Advisors' Inner Circle Fund III NPORT-P Mesirow High Yield Fund (Dec 2024 report)

THE ADVISORS’ INNER CIRCLE FUND III

MESIROW

ENHANCED CORE PLUS FUND

DECEMBER 31, 2024 (Unaudited)

SCHEDULE OF INVESTMENTS
CORPORATE OBLIGATIONS — 51.6%
	Face Amount		Value
Communication Services — 1.5%
AT&T
Callable 11/15/2033 @ $100
5.400%, 02/15/2034	$	60,000	$	60,240
Callable 03/15/2053 @ $100
3.500%, 09/15/2053		40,000		26,934
Meta Platforms
Callable 11/15/2052 @ $100
5.600%, 05/15/2053		40,000		39,990
Callable 03/15/2030 @ $100
4.800%, 05/15/2030		80,000		80,666
				207,830
Consumer Discretionary — 5.7%
Alibaba Group Holding
Callable 04/26/2030 @ $100
4.875%, 05/26/2030(A)		200,000		198,199
Allied Universal Holdco
Callable 02/03/2025 @ $102
4.625%, 06/01/2028(A)		150,000		141,824
Amazon.com
Callable 10/13/2051 @ $100
3.950%, 04/13/2052		65,000		51,255
Emory University
Callable 03/01/2050 @ $100
2.969%, 09/01/2050		55,000		36,419
Garda World Security
Callable 02/03/2025 @ $101
4.625%, 02/15/2027(A)		150,000		145,683
General Motors Financial
5.400%, 04/06/2026		10,000		10,056
General Motors Financial
Callable 09/06/2029 @ $100
4.900%, 10/06/2029		25,000		24,626
Howard University
Callable 10/01/2032 @ $100
5.209%, 10/01/2052		10,000		8,702
McDonald's MTN
3.700%, 02/15/2042		10,000		7,824
TKC Holdings
Callable 02/03/2025 @ $103
6.875%, 05/15/2028(A)		145,000		143,359

THE ADVISORS’ INNER CIRCLE FUND III

MESIROW

ENHANCED CORE PLUS FUND

DECEMBER 31, 2024 (Unaudited)

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
Unilever Capital
Callable 07/12/2027 @ $100
4.250%, 08/12/2027	$	20,000	$	19,883
				787,830
Consumer Staples — 2.2%
BAT Capital
Callable 12/20/2030 @ $100
5.834%, 02/20/2031		20,000		20,445
Church & Dwight
Callable 08/15/2032 @ $100
5.600%, 11/15/2032		44,000		45,341
Callable 12/15/2051 @ $100
5.000%, 06/15/2052		30,000		27,130
Coca-Cola
Callable 11/13/2053 @ $100
5.300%, 05/13/2054		35,000		33,759
Constellation Brands
Callable 12/15/2028 @ $100
4.800%, 01/15/2029		50,000		49,700
General Mills
Callable 01/08/2025 @ $100
5.241%, 11/18/2025		90,000		90,001
Kraft Heinz Foods
Callable 12/01/2049 @ $100
5.500%, 06/01/2050		20,000		18,763
McCormick
Callable 07/14/2034 @ $100
4.700%, 10/15/2034		15,000		14,121
				299,260
Energy — 4.5%
Boardwalk Pipelines
Callable 05/01/2034 @ $100
5.625%, 08/01/2034		55,000		54,777
Devon Energy
Callable 06/15/2034 @ $100
5.200%, 09/15/2034		70,000		66,449
Callable 01/15/2025 @ $102
4.500%, 01/15/2030		5,000		4,836
Diamondback Energy
Callable 10/18/2053 @ $100
5.750%, 04/18/2054		40,000		37,537
Energy Transfer
Callable 11/15/2053 @ $100
5.950%, 05/15/2054		25,000		24,169

THE ADVISORS’ INNER CIRCLE FUND III

MESIROW

ENHANCED CORE PLUS FUND

DECEMBER 31, 2024 (Unaudited)

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
Callable 02/06/2025 @ $100
4.050%, 03/15/2025	$	75,000	$	74,852
Halliburton
Callable 05/15/2045 @ $100
5.000%, 11/15/2045		30,000		26,783
Kinder Morgan
Callable 02/01/2054 @ $100
5.950%, 08/01/2054		20,000		19,539
Callable 03/01/2025 @ $100
4.300%, 06/01/2025		150,000		149,648
Occidental Petroleum
Callable 07/01/2034 @ $100
5.550%, 10/01/2034		25,000		24,317
ONEOK
Callable 09/15/2029 @ $100
4.400%, 10/15/2029		30,000		29,085
Schlumberger Investment
Callable 03/01/2034 @ $100
5.000%, 06/01/2034		80,000		78,502
Valero Energy
Callable 06/01/2051 @ $100
3.650%, 12/01/2051		30,000		20,224
				610,718
Financials — 11.1%
American Express
Callable 01/13/2026 @ $100
4.900%, 02/13/2026		25,000		25,081
Bank of America
Callable 09/15/2028 @ $100
5.819%, SOFRRATE + 1.570%, 09/15/2029(B)		55,000		56,358
Callable 04/25/2033 @ $100
5.288%, SOFRRATE + 1.910%, 04/25/2034(B)		100,000		99,160
Citigroup
Callable 06/11/2034 @ $100
5.449%, SOFRRATE + 1.447%, 06/11/2035(B)		40,000		39,662
Callable 02/13/2029 @ $100
5.174%, SOFRRATE + 1.364%, 02/13/2030(B)		55,000		54,958
Goldman Sachs Group
Callable 10/24/2028 @ $100
6.484%, SOFRRATE + 1.770%, 10/24/2029(B)		20,000		20,955

THE ADVISORS’ INNER CIRCLE FUND III

MESIROW

ENHANCED CORE PLUS FUND

DECEMBER 31, 2024 (Unaudited)

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
Callable 04/25/2034 @ $100
5.851%, SOFRRATE + 1.552%, 04/25/2035(B)	$	35,000	$	35,661
JPMorgan Chase
Callable 10/23/2028 @ $100
6.087%, SOFRRATE + 1.570%, 10/23/2029(B)		50,000		51,862
Callable 04/22/2034 @ $100
5.766%, SOFRRATE + 1.490%, 04/22/2035(B)		20,000		20,458
Callable 06/01/2033 @ $100
5.350%, SOFRRATE + 1.845%, 06/01/2034(B)		45,000		44,969
Callable 07/22/2029 @ $100
4.995%, SOFRRATE + 1.125%, 07/22/2030(B)		35,000		34,849
Macquarie Airfinance Holdings
Callable 05/01/2025 @ $104
8.375%, 05/01/2028(A)		200,000		209,635
Mastercard
Callable 02/09/2034 @ $100
4.875%, 05/09/2034		50,000		49,226
Midcap Financial Issuer Trust
Callable 01/19/2025 @ $103
6.500%, 05/01/2028(A)		200,000		195,592
Morgan Stanley MTN
Callable 04/19/2034 @ $100
5.831%, SOFRRATE + 1.580%, 04/19/2035(B)		50,000		50,952
Callable 07/21/2033 @ $100
5.424%, SOFRRATE + 1.880%, 07/21/2034(B)		20,000		19,860
Callable 04/20/2028 @ $100
5.164%, SOFRRATE + 1.590%, 04/20/2029(B)		25,000		25,070
Northern Trust
Callable 10/01/2026 @ $100
4.600%, TSFR3M + 3.464%(B) (C)		135,000		132,158
Reinsurance Group of America
Callable 06/15/2033 @ $100
6.000%, 09/15/2033		40,000		41,110
State Street
Callable 01/27/2025 @ $100
4.857%, SOFRRATE + 0.604%, 01/26/2026(B)		35,000		34,996

THE ADVISORS’ INNER CIRCLE FUND III

MESIROW

ENHANCED CORE PLUS FUND

DECEMBER 31, 2024 (Unaudited)

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
US Bancorp
Callable 01/23/2034 @ $100
5.678%, SOFRRATE + 1.860%, 01/23/2035(B)	$	65,000	$	65,549
Callable 04/15/2027 @ $100
5.300%, TSFR3M + 3.176%(B) (C)		100,000		98,602
Wells Fargo
Callable 10/23/2033 @ $100
6.491%, SOFRRATE + 2.060%, 10/23/2034(B)		50,000		53,149
Callable 04/25/2052 @ $100
4.611%, SOFRRATE + 2.130%, 04/25/2053(B)		75,000		62,624
				1,522,496
Health Care — 5.6%
AbbVie
Callable 12/15/2043 @ $100
4.850%, 06/15/2044		20,000		18,128
Baptist Healthcare System Obligated Group
Callable 02/15/2050 @ $100
3.540%, 08/15/2050		10,000		7,044
Baylor Scott & White Holdings
Callable 11/15/2049 @ $100
2.839%, 11/15/2050		6,000		3,812
Bristol-Myers Squibb
Callable 05/15/2053 @ $100
6.250%, 11/15/2053		20,000		21,188
CVS Health
Callable 01/20/2026 @ $100
5.000%, 02/20/2026		10,000		9,990
Eli Lilly
Callable 08/09/2053 @ $100
5.000%, 02/09/2054		30,000		27,570
Callable 07/14/2029 @ $100
4.200%, 08/14/2029		20,000		19,581
Gilead Sciences
Callable 07/01/2030 @ $100
1.650%, 10/01/2030		45,000		37,635
Indiana University Health Obligated Group
Callable 05/01/2048 @ $100
3.970%, 11/01/2048		10,000		7,928
Iowa Health System
Callable 08/15/2049 @ $100
3.665%, 02/15/2050		15,000		11,024

THE ADVISORS’ INNER CIRCLE FUND III

MESIROW

ENHANCED CORE PLUS FUND

DECEMBER 31, 2024 (Unaudited)

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
NY Society for Relief of Ruptured & Crippled Maintaining Hosp Special Surgery
Callable 04/01/2050 @ $100
2.667%, 10/01/2050	$	60,000	$	36,248
Organon
Callable 04/30/2026 @ $103
5.125%, 04/30/2031(A)		150,000		134,821
Orlando Health Obligated Group
Callable 04/01/2050 @ $100
3.327%, 10/01/2050		35,000		24,388
Smith & Nephew
Callable 02/20/2027 @ $100
5.150%, 03/20/2027		80,000		80,574
SSM Health Care
Callable 03/01/2028 @ $100
4.894%, 06/01/2028		20,000		19,937
Stryker
Callable 09/15/2045 @ $100
4.625%, 03/15/2046		75,000		64,970
Sutter Health
Callable 02/15/2033 @ $100
5.164%, 08/15/2033		190,000		188,573
UnitedHealth Group
Callable 08/15/2052 @ $100
5.875%, 02/15/2053		35,000		35,093
Willis-Knighton Medical Center
Callable 03/01/2048 @ $100
4.813%, 09/01/2048		25,000		21,364
				769,868
Industrials — 5.6%
Burlington Northern Santa Fe
Callable 03/01/2044 @ $100
4.550%, 09/01/2044		90,000		78,436
Fortress Transportation and Infrastructure Investors
Callable 02/06/2025 @ $103
5.500%, 05/01/2028(A)		150,000		146,707
Howmet Aerospace
Callable 11/15/2028 @ $100
3.000%, 01/15/2029		65,000		60,328
Masterbrand
Callable 07/15/2027 @ $104
7.000%, 07/15/2032(A)		150,000		151,034

THE ADVISORS’ INNER CIRCLE FUND III

MESIROW

ENHANCED CORE PLUS FUND

DECEMBER 31, 2024 (Unaudited)

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
Rand Parent
Callable 02/15/2026 @ $104
8.500%, 02/15/2030(A)	$	150,000	$	150,822
RELX Capital
Callable 02/22/2030 @ $100
3.000%, 05/22/2030		25,000		22,713
Republic Services
Callable 08/15/2034 @ $100
5.200%, 11/15/2034		50,000		49,521
RTX
Callable 06/16/2025 @ $100
3.950%, 08/16/2025		25,000		24,883
Textron
Callable 06/17/2029 @ $100
3.900%, 09/17/2029		25,000		23,757
Waste Management
Callable 12/15/2034 @ $100
4.950%, 03/15/2035		30,000		29,248
Westinghouse Air Brake Technologies
Callable 12/11/2033 @ $100
5.611%, 03/11/2034		25,000		25,321
				762,770
Information Technology — 3.4%
Accenture Capital
Callable 09/04/2029 @ $100
4.050%, 10/04/2029		40,000		38,825
Broadcom
Callable 06/12/2027 @ $100
5.050%, 07/12/2027		35,000		35,324
Consensus Cloud Solutions
Callable 02/06/2025 @ $102
6.000%, 10/15/2026(A)		175,000		172,678
ION Trading Technologies S.A.R.L.
Callable 05/30/2026 @ $105
9.500%, 05/30/2029(A)		150,000		157,275
Motorola Solutions
Callable 03/15/2029 @ $100
5.000%, 04/15/2029		50,000		49,923
Sierra Pacific Power
Callable 02/01/2026 @ $100
2.600%, 05/01/2026		15,000		14,598

THE ADVISORS’ INNER CIRCLE FUND III

MESIROW

ENHANCED CORE PLUS FUND

DECEMBER 31, 2024 (Unaudited)

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
Workday
Callable 01/01/2032 @ $100
3.800%, 04/01/2032	$	5,000	$	4,550
				473,173
Materials — 3.4%
ATI
Callable 10/01/2026 @ $103
5.125%, 10/01/2031		140,000		131,631
Cleveland-Cliffs
Callable 04/15/2026 @ $103
6.750%, 04/15/2030(A)		41,000		40,092
Clydesdale Acquisition Holdings
Callable 07/15/2026 @ $103
6.875%, 01/15/2030(A)		150,000		151,015
Owens-Brockway Glass Container
Callable 06/01/2027 @ $104
7.375%, 06/01/2032(A)		150,000		143,423
				466,161
Real Estate — 1.7%
American Homes 4 Rent
Callable 10/15/2051 @ $100
4.300%, 04/15/2052		75,000		58,400
ERP Operating
Callable 06/15/2034 @ $100
4.650%, 09/15/2034		50,000		47,414
Kimco Realty OP
Callable 12/01/2034 @ $100
4.850%, 03/01/2035		80,000		76,188
Safehold GL Holdings
Callable 10/15/2034 @ $100
5.650%, 01/15/2035		55,000		53,666
				235,668
Utilities — 6.9%
Alabama Power
Callable 05/15/2033 @ $100
5.850%, 11/15/2033		5,000		5,181
Ameren Missouri Securitization Funding I
4.850%, 10/01/2039		40,000		39,133
Atmos Energy
Callable 05/15/2053 @ $100
6.200%, 11/15/2053		65,000		69,049
CenterPoint Energy Houston Electric
Callable 12/01/2034 @ $100
5.050%, 03/01/2035		30,000		29,290

THE ADVISORS’ INNER CIRCLE FUND III

MESIROW

ENHANCED CORE PLUS FUND

DECEMBER 31, 2024 (Unaudited)

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
Consumers 2023 Securitization Funding
5.210%, 09/01/2030	$	75,000	$	75,757
DTE Electric
Callable 12/01/2033 @ $100
5.200%, 03/01/2034		20,000		19,925
Duke Energy Florida Project Finance
2.538%, 09/01/2029		76,038		71,996
Entergy Arkansas
Callable 03/01/2034 @ $100
5.450%, 06/01/2034		20,000		20,268
Entergy Louisiana
Callable 06/15/2034 @ $100
5.150%, 09/15/2034		60,000		59,009
Entergy Texas
Callable 03/01/2053 @ $100
5.800%, 09/01/2053		10,000		10,001
Callable 03/15/2052 @ $100
5.000%, 09/15/2052		15,000		13,411
Florida Power & Light
Callable 03/15/2034 @ $100
5.300%, 06/15/2034		50,000		50,142
Kansas Gas Service Securitization I
5.486%, 08/01/2032		21,380		21,749
Oglethorpe Power
Callable 06/01/2053 @ $100
6.200%, 12/01/2053		25,000		25,743
Callable 04/01/2048 @ $100
5.050%, 10/01/2048		15,000		13,208
Callable 10/01/2046 @ $100
4.500%, 04/01/2047		20,000		16,386
Callable 02/01/2050 @ $100
3.750%, 08/01/2050		185,000		131,609
Piedmont Natural Gas
Callable 11/15/2034 @ $100
5.100%, 02/15/2035		75,000		72,698
San Diego Gas & Electric
Callable 10/15/2053 @ $100
5.550%, 04/15/2054		35,000		33,921
Callable 12/15/2031 @ $100
3.000%, 03/15/2032		65,000		56,613
Swepco Storm Recovery Funding
4.880%, 09/01/2039		50,000		48,860

THE ADVISORS’ INNER CIRCLE FUND III

MESIROW

ENHANCED CORE PLUS FUND

DECEMBER 31, 2024 (Unaudited)

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
Virginia Power Fuel Securitization
4.877%, 05/01/2031	$	65,000	$	64,955
				948,904
TOTAL CORPORATE OBLIGATIONS
(Cost $7,193,461)				7,084,678
MORTGAGE-BACKED SECURITIES — 19.0%
FHLMC
5.000%, 08/01/2038 - 07/01/2043		201,521		198,334
4.500%, 11/01/2052		140,722		132,548
4.000%, 01/01/2053		158,609		145,159
3.000%, 06/01/2052		265,420		225,784
2.500%, 05/01/2052		375,241		307,302
2.000%, 10/01/2051		527,737		411,694
FNMA
5.000%, 09/01/2052 - 04/01/2053		229,819		222,217
4.500%, 07/01/2052		109,497		103,192
4.000%, 08/01/2037 - 04/01/2054		309,178		286,531
3.500%, 08/01/2052		321,983		285,367
2.500%, 09/01/2036		114,563		104,341
2.000%, 03/01/2052		198,280		154,511
GNMA
2.000%, 07/20/2052		30,039		24,062
TOTAL MORTGAGE-BACKED SECURITIES
(Cost $2,691,933)				2,601,042
U.S. TREASURY OBLIGATIONS — 12.5%
U.S. Treasury Bonds
4.625%, 11/15/2044		380,000		368,452
4.250%, 08/15/2054		215,000		196,338
U.S. Treasury Notes
4.250%, 11/15/2034		170,000		165,569
4.250%, 11/30/2026		60,000		59,988
4.125%, 11/30/2031		40,000		39,146
4.125%, 11/30/2029		430,000		425,115
4.125%, 11/15/2027		190,000		189,161
3.625%, 08/31/2029		280,000		271,110
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $1,753,619)				1,714,879

THE ADVISORS’ INNER CIRCLE FUND III

MESIROW

ENHANCED CORE PLUS FUND

DECEMBER 31, 2024 (Unaudited)

ASSET-BACKED SECURITIES — 10.2%
	Face Amount		Value
Automotive — 1.8%
Fifth Third Auto Trust, Ser 2023-1, Cl A3
Callable 04/15/2027 @ $100
5.530%, 08/15/2028	$	35,000	$	35,385
Ford Credit Auto Owner Trust, Ser 2018-1, Cl A
Callable 01/15/2025 @ $100
3.190%, 07/15/2031 (A)		100,000		99,943
Ford Credit Auto Owner Trust, Ser 2022-1, Cl A
Callable 05/15/2027 @ $100
3.880%, 11/15/2034 (A)		100,000		98,203
Honda Auto Receivables Owner Trust, Ser 2022-2, Cl A3
Callable 01/18/2026 @ $100
3.730%, 07/20/2026		10,382		10,347
				243,878
Credit Cards — 3.5%
American Express Credit Account Master Trust, Ser 2023-4, Cl A
5.150%, 09/15/2030		100,000		101,755
Capital One Multi-Asset Execution Trust, Ser 2021-A2, Cl A2
1.390%, 07/15/2030		60,000		53,619
Chase Issuance Trust, Ser 2024-A2, Cl A
4.630%, 01/15/2031		100,000		99,872
Citibank Credit Card Issuance Trust, Ser 2007-A3, Cl A3
6.150%, 06/15/2039		100,000		107,996
First National Master Note Trust, Ser 2024-1, Cl A
5.340%, 05/15/2030		60,000		60,556
Wells Fargo Card Issuance Trust, Ser 2024-A1, Cl A
4.940%, 02/15/2029		65,000		65,619
				489,417
Other ABS — 4.9%
BRE Grand Islander Timeshare Issuer, Ser 2019-A, Cl A
Callable 04/25/2026 @ $100
3.280%, 09/26/2033 (A)		59,602		58,435
Dell Equipment Finance Trust, Ser 2024-1, Cl A3
Callable 12/22/2026 @ $100
5.390%, 03/22/2030 (A)		100,000		101,116

THE ADVISORS’ INNER CIRCLE FUND III

MESIROW

ENHANCED CORE PLUS FUND

DECEMBER 31, 2024 (Unaudited)

ASSET-BACKED SECURITIES — continued
	Face Amount		Value
Hilton Grand Vacations Trust, Ser 2024-1B, Cl B
Callable 07/15/2030 @ $100
5.990%, 09/15/2039 (A)	$	163,666	$	164,843
Kubota Credit Owner Trust, Ser 2023-2A, Cl A2
Callable 07/15/2026 @ $100
5.610%, 07/15/2026 (A)		45,386		45,527
Marriott Vacations Worldwide Owner Trust, Ser 2024-1A, Cl A
Callable 09/20/2032 @ $100
5.320%, 02/20/2043 (A)		81,800		82,110
Sierra Timeshare Receivables Funding, Ser 2023-1A, Cl B
Callable 10/20/2027 @ $100
5.830%, 01/20/2040 (A)		40,906		40,978
T-Mobile US Trust, Ser 2024-1A, Cl A
Callable 03/20/2027 @ $100
5.050%, 09/20/2029 (A)		100,000		100,694
Verizon Master Trust, Ser 2024-3, Cl A1A
Callable 04/20/2027 @ $100
5.340%, 04/22/2030		75,000		76,263
				669,966
TOTAL ASSET-BACKED SECURITIES
(Cost $1,387,773)				1,403,261
MUNICIPAL BONDS — 4.9%
California State, GO
5.150%, 09/01/2034		75,000		75,171
Maryland State, Health & Higher Educational Facilities Authority, RB
Callable 01/01/2040 @ $100
3.052%, 07/01/2040		75,000		55,242
Metropolitan Transportation Authority Dedicated Tax Fund, RB
7.336%, 11/15/2039		70,000		81,815
North Texas Tollway Authority, RB
6.718%, 01/01/2049		110,000		122,250
Oklahoma State, Development Finance Authority, RB
4.623%, 06/01/2044		60,000		55,586
Regents of the University of California Medical Center Pooled Revenue, RB
4.563%, 05/15/2053		120,000		103,364

THE ADVISORS’ INNER CIRCLE FUND III

MESIROW

ENHANCED CORE PLUS FUND

DECEMBER 31, 2024 (Unaudited)

MUNICIPAL BONDS — continued
	Face Amount		Value
San Diego County Water Authority, RB
6.138%, 05/01/2049	$	60,000	$	61,987
Texas Natural Gas Securitization Finance,
5.169%, 04/01/2041		90,000		88,631
Texas State, GO
5.517%, 04/01/2039		25,000		24,992
TOTAL MUNICIPAL BONDS
(Cost $696,928)				669,038
TOTAL INVESTMENTS — 98.2%
(Cost $13,723,714)			$	13,472,898

A list of the open forward contracts held by the Fund at December 31, 2024, is as follows:

Counterparty	Settlement Date		Currency to Deliver			Currency to Receive			Unrealized Appreciation/ (Depreciation)
HSBC		03/19/25		USD	10,927		COP	47,817,760	$	(183	)
HSBC		03/19/25		USD	12,636		PLN	51,491		(205	)
HSBC		03/19/25		USD	54,845		INR	4,684,577		(527	)
HSBC		03/19/25		USD	60,067		CLP	59,554,800		(239	)
HSBC		03/19/25		USD	74,820		NZD	130,000		(2,025	)
HSBC		03/19/25		USD	80,791		CHF	70,304		(2,671	)
HSBC		03/19/25		USD	78,663		IDR	1,282,147,000		51
HSBC		03/19/25		USD	5,972		IDR	95,659,149		(99	)
HSBC		03/19/25		USD	90,675		MXN	1,852,779		(2,919	)
HSBC		03/19/25		USD	41,771		PHP	2,452,458		187
HSBC		03/19/25		USD	59,941		PHP	3,496,240		(125	)
HSBC		03/19/25		USD	110,268		SGD	148,793		(985	)
HSBC		03/19/25		USD	113,371		AUD	179,565		(2,217	)
HSBC		03/19/25		USD	114,992		ZAR	2,092,651		(4,858	)
HSBC		03/19/25		USD	116,180		BRL	709,965		(2,757	)
HSBC		03/19/25		USD	131,589		ILS	469,761		(2,121	)
HSBC		03/19/25		USD	147,815		HUF	58,058,298		(2,208	)
HSBC		03/19/25		EUR	166,396		USD	175,492		2,561
HSBC		03/19/25		USD	189,431		EUR	180,000		(2,362	)
HSBC		03/19/25		USD	214,748		GBP	168,823		(3,519	)
HSBC		03/19/25		USD	231,933		SEK	2,516,280		(3,570	)
HSBC		03/19/25		USD	243,441		THB	8,201,873		(1,685	)
HSBC		03/19/25		SGD	254,836		USD	189,542		2,373
HSBC		03/19/25		USD	262,194		CZK	6,253,374		(4,817	)

THE ADVISORS’ INNER CIRCLE FUND III

MESIROW

ENHANCED CORE PLUS FUND

DECEMBER 31, 2024 (Unaudited)

Counterparty	Settlement Date		Currency to Deliver			Currency to Receive			Unrealized Appreciation/ (Depreciation)
HSBC		03/19/25		USD	284,120		NOK	3,156,695	$	(6,865	)
HSBC		03/19/25		GBP	250,000		USD	318,063		5,265
HSBC		03/19/25		GBP	60,000		USD	75,031		(40	)
HSBC		03/19/25		USD	321,534		TWD	10,411,979		(4,207	)
HSBC		03/19/25		NZD	344,687		USD	197,464		4,451
HSBC		03/19/25		PLN	345,283		USD	84,634		1,269
HSBC		03/19/25		ILS	368,860		USD	102,386		727
HSBC		03/19/25		ILS	33,087		USD	9,002		(116	)
HSBC		03/19/25		AUD	430,000		USD	274,807		8,630
HSBC		03/19/25		CHF	453,850		USD	511,787		7,477
HSBC		03/19/25		USD	151,316		JPY	23,664,000		402
HSBC		03/19/25		USD	376,864		JPY	57,770,731		(6,475	)
HSBC		03/19/25		USD	953,302		CAD	1,348,275		(12,718	)
HSBC		03/19/25		BRL	970,971		USD	157,646		2,525
HSBC		03/19/25		BRL	6,172		USD	980		(6	)
HSBC		03/19/25		CAD	1,185,092		USD	839,601		12,856
HSBC		03/19/25		CAD	373,776		USD	260,284		(470	)
HSBC		03/19/25		RON	1,615,405		USD	339,430		4,689
HSBC		03/19/25		SEK	1,983,237		USD	181,177		1,190
HSBC		03/19/25		NOK	2,034,051		USD	179,824		1,171
HSBC		03/19/25		CNH	2,717,422		USD	374,692		3,694
HSBC		03/19/25		ZAR	4,403,643		USD	242,469		10,711
HSBC		03/19/25		CZK	5,809,823		USD	242,399		3,278
HSBC		03/19/25		MXN	5,963,663		USD	289,768		7,302
HSBC		03/19/25		PHP	4,644,240		USD	79,580		124
HSBC		03/19/25		PHP	5,327,551		USD	90,650		(497	)
HSBC		03/19/25		TWD	10,850,048		USD	334,774		4,095
HSBC		03/19/25		JPY	54,811,900		USD	363,593		12,174
HSBC		03/19/25		HUF	36,855,285		USD	93,627		1,196
HSBC		03/19/25		HUF	23,941,200		USD	59,748		(295	)
HSBC		03/19/25		INR	63,026,315		USD	738,851		8,068
HSBC		03/19/25		CLP	307,888,217		USD	315,463		6,159
HSBC		03/19/25		KRW	438,615,569		USD	307,770		10,050
HSBC		03/19/25		COP	512,963,304		USD	116,163		911
HSBC		03/19/25		COP	26,339,988		USD	5,897		(20	)
HSBC		03/19/25		IDR	3,361,911,397		USD	209,835		3,437
HSBC		03/19/25		IDR	1,858,314,000		USD	113,061		(1,026	)
									$	54,196

THE ADVISORS’ INNER CIRCLE FUND III

MESIROW

ENHANCED CORE PLUS FUND

DECEMBER 31, 2024 (Unaudited)

Percentages are based on Net Assets of $13,720,848.

(A)	Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "accredited investors". The total value of such securities as of December 31, 2024 was $3,074,008 and represents 22.4% 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)	Perpetual security with no stated maturity date.

AUD — Australian Dollar

BRL — Brazilian Real

CAD — Canadian Dollar

CHF — Swiss Franc

Cl — Class

CLP — Chilean Peso

CNH — Chinese Yuan Offshore

COP — Colombian Peso

CZK — Czech Koruna

EUR — Euro

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

GBP — British Pound Sterling

HUF — Hungarian Forint

IDR — Indonesian Rupiah

ILS — Israeli New Shekels

INR — Indian Rupee

JPY — Japanese Yen

KRW — Korean Won

MTN — Medium Term Note

MXN — Mexican Peso

NOK — Norwegian Krone

NZD — New Zealand Dollar

PHP— Philippine Peso

PLN — Polish Zloty

RB — Revenue Bond

RON — Romanian Leu

SEK — Swedish Krona

Ser — Series

SGD — Singapore Dollar

SOFR — Secured Overnight Financing Rate

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

THB — Thai Baht

TWD — Taiwan Dollar

THE ADVISORS’ INNER CIRCLE FUND III

MESIROW

ENHANCED CORE PLUS FUND

DECEMBER 31, 2024 (Unaudited)

USD — United States Dollar

ZAR — South African Rand

MES-QH-001-1200

THE ADVISORS’ INNER CIRCLE FUND III

MESIROW

HIGH YIELD FUND

DECEMBER 31, 2024 (Unaudited)

SCHEDULE OF INVESTMENTS
CORPORATE OBLIGATIONS — 78.6%
	Face Amount		Value
Communication Services — 2.5%
Beasley Mezzanine Holdings
9.200%, 08/01/2028(A)	$	1,027,000	$	564,850
McGraw-Hill Education
Callable 09/01/2027 @ $104
7.375%, 09/01/2031(A)		1,123,000		1,149,249
Spanish Broadcasting System
Callable 01/17/2025 @ $102
9.750%, 03/01/2026(A)		1,110,000		732,600
Urban One
Callable 02/03/2025 @ $102
7.375%, 02/01/2028(A)		2,183,000		1,358,917
				3,805,616
Consumer Discretionary — 12.4%
Allied Universal Holdco
Callable 02/15/2027 @ $104
7.875%, 02/15/2031(A)		2,148,000		2,195,439
Arrow Bidco
Callable 01/22/2025 @ $102
10.750%, 06/15/2025(A)		1,023,000		1,040,531
Carnival
Callable 02/03/2025 @ $103
6.000%, 05/01/2029(A)		600,000		598,580
Champ Acquisition
Callable 12/01/2027 @ $104
8.375%, 12/01/2031(A)		1,790,000		1,825,942
Cruise Yacht Upper HoldCo
Callable 07/05/2026 @ $106
11.875%, 07/05/2028		1,200,000		1,231,497
Garda World Security
Callable 11/15/2027 @ $104
8.375%, 11/15/2032(A)		822,000		836,669
Jacobs Entertainment
Callable 02/15/2025 @ $103
6.750%, 02/15/2029(A)		1,668,000		1,609,702
Callable 02/15/2025 @ $103
6.750%, 02/15/2029(A)		711,000		689,055
NES Fircroft Bondco
Callable 09/30/2026 @ $104
8.000%, 09/30/2029(A)		2,000,000		1,970,000
Park River Holdings
Callable 02/06/2025 @ $103
6.750%, 08/01/2029(A)		2,406,000		2,112,473

THE ADVISORS’ INNER CIRCLE FUND III

MESIROW

HIGH YIELD FUND

DECEMBER 31, 2024 (Unaudited)

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
Scientific Games Holdings
Callable 03/01/2025 @ $103
6.625%, 03/01/2030(A)	$	2,190,000	$	2,095,684
SWF Holdings I
Callable 02/06/2025 @ $103
6.500%, 10/01/2029(A)		670,000		415,898
TKC Holdings
Callable 02/03/2025 @ $103
6.875%, 05/15/2028(A)		2,212,000		2,186,967
Velocity Vehicle Group
Callable 06/01/2026 @ $104
8.000%, 06/01/2029(A)		226,000		235,017
				19,043,454
Consumer Staples — 0.8%
Chobani Holdco II
Callable 10/01/2025 @ $104
8.750%, 10/01/2029(A)		486,000		513,954
Fiesta Purchaser
Callable 03/01/2027 @ $104
7.875%, 03/01/2031(A)		668,000		697,220
				1,211,174
Energy — 17.8%
Alliance Resource Operating Partners
Callable 06/15/2026 @ $104
8.625%, 06/15/2029(A)		344,000		361,454
Borr IHC
Callable 11/15/2025 @ $105
10.000%, 11/15/2028(A)		2,077,024		2,066,930
Bristow Group
Callable 02/06/2025 @ $103
6.875%, 03/01/2028(A)		1,544,000		1,535,942
Coronado Finance Pty
Callable 10/01/2026 @ $105
9.250%, 10/01/2029(A)		701,000		710,897
Ferrellgas Escrow
Callable 02/03/2025 @ $103
5.875%, 04/01/2029(A)		1,200,000		1,096,810
Genesis Energy
Callable 01/15/2026 @ $104
8.250%, 01/15/2029		83,000		83,820
Callable 05/15/2028 @ $104
8.000%, 05/15/2033		1,183,000		1,157,721

THE ADVISORS’ INNER CIRCLE FUND III

MESIROW

HIGH YIELD FUND

DECEMBER 31, 2024 (Unaudited)

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
Greenfire Resources
Callable 10/01/2025 @ $106
12.000%, 10/01/2028(A)	$	1,670,000	$	1,799,189
ITT Holdings
Callable 02/03/2025 @ $103
6.500%, 08/01/2029(A)		2,454,000		2,246,486
Nabors Industries
Callable 08/15/2027 @ $104
8.875%, 08/15/2031(A)		1,594,000		1,480,167
NewCo Holding USD 20 Sarl
Callable 11/07/2026 @ $105
9.375%, 11/07/2029(A)		500,000		498,000
NGL Energy Operating
Callable 02/15/2027 @ $104
8.375%, 02/15/2032(A)		1,987,000		2,002,214
Callable 02/15/2026 @ $104
8.125%, 02/15/2029(A)		140,000		141,840
Odfjell Rig III
Callable 11/30/2025 @ $105
9.250%, 05/31/2028		902,962		948,792
Paratus Energy Services
Callable 12/27/2026 @ $105
9.500%, 06/27/2029		2,000,000		1,950,000
Shelf Drilling Holdings
Callable 10/15/2025 @ $105
9.625%, 04/15/2029(A)		2,147,000		1,811,465
Star Holding
Callable 08/01/2027 @ $104
8.750%, 08/01/2031(A)		988,000		978,930
Tenneco
Callable 02/03/2025 @ $104
8.000%, 11/17/2028(A)		2,524,000		2,352,392
TransMontaigne Partners
Callable 01/22/2025 @ $100
6.125%, 02/15/2026		897,000		891,671
Venture Global LNG
Callable 06/01/2026 @ $104
8.375%, 06/01/2031(A)		2,106,000		2,196,403
Welltec International APS
Callable 01/17/2025 @ $102
8.250%, 10/15/2026(A)		691,000		704,276
				27,015,399

THE ADVISORS’ INNER CIRCLE FUND III

MESIROW

HIGH YIELD FUND

DECEMBER 31, 2024 (Unaudited)

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
Financials — 4.9%
Acrisure
Callable 02/01/2026 @ $104
8.250%, 02/01/2029(A)	$	765,000	$	792,158
Callable 05/15/2026 @ $104
7.500%, 11/06/2030(A)		457,000		470,580
Burford Capital Global Finance
Callable 04/15/2025 @ $103
6.875%, 04/15/2030(A)		1,995,000		1,995,722
Midcap Financial Issuer Trust
Callable 01/19/2025 @ $103
6.500%, 05/01/2028(A)		2,333,000		2,281,580
VistaJet Malta Finance
Callable 02/03/2025 @ $103
6.375%, 02/01/2030(A)		2,361,000		2,063,098
				7,603,138
Health Care — 1.7%
Endo Finance Holdings
Callable 04/15/2027 @ $104
8.500%, 04/15/2031(A)		1,407,000		1,490,763
Organon
Callable 05/15/2029 @ $104
7.875%, 05/15/2034(A)		1,074,000		1,098,014
				2,588,777
Industrials — 19.1%
Airswift Global
Callable 08/28/2026 @ $105
10.000%, 02/28/2029(A)		2,000,000		2,059,467
Alta Equipment Group
Callable 06/01/2026 @ $105
9.000%, 06/01/2029(A)		1,494,000		1,425,046
Arcosa
Callable 08/15/2027 @ $103
6.875%, 08/15/2032(A)		1,021,000		1,037,433
Brand Industrial Services
Callable 08/01/2026 @ $105
10.375%, 08/01/2030(A)		1,970,000		2,005,071
Brightline East
Callable 05/09/2027 @ $106
11.000%, 01/31/2030(A)		2,247,000		2,144,492
Cimpress
Callable 09/15/2027 @ $104
7.375%, 09/15/2032(A)		1,502,000		1,492,160

THE ADVISORS’ INNER CIRCLE FUND III

MESIROW

HIGH YIELD FUND

DECEMBER 31, 2024 (Unaudited)

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
Conduent Business Services
Callable 02/06/2025 @ $103
6.000%, 11/01/2029(A)	$	875,000	$	834,097
Deluxe
Callable 09/15/2026 @ $104
8.125%, 09/15/2029(A)		588,000		596,244
Callable 02/06/2025 @ $104
8.000%, 06/01/2029(A)		455,000		437,362
F-Brasile
Callable 01/14/2025 @ $100
7.375%, 08/15/2026(A)		2,059,000		2,059,382
Fortress Transportation and Infrastructure Investors
Callable 06/15/2027 @ $104
7.000%, 06/15/2032(A)		1,128,000		1,150,233
GEO Group
Callable 04/15/2026 @ $104
8.625%, 04/15/2029		1,201,000		1,268,471
Innovate
Callable 01/17/2025 @ $102
8.500%, 02/01/2026(A)		1,454,000		1,197,819
Masterbrand
Callable 07/15/2027 @ $104
7.000%, 07/15/2032(A)		700,000		704,824
New Enterprise Stone & Lime
Callable 02/06/2025 @ $102
9.750%, 07/15/2028(A)		846,000		865,152
OneSky Flight
Callable 12/15/2026 @ $104
8.875%, 12/15/2029(A)		950,000		950,665
Park-Ohio Industries
Callable 02/06/2025 @ $101
6.625%, 04/15/2027		1,852,000		1,819,627
Railworks Holdings
Callable 02/03/2025 @ $104
8.250%, 11/15/2028(A)		1,849,000		1,849,820
Rand Parent
Callable 02/15/2026 @ $104
8.500%, 02/15/2030(A)		2,183,000		2,194,969
Smyrna Ready Mix Concrete
Callable 11/15/2026 @ $104
8.875%, 11/15/2031(A)		1,077,000		1,129,186
Spirit AeroSystems
Callable 11/15/2026 @ $105
9.750%, 11/15/2030(A)		1,155,000		1,278,132

THE ADVISORS’ INNER CIRCLE FUND III

MESIROW

HIGH YIELD FUND

DECEMBER 31, 2024 (Unaudited)

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
Wilsonart
Callable 08/15/2027 @ $106
11.000%, 08/15/2032(A)	$	925,000	$	906,663
				29,406,315
Information Technology — 4.7%
Consensus Cloud Solutions
Callable 10/15/2026 @ $102
6.500%, 10/15/2028(A)		2,291,000		2,271,656
ION Trading Technologies S.A.R.L.
Callable 05/30/2026 @ $105
9.500%, 05/30/2029(A)		2,038,000		2,136,839
Virtusa
Callable 02/03/2025 @ $102
7.125%, 12/15/2028(A)		2,443,000		2,321,522
Xerox Holdings
Callable 11/30/2026 @ $104
8.875%, 11/30/2029(A)		540,000		484,747
				7,214,764
Materials — 14.2%
Algoma Steel
Callable 04/15/2026 @ $105
9.125%, 04/15/2029(A)		1,231,000		1,258,944
Calderys Financing
Callable 06/01/2025 @ $106
11.250%, 06/01/2028(A)		573,000		613,335
Calderys Financing II
Callable 06/01/2025 @ $104
11.750%, 06/01/2028(A)		1,592,000		1,618,792
Cerdia Finanz GmbH
Callable 10/15/2027 @ $105
9.375%, 10/03/2031(A)		1,650,000		1,717,106
Clydesdale Acquisition Holdings
Callable 07/15/2026 @ $103
6.875%, 01/15/2030(A)		634,000		638,290
Callable 04/15/2025 @ $103
6.625%, 04/15/2029(A)		800,000		805,303
Consolidated Energy Finance
Callable 02/06/2025 @ $103
5.625%, 10/15/2028(A)		1,881,000		1,534,125
Conuma Resources
Callable 05/01/2026 @ $110
13.125%, 05/01/2028(A)		1,611,000		1,635,165

THE ADVISORS’ INNER CIRCLE FUND III

MESIROW

HIGH YIELD FUND

DECEMBER 31, 2024 (Unaudited)

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
JW Aluminum Continuous Cast
Callable 01/22/2025 @ $100
10.250%, 06/01/2026(A)	$	688,000	$	686,280
LABL
Callable 10/01/2027 @ $104
8.625%, 10/01/2031(A)		1,877,000		1,736,377
Magnera
Callable 11/15/2027 @ $104
7.250%, 11/15/2031(A)		887,000		865,934
Mativ Holdings
Callable 10/01/2026 @ $104
8.000%, 10/01/2029(A)		640,000		616,447
Mercer International
Callable 10/01/2025 @ $106
12.875%, 10/01/2028(A)		1,895,000		2,039,880
Owens-Brockway Glass Container
Callable 06/01/2027 @ $104
7.375%, 06/01/2032(A)		489,000		467,560
Rain Carbon
Callable 03/01/2026 @ $106
12.250%, 09/01/2029(A)		2,055,000		2,171,922
TMS International
Callable 01/17/2025 @ $103
6.250%, 04/15/2029(A)		2,259,000		2,165,900
Trident TPI Holdings
Callable 12/31/2025 @ $106
12.750%, 12/31/2028(A)		1,000,000		1,103,091
				21,674,451
Real Estate — 0.5%
Cushman & Wakefield US Borrower
Callable 02/03/2025 @ $102
6.750%, 05/15/2028(A)		700,000		700,636
TOTAL CORPORATE OBLIGATIONS
(Cost $121,816,805)				120,263,724
LOAN OBLIGATIONS — 15.7%
Communication Services — 0.6%
DIRECTV Financing, LLC, 2024 Term Loan
10.097%, CME Term SOFR + 5.360%, 08/02/2029		254,004		249,083

THE ADVISORS’ INNER CIRCLE FUND III

MESIROW

HIGH YIELD FUND

DECEMBER 31, 2024 (Unaudited)

LOAN OBLIGATIONS — continued
	Face Amount		Value
Communication Services — continued
Research Now Group, LLC, Second Out Term Loan
10.285%, CME Term SOFR + 5.760%, 10/15/2028	$	728,237	$	675,440
				924,523
Consumer Discretionary — 1.9%
Century Casino, Term Loan, 1st Lien
10.624%, CME Term SOFR + 6.100%, 03/23/2029		2,205,061		2,158,203
Kelso Industries, LLC, Term Loan
0.000%, 12/26/2029 (B)		747,500		736,288
				2,894,491
Financials — 0.7%
RLG Holdings, Term Loan, 2nd Lien
11.972%, CME Term SOFR + 7.610%, 07/02/2029		996,000		896,400
Runner Buyer Inc., Initial Term Loan, 1st Lien
10.114%, CME Term SOFR + 5.610%, 10/08/2028		470,968		217,432
				1,113,832
Health Care — 0.6%
Bracket Intermediate Holding Corp., Term Loan B
9.704%, CME Term SOFR + 4.250%, 05/08/2028		866,828		873,329
Industrials — 5.5%
Aramsco, Inc., Initial Delayed Draw Term Loan
9.103%, CME Term SOFR + 4.750%, 10/10/2030		11,002		10,195
Aramsco, Inc., Initial Term Loan
9.354%, CME Term SOFR + 4.750%, 10/10/2030		485,567		449,961
FCG Acquisitions, Inc., Initial Term Loan, 2nd Lien
11.222%, CME Term SOFR + 6.860%, 03/30/2029		380,000		368,600

THE ADVISORS’ INNER CIRCLE FUND III

MESIROW

HIGH YIELD FUND

DECEMBER 31, 2024 (Unaudited)

LOAN OBLIGATIONS — continued
	Face Amount		Value
Industrials — continued
Form Technologies, LLC, Term Loan
13.864%, CME Term SOFR + 9.250%, 05/30/2030 (B)	$	1,310,000	$	1,280,525
Forming Machining Industries Holdings, LLC, Initial Term Loan, 1st Lien
8.914%, CME Term SOFR + 4.400%, 10/09/2025		239,394		145,072
Forming Machining Industries Holdings, LLC, Initial Term Loan, 2nd Lien
12.914%, CME Term SOFR + 10.400%, 10/09/2026		549,160		192,206
HDI Aerospace Intermediate Holding III Corp., Term Loan B
0.000%, 09/19/2031 (B)		1,413,000		1,416,533
Kodiak BP, LLC, Term Loan B
8.274%, SOFR + 3.750%, 11/26/2031		230,000		229,917
Michael Baker, Term Loan
9.107%, CME Term SOFR + 4.750%, 12/01/2028		746,250		748,586
NA Rail Hold Co., LLC, Tranche B-2 Term Loan, 1st Lien
8.590%, CME Term SOFR + 4.260%, 10/19/2026		352,383		355,906
One Stop Mailing, LLC, Term Loan, 1st Lien
10.722%, CME Term SOFR + 6.360%, 05/07/2027		952,384		952,543
Titan Purchaser, Inc., Term Loan B
10.325%, CME Term SOFR + 6.000%, 01/31/2030		1,112,131		1,121,862
Trulite Holding Corp., Term Loan
10.593%, CME Term SOFR + 6.000%, 02/22/2030		1,089,188		1,083,742
				8,355,648
Information Technology — 1.2%
Emerald EMS, Term Loan, 1st Lien
10.707%, CME Term SOFR + 6.350%, 12/29/2027		605,313		472,144
Magenta Security Holdings, LLC, Closing Date First Out Term Loan
11.595%, CME Term SOFR + 7.010%, 07/27/2028		116,515		107,194

THE ADVISORS’ INNER CIRCLE FUND III

MESIROW

HIGH YIELD FUND

DECEMBER 31, 2024 (Unaudited)

LOAN OBLIGATIONS — continued
	Face Amount		Value
Information Technology — continued
Magenta Security Holdings, LLC, Second Out Term Loan
12.595%, CME Term SOFR + 7.260%, 07/27/2028	$	149,585	$	88,005
Magenta Security Holdings, LLC, Third Out Term Loan
11.845%, CME Term SOFR + 6.510%, 07/27/2028		518,776		174,345
Venga Finance S.A.R.L, Term Loan
9.026%, CME Term SOFR + 4.510%, 06/29/2029		1,059,503		1,063,476
				1,905,164
Materials — 1.0%
Opta Inc., 2024 Incremental Delayed Term Loan
11.601%, CME Term SOFR + 7.010%, 11/09/2028		437,903		426,955
Opta Inc., Delayed Draw Term Loan
11.601%, CME Term SOFR + 7.010%, 11/08/2028		137,138		133,709
11.503%, CME Term SOFR + 7.010%, 11/09/2028		155,945		152,047
Opta Inc., Term Loan, 1st Lien
11.688%, CME Term SOFR + 7.010%, 11/09/2028		876,150		854,246
				1,566,957
Utilities — 4.2%
EPIC Y-Grade Services, LP, Term Loan
10.601%, CME Term SOFR + 5.750%, 06/29/2029		1,177,050		1,177,968
Goodnight Water Solutions Holdings, LLC, Term Loan B
9.607%, CME Term SOFR + 5.250%, 06/04/2029		1,429,785		1,431,572
MH Sub 1, LLC, 2023 May Incremental Term Loan, 1st Lien
8.823%, CME Term SOFR + 4.250%, 05/03/2028 (B)		2,190,000		2,189,606

THE ADVISORS’ INNER CIRCLE FUND III

MESIROW

HIGH YIELD FUND

DECEMBER 31, 2024 (Unaudited)

LOAN OBLIGATIONS — continued
	Face Amount		Value
Utilities — continued
WaterBridge Midstream Operating, LLC, Term Loan B
9.077%, CME Term SOFR + 4.750%, 06/21/2029	$	1,660,838	$	1,651,836
				6,450,982
TOTAL LOAN OBLIGATIONS
(Cost $25,348,673)				24,084,926
COMMON STOCK — 0.5%
	Shares
Communication Services — 0.1%
Beasley Broadcast Group, Inc., Cl A *(C)		1,042		7,844
New Insights Holdings *(C)(D)		10,040		173,190
				181,034
Consumer Discretionary — 0.1%
24 Hour Fitness Worldwide, Inc. *(C)(D)		90,461		905
PSS Industrial Offering, Class A *(C)(D)		1,353		85,764
PSS Industrial Offering, Class B *(C)(D)		351		22,275
				108,944
Energy — 0.3%
Greenfire Resources *		56,516		399,003
Industrials — 0.0%
Altera Infrastructure (C)(D)		2,800		56,000
Information Technology — 0.0%
PVKG Investment Holdings *(C)(D)		445		4,450
TOTAL COMMON STOCK
(Cost $2,331,677)				749,431
PREFERRED STOCK — 0.0%
Consumer Discretionary — 0.0%
24 Hour Fitness Worldwide, Inc. # *(C)(D)		22,590		5,648
TOTAL PREFERRED STOCK
(Cost $30,496)				5,648
TOTAL INVESTMENTS — 94.8%
(Cost $149,527,651)			$	145,103,729

THE ADVISORS’ INNER CIRCLE FUND III

MESIROW

HIGH YIELD FUND

DECEMBER 31, 2024 (Unaudited)

Percentages are based on Net Assets of $153,141,160.

*	Non-income producing security.
#	There is currently no interest rate available.
(A)	Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "accredited investors". The total value of such securities as of December 31, 2024 was $110,912,125 and represents 72.4% of Net Assets.
(B)	Unsettled Bank Loan. Interest rate may not be available.
(C)	Level 3 security in accordance with fair value hierarchy.
(D)	Securities considered restricted. The total market value of such securities as of December 31, 2024 was $348,232 and represented 0.2% of the Net Assets.

LLC — Limited Liability Company

SOFR — Secured Overnight Financing Rate

A list of the restricted securities, excluding 144a, held by the Fund at December 31, 2024, is as follows:

Description	Number of Shares		Acquisition Date/Right to Acquire Date		Cost		Market Value
Common Stock
24 Hour Fitness Worldwide, Inc.		90,461	12/29/2020		$	601,017	$	905
Altera Infrastructure		2,800		12/5/2022		633,990		56,000
New Insights Holdings		10,040		7/15/2024		315,135		173,190
PSS Industrial Offering, Class A		1,353		5/23/2022		77,451		85,764
PSS Industrial Offering, Class B		351		12/23/2019		527,705		22,275
PVKG Investment Holdings		445		6/4/2024		137,213		4,450
Preferred Stock
24 Hour Fitness Worldwide, Inc.		22,590		12/7/2020		30,496		5,648
					$	2,323,007	$	348,232

MES-QH-001-1200

THE ADVISORS’ INNER CIRCLE FUND III

MESIROW

SMALL COMPANY FUND

DECEMBER 31, 2024 (Unaudited)

SCHEDULE OF INVESTMENTS
COMMON STOCK — 95.7%
	Shares		Value
Communication Services — 1.0%
Nexstar Media Group, Cl A		2,037	$	321,785
Consumer Discretionary — 9.3%
Bright Horizons Family Solutions *		3,601		399,171
First Watch Restaurant Group *		20,105		374,154
Kontoor Brands		4,698		401,256
Levi Strauss, Cl A		18,458		319,323
Meritage Homes		2,091		321,637
Ollie's Bargain Outlet Holdings *		4,278		469,425
RH *		927		364,858
Wayfair, Cl A *		7,646		338,871
				2,988,695
Consumer Staples — 7.0%
Boston Beer, Cl A *		1,520		455,970
Darling Ingredients *		8,479		285,658
elf Beauty *		4,326		543,129
Inter Parfums		1,439		189,243
Lancaster Colony		1,879		325,330
Sprouts Farmers Market *		3,491		443,601
				2,242,931
Energy — 5.0%
Antero Resources *		13,624		477,521
Atlas Energy Solutions, Cl A		16,086		356,788
Matador Resources		8,149		458,463
TechnipFMC PLC		10,994		318,166
				1,610,938
Financials — 15.7%
Blackstone Mortgage Trust, Cl A ‡		26,710		465,021
Dynex Capital ‡		33,124		419,019
First Horizon		18,805		378,733
First Interstate BancSystem, Cl A		12,815		416,103
First Merchants		9,730		388,130
Hancock Whitney		8,422		460,852
Kemper		5,056		335,921
Piper Sandler		1,134		340,143
Prosperity Bancshares		5,697		429,269
Selective Insurance Group		3,535		330,593
SouthState		3,372		335,446
Texas Capital Bancshares *		5,176		404,763

THE ADVISORS’ INNER CIRCLE FUND III

MESIROW

SMALL COMPANY FUND

DECEMBER 31, 2024 (Unaudited)

COMMON STOCK — continued
	Shares		Value
Financials — continued
United Community Banks		9,906	$	320,063
				5,024,056
Health Care — 17.5%
ADMA Biologics *		22,109		379,169
Alkermes *		11,649		335,025
Amicus Therapeutics *		37,327		351,620
Amphastar Pharmaceuticals *		9,597		356,337
Bruker		5,436		318,658
Catalyst Pharmaceuticals *		22,158		462,438
Charles River Laboratories International *		1,753		323,604
Enovis *		9,580		420,370
Evolent Health, Cl A *		17,079		192,139
Globus Medical, Cl A *		6,714		555,315
Halozyme Therapeutics *		8,325		398,018
ICU Medical *		2,821		437,735
Lantheus Holdings *		4,391		392,819
Merit Medical Systems *		3,337		322,755
Surgery Partners *		16,925		358,302
				5,604,304
Industrials — 17.9%
ACV Auctions, Cl A *		15,182		327,931
Alaska Air Group *		7,344		475,524
Allegiant Travel		4,640		436,717
Brink's		3,364		312,078
CACI International, Cl A *		658		265,872
Enerpac Tool Group, Cl A		7,832		321,817
Fluor *		10,929		539,018
Gates Industrial PLC *		20,697		425,737
Hayward Holdings *		27,458		419,833
Helios Technologies		8,107		361,897
ITT		2,359		337,054
Korn Ferry		4,769		321,669
Mercury Systems *		12,205		512,610
Mueller Water Products, Cl A		15,378		346,005
WNS Holdings *		7,283		345,141
				5,748,903
Information Technology — 9.8%
Calix *		9,312		324,710
Itron *		3,976		431,714
Kyndryl Holdings *		16,258		562,527
Lumentum Holdings *		3,995		335,380

THE ADVISORS’ INNER CIRCLE FUND III

MESIROW

SMALL COMPANY FUND

DECEMBER 31, 2024 (Unaudited)

COMMON STOCK — continued
	Shares		Value
Information Technology — continued
nCino *		9,978	$	335,061
Pegasystems		4,451		414,833
Rambus *		8,614		455,336
Tenable Holdings *		7,310		287,868
				3,147,429
Materials — 5.7%
AptarGroup		1,996		313,572
Aspen Aerogels *		15,241		181,063
Axalta Coating Systems *		10,063		344,356
Hecla Mining		72,652		356,721
O-I Glass, Cl I *		31,149		337,655
Tronox Holdings PLC		29,956		301,657
				1,835,024
Real Estate — 5.6%
Independence Realty Trust ‡		21,720		430,925
National Storage Affiliates Trust ‡		8,359		316,889
Plymouth Industrial ‡		18,179		323,586
STAG Industrial ‡		9,435		319,092
Xenia Hotels & Resorts ‡		26,216		389,570
				1,780,062
Utilities — 1.2%
Northwest Natural Holding		9,390		371,468
TOTAL COMMON STOCK
(Cost $27,052,810)				30,675,595
EXCHANGE TRADED FUNDS — 1.6%
iShares Russell 2000 ETF		443		97,885
SPDR S&P Biotech ETF		4,828		434,810
TOTAL EXCHANGE TRADED FUNDS
(Cost $477,464)				532,695
TOTAL INVESTMENTS — 97.3%
(Cost $27,530,274)			$	31,208,290

Percentages are based on Net Assets of $32,065,424.

*	Non-income producing security.
‡	Real Estate Investment Trust

THE ADVISORS’ INNER CIRCLE FUND III

MESIROW

SMALL COMPANY FUND

DECEMBER 31, 2024 (Unaudited)

Cl — Class

ETF — Exchange Traded Fund

PLC — Public Limited Company

S&P — Standard and Poor’s

SPDR — Standard and Poor's Depositary Receipts

MES-QH-001-1200