UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act File Number 811-22920
The Advisors’ Inner Circle Fund III
(Exact name of registrant as specified in charter)
SEI Investments
One Freedom Valley Drive
Oaks, PA 19456
(Address of principal executive offices) (Zip code)
SEI Investments
One Freedom Valley Drive
Oaks, PA 19456
(Name and address of agent for service)
Registrant’s telephone number, including area code: (877) 446-3863
Date of fiscal year end: October 31, 2024
Date of reporting period: October 31, 2024
Item 1. Reports to Stockholders.
| (a) | A copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the “Act”) (17 CFR § 270.30e-1), is attached hereto. |
The Advisors' Inner Circle Fund III
Knights of Columbus Limited Duration Fund
Annual Shareholder Report: October 31, 2024
This annual shareholder report contains important information about I Shares of the Knights of Columbus Limited Duration Fund (the "Fund") for the period from November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://www.kofcassetadvisors.org/resources/forms/#tab-1-application--account-forms. You can also request this information by contacting us at 1-844-KC-FUNDS (1-844-523-8637).
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Knights of Columbus Limited Duration Fund, I Shares | $52 | 0.50% |
How did the Fund perform in the last year?
The Bloomberg 1-3 Year US Government/Credit Index (USD) returned +6.25% for the year ended October 31, 2024. All sectors outperformed Treasuries as investors remained constructive on risk asset performance supported by a resilient domestic economy. Corporate credit performed the best due to substantial amounts of spread tightening over the year.
The Knights of Columbus Limited Duration I Shares Fund returned +6.11% for the year, lagging the benchmark. The primary drivers of the portfolio underperformance for the year were a slight underweight to duration as interest rates rallied and securities selected, and an underweight position in the Financial sector. An overweight position and securities selected in the Industrial sector contributed to relative total returns. Returns also benefitted from our ABS exposure, which is not represented in the index.
Our conservative stance towards the Financial sector was a headwind for the Fund’s performance over the prior year. The U.S. economy proved stronger than expected with overall activity, as well as labor market conditions, remaining stable despite the restrictive Federal Reserve policy stance. Corporate credit spreads are now at their tightest levels since the late 1990s as the market digests a pivot in central bank policy as well as the upcoming new federal government. We continue to believe that exposure to corporate credits with ample liquidity and selective securitized product with strong collateral remain the more attractive option for investor capital, and we remain focused on generating high-quality carry returns in this environment.
How did the Fund perform since inception?
Total Return Based on $25,000 Investment
| Knights of Columbus Limited Duration Fund, I Shares - $29179 | Bloomberg U.S. Aggregate Bond Index (USD)* - $28428 | Bloomberg 1-3 Year US Government/Credit Index (USD) - $29110 |
|---|
| Feb/15 | $25000 | $25000 | $25000 |
| Oct/15 | $25089 | $25002 | $25156 |
| Oct/16 | $25428 | $26094 | $25485 |
| Oct/17 | $25707 | $26330 | $25657 |
| Oct/18 | $25801 | $25789 | $25744 |
| Oct/19 | $27029 | $28757 | $27003 |
| Oct/20 | $27840 | $30536 | $27917 |
| Oct/21 | $27959 | $30390 | $27903 |
| Oct/22 | $26578 | $25624 | $26542 |
| Oct/23 | $27498 | $25716 | $27398 |
| Oct/24 | $29179 | $28428 | $29110 |
Since its inception on February 27, 2015. The line graph represents historical performance of a hypothetical investment of $25,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future performance.Call 1-844-KC-FUNDS (1-844-523-8637) for current month-end performance.
Footnote Reference*As of October 2024, pursuant to the new regulatory requirements, this index has been added to represent the broad-based securities market index.
Average Annual Total Returns as of October 31, 2024
| Fund/Index Name | 1 Year | 5 Years | Annualized Since Inception |
|---|
| Knights of Columbus Limited Duration Fund, I Shares | 6.11% | 1.54% | 1.61% |
| Bloomberg U.S. Aggregate Bond Index (USD)* | 10.55% | -0.23% | 1.34% |
| Bloomberg 1-3 Year US Government/Credit Index (USD) | 6.25% | 1.51% | 1.58% |
Key Fund Statistics as of October 31, 2024
| Total Net Assets | Number of Holdings | Total Advisory Fees Paid | Portfolio Turnover Rate |
|---|
| $181,893,195 | 145 | $613,478 | 82% |
What did the Fund invest in?
Asset WeightingsFootnote Reference*
| Value | Value |
|---|
| Communication Services | 0.7% |
| Health Care | 1.1% |
| Utilities | 1.6% |
| Consumer Discretionary | 1.9% |
| Real Estate | 2.5% |
| Consumer Staples | 2.7% |
| Information Technology | 3.1% |
| Industrials | 3.6% |
| Financials | 3.8% |
| Mortgage-Backed Securities | 3.9% |
| Materials | 4.3% |
| Energy | 4.4% |
| U.S. Government Agency Mortgage-Backed Obligations | 4.7% |
| Asset-Backed Securities | 19.1% |
| U.S. Treasury Obligations | 40.5% |
| Footnote | Description |
Footnote* | Percentages are calculated based on total net assets. |
| Holding Name | Coupon Rate | Maturity Date | Percentage of Total Net Assets |
|---|
| U.S. Treasury Notes | 4.625% | 11/15/26 | 22.2% |
| U.S. Treasury Notes | 4.375% | 11/30/28 | 6.4% |
| U.S. Treasury Notes | 4.375% | 08/15/26 | 6.2% |
| U.S. Treasury Notes | 3.875% | 12/31/27 | 4.1% |
| GNMA, Ser 2022-212, Cl HP | 5.000% | 06/20/43 | 1.9% |
| U.S. Treasury Notes | 3.500% | 09/30/26 | 1.6% |
| FHLMC, Ser 2020-5036, Cl AB | 2.000% | 05/25/41 | 1.4% |
| FHLMC, Ser 2020-5019, Cl DA | 2.000% | 05/25/41 | 1.4% |
| Oak Street Investment Grade Net Lease Fund Series, Ser 2021-2A, Cl A3 | 2.850% | 11/20/51 | 0.8% |
| TCW CLO, Ser 2022-2A, Cl A1R, TSFR3M + 1.280% | 5.897% | 10/20/32 | 0.7% |
There were no material changes during the reporting period.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as “householding” and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-844-KC-FUNDS (1-844-523-8637) to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.
The Advisors' Inner Circle Fund III
Knights of Columbus Limited Duration Fund / I Shares - KCLIX
Annual Shareholder Report: October 31, 2024
The Advisors' Inner Circle Fund III
Knights of Columbus Limited Duration Fund
Annual Shareholder Report: October 31, 2024
This annual shareholder report contains important information about Class S Shares of the Knights of Columbus Limited Duration Fund (the "Fund") for the period from November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://www.kofcassetadvisors.org/resources/forms/#tab-1-application--account-forms. You can also request this information by contacting us at 1-844-KC-FUNDS (1-844-523-8637).
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Knights of Columbus Limited Duration Fund, Class S Shares | $62 | 0.60% |
How did the Fund perform in the last year?
The Bloomberg 1-3 Year US Government/Credit Index (USD) returned +6.25% for the year ended October 31, 2024. All sectors outperformed Treasuries as investors remained constructive on risk asset performance supported by a resilient domestic economy. Corporate credit performed the best due to substantial amounts of spread tightening over the year.
The Knights of Columbus Limited Duration Institutional Class S Shares returned +5.98% for the year, lagging the benchmark. The primary drivers of the portfolio underperformance for the year were a slight underweight to duration as interest rates rallied and securities selected, and an underweight position in the Financial sector. An overweight position and securities selected in the Industrial sector contributed to relative total returns. Returns also benefitted from our ABS exposure, which is not represented in the index.
Our conservative stance towards the Financial sector was a headwind for the Fund’s performance over the prior year. The U.S. economy proved stronger than expected with overall activity, as well as labor market conditions, remaining stable despite the restrictive Federal Reserve policy stance. Corporate credit spreads are now at their tightest levels since the late 1990s as the market digests a pivot in central bank policy as well as the upcoming new federal government. We continue to believe that exposure to corporate credits with ample liquidity and selective securitized product with strong collateral remain the more attractive option for investor capital, and we remain focused on generating high-quality carry returns in this environment.
How did the Fund perform since inception?
Total Return Based on $10,000 Investment
| Knights of Columbus Limited Duration Fund, Class S Shares - $11572 | Bloomberg U.S. Aggregate Bond Index (USD)* - $11533 | Bloomberg 1-3 Year US Government/Credit Index (USD) - $11598 |
|---|
| Jul/15 | $10000 | $10000 | $10000 |
| Oct/15 | $10024 | $10143 | $10023 |
| Oct/16 | $10148 | $10586 | $10154 |
| Oct/17 | $10261 | $10682 | $10222 |
| Oct/18 | $10294 | $10462 | $10257 |
| Oct/19 | $10773 | $11666 | $10758 |
| Oct/20 | $11087 | $12388 | $11123 |
| Oct/21 | $11124 | $12329 | $11117 |
| Oct/22 | $10564 | $10396 | $10575 |
| Oct/23 | $10919 | $10433 | $10916 |
| Oct/24 | $11572 | $11533 | $11598 |
Since its inception on July 14, 2015. The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future performance.Call 1-844-KC-FUNDS (1-844-523-8637) for current month-end performance.
Footnote Reference*As of October 2024, pursuant to the new regulatory requirements, this index has been added to represent the broad-based securities market index.
Average Annual Total Returns as of October 31, 2024
| Fund/Index Name | 1 Year | 5 Years | Annualized Since Inception |
|---|
| Knights of Columbus Limited Duration Fund, Class S Shares | 5.98% | 1.44% | 1.58% |
| Bloomberg U.S. Aggregate Bond Index (USD)* | 10.55% | -0.23% | 1.54% |
| Bloomberg 1-3 Year US Government/Credit Index (USD) | 6.25% | 1.51% | 1.61% |
Key Fund Statistics as of October 31, 2024
| Total Net Assets | Number of Holdings | Total Advisory Fees Paid | Portfolio Turnover Rate |
|---|
| $181,893,195 | 145 | $613,478 | 82% |
What did the Fund invest in?
Asset WeightingsFootnote Reference*
| Value | Value |
|---|
| Communication Services | 0.7% |
| Health Care | 1.1% |
| Utilities | 1.6% |
| Consumer Discretionary | 1.9% |
| Real Estate | 2.5% |
| Consumer Staples | 2.7% |
| Information Technology | 3.1% |
| Industrials | 3.6% |
| Financials | 3.8% |
| Mortgage-Backed Securities | 3.9% |
| Materials | 4.3% |
| Energy | 4.4% |
| U.S. Government Agency Mortgage-Backed Obligations | 4.7% |
| Asset-Backed Securities | 19.1% |
| U.S. Treasury Obligations | 40.5% |
| Footnote | Description |
Footnote* | Percentages are calculated based on total net assets. |
| Holding Name | Coupon Rate | Maturity Date | Percentage of Total Net Assets |
|---|
| U.S. Treasury Notes | 4.625% | 11/15/26 | 22.2% |
| U.S. Treasury Notes | 4.375% | 11/30/28 | 6.4% |
| U.S. Treasury Notes | 4.375% | 08/15/26 | 6.2% |
| U.S. Treasury Notes | 3.875% | 12/31/27 | 4.1% |
| GNMA, Ser 2022-212, Cl HP | 5.000% | 06/20/43 | 1.9% |
| U.S. Treasury Notes | 3.500% | 09/30/26 | 1.6% |
| FHLMC, Ser 2020-5036, Cl AB | 2.000% | 05/25/41 | 1.4% |
| FHLMC, Ser 2020-5019, Cl DA | 2.000% | 05/25/41 | 1.4% |
| Oak Street Investment Grade Net Lease Fund Series, Ser 2021-2A, Cl A3 | 2.850% | 11/20/51 | 0.8% |
| TCW CLO, Ser 2022-2A, Cl A1R, TSFR3M + 1.280% | 5.897% | 10/20/32 | 0.7% |
There were no material changes during the reporting period.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as “householding” and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-844-KC-FUNDS (1-844-523-8637) to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.
The Advisors' Inner Circle Fund III
Knights of Columbus Limited Duration Fund / Class S Shares - KCLSX
Annual Shareholder Report: October 31, 2024
The Advisors' Inner Circle Fund III
Knights of Columbus Core Bond Fund
Annual Shareholder Report: October 31, 2024
This annual shareholder report contains important information about I Shares of the Knights of Columbus Core Bond Fund (the "Fund") for the period from November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://www.kofcassetadvisors.org/resources/forms/#tab-1-application--account-forms. You can also request this information by contacting us at 1-844-KC-FUNDS (1-844-523-8637).
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Knights of Columbus Core Bond Fund, I Shares | $52 | 0.50% |
How did the Fund perform in the last year?
The Bloomberg U.S. Aggregate Index (USD) returned +10.55% for the year ended October 31, 2024. All sectors outperformed Treasuries as investors remained constructive on risk asset performance supported by a resilient domestic economy. Corporate credit performed the best due to substantial amounts of spread tightening over the year.
The Knights of Columbus Core Bond I Shares Class Fund returned +9.92% for the year, lagging the benchmark. The primary drivers of the portfolio underperformance for the year were a slight underweight to duration as interest rates rallied in the middle of the year and an underweight position in corporate credit, which was offsides of the aforementioned spread tightening trend. Security selection across the spread sectors contributed positive relative return effects.
Our conservative outlook on risk asset performance was again a headwind for the Fund’s performance over the prior year. The U.S. economy proved stronger than expected with overall activity, as well as labor market conditions, remaining stable despite the restrictive Federal Reserve policy stance. Corporate credit spreads are now at their tightest levels since the late 1990s as the market digests a pivot in central bank policy as well as the upcoming new federal government. We continue to believe that wider spreads in higher-rated securitized product positions remain the more attractive option for investor capital, and we remain focused on generating high-quality carry returns in this environment.
How did the Fund perform since inception?
Total Return Based on $25,000 Investment
| Knights of Columbus Core Bond Fund, I Shares - $28499 | Bloomberg U.S. Aggregate Bond Index (USD) - $28428 |
|---|
| Feb/15 | $25000 | $25000 |
| Oct/15 | $24955 | $25002 |
| Oct/16 | $26099 | $26094 |
| Oct/17 | $26664 | $26330 |
| Oct/18 | $26109 | $25789 |
| Oct/19 | $29157 | $28757 |
| Oct/20 | $30761 | $30536 |
| Oct/21 | $31104 | $30390 |
| Oct/22 | $25916 | $25624 |
| Oct/23 | $25927 | $25716 |
| Oct/24 | $28499 | $28428 |
Since its inception on February 27, 2015. The line graph represents historical performance of a hypothetical investment of $25,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future performance.Call 1-844-KC-FUNDS (1-844-523-8637) for current month-end performance.
Footnote Reference*As of October 2024, pursuant to the new regulatory requirements, this index has been added to represent the broad-based securities market index.
Average Annual Total Returns as of October 31, 2024
| Fund/Index Name | 1 Year | 5 Years | Annualized Since Inception |
|---|
| Knights of Columbus Core Bond Fund, I Shares | 9.92% | -0.46% | 1.36% |
| Bloomberg U.S. Aggregate Bond Index (USD) | 10.55% | -0.23% | 1.34% |
Key Fund Statistics as of October 31, 2024
| Total Net Assets | Number of Holdings | Total Advisory Fees Paid | Portfolio Turnover Rate |
|---|
| $237,332,718 | 238 | $706,989 | 48% |
What did the Fund invest in?
Asset WeightingsFootnote Reference*
| Value | Value |
|---|
| Consumer Discretionary | 0.5% |
| Communication Services | 0.6% |
| Materials | 1.5% |
| Consumer Staples | 1.6% |
| Information Technology | 1.7% |
| Real Estate | 2.0% |
| Industrials | 2.1% |
| Utilities | 2.1% |
| Energy | 2.6% |
| Municipal Bonds | 3.2% |
| Financials | 4.2% |
| Asset-Backed Securities | 9.6% |
| Mortgage-Backed Securities | 12.8% |
| U.S. Government Agency Mortgage-Backed Obligations | 21.1% |
| U.S. Treasury Obligations | 32.8% |
| Footnote | Description |
Footnote* | Percentages are calculated based on total net assets. |
| Holding Name | Coupon Rate | Maturity Date | Percentage of Total Net Assets |
|---|
| U.S. Treasury Notes | 3.875% | 12/31/27 | 4.6% |
| U.S. Treasury Notes | 2.750% | 05/31/29 | 4.6% |
| U.S. Treasury Notes | 2.625% | 05/31/27 | 3.9% |
| U.S. Treasury Notes | 2.750% | 08/15/32 | 3.6% |
| U.S. Treasury Notes | 3.875% | 09/30/29 | 2.7% |
| U.S. Treasury Bonds | 4.000% | 11/15/52 | 2.3% |
| U.S. Treasury Notes | 3.750% | 08/31/26 | 2.1% |
| U.S. Treasury Bonds | 3.750% | 08/15/41 | 1.9% |
| U.S. Treasury Bonds | 2.875% | 05/15/52 | 1.4% |
| U.S. Treasury Bonds | 3.000% | 05/15/45 | 1.3% |
There were no material changes during the reporting period.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as “householding” and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-844-KC-FUNDS (1-844-523-8637) to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.
The Advisors' Inner Circle Fund III
Knights of Columbus Core Bond Fund / I Shares - KCCIX
Annual Shareholder Report: October 31, 2024
The Advisors' Inner Circle Fund III
Knights of Columbus Core Bond Fund
Annual Shareholder Report: October 31, 2024
This annual shareholder report contains important information about Class S Shares of the Knights of Columbus Core Bond Fund (the "Fund") for the period from November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://www.kofcassetadvisors.org/resources/forms/#tab-1-application--account-forms. You can also request this information by contacting us at 1-844-KC-FUNDS (1-844-523-8637).
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Knights of Columbus Core Bond Fund, Class S Shares | $63 | 0.60% |
How did the Fund perform in the last year?
The Bloomberg U.S. Aggregate Index (USD) returned +10.55% for the year ended October 31, 2024. All sectors outperformed Treasuries as investors remained constructive on risk asset performance supported by a resilient domestic economy. Corporate credit performed the best due to substantial amounts of spread tightening over the year.
The Knights of Columbus Core Bond Class S Shares Fund returned +9.83% for the year, lagging the benchmark. The primary drivers of the portfolio underperformance for the year were a slight underweight to duration as interest rates rallied in the middle of the year and an underweight position in corporate credit, which was offsides of the aforementioned spread tightening trend. Security selection across the spread sectors contributed positive relative return effects.
Our conservative outlook on risk asset performance was again a headwind for the Fund’s performance over the prior year. The U.S. economy proved stronger than expected with overall activity, as well as labor market conditions, remaining stable despite the restrictive Federal Reserve policy stance. Corporate credit spreads are now at their tightest levels since the late 1990s as the market digests a pivot in central bank policy as well as the upcoming new federal government. We continue to believe that wider spreads in higher-rated securitized product positions remain the more attractive option for investor capital, and we remain focused on generating high-quality carry returns in this environment.
How did the Fund perform since inception?
Total Return Based on $10,000 Investment
| Knights of Columbus Core Bond Fund, Class S Shares - $11490 | Bloomberg U.S. Aggregate Bond Index (USD) - $11533 |
|---|
| Jul/15 | $10000 | $10000 |
| Oct/15 | $10139 | $10143 |
| Oct/16 | $10590 | $10586 |
| Oct/17 | $10832 | $10682 |
| Oct/18 | $10600 | $10462 |
| Oct/19 | $11815 | $11666 |
| Oct/20 | $12453 | $12388 |
| Oct/21 | $12567 | $12329 |
| Oct/22 | $10480 | $10396 |
| Oct/23 | $10462 | $10433 |
| Oct/24 | $11490 | $11533 |
Since its inception on July 14, 2015. The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future performance.Call 1-844-KC-FUNDS (1-844-523-8637) for current month-end performance.
Footnote Reference*As of October 2024, pursuant to the new regulatory requirements, this index has been added to represent the broad-based securities market index.
Average Annual Total Returns as of October 31, 2024
| Fund/Index Name | 1 Year | 5 Years | Annualized Since Inception |
|---|
| Knights of Columbus Core Bond Fund, Class S Shares | 9.83% | -0.56% | 1.50% |
| Bloomberg U.S. Aggregate Bond Index (USD) | 10.55% | -0.23% | 1.54% |
Key Fund Statistics as of October 31, 2024
| Total Net Assets | Number of Holdings | Total Advisory Fees Paid | Portfolio Turnover Rate |
|---|
| $237,332,718 | 238 | $706,989 | 48% |
What did the Fund invest in?
Asset WeightingsFootnote Reference*
| Value | Value |
|---|
| Consumer Discretionary | 0.5% |
| Communication Services | 0.6% |
| Materials | 1.5% |
| Consumer Staples | 1.6% |
| Information Technology | 1.7% |
| Real Estate | 2.0% |
| Industrials | 2.1% |
| Utilities | 2.1% |
| Energy | 2.6% |
| Municipal Bonds | 3.2% |
| Financials | 4.2% |
| Asset-Backed Securities | 9.6% |
| Mortgage-Backed Securities | 12.8% |
| U.S. Government Agency Mortgage-Backed Obligations | 21.1% |
| U.S. Treasury Obligations | 32.8% |
| Footnote | Description |
Footnote* | Percentages are calculated based on total net assets. |
| Holding Name | Coupon Rate | Maturity Date | Percentage of Total Net Assets |
|---|
| U.S. Treasury Notes | 3.875% | 12/31/27 | 4.6% |
| U.S. Treasury Notes | 2.750% | 05/31/29 | 4.6% |
| U.S. Treasury Notes | 2.625% | 05/31/27 | 3.9% |
| U.S. Treasury Notes | 2.750% | 08/15/32 | 3.6% |
| U.S. Treasury Notes | 3.875% | 09/30/29 | 2.7% |
| U.S. Treasury Bonds | 4.000% | 11/15/52 | 2.3% |
| U.S. Treasury Notes | 3.750% | 08/31/26 | 2.1% |
| U.S. Treasury Bonds | 3.750% | 08/15/41 | 1.9% |
| U.S. Treasury Bonds | 2.875% | 05/15/52 | 1.4% |
| U.S. Treasury Bonds | 3.000% | 05/15/45 | 1.3% |
There were no material changes during the reporting period.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as “householding” and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-844-KC-FUNDS (1-844-523-8637) to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.
The Advisors' Inner Circle Fund III
Knights of Columbus Core Bond Fund / Class S Shares - KCCSX
Annual Shareholder Report: October 31, 2024
The Advisors' Inner Circle Fund III
Knights of Columbus Long/Short Equity Fund
Annual Shareholder Report: October 31, 2024
This annual shareholder report contains important information about I Shares of the Knights of Columbus Long/Short Equity Fund (the "Fund") for the period from November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://www.kofcassetadvisors.org/resources/forms/#tab-1-application--account-forms. You can also request this information by contacting us at 1-844-KC-FUNDS (1-844-523-8637).
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Knights of Columbus Long/Short Equity Fund, I Shares | $198 | 1.85% |
How did the Fund perform in the last year?
The benchmark HFRX Equity Market Neutral Index rose +8.14% from October 31st, 2023, through October 31st, 2024, and the widely used S&P 500 benchmark returned +38.02%. The Knights of Columbus Long/Short Equity Fund rose +13.72% net over the same period. This performance was achieved despite our gross remaining consistently under 120% and our ex-post realized beta being just 0.16.
The headwinds that we faced in FYE 2024 accelerated.
Specifically:
The 10 biggest contributors to the S&P 500 accounted for 47% of the benchmark return.
ARKK, a common benchmark for low-quality stocks exploded higher, rising nearly 31%.
And the trillions of loss-making stocks avoided their day of reckoning as the proverbial can was kicked down the road.
Yet the Fund did well despite the persistence of these headwinds. Here is why:
Long Portfolio: Our longs had over an 80% hit-rate. Without playing in the dangerous names discussed above, we made our money in mispriced blue-chip stocks that offered a significant margin of safety.
Short Portfolio: 2024 was a year where our proprietary mix of fundamental and quantitative risk controls proved invaluable. In our idiosyncratic single-stock book of shorts, our average drag was only -14bps. We view this as a non-trivial accomplishment.
Outlook: One of the benefits of working for the Knight’s CIO is he is a student of markets, knows it is never different this time, and has a history of sticking with proven but out of favor investment strategies. An investment program helmed by someone with less depth, knowledge and patience fractures the alignment we feel with both the Knights of Columbus Asset Advisors (“KOCAA”) and their investors who we are honored to serve. We believe the importance of our strategy’s non-correlated returns has never been higher.
As Warren E. Buffett ("Mr. Buffett") builds a $300bn+ cash pile, we think he sees what we do: an unsustainable decoupling of aggregate valuations. Unlike Mr. Buffett, we do not have $100s of billions to invest. That allows us to partake in some of the remarkable bargains we see on the long side while pairing this with a mix of shorts that suffer from unsustainable valuations and dubious capital allocation.
Your managers continue to have substantially all our liquid net worth invested in strategies managed by the sub-advisor L2. Your fund managers have well over $1ml invested in KCEIX, specifically. We look forward to the years ahead and thank you for your continued support.
How did the Fund perform since inception?
Total Return Based on $25,000 Investment
| Knights of Columbus Long/Short Equity Fund, I Shares - $32819 | Bloomberg US 1000 Index (TR) (USD)* - $48635 | HFRX Equity Market Neutral Index (TR) (USD) - $26647 | Bloomberg Intermediate US Corporate Index (TR) (USD) - $27072 | S&P 500 Index (TR) - $49524 |
|---|
| Dec/19 | $25000 | $25000 | $25000 | $25000 | $25000 |
| Oct/20 | $21555 | $26983 | $23253 | $26573 | $26696 |
| Oct/21 | $24183 | $38780 | $23881 | $26762 | $38153 |
| Oct/22 | $28427 | $32225 | $23883 | $23503 | $32578 |
| Oct/23 | $28859 | $35267 | $24642 | $24385 | $35883 |
| Oct/24 | $32819 | $48635 | $26647 | $27072 | $49524 |
Since its inception on December 2, 2019. The line graph represents historical performance of a hypothetical investment of $25,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future performance.Call 1-844-KC-FUNDS (1-844-523-8637) for current month-end performance.
Footnote Reference*As of October 2024, pursuant to the new regulatory requirements, this index has been added to represent the broad-based securities market index.
Average Annual Total Returns as of October 31, 2024
| Fund/Index Name | 1 Year | Annualized Since Inception |
|---|
| Knights of Columbus Long/Short Equity Fund, I Shares | 13.72% | 5.69% |
| Bloomberg US 1000 Index (TR) (USD)* | 37.91% | 14.49% |
| HFRX Equity Market Neutral Index (TR) (USD) | 8.14% | 1.31% |
| Bloomberg Intermediate US Corporate Index (TR) (USD) | 11.02% | 1.63% |
| S&P 500 Index (TR) | 38.02% | 14.91% |
Key Fund Statistics as of October 31, 2024
| Total Net Assets | Number of Holdings | Total Advisory Fees Paid | Portfolio Turnover Rate |
|---|
| $136,005,126 | 93 | $1,460,089 | 51% |
What did the Fund invest in?
Sector WeightingsFootnote Reference*
| Value | Value |
|---|
| Exchange Traded Funds | -28.3% |
| Consumer Staples | -0.8% |
| Real Estate | -0.5% |
| Materials | -0.2% |
| Purchased Option | 0.4% |
| Energy | 2.0% |
| Industrials | 3.0% |
| Health Care | 4.0% |
| Communication Services | 6.3% |
| Financials | 12.2% |
| Information Technology | 14.4% |
| Consumer Discretionary | 15.3% |
| Footnote | Description |
Footnote* | Percentages are calculated based on total net assets. |
| Holding Name | | | Percentage of Total Net Assets |
|---|
| AppLovin, Cl A | | | 4.3% |
| Expedia Group | | | 2.5% |
| Synchrony Financial | | | 2.2% |
| Meta Platforms, Cl A | | | 2.1% |
| Owens Corning | | | 2.0% |
| International Business Machines | | | 2.0% |
| Corpay | | | 2.0% |
| Apple | | | 1.9% |
| Airbnb, Cl A | | | 1.9% |
| Alphabet, Cl A | | | 1.9% |
There were no material changes during the reporting period.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as “householding” and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-844-KC-FUNDS (1-844-523-8637) to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.
The Advisors' Inner Circle Fund III
Knights of Columbus Long/Short Equity Fund / I Shares - KCEIX
Annual Shareholder Report: October 31, 2024
The Advisors' Inner Circle Fund III
Knights of Columbus Large Cap Value Fund
Annual Shareholder Report: October 31, 2024
This annual shareholder report contains important information about I Shares of the Knights of Columbus Large Cap Value Fund (the "Fund") for the period from November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://www.kofcassetadvisors.org/resources/forms/#tab-1-application--account-forms. You can also request this information by contacting us at 1-844-KC-FUNDS (1-844-523-8637). This annual shareholder report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Knights of Columbus Large Cap Value Fund, I Shares | $89 | 0.76% |
How did the Fund perform in the last year?
The Fund changed the vendor for its primary benchmark, from FTSE Russell to Bloomberg, as of February 29, 2024. All performance discussions and comparisons herein will consider that the fund was managed against the Russell 1000 Value Index for November, December, January and February, and the Bloomberg 1000 Value Index for the rest of the year.
The Russell 1000 Value Index rose +30.98% for the year ended October 31, 2024, while the Bloomberg 1000 Value rose +29.59%. Despite a slight lull in the summer, the indices steadily climbed higher for much of the year. Every sector was positive with Financials (+53%) and Industrials (+44%) leading the way while Energy (+7%) and Health Care (+16%) were the biggest laggards. Securities restricted from investment for Catholic principles underperformed for the year, rising +24% while unrestricted members rose +33%.
The Fund I Shares returned +33.92% during this period. The Health Care sector helped performance. Boston Scientific Corp. (1.6% Average Wgt., +64.1% Total Return) rose 64.1%. The company had several strong earnings reports where they beat expectations on revenue and earnings and raised their full year guidance. Select Medical Holdings Corp. (1.1%, +43.6%) also performed well due to strong earnings reports. They continue normalizing the business towards pre-COVID levels and announced the spin-off of their Concentra business segment.
The Consumer Staples sector detracted from value. Monster Beverage Corp. (1.3%, +3.1%) finished higher but failed to keep up with peers as industry-wide growth in energy drink sales slowed. Also, Monster’s US market share continues to shrink. Mondelez International, Inc. (1.5%, +6.0%) finished higher but also failed to keep up with peers. The company gave weaker than expected guidance for several periods, citing cocoa price inflation as the problem.
Macroeconomic trends and overall economic activity in the U.S. have stayed stronger than expected, lowering expectations for interest rate cuts as the year has progressed and moving yields higher. Trump’s election wins also pushed yields higher as many economists (but not all) believe his tariff proposals will prove inflationary. The rate on 10-year treasury bonds stands at 4.42%, a level last seen in early July 2024, with the looming question of where rates go from here. We are maintaining current positioning for now as we continue to assess macroeconomic trends and potential Trump Administration polices to gauge impacts on economic growth, inflation, and interest rates.
How did the Fund perform since inception?
Total Return Based on $25,000 Investment
| Knights of Columbus Large Cap Value Fund, I Shares - $60662 | Bloomberg US 1000 Index (TR) (USD)* - $78505 | Bloomberg US 1000 Value Index (TR) (USD)** - $59884 | Russell 1000 Value Index (USD) - $56590 |
|---|
| Feb/15 | $25000 | $25000 | $25000 | $25000 |
| Oct/15 | $24159 | $24883 | $24496 | $24320 |
| Oct/16 | $24911 | $25964 | $26016 | $25870 |
| Oct/17 | $30560 | $32132 | $31296 | $30470 |
| Oct/18 | $31406 | $34310 | $32328 | $31394 |
| Oct/19 | $35019 | $39237 | $35675 | $34915 |
| Oct/20 | $32151 | $43554 | $31908 | $32273 |
| Oct/21 | $47013 | $62597 | $47187 | $46395 |
| Oct/22 | $43849 | $52017 | $46686 | $43148 |
| Oct/23 | $45297 | $56926 | $46212 | $43206 |
| Oct/24 | $60662 | $78505 | $59884 | $56590 |
Since its inception on February 27, 2015. The line graph represents historical performance of a hypothetical investment of $25,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future performance.Call 1-844-KC-FUNDS (1-844-523-8637) for current month-end performance.
Footnote Reference*As of October 2024, pursuant to the new regulatory requirements, this index has been added to represent the broad-based securities market index.
** On February 29, 2024, the Fund’s benchmark changed from the Russell 1000 Value Index (USD) to the Bloomberg 1000 Value Index (TR) (USD) because the Adviser believes that the Bloomberg 1000 Value Index (TR) (USD) better reflects the Fund’s investment strategies.
Average Annual Total Returns as of October 31, 2024
| Fund/Index Name | 1 Year | 5 Years | Annualized Since Inception |
|---|
| Knights of Columbus Large Cap Value Fund, I Shares | 33.92% | 11.61% | 9.59% |
| Bloomberg US 1000 Index (TR) (USD)* | 37.91% | 14.88% | 12.55% |
| Bloomberg US 1000 Value Index (TR) (USD)** | 29.59% | 10.92% | 9.44% |
| Russell 1000 Value Index (USD) | 30.98% | 10.14% | 8.80% |
Key Fund Statistics as of October 31, 2024
| Total Net Assets | Number of Holdings | Total Advisory Fees Paid | Portfolio Turnover Rate |
|---|
| $234,654,152 | 76 | $1,214,842 | 36% |
What did the Fund invest in?
Sector WeightingsFootnote Reference*
| Value | Value |
|---|
| Materials | 2.5% |
| Communication Services | 5.3% |
| Consumer Discretionary | 6.1% |
| Utilities | 6.6% |
| Real Estate | 6.6% |
| Information Technology | 7.8% |
| Energy | 8.7% |
| Health Care | 8.7% |
| Consumer Staples | 10.6% |
| Industrials | 11.7% |
| Financials | 22.6% |
| Footnote | Description |
Footnote* | Percentages are calculated based on total net assets. |
| Holding Name | | | Percentage of Total Net Assets |
|---|
| Exxon Mobil | | | 4.2% |
| AT&T | | | 2.8% |
| Cisco Systems | | | 2.5% |
| Berkshire Hathaway, Cl B | | | 2.5% |
| JPMorgan Chase | | | 2.4% |
| Entergy | | | 2.2% |
| 3M | | | 1.9% |
| Ameriprise Financial | | | 1.8% |
| Bank of America | | | 1.8% |
| General Motors | | | 1.7% |
On February 29, 2024, Knights of Columbus Large Cap Value Fund changed its primary benchmark, with approval of the Funds’ Board of Trustees, from the Russell 1000 Value Index to the Bloomberg 1000 Value Total Return Index. For detailed information please see the Prospectus Supplement dated March 1, 2024.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as “householding” and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-844-KC-FUNDS (1-844-523-8637) to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.
The Advisors' Inner Circle Fund III
Knights of Columbus Large Cap Value Fund / I Shares - KCVIX
Annual Shareholder Report: October 31, 2024
The Advisors' Inner Circle Fund III
Knights of Columbus Large Cap Value Fund
Annual Shareholder Report: October 31, 2024
This annual shareholder report contains important information about Class S Shares of the Knights of Columbus Large Cap Value Fund (the "Fund") for the period from November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://www.kofcassetadvisors.org/resources/forms/#tab-1-application--account-forms. You can also request this information by contacting us at 1-844-KC-FUNDS (1-844-523-8637). This annual shareholder report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Knights of Columbus Large Cap Value Fund, Class S Shares | $101 | 0.86% |
How did the Fund perform in the last year?
The Fund changed the vendor for its primary benchmark, from FTSE Russell to Bloomberg, as of February 29, 2024. All performance discussions and comparisons herein will consider that the fund was managed against the Russell 1000 Value Index for November, December, January and February, and the Bloomberg 1000 Value Index for the rest of the year.
The Russell 1000 Value Index rose +30.98% for the year ended October 31, 2024, while the Bloomberg 1000 Value rose +29.59%. Despite a slight lull in the summer, the indices steadily climbed higher for much of the year. Every sector was positive with Financials (+53%) and Industrials (+44%) leading the way while Energy (+7%) and Health Care (+16%) were the biggest laggards. Securities restricted from investment for Catholic principles underperformed for the year, rising +24% while unrestricted members rose +33%.
The Fund Class S Shares returned +33.79% during this period. The Health Care sector helped performance. Boston Scientific Corp. (1.6% Average Wgt., +64.1% Total Return) rose 64.1%. The company had several strong earnings reports where they beat expectations on revenue and earnings and raised their full year guidance. Select Medical Holdings Corp. (1.1%, +43.6%) also performed well due to strong earnings reports. They continue normalizing the business towards pre-COVID levels and announced the spin-off of their Concentra business segment.
The Consumer Staples sector detracted from value. Monster Beverage Corp. (1.3%, +3.1%) finished higher but failed to keep up with peers as industry-wide growth in energy drink sales slowed. Also, Monster’s US market share continues to shrink. Mondelez International, Inc. (1.5%, +6.0%) finished higher but also failed to keep up with peers. The company gave weaker than expected guidance for several periods, citing cocoa price inflation as the problem.
Macroeconomic trends and overall economic activity in the U.S. have stayed stronger than expected, lowering expectations for interest rate cuts as the year has progressed and moving yields higher. Trump’s election wins also pushed yields higher as many economists (but not all) believe his tariff proposals will prove inflationary. The rate on 10-year treasury bonds stands at 4.42%, a level last seen in early July 2024, with the looming question of where rates go from here. We are maintaining current positioning for now as we continue to assess macroeconomic trends and potential Trump Administration polices to gauge impacts on economic growth, inflation, and interest rates.
How did the Fund perform since inception?
Total Return Based on $10,000 Investment
| Knights of Columbus Large Cap Value Fund, Class S Shares - $24144 | Bloomberg US 1000 Index (TR) (USD)* - $31075 | Bloomberg US 1000 Value Index (TR) (USD)** - $23872 | Russell 1000 Value Index (USD) - $22568 |
|---|
| Jul/15 | $10000 | $10000 | $10000 | $10000 |
| Oct/15 | $9690 | $9850 | $9765 | $9699 |
| Oct/16 | $9988 | $10277 | $10371 | $10317 |
| Oct/17 | $12251 | $12719 | $12476 | $12151 |
| Oct/18 | $12575 | $13581 | $12887 | $12520 |
| Oct/19 | $14008 | $15531 | $14221 | $13924 |
| Oct/20 | $12847 | $17240 | $12720 | $12870 |
| Oct/21 | $18768 | $24778 | $18810 | $18502 |
| Oct/22 | $17487 | $20590 | $18611 | $17207 |
| Oct/23 | $18046 | $22534 | $18422 | $17230 |
| Oct/24 | $24144 | $31075 | $23872 | $22568 |
Since its inception on July 14, 2015. The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future performance.Call 1-844-KC-FUNDS (1-844-523-8637) for current month-end performance.
Footnote Reference*As of October 2024, pursuant to the new regulatory requirements, this index has been added to represent the broad-based securities market index.
** On February 29, 2024, the Fund’s benchmark changed from the Russell 1000 Value Index (USD) to the Bloomberg 1000 Value Index (TR) (USD) because the Adviser believes that the Bloomberg 1000 Value Index (TR) (USD) better reflects the Fund’s investment strategies.
Average Annual Total Returns as of October 31, 2024
| Fund/Index Name | 1 Year | 5 Years | Annualized Since Inception |
|---|
| Knights of Columbus Large Cap Value Fund, Class S Shares | 33.79% | 11.50% | 9.93% |
| Bloomberg US 1000 Index (TR) (USD)* | 37.91% | 14.88% | 12.96% |
| Bloomberg US 1000 Value Index (TR) (USD)** | 29.59% | 10.92% | 9.80% |
| Russell 1000 Value Index (USD) | 30.98% | 10.14% | 9.14% |
Key Fund Statistics as of October 31, 2024
| Total Net Assets | Number of Holdings | Total Advisory Fees Paid | Portfolio Turnover Rate |
|---|
| $234,654,152 | 76 | $1,214,842 | 36% |
What did the Fund invest in?
Sector WeightingsFootnote Reference*
| Value | Value |
|---|
| Materials | 2.5% |
| Communication Services | 5.3% |
| Consumer Discretionary | 6.1% |
| Utilities | 6.6% |
| Real Estate | 6.6% |
| Information Technology | 7.8% |
| Energy | 8.7% |
| Health Care | 8.7% |
| Consumer Staples | 10.6% |
| Industrials | 11.7% |
| Financials | 22.6% |
| Footnote | Description |
Footnote* | Percentages are calculated based on total net assets. |
| Holding Name | | | Percentage of Total Net Assets |
|---|
| Exxon Mobil | | | 4.2% |
| AT&T | | | 2.8% |
| Cisco Systems | | | 2.5% |
| Berkshire Hathaway, Cl B | | | 2.5% |
| JPMorgan Chase | | | 2.4% |
| Entergy | | | 2.2% |
| 3M | | | 1.9% |
| Ameriprise Financial | | | 1.8% |
| Bank of America | | | 1.8% |
| General Motors | | | 1.7% |
On February 29, 2024, Knights of Columbus Large Cap Value Fund changed its primary benchmark, with approval of the Funds’ Board of Trustees, from the Russell 1000 Value Index to the Bloomberg 1000 Value Total Return Index. For detailed information please see the Prospectus Supplement dated March 1, 2024.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as “householding” and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-844-KC-FUNDS (1-844-523-8637) to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.
The Advisors' Inner Circle Fund III
Knights of Columbus Large Cap Value Fund / Class S Shares - KCVSX
Annual Shareholder Report: October 31, 2024
The Advisors' Inner Circle Fund III
Knights of Columbus Large Cap Growth Fund
Annual Shareholder Report: October 31, 2024
This annual shareholder report contains important information about I Shares of the Knights of Columbus Large Cap Growth Fund (the "Fund") for the period from November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://www.kofcassetadvisors.org/resources/forms/#tab-1-application--account-forms. You can also request this information by contacting us at 1-844-KC-FUNDS (1-844-523-8637). This annual shareholder report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Knights of Columbus Large Cap Growth Fund, I Shares | $91 | 0.76% |
How did the Fund perform in the last year?
The Fund changed the vendor for its primary benchmark, FTSE Russell to Bloomberg, as of February 29, 2024. All performance discussions and comparisons herein will consider that the fund was managed against the Russell 1000 Growth Index from October 2023 to February 2024 and the Bloomberg 1000 Growth Index from March 2024 and beyond.
Fiscal year 2024 generated another year of strong returns for the large-cap growth stocks as the Russell 1000 Growth Index and Bloomberg 1000 Growth Index generated returns of +43.77% and +41.80%, respectively. Continued excitement over artificial intelligence, earnings resilience and prospects of an accommodative Federal Reserve lowering short-term interest rates overcame any trepidation from multiple wars, US elections or fears of a slowing consumer. Breadth increased over the prior year as a wider array of sectors participated in the rally. The Utilities sector, though small, outperformed at +139% in Russell and +55% in Bloomberg as investors began to understand the energy requirements to enable AI computations. Communication Services (+56% / +54%) and Information Technology (+54% / +52%) also outperformed, while Energy (+24% / +4%), Health Care (+24% / +26%) and Consumer Staples (+25% / +22%) were the laggards.
The Fund I Shares gained +40.23% for the fiscal year and underperformed the benchmarks. Cash accounted for the majority of underperformance, despite a moderate weight, given the strength of the rally. Stock selection in Consumer Discretionary also hurt, as did Consumer Staples. Catholic restrictions aided relative performance during the year as stocks restricted for investment underperformed the investable options. Stock selection in Real Estate and Communication Services also helped.
Portfolio positioning exiting the fiscal year can best be described as “neutral.” Sector weights were generally in line, with the few deviations largely driven by Catholic restrictions. Aggregate factor exposures presented a similarly neutral view, accounting for very little active risk, and individual factor exposures were also atypically low. The neutral positioning is reflective of our view that breadth within the growth landscape is improving and signs that leadership may be shifting away from the homogeny of the “Magnificent 7” mega cap tech stocks. We expect to retain our neutral-ish view as we seek further evidence of the next stage of market leadership and evaluate the macroeconomic and geopolitical environment.
How did the Fund perform since inception?
Total Return Based on $25,000 Investment
| Knights of Columbus Large Cap Growth Fund, I Shares - $73613 | Bloomberg US 1000 Index (TR) (USD)* - $78505 | Bloomberg US 1000 Growth Index (TR) (USD)** - $93390 | Russell 1000 Growth Index (USD) (TR) - $104475 |
|---|
| Feb/15 | $25000 | $25000 | $25000 | $25000 |
| Oct/15 | $25039 | $24883 | $25266 | $25454 |
| Oct/16 | $24571 | $25964 | $25889 | $26035 |
| Oct/17 | $31070 | $32132 | $32822 | $33771 |
| Oct/18 | $33557 | $34310 | $35956 | $37388 |
| Oct/19 | $37230 | $39237 | $42235 | $43783 |
| Oct/20 | $46848 | $43554 | $53157 | $56575 |
| Oct/21 | $62826 | $62597 | $75718 | $81021 |
| Oct/22 | $45006 | $52017 | $57332 | $61092 |
| Oct/23 | $52493 | $56926 | $65861 | $72670 |
| Oct/24 | $73613 | $78505 | $93390 | $104475 |
Since its inception on February 27, 2015. The line graph represents historical performance of a hypothetical investment of $25,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future performance.Call 1-844-KC-FUNDS (1-844-523-8637) for current month-end performance.
Footnote Reference*As of October 2024, pursuant to the new regulatory requirements, this index has been added to represent the broad-based securities market index.
** On February 29, 2024, the Fund’s benchmark changed from the Russell 1000 Growth Index (USD) (TR) to the Bloomberg 1000 Growth Index (TR) (USD) because the Adviser believes that the Bloomberg 1000 Growth Index (TR) (USD) better reflects the Fund’s investment strategies.
Average Annual Total Returns as of October 31, 2024
| Fund/Index Name | 1 Year | 5 Years | Annualized Since Inception |
|---|
| Knights of Columbus Large Cap Growth Fund, I Shares | 40.23% | 14.61% | 11.80% |
| Bloomberg US 1000 Index (TR) (USD)* | 37.91% | 14.88% | 12.55% |
| Bloomberg US 1000 Growth Index (TR) (USD)** | 41.80% | 17.20% | 14.58% |
| Russell 1000 Growth Index (USD) (TR) | 43.77% | 19.00% | 15.92% |
Key Fund Statistics as of October 31, 2024
| Total Net Assets | Number of Holdings | Total Advisory Fees Paid | Portfolio Turnover Rate |
|---|
| $230,670,206 | 76 | $1,223,144 | 44% |
What did the Fund invest in?
Sector WeightingsFootnote Reference*
| Value | Value |
|---|
| Energy | 0.7% |
| Utilities | 1.2% |
| Materials | 1.7% |
| Real Estate | 2.2% |
| Consumer Staples | 4.2% |
| Health Care | 7.3% |
| Industrials | 7.9% |
| Financials | 8.8% |
| Consumer Discretionary | 9.2% |
| Communication Services | 12.9% |
| Information Technology | 40.1% |
| Footnote | Description |
Footnote* | Percentages are calculated based on total net assets. |
| Holding Name | | | Percentage of Total Net Assets |
|---|
| NVIDIA | | | 8.9% |
| Microsoft | | | 8.6% |
| Apple | | | 8.6% |
| Meta Platforms, Cl A | | | 3.9% |
| Alphabet, Cl A | | | 3.2% |
| Alphabet, Cl C | | | 2.7% |
| Broadcom | | | 2.6% |
| Berkshire Hathaway, Cl B | | | 2.0% |
| Tesla | | | 1.8% |
| Netflix | | | 1.5% |
On February 29, 2024, Knights of Columbus Large Cap Growth Fund changed its primary benchmark, with approval of the Funds’ Board of Trustees, from the Russell 1000 Growth Index to the Bloomberg 1000 Growth Total Return Index. For detailed information please see the Prospectus Supplement dated March 1, 2024.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as “householding” and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-844-KC-FUNDS (1-844-523-8637) to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.
The Advisors' Inner Circle Fund III
Knights of Columbus Large Cap Growth Fund / I Shares - KCGIX
Annual Shareholder Report: October 31, 2024
The Advisors' Inner Circle Fund III
Knights of Columbus Large Cap Growth Fund
Annual Shareholder Report: October 31, 2024
This annual shareholder report contains important information about Class S Shares of the Knights of Columbus Large Cap Growth Fund (the "Fund") for the period from November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://www.kofcassetadvisors.org/resources/forms/#tab-1-application--account-forms. You can also request this information by contacting us at 1-844-KC-FUNDS (1-844-523-8637). This annual shareholder report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Knights of Columbus Large Cap Growth Fund, Class S Shares | $103 | 0.86% |
How did the Fund perform in the last year?
The Fund changed the vendor for its primary benchmark, FTSE Russell to Bloomberg, as of February 29, 2024. All performance discussions and comparisons herein will consider that the fund was managed against the Russell 1000 Growth Index from October 2023 to February 2024 and the Bloomberg 1000 Growth Index from March 2024 and beyond.
Fiscal year 2024 generated another year of strong returns for the large-cap growth stocks as the Russell 1000 Growth Index and Bloomberg 1000 Growth Index generated returns of +43.77% and +41.80%, respectively. Continued excitement over artificial intelligence, earnings resilience and prospects of an accommodative Federal Reserve lowering short-term interest rates overcame any trepidation from multiple wars, US elections or fears of a slowing consumer. Breadth increased over the prior year as a wider array of sectors participated in the rally. The Utilities sector, though small, outperformed at +139% in Russell and +55% in Bloomberg as investors began to understand the energy requirements to enable AI computations. Communication Services (+56% / +54%) and Information Technology (+54% / +52%) also outperformed, while Energy (+24% / +4%), Health Care (+24% / +26%) and Consumer Staples (+25% / +22%) were the laggards.
The Fund Class S Shares gained +40.06% for the fiscal year and underperformed the benchmarks. Cash accounted for the majority of underperformance, despite a moderate weight, given the strength of the rally. Stock selection in Consumer Discretionary also hurt, as did Consumer Staples. Catholic restrictions aided relative performance during the year as stocks restricted for investment underperformed the investable options. Stock selection in Real Estate and Communication Services also helped.
Portfolio positioning exiting the fiscal year can best be described as “neutral.” Sector weights were generally in line, with the few deviations largely driven by Catholic restrictions. Aggregate factor exposures presented a similarly neutral view, accounting for very little active risk, and individual factor exposures were also atypically low. The neutral positioning is reflective of our view that breadth within the growth landscape is improving and signs that leadership may be shifting away from the homogeny of the “Magnificent 7” mega cap tech stocks. We expect to retain our neutral-ish view as we seek further evidence of the next stage of market leadership and evaluate the macroeconomic and geopolitical environment.
How did the Fund perform since inception?
Total Return Based on $10,000 Investment
| Knights of Columbus Large Cap Growth Fund, Class S Shares - $28580 | Bloomberg US 1000 Index (TR) (USD)* - $31075 | Bloomberg US 1000 Growth Index (TR) (USD)** - $36708 | Russell 1000 Growth Index (USD) (TR) - $41054 |
|---|
| Jul/15 | $10000 | $10000 | $10000 | $10000 |
| Oct/15 | $9788 | $9850 | $9931 | $10002 |
| Oct/16 | $9601 | $10277 | $10176 | $10231 |
| Oct/17 | $12142 | $12719 | $12901 | $13270 |
| Oct/18 | $13112 | $13581 | $14133 | $14692 |
| Oct/19 | $14531 | $15531 | $16601 | $17204 |
| Oct/20 | $18266 | $17240 | $20894 | $22231 |
| Oct/21 | $24463 | $24778 | $29761 | $31837 |
| Oct/22 | $17518 | $20590 | $22535 | $24006 |
| Oct/23 | $20406 | $22534 | $25887 | $28556 |
| Oct/24 | $28580 | $31075 | $36708 | $41054 |
Since its inception on July 14, 2015. The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future performance.Call 1-844-KC-FUNDS (1-844-523-8637) for current month-end performance.
Footnote Reference*As of October 2024, pursuant to the new regulatory requirements, this index has been added to represent the broad-based securities market index.
** On February 29, 2024, the Fund’s benchmark changed from the Russell 1000 Growth Index (USD) (TR) to the Bloomberg 1000 Growth Index (TR) (USD) because the Adviser believes that the Bloomberg 1000 Growth Index (TR) (USD) better reflects the Fund’s investment strategies.
Average Annual Total Returns as of October 31, 2024
| Fund/Index Name | 1 Year | 5 Years | Annualized Since Inception |
|---|
| Knights of Columbus Large Cap Growth Fund, Class S Shares | 40.06% | 14.49% | 11.94% |
| Bloomberg US 1000 Index (TR) (USD)* | 37.91% | 14.88% | 12.96% |
| Bloomberg US 1000 Growth Index (TR) (USD)** | 41.80% | 17.20% | 15.00% |
| Russell 1000 Growth Index (USD) (TR) | 43.77% | 19.00% | 16.39% |
Key Fund Statistics as of October 31, 2024
| Total Net Assets | Number of Holdings | Total Advisory Fees Paid | Portfolio Turnover Rate |
|---|
| $230,670,206 | 76 | $1,223,144 | 44% |
What did the Fund invest in?
Sector WeightingsFootnote Reference*
| Value | Value |
|---|
| Energy | 0.7% |
| Utilities | 1.2% |
| Materials | 1.7% |
| Real Estate | 2.2% |
| Consumer Staples | 4.2% |
| Health Care | 7.3% |
| Industrials | 7.9% |
| Financials | 8.8% |
| Consumer Discretionary | 9.2% |
| Communication Services | 12.9% |
| Information Technology | 40.1% |
| Footnote | Description |
Footnote* | Percentages are calculated based on total net assets. |
| Holding Name | | | Percentage of Total Net Assets |
|---|
| NVIDIA | | | 8.9% |
| Microsoft | | | 8.6% |
| Apple | | | 8.6% |
| Meta Platforms, Cl A | | | 3.9% |
| Alphabet, Cl A | | | 3.2% |
| Alphabet, Cl C | | | 2.7% |
| Broadcom | | | 2.6% |
| Berkshire Hathaway, Cl B | | | 2.0% |
| Tesla | | | 1.8% |
| Netflix | | | 1.5% |
On February 29, 2024, Knights of Columbus Large Cap Growth Fund changed its primary benchmark, with approval of the Funds’ Board of Trustees, from the Russell 1000 Growth Index to the Bloomberg 1000 Growth Total Return Index. For detailed information please see the Prospectus Supplement dated March 1, 2024.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as “householding” and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-844-KC-FUNDS (1-844-523-8637) to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.
The Advisors' Inner Circle Fund III
Knights of Columbus Large Cap Growth Fund / Class S Shares - KCGSX
Annual Shareholder Report: October 31, 2024
The Advisors' Inner Circle Fund III
Knights of Columbus Small Cap Fund
Annual Shareholder Report: October 31, 2024
This annual shareholder report contains important information about I Shares of the Knights of Columbus Small Cap Fund (the "Fund") for the period from November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://www.kofcassetadvisors.org/resources/forms/#tab-1-application--account-forms. You can also request this information by contacting us at 1-844-KC-FUNDS (1-844-523-8637). This annual shareholder report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Knights of Columbus Small Cap Fund, I Shares | $104 | 0.90% |
How did the Fund perform in the last year?
The Fund changed the vendor for its primary benchmark, FTSE Russell to Bloomberg, as of February 29, 2024. All performance discussions and comparisons herein will consider that the fund was managed against the Russell 2000 Index from October 2023 to February 2024 and the Bloomberg 2000 Index from March 2024 and beyond.
Fiscal year 2024 was a strong – albeit volatile – year for small caps, as the Russell 2000 Index was up +34.07% and the Bloomberg 2000 Index was up +34.80%. Small caps traded up sharply in November and December 2023, materially outperforming the large cap Bloomberg 1000 Index in those two months – short-term bucking the trend of large cap outperformance that has been in place since early 2021. The last three months of the fiscal year brought incremental volatility with the short term 9% pull back in early August due to a Yen carry trade unwind, as well as the 6% small cap pullback post Labor Day that also proved to be a buyable dip just ahead of the September FOMC meeting which gave the market its first rate cut since the COVID-driven cuts in early 2020. Within the small cap benchmark, Information Technology and Financials led for the fiscal year, while Energy and Utilities lagged.
In fiscal year 2024, the Fund I Shares was up +32.20%, underperforming the benchmark by 259 basis points (bps).
The Healthcare sector was the largest area of outperformance for the Fund due to selection and allocation. Lantheus Holdings, Inc. (1.0% Average Wgt, +67.8% Total Return) and Insmed Inc. (1.0%, +139.7%) were the biggest contributors to outperformance, with holding period returns of +61.0% and +196.4%, respectively. Conversely, the Information Technology sector was the biggest detractor of relative performance. Sprout Social, Inc. (0.8%, -50.3%) and DoubleVerify Holdings, Inc. (0.7%, -53.6%) were the biggest detractors to performance, with holding period returns of -29.5% and -38.7%, respectively.
Portfolio positioning can continue to best be described as “neutral.” The neutral positioning is reflective of our view that breadth within the growth landscape is improving and signs that leadership may be shifting. We are balancing upside participating in higher-growth, higher-momentum names against downside protection in stable/defensive growth companies. We expect to retain our neutral-ish view as we seek further evidence of the next stage of market leadership and evaluate the macroeconomic and geopolitical environment.
How did the Fund perform since inception?
Total Return Based on $25,000 Investment
| Knights of Columbus Small Cap Fund, I Shares - $48652 | Bloomberg US 3000 Index (TR) (USD)* - $76556 | Bloomberg 2000 Index (TR) (USD)** - $53138 | Russell 2000 Index (USD) - $50832 |
|---|
| Feb/15 | $25000 | $25000 | $25000 | $25000 |
| Oct/15 | $24801 | $24793 | $23790 | $23766 |
| Oct/16 | $24135 | $25873 | $24890 | $24743 |
| Oct/17 | $30896 | $32068 | $31451 | $31634 |
| Oct/18 | $30002 | $34142 | $32300 | $32220 |
| Oct/19 | $31326 | $38778 | $33331 | $33801 |
| Oct/20 | $29982 | $42782 | $33599 | $33754 |
| Oct/21 | $46407 | $61794 | $52800 | $50902 |
| Oct/22 | $37777 | $51278 | $43013 | $41464 |
| Oct/23 | $36801 | $55574 | $39420 | $37913 |
| Oct/24 | $48652 | $76556 | $53138 | $50832 |
Since its inception on February 27, 2015. The line graph represents historical performance of a hypothetical investment of $25,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future performance.Call 1-844-KC-FUNDS (1-844-523-8637) for current month-end performance.
Footnote Reference*As of October 2024, pursuant to the new regulatory requirements, this index has been added to represent the broad-based securities market index.
** On February 29, 2024, the Fund’s benchmark changed from the Russell 2000 Index (USD) to the Bloomberg 2000 Index (TR) (USD) because the Adviser believes that the Bloomberg 2000 Index (TR) (USD) better reflects the Fund’s investment strategies.
Average Annual Total Returns as of October 31, 2024
| Fund/Index Name | 1 Year | 5 Years | Annualized Since Inception |
|---|
| Knights of Columbus Small Cap Fund, I Shares | 32.20% | 9.20% | 7.12% |
| Bloomberg US 3000 Index (TR) (USD)* | 37.75% | 14.57% | 12.25% |
| Bloomberg 2000 Index (TR) (USD)** | 34.80% | 9.78% | 8.10% |
| Russell 2000 Index (USD) | 34.07% | 8.50% | 7.60% |
Key Fund Statistics as of October 31, 2024
| Total Net Assets | Number of Holdings | Total Advisory Fees Paid | Portfolio Turnover Rate |
|---|
| $152,347,130 | 93 | $1,107,108 | 71% |
What did the Fund invest in?
Sector WeightingsFootnote Reference*
| Value | Value |
|---|
| Communication Services | 1.4% |
| Materials | 2.3% |
| Utilities | 2.5% |
| Energy | 3.4% |
| Consumer Staples | 3.5% |
| Real Estate | 7.2% |
| Information Technology | 11.3% |
| Consumer Discretionary | 12.1% |
| Industrials | 15.4% |
| Health Care | 17.2% |
| Financials | 19.5% |
| Footnote | Description |
Footnote* | Percentages are calculated based on total net assets. |
| Holding Name | | | Percentage of Total Net Assets |
|---|
| Herc Holdings | | | 1.9% |
| Tanger | | | 1.8% |
| RadNet | | | 1.8% |
| KB Home | | | 1.7% |
| Brink's | | | 1.6% |
| Sterling Infrastructure | | | 1.6% |
| Belden | | | 1.6% |
| Merit Medical Systems | | | 1.6% |
| COPT Defense Properties | | | 1.5% |
| TRI Pointe Group | | | 1.5% |
On February 29, 2024, Knights of Columbus Small Cap Fund changed its primary benchmark, with approval of the Funds’ Board of Trustees, from the Russell 2000 Index to the Bloomberg 2000 Total Return Index. For detailed information please see the Prospectus Supplement dated March 1, 2024.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as “householding” and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-844-KC-FUNDS (1-844-523-8637) to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.
The Advisors' Inner Circle Fund III
Knights of Columbus Small Cap Fund / I Shares - KCSIX
Annual Shareholder Report: October 31, 2024
The Advisors' Inner Circle Fund III
Knights of Columbus Small Cap Fund
Annual Shareholder Report: October 31, 2024
This annual shareholder report contains important information about Class S Shares of the Knights of Columbus Small Cap Fund (the "Fund") for the period from November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://www.kofcassetadvisors.org/resources/forms/#tab-1-application--account-forms. You can also request this information by contacting us at 1-844-KC-FUNDS (1-844-523-8637). This annual shareholder report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Knights of Columbus Small Cap Fund, Class S Shares | $116 | 1.00% |
How did the Fund perform in the last year?
The Fund changed the vendor for its primary benchmark, FTSE Russell to Bloomberg, as of February 29, 2024. All performance discussions and comparisons herein will consider that the fund was managed against the Russell 2000 Index from October 2023 to February 2024 and the Bloomberg 2000 Index from March 2024 and beyond.
Fiscal year 2024 was a strong – albeit volatile – year for small caps, as the Russell 2000 Index was up +34.07% and the Bloomberg 2000 Index was up +34.80%. Small caps traded up sharply in November and December 2023, materially outperforming the large cap Bloomberg 1000 Index in those two months – short-term bucking the trend of large cap outperformance that has been in place since early 2021. The last three months of the fiscal year brought incremental volatility with the short term 9% pull back in early August due to a Yen carry trade unwind, as well as the 6% small cap pullback post Labor Day that also proved to be a buyable dip just ahead of the September FOMC meeting which gave the market its first rate cut since the COVID-driven cuts in early 2020. Within the small cap benchmark, Information Technology and Financials led for the fiscal year, while Energy and Utilities lagged.
In fiscal year 2024, the Fund Class S Shares was up +32.07%, underperforming the benchmark by 259 basis points (bps).
The Healthcare sector was the largest area of outperformance for the Fund due to selection and allocation. Lantheus Holdings, Inc. (1.0% Average Wgt, +67.8% Total Return) and Insmed Inc. (1.0%, +139.7%) were the biggest contributors to outperformance, with holding period returns of +61.0% and +196.4%, respectively. Conversely, the Information Technology sector was the biggest detractor of relative performance. Sprout Social, Inc. (0.8%, -50.3%) and DoubleVerify Holdings, Inc. (0.7%, -53.6%) were the biggest detractors to performance, with holding period returns of -29.5% and -38.7%, respectively.
Portfolio positioning can continue to best be described as “neutral.” The neutral positioning is reflective of our view that breadth within the growth landscape is improving and signs that leadership may be shifting. We are balancing upside participating in higher-growth, higher-momentum names against downside protection in stable/defensive growth companies. We expect to retain our neutral-ish view as we seek further evidence of the next stage of market leadership and evaluate the macroeconomic and geopolitical environment.
How did the Fund perform since inception?
Total Return Based on $10,000 Investment
| Knights of Columbus Small Cap Fund, Class S Shares - $18280 | Bloomberg US 3000 Index (TR) (USD)* - $30243 | Bloomberg 2000 Index (TR) (USD)** - $20524 | Russell 2000 Index (USD) - $19593 |
|---|
| Jul/15 | $10000 | $10000 | $10000 | $10000 |
| Oct/15 | $9393 | $9794 | $9188 | $9161 |
| Oct/16 | $9139 | $10221 | $9613 | $9537 |
| Oct/17 | $11687 | $12668 | $12148 | $12193 |
| Oct/18 | $11333 | $13487 | $12475 | $12419 |
| Oct/19 | $11828 | $15319 | $12873 | $13029 |
| Oct/20 | $11308 | $16901 | $12977 | $13011 |
| Oct/21 | $17476 | $24411 | $20393 | $19620 |
| Oct/22 | $14224 | $20257 | $16613 | $15982 |
| Oct/23 | $13841 | $21954 | $15225 | $14614 |
| Oct/24 | $18280 | $30243 | $20524 | $19593 |
Since its inception on July 14, 2015. The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future performance.Call 1-844-KC-FUNDS (1-844-523-8637) for current month-end performance.
Footnote Reference*As of October 2024, pursuant to the new regulatory requirements, this index has been added to represent the broad-based securities market index.
** On February 29, 2024, the Fund’s benchmark changed from the Russell 2000 Index (USD) to the Bloomberg 2000 Index (TR) (USD) because the Adviser believes that the Bloomberg 2000 Index (TR) (USD) better reflects the Fund’s investment strategies.
Average Annual Total Returns as of October 31, 2024
| Fund/Index Name | 1 Year | 5 Years | Annualized Since Inception |
|---|
| Knights of Columbus Small Cap Fund, Class S Shares | 32.07% | 9.10% | 6.70% |
| Bloomberg US 3000 Index (TR) (USD)* | 37.75% | 14.57% | 12.63% |
| Bloomberg 2000 Index (TR) (USD)** | 34.80% | 9.78% | 8.03% |
| Russell 2000 Index (USD) | 34.07% | 8.50% | 7.49% |
Key Fund Statistics as of October 31, 2024
| Total Net Assets | Number of Holdings | Total Advisory Fees Paid | Portfolio Turnover Rate |
|---|
| $152,347,130 | 93 | $1,107,108 | 71% |
What did the Fund invest in?
Sector WeightingsFootnote Reference*
| Value | Value |
|---|
| Communication Services | 1.4% |
| Materials | 2.3% |
| Utilities | 2.5% |
| Energy | 3.4% |
| Consumer Staples | 3.5% |
| Real Estate | 7.2% |
| Information Technology | 11.3% |
| Consumer Discretionary | 12.1% |
| Industrials | 15.4% |
| Health Care | 17.2% |
| Financials | 19.5% |
| Footnote | Description |
Footnote* | Percentages are calculated based on total net assets. |
| Holding Name | | | Percentage of Total Net Assets |
|---|
| Herc Holdings | | | 1.9% |
| Tanger | | | 1.8% |
| RadNet | | | 1.8% |
| KB Home | | | 1.7% |
| Brink's | | | 1.6% |
| Sterling Infrastructure | | | 1.6% |
| Belden | | | 1.6% |
| Merit Medical Systems | | | 1.6% |
| COPT Defense Properties | | | 1.5% |
| TRI Pointe Group | | | 1.5% |
On February 29, 2024, Knights of Columbus Small Cap Fund changed its primary benchmark, with approval of the Funds’ Board of Trustees, from the Russell 2000 Index to the Bloomberg 2000 Total Return Index. For detailed information please see the Prospectus Supplement dated March 1, 2024.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as “householding” and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-844-KC-FUNDS (1-844-523-8637) to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.
The Advisors' Inner Circle Fund III
Knights of Columbus Small Cap Fund / Class S Shares - KCSSX
Annual Shareholder Report: October 31, 2024
The Advisors' Inner Circle Fund III
Knights of Columbus U.S. All Cap Index Fund
Annual Shareholder Report: October 31, 2024
This annual shareholder report contains important information about I Shares of the Knights of Columbus U.S. All Cap Index Fund (the "Fund") for the period from November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://www.kofcassetadvisors.org/resources/forms/#tab-1-application--account-forms. You can also request this information by contacting us at 1-844-KC-FUNDS (1-844-523-8637).
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Knights of Columbus U.S. All Cap Index Fund, I Shares | $30 | 0.25% |
How did the Fund perform in the last year?
The broad U.S. stock market, as defined by the Knights of Columbus U.S. All Cap Index, rose +40.16% from October 31, 2023 to October 31, 2024.
Reflecting this environment, The Knights of Columbus Index Fund rose +39.93% as the portfolio continues to execute on its objective to maintain securities’ weightings in accordance with the index.
The fund, which offers investors exposure to every segment, size, and style of the U.S. equity market that is consistent with USCCB guidelines closely tracked its target index, the Knights of Columbus U.S. All Cap Index.
How did the Fund perform since inception?
Total Return Based on $25,000 Investment
| Knights of Columbus U.S. All Cap Index Fund, I Shares - $47328 | Bloomberg US 3000 Index (TR) (USD)* - $46234 | Solactive Knights of Columbus U.S. All Cap Index (TR) (USD) - $47944 |
|---|
| Dec/19 | $25000 | $25000 | $25000 |
| Oct/20 | $25771 | $25837 | $25905 |
| Oct/21 | $37783 | $37319 | $38134 |
| Oct/22 | $30836 | $30968 | $31175 |
| Oct/23 | $33822 | $33562 | $34207 |
| Oct/24 | $47328 | $46234 | $47944 |
Since its inception on December 31, 2019. The line graph represents historical performance of a hypothetical investment of $25,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future performance.Call 1-844-KC-FUNDS (1-844-523-8637) for current month-end performance.
Footnote Reference*As of October 2024, pursuant to the new regulatory requirements, this index has been added to represent the broad-based securities market index.
Average Annual Total Returns as of October 31, 2024
| Fund/Index Name | 1 Year | Annualized Since Inception |
|---|
| Knights of Columbus U.S. All Cap Index Fund, I Shares | 39.93% | 14.10% |
| Bloomberg US 3000 Index (TR) (USD)* | 37.75% | 13.55% |
| Solactive Knights of Columbus U.S. All Cap Index (TR) (USD) | 40.16% | 14.41% |
Key Fund Statistics as of October 31, 2024
| Total Net Assets | Number of Holdings | Total Advisory Fees Paid | Portfolio Turnover Rate |
|---|
| $188,056,020 | 2,502 | $32,674 | 3% |
What did the Fund invest in?
Sector WeightingsFootnote Reference*
| Value | Value |
|---|
| Rights | 0.0% |
| Warrant | 0.0% |
| Total Return Swaps | 0.0% |
| Utilities | 2.8% |
| Materials | 2.9% |
| Health Care | 3.0% |
| Real Estate | 3.1% |
| Consumer Staples | 3.2% |
| Energy | 4.2% |
| Consumer Discretionary | 7.8% |
| Industrials | 9.2% |
| Communication Services | 9.9% |
| Financials | 15.7% |
| Information Technology | 33.9% |
| Footnote | Description |
Footnote* | Percentages are calculated based on total net assets. |
| Holding Name | | | Percentage of Total Net Assets |
|---|
| Apple | | | 7.3% |
| NVIDIA | | | 6.7% |
| Microsoft | | | 6.3% |
| Meta Platforms, Cl A | | | 2.6% |
| Alphabet, Cl A | | | 2.1% |
| Alphabet, Cl C | | | 1.9% |
| Broadcom | | | 1.7% |
| Tesla | | | 1.5% |
| JPMorgan Chase | | | 1.3% |
| Berkshire Hathaway, Cl B | | | 1.2% |
There were no material changes during the reporting period.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as “householding” and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-844-KC-FUNDS (1-844-523-8637) to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.
The Advisors' Inner Circle Fund III
Knights of Columbus U.S. All Cap Index Fund / I Shares - KCXIX
Annual Shareholder Report: October 31, 2024
The Advisors' Inner Circle Fund III
Knights of Columbus Real Estate Fund
Annual Shareholder Report: October 31, 2024
This annual shareholder report contains important information about I Shares of the Knights of Columbus Real Estate Fund (the "Fund") for the period from November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://www.kofcassetadvisors.org/resources/forms/#tab-1-application--account-forms. You can also request this information by contacting us at 1-844-KC-FUNDS (1-844-523-8637). This annual shareholder report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Knights of Columbus Real Estate Fund, I Shares | $115 | 1.00% |
How did the Fund perform in the last year?
The Fund changed the vendor for its primary benchmark, from FTSE Russell to Bloomberg, as of February 29, 2024. All performance discussions and comparisons herein will consider that the fund was managed against the FTSE NAREIT Equity REITS Index for November, December, January and February, and the Bloomberg US 3000 REIT Index for the rest of the year.
The FTSE NAREIT Equity REITS Index rose +36.80% for the year ended October 31, 2024, while the Bloomberg US 3000 REIT Index rose +37.75%. The indices rose at the end of 2023, then were roughly flat for months until they picked up again starting in July. The Office REITs and Health Care REITs sub-industries led the way higher, up +68% and +52%, respectively. Mortgage REITs and Timber REITs brought up the rear, falling by -30% and -7%, respectively. Securities restricted from investment for Catholic principles had minimal impact, rising the same amount that unrestricted securities rose.
The Fund I Shares returned +30.53% during this period. Industrial REIT Rexford Industrial Realty, Inc. (4.5% Average Wgt., +2.5% Total Return) rose 2.5% but failed to keep up with peers. Real Estate Operating Company Kennedy-Wilson Holdings, Inc. (2.6%, -4.4%) finished lower. Their multi-family properties, particularly in California, dragged on performance and they also had to take asset mark-downs.
Retail REITs added value from allocation and selection. Overall retail spending in the US stayed stronger than expected. Acadia Realty Trust (3.7%, +77.8%) finished higher by 77.8%. The company posted solid earnings reports with strong same store net operating income growth and healthy cash rent spreads. Urban Edge Properties (1.0%, +32.7%) finished higher. They realized healthy same store net operating income growth along with high occupancy levels and remained active in acquiring and selling various properties.
The rate on 10-year treasury bonds currently stands at 4.42%, a level last seen in early July 2024. However, at that time, the Bloomberg US 3000 REIT Index was approximately 12% lower than today. With values of real estate investments highly dependent on the level and direction of interest rates, the large question looming is what happens to rates. The Bloomberg US 3000 REIT Index hit its 2024 peak in September as rates were bottoming and has pulled back some since. We are maintaining current positioning for now as we continue to assess macroeconomic trends and potential Trump Administration polices to gauge impacts on economic growth, inflation, and interest rates.
How did the Fund perform since inception?
Total Return Based on $25,000 Investment
| Knights of Columbus Real Estate Fund, I Shares - $31879 | Bloomberg US 3000 Index (TR) (USD)* - $50401 | Bloomberg US 3000 REIT Total Return Index** - $30927 | FTSE Nareit Equity REITs Index (TR) (USD) - $31658 |
|---|
| Sep/19 | $25000 | $25000 | $25000 | $25000 |
| Oct/19 | $25825 | $25530 | $25269 | $25341 |
| Oct/20 | $22793 | $28166 | $21296 | $19924 |
| Oct/21 | $31832 | $40683 | $31083 | $30245 |
| Oct/22 | $26810 | $33759 | $25049 | $24647 |
| Oct/23 | $24423 | $36588 | $23059 | $23142 |
| Oct/24 | $31879 | $50401 | $30927 | $31658 |
Since its inception on September 30, 2019. The line graph represents historical performance of a hypothetical investment of $25,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future performance.Call 1-844-KC-FUNDS (1-844-523-8637) for current month-end performance.
Footnote Reference*As of October 2024, pursuant to the new regulatory requirements, this index has been added to represent the broad-based securities market index.
** On February 29, 2024, the Fund’s benchmark changed from the FTSE NAREIT Equity REITs Index (TR)(USD) to the Bloomberg US 3000 REIT Total Return Index because the Adviser believes that the Bloomberg US 3000 REIT Total Return Index better reflects the Fund’s investment strategies.
Average Annual Total Returns as of October 31, 2024
| Fund/Index Name | 1 Year | 5 Years | Annualized Since Inception |
|---|
| Knights of Columbus Real Estate Fund, I Shares | 30.53% | 4.30% | 4.89% |
| Bloomberg US 3000 Index (TR) (USD)* | 37.75% | 14.57% | 14.77% |
| Bloomberg US 3000 REIT Total Return Index** | 34.12% | 4.12% | 4.27% |
| FTSE Nareit Equity REITs Index (TR) (USD) | 36.80% | 4.55% | 4.75% |
Key Fund Statistics as of October 31, 2024
| Total Net Assets | Number of Holdings | Total Advisory Fees Paid | Portfolio Turnover Rate |
|---|
| $152,182,357 | 30 | $1,171,020 | 114% |
What did the Fund invest in?
Sector WeightingsFootnote Reference*
| Value | Value |
|---|
| Real Estate Services | 2.6% |
| Office | 2.7% |
| Diversified | 2.9% |
| Hotel & Resort | 3.8% |
| Self-Storage | 4.1% |
| Multi-Family Residential | 5.0% |
| Single-Family Residential | 5.5% |
| Data Center | 7.7% |
| Other Specialized | 9.2% |
| Telecom Tower | 10.4% |
| Industrial | 13.1% |
| Health Care | 14.9% |
| Retail | 17.1% |
| Footnote | Description |
Footnote* | Percentages are calculated based on total net assets. |
| Holding Name | | | Percentage of Total Net Assets |
|---|
| Equinix | | | 7.7% |
| American Tower | | | 7.3% |
| Welltower | | | 5.8% |
| Prologis | | | 5.1% |
| Iron Mountain | | | 4.3% |
| Public Storage | | | 4.1% |
| VICI Properties, Cl A | | | 4.0% |
| Kimco Realty | | | 3.2% |
| Omega Healthcare Investors | | | 3.2% |
| Americold Realty Trust | | | 3.2% |
This is a summary of material changes made to the Fund since November 1, 2023:
The investment subadvisory agreement, dated July 24, 2019, by and between Ranger Global Real Estate Advisors, LLC and the Knights of Columbus Asset Advisors LLC was terminated effective as of May 7, 2024.
Effective May 31, 2024, following shareholder approval on May 30, 2024, the Fund’s diversification classification changed from “diversified” to “non-diversified,” which means that this Fund may invest a larger percentage of the Fund’s assets in a smaller number of issuers than a diversified fund.
Effective March 1, 2024, Knights of Columbus Global Real Estate Fund changed its primary benchmark, with approval of the Funds’ Board of Trustees, from the FTSE Nareit Equity REITs Index to the Bloomberg US 3000 REIT Total Return Index. For detailed information please see the Prospectus Supplement dated March 1, 2024.
Effective May 7, 2024, the management fee for the Real Estate Fund decreased from 0.85% to 0.80% of the average daily net assets of the Fund.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as “householding” and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-844-KC-FUNDS (1-844-523-8637) to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.
The Advisors' Inner Circle Fund III
Knights of Columbus Real Estate Fund / I Shares - KCRIX
Annual Shareholder Report: October 31, 2024
The Advisors' Inner Circle Fund III
Knights of Columbus International Equity Fund
Annual Shareholder Report: October 31, 2024
This annual shareholder report contains important information about I Shares of the Knights of Columbus International Equity Fund (the "Fund") for the period from November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://www.kofcassetadvisors.org/resources/forms/#tab-1-application--account-forms. You can also request this information by contacting us at 1-844-KC-FUNDS (1-844-523-8637). This annual shareholder report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Knights of Columbus International Equity Fund, I Shares | $123 | 1.10% |
How did the Fund perform in the last year?
The Fund changed the vendor for its primary benchmark, from FTSE Russell to Bloomberg, as of February 29, 2024. All performance discussions and comparisons herein will consider that the fund was managed against the FTSE All World ex-US Index from October 2023 to February 2024 and the Bloomberg World ex US Large & Mid Cap Index from March 2024 and beyond.
Global equities showed strength throughout the fiscal year, with the FTSE index rising +24.92% and the Bloomberg index rising +24.55%. There were only a few short drawdowns along the way. There were several volatile patches in the uptrend. In July, Japanese equities fell sharply as currency carry trades reversed, and markets were generally weak. Then in late September, Chinese equities shot up after the government announced some long-anticipated stimulus measures. The global economic outlook remained stronger than expected. Most national economies remained steady and some actually saw GDP estimates raised.
Top sectors included Technology and Financials, which were strong across the board. The weakest sectors were Energy and Consumer Staples, which weakened partly due to the number of people substituting weight loss pills for sugary drinks and snacks. Canada was the strongest region, buoyed by its high concentration of Financials. Latin America was by far the weakest region as the two largest countries, Brazil and Mexico, barely managed positive returns.
The Fund I Shares appreciated +24.06% behind both benchmarks. Consumer Discretionary added the most to performance. Our top holdings were retail-oriented, including Spanish fast fashion company Industria de Diseno Textil SA (1.3% Average Wgt., +70.4% Total Return) and Canadian chain Dollarama Inc. (1.0%, +52.8%). The sector that detracted the most from performance was Health Care. We did not own Danish drug maker Novo-Nordisk A/S or Switzerland-based Roche Holding AG, and they returned +17.2% and +25.5%, respectively.
While many investor concerns remain, such as the path of inflation, interest rates, and the economy, one of the larger uncertainties of the next year will be decisions from the new administration in the US, elected only days after the past fiscal year for the Fund ended. Global trade implications will be at the top of the list. According to our risk management philosophy, we aim to perform well while balancing risks in the portfolio across regions, sectors, and individual holdings.
How did the Fund perform since inception?
Total Return Based on $25,000 Investment
| Knights of Columbus International Equity Fund, I Shares - $42232 | Bloomberg World ex-US Large-Mid Total Return Index* - $41454 | FTSE All-World Ex US Index (TR) (USD)** - $41639 |
|---|
| Feb/15 | $25000 | $25000 | $25000 |
| Oct/15 | $23126 | $23502 | $23526 |
| Oct/16 | $24079 | $23704 | $23752 |
| Oct/17 | $30869 | $29417 | $29410 |
| Oct/18 | $28942 | $27216 | $27139 |
| Oct/19 | $31240 | $29439 | $30362 |
| Oct/20 | $31303 | $30275 | $29783 |
| Oct/21 | $41713 | $39283 | $38890 |
| Oct/22 | $30533 | $29781 | $29572 |
| Oct/23 | $34041 | $33284 | $33332 |
| Oct/24 | $42232 | $41454 | $41639 |
Since its inception on February 27, 2015. The line graph represents historical performance of a hypothetical investment of $25,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future performance.Call 1-844-KC-FUNDS (1-844-523-8637) for current month-end performance.
Footnote Reference*As of October 2024, pursuant to the new regulatory requirements, this index has been added to represent the broad-based securities market index.
**On February 29, 2024, the Fund’s benchmark changed from the FTSE All-Word ex-US Index to the Bloomberg World ex-US Large-Mid Index (TR) because the Adviser believes that the Bloomberg World ex-US Large-Mid Index (TR) better reflects the Fund’s investment strategies.
Average Annual Total Returns as of October 31, 2024
| Fund/Index Name | 1 Year | 5 Years | Annualized Since Inception |
|---|
| Knights of Columbus International Equity Fund, I Shares | 24.06% | 6.21% | 5.56% |
| Bloomberg World ex-US Large-Mid Total Return Index* | 24.55% | 6.35% | 5.36% |
| FTSE All-World Ex US Index (TR) (USD)** | 24.92% | 6.52% | 5.41% |
Key Fund Statistics as of October 31, 2024
| Total Net Assets | Number of Holdings | Total Advisory Fees Paid | Portfolio Turnover Rate |
|---|
| $196,184,009 | 84 | $1,692,941 | 39% |
What did the Fund invest in?
Country WeightingsFootnote Reference*
| Value | Value |
|---|
| Other Countries | 12.1% |
| Netherlands | 2.7% |
| South Korea | 3.5% |
| Spain | 4.9% |
| Taiwan | 5.3% |
| India | 6.3% |
| United States | 7.2% |
| Germany | 8.0% |
| France | 8.5% |
| Canada | 8.6% |
| United Kingdom | 9.8% |
| China | 10.8% |
| Japan | 11.1% |
| Footnote | Description |
Footnote* | Percentages are calculated based on total net assets. |
| Holding Name | | | Percentage of Total Net Assets |
|---|
| Taiwan Semiconductor Manufacturing | | | 3.4% |
| SAP | | | 2.3% |
| Tencent Holdings | | | 2.0% |
| Shell PLC | | | 1.9% |
| Siemens | | | 1.8% |
| Deutsche Telekom | | | 1.8% |
| Manulife Financial | | | 1.7% |
| BNP Paribas | | | 1.6% |
| Unilever PLC | | | 1.6% |
| Schneider Electric | | | 1.5% |
Effective February 29, 2024, Knights of Columbus International Equity Fund changed its primary benchmark, with approval of the Funds' Board of Trustees, from the FTSE All-Word ex-US Index to the Bloomberg World ex-US Large-Mid Total Return Index. For detailed information please see the Prospectus Supplement dated March 1, 2024.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as “householding” and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-844-KC-FUNDS (1-844-523-8637) to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.
The Advisors' Inner Circle Fund III
Knights of Columbus International Equity Fund / I Shares - KCIIX
Annual Shareholder Report: October 31, 2024
The Advisors' Inner Circle Fund III
Knights of Columbus International Equity Fund
Annual Shareholder Report: October 31, 2024
This annual shareholder report contains important information about Class S Shares of the Knights of Columbus International Equity Fund (the "Fund") for the period from November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://www.kofcassetadvisors.org/resources/forms/#tab-1-application--account-forms. You can also request this information by contacting us at 1-844-KC-FUNDS (1-844-523-8637). This annual shareholder report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Knights of Columbus International Equity Fund, Class S Shares | $134 | 1.20% |
How did the Fund perform in the last year?
The Fund changed the vendor for its primary benchmark, from FTSE Russell to Bloomberg, as of February 29, 2024. All performance discussions and comparisons herein will consider that the fund was managed against the FTSE All World ex-US Index from October 2023 to February 2024 and the Bloomberg World ex US Large & Mid Cap Index from March 2024 and beyond.
Global equities showed strength throughout the fiscal year, with the FTSE index rising +24.92% and the Bloomberg index rising +24.55%. There were only a few short drawdowns along the way. There were several volatile patches in the uptrend. In July, Japanese equities fell sharply as currency carry trades reversed, and markets were generally weak. Then in late September, Chinese equities shot up after the government announced some long-anticipated stimulus measures. The global economic outlook remained stronger than expected. Most national economies remained steady and some actually saw GDP estimates raised.
Top sectors included Technology and Financials, which were strong across the board. The weakest sectors were Energy and Consumer Staples, which weakened partly due to the number of people substituting weight loss pills for sugary drinks and snacks. Canada was the strongest region, buoyed by its high concentration of Financials. Latin America was by far the weakest region as the two largest countries, Brazil and Mexico, barely managed positive returns.
The Fund Class S Shares appreciated +24.02% behind both benchmarks. Consumer Discretionary added the most to performance. Our top holdings were retail-oriented, including Spanish fast fashion company Industria de Diseno Textil SA (1.3% Average Wgt., +70.4% Total Return) and Canadian chain Dollarama Inc. (1.0%, +52.8%). The sector that detracted the most from performance was Health Care. We did not own Danish drug maker Novo-Nordisk A/S or Switzerland-based Roche Holding AG, and they returned +17.2% and +25.5%, respectively.
While many investor concerns remain, such as the path of inflation, interest rates, and the economy, one of the larger uncertainties of the next year will be decisions from the new administration in the US, elected only days after the past fiscal year for the Fund ended. Global trade implications will be at the top of the list. According to our risk management philosophy, we aim to perform well while balancing risks in the portfolio across regions, sectors, and individual holdings.
How did the Fund perform since inception?
Total Return Based on $10,000 Investment
| Knights of Columbus International Equity Fund, Class S Shares - $16854 | Bloomberg World ex-US Large-Mid Total Return Index* - $18831 | FTSE All-World Ex US Index (TR) (USD)** - $16644 |
|---|
| Jul/15 | $10000 | $10000 | $10000 |
| Oct/15 | $9312 | $10358 | $9404 |
| Oct/16 | $9703 | $11149 | $9494 |
| Oct/17 | $12438 | $12073 | $11756 |
| Oct/18 | $11637 | $12274 | $10848 |
| Oct/19 | $12538 | $15386 | $12136 |
| Oct/20 | $12538 | $12967 | $11905 |
| Oct/21 | $16696 | $18926 | $15545 |
| Oct/22 | $12208 | $15251 | $11820 |
| Oct/23 | $13590 | $14040 | $13324 |
| Oct/24 | $16854 | $18831 | $16644 |
Since its inception on July 14, 2015. The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future performance.Call 1-844-KC-FUNDS (1-844-523-8637) for current month-end performance.
Footnote Reference*As of October 2024, pursuant to the new regulatory requirements, this index has been added to represent the broad-based securities market index.
**On February 29, 2024, the Fund’s benchmark changed from the FTSE All-Word ex-US Index to the Bloomberg World ex-US Large-Mid Index (TR) because the Adviser believes that the Bloomberg World ex-US Large-Mid Index (TR) better reflects the Fund’s investment strategies.
Average Annual Total Returns as of October 31, 2024
| Fund/Index Name | 1 Year | 5 Years | Annualized Since Inception |
|---|
| Knights of Columbus International Equity Fund, Class S Shares | 24.02% | 6.10% | 5.77% |
| Bloomberg World ex-US Large-Mid Total Return Index* | 24.55% | 6.35% | 5.57% |
| FTSE All-World Ex US Index (TR) (USD)** | 24.92% | 6.52% | 5.63% |
Key Fund Statistics as of October 31, 2024
| Total Net Assets | Number of Holdings | Total Advisory Fees Paid | Portfolio Turnover Rate |
|---|
| $196,184,009 | 84 | $1,692,941 | 39% |
What did the Fund invest in?
Country WeightingsFootnote Reference*
| Value | Value |
|---|
| Other Countries | 12.1% |
| Netherlands | 2.7% |
| South Korea | 3.5% |
| Spain | 4.9% |
| Taiwan | 5.3% |
| India | 6.3% |
| United States | 7.2% |
| Germany | 8.0% |
| France | 8.5% |
| Canada | 8.6% |
| United Kingdom | 9.8% |
| China | 10.8% |
| Japan | 11.1% |
| Footnote | Description |
Footnote* | Percentages are calculated based on total net assets. |
| Holding Name | | | Percentage of Total Net Assets |
|---|
| Taiwan Semiconductor Manufacturing | | | 3.4% |
| SAP | | | 2.3% |
| Tencent Holdings | | | 2.0% |
| Shell PLC | | | 1.9% |
| Siemens | | | 1.8% |
| Deutsche Telekom | | | 1.8% |
| Manulife Financial | | | 1.7% |
| BNP Paribas | | | 1.6% |
| Unilever PLC | | | 1.6% |
| Schneider Electric | | | 1.5% |
Effective February 29, 2024, Knights of Columbus International Equity Fund changed its primary benchmark, with approval of the Funds' Board of Trustees, from the FTSE All-Word ex-US Index to the Bloomberg World ex-US Large-Mid Total Return Index. For detailed information please see the Prospectus Supplement dated March 1, 2024.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as “householding” and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-844-KC-FUNDS (1-844-523-8637) to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.
The Advisors' Inner Circle Fund III
Knights of Columbus International Equity Fund / Class S Shares - KCISX
Annual Shareholder Report: October 31, 2024
Item 2. Code of Ethics.
The Registrant (also referred to as the “Trust”) has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, controller or principal accounting officer, and any person who performs a similar function. There have been no amendments to or waivers granted to this code of ethics during the period covered by this report.
Item 3. Audit Committee Financial Expert.
(a)(1) The Registrant’s board of trustees has determined that the Registrant has at least one audit committee financial expert serving on the audit committee.
(a)(2) The Registrant’s audit committee financial experts are Thomas P. Lemke and Jay Nadel, and each of Mr. Lemke and Mr. Nadel is “independent” as that term is defined in Form N-CSR Item 3 (a)(2).
Item 4. Principal Accountant Fees and Services.
Fees billed by PricewaterhouseCoopers LLP (“PwC”) related to the Trust.
PwC billed the Trust aggregate fees for services rendered to the Trust for the last two fiscal years as follows:
| | FYE October 31, 2024 | FYE October 31, 2023 |
| | | All fees and services to the Trust that were pre-approved | All fees and services to service affiliates that were pre-approved | All other fees and services to service affiliates that did not require pre-approval | All fees and services to the Trust that were pre-approved | All fees and services to service affiliates that were pre-approved | All other fees and services to service affiliates that did not require pre-approval |
| (a) | Audit Fees(1) | $734,463 | None | None | $717,900 | None | None |
| (b) | Audit-Related Fees | None | None | None | None | None | None |
| (c) | Tax Fees | None | None | $559,700(2) | None | None | $807,756(2) |
| (d) | All Other Fees | None | None | $10,530(4) | None | None | $7,535(4) |
Fees billed by Ernst & Young LLP (“E&Y”) related to the Trust.
E&Y billed the Trust aggregate fees for services rendered to the Trust for the last two fiscal years as follows:
| | FYE October 31, 2024 | FYE October 31, 2023 |
| | | All fees and services to the Trust that were pre-approved | All fees and services to service affiliates that were pre-approved | All other fees and services to service affiliates that did not require pre-approval | All fees and services to the Trust that were pre-approved | All fees and services to service affiliates that were pre-approved | All other fees and services to service affiliates that did not require pre-approval |
| (a) | Audit Fees(1) | $113,052 | None | None | $137,200 | None | None |
| (b) | Audit-Related Fees | None | None | None | None | None | None |
| (c) | Tax Fees | None | None | None | None | None | None |
| (d) | All Other Fees | None | None | None | None | None | None |
Fees billed by Deloitte & Touche LLP (“D&T”) related to the Trust.
D&T billed the Trust aggregate fees for services rendered to the Trust for the last two fiscal years as follows
| | FYE October 31, 2024 | FYE October 31, 2023 |
| | | All fees and services to the Trust that were pre-approved | All fees and services to service affiliates that were pre-approved | All other fees and services to service affiliates that did not require pre-approval | All fees and services to the Trust that were pre-approved | All fees and services to service affiliates that were pre-approved | All other fees and services to service affiliates that did not require pre-approval |
| (a) | Audit Fees(1) | $30,000 | None | None | $30,624 | None | None |
| (b) | Audit-Related Fees | None | None | None | None | None | None |
| (c) | Tax Fees | None | None | None | None | None | None |
| (d) | All Other Fees | None | None | None | None | None | None |
Fees billed by KPMG (“KPMG”) related to the Trust.
KPMG billed the Trust aggregate fees for services rendered to the Trust for the last two fiscal years as follows
| | FYE October 31, 2024 | FYE October 31, 2023 |
| | | All fees and services to the Trust that were pre-approved | All fees and services to service affiliates that were pre-approved | All other fees and services to service affiliates that did not require pre-approval | All fees and services to the Trust that were pre-approved | All fees and services to service affiliates that were pre-approved | All other fees and services to service affiliates that did not require pre-approval |
| (a) | Audit Fees(1) | $45,000 | None | None | $363,625 | None | None |
| (b) | Audit-Related Fees | None | None | None | None | None | None |
| (c) | Tax Fees | None | None | None | None | None | None |
| (d) | All Other Fees | None | None | $154,000(3) | None | None | $282,908(3) |
Notes:
| (1) | Audit fees include amounts related to the audit of the Trust’s annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings. |
| (2) | Tax return preparation fees for affiliates of the Funds. |
| (3) | Non-audit fees consist of SSAE No. 18 report over investment management activities and non-statutory audit reports of Legal & General Investment Management America, Inc. |
| (4) | Non-audit assurance engagements for service affiliates of the funds. |
(e)(1) The Trust’s Audit Committee has adopted and the Board of Trustees has ratified an Audit and Non-Audit Services Pre-Approval Policy (the “Policy”), which sets forth the procedures and the conditions pursuant to which services proposed to be performed by the independent auditor of the Funds may be pre-approved.
The Policy provides that all requests or applications for proposed services to be provided by the independent auditor must be submitted to the Registrant’s Chief Financial Officer (“CFO”) and must include a detailed description of the services proposed to be rendered. The CFO will determine whether such services:
| 1. | require specific pre-approval; |
| 2. | are included within the list of services that have received the general pre-approval of the Audit Committee pursuant to the Policy; or |
| 3. | have been previously pre-approved in connection with the independent auditor’s annual engagement letter for the applicable year or otherwise. In any instance where services require pre-approval, the Audit Committee will consider whether such services are consistent with SEC’s rules and whether the provision of such services would impair the auditor’s independence. |
Requests or applications to provide services that require specific pre-approval by the Audit Committee will be submitted to the Audit Committee by the CFO. The Audit Committee will be informed by the CFO on a quarterly basis of all services rendered by the independent auditor. The Audit Committee has delegated specific pre-approval authority to either the Audit Committee Chair or financial expert, provided that the estimated fee for any such proposed pre-approved service does not exceed $100,000 and any pre-approval decisions are reported to the Audit Committee at its next regularly-scheduled meeting.
Services that have received the general pre-approval of the Audit Committee are identified and described in the Policy. In addition, the Policy sets forth a maximum fee per engagement with respect to each identified service that has received general pre-approval.
All services to be provided by the independent auditor shall be provided pursuant to a signed written engagement letter with the Registrant, the investment adviser, or applicable control affiliate (except that matters as to which an engagement letter would be impractical because of timing issues or because the matter is small may not be the subject of an engagement letter) that sets forth both the services to be provided by the independent auditor and the total fees to be paid to the independent auditor for those services.
In addition, the Audit Committee has determined to take additional measures on an annual basis to meet the Audit Committee’s responsibility to oversee the work of the independent auditor and to assure the auditor's independence from the Registrant, such as (a) reviewing a formal written statement from the independent auditor delineating all relationships between the independent auditor and the Registrant, and (b) discussing with the independent auditor the independent auditor’s methods and procedures for ensuring independence.
(e)(2) Percentage of fees billed applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows (PwC):
| | FYE
October 31, 2024 | FYE October 31, 2023 |
Audit-Related Fees | None | None |
| Tax Fees | None | None |
All Other Fees | None | None |
(e)(2) Percentage of fees billed applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows (E&Y):
| | FYE October 31, 2024 | FYE October 31, 2023 |
Audit-Related Fees | None | None |
| Tax Fees | None | None |
All Other Fees | None | None |
(e)(2) Percentage of fees billed applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows (D&T):
| | FYE
October 31, 2024 | FYE October 31, 2023 |
Audit-Related Fees | None | None |
| Tax Fees | None | None |
All Other Fees | None | None |
(e)(2) Percentage of fees billed applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows (KPMG):
| | FYE
October 31, 2024 | FYE October 31,2023 |
Audit-Related Fees | None | None |
| Tax Fees | None | None |
All Other Fees | None | None |
(f) Not applicable.
(g) The aggregate non-audit fees and services billed by PwC for services rendered to the Registrant, and rendered to the Registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for the last two fiscal-years-ended October 31st were $570,230 and $815,291 for 2024 and 2023, respectively.
(g) The aggregate non-audit fees and services billed by E&Y for services rendered to the Registrant, and rendered to the Registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for the last two fiscal-years-ended October 31st were $0 and $0 for 2024 and 2023, respectively.
(g) The aggregate non-audit fees and services billed by D&T for services rendered to the Registrant, and rendered to the Registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for the last two fiscal-years-ended October 31st were $0 and $0 for 2024 and 2023, respectively.
(g) The aggregate non-audit fees and services billed by KPMG for services rendered to the Registrant, and rendered to the Registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for the last two fiscal-years-ended October 31st were $154,000 and $282,908 for 2024 and 2023, respectively.
(h) During the past fiscal year, all non-audit services provided by the Registrant’s principal accountant to either the Registrant’s investment adviser or to any entity controlling, controlled by, or under common control with the Registrant’s investment adviser that provides ongoing services to the Registrant were pre-approved by the Audit Committee of Registrant’s Board of Trustees. Included in the Audit Committee’s pre-approval of these non-audit service were the review and consideration as to whether the provision of these non-audit services is compatible with maintaining the principal accountant’s independence.
(i) Not applicable. The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the “PCAOB”) has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.
(j) Not applicable. The Registrant is not a “foreign issuer,” as defined in 17 CFR § 240.3b-4.
Item 5. Audit Committee of Listed Registrants.
Not applicable to open-end management investment companies.
Item 6. Schedule of Investments.
(a) The Schedule of Investments is included as part of the Financial Statements and Other Information filed under Item 7 of this form.
(b) Not applicable.
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Financial statements and financial highlights are filed herein.
| THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS FUNDS |
OCTOBER 31, 2024
| TABLE OF CONTENTS |
| Financial Statements (N-CSR Item 7) | |
| Schedules of Investments | 1 |
| Glossary | 49 |
| Statements of Assets and Liabilities | 50 |
| Statements of Operations | 52 |
| Statements of Changes in Net Assets | 54 |
| Financial Highlights | 64 |
| Notes to Financial Statements | 66 |
| Report of Independent Registered Public Accounting Firm | 83 |
| Notice to Shareholders (Unaudited) | 84 |
| THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS |
| | LIMITED DURATION FUND |
| | OCTOBER 31, 2024 |
| SCHEDULE OF INVESTMENTS |
| U.S. TREASURY OBLIGATIONS — 40.5% |
| | | Face Amount | | | Value | |
| U.S. Treasury Notes | | | | | | | | |
| 4.625%, 11/15/26 | | $ | 40,000,000 | | | $ | 40,356,250 | |
| 4.375%, 08/15/26 | | | 11,300,000 | | | | 11,336,195 | |
| 4.375%, 11/30/28 | | | 11,500,000 | | | | 11,588,496 | |
| 3.875%, 12/31/27 | | | 7,500,000 | | | | 7,442,578 | |
| 3.500%, 09/30/26 | | | 3,000,000 | | | | 2,963,438 | |
| | | | | | | | | |
| Total U.S. Treasury Obligations | | | | | | | | |
| (Cost $73,419,683) | | | | | | | 73,686,957 | |
| CORPORATE OBLIGATIONS — 29.7% |
| | | | | | | | | |
| COMMUNICATION SERVICES — 0.7% |
| TELUS | | | | | | | | |
| 3.700%, 09/15/27 | | | 765,000 | | | | 742,583 | |
| T-Mobile USA | | | | | | | | |
| 2.625%, 04/15/26 | | | 550,000 | | | | 532,436 | |
| | | | | | | | | |
| | | | | | | | 1,275,019 | |
| CONSUMER DISCRETIONARY — 1.9% |
| Daimler Truck Finance North America | | | | | | | | |
| 2.000%, 12/14/26(A) | | | 910,000 | | | | 860,613 | |
| Ford Motor Credit | | | | | | | | |
| 5.850%, 05/17/27 | | | 985,000 | | | | 994,344 | |
| Mercedes-Benz Finance North America | | | | | | | | |
| 4.800%, 03/30/26(A) | | | 550,000 | | | | 551,129 | |
| Toll Brothers Finance | | | | | | | | |
| 4.350%, 02/15/28 | | | 985,000 | | | | 966,668 | |
| | | | | | | | | |
| | | | | | | | 3,372,754 | |
| CONSUMER STAPLES — 2.7% |
| 7-Eleven | | | | | | | | |
| 0.950%, 02/10/26(A) | | | 975,000 | | | | 927,464 | |
| Alimentation Couche-Tard | | | | | | | | |
| 3.550%, 07/26/27(A) | | | 1,000,000 | | | | 967,202 | |
| Conagra Brands | | | | | | | | |
| 1.375%, 11/01/27 | | | 1,088,000 | | | | 984,645 | |
| JBS USA Holding Lux Sarl | | | | | | | | |
| 2.500%, 01/15/27 | | | 985,000 | | | | 933,998 | |
| McCormick | | | | | | | | |
| 0.900%, 02/15/26 | | | 975,000 | | | | 928,359 | |
| | | | | | | | 4,741,668 | |
| ENERGY — 4.4% | | | | | | | | |
| BP Capital Markets America | | | | | | | | |
| 5.017%, 11/17/27 | | | 987,000 | | | | 1,000,750 | |
| Canadian Natural Resources | | | | | | | | |
| 3.850%, 06/01/27 | | | 975,000 | | | | 953,559 | |
| Energy Transfer | | | | | | | | |
| 4.400%, 03/15/27 | | | 990,000 | | | | 981,861 | |
| EnLink Midstream Partners | | | | | | | | |
| 4.850%, 07/15/26 | | | 975,000 | | | | 970,768 | |
| Helmerich & Payne | | | | | | | | |
| 4.650%, 12/01/27(A) | | | 950,000 | | | | 938,285 | |
| CORPORATE OBLIGATIONS — continued |
| | | Face Amount | | | Value | |
| ENERGY — continued | | | | | | | | |
| Marathon Oil | | | | | | | | |
| 4.400%, 07/15/27 | | $ | 950,000 | | | $ | 942,426 | |
| MPLX | | | | | | | | |
| 4.250%, 12/01/27 | | | 980,000 | | | | 964,002 | |
| Schlumberger Holdings | | | | | | | | |
| 5.000%, 05/29/27(A) | | | 980,000 | | | | 987,483 | |
| Western Midstream Operating | | | | | | | | |
| 4.500%, 03/01/28 | | | 300,000 | | | | 293,237 | |
| | | | | | | | 8,032,371 | |
| FINANCIALS — 3.8% | | | | | | | | |
| Bank of America MTN | | | | | | | | |
| 4.183%, 11/25/27 | | | 975,000 | | | | 957,555 | |
| Blackstone Private Credit Fund | | | | | | | | |
| 3.250%, 03/15/27 | | | 1,039,000 | | | | 984,065 | |
| Eaton Vance | | | | | | | | |
| 3.500%, 04/06/27 | | | 1,010,000 | | | | 983,992 | |
| Fidelity National Information Services | | | | | | | | |
| 1.150%, 03/01/26 | | | 580,000 | | | | 553,047 | |
| Goldman Sachs Group | | | | | | | | |
| 5.732%, SOFRRATE + 0.790%, 12/09/26(B) | | | 957,000 | | | | 958,581 | |
| JPMorgan Chase | | | | | | | | |
| 4.505%, SOFRRATE + 0.860%, 10/22/28(B) | | | 940,000 | | | | 933,359 | |
| Morgan Stanley MTN | | | | | | | | |
| 3.950%, 04/23/27 | | | 975,000 | | | | 957,005 | |
| Sixth Street Specialty Lending | | | | | | | | |
| 3.875%, 11/01/24 | | | 575,000 | | | | 575,000 | |
| | | | | | | | 6,902,604 | |
| HEALTH CARE — 1.1% | | | | | | | | |
| Baxter International | | | | | | | | |
| 2.600%, 08/15/26 | | | 710,000 | | | | 683,797 | |
| Icon Investments Six DAC | | | | | | | | |
| 5.809%, 05/08/27 | | | 751,000 | | | | 765,933 | |
| Zimmer Biomet Holdings | | | | | | | | |
| 3.050%, 01/15/26 | | | 610,000 | | | | 597,857 | |
| | | | | | | | 2,047,587 | |
| INDUSTRIALS — 3.6% | | | | | | | | |
| Georgia-Pacific | | | | | | | | |
| 0.950%, 05/15/26(A) | | | 575,000 | | | | 544,141 | |
| Howmet Aerospace | | | | | | | | |
| 6.750%, 01/15/28 | | | 925,000 | | | | 977,311 | |
| Hubbell | | | | | | | | |
| 3.350%, 03/01/26 | | | 915,000 | | | | 897,125 | |
| Ingersoll Rand | | | | | | | | |
| 5.197%, 06/15/27 | | | 985,000 | | | | 997,842 | |
| Johnson Controls International | | | | | | | | |
| 3.900%, 02/14/26 | | | 575,000 | | | | 568,294 | |
| Owens Corning | | | | | | | | |
| 5.500%, 06/15/27 | | | 985,000 | | | | 1,004,456 | |
| Regal Rexnord | | | | | | | | |
| 6.050%, 02/15/26 | | | 915,000 | | | | 924,584 | |
The accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS |
| | LIMITED DURATION FUND |
| | OCTOBER 31, 2024 |
| CORPORATE OBLIGATIONS — continued |
| | | Face Amount | | | Value | |
| INDUSTRIALS — continued |
| Westinghouse Air Brake Technologies | | | | | | | | |
| 3.450%, 11/15/26 | | $ | 600,000 | | | $ | 585,307 | |
| | | | | | | | 6,499,060 | |
| INFORMATION TECHNOLOGY — 3.1% |
| Amphenol | | | | | | | | |
| 4.750%, 03/30/26 | | | 915,000 | | | | 916,857 | |
| Broadcom | | | | | | | | |
| 3.459%, 09/15/26 | | | 900,000 | | | | 881,487 | |
| Hewlett Packard Enterprise | | | | | | | | |
| 4.400%, 09/25/27 | | | 954,000 | | | | 946,539 | |
| Renesas Electronics | | | | | | | | |
| 2.170%, 11/25/26(A) | | | 1,000,000 | | | | 944,358 | |
| Teledyne Technologies | | | | | | | | |
| 1.600%, 04/01/26 | | | 975,000 | | | | 932,765 | |
| Vontier | | | | | | | | |
| 1.800%, 04/01/26 | | | 1,090,000 | | | | 1,040,382 | |
| | | | | | | | 5,662,388 | |
| MATERIALS — 4.3% | | | | | | | | |
| Berry Global | | | | | | | | |
| 1.570%, 01/15/26 | | | 565,000 | | | | 542,339 | |
| Celanese US Holdings | | | | | | | | |
| 6.165%, 07/15/27 | | | 950,000 | | | | 971,540 | |
| Glencore Funding | | | | | | | | |
| 5.338%, 04/04/27(A) | | | 950,000 | | | | 960,978 | |
| Nutrien | | | | | | | | |
| 5.200%, 06/21/27 | | | 935,000 | | | | 947,731 | |
| RPM International | | | | | | | | |
| 3.750%, 03/15/27 | | | 962,000 | | | | 940,556 | |
| Sherwin-Williams | | | | | | | | |
| 4.550%, 03/01/28 | | | 60,000 | | | | 59,843 | |
| 3.950%, 01/15/26 | | | 915,000 | | | | 906,818 | |
| Sonoco Products | | | | | | | | |
| 1.800%, 02/01/25 | | | 651,000 | | | | 645,113 | |
| Steel Dynamics | | | | | | | | |
| 5.000%, 12/15/26 | | | 525,000 | | | | 524,268 | |
| Westlake | | | | | | | | |
| 3.600%, 08/15/26 | | | 625,000 | | | | 611,743 | |
| WRKCo | | | | | | | | |
| 3.900%, 06/01/28 | | | 840,000 | | | | 810,466 | |
| | | | | | | | 7,921,395 | |
| REAL ESTATE — 2.5% | | | | | | | | |
| American Tower | | | | | | | | |
| 3.375%, 10/15/26 | | | 845,000 | | | | 824,568 | |
| Crown Castle | | | | | | | | |
| 3.650%, 09/01/27 | | | 970,000 | | | | 938,881 | |
| Kite Realty Group | | | | | | | | |
| 4.000%, 10/01/26 | | | 985,000 | | | | 965,973 | |
| Public Storage Operating | | | | | | | | |
| 5.554%, SOFRINDX + 0.700%, 04/16/27(B) | | | 975,000 | | | | 979,348 | |
| CORPORATE OBLIGATIONS — continued |
| | | Face Amount | | | Value | |
| REAL ESTATE — continued |
| Store Capital | | | | | | | | |
| 4.500%, 03/15/28 | | $ | 1,000,000 | | | $ | 969,666 | |
| | | | | | | | 4,678,436 | |
| UTILITIES — 1.6% | | | | | | | | |
| Alliant Energy Finance | | | | | | | | |
| 5.400%, 06/06/27(A) | | | 955,000 | | | | 964,939 | |
| Georgia Power | | | | | | | | |
| 5.004%, 02/23/27 | | | 960,000 | | | | 970,597 | |
| NextEra Energy Capital Holdings | | | | | | | | |
| 1.875%, 01/15/27 | | | 1,010,000 | | | | 950,359 | |
| | | | | | | | 2,885,895 | |
| Total Corporate Obligations | | | | | | | | |
| (Cost $53,587,876) | | | | | | | 54,019,177 | |
| ASSET-BACKED SECURITIES — 19.1% |
| | | | | | | | | |
| Automotive — 2.8% | | | | | | | | |
| BOF VII AL Funding Trust I, Ser 2023-CAR3, Cl A2 | | | | | | | | |
| 6.291%, 07/26/32 (A) | | | 712,374 | | | | 722,638 | |
| Flagship Credit Auto Trust, Ser 2021-3, Cl C | | | | | | | | |
| 1.460%, 09/15/27 (A) | | | 1,000,000 | | | | 976,414 | |
| Santander Drive Auto Receivables Trust, Ser 2021-2, Cl D | | | | | | | | |
| 1.350%, 07/15/27 | | | 797,673 | | | | 787,149 | |
| Santander Drive Auto Receivables Trust, Ser 2021-3, Cl D | | | | | | | | |
| 1.330%, 09/15/27 | | | 666,851 | | | | 655,889 | |
| Santander Drive Auto Receivables Trust, Ser 2022-2, Cl C | | | | | | | | |
| 3.760%, 07/16/29 | | | 1,000,000 | | | | 986,754 | |
| Santander Drive Auto Receivables Trust, Ser 2024-4, Cl B | | | | | | | | |
| 4.930%, 09/17/29 | | | 915,000 | | | | 917,083 | |
| | | | | | | | 5,045,927 | |
| Credit Cards — 0.5% | | | | | | | | |
| Mercury Financial Credit Card Master Trust, Ser 2023-1A, Cl A | | | | | | | | |
| 8.040%, 09/20/27 (A) | | | 950,000 | | | | 953,539 | |
| | | | | | | | | |
| Other ABS — 15.8% | | | | | | | | |
| Affirm Asset Securitization Trust, Ser 2023-B, Cl 1A | | | | | | | | |
| 6.820%, 09/15/28 (A) | | | 950,000 | | | | 963,890 | |
| Affirm Asset Securitization Trust, Ser 2024-X1, Cl A | | | | | | | | |
| 6.270%, 05/15/29 (A) | | | 443,404 | | | | 444,954 | |
| Antares CLO, Ser 2018-3, Cl A1R | | | | | | | | |
| 6.816%, TSFR3M + 1.590%, 07/20/36 (A)(B) | | | 950,000 | | | | 951,517 | |
| Barings Private Credit CLO, Ser 2023-1, Cl A1BR | | | | | | | | |
| 6.556%, TSFR3M + 1.900%, 10/15/36 (A)(B) | | | 950,000 | | | | 949,961 | |
The accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS |
| | LIMITED DURATION FUND |
| | OCTOBER 31, 2024 |
| ASSET-BACKED SECURITIES — continued |
| | | Face Amount | | | Value | |
| Other ABS — continued |
| Blackbird Capital Aircraft Lease Securitization, Ser 2016-1A, Cl A | | | | | | | | |
| 4.213%, 12/16/41 (A)(C) | | $ | 171,810 | | | $ | 171,446 | |
| Blackrock Mount Adams CLO IX, Ser 2021-9A, Cl A1 | | | | | | | | |
| 6.385%, TSFR3M + 1.632%, 09/22/31 (A)(B) | | | 38,038 | | | | 38,023 | |
| Blue Owl Asset Leasing Trust, Ser 2024-1A, Cl B | | | | | | | | |
| 5.410%, 03/15/30 (A) | | | 540,000 | | | | 539,978 | |
| California Street CLO IX, Ser 2021-9A, Cl AR3 | | | | | | | | |
| 6.009%, TSFR3M + 1.362%, 07/16/32 (A)(B) | | | 586,771 | | | | 587,011 | |
| Cerberus Loan Funding XLVII, Ser 2024-3A, Cl A | | | | | | | | |
| 6.406%, TSFR3M + 1.750%, 07/15/36 (A)(B) | | | 785,000 | | | | 784,576 | |
| Churchill MMSLF CLO-I, Ser 2021-2A, Cl A | | | | | | | | |
| 6.301%, TSFR3M + 1.712%, 10/01/32 (A)(B) | | | 1,113,000 | | | | 1,113,190 | |
| Cologix Data Centers US Issuer, Ser 2021-1A, Cl A2 | | | | | | | | |
| 3.300%, 12/26/51 (A) | | | 500,000 | | | | 469,992 | |
| Fortress Credit Opportunities XI CLO, Ser 2018-11A, Cl A1T | | | | | | | | |
| 6.218%, TSFR3M + 1.562%, 04/15/31 (A)(B) | | | 321,915 | | | | 321,760 | |
| Fortress Credit Opportunities XVII CLO, Ser 2022-17A, Cl B | | | | | | | | |
| 6.606%, TSFR3M + 1.950%, 01/15/30 (A)(B) | | | 493,506 | | | | 493,085 | |
| Goldentree Loan Management US CLO XII, Ser 2024-12A, Cl AJR | | | | | | | | |
| 6.147%, TSFR3M + 1.530%, 07/20/37 (A)(B) | | | 1,175,000 | | | | 1,176,876 | |
| Golub Capital Partners CLO, Ser 2022-30A, Cl AR2 | | | | | | | | |
| 6.237%, TSFR3M + 1.620%, 04/20/34 (A)(B) | | | 450,000 | | | | 450,759 | |
| Gracie Point International Funding, Ser 2023-1A, Cl A | | | | | | | | |
| 7.319%, SOFR90A + 1.950%, 09/01/26 (A)(B) | | | 785,775 | | | | 789,998 | |
| Guggenheim MM CLO, Ser 2021-3A, Cl A | | | | | | | | |
| 6.429%, TSFR3M + 1.812%, 01/21/34 (A)(B) | | | 365,000 | | | | 365,328 | |
| HalseyPoint CLO III, Ser 2024-3A, Cl A1R | | | | | | | | |
| 6.069%, TSFR3M + 1.480%, 07/30/37 (A)(B) | | | 950,000 | | | | 953,335 | |
| ASSET-BACKED SECURITIES — continued |
| | | Face Amount | | | Value | |
| Other ABS — continued |
| KKR Lending Partners III CLO, Ser 2021-1A, Cl B | | | | | | | | |
| 6.779%, TSFR3M + 2.162%, 10/20/30 (A)(B) | | $ | 592,000 | | | $ | 592,465 | |
| MCF CLO VIII, Ser 2024-1A, Cl AR | | | | | | | | |
| 6.582%, TSFR3M + 1.950%, 04/18/36 (A)(B) | | | 950,000 | | | | 958,732 | |
| Monroe Capital Mml Clo XI, Ser 2021-1A, Cl A1 | | | | | | | | |
| 6.940%, TSFR3M + 1.812%, 05/20/33 (A)(B) | | | 925,000 | | | | 926,069 | |
| Nassau, Ser 2017-IIA, Cl AF | | | | | | | | |
| 3.380%, 01/15/30 (A) | | | 6,773 | | | | 6,735 | |
| Nelnet Student Loan Trust, Ser 2014-2A, Cl A3 | | | | | | | | |
| 5.821%, SOFR30A + 0.964%, 07/27/37 (A)(B) | | | 776,160 | | | | 775,951 | |
| Oak Street Investment Grade Net Lease Fund Series, Ser 2021-2A, Cl A3 | | | | | | | | |
| 2.850%, 11/20/51 (A) | | | 1,610,000 | | | | 1,457,906 | |
| OCP CLO, Ser 2024-24A, Cl A2R | | | | | | | | |
| 6.167%, TSFR3M + 1.550%, 10/20/37 (A)(B) | | | 950,000 | | | | 949,738 | |
| Pagaya AI Debt Grantor Trust, Ser 2024-5, Cl A | | | | | | | | |
| 6.278%, 10/15/31 (A) | | | 546,477 | | | | 550,819 | |
| Pagaya AI Debt Trust, Ser 2024-2, Cl A | | | | | | | | |
| 6.319%, 08/15/31 (A) | | | 481,931 | | | | 485,853 | |
| Palmer Square BDC CLO I, Ser 2024-1A, Cl A | | | | | | | | |
| 6.256%, TSFR3M + 1.600%, 07/15/37 (A)(B) | | | 950,000 | | | | 949,726 | |
| RIN II, Ser 2019-1A, Cl A | | | | | | | | |
| 6.850%, TSFR3M + 1.912%, 09/10/30 (A)(B) | | | 215,906 | | | | 216,222 | |
| Silver Point Scf CLO I, Ser 2024-1A, Cl A1AR | | | | | | | | |
| 6.568%, TSFR3M + 1.720%, 10/15/36 (A)(B) | | | 950,000 | | | | 950,000 | |
| SLM Student Loan Trust, Ser 2006-10, Cl A6 | | | | | | | | |
| 5.595%, SOFR90A + 0.412%, 03/25/44 (B) | | | 920,430 | | | | 904,593 | |
| Spirit Airlines Pass Through Trust, Ser 2015-1A | | | | | | | | |
| 4.100%, 04/01/28 | | | 934,631 | | | | 865,365 | |
| TCW CLO, Ser 2022-2A, Cl A1R | | | | | | | | |
| 5.897%, TSFR3M + 1.280%, 10/20/32 (A)(B) | | | 1,300,000 | | | | 1,301,524 | |
| Trinitas CLO XIV, Ser 2024-14A, Cl A2R | | | | | | | | |
| 6.166%, TSFR3M + 1.540%, 01/25/34 (A)(B) | | | 940,000 | | | | 939,748 | |
The accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS |
| | LIMITED DURATION FUND |
| | OCTOBER 31, 2024 |
ASSET-BACKED SECURITIES — continued
| | | Face Amount | | | Value | |
| Other ABS — continued |
| Twin Brook CLO, Ser 2024-1A, Cl A | | | | | | | | |
| 7.192%, TSFR3M + 1.900%, 07/20/36 (A)(B) | | $ | 750,000 | | | $ | 749,576 | |
| Venture 38 CLO, Ser 2021-38A, Cl A1R | | | | | | | | |
| 6.011%, TSFR3M + 1.422%, 07/30/32 (A)(B) | | | 1,275,000 | | | | 1,276,558 | |
| Voya CLO, Ser 2018-4, Cl A2RR | | | | | | | | |
| 6.763%, TSFR3M + 1.600%, 10/15/37 (A)(B) | | | 950,000 | | | | 949,619 | |
| Wellfleet CLO, Ser 2021-1A, Cl BR4 | | | | | | | | |
| 6.429%, TSFR3M + 1.812%, 07/20/29 (A)(B) | | | 99,098 | | | | 99,062 | |
| Whitehorse Principal Lending CLO, Ser 2022-1, Cl A1R | | | | | | | | |
| 6.733%, TSFR3M + 1.780%, 10/15/36 (A)(B) | | | 1,000,000 | | | | 999,316 | |
| Willis Engine Structured Trust IV, Ser 2018-A, Cl A | | | | | | | | |
| 4.750%, 09/15/43 (A)(C) | | | 174,340 | | | | 170,917 | |
| | | | | | | | 28,642,173 | |
| Total Asset-Backed Securities | | | | | | | | |
| (Cost $34,422,761) | | | | | | | 34,641,639 | |
| | | | | | | | |
| U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — 4.7% |
| FHLMC | | | | | | | | |
| 6.000%, 01/01/37 | | | 776 | | | | 789 | |
| 6.000%, 11/01/37 | | | 963 | | | | 988 | |
| 5.500%, 07/01/34 | | | 631 | | | | 642 | |
| 4.000%, 03/01/39 | | | 2,488 | | | | 2,356 | |
| FHLMC, Ser 2020-5036, Cl AB | | | | | | | | |
| 2.000%, 05/25/41 | | | 2,797,099 | | | | 2,632,648 | |
| FHLMC, Ser 2020-5019, Cl DA | | | | | | | | |
| 2.000%, 05/25/41 | | | 2,611,041 | | | | 2,464,938 | |
| FNMA | | | | | | | | |
| 6.000%, 05/01/36 | | | 220 | | | | 230 | |
| 6.000%, 08/01/36 | | | 243 | | | | 254 | |
| 5.500%, 07/01/38 | | | 1,391 | | | | 1,400 | |
| GNMA | | | | | | | | |
| 6.000%, 03/15/32 | | | 431 | | | | 450 | |
| 6.000%, 09/15/33 | | | 3,551 | | | | 3,610 | |
| 6.000%, 09/15/37 | | | 1,442 | | | | 1,504 | |
| 5.500%, 06/15/38 | | | 667 | | | | 679 | |
| 5.000%, 06/15/33 | | | 799 | | | | 810 | |
| GNMA, Ser 2022-212, Cl HP | | | | | | | | |
| 5.000%, 06/20/43 | | | 3,426,730 | | | | 3,411,398 | |
| | | | | | | | | |
| Total U.S. Government Agency Mortgage-Backed Obligations | | | | | | | | |
| (Cost $8,425,929) | | | | | | | 8,522,696 | |
| MORTGAGE-BACKED SECURITIES — 3.9% |
| | | Face Amount | | | Value | |
| Non-Agency Mortgage-Backed Obligations — 3.9% |
| BX Commercial Mortgage Trust, Ser 2021-VOLT, Cl C | | | | | | | | |
| 6.018%, TSFR1M + 1.214%, 09/15/36 (A)(B) | | $ | 1,100,000 | | | $ | 1,091,063 | |
| Chase Home Lending Mortgage Trust, Ser 2024-5, Cl A6 | | | | | | | | |
| 6.000%, 04/25/55 (A)(B) | | | 729,792 | | | | 731,551 | |
| Citigroup Mortgage Loan Trust, Ser 2024-1, Cl A7A | | | | | | | | |
| 6.000%, 07/25/54 (A)(B) | | | 595,634 | | | | 594,736 | |
| COLT Mortgage Loan Trust, Ser 2021-2R, Cl A2 | | | | | | | | |
| 1.106%, 07/27/54 (A) | | | 95,324 | | | | 83,796 | |
| FREMF Mortgage Trust, Ser 2015-K48, Cl C | | | | | | | | |
| 3.646%, 08/25/48 (A)(B) | | | 718,000 | | | | 707,675 | |
| FREMF Mortgage Trust, Ser 2017-K729, Cl B | | | | | | | | |
| 3.730%, 11/25/49 (A)(B) | | | 750,000 | | | | 747,106 | |
| GS Mortgage-Backed Securities Trust, Ser 2022-PJ2, Cl A7 | | | | | | | | |
| 2.500%, 06/25/52 (A)(B) | | | 862,992 | | | | 802,257 | |
| GS Mortgage-Backed Securities Trust, Ser 2022-PJ3, Cl A7 | | | | | | | | |
| 2.500%, 08/25/52 (A)(B) | | | 796,370 | | | | 737,820 | |
| JP Morgan Mortgage Trust, Ser 2014-IVR6, Cl AM | | | | | | | | |
| 6.881%, 07/25/44 (A)(B) | | | 331 | | | | 330 | |
| JP Morgan Mortgage Trust, Ser 2022-4, Cl A12 | | | | | | | | |
| 3.000%, 10/25/52 (A)(B) | | | 905,934 | | | | 858,870 | |
| Sequoia Mortgage Trust, Ser 2013-4, Cl B3 | | | | | | | | |
| 3.436%, 04/25/43 (B) | | | 58,353 | | | | 55,319 | |
| Sequoia Mortgage Trust, Ser 2024-5, Cl A11 | | | | | | | | |
| 6.000%, 06/25/54 (A)(B) | | | 635,473 | | | | 634,560 | |
| Verus Securitization Trust, Ser 2021-1, Cl A2 | | | | | | | | |
| 1.052%, 01/25/66 (A)(B) | | | 146,341 | | | | 129,756 | |
| | | | | | | | 7,174,839 | |
| Total Mortgage-Backed Securities | | | | | | | | |
| (Cost $7,406,251) | | | | | | | 7,174,839 | |
| Total Investments in Securities— 97.9% | | | | | |
| (Cost $177,262,500) | | | | | | $ | 178,045,308 | |
Percentages are based on Net Assets of $181,893,195.
| (A) | Securities sold within the terms of a private placement memorandum, exempt from registration under section 144A of the Securities Act of 1933, as amended, and maybe sold only to dealers in the program or other "accredited investors". The total value of these securities at October 31, 2024 was $45,290,918 and represented 24.9% of Net Assets. |
The accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS |
| | LIMITED DURATION FUND |
| | OCTOBER 31, 2024 |
| (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 coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect. |
See “Glossary” for abbreviations.
As of October 31, 2024, all of the Fund's investments in securities were considered Level 2, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.
For more information on valuation inputs, see Note 2 – Significant Accounting Policies in the Notes to Financial Statements.
The accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS |
| | CORE BOND FUND |
| | OCTOBER 31, 2024 |
| SCHEDULE OF INVESTMENTS |
| U.S. TREASURY OBLIGATIONS — 32.8% | |
| | | Face Amount | | | Value | |
| U.S. Treasury Bonds | | | | | | | | |
| 4.000%, 11/15/52 | | $ | 6,000,000 | | | $ | 5,513,438 | |
| 3.750%, 08/15/41 | | | 5,000,000 | | | | 4,564,844 | |
| 3.000%, 05/15/45 | | | 3,975,000 | | | | 3,120,065 | |
| 3.000%, 08/15/52 | | | 250,000 | | | | 189,570 | |
| 2.875%, 05/15/52 | | | 4,500,000 | | | | 3,324,023 | |
| 2.250%, 08/15/46 | | | 4,575,000 | | | | 3,081,513 | |
| 1.875%, 11/15/51 | | | 2,250,000 | | | | 1,316,689 | |
| 1.250%, 05/15/50 | | | 1,850,000 | | | | 929,553 | |
| U.S. Treasury Notes | | | | | | | | |
| 4.125%, 11/15/32 | | | 2,250,000 | | | | 2,232,949 | |
| 3.875%, 12/31/27 | | | 11,000,000 | | | | 10,915,781 | |
| 3.875%, 09/30/29 | | | 6,500,000 | | | | 6,414,434 | |
| 3.750%, 08/31/26 | | | 5,000,000 | | | | 4,961,914 | |
| 2.750%, 05/31/29 | | | 11,500,000 | | | | 10,823,027 | |
| 2.750%, 08/15/32 | | | 9,500,000 | | | | 8,560,762 | |
| 2.625%, 05/31/27 | | | 9,600,000 | | | | 9,248,250 | |
| 1.375%, 11/15/31 | | | 1,000,000 | | | | 827,109 | |
| 0.625%, 05/15/30 | | | 2,050,000 | | | | 1,691,650 | |
| | | | | | | | | |
| Total U.S. Treasury Obligations | | | | | | | | |
| (Cost $83,122,462) | | | | | | | 77,715,571 | |
| U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — 21.1% | |
| | | | | | | | | |
| FHLMC | | | | | | | | |
| 6.000%, 01/01/53 | | | 1,407,662 | | | | 1,417,398 | |
| 6.000%, 05/01/53 | | | 789,085 | | | | 794,992 | |
| 5.500%, 11/01/52 | | | 805,798 | | | | 800,545 | |
| 5.500%, 01/01/53 | | | 1,493,465 | | | | 1,483,425 | |
| 5.000%, 12/01/52 | | | 762,678 | | | | 742,460 | |
| 5.000%, 04/01/53 | | | 809,346 | | | | 787,075 | |
| 4.500%, 12/01/48 | | | 116,214 | | | | 111,790 | |
| 4.500%, 09/01/52 | | | 701,705 | | | | 667,306 | |
| 4.000%, 02/01/47 | | | 212,154 | | | | 199,214 | |
| 4.000%, 11/01/47 | | | 199,542 | | | | 187,648 | |
| 4.000%, 11/01/48 | | | 72,033 | | | | 67,572 | |
| 4.000%, 04/01/52 | | | 1,182,376 | | | | 1,096,021 | |
| 3.500%, 11/01/44 | | | 194,988 | | | | 178,489 | |
| 3.500%, 04/01/46 | | | 123,172 | | | | 112,141 | |
| 3.500%, 07/01/47 | | | 263,930 | | | | 239,700 | |
| 3.500%, 12/01/48 | | | 164,448 | | | | 149,309 | |
| 3.500%, 04/01/52 | | | 933,261 | | | | 841,017 | |
| 3.000%, 02/01/45 | | | 211,970 | | | | 189,199 | |
| 3.000%, 08/01/45 | | | 105,502 | | | | 93,585 | |
| 3.000%, 02/01/48 | | | 125,999 | | | | 110,859 | |
| 3.000%, 04/01/50 | | | 444,151 | | | | 389,369 | |
| 2.500%, 02/01/30 | | | 95,193 | | | | 91,081 | |
| 2.500%, 01/01/52 | | | 1,727,946 | | | | 1,440,209 | |
| 2.500%, 04/01/52 | | | 1,676,105 | | | | 1,399,170 | |
| 2.000%, 08/01/50 | | | 968,948 | | | | 774,557 | |
| 2.000%, 10/01/50 | | | 285,577 | | | | 228,398 | |
| 2.000%, 05/01/51 | | | 2,360,381 | | | | 1,871,943 | |
| FHLMC Structured Pass-Through Certificates, Ser 2003-54, Cl 4A | | | | | | | | |
| 4.243%, 02/25/43(A) | | | 52,997 | | | | 50,070 | |
| U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — continued |
| | | Face Amount | | | Value | |
| FNMA | | | | | | | | |
| 6.500%, 06/01/53 | | $ | 716,115 | | | $ | 732,625 | |
| 6.000%, 12/01/52 | | | 684,852 | | | | 689,969 | |
| 6.000%, 04/01/53 | | | 739,295 | | | | 744,641 | |
| 6.000%, 05/01/53 | | | 754,063 | | | | 760,210 | |
| 6.000%, 06/01/53 | | | 893,980 | | | | 900,444 | |
| 5.500%, 03/01/53 | | | 750,415 | | | | 744,606 | |
| 5.500%, 04/01/53 | | | 764,951 | | | | 763,158 | |
| 5.500%, 05/01/53 | | | 740,252 | | | | 733,436 | |
| 5.000%, 12/01/37 | | | 618,306 | | | | 617,666 | |
| 5.000%, 09/01/52 | | | 677,160 | | | | 658,851 | |
| 5.000%, 11/01/52 | | | 742,713 | | | | 722,772 | |
| 5.000%, 01/01/53 | | | 696,448 | | | | 679,868 | |
| 4.500%, 12/01/37 | | | 642,373 | | | | 631,475 | |
| 4.500%, 02/01/41 | | | 298,575 | | | | 292,028 | |
| 4.500%, 03/01/48 | | | 183,550 | | | | 176,755 | |
| 4.500%, 10/01/52 | | | 760,283 | | | | 722,046 | |
| 4.500%, 01/01/53 | | | 1,166,966 | | | | 1,109,562 | |
| 4.000%, 03/01/35 | | | 78,233 | | | | 76,326 | |
| 4.000%, 01/01/42 | | | 237,025 | | | | 225,810 | |
| 4.000%, 05/01/49 | | | 202,696 | | | | 189,840 | |
| 4.000%, 10/01/52 | | | 914,025 | | | | 846,278 | |
| 3.500%, 02/01/47 | | | 237,321 | | | | 217,165 | |
| 3.500%, 12/01/47 | | | 113,701 | | | | 103,105 | |
| 3.500%, 08/01/48 | | | 114,403 | | | | 103,737 | |
| 3.500%, 03/01/49 | | | 220,472 | | | | 201,638 | |
| 3.500%, 06/01/49 | | | 445,267 | | | | 403,759 | |
| 3.500%, 07/01/50 | | | 698,013 | | | | 632,952 | |
| 3.000%, 10/01/48 | | | 195,365 | | | | 173,540 | |
| 3.000%, 02/01/50 | | | 1,596,532 | | | | 1,382,712 | |
| 3.000%, 05/01/51 | | | 1,217,116 | | | | 1,063,659 | |
| 3.000%, 03/01/52 | | | 1,268,262 | | | | 1,095,348 | |
| 2.500%, 12/01/49 | | | 309,036 | | | | 258,997 | |
| 2.500%, 09/01/50 | | | 639,951 | | | | 534,394 | |
| 2.500%, 10/01/50 | | | 2,259,482 | | | | 1,880,107 | |
| 2.500%, 06/01/51 | | | 1,017,665 | | | | 857,963 | |
| 2.000%, 02/01/51 | | | 584,435 | | | | 466,990 | |
| 2.000%, 01/01/52 | | | 2,025,838 | | | | 1,617,096 | |
| 2.000%, 02/01/52 | | | 1,718,032 | | | | 1,365,882 | |
| 2.000%, 03/01/52 | | | 1,175,212 | | | | 933,560 | |
| GNMA | | | | | | | | |
| 6.000%, 08/20/52 | | | 710,578 | | | | 721,435 | |
| 5.500%, 12/20/52 | | | 972,248 | | | | 968,902 | |
| 4.000%, 07/20/48 | | | 81,943 | | | | 77,213 | |
| 4.000%, 05/20/52 | | | 698,826 | | | | 650,741 | |
| 3.500%, 06/20/48 | | | 489,917 | | | | 447,174 | |
| 3.000%, 06/20/51 | | | 888,294 | | | | 787,959 | |
| 2.500%, 09/20/51 | | | 2,109,645 | | | | 1,788,400 | |
| 2.000%, 11/20/51 | | | 2,224,495 | | | | 1,815,187 | |
| | | | | | | | | |
| Total U.S. Government Agency Mortgage-Backed Obligations | | | | | | | | |
| (Cost $52,503,642) | | | | | | | 50,082,523 | |
The accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS |
| | CORE BOND FUND |
| | OCTOBER 31, 2024 |
| CORPORATE OBLIGATIONS — 18.9% |
| | | Face Amount | | Value |
| COMMUNICATION SERVICES — 0.6% | |
| Comcast | | | | | | | | |
| 2.887%, 11/01/51 | | $ | 314,000 | | | $ | 199,320 | |
| 2.650%, 02/01/30 | | | 240,000 | | | | 216,260 | |
| Discovery Communications | | | | | | | | |
| 4.125%, 05/15/29 | | | 635,000 | | | | 590,729 | |
| NBN MTN | | | | | | | | |
| 2.625%, 05/05/31(B) | | | 600,000 | | | | 522,993 | |
| | | | | | | | 1,529,302 | |
| CONSUMER DISCRETIONARY — 0.5% | |
| Mars | | | | | | | | |
| 2.375%, 07/16/40(B) | | | 540,000 | | | | 370,513 | |
| Tiffany | | | | | | | | |
| 4.900%, 10/01/44 | | | 759,000 | | | | 736,245 | |
| | | | | | | | 1,106,758 | |
| CONSUMER STAPLES — 1.6% | |
| 7-Eleven | | | | | | | | |
| 2.800%, 02/10/51(B) | | | 940,000 | | | | 565,205 | |
| Anheuser-Busch InBev Worldwide | | | | | | | | |
| 4.750%, 01/23/29 | | | 300,000 | | | | 301,344 | |
| Bunge Finance | | | | | | | | |
| 2.750%, 05/14/31 | | | 1,150,000 | | | | 1,007,642 | |
| Conagra Brands | | | | | | | | |
| 4.600%, 11/01/25 | | | 465,000 | | | | 463,854 | |
| JBS USA Holding Lux Sarl | | | | | | | | |
| 7.250%, 11/15/53(B) | | | 1,000,000 | | | | 1,122,389 | |
| Mondelez International | | | | | | | | |
| 1.500%, 02/04/31 | | | 535,000 | | | | 441,183 | |
| | | | | | | | 3,901,617 | |
| ENERGY — 2.6% | | | | | | | | |
| Apache | | | | | | | | |
| 7.750%, 12/15/29 | | | 950,000 | | | | 1,042,253 | |
| Boardwalk Pipelines | | | | | | | | |
| 4.800%, 05/03/29 | | | 480,000 | | | | 474,991 | |
| Eastern Gas Transmission & Storage | | | | | | | | |
| 3.000%, 11/15/29 | | | 560,000 | | | | 514,216 | |
| Energy Transfer | | | | | | | | |
| 5.600%, 09/01/34 | | | 1,100,000 | | | | 1,108,147 | |
| Expand Energy | | | | | | | | |
| 4.750%, 02/01/32 | | | 1,130,000 | | | | 1,061,986 | |
| Helmerich & Payne | | | | | | | | |
| 5.500%, 12/01/34(B) | | | 1,200,000 | | | | 1,136,286 | |
| MarkWest Energy Partners | | | | | | | | |
| 4.875%, 06/01/25 | | | 375,000 | | | | 372,069 | |
| Rockies Express Pipeline | | | | | | | | |
| 3.600%, 05/15/25(B) | | | 480,000 | | | | 473,388 | |
| | | | | | | | 6,183,336 | |
| FINANCIALS — 4.2% | | | | | | | | |
| Ares Capital | | | | | | | | |
| 4.250%, 03/01/25 | | | 570,000 | | | | 567,945 | |
| Ares Finance II | | | | | | | | |
| 3.250%, 06/15/30(B) | | | 645,000 | | | | 585,171 | |
| CORPORATE OBLIGATIONS — continued | |
| | | Face Amount | | | Value | |
| FINANCIALS — continued | | | | | | | | |
| Bank of Montreal | | | | | | | | |
| 3.803%, USSW5 + 1.432%, 12/15/32(A) | | $ | 825,000 | | | $ | 788,492 | |
| Carlyle Finance Subsidiary | | | | | | | | |
| 3.500%, 09/19/29(B) | | | 650,000 | | | | 609,316 | |
| CI Financial | | | | | | | | |
| 3.200%, 12/17/30 | | | 910,000 | | | | 770,897 | |
| Franklin BSP Capital | | | | | | | | |
| 7.200%, 06/15/29(B) | | | 1,080,000 | | | | 1,089,713 | |
| Goldman Sachs Group | | | | | | | | |
| 5.732%, SOFRRATE + 0.790%, 12/09/26(A) | | | 520,000 | | | | 520,859 | |
| JPMorgan Chase | | | | | | | | |
| 4.946%, SOFRRATE + 1.340%, 10/22/35(A) | | | 1,082,000 | | | | 1,060,545 | |
| MSCI | | | | | | | | |
| 3.250%, 08/15/33(B) | | | 505,000 | | | | 431,623 | |
| National Australia Bank | | | | | | | | |
| 3.347%, H15T5Y + 1.700%, 01/12/37(A),(B) | | | 750,000 | | | | 652,581 | |
| Neuberger Berman Group | | | | | | | | |
| 4.500%, 03/15/27(B) | | | 970,000 | | | | 942,651 | |
| Nuveen Finance | | | | | | | | |
| 4.125%, 11/01/24(B) | | | 400,000 | | | | 400,000 | |
| PennantPark Floating Rate Capital | | | | | | | | |
| 4.250%, 04/01/26 | | | 650,000 | | | | 626,788 | |
| Raymond James Financial | | | | | | | | |
| 3.750%, 04/01/51 | | | 610,000 | | | | 457,737 | |
| UBS Group | | | | | | | | |
| 3.179%, H15T1Y + 1.100%, 02/11/43(A),(B) | | | 555,000 | | | | 413,599 | |
| | | | | | | | 9,917,917 | |
| INDUSTRIALS — 2.1% | | | | | | | | |
| Ashtead Capital | | | | | | | | |
| 1.500%, 08/12/26(B) | | | 650,000 | | | | 612,127 | |
| Canadian Pacific Railway | | | | | | | | |
| 3.100%, 12/02/51 | | | 880,000 | | | | 595,914 | |
| Daimler Truck Finance North America | | | | | | | | |
| 2.500%, 12/14/31(B) | | | 940,000 | | | | 798,813 | |
| Howmet Aerospace | | | | | | | | |
| 3.000%, 01/15/29 | | | 495,000 | | | | 461,518 | |
| Masco | | | | | | | | |
| 6.500%, 08/15/32 | | | 317,000 | | | | 337,392 | |
| Northern Group Housing | | | | | | | | |
| 5.605%, 08/15/33(B) | | | 441,632 | | | | 447,210 | |
| Owens Corning | | | | | | | | |
| 5.950%, 06/15/54 | | | 1,079,000 | | | | 1,109,272 | |
| Westinghouse Air Brake Technologies | | | | | | | | |
| 3.200%, 06/15/25 | | | 530,000 | | | | 523,745 | |
| | | | | | | | 4,885,991 | |
The accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS |
| | CORE BOND FUND |
| | OCTOBER 31, 2024 |
| CORPORATE OBLIGATIONS — continued | |
| | | Face Amount | | | Value | |
| INFORMATION TECHNOLOGY — 1.7% | |
| Constellation Software | | | | | | | | |
| 5.461%, 02/16/34(B) | | $ | 1,040,000 | | | $ | 1,056,806 | |
| Infor | | | | | | | | |
| 1.750%, 07/15/25(B) | | | 335,000 | | | | 326,328 | |
| Microsoft | | | | | | | | |
| 2.921%, 03/17/52 | | | 270,000 | | | | 186,400 | |
| NXP BV | | | | | | | | |
| 5.550%, 12/01/28 | | | 245,000 | | | | 250,400 | |
| Oracle | | | | | | | | |
| 2.875%, 03/25/31 | | | 600,000 | | | | 531,334 | |
| Roper Technologies | | | | | | | | |
| 2.950%, 09/15/29 | | | 420,000 | | | | 386,510 | |
| Teledyne Technologies | | | | | | | | |
| 2.250%, 04/01/28 | | | 420,000 | | | | 387,389 | |
| VMware | | | | | | | | |
| 1.800%, 08/15/28 | | | 625,000 | | | | 559,790 | |
| Vontier | | | | | | | | |
| 1.800%, 04/01/26 | | | 590,000 | | | | 563,143 | |
| | | | | | | | 4,248,100 | |
| MATERIALS — 1.5% | | | | | | | | |
| Anglo American Capital | | | | | | | | |
| 4.500%, 03/15/28(B) | | | 525,000 | | | | 516,115 | |
| Berry Global | | | | | | | | |
| 1.650%, 01/15/27 | | | 625,000 | | | | 582,740 | |
| CF Industries | | | | | | | | |
| 4.500%, 12/01/26(B) | | | 520,000 | | | | 516,274 | |
| Martin Marietta Materials | | | | | | | | |
| 2.400%, 07/15/31 | | | 865,000 | | | | 740,572 | |
| Sealed Air | | | | | | | | |
| 1.573%, 10/15/26(B) | | | 835,000 | | | | 779,895 | |
| Silgan Holdings | | | | | | | | |
| 1.400%, 04/01/26(B) | | | 420,000 | | | | 397,639 | |
| | | | | | | | 3,533,235 | |
| REAL ESTATE — 2.0% | | | | | | | | |
| Alexandria Real Estate Equities | | | | | | | | |
| 2.000%, 05/18/32 | | | 745,000 | | | | 600,110 | |
| Camp Pendleton & Quantico Housing | | | | | | | | |
| 6.165%, 10/01/50(B) | | | 400,000 | | | | 393,646 | |
| Extra Space Storage | | | | | | | | |
| 2.350%, 03/15/32 | | | 730,000 | | | | 601,069 | |
| Invitation Homes Operating Partnership | | | | | | | | |
| 4.875%, 02/01/35 | | | 1,135,000 | | | | 1,085,425 | |
| NNN REIT | | | | | | | | |
| 2.500%, 04/15/30 | | | 700,000 | | | | 615,441 | |
| Store Capital | | | | | | | | |
| 4.500%, 03/15/28 | | | 380,000 | | | | 368,473 | |
| 2.700%, 12/01/31 | | | 700,000 | | | | 577,854 | |
| UDR | | | | | | | | |
| 3.000%, 08/15/31 | | | 560,000 | | | | 496,851 | |
| | | | | | | | 4,738,869 | |
| CORPORATE OBLIGATIONS — continued | |
| | | Face Amount | | | Value | |
| UTILITIES — 2.1% | | | | | | | | |
| DPL | | | | | | | | |
| 4.350%, 04/15/29 | | $ | 1,165,000 | | | $ | 1,094,022 | |
| Duquesne Light Holdings | | | | | | | | |
| 2.532%, 10/01/30(B) | | | 540,000 | | | | 466,162 | |
| Entergy Arkansas | | | | | | | | |
| 5.750%, 06/01/54 | | | 1,080,000 | | | | 1,115,173 | |
| Jersey Central Power & Light | | | | | | | | |
| 2.750%, 03/01/32(B) | | | 670,000 | | | | 572,161 | |
| Monongahela Power | | | | | | | | |
| 3.550%, 05/15/27(B) | | | 550,000 | | | | 533,092 | |
| NextEra Energy Capital Holdings | | | | | | | | |
| 1.900%, 06/15/28 | | | 1,230,000 | | | | 1,113,696 | |
| | | | | | | | 4,894,306 | |
| Total Corporate Obligations | | | | | | | | |
| (Cost $48,654,173) | | | | | | | 44,939,431 | |
| MORTGAGE-BACKED SECURITIES — 12.8% | |
| | | | | | | | | |
| Agency Mortgage-Backed Obligations — 0.5% | |
| FHLMC Multifamily Structured Pass Through Certificates, Ser 162, Cl A2 | | | | | | | | |
| 5.150%, 12/25/33 | | | 1,000,000 | | | | 1,030,421 | |
| | | | | | | | | |
| Non-Agency Mortgage-Backed Obligations — 12.3% | |
| BX Commercial Mortgage Trust, Ser 2021-VOLT, Cl C | | | | | | | | |
| 6.018%, TSFR1M + 1.214%, 09/15/36 (A),(B) | | | 1,195,000 | | | | 1,185,291 | |
| Chase Home Lending Mortgage Trust Series, Ser 2024-4, Cl A4 | | | | | | | | |
| 6.000%, 03/25/55 (A),(B) | | | 1,084,746 | | | | 1,083,907 | |
| Citigroup Mortgage Loan Trust, Ser 2024-1, Cl A3A | | | | | | | | |
| 6.000%, 07/25/54 (A),(B) | | | 937,271 | | | | 929,289 | |
| COLT Mortgage Loan Trust, Ser 2022-4, Cl A1 | | | | | | | | |
| 4.301%, 03/25/67 (A),(B) | | | 803,309 | | | | 781,603 | |
| CSMC Trust, Ser 2013-IVR3, Cl A2 | | | | | | | | |
| 3.000%, 05/25/43 (A),(B) | | | 127,264 | | | | 112,899 | |
| CSMC Trust, Ser 2015-2, Cl A18 | | | | | | | | |
| 3.500%, 02/25/45 (A),(B) | | | 112,959 | | | | 101,755 | |
| FHLMC | | | | | | | | |
| 5.500%, 04/01/53 | | | 2,455,994 | | | | 2,433,730 | |
| FHLMC, Ser 2024-5438, Cl GL | | | | | | | | |
| 1.500%, 12/25/50 | | | 3,500,000 | | | | 2,138,794 | |
| First Republic Mortgage Trust, Ser 2020-1, Cl A5 | | | | | | | | |
| 2.883%, 04/25/50 (A),(B) | | | 369,121 | | | | 353,614 | |
| FNMA | | | | | | | | |
| 5.500%, 03/01/53 | | | 2,461,087 | | | | 2,440,435 | |
| FNMA, Ser 2024-56, Cl DL | | | | | | | | |
| 1.500%, 09/25/51 | | | 3,150,000 | | | | 1,910,900 | |
The accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS |
| | CORE BOND FUND |
| | OCTOBER 31, 2024 |
| MORTGAGE-BACKED SECURITIES — continued |
| | | Face Amount | | Value |
| Non-Agency Mortgage-Backed Obligations — continued | |
| GMAC Commercial Mortgage Asset, Ser 2010-FTLS, Cl A | | | | | | | | |
| 6.363%, 02/10/47 (B),(C) | | $ | 223,533 | | | $ | 230,840 | |
| GS Mortgage Securities Trust, Ser 2024-RVR, Cl A | | | | | | | | |
| 5.198%, 08/10/41 (A),(B) | | | 1,150,000 | | | | 1,138,053 | |
| GS Mortgage Securities Trust, Ser GSA2, Cl A3 | | | | | | | | |
| 1.560%, 12/12/53 | | | 1,200,000 | | | | 1,024,951 | |
| GS Mortgage-Backed Securities Trust, Ser 2021-PJ1, Cl A8 | | | | | | | | |
| 2.500%, 05/28/52 (A),(B) | | | 1,128,512 | | | | 980,714 | |
| GS Mortgage-Backed Securities Trust, Ser 2022-MM1, Cl A8 | | | | | | | | |
| 2.500%, 07/25/52 (A),(B) | | | 1,516,053 | | | | 1,321,987 | |
| GS Mortgage-Backed Securities Trust, Ser 2022-PJ3, Cl A4 | | | | | | | | |
| 2.500%, 08/25/52 (A),(B) | | | 1,278,564 | | | | 1,034,338 | |
| JP Morgan Mortgage Trust, Ser 2014-IVR6, Cl AM | | | | | | | | |
| 6.881%, 07/25/44 (A),(B) | | | 304 | | | | 303 | |
| JP Morgan Mortgage Trust, Ser 2022-2, Cl A4A | | | | | | | | |
| 2.500%, 08/25/52 (A),(B) | | | 1,071,884 | | | | 936,497 | |
| JP Morgan Mortgage Trust, Ser 2022-3, Cl A4A | | | | | | | | |
| 2.500%, 08/25/52 (A),(B) | | | 1,505,020 | | | | 1,312,629 | |
| JP Morgan Mortgage Trust, Ser 2022-4, Cl A4 | | | | | | | | |
| 3.000%, 10/25/52 (A),(B) | | | 1,641,753 | | | | 1,462,520 | |
| JPMBB Commercial Mortgage Securities Trust, Ser 2015-C31, Cl ASB | | | | | | | | |
| 3.540%, 08/15/48 | | | 83,311 | | | | 82,651 | |
| Rate Mortgage Trust, Ser 2022-J1, Cl A9 | | | | | | | | |
| 2.500%, 01/25/52 (A),(B) | | | 1,154,148 | | | | 997,481 | |
| RCKT Mortgage Trust, Ser 2021-5, Cl A1 | | | | | | | | |
| 2.500%, 11/25/51 (A),(B) | | | 1,175,959 | | | | 952,802 | |
| RCKT Mortgage Trust, Ser 2022-1, Cl A1 | | | | | | | | |
| 2.500%, 01/25/52 (A),(B) | | | 1,269,014 | | | | 1,025,025 | |
| RCKT Mortgage Trust, Ser 2022-3, Cl A5 | | | | | | | | |
| 3.000%, 05/25/52 (A),(B) | | | 1,639,831 | | | | 1,450,572 | |
| Seasoned Credit Risk Transfer Trust, Ser 2018-4, Cl MV | | | | | | | | |
| 3.500%, 03/25/58 | | | 613,359 | | | | 558,866 | |
| Sequoia Mortgage Trust, Ser 2015-1, Cl A1 | | | | | | | | |
| 3.500%, 01/25/45 (A),(B) | | | 21,985 | | | | 20,028 | |
| Sequoia Mortgage Trust, Ser 2015-2, Cl A1 | | | | | | | | |
| 3.500%, 05/25/45 (A),(B) | | | 43,208 | | | | 38,950 | |
| MORTGAGE-BACKED SECURITIES — continued |
| | | Face Amount | | Value |
| Non-Agency Mortgage-Backed Obligations — continued | |
| Sequoia Mortgage Trust, Ser 2015-4, Cl A1 | | | | | | | | |
| 3.000%, 11/25/30 (A),(B) | | $ | 38,255 | | | $ | 36,870 | |
| Sequoia Mortgage Trust, Ser 2024-7, Cl A2 | | | | | | | | |
| 6.000%, 08/25/54 (A),(B) | | | 1,125,117 | | | | 1,121,161 | |
| | | | | | | | 29,199,455 | |
| Total Mortgage-Backed Securities | | | | | | | | |
| (Cost $31,615,285) | | | | | | | 30,229,876 | |
| ASSET-BACKED SECURITIES — 9.6% | |
| | | | | | | | | |
| Automotive — 0.5% | | | | | | | | |
| Santander Drive Auto Receivables Trust, Ser 2024-4, Cl B | | | | | | | | |
| 4.930%, 09/17/29 | | | 1,100,000 | | | | 1,102,504 | |
| Other ABS — 9.1% | | | | | | | | |
| Antares CLO, Ser 2018-3, Cl A1R | | | | | | | | |
| 6.816%, TSFR3M + 1.590%, 07/20/36 (A),(B) | | | 1,170,000 | | | | 1,171,868 | |
| Barings Private Credit CLO, Ser 2023-1, Cl A1BR | | | | | | | | |
| 6.556%, TSFR3M + 1.900%, 10/15/36 (A),(B) | | | 1,170,000 | | | | 1,169,952 | |
| Blue Owl Asset Leasing Trust, Ser 2024-1A, Cl B | | | | | | | | |
| 5.410%, 03/15/30 (B) | | | 710,000 | | | | 709,971 | |
| Cologix Data Centers US Issuer, Ser 2021-1A, Cl A2 | | | | | | | | |
| 3.300%, 12/26/51 (B) | | | 580,000 | | | | 545,190 | |
| Dryden LXXXVII CLO, Ser 2021-87A, Cl A1 | | | | | | | | |
| 6.490%, TSFR3M + 1.362%, 05/20/34 (A),(B) | | | 1,100,000 | | | | 1,102,802 | |
| Goldentree Loan Management US CLO XII, Ser 2024-12A, Cl AJR | | | | | | | | |
| 6.147%, TSFR3M + 1.530%, 07/20/37 (A),(B) | | | 1,425,000 | | | | 1,427,276 | |
| Golub Capital Partners CLO, Ser 2022-30A, Cl AR2 | | | | | | | | |
| 6.237%, TSFR3M + 1.620%, 04/20/34 (A),(B) | | | 500,000 | | | | 500,843 | |
| HalseyPoint CLO III, Ser 2024-3A, Cl A1R | | | | | | | | |
| 6.069%, TSFR3M + 1.480%, 07/30/37 (A),(B) | | | 1,170,000 | | | | 1,174,107 | |
| MCF CLO VIII, Ser 2024-1A, Cl AR | | | | | | | | |
| 6.582%, TSFR3M + 1.950%, 04/18/36 (A),(B) | | | 1,000,000 | | | | 1,009,191 | |
| Monroe Capital Mml Clo XI, Ser 2021-1A, Cl A1 | | | | | | | | |
| 6.940%, TSFR3M + 1.812%, 05/20/33 (A),(B) | | | 1,025,000 | | | | 1,026,185 | |
The accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS |
| | CORE BOND FUND |
| | OCTOBER 31, 2024 |
| ASSET-BACKED SECURITIES — continued | |
| | | Face Amount | | | Value | |
| Other ABS — continued | | | | | | | | |
| Oak Street Investment Grade Net Lease Fund Series, Ser 2021-2A, Cl A3 | | | | | | | | |
| 2.850%, 11/20/51 (B) | | $ | 1,750,000 | | | $ | 1,584,681 | |
| OCP CLO, Ser 2024-24A, Cl A2R | | | | | | | | |
| 6.167%, TSFR3M + 1.550%, 10/20/37 (A),(B) | | | 1,170,000 | | | | 1,169,677 | |
| Palmer Square BDC CLO I, Ser 2024-1A, Cl A | | | | | | | | |
| 6.256%, TSFR3M + 1.600%, 07/15/37 (A),(B) | | | 1,000,000 | | | | 999,712 | |
| PHEAA Student Loan Trust, Ser 2016-2A, Cl B | | | | | | | | |
| 6.471%, SOFR30A + 1.614%, 11/25/65 (A),(B) | | | 1,050,000 | | | | 1,052,281 | |
| RIN II, Ser 2019-1A, Cl A | | | | | | | | |
| 6.850%, TSFR3M + 1.912%, 09/10/30 (A),(B) | | | 232,574 | | | | 232,914 | |
| SLM Student Loan Trust, Ser 2006-10, Cl A6 | | | | | | | | |
| 5.595%, SOFR90A + 0.412%, 03/25/44 (A) | | | 1,106,906 | | | | 1,087,861 | |
| Spirit Airlines Pass Through Trust, Ser 2015-1A | | | | | | | | |
| 4.100%, 04/01/28 | | | 1,012,388 | | | | 937,359 | |
| Store Master Funding I-VII, XIV, XIX, XX, XXIV and XXII, Ser 2024-1A, Cl A2 | | | | | | | | |
| 5.700%, 05/20/54 (B) | | | 997,500 | | | | 1,002,520 | |
| Subway Funding, Ser 2024-1A, Cl A23 | | | | | | | | |
| 6.505%, 07/30/54 (B) | | | 1,000,000 | | | | 1,014,618 | |
| Sunnova Hestia I Issuer, Ser 2023-GRID1, Cl 1A | | | | | | | | |
| 5.750%, 12/20/50 (B) | | | 841,082 | | | | 847,376 | |
| Twin Brook CLO, Ser 2024-1A, Cl A | | | | | | | | |
| 7.192%, TSFR3M + 1.900%, 07/20/36 (A),(B) | | | 800,000 | | | | 799,547 | |
| Voya CLO, Ser 2018-4, Cl A2RR | | | | | | | | |
| 6.763%, TSFR3M + 1.600%, 10/15/37 (A),(B) | | | 1,170,000 | | | | 1,169,531 | |
| | | | | | | | 21,735,462 | |
| Total Asset-Backed Securities | | | | | | | | |
| (Cost $22,637,875) | | | | | | | 22,837,966 | |
| MUNICIPAL BONDS — 3.2% | | | | | | | | |
| | | | | | | | | |
| Colorado Housing and Finance Authority, RB | | | | | | | | |
| 5.619%, 11/01/38 | | | 965,000 | | | | 974,401 | |
| Denver City & County, Housing Authority, Ser 2021-B, RB | | | | | | | | |
| 3.104%, 02/01/39 | | | 300,000 | | | | 234,632 | |
| Grand Parkway Transportation, Ser B, RB | | | | | | | | |
| 3.216%, 10/01/49 | | | 640,000 | | | | 475,472 | |
| MUNICIPAL BONDS — continued | |
| | | Face Amount | | | Value | |
| Hawaii State, Department of Business Economic Development & Tourism, Ser A-2, RB | | | | | | | | |
| 3.242%, 01/01/31 | | $ | 90,581 | | | $ | 87,794 | |
| Idaho Housing & Finance Association, Ser D-1, RB | | | | | | | | |
| 5.713%, 07/01/38 | | | 940,000 | | | | 952,279 | |
| Indiana Housing & Community Development Authority, Ser B-3, RB | | | | | | | | |
| 5.932%, 07/01/44 | | | 1,000,000 | | | | 1,007,012 | |
| Massachusetts State, Housing Finance Agency, Ser B, RB | | | | | | | | |
| 3.350%, 12/01/40 | | | 200,000 | | | | 157,999 | |
| Michigan State Housing Development Authority, Ser C, RB | | | | | | | | |
| 5.816%, 12/01/38 | | | 895,000 | | | | 907,120 | |
| Minnesota Housing Finance Agency, RB | | | | | | | | |
| 5.726%, 07/01/33 | | | 410,000 | | | | 426,686 | |
| New York City, Housing Development, Ser D, RB | | | | | | | | |
| 3.083%, 11/01/46 | | | 900,000 | | | | 622,894 | |
| New York State, Mortgage Agency, Ser 241, RB | | | | | | | | |
| 2.930%, 10/01/46 | | | 700,000 | | | | 460,226 | |
| Rhode Island State, Housing and Mortgage Finance, Ser 1-T, RB | | | | | | | | |
| 2.993%, 10/01/38 | | | 540,000 | | | | 410,378 | |
| Virginia State, Housing Development Authority, Ser C, RB | | | | | | | | |
| 2.829%, 04/01/41 | | | 500,000 | | | | 371,763 | |
| Washington State Housing Finance Commission, Ser 2T, RB | | | | | | | | |
| 5.738%, 12/01/38 | | | 550,000 | | | | 561,856 | |
| Total Municipal Bonds | | | | | | | | |
| (Cost $8,620,591) | | | | | | | 7,650,512 | |
| Total Investments in Securities— 98.4% | | | | | |
| (Cost $247,154,028) | | | | | | $ | 233,455,879 | |
Percentages are based on Net Assets of $237,332,718.
| (A) | Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates on certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates. |
| (B) | Securities sold within the terms of a private placement memorandum, exempt from registration under section 144A of the Securities Act of 1933, as amended, and maybe sold only to dealers in the program or other "accredited investors". The total value of these securities at October 31, 2024 was $55,051,066 and represented 23.2% of Net Assets. |
| (C) | Level 3 security in accordance with fair value hierarchy. |
See “Glossary” for abbreviations.
The accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS |
| | CORE BOND FUND |
| | OCTOBER 31, 2024 |
The following is a summary of the level of inputs used as of October 31, 2024, in valuing the Fund’s investments carried at market value:
| Investments in Securities | | Level 1 | | | Level 2 | | | Level 3(1) | | | Total | |
| U.S. Treasury Obligations | | $ | 1,691,650 | | | $ | 76,023,921 | | | $ | — | | | $ | 77,715,571 | |
| U.S. Government | | | | | | | | | | | | | | | | |
| Agency Mortgage-Backed Obligations | | | — | | | | 50,082,523 | | | | — | | | | 50,082,523 | |
| Corporate Obligations | | | — | | | | 44,939,431 | | | | — | | | | 44,939,431 | |
| Mortgage-Backed Securities | | | — | | | | 29,999,036 | | | | 230,840 | | | | 30,229,876 | |
| Asset-Backed Securities | | | — | | | | 22,837,966 | | | | — | | | | 22,837,966 | |
| Municipal Bonds | | | — | | | | 7,650,512 | | | | — | | | | 7,650,512 | |
| Total Investments in Securities | | $ | 1,691,650 | | | $ | 231,533,389 | | | $ | 230,840 | | | $ | 233,455,879 | |
| (1) | A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the end of the period in relation to net assets. Management has concluded that Level 3 investments are not material in relation to net assets |
Amounts designated as “—” are $0 or have been rounded to $0.
For more information on valuation inputs, see Note 2 – Significant Accounting Policies in the Notes to Financial Statements.
The accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS |
| | LONG/SHORT EQUITY FUND |
| | OCTOBER 31, 2024 |
SCHEDULE OF INVESTMENTS COMMON STOCK — 71.9% |
| | | Shares | | | Value | |
| COMMUNICATION SERVICES — 7.1% | |
| Alphabet, Cl A (A) | | | 14,885 | | | $ | 2,546,972 | |
| Electronic Arts | | | 1,847 | | | | 278,620 | |
| Live Nation Entertainment * | | | 7,362 | | | | 862,385 | |
| Match Group *(A) | | | 27,718 | | | | 998,680 | |
| Meta Platforms, Cl A (A) | | | 4,914 | | | | 2,789,088 | |
| Omnicom Group (A) | | | 21,692 | | | | 2,190,892 | |
| | | | | | | | 9,666,637 | |
| CONSUMER DISCRETIONARY — 15.7% | |
| Airbnb, Cl A * | | | 18,916 | | | | 2,549,688 | |
| Autoliv | | | 3,450 | | | | 320,436 | |
| Booking Holdings | | | 108 | | | | 505,035 | |
| Burlington Stores * | | | 3,692 | | | | 914,767 | |
| Dick's Sporting Goods | | | 12,367 | | | | 2,420,840 | |
| eBay (A) | | | 43,922 | | | | 2,525,954 | |
| Expedia Group *(A) | | | 21,464 | | | | 3,355,038 | |
| Lennar, Cl A (A) | | | 1,883 | | | | 320,675 | |
| NVR * | | | 168 | | | | 1,537,672 | |
| PulteGroup | | | 16,021 | | | | 2,075,200 | |
| Ralph Lauren, Cl A | | | 12,850 | | | | 2,543,400 | |
| Stellantis | | | 18,895 | | | | 257,350 | |
| Toll Brothers | | | 6,187 | | | | 906,024 | |
| Williams-Sonoma | | | 8,012 | | | | 1,074,650 | |
| | | | | | | | 21,306,729 | |
| ENERGY — 2.0% | | | | | | | | |
| HF Sinclair | | | 17,356 | | | | 670,115 | |
| Marathon Petroleum | | | 11,074 | | | | 1,610,935 | |
| Noble PLC | | | 13,332 | | | | 426,357 | |
| | | | | | | | 2,707,407 | |
| FINANCIALS — 13.4% | | | | | | | | |
| American Express | | | 5,033 | | | | 1,359,313 | |
| Ameriprise Financial (A) | | | 4,143 | | | | 2,114,173 | |
| Bank of America | | | 58,508 | | | | 2,446,805 | |
| Berkshire Hathaway, Cl B *(A) | | | 793 | | | | 357,580 | |
| Corebridge Financial | | | 47,996 | | | | 1,524,833 | |
| Corpay * | | | 8,204 | | | | 2,705,023 | |
| Discover Financial Services (A) | | | 14,270 | | | | 2,118,096 | |
| JPMorgan Chase | | | 4,274 | | | | 948,486 | |
| Synchrony Financial (A) | | | 54,445 | | | | 3,002,097 | |
| Wells Fargo | | | 16,496 | | | | 1,070,920 | |
| XP, Cl A | | | 32,127 | | | | 560,937 | |
| | | | | | | | 18,208,263 | |
| HEALTH CARE — 5.8% | | | | | | | | |
| Cardinal Health | | | 22,958 | | | | 2,491,402 | |
| Cencora, Cl A (A) | | | 4,521 | | | | 1,031,150 | |
| DaVita * | | | 4,067 | | | | 568,608 | |
| Hologic * | | | 19,016 | | | | 1,537,824 | |
| United Therapeutics *(A) | | | 6,056 | | | | 2,264,762 | |
| | | | | | | | 7,893,746 | |
| INDUSTRIALS — 4.0% | | | | | | | | |
| Advanced Drainage Systems | | | 1,570 | | | | 235,312 | |
| Carlisle | | | 846 | | | | 357,206 | |
| Caterpillar | | | 2,495 | | | | 938,619 | |
| Expeditors International of Washington | | | 10,381 | | | | 1,235,339 | |
| COMMON STOCK — continued | | | | | | |
| | | Shares | | | Value | |
| INDUSTRIALS— continued | | | | | | | | |
| Owens Corning (A) | | | 15,509 | | | $ | 2,741,836 | |
| | | | | | | | 5,508,312 | |
| INFORMATION TECHNOLOGY — 23.7% | |
| Akamai Technologies * | | | 7,631 | | | | 771,341 | |
| Apple (A) | | | 11,710 | | | | 2,645,406 | |
| Applied Materials | | | 6,180 | | | | 1,122,164 | |
| AppLovin, Cl A *(A) | | | 34,866 | | | | 5,905,952 | |
| Autodesk *(A) | | | 2,608 | | | | 740,150 | |
| Check Point Software Technologies *(A) | | | 1,506 | | | | 260,854 | |
| Cisco Systems (A) | | | 22,929 | | | | 1,255,821 | |
| Dell Technologies, Cl C | | | 12,471 | | | | 1,541,790 | |
| F5 * | | | 6,093 | | | | 1,425,031 | |
| Flex * | | | 22,516 | | | | 780,630 | |
| Fortinet * | | | 3,309 | | | | 260,286 | |
| International Business Machines (A) | | | 13,168 | | | | 2,722,089 | |
| Jabil | | | 6,731 | | | | 828,519 | |
| KLA (A) | | | 728 | | | | 485,016 | |
| Lam Research (A) | | | 13,300 | | | | 988,855 | |
| Logitech International | | | 27,900 | | | | 2,279,430 | |
| Microsoft (A) | | | 6,065 | | | | 2,464,513 | |
| NetApp (A) | | | 20,810 | | | | 2,399,601 | |
| NXP Semiconductors | | | 1,365 | | | | 320,093 | |
| Oracle | | | 5,149 | | | | 864,208 | |
| QUALCOMM (A) | | | 13,220 | | | | 2,151,819 | |
| | | | | | | | 32,213,568 | |
| MATERIALS — 0.2% | | | | | | | | |
| CF Industries Holdings | | | 4,127 | | | | 339,363 | |
| Total Common Stock | | | | | | | | |
| (Cost $76,762,856) | | | | | | | 97,844,025 | |
| PURCHASED OPTION — 0.4% | | | | | | | | |
| Total Purchased Options | | | | | | | | |
| (Cost $399,137) | | | | | | | 531,980 | |
| Total Investments in Securities— 72.3% | | | | | | | | |
| (Cost $77,161,993) | | | | | | $ | 98,376,005 | |
SECURITIES SOLD SHORT COMMON STOCK — (16.2)% |
| | | Shares | | | Value | |
| COMMUNICATION SERVICES — (0.8)% | |
| Trade Desk, Cl A * | | | (8,438 | ) | | | (1,014,332 | ) |
| | | | | | | | | |
| CONSUMER DISCRETIONARY — (0.4)% | |
| Mobileye Global, Cl A * | | | (40,019 | ) | | | (544,658 | ) |
| | | | | | | | | |
| CONSUMER STAPLES — (0.8)% | |
| elf Beauty * | | | (3,426 | ) | | | (360,587 | ) |
| Keurig Dr Pepper | | | (23,532 | ) | | | (775,379 | ) |
| | | | | | | | (1,135,966 | ) |
| FINANCIALS — (1.2)% | | | | | | | | |
| Block, Cl A * | | | (13,631 | ) | | | (985,794 | ) |
| S&P Global | | | (1,347 | ) | | | (647,045 | ) |
| | | | | | | | (1,632,839 | ) |
The accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS |
| | LONG/SHORT EQUITY FUND |
| | OCTOBER 31, 2024 |
| COMMON STOCK — continued | | | | | | |
| | | Shares | | | Value | |
| HEALTH CARE — (1.8)% | | | | | | | | |
| Catalent * | | | (11,968 | ) | | $ | (701,325 | ) |
| Cooper * | | | (6,658 | ) | | | (696,959 | ) |
| Illumina * | | | (7,084 | ) | | | (1,021,088 | ) |
| | | | | | | | (2,419,372 | ) |
| INDUSTRIALS — (1.0)% | | | | | | | | |
| General Dynamics | | | (2,146 | ) | | | (625,795 | ) |
| Stanley Black & Decker | | | (8,435 | ) | | | (783,949 | ) |
| | | | | | | | (1,409,744 | ) |
| INFORMATION TECHNOLOGY — (9.3)% | |
| Advanced Micro Devices * | | | (16,091 | ) | | | (2,318,230 | ) |
| Cloudflare, Cl A * | | | (17,343 | ) | | | (1,521,155 | ) |
| Fair Isaac * | | | (380 | ) | | | (757,382 | ) |
| MicroStrategy, Cl A * | | | (8,930 | ) | | | (2,183,385 | ) |
| Roper Technologies | | | (4,142 | ) | | | (2,227,278 | ) |
| Snowflake, Cl A * | | | (11,581 | ) | | | (1,329,730 | ) |
| Super Micro Computer * | | | (13,250 | ) | | | (385,707 | ) |
| Tyler Technologies * | | | (2,158 | ) | | | (1,306,863 | ) |
| Zscaler * | | | (3,243 | ) | | | (586,302 | ) |
| | | | | | | | (12,616,032 | ) |
| COMMON STOCK — continued | | | | | | |
| | | Shares | | | Value | |
| MATERIALS — (0.4)% | | | | | | | | |
| Albemarle | | | (5,630 | ) | | $ | (533,330 | ) |
| | | | | | | | | |
| REAL ESTATE — (0.5)% | | | | | | | | |
| Equinix | | | (809 | ) | | | (734,637 | ) |
| | | | | | | | | |
| Total Common Stock | | | | | | | | |
| (Proceeds $20,465,199) | | | | | | | (22,040,910 | ) |
| EXCHANGE TRADED FUNDS — (28.3)% | |
| | | Shares | | | Value | |
| ARK Innovation ETF | | | (211,585 | ) | | | (9,709,636 | ) |
| ARK Next Generation Internet ETF | | | (109,690 | ) | | | (9,538,642 | ) |
| iShares S&P 500 Value ETF | | | (72,515 | ) | | | (14,114,320 | ) |
| SPDR S&P Homebuilders ETF | | | (45,052 | ) | | | (5,145,389 | ) |
| Total Exchange Traded Funds | | | | | | | | |
| (Proceeds $37,232,762) | | | | | | | (38,507,987 | ) |
| Total Securities Sold Short— (44.5)% | | | | | | | | |
| (Proceeds $57,697,961) | | | | | | $ | (60,548,897 | ) |
A list of the open option contracts held by the Fund at October 31, 2024, is as follows:
| Description | | Number of
Contracts | | | Notional Amount | | | Exercise Price | | | Expiration Date | | Value | |
| PURCHASED OPTION — 0.4% | | | | | | | | | | | | | | | | | | |
| Put Options | | | | | | | | | | | | | | | | | | |
| Vanguard Total Stock Market Index Fund ETF | | | 1,588 | | | $ | 44,627,564 | | | | 260.00 | | | 01/17/25 | | $ | 531,980 | |
| TOTAL PURCHASED OPTION | | | | | | | | | | | | | | | | | | |
| (Cost $399,137) | | | | | | $ | 44,627,564 | | | | | | | | | $ | 531,980 | |
Percentages are based on Net Assets of $136,005,126.
| * | Non-income producing security. |
| (A) | This security or a partial position of this security has been committed as collateral for securities sold short. |
See “Glossary” for abbreviations.
The accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS LONG/SHORT EQUITY FUND OCTOBER 31, 2024 |
The following is a summary of the level of inputs used as of October 31, 2024, in valuing the Fund’s investments carried at market value:
| Investments in Securities | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Common Stock | | $ | 97,844,025 | | | $ | — | | | $ | — | | | $ | 97,844,025 | |
| Purchased Option | | | 531,980 | | | | — | | | | — | | | | 531,980 | |
| Total Investments in Securities | | $ | 98,376,005 | | | $ | — | | | $ | — | | | $ | 98,376,005 | |
| | | | | | | | | | | | | | | | | |
| Securities Sold Short | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Common Stock | | $ | (22,040,910 | ) | | $ | — | | | $ | — | | | $ | (22,040,910 | ) |
| Exchange Traded Funds | | | (38,507,987 | ) | | | — | | | | — | | | | (38,507,987 | ) |
| Total Securities Sold Short | | $ | (60,548,897 | ) | | $ | — | | | $ | — | | | $ | (60,548,897 | ) |
Amounts designated as “—” are $0 or have been rounded to $0.
For more information on valuation inputs, see Note 2 – Significant Accounting Policies in the Notes to Financial Statements.
The accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS LARGE CAP VALUE FUND OCTOBER 31, 2024 |
| SCHEDULE OF INVESTMENTS | | | | | | |
| COMMON STOCK — 97.2% | | | | | | | | |
| | | | Shares | | | | Value | |
| COMMUNICATION SERVICES — 5.3% | | | | | | | | |
| AT&T | | | 291,284 | | | $ | 6,565,541 | |
| Electronic Arts | | | 7,869 | | | | 1,187,039 | |
| Meta Platforms, Cl A | | | 1,455 | | | | 825,829 | |
| Walt Disney | | | 40,080 | | | | 3,855,696 | |
| | | | | | | | 12,434,105 | |
| CONSUMER DISCRETIONARY — 6.1% | | | | | | | | |
| DR Horton | | | 19,835 | | | | 3,352,115 | |
| General Motors | | | 78,684 | | | | 3,994,000 | |
| Lennar, Cl A | | | 20,001 | | | | 3,406,170 | |
| TJX | | | 30,927 | | | | 3,495,679 | |
| | | | | | | | 14,247,964 | |
| CONSUMER STAPLES — 10.6% | | | | | | | | |
| Campbell Soup | | | 46,904 | | | | 2,188,072 | |
| Casey's General Stores | | | 6,090 | | | | 2,399,582 | |
| Colgate-Palmolive | | | 38,456 | | | | 3,603,712 | |
| General Mills | | | 53,672 | | | | 3,650,769 | |
| Mondelez International, Cl A | | | 43,993 | | | | 3,012,640 | |
| Monster Beverage * | | | 57,923 | | | | 3,051,384 | |
| PepsiCo | | | 22,151 | | | | 3,678,838 | |
| Performance Food Group * | | | 39,679 | | | | 3,223,919 | |
| | | | | | | | 24,808,916 | |
| ENERGY — 8.7% | | | | | | | | |
| Canadian Natural Resources | | | 107,257 | | | | 3,648,883 | |
| ConocoPhillips | | | 36,025 | | | | 3,946,178 | |
| Exxon Mobil | | | 84,347 | | | | 9,850,043 | |
| Valero Energy | | | 22,851 | | | | 2,965,146 | |
| | | | | | | | 20,410,250 | |
| FINANCIALS — 22.6% | | | | | | | | |
| Allstate | | | 14,819 | | | | 2,764,040 | |
| American Express | | | 13,872 | | | | 3,746,550 | |
| American International Group | | | 47,834 | | | | 3,629,644 | |
| Ameriprise Financial | | | 8,471 | | | | 4,322,751 | |
| Axis Capital Holdings | | | 27,880 | | | | 2,181,889 | |
| Bank of America | | | 101,553 | | | | 4,246,946 | |
| Berkshire Hathaway, Cl B * | | | 12,904 | | | | 5,818,672 | |
| First Horizon | | | 166,759 | | | | 2,889,933 | |
| Goldman Sachs Group | | | 4,186 | | | | 2,167,469 | |
| Hartford Financial Services Group | | | 25,943 | | | | 2,865,145 | |
| JPMorgan Chase | | | 25,628 | | | | 5,687,366 | |
| Popular | | | 16,762 | | | | 1,495,673 | |
| Prudential Financial | | | 27,636 | | | | 3,384,857 | |
| Synovus Financial | | | 67,037 | | | | 3,343,135 | |
| Visa, Cl A | | | 3,496 | | | | 1,013,316 | |
| Wells Fargo | | | 54,185 | | | | 3,517,690 | |
| | | | | | | | 53,075,076 | |
| HEALTH CARE — 8.7% | | | | | | | | |
| Boston Scientific * | | | 42,502 | | | | 3,571,018 | |
| Cencora, Cl A | | | 14,202 | | | | 3,239,192 | |
| Exact Sciences * | | | 21,183 | | | | 1,460,144 | |
| Neurocrine Biosciences * | | | 8,269 | | | | 994,513 | |
| Quest Diagnostics | | | 20,336 | | | | 3,148,623 | |
| Select Medical Holdings | | | 77,789 | | | | 2,495,471 | |
| STERIS PLC | | | 11,632 | | | | 2,580,559 | |
| COMMON STOCK — continued | | | | | | |
| | | Shares | | | Value | |
| HEALTH CARE— continued | | | | | | | | |
| Stryker | | | 8,519 | | | $ | 3,035,150 | |
| | | | | | | | 20,524,670 | |
| INDUSTRIALS — 11.7% | | | | | | | | |
| 3M | | | 34,512 | | | | 4,433,757 | |
| AECOM | | | 34,880 | | | | 3,725,184 | |
| Copart * | | | 30,612 | | | | 1,575,600 | |
| CSX | | | 81,266 | | | | 2,733,788 | |
| Cummins | | | 11,535 | | | | 3,794,784 | |
| EMCOR Group | | | 1,180 | | | | 526,362 | |
| Emerson Electric | | | 21,017 | | | | 2,275,510 | |
| Quanta Services | | | 4,443 | | | | 1,340,142 | |
| Stanley Black & Decker | | | 31,855 | | | | 2,960,604 | |
| United Rentals | | | 975 | | | | 792,480 | |
| Waste Management | | | 14,876 | | | | 3,210,985 | |
| | | | | | | | 27,369,196 | |
| INFORMATION TECHNOLOGY — 7.8% | | | | | | | | |
| Cisco Systems | | | 108,449 | | | | 5,939,752 | |
| Hewlett Packard Enterprise | | | 59,696 | | | | 1,163,475 | |
| Intel | | | 18,489 | | | | 397,883 | |
| International Business Machines | | | 8,173 | | | | 1,689,523 | |
| Micron Technology | | | 7,539 | | | | 751,261 | |
| Microsoft | | | 5,022 | | | | 2,040,690 | |
| Motorola Solutions | | | 7,927 | | | | 3,561,997 | |
| Salesforce | | | 9,143 | | | | 2,663,996 | |
| | | | | | | | 18,208,577 | |
| MATERIALS — 2.5% | | | | | | | | |
| Linde PLC | | | 5,944 | | | | 2,711,356 | |
| Steel Dynamics | | | 5,622 | | | | 733,671 | |
| Westlake | | | 19,025 | | | | 2,510,158 | |
| | | | | | | | 5,955,185 | |
| REAL ESTATE — 6.6% | | | | | | | | |
| BXP ‡ | | | 33,723 | | | | 2,716,725 | |
| Host Hotels & Resorts ‡ | | | 158,745 | | | | 2,736,764 | |
| Iron Mountain ‡ | | | 28,030 | | | | 3,468,152 | |
| Lamar Advertising, Cl A ‡ | | | 26,170 | | | | 3,454,440 | |
| Omega Healthcare Investors ‡ | | | 75,538 | | | | 3,208,099 | |
| | | | | | | | 15,584,180 | |
| UTILITIES — 6.6% | | | | | | | | |
| Entergy | | | 34,002 | | | | 5,262,829 | |
| FirstEnergy | | | 93,035 | | | | 3,891,654 | |
| Fortis | | | 66,903 | | | | 2,892,217 | |
| National Fuel Gas | | | 46,838 | | | | 2,835,104 | |
| Vistra | | | 4,533 | | | | 566,444 | |
| | | | | | | | 15,448,248 | |
| Total Common Stock | | | | | | | | |
| (Cost $177,475,465) | | | | | | | 228,066,367 | |
| Total Investments in Securities— 97.2% | | | | | | | | |
| (Cost $177,475,465) | | | | | | $ | 228,066,367 | |
Percentages are based on Net Assets of $234,654,152.
| * | Non-income producing security. |
| ‡ | Real Estate Investment Trust. |
See “Glossary” for abbreviations.
The accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS LARGE CAP VALUE FUND OCTOBER 31, 2024 |
As of October 31, 2024, all of the Fund's investments in securities were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.
For more information on valuation inputs, see Note 2 – Significant Accounting Policies in the Notes to Financial Statements.
The accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS LARGE CAP GROWTH FUND OCTOBER 31, 2024 |
| SCHEDULE OF INVESTMENTS | | | | | | |
| COMMON STOCK — 96.2%# | | | | | | | | |
| | | | Shares | | | | Value | |
| COMMUNICATION SERVICES — 12.9% | | | | | | | | |
| Alphabet, Cl A * | | | 43,070 | | | $ | 7,369,708 | |
| Alphabet, Cl C * | | | 36,624 | | | | 6,324,598 | |
| Meta Platforms, Cl A * | | | 15,890 | | | | 9,018,846 | |
| Netflix * | | | 4,624 | | | | 3,495,883 | |
| Spotify Technology * | | | 4,117 | | | | 1,585,457 | |
| T-Mobile US * | | | 8,778 | | | | 1,958,898 | |
| | | | | | | | 29,753,390 | |
| CONSUMER DISCRETIONARY — 9.2% | | | | | | | | |
| AutoZone * | | | 756 | | | | 2,274,804 | |
| Chipotle Mexican Grill, Cl A * | | | 38,963 | | | | 2,172,967 | |
| Deckers Outdoor * | | | 8,460 | | | | 1,361,129 | |
| DR Horton | | | 10,761 | | | | 1,818,609 | |
| Home Depot | | | 6,916 | | | | 2,723,175 | |
| Hyatt Hotels, Cl A | | | 10,677 | | | | 1,552,970 | |
| MercadoLibre * | | | 1,008 | | | | 2,053,477 | |
| Tesla * | | | 16,957 | | | | 4,236,706 | |
| TJX | | | 26,987 | | | | 3,050,341 | |
| | | | | | | | 21,244,178 | |
| CONSUMER STAPLES — 4.2% | | | | | | | | |
| BJ's Wholesale Club Holdings * | | | 25,978 | | | | 2,201,116 | |
| Coca-Cola | | | 35,983 | | | | 2,350,050 | |
| General Mills | | | 15,805 | | | | 1,075,056 | |
| PepsiCo | | | 16,814 | | | | 2,792,469 | |
| Performance Food Group * | | | 14,881 | | | | 1,209,081 | |
| | | | | | | | 9,627,772 | |
| ENERGY — 0.7% | | | | | | | | |
| Exxon Mobil | | | 14,965 | | | | 1,747,613 | |
| FINANCIALS — 8.8% | | | | | | | | |
| American Express | | | 8,827 | | | | 2,383,996 | |
| Berkshire Hathaway, Cl B * | | | 10,172 | | | | 4,586,758 | |
| Blackstone, Cl A | | | 11,336 | | | | 1,901,614 | |
| Goldman Sachs Group | | | 3,430 | | | | 1,776,020 | |
| JPMorgan Chase | | | 6,077 | | | | 1,348,608 | |
| Mastercard, Cl A | | | 5,296 | | | | 2,645,829 | |
| Progressive | | | 10,845 | | | | 2,633,491 | |
| Toast, Cl A * | | | 24,207 | | | | 726,936 | |
| Visa, Cl A | | | 7,883 | | | | 2,284,888 | |
| | | | | | | | 20,288,140 | |
| HEALTH CARE — 7.3% | | | | | | | | |
| Boston Scientific * | | | 33,545 | | | | 2,818,451 | |
| Cencora, Cl A | | | 8,323 | | | | 1,898,310 | |
| Dexcom * | | | 10,343 | | | | 728,975 | |
| Edwards Lifesciences * | | | 9,213 | | | | 617,363 | |
| IDEXX Laboratories * | | | 1,416 | | | | 576,199 | |
| Insulet * | | | 9,332 | | | | 2,160,638 | |
| Intuitive Surgical * | | | 4,287 | | | | 2,159,962 | |
| IQVIA Holdings * | | | 3,278 | | | | 674,678 | |
| Neurocrine Biosciences * | | | 11,938 | | | | 1,435,783 | |
| Stryker | | | 6,641 | | | | 2,366,055 | |
| Zoetis, Cl A | | | 8,466 | | | | 1,513,551 | |
| | | | | | | | 16,949,965 | |
| INDUSTRIALS — 7.9% | | | | | | | | |
| Builders FirstSource * | | | 8,239 | | | | 1,412,165 | |
| COMMON STOCK — continued | | | | | | |
| | | Shares | | | Value | |
| INDUSTRIALS— continued | | | | | | | | |
| Caterpillar | | | 7,902 | | | $ | 2,972,732 | |
| Chart Industries * | | | 10,761 | | | | 1,299,068 | |
| Deere | | | 1,997 | | | | 808,166 | |
| EMCOR Group | | | 3,194 | | | | 1,424,747 | |
| Ferguson Enterprises | | | 8,743 | | | | 1,720,098 | |
| Stanley Black & Decker | | | 16,478 | | | | 1,531,465 | |
| Uber Technologies * | | | 32,452 | | | | 2,338,167 | |
| Union Pacific | | | 5,128 | | | | 1,190,055 | |
| United Rentals | | | 1,849 | | | | 1,502,867 | |
| Waste Management | | | 9,920 | | | | 2,141,232 | |
| | | | | | | | 18,340,762 | |
| INFORMATION TECHNOLOGY — 40.1% | | | | | | | | |
| Accenture PLC, Cl A | | | 6,374 | | | | 2,197,883 | |
| Adobe * | | | 3,615 | | | | 1,728,259 | |
| Advanced Micro Devices * | | | 20,177 | | | | 2,906,900 | |
| Apple | | | 87,804 | | | | 19,835,802 | |
| Arista Networks * | | | 3,615 | | | | 1,396,981 | |
| Broadcom | | | 35,280 | | | | 5,989,486 | |
| HubSpot * | | | 1,276 | | | | 707,912 | |
| Intuit | | | 2,606 | | | | 1,590,442 | |
| KLA | | | 3,026 | | | | 2,016,012 | |
| Micron Technology | | | 11,350 | | | | 1,131,028 | |
| Microsoft | | | 49,079 | | | | 19,943,252 | |
| NVIDIA | | | 155,135 | | | | 20,595,722 | |
| Oracle | | | 12,611 | | | | 2,116,630 | |
| Palo Alto Networks * | | | 3,574 | | | | 1,287,819 | |
| QUALCOMM | | | 11,938 | | | | 1,943,148 | |
| Salesforce * | | | 11,097 | | | | 3,233,333 | |
| ServiceNow * | | | 2,525 | | | | 2,355,800 | |
| Synopsys * | | | 2,858 | | | | 1,467,897 | |
| | | | | | | | 92,444,306 | |
| MATERIALS — 1.7% | | | | | | | | |
| Ecolab | | | 6,137 | | | | 1,508,045 | |
| Linde PLC | | | 5,212 | | | | 2,377,454 | |
| | | | | | | | 3,885,499 | |
| REAL ESTATE — 2.2% | | | | | | | | |
| American Tower ‡ | | | 11,536 | | | | 2,463,398 | |
| Iron Mountain ‡ | | | 20,584 | | | | 2,546,858 | |
| | | | | | | | 5,010,256 | |
| UTILITIES — 1.2% | | | | | | | | |
| Entergy | | | 10,088 | | | | 1,561,420 | |
| Vistra | | | 9,232 | | | | 1,153,631 | |
| | | | | | | | 2,715,051 | |
| Total Common Stock | | | | | | | | |
| (Cost $144,994,970) | | | | | | | 222,006,932 | |
| Total Investments in Securities— 96.2% | | | | | | | | |
| (Cost $144,994,970) | | | | | | $ | 222,006,932 | |
Percentages are based on Net Assets of $230,670,206.
| # | More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes. |
| * | Non-income producing security. |
| ‡ | Real Estate Investment Trust. |
See “Glossary” for abbreviations.
The accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS LARGE CAP GROWTH FUND OCTOBER 31, 2024 |
As of October 31, 2024, all of the Fund's investments in securities were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.
For more information on valuation inputs, see Note 2 – Significant Accounting Policies in the Notes to Financial Statements.
The accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS
SMALL CAP FUND
OCTOBER 31, 2024 |
SCHEDULE OF INVESTMENTS
COMMON STOCK — 95.8%
| | | Shares | | | Value | |
| COMMUNICATION SERVICES — 1.4% |
| IMAX * | | | 89,435 | | | $ | 2,173,270 | |
| | | | | | | | | |
| CONSUMER DISCRETIONARY — 12.1% |
| BJ's Restaurants * | | | 50,627 | | | | 1,877,755 | |
| Boot Barn Holdings * | | | 13,563 | | | | 1,689,272 | |
| KB Home | | | 32,648 | | | | 2,562,868 | |
| Phinia | | | 44,379 | | | | 2,067,174 | |
| Playa Hotels & Resorts * | | | 219,790 | | | | 1,868,215 | |
| Shake Shack, Cl A * | | | 17,292 | | | | 2,103,917 | |
| TRI Pointe Group * | | | 56,721 | | | | 2,293,230 | |
| Warby Parker, Cl A * | | | 130,273 | | | | 2,205,522 | |
| YETI Holdings * | | | 49,248 | | | | 1,734,022 | |
| | | | | | | | 18,401,975 | |
| CONSUMER STAPLES — 3.5% |
| Dole PLC | | | 141,629 | | | | 2,287,308 | |
| Primo Water | | | 80,665 | | | | 2,115,843 | |
| Sprouts Farmers Market * | | | 7,292 | | | | 936,512 | |
| | | | | | | | 5,339,663 | |
| ENERGY — 3.4% |
| Civitas Resources | | | 18,972 | | | | 925,644 | |
| International Seaways | | | 32,086 | | | | 1,397,025 | |
| Liberty Energy, Cl A | | | 94,844 | | | | 1,618,987 | |
| PBF Energy, Cl A | | | 26,743 | | | | 762,710 | |
| Veren | | | 102,140 | | | | 527,042 | |
| | | | | | | | 5,231,408 | |
| FINANCIALS — 19.5% |
| Axis Capital Holdings | | | 27,576 | | | | 2,158,098 | |
| Enterprise Financial Services | | | 37,061 | | | | 1,953,856 | |
| Essent Group | | | 31,899 | | | | 1,914,259 | |
| Fidelis Insurance Holdings | | | 67,529 | | | | 1,165,550 | |
| FirstCash Holdings | | | 13,832 | | | | 1,431,197 | |
| Hamilton Insurance Group, Cl B * | | | 52,314 | | | | 911,310 | |
| Hancock Whitney | | | 27,825 | | | | 1,449,126 | |
| Merchants Bancorp | | | 41,124 | | | | 1,519,120 | |
| OceanFirst Financial | | | 60,509 | | | | 1,101,264 | |
| OFG Bancorp | | | 47,954 | | | | 1,931,107 | |
| Old Second Bancorp | | | 121,610 | | | | 1,996,836 | |
| Piper Sandler | | | 6,695 | | | | 1,898,970 | |
| Popular | | | 10,216 | | | | 911,574 | |
| PRA Group * | | | 68,898 | | | | 1,388,984 | |
| PROG Holdings | | | 50,592 | | | | 2,209,353 | |
| QCR Holdings | | | 22,179 | | | | 1,754,359 | |
| UMB Financial | | | 14,268 | | | | 1,565,628 | |
| Valley National Bancorp | | | 119,467 | | | | 1,131,352 | |
| WaFd | | | 35,869 | | | | 1,218,829 | |
| | | | | | | | 29,610,772 | |
| HEALTH CARE — 17.2% |
| Axsome Therapeutics * | | | 19,452 | | | | 1,731,812 | |
| Blueprint Medicines * | | | 4,311 | | | | 377,256 | |
| Denali Therapeutics * | | | 36,461 | | | | 946,528 | |
| Halozyme Therapeutics * | | | 12,312 | | | | 622,618 | |
| Immunovant * | | | 23,106 | | | | 676,082 | |
| Integer Holdings * | | | 16,917 | | | | 2,101,937 | |
| Intra-Cellular Therapies * | | | 20,985 | | | | 1,778,479 | |
COMMON STOCK — continued
| | | Shares | | | Value | |
| HEALTH CARE— continued |
Kiniksa Pharmaceuticals International,
Cl A * | | | 56,620 | | | $ | 1,279,046 | |
| Madrigal Pharmaceuticals * | | | 4,361 | | | | 1,130,982 | |
| Merit Medical Systems * | | | 24,362 | | | | 2,403,555 | |
| Merus * | | | 12,470 | | | | 622,627 | |
| Mirum Pharmaceuticals * | | | 42,729 | | | | 1,643,357 | |
| National HealthCare | | | 12,949 | | | | 1,502,472 | |
| RadNet * | | | 41,960 | | | | 2,729,078 | |
| Twist Bioscience * | | | 20,962 | | | | 846,026 | |
| UFP Technologies * | | | 6,427 | | | | 1,716,009 | |
| Vericel * | | | 39,852 | | | | 1,755,082 | |
| Viking Therapeutics * | | | 16,935 | | | | 1,228,465 | |
| Viridian Therapeutics * | | | 53,655 | | | | 1,157,338 | |
| | | | | | | | 26,248,749 | |
| INDUSTRIALS — 15.4% |
| Brink's | | | 24,225 | | | | 2,490,088 | |
| CSW Industrials | | | 5,287 | | | | 1,866,840 | |
| Herc Holdings | | | 13,559 | | | | 2,835,729 | |
| IES Holdings * | | | 9,454 | | | | 2,067,259 | |
| JELD-WEN Holding * | | | 59,434 | | | | 841,585 | |
| Limbach Holdings * | | | 23,721 | | | | 1,802,084 | |
| Maximus | | | 24,734 | | | | 2,138,007 | |
| SkyWest * | | | 20,521 | | | | 1,953,599 | |
| SPX Technologies * | | | 12,735 | | | | 1,827,345 | |
| Standex International | | | 11,323 | | | | 2,082,073 | |
| Sterling Infrastructure * | | | 15,687 | | | | 2,422,857 | |
| Verra Mobility, Cl A * | | | 23,479 | | | | 609,750 | |
| Willis Lease Finance | | | 2,481 | | | | 449,880 | |
| | | | | | | | 23,387,096 | |
| INFORMATION TECHNOLOGY — 11.3% |
| Belden | | | 21,221 | | | | 2,416,435 | |
| Benchmark Electronics | | | 19,754 | | | | 855,348 | |
| Couchbase * | | | 69,704 | | | | 1,120,143 | |
| DigitalOcean Holdings * | | | 45,542 | | | | 1,802,552 | |
| DoubleVerify Holdings * | | | 84,297 | | | | 1,437,264 | |
| FormFactor * | | | 40,270 | | | | 1,529,455 | |
| Instructure Holdings * | | | 39,991 | | | | 941,388 | |
| LiveRamp Holdings * | | | 56,032 | | | | 1,402,481 | |
| MACOM Technology Solutions Holdings * | | | 13,766 | | | | 1,547,299 | |
| MARA Holdings * | | | 12,869 | | | | 215,813 | |
| N-Able * | | | 62,807 | | | | 768,130 | |
| Viavi Solutions * | | | 148,157 | | | | 1,366,008 | |
| Workiva, Cl A * | | | 22,545 | | | | 1,798,189 | |
| | | | | | | | 17,200,505 | |
| MATERIALS — 2.3% |
| ATI * | | | 27,000 | | | | 1,423,170 | |
| Summit Materials, Cl A * | | | 44,402 | | | | 2,105,099 | |
| | | | | | | | 3,528,269 | |
| REAL ESTATE — 7.2% |
| Armada Hoffler Properties ‡ | | | 71,904 | | | | 778,720 | |
| CareTrust ‡ | | | 51,203 | | | | 1,672,802 | |
| COPT Defense Properties ‡ | | | 71,883 | | | | 2,314,633 | |
| Plymouth Industrial ‡ | | | 69,912 | | | | 1,420,612 | |
| Tanger ‡ | | | 83,639 | | | | 2,779,324 | |
The accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS
SMALL CAP FUND
OCTOBER 31, 2024 |
COMMON STOCK — continued
| | | Shares | | | Value | |
| REAL ESTATE— continued |
| Urban Edge Properties ‡ | | | 91,081 | | | $ | 2,025,641 | |
| | | | | | | 10,991,732 | |
| UTILITIES — 2.5% |
| Clearway Energy, Cl C | | | 30,910 | | | | 877,226 | |
| National Fuel Gas | | | 30,327 | | | | 1,835,693 | |
| Southwest Gas Holdings | | | 15,660 | | | | 1,147,095 | |
| | | | | | | 3,860,014 | |
| Total Common Stock |
| (Cost $116,576,342) | | | | | | | 145,973,453 | |
| Total Investments in Securities— 95.8% |
| (Cost $116,576,342) | | | | | | $ | 145,973,453 | |
Percentages are based on Net Assets of $152,347,130.
| * | Non-income producing security. |
| ‡ | Real Estate Investment Trust. |
See “Glossary” for abbreviations.
As of October 31, 2024, all of the Fund's investments in securities were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.
For more information on valuation inputs, see Note 2 – Significant Accounting Policies in the Notes to Financial Statements.
The accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS
U.S. ALL CAP INDEX FUND
OCTOBER 31, 2024 |
SCHEDULE OF INVESTMENTS
COMMON STOCK — 95.7%#
| | | Shares | | | Value | |
| COMMUNICATION SERVICES — 9.9% |
| Advantage Solutions * | | | 64 | | | $ | 196 | |
| Alphabet, Cl A | | | 23,213 | | | | 3,971,976 | |
| Alphabet, Cl C | | | 20,847 | | | | 3,600,068 | |
| Altice USA, Cl A * | | | 747 | | | | 1,815 | |
| AMC Entertainment Holdings, Cl A * | | | 965 | | | | 4,236 | |
| AMC Networks, Cl A * | | | 112 | | | | 907 | |
| Angi, Cl A * | | | 243 | | | | 578 | |
| Anterix * | | | 66 | | | | 2,144 | |
| AST SpaceMobile, Cl A * | | | 424 | | | | 10,095 | |
| AT&T | | | 28,308 | | | | 638,062 | |
| Atlanta Braves Holdings, Cl C * | | | 138 | | | | 5,452 | |
| ATN International | | | 38 | | | | 797 | |
| Bandwidth, Cl A * | | | 88 | | | | 1,716 | |
| Boston Omaha, Cl A * | | | 110 | | | | 1,624 | |
| Bumble, Cl A * | | | 328 | | | | 2,322 | |
| Cable One | | | 16 | | | | 5,465 | |
| Cardlytics * | | | 152 | | | | 655 | |
| Cargurus, Cl A * | | | 311 | | | | 9,647 | |
| Cars.com * | | | 217 | | | | 3,470 | |
| Charter Communications, Cl A * | | | 386 | | | | 126,457 | |
| Cinemark Holdings * | | | 401 | | | | 11,930 | |
| Clear Channel Outdoor Holdings, Cl A * | | | 1,556 | | | | 2,287 | |
| Cogent Communications Holdings | | | 156 | | | | 12,522 | |
| Comcast, Cl A | | | 15,624 | | | | 682,300 | |
| Consolidated Communications Holdings * | | | 277 | | | | 1,284 | |
| DHI Group * | | | 148 | | | | 243 | |
| EchoStar, Cl A * | | | 445 | | | | 11,152 | |
| Electronic Arts | | | 957 | | | | 144,363 | |
| Endeavor Group Holdings, Cl A | | | 767 | | | | 22,619 | |
| Entravision Communications, Cl A | | | 227 | | | | 527 | |
| Eventbrite, Cl A * | | | 294 | | | | 941 | |
| EverQuote, Cl A * | | | 81 | | | | 1,456 | |
| EW Scripps, Cl A * | | | 222 | | | | 745 | |
| Fox | | | 942 | | | | 39,564 | |
| Frontier Communications Parent * | | | 803 | | | | 28,691 | |
| fuboTV * | | | 1,053 | | | | 1,832 | |
| Gannett * | | | 451 | | | | 2,115 | |
| Globalstar * | | | 2,780 | | | | 2,919 | |
| Gogo * | | | 223 | | | | 1,461 | |
| Gray Television | | | 303 | | | | 1,730 | |
| IAC * | | | 278 | | | | 13,330 | |
| IDT, Cl B | | | 61 | | | | 2,863 | |
| iHeartMedia * | | | 421 | | | | 834 | |
| Innovid * | | | 332 | | | | 634 | |
| Integral Ad Science Holding * | | | 591 | | | | 6,997 | |
| Interpublic Group of Companies | | | 1,499 | | | | 44,071 | |
| Iridium Communications | | | 404 | | | | 11,849 | |
| John Wiley & Sons, Cl A | | | 153 | | | | 7,543 | |
| Liberty Broadband, Cl C | | | 448 | | | | 36,207 | |
| Liberty Latin America, Cl C * | | | 484 | | | | 4,685 | |
COMMON STOCK — continued
| | | Shares | | | Value | |
| COMMUNICATION SERVICES— continued |
| Live Nation Entertainment * | | | 573 | | | $ | 67,121 | |
| LiveOne * | | | 327 | | | | 226 | |
| Lumen Technologies * | | | 3,736 | | | | 23,873 | |
| Madison Square Garden Entertainment, Cl A * | | | 148 | | | | 6,173 | |
| Madison Square Garden Sports * | | | 65 | | | | 14,476 | |
| Magnite * | | | 452 | | | | 5,641 | |
| Marcus | | | 85 | | | | 1,604 | |
| Match Group * | | | 1,054 | | | | 37,976 | |
| MediaAlpha, Cl A * | | | 142 | | | | 2,432 | |
| Meta Platforms, Cl A | | | 8,708 | | | | 4,942,487 | |
| National CineMedia * | | | 237 | | | | 1,704 | |
| Netflix * | | | 1,701 | | | | 1,286,007 | |
| New York Times, Cl A | | | 635 | | | | 35,458 | |
| News | | | 1,495 | | | | 40,739 | |
| Nexstar Media Group, Cl A | | | 125 | | | | 21,990 | |
| Nextdoor Holdings * | | | 572 | | | | 1,384 | |
| NII Holdings *,(A) | | | 46 | | | | — | |
| Omnicom Group | | | 770 | | | | 77,770 | |
| Outbrain * | | | 124 | | | | 532 | |
| Paramount Global, Cl B | | | 2,364 | | | | 25,862 | |
| Pinterest, Cl A * | | | 2,325 | | | | 73,912 | |
| Playstudios * | | | 326 | | | | 434 | |
| PubMatic, Cl A * | | | 142 | | | | 2,088 | |
| QuinStreet * | | | 180 | | | | 3,780 | |
| Reservoir Media * | | | 124 | | | | 1,033 | |
| ROBLOX, Cl A * | | | 1,941 | | | | 100,389 | |
| Roku, Cl A * | | | 496 | | | | 31,784 | |
| Scholastic | | | 87 | | | | 2,160 | |
| Shenandoah Telecommunications | | | 169 | | | | 2,339 | |
| Shutterstock | | | 90 | | | | 2,888 | |
| Sinclair | | | 131 | | | | 2,262 | |
| Sirius XM Holdings | | | 231 | | | | 6,158 | |
| Snap, Cl A * | | | 4,130 | | | | 50,221 | |
| Sphere Entertainment * | | | 98 | | | | 4,097 | |
| Spok Holdings | | | 73 | | | | 1,137 | |
| Stagwell, Cl A * | | | 413 | | | | 2,565 | |
| Take-Two Interactive Software * | | | 622 | | | | 100,590 | |
| TechTarget * | | | 95 | | | | 2,750 | |
| TEGNA | | | 641 | | | | 10,532 | |
| Telephone and Data Systems | | | 364 | | | | 10,829 | |
| Thryv Holdings * | | | 112 | | | | 1,611 | |
| TKO Group Holdings, Cl A * | | | 265 | | | | 30,944 | |
| T-Mobile US | | | 1,744 | | | | 389,191 | |
| Townsquare Media, Cl A | | | 40 | | | | 392 | |
| Trade Desk, Cl A * | | | 1,741 | | | | 209,286 | |
| TripAdvisor * | | | 379 | | | | 6,079 | |
| TrueCar * | | | 261 | | | | 1,021 | |
| United States Cellular * | | | 52 | | | | 3,208 | |
| Verizon Communications | | | 16,653 | | | | 701,591 | |
| Vimeo * | | | 532 | | | | 2,538 | |
| Vivid Seats, Cl A * | | | 271 | | | | 1,103 | |
| Walt Disney | | | 7,286 | | | | 700,913 | |
| Warner Bros Discovery * | | | 8,732 | | | | 70,991 | |
| WideOpenWest * | | | 180 | | | | 898 | |
| Yelp, Cl A * | | | 242 | | | | 8,262 | |
The accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS
U.S. ALL CAP INDEX FUND
OCTOBER 31, 2024 |
COMMON STOCK — continued
| | | Shares | | | Value | |
| COMMUNICATION SERVICES— continued |
| Ziff Davis * | | | 167 | | | $ | 7,727 | |
| ZipRecruiter, Cl A * | | | 255 | | | | 2,364 | |
| ZoomInfo Technologies, Cl A * | | | 1,220 | | | | 13,481 | |
| | | | | | | | 18,644,379 | |
| CONSUMER DISCRETIONARY — 7.8% |
| 1-800-Flowers.com, Cl A * | | | 104 | | | | 865 | |
| 1stdibs.com * | | | 93 | | | | 388 | |
| Abercrombie & Fitch, Cl A * | | | 197 | | | | 25,963 | |
| Academy Sports & Outdoors | | | 290 | | | | 14,749 | |
| Acushnet Holdings | | | 106 | | | | 6,498 | |
| Adient PLC * | | | 331 | | | | 6,464 | |
| ADT | | | 1,399 | | | | 10,073 | |
| Adtalem Global Education * | | | 141 | | | | 11,410 | |
| Advance Auto Parts | | | 234 | | | | 8,351 | |
| Airbnb, Cl A * | | | 1,672 | | | | 225,369 | |
| A-Mark Precious Metals | | | 65 | | | | 2,525 | |
| American Axle & Manufacturing Holdings * | | | 409 | | | | 2,311 | |
| American Eagle Outfitters | | | 720 | | | | 14,105 | |
| American Outdoor Brands * | | | 44 | | | | 375 | |
| American Public Education * | | | 61 | | | | 925 | |
| America's Car-Mart * | | | 21 | | | | 820 | |
| Aramark | | | 1,037 | | | | 39,230 | |
| Arhaus, Cl A | | | 187 | | | | 1,586 | |
| Arko | | | 277 | | | | 1,842 | |
| Asbury Automotive Group * | | | 81 | | | | 18,455 | |
| AutoNation * | | | 107 | | | | 16,635 | |
| AutoZone * | | | 68 | | | | 204,612 | |
| BARK * | | | 376 | | | | 545 | |
| Bassett Furniture Industries | | | 30 | | | | 432 | |
| Bath & Body Works | | | 885 | | | | 25,116 | |
| Beazer Homes USA * | | | 106 | | | | 3,261 | |
| Best Buy | | | 766 | | | | 69,269 | |
| Beyond * | | | 167 | | | | 1,070 | |
| Big Lots * | | | 98 | | | | 7 | |
| Biglari Holdings, Cl B * | | | 8 | | | | 1,362 | |
| BJ's Restaurants * | | | 79 | | | | 2,930 | |
| Bloomin' Brands | | | 315 | | | | 5,226 | |
| Booking Holdings | | | 135 | | | | 631,294 | |
| Boot Barn Holdings * | | | 119 | | | | 14,821 | |
| BorgWarner | | | 909 | | | | 30,570 | |
| Bowlero | | | 307 | | | | 3,184 | |
| Bright Horizons Family Solutions * | | | 228 | | | | 30,431 | |
| Brinker International * | | | 167 | | | | 17,153 | |
| Brunswick | | | 267 | | | | 21,291 | |
| Buckle | | | 112 | | | | 4,767 | |
| Build-A-Bear Workshop, Cl A | | | 47 | | | | 1,790 | |
| Burlington Stores * | | | 253 | | | | 62,686 | |
| Caleres | | | 124 | | | | 3,701 | |
| Camping World Holdings, Cl A | | | 162 | | | | 3,250 | |
| Canoo * | | | 211 | | | | 160 | |
| Capri Holdings * | | | 452 | | | | 8,922 | |
| CarMax * | | | 617 | | | | 44,658 | |
| Carnival * | | | 3,750 | | | | 82,500 | |
| Carriage Services, Cl A | | | 49 | | | | 1,832 | |
COMMON STOCK — continued
| | | Shares | | | Value | |
| CONSUMER DISCRETIONARY— continued |
| Carter's | | | 131 | | | $ | 7,166 | |
| Carvana, Cl A * | | | 289 | | | | 71,473 | |
| Cato, Cl A | | | 62 | | | | 405 | |
| Cava Group * | | | 348 | | | | 46,479 | |
| Cavco Industries * | | | 29 | | | | 11,884 | |
| Century Communities | | | 105 | | | | 9,309 | |
| Champion Homes * | | | 224 | | | | 19,764 | |
| Cheesecake Factory | | | 166 | | | | 7,673 | |
| Chegg * | | | 369 | | | | 590 | |
| Chewy, Cl A * | | | 523 | | | | 14,105 | |
| Chipotle Mexican Grill, Cl A * | | | 5,248 | | | | 292,681 | |
| Choice Hotels International | | | 119 | | | | 16,602 | |
| Citi Trends * | | | 30 | | | | 567 | |
| Columbia Sportswear | | | 124 | | | | 9,978 | |
| ContextLogic, Cl A * | | | 77 | | | | 500 | |
| Coursera * | | | 531 | | | | 3,690 | |
| Cracker Barrel Old Country Store | | | 80 | | | | 3,806 | |
| Cricut, Cl A | | | 170 | | | | 1,119 | |
| Crocs * | | | 232 | | | | 25,014 | |
| Dana | | | 529 | | | | 4,057 | |
| Darden Restaurants | | | 473 | | | | 75,689 | |
| Dave & Buster's Entertainment * | | | 145 | | | | 5,355 | |
| Deckers Outdoor * | | | 612 | | | | 98,465 | |
| Denny's * | | | 184 | | | | 1,179 | |
| Designer Brands, Cl A | | | 154 | | | | 802 | |
| Destination XL Group * | | | 188 | | | | 503 | |
| Dick's Sporting Goods | | | 226 | | | | 44,239 | |
| Dillard's, Cl A | | | 32 | | | | 11,889 | |
| Dine Brands Global | | | 55 | | | | 1,674 | |
| Domino's Pizza | | | 138 | | | | 57,095 | |
| DoorDash, Cl A * | | | 1,346 | | | | 210,918 | |
| Dorman Products * | | | 96 | | | | 10,947 | |
| DR Horton | | | 1,129 | | | | 190,801 | |
| Dream Finders Homes, Cl A * | | | 89 | | | | 2,657 | |
| Duluth Holdings, Cl B * | | | 74 | | | | 274 | |
| Duolingo, Cl A * | | | 143 | | | | 41,895 | |
| Dutch Bros, Cl A * | | | 267 | | | | 8,843 | |
| eBay | | | 2,117 | | | | 121,749 | |
| El Pollo Loco Holdings * | | | 91 | | | | 1,112 | |
| Escalade | | | 33 | | | | 430 | |
| Ethan Allen Interiors | | | 85 | | | | 2,352 | |
| Etsy * | | | 531 | | | | 27,315 | |
| European Wax Center, Cl A * | | | 116 | | | | 834 | |
| EVgo, Cl A * | | | 344 | | | | 2,697 | |
| Expedia Group * | | | 519 | | | | 81,125 | |
| Figs, Cl A * | | | 563 | | | | 3,519 | |
| First Watch Restaurant Group * | | | 115 | | | | 1,954 | |
| Five Below * | | | 214 | | | | 20,285 | |
| Flexsteel Industries | | | 13 | | | | 757 | |
| Floor & Decor Holdings, Cl A * | | | 419 | | | | 43,178 | |
| Foot Locker | | | 297 | | | | 6,887 | |
| Ford Motor | | | 15,449 | | | | 158,970 | |
| Fox Factory Holding * | | | 155 | | | | 5,578 | |
| Frontdoor * | | | 303 | | | | 15,056 | |
| Funko, Cl A * | | | 114 | | | | 1,350 | |
| GameStop, Cl A * | | | 1,050 | | | | 23,289 | |
The accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS
U.S. ALL CAP INDEX FUND
OCTOBER 31, 2024 |
COMMON STOCK — continued
| | | Shares | | | Value | |
| CONSUMER DISCRETIONARY— continued |
| Gap | | | 873 | | | $ | 18,132 | |
| Garmin | | | 611 | | | | 121,192 | |
| Garrett Motion * | | | 846 | | | | 6,286 | |
| General Motors | | | 4,557 | | | | 231,313 | |
| Genesco * | | | 39 | | | | 999 | |
| Gentex | | | 917 | | | | 27,794 | |
| Gentherm * | | | 115 | | | | 4,824 | |
| Genuine Parts | | | 553 | | | | 63,429 | |
| G-III Apparel Group * | | | 146 | | | | 4,421 | |
| Goodyear Tire & Rubber * | | | 1,075 | | | | 8,611 | |
| GoPro, Cl A * | | | 437 | | | | 590 | |
| Graham Holdings, Cl B | | | 12 | | | | 10,120 | |
| Grand Canyon Education * | | | 117 | | | | 16,042 | |
| Green Brick Partners * | | | 149 | | | | 10,283 | |
| Group 1 Automotive | | | 52 | | | | 18,945 | |
| Groupon, Cl A * | | | 77 | | | | 790 | |
| GrowGeneration * | | | 208 | | | | 427 | |
| Guess? | | | 94 | | | | 1,597 | |
| H&R Block | | | 548 | | | | 32,732 | |
| Hamilton Beach Brands Holding, Cl A | | | 21 | | | | 581 | |
| Hanesbrands * | | | 1,284 | | | | 8,924 | |
| Harley-Davidson | | | 539 | | | | 17,221 | |
| Hasbro | | | 516 | | | | 33,865 | |
| Haverty Furniture | | | 51 | | | | 1,130 | |
| Helen of Troy * | | | 87 | | | | 5,538 | |
| Hilton Grand Vacations * | | | 263 | | | | 9,699 | |
| Hilton Worldwide Holdings | | | 980 | | | | 230,153 | |
| Holley * | | | 197 | | | | 510 | |
| Home Depot | | | 3,917 | | | | 1,542,319 | |
| Hooker Furnishings | | | 38 | | | | 609 | |
| Hovnanian Enterprises, Cl A * | | | 17 | | | | 2,993 | |
| Hyatt Hotels, Cl A | | | 174 | | | | 25,308 | |
| Installed Building Products | | | 93 | | | | 20,172 | |
| iRobot * | | | 102 | | | | 890 | |
| J Jill | | | 18 | | | | 430 | |
| Jack in the Box | | | 71 | | | | 3,497 | |
| JAKKS Pacific * | | | 29 | | | | 915 | |
| Johnson Outdoors, Cl A | | | 31 | | | | 980 | |
| KB Home | | | 292 | | | | 22,922 | |
| Kohl's | | | 396 | | | | 7,318 | |
| Kontoor Brands | | | 217 | | | | 18,582 | |
| Krispy Kreme | | | 293 | | | | 3,331 | |
| Kura Sushi USA, Cl A * | | | 22 | | | | 2,196 | |
| Lands' End * | | | 42 | | | | 661 | |
| Landsea Homes * | | | 53 | | | | 550 | |
| Latham Group * | | | 136 | | | | 884 | |
| Laureate Education, Cl A | | | 473 | | | | 8,126 | |
| La-Z-Boy, Cl Z | | | 156 | | | | 5,936 | |
| LCI Industries | | | 90 | | | | 10,015 | |
| Lear | | | 226 | | | | 21,642 | |
| Legacy Housing * | | | 37 | | | | 918 | |
| Leggett & Platt | | | 485 | | | | 5,820 | |
| Lennar, Cl A | | | 948 | | | | 161,444 | |
| Leslie's * | | | 650 | | | | 1,749 | |
| Levi Strauss, Cl A | | | 324 | | | | 5,537 | |
COMMON STOCK — continued
| | | Shares | | | Value | |
| CONSUMER DISCRETIONARY— continued |
| LGI Homes * | | | 76 | | | $ | 7,719 | |
| Life Time Group Holdings * | | | 216 | | | | 4,812 | |
| Lifetime Brands | | | 42 | | | | 242 | |
| Lincoln Educational Services * | | | 102 | | | | 1,355 | |
| Lindblad Expeditions Holdings * | | | 134 | | | | 1,266 | |
| Lithia Motors, Cl A | | | 108 | | | | 35,896 | |
| LKQ | | | 1,053 | | | | 38,740 | |
| Lovesac * | | | 50 | | | | 1,458 | |
| Lowe's | | | 2,277 | | | | 596,187 | |
| Lucid Group * | | | 3,178 | | | | 7,023 | |
| Luminar Technologies, Cl A * | | | 1,008 | | | | 782 | |
| M/I Homes * | | | 110 | | | | 16,675 | |
| Macy's | | | 1,077 | | | | 16,521 | |
| Malibu Boats, Cl A * | | | 73 | | | | 3,276 | |
| Marine Products | | | 39 | | | | 367 | |
| MarineMax * | | | 73 | | | | 2,127 | |
| Marriott International, Cl A | | | 964 | | | | 250,659 | |
| Marriott Vacations Worldwide | | | 118 | | | | 9,090 | |
| MasterCraft Boat Holdings * | | | 61 | | | | 1,059 | |
| Mattel * | | | 1,340 | | | | 27,309 | |
| McDonald's | | | 2,862 | | | | 836,019 | |
| Meritage Homes | | | 140 | | | | 25,368 | |
| Mister Car Wash * | | | 324 | | | | 2,433 | |
| Modine Manufacturing * | | | 203 | | | | 23,907 | |
| Mohawk Industries * | | | 211 | | | | 28,331 | |
| Monro | | | 108 | | | | 2,960 | |
| Motorcar Parts of America * | | | 69 | | | | 364 | |
| Movado Group | | | 56 | | | | 1,034 | |
| Murphy USA | | | 83 | | | | 40,541 | |
| Nathan's Famous | | | 10 | | | | 842 | |
| National Vision Holdings * | | | 284 | | | | 2,954 | |
| Nerdy * | | | 268 | | | | 242 | |
| NIKE, Cl B | | | 4,611 | | | | 355,646 | |
| Nordstrom | | | 362 | | | | 8,185 | |
| Norwegian Cruise Line Holdings * | | | 1,666 | | | | 42,216 | |
| NVR * | | | 11 | | | | 100,681 | |
| ODP * | | | 131 | | | | 4,065 | |
| Ollie's Bargain Outlet Holdings * | | | 243 | | | | 22,315 | |
| ONE Group Hospitality * | | | 91 | | | | 311 | |
| OneWater Marine, Cl A * | | | 40 | | | | 871 | |
| O'Reilly Automotive * | | | 232 | | | | 267,528 | |
| Oxford Industries | | | 56 | | | | 4,067 | |
| Papa John's International | | | 119 | | | | 6,234 | |
| Patrick Industries | | | 79 | | | | 9,952 | |
| Peloton Interactive, Cl A * | | | 1,164 | | | | 9,894 | |
| Penske Automotive Group | | | 69 | | | | 10,389 | |
| Perdoceo Education | | | 236 | | | | 5,275 | |
| Petco Health & Wellness, Cl A * | | | 518 | | | | 2,212 | |
| PetMed Express * | | | 74 | | | | 303 | |
| Phinia | | | 168 | | | | 7,825 | |
| Planet Fitness, Cl A * | | | 345 | | | | 27,089 | |
| Polaris | | | 211 | | | | 14,751 | |
| Pool | | | 148 | | | | 53,523 | |
| Portillo's, Cl A * | | | 206 | | | | 2,664 | |
| Potbelly * | | | 86 | | | | 635 | |
| PulteGroup | | | 837 | | | | 108,417 | |
The accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS
U.S. ALL CAP INDEX FUND
OCTOBER 31, 2024 |
COMMON STOCK — continued
| | | Shares | | | Value | |
| CONSUMER DISCRETIONARY— continued |
| Purple Innovation, Cl A * | | | 368 | | | $ | 329 | |
| PVH | | | 228 | | | | 22,449 | |
| QuantumScape, Cl A * | | | 1,249 | | | | 6,432 | |
| Qurate Retail * | | | 1,266 | | | | 677 | |
| Ralph Lauren, Cl A | | | 149 | | | | 29,492 | |
| RealReal * | | | 298 | | | | 864 | |
| Red Robin Gourmet Burgers * | | | 51 | | | | 291 | |
| Revolve Group, Cl A * | | | 140 | | | | 3,475 | |
| RH * | | | 59 | | | | 18,765 | |
| Rivian Automotive, Cl A * | | | 2,774 | | | | 28,017 | |
| Rocky Brands | | | 25 | | | | 509 | |
| Ross Stores | | | 1,302 | | | | 181,915 | |
| Royal Caribbean Cruises | | | 931 | | | | 192,112 | |
| RumbleON, Cl B * | | | 81 | | | | 408 | |
| Sabre * | | | 1,320 | | | | 4,224 | |
| Sally Beauty Holdings * | | | 382 | | | | 4,966 | |
| Savers Value Village * | | | 596 | | | | 6,097 | |
| Service International | | | 563 | | | | 45,969 | |
| Shake Shack, Cl A * | | | 148 | | | | 18,007 | |
| Shoe Carnival | | | 59 | | | | 2,022 | |
| Signet Jewelers | | | 169 | | | | 15,494 | |
| Six Flags Entertainment | | | 177 | | | | 6,976 | |
| Skechers USA, Cl A * | | | 525 | | | | 32,267 | |
| Sleep Number * | | | 77 | | | | 1,055 | |
| Solid Power * | | | 491 | | | | 579 | |
| Sonic Automotive, Cl A | | | 47 | | | | 2,666 | |
| Sonos * | | | 449 | | | | 5,626 | |
| Sportsman's Warehouse Holdings * | | | 133 | | | | 347 | |
| Standard Motor Products | | | 72 | | | | 2,318 | |
| Starbucks | | | 4,370 | | | | 426,949 | |
| Steven Madden | | | 258 | | | | 11,602 | |
| Stitch Fix, Cl A * | | | 318 | | | | 1,003 | |
| Stoneridge * | | | 97 | | | | 678 | |
| Strategic Education | | | 88 | | | | 7,652 | |
| Stride * | | | 157 | | | | 14,645 | |
| Superior Group of | | | 42 | | | | 620 | |
| Sweetgreen, Cl A * | | | 348 | | | | 12,563 | |
| Tapestry | | | 908 | | | | 43,085 | |
| Target Hospitality * | | | 118 | | | | 880 | |
| Taylor Morrison Home, Cl A * | | | 412 | | | | 28,222 | |
| Tempur Sealy International | | | 665 | | | | 31,860 | |
| Tesla * | | | 10,948 | | | | 2,735,358 | |
| Texas Roadhouse, Cl A | | | 264 | | | | 50,456 | |
| Thor Industries | | | 201 | | | | 20,920 | |
| ThredUp, Cl A * | | | 284 | | | | 175 | |
| Tile Shop Holdings * | | | 95 | | | | 628 | |
| Tilly's, Cl A * | | | 82 | | | | 330 | |
| TJX | | | 4,493 | | | | 507,844 | |
| Toll Brothers | | | 410 | | | | 60,040 | |
| TopBuild * | | | 125 | | | | 44,173 | |
| Topgolf Callaway Brands * | | | 515 | | | | 5,001 | |
| Tractor Supply | | | 427 | | | | 113,373 | |
| Traeger * | | | 204 | | | | 632 | |
| Travel + Leisure | | | 262 | | | | 12,526 | |
| TRI Pointe Group * | | | 370 | | | | 14,959 | |
| Udemy * | | | 291 | | | | 2,281 | |
COMMON STOCK — continued
| | | Shares | | | Value | |
| CONSUMER DISCRETIONARY— continued |
| Ulta Beauty * | | | 191 | | | $ | 70,475 | |
| Under Armour, Cl A * | | | 694 | | | | 5,934 | |
| Unifi * | | | 52 | | | | 318 | |
| United Parks & Resorts * | | | 250 | | | | 13,158 | |
| Universal Electronics * | | | 40 | | | | 352 | |
| Universal Technical Institute * | | | 184 | | | | 3,062 | |
| Upbound Group, Cl A | | | 177 | | | | 5,175 | |
| Urban Outfitters * | | | 217 | | | | 7,801 | |
| Vail Resorts | | | 149 | | | | 24,688 | |
| Valvoline * | | | 511 | | | | 20,583 | |
| Vera Bradley * | | | 83 | | | | 416 | |
| VF | | | 1,445 | | | | 29,926 | |
| Victoria's Secret * | | | 255 | | | | 7,716 | |
| Visteon * | | | 100 | | | | 9,025 | |
| Vizio Holding, Cl A * | | | 278 | | | | 3,094 | |
| Warby Parker, Cl A * | | | 313 | | | | 5,299 | |
| Wayfair, Cl A * | | | 333 | | | | 14,262 | |
| Wendy's | | | 743 | | | | 14,199 | |
| Weyco Group | | | 21 | | | | 707 | |
| Whirlpool | | | 210 | | | | 21,737 | |
| Williams-Sonoma | | | 476 | | | | 63,846 | |
| Wingstop | | | 114 | | | | 32,797 | |
| Winmark | | | 11 | | | | 4,102 | |
| Winnebago Industries | | | 105 | | | | 5,884 | |
| Wolverine World Wide | | | 291 | | | | 4,479 | |
| Worthington Enterprises | | | 114 | | | | 4,366 | |
| WW International * | | | 284 | | | | 295 | |
| Wyndham Hotels & Resorts | | | 315 | | | | 27,821 | |
| Wynn Resorts | | | 370 | | | | 35,527 | |
| XPEL * | | | 80 | | | | 3,086 | |
| Xponential Fitness, Cl A * | | | 84 | | | | 1,029 | |
| YETI Holdings * | | | 344 | | | | 12,112 | |
| Yum! Brands | | | 1,118 | | | | 146,637 | |
| Zumiez * | | | 59 | | | | 1,215 | |
| | | | | | | | 14,712,727 | |
| CONSUMER STAPLES — 3.2% |
| Alico | | | 19 | | | | 466 | |
| Andersons | | | 119 | | | | 5,403 | |
| Archer-Daniels-Midland | | | 1,966 | | | | 108,543 | |
| B&G Foods | | | 283 | | | | 2,411 | |
| Beauty Health * | | | 287 | | | | 463 | |
| BellRing Brands * | | | 516 | | | | 33,968 | |
| Beyond Meat * | | | 222 | | | | 1,352 | |
| BJ's Wholesale Club Holdings * | | | 525 | | | | 44,483 | |
| Boston Beer, Cl A * | | | 34 | | | | 9,896 | |
| BRC, Cl A * | | | 223 | | | | 698 | |
| Brown-Forman, Cl B | | | 1,180 | | | | 51,955 | |
| Bunge Global | | | 565 | | | | 47,471 | |
| Calavo Growers | | | 61 | | | | 1,621 | |
| Cal-Maine Foods | | | 150 | | | | 13,167 | |
| Campbell Soup | | | 791 | | | | 36,900 | |
| Casey's General Stores | | | 146 | | | | 57,527 | |
| Celsius Holdings * | | | 637 | | | | 19,161 | |
| Central Garden & Pet, Cl A * | | | 179 | | | | 5,216 | |
| Chefs' Warehouse * | | | 127 | | | | 5,070 | |
The accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS
U.S. ALL CAP INDEX FUND
OCTOBER 31, 2024 |
COMMON STOCK — continued
| | | Shares | | | Value | |
| CONSUMER STAPLES— continued |
| Clorox | | | 483 | | | $ | 76,580 | |
| Coca-Cola | | | 16,965 | | | | 1,107,984 | |
| Coca-Cola Consolidated | | | 21 | | | | 23,609 | |
| Colgate-Palmolive | | | 3,271 | | | | 306,525 | |
| Conagra Brands | | | 1,889 | | | | 54,668 | |
| Constellation Brands, Cl A | | | 607 | | | | 141,030 | |
| Coty, Cl A * | | | 1,583 | | | | 11,778 | |
| Darling Ingredients * | | | 629 | | | | 24,600 | |
| Dollar General | | | 871 | | | | 69,715 | |
| Dollar Tree * | | | 863 | | | | 55,784 | |
| Duckhorn Portfolio * | | | 184 | | | | 2,017 | |
| Edgewell Personal Care | | | 182 | | | | 6,361 | |
| elf Beauty * | | | 210 | | | | 22,102 | |
| Energizer Holdings | | | 241 | | | | 7,729 | |
| Estee Lauder, Cl A | | | 906 | | | | 62,460 | |
| Flowers Foods | | | 773 | | | | 17,184 | |
| Fresh Del Monte Produce | | | 137 | | | | 4,399 | |
| Freshpet * | | | 186 | | | | 24,652 | |
| General Mills | | | 2,235 | | | | 152,025 | |
| Grocery Outlet Holding * | | | 352 | | | | 5,034 | |
| Hain Celestial Group * | | | 330 | | | | 2,881 | |
| Herbalife * | | | 328 | | | | 2,476 | |
| Hershey | | | 591 | | | | 104,950 | |
| HF Foods Group * | | | 136 | | | | 465 | |
| Honest * | | | 219 | | | | 815 | |
| Hormel Foods | | | 1,159 | | | | 35,407 | |
| Ingles Markets, Cl A | | | 53 | | | | 3,385 | |
| Ingredion | | | 258 | | | | 34,252 | |
| Inter Parfums | | | 67 | | | | 8,112 | |
| J&J Snack Foods | | | 56 | | | | 9,191 | |
| JM Smucker | | | 412 | | | | 46,766 | |
| John B Sanfilippo & Son | | | 33 | | | | 2,723 | |
| Kellanova | | | 1,138 | | | | 91,780 | |
| Kenvue | | | 6,146 | | | | 140,928 | |
| Keurig Dr Pepper | | | 4,291 | | | | 141,388 | |
| Kimberly-Clark | | | 1,350 | | | | 181,143 | |
| Kraft Heinz | | | 4,781 | | | | 159,972 | |
| Lamb Weston Holdings | | | 562 | | | | 43,662 | |
| Lancaster Colony | | | 77 | | | | 13,367 | |
| Limoneira | | | 56 | | | | 1,436 | |
| Maplebear * | | | 427 | | | | 18,831 | |
| McCormick | | | 1,000 | | | | 78,240 | |
| Medifast | | | 39 | | | | 717 | |
| MGP Ingredients | | | 51 | | | | 2,450 | |
| Mission Produce * | | | 160 | | | | 1,888 | |
| Molson Coors Beverage, Cl B | | | 755 | | | | 41,125 | |
| Mondelez International, Cl A | | | 5,324 | | | | 364,588 | |
| Monster Beverage * | | | 2,995 | | | | 157,777 | |
| National Beverage | | | 80 | | | | 3,615 | |
| Natural Grocers by Vitamin Cottage | | | 27 | | | | 739 | |
| Nature's Sunshine Products * | | | 54 | | | | 684 | |
| Nu Skin Enterprises, Cl A | | | 178 | | | | 1,102 | |
| Oil-Dri Corp of America | | | 18 | | | | 1,221 | |
| Olaplex Holdings * | | | 465 | | | | 828 | |
| PepsiCo | | | 5,432 | | | | 902,147 | |
COMMON STOCK — continued
| | | Shares | | | Value | |
| CONSUMER STAPLES— continued |
| Performance Food Group * | | | 601 | | | $ | 48,831 | |
| Pilgrim's Pride * | | | 151 | | | | 7,314 | |
| Post Holdings * | | | 216 | | | | 23,589 | |
| PriceSmart | | | 90 | | | | 7,477 | |
| Reynolds Consumer Products | | | 200 | | | | 5,390 | |
| Seaboard | | | 1 | | | | 2,766 | |
| Seneca Foods, Cl A * | | | 18 | | | | 1,113 | |
| Simply Good Foods * | | | 350 | | | | 11,781 | |
| SpartanNash | | | 126 | | | | 2,651 | |
| Spectrum Brands Holdings | | | 108 | | | | 9,679 | |
| Sprouts Farmers Market * | | | 383 | | | | 49,189 | |
| Sysco | | | 1,972 | | | | 147,801 | |
| Target | | | 1,826 | | | | 273,973 | |
| Tootsie Roll Industries | | | 52 | | | | 1,517 | |
| TreeHouse Foods * | | | 197 | | | | 7,167 | |
| Tyson Foods, Cl A | | | 1,107 | | | | 64,859 | |
| United Natural Foods * | | | 214 | | | | 4,353 | |
| US Foods Holding * | | | 966 | | | | 59,554 | |
| USANA Health Sciences * | | | 42 | | | | 1,552 | |
| Utz Brands | | | 246 | | | | 4,236 | |
| Village Super Market, Cl A | | | 33 | | | | 942 | |
| Vita Coco * | | | 141 | | | | 4,175 | |
| Vital Farms * | | | 100 | | | | 3,468 | |
| Waldencast, Cl A * | | | 51 | | | | 176 | |
| WD-40 | | | 52 | | | | 13,628 | |
| Weis Markets | | | 60 | | | | 3,773 | |
| Westrock Coffee * | | | 107 | | | | 710 | |
| WK Kellogg | | | 240 | | | | 3,991 | |
| | | | | | | | 5,988,713 | |
| ENERGY — 4.2% |
| Aemetis * | | | 142 | | | | 379 | |
| Amplify Energy * | | | 135 | | | | 894 | |
| Antero Midstream | | | 1,321 | | | | 18,983 | |
| Antero Resources * | | | 1,116 | | | | 28,882 | |
| APA | | | 1,479 | | | | 34,904 | |
| Archrock | | | 496 | | | | 9,930 | |
| Ardmore Shipping | | | 137 | | | | 1,933 | |
| Atlas Energy Solutions, Cl A | | | 222 | | | | 4,345 | |
| Baker Hughes, Cl A | | | 3,963 | | | | 150,911 | |
| Berry | | | 267 | | | | 1,340 | |
| Bristow Group * | | | 101 | | | | 3,350 | |
| Cactus, Cl A | | | 258 | | | | 15,297 | |
| California Resources | | | 221 | | | | 11,485 | |
| Centrus Energy, Cl A * | | | 48 | | | | 4,983 | |
| ChampionX | | | 753 | | | | 21,250 | |
| Cheniere Energy | | | 904 | | | | 173,008 | |
| Chesapeake Energy | | | 788 | | | | 66,759 | |
| Chevron | | | 7,392 | | | | 1,100,077 | |
| Chord Energy | | | 162 | | | | 20,266 | |
| Civitas Resources | | | 319 | | | | 15,564 | |
| Clean Energy Fuels * | | | 600 | | | | 1,698 | |
| CNX Resources * | | | 583 | | | | 19,839 | |
| Comstock Resources | | | 293 | | | | 3,387 | |
| ConocoPhillips | | | 4,652 | | | | 509,580 | |
| CONSOL Energy | | | 108 | | | | 11,979 | |
The accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS
U.S. ALL CAP INDEX FUND
OCTOBER 31, 2024 |
COMMON STOCK — continued
| | | Shares | | | Value | |
| ENERGY— continued |
| Core Laboratories | | | 172 | | | $ | 3,251 | |
| Coterra Energy | | | 2,945 | | | | 70,444 | |
| Crescent Energy, Cl A | | | 513 | | | | 6,377 | |
| CVR Energy | | | 368 | | | | 5,851 | |
| Delek US Holdings | | | 230 | | | | 3,604 | |
| Devon Energy | | | 2,517 | | | | 97,358 | |
| DHT Holdings | | | 493 | | | | 5,088 | |
| Diamondback Energy | | | 702 | | | | 124,093 | |
| DMC Global * | | | 69 | | | | 696 | |
| Dorian LPG | | | 138 | | | | 3,981 | |
| DT Midstream | | | 386 | | | | 34,798 | |
| Empire Petroleum * | | | 71 | | | | 368 | |
| EOG Resources | | | 2,296 | | | | 280,020 | |
| Equities | | | 2,263 | | | | 82,690 | |
| Evolution Petroleum | | | 110 | | | | 566 | |
| Excelerate Energy, Cl A | | | 91 | | | | 2,173 | |
| Expro Group Holdings * | | | 389 | | | | 4,960 | |
| Exxon Mobil | | | 17,879 | | | | 2,087,910 | |
| Forum Energy Technologies * | | | 41 | | | | 573 | |
| FutureFuel | | | 93 | | | | 562 | |
| Gevo * | | | 864 | | | | 2,013 | |
| Granite Ridge Resources | | | 192 | | | | 1,139 | |
| Green Plains * | | | 230 | | | | 2,813 | |
| Gulfport Energy * | | | 66 | | | | 9,137 | |
| Hallador Energy * | | | 88 | | | | 874 | |
| Halliburton | | | 3,512 | | | | 97,423 | |
| Helix Energy Solutions Group * | | | 527 | | | | 4,875 | |
| Helmerich & Payne | | | 380 | | | | 12,768 | |
| Hess | | | 1,103 | | | | 148,331 | |
| Hess Midstream, Cl A | | | 290 | | | | 10,048 | |
| HF Sinclair | | | 698 | | | | 26,950 | |
| HighPeak Energy | | | 76 | | | | 973 | |
| Innovex International * | | | 125 | | | | 1,774 | |
| International Seaways | | | 125 | | | | 5,442 | |
| Kinder Morgan | | | 7,696 | | | | 188,629 | |
| Kinetik Holdings, Cl A | | | 143 | | | | 6,960 | |
| KLX Energy Services Holdings * | | | 49 | | | | 217 | |
| Kodiak Gas Services | | | 65 | | | | 2,072 | |
| Liberty Energy, Cl A | | | 641 | | | | 10,942 | |
| Magnolia Oil & Gas, Cl A | | | 683 | | | | 17,266 | |
| Mammoth Energy Services * | | | 169 | | | | 744 | |
| Marathon Oil | | | 2,303 | | | | 63,793 | |
| Marathon Petroleum | | | 1,429 | | | | 207,877 | |
| Matador Resources | | | 464 | | | | 24,179 | |
| Murphy Oil | | | 572 | | | | 18,007 | |
| Nabors Industries * | | | 32 | | | | 2,381 | |
| NACCO Industries, Cl A | | | 12 | | | | 376 | |
| New Fortress Energy, Cl A | | | 388 | | | | 3,263 | |
| Newpark Resources * | | | 278 | | | | 1,851 | |
| NextDecade * | | | 592 | | | | 3,457 | |
| Noble PLC | | | 526 | | | | 16,821 | |
| Northern Oil & Gas | | | 373 | | | | 13,521 | |
| NOV | | | 1,553 | | | | 24,087 | |
| Occidental Petroleum | | | 3,518 | | | | 176,287 | |
| Oceaneering International * | | | 364 | | | | 8,882 | |
| Oil States International * | | | 222 | | | | 1,050 | |
COMMON STOCK — continued
| | | Shares | | | Value | |
| ENERGY— continued |
| ONEOK | | | 2,310 | | | $ | 223,793 | |
| Ovintiv | | | 1,006 | | | | 39,435 | |
| Par Pacific Holdings * | | | 210 | | | | 3,245 | |
| Patterson-UTI Energy | | | 1,414 | | | | 10,845 | |
| PBF Energy, Cl A | | | 410 | | | | 11,693 | |
| Peabody Energy | | | 469 | | | | 12,321 | |
| Permian Resources, Cl A | | | 1,667 | | | | 22,721 | |
| Phillips 66 | | | 1,697 | | | | 206,729 | |
| ProFrac Holding, Cl A * | | | 67 | | | | 399 | |
| ProPetro Holding * | | | 295 | | | | 2,038 | |
| Range Resources | | | 943 | | | | 28,318 | |
| Ranger Energy Services, Cl A | | | 59 | | | | 766 | |
| REX American Resources * | | | 56 | | | | 2,505 | |
| Riley Exploration Permian | | | 23 | | | | 614 | |
| Ring Energy * | | | 464 | | | | 687 | |
| RPC | | | 352 | | | | 1,999 | |
| SandRidge Energy | | | 134 | | | | 1,486 | |
| Schlumberger | | | 5,644 | | | | 226,155 | |
| SEACOR Marine Holdings * | | | 90 | | | | 612 | |
| Select Water Solutions, Cl A | | | 346 | | | | 3,668 | |
| Sitio Royalties, Cl A | | | 286 | | | | 6,375 | |
| SM Energy | | | 417 | | | | 17,501 | |
| Solaris Energy Infrastructure, Cl A | | | 88 | | | | 1,156 | |
| Talos Energy * | | | 537 | | | | 5,488 | |
| Targa Resources | | | 866 | | | | 144,587 | |
| TechnipFMC PLC | | | 1,721 | | | | 45,933 | |
| Teekay * | | | 215 | | | | 1,800 | |
| TETRA Technologies * | | | 430 | | | | 1,441 | |
| Texas Pacific Land | | | 91 | | | | 106,106 | |
| Tidewater * | | | 183 | | | | 10,993 | |
| Transocean * | | | 2,870 | | | | 12,456 | |
| Uranium Energy * | | | 1,467 | | | | 10,885 | |
| VAALCO Energy | | | 366 | | | | 1,954 | |
| Valero Energy | | | 1,313 | | | | 170,375 | |
| Vertex Energy * | | | 313 | | | | 16 | |
| Viper Energy, Cl A | | | 321 | | | | 16,660 | |
| Vital Energy * | | | 79 | | | | 2,154 | |
| Vitesse Energy | | | 87 | | | | 2,164 | |
| W&T Offshore | | | 361 | | | | 769 | |
| Weatherford International | | | 281 | | | | 22,199 | |
| Williams | | | 4,837 | | | | 253,314 | |
| World Kinect | | | 214 | | | | 5,596 | |
| | | | | | | | 7,803,559 | |
| FINANCIALS — 15.7% |
| 1st Source | | | 71 | | | | 4,205 | |
| Acacia Research * | | | 362 | | | | 1,636 | |
| ACNB | | | 30 | | | | 1,260 | |
| Affiliated Managers Group | | | 127 | | | | 24,625 | |
| Affirm Holdings, Cl A * | | | 970 | | | | 42,535 | |
| Aflac | | | 2,025 | | | | 212,200 | |
| AGNC Investment ‡ | | | 2,733 | | | | 25,444 | |
| Alerus Financial | | | 65 | | | | 1,315 | |
| Allstate | | | 1,023 | | | | 190,810 | |
| Ally Financial | | | 1,195 | | | | 41,885 | |
The accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS
U.S. ALL CAP INDEX FUND
OCTOBER 31, 2024 |
COMMON STOCK — continued
| | | Shares | | | Value | |
| FINANCIALS— continued |
| AlTi Global * | | | 125 | | | $ | 510 | |
| Amalgamated Financial | | | 65 | | | | 2,156 | |
| Ambac Financial Group * | | | 163 | | | | 1,844 | |
| Amerant Bancorp, Cl A | | | 108 | | | | 2,303 | |
| American Coastal Insurance * | | | 83 | | | | 1,008 | |
| American Express | | | 2,851 | | | | 769,998 | |
| American Financial Group | | | 309 | | | | 39,839 | |
| American International Group | | | 2,615 | | | | 198,426 | |
| Ameriprise Financial | | | 397 | | | | 202,589 | |
| Ameris Bancorp | | | 258 | | | | 15,993 | |
| AMERISAFE | | | 70 | | | | 3,784 | |
| Ames National | | | 33 | | | | 561 | |
| Angel Oak Mortgage REIT ‡ | | | 69 | | | | 622 | |
| Annaly Capital Management ‡ | | | 1,971 | | | | 37,469 | |
| Aon PLC, Cl A | | | 779 | | | | 285,792 | |
| Apollo Commercial Real Estate Finance ‡ | | | 518 | | | | 4,605 | |
| Apollo Global Management | | | 1,614 | | | | 231,222 | |
| Arbor Realty Trust ‡ | | | 629 | | | | 9,271 | |
| Arch Capital Group * | | | 1,444 | | | | 142,321 | |
| Ares Commercial Real Estate ‡ | | | 189 | | | | 1,200 | |
| Ares Management, Cl A | | | 646 | | | | 108,321 | |
| ARMOUR Residential REIT ‡ | | | 179 | | | | 3,356 | |
| Arrow Financial | | | 60 | | | | 1,712 | |
| Arthur J Gallagher | | | 850 | | | | 239,020 | |
| Artisan Partners Asset Management, Cl A | | | 248 | | | | 10,937 | |
| Associated Banc-Corp | | | 589 | | | | 13,983 | |
| Associated Capital Group | | | 9 | | | | 322 | |
| Assurant | | | 205 | | | | 39,299 | |
| Assured Guaranty | | | 206 | | | | 17,193 | |
| Atlantic Union Bankshares | | | 336 | | | | 12,701 | |
| Atlanticus Holdings * | | | 18 | | | | 669 | |
| AvidXchange Holdings * | | | 577 | | | | 4,754 | |
| Axis Capital Holdings | | | 304 | | | | 23,791 | |
| Axos Financial * | | | 195 | | | | 13,205 | |
| B. Riley Financial | | | 60 | | | | 354 | |
| Baldwin Insurance Group, Cl A * | | | 236 | | | | 10,917 | |
| Banc of California | | | 568 | | | | 8,724 | |
| BancFirst | | | 73 | | | | 7,936 | |
| Bancorp * | | | 177 | | | | 8,896 | |
| Bank First | | | 33 | | | | 3,036 | |
| Bank of America | | | 31,178 | | | | 1,303,864 | |
| Bank of Hawaii | | | 144 | | | | 10,401 | |
| Bank of Marin Bancorp | | | 53 | | | | 1,177 | |
| Bank of New York Mellon | | | 2,982 | | | | 224,724 | |
| Bank OZK | | | 430 | | | | 18,812 | |
| Bank7 | | | 14 | | | | 587 | |
| BankUnited | | | 272 | | | | 9,612 | |
| Bankwell Financial Group | | | 21 | | | | 599 | |
| Banner | | | 124 | | | | 7,941 | |
| Bar Harbor Bankshares | | | 55 | | | | 1,768 | |
| BayCom | | | 40 | | | | 994 | |
| BCB Bancorp | | | 55 | | | | 668 | |
| Berkshire Hathaway, Cl B * | | | 5,167 | | | | 2,329,904 | |
| Berkshire Hills Bancorp | | | 159 | | | | 4,330 | |
COMMON STOCK — continued
| | | Shares | | | Value | |
| FINANCIALS— continued |
| BGC Group, Cl A | | | 1,397 | | | $ | 13,090 | |
| BlackRock Funding | | | 582 | | | | 570,959 | |
| Blackstone, Cl A | | | 2,811 | | | | 471,545 | |
| Blackstone Mortgage Trust, Cl A ‡ | | | 604 | | | | 10,999 | |
| Block, Cl A * | | | 2,133 | | | | 154,259 | |
| Blue Foundry Bancorp * | | | 77 | | | | 757 | |
| Blue Owl Capital, Cl A | | | 1,755 | | | | 39,242 | |
| BOK Financial | | | 96 | | | | 10,198 | |
| Bread Financial Holdings | | | 179 | | | | 8,923 | |
| Bridgewater Bancshares * | | | 73 | | | | 1,066 | |
| Brighthouse Financial * | | | 230 | | | | 10,879 | |
| Brightsphere Investment Group | | | 140 | | | | 3,695 | |
| BrightSpire Capital, Cl A ‡ | | | 470 | | | | 2,858 | |
| Brookfield Asset Management, Cl A | | | 130 | | | | 6,895 | |
| Brookline Bancorp | | | 316 | | | | 3,555 | |
| Brown & Brown | | | 934 | | | | 97,734 | |
| Burke & Herbert Financial Services | | | 45 | | | | 2,850 | |
| Business First Bancshares | | | 87 | | | | 2,279 | |
| Byline Bancorp | | | 93 | | | | 2,503 | |
| C&F Financial | | | 12 | | | | 750 | |
| Cadence Bank | | | 722 | | | | 24,136 | |
| Camden National | | | 52 | | | | 2,181 | |
| Cannae Holdings | | | 212 | | | | 4,208 | |
| Cantaloupe * | | | 244 | | | | 2,162 | |
| Capital Bancorp | | | 33 | | | | 833 | |
| Capital City Bank Group | | | 50 | | | | 1,750 | |
| Capital One Financial | | | 1,502 | | | | 244,511 | |
| Capitol Federal Financial | | | 458 | | | | 2,952 | |
| Carlyle Group | | | 801 | | | | 40,074 | |
| Carter Bankshares * | | | 82 | | | | 1,509 | |
| Cass Information Systems | | | 45 | | | | 1,861 | |
| Cathay General Bancorp | | | 255 | | | | 11,725 | |
| Cboe Global Markets | | | 419 | | | | 89,486 | |
| Central Pacific Financial | | | 97 | | | | 2,613 | |
| Charles Schwab | | | 6,603 | | | | 467,690 | |
| Chemung Financial | | | 13 | | | | 621 | |
| Chimera Investment ‡ | | | 289 | | | | 4,364 | |
| ChoiceOne Financial Services | | | 25 | | | | 829 | |
| Chubb | | | 1,607 | | | | 453,881 | |
| Cincinnati Financial | | | 612 | | | | 86,188 | |
| Citigroup | | | 7,566 | | | | 485,510 | |
| Citizens, Cl A * | | | 165 | | | | 780 | |
| Citizens & Northern | | | 54 | | | | 1,022 | |
| Citizens Financial Group | | | 1,807 | | | | 76,111 | |
| Citizens Financial Services | | | 16 | | | | 933 | |
| City Holding | | | 53 | | | | 6,180 | |
| Civista Bancshares | | | 56 | | | | 1,141 | |
| Claros Mortgage Trust ‡ | | | 471 | | | | 2,963 | |
| CME Group, Cl A | | | 1,422 | | | | 320,462 | |
| CNA Financial | | | 1,068 | | | | 51,168 | |
| CNB Financial | | | 75 | | | | 1,903 | |
| CNO Financial Group | | | 403 | | | | 13,863 | |
| Coastal Financial * | | | 39 | | | | 2,457 | |
| Cohen & Steers | | | 95 | | | | 9,383 | |
The accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS
U.S. ALL CAP INDEX FUND
OCTOBER 31, 2024 |
COMMON STOCK — continued
| | | Shares | | | Value | |
| FINANCIALS— continued |
| Coinbase Global, Cl A * | | | 669 | | | $ | 119,918 | |
| Colony Bankcorp | | | 60 | | | | 913 | |
| Columbia Banking System | | | 831 | | | | 23,692 | |
| Columbia Financial * | | | 100 | | | | 1,708 | |
| Comerica | | | 521 | | | | 33,193 | |
| Commerce Bancshares | | | 498 | | | | 31,125 | |
| Community Financial System | | | 195 | | | | 11,922 | |
| Community Trust Bancorp | | | 64 | | | | 3,315 | |
| Community West Bancshares | | | 58 | | | | 1,087 | |
| ConnectOne Bancorp | | | 132 | | | | 3,200 | |
| Corebridge Financial | | | 932 | | | | 29,610 | |
| Corpay * | | | 277 | | | | 91,332 | |
| Crawford, Cl A | | | 56 | | | | 624 | |
| Credit Acceptance * | | | 25 | | | | 10,625 | |
| CrossFirst Bankshares * | | | 162 | | | | 2,543 | |
| Cullen | | | 237 | | | | 30,182 | |
| Customers Bancorp * | | | 107 | | | | 4,936 | |
| CVB Financial | | | 485 | | | | 9,424 | |
| Diamond Hill Investment Group | | | 10 | | | | 1,509 | |
| DigitalBridge Group | | | 604 | | | | 9,477 | |
| Dime Community Bancshares | | | 135 | | | | 4,059 | |
| Discover Financial Services | | | 991 | | | | 147,094 | |
| Donegal Group, Cl A | | | 57 | | | | 864 | |
| Donnelley Financial Solutions * | | | 101 | | | | 5,892 | |
| Dynex Capital ‡ | | | 212 | | | | 2,589 | |
| Eagle Bancorp | | | 107 | | | | 2,804 | |
| East West Bancorp | | | 551 | | | | 53,717 | |
| Eastern Bankshares | | | 721 | | | | 11,774 | |
| eHealth * | | | 98 | | | | 493 | |
| Ellington Financial ‡ | | | 300 | | | | 3,627 | |
| Employers Holdings | | | 92 | | | | 4,482 | |
| Enact Holdings | | | 111 | | | | 3,784 | |
| Encore Capital Group * | | | 84 | | | | 3,837 | |
| Enova International * | | | 99 | | | | 8,604 | |
| Enstar Group * | | | 50 | | | | 16,125 | |
| Enterprise Bancorp | | | 35 | | | | 1,124 | |
| Enterprise Financial Services | | | 136 | | | | 7,170 | |
| Equitable Holdings | | | 1,289 | | | | 58,443 | |
| Equity Bancshares, Cl A | | | 49 | | | | 2,082 | |
| Erie Indemnity, Cl A | | | 100 | | | | 44,884 | |
| Esquire Financial Holdings | | | 25 | | | | 1,664 | |
| ESSA Bancorp | | | 31 | | | | 583 | |
| Essent Group | | | 411 | | | | 24,664 | |
| Euronet Worldwide * | | | 172 | | | | 16,937 | |
| Evans Bancorp | | | 19 | | | | 757 | |
| Evercore, Cl A | | | 142 | | | | 37,512 | |
| Everest Group | | | 132 | | | | 46,940 | |
| EZCORP, Cl A * | | | 190 | | | | 2,183 | |
| F&G Annuities & Life | | | 493 | | | | 19,769 | |
| FactSet Research Systems | | | 151 | | | | 68,563 | |
| Farmers & Merchants Bancorp | | | 47 | | | | 1,274 | |
| Farmers National Banc | | | 133 | | | | 1,830 | |
| FB Financial | | | 129 | | | | 6,347 | |
| Federal Agricultural Mortgage, Cl C | | | 34 | | | | 6,231 | |
| Federated Hermes, Cl B | | | 298 | | | | 11,959 | |
COMMON STOCK — continued
| | | Shares | | | Value | |
| FINANCIALS— continued |
| Fidelity D&D Bancorp | | | 17 | | | $ | 892 | |
| Fidelity National Financial | | | 1,026 | | | | 61,734 | |
| Fidelity National Information Services | | | 2,286 | | | | 205,123 | |
| Fifth Third Bancorp | | | 2,703 | | | | 118,067 | |
| Financial Institutions | | | 55 | | | | 1,321 | |
| First American Financial | | | 390 | | | | 25,018 | |
| First Bancorp | | | 35 | | | | 906 | |
| First Bancorp | | | 147 | | | | 6,130 | |
| First Bancshares | | | 104 | | | | 3,481 | |
| First Bank | | | 91 | | | | 1,289 | |
| First Busey | | | 195 | | | | 4,740 | |
| First Business Financial Services | | | 29 | | | | 1,241 | |
| First Citizens BancShares, Cl A | | | 40 | | | | 77,494 | |
| First Commonwealth Financial | | | 371 | | | | 6,099 | |
| First Community | | | 27 | | | | 641 | |
| First Community Bankshares | | | 58 | | | | 2,405 | |
| First Financial | | | 42 | | | | 1,804 | |
| First Financial Bancorp | | | 344 | | | | 8,800 | |
| First Financial Bankshares | | | 544 | | | | 19,660 | |
| First Foundation | | | 190 | | | | 1,279 | |
| First Hawaiian | | | 469 | | | | 11,603 | |
| First Horizon | | | 2,177 | | | | 37,727 | |
| First Internet Bancorp | | | 29 | | | | 1,014 | |
| First Interstate BancSystem, Cl A | | | 331 | | | | 10,195 | |
| First Merchants | | | 216 | | | | 8,003 | |
| First Mid Bancshares | | | 75 | | | | 2,861 | |
| First of Long Island | | | 78 | | | | 981 | |
| First Western Financial * | | | 29 | | | | 551 | |
| FirstCash Holdings | | | 152 | | | | 15,727 | |
| Fiserv * | | | 2,322 | | | | 459,524 | |
| Five Star Bancorp | | | 49 | | | | 1,474 | |
| Flushing Financial | | | 101 | | | | 1,583 | |
| Flywire * | | | 433 | | | | 7,543 | |
| FNB | | | 1,408 | | | | 20,416 | |
| Forge Global Holdings * | | | 383 | | | | 444 | |
| Franklin BSP Realty Trust ‡ | | | 300 | | | | 3,903 | |
| Franklin Resources | | | 1,118 | | | | 23,221 | |
| FS Bancorp | | | 24 | | | | 1,050 | |
| Fulton Financial | | | 589 | | | | 10,667 | |
| FVCBankcorp * | | | 55 | | | | 716 | |
| GCM Grosvenor | | | 154 | | | | 1,777 | |
| Genworth Financial, Cl A * | | | 1,583 | | | | 10,669 | |
| German American Bancorp | | | 104 | | | | 4,211 | |
| Glacier Bancorp | | | 449 | | | | 23,415 | |
| Global Payments | | | 1,013 | | | | 105,058 | |
| Globe Life | | | 362 | | | | 38,227 | |
| GoHealth, Cl A * | | | 29 | | | | 329 | |
| Goldman Sachs Group | | | 1,276 | | | | 660,700 | |
| Goosehead Insurance, Cl A * | | | 89 | | | | 9,692 | |
| Granite Point Mortgage Trust ‡ | | | 183 | | | | 545 | |
| Great Ajax ‡ | | | 96 | | | | 300 | |
| Great Southern Bancorp | | | 32 | | | | 1,814 | |
| Green Dot, Cl A * | | | 183 | | | | 2,079 | |
| Greene County Bancorp | | | 26 | | | | 728 | |
| Greenlight Capital Re, Cl A * | | | 96 | | | | 1,294 | |
The accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS
U.S. ALL CAP INDEX FUND
OCTOBER 31, 2024 |
COMMON STOCK — continued
| | | Shares | | | Value | |
| FINANCIALS— continued |
| Guaranty Bancshares | | | 30 | | | $ | 986 | |
| HA Sustainable Infrastructure Capital | | | 441 | | | | 15,431 | |
| Hagerty, Cl A * | | | 278 | | | | 2,994 | |
| Hamilton Lane, Cl A | | | 143 | | | | 25,689 | |
| Hancock Whitney | | | 343 | | | | 17,863 | |
| Hanmi Financial | | | 110 | | | | 2,516 | |
| Hanover Insurance Group | | | 141 | | | | 20,915 | |
| HarborOne Bancorp | | | 146 | | | | 1,733 | |
| Hartford Financial Services Group | | | 1,177 | | | | 129,988 | |
| HBT Financial | | | 46 | | | | 983 | |
| HCI Group | | | 28 | | | | 3,173 | |
| Heartland Financial USA | | | 146 | | | | 8,687 | |
| Heritage Commerce | | | 217 | | | | 2,107 | |
| Heritage Financial | | | 127 | | | | 2,920 | |
| Heritage Insurance Holdings * | | | 99 | | | | 1,025 | |
| Hilltop Holdings | | | 168 | | | | 5,146 | |
| Hingham Institution For Savings The | | | 6 | | | | 1,521 | |
| Hippo Holdings * | | | 46 | | | | 1,020 | |
| Home Bancorp | | | 26 | | | | 1,226 | |
| Home BancShares | | | 741 | | | | 20,222 | |
| HomeStreet | | | 65 | | | | 589 | |
| HomeTrust Bancshares | | | 53 | | | | 1,757 | |
| Hope Bancorp | | | 421 | | | | 5,216 | |
| Horace Mann Educators | | | 150 | | | | 5,586 | |
| Horizon Bancorp | | | 158 | | | | 2,531 | |
| Houlihan Lokey, Cl A | | | 206 | | | | 35,591 | |
| Huntington Bancshares | | | 5,708 | | | | 88,988 | |
| I3 Verticals, Cl A * | | | 82 | | | | 1,885 | |
| Independent Bank | | | 155 | | | | 9,749 | |
| Independent Bank Group | | | 132 | | | | 7,704 | |
| Independent Bank/MI | | | 74 | | | | 2,426 | |
| Interactive Brokers Group, Cl A | | | 409 | | | | 62,405 | |
| Intercontinental Exchange | | | 2,251 | | | | 350,863 | |
| International Bancshares | | | 212 | | | | 12,987 | |
| International Money Express * | | | 112 | | | | 1,970 | |
| Invesco | | | 1,753 | | | | 30,397 | |
| Invesco Mortgage Capital ‡ | | | 179 | | | | 1,445 | |
| Investors Title | | | 5 | | | | 1,156 | |
| Jack Henry & Associates | | | 289 | | | | 52,578 | |
| Jackson Financial, Cl A | | | 298 | | | | 29,785 | |
| James River Group Holdings | | | 132 | | | | 821 | |
| Jefferies Financial Group | | | 619 | | | | 39,604 | |
| John Marshall Bancorp | | | 44 | | | | 939 | |
| JPMorgan Chase | | | 11,325 | | | | 2,513,244 | |
| Kearny Financial | | | 209 | | | | 1,461 | |
| Kemper | | | 244 | | | | 15,194 | |
| KeyCorp | | | 3,692 | | | | 63,687 | |
| Kingsway Financial Services * | | | 75 | | | | 671 | |
| Kinsale Capital Group | | | 86 | | | | 36,817 | |
| KKR Real Estate Finance Trust ‡ | | | 219 | | | | 2,538 | |
| Ladder Capital, Cl A ‡ | | | 413 | | | | 4,712 | |
| Lakeland Financial | | | 93 | | | | 6,052 | |
| Lazard, Cl A | | | 320 | | | | 16,957 | |
| LCNB | | | 45 | | | | 706 | |
COMMON STOCK — continued
| | | Shares | | | Value | |
| FINANCIALS— continued |
| Lemonade * | | | 185 | | | $ | 4,397 | |
| LendingClub * | | | 388 | | | | 5,502 | |
| LendingTree * | | | 41 | | | | 2,338 | |
| Lincoln National | | | 673 | | | | 23,387 | |
| Live Oak Bancshares | | | 124 | | | | 4,924 | |
| Loews | | | 733 | | | | 57,878 | |
| LPL Financial Holdings | | | 294 | | | | 82,961 | |
| M&T Bank | | | 660 | | | | 128,489 | |
| MainStreet Bancshares | | | 25 | | | | 432 | |
| Markel Group * | | | 51 | | | | 78,643 | |
| MarketAxess Holdings | | | 147 | | | | 42,545 | |
| Marqeta, Cl A * | | | 1,426 | | | | 8,071 | |
| Marsh & McLennan | | | 1,952 | | | | 426,004 | |
| Mastercard, Cl A | | | 3,286 | | | | 1,641,653 | |
| MBIA | | | 163 | | | | 642 | |
| Mercantile Bank | | | 58 | | | | 2,486 | |
| Merchants Bancorp | | | 62 | | | | 2,290 | |
| Mercury General | | | 98 | | | | 6,628 | |
| MetLife | | | 2,417 | | | | 189,541 | |
| Metrocity Bankshares | | | 66 | | | | 1,952 | |
| Metropolitan Bank Holding * | | | 35 | | | | 1,872 | |
| MFA Financial ‡ | | | 373 | | | | 4,584 | |
| MGIC Investment | | | 1,058 | | | | 26,492 | |
| Mid Penn Bancorp | | | 53 | | | | 1,674 | |
| Middlefield Banc | | | 27 | | | | 762 | |
| Midland States Bancorp | | | 75 | | | | 1,861 | |
| MidWestOne Financial Group | | | 53 | | | | 1,534 | |
| Moelis, Cl A | | | 263 | | | | 17,463 | |
| Moneylion * | | | 17 | | | | 730 | |
| Moody's | | | 723 | | | | 328,271 | |
| Morgan Stanley | | | 4,952 | | | | 575,670 | |
| Morningstar | | | 107 | | | | 35,101 | |
| Mr Cooper Group * | | | 249 | | | | 22,049 | |
| MSCI, Cl A | | | 304 | | | | 173,645 | |
| MVB Financial | | | 44 | | | | 836 | |
| Nasdaq | | | 1,524 | | | | 112,654 | |
| National Bank Holdings, Cl A | | | 137 | | | | 6,160 | |
| National Bankshares | | | 21 | | | | 600 | |
| Navient | | | 396 | | | | 5,635 | |
| NBT Bancorp | | | 170 | | | | 7,562 | |
| NCR Atleos * | | | 260 | | | | 6,807 | |
| Nelnet, Cl A | | | 62 | | | | 6,987 | |
| NerdWallet, Cl A * | | | 139 | | | | 2,042 | |
| New York Community Bancorp | | | 915 | | | | 9,260 | |
| New York Mortgage Trust ‡ | | | 345 | | | | 1,991 | |
| NewtekOne | | | 85 | | | | 1,112 | |
| Nexpoint Real Estate Finance ‡ | | | 62 | | | | 938 | |
| NI Holdings * | | | 23 | | | | 361 | |
| Nicolet Bankshares | | | 48 | | | | 4,881 | |
| NMI Holdings, Cl A * | | | 293 | | | | 11,333 | |
| Northeast Bank | | | 29 | | | | 2,577 | |
| Northeast Community Bancorp | | | 45 | | | | 1,168 | |
| Northern Trust | | | 794 | | | | 79,813 | |
| Northfield Bancorp | | | 144 | | | | 1,695 | |
| Northrim BanCorp | | | 20 | | | | 1,305 | |
| Northwest Bancshares | | | 446 | | | | 5,927 | |
The accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS
U.S. ALL CAP INDEX FUND
OCTOBER 31, 2024 |
COMMON STOCK — continued
| | | Shares | | | Value | |
| FINANCIALS— continued |
| Norwood Financial | | | 27 | | | $ | 792 | |
| Oak Valley Bancorp | | | 25 | | | | 675 | |
| OceanFirst Financial | | | 210 | | | | 3,822 | |
| Old National Bancorp | | | 1,241 | | | | 23,902 | |
| Old Republic International | | | 1,023 | | | | 35,733 | |
| Old Second Bancorp | | | 157 | | | | 2,578 | |
| OneMain Holdings, Cl A | | | 470 | | | | 23,345 | |
| Onity Group * | | | 22 | | | | 654 | |
| Open Lending, Cl A * | | | 359 | | | | 2,010 | |
| Oppenheimer Holdings, Cl A | | | 22 | | | | 1,241 | |
| Orange County Bancorp | | | 17 | | | | 900 | |
| Orchid Island Capital, Cl A ‡ | | | 194 | | | | 1,469 | |
| Origin Bancorp | | | 104 | | | | 3,265 | |
| Orrstown Financial Services | | | 66 | | | | 2,471 | |
| Oscar Health, Cl A * | | | 531 | | | | 8,921 | |
| P10, Cl A | | | 167 | | | | 1,845 | |
| Pacific Premier Bancorp | | | 346 | | | | 8,826 | |
| Palomar Holdings * | | | 88 | | | | 7,900 | |
| Park National | | | 58 | | | | 10,021 | |
| Parke Bancorp | | | 38 | | | | 803 | |
| Paymentus Holdings, Cl A * | | | 58 | | | | 1,427 | |
| Payoneer Global * | | | 1,036 | | | | 8,930 | |
| PayPal Holdings * | | | 4,140 | | | | 328,302 | |
| Paysafe * | | | 115 | | | | 2,443 | |
| Paysign * | | | 120 | | | | 433 | |
| PCB Bancorp | | | 41 | | | | 770 | |
| Peapack-Gladstone Financial | | | 56 | | | | 1,800 | |
| Penns Woods Bancorp | | | 26 | | | | 702 | |
| PennyMac Financial Services | | | 185 | | | | 18,441 | |
| PennyMac Mortgage Investment Trust ‡ | | | 316 | | | | 4,260 | |
| Peoples Bancorp | | | 123 | | | | 3,786 | |
| Peoples Financial Services | | | 22 | | | | 1,027 | |
| Perella Weinberg Partners, Cl A | | | 144 | | | | 2,913 | |
| Pinnacle Financial Partners | | | 299 | | | | 31,530 | |
| Pioneer Bancorp * | | | 43 | | | | 482 | |
| Piper Sandler | | | 68 | | | | 19,288 | |
| PJT Partners | | | 81 | | | | 11,256 | |
| Plumas Bancorp | | | 19 | | | | 789 | |
| PNC Financial Services Group | | | 1,575 | | | | 296,525 | |
| Ponce Financial Group * | | | 69 | | | | 776 | |
| PRA Group * | | | 139 | | | | 2,802 | |
| Preferred Bank | | | 55 | | | | 4,640 | |
| Premier Financial | | | 129 | | | | 3,181 | |
| Primerica | | | 138 | | | | 38,200 | |
| Primis Financial | | | 77 | | | | 865 | |
| Princeton Bancorp | | | 17 | | | | 597 | |
| Principal Financial Group | | | 929 | | | | 76,550 | |
| ProAssurance * | | | 186 | | | | 2,770 | |
| PROG Holdings | | | 157 | | | | 6,856 | |
| Progressive | | | 2,309 | | | | 560,694 | |
| Prosperity Bancshares | | | 355 | | | | 25,986 | |
| Provident Bancorp * | | | 57 | | | | 591 | |
| Provident Financial Services | | | 444 | | | | 8,294 | |
| Prudential Financial | | | 1,424 | | | | 174,412 | |
| QCR Holdings | | | 60 | | | | 4,746 | |
COMMON STOCK — continued
| | | Shares | | | Value | |
| FINANCIALS— continued |
| Radian Group | | | 581 | | | $ | 20,283 | |
| Raymond James Financial | | | 749 | | | | 111,017 | |
| RBB Bancorp | | | 54 | | | | 1,199 | |
| Ready Capital ‡ | | | 630 | | | | 4,315 | |
| Red River Bancshares | | | 16 | | | | 836 | |
| Redwood Trust ‡ | | | 483 | | | | 3,536 | |
| Regional Management | | | 30 | | | | 862 | |
| Regions Financial | | | 3,570 | | | | 85,216 | |
| Reinsurance Group of America, Cl A | | | 260 | | | | 54,881 | |
| Remitly Global * | | | 604 | | | | 10,860 | |
| Renasant | | | 201 | | | | 6,856 | |
| Repay Holdings, Cl A * | | | 298 | | | | 2,371 | |
| Republic Bancorp, Cl A | | | 32 | | | | 2,160 | |
| Rithm Capital ‡ | | | 1,912 | | | | 20,248 | |
| RLI | | | 160 | | | | 24,955 | |
| Robinhood Markets, Cl A * | | | 1,730 | | | | 40,638 | |
| Rocket, Cl A * | | | 448 | | | | 7,213 | |
| Root, Cl A * | | | 24 | | | | 1,641 | |
| Ryan Specialty Holdings, Cl A | | | 386 | | | | 25,426 | |
| S&P Global | | | 1,270 | | | | 610,057 | |
| S&T Bancorp | | | 140 | | | | 5,317 | |
| Safety Insurance Group | | | 53 | | | | 4,148 | |
| Sandy Spring Bancorp | | | 160 | | | | 5,382 | |
| Seacoast Banking Corp of Florida | | | 308 | | | | 8,224 | |
| Security National Financial, Cl A * | | | 51 | | | | 493 | |
| SEI Investments | | | 429 | | | | 32,072 | |
| Selective Insurance Group | | | 238 | | | | 21,615 | |
| Selectquote * | | | 494 | | | | 988 | |
| ServisFirst Bancshares | | | 198 | | | | 16,462 | |
| Shift4 Payments, Cl A * | | | 219 | | | | 19,806 | |
| Shore Bancshares | | | 111 | | | | 1,614 | |
| Sierra Bancorp | | | 48 | | | | 1,363 | |
| Silvercrest Asset Management Group, Cl A | | | 35 | | | | 610 | |
| Simmons First National, Cl A | | | 455 | | | | 10,556 | |
| Skyward Specialty Insurance Group * | | | 101 | | | | 4,465 | |
| SLM | | | 1,264 | | | | 27,846 | |
| SmartFinancial | | | 52 | | | | 1,724 | |
| SoFi Technologies * | | | 3,872 | | | | 43,250 | |
| South Plains Financial | | | 44 | | | | 1,483 | |
| Southern First Bancshares * | | | 28 | | | | 1,070 | |
| Southern Missouri Bancorp | | | 35 | | | | 2,075 | |
| Southern States Bancshares | | | 27 | | | | 840 | |
| Southside Bancshares | | | 106 | | | | 3,434 | |
| SouthState | | | 299 | | | | 29,161 | |
| Starwood Property Trust ‡ | | | 1,172 | | | | 23,135 | |
| State Street | | | 1,194 | | | | 110,803 | |
| Stellar Bancorp | | | 180 | | | | 4,900 | |
| StepStone Group, Cl A | | | 205 | | | | 12,327 | |
| Sterling Bancorp * | | | 66 | | | | 308 | |
| Stewart Information Services | | | 100 | | | | 6,880 | |
| Stifel Financial | | | 393 | | | | 40,723 | |
| Stock Yards Bancorp | | | 99 | | | | 6,384 | |
The accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS
U.S. ALL CAP INDEX FUND
OCTOBER 31, 2024 |
COMMON STOCK — continued
| | | Shares | | | Value | |
| FINANCIALS— continued |
| StoneX Group * | | | 100 | | | $ | 9,004 | |
| SWK Holdings * | | | 45 | | | | 738 | |
| Synchrony Financial | | | 1,604 | | | | 88,445 | |
| Synovus Financial | | | 578 | | | | 28,825 | |
| T Rowe Price Group | | | 868 | | | | 95,358 | |
| Texas Capital Bancshares * | | | 169 | | | | 13,005 | |
| TFS Financial | | | 192 | | | | 2,467 | |
| Third Coast Bancshares * | | | 43 | | | | 1,401 | |
| Timberland Bancorp | | | 27 | | | | 780 | |
| Tiptree | | | 79 | | | | 1,612 | |
| Toast, Cl A * | | | 1,437 | | | | 43,153 | |
| Tompkins Financial | | | 48 | | | | 3,098 | |
| Towne Bank | | | 250 | | | | 8,130 | |
| TPG, Cl A | | | 317 | | | | 21,455 | |
| TPG RE Finance Trust ‡ | | | 261 | | | | 2,299 | |
| Tradeweb Markets, Cl A | | | 456 | | | | 57,912 | |
| Travelers | | | 905 | | | | 222,576 | |
| TriCo Bancshares | | | 114 | | | | 4,871 | |
| Triumph Financial * | | | 82 | | | | 7,246 | |
| Truist Financial | | | 5,282 | | | | 227,390 | |
| Trupanion * | | | 114 | | | | 6,245 | |
| TrustCo Bank NY | | | 68 | | | | 2,243 | |
| Trustmark | | | 208 | | | | 7,222 | |
| Two Harbors Investment ‡ | | | 379 | | | | 4,358 | |
| UMB Financial | | | 181 | | | | 19,861 | |
| United Bankshares | | | 524 | | | | 19,744 | |
| United Community Banks | | | 452 | | | | 12,864 | |
| United Fire Group | | | 78 | | | | 1,532 | |
| Unity Bancorp | | | 27 | | | | 1,044 | |
| Universal Insurance Holdings | | | 96 | | | | 1,914 | |
| Univest Financial | | | 107 | | | | 2,978 | |
| Unum Group | | | 752 | | | | 48,263 | |
| Upstart Holdings * | | | 271 | | | | 13,192 | |
| US Bancorp | | | 6,174 | | | | 298,266 | |
| USCB Financial Holdings | | | 38 | | | | 552 | |
| UWM Holdings | | | 316 | | | | 2,035 | |
| Valley National Bancorp | | | 1,638 | | | | 15,512 | |
| Velocity Financial * | | | 71 | | | | 1,364 | |
| Veritex Holdings | | | 195 | | | | 5,265 | |
| Victory Capital Holdings, Cl A | | | 163 | | | | 9,769 | |
| Virginia National Bankshares | | | 17 | | | | 674 | |
| Virtu Financial, Cl A | | | 312 | | | | 9,660 | |
| Virtus Investment Partners | | | 25 | | | | 5,409 | |
| Visa, Cl A | | | 6,263 | | | | 1,815,331 | |
| Voya Financial | | | 399 | | | | 32,040 | |
| WaFd | | | 297 | | | | 10,092 | |
| Walker & Dunlop | | | 127 | | | | 13,890 | |
| Washington Trust Bancorp | | | 62 | | | | 2,116 | |
| Waterstone Financial | | | 61 | | | | 899 | |
| Webster Financial | | | 675 | | | | 34,965 | |
| Wells Fargo | | | 13,975 | | | | 907,257 | |
| WesBanco | | | 212 | | | | 6,667 | |
| West Bancorporation | | | 54 | | | | 1,165 | |
| Westamerica Bancorporation | | | 94 | | | | 4,843 | |
| Western Alliance Bancorp | | | 428 | | | | 35,614 | |
| Western Union | | | 1,355 | | | | 14,580 | |
COMMON STOCK — continued
| | | Shares | | | Value | |
| FINANCIALS— continued |
| WEX * | | | 165 | | | $ | 28,479 | |
| Willis Towers Watson PLC | | | 405 | | | | 122,387 | |
| Wintrust Financial | | | 256 | | | | 29,668 | |
| WisdomTree | | | 435 | | | | 4,502 | |
| World Acceptance * | | | 19 | | | | 2,168 | |
| WR Berkley | | | 1,192 | | | | 68,147 | |
| WSFS Financial | | | 220 | | | | 10,817 | |
| Zions Bancorp | | | 579 | | | | 30,143 | |
| | | | | | | | 29,480,619 | |
| HEALTH CARE — 3.0% |
| 2seventy bio * | | | 168 | | | | 729 | |
| Absci * | | | 321 | | | | 1,233 | |
| ACADIA Pharmaceuticals * | | | 604 | | | | 8,812 | |
| Accuray * | | | 395 | | | | 683 | |
| Acumen Pharmaceuticals * | | | 161 | | | | 464 | |
| AdaptHealth, Cl A * | | | 260 | | | | 2,675 | |
| Adaptive Biotechnologies * | | | 512 | | | | 2,478 | |
| Adicet Bio * | | | 247 | | | | 316 | |
| ADMA Biologics * | | | 824 | | | | 13,439 | |
| Adverum Biotechnologies * | | | 55 | | | | 401 | |
| Aerovate Therapeutics * | | | 64 | | | | 157 | |
| Agenus * | | | 74 | | | | 311 | |
| Agios Pharmaceuticals * | | | 209 | | | | 9,286 | |
| Akebia Therapeutics * | | | 685 | | | | 1,137 | |
| Akero Therapeutics * | | | 213 | | | | 6,567 | |
| Aldeyra Therapeutics * | | | 209 | | | | 1,099 | |
| Alector * | | | 266 | | | | 1,309 | |
| Align Technology * | | | 278 | | | | 56,998 | |
| Alkermes PLC * | | | 662 | | | | 17,013 | |
| Allakos * | | | 293 | | | | 366 | |
| Allogene Therapeutics * | | | 387 | | | | 989 | |
| Alnylam Pharmaceuticals * | | | 499 | | | | 133,028 | |
| Alphatec Holdings * | | | 351 | | | | 2,755 | |
| ALX Oncology Holdings * | | | 101 | | | | 144 | |
| American Well, Cl A * | | | 41 | | | | 376 | |
| Amicus Therapeutics * | | | 1,059 | | | | 12,094 | |
| Anavex Life Sciences * | | | 138 | | | | 914 | |
| AngioDynamics * | | | 143 | | | | 957 | |
| Anika Therapeutics * | | | 52 | | | | 890 | |
| Annexon * | | | 317 | | | | 2,320 | |
| Apellis Pharmaceuticals * | | | 394 | | | | 10,740 | |
| Apogee Therapeutics * | | | 131 | | | | 6,817 | |
| Applied Therapeutics * | | | 330 | | | | 2,917 | |
| Arcus Biosciences * | | | 175 | | | | 2,678 | |
| Arcutis Biotherapeutics * | | | 360 | | | | 2,992 | |
| Arrowhead Pharmaceuticals * | | | 435 | | | | 8,365 | |
| ARS Pharmaceuticals * | | | 156 | | | | 2,296 | |
| Artivion * | | | 145 | | | | 3,818 | |
| Astria Therapeutics * | | | 165 | | | | 1,845 | |
| Atara Biotherapeutics * | | | 16 | | | | 143 | |
| Atossa Therapeutics * | | | 463 | | | | 639 | |
| AtriCure * | | | 184 | | | | 6,105 | |
| Avanos Medical * | | | 167 | | | | 3,120 | |
| Avidity Biosciences * | | | 261 | | | | 11,030 | |
| Avita Medical * | | | 91 | | | | 919 | |
The accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS
U.S. ALL CAP INDEX FUND
OCTOBER 31, 2024 |
COMMON STOCK — continued
| | | Shares | | | Value | |
| HEALTH CARE— continued |
| Axonics * | | | 200 | | | $ | 14,060 | |
| Azenta * | | | 202 | | | | 8,300 | |
| BioCryst Pharmaceuticals * | | | 731 | | | | 5,855 | |
| BioLife Solutions * | | | 160 | | | | 3,744 | |
| BioMarin Pharmaceutical * | | | 739 | | | | 48,693 | |
| Biomea Fusion * | | | 102 | | | | 956 | |
| Blueprint Medicines * | | | 237 | | | | 20,740 | |
| Boston Scientific * | | | 5,817 | | | | 488,744 | |
| Butterfly Network * | | | 455 | | | | 810 | |
| Cardiff Oncology * | | | 152 | | | | 474 | |
| Cardinal Health | | | 963 | | | | 104,505 | |
| CareDx * | | | 182 | | | | 4,028 | |
| Catalyst Pharmaceuticals * | | | 367 | | | | 8,001 | |
| Celcuity * | | | 78 | | | | 1,209 | |
| Cencora, Cl A | | | 688 | | | | 156,919 | |
| Certara * | | | 403 | | | | 4,111 | |
| Cerus * | | | 636 | | | | 999 | |
| ChromaDex * | | | 165 | | | | 576 | |
| Cogent Biosciences * | | | 357 | | | | 4,102 | |
| Coherus Biosciences * | | | 396 | | | | 295 | |
| CONMED | | | 113 | | | | 7,711 | |
| Crinetics Pharmaceuticals * | | | 287 | | | | 16,061 | |
| CryoPort * | | | 177 | | | | 1,179 | |
| Cullinan Therapeutics * | | | 97 | | | | 1,508 | |
| CVRx * | | | 34 | | | | 446 | |
| Cytokinetics * | | | 397 | | | | 20,247 | |
| CytomX Therapeutics * | | | 245 | | | | 244 | |
| Day One Biopharmaceuticals * | | | 221 | | | | 3,253 | |
| Definitive Healthcare, Cl A * | | | 180 | | | | 747 | |
| Denali Therapeutics * | | | 425 | | | | 11,033 | |
| DENTSPLY SIRONA | | | 820 | | | | 18,999 | |
| Design Therapeutics * | | | 122 | | | | 639 | |
| Dexcom * | | | 1,510 | | | | 106,425 | |
| Doximity, Cl A * | | | 469 | | | | 19,576 | |
| Dyne Therapeutics * | | | 189 | | | | 5,455 | |
| Edwards Lifesciences * | | | 2,352 | | | | 157,608 | |
| Embecta | | | 204 | | | | 2,872 | |
| Entrada Therapeutics * | | | 66 | | | | 1,131 | |
| Envista Holdings * | | | 657 | | | | 13,777 | |
| Erasca * | | | 332 | | | | 860 | |
| Evolent Health, Cl A * | | | 405 | | | | 9,457 | |
| Exact Sciences * | | | 716 | | | | 49,354 | |
| Exelixis * | | | 1,139 | | | | 37,815 | |
| Fate Therapeutics * | | | 378 | | | | 896 | |
| Foghorn Therapeutics * | | | 69 | | | | 526 | |
| Fortrea Holdings * | | | 330 | | | | 5,551 | |
| Glaukos * | | | 195 | | | | 25,789 | |
| Globus Medical, Cl A * | | | 445 | | | | 32,725 | |
| GoodRx Holdings, Cl A * | | | 285 | | | | 1,744 | |
| Gossamer Bio * | | | 706 | | | | 620 | |
| Haemonetics * | | | 200 | | | | 14,232 | |
| Halozyme Therapeutics * | | | 500 | | | | 25,285 | |
| Harvard Bioscience * | | | 149 | | | | 350 | |
| Health Catalyst * | | | 206 | | | | 1,601 | |
| HealthStream | | | 88 | | | | 2,573 | |
| Henry Schein * | | | 503 | | | | 35,326 | |
COMMON STOCK — continued
| | | Shares | | | Value | |
| HEALTH CARE— continued |
| Heron Therapeutics * | | | 528 | | | $ | 919 | |
| HilleVax * | | | 60 | | | | 109 | |
| Hologic * | | | 918 | | | | 74,239 | |
| Humacyte * | | | 327 | | | | 1,651 | |
| ICU Medical * | | | 81 | | | | 13,829 | |
| Ideaya Biosciences * | | | 244 | | | | 6,869 | |
| IDEXX Laboratories * | | | 327 | | | | 133,063 | |
| IGM Biosciences * | | | 77 | | | | 1,320 | |
| Immunic * | | | 314 | | | | 380 | |
| Immunovant * | | | 229 | | | | 6,701 | |
| Inari Medical * | | | 184 | | | | 8,906 | |
| Inogen * | | | 84 | | | | 733 | |
| Inozyme Pharma * | | | 152 | | | | 652 | |
| Insmed * | | | 565 | | | | 38,013 | |
| Inspire Medical Systems * | | | 117 | | | | 22,820 | |
| Insulet * | | | 276 | | | | 63,902 | |
| Integer Holdings * | | | 131 | | | | 16,277 | |
| Integra LifeSciences Holdings * | | | 244 | | | | 4,577 | |
| Intuitive Surgical * | | | 1,398 | | | | 704,368 | |
| Invivyd * | | | 223 | | | | 199 | |
| IQVIA Holdings * | | | 715 | | | | 147,161 | |
| iRadimed | | | 29 | | | | 1,429 | |
| iRhythm Technologies * | | | 117 | | | | 8,475 | |
| iTeos Therapeutics * | | | 106 | | | | 896 | |
| Janux Therapeutics * | | | 127 | | | | 6,857 | |
| KalVista Pharmaceuticals * | | | 111 | | | | 1,140 | |
| Kiniksa Pharmaceuticals International, Cl A * | | | 141 | | | | 3,185 | |
| Kodiak Sciences * | | | 180 | | | | 684 | |
| KORU Medical Systems * | | | 158 | | | | 461 | |
| Krystal Biotech * | | | 93 | | | | 16,045 | |
| Kura Oncology * | | | 235 | | | | 3,929 | |
| Kymera Therapeutics * | | | 200 | | | | 9,234 | |
| Lantheus Holdings * | | | 266 | | | | 29,217 | |
| Larimar Therapeutics * | | | 139 | | | | 1,143 | |
| LeMaitre Vascular | | | 74 | | | | 6,541 | |
| LENZ Therapeutics | | | 66 | | | | 1,779 | |
| Lexicon Pharmaceuticals * | | | 886 | | | | 1,728 | |
| Lifecore Biomedical * | | | 111 | | | | 630 | |
| LivaNova PLC * | | | 245 | | | | 12,647 | |
| Lyell Immunopharma * | | | 428 | | | | 411 | |
| Madrigal Pharmaceuticals * | | | 67 | | | | 17,376 | |
| MannKind * | | | 949 | | | | 6,709 | |
| Masimo * | | | 194 | | | | 27,938 | |
| McKesson | | | 521 | | | | 260,807 | |
| Medpace Holdings * | | | 101 | | | | 31,736 | |
| Medtronic PLC | | | 5,280 | | | | 471,240 | |
| Merit Medical Systems * | | | 225 | | | | 22,198 | |
| Mesa Laboratories | | | 19 | | | | 2,167 | |
| Mettler-Toledo International * | | | 84 | | | | 108,507 | |
| Mineralys Therapeutics * | | | 86 | | | | 1,151 | |
| Mirati Therapeutics * | | | 201 | | | | — | |
| Mirum Pharmaceuticals * | | | 135 | | | | 5,192 | |
| Monte Rosa Therapeutics * | | | 115 | | | | 977 | |
| Multiplan * | | | 25 | | | | 224 | |
| Myriad Genetics * | | | 318 | | | | 6,983 | |
The accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS
U.S. ALL CAP INDEX FUND
OCTOBER 31, 2024 |
COMMON STOCK — continued
| | | Shares | | | Value | |
| HEALTH CARE— continued |
| Nautilus Biotechnology, Cl A * | | | 211 | | | $ | 549 | |
| Neogen * | | | 862 | | | | 12,309 | |
| Neurocrine Biosciences * | | | 384 | | | | 46,184 | |
| Neurogene * | | | 43 | | | | 1,892 | |
| Neuronetics * | | | 99 | | | | 102 | |
| NeuroPace * | | | 48 | | | | 310 | |
| Nevro * | | | 128 | | | | 705 | |
| Nkarta * | | | 133 | | | | 410 | |
| Nurix Therapeutics * | | | 200 | | | | 4,916 | |
| Nuvalent, Cl A * | | | 120 | | | | 10,619 | |
| Olema Pharmaceuticals * | | | 180 | | | | 2,075 | |
| Omnicell * | | | 166 | | | | 8,074 | |
| OptimizeRx * | | | 59 | | | | 308 | |
| OraSure Technologies * | | | 255 | | | | 1,037 | |
| Organogenesis Holdings, Cl A * | | | 286 | | | | 792 | |
| ORIC Pharmaceuticals * | | | 148 | | | | 1,388 | |
| Orthofix Medical * | | | 133 | | | | 2,153 | |
| OrthoPediatrics * | | | 60 | | | | 1,592 | |
| Outlook Therapeutics * | | | 59 | | | | 340 | |
| Outset Medical * | | | 174 | | | | 99 | |
| Owens & Minor * | | | 256 | | | | 3,254 | |
| Paragon 28 * | | | 135 | | | | 715 | |
| Patterson | | | 294 | | | | 6,177 | |
| PDL BioPharma *,(A) | | | 64 | | | | — | |
| PDS Biotechnology * | | | 128 | | | | 408 | |
| Penumbra * | | | 147 | | | | 33,644 | |
| PepGen * | | | 100 | | | | 662 | |
| Phreesia * | | | 193 | | | | 3,530 | |
| Prelude Therapeutics * | | | 125 | | | | 150 | |
| Prime Medicine * | | | 174 | | | | 675 | |
| PROCEPT BioRobotics * | | | 175 | | | | 15,750 | |
| Protagonist Therapeutics * | | | 202 | | | | 9,260 | |
| PTC Therapeutics * | | | 275 | | | | 10,978 | |
| Pulmonx * | | | 103 | | | | 644 | |
| Pulse Biosciences * | | | 60 | | | | 1,046 | |
| Puma Biotechnology * | | | 128 | | | | 365 | |
| Pyxis Oncology * | | | 171 | | | | 609 | |
| Quanterix * | | | 128 | | | | 1,692 | |
| Quantum-Si * | | | 364 | | | | 255 | |
| QuidelOrtho * | | | 88 | | | | 3,348 | |
| RAPT Therapeutics * | | | 113 | | | | 240 | |
| Recursion Pharmaceuticals, Cl A * | | | 538 | | | | 3,400 | |
| Renovaro * | | | 377 | | | | 201 | |
| Replimune Group, Cl Rights * | | | 165 | | | | 1,940 | |
| ResMed | | | 580 | | | | 140,633 | |
| Rigel Pharmaceuticals * | | | 63 | | | | 859 | |
| RxSight * | | | 115 | | | | 5,826 | |
| Sanara Medtech * | | | 13 | | | | 429 | |
| Schrodinger * | | | 249 | | | | 4,381 | |
| Scilex Holding Co - Restricted * | | | 122 | | | | — | |
| Seer, Cl A * | | | 171 | | | | 325 | |
| Semler Scientific * | | | 20 | | | | 588 | |
| Senseonics Holdings * | | | 1,732 | | | | 586 | |
| Sera Prognostics, Cl A * | | | 66 | | | | 508 | |
| Seres Therapeutics * | | | 446 | | | | 366 | |
| SI-BONE * | | | 137 | | | | 1,891 | |
COMMON STOCK — continued
| | | Shares | | | Value | |
| HEALTH CARE— continued |
| Sight Sciences * | | | 99 | | | $ | 495 | |
| Simulations Plus | | | 60 | | | | 1,633 | |
| Sotera Health * | | | 467 | | | | 7,318 | |
| SpringWorks Therapeutics * | | | 226 | | | | 6,809 | |
| Spyre Therapeutics * | | | 125 | | | | 4,066 | |
| STAAR Surgical * | | | 179 | | | | 5,189 | |
| Stereotaxis * | | | 257 | | | | 504 | |
| STERIS PLC | | | 391 | | | | 86,743 | |
| Stryker | | | 1,416 | | | | 504,492 | |
| Summit Therapeutics * | | | 307 | | | | 5,707 | |
| Surmodics * | | | 50 | | | | 1,876 | |
| Sutro Biopharma * | | | 273 | | | | 887 | |
| Syndax Pharmaceuticals * | | | 298 | | | | 5,620 | |
| Syros Pharmaceuticals * | | | 68 | | | | 171 | |
| Tactile Systems Technology * | | | 86 | | | | 1,248 | |
| Tandem Diabetes Care * | | | 237 | | | | 7,435 | |
| Tango Therapeutics * | | | 203 | | | | 1,103 | |
| Tela Bio * | | | 60 | | | | 169 | |
| Teladoc Health * | | | 615 | | | | 5,535 | |
| Teleflex | | | 187 | | | | 37,598 | |
| TG Therapeutics * | | | 512 | | | | 12,831 | |
| Tourmaline Bio * | | | 57 | | | | 1,455 | |
| TransMedics Group * | | | 124 | | | | 10,164 | |
| Travere Therapeutics * | | | 274 | | | | 4,795 | |
| Treace Medical Concepts * | | | 167 | | | | 778 | |
| TruBridge * | | | 51 | | | | 654 | |
| Twist Bioscience * | | | 204 | | | | 8,233 | |
| Tyra Biosciences * | | | 107 | | | | 1,785 | |
| UFP Technologies * | | | 27 | | | | 7,209 | |
| United Therapeutics * | | | 172 | | | | 64,323 | |
| Vanda Pharmaceuticals * | | | 202 | | | | 939 | |
| Varex Imaging * | | | 148 | | | | 1,943 | |
| Vaxcyte * | | | 412 | | | | 43,816 | |
| Veeva Systems, Cl A * | | | 584 | | | | 121,957 | |
| Vera Therapeutics, Cl A * | | | 146 | | | | 5,895 | |
| Veracyte * | | | 274 | | | | 9,245 | |
| Verastem * | | | 76 | | | | 286 | |
| Verve Therapeutics * | | | 200 | | | | 1,146 | |
| Viking Therapeutics * | | | 400 | | | | 29,016 | |
| Viridian Therapeutics * | | | 206 | | | | 4,443 | |
| Vor BioPharma * | | | 225 | | | | 189 | |
| West Pharmaceutical Services | | | 289 | | | | 88,992 | |
| X4 Pharmaceuticals * | | | 442 | | | | 221 | |
| XOMA Royalty * | | | 43 | | | | 1,299 | |
| Y-mAbs Therapeutics * | | | 122 | | | | 1,770 | |
| Zimmer Biomet Holdings | | | 814 | | | | 87,033 | |
| Zimvie * | | | 97 | | | | 1,335 | |
| Zymeworks * | | | 240 | | | | 3,288 | |
| Zynex * | | | 64 | | | | 552 | |
| | | | | | | | 5,722,803 | |
| INDUSTRIALS — 9.2% |
| 374Water * | | | 232 | | | | 362 | |
| 3D Systems * | | | 476 | | | | 1,428 | |
| 3M | | | 2,191 | | | | 281,478 | |
| AAON | | | 271 | | | | 30,896 | |
The accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS
U.S. ALL CAP INDEX FUND
OCTOBER 31, 2024 |
COMMON STOCK — continued
| | | Shares | | | Value | |
| INDUSTRIALS— continued |
| AAR * | | | 124 | | | $ | 7,279 | |
| ABM Industries | | | 248 | | | | 13,159 | |
| ACCO Brands | | | 333 | | | | 1,632 | |
| Acuity Brands | | | 122 | | | | 36,684 | |
| ACV Auctions, Cl A * | | | 525 | | | | 9,077 | |
| Advanced Drainage Systems | | | 276 | | | | 41,367 | |
| AECOM | | | 537 | | | | 57,352 | |
| AeroVironment * | | | 111 | | | | 23,861 | |
| AerSale * | | | 106 | | | | 559 | |
| AGCO | | | 246 | | | | 24,561 | |
| Air Lease, Cl A | | | 412 | | | | 18,272 | |
| Air Transport Services Group * | | | 188 | | | | 3,241 | |
| Alamo Group | | | 43 | | | | 7,290 | |
| Alaska Air Group * | | | 497 | | | | 23,811 | |
| Albany International, Cl A | | | 114 | | | | 7,743 | |
| Alight, Cl A * | | | 1,622 | | | | 11,240 | |
| Allegiant Travel, Cl A | | | 56 | | | | 3,641 | |
| Allegion PLC | | | 346 | | | | 48,312 | |
| Allient | | | 52 | | | | 899 | |
| Allison Transmission Holdings | | | 343 | | | | 36,653 | |
| Alta Equipment Group | | | 84 | | | | 546 | |
| Ameresco, Cl A * | | | 118 | | | | 3,631 | |
| American Airlines Group * | | | 2,552 | | | | 34,197 | |
| American Superconductor * | | | 131 | | | | 3,212 | |
| American Woodmark * | | | 58 | | | | 5,261 | |
| AMETEK | | | 917 | | | | 168,123 | |
| AO Smith | | | 475 | | | | 35,672 | |
| API Group * | | | 865 | | | | 29,531 | |
| Apogee Enterprises | | | 80 | | | | 5,987 | |
| Applied Industrial Technologies | | | 151 | | | | 34,970 | |
| ArcBest | | | 85 | | | | 8,855 | |
| Archer Aviation, Cl A * | | | 749 | | | | 2,359 | |
| Arcosa | | | 190 | | | | 17,792 | |
| Argan | | | 46 | | | | 6,074 | |
| Aris Water Solutions, Cl A | | | 94 | | | | 1,551 | |
| Armstrong World Industries | | | 172 | | | | 24,003 | |
| Array Technologies * | | | 549 | | | | 3,585 | |
| Astec Industries | | | 83 | | | | 2,638 | |
| Astronics * | | | 104 | | | | 1,809 | |
| Asure Software * | | | 85 | | | | 843 | |
| Atkore | | | 145 | | | | 12,435 | |
| Atmus Filtration Technologies | | | 307 | | | | 11,955 | |
| Automatic Data Processing | | | 1,622 | | | | 469,147 | |
| Avis Budget Group | | | 125 | | | | 10,375 | |
| Axon Enterprise * | | | 284 | | | | 120,274 | |
| AZEK, Cl A * | | | 567 | | | | 24,948 | |
| AZZ | | | 90 | | | | 6,856 | |
| Babcock & Wilcox Enterprises * | | | 312 | | | | 718 | |
| Barnes Group | | | 176 | | | | 8,230 | |
| Barrett Business Services | | | 92 | | | | 3,329 | |
| Beacon Roofing Supply * | | | 251 | | | | 23,110 | |
| BlackSky Technology, Cl A * | | | 44 | | | | 278 | |
| Blade Air Mobility * | | | 161 | | | | 579 | |
| Blink Charging * | | | 344 | | | | 681 | |
| Bloom Energy, Cl A * | | | 734 | | | | 7,046 | |
| Blue Bird * | | | 115 | | | | 4,843 | |
COMMON STOCK — continued
| | | Shares | | | Value | |
| INDUSTRIALS— continued |
| BlueLinx Holdings * | | | 31 | | | $ | 3,393 | |
| Boise Cascade | | | 157 | | | | 20,886 | |
| Booz Allen Hamilton Holding, Cl A | | | 507 | | | | 92,102 | |
| Bowman Consulting Group, Cl A * | | | 47 | | | | 954 | |
| Brady, Cl A | | | 163 | | | | 11,596 | |
| BrightView Holdings * | | | 151 | | | | 2,473 | |
| Brink's | | | 173 | | | | 17,783 | |
| Broadridge Financial Solutions | | | 466 | | | | 98,261 | |
| Builders FirstSource * | | | 473 | | | | 81,072 | |
| Byrna Technologies * | | | 64 | | | | 922 | |
| CACI International, Cl A * | | | 87 | | | | 48,073 | |
| Cadre Holdings | | | 92 | | | | 3,199 | |
| Carlisle | | | 189 | | | | 79,801 | |
| Carrier Global | | | 3,344 | | | | 243,176 | |
| Casella Waste Systems, Cl A * | | | 223 | | | | 21,827 | |
| Caterpillar | | | 1,979 | | | | 744,500 | |
| CBIZ * | | | 189 | | | | 13,028 | |
| CECO Environmental * | | | 109 | | | | 2,594 | |
| CH Robinson Worldwide | | | 412 | | | | 42,452 | |
| ChargePoint Holdings * | | | 1,367 | | | | 1,640 | |
| Chart Industries * | | | 167 | | | | 20,160 | |
| Cintas | | | 1,376 | | | | 283,195 | |
| Clean Harbors * | | | 202 | | | | 46,715 | |
| CNH Industrial | | | 3,213 | | | | 36,082 | |
| Columbus McKinnon | | | 104 | | | | 3,308 | |
| Comfort Systems USA | | | 140 | | | | 54,746 | |
| Commercial Vehicle Group * | | | 109 | | | | 317 | |
| Concentrix | | | 175 | | | | 7,439 | |
| Concrete Pumping Holdings * | | | 144 | | | | 799 | |
| Conduent * | | | 787 | | | | 2,833 | |
| Construction Partners, Cl A * | | | 157 | | | | 12,361 | |
| Copart * | | | 3,483 | | | | 179,270 | |
| Core & Main, Cl A * | | | 765 | | | | 33,874 | |
| CoreCivic * | | | 406 | | | | 5,607 | |
| Covenant Logistics Group, Cl A | | | 28 | | | | 1,417 | |
| CRA International | | | 25 | | | | 4,553 | |
| CSG Systems International | | | 105 | | | | 4,894 | |
| CSW Industrials | | | 61 | | | | 21,539 | |
| CSX | | | 7,753 | | | | 260,811 | |
| Cummins | | | 554 | | | | 182,255 | |
| Curtiss-Wright | | | 153 | | | | 52,779 | |
| Custom Truck One Source * | | | 203 | | | | 830 | |
| Dayforce * | | | 594 | | | | 42,144 | |
| Deere | | | 1,024 | | | | 414,403 | |
| Delta Air Lines | | | 2,554 | | | | 146,140 | |
| Deluxe | | | 160 | | | | 3,001 | |
| Desktop Metal, Cl A * | | | 76 | | | | 373 | |
| Distribution Solutions Group * | | | 34 | | | | 1,309 | |
| DNOW * | | | 385 | | | | 4,555 | |
| Donaldson | | | 476 | | | | 34,824 | |
| Douglas Dynamics | | | 83 | | | | 1,880 | |
| Dover | | | 545 | | | | 103,185 | |
| Driven Brands Holdings * | | | 214 | | | | 3,178 | |
| Ducommun * | | | 46 | | | | 2,704 | |
| Dun & Bradstreet Holdings | | | 1,154 | | | | 13,721 | |
The accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS
U.S. ALL CAP INDEX FUND
OCTOBER 31, 2024 |
COMMON STOCK — continued
| | | Shares | | | Value | |
| INDUSTRIALS— continued |
| DXP Enterprises * | | | 49 | | | $ | 2,405 | |
| Dycom Industries * | | | 112 | | | | 19,525 | |
| Eaton PLC | | | 1,586 | | | | 525,886 | |
| EMCOR Group | | | 184 | | | | 82,077 | |
| Emerson Electric | | | 2,262 | | | | 244,907 | |
| Energy Recovery * | | | 204 | | | | 3,643 | |
| Energy Vault Holdings * | | | 292 | | | | 546 | |
| Enerpac Tool Group, Cl A | | | 197 | | | | 8,692 | |
| EnerSys | | | 158 | | | | 15,304 | |
| Ennis | | | 91 | | | | 1,853 | |
| Enovix * | | | 424 | | | | 3,818 | |
| Enpro | | | 80 | | | | 11,649 | |
| Enviri * | | | 289 | | | | 2,214 | |
| Eos Energy Enterprises * | | | 662 | | | | 2,059 | |
| Equifax | | | 491 | | | | 130,125 | |
| Esab | | | 225 | | | | 27,684 | |
| ESCO Technologies | | | 94 | | | | 11,801 | |
| Eve Holding * | | | 100 | | | | 308 | |
| EVI Industries | | | 19 | | | | 378 | |
| ExlService Holdings * | | | 630 | | | | 26,252 | |
| Expeditors International of Washington | | | 569 | | | | 67,711 | |
| Exponent | | | 199 | | | | 18,782 | |
| Fastenal | | | 2,270 | | | | 177,469 | |
| Federal Signal | | | 237 | | | | 19,332 | |
| FedEx | | | 894 | | | | 244,822 | |
| First Advantage * | | | 186 | | | | 3,370 | |
| FiscalNote Holdings * | | | 371 | | | | 338 | |
| Flowserve | | | 517 | | | | 27,215 | |
| Fluence Energy, Cl A * | | | 262 | | | | 5,698 | |
| Fluor * | | | 666 | | | | 34,818 | |
| Forrester Research * | | | 44 | | | | 645 | |
| Fortive | | | 1,388 | | | | 99,145 | |
| Fortune Brands Innovations | | | 499 | | | | 41,582 | |
| Forward Air | | | 86 | | | | 3,038 | |
| Franklin Covey * | | | 42 | | | | 1,672 | |
| Franklin Electric | | | 156 | | | | 14,931 | |
| Freyr Battery * | | | 451 | | | | 437 | |
| Frontier Group Holdings * | | | 152 | | | | 924 | |
| FTAI Aviation | | | 394 | | | | 52,969 | |
| FTAI Infrastructure | | | 370 | | | | 2,986 | |
| FTI Consulting * | | | 139 | | | | 27,116 | |
| FuelCell Energy * | | | 1,626 | | | | 559 | |
| Gates Industrial PLC * | | | 725 | | | | 14,029 | |
| GATX | | | 140 | | | | 19,286 | |
| Genco Shipping & Trading | | | 139 | | | | 2,188 | |
| Gencor Industries * | | | 37 | | | | 737 | |
| Generac Holdings * | | | 235 | | | | 38,904 | |
| GEO Group * | | | 445 | | | | 6,755 | |
| Gibraltar Industries * | | | 112 | | | | 7,559 | |
| Global Industrial | | | 29 | | | | 769 | |
| GMS * | | | 145 | | | | 13,034 | |
| Gorman-Rupp | | | 76 | | | | 2,808 | |
| Graco | | | 661 | | | | 53,838 | |
| GrafTech International * | | | 714 | | | | 1,214 | |
| Granite Construction | | | 161 | | | | 13,532 | |
COMMON STOCK — continued
| | | Shares | | | Value | |
| INDUSTRIALS— continued |
| Great Lakes Dredge & Dock * | | | 238 | | | $ | 2,720 | |
| Greenbrier | | | 110 | | | | 6,520 | |
| Griffon | | | 167 | | | | 10,501 | |
| GXO Logistics * | | | 465 | | | | 27,812 | |
| H&E Equipment Services | | | 120 | | | | 6,270 | |
| Hayward Holdings * | | | 786 | | | | 12,780 | |
| Healthcare Services Group * | | | 270 | | | | 2,962 | |
| Heartland Express | | | 169 | | | | 1,826 | |
| HEICO | | | 168 | | | | 41,152 | |
| Heidrick & Struggles International | | | 72 | | | | 2,812 | |
| Helios Technologies | | | 121 | | | | 5,582 | |
| Herc Holdings | | | 110 | | | | 23,005 | |
| Hertz Global Holdings * | | | 1,060 | | | | 2,947 | |
| Hexcel | | | 328 | | | | 19,250 | |
| Hillenbrand | | | 257 | | | | 7,080 | |
| Hillman Solutions * | | | 712 | | | | 7,547 | |
| HNI | | | 171 | | | | 8,427 | |
| Honeywell International | | | 2,582 | | | | 531,066 | |
| Howmet Aerospace | | | 1,585 | | | | 158,056 | |
| Hub Group, Cl A | | | 225 | | | | 9,763 | |
| Hubbell, Cl B | | | 212 | | | | 90,530 | |
| Hudson Technologies * | | | 147 | | | | 1,127 | |
| Huron Consulting Group * | | | 66 | | | | 7,638 | |
| Hyliion Holdings * | | | 456 | | | | 1,090 | |
| Hyster-Yale | | | 33 | | | | 2,094 | |
| Hyzon Motors * | | | 9 | | | | 16 | |
| IBEX Holdings * | | | 37 | | | | 665 | |
| ICF International | | | 68 | | | | 11,464 | |
| IDEX | | | 300 | | | | 64,392 | |
| IES Holdings * | | | 75 | | | | 16,400 | |
| Illinois Tool Works | | | 1,182 | | | | 308,656 | |
| Ingersoll Rand | | | 1,599 | | | | 153,504 | |
| Innodata * | | | 99 | | | | 1,991 | |
| Insperity | | | 140 | | | | 11,028 | |
| Insteel Industries | | | 68 | | | | 1,834 | |
| Interface, Cl A | | | 208 | | | | 3,634 | |
| ITT | | | 334 | | | | 46,800 | |
| Janus International Group * | | | 504 | | | | 3,709 | |
| JB Hunt Transport Services | | | 329 | | | | 59,424 | |
| JELD-WEN Holding * | | | 307 | | | | 4,347 | |
| JetBlue Airways * | | | 1,243 | | | | 7,085 | |
| Joby Aviation * | | | 1,370 | | | | 6,576 | |
| John Bean Technologies | | | 116 | | | | 12,925 | |
| Johnson Controls International PLC | | | 2,684 | | | | 202,776 | |
| Kadant | | | 47 | | | | 15,654 | |
| Karat Packaging | | | 25 | | | | 667 | |
| KBR | | | 530 | | | | 35,515 | |
| Kelly Services, Cl A | | | 113 | | | | 2,259 | |
| Kennametal | | | 280 | | | | 7,090 | |
| Kforce | | | 68 | | | | 3,930 | |
| Kirby * | | | 230 | | | | 26,395 | |
| Knight-Swift Transportation Holdings, Cl A | | | 621 | | | | 32,342 | |
| Korn Ferry | | | 204 | | | | 14,413 | |
The accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS
U.S. ALL CAP INDEX FUND
OCTOBER 31, 2024 |
COMMON STOCK — continued
| | | Shares | | | Value | |
| INDUSTRIALS— continued |
| Landstar System | | | 141 | | | $ | 24,784 | |
| LanzaTech Global * | | | 583 | | | | 985 | |
| Legalzoom.com * | | | 453 | | | | 3,253 | |
| Lennox International | | | 127 | | | | 76,526 | |
| Leonardo DRS * | | | 263 | | | | 7,908 | |
| Limbach Holdings * | | | 34 | | | | 2,583 | |
| Lincoln Electric Holdings | | | 221 | | | | 42,556 | |
| Lindsay | | | 40 | | | | 4,788 | |
| Liquidity Services * | | | 83 | | | | 1,791 | |
| LSI Industries | | | 95 | | | | 1,554 | |
| Luxfer Holdings PLC | | | 98 | | | | 1,407 | |
| Lyft, Cl A * | | | 1,344 | | | | 17,432 | |
| Manitowoc * | | | 126 | | | | 1,177 | |
| ManpowerGroup | | | 189 | | | | 11,879 | |
| Marten Transport | | | 212 | | | | 3,282 | |
| Masco | | | 871 | | | | 69,602 | |
| MasTec * | | | 246 | | | | 30,231 | |
| Masterbrand * | | | 464 | | | | 8,333 | |
| Matrix Service * | | | 96 | | | | 1,078 | |
| Matson | | | 133 | | | | 20,600 | |
| Matthews International, Cl A | | | 109 | | | | 2,539 | |
| Maximus | | | 240 | | | | 20,746 | |
| Mayville Engineering * | | | 50 | | | | 1,023 | |
| McGrath RentCorp | | | 89 | | | | 10,119 | |
| Mercury Systems * | | | 212 | | | | 6,858 | |
| Middleby * | | | 211 | | | | 27,367 | |
| Miller Industries | | | 41 | | | | 2,691 | |
| MillerKnoll | | | 262 | | | | 5,858 | |
| Mistras Group * | | | 73 | | | | 617 | |
| Montrose Environmental Group * | | | 105 | | | | 2,769 | |
| Moog, Cl A | | | 112 | | | | 21,123 | |
| MRC Global * | | | 305 | | | | 3,739 | |
| MSA Safety | | | 146 | | | | 24,229 | |
| MSC Industrial Direct, Cl A | | | 175 | | | | 13,837 | |
| Mueller Industries | | | 436 | | | | 35,739 | |
| Mueller Water Products, Cl A | | | 567 | | | | 12,242 | |
| MYR Group * | | | 60 | | | | 7,860 | |
| Net Power * | | | 73 | | | | 658 | |
| NEXTracker, Cl A * | | | 507 | | | | 20,189 | |
| Nikola * | | | 149 | | | | 586 | |
| NN * | | | 164 | | | | 517 | |
| Nordson | | | 204 | | | | 50,570 | |
| Norfolk Southern | | | 896 | | | | 224,385 | |
| Northwest Pipe * | | | 36 | | | | 1,616 | |
| NuScale Power * | | | 207 | | | | 3,962 | |
| NV5 Global * | | | 204 | | | | 4,661 | |
| nVent Electric PLC | | | 638 | | | | 47,576 | |
| Old Dominion Freight Line | | | 746 | | | | 150,185 | |
| Omega Flex | | | 12 | | | | 613 | |
| OPENLANE * | | | 413 | | | | 6,525 | |
| Oshkosh | | | 258 | | | | 26,378 | |
| Otis Worldwide | | | 1,609 | | | | 158,004 | |
| Owens Corning | | | 343 | | | | 60,639 | |
| PACCAR | | | 2,031 | | | | 211,793 | |
| PAM Transportation Services * | | | 21 | | | | 325 | |
| Pangaea Logistics Solutions | | | 109 | | | | 700 | |
COMMON STOCK — continued
| | | Shares | | | Value | |
| INDUSTRIALS— continued |
| Park Aerospace | | | 70 | | | $ | 947 | |
| Parker-Hannifin | | | 507 | | | | 321,473 | |
| Park-Ohio Holdings | | | 32 | | | | 911 | |
| Parsons * | | | 416 | | | | 44,995 | |
| Paychex | | | 1,274 | | | | 177,506 | |
| Paycom Software | | | 218 | | | | 45,569 | |
| Paycor HCM * | | | 297 | | | | 4,482 | |
| Paylocity Holding * | | | 181 | | | | 33,407 | |
| Pentair PLC | | | 654 | | | | 64,824 | |
| Pitney Bowes | | | 547 | | | | 3,944 | |
| Planet Labs PBC * | | | 717 | | | | 1,585 | |
| Plug Power * | | | 2,268 | | | | 4,445 | |
| Powell Industries | | | 34 | | | | 8,669 | |
| Preformed Line Products | | | 9 | | | | 1,107 | |
| Primoris Services | | | 195 | | | | 12,211 | |
| Proto Labs * | | | 93 | | | | 2,548 | |
| Quad | | | 110 | | | | 698 | |
| Quanex Building Products | | | 121 | | | | 3,516 | |
| Quanta Services | | | 572 | | | | 172,532 | |
| Radiant Logistics * | | | 132 | | | | 878 | |
| RBC Bearings * | | | 114 | | | | 31,960 | |
| Regal Rexnord | | | 262 | | | | 43,633 | |
| Republic Services, Cl A | | | 813 | | | | 160,974 | |
| Resideo Technologies * | | | 525 | | | | 10,327 | |
| Resources Connection | | | 117 | | | | 942 | |
| REV Group | | | 174 | | | | 4,611 | |
| Robert Half | | | 406 | | | | 27,653 | |
| Rocket Lab USA * | | | 1,044 | | | | 11,171 | |
| Rockwell Automation | | | 455 | | | | 121,353 | |
| Rollins | | | 1,151 | | | | 54,258 | |
| Rush Enterprises, Cl A | | | 225 | | | | 12,730 | |
| RXO * | | | 440 | | | | 12,404 | |
| Ryder System | | | 171 | | | | 25,014 | |
| Saia * | | | 106 | | | | 51,793 | |
| Schneider National, Cl B | | | 212 | | | | 5,995 | |
| Science Applications International | | | 203 | | | | 29,291 | |
| Sensata Technologies Holding PLC | | | 593 | | | | 20,364 | |
| SES AI * | | | 608 | | | | 288 | |
| Shoals Technologies Group, Cl A * | | | 607 | | | | 3,284 | |
| Shyft Group | | | 116 | | | | 1,499 | |
| Simpson Manufacturing | | | 168 | | | | 30,205 | |
| SiteOne Landscape Supply * | | | 176 | | | | 24,594 | |
| SkyWest * | | | 151 | | | | 14,375 | |
| Snap-on | | | 205 | | | | 67,677 | |
| Southwest Airlines | | | 2,354 | | | | 71,985 | |
| Spire Global * | | | 66 | | | | 653 | |
| Spirit AeroSystems Holdings, Cl A * | | | 450 | | | | 14,566 | |
| Spirit Airlines | | | 394 | | | | 946 | |
| SPX Technologies * | | | 176 | | | | 25,254 | |
| SS&C Technologies Holdings | | | 852 | | | | 59,580 | |
| Standex International | | | 43 | | | | 7,907 | |
| Stanley Black & Decker | | | 595 | | | | 55,299 | |
| Steelcase, Cl A | | | 313 | | | | 3,765 | |
The accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS
U.S. ALL CAP INDEX FUND
OCTOBER 31, 2024 |
COMMON STOCK — continued
| | | Shares | | | Value | |
| INDUSTRIALS— continued |
| Stem * | | | 523 | | | $ | 197 | |
| Stericycle * | | | 366 | | | | 22,498 | |
| Sterling Check * | | | 301 | | | | 5,036 | |
| Sterling Infrastructure * | | | 118 | | | | 18,225 | |
| Sun Country Airlines Holdings * | | | 154 | | | | 2,164 | |
| SunPower, Cl A * | | | 187 | | | | — | |
| Sunrun * | | | 809 | | | | 11,690 | |
| Symbotic, Cl A * | | | 113 | | | | 3,140 | |
| TaskUS, Cl A * | | | 64 | | | | 809 | |
| Tennant | | | 69 | | | | 6,042 | |
| Terex | | | 259 | | | | 13,393 | |
| Tetra Tech | | | 1,050 | | | | 51,324 | |
| Thermon Group Holdings * | | | 122 | | | | 3,198 | |
| Timken | | | 250 | | | | 20,750 | |
| Titan International * | | | 195 | | | | 1,256 | |
| Titan Machinery * | | | 75 | | | | 1,029 | |
| Toro | | | 413 | | | | 33,238 | |
| TPI Composites * | | | 167 | | | | 569 | |
| Trane Technologies PLC | | | 898 | | | | 332,404 | |
| Transcat * | | | 32 | | | | 3,058 | |
| TransDigm Group | | | 215 | | | | 279,994 | |
| TransUnion | | | 768 | | | | 77,798 | |
| Trex * | | | 428 | | | | 30,324 | |
| TriNet Group | | | 196 | | | | 16,638 | |
| Trinity Industries | | | 298 | | | | 10,215 | |
| Triumph Group * | | | 279 | | | | 3,861 | |
| TrueBlue * | | | 110 | | | | 824 | |
| TTEC Holdings | | | 69 | | | | 359 | |
| Tutor Perini * | | | 156 | | | | 4,044 | |
| Uber Technologies * | | | 7,988 | | | | 575,535 | |
| UFP Industries | | | 238 | | | | 29,117 | |
| U-Haul Holding, Cl B | | | 397 | | | | 27,099 | |
| UniFirst | | | 53 | | | | 9,530 | |
| Union Pacific | | | 2,414 | | | | 560,217 | |
| United Airlines Holdings * | | | 1,293 | | | | 101,190 | |
| United Parcel Service, Cl B | | | 2,881 | | | | 386,227 | |
| United Rentals | | | 265 | | | | 215,392 | |
| Universal Logistics Holdings | | | 25 | | | | 1,051 | |
| Upwork * | | | 439 | | | | 5,953 | |
| Valmont Industries | | | 75 | | | | 23,376 | |
| Veralto | | | 939 | | | | 95,956 | |
| Verisk Analytics, Cl A | | | 564 | | | | 154,942 | |
| Verra Mobility, Cl A * | | | 644 | | | | 16,725 | |
| Vertiv Holdings, Cl A | | | 1,445 | | | | 157,924 | |
| Vestis | | | 483 | | | | 6,530 | |
| Viad * | | | 75 | | | | 2,808 | |
| Vicor * | | | 84 | | | | 3,840 | |
| Virgin Galactic Holdings * | | | 67 | | | | 440 | |
| VSE | | | 50 | | | | 5,131 | |
| Wabash National | | | 157 | | | | 2,738 | |
| Waste Management | | | 1,588 | | | | 342,770 | |
| Watsco | | | 133 | | | | 62,910 | |
| Watts Water Technologies, Cl A | | | 108 | | | | 20,584 | |
| Werner Enterprises | | | 224 | | | | 8,263 | |
| WESCO International | | | 173 | | | | 33,211 | |
COMMON STOCK — continued
| | | Shares | | | Value | |
| INDUSTRIALS— continued |
| Westinghouse Air Brake Technologies | | | 695 | | | $ | 130,646 | |
| Wheels Up Experience * | | | 1,293 | | | | 2,638 | |
| Willdan Group * | | | 47 | | | | 2,224 | |
| Willis Lease Finance | | | 8 | | | | 1,451 | |
| WillScot Holdings, Cl A * | | | 733 | | | | 24,292 | |
| Woodward | | | 225 | | | | 36,920 | |
| WW Grainger | | | 177 | | | | 196,334 | |
| XPO * | | | 453 | | | | 59,130 | |
| Xylem | | | 956 | | | | 116,422 | |
| Zurn Elkay Water Solutions | | | 567 | | | | 20,469 | |
| | | | | | | | 17,298,205 | |
| INFORMATION TECHNOLOGY — 33.9% |
| 8x8 * | | | 446 | | | | 995 | |
| 908 Devices * | | | 88 | | | | 276 | |
| A10 Networks | | | 254 | | | | 3,721 | |
| Accenture PLC, Cl A | | | 2,492 | | | | 859,291 | |
| ACI Worldwide * | | | 417 | | | | 20,516 | |
| ACM Research, Cl A * | | | 173 | | | | 3,252 | |
| Adeia | | | 391 | | | | 4,860 | |
| Adobe * | | | 1,760 | | | | 841,421 | |
| ADTRAN Holdings * | | | 273 | | | | 1,658 | |
| Advanced Energy Industries | | | 147 | | | | 15,954 | |
| Advanced Micro Devices * | | | 6,383 | | | | 919,534 | |
| Aehr Test Systems * | | | 99 | | | | 1,394 | |
| Aeva Technologies * | | | 121 | | | | 445 | |
| Agilysys * | | | 96 | | | | 9,604 | |
| Akamai Technologies * | | | 592 | | | | 59,839 | |
| Alarm.com Holdings * | | | 175 | | | | 9,333 | |
| Alkami Technology * | | | 189 | | | | 6,919 | |
| Allegro MicroSystems * | | | 289 | | | | 6,023 | |
| Alpha & Omega Semiconductor * | | | 84 | | | | 2,775 | |
| Altair Engineering, Cl A * | | | 221 | | | | 22,982 | |
| Ambarella * | | | 142 | | | | 7,979 | |
| Amdocs | | | 463 | | | | 40,626 | |
| American Software, Cl A | | | 114 | | | | 1,203 | |
| Amkor Technology | | | 460 | | | | 11,707 | |
| Amphenol, Cl A | | | 4,759 | | | | 318,948 | |
| Amplitude, Cl A * | | | 247 | | | | 2,221 | |
| Analog Devices | | | 1,967 | | | | 438,857 | |
| ANSYS * | | | 356 | | | | 114,066 | |
| Appfolio, Cl A * | | | 79 | | | | 16,422 | |
| Appian, Cl A * | | | 152 | | | | 5,434 | |
| Apple | | | 61,068 | | | | 13,795,872 | |
| Applied Digital * | | | 317 | | | | 2,143 | |
| Applied Materials | | | 3,280 | | | | 595,582 | |
| AppLovin, Cl A * | | | 645 | | | | 109,257 | |
| Arista Networks * | | | 1,016 | | | | 392,623 | |
| Arlo Technologies * | | | 338 | | | | 3,434 | |
| Arrow Electronics * | | | 213 | | | | 25,277 | |
| Arteris * | | | 83 | | | | 565 | |
| Asana, Cl A * | | | 298 | | | | 3,558 | |
| ASGN * | | | 178 | | | | 16,394 | |
| Aspen Technology * | | | 108 | | | | 25,351 | |
| Atlassian, Cl A * | | | 612 | | | | 115,386 | |
The accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS
U.S. ALL CAP INDEX FUND
OCTOBER 31, 2024 |
COMMON STOCK — continued
| | | Shares | | | Value | |
| INFORMATION TECHNOLOGY— continued |
| Atomera * | | | 96 | | | $ | 399 | |
| Aurora Innovation, Cl A * | | | 2,683 | | | | 13,938 | |
| Autodesk * | | | 846 | | | | 240,095 | |
| AvePoint * | | | 422 | | | | 5,123 | |
| Aviat Networks * | | | 45 | | | | 920 | |
| Avnet | | | 356 | | | | 19,299 | |
| Axcelis Technologies * | | | 137 | | | | 11,687 | |
| Badger Meter | | | 116 | | | | 23,206 | |
| Bel Fuse, Cl B | | | 38 | | | | 2,866 | |
| Belden | | | 159 | | | | 18,105 | |
| Benchmark Electronics | | | 122 | | | | 5,283 | |
| Bentley Systems, Cl B | | | 493 | | | | 23,792 | |
| BigBear.ai Holdings * | | | 37 | | | | 59 | |
| BigCommerce Holdings * | | | 242 | | | | 1,268 | |
| BILL Holdings * | | | 397 | | | | 23,169 | |
| Bit Digital * | | | 437 | | | | 1,665 | |
| Blackbaud * | | | 169 | | | | 12,761 | |
| BlackLine * | | | 187 | | | | 10,354 | |
| Blend Labs, Cl A * | | | 589 | | | | 2,138 | |
| Box, Cl A * | | | 550 | | | | 17,468 | |
| Braze, Cl A * | | | 223 | | | | 7,016 | |
| Broadcom | | | 18,539 | | | | 3,147,366 | |
| C3.ai, Cl A * | | | 383 | | | | 9,433 | |
| Cadence Design Systems * | | | 1,077 | | | | 297,381 | |
| Calix * | | | 215 | | | | 7,607 | |
| CCC Intelligent Solutions Holdings * | | | 1,060 | | | | 11,035 | |
| CDW | | | 531 | | | | 99,950 | |
| Cerence * | | | 133 | | | | 405 | |
| CEVA * | | | 84 | | | | 1,960 | |
| Ciena * | | | 567 | | | | 36,010 | |
| Cipher Mining * | | | 639 | | | | 3,150 | |
| Cirrus Logic * | | | 213 | | | | 23,392 | |
| Cisco Systems | | | 16,041 | | | | 878,566 | |
| Cleanspark * | | | 827 | | | | 8,774 | |
| Clear Secure, Cl A | | | 332 | | | | 12,211 | |
| Clearfield * | | | 46 | | | | 1,653 | |
| Clearwater Analytics Holdings, Cl A * | | | 378 | | | | 9,870 | |
| Climb Global Solutions | | | 15 | | | | 1,536 | |
| Cloudflare, Cl A * | | | 1,157 | | | | 101,480 | |
| Cognex | | | 675 | | | | 27,155 | |
| Cognizant Technology Solutions, Cl A | | | 1,881 | | | | 140,304 | |
| Coherent * | | | 585 | | | | 54,077 | |
| Cohu * | | | 170 | | | | 4,236 | |
| CommScope Holding * | | | 751 | | | | 5,054 | |
| CommVault Systems * | | | 170 | | | | 26,552 | |
| CompoSecure, Cl A | | | 58 | | | | 876 | |
| Confluent, Cl A * | | | 833 | | | | 21,800 | |
| Consensus Cloud Solutions * | | | 65 | | | | 1,442 | |
| Core Scientific * | | | 582 | | | | 7,735 | |
| CoreCard * | | | 23 | | | | 345 | |
| Corsair Gaming * | | | 160 | | | | 1,026 | |
| Couchbase * | | | 131 | | | | 2,105 | |
| Crane NXT | | | 179 | | | | 9,714 | |
COMMON STOCK — continued
| | | Shares | | | Value | |
| INFORMATION TECHNOLOGY— continued |
| Crowdstrike Holdings, Cl A * | | | 887 | | | $ | 263,324 | |
| CS Disco * | | | 88 | | | | 517 | |
| CTS | | | 111 | | | | 5,493 | |
| Daily Journal * | | | 5 | | | | 2,425 | |
| Daktronics * | | | 140 | | | | 1,824 | |
| Datadog, Cl A * | | | 1,096 | | | | 137,482 | |
| Dell Technologies, Cl C | | | 1,031 | | | | 127,463 | |
| Diebold Nixdorf * | | | 136 | | | | 6,294 | |
| Digi International * | | | 131 | | | | 3,795 | |
| Digimarc * | | | 52 | | | | 1,611 | |
| Digital Turbine * | | | 329 | | | | 1,053 | |
| DigitalOcean Holdings * | | | 191 | | | | 7,560 | |
| Diodes * | | | 171 | | | | 10,000 | |
| DocuSign, Cl A * | | | 805 | | | | 55,851 | |
| Dolby Laboratories, Cl A | | | 232 | | | | 16,913 | |
| Domo, Cl B * | | | 117 | | | | 930 | |
| DoubleVerify Holdings * | | | 512 | | | | 8,730 | |
| Dropbox, Cl A * | | | 1,004 | | | | 25,953 | |
| DXC Technology * | | | 719 | | | | 14,279 | |
| Dynatrace * | | | 1,092 | | | | 58,750 | |
| E2open Parent Holdings * | | | 895 | | | | 2,622 | |
| Eastman Kodak * | | | 230 | | | | 1,086 | |
| Elastic * | | | 332 | | | | 26,636 | |
| Enfusion, Cl A * | | | 172 | | | | 1,533 | |
| Enphase Energy * | | | 518 | | | | 43,015 | |
| Entegris | | | 600 | | | | 62,826 | |
| Envestnet * | | | 215 | | | | 13,498 | |
| EPAM Systems * | | | 222 | | | | 41,880 | |
| ePlus * | | | 98 | | | | 8,717 | |
| EverCommerce * | | | 68 | | | | 715 | |
| Evolv Technologies Holdings * | | | 387 | | | | 832 | |
| Extreme Networks * | | | 463 | | | | 6,913 | |
| F5 * | | | 232 | | | | 54,260 | |
| Fabrinet * | | | 143 | | | | 34,459 | |
| Fair Isaac * | | | 95 | | | | 189,345 | |
| FARO Technologies * | | | 67 | | | | 1,175 | |
| Fastly, Cl A * | | | 653 | | | | 4,721 | |
| First Solar * | | | 413 | | | | 80,320 | |
| Five9 * | | | 275 | | | | 8,121 | |
| FormFactor * | | | 287 | | | | 10,900 | |
| Fortinet * | | | 2,501 | | | | 196,729 | |
| Freshworks, Cl A * | | | 839 | | | | 9,816 | |
| Gartner * | | | 301 | | | | 151,252 | |
| Gen Digital | | | 2,300 | | | | 66,953 | |
| Gitlab, Cl A * | | | 439 | | | | 23,596 | |
| GLOBALFOUNDRIES * | | | 309 | | | | 11,279 | |
| GoDaddy, Cl A * | | | 562 | | | | 93,742 | |
| Grid Dynamics Holdings * | | | 202 | | | | 3,216 | |
| Guidewire Software * | | | 327 | | | | 60,907 | |
| Hackett Group | | | 91 | | | | 2,213 | |
| Harmonic * | | | 403 | | | | 4,469 | |
| HashiCorp, Cl A * | | | 449 | | | | 15,203 | |
| Hewlett Packard Enterprise | | | 5,125 | | | | 99,886 | |
| HP | | | 3,873 | | | | 137,569 | |
| HubSpot * | | | 194 | | | | 107,629 | |
| Ichor Holdings * | | | 119 | | | | 3,244 | |
The accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS
U.S. ALL CAP INDEX FUND
OCTOBER 31, 2024 |
COMMON STOCK — continued
| | | Shares | | | Value | |
| INFORMATION TECHNOLOGY— continued |
| Identiv * | | | 75 | | | $ | 265 | |
| Immersion | | | 108 | | | | 910 | |
| Impinj * | | | 106 | | | | 20,139 | |
| indie Semiconductor, Cl A * | | | 556 | | | | 1,840 | |
| Infinera * | | | 844 | | | | 5,672 | |
| Informatica, Cl A * | | | 514 | | | | 14,032 | |
| Information Services Group | | | 123 | | | | 378 | |
| Insight Enterprises * | | | 128 | | | | 22,390 | |
| Instructure Holdings * | | | 61 | | | | 1,436 | |
| Intapp * | | | 220 | | | | 11,037 | |
| Intel | | | 16,722 | | | | 359,857 | |
| InterDigital | | | 95 | | | | 14,292 | |
| International Business Machines | | | 3,628 | | | | 749,980 | |
| inTEST * | | | 43 | | | | 308 | |
| Intuit | | | 1,081 | | | | 659,734 | |
| IonQ * | | | 649 | | | | 9,754 | |
| IPG Photonics * | | | 104 | | | | 8,420 | |
| Iteris * | | | 155 | | | | 1,114 | |
| Itron * | | | 181 | | | | 20,229 | |
| Jabil | | | 462 | | | | 56,868 | |
| Jamf Holding * | | | 180 | | | | 2,995 | |
| Juniper Networks | | | 1,271 | | | | 49,442 | |
| Kaltura * | | | 232 | | | | 295 | |
| Keysight Technologies * | | | 688 | | | | 102,519 | |
| Kimball Electronics * | | | 90 | | | | 1,601 | |
| KLA | | | 536 | | | | 357,099 | |
| Knowles * | | | 326 | | | | 5,646 | |
| Kopin * | | | 388 | | | | 303 | |
| Kulicke & Soffa Industries | | | 209 | | | | 9,376 | |
| Kyndryl Holdings * | | | 902 | | | | 20,647 | |
| Lam Research | | | 5,180 | | | | 385,133 | |
| Lattice Semiconductor * | | | 539 | | | | 27,306 | |
| Lightwave Logic * | | | 438 | | | | 1,380 | |
| Littelfuse | | | 98 | | | | 23,974 | |
| LiveRamp Holdings * | | | 237 | | | | 5,932 | |
| Lumentum Holdings * | | | 248 | | | | 15,840 | |
| Luna Innovations * | | | 118 | | | | 183 | |
| MACOM Technology Solutions Holdings * | | | 226 | | | | 25,402 | |
| Manhattan Associates * | | | 242 | | | | 63,733 | |
| MARA Holdings * | | | 1,100 | | | | 18,447 | |
| Marvell Technology | | | 3,376 | | | | 270,451 | |
| Matterport * | | | 994 | | | | 4,533 | |
| MaxLinear, Cl A * | | | 277 | | | | 3,593 | |
| Meridianlink * | | | 82 | | | | 1,801 | |
| Methode Electronics | | | 122 | | | | 1,064 | |
| Microchip Technology | | | 2,099 | | | | 154,004 | |
| Micron Technology | | | 4,325 | | | | 430,986 | |
| Microsoft | | | 29,024 | | | | 11,793,902 | |
| MicroStrategy, Cl A * | | | 590 | | | | 144,255 | |
| MicroVision * | | | 714 | | | | 721 | |
| Mirion Technologies, Cl A * | | | 772 | | | | 11,426 | |
| Mitek Systems * | | | 167 | | | | 1,435 | |
| MKS Instruments | | | 265 | | | | 26,322 | |
| MongoDB, Cl A * | | | 275 | | | | 74,360 | |
| Monolithic Power Systems | | | 178 | | | | 135,155 | |
COMMON STOCK — continued
| | | Shares | | | Value | |
| INFORMATION TECHNOLOGY— continued |
| Motorola Solutions | | | 659 | | | $ | 296,122 | |
| N-Able * | | | 230 | | | | 2,813 | |
| Napco Security Technologies | | | 129 | | | | 4,964 | |
| Navitas Semiconductor, Cl A * | | | 435 | | | | 1,074 | |
| nCino * | | | 238 | | | | 8,877 | |
| NCR Voyix * | | | 516 | | | | 6,610 | |
| NetApp | | | 815 | | | | 93,978 | |
| NETGEAR * | | | 124 | | | | 2,718 | |
| NetScout Systems * | | | 253 | | | | 5,321 | |
| NextNav * | | | 109 | | | | 1,267 | |
| nLight * | | | 166 | | | | 2,072 | |
| Nutanix, Cl A * | | | 968 | | | | 60,113 | |
| NVIDIA | | | 94,447 | | | | 12,538,784 | |
| Okta, Cl A * | | | 622 | | | | 44,716 | |
| Olo, Cl A * | | | 376 | | | | 1,884 | |
| ON Semiconductor * | | | 1,687 | | | | 118,917 | |
| ON24 * | | | 136 | | | | 823 | |
| OneSpan * | | | 128 | | | | 2,135 | |
| Onto Innovation * | | | 194 | | | | 38,476 | |
| Ooma * | | | 88 | | | | 1,052 | |
| Oracle | | | 6,334 | | | | 1,063,098 | |
| OSI Systems * | | | 58 | | | | 7,668 | |
| Ouster * | | | 80 | | | | 530 | |
| PagerDuty * | | | 323 | | | | 5,833 | |
| Palantir Technologies, Cl A * | | | 7,384 | | | | 306,879 | |
| Palo Alto Networks * | | | 1,267 | | | | 456,538 | |
| PAR Technology * | | | 101 | | | | 5,958 | |
| PC Connection | | | 42 | | | | 2,673 | |
| PDF Solutions * | | | 114 | | | | 3,228 | |
| Pegasystems | | | 147 | | | | 11,678 | |
| Photronics * | | | 215 | | | | 4,902 | |
| Plexus * | | | 103 | | | | 14,842 | |
| Porch Group * | | | 276 | | | | 599 | |
| Power Integrations | | | 222 | | | | 13,415 | |
| Procore Technologies * | | | 532 | | | | 34,926 | |
| Progress Software | | | 157 | | | | 10,062 | |
| PROS Holdings * | | | 157 | | | | 3,109 | |
| PTC * | | | 470 | | | | 87,105 | |
| Pure Storage, Cl A * | | | 1,215 | | | | 60,811 | |
| Q2 Holdings * | | | 216 | | | | 18,287 | |
| Qorvo * | | | 427 | | | | 30,428 | |
| QUALCOMM | | | 4,274 | | | | 695,679 | |
| Qualys * | | | 143 | | | | 17,051 | |
| Rambus * | | | 429 | | | | 20,515 | |
| Rapid7 * | | | 222 | | | | 8,973 | |
| Red Violet * | | | 35 | | | | 1,053 | |
| Rekor Systems * | | | 291 | | | | 306 | |
| Ribbon Communications * | | | 522 | | | | 1,858 | |
| Rigetti Computing * | | | 398 | | | | 525 | |
| Rimini Street * | | | 170 | | | | 301 | |
| RingCentral, Cl A * | | | 298 | | | | 10,731 | |
| Riot Platforms * | | | 854 | | | | 7,891 | |
| Rogers * | | | 69 | | | | 6,919 | |
| Roper Technologies | | | 423 | | | | 227,460 | |
| Salesforce | | | 3,748 | | | | 1,092,055 | |
| Samsara, Cl A * | | | 716 | | | | 34,218 | |
The accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS
U.S. ALL CAP INDEX FUND
OCTOBER 31, 2024 |
COMMON STOCK — continued
| | | Shares | | | Value | |
| INFORMATION TECHNOLOGY— continued |
| Sanmina * | | | 213 | | | $ | 14,931 | |
| ScanSource * | | | 91 | | | | 3,859 | |
| Seagate Technology Holdings PLC | | | 827 | | | | 83,006 | |
| SEMrush Holdings, Cl A * | | | 108 | | | | 1,416 | |
| Semtech * | | | 237 | | | | 10,473 | |
| SentinelOne, Cl A * | | | 1,009 | | | | 26,022 | |
| ServiceNow * | | | 809 | | | | 754,789 | |
| Silicon Laboratories * | | | 125 | | | | 12,983 | |
| SiTime * | | | 64 | | | | 10,817 | |
| SkyWater Technology * | | | 44 | | | | 432 | |
| Skyworks Solutions | | | 634 | | | | 55,526 | |
| SMART Global Holdings * | | | 187 | | | | 2,814 | |
| SmartRent, Cl A * | | | 653 | | | | 1,104 | |
| Smartsheet, Cl A * | | | 524 | | | | 29,564 | |
| Snowflake, Cl A * | | | 1,216 | | | | 139,621 | |
| SolarWinds | | | 167 | | | | 2,184 | |
| SoundHound AI, Cl A * | | | 943 | | | | 4,743 | |
| SoundThinking * | | | 35 | | | | 371 | |
| Sprinklr, Cl A * | | | 438 | | | | 3,254 | |
| Sprout Social, Cl A * | | | 178 | | | | 4,715 | |
| SPS Commerce * | | | 146 | | | | 24,090 | |
| Super Micro Computer * | | | 1,970 | | | | 57,347 | |
| Synaptics * | | | 147 | | | | 10,094 | |
| Synopsys * | | | 605 | | | | 310,734 | |
| TD SYNNEX | | | 242 | | | | 27,915 | |
| Teledyne Technologies * | | | 186 | | | | 84,690 | |
| Telos * | | | 197 | | | | 691 | |
| Tenable Holdings * | | | 451 | | | | 17,864 | |
| Teradata * | | | 370 | | | | 11,925 | |
| Teradyne | | | 604 | | | | 64,151 | |
| Terawulf * | | | 740 | | | | 4,825 | |
| Texas Instruments | | | 3,567 | | | | 724,672 | |
| Thoughtworks Holding * | | | 323 | | | | 1,434 | |
| Trimble * | | | 971 | | | | 58,746 | |
| TTM Technologies * | | | 365 | | | | 8,191 | |
| Turtle Beach * | | | 44 | | | | 703 | |
| Twilio, Cl A * | | | 657 | | | | 52,987 | |
| Tyler Technologies * | | | 167 | | | | 101,134 | |
| Ubiquiti | | | 15 | | | | 3,985 | |
| UiPath, Cl A * | | | 1,707 | | | | 21,099 | |
| Ultra Clean Holdings * | | | 161 | | | | 5,385 | |
| Unisys * | | | 240 | | | | 1,658 | |
| Unity Software * | | | 1,046 | | | | 21,004 | |
| Universal Display | | | 174 | | | | 31,376 | |
| Varonis Systems, Cl B * | | | 424 | | | | 21,357 | |
| Veeco Instruments * | | | 203 | | | | 5,842 | |
| Verint Systems * | | | 225 | | | | 4,793 | |
| VeriSign * | | | 396 | | | | 70,029 | |
| Veritone * | | | 119 | | | | 387 | |
| Vertex, Cl A * | | | 188 | | | | 7,804 | |
| Viant Technology, Cl A * | | | 52 | | | | 607 | |
| ViaSat * | | | 362 | | | | 3,475 | |
| Viavi Solutions * | | | 811 | | | | 7,477 | |
| Vishay Intertechnology | | | 459 | | | | 7,785 | |
| Vishay Precision Group * | | | 42 | | | | 975 | |
| Vontier | | | 610 | | | | 22,619 | |
COMMON STOCK — continued
| | | Shares | | | Value | |
| INFORMATION TECHNOLOGY— continued |
| Vuzix * | | | 210 | | | $ | 246 | |
| Weave Communications * | | | 157 | | | | 2,201 | |
| Western Digital * | | | 1,277 | | | | 83,401 | |
| Wolfspeed * | | | 467 | | | | 6,216 | |
| Workday, Cl A * | | | 826 | | | | 193,160 | |
| Workiva, Cl A * | | | 192 | | | | 15,314 | |
| Xerox Holdings | | | 416 | | | | 3,399 | |
| Xperi * | | | 158 | | | | 1,443 | |
| Yext * | | | 375 | | | | 2,715 | |
| Zebra Technologies, Cl A * | | | 203 | | | | 77,540 | |
| Zeta Global Holdings, Cl A * | | | 605 | | | | 16,746 | |
| Zoom Video Communications, Cl A * | | | 926 | | | | 69,209 | |
| Zscaler * | | | 352 | | | | 63,638 | |
| Zuora, Cl A * | | | 499 | | | | 4,940 | |
| | | | | | | 63,693,410 | |
| MATERIALS — 2.9% |
| AdvanSix | | | 94 | | | | 2,667 | |
| Air Products and Chemicals | | | 872 | | | | 270,782 | |
| Albemarle | | | 466 | | | | 44,144 | |
| Alcoa | | | 707 | | | | 28,344 | |
| Alpha Metallurgical Resources | | | 40 | | | | 8,332 | |
| Alto Ingredients * | | | 261 | | | | 465 | |
| American Vanguard | | | 99 | | | | 518 | |
| AptarGroup | | | 261 | | | | 43,825 | |
| Arch Resources | | | 64 | | | | 9,393 | |
| Ardagh Metal Packaging | | | 509 | | | | 1,873 | |
| Ashland | | | 199 | | | | 16,829 | |
| Aspen Aerogels * | | | 217 | | | | 3,871 | |
| ATI * | | | 501 | | | | 26,408 | |
| Avery Dennison | | | 315 | | | | 65,214 | |
| Avient | | | 355 | | | | 16,547 | |
| Axalta Coating Systems * | | | 867 | | | | 32,877 | |
| Balchem | | | 127 | | | | 21,251 | |
| Ball | | | 1,242 | | | | 73,588 | |
| Berry Global Group | | | 458 | | | | 32,266 | |
| Cabot | | | 219 | | | | 23,615 | |
| Carpenter Technology | | | 192 | | | | 28,704 | |
| Celanese, Cl A | | | 442 | | | | 55,679 | |
| Century Aluminum * | | | 189 | | | | 3,336 | |
| CF Industries Holdings | | | 741 | | | | 60,932 | |
| Chemours | | | 544 | | | | 9,879 | |
| Clearwater Paper * | | | 59 | | | | 1,486 | |
| Cleveland-Cliffs * | | | 1,935 | | | | 25,116 | |
| Coeur Mining * | | | 1,458 | | | | 9,390 | |
| Commercial Metals | | | 455 | | | | 24,479 | |
| Compass Minerals International | | | 151 | | | | 1,859 | |
| Contango ORE * | | | 19 | | | | 409 | |
| Core Molding Technologies * | | | 29 | | | | 436 | |
| Corteva | | | 2,776 | | | | 169,114 | |
| CRH | | | 2,718 | | | | 259,379 | |
| Crown Holdings | | | 477 | | | | 44,623 | |
| Dakota Gold * | | | 252 | | | | 552 | |
| Danimer Scientific * | | | 357 | | | | 117 | |
| Dow | | | 2,772 | | | | 136,881 | |
The accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS
U.S. ALL CAP INDEX FUND
OCTOBER 31, 2024 |
COMMON STOCK — continued
| | | Shares | | | Value | |
| MATERIALS— continued |
| DuPont de Nemours | | | 1,655 | | | $ | 137,348 | |
| Eagle Materials | | | 136 | | | | 38,823 | |
| Eastman Chemical | | | 465 | | | | 48,867 | |
| Ecolab | | | 1,012 | | | | 248,679 | |
| Ecovyst * | | | 426 | | | | 2,837 | |
| Element Solutions | | | 883 | | | | 23,929 | |
| FMC | | | 493 | | | | 32,040 | |
| Freeport-McMoRan | | | 5,574 | | | | 250,941 | |
| Ginkgo Bioworks Holdings * | | | 123 | | | | 937 | |
| Graphic Packaging Holding | | | 1,205 | | | | 34,053 | |
| Greif, Cl A | | | 92 | | | | 5,744 | |
| Hawkins | | | 71 | | | | 7,590 | |
| Haynes International | | | 46 | | | | 2,777 | |
| HB Fuller | | | 216 | | | | 15,807 | |
| Hecla Mining | | | 2,129 | | | | 13,817 | |
| Huntsman | | | 644 | | | | 14,168 | |
| Ingevity * | | | 153 | | | | 6,394 | |
| Innospec | | | 90 | | | | 9,700 | |
| International Flavors & Fragrances | | | 913 | | | | 90,780 | |
| International Paper | | | 1,358 | | | | 75,423 | |
| Intrepid Potash * | | | 36 | | | | 903 | |
| Kaiser Aluminum | | | 58 | | | | 4,307 | |
| Knife River * | | | 224 | | | | 21,800 | |
| Koppers Holdings | | | 75 | | | | 2,551 | |
| Kronos Worldwide | | | 80 | | | | 923 | |
| Linde PLC | | | 1,880 | | | | 857,562 | |
| Louisiana-Pacific | | | 283 | | | | 27,989 | |
| LSB Industries * | | | 173 | | | | 1,419 | |
| LyondellBasell Industries, Cl A | | | 1,029 | | | | 89,369 | |
| Martin Marietta Materials | | | 244 | | | | 144,531 | |
| Materion | | | 75 | | | | 7,622 | |
| Mativ Holdings | | | 195 | | | | 3,013 | |
| Metallus * | | | 140 | | | | 1,973 | |
| Minerals Technologies | | | 118 | | | | 8,884 | |
| Mosaic | | | 1,270 | | | | 33,985 | |
| MP Materials * | | | 498 | | | | 8,959 | |
| Myers Industries | | | 134 | | | | 1,579 | |
| NewMarket | | | 27 | | | | 14,174 | |
| Newmont | | | 4,562 | | | | 207,297 | |
| Nucor | | | 950 | | | | 134,748 | |
| O-I Glass, Cl I * | | | 553 | | | | 6,144 | |
| Olympic Steel | | | 36 | | | | 1,292 | |
| Packaging Corp of America | | | 349 | | | | 79,900 | |
| Pactiv Evergreen | | | 141 | | | | 1,599 | |
| Perimeter Solutions * | | | 504 | | | | 6,693 | |
| Piedmont Lithium * | | | 65 | | | | 851 | |
| PPG Industries | | | 930 | | | | 115,794 | |
| PureCycle Technologies * | | | 509 | | | | 6,627 | |
| Quaker Chemical | | | 51 | | | | 7,731 | |
| Radius Recycling, Cl A | | | 95 | | | | 1,538 | |
| Ramaco Resources, Cl A | | | 98 | | | | 995 | |
| Ranpak Holdings, Cl A * | | | 266 | | | | 1,617 | |
| Rayonier Advanced Materials * | | | 228 | | | | 1,815 | |
| Reliance | | | 227 | | | | 64,999 | |
| Royal Gold | | | 261 | | | | 38,122 | |
COMMON STOCK — continued
| | | Shares | | | Value | |
| MATERIALS— continued |
| RPM International | | | 505 | | | $ | 64,191 | |
| Ryerson Holding | | | 107 | | | | 2,332 | |
| Scotts Miracle-Gro, Cl A | | | 156 | | | | 13,569 | |
| Sealed Air | | | 562 | | | | 20,333 | |
| Sensient Technologies | | | 131 | | | | 9,888 | |
| Sherwin-Williams | | | 929 | | | | 333,297 | |
| Silgan Holdings | | | 326 | | | | 16,867 | |
| Smurfit WestRock | | | 1,013 | | | | 52,169 | |
| Sonoco Products | | | 387 | | | | 20,325 | |
| Southern Copper | | | 340 | | | | 37,247 | |
| Steel Dynamics | | | 587 | | | | 76,603 | |
| Stepan | | | 79 | | | | 5,715 | |
| Summit Materials, Cl A * | | | 473 | | | | 22,425 | |
| SunCoke Energy | | | 306 | | | | 3,155 | |
| Sylvamo | | | 128 | | | | 10,883 | |
| Tredegar * | | | 115 | | | | 891 | |
| TriMas | | | 150 | | | | 4,027 | |
| Trinseo PLC | | | 125 | | | | 577 | |
| Tronox Holdings PLC, Cl A | | | 428 | | | | 5,187 | |
| United States Lime & Minerals | | | 40 | | | | 4,511 | |
| United States Steel | | | 883 | | | | 34,305 | |
| Vulcan Materials | | | 525 | | | | 143,813 | |
| Warrior Met Coal | | | 213 | | | | 13,447 | |
| Westlake | | | 131 | | | | 17,284 | |
| Worthington Steel | | | 120 | | | | 4,589 | |
| | | | | | | 5,442,769 | |
| REAL ESTATE — 3.1% |
| Acadia Realty Trust ‡ | | | 378 | | | | 9,257 | |
| Agree Realty ‡ | | | 390 | | | | 28,957 | |
| Alexander & Baldwin ‡ | | | 265 | | | | 4,932 | |
| Alexander's ‡ | | | 8 | | | | 1,816 | |
| Alexandria Real Estate Equities ‡ | | | 687 | | | | 76,635 | |
| Alpine Income Property Trust ‡ | | | 46 | | | | 806 | |
| American Assets Trust ‡ | | | 175 | | | | 4,716 | |
| American Homes 4 Rent, Cl A ‡ | | | 1,340 | | | | 47,222 | |
| American Tower ‡ | | | 1,829 | | | | 390,565 | |
| Americold Realty Trust ‡ | | | 1,119 | | | | 28,736 | |
| Anywhere Real Estate * | | | 389 | | | | 1,502 | |
| Apartment Investment and Management, Cl A *‡ | | | 488 | | | | 4,119 | |
| Apple Hospitality ‡ | | | 882 | | | | 13,027 | |
| Armada Hoffler Properties ‡ | | | 242 | | | | 2,621 | |
| AvalonBay Communities ‡ | | | 563 | | | | 124,766 | |
| Braemar Hotels & Resorts ‡ | | | 216 | | | | 618 | |
| Brandywine Realty Trust ‡ | | | 612 | | | | 3,103 | |
| Brixmor Property Group ‡ | | | 1,187 | | | | 31,990 | |
| Broadstone Net Lease, Cl A ‡ | | | 710 | | | | 12,489 | |
| BRT Apartments ‡ | | | 40 | | | | 649 | |
| BXP ‡ | | | 623 | | | | 50,189 | |
| Camden Property Trust ‡ | | | 411 | | | | 47,590 | |
| CareTrust ‡ | | | 533 | | | | 17,413 | |
| CBL & Associates Properties ‡ | | | 94 | | | | 2,486 | |
| CBRE Group, Cl A * | | | 1,204 | | | | 157,688 | |
| Centerspace ‡ | | | 54 | | | | 3,762 | |
| Chatham Lodging Trust ‡ | | | 176 | | | | 1,390 | |
The accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS
U.S. ALL CAP INDEX FUND
OCTOBER 31, 2024 |
COMMON STOCK — continued
| | | Shares | | | Value | |
| REAL ESTATE— continued |
| Community Healthcare Trust ‡ | | | 98 | | | $ | 1,838 | |
| Compass, Cl A * | | | 1,369 | | | | 8,693 | |
| COPT Defense Properties ‡ | | | 429 | | | | 13,814 | |
| CoStar Group * | | | 1,602 | | | | 116,610 | |
| Cousins Properties ‡ | | | 600 | | | | 18,378 | |
| Crown Castle ‡ | | | 1,717 | | | | 184,560 | |
| CTO Realty Growth ‡ | | | 73 | | | | 1,413 | |
| CubeSmart ‡ | | | 886 | | | | 42,386 | |
| Curbline Properties *‡ | | | 346 | | | | 7,830 | |
| Cushman & Wakefield PLC * | | | 767 | | | | 10,393 | |
| DiamondRock Hospitality ‡ | | | 757 | | | | 6,487 | |
| Digital Realty Trust ‡ | | | 1,237 | | | | 220,470 | |
| Diversified Healthcare Trust ‡ | | | 824 | | | | 2,942 | |
| Douglas Elliman * | | | 264 | | | | 531 | |
| Douglas Emmett ‡ | | | 594 | | | | 10,567 | |
| Easterly Government Properties, Cl A ‡ | | | 353 | | | | 4,787 | |
| EastGroup Properties ‡ | | | 188 | | | | 32,201 | |
| Elme Communities ‡ | | | 320 | | | | 5,398 | |
| Empire State Realty Trust, Cl A ‡ | | | 492 | | | | 5,215 | |
| EPR Properties ‡ | | | 291 | | | | 13,203 | |
| Equinix ‡ | | | 373 | | | | 338,714 | |
| Equity Commonwealth *‡ | | | 384 | | | | 7,599 | |
| Equity LifeStyle Properties ‡ | | | 707 | | | | 49,575 | |
| Equity Residential ‡ | | | 1,483 | | | | 104,359 | |
| Essential Properties Realty Trust ‡ | | | 690 | | | | 21,866 | |
| Essex Property Trust ‡ | | | 253 | | | | 71,817 | |
| eXp World Holdings | | | 293 | | | | 3,903 | |
| Extra Space Storage ‡ | | | 830 | | | | 135,539 | |
| Farmland Partners ‡ | | | 158 | | | | 1,850 | |
| Federal Realty Investment Trust ‡ | | | 326 | | | | 36,134 | |
| First Industrial Realty Trust ‡ | | | 523 | | | | 27,452 | |
| Five Point Holdings, Cl A * | | | 210 | | | | 844 | |
| Forestar Group * | | | 67 | | | | 2,115 | |
| Four Corners Property Trust ‡ | | | 336 | | | | 9,260 | |
| Franklin Street Properties ‡ | | | 300 | | | | 531 | |
| FRP Holdings * | | | 44 | | | | 1,276 | |
| Gaming and Leisure Properties ‡ | | | 1,014 | | | | 50,893 | |
| Getty Realty ‡ | | | 183 | | | | 5,744 | |
| Gladstone Commercial ‡ | | | 146 | | | | 2,299 | |
| Gladstone Land ‡ | | | 123 | | | | 1,603 | |
| Global Medical ‡ | | | 228 | | | | 2,073 | |
| Global Net Lease ‡ | | | 731 | | | | 5,694 | |
| Healthpeak Properties ‡ | | | 2,811 | | | | 63,107 | |
| Highwoods Properties ‡ | | | 397 | | | | 13,315 | |
| Host Hotels & Resorts ‡ | | | 2,668 | | | | 45,996 | |
| Howard Hughes Holdings * | | | 197 | | | | 14,980 | |
| Hudson Pacific Properties ‡ | | | 510 | | | | 2,203 | |
| Independence Realty Trust ‡ | | | 889 | | | | 17,442 | |
| Industrial Logistics Properties Trust ‡ | | | 239 | | | | 845 | |
| InvenTrust Properties ‡ | | | 250 | | | | 7,362 | |
| Invitation Homes ‡ | | | 2,392 | | | | 75,133 | |
| Iron Mountain ‡ | | | 1,154 | | | | 142,784 | |
| JBG SMITH Properties ‡ | | | 337 | | | | 5,729 | |
| Jones Lang LaSalle * | | | 187 | | | | 50,670 | |
COMMON STOCK — continued
| | | Shares | | | Value | |
| REAL ESTATE— continued |
| Kennedy-Wilson Holdings | | | 434 | | | $ | 4,639 | |
| Kilroy Realty ‡ | | | 456 | | | | 18,340 | |
| Kimco Realty ‡ | | | 2,618 | | | | 62,099 | |
| Kite Realty Group Trust ‡ | | | 865 | | | | 22,205 | |
| Lamar Advertising, Cl A ‡ | | | 346 | | | | 45,672 | |
| LTC Properties ‡ | | | 156 | | | | 5,959 | |
| LXP Industrial Trust, Cl B ‡ | | | 1,060 | | | | 10,006 | |
| Macerich ‡ | | | 852 | | | | 15,932 | |
| Marcus & Millichap | | | 88 | | | | 3,330 | |
| Maui Land & Pineapple * | | | 25 | | | | 550 | |
| Mid-America Apartment Communities ‡ | | | 461 | | | | 69,768 | |
| National Health Investors ‡ | | | 158 | | | | 12,111 | |
| National Storage Affiliates Trust ‡ | | | 270 | | | | 11,380 | |
| NETSTREIT ‡ | | | 269 | | | | 4,169 | |
| Newmark Group, Cl A | | | 512 | | | | 7,675 | |
| NexPoint Diversified Real Estate Trust ‡ | | | 123 | | | | 658 | |
| NexPoint Residential Trust ‡ | | | 84 | | | | 3,499 | |
| NNN REIT ‡ | | | 711 | | | | 30,886 | |
| Offerpad Solutions * | | | 58 | | | | 175 | |
| Office Properties Income Trust ‡ | | | 163 | | | | 259 | |
| Omega Healthcare Investors ‡ | | | 973 | | | | 41,323 | |
| One Liberty Properties ‡ | | | 56 | | | | 1,495 | |
| Opendoor Technologies * | | | 1,994 | | | | 3,489 | |
| Orion Office REIT ‡ | | | 197 | | | | 735 | |
| Outfront Media ‡ | | | 487 | | | | 8,649 | |
| Paramount Group ‡ | | | 659 | | | | 3,196 | |
| Park Hotels & Resorts ‡ | | | 788 | | | | 10,945 | |
| Peakstone Realty Trust ‡ | | | 133 | | | | 1,745 | |
| Pebblebrook Hotel Trust ‡ | | | 436 | | | | 5,223 | |
| Phillips Edison ‡ | | | 483 | | | | 18,262 | |
| Piedmont Office Realty Trust, Cl A ‡ | | | 451 | | | | 4,483 | |
| Plymouth Industrial ‡ | | | 165 | | | | 3,353 | |
| Postal Realty Trust, Cl A ‡ | | | 78 | | | | 1,135 | |
| PotlatchDeltic ‡ | | | 307 | | | | 12,762 | |
| Prologis ‡ | | | 3,661 | | | | 413,473 | |
| Public Storage ‡ | | | 627 | | | | 206,321 | |
| Rayonier ‡ | | | 586 | | | | 18,301 | |
| RE/MAX Holdings, Cl A * | | | 58 | | | | 710 | |
| Realty Income ‡ | | | 3,417 | | | | 202,867 | |
| Redfin * | | | 418 | | | | 4,335 | |
| Regency Centers ‡ | | | 726 | | | | 51,865 | |
| Retail Opportunity Investments ‡ | | | 454 | | | | 7,037 | |
| Rexford Industrial Realty ‡ | | | 864 | | | | 37,057 | |
| RLJ Lodging Trust ‡ | | | 559 | | | | 4,947 | |
| RMR Group, Cl A | | | 53 | | | | 1,276 | |
| Ryman Hospitality Properties ‡ | | | 231 | | | | 24,729 | |
| Sabra Health Care ‡ | | | 904 | | | | 17,538 | |
| Safehold ‡ | | | 177 | | | | 3,767 | |
| Saul Centers ‡ | | | 48 | | | | 1,879 | |
| SBA Communications, Cl A ‡ | | | 424 | | | | 97,295 | |
| Seaport Entertainment Group * | | | 21 | | | | 570 | |
| Seritage Growth Properties * | | | 146 | | | | 612 | |
| Service Properties Trust ‡ | | | 598 | | | | 1,914 | |
The accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS
U.S. ALL CAP INDEX FUND
OCTOBER 31, 2024 |
COMMON STOCK — continued
| | | Shares | | | Value | |
| REAL ESTATE— continued |
| Simon Property Group ‡ | | | 1,281 | | | $ | 216,643 | |
| SITE Centers ‡ | | | 173 | | | | 2,759 | |
| SL Green Realty ‡ | | | 259 | | | | 19,583 | |
| Spirit MTA ‡,(A) | | | 11 | | | | — | |
| St. Joe | | | 229 | | | | 11,839 | |
| STAG Industrial ‡ | | | 721 | | | | 26,879 | |
| Star Holdings * | | | 42 | | | | 535 | |
| Stratus Properties * | | | 24 | | | | 535 | |
| Summit Hotel Properties ‡ | | | 358 | | | | 2,191 | |
| Sun Communities ‡ | | | 487 | | | | 64,615 | |
| Sunstone Hotel Investors ‡ | | | 745 | | | | 7,517 | |
| Tanger ‡ | | | 390 | | | | 12,960 | |
| Tejon Ranch * | | | 91 | | | | 1,448 | |
| Terreno Realty ‡ | | | 372 | | | | 22,301 | |
| UDR ‡ | | | 1,301 | | | | 54,889 | |
| UMH Properties ‡ | | | 237 | | | | 4,420 | |
| Uniti Group ‡ | | | 853 | | | | 4,325 | |
| Urban Edge Properties ‡ | | | 435 | | | | 9,674 | |
| Ventas ‡ | | | 1,579 | | | | 103,409 | |
| Veris Residential ‡ | | | 287 | | | | 4,727 | |
| VICI Properties, Cl A ‡ | | | 4,113 | | | | 130,629 | |
| Vornado Realty Trust ‡ | | | 656 | | | | 27,165 | |
| Welltower ‡ | | | 2,258 | | | | 304,559 | |
| Weyerhaeuser ‡ | | | 2,886 | | | | 89,928 | |
| Whitestone, Cl B ‡ | | | 162 | | | | 2,232 | |
| WP Carey ‡ | | | 860 | | | | 47,919 | |
| Xenia Hotels & Resorts ‡ | | | 374 | | | | 5,300 | |
| Zillow Group, Cl C * | | | 666 | | | | 40,020 | |
| | | | | | | | 5,859,067 | |
| UTILITIES — 2.8% |
| AES | | | 2,810 | | | | 46,337 | |
| ALLETE | | | 227 | | | | 14,508 | |
| Alliant Energy | | | 1,016 | | | | 60,960 | |
| Altus Power, Cl A * | | | 286 | | | | 984 | |
| Ameren | | | 1,055 | | | | 91,901 | |
| American Electric Power | | | 2,088 | | | | 206,190 | |
| American States Water | | | 136 | | | | 11,215 | |
| American Water Works | | | 773 | | | | 106,759 | |
| Artesian Resources, Cl A | | | 34 | | | | 1,139 | |
| Atmos Energy | | | 597 | | | | 82,852 | |
| Avangrid | | | 253 | | | | 9,035 | |
| Avista | | | 286 | | | | 10,719 | |
| Black Hills | | | 270 | | | | 15,981 | |
| Cadiz * | | | 149 | | | | 453 | |
| California Water Service Group | | | 211 | | | | 10,964 | |
| CenterPoint Energy | | | 2,502 | | | | 73,884 | |
| Chesapeake Utilities | | | 80 | | | | 9,583 | |
| Clearway Energy, Cl C | | | 296 | | | | 8,400 | |
| CMS Energy | | | 1,180 | | | | 82,140 | |
| Consolidated Edison | | | 1,370 | | | | 139,302 | |
| Constellation Energy | | | 1,252 | | | | 329,226 | |
| Dominion Energy | | | 3,321 | | | | 197,699 | |
| DTE Energy | | | 819 | | | | 101,736 | |
| Duke Energy | | | 3,058 | | | | 352,496 | |
| Edison International | | | 1,528 | | | | 125,907 | |
COMMON STOCK — continued
| | | Shares | | | Value | |
| UTILITIES— continued |
| Entergy | | | 843 | | | $ | 130,480 | |
| Essential Utilities | | | 1,085 | | | | 41,881 | |
| Evergy | | | 897 | | | | 54,215 | |
| Eversource Energy | | | 1,381 | | | | 90,939 | |
| Exelon | | | 3,919 | | | | 154,017 | |
| FirstEnergy | | | 2,280 | | | | 95,372 | |
| Genie Energy, Cl B | | | 49 | | | | 770 | |
| Global Water Resources | | | 42 | | | | 525 | |
| Hawaiian Electric Industries * | | | 404 | | | | 4,149 | |
| IDACORP, Cl Rights | | | 200 | | | | 20,696 | |
| MDU Resources Group | | | 778 | | | | 22,445 | |
| MGE Energy | | | 133 | | | | 12,035 | |
| Middlesex Water | | | 64 | | | | 3,916 | |
| Montauk Renewables * | | | 169 | | | | 935 | |
| National Fuel Gas | | | 361 | | | | 21,851 | |
| New Jersey Resources | | | 388 | | | | 17,805 | |
| NextEra Energy | | | 8,125 | | | | 643,906 | |
| NextEra Energy Partners | | | 335 | | | | 6,482 | |
| NiSource | | | 1,775 | | | | 62,409 | |
| Northwest Natural Holding | | | 137 | | | | 5,328 | |
| Northwestern Energy Group | | | 242 | | | | 12,937 | |
| NRG Energy | | | 835 | | | | 75,484 | |
| OGE Energy | | | 793 | | | | 31,712 | |
| ONE Gas | | | 221 | | | | 15,751 | |
| Ormat Technologies | | | 240 | | | | 18,965 | |
| Otter Tail | | | 162 | | | | 12,720 | |
| PG&E | | | 8,000 | | | | 161,760 | |
| Pinnacle West Capital | | | 487 | | | | 42,763 | |
| Portland General Electric | | | 400 | | | | 18,960 | |
| PPL | | | 2,924 | | | | 95,205 | |
| Public Service Enterprise Group | | | 1,993 | | | | 178,194 | |
| Pure Cycle * | | | 86 | | | | 905 | |
| RGC Resources | | | 30 | | | | 614 | |
| Sempra | | | 2,509 | | | | 209,175 | |
| SJW Group | | | 108 | | | | 6,011 | |
| Southern | | | 4,324 | | | | 393,614 | |
| Southwest Gas Holdings | | | 284 | | | | 20,803 | |
| Spire | | | 212 | | | | 13,538 | |
| Star Group | | | 108 | | | | 1,202 | |
| Sunnova Energy International * | | | 387 | | | | 2,349 | |
| TXNM Energy | | | 354 | | | | 15,413 | |
| UGI | | | 867 | | | | 20,730 | |
| Unitil | | | 58 | | | | 3,358 | |
| Vistra | | | 1,387 | | | | 173,319 | |
| WEC Energy Group | | | 1,252 | | | | 119,604 | |
| Xcel Energy | | | 2,202 | | | | 147,116 | |
| York Water | | | 52 | | | | 1,829 | |
| | | | | | | 5,274,557 | |
| Total Common Stock |
| (Cost $138,720,037) | | | | | | | 179,920,808 | |
| RIGHTS — 0.0% | | | | | | | | |
| | | Number Of
Rights | | | |
| AbioMed‡‡ | | | 101 | | | | — | |
| Alibero Pharma‡‡ | | | 36 | | | | — | |
The accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS U.S. ALL CAP INDEX FUND OCTOBER 31, 2024 |
| RIGHTS — continued | | | | | | |
| | | Number Of Rights | | | Value | |
| Cincor Pharma‡‡ | | | 31 | | | $ | — | |
| Concert Pharmaceuticals‡‡ | | | 89 | | | | — | |
| Flexion Therapeutics‡‡,(A) | | | 42 | | | | — | |
| Icosavax‡‡ | | | 105 | | | | — | |
| Inhibrx‡‡ | | | 132 | | | | — | |
| Novartis‡‡ | | | 104 | | | | — | |
| Prevail Therapeutics‡‡,(A) | | | 16 | | | | — | |
| Radius Health‡‡,(A) | | | 82 | | | | — | |
| | | | | | | | | |
| Total Rights | | | | | | | | |
| (Cost $–) | | | | | | | — | |
| WARRANT — 0.0% | | | | | | |
| | Number Of Warrants | | | Value | |
| Danimer Scientific, Strike Price $11.50,* | | | | | | | | |
| Expires 5/6/2029 | | | 119 | | | $ | 18 | |
| | | | | | | | | |
| Total Warrants | | | | | | | | |
| (Cost $–) | | | | | | | 18 | |
| Total Investments in Securities— 95.7% | | | | | | | | |
| (Cost $138,720,037) | | | | | | $ | 179,920,826 | |
Percentages are based on Net Assets of $188,056,020.
| # | More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes. |
| * | Non-income producing security. |
| ‡ | Real Estate Investment Trust. |
| ‡‡ | Expiration Date or Rate unavailable. |
| (A) | Level 3 security in accordance with fair value hierarchy. |
See “Glossary for abbreviations”.
A list of the open OTC swap agreements held by the Fund at October 31, 2024, is as follows:
| Total Return Swap | |
| Counterparty | | Reference Entity/ Obligation | | Fund Pays | | | Fund Receives | | Payment Frequency | | Termination Date | | Currency | | | Notional Amount | | | Value | | | Upfront Payments/ Receipts | | | Net Unrealized Appreciation (Depreciation) | |
| Wells Fargo | | WFCBL2N71 Custom Basket | | FEDL01+ 0.500% | | | Asset Return | | Annually | | 10/20/2025 | | USD | | | | 7,599,835 | | | $ | 30,486 | | | $ | – | | | $ | 30,486 | |
| | | | | | | | | | | | | | | | | | | | | $ | 30,486 | | | $ | – | | | $ | 30,486 | |
| * | The following table represents the individual common stock exposures comprising the WFCBL2N71 Custom Basket Total Return Swaps as of October 31, 2024: |
| Shares | | | Description | | Notional Amount ($) | | | Unrealized Appreciation ($) | | | Percentage of Basket (%) | |
| 168 | | | Accenture PLC | | | 42,916 | | | | 172 | | | | 0.6 | |
| 119 | | | Adobe Inc | | | 42,029 | | | | 169 | | | | 0.6 | |
| 426 | | | Advanced Micro Devices Inc | | | 45,512 | | | | 183 | | | | 0.6 | |
| 1,569 | | | Alphabet Inc, Class A | | | 198,978 | | | | 798 | | | | 2.6 | |
| 1,409 | | | Alphabet Inc, Class C | | | 180,388 | | | | 724 | | | | 2.4 | |
| 192 | | | American Express Co | | | 38,448 | | | | 154 | | | | 0.5 | |
| 4,122 | | | Apple Inc | | | 690,353 | | | | 2,769 | | | | 9.1 | |
| 221 | | | Applied Materials Inc | | | 29,815 | | | | 120 | | | | 0.4 | |
| 1,933 | | | AT&T Inc | | | 32,295 | | | | 130 | | | | 0.4 | |
| 2,121 | | | Bank Of America Corp | | | 65,758 | | | | 264 | | | | 0.9 | |
| 348 | | | Berkshire Hathaway Inc | | | 116,334 | | | | 467 | | | | 1.5 | |
| 40 | | | Blackrock Inc | | | 28,745 | | | | 115 | | | | 0.4 | |
| 9 | | | Booking Holdings Inc | | | 31,395 | | | | 126 | | | | 0.4 | |
| 1,213 | | | Broadcom Inc | | | 152,707 | | | | 613 | | | | 2.0 | |
| 505 | | | Chevron Corp | | | 55,759 | | | | 224 | | | | 0.7 | |
| 1,086 | | | Cisco Systems Inc | | | 44,092 | | | | 177 | | | | 0.6 | |
| 1,156 | | | Coca-Cola Co/The | | | 55,985 | | | | 225 | | | | 0.7 | |
| 1,057 | | | Comcast Corp | | | 34,205 | | | | 137 | | | | 0.4 | |
| 316 | | | Conocophillips | | | 25,668 | | | | 103 | | | | 0.3 | |
| 107 | | | Eaton Corp PLC | | | 26,263 | | | | 105 | | | | 0.3 | |
| 1,219 | | | Exxon Mobil Corp | | | 105,525 | | | | 423 | | | | 1.4 | |
| 87 | | | Goldman Sachs Group Inc/The | | | 33,405 | | | | 134 | | | | 0.4 | |
| 267 | | | Home Depot Inc/The | | | 77,921 | | | | 313 | | | | 1.0 | |
| 176 | | | Honeywell International Inc | | | 26,765 | | | | 107 | | | | 0.4 | |
| 249 | | | International Business Machines Corp | | | 38,108 | | | | 153 | | | | 0.5 | |
The accompanying notes are an integral part of the financial statements
| THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS U.S. ALL CAP INDEX FUND OCTOBER 31, 2024 |
| Shares | | | Description | | Notional Amount ($) | | | Unrealized Appreciation ($) | | | Percentage of Basket (%) | |
| 73 | | | Intuit Inc | | | 32,836 | | | | 132 | | | | 0.4 | |
| 94 | | | Intuitive Surgical Inc | | | 35,026 | | | | 141 | | | | 0.5 | |
| 765 | | | JPMorgan Chase & Co | | | 125,771 | | | | 505 | | | | 1.7 | |
| 127 | | | Linde Plc | | | 42,919 | | | | 172 | | | | 0.6 | |
| 153 | | | Lowe's Cos Inc | | | 29,718 | | | | 119 | | | | 0.4 | |
| 194 | | | Mcdonald'S Corp | | | 42,104 | | | | 169 | | | | 0.6 | |
| 586 | | | Meta Platforms Inc | | | 246,410 | | | | 988 | | | | 3.2 | |
| 1,958 | | | Microsoft Corp | | | 589,722 | | | | 2,366 | | | | 7.8 | |
| 335 | | | Morgan Stanley | | | 28,896 | | | | 116 | | | | 0.4 | |
| 114 | | | Netflix Inc | | | 64,013 | | | | 257 | | | | 0.8 | |
| 552 | | | Nextera Energy Inc | | | 32,425 | | | | 130 | | | | 0.4 | |
| 6,399 | | | Nvidia Corp | | | 629,768 | | | | 2,526 | | | | 8.3 | |
| 427 | | | Oracle Corp | | | 53,092 | | | | 213 | | | | 0.7 | |
| 371 | | | Pepsico Inc | | | 45,645 | | | | 183 | | | | 0.6 | |
| 156 | | | Progressive Corp/The | | | 28,032 | | | | 112 | | | | 0.4 | |
| 300 | | | Qualcomm Inc | | | 36,144 | | | | 145 | | | | 0.5 | |
| 86 | | | S&P Global Inc | | | 30,466 | | | | 122 | | | | 0.4 | |
| 251 | | | Salesforce Inc | | | 54,186 | | | | 217 | | | | 0.7 | |
| 54 | | | Servicenow Inc | | | 37,587 | | | | 151 | | | | 0.5 | |
| 738 | | | Tesla Inc | | | 136,762 | | | | 549 | | | | 1.8 | |
| 245 | | | Texas Instruments Inc | | | 36,947 | | | | 148 | | | | 0.5 | |
| 533 | | | Uber Technologies Inc | | | 28,466 | | | | 114 | | | | 0.4 | |
| 164 | | | Union Pacific Corp | | | 28,179 | | | | 113 | | | | 0.4 | |
| 1,138 | | | Verizon Communications Inc | | | 35,554 | | | | 143 | | | | 0.5 | |
| 491 | | | Walt Disney Co/The | | | 35,001 | | | | 140 | | | | 0.5 | |
| 39,781 | | | Other | | | 2,894,797 | | | | 11,610 | | | | 37.9 | |
| | | | | | $ | 7,599,835 | | | $ | 30,486 | | | | 100.0 | % |
The following is a summary of the level of inputs used as of October 31, 2024, in valuing the Fund’s investments carried at market value:
| Investments in Securities | | Level 1 | | | Level 2 | | | Level 3(1) | | | Total | |
| Common Stock | | $ | 179,919,870 | | | $ | 938 | | | $ | — | † | | $ | 179,920,808 | |
| Rights | | | — | † | | | — | | | | — | † | | | — | |
| Warrant | | | — | | | | 18 | | | | — | | | | 18 | |
| Total Investments in Securities | | $ | 179,919,870 | | | $ | 956 | | | $ | — | | | $ | 179,920,826 | |
| | | | | | | | | | | | | | | | | |
| Other Financial Instruments | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| OTC Swaps | | | | | | | | | | | | | | | | |
| Total Return Swaps* | | | | | | | | | | | | | | | | |
| Unrealized | | | | | | | | | | | | | | | | |
| Appreciation | | | – | | | | 30,486 | | | | – | | | | 30,486 | |
| Total Other Financial Instruments | | $ | – | | | $ | 30,486 | | | $ | – | | | $ | 30,486 | |
| (1) | A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the end of the period in relation to net assets. Management has concluded that Level 3 investments are not material in relation to net assets. |
| † | Includes securities valued at zero. |
| * | Swap contracts are valued at the unrealized appreciation on the instrument. |
Amounts designated as “—” are $0 or have been rounded to $0.
For more information on valuation inputs, see Note 2 – Significant Accounting Policies in the Notes to Financial Statements.
The accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS REAL ESTATE FUND OCTOBER 31, 2024 |
| SCHEDULE OF INVESTMENTS | | | | | | |
| COMMON STOCK — 99.0%# | | | | | | | | |
| | | | Shares | | | | Value | |
| REAL ESTATE — 99.0% | | | | | | | | |
| Acadia Realty Trust ‡ | | | 191,433 | | | $ | 4,688,194 | |
| American Homes 4 Rent, Cl A ‡ | | | 125,269 | | | | 4,414,480 | |
| American Tower ‡ | | | 52,331 | | | | 11,174,762 | |
| Americold Realty Trust ‡ | | | 189,584 | | | | 4,868,517 | |
| Brixmor Property Group ‡ | | | 171,190 | | | | 4,613,571 | |
| BXP ‡ | | | 50,397 | | | | 4,059,982 | |
| CareTrust ‡ | | | 125,644 | | | | 4,104,789 | |
| CBRE Group, Cl A * | | | 29,856 | | | | 3,910,240 | |
| Equinix ‡ | | | 12,958 | | | | 11,766,901 | |
| Equity LifeStyle Properties ‡ | | | 55,535 | | | | 3,894,114 | |
| Essential Properties Realty Trust ‡ | | | 137,623 | | | | 4,361,273 | |
| Four Corners Property Trust ‡ | | | 54,084 | | | | 1,490,555 | |
| Host Hotels & Resorts ‡ | | | 142,843 | | | | 2,462,613 | |
| Independence Realty Trust ‡ | | | 200,038 | | | | 3,924,746 | |
| Iron Mountain ‡ | | | 52,652 | | | | 6,514,632 | |
| Kimco Realty ‡ | | | 207,871 | | | | 4,930,700 | |
| Omega Healthcare Investors ‡ | | | 115,395 | | | | 4,900,826 | |
| Prologis ‡ | | | 68,494 | | | | 7,735,712 | |
| Public Storage ‡ | | | 18,884 | | | | 6,213,969 | |
| Regency Centers ‡ | | | 51,677 | | | | 3,691,805 | |
| Rexford Industrial Realty ‡ | | | 72,509 | | | | 3,109,911 | |
| Ryman Hospitality Properties ‡ | | | 30,619 | | | | 3,277,764 | |
| SBA Communications, Cl A ‡ | | | 20,724 | | | | 4,755,536 | |
| Tanger ‡ | | | 118,334 | | | | 3,932,239 | |
| Terreno Realty ‡ | | | 69,919 | | | | 4,191,644 | |
| Urban Edge Properties ‡ | | | 192,920 | | | | 4,290,541 | |
| Ventas ‡ | | | 74,099 | | | | 4,852,744 | |
| Veris Residential ‡ | | | 221,633 | | | | 3,650,296 | |
| VICI Properties, Cl A ‡ | | | 189,373 | | | | 6,014,486 | |
| Welltower ‡ | | | 65,363 | | | | 8,816,161 | |
| | | | | | | | 150,613,703 | |
| Total Common Stock | | | | | | | | |
| (Cost $138,020,410) | | | | | | | 150,613,703 | |
| Total Investments in Securities— 99.0% | | | | | | | | |
| (Cost $138,020,410) | | | | | | $ | 150,613,703 | |
Percentages are based on Net Assets of $152,182,357.
| # | More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes. |
| * | Non-income producing security. |
| ‡ | Real Estate Investment Trust. |
See “Glossary” for abbreviations.
As of October 31, 2024, all of the Fund's investments in securities were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.
For more information on valuation inputs, see Note 2 – Significant Accounting Policies in the Notes to Financial Statements.
The accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS INTERNATIONAL EQUITY FUND OCTOBER 31, 2024 |
| SCHEDULE OF INVESTMENTS | | | | | | |
| COMMON STOCK — 98.8% | | | | | | | | |
| | | | Shares | | | | Value | |
| AUSTRALIA — 2.2% | | | | | | | | |
| BHP Group | | | 97,436 | | | $ | 2,707,016 | |
| Goodman Group ‡ | | | 65,700 | | | | 1,568,879 | |
| | | | | | | | 4,275,895 | |
| BRAZIL — 1.8% | | | | | | | | |
| Itau Unibanco Holding | | | 325,900 | | | | 1,981,592 | |
| MercadoLibre * | | | 780 | | | | 1,589,000 | |
| | | | | | | | 3,570,592 | |
| CANADA — 8.6% | | | | | | | | |
| Alimentation Couche-Tard | | | 38,400 | | | | 2,002,531 | |
| Aritzia * | | | 28,800 | | | | 927,284 | |
| Canadian National Railway | | | 20,340 | | | | 2,196,372 | |
| Canadian Natural Resources | | | 68,420 | | | | 2,326,776 | |
| Constellation Software | | | 630 | | | | 1,899,950 | |
| Dollarama | | | 22,420 | | | | 2,333,058 | |
| Manulife Financial | | | 113,160 | | | | 3,305,360 | |
| Stantec | | | 24,400 | | | | 1,979,198 | |
| | | | | | | | 16,970,529 | |
| CHINA — 10.8% | | | | | | | | |
| Alibaba Group Holding | | | 241,000 | | | | 2,947,988 | |
| ANTA Sports Products | | | 149,000 | | | | 1,590,305 | |
| Bank of China, Cl H | | | 3,923,000 | | | | 1,861,973 | |
| BYD, Cl H | | | 42,500 | | | | 1,535,041 | |
| CSPC Pharmaceutical Group | | | 1,820,000 | | | | 1,347,407 | |
| NARI Technology, Cl A | | | 389,928 | | | | 1,424,787 | |
| PDD Holdings ADR * | | | 14,000 | | | | 1,688,260 | |
| Shanghai Pudong Development Bank, Cl A | | | 1,020,000 | | | | 1,413,228 | |
| Tencent Holdings | | | 74,200 | | | | 3,868,946 | |
| Weichai Power, Cl H | | | 844,000 | | | | 1,275,336 | |
| Xiaomi, Cl B * | | | 651,600 | | | | 2,234,921 | |
| | | | | | | | 21,188,192 | |
| FRANCE — 8.5% | | | | | | | | |
| BNP Paribas | | | 46,700 | | | | 3,189,327 | |
| Danone | | | 40,400 | | | | 2,886,114 | |
| Engie | | | 153,310 | | | | 2,569,705 | |
| Ipsen | | | 20,536 | | | | 2,503,490 | |
| TotalEnergies | | | 47,710 | | | | 2,994,071 | |
| Vinci | | | 23,240 | | | | 2,603,358 | |
| | | | | | | | 16,746,065 | |
| GERMANY — 8.0% | | | | | | | | |
| Daimler Truck Holding | | | 48,066 | | | | 1,987,559 | |
| Deutsche Telekom | | | 114,500 | | | | 3,461,734 | |
| Henkel AG & Co KGaA | | | 25,450 | | | | 2,203,789 | |
| SAP | | | 19,090 | | | | 4,457,225 | |
| Siemens | | | 18,150 | | | | 3,531,076 | |
| | | | | | | | 15,641,383 | |
| HONG KONG — 0.7% | | | | | | | | |
| WH Group | | | 1,785,000 | | | | 1,389,295 | |
| | | | | | | | | |
| INDIA — 6.3% | | | | | | | | |
| Bharti Airtel | | | 125,600 | | | | 2,404,045 | |
| COMMON STOCK — continued | | | | | | |
| | | Shares | | | Value | |
| INDIA — continued | | | | | | | | |
| Divi's Laboratories | | | 26,060 | | | $ | 1,821,347 | |
| ICICI Bank | | | 179,940 | | | | 2,760,200 | |
| Infosys | | | 109,510 | | | | 2,284,887 | |
| Power Grid Corp of India | | | 495,266 | | | | 1,883,982 | |
| Varun Beverages | | | 173,500 | | | | 1,233,372 | |
| | | | | | | | 12,387,833 | |
| INDONESIA — 1.2% | | | | | | | | |
| Bank Negara Indonesia Persero | | | 6,892,200 | | | | 2,298,797 | |
| | | | | | | | | |
| JAPAN — 11.1% | | | | | | | | |
| Honda Motor | | | 195,000 | | | | 1,961,137 | |
| Hoya | | | 19,160 | | | | 2,563,494 | |
| ITOCHU | | | 61,000 | | | | 3,017,538 | |
| Komatsu | | | 78,200 | | | | 2,024,230 | |
| Mitsubishi UFJ Financial Group | | | 237,400 | | | | 2,502,254 | |
| Mitsui Fudosan | | | 219,300 | | | | 1,871,146 | |
| ORIX | | | 79,300 | | | | 1,670,841 | |
| Shin-Etsu Chemical | | | 65,800 | | | | 2,411,173 | |
| Tokio Marine Holdings | | | 67,300 | | | | 2,423,888 | |
| ZOZO | | | 39,500 | | | | 1,280,806 | |
| | | | | | | | 21,726,507 | |
| LUXEMBOURG — 1.2% | | | | | | | | |
| ArcelorMittal | | | 98,950 | | | | 2,447,457 | |
| | | | | | | | | |
| MEXICO — 0.9% | | | | | | | | |
| Grupo Financiero Banorte | | | 262,000 | | | | 1,828,546 | |
| | | | | | | | | |
| NETHERLANDS — 2.7% | | | | | | | | |
| Koninklijke Ahold Delhaize | | | 87,000 | | | | 2,870,852 | |
| Wolters Kluwer | | | 14,180 | | | | 2,383,424 | |
| | | | | | | | 5,254,276 | |
| NORWAY — 1.1% | | | | | | | | |
| Telenor | | | 177,000 | | | | 2,173,842 | |
| | | | | | | | | |
| SINGAPORE — 1.5% | | | | | | | | |
| United Overseas Bank | | | 118,840 | | | | 2,888,888 | |
| | | | | | | | | |
| SOUTH KOREA — 3.5% | | | | | | | | |
| KB Financial Group | | | 40,881 | | | | 2,660,078 | |
| Kia | | | 23,470 | | | | 1,552,046 | |
| Samsung Electronics | | | 36,920 | | | | 1,567,660 | |
| SK Hynix | | | 8,100 | | | | 1,060,402 | |
| | | | | | | | 6,840,186 | |
| SPAIN — 4.9% | | | | | | | | |
| Amadeus IT Group | | | 30,040 | | | | 2,177,697 | |
| CaixaBank | | | 469,800 | | | | 2,862,847 | |
| Industria de Diseno Textil | | | 45,440 | | | | 2,590,744 | |
| Mapfre | | | 672,700 | | | | 1,922,985 | |
| | | | | | | | 9,554,273 | |
| SWITZERLAND — 1.5% | | | | | | | | |
| UBS Group | | | 94,060 | | | | 2,877,106 | |
The accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS INTERNATIONAL EQUITY FUND OCTOBER 31, 2024 |
| COMMON STOCK — continued | | | | | | |
| | | Shares | | | Value | |
| TAIWAN — 5.3% | | | | | | |
| ASML Holding | | | 3,990 | | | $ | 2,685,792 | |
| Largan Precision | | | 13,700 | | | | 959,558 | |
| Taiwan Semiconductor Manufacturing | | | 213,160 | | | | 6,684,588 | |
| | | | | | | | 10,329,938 | |
| UNITED KINGDOM — 9.8% | | | | | | | | |
| 3i Group PLC | | | 72,060 | | | | 2,955,033 | |
| BAE Systems PLC | | | 137,670 | | | | 2,218,883 | |
| Ferguson Enterprises | | | 10,100 | | | | 1,985,856 | |
| InterContinental Hotels Group | | | 20,550 | | | | 2,266,628 | |
| Investec PLC | | | 206,500 | | | | 1,605,616 | |
| Lloyds Banking Group PLC | | | 4,375,000 | | | | 3,003,018 | |
| SSE PLC | | | 92,580 | | | | 2,103,743 | |
| Unilever PLC | | | 50,530 | | | | 3,082,450 | |
| | | | | | | | 19,221,227 | |
| UNITED STATES — 7.2% | | | | | | | | |
| CRH PLC | | | 24,620 | | | | 2,347,109 | |
| Linde PLC | | | 4,193 | | | | 1,912,637 | |
| Nestle PLC | | | 9,130 | | | | 862,718 | |
| Schneider Electric | | | 11,700 | | | | 3,030,867 | |
| Shell PLC | | | 111,900 | | | | 3,736,062 | |
| Swiss Re | | | 18,300 | | | | 2,336,678 | |
| | | | | | | | 14,226,071 | |
| Total Common Stock | | | | | | | | |
| (Cost $159,775,671) | | | | | | | 193,836,898 | |
| Total Investments in Securities— 98.8% | | | | | | | | |
| (Cost $159,775,671) | | | | | | $ | 193,836,898 | |
Percentages are based on Net Assets of $196,184,009.
| * | Non-income producing security. |
| ‡ | Real Estate Investment Trust. |
See “Glossary” for abbreviations.
The following is a summary of the level of inputs used as of October 31, 2024, in valuing the Fund’s investments carried at market value:
| Investments in Securities | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Common Stock | | | | | | | | | | | | | | | | |
| Australia | | $ | — | | | $ | 4,275,895 | | | $ | — | | | $ | 4,275,895 | |
| Brazil | | | 3,570,592 | | | | — | | | | — | | | | 3,570,592 | |
| Canada | | | 16,970,529 | | | | — | | | | — | | | | 16,970,529 | |
| China | | | 1,688,260 | | | | 19,499,932 | | | | — | | | | 21,188,192 | |
| France | | | — | | | | 16,746,065 | | | | — | | | | 16,746,065 | |
| Germany | | | — | | | | 15,641,383 | | | | — | | | | 15,641,383 | |
| Hong Kong | | | — | | | | 1,389,295 | | | | — | | | | 1,389,295 | |
| India | | | 1,233,372 | | | | 11,154,461 | | | | — | | | | 12,387,833 | |
| Indonesia | | | — | | | | 2,298,797 | | | | — | | | | 2,298,797 | |
| Japan | | | — | | | | 21,726,507 | | | | — | | | | 21,726,507 | |
| Luxembourg | | | — | | | | 2,447,457 | | | | — | | | | 2,447,457 | |
| Mexico | | | 1,828,546 | | | | — | | | | — | | | | 1,828,546 | |
| Netherlands | | | — | | | | 5,254,276 | | | | — | | | | 5,254,276 | |
| Norway | | | 2,173,842 | | | | — | | | | — | | | | 2,173,842 | |
| Singapore | | | — | | | | 2,888,888 | | | | — | | | | 2,888,888 | |
| South Korea | | | — | | | | 6,840,186 | | | | — | | | | 6,840,186 | |
| Spain | | | — | | | | 9,554,273 | | | | — | | | | 9,554,273 | |
| Switzerland | | | — | | | | 2,877,106 | | | | — | | | | 2,877,106 | |
| Taiwan | | | — | | | | 10,329,938 | | | | — | | | | 10,329,938 | |
| United Kingdom | | | 1,605,616 | | | | 17,615,611 | | | | — | | | | 19,221,227 | |
| United States | | | 1,912,637 | | | | 12,313,434 | | | | — | | | | 14,226,071 | |
| Total Common Stock | | | 30,983,394 | | | | 162,853,504 | | | | — | | | | 193,836,898 | |
| Total Investments in Securities | | $ | 30,983,394 | | | $ | 162,853,504 | | | $ | — | | | $ | 193,836,898 | |
Amounts designated as “—” are $0 or have been rounded to $0.
For more information on valuation inputs, see Note 2 – Significant Accounting Policies in the Notes to Financial Statements.
The accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS OCTOBER 31, 2024 |
Glossary: (abbreviations which may be used in the preceding Schedules of Investments)
| Fund Abbreviations | Currency Abbreviation |
| ADR — American Depositary Receipt | USD — United States Dollar |
| Cl — Class | |
| CLO — Collateralized Loan Obligation | |
| DAC — Designated Activity Company | |
| ETF — Exchange Traded Fund | |
| FHLMC — Federal Home Loan Mortgage Corporation | |
| FNMA — Federal National Mortgage Association | |
| FREMF — Freddie Mac Multi-Family | |
| GNMA — Government National Mortgage Association | |
| H15T1Y — 1 Year U.S. Treasury Yield Curve Constant Maturity | |
| MSCI — Morgan Stanley Capital International | |
| MTN — Medium Term Note | |
| PLC — Public Limited Company | |
| RB — Revenue Bond | |
| REIT — Real Estate Investment Trust | |
| S&P — Standard & Poor's | |
| Ser — Series | |
| SOFR — Secured Overnight Financing Rate | |
| TSFR — Term Secured Overnight Financing Rate | |
The accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS FUNDS |
| | OCTOBER 31, 2024 |
| STATEMENTS OF ASSETS AND LIABILITIES |
| | | Limited
Duration Fund | | | Core Bond
Fund | | | Long/Short
Equity Fund | | | Large Cap
Value Fund | | | Large Cap
Growth Fund | |
| Assets: | | | | | | | | | | | | | | | |
| Investments in securities, at value† | | $ | 178,045,308 | | | $ | 233,455,879 | | | $ | 98,376,005 | | | $ | 228,066,367 | | | $ | 222,006,932 | |
| Foreign currency, at value†† | | | – | | | | – | | | | 1 | | | | 5,487 | | | | – | |
| Cash | | | 2,563,589 | | | | 2,983,970 | | | | 34,793,140 | | | | 6,419,967 | | | | 8,677,560 | |
| Receivable due from Prime Broker | | | – | | | | – | | | | 63,018,157 | | | | – | | | | – | |
| Dividends and Interest receivable | | | 2,033,936 | | | | 1,913,529 | | | | 364,321 | | | | 171,872 | | | | 82,016 | |
| Receivable for capital shares sold | | | 266,859 | | | | 508,918 | | | | 273,726 | | | | 324,470 | | | | 237,431 | |
| Tax reclaim receivable | | | – | | | | – | | | | 7,637 | | | | 12,772 | | | | 2,468 | |
| Prepaid expenses | | | 6,588 | | | | 6,662 | | | | 3,632 | | | | 6,927 | | | | 6,987 | |
| Total Assets | | | 182,916,280 | | | | 238,868,958 | | | | 196,836,619 | | | | 235,007,862 | | | | 231,013,394 | |
| Liabilities: | | | | | | | | | | | | | | | | | | | | |
| Securities sold short, at value††† | | | – | | | | – | | | | 60,548,897 | | | | – | | | | – | |
| Payable for investment securities purchased | | | 539,978 | | | | 709,971 | | | | – | | | | – | | | | – | |
| Payable for capital shares redeemed | | | 363,400 | | | | 679,641 | | | | 80,790 | | | | 161,950 | | | | 154,990 | |
| Audit fees payable | | | 30,264 | | | | 28,995 | | | | 24,923 | | | | 25,458 | | | | 25,501 | |
| Transfer Agent fees payable | | | 6,334 | | | | 6,877 | | | | 3,991 | | | | 6,581 | | | | 6,631 | |
| Pricing fees payable | | | 6,163 | | | | 5,457 | | | | 3,549 | | | | 494 | | | | 553 | |
| Printing fees payable | | | 2,999 | | | | 3,830 | | | | 2,625 | | | | 4,062 | | | | 4,048 | |
| Legal fees payable | | | 1,891 | | | | 2,424 | | | | 1,370 | | | | 2,378 | | | | 2,340 | |
| Custodian fees payable | | | 1,104 | | | | 1,775 | | | | 1,398 | | | | 1,063 | | | | 1,156 | |
| Investment Adviser fees payable | | | 49,073 | | | | 63,538 | | | | 143,119 | | | | 120,223 | | | | 119,062 | |
| Payable due to Administrator | | | 8,907 | | | | 11,420 | | | | 6,456 | | | | 11,334 | | | | 11,224 | |
| Chief Compliance Officer fees payable | | | 2,465 | | | | 3,160 | | | | 1,786 | | | | 3,100 | | | | 3,051 | |
| Payable due to Trustees | | | 248 | | | | 318 | | | | 180 | | | | 312 | | | | 307 | |
| Accrued expenses | | | 10,259 | | | | 18,834 | | | | 12,409 | | | | 16,755 | | | | 14,325 | |
| Total Liabilities | | | 1,023,085 | | | | 1,536,240 | | | | 60,831,493 | | | | 353,710 | | | | 343,188 | |
| Commitments and Contingencies‡ | | | | | | | | | | | | | | | | | | | | |
| Net Assets | | $ | 181,893,195 | | | $ | 237,332,718 | | | $ | 136,005,126 | | | $ | 234,654,152 | | | $ | 230,670,206 | |
| † Cost of securities | | $ | 177,262,500 | | | $ | 247,154,028 | | | $ | 77,161,993 | | | $ | 177,475,465 | | | $ | 144,994,970 | |
| †† Cost of foreign currency | | | – | | | | – | | | | – | | | | 5,522 | | | | – | |
| ††† Proceeds from securities sold short | | | – | | | | – | | | | (57,697,961 | ) | | | – | | | | – | |
| Net Assets: | | | | | | | | | | | | | | | | | | | | |
| Paid-in Capital | | $ | 184,801,076 | | | $ | 259,553,093 | | | $ | 123,135,053 | | | $ | 166,331,921 | | | $ | 152,929,900 | |
| Total Distributable Earnings (Accumulated Losses) | | | (2,907,881 | ) | | | (22,220,375 | ) | | | 12,870,073 | | | | 68,322,231 | | | | 77,740,306 | |
| Net Assets | | $ | 181,893,195 | | | $ | 237,332,718 | | | $ | 136,005,126 | | | $ | 234,654,152 | | | $ | 230,670,206 | |
| I Shares: | | | | | | | | | | | | | | | | | | | | |
| Net Assets | | $ | 181,825,255 | | | $ | 236,381,980 | | | $ | 136,005,126 | | | $ | 234,164,644 | | | $ | 228,348,965 | |
| Outstanding Shares of Beneficial Interest | | | | | | | | | | | | | | | | | | | | |
| (unlimited authorization - no par value) | | | 18,736,180 | | | | 27,092,773 | | | | 11,634,333 | | | | 12,716,956 | | | | 11,394,139 | |
| Net Asset Value, Offering and Redemption Price Per Share* | | | | | | | | | | | | | | | | | | | | |
| (Net Assets ÷ Shares Outstanding) | | $ | 9.70 | | | $ | 8.72 | | | $ | 11.69 | | | $ | 18.41 | | | $ | 20.04 | |
| Class S Shares: | | | | | | | | | | | | | | | | | | | | |
| Net Assets | | $ | 67,940 | | | $ | 950,738 | | | | N/A | | | $ | 489,508 | | | $ | 2,321,241 | |
| Outstanding Shares of Beneficial Interest | | | | | | | | | | | | | | | | | | | | |
| (unlimited authorization - no par value) | | | 7,005 | | | | 109,093 | | | | N/A | | | | 26,588 | | | | 116,511 | |
| Net Asset Value, Offering and Redemption Price Per Share* | | | | | | | | | | | | | | | | | | | | |
| (Net Assets ÷ Shares Outstanding) | | $ | 9.70 | | | $ | 8.71 | | | | N/A | | | $ | 18.41 | | | $ | 19.92 | |
| * | Redemption price per share may vary depending on the length of time shares are held. |
| ‡ | See Note 7 in the Notes to Financial Statements.
N/A Not Applicable. |
Amounts designated as "—" are $0 or round to $0.
The accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS FUNDS |
| | OCTOBER 31, 2024 |
| STATEMENTS OF ASSETS AND LIABILITIES |
| | | Small Cap Fund | | | U.S. All Cap
Index Fund | | | Real Estate
Fund | | | International
Equity Fund | |
| Assets: | | | | | | | | | | | | |
| Investments in securities, at value† | | $ | 145,973,453 | | | $ | 179,920,826 | | | $ | 150,613,703 | | | $ | 193,836,898 | |
| Foreign currency, at value†† | | | – | | | | – | | | | – | | | | 204,286 | |
| OTC Swap Contracts, at value††† | | | – | | | | 30,486 | | | | – | | | | – | |
| Cash | | | 6,707,775 | | | | 7,137,862 | | | | 1,552,578 | | | | 1,841,169 | |
| Cash held as collateral for swaps (Note 2) | | | – | | | | 640,000 | | | | – | | | | – | |
| Receivable for capital shares sold | | | 159,994 | | | | 261,671 | | | | 99,925 | | | | 164,709 | |
| Dividends and Interest receivable | | | 47,898 | | | | 97,434 | | | | 48,227 | | | | 411,372 | |
| Receivable due from Investment Adviser | | | – | | | | 76,785 | | | | – | | | | – | |
| Tax reclaim receivable | | | – | | | | 1,567 | | | | 12,431 | | | | 649,016 | |
| Prepaid expenses | | | 6,075 | | | | 3,883 | | | | 14,116 | | | | 6,323 | |
| Total Assets | | | 152,895,195 | | | | 188,170,514 | | | | 152,340,980 | | | | 197,113,773 | |
| Liabilities: | | | | | | | | | | | | | | | | |
| Payable for investment securities purchased | | | 381,290 | | | | – | | | | – | | | | – | |
| Payable for capital shares redeemed | | | 16,154 | | | | 10,155 | | | | 5,506 | | | | 88,867 | |
| Audit fees payable | | | 24,557 | | | | 12,341 | | | | 33,037 | | | | 25,261 | |
| Filing fees payable | | | 7,500 | | | | 13,170 | | | | 7,500 | | | | 9,454 | |
| Transfer Agent fees payable | | | 5,802 | | | | 4,759 | | | | 4,547 | | | | 6,327 | |
| Printing fees payable | | | 3,027 | | | | 13,656 | | | | 2,621 | | | | 3,841 | |
| Legal fees payable | | | 1,558 | | | | 1,887 | | | | 1,540 | | | | 2,063 | |
| Custodian fees payable | | | 1,124 | | | | 6,956 | | | | 494 | | | | 9,522 | |
| Pricing fees payable | | | 593 | | | | 6,689 | | | | 436 | | | | 682 | |
| Investment Adviser fees payable | | | 95,216 | | | | 30,477 | | | | 92,677 | | | | 143,480 | |
| Payable due to Administrator | | | 7,429 | | | | 9,087 | | | | 7,369 | | | | 9,638 | |
| Chief Compliance Officer fees payable | | | 2,032 | | | | 2,460 | | | | 2,008 | | | | 2,689 | |
| Shareholder servicing fees payable (Class S Shares) | | | 647 | | | | – | | | | – | | | | 209 | |
| Payable due to Trustees | | | 204 | | | | 247 | | | | 202 | | | | 270 | |
| Accrued Foreign Capital Gains Tax on Appreciated Securities | | | – | | | | – | | | | – | | | | 623,866 | |
| Accrued expenses | | | 932 | | | | 2,610 | | | | 686 | | | | 3,595 | |
| Total Liabilities | | | 548,065 | | | | 114,494 | | | | 158,623 | | | | 929,764 | |
| Commitments and Contingencies‡ | | | | | | | | | | | | | | | | |
| Net Assets | | $ | 152,347,130 | | | $ | 188,056,020 | | | $ | 152,182,357 | | | $ | 196,184,009 | |
| † Cost of securities | | $ | 116,576,342 | | | $ | 138,720,037 | | | $ | 138,020,410 | | | $ | 159,775,671 | |
| †† Cost of foreign currency | | | – | | | | – | | | | – | | | | 129,274 | |
| ††† Premiums received from OTC swap contracts | | | – | | | | – | | | | – | | | | – | |
| Net Assets: | | | | | | | | | | | | | | | | |
| Paid-in Capital | | $ | 112,032,293 | | | $ | 143,925,748 | | | $ | 165,245,216 | | | $ | 177,290,786 | |
| Total Distributable Earnings (Accumulated Losses) | | | 40,314,837 | | | | 44,130,272 | | | | (13,062,859 | ) | | | 18,893,223 | |
| Net Assets | | $ | 152,347,130 | | | $ | 188,056,020 | | | $ | 152,182,357 | | | $ | 196,184,009 | |
| I Shares: | | | | | | | | | | | | | | | | |
| Net Assets | | $ | 152,247,360 | | | $ | 188,056,020 | | | $ | 152,182,357 | | | $ | 196,055,700 | |
| Outstanding Shares of Beneficial Interest | | | | | | | | | | | | | | | | |
| (unlimited authorization - no par value) | | | 10,840,209 | | | | 10,685,090 | | | | 17,548,467 | | | | 15,362,388 | |
| Net Asset Value, Offering and Redemption Price Per Share* | | | | | | | | | | | | | | | | |
| (Net Assets ÷ Shares Outstanding) | | $ | 14.04 | | | $ | 17.60 | | | $ | 8.67 | | | $ | 12.76 | |
| Class S Shares: | | | | | | | | | | | | | | | | |
| Net Assets | | $ | 99,770 | | | | N/A | | | | N/A | | | $ | 128,309 | |
| Outstanding Shares of Beneficial Interest | | | | | | | | | | | | | | | | |
| (unlimited authorization - no par value) | | | 7,140 | | | | N/A | | | | N/A | | | | 10,087 | |
| Net Asset Value, Offering and Redemption Price Per Share* | | | | | | | | | | | | | | | | |
| (Net Assets ÷ Shares Outstanding) | | $ | 13.97 | | | | N/A | | | | N/A | | | $ | 12.72 | |
| * | Redemption price per share may vary depending on the length of time shares are held. |
| ‡ | See Note 7 in the Notes to Financial Statements.
N/A Not Applicable. |
Amounts designated as "—" are $0 or round to $0.
The accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS FUNDS |
| | FOR THE YEAR ENDED
OCTOBER 31, 2024 |
| STATEMENTS OF OPERATIONS | |
| | | Limited
Duration Fund | | | Core Bond
Fund | | | Long/Short
Equity Fund | | | Large Cap
Value Fund | | | Large Cap
Growth Fund | |
| Investment Income | | | | | | | | | | | | | | | | | | | | |
| Interest | | $ | 8,575,333 | | | $ | 9,345,346 | | | $ | 4,043,968 | | | $ | 332,227 | | | $ | 368,937 | |
| Dividends | | | – | | | | – | | | | 949,384 | | | | 4,158,388 | | | | 1,446,570 | |
| Less: Foreign Taxes Withheld | | | – | | | | – | | | | (5,935 | ) | | | (52,482 | ) | | | – | |
| | | | | | | | | | | | | | | | | | | | | |
| Total Investment Income | | | 8,575,333 | | | | 9,345,346 | | | | 4,987,417 | | | | 4,438,133 | | | | 1,815,507 | |
| | | | | | | | | | | | | | | | | | | | | |
| Expenses | | | | | | | | | | | | | | | | | | | | |
| Investment Advisory Fees (Note 7) | | | 764,962 | | | | 870,210 | | | | 1,415,789 | | | | 1,214,842 | | | | 1,223,144 | |
| Administration Fees (Note 6) | | | 110,642 | | | | 125,719 | | | | 65,394 | | | | 116,932 | | | | 117,761 | |
| Trustees' Fees | | | 15,594 | | | | 16,719 | | | | 8,921 | | | | 14,975 | | | | 15,246 | |
| Chief Compliance Officer Fees (Note 5) | | | 4,683 | | | | 5,582 | | | | 3,026 | | | | 5,338 | | | | 5,257 | |
| Shareholder Servicing Fees (Class S Shares) (Note 6) | | | 121 | | | | 899 | | | | – | | | | 560 | | | | 2,037 | |
| Transfer Agent Fees (Note 6) | | | 40,341 | | | | 42,413 | | | | 24,310 | | | | 40,033 | | | | 40,346 | |
| Registration & Filing Fees | | | 32,941 | | | | 39,295 | | | | 32,520 | | | | 35,518 | | | | 33,170 | |
| Pricing Fees | | | 31,329 | | | | 28,646 | | | | 10,020 | | | | 2,737 | | | | 2,734 | |
| Audit Fees | | | 31,225 | | | | 36,425 | | | | 30,542 | | | | 30,542 | | | | 30,542 | |
| Legal Fees | | | 27,662 | | | | 30,891 | | | | 15,969 | | | | 28,578 | | | | 28,902 | |
| Printing Fees | | | 22,068 | | | | 22,155 | | | | 16,124 | | | | 19,932 | | | | 20,118 | |
| Custodian Fees (Note 6) | | | 4,219 | | | | 7,121 | | | | 6,105 | | | | 4,979 | | | | 4,181 | |
| Dividend Expense | | | – | | | | – | | | | 399,182 | | | | – | | | | – | |
| Other Expenses | | | 22,010 | | | | 25,797 | | | | 25,956 | | | | 24,993 | | | | 24,978 | |
| Total Expenses | | | 1,107,797 | | | | 1,251,872 | | | | 2,053,858 | | | | 1,539,959 | | | | 1,548,416 | |
| Recovery of Investment Advisory fees previously waived (Note 7) | | | – | | | | – | | | | 46,229 | | | | – | | | | – | |
| Less: | | | | | | | | | | | | | | | | | | | | |
| Investment Advisory Fees Waiver (Note 7) | | | (151,484 | ) | | | (163,221 | ) | | | (1,929 | ) | | | – | | | | – | |
| Net Expenses | | | 956,313 | | | | 1,088,651 | | | | 2,098,158 | | | | 1,539,959 | | | | 1,548,416 | |
| Net Investment Income | | | 7,619,020 | | | | 8,256,695 | | | | 2,889,259 | | | | 2,898,174 | | | | 267,091 | |
| Net Realized Gain (Loss) on: | | | | | | | | | | | | | | | | | | | | |
| Investments | | | (1,334,036 | ) | | | (2,356,547 | ) | | | 5,049,711 | | | | 19,399,266 | | | | 14,897,612 | |
| Securities Sold Short | | | – | | | | – | | | | (9,243,633 | ) | | | – | | | | – | |
| Purchased Option Contracts (Note 3) | | | – | | | | – | | | | (45 | ) | | | – | | | | – | |
| Foreign Currency Transactions | | | – | | | | – | | | | – | | | | 622 | | | | – | |
| Net Realized Gain(Loss) | | | (1,334,036 | ) | | | (2,356,547 | ) | | | (4,193,967 | ) | | | 19,399,888 | | | | 14,897,612 | |
| Net Change in Unrealized Appreciation (Depreciation) on: | | | | | | | | | | | | | | | | | | | | |
| Investments | | | 5,088,469 | | | | 13,408,582 | | | | 21,778,349 | | | | 32,997,440 | | | | 48,980,186 | |
| Securities Sold Short | | | – | | | | – | | | | (6,442,484 | ) | | | – | | | | – | |
| Purchased Option Contracts (Note 3) | | | – | | | | – | | | | 132,843 | | | | – | | | | – | |
| Translation of Other Assets and Liabilities Denominated in Foreign Currencies | | | – | | | | – | | | | – | | | | (35 | ) | | | – | |
| Net Change in Unrealized Appreciation (Depreciation) | | | 5,088,469 | | | | 13,408,582 | | | | 15,468,708 | | | | 32,997,405 | | | | 48,980,186 | |
| Net Realized and Unrealized Gain | | | 3,754,433 | | | | 11,052,035 | | | | 11,274,741 | | | | 52,397,293 | | | | 63,877,798 | |
| Net Increase in Net Assets from Operations | | $ | 11,373,453 | | | $ | 19,308,730 | | | $ | 14,164,000 | | | $ | 55,295,467 | | | $ | 64,144,889 | |
Amounts designated as “—” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS FUNDS FOR THE YEAR ENDED OCTOBER 31, 2024 |
| STATEMENTS OF OPERATIONS | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | Small Cap Fund | | | U.S. All Cap Index Fund | | | Real Estate Fund | | | International Equity Fund | |
| Investment Income | | | | | | | | | | | | | | | | |
| Dividends | | $ | 1,765,725 | | | $ | 2,014,682 | | | $ | 4,017,459 | | | $ | 5,876,950 | |
| Interest | | | 250,087 | | | | 209,339 | | | | 535,020 | | | | 282,705 | |
| Less: Foreign Taxes Withheld | | | (28,567 | ) | | | 497 | | | | – | | | | (529,501 | ) |
| | | | | | | | | | | | | | | | | |
| Total Investment Income | | | 1,987,245 | | | | 2,224,518 | | | | 4,552,479 | | | | 5,630,154 | |
| | | | | | | | | | | | | | | | | |
| Expenses | | | | | | | | | | | | | | | | |
| Investment Advisory Fees (Note 7) | | | 1,107,108 | | | | 306,609 | | | | 1,211,634 | | | | 1,662,147 | |
| Administration Fees (Note 6) | | | 88,251 | | | | 88,464 | | | | 84,930 | | | | 106,710 | |
| Trustees' Fees | | | 11,672 | | | | 10,879 | | | | 10,624 | | | | 14,017 | |
| Chief Compliance Officer Fees (Note 5) | | | 3,706 | | | | 4,100 | | | | 3,631 | | | | 4,709 | |
| Shareholder Servicing Fees (Class S Shares) (Note 6) | | | 83 | | | | – | | | | – | | | | 145 | |
| Audit Fees | | | 35,742 | | | | 30,542 | | | | 37,542 | | | | 30,542 | |
| Transfer Agent Fees (Note 6) | | | 35,193 | | | | 28,039 | | | | 27,875 | | | | 38,513 | |
| Registration & Filing Fees | | | 28,092 | | | | 21,033 | | | | 28,166 | | | | 32,346 | |
| Legal Fees | | | 21,758 | | | | 21,374 | | | | 40,497 | | | | 26,317 | |
| Printing Fees | | | 16,443 | | | | 27,761 | | | | 34,349 | | | | 20,858 | |
| Custodian Fees (Note 6) | | | 5,988 | | | | 54,660 | | | | 2,586 | | | | 28,642 | |
| Pricing Fees | | | 3,511 | | | | 34,529 | | | | 1,637 | | | | 3,757 | |
| Other Expenses | | | 18,700 | | | | 29,210 | | | | 26,584 | | | | 32,190 | |
| Total Expenses | | | 1,376,247 | | | | 657,200 | | | | 1,510,055 | | | | 2,000,893 | |
| Recovery of Investment Advisory fees previously waived (Note 7) | | | – | | | | – | | | | – | | | | 40,662 | |
| Less: | | | | | | | | | | | | | | | | |
| Investment Advisory Fees Waiver (Note 7) | | | – | | | | (273,935 | ) | | | (40,614 | ) | | | (9,868 | ) |
| Net Expenses | | | 1,376,247 | | | | 383,265 | | | | 1,469,441 | | | | 2,031,687 | |
| Net Investment Income | | | 610,998 | | | | 1,841,253 | | | | 3,083,038 | | | | 3,598,467 | |
| Net Realized Gain (Loss) on: | | | | | | | | | | | | | | | | |
| Investments | | | 11,739,417 | | | | 1,984,655 | | | | (11,202,768 | ) | | | 1,466,158 | |
| Foreign Capital Gains Tax | | | – | | | | – | | | | – | | | | (123,725 | ) |
| Swap Contracts (Note 3) | | | – | | | | 816,149 | | | | – | | | | – | |
| Foreign Currency Transactions | | | 52 | | | | (3 | ) | | | 350 | | | | (163,809 | ) |
| Net Realized Gain (Loss) | | | 11,739,469 | | | | 2,800,801 | | | | (11,202,418 | ) | | | 1,178,624 | |
| Net Change in Unrealized Appreciation (Depreciation) on: | | | | | | | | | | | | | | | | |
| Investments | | | 28,623,128 | | | | 41,635,766 | | | | 46,527,473 | | | | 32,613,147 | |
| Foreign Capital Gains Tax on Appreciated Securities | | | – | | | | – | | | | – | | | | (567,415 | ) |
| Swap Contracts (Note 3) | | | – | | | | 123,664 | | | | – | | | | – | |
| Translation of Other Assets and Liabilities Denominated in Foreign Currencies | | | – | | | | – | | | | 359 | | | | 64,429 | |
| Net Change in Unrealized Appreciation (Depreciation) | | | 28,623,128 | | | | 41,759,430 | | | | 46,527,832 | | | | 32,110,161 | |
| Net Realized and Unrealized Gain | | | 40,362,597 | | | | 44,560,231 | | | | 35,325,414 | | | | 33,288,785 | |
| Net Increase in Net Assets from Operations | | $ | 40,973,595 | | | $ | 46,401,484 | | | $ | 38,408,452 | | | $ | 36,887,252 | |
Amounts designated as "—" are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS LIMITED DURATION FUND |
| STATEMENTS OF CHANGES IN NET ASSETS | | | | | | |
| | | | | | | |
| | | Year Ended October 31, 2024 | | | Year Ended October 31, 2023 | |
| Operations: | | | | | | |
| Net Investment Income | | $ | 7,619,020 | | | $ | 4,360,370 | |
| Net Realized Loss | | | (1,334,036 | ) | | | (2,286,802 | ) |
| Net Change in Unrealized Appreciation | | | 5,088,469 | | | | 3,288,042 | |
| Net Increase in Net Assets Resulting from Operations | | | 11,373,453 | | | | 5,361,610 | |
| | | | | | | | | |
| Distributions: | | | | | | | | |
| I Shares | | | (7,272,118 | ) | | | (4,044,971 | ) |
| Class S Shares | | | (4,235 | ) | | | (5,205 | ) |
| Total Distributions | | | (7,276,353 | ) | | | (4,050,176 | ) |
| Capital Share Transactions: | | | | | | | | |
| I Shares | | | | | | | | |
| Issued | | | 74,763,380 | | | | 55,692,979 | |
| Reinvestment of Dividends | | | 6,181,755 | | | | 3,255,617 | |
| Redemption Fees — Note 2 | | | 1,667 | | | | 9,034 | |
| Redeemed | | | (86,905,309 | ) | | | (19,134,677 | ) |
| Net Increase (Decrease) in Net Assets from I Shares Transactions | | | (5,958,507 | ) | | | 39,822,953 | |
| Class S Shares | | | | | | | | |
| Issued | | | 26,836 | | | | 51,934 | |
| Reinvestment of Dividends | | | 4,235 | | | | 5,205 | |
| Redeemed | | | (196,950 | ) | | | (43,229 | ) |
| Net Increase (Decrease) in Net Assets from Class S Shares Transactions | | | (165,879 | ) | | | 13,910 | |
| Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | (6,124,386 | ) | | | 39,836,863 | |
| Total Increase (Decrease) in Net Assets | | | (2,027,286 | ) | | | 41,148,297 | |
| Net Assets: | | | | | | | | |
| Beginning of Year | | | 183,920,481 | | | | 142,772,184 | |
| End of Year | | $ | 181,893,195 | | | $ | 183,920,481 | |
| Share Transactions: | | | | | | | | |
| I Shares | | | | | | | | |
| Issued | | | 7,738,521 | | | | 5,848,909 | |
| Reinvestment of Dividends | | | 640,334 | | | | 343,374 | |
| Redeemed | | | (8,973,070 | ) | | | (2,009,576 | ) |
| Total Increase (Decrease) in I Shares | | | (594,215 | ) | | | 4,182,707 | |
| Class S Shares | | | | | | | | |
| Issued | | | 2,780 | | | | 5,533 | |
| Reinvestment of Dividends | | | 439 | | | | 549 | |
| Redeemed | | | (20,424 | ) | | | (4,519 | ) |
| Total Increase (Decrease) in Class S Shares | | | (17,205 | ) | | | 1,563 | |
| Net Increase (Decrease) in Shares Outstanding | | | (611,420 | ) | | | 4,184,270 | |
The accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS CORE BOND FUND |
| STATEMENTS OF CHANGES IN NET ASSETS | | | | | | |
| | | Year Ended October 31, 2024 | | | Year Ended October 31, 2023 | |
| Operations: | | | | | | |
| Net Investment Income | | $ | 8,256,695 | | | $ | 5,508,585 | |
| Net Realized Loss | | | (2,356,547 | ) | | | (2,995,601 | ) |
| Net Change in Unrealized Appreciation (Depreciation) | | | 13,408,582 | | | | (3,773,016 | ) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | | | 19,308,730 | | | | (1,260,032 | ) |
| | | | | | | | | |
| Distributions: | | | | | | | | |
| I Shares | | | (7,804,457 | ) | | | (5,314,310 | ) |
| Class S Shares | | | (31,557 | ) | | | (27,937 | ) |
| Total Distributions | | | (7,836,014 | ) | | | (5,342,247 | ) |
| Capital Share Transactions: | | | | | | | | |
| I Shares | | | | | | | | |
| Issued | | | 88,041,422 | | | | 61,486,298 | |
| Reinvestment of Dividends | | | 6,149,111 | | | | 3,812,663 | |
| Redemption Fees — Note 2 | | | 885 | | | | 513 | |
| Redeemed | | | (51,966,833 | ) | | | (21,325,048 | ) |
| Net Increase in Net Assets from I Shares Transactions | | | 42,224,585 | | | | 43,974,426 | |
| Class S Shares | | | | | | | | |
| Issued | | | 98,901 | | | | 59,203 | |
| Reinvestment of Dividends | | | 31,557 | | | | 27,936 | |
| Redeemed | | | (71,881 | ) | | | (99,556 | ) |
| Net Increase (Decrease) in Net Assets from Class S Shares Transactions | | | 58,577 | | | | (12,417 | ) |
| Net Increase in Net Assets from Capital Share Transactions | | | 42,283,162 | | | | 43,962,009 | |
| Total Increase in Net Assets | | | 53,755,878 | | | | 37,359,730 | |
| Net Assets: | | | | | | | | |
| Beginning of Year | | | 183,576,840 | | | | 146,217,110 | |
| End of Year | | $ | 237,332,718 | | | $ | 183,576,840 | |
| Share Transactions: | | | | | | | | |
| I Shares | | | | | | | | |
| Issued | | | 10,101,395 | | | | 7,114,757 | |
| Reinvestment of Dividends | | | 700,066 | | | | 442,665 | |
| Redeemed | | | (5,938,658 | ) | | | (2,456,489 | ) |
| Total Increase in I Shares | | | 4,862,803 | | | | 5,100,933 | |
| Class S Shares | | | | | | | | |
| Issued | | | 11,218 | | | | 6,826 | |
| Reinvestment of Dividends | | | 3,603 | | | | 3,246 | |
| Redeemed | | | (8,263 | ) | | | (11,727 | ) |
| Total Increase (Decrease) in Class S Shares | | | 6,558 | | | | (1,655 | ) |
| Net Increase in Shares Outstanding | | | 4,869,361 | | | | 5,099,278 | |
The accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS LONG/SHORT EQUITY FUND |
| STATEMENTS OF CHANGES IN NET ASSETS | | | | | | | | |
| | | | | | | | | |
| | | Year Ended October 31, 2024 | | | Year Ended October 31, 2023 | |
| Operations: | | | | | | | | |
| Net Investment Income | | $ | 2,889,259 | | | $ | 1,835,733 | |
| Net Realized Loss | | | (4,193,967 | ) | | | (1,379,637 | ) |
| Net Change in Unrealized Appreciation | | | 15,468,708 | | | | 687,606 | |
| Net Increase in Net Assets Resulting from Operations | | | 14,164,000 | | | | 1,143,702 | |
| | | | | | | | | |
| Distributions: | | | | | | | | |
| I Shares | | | (2,889,430 | ) | | | (6,209,796 | ) |
| Total Distributions | | | (2,889,430 | ) | | | (6,209,796 | ) |
| Capital Share Transactions: | | | | | | | | |
| I Shares | | | | | | | | |
| Issued | | | 50,919,625 | | | | 38,744,862 | |
| Reinvestment of Dividends | | | 2,001,896 | | | | 5,432,048 | |
| Redemption Fees — Note 2 | | | 4,903 | | | | 22,359 | |
| Redeemed | | | (16,819,759 | ) | | | (17,011,533 | ) |
| Net Increase in Net Assets from I Shares Transactions | | | 36,106,665 | | | | 27,187,736 | |
| Net Increase in Net Assets from Capital Share Transactions | | | 36,106,665 | | | | 27,187,736 | |
| Total Increase in Net Assets | | | 47,381,235 | | | | 22,121,642 | |
| Net Assets: | | | | | | | | |
| Beginning of Year | | | 88,623,891 | | | | 66,502,249 | |
| End of Year | | $ | 136,005,126 | | | $ | 88,623,891 | |
| Share Transactions: | | | | | | | | |
| I Shares | | | | | | | | |
| Issued | | | 4,544,779 | | | | 3,618,897 | |
| Reinvestment of Dividends | | | 176,646 | | | | 508,642 | |
| Redeemed | | | (1,496,819 | ) | | | (1,585,767 | ) |
| Total Increase in I Shares | | | 3,224,606 | | | | 2,541,772 | |
| Net Increase in Shares Outstanding | | | 3,224,606 | | | | 2,541,772 | |
The accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS LARGE CAP VALUE FUND |
| STATEMENTS OF CHANGES IN NET ASSETS | | | | | | | | |
| | | | | | | | | |
| | | Year Ended October 31, 2024 | | | Year Ended October 31, 2023 | |
| Operations: | | | | | | | | |
| Net Investment Income | | $ | 2,898,174 | | | $ | 1,990,105 | |
| Net Realized Gain (Loss) | | | 19,399,888 | | | | (1,791,802 | ) |
| Net Change in Unrealized Appreciation | | | 32,997,405 | | | | 4,140,670 | |
| Net Increase in Net Assets Resulting from Operations | | | 55,295,467 | | | | 4,338,973 | |
| | | | | | | | | |
| Distributions: | | | | | | | | |
| I Shares | | | (2,731,654 | ) | | | (7,985,420 | ) |
| Class S Shares | | | (6,794 | ) | | | (23,848 | ) |
| Total Distributions | | | (2,738,448 | ) | | | (8,009,268 | ) |
| Capital Share Transactions: | | | | | | | | |
| I Shares | | | | | | | | |
| Issued | | | 61,844,743 | | | | 42,929,276 | |
| Reinvestment of Dividends | | | 2,174,203 | | | | 7,461,753 | |
| Redemption Fees — Note 2 | | | 7,504 | | | | 111 | |
| Redeemed | | | (37,764,149 | ) | | | (28,655,193 | ) |
| Net Increase in Net Assets from I Shares Transactions | | | 26,262,301 | | | | 21,735,947 | |
| Class S Shares | | | | | | | | |
| Issued | | | 246,701 | | | | 31,084 | |
| Reinvestment of Dividends | | | 6,794 | | | | 23,848 | |
| Redeemed | | | (331,115 | ) | | | (35,582 | ) |
| Net Increase (Decrease) in Net Assets from Class S Shares Transactions | | | (77,620 | ) | | | 19,350 | |
| Net Increase in Net Assets from Capital Share Transactions | | | 26,184,681 | | | | 21,755,297 | |
| Total Increase in Net Assets | | | 78,741,700 | | | | 18,085,002 | |
| Net Assets: | | | | | | | | |
| Beginning of Year | | | 155,912,452 | | | | 137,827,450 | |
| End of Year | | $ | 234,654,152 | | | $ | 155,912,452 | |
| Share Transactions: | | | | | | | | |
| I Shares | | | | | | | | |
| Issued | | | 3,639,772 | | | | 3,025,710 | |
| Reinvestment of Dividends | | | 125,073 | | | | 543,528 | |
| Redeemed | | | (2,212,348 | ) | | | (2,018,615 | ) |
| Total Increase in I Shares | | | 1,552,497 | | | | 1,550,623 | |
| Class S Shares | | | | | | | | |
| Issued | | | 14,152 | | | | 2,192 | |
| Reinvestment of Dividends | | | 395 | | | | 1,737 | |
| Redeemed | | | (18,701 | ) | | | (2,519 | ) |
| Total Increase (Decrease) in Class S Shares | | | (4,154 | ) | | | 1,410 | |
| Net Increase in Shares Outstanding | | | 1,548,343 | | | | 1,552,033 | |
The accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS LARGE CAP GROWTH FUND |
| STATEMENTS OF CHANGES IN NET ASSETS | | | | | | | | |
| | | | | | | | | |
| | | Year Ended October 31, 2024 | | | Year Ended October 31, 2023 | |
| Operations: | | | | | | | | |
| Net Investment Income | | $ | 267,091 | | | $ | 263,727 | |
| Net Realized Gain (Loss) | | | 14,897,612 | | | | (11,378,974 | ) |
| Net Change in Unrealized Appreciation | | | 48,980,186 | | | | 31,364,146 | |
| Net Increase in Net Assets Resulting from Operations | | | 64,144,889 | | | | 20,248,899 | |
| | | | | | | | | |
| Distributions: | | | | | | | | |
| I Shares | | | (283,620 | ) | | | (181,915 | ) |
| Class S Shares | | | (1,082 | ) | | | (1,179 | ) |
| Total Distributions | | | (284,702 | ) | | | (183,094 | ) |
| Return of Capital: | | | | | | | | |
| I Shares | | | — | | | | (51,708 | ) |
| Class S Shares | | | — | | | | (335 | ) |
| Total Return of Capital | | | — | | | | (52,043 | ) |
| Capital Share Transactions: | | | | | | | | |
| I Shares | | | | | | | | |
| Issued | | | 54,888,494 | | | | 42,298,052 | |
| Reinvestment of Dividends | | | 215,704 | | | | 169,612 | |
| Redemption Fees — Note 2 | | | 3,334 | | | | 624 | |
| Redeemed | | | (45,284,717 | ) | | | (23,409,495 | ) |
| Net Increase in Net Assets from I Shares Transactions | | | 9,822,815 | | | | 19,058,793 | |
| Class S Shares | | | | | | | | |
| Issued | | | 320,413 | | | | 297,361 | |
| Reinvestment of Dividends | | | 1,082 | | | | 1,513 | |
| Redeemed | | | (135,337 | ) | | | (149,635 | ) |
| Net Increase in Net Assets from Class S Shares Transactions | | | 186,158 | | | | 149,239 | |
| Net Increase in Net Assets from Capital Share Transactions | | | 10,008,973 | | | | 19,208,032 | |
| Total Increase in Net Assets | | | 73,869,160 | | | | 39,221,794 | |
| Net Assets: | | | | | | | | |
| Beginning of Year | | | 156,801,046 | | | | 117,579,252 | |
| End of Year | | $ | 230,670,206 | | | $ | 156,801,046 | |
| Share Transactions: | | | | | | | | |
| I Shares | | | | | | | | |
| Issued | | | 3,004,415 | | | | 3,097,458 | |
| Reinvestment of Dividends | | | 11,425 | | | | 12,476 | |
| Redeemed | | | (2,475,410 | ) | | | (1,726,929 | ) |
| Total Increase in I Shares | | | 540,430 | | | | 1,383,005 | |
| Class S Shares | | | | | | | | |
| Issued | | | 17,389 | | | | 21,725 | |
| Reinvestment of Dividends | | | 58 | | | | 111 | |
| Redeemed | | | (7,313 | ) | | | (10,614 | ) |
| Total Increase in Class S Shares | | | 10,134 | | | | 11,222 | |
| Net Increase in Shares Outstanding | | | 550,564 | | | | 1,394,227 | |
Amounts designated as “—” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS SMALL CAP FUND |
| STATEMENTS OF CHANGES IN NET ASSETS | | | | | | | | |
| | | | | | | | | |
| | | Year Ended October 31, 2024 | | | Year Ended October 31, 2023 | |
| Operations: | | | | | | | | |
| Net Investment Income | | $ | 610,998 | | | $ | 817,414 | |
| Net Realized Gain | | | 11,739,469 | | | | 1,950,856 | |
| Net Change in Unrealized Appreciation (Depreciation) | | | 28,623,128 | | | | (6,200,289 | ) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | | | 40,973,595 | | | | (3,432,019 | ) |
| | | | | | | | | |
| Distributions: | | | | | | | | |
| I Shares | | | (2,741,725 | ) | | | (2,112,950 | ) |
| Class S Shares | | | (1,321 | ) | | | (983 | ) |
| Total Distributions | | | (2,743,046 | ) | | | (2,113,933 | ) |
| Capital Share Transactions: | | | | | | | | |
| I Shares | | | | | | | | |
| Issued | | | 27,481,811 | | | | 22,244,150 | |
| Reinvestment of Dividends | | | 2,574,263 | | | | 1,947,062 | |
| Redemption Fees — Note 2 | | | 2,368 | | | | 313 | |
| Redeemed | | | (39,147,812 | ) | | | (17,911,766 | ) |
| Net Increase (Decrease) in Net Assets from I Shares Transactions | | | (9,089,370 | ) | | | 6,279,759 | |
| Class S Shares | | | | | | | | |
| Issued | | | 20,882 | | | | 11,215 | |
| Reinvestment of Dividends | | | 1,321 | | | | 983 | |
| Redeemed | | | (2,228 | ) | | | (10,255 | ) |
| Net Increase in Net Assets from Class S Shares Transactions | | | 19,975 | | | | 1,943 | |
| Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | (9,069,395 | ) | | | 6,281,702 | |
| Total Increase in Net Assets | | | 29,161,154 | | | | 735,750 | |
| Net Assets: | | | | | | | | |
| Beginning of Year | | | 123,185,976 | | | | 122,450,226 | |
| End of Year | | $ | 152,347,130 | | | $ | 123,185,976 | |
| Share Transactions: | | | | | | | | |
| I Shares | | | | | | | | |
| Issued | | | 2,127,066 | | | | 1,948,693 | |
| Reinvestment of Dividends | | | 203,917 | | | | 176,283 | |
| Redeemed | | | (2,874,133 | ) | | | (1,573,063 | ) |
| Total Increase (Decrease) in I Shares | | | (543,150 | ) | | | 551,913 | |
| Class S Shares | | | | | | | | |
| Issued | | | 1,614 | | | | 986 | |
| Reinvestment of Dividends | | | 105 | | | | 90 | |
| Redeemed | | | (168 | ) | | | (935 | ) |
| Total Increase in Class S Shares | | | 1,551 | | | | 141 | |
| Net Increase (Decrease) in Shares Outstanding | | | (541,599 | ) | | | 552,054 | |
The accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS U.S. ALL CAP INDEX FUND |
| STATEMENTS OF CHANGES IN NET ASSETS | | | | | | | | |
| | | | | | | | | |
| | | Year Ended October 31, 2024 | | | Year Ended October 31, 2023 | |
| Operations: | | | | | | | | |
| Net Investment Income | | $ | 1,841,253 | | | $ | 1,229,262 | |
| Net Realized Gain | | | 2,800,801 | | | | 756,706 | |
| Net Change in Unrealized Appreciation | | | 41,759,430 | | | | 4,411,374 | |
| Net Increase in Net Assets Resulting from Operations | | | 46,401,484 | | | | 6,397,342 | |
| | | | | | | | | |
| Distributions: | | | | | | | | |
| I Shares | | | (2,562,667 | ) | | | (1,249,872 | ) |
| Total Distributions | | | (2,562,667 | ) | | | (1,249,872 | ) |
| Capital Share Transactions: | | | | | | | | |
| I Shares | | | | | | | | |
| Issued | | | 69,027,416 | | | | 42,234,673 | |
| Reinvestment of Dividends | | | 2,282,541 | | | | 1,069,578 | |
| Redemption Fees — Note 2 | | | 23,929 | | | | 256 | |
| Redeemed | | | (31,166,173 | ) | | | (8,757,131 | ) |
| Net Increase in Net Assets from I Shares Transactions | | | 40,167,713 | | | | 34,547,376 | |
| Net Increase in Net Assets from Capital Share Transactions | | | 40,167,713 | | | | 34,547,376 | |
| Total Increase in Net Assets | | | 84,006,530 | | | | 39,694,846 | |
| Net Assets: | | | | | | | | |
| Beginning of Year | | | 104,049,490 | | | | 64,354,644 | |
| End of Year | | $ | 188,056,020 | | | $ | 104,049,490 | |
| Share Transactions: | | | | | | | | |
| I Shares | | | | | | | | |
| Issued | | | 4,356,395 | | | | 3,287,829 | |
| Reinvestment of Dividends | | | 144,374 | | | | 84,501 | |
| Redeemed | | | (1,941,413 | ) | | | (681,759 | ) |
| Total Increase in I Shares | | | 2,559,356 | | | | 2,690,571 | |
| Net Increase in Shares Outstanding | | | 2,559,356 | | | | 2,690,571 | |
The accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS REAL ESTATE FUND |
| STATEMENTS OF CHANGES IN NET ASSETS | | | | | | | | |
| | | | | | | | | |
| | | Year Ended October 31, 2024 | | | Year Ended October 31, 2023 | |
| Operations: | | | | | | | | |
| Net Investment Income | | $ | 3,083,038 | | | $ | 2,265,883 | |
| Net Realized Loss | | | (11,202,418 | ) | | | (13,878,263 | ) |
| Net Change in Unrealized Appreciation (Depreciation) | | | 46,527,832 | | | | (288,064 | ) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | | | 38,408,452 | | | | (11,900,444 | ) |
| | | | | | | | | |
| Distributions: | | | | | | | | |
| I Shares | | | (2,624,538 | ) | | | (12,733,015 | ) |
| Total Distributions | | | (2,624,538 | ) | | | (12,733,015 | ) |
| Return of Capital: | | | | | | | | |
| I Shares | | | (420,094 | ) | | | (272,941 | ) |
| Total Return of Capital | | | (420,094 | ) | | | (272,941 | ) |
| Capital Share Transactions: | | | | | | | | |
| I Shares | | | | | | | | |
| Issued | | | 24,314,588 | | | | 16,519,674 | |
| Reinvestment of Dividends | | | 2,686,146 | | | | 12,636,835 | |
| Redemption Fees — Note 2 | | | 4,617 | | | | — | |
| Redeemed | | | (28,937,266 | ) | | | (6,036,741 | ) |
| Net Increase (Decrease) in Net Assets from I Shares Transactions | | | (1,931,915 | ) | | | 23,119,768 | |
| Net Increase (Decrease) in Net Assets from Capital Share Transactions | | | (1,931,915 | ) | | | 23,119,768 | |
| Total Increase (Decrease) in Net Assets | | | 33,431,905 | | | | (1,786,632 | ) |
| Net Assets: | | | | | | | | |
| Beginning of Year | | | 118,750,452 | | | | 120,537,084 | |
| End of Year | | $ | 152,182,357 | | | $ | 118,750,452 | |
| Share Transactions: | | | | | | | | |
| I Shares | | | | | | | | |
| Issued | | | 3,074,778 | | | | 2,116,442 | |
| Reinvestment of Dividends | | | 327,434 | | | | 1,646,099 | |
| Redeemed | | | (3,372,453 | ) | | | (782,248 | ) |
| Total Increase in I Shares | | | 29,759 | | | | 2,980,293 | |
| Net Increase in Shares Outstanding | | | 29,759 | | | | 2,980,293 | |
Amounts designated as “—” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS INTERNATIONAL EQUITY FUND |
| STATEMENTS OF CHANGES IN NET ASSETS | | | | | | | | |
| | | | | | | | | |
| | | Year Ended October 31, 2024 | | | | Year Ended October 31, 2023 | |
| Operations: | | | | | | | | |
| Net Investment Income | | $ | 3,598,467 | | | $ | 2,915,701 | |
| Net Realized Gain (Loss) | | | 1,178,624 | | | | (5,311,592 | ) |
| Net Change in Unrealized Appreciation | | | 32,110,161 | | | | 16,405,578 | |
| Net Increase in Net Assets Resulting from Operations | | | 36,887,252 | | | | 14,009,687 | |
| Distributions: | | | | | | | | |
| I Shares | | | (3,886,052 | ) | | | (2,581,037 | ) |
| Class S Shares | | | (2,661 | ) | | | (2,707 | ) |
| Total Distributions | | | (3,888,713 | ) | | | (2,583,744 | ) |
| Capital Share Transactions: | | | | | | | | |
| I Shares | | | | | | | | |
| Issued | | | 55,605,128 | | | | 30,332,140 | |
| Reinvestment of Dividends | | | 3,374,654 | | | | 2,187,816 | |
| Redemption Fees — Note 2 | | | 4,732 | | | | 381 | |
| Redeemed | | | (45,037,046 | ) | | | (17,102,686 | ) |
| Net Increase in Net Assets from I Shares Transactions | | | 13,947,468 | | | | 15,417,651 | |
| Class S Shares | | | | | | | | |
| Issued | | | 13,501 | | | | 14,208 | |
| Reinvestment of Dividends | | | 2,661 | | | | 2,707 | |
| Redeemed | | | (84,485 | ) | | | (10,248 | ) |
| Net Increase (Decrease) in Net Assets from Class S Shares Transactions | | | (68,323 | ) | | | 6,667 | |
| Net Increase in Net Assets from Capital Share Transactions | | | 13,879,145 | | | | 15,424,318 | |
| Total Increase in Net Assets | | | 46,877,684 | | | | 26,850,261 | |
| Net Assets: | | | | | | | | |
| Beginning of Year | | | 149,306,325 | | | | 122,456,064 | |
| End of Year | | $ | 196,184,009 | | | $ | 149,306,325 | |
| Share Transactions: | | | | | | | | |
| I Shares | | | | | | | | |
| Issued | | | 4,457,410 | | | | 2,798,157 | |
| Reinvestment of Dividends | | | 270,095 | | | | 197,480 | |
| Redeemed | | | (3,571,781 | ) | | | (1,552,292 | ) |
| Total Increase in I Shares | | | 1,155,724 | | | | 1,443,345 | |
| Class S Shares | | | | | | | | |
| Issued | | | 1,097 | | | | 1,303 | |
| Reinvestment of Dividends | | | 216 | | | | 245 | |
| Redeemed | | | (6,820 | ) | | | (948 | ) |
| Total Increase (Decrease) in Class S Shares | | | (5,507 | ) | | | 600 | |
| Net Increase in Shares Outstanding | | | 1,150,217 | | | | 1,443,945 | |
The accompanying notes are an integral part of the financial statements.
(This page intentionally left blank)
| THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS |
| FINANCIAL HIGHLIGHTS | |
| | Selected Per Share Data & Ratios |
| | For a Share Outstanding Throughout Each Year or Period |
| | | | Net Asset Value, Beginning of Period | | | Net Investment Income (Loss)* | | | Net Realized and Unrealized Gain (Loss) on Investments | | | Total from Operations | | | Distributions from Net Investment Income | | | Distributions from Net Realized Capital Gains | | | Return of Capital | | | Total Distributions | | | Redemption Fees** | | | Net Asset Value, End of Period | | | Total Return† | | | Net Assets, End of Period (000) | | | Ratio of Expenses to Average Net Assets (including waivers and reimbursements) | | | Ratio of Expenses to Average Net Assets (excluding waivers and reimbursements) | | | Ratio of Net Investment Income (Loss) to Average Net Assets | | | Portfolio Turnover Rate† | |
| Limited Duration Fund‡ | |
| I Shares^(1) | |
| 2024 | | | $ | 9.50 | | | $ | 0.39 | | | $ | 0.18 | | | $ | 0.57 | | | $ | (0.37 | ) | | $ | – | | | $ | – | | | $ | (0.37 | ) | | $ | – | # | | $ | 9.70 | | | 6.11 | % | | $ | 181,825 | | | | 0.50 | % | | 0.58 | % | | 3.99 | % | | 82 | % |
| 2023 | | | $ | 9.41 | | | $ | 0.26 | | | $ | 0.06 | | | $ | 0.32 | | | $ | (0.23 | ) | | $ | – | | | $ | – | | | $ | (0.23 | ) | | $ | – | # | | $ | 9.50 | | | 3.46 | % | | $ | 183,690 | | | | 0.50 | % | | 0.62 | % | | 2.69 | % | | 50 | % |
| 2022 | | | $ | 10.02 | | | $ | 0.12 | | | $ | (0.61 | ) | | $ | (0.49 | ) | | $ | (0.11 | ) | | $ | (0.01 | ) | | $ | – | | | $ | (0.12 | ) | | $ | – | # | | $ | 9.41 | | | (4.94 | )% | | $ | 142,559 | | | | 0.50 | % | | 0.66 | % | | 1.22 | % | | 46 | % |
| 2021 | | | $ | 10.09 | | | $ | 0.11 | | | $ | (0.07 | ) | | $ | 0.04 | | | $ | (0.11 | ) | | $ | – | | | $ | – | | | $ | (0.11 | ) | | $ | – | # | | $ | 10.02 | | | 0.43 | % | | $ | 139,004 | | | | 0.50 | % | | 0.71 | % | | 1.05 | % | | 59 | % |
| 2020 | | | $ | 10.00 | | | $ | 0.20 | | | $ | 0.10 | | | $ | 0.30 | | | $ | (0.21 | ) | | $ | – | | | $ | – | | | $ | (0.21 | ) | | $ | – | | | $ | 10.09 | | | 3.00 | % | | $ | 118,637 | | | | 0.50 | % | | 0.80 | % | | 1.96 | % | | 49 | % |
| Class S Shares |
| 2024 | | | $ | 9.50 | | | $ | 0.36 | | | $ | 0.20 | | | $ | 0.56 | | | $ | (0.36 | ) | | $ | – | | | $ | – | | | $ | (0.36 | ) | | $ | – | | | $ | 9.70 | | | 5.98 | % | | $ | 68 | | | | 0.60 | % | | 0.68 | % | | 3.73 | % | | 82 | % |
| 2023 | | | $ | 9.41 | | | $ | 0.24 | | | $ | 0.07 | | | $ | 0.31 | | | $ | (0.22 | ) | | $ | – | | | $ | – | | | $ | (0.22 | ) | | $ | – | | | $ | 9.50 | | | 3.36 | % | | $ | 230 | | | | 0.60 | % | | 0.72 | % | | 2.55 | % | | 50 | % |
| 2022 | | | $ | 10.02 | | | $ | 0.11 | | | $ | (0.61 | ) | | $ | (0.50 | ) | | $ | (0.10 | ) | | $ | (0.01 | ) | | $ | – | | | $ | (0.11 | ) | | $ | – | | | $ | 9.41 | | | (5.03 | )% | | $ | 213 | | | | 0.60 | % | | 0.76 | % | | 1.13 | % | | 46 | % |
| 2021 | | | $ | 10.09 | | | $ | 0.10 | | | $ | (0.07 | ) | | $ | 0.03 | | | $ | (0.10 | ) | | $ | – | | | $ | – | | | $ | (0.10 | ) | | $ | – | | | $ | 10.02 | | | 0.33 | % | | $ | 79 | | | | 0.60 | % | | 0.81 | % | | 0.97 | % | | 59 | % |
| 2020 | | | $ | 10.00 | | | $ | 0.18 | | | $ | 0.11 | | | $ | 0.29 | | | $ | (0.20 | ) | | $ | – | | | $ | – | | | $ | (0.20 | ) | | $ | – | | | $ | 10.09 | | | 2.91 | % | | $ | 77 | | | | 0.60 | % | | 0.91 | % | | 1.76 | % | | 49 | % |
| Core Bond Fund |
| I Shares^(1) |
| 2024 | | | $ | 8.22 | | | $ | 0.33 | | | $ | 0.48 | | | $ | 0.81 | | | $ | (0.31 | ) | | $ | – | | | $ | – | | | $ | (0.31 | ) | | $ | – | # | | $ | 8.72 | | | 9.92 | % | | $ | 236,382 | | | | 0.50 | % | | 0.58 | % | | 3.80 | % | | 48 | % |
| 2023 | | | $ | 8.48 | | | $ | 0.28 | | | $ | (0.27 | ) | | $ | 0.01 | | | $ | (0.27 | ) | | $ | – | | | $ | – | | | $ | (0.27 | ) | | $ | – | # | | $ | 8.22 | | | 0.04 | % | | $ | 182,735 | | | | 0.50 | % | | 0.62 | % | | 3.27 | % | | 19 | % |
| 2022 | | | $ | 10.43 | | | $ | 0.23 | | | $ | (1.95 | ) | | $ | (1.72 | ) | | $ | (0.23 | ) | | $ | – | | | $ | – | | | $ | (0.23 | ) | | $ | – | # | | $ | 8.48 | | | (16.68 | )% | | $ | 145,334 | | | | 0.50 | % | | 0.66 | % | | 2.48 | % | | 50 | % |
| 2021 | | | $ | 10.61 | | | $ | 0.23 | | | $ | (0.11 | ) | | $ | 0.12 | | | $ | (0.24 | ) | | $ | (0.06 | ) | | $ | – | | | $ | (0.30 | ) | | $ | – | # | | $ | 10.43 | | | 1.12 | % | | $ | 136,400 | | | | 0.50 | % | | 0.71 | % | | 2.17 | % | | 24 | % |
| 2020 | | | $ | 10.34 | | | $ | 0.26 | | | $ | 0.30 | | | $ | 0.56 | | | $ | (0.29 | ) | | $ | – | | | $ | – | | | $ | (0.29 | ) | | $ | – | | | $ | 10.61 | | | 5.50 | % | | $ | 107,887 | | | | 0.50 | % | | 0.80 | % | | 2.49 | % | | 39 | % |
| Class S Shares |
| 2024 | | | $ | 8.21 | | | $ | 0.32 | | | $ | 0.48 | | | $ | 0.80 | | | $ | (0.30 | ) | | $ | – | | | $ | – | | | $ | (0.30 | ) | | $ | – | | | $ | 8.71 | | | 9.83 | % | | $ | 951 | | | | 0.60 | % | | 0.68 | % | | 3.69 | % | | 48 | % |
| 2023 | | | $ | 8.48 | | | $ | 0.27 | | | $ | (0.28 | ) | | $ | (0.01 | ) | | $ | (0.26 | ) | | $ | – | | | $ | – | | | $ | (0.26 | ) | | $ | – | | | $ | 8.21 | | | (0.18 | )% | | $ | 842 | | | | 0.60 | % | | 0.72 | % | | 3.15 | % | | 19 | % |
| 2022 | | | $ | 10.41 | | | $ | 0.22 | | | $ | (1.93 | ) | | $ | (1.71 | ) | | $ | (0.22 | ) | | $ | – | | | $ | – | | | $ | (0.22 | ) | | $ | – | | | $ | 8.48 | | | (16.60 | )% | | $ | 883 | | | | 0.60 | % | | 0.76 | % | | 2.35 | % | | 50 | % |
| 2021 | | | $ | 10.60 | | | $ | 0.22 | | | $ | (0.12 | ) | | $ | 0.10 | | | $ | (0.23 | ) | | $ | (0.06 | ) | | $ | – | | | $ | (0.29 | ) | | $ | – | | | $ | 10.41 | | | 0.92 | % | | $ | 1,155 | | | | 0.60 | % | | 0.82 | % | | 2.07 | % | | 24 | % |
| 2020 | | | $ | 10.33 | | | $ | 0.25 | | | $ | 0.30 | | | $ | 0.55 | | | $ | (0.28 | ) | | $ | – | | | $ | – | | | $ | (0.28 | ) | | $ | – | | | $ | 10.60 | | | 5.40 | % | | $ | 1,093 | | | | 0.60 | % | | 0.90 | % | | 2.39 | % | | 39 | % |
| Long/Short Equity Fund |
| I Shares |
| 2024 | | | $ | 10.54 | | | $ | 0.29 | | | $ | 1.14 | | | $ | 1.43 | | | $ | (0.28 | ) | | $ | – | | | $ | – | | | $ | (0.28 | ) | | $ | – | # | | $ | 11.69 | | | 13.72 | % | | $ | 136,005 | | | | 1.85 | %(2)(3) | | 1.81 | %(3) | | 2.55 | %(3) | | 51 | % |
| 2023 | | | $ | 11.33 | | | $ | 0.25 | | | $ | (0.09 | ) | | $ | 0.16 | | | $ | (0.23 | ) | | $ | (0.72 | ) | | $ | – | | | $ | (0.95 | ) | | $ | – | # | | $ | 10.54 | | | 1.52 | % | | $ | 88,624 | | | | 2.03 | %(2)(4) | | 2.05 | % | | 2.38 | % | | 119 | % |
| 2022 | | | $ | 9.66 | | | $ | 0.05 | | | $ | 1.64 | | | $ | 1.69 | | | $ | (0.02 | ) | | $ | – | | | $ | – | | | $ | (0.02 | ) | | $ | – | # | | $ | 11.33 | | | 17.55 | % | | $ | 66,502 | | | | 2.06 | %(4) | | 2.15 | % | | 0.45 | % | | 128 | % |
| 2021 | | | $ | 8.61 | | | $ | (0.10 | ) | | $ | 1.15 | | | $ | 1.05 | | | $ | – | | | $ | – | | | $ | – | | | $ | – | | | $ | – | # | | $ | 9.66 | | | 12.20 | % | | $ | 33,305 | | | | 2.28 | %(5) | | 2.65 | %(5) | | (1.06 | )%(5) | | 97 | % |
| 2020(6) | | | $ | 10.00 | | | $ | (0.03 | ) | | $ | (1.35 | ) | | $ | (1.38 | ) | | $ | – | | | $ | – | | | $ | (0.01 | ) | | $ | (0.01 | ) | | $ | – | | | $ | 8.61 | | | (13.78 | )% | | $ | 20,942 | | | | 1.73 | %(7) | | 2.40 | %(7) | | (0.35 | )%(7) | | 114 | % |
| Large Cap Value Fund |
| I Shares^(1) |
| 2024 | | | $ | 13.93 | | | $ | 0.24 | | | $ | 4.47 | | | $ | 4.71 | | | $ | (0.23 | ) | | $ | – | | | $ | – | | | $ | (0.23 | ) | | $ | – | # | | $ | 18.41 | | | 33.92 | % | | $ | 234,165 | | | | 0.76 | % | | 0.76 | % | | 1.43 | % | | 36 | % |
| 2023 | | | $ | 14.29 | | | $ | 0.19 | | | $ | 0.26 | | | $ | 0.45 | | | $ | (0.19 | ) | | $ | (0.62 | ) | | $ | – | | | $ | (0.81 | ) | | $ | – | # | | $ | 13.93 | | | 3.30 | % | | $ | 155,484 | | | | 0.90 | %(2) | | 0.81 | % | | 1.34 | % | | 37 | % |
| 2022 | | | $ | 16.26 | | | $ | 0.17 | | | $ | (1.21 | ) | | $ | (1.04 | ) | | $ | (0.16 | ) | | $ | (0.77 | ) | | $ | – | | | $ | (0.93 | ) | | $ | – | # | | $ | 14.29 | | | (6.73 | )% | | $ | 137,408 | | | | 0.90 | %(2) | | 0.84 | % | | 1.15 | % | | 36 | % |
| 2021 | | | $ | 11.22 | | | $ | 0.11 | | | $ | 5.06 | | | $ | 5.17 | | | $ | (0.13 | ) | | $ | – | | | $ | – | | | $ | (0.13 | ) | | $ | – | # | | $ | 16.26 | | | 46.23 | % | | $ | 125,076 | | | | 0.90 | % | | 0.90 | % | | 0.75 | % | | 24 | % |
| 2020 | | | $ | 12.63 | | | $ | 0.17 | | | $ | (1.17 | ) | | $ | (1.00 | ) | | $ | (0.17 | ) | | $ | (0.24 | ) | | $ | – | | | $ | (0.41 | ) | | $ | – | | | $ | 11.22 | | | (8.19 | )% | | $ | 70,842 | | | | 0.90 | % | | 1.03 | % | | 1.49 | % | | 68 | % |
| Class S Shares |
| 2024 | | | $ | 13.93 | | | $ | 0.23 | | | $ | 4.46 | | | $ | 4.69 | | | $ | (0.21 | ) | | $ | – | | | $ | – | | | $ | (0.21 | ) | | $ | – | | | $ | 18.41 | | | 33.79 | % | | $ | 489 | | | | 0.86 | % | | 0.86 | % | | 1.34 | % | | 36 | % |
| 2023 | | | $ | 14.29 | | | $ | 0.18 | | | $ | 0.25 | | | $ | 0.43 | | | $ | (0.17 | ) | | $ | (0.62 | ) | | $ | – | | | $ | (0.79 | ) | | $ | – | | | $ | 13.93 | | | 3.20 | % | | $ | 428 | | | | 1.00 | %(2) | | 0.91 | % | | 1.25 | % | | 37 | % |
| 2022 | | | $ | 16.26 | | | $ | 0.16 | | | $ | (1.22 | ) | | $ | (1.06 | ) | | $ | (0.14 | ) | | $ | (0.77 | ) | | $ | – | | | $ | (0.91 | ) | | $ | – | | | $ | 14.29 | | | (6.83 | )% | | $ | 419 | | | | 1.00 | %(2) | | 0.94 | % | | 1.05 | % | | 36 | % |
| 2021 | | | $ | 11.22 | | | $ | 0.10 | | | $ | 5.06 | | | $ | 5.16 | | | $ | (0.12 | ) | | $ | – | | | $ | – | | | $ | (0.12 | ) | | $ | – | | | $ | 16.26 | | | 46.09 | % | | $ | 478 | | | | 1.00 | % | | 1.00 | % | | 0.67 | % | | 24 | % |
| 2020 | | | $ | 12.63 | | | $ | 0.16 | | | $ | (1.17 | ) | | $ | (1.01 | ) | | $ | (0.16 | ) | | $ | (0.24 | ) | | $ | – | | | $ | (0.40 | ) | | $ | – | | | $ | 11.22 | | | (8.28 | )% | | $ | 312 | | | | 1.00 | % | | 1.13 | % | | 1.38 | % | | 68 | % |
| Large Cap Growth Fund |
| I Shares^(1) |
| 2024 | | | $ | 14.31 | | | $ | 0.02 | | | $ | 5.74 | | | $ | 5.76 | | | $ | (0.03 | ) | | $ | – | | | $ | – | | | $ | (0.03 | ) | | $ | – | # | | $ | 20.04 | | | 40.23 | % | | $ | 228,349 | | | | 0.76 | % | | 0.76 | % | | 0.13 | % | | 44 | % |
| 2023 | | | $ | 12.29 | | | $ | 0.03 | | | $ | 2.01 | | | $ | 2.04 | | | $ | (0.01 | ) | | $ | – | | | $ | (0.01 | ) | | $ | (0.02 | ) | | $ | – | # | | $ | 14.31 | | | 16.63 | % | | $ | 155,288 | | | | 0.90 | %(2) | | 0.81 | % | | 0.19 | % | | 44 | % |
| 2022 | | | $ | 19.58 | | | $ | (0.02 | ) | | $ | (4.85 | ) | | $ | (4.87 | ) | | $ | – | | | $ | (2.42 | ) | | $ | – | # | | $ | (2.42 | ) | | $ | – | # | | $ | 12.29 | | | (28.36 | )% | | $ | 116,416 | | | | 0.90 | %(2) | | 0.87 | % | | (0.15 | )% | | 38 | % |
| 2021 | | | $ | 15.42 | | | $ | (0.05 | ) | | $ | 5.14 | | | $ | 5.09 | | | $ | – | | | $ | (0.93 | ) | | $ | – | | | $ | (0.93 | ) | | $ | – | # | | $ | 19.58 | | | 34.10 | % | | $ | 138,704 | | | | 0.90 | % | | 0.89 | % | | (0.28 | )% | | 78 | % |
| 2020 | | | $ | 12.89 | | | $ | (0.01 | ) | | $ | 3.22 | | | $ | 3.21 | | | $ | – | # | | $ | (0.68 | ) | | $ | – | | | $ | (0.68 | ) | | $ | – | | | $ | 15.42 | | | 25.83 | % | | $ | 88,825 | | | | 0.90 | % | | 1.00 | % | | (0.09 | )% | | 93 | % |
| Class S Shares |
| 2024 | | | $ | 14.23 | | | $ | 0.01 | | | $ | 5.69 | | | $ | 5.70 | | | $ | (0.01 | ) | | $ | – | | | $ | – | # | | $ | (0.01 | ) | | $ | – | | | $ | 19.92 | | | 40.06 | % | | $ | 2,321 | | | | 0.86 | % | | 0.86 | % | | 0.03 | % | | 44 | % |
| 2023 | | | $ | 12.23 | | | $ | 0.01 | | | $ | 2.01 | | | $ | 2.02 | | | $ | (0.02 | ) | | $ | – | | | $ | – | # | | $ | (0.02 | ) | | $ | – | | | $ | 14.23 | | | 16.49 | % | | $ | 1,513 | | | | 1.00 | %(2) | | 0.91 | % | | 0.09 | % | | 44 | % |
| 2022 | | | $ | 19.50 | | | $ | (0.04 | ) | | $ | (4.81 | ) | | $ | (4.85 | ) | | $ | – | | | $ | (2.42 | ) | | $ | – | # | | $ | (2.42 | ) | | $ | – | | | $ | 12.23 | | | (28.39 | )% | | $ | 1,163 | | | | 1.00 | %(2) | | 0.97 | % | | (0.26 | )% | | 38 | % |
| 2021 | | | $ | 15.38 | | | $ | (0.07 | ) | | $ | 5.12 | | | $ | 5.05 | | | $ | – | | | $ | (0.93 | ) | | $ | – | | | $ | (0.93 | ) | | $ | – | | | $ | 19.50 | | | 33.93 | % | | $ | 1,625 | | | | 1.00 | % | | 0.99 | % | | (0.37 | )% | | 78 | % |
| 2020 | | | $ | 12.87 | | | $ | (0.03 | ) | | $ | 3.22 | | | $ | 3.19 | | | $ | – | | | $ | (0.68 | ) | | $ | – | | | $ | (0.68 | ) | | $ | – | | | $ | 15.38 | | | 25.71 | % | | $ | 1,470 | | | | 1.00 | % | | 1.10 | % | | (0.20 | )% | | 93 | % |
The accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS |
| FINANCIAL HIGHLIGHTS | |
| | Selected Per Share Data & Ratios |
| | For a Share Outstanding Throughout Each Year or Period |
| | | | Net Asset Value, Beginning of Period | | | Net Investment Income (Loss)* | | | Net Realized and Unrealized Gain (Loss) on Investments | | | Total from Operations | | | Distributions from Net Investment Income | | | Distributions from Net Realized Capital Gains | | | Return of Capital | | | Total Distributions | | | Redemption Fees** | | | Net Asset Value, End of Period | | | Total Return† | | | Net Assets, End of Period (000) | | | Ratio of Expenses to Average Net Assets (including waivers and reimbursements) | | | Ratio of Expenses to Average Net Assets (excluding waivers and reimbursements) | | | Ratio of Net Investment Income (Loss) to Average Net Assets | | | Portfolio Turnover Rate† | |
| Small Cap Fund†† | |
| I Shares^(1) |
| 2024 | | | $ | 10.82 | | | $ | 0.05 | | | $ | 3.40 | | | $ | 3.45 | | | $ | (0.08 | ) | | $ | (0.15 | ) | | $ | – | | | $ | (0.23 | ) | | $ | – | # | | $ | 14.04 | | | | 32.20 | % | | $ | 152,247 | | | 0.90 | % | | 0.90 | % | | 0.40 | % | | 71 | % |
| 2023 | | | $ | 11.30 | | | $ | 0.07 | | | $ | (0.36 | ) | | $ | (0.29 | ) | | $ | (0.10 | ) | | $ | (0.09 | ) | | $ | – | | | $ | (0.19 | ) | | $ | – | # | | $ | 10.82 | | | | (2.58 | )% | | $ | 123,126 | | | 0.98 | %(2) | | 0.94 | % | | 0.64 | % | | 49 | % |
| 2022 | | | $ | 15.54 | | | $ | 0.03 | | | $ | (2.65 | ) | | $ | (2.62 | ) | | $ | (0.03 | ) | | $ | (1.59 | ) | | $ | – | | | $ | (1.62 | ) | | $ | – | # | | $ | 11.30 | | | | (18.59 | )% | | $ | 122,389 | | | 1.05 | %(2) | | 0.97 | % | | 0.23 | % | | 38 | % |
| 2021 | | | $ | 10.04 | | | $ | (0.05 | ) | | $ | 5.55 | | | $ | 5.50 | | | $ | – | | | $ | – | | | $ | – | | | $ | – | | | $ | – | # | | $ | 15.54 | | | | 54.78 | % | | $ | 129,178 | | | 1.05 | % | | 1.02 | % | | (0.32 | )% | | 61 | % |
| 2020 | | | $ | 10.49 | | | $ | (0.02 | ) | | $ | (0.43 | ) | | $ | (0.45 | ) | | $ | – | | | $ | – | | | $ | – | | | $ | – | | | $ | – | | | $ | 10.04 | | | | (4.29 | )% | | $ | 81,052 | | | 1.05 | % | | 1.14 | % | | (0.16 | )% | | 107 | % |
| Class S Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2024 | | | $ | 10.77 | | | $ | 0.04 | | | $ | 3.38 | | | $ | 3.42 | | | $ | (0.07 | ) | | $ | (0.15 | ) | | $ | – | | | $ | (0.22 | ) | | $ | – | | | $ | 13.97 | | | | 32.07 | % | | $ | 100 | | | 1.00 | % | | 1.00 | % | | 0.27 | % | | 71 | % |
| 2023 | | | $ | 11.25 | | | $ | 0.06 | | | $ | (0.36 | ) | | $ | (0.30 | ) | | $ | (0.09 | ) | | $ | (0.09 | ) | | $ | – | | | $ | (0.18 | ) | | $ | – | | | $ | 10.77 | | | | (2.69 | )% | | $ | 60 | | | 1.08 | %(2) | | 1.04 | % | | 0.54 | % | | 49 | % |
| 2022 | | | $ | 15.47 | | | $ | 0.01 | | | $ | (2.62 | ) | | $ | (2.61 | ) | | $ | (0.02 | ) | | $ | (1.59 | ) | | $ | – | | | $ | (1.61 | ) | | $ | – | # | | $ | 11.25 | | | | (18.61 | )% | | $ | 61 | | | 1.13 | %(2) | | 1.05 | % | | 0.06 | % | | 38 | % |
| 2021 | | | $ | 10.01 | | | $ | (0.06 | ) | | $ | 5.52 | | | $ | 5.46 | | | $ | – | | | $ | – | | | $ | – | | | $ | – | | | $ | – | | | $ | 15.47 | | | | 54.55 | % | | $ | 740 | | | 1.15 | % | | 1.12 | % | | (0.43 | )% | | 61 | % |
| 2020 | | | $ | 10.47 | | | $ | (0.03 | ) | | $ | (0.43 | ) | | $ | (0.46 | ) | | $ | – | | | $ | – | | | $ | – | | | $ | – | | | $ | – | | | $ | 10.01 | | | | (4.39 | )% | | $ | 403 | | | 1.15 | % | | 1.25 | % | | (0.29 | )% | | 107 | % |
| U.S. All Cap Index Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| I Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2024 | | | $ | 12.80 | | | $ | 0.19 | | | $ | 4.89 | | | $ | 5.08 | | | $ | (0.19 | ) | | $ | (0.09 | ) | | $ | – | | | $ | (0.28 | ) | | $ | – | # | | $ | 17.60 | | | | 39.93 | % | | $ | 188,056 | | | 0.25 | % | | 0.43 | % | | 1.20 | % | | 3 | % |
| 2023 | | | $ | 11.84 | | | $ | 0.18 | | | $ | 0.97 | | | $ | 1.15 | | | $ | (0.18 | ) | | $ | (0.01 | ) | | $ | – | | | $ | (0.19 | ) | | $ | – | # | | $ | 12.80 | | | | 9.68 | % | | $ | 104,049 | | | 0.25 | % | | 0.60 | % | | 1.42 | % | | 8 | % |
| 2022 | | | $ | 14.76 | | | $ | 0.16 | | | $ | (2.85 | ) | | $ | (2.69 | ) | | $ | (0.15 | ) | | $ | (0.08 | ) | | $ | – | | | $ | (0.23 | ) | | $ | – | # | | $ | 11.84 | | | | (18.39 | )% | | $ | 64,355 | | | 0.25 | % | | 0.60 | % | | 1.24 | % | | 4 | % |
| 2021 | | | $ | 10.18 | | | $ | 0.15 | | | $ | 4.57 | | | $ | 4.72 | | | $ | (0.14 | ) | | $ | – | | | $ | – | | | $ | (0.14 | ) | | $ | – | | | $ | 14.76 | | | | 46.61 | % | | $ | 40,493 | | | 0.25 | % | | 0.96 | % | | 1.12 | % | | 5 | % |
| 2020(8) | | | $ | 10.00 | | | $ | 0.12 | | | $ | 0.17 | | | $ | 0.29 | | | $ | (0.11 | ) | | $ | – | | | $ | – | | | $ | (0.11 | ) | | $ | – | | | $ | 10.18 | | | | 3.08 | % | | $ | 15,989 | | | 0.25 | % | | 1.78 | % | | 1.52 | % | | 8 | % |
| Real Estate Fund## | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| I Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2024 | | | $ | 6.78 | | | $ | 0.17 | | | $ | 1.89 | | | $ | 2.06 | | | $ | (0.15 | ) | | $ | – | | | $ | (0.02 | ) | | $ | (0.17 | ) | | $ | – | | | $ | 8.67 | | | | 30.53 | % | | $ | 152,182 | | | 1.00 | % | | 1.03 | % | | 2.10 | % | | 114 | % |
| 2023 | | | $ | 8.29 | | | $ | 0.14 | | | $ | (0.80 | ) | | $ | (0.66 | ) | | $ | (0.18 | ) | | $ | (0.65 | ) | | $ | (0.02 | ) | | $ | (0.85 | ) | | $ | – | | | $ | 6.78 | | | | (8.90 | )% | | $ | 118,750 | | | 1.00 | % | | 1.05 | % | | 1.75 | % | | 88 | % |
| 2022 | | | $ | 11.97 | | | $ | 0.09 | | | $ | (1.49 | ) | | $ | (1.40 | ) | | $ | (0.15 | ) | | $ | (2.13 | ) | | $ | – | | | $ | (2.28 | ) | | $ | – | # | | $ | 8.29 | | | | (15.77 | )% | | $ | 120,537 | | | 1.00 | % | | 1.07 | % | | 0.94 | % | | 132 | % |
| 2021 | | | $ | 8.88 | | | $ | 0.10 | | | $ | 3.35 | | | $ | 3.45 | | | $ | (0.17 | ) | | $ | (0.19 | ) | | $ | – | | | $ | (0.36 | ) | | $ | – | | | $ | 11.97 | | | | 39.65 | % | | $ | 119,877 | | | 1.00 | % | | 1.16 | % | | 0.94 | % | | 231 | % |
| 2020 | | | $ | 10.33 | | | $ | 0.13 | | | $ | (1.34 | ) | | $ | (1.21 | ) | | $ | (0.19 | ) | | $ | (0.05 | ) | | $ | – | | | $ | (0.24 | ) | | $ | – | | | $ | 8.88 | | | | (11.74 | )% | | $ | 80,527 | | | 1.00 | % | | 1.45 | % | | 1.42 | % | | 232 | % |
| International Equity Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| I Shares^(1) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2024 | | | $ | 10.50 | | | $ | 0.24 | | | $ | 2.28 | | | $ | 2.52 | | | $ | (0.26 | ) | | $ | – | | | $ | – | | | $ | (0.26 | ) | | $ | – | # | | $ | 12.76 | | | | 24.06 | % | | $ | 196,056 | | | 1.10 | %(2) | | 1.08 | % | | 1.95 | % | | 39 | % |
| 2023 | | | $ | 9.58 | | | $ | 0.22 | | | $ | 0.89 | | | $ | 1.11 | | | $ | (0.19 | ) | | $ | – | | | $ | – | | | $ | (0.19 | ) | | $ | – | # | | $ | 10.50 | | | | 11.49 | % | | $ | 149,143 | | | 1.10 | % | | 1.13 | % | | 1.95 | % | | 47 | % |
| 2022 | | | $ | 14.58 | | | $ | 0.27 | | | $ | (3.85 | ) | | $ | (3.58 | ) | | $ | (0.27 | ) | | $ | (1.15 | ) | | $ | – | # | | $ | (1.42 | ) | | $ | – | | | $ | 9.58 | | | | (26.80 | )% | | $ | 122,313 | | | 1.10 | % | | 1.16 | % | | 2.34 | % | | 50 | % |
| 2021 | | | $ | 11.05 | | | $ | 0.17 | | | $ | 3.50 | | | $ | 3.67 | | | $ | (0.14 | ) | | $ | – | | | $ | – | | | $ | (0.14 | ) | | $ | – | # | | $ | 14.58 | | | | 33.26 | % | | $ | 150,545 | | | 1.10 | % | | 1.21 | % | | 1.21 | % | | 55 | % |
| 2020 | | | $ | 11.20 | | | $ | 0.15 | | | $ | (0.14 | ) | | $ | 0.01 | | | $ | (0.12 | ) | | $ | – | | | $ | (0.04 | ) | | $ | (0.16 | ) | | $ | – | | | $ | 11.05 | | | | 0.20 | % | | $ | 87,281 | | | 1.10 | % | | 1.33 | % | | 1.37 | % | | 47 | % |
| Class S Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2024 | | | $ | 10.46 | | | $ | 0.19 | | | $ | 2.31 | | | $ | 2.50 | | | $ | (0.24 | ) | | $ | – | | | $ | – | | | $ | (0.24 | ) | | $ | – | | | $ | 12.72 | | | | 24.02 | % | | $ | 128 | | | 1.20 | %(2) | | 1.18 | % | | 1.58 | % | | 39 | % |
| 2023 | | | $ | 9.55 | | | $ | 0.20 | | | $ | 0.89 | | | $ | 1.09 | | | $ | (0.18 | ) | | $ | – | | | $ | – | | | $ | (0.18 | ) | | $ | – | | | $ | 10.46 | | | | 11.32 | % | | $ | 163 | | | 1.20 | % | | 1.23 | % | | 1.84 | % | | 47 | % |
| 2022 | | | $ | 14.54 | | | $ | 0.27 | | | $ | (3.85 | ) | | $ | (3.58 | ) | | $ | (0.26 | ) | | $ | (1.15 | ) | | $ | – | # | | $ | (1.41 | ) | | $ | – | | | $ | 9.55 | | | | (26.88 | )% | | $ | 143 | | | 1.20 | % | | 1.26 | % | | 2.32 | % | | 50 | % |
| 2021 | | | $ | 11.02 | | | $ | 0.16 | | | $ | 3.49 | | | $ | 3.65 | | | $ | (0.13 | ) | | $ | – | | | $ | – | | | $ | (0.13 | ) | | $ | – | | | $ | 14.54 | | | | 33.16 | % | | $ | 108 | | | 1.20 | % | | 1.31 | % | | 1.14 | % | | 55 | % |
| 2020 | | | $ | 11.18 | | | $ | 0.15 | | | $ | (0.16 | ) | | $ | (0.01 | ) | | $ | (0.11 | ) | | $ | – | | | $ | (0.04 | ) | | $ | (0.15 | ) | | $ | – | | | $ | 11.02 | | | | – | % | | $ | 62 | | | 1.20 | % | | 1.42 | % | | 1.39 | % | | 47 | % |
| * | Per share data calculated using average shares method. |
| ** | See Note 2 in the Notes to Financial Statements. |
| † | Total return and portfolio turnover rate are for the period indicated and have not been annualized. Total return would have been lower had the Adviser not waived a portion of its fee. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
| ^ | Effective March 1, 2018, Institutional Shares were renamed as I Shares. |
| # | Amount is less than $0.005. |
| ## | Effective July 20, 2020, Global Real Estate Fund was renamed as Real Estate Fund. |
| ‡ | Effective March 1, 2018, Limited Duration Bond Fund was renamed as Limited Duration Fund. †† Effective March 1, 2018, Small Cap Equity Fund was renamed as Small Cap Fund. |
| (1) | Effective February 25, 2021, Investor Shares Class were converted to I Shares Class of the Fund. |
| (2) | Ratios include previously waived investment advisory fees recovered. |
| (3) | The expense ratio includes dividend expense. Had this expense been excluded the ratios would have been 1.50%, 1.46%, and 2.90%. |
| (4) | The expense ratio includes dividend expense. Had this expense been excluded the ratios would have been 1.50%. |
| (5) | The expense ratio includes dividend and interest expense. Had this expense been excluded the ratios would have been 1.50%, 1.86%, and (1.85)%. |
| (6) | Commenced operations on December 2, 2019. All ratios for the period have been annualized. |
| (7) | The expense ratio includes dividend expense. Had this expense been excluded the ratios would have been 1.50%, 2.17%, and (0.58)%. |
| (8) | Commenced operations on December 31, 2019. All ratios for the period have been annualized. |
Amounts designated as “—” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS FUNDS |
| | OCTOBER 31, 2024 |
NOTES TO FINANCIAL STATEMENTS
1. Organization:
The Advisors’ Inner Circle Fund III (the “Trust”) is organized as a Delaware statutory trust under an Agreement and Declaration of Trust dated December 4, 2013. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company with 50 funds. The financial statements herein are those of the Knights of Columbus Limited Duration Fund (the “Limited Duration Fund”), the Knights of Columbus Core Bond Fund (the “Core Bond Fund”), the Knights of Columbus Long/Short Equity Fund (the “Long/Short Equity Fund”), the Knights of Columbus Large Cap Value Fund (the “Large Cap Value Fund”), the Knights of Columbus Large Cap Growth Fund (the “Large Cap Growth Fund”), the Knights of Columbus Small Cap Fund (the “Small Cap Fund”), the Knights of Columbus U.S. All Cap Index Fund (the “U.S. All Cap Index Fund”), the Knights of Columbus Real Estate Fund (the “Real Estate Fund”) and the Knights of Columbus International Equity Fund (the “International Equity Fund”) (collectively the “Funds,” individually a “Fund”), each of which is a diversified Fund, except the Large Cap Growth Fund and the Real Estate Fund, which are non-diversified Funds. The investment objective of the Limited Duration Fund and Core Bond Fund is to seek current income and capital preservation. The investment objective of the Long/Short Equity Fund, Large Cap Value Fund, Large Cap Growth Fund, Small Cap Fund and International Equity Fund is to seek long-term capital appreciation. The investment objective of the Real Estate Fund is to seek current income and capital appreciation. The U.S. All Cap Index Fund seeks investment results to the performance of an index that measures the investment return of the broad U.S. stock market, excluding companies whose policies and practices are inconsistent with the United States Conference of Catholic Bishops’ Socially Responsible Investing Guidelines (the “USCCB Guidelines”). The financial statements of the remaining funds of the Trust are presented separately. The assets of each fund are segregated, and a shareholder’s interest is limited to the fund in which shares are held.
Effective February 25, 2021, Investor Shares Class were converted to I Shares Class of the Funds. After the Conversion Date, Investor Shares will no longer be offered by the Funds, and were terminated as a separately designated class of the Funds.
2. Significant Accounting Policies:
The accompanying financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and are presented in U.S. dollars which is the functional currency of the Funds. The Funds are investment companies and therefore applies the accounting and reporting guidance issued by the U.S. Financial Accounting Standards Board (“FASB”) in Accounting Standards Codification (“ASC”) Topic 946, Financial Services — Investment Companies. The following are significant accounting policies which are consistently followed in the preparation of the financial statements.
Use of Estimates — The preparation of financial statements requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates and such differences could be material.
Security Valuation — Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on the NASDAQ Stock Market (the “NASDAQ”)), including securities traded over the counter, are valued at the last quoted sale price on an exchange or market (foreign or domestic) on which they are traded on valuation date (or at approximately 4:00 pm ET if a security’s primary exchange is normally open at that time), or, if there is no such reported sale on the valuation date, at the most recent quoted bid price. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. If available, debt securities are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Such methodologies generally consider such factors as security prices, yields, maturities, call features, ratings and developments relating to specific securities in arriving at valuations. On the first day a new debt security purchase is recorded, if a price is not available on the automated pricing feeds from our primary and secondary pricing vendors nor is it available from an independent broker, the security may be valued at its purchase price. Each day thereafter, the debt security will be valued according to the Trusts’ Fair Value Procedures until an independent source can be secured. Debt obligations with remaining maturities of sixty days or less may be valued at their amortized cost, which approximates market value provided that it is determined the amortized cost continues to approximate fair value. Should existing credit, liquidity or interest rate conditions in the relevant markets and issuer specific circumstances suggest that amortized cost does not approximate fair value, then the amortized cost method may not be used. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates.
Securities for which market prices are not “readily available” are valued in accordance with fair value procedures (the "Fair Value Procedures") established by the Adviser and approved by the Trust's Board of Trustees (the “Board”). Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the "valuation designee" to determine the fair value of securities and other instruments for which no readily available market quotations are available. The Fair Value Procedures are implemented through a Fair Value Committee (the “Committee”) of the Adviser.
| THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS FUNDS |
| | OCTOBER 31, 2024 |
Some of the more common reasons that may necessitate that a security be valued using fair value procedures include: the security’s trading has been halted or suspended; the security has been de-listed from a national exchange; the security’s primary trading market is temporarily closed at a time when under normal conditions it would be open; or the security’s primary pricing source is not able or willing to provide a price. When a security is valued in accordance with the fair value DS procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee.
For securities that principally trade on a foreign market or exchange, a significant gap in time can exist between the time of a particular security’s last trade and the time at which a Fund calculates its net asset value. The closing prices of such securities may no longer reflect their market value at the time a Fund calculates net asset value if an event that could materially affect the value of those securities (a “Significant Event”) has occurred between the time of the security’s last close and the time that a Fund calculates net asset value. A Significant Event may relate to a single issuer or to an entire market sector. If the Adviser becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which a Fund calculates net asset value, it may request that a Committee meeting be called.
The Funds use Intercontinental Exchange Data Pricing & Reference Data, LLC (“ICE”) as a third party fair valuation vendor when the fair value trigger is met. ICE provides a fair value for foreign securities in the Funds based on certain factors and methodologies (involving, generally, tracking valuation correlations between the U.S. market and each non-U.S. security) applied by ICE in the event that there is a movement in the U.S. market that exceeds a specific threshold established by the Committee. The Committee establishes a “confidence interval” which is used to determine the level of correlation between the value of a foreign security and movements in the U.S. market before a particular security is fair valued when the threshold is exceeded. In the event that the threshold established by the Committee is exceeded on a specific day, the Funds value theirs non-U.S. securities that exceed the applicable “confidence interval” based upon the fair values provided by ICE. In such event, it is not necessary to hold a Committee meeting. In the event that the Adviser believes that the fair values provided by ICE are not reliable, the Adviser contacts SEI Investments Global Fund Services (the “Administrator”) and may request that a meeting of the Committee be held.
If a local market in which the Funds own securities is closed for one or more days, the Funds shall value all securities held in the corresponding currency based on the fair value prices provided by ICE using the predetermined confidence interval discussed above.
In accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP, the Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy under ASC 820 are described below:
Level 1 — Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Funds have the ability to access at the measurement date;
Level 2 — Other significant observable inputs (includes quoted prices for similar securities, interest rates, prepayment speeds, credit risk, referenced indices, quoted prices in inactive markets, adjusted quoted prices in active markets, adjusted quoted prices on foreign equity securities that were adjusted in accordance with the Adviser’s pricing procedures, etc.); and
Level 3 — Prices, inputs or exotic modeling techniques which are both significant to the fair value measurement and unobservable (supported by little or no market activity).
Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement.
The unobservable inputs used to determine fair value of recurring Level 3 assets may have similar or diverging impacts on valuation. Significant increases and decreases in these inputs in isolation and interrelationships between those inputs could result in significantly higher or lower fair value measurement.
For details of investment classifications, reference the Schedule of Investments.
Federal Income Taxes — It is each Fund’s intention to continue to qualify as a regulated investment company for Federal income tax purposes by complying with the appropriate provisions of Subchapter M of the Internal Revenue Code of 1986, as amended, and to distribute substantially all of its income to shareholders. Accordingly, no provision for Federal income taxes has been made in the financial statements.
The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether it is “more likely- than-not” (i.e., greater than 50-percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions deemed to meet the more-likely-than-not threshold are recorded as a tax benefit in the current year. The Funds did not record any tax provision in the current period. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., the open tax year ends, since inception), on-going analysis of and changes to tax laws, regulations and interpretations thereof.
| THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS FUNDS |
| | OCTOBER 31, 2024 |
As of and during the year ended October 31, 2024, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the period the Funds did not incur any interest or penalties.
Security Transactions and Investment Income — Security transactions are accounted for on trade date for financial reporting purposes. Dividend income is recorded on the ex-dividend date and interest income is recognized on the accrual basis. Costs used in determining realized gains and losses on the sales of investment securities are based on specific identification. Interest income is recognized on an accrual basis from settlement date. Discounts and premiums on securities purchased are accreted and amortized using the effective interest method. Realized gains (losses) on paydowns of mortgage-backed and asset-backed securities are recorded as an adjustment to interest income.
Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars on the date of valuation. The Funds do not isolate that portion of realized or unrealized gains and losses resulting from changes in the foreign exchange rate from fluctuations arising from changes in the market prices of the securities. These gains and losses are included in net realized gains and losses on investments and net change in unrealized appreciation (depreciation) on investments on the Statements of Operations. Net realized and unrealized gains and losses on foreign currency transactions represent net foreign exchange gains or losses from foreign currency exchange contracts, disposition of foreign currencies, currency gains or losses realized between trade and settlement dates on securities transactions and the difference between the amount of the investment income and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent amounts actually received or paid.
Options Written/Purchased — The Long/Short Equity Fund invested in financial options contracts to add return or to hedge their existing portfolio securities. When a Fund writes or purchases an option, an amount equal to the premium received or paid by a Fund is recorded as a liability or an asset and is subsequently adjusted to the current market value of the option written or purchased. Premiums received or paid from writing or purchasing options which expire unexercised are treated by a Fund on the expiration date as realized gains or losses. The difference between the premium and the amount paid or received on affecting a closing purchase or sale transaction, including brokerage commissions, is also treated as a realized gain or loss. If an option is exercised, the premium paid or received is added to the cost of the purchase or proceeds from the sale in determining whether a Fund has realized a gain or a loss. The risk in writing a call option is that a Fund gives up the opportunity for profit if the market price of the security increases. The risk in writing a put option is that a Fund may incur a loss if the market price of the security decreases and the option is exercised. The risk in purchasing an option is that a Fund pays a premium whether or not the option is exercised. A Fund also has the additional risk of being unable to enter into a closing transaction at an acceptable price if a liquid secondary market does not exist. Option contracts also involve the risk that they may not work as intended due to unanticipated developments in market conditions or other causes. Finally, for written options, the risk exists that losses could exceed amounts disclosed on the Statements of Assets and Liabilities.
For the year ended October 31, 2024, the quarterly average balances of options held by the Long/Short Equity Fund was as follows:
| Average Quarterly Market Value Balance Long | | $ | 132,995 | |
| Average Quarterly Market Value Balance Short | | $ | — | |
Securities Sold Short — Consistent with Long/Short Equity Fund’s investment objectives, the Fund may engage in short sales. Short sales are transactions under which the Fund sells a security it does not own. To complete such a transaction, the Fund must borrow the security to make delivery to the buyer. The Fund then is obligated to replace the security borrowed by purchasing the security at the market price at the time of the replacement. The price at such time may be more or less than the price at which the security was sold by a Fund. Until the security is replaced, the Fund is required to pay the lender amounts equal to any dividends or interest that accrue during the period of the loan. Dividends and interest are shown as an expense for financial reporting purposes. To borrow the security, the Fund also may be required to pay a premium, which would decrease proceeds of the security sold. The proceeds of the short sale are retained by the broker, to the extent necessary to meet margin requirements, until the short position is closed out. A gain, limited to the price at which a Fund sold the security short, or a loss, unlimited in size, will be recognized upon the close of a short sale.
Until the Fund closes its short position or replaces the borrowed security, the Fund will: (a) maintain a segregated account containing cash or liquid securities at such a level that (i) the amount deposited in the account plus the amount deposited with the broker as collateral will equal the current value of the security sold short; and (ii) the amount deposited in the segregated account plus the amount deposited with the broker as collateral will not be less than the market value of the security at the time the security was sold short, or (b) otherwise cover the Fund’s short positions. As of October 31, 2024, the Long/Short Equity Fund had open short positions as disclosed in the Fund’s Schedule of Investments.
In accordance with the terms of its prime brokerage agreement, the Fund may receive rebate income or be charged a fee on borrowed securities. Such income or fee is calculated on a daily basis based upon the market value of each borrowed security and a variable rate that is dependent upon the availability of such security. The Fund records these prime broker charges on a net basis as interest income or interest expense on securities sold short. For the year ended October 31, 2024, the Fund earned rebate income of $2,403,780, which is included in interest income on the Statements of Operations. In addition, the Fund is required to pay the lender any dividends declared on short positions. Such amounts are recorded on the ex-dividend date as dividend expense on securities sold short and recognized as “dividend expense” on the Statements of Operations.
| THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS FUNDS |
| | OCTOBER 31, 2024 |
Short sales are collateralized by cash deposits with the prime broker, Wells Fargo Bank, N.A., and pledged securities held at the custodian, Brown Brothers Harriman & Co. The collateral required is determined daily by reference to the market value on short positions.
The Fund is required to maintain margin cash balances at the prime broker sufficient to satisfy its short sales positions on a daily basis and is charged an interest expense at the benchmark rate as defined in the prime brokerage agreement plus 150 basis points on the amount of any shortfall in the required cash margin. During the period, the benchmark rate consisted of a blended rate of the U.S. Overnight Bank Funding Rate and a predetermined spread rate. For the year ended October 31, 2024, the Fund did not incur any interest expense. In the event the Fund has excess cash collateral, the Fund receives interest income as defined in the prime brokerage agreement. During the period, the Fund had positive effective balance and earned daily income based on the benchmark rate. The blended rate included the U.S. Overnight Bank Funding Rate minus 45 basis points. For the year ended October 31, 2024, the Fund earned interest income of $116,760, which is included in interest income on the Statements of Operations.
Swap Contracts — The Long/Short Equity Fund and the U.S. All Cap Index Fund are authorized to enter into swap contracts, including total return swaps and equity swaps contracts. Swaps are a two-party contract in which the seller (buyer) will pay to the buyer (seller) the difference between the current value of a security and its value at the time the contract was entered. In a typical equity swap, one party agrees to pay another party the return on a stock, stock index or basket of stocks in return for a specified interest rate. By entering into an equity index swap, for example, the index receiver can gain exposure to stocks making up the index of securities without actually purchasing those stocks. Equity index swaps involve not only the risk associated with investment in the securities represented in the index, but also the risk that the performance of such securities, including dividends, will not exceed the return on the interest rate that the Fund will be committed to pay.
Total return swaps are contracts in which one party agrees to make payments of the total return from a reference instrument — which may be a single asset, a pool of assets or an index of assets — during a specified period, in return for payments equal to a fixed or floating rate of interest or the total return from another underlying reference instrument. The total return includes appreciation or depreciation on the underlying asset, plus any interest or dividend payments. Payments under the swap are based upon an agreed upon principal amount but, since the principal amount is not exchanged, it represents neither an asset nor a liability to either counterparty, and is referred to as notional. Total return swaps are marked to market daily using different sources, including quotations from counterparties, pricing services, brokers or market makers. The unrealized appreciation or depreciation related to the change in the valuation of the notional amount of the swap is combined with the amount due to the Fund at termination or settlement. The primary risks associated with total return swaps are credit risks (if the counterparty fails to meet its obligations) and market risk (if there is no liquid market for the swap or unfavorable changes occur to the underlying reference instrument).
Periodic payments made or received are recorded as realized gains or losses. At period end, the Statements of Assets and Liabilities reflect, if any, unrealized appreciation or depreciation and accrued periodic payments for swap contracts the Fund may have open at period end. Entering into swap contracts involve, to varying degrees, elements of credit, interest rate and market risk in excess of the amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these contracts, that the counterparty to the contract may default on its obligation to perform and that there may be unfavorable changes in market conditions or fluctuations in interest rates. Swap contracts outstanding at period end, if any, are listed on the Schedule of Investments. In connection with swap contracts, cash or securities may be segregated as collateral by the Fund’s custodian.
There is the risk that the counterparty refuses to continue to enter into swap agreements with the Fund in the future, or requires increased fees, which could impair the Fund’s ability to achieve its investment objective. A counterparty may also increase its collateral requirements, which may limit the Fund’s ability to use leverage and reduce investment returns. In addition, if the Fund cannot locate a counterparty willing to enter into transactions with the Fund, it will not be able to implement its investment strategy. During the year ended October 31, 2024, the Funds’ swap agreements were with one counterparty, Wells Fargo Bank, N.A.
For the year ended October 31, 2024, only the U.S. All Cap Index Fund employed total returns swaps. The quarterly average balances of swap contracts held by the Fund was as follows:
| Average Quarterly Market Value Balance Long | | $ | 5,539,741 | |
| Average Quarterly Market Value Balance Short | | $ | 5,546,145 | |
Cash — Idle cash may be swept into various time deposit accounts and money market sweep accounts and is classified as cash on the Statements of Assets and Liabilities. The Funds maintain cash in bank deposit accounts which, at times, may exceed United States federally insured limits. Amounts invested are available on the same business day.
| THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS FUNDS |
| | OCTOBER 31, 2024 |
Expenses — Expenses of the Trust that can be directly attributed to a particular Fund are borne by that Fund. Expenses which cannot be directly attributed to a Fund are apportioned among the Funds of the Trust based on the number of funds and/or relative net assets.
Classes — Class specific expenses are borne by that class of shares. Income, realized and unrealized gains and losses and non-class specific expenses are allocated to the respective class on the basis of relative daily net assets.
Dividends and Distributions to Shareholders — The Funds will distribute substantially all of their net investment income and net realized capital gains, if any, at least annually. All distributions are recorded on ex-dividend date.
Investments in REITs — Dividend income from Real Estate Investment Trusts (“REIT”) is recorded based on the income included in distributions received from the REIT investments using published REIT reclassifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.
Redemption Fees — The Limited Duration Fund, Core Bond Fund, Long/Short Equity Fund, Large Cap Value Fund, Large Cap Growth Fund, Small Cap Fund, U.S. All Cap Index Fund, Real Estate Fund and International Equity Fund retain a redemption fee of 2.00% on redemptions of capital shares held for less than thirty days. For the year ended October 31, 2024, the Funds retained fees of $1,667, $885, $4,903, $7,504, $3,334, $2,368, $23,929, $4,617 and $4,732, respectively. For the year ended October 31, 2023, the Funds retained fees of $9,034, $513, $22,359, $111, $624, $313, $256, $0 and $381, respectively. Such fees are retained by the Funds for the benefit of the remaining shareholders and are recorded as additions to fund capital.
3. Derivative Transactions:
The following table shows the derivatives categorized by underlying risk exposure.
The fair value of derivative instruments as of October 31, 2024 was as follows:
| Asset Derivatives | | | Liability Derivatives | |
| Statements of Assets and Liabilities | | | Fair Value | | | Statements of Assets and Liabilities | | | Fair Value | |
| Knights of Columbus Long/Short Equity Fund | | | | | | | | | | |
| Equity contracts | | | | | | | | | | |
| Investments, at value** | | $ | 531,980 | | | Options and Swaptions written, at value | | $ | – | |
| Total Derivatives not accounted for as hedging instruments | | $ | 531,980 | | | | | $ | – | |
| Knights of Columbus U.S. All Cap Index Fund | | | | | | | | | | |
| Equity contracts | | | | | | | | | | |
| Unrealized appreciation on swap contracts | | $ | 30,486 | † | | Unrealized depreciation on swap contracts | | $ | – | † |
| Total Derivatives not accounted for as hedging instruments | | $ | 30,486 | | | | | $ | – | |
| ** | Includes purchased options and/or swaptions. |
| † | Includes cumulative appreciation (depreciation) of swap contracts as reported in the Schedules of Investments. Market Value is reported within the Statements of Assets and Liabilities for swap contracts that have paid premiums.. |
The effect of derivative instruments on the Statements of Operations for the year ended October 31, 2024.
Amount of realized gain or (loss) on derivatives recognized in income:
| Derivatives Not Accounted for as Hedging Instruments | | Purchased
Options and
Swaptions | | | Written
Options and
Swaptions | | | Futures | | | Forward
Currency
Contracts | | | Swaps | | | Total | |
| | | | | | | | | | | | | | | | | | | |
| Long/Short Equity Fund | | | | | | | | | | | | | | | | | | | | | | | | |
| Equity contracts | | $ | (45 | ) | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | (45 | ) |
| Total | | $ | (45 | ) | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | (45 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| U.S. All Cap Index Fund | | | | | | | | | | | | | | | | | | | | | | | | |
| Equity contracts | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 816,149 | | | $ | 816,149 | |
| Total | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 816,149 | | | $ | 816,149 | |
| THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS FUNDS |
| | OCTOBER 31, 2024 |
Change in unrealized appreciation or (depreciation) on derivatives recognized in income:
| Derivatives Not Accounted for as Hedging Instruments | | Purchased
Options and
Swaptions | | | Written
Options and
Swaptions | | | Futures | | | Forward
Currency
Contracts | | | Swaps | | | Total | |
| | | | | | | | | | | | | | | | | | | |
| Long/Short Equity Fund | | | | | | | | | | | | | | | | | | | | | | | | |
| Equity contracts | | $ | 132,843 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 132,843 | |
| Total | | $ | 132,843 | | | $ | — | | | $ | — | | | $ | — | | | $ | – | | | $ | 132,843 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| U.S. All Cap Index Fund | | | | | | | | | | | | | | | | | | | | | | | | |
| Equity contracts | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 123,664 | | | $ | 123,664 | |
| Total | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 123,664 | | | $ | 123,664 | |
4. Offsetting Assets and Liabilities:
The Funds are required to disclose the impact of offsetting assets and liabilities represented in the Statements of Assets and Liabilities to enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities. These recognized assets and liabilities are financial instruments and derivative instruments that are either subject to an enforceable master netting arrangement or similar agreement or meet the following right of setoff criteria: the amounts owed by the Fund to another party are determinable, the Fund has the right to set off the amounts owed with the amounts owed by the other party, the Fund intends to set off, and the Fund’s right of setoff is enforceable at law.
The International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreements maintain provisions for general obligations, representations, agreements, collateral, and events of default or termination. The occurrence of a specified event of termination may give a counterparty the right to terminate all of its contracts and effect settlement of all outstanding transactions under the applicable ISDA Master Agreement.
To reduce counterparty risk with respect to Over-the-Counter (“OTC”) transactions, the Long/Short Equity Fund and the U.S. All Cap Index Fund have entered into master netting arrangements, established within the Funds’ ISDA Master Agreements, which allow the Fund to make (or to have an entitlement to receive) a single net payment in the event of default (close-out netting) for outstanding payables and receivables with respect to certain OTC positions in swaps for each individual counterparty. In addition, the Funds may require that certain counterparties post cash and/or securities in collateral accounts to cover their net payment obligations for those derivative contracts subject to ISDA Master Agreements. If the counterparty fails to perform under these contracts and agreements, the cash and/or securities will be made available to the Funds.
For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.
Collateral terms are contract specific for OTC derivatives. For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting marked-to-market amount of each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Funds or the counterparty.
For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Funds, if any, is reported separately on the Statements of Assets and Liabilities as cash pledged as collateral. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold before a transfer has to be made. To the extent amounts due to the Funds from its respective counterparties are not fully collateralized, contractually or otherwise, the Funds bear the risk of loss from counterparty nonperformance.
The following is a summary by counterparty of the market value of swap agreements and collateral (received)/pledged for the U.S. All Cap Index Fund as of October 31, 2024:
| | | | | | | | | | Gross Amounts not offset in the Statements of Assets and Liabilities |
| Gross Amounts of Recognized Assets | | | Gross Amounts Offset in the Statements of Assets and Liabilities | | | Net Amounts Presented in the Statements of Assets and Liabilities | | | Financial Instruments for Offset | | Cash Collateral (Received) Pledged (1) | | | Net Amount(2) | |
| $ | 30,486 | | | $ | — | | | $ | 30,486 | | | $ | (30,486) | | $ | — | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | Gross Amounts not offset in the Statements of Assets and Liabilities | |
| Gross Amounts of Recognized Liabilities | | | Gross Amounts Offset in the Statements of Assets and Liabilities | | | Net Amounts Presented in the Statements of Assets and Liabilities | | | Financial Instruments for Offset | | Cash Collateral (Received) Pledged(1) | | | Net Amount(2) | |
| $ | — | | | $ | — | | | $ | — | | | $ | — | | $ | — | | | $ | — | |
| (1) | Excess collateral pledged is not shown for financial reporting purposes. |
| THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS FUNDS |
| | OCTOBER 31, 2024 |
| (2) | Net Exposures represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. |
The following is a summary by counterparty of the market value of purchased option agreements and collateral (received)/pledged for the Long/Short Equity Fund as of October 31, 2024:
| | | | | | | | | | Gross Amounts not offset in the Statements of Assets and Liabilities |
| Gross Amounts of Recognized Assets | | | Gross Amounts Offset in the Statements of Assets and Liabilities | | | Net Amounts Presented in the Statements of Assets and Liabilities | | | Financial Instruments for Offset | | Cash Collateral (Received) Pledged (1) | | | Net Amount(2) | |
| $ | 531,980 | | | $ | — | | | $ | 531,980 | | | $ | (531,980) | | $ | — | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | Gross Amounts not offset in the Statements of Assets and Liabilities | |
| Gross Amounts of Recognized Liabilities | | | Gross Amounts Offset in the Statements of Assets and Liabilities | | | Net Amounts Presented in the Statements of Assets and Liabilities | | Financial Instruments for Offset | | Cash Collateral (Received) Pledged(1) | | | Net Amount(2) | |
| $ | — | | | $ | — | | | $ | — | | | $ | — | | $ | — | | | $ | — | |
| (1) | Excess collateral pledged is not shown for financial reporting purposes. |
| (2) | Net Exposures represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. |
5. Transactions with Affiliates:
Certain officers of the Trust are also employees of SEI Investments Global Funds Services (the “Administrator”), a wholly owned subsidiary of SEI Investments Company, and/or SEI Investments Distribution Co. (the “Distributor”). Such officers are paid no fees by the Trust, other than the Chief Compliance Officer (“CCO”) as described below, for serving as officers of the Trust.
A portion of the services provided by the CCO and his staff, whom are employees of the Administrator, are paid for by the Trust as incurred. The services include regulatory oversight of the Trust’s Advisors and service providers as required by SEC regulations. The CCO’s services and fees have been approved by and are reviewed by the Board.
For the year ended October 31, 2024, the Funds were charged the following for these services, as shown on the Statements of Operations:
| | CCO Fees |
| Limited Duration Fund | $4,683 |
| Core Bond Fund | 5,582 |
| Long/Short Equity Fund | 3,026 |
| Large Cap Value Fund | 5,338 |
| Large Cap Growth Fund | 5,257 |
| Small Cap Fund | 3,706 |
| U.S. All Cap Index Fund | 4,100 |
| Real Estate Fund | 3,631 |
| International Equity Fund | 4,709 |
6. Administration, Distribution, Shareholder Servicing, Transfer Agent and Custody Agreements:
The Funds and SEI Investments Global Fund Services (the “Administrator”) are parties to an Administration Agreement under which the Administrator provides management and administrative services to the Funds. For these services, the Administrator is paid an asset-based fee, which will vary depending on the number of share classes and the average daily net assets of the Funds.
For the year ended October 31, 2024, the Funds were charged the following for these services, as shown on the Statements of Operations:
| | Administration Fees |
| Limited Duration Fund | $110,642 |
| Core Bond Fund | 125,719 |
| Long/Short Equity Fund | 65,394 |
| Large Cap Value Fund | 116,932 |
| Large Cap Growth Fund | 117,761 |
| Small Cap Fund | 88,251 |
| U.S. All Cap Index Fund | 88,464 |
| Real Estate Fund | 84,930 |
| International Equity Fund | 106,710 |
The Trust and the Distribution are parties to a Distribution Agreement. The Distributor receives no fees under the agreement.
| THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS FUNDS |
| | OCTOBER 31, 2024 |
The Funds have adopted a shareholder servicing plan that provides that the Funds may pay financial intermediaries for shareholder services in an annual amount not to exceed 0.20% based on the average daily net assets of the Funds’ Class S Shares. The Funds do not pay these service fees on shares purchased directly. In addition to payments made directly to financial intermediaries by the Funds, the Adviser or its affiliates may, at their own expense, pay financial intermediaries for these and other services to the Funds’ shareholders.
For the year ended October 31, 2024, the Funds were charged the following for these services, as shown on the Statements of Operations:
| | Shareholder Servicing |
| | Fees |
| Limited Duration Fund | $121 |
| Core Bond Fund | 899 |
| Long/Short Equity Fund | – |
| Large Cap Value Fund | 560 |
| Large Cap Growth Fund | 2,037 |
| Small Cap Fund | 83 |
| U.S. All Cap Index Fund | – |
| Real Estate Fund | – |
| International Equity Fund | 145 |
For the year ended October 31, 2024, the Funds were charged the following rates for these services:
| | Class S Shares |
| Limited Duration Fund | 0.10% |
| Core Bond Fund | 0.10% |
| Long/Short Equity Fund | N/A |
| Large Cap Fund | 0.10% |
| Large Cap Growth Fund | 0.10% |
| Small Cap Fund | 0.10% |
| U.S. All Cap Index Fund | N/A |
| Real Estate Fund | N/A |
| International Equity Fund | 0.10% |
SS&C Global Investor & Distribution Solutions, Inc. serves as the Transfer Agent and dividend disbursing agent for the Funds under a transfer agency agreement.
For the year ended October 31, 2024, the Funds were charged the following for these services, as shown on the Statements of Operations:
| | Transfer Agent Fees |
| Limited Duration Fund | $40,341 |
| Core Bond Fund | 42,413 |
| Long/Short Equity Fund | 24,310 |
| Large Cap Value Fund | 40,033 |
| Large Cap Growth Fund | 40,346 |
| Small Cap Fund | 35,193 |
| U.S. All Cap Index Fund | 28,039 |
| Real Estate Fund | 27,875 |
| International Equity Fund | 38,513 |
Brown Brothers Harriman & Co. serves as custodian (the “Custodian”) for the Funds. The Custodian plays no role in determining the investment policies of the Funds or which securities are to be purchased and sold by the Funds.
For the year ended October 31, 2024, the Funds were charged the following for these services, as shown on the Statements of Operations:
| | Custodian Fees |
| Limited Duration Fund | $4,219 |
| Core Bond Fund | 7,121 |
| Long/Short Equity Fund | 6,105 |
| Large Cap Value Fund | 4,979 |
| Large Cap Growth Fund | 4,181 |
| Small Cap Fund | 5,988 |
| U.S. All Cap Index Fund | 54,660 |
| Real Estate Fund | 2,586 |
| International Equity Fund | 28,642 |
| THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS FUNDS |
| | OCTOBER 31, 2024 |
7. Investment Advisory Agreements and Sub-advisory Agreements:
Under the terms of the Advisory Agreement, the Adviser provides investment advisory services to the Limited Duration Fund, Core Bond Fund, Long/Short Equity Fund, Large Cap Value Fund, Large Cap Growth Fund, Small Cap Fund, U.S. All Cap Index Fund, Real Estate Fund and International Equity Fund at 0.40%, 0.40%, 1.25%, 0.60%, 0.60%, 0.73%, 0.20%, 0.80%, and 0.90%, respectively, of each Fund’s average daily net assets. As of October 31, 2024 the fees for these services were $764,962, $870,210, $1,415,789, $1,214,842, $1,223,144, $1,107,108, $306,609, $1,211,634 and $1,662,147 for the Limited Duration Fund, Core Bond Fund, Long/Short Equity Fund, Large Cap Value Fund, Large Cap Growth Fund, Small Cap Fund, U.S. All Cap Index Fund, Real Estate Fund and International Equity Fund, respectively.
Effective May 7, 2024, the management fee for the Real Estate Fund decreased from 0.85% to 0.80% of the average daily net assets of the Fund.
The Adviser has contractually agreed to waive fees and/or reimburse expenses to the extent necessary to keep Total Annual Fund Operating Expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, non-routine expenses and any class-specific expenses (including distribution and/or service (12b-1) fees and shareholder servicing fees) (collectively, “excluded expenses”)) for I Shares and Class S Shares from exceeding certain levels as set forth below until February 28, 2025 (each, a “contractual expense limit”). Refer to Note 1 for the details regarding the termination of the Investor Shares during the period. This agreement may be terminated: (i) by the Board, for any reason at any time; or (ii) by the Adviser, upon ninety (90) days’ prior written notice to the Trust, effective as of the close of business on February 28, 2025. Accordingly, the contractual expense limitations for the Limited Duration Fund, Core Bond Fund, Long/Short Equity Fund, Large Cap Value Fund, Large Cap Growth Fund, Small Cap Fund, U.S. All Cap Index Fund, Real Estate Fund, and International Equity Fund are 0.50%, 0.50%, 1.50%, 0.90%, 0.90%, 1.05%, 0.25%, 1.00%, and 1.10%, respectively. As of October 31, 2024 the fees waived were $151,484, $163,221, $1,929, $273,935, $40,614 and $9,868 for the Limited Duration Fund, Core Bond Fund, Long/Short Equity Fund, U.S. All Cap Index Fund, Real Estate Fund and International Equity Fund, respectively.
In addition, if at any point it becomes unnecessary for the Adviser to reduce fees or make expense reimbursements, the Board may permit the Adviser to retain the difference between the Total Annual Fund Operating Expenses and the expense caps listed above to recapture all or a portion of its prior fee reductions or reimbursements made during the preceding three-year period. For the year ended October 31, 2024, the Adviser recaptured previously waived fees in Long/Short Equity Fund and International Equity Fund of $46,229 and $40,662, respectively, as shown on the Statements of Operations.
As of October 31, 2024, fees previously waived and reimbursed by the Adviser which may be subject to possible future recapture are as follows:
| Fiscal Year | | Subject to Repayment until October 31: | | | Limited
Duration
Fund | | | Core Bond
Fund | | | Long/Short Equity Fund | | | U.S. All Cap Index Fund | | | Real Estate Fund | | | International Equity Fund | |
| 2022 | | 2025 | | | $ | 267,235 | | | $ | 271,831 | | | $ | 50,260 | | | $ | 207,243 | | | $ | 94,597 | | | $ | 83,083 | |
| 2023 | | 2026 | | | | 192,731 | | | | 201,983 | | | | 25,917 | | | | 303,121 | | | | 68,350 | | | | 49,478 | |
| 2024 | | 2027 | | | | 151,484 | | | | 163,221 | | | | 1,929 | | | | 273,935 | | | | 40,614 | | | | 9,868 | |
| | | Total | | | $ | 611,450 | | | $ | 637,035 | | | $ | 78,106 | | | $ | 784,299 | | | $ | 203,561 | | | $ | 142,429 | |
The Trust and the Adviser have entered into an investment advisory agreement dated February 26, 2015, as amended (the “Advisory Agreement”), with respect to the Funds. Under the Advisory Agreement, the Adviser serves as the investment adviser and makes investment decisions for each Fund and continuously reviews, supervises and administers the investment program of each Fund, subject to the supervision of, and policies established by, the Board.
L2 Asset Management, LLC (“L2”) and the Adviser have entered into an investment subadvisory agreement, dated September 10, 2019 (the “L2 Subadvisory Agreement”). Under the terms of the L2 Subadvisory Agreement, L2 serves as the investment subadviser for the Long/Short Equity Fund and U.S. All Cap Index Fund (the "L2 Subadvised Funds"), makes investment decisions for the L2 Subadvised Funds, and administers the investment program of the L2 Subadvised Funds, subject to the supervision of, and policies established by, the Adviser and the Board.
Ranger Global Real Estate Advisors, LLC (“Ranger”) and the Adviser entered into an investment subadvisory agreement, dated July 24, 2019. As a result of a change-in-control of Ranger, an interim subadvisory agreement was signed on October 26, 2021. On February 15, 2022, a shareholder meeting was held whereby the shareholders of the Real Estate Fund voted to approve a new investment subadvisory agreement (the “Ranger Subadvisory Agreement”), which was entered into on that date. Under the terms of the Ranger Subadvisory Agreement, Ranger serves as the investment subadviser for the Real Estate Fund (the “Ranger Subadvised Fund), makes investment decisions for the Ranger Subadvised Fund, and administers the investment program of the Ranger Subadvised Fund, subject to the supervision of, and policies established by, the Adviser and the Board. The Ranger Subadvisory Agreement was terminated effective as of May 7, 2024.
For the services provided pursuant to the L2 Subadvisory Agreement and the Ranger Subadvisory Agreement, each of L2 and Ranger, respectively, received an annual fee from the Adviser at the following annual rates based on the average daily net assets of each L2 Subadvised Fund and the Ranger Subadvised Fund, respectively.
| THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS FUNDS |
| | OCTOBER 31, 2024 |
| | Sub-Adviser Fee Rate |
| Long/Short Equity Fund | 0.25% |
| U.S. All Cap Index Fund | 0.10% |
| Real Estate Fund | 0.60% |
8. Investment Transactions:
For the year ended October 31, 2024, the Funds made purchases and sales of investment securities other than short-term securities and in-kind transactions as follows:
| | | | | | | | | | | | U.S. | |
| | | | | | | | | U.S. | | | Government | |
| | | | | | | | | Government | | | Sales and | |
| | | Purchases | | | Sales | | | Purchases | | | Maturities | |
| Limited Duration Fund | | $ | 57,610,183 | | | $ | 40,650,739 | | | $ | 84,753,242 | | | $ | 117,164,669 | |
| Core Bond Fund | | | 43,761,118 | | | | 18,580,598 | | | | 89,914,364 | | | | 80,792,433 | |
| Long/Short Equity Fund | | | 54,513,926 | | | | 40,104,589 | | | | – | | | | – | |
| Large Cap Value Fund | | | 98,254,012 | | | | 71,263,338 | | | | – | | | | – | |
| Large Cap Growth Fund | | | 93,524,415 | | | | 84,910,936 | | | | – | | | | – | |
| Small Cap Fund | | | 105,274,558 | | | | 117,455,102 | | | | – | | | | – | |
| U.S. All Cap Index Fund | | | 42,194,613 | | | | 4,916,832 | | | | – | | | | – | |
| Real Estate Fund | | | 159,490,044 | | | | 155,437,160 | | | | – | | | | – | |
| International Equity Fund | | | 85,452,969 | | | | 70,194,274 | | | | – | | | | – | |
The Long/Short Equity Fund included cost of purchases to cover securities sold short and the proceeds from securities sold short in the amounts of $116,473,135 and $134,327,939, respectively, for the year ended October 31, 2024.
9. Federal Tax Information:
The timing and characterization of certain income and capital gains distributions are determined annually in accordance with federal tax regulations which may differ from U.S. GAAP. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. These book/tax differences may be temporary or permanent in nature. The permanent differences are primarily related to partnership adjustments, short sale dividends, passive foreign investment companies, swaps, REITS income reclassification to capital gain, distribution reclassification, foreign currency gain/loss and paydown gain/loss reclassification. Certain permanent differences are charged or credited to distributable earnings or paid in capital as appropriate, in the period that the differences arise.
The Real Estate Fund has a tax year that ends on December 31. The following tax disclosures are representative as of October 31, 2024, except for the permanent reclassification and components of distributable earnings (accumulated losses), which are as of December 31, 2023. Accordingly, the disclosures are for informational use by shareholders and are subject to change attributable to activity through the end of the tax year-ending December 31, 2024.
The following permanent differences primarily attributable to non-deductible excise tax paid, redemption in-kind and short sale dividends have been has been reclassified to/(from) the following accounts during the year ended October 31, 2024:
| | | Distributable | | | Paid-in | |
| | | Earnings | | | Capital | |
| Large Cap Value Fund | | | 77 | | | | (77 | ) |
| Large Cap Growth Fund | | | 307 | | | | (307 | ) |
| THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS FUNDS |
| | OCTOBER 31, 2024 |
The tax character of dividends and distributions declared during the last two fiscal years were as follows:
| | | | Ordinary | | | Long-Term | | | Return of | | | | |
| | | | Income | | | Capital Gain | | | Capital | | | Total | |
| | Limited Duration Fund | | | | | | | | | | | | | | | | | |
| | 2024 | | | $ | 7,276,353 | | | $ | — | | | $ | — | | | $ | 7,276,353 | |
| | 2023 | | | | 4,050,176 | | | | — | | | | — | | | | 4,050,176 | |
| | Core Bond Fund | | | | | | | | | | | | | | | | | |
| | 2024 | | | | 7,836,014 | | | | — | | | | — | | | | 7,836,014 | |
| | 2023 | | | | 5,342,247 | | | | — | | | | — | | | | 5,342,247 | |
| | Long/Short Equity Fund | | | | | | | | | | | | | | | | | |
| | 2024 | | | | 2,889,430 | | | | — | | | | — | | | | 2,889,430 | |
| | 2023 | | | | 4,704,667 | | | | 1,505,129 | | | | — | | | | 6,209,796 | |
| | Large Cap Value Fund | | | | | | | | | | | | | | | | | |
| | 2024 | | | | 2,738,448 | | | | — | | | | — | | | | 2,738,448 | |
| | 2023 | | | | 1,961,441 | | | | 6,047,827 | | | | — | | | | 8,009,268 | |
| | Large Cap Growth Fund | | | | | | | | | | | | | | | | | |
| | 2024 | | | | 277,694 | | | | 7,008 | | | | — | | | | 284,702 | |
| | 2023 | | | | 183,094 | | | | — | | | | 52,043 | | | | 235,137 | |
| | Small Cap Fund | | | | | | | | | | | | | | | | | |
| | 2024 | | | | 637,970 | | | | 2,105,076 | | | | — | | | | 2,743,046 | |
| | 2023 | | | | 852,400 | | | | 1,261,533 | | | | — | | | | 2,113,933 | |
| | U.S. All Cap Index Fund | | | | | | | | | | | | | | | | | |
| | 2024 | | | | 2,097,385 | | | | 465,282 | | | | — | | | | 2,562,667 | |
| | 2023 | | | | 1,203,826 | | | | 46,046 | | | | — | | | | 1,249,872 | |
| | Real Estate Fund(1) | | | | | | | | | | | | | | | | | |
| | 2024 | | | | 3,044,632 | | | | — | | | | — | | | | 3,044,632 | |
| | 2023 | | | | 10,896,468 | | | | 1,836,547 | | | | 272,941 | | | | 13,005,956 | |
| | International Equity Fund | | | | | | | | | | | | | | | | | |
| | 2024 | | | | 3,888,713 | | | | — | | | | — | | | | 3,888,713 | |
| | 2023 | | | | 2,583,744 | | | | — | | | | — | | | | 2,583,744 | |
| (1) | The Real Estate Fund has a tax year end of December 31. |
As of October 31, 2024, the components of distributable earnings (accumulated losses) on a tax basis were as follows:
| | | | | | | | | | | | | | Total |
| | | | | | | | | | | | | | Distributable |
| | | Undistributed | | Undistributed | Capital | Unrealized | | Other | | Earnings |
| | | Ordinary | | Long-Term | Loss | Appreciation | | Temporary | | (Accumulated |
| | | Income | | Capital Gain | Carryforwards | (Depreciation) | | Differences | | Losses) |
| Limited Duration Fund | | $ | 764,883 | $ | — | $ (4,455,566) | $ | 782,808 | $ | (6) | $ | (2,907,881) |
| Core Bond Fund | | | 830,384 | | | — | (8,884,953) | | (14,165,806) | | — | | | (22,220,375) |
| Long/Short Equity Fund | | | 171,511 | | | — | (5,232,346) | | 17,930,925 | | (17) | | | 12,870,073 |
| Large Cap Value Fund | | | 1,394,698 | | | 16,425,116 | — | | 50,502,416 | | 1 | | | 68,322,231 |
| Large Cap Growth Fund | | | — | | | 1,348,022 | — | | 76,392,280 | | 4 | | | 77,740,306 |
| Small Cap Fund | | | — | | | 11,527,564 | — | | 28,787,276 | | (3) | | | 40,314,837 |
| U.S. All Cap Index Fund | | | 1,699,419 | | | 1,325,841 | — | | 41,109,081 | | (4,071) | | | 44,130,270 |
| Real Estate Fund(1) | | | — | | | — | (18,087,771) | | (7,627,635) | | 1 | | | (25,715,405) |
| International Equity Fund | | | 1,536,302 | | | — | (14,341,752) | | 31,698,671 | | 2 | | | 18,893,223 |
| (1) | The Real Estate Fund has a tax year end of December 31. |
The Funds have capital losses carried forward as follows:
| | | Short-Term | | | Long-Term | | | | |
| | | Loss | | | Loss | | | Total | |
| Limited Duration Fund | | $ | 898,864 | | | $ | 3,556,702 | | | $ | 4,455,566 | |
| Core Bond Fund | | | 1,921,283 | | | | 6,963,670 | | | | 8,884,953 | |
| Long/Short Equity Fund | | | 5,232,346 | | | | — | | | | 5,232,346 | |
| THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS FUNDS |
| | OCTOBER 31, 2024 |
| | | | | | | | | | |
| | | Short-Term | | | Long-Term | | | | |
| | | Loss | | | Loss | | | Total | |
| Real Estate Fund | | $ | — | | | $ | 18,087,771 | | | $ | 18,087,771 | |
| International Equity Fund | | | 2,541,148 | | | | 11,800,604 | | | | 14,341,752 | |
During the year ended October 31, 2024, the International Equity Fund utilized $2,211,598 in long-term capital loss carryfowards to offset capital gains.
For Federal income tax purposes the difference between Federal tax cost and book cost primarily relates to investments in passive foreign investment companies and deferred losses from wash sale transactions. The Federal tax cost and aggregate gross unrealized appreciation and depreciation for the investments held (including Foreign Currency) by the Fund at October 31, 2024, were as follows:
| | | | | | Aggregate Gross | | | Aggregate Gross | | | Net Unrealized | |
| | | | | | Unrealized | | | Unrealized | | | Appreciation | |
| | | Federal Tax Cost | | | Appreciation | | | Depreciation | | | (Depreciation) | |
| Limited Duration Fund | | $ | 177,262,500 | | | $ | 1,375,654 | | | $ | (592,846 | ) | | $ | 782,808 | |
| Core Bond Fund | | | 247,621,685 | | | | 805,244 | | | | (14,971,050 | ) | | | (14,165,806 | ) |
| Long/Short Equity Fund | | | 77,594,144 | | | | 22,417,466 | | | | (4,486,541 | ) | | | 17,930,925 | |
| Large Cap Value Fund | | | 177,563,916 | | | | 53,537,872 | | | | (3,035,456 | ) | | | 50,502,416 | |
| Large Cap Growth Fund | | | 145,614,651 | | | | 79,469,769 | | | | (3,077,489 | ) | | | 76,392,280 | |
| Small Cap Fund | | | 117,186,177 | | | | 32,515,203 | | | | (3,727,927 | ) | | | 28,787,276 | |
| U.S. All Cap Index Fund | | | 138,842,231 | | | | 46,774,898 | | | | (5,665,817 | ) | | | 41,109,081 | |
| Real Estate Fund | | | 139,369,257 | | | | 14,577,821 | | | | (3,333,835 | ) | | | 11,243,986 | |
| International Equity Fund | | | 162,176,991 | | | | 37,050,778 | | | | (5,352,107 | ) | | | 31,698,671 | |
Withholding taxes on foreign dividends have been provided for in accordance with the Funds’ understanding of the applicable country’s tax rules and rates. The Funds or their agent files withholding tax reclaims in certain jurisdictions to recover certain amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. Professional fees paid to those that provide assistance in receiving the tax reclaims, which generally are contingent upon successful receipt of reclaimed amounts, are recorded in Professional Fees on the Statements of Operations once the amounts are due. The professional fees related to pursuing these tax reclaims are not subject to the Adviser’s expense limitation agreement.
10. Concentration of Risks:
As with all mutual funds, there is no guarantee that the Funds will achieve their investment objectives. You could lose money by investing in the Funds. A Fund share is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any government agency. The principal risk factors affecting shareholders’ investments in the Funds are set forth below.
Active Management Risk (Core Bond Fund, Limited Duration Fund, Large Cap Growth Fund, Large Cap Value Fund, Small Cap Fund, International Equity Fund, Long/Short Equity Fund, Real Estate Fund) – The Funds are actively managed, which means that investment decisions are made based on investment views. There is no guarantee that the investment views will produce the desired results or expected returns, causing a Fund to lose value or fail to meet its investment objective or underperform its benchmark index or funds with similar investment objectives and strategies. Furthermore, active and frequent trading that can accompany active management, also called “high turnover,” may have a negative impact on performance. Active and frequent trading may result in higher brokerage costs or mark-up charges and tax costs, which are ultimately passed on to shareholders of a Fund. Active and frequent trading may also result in adverse tax consequences.
Catholic Values Investing Risk (All Funds) — Each Fund considers the USCCB Guidelines in its investment process and may choose not to purchase, or may sell, including at inopportune times which would result in losses to the Fund, otherwise profitable investments in companies which have been identified as being in conflict with the USCCB Guidelines. This means that a Fund may underperform other similar mutual funds that do not consider the USCCB Guidelines when making investment decisions. In addition, there can be no guarantee that the activities of the companies identified by any Fund’s investment process will align (or be perceived to align) fully with all of the principles contained in the USCCB Guidelines. The process of screening out companies and maintaining the Restricted Securities List that is based on criteria set forth in the USCCB Guidelines relies in part on third-party information or data that may be inaccurate, unavailable or outdated, which could cause a Fund to inadvertently hold securities of companies that conflict with the USCCB Guidelines. For example, to the extent there are changes to the USCCB Guidelines, there could be a significant delay before the changes are fully incorporated into the screening process and reflected in the Restricted Securities List. This may cause a Fund to be invested for a period of time in companies that conflict with the USCCB Guidelines. Although each Fund’s investment approach seeks to identify and screen out companies that are inconsistent with the USCCB Guidelines, investors may differ in their views of what companies fit within this category of investments. As a result, to the extent an investor intends to invest in a manner consistent with the investor’s interpretation of the USCCB Guidelines, an investment in a Fund may fail to achieve such objective.
| THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS FUNDS |
| | OCTOBER 31, 2024 |
Covered Call Risk (Real Estate Fund) — The Fund may write (i.e., sell) covered call options, a type of derivative instrument. A covered call option is an option in which the Fund, in return for a premium, gives another party a right to buy specified securities owned by the Fund at a specified future date and price set at the time of the contract. Covered call risk is the risk that the issuer of the call option will forgo any profit from increases in the market value of the underlying security covering the call option above the sum of the premium and the strike price of the call but retain the risk of loss if the underlying security declines in value. The Fund will have no control over the exercise of the option by the option holder and may lose the benefit from any capital appreciation on the underlying security. A number of factors may influence the option holder’s decision to exercise the option, including the value of the underlying security, price volatility, dividend yield and interest rates. To the extent that these factors increase the value of the call option, the option holder is more likely to exercise the option, which may negatively affect the Fund.
Derivatives Risk (Long/Short Equity Fund and U.S. All Cap Index Fund) — The Funds’ use of options and swaps is subject to derivatives risk. Derivatives are often more volatile than other investments and may magnify the Fund’s gains or losses. There are various factors that affect the Fund’s ability to achieve its objective with derivatives. Successful use of a derivative depends upon the degree to which prices of the underlying assets correlate with price movements in the derivatives the Fund buys or sells. The Fund could be negatively affected if the change in market value of its securities fails to correlate perfectly with the values of the derivatives it purchased or sold. The lack of a liquid secondary market for a derivative may prevent the Fund from closing its derivative positions and could adversely impact its ability to achieve its objective and to realize profits or limit losses. Since derivatives may be purchased for a fraction of their value, a relatively small price movement in a derivative may result in an immediate and substantial loss or gain to the Fund. Derivatives are often more volatile than other investments and the Fund may lose more in a derivative than it originally invested in it. Additionally, some derivative instruments are subject to counterparty risk, meaning that the party that issues the derivative may experience a significant credit event and may be unwilling or unable to make timely settlement payments or otherwise honor its obligations. Moreover, regulation relating to the Fund’s use of derivatives and related instruments, including Rule 18f-4 under the Investment Company Act of 1940, as amended (the “1940 Act”), could potentially limit or impact the Fund’s ability to invest in derivatives, limit the Fund’s ability to employ certain strategies that use derivatives and/or adversely affect the value of derivatives and the Fund’s performance.
Options. Options involve the payment or receipt of a premium by the investor and the corresponding right or obligation, as the case may be, to either purchase or sell the underlying security for a specific price at a certain time or during a certain period. Purchasing options involves the risk that the underlying instrument will not change price in the manner expected, so that the investor loses its premium. Selling options involves potentially greater risk because the investor is exposed to the extent of the actual price movement in the underlying security rather than only the premium payment received (which could result in a potentially unlimited loss). If the Fund writes a “covered” call option (i.e., a call option on a security in which the Fund holds a long position), the Fund may not participate fully in a rise in market value of the underlying security. Over-the-counter options also involve counterparty solvency risk.
Swaps. In a swap transaction, two parties agree to exchange the returns, differentials in rates of return or some other amount earned or realized on the “notional amount” of predetermined investments or instruments, which may be adjusted for an interest factor. Swaps can involve greater risks than direct investment in securities, because swaps may be leveraged and are subject to counterparty risk and valuation risk. Swaps may also be classified as illiquid. It may not be possible for the Fund to liquidate a swap position at an advantageous time or price, which may result in significant losses.
Equity Risk (Large Cap Growth Fund, Large Cap Value Fund, Small Cap Fund, International Equity Fund, Long/Short Equity Fund, U.S. All Cap Index Fund and Real Estate Fund) – Equity securities include public and privately issued equity securities, common and preferred stocks, warrants, rights to subscribe to common stock, convertible securities, depositary receipts and shares of real estate investment trusts ("REITs"). Common stock represents an equity or ownership interest in an issuer. Preferred stock provides a fixed dividend that is paid before any dividends are paid to common stockholders, and which takes precedence over common stock in the event of a liquidation. Like common stock, preferred stocks represent partial ownership in a company, although preferred stock shareholders do not enjoy any of the voting rights of common stockholders. Also, unlike common stock, a preferred stock pays a fixed dividend that does not fluctuate, although the company does not have to pay this dividend if it lacks the financial ability to do so. Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time, sometimes rapidly or unpredictability. The value of securities convertible into equity securities, such as warrants or convertible debt, is also affected by prevailing interest rates, the credit quality of the issuer and any call provision. Fluctuations in the value of equity securities in which a Fund invests will cause the Fund’s net asset value (“NAV”) to fluctuate. An investment in a portfolio of equity securities may be more suitable for long-term investors who can bear the risk of these share price fluctuations. Depositary receipts and REITs are discussed elsewhere in this section.
Fixed Income Risk (Limited Duration Fund and Core Bond Fund) – The market values of fixed income investments change in response to interest rate changes and other factors. Interest rates may change as a result of a variety of factors, and the change may be sudden and significant, with unpredictable impacts on the financial markets and a Fund’s investments. During periods of rising interest rates, the values of outstanding fixed income securities generally decrease. Moreover, while securities with longer maturities tend to produce higher yields, the prices of longer maturity securities are also subject to greater market value fluctuations as a result of changes in interest rates. During periods of falling interest rates, certain debt obligations with high interest rates may be prepaid (or “called”) by the issuer prior to maturity, and during periods of rising interest rates, certain debt obligations with low interest rates may be extended beyond maturity.
| THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS FUNDS |
| | OCTOBER 31, 2024 |
A rise in interest rates may also increase volatility and reduce liquidity in the fixed income markets, and result in a decline in the value of the fixed income investments held by the Funds. In addition, reductions in dealer market-making capacity as a result of structural or regulatory changes could further decrease liquidity and/or increase volatility in the fixed income markets. As a result of these market conditions, a Fund’s value may fluctuate and/or a Fund may experience increased redemptions from shareholders, which may impact a Fund’s liquidity or force a Fund to sell securities at reduced prices or under unfavorable conditions, therefore reducing the value of the Fund. Very low or negative interest rates may prevent a Fund from generating positive returns and may increase the risk that if followed by rising interest rates the Fund’s performance will be negatively impacted.
In addition to these risks, fixed income securities may be subject to credit risk, which is the possibility that an issuer will be unable or unwilling to make timely payments of either principal or interest.
Foreign/Emerging Markets Securities Risk (International Equity Fund) – Investments in securities of foreign companies (including direct investments as well as investments through depositary receipts) can be more volatile than investments in U.S. companies. Diplomatic, political, or economic developments, including nationalization or appropriation, could affect investments in foreign companies. Foreign securities markets generally have less trading volume and less liquidity than U.S. markets. In addition, the value of securities denominated in foreign currencies, and of dividends from such securities, can change significantly when foreign currencies strengthen or weaken relative to the U.S. dollar. Financial statements of foreign issuers are governed by different accounting, auditing, and financial reporting standards than the financial statements of U.S. issuers and may be less transparent and uniform than in the United States. Thus, there may be less information publicly available about foreign issuers than about most U.S. issuers. Transaction costs are generally higher than those in the United States and expenses for custodial arrangements of foreign securities may be somewhat greater than typical expenses for custodial arrangements of similar U.S. securities. Some foreign governments levy withholding taxes against dividend and interest income. Although in some countries a portion of these taxes are recoverable, the non-recovered portion will reduce the income received from the securities comprising the Fund's portfolio. Additionally, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may result in the Fund having to sell such prohibited securities at inopportune times. Such prohibited securities may have less liquidity as a result of such U.S. Government designation and the market price of such prohibited securities may decline, which may cause the Fund to incur losses. These risks may be heightened with respect to emerging market countries since political turmoil and rapid changes in economic conditions are more likely to occur in these countries.
The Fund may invest in unsponsored American Depositary Receipts (“ADRs”), which are issued by one or more depositaries without a formal agreement with the company that issues the underlying securities. Holders of unsponsored ADRs generally bear all the costs thereof, and the depositaries of unsponsored ADRs frequently are under no obligation to distribute shareholder communications received from the issuers of the underlying securities or to pass through voting rights with respect to the underlying securities. In addition, the issuers of the securities underlying unsponsored ADRs are not obligated to disclose material information in the United States and, therefore, there may be less information available regarding such issuers and there may not be a correlation between such information and the market value of the ADRs.
High Yield Bond Risk (Limited Duration Fund and Core Bond Fund) – High yield, or “junk,” bonds are highly speculative securities that are usually issued by smaller, less creditworthy and/or highly leveraged (indebted) companies. Compared with investment-grade bonds, high yield bonds are considered to carry a greater degree of risk and are considered to be less likely to make payments of interest and principal. In particular, lower-quality high yield bonds (rated CCC, CC, C, or unrated securities judged to be of comparable quality) are subject to a greater degree of credit risk than higher-quality high yield bonds and may be near default. High yield bonds rated D are in default. Market developments and the financial and business conditions of the issuers of these securities generally influence their price and liquidity more than changes in interest rates, when compared to investment-grade debt securities.
Indexing Strategy/Index Tracking Risk (U.S. All Cap Index Fund) – The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities. The Fund will seek to replicate the Knights of Columbus U.S. All Cap Index® (the “Index”) returns, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. The Fund generally will buy and will not sell a security included in the Index as long as the security is part of the Index regardless of any sudden or material decline in value or foreseeable material decline in value of the security, even though the Sub-Adviser may make a different investment decision for other actively managed accounts or portfolios that hold the security. As a result, the Fund’s performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index (in absolute terms and by comparison with other indices) and, consequently, the performance, volatility, and risk of the Fund. While the Sub-Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund’s return may not match or achieve a high degree of correlation with the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and incurs costs in buying and selling securities. In addition, the Fund may not be fully invested at times, either as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. Changes in the composition of the Index and regulatory requirements also may impact the Fund’s ability to match the return of the Index. Index tracking risk may be heightened during times of increased market volatility or other unusual market conditions.
| THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS FUNDS |
| | OCTOBER 31, 2024 |
Information Technology Sector Risk (Large Cap Growth Fund) — Information technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Like other technology companies, information technology companies may have limited product lines, markets, financial resources or personnel. The products of information technology companies may face product obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Companies in the information technology sector are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies. Finally, while all companies may be susceptible to network security breaches, certain companies in the information technology sector may be particular targets of hacking and potential theft of proprietary or consumer information or disruptions in service, which could have a material adverse effect on their businesses.
Large Purchase and Redemption Risk (All Funds) – Large purchases or redemptions of a Fund’s shares may affect such Fund, since the Fund may be required to sell portfolio securities if it experiences redemptions, and the Fund will need to invest additional cash that it receives. While it is impossible to predict the overall impact of these transactions over time, there could be adverse effects on Fund management or performance to the extent a Fund may be required to sell securities or invest cash at times when it would not otherwise do so. These transactions could also have tax consequences if sales of securities result in gains, and could also increase transaction costs or portfolio turnover. The investment managers are committed to minimizing the impact of such transactions on a Fund, and may seek to effect the transactions in-kind, to the extent consistent with pursuing the investment objective of such Fund.
Market Risk (All Funds) — The risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. A Fund's NAV per share will fluctuate with the market prices of its portfolio securities. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Markets for securities in which the Fund invests may decline significantly in response to adverse issuer, political, social, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, the impact of any public health emergencies (such as the spread of infectious diseases, epidemics, and pandemics), natural disasters and other similar events, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which a Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund. Recent examples include pandemic risks related to COVID-19 and aggressive measures taken worldwide in response by governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines of large populations, and by businesses, including changes to operations and reducing staff.
Mortgage-Backed and Asset-Backed Securities Risk (Limited Duration Fund and Core Bond Fund) — Mortgage-backed securities are fixed income securities representing an interest in a pool of underlying mortgage loans. Mortgage-backed securities are sensitive to changes in interest rates, but may respond to these changes differently from other fixed income securities due to the possibility of prepayment of the underlying mortgage loans. As a result, it may not be possible to determine in advance the actual maturity date or average life of a mortgage-backed security. Rising interest rates tend to discourage re-financings, with the result that the average life and volatility of the security will increase, exacerbating its decrease in market price. When interest rates fall, however, mortgage-backed securities may not gain as much in market value because of the expectation of additional mortgage prepayments, which must be reinvested at lower interest rates.
Asset-backed securities are securities backed by non-mortgage assets such as company receivables, truck and auto loans, leases and credit card receivables. Asset-backed securities may be issued as pass-through certificates, which represent undivided fractional ownership interests in the underlying pools of assets. Therefore, repayment depends largely on the cash flows generated by the assets backing the securities. Asset-backed securities entail prepayment risk, which may vary depending on the type of asset, but is generally less than the prepayment risk associated with mortgage-backed securities. Asset-backed securities present credit risks that are not presented by mortgage-backed securities because asset-backed securities generally do not have the benefit of a security interest in collateral that is comparable in quality to mortgage assets. If the issuer of an asset-backed security defaults on its payment obligations, there is the possibility that, in some cases, a Fund will be unable to possess and sell the underlying collateral and that the Fund’s recoveries on repossessed collateral may not be available to support payments on the security. In the event of a default, a Fund may suffer a loss if it cannot sell collateral quickly and receive the amount it is owed.
Municipal Bonds Risk (Limited Duration Fund and Core Bond Fund) — Municipal bonds are fixed income securities issued by state or local governments or their agencies to finance capital expenditures and operations. The obligation to pay principal and interest on municipal bonds may be a general obligation of the state or local government or may be supported only by an agency or a particular source of revenues. Therefore, municipal bonds vary in credit quality. Municipal bonds, like other fixed income securities, rise and fall in value in response to economic and market factors, primarily changes in interest rates, and actual or perceived credit quality. State and local governments rely on taxes and, to some extent, revenues from private projects financed by municipal bonds, to pay interest and principal on municipal bonds. Poor statewide or local economic results or changing political sentiments may reduce tax revenues and increase the expenses of municipal issuers, making it more difficult for them to meet their obligations. Also, there may be economic or political changes that impact the ability of issuers of municipal bonds to repay principal and to make interest payments. Any changes in the financial condition of municipal issuers may also adversely affect the value of a Fund’s securities.
| THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS FUNDS |
| | OCTOBER 31, 2024 |
Non-Diversified Risk (Large Cap Growth Fund and Real Estate Fund) — Each Fund is non-diversified, which means that it may invest in the securities of relatively few issuers. As a result, each Fund may be more susceptible to a single adverse economic or political occurrence affecting one or more of these issuers and may experience increased volatility due to its investments in those securities.
Quantitative Investing Risk (Large Cap Value Fund, Large Cap Growth Fund, Small Cap Fund and International Equity Fund) — There is no guarantee that the use of quantitative models, algorithms, methods or other similar techniques, and the investments selected based on such techniques, will perform as expected, produce the desired results or enable a Fund to achieve its investment objective. A Fund may be adversely affected by imperfections, errors or limitations in construction and implementation (for example, limitations in a model, proprietary or third-party data imprecision or unavailability, software or other technology malfunctions, or programming inaccuracies) and the Adviser’s ability to monitor and timely adjust the metrics or update the data or features underlying the model, algorithm or other similar analytical tools (“quantitative tools”). A Fund may also be adversely affected by the Adviser’s ability to make accurate qualitative judgments regarding the quantitative tool’s output or operational complications relating to any quantitative tool. Thus, a Fund is subject to the risk that any quantitative tools used by the Adviser will not be successful as to, for example, selecting or weighting investment positions, and that these tools may not perform as expected.
Real Estate Investment Trusts Risk (U.S. All Cap Index Fund and Real Estate Fund) — REITs are pooled investment vehicles that own, and usually operate, income-producing real estate. REITs are susceptible to the risks associated with direct ownership of real estate, as discussed elsewhere in this section. REITs typically incur fees that are separate from those of the Fund. Accordingly, the Fund’s investments in REITs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the REITs’ operating expenses, in addition to paying Fund expenses. REIT operating expenses are not reflected in the fee table and example in this prospectus.
Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties. REITs depend generally on their ability to generate cash flow to make distributions, and may be subject to defaults by borrowers and to self-liquidations. In addition, a REIT may be affected by its failure to qualify for tax-free pass-through of income under the Internal Revenue Code of 1986, as amended (the “Code”), or its failure to maintain exemption from registration under the 1940 Act.
Real Estate Sector Risk (Real Estate Fund) — Securities of companies principally engaged in the real estate sector may be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include (i) changes in general economic and market conditions; (ii) changes in the value of real estate properties; (iii) risks related to local economic conditions, overbuilding and increased competition; (iv) increases in property taxes and operating expenses; (v) changes in zoning laws; (vi) casualty and condemnation losses; (vii) variations in rental income, neighborhood values or the appeal of property to tenants; (viii) the availability of financing; and (ix) changes in interest rates and quality of credit extended. In addition, the performance of the economy in each of the regions and countries in which the real estate owned by a company is located affects occupancy, market rental rates and expenses and, consequently, has an impact on the income from such properties and their underlying values. In addition to these risks, some REITs and real estate operating companies (“REOCs”) have limited diversification because they invest in a limited number of properties, a narrow geographic area, or a single type of property. Moreover, certain real estate investments may be illiquid and, therefore, the ability of REITs and REOCs to reposition their portfolios promptly in response to changes in economic or other conditions is limited. These factors may increase the volatility of the Fund's investments in REITs or REOCs.
Short Sales Risk (Long/Short Equity Fund) — The Fund is subject to short sales risk. Short sales are transactions in which the Fund sells a security it does not own. The Fund must borrow the security to make delivery to the buyer. The Fund is then obligated to replace the security borrowed by purchasing the security at the market price at the time of replacement. The price at such time may be higher or lower than the price at which the security was sold by the Fund. If the underlying security goes down in price between the time the Fund sells the security and buys it back, the Fund will realize a gain on the transaction. Conversely, if the underlying security goes up in price during the period, the Fund will realize a loss on the transaction. Because the market price of the security sold short could increase without limit, the Fund could be subject to a theoretically unlimited loss. The risk of such price increases is the principal risk of engaging in short sales. Reinvesting proceeds received from short selling may create leverage. These transactions may expose the Fund to greater risk and increase its costs. As an open-end investment company registered with the SEC, the Fund is subject to the federal securities laws, including the 1940 Act and the rules thereunder. Rule 18f-4 under the 1940 Act requires, among other things, that the Fund either use derivatives in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk. The use of leverage can amplify the effects of market volatility on the Fund's share price and make the Fund's returns more volatile. This is because leverage tends to exaggerate the effect of any increase or decrease in the value of the Fund's portfolio securities. The use of leverage may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations.
In addition, the Fund’s investment performance may suffer if the Fund is required to close out a short position earlier than it had intended. This would occur if the securities lender required the Fund to deliver the securities the Fund borrowed at the commencement of the short sale and the Fund was unable to borrow the securities from another securities lender or otherwise obtain the security by other means. Moreover, the Fund may be subject to expenses related to short sales that are not typically associated with investing in securities directly, such as costs of borrowing and margin account maintenance costs associated with the Fund’s open short positions. These expenses negatively impact the performance of the Fund. For example, when the Fund short sells an equity security that pays a dividend, it is obligated to pay the dividend on the security it has sold. However, a dividend paid on a security sold short generally reduces the market value of the shorted security and thus, increases the Fund’s unrealized gain or reduces the Fund’s unrealized loss on its short sale transaction. To the extent that the dividend that the Fund is obligated to pay is greater than the return earned by the Fund on investments, the performance of the Fund will be negatively impacted. Furthermore, the Fund may be required to pay a premium or interest to the lender of the security. The foregoing types of short sale expenses are sometimes referred to as the “negative cost of carry,” and will tend to cause the Fund to lose money on a short sale even in instances where the price of the underlying security sold short does not change over the duration of the short sale.
| THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS FUNDS |
| | OCTOBER 31, 2024 |
The foregoing is not intended to be a complete discussion of the risks associated with investing in the Funds. A more complete description of risks associated with the Funds is included in the prospectus and statement of additional information.
11. Concentrations of Shareholders:
At October 31, 2024, the percentage of total shares outstanding held by shareholders for each Fund, which are comprised of affiliated omnibus accounts, unless otherwise indicated, that are held on behalf of various individual shareholders, was as follows:
| | No. of | | No. of | |
| | Shareholders | | Shareholders | |
| | I Shares | % Ownership | Class S Shares | % Ownership |
| Limited Duration Fund | 1 | 35% | 3 | 100% |
| Core Bond Fund | 2 | 49% | 1 | 89% |
| Long/Short Equity Fund | 2 | 68% | – | – |
| Large Cap Value Fund | 2 | 49% | 3 | 95% |
| Large Cap Growth Fund | 2 | 54% | 1 | 89% |
| Small Cap Fund | 2 | 60% | 3 | 100% |
| U.S. All Cap Index Fund | 3 | 56% | – | – |
| Real Estate Fund | 2 | 84% | – | – |
| International Equity Fund | 2 | 49% | 3 | 100% |
12. Indemnifications:
In the normal course of business, the Funds enter into contracts that provide general indemnifications. The Funds’ maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be established; however, based on experience, the risk of loss from such claims is considered remote.
13. New Accounting Pronouncement:
In November 2023, the Financial Accounting Standards Board issued Accounting Standards Update No. 2023-07 (“ASU 2023-07”), Segment Reporting (“Topic 280”). ASU 2023-07 clarifies the guidance in Topic 280, which requires public entities to provide disclosures of significant segment expenses and other segment items. The guidance requires public entities to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually and also applies to public entities with a single reportable segment. Entities are permitted to disclose more than one measure of a segment’s profit or loss if such measures are used by the Chief Operating Decision Maker to allocate resources and assess performance, as long as at least one of those measures is determined in a way that is most consistent with the measurement principles used to measure the corresponding amounts in the consolidated financial statements. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. Management is currently evaluating the implications, if any, of the additional requirements and their impact on a Fund’s financial statements.
14. Subsequent Events:
The Funds have been evaluated by management regarding the need for additional disclosures and/or adjustments resulting from subsequent events. Based on this evaluation, no additional disclosures and/or adjustments were required to the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS FUNDS |
| | OCTOBER 31, 2024 |
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees of The Advisors’ Inner Circle Fund III and Shareholders of Knights of Columbus Limited Duration Fund, Knights of Columbus Core Bond Fund, Knights of Columbus Long/Short Equity Fund, Knights of Columbus Large Cap Value Fund, Knights of Columbus Large Cap Growth Fund, Knights of Columbus Small Cap Fund, Knights of Columbus U.S. All Cap Index Fund, Knights of Columbus Real Estate Fund, and Knights of Columbus International Equity Fund
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Knights of Columbus Limited Duration Fund, Knights of Columbus Core Bond Fund, Knights of Columbus Long/Short Equity Fund, Knights of Columbus Large Cap Value Fund, Knights of Columbus Large Cap Growth Fund, Knights of Columbus Small Cap Fund, Knights of Columbus U.S. All Cap Index Fund, Knights of Columbus Real Estate Fund, and Knights of Columbus International Equity Fund (nine of the funds constituting The Advisors’ Inner Circle Fund III, hereafter collectively referred to as the "Funds") as of October 31, 2024, the related statements of operations for the year ended October 31, 2024, the statements of changes in net assets for each of the two years in the period ended October 31, 2024, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2024, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2024 and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2024 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/ PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
December 23, 2024
We have served as the auditor of one or more investment companies in Knights of Columbus Asset Advisors LLC since 2015.
| THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS FUNDS |
NOTICE TO SHAREHOLDERS (Unaudited)
For shareholders that do not have an October 31, 2024 tax year end, this notice is for informational purposes only. For shareholders with an October 31, 2024 tax year end, please consult your tax advisor as to the pertinence of this notice. For the fiscal year ended October 31, 2024, the Funds are designating the following items with regard to distributions paid during the period.
| | Return of Capital | Long Term Capital Gain Distribution | Ordinary Income Distributions | Total Distributions | Dividends Qualifying for Corporate Dividend Receivable
Deduction(1) | Qualifying Dividend Income(2) | U.S. Government Interest(3) | Qualified Interest Income(4) | Qualified Short Term Capital Gain(5) | Foreign Tax
Credit(6) | Qualifying Business Income(7) |
| Limited Duration Fund | 0.00% | 0.00% | 100.00% | 100.00% | 0.00% | 0.00% | 53.07% | 49.77% | 0.00% | 0.00% | 0.00% |
| Core Bond Fund | 0.00% | 0.00% | 100.00% | 100.00% | 0.00% | 0.00% | 34.48% | 62.69% | 0.00% | 0.00% | 0.00% |
| Long/Short Equity Fund | 0.00% | 0.00% | 100.00% | 100.00% | 19.90% | 22.19% | 0.00% | 78.92% | 0.00% | 0.00% | 0.00% |
| Large Cap Value Fund | 0.00% | 0.00% | 100.00% | 100.00% | 86.17% | 96.43% | 0.00% | 5.97% | 0.00% | 0.00% | 8.39% |
| Large Cap Growth Fund | 0.00% | 2.46% | 97.54% | 100.00% | 100.00% | 100.00% | 0.00% | 20.21% | 0.00% | 0.00% | 0.00% |
| Small Cap Fund | 0.00% | 76.74% | 23.26% | 100.00% | 100.00% | 100.00% | 0.00% | 12.24% | 0.00% | 0.00% | 0.00% |
| U.S. All Cap Index Fund | 0.00% | 18.16% | 81.84% | 100.00% | 46.10% | 60.08% | 0.00% | 5.92% | 100.00% | 0.00% | 4.93% |
| Real Estate Fund | 14.05% | 0.00% | 85.95% | 100.00% | 0.00% | 0.00% | 0.00% | 10.07% | 0.00% | 0.00% | 57.48% |
| International Equity Fund | 0.00% | 0.00% | 100.00% | 100.00% | 0.21% | 93.14% | 0.00% | 3.99% | 0.00% | 14.92% | 0.00% |
| (1) | Qualifying dividends represent dividends which qualify for the corporate dividends received deduction and is reflected as a percentage of ordinary Income distributions (the total of short term capital gain and net investment income distributions). |
| (2) | The percentage in this column represents the amount of “Qualifying Dividend Income” as created by the Jobs and Growth Relief Reconciliation Act of 2003 and is reflected as a percentage of ordinary income distributions (the total of short term capital gain and net investment income distributions). It is the intention of each of the aforementioned funds to designate the maximum amount permitted by law. |
| (3) | U.S. Government Interest represents the amount of interest that was derived from U.S. Government obligations and distributed during the fiscal year. This amount is reflected as a percentage of total ordinary income distributions (the total of short term capital gain and net investment income distributions). Generally, interest from direct U.S. Government obligations is exempt from state income tax. However, for shareholders who are residents of California, Connecticut and New York, the statutory threshold requirements were not satisfied to permit exemption of these amounts from state income. |
| (4) | The percentage in this column represents the amount of “Qualifying Interest Income” as created by the American Jobs Creation Act of 2004 and is a percentage of ordinary income distributions that are exempt from U.S. withholding tax when paid for foreign investors. |
| (5) | The percentage in this column represents the amount of “Qualifying Short-Term Capital Gain” as created by the American Jobs Creation Act of 2004 and is reflected as a percentage of short-term capital gain distributions that is exempt from U.S. withholding tax when paid to foreign investors. |
| (6) | The percentage in this column represents the amount of “Qualifying Foreign Taxes” as a percentage of ordinary distributions during the fiscal year ended October 31, 2024. The Fund intends to pass through a Foreign Tax Credit to shareholders for fiscal year ended 2024. The total amount of foreign source income for the International Equity Fund is $4,269,635. The total amount of foreign tax paid for the International Equity Fund is $682,172. Your allocation share of the foreign tax credit will be reported on form 1099-DIV. |
| (7) | The percentage of this column represents that amount of ordinary dividend income that qualifed for 20% Business Income Deduction.
|
The information reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2024. Complete information will be computed and reported in conjunction with your 2024 Form 1099-DIV.
(This page intentionally left blank)
Knights of Columbus Funds
P.O. Box 219009
Kansas City, MO 64121
1-844-KC-FUNDS (1-844-523-8637)
Investment Adviser
Knights of Columbus Asset Advisors LLC
One Columbus Plaza
New Haven, CT 06510
Investment Subadviser
L2 Asset Management, LLC
66 Glezen Lane,
Wayland, MA 01778
Distributor
SEI Investments Distribution Co.
One Freedom Valley Drive
Oaks, PA 19456
Administrator
SEI Investments Global Funds Services
One Freedom Valley Drive
Oaks, PA 19456
Legal Counsel
Morgan, Lewis & Bockius, LLP
2222 Market Street
Philadelphia, PA 19103
This information must be preceded or accompanied by a
current prospectus for the Funds described.
KOC-AR-001-1000
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
There were no changes in or disagreements with accountants on accounting and financial disclosure during the period covered by the report.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
There were no matters submitted to a vote of shareholders during the period covered by this report.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
No remuneration was paid by the company during the period covered by the report to any Officers of the Trust, other than as disclosed as part of the financial statements included above in Item 7.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
The disclosure regarding the Approval of Advisory Agreement, if applicable, is included as part of the financial statements included above in Item 7.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end management investment companies.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to open-end management investment companies.
Item 14. Purchases of Equity Securities by Closed-End Management Company and Affiliated Purchasers.
Not applicable to open-end management investment companies.
Item 15. Submission of Matters to a Vote of Security Holders.
There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees during the period covered by this report.
Item 16. Controls and Procedures.
(a) The Registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant's disclosure controls and procedures, as defined in Rule 30a-3(c) under the Act (17 CFR § 270.30a-3(c)), as of a date within 90 days of the filing date of the report, are effective based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR § 270.30a-3(b)) and Rule 13a-15(b) or Rule 15d-15(b) under the Act (17 CFR § 240.13a-15(b) or § 240.15d-15(b)).
(b) There has been no change in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR § 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable to open-end management investment companies.
Item 18. Recovery of Erroneously Awarded Compensation.
(a) Not applicable.
(b) Not applicable.
Item 19. Exhibits.
(a)(1) Code of Ethics attached hereto.
(a)(2) Not applicable.
(a)(3) A separate certification for the principal executive officer and the principal financial officer of the Registrant, as required by Rule 30a-2(a) under the Act (17 CFR § 270.30a-2(a)), are filed herewith.
(a)(4) Not applicable.
(b) Officer certifications, as required by Rule 30a-2(b) under the Act (17 CFR § 270.30a-2(b)), also accompany this filing as an exhibit.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| (Registrant) | | The Advisors' Inner Circle Fund III | | |
| | | | | |
| By (Signature and Title) | | /s/ Michael Beattie | | |
| | | Michael Beattie | | |
| | | Principal Executive Officer | | |
| Date: January 6, 2025 | | | | |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
| By (Signature and Title) | | /s/ Michael Beattie | | |
| | | Michael Beattie | | |
| | | Principal Executive Officer | | |
| Date: January 6, 2025 | | | | |
| | | | | |
| By (Signature and Title) | | /s/ Andrew Metzger | | |
| | | Andrew Metzger | | |
| | | Principal Financial Officer | | |
| Date: January 6, 2025 | | | | |
