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        <name>CONSENSUS CLOUD SOLUTIONS, INC.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CALDERYS FINANCING II, LLC</name>
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        <cusip>12878AAA9</cusip>
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        <name>PARK RIVER HOLDINGS, INC.</name>
        <lei>254900PGY077KWCROT75</lei>
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        <cusip>70082LAB3</cusip>
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        <name>ALLIANCE RESOURCE OPERATING PARTNERS, L.P.</name>
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        <name>SWF ESCROW ISSUER CORPORATION</name>
        <lei>N/A</lei>
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        <name>CRUISE YACHT UPPER HOLDCO LTD</name>
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        <name>BEASLEY MEZZANINE HOLDINGS, LLC</name>
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        <name>VIRTUSA CORPORATION</name>
        <lei>C77OMXDER63WLJCSKT03</lei>
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        <name>DIRECTV FINANCING, LLC</name>
        <lei>N/A</lei>
        <title>DIRECTV FINANCING, LLC 8/2/2029</title>
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        <name>ITT HOLDINGS LLC</name>
        <lei>549300TH2PHOLK31LB42</lei>
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        <name>Consolidated Energy Finance S.A.</name>
        <lei>549300PUNIS0USNSL750</lei>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>CH</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SPIRIT AEROSYSTEMS, INC.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>OWENS-BROCKWAY GLASS CONTAINER INC.</name>
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          <isin value="US69073TAV52"/>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Emerald EMS</name>
        <lei>N/A</lei>
        <title>Emerald EMS 12/29/2027</title>
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          <other otherDesc="All Others" value="LX201179"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>EFESTO BIDCO S.P.A.</name>
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          <isin value="US28201XAB10"/>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TKC HOLDINGS, INC.</name>
        <lei>N/A</lei>
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          <isin value="US87256YAC75"/>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>RAILWORKS HOLDINGS, LP</name>
        <lei>N/A</lei>
        <title>RAILWORKS HOLDINGS LP / RAILWORKS RALLY INC 144A 8.250000% 11/15/2028</title>
        <cusip>75079MAA7</cusip>
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          <isin value="US75079MAA71"/>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>TRULITE HLDG CORP</name>
        <lei>N/A</lei>
        <title>TRULITE HLDG CORP 2/22/2030</title>
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          <other otherDesc="All Others" value="LX226825"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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        <name>NATGASOLINE LLC TL</name>
        <lei>N/A</lei>
        <title>NATGASOLINE LLC TL 3/24/2030</title>
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        <identifiers>
          <other otherDesc="All Others" value="LX260196"/>
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        <curCd>USD</curCd>
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        <assetCat>LON</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Marlink/Venga 1/25 (USD) Cov-Lite TLB</name>
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        <title>Marlink/Venga 1/25 (USD) Cov-Lite TLB 6/28/2029</title>
        <cusip>N/A</cusip>
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          <other otherDesc="All Others" value="LX258122"/>
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        <assetCat>LON</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>TRIDENT TPI HOLDINGS, INC.</name>
        <lei>549300TPLK304J3RNC85</lei>
        <title>TRIDENT TPI HOLDINGS INC 144A 12.750000% 12/31/2028</title>
        <cusip>89616RAC3</cusip>
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          <isin value="US89616RAC34"/>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>Y</isRestrictedSec>

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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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          <other otherDesc="All Others" value="999BBGRES"/>
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        <name>CALDERYS FINANCING, LLC</name>
        <lei>254900ZIKDM74XNEFV84</lei>
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        <issuerCat>CORP</issuerCat>
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        <name>DELUXE CORPORATION</name>
        <lei>KWGNKB8TX9LE5TV29231</lei>
        <title>DELUXE CORP 144A 8.125000% 09/15/2029</title>
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        <name>RESEARCH NOW TL (DYNATA)</name>
        <lei>N/A</lei>
        <title>RESEARCH NOW TL (DYNATA) 10/15/2028 AND 3M SOFR</title>
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          <other otherDesc="All Others" value="LX238592"/>
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        <name>CIMPRESS PUBLIC LIMITED COMPANY</name>
        <lei>549300X1IFD75XISOR81</lei>
        <title>CIMPRESS PLC 144A 7.375000% 09/15/2032</title>
        <cusip>17186HAH5</cusip>
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        <issuerCat>NUSS</issuerCat>
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        <isRestrictedSec>Y</isRestrictedSec>

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        <name>N/A</name>
        <lei>N/A</lei>
        <title>24 HOUR FITNESS OFFERING DUMMY ID PREFERRED SHARES</title>
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          <other otherDesc="All Others" value="99924HRFW"/>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>24 HOUR FITNESS RESTRICTED SHARES DUMMY ID EQUITY COMMON STOCK</title>
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        <identifiers>
          <other otherDesc="All Others" value="99924HRES"/>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>JACOBS ENTERTAINMENT, INC.</name>
        <lei>5493004U9JIWY3HSUO63</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>CONUMA RESOURCES LIMITED</name>
        <lei>549300YVRVP2GAVPY828</lei>
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          <isin value="US21240FAA03"/>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CHOBANI HOLDCO II, LLC</name>
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      <invstOrSec>
        <name>SP Cruises Intermediate Limited</name>
        <lei>2549001UGAS65A7Y0678</lei>
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          <isin value="NO0013501122"/>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>FCG ACQUISITIONS, INC.</name>
        <lei>N/A</lei>
        <title>FCG ACQUISITIONS, INC. 3/30/2029</title>
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          <other otherDesc="All Others" value="LX193295"/>
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        <isRestrictedSec>N</isRestrictedSec>

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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Odfjell Rig III Ltd.</name>
        <lei>529900JX0H45QUN1EC58</lei>
        <title>ODFJELL RIG III LTD 9.250000% 05/31/2028</title>
        <cusip>ZK5320120</cusip>
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          <isin value="NO0012921172"/>
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        <issuerCat>NUSS</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>ACRISURE, LLC</name>
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        <cusip>00489LAL7</cusip>
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        <name>TMS INTERNATIONAL CORP.</name>
        <lei>N/A</lei>
        <title>TMS INTERNATIONAL CORP/DE 144A 6.250000% 04/15/2029</title>
        <cusip>87261QAC7</cusip>
        <identifiers>
          <isin value="US87261QAC78"/>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>PSS INDUSTRIAL OFFERING CLASS A MEMBERSHIP INTEREST</title>
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          <other otherDesc="All Others" value="9999PSSRT"/>
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        <assetCat>EP</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>CHAMP ACQUISITION CORPORATION</name>
        <lei>N/A</lei>
        <title>CHAMP ACQUISITION CORP 144A 8.375000% 12/01/2031</title>
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          <isin value="US15807XAA81"/>
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        <isRestrictedSec>Y</isRestrictedSec>

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        <name>KELSO INDUSTRIES LLC TERM LOAN</name>
        <lei>N/A</lei>
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        <cusip>48825CAB1</cusip>
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        <name>OPTA INCREMENTAL DELAYED TL UNFUNDED</name>
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          <other otherDesc="All Others" value="LX234316"/>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>NES FIRCROFT BONDCO AS</name>
        <lei>636700CUSS22I12S3R10</lei>
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          <isin value="NO0013333419"/>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>Y</isRestrictedSec>

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        <name>ARCHER NORGE AS</name>
        <lei>2549006R6VHK9FL7D418</lei>
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          <isin value="NO0013476721"/>
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        <name>INTERNET BRANDS</name>
        <lei>N/A</lei>
        <title>INTERNET BRANDS 5/3/2028</title>
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          <other otherDesc="All Others" value="LX212015"/>
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        <name>RAND PARENT, LLC</name>
        <lei>N/A</lei>
        <title>RAND PARENT LLC 144A 8.500000% 02/15/2030</title>
        <cusip>753272AA1</cusip>
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          <isin value="US753272AA11"/>
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        <name>VISTAJET MALTA FINANCE P.L.C.</name>
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        <title>VISTAJET MALTA FINANCE PLC / VISTA MANAGEMENT HOLD 6.375000% 02/01/2030</title>
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        <issuerCat>NUSS</issuerCat>
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        <isRestrictedSec>Y</isRestrictedSec>

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        <name>Greenfire Resources Ltd.</name>
        <lei>254900MTS0G2VGMJW059</lei>
        <title>GREENFIRE RESOURCES LTD COMMON STOCK</title>
        <cusip>39525U107</cusip>
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          <isin value="CA39525U1075"/>
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        <name>Aramsco- Inc. Initial TL</name>
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        <name>N/A</name>
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        <name>KELSO INDUSTRIES LLC</name>
        <lei>N/A</lei>
        <title>KELSO INDUSTRIES DDTL UNFUNDED 12/26/2029</title>
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        <name>VENTURE GLOBAL LNG, INC.</name>
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        <name>JW ALUMINUM CONTINUOUS CAST COMPANY</name>
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        <name>PARK-OHIO INDUSTRIES, INC.</name>
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        <name>OPTA INC TL</name>
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        <name>GENESIS ENERGY, L.P.</name>
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        <name>WELLTEC INTERNATIONAL ApS</name>
        <lei>549300MW4UJ1X7Q4F350</lei>
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        <cusip>95039LAA6</cusip>
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        <name>INTERNET BRANDS 12/24 TLB4</name>
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        <name>BRACKET HOLDING TERM LOAN</name>
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        <assetCat>LON</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>SHELF DRILLING HOLDINGS, LTD.</name>
        <lei>54930078ZJ3XP4MRYB68</lei>
        <title>SHELF DRILLING HOLDINGS LTD 144A 9.625000% 04/15/2029</title>
        <cusip>822538AH7</cusip>
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        <name>Corporation de Securite Garda World</name>
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        <isRestrictedSec>Y</isRestrictedSec>

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        <name>TREASURE ESCROW CORPORATION</name>
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        <name>MICHAEL BAKER 5/24 TLB</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>MAGENTA SECURITY HOLDINGS LLC</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>EPIC Y-GRADE SERVICES, LP</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>RLG Holdings INC</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>

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          <couponKind>Floating</couponKind>
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        <name>Greenfire Resources Ltd.</name>
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        <name>Paratus Energy Services Ltd.</name>
        <lei>549300XB7T5BX418QX67</lei>
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        <name>SPANISH BROADCASTING SYSTEM, INC.</name>
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        <name>Borr IHC Limited</name>
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        <name>TENNECO INC.</name>
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        <name>JACOBS ENTERTAINMENT, INC.</name>
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        <name>ARCOSA, INC.</name>
        <lei>549300WFHLTCZV7D6V29</lei>
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        <name>Century Casino TL</name>
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        <name>RAIN CARBON INC.</name>
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        <name>ONESKY FLIGHT, LLC</name>
        <lei>549300PM6NEPXGG5B882</lei>
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        <isRestrictedSec>Y</isRestrictedSec>

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        <name>GENESIS ENERGY, L.P.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>INNOVATE CORP.</name>
        <lei>549300S6O246JWQQ1K58</lei>
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        <name>CLYDESDALE ACQUISITION HOLDINGS, INC.</name>
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        <name>BURFORD CAPITAL GLOBAL FINANCE LLC</name>
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        <name>CALIFORNIA INFRASTRUCTURE &amp; ECONOMIC DEV BK REV</name>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
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      <invstOrSec>
        <name>VELOCITY VEHICLE GROUP LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CONDUENT BUSINESS SERVICES, LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>MAGENTA SECURITY HOLDINGS LLC</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Goodnight Water TLB</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Waterbridge 6/24 TLB</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>LABL, INC.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>MERCER INTERNATIONAL INC.</name>
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        <name>FIESTA PURCHASER, INC.</name>
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        <name>BRISTOW GROUP INC.</name>
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        <name>WILSONART LLC</name>
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        <name>TRUENOORD CAPITAL DESIGNATED ACTIVITY COMPANY</name>
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        <name>Xerox Holdings Corp</name>
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        <name>CLYDESDALE ACQUISITION HOLDINGS, INC.</name>
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        <name>N/A</name>
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        <lei>549300B658W2BPDQMW42</lei>
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      <invstOrSec>
        <name>THE GEO GROUP, INC.</name>
        <lei>54930024XOXET7NQVZ63</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>ARAMSCO, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>FORM TECHNOLOGIES LLC</name>
        <lei>N/A</lei>
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          <other otherDesc="All Others" value="LX249759"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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        <name>ALLIED UNIVERSAL HOLDCO LLC</name>
        <lei>98450038B4549046D794</lei>
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        <cusip>019576AD9</cusip>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Smyrna Ready Mix Concrete, LLC</name>
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        <cusip>83283WAE3</cusip>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SCIENTIFIC GAMES HOLDINGS LP</name>
        <lei>549300W5GPFXXB6TQ330</lei>
        <title>SCIENTIFIC GAMES HOLDINGS LP/SCIENTIFIC GAMES US F 6.625000% 03/01/2030</title>
        <cusip>80874DAA4</cusip>
        <identifiers>
          <isin value="US80874DAA46"/>
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        <balance>2190000.00000000</balance>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ION TRADING TECHNOLOGIES S.a r.l.</name>
        <lei>5493009ZVXOKZLQ6QJ12</lei>
        <title>ION TRADING TECHNOLOGIES SARL 144A 9.500000% 05/30/2029</title>
        <cusip>46205YAB7</cusip>
        <identifiers>
          <isin value="US46205YAB74"/>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>LU</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Mativ Holdings, Inc.</name>
        <lei>549300Z1FU4IDULG1R21</lei>
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        <cusip>808541AC0</cusip>
        <identifiers>
          <isin value="US808541AC08"/>
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        <issuerCat>CORP</issuerCat>
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        <name>OPTA INC DDTL</name>
        <lei>N/A</lei>
        <title>OPTA INC DDTL 11/08/2028 AND SOFR 6.75</title>
        <cusip>N/A</cusip>
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          <other otherDesc="All Others" value="LX219794"/>
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        <name>McGraw-Hill Education, Inc.</name>
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        <name>BLH ESCROW 1 LLC</name>
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    <signature>
      <ncom:dateSigned>2025-03-31</ncom:dateSigned>
      <ncom:nameOfApplicant>THE ADVISORS' INNER CIRCLE III</ncom:nameOfApplicant>
      <ncom:signature>Andrew Metzger</ncom:signature>
      <ncom:signerName>Andrew Metzger</ncom:signerName>
      <ncom:title>Treasurer, Controller and Chief Financial Officer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
