THE ADVISORS’ INNER CIRCLE FUND III	FS MULTI-STRATEGY
	ALTERNATIVES FUND
	MARCH 31, 2024 (Unaudited)

CONSOLIDATED SCHEDULE OF INVESTMENTS (Percentages are based on Net Assets of $1,634,548 (000)) MORTGAGE-BACKED SECURITIES — 64.7%
	Face Amount (000)		Fair Value (000)
CAYMAN ISLANDS — 0.0%
AREIT Trust, Ser 2022-CRE6, Cl D
Callable 02/15/25 @ $100 8.169%, SOFR30A + 2.850%, 01/20/37(A) (B)	$	270	$	255
AREIT Trust, Ser 2022-CRE6, Cl E
Callable 02/15/25 @ $100 8.719%, SOFR30A + 3.400%, 01/20/37(A) (B)		200		185
				440
UNITED STATES — 64.7%
1211 Avenue of the Americas Trust, Ser 2015-1211, Cl C
4.142%, 08/10/35(A) (B)		182		172
245 Park Avenue Trust, Ser 2017-245P, Cl E
3.657%, 06/05/37(A) (B)		240		196
A&D Mortgage Trust, Ser 2023-NQM4, Cl B1
Callable 10/25/26 @ $100 8.112%, 09/25/68(A) (B)		120		119
A&D Mortgage Trust, Ser 2024-NQM1, Cl B1
Callable 01/25/27 @ $100 8.597%, 02/25/69(A) (B)		1,000		1,001
AREIT Trust, Ser 2022-CRE7, Cl E
Callable 04/17/25 @ $100 10.518%, TSFR1M + 5.191%, 06/17/39(A) (B)		110		107
Ashford Hospitality Trust, Ser 2018-ASHF, Cl D
7.598%, TSFR1M + 2.272%, 04/15/35(A) (B)		1,760		1,709
Atrium Hotel Portfolio Trust, Ser 2018-ATRM, Cl F
9.623%, TSFR1M + 4.297%, 06/15/35(A) (B)		220		209
BANK5, Ser 2023-5YR3, Cl XA, IO
Callable 07/15/28 @ $100 0.795%, 09/15/56(B)		43,496		1,367
BF Mortgage Trust, Ser 2019-NYT, Cl C
7.323%, TSFR1M + 1.997%, 12/15/35(A) (B)		100		88
BRAVO Residential Funding Trust, Ser 2023-NQM3, Cl M1
Callable 04/25/26 @ $100 4.945%, 09/25/62(A) (B)		1,570		1,433

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND MARCH 31, 2024 (Unaudited)  

MORTGAGE-BACKED SECURITIES — continued
	Face Amount (000)		Fair Value (000)
UNITED STATES — (continued)
BRAVO Residential Funding Trust, Ser 2023-NQM7, Cl B2
Callable 10/25/26 @ $100 8.036%, 09/25/63(A) (B)	$	170	$	165
BRAVO Residential Funding Trust, Ser 2024-NQM1, Cl B2
Callable 01/25/27 @ $100 8.219%, 12/01/63(A) (B)		100		98
BRAVO Residential Funding Trust, Ser 2024-NQM3, Cl B2
Callable 03/25/27 @ $100 8.406%, 03/25/64(A) (B)		100		98
BX Trust, Ser 2018-GWMZ, Cl MC
11.110%, TSFR1M + 5.785%, 05/15/37(A) (B)		1,580		1,568
CAFL Issuer, Ser 2021-RTL1, Cl A2
Callable 04/28/24 @ $100 3.104%, 03/28/29(A) (C)		600		575
Cascade Funding Mortgage Trust, Ser 2021-FRR1, Cl CK98
08/29/29(A) (D)		260		153
Citigroup Commercial Mortgage Trust, Ser 2013-375P, Cl B
3.518%, 05/10/35(A) (B)		1,500		1,417
Citigroup Commercial Mortgage Trust, Ser 2013-375P, Cl D
3.518%, 05/10/35(A) (B)		210		191
CLNY Trust, Ser 2019-IKPR, Cl D
7.461%, TSFR1M + 2.139%, 11/15/38(A) (B)		160		149
COLT Mortgage Loan Trust, Ser 2022-7, Cl B1
Callable 07/25/25 @ $100 6.287%, 04/25/67(A) (B)		510		488
COLT Mortgage Loan Trust, Ser 2022-7, Cl B2
Callable 07/25/25 @ $100 6.287%, 04/25/67(A) (B)		180		167
COLT Mortgage Loan Trust, Ser 2023-1, Cl B2
Callable 04/25/26 @ $100 8.088%, 04/25/68(A) (B)		140		136
COLT Mortgage Loan Trust, Ser 2024-INV1, Cl B1
Callable 01/25/27 @ $100 8.164%, 12/25/68(A) (B)		100		100

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND MARCH 31, 2024 (Unaudited)  

MORTGAGE-BACKED SECURITIES — continued
	Face Amount (000)		Fair Value (000)
UNITED STATES — (continued)
COMM Mortgage Trust, Ser 2013-CR8, Cl D
Callable 05/10/24 @ $100 3.566%, 06/10/46(A) (B)	$	170	$	162
COMM Mortgage Trust, Ser 2013-CR8, Cl E
Callable 05/10/24 @ $100 4.000%, 06/10/46(A) (B)		150		137
COMM Mortgage Trust, Ser 2013-CR8, Cl F
Callable 05/10/24 @ $100 4.000%, 06/10/46(A) (B)		330		275
COMM Mortgage Trust, Ser 2014-LC15, Cl D
Callable 04/10/24 @ $100 4.753%, 04/10/47(A) (B)		581		529
COMM Mortgage Trust, Ser 2015-PC1, Cl C
Callable 06/10/25 @ $100 4.286%, 07/10/50(B)		1,710		1,558
COMM Mortgage Trust, Ser 2021-2400, Cl B
7.191%, TSFR1M + 1.864%, 12/15/38(A) (B)		260		244
Connecticut Avenue Securities Trust, Ser 2024-R01, Cl 1B2
Callable 01/25/29 @ $100 9.320%, SOFR30A + 4.000%, 01/25/44(A) (B)		150		152
Connecticut Avenue Securities Trust, Ser 2024-R02, Cl 1B2
Callable 02/25/29 @ $100 9.020%, SOFR30A + 3.700%, 02/25/44(A) (B)		240		242
CORE Mortgage Trust, Ser 2019-CORE, Cl E
7.273%, TSFR1M + 1.947%, 12/15/31(A) (B)		1,604		1,436
Cross Mortgage Trust, Ser 2023-H2, Cl B1
Callable 10/25/26 @ $100 8.448%, 11/25/68(A) (B)		760		764
CSMC Trust, Ser 2017-CHOP, Cl F
9.794%, PRIME + 1.294%, 07/15/32(A) (B)		230		205
CSMC Trust, Ser 2017-CHOP, Cl H
12.794%, PRIME + 4.294%, 07/15/32(A) (B)		690		587
CSMC Trust, Ser 2017-PFHP, Cl A
6.323%, TSFR1M + 0.997%, 12/15/30(A) (B)		150		144
CSMC Trust, Ser 2021-GATE, Cl C
8.147%, TSFR1M + 2.821%, 12/15/36(A) (B)		300		281

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND MARCH 31, 2024 (Unaudited)  

MORTGAGE-BACKED SECURITIES — continued
	Face Amount (000)		Fair Value (000)
UNITED STATES — (continued)
CSMC Trust, Ser 2021-GATE, Cl D
8.997%, TSFR1M + 3.671%, 12/15/36(A) (B)	$	480	$	441
CSMC Trust, Ser 2022-ATH3, Cl B1
Callable 08/25/25 @ $100 7.100%, 08/25/67(A) (B)		730		709
DTP Commercial Mortgage Trust, Ser 2023-STE2, Cl D
6.507%, 01/15/41(A) (B)		710		668
Ellington Financial Mortgage Trust, Ser 2022-3, Cl M1
Callable 07/25/25 @ $100 5.009%, 08/25/67(A) (B)		200		178
Ellington Financial Mortgage Trust, Ser 2022-4, Cl B2
Callable 12/25/25 @ $100 5.962%, 09/25/67(A) (B)		220		195
FHLMC Multifamily Structured Credit Risk, Ser 2021-MN1, Cl B1
Callable 09/25/32 @ $100 13.070%, SOFR30A + 7.750%, 01/25/51(A) (B)		130		133
FHLMC Multifamily Structured Credit Risk, Ser 2021-MN1, Cl M2
Callable 09/25/32 @ $100 9.070%, SOFR30A + 3.750%, 01/25/51(A) (B)		3,320		3,246
FHLMC Multifamily Structured Credit Risk, Ser 2021-MN3, Cl M2
Callable 09/25/36 @ $100 9.320%, SOFR30A + 4.000%, 11/25/51(A) (B)		1,260		1,236
FHLMC Multifamily Structured Credit Risk, Ser 2022-MN4, Cl M2
Callable 08/25/37 @ $100 11.820%, SOFR30A + 6.500%, 05/25/52(A) (B)		627		658
FHLMC Multifamily Structured Credit Risk, Ser 2023-MN7, Cl B1
Callable 09/25/31 @ $100 14.171%, SOFR30A + 8.850%, 09/25/43(A) (B)		180		176

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND MARCH 31, 2024 (Unaudited)  

MORTGAGE-BACKED SECURITIES — continued
	Face Amount (000)		Fair Value (000)
UNITED STATES — (continued)
FHLMC Multifamily Structured Credit Risk, Ser 2023- MN7, Cl M2
Callable 09/25/31 @ $100 11.021%, SOFR30A + 5.700%, 09/25/43(A) (B)	$	400	$	409
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2023-HQA2, Cl M2
Callable 06/25/28 @ $100 9.170%, SOFR30A + 3.850%, 06/25/43(A) (B)		1,000		1,067
FHLMC, Ser 2017-356, Cl S5, IO
0.567%, 09/15/47(B)		22,071		2,374
FHLMC, Ser 2017-357, Cl IO, IO
4.500%, 09/15/47		13,823		2,713
FHLMC, Ser 2019-4927, Cl IO, IO
5.000%, 11/25/49		9,076		2,023
FHLMC, Ser 2020-4973, Cl IK, IO
5.000%, 05/25/50		9,428		1,848
FHLMC, Ser 2020-4975, Cl EI, IO
4.500%, 05/25/50		34,193		6,721
FHLMC, Ser 2020-4986, Cl IO, IO
4.500%, 06/25/50		16,658		3,666
FHLMC, Ser 2020-4989, Cl EI, IO
4.000%, 07/25/50		14,909		2,956
FHLMC, Ser 2020-4998, Cl KI, IO
4.000%, 08/25/50		17,495		3,656
FHLMC, Ser 2020-5003, Cl LI, IO
2.500%, 08/25/50		16,623		1,814
FHLMC, Ser 2020-5015, Cl BI, IO
4.000%, 09/25/50		16,310		3,217
FHLMC, Ser 2020-5019, Cl MI, IO
4.000%, 10/25/50		22,351		4,582
FHLMC, Ser 2020-5038, Cl HI, IO
4.000%, 11/25/50		25,407		5,437
FHLMC, Ser 2021-5104, Cl GI, IO
3.500%, 06/25/49		18,033		3,242
FHLMC, Ser 2021-5112, Cl KI, IO
3.500%, 06/25/51		20,986		3,802
FHLMC, Ser 2021-5134, Cl BI, IO
4.500%, 08/25/51		21,550		4,782

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND MARCH 31, 2024 (Unaudited)  

MORTGAGE-BACKED SECURITIES — continued
	Face Amount (000)		Fair Value (000)
UNITED STATES — (continued)
FHLMC, Ser 2021-5152, Cl YI, IO
4.000%, 10/25/49	$	13,625	$	2,825
FHLMC, Ser 2021-5154, Cl GI, IO
2.000%, 03/25/42		24,873		1,499
FHLMC, Ser 2021-5163, Cl NI, IO
4.500%, 11/25/51		9,177		1,945
FHLMC, Ser 2021-5182, Cl IO, IO
4.000%, 04/25/51		13,483		2,793
FHLMC, Ser 2022-5191, Cl NI, IO
4.000%, 06/15/42		13,600		2,524
FHLMC, Ser 2022-5250, Cl SA, IO
0.010%, 08/25/52(B)		45,302		2,699
FHLMC, Ser 2022-5252, Cl SP, IO
0.030%, 09/25/52(B)		31,492		1,595
FHLMC, Ser 2022-5270, Cl IB, IO
4.500%, 09/25/50		11,308		2,354
FHLMC, Ser 2023-406, Cl S43, IO
1.880%, 10/25/53(B)		47,015		3,467
FHLMC, Ser 2023-406, Cl S44, IO
1.680%, 10/25/53(B)		79,305		5,651
FHLMC, Ser 2023-5296, Cl ST, IO
0.930%, 11/25/52(B)		49,449		4,031
FHLMC, Ser 2023-5336, Cl SA, IO
0.480%, 09/25/53(B)		69,236		2,795
FNMA or FHLMC TBA
6.500%, 04/30/37		588,000		600,711
5.500%, 04/15/54		149,000		148,260
FNMA, Ser 2012-75, Cl DS, IO
0.515%, 07/25/42(B)		9,425		986
FNMA, Ser 2018-73, Cl SC, IO
0.765%, 10/25/48(B)		20,786		2,053
FNMA, Ser 2019-49, Cl IC, IO
4.500%, 05/25/44		9,786		1,099
FNMA, Ser 2020-41, Cl IP, IO
4.000%, 09/25/49		12,520		2,337
FNMA, Ser 2020-57, Cl IB, IO
4.500%, 08/25/50		32,681		6,981
FNMA, Ser 2020-76, Cl MI, IO
5.500%, 11/25/50		12,620		3,021

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND MARCH 31, 2024 (Unaudited)  

MORTGAGE-BACKED SECURITIES — continued
	Face Amount (000)		Fair Value (000)
UNITED STATES — (continued)
FNMA, Ser 2020-77, Cl HI, IO
4.000%, 11/25/50	$	18,486	$	3,763
FNMA, Ser 2021-27, Cl EI, IO
4.500%, 05/25/51		24,940		5,593
FNMA, Ser 2021-4, Cl IV, IO
4.500%, 06/25/50		13,335		3,014
FNMA, Ser 2021-62, Cl DI, IO
4.500%, 09/25/48		9,956		2,213
FNMA, Ser 2021-62, Cl HI, IO
2.500%, 08/25/51		13,757		1,915
FNMA, Ser 2021-87, Cl GI, IO
3.500%, 12/25/51		28,268		5,162
FNMA, Ser 2021-91, Cl NI, IO
3.500%, 01/25/52		21,451		4,053
FNMA, Ser 2022-16, Cl QI, IO
3.500%, 04/25/52		28,160		3,322
FNMA, Ser 2022-74, Cl SA, IO
0.240%, 10/25/52(B)		57,177		1,854
FNMA, Ser 2022-74, Cl US, IO
0.027%, 11/25/52(B)		68,554		2,346
FNMA, Ser 2022-90, Cl CI, IO
4.500%, 05/25/50		23,057		4,779
FNMA, Ser 2023-19, Cl SB, IO
1.530%, 05/25/53(B)		21,022		1,496
FNMA, Ser 2023-431, Cl C35, IO
2.000%, 07/25/37		67,163		4,585
FNMA, Ser 2024-12, Cl DS, IO
0.730%, 03/25/54(B)		49,354		2,344
Fontainebleau Miami Beach Trust, Ser 2019-FBLU, Cl F
3.963%, 12/10/36(A) (B)		1,500		1,453
GNMA, Ser 2010-35, Cl AS, IO
0.307%, 03/20/40(B)		11,189		953
GNMA, Ser 2010-37, Cl SG, IO
0.257%, 03/20/40(B)		8,811		750
GNMA, Ser 2011-70, Cl WI, IO
0.089%, 12/20/40(B)		17,601		882
GNMA, Ser 2015-123, Cl SE, IO
0.277%, 09/20/45(B)		10,356		1,020

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND MARCH 31, 2024 (Unaudited)  

MORTGAGE-BACKED SECURITIES — continued
	Face Amount (000)		Fair Value (000)
UNITED STATES — (continued)
GNMA, Ser 2016-77, Cl SC, IO
0.657%, 10/20/45(B)	$	14,028	$	1,550
GNMA, Ser 2017-179, Cl TI, IO
4.500%, 12/20/47		12,510		2,718
GNMA, Ser 2018-100, Cl S, IO
0.757%, 07/20/48(B)		10,922		1,143
GNMA, Ser 2018-21, Cl PI, IO
4.500%, 02/20/48		25,761		5,522
GNMA, Ser 2018-89, Cl LS, IO
0.757%, 06/20/48(B)		17,634		1,892
GNMA, Ser 2018-91, Cl SH, IO
0.807%, 07/20/48(B)		10,928		1,102
GNMA, Ser 2018-91, Cl SJ, IO
0.807%, 07/20/48(B)		11,584		1,192
GNMA, Ser 2019-133, Cl EI, IO
4.500%, 04/20/49		9,715		1,981
GNMA, Ser 2020-148, Cl IP, IO
4.500%, 02/20/48		22,344		4,562
GNMA, Ser 2020-4, Cl IO, IO
5.000%, 01/20/50		17,537		3,441
GNMA, Ser 2020-53, Cl QI, IO
4.500%, 08/20/49		11,809		2,429
GNMA, Ser 2020-61, Cl IO, IO
4.500%, 05/20/50		17,820		3,579
GNMA, Ser 2021-139, Cl WI, IO
4.048%, 11/20/45(B)		14,117		2,329
GNMA, Ser 2021-158, Cl JI, IO
5.000%, 02/20/50		10,741		2,321
GNMA, Ser 2021-215, Cl SB, IO
1.000%, 12/20/51(B)		16,897		814
GNMA, Ser 2021-216, Cl IC, IO
3.000%, 12/20/51		30,630		4,044
GNMA, Ser 2021-78, Cl IC, IO
4.000%, 05/20/51		29,323		5,440
GNMA, Ser 2022-148, Cl SJ, IO
0.681%, 08/20/52(B)		41,190		2,589
GNMA, Ser 2022-153, Cl SG, IO
0.131%, 09/20/52(B)		40,430		1,375
GNMA, Ser 2022-188, Cl IE, IO
4.500%, 01/20/50		14,507		2,766

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND MARCH 31, 2024 (Unaudited)  

MORTGAGE-BACKED SECURITIES — continued
	Face Amount (000)		Fair Value (000)
UNITED STATES — (continued)
GNMA, Ser 2022-193, Cl SA, IO
0.141%, 11/20/52(B)	$	83,581	$	1,701
GNMA, Ser 2022-212, Cl SA, IO
0.831%, 12/20/52(B)		36,013		1,218
GNMA, Ser 2022-213, Cl TS, IO
1.531%, 12/20/52(B)		18,555		864
GNMA, Ser 2022-23, Cl WI, IO
4.500%, 02/20/52		9,919		2,112
GNMA, Ser 2022-30, Cl IG, IO
3.000%, 02/20/52		26,268		3,982
GNMA, Ser 2022-34, Cl IT, IO
4.000%, 01/20/51		16,319		3,330
GNMA, Ser 2022-5, Cl NI, IO
3.000%, 01/20/52		26,381		3,847
GNMA, Ser 2023-101, Cl SA, IO
0.631%, 07/20/53(B)		26,359		1,463
GNMA, Ser 2023-128, Cl S, IO
0.481%, 08/20/53(B)		53,208		3,019
GNMA, Ser 2023-4, Cl SG, IO
0.931%, 01/20/53(B)		88,434		5,802
GNMA, Ser 2023-5, Cl SC, IO
0.881%, 01/20/53(B)		71,030		2,461
GNMA, Ser 2023-82, Cl US, IO
1.431%, 06/20/53(B)		35,168		1,534
GS Mortgage Securities Trust, Ser 2017-SLP, Cl G
4.605%, 10/10/32(A) (B)		1,500		1,347
GS Mortgage-Backed Securities Trust, Ser 2023-CCM1, Cl B2
Callable 02/25/26 @ $100 7.512%, 08/25/53(A) (B)		630		597
HPLY Trust, Ser 2019-HIT, Cl F
8.586%, TSFR1M + 3.264%, 11/15/36(A) (B)		967		942
Hudsons Bay Simon JV Trust, Ser 2015-HB7, Cl A7
Callable 08/05/24 @ $100 3.914%, 08/05/34(A)		1,585		1,539
Imperial Fund Mortgage Trust, Ser 2020-NQM1, Cl B2
Callable 04/25/24 @ $100 5.179%, 10/25/55(A) (B)		742		701

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND MARCH 31, 2024 (Unaudited)  

MORTGAGE-BACKED SECURITIES — continued
	Face Amount (000)		Fair Value (000)
UNITED STATES — (continued)
Imperial Fund Mortgage Trust, Ser 2022-NQM4, Cl M1
Callable 05/25/25 @ $100 5.040%, 06/25/67(A) (C)	$	700	$	684
J.P. Morgan Chase Commercial Mortgage Securities Trust, Ser 2018-ASH8, Cl E
Callable 02/15/25 @ $100 8.623%, TSFR1M + 3.297%, 02/15/35(A) (B)		1,310		1,279
J.P. Morgan Chase Commercial Mortgage Securities Trust, Ser 2022-ACB, Cl E
8.669%, SOFR30A + 3.350%, 03/15/39(A) (B)		1,100		1,061
J.P. Morgan Mortgage Trust, Ser 2023-4, Cl B4
Callable 02/25/43 @ $100 6.317%, 11/25/53(A) (B)		257		233
J.P. Morgan Mortgage Trust, Ser 2024-1, Cl B4
Callable 09/25/36 @ $100 6.712%, 06/25/54(A) (B)		229		214
J.P. Morgan Mortgage Trust, Ser 2024-1, Cl B5
Callable 09/25/36 @ $100 6.712%, 06/25/54(A) (B)		110		87
J.P. Morgan Mortgage Trust, Ser 2024-1, Cl B6
Callable 09/25/36 @ $100 6.712%, 06/25/54(A) (B)		150		96
JPMBB Commercial Mortgage Securities Trust, Ser 2014-C19, Cl D
Callable 01/15/25 @ $100 4.657%, 04/15/47(A) (B)		510		497
JPMBB Commercial Mortgage Securities Trust, Ser 2015-C33, Cl D1
Callable 11/15/25 @ $100 4.136%, 12/15/48(A) (B)		490		435
LAQ Mortgage Trust, Ser 2023-LAQ, Cl F
Callable 03/15/25 @ $100 12.260%, TSFR1M + 6.934%, 03/15/36(A) (B)		1,125		1,100
LHOME Mortgage Trust, Ser 2024-RTL1, Cl A2
Callable 08/25/26 @ $100 9.165%, 01/25/29(A) (C)		160		159
MFA Trust, Ser 2022-RTL1, Cl A2
Callable 04/25/24 @ $100

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND MARCH 31, 2024 (Unaudited)  

MORTGAGE-BACKED SECURITIES — continued
	Face Amount (000)		Fair Value (000)
UNITED STATES — (continued)
6.413%, 04/26/27(A) (C)	$	312	$	297
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2014-C17, Cl D
Callable 07/15/24 @ $100 4.654%, 08/15/47(A) (B)		200		190
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2015-C23, Cl D
Callable 06/15/25 @ $100 4.138%, 07/15/50(A) (B)		1,160		1,010
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2015-C24, Cl E
Callable 08/15/25 @ $100 4.323%, 05/15/48(A) (B)		170		137
Morgan Stanley Capital I Trust, Ser 2015-420, Cl A
Callable 10/12/24 @ $100 3.727%, 10/12/50(A)		1,005		955
Morgan Stanley Capital I Trust, Ser 2019-BPR, Cl E
10.668%, TSFR1M + 5.342%, 05/15/36(A) (B)		262		237
Morgan Stanley Capital I Trust, Ser 2019-MEAD, Cl D
Callable 11/10/24 @ $100 3.177%, 11/10/36(A) (B)		330		292
MSWF Commercial Mortgage Trust, Ser 2023-2, Cl E
Callable 12/15/33 @ $100 4.000%, 12/15/56(A)		100		65
MSWF Commercial Mortgage Trust, Ser 2023-2, Cl XD, IO
Callable 09/15/33 @ $100 3.018%, 12/15/56(A) (B)		1,000		188
Multifamily Connecticut Avenue Securities Trust, Ser 2020-01, Cl M10
9.185%, SOFR30A + 3.864%, 03/25/50(A) (B)		488		482
Multifamily Connecticut Avenue Securities Trust, Ser 2023-01, Cl M10
Callable 10/25/30 @ $100 11.820%, SOFR30A + 6.500%, 11/25/53(A) (B)		1,280		1,331

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND MARCH 31, 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
10.518%, TSFR1M + 5.193%, 03/15/35(A) (B)	$	1,135	$	1,132
New Residential Mortgage Loan Trust, Ser 2024-NQM1, Cl B1
Callable 02/25/27 @ $100 7.912%, 03/25/64(A) (B)		2,000		1,996
New Residential Mortgage Loan Trust, Ser 2024-NQM1, Cl B2
Callable 02/25/27 @ $100 8.134%, 03/25/64(A) (B)		190		183
NLT Trust, Ser 2023-1, Cl B1
Callable 06/25/44 @ $100 3.758%, 10/25/62(A) (B)		270		160
NLT Trust, Ser 2023-1, Cl B2
Callable 06/25/44 @ $100 3.758%, 10/25/62(A) (B)		230		121
NLT Trust, Ser 2023-1, Cl B3
Callable 06/25/44 @ $100 3.758%, 10/25/62(A) (B)		400		185
PRKCM Trust, Ser 2022-AFC2, Cl B1
Callable 08/25/25 @ $100 6.213%, 08/25/57(A) (B)		170		162
PRKCM Trust, Ser 2023-AFC3, Cl B1
Callable 08/25/26 @ $100 7.901%, 09/25/58(A) (B)		120		119
PRKCM Trust, Ser 2023-AFC3, Cl B2
Callable 08/25/26 @ $100 7.901%, 09/25/58(A) (B)		110		105
PRKCM Trust, Ser 2024-AFC1, Cl B2
Callable 02/25/27 @ $100 8.428%, 03/25/59(A) (B)		180		175
PRPM Trust, Ser 2023-NQM2, Cl B1
Callable 09/25/26 @ $100 7.025%, 08/25/68(A) (B)		290		281
PRPM Trust, Ser 2023-NQM2, Cl B2
Callable 09/25/26 @ $100 7.025%, 08/25/68(A) (B)		290		269

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND MARCH 31, 2024 (Unaudited)  

MORTGAGE-BACKED SECURITIES — continued

	Face Amount (000)		Fair Value (000)
UNITED STATES — (continued)
PRPM Trust, Ser 2023-NQM3, Cl B1
Callable 01/25/28 @ $100 7.521%, 11/25/68(A) (B)	$	160	$	157
PRPM Trust, Ser 2023-NQM3, Cl B2
Callable 01/25/28 @ $100 7.521%, 11/25/68(A) (B)		310		292
PRPM Trust, Ser 2024-NQM1, Cl B1
Callable 03/25/27 @ $100 7.475%, 12/25/68(A) (B)		170		166
RCKT Mortgage Trust, Ser 2021-4, Cl AX1, IO
Callable 07/25/47 @ $100 0.507%, 09/25/51(A) (B)		9,757		261
Saluda Grade Alternative Mortgage Trust, Ser 2024-RTL4, Cl A2
Callable 07/25/26 @ $100 7.500%, 02/25/30(A) (C)		350		332
Santander Bank Mortgage Credit-Linked Notes Series, Ser 2023-MTG1, Cl M2
Callable 07/25/42 @ $100 10.220%, SOFR30A + 4.900%, 02/26/52(A) (B)		225		250
Santander Bank Mortgage Credit-Linked Notes Series, Ser 2023-MTG1, Cl M3
Callable 07/25/42 @ $100 11.170%, SOFR30A + 5.850%, 02/26/52(A) (B)		329		371
THPT Mortgage Trust, Ser 2023-THL, Cl E
10.398%, 12/10/34(A) (B)		1,500		1,538
UBS-BAMLL Trust, Ser 2012-WRM, Cl C
Callable 06/10/24 @ $100 4.238%, 06/10/30(A) (B)		240		206
Velocity Commercial Capital Loan Trust, Ser 2023- RTL1, Cl A2
Callable 01/25/25 @ $100 9.500%, 07/25/28(A) (C)		990		982
Verus Securitization Trust, Ser 2019-INV2, Cl B1
Callable 04/25/24 @ $100 4.452%, 07/25/59(A) (B)		140		133
Verus Securitization Trust, Ser 2022-6, Cl B1
Callable 06/25/25 @ $100 4.926%, 06/25/67(A) (B)		430		366

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND MARCH 31, 2024 (Unaudited)  

MORTGAGE-BACKED SECURITIES — continued

	Face Amount (000)		Fair Value (000)
UNITED STATES — (continued)
Verus Securitization Trust, Ser 2022-6, Cl B2
Callable 06/25/25 @ $100 4.926%, 06/25/67(A) (B)	$	400	$	322
Verus Securitization Trust, Ser 2022-INV1, Cl B2
Callable 08/25/25 @ $100 5.848%, 08/25/67(A) (B)		510		468
Verus Securitization Trust, Ser 2023-5, Cl B2
Callable 06/25/26 @ $100 8.091%, 06/25/68(A) (B)		173		170
Verus Securitization Trust, Ser 2023-6, Cl B2
Callable 09/25/26 @ $100 7.830%, 09/25/68(A) (B)		190		183
Verus Securitization Trust, Ser 2023-8, Cl B2
Callable 12/25/26 @ $100 8.157%, 12/25/68(A) (B)		100		98
Verus Securitization Trust, Ser 2023-INV1, Cl B2
Callable 02/25/26 @ $100 7.590%, 02/25/68(A) (B)		890		859
Verus Securitization Trust, Ser 2023-INV2, Cl B2
Callable 07/25/26 @ $100 8.157%, 08/25/68(A) (B)		220		215
Verus Securitization Trust, Ser 2023-INV3, Cl B1
Callable 11/25/26 @ $100 8.271%, 11/25/68(A) (B)		180		180
Verus Securitization Trust, Ser 2023-INV3, Cl B2
Callable 11/25/26 @ $100 8.271%, 11/25/68(A) (B)		250		245
Verus Securitization Trust, Ser 2024-1, Cl B1
Callable 01/25/27 @ $100 7.909%, 01/25/69(A) (B)		2,000		1,992
Verus Securitization Trust, Ser 2024-1, Cl B2
Callable 01/25/27 @ $100 8.335%, 01/25/69(A) (B)		160		158
Verus Securitization Trust, Ser 2024-2, Cl B1
Callable 02/25/27 @ $100 7.864%, 02/25/69(A) (B)		1,500		1,496
Verus Securitization Trust, Ser 2024-INV1, Cl B2
Callable 03/25/27 @ $100 8.513%, 03/25/69(A) (B)		130		128

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND MARCH 31, 2024 (Unaudited)  

MORTGAGE-BACKED SECURITIES — continued

	Face Amount (000)		Fair Value (000)
UNITED STATES — (continued)
Visio Trust, Ser 2022-1, Cl B1
Callable 07/25/25 @ $100 6.220%, 08/25/57(A) (B)	$	790	$	707
Visio Trust, Ser 2023-1, Cl B1
Callable 03/25/26 @ $100 7.861%, 03/25/58(A) (B)		1,450		1,434
Visio Trust, Ser 2023-1, Cl B2
Callable 03/25/26 @ $100 7.861%, 03/25/58(A) (B)		450		433
Visio Trust, Ser 2023-2, Cl B1
Callable 08/25/26 @ $100 7.776%, 10/25/58(A) (B)		560		552
Visio Trust, Ser 2023-2, Cl B2
Callable 08/25/26 @ $100 7.776%, 10/25/58(A) (B)		460		440
Visio Trust, Ser 2023-2, Cl M1
7.857%, 10/25/58(A)		1,500		1,523
VMC Finance, Ser 2021-FL4, Cl C
Callable 04/18/25 @ $100 7.691%, TSFR1M + 2.364%, 06/16/36(A) (B)		350		328
VMC Finance, Ser 2021-HT1, Cl B
9.941%, TSFR1M + 4.614%, 01/18/37(A) (B)		1,600		1,531
Wells Fargo Commercial Mortgage Trust, Ser 2015- C26, Cl D
Callable 02/15/25 @ $100 3.586%, 02/15/48(A)		310		290
Wells Fargo Commercial Mortgage Trust, Ser 2015- C26, Cl E
Callable 02/15/25 @ $100 3.250%, 02/15/48(A)		540		497
Wells Fargo Commercial Mortgage Trust, Ser 2015- C30, Cl C
Callable 08/15/25 @ $100 4.494%, 09/15/58(B)		280		264
Wells Fargo Commercial Mortgage Trust, Ser 2015- NXS3, Cl D
Callable 10/15/25 @ $100 3.153%, 09/15/57(A)		540		502
Wells Fargo Commercial Mortgage Trust, Ser 2016- LC25, Cl D
Callable 11/15/26 @ $100

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND MARCH 31, 2024 (Unaudited)  

MORTGAGE-BACKED SECURITIES — continued

	Face Amount (000)		Fair Value (000)
UNITED STATES — (continued)
3.033%, 12/15/59(A) (B)	$	580	$	494
Wells Fargo Commercial Mortgage Trust, Ser 2019- C49, Cl D
Callable 02/15/29 @ $100 3.000%, 03/15/52(A)		350		261
Wells Fargo Mortgage Backed Securities Trust, Ser 2021-RR1, Cl AIO1, IO
Callable 03/25/44 @ $100 0.490%, 12/25/50(A) (B)		3,939		103
				1,057,586
TOTAL MORTGAGE-BACKED SECURITIES (Cost $1,037,164) (000)				1,058,026
CORPORATE OBLIGATIONS — 21.2%
CANADA — 0.6%
Husky Injection Molding Systems
Callable 02/15/26 @ $104.500 9.000%, 02/15/29(A)		628		649
Kronos Acquisition Holdings
Callable 05/06/24 @ $102.500 5.000%, 12/31/26(A)		7,384		7,238
Methanex
Callable 09/01/24 @ $100.000 4.250%, 12/01/24		2,215		2,196
				10,083
CAYMAN ISLANDS — 0.0%
Global Aircraft Leasing
Callable 05/07/24 @ $100.000 6.500% cash/0% PIK, 09/15/24(A)		166		158
CHILE — 0.1%
Sable International Finance
Callable 05/06/24 @ $101.438 5.750%, 09/07/27(A)		1,390		1,341

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND MARCH 31, 2024 (Unaudited)  

CORPORATE OBLIGATIONS — continued

	Face Amount (000)		Fair Value (000)
GERMANY — 0.0%
Cerdia Finanz GmbH
Callable 05/06/24 @ $105.250 10.500%, 02/15/27(A)	$	717	$	747
NETHERLANDS — 0.2%
Trivium Packaging Finance
Callable 05/06/24 @ $101.375 5.500%, 08/15/26(A)		3,107		3,063
SWITZERLAND — 0.2%
VistaJet Malta Finance
Callable 05/06/24 @ $103.938 7.875%, 05/01/27(A)		1,984		1,677
Callable 02/01/25 @ $103.188 6.375%, 02/01/30(A)		1,090		804
				2,481
UNITED KINGDOM — 3.9%
Barclays Bank MTN
0.000%, 12/27/24(A)(E)		62,988		63,659
eG Global Finance
Callable 05/30/26 @ $106.000 12.000%, 11/30/28(A)		796		846
				64,505
UNITED STATES — 16.2%
Acrisure
Callable 05/06/24 @ $105.063 10.125%, 08/01/26(A)		783		813
AECOM
Callable 12/15/26 @ $100.000 5.125%, 03/15/27		1,350		1,326
Albertsons
Callable 05/06/24 @ $101.875 7.500%, 03/15/26(A)		1,076		1,095
American Airlines
5.500%, 04/20/26(A)		696		691

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND MARCH 31, 2024 (Unaudited)  

CORPORATE OBLIGATIONS — continued

	Face Amount (000)		Fair Value (000)
UNITED STATES — (continued)
American Greetings
Callable 04/15/24 @ $100.000 8.750%, 04/15/25(A)	$	5,225	$	5,230
AmeriTex HoldCo Intermediate
Callable 10/15/25 @ $105.125 10.250%, 10/15/28(A)		1,703		1,828
ANGI Group
Callable 04/15/24 @ $101.938 3.875%, 08/15/28(A)		1,000		868
Apollo Commercial Real Estate Finance
Callable 06/15/24 @ $102.313 4.625%, 06/15/29(A)		392		329
Arcosa
Callable 05/06/24 @ $102.188 4.375%, 04/15/29(A)		471		434
Ares Capital
7.000%, 01/15/27		1,022		1,051
Callable 02/01/29 @ $100.000 5.875%, 03/01/29		1,565		1,560
Callable 04/15/28 @ $100.000 2.875%, 06/15/28		397		354
Boxer Parent
Callable 04/15/24 @ $100.000 9.125%, 03/01/26(A)		2,086		2,085
Callable 05/06/24 @ $101.781 7.125%, 10/02/25(A)		3,920		3,923
Bread Financial Holdings
Callable 03/15/26 @ $104.875 9.750%, 03/15/29(A)		4,588		4,775
Callable 05/06/24 @ $101.750 7.000%, 01/15/26(A)		679		683
Brundage-Bone Concrete Pumping Holdings
Callable 05/06/24 @ $101.500 6.000%, 02/01/26(A)		2,771		2,737
Buckeye Partners
Callable 02/01/25 @ $100.000 4.125%, 03/01/25(A)		639		624
Callon Petroleum
Callable 08/01/24 @ $104.000 8.000%, 08/01/28(A)		1,502		1,569

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND MARCH 31, 2024 (Unaudited)  

CORPORATE OBLIGATIONS — continued

	Face Amount (000)		Fair Value (000)
UNITED STATES — (continued)
Carnival
7.875%, 06/01/27	$	1,565	$	1,655
Catalent Pharma Solutions
Callable 05/06/24 @ $101.250 5.000%, 07/15/27(A)		818		805
CCO Holdings
Callable 07/01/25 @ $102.125 4.250%, 02/01/31(A)		500		408
CD&R Smokey Buyer
Callable 05/06/24 @ $101.688 6.750%, 07/15/25(A)		1,151		1,140
Cedar Fair
Callable 05/06/24 @ $100.000 5.500%, 05/01/25(A)		2,738		2,727
CITGO Petroleum
Callable 05/06/24 @ $101.750 7.000%, 06/15/25(A)		4,572		4,566
Clarios Global
Callable 05/06/24 @ $101.688 6.750%, 05/15/25(A)		1,500		1,501
Callable 05/06/24 @ $101.563 6.250%, 05/15/26(A)		500		500
Cloud Software Group, Strike Price Fixed
Callable 09/30/25 @ $103.250 6.500%, 03/31/29(A)		928		881
CoreCivic
Callable 07/15/27 @ $100.000 4.750%, 10/15/27		2,266		2,144
Cornerstone Building Brands
Callable 05/06/24 @ $103.063 6.125%, 01/15/29(A)		500		446
CVS Health 6.250%, 06/01/27		725		755
Callable 12/25/27 @ $100.000 4.300%, 03/25/28		3,349		3,268
Dealer Tire
Callable 05/06/24 @ $104.000 8.000%, 02/01/28(A)		912		908

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND MARCH 31, 2024 (Unaudited)  

CORPORATE OBLIGATIONS — continued

	Face Amount (000)		Fair Value (000)
UNITED STATES — (continued)
Dell International
Callable 08/01/26 @ $100.000 4.900%, 10/01/26	$	4,256	$	4,230
Encore Capital Group
Callable 04/01/26 @ $104.625 9.250%, 04/01/29(A)		260		266
Enova International
Callable 12/15/25 @ $105.625 11.250%, 12/15/28(A)		1,338		1,414
Fiserv
Callable 07/21/28 @ $100.000 5.375%, 08/21/28		3,954		3,994
Ford Motor Credit
Callable 05/16/25 @ $100.000 5.125%, 06/16/25		4,720		4,678
Fortress Transportation and Infrastructure Investors
Callable 04/15/24 @ $104.875 9.750%, 08/01/27(A)		561		581
Callable 05/06/24 @ $100.000 6.500%, 10/01/25(A)		3,943		3,937
Freedom Mortgage
Callable 10/01/25 @ $106.000 12.000%, 10/01/28(A)		1,738		1,895
Callable 05/06/24 @ $103.313 6.625%, 01/15/27(A)		1,787		1,734
Freedom Mortgage Holdings
Callable 02/01/26 @ $104.625 9.250%, 02/01/29(A)		1,580		1,617
Gates Global
Callable 05/06/24 @ $100.000 6.250%, 01/15/26(A)		5,973		5,958
GE HealthCare Technologies
Callable 10/15/27 @ $100.000 5.650%, 11/15/27		3,974		4,047
Genworth Holdings
Callable 04/22/24 @ $100.000 7.571%, 3 Month LIBOR + 2.003%, 11/15/36(B)		1,751		1,427

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND MARCH 31, 2024 (Unaudited)  

CORPORATE OBLIGATIONS — continued
	Face Amount (000)		Fair Value (000)
UNITED STATES — (continued)
GEO Group
Callable 04/15/24 @ $102.000
10.500%, 06/30/28	$	1,956	$	1,993
Callable 05/06/24 @ $100.000
6.000%, 04/15/26		3,624		3,533
Getty Images
Callable 04/22/24 @ $100.000
9.750%, 03/01/27(A)		4,534		4,532
Global Atlantic Finance
Callable 07/15/26 @ $100.000
4.700%, H15T5Y + 3.796%, 10/15/51(A) (B)		373		336
HCA
Callable 03/01/26 @ $100.000
5.375%, 09/01/26		4,005		4,004
Heartland Dental
Callable 05/15/25 @ $105.250
10.500%, 04/30/28(A)		880		935
Callable 05/06/24 @ $100.000
8.500%, 05/01/26(A)		1,239		1,223
H-Food Holdings
Callable 04/15/24 @ $100.000
8.500%, 06/01/26(A)		1,164		81
HP
Callable 12/15/27 @ $100.000
4.750%, 01/15/28		4,232		4,207
Hudson Pacific Properties
Callable 10/15/29 @ $100.000
3.250%, 01/15/30		109		84
ILFC E-Capital Trust II
Callable 05/06/24 @ $100.000
7.395%, TSFR3M + 2.062%, 12/21/65(A) (B)		1,530		1,221
Illuminate Buyer
Callable 05/06/24 @ $104.500
9.000%, 07/01/28(A)		3,704		3,654
KeHE Distributors
Callable 02/15/26 @ $104.500
9.000%, 02/15/29(A)		1,791		1,816
Kennedy-Wilson
Callable 03/01/26 @ $102.500
5.000%, 03/01/31		721		561

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND MARCH 31, 2024 (Unaudited)  

CORPORATE OBLIGATIONS — continued
	Face Amount (000)		Fair Value (000)
UNITED STATES — (continued)
Callable 09/01/24 @ $102.375 4.750%, 02/01/30	$	401	$	320
Callable 05/06/24 @ $102.375 4.750%, 03/01/29		910		749
Ladder Capital Finance Holdings
Callable 04/22/24 @ $100.000 5.250%, 10/01/25(A)		4,816		4,730
Callable 05/06/24 @ $101.063 4.250%, 02/01/27(A)		2,757		2,579
LD Holdings Group
Callable 05/06/24 @ $101.625 6.500%, 11/01/25(A)		1,216		1,180
Callable 04/15/24 @ $103.063 6.125%, 04/01/28(A)		752		623
Level 3 Financing
Callable 05/15/26 @ $105.250 10.500%, 05/15/30(A)		717		733
LFS Topco
Callable 05/06/24 @ $102.938 5.875%, 10/15/26(A)		508		471
Madison IAQ
Callable 06/30/24 @ $102.938 5.875%, 06/30/29(A)		1,000		915
Maxim Crane Works Holdings Capital
Callable 09/01/25 @ $105.750 11.500%, 09/01/28(A)		2,335		2,532
Medline Borrower
Callable 10/01/24 @ $101.938 3.875%, 04/01/29(A)		1,000		910
Midcap Financial Issuer Trust
Callable 05/01/24 @ $103.250 6.500%, 05/01/28(A)		1,887		1,741
Mohegan Tribal Gaming Authority
Callable 05/06/24 @ $102.000 8.000%, 02/01/26(A)		6,787		6,641
MPT Operating Partnership
Callable 05/06/24 @ $100.875 5.250%, 08/01/26		2,057		1,883

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND MARCH 31, 2024 (Unaudited)  

CORPORATE OBLIGATIONS — continued
	Face Amount (000)		Fair Value (000)
UNITED STATES — (continued)
Nationstar Mortgage Holdings
Callable 05/06/24 @ $101.250 5.000%, 02/01/26(A)	$	2,097	$	2,052
New Home
Callable 10/01/26 @ $104.625 9.250%, 10/01/29(A)		1,388		1,395
Callable 04/09/24 @ $101.813 8.250%, 10/15/27(A)		3,520		3,583
NuStar Logistics
Callable 03/01/26 @ $100.000 6.000%, 06/01/26		1,677		1,670
Callable 01/28/27 @ $100.000 5.625%, 04/28/27		1,174		1,162
Olympus Water US Holding
Callable 06/01/25 @ $104.875 9.750%, 11/15/28(A)		915		975
Callable 10/01/24 @ $103.563 7.125%, 10/01/27(A)		2,002		2,022
OneMain Finance
7.125%, 03/15/26		2,284		2,326
Oracle
Callable 04/06/28 @ $100.000 4.500%, 05/06/28		4,518		4,451
Pactiv
8.375%, 04/15/27		1,029		1,069
7.950%, 12/15/25		777		794
PHH Mortgage
Callable 05/06/24 @ $101.969 7.875%, 03/15/26(A)		416		403
PRA Group
Callable 10/01/24 @ $102.500 5.000%, 10/01/29(A)		354		298
Prime Security Services Borrower
5.750%, 04/15/26(A)		2,221		2,215
Callable 08/31/26 @ $100.000 3.375%, 08/31/27(A)		783		719
Raptor Acquisition
Callable 04/15/24 @ $101.219 4.875%, 11/01/26(A)		5,263		5,063

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND MARCH 31, 2024 (Unaudited)  

CORPORATE OBLIGATIONS — continued
	Face Amount (000)		Fair Value (000)
UNITED STATES — (continued)
Regal Rexnord
Callable 03/15/28 @ $100.000 6.050%, 04/15/28(A)	$	5,198	$	5,270
Rithm Capital
Callable 04/01/26 @ $104.000 8.000%, 04/01/29(A)		4,496		4,365
Callable 05/06/24 @ $101.563 6.250%, 10/15/25(A)		1,308		1,297
RLJ Lodging Trust
Callable 05/06/24 @ $101.875 3.750%, 07/01/26(A)		793		755
Select Medical
Callable 05/06/24 @ $102.083 6.250%, 08/15/26(A)		8,504		8,520
Service Properties Trust
Callable 06/15/25 @ $100.000 7.500%, 09/15/25		4,638		4,700
Callable 08/15/25 @ $100.000 5.250%, 02/15/26		2,978		2,881
Callable 08/15/29 @ $100.000 4.375%, 02/15/30		414		316
Six Flags Theme Parks
Callable 05/06/24 @ $101.750 7.000%, 07/01/25(A)		662		663
Southwestern Energy
Callable 04/22/24 @ $104.188 8.375%, 09/15/28		1,126		1,168
Staples
Callable 05/06/24 @ $100.000 7.500%, 04/15/26(A)		2,781		2,714
Starwood Property Trust
Callable 10/01/28 @ $100.000 7.250%, 04/01/29(A)		1,788		1,802
Callable 09/30/24 @ $100.000 3.750%, 12/31/24(A)		2,337		2,292
Callable 01/15/26 @ $100.000 3.625%, 07/15/26(A)		1,311		1,230
Sunoco
Callable 05/06/24 @ $101.000 6.000%, 04/15/27		1,726		1,719

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND MARCH 31, 2024 (Unaudited)  

CORPORATE OBLIGATIONS — continued
	Face Amount (000)		Fair Value (000)
UNITED STATES — (continued)
Surgery Center Holdings
Callable 04/15/27 @ $103.625 7.250%, 04/15/32(A)	$	500	$	504
SWF Escrow Issuer
Callable 10/01/24 @ $103.250 6.500%, 10/01/29(A)		1,322		978
Tempo Acquisition
Callable 04/15/24 @ $101.438 5.750%, 06/01/25(A)		2,905		2,900
Tenet Healthcare
Callable 04/22/24 @ $100.000 6.250%, 02/01/27		1,324		1,324
TKC Holdings
Callable 05/15/24 @ $103.438 6.875%, 05/15/28(A)		2,989		2,837
T-Mobile USA
Callable 02/15/28 @ $100.000 4.950%, 03/15/28		5,724		5,710
TMS International
Callable 04/15/24 @ $103.125 6.250%, 04/15/29(A)		2,711		2,475
Townsquare Media
Callable 05/06/24 @ $101.719 6.875%, 02/01/26(A)		2,139		2,086
TransDigm
Callable 03/01/26 @ $103.188 6.375%, 03/01/29(A)		993		996
U.S. Acute Care Solutions
Callable 05/06/24 @ $101.594 6.375%, 03/01/26(A)		977		941
Valley National Bancorp
Callable 06/15/26 @ $100.000 3.000%, TSFR3M + 2.360%, 06/15/31(B)		350		255
Vector Group
Callable 05/06/24 @ $100.000 10.500%, 11/01/26(A)		8,594		8,658
Callable 05/06/24 @ $102.875 5.750%, 02/01/29(A)		995		922

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND MARCH 31, 2024 (Unaudited)  

CORPORATE OBLIGATIONS — continued
	Face Amount (000)		Fair Value (000)
UNITED STATES — (continued)
Verscend Escrow
Callable 05/06/24 @ $100.000 9.750%, 08/15/26(A)	$	6,121	$	6,138
WASH Multifamily Acquisition
Callable 05/06/24 @ $101.438 5.750%, 04/15/26(A)		6,915		6,759
WESCO Distribution
Callable 05/06/24 @ $101.781 7.125%, 06/15/25(A)		4,442		4,445
White Capital Parent
Callable 05/06/24 @ $100.000 8.250% cash/0% PIK, 03/15/26(A)		804		803
Williams Scotsman
Callable 04/22/24 @ $101.531 6.125%, 06/15/25(A)		1,127		1,122
XHR
Callable 04/15/24 @ $101.594 6.375%, 08/15/25(A)		675		676
				264,062
TOTAL CORPORATE OBLIGATIONS (Cost $345,402) (000)				346,440
ASSET-BACKED SECURITIES — 6.2%
BERMUDA — 0.0%
Rad CLO 20, Ser 2023-20A, Cl E
Callable 07/20/25 @ $100 13.486%, TSFR3M + 8.080%, 07/20/36(A) (B)		250		249
CAYMAN ISLANDS — 4.0%
AB BSL CLO 2, Ser 2021-2A, Cl E
Callable 04/15/24 @ $100 12.286%, TSFR3M + 6.972%, 04/15/34(A) (B)		250		239
ACREC, Ser 2021-FL1, Cl E
Callable 04/16/24 @ $100 8.441%, TSFR1M + 3.114%, 10/16/36(A) (B)		1,030		963

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND MARCH 31, 2024 (Unaudited)  

ASSET-BACKED SECURITIES — continued
	Face Amount (000)		Fair Value (000)
CAYMAN ISLANDS — (continued)
Allegro CLO VI, Ser 2018-2A, Cl D
Callable 04/17/24 @ $100 8.328%, TSFR3M + 3.012%, 01/17/31(A) (B)	$	2,000	$	1,970
ALM 2020, Ser 2020-1A, Cl D
Callable 04/15/24 @ $100 11.576%, TSFR3M + 6.262%, 10/15/29(A) (B)		1,000		993
Anchorage Capital CLO, Ser 2017-1A, Cl DR
Callable 04/13/24 @ $100 12.376%, TSFR3M + 7.062%, 10/13/30(A) (B)		1,975		1,961
Anchorage Capital CLO, Ser 2018-10A, Cl E
Callable 04/15/24 @ $100 11.326%, TSFR3M + 6.012%, 10/15/31(A) (B)		1,500		1,459
Anchorage Capital CLO, Ser 2018-4RA, Cl D
Callable 04/28/24 @ $100 8.181%, TSFR3M + 2.862%, 01/28/31(A) (B)		1,000		979
Anchorage Capital CLO, Ser 2021-21A, Cl E
Callable 04/20/24 @ $100 12.929%, TSFR3M + 7.612%, 10/20/34(A) (B)		150		143
Anchorage Capital CLO, Ser 2024-28A, Cl E
Callable 01/20/26 @ $100 12.235%, TSFR3M + 6.950%, 04/20/37(A) (B)		1,420		1,395
Apidos CLO XV, Ser 2018-15A, Cl ERR
Callable 04/20/24 @ $100 11.279%, TSFR3M + 5.962%, 04/20/31(A) (B)		1,000		984
Apidos CLO XXII, Ser 2020-22A, Cl DR
Callable 04/20/24 @ $100 12.329%, TSFR3M + 7.012%, 04/20/31(A) (B)		1,000		992
Apidos CLO XXX, Ser 2018-XXXA, Cl D
Callable 04/18/24 @ $100 11.160%, TSFR3M + 5.862%, 10/18/31(A) (B)		1,000		974
Arbor Realty Commercial Real Estate Notes, Ser 2021-FL1, Cl D
Callable 04/15/24 @ $100

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND MARCH 31, 2024 (Unaudited)  

ASSET-BACKED SECURITIES — continued
	Face Amount (000)		Fair Value (000)
CAYMAN ISLANDS — (continued)
8.390%, TSFR1M + 3.064%, 12/15/35(A) (B)	$	1,572	$	1,516
Arbor Realty Commercial Real Estate Notes, Ser 2021-FL1, Cl E
Callable 04/15/24 @ $100 8.840%, TSFR1M + 3.514%, 12/15/35(A) (B)		130		122
Arbor Realty Commercial Real Estate Notes, Ser 2021-FL2, Cl E
Callable 04/15/24 @ $100 8.390%, TSFR1M + 3.064%, 05/15/36(A) (B)		260		243
Arbor Realty Commercial Real Estate Notes, Ser 2021-FL3, Cl D
Callable 04/15/24 @ $100 7.640%, TSFR1M + 2.314%, 08/15/34(A) (B)		100		94
Arbor Realty Commercial Real Estate Notes, Ser 2021-FL3, Cl E
Callable 04/15/24 @ $100 7.990%, TSFR1M + 2.664%, 08/15/34(A) (B)		640		585
Arbor Realty Commercial Real Estate Notes, Ser 2021-FL4, Cl E
Callable 06/15/24 @ $100 8.840%, TSFR1M + 3.514%, 11/15/36(A) (B)		1,640		1,503
Arbor Realty Commercial Real Estate Notes, Ser 2022-FL1, Cl D
Callable 08/15/24 @ $100 8.319%, SOFR30A + 3.000%, 01/15/37(A) (B)		1,580		1,519
Bain Capital Credit CLO, Ser 2021-2A, Cl ER
Callable 04/19/24 @ $100 12.181%, TSFR3M + 6.872%, 07/19/34(A) (B)		360		346
Callable 04/17/24 @ $100 11.898%, TSFR3M + 6.582%, 10/17/32(A) (B)		250		241
Bain Capital Credit CLO, Ser 2021-3A, Cl ER
Callable 04/21/24 @ $100 12.679%, TSFR3M + 7.362%, 10/21/34(A) (B)		700		666
Benefit Street Partners CLO IX, Ser 2018-9A, Cl ER
Callable 04/20/24 @ $100 11.279%, TSFR3M + 5.962%, 07/20/31(A) (B)		500		483

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND MARCH 31, 2024 (Unaudited)  

ASSET-BACKED SECURITIES — continued
	Face Amount (000)		Fair Value (000)
CAYMAN ISLANDS — (continued)
BlueMountain CLO XXVI, Ser 2021-26A, Cl D2R
Callable 04/20/24 @ $100 9.949%, TSFR3M + 4.632%, 10/20/34(A) (B)	$	400	$	398
Carlyle Global Market Strategies CLO, Ser 2017-1A, Cl CR
Callable 05/14/24 @ $100 8.918%, TSFR3M + 3.612%, 08/14/30(A) (B)		750		747
Carlyle US CLO, Ser 2021-2A, Cl DR
Callable 04/15/24 @ $100 12.076%, TSFR3M + 6.762%, 07/15/32(A) (B)		500		491
Carlyle US CLO, Ser 2023-3A, Cl E
Callable 10/15/25 @ $100 13.714%, TSFR3M + 8.400%, 10/15/36(A) (B)		410		410
Catskill Park CLO, Ser 2017-1A, Cl D
Callable 04/20/24 @ $100 11.579%, TSFR3M + 6.262%, 04/20/29(A) (B)		140		138
CFG Investments, Ser 2023-1, Cl B
Callable 02/25/25 @ $100 10.050%, 07/25/34(A)		210		214
CFIP CLO, Ser 2021-1A, Cl DR
Callable 04/18/24 @ $100 9.380%, TSFR3M + 4.082%, 10/18/34(A) (B)		380		360
CIFC Funding, Ser 2017-2A, Cl E
Callable 04/20/24 @ $100 11.529%, TSFR3M + 6.212%, 04/20/30(A) (B)		500		494
CIFC Funding, Ser 2017-4A, Cl D
Callable 04/24/24 @ $100 11.680%, TSFR3M + 6.362%, 10/24/30(A) (B)		700		694
Dewolf Park CLO, Ser 2017-1A, Cl E
Callable 04/15/24 @ $100 11.776%, TSFR3M + 6.462%, 10/15/30(A) (B)		300		292
Dryden 60 CLO, Ser 2018-60A, Cl D
Callable 04/15/24 @ $100 8.576%, TSFR3M + 3.262%, 07/15/31(A) (B)		300		292

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND MARCH 31, 2024 (Unaudited)  

ASSET-BACKED SECURITIES — continued
	Face Amount (000)		Fair Value (000)
CAYMAN ISLANDS — (continued)
Dryden 83 CLO, Ser 2021-83A, Cl E
Callable 04/18/24 @ $100 11.110%, TSFR3M + 5.812%, 01/18/32(A) (B)	$	750	$	700
Eaton Vance CLO, Ser 2021-1A, Cl D3R
Callable 04/15/24 @ $100 12.376%, TSFR3M + 7.062%, 01/15/34(A) (B)		1,500		1,466
Empower CLO, Ser 2022-1A, Cl E
Callable 10/20/24 @ $100 13.868%, TSFR3M + 8.550%, 10/20/34(A) (B)		400		399
Empower CLO, Ser 2023-2A, Cl E
Callable 10/15/25 @ $100 13.564%, TSFR3M + 8.250%, 07/15/36(A) (B)		1,530		1,528
Empower CLO, Ser 2024-1A, Cl D2
Callable 04/25/26 @ $100 9.250%, 04/25/37(A)		250		249
Empower CLO, Ser 2024-1A, Cl E
Callable 04/25/26 @ $100 11.811%, TSFR3M + 6.500%, 04/25/37(A) (B)		250		248
Fillmore Park CLO, Ser 2018-1A, Cl E
Callable 04/15/24 @ $100 10.976%, TSFR3M + 5.662%, 07/15/30(A) (B)		788		776
Fortress Credit BSL III, Ser 2018-1A, Cl ER
Callable 04/18/24 @ $100 11.750%, TSFR3M + 6.452%, 04/18/31(A) (B)		1,000		964
Fortress Credit BSL VII, Ser 2019-1A, Cl E
Callable 04/23/24 @ $100 12.517%, TSFR3M + 7.202%, 07/23/32(A) (B)		1,600		1,572
Galaxy XXVI CLO, Ser 2018-26A, Cl E
Callable 05/22/24 @ $100 11.437%, TSFR3M + 6.112%, 11/22/31(A) (B)		1,500		1,481
Generate CLO, Ser 2017-2A, Cl ER
Callable 04/22/24 @ $100

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND MARCH 31, 2024 (Unaudited)  

ASSET-BACKED SECURITIES — continued
	Face Amount (000)		Fair Value (000)
CAYMAN ISLANDS — (continued)
11.229%, TSFR3M + 5.912%, 01/22/31(A) (B)	$	750	$	743
Generate CLO, Ser 2023-3A, Cl E2R
Callable 01/20/26 @ $100 13.135%, TSFR3M + 7.830%, 10/20/36(A) (B)		1,250		1,251
Generate CLO, Ser 2024-14A, Cl E
Callable 04/22/26 @ $100 12.075%, TSFR3M + 6.750%, 04/22/37(A) (B)		1,780		1,766
HPS Loan Management, Ser 2018-2016, Cl DR
Callable 04/20/24 @ $100 8.479%, TSFR3M + 3.162%, 07/20/30(A) (B)		1,180		1,158
Jamestown CLO XII, Ser 2019-1A, Cl D
Callable 04/20/24 @ $100 12.579%, TSFR3M + 7.262%, 04/20/32(A) (B)		250		248
LCM XIII, Ser 2016-13A, Cl ER
Callable 04/19/24 @ $100 12.871%, TSFR3M + 7.562%, 07/19/27(A) (B)		400		388
Madison Park Funding LI, Ser 2021-51A, Cl E
Callable 04/19/24 @ $100 11.841%, TSFR3M + 6.532%, 07/19/34(A) (B)		1,250		1,230
Madison Park Funding XIII, Ser 2018-13A, Cl DR2
Callable 04/19/24 @ $100 8.421%, TSFR3M + 3.112%, 04/19/30(A) (B)		1,459		1,450
Madison Park Funding XIV, Ser 2018-14A, Cl ER
Callable 10/22/24 @ $100 11.379%, TSFR3M + 6.062%, 10/22/30(A) (B)		1,000		980
Madison Park Funding XXVII, Ser 2018-27A, Cl C
Callable 04/20/24 @ $100 8.179%, TSFR3M + 2.862%, 04/20/30(A) (B)		250		248
Madison Park Funding XXX, Ser 2018-30A, Cl E
Callable 04/15/24 @ $100 10.526%, TSFR3M + 5.212%, 04/15/29(A) (B)		680		665
Marble Point CLO XV, Ser 2021-1A, Cl DR
Callable 04/23/24 @ $100

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND MARCH 31, 2024 (Unaudited)  

ASSET-BACKED SECURITIES — continued
	Face Amount (000)		Fair Value (000)
CAYMAN ISLANDS — (continued)
9.177%, TSFR3M + 3.862%, 07/23/32(A) (B)	$	1,000	$	983
MF1, Ser 2021-FL6, Cl E
Callable 04/16/24 @ $100 8.391%, TSFR1M + 3.064%, 07/16/36(A) (B)		100		92
MF1, Ser 2021-FL7, Cl E
Callable 04/16/24 @ $100 8.241%, TSFR1M + 2.914%, 10/16/36(A) (B)		370		339
Oaktree CLO, Ser 2019-1A, Cl D
Callable 04/22/24 @ $100 9.379%, TSFR3M + 4.062%, 04/22/30(A) (B)		2,040		1,995
Oaktree CLO, Ser 2019-2A, Cl C
Callable 04/15/24 @ $100 9.536%, TSFR3M + 4.222%, 04/15/31(A) (B)		1,890		1,869
Oaktree CLO, Ser 2022-1A, Cl E
Callable 05/15/24 @ $100 13.067%, TSFR3M + 7.760%, 05/15/33(A) (B)		1,250		1,241
Oaktree CLO, Ser 2023-2A, Cl E
Callable 07/20/25 @ $100 13.968%, TSFR3M + 8.650%, 07/20/36(A) (B)		250		250
Octagon Investment Partners 45, Ser 2022-1A, Cl ER
Callable 04/15/24 @ $100 12.134%, TSFR3M + 6.820%, 04/15/35(A) (B)		500		446
OHA Credit Partners VII, Ser 2021-7A, Cl ER3
Callable 05/20/24 @ $100 11.831%, TSFR3M + 6.512%, 02/20/34(A) (B)		250		248
OHA Credit Partners XII, Ser 2018-12A, Cl ER
Callable 04/23/24 @ $100 11.027%, TSFR3M + 5.712%, 07/23/30(A) (B)		250		244
OZLM Funding II, Ser 2018-2A, Cl DR2
Callable 10/30/24 @ $100 11.479%, TSFR3M + 6.162%, 07/30/31(A) (B)		640		604
OZLM IX, Ser 2018-9A, Cl DRR
Callable 10/20/24 @ $100

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND MARCH 31, 2024 (Unaudited)  

ASSET-BACKED SECURITIES — continued
	Face Amount (000)		Fair Value (000)
CAYMAN ISLANDS — (continued)
11.699%, TSFR3M + 6.382%, 10/20/31(A) (B)	$	480	$	454
OZLM VIII, Ser 2018-8A, Cl DRR
Callable 04/17/24 @ $100 11.658%, TSFR3M + 6.342%, 10/17/29(A) (B)		1,590		1,578
OZLM XVII, Ser 2017-17A, Cl D
Callable 04/20/24 @ $100 11.569%, TSFR3M + 6.252%, 07/20/30(A) (B)		360		345
OZLM XXIII, Ser 2021-23A, Cl ER
Callable 04/15/24 @ $100 12.856%, TSFR3M + 7.542%, 04/15/34(A) (B)		1,640		1,559
Rad CLO 1, Ser 2018-1A, Cl E
Callable 04/15/24 @ $100 11.196%, TSFR3M + 5.882%, 07/15/31(A) (B)		2,000		1,930
Rad CLO 7, Ser 2024-7A, Cl FR
Callable 04/17/25 @ $100 12.460%, TSFR3M + 7.130%, 04/17/36(A) (B)		320		309
Regatta XIV Funding, Ser 2018-3A, Cl E
Callable 04/25/24 @ $100 11.536%, TSFR3M + 6.212%, 10/25/31(A) (B)		1,250		1,190
RR 6, Ser 2021-6A, Cl DR
Callable 04/15/24 @ $100 11.426%, TSFR3M + 6.112%, 04/15/36(A) (B)		500		475
Sculptor CLO XXVII, Ser 2021-27A, Cl E
Callable 04/20/24 @ $100 12.629%, TSFR3M + 7.312%, 07/20/34(A) (B)		1,500		1,465
Sycamore Tree CLO, Ser 2024-2A, Cl ER
Callable 01/20/26 @ $100 13.003%, TSFR3M + 7.680%, 01/20/37(A) (B)		1,000		983
Symphony CLO XX, Ser 2019-20A, Cl E
Callable 04/16/24 @ $100

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND MARCH 31, 2024 (Unaudited)  

ASSET-BACKED SECURITIES — continued
	Face Amount (000)		Fair Value (000)
CAYMAN ISLANDS — (continued)
11.866%, TSFR3M + 6.552%, 01/16/32(A) (B)	$	250	$	239
TIAA CLO I, Ser 2018-1A, Cl DR
Callable 04/20/24 @ $100 9.079%, TSFR3M + 3.762%, 07/20/31(A) (B)		500		485
TICP CLO VII, Ser 2020-7A, Cl ER
Callable 04/15/25 @ $100 12.626%, TSFR3M + 7.312%, 04/15/33(A) (B)		1,580		1,555
Voya CLO, Ser 2017-1A, Cl DR
Callable 04/18/24 @ $100 11.210%, TSFR3M + 5.912%, 01/18/29(A) (B)		250		239
				65,527
JERSEY — 0.3%
Deerpath Capital CLO, Ser 2023-1A, Cl DR
11.707%, TSFR3M + 6.390%, 04/17/34(A) (B)		250		246
Dryden 107 CLO, Ser 2023-107A, Cl E
Callable 08/15/25 @ $100 13.037%, TSFR3M + 7.730%, 08/15/35(A) (B)		590		588
Halseypoint CLO, Ser 2023-7A, Cl E
Callable 07/20/25 @ $100 14.098%, TSFR3M + 8.780%, 07/20/36(A) (B)		360		360
ICG US CLO, Ser 2023-1A, Cl E
Callable 01/18/25 @ $100 14.108%, TSFR3M + 8.810%, 07/18/36(A) (B)		740		739
Ivy Hill Middle Market Credit Fund XXI, Ser 2023-21A, Cl E
13.818%, TSFR3M + 8.520%, 07/18/35(A) (B)		450		445
OCP CLO, Ser 2024-31A, Cl E
Callable 04/20/26 @ $100 12.193%, TSFR3M + 6.900%, 04/20/37(A) (B)		1,440		1,427
				3,805

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND MARCH 31, 2024 (Unaudited)  

ASSET-BACKED SECURITIES — continued
	Face Amount (000)		Fair Value (000)
UNITED STATES — 1.9%
A10 Bridge Asset Financing, Ser 2020-C, Cl E
Callable 04/15/24 @ $100 5.465%, 08/15/40(A)	$	800	$	786
ACHV ABS TRUST, Ser 2023-3PL, Cl D
Callable 08/18/26 @ $100 8.360%, 08/19/30(A)		1,000		1,027
ACHV ABS TRUST, Ser 2023-4CP, Cl E
Callable 07/25/26 @ $100 10.500%, 11/25/30(A)		500		496
Affirm Asset Securitization Trust, Ser 2023-X1, Cl D
Callable 07/15/25 @ $100 9.550%, 11/15/28(A)		110		113
AMSR Trust, Ser 2023-SFR2, Cl F1
3.950%, 06/17/40(A)		210		174
AMSR Trust, Ser 2023-SFR2, Cl F2
3.950%, 06/17/40(A)		640		513
Brex Commercial Charge Card Master Trust, Ser 2024-1, Cl B
11.590%, 07/15/27(A)		500		500
Carvana Auto Receivables Trust, Ser 2021-N3, Cl XS
06/12/28(A) (D)		5,363		80
CPS Auto Receivables Trust, Ser 2023-D, Cl E
Callable 12/15/28 @ $100 10.130%, 05/15/31(A)		1,630		1,748
Ent Auto Receivables Trust, Ser 2023-1A, Cl D
Callable 03/15/28 @ $100 7.700%, 03/17/31(A)		1,560		1,608
Exeter Automobile Receivables Trust, Ser 2023-3A, Cl E
Callable 10/15/27 @ $100 9.980%, 01/15/31(A)		1,130		1,198
Exeter Automobile Receivables Trust, Ser 2023-4A, Cl E
Callable 06/15/28 @ $100 9.570%, 02/18/31(A)		1,960		2,055
FHF Issuer Trust, Ser 2024-1A, Cl C
Callable 01/15/28 @ $100 7.420%, 05/15/31(A)		900		904

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND MARCH 31, 2024 (Unaudited)  

ASSET-BACKED SECURITIES — continued
	Face Amount (000)		Fair Value (000)
UNITED STATES — (continued)
Goodleap Sustainable Home Solutions Trust, Ser 2023-3C, Cl B
Callable 12/20/39 @ $100 7.800%, 07/20/55(A)	$	1,570	$	1,534
Hertz Vehicle Financing, Ser 2021-1A, Cl D
3.980%, 12/26/25(A)		1,000		979
Hertz Vehicle Financing, Ser 2022-4A, Cl D
Callable 09/25/25 @ $100 6.560%, 09/25/26(A)		250		245
Marlette Funding Trust, Ser 2022-3A, Cl D
Callable 11/15/26 @ $100 7.800%, 11/15/32(A)		170		167
Marlette Funding Trust, Ser 2023-2A, Cl D
Callable 07/15/27 @ $100 7.920%, 06/15/33(A)		1,500		1,498
Marlette Funding Trust, Ser 2023-3A, Cl D
Callable 12/15/27 @ $100 8.040%, 09/15/33(A)		1,520		1,558
Marlette Funding Trust, Ser 2023-4A, Cl B
Callable 04/15/28 @ $100 8.150%, 12/15/33(A)		110		113
MCR Mortgage Trust, Ser 2024-HTL, Cl F
10.978%, TSFR1M + 5.653%, 02/15/37(A) (B)		390		388
MF1, Ser 2020-FL4, Cl D
Callable 04/15/24 @ $100 9.540%, TSFR1M + 4.214%, 11/15/35(A) (B)		300		293
OnDeck Asset Securitization Trust IV, Ser 2023-1A, Cl C
9.930%, 08/19/30(A)		600		595
OneMain Financial Issuance Trust, Ser 2023-2A, Cl D
Callable 09/14/26 @ $100 7.520%, 09/15/36(A)		1,560		1,599
Progress Residential Trust, Ser 2024-SFR2, Cl F
3.650%, 04/17/41(A) (B)		690		539
Reach ABS Trust, Ser 2023-1A, Cl C
Callable 05/15/27 @ $100 8.450%, 02/18/31(A)		1,500		1,546

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND MARCH 31, 2024 (Unaudited)  

ASSET-BACKED SECURITIES — continued
	Face Amount (000)		Fair Value (000)
UNITED STATES — (continued)
Reach ABS Trust, Ser 2024-1A, Cl D
Callable 01/15/28 @ $100 10.640%, 02/18/31(A)	$	270	$	270
Regional Management Issuance Trust, Ser 2022-1, Cl D
Callable 03/15/25 @ $100 6.720%, 03/15/32(A)		250		234
SCG Mortgage Trust, Ser 2024-MSP, Cl E
10.237%, TSFR1M + 4.937%, 04/15/41(A) (B)		1,630		1,627
Upstart Securitization Trust, Ser 2023-2, Cl C
Callable 08/20/27 @ $100 11.870%, 06/20/33(A)		1,134		1,159
Upstart Securitization Trust, Ser 2023-3, Cl B
Callable 08/20/27 @ $100 8.250%, 10/20/33(A)		1,204		1,215
US Bank, Ser 2023-1, Cl C
Callable 08/25/26 @ $100 9.785%, 08/25/32(A)		418		422
US Bank, Ser 2023-1, Cl D
Callable 08/25/26 @ $100 13.597%, 08/25/32(A)		631		635
VStrong Auto Receivables Trust, Ser 2023-A, Cl D
Callable 06/15/28 @ $100 9.310%, 02/15/30(A)		1,255		1,332
VStrong Auto Receivables Trust, Ser 2023-A, Cl E
Callable 06/15/28 @ $100 9.990%, 12/16/30(A)		1,080		1,071
VStrong Auto Receivables Trust, Ser 2024-A, Cl D
Callable 11/15/28 @ $100 7.290%, 07/15/30(A)		100		101
Westgate Resorts, Ser 2023-1A, Cl D
Callable 04/20/27 @ $100 10.140%, 12/20/37(A)		366		368
				30,690
TOTAL ASSET-BACKED SECURITIES
(Cost $98,466) (000)				100,271

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND MARCH 31, 2024 (Unaudited)  

CONVERTIBLE BONDS — 0.4%

	Face Amount (000)		Fair Value (000)
UNITED STATES — 0.4%
JetBlue Airways
0.50%, 04/01/26	$	1,357	$	1,185
Opendoor Technologies
0.25%, 08/15/26(A)		1,795		1,382
PennyMac
5.50%, 03/15/26		571		542
Redwood Trust
7.75%, 06/15/27		2,058		1,970
RWT Holdings
5.75%, 10/01/25		338		326
Two Harbors Investment
6.25%, 01/15/26		1,281		1,211
TOTAL CONVERTIBLE BONDS
(Cost $6,442) (000)				6,616
PURCHASED OPTIONS — 0.1%
	Contracts
PURCHASED OPTIONS
Total Purchased Options(F) (Cost $4,338) (000)		11,431	$	1,920
PREFERRED STOCK — 0.1%
	Shares
UNITED STATES — 0.1%
Brookfield Property Partners, 6.250%		2,400		37
New York Community Bancorp, 6.375%		3,941		69
TPG RE Finance Trust, 6.250%		26,000		421
TOTAL PREFERRED STOCK
(Cost $457) (000)				527

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND MARCH 31, 2024 (Unaudited)  

SHORT-TERM INVESTMENT — 41.6%
	Shares		Fair Value (000)
BlackRock Cash Funds Treasury Fund - Institutional Shares
5.260%(G)		680,695,644	$	680,696
TOTAL SHORT-TERM INVESTMENT
(Cost $680,696) (000)				680,696
TOTAL INVESTMENTS — 134.3% (Cost $2,172,965) (000)			$	2,194,496
SECURITIES SOLD SHORT CORPORATE OBLIGATIONS — (1.4)%

	Face Amount (000)			Fair Value (000)
CANADA — (0.1)%
NOVA Chemicals
5.250%, 06/01/27 (A)	$	(1,279	)		(1,205	)
4.250%, 05/15/29 (A)		(1,279	)		(1,095	)
					(2,300	)
UNITED STATES — (1.3)%
Allegiant Travel
7.250%, 08/15/27 (A)		(1,739	)		(1,730	)
Bausch + Lomb
8.375%, 10/01/28 (A)		(1,788	)		(1,850	)
DaVita
4.625%, 06/01/30 (A)		(1,369	)		(1,226	)
Embecta
5.000%, 02/15/30 (A)		(914	)		(747	)
GPS Hospitality Holding
7.000%, 08/15/28 (A)		(1,390	)		(1,133	)
Guitar Center
8.500%, 01/15/26 (A)		(1,288	)		(1,137	)
HUB International
5.625%, 12/01/29 (A)		(669	)		(627	)
Newell Brands
6.625%, 09/15/29		(2,205	)		(2,156	)
Organon
5.125%, 04/30/31 (A)		(1,826	)		(1,623	)
Oscar AcquisitionCo
9.500%, 04/15/30 (A)		(2,282	)		(2,251	)
Park-Ohio Industries
6.625%, 04/15/27		(927	)		(867	)

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND MARCH 31, 2024 (Unaudited)  

CORPORATE OBLIGATIONS — continued

	Face Amount (000)			Fair Value (000)
UNITED STATES — (continued)
Sirius XM Radio
5.500%, 07/01/29 (A)	$	(669	)	$	(637	)
Staples
10.750%, 04/15/27 (A)		(2,781	)		(2,643	)
Tutor Perini
6.875%, 05/01/25 (A)		(1,821	)		(1,802	)
					(20,429	)
TOTAL CORPORATE OBLIGATIONS
(Proceeds $(22,415)) (000)					(22,729	)
TOTAL SECURITIES SOLD SHORT — (1.4)%
(Proceeds $(22,415)) (000)				$	(22,729	)
WRITTEN OPTIONS — (0.2)%
	Contracts
Total Written Options(F)
(Premiums Received $1,426) (000)		(10,046	)	$	(3,350	)

(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 March 31, 2024, the value of these securities amounted $417,035 (000) and represented 25.5% 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 March 31, 2024. The coupon on a step bond changes on a specified date.
(D)	No rate available.
(E)	Zero Coupon Security.
(F)	Refer to table below for details on Options Contracts.
(G)	Rate shown is the 7-day effective yield as of March 31, 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 MARCH 31, 2024 (Unaudited)  

Open exchange traded options contract held by the Fund at March 31, 2024 are as follows:

PURCHASED OPTIONS — 0.0%
	Contracts		Notional  Amount   (000)		Strike   Price		Expiration  Date		Fair Value  (000)
PUT OPTIONS
UNITED STATES — 0.0%
Claros Mortgage Trust		669	$	653		$     10.00		04/19/24	$	30
iShares Russell 2000 ETF		114		2,397		188.00		04/19/24		2
iShares Russell 2000 ETF		448		9,421		178.00		05/17/24		16
SPDR S&P 500 ETF Trust		152		7,951		435.00		04/19/24		2
Total Purchased Options										50

Open OTC options contract held by the Fund at March 31, 2024 are as follows:

PURCHASED OPTIONS — 0.1%
	Counterparty		Number of  Contracts		Notional  Amount (000)		Strike Price			Expiration  Date		Fair Value  (000)
CALL OPTIONS
UNITED STATES — 0.1%
Hybrid Binary Option, SPX Strike $4,151.58 and 10-Year SOFR Strike 4.45%(1)		Goldman Sachs		1	$	7,000	$	4,151.58			06/21/24	$	5
Palladium Dispersion Basket Option, Strike18%(2) .		UBS		1		50,000		18	%		03/14/25		1,602
													1,607
PUT OPTIONS
UNITED STATES — 0.0%
Nasdaq 100 Index		Goldman Sachs		2,215	$	40,434	$	16,080.93			06/21/24	$	184
S&P 500 Index		Goldman Sachs		7,831		41,147		4,430.04			06/21/24		79
													263
Total Purchased Options												$	1,870

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND MARCH 31, 2024 (Unaudited)  

WRITTEN OPTIONS — (0.2)%
	Counterparty		Number of  Contracts			Notional  Amount   (000)		Strike Price		Expiration  Date		Fair Value  (000)
CALL OPTIONS
UNITED STATES — (0.2)%
Nasdaq 100 Index		Goldman Sachs		(2,215	)		$   (40,434)	$	18,196.85		06/21/24	$	(1,619	)
S&P 500 Index		Goldman Sachs		(7,831	)		$   (41,147)		5,148.43		06/21/24		(1,731	)
Total Written Options												$	(3,350	)

(1) This option contract is written with two strike conditions that must be met at expiry to exercise: SPX = $4,151.58 and 10-Year SOFR = 4.45%.

(2) 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.

Open futures contracts held by the Fund at March 31, 2024 are as follows:

Type of Contract	Number of   Contracts		Expiration Date		Notional Amount  (000)		Value (000)		Unrealized   Appreciation/     (Depreciation)   (000)
Long Contracts
NASDAQ 100 E-Mini		73		Jun-2024	$	27,106	$	26,974	$	(132)
S&P 500 Annual Dividend Index		1,982		Dec-2024		30,325		36,345		6,020
S&P 500 Annual Dividend Index		1,605		Dec-2026		29,993		29,953		(40)
S&P 500 E-Mini		82		Jun-2024		21,423		21,765		342
						108,847		115,037		6,190
Short Contracts
U.S. 2-Year Treasury Note		(2,441)		Jun-2024	$	(499,699)	$	(499,146)	$	553
U.S. 10-Year Treasury Note		(2,647)		Jun-2024		(292,065)		(293,279)		(1,214)
U.S. Ultra Long Treasury Bond		(45)		Jun-2024		(5,748)		(5,805)		(57)
						(797,512)		(798,230)		(718)
					$	(688,665)	$	(683,193)	$	5,472

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND MARCH 31, 2024 (Unaudited)  

Open centrally cleared swap contracts held by the Fund at March 31, 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)
4.243%	SOFR INDEX	Annually	12/21/2025	USD	$	6,420	$	66	$	5		$	61
3.913%	SOFR INDEX	Annually	12/21/2026	USD		5,868		86		2			84
3.74%	SOFR INDEX	Annually	12/21/2027	USD		14,738		263		(3	)		266
3.644%	SOFR INDEX	Annually	12/21/2028	USD		13,149		270		(6	)		276
3.593%	SOFR INDEX	Annually	12/21/2029	USD		4,494		102		2			100
3.561%	SOFR INDEX	Annually	12/21/2030	USD		964		24		(1	)		25
3.543%	SOFR INDEX	Annually	12/21/2031	USD		302		8		1			7
3.536%	SOFR INDEX	Annually	12/21/2032	USD		95		3		–			3
3.533%	SOFR INDEX	Annually	12/21/2033	USD		243		7		–			7
3.539%	SOFR INDEX	Annually	12/21/2035	USD		753		25		1			24
3.541%	SOFR INDEX	Annually	12/21/2038	USD		1,322		51		1			50
3.512%	SOFR INDEX	Annually	12/21/2043	USD		511		23		(1	)		24
							$	928	$	1		$	927

Open OTC swap agreements held by the Fund at March 31, 2024 are as follows:

Credit Default Swaps

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 (Depreciation) (000)

JPMorgan Chase

Hospitality Properties Trust

Buy

5.00%

Quarterly

12/20/2028

$60

$

(4)

$

(3)

$

(1)

JPMorgan Chase

Hospitality Properties Trust

Buy

5.00%

Quarterly

12/20/2028

60

(4)

(3)

(1)

(8)

$

(6)

(2)

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

96,574

$

774

$

–

$

774

Bank of America

**BABXRPFV INDEX

0.00%

TOTAL RETURN

Quarterly

01/21/25

USD

47,603

571

–

571

Bank of America

**BAESUCPR INDEX

0.00%

TOTAL RETURN

Quarterly

02/24/25

USD

47,989

376

–

376

Bank of America

**BAFXCAVE INDEX

0.00%

TOTAL RETURN

Quarterly

09/20/24

USD

80,861

1,680

–

1,680

Barclays

**BXIIVFR1 INDEX

0.40%

TOTAL RETURN

Quarterly

05/20/24

USD

42,299

264

–

264

BNP Paribas

**BNPUMFRL INDEX

SOFR +0.60%

TOTAL RETURN

Quarterly

05/08/24

USD

92,815

7,193

–

7,193

BNP Paribas

**BNPUMFRS INDEX

TOTAL RETURN

SOFR -0.05%

Quarterly

05/08/24

USD

67,635

(5,412)

–

(5,412)

BNP Paribas

**BNPXDITU INDEX

0.20%

TOTAL RETURN

Quarterly

04/19/24

USD

55,155

(185)

–

(185)

Deutsche Bank

**DBGNLASU INDEX

Fixed 0.00%

TOTAL RETURN

Quarterly

01/27/25

USD

45,836

731

–

731

Deutsche Bank

**DBTIDUS5 INDEX

0.00%

TOTAL RETURN

Quarterly

04/19/24

USD

65,530

135

–

135

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND MARCH 31, 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	**GSCBFBL2 INDEX	FED FUNDS +0.25%	TOTAL RETURN	Quarterly	01/17/25		USD		107,887	$	674		$	–		$	674
Goldman Sachs	**GSCBFBS2 INDEX	TOTAL RETURN	FED FUNDS - 0.10%	Quarterly	01/17/25		USD		106,867		(647	)		–			(647	)
Goldman Sachs	**GSISMSS1 INDEX	0.00%	TOTAL RETURN	Quarterly	09/24/24		USD		37,452		(286	)		–			(286	)
Goldman Sachs	**GSXAF11F INDEX	0.30%	TOTAL RETURN	Quarterly	03/14/25		USD		60,420		2,572			–			2,572
Goldman Sachs	**RCXTMGT3 INDEX	0.00%	TOTAL RETURN	Quarterly	10/11/24		USD		42,091		392			–			392
JPMorgan Chase	**JMABNPMF INDEX	0.20%	TOTAL RETURN	Quarterly	04/01/24		USD		48,420		(291	)		–			(291	)
JPMorgan Chase	**JPUS1MMC INDEX	0.20%	TOTAL RETURN	Quarterly	09/26/24		USD		45,529		(41	)		–			(41	)
JPMorgan Chase	IBOXHY INDEX	TOTAL RETURN	SOFR	Quarterly	06/20/24		USD		12,200		(412	)		40			(452	)
JPMorgan Chase	IBOXHY INDEX	TOTAL RETURN	SOFR	Quarterly	09/20/24		USD		12,200		(114	)		114			(228	)
JPMorgan Chase	IBOXHY INDEX	TOTAL RETURN	SOFR	Quarterly	12/20/24		USD		12,200		(60	)		159			(219	)
JPMorgan Chase	IBXXLLTR INDEX	SOFR	TOTAL RETURN	Quarterly	06/20/24		USD		4,880		93			(18	)		111
Macquarie Bank Limited	**MQIS311 INDEX	0.25%	TOTAL RETURN	Quarterly	03/25/25		USD		79,545		(3	)		–			(3	)
Nomura	**NMSY2RNU INDEX	0.15%	TOTAL RETURN	Quarterly	07/31/24		USD		95,380		(137	)		–			(137	)
Societe Generale	**SGIPULSU INDEX	0.25%	TOTAL RETURN	Quarterly	01/29/25		USD		34,678		(39	)		–			(39	)
Societe Generale	**SGIXCUBE INDEX	0.20%	TOTAL RETURN	Quarterly	11/07/24		USD		52,486		334			–			334
Societe Generale	**SGIXFVET INDEX	SOFR +0.20%	TOTAL RETURN	Quarterly	08/06/24		USD		35,877		(708	)		–			(708	)
Societe Generale	**SGIXUSGC INDEX	0.15%	TOTAL RETURN	Quarterly	01/25/25		USD		56,416		780			–			780
Societe Generale	**SGIXVR2U INDEX	SOFR	TOTAL RETURN	N/A	04/09/24		USD		47,504		858			1			857
UBS	**UBCSBSB2 INDEX	0.00%	TOTAL RETURN	Monthly	08/27/24		USD		280,341		397			–			397
									1,814,670	$	9,489		$	296		$	9,193

^ 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 March 31, 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	WTI Crude Futures May 24	$	(27,135,151	)	-27.87%
	Brent Crude Futures September 24		(18,404,480	)	-18.91%
	WTI Crude Futures September 24		18,317,148		18.82%
	WTI Crude Futures July 24		10,294,172		10.57%
	Soybean Futures May 24		(9,665,862	)	-9.93%
	Brent Crude Futures July 24		7,948,078		8.16%
	Corn Futures May 24		(7,636,454	)	-7.84%
	Natural Gas Futures July 24		(7,521,222	)	-7.73%
	Natural Gas Futures September 24		7,360,232		7.56%

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND MARCH 31, 2024 (Unaudited)  

Top Underlying Components		Notional		Percentage of Notional
Brent Crude Futures August 24	$	6,866,225		7.05%
Corn Futures July 24		6,683,057		6.87%
NY Harb ULSD Futures May 24		(6,649,845	)	-6.83%
Live Cattle Futures October 24		5,892,549		6.05%
Silver Futures July 24		(5,825,512	)	-5.98%
Soybean Futures July 24		5,513,656		5.66%
Lean Hogs Futures June 24		(5,478,359	)	-5.63%
Soybean Futures November 24		5,118,553		5.26%
Gold 100 oz Futures August 24		(5,105,430	)	-5.24%
LME Copper Futures June 24		4,600,845		4.73%
LME Copper Futures May 24		(4,560,735	)	-4.68%
Silver Futures May 24		4,264,783		4.38%
Coffee ‘C’ Futures July 24		(4,194,907	)	-4.31%
Soybean Meal Futures July 24		4,154,957		4.27%
Sugar #11 (World) May 24		(4,086,948	)	-4.20%
LME Zinc Futures May 24		(4,033,427	)	-4.14%
Coffee ‘C’ Futures September 24		3,969,428		4.08%
Brent Crude Futures December 24		3,933,621		4.04%
Sugar #11 (World) October 24		3,871,374		3.98%
WTI Crude Futures December 24		3,857,601		3.96%
Brent Crude Futures November 24		3,799,689		3.90%
Gasoline RBOB Futures July 24		3,527,680		3.62%
Gasoline RBOB Futures May 24		(3,421,733	)	-3.51%
Cotton No.2 Futures December 24		3,242,844		3.33%
Soybean Oil Futures December 24		3,050,321		3.13%
LME Zinc Futures July 24		3,039,852		3.12%
Soybean Oil Futures May 24		(2,951,345	)	-3.03%
LME Nickel Futures May 24		(2,947,483	)	-3.03%
Soybean Oil Futures August 24		2,785,502		2.86%
Soybean Meal Futures May 24		(2,768,718	)	-2.84%
Wheat Futures(CBT) July 24		(2,759,899	)	-2.84%
Copper Futures September 24		2,440,828		2.51%
Copper Futures July 24		(2,435,563	)	-2.50%
Corn Futures September 24		2,434,656		2.50%
KC HRW Wheat Futures July 24		(2,277,378	)	-2.34%
LME PRI Alum Futures May 24		(2,193,281	)	-2.25%
NY Harb ULSD Futures July 24		2,129,371		2.19%
Natural Gas Futures December 24		(1,962,308	)	-2.02%
LME PRI Alum Futures September 24		1,875,614		1.93%
LME Copper Futures December 24		(1,831,316	)	-1.88%
LME Nickel Futures July 24		1,793,530		1.84%
Corn Futures December 24		(1,775,226	)	-1.82%
Live Cattle Futures August 24		(1,681,404	)	-1.73%
Cattle Feeder Futures May 24		(1,605,372	)	-1.65%
Soybean Oil Futures July 24		(1,443,585	)	-1.48%
Coffee ‘C’ Futures December 24		1,438,860		1.48%
LME Lead Futures May 24		(1,422,117	)	-1.46%
Low SU Gasoil G May 24		(1,409,540	)	-1.45%
Low SU Gasoil G December 24		1,407,265		1.45%
LME PRI Alum Futures December 24		(1,372,200	)	-1.41%
Low SU Gasoil G September 24		1,352,518		1.39%
Canola Futures (WCE) May 24		(1,294,426	)	-1.33%
Lean Hogs Futures August 24		1,285,565		1.32%
Cotton No.2 Futures May 24		(1,267,434	)	-1.30%
Rapeseed Euro Futures May 24		1,263,108		1.30%

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND MARCH 31, 2024 (Unaudited)  

	Top Underlying Components	Notional	Percentage of Notional
	Wheat Futures(CBT) December 24	$1,260,094	1.29%
	Wheat Futures(CBT) September 24	1,247,922	1.28%
	Gasoline RBOB Futures September 24	1,245,767	1.28%
	LME Nickel Futures September 24	1,166,786	1.20%
	LME Lead Futures July 24	1,058,819	1.09%
	NY Harb ULSD Futures December 24	1,044,890	1.07%
	Lean Hogs Futures October 24	1,024,960	1.05%
	LME Zinc Futures September 24	1,024,303	1.05%
	Lean Hogs Futures July 24	(1,010,474)	-1.04%
	NY Harb ULSD Futures September 24	1,002,013	1.03%
	Live Cattle Futures June 24	(998,682)	-1.03%
Currency	Canadian Dollar Spot	(1,294,426)	-1.33%
	Euro Spot	1,263,108	1.30%

**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 June 24	$	28,968,023	60.13%
	WTI Crude Futures May 24		(21,783,742)	-45.22%
	Brent Crude Futures July 24		16,467,341	34.18%
	WTI Crude Futures June 24		(16,465,710)	-34.18%
	WTI Crude Futures July 24		(11,033,159)	-22.90%
	Brent Crude Futures August 24		10,502,460	21.80%
	Gold 100 oz Futures June 24		5,587,014	11.60%
	LME Copper Futures May 24		4,961,131	10.30%
	LME Copper Futures June 24		3,476,345	7.22%
	Corn Futures May 24		(3,298,381)	-6.85%
	WTI Crude Futures August 24		(2,560,347)	-5.31%
	LME Copper Futures April 24		1,646,415	3.42%
	Brent Crude Futures September 24		1,278,116	2.65%
	LME Copper Futures June 24		782,162	1.62%
	Corn Futures July 24		684,861	1.42%
	Gold 100 oz Futures August 24		262,515	0.54%
Option	Call Option on Brent Crude Futures June 24		(1,496,984)	-3.11%
	Call Option on Brent Crude Futures June 24		(1,042,442)	-2.16%
	Call Option on Brent Crude Futures August 24		(949,004)	-1.97%
	Call Option on WTI Crude Futures May 24		923,087	1.92%
	Call Option on WTI Crude Futures July 24		882,249	1.83%
	Call Option on Brent Crude Futures August 24		(748,130)	-1.55%
	Call Option on WTI Crude Futures July 24		738,797	1.53%
	Call Option on Brent Crude Futures July 24		(720,848)	-1.50%
	Call Option on WTI Crude Futures June 24		697,874	1.45%
	Call Option on WTI Crude Futures June 24		620,256	1.29%
	Call Option on Brent Crude Futures July 24		(580,069)	-1.20%
	Call Option on Brent Crude Futures June 24		(553,766)	-1.15%
	Call Option on Brent Crude Futures June 24		(497,461)	-1.03%
	Call Option on WTI Crude Futures May 24		493,415	1.02%
	Call Option on Brent Crude Futures September 24		(424,614)	-0.88%
	Call Option on WTI Crude Futures June 24		419,647	0.87%
	Call Option on WTI Crude Futures May 24		407,155	0.85%
	Call Option on WTI Crude Futures May 24		356,109	0.74%
	Call Option on Brent Crude Futures July 24		(353,489)	-0.73%
	Call Option on WTI Crude Futures May 24		348,998	0.72%
	Call Option on WTI Crude Futures May 24		323,830	0.67%

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND MARCH 31, 2024 (Unaudited)  

Top Underlying Components		Notional	Percentage of Notional
Call Option on WTI Crude Futures July 24	$	319,299	0.66%
Call Option on WTI Crude Futures August 24		318,927	0.66%
Call Option on Brent Crude Futures June 24		(306,779)	-0.64%
Put Option on Brent Crude Futures September 24		(300,932)	-0.62%
Call Option on WTI Crude Futures August 24		278,789	0.58%
Call Option on Brent Crude Futures July 24		(277,871)	-0.58%
Put Option on WTI Crude Futures July 24		260,212	0.54%
Call Option on WTI Crude Futures June 24		255,744	0.53%
Call Option on Brent Crude Futures July 24		(248,201)	-0.52%
Put Option on Brent Crude Futures August 24		(246,687)	-0.51%
Put Option on Brent Crude Futures August 24		(243,841)	-0.51%
Call Option on WTI Crude Futures June 24		221,519	0.46%
Put Option on WTI Crude Futures July 24		212,546	0.44%

**BAESUCPR Index: A combination of two equity options strategies, 1) an upside capture strategy that sells deep out-of-the-money call options to fund a delta replicated long call, and 2) a defensive strategy that sells short dated puts to buy delta-replicated longer dated puts, providing protection in a grind lower environment.

	Top Underlying Components		Notional	Percentage of Notional
Index	S&P 500 INDEX	$	49,381,218	102.10%

**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	CNH Fwd Points 2 Month	$	(20,587,496)	-24.94%
	Singapore Dollar 2 Month		(19,610,701)	-23.76%
	INR Non-Deliverable Forward Points 2 Month		15,496,172	18.77%
	Swiss Franc 2 Month		(13,338,982)	-16.16%
	Mexican Peso 2 Month		13,326,586	16.15%
	Norwegian Krone 2 Month		(12,160,181)	-14.73%
	IDR Non-Deliverable Forward Points 2 Month		11,161,389	13.52%
	Hungarian Forint 2 Month		9,995,558	12.11%
	Japanese Yen 2 Month		8,527,977	10.33%
	PHP Onshore Points 2 Month		8,369,821	10.14%
	Australian Dollar 2 Month		(6,949,825)	-8.42%
	KRW Onshore Points 2 Month		(6,500,631)	-7.88%
	Thai Baht 2 Month		6,350,499	7.69%
	S. African Rand 2 Month		4,384,311	5.31%
	Czech Koruna 2 Month		(4,334,043)	-5.25%
	COP Ndf Points 2 Month		4,038,644	4.89%
	Polish Zloty 2 Month		(2,819,705)	-3.42%
	New Zealand Dollar 2 Month		2,427,156	2.94%
	British Pound 2 Month		1,746,527	2.12%
	Euro 2 Month		1,151,333	1.39%
	Taiwan Dollar 2 Month		911,487	1.10%
	BRL Fwd Points 2 Month		(840,162)	-1.02%
	Swedish Krona 2 Month		617,038	0.75%
	CLP Ndf Points 2 Month		(564,703)	-0.68%
	Canadian Dollar 2 Month		(519,232)	-0.63%
	New Romanian Leu 2 Month		477,174	0.58%
	Israeli Shekel 2 Month		(445,586)	-0.54%
	PEN Fwd Points 2 Month		(398,696)	-0.48%

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND MARCH 31, 2024 (Unaudited)  

**BXIIVFR1 Index: Systematic strategy that replicates the payoff of a long VIX upside call structure, which is more cost-effective than owning the options

	Top Underlying Components	Notional	Percentage of Notional
Index	S&P 500 VIX Short-Term Futures Index Total Return	$(1,179,024)	-2.77%

**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	Sutro Biopharma Inc		$385,048		0.38%
	ChoiceOne Financial Services Inc		338,095		0.34%
	Home Bancorp Inc		333,397		0.33%
	Heritage Financial Corp of Washington		332,692		0.33%
	BioAtla Inc		332,685		0.33%
	Columbia Banking System Inc		332,369		0.33%
	Renasant Corp		332,011		0.33%
	Baycom Corp		331,693		0.33%
	Pioneer Bancorp Inc		331,208		0.33%
	TriCo Bancshares		330,242		0.33%
	Northrim Bancorp Inc		329,311		0.33%
	MVB Financial Corp		329,188		0.33%
	Oak Valley Bancorp		328,575		0.33%
	Enterprise Financial Services Corp		328,571		0.33%
	Independent Bank Corp		328,504		0.33%
	Hanmi Financial Corporation		328,430		0.33%
	Enterprise Bancorp Inc		328,406		0.33%
	Premier Financial Corp		328,387		0.33%
	SmartFinancial Inc		328,325		0.33%
	Bank of Marin Bancorp		328,280		0.33%
	Banner Corp		328,141		0.33%
	South Plains Financial Inc		327,705		0.32%
	First Community Bankshares Inc		327,612		0.32%
	Plumas Bancorp		327,429		0.32%
	First Busey Corp		327,328		0.32%
	OceanFirst Financial Corp		326,939		0.32%
	Sterling Bancorp Inc		326,650		0.32%
	Stellar Bancorp Inc		326,313		0.32%
	Central Valley Community Bancorp		325,783		0.32%
	Central Pacific Financial Corp		325,698		0.32%
	FS Bancorp Inc		325,622		0.32%
	Heritage Commerce Corp		325,366		0.32%
	First Financial Corp		325,013		0.32%
	Popular Inc		324,564		0.32%
	Westamerica BanCorp		324,547		0.32%
	First Hawaiian Inc		324,024		0.32%
	Shore Bancshares Inc		323,846		0.32%
	OFG Bancorp		323,752		0.32%
	TrustCo Bank Corp		323,643		0.32%
	Amalgamated Financial Corp		323,562		0.32%
	Eastern Bankshares Inc		323,376		0.32%
	Pathward Financial Inc		323,077		0.32%
	Colony Bankcorp		322,688		0.32%
	Independent Bank Corp		322,038		0.32%
	CNB Financial Corp		321,398		0.32%
	Red River Bancshares Inc		321,281		0.32%

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND MARCH 31, 2024 (Unaudited)  

Top Underlying Components	Notional		Percentage of Notional
LENZ Therapeutics Inc		$321,267		0.32%
Financial Institutions Inc		321,157		0.32%
Civista Bancshares Inc		320,875		0.32%
Macatawa Bank Corp		319,538		0.32%

**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	Waterstone Financial Inc		$(254,687)		0.35%
	Kearny Financial Corp		(251,188)		0.34%
	Bancorp Inc		(251,009)		0.34%
	Capitol Federal Financial Inc		(248,569)		0.34%
	Glacier Bancorp Inc		(247,786)		0.34%
	KeyCorp		(246,991)		0.34%
	Columbia Financial Inc		(246,704)		0.34%
	HarborOne Bancorp Inc		(246,361)		0.33%
	Lakeland Financial Corp		(246,320)		0.33%
	Amerant Bancorp Inc		(245,781)		0.33%
	Associated Banc-Corp		(245,536)		0.33%
	BOK Financial Corp		(245,478)		0.33%
	Hingham Institution For Savings		(245,338)		0.33%
	Washington Trust Bancorp Inc		(245,300)		0.33%
	West BanCorp Inc		(245,260)		0.33%
	Horizon Bancorp Inc		(245,122)		0.33%
	Metrocity Bankshares Inc		(244,912)		0.33%
	Washington Federal Inc		(244,666)		0.33%
	Equity Bancshares Inc		(244,109)		0.33%
	Northern Trust Corp		(244,084)		0.33%
	Live Oak Bancshares Inc		(244,036)		0.33%
	PNC Financial Services Group Inc		(244,001)		0.33%
	BankUnited Inc		(243,773)		0.33%
	ServisFirst Bancshares Inc		(243,769)		0.33%
	Merchants Bancorp		(243,607)		0.33%
	Northeast Bank		(242,836)		0.33%
	Western Alliance Bancorp		(242,747)		0.33%
	Banc of California Inc		(242,622)		0.33%
	Cadence Bank		(242,498)		0.33%
	Ocwen Financial Corp		(242,342)		0.33%
	Blue Ridge Bankshares Inc		(242,003)		0.33%
	Triumph Financial Inc		(241,410)		0.33%
	Blue Foundry Bancorp		(240,721)		0.33%
	Bank7 Corp		(240,695)		0.33%
	Bank of America Corp		(240,319)		0.33%
	Alerus Financial Corp		(240,197)		0.33%
	FVCBankcorp Inc		(240,128)		0.33%
	Carter Bankshares Inc		(240,125)		0.33%
	First Citizens BancShares Inc		(239,907)		0.33%
	Bank of New York Mellon Corp		(239,587)		0.33%
	ESSA Bancorp Inc		(239,402)		0.33%
	JPMorgan Chase & Co		(239,200)		0.32%
	Ponce Financial Group Inc		(238,558)		0.32%
	Wells Fargo & Co		(238,217)		0.32%
	TFS Financial Corp		(237,836)		0.32%
	Banco Latinoamericano de Comercio Exterior S.A.		(236,161)		0.32%

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND MARCH 31, 2024 (Unaudited)  

Top Underlying Components	Notional		Percentage of Notional
First Western Financial Inc		$(236,101)		0.32%
Norwood Financial Corp		(234,805)		0.32%
Homestreet Inc		(234,494)		0.32%
NU Holdings Ltd		(228,672)		0.31%

**BNPXDITU Index: Seeks to capture intraday momentum in US equity markets by leveraging market dynamics observed throughout the day.

	Top Underlying Components	Notional		Percentage of Notional
Index	BNP Paribas Dynamic Intraday Trend US Index		$54,992,047		100.00%

**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		$47,102,328		101.14%
	US Dollar Spot		(9,850,760)		-21.15%
Index	JPY Overnight Rate (Mid) Index		(7,855,592)		-16.87%
	Deutsche Bank Fed Funds Effective Rate Total Return Index		(3,478,824)		-7.47%
	Deutsche Bank Canadian Dollar ON Index		1,102,626		2.37%
	Deutsche Bank Swiss Overnight Money Market Index		(972,032)		-2.09%
	Deutsche Bank SEK Overnight Cash Index		638,832		1.37%
	Deutsche Bank Australia Overnight Money Market TR Index		(567,397)		-1.22%
	Deutsche Bank SONIA Total Return Index		418,001		0.90%
Equity	Inpex Corp		358,586		0.77%
	Block Inc		(344,925)		-0.74%
	Tokyo Gas Co Ltd		343,051		0.74%
	Merck & Co Inc		327,118		0.70%
	Aisin Corp		317,710		0.68%
	Ono Pharmaceutical Co Ltd		317,412		0.68%
	Colgate-Palmolive Co		310,303		0.67%
	Johnson & Johnson		309,309		0.66%
	Kimberly-Clark Corp		307,346		0.66%
	AbbVie Inc		305,922		0.66%
	Siemens Energy AG		(300,826)		-0.65%
	Zebra Technologies Corp		(298,899)		-0.64%
	Subaru Corp		292,678		0.63%
	Mineral Resources Ltd		(292,603)		-0.63%
	Cigna Group		289,978		0.62%
	Teck Resources Ltd		(289,339)		-0.62%
	Brambles Ltd		289,164		0.62%
	Kao Corp		288,372		0.62%
	Vistra Corp		286,439		0.62%
	Mazda Motor Corp		285,694		0.61%
	Chugai Pharmaceutical Co Ltd		284,751		0.61%
	Procter & Gamble Co		284,666		0.61%
	Freeport-McMoRan Inc		(283,852)		-0.61%
	Japan Tobacco Inc		283,835		0.61%
	Gilead Sciences Inc		282,900		0.61%
	Vestas Wind Systems A/S		(281,634)		-0.60%
	Caesars Entertainment Inc		(278,345)		-0.60%
	Deutsche Lufthansa AG		(278,029)		-0.60%
	Rivian Automotive Inc		(276,553)		-0.59%
	Electronic Arts Inc		273,377		0.59%
	QUALCOMM Inc		272,972		0.59%
	Albemarle Corp		(272,728)		-0.59%

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND MARCH 31, 2024 (Unaudited)  

Top Underlying Components	Notional		Percentage of Notional
RPM International Inc		$272,722		0.59%
Recruit Holdings Co Ltd		272,434		0.58%
Snap Inc		(271,947)		-0.58%
Cardinal Health Inc		269,535		0.58%
ROBLOX Corp		(269,353)		-0.58%
Nintendo Co Ltd		269,120		0.58%
Meta Platforms Inc		268,833		0.58%
Alphabet Inc		266,709		0.57%
Regeneron Pharmaceuticals Inc		266,267		0.57%

**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		$65,664,416		100.00%

**GSCBFBL2 Index: Long basket of small and mid-cap Cyclical GARP stocks that are positioned well to benefit from economic expansion in a soft landing scenario

	Top Underlying Components	Notional		Percentage of Notional
Equity	Anywhere Real Estate Inc		$1,039,624		0.96%
	Cohu Inc		1,005,209		0.93%
	eXp World Holdings Inc		994,272		0.92%
	Clearway Energy Inc		990,202		0.91%
	Wabash National Corp		982,032		0.90%
	Cleveland-Cliffs Inc		980,925		0.90%
	Harmony Biosciences Holdings Inc		977,947		0.90%
	Sonic Automotive Inc		977,637		0.90%
	Propetro Holding Corp		975,382		0.90%
	Integer Holdings Corp		974,877		0.90%
	Designer Brands Inc		973,324		0.90%
	Ultra Clean Holdings Inc		972,995		0.90%
	Select Medical Holdings Corp		971,640		0.90%
	Northern Oil and Gas Inc		969,451		0.89%
	Axcelis Technologies Inc		968,898		0.89%
	Dorian LPG Ltd		967,812		0.89%
	CONSOL Energy Inc		967,532		0.89%
	Civitas Resources Inc		965,319		0.89%
	CenterPoint Energy Inc		964,750		0.89%
	Scansource Inc		963,124		0.89%
	CONMED Corp		962,490		0.89%
	NXP Semiconductors NV		962,277		0.89%
	Oshkosh Corp		961,300		0.89%
	Yelp Inc		960,355		0.88%
	Avista Corp		959,829		0.88%
	Itron Inc		959,803		0.88%
	Universal Corp		959,278		0.88%
	Amphastar Pharmaceuticals Inc		958,057		0.88%
	Allegiant Travel Co		957,705		0.88%
	Lear Corp		957,373		0.88%
	Benchmark Electronics Inc		956,958		0.88%
	Caleres Inc		955,995		0.88%
	TEGNA Inc		955,722		0.88%
	NRG Energy Inc		954,907		0.88%
	Allegro MicroSystems Inc		954,897		0.88%
	Xcel Energy Inc		954,769		0.88%
	Sonoco Products Co		953,544		0.88%

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND MARCH 31, 2024 (Unaudited)  

Top Underlying Components	Notional		Percentage of Notional
Pacira BioSciences Inc		$952,764		0.88%
Marcus Corp		951,719		0.88%
Clearwater Paper Corp		951,684		0.88%
Urban Outfitters Inc		950,223		0.88%
Lincoln Electric Holdings		948,195		0.87%
Calix Inc		947,516		0.87%
TD SYNNEX Corp		947,348		0.87%
Incyte Corp		946,849		0.87%
Edgewell Personal Care Co		946,254		0.87%
Franklin Electric Co Inc		945,056		0.87%
Murphy USA Inc		944,788		0.87%
Trinity Industries Inc		943,756		0.87%
MasTec Inc		943,015		0.87%

**GSCBFBS2 Index: Short basket of mega-cap stocks meant to reduce beta and take advantage of a rotation out of defensive proxies in a soft landing scenario

	Top Underlying Components	Notional		Percentage of Notional
Equity	3M Co		$(1,671,203)		1.55%
	Texas Instruments Inc		(1,667,511)		1.55%
	Bristol-Myers Squibb Co		(1,664,222)		1.55%
	Simon Property Group Inc		(1,662,730)		1.55%
	Exxon Mobil Corp		(1,659,461)		1.54%
	United Parcel Service Inc		(1,659,360)		1.54%
	Deere & Co		(1,658,627)		1.54%
	Caterpillar Inc		(1,658,365)		1.54%
	Boeing Co		(1,657,455)		1.54%
	Chevron Corp		(1,656,316)		1.54%
	Accenture PLC		(1,653,529)		1.54%
	Emerson Electric Co		(1,647,050)		1.53%
	AbbVie Inc		(1,647,002)		1.53%
	Lockheed Martin Corp		(1,645,501)		1.53%
	Honeywell International Inc		(1,645,488)		1.53%
	FedEx Corp		(1,644,969)		1.53%
	Amazon.com Inc		(1,644,154)		1.53%
	Abbott Laboratories		(1,643,004)		1.53%
	International Business Machines Corp		(1,642,019)		1.53%
	Lowe’s Cos Inc		(1,642,016)		1.53%
	RTX Corp		(1,641,761)		1.53%
	Verizon Communications Inc		(1,640,374)		1.53%
	General Dynamics Corp		(1,640,065)		1.53%
	AT&T Inc		(1,638,250)		1.52%
	Gilead Sciences Inc		(1,636,908)		1.52%
	T-Mobile US Inc		(1,636,777)		1.52%
	Broadcom Inc		(1,635,522)		1.52%
	Cisco Systems Inc		(1,631,012)		1.52%
	CVS Health Corp		(1,630,775)		1.52%
	UnitedHealth Group Inc		(1,626,364)		1.51%
	General Electric Co		(1,622,844)		1.51%
	Alphabet Inc		(1,621,026)		1.51%
	Oracle Corp		(1,618,514)		1.51%
	Apple Inc		(1,618,294)		1.51%
	Microsoft Corp		(1,615,581)		1.50%
	Eli Lilly & Co		(1,612,272)		1.50%
	NVIDIA Corp		(1,608,481)		1.50%

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND MARCH 31, 2024 (Unaudited)  

Top Underlying Components	Notional		Percentage of Notional
Adobe Inc		$(1,607,168)		1.49%
Walmart Inc		(1,606,263)		1.49%
Salesforce Inc		(1,601,932)		1.49%
Procter & Gamble Co		(1,262,843)		1.17%
Charter Communications Inc		(1,197,528)		1.11%
Coca-Cola Co		(1,120,170)		1.04%
Ford Motor Co		(1,027,668)		0.96%
Intel Corp		(1,005,332)		0.94%
NextEra Energy Inc		(1,004,805)		0.93%
General Motors Co		(1,003,180)		0.93%
Southern Co		(998,750)		0.93%
Medtronic PLC		(996,440)		0.93%
Duke Energy Corp		(995,245)		0.93%

**GSISMSS1 Index: Strategy aims to capture intraday momentum of stocks based on Signal Returns measured between Previous Day Close and first half hour of trading.

	Top Underlying Components	Notional		Percentage of Notional
Index	Goldman Sachs Intraday Momentum Single Stock Series 1 Excess Return Strategy		$37,165,176		100.00%

**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
Future	US 2Yr Note (CBT) June 24		$(24,694,885)		-39.20%
	Euro-Schatz Futures June 24		(23,629,156)		-37.51%
	Euro-BTP Futures June 24		10,551,159		16.75%
	Euro-Bund Futures June 24		(9,684,303)		-15.37%
	AUST 10 Year Bond Futures June 24		7,775,099		12.34%
	US 5Yr Note (CBT) June 24		(7,111,720)		-11.29%
	3 Month SOFR Futures September 25		(6,571,445)		-10.43%
	3 Month SOFR Futures June 25		(6,557,812)		-10.41%
	3 Month SOFR Futures March 25		(6,540,765)		-10.38%
	Euro-BOBL Futures June 24		(6,539,418)		-10.38%
	3 Month SOFR Futures December 24		(6,522,312)		-10.35%
	3 Month SOFR Futures Sep24		(6,501,823)		-10.32%
	3 Month Euro EURIBOR September 25		(5,626,891)		—8.93%
	3 Month Euro EURIBOR June 25		(5,618,713)		—8.92%
	3 Month Euro EURIBOR March 25		(5,606,631)		—8.90%
	3 Month Euro EURIBOR December 24		(5,591,723)		—8.88%
	3 Month Euro EURIBOR Sep24		(5,574,152)		—8.85%
	US 10Yr Note (CBT) June 24		(5,540,129)		—8.79%
	Long Gilt Futures June 24		5,425,806		8.61%
	CAN 10 Year Bond Futures June 24		(4,846,127)		—7.69%
	SPI 200 Futures April 24		3,986,611		6.33%
	S&P 500 E-mini Futures June 24		3,407,370		5.41%
	DAX Index Futures June 24		3,066,050		4.87%
	FTSE/MIB Index Futures June 24 DX Futures June 24		2,953,516		4.69%
	FTSE/JSE Top 40 June 24		(2,881,497)		—4.57%
	Swiss Mkt Index Futures June 24		2,878,978		4.57%
	S&P/TSX 60 Index Futures June 24		2,741,173		4.35%
	Gold 100 oz Futures June 24		2,642,407		4.19%
	Nasdaq 100 E-Mini June 24		2,642,323		4.19%
	CAC 40 10 Euro Futures April 24		2,591,806		4.11%
	Euro-OAT Futures June 24		2,235,636		3.55%
	TOPIX Index Future June 24		2,129,458		3.38%

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND MARCH 31, 2024 (Unaudited)  

	Top Underlying Components	Notional		Percentage of Notional
	Corn Futures July 24		$(2,114,666)		-3.36%
	SET50 Futures June 24		(2,108,288)		-3.35%
	Euro STOXX 50 June 24		2,047,532		3.25%
	Soybean Futures May 24		(1,787,307)		-2.84%
	Jpn 10Y Bond(OSE) June 24		1,588,821		2.52%
	Cotton No.2 Futures July 24		1,573,206		2.50%
	FTSE 100 Index Futures June 24		1,570,728		2.49%
	LME PRI Alum Futures June 24		(1,549,994)		-2.46%
	ICE 3 Month SONIA Futures September 25		(1,542,687)		-2.45%
	ICE 3 Month SONIA Futures June 25		(1,539,975)		-2.44%
	ICE 3 Month SONIA Futures March 25		(1,536,399)		-2.44%
	ICE 3 Month SONIA Futures December 24		(1,532,082)		-2.43%
	ICE 3 Month SONIA Futures September 24		(1,527,357)		-2.42%
	Low SU Gasoil G June 24		1,503,471		2.39%
	US Long Bond(CBT) June 24		1,492,739		2.37%
	IBEX 35 Index Futures April 24		1,397,373		2.22%
	Gasoline RBOB Futures June 24		1,396,303		2.22%
	MSCI Emerging Markets June 24		1,371,484		2.18%
	Wheat Futures(CBT) July 24		(1,360,094)		-2.16%
	Brent Crude Futures July 24		1,308,135		2.08%
	Soybean Oil Futures July 24		(1,280,385)		-2.03%
	Corn Futures May 24		(1,273,222)		-2.02%
	WTI Crude Futures June 24		1,160,532		1.84%
	Natural Gas Futures June 24		(1,134,494)		-1.80%
	Gasoline RBOB Futures May 24		1,052,972		1.67%
	Low SU Gasoil G May 24		1,009,395		1.60%
	LME Zinc Futures June 24		(996,831)		-1.58%
	Coffee ‘C’ Futures July 24		996,695		1.58%
	Brent Crude Futures June 24		918,025		1.46%
	WTI Crude Futures May 24		910,051		1.44%
	Amsterdam Index Futures April 24		899,869		1.43%
	Cotton No.2 Futures May 24		832,445		1.32%
	NY Harb ULSD Futures June 24		808,543		1.28%
	Natural Gas Futures May 24		(773,641)		-1.23%
	OMXS30 Index Futures April 24		772,413		1.23%
	Sugar #11 (World) July 24		764,589		1.21%
	Wheat Futures(CBT) May 24		(763,569)		-1.21%
	LME Copper Futures May 24		749,287		1.19%
	NY Harb ULSD Futures May 24		669,297		1.06%
	HSCEI Futures April 24		(657,024)		-1.04%
	Hang Seng Index Futures April 24		(656,715)		-1.04%
	LME Zinc Futures May 24		(643,716)		-1.02%
CDX	MARKIT CDX.NA.IG.42 06/29		(23,397,541)		-37.14%
	MARKIT ITRX EUROPE 06/29		(16,694,578)		-26.50%
	MARKIT ITRX EUR XOVER 06/29		(4,039,178)		-6.41%
	MARKIT CDX.NA.HY.41 12/28		(3,449,412)		-5.48%
	MARKIT CDX.NA.HY.42 06/29		(2,299,608)		-3.65%
FX Contract	USD/CNH April 2024		(12,977,036)		-20.60%
	USD/JPY April 2024		(8,208,250)		-13.03%
	USD/MXN April 2024		8,197,047		13.01%
	USD/NOK April 2024		(6,103,663)		-9.69%
	USD/EUR April 2024		(5,609,134)		-8.90%
	USD/KRW April 2024		(5,502,264)		-8.73%
	USD/SGD April 2024		(5,349,128)		-8.49%
	USD/PLN April 2024		5,285,905		8.39%

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND MARCH 31, 2024 (Unaudited)  

	Top Underlying Components	Notional		Percentage of Notional
	USD/CHF April 2024		$(5,272,106)		-8.37%
	USD/HUF April 2024		4,713,262		7.48%
	USD/IDR April 2024		(3,511,696)		-5.57%
	USD/SEK April 2024		(3,479,289)		-5.52%
	USD/CZK April 2024		(3,346,409)		-5.31%
	USD/INR April 2024		(3,061,708)		-4.86%
	USD/CAD April 2024		(2,534,561)		-4.02%
	USD/ILS April 2024		2,049,122		3.25%
	USD/TWD April 2024		2,040,306		3.24%
	USD/PHP April 2024		1,935,979		3.07%
	USD/BRL April 2024		1,729,036		2.74%
	USD/CLP April 2024		1,315,325		2.09%
	USD/GBP April 2024		1,130,998		1.80%
	USD/AUD April 2024		(775,671)		-1.23%
Currency	US Dollar Spot		3,818,701		6.06%
	Swiss Franc Spot		2,878,978		4.57%
	Japanese Yen Spot		2,129,458		3.38%
	British Pound Spot		1,570,728		2.49%
	Euro Spot		1,313,136		2.08%

**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	Tokyo Price Index Futures March 24		$11,789,103		27.75%
	Jpn 10Y Bond(OSE) March 24		10,238,465		24.10%
	Euro STOXX 50 March 24		7,251,892		17.07%
	S&P 500 E-mini Futures March 24		5,323,152		12.53%

**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	WTI Crude Futures May 24		$(11,244,199)		-23.36%
	Gold 100 oz Futures June 24		(10,971,403)		-22.80%
	Brent Crude Futures June 24		9,180,101		19.07%
	LME PRI Alum Futures May 24		5,925,264		12.31%
	Soybean Futures May 24		(5,747,764)		-11.94%
	Silver Futures May 24		5,394,591		11.21%
	Corn Futures May 24		5,174,370		10.75%
	Copper Futures May 24		(4,744,890)		-9.86%
	NY Harb ULSD Futures May 24		2,259,309		4.69%
	Soybean Oil Futures May 24		(1,432,107)		-2.98%
	Live Cattle Futures June 24		1,415,818		2.94%
	LME Lead Futures May 24		(1,404,001)		-2.92%
	Cattle Feeder Futures May 24		(1,191,458)		-2.48%
	LME Copper Futures May 24		(1,132,682)		-2.35%
	Soybean Meal Futures May 24		1,107,109		2.30%
	LME Zinc Futures May 24		935,081		1.94%
	Coff Robusta 10 Ton May 24		(747,682)		-1.55%
	Red Wheat Futures May 24		(705,164)		-1.47%
	Coffee ‘C’ Futures May 24		626,432		1.30%
	Wheat Futures(CBT) May 24		531,891		1.11%
	Gasoline RBOB Futures May 24		529,627		1.10%
	White Sugar (ICE) May 24		510,412		1.06%
	Sugar #11 (World) May 24		(426,158)		-0.89%

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND MARCH 31, 2024 (Unaudited)  

**JPUS1MMC Index: Seeks to monetize the tendency for the equity market to mean revert over short periods of time.

	Top Underlying Components	Notional	Percentage of Notional
Index	S&P 500 Total Return Index	$(29,386,557)	-64.60%

**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	$79,545,301	100.00%

**NMSY2RNU Index: Currency selection strategy using mean reversion signals.

	Top Underlying Components	Notional	Percentage of Notional
Currency	Swedish Krona Spot	$18,595,357	19.52%
	Norwegian Krone Spot	14,206,675	14.91%
	Canadian Dollar Spot	(12,553,126)	-13.18%
	New Zealand Dollar Spot	8,532,648	8.96%
	Australian Dollar Spot	(8,065,728)	-8.47%
	British Pound Spot	(8,012,901)	-8.41%
	Swiss Franc Spot	7,101,743	7.45%
	Euro Spot	(6,827,505)	-7.17%
	Japanese Yen Spot	161,085	0.17%

**SGIPULSU Index: Systematic strategy that only buys volatility in deeper market corrections

	Top Underlying Components	Notional	Percentage of Notional
Option	June 24 Puts on SPX	$94,984	0.27%
	May 24 Puts on SPX	(41,729)	-0.12%
	April 24 Puts on SPX	(21,061)	-0.06%
	July 24 Puts on SPX	16,232	0.05%

**SGIXCUBE Index: Aims to harvest systematically the short-term skew premium from the observed spread between the S&P 500’s realized and implied skew by replicating a skew swap via listed SPXW options.

	Top Underlying Components	Notional	Percentage of Notional
Option	April 24 Calls on SPX	$12,439	0.02%
	April 24 Puts on SPX	(10,512)	-0.02%

**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	April 2024 EURUSD Straddle	$545,651	1.54%
	May 2024 EURUSD Straddle	367,237	1.03%
	April 2025 EURUSD Straddle	(358,855)	-1.01%
	July 2024 EURUSD Straddle	355,622	1.00%
	May 2025 EURUSD Straddle	(330,401)	-0.93%
	June 2025 EURUSD Straddle	(312,417)	-0.88%
	June 2024 EURUSD Straddle	280,361	0.79%
	September 2025 EURUSD Straddle	(268,446)	-0.76%
	October 2025 EURUSD Straddle	(247,908)	-0.70%
	August 2024 EURUSD Straddle	235,553	0.66%
	August 2025 EURUSD Straddle	(228,257)	-0.64%
	September 2024 EURUSD Straddle	224,811	0.63%
	October 2024 EURUSD Straddle	180,921	0.51%
	July 2025 EURUSD Straddle	(155,468)	-0.44%
	December 2025 EURUSD Straddle	(149,358)	-0.42%

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND MARCH 31, 2024 (Unaudited)  

Top Underlying Components	Notional		Percentage of Notional
November 2025 EURUSD Straddle	$(142,557)		-0.40%
December 2024 EURUSD Straddle	137,329		0.39%
November 2024 EURUSD Straddle	122,234		0.34%
January 2026 EURUSD Straddle	(109,485	)	-0.31%
March 2025 EURUSD Straddle	(89,212	)	-0.25%
January 2025 EURUSD Straddle	82,122		0.23%
February 2026 EURUSD Straddle	(80,042	)	-0.23%
February 2025 EURUSD Straddle	50,988		0.14%
March 2026 EURUSD Straddle	(10,504	)	-0.03%

**SGIXUSGC Index: Seeks to monetize the tendency for the equity market to mean revert over short periods of time

	Top Underlying Components	Notional	Percentage of Notional
Index	S&P 500 INDEX	$(26,227,308)	-49.74%

**SGIXVR2U Index: Systematic strategy that takes advantage of the volatility curve to generate positive carry.

	Top Underlying Components	Notional	Percentage of Notional
Swap	1y Forward 7y20y Straddle	$12,755,314	25.96%
	1y Forward 2y20y Straddle	8,975,961	18.27%
	1y Forward 3y20y Straddle	7,086,285	14.42%
	1y Forward 1y5y Straddle	6,141,447	12.50%
	1y Forward 1y20y Straddle	6,141,447	12.50%
	1y Forward 5y20y Straddle	4,724,190	9.62%
	1y Forward 10y20y Straddle	2,362,095	4.81%
	1y Forward 2y5y Straddle	472,419	0.96%
	1y Forward 2y10y Straddle	472,419	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 - USD SOFR 10Y	$114,493,229		40.78%
	UBS Rolling Receiver Interest Rate Swap Index - EUR 10Y	108,512,000		38.65%
	UBS Rolling Receiver Interest Rate Swap Index - USD SOFR 30Y	(51,155,042	)	-18.22%
	UBS Rolling Receiver Interest Rate Swap Index - CAD 30Y	(49,103,192	)	-17.49%
	UBS Rolling Receiver Interest Rate Swap Index - EUR 30Y	(44,491,301	)	-15.85%

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

THE ADVISORS’ INNER CIRCLE FUND III FS MULTI-STRATEGY ALTERNATIVES FUND MARCH 31, 2024 (Unaudited)  

At March 31, 2024, sector weightings of the Fund are as follows.

Percentages based on total investments

SECTOR WEIGHTINGS
Mortgage-Backed Securities	48.3%
Short-Term Investments	31.0%
Financials	5.9%
Asset-Backed Securities	4.6%
Industrials	2.2%
Consumer Discretionary	1.7%
Consumer Staples	1.5%
Health Care	1.1%
Information Technology	1.0%
Materials	0.7%
Communication Services	0.7%
Real Estate	0.7%
Energy	0.6%
	100.0%

See “Glossary” for abbreviations.

CHI-QH-002-0400

THE ADVISORS’ INNER CIRCLE FUND III FS MANAGED FUTURES FUND MARCH 31, 2024 (Unaudited)  

CONSOLIDATED SCHEDULE OF INVESTMENTS (Percentages are based on Net Assets of $2,045 (000)) CORPORATE OBLIGATION — 16.3%
	Face Amount (000)		Fair Value (000)
UNITED KINGDOM — 16.3%
Barclays Bank MTN  0.000%, 12/27/24 (A)(B)	$	330	$	334
TOTAL CORPORATE OBLIGATIONS
(Cost $324) (000)				334
SHORT-TERM INVESTMENTS — 57.7%
	Shares
BlackRock Cash Funds Treasury Fund - Institutional Shares
5.260% (C)		1,176,543		1,176
State Street Institutional Liquid Reserves Fund - Premier Class
5.410% (D)		3,759		4
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,180) (000)				1,180
TOTAL INVESTMENTS — 74.0%
(Cost $1,504) (000)			$	1,514

(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 March 31, 2024, the value of these securities amounted $334 (000) and represented 16.3% of net assets.

(B) Zero Coupon Security.

(C) Rate shown is the 7-day effective yield as of March 31, 2024. The BlackRock Cash Funds Treasury Fund’s financial statements are available on the SEC’s website at https://www.sec.gov.

(D) Rate shown is the 7-day effective yield as of March 31, 2024. The State Street Institutional Liquid Reserves Fund’s financial statements are available on the SEC’s website at https://www.sec.gov.

THE ADVISORS’ INNER CIRCLE FUND III FS MANAGED FUTURES FUND MARCH 31, 2024 (Unaudited)  

Open OTC swap agreements held by the Fund at March 31, 2024 are as follows:

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

GSG US Equity

SOFR +0.55%

TOTAL RETURN

N/A

05/20/24

USD

237

$

–

$

–

$

–

BNP Paribas

**BNPXDITU INDEX

0.20%

TOTAL RETURN

N/A

06/03/24

USD

186

(2)

–

(2)

Deutsche Bank

**DBTIDUS5 INDEX

0.00%

TOTAL RETURN

N/A

06/03/24

USD

195

1

–

1

Deutsche Bank

**DBVSCVP8 INDEX

0.00%

TOTAL RETURN

N/A

09/09/24

USD

449

3

–

3

Goldman Sachs

**GSISMSS1 INDEX

0.00%

TOTAL RETURN

N/A

10/24/24

USD

98

3

–

3

Goldman Sachs

**GSXAT01C INDEX

0.15%

TOTAL RETURN

N/A

10/07/24

USD

1,182

37

–

37

JPMorgan Chase

**JPQFMOW1 INDEX

0.00%

TOTAL RETURN

N/A

05/24/24

USD

452

57

–

57

JPMorgan Chase

**JPUS1MMC INDEX

0.20%

TOTAL RETURN

N/A

04/10/24

USD

504

2

–

2

Macquarie Bank Limited

**MQIS311 INDEX

0.25%

TOTAL RETURN

N/A

06/03/24

USD

374

(2)

–

(2)

Macquarie Bank Limited

**MQIS331 INDEX

0.25%

TOTAL RETURN

N/A

05/10/24

USD

200

(2)

–

(2)

Nomura

**NMSY2RNU INDEX

0.15%

TOTAL RETURN

N/A

03/06/25

USD

310

(1)

–

(1)

4,187

$

96

$

–

$

96

^ 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 March 31, 2024.

**BNPXDITU Index: Seeks to capture intraday momentum in US equity markets by leveraging market dynamics observed throughout the day.
	Top Underlying Components	Notional	Percentage of Notional
Index	BNP Paribas Dynamic Intraday Trend US Index	$184,226	100.00%
**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	$196,376	100.00%
**DBVSCVP8 Index: Seeks to monetize short-term interest rate momentum by taking long or short positions in US and European rates markets.
	Top Underlying Components	Notional	Percentage of Notional
Index	1yr Floating/10yr Fixed USD OIS Swap	$(68,501)	-15.15%
	6m Floating/10y Fixed EUR IRS Swap	5,905	1.31%

THE ADVISORS’ INNER CIRCLE FUND III FS MANAGED FUTURES FUND MARCH 31, 2024 (Unaudited)  

**GSISMSS1 Index: Strategy aims to capture intraday momentum of stocks based on Signal Returns measured between Previous Day Close and first half hour of trading.
	Top Underlying Components	Notional	Percentage of Notional
Index	Goldman Sachs Intraday Momentum Single Stock Series 1 Excess Return Strategy	$100,974	100.00%
**GSXAT01C Index: Future and forward based liquid and fully transparent strategy that is composed of Goldman Sachs’ proprietary strategies across three asset classes — FX Trend, Rates & Bonds Trend, and Equity Trend.
	Top Underlying Components	Notional	Percentage of Notional
CDX	MARKIT CDX.NA.IG.42 06/29	$(1,240,513)	-101.73%
	MARKIT ITRX EUROPE 06/29	(707,959)	-58.06%
	MARKIT ITRX EUR XOVER 06/29	(174,946)	-14.35%
	MARKIT CDX.NA.HY.41 12/28	(172,910)	-14.18%
	MARKIT CDX.NA.HY.42 06/29	(115,274)	-9.45%
Future	US 2Yr Note (CBT) June 24	(897,990)	-73.64%
	Euro-Schatz Futures June 24	(855,736)	-70.18%
	3 Month SOFR Futures September 25	(285,115)	-23.38%
	3 Month SOFR Futures June 25	(284,524)	-23.33%
	3 Month SOFR Futures March 25	(283,784)	-23.27%
	Jpn 10Y Bond(OSE) June 24	283,495	23.25%
	3 Month SOFR Futures December 24	(282,983)	-23.21%
	3 Month SOFR Futures September 24	(282,094)	-23.13%
	3 Month Euro EURIBOR September 25	(248,017)	-20.34%
	3 Month Euro EURIBOR June 25	(247,656)	-20.31%
	3 Month Euro EURIBOR March 25	(247,124)	-20.27%
	US 5Yr Note (CBT) June 24	(247,072)	-20.26%
	3 Month Euro EURIBOR December 24	(246,467)	-20.21%
	3 Month Euro EURIBOR September 24	(245,692)	-20.15%
	US 10Yr Note (CBT) June 24	(167,529)	-13.74%
	Euro-BOBL Futures June 24	(165,097)	-13.54%
	Euro-BTP Futures June 24	138,629	11.37%
	S&P 500 E-mini Futures June 24	120,422	9.88%
	SPI 200 Futures April 24	111,103	9.11%
	S&P/TSX 60 Index Futures June 24	108,970	8.94%
	TOPIX Index Futures June 24	104,749	8.59%
	Nasdaq 100 E-Mini June 24	91,070	7.47%
	AUST 10 Year Bond Futures June 24	87,221	7.15%
	MSCI Emerging Markets June 24	81,832	6.71%
	Swiss Mkt Index Futures June 24	79,638	6.53%
	Amsterdam Index Futures April 24	76,717	6.29%
	FTSE 100 Index Futures June 24	75,748	6.21%
	Euro-OAT Futures June 24	75,148	6.16%
	CAN 10 Year Bond Futures June 24	(74,571)	-6.12%
	US Long Bond(CBT) June 24	(73,674)	-6.04%
	Euro STOXX 50 June 24	72,926	5.98%
	CAC 40 10 Euro Futures April 24	72,831	5.97%
	FTSE/JSE Top 40 June 24	(72,274)	-5.93%
	KOSPI 200 Index Futures June 24	71,931	5.90%
	DAX Index Futures June 24	71,739	5.88%
	SET50 Futures June 24	(71,468)	-5.86%
	FTSE/MIB Index Futures June 24 DX Futures June 24	69,189	5.67%
	ICE 3 Month SONIA Futures September 25	(65,522)	-5.37%
	ICE 3 Month SONIA Futures June 25	(65,407)	-5.36%
	ICE 3 Month SONIA Futures March 25	(65,255)	-5.35%
	ICE 3 Month SONIA Futures December 24	(65,072)	-5.34%

THE ADVISORS’ INNER CIRCLE FUND III FS MANAGED FUTURES FUND MARCH 31, 2024 (Unaudited)  

	Top Underlying Components	Notional	Percentage of Notional
	ICE 3 Month SONIA Futures September 24	$(64,871)	–5.32%
	Long Gilt Futures June 24	64,520	5.29%
	IBEX 35 Index Futures April 24	64,341	5.28%
	OMXS30 Index Futures April 24	62,398	5.12%
	E-Mini Russ 2000 June 24	62,241	5.10%
	Euro-Bund Futures June 24	(43,696)	-3.58%
	Hang Seng Index Futures April 24	(40,689)	-3.34%
	HSCEI Futures April 24	(31,129)	-2.55%
Currency	US Dollar Spot	152,576	12.51%
	Japanese Yen Spot	104,749	8.59%
	Swiss Franc Spot	79,638	6.53%
	British Pound Spot	75,748	6.21%
	Euro Spot	41,455	3.40%
FX Contract	USD/INR April 2024	(26,625)	-2.18%
	USD/INR April 2024	(26,623)	-2.18%
	USD/INR April 2024	(26,622)	-2.18%
	USD/IDR April 2024	(25,962)	-2.13%
	USD/CNH April 2024	(14,975)	-1.23%
	USD/CNH April 2024	(14,975)	-1.23%
	USD/CNH April 2024	(14,974)	-1.23%
	USD/CNH April 2024	(14,974)	-1.23%
	USD/CNH April 2024	(14,972)	-1.23%
	USD/CNH April 2024	(14,972)	-1.23%
	USD/CNH April 2024	(14,970)	-1.23%
	USD/CNH April 2024	(14,969)	-1.23%
	USD/CNH May 2024	(14,968)	-1.23%
	USD/CNH April 2024	(14,967)	-1.23%
	USD/CNH April 2024	(14,967)	-1.23%
	USD/CNH April 2024	(14,966)	-1.23%
	USD/CNH April 2024	(14,966)	-1.23%
	USD/CNH April 2024	(14,966)	-1.23%
	USD/CNH April 2024	(14,966)	-1.23%
	USD/CNH April 2024	(14,966)	-1.23%
	USD/CNH April 2024	(14,965)	-1.23%
	USD/CNH April 2024	(14,965)	-1.23%
	USD/CNH April 2024	(14,964)	-1.23%
	USD/CNH April 2024	(14,963)	-1.23%
	USD/CNH April 2024	(14,963)	-1.23%
	USD/CNH April 2024	(14,962)	-1.23%
	USD/INR April 2024	(13,314)	-1.09%
	USD/INR April 2024	(13,314)	-1.09%
	USD/INR April 2024	(13,314)	-1.09%
	USD/INR April 2024	(13,313)	-1.09%
	USD/INR April 2024	(13,313)	-1.09%
	USD/INR April 2024	(13,312)	-1.09%
	USD/INR April 2024	(13,312)	-1.09%
	USD/INR April 2024	(13,311)	-1.09%
	USD/INR April 2024	(13,311)	-1.09%
	USD/INR April 2024	(13,311)	-1.09%
	USD/INR April 2024	(13,311)	-1.09%
	USD/INR April 2024	(13,311)	-1.09%
	USD/INR April 2024	(13,310)	-1.09%
	USD/INR April 2024	(13,310)	-1.09%
	USD/INR April 2024	(13,310)	-1.09%
	USD/INR May 2024	(13,308)	-1.09%

THE ADVISORS’ INNER CIRCLE FUND III FS MANAGED FUTURES FUND MARCH 31, 2024 (Unaudited)  

**JPQFMOW1 Index: Market neutral strategy that seeks to provide exposure to Momentum risk premium.
	Top Underlying Components	Notional	Percentage of Notional
Equity	JD Sports Fashion PLC	$(3,122)	-0.61%
	First Solar Inc	(2,826)	-0.56%
	Robinhood March kets Inc	2,825	0.56%
	Albemarle Corp	(2,798)	-0.55%
	Estee Lauder Cos Inc	(2,764)	-0.54%
	Alstom	(2,763)	-0.54%
	Micron Technology Inc	2,747	0.54%
	Western Digital Corp	2,741	0.54%
	Worldline S.A.	(2,737)	-0.54%
	Marvell Technology Inc	2,735	0.54%
	Aspen Technology Inc	(2,727)	-0.54%
	Bayer AG	(2,725)	-0.54%
	Newmont Corp	(2,724)	-0.54%
	Cincinnati Financial Corp	(2,715)	-0.53%
	Walt Disney Co	(2,711)	-0.53%
	Enphase Energy Inc	(2,710)	-0.53%
	Capital One Financial Corp	2,709	0.53%
	Walgreens Boots Alliance Inc	(2,705)	-0.53%
	Tokyo Electric Power Co Holdings Inc	2,702	0.53%
	Grifols S.A.	(2,700)	-0.53%
	Assurant Inc	2,690	0.53%
	Paramount Global	(2,686)	-0.53%
	UniCredit SpA	2,685	0.53%
	Equitable Holdings Inc	2,682	0.53%
	Bristol-Myers Squibb Co	(2,681)	-0.53%
	Corebridge Financial Inc	2,679	0.53%
	Adyen NV	(2,679)	-0.53%
	Insulet Corp	(2,678)	-0.53%
	SCREEN Holdings Co Ltd	2,671	0.52%
	Digital Realty Trust Inc	2,671	0.52%
	Celanese Corp	2,668	0.52%
	Northern Trust Corp	(2,668)	-0.52%
	Realty Income Corp	(2,667)	-0.52%
	Super Micro Computer Inc	2,666	0.52%
	Synchrony Financial	2,665	0.52%
	Coinbase Global Inc	2,665	0.52%
	Constellation Energy Corp	2,663	0.52%
	Devon Energy Corp	(2,663)	-0.52%
	AT&T Inc	(2,661)	-0.52%
	PulteGroup Inc	2,660	0.52%
	Dollar General Corp	(2,658)	-0.52%
	Warner Bros Discovery Inc	(2,655)	-0.52%
	Zebra Technologies Corp	(2,655)	-0.52%
	PayPal Holdings Inc	(2,655)	-0.52%
	Paycom Software Inc	(2,654)	-0.52%
	Ally Financial Inc	2,653	0.52%
	The Cigna Group	2,651	0.52%
	Lennar Corp	2,651	0.52%
	Associated British Foods PLC	2,650	0.52%
	ResMed Inc	(2,648)	-0.52%

THE ADVISORS’ INNER CIRCLE FUND III FS MANAGED FUTURES FUND MARCH 31, 2024 (Unaudited)  

**JPUS1MMC Index: Seeks to monetize the tendency for the equity market to mean revert over short periods of time.
	Top Underlying Components	Notional	Percentage of Notional
Index	S&P 500 Total Return Index	$(327,518)	-64.60%
**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	$372,564	100.00%
**MQIS331 Index: Seeks to monetize the tendency for the equity market to mean revert over short periods of time.
	Top Underlying Components	Notional	Percentage of Notional
Future	S&P 500 E-mini Futures June 24	$0	0.00%
**NMSY2RNU Index: Currency selection strategy using mean reversion signals.
	Top Underlying Components	Notional	Percentage of Notional
Currency	Swedish Krona Spot	$60,367	19.52%
	Norwegian Krone Spot	46,120	14.91%
	Canadian Dollar Spot	(40,752)	-13.18%
	New Zealand Dollar Spot	27,700	8.96%
	Australian Dollar Spot	(26,184)	-8.47%
	British Pound Spot	(26,013)	-8.41%
	Swiss Franc Spot	23,055	7.45%
	Euro Spot	(22,164)	-7.17%
	Japanese Yen Spot	523	0.17%

At March 31, 2024, sector weightings of the Fund are as follows. Percentages based on total investments.

SECTOR WEIGHTINGS
Short-Term Investments	77.9%
Financials	22.1%
	100.0%

See “Glossary” for abbreviations.

CHI-QH-002-0400

THE ADVISORS’ INNER CIRCLE FUND III FS CHIRON REAL DEVELOPMENT FUND MARCH 31, 2024 (Unaudited)  

CONSOLIDATED SCHEDULE OF INVESTMENTS
(Percentages are based on Net Assets of $58,833 (000))
COMMON STOCK — 75.5%
	Shares		Fair Value (000)
BELGIUM — 2.5%
Anheuser-Busch InBev		24,284	$	1,479
BRAZIL — 1.5%
Banco do Brasil		12,900		146
CCR		105,300		291
MercadoLibre*		288		435
				872
CANADA — 1.0%
Barrick Gold		36,736		611
CHINA — 7.3%
BYD, Cl H		11,000		284
Hygon Information Technology, Cl A*		55,369		588
PDD Holdings ADR*		10,926		1,270
Tencent Holdings		55,300		2,146
				4,288
DENMARK — 1.8%
Novo Nordisk, Cl B		8,263		1,053
GREECE — 1.0%
OPAP		32,374		583
ITALY — 2.5%
Leonardo		33,633		844
UniCredit		15,965		606
				1,450
LUXEMBOURG — 0.6%
Tenaris		17,421		344
MEXICO — 2.4%
America Movil ADR		35,541		663
Southern Copper		7,289		777
				1,440
NETHERLANDS — 3.6%
Adyen*		635		1,074

THE ADVISORS’ INNER CIRCLE FUND III FS CHIRON REAL DEVELOPMENT FUND MARCH 31, 2024 (Unaudited)  

COMMON STOCK — continued
	Shares		Fair Value (000)
NETHERLANDS — (continued)
ASML Holding		454	$	437
Koninklijke KPN		154,859		579
				2,090
PUERTO RICO — 0.1%
EVERTEC		1,633		65
SOUTH KOREA — 0.5%
BNK Financial Group		435		3
Classys		91		2
DB Insurance		96		7
Hanjin Kal		92		4
HD Hyundai		105		5
Hyosung Advanced Materials		7		2
Hyundai Marine & Fire Insurance		121		3
KEPCO Engineering & Construction		51		2
Kia		538		45
Korea Aerospace Industries		126		5
Korean Air Lines		485		8
KT		330		9
Samsung Biologics*		97		60
Samsung Fire & Marine Insurance		67		15
SK Hynix		958		127
				297
TAIWAN — 0.9%
MediaTek		15,000		544
UNITED KINGDOM — 6.6%
BAE Systems		37,227		634
Flutter Entertainment*		4,017		801
RELX		16,598		717
Wise, Cl A*		117,343		1,375
Yellow Cake*		43,497		331
				3,858
UNITED STATES — 43.2%
Advanced Drainage Systems		495		85
Advanced Micro Devices*		1,660		300
Airbnb, Cl A*		5,264		869

THE ADVISORS’ INNER CIRCLE FUND III FS CHIRON REAL DEVELOPMENT FUND MARCH 31, 2024 (Unaudited)  

COMMON STOCK — continued
	Shares		Fair Value (000)
UNITED STATES — (continued)
Allison Transmission Holdings		1,130	$	92
Alphabet, Cl C*		5,211		793
Amazon.com*		4,939		891
Amgen		1,036		294
Antero Midstream		4,590		64
Autodesk*		1,126		293
Booking Holdings		161		584
Brixmor Property Group		3,747		88
Broadcom		456		604
California Resources		1,177		65
Carlisle		214		84
CF Industries Holdings		805		67
Cheniere Energy		4,588		740
Chesapeake Energy		757		67
ConocoPhillips		2,346		299
CONSOL Energy		1,004		84
Corcept Therapeutics*		2,380		60
Corpay*		2,277		703
Coterra Energy		2,320		65
Crowdstrike Holdings, Cl A*		85		27
Datadog, Cl A*		1,187		147
Deere		366		150
DiamondRock Hospitality		9,369		90
Digital Realty Trust		947		136
Elevance Health		690		358
Energy Transfer		28,996		456
Enphase Energy*		2,370		287
EOG Resources		3,714		475
Equinix		1,401		1,156
Equitable Holdings		4,154		158
Equities		2,047		76
Euronet Worldwide*		7,782		855
Evercore, Cl A		2,370		457
Everi Holdings*		5,694		57
Extreme Networks*		3,741		43
H&R Block		1,327		65
Helmerich & Payne		1,673		70
Hess Midstream, Cl A		1,879		68
Host Hotels & Resorts		4,214		87
Interactive Brokers Group, Cl A		777		87

THE ADVISORS’ INNER CIRCLE FUND III FS CHIRON REAL DEVELOPMENT FUND MARCH 31, 2024 (Unaudited)  

COMMON STOCK — continued
	Shares		Fair Value (000)
UNITED STATES — (continued)
Intuitive Surgical*		1,472	$	588
KBR		2,406		153
LPL Financial Holdings		2,657		702
Macerich		5,211		90
Magnolia Oil & Gas, Cl A		2,776		72
Manhattan Associates*		2,570		643
Marathon Oil		2,376		68
Marathon Petroleum		1,788		360
Meta Platforms, Cl A		2,096		1,018
Microsoft		1,401		589
Mind Medicine MindMed*		15,932		150
Monster Beverage*		4,900		290
MSC Industrial Direct, Cl A		622		60
Murphy Oil		1,397		64
NetApp		673		71
Netflix*		719		437
Newmont		16,703		599
Nexstar Media Group, Cl A		4,205		724
NVIDIA		1,864		1,684
Park Hotels & Resorts		5,396		94
PayPal Holdings*		6,510		436
Pebblebrook Hotel Trust		5,522		85
Philip Morris International		6,217		570
Premier, Cl A		2,960		65
Regeneron Pharmaceuticals*		846		814
Scotts Miracle-Gro		1,290		96
ServiceNow*		1,143		872
Simpson Manufacturing		358		74
SITE Centers		6,185		91
Skyworks Solutions		625		68
Sterling Infrastructure*		945		104
Sunstone Hotel Investors		7,821		87
Tanger		2,931		87
Urban Edge Properties		5,050		87
Visa, Cl A		2,305		643
Vistra		2,131		148
Whitestone REIT, Cl B		6,925		87

THE ADVISORS’ INNER CIRCLE FUND III FS CHIRON REAL DEVELOPMENT FUND MARCH 31, 2024 (Unaudited)  

COMMON STOCK — continued
	Shares		Fair Value (000)
UNITED STATES — (continued)
Zillow Group, Cl C*		1,570	$	77
				25,443
TOTAL COMMON STOCK (Cost $40,104) (000)				44,417
EXCHANGE TRADED FUND — 2.3%
UNITED STATES — 2.3%
Grayscale Bitcoin Trust BTC *		21,605		1,365
TOTAL EXCHANGE TRADED FUND (Cost $1,325) (000)				1,365
TOTAL INVESTMENTS — 77.8% (Cost $41,429) (000)			$	45,782

* Non-income producing security.

Open futures contracts held by the Fund at March 31, 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		May-2024	$	306	$	301	$	(5)
Gold		15		Jun-2024		3,300		3,357		57
Silver		11		May-2024		1,294		1,370		76
WTI Crude Oil		3		May-2024		246		249		3
					$	5,146	$	5,277	$	131

THE ADVISORS’ INNER CIRCLE FUND III FS CHIRON REAL DEVELOPMENT FUND MARCH 31, 2024 (Unaudited)  

Open OTC swap agreements held by the Fund at March 31, 2024 are as follows:

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)

Deutsche Bank

**DBCMDBCN INDEX

0.00%

TOTAL RETURN

Quarterly

06/03/24

USD

1,402

$

7

$

–

$

7

Goldman Sachs

**GSCHCNCD INDEX

SOFR +1.20%

TOTAL RETURN

N/A

03/12/27

USD

1,175

(39)

2

(41)

Goldman Sachs

**GSCHLAT2 INDEX

SOFR +0.85%

TOTAL RETURN

N/A

11/04/26

USD

281

4

–

4

Goldman Sachs

EEC AB Equity

SOFR +1.85%

TOTAL RETURN

N/A

02/25/27

SAR

140

(5)

–

(5)

2,998

$

(33)

$

2

$

(35)

^ 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 March 31, 2024.

**DBCMDBCN Index: Tracks a rules based strategy relating to movements in the commodity market
	Top Underlying Components	Notional	Percentage of Notional
Index	Deutsche Bank DBLCI OYE Front Month Gold ER	$213,829	15.17%
	Deutsche Bank DBLCI OYE Front Month Brent Crude Oil ER	129,662	9.20%
	Deutsche Bank DBLCI OYE Front Month Comex Copper ER Index	116,781	8.29%
	Deutsche Bank DBLCI OYE Front Month Aluminium ER	69,912	4.96%
	Bloomberg Live Cattle Subindex	69,125	4.90%
	Deutsche Bank DBLCI OYE Front Month Silver ER	66,331	4.71%
	Deutsche Bank DBLCI OYE Front Month WTI Crude Oil ER	62,188	4.41%
	Deutsche Bank DBLCI OYE Front Month Natural Gas ER	54,671	3.88%
	Deutsche Bank DBLCI OYE Front Month Gas Oil ER	54,185	3.84%
	Deutsche Bank DBLCI OYE Front Month Soybean Meal ER	49,607	3.52%
	Deutsche Bank DBLCI OYE Front Month Soybean ER	49,375	3.50%
	Deutsche Bank DBLCI OYE Front Month Gasoline ER	45,227	3.21%
	Deutsche Bank DBLCI OYE Front Month Cotton ER	44,291	3.14%
	Deutsche Bank DBLCI OYE Front Month Kansas Wheat ER	40,965	2.91%
	Deutsche Bank DBLCI OYE Front Month Zinc ER	37,491	2.66%
	Deutsche Bank DBLCI OYE Front Month Sugar ER	32,054	2.27%
	Deutsche Bank DBLCI OYE Front Month Wheat ER	31,966	2.27%
	Deutsche Bank DBLCI OYE Front Month Nickel ER	29,257	2.08%
	Deutsche Bank DBLCI OYE Front Month Coffee ER	26,817	1.90%
	Deutsche Bank DBLCI OYE Front Month Soyabean Oil ER	23,872	1.69%
	Deutsche Bank DBLCI OYE Front Month Heating Oil ER	22,049	1.56%
	Deutsche Bank DBLCI OYE Front Month Corn ER	12,971	0.92%
	Bloomberg Lean Hogs Subindex	8,552	0.61%
	Deutsche Bank DBLCI OYE Front Month Lead ER	388	0.03%
**GSCHCNCD Index: Basket of stocks that have exposures to the Chinese and Hong Kong markets and have stong capital return potential
	Top Underlying Components	Notional	Percentage of Notional
Equity	Pop Mart International Group Ltd	$16,381	1.44%
	AAC Technologies Holdings Inc	15,871	1.39%

THE ADVISORS’ INNER CIRCLE FUND III FS CHIRON REAL DEVELOPMENT FUND MARCH 31, 2024 (Unaudited)  

Top Underlying Components	Notional	Percentage of Notional
Hangzhou Tigermed Consulting Co Ltd	$15,601	1.37%
Kingboard Laminates Holdings Ltd	15,098	1.32%
3SBio Inc	14,931	1.31%
C&D International Investment Group Ltd	14,780	1.30%
Longfor Group Holdings Ltd	14,591	1.28%
Contemporary Amperex Technology Co Ltd	14,500	1.27%
Kingsoft Corp Ltd	14,258	1.25%
Hang Zhou Great Star Industrial Co Ltd	14,187	1.24%
Chongqing Changan Automobile Co Ltd	14,149	1.24%
Hansoh Pharmaceutical Group Co Ltd	14,143	1.24%
ANTA Sports Products Ltd	14,098	1.24%
Meituan	13,985	1.23%
China Literature Ltd	13,966	1.23%
China Resources Mixc Lifestyle Services Ltd	13,876	1.22%
KE Holdings Inc	13,471	1.18%
Daqo New Energy Corp	13,452	1.18%
China Tourism Group Duty Free Corp Ltd	13,343	1.17%
Tencent Music Entertainment Group	13,341	1.17%
Tongcheng Travel Holdings Ltd	13,323	1.17%
Shanghai Jinjiang International Hotels Co Ltd	13,209	1.16%
China Everbright Environment Group Ltd	13,065	1.15%
China Tourism Group Duty Free Corp Ltd	12,878	1.13%
Hebei Yangyuan Zhihui Beverage Co Ltd	12,825	1.13%
Sino Biopharmaceutical Ltd	12,757	1.12%
Kanzhun Ltd	12,746	1.12%
TravelSky Technology Ltd	12,710	1.11%
Sinomine Resource Group Co Ltd	12,697	1.11%
Hangzhou Binjiang Real Estate Group Co Ltd	12,653	1.11%
China Film Co Ltd	12,605	1.11%
Dong-E-E-Jiao Co Ltd	12,584	1.10%
Autohome Inc	12,530	1.10%
GRG Banking Equipment Co Ltd	12,516	1.10%
HLA Group Corp Ltd	12,495	1.10%
Yadea Group Holdings Ltd	12,492	1.10%
Weibo Corp	12,472	1.09%
Oriental Pearl Group Co Ltd	12,450	1.09%
NetEase Inc	12,360	1.08%
Yutong Bus Co Ltd	12,297	1.08%
Shenergy Co Ltd	12,279	1.08%
Chaozhou Three-Circle Group Co Ltd	12,277	1.08%
Alibaba Group Holding Ltd	12,263	1.08%
CK Infrastructure Holdings Ltd	12,256	1.08%
China Merchants Port Holdings Co Ltd	12,243	1.07%
COSCO SHIPPING Holdings Co Ltd	12,237	1.07%
Spring Airlines Co Ltd	12,227	1.07%
Jiangsu Yanghe Brewery Joint-Stock Co Ltd	12,214	1.07%
Zhejiang Longsheng Group Co Ltd	12,207	1.07%
China Feihe Ltd	12,202	1.07%
Heilongjiang Agriculture Co Ltd	12,195	1.07%
Hengdian Group DMEGC Magnetics Co Ltd	12,145	1.07%
Youngor Fashion Co Ltd	12,121	1.06%
China Shenhua Energy Co Ltd	12,118	1.06%
Hainan Airlines Holding Co Ltd	12,118	1.06%
Henan Shenhuo Coal Industry & Electricity Power Co Ltd	12,102	1.06%
Hubei Jumpcan Pharmaceutical Co Ltd	12,045	1.06%

THE ADVISORS’ INNER CIRCLE FUND III FS CHIRON REAL DEVELOPMENT FUND MARCH 31, 2024 (Unaudited)  

	Top Underlying Components	Notional	Percentage of Notional
	COSCO SHIPPING Holdings Co Ltd	$12,013	1.05%
	Hong Kong Exchanges & Clearing Ltd	12,004	1.05%
	Hangzhou Robam Appliances Co Ltd	11,996	1.05%
	Livzon Pharmaceutical Group Inc	11,984	1.05%
	Beijing Tongrentang Co Ltd	11,966	1.05%
	Jiangsu Yuyue Medical Equipment & Supply Co Ltd	11,945	1.05%
	Bosideng International Holdings Ltd	11,908	1.04%
	G-bits Network Technology Xiamen Co Ltd	11,900	1.04%
	37 Interactive Entertainment Network Technology Group Co Ltd	11,853	1.04%
	China Shenhua Energy Co Ltd	11,851	1.04%
	CNPC Capital Co Ltd	11,832	1.04%
	Qinghai Salt Lake Industry Co Ltd	11,778	1.03%
	Gree Electric Appliances Inc	11,773	1.03%
	Offshore Oil Engineering Co Ltd	11,760	1.03%
	Vipshop Holdings Ltd	11,694	1.03%
	Yunnan Yuntianhua Co Ltd	11,689	1.03%
	YongXing Special Materials Technology Co Ltd	11,648	1.02%
	Joincare Pharmaceutical Group Industry Co Ltd	11,609	1.02%
	Shenzhen SC New Energy Technology Corp	11,593	1.02%
	China CSSC Holdings Ltd	11,580	1.02%
	Yuan Longping High-tech Agriculture Co Ltd	11,531	1.01%
**GSCHLAT2 INDEX: Long basket of attractive Latin America stocks
	Top Underlying Components	Notional	Percentage of Notional
Equity	Embraer S.A.	$15,678	5.47%
	Marfrig Global Foods S.A.	12,931	4.52%
	BRF S.A.	12,572	4.39%
	Cemex SAB de CV	12,100	4.23%
	Caixa Seguridade Participacoes S.A.	11,802	4.12%
	GGC SAB de Cv	11,801	4.12%
	Grupo Comercial Chedraui S.A.	11,761	4.11%
	Raia Drogasil SA	11,380	3.97%
	WEG SA	11,272	3.94%
	Kimberly-Clark de Mexico SAB de CV	11,190	3.91%
	Sendas Distribuidora S.A.	11,154	3.89%
	LATAM Airlines Group S.A.	10,760	3.76%
	TIM S.A.	10,732	3.75%
	Banco Santander Chile	10,729	3.75%
	Promotora y Operadora de Infraestructura	10,554	3.69%
	Grupo Financiero Inbursa SAB de CV	10,390	3.63%
	Alfa S.A.B de CV	10,388	3.63%
	Itau Unibanco Holding SA	10,319	3.60%
	Rumo SA	10,228	3.57%
	Banco do Brasil S.A.	10,148	3.54%
	Bradespar S.A.	10,094	3.52%
	Ultrapar Participacoes S.A.	9,992	3.49%
	OdontoPrev S.A.	9,967	3.48%
	Auren Energia S.A.	9,747	3.40%
	Cia Siderurgica Nacional S.A.	9,455	3.30%
	CSN Mineracao S.A.	9,230	3.22%

THE ADVISORS’ INNER CIRCLE FUND III FS CHIRON REAL DEVELOPMENT FUND MARCH 31, 2024 (Unaudited)  

At March 31, 2024, sector weightings of the Fund are as follows.

Percentages based on total investments

SECTOR WEIGHTINGS
Information Technology	16.1%
Financials	15.9%
Communication Services	13.9%
Consumer Discretionary	12.9%
Industrials	7.9%
Energy	7.6%
Health Care	7.5%
Real Estate	5.1%
Consumer Staples	5.1%
Materials	4.7%
Exchange Traded Fund	3.0%
Utilities	0.3%
	100.0%

See “Glossary” for abbreviations.

CHI-QH-002-0400

THE ADVISORS’ INNER CIRCLE FUND III FS INVESTMENTS MARCH 31, 2024 (Unaudited)  

GLOSSARY

Currency Abbreviations

AUD — Australian Dollar

BRL — Brazilian Real

CAD — Canadian Dollar

CHF — Swiss Franc

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

PLN — Polish Zloty

SEK — Swedish Krona

SGD — Singapore Dollar

USD — U.S. Dollar

Portfolio Abbreviations

ADR — American Depositary Receipt

BTC — Bitcoin Cryptocurrency

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

LIBOR — London Interbank Offered Rate

MTN — Medium Term Note

PIK — Payment-in-Kind

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

SPDR — Standard & Poor’s Depository Receipt

TBA — To Be Announced

TSFR1M — 1 Month CME Term Secured Overnight Financing Rate

TSFR3M — 3 Month CME Term Secured Overnight Financing Rate

CHI-QH-002-0400