.NA.HY.43 12/29		(2,389,229	)	-2.51	%
FX Contract	USD/INR October 2024		19,256,782		20.24	%
	USD/IDR October 2024		12,099,966		12.71	%
	USD/HUF October 2024		10,822,773		11.37	%
	USD/PLN October 2024		9,225,072		9.69	%
	USD/ILS October 2024		(8,749,485	)	-9.19	%
	USD/CAD October 2024		8,173,347		8.59	%
	USD/JPY October 2024		(5,976,141	)	-6.28	%
	USD/ZAR October 2024		5,949,510		6.25	%
	USD/GBP October 2024		5,668,675		5.96	%
	USD/AUD October 2024		5,528,362		5.81	%
	USD/NOK October 2024		(5,081,557	)	-5.34	%
	USD/MXN October 2024		4,982,105		5.24	%
	USD/KRW October 2024		(4,024,244	)	-4.23	%
	USD/NZD October 2024		3,254,499		3.42	%
	USD/CLP October 2024		2,843,741		2.99	%
	USD/SEK October 2024		(2,764,953	)	-2.91	%
	USD/CNH October 2024		(2,669,719	)	-2.81	%
	USD/CZK October 2024		(1,958,677	)	-2.06	%
	USD/BRL October 2024		(1,861,019	)	-1.96	%
	USD/EUR October 2024		1,029,048		1.08	%
	USD/TWD October 2024		(954,898	)	-1.00	%
Future	US 2Yr Note (CBT) December 24		18,333,244		19.26	%
	Euro-Schatz Futures December 24		17,579,224		18.47	%
	Jpn 10Y Bond(OSE) December 24		(14,167,245	)	-14.89	%
	Euro-BTP Futures December 24		11,570,222		12.16	%
	3 Month Euro EURIBOR March 26		9,498,622		9.98	%
	3 Month Euro EURIBOR December 25		9,497,998		9.98	%
	3 Month Euro EURIBOR September 25		9,493,468		9.98	%
	3 Month Euro EURIBOR June 25		9,481,737		9.96	%
	3 Month Euro EURIBOR March 25		9,451,938		9.93	%
	US 5Yr Note (CBT) December 24		9,360,710		9.84	%
	Euro-OAT Futures December 24		9,074,968		9.54	%

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND SEPTEMBER 30, 2024 (Unaudited)

	Top Underlying Components		Notional		Percentage of Notional
	Euro-Bund Futures December 24	$	(9,020,173	)	-9.48	%
	US Long Bond (CBT) December 24		8,479,914		8.91	%
	3 Month SOFR Futures March 26		8,042,929		8.45	%
	3 Month SOFR Futures December 25		8,038,458		8.45	%
	3 Month SOFR Futures September 25		8,030,196		8.44	%
	3 Month SOFR Futures June 25		8,015,701		8.42	%
	3 Month SOFR Futures March 25		7,987,405		8.39	%
	AUST 10Y Bond Futures December 24		7,969,234		8.37	%
	US 10Yr Note (CBT) December 24		7,349,547		7.72	%
	ICE 3 Month SONIA Futures March 26		6,647,502		6.99	%
	ICE 3 Month SONIA Futures December 25		6,643,737		6.98	%
	ICE 3 Month SONIA Futures September 25		6,635,753		6.97	%
	ICE 3 Month SONIA Futures June 25		6,625,088		6.96	%
	ICE 3 Month SONIA Futures March 25		6,607,536		6.94	%
	Long Gilt Futures December 24		6,427,811		6.75	%
	Gold 100 oz Futures December 24		4,784,997		5.03	%
	SPI 200 Futures October 24		4,583,511		4.82	%
	Corn Futures December 24		(4,010,846	)	-4.21	%
	S&P 500 E-mini Futures December 24		3,830,517		4.03	%
	Tokyo Price Index Futures December 24		3,804,478		4.00	%
	Swiss Market Index Futures December 24		3,486,719		3.66	%
	Soybean Futures January 25		(3,379,113	)	-3.55	%
	FTSE/MIB Index Futures December 24		3,071,250		3.23	%
	Wheat Futures (CBT) December 24		(2,935,293	)	-3.08	%
	Cotton No.2 Futures December 24		(2,838,843	)	-2.98	%
	NY Harb ULSD Futures December 24		(2,693,429	)	-2.83	%
	DAX Index Futures December 24		2,524,631		2.65	%
	Canadian 10YR Bond Futures December 24		2,222,587		2.34	%
	LME Nickel Futures December 24		(2,134,865	)	-2.24	%
	FTSE/JSE Top 40 December 24		(2,021,425	)	-2.12	%
	Cocoa Futures December 24		2,012,288		2.11	%
	Soybean Meal Futures December 24		1,991,582		2.09	%
	Coffee 'C' Futures December 24		1,865,428		1.96	%
	Silver Futures December 24		1,718,318		1.81	%
	Natural Gas Futures December 24		(1,714,286	)	-1.80	%
	NASDAQ 100 E-Mini December 24		1,709,953		1.80	%
	LME PRI Alum Futures December 24		1,594,548		1.68	%
	OMXS30 Index Futures October 24		1,578,522		1.66	%
	S&P/TSX 60 Index Futures December 24		1,447,125		1.52	%
	Soybean Futures November 24		(1,387,312	)	-1.46	%
	LME NickelFutures November 24		(1,381,084	)	-1.45	%
	Kospi2 Index Futures December 24		1,154,025		1.21	%
	E-Mini Russel 2000 December 24		(1,130,386	)	-1.19	%
	LME Copper Futures December 24		(1,108,598	)	-1.16	%
	Amsterdam Index Futures October 24		1,009,750		1.06	%
	WTI Crude Futures December 24		990,488		1.04	%
	Soybean Oil Futures December 24		989,378		1.04	%
	Natural Gas Futures November 24		(973,549	)	-1.02	%
	Brent Crude Futures January 25		962,369		1.01	%
Currency	Japanese Yen Spot		3,804,478		4.00	%
	Swiss Franc Spot		3,486,719		3.66	%
	US Dollar Spot		3,475,423		3.65	%

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND SEPTEMBER 30, 2024 (Unaudited)

**RCXTMGT3 Index: A strategy designed to capture the premium paid by banks to hedge their structured product risk.
	Top Underlying Components		Notional		Percentage of Notional
Future	US 10Yr Note (CBT) March 24	$	9,738,966		23.40	%
	S&P 500 E-mini Futures March 24		7,707,934		18.52	%
	Jpn 10Y Bond(OSE) March 24		3,587,602		8.62	%
	Euro STOXX 50 March 24		437,005		1.05	%
**JMABNPMF Index: Alpha oriented strategy seeking to provide access to carry, value, and mean reversion risk factors by expressing long and short views in related commodity pairs
	Top Underlying Components		Notional		Percentage of Notional
Future	Gold 100 oz Futures December 24	$	(12,258,943	)	-22.85	%
	WTI Crude Futures November 24		(12,170,681	)	-22.69	%
	Copper Futures December 24		(8,457,386	)	-15.77	%
	LME PRI Alum Futures November 24		8,358,330		15.58	%
	Silver Futures December 24		6,087,896		11.35	%
	Gasoline RBOB Futures November 24		5,711,604		10.65	%
	Brent Crude Futures December 24		4,127,688		7.70	%
	NY Harb ULSD Futures November 24		3,123,201		5.82	%
	Soybean Futures November 24		2,508,967		4.68	%
	Wheat Futures (CBT) December 24		(2,123,467	)	-3.96	%
	Soybean Meal Futures December 24		(1,674,743	)	-3.12	%
	Live Cattle Futures December 24		1,655,180		3.09	%
	LME Lead Futures November 24		1,631,085		3.04	%
	KC HRW Wheat Futures December 24		1,593,433		2.97	%
	Cattle Feeder Futures November 24		(1,421,455	)	-2.65	%
	LME Zinc Futures November 24		(1,356,918	)	-2.53	%
	White Sugar(ICE) December 24		859,377		1.60	%
	Coffee Robusta 10 Ton November 24		(832,522	)	-1.55	%
	Coffee 'C' Futures December 24		812,317		1.51	%
	Red Wheat Futures MGE December 24		802,356		1.50	%
	Sugar #11 (World) March 25		(742,681	)	-1.38	%
	LME Copper Futures November 24		395,720		0.74	%
	Corn Futures December 24		(270,259	)	-0.50	%
	Soybean Oil Futures December 24		116,641		0.22	%
**MQIS311 Index: An intra-day equity trading strategy that adjusts its exposure based on changes in the level of realized market volatility.
	Top Underlying Components		Notional		Percentage of Notional
Index	Macquarie QIS Index 311	$	109,165,532		100.00	%
**NMSY2RNU Index: Currency selection strategy using mean reversion signals.
	Top Underlying Components		Notional		Percentage of Notional
Currency	Australian Dollar Spot	$	(13,004,294	)	-17.35	%
	New Zealand Dollar Spot		(12,644,590	)	-16.87	%
	British Pound Spot		(6,625,968	)	-8.84	%
	Japanese Yen Spot		6,201,526		8.27	%
	Canadian Dollar Spot		5,885,594		7.85	%
	Euro Spot		4,581,140		6.11	%
	Swiss Franc Spot		4,556,015		6.08	%
	Norwegian Krone Spot		2,917,918		3.89	%
	Swedish Krona Spot		388,102		0.52	%

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND SEPTEMBER 30, 2024 (Unaudited)

**SGEPVLHE Index: A strategy that uses five sector-relative valuation metrics to create a long basket of the cheapest companies in European universe while taking a short position in the MSCI Equal Weight European Index.
	Top Underlying Components		Notional		Percentage of Notional
Fund	Invesco S&P Europe 350 Equal Weight Index ETF	$	(113,657,229	)	-121.13	%
Equity	Drax Group PLC		1,267,892		1.35	%
	Kingfisher PLC		1,232,828		1.31	%
	International Consolidated Airlines Group SA		1,219,318		1.30	%
	Fresenius SE & Co KGaA		1,147,734		1.22	%
	Getinge AB		1,139,724		1.21	%
	Balfour Beatty PLC		1,123,678		1.20	%
	Banca Monte dei Paschi di Siena SpA		1,104,727		1.18	%
	Italgas SpA		1,103,013		1.18	%
	BAWAG Group AG		1,100,112		1.17	%
	Commerzbank AG		1,089,029		1.16	%
	Engie S.A.		1,087,642		1.16	%
	Carrefour S.A.		1,084,248		1.16	%
	easyJet PLC		1,082,229		1.15	%
	Deutsche Lufthansa AG		1,077,251		1.15	%
	Unipol Gruppo SpA		1,074,840		1.15	%
	NatWest Group PLC		1,069,821		1.14	%
	Koninklijke Ahold Delhaize NV		1,066,236		1.14	%
	Standard Chartered PLC		1,065,687		1.14	%
	UniCredit SpA		1,063,405		1.13	%
	Embracer Group AB		1,062,711		1.13	%
	DKSH Holding AG		1,058,667		1.13	%
	Cie de Saint-Gobain SA		1,051,960		1.12	%
	Ageas S.A.		1,049,590		1.12	%
	ISS A/S		1,048,737		1.12	%
	BT Group PLC		1,047,678		1.12	%
	A2A SpA		1,042,653		1.11	%
	Erste Group Bank AG		1,040,683		1.11	%
	Elekta AB		1,038,855		1.11	%
	Barclays PLC		1,037,510		1.11	%
	Nokia Oyj		1,036,827		1.11	%
	Imperial Brands PLC		1,033,491		1.10	%
	Raiffeisen Bank International AG		1,029,338		1.10	%
	ANDRITZ AG		1,028,543		1.10	%
	Orange		1,027,860		1.10	%
	Continental AG		1,027,417		1.10	%
	3i Group PLC		1,026,824		1.09	%
	JET2 PLC		1,026,587		1.09	%
	Vodafone Group PLC		1,024,668		1.09	%
	Banco de Sabadell S.A.		1,024,170		1.09	%
	ABN AMRO Bank NV		1,020,770		1.09	%
	Valeo SE		1,017,784		1.08	%
	CaixaBank SA		1,014,438		1.08	%
	Randstad NV		1,010,557		1.08	%
	Svitzer Group A/S		1,008,852		1.08	%
	Credit Agricole SA		1,007,094		1.07	%
	Koninklijke Vopak NV		1,005,243		1.07	%
	Rexel SA		1,004,852		1.07	%
	Solvay S.A.		1,001,083		1.07	%
	BPER Banca SPA		999,965		1.07	%
	Fresenius Medical Care AG		998,342		1.06	%
	Vinci SA		997,247		1.06	%

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND SEPTEMBER 30, 2024 (Unaudited)

	Top Underlying Components		Notional		Percentage of Notional
	Brenntag SE	$	994,507		1.06	%
	Banco Santander SA		993,103		1.06	%
	Deutsche Post AG		990,230		1.06	%
	NN Group NV		987,380		1.05	%
	TietoEVRY Oyj		985,477		1.05	%
	Arkema SA		984,929		1.05	%
	Groupe Bruxelles Lambert NV		981,103		1.05	%
	Industrivarden AB		979,052		1.04	%
	Investec PLC		976,737		1.04	%
	AIB Group PLC		974,400		1.04	%
	Hikma Pharmaceuticals PLC		974,259		1.04	%
	Sopra Steria Group		972,500		1.04	%
	Banco Bilbao Vizcaya Argentaria S.A.		970,404		1.03	%
	TUI AG		968,225		1.03	%
	BNP Paribas SA		966,539		1.03	%
	Technip Energies NV		965,175		1.03	%
	Banca Popolare di Sondrio SPA		962,107		1.03	%
	Bank of Ireland Group PLC		959,892		1.02	%
	RWE AG		956,177		1.02	%
	GSK PLC		953,426		1.02	%
	Societe Generale SA		953,157		1.02	%
	Serco Group PLC		950,810		1.01	%
	Eiffage SA		944,411		1.01	%
	HSBC Holdings PLC		943,388		1.01	%
	Heidelberg Materials AG		942,349		1.00	%
	Banco BPM SpA		941,658		1.00	%
**SGIPULSU Index: Systematic strategy that only buys volatility in deeper market corrections
	Top Underlying Components		Notional		Percentage of Notional
Option	December 24 Puts on SPX	$	152,002		0.44	%
	November 24 Puts on SPX		(58,884	)	-0.17	%
	October 24 Puts on SPX		(32,404	)	-0.09	%
	January 25 Puts on SPX		27,186		0.08	%
**SGIXFVET Index: A strategy that seeks to replicate a rolling 1y1y Forward Volatility Agreement (FVA) using vanilla options to approximate the pure volatility exposure of an FVA.
	Top Underlying Components		Notional		Percentage of Notional
Option	October 2024 EURUSD Straddle	$	567,794		1.23	%
	October 2025 EURUSD Straddle		(390,795	)	-0.85	%
	December 2025 EURUSD Straddle		(370,532	)	-0.80	%
	November 2024 EURUSD Straddle		370,258		0.80	%
	December 2024 EURUSD Straddle		365,714		0.79	%
	November 2025 EURUSD Straddle		(312,585	)	-0.68	%
	January 2025 EURUSD Straddle		267,847		0.58	%
	January 2026 EURUSD Straddle		(257,775	)	-0.56	%
	February 2025 EURUSD Straddle		250,453		0.54	%
	March 2025 EURUSD Straddle		215,415		0.47	%
	April 2025 EURUSD Straddle		203,128		0.44	%
	February 2026 EURUSD Straddle		(190,176	)	-0.41	%
	June 2025 EURUSD Straddle		168,687		0.37	%
	March 2026 EURUSD Straddle		(126,728	)	-0.27	%
	May 2025 EURUSD Straddle		115,064		0.25	%
	April 2026 EURUSD Straddle		(85,569	)	-0.19	%
	June 2026 EURUSD Straddle		(74,685	)	-0.16	%

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND SEPTEMBER 30, 2024 (Unaudited)

	Top Underlying Components		Notional		Percentage of Notional
	July 2025 EURUSD Straddle	$	63,796		0.14	%
	August 2025 EURUSD Straddle		58,100		0.13	%
	August 2026 EURUSD Straddle		(56,633	)	-0.12	%
	May 2026 EURUSD Straddle		(50,887	)	-0.11	%
	September 2026 EURUSD Straddle		15,613		0.03	%
	July 2026 EURUSD Straddle		5,341		0.01	%
	September 2025 EURUSD Straddle		3,360		0.01	%
**SGIXVR2U Index: Systematic strategy that takes advantage of the volatility curve to generate positive carry.
	Top Underlying Components		Notional		Percentage of Notional
Option	1y Forward 7y20y Straddle	$	18,797,084		37.50	%
	1y Forward 10y20y Straddle		13,013,366		25.96	%
	1y Forward 2y20y Straddle		4,819,765		9.62	%
	1y Forward 1y20y Straddle		3,855,812		7.69	%
	1y Forward 15y10y Straddle		2,891,859		5.77	%
	1y Forward 1y5y Straddle		2,409,883		4.81	%
	1y Forward 3y20y Straddle		2,409,883		4.81	%
	1y Forward 5y20y Straddle		1,445,930		2.88	%
	1y Forward 2y10y Straddle		481,977		0.96	%
**UBCSBSB2 Index: Equal weighted basket comprised of 4 interest rate swap steepener indices that are long the 10y and short the 30y across USD, EUR, GBP and CAD.
	Top Underlying Components		Notional		Percentage of Notional
Index	UBS Rolling Receiver Interest Rate Swap Index - EUR 10Y	$	271,662,037		114.56	%
	UBS Rolling Receiver Interest Rate Swap Index - EUR 30Y		(109,135,712	)	-46.02	%

Amounts designated as “—“ are either $0 or have been rounded to $0.

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND SEPTEMBER 30, 2024 (Unaudited)

At September 30, 2024, sector weightings of the Fund are as follows.

Percentages based on total investments

SECTOR WEIGHTINGS
Mortgage-Backed Securities	66.4	%
Short-Term Investments	13.7	%
Asset-Backed Securities	5.8	%
Financials	4.1	%
Consumer Discretionary	2.3	%
Industrials	1.8	%
Health Care	1.2	%
Utilities	1.0	%
Information Technology	1.0	%
Communication Services	1.0	%
Consumer Staples	0.6	%
Real Estate	0.4	%
Energy	0.4	%
Materials	0.3	%
	100.0	%

See “Glossary” for abbreviations.

CHI-QH-002-0500

THE ADVISORS’ INNER CIRCLE FUND III FS CHIRON REAL DEVELOPMENT FUND SEPTEMBER 30, 2024 (Unaudited)

CONSOLIDATED SCHEDULE OF INVESTMENTS
(Percentages are based on Net Assets of $77,945 (000))
COMMON STOCK — 81.5%
	Shares		Fair Value (000)
BRAZIL — 1.9%
MercadoLibre*		743	$	1,525
CANADA — 7.2%
Agnico Eagle Mines		34,548		2,783
Barrick Gold		141,783		2,820
				5,603
CHINA — 1.7%
Agricultural Bank of China, Cl H		386,000		182
Alibaba Group Holding ADR		3,733		396
PDD Holdings ADR*		5,858		790
				1,368
GERMANY — 1.4%
Hannover Rueck		2,011		574
Muenchener Rueckversicherungs-Gesellschaft in Muenchen		891		490
				1,064
ITALY — 2.9%
Ferrari		4,845		2,263
NETHERLANDS — 1.5%
Koninklijke KPN		296,228		1,210
SOUTH AFRICA — 1.9%
Naspers, Cl N		5,967		1,449
TAIWAN — 1.9%
Taiwan Semiconductor Manufacturing ADR		4,362		757
United Microelectronics ADR		89,657		755
				1,512
UNITED KINGDOM — 4.4%
Auto Trader Group		32,685		379
BAE Systems		43,195		715
London Stock Exchange Group		8,444		1,154
RELX		15,863		744

THE ADVISORS’ INNER CIRCLE FUND III FS CHIRON REAL DEVELOPMENT FUND SEPTEMBER 30, 2024 (Unaudited)

COMMON STOCK — continued
	Shares		Fair Value (000)
UNITED KINGDOM — (continued)
SSE		16,066	$	404
				3,396
UNITED STATES — 56.7%
American Tower		4,336		1,008
Amgen		1,590		512
Apollo Global Management		3,178		397
Apple		10,265		2,392
Blue Owl Capital, Cl A		10,104		195
Booking Holdings		92		388
Carlisle		427		192
Caterpillar		504		197
Cheniere Energy		2,067		372
CommVault Systems*		2,526		388
CONSOL Energy		5,919		619
Coterra Energy		8,089		194
CubeSmart		11,472		617
Cummins		601		195
Digital Realty Trust		8,266		1,338
Enerpac Tool Group, Cl A		4,391		184
Equinix		2,380		2,113
Equitable Holdings		8,136		342
Evercore, Cl A		1,557		394
Fortinet*		5,076		394
Gaming and Leisure Properties		3,718		191
Gen Digital		7,182		197
General Dynamics		620		187
Halozyme Therapeutics*		23,502		1,345
Hess Midstream, Cl A		6,252		220
Intercontinental Exchange		5,220		839
InterDigital		2,272		322
Intuitive Surgical*		1,687		829
KLA		505		391
Lockheed Martin		318		186
Magnolia Oil & Gas, Cl A		7,628		186
Manhattan Associates*		1,519		427
Marathon Oil		9,206		245
Marathon Petroleum		1,788		291
Microsoft		2,267		975
Moody's		2,265		1,075

THE ADVISORS’ INNER CIRCLE FUND III FS CHIRON REAL DEVELOPMENT FUND SEPTEMBER 30, 2024 (Unaudited)

COMMON STOCK — continued
	Shares		Fair Value (000)
UNITED STATES — (continued)
Motorola Solutions		1,903	$	856
National Fuel Gas		3,297		200
NetApp		11,106		1,372
Newmont		51,695		2,763
Nexstar Media Group, Cl A		3,530		584
NVIDIA		32,303		3,923
Oracle		12,353		2,105
PayPal Holdings*		19,966		1,558
Peabody Energy		8,800		234
Philip Morris International		642		78
Regeneron Pharmaceuticals*		1,389		1,460
ServiceNow*		2,890		2,585
Tesla*		6,130		1,604
TKO Group Holdings, Cl A*		9,644		1,193
United Therapeutics*		1,090		391
Vistra		6,739		799
Wynn Resorts		8,869		850
Zillow Group, Cl C*		20,218		1,291
				44,183
TOTAL COMMON STOCK
(Cost $57,635) (000)				63,573
EXCHANGE TRADED FUNDS — 1.0%
CANADA — 0.5%
Sprott Physical Uranium Trust *		19,577		379
UNITED STATES — 0.5%
iShares Bitcoin Trust ETF *		10,520		380
TOTAL EXCHANGE TRADED FUNDS
(Cost $767) (000)				759
TOTAL INVESTMENTS — 82.5%
(Cost $58,402) (000)			$	64,332

* Non-income producing security.

THE ADVISORS’ INNER CIRCLE FUND III FS CHIRON REAL DEVELOPMENT FUND SEPTEMBER 30, 2024 (Unaudited)

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

Type of Contract	Number of Contracts		Expiration Date		Notional Amount (000)		Value (000)		Unrealized Appreciation/ (Depreciation) (000)
Long Contracts
Copper		3		Dec-2024	$	327	$	342	$	15
Gold		29		Dec-2024		7,701		7,712		11
Japanese Yen		43		Dec-2024		3,839		3,779		(60	)
Silver		20		Dec-2024		2,993		3,146		153
WTI Crude Oil		8		Oct-2024		544		545		1
					$	15,404	$	15,524	$	120

THE ADVISORS’ INNER CIRCLE FUND III FS CHIRON REAL DEVELOPMENT FUND SEPTEMBER 30, 2024 (Unaudited)

At September 30, 2024, sector weightings of the Fund are as follows.

Percentages based on total investments

SECTOR WEIGHTINGS
Information Technology	27.7	%
Consumer Discretionary	14.3	%
Materials	13.0	%
Financials	11.3	%
Real Estate	10.2	%
Health Care	7.0	%
Communication Services	5.3	%
Industrials	4.1	%
Energy	3.7	%
Utilities	2.1	%
Exchange Traded Fund	1.2	%
Consumer Staples	0.1	%
	100.0	%

See “Glossary” for abbreviations.

CHI-QH-002-0500

THE ADVISORS’ INNER CIRCLE FUND III FS INVESTMENTS SEPTEMBER 30, 2024 (Unaudited)

Glossary

Currency Abbreviations

AUD — Australian Dollar

BRL — Brazilian Real

CAD — Canadian Dollar

CLP — Chilean Peso

CNH — Chinese Yuan Offshore

COP — Colombian Peso

CZK — Czech Koruna

EUR — Euro

GBP — British Pound Sterling

HUF — Hungarian Forint

IDR — Indonesian Rupiah

ILS — Israeli New Sheckels

INR — Indian Rupee

JPY — Japanese Yen

KRW — Korean Won

MXN— Mexican Peso

NOK — Norwegian Krone

NZD — New Zealand Dollar

PEN — Peruvian Sol

PHP — Philippines Peso

PLN — Polish Zloty

SEK — Swedish Krona

TWD — Taiwan Dollar

USD — U.S. Dollar

ZAR — South African Rand

Portfolio Abbreviations

ADR — American Depositary Receipt

Cl — Class

CLO — Collateralized Loan Obligation

ETF — Exchange-Traded Fund

EURIBOR — Euro London Interbank Offered Rate

FED FUNDS — Federal Funds Effective Rate

H15T5Y — 5 Year US Treasury Yield Curve Constant Maturity Rate

IO — Interest Only

MTN — Medium Term Note

OTC — Over the Counter

PIK — Payment-in-Kind

PPP — Purchasing Power Parity

PRIME — Prime Interest Rate

REIT — Real Estate Investment Trust

Ser — Series

SOFR — Secured Overnight Financing Rate

SOFR30A — Secured Overnight Financing Rate 30-Day Average

SONIA — Sterling Overnight Index Average

SONIO/N — SONIA Interest Rate Benchmark

TBA — To Be Announced

TSFR1M — 1 Month CME Term Secured Overnight Financing Rate

TSFR3M — 3 Month CME Term Secured Overnight Financing Rate

CHI-QH-002-0500