# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0001752724-23-074347
**Filing Date:** 2023-3
**Character Count:** 490831
**Document Hash:** a37497f24ab6b83db993c1b58aa9804f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-074347.hdr.sgml**: 20230330

**ACCESSION NUMBER**: 0001752724-23-074347

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230330

**DATE AS OF CHANGE**: 20230330

**PERIOD START**: 20231031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Advisors' Inner Circle Fund III
- **CENTRAL INDEX KEY:** 0001593547
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22920
- **FILM NUMBER:** 23780308

**BUSINESS ADDRESS:**
- **STREET 1:** ONE FREEDOM VALLEY DRIVE
- **CITY:** OAKS
- **STATE:** PA
- **ZIP:** 19456
- **BUSINESS PHONE:** (800) 342-5734

**MAIL ADDRESS:**
- **STREET 1:** ONE FREEDOM VALLEY DRIVE
- **CITY:** OAKS
- **STATE:** PA
- **ZIP:** 19456

## Series and Classes Contracts Data

### LEGAL & GENERAL LONG DURATION U.S. CREDIT FUND (Series ID: S000070412)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000223884 | W Shares             | LLDWX           |
| C000223885 | Institutional Shares | LLDIX           |

## Nport-Ex

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America |
|  | Long Duration U.S. Credit Fund |
|  | January 31, 2023 |
|  | (Unaudited) |

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **CORPORATE OBLIGATIONS — 81.5%** | | |
|  |<br>**Face Amount** |<br>**Value** |
|  **COMMUNICATION SERVICES — 10.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 08/15/2040 | $80000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56312 |
| &nbsp;&nbsp;&nbsp;&nbsp; America Movil |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 03/30/2040 | 85000 | 93561 |
| &nbsp;&nbsp;&nbsp;&nbsp; AT&T |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 05/15/2035 | 235000 | 223302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 09/15/2059 | 215000 | 157527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 09/15/2055 | 775000 | 568234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charter Communications Operating |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 03/01/2050 | 135000 | 106037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 06/01/2052 | 5000 | 3401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 04/01/2061 | 5000 | 3159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 04/01/2051 | 200000 | 132364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 06/01/2041 | 205000 | 143556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comcast |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.987%, 11/01/2063 | 30000 | 20025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.937%, 11/01/2056 | 418000 | 285547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.887%, 11/01/2051 | 250000 | 174426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 08/15/2052 | 150000 | 130955 |
| &nbsp;&nbsp;&nbsp;&nbsp; NBCUniversal Media |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 01/15/2043 | 205000 | 191633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paramount Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.850%, 09/01/2043 | 285000 | 253922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 03/15/2043 | 50000 | 36896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rogers Communications |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 03/15/2044 | 35000 | 32057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Time Warner Cable |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 11/15/2040 | 200000 | 188365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 09/15/2042 | 90000 | 71406 |
| &nbsp;&nbsp;&nbsp;&nbsp; T-Mobile USA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 09/15/2062 | 35000 | 36727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 02/15/2041 | 115000 | 85697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 03/22/2051 | 290000 | 225212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 03/22/2041 | 240000 | 193232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.987%, 10/30/2056 | 235000 | 156367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vodafone Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 09/17/2050 | 65000 | 53983 |

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America |
|  | Long Duration U.S. Credit Fund |
|  | January 31, 2023 |
|  | (Unaudited) |

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **CORPORATE OBLIGATIONS — continued** | | |
|  |<br>**Face Amount** |<br>**Value** |
|  **COMMUNICATION SERVICES (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Walt Disney |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 03/23/2040 | $20000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 01/13/2051 | 90000 | 74331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 05/13/2040 | 170000 | 145558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 09/01/2049 | 135000 | 96313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warnermedia Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.141%, 03/15/2052 (A) | 30000 | 24921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 03/15/2042 (A) | 135000 | 115262 |
|  |  | 4099990 |
|  **CONSUMER DISCRETIONARY — 3.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 04/13/2052 | 170000 | 150379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 05/12/2051 | 170000 | 129251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 05/12/2041 | 90000 | 70971 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Motors |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 10/15/2032 | 35000 | 34556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 04/01/2038 | 90000 | 81976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Depot |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 09/15/2052 | 120000 | 123508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 06/15/2047 | 5000 | 4417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 04/15/2052 | 148000 | 123506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 04/15/2050 | 115000 | 92030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 04/15/2040 | 170000 | 143991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 12/15/2049 | 65000 | 49722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lowe's |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 04/15/2053 | 230000 | 237541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 04/01/2062 | 55000 | 46696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 04/01/2052 | 30000 | 25492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Target |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 01/15/2052 | 30000 | 22231 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Southern California |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.028%, 10/01/2039 | 285000 | 238800 |
|  |  | 1575067 |
|  **CONSUMER STAPLES — 7.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7-Eleven |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 02/10/2051 (A) | 35000 | 23115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 02/10/2041 (A) | 85000 | 59860 |

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America |
|  | Long Duration U.S. Credit Fund |
|  | January 31, 2023 |
|  | (Unaudited) |

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **CORPORATE OBLIGATIONS — continued** | | |
|  |<br>**Face Amount** |<br>**Value** |
|  **CONSUMER STAPLES (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Altria Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 02/14/2049 | $20000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 02/04/2041 | 225000 | 158102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anheuser-Busch |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 02/01/2046 | 520000 | 507755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 02/01/2036 | 405000 | 401570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anheuser-Busch InBev Worldwide |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 01/23/2049 | 200000 | 214400 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAT Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 10/19/2032 | 30000 | 33478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.758%, 09/06/2049 | 55000 | 42967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.540%, 08/15/2047 | 185000 | 141148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.390%, 08/15/2037 | 270000 | 222435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.734%, 09/25/2040 | 5000 | 3619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 06/01/2040 | 90000 | 69304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Brands |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 02/15/2048 | 85000 | 72153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fomento Economico Mexicano |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 01/16/2050 | 60000 | 45856 |
| &nbsp;&nbsp;&nbsp;&nbsp; JBS USA LUX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 12/01/2052 (A) | 200000 | 204650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 02/02/2052 (A) | 85000 | 65241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 05/15/2032 (A) | 85000 | 67533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keurig Dr Pepper |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 04/15/2052 | 19000 | 17191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kraft Heinz Foods |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 06/01/2050 | 90000 | 91758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 07/15/2045 | 85000 | 83051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 10/01/2049 | 152000 | 142211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 06/01/2046 | 20000 | 17477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nestle Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 09/24/2048 (A) | 35000 | 31675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 09/24/2038 (A) | 80000 | 75161 |
| &nbsp;&nbsp;&nbsp;&nbsp; PepsiCo |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 10/21/2051 | 55000 | 40860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 10/21/2041 | 50000 | 39018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 03/04/2043 | 115000 | 96730 |

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America |
|  | Long Duration U.S. Credit Fund |
|  | January 31, 2023 |
|  | (Unaudited) |

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **CORPORATE OBLIGATIONS — continued** | | |
|  |<br>**Face Amount** |<br>**Value** |
|  **CONSUMER STAPLES (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Walmart |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 09/22/2051 | $5000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 09/22/2041 | 139000 | 106428 |
|  |  | 3097312 |
|  **ENERGY — 9.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BP Capital Markets America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.379%, 02/08/2061 | 65000 | 48667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.060%, 06/17/2041 | 80000 | 63825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.001%, 03/17/2052 | 90000 | 64856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 02/24/2050 | 5000 | 3649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.939%, 06/04/2051 | 115000 | 82233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Columbia Pipeline Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 06/01/2045 | 85000 | 89851 |
| &nbsp;&nbsp;&nbsp;&nbsp; ConocoPhillips |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 03/15/2052 | 65000 | 55680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Devon Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/15/2045 | 65000 | 59681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamondback Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 03/15/2033 | 65000 | 69226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 03/24/2051 | 15000 | 12416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Transfer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 04/15/2049 | 30000 | 30466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 02/15/2033 | 30000 | 30878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 10/01/2047 | 115000 | 105816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 02/01/2043 | 35000 | 31351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 03/15/2045 | 400000 | 360855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/15/2050 | 90000 | 78712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 03/15/2035 | 85000 | 80370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enterprise Products Operating |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 10/15/2054 | 85000 | 78425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 02/15/2048 | 115000 | 99667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 01/31/2050 | 5000 | 4277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 02/15/2053 | 35000 | 25389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 02/15/2052 | 90000 | 64469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.327%, 03/19/2050 | 5000 | 4708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.227%, 03/19/2040 | 135000 | 129028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.452%, 04/15/2051 | 80000 | 65233 |

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America |
|  | Long Duration U.S. Credit Fund |
|  | January 31, 2023 |
|  | (Unaudited) |

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **CORPORATE OBLIGATIONS — continued** | | |
|  |<br>**Face Amount** |<br>**Value** |
|  **ENERGY (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.095%, 08/16/2049 | $35000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hess |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 01/15/2040 | 5000 | 5224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 04/01/2047 | 115000 | 116713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinder Morgan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 06/01/2045 | 65000 | 63448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 08/01/2052 | 25000 | 24009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 03/01/2048 | 65000 | 60687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 02/15/2046 | 50000 | 45614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 02/15/2051 | 5000 | 3704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 08/01/2050 | 55000 | 38126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marathon Petroleum |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 09/15/2044 | 50000 | 44846 |
| &nbsp;&nbsp;&nbsp;&nbsp; MPLX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 03/14/2052 | 50000 | 44299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 04/15/2038 | 150000 | 136604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phillips |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66 4.900%, 10/01/2046 (A) | 50000 | 47218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 03/15/2052 | 65000 | 48220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sabal Trail Transmission |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.832%, 05/01/2048 (A) | 50000 | 46541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.682%, 05/01/2038 (A) | 55000 | 52386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell International Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 05/11/2035 | 115000 | 111708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 09/12/2046 | 115000 | 98109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/26/2051 | 20000 | 14730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Natural Gas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 03/15/2047 (A) | 50000 | 43128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suncor Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 03/04/2051 | 90000 | 71652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Eastern Transmission |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 01/15/2048 (A) | 85000 | 73027 |
| &nbsp;&nbsp;&nbsp;&nbsp; TotalEnergies Capital International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.127%, 05/29/2050 | 205000 | 156640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.986%, 06/29/2041 | 80000 | 64059 |
| &nbsp;&nbsp;&nbsp;&nbsp; TransCanada PipeLines |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 03/15/2049 | 30000 | 29687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 05/15/2038 | 205000 | 195710 |

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America |
|  | Long Duration U.S. Credit Fund |
|  | January 31, 2023 |
|  | (Unaudited) |

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **CORPORATE OBLIGATIONS — continued** | | |
|  |<br>**Face Amount** |<br>**Value** |
|  **ENERGY (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Williams |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.300%, 04/15/2040 | $120000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 06/24/2044 | 135000 | 137848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/15/2051 | 30000 | 22179 |
|  |  | 3692806 |
|  **FINANCIALS — 10.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AIG SunAmerica Global Financing X |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.900%, 03/15/2032 (A) | 30000 | 33340 |
| &nbsp;&nbsp;&nbsp;&nbsp; American International Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 06/30/2050 | 85000 | 77461 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASB Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 10/22/2031 (A) | 20000 | 16278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 10/15/2036 | 80000 | 87165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.311%, U.S. SOFR + 1.580%, 04/22/2042 (B) | 265000 | 213200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.572%, U.S. SOFR + 1.210%, 10/20/2032 (B) | 65000 | 53828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.972%, U.S. SOFR + 1.330%, 02/04/2033 (B) | 50000 | 42643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.676%, U.S. SOFR + 1.930%, 06/19/2041 (B) | 370000 | 273218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 08/15/2048 | 150000 | 140288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackstone Holdings Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 01/30/2032 (A) | 45000 | 34267 |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.132%, U.S. SOFR + 1.561%, 01/20/2033 (A),(B) | 5000 | 4225 |
| &nbsp;&nbsp;&nbsp;&nbsp; CI Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 06/15/2051 | 20000 | 12607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.878%, ICE LIBOR USD 3 Month + 1.168%, 01/24/2039 (B) | 90000 | 78933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.904%, U.S. SOFR + 1.379%, 11/03/2042 (B) | 65000 | 48681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.561%, U.S. SOFR + 1.167%, 05/01/2032 (B) | 90000 | 74998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commonwealth Bank of Australia MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.743%, 09/12/2039 (A) | 50000 | 39392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corebridge Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 04/05/2052 (A) | 85000 | 72821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 04/05/2042 (A) | 20000 | 17526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 04/05/2032 (A) | 85000 | 77399 |

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America |
|  | Long Duration U.S. Credit Fund |
|  | January 31, 2023 |
|  | (Unaudited) |

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **CORPORATE OBLIGATIONS — continued** | | |
|  |<br>**Face Amount** |<br>**Value** |
|  **FINANCIALS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.016%, U.S. SOFR + 5.020%, 11/15/2033 (A),(B) | $85000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Atlantic Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 06/15/2031 (A) | 45000 | 34828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 05/22/2045 | 55000 | 54447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.017%, ICE LIBOR USD 3 Month + 1.373%, 10/31/2038 (B) | 240000 | 212878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.436%, U.S. SOFR + 1.632%, 02/24/2043 (B) | 135000 | 108688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.908%, U.S. SOFR + 1.472%, 07/21/2042 (B) | 5000 | 3739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 07/08/2044 | 135000 | 130474 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.328%, U.S. SOFR + 1.580%, 04/22/2052 (B) | 120000 | 91463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.109%, U.S. SOFR + 2.460%, 04/22/2041 (B) | 255000 | 201901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.953%, U.S. SOFR + 1.065%, 02/04/2032 (B) | 235000 | 188850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.976%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 2.300%, 08/11/2033 (B) | 65000 | 63508 |
| &nbsp;&nbsp;&nbsp;&nbsp; MetLife |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 01/15/2054 | 30000 | 31239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.721%, 12/15/2044 | 65000 | 62357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.948%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 2.430%, 01/19/2038 (B) | 65000 | 66217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 01/22/2047 | 5000 | 4684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.217%, U.S. SOFR + 1.485%, 04/22/2042 (B) | 140000 | 111994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.802%, U.S. SOFR + 1.430%, 01/25/2052 (B) | 30000 | 20639 |
| &nbsp;&nbsp;&nbsp;&nbsp; PNC Financial Services Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.068%, U.S. SOFR + 1.933%, 01/24/2034 (B) | 35000 | 35289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prudential Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.935%, 12/07/2049 | 50000 | 42600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prudential Financial MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 07/15/2033 | 15000 | 16374 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 03/01/2062 (A) | 20000 | 16931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 03/01/2052 (A) | 5000 | 4220 |

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America |
|  | Long Duration U.S. Credit Fund |
|  | January 31, 2023 |
|  | (Unaudited) |

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **CORPORATE OBLIGATIONS — continued** | | |
|  |<br>**Face Amount** |<br>**Value** |
|  **FINANCIALS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.821%, U.S. SOFR + 1.567%, 01/26/2034 (B) | $10000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Truist Financial MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.122%, U.S. SOFR + 1.852%, 01/26/2034 (B) | 30000 | 30375 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 06/26/2048 (A) | 25000 | 23205 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.988%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 2.400%, 08/05/2033 (A),(B) | 90000 | 88180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.746%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 1.100%, 02/11/2033 (A),(B) | 5000 | 4115 |
| &nbsp;&nbsp;&nbsp;&nbsp; US Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.491%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 0.950%, 11/03/2036 (B) | 120000 | 95731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.013%, U.S. SOFR + 4.502%, 04/04/2051 (B) | 20000 | 19695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 11/17/2045 | 50000 | 47440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.897%, U.S. SOFR + 2.100%, 07/25/2033 (B) | 50000 | 49800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.611%, U.S. SOFR + 2.130%, 04/25/2053 (B) | 285000 | 265835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 06/14/2046 | 410000 | 362182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westpac Banking |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.405%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 2.680%, 08/10/2033 (B) | 30000 | 29681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.133%, 11/18/2041 | 50000 | 36193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.020%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 1.530%, 11/18/2036 (B) | 70000 | 54807 |
|  |  | 4114453 |
|  **HEALTH CARE — 9.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Abbott Laboratories |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 11/30/2046 | 65000 | 67843 |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 05/14/2035 | 105000 | 102810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 11/21/2049 | 388000 | 347577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 11/21/2039 | 369000 | 332525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amgen |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 03/01/2053 | 37000 | 35133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 05/01/2045 | 35000 | 31260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 02/22/2052 | 5000 | 4278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 02/21/2050 | 85000 | 63750 |

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America |
|  | Long Duration U.S. Credit Fund |
|  | January 31, 2023 |
|  | (Unaudited) |

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **CORPORATE OBLIGATIONS — continued** | | |
|  |<br>**Face Amount** |<br>**Value** |
|  **HEALTH CARE (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 02/22/2032 | $30000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 02/21/2040 | 135000 | 105677 |
| &nbsp;&nbsp;&nbsp;&nbsp; BayCare Health System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.831%, 11/15/2050 | 15000 | 12798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Baylor Scott & White Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.839%, 11/15/2050 | 25000 | 17855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Scientific |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 03/01/2049 | 5000 | 4816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 03/01/2039 | 38000 | 36136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 03/15/2052 | 137000 | 115722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 03/15/2042 | 65000 | 56282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 11/13/2050 | 138000 | 94043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.350%, 11/13/2040 | 35000 | 25560 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVS Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 03/25/2048 | 51000 | 48462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.780%, 03/25/2038 | 30000 | 28713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 08/21/2040 | 170000 | 122924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danaher |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 12/10/2051 | 123000 | 88335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 10/01/2050 | 20000 | 13802 |
| &nbsp;&nbsp;&nbsp;&nbsp; DH Europe Finance II Sarl |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 11/15/2049 | 30000 | 24430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 11/15/2039 | 85000 | 72557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elevance Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 02/15/2053 | 65000 | 65360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 03/15/2051 | 65000 | 52416 |
| &nbsp;&nbsp;&nbsp;&nbsp; GE HealthCare Technologies |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.377%, 11/22/2052 (A) | 55000 | 63469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gilead Sciences |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 03/01/2046 | 5000 | 4854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 09/01/2035 | 80000 | 79623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 02/01/2045 | 30000 | 28209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 03/01/2047 | 15000 | 13427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 10/01/2050 | 70000 | 48911 |
| &nbsp;&nbsp;&nbsp;&nbsp; HCA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 06/15/2049 | 55000 | 50307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 06/15/2039 | 35000 | 32972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 03/15/2052 (A) | 99000 | 83546 |

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America |
|  | Long Duration U.S. Credit Fund |
|  | January 31, 2023 |
|  | (Unaudited) |

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **CORPORATE OBLIGATIONS — continued** | | |
|  |<br>**Face Amount** |<br>**Value** |
|  **HEALTH CARE (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 03/15/2042 (A) | $20000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 07/15/2051 | 28000 | 19639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kaiser Foundation Hospitals |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 05/01/2047 | 55000 | 50479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.266%, 11/01/2049 | 50000 | 39047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.002%, 06/01/2051 | 115000 | 85444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.810%, 06/01/2041 | 85000 | 65654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.350%, 06/24/2040 | 5000 | 3712 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York and Presbyterian Hospital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.606%, 08/01/2060 | 15000 | 9227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.256%, 08/01/2040 | 15000 | 10630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northwell Healthcare |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.260%, 11/01/2047 | 30000 | 25626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novartis Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 05/06/2044 | 30000 | 29802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 08/14/2050 | 90000 | 67449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pfizer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 05/28/2040 | 115000 | 88626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roche Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.607%, 12/13/2051 (A) | 171000 | 120638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sutter Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.361%, 08/15/2050 | 35000 | 26548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thermo Fisher Scientific |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 10/15/2041 | 80000 | 62813 |
| &nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.050%, 02/15/2063 | 65000 | 76027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 02/15/2053 | 120000 | 137542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 05/15/2062 | 20000 | 20162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 05/15/2052 | 95000 | 94104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 05/15/2051 | 173000 | 135391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.050%, 05/15/2041 | 240000 | 191838 |
|  |  | 3780967 |
|  **INDUSTRIALS — 8.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 10/29/2041 | 55000 | 42770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 01/30/2032 | 225000 | 188512 |

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America |
|  | Long Duration U.S. Credit Fund |
|  | January 31, 2023 |
|  | (Unaudited) |

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **CORPORATE OBLIGATIONS — continued** | | |
|  |<br>**Face Amount** |<br>**Value** |
|  **INDUSTRIALS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Boeing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.930%, 05/01/2060 | $35000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.805%, 05/01/2050 | 390000 | 398311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.705%, 05/01/2040 | 505000 | 516884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Burlington Northern Santa Fe |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 04/01/2045 | 270000 | 246978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 06/15/2052 | 80000 | 57730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Pacific Railway |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 09/15/2115 | 85000 | 93219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 12/02/2051 | 90000 | 66495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 12/02/2041 | 50000 | 39654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carrier Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.577%, 04/05/2050 | 65000 | 50613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.377%, 04/05/2040 | 80000 | 64398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caterpillar |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 05/15/2064 | 80000 | 81288 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/15/2052 | 115000 | 106695 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Dynamics |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 06/01/2041 | 30000 | 23990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.900%, 11/15/2063 | 35000 | 41002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 11/15/2054 | 50000 | 56780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 05/15/2036 | 85000 | 84648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norfolk Southern |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 06/01/2053 | 10000 | 9330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northrop Grumman |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.030%, 10/15/2047 | 240000 | 212029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raytheon Technologies |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 06/01/2042 | 445000 | 427021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.030%, 03/15/2052 | 185000 | 136445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Union Pacific |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.799%, 10/01/2051 | 155000 | 132665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/14/2053 | 35000 | 28287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 02/14/2042 | 20000 | 16874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.973%, 09/16/2062 | 135000 | 92985 |

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America |
|  | Long Duration U.S. Credit Fund |
|  | January 31, 2023 |
|  | (Unaudited) |

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **CORPORATE OBLIGATIONS — continued** | | |
|  |<br>**Face Amount** |<br>**Value** |
|  **INDUSTRIALS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Union Pacific MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 08/15/2039 | $30000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26244 |
|  |  | 3277545 |
|  **INFORMATION TECHNOLOGY — 7.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Analog Devices |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 10/01/2051 | 80000 | 58785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 10/01/2041 | 80000 | 62024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 05/04/2043 | 30000 | 27246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 02/08/2051 | 265000 | 187500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 02/08/2041 | 620000 | 461952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/15/2041 (A) | 90000 | 68824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intel |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 08/05/2062 | 70000 | 65495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 08/05/2052 | 150000 | 141514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 03/25/2050 | 35000 | 32345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.734%, 12/08/2047 | 85000 | 67538 |
| &nbsp;&nbsp;&nbsp;&nbsp; KLA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 07/15/2052 | 65000 | 65348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 08/08/2036 | 115000 | 106642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.041%, 03/17/2062 | 150000 | 113585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.921%, 03/17/2052 | 310000 | 236968 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVIDIA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 04/01/2040 | 50000 | 43480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 04/01/2050 | 20000 | 16365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.900%, 11/09/2052 | 290000 | 335313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 11/09/2032 | 30000 | 32618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 05/15/2045 | 150000 | 121635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/15/2047 | 20000 | 15862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 03/25/2051 | 100000 | 77824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 03/25/2041 | 290000 | 229510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 04/01/2050 | 20000 | 14723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salesforce |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.050%, 07/15/2061 | 35000 | 24165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 07/15/2051 | 85000 | 60716 |

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America |
|  | Long Duration U.S. Credit Fund |
|  | January 31, 2023 |
|  | (Unaudited) |

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **CORPORATE OBLIGATIONS — continued** | | |
|  |<br>**Face Amount** |<br>**Value** |
|  **INFORMATION TECHNOLOGY (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 07/15/2041 | $105000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 04/15/2040 | 215000 | 171746 |
|  |  | 2918961 |
|  **MATERIALS — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Celanese US Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.379%, 07/15/2032 | 70000 | 70532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freeport-McMoRan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 03/15/2043 | 206000 | 200438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 11/14/2034 | 4000 | 3988 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Flavors & Fragrances |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 09/26/2048 | 20000 | 18639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.468%, 12/01/2050 (A) | 159000 | 117715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.268%, 11/15/2040 (A) | 125000 | 95787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Minera Mexico |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 01/26/2050 (A) | 100000 | 80793 |
|  |  | 587892 |
|  **REAL ESTATE — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Agree |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 10/01/2030 | 20000 | 17046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 06/15/2033 | 90000 | 72062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 03/15/2052 | 100000 | 76431 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Homes 4 Rent |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 04/15/2052 | 55000 | 44812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 04/15/2032 | 10000 | 8887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 07/15/2051 | 20000 | 13788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Extra Space Storage |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.350%, 03/15/2032 | 35000 | 27787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invitation Homes Operating Partnership |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 04/15/2032 | 5000 | 4591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regency Centers |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 03/15/2049 | 120000 | 103510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rexford Industrial Realty |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 09/01/2031 | 115000 | 91980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spirit Realty |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 02/15/2031 | 220000 | 185868 |

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America |
|  | Long Duration U.S. Credit Fund |
|  | January 31, 2023 |
|  | (Unaudited) |

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **CORPORATE OBLIGATIONS — continued** | | |
|  |<br>**Face Amount** |<br>**Value** |
|  **REAL ESTATE (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Communities Operating |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 01/15/2033 | $35000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 04/15/2032 | 135000 | 123857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 07/15/2031 | 85000 | 70077 |
| &nbsp;&nbsp;&nbsp;&nbsp; VICI Properties |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 05/15/2052 | 130000 | 122075 |
|  |  | 998423 |
|  **UTILITIES — 12.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AEP Texas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 01/15/2050 | 115000 | 88828 |
| &nbsp;&nbsp;&nbsp;&nbsp; AEP Transmission |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 04/01/2050 | 65000 | 53471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameren Illinois |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.900%, 12/01/2052 | 35000 | 40677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 03/15/2049 | 115000 | 111618 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Water Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 05/01/2050 | 80000 | 62943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arizona Public Service |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 12/01/2049 | 35000 | 25704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Baltimore Gas and Electric |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 06/15/2050 | 85000 | 61260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 10/15/2050 | 65000 | 57659 |
| &nbsp;&nbsp;&nbsp;&nbsp; CenterPoint Energy Houston Electric |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 03/01/2052 | 35000 | 28998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commonwealth Edison |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 03/01/2050 | 120000 | 88109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Edison of New York |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.150%, 11/15/2052 | 45000 | 52333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Energy Generation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 10/01/2039 | 63000 | 67981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 10/01/2041 | 50000 | 50872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 06/15/2042 | 200000 | 202638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumers Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 09/01/2052 | 20000 | 18263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 05/01/2060 | 115000 | 70072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 08/15/2052 | 20000 | 18833 |

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America |
|  | Long Duration U.S. Credit Fund |
|  | January 31, 2023 |
|  | (Unaudited) |

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **CORPORATE OBLIGATIONS — continued** | | |
|  |<br>**Face Amount** |<br>**Value** |
|  **UTILITIES (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Carolinas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 09/30/2042 | $240000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 03/15/2052 | 30000 | 24250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Florida |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.350%, 09/15/2037 | 150000 | 171794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Ohio |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 02/01/2049 | 170000 | 147531 |
| &nbsp;&nbsp;&nbsp;&nbsp; East Ohio Gas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 06/15/2050 (A) | 115000 | 78615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emera US Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 06/15/2046 | 80000 | 66970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entergy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 06/15/2050 | 85000 | 67355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entergy Arkansas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 06/15/2051 | 140000 | 93152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entergy Louisiana |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 09/15/2052 | 20000 | 19348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 06/15/2041 | 120000 | 95385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entergy Texas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 09/15/2052 | 35000 | 35015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exelon |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 06/15/2035 | 120000 | 120931 |
| &nbsp;&nbsp;&nbsp;&nbsp; FirstEnergy Transmission |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 07/15/2044 (A) | 50000 | 49311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 04/01/2049 (A) | 35000 | 30492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida Power & Light |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 02/01/2042 | 120000 | 109857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Georgia Power |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 01/30/2050 | 90000 | 71686 |
| &nbsp;&nbsp;&nbsp;&nbsp; MidAmerican Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 04/15/2050 | 80000 | 61481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monongahela Power |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 12/15/2043 (A) | 85000 | 87063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nevada Power |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.900%, 05/01/2053 | 35000 | 40030 |
| &nbsp;&nbsp;&nbsp;&nbsp; NiSource |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 05/15/2047 | 80000 | 71979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern States Power |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 06/01/2052 | 35000 | 33888 |

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America |
|  | Long Duration U.S. Credit Fund |
|  | January 31, 2023 |
|  | (Unaudited) |

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **CORPORATE OBLIGATIONS — continued** | | |
|  |<br>**Face Amount** |<br>**Value** |
|  **UTILITIES (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 03/01/2050 | $90000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65682 |
| &nbsp;&nbsp;&nbsp;&nbsp; NSTAR Electric |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 09/15/2052 | 50000 | 51436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oglethorpe Power |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 11/01/2040 | 120000 | 115482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 04/01/2047 (A) | 55000 | 47091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 08/01/2050 | 255000 | 197947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oncor Electric Delivery |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 01/15/2033 | 120000 | 145892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 06/01/2042 | 155000 | 164079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 09/15/2052 | 30000 | 30588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 05/15/2050 | 200000 | 169401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pacific Gas and Electric |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 01/15/2053 | 110000 | 115335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 07/01/2050 | 35000 | 29219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 07/01/2040 | 90000 | 74076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 06/01/2041 | 85000 | 67464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 08/01/2050 | 115000 | 77497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 08/01/2040 | 20000 | 14354 |
| &nbsp;&nbsp;&nbsp;&nbsp; PacifiCorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 01/15/2039 | 80000 | 87600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 03/15/2051 | 90000 | 69801 |
| &nbsp;&nbsp;&nbsp;&nbsp; PECO Energy<br> 4.375%, 08/15/2052 | 35000 | 33267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Potomac Electric Power<br> 4.150%, 03/15/2043 | 85000 | 77145 |
| &nbsp;&nbsp;&nbsp;&nbsp; PPL Electric Utilities<br> 3.000%, 10/01/2049 | 115000 | 86157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Service of Colorado<br> 6.250%, 09/01/2037 | 90000 | 102575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 01/15/2051 | 80000 | 55698 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Diego Gas & Electric<br> 3.320%, 04/15/2050 | 30000 | 22973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sempra Energy<br> 4.000%, 02/01/2048 | 20000 | 16824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 02/01/2038 | 80000 | 70095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern California Edison<br> 3.650%, 02/01/2050 | 150000 | 117976 |

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America |
|  | Long Duration U.S. Credit Fund |
|  | January 31, 2023 |
|  | (Unaudited) |

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **CORPORATE OBLIGATIONS — continued** | | |
|  |<br>**Face Amount** |<br>**Value** |
|  **UTILITIES (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tucson Electric Power |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 06/15/2050 | $5000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4052 |
|  |  | 4896668 |
|  TOTAL CORPORATE OBLIGATIONS<br>(Cost $35,360,626) |  | 33040084 |
|  **U.S. TREASURY OBLIGATIONS — 7.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/15/2042 | 140000 | 144659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 08/15/2052 | 2370000 | 2098191 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Note |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/15/2032 | 735000 | 773588 |
|  TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $2,880,561) |  | 3016438 |
|  **MUNICIPAL BONDS — 5.3%** |  |  |
|  **CALIFORNIA — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bay Area, Toll Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.263%, 04/01/2049 | 100000 | 121750 |
| &nbsp;&nbsp;&nbsp;&nbsp; California State, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.600%, 11/01/2040 | 100000 | 135515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.550%, 04/01/2039 | 230000 | 305290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regents of the University of California Medical Center Pooled Revenue, Ser H, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.548%, 05/15/2048 | 100000 | 121316 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Diego County, Water Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.138%, 05/01/2049 | 110000 | 129630 |
|  |  | 813501 |
|  **NEW JERSEY — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey, Turnpike Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.414%, 01/01/2040 | 350000 | 456723 |
|  **NEW YORK — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New York & New Jersey, Port Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.458%, 10/01/2062 | 150000 | 144282 |

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America |
|  | Long Duration U.S. Credit Fund |
|  | January 31, 2023 |
|  | (Unaudited) |

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **MUNICIPAL BONDS — continued** | | |
|  |<br>**Face Amount** |<br>**Value** |
|  **TEXAS — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dallas County, Hospital District, Ser C, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.621%, 08/15/2044 | $257000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grand Parkway Transportation, Sub-Ser E, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.184%, 10/01/2042 | 125000 | 136298 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Texas, Tollway Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.718%, 01/01/2049 | 100000 | 127963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas State, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.517%, 04/01/2039 | 165000 | 185916 |
|  |  | 733765 |
|  TOTAL MUNICIPAL BONDS<br>(Cost $2,341,402) |  | 2148271 |
|  **SOVEREIGN DEBT — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Indonesia Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 09/20/2052 | 20000 | 20636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 09/20/2032 | 50000 | 50090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexico Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.350%, 02/09/2035 | 45000 | 47957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 10/12/2110 | 155000 | 139806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 04/27/2051 | 155000 | 133869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 01/31/2050 | 5000 | 4057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 02/12/2052 | 50000 | 39299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.280%, 08/14/2041 | 55000 | 45283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Panama Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 04/16/2050 | 45000 | 35374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.870%, 07/23/2060 | 90000 | 60296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Perusahaan Penerbit SBSN Indonesia III |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 06/09/2051 (A) | 20000 | 15649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philippine Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 10/13/2047 | 35000 | 38568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.609%, 04/13/2033 | 30000 | 32236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 07/06/2046 | 105000 | 79063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 05/05/2045 | 65000 | 47861 |

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America |
|  | Long Duration U.S. Credit Fund |
|  | January 31, 2023 |
|  | (Unaudited) |

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **SOVEREIGN DEBT — continued** | | |
|  |<br>**Face Amount** |<br>**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Uruguay Government International Bond<br> 5.100%, 06/18/2050 | $120000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121813 |
|  TOTAL SOVEREIGN DEBT<br>(Cost $983,666) |  | 911857 |
|  TOTAL INVESTMENTS— 96.5%<br>(Cost $41,566,255) |  | $39116650 |

---

---

| | |
|:---|:---|
| | *Percentages are based on Net Assets of $40,514,795.*  |

---

*(A)* *Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On January 31, 2023, the value of these securities amounted to $2,448,023, representing 6.0% of the Net Assets of the Fund.* 

*(B)* *Variable or floating rate security. The rate shown is 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.* 

*DAC — Designated Activity Company* 

*GO — General Obligation* 

*ICE — Intercontinental Exchange* 

*LIBOR — London Interbank Offered Rate* 

*MTN — Medium Term Note* 

*RB — Revenue Bond* 

*SOFR — Secured Overnight Financing Rate* 

*Ser — Series* 

*USD — U.S. Dollar* 

*As of January 31, 2023, all of the Fund's investments were considered Level 2, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.* 

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America U.S. Credit Fund |
|  | January 31, 2023 |
|  | (Unaudited) |

---

------

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **CORPORATE OBLIGATIONS — 92.8%** | | |
|  |<br>**Face Amount** |<br>**Value** |
|  **COMMUNICATION SERVICES — 6.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 08/15/2040 | $60000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42234 |
| &nbsp;&nbsp;&nbsp;&nbsp; America Movil |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 04/22/2049 | 25000 | 22695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 04/22/2029 | 30000 | 28024 |
| &nbsp;&nbsp;&nbsp;&nbsp; AT&T |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 12/01/2057 | 50000 | 38015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 09/15/2059 | 40000 | 29307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 09/15/2055 | 75000 | 54990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 12/01/2033 | 140000 | 113099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charter Communications Operating |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.384%, 10/23/2035 | 30000 | 30565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.908%, 07/23/2025 | 40000 | 39796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 03/01/2050 | 15000 | 11782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 06/01/2052 | 15000 | 10203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 04/01/2051 | 5000 | 3309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 06/01/2041 | 10000 | 7003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comcast |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.969%, 11/01/2047 | 30000 | 25911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 10/15/2025 | 40000 | 39460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 04/01/2030 | 20000 | 18779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 08/15/2025 | 40000 | 38914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 03/01/2026 | 40000 | 38618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.937%, 11/01/2056 | 40000 | 27325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.887%, 11/01/2051 | 40000 | 27908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fox |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.030%, 01/25/2024 | 40000 | 39596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 08/15/2052 | 75000 | 65477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paramount Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.850%, 09/01/2043 | 85000 | 75731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 03/15/2043 | 5000 | 3690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sprint Spectrum |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.738%, 03/20/2025 (A) | 8125 | 8054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Time Warner Cable |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.300%, 07/01/2038 | 10000 | 10734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 06/15/2039 | 10000 | 10287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.550%, 05/01/2037 | 40000 | 40767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 11/15/2040 | 10000 | 9418 |

---

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America U.S. Credit Fund |
|  | January 31, 2023 |
|  | (Unaudited) |

---

------

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **CORPORATE OBLIGATIONS — continued** | | |
|  |<br>**Face Amount** |<br>**Value** |
|  **COMMUNICATION SERVICES (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 09/15/2042 | $10000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7934 |
| &nbsp;&nbsp;&nbsp;&nbsp; T-Mobile USA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 09/15/2062 | 20000 | 20987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 04/15/2025 | 90000 | 87411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 03/22/2051 | 20000 | 15532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 03/22/2041 | 185000 | 148950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vodafone Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/30/2038 | 10000 | 9871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walt Disney |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.650%, 11/15/2037 | 10000 | 11813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.550%, 03/15/2033 | 20000 | 22947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 03/23/2040 | 10000 | 9851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 01/13/2051 | 25000 | 20648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 05/13/2040 | 5000 | 4281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 09/01/2049 | 20000 | 14269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 09/01/2029 | 40000 | 34569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warnermedia Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 03/15/2042 (A) | 30000 | 25614 |
|  |  | 1346368 |
|  **CONSUMER DISCRETIONARY — 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 04/13/2052 | 35000 | 30960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 08/22/2037 | 30000 | 27924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 05/12/2051 | 40000 | 30412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 05/12/2028 | 40000 | 35270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aptiv |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.396%, 02/18/2025 | 50000 | 47683 |
| &nbsp;&nbsp;&nbsp;&nbsp; BMW US Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 04/09/2025 (A) | 40000 | 39384 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Motors |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 10/02/2043 | 10000 | 9963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 04/01/2038 | 20000 | 18217 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Motors Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 01/12/2032 | 80000 | 66319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Depot |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 09/15/2032 | 75000 | 75907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 06/15/2047 | 5000 | 4417 |

---

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America U.S. Credit Fund |
|  | January 31, 2023 |
|  | (Unaudited) |

---

------

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **CORPORATE OBLIGATIONS — continued** | | |
|  |<br>**Face Amount** |<br>**Value** |
|  **CONSUMER DISCRETIONARY (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 04/15/2052 | $55000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 09/15/2056 | 30000 | 24377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 04/15/2050 | 25000 | 20007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lowe's |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 04/15/2053 | 90000 | 92951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 04/01/2052 | 25000 | 21243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Institute of Technology |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 07/01/2111 | 50000 | 56749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northwestern University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.662%, 12/01/2057 | 10000 | 8503 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Notre Dame du Lac |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.394%, 02/15/2048 | 20000 | 16710 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Southern California |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 10/01/2111 | 20000 | 20788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volkswagen Group of America Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 11/13/2025 (A) | 10000 | 9893 |
|  |  | 703574 |
|  **CONSUMER STAPLES — 5.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7-Eleven |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 02/10/2031 (A) | 60000 | 47803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.300%, 02/10/2028 (A) | 70000 | 59601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alimentation Couche-Tard |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 01/25/2030 (A) | 30000 | 26229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anheuser-Busch |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 02/01/2046 | 30000 | 29294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anheuser-Busch InBev Worldwide |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 01/23/2049 | 25000 | 26800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 04/15/2048 | 84000 | 79494 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAT Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 10/19/2032 | 15000 | 16739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.390%, 08/15/2037 | 70000 | 57668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.222%, 08/15/2024 | 90000 | 87580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.215%, 09/06/2026 | 120000 | 113119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.259%, 03/25/2028 | 80000 | 68761 |
| &nbsp;&nbsp;&nbsp;&nbsp; JBS USA LUX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 04/01/2033 (A) | 170000 | 167319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 02/02/2029 (A) | 45000 | 38784 |

---

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America U.S. Credit Fund |
|  | January 31, 2023 |
|  | (Unaudited) |

---

------

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **CORPORATE OBLIGATIONS — continued** | | |
|  |<br>**Face Amount** |<br>**Value** |
|  **CONSUMER STAPLES (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kraft Heinz Foods |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 07/15/2045 | $15000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 10/01/2049 | 59000 | 55200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 06/01/2046 | 10000 | 8738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mars |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 04/01/2049 (A) | 20000 | 17589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mondelez International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 10/15/2032 | 20000 | 15927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nestle Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 09/24/2048 (A) | 10000 | 9050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 11/17/2032 | 45000 | 47387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 11/17/2029 | 75000 | 78333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 11/17/2027 | 40000 | 40871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reynolds American |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 06/12/2025 | 80000 | 78530 |
|  |  | 1185472 |
|  **ENERGY — 7.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BP Capital Markets America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.379%, 02/08/2061 | 10000 | 7487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.060%, 06/17/2041 | 30000 | 23934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.001%, 03/17/2052 | 40000 | 28825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 02/24/2050 | 15000 | 10946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.939%, 06/04/2051 | 15000 | 10726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.772%, 11/10/2050 | 20000 | 13878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chevron USA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 10/15/2029 | 70000 | 66071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Columbia Pipeline Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 06/01/2045 | 20000 | 21142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Devon Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 07/15/2041 | 10000 | 9909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamondback Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 03/15/2033 | 35000 | 37276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enbridge |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 02/16/2024 | 95000 | 92234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Transfer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 12/15/2045 | 40000 | 39983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 02/15/2028 | 75000 | 76512 |

---

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America U.S. Credit Fund |
|  | January 31, 2023 |
|  | (Unaudited) |

---

------

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **CORPORATE OBLIGATIONS — continued** | | |
|  |<br>**Face Amount** |<br>**Value** |
|  **ENERGY (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 10/01/2047 | $30000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 05/15/2045 | 10000 | 9124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 04/15/2047 | 10000 | 9062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 06/15/2028 | 60000 | 59667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/01/2027 | 30000 | 28715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enterprise Products Operating |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 02/15/2025 | 50000 | 49219 |
| &nbsp;&nbsp;&nbsp;&nbsp; EOG Resources |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 04/15/2030 | 30000 | 29932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 02/01/2030 | 25000 | 26590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 05/15/2031 (A) | 40000 | 35022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.227%, 03/19/2040 | 5000 | 4779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.452%, 04/15/2051 | 40000 | 32616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.095%, 08/16/2049 | 15000 | 11533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hess |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 04/01/2027 | 60000 | 58790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marathon Petroleum |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 05/01/2025 | 90000 | 89893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Midwest Connector Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 04/01/2024 (A) | 80000 | 78141 |
| &nbsp;&nbsp;&nbsp;&nbsp; MPLX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 04/15/2038 | 30000 | 27321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 03/01/2026 | 85000 | 77375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sabal Trail Transmission |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.246%, 05/01/2028 (A) | 90000 | 85241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sabine Pass Liquefaction |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.900%, 09/15/2037 (A) | 45000 | 46639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spectra Energy Partners |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 10/15/2026 | 40000 | 38088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tennessee Gas Pipeline |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 10/15/2028 | 30000 | 32757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Eastern Transmission |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 01/15/2048 (A) | 10000 | 8591 |
| &nbsp;&nbsp;&nbsp;&nbsp; TotalEnergies Capital International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.461%, 07/12/2049 | 35000 | 28276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.127%, 05/29/2050 | 50000 | 38205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.986%, 06/29/2041 | 30000 | 24022 |

---

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America U.S. Credit Fund |
|  | January 31, 2023 |
|  | (Unaudited) |

---

------

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **CORPORATE OBLIGATIONS — continued** | | |
|  |<br>**Face Amount** |<br>**Value** |
|  **ENERGY (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Williams |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 11/15/2043 | $30000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 03/15/2031 | 30000 | 25414 |
|  |  | 1452109 |
|  **FINANCIALS — 27.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American International Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 06/30/2050 | 35000 | 31896 |
| &nbsp;&nbsp;&nbsp;&nbsp; ANZ New Zealand Int'l |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 06/22/2026 (A) | 100000 | 88929 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASB Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 10/22/2026 (A) | 70000 | 62346 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAE Systems Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 12/15/2025 (A) | 10000 | 9757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 09/18/2025 | 70000 | 63496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Santander |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.706%, 06/27/2024 | 120000 | 116279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.311%, U.S. SOFR + 1.580%, 04/22/2042 (B) | 35000 | 28158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.572%, U.S. SOFR + 1.210%, 10/20/2032 (B) | 35000 | 28984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.948%, U.S. SOFR + 2.040%, 07/22/2028 (B) | 150000 | 150376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.183%, 11/25/2027 | 90000 | 88425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.458%, ICE LIBOR USD 3 Month + 0.970%, 03/15/2025 (B) | 300000 | 294246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.972%, U.S. SOFR + 1.330%, 02/04/2033 (B) | 20000 | 17057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.676%, U.S. SOFR + 1.930%, 06/19/2041 (B) | 130000 | 95995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.932%, ICE LIBOR USD 3 Month + 1.610%, 05/07/2025 (B) | 80000 | 78407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackstone Holdings Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 01/30/2032 (A) | 25000 | 19037 |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 1.450%, 01/13/2029 (A),(B) | 65000 | 65503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.219%, U.S. SOFR + 2.074%, 06/09/2026 (A),(B) | 60000 | 55931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.323%, U.S. SOFR + 1.004%, 01/13/2027 (A),(B) | 100000 | 89554 |

---

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America U.S. Credit Fund |
|  | January 31, 2023 |
|  | (Unaudited) |

---

------

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **CORPORATE OBLIGATIONS — continued** | | |
|  |<br>**Face Amount** |<br>**Value** |
|  **FINANCIALS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BPCE |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.652%, U.S. SOFR + 1.520%, 10/06/2026 (A),(B) | $50000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 09/13/2025 | 50000 | 50740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 11/20/2026 | 10000 | 9832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.887%, ICE LIBOR USD 3 Month + 1.563%, 01/10/2028 (B) | 10000 | 9609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 10/21/2026 | 20000 | 18946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.976%, U.S. SOFR + 1.422%, 11/05/2030 (B) | 10000 | 8791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.904%, U.S. SOFR + 1.379%, 11/03/2042 (B) | 30000 | 22468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.561%, U.S. SOFR + 1.167%, 05/01/2032 (B) | 35000 | 29166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corebridge Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 04/05/2032 (A) | 40000 | 36423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 04/05/2029 (A) | 75000 | 70284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 04/04/2025 (A) | 65000 | 62841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Agricole |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.247%, U.S. SOFR + 0.892%, 01/26/2027 (A),(B) | 70000 | 62506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.016%, U.S. SOFR + 5.020%, 11/15/2033 (A),(B) | 25000 | 28109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse NY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 08/09/2024 | 145000 | 140740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse NY MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 02/21/2025 | 105000 | 98879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank NY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.962%, 11/08/2023 | 70000 | 67886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.898%, 05/28/2024 | 90000 | 85186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federation des Caisses Desjardins du Quebec |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.700%, 05/21/2024 (A) | 110000 | 103913 |
| &nbsp;&nbsp;&nbsp;&nbsp; GA Global Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 04/11/2025 (A) | 90000 | 86856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 01/06/2027 (A) | 10000 | 8989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 09/15/2028 (A) | 80000 | 68105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 04/08/2024 (A) | 100000 | 94444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.411%, ICE LIBOR USD 3 Month + 1.430%, 04/23/2039 (B) | 20000 | 18483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 03/15/2030 | 5000 | 4697 |

---

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America U.S. Credit Fund |
|  | January 31, 2023 |
|  | (Unaudited) |

---

------

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **CORPORATE OBLIGATIONS — continued** | | |
|  |<br>**Face Amount** |<br>**Value** |
|  **FINANCIALS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 01/23/2025 | $50000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.436%, U.S. SOFR + 1.632%, 02/24/2043 (B) | 30000 | 24153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.210%, U.S. SOFR + 1.513%, 04/22/2042 (B) | 65000 | 51049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.640%, U.S. SOFR + 1.114%, 02/24/2028 (B) | 70000 | 64164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 02/07/2030 | 10000 | 8697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.992%, U.S. SOFR + 1.090%, 01/27/2032 (B) | 5000 | 4003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.948%, U.S. SOFR + 0.913%, 10/21/2027 (B) | 100000 | 89487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.431%, U.S. SOFR + 0.798%, 03/09/2027 (B) | 150000 | 134267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 07/08/2024 | 40000 | 39433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Guardian Life Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.400%, 07/06/2027 (A) | 20000 | 17534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington Bancshares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 05/15/2025 | 40000 | 39358 |
| &nbsp;&nbsp;&nbsp;&nbsp; ING Groep |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 01/06/2026 (A) | 50000 | 49869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.252%, U.S. SOFR + 2.070%, 03/28/2033 (B) | 5000 | 4660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.869%, U.S. SOFR + 1.640%, 03/28/2026 (B) | 85000 | 82659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 04/09/2024 | 70000 | 68805 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.565%, U.S. SOFR + 1.750%, 06/14/2030 (B) | 90000 | 88155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 10/01/2027 | 30000 | 29631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.897%, ICE LIBOR USD 3 Month + 1.220%, 01/23/2049 (B) | 60000 | 51158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 09/10/2024 | 10000 | 9849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.328%, U.S. SOFR + 1.580%, 04/22/2052 (B) | 30000 | 22866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.220%, ICE LIBOR USD 3 Month + 1.155%, 03/01/2025 (B) | 50000 | 48922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.069%, U.S. SOFR + 1.015%, 06/01/2029 (B) | 80000 | 69317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.953%, U.S. SOFR + 1.065%, 02/04/2032 (B) | 40000 | 32145 |
| &nbsp;&nbsp;&nbsp;&nbsp; KeyBank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 08/08/2025 | 70000 | 69173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.976%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 2.300%, 08/11/2033 (B) | 30000 | 29311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.716%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 1.750%, 08/11/2026 (B) | 105000 | 103552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Macquarie Group MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.207%, 11/22/2024 (A) | 105000 | 107015 |

---

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America U.S. Credit Fund |
|  | January 31, 2023 |
|  | (Unaudited) |

---

------

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **CORPORATE OBLIGATIONS — continued** | | |
|  |<br>**Face Amount** |<br>**Value** |
|  **FINANCIALS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MetLife |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 01/15/2054 | $35000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.948%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 2.430%, 01/19/2038 (B) | 35000 | 35655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.123%, U.S. SOFR + 1.730%, 02/01/2029 (B) | 45000 | 45487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.210%, U.S. SOFR + 1.610%, 04/20/2028 (B) | 80000 | 77758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.217%, U.S. SOFR + 1.485%, 04/22/2042 (B) | 65000 | 51997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.475%, U.S. SOFR + 1.000%, 01/21/2028 (B) | 60000 | 54718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.188%, U.S. SOFR + 1.990%, 04/28/2026 (B) | 100000 | 93948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nationwide Building Society MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.972%, U.S. SOFR + 1.290%, 02/16/2028 (A),(B) | 80000 | 72896 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Life Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.850%, 08/01/2031 (A) | 40000 | 32849 |
| &nbsp;&nbsp;&nbsp;&nbsp; PNC Financial Services Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.068%, U.S. SOFR + 1.933%, 01/24/2034 (B) | 20000 | 20165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 07/23/2026 | 130000 | 122214 |
| &nbsp;&nbsp;&nbsp;&nbsp; RGA Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 01/18/2029 (A) | 65000 | 57218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Bank of Canada MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 11/03/2031 | 30000 | 24892 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 03/01/2032 (A) | 85000 | 75280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 03/01/2027 (A) | 40000 | 37180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Santander UK Group Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.833%, U.S. SOFR + 2.749%, 11/21/2026 (B) | 75000 | 77591 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.821%, U.S. SOFR + 1.567%, 01/26/2034 (B) | 5000 | 5027 |
| &nbsp;&nbsp;&nbsp;&nbsp; SVB Financial Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 10/28/2026 | 50000 | 44250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Truist Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 04/01/2024 | 110000 | 108199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 03/11/2030 | 10000 | 8414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Truist Financial MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.122%, U.S. SOFR + 1.852%, 01/26/2034 (B) | 15000 | 15188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.873%, U.S. SOFR + 1.435%, 01/26/2029 (B) | 70000 | 70322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 10/26/2024 | 40000 | 38972 |

---

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America U.S. Credit Fund |
|  | January 31, 2023 |
|  | (Unaudited) |

---

------

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **CORPORATE OBLIGATIONS — continued** | | |
|  |<br>**Face Amount** |<br>**Value** |
|  **FINANCIALS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.703%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 2.050%, 08/05/2027 (A),(B) | $175000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.488%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 1.550%, 05/12/2026 (A),(B) | 45000 | 44306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 09/24/2025 (A) | 20000 | 19592 |
| &nbsp;&nbsp;&nbsp;&nbsp; US Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.491%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 0.950%, 11/03/2036 (B) | 60000 | 47865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.897%, U.S. SOFR + 2.100%, 07/25/2033 (B) | 20000 | 19920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 11/04/2044 | 40000 | 36884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.611%, U.S. SOFR + 2.130%, 04/25/2053 (B) | 35000 | 32646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 06/14/2046 | 15000 | 13251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.196%, ICE LIBOR USD 3 Month + 1.170%, 06/17/2027 (B) | 80000 | 75734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.393%, U.S. SOFR + 2.100%, 06/02/2028 (B) | 120000 | 108734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westpac Banking |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.953%, 11/20/2028 | 15000 | 13192 |
|  |  | 5796765 |
|  **HEALTH CARE — 9.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Abbott Laboratories |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 11/30/2046 | 10000 | 10437 |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 06/15/2044 | 20000 | 19455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 03/15/2035 | 10000 | 9819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 11/21/2049 | 138000 | 123623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 11/21/2039 | 56000 | 50465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 11/21/2026 | 170000 | 161268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amgen |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 03/01/2053 | 22000 | 20890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 05/01/2045 | 15000 | 13397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 02/22/2052 | 10000 | 8557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 02/22/2032 | 15000 | 13586 |
| &nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 11/16/2025 | 30000 | 29297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Astrazeneca Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 05/28/2028 | 90000 | 79220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.200%, 05/28/2026 | 70000 | 63259 |

---

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America U.S. Credit Fund |
|  | January 31, 2023 |
|  | (Unaudited) |

---

------

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **CORPORATE OBLIGATIONS — continued** | | |
|  |<br>**Face Amount** |<br>**Value** |
|  **HEALTH CARE (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Scientific |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 03/01/2024 | $31000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 02/20/2048 | 24000 | 23342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 03/15/2052 | 35000 | 29564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 11/13/2050 | 25000 | 17037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centene |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/15/2030 | 225000 | 192330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 03/01/2031 | 30000 | 24553 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVS Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 08/15/2026 | 40000 | 37830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elevance Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.100%, 10/15/2052 | 55000 | 62887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 12/01/2027 | 70000 | 67547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gilead Sciences |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 09/01/2036 | 30000 | 27995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 10/01/2050 | 15000 | 10481 |
| &nbsp;&nbsp;&nbsp;&nbsp; HCA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 06/15/2049 | 20000 | 18293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 06/15/2039 | 5000 | 4710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 03/15/2032 (A) | 52000 | 46079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kaiser Foundation Hospitals |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 05/01/2047 | 30000 | 27534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northwell Healthcare |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.260%, 11/01/2047 | 10000 | 8542 |
| &nbsp;&nbsp;&nbsp;&nbsp; PerkinElmer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.850%, 09/15/2024 | 70000 | 65484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smith & Nephew |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.032%, 10/14/2030 | 40000 | 32663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thermo Fisher Scientific |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 10/15/2028 | 20000 | 17429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.215%, 10/18/2024 | 220000 | 207776 |
| &nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.050%, 02/15/2063 | 35000 | 40937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 02/15/2053 | 115000 | 131811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 05/15/2052 | 15000 | 14859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 12/15/2025 | 30000 | 29539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/15/2024 | 70000 | 69146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 05/15/2051 | 10000 | 7826 |

---

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America U.S. Credit Fund |
|  | January 31, 2023 |
|  | (Unaudited) |

---

------

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **CORPORATE OBLIGATIONS — continued** | | |
|  |<br>**Face Amount** |<br>**Value** |
|  **HEALTH CARE (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 05/15/2031 | $55000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47306 |
|  |  | 1897316 |
|  **INDUSTRIALS — 9.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 10/29/2033 | 35000 | 28645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 01/30/2032 | 35000 | 29324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/29/2028 | 60000 | 52780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 10/29/2026 | 40000 | 35957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 10/29/2024 | 110000 | 102992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.150%, 10/29/2023 | 120000 | 116419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boeing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.805%, 05/01/2050 | 115000 | 117451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 05/01/2030 | 60000 | 60498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.040%, 05/01/2027 | 190000 | 192007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 02/01/2028 | 30000 | 28302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 05/01/2026 | 60000 | 57084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.196%, 02/04/2026 | 110000 | 101568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Burlington Northern Santa Fe |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 04/01/2045 | 60000 | 54884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Pacific Railway |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 09/15/2115 | 30000 | 32901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 12/02/2051 | 25000 | 18471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carrier Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.242%, 02/15/2025 | 7000 | 6646 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 11/15/2032 | 100000 | 97163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honeywell International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/15/2033 | 90000 | 94782 |
| &nbsp;&nbsp;&nbsp;&nbsp; John Deere Capital MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 06/24/2024 | 20000 | 19463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 01/10/2025 | 115000 | 108165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.900%, 11/15/2063 | 10000 | 11715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 11/15/2054 | 25000 | 28390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norfolk Southern |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 06/01/2053 | 5000 | 4665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northrop Grumman |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.930%, 01/15/2025 | 90000 | 87161 |

---

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America U.S. Credit Fund |
|  | January 31, 2023 |
|  | (Unaudited) |

---

------

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **CORPORATE OBLIGATIONS — continued** | | |
|  |<br>**Face Amount** |<br>**Value** |
|  **INDUSTRIALS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Raytheon Technologies |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 11/16/2038 | $30000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 08/16/2025 | 70000 | 69146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regal Rexnord |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.400%, 04/15/2033 (A) | 40000 | 40962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.300%, 02/15/2030 (A) | 100000 | 101814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.050%, 02/15/2026 (A) | 60000 | 60901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens Financieringsmaatschappij |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.700%, 03/11/2028 (A) | 100000 | 88628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Union Pacific |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/14/2053 | 20000 | 16164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 02/14/2042 | 10000 | 8437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Union Pacific MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 08/15/2039 | 5000 | 4374 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Airlines Class AA Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 08/25/2031 | 29306 | 26824 |
|  |  | 1933631 |
|  **INFORMATION TECHNOLOGY — 6.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adobe |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 02/01/2027 | 110000 | 102278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Analog Devices |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.700%, 10/01/2028 | 40000 | 34798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 02/23/2026 | 50000 | 48576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 02/09/2024 | 90000 | 88489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 02/08/2051 | 120000 | 84906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 02/08/2041 | 80000 | 59607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.419%, 04/15/2033 (A) | 100000 | 83926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.137%, 11/15/2035 (A) | 30000 | 23289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 02/15/2031 (A) | 60000 | 49278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Information Services |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 07/15/2032 | 90000 | 90361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fiserv |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 07/01/2026 | 20000 | 19008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intel |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 08/05/2052 | 60000 | 56605 |

---

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America U.S. Credit Fund |
|  | January 31, 2023 |
|  | (Unaudited) |

---

------

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **CORPORATE OBLIGATIONS — continued** | | |
|  |<br>**Face Amount** |<br>**Value** |
|  **INFORMATION TECHNOLOGY (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mastercard |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 03/26/2027 | $30000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.921%, 03/17/2052 | 70000 | 53509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.525%, 06/01/2050 | 20000 | 14258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 08/08/2026 | 40000 | 37737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.900%, 11/09/2052 | 30000 | 34688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 11/09/2032 | 165000 | 179397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/15/2047 | 5000 | 3966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 03/25/2051 | 20000 | 15565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 07/15/2036 | 70000 | 60368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 03/25/2041 | 25000 | 19785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 04/01/2050 | 5000 | 3681 |
| &nbsp;&nbsp;&nbsp;&nbsp; QUALCOMM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 05/20/2032 | 20000 | 16063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salesforce |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 07/15/2051 | 30000 | 21429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vontier |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 04/01/2031 | 90000 | 69933 |
|  |  | 1300656 |
|  **MATERIALS — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Celanese US Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.165%, 07/15/2027 | 90000 | 91153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eagle Materials |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 07/01/2031 | 30000 | 24511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freeport-McMoRan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 09/01/2029 | 67000 | 66464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 08/01/2030 | 21000 | 20173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 03/01/2030 | 10000 | 9353 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Flavors & Fragrances |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.268%, 11/15/2040 (A) | 45000 | 34483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Minera Mexico |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 01/26/2050 (A) | 30000 | 24238 |
| &nbsp;&nbsp;&nbsp;&nbsp; PPG Industries |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.200%, 03/15/2026 | 50000 | 45021 |
|  |  | 315396 |

---

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America U.S. Credit Fund |
|  | January 31, 2023 |
|  | (Unaudited) |

---

------

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **CORPORATE OBLIGATIONS — continued** | | |
|  |<br>**Face Amount** |<br>**Value** |
|  **REAL ESTATE — 6.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Agree |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 10/01/2032 | $65000 | $62932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 06/15/2028 | 80000 | 68313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 03/15/2052 | 35000 | 26751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinix |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 11/18/2024 | 160000 | 153701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Extra Space Storage |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 04/01/2029 | 80000 | 74120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invitation Homes Operating Partnership |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 11/15/2028 | 70000 | 59730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-America Apartments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.100%, 09/15/2026 | 50000 | 44231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ontario Teachers' Cadillac Fairview Properties Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 10/15/2031 (A) | 80000 | 62621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prologis |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 01/15/2032 | 25000 | 20915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Storage |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 11/09/2028 | 60000 | 52692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regency Centers |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 03/15/2049 | 25000 | 21565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rexford Industrial Realty |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 09/01/2031 | 35000 | 27994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scentre Group Trust 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 03/23/2027 (A) | 10000 | 9414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/12/2025 (A) | 20000 | 19298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 10/28/2025 (A) | 10000 | 9488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simon Property Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 09/13/2029 | 50000 | 43404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 02/01/2028 | 15000 | 13170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spirit Realty |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 01/15/2030 | 20000 | 17340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 02/15/2031 | 55000 | 46467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.100%, 03/15/2028 | 40000 | 33816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Communities Operating |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 11/01/2028 | 210000 | 181228 |
| &nbsp;&nbsp;&nbsp;&nbsp; UDR MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 01/15/2028 | 35000 | 32705 |

---

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America U.S. Credit Fund |
|  | January 31, 2023 |
|  | (Unaudited) |

---

------

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **CORPORATE OBLIGATIONS — continued** | | |
|  |<br>**Face Amount** |<br>**Value** |
|  **REAL ESTATE (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; VICI Properties |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 05/15/2032 | $40000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 02/15/2030 | 45000 | 43646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 02/15/2028 | 140000 | 136216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 12/01/2029 (A) | 70000 | 65280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 05/15/2025 | 40000 | 39141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 08/15/2030 (A) | 20000 | 18016 |
|  |  | 1422693 |
|  **UTILITIES — 9.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 07/15/2025 (A) | 30000 | 28635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 01/15/2031 | 10000 | 8275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Black Hills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 05/01/2033 | 20000 | 18649 |
| &nbsp;&nbsp;&nbsp;&nbsp; CenterPoint Energy Houston Electric |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 03/01/2032 | 25000 | 22452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 07/01/2050 | 10000 | 7213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cleco Corporate Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 09/15/2029 | 30000 | 25839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commonwealth Edison |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 03/01/2049 | 20000 | 17311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 11/15/2049 | 30000 | 22713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 11/01/2024 | 20000 | 19444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 03/01/2050 | 30000 | 22027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Energy Generation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 10/01/2039 | 45000 | 48558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 10/01/2041 | 50000 | 50872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 06/15/2042 | 20000 | 20264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumers Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 09/01/2052 | 10000 | 9132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 08/01/2051 | 10000 | 8073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 08/15/2052 | 10000 | 9416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 04/01/2030 | 40000 | 36497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.450%, 04/15/2026 | 140000 | 126423 |
| &nbsp;&nbsp;&nbsp;&nbsp; DTE Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.220%, 11/01/2024 (C) | 105000 | 103790 |

---

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America U.S. Credit Fund |
|  | January 31, 2023 |
|  | (Unaudited) |

---

------

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **CORPORATE OBLIGATIONS — continued** | | |
|  |<br>**Face Amount** |<br>**Value** |
|  **UTILITIES (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Carolinas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 03/15/2032 | $45000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Ohio |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 02/01/2049 | 50000 | 43392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 06/01/2030 | 20000 | 16924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Progress |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 05/15/2042 | 70000 | 62488 |
| &nbsp;&nbsp;&nbsp;&nbsp; East Ohio Gas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 06/15/2050 (A) | 20000 | 13672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entergy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 09/01/2026 | 50000 | 47161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 06/15/2031 | 40000 | 33083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entergy Texas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 09/30/2049 | 60000 | 47157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eversource Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 10/01/2024 | 50000 | 48658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Georgia Power |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 03/15/2043 | 60000 | 53285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Michigan Power |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 08/15/2048 | 10000 | 8695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indianapolis Power & Light |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 05/01/2046 (A) | 30000 | 25506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jersey Central Power & Light |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 03/01/2032 (A) | 60000 | 50809 |
| &nbsp;&nbsp;&nbsp;&nbsp; MidAmerican Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 04/15/2050 | 60000 | 46111 |
| &nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 06/20/2025 | 155000 | 154192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oglethorpe Power |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 11/01/2040 | 70000 | 67364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 09/01/2050 | 50000 | 48203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oncor Electric Delivery |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 09/15/2052 | 15000 | 15294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 04/01/2045 | 40000 | 34335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 05/15/2050 | 10000 | 8470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pacific Gas and Electric |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 01/15/2053 | 60000 | 62910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 07/01/2050 | 5000 | 4174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 07/01/2040 | 30000 | 24692 |

---

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America U.S. Credit Fund |
|  | January 31, 2023 |
|  | (Unaudited) |

---

------

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **CORPORATE OBLIGATIONS — continued** | | |
|  |<br>**Face Amount** |<br>**Value** |
|  **UTILITIES (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 06/01/2041 | $5000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 02/01/2031 | 30000 | 24240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.100%, 08/01/2027 | 70000 | 61390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Service of Colorado |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 03/01/2050 | 30000 | 23233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Service of New Hampshire |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 01/15/2053 | 70000 | 74048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Puget Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.379%, 06/15/2028 | 60000 | 52901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sempra Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 02/01/2048 | 5000 | 4206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 02/01/2038 | 20000 | 17524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 03/15/2028 | 30000 | 25939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern California Gas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.350%, 11/15/2052 | 40000 | 46753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 01/15/2049 | 10000 | 8775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Union Electric |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 04/01/2048 | 20000 | 17117 |
|  |  | 1921650 |
|  TOTAL CORPORATE OBLIGATIONS<br>(Cost $21,404,366) |  | 19275630 |
|  **U.S. TREASURY OBLIGATIONS — 6.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/15/2042 | 145000 | 149826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 08/15/2052 | 665000 | 588733 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/15/2025 | 40000 | 40603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/15/2032 | 385000 | 405213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 01/15/2026 | 95000 | 95007 |

---

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America U.S. Credit Fund |
|  | January 31, 2023 |
|  | (Unaudited) |

---

------

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **U.S. TREASURY OBLIGATIONS — continued** | | |
|  |<br>**Face Amount** |<br>**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 12/31/2029 | $5000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5097 |
|  TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $1,273,221) |  | 1284479 |
|  **SOVEREIGN DEBT — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Indonesia Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 09/20/2032 | 80000 | 80143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Israel Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 07/03/2050 | 20000 | 17060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexico Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.350%, 02/09/2035 | 30000 | 31971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 04/27/2051 | 15000 | 12955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 01/31/2050 | 30000 | 24341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Panama Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.160%, 01/23/2030 | 60000 | 52851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Perusahaan Penerbit SBSN Indonesia III |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 06/09/2051 (A) | 10000 | 7825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philippine Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.609%, 04/13/2033 | 15000 | 16118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 07/06/2046 | 30000 | 22590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 05/05/2045 | 10000 | 7363 |
|  TOTAL SOVEREIGN DEBT<br>(Cost $308,548) |  | 273217 |
|  **MUNICIPAL BOND — 0.3%** |  |  |
|  **CALIFORNIA — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; California State, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.600%, 11/01/2040 | 50000 | 67757 |
|  TOTAL MUNICIPAL BOND<br>(Cost $84,736) |  | 67757 |
|  TOTAL INVESTMENTS— 100.6%<br>(Cost $23,070,871) |  | $20901083 |

---

---

| | |
|:---|:---|
| *Percentages* | *are based on Net Assets of $20,781,129.*  |

---

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America U.S. Credit Fund |
|  | January 31, 2023 |
|  | (Unaudited) |

---

------

*(A)* *Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On January 31, 2023, the value of these securities amounted to $3,312,141, representing 15.9% of the Net Assets of the Fund.* 

*(B)* *Variable or floating rate security. The rate shown is effective interest rate as of period end. The rates on certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates.* 

*(C)* *Step Bonds – Represents the current rate, the step rate, the step date and the final maturity date.* 

*DAC — Designated Activity Company* 

*GO — General Obligation* 

*ICE — Intercontinental Exchange* 

*LIBOR — London Interbank Offered Rate* 

*MTN — Medium Term Note* 

*REIT — Real Estate Investment Trust* 

*SOFR — Secured Overnight Financing Rate* 

*USD — U.S. Dollar* 

*As of January 31, 2023, all of the Fund's investments were considered Level 2, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.* 

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America Retirement Income 2040 Fund |
|  | January 31, 2023 |
| | (Unaudited)<br>|

---

---

| |
|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** |
|  **Open-end Mutual Funds — 70.4%** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal & General Cash Flow Matched Bond Fund <sup>,\*</sup> | 1188 | $11235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal & General Long Duration U.S. Credit Fund <sup>,\*</sup> | 1593 | 12492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal & General MSCI World Index Fund <sup>,\*</sup>  | 2948 | 26507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal & General U.S. Credit Fund <sup>,\*</sup> | 1100 | 9397 |
|  TOTAL EXCHANGE TRADED FUNDS<br>(Cost $57,417) |  | 59631 |
|  TOTAL INVESTMENTS— 70.4%<br>(Cost $57,417) |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59631 |

---

---

| | |
|:---|:---|
| | *Percentages are based on Net Assets of $84,735.*  |

---

*\** *Affiliated investment.* 

The following is a summary of the transactions with affiliated investments for the period ended January 31, 2023 ($ Thousands):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Value at<br>10/31/22 | Purchases<br>at Cost | Proceeds<br> from Sales | Changes in<br>Unrealized<br>Appreciation<br>(Depreciation) | Realized<br>Gain<br>(Loss) | Value at<br>1/31/2023 | Shares | Dividend <br>Income |
|  **LGIM America Cash Flow Matched Bond Fund** | **LGIM America Cash Flow Matched Bond Fund** | **LGIM America Cash Flow Matched Bond Fund** | **LGIM America Cash Flow Matched Bond Fund** | **LGIM America Cash Flow Matched Bond Fund** | **LGIM America Cash Flow Matched Bond Fund** | **LGIM America Cash Flow Matched Bond Fund** |  |
| $17897 | $2553 | $(8579) | $809 | $(1445) | &nbsp;&nbsp;&nbsp;&nbsp;$11235 | 1188 | $60 |
|  **LGIM America Long Duration U.S. Credit Fund** | **LGIM America Long Duration U.S. Credit Fund** | **LGIM America Long Duration U.S. Credit Fund** | **LGIM America Long Duration U.S. Credit Fund** | **LGIM America Long Duration U.S. Credit Fund** | **LGIM America Long Duration U.S. Credit Fund** |  |  |
| 19920 | 3309 | (11890) | 4896 | (3743) | 12492 | 1593 | 148 |
|  **LGIM America MSCI World Index Fund** | **LGIM America MSCI World Index Fund** | **LGIM America MSCI World Index Fund** | **LGIM America MSCI World Index Fund** | **LGIM America MSCI World Index Fund** | **LGIM America MSCI World Index Fund** |  |  |
| 75641 | 5005 | (60358) | 12247 | (6028) | 26507 | 2947 | 196 |
|  **LGIM America U.S. Credit Fund** | **LGIM America U.S. Credit Fund** | **LGIM America U.S. Credit Fund** | **LGIM America U.S. Credit Fund** | **LGIM America U.S. Credit Fund** | **LGIM America U.S. Credit Fund** |  |  |
| 12568 | 4464 | (7405) | 1643 | (1873) | 9397 | 1099 | 76 |
|  **Totals:** | **Totals:** | **Totals:** |  |  |  |  |  |
| **$126026** | **$15331** | **$(88232)** | **$19595** | **$(13089)** | **$59631** | **6827** | **$480** |

---

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

*As of January 31, 2023, all of the Fund's investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.* 

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America |
|  | Cash Flow Matched Bond Fund |
|  | January 31, 2023 |
| | (Unaudited) |

---

---

| |
|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** |
|  **CORPORATE OBLIGATIONS — 95.7%** |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
|  **COMMUNICATION SERVICES — 8.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.800%, 08/15/2027 | $100000 | $86968 |
| &nbsp;&nbsp;&nbsp;&nbsp; AT&T |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 06/01/2027 | 225000 | 205492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comcast |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 10/15/2025 | 100000 | 98650 |
| &nbsp;&nbsp;&nbsp;&nbsp; NTT Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.162%, 04/03/2026 (A) | 200000 | 179463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paramount Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 05/15/2025 | 167000 | 165817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sky |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 09/16/2024 (A) | 200000 | 196558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.850%, 11/20/2025 | 400000 | 361909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 03/22/2024 | 500000 | 477397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walt Disney |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 08/30/2024 | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warnermedia Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.755%, 03/15/2027 (A) | 100000 | 93693 |
|  |  | 2104892 |
|  **CONSUMER DISCRETIONARY — 6.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.800%, 06/03/2025 | 200000 | 184380 |
| &nbsp;&nbsp;&nbsp;&nbsp; BMW US Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 08/12/2024 (A) | 125000 | 117836 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Motors |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 04/01/2025 | 250000 | 243893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Depot |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 04/15/2027 | 150000 | 142332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honda Motor |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.534%, 03/10/2027 | 100000 | 93283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lowe's |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 04/15/2026 | 300000 | 282775 |
| &nbsp;&nbsp;&nbsp;&nbsp; McDonald's MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.450%, 09/01/2025 | 200000 | 185401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Starbucks |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 03/12/2027 | 100000 | 91133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Target |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 01/15/2027 | 200000 | 184577 |

---

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America |
|  | Cash Flow Matched Bond Fund |
|  | January 31, 2023 |
| | (Unaudited) |

---

---

| |
|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** |
|  **CORPORATE OBLIGATIONS — continued** |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
|  **CONSUMER DISCRETIONARY (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Motor Credit |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 11/10/2027 | $50000 | $52180 |
|  |  | 1577790 |
|  **CONSUMER STAPLES — 6.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Altria Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.350%, 05/06/2025 | 100000 | 94947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cargill |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 04/22/2027 (A) | 100000 | 97246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.400%, 02/02/2024 (A) | 100000 | 95470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.450%, 06/01/2027 | 100000 | 90166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diageo Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 09/29/2025 | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hormel Foods |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.650%, 06/03/2024 | 100000 | 94828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mars |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 07/16/2026 (A) | 200000 | 176691 |
| &nbsp;&nbsp;&nbsp;&nbsp; McCormick |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 08/15/2024 | 150000 | 146086 |
| &nbsp;&nbsp;&nbsp;&nbsp; PepsiCo |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 10/06/2026 | 150000 | 141656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Procter & Gamble |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 11/03/2026 | 200000 | 188379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walmart |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 07/08/2024 | 250000 | 244677 |
|  |  | 1554559 |
|  **ENERGY — 4.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chevron |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.141%, 05/11/2023 | 100000 | 98986 |
| &nbsp;&nbsp;&nbsp;&nbsp; ConocoPhillips |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 11/15/2024 | 250000 | 245164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enterprise Products Operating |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 02/15/2027 | 100000 | 97998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinder Morgan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 06/01/2025 | 150000 | 148518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sabine Pass Liquefaction |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 03/15/2027 | 120000 | 120217 |

---

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America |
|  | Cash Flow Matched Bond Fund |
|  | January 31, 2023 |
| | (Unaudited) |

---

---

| |
|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** |
|  **CORPORATE OBLIGATIONS — continued** |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
|  **ENERGY (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell International Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/13/2023 | $285000 | $282091 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992974 |
|  **FINANCIALS — 30.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aflac |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 10/15/2026 | 150000 | 142050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 03/15/2026 | 100000 | 90222 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Express |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.850%, 11/05/2027 | 100000 | 105805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/30/2024 | 100000 | 97278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aon Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 06/14/2024 | 100000 | 98175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.559%, ICE LIBOR USD 3 Month + 1.060%, 04/23/2027 (B) | 100000 | 95759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.981%, U.S. SOFR + 0.910%, 09/25/2025 (B) | 125000 | 116655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Montreal MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 03/08/2027 | 125000 | 116340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Nova Scotia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.400%, 09/15/2023 | 200000 | 194480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 03/15/2027 | 150000 | 141264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 05/21/2025 | 125000 | 123055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citibank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 01/23/2024 | 200000 | 197831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 10/21/2026 | 250000 | 236821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corebridge Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 04/05/2027 (A) | 175000 | 167250 |
| &nbsp;&nbsp;&nbsp;&nbsp; European Investment Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 07/24/2024 | 250000 | 235603 |
| &nbsp;&nbsp;&nbsp;&nbsp; European Investment Bank MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 12/14/2023 | 200000 | 197125 |
| &nbsp;&nbsp;&nbsp;&nbsp; GA Global Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.800%, 09/13/2024 (A) | 250000 | 231099 |
| &nbsp;&nbsp;&nbsp;&nbsp; GATX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 02/15/2024 | 100000 | 99042 |

---

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America |
|  | Cash Flow Matched Bond Fund |
|  | January 31, 2023 |
| | (Unaudited) |

---

---

| |
|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** |
|  **CORPORATE OBLIGATIONS — continued** |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
|  **FINANCIALS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 02/25/2026 | $100000 | $97679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 02/20/2024 | 275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inter-American Development Bank MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 04/03/2025 | 300000 | 279414 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Bank for Reconstruction & Development |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 11/24/2023 | 350000 | 337249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jackson Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 11/22/2023 | 250000 | 242070 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 05/13/2024 | 200000 | 197998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.561%, U.S. SOFR + 0.605%, 12/10/2025 (B) | 450000 | 421407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kreditanstalt fuer Wiederaufbau |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 07/18/2025 | 350000 | 320131 |
| &nbsp;&nbsp;&nbsp;&nbsp; MassMutual Global Funding II MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.850%, 06/09/2023 (A) | 200000 | 197095 |
| &nbsp;&nbsp;&nbsp;&nbsp; MetLife |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.368%, 09/15/2023 | 100000 | 100000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Life Global Funding I MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.700%, 09/27/2024 (A) | 220000 | 205090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 04/29/2024 | 200000 | 197799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.720%, U.S. SOFR + 1.152%, 07/22/2025 (B) | 200000 | 193223 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Life Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.350%, 07/14/2026 (A) | 200000 | 186166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northwestern Mutual Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 01/11/2027 (A) | 100000 | 90508 |
| &nbsp;&nbsp;&nbsp;&nbsp; PNC Financial Services Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.150%, 08/13/2026 | 125000 | 111420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Bank of Canada MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.400%, 11/02/2026 | 100000 | 89008 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 03/01/2027 (A) | 200000 | 185899 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.684%, U.S. SOFR + 0.560%, 11/18/2027 (B) | 100000 | 90286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 03/10/2027 | 200000 | 187661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 01/12/2027 | 150000 | 136663 |

---

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America |
|  | Cash Flow Matched Bond Fund |
|  | January 31, 2023 |
| | (Unaudited) |

---

---

| |
|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** |
|  **CORPORATE OBLIGATIONS — continued** |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
|  **FINANCIALS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; US Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.450%, 05/12/2025 | $100000 | $93601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 09/29/2025 | 100000 | 97221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.196%, ICE LIBOR USD 3 Month + 1.170%, 06/17/2027 (B) | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236669 |
|  |  | 7251336 |
|  **HEALTH CARE — 9.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Abbott Laboratories |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 11/30/2026 | 100000 | 98730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amgen |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 02/21/2027 | 125000 | 114711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Astrazeneca Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.700%, 05/28/2024 | 100000 | 94956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 11/13/2025 | 155000 | 140742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cigna |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/15/2025 | 100000 | 98871 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVS Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 04/01/2027 | 150000 | 145002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elevance Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 01/15/2025 | 100000 | 95562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.450%, 03/15/2023 | 225000 | 223775 |
| &nbsp;&nbsp;&nbsp;&nbsp; GE HealthCare Technologies |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 11/15/2027 (A) | 150000 | 155305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gilead Sciences |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 09/29/2023 | 150000 | 145860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.550%, 09/01/2025 | 150000 | 137179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kaiser Foundation Hospitals |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 05/01/2027 | 100000 | 95757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.700%, 06/10/2027 | 125000 | 112928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pfizer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 05/15/2024 | 150000 | 147844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thermo Fisher Scientific |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 11/21/2027 | 155000 | 159170 |

---

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America |
|  | Cash Flow Matched Bond Fund |
|  | January 31, 2023 |
| | (Unaudited) |

---

---

| |
|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** |
|  **CORPORATE OBLIGATIONS — continued** |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
|  **HEALTH CARE (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 12/15/2025 | $250000 | $246159 |
|  |  | 2212551 |
|  **INDUSTRIALS — 8.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Burlington Northern Santa Fe |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 09/01/2025 | 300000 | 293562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Pacific Railway |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 12/02/2026 | 325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caterpillar Financial Services MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 11/08/2024 | 175000 | 168277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eaton |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.103%, 09/15/2027 | 100000 | 94696 |
| &nbsp;&nbsp;&nbsp;&nbsp; John Deere Capital MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 06/24/2024 | 270000 | 262744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northrop Grumman |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 08/01/2023 | 250000 | 248191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otis Worldwide |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.056%, 04/05/2025 | 100000 | 94331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parker-Hannifin |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 09/15/2027 | 100000 | 98887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raytheon Technologies |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 11/01/2026 | 300000 | 282308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Union Pacific |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 01/15/2025 | 100000 | 97758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waste Management |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 11/15/2025 | 200000 | 181449 |
|  |  | 2116400 |
|  **INFORMATION TECHNOLOGY — 7.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 08/04/2026 | 170000 | 160405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 05/03/2023 | 200000 | 198786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intel |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 08/05/2027 | 150000 | 146650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mastercard |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 11/21/2026 | 100000 | 95809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 08/08/2026 | 500000 | 471712 |

---

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America |
|  | Cash Flow Matched Bond Fund |
|  | January 31, 2023 |
| | (Unaudited) |

---

---

| |
|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** |
|  **CORPORATE OBLIGATIONS — continued** |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
|  **INFORMATION TECHNOLOGY (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NVIDIA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.584%, 06/14/2024 | $100000 | $94766 |
| &nbsp;&nbsp;&nbsp;&nbsp; PayPal Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 10/01/2026 | 100000 | 94381 |
| &nbsp;&nbsp;&nbsp;&nbsp; QUALCOMM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 05/20/2027 | 100000 | 96379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salesforce |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 07/15/2024 | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Instruments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 09/15/2026 | 185000 | 166071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 12/14/2025 | 100000 | 97121 |
|  |  | 1858077 |
|  **MATERIALS — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ecolab |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 02/01/2027 | 100000 | 90237 |
|  **REAL ESTATE — 7.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 01/15/2027 | 200000 | 195009 |
| &nbsp;&nbsp;&nbsp;&nbsp; ERP Operating |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 11/01/2026 | 250000 | 235164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-America Apartments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.100%, 09/15/2026 | 325000 | 287502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prologis |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 04/15/2027 | 100000 | 91594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Storage |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 11/09/2026 | 300000 | 271397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realty Income |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 11/01/2025 | 150000 | 149577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 02/06/2024 | 100000 | 99614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simon Property Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 09/13/2024 | 300000 | 287498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spirit Realty |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 01/15/2027 | 100000 | 91175 |
|  |  | 1708530 |

---

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America |
|  | Cash Flow Matched Bond Fund |
|  | January 31, 2023 |
| | (Unaudited) |

---

---

| |
|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** |
|  **CORPORATE OBLIGATIONS — continued** |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
|  **UTILITIES — 6.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Water Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 09/01/2027 | $100000 | $94099 |
| &nbsp;&nbsp;&nbsp;&nbsp; CMS Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 02/15/2027 | 100000 | 92204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut Light and Power |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 03/15/2027 | 100000 | 96166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Florida |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 01/15/2027 | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entergy Louisiana |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.950%, 10/01/2024 | 100000 | 93978 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Rural Utilities Cooperative Finance MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 10/18/2024 | 250000 | 234183 |
| &nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 01/15/2027 | 125000 | 112867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oncor Electric Delivery |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 06/01/2024 | 175000 | 170549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Service Electric and Gas MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 09/15/2026 | 200000 | 185174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern California Gas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 04/15/2027 | 175000 | 165621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia Electric and Power |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 03/15/2027 | 100000 | 96525 |
|  |  | 1485491 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CORPORATE OBLIGATIONS<br>(Cost $24,095,598) |  | 22952837 |
|  **U.S. TREASURY OBLIGATION — 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Note |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 11/30/2027 | 800000 | 809375 |
|  TOTAL U.S. TREASURY OBLIGATION<br>(Cost $802,631) |  | 809375 |
|  TOTAL INVESTMENTS— 99.1%<br>(Cost $24,898,229) |  | $23762212 |

---

---

| | |
|:---|:---|
| | *Percentages are based on Net Assets of $23,987,639.*  |

---

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America |
|  | Cash Flow Matched Bond Fund |
|  | January 31, 2023 |
| | (Unaudited) |

---

*(A)* *Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On January 31, 2023, the value of these securities amounted to $2,375,369, representing 9.9% of the Net Assets of the Fund.* 

*(B)* *Variable or floating rate security. The rate shown is 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.* 

*ICE — Intercontinental Exchange* 

*LIBOR — London Interbank Offered Rate* 

*MTN — Medium Term Note* 

*SOFR — Secured Overnight Financing Rate* 

*USD — U.S. Dollar* 

The open futures contracts held by the Fund at January 31, 2023, are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of Contract** | **Number<br>of<br>Contracts** | **Expiration <br>Date** | **Notional<br>Amount** | **Value** | **Unrealized <br>Depreciation** |
|  Long Contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. 5-Year Treasury Note |  |  |  |  |  |
|  | 2 | Apr-2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218922 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218484 | $(438) |

---

The following is a summary of the inputs used as of January 31, 2023, in valuing the Fund's investments carried at value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |
| &nbsp;&nbsp;&nbsp; Corporate Obligations | $– | $22952837 | $– | $22952837 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Obligation |  | 809375 |  | 809375 |
| &nbsp;&nbsp;&nbsp; Total Investments in Securities | $– | $23523267 | $– | $23762212 |
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp; Futures Contracts\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized Depreciation | (438) |  |  | (438) |
|  Total Other Financial Instruments | $(438) | $– | $– | $(438) |

---

\*Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America |
|  | Global Developed Equity Index Fund |
|  | January 31, 2023 |
| | (Unaudited) |

---

---

| |
|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** |
|  **COMMON STOCK — 99.2%** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMUNICATION SERVICES — 6.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Activision Blizzard | 327 | $25038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adevinta, Cl B (A) | 103 | 883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Cl A (A) | 2545 | 251548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Cl C (A) | 2386 | 238290 |
| &nbsp;&nbsp;&nbsp;&nbsp; AT&T | 3086 | 62862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Auto Trader Group (B) | 384 | 2979 |
| &nbsp;&nbsp;&nbsp;&nbsp; BCE | 29 | 1371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bezeq The Israeli Telecommunication | 1048 | 1737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bollore | 355 | 1986 |
| &nbsp;&nbsp;&nbsp;&nbsp; BT Group, Cl A | 2950 | 4545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cameco | 159 | 4449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capcom | 100 | 3240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cellnex Telecom (A) (B) | 244 | 9562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Cl A (A) | 50 | 19215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comcast, Cl A | 1904 | 74922 |
| &nbsp;&nbsp;&nbsp;&nbsp; CyberAgent | 200 | 1870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dentsu Group | 100 | 3221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Telekom | 1350 | 30076 |
| &nbsp;&nbsp;&nbsp;&nbsp; DISH Network, Cl A (A) | 99 | 1425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electronic Arts | 121 | 15570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elisa | 57 | 3248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Embracer Group, Cl B (A) | 370 | 1725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fox | 190 | 6316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hakuhodo DY Holdings | 100 | 1081 |
| &nbsp;&nbsp;&nbsp;&nbsp; HKT Trust & HKT | 2000 | 2620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Informa | 602 | 4979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Infrastrutture Wireless Italiane (B) | 136 | 1490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interpublic Group of | 158 | 5761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kakaku.com | 100 | 1667 |
| &nbsp;&nbsp;&nbsp;&nbsp; KDDI | 700 | 21870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koei Tecmo Holdings | 100 | 1819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke KPN | 1350 | 4615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Broadband, Cl C (A) | 56 | 5028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Global (A) | 138 | 3084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Global, Cl A (A) | 65 | 1410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Media - Liberty Formula One, Cl C (A) | 78 | 5522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Media - Liberty SiriusXM (A) | 119 | 4811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Live Nation Entertainment (A) | 65 | 5232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lumen Technologies (A) | 377 | 1979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Match Group (A) | 119 | 6440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Cl A (A) | 977 | 145544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netflix (A) | 192 | 67941 |
| &nbsp;&nbsp;&nbsp;&nbsp; News | 157 | 3181 |

---

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America |
|  | Global Developed Equity Index Fund |
|  | January 31, 2023 |
| | (Unaudited) |

---

---

| |
|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** |
|  **COMMON STOCK — continued** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMUNICATION SERVICES (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nexon | 200 | $4823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nintendo | 500 | 21679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Telegraph & Telephone | 500 | 14993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Omnicom Group | 86 | 7395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orange | 801 | 8477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paramount Global, Cl B | 243 | 5628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pinterest, Cl A (A) | 283 | 7440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Publicis Groupe | 91 | 6419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quebecor, Cl B | 67 | 1589 |
| &nbsp;&nbsp;&nbsp;&nbsp; REA Group | 21 | 1883 |
| &nbsp;&nbsp;&nbsp;&nbsp; ROBLOX, Cl A (A) | 155 | 5768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rogers Communications, Cl B | 142 | 6904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roku, Cl A (A) | 47 | 2703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scout24 (B) | 35 | 2038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sea ADR (A) | 160 | 10312 |
| &nbsp;&nbsp;&nbsp;&nbsp; SEEK | 134 | 2321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shaw Communications, Cl B | 182 | 5417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Telecommunications (A) | 3300 | 6320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sirius XM Holdings | 405 | 2345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snap, Cl A (A) | 464 | 5364 |
| &nbsp;&nbsp;&nbsp;&nbsp; SoftBank | 1200 | 13731 |
| &nbsp;&nbsp;&nbsp;&nbsp; SoftBank Group | 500 | 23671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spark New Zealand | 747 | 2519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swisscom | 10 | 5908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Take-Two Interactive Software (A) | 71 | 8039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tele2, Cl B | 205 | 1770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telecom Italia (A) | 4001 | 1152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telefonica | 2112 | 8023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telefonica Deutschland Holding | 419 | 1234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telenor | 281 | 2942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telia | 1093 | 2823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telstra Group | 1669 | 4824 |
| &nbsp;&nbsp;&nbsp;&nbsp; TELUS | 183 | 3943 |
| &nbsp;&nbsp;&nbsp;&nbsp; T-Mobile US (A) | 267 | 39866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toho | 100 | 3693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trade Desk, Cl A (A) | 197 | 9988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ubisoft Entertainment (A) | 37 | 766 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Internet | 39 | 905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Music Group | 291 | 7439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications | 1814 | 75408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vivendi | 311 | 3340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vodafone Group | 11628 | 13416 |

---

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America |
|  | Global Developed Equity Index Fund |
|  | January 31, 2023 |
| | (Unaudited) |

---

---

| |
|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** |
|  **COMMON STOCK — continued** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMUNICATION SERVICES (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Walt Disney (A) | 780 | $84622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warner Bros Discovery (A) | 945 | 14005 |
| &nbsp;&nbsp;&nbsp;&nbsp; WPP | 478 | 5585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Z Holdings | 1100 | 3201 |
| &nbsp;&nbsp;&nbsp;&nbsp; ZoomInfo Technologies, Cl A (A) | 126 | 3557 |
|  |  | 1538340 |
|  **CONSUMER DISCRETIONARY — 10.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accor (A) | 68 | 2207 |
| &nbsp;&nbsp;&nbsp;&nbsp; adidas | 77 | 12398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advance Auto Parts | 25 | 3807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ageas | 69 | 3369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Airbnb, Cl A (A) | 163 | 18111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aisin | 100 | 2918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allianz | 174 | 41606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com (A) | 3916 | 403857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aptiv (A) | 119 | 13458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aramark | 92 | 4097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aristocrat Leisure | 241 | 5819 |
| &nbsp;&nbsp;&nbsp;&nbsp; AutoZone (A) | 9 | 21950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bandai Namco Holdings | 100 | 6687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barratt Developments | 408 | 2319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bath & Body Works | 106 | 4877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayerische Motoren Werke | 147 | 14974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkeley Group Holdings | 45 | 2304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Best Buy | 90 | 7985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Booking Holdings (A) | 17 | 41380 |
| &nbsp;&nbsp;&nbsp;&nbsp; BorgWarner | 96 | 4539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bridgestone | 200 | 7467 |
| &nbsp;&nbsp;&nbsp;&nbsp; BRP | 22 | 1836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Burberry Group | 162 | 4935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Burlington Stores (A) | 27 | 6205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caesars Entertainment (A) | 86 | 4477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Tire, Cl A | 23 | 2735 |
| &nbsp;&nbsp;&nbsp;&nbsp; CarMax (A) | 65 | 4579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carnival (A) | 393 | 4252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chewy, Cl A (A) | 36 | 1622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Cl A (A) | 12 | 19757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie Financiere Richemont, Cl A | 223 | 34377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie Generale des Etablissements Michelin SCA | 312 | 9865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compass Group | 779 | 18609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Continental | 44 | 3090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Darden Restaurants | 52 | 7694 |

---

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America |
|  | Global Developed Equity Index Fund |
|  | January 31, 2023 |
| | (Unaudited) |

---

---

| |
|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** |
|  **COMMON STOCK — continued** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **CONSUMER DISCRETIONARY (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Delivery Hero (A) (B) | 65 | $3930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Denso | 200 | 10801 |
| &nbsp;&nbsp;&nbsp;&nbsp; D'ieteren Group | 13 | 2484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollar General | 96 | 22426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollar Tree (A) | 99 | 14868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollarama | 116 | 6937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Domino's Pizza | 15 | 5295 |
| &nbsp;&nbsp;&nbsp;&nbsp; DoorDash, Cl A (A) | 110 | 6371 |
| &nbsp;&nbsp;&nbsp;&nbsp; DR Horton | 138 | 13619 |
| &nbsp;&nbsp;&nbsp;&nbsp; eBay | 261 | 12919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electrolux, Cl B (A) | 92 | 1303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entain | 235 | 4334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Etsy (A) | 51 | 7017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evolution (B) | 84 | 9441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expedia Group (A) | 65 | 7429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferrari | 58 | 14493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flutter Entertainment (A) | 67 | 10407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Motor | 1675 | 22629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Galaxy Entertainment Group (A) | 1000 | 6961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Garmin | 62 | 6130 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Motors | 603 | 23710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genting Singapore | 2400 | 1818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genuine Parts | 57 | 9566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gildan Activewear | 79 | 2477 |
| &nbsp;&nbsp;&nbsp;&nbsp; H & M Hennes & Mauritz, Cl B | 294 | 3621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hasbro | 52 | 3077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hermes International | 13 | 24329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hilton Worldwide Holdings | 122 | 17701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Depot | 454 | 147173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honda Motor | 700 | 17316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hydro One (B) | 132 | 3609 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDP Education | 84 | 1869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iida Group Holdings | 100 | 1667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industria de Diseno Textil | 490 | 15298 |
| &nbsp;&nbsp;&nbsp;&nbsp; InterContinental Hotels Group | 73 | 5068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Isuzu Motors | 200 | 2529 |
| &nbsp;&nbsp;&nbsp;&nbsp; JD Sports Fashion | 1032 | 2080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Just Eat Takeaway.com (A) (B) | 72 | 1847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kering | 32 | 19967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kingfisher | 846 | 2919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Klepierre (A) | 81 | 2056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koito Manufacturing | 100 | 1687 |

---

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America |
|  | Global Developed Equity Index Fund |
|  | January 31, 2023 |
| | (Unaudited) |

---

---

| |
|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** |
|  **COMMON STOCK — continued** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **CONSUMER DISCRETIONARY (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; La Francaise des Jeux SAEM (B) | 38 | $1626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Las Vegas Sands (A) | 138 | 8142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lear | 24 | 3499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lennar, Cl A | 110 | 11264 |
| &nbsp;&nbsp;&nbsp;&nbsp; LKQ | 112 | 6603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lottery (A) | 890 | 2968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lowe's | 268 | 55811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lucid Group (A) | 162 | 1894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lululemon Athletica (A) | 52 | 15958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marriott International, Cl A | 120 | 20902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mazda Motor | 200 | 1592 |
| &nbsp;&nbsp;&nbsp;&nbsp; McDonald's | 313 | 83696 |
| &nbsp;&nbsp;&nbsp;&nbsp; MercadoLibre (A) | 20 | 23634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Group | 354 | 26342 |
| &nbsp;&nbsp;&nbsp;&nbsp; MGM Resorts International | 154 | 6377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mohawk Industries (A) | 24 | 2881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moncler | 82 | 5132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newell Brands | 153 | 2442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Next | 53 | 4339 |
| &nbsp;&nbsp;&nbsp;&nbsp; NIKE, Cl B | 537 | 68376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nissan Motor | 900 | 3234 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVR (A) | 2 | 10540 |
| &nbsp;&nbsp;&nbsp;&nbsp; O'Reilly Automotive (A) | 28 | 22186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oriental Land | 100 | 16662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pan Pacific International Holdings | 200 | 3699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Panasonic Holdings | 900 | 8346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pandora | 40 | 3331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pearson | 303 | 3455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Persimmon | 128 | 2236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool | 16 | 6170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prosus | 357 | 28826 |
| &nbsp;&nbsp;&nbsp;&nbsp; PulteGroup | 104 | 5917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Puma | 42 | 2868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rakuten Group (A) | 400 | 2039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Renault (A) | 77 | 3131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Restaurant Brands International | 139 | 9301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rivian Automotive, Cl A (A) | 140 | 2716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ross Stores | 147 | 17374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Caribbean Cruises (A) | 92 | 5974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sands China (A) | 1200 | 4500 |
| &nbsp;&nbsp;&nbsp;&nbsp; SEB | 11 | 1150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sekisui Chemical | 200 | 2802 |

---

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America |
|  | Global Developed Equity Index Fund |
|  | January 31, 2023 |
| | (Unaudited) |

---

---

| |
|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** |
|  **COMMON STOCK — continued** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **CONSUMER DISCRETIONARY (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sekisui House | 300 | $5670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sharp (A) | 100 | 831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sodexo | 35 | 3470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sony Group | 500 | 44676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Starbucks | 492 | 53697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stellantis | 993 | 15611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Subaru | 300 | 4930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Electric Industries | 300 | 3605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suzuki Motor | 200 | 7498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swatch Group | 42 | 6316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Target | 198 | 34084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taylor Wimpey | 1459 | 2117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesla (A) | 1138 | 197124 |
| &nbsp;&nbsp;&nbsp;&nbsp; TJX | 491 | 40193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Motor | 4500 | 66086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tractor Supply | 46 | 10488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ulta Beauty (A) | 22 | 11307 |
| &nbsp;&nbsp;&nbsp;&nbsp; USS | 100 | 1645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vail Resorts | 16 | 4197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valeo | 92 | 2011 |
| &nbsp;&nbsp;&nbsp;&nbsp; VF | 134 | 4146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volkswagen | 13 | 2276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volvo Car, Cl B (A) | 276 | 1377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wesfarmers | 496 | 17487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Whirlpool | 25 | 3890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Whitbread | 81 | 3051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wynn Resorts (A) | 42 | 4353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yamaha | 100 | 3888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yamaha Motor | 100 | 2463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yum! Brands | 117 | 15270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zalando (A) (B) | 89 | 4150 |
| &nbsp;&nbsp;&nbsp;&nbsp; ZOZO | 100 | 2592 |
|  |  | 2351774 |
|  **CONSUMER STAPLES — 7.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aeon | 300 | 6151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ajinomoto | 200 | 6594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alimentation Couche-Tard | 335 | 15298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Altria Group | 786 | 35401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anheuser-Busch InBev | 373 | 22515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Archer-Daniels-Midland | 244 | 20215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asahi Group Holdings | 200 | 6604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Associated British Foods | 143 | 3283 |

---

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America |
|  | Global Developed Equity Index Fund |
|  | January 31, 2023 |
| | (Unaudited) |

---

---

| |
|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** |
|  **COMMON STOCK — continued** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **CONSUMER STAPLES (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barry Callebaut | 2 | $4179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Beiersdorf | 40 | 4863 |
| &nbsp;&nbsp;&nbsp;&nbsp; British American Tobacco | 928 | 35574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown-Forman, Cl B | 124 | 8256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Budweiser Brewing APAC (B) | 700 | 2209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bunge | 72 | 7135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Campbell Soup | 79 | 4103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carlsberg, Cl B | 40 | 5679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carrefour | 254 | 4831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chocoladefabriken Lindt & Spruengli | 1 | 10983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Church & Dwight | 99 | 8005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clorox | 59 | 8537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola | 1760 | 107923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Europacific Partners | 82 | 4610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola HBC | 80 | 1944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coles Group | 538 | 6767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colgate-Palmolive | 340 | 25340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Conagra Brands | 193 | 7178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Brands, Cl A | 69 | 15975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Costco Wholesale | 188 | 96094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danone | 286 | 15684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Darling Ingredients (A) | 73 | 4839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Davide Campari-Milano | 210 | 2253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diageo | 973 | 42545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Empire | 68 | 1957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Endeavour Group | 545 | 2559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essity, Cl B | 246 | 6427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Estee Lauder, Cl A | 99 | 27431 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Mills | 246 | 19277 |
| &nbsp;&nbsp;&nbsp;&nbsp; George Weston | 31 | 3988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Haleon (A) | 2111 | 8460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heineken | 118 | 11793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heineken Holding | 46 | 3798 |
| &nbsp;&nbsp;&nbsp;&nbsp; HelloFresh (A) | 66 | 1605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Henkel & KGaA | 42 | 2806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hershey | 65 | 14599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hormel Foods | 120 | 5437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Imperial Brands | 379 | 9508 |
| &nbsp;&nbsp;&nbsp;&nbsp; J M Smucker | 44 | 6723 |
| &nbsp;&nbsp;&nbsp;&nbsp; J Sainsbury | 710 | 2303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Tobacco | 500 | 10196 |
| &nbsp;&nbsp;&nbsp;&nbsp; JDE Peet's | 40 | 1199 |

---

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America |
|  | Global Developed Equity Index Fund |
|  | January 31, 2023 |
| | (Unaudited) |

---

---

| |
|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** |
|  **COMMON STOCK — continued** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **CONSUMER STAPLES (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jeronimo Martins SGPS | 115 | $2497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kao | 200 | 8084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kellogg | 103 | 7064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kerry Group, Cl A | 64 | 5997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kesko, Cl B | 110 | 2562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keurig Dr Pepper | 345 | 12172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kikkoman | 100 | 5289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kimberly-Clark | 146 | 18981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kirin Holdings | 300 | 4623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke Ahold Delhaize | 471 | 14058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kraft Heinz | 320 | 12970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kroger | 285 | 12720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lamb Weston Holdings | 63 | 6293 |
| &nbsp;&nbsp;&nbsp;&nbsp; McCormick | 118 | 8864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metro, Cl A | 100 | 5428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Molson Coors Beverage, Cl B | 76 | 3996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mondelez International, Cl A | 591 | 38675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monster Beverage (A) | 163 | 16965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mowi | 176 | 3255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nestle | 1172 | 142995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nisshin Seifun Group | 100 | 1253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ocado Group (A) | 196 | 1568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orkla | 302 | 2255 |
| &nbsp;&nbsp;&nbsp;&nbsp; PepsiCo | 591 | 101073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pernod Ricard | 87 | 18012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International | 661 | 68903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Procter & Gamble | 1015 | 144516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reckitt Benckiser Group | 312 | 22233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Remy Cointreau | 9 | 1695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salmar | 33 | 1534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seven & i Holdings | 300 | 14164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shiseido | 200 | 10395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suntory Beverage & Food | 100 | 3377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sysco | 221 | 17119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesco | 3114 | 9465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Treasury Wine Estates | 289 | 2977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tyson Foods, Cl A | 118 | 7758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unicharm | 200 | 7629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unilever | 1078 | 54869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walgreens Boots Alliance | 332 | 12237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walmart | 644 | 92652 |
| &nbsp;&nbsp;&nbsp;&nbsp; WH Group | 3500 | 2156 |

---

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America |
|  | Global Developed Equity Index Fund |
|  | January 31, 2023 |
| | (Unaudited) |

---

---

| |
|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** |
|  **COMMON STOCK — continued** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **CONSUMER STAPLES (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wilmar International | 800 | $2487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Woolworths Group | 509 | 13009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yakult Honsha | 100 | 7139 |
|  |  | 1645596 |
|  **ENERGY — 5.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aker (A)(C) | 77 | 2339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aker BP (A) | 50 | 1523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ampol | 95 | 2060 |
| &nbsp;&nbsp;&nbsp;&nbsp; APA | 147 | 6516 |
| &nbsp;&nbsp;&nbsp;&nbsp; ARC Resources | 288 | 3346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Baker Hughes, Cl A | 454 | 14410 |
| &nbsp;&nbsp;&nbsp;&nbsp; BP | 7917 | 47821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Natural Resources | 468 | 28726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cenovus Energy | 595 | 11886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cheniere Energy | 97 | 14821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chesapeake Energy | 49 | 4249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chevron | 791 | 137650 |
| &nbsp;&nbsp;&nbsp;&nbsp; ConocoPhillips | 537 | 65444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coterra Energy | 355 | 8886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Devon Energy | 258 | 16316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamondback Energy | 69 | 10082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enbridge | 866 | 35459 |
| &nbsp;&nbsp;&nbsp;&nbsp; ENEOS Holdings | 1200 | 4296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eni | 1054 | 16219 |
| &nbsp;&nbsp;&nbsp;&nbsp; EOG Resources | 247 | 32666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinor | 428 | 13044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equities | 144 | 4704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil | 1771 | 205453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Galp Energia SGPS | 200 | 2737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Halliburton | 395 | 16282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hess | 114 | 17118 |
| &nbsp;&nbsp;&nbsp;&nbsp; HF Sinclair | 74 | 4210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Idemitsu Kosan | 100 | 2500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Imperial Oil | 91 | 4973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inpex | 400 | 4395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keyera | 88 | 2007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinder Morgan | 907 | 16598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marathon Oil | 304 | 8351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marathon Petroleum | 219 | 28146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neste | 170 | 8126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Occidental Petroleum | 389 | 25203 |
| &nbsp;&nbsp;&nbsp;&nbsp; OMV | 59 | 2955 |

---

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America |
|  | Global Developed Equity Index Fund |
|  | January 31, 2023 |
| | (Unaudited) |

---

---

| |
|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** |
|  **COMMON STOCK — continued** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **ENERGY (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ONEOK | 202 | $13833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ovintiv | 120 | 5908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parkland | 61 | 1433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pembina Pipeline | 220 | 7806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phillips 66 | 210 | 21057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pioneer Natural Resources | 99 | 22805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repsol | 581 | 9544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Santos | 1288 | 6575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schlumberger | 592 | 33732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell | 3109 | 91273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suncor Energy | 595 | 20651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Targa Resources | 89 | 6677 |
| &nbsp;&nbsp;&nbsp;&nbsp; TC Energy | 453 | 19519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tenaris | 189 | 3349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Pacific Land | 2 | 3992 |
| &nbsp;&nbsp;&nbsp;&nbsp; TotalEnergies | 1079 | 66704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tourmaline Oil | 124 | 5779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valero Energy | 169 | 23665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Williams | 528 | 17023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Woodside Energy Group | 839 | 21725 |
|  |  | 1234567 |
|  **FINANCIALS — 14.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3i Group | 390 | 7609 |
| &nbsp;&nbsp;&nbsp;&nbsp; ABN AMRO Bank (B) | 177 | 2938 |
| &nbsp;&nbsp;&nbsp;&nbsp; abrdn | 871 | 2294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Admiral Group | 77 | 2093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aegon | 749 | 4131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aflac | 255 | 18742 |
| &nbsp;&nbsp;&nbsp;&nbsp; AIA Group | 5200 | 58800 |
| &nbsp;&nbsp;&nbsp;&nbsp; AIB Group | 531 | 2231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allstate | 119 | 15288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ally Financial | 144 | 4679 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Express | 274 | 47931 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Financial Group | 29 | 4135 |
| &nbsp;&nbsp;&nbsp;&nbsp; American International Group | 318 | 20104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameriprise Financial | 46 | 16105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amundi (B) | 24 | 1571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Annaly Capital Management | 209 | 4905 |
| &nbsp;&nbsp;&nbsp;&nbsp; ANZ Group Holdings | 1286 | 22886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aon, Cl A | 91 | 29000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apollo Global Management | 181 | 12811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arch Capital Group (A) | 159 | 10232 |

---

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America |
|  | Global Developed Equity Index Fund |
|  | January 31, 2023 |
| | (Unaudited) |

---

---

| |
|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** |
|  **COMMON STOCK — continued** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **FINANCIALS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ares Management, Cl A | 74 | $6141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arthur J Gallagher | 93 | 18202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Assurant | 24 | 3182 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASX | 78 | 3817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aviva | 1190 | 6711 |
| &nbsp;&nbsp;&nbsp;&nbsp; AXA | 839 | 26176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Baloise Holding | 19 | 3125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria | 2634 | 18606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Santander | 7186 | 25114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Hapoalim | 501 | 4509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Leumi Le-Israel | 586 | 5179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America | 3105 | 110165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Ireland Group | 480 | 5128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Montreal | 294 | 29587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of New York Mellon | 329 | 16637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Nova Scotia | 517 | 27988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banque Cantonale Vaudoise | 17 | 1616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays | 7354 | 16905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway, Cl B (A) | 557 | 173517 |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock, Cl A | 66 | 50108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackstone | 303 | 29076 |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas | 477 | 32761 |
| &nbsp;&nbsp;&nbsp;&nbsp; BOC Hong Kong Holdings | 1500 | 5242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookfield, Cl A | 601 | 22359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookfield Asset Management, Cl A (A) | 150 | 4897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown & Brown | 96 | 5622 |
| &nbsp;&nbsp;&nbsp;&nbsp; CaixaBank | 1775 | 7876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce | 404 | 18443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial | 164 | 19516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carlyle Group | 64 | 2302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cboe Global Markets | 43 | 5284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab | 625 | 48387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chiba Bank | 200 | 1513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chubb | 179 | 40721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cincinnati Financial | 61 | 6902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup | 824 | 43029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citizens Financial Group | 206 | 8924 |
| &nbsp;&nbsp;&nbsp;&nbsp; CME Group, Cl A | 153 | 27029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coinbase Global, Cl A (A) | 53 | 3099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commerzbank (A) | 401 | 4584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commonwealth Bank of Australia | 741 | 57844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Concordia Financial Group | 400 | 1758 |

---

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America |
|  | Global Developed Equity Index Fund |
|  | January 31, 2023 |
| | (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** | | |
|  **COMMON STOCK — continued** | | |
|  | <br>**Shares** | <br>**Value** |
|  **FINANCIALS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse Group | 1062 | $3658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dai-ichi Life Holdings | 400 | 9385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa Securities Group | 600 | 2831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danske Bank (A) | 276 | 5750 |
| &nbsp;&nbsp;&nbsp;&nbsp; DBS Group Holdings | 800 | 21901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank | 828 | 11050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Boerse | 77 | 13779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Discover Financial Services | 120 | 14008 |
| &nbsp;&nbsp;&nbsp;&nbsp; DNB Bank | 373 | 6975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Element Fleet Management | 194 | 2741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equitable Holdings | 148 | 4746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equities | 119 | 2685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Erie Indemnity, Cl A | 10 | 2443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Erste Group Bank (A) | 138 | 5236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eurazeo | 16 | 1122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euronext (B) | 34 | 2755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Everest Re Group | 16 | 5595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eversource Energy | 142 | 11691 |
| &nbsp;&nbsp;&nbsp;&nbsp; EXOR (A) | 43 | 3418 |
| &nbsp;&nbsp;&nbsp;&nbsp; FactSet Research Systems | 15 | 6344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fairfax Financial Holdings | 10 | 6620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Financial | 109 | 4799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fifth Third Bancorp | 322 | 11685 |
| &nbsp;&nbsp;&nbsp;&nbsp; FinecoBank Banca Fineco | 245 | 4398 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Citizens BancShares, Cl A | 5 | 3888 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Horizon | 220 | 5441 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Republic Bank | 81 | 11411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Franklin Resources | 121 | 3775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futu Holdings ADR (A) | 20 | 1015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gjensidige Forsikring | 80 | 1438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Globe Life | 39 | 4713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group | 147 | 53774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Great-West Lifeco | 112 | 2971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Groupe Bruxelles Lambert | 45 | 3850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hang Seng Bank | 300 | 4996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hannover Rueck | 24 | 4874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hargreaves Lansdown | 143 | 1574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hartford Financial Services Group | 139 | 10788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong Exchanges & Clearing | 500 | 22489 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Holdings | 8527 | 62830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington Bancshares | 592 | 8981 |
| &nbsp;&nbsp;&nbsp;&nbsp; iA Financial | 43 | 2654 |

---

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America |
|  | Global Developed Equity Index Fund |
|  | January 31, 2023 |
| | (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** | | |
|  **COMMON STOCK — continued** | | |
|  | <br>**Shares** | <br>**Value** |
|  **FINANCIALS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IGM Financial | 33 | $1030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrivarden, Cl A | 68 | 1801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrivarden, Cl C | 53 | 1396 |
| &nbsp;&nbsp;&nbsp;&nbsp; ING Groep | 1608 | 23284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance Australia Group | 988 | 3431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intact Financial | 81 | 11751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intercontinental Exchange | 241 | 25920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intesa Sanpaolo | 6933 | 18229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invesco | 139 | 2573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor, Cl A | 280 | 5588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor, Cl B | 750 | 14574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Israel Discount Bank, Cl A <sup>1</sup>  | 466 | 2383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Exchange Group | 200 | 3061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Post Bank | 200 | 1777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Post Holdings | 1000 | 8779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Post Insurance | 100 | 1784 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase | 1250 | 174950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Julius Baer Group | 89 | 5709 |
| &nbsp;&nbsp;&nbsp;&nbsp; KBC Group | 100 | 7407 |
| &nbsp;&nbsp;&nbsp;&nbsp; KeyCorp | 383 | 7350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinnevik, Cl B (A) | 98 | 1515 |
| &nbsp;&nbsp;&nbsp;&nbsp; KKR | 248 | 13841 |
| &nbsp;&nbsp;&nbsp;&nbsp; L E Lundbergforetagen, Cl B | 32 | 1482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal & General Group | 2388 | 7515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lincoln National | 71 | 2516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group | 30594 | 19910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loblaw | 69 | 6182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loews | 88 | 5410 |
| &nbsp;&nbsp;&nbsp;&nbsp; London Stock Exchange Group | 147 | 13457 |
| &nbsp;&nbsp;&nbsp;&nbsp; LPL Financial Holdings | 36 | 8536 |
| &nbsp;&nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton | 120 | 104757 |
| &nbsp;&nbsp;&nbsp;&nbsp; M&G | 1037 | 2590 |
| &nbsp;&nbsp;&nbsp;&nbsp; M&T Bank | 75 | 11700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Macquarie Group | 156 | 20812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Manulife Financial | 819 | 16207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Markel (A) | 6 | 8454 |
| &nbsp;&nbsp;&nbsp;&nbsp; MarketAxess Holdings | 15 | 5458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marsh & McLennan | 213 | 37256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medibank Pvt | 1105 | 2302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mediobanca Banca di Credito Finanziario | 248 | 2666 |
| &nbsp;&nbsp;&nbsp;&nbsp; MetLife | 295 | 21541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi HC Capital | 300 | 1531 |

---

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America |
|  | Global Developed Equity Index Fund |
|  | January 31, 2023 |
| | (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** | | |
|  **COMMON STOCK — continued** | | |
|  | <br>**Shares** | <br>**Value** |
|  **FINANCIALS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group | 5200 | $38089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mizrahi Tefahot Bank | 56 | 1850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mizuho Financial Group | 1000 | 15620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moody's | 72 | 23238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 551 | 53629 |
| &nbsp;&nbsp;&nbsp;&nbsp; MS&AD Insurance Group Holdings | 200 | 6415 |
| &nbsp;&nbsp;&nbsp;&nbsp; MSCI, Cl A | 33 | 17541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Muenchener Rueckversicherungs-Gesellschaft in Muenchen | 60 | 21672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nasdaq | 141 | 8487 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Australia Bank | 1348 | 30416 |
| &nbsp;&nbsp;&nbsp;&nbsp; NatWest Group | 2141 | 8168 |
| &nbsp;&nbsp;&nbsp;&nbsp; NN Group | 113 | 4910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Holdings | 1200 | 4789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordea Bank Abp | 1495 | 17477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Trust | 79 | 7661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Onex | 31 | 1602 |
| &nbsp;&nbsp;&nbsp;&nbsp; ORIX | 500 | 8792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oversea-Chinese Banking | 1600 | 15809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Partners Group Holding | 10 | 9383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phoenix Group Holdings | 260 | 2061 |
| &nbsp;&nbsp;&nbsp;&nbsp; PNC Financial Services Group | 172 | 28454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Poste Italiane (B) | 209 | 2233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Power Corp of Canada | 224 | 6076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Principal Financial Group | 108 | 9995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Progressive | 249 | 33951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prudential | 1155 | 19190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prudential Financial | 155 | 16266 |
| &nbsp;&nbsp;&nbsp;&nbsp; QBE Insurance Group | 591 | 5766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raymond James Financial | 88 | 9924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regions Financial | 382 | 8992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Resona Holdings | 800 | 4427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Bank of Canada | 590 | 60377 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P Global | 146 | 54741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sampo, Cl A | 200 | 10500 |
| &nbsp;&nbsp;&nbsp;&nbsp; SBI Holdings | 100 | 2120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schroders | 294 | 1739 |
| &nbsp;&nbsp;&nbsp;&nbsp; SEI Investments | 48 | 2997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shizuoka Financial Group | 200 | 1694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Signature Bank NY | 24 | 3095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Exchange | 300 | 2113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skandinaviska Enskilda Banken, Cl A | 657 | 7953 |

---

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America |
|  | Global Developed Equity Index Fund |
|  | January 31, 2023 |
| | (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** | | |
|  **COMMON STOCK — continued** | | |
|  | <br>**Shares** | <br>**Value** |
|  **FINANCIALS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Societe Generale | 325 | $9674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sofina | 6 | 1425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sompo Holdings | 100 | 4305 |
| &nbsp;&nbsp;&nbsp;&nbsp; St. James's Place | 216 | 3275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered | 1054 | 8853 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street | 163 | 14887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group | 500 | 21731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Holdings | 200 | 7286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Life Financial | 271 | 13618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suncorp Group | 514 | 4569 |
| &nbsp;&nbsp;&nbsp;&nbsp; SVB Financial Group (A) | 24 | 7259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Svenska Handelsbanken, Cl A | 590 | 6152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swedbank | 366 | 7041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Life Holding | 13 | 7694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Re | 135 | 14136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synchrony Financial | 228 | 8374 |
| &nbsp;&nbsp;&nbsp;&nbsp; T Rowe Price Group | 95 | 11065 |
| &nbsp;&nbsp;&nbsp;&nbsp; T&D Holdings | 200 | 3201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokio Marine Holdings | 800 | 16756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank | 771 | 53345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tradeweb Markets, Cl A | 42 | 3131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Travelers | 103 | 19685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Truist Financial | 571 | 28202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tryg | 145 | 3327 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Group | 1450 | 30951 |
| &nbsp;&nbsp;&nbsp;&nbsp; UniCredit | 854 | 16680 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Overseas Bank | 500 | 11365 |
| &nbsp;&nbsp;&nbsp;&nbsp; US Bancorp | 601 | 29930 |
| &nbsp;&nbsp;&nbsp;&nbsp; W R Berkley | 85 | 5962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Webster Financial | 74 | 3896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo | 1611 | 75508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wendel | 11 | 1165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westpac Banking | 1568 | 26383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Willis Towers Watson | 45 | 11438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zurich Insurance Group | 65 | 32144 |
|  |  | 3368183 |
|  **HEALTH CARE — 13.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Abbott Laboratories | 740 | 81807 |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie | 754 | 111403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Agilent Technologies | 123 | 18706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alcon | 220 | 16601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Align Technology (A) | 33 | 8901 |

---

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America |
|  | Global Developed Equity Index Fund |
|  | January 31, 2023 |
| | (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** | | |
|  **COMMON STOCK — continued** | | |
|  | <br>**Shares** | <br>**Value** |
|  **HEALTH CARE (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alnylam Pharmaceuticals (A) | 55 | $12452 |
| &nbsp;&nbsp;&nbsp;&nbsp; AmerisourceBergen, Cl A | 63 | 10644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amgen | 230 | 58052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amplifon | 50 | 1381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Argenx (A) | 23 | 8760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asahi Intecc | 100 | 1754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Astellas Pharma | 800 | 11776 |
| &nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca | 662 | 86730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avantor (A) | 329 | 7863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bachem Holding, Cl B | 15 | 1326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Baxter International | 218 | 9960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayer | 436 | 27139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Becton Dickinson and | 123 | 31023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Biogen (A) | 65 | 18909 |
| &nbsp;&nbsp;&nbsp;&nbsp; BioMarin Pharmaceutical (A) | 74 | 8536 |
| &nbsp;&nbsp;&nbsp;&nbsp; BioMerieux | 17 | 1733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bio-Rad Laboratories, Cl A (A) | 9 | 4207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bio-Techne | 64 | 5098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Scientific (A) | 605 | 27981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb | 904 | 65676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cardinal Health | 116 | 8961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carl Zeiss Meditec | 16 | 2309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Catalent (A) | 68 | 3641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centene (A) | 252 | 19212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles River Laboratories International (A) | 20 | 4865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chugai Pharmaceutical | 300 | 7778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cigna | 132 | 41800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cochlear | 26 | 3928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coloplast, Cl B | 48 | 5795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cooper | 20 | 6979 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSL | 210 | 44342 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVS Health | 565 | 49844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiichi Sankyo | 800 | 25126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danaher | 294 | 77728 |
| &nbsp;&nbsp;&nbsp;&nbsp; DaVita (A) | 27 | 2225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Demant (A) | 43 | 1217 |
| &nbsp;&nbsp;&nbsp;&nbsp; DENTSPLY SIRONA | 88 | 3241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dexcom (A) | 173 | 18527 |
| &nbsp;&nbsp;&nbsp;&nbsp; DiaSorin | 10 | 1302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edwards Lifesciences (A) | 267 | 20479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eisai | 100 | 6187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elanco Animal Health (A) | 171 | 2348 |

---

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America |
|  | Global Developed Equity Index Fund |
|  | January 31, 2023 |
| | (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** | | |
|  **COMMON STOCK — continued** | | |
|  | <br>**Shares** | <br>**Value** |
|  **HEALTH CARE (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Elevance Health | 103 | $51499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly | 343 | 118043 |
| &nbsp;&nbsp;&nbsp;&nbsp; EssilorLuxottica | 125 | 22935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eurofins Scientific | 54 | 3873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exact Sciences (A) | 69 | 4659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fisher & Paykel Healthcare | 232 | 3807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresenius & KGaA | 168 | 4869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresenius Medical Care & KGaA | 82 | 3079 |
| &nbsp;&nbsp;&nbsp;&nbsp; GE HealthCare Technologies (A) | 154 | 10706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genmab (A) | 29 | 11365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Getinge, Cl B | 92 | 2073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gilead Sciences | 530 | 44488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grifols (A) | 120 | 1589 |
| &nbsp;&nbsp;&nbsp;&nbsp; GSK | 1779 | 31248 |
| &nbsp;&nbsp;&nbsp;&nbsp; HCA Healthcare | 96 | 24487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Henry Schein (A) | 56 | 4824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hikma Pharmaceuticals | 70 | 1481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hologic (A) | 102 | 8300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Horizon Therapeutics (A) | 86 | 9436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hoya | 200 | 21994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Humana | 53 | 27120 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDEXX Laboratories (A) | 37 | 17778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illumina (A) | 71 | 15208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Incyte (A) | 75 | 6385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insulet (A) | 28 | 8045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuitive Surgical (A) | 150 | 36853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ipsen | 15 | 1575 |
| &nbsp;&nbsp;&nbsp;&nbsp; IQVIA Holdings (A) | 78 | 17894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jazz Pharmaceuticals (A) | 25 | 3917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson | 1124 | 183684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke Philips | 381 | 6578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kyowa Kirin | 100 | 2230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Laboratory Corp of America Holdings | 39 | 9833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lonza Group | 31 | 17684 |
| &nbsp;&nbsp;&nbsp;&nbsp; M3 (A) | 200 | 5469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Masimo (A) | 21 | 3572 |
| &nbsp;&nbsp;&nbsp;&nbsp; McKesson | 62 | 23478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medtronic | 559 | 46783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck | 1080 | 116003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck KGaA | 60 | 12524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mettler-Toledo International (A) | 10 | 15329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moderna (A) | 145 | 25529 |

---

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America |
|  | Global Developed Equity Index Fund |
|  | January 31, 2023 |
| | (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** | | |
|  **COMMON STOCK — continued** | | |
|  | <br>**Shares** | <br>**Value** |
|  **HEALTH CARE (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Molina Healthcare (A) | 23 | $7172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neurocrine Biosciences (A) | 38 | 4215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novartis | 922 | 83357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novo Nordisk, Cl B | 710 | 98257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novocure (A) | 37 | 3374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Olympus | 500 | 9400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ono Pharmaceutical | 200 | 4340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orion, Cl B | 43 | 2304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otsuka Holdings | 200 | 6416 |
| &nbsp;&nbsp;&nbsp;&nbsp; PerkinElmer | 58 | 7977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pfizer | 2413 | 106558 |
| &nbsp;&nbsp;&nbsp;&nbsp; QIAGEN (A) | 92 | 4488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quest Diagnostics | 49 | 7276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ramsay Health Care | 73 | 3450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Recordati Industria Chimica e Farmaceutica | 42 | 1840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals (A) | 45 | 34131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repligen (A) | 25 | 4633 |
| &nbsp;&nbsp;&nbsp;&nbsp; ResMed | 65 | 14844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roche Holding | 310 | 97474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royalty Pharma, Cl A | 137 | 5369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sanofi | 494 | 48374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sartorius Stedim Biotech | 11 | 3837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seagen (A) | 55 | 7671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shionogi | 100 | 4765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens Healthineers (B) | 113 | 6060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smith & Nephew | 352 | 4861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sonic Healthcare | 182 | 4076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sonova Holding | 22 | 5502 |
| &nbsp;&nbsp;&nbsp;&nbsp; STERIS | 40 | 8260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Straumann Holding | 53 | 6940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stryker | 144 | 36549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swedish Orphan Biovitrum (A) | 89 | 1985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sysmex | 100 | 6639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Takeda Pharmaceutical | 600 | 18862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teleflex | 19 | 4625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Terumo | 300 | 8733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teva Pharmaceutical Industries ADR (A) | 442 | 4659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thermo Fisher Scientific | 166 | 94675 |
| &nbsp;&nbsp;&nbsp;&nbsp; UCB | 51 | 4187 |
| &nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group | 400 | 199676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Health Services, Cl B | 30 | 4446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veeva Systems, Cl A (A) | 63 | 10745 |

---

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America |
|  | Global Developed Equity Index Fund |
|  | January 31, 2023 |
| | (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** | | |
|  **COMMON STOCK — continued** | | |
|  | <br>**Shares** | <br>**Value** |
|  **HEALTH CARE (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals (A) | 112 | $36187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viatris, Cl W (A) | 485 | 5898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waters (A) | 25 | 8215 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Pharmaceutical Services | 30 | 7968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings | 98 | 12479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zoetis, Cl A | 199 | 32933 |
|  |  | 3091160 |
|  **INDUSTRIALS — 10.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3M | 234 | 26929 |
| &nbsp;&nbsp;&nbsp;&nbsp; A O Smith | 53 | 3588 |
| &nbsp;&nbsp;&nbsp;&nbsp; ABB | 661 | 23013 |
| &nbsp;&nbsp;&nbsp;&nbsp; ACS Actividades de Construccion y Servicios | 105 | 3107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adecco Group | 62 | 2303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aena SME (A) (B) | 30 | 4507 |
| &nbsp;&nbsp;&nbsp;&nbsp; AerCap Holdings (A) | 60 | 3793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aeroports de Paris (A) | 12 | 1862 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGC | 100 | 3685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Canada (A) | 70 | 1188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Airbus | 246 | 30840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alfa Laval | 127 | 3991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegion | 36 | 4232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alstom | 128 | 3806 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMETEK | 108 | 15651 |
| &nbsp;&nbsp;&nbsp;&nbsp; ANA Holdings (A) | 100 | 2213 |
| &nbsp;&nbsp;&nbsp;&nbsp; AP Moller - Maersk, Cl A | 1 | 2131 |
| &nbsp;&nbsp;&nbsp;&nbsp; AP Moller - Maersk, Cl B | 2 | 4351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ashtead Group | 179 | 11791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Assa Abloy, Cl B | 418 | 9846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas Copco, Cl A | 1196 | 14192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas Copco, Cl B | 666 | 7025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Auckland International Airport (A) | 500 | 2752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aurizon Holdings | 739 | 1932 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAE Systems | 1289 | 13645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boeing (A) | 245 | 52185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Booz Allen Hamilton Holding, Cl A | 54 | 5111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bouygues | 92 | 3031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brambles | 578 | 4915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brenntag | 62 | 4628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bunzl | 135 | 4956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bureau Veritas | 118 | 3374 |
| &nbsp;&nbsp;&nbsp;&nbsp; CAE (A) | 127 | 2868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian National Railway | 253 | 30115 |

---

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America |
|  | Global Developed Equity Index Fund |
|  | January 31, 2023 |
| | (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** | | |
|  **COMMON STOCK — continued** | | |
|  | <br>**Shares** | <br>**Value** |
|  **INDUSTRIALS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Pacific Railway | 400 | $31572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carlisle | 22 | 5519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carrier Global | 364 | 16573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caterpillar | 224 | 56513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Japan Railway | 100 | 12198 |
| &nbsp;&nbsp;&nbsp;&nbsp; CH Robinson Worldwide | 53 | 5309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie de Saint-Gobain | 225 | 12922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cintas | 38 | 16862 |
| &nbsp;&nbsp;&nbsp;&nbsp; CK Hutchison Holdings | 1500 | 9546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clarivate (A) | 141 | 1568 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNH Industrial | 410 | 7253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Copart (A) | 194 | 12922 |
| &nbsp;&nbsp;&nbsp;&nbsp; CoStar Group (A) | 160 | 12464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Agricole | 495 | 5960 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSX | 910 | 28137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cummins | 58 | 14473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dai Nippon Printing | 100 | 2361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daikin Industries | 100 | 17369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daimler Truck Holding (A) | 215 | 7225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dassault Aviation | 10 | 1708 |
| &nbsp;&nbsp;&nbsp;&nbsp; DCC | 40 | 2278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deere | 124 | 52432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines (A) | 64 | 2502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Lufthansa (A) | 239 | 2532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Post | 425 | 18299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dover | 58 | 8806 |
| &nbsp;&nbsp;&nbsp;&nbsp; DSV | 81 | 13400 |
| &nbsp;&nbsp;&nbsp;&nbsp; East Japan Railway | 100 | 5576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eaton | 170 | 27576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eiffage | 33 | 3525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elbit Systems | 11 | 1847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerson Electric | 256 | 23096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Epiroc, Cl A | 290 | 5642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Epiroc, Cl B | 200 | 3334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equifax | 57 | 12665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expeditors International of Washington | 68 | 7354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Experian | 409 | 14957 |
| &nbsp;&nbsp;&nbsp;&nbsp; FANUC | 100 | 17669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fastenal | 263 | 13295 |
| &nbsp;&nbsp;&nbsp;&nbsp; FedEx | 111 | 21519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferguson | 95 | 13522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferrovial | 199 | 5872 |

---

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America |
|  | Global Developed Equity Index Fund |
|  | January 31, 2023 |
| | (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** | | |
|  **COMMON STOCK — continued** | | |
|  | <br>**Shares** | <br>**Value** |
|  **INDUSTRIALS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortive | 136 | $9252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortune Brands Innovations | 55 | 3548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fuji Electric | 100 | 4048 |
| &nbsp;&nbsp;&nbsp;&nbsp; GEA Group | 61 | 2752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Geberit | 16 | 9104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Generac Holdings (A) | 25 | 3015 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Dynamics | 101 | 23539 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Electric | 463 | 37262 |
| &nbsp;&nbsp;&nbsp;&nbsp; GFL Environmental | 63 | 1944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grab Holdings, Cl A (A) | 505 | 1914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hankyu Hanshin Holdings | 100 | 2972 |
| &nbsp;&nbsp;&nbsp;&nbsp; HEICO | 20 | 3419 |
| &nbsp;&nbsp;&nbsp;&nbsp; HEICO, Cl A | 33 | 4412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hitachi | 400 | 20977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honeywell International | 288 | 60042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Howmet Aerospace | 155 | 6307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hubbell, Cl B | 25 | 5723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington Ingalls Industries | 16 | 3529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Husqvarna, Cl B | 169 | 1438 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDEX | 30 | 7190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Tool Works | 133 | 31393 |
| &nbsp;&nbsp;&nbsp;&nbsp; IMCD | 23 | 3646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indutrade | 114 | 2532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingersoll Rand | 190 | 10640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intertek Group | 65 | 3494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Latour, Cl B | 61 | 1287 |
| &nbsp;&nbsp;&nbsp;&nbsp; ITOCHU | 500 | 16161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jacobs Solutions | 52 | 6425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jardine Cycle & Carriage | 100 | 2217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jardine Matheson Holdings | 100 | 5315 |
| &nbsp;&nbsp;&nbsp;&nbsp; JB Hunt Transport Services | 34 | 6428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson Controls International | 289 | 20106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kajima | 200 | 2456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keio | 100 | 3670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keppel | 600 | 3464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kingspan Group | 62 | 3988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kintetsu Group Holdings | 100 | 3256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Knight-Swift Transportation Holdings, Cl A | 63 | 3723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Knorr-Bremse | 29 | 1906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Komatsu | 400 | 9830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kone, Cl B | 167 | 9107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kongsberg Gruppen | 46 | 1831 |

---

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America |
|  | Global Developed Equity Index Fund |
|  | January 31, 2023 |
| | (Unaudited) |

---

---

| |
|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** |
|  **COMMON STOCK — continued** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **INDUSTRIALS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kubota | 400 | $6011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kuehne + Nagel International | 22 | 5246 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3Harris Technologies | 81 | 17400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legrand | 107 | 9541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leidos Holdings | 54 | 5337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lennox International | 13 | 3388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lifco, Cl B | 94 | 1727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lixil | 100 | 1726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin | 102 | 47253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magna International | 114 | 7401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Makita | 100 | 2664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marubeni | 600 | 7361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Masco | 99 | 5267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Melrose Industries | 1750 | 3086 |
| &nbsp;&nbsp;&nbsp;&nbsp; MINEBEA MITSUMI | 200 | 3487 |
| &nbsp;&nbsp;&nbsp;&nbsp; MISUMI Group | 100 | 2517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi | 600 | 20092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Electric | 800 | 8817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Heavy Industries | 100 | 3921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui | 600 | 17702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui OSK Lines | 100 | 2482 |
| &nbsp;&nbsp;&nbsp;&nbsp; MonotaRO | 100 | 1515 |
| &nbsp;&nbsp;&nbsp;&nbsp; MTR | 500 | 2676 |
| &nbsp;&nbsp;&nbsp;&nbsp; MTU Aero Engines | 21 | 5248 |
| &nbsp;&nbsp;&nbsp;&nbsp; NGK Insulators | 100 | 1384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nibe Industrier, Cl B | 732 | 7909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nidec | 200 | 11084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nihon M&A Center Holdings | 100 | 1022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Yusen | 200 | 4758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordson | 21 | 5109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norfolk Southern | 99 | 24335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northrop Grumman | 62 | 27779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Obayashi | 300 | 2327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Odakyu Electric Railway | 100 | 1315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Old Dominion Freight Line | 39 | 12996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otis Worldwide | 191 | 15706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Owens Corning | 41 | 3963 |
| &nbsp;&nbsp;&nbsp;&nbsp; PACCAR | 155 | 16943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parker-Hannifin | 58 | 18908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pentair | 66 | 3655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Persol Holdings | 100 | 2193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Plug Power (A) | 207 | 3523 |

---

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America |
|  | Global Developed Equity Index Fund |
|  | January 31, 2023 |
| | (Unaudited) |

---

---

| |
|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** |
|  **COMMON STOCK — continued** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **INDUSTRIALS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Prysmian | 102 | $4165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qantas Airways (A) | 368 | 1661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quanta Services | 65 | 9892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Randstad | 48 | 3077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rational | 2 | 1316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raytheon Technologies | 629 | 62806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Recruit Holdings | 600 | 19296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reece | 117 | 1345 |
| &nbsp;&nbsp;&nbsp;&nbsp; RELX | 825 | 24510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rentokil Initial | 1195 | 7246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic Services, Cl A | 99 | 12357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rheinmetall | 19 | 4439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ritchie Bros Auctioneers | 44 | 2661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Robert Half International | 45 | 3778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rockwell Automation | 47 | 13255 |
| &nbsp;&nbsp;&nbsp;&nbsp; ROCKWOOL, Cl B | 3 | 860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rollins | 89 | 3240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rolls-Royce Holdings (A) | 3352 | 4386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Safran | 149 | 21425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schindler Holding | 24 | 5028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schneider Electric | 228 | 36985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Secom | 100 | 5958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securitas, Cl B | 202 | 1849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sensata Technologies Holding | 63 | 3204 |
| &nbsp;&nbsp;&nbsp;&nbsp; SG Holdings | 100 | 1543 |
| &nbsp;&nbsp;&nbsp;&nbsp; SGS | 3 | 7316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shimizu | 200 | 1121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens | 333 | 52016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens Energy (A) | 160 | 3345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Airlines | 500 | 2261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Technologies Engineering | 600 | 1687 |
| &nbsp;&nbsp;&nbsp;&nbsp; SITC International Holdings | 1000 | 2185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skanska, Cl B | 138 | 2436 |
| &nbsp;&nbsp;&nbsp;&nbsp; SKF, Cl B | 154 | 2726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smiths Group | 159 | 3394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snap-on | 22 | 5472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southwest Airlines | 59 | 2110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spirax-Sarco Engineering | 30 | 4285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stanley Black & Decker | 65 | 5805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo | 500 | 8975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taisei | 100 | 3452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Techtronic Industries | 500 | 6446 |

---

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America |
|  | Global Developed Equity Index Fund |
|  | January 31, 2023 |
| | (Unaudited) |

---

---

| |
|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** |
|  **COMMON STOCK — continued** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **INDUSTRIALS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Teleperformance | 24 | $6672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Textron | 90 | 6557 |
| &nbsp;&nbsp;&nbsp;&nbsp; TFI International | 34 | 3787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thales | 43 | 5687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thomson Reuters | 70 | 8327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tobu Railway | 100 | 2346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyu | 200 | 2572 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOPPAN INC | 100 | 1611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toromont Industries | 33 | 2636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toshiba | 200 | 6869 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTO | 100 | 3886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Industries | 100 | 6087 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Tsusho | 100 | 4234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trane Technologies | 96 | 17196 |
| &nbsp;&nbsp;&nbsp;&nbsp; TransDigm Group (A) | 23 | 16508 |
| &nbsp;&nbsp;&nbsp;&nbsp; TransUnion | 77 | 5525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transurban Group | 1383 | 13559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uber Technologies (A) | 613 | 18960 |
| &nbsp;&nbsp;&nbsp;&nbsp; U-Haul Holding, Cl B | 36 | 2224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Union Pacific | 263 | 53702 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Parcel Service, Cl B | 311 | 57607 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Rentals | 29 | 12788 |
| &nbsp;&nbsp;&nbsp;&nbsp; VAT Group (B) | 11 | 3424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verisk Analytics, Cl A | 71 | 12907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vestas Wind Systems | 467 | 13665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vinci | 238 | 26891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volvo, Cl A | 85 | 1766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volvo, Cl B | 641 | 12720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wartsila Abp | 190 | 1807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington H Soul Pattinson | 87 | 1772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waste Connections | 108 | 14353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waste Management | 179 | 27697 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Japan Railway | 100 | 4188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westinghouse Air Brake Technologies | 72 | 7474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wolters Kluwer | 107 | 11665 |
| &nbsp;&nbsp;&nbsp;&nbsp; WSP Global | 59 | 7524 |
| &nbsp;&nbsp;&nbsp;&nbsp; WW Grainger | 21 | 12379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xinyi Glass Holdings | 1000 | 2129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xylem | 86 | 8945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yamato Holdings | 100 | 1750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yaskawa Electric | 100 | 3909 |

---

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America |
|  | Global Developed Equity Index Fund |
|  | January 31, 2023 |
| | (Unaudited) |

---

---

| |
|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** |
|  **COMMON STOCK — continued** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **INDUSTRIALS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ZIM Integrated Shipping Services | 37 | $701 |
|  |  | 2400064 |
|  **INFORMATION TECHNOLOGY — 20.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accenture, Cl A | 269 | 75064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adobe (A) | 198 | 73327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advanced Micro Devices (A) | 691 | 51929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advantest | 100 | 7168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adyen (A) (B) | 9 | 13607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affirm Holdings, Cl A (A) | 75 | 1214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Akamai Technologies (A) | 65 | 5782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amadeus IT Group (A) | 180 | 11341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amphenol, Cl A | 260 | 20740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Analog Devices | 216 | 37038 |
| &nbsp;&nbsp;&nbsp;&nbsp; ANSYS (A) | 35 | 9323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple | 6857 | 989397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Applied Materials | 364 | 40582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arista Networks (A) | 100 | 12602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arrow Electronics (A) | 29 | 3407 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASML Holding | 173 | 114464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aspen Technology (A) | 13 | 2584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Assicurazioni Generali | 444 | 8667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Autodesk (A) | 96 | 20655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Automatic Data Processing | 179 | 40420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Azbil | 100 | 2820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bechtle | 33 | 1391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bentley Systems, Cl B | 70 | 2733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bill.com Holdings (A) | 44 | 5087 |
| &nbsp;&nbsp;&nbsp;&nbsp; Black Knight (A) | 63 | 3817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Block (A) | 32 | 2637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Block, Cl A (A) | 187 | 15282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom | 171 | 100037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadridge Financial Solutions | 47 | 7067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brother Industries | 100 | 1553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cadence Design Systems (A) | 113 | 20660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canon | 400 | 8877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capgemini | 71 | 13475 |
| &nbsp;&nbsp;&nbsp;&nbsp; CDW | 55 | 10782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ceridian HCM Holding (A) | 54 | 3903 |
| &nbsp;&nbsp;&nbsp;&nbsp; CGI, Cl A (A) | 88 | 7542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Check Point Software Technologies (A) | 43 | 5470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cisco Systems | 1760 | 85659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cloudflare, Cl A (A) | 112 | 5926 |

---

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America |
|  | Global Developed Equity Index Fund |
|  | January 31, 2023 |
| | (Unaudited) |

---

---

| |
|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** |
|  **COMMON STOCK — continued** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **INFORMATION TECHNOLOGY (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cognex | 71 | $3887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cognizant Technology Solutions, Cl A | 218 | 14551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Computershare | 218 | 3671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Software | 9 | 15901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corning | 361 | 12494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crowdstrike Holdings, Cl A (A) | 85 | 9001 |
| &nbsp;&nbsp;&nbsp;&nbsp; CyberArk Software (A) | 16 | 2254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dassault Systemes | 303 | 11269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Datadog, Cl A (A) | 108 | 8079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dell Technologies, Cl C | 105 | 4265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Descartes Systems Group (A) | 47 | 3430 |
| &nbsp;&nbsp;&nbsp;&nbsp; DocuSign, Cl A (A) | 78 | 4730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dropbox, Cl A (A) | 126 | 2927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dynatrace (A) | 74 | 2844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edenred | 100 | 5447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enphase Energy (A) | 60 | 13283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entegris | 69 | 5569 |
| &nbsp;&nbsp;&nbsp;&nbsp; EPAM Systems (A) | 23 | 7651 |
| &nbsp;&nbsp;&nbsp;&nbsp; F5 (A) | 24 | 3544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fair Isaac (A) | 11 | 7325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Information Services | 251 | 18835 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Solar (A) | 42 | 7459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fiserv (A) | 265 | 28270 |
| &nbsp;&nbsp;&nbsp;&nbsp; FleetCor Technologies (A) | 31 | 6473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortinet (A) | 280 | 14655 |
| &nbsp;&nbsp;&nbsp;&nbsp; FUJIFILM Holdings | 200 | 10584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fujitsu | 100 | 14238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gartner (A) | 34 | 11497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gen Digital | 233 | 5361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Getlink | 176 | 2977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Payments | 118 | 13301 |
| &nbsp;&nbsp;&nbsp;&nbsp; GoDaddy, Cl A (A) | 68 | 5585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Halma | 152 | 4047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hamamatsu Photonics | 100 | 5343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise | 620 | 10001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hexagon, Cl B | 927 | 10627 |
| &nbsp;&nbsp;&nbsp;&nbsp; HP | 450 | 13113 |
| &nbsp;&nbsp;&nbsp;&nbsp; HubSpot (A) | 18 | 6246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ibiden | 100 | 3903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Infineon Technologies | 566 | 20382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intel | 1744 | 49285 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Business Machines | 387 | 52141 |

---

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America |
|  | Global Developed Equity Index Fund |
|  | January 31, 2023 |
| | (Unaudited) |

---

---

| |
|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** |
|  **COMMON STOCK — continued** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **INFORMATION TECHNOLOGY (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuit | 115 | $48607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jack Henry & Associates | 30 | 5403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Juniper Networks | 131 | 4231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keyence | 100 | 46037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keysight Technologies (A) | 74 | 13272 |
| &nbsp;&nbsp;&nbsp;&nbsp; KLA | 61 | 23941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kyocera | 100 | 5189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lam Research | 57 | 28506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Logitech International | 69 | 4038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marvell Technology | 352 | 15189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mastercard, Cl A | 366 | 135640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microchip Technology | 241 | 18706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Micron Technology | 468 | 28220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft | 3026 | 749873 |
| &nbsp;&nbsp;&nbsp;&nbsp; MongoDB, Cl A (A) | 27 | 5784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monolithic Power Systems | 18 | 7678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Motorola Solutions | 71 | 18248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Murata Manufacturing | 300 | 17142 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Bank of Canada | 165 | 12395 |
| &nbsp;&nbsp;&nbsp;&nbsp; NEC | 100 | 3613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nemetschek | 23 | 1230 |
| &nbsp;&nbsp;&nbsp;&nbsp; NetApp | 90 | 5961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nexi (A) (B) | 187 | 1647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nice (A) | 25 | 5170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nokia | 2463 | 11678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Research Institute | 200 | 4802 |
| &nbsp;&nbsp;&nbsp;&nbsp; NTT Data | 300 | 4653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nuvei (A) (B) | 23 | 812 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVIDIA | 1063 | 207678 |
| &nbsp;&nbsp;&nbsp;&nbsp; NXP Semiconductors | 115 | 21196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Okta, Cl A (A) | 65 | 4785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Omron | 100 | 5786 |
| &nbsp;&nbsp;&nbsp;&nbsp; ON Semiconductor (A) | 194 | 14249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Open Text | 109 | 3656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle | 673 | 59534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otsuka | 100 | 3290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palantir Technologies, Cl A (A) | 636 | 4948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palo Alto Networks (A) | 130 | 20623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paychex | 143 | 16568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paycom Software (A) | 24 | 7775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paylocity Holding (A) | 21 | 4374 |
| &nbsp;&nbsp;&nbsp;&nbsp; PayPal Holdings (A) | 466 | 37974 |

---

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America |
|  | Global Developed Equity Index Fund |
|  | January 31, 2023 |
| | (Unaudited) |

---

---

| |
|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** |
|  **COMMON STOCK — continued** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **INFORMATION TECHNOLOGY (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PTC (A) | 45 | $6070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qorvo (A) | 45 | 4890 |
| &nbsp;&nbsp;&nbsp;&nbsp; QUALCOMM | 477 | 63541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Renesas Electronics (A) | 500 | 5143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ricoh | 300 | 2329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roper Technologies | 46 | 19630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sage Group | 422 | 4054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salesforce (A) | 425 | 71387 |
| &nbsp;&nbsp;&nbsp;&nbsp; SAP | 451 | 53461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saputo | 100 | 2757 |
| &nbsp;&nbsp;&nbsp;&nbsp; SCSK | 100 | 1629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seagate Technology Holdings | 82 | 5558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seiko Epson | 100 | 1551 |
| &nbsp;&nbsp;&nbsp;&nbsp; ServiceNow (A) | 88 | 40051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shimadzu | 100 | 3073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shopify, Cl A (A) | 518 | 25527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skyworks Solutions | 66 | 7238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snowflake, Cl A (A) | 99 | 15488 |
| &nbsp;&nbsp;&nbsp;&nbsp; SolarEdge Technologies (A) | 26 | 8297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Splunk (A) | 66 | 6321 |
| &nbsp;&nbsp;&nbsp;&nbsp; SS&C Technologies Holdings | 92 | 5552 |
| &nbsp;&nbsp;&nbsp;&nbsp; STMicroelectronics | 274 | 12898 |
| &nbsp;&nbsp;&nbsp;&nbsp; SUMCO | 100 | 1482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synopsys (A) | 63 | 22286 |
| &nbsp;&nbsp;&nbsp;&nbsp; TDK | 200 | 7145 |
| &nbsp;&nbsp;&nbsp;&nbsp; TE Connectivity | 141 | 17928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teledyne Technologies (A) | 19 | 8061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telefonaktiebolaget LM Ericsson, Cl B | 1173 | 6804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Temenos | 27 | 1927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teradyne | 66 | 6712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Instruments | 384 | 68049 |
| &nbsp;&nbsp;&nbsp;&nbsp; TIS | 100 | 2884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toast, Cl A (A) | 122 | 2722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Electron | 100 | 34952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tower Semiconductor (A) | 50 | 2103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trend Micro (A) | 100 | 4951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trimble (A) | 101 | 5864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Twilio, Cl A (A) | 67 | 4009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tyler Technologies (A) | 20 | 6455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unity Software (A) | 88 | 3126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Venture | 100 | 1412 |
| &nbsp;&nbsp;&nbsp;&nbsp; VeriSign (A) | 40 | 8722 |

---

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America |
|  | Global Developed Equity Index Fund |
|  | January 31, 2023 |
| | (Unaudited) |

---

---

| |
|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** |
|  **COMMON STOCK — continued** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **INFORMATION TECHNOLOGY (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa, Cl A | 693 | $159536 |
| &nbsp;&nbsp;&nbsp;&nbsp; VMware, Cl A (A) | 84 | 10287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Digital (A) | 124 | 5450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Union | 163 | 2310 |
| &nbsp;&nbsp;&nbsp;&nbsp; WiseTech Global | 59 | 2558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wix.com (A) | 22 | 1914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wolfspeed (A) | 56 | 4313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Workday, Cl A (A) | 87 | 15784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Worldline (A) (B) | 96 | 4355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xero (A) | 54 | 2976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yokogawa Electric | 100 | 1756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zebra Technologies, Cl A (A) | 25 | 7905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zoom Video Communications, Cl A (A) | 105 | 7875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zscaler (A) | 33 | 4097 |
|  |  | 4755730 |
|  **MATERIALS — 4.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Agnico Eagle Mines | 213 | 12029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Liquide | 222 | 35348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Products and Chemicals | 96 | 30769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Akzo Nobel | 75 | 5586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Albemarle | 52 | 14635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alcoa | 78 | 4075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amcor | 616 | 7429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anglo American | 528 | 22773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Antofagasta | 158 | 3395 |
| &nbsp;&nbsp;&nbsp;&nbsp; ArcelorMittal | 205 | 6360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arkema | 25 | 2530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asahi Kasei | 500 | 3789 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASM International | 19 | 6426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avery Dennison | 33 | 6252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ball | 131 | 7629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barrick Gold | 778 | 15214 |
| &nbsp;&nbsp;&nbsp;&nbsp; BASF | 398 | 22820 |
| &nbsp;&nbsp;&nbsp;&nbsp; BHP Group | 2205 | 77224 |
| &nbsp;&nbsp;&nbsp;&nbsp; BlueScope Steel | 202 | 2755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boliden | 110 | 4936 |
| &nbsp;&nbsp;&nbsp;&nbsp; CCL Industries, Cl B | 61 | 2853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Celanese, Cl A | 45 | 5544 |
| &nbsp;&nbsp;&nbsp;&nbsp; CF Industries Holdings | 86 | 7284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chr Hansen Holding | 42 | 3101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clariant | 87 | 1492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cleveland-Cliffs (A) | 221 | 4718 |

---

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America |
|  | Global Developed Equity Index Fund |
|  | January 31, 2023 |
| | (Unaudited) |

---

---

| |
|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** |
|  **COMMON STOCK — continued** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **MATERIALS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corteva | 294 | $18948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Covestro (B) | 77 | 3545 |
| &nbsp;&nbsp;&nbsp;&nbsp; CRH | 343 | 16026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Croda International | 56 | 4773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Holdings | 53 | 4673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dow | 302 | 17924 |
| &nbsp;&nbsp;&nbsp;&nbsp; DuPont de Nemours | 206 | 15234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eastman Chemical | 54 | 4761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ecolab | 111 | 17186 |
| &nbsp;&nbsp;&nbsp;&nbsp; EMS-Chemie Holding | 3 | 2236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evonik Industries | 84 | 1867 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Quantum Minerals | 235 | 5452 |
| &nbsp;&nbsp;&nbsp;&nbsp; FMC | 52 | 6923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortescue Metals Group | 794 | 12542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Franco-Nevada | 77 | 11295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freeport-McMoRan | 623 | 27798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Givaudan | 4 | 12969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Glencore | 4288 | 28716 |
| &nbsp;&nbsp;&nbsp;&nbsp; HeidelbergCement | 60 | 4117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Holcim | 249 | 14886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Holmen, Cl B | 53 | 2186 |
| &nbsp;&nbsp;&nbsp;&nbsp; ICL Group | 283 | 2247 |
| &nbsp;&nbsp;&nbsp;&nbsp; IGO | 311 | 3233 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Flavors & Fragrances | 111 | 12483 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Paper | 149 | 6231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ivanhoe Mines, Cl A (A) | 242 | 2273 |
| &nbsp;&nbsp;&nbsp;&nbsp; James Hardie Industries (A) | 178 | 3994 |
| &nbsp;&nbsp;&nbsp;&nbsp; JFE Holdings | 200 | 2637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson Matthey | 78 | 2179 |
| &nbsp;&nbsp;&nbsp;&nbsp; JSR | 100 | 2250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinross Gold | 506 | 2354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke DSM | 78 | 10031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Linde | 213 | 70490 |
| &nbsp;&nbsp;&nbsp;&nbsp; L'Oreal | 105 | 43356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lundin Mining | 265 | 2006 |
| &nbsp;&nbsp;&nbsp;&nbsp; LyondellBasell Industries, Cl A | 107 | 10346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Martin Marietta Materials | 25 | 8991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mineral Resources | 79 | 5002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Chemical Group | 500 | 2806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui Chemicals | 100 | 2354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mondi | 194 | 3658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mosaic | 148 | 7332 |

---

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America |
|  | Global Developed Equity Index Fund |
|  | January 31, 2023 |
| | (Unaudited) |

---

---

| |
|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** |
|  **COMMON STOCK — continued** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **MATERIALS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Newcrest Mining | 372 | $5911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newmont | 342 | 18102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Paint Holdings | 300 | 2739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Sanso Holdings | 100 | 1631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Steel | 300 | 6244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nissan Chemical | 100 | 4721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nitto Denko | 100 | 6464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norsk Hydro | 539 | 4370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Star Resources | 443 | 3947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novozymes, Cl B | 82 | 4267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nucor | 107 | 18085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nutrien | 232 | 19204 |
| &nbsp;&nbsp;&nbsp;&nbsp; OCI | 49 | 1668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oji Holdings | 300 | 1240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orica | 163 | 1710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Packaging Corp of America | 38 | 5423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pan American Silver | 84 | 1531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pilbara Minerals (A) | 1109 | 3773 |
| &nbsp;&nbsp;&nbsp;&nbsp; PPG Industries | 105 | 13686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto | 647 | 52559 |
| &nbsp;&nbsp;&nbsp;&nbsp; RPM International | 52 | 4675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sandvik | 438 | 9052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sealed Air | 60 | 3286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sherwin-Williams | 106 | 25079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shin-Etsu Chemical | 200 | 29485 |
| &nbsp;&nbsp;&nbsp;&nbsp; SIG Group | 146 | 3619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sika | 62 | 17617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smurfit Kappa Group | 99 | 4156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Solvay | 30 | 3496 |
| &nbsp;&nbsp;&nbsp;&nbsp; South32 | 1872 | 6007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Steel Dynamics | 82 | 9892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stora Enso, Cl R | 233 | 3331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Chemical | 600 | 2303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Metal Mining | 100 | 4060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Svenska Cellulosa SCA, Cl B | 246 | 3416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Symrise, Cl A | 65 | 6910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teck Resources, Cl B | 189 | 8176 |
| &nbsp;&nbsp;&nbsp;&nbsp; TMX Group | 23 | 2267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toray Industries | 600 | 3686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tosoh | 100 | 1308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Umicore | 79 | 2987 |
| &nbsp;&nbsp;&nbsp;&nbsp; UPM-Kymmene | 214 | 7757 |

---

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America |
|  | Global Developed Equity Index Fund |
|  | January 31, 2023 |
| | (Unaudited) |

---

---

| |
|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** |
|  **COMMON STOCK — continued** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **MATERIALS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; voestalpine | 47 | $1562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vulcan Materials | 60 | 11000 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Fraser Timber | 22 | 1913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westlake | 19 | 2332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westrock | 107 | 4199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wheaton Precious Metals | 180 | 8231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yara International | 66 | 2932 |
|  |  | 1129285 |
|  **REAL ESTATE — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities ‡ | 63 | 10127 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Homes 4 Rent, Cl A ‡ | 121 | 4149 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Tower ‡ | 195 | 43561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aroundtown | 400 | 1114 |
| &nbsp;&nbsp;&nbsp;&nbsp; AvalonBay Communities ‡ | 62 | 11001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Azrieli Group | 17 | 1095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Properties ‡ | 59 | 4398 |
| &nbsp;&nbsp;&nbsp;&nbsp; British Land ‡ | 353 | 1932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Camden Property Trust ‡ | 40 | 4928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Apartment Properties REIT ‡ | 34 | 1257 |
| &nbsp;&nbsp;&nbsp;&nbsp; CapitaLand Ascendas REIT ‡ | 1300 | 2861 |
| &nbsp;&nbsp;&nbsp;&nbsp; CapitaLand Integrated Commercial Trust ‡ | 2900 | 4745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capitaland Investment | 1100 | 3333 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBRE Group, Cl A (A) | 135 | 11544 |
| &nbsp;&nbsp;&nbsp;&nbsp; City Developments | 200 | 1269 |
| &nbsp;&nbsp;&nbsp;&nbsp; CK Asset Holdings | 1000 | 6393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Covivio ‡ | 21 | 1441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Castle ‡ | 183 | 27104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa House Industry | 200 | 4803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa House REIT Investment ‡ | 1 | 2176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dexus ‡ | 431 | 2499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Digital Realty Trust ‡ | 125 | 14328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinix ‡ | 39 | 28787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity LifeStyle Properties ‡ | 70 | 5025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Residential ‡ | 161 | 10248 |
| &nbsp;&nbsp;&nbsp;&nbsp; ESR Group (B) | 800 | 1602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essex Property Trust ‡ | 26 | 5878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Extra Space Storage ‡ | 61 | 9628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fastighets Balder, Cl B (A) | 258 | 1329 |
| &nbsp;&nbsp;&nbsp;&nbsp; FirstService | 16 | 2287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gaming and Leisure Properties ‡ | 109 | 5838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gecina ‡ | 18 | 2132 |
| &nbsp;&nbsp;&nbsp;&nbsp; GLP J-Reit ‡ | 2 | 2263 |

---

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America |
|  | Global Developed Equity Index Fund |
|  | January 31, 2023 |
| | (Unaudited) |

---

---

| |
|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** |
|  **COMMON STOCK — continued** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **REAL ESTATE (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Goodman Group ‡ | 757 | $10798 |
| &nbsp;&nbsp;&nbsp;&nbsp; GPT Group ‡ | 767 | 2486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hang Lung Properties | 1000 | 1886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthcare Realty Trust, Cl A ‡ | 160 | 3445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthpeak Properties ‡ | 216 | 5936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Henderson Land Development | 1000 | 3694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hongkong Land Holdings | 500 | 2436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Host Hotels & Resorts ‡ | 286 | 5391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hulic | 200 | 1644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invitation Homes ‡ | 270 | 8775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iron Mountain ‡ | 116 | 6331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Metropolitan Fund Invest ‡ | 3 | 2319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Real Estate Investment ‡ | 1 | 4287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kimco Realty ‡ | 272 | 6109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Land Securities Group ‡ | 282 | 2471 |
| &nbsp;&nbsp;&nbsp;&nbsp; LEG Immobilien | 29 | 2267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lendlease | 276 | 1685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Link REIT ‡ | 1030 | 8244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mapletree Logistics Trust ‡ | 1300 | 1681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mapletree Pan Asia Commercial Trust ‡ | 900 | 1252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medical Properties Trust ‡ | 239 | 3095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-America Apartment Communities ‡ | 47 | 7836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mirvac Group ‡ | 1578 | 2549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Estate | 500 | 6427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui Fudosan | 400 | 7497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Building Fund ‡ | 1 | 4370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Prologis REIT ‡ | 1 | 2269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Real Estate Holdings | 100 | 2204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Real Estate Master Fund ‡ | 2 | 2339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prologis ‡ | 392 | 50678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Storage ‡ | 65 | 19782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realty Income ‡ | 262 | 17772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regency Centers ‡ | 61 | 4064 |
| &nbsp;&nbsp;&nbsp;&nbsp; RioCan Real Estate Investment Trust ‡ | 62 | 1075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sagax, Cl B | 65 | 1617 |
| &nbsp;&nbsp;&nbsp;&nbsp; SBA Communications, Cl A ‡ | 44 | 13091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scentre Group ‡ | 2078 | 4509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Segro ‡ | 485 | 4992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simon Property Group ‡ | 143 | 18370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sino Land | 2098 | 2726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stockland ‡ | 955 | 2669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Realty & Development | 100 | 2438 |

---

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America |
|  | Global Developed Equity Index Fund |
|  | January 31, 2023 |
| | (Unaudited) |

---

---

| |
|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** |
|  **COMMON STOCK — continued** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **REAL ESTATE (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Communities ‡ | 55 | $8627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Hung Kai Properties | 500 | 7091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swire Properties | 400 | 1124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Prime Site | 31 | 2762 |
| &nbsp;&nbsp;&nbsp;&nbsp; UDR ‡ | 151 | 6431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unibail-Rodamco-Westfield ‡,(A) | 50 | 3236 |
| &nbsp;&nbsp;&nbsp;&nbsp; UOL Group | 200 | 1067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ventas ‡ | 186 | 9637 |
| &nbsp;&nbsp;&nbsp;&nbsp; VICI Properties, Cl A ‡ | 406 | 13877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vicinity ‡ | 1548 | 2265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vonovia | 340 | 9604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warehouses De Pauw CVA ‡ | 82 | 2600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Welltower ‡ | 211 | 15833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Weyerhaeuser ‡ | 340 | 11706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wharf Real Estate Investment | 1000 | 5725 |
| &nbsp;&nbsp;&nbsp;&nbsp; WP Carey ‡ | 74 | 6329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zillow Group, Cl C (A) | 59 | 2608 |
|  |  | 617103 |
|  **UTILITIES — 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Acciona | 8 | 1561 |
| &nbsp;&nbsp;&nbsp;&nbsp; ACCIONA Energias Renovables | 42 | 1718 |
| &nbsp;&nbsp;&nbsp;&nbsp; AES | 267 | 7318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Algonquin Power & Utilities | 269 | 1961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alliant Energy | 100 | 5403 |
| &nbsp;&nbsp;&nbsp;&nbsp; AltaGas | 112 | 2094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameren | 103 | 8948 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Electric Power | 222 | 20859 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Water Works | 83 | 12989 |
| &nbsp;&nbsp;&nbsp;&nbsp; APA Group | 473 | 3540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atmos Energy | 53 | 6230 |
| &nbsp;&nbsp;&nbsp;&nbsp; BKW | 12 | 1726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookfield Renewable, Cl A | 52 | 1638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Utilities, Cl A | 51 | 1417 |
| &nbsp;&nbsp;&nbsp;&nbsp; CenterPoint Energy | 285 | 8584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chubu Electric Power | 300 | 3231 |
| &nbsp;&nbsp;&nbsp;&nbsp; CLP Holdings | 500 | 3715 |
| &nbsp;&nbsp;&nbsp;&nbsp; CMS Energy | 116 | 7330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Edison | 157 | 14964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Energy | 143 | 12206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy | 350 | 22274 |
| &nbsp;&nbsp;&nbsp;&nbsp; DTE Energy | 78 | 9077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy | 327 | 33501 |

---

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America |
|  | Global Developed Equity Index Fund |
|  | January 31, 2023 |
| | (Unaudited) |

---

---

| |
|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** |
|  **COMMON STOCK — continued** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **UTILITIES (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; E.ON | 1009 | $11001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edison International | 174 | 11989 |
| &nbsp;&nbsp;&nbsp;&nbsp; EDP - Energias de Portugal | 1108 | 5505 |
| &nbsp;&nbsp;&nbsp;&nbsp; EDP Renovaveis | 115 | 2501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electricite de France | 228 | 2995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elia Group | 12 | 1685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emera | 103 | 4101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enagas | 100 | 1793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Endesa | 127 | 2532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enel | 3525 | 20756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Engie | 825 | 11715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entergy | 94 | 10178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essential Utilities | 94 | 4393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evergy | 92 | 5764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exelon | 430 | 18142 |
| &nbsp;&nbsp;&nbsp;&nbsp; FirstEnergy | 218 | 8927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortis | 196 | 8053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortum | 178 | 2676 |
| &nbsp;&nbsp;&nbsp;&nbsp; HK Electric Investments & HK Electric Investments | 1000 | 691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong & China Gas | 5000 | 5020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iberdrola | 2607 | 30585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kansai Electric Power | 300 | 2885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercury NZ | 280 | 1088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meridian Energy | 513 | 1773 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Grid | 1578 | 20061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Naturgy Energy Group | 78 | 2212 |
| &nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy | 828 | 61794 |
| &nbsp;&nbsp;&nbsp;&nbsp; NiSource | 157 | 4357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northland Power | 90 | 2418 |
| &nbsp;&nbsp;&nbsp;&nbsp; NRG Energy | 98 | 3353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Origin Energy | 706 | 3749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orsted (B) | 76 | 6768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Osaka Gas | 200 | 3227 |
| &nbsp;&nbsp;&nbsp;&nbsp; PG&E (A) | 596 | 9476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Power Assets Holdings | 500 | 2829 |
| &nbsp;&nbsp;&nbsp;&nbsp; PPL | 309 | 9146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Service Enterprise Group | 203 | 12572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Red Electrica | 174 | 3079 |
| &nbsp;&nbsp;&nbsp;&nbsp; RWE | 292 | 12999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sempra Energy | 140 | 22446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Severn Trent | 101 | 3515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snam | 811 | 4131 |

---

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America |
|  | Global Developed Equity Index Fund |
|  | January 31, 2023 |
| | (Unaudited) |

---

---

| |
|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** |
|  **COMMON STOCK — continued** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **UTILITIES (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern | 477 | $32283 |
| &nbsp;&nbsp;&nbsp;&nbsp; SSE | 503 | 10736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Terna - Rete Elettrica Nazionale | 566 | 4478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Electric Power Holdings (A) | 600 | 2247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Gas | 200 | 4188 |
| &nbsp;&nbsp;&nbsp;&nbsp; UGI | 84 | 3346 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Utilities Group | 274 | 3585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veolia Environnement | 323 | 9587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verbund | 27 | 2299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vistra | 174 | 4012 |
| &nbsp;&nbsp;&nbsp;&nbsp; WEC Energy Group | 140 | 13159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xcel Energy | 243 | 16711 |
|  |  | 663795 |
|  TOTAL COMMON STOCK<br>(Cost $25,164,089) |  | 22795597 |
|  **PREFERRED STOCK — 0.1%** |  |  |
|  **CONSUMER DISCRETIONARY — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayerische Motoren Werke, 0.000% (D) | 23 | 2179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dr Ing hc F Porsche, 0.000% (A) (D) | 50 | 5945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Porsche Automobil Holding, 0.000% (D) | 61 | 3648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volkswagen, 0.000% (D) | 76 | 10540 |
|  |  | 22312 |
|  **CONSUMER STAPLES — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Henkel & KGaA, 0.000% (D) | 72 | 5134 |
|  **HEALTH CARE — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sartorius, 0.000% (D) | 11 | 4932 |
|  TOTAL PREFERRED STOCK<br>(Cost $39,078) |  | 32378 |
|  **RIGHTS — 0.0%** |  |  |
|  | **Number of**<br>**Rights** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ACS Actividades de Construccion y Servicios ‡‡ (A) | 105 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iberdrola ‡‡ (A)(C) | 2607 | 533 |

---

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America |
|  | Global Developed Equity Index Fund |
|  | January 31, 2023 |
| | (Unaudited) |

---

---

| |
|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** |
|  **RIGHTS — continued** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of <br>Rights** | **Value** |
|  TOTAL RIGHTS<br>(Cost $—) |  | $586 |
|  TOTAL INVESTMENTS— 99.3%<br>(Cost $25,203,167) |  | $22828561 |

---

---

| | |
|:---|:---|
| | *Percentages are based on Net Assets of $22,980,306.*  |

---

*(A)* *Non-income producing security.* 

*(B)* *Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On January 31, 2023, the value of these securities amounted to $98,705, representing 0.4% of the Net Assets of the Fund.* 

*(C)* *Level 3 security in accordance with fair value hierarchy.* 

*(D)* *There is currently no rate available.* 

*‡* *Real Estate Investment Trust.* 

*‡‡* *Expiration date not available.* 

*ADR — American Depositary Receipt* 

*Cl — Class*

*EAFE — Europe, Australasia and Far East* 

*MSCI — Morgan Stanley Capital International* 

*REIT — Real Estate Investment Trust* 

*S&P — Standard and Poor's* 

The open futures contracts held by the Fund at January 31, 2023, are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of Contract** | **Number<br>of** | **Expiration <br>Date** | **Notional<br>Amount** | **Value** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  Long Contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MSCI EAFE Index | 1 | Mar-2023 | $99152 | $105950 | $6798 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500 Index E-MINI | 2 | Mar-2023 | 39574 | 40900 | 1326 |
|  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138726 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146850 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8124 |

---

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | LGIM America |
|  | Global Developed Equity Index Fund |
|  | January 31, 2023 |
| | (Unaudited) |

---

The following is a summary of the inputs used as of January 31, 2023, in valuing the Fund's investments carried at value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investments in Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |
| &nbsp;&nbsp;&nbsp; Common Stock | $22793258 | $– | $2339 | $22795597 |
| &nbsp;&nbsp;&nbsp; Preferred Stock |  | 32378 |  | 32378 |
| &nbsp;&nbsp;&nbsp; Rights | 53 |  | 533 | 586 |
| &nbsp;&nbsp;&nbsp; Total Investments in Securities | $22793311 | $32378 | $2872 | $22828561 |
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp; Futures Contracts\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized Appreciation | $8124 | $– | $– | $8124 |
|  Total Other Financial Instruments | $8124 | $– | $– | $8124 |

---

\*Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** ADVISORS' INNER CIRCLE III

- **b. Investment Company Act file number:** 811-22920

- **c. CIK number of Registrant:** 0001593547

- **d. LEI of Registrant:** 549300TG800HOPJVWT31

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** ONE FREEDOM VALLEY DRIVE

  - **City:** OAKS

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19456

  - **Telephone number:** 8774463863

**Item A.2. Information about the Series.**

- **a. Name of Series:** Legal & General Long Duration U.S. Credit Fund

- **b. EDGAR series identifier (if any):** S000070412

- **c. LEI of Series:** 549300WUJIYL1KQKCQ58

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-10-31

- **b. Date as of which information is reported:** 2023-01-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $40621514.36

**Total Liabilities:** $106618.66

**Net Assets:** $40514895.70

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -34.41151579 | **1-Year:** -704.86414928 | **5-Year:** -3178.08815206 | **10-Year:** -20572.53738694 | **30-Year:** -22388.25387634

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** -0.35389676 | **1-Year:** -7.48409245 | **5-Year:** -30.93088401 | **10-Year:** -204.13090976 | **30-Year:** -161.24742616

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000223884 | 6.58%                | -1.72%               | 8.74%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-100503.15              | $2452968.62                                |
| Month 2  | $-173486.72              | $-379138.01                                |
| Month 3  | $-202470.23              | $2371393.37                                |

### Schedule of Portfolio Investments

| Name                                                            | Title                                                                             | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BAYCARE HEALTH SYSTEM, INC.                                     | BAYCARE HEALTH SYSTEM INC 3.831000% 11/15/2050                                    | CUSIP: 072722AE1<br>LEI: 1H90SRZU22X0SF1UZR52 | Long             | DBT              | CORP              | US        |     15000 | PA      | $12798.38     | 0.03%             | 2050-11-15      | Fixed         | 3.83%                 | No            |                  2 | On Loan: No      |
| INTEL CORPORATION                                               | INTEL CORP 4.900000% 08/05/2052                                                   | CUSIP: 458140CB4<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |    150000 | PA      | $141513.77    | 0.35%             | 2052-08-05      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital Designated Activity Company              | AERCAP IRELAND CAPITAL DAC / AERCAP GLOBAL AVIATIO 3.300000% 01/30/2032           | CUSIP: 00774MAX3<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | NUSS              | IE        |    225000 | PA      | $188512.00    | 0.47%             | 2032-01-30      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| GILEAD SCIENCES, INC.                                           | GILEAD SCIENCES INC 2.800000% 10/01/2050                                          | CUSIP: 375558BT9<br>LEI: 549300WTZWR07K8MNV44 | Long             | DBT              | CORP              | US        |     70000 | PA      | $48910.58     | 0.12%             | 2050-10-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Republic of the Philippines                                     | REPUBLIC OF PHILIPPINES 5.609000% 04/13/2033                                      | CUSIP: 718286CT2<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |     30000 | PA      | $32235.87     | 0.08%             | 2033-04-13      | Fixed         | 5.61%                 | No            |                  2 | On Loan: No      |
| Altria Group, Inc.                                              | ALTRIA GROUP INC 5.950000% 02/14/2049                                             | CUSIP: 02209SBF9<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |     20000 | PA      | $18909.90     | 0.05%             | 2049-02-14      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| CARRIER GLOBAL CORPORATION                                      | CARRIER GLOBAL CORP 3.377000% 04/05/2040                                          | CUSIP: 14448CAR5<br>LEI: 549300JE3W6CWY2NAN77 | Long             | DBT              | CORP              | US        |     80000 | PA      | $64397.65     | 0.16%             | 2040-04-05      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Estados Unidos Mexicanos                                        | UNITED MEXICAN STATES 6.350000% 02/09/2035                                        | CUSIP: 91087BAV2<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     45000 | PA      | $47956.61     | 0.12%             | 2035-02-09      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY FLORIDA, LLC                                        | DUKE ENERGY FLORIDA LLC 6.350000% 09/15/2037                                      | CUSIP: 341099CH0<br>LEI: 7MOHLM3DKE63RX2ZCN83 | Long             | DBT              | CORP              | US        |    150000 | PA      | $171793.59    | 0.42%             | 2037-09-15      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORPORATION                                          | CVS HEALTH CORP 4.780000% 03/25/2038                                              | CUSIP: 126650CY4<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |     30000 | PA      | $28713.38     | 0.07%             | 2038-03-25      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| ANHEUSER-BUSCH INBEV WORLDWIDE INC.                             | ANHEUSER-BUSCH INBEV WORLDWIDE INC 5.550000% 01/23/2049                           | CUSIP: 03523TBV9<br>LEI: 549300CRGMZK3K53BF92 | Long             | DBT              | CORP              | BE        |    200000 | PA      | $214400.18    | 0.53%             | 2049-01-23      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| FLORIDA POWER & LIGHT COMPANY                                   | FLORIDA POWER & LIGHT CO 4.125000% 02/01/2042                                     | CUSIP: 341081FF9<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |    120000 | PA      | $109857.21    | 0.27%             | 2042-02-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Republic of the Philippines                                     | REPUBLIC OF PHILIPPINES 3.200000% 07/06/2046                                      | CUSIP: 718286CP0<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |    105000 | PA      | $79063.01     | 0.20%             | 2046-07-06      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Shell International Finance B.V.                                | SHELL INTERNATIONAL FINANCE BV 3.750000% 09/12/2046                               | CUSIP: 822582BY7<br>LEI: 213800ITMMKU4Z7I4F78 | Long             | DBT              | NUSS              | NL        |    115000 | PA      | $98108.60     | 0.24%             | 2046-09-12      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.                                | PHILIP MORRIS INTERNATIONAL INC 4.125000% 03/04/2043                              | CUSIP: 718172AW9<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    115000 | PA      | $96730.24     | 0.24%             | 2043-03-04      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| WESTPAC BANKING CORPORATION                                     | WESTPAC BANKING CORP 5.405000% 08/10/2033                                         | CUSIP: 961214FG3<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | NUSS              | AU        |     30000 | PA      | $29681.03     | 0.07%             | 2033-08-10      | Fixed         | 5.41%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE PRODUCTS OPERATING LLC                               | ENTERPRISE PRODUCTS OPERATING LLC 3.300000% 02/15/2053                            | CUSIP: 29379VCB7<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |     35000 | PA      | $25389.30     | 0.06%             | 2053-02-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| COMCAST CORPORATION                                             | COMCAST CORP 2.937000% 11/01/2056                                                 | CUSIP: 20030NDU2<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    418000 | PA      | $285546.70    | 0.70%             | 2056-11-01      | Fixed         | 2.94%                 | No            |                  2 | On Loan: No      |
| Kraft Heinz Foods Company                                       | KRAFT HEINZ FOODS CO 4.875000% 10/01/2049                                         | CUSIP: 50077LAZ9<br>LEI: 5493003STKEZ2S0RNU91 | Long             | DBT              | CORP              | US        |    152000 | PA      | $142211.34    | 0.35%             | 2049-10-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ENTERGY LOUISIANA, LLC                                          | ENTERGY LOUISIANA LLC 4.750000% 09/15/2052                                        | CUSIP: 29364WBL1<br>LEI: 0V5453U14HDZO63CGH17 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19348.28     | 0.05%             | 2052-09-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| SALESFORCE, INC.                                                | SALESFORCE INC 2.700000% 07/15/2041                                               | CUSIP: 79466LAK0<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | DBT              | CORP              | US        |    105000 | PA      | $79237.83     | 0.20%             | 2041-07-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| DIAMONDBACK ENERGY, INC.                                        | DIAMONDBACK ENERGY INC 4.400000% 03/24/2051                                       | CUSIP: 25278XAQ2<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |     15000 | PA      | $12415.60     | 0.03%             | 2051-03-24      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| B.A.T CAPITAL CORPORATION                                       | BAT CAPITAL CORP 7.750000% 10/19/2032                                             | CUSIP: 05526DBX2<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | GB        |     30000 | PA      | $33477.74     | 0.08%             | 2032-10-19      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| NORTHWELL HEALTHCARE, INC.                                      | NORTHWELL HEALTHCARE INC 4.260000% 11/01/2047                                     | CUSIP: 667274AC8<br>LEI: 54930073NUTKK4QD3P47 | Long             | DBT              | CORP              | US        |     30000 | PA      | $25625.97     | 0.06%             | 2047-11-01      | Fixed         | 4.26%                 | No            |                  2 | On Loan: No      |
| SUTTER HEALTH                                                   | SUTTER HEALTH 3.361000% 08/15/2050                                                | CUSIP: 86944BAJ2<br>LEI: 549300MJCC12LU768G81 | Long             | DBT              | CORP              | US        |     35000 | PA      | $26548.44     | 0.07%             | 2050-08-15      | Fixed         | 3.36%                 | No            |                  2 | On Loan: No      |
| CATERPILLAR INC.                                                | CATERPILLAR INC 4.750000% 05/15/2064                                              | CUSIP: 149123CE9<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | DBT              | CORP              | US        |     80000 | PA      | $81287.97     | 0.20%             | 2064-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| AT&T INC.                                                       | AT&T INC 4.500000% 05/15/2035                                                     | CUSIP: 00206RCP5<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    235000 | PA      | $223302.02    | 0.55%             | 2035-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| AMAZON.COM, INC.                                                | AMAZON.COM INC 2.875000% 05/12/2041                                               | CUSIP: 023135CA2<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |     90000 | PA      | $70970.85     | 0.18%             | 2041-05-12      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION ENERGY GENERATION, LLC                            | CONSTELLATION ENERGY GENERATION LLC 6.250000% 10/01/2039                          | CUSIP: 30161MAG8<br>LEI: S2PEWKCZFFECR4533P43 | Long             | DBT              | CORP              | US        |     63000 | PA      | $67980.88     | 0.17%             | 2039-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ORACLE CORPORATION                                              | ORACLE CORP 4.000000% 11/15/2047                                                  | CUSIP: 68389XBQ7<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     20000 | PA      | $15862.51     | 0.04%             | 2047-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ORACLE CORPORATION                                              | ORACLE CORP 6.250000% 11/09/2032                                                  | CUSIP: 68389XCJ2<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     55000 | PA      | $59798.85     | 0.15%             | 2032-11-09      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| WarnerMedia Holdings, Inc.                                      | WARNERMEDIA HOLDINGS INC 144A 5.050000% 03/15/2042                                | CUSIP: 55903VAN3<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    135000 | PA      | $115261.70    | 0.28%             | 2042-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| TRANSCANADA PIPELINES LIMITED                                   | TRANSCANADA PIPELINES LTD 5.100000% 03/15/2049                                    | CUSIP: 89352HAZ2<br>LEI: 5BV01I6231JPDAPMGH09 | Long             | DBT              | NUSS              | CA        |     30000 | PA      | $29687.24     | 0.07%             | 2049-03-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| JBS USA Lux S.A.                                                | JBS USA LUX SA / JBS USA FOOD CO / JBS USA FINANCE 3.000000% 05/15/2032           | CUSIP: 46590XAD8<br>LEI: P77IMDGVZE8EFBTF2M92 | Long             | DBT              | NUSS              | US        |     85000 | PA      | $67532.86     | 0.17%             | 2032-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Perusahaan Penerbit Surat Berharga Syariah Negara Indonesia III | PERUSAHAAN PENERBIT SBSN INDONESIA III 144A 3.550000% 06/09/2051                  | CUSIP: 71567PAT7<br>LEI: 254900G208H6Q0L5B953 | Long             | DBT              | NUSS              | ID        |     20000 | PA      | $15649.31     | 0.04%             | 2051-06-09      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| BOSTON SCIENTIFIC CORPORATION                                   | BOSTON SCIENTIFIC CORP 4.550000% 03/01/2039                                       | CUSIP: 101137AT4<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | DBT              | CORP              | US        |     38000 | PA      | $36136.44     | 0.09%             | 2039-03-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| THE HOME DEPOT, INC.                                            | HOME DEPOT INC/THE 3.125000% 12/15/2049                                           | CUSIP: 437076BZ4<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |     65000 | PA      | $49721.95     | 0.12%             | 2049-12-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| INTERNATIONAL FLAVORS & FRAGRANCES INC.                         | INTERNATIONAL FLAVORS & FRAGRANCES INC 144A 3.468000% 12/01/2050                  | CUSIP: 459506AS0<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | DBT              | CORP              | US        |    150000 | PA      | $111051.40    | 0.27%             | 2050-12-01      | Fixed         | 3.47%                 | No            |                  2 | On Loan: No      |
| CONSUMERS ENERGY COMPANY                                        | CONSUMERS ENERGY CO 4.200000% 09/01/2052                                          | CUSIP: 210518DQ6<br>LEI: 7NKTFWJ1G6MELP9TU740 | Long             | DBT              | CORP              | US        |     20000 | PA      | $18263.29     | 0.05%             | 2052-09-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| WALMART INC.                                                    | WALMART INC 2.650000% 09/22/2051                                                  | CUSIP: 931142EV1<br>LEI: Y87794H0US1R65VBXU25 | Long             | DBT              | CORP              | US        |      5000 | PA      | $3655.70      | 0.01%             | 2051-09-22      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| THE COCA-COLA COMPANY                                           | COCA-COLA CO/THE 2.500000% 06/01/2040                                             | CUSIP: 191216CW8<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | DBT              | CORP              | US        |     90000 | PA      | $69303.72     | 0.17%             | 2040-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| TRANSCANADA PIPELINES LIMITED                                   | TRANSCANADA PIPELINES LTD 4.750000% 05/15/2038                                    | CUSIP: 89352HAX7<br>LEI: 5BV01I6231JPDAPMGH09 | Long             | DBT              | NUSS              | CA        |    205000 | PA      | $195710.33    | 0.48%             | 2038-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NEVADA POWER COMPANY                                            | NEVADA POWER CO 5.900000% 05/01/2053                                              | CUSIP: 641423CF3<br>LEI: MJZFGXRJ52U8U4MKJ519 | Long             | DBT              | CORP              | US        |     35000 | PA      | $40030.31     | 0.10%             | 2053-05-01      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| ONCOR ELECTRIC DELIVERY COMPANY LLC                             | ONCOR ELECTRIC DELIVERY CO LLC 3.700000% 05/15/2050                               | CUSIP: 68233JBV5<br>LEI: 549300SP2X2BS1KERD24 | Long             | DBT              | CORP              | US        |    200000 | PA      | $169400.70    | 0.42%             | 2050-05-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Duke Energy Carolinas, LLC                                      | DUKE ENERGY CAROLINAS LLC 4.000000% 09/30/2042                                    | CUSIP: 26442CAN4<br>LEI: MWIUSDMN17TCR56VW396 | Long             | DBT              | CORP              | US        |    240000 | PA      | $210569.79    | 0.52%             | 2042-09-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA, NATIONAL ASSOCIATION                           | BANK OF AMERICA NA 6.000000% 10/15/2036                                           | CUSIP: 06050TJZ6<br>LEI: B4TYDEB6GKMZO031MB27 | Long             | DBT              | CORP              | US        |     80000 | PA      | $87165.08     | 0.22%             | 2036-10-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fomento Economico Mexicano, S.A.B. de C.V.                      | FOMENTO ECONOMICO MEXICANO SAB DE CV 3.500000% 01/16/2050                         | CUSIP: 344419AC0<br>LEI: 549300A8MDWDJNMLV153 | Long             | DBT              | NUSS              | MX        |     60000 | PA      | $45856.34     | 0.11%             | 2050-01-16      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ABBVIE INC.                                                     | ABBVIE INC 4.500000% 05/14/2035                                                   | CUSIP: 00287YAR0<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    105000 | PA      | $102809.47    | 0.25%             | 2035-05-14      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Suncor Energy Inc.                                              | SUNCOR ENERGY INC 3.750000% 03/04/2051                                            | CUSIP: 867224AE7<br>LEI: 549300W70ZOQDVLCHY06 | Long             | DBT              | NUSS              | CA        |     90000 | PA      | $71651.72     | 0.18%             | 2051-03-04      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| 7-ELEVEN, INC.                                                  | 7-ELEVEN INC 144A 2.800000% 02/10/2051                                            | CUSIP: 817826AG5<br>LEI: 549300K23JPL0SS3LB18 | Long             | DBT              | CORP              | US        |     35000 | PA      | $23115.06     | 0.06%             | 2051-02-10      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| KEURIG DR PEPPER INC.                                           | KEURIG DR PEPPER INC 4.500000% 04/15/2052                                         | CUSIP: 49271VAR1<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | DBT              | CORP              | US        |     19000 | PA      | $17191.46     | 0.04%             | 2052-04-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PRUDENTIAL FINANCIAL, INC.                                      | PRUDENTIAL FINANCIAL INC 3.935000% 12/07/2049                                     | CUSIP: 744320BA9<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |     50000 | PA      | $42599.78     | 0.11%             | 2049-12-07      | Fixed         | 3.94%                 | No            |                  2 | On Loan: No      |
| GILEAD SCIENCES, INC.                                           | GILEAD SCIENCES INC 4.500000% 02/01/2045                                          | CUSIP: 375558BA0<br>LEI: 549300WTZWR07K8MNV44 | Long             | DBT              | CORP              | US        |     30000 | PA      | $28208.47     | 0.07%             | 2045-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GENERAL DYNAMICS CORPORATION                                    | GENERAL DYNAMICS CORP 2.850000% 06/01/2041                                        | CUSIP: 369550BQ0<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | DBT              | CORP              | US        |     30000 | PA      | $23989.72     | 0.06%             | 2041-06-01      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| THE GOLDMAN SACHS GROUP, INC.                                   | GOLDMAN SACHS GROUP INC/THE 3.436000% 02/24/2043                                  | CUSIP: 38141GZN7<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    135000 | PA      | $108687.91    | 0.27%             | 2043-02-24      | Fixed         | 3.44%                 | No            |                  2 | On Loan: No      |
| BRISTOL-MYERS SQUIBB COMPANY                                    | BRISTOL-MYERS SQUIBB CO 3.550000% 03/15/2042                                      | CUSIP: 110122DV7<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |     65000 | PA      | $56282.41     | 0.14%             | 2042-03-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| COMPAGNIE DE CHEMIN DE FER CANADIEN PACIFIQUE                   | CANADIAN PACIFIC RAILWAY CO 6.125000% 09/15/2115                                  | CUSIP: 13645RAX2<br>LEI: 54930036474DURYNB481 | Long             | DBT              | NUSS              | CA        |     85000 | PA      | $93218.73     | 0.23%             | 2115-09-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| FREEPORT-MCMORAN INC.                                           | FREEPORT-MCMORAN INC 5.450000% 03/15/2043                                         | CUSIP: 35671DBC8<br>LEI: 549300IRDTHJQ1PVET45 | Long             | DBT              | CORP              | US        |    206000 | PA      | $200438.31    | 0.49%             | 2043-03-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| MIDAMERICAN ENERGY COMPANY                                      | MIDAMERICAN ENERGY CO 3.150000% 04/15/2050                                        | CUSIP: 595620AV7<br>LEI: NINLOILYRTLIMK26MZ18 | Long             | DBT              | CORP              | US        |     80000 | PA      | $61481.37     | 0.15%             | 2050-04-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| SPIRIT REALTY, L.P.                                             | SPIRIT REALTY LP 3.200000% 02/15/2031                                             | CUSIP: 84861TAG3<br>LEI: 549300GTBVIBJRX5BW73 | Long             | DBT              | CORP              | US        |    220000 | PA      | $185867.85    | 0.46%             | 2031-02-15      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| United States of America                                        | US TREASURY N/B 3.000000% 08/15/2052                                              | CUSIP: 912810TJ7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2315000 | PA      | $2049498.44   | 5.06%             | 2052-08-15      | Fixed         | 3.00%                 | No            |                  1 | On Loan: No      |
| HCA INC.                                                        | HCA INC 5.125000% 06/15/2039                                                      | CUSIP: 404119BY4<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |     35000 | PA      | $32972.11     | 0.08%             | 2039-06-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY OF SOUTHERN CALIFORNIA                               | UNIVERSITY OF SOUTHERN CALIFORNIA 3.028000% 10/01/2039                            | CUSIP: 914886AB2<br>LEI: 0GMCSQ6M60R4T46U5511 | Long             | DBT              | CORP              | US        |    285000 | PA      | $238799.78    | 0.59%             | 2039-10-01      | Fixed         | 3.03%                 | No            |                  2 | On Loan: No      |
| THE HOME DEPOT, INC.                                            | HOME DEPOT INC/THE 3.900000% 06/15/2047                                           | CUSIP: 437076BS0<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4417.04      | 0.01%             | 2047-06-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| AEP TRANSMISSION COMPANY, LLC                                   | AEP TRANSMISSION CO LLC 3.650000% 04/01/2050                                      | CUSIP: 00115AAM1<br>LEI: 549300X123Z1I0LA3Y84 | Long             | DBT              | CORP              | US        |     65000 | PA      | $53470.78     | 0.13%             | 2050-04-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE PRODUCTS OPERATING LLC                               | ENTERPRISE PRODUCTS OPERATING LLC 3.200000% 02/15/2052                            | CUSIP: 29379VCA9<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |     90000 | PA      | $64468.59     | 0.16%             | 2052-02-15      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| BURLINGTON NORTHERN SANTA FE, LLC                               | BURLINGTON NORTHERN SANTA FE LLC 2.875000% 06/15/2052                             | CUSIP: 12189LBH3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     80000 | PA      | $57730.07     | 0.14%             | 2052-06-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| ASB BANK LIMITED                                                | ASB BANK LTD 144A 2.375000% 10/22/2031                                            | CUSIP: 00216LAE3<br>LEI: 549300IBZWZL1KTPF918 | Long             | DBT              | NUSS              | NZ        |     20000 | PA      | $16277.94     | 0.04%             | 2031-10-22      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Minera Mexico, S.A. de C.V.                                     | MINERA MEXICO SA DE CV 144A 4.500000% 01/26/2050                                  | CUSIP: 60284MAB8<br>LEI: 2549005BMA2EK49I0T98 | Long             | DBT              | NUSS              | MX        |    100000 | PA      | $80792.57     | 0.20%             | 2050-01-26      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Gobierno De La Republica De Panama                              | REPUBLIC OF PANAMA 3.870000% 07/23/2060                                           | CUSIP: 698299BL7<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |     90000 | PA      | $60295.85     | 0.15%             | 2060-07-23      | Fixed         | 3.87%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA, INC.                                              | T-MOBILE USA INC 5.800000% 09/15/2062                                             | CUSIP: 87264ACX1<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     35000 | PA      | $36726.74     | 0.09%             | 2062-09-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC                                        | LLOYDS BANKING GROUP PLC 4.976000% 08/11/2033                                     | CUSIP: 53944YAU7<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | NUSS              | GB        |     65000 | PA      | $63507.85     | 0.16%             | 2033-08-11      | Fixed         | 4.98%                 | No            |                  2 | On Loan: No      |
| LOCKHEED MARTIN CORPORATION                                     | LOCKHEED MARTIN CORP 4.500000% 05/15/2036                                         | CUSIP: 539830BK4<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |     85000 | PA      | $84647.73     | 0.21%             | 2036-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| TARGET CORPORATION                                              | TARGET CORP 2.950000% 01/15/2052                                                  | CUSIP: 87612EBN5<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | DBT              | CORP              | US        |     30000 | PA      | $22231.43     | 0.05%             | 2052-01-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| ENTERGY ARKANSAS, LLC                                           | ENTERGY ARKANSAS LLC 2.650000% 06/15/2051                                         | CUSIP: 29366MAB4<br>LEI: 549300A0I5ONUIFMLP35 | Long             | DBT              | CORP              | US        |    140000 | PA      | $93151.87     | 0.23%             | 2051-06-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| EMERA US FINANCE LP                                             | EMERA US FINANCE LP 4.750000% 06/15/2046                                          | CUSIP: 29103DAM8<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     80000 | PA      | $66970.48     | 0.17%             | 2046-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Republic of the Philippines                                     | REPUBLIC OF PHILIPPINES 5.950000% 10/13/2047                                      | CUSIP: 718286CU9<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |     35000 | PA      | $38567.84     | 0.10%             | 2047-10-13      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                    | UBS GROUP AG 144A 2.746000% 02/11/2033                                            | CUSIP: 902613AK4<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | NUSS              | CH        |      5000 | PA      | $4115.42      | 0.01%             | 2033-02-11      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| ARIZONA PUBLIC SERVICE COMPANY                                  | ARIZONA PUBLIC SERVICE CO 3.500000% 12/01/2049                                    | CUSIP: 040555DA9<br>LEI: YG6VT0TPHRH4TFVAQV64 | Long             | DBT              | CORP              | US        |     35000 | PA      | $25704.00     | 0.06%             | 2049-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| WESTPAC BANKING CORPORATION                                     | WESTPAC BANKING CORP 3.020000% 11/18/2036                                         | CUSIP: 961214EX7<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | NUSS              | AU        |     70000 | PA      | $54807.12     | 0.14%             | 2036-11-18      | Fixed         | 3.02%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INCORPORATED                                 | UNITEDHEALTH GROUP INC 3.050000% 05/15/2041                                       | CUSIP: 91324PEE8<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    240000 | PA      | $191837.76    | 0.47%             | 2041-05-15      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| BP CAPITAL MARKETS AMERICA INC.                                 | BP CAPITAL MARKETS AMERICA INC 3.000000% 02/24/2050                               | CUSIP: 10373QBG4<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |      5000 | PA      | $3648.60      | 0.01%             | 2050-02-24      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ALEXANDRIA REAL ESTATE EQUITIES, INC.                           | ALEXANDRIA REAL ESTATE EQUITIES INC 3.550000% 03/15/2052                          | CUSIP: 015271AZ2<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | DBT              | CORP              | US        |    100000 | PA      | $76430.63     | 0.19%             | 2052-03-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| THE WALT DISNEY COMPANY                                         | WALT DISNEY CO/THE 2.750000% 09/01/2049                                           | CUSIP: 254687FM3<br>LEI: 549300GZKULIZ0WOW665 | Long             | DBT              | CORP              | US        |    135000 | PA      | $96313.28     | 0.24%             | 2049-09-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| THE WALT DISNEY COMPANY                                         | WALT DISNEY CO/THE 4.625000% 03/23/2040                                           | CUSIP: 254687FR2<br>LEI: 549300GZKULIZ0WOW665 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19701.99     | 0.05%             | 2040-03-23      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                                         | MPLX LP 4.500000% 04/15/2038                                                      | CUSIP: 55336VAM2<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |    150000 | PA      | $136604.04    | 0.34%             | 2038-04-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SALESFORCE, INC.                                                | SALESFORCE INC 2.900000% 07/15/2051                                               | CUSIP: 79466LAL8<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | DBT              | CORP              | US        |     85000 | PA      | $60716.50     | 0.15%             | 2051-07-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| BRISTOL-MYERS SQUIBB COMPANY                                    | BRISTOL-MYERS SQUIBB CO 3.700000% 03/15/2052                                      | CUSIP: 110122DW5<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |    137000 | PA      | $115721.77    | 0.29%             | 2052-03-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| NVIDIA CORPORATION                                              | NVIDIA CORP 3.500000% 04/01/2040                                                  | CUSIP: 67066GAG9<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | DBT              | CORP              | US        |     50000 | PA      | $43480.48     | 0.11%             | 2040-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TPK AUTH TPK REV                                  | NEW JERSEY ST TURNPIKE AUTH TU NEW JERSEY TURNPIKE AUTHORITY                      | CUSIP: 646139W35<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $456723.19    | 1.13%             | 2040-01-01      | Fixed         | 7.41%                 | No            |                  2 | On Loan: No      |
| EXXON MOBIL CORPORATION                                         | EXXON MOBIL CORP 4.227000% 03/19/2040                                             | CUSIP: 30231GBF8<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | DBT              | CORP              | US        |    135000 | PA      | $129027.67    | 0.32%             | 2040-03-19      | Fixed         | 4.23%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY OHIO, INC.                                          | DUKE ENERGY OHIO INC 4.300000% 02/01/2049                                         | CUSIP: 26442EAG5<br>LEI: L6KC0HABGHNFU1Z6QY21 | Long             | DBT              | CORP              | US        |    170000 | PA      | $147531.05    | 0.36%             | 2049-02-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| GLOBAL ATLANTIC (FIN) COMPANY                                   | GLOBAL ATLANTIC FIN CO 144A 3.125000% 06/15/2031                                  | CUSIP: 37959GAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     45000 | PA      | $34827.78     | 0.09%             | 2031-06-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| HCA INC.                                                        | HCA INC 144A 4.375000% 03/15/2042                                                 | CUSIP: 404119CM9<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |     20000 | PA      | $17014.29     | 0.04%             | 2042-03-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| DALLAS CNTY TEX HOSP DIST                                       | DALLAS CNTY TX HOSP DIST DALLAS COUNTY HOSPITAL DISTRICT                          | CUSIP: 234667JL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    257000 | PA      | $283588.71    | 0.70%             | 2044-08-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| TIME WARNER CABLE, LLC                                          | TIME WARNER CABLE LLC 4.500000% 09/15/2042                                        | CUSIP: 88732JBD9<br>LEI: 549300U5NFR7S6E3GM41 | Long             | DBT              | CORP              | US        |     90000 | PA      | $71406.32     | 0.18%             | 2042-09-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| METLIFE, INC.                                                   | METLIFE INC 4.721000% 12/15/2044                                                  | CUSIP: 59156RBL1<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |     65000 | PA      | $62357.17     | 0.15%             | 2044-12-15      | Fixed         | 4.72%                 | No            |                  2 | On Loan: No      |
| DANAHER CORPORATION                                             | DANAHER CORP 2.800000% 12/10/2051                                                 | CUSIP: 235851AW2<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | DBT              | CORP              | US        |    123000 | PA      | $88335.26     | 0.22%             | 2051-12-10      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS AND ELECTRIC COMPANY                                | PACIFIC GAS AND ELECTRIC CO 4.950000% 07/01/2050                                  | CUSIP: 694308JN8<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     35000 | PA      | $29219.08     | 0.07%             | 2050-07-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| MICROSOFT CORPORATION                                           | MICROSOFT CORP 3.041000% 03/17/2062                                               | CUSIP: 594918CF9<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | DBT              | CORP              | US        |    150000 | PA      | $113585.32    | 0.28%             | 2062-03-17      | Fixed         | 3.04%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                           | WELLS FARGO & CO MTN 4.611000% 04/25/2053                                         | CUSIP: 95000U2Z5<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    285000 | PA      | $265835.12    | 0.66%             | 2053-04-25      | Fixed         | 4.61%                 | No            |                  2 | On Loan: No      |
| INTERNATIONAL FLAVORS & FRAGRANCES INC.                         | INTERNATIONAL FLAVORS & FRAGRANCES INC 144A 3.268000% 11/15/2040                  | CUSIP: 459506AR2<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | DBT              | CORP              | US        |    125000 | PA      | $95787.12     | 0.24%             | 2040-11-15      | Fixed         | 3.27%                 | No            |                  2 | On Loan: No      |
| CONSUMERS ENERGY COMPANY                                        | CONSUMERS ENERGY CO 2.500000% 05/01/2060                                          | CUSIP: 210518DJ2<br>LEI: 7NKTFWJ1G6MELP9TU740 | Long             | DBT              | CORP              | US        |    115000 | PA      | $70072.14     | 0.17%             | 2060-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| PHILLIPS 66                                                     | PHILLIPS 66 3.300000% 03/15/2052                                                  | CUSIP: 718546BA1<br>LEI: 5493005JBO5YSIGK1814 | Long             | DBT              | CORP              | US        |     65000 | PA      | $48220.16     | 0.12%             | 2052-03-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| United States of America                                        | US TREASURY N/B 4.000000% 11/15/2042                                              | CUSIP: 912810TM0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    140000 | PA      | $144659.38    | 0.36%             | 2042-11-15      | Fixed         | 4.00%                 | No            |                  1 | On Loan: No      |
| BERKSHIRE HATHAWAY FINANCE CORPORATION                          | BERKSHIRE HATHAWAY FINANCE CORP 4.200000% 08/15/2048                              | CUSIP: 084664CQ2<br>LEI: 549300RLHFT5RU20WM87 | Long             | DBT              | CORP              | US        |    150000 | PA      | $140287.74    | 0.35%             | 2048-08-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| ANALOG DEVICES, INC.                                            | ANALOG DEVICES INC 2.800000% 10/01/2041                                           | CUSIP: 032654AW5<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | DBT              | CORP              | US        |     80000 | PA      | $62023.80     | 0.15%             | 2041-10-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| THE GOLDMAN SACHS GROUP, INC.                                   | GOLDMAN SACHS GROUP INC/THE 2.908000% 07/21/2042                                  | CUSIP: 38141GYK4<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |      5000 | PA      | $3739.27      | 0.01%             | 2042-07-21      | Fixed         | 2.91%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                  | MORGAN STANLEY MTN 2.802000% 01/25/2052                                           | CUSIP: 6174468Y8<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     30000 | PA      | $20639.30     | 0.05%             | 2052-01-25      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| ENTERGY CORPORATION                                             | ENTERGY CORP 3.750000% 06/15/2050                                                 | CUSIP: 29364GAK9<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | DBT              | CORP              | US        |     85000 | PA      | $67355.31     | 0.17%             | 2050-06-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| COLUMBIA PIPELINE GROUP, INC.                                   | COLUMBIA PIPELINE GROUP INC 5.800000% 06/01/2045                                  | CUSIP: 198280AH2<br>LEI: 549300SRP1TQM9JJBG80 | Long             | DBT              | CORP              | US        |     85000 | PA      | $89851.45     | 0.22%             | 2045-06-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| N/A                                                             | BROWN BROTHERS HARRIMAN SWEEP INTEREST                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |    916984 | PA      | $916984.39    | 2.26%             |  |  |  | No            |                  2 | On Loan: No      |
| BAY AREA TOLL AUTH CALIF TOLL BRDG REV                          | BAY AREA CA TOLL AUTH TOLL BRI BAY AREA TOLL AUTHORITY                            | CUSIP: 072024ND0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $121749.77    | 0.30%             | 2049-04-01      | Fixed         | 6.26%                 | No            |                  2 | On Loan: No      |
| APPLE INC.                                                      | APPLE INC 2.375000% 02/08/2041                                                    | CUSIP: 037833EE6<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |    620000 | PA      | $461951.69    | 1.14%             | 2041-02-08      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| BP CAPITAL MARKETS AMERICA INC.                                 | BP CAPITAL MARKETS AMERICA INC 3.060000% 06/17/2041                               | CUSIP: 10373QBR0<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |     80000 | PA      | $63824.80     | 0.16%             | 2041-06-17      | Fixed         | 3.06%                 | No            |                  2 | On Loan: No      |
| Pepsico, Inc.                                                   | PEPSICO INC 2.625000% 10/21/2041                                                  | CUSIP: 713448FF0<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | DBT              | CORP              | US        |     50000 | PA      | $39018.41     | 0.10%             | 2041-10-21      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| THE HOME DEPOT, INC.                                            | HOME DEPOT INC/THE 4.950000% 09/15/2052                                           | CUSIP: 437076CT7<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |    120000 | PA      | $123508.22    | 0.30%             | 2052-09-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| POTOMAC ELECTRIC POWER COMPANY                                  | POTOMAC ELECTRIC POWER CO 4.150000% 03/15/2043                                    | CUSIP: 737679DE7<br>LEI: 549300BXF2DWUNN57U06 | Long             | DBT              | CORP              | US        |     85000 | PA      | $77145.07     | 0.19%             | 2043-03-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA, INC.                                              | T-MOBILE USA INC 3.000000% 02/15/2041                                             | CUSIP: 87264ABL8<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    115000 | PA      | $85697.23     | 0.21%             | 2041-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS SA                                                  | BNP PARIBAS SA 144A 3.132000% 01/20/2033                                          | CUSIP: 09659W2U7<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | NUSS              | FR        |      5000 | PA      | $4224.85      | 0.01%             | 2033-01-20      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| Gobierno De La Republica De Panama                              | REPUBLIC OF PANAMA 4.500000% 04/16/2050                                           | CUSIP: 698299BH6<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |     45000 | PA      | $35374.40     | 0.09%             | 2050-04-16      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CONOCOPHILLIPS COMPANY                                          | CONOCOPHILLIPS CO 3.800000% 03/15/2052                                            | CUSIP: 20826FAV8<br>LEI: 6VJJ5GQWIRDQ06DUXG89 | Long             | DBT              | CORP              | US        |     65000 | PA      | $55679.94     | 0.14%             | 2052-03-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| ENTERGY TEXAS, INC.                                             | ENTERGY TEXAS INC 5.000000% 09/15/2052                                            | CUSIP: 29365TAM6<br>LEI: LWXX58X12AJXISQ28573 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35015.22     | 0.09%             | 2052-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO.                                            | JPMORGAN CHASE & CO 1.953000% 02/04/2032                                          | CUSIP: 46647PBX3<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    235000 | PA      | $188849.95    | 0.47%             | 2032-02-04      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| HESS CORPORATION                                                | HESS CORP 5.800000% 04/01/2047                                                    | CUSIP: 42809HAH0<br>LEI: UASVRYNXNK17ULIGK870 | Long             | DBT              | CORP              | US        |    115000 | PA      | $116712.79    | 0.29%             | 2047-04-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| NORFOLK SOUTHERN CORPORATION                                    | NORFOLK SOUTHERN CORP 4.550000% 06/01/2053                                        | CUSIP: 655844CP1<br>LEI: 54930036C8MWP850MI84 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9330.06      | 0.02%             | 2053-06-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS INC.                                     | VERIZON COMMUNICATIONS INC 2.987000% 10/30/2056                                   | CUSIP: 92343VFW9<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    235000 | PA      | $156367.45    | 0.39%             | 2056-10-30      | Fixed         | 2.99%                 | No            |                  2 | On Loan: No      |
| BAYLOR SCOTT & WHITE HOLDINGS                                   | BAYLOR SCOTT & WHITE HOLDINGS 2.839000% 11/15/2050                                | CUSIP: 072863AJ2<br>LEI: 549300JQDKSBWYRGGV95 | Long             | DBT              | CORP              | US        |     25000 | PA      | $17854.52     | 0.04%             | 2050-11-15      | Fixed         | 2.84%                 | No            |                  2 | On Loan: No      |
| LOWE'S COMPANIES, INC.                                          | LOWE'S COS INC 4.250000% 04/01/2052                                               | CUSIP: 548661EJ2<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |     30000 | PA      | $25492.17     | 0.06%             | 2052-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| PORT AUTH N Y & N J                                             | PORT AUTH OF NEW YORK & NEW JE PORT AUTHORITY OF NEW YORK & NEW JERSEY            | CUSIP: 73358WJA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $144281.79    | 0.36%             | 2062-10-01      | Fixed         | 4.46%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                  | MORGAN STANLEY 3.217000% 04/22/2042                                               | CUSIP: 61772BAC7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    140000 | PA      | $111993.47    | 0.28%             | 2042-04-22      | Fixed         | 3.22%                 | No            |                  2 | On Loan: No      |
| Estados Unidos Mexicanos                                        | UNITED MEXICAN STATES 5.000000% 04/27/2051                                        | CUSIP: 91087BAL4<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    155000 | PA      | $133868.87    | 0.33%             | 2051-04-27      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| S&P GLOBAL INC.                                                 | S&P GLOBAL INC 144A 3.900000% 03/01/2062                                          | CUSIP: 78409VBE3<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | DBT              | CORP              | US        |     20000 | PA      | $16931.13     | 0.04%             | 2062-03-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| CHARTER COMMUNICATIONS OPERATING, LLC                           | CHARTER COMMUNICATIONS OPERATING LLC / CHARTER COM 3.850000% 04/01/2061           | CUSIP: 161175BY9<br>LEI: 549300TPZNMN50BJ3745 | Long             | DBT              | CORP              | US        |      5000 | PA      | $3159.02      | 0.01%             | 2061-04-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS AND ELECTRIC COMPANY                                | PACIFIC GAS AND ELECTRIC CO 6.750000% 01/15/2053                                  | CUSIP: 694308KH9<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    110000 | PA      | $115334.72    | 0.28%             | 2053-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Shell International Finance B.V.                                | SHELL INTERNATIONAL FINANCE BV 3.000000% 11/26/2051                               | CUSIP: 822582CL4<br>LEI: 213800ITMMKU4Z7I4F78 | Long             | DBT              | CORP              | NL        |     20000 | PA      | $14729.68     | 0.04%             | 2051-11-26      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BERKSHIRE HATHAWAY ENERGY COMPANY                               | BERKSHIRE HATHAWAY ENERGY CO 4.250000% 10/15/2050                                 | CUSIP: 084659AX9<br>LEI: 549300JD0S5IZJE9LY15 | Long             | DBT              | CORP              | US        |     65000 | PA      | $57659.13     | 0.14%             | 2050-10-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO GAS & ELECTRIC COMPANY                                | SAN DIEGO GAS & ELECTRIC CO 3.320000% 04/15/2050                                  | CUSIP: 797440BY9<br>LEI: KNIRVXKVNJJ4P8OTMS63 | Long             | DBT              | CORP              | US        |     30000 | PA      | $22972.77     | 0.06%             | 2050-04-15      | Fixed         | 3.32%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                           | WELLS FARGO & CO MTN 4.897000% 07/25/2033                                         | CUSIP: 95000U3B7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49800.02     | 0.12%             | 2033-07-25      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| CHARTER COMMUNICATIONS OPERATING, LLC                           | CHARTER COMMUNICATIONS OPERATING LLC / CHARTER COM 3.700000% 04/01/2051           | CUSIP: 161175BV5<br>LEI: 549300TPZNMN50BJ3745 | Long             | DBT              | CORP              | US        |    200000 | PA      | $132363.64    | 0.33%             | 2051-04-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| THE GOLDMAN SACHS GROUP, INC.                                   | GOLDMAN SACHS GROUP INC/THE 5.150000% 05/22/2045                                  | CUSIP: 38148LAF3<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     55000 | PA      | $54446.82     | 0.13%             | 2045-05-22      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| B.A.T CAPITAL CORPORATION                                       | BAT CAPITAL CORP 4.390000% 08/15/2037                                             | CUSIP: 05526DBD6<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | GB        |    270000 | PA      | $222435.13    | 0.55%             | 2037-08-15      | Fixed         | 4.39%                 | No            |                  2 | On Loan: No      |
| TEXAS ST                                                        | TEXAS ST STATE OF TEXAS                                                           | CUSIP: 882722KF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $185916.36    | 0.46%             | 2039-04-01      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORPORATION                                          | CVS HEALTH CORP 2.700000% 08/21/2040                                              | CUSIP: 126650DP2<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    170000 | PA      | $122924.40    | 0.30%             | 2040-08-21      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| WESTPAC BANKING CORPORATION                                     | WESTPAC BANKING CORP 3.133000% 11/18/2041                                         | CUSIP: 961214EY5<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | NUSS              | AU        |     50000 | PA      | $36193.27     | 0.09%             | 2041-11-18      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| ELEVANCE HEALTH, INC.                                           | ELEVANCE HEALTH INC 3.600000% 03/15/2051                                          | CUSIP: 036752AS2<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |     65000 | PA      | $52416.20     | 0.13%             | 2051-03-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| THE WALT DISNEY COMPANY                                         | WALT DISNEY CO/THE 3.500000% 05/13/2040                                           | CUSIP: 254687FY7<br>LEI: 549300GZKULIZ0WOW665 | Long             | DBT              | CORP              | US        |    170000 | PA      | $145557.48    | 0.36%             | 2040-05-13      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| AMGEN INC.                                                      | AMGEN INC 4.875000% 03/01/2053                                                    | CUSIP: 031162DK3<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |     37000 | PA      | $35133.29     | 0.09%             | 2053-03-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Northrop Grumman Corporation                                    | NORTHROP GRUMMAN CORP 4.030000% 10/15/2047                                        | CUSIP: 666807BP6<br>LEI: RIMU48P07456QXSO0R61 | Long             | DBT              | CORP              | US        |    240000 | PA      | $212029.14    | 0.52%             | 2047-10-15      | Fixed         | 4.03%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE FINANCIAL, INC.                                      | COREBRIDGE FINANCIAL INC 144A 4.350000% 04/05/2042                                | CUSIP: 21871XAJ8<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |     20000 | PA      | $17526.29     | 0.04%             | 2042-04-05      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                    | UBS GROUP AG 144A 4.988000% 08/05/2033                                            | CUSIP: 902613AT5<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | NUSS              | CH        |     90000 | PA      | $88180.20     | 0.22%             | 2033-08-05      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| BURLINGTON NORTHERN SANTA FE, LLC                               | BURLINGTON NORTHERN SANTA FE LLC 4.150000% 04/01/2045                             | CUSIP: 12189LAW1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    270000 | PA      | $246977.85    | 0.61%             | 2045-04-01      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Pemerintah Republik Indonesia                                   | REPUBLIC OF INDONESIA 5.450000% 09/20/2052                                        | CUSIP: 455780DP8<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |     20000 | PA      | $20635.79     | 0.05%             | 2052-09-20      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN, INC.                                             | KINDER MORGAN INC 5.550000% 06/01/2045                                            | CUSIP: 49456BAH4<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |     65000 | PA      | $63448.46     | 0.16%             | 2045-06-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN, INC.                                             | KINDER MORGAN INC 3.600000% 02/15/2051                                            | CUSIP: 49456BAT8<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |      5000 | PA      | $3703.92      | 0.01%             | 2051-02-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| THE HOME DEPOT, INC.                                            | HOME DEPOT INC/THE 3.300000% 04/15/2040                                           | CUSIP: 437076CC4<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |    170000 | PA      | $143991.60    | 0.36%             | 2040-04-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| DANAHER CORPORATION                                             | DANAHER CORP 2.600000% 10/01/2050                                                 | CUSIP: 235851AV4<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | DBT              | CORP              | US        |     20000 | PA      | $13801.68     | 0.03%             | 2050-10-01      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| PFIZER INC.                                                     | PFIZER INC 2.550000% 05/28/2040                                                   | CUSIP: 717081EZ2<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | DBT              | CORP              | US        |    115000 | PA      | $88626.30     | 0.22%             | 2040-05-28      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| FIRSTENERGY TRANSMISSION, LLC                                   | FIRSTENERGY TRANSMISSION LLC 144A 5.450000% 07/15/2044                            | CUSIP: 33767BAA7<br>LEI: 549300AINIIPOLYX2R63 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49311.42     | 0.12%             | 2044-07-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| ABBOTT LABORATORIES                                             | ABBOTT LABORATORIES 4.900000% 11/30/2046                                          | CUSIP: 002824BH2<br>LEI: HQD377W2YR662HK5JX27 | Long             | DBT              | CORP              | US        |     65000 | PA      | $67843.41     | 0.17%             | 2046-11-30      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| AMERICAN WATER CAPITAL CORP.                                    | AMERICAN WATER CAPITAL CORP 3.450000% 05/01/2050                                  | CUSIP: 03040WAX3<br>LEI: 5IDHQUFVC8Q2KIBBFF06 | Long             | DBT              | CORP              | US        |     80000 | PA      | $62942.76     | 0.16%             | 2050-05-01      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL                                                | PARAMOUNT GLOBAL 4.375000% 03/15/2043                                             | CUSIP: 92553PAP7<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |     50000 | PA      | $36896.37     | 0.09%             | 2043-03-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| REXFORD INDUSTRIAL REALTY, L.P.                                 | REXFORD INDUSTRIAL REALTY LP 2.150000% 09/01/2031                                 | CUSIP: 76169XAB0<br>LEI: 549300028US163ELJN70 | Long             | DBT              | CORP              | US        |    115000 | PA      | $91980.03     | 0.23%             | 2031-09-01      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| INVITATION HOMES OPERATING PARTNERSHIP LP                       | INVITATION HOMES OPERATING PARTNERSHIP LP 4.150000% 04/15/2032                    | CUSIP: 46188BAD4<br>LEI: 549300147YMUQB3GW319 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4591.12      | 0.01%             | 2032-04-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INCORPORATED                                 | UNITEDHEALTH GROUP INC 4.950000% 05/15/2062                                       | CUSIP: 91324PEL2<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20161.52     | 0.05%             | 2062-05-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| B.A.T CAPITAL CORPORATION                                       | BAT CAPITAL CORP 4.758000% 09/06/2049                                             | CUSIP: 05526DBK0<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | GB        |     55000 | PA      | $42967.02     | 0.11%             | 2049-09-06      | Fixed         | 4.76%                 | No            |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL                                                | PARAMOUNT GLOBAL 5.850000% 09/01/2043                                             | CUSIP: 92553PAU6<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |    285000 | PA      | $253922.36    | 0.63%             | 2043-09-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Kraft Heinz Foods Company                                       | KRAFT HEINZ FOODS CO 5.500000% 06/01/2050                                         | CUSIP: 50077LBJ4<br>LEI: 5493003STKEZ2S0RNU91 | Long             | DBT              | CORP              | US        |     90000 | PA      | $91757.69     | 0.23%             | 2050-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CHARTER COMMUNICATIONS OPERATING, LLC                           | CHARTER COMMUNICATIONS OPERATING LLC / CHARTER COM 3.500000% 06/01/2041           | CUSIP: 161175BZ6<br>LEI: 549300TPZNMN50BJ3745 | Long             | DBT              | CORP              | US        |    205000 | PA      | $143556.03    | 0.35%             | 2041-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MONONGAHELA POWER COMPANY                                       | MONONGAHELA POWER CO 144A 5.400000% 12/15/2043                                    | CUSIP: 610202BP7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     85000 | PA      | $87063.17     | 0.21%             | 2043-12-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| NBCUNIVERSAL MEDIA, LLC                                         | NBCUNIVERSAL MEDIA LLC 4.450000% 01/15/2043                                       | CUSIP: 63946BAJ9<br>LEI: VTBDOQJ6KOGQ6K786R46 | Long             | DBT              | CORP              | US        |    205000 | PA      | $191632.52    | 0.47%             | 2043-01-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| EXTRA SPACE STORAGE LP                                          | EXTRA SPACE STORAGE LP 2.350000% 03/15/2032                                       | CUSIP: 30225VAG2<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              | CORP              | US        |     35000 | PA      | $27786.76     | 0.07%             | 2032-03-15      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| COMPAGNIE DE CHEMIN DE FER CANADIEN PACIFIQUE                   | CANADIAN PACIFIC RAILWAY CO 3.000000% 12/02/2041                                  | CUSIP: 13645RBG8<br>LEI: 54930036474DURYNB481 | Long             | DBT              | NUSS              | CA        |     50000 | PA      | $39653.75     | 0.10%             | 2041-12-02      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FREEPORT-MCMORAN INC.                                           | FREEPORT-MCMORAN INC 5.400000% 11/14/2034                                         | CUSIP: 35671DBJ3<br>LEI: 549300IRDTHJQ1PVET45 | Long             | DBT              | CORP              | US        |      4000 | PA      | $3987.62      | 0.01%             | 2034-11-14      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| PACIFICORP                                                      | PACIFICORP 6.000000% 01/15/2039                                                   | CUSIP: 695114CL0<br>LEI: SGY07Y7FNYBNLM6Z1M11 | Long             | DBT              | CORP              | US        |     80000 | PA      | $87600.27     | 0.22%             | 2039-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| REGENCY CENTERS, L.P.                                           | REGENCY CENTERS LP 4.650000% 03/15/2049                                           | CUSIP: 75884RAY9<br>LEI: 5493008PTR2GAOYBXW28 | Long             | DBT              | CORP              | US        |    120000 | PA      | $103510.35    | 0.26%             | 2049-03-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| THERMO FISHER SCIENTIFIC INC.                                   | THERMO FISHER SCIENTIFIC INC 2.800000% 10/15/2041                                 | CUSIP: 883556CM2<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | DBT              | CORP              | US        |     80000 | PA      | $62812.99     | 0.16%             | 2041-10-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| ROCHE HOLDINGS, INC.                                            | ROCHE HOLDINGS INC 144A 2.607000% 12/13/2051                                      | CUSIP: 771196BY7<br>LEI: PVJRP0EQNV6OGDPZGY95 | Long             | DBT              | CORP              | US        |    171000 | PA      | $120637.47    | 0.30%             | 2051-12-13      | Fixed         | 2.61%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                                         | MPLX LP 4.950000% 03/14/2052                                                      | CUSIP: 55336VBT6<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |     50000 | PA      | $44298.81     | 0.11%             | 2052-03-14      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION ENERGY GENERATION, LLC                            | CONSTELLATION ENERGY GENERATION LLC 5.750000% 10/01/2041                          | CUSIP: 30161MAJ2<br>LEI: S2PEWKCZFFECR4533P43 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50871.70     | 0.13%             | 2041-10-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ABBVIE INC.                                                     | ABBVIE INC 4.250000% 11/21/2049                                                   | CUSIP: 00287YCB3<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    388000 | PA      | $347576.58    | 0.86%             | 2049-11-21      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS AND ELECTRIC COMPANY                                | PACIFIC GAS AND ELECTRIC CO 4.200000% 06/01/2041                                  | CUSIP: 694308JU2<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     85000 | PA      | $67463.77     | 0.17%             | 2041-06-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| AIG SUNAMERICA GLOBAL FINANCING X                               | AIG SUNAMERICA GLOBAL FINANCING X 144A 6.900000% 03/15/2032                       | CUSIP: 00139PAA6<br>LEI: 549300Q3UB1GMKCGGR05 | Long             | DBT              | CORP              | US        |     30000 | PA      | $33339.80     | 0.08%             | 2032-03-15      | Fixed         | 6.90%                 | Yes           |                  2 | On Loan: No      |
| Republica Oriental del Uruguay                                  | REPUBLICA ORIENT URUGUAY 5.100000% 06/18/2050                                     | CUSIP: 760942BA9<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |    120000 | PA      | $121813.29    | 0.30%             | 2050-06-18      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                  | MORGAN STANLEY 4.375000% 01/22/2047                                               | CUSIP: 61746BEG7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4684.47      | 0.01%             | 2047-01-22      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INCORPORATED                                 | UNITEDHEALTH GROUP INC 5.875000% 02/15/2053                                       | CUSIP: 91324PES7<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    120000 | PA      | $137541.50    | 0.34%             | 2053-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS AND ELECTRIC COMPANY                                | PACIFIC GAS AND ELECTRIC CO 3.500000% 08/01/2050                                  | CUSIP: 694308JJ7<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    115000 | PA      | $77496.56     | 0.19%             | 2050-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| AMEREN ILLINOIS COMPANY                                         | AMEREN ILLINOIS CO 4.500000% 03/15/2049                                           | CUSIP: 02361DAT7<br>LEI: RC71E2BZ6UOMFPDJSE79 | Long             | DBT              | CORP              | US        |    115000 | PA      | $111618.30    | 0.28%             | 2049-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS AND ELECTRIC COMPANY                                | PACIFIC GAS AND ELECTRIC CO 3.300000% 08/01/2040                                  | CUSIP: 694308JH1<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     20000 | PA      | $14353.86     | 0.04%             | 2040-08-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INCORPORATED                                 | UNITEDHEALTH GROUP INC 6.050000% 02/15/2063                                       | CUSIP: 91324PET5<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |     65000 | PA      | $76026.70     | 0.19%             | 2063-02-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| United States of America                                        | US TREASURY N/B 4.125000% 11/15/2032                                              | CUSIP: 91282CFV8<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |    735000 | PA      | $773587.50    | 1.91%             | 2032-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| METLIFE, INC.                                                   | METLIFE INC 5.250000% 01/15/2054                                                  | CUSIP: 59156RCD8<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |     30000 | PA      | $31239.44     | 0.08%             | 2054-01-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TotalEnergies Capital International SA                          | TOTALENERGIES CAPITAL INTERNATIONAL SA 2.986000% 06/29/2041                       | CUSIP: 89153VAX7<br>LEI: 549300U37G2I8G4RUG09 | Long             | DBT              | NUSS              | FR        |     80000 | PA      | $64058.36     | 0.16%             | 2041-06-29      | Fixed         | 2.99%                 | No            |                  2 | On Loan: No      |
| Pemerintah Republik Indonesia                                   | REPUBLIC OF INDONESIA 4.650000% 09/20/2032                                        | CUSIP: 455780DN3<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |     50000 | PA      | $50089.67     | 0.12%             | 2032-09-20      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| MICROSOFT CORPORATION                                           | MICROSOFT CORP 2.921000% 03/17/2052                                               | CUSIP: 594918CE2<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | DBT              | CORP              | US        |    310000 | PA      | $236968.36    | 0.58%             | 2052-03-17      | Fixed         | 2.92%                 | No            |                  2 | On Loan: No      |
| THE NEW YORK AND PRESBYTERIAN HOSPITAL                          | NEW YORK AND PRESBYTERIAN HOSPITAL/THE 2.256000% 08/01/2040                       | CUSIP: 649322AH7<br>LEI: 19EOSPKL8HML7MY3UE63 | Long             | DBT              | CORP              | US        |     15000 | PA      | $10629.71     | 0.03%             | 2040-08-01      | Fixed         | 2.26%                 | No            |                  2 | On Loan: No      |
| AGREE LIMITED PARTNERSHIP                                       | AGREE LP 2.600000% 06/15/2033                                                     | CUSIP: 008513AC7<br>LEI: 549300DXY3G299V1BO77 | Long             | DBT              | CORP              | US        |     90000 | PA      | $72061.87     | 0.18%             | 2033-06-15      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS AND ELECTRIC COMPANY                                | PACIFIC GAS AND ELECTRIC CO 4.500000% 07/01/2040                                  | CUSIP: 694308JQ1<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     90000 | PA      | $74075.63     | 0.18%             | 2040-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| DEVON ENERGY CORPORATION                                        | DEVON ENERGY CORP 5.000000% 06/15/2045                                            | CUSIP: 25179MAU7<br>LEI: 54930042348RKR3ZPN35 | Long             | DBT              | CORP              | US        |     65000 | PA      | $59680.83     | 0.15%             | 2045-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN INTERNATIONAL GROUP, INC.                              | AMERICAN INTERNATIONAL GROUP INC 4.375000% 06/30/2050                             | CUSIP: 026874DP9<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | DBT              | CORP              | US        |     85000 | PA      | $77460.88     | 0.19%             | 2050-06-30      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| AEP TEXAS INC.                                                  | AEP TEXAS INC 3.450000% 01/15/2050                                                | CUSIP: 00108WAK6<br>LEI: 5493001L78U618KXNZ75 | Long             | DBT              | CORP              | US        |    115000 | PA      | $88827.71     | 0.22%             | 2050-01-15      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| UNION PACIFIC CORPORATION                                       | UNION PACIFIC CORP MTN 3.550000% 08/15/2039                                       | CUSIP: 907818FD5<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | DBT              | CORP              | US        |     30000 | PA      | $26244.10     | 0.06%             | 2039-08-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| OGLETHORPE POWER CORP                                           | OGLETHORPE POWER CORP 144A 4.500000% 04/01/2047                                   | CUSIP: 677050AR7<br>LEI: 3EERXCUSWMS9GV5D9M98 | Long             | DBT              | CORP              | US        |     55000 | PA      | $47090.53     | 0.12%             | 2047-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| THE WILLIAMS COMPANIES, INC.                                    | WILLIAMS COS INC/THE 5.750000% 06/24/2044                                         | CUSIP: 969457BV1<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |    135000 | PA      | $137848.31    | 0.34%             | 2044-06-24      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Estados Unidos Mexicanos                                        | MEXICO GOVERNMENT INTERNATIONAL BOND MTN 5.750000% 10/12/2110                     | CUSIP: 91086QAZ1<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    155000 | PA      | $139806.21    | 0.35%             | 2110-10-12      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| GEORGIA POWER COMPANY                                           | GEORGIA POWER CO 3.700000% 01/30/2050                                             | CUSIP: 373334KN0<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |     90000 | PA      | $71685.80     | 0.18%             | 2050-01-30      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN, INC.                                             | KINDER MORGAN INC 5.450000% 08/01/2052                                            | CUSIP: 49456BAW1<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24009.02     | 0.06%             | 2052-08-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC.                                                   | BROADCOM INC 144A 3.500000% 02/15/2041                                            | CUSIP: 11135FBJ9<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     90000 | PA      | $68823.92     | 0.17%             | 2041-02-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| LOCKHEED MARTIN CORPORATION                                     | LOCKHEED MARTIN CORP 5.900000% 11/15/2063                                         | CUSIP: 539830BY4<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |     35000 | PA      | $41001.64     | 0.10%             | 2063-11-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE FINANCIAL, INC.                                      | COREBRIDGE FINANCIAL INC 144A 3.900000% 04/05/2032                                | CUSIP: 21871XAG4<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |     85000 | PA      | $77399.36     | 0.19%             | 2032-04-05      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| MARATHON PETROLEUM CORPORATION                                  | MARATHON PETROLEUM CORP 4.750000% 09/15/2044                                      | CUSIP: 56585AAH5<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | DBT              | CORP              | US        |     50000 | PA      | $44846.39     | 0.11%             | 2044-09-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| FIRSTENERGY TRANSMISSION, LLC                                   | FIRSTENERGY TRANSMISSION LLC 144A 4.550000% 04/01/2049                            | CUSIP: 33767BAC3<br>LEI: 549300AINIIPOLYX2R63 | Long             | DBT              | CORP              | US        |     35000 | PA      | $30492.20     | 0.08%             | 2049-04-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                           | WELLS FARGO & CO MTN 4.900000% 11/17/2045                                         | CUSIP: 94974BGQ7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     50000 | PA      | $47440.25     | 0.12%             | 2045-11-17      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| GRAND PARKWAY TRANSN CORP TEX SYS TOLL REV                      | GRAND PARKWAY TRANSPRTN CORP T GRAND PARKWAY TRANSPORTATION CORP                  | CUSIP: 38611TAV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $136297.90    | 0.34%             | 2042-10-01      | Fixed         | 5.18%                 | No            |                  2 | On Loan: No      |
| Northern States Power Company (Minnesota)                       | NORTHERN STATES POWER CO/MN 4.500000% 06/01/2052                                  | CUSIP: 665772CV9<br>LEI: 3S1GHB0TEH85KX44SB51 | Long             | DBT              | CORP              | US        |     35000 | PA      | $33888.46     | 0.08%             | 2052-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| THE GOLDMAN SACHS GROUP, INC.                                   | GOLDMAN SACHS GROUP INC/THE 4.017000% 10/31/2038                                  | CUSIP: 38148YAA6<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    240000 | PA      | $212877.84    | 0.53%             | 2038-10-31      | Fixed         | 4.02%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION ENERGY GENERATION, LLC                            | CONSTELLATION ENERGY GENERATION LLC 5.600000% 06/15/2042                          | CUSIP: 30161MAN3<br>LEI: S2PEWKCZFFECR4533P43 | Long             | DBT              | CORP              | US        |    200000 | PA      | $202637.48    | 0.50%             | 2042-06-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| SUN COMMUNITIES OPERATING LIMITED PARTNERSHIP                   | SUN COMMUNITIES OPERATING LP 4.200000% 04/15/2032                                 | CUSIP: 866677AH0<br>LEI: 549300PUNBPJCGT6X741 | Long             | DBT              | CORP              | US        |    135000 | PA      | $123857.33    | 0.31%             | 2032-04-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| UNION PACIFIC CORPORATION                                       | UNION PACIFIC CORP 3.799000% 10/01/2051                                           | CUSIP: 907818EM6<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | DBT              | CORP              | US        |    155000 | PA      | $132665.30    | 0.33%             | 2051-10-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN, INC.                                             | KINDER MORGAN INC 5.050000% 02/15/2046                                            | CUSIP: 49456BAJ0<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |     50000 | PA      | $45613.89     | 0.11%             | 2046-02-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN, INC.                                             | KINDER MORGAN INC 5.200000% 03/01/2048                                            | CUSIP: 49456BAQ4<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |     65000 | PA      | $60686.64     | 0.15%             | 2048-03-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Truist Financial Corporation                                    | TRUIST FINANCIAL CORP MTN 5.122000% 01/26/2034                                    | CUSIP: 89788MAM4<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30375.17     | 0.07%             | 2034-01-26      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| HCA INC.                                                        | HCA INC 5.250000% 06/15/2049                                                      | CUSIP: 404119BZ1<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |     55000 | PA      | $50306.93     | 0.12%             | 2049-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| THE BOEING COMPANY                                              | BOEING CO/THE 5.805000% 05/01/2050                                                | CUSIP: 097023CW3<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    390000 | PA      | $398311.22    | 0.98%             | 2050-05-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| ORACLE CORPORATION                                              | ORACLE CORP 3.600000% 04/01/2050                                                  | CUSIP: 68389XBX2<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     20000 | PA      | $14722.61     | 0.04%             | 2050-04-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| CHARTER COMMUNICATIONS OPERATING, LLC                           | CHARTER COMMUNICATIONS OPERATING LLC / CHARTER COM 3.900000% 06/01/2052           | CUSIP: 161175CA0<br>LEI: 549300TPZNMN50BJ3745 | Long             | DBT              | CORP              | US        |      5000 | PA      | $3400.96      | 0.01%             | 2052-06-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| NOVARTIS CAPITAL CORPORATION                                    | NOVARTIS CAPITAL CORP 2.750000% 08/14/2050                                        | CUSIP: 66989HAS7<br>LEI: 5493002KF87V5RSRQS84 | Long             | DBT              | CORP              | CH        |     90000 | PA      | $67448.93     | 0.17%             | 2050-08-14      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| ALPHABET INC.                                                   | ALPHABET INC 1.900000% 08/15/2040                                                 | CUSIP: 02079KAE7<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |     80000 | PA      | $56312.00     | 0.14%             | 2040-08-15      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| SABAL TRAIL TRANSMISSION, LLC                                   | SABAL TRAIL TRANSMISSION LLC 144A 4.682000% 05/01/2038                            | CUSIP: 78516FAB5<br>LEI: 5493002DWITGSZFUI977 | Long             | DBT              | CORP              | US        |     55000 | PA      | $52386.30     | 0.13%             | 2038-05-01      | Fixed         | 4.68%                 | No            |                  2 | On Loan: No      |
| NVIDIA CORPORATION                                              | NVIDIA CORP 3.500000% 04/01/2050                                                  | CUSIP: 67066GAH7<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | DBT              | CORP              | US        |     20000 | PA      | $16365.45     | 0.04%             | 2050-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| SABAL TRAIL TRANSMISSION, LLC                                   | SABAL TRAIL TRANSMISSION LLC 144A 4.832000% 05/01/2048                            | CUSIP: 78516FAC3<br>LEI: 5493002DWITGSZFUI977 | Long             | DBT              | CORP              | US        |     50000 | PA      | $46540.96     | 0.11%             | 2048-05-01      | Fixed         | 4.83%                 | No            |                  2 | On Loan: No      |
| BRISTOL-MYERS SQUIBB COMPANY                                    | BRISTOL-MYERS SQUIBB CO 2.350000% 11/13/2040                                      | CUSIP: 110122DR6<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |     35000 | PA      | $25560.22     | 0.06%             | 2040-11-13      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| NESTLE HOLDINGS, INC.                                           | NESTLE HOLDINGS INC 144A 4.000000% 09/24/2048                                     | CUSIP: 641062AN4<br>LEI: 549300EAEU8YV8MQXP30 | Long             | DBT              | CORP              | US        |     35000 | PA      | $31674.76     | 0.08%             | 2048-09-24      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS INC.                                     | VERIZON COMMUNICATIONS INC 3.550000% 03/22/2051                                   | CUSIP: 92343VGB4<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    290000 | PA      | $225212.39    | 0.56%             | 2051-03-22      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| OGLETHORPE POWER CORP                                           | OGLETHORPE POWER CORP 5.375000% 11/01/2040                                        | CUSIP: 677052AA0<br>LEI: 3EERXCUSWMS9GV5D9M98 | Long             | DBT              | CORP              | US        |    120000 | PA      | $115481.57    | 0.29%             | 2040-11-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| APPLE INC.                                                      | APPLE INC 3.850000% 05/04/2043                                                    | CUSIP: 037833AL4<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |     30000 | PA      | $27245.76     | 0.07%             | 2043-05-04      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| BP CAPITAL MARKETS AMERICA INC.                                 | BP CAPITAL MARKETS AMERICA INC 3.001000% 03/17/2052                               | CUSIP: 10373QBS8<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |     90000 | PA      | $64855.87     | 0.16%             | 2052-03-17      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| COMMONWEALTH BANK OF AUSTRALIA                                  | COMMONWEALTH BANK OF AUSTRALIA MTN 3.743000% 09/12/2039                           | CUSIP: 202712BL8<br>LEI: MSFSBD3QN1GSN7Q6C537 | Long             | DBT              | NUSS              | AU        |     50000 | PA      | $39392.08     | 0.10%             | 2039-09-12      | Fixed         | 3.74%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORPORATION                                     | BANK OF AMERICA CORP MTN 2.676000% 06/19/2041                                     | CUSIP: 06051GJE0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    370000 | PA      | $273218.05    | 0.67%             | 2041-06-19      | Fixed         | 2.68%                 | No            |                  2 | On Loan: No      |
| SUN COMMUNITIES OPERATING LIMITED PARTNERSHIP                   | SUN COMMUNITIES OPERATING LP 5.700000% 01/15/2033                                 | CUSIP: 866677AJ6<br>LEI: 549300PUNBPJCGT6X741 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35651.72     | 0.09%             | 2033-01-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| ELEVANCE HEALTH, INC.                                           | ELEVANCE HEALTH INC 5.125000% 02/15/2053                                          | CUSIP: 28622HAC5<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | NUSS              | US        |     55000 | PA      | $55304.56     | 0.14%             | 2053-02-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| PECO Energy Company                                             | PECO ENERGY CO 4.375000% 08/15/2052                                               | CUSIP: 693304BE6<br>LEI: YH65D4JBECK76IFEJ279 | Long             | DBT              | CORP              | US        |     35000 | PA      | $33267.42     | 0.08%             | 2052-08-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Shell International Finance B.V.                                | SHELL INTERNATIONAL FINANCE BV 4.125000% 05/11/2035                               | CUSIP: 822582BE1<br>LEI: 213800ITMMKU4Z7I4F78 | Long             | DBT              | NUSS              | NL        |    115000 | PA      | $111708.38    | 0.28%             | 2035-05-11      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC.                                                  | CITIGROUP INC 3.878000% 01/24/2039                                                | CUSIP: 172967LU3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     90000 | PA      | $78933.18     | 0.19%             | 2039-01-24      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| BALTIMORE GAS AND ELECTRIC COMPANY                              | BALTIMORE GAS AND ELECTRIC CO 2.900000% 06/15/2050                                | CUSIP: 059165EM8<br>LEI: 88V8C2WYSOD1SPSSLH72 | Long             | DBT              | CORP              | US        |     85000 | PA      | $61260.30     | 0.15%             | 2050-06-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| American Homes 4 Rent, L.P.                                     | AMERICAN HOMES 4 RENT LP 4.300000% 04/15/2052                                     | CUSIP: 02666TAF4<br>LEI: 549300N4PXZ37U8QKI55 | Long             | DBT              | CORP              | US        |     55000 | PA      | $44811.64     | 0.11%             | 2052-04-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| KAISER FOUNDATION HOSPITALS                                     | KAISER FOUNDATION HOSPITALS 3.266000% 11/01/2049                                  | CUSIP: 48305QAE3<br>LEI: DW4Z57L3G4IRMHYZYK62 | Long             | DBT              | CORP              | US        |     50000 | PA      | $39047.10     | 0.10%             | 2049-11-01      | Fixed         | 3.27%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                              | ENERGY TRANSFER LP 4.900000% 03/15/2035                                           | CUSIP: 29273RBE8<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     85000 | PA      | $80370.53     | 0.20%             | 2035-03-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORPORATION                                     | BANK OF AMERICA CORP 2.572000% 10/20/2032                                         | CUSIP: 06051GKD0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     65000 | PA      | $53827.83     | 0.13%             | 2032-10-20      | Fixed         | 2.57%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO.                                            | JPMORGAN CHASE & CO 3.328000% 04/22/2052                                          | CUSIP: 46647PCE4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    120000 | PA      | $91462.62     | 0.23%             | 2052-04-22      | Fixed         | 3.33%                 | No            |                  2 | On Loan: No      |
| CHARTER COMMUNICATIONS OPERATING, LLC                           | CHARTER COMMUNICATIONS OPERATING LLC / CHARTER COM 4.800000% 03/01/2050           | CUSIP: 161175BT0<br>LEI: 549300TPZNMN50BJ3745 | Long             | DBT              | CORP              | US        |    135000 | PA      | $106037.43    | 0.26%             | 2050-03-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| COMPAGNIE DE CHEMIN DE FER CANADIEN PACIFIQUE                   | CANADIAN PACIFIC RAILWAY CO 3.100000% 12/02/2051                                  | CUSIP: 13645RBH6<br>LEI: 54930036474DURYNB481 | Long             | DBT              | NUSS              | CA        |     90000 | PA      | $66495.03     | 0.16%             | 2051-12-02      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO.                                            | JPMORGAN CHASE & CO 3.109000% 04/22/2041                                          | CUSIP: 46647PBM7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    255000 | PA      | $201900.80    | 0.50%             | 2041-04-22      | Fixed         | 3.11%                 | No            |                  2 | On Loan: No      |
| TIME WARNER CABLE, LLC                                          | TIME WARNER CABLE LLC 5.875000% 11/15/2040                                        | CUSIP: 88732JAY4<br>LEI: 549300U5NFR7S6E3GM41 | Long             | DBT              | CORP              | US        |    200000 | PA      | $188365.34    | 0.46%             | 2040-11-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| 7-ELEVEN, INC.                                                  | 7-ELEVEN INC 144A 2.500000% 02/10/2041                                            | CUSIP: 817826AF7<br>LEI: 549300K23JPL0SS3LB18 | Long             | DBT              | CORP              | US        |     85000 | PA      | $59859.73     | 0.15%             | 2041-02-10      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| LOCKHEED MARTIN CORPORATION                                     | LOCKHEED MARTIN CORP 5.700000% 11/15/2054                                         | CUSIP: 539830BX6<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |     50000 | PA      | $56779.97     | 0.14%             | 2054-11-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE FINANCIAL, INC.                                      | COREBRIDGE FINANCIAL INC 144A 4.400000% 04/05/2052                                | CUSIP: 21871XAL3<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |     85000 | PA      | $72821.41     | 0.18%             | 2052-04-05      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                              | ENERGY TRANSFER LP 6.250000% 04/15/2049                                           | CUSIP: 29279FAA7<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30465.59     | 0.08%             | 2049-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Altria Group, Inc.                                              | ALTRIA GROUP INC 3.400000% 02/04/2041                                             | CUSIP: 02209SBM4<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |    225000 | PA      | $158102.33    | 0.39%             | 2041-02-04      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| ENTERGY LOUISIANA, LLC                                          | ENTERGY LOUISIANA LLC 3.100000% 06/15/2041                                        | CUSIP: 29364WBJ6<br>LEI: 0V5453U14HDZO63CGH17 | Long             | DBT              | CORP              | US        |    120000 | PA      | $95385.39     | 0.24%             | 2041-06-15      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| U.S. BANCORP                                                    | US BANCORP 2.491000% 11/03/2036                                                   | CUSIP: 91159HJB7<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    120000 | PA      | $95730.79     | 0.24%             | 2036-11-03      | Fixed         | 2.49%                 | No            |                  2 | On Loan: No      |
| America Movil, S.A.B. de C.V.                                   | AMERICA MOVIL SAB DE CV 6.125000% 03/30/2040                                      | CUSIP: 02364WAW5<br>LEI: 5493000FNR3UCEAONM59 | Long             | DBT              | NUSS              | MX        |     85000 | PA      | $93561.57     | 0.23%             | 2040-03-30      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| JBS USA Lux S.A.                                                | JBS USA LUX SA / JBS USA FOOD CO / JBS USA FINANCE 4.375000% 02/02/2052           | CUSIP: 46590XAE6<br>LEI: P77IMDGVZE8EFBTF2M92 | Long             | DBT              | NUSS              | US        |     85000 | PA      | $65241.29     | 0.16%             | 2052-02-02      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC.                                                  | CITIGROUP INC 2.561000% 05/01/2032                                                | CUSIP: 172967MY4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     90000 | PA      | $74997.86     | 0.19%             | 2032-05-01      | Fixed         | 2.56%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES L.P.                                            | VICI PROPERTIES LP 5.625000% 05/15/2052                                           | CUSIP: 925650AE3<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              | CORP              | US        |    130000 | PA      | $122075.03    | 0.30%             | 2052-05-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| UNIV CALIF REGTS MED CTR POOLED REV                             | UNIV OF CALIFORNIA CA RGTS MED REGENTS OF THE UNIVERSITY OF CALIFORNIA MEDICAL CE | CUSIP: 913366EP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $121315.88    | 0.30%             | 2048-05-15      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE PRODUCTS OPERATING LLC                               | ENTERPRISE PRODUCTS OPERATING LLC 4.250000% 02/15/2048                            | CUSIP: 29379VBQ5<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |    115000 | PA      | $99667.07     | 0.25%             | 2048-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| SEMPRA ENERGY                                                   | SEMPRA ENERGY 4.000000% 02/01/2048                                                | CUSIP: 816851BJ7<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |     20000 | PA      | $16824.04     | 0.04%             | 2048-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC                                        | CELANESE US HOLDINGS LLC 6.379000% 07/15/2032                                     | CUSIP: 15089QAP9<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |     70000 | PA      | $70532.17     | 0.17%             | 2032-07-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| HESS CORPORATION                                                | HESS CORP 6.000000% 01/15/2040                                                    | CUSIP: 42809HAC1<br>LEI: UASVRYNXNK17ULIGK870 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5223.79      | 0.01%             | 2040-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| THE BOEING COMPANY                                              | BOEING CO/THE 5.930000% 05/01/2060                                                | CUSIP: 097023CX1<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35698.10     | 0.09%             | 2060-05-01      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INCORPORATED                                 | UNITEDHEALTH GROUP INC 3.250000% 05/15/2051                                       | CUSIP: 91324PEF5<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    173000 | PA      | $135391.28    | 0.33%             | 2051-05-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| DIAMONDBACK ENERGY, INC.                                        | DIAMONDBACK ENERGY INC 6.250000% 03/15/2033                                       | CUSIP: 25278XAV1<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |     65000 | PA      | $69226.37     | 0.17%             | 2033-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| VODAFONE GROUP PUBLIC LIMITED COMPANY                           | VODAFONE GROUP PLC 4.250000% 09/17/2050                                           | CUSIP: 92857WBU3<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | NUSS              | GB        |     65000 | PA      | $53982.65     | 0.13%             | 2050-09-17      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| EXXON MOBIL CORPORATION                                         | EXXON MOBIL CORP 3.452000% 04/15/2051                                             | CUSIP: 30231GBM3<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | DBT              | CORP              | US        |     80000 | PA      | $65232.64     | 0.16%             | 2051-04-15      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| NORTH TEX TWY AUTH REV                                          | N TX TOLLWAY AUTH REVENUE NORTH TEXAS TOLLWAY AUTHORITY                           | CUSIP: 66285WFB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $127963.10    | 0.32%             | 2049-01-01      | Fixed         | 6.72%                 | No            |                  2 | On Loan: No      |
| HCA INC.                                                        | HCA INC 3.500000% 07/15/2051                                                      | CUSIP: 404119CB3<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |     28000 | PA      | $19638.89     | 0.05%             | 2051-07-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                              | ENERGY TRANSFER LP 5.750000% 02/15/2033                                           | CUSIP: 29273VAQ3<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30877.86     | 0.08%             | 2033-02-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Northern States Power Company (Minnesota)                       | NORTHERN STATES POWER CO/MN 2.900000% 03/01/2050                                  | CUSIP: 665772CR8<br>LEI: 3S1GHB0TEH85KX44SB51 | Long             | DBT              | CORP              | US        |     90000 | PA      | $65681.97     | 0.16%             | 2050-03-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CALIFORNIA EDISON COMPANY                              | SOUTHERN CALIFORNIA EDISON CO 3.650000% 02/01/2050                                | CUSIP: 842400GT4<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |    150000 | PA      | $117976.25    | 0.29%             | 2050-02-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| WarnerMedia Holdings, Inc.                                      | WARNERMEDIA HOLDINGS INC 144A 5.141000% 03/15/2052                                | CUSIP: 55903VAQ6<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |     30000 | PA      | $24920.53     | 0.06%             | 2052-03-15      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| Republic of the Philippines                                     | REPUBLIC OF PHILIPPINES 2.950000% 05/05/2045                                      | CUSIP: 718286CH8<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |     65000 | PA      | $47861.43     | 0.12%             | 2045-05-05      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| ONCOR ELECTRIC DELIVERY COMPANY LLC                             | ONCOR ELECTRIC DELIVERY CO LLC 5.300000% 06/01/2042                               | CUSIP: 68233JAS3<br>LEI: 549300SP2X2BS1KERD24 | Long             | DBT              | CORP              | US        |    155000 | PA      | $164078.93    | 0.40%             | 2042-06-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC.                                                  | CITIGROUP INC 2.904000% 11/03/2042                                                | CUSIP: 172967NF4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     65000 | PA      | $48680.87     | 0.12%             | 2042-11-03      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| ONCOR ELECTRIC DELIVERY COMPANY LLC                             | ONCOR ELECTRIC DELIVERY CO LLC 7.250000% 01/15/2033                               | CUSIP: 68233DAP2<br>LEI: 549300SP2X2BS1KERD24 | Long             | DBT              | CORP              | US        |    120000 | PA      | $145891.48    | 0.36%             | 2033-01-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| PPL ELECTRIC UTILITIES CORPORATION                              | PPL ELECTRIC UTILITIES CORP 3.000000% 10/01/2049                                  | CUSIP: 69351UAW3<br>LEI: 549300GCZLSGYEYPIR35 | Long             | DBT              | CORP              | US        |    115000 | PA      | $86157.21     | 0.21%             | 2049-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORPORATION                                     | BANK OF AMERICA CORP 3.311000% 04/22/2042                                         | CUSIP: 06051GJW0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    265000 | PA      | $213199.80    | 0.53%             | 2042-04-22      | Fixed         | 3.31%                 | No            |                  2 | On Loan: No      |
| MERCK & CO., INC.                                               | MERCK & CO INC 2.350000% 06/24/2040                                               | CUSIP: 58933YBA2<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | DBT              | CORP              | US        |      5000 | PA      | $3712.36      | 0.01%             | 2040-06-24      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                              | ENERGY TRANSFER LP 5.400000% 10/01/2047                                           | CUSIP: 86765BAV1<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    115000 | PA      | $105815.94    | 0.26%             | 2047-10-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| American Homes 4 Rent, L.P.                                     | AMERICAN HOMES 4 RENT LP 3.625000% 04/15/2032                                     | CUSIP: 02666TAE7<br>LEI: 549300N4PXZ37U8QKI55 | Long             | DBT              | CORP              | US        |     10000 | PA      | $8887.23      | 0.02%             | 2032-04-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| ORACLE CORPORATION                                              | ORACLE CORP 6.900000% 11/09/2052                                                  | CUSIP: 68389XCK9<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    290000 | PA      | $335313.16    | 0.83%             | 2052-11-09      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                           | WELLS FARGO & CO MTN 5.013000% 04/04/2051                                         | CUSIP: 95000U2M4<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19694.91     | 0.05%             | 2051-04-04      | Fixed         | 5.01%                 | No            |                  2 | On Loan: No      |
| ABBVIE INC.                                                     | ABBVIE INC 4.050000% 11/21/2039                                                   | CUSIP: 00287YCA5<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    369000 | PA      | $332524.94    | 0.82%             | 2039-11-21      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| Duke Energy Carolinas, LLC                                      | DUKE ENERGY CAROLINAS LLC 3.550000% 03/15/2052                                    | CUSIP: 26442CBH6<br>LEI: MWIUSDMN17TCR56VW396 | Long             | DBT              | CORP              | US        |     30000 | PA      | $24249.89     | 0.06%             | 2052-03-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| GE HEALTHCARE TECHNOLOGIES INC.                                 | GE HEALTHCARE TECHNOLOGIES INC 144A 6.377000% 11/22/2052                          | CUSIP: 36267VAL7<br>LEI: 549300OI9J7XOWZMUN85 | Long             | DBT              | CORP              | US        |     55000 | PA      | $63468.77     | 0.16%             | 2052-11-22      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| American Homes 4 Rent, L.P.                                     | AMERICAN HOMES 4 RENT LP 3.375000% 07/15/2051                                     | CUSIP: 02666TAD9<br>LEI: 549300N4PXZ37U8QKI55 | Long             | DBT              | CORP              | US        |     20000 | PA      | $13787.74     | 0.03%             | 2051-07-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INCORPORATED                                 | UNITEDHEALTH GROUP INC 4.750000% 05/15/2052                                       | CUSIP: 91324PEK4<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |     95000 | PA      | $94103.63     | 0.23%             | 2052-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Dominion Energy, Inc.                                           | DOMINION ENERGY INC 4.850000% 08/15/2052                                          | CUSIP: 25746UDQ9<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |     20000 | PA      | $18832.56     | 0.05%             | 2052-08-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| B.A.T CAPITAL CORPORATION                                       | BAT CAPITAL CORP 4.540000% 08/15/2047                                             | CUSIP: 05526DBF1<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | GB        |    185000 | PA      | $141147.99    | 0.35%             | 2047-08-15      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| COMCAST CORPORATION                                             | COMCAST CORP 2.887000% 11/01/2051                                                 | CUSIP: 20030NDS7<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    250000 | PA      | $174425.67    | 0.43%             | 2051-11-01      | Fixed         | 2.89%                 | No            |                  2 | On Loan: No      |
| THE HOME DEPOT, INC.                                            | HOME DEPOT INC/THE 3.350000% 04/15/2050                                           | CUSIP: 437076CD2<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |    115000 | PA      | $92029.94     | 0.23%             | 2050-04-15      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORPORATION                                        | STATE STREET CORP 4.821000% 01/26/2034                                            | CUSIP: 857477CA9<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10053.20     | 0.02%             | 2034-01-26      | Fixed         | 4.82%                 | No            |                  2 | On Loan: No      |
| PACIFICORP                                                      | PACIFICORP 3.300000% 03/15/2051                                                   | CUSIP: 695114CX4<br>LEI: SGY07Y7FNYBNLM6Z1M11 | Long             | DBT              | CORP              | US        |     90000 | PA      | $69800.81     | 0.17%             | 2051-03-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| KAISER FOUNDATION HOSPITALS                                     | KAISER FOUNDATION HOSPITALS 4.150000% 05/01/2047                                  | CUSIP: 48305QAD5<br>LEI: DW4Z57L3G4IRMHYZYK62 | Long             | DBT              | CORP              | US        |     55000 | PA      | $50479.15     | 0.12%             | 2047-05-01      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| EXELON CORPORATION                                              | EXELON CORP 4.950000% 06/15/2035                                                  | CUSIP: 30161NAQ4<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |    120000 | PA      | $120931.28    | 0.30%             | 2035-06-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                  | MORGAN STANLEY 5.948000% 01/19/2038                                               | CUSIP: 61747YFB6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     65000 | PA      | $66217.07     | 0.16%             | 2038-01-19      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| INTEL CORPORATION                                               | INTEL CORP 5.050000% 08/05/2062                                                   | CUSIP: 458140CC2<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |     70000 | PA      | $65495.12     | 0.16%             | 2062-08-05      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION BRANDS, INC.                                      | CONSTELLATION BRANDS INC 4.100000% 02/15/2048                                     | CUSIP: 21036PAZ1<br>LEI: 5493005GKEG8QCVY7037 | Long             | DBT              | CORP              | US        |     85000 | PA      | $72152.60     | 0.18%             | 2048-02-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| THE WILLIAMS COMPANIES, INC.                                    | WILLIAMS COS INC/THE 3.500000% 10/15/2051                                         | CUSIP: 88339WAA4<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |     30000 | PA      | $22179.49     | 0.05%             | 2051-10-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| AT&T INC.                                                       | AT&T INC 3.650000% 09/15/2059                                                     | CUSIP: 00206RLV2<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    215000 | PA      | $157527.15    | 0.39%             | 2059-09-15      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| RAYTHEON TECHNOLOGIES CORPORATION                               | RAYTHEON TECHNOLOGIES CORP 4.500000% 06/01/2042                                   | CUSIP: 913017BT5<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |    445000 | PA      | $427020.62    | 1.05%             | 2042-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GILEAD SCIENCES, INC.                                           | GILEAD SCIENCES INC 4.750000% 03/01/2046                                          | CUSIP: 375558BD4<br>LEI: 549300WTZWR07K8MNV44 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4854.12      | 0.01%             | 2046-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE HOLDINGS FINANCE CO. L.L.C.                          | BLACKSTONE HOLDINGS FINANCE CO LLC 144A 2.000000% 01/30/2032                      | CUSIP: 09261BAD2<br>LEI: 549300D2L6J4NC1QVZ22 | Long             | DBT              | CORP              | US        |     45000 | PA      | $34267.15     | 0.08%             | 2032-01-30      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| LOWE'S COMPANIES, INC.                                          | LOWE'S COS INC 5.625000% 04/15/2053                                               | CUSIP: 548661EM5<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |    230000 | PA      | $237540.76    | 0.59%             | 2053-04-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| AT&T INC.                                                       | AT&T INC 3.550000% 09/15/2055                                                     | CUSIP: 00206RLJ9<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    775000 | PA      | $568233.61    | 1.40%             | 2055-09-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE COMPANY OF COLORADO                              | PUBLIC SERVICE CO OF COLORADO 2.700000% 01/15/2051                                | CUSIP: 744448CU3<br>LEI: 5BANEF6PGSEK0SNMQF44 | Long             | DBT              | CORP              | US        |     80000 | PA      | $55698.41     | 0.14%             | 2051-01-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS COMPANY                                          | GENERAL MOTORS CO 5.150000% 04/01/2038                                            | CUSIP: 37045VAP5<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |     90000 | PA      | $81975.81     | 0.20%             | 2038-04-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| RAYTHEON TECHNOLOGIES CORPORATION                               | RAYTHEON TECHNOLOGIES CORP 3.030000% 03/15/2052                                   | CUSIP: 75513ECP4<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |    185000 | PA      | $136445.03    | 0.34%             | 2052-03-15      | Fixed         | 3.03%                 | No            |                  2 | On Loan: No      |
| SEMPRA ENERGY                                                   | SEMPRA ENERGY 3.800000% 02/01/2038                                                | CUSIP: 816851BH1<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |     80000 | PA      | $70095.25     | 0.17%             | 2038-02-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Estados Unidos Mexicanos                                        | UNITED MEXICAN STATES 4.400000% 02/12/2052                                        | CUSIP: 91087BAS9<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     50000 | PA      | $39299.21     | 0.10%             | 2052-02-12      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| JBS USA Lux S.A.                                                | JBS USA LUX SA / JBS USA FOOD CO / JBS USA FINANCE 6.500000% 12/01/2052           | CUSIP: 46590XAJ5<br>LEI: P77IMDGVZE8EFBTF2M92 | Long             | DBT              | NUSS              | US        |    200000 | PA      | $204650.42    | 0.51%             | 2052-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CI Financial Corp.                                              | CI FINANCIAL CORP 4.100000% 06/15/2051                                            | CUSIP: 125491AP5<br>LEI: 549300M9W7JJQSVCEM78 | Long             | DBT              | NUSS              | CA        |     20000 | PA      | $12607.48     | 0.03%             | 2051-06-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| THE HOME DEPOT, INC.                                            | HOME DEPOT INC/THE 3.625000% 04/15/2052                                           | CUSIP: 437076CQ3<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |    148000 | PA      | $123505.87    | 0.30%             | 2052-04-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| AMAZON.COM, INC.                                                | AMAZON.COM INC 3.100000% 05/12/2051                                               | CUSIP: 023135CB0<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |    170000 | PA      | $129251.21    | 0.32%             | 2051-05-12      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| MICROSOFT CORPORATION                                           | MICROSOFT CORP 3.450000% 08/08/2036                                               | CUSIP: 594918BS2<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | DBT              | CORP              | US        |    115000 | PA      | $106642.13    | 0.26%             | 2036-08-08      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| DH Europe Finance II S.a r.l.                                   | DH EUROPE FINANCE II SARL 3.250000% 11/15/2039                                    | CUSIP: 23291KAJ4<br>LEI: 222100KDGL314CKTZ511 | Long             | DBT              | NUSS              | US        |     85000 | PA      | $72556.74     | 0.18%             | 2039-11-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| AMGEN INC.                                                      | AMGEN INC 3.150000% 02/21/2040                                                    | CUSIP: 031162CR9<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    135000 | PA      | $105676.72    | 0.26%             | 2040-02-21      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| BOSTON SCIENTIFIC CORPORATION                                   | BOSTON SCIENTIFIC CORP 4.700000% 03/01/2049                                       | CUSIP: 101137AU1<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4815.55      | 0.01%             | 2049-03-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN, INC.                                             | KINDER MORGAN INC 3.250000% 08/01/2050                                            | CUSIP: 49456BAS0<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |     55000 | PA      | $38125.78     | 0.09%             | 2050-08-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| THE GOLDMAN SACHS GROUP, INC.                                   | GOLDMAN SACHS GROUP INC/THE MTN 4.800000% 07/08/2044                              | CUSIP: 38141EC31<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    135000 | PA      | $130473.88    | 0.32%             | 2044-07-08      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| ANHEUSER-BUSCH COMPANIES, LLC                                   | ANHEUSER-BUSCH COS LLC / ANHEUSER-BUSCH INBEV WORL 4.700000% 02/01/2036           | CUSIP: 03522AAH3<br>LEI: 5493002J2SVENP0PVK27 | Long             | DBT              | CORP              | BE        |    405000 | PA      | $401569.67    | 0.99%             | 2036-02-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| AGREE LIMITED PARTNERSHIP                                       | AGREE LP 2.900000% 10/01/2030                                                     | CUSIP: 008513AA1<br>LEI: 549300DXY3G299V1BO77 | Long             | DBT              | CORP              | US        |     20000 | PA      | $17046.63     | 0.04%             | 2030-10-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| B.A.T CAPITAL CORPORATION                                       | BAT CAPITAL CORP 3.734000% 09/25/2040                                             | CUSIP: 05526DBT1<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | GB        |      5000 | PA      | $3619.63      | 0.01%             | 2040-09-25      | Fixed         | 3.73%                 | No            |                  2 | On Loan: No      |
| BP CAPITAL MARKETS AMERICA INC.                                 | BP CAPITAL MARKETS AMERICA INC 3.379000% 02/08/2061                               | CUSIP: 10373QBQ2<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |     65000 | PA      | $48666.56     | 0.12%             | 2061-02-08      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| VISA INC.                                                       | VISA INC 2.700000% 04/15/2040                                                     | CUSIP: 92826CAK8<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | DBT              | CORP              | US        |    215000 | PA      | $171745.92    | 0.42%             | 2040-04-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| CENTERPOINT ENERGY HOUSTON ELECTRIC, LLC                        | CENTERPOINT ENERGY HOUSTON ELECTRIC LLC 3.600000% 03/01/2052                      | CUSIP: 15189XAY4<br>LEI: 549300S8SEQBOJLKHW63 | Long             | DBT              | CORP              | US        |     35000 | PA      | $28998.19     | 0.07%             | 2052-03-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| APPLE INC.                                                      | APPLE INC 2.650000% 02/08/2051                                                    | CUSIP: 037833EF3<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |    265000 | PA      | $187500.31    | 0.46%             | 2051-02-08      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| State of California                                             | CALIFORNIA ST STATE OF CALIFORNIA                                                 | CUSIP: 13063BJC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $135515.00    | 0.33%             | 2040-11-01      | Fixed         | 7.60%                 | No            |                  2 | On Loan: No      |
| EXXON MOBIL CORPORATION                                         | EXXON MOBIL CORP 3.095000% 08/16/2049                                             | CUSIP: 30231GAZ5<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | DBT              | CORP              | US        |     35000 | PA      | $26910.91     | 0.07%             | 2049-08-16      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| THE BOEING COMPANY                                              | BOEING CO/THE 5.705000% 05/01/2040                                                | CUSIP: 097023CV5<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    505000 | PA      | $516883.93    | 1.28%             | 2040-05-01      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| EXXON MOBIL CORPORATION                                         | EXXON MOBIL CORP 4.327000% 03/19/2050                                             | CUSIP: 30231GBG6<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4707.90      | 0.01%             | 2050-03-19      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| ORACLE CORPORATION                                              | ORACLE CORP 3.650000% 03/25/2041                                                  | CUSIP: 68389XBZ7<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    270000 | PA      | $213682.04    | 0.53%             | 2041-03-25      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Pepsico, Inc.                                                   | PEPSICO INC 2.750000% 10/21/2051                                                  | CUSIP: 713448FG8<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | DBT              | CORP              | US        |     55000 | PA      | $40859.97     | 0.10%             | 2051-10-21      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE PRODUCTS OPERATING LLC                               | ENTERPRISE PRODUCTS OPERATING LLC 4.200000% 01/31/2050                            | CUSIP: 29379VBW2<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4277.00      | 0.01%             | 2050-01-31      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| AMEREN ILLINOIS COMPANY                                         | AMEREN ILLINOIS CO 5.900000% 12/01/2052                                           | CUSIP: 02361DAZ3<br>LEI: RC71E2BZ6UOMFPDJSE79 | Long             | DBT              | CORP              | US        |     35000 | PA      | $40676.76     | 0.10%             | 2052-12-01      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| AMGEN INC.                                                      | AMGEN INC 3.375000% 02/21/2050                                                    | CUSIP: 031162CS7<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |     85000 | PA      | $63750.04     | 0.16%             | 2050-02-21      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| SALESFORCE, INC.                                                | SALESFORCE INC 3.050000% 07/15/2061                                               | CUSIP: 79466LAM6<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | DBT              | CORP              | US        |     35000 | PA      | $24164.63     | 0.06%             | 2061-07-15      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| NSTAR ELECTRIC COMPANY                                          | NSTAR ELECTRIC CO 4.950000% 09/15/2052                                            | CUSIP: 67021CAT4<br>LEI: 54930080R72Y2Z31UR68 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51436.16     | 0.13%             | 2052-09-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| SOUTHERN NATURAL GAS COMPANY, L.L.C.                            | SOUTHERN NATURAL GAS CO LLC 144A 4.800000% 03/15/2047                             | CUSIP: 84346LAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $43128.05     | 0.11%             | 2047-03-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| THE PNC FINANCIAL SERVICES GROUP, INC.                          | PNC FINANCIAL SERVICES GROUP INC/THE 5.068000% 01/24/2034                         | CUSIP: 693475BM6<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35289.44     | 0.09%             | 2034-01-24      | Fixed         | 5.07%                 | No            |                  2 | On Loan: No      |
| THE EAST OHIO GAS COMPANY                                       | EAST OHIO GAS CO/THE 144A 3.000000% 06/15/2050                                    | CUSIP: 27409LAE3<br>LEI: BC95Y6MXLT75BGO7UM71 | Long             | DBT              | CORP              | US        |    115000 | PA      | $78614.79     | 0.19%             | 2050-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital Designated Activity Company              | AERCAP IRELAND CAPITAL DAC / AERCAP GLOBAL AVIATIO 3.850000% 10/29/2041           | CUSIP: 00774MAZ8<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | NUSS              | IE        |     55000 | PA      | $42769.77     | 0.11%             | 2041-10-29      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Group AG                                          | CREDIT SUISSE GROUP AG 144A 9.016000% 11/15/2033                                  | CUSIP: 225401BB3<br>LEI: 549300506SI9CRFV9Z86 | Long             | DBT              | NUSS              | CH        |     85000 | PA      | $95570.88     | 0.24%             | 2033-11-15      | Fixed         | 9.02%                 | No            |                  2 | On Loan: No      |
| BRISTOL-MYERS SQUIBB COMPANY                                    | BRISTOL-MYERS SQUIBB CO 2.550000% 11/13/2050                                      | CUSIP: 110122DS4<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |    138000 | PA      | $94042.90     | 0.23%             | 2050-11-13      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| INTEL CORPORATION                                               | INTEL CORP 4.750000% 03/25/2050                                                   | CUSIP: 458140BM1<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |     35000 | PA      | $32344.60     | 0.08%             | 2050-03-25      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| COMMONWEALTH EDISON COMPANY                                     | COMMONWEALTH EDISON CO 3.000000% 03/01/2050                                       | CUSIP: 202795JS0<br>LEI: D8YOXB8L2ZDC8P7Q0771 | Long             | DBT              | CORP              | US        |    120000 | PA      | $88109.27     | 0.22%             | 2050-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PRUDENTIAL FINANCIAL, INC.                                      | PRUDENTIAL FINANCIAL INC MTN 5.750000% 07/15/2033                                 | CUSIP: 74432QAC9<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |     15000 | PA      | $16373.72     | 0.04%             | 2033-07-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| META PLATFORMS, INC.                                            | META PLATFORMS INC 4.450000% 08/15/2052                                           | CUSIP: 30303M8J4<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |    150000 | PA      | $130954.61    | 0.32%             | 2052-08-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| UNION PACIFIC CORPORATION                                       | UNION PACIFIC CORP 3.375000% 02/14/2042                                           | CUSIP: 907818FY9<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | DBT              | CORP              | US        |     20000 | PA      | $16874.41     | 0.04%             | 2042-02-14      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| CARRIER GLOBAL CORPORATION                                      | CARRIER GLOBAL CORP 3.577000% 04/05/2050                                          | CUSIP: 14448CAS3<br>LEI: 549300JE3W6CWY2NAN77 | Long             | DBT              | CORP              | US        |     65000 | PA      | $50613.16     | 0.12%             | 2050-04-05      | Fixed         | 3.58%                 | No            |                  2 | On Loan: No      |
| State of California                                             | CALIFORNIA ST STATE OF CALIFORNIA                                                 | CUSIP: 13063A5G5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $305289.98    | 0.75%             | 2039-04-01      | Fixed         | 7.55%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE COMPANY OF COLORADO                              | PUBLIC SERVICE CO OF COLORADO 6.250000% 09/01/2037                                | CUSIP: 744448BZ3<br>LEI: 5BANEF6PGSEK0SNMQF44 | Long             | DBT              | CORP              | US        |     90000 | PA      | $102574.92    | 0.25%             | 2037-09-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| COMCAST CORPORATION                                             | COMCAST CORP 2.987000% 11/01/2063                                                 | CUSIP: 20030NDW8<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     30000 | PA      | $20024.79     | 0.05%             | 2063-11-01      | Fixed         | 2.99%                 | No            |                  2 | On Loan: No      |
| BP CAPITAL MARKETS AMERICA INC.                                 | BP CAPITAL MARKETS AMERICA INC 2.939000% 06/04/2051                               | CUSIP: 10373QBP4<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |    115000 | PA      | $82233.23     | 0.20%             | 2051-06-04      | Fixed         | 2.94%                 | No            |                  2 | On Loan: No      |
| ORACLE CORPORATION                                              | ORACLE CORP 4.125000% 05/15/2045                                                  | CUSIP: 68389XBF1<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    150000 | PA      | $121634.78    | 0.30%             | 2045-05-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| KLA CORPORATION                                                 | KLA CORP 4.950000% 07/15/2052                                                     | CUSIP: 482480AM2<br>LEI: 549300H0BF5JCG96TJ81 | Long             | DBT              | CORP              | US        |     65000 | PA      | $65347.75     | 0.16%             | 2052-07-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| KAISER FOUNDATION HOSPITALS                                     | KAISER FOUNDATION HOSPITALS 2.810000% 06/01/2041                                  | CUSIP: 48305QAF0<br>LEI: DW4Z57L3G4IRMHYZYK62 | Long             | DBT              | CORP              | US        |     85000 | PA      | $65654.12     | 0.16%             | 2041-06-01      | Fixed         | 2.81%                 | No            |                  2 | On Loan: No      |
| Estados Unidos Mexicanos                                        | UNITED MEXICAN STATES 4.280000% 08/14/2041                                        | CUSIP: 91087BAQ3<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     55000 | PA      | $45283.22     | 0.11%             | 2041-08-14      | Fixed         | 4.28%                 | No            |                  2 | On Loan: No      |
| NOVARTIS CAPITAL CORPORATION                                    | NOVARTIS CAPITAL CORP 4.400000% 05/06/2044                                        | CUSIP: 66989HAH1<br>LEI: 5493002KF87V5RSRQS84 | Long             | DBT              | CORP              | CH        |     30000 | PA      | $29801.67     | 0.07%             | 2044-05-06      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS COMPANY                                          | GENERAL MOTORS CO 5.600000% 10/15/2032                                            | CUSIP: 37045VAZ3<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |     35000 | PA      | $34555.69     | 0.09%             | 2032-10-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| INTERNATIONAL FLAVORS & FRAGRANCES INC.                         | INTERNATIONAL FLAVORS & FRAGRANCES INC 5.000000% 09/26/2048                       | CUSIP: 459506AL5<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | DBT              | CORP              | US        |     20000 | PA      | $18639.07     | 0.05%             | 2048-09-26      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS EASTERN TRANSMISSION, LP                                  | TEXAS EASTERN TRANSMISSION LP 144A 4.150000% 01/15/2048                           | CUSIP: 882384AE0<br>LEI: 549300SIOULUXXIDGA69 | Long             | DBT              | CORP              | US        |     85000 | PA      | $73026.64     | 0.18%             | 2048-01-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| THE WALT DISNEY COMPANY                                         | WALT DISNEY CO/THE 3.600000% 01/13/2051                                           | CUSIP: 254687FZ4<br>LEI: 549300GZKULIZ0WOW665 | Long             | DBT              | CORP              | US        |     90000 | PA      | $74331.36     | 0.18%             | 2051-01-13      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| THE WILLIAMS COMPANIES, INC.                                    | WILLIAMS COS INC/THE 6.300000% 04/15/2040                                         | CUSIP: 96950FAF1<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |    120000 | PA      | $130051.48    | 0.32%             | 2040-04-15      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| HCA INC.                                                        | HCA INC 144A 4.625000% 03/15/2052                                                 | CUSIP: 404119CG2<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    130000 | PA      | $109706.98    | 0.27%             | 2052-03-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CNTY CALIF WTR AUTH FING AGY WTR REV                  | SAN DIEGO CNTY CA WTR AUTH FIN SAN DIEGO COUNTY WATER AUTHORITY                   | CUSIP: 79741TAR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $129629.73    | 0.32%             | 2049-05-01      | Fixed         | 6.14%                 | No            |                  2 | On Loan: No      |
| Kraft Heinz Foods Company                                       | KRAFT HEINZ FOODS CO 5.200000% 07/15/2045                                         | CUSIP: 50077LAM8<br>LEI: 5493003STKEZ2S0RNU91 | Long             | DBT              | CORP              | US        |     85000 | PA      | $83051.47     | 0.20%             | 2045-07-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| UBS AG LONDON BRANCH                                            | UBS AG/LONDON MTN 4.500000% 06/26/2048                                            | CUSIP: 902674XN5<br>LEI: N/A                  | Long             | DBT              | NUSS              | CH        |     25000 | PA      | $23205.08     | 0.06%             | 2048-06-26      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CONSOLIDATED EDISON COMPANY OF NEW YORK, INC.                   | CONSOLIDATED EDISON CO OF NEW YORK INC 6.150000% 11/15/2052                       | CUSIP: 209111GD9<br>LEI: VZFZPMWDHTQCFKYOBP05 | Long             | DBT              | CORP              | US        |     45000 | PA      | $52332.69     | 0.13%             | 2052-11-15      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| GILEAD SCIENCES, INC.                                           | GILEAD SCIENCES INC 4.150000% 03/01/2047                                          | CUSIP: 375558BK8<br>LEI: 549300WTZWR07K8MNV44 | Long             | DBT              | CORP              | US        |     15000 | PA      | $13427.41     | 0.03%             | 2047-03-01      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Kraft Heinz Foods Company                                       | KRAFT HEINZ FOODS CO 4.375000% 06/01/2046                                         | CUSIP: 50077LAB2<br>LEI: 5493003STKEZ2S0RNU91 | Long             | DBT              | CORP              | US        |     20000 | PA      | $17476.60     | 0.04%             | 2046-06-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| AMGEN INC.                                                      | AMGEN INC 4.400000% 05/01/2045                                                    | CUSIP: 031162BZ2<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |     35000 | PA      | $31260.34     | 0.08%             | 2045-05-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| PHILLIPS 66 COMPANY                                             | PHILLIPS 66 CO 144A 4.900000% 10/01/2046                                          | CUSIP: 718547AN2<br>LEI: RVJMT2IZVVSKIRJJBH76 | Long             | DBT              | CORP              | US        |     50000 | PA      | $47218.11     | 0.12%             | 2046-10-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| LOWE'S COMPANIES, INC.                                          | LOWE'S COS INC 4.450000% 04/01/2062                                               | CUSIP: 548661EF0<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |     55000 | PA      | $46696.45     | 0.12%             | 2062-04-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| OGLETHORPE POWER CORP                                           | OGLETHORPE POWER CORP 3.750000% 08/01/2050                                        | CUSIP: 677050AQ9<br>LEI: 3EERXCUSWMS9GV5D9M98 | Long             | DBT              | CORP              | US        |    255000 | PA      | $197947.37    | 0.49%             | 2050-08-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| ONCOR ELECTRIC DELIVERY COMPANY LLC                             | ONCOR ELECTRIC DELIVERY CO LLC 4.950000% 09/15/2052                               | CUSIP: 68233JCM4<br>LEI: 549300SP2X2BS1KERD24 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30587.99     | 0.08%             | 2052-09-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| SUN COMMUNITIES OPERATING LIMITED PARTNERSHIP                   | SUN COMMUNITIES OPERATING LP 2.700000% 07/15/2031                                 | CUSIP: 866677AE7<br>LEI: 549300PUNBPJCGT6X741 | Long             | DBT              | CORP              | US        |     85000 | PA      | $70077.10     | 0.17%             | 2031-07-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                           | WELLS FARGO & CO MTN 4.400000% 06/14/2046                                         | CUSIP: 94974BGT1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    410000 | PA      | $362182.39    | 0.89%             | 2046-06-14      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| WALMART INC.                                                    | WALMART INC 2.500000% 09/22/2041                                                  | CUSIP: 931142EU3<br>LEI: Y87794H0US1R65VBXU25 | Long             | DBT              | CORP              | US        |    139000 | PA      | $106428.31    | 0.26%             | 2041-09-22      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| UNION PACIFIC CORPORATION                                       | UNION PACIFIC CORP 2.973000% 09/16/2062                                           | CUSIP: 907818FN3<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | DBT              | CORP              | US        |    135000 | PA      | $92985.32     | 0.23%             | 2062-09-16      | Fixed         | 2.97%                 | No            |                  2 | On Loan: No      |
| Rogers Communications Inc.                                      | ROGERS COMMUNICATIONS INC 5.000000% 03/15/2044                                    | CUSIP: 775109BB6<br>LEI: 54930030NVF3Y2OL0A78 | Long             | DBT              | NUSS              | CA        |     35000 | PA      | $32056.53     | 0.08%             | 2044-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NESTLE HOLDINGS, INC.                                           | NESTLE HOLDINGS INC 144A 3.900000% 09/24/2038                                     | CUSIP: 641062AL8<br>LEI: 549300EAEU8YV8MQXP30 | Long             | DBT              | CORP              | US        |     80000 | PA      | $75160.53     | 0.19%             | 2038-09-24      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| DH Europe Finance II S.a r.l.                                   | DH EUROPE FINANCE II SARL 3.400000% 11/15/2049                                    | CUSIP: 23291KAK1<br>LEI: 222100KDGL314CKTZ511 | Long             | DBT              | NUSS              | US        |     30000 | PA      | $24430.21     | 0.06%             | 2049-11-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| AMGEN INC.                                                      | AMGEN INC 3.350000% 02/22/2032                                                    | CUSIP: 031162DE7<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |     30000 | PA      | $27172.62     | 0.07%             | 2032-02-22      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                              | ENERGY TRANSFER LP 5.150000% 02/01/2043                                           | CUSIP: 29273RAT6<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     35000 | PA      | $31351.35     | 0.08%             | 2043-02-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| UNION PACIFIC CORPORATION                                       | UNION PACIFIC CORP 3.500000% 02/14/2053                                           | CUSIP: 907818FZ6<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | DBT              | CORP              | US        |     35000 | PA      | $28286.99     | 0.07%             | 2053-02-14      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                              | ENERGY TRANSFER LP 5.000000% 05/15/2050                                           | CUSIP: 29278NAR4<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     90000 | PA      | $78712.03     | 0.19%             | 2050-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AMGEN INC.                                                      | AMGEN INC 4.200000% 02/22/2052                                                    | CUSIP: 031162DF4<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4278.35      | 0.01%             | 2052-02-22      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE PRODUCTS OPERATING LLC                               | ENTERPRISE PRODUCTS OPERATING LLC 4.950000% 10/15/2054                            | CUSIP: 29379VBF9<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |     85000 | PA      | $78424.86     | 0.19%             | 2054-10-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS INC.                                     | VERIZON COMMUNICATIONS INC 3.400000% 03/22/2041                                   | CUSIP: 92343VGK4<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    240000 | PA      | $193231.98    | 0.48%             | 2041-03-22      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| ANALOG DEVICES, INC.                                            | ANALOG DEVICES INC 2.950000% 10/01/2051                                           | CUSIP: 032654AX3<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | DBT              | CORP              | US        |     80000 | PA      | $58784.75     | 0.15%             | 2051-10-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| NISOURCE INC.                                                   | NISOURCE INC 4.375000% 05/15/2047                                                 | CUSIP: 65473QBF9<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |     80000 | PA      | $71979.10     | 0.18%             | 2047-05-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| KAISER FOUNDATION HOSPITALS                                     | KAISER FOUNDATION HOSPITALS 3.002000% 06/01/2051                                  | CUSIP: 48305QAG8<br>LEI: DW4Z57L3G4IRMHYZYK62 | Long             | DBT              | CORP              | US        |    115000 | PA      | $85444.32     | 0.21%             | 2051-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| THE NEW YORK AND PRESBYTERIAN HOSPITAL                          | NEW YORK AND PRESBYTERIAN HOSPITAL/THE 2.606000% 08/01/2060                       | CUSIP: 649322AJ3<br>LEI: 19EOSPKL8HML7MY3UE63 | Long             | DBT              | CORP              | US        |     15000 | PA      | $9227.14      | 0.02%             | 2060-08-01      | Fixed         | 2.61%                 | No            |                  2 | On Loan: No      |
| ANHEUSER-BUSCH COMPANIES, LLC                                   | ANHEUSER-BUSCH COS LLC / ANHEUSER-BUSCH INBEV WORL 4.900000% 02/01/2046           | CUSIP: 03522AAJ9<br>LEI: 5493002J2SVENP0PVK27 | Long             | DBT              | CORP              | BE        |    520000 | PA      | $507755.34    | 1.25%             | 2046-02-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| S&P GLOBAL INC.                                                 | S&P GLOBAL INC 144A 3.700000% 03/01/2052                                          | CUSIP: 78409VBD5<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4219.51      | 0.01%             | 2052-03-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| TUCSON ELECTRIC POWER COMPANY                                   | TUCSON ELECTRIC POWER CO 4.000000% 06/15/2050                                     | CUSIP: 898813AR1<br>LEI: YLF139GXSRKPBBTNZL03 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4051.72      | 0.01%             | 2050-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                              | ENERGY TRANSFER LP 5.150000% 03/15/2045                                           | CUSIP: 29273RBF5<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    400000 | PA      | $360855.19    | 0.89%             | 2045-03-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| AMAZON.COM, INC.                                                | AMAZON.COM INC 3.950000% 04/13/2052                                               | CUSIP: 023135CJ3<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |    170000 | PA      | $150378.72    | 0.37%             | 2052-04-13      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORPORATION                                          | CVS HEALTH CORP 5.050000% 03/25/2048                                              | CUSIP: 126650CZ1<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |     51000 | PA      | $48461.87     | 0.12%             | 2048-03-25      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Estados Unidos Mexicanos                                        | UNITED MEXICAN STATES 4.500000% 01/31/2050                                        | CUSIP: 91087BAG5<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |      5000 | PA      | $4056.90      | 0.01%             | 2050-01-31      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ORACLE CORPORATION                                              | ORACLE CORP 3.950000% 03/25/2051                                                  | CUSIP: 68389XCA1<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    100000 | PA      | $77823.82     | 0.19%             | 2051-03-25      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| INTEL CORPORATION                                               | INTEL CORP 3.734000% 12/08/2047                                                   | CUSIP: 458140BG4<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |     85000 | PA      | $67538.22     | 0.17%             | 2047-12-08      | Fixed         | 3.73%                 | No            |                  2 | On Loan: No      |
| TotalEnergies Capital International SA                          | TOTALENERGIES CAPITAL INTERNATIONAL SA 3.127000% 05/29/2050                       | CUSIP: 89153VAV1<br>LEI: 549300U37G2I8G4RUG09 | Long             | DBT              | NUSS              | FR        |    205000 | PA      | $156640.33    | 0.39%             | 2050-05-29      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORPORATION                                     | BANK OF AMERICA CORP MTN 2.972000% 02/04/2033                                     | CUSIP: 06051GKK4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     50000 | PA      | $42642.63     | 0.11%             | 2033-02-04      | Fixed         | 2.97%                 | No            |                  2 | On Loan: No      |
| CSX Corporation                                                 | CSX CORP 4.500000% 11/15/2052                                                     | CUSIP: 126408HV8<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | DBT              | CORP              | US        |    115000 | PA      | $106694.57    | 0.26%             | 2052-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GILEAD SCIENCES, INC.                                           | GILEAD SCIENCES INC 4.600000% 09/01/2035                                          | CUSIP: 375558BG7<br>LEI: 549300WTZWR07K8MNV44 | Long             | DBT              | CORP              | US        |     80000 | PA      | $79622.55     | 0.20%             | 2035-09-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-31

**Name of Applicant:** THE ADVISORS' INNER CIRCLE III

**Signature:** Andy Metzger

**Name of Signer:** Andy Metzger

**Title:** CFO