# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0001193125-23-004413
**Filing Date:** 2023-1
**Character Count:** 597662
**Document Hash:** 79317ef85c10b85cc7be89b3a1c33469
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-004413.hdr.sgml**: 20230109

**ACCESSION NUMBER**: 0001193125-23-004413

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 22

**CONFORMED PERIOD OF REPORT**: 20221031

**FILED AS OF DATE**: 20230109

**DATE AS OF CHANGE**: 20230109

**EFFECTIVENESS DATE**: 20230109

**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:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22920
- **FILM NUMBER:** 23517284

**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

### Knights of Columbus Core Bond Fund (Series ID: S000048262)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000152509 | I Shares       | KCCIX           |
| C000158704 | Class S Shares | KCCSX           |

### Knights of Columbus Limited Duration Fund (Series ID: S000048263)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000152510 | I Shares       | KCLIX           |
| C000158706 | Class S Shares | KCLSX           |

### Knights of Columbus Large Cap Growth Fund (Series ID: S000048264)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000152511 | I Shares       | KCGIX           |
| C000158708 | Class S Shares | KCGSX           |

### Knights of Columbus Large Cap Value Fund (Series ID: S000048265)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000152512 | I Shares       | KCVIX           |
| C000158710 | Class S Shares | KCVSX           |

### Knights of Columbus Small Cap Fund (Series ID: S000048266)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000152513 | I Shares       | KCSIX           |
| C000158713 | Class S Shares | KCSSX           |

### Knights of Columbus International Equity Fund (Series ID: S000048267)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000152514 | I Shares       | KCIIX           |
| C000158714 | Class S Shares | KCISX           |

### Knights of Columbus Real Estate Fund (Series ID: S000066637)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000214836 | I Shares     | KCRIX           |

### Knights of Columbus Long/Short Equity Fund (Series ID: S000066638)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000214840 | I Shares     | KCEIX           |

### Knights of Columbus U.S. All Cap Index Fund (Series ID: S000066639)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000214842 | I Shares     | KCXIX           |

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**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

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**FORM N-CSR** 

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**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT** 

**INVESTMENT COMPANIES** 

**Investment Company Act File Number 811-22920** 

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## The Advisors' Inner Circle Fund III
**(Exact name of registrant as specified in charter)** 

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**SEI Investments** 

**One Freedom Valley Drive** 

**Oaks, PA 19456** 

**(Address of principal executive offices) (Zip code)** 

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**SEI Investments** 

**One Freedom Valley Drive** 

**Oaks, PA 19456** 

**(Name and address of agent for service)** 

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**Registrant's telephone number, including area code: (877) 446-3863** 

**Date of fiscal year end: October 31, 2022** 

**Date of reporting period: October 31, 2022** 

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**Item 1.** **Reports to Stockholders.** <br>

A copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the "Act") (17 CFR § 270.30e-1), is attached hereto.

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![LOGO](g237149g76v97.jpg)

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| | |
|:---|:---|
| **Knights of Columbus Limited Duration Fund** | **Knights of Columbus Core Bond Fund** |
| **Knights of Columbus Long/Short Equity Fund** | **Knights of Columbus Large Cap Value Fund** |
| **Knights of Columbus Large Cap Growth Fund** | **Knights of Columbus Small Cap Fund** |
| **Knights of Columbus U.S. All Cap Index Fund** | **Knights of Columbus Real Estate Fund** |
| **Knights of Columbus International Equity Fund** | **Knights of Columbus International Equity Fund** |

---

**Annual Report \| October 31, 2022** 

<br> **The Advisors' Inner Circle Fund III**<br>

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---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS FUNDS** |
|  | **OCTOBER 31, 2022** |

---

---

| | |
|:---|:---|
| **TABLE OF CONTENTS** | |
| [Letter to Shareholders](#tx237149_1) | 1 |
| [Management's Discussion and Analysis of Fund Performance](#tx237149_2) | 4 |
| [Schedules of Investments](#tx237149_3) | 14 |
| [Glossary](#tx237149_4) | 60 |
| [Statements of Assets and Liabilities](#tx237149_5) | 61 |
| [Statements of Operations](#tx237149_6) | 63 |
| [Statements of Changes in Net Assets](#tx237149_7) | 65 |
| [Financial Highlights](#tx237149_8) | 74 |
| [Notes to Financial Statements](#tx237149_9) | 77 |
| [Report of Independent Registered Public Accounting Firm](#tx237149_10) | 94 |
| [Trustees and Officers of The Advisors' Inner Circle Fund III](#tx237149_11) | 95 |
| [Disclosure of Fund Expenses](#tx237149_12) | 99 |
| [Notice to Shareholders](#tx237149_13)<br>| 101  |

---

The Funds file their complete schedules of investments with the Securities and Exchange Commission ("SEC") for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT (Form N-Q for filings prior to March 31, 2020). The Funds' Forms N-Q and Form N-PORT reports are available on the SEC's website at https://www.sec.gov, and may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to fund securities, as well as information relating to how the Funds voted proxies relating to fund securities during the most recent 12-month period ended June 30, is available (i) without charge, upon request, by calling 1-844-523-8637; and (ii) on the SEC's website at https:// www.sec.gov.

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS FUNDS** |
|  | **OCTOBER 31, 2022** |

---

**LETTER TO SHAREHOLDERS (*Unaudited*)** 

Dear Fellow Shareholders:

Knights of Columbus Asset Advisors, LLC is pleased to present this annual report for Knights of Columbus Funds for the fiscal year ending October 31, 2022. The markets and the economy moved from a heavy focus on Covid to a renewed focus on inflation. I recently found the text of a speech I gave in 2012 and commented that the Fed was aggressively creating liquidity to avoid a deflationary environment. The last major bout of inflation in the United States occurred in the early 1980s when former Fed Chair Paul Volcker raised the Federal Funds Rate to over 20% to choke off energy-led inflationary effects from the late 1970s. I have often commented that the cure for inflation is well known and highly effective, albeit, quite painful. The antidote for deflation is not known and we watched Japan battle deflation for decades. While one cannot completely induce spending, one can put the brakes on excess inflation by driving the cost of money so high that a recessionary environment cancels both growth and inflation. The tremendous stimulus, some may argue excessive stimulus, kept the economy afloat during the early days of Covid. However, the continuous rounds of stimulus and low-interest rates served as the tinder to control the high inflation we have been experiencing. Today (November 10, 2022), the CPI was released, and the headline annual inflation number was 50 basis points below last month's inflation reading and the bond and stock markets rallied. There is much to do, but we may have put a cap on inflation. A continuing concern is that an attempt to quickly shift to renewable energy has caused energy prices to rise substantially over the last year and this issue is not solved. We believe this will be a headwind for the economy and the capital markets as we continue into 2023.

Over the trailing twelve months, the equity markets saw strong results with the Russell 1000<sup>®</sup> Growth Index returning -24.6%, the Russell 1000<sup>®</sup> Value Index returning -7.0%, the Russell 2000<sup>®</sup> Index returning -18.5%, and the FTSE All-World ex-U.S. Index returning -24.0%. The bond market has been very weak due to rising rates and widening spreads in the Bloomberg US Aggregate Bond Index returned -15.7%, representing core fixed income results, and the Bloomberg 1-3 Year US Government/Credit Index returned -4.9%, representing short-duration fixed income.

During the twelve months that ended October 31, 2021, the stock market was concerned that inflation and rising rates caused the cost of capital to rise, and this was much more of a hit to growth stocks versus their value counterparts. The concerns of a recession also hurt consumer sentiment, and this served as a headwind for growth stocks. The Fed has aggressively increased the Fed Funds rate with four hikes of 75 basis points. Inflation, as measured by the Consumer Price Index, finished October up 7.7% for the trailing twelve months. When factoring out food and energy, inflation still rose 6.3%. During the last twelve months, the 10-Year Treasury peaked at 4.24% on October 24, 2022, hit a low of 1.35% on December 3, 2021, and ended the fiscal year at 4.05%.

Through the end of the third quarter of 2021, Gross Domestic Product ("GDP") rose by 2.6% on a year-over-year basis (or more specifically from third quarter 2021 results). With inflation and wages rising, a shortage of workers, and continued kinks in the supply chain, investors were correctly concerned that long-dormant inflation would be back. The Fed initially espoused that inflation would be transitory, but, at KoCAA, we believed some structural issues would extend the inflation story. Other key economic indicators, such as Industrial Production, Capacity Utilization, and Durable Goods Orders are still showing signs of strength. Labor costs, supply chain issues, and energy costs are having a larger impact on the economy.

Unemployment is very low by historic standards and stood at 3.7% in October 2022. The gauge of underemployment stood at 6.8% and we continue to see strong wage growth, albeit a bit more modest than we saw in the summer. Labor costs remain a significant expense and many businesses report that it is very hard to find the right employees. The employment picture will need to brighten for stronger economic recovery.

The current political rancor, in our view, is certainly concerning as it feels as though U.S. politics is a zero-sum game with the compromise being a very foreign concept. While the final election results are not in, it appears that we will have a Republican Congress and a likely split Senate. This will make for a very slow legislative period for President Biden's last two years in his first term.

KoCAA is very thankful for our shareholder base which continues to grow, and our fund family remains above $1 billion in total assets as strong inflows have offset market weakness. We look forward to an even more successful fiscal year in 2023, particularly as KoCAA has launched an Investment Advisor Representative ("IAR") program that features the Knights of Columbus Funds. The nine proprietary funds included in the IAR program currently represent the broadest array of Catholic funds offered by any single provider. We are proud of what we have built and continue to work hard for our shareholders every day.

As always, we appreciate your confidence in our team and look forward to serving you in the future.

Sincerely,

Anthony V. Minopoli

President & Chief Investment Officer

The information provided herein represents the opinion of the manager at a specific point in time and is not intended to be a forecast of future events, a guarantee of future results nor investment advice.

**1** 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS FUNDS** |
|  | **OCTOBER 31, 2022** |

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*The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call 1-844-KC-FUNDS or visit www.kofcassetadvisors.org.* 

*Mutual fund investing involves risk. Some mutual funds have more risk than others. The investment return and principal value will fluctuate and shares when sold may be worth more or less than the original cost. Fixed income investments are subject to interest rate risk, and their value will decline as interest rates rise. Asset allocation and diversification do not assure a profit or protect against loss in declining markets. There is no guarantee a fund's objectives will be achieved. The risks associated with each fund are explained more fully in each fund's respective prospectus. Investors should consult with their attorney, accountant, and/or tax professional for advice concerning their particular situation.* 

**2** 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS FUNDS** |
|  | **OCTOBER 31, 2022** |

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**<u>Definitions of Comparative Indices</u>**

**Bloomberg US Aggregate Bond Index** 

The Bloomberg US Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS and CMBS (agency and non-agency). Provided the necessary inclusion rules are met, US Aggregate eligible securities also contribute to the multi-currency Global Aggregate Index and the US Universal Index, which includes high yield and emerging markets debt. The US Aggregate Bond Index was created in 1986.

**Bloomberg 1-3 Year US Government/Credit Index** 

The Bloomberg US Government/Credit Index is the non-securitized component of the US Aggregate Index and was the first macro index launched by Capital. The US Government/Credit Index includes Treasuries (i.e., public obligations of the US Treasury that have remaining maturities of more than one year), government-related issues (i.e., agency, sovereign, supranational, and local authority debt), and corporates. The US Government/Credit Index was launched on January 1, 1979 and is a subset of the US Aggregate Index. The 1-3 year index includes all medium and larger issues of US government, investment-grade corporate, and investment-grade international dollar-denominated bonds that have maturities of between 1 and 3 years and are publicly issued.

**Russell 1000<sup>®</sup> Growth Index** 

The Russell 1000<sup>®</sup> Growth Index measures the performance of the large-cap growth segment of the US equity universe. It includes those Russell 1000<sup>®</sup> companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000<sup>®</sup> Growth Index is constructed to provide a comprehensive and unbiased barometer for the large-cap growth segment. The Russell 1000<sup>®</sup> Growth Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect growth characteristics.

**Russell 1000<sup>®</sup> Value Index** 

The Russell 1000<sup>®</sup> Value Index measures the performance of the large-cap value segment of the US equity universe. It includes those Russell 1000<sup>®</sup> companies with lower price-to-book ratios and lower expected growth values. The Russell 1000<sup>®</sup> Value Index is constructed to provide a comprehensive and unbiased barometer for the large-cap value segment. The Russell 1000<sup>®</sup> Value Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics.

**Russell 2000<sup>®</sup> Index** 

The Russell 2000<sup>®</sup> Index measures the performance of the small-cap segment of the US equity universe. The Russell 2000<sup>®</sup> Index is a subset of the Russell 3000<sup>®</sup> Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000<sup>®</sup> Index is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set.

**FTSE All-World ex-US Index** 

The FTSE All-World ex-US Index is one of a number of indexes designed to help investors benchmark their international investments. The index comprises Large and Mid-cap stocks providing coverage of Developed and Emerging Markets excluding the US. The index is derived from the FTSE Global Equity Index Series (GEIS), which covers 98% of the world's investable market capitalization.

**S&P 500 Index** 

The S&P 500 Index is an unmanaged capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic stock market through changes in the aggregate market value of 500 stocks representing all major industries.

**FTSE Nareit Equity REITs Index** 

FTSE Nareit Equity REITs Index contains all Equity REITs not designated as Timber REITs or Infrastructure REITs. Prior to December 2010, the index included Timber REITs and Infrastructure REITs.

**Knights of Columbus U.S. All Cap Index** 

Adheres to the United States Conference of Catholic Bishops' Socially Responsible Investment Guidelines ("USCCB Guidelines"). The Knights of Columbus U.S. All Cap Index consists of all common stocks and real estate investment trusts in the Solactive US Broad Market Index excluding companies that are determined by Institutional Shareholder Services to be involved with enterprises that conflict with the USCCB Guidelines. The Market Index includes the 3,000 U.S. companies with the largest free-float market capitalizations.

**HFRX Equity Market Neutral Index** 

The HFRX Equity Market Neutral Index employs sophisticated quantitative techniques of analyzing price data to ascertain information about future price movement and relationships between securities, select securities for purchase and sale. These can include both Factor-based and Statistical Arbitrage/Trading Strategies.

**EBITDA** 

EBITDA is a statistic used to assess a company's operating performance. It is a proxy for the cash flow generated by its complete operations.

**3** 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS FUNDS** |
|  | **OCTOBER 31, 2022** |

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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE (*Unaudited*)

**<u>Knights of Columbus Limited Duration Fund</u>**

The Bloomberg 1-3 Year US Government/Credit Index (USD) returned -4.88% for the year ended October 31, 2022. Most sectors underperformed as investors shied away from risk while the Federal Reserve (Fed) increased rates. Financials were the worst-performing sector in the Index.

The Knights of Columbus Limited Duration Fund I Shares returned –4.94% for the year, slightly lagging the benchmark. The primary driver of the portfolio underperformance for the year ended October 31, 2022, was our continued overweight allocation to spread product. Within our allocations, the largest contributors to the poor performance were the fund's overweight to the Asset-Backed and Mortgage-Backed Securities sectors. This was the result of rising interest rates, which lengthened durations on mortgage securities, and a reduction in risk sentiment which induced wider spreads for asset-backed securities. Providing some offset to this was the fund's overweight allocation to the Financials sector, which outperformed the index's Financials return.

The Fed has been focused on beating back inflation, which accelerated to a peak rate of 9.1% annual increase in June and now stands at 7.7% compared to 6.2% a year ago. This, combined with a tight labor market, caused them to aggressively raise interest rates this year as they followed the initial 25 basis point (bps) hike in March with a 50 bps increase in May then four 75 bps moves higher to bring the Federal Funds rate to 4%. We expect the Fed to moderate rate increases as we approach the level needed to bring inflation back to its 2% long-term target. However, that rate will be determined by the pace at which policy rates flow through to the economy. This fine-tuning is likely to combine with continued headwinds from geopolitical developments and keep volatility elevated. We believe caution is warranted in this environment and issue selection will be key.

*This material represents the manager's assessment of the portfolio and market environment at a specific point in time and should not be relied upon by the reader as research or investment advice. Investing involves risk including loss of principal. The information provided herein represents the opinion of the manager and is not intended to be a forecast of future events, a guarantee of future results or investment advice.* 

AVERAGE ANNUAL TOTAL RETURN <sup>†1,</sup> <sup>2</sup>

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| | | | | |
|:---|:---|:---|:---|:---|
| | One Year<br>Return | Three Year<br>Return | Five Year<br>Return | Annualized<br>Inception to<br>Date |
|  I Shares\*‡ | -4.94% | -0.56% | 0.67% | 0.80% |
|  Class S Shares\*\* | -5.03% | -0.65% | 0.58% | 0.75% |
|  Bloomberg 1-3 Year<br> US Government/Credit<br> Index\*\*\* | -4.88% | -0.57% | 0.68% | 0.78% |

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Comparison of Change in the Value of a $25,000 Investment in the Knights of Columbus Limited Duration Bond Fund, I Shares versus the Bloomberg 1-3 Year US Government/Credit Index.

![LOGO](g237149g54v54.jpg)

\* Commenced operations on February 27, 2015. The graph is based on I Shares only; performance for Class S Shares would have been lower due to differences in fee structures.

\*\* Commenced operations on July 14, 2015.

\*\*\* Index returns are shown from February 27, 2015. See definition of comparative index on page 3.

† If the Adviser had not waived a portion of its fee, the Fund's total return may have been lower.

‡ See Note 1 in the Notes to Financial Statements.

<sup>1</sup> The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. The Fund's performance assumes the reinvestment of dividends and capital gains. Index returns assume reinvestment of dividends and, unlike a Fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index. There are no assurances that the Fund will meet its stated objectives. The Fund's holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities.

<sup>2</sup> Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund Shares.

**4** 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS FUNDS** |
|  | **OCTOBER 31, 2022** |

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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE (*Unaudited*)

**<u>Knights of Columbus Core Bond Fund</u>**

The Bloomberg U.S. Aggregate Bond Index returned -15.68% for the year ended October 31, 2022. All sectors underperformed as investors shied away from risk while the Federal Reserve (Fed) increased rates. Utilities, Financials, and Mortgage-backed Securities (MBS) were the worst-performing sectors in the Index.

The Knights of Columbus Core Bond Fund I Shares returned -16.68% for the year, lagging the benchmark. The primary driver of the portfolio underperformance for the year ended October 31, 2022, was our continued overweight allocation to spread product. Within our allocations, the largest contributor to the poor performance was the fund's overweight to the Financial sector. This was the result of the inversion of the yield curve as spreads between 2-year Treasuries and 10-year Treasuries went from +106 basis points (bps) to -43 bps as short rates rose faster than long rates. This sector was especially hard hit due to the fund's positions in longer bank issues. Providing some offset to this was the fund's underweight allocation to the MBS sector.

The Fed has been focused on beating back inflation, which accelerated to a peak rate of 9.1% annual increase in June and now stands at 7.7% compared to 6.2% a year ago. This, combined with a tight labor market, caused them to aggressively raise interest rates this year as they followed the initial 25 basis point (bps) hike in March with a 50 bps increase in May then four 75 bps moves higher to bring the Federal Funds rate to 4%. We expect the Fed to moderate rate increases as we approach the level needed to bring inflation back to its 2% long-term target. However, that rate will be determined by the pace at which policy rates flow through to the economy. This fine-tuning is likely to combine with continued headwinds from geopolitical developments and keep volatility elevated. We believe caution is warranted in this environment and issue selection will be key.

*This material represents the manager's assessment of the portfolio and market environment at a specific point in time and should not be relied upon by the reader as research or investment advice. Investing involves risk including loss of principal. The information provided herein represents the opinion of the manager and is not intended to be a forecast of future events, a guarantee of future results or investment advice.* 

AVERAGE ANNUAL TOTAL RETURN <sup>†1 ,2</sup>

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| | | | | |
|:---|:---|:---|:---|:---|
| | One<br> Year<br>Return | Three<br> Year<br> Return | Five Year<br> Return | Annualized<br>Inception to<br>Date |
|  I Shares\*‡ | -16.68% | -3.85% | -0.57% | 0.47% |
|  Class S Shares\*\* | -16.60% | -3.92% | -0.66% | 0.64% |
| Bloomberg US Aggregate Bond Index\*\*\* | -15.68% | -3.77% | -0.54% | 0.32% |

---

Comparison of Change in the Value of a $25,000 Investment in the Knights of Columbus Core Bond Fund, I Shares versus the Bloomberg US Aggregate Bond Index.

![LOGO](g237149g98v92.jpg)

\* Commenced operations on February 27, 2015. The graph is based on I Shares only; performance for Class S Shares would have been lower due to differences in fee structures.

\*\* Commenced operations on July 14, 2015.

\*\*\* Index returns are shown from February 27, 2015. See definition of comparative index on page 3.

† If the Adviser had not waived a portion of its fee, the Fund's total return may have been lower.

‡ See Note 1 in the Notes to Financial Statements.

<sup>1</sup> The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. The Fund's performance assumes the reinvestment of dividends and capital gains. Index returns assume reinvestment of dividends and, unlike a Fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index. There are no assurances that the Fund will meet its stated objectives. The Fund's holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities.

<sup>2</sup> Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

**5** 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS FUNDS** |
|  | **OCTOBER 31, 2022** |

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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE (*Unaudited*)

**<u>Knights of Columbus Long/Short Equity Fund</u>**

The benchmark HFRX Equity Market Neutral Index rose 0.01% from October 29, 2021, through October 31, 2022. The Knights of Columbus Long/Short Equity Fund rose 17.55% on a net basis over the same period.

The last 12 months witnessed three significant macroeconomic shocks that rattled markets and led to an environment of significant uncertainty: Inflation reaching levels not seen in 40 years; The Federal Reserve enacting significant interest rate increases; Russia-Ukraine war amplified inflationary trends and fears.

These shocks had a significant negative effect on both equity and bond markets. The S&P 500 declined -14.63% in the 12 months. Bond markets, which have benefitted from 40 years of declining interest rates, also declined sharply. The Markit iBoxx USD Liquid Investment Grade Index declined -22.04% during the same period.

Though many may claim they can predict the future, the data suggests they cannot. We are skeptical of pundits and have no idea how the future will unfold. Less than 18 months ago, the conventional and very popular opinion among prognosticators, managers, and most market participants was that "this time it is different" and inflation has been suppressed forever. Low-interest rates were taken for granted allowing firms to adopt debt-driven and money-losing business models and governments to spend their way out of the 2008 recession and the 2020 COVID crisis. Fast forward to today and the world is scrambling to undo the excesses of the last decade.

No matter the short-term political and economic outcome, what we do know is that the global order is irrevocably changing. Offshoring is a thing of the past with reshoring, nearshoring and friend shoring becoming the new corporate supply chain mantra with economic nationalism amplifying these trends. But with these changes come higher costs and inflation.

Modern monetary theory, which was gaining significant traction in the last decade, is now dead. There are consequences to indiscriminate spending. Legendary investor Jean-Marie Eveillard once quipped "If printing money could solve all our problems, we can be sure they would have figured that out already." 1 Statements like this are self-evident in our view.

Some of our long positions are pricing in the certain collapse of the global economy and the end of globalization. In contrast, our shorts price in an almost certain resumption of Fed rate cuts returning markets to a speculative mode and unrestrained globalization. In our view, this pricing structure is unsustainable regardless of how events unfold.

The rising inflation and the resulting increase in interest rates have led to a shift from "cash is trash" to cash is now a good asset class. We have always believed that cash is a useful asset class. Our reasoning for that belief, however, is different from the newly popular "wisdom." In our view, the benefit of holding cash in periods when others considered it "trash" was to keep dry powder for when frothy markets inevitably subsided.

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<sup>1</sup> In conversation, quote is an approximation, and he may have been paraphrasing Warren Buffett or Charlie Munger

*This material represents the manager's assessment of the portfolio and market environment at a specific point in time and should not be relied upon by the reader as research or investment advice. Investing involves risk including loss of principal. The information provided herein represents the opinion of the manager and is not intended to be a forecast of future events, a guarantee of future results or investment advice.* 

---

| | | |
|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN <sup>†1,2</sup> | AVERAGE ANNUAL TOTAL RETURN <sup>†1,2</sup> | AVERAGE ANNUAL TOTAL RETURN <sup>†1,2</sup> |
|  | One Year Return | Annualized Inception to Date |
|  I Shares\* | 17.55% | 4.51% |
|  HFRX Equity Market Neutral Index\*\* | 0.01% | -1.56% |

---

Comparison of Change in the Value of a $25,000 Investment in the Knights of Columbus Long/Short Equity Fund, I Shares versus the HFRX Equity Market Neutral Index.

![LOGO](g237149g71c41.jpg)

\* Commenced operations on December 2, 2019. The graph is based on I Shares only. The Fund currently only offers I shares.

\*\* Index returns are shown from December 2, 2019. See definition of comparative index on page 3.

† If the Adviser had not waived a portion of its fee, the Fund's total return may have been lower.

<sup>1</sup> The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. The Fund's performance assumes the reinvestment of dividends and capital gains. Index returns assume reinvestment of dividends and, unlike a Fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index. There are no assurances that the Fund will meet its stated objectives. The Fund's holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities.

<sup>2</sup> Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund Shares.

**6** 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS FUNDS** |
|  | **OCTOBER 31, 2022** |

---

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE (*Unaudited*)

**<u>Knights of Columbus Large Cap Value Fund</u>**

The Russell 1000<sup>®</sup> Value Index fell -7.00% for the year ended October 31, 2022. The index peaked in January and has been sliding lower since. Four sectors had positive returns, with Energy being the clear winner finishing higher by 64.9% followed by Consumer Staples, higher by 5.2%. Seven sectors had negative returns with Communication Services and Information Technology the weakest, falling -30.4% and -23.1%, respectively.

The Knights of Columbus Large Cap Value Fund I Shares returned -6.73% during this time frame. The Financials sector helped performance, with most of it coming from the Banks industry group. First Horizon Corp. (+48.2%, 1.7% Avg. Wgt.) rose 48.2%. It was announced that TD Bank will buy First Horizon for a 37% premium of $13.4B in cash. Ameriprise Financial, Inc. (+4.0%, 1.9%) performed well on the back of the Advice and Wealth Management segment. The segment exhibited growing earnings, expanding margins, and strong net interest income.

The Health Care sector detracted from value due to stock selection. Catalent, Inc. (-49.2%, 1.2%) finished down -49.2%. The company has faced pressure from the slowdown in its COVID business as well as macroeconomic headwinds. They recently cut their FY2023 revenue and EBITDA guidance. Exact Sciences Corp. (-63.4%, 0.8%) also detracted value. The stock sold off with many other growth stocks as interest rates continue to march higher. Further, there is a risk that one of Exact Sciences' competitors will successfully develop a more convenient, blood-based colorectal cancer screening test.

The macroeconomic environment continues to drive movement and volatility in markets. Specific attention remains on central bank policy and rising interest rates as regulators try to tamp down inflation. Adding to the uncertainty are increasing geopolitical tensions, with the Russia/Ukraine war and U.S.-China relations as current hot spots. Given the continued existence of these concerns, we expect to maintain our defensive approach to portfolio construction for the time being. Our focus remains on risk control and stock selection emphasizing companies with stable cash flows, strong balance sheets, and the ability to ride out a turbulent and uncertain economic landscape.

*This material represents the manager's assessment of the portfolio and market environment at a specific point in time and should not be relied upon by the reader as research or investment advice. Investing involves risk including loss of principal. The information provided herein represents the opinion of the manager and is not intended to be a forecast of future events, a guarantee of future results or investment advice.* 

AVERAGE ANNUAL TOTAL RETURN <sup>†1,2</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
| | One<br>Year<br>Return | Three<br>Year<br>Return | Five Year<br>Return | Annualized<br>Inception to<br>Date |
|  I Shares\*‡ | -6.73% | 7.78% | 7.49% | 7.59% |
|  Class S Shares\*\* | -6.83% | 7.67% | 7.37% | 7.95% |
| Russell 1000<sup>®</sup> Value Index\*\*\* | -7.00% | 7.31% | 7.21% | 7.37% |

---

Comparison of Change in the Value of a $25,000 Investment in the Knights of Columbus Large Cap Value Fund, I Shares versus the Russell 1000<sup>®</sup> Value Index.

![LOGO](g237149g75p21.jpg)

\* Commenced operations on February 27, 2015. The graph is based on I Shares only; performance for Class S Shares would have been lower due to differences in fee structures.

\*\* Commenced operations on July 14, 2015.

\*\*\* Index returns are shown from February 27, 2015. See definition of comparative index on page 3.

‡ See Note 1 in the Notes to Financial Statements.

† If the Adviser had not waived a portion of its fee, the Fund's total return may have been lower.

<sup>1</sup> The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. The Fund's performance assumes the reinvestment of dividends and capital gains. Index returns assume reinvestment of dividends and, unlike a Fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index. There are no assurances that the Fund will meet its stated objectives. The Fund's holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities.

<sup>2</sup> Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

**7** 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS FUNDS** |
|  | **OCTOBER 31, 2022** |

---

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE (*Unaudited*)

**<u>Knights of Columbus Large Cap Growth Fund</u>**

The Russell 1000<sup>®</sup> Growth Index returned -24.60% for the twelve months ending October 31, 2022, concluding the post-COVID bull market. The market peaked in mid-November 2021 with the sell-off accelerating throughout 2022 as it became clear the Fed intended to tighten monetary policy in an effort to fight soaring inflation. Sector leadership was broad, with just two sectors underperforming; however, the magnitude of the declines and the size of the sectors within the benchmarks (37% collectively) combined to account for nearly 50% of the total benchmark's decline. Three sectors produced positive returns for the period. Energy (+61.6%) was the top gainer as significant supply/demand imbalances drove prices of fossil fuels higher. Consumer Staples (+2.9%) and Utilities (+2.4%) also gained as investors rotated into defensive holdings. Communication Services (-47.0%) and Consumer Discretionary (-33.1%) led to the declines as investors rotated away from advertising and consumer-spending sensitive companies.

The Knights of Columbus Large Cap Growth Fund I Shares underperformed the benchmark index by -3.76% for the year ending October 31, 2022, with the Fund returning -28.36%. Allocation and selection both hurt returns, though a higher-than-average cash balance helped. The largest detractor was stock selection within Health Care (-35.9%), led by Health Care Equipment & Services. Supply chain issues and China's zero-COVID policy hurt Align Technologies while Contract Research Organization Syneos Health, Inc. dropped after the company cut forward guidance on weaker-than-expected new business awards. On the positive side, stock selection in Consumer Discretionary (-28.9%) helped performance. Health & beauty retailer Ulta Beauty generated positive returns as the company benefitted from post-COVID pent-up demand as daily activity normalized. Additionally, the USCCB restriction on Amazon, Inc. helped performance as the impact of the company's decline was magnified due to its 6.1% average weight in the index.

We continue to see the macro environment as highly unsettled, with a bias towards weaker economic and profit growth as global central banks continue to fight inflation, energy markets remain unbalanced, food prices remain elevated and discontent in Europe continues. As such, we expect to maintain a defensive posture, though recognize the potential for another rally on a technical bounce, a "pivot" to less-restrictive monetary policy, or a change in the current geopolitical environment.

*This material represents the manager's assessment of the portfolio and market environment at a specific point in time and should not be relied upon by the reader as research or investment advice. Investing involves risk including loss of principal. The information provided herein represents the opinion of the manager and is not intended to be a forecast of future events, a guarantee of future results or investment advice.* 

AVERAGE ANNUAL TOTAL RETURN <sup>†1,2</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
| | One<br>Year<br>Return | Three<br>Year<br>Return | Five Year<br> Return | Annualized<br>Inception to<br>Date |
|  I Shares\*‡ | -28.36% | 6.53% | 7.69% | 7.96% |
|  Class S Shares\*\* | -28.39% | 6.43% | 7.61% | 7.98% |
| Russell 1000<sup>®</sup> Growth Index\*\*\* | -24.60% | 11.75% | 12.59% | 12.34% |

---

Comparison of Change in the Value of a $25,000 Investment in the Knights of Columbus Large Cap Growth Fund, I Shares versus the Russell 1000<sup>®</sup> Growth Index.

![LOGO](g237149g86d60.jpg)

\* Commenced operations on February 27, 2015. The graph is based on I Shares only; performance for Class S Shares would have been lower due to differences in fee structures.

\*\* Commenced operations on July 14, 2015.

\*\*\* Index returns are shown from February 27, 2015. See definition of comparative index on page 3.

‡ See Note 1 in the Notes to Financial Statements.

† If the Adviser had not waived a portion of its fee, the Fund's total return may have been lower.

<sup>1</sup> The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. The Fund's performance assumes the reinvestment of dividends and capital gains. Index returns assume reinvestment of dividends and, unlike a Fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index. There are no assurances that the Fund will meet its stated objectives. The Fund's holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities.

<sup>2</sup> Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

**8** 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS FUNDS** |
|  | **OCTOBER 31, 2022** |

---

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE (*Unaudited*)

**<u>Knights of Columbus Small Cap Fund</u>**

The Russell 2000<sup>®</sup> Index returned -18.54% for the twelve months ending October 31, 2022, concluding the post-COVID bull market. The market peaked in mid-November 2021 with the sell-off accelerating throughout 2022 as it became clear the Fed intended to tighten monetary policy in an effort to fight soaring inflation. Sector leadership was mixed, with six sectors outperforming and five underperforming. Two sectors produced positive returns for the period. Energy (+43.3%) was the top gainer as significant supply/demand imbalances drove prices of fossil fuels higher, while Utilities (+3.7%) also gained as investors rotated into defensive holdings. Communication Services (-41.05%) and Health Care (-31.3%) led the declines as investors rotated away from advertising-spending sensitive companies and biotechnology shares.

The Knights of Columbus Small Cap Fund I Shares slightly underperformed the benchmark index by -0.05% for the year ending October 31, 2022, with the Fund returning -18.59%. Allocation decisions, including a higher-than-average cash balance, helped while selection hurt returns. Overall, the portfolio outperformed in seven of eleven sectors. The largest contributor was stock selection within, and an overweight too, Consumer Staples (+16.9%). Three of five holdings produced positive returns, led by distillery MGP Ingredients and wholesale membership club BJs Wholesale. On the negative side, stock selection in Information Technology (-41.2%) detracted the most from performance, with negative attribution mostly centered in Software & Services. Growth-oriented software firms LivePerson, DigitalOcean, and Rapid7 all declined as investors rotated away from high-growth, high-valuation companies.

We continue to see the macro environment as highly unsettled, with a bias towards weaker economic and profit growth as global central banks continue to fight inflation, energy markets remain unbalanced, food prices remain elevated and discontent in Europe continues. As such, we expect to maintain a defensive posture, though recognize the potential for another rally on a technical bounce, a "pivot" to less-restrictive monetary policy, or a change in the current geopolitical environment.

*This material represents the manager's assessment of the portfolio and market environment at a specific point in time and should not be relied upon by the reader as research or investment advice. Investing involves risk including loss of principal. The information provided herein represents the opinion of the manager and is not intended to be a forecast of future events, a guarantee of future results or investment advice.* 

AVERAGE ANNUAL TOTAL RETURN <sup>†1</sup> <sup>2</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
| | One Year<br>Return | Three Year<br>Return | Five Year<br>Return | Annualized<br>Inception to<br>Date |
|  I Shares\*‡ | -18.59% | 6.44% | 4.10% | 5.52% |
|  Class S Shares\*\* | -18.61% | 6.34% | 4.01% | 4.94% |
|  Russell 2000<sup>®</sup> Index\*\*\* | -18.54% | 7.05% | 5.56% | 6.81% |

---

Comparison of Change in the Value of a $25,000 Investment in the Knights of Columbus Small Cap Fund, I Shares versus the Russell 2000<sup>®</sup> Index.

![LOGO](g237149g86f91.jpg)

\* Commenced operations of February 27, 2015. The graph is based on I Shares only; performance for Class S Shares would have been lower due to differences in fee structures.

\*\* Commenced operations on July 14, 2015.

\*\*\* Index returns are shown from February 27, 2015. See definition of comparative index on page 3.

‡ See Note 1 in the Notes to Financial Statements.

† If the Adviser had not waived a portion of its fee, the Fund's total return may have been lower.

<sup>1</sup> The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. The Fund's performance assumes the reinvestment of dividends and capital gains. Index returns assume reinvestment of dividends and, unlike a Fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index. There are no assurances that the Fund will meet its stated objectives. The Fund's holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities.

<sup>2</sup> Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

**9** 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS FUNDS** |
|  | **OCTOBER 31, 2022** |

---

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE (*Unaudited*)

**<u>Knights of Columbus U.S. All Cap Index Fund</u>**

The broad U.S. stock market, as defined by the Knights of Columbus U.S. All Cap Index<sup>®</sup>, fell -18.25% from October 29, 2021 – October 31, 2022.

Reflecting this environment, The Knights of Columbus Index Fund fell -18.39% as the portfolio continues to execute on its objective to maintain securities' weightings in accordance with the index.

The fund, which offers investors exposure to every segment, size, and style of the U.S. equity market that is consistent with USCCB guidelines closely tracked its target index, the Knights of Columbus U.S. All Cap Index<sup>®</sup>.

*This material represents the manager's assessment of the portfolio and market environment at a specific point in time and should not be relied upon by the reader as research or investment advice. Investing involves risk including loss of principal. The information provided herein represents the opinion of the manager and is not intended to be a forecast of future events, a guarantee of future results or investment advice.* 

AVERAGE ANNUAL TOTAL RETURN <sup>†1,2</sup>

---

| | | |
|:---|:---|:---|
| | One<br> Year<br>Return | Annualized<br>Inception to<br>Date |
|  I Shares\* | -18.39% | 7.68% |
|  Knights of Columbus |  |  |
|  U.S. All Cap Index<sup>®</sup>\*\* | -18.25% | 8.10% |

---

Comparison of Change in the Value of a $25,000 Investment in the Knights of Columbus U.S. All Cap Index Fund, I Shares versus the Knights of Columbus U.S. All Cap Index<sup>®</sup>.

![LOGO](g237149g99r30.jpg)

\* Commenced operations on December 31, 2019. The graph is based on I Shares only. The Fund currently only offers I shares.

\*\* Index returns are shown from December 31, 2019. See definition of comparative index on page 3.

† If the Adviser had not waived a portion of its fee, the Fund's total return may have been lower.

<sup>1</sup> The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when

redeemed, may be worth less than its original cost. The Fund's performance assumes the reinvestment of dividends and capital gains. Index returns assume reinvestment of dividends and, unlike a Fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index. There are no assurances that the Fund will meet its stated objectives. The Fund's holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities.

<sup>2</sup> Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

**10** 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS FUNDS** |
|  | **OCTOBER 31, 2022** |

---

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE (*Unaudited*)

**<u>Knights of Columbus Real Estate Fund</u>**

U.S. Real estate stocks posted a loss for the period between November 1, 2021 and October 31, 2022, with macroeconomic uncertainty exacerbated by geopolitical tension driving a sell-off in risk assets, including listed real estate shares. The FTSE Nareit Equity REITs Index (the "Index") had a total return of -18.51%, while the Knights of Columbus Real Estate Fund (the "Fund") generated a total net return of -15.77%, outperforming the Index by 274 basis points.

During the year, despite continued strong industry fundamentals, the REIT market was weighed down by exogenous factors, including:

• Elevated inflation and its potential impact on consumer confidence and the economy;

• Concerns over the pace/timing of stimulus withdrawal and rate hikes by the U.S. Fed;

• Geopolitical stress driven by Russia's invasion of Ukraine; and

• Covid lockdowns in China exacerbating existing supply chain disruptions

A historical review of listed real estate returns during periods of rising inflation serves as a reminder that real estate values tend to increase with inflation, as rising inflation is typically an indicator of a growing economy – the most important driver of demand for most property types. Additionally, commercial real estate leases often incorporate annual rent escalators, helping to provide additional protection of real estate cash flows during inflationary periods.

Capital markets were also impacted during the period by the continued Russia-Ukraine conflict and the resulting impact on commodity prices and the global supply chain. Higher energy prices, may reduce consumer spending and negatively impact sectors exposed to discretionary spending.

The Fund's stock selection in the Timber sector was a contributor to relative returns vs. the benchmark. The Fund also benefited from its stock selection in the Office, The Fund's stock selection in the Lodging, Diversified, Industrial, and certain Specialty sectors were detractors to relative returns. We believe that the sell-off in Specialty property types with strong fundamentals, such as Data Centers and Cell Towers, has presented deep value investment opportunities for the Fund.

Despite the macroeconomic and geopolitical headlines, our outlook for the real estate industry continues to be constructive. Real estate fundamentals and earnings growth remain strong amidst an environment characterized by low supply in many sectors, paired with high construction costs. These factors, along with commercial real estate's demonstrated performance as an effective hedge against high inflation, bode well for the outlook for owners of high-quality, income-producing, well-located real estate.

Our high conviction, benchmark-agnostic investment approach allows us to maintain a laser-focus on identifying and owning only the highest-quality companies in our investable universe. We have high conviction in our fundamental research and confidence in

the management teams of the companies we own. While capital markets continue to experience transitory periods of market fixation on non-fundamental factors, we believe our portfolio is well-positioned as investor attention turns back to fundamentals.

*This material represents the manager's assessment of the portfolio and market environment at a specific point in time and should not be relied upon by the reader as research or investment advice. Investing involves risk including loss of principal. The information provided herein represents the opinion of the manager and is not intended to be a forecast of future events, a guarantee of future results or investment advice.* 

*Knights of Columbus Assets Advisors serves as Investment Advisor to the Fund and overseas the activities of Ranger Global Real Estate Advisors LLC as the Fund's investment sub-adviser. Knights of Columbus owns 16.48% of Ranger Global Real Estate Advisors LLC.* 

AVERAGE ANNUAL TOTAL RETURN <sup>†1,2</sup>

---

| | | | |
|:---|:---|:---|:---|
| | One<br>Year<br>Return | Three<br>Year<br>Return | Annualized<br>Inception to<br> Date |
|  I Shares\* | -15.77% | 1.26% | 2.29% |
| FTSE NAREIT Equity REITs Index\*\* | -18.51% | -0.92% | -0.46% |

---

Comparison of Change in the Value of a $25,000 Investment in the Knights of Columbus Real Estate Fund, I Shares versus the FTSE NAREIT Equity REITs Index.

![LOGO](g237149g58d11.jpg)

\* Commenced operations on September 30, 2019. The graph is based on I Shares only. The Fund currently only offers I shares.

\*\* Index returns are shown from September 30, 2019. See definition of comparative index on page 3.

† If the Adviser had not waived a portion of its fee, the Fund's total return may have been lower.

<sup>1</sup> The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. The Fund's performance assumes the reinvestment of dividends and capital gains. Index returns assume reinvestment of dividends and, unlike a Fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly

**11** 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS FUNDS** |
|  | **OCTOBER 31, 2022** |

---

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE (*Unaudited*)

in an unmanaged index. There are no assurances that the Fund will meet its stated objectives. The Fund's holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities.

<sup>2</sup> Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

**12** 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS FUNDS** |
|  | **OCTOBER 31, 2022** |

---

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE (*Unaudited*)

**<u>Knights of Columbus International Equity Fund</u>**

The FTSE All-World ex US Index declined -23.96% for the year ended October 31, 2022, joining most global equity indices that fell in response to rising interest rates, weakening economies, and high inflation. Only one sector had a positive return, with Energy rising 5.4% after benefitting from higher prices due to the Ukraine invasion. Four sectors fell more than 30%, including Real Estate, Consumer Discretionary, Communication Services, and Information Technology. Latin America was the best, and only positive, region, climbing 14.8%. Emerging Asia was the weakest, falling -33.0%, driven by its largest country, China.

The Knights of Columbus International Equity Fund I Shares returned -26.80% over the same time frame. The Information Technology sector experienced the best stock selection. This was the worst-returning sector overall, so success involved avoiding the worst names, like Shopify Inc., which fell -76.5%. There were also good holdings, like Edenred, a French payments company, that rose 16.0%. Energy was also a positive sector for selection and was the opposite corollary to Technology – it was the best-returning sector and winning involved picking very strong names. This included Canadian Natural Resources, up 51.3%, and Equinor ASA, the Norwegian firm that rose 50.0% by being the largest seller of natural gas to Europe.

Consumer Staples was the worst sector for stock selection. Sainsbury PLC, a UK grocer, fell -37.0%. L'Oreal, the French cosmetics firm, was also weak, falling -30.2%, as companies with high valuations fell in response to rising interest rates. Communication Services was also poor. Traditional telecommunications companies are more defensive and held up much better, but companies in the media and entertainment group doing business in China were hit hard. Baidu Inc., down -50.6%, and Netease Inc., down -44.0%, were both hurt by a confluence of factors in China, including a government crackdown on internet companies, the zero-Covid policy, and a weakening economy.

For most of the time period, returns were driven by factors that had not been in place, either at all or to the same degree, during the preceding years, including rising inflation and interest rates as well as influences due to the war in Ukraine. This led to a very different investing environment, or regime, and required some repositioning in the portfolio. We expect low and volatile returns to continue in the near term as much of the world deals additionally with declining economic activity. While we always seek to select the best companies for our portfolio, whatever is best will vary by regime, so the holdings will have to be nimble in the coming quarters.

*This material represents the manager's assessment of the portfolio and market environment at a specific point in time and should not be relied upon by the reader as research or investment advice. Investing involves risk including loss of principal. The information provided herein represents the opinion of the manager and is not intended to be a forecast of future events, a guarantee of future results or investment advice.* 

AVERAGE ANNUAL TOTAL RETURN <sup>†1,2</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
| | One Year<br>Return | Three Year<br>Return | Five Year<br>Return | Annualized<br>Inception to<br>Date |
|  I Shares\*‡ | -26.80% | -0.76% | -0.22% | 2.64% |
|  Class S Shares\*\* | -26.88% | -0.88% | -0.37% | 2.77% |
| FTSE All-World ex-US Index\*\*\* | -23.96% | -0.87% | 0.11% | 2.21% |

---

Comparison of Change in the Value of a $25,000 Investment in the Knights of Columbus International Equity Fund, I Shares versus the FTSE All-World ex-US Index.

![LOGO](g237149g18n00.jpg)

\* Commenced operations of February 27, 2015. The graph is based on I Shares only; performance for Class S Shares would have been lower due to differences in fee structures.

\*\* Commenced operations on July 14, 2015.

\*\*\* Index returns are shown from February 27, 2015. See definition of comparative index on page 3.

† If the Adviser had not waived a portion of its fee, the Fund's total return may have been lower.

‡See Note 1 in the Notes to Financial Statements.

<sup>1</sup> The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. The Fund's performance assumes the reinvestment of dividends and capital gains. Index returns assume reinvestment of dividends and, unlike a Fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index. There are no assurances that the Fund will meet its stated objectives. The Fund's holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities.

<sup>2</sup> Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

**13** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **LIMITED DURATION FUND** |
| | **OCTOBER 31, 2022**<br>|

---

**SECTOR WEIGHTINGS† (Unaudited)**![LOGO](g237149g45y07.jpg)

*†* *Percentages based on total investments.* 

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **U.S. TREASURY OBLIGATIONS — 43.2%** | **U.S. TREASURY OBLIGATIONS — 43.2%** | **U.S. TREASURY OBLIGATIONS — 43.2%** |
|  | **Face Amount** | **Value** |
|  U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 06/15/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27900000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26818875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 04/30/24 | 5300000 | 5136445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 03/31/24 | 9830000 | 9507069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 02/15/25 | 4040000 | 3777558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 01/15/24 | 11356000 | 10754931 |
|  United States Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.191%, 12/15/22(A) | 5700000 | 5675634 |
|  Total U.S. Treasury Obligations<br>(Cost $63,907,570) |  | 61670512 |
| **CORPORATE OBLIGATIONS — 42.6%** | **CORPORATE OBLIGATIONS — 42.6%** | **CORPORATE OBLIGATIONS — 42.6%** |
| **COMMUNICATION SERVICES — 1.9%** | **COMMUNICATION SERVICES — 1.9%** | **COMMUNICATION SERVICES — 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Bell Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 03/17/24 | 548000 | 515467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charter Communications Operating |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 02/01/24 | 557000 | 548578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Discovery Communications |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 03/13/24 | 606000 | 588671 |
| &nbsp;&nbsp;&nbsp;&nbsp; NTT Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.583%, 03/01/24(B) | 1131000 | 1063727 |
|  |  | 2716443 |
| **CONSUMER DISCRETIONARY — 1.6%** | **CONSUMER DISCRETIONARY — 1.6%** | **CONSUMER DISCRETIONARY — 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Aptiv |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.396%, 02/18/25 | 525000 | 489160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brunswick |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.850%, 08/18/24 | 624000 | 570920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daimler Finance North America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 02/22/24(B) | 570000 | 559604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genuine Parts |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 02/01/25 | 673000 | 620679 |
|  |  | 2240363 |

---

---

| | | |
|:---|:---|:---|
| **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | **Face Amount** | **Value** |
| **CONSUMER STAPLES —<br>4.8%** | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 7-Eleven |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.800%, 02/10/24(B) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1104000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1041115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola European Partners |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.800%, 05/03/24(B) | 763000 | 711456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Conagra Brands |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 05/01/24 | 431000 | 424216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Brands |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 11/15/24 | 413000 | 409410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diageo Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 10/24/24 | 1086000 | 1024815 |
| &nbsp;&nbsp;&nbsp;&nbsp; JDE Peet's |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.800%, 09/24/24(B) | 1216000 | 1103144 |
| &nbsp;&nbsp;&nbsp;&nbsp; McCormick |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 08/15/24 | 575000 | 553458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mondelez International Holdings Netherlands BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 09/19/24(B) | 588000 | 552963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nestle Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 01/15/24(B) | 530000 | 501899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suntory Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 10/16/24(B) | 592000 | 549778 |
|  |  | 6872254 |
| **ENERGY — 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chevron USA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 10/15/23 | 449000 | 457521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Continental Resources |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 06/01/24 | 592000 | 570540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Devon Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 09/15/24 | 592000 | 590631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enbridge |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 02/14/25 | 673000 | 628842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Transfer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 05/15/24 | 691000 | 671351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hess |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 07/15/24 | 741000 | 714541 |
| &nbsp;&nbsp;&nbsp;&nbsp; MarkWest Energy Partners |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 07/15/23 | 516000 | 507883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Midstream Operating |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 06/01/25 | 673000 | 638192 |
|  |  | 4779501 |
| **FINANCIALS — 14.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ally Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 05/21/24 | 1365000 | 1318165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Antares Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 08/15/23(B) | 584000 | 575322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ares Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 06/10/24 | 566000 | 544509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Santander |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.701%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 0.450%, 06/30/24(C) | 718000 | 689421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Montreal MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 01/10/25 | 987000 | 905093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Nova Scotia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.700%, 04/15/24 | 610000 | 569352 |

---

*The accompanying notes are an integral part of the financial statements.* 

**14** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **LIMITED DURATION FUND** |
| | **OCTOBER 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | **Face Amount** | **Value** |
| **FINANCIALS — continued** | **FINANCIALS — continued** | **FINANCIALS — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.650%, 07/31/24 | $610000 | $561630 |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock TCP Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 08/23/24 | 1140000 | 1078783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackstone Private Credit Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 09/15/24 | 812000 | 742697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 10/30/24 | 566000 | 539581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.602%, ICE LIBOR USD 3 Month + 4.820%(C)(D) | 368000 | 368000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.042%, ICE LIBOR USD 3 Month + 1.100%, 05/17/24(C) | 857000 | 856939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Discover Financial Services |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 11/06/24 | 557000 | 536810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emera US Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.833%, 06/15/24 | 875000 | 806614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equitable Financial Life Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.100%, 11/12/24(B) | 619000 | 567149 |
| &nbsp;&nbsp;&nbsp;&nbsp; F&G Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.900%, 09/20/24(B) | 943000 | 856825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Franklin BSP Lending |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 12/15/24(B) | 628000 | 584921 |
| &nbsp;&nbsp;&nbsp;&nbsp; FS KKR Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 07/15/24 | 584000 | 560733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.711%, U.S. SOFR + 0.790%, 12/09/26(C) | 512000 | 491489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Golub Capital BDC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 04/15/24 | 588000 | 559648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Main Street Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 05/01/24 | 557000 | 543283 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Bank of Canada MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.550%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 0.400%, 11/15/24(C) | 1100000 | 1042528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Owl Rock Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 04/15/24 | 561000 | 550197 |
| &nbsp;&nbsp;&nbsp;&nbsp; PNC Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 08/27/24 | 449000 | 427980 |
| &nbsp;&nbsp;&nbsp;&nbsp; PNC Financial Services Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.118%, ICE LIBOR USD 3 Month + 3.678%(C)(D) | 377000 | 376050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Principal Life Global Funding II |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 01/10/25(B) | 651000 | 595714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Santander Holdings USA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 06/07/24 | 287000 | 275219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sixth Street Specialty Lending |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 11/01/24 | 575000 | 547258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synchrony Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 03/19/24 | 557000 | 544531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trinity Acquisition |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 08/15/23 | 105000 | 104343 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.700%, 08/09/24(B) | 1032000 | 948134 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | **Face Amount** | **Face Amount** | **Value** | **Value** |
| **FINANCIALS — continued** | **FINANCIALS — continued** | **FINANCIALS — continued** | **FINANCIALS — continued** | **FINANCIALS — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; Webster Financial |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 02/15/24 | $| 987000 | $| 964696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo MTN |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.805%, U.S. SOFR + 0.510%, 05/19/25(C) |  | 584000 |  | 540468 |
|  |  |  |  | 21174082 |
| **HEALTH CARE — 0.7%** | **HEALTH CARE — 0.7%** | **HEALTH CARE — 0.7%** | **HEALTH CARE — 0.7%** | **HEALTH CARE — 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Baxter International |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.322%, 11/29/24 |  | 446000 |  | 410481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.450%, 11/22/24 |  | 633000 |  | 583781 |
|  |  |  |  | 994262 |
| **INDUSTRIALS — 5.6%** | **INDUSTRIALS — 5.6%** | **INDUSTRIALS — 5.6%** | **INDUSTRIALS — 5.6%** | **INDUSTRIALS — 5.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 01/16/24 |  | 242000 |  | 237524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Lease MTN |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.700%, 02/15/24 |  | 552000 |  | 515505 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Airlines Pass-Through Trust, Ser 2015-1 3.700%, 05/01/23 |  | 233501 |  | 225806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Pacific Railway |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.350%, 12/02/24 |  | 1279000 |  | 1180361 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNH Industrial Capital |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 01/15/24 |  | 561000 |  | 551394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daimler Trucks Finance North America |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 12/13/24(B) |  | 1275000 |  | 1172224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Georgia-Pacific |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 05/15/24(B) |  | 539000 |  | 502162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Howmet Aerospace |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 10/01/24 |  | 566000 |  | 558925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson Controls International |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 07/02/24 (E) |  | 503000 |  | 488765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lennox International |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/15/23 |  | 539000 |  | 525806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Penske Truck Leasing LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 08/01/23(B) |  | 444000 |  | 438242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quanta Services |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.950%, 10/01/24 |  | 619000 |  | 564165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teledyne Technologies |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.950%, 04/01/24 |  | 552000 |  | 516253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westinghouse Air Brake Technologies |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 03/15/24 |  | 566000 |  | 553270 |
|  |  |  |  | 8030402 |
| **INFORMATION TECHNOLOGY — 2.6%** | **INFORMATION TECHNOLOGY — 2.6%** | **INFORMATION TECHNOLOGY — 2.6%** | **INFORMATION TECHNOLOGY — 2.6%** | **INFORMATION TECHNOLOGY — 2.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 10/15/24 |  | 516000 |  | 498888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Information Services |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.600%, 03/01/24 |  | 557000 |  | 523778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Infor |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.450%, 07/15/23(B) |  | 485000 |  | 467512 |

---

*The accompanying notes are an integral part of the financial statements.* 

**15** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **LIMITED DURATION FUND** |
| | **OCTOBER 31, 2022**<br>|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | **Face Amount** | **Face Amount** | **Value** | **Value** |
| **INFORMATION TECHNOLOGY — continued** | **INFORMATION TECHNOLOGY — continued** | **INFORMATION TECHNOLOGY — continued** | **INFORMATION TECHNOLOGY — continued** | **INFORMATION TECHNOLOGY — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; Microchip Technology |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.983%, 09/01/24 | $| 359000 | $| 329464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.972%, 02/15/24 |  | 530000 |  | 498613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Renesas Electronics |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.543%, 11/26/24(B) |  | 862000 |  | 782688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roper Technologies |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.350%, 09/15/24 |  | 584000 |  | 554550 |
|  |  |  |  | 3655493 |
| **MATERIALS — 4.3%** | **MATERIALS — 4.3%** | **MATERIALS — 4.3%** | **MATERIALS — 4.3%** | **MATERIALS — 4.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Anglo American Capital |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 09/11/24(B) |  | 534000 |  | 513446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avery Dennison |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.850%, 08/15/24 |  | 628000 |  | 580646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berry Global |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.950%, 02/15/24 |  | 539000 |  | 506902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Celanese US Holdings |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 05/08/24 |  | 732000 |  | 701743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freeport-McMoRan |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 11/14/24 |  | 898000 |  | 880365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mosaic |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 11/15/23 |  | 575000 |  | 568250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sonoco Products |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 02/01/25 |  | 651000 |  | 601047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Steel Dynamics |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 12/15/24 |  | 552000 |  | 522686 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Fraser Timber |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 10/15/24(B) |  | 666000 |  | 646304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westlake |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 08/15/24 |  | 644000 |  | 597454 |
|  |  |  |  | 6118843 |
| **REAL ESTATE — 0.9%** | **REAL ESTATE — 0.9%** | **REAL ESTATE — 0.9%** | **REAL ESTATE — 0.9%** | **REAL ESTATE — 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; American Tower |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.600%, 01/15/24 |  | 830000 |  | 784315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vornado Realty |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 01/15/25 |  | 516000 |  | 479589 |
|  |  |  |  | 1263904 |
| **UTILITIES — 2.1%** | **UTILITIES — 2.1%** | **UTILITIES — 2.1%** | **UTILITIES — 2.1%** | **UTILITIES — 2.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; American Electric Power |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.031%, 03/15/24 |  | 651000 |  | 621476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Black Hills |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.037%, 08/23/24 |  | 925000 |  | 853878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.071%, 08/15/24(E) |  | 507000 |  | 483790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.600%, 02/26/24 |  | 557000 |  | 524465 |
| &nbsp;&nbsp;&nbsp;&nbsp; WEC Energy Group |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.800%, 03/15/24 |  | 566000 |  | 532005 |
|  |  |  |  | 3015614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Obligations (Cost $65,328,473) |  |  |  | 60861161 |

---

---

| | | |
|:---|:---|:---|
| **ASSET-BACKED SECURITIES — 6.8%** | **ASSET-BACKED SECURITIES — 6.8%** | **ASSET-BACKED SECURITIES — 6.8%** |
|  | **Face Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; ABPCI Direct Lending Fund CLO X, Ser 2020-10A, Cl A2A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.393%, ICE LIBOR USD 3 Month + 2.150%, 01/20/32 (B) (C) | $1122000 | $1090130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amur Equipment Finance Receivables VII, Ser 2019-1A, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.630%, 06/20/24 (B) | 24506 | 24438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Benefit Street Partners CLO II, Ser 2021-IIA, Cl A2R2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.529%, ICE LIBOR USD 3 Month + 1.450%, 07/15/29 (B) (C) | 539000 | 522749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackrock Mount Adams CLO IX, Ser 2021-9A, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.972%, ICE LIBOR USD 3 Month + 1.370%, 09/22/31 (B) (C) | 920000 | 894832 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Street CLO IX, Ser 2021-9A, Cl AR3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.179%, ICE LIBOR USD 3 Month + 1.100%, 07/16/32 (B) (C) | 592000 | 569874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cerberus Loan Funding XXXVI, Ser 2021-6A, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.829%, ICE LIBOR USD 3 Month + 1.750%, 11/22/33 (B) (C) | 628000 | 611634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Churchill MMSLF CLO-I, Ser 2021-2A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.198%, ICE LIBOR USD 3 Month + 1.450%, 10/01/32 (B) (C) | 1113000 | 1065302 |
| &nbsp;&nbsp;&nbsp;&nbsp; CoreVest American Finance Trust, Ser 2017-1, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.358%, 10/15/49 (B) | 18403 | 18352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortress Credit Opportunities XI CLO, Ser 2018-11A, Cl A1T |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.379%, ICE LIBOR USD 3 Month + 1.300%, 04/15/31 (B) (C) | 1109000 | 1077614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortress Credit Opportunities XVII CLO, Ser 2022-17A, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.814%, TSFR3M + 1.950%, 01/15/30 (B)(C) | 637000 | 599920 |
| &nbsp;&nbsp;&nbsp;&nbsp; KKR Lending Partners III Clo, Ser 2021-1A, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.143%, ICE LIBOR USD 3 Month + 1.900%, 10/20/30 (B) (C) | 592000 | 553296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nassau, Ser 2017-IIA, Cl AF |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.380%, 01/15/30 (B) | 439675 | 416430 |
| &nbsp;&nbsp;&nbsp;&nbsp; RIN II, Ser 2019-1A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.886%, ICE LIBOR USD 3 Month + 1.650%, 09/10/30 (B) (C) | 557000 | 543948 |

---

*The accompanying notes are an integral part of the financial statements.* 

**16** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **LIMITED DURATION FUND** |
| | **OCTOBER 31, 2022**<br>|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** |
|  | **Face Amount** | **Face Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; VCP CLO II, Ser 2021-2A, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.749%, ICE LIBOR USD 3 Month + 1.670%, 04/15/31 (B)(C) | $| 673000 | $| 662637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wellfleet CLO, Ser 2018-2A, Cl A1R |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.383%, ICE LIBOR USD 3 Month + 1.140%, 10/20/28 (B)(C) |  | 290060 |  | 285862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wellfleet CLO, Ser 2021-1A, Cl BR4 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.793%, ICE LIBOR USD 3 Month + 1.550%, 07/20/29 (B)(C) |  | 592000 |  | 574110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zais CLO VIII, Ser 2018-1A, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.029%, ICE LIBOR USD 3 Month + 0.950%, 04/15/29 (B)(C) |  | 188288 |  | 185967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities (Cost $10,032,186) |  |  |  | 9697095 |
| **MORTGAGE-BACKED SECURITIES — 4.2%** | **MORTGAGE-BACKED SECURITIES — 4.2%** | **MORTGAGE-BACKED SECURITIES — 4.2%** | **MORTGAGE-BACKED SECURITIES — 4.2%** | **MORTGAGE-BACKED SECURITIES — 4.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; BPR Trust, Ser 2021-KEN, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.362%, ICE LIBOR USD 1 Month + 1.950%, 02/15/29 (B)(C) |  | 723000 |  | 700743 |
| &nbsp;&nbsp;&nbsp;&nbsp; COLT Mortgage Loan Trust, Ser 2021-2R, Cl A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.106%, 07/27/54 (B) |  | 131980 |  | 113713 |
| &nbsp;&nbsp;&nbsp;&nbsp; COMM Mortgage Trust, Ser 2013- CR10, Cl ASB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.795%, 08/10/46 |  | 120947 |  | 120258 |
| &nbsp;&nbsp;&nbsp;&nbsp; FREMF Mortgage Trust, Ser 2015- K48, Cl C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.646%, 08/25/48 (B)(C) |  | 718000 |  | 671795 |
| &nbsp;&nbsp;&nbsp;&nbsp; FREMF Mortgage Trust, Ser 2017- K729, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.673%, 11/25/49 (B)(C) |  | 750000 |  | 714140 |
| &nbsp;&nbsp;&nbsp;&nbsp; GS Mortgage-Backed Securities Trust, Ser 2022-PJ2, Cl A7 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 06/25/52 (B)(C) |  | 1176769 |  | 1055600 |
| &nbsp;&nbsp;&nbsp;&nbsp; GS Mortgage-Backed Securities Trust, Ser 2022-PJ3, Cl A7 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 08/25/52 (B)(C) |  | 1040938 |  | 948658 |
| &nbsp;&nbsp;&nbsp;&nbsp; JP Morgan Mortgage Trust, Ser 2014-IVR6, Cl AM |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.836%, 07/25/44 (B)(C) |  | 42374 |  | 42217 |
| &nbsp;&nbsp;&nbsp;&nbsp; JP Morgan Mortgage Trust, Ser 2016-2, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.947%, 06/25/46 (B)(C) |  | 50419 |  | 45971 |
| &nbsp;&nbsp;&nbsp;&nbsp; JP Morgan Mortgage Trust, Ser 2016-5, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.048%, 12/25/46 (B)(C) |  | 106505 |  | 100240 |
| &nbsp;&nbsp;&nbsp;&nbsp; JP Morgan Mortgage Trust, Ser 2022-4, Cl A12 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/25/52 (B)(C) |  | 1256159 |  | 1139141 |

---

---

| | | | |
|:---|:---|:---|:---|
| **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** |
|  | **Face Amount** | **Face Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sequoia Mortgage Trust, Ser 2013- 4, Cl B3 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.442%, 04/25/43 (C) | $| 79765 | $72241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verus Securitization Trust, Ser 2021-1, Cl A2 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.052%, 01/25/66 (B)(C) |  | 222952 | 172844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Mortgage-Backed Securities (Cost $6,450,086) |  |  | 5897561 |
| &nbsp;&nbsp;&nbsp;&nbsp;**U.S. GOVERNMENT AGENCY MORTGAGE-BACKED** **OBLIGATIONS — 0.0%** | &nbsp;&nbsp;&nbsp;&nbsp;**U.S. GOVERNMENT AGENCY MORTGAGE-BACKED** **OBLIGATIONS — 0.0%** | &nbsp;&nbsp;&nbsp;&nbsp;**U.S. GOVERNMENT AGENCY MORTGAGE-BACKED** **OBLIGATIONS — 0.0%** | &nbsp;&nbsp;&nbsp;&nbsp;**U.S. GOVERNMENT AGENCY MORTGAGE-BACKED** **OBLIGATIONS — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 01/01/37 |  | 879 | 885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 11/01/37 |  | 1051 | 1062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 07/01/34 |  | 1462 | 1447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 03/01/39 |  | 2853 | 2665 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC, Ser 2004-2746, Cl BG |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/15/24 |  | 6324 | 6289 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 05/01/36 |  | 292 | 303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 08/01/36 |  | 271 | 278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 07/01/38 |  | 2388 | 2413 |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 03/15/32 |  | 644 | 672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 09/15/33 |  | 4551 | 4735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 09/15/37 |  | 1845 | 1946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 06/15/38 |  | 727 | 731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/15/33 |  | 1155 | 1150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Government Agency Mortgage-Backed Obligations (Cost $26,293) |  |  | 24576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments in Securities— 96.8%<br>(Cost $145,744,608) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments in Securities— 96.8%<br>(Cost $145,744,608) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments in Securities— 96.8%<br>(Cost $145,744,608) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138150905 |

---

Percentages are based on Net Assets of $142,772,184.

*(A)* *Zero coupon security. The rate shown on the Schedule of Investments is the security's effective yield at the time of purchase.* 

*(B)* *Securities sold within the terms of a private placement memorandum, exempt from registration under section 144A of the Securities Act of 1933, as amended, and maybe sold only to dealers in the program or other "accredited investors". The total value of these securities at October 31, 2022 was $30,136,486 and represented 21.1% of Net Assets.* 

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

*(D)* *Perpetual security with no stated maturity date.* 

*(E)* *Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.* 

See "Glossary" for abbreviations.

*The accompanying notes are an integral part of the financial statements.* 

**17** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **LIMITED DURATION FUND** |
| | **OCTOBER 31, 2022**<br>|

---

As of October 31, 2022, all of the Fund's investments in securities were considered Level 2, in accordance with the authoritative guidance of fair value measurements and disclosure under U.S. generally accepted accounting principles.

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

*The accompanying notes are an integral part of the financial statements.* 

**18** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **CORE BOND FUND** |
| | **OCTOBER 31, 2022**<br>|

---

**SECTOR WEIGHTINGS† (Unaudited)**<br>

![LOGO](g237149g08e46.jpg)

*†* *Percentages based on total investments.* 

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **U.S. TREASURY OBLIGATIONS — 38.1%** | **U.S. TREASURY OBLIGATIONS — 38.1%** | **U.S. TREASURY OBLIGATIONS — 38.1%** |
|  | **Face Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 08/15/41 | $6900000 | $6325090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 05/15/45 | 1725000 | 1360661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 08/15/52 | 250000 | 200195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 05/15/52 | 3000000 | 2328281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 08/15/46 | 4100000 | 2774867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 11/15/51 | 1300000 | 791883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 05/15/50 | 1850000 | 953256 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 09/30/29 | 2500000 | 2455469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 05/31/29 | 3000000 | 2746992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 08/15/32 | 3500000 | 3131953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 05/31/27 | 9900000 | 9227496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 02/15/25 | 940000 | 878937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 11/15/31 | 1000000 | 797891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 05/15/30 | 1000000 | 777031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 05/15/24 | 500000 | 467617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 09/30/25 | 400000 | 355094 |
| &nbsp;&nbsp;&nbsp;&nbsp; United States Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.191%, 12/15/22(A) | 7000000 | 6970077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 06/15/23(A) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13144262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Obligations<br>(Cost $62,192,685) |  | 55687052 |
| **CORPORATE OBLIGATIONS — 30.3%** | **CORPORATE OBLIGATIONS — 30.3%** | **CORPORATE OBLIGATIONS — 30.3%** |
| **COMMUNICATION SERVICES — 1.2%** | **COMMUNICATION SERVICES — 1.2%** | **COMMUNICATION SERVICES — 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Comcast |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.887%, 11/01/51 | 314000 | 188638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 02/01/30 | 240000 | 200672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Discovery Communications |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 05/15/29 | 635000 | 536288 |
| &nbsp;&nbsp;&nbsp;&nbsp; NBN MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 05/05/31(B) | 600000 | 466382 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | **Face Amount** | **Face Amount** | **Value** | **Value** |
| **COMMUNICATION SERVICES — continued** | **COMMUNICATION SERVICES — continued** | **COMMUNICATION SERVICES — continued** | **COMMUNICATION SERVICES — continued** | **COMMUNICATION SERVICES — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 02/08/29 | $| 480000 | $| 436295 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1828275 |
| **CONSUMER DISCRETIONARY — 1.1%** | **CONSUMER DISCRETIONARY — 1.1%** | **CONSUMER DISCRETIONARY — 1.1%** | **CONSUMER DISCRETIONARY — 1.1%** | **CONSUMER DISCRETIONARY — 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 7-Eleven |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 02/10/51(B) |  | 940000 |  | 533206 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Motors Financial |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/06/26 |  | 65000 |  | 59733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mars |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 07/16/40(B) |  | 540000 |  | 345188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tiffany |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 10/01/44 |  | 759000 |  | 640517 |
|  |  |  |  | 1578644 |
| **CONSUMER STAPLES — 1.7%** | **CONSUMER STAPLES — 1.7%** | **CONSUMER STAPLES — 1.7%** | **CONSUMER STAPLES — 1.7%** | **CONSUMER STAPLES — 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Anheuser-Busch InBev Worldwide | &nbsp;&nbsp;&nbsp;&nbsp; Anheuser-Busch InBev Worldwide | &nbsp;&nbsp;&nbsp;&nbsp; Anheuser-Busch InBev Worldwide |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 01/23/29 |  | 300000 |  | 291815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bacardi |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 05/15/38(B) |  | 520000 |  | 435827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bunge Finance |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 08/15/26 |  | 250000 |  | 228126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.630%, 08/17/25 |  | 250000 |  | 223794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Conagra Brands |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 11/01/25 |  | 465000 |  | 451626 |
| &nbsp;&nbsp;&nbsp;&nbsp; JBS USA LUX |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 05/15/32(B) |  | 695000 |  | 510174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mondelez International |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 02/04/31 |  | 535000 |  | 394167 |
|  |  |  |  | 2535529 |
| **ENERGY — 1.9%** | **ENERGY — 1.9%** | **ENERGY — 1.9%** | **ENERGY — 1.9%** | **ENERGY — 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Boardwalk Pipelines |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 05/03/29 |  | 480000 |  | 436838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chevron USA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 04/01/27 |  | 250000 |  | 284679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eastern Gas Transmission & Storage | &nbsp;&nbsp;&nbsp;&nbsp; Eastern Gas Transmission & Storage | &nbsp;&nbsp;&nbsp;&nbsp; Eastern Gas Transmission & Storage |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/15/29 |  | 560000 |  | 471066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Transfer Operating |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 05/15/25 |  | 415000 |  | 385236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gray Oak Pipeline |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 09/15/23(B) |  | 365000 |  | 353234 |
| &nbsp;&nbsp;&nbsp;&nbsp; MarkWest Energy Partners |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 06/01/25 |  | 375000 |  | 361846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rockies Express Pipeline |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 05/15/25(B) |  | 480000 |  | 446400 |
|  |  |  |  | 2739299 |
| **FINANCIALS — 12.3%** | **FINANCIALS — 12.3%** | **FINANCIALS — 12.3%** | **FINANCIALS — 12.3%** | **FINANCIALS — 12.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Antares Holdings |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 07/15/26(B) |  | 700000 |  | 595668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ares Capital |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 03/01/25 |  | 570000 |  | 534328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ares Finance II |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 06/15/30(B) |  | 645000 |  | 518082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bain Capital Specialty Finance |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 03/10/26 |  | 600000 |  | 507379 |

---

*The accompanying notes are an integral part of the financial statements.* 

**19** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **CORE BOND FUND** |
| | **OCTOBER 31, 2022**<br>|

---

---

| | | |
|:---|:---|:---|
| **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | **Face Amount** | **Value** |
| **FINANCIALS — continued** | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Montreal |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.803%, USD Swap Semi 30/360 5 Yr Curr + 1.432%, 12/15/32(C) | $825000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackstone Private Credit Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 12/15/26 | 680000 | 558158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookfield Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 06/02/26 | 705000 | 668981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carlyle Finance Subsidiary |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 09/19/29(B) CI Financial | 650000 | 538179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 12/17/30 | 910000 | 658363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank NY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.742%, U.S. SOFR + |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.257%, 01/07/33(C) | 750000 | 510585 |
| &nbsp;&nbsp;&nbsp;&nbsp; E\*TRADE Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 08/24/27 | 855000 | 783046 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Republic Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 08/01/46 | 270000 | 196144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Franklin BSP Lending |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 03/30/26 | 587000 | 503296 |
| &nbsp;&nbsp;&nbsp;&nbsp; FS KKR Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 10/12/28 | 675000 | 516962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.711%, U.S. SOFR + |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.790%, 12/09/26(C) | 520000 | 499169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hercules Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 01/20/27 | 800000 | 662384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legg Mason |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 01/15/44 | 685000 | 619813 |
| &nbsp;&nbsp;&nbsp;&nbsp; MSCI |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 08/15/33(B) | 505000 | 390389 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Australia Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.347%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 1.700%, 01/12/37(B)(C) | 750000 | 555712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neuberger Berman Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 03/15/27(B) | 970000 | 907992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nuveen Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/01/24(B) | 400000 | 387397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Owl Rock Technology Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 06/17/26(B) | 555000 | 476933 |
| &nbsp;&nbsp;&nbsp;&nbsp; PennantPark Floating Rate Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 04/01/26 | 650000 | 572531 |
| &nbsp;&nbsp;&nbsp;&nbsp; PennantPark Investment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/01/26 | 750000 | 632921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raymond James Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 04/01/51 | 610000 | 414599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Santander Holdings USA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 06/02/25 2.490%, U.S. SOFR + 1.249%, 01/06/28(C) | 200000<br>750000 | 186743<br>620856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sixth Street Specialty Lending |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 01/22/23 | 370000 | 368870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 11/01/24 | 115000 | 109452 |

---

---

| | | | |
|:---|:---|:---|:---|
| **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | **Face Amount** | **Face Amount** | **Value** |
| **FINANCIALS — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Stifel Financial |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 07/18/24 | $| 445000 | $434393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synchrony Financial |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 08/15/24 |  | 345000 | 333078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Capital Bancshares |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 3.150%, 05/06/31(C) |  | 825000 | 714380 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Group |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.179%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 1.100%, 02/11/43(B)(C) |  | 555000 | 340125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Willis North America |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 05/15/24 |  | 415000 | 401579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zions Bancorp |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 10/29/29 |  | 750000 | 600795 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18026644 |
| **INDUSTRIALS — 3.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Airlines Pass-Through Trust, Ser 2015-1 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 05/01/23 |  | 234329 | 226607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ashtead Capital |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 08/12/26(B) |  | 650000 | 539233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Pacific Railway |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 12/02/51 |  | 880000 | 559781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daimler Trucks Finance North America | &nbsp;&nbsp;&nbsp;&nbsp; Daimler Trucks Finance North America | &nbsp;&nbsp;&nbsp;&nbsp; Daimler Trucks Finance North America |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 12/14/31(B) |  | 940000 | 696956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 10/28/24 |  | 455000 | 429975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flowserve |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 01/15/32 |  | 675000 | 483746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Howmet Aerospace |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 01/15/29 |  | 495000 | 412028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Masco |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 08/15/32 |  | 317000 | 314356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Group Housing |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.605%, 08/15/33(B) |  | 514755 | 500365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parker-Hannifin |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 06/14/49 |  | 255000 | 188249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teledyne Technologies |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 04/01/28 |  | 420000 | 348076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westinghouse Air Brake Technologies | &nbsp;&nbsp;&nbsp;&nbsp; Westinghouse Air Brake Technologies | &nbsp;&nbsp;&nbsp;&nbsp; Westinghouse Air Brake Technologies |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 06/15/25 |  | 530000 | 491937 |
|  |  |  | 5191309 |
| **INFORMATION TECHNOLOGY — 1.8%** | **INFORMATION TECHNOLOGY — 1.8%** | **INFORMATION TECHNOLOGY — 1.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Infor |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 07/15/25(B) |  | 335000 | 301213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.921%, 03/17/52 |  | 270000 | 182426 |
| &nbsp;&nbsp;&nbsp;&nbsp; NXP BV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 12/01/28 |  | 245000 | 235890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 03/25/31 |  | 600000 | 472869 |

---

*The accompanying notes are an integral part of the financial statements.* 

**20** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **CORE BOND FUND** |
| | **OCTOBER 31, 2022**<br>|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | **Face Amount** | **Face Amount** | **Value** | **Value** |
| **INFORMATION TECHNOLOGY — continued** | **INFORMATION TECHNOLOGY — continued** | **INFORMATION TECHNOLOGY — continued** | **INFORMATION TECHNOLOGY — continued** | **INFORMATION TECHNOLOGY — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; Roper Technologies |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 09/15/29 | $| 420000 | $| 351151 |
| &nbsp;&nbsp;&nbsp;&nbsp; VMware |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 08/15/28 |  | 625000 |  | 493326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vontier |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 04/01/26 |  | 590000 |  | 488785 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2525660 |
| **MATERIALS — 2.1%** | **MATERIALS — 2.1%** | **MATERIALS — 2.1%** | **MATERIALS — 2.1%** | **MATERIALS — 2.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Anglo American Capital |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 03/15/28(B) |  | 525000 |  | 476903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berry Global |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 01/15/27 |  | 625000 |  | 515024 |
| &nbsp;&nbsp;&nbsp;&nbsp; CF Industries |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/01/26(B) |  | 520000 |  | 492420 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Flavors & Fragrances |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.468%, 12/01/50(B) |  | 345000 |  | 215199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sealed Air |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.573%, 10/15/26(B) |  | 835000 |  | 698962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Silgan Holdings |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.400%, 04/01/26(B) |  | 420000 |  | 357861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vulcan Materials |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 04/01/25 |  | 400000 |  | 393817 |
|  |  |  |  | 3150186 |
| **REAL ESTATE — 1.9%** | **REAL ESTATE — 1.9%** | **REAL ESTATE — 1.9%** | **REAL ESTATE — 1.9%** | **REAL ESTATE — 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 05/18/32 |  | 745000 |  | 536691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Camp Pendleton & Quantico |  |  |  |  |
|  Housing |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.165%, 10/01/50(B) |  | 400000 |  | 377397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Extra Space Storage |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.350%, 03/15/32 |  | 730000 |  | 528267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Safehold Operating Partnership |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 01/15/32 |  | 700000 |  | 511076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Store Capital |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 03/15/28 |  | 380000 |  | 347803 |
|  UDR |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 08/15/31 |  | 560000 |  | 439250 |
|  |  |  |  | 2740484 |
| **UTILITIES — 2.7%** | **UTILITIES — 2.7%** | **UTILITIES — 2.7%** | **UTILITIES — 2.7%** | **UTILITIES — 2.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; DPL |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 04/15/29 |  | 425000 |  | 363375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duquesne Light Holdings |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.532%, 10/01/30(B) |  | 540000 |  | 405459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emera US Finance |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 06/15/46 |  | 250000 |  | 185359 |
| &nbsp;&nbsp;&nbsp;&nbsp; IPALCO Enterprises |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 09/01/24 |  | 435000 |  | 413517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jersey Central Power & Light |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 03/01/32(B) |  | 670000 |  | 521340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monongahela Power |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 05/15/27(B) |  | 550000 |  | 509253 |
| &nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 06/15/28 |  | 1230000 |  | 1015534 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | **Face Amount** | **Face Amount** | **Value** | **Value** |
| **UTILITIES — continued** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; NiSource |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.650%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 2.843%(C)(D) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385000 | $| 354200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spire |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.543%, 02/27/24 |  | 250000 |  | 242108 |
|  |  |  |  | 4010145 |
|  Total Corporate Obligations (Cost $54,078,157) |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44326175 |
| **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED** |
| **OBLIGATIONS — 12.8%** | **OBLIGATIONS — 12.8%** | **OBLIGATIONS — 12.8%** | **OBLIGATIONS — 12.8%** | **OBLIGATIONS — 12.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/01/48 |  | 122103 |  | 116459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 09/01/52 |  | 784759 |  | 736794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 02/01/47 |  | 262701 |  | 245870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/01/47 |  | 247349 |  | 230801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/01/48 |  | 95022 |  | 88105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 04/01/52 |  | 1403408 |  | 1279292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/01/44 |  | 237960 |  | 214924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 04/01/46 |  | 150929 |  | 135975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 07/01/47 |  | 321579 |  | 289349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 12/01/48 |  | 199556 |  | 179304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 04/01/52 |  | 1066855 |  | 938964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 02/01/45 |  | 256432 |  | 223662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 08/01/45 |  | 125734 |  | 109477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 02/01/48 |  | 150729 |  | 130131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 04/01/50 |  | 524482 |  | 448932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 02/01/30 |  | 157278 |  | 146359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 08/01/50 |  | 1109924 |  | 878613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 10/01/50 |  | 323898 |  | 256398 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC REMIC, Ser 2016-4563, Cl VB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 05/15/39 |  | 115034 |  | 114125 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC Structured Pass-Through Certificates, Ser 2003-54, Cl 4A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.673%, 02/25/43(C) |  | 75885 |  | 69469 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 09/01/52 |  | 763679 |  | 737394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 02/01/41 |  | 369461 |  | 357554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 03/01/48 |  | 248953 |  | 238147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 03/01/35 |  | 108125 |  | 101091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 01/01/42 |  | 276066 |  | 259087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 05/01/49 |  | 223580 |  | 207481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/01/47 |  | 271115 |  | 245608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 12/01/47 |  | 137133 |  | 122885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 08/01/48 |  | 137615 |  | 123144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 03/01/49 |  | 243769 |  | 220341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 06/01/49 |  | 528428 |  | 472862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 07/01/50 |  | 852807 |  | 764571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/01/48 |  | 254290 |  | 214771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 02/01/50 |  | 1852598 |  | 1584729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 05/01/51 |  | 1387791 |  | 1193927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 03/01/52 |  | 1445780 |  | 1233350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 12/01/49 |  | 357965 |  | 296523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 09/01/50 |  | 736595 |  | 609018 |

---

*The accompanying notes are an integral part of the financial statements.* 

**21** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **CORE BOND FUND** |
| | **OCTOBER 31, 2022**<br>|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED** |
| **OBLIGATIONS — continued** | **OBLIGATIONS — continued** | **OBLIGATIONS — continued** | **OBLIGATIONS — continued** | **OBLIGATIONS — continued** |
|  | **Face Amount** | **Face Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 06/01/51 | $| 1182914 | $| 973035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 10/01/50 |  | 911614 |  | 721656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 02/01/51 |  | 661826 |  | 523158 |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/20/48 |  | 102611 |  | 95933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 06/20/48 |  | 614679 |  | 558636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Government Agency<br> Mortgage-Backed Obligations (Cost $21,638,338) |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18687904 |
| **MORTGAGE-BACKED SECURITIES — 10.9%** | **MORTGAGE-BACKED SECURITIES — 10.9%** | **MORTGAGE-BACKED SECURITIES — 10.9%** | **MORTGAGE-BACKED SECURITIES — 10.9%** | **MORTGAGE-BACKED SECURITIES — 10.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust, Ser 2013-GC15, Cl A3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.095%, 09/10/46 |  | 196805 |  | 194896 |
| &nbsp;&nbsp;&nbsp;&nbsp; COLT Mortgage Loan Trust, Ser 2022-4, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.301%, 03/25/67 (B)(C) |  | 970952 |  | 884213 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSMC Trust, Ser 2013-IVR3, Cl A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 05/25/43 (B)(C) |  | 149509 |  | 128808 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSMC Trust, Ser 2015-2, Cl A18 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/25/45 (B)(C) |  | 138195 |  | 121115 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Republic Mortgage Trust, Ser 2020-1, Cl A5 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.883%, 04/25/50 (B)(C) |  | 407630 |  | 397093 |
| &nbsp;&nbsp;&nbsp;&nbsp; FREMF Mortgage Trust, Ser 2017- K65, Cl C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.077%, 07/25/50 (B)(C) |  | 725000 |  | 657971 |
| &nbsp;&nbsp;&nbsp;&nbsp; FREMF Mortgage Trust, Ser 2017- K66, Cl C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.037%, 07/25/27 (B)(C) |  | 175000 |  | 158153 |
| &nbsp;&nbsp;&nbsp;&nbsp; FREMF Mortgage Trust, Ser 2017- K67, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.945%, 09/25/49 (B)(C) |  | 1500000 |  | 1371785 |
| &nbsp;&nbsp;&nbsp;&nbsp; FREMF Mortgage Trust, Ser 2019- K99, Cl C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.645%, 10/25/52 (B)(C) |  | 750000 |  | 636060 |
| &nbsp;&nbsp;&nbsp;&nbsp; GMAC Commercial Mortgage Asset, Ser 2010-FTLS, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.363%, 02/10/47 (B)(E) |  | 231070 |  | 231070 |
| &nbsp;&nbsp;&nbsp;&nbsp; GS Mortgage-Backed Securities Trust, Ser 2021-PJ1, Cl A8 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 05/28/52 (B)(C) |  | 1299458 |  | 1102713 |
| &nbsp;&nbsp;&nbsp;&nbsp; GS Mortgage-Backed Securities Trust, Ser 2022-MM1, Cl A8 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 07/25/52 (B)(C) |  | 1804013 |  | 1530875 |
| &nbsp;&nbsp;&nbsp;&nbsp; JP Morgan Mortgage Trust, Ser 2014-IVR6, Cl AM |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.836%, 07/25/44 (B)(C) |  | 38954 |  | 38809 |
| &nbsp;&nbsp;&nbsp;&nbsp; JP Morgan Mortgage Trust, Ser 2016-2, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.947%, 06/25/46 (B)(C) |  | 55813 |  | 50889 |
| &nbsp;&nbsp;&nbsp;&nbsp; JP Morgan Mortgage Trust, Ser 2016-5, Cl B3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.049%, 12/25/46 (B)(C) |  | 336992 |  | 311282 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** |
|  | **Face Amount** | **Face Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; JP Morgan Mortgage Trust, Ser 2022-2, Cl A4A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 08/25/52 (B)(C) | $| 1264211 | $| 1072802 |
| &nbsp;&nbsp;&nbsp;&nbsp; JP Morgan Mortgage Trust, Ser 2022-3, Cl A4A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 08/25/52 (B)(C) |  | 1812079 |  | 1537719 |
| &nbsp;&nbsp;&nbsp;&nbsp; JP Morgan Mortgage Trust, Ser 2022-4, Cl A4 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/25/52 (B)(C) |  | 1959436 |  | 1643509 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMBB Commercial Mortgage Securities Trust, Ser 2015-C31, Cl ASB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.540%, 08/15/48 |  | 279018 |  | 269647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rate Mortgage Trust, Ser 2022-J1, Cl A9 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 01/25/52 (B)(C) |  | 1322963 |  | 1122659 |
| &nbsp;&nbsp;&nbsp;&nbsp; RCKT Mortgage Trust, Ser 2022-3, Cl A5 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 05/25/52 (B)(C) |  | 1975907 |  | 1712682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seasoned Credit Risk Transfer Trust, Ser 2018-4, Cl MV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 03/25/58 |  | 679968 |  | 621865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sequoia Mortgage Trust, Ser 2015- 1, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 01/25/45 (B)(C) |  | 27114 |  | 23954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sequoia Mortgage Trust, Ser 2015- 2, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 05/25/45 (B)(C) |  | 50729 |  | 43785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sequoia Mortgage Trust, Ser 2015- 4, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/25/30 (B)(C) |  | 68493 |  | 62733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Mortgage-Backed Securities (Cost $18,013,440) |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15927087 |
| **ASSET-BACKED SECURITIES — 4.2%** | **ASSET-BACKED SECURITIES — 4.2%** | **ASSET-BACKED SECURITIES — 4.2%** | **ASSET-BACKED SECURITIES — 4.2%** | **ASSET-BACKED SECURITIES — 4.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; BCRED MML CLO, Ser 2022-1A, Cl A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.410%, 04/20/35 (B) |  | 1130000 |  | 967925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Benefit Street Partners CLO II, Ser 2021-IIA, Cl A2R2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.529%, ICE LIBOR USD 3 Month + 1.450%, 07/15/29 (B) (C) |  | 585000 |  | 567362 |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Elbert CLO V, Ser 2022-5A, Cl AFR |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.480%, 06/15/34 (B) |  | 1100000 |  | 981384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cerberus Loan Funding XXVII, Ser 2019-2A, Cl A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 01/15/32 (B) |  | 590000 |  | 540723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Golub Capital Partners CLO 47M, Ser 2020-47A, Cl A2B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.008%, 05/05/32 (B) |  | 800000 |  | 698132 |

---

*The accompanying notes are an integral part of the financial statements.* 

**22** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **CORE BOND FUND** |
| | **OCTOBER 31, 2022**<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** |
|  | **Face Amount** | **Face Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Great Lakes CLO V, Ser 2021-5A, Cl B |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.179%, ICE LIBOR USD 3 Month + 2.100%, 04/15/33 (B) (C) | $| 735000 | $671350 |
| &nbsp;&nbsp;&nbsp;&nbsp; RIN II, Ser 2019-1A, Cl A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.886%, ICE LIBOR USD 3 Month + 1.650%, 09/10/30 (B) (C) |  | 600000 | 585940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Silver Point Scf CLO I, Ser 2021- 1A, Cl A2B |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.807%, 10/15/32 (B) |  | 675000 | 546406 |
| &nbsp;&nbsp;&nbsp;&nbsp; VCP CLO II, Ser 2021-2A, Cl B1 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.329%, ICE LIBOR USD 3 Month + 2.250%, 04/15/31 (B) (C) |  | 650000 | 625258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities (Cost $6,865,682) |  |  | 6184480 |
| **MUNICIPAL BONDS — 2.3%** | **MUNICIPAL BONDS — 2.3%** | **MUNICIPAL BONDS — 2.3%** | **MUNICIPAL BONDS — 2.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; California State, City of Riverside, Ser A, RB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.857%, 06/01/45 |  | 780000 | 625014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Denver City & County, Housing Authority, Ser 2021-B, RB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.104%, 02/01/39 |  | 300000 | 212258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grand Parkway Transportation, Ser B, RB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.216%, 10/01/49 |  | 640000 | 399755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hawaii State, Department of Business Economic Development & Tourism, Ser A-2, RB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.242%, 01/01/31 |  | 126819 | 117063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts State, Housing Finance Agency, Ser B, RB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 12/01/40 |  | 200000 | 193331 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City, Housing Development, Ser D, RB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.083%, 11/01/46 |  | 900000 | 575047 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State, Mortgage Agency, Ser 241, RB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.930%, 10/01/46 |  | 700000 | 453946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rhode Island State, Housing and Mortgage Finance, Ser 1-T, RB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.993%, 10/01/38 |  | 540000 | 406457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia State, Housing Development Authority, Ser C, RB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.829%, 04/01/41 |  | 500000 | 347720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Municipal Bonds (Cost $4,688,702) |  |  | 3330591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments in Securities—98.6%<br>(Cost $167,477,004) |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144143289 |

---

Percentages are based on Net Assets of $146,217,110.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*(A)* *Zero coupon security. The rate shown on the Schedule of Investments is the security's effective yield at the time of purchase.* 

*(B)* *Securities sold within the terms of a private placement memorandum, exempt from registration under section 144A of the Securities Act of 1933, as amended, and maybe sold only to dealers in the program or other "accredited investors". The total value of these securities at October 31, 2022 was $34,918,608 and represented 23.9% of Net Assets.* 

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

*(D)* *Perpetual security with no stated maturity date.* 

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

See "Glossary" for abbreviations.

---

| | | | | |
|:---|:---|:---|:---|:---|
| The following is a summary of the level of inputs used as of<br>October 31, 2022, in valuing the Fund's investments carried at<br>market value: | The following is a summary of the level of inputs used as of<br>October 31, 2022, in valuing the Fund's investments carried at<br>market value: | The following is a summary of the level of inputs used as of<br>October 31, 2022, in valuing the Fund's investments carried at<br>market value: | The following is a summary of the level of inputs used as of<br>October 31, 2022, in valuing the Fund's investments carried at<br>market value: | The following is a summary of the level of inputs used as of<br>October 31, 2022, in valuing the Fund's investments carried at<br>market value: |
| Investments in Securities | Level 1 | Level 2 | Level 3<sup>(1)</sup> | Total |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | $— | $55687052 | $— | $55687052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations |  | 44326175 |  | 44326175 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agency Mortgage-Backed Obligations |  | 18687904 |  | 18687904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities |  | 15696017 | 231070 | 15927087 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 6184480 |  | 6184480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 3330591 |  | 3330591 |
|  Total Investments in Securities | $— | $143912219 | $231070 | $144143289 |

---

(1) A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3
investments at the end of the period in relation to net assets. Management has concluded that Level 3 investments are not material in relation to net assets.

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

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

*The accompanying notes are an integral part of the financial statements.* 

**23** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **LONG/SHORT EQUITY FUND** |
| | **OCTOBER 31, 2022**<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| **SECTOR WEIGHTINGS†(Unaudited)** | | | |
|  |<br>**Long** |<br>**Short** |<br>**Net** |
|  Financials | 14.8% | (0.3)% | 14.5% |
|  Health Care | 14.4 | (0.4) | 14.0 |
|  Information Technology | 9.2 | (3.7) | 5.5 |
|  Energy | 4.8 | 0.0 | 4.8 |
|  Materials | 3.8 | (0.2) | 3.6 |
|  Consumer Staples | 1.8 | 0.0 | 1.8 |
|  Communication Services | 2.5 | (1.2) | 1.3 |
|  Industrials | 1.8 | (0.6) | 1.2 |
|  Utilities | 0.4 | 0.0 | 0.4 |
|  Consumer Discretionary | 0.8 | (0.9) | (0.1) |
|  Exchange Traded Funds | 4.6 | (27.0) | (22.4) |
|  Purchased Options | 0.5 | 0.0  | 0.5 |
|  Total Investments |  |  | 25.1 |
|  Other Assets and Liabilities, Net |  |  | 74.9 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% |

---

*† As a percentage of the Fund's Net Assets.*

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS**<br>**COMMON STOCK — 54.3%** | **SCHEDULE OF INVESTMENTS**<br>**COMMON STOCK — 54.3%** | **SCHEDULE OF INVESTMENTS**<br>**COMMON STOCK — 54.3%** |
|  | **Shares** | **Value** |
| **COMMUNICATION SERVICES — 2.5%** | **COMMUNICATION SERVICES — 2.5%** | |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Cl C \* | 5705 | $540036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interpublic Group of Companies (A) | 17266 | 514354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Omnicom Group (A) | 8707 | 633434 |
|  |  | 1687824 |
| **CONSUMER DISCRETIONARY — 0.8%** | **CONSUMER DISCRETIONARY — 0.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Best Buy | 3752 | 256674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service International | 4214 | 255411 |
|  |  | 512085 |
| **CONSUMER STAPLES — 1.8%** | **CONSUMER STAPLES — 1.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Albertsons, Cl A (A) | 16896 | 346537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Altria Group (A) | 3443 | 159308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Archer-Daniels-Midland | 5286 | 512636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International (A) | 1638 | 150450 |
|  |  | 1168931 |
| **ENERGY — 4.8%** | **ENERGY — 4.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ConocoPhillips (A) | 11244 | 1417756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Devon Energy | 11088 | 857657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marathon Oil | 10898 | 331844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Occidental Petroleum | 1987 | 144256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valero Energy | 3563 | 447335 |
|  |  | 3198848 |
| **FINANCIALS — 14.8%** | **FINANCIALS — 14.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Allstate (A) | 5235 | 660919 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Financial Group (A) | 6753 | 979928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameriprise Financial (A) | 4595 | 1420406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway, Cl B \*(A) | 4085 | 1205443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial (A) | 4968 | 526707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Discover Financial Services (A) | 11715 | 1223749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Financial | 15572 | 613225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fifth Third Bancorp | 17504 | 624718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley (A) | 8642 | 710113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synchrony Financial | 17248 | 613339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Travelers | 5581 | 1029471 |
| &nbsp;&nbsp;&nbsp;&nbsp; US Bancorp | 5817 | 246932 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9854950 |

---

---

| | | | |
|:---|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** | **Value** |
| **HEALTH CARE — 14.4%** | **HEALTH CARE — 14.4%** | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Amgen (A) | 5104 | $| 1379866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb (A) | 18067 |  | 1399650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bruker | 11055 |  | 683641 |
| &nbsp;&nbsp;&nbsp;&nbsp; DaVita \*(A) | 5076 |  | 370599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gilead Sciences (A) | 19440 |  | 1525262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hologic \* | 11469 |  | 777598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quest Diagnostics | 1881 |  | 270206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royalty Pharma PLC, Cl A | 29421 |  | 1245097 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Therapeutics \* | 5583 |  | 1287049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waters \* | 2074 |  | 620479 |
|  |  |  | 9559447 |
| **INDUSTRIALS — 1.8%** | **INDUSTRIALS — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Iveco Group \* | 7498 |  | 40533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Owens Corning (A) | 13362 |  | 1143921 |
|  |  |  | 1184454 |
| **INFORMATION TECHNOLOGY — 9.2%** | **INFORMATION TECHNOLOGY — 9.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple (A) | 3971 |  | 608913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom (A) | 1064 |  | 500208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Check Point Software Technologies \*(A) | 3044 |  | 393376 |
| &nbsp;&nbsp;&nbsp;&nbsp; FleetCor Technologies \* | 503 |  | 93618 |
| &nbsp;&nbsp;&nbsp;&nbsp; GoDaddy, Cl A \* | 3871 |  | 311228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keysight Technologies \* | 5641 |  | 982380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Micron Technology | 6908 |  | 373723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft (A) | 1815 |  | 421316 |
| &nbsp;&nbsp;&nbsp;&nbsp; NetApp (A) | 14235 |  | 986058 |
| &nbsp;&nbsp;&nbsp;&nbsp; NXP Semiconductors | 649 |  | 94806 |
| &nbsp;&nbsp;&nbsp;&nbsp; QUALCOMM (A) | 3569 |  | 419928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seagate Technology Holdings PLC (A) | 14139 |  | 702143 |
| &nbsp;&nbsp;&nbsp;&nbsp; VMware, Cl A \*(A) | 1931 |  | 217296 |
|  |  |  | 6104993 |
| **MATERIALS — 3.8%** | **MATERIALS — 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CF Industries Holdings (A) | 6150 |  | 653499 |
| &nbsp;&nbsp;&nbsp;&nbsp; LyondellBasell Industries, Cl A | 1227 |  | 93804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nucor | 2366 |  | 310845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Steel Dynamics | 12037 |  | 1132080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westlake | 3492 |  | 337502 |
|  |  |  | 2527730 |
| **UTILITIES — 0.4%** | **UTILITIES — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NRG Energy | 6560 |  | 291264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stock<br>(Cost $36,006,154) |  |  | 36090526 |
| **EXCHANGE TRADED FUNDS — 4.6%** | **EXCHANGE TRADED FUNDS — 4.6%** | **EXCHANGE TRADED FUNDS — 4.6%** | **EXCHANGE TRADED FUNDS — 4.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares S&P/TSX Capped Energy Index ETF | 80220 |  | 992188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials Select Sector SPDR Fund | 25935 |  | 1921265 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR S&P Oil & Gas Equipment & Services ETF | 1993 |  | 156490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Exchange Traded Funds (Cost $2,919,620) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3069943 |

---

*The accompanying notes are an integral part of the financial statements.* 

**24** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **LONG/SHORT EQUITY FUND** |
| | **OCTOBER 31, 2022**<br>|

---

---

| | | |
|:---|:---|:---|
| **PURCHASED OPTIONS — 0.5%** | **PURCHASED OPTIONS — 0.5%** | **PURCHASED OPTIONS — 0.5%** |
|  | | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Purchased Options (Cost $225,041) |  | $313762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments in Securities— 59.4% (Cost $39,150,815) |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39474231 |
| **SECURITIES SOLD SHORT<br>COMMON STOCK — (7.3)%** | **SECURITIES SOLD SHORT<br>COMMON STOCK — (7.3)%** | **SECURITIES SOLD SHORT<br>COMMON STOCK — (7.3)%** |
|  | **Shares** | **Value** |
| **COMMUNICATION SERVICES — (1.2)%** | **COMMUNICATION SERVICES — (1.2)%** | **COMMUNICATION SERVICES — (1.2)%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Snap, Cl A \* | (13766) | $(136421) |
| &nbsp;&nbsp;&nbsp;&nbsp; Trade Desk, Cl A \* | (2538) | (135123) |
| &nbsp;&nbsp;&nbsp;&nbsp; Walt Disney \* | (3395) | (361703) |
| &nbsp;&nbsp;&nbsp;&nbsp; ZoomInfo Technologies, Cl A \* | (3752) | (167077) |
|  |  | (800324) |
| **CONSUMER DISCRETIONARY — (0.9)%** | **CONSUMER DISCRETIONARY — (0.9)%** | **CONSUMER DISCRETIONARY — (0.9)%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Chewy, Cl A \* | (4764) | (184510) |
| &nbsp;&nbsp;&nbsp;&nbsp; DoorDash, Cl A \* | (1071) | (46620) |
| &nbsp;&nbsp;&nbsp;&nbsp; Floor & Decor Holdings, Cl A \* | (1943) | (142558) |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool | (273) | (83055) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesla \* | (573) | (130380) |
|  |  | (587123) |
| **FINANCIALS — (0.3)%** | **FINANCIALS — (0.3)%** | **FINANCIALS — (0.3)%** |
| &nbsp;&nbsp;&nbsp;&nbsp; NU Holdings, Cl A \* | (33500) | (167500) |
| **HEALTH CARE — (0.4)%** | **HEALTH CARE — (0.4)%** | **HEALTH CARE — (0.4)%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Insulet \* | (437) | (113100) |
| &nbsp;&nbsp;&nbsp;&nbsp; Repligen \* | (742) | (135408) |
|  |  | (248508) |
| **INDUSTRIALS — (0.6)%** | **INDUSTRIALS — (0.6)%** | **INDUSTRIALS — (0.6)%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Generac Holdings \* | (689) | (79862) |
| &nbsp;&nbsp;&nbsp;&nbsp; Plug Power \* | (4796) | (76640) |
| &nbsp;&nbsp;&nbsp;&nbsp; Quanta Services | (701) | (99570) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uber Technologies \* | (5352) | (142203) |
|  |  | (398275) |
| **INFORMATION TECHNOLOGY — (3.7)%** | **INFORMATION TECHNOLOGY — (3.7)%** | **INFORMATION TECHNOLOGY — (3.7)%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Affirm Holdings, Cl A \* | (2758) | (55353) |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlassian, Cl A \* | (673) | (136437) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ceridian HCM Holding \* | (2682) | (177522) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cloudflare, Cl A \* | (2640) | (148685) |
| &nbsp;&nbsp;&nbsp;&nbsp; Datadog, Cl A \* | (1614) | (129943) |
| &nbsp;&nbsp;&nbsp;&nbsp; EPAM Systems \* | (257) | (89950) |
| &nbsp;&nbsp;&nbsp;&nbsp; Gitlab, Cl A | (3436) | (166509) |
| &nbsp;&nbsp;&nbsp;&nbsp; HubSpot \* | (496) | (147094) |
| &nbsp;&nbsp;&nbsp;&nbsp; MongoDB, Cl A \* | (638) | (116773) |
| &nbsp;&nbsp;&nbsp;&nbsp; Palantir Technologies, Cl A \* | (20975) | (184370) |
| &nbsp;&nbsp;&nbsp;&nbsp; Paylocity Holding \* | (661) | (153213) |
| &nbsp;&nbsp;&nbsp;&nbsp; Snowflake, Cl A \* | (903) | (144751) |
| &nbsp;&nbsp;&nbsp;&nbsp; SolarEdge Technologies \* | (579) | (133187) |
| &nbsp;&nbsp;&nbsp;&nbsp; Teledyne Technologies \* | (202) | (80392) |
| &nbsp;&nbsp;&nbsp;&nbsp; Toast, Cl A \* | (9161) | (202367) |
| &nbsp;&nbsp;&nbsp;&nbsp; Twilio, Cl A \* | (2327) | (173059) |
| &nbsp;&nbsp;&nbsp;&nbsp; UiPath, Cl A \* | (5423) | (68601) |
| &nbsp;&nbsp;&nbsp;&nbsp; Zscaler \* | (1073) | (165349) |
|  |  | (2473555) |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **MATERIALS — (0.2)%** | **MATERIALS — (0.2)%** | **MATERIALS — (0.2)%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Albemarle | (597) | $(167082) |
|  Total Common Stock |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Proceeds $5,330,636) |  | (4842367) |
| **EXCHANGE TRADED FUNDS — (27.0)%** | **EXCHANGE TRADED FUNDS — (27.0)%** | **EXCHANGE TRADED FUNDS — (27.0)%** |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Russell 1000 Value ETF | (20331) | (3044364) |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Russell 3000 ETF | (17149) | (3839832) |
| &nbsp;&nbsp;&nbsp;&nbsp; Vanguard Russell 1000 Value | (169173) | (11111283) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Exchange Traded Funds (Proceeds $19,333,450) |  | (17995479) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Securities Sold Short— (34.3)% (Proceeds $24,664,086) |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22837846) |

---

*The accompanying notes are an integral part of the financial statements.* 

**25** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **LONG/SHORT EQUITY FUND** |
| | **OCTOBER 31, 2022**<br>|

---

A list of the open option contracts held by the Fund at October 31, 2022, is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Notional Amount** | **Exercise Price** | **Expiration Date** | **Value** |
|  **PURCHASED OPTIONS — 0.5%** | **PURCHASED OPTIONS — 0.5%** | **PURCHASED OPTIONS — 0.5%** | **PURCHASED OPTIONS — 0.5%** | **PURCHASED OPTIONS — 0.5%** | **PURCHASED OPTIONS — 0.5%** |
|  **Put Options** | **Put Options** | **Put Options** | **Put Options** | **Put Options** | **Put Options** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iShares Russell 1000 Value ETF\* | 124 | $4789004 | $155.00 | 01/23/23 | $102920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust\* | 47 | 703778 | 430.00 | 01/23/23 | 210842 |
|  |  | 5492782 |  |  | 313762 |
|  TOTAL PURCHASED OPTIONS<br>(Cost $225,041) |  | $5492782 |  |  | $313762 |

---

Percentages are based on Net Assets of $66,502,249.

*\** *Non-income producing security.* 

*(A)* *This security or a partial position of this security has been committed as collateral for securities sold short.* 

See "Glossary" for abbreviations.

The following is a summary of the level of inputs used as of October 31, 2022, in valuing the Fund's investments carried at market value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stock | $36090526 | $— | $— | $36090526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange Traded Funds | 3069943 |  |  | 3069943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options | 313762 |  |  | 313762 |
|  Total Investments in Securities | $39474231 | $— | $— | $39474231 |
| Securities Sold Short | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stock | $(4842367) | $— | $— | $(4842367) |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange Traded Funds | (17995479) |  |  | (17995479) |
|  Total Securities Sold Short | $(22837846) | $— | $— | $(22837846) |

---

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

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

*The accompanying notes are an integral part of the financial statements.* 

**26** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **LARGE CAP VALUE FUND** |
| | **OCTOBER 31, 2022**<br>|

---

**SECTOR WEIGHTINGS† (Unaudited)**

![LOGO](g237149g97p61.jpg)

*† Percentages based on total investments.* 

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **COMMON STOCK — 97.8%** | **COMMON STOCK — 97.8%** | **COMMON STOCK — 97.8%** |
|  | **Shares** | **Value** |
| **COMMUNICATION SERVICES — 4.0%** | **COMMUNICATION SERVICES — 4.0%** | **COMMUNICATION SERVICES — 4.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Cl A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26756 | $2528709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electronic Arts | 13958 | 1758150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Cl A \* | 12541 | 1168320 |
|  |  | 5455179 |
| **CONSUMER DISCRETIONARY — 4.9%** | **CONSUMER DISCRETIONARY — 4.9%** | **CONSUMER DISCRETIONARY — 4.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; General Motors | 38384 | 1506572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lennar, Cl A | 22640 | 1827048 |
| &nbsp;&nbsp;&nbsp;&nbsp; TJX | 19722 | 1421956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tractor Supply | 9222 | 2026719 |
|  |  | 6782295 |
| **CONSUMER STAPLES — 9.2%** | **CONSUMER STAPLES — 9.2%** | **CONSUMER STAPLES — 9.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; General Mills | 35695 | 2911998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hershey | 8040 | 1919711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Molson Coors Beverage, Cl B | 25288 | 1275274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monster Beverage \* | 19252 | 1804297 |
| &nbsp;&nbsp;&nbsp;&nbsp; PepsiCo | 13356 | 2425182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Procter & Gamble | 17031 | 2293565 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12630027 |
| **ENERGY — 9.8%** | **ENERGY — 9.8%** | **ENERGY — 9.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Natural Resources | 46543 | 2789788 |
| &nbsp;&nbsp;&nbsp;&nbsp; ConocoPhillips | 31266 | 3942330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil | 36853 | 4083681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pioneer Natural Resources | 10803 | 2769997 |
|  |  | 13585796 |
| **FINANCIALS — 21.6%** | **FINANCIALS — 21.6%** | **FINANCIALS — 21.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Allstate | 18292 | 2309365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameriprise Financial | 9648 | 2982390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway, Cl B \* | 16141 | 4763047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citizens Financial Group | 46641 | 1907617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fifth Third Bancorp | 36720 | 1310537 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Horizon | 99676 | 2443059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hartford Financial Services Group | 39303 | 2845930 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase | 12826 | 1614537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 31132 | 2558116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prudential Financial | 20759 | 2183639 |

---

---

| | | | |
|:---|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** | **Value** |
| **FINANCIALS— continued** | **FINANCIALS— continued** | **FINANCIALS— continued** | **FINANCIALS— continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street | 24610 | $| 1821140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank | 25082 |  | 1604997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo | 30336 |  | 1395153 |
|  |  |  | 29739527 |
| **HEALTH CARE — 15.0%** | **HEALTH CARE — 15.0%** | **HEALTH CARE — 15.0%** | **HEALTH CARE — 15.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Amgen | 11103 |  | 3001696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb | 50025 |  | 3875437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Catalent \* | 21540 |  | 1415824 |
| &nbsp;&nbsp;&nbsp;&nbsp; DaVita \* | 17176 |  | 1254020 |
| &nbsp;&nbsp;&nbsp;&nbsp; DENTSPLY SIRONA | 29905 |  | 921672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly | 9708 |  | 3515170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exact Sciences \* | 18016 |  | 626596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quest Diagnostics | 17915 |  | 2573490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Select Medical Holdings | 68519 |  | 1759568 |
| &nbsp;&nbsp;&nbsp;&nbsp; STERIS PLC | 10098 |  | 1742713 |
|  |  |  | 20686186 |
| **INDUSTRIALS — 11.1%** | **INDUSTRIALS — 11.1%** | **INDUSTRIALS — 11.1%** | **INDUSTRIALS — 11.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AECOM | 38762 |  | 2918004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Copart \* | 11605 |  | 1334807 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSX | 70527 |  | 2049515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cummins | 8586 |  | 2099363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerson Electric | 24675 |  | 2136855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quanta Services | 17157 |  | 2436980 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Rentals \* | 7175 |  | 2265219 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15240743 |
| **INFORMATION TECHNOLOGY — 5.0%** | **INFORMATION TECHNOLOGY — 5.0%** | **INFORMATION TECHNOLOGY — 5.0%** | **INFORMATION TECHNOLOGY — 5.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dell Technologies, Cl C | 39763 |  | 1526899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intel | 28949 |  | 823020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft | 7076 |  | 1642552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salesforce \* | 7000 |  | 1138130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa, Cl A | 8851 |  | 1833573 |
|  |  |  | 6964174 |
| **MATERIALS — 4.2%** | **MATERIALS — 4.2%** | **MATERIALS — 4.2%** | **MATERIALS — 4.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Mosaic | 36748 |  | 1975205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sealed Air | 42723 |  | 2034469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Steel Dynamics | 18312 |  | 1722244 |
|  |  |  | 5731918 |
| **REAL ESTATE — 5.8%** | **REAL ESTATE — 5.8%** | **REAL ESTATE — 5.8%** | **REAL ESTATE — 5.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Extra Space Storage ‡ | 11867 |  | 2105681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Host Hotels & Resorts ‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114923 |  | 2169746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invitation Homes ‡ | 52270 |  | 1656436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lamar Advertising, Cl A ‡ | 22715 |  | 2095004 |
|  |  |  | 8026867 |
| **UTILITIES — 7.2%** | **UTILITIES — 7.2%** | **UTILITIES — 7.2%** | **UTILITIES — 7.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Energy | 15886 |  | 1501863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entergy | 17973 |  | 1925627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exelon | 47671 |  | 1839624 |
| &nbsp;&nbsp;&nbsp;&nbsp; FirstEnergy | 38572 |  | 1454550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortis | 37139 |  | 1448421 |

---

*The accompanying notes are an integral part of the financial statements.* 

**27** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **LARGE CAP VALUE FUND** |
| | **OCTOBER 31, 2022**<br>|

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **UTILITIES— continued** | **UTILITIES— continued** | **UTILITIES— continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; Vistra | 77319 | $1776017 |
|  |  | 9946102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stock (Cost $121,336,022) |  | 134788814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments in Securities— 97.8% (Cost $121,336,022) |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134788814 |

---

Percentages are based on Net Assets of $137,827,450.

\* Non-income producing security.

‡ Real Estate Investment Trust.

See "Glossary" for abbreviations.

As of October 31, 2022, all of the Fund's investments in securities were considered Level 1, in accordance with the authoritative guidance of fair value measurements and disclosure under U.S. generally accepted accounting principles.

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

*The accompanying notes are an integral part of the financial statements.* 

**28** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **LARGE CAP GROWTH FUND** |
| | **OCTOBER 31, 2022**<br>|

---

**SECTOR WEIGHTINGS† (Unaudited)**

![LOGO](g237149g77u04.jpg)

*†* *Percentages based on total investments.* 

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **COMMON STOCK — 97.6%#** | | |
|  | **Shares** | **Value** |
| **COMMUNICATION SERVICES — 7.0%** | **COMMUNICATION SERVICES — 7.0%** | **COMMUNICATION SERVICES — 7.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Cl A \* | 83749 | $7915118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Cl A \* | 3170 | 295317 |
|  |  | 8210435 |
| **CONSUMER DISCRETIONARY — 17.4%** | **CONSUMER DISCRETIONARY — 17.4%** | **CONSUMER DISCRETIONARY — 17.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Darden Restaurants | 12562 | 1798125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Etsy \* | 10754 | 1009908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expedia Group \* | 8087 | 755892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lowe's | 12752 | 2486002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lululemon Athletica \* | 4472 | 1471467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marriott International, Cl A | 11134 | 1782665 |
| &nbsp;&nbsp;&nbsp;&nbsp; MercadoLibre \* | 1332 | 1200958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Target | 10754 | 1766345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesla \* | 16940 | 3854527 |
| &nbsp;&nbsp;&nbsp;&nbsp; TJX | 15876 | 1144659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tractor Supply | 7423 | 1631353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ulta Beauty \* | 3616 | 1516442 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20418343 |
| **CONSUMER STAPLES — 6.3%** | **CONSUMER STAPLES — 6.3%** | **CONSUMER STAPLES — 6.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings \* | 21698 | 1679425 |
| &nbsp;&nbsp;&nbsp;&nbsp; PepsiCo | 16559 | 3006783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Procter & Gamble | 20461 | 2755483 |
|  |  | 7441691 |
| **ENERGY — 2.1%** | **ENERGY — 2.1%** | **ENERGY — 2.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Cheniere Energy | 6090 | 1074337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pioneer Natural Resources | 5501 | 1410511 |
|  |  | 2484848 |
| **FINANCIALS — 1.9%** | **FINANCIALS — 1.9%** | **FINANCIALS — 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; American Express | 8850 | 1313783 |
| &nbsp;&nbsp;&nbsp;&nbsp; SoFi Technologies \* | 163357 | 888662 |
|  |  | 2202445 |
| **HEALTH CARE — 9.9%** | **HEALTH CARE — 9.9%** | **HEALTH CARE — 9.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Align Technology \* | 3667 | 712498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amgen | 9326 | 2521284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb | 15080 | 1168248 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **HEALTH CARE— continued** | **HEALTH CARE— continued** | **HEALTH CARE— continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; Catalent \* | 6865 | $451237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly | 4568 | 1654027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exact Sciences \* | 9612 | 334305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuitive Surgical \* | 2445 | 602619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seagen \* | 5360 | 681578 |
| &nbsp;&nbsp;&nbsp;&nbsp; STERIS PLC | 6090 | 1051012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Syneos Health, Cl A \* | 17210 | 867040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zoetis, Cl A | 10944 | 1650136 |
|  |  | 11693984 |
| **INDUSTRIALS — 6.3%** | **INDUSTRIALS — 6.3%** | **INDUSTRIALS — 6.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Caterpillar | 9421 | 2039270 |
| &nbsp;&nbsp;&nbsp;&nbsp; FedEx | 8565 | 1372798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Generac Holdings \* | 4702 | 545009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Howmet Aerospace | 36069 | 1282253 |
| &nbsp;&nbsp;&nbsp;&nbsp; KBR | 12008 | 597638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waste Management | 9612 | 1522252 |
|  |  | 7359220 |
| **INFORMATION TECHNOLOGY — 43.6%** | **INFORMATION TECHNOLOGY — 43.6%** | **INFORMATION TECHNOLOGY — 43.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Accenture PLC, Cl A | 6566 | 1864087 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adobe \* | 3140 | 1000090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple | 106685 | 16359078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dynatrace \* | 21348 | 752304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fiserv \* | 11569 | 1188599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Five9 \* | 12319 | 742343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuit | 940 | 401850 |
| &nbsp;&nbsp;&nbsp;&nbsp; KLA | 4948 | 1565795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mastercard, Cl A | 5900 | 1936262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microchip Technology | 23506 | 1451261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft | 53866 | 12503914 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVIDIA | 12181 | 1644070 |
| &nbsp;&nbsp;&nbsp;&nbsp; ON Semiconductor \* | 20556 | 1262755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paycom Software \* | 3711 | 1284006 |
| &nbsp;&nbsp;&nbsp;&nbsp; PayPal Holdings \* | 12276 | 1026028 |
| &nbsp;&nbsp;&nbsp;&nbsp; QUALCOMM | 7335 | 863036 |
| &nbsp;&nbsp;&nbsp;&nbsp; ServiceNow \* | 4187 | 1761638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa, Cl A | 17701 | 3666939 |
|  |  | 51274055 |
| **MATERIALS — 1.3%** | **MATERIALS — 1.3%** | **MATERIALS — 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemours | 22745 | 651189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Linde PLC | 3103 | 922677 |
|  |  | 1573866 |
| **REAL ESTATE — 1.8%** | **REAL ESTATE — 1.8%** | **REAL ESTATE — 1.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; American Tower ‡ | 10373 | 2149182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stock (Cost $118,140,439) |  | 114808069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments in Securities— 97.6% (Cost $118,140,439) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments in Securities— 97.6% (Cost $118,140,439) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114808069 |

---

Percentages are based on Net Assets of $117,579,252.

*The accompanying notes are an integral part of the financial statements.* 

**29** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **LARGE CAP GROWTH FUND** |
| | **OCTOBER 31, 2022**<br>|

---

# More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.

\* Non-income producing security.

‡ Real Estate Investment Trust.

See "Glossary" for abbreviations.

As of October 31, 2022, all of the Fund's investments in securities were considered Level 1, in accordance with the authoritative guidance of fair value measurements and disclosure under U.S. generally accepted accounting principles.

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

*The accompanying notes are an integral part of the financial statements.* 

**30** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **SMALL CAP FUND** |
| | **OCTOBER 31, 2022**<br>|

---

**SECTOR WEIGHTINGS† (Unaudited)**

![LOGO](g237149g05l87.jpg)

**† Percentages based on total investments.** 

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **COMMON STOCK — 97.1%** | **COMMON STOCK — 97.1%** | **COMMON STOCK — 97.1%** |
|  | **Shares** | **Value** |
| **COMMUNICATION SERVICES — 2.4%** | **COMMUNICATION SERVICES — 2.4%** | **COMMUNICATION SERVICES — 2.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Cars.com \* | 75669 | $1050285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sciplay, Cl A \* | 71893 | 1005783 |
| &nbsp;&nbsp;&nbsp;&nbsp; TechTarget \* | 14025 | 905314 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2961382 |
| **CONSUMER DISCRETIONARY — 8.1%** | **CONSUMER DISCRETIONARY — 8.1%** | **CONSUMER DISCRETIONARY — 8.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Adient PLC \* | 20363 | 712298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bally's \* | 20489 | 461822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bloomin' Brands | 45216 | 1085636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boot Barn Holdings \* | 13136 | 746125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boyd Gaming | 21231 | 1226303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crocs \* | 9800 | 693350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dana | 47742 | 761962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hibbett | 10849 | 677195 |
| &nbsp;&nbsp;&nbsp;&nbsp; KB Home | 53019 | 1528008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lovesac \* | 14025 | 341368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ruth's Hospitality Group | 45744 | 950560 |
| &nbsp;&nbsp;&nbsp;&nbsp; YETI Holdings \* | 10572 | 339150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zumiez \* | 19371 | 434491 |
|  |  | 9958268 |
| **CONSUMER STAPLES — 5.0%** | **CONSUMER STAPLES — 5.0%** | **CONSUMER STAPLES — 5.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Darling Ingredients \* | 17337 | 1360608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edgewell Personal Care | 52034 | 2039212 |
| &nbsp;&nbsp;&nbsp;&nbsp; MGP Ingredients | 6455 | 723283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sprouts Farmers Market \* | 66286 | 1955437 |
|  |  | 6078540 |
| **ENERGY — 6.8%** | **ENERGY — 6.8%** | **ENERGY — 6.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Chord Energy | 15903 | 2434590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Civitas Resources | 20960 | 1465313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crescent Point Energy | 83302 | 652255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magnolia Oil & Gas, Cl A | 102345 | 2628220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Permian Resources, Cl A \* | 119187 | 1164457 |
|  |  | 8344835 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **FINANCIALS — 16.0%** | **FINANCIALS — 16.0%** | **FINANCIALS — 16.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; American Equity Investment Life |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Holding | 27135 | $1168976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axis Capital Holdings | 16114 | 880952 |
| &nbsp;&nbsp;&nbsp;&nbsp; ConnectOne Bancorp | 38085 | 954029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Customers Bancorp \* | 16865 | 568182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essent Group | 19757 | 781982 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Internet Bancorp | 24358 | 625757 |
| &nbsp;&nbsp;&nbsp;&nbsp; FirstCash Holdings | 11531 | 1135227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hancock Whitney | 23180 | 1295067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Home BancShares | 51045 | 1301137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merchants Bancorp | 24975 | 598139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Bank Holding \* | 12506 | 825396 |
| &nbsp;&nbsp;&nbsp;&nbsp; OceanFirst Financial | 31140 | 703141 |
| &nbsp;&nbsp;&nbsp;&nbsp; OFG Bancorp | 44617 | 1243922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Old Second Bancorp | 89237 | 1427792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Piper Sandler | 7397 | 946594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Popular | 11407 | 806703 |
| &nbsp;&nbsp;&nbsp;&nbsp; QCR Holdings | 24503 | 1242547 |
| &nbsp;&nbsp;&nbsp;&nbsp; SoFi Technologies \* | 43459 | 236417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stewart Information Services | 13828 | 538739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stifel Financial | 17337 | 1072640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wintrust Financial | 13354 | 1250202 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19603541 |
| **HEALTH CARE — 15.6%** | **HEALTH CARE — 15.6%** | **HEALTH CARE — 15.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Affimed \* | 97785 | 172102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apellis Pharmaceuticals \* | 7603 | 459906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Castle Biosciences \* | 10563 | 269568 |
| &nbsp;&nbsp;&nbsp;&nbsp; CONMED | 7423 | 591836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Editas Medicine, Cl A \* | 10504 | 131825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ensign Group | 10885 | 977255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fate Therapeutics \* | 11824 | 247358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Halozyme Therapeutics \* | 37649 | 1799999 |
| &nbsp;&nbsp;&nbsp;&nbsp; ICU Medical \* | 4388 | 651223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inmode \* | 32537 | 1116670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insmed \* | 40270 | 697476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Integer Holdings \* | 10936 | 681641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intellia Therapeutics \* | 7611 | 401709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intra-Cellular Therapies \* | 4585 | 209397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lantheus Holdings \* | 7022 | 519558 |
| &nbsp;&nbsp;&nbsp;&nbsp; LHC Group \* | 7071 | 1181564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merit Medical Systems \* | 16621 | 1143026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Natera \* | 16551 | 777235 |
| &nbsp;&nbsp;&nbsp;&nbsp; NextGen Healthcare \* | 46008 | 922000 |
| &nbsp;&nbsp;&nbsp;&nbsp; NuVasive \* | 32785 | 1446802 |
| &nbsp;&nbsp;&nbsp;&nbsp; PTC Therapeutics \* | 11531 | 436103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shockwave Medical \* | 3609 | 1057978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Surface Oncology \* | 115930 | 143753 |
| &nbsp;&nbsp;&nbsp;&nbsp; UFP Technologies \* | 3160 | 296566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Varex Imaging \* | 71431 | 1579339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vericel \* | 47923 | 1288170 |
|  |  | 19200059 |
| **INDUSTRIALS — 17.1%** | **INDUSTRIALS — 17.1%** | **INDUSTRIALS — 17.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Altra Industrial Motion | 18749 | 1127565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aris Water Solution, Cl A | 73535 | 1252301 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASGN \* | 10200 | 864756 |

---

*The accompanying notes are an integral part of the financial statements.* 

**31** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **SMALL CAP FUND** |
| | **OCTOBER 31, 2022**<br>|

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  |<br>**Shares** |<br>**Value** |
| **INDUSTRIALS— continued** | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Atkore \* | 11296 | $1076509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Casella Waste Systems, Cl A \* | 11678 | 955377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comfort Systems USA | 11936 | 1471470 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSW Industrials | 4900 | 631708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Great Lakes Dredge & Dock \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68299 | 516340 |
| &nbsp;&nbsp;&nbsp;&nbsp; H&E Equipment Services | 25859 | 976436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Helios Technologies | 12411 | 703580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Herc Holdings | 7159 | 841970 |
| &nbsp;&nbsp;&nbsp;&nbsp; KBR | 10651 | 530100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maxar Technologies | 17898 | 399841 |
| &nbsp;&nbsp;&nbsp;&nbsp; McGrath RentCorp | 15067 | 1417051 |
| &nbsp;&nbsp;&nbsp;&nbsp; MYR Group \* | 19317 | 1690431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Science Applications International | 8540 | 925224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shyft Group | 31307 | 719435 |
| &nbsp;&nbsp;&nbsp;&nbsp; SP Plus \* | 26202 | 970260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sterling Infrastructure \* | 46651 | 1259110 |
| &nbsp;&nbsp;&nbsp;&nbsp; SunPower, Cl A \* | 34550 | 638830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Triton International | 21495 | 1304531 |
| &nbsp;&nbsp;&nbsp;&nbsp; WESCO International \* | 4283 | 590069 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20862894 |
| **INFORMATION TECHNOLOGY — 9.7%** | **INFORMATION TECHNOLOGY — 9.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Belden | 9770 | 680285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corsair Gaming \* | 39092 | 539470 |
| &nbsp;&nbsp;&nbsp;&nbsp; DigitalOcean Holdings \* | 16138 | 579677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Five9 \* | 5136 | 309495 |
| &nbsp;&nbsp;&nbsp;&nbsp; FormFactor \* | 27933 | 564526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ichor Holdings \* | 22143 | 563318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Instructure Holdings \* | 64238 | 1517301 |
| &nbsp;&nbsp;&nbsp;&nbsp; MACOM Technology Solutions Holdings \* | 12073 | 698664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitek Systems \* | 56864 | 643132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Perficient \* | 18369 | 1230172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rapid7 \* | 11028 | 499238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Silicon Laboratories \* | 6085 | 699288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sprout Social, Cl A \* | 16490 | 994842 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPS Commerce \* | 5786 | 732045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viavi Solutions \* | 67340 | 1016834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Workiva, Cl A \* | 8538 | 664342 |
|  |  | 11932629 |
| **MATERIALS — 4.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ATI \* | 33109 | 985324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Greif, Cl A | 17898 | 1185027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Livent \* | 29283 | 924464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Summit Materials, Cl A \* | 72071 | 1899071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tronox Holdings PLC, Cl A | 80665 | 967980 |
|  |  | 5961866 |
| **REAL ESTATE — 8.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple Hospitality ‡ | 71050 | 1216376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Armada Hoffler Properties ‡ | 79437 | 928619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Office Properties Trust ‡ | 44617 | 1189043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Independence Realty Trust ‡ | 50366 | 844134 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Storage Affiliates Trust ‡ . | 23352 | 996196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Plymouth Industrial ‡ | 43760 | 806934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryman Hospitality Properties ‡ | 9330 | 829624 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | |
|  | **Shares** |<br>**Value** |
| **REAL ESTATE— continued** | | |
| &nbsp;&nbsp;&nbsp;&nbsp; STAG Industrial ‡ | 27040 | $854194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tanger Factory Outlet Centers ‡ | 74024 | 1333172 |
| &nbsp;&nbsp;&nbsp;&nbsp; UMH Properties ‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91857 | 1611172 |
|  |  | 10609464 |
| **UTILITIES — 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Clearway Energy, Cl C | 61260 | 2128172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southwest Gas Holdings | 17302 | 1264257 |
|  |  | 3392429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stock<br>(Cost $111,931,635) |  | 118905907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments in Securities— 97.1%<br>(Cost $111,931,635) |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118905907 |

---

Percentages are based on Net Assets of $122,450,226.

\* Non-income producing security.

‡ Real Estate Investment Trust.

See "Glossary" for abbreviations.

As of October 31, 2022, all of the Fund's investments in securities were considered Level 1, in accordance with the authoritative guidance of fair value measurements and disclosure under U.S. generally accepted accounting principles.

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

*The accompanying notes are an integral part of the financial statements.* 

**32** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
| | **OCTOBER 31, 2022**<br>|

---

---

| |
|:---|
| **SECTOR WEIGHTINGS† (Unaudited)** |
| ![LOGO](g237149g23v81.jpg)  |
| *† Percentages based on total investments.* |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **COMMON STOCK — 96.7%#** | | |
|  |<br>**Shares** |<br>**Value** |
| **COMMUNICATION SERVICES — 8.0%** | **COMMUNICATION SERVICES — 8.0%** | **COMMUNICATION SERVICES — 8.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Activision Blizzard | 1464 | $106579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advantage Solutions \* | 137 | 463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Cl A \* | 12007 | 1134782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Cl C \* | 11048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1045804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Altice USA, Cl A \* | 366 | 2419 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMC Entertainment Holdings, Cl A \* | 968 | 6447 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMC Networks, Cl A \* | 47 | 1058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Angi, Cl A \* | 131 | 282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anterix \* | 31 | 1189 |
| &nbsp;&nbsp;&nbsp;&nbsp; AT&T | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14538 | 265028 |
| &nbsp;&nbsp;&nbsp;&nbsp; ATN International | 19 | 819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audacy, Cl A \* | 193 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bandwidth, Cl A \* | 40 | 475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Omaha, Cl A \* | 49 | 1366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bumble, Cl A \* | 142 | 3607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cable One | 11 | 9454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cardlytics \* | 58 | 547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cargurus, Cl A \* | 154 | 2242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cars.com \* | 111 | 1541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Cl A \* | 266 | 97787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cinemark Holdings \* | 189 | 2005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings, Cl A \* | 813 | 1163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cogent Communications Holdings | 75 | 3938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comcast, Cl A | 8997 | 285565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Communications Holdings \* | 126 | 651 |
| &nbsp;&nbsp;&nbsp;&nbsp; DISH Network, Cl A \* | 470 | 7008 |
| &nbsp;&nbsp;&nbsp;&nbsp; EchoStar, Cl A \* | 62 | 1170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electronic Arts | 532 | 67011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Endeavor Group Holdings, Cl A \*. | 280 | 6115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entravision Communications, Cl A | 105 | 491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eventbrite, Cl A \* | 146 | 959 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  |<br>**Shares** |<br>**Value** |
| **COMMUNICATION SERVICES— continued** | **COMMUNICATION SERVICES— continued** | **COMMUNICATION SERVICES— continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; EW Scripps, Cl A \* | 100 | $1419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fox | 584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Frontier Communications Parent \* | 444 | 10398 |
| &nbsp;&nbsp;&nbsp;&nbsp; fuboTV \* | 236 | 864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gannett \* | 236 | 342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Globalstar \* | 1299 | 2819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gogo \* | 85 | 1209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gray Television | 134 | 1896 |
| &nbsp;&nbsp;&nbsp;&nbsp; IAC \* | 159 | 7740 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDT, Cl B \* | 30 | 782 |
| &nbsp;&nbsp;&nbsp;&nbsp; iHeartMedia \* | 207 | 1714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interpublic Group of Companies | 785 | 23385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iridium Communications \* | 229 | 11800 |
| &nbsp;&nbsp;&nbsp;&nbsp; John Wiley & Sons, Cl A | 76 | 3206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Broadband, Cl C \* | 267 | 22543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Live Nation Entertainment \* | 308 | 24520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lumen Technologies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2050 | 15088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Madison Square Garden Entertainment \* | 45 | 2206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Madison Square Garden Sports | 27 | 4228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magnite \* | 200 | 1458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marcus | 38 | 572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Match Group \* | 567 | 24494 |
| &nbsp;&nbsp;&nbsp;&nbsp; MediaAlpha, Cl A \* | 41 | 450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Cl A \* | 4585 | 427139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netflix \* | 877 | 255979 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Times, Cl A | 326 | 9441 |
| &nbsp;&nbsp;&nbsp;&nbsp; News | 779 | 13142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nexstar Media Group, Cl A | 79 | 13533 |
| &nbsp;&nbsp;&nbsp;&nbsp; NII Holdings \*(A) | 46 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Omnicom Group | 411 | 29900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ooma \* | 38 | 617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pinterest, Cl A \* | 1114 | 27404 |
| &nbsp;&nbsp;&nbsp;&nbsp; PubMatic, Cl A \* | 63 | 1096 |
| &nbsp;&nbsp;&nbsp;&nbsp; QuinStreet \* | 80 | 913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Radius Global Infrastructure, Cl A \* | 149 | 1393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roku, Cl A \* | 238 | 13219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scholastic | 50 | 1907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shenandoah Telecommunications . | 84 | 1903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shutterstock | 41 | 2051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sinclair Broadcast Group, Cl A | 78 | 1389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sirius XM Holdings | 1462 | 8830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skillz, Cl A \* | 435 | 448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snap, Cl A \* | 2193 | 21733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stagwell \* | 181 | 1374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Take-Two Interactive Software \* | 304 | 35967 |
| &nbsp;&nbsp;&nbsp;&nbsp; TechTarget \* | 48 | 3098 |
| &nbsp;&nbsp;&nbsp;&nbsp; TEGNA | 441 | 9208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telephone and Data Systems | 176 | 2992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thryv Holdings \* | 56 | 1146 |
| &nbsp;&nbsp;&nbsp;&nbsp; T-Mobile US \* | 1189 | 180205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trade Desk, Cl A \* | 877 | 46691 |
| &nbsp;&nbsp;&nbsp;&nbsp; TripAdvisor \* | 170 | 4015 |
| &nbsp;&nbsp;&nbsp;&nbsp; TrueCar \* | 146 | 263 |
| &nbsp;&nbsp;&nbsp;&nbsp; United States Cellular \* | 25 | 779 |

---

*The accompanying notes are an integral part of the financial statements.* 

**33** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
| | **OCTOBER 31, 2022**<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| **COMMON STOCK — continued** | | | |
|  |<br>**Shares** | **Value** | **Value** |
| **COMMUNICATION SERVICES— continued** | **COMMUNICATION SERVICES— continued** | **COMMUNICATION SERVICES— continued** | **COMMUNICATION SERVICES— continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications | 8414 | $| 314431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vimeo \* | 251 |  | 954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walt Disney \* | 3642 |  | 388019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warner Bros Discovery \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4851 |  | 63069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warner Music Group, Cl A | 217 |  | 5646 |
| &nbsp;&nbsp;&nbsp;&nbsp; WideOpenWest \* | 93 |  | 1275 |
| &nbsp;&nbsp;&nbsp;&nbsp; World Wrestling Entertainment, Cl A | 75 |  | 5917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yelp, Cl A \* | 115 |  | 4417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ziff Davis \* | 87 |  | 6733 |
| &nbsp;&nbsp;&nbsp;&nbsp; ZoomInfo Technologies, Cl A \* | 568 |  | 25293 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5171654 |
| **CONSUMER DISCRETIONARY — 9.2%** | **CONSUMER DISCRETIONARY — 9.2%** | **CONSUMER DISCRETIONARY — 9.2%** | **CONSUMER DISCRETIONARY — 9.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-800-Flowers.com, Cl A \* | 49 |  | 357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2U \* | 128 |  | 792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aaron's | 53 |  | 552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Abercrombie & Fitch, Cl A \* | 87 |  | 1529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Academy Sports & Outdoors | 147 |  | 6472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accel Entertainment, Cl A \* | 112 |  | 1100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Acushnet Holdings | 58 |  | 2701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adient PLC \* | 175 |  | 6122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adtalem Global Education \* | 85 |  | 3545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advance Auto Parts | 122 |  | 23170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Airbnb, Cl A \* | 714 |  | 76334 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Axle & Manufacturing Holdings \* | 192 |  | 1860 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Eagle Outfitters | 268 |  | 3045 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Public Education \* | 31 |  | 397 |
| &nbsp;&nbsp;&nbsp;&nbsp; America's Car-Mart \* | 10 |  | 684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aramark | 511 |  | 18652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arko | 122 |  | 1251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asbury Automotive Group \* | 44 |  | 6941 |
| &nbsp;&nbsp;&nbsp;&nbsp; AutoNation \* | 68 |  | 7229 |
| &nbsp;&nbsp;&nbsp;&nbsp; AutoZone \* | 39 |  | 98782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bally's \* | 73 |  | 1645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bath & Body Works | 463 |  | 15455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Beazer Homes USA \* | 52 |  | 588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bed Bath & Beyond \* | 121 |  | 553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Best Buy | 400 |  | 27364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Big 5 Sporting Goods | 35 |  | 451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Big Lots | 46 |  | 868 |
| &nbsp;&nbsp;&nbsp;&nbsp; BJ's Restaurants \* | 39 |  | 1281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bloomin' Brands | 151 |  | 3626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bluegreen Vacations Holding, Cl A | 24 |  | 415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Booking Holdings \* | 82 |  | 153297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boot Barn Holdings \* | 52 |  | 2954 |
| &nbsp;&nbsp;&nbsp;&nbsp; BorgWarner | 478 |  | 17939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boyd Gaming | 148 |  | 8548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bright Horizons Family Solutions \* | 110 |  | 7185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brinker International \* | 78 |  | 2604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brunswick | 151 |  | 10671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Buckle | 52 |  | 2045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Burlington Stores \* | 132 |  | 18871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caesars Entertainment \* | 410 |  | 17929 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  |<br>**Shares** |<br>**Value** |
| **CONSUMER DISCRETIONARY— continued** | **CONSUMER DISCRETIONARY— continued** | **CONSUMER DISCRETIONARY— continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; Caleres | 63 | $1722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Camping World Holdings, Cl A | 67 | 1865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canoo \* | 192 | 263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capri Holdings \* | 290 | 13247 |
| &nbsp;&nbsp;&nbsp;&nbsp; CarMax \* | 323 | 20352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carnival \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15520 |
| &nbsp;&nbsp;&nbsp;&nbsp; CarParts.com \* | 79 | 370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carriage Services, Cl A | 23 | 561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carter's | 70 | 4751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carvana, Cl A \* | 153 | 2070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cato, Cl A | 31 | 369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cavco Industries \* | 15 | 3400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Century Casinos \* | 46 | 366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Century Communities | 52 | 2315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cheesecake Factory | 86 | 3080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chegg \* | 216 | 4659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chewy, Cl A \* | 169 | 6545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chico's FAS \* | 206 | 1211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Children's Place \* | 22 | 891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Cl A \* | 55 | 82408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Choice Hotels International | 66 | 8569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Churchill Downs | 67 | 13930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chuy's Holdings \* | 33 | 967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citi Trends \* | 15 | 339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clarus | 43 | 521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Columbia Sportswear | 59 | 4396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Container Store Group \* | 54 | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coursera \* | 157 | 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cracker Barrel Old Country Store | 40 | 4569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crocs \* | 110 | 7783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dana | 252 | 4022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Darden Restaurants | 249 | 35642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dave & Buster's Entertainment \* | 83 | 3308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deckers Outdoor \* | 53 | 18546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Denny's \* | 104 | 1178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Designer Brands, Cl A | 102 | 1553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dick's Sporting Goods | 108 | 12286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dillard's, Cl A | 19 | 6247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dine Brands Global | 28 | 2019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollar General | 457 | 116558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollar Tree \* | 445 | 70533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Domino's Pizza | 71 | 23589 |
| &nbsp;&nbsp;&nbsp;&nbsp; DoorDash, Cl A \* | 388 | 16890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dorman Products \* | 45 | 3673 |
| &nbsp;&nbsp;&nbsp;&nbsp; DR Horton | 635 | 48819 |
| &nbsp;&nbsp;&nbsp;&nbsp; DraftKings, Cl A \* | 698 | 11035 |
| &nbsp;&nbsp;&nbsp;&nbsp; eBay | 1172 | 46692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ethan Allen Interiors | 40 | 1024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Etsy \* | 254 | 23853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Everi Holdings \* | 158 | 2999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expedia Group \* | 299 | 27948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fisker \* | 282 | 2298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Five Below \* | 109 | 15952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Floor & Decor Holdings, Cl A \* | 206 | 15114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foot Locker | 144 | 4565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Motor | 7887 | 105449 |

---

*The accompanying notes are an integral part of the financial statements.* 

**34** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS**<br> **U.S. ALL CAP INDEX FUND** |
| | **OCTOBER 31, 2022**<br>|

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  |<br>**Shares** |<br>**Value** |
| **CONSUMER DISCRETIONARY— continued** | **CONSUMER DISCRETIONARY— continued** | **CONSUMER DISCRETIONARY— continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; Fossil Group \* | 81 | $344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fox Factory Holding \* | 78 | 6852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Franchise Group | 48 | 1457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Frontdoor \* | 144 | 3177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Full House Resorts \* | 57 | 400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Funko, Cl A \* | 47 | 971 |
| &nbsp;&nbsp;&nbsp;&nbsp; GameStop, Cl A \* | 507 | 14353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gap | 374 | 4215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Garmin | 303 | 26676 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Motors | 2766 | 108566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genesco \* | 23 | 1082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gentex | 470 | 12450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gentherm \* | 57 | 3330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genuine Parts | 278 | 49445 |
| &nbsp;&nbsp;&nbsp;&nbsp; G-III Apparel Group \* | 73 | 1424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Golden Entertainment \* | 34 | 1435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goodyear Tire & Rubber \* | 528 | 6706 |
| &nbsp;&nbsp;&nbsp;&nbsp; GoPro, Cl A \* | 223 | 1215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Graham Holdings, Cl B | 7 | 4367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grand Canyon Education \* | 61 | 6138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Green Brick Partners \* | 85 | 1966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Group 1 Automotive | 28 | 4844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Groupon, Cl A \* | 39 | 287 |
| &nbsp;&nbsp;&nbsp;&nbsp; GrowGeneration \* | 91 | 325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Guess? | 58 | 985 |
| &nbsp;&nbsp;&nbsp;&nbsp; H&R Block | 327 | 13456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hanesbrands | 648 | 4419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harley-Davidson | 302 | 12986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hasbro | 260 | 16965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Haverty Furniture | 25 | 665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Helen of Troy \* | 45 | 4258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hibbett | 21 | 1311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hilton Grand Vacations \* | 163 | 6396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hilton Worldwide Holdings | 548 | 74122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Depot | 2069 | 612693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hovnanian Enterprises, Cl A \* | 9 | 363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyatt Hotels, Cl A \* | 100 | 9421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Installed Building Products | 43 | 3698 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Game Technology |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PLC | 175 | 3509 |
| &nbsp;&nbsp;&nbsp;&nbsp; iRobot \* | 46 | 2599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jack in the Box | 36 | 3176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson Outdoors, Cl A | 14 | 737 |
| &nbsp;&nbsp;&nbsp;&nbsp; KB Home | 151 | 4352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kohl's | 239 | 7158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kontoor Brands | 97 | 3463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Las Vegas Sands \* | 734 | 27899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Latham Group \* | 76 | 336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Laureate Education, Cl A | 188 | 2376 |
| &nbsp;&nbsp;&nbsp;&nbsp; La-Z-Boy, Cl Z | 75 | 1858 |
| &nbsp;&nbsp;&nbsp;&nbsp; LCI Industries | 43 | 4563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lear | 119 | 16507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leggett & Platt | 265 | 8944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lennar, Cl A | 507 | 40915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leslie's \* | 278 | 3903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Levi Strauss, Cl A | 158 | 2364 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  |<br>**Shares** |<br>**Value** |
| **CONSUMER DISCRETIONARY— continued** | **CONSUMER DISCRETIONARY— continued** | **CONSUMER DISCRETIONARY— continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; LGI Homes \* | 36 | $3314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Light & Wonder \* | 174 | 9768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lindblad Expeditions Holdings \* | 55 | 461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liquidity Services \* | 47 | 807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lithia Motors, Cl A | 59 | 11691 |
| &nbsp;&nbsp;&nbsp;&nbsp; LKQ | 567 | 31548 |
| &nbsp;&nbsp;&nbsp;&nbsp; LL Flooring Holdings \* | 51 | 424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lordstown Motors, Cl A \* | 278 | 503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lovesac \* | 23 | 560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lowe's | 1325 | 258309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Luminar Technologies, Cl A \* | 352 | 2848 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/I Homes \* | 48 | 1992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Macy's | 570 | 11885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Malibu Boats, Cl A \* | 36 | 1904 |
| &nbsp;&nbsp;&nbsp;&nbsp; MarineMax \* | 37 | 1195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marriott International, Cl A | 559 | 89501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marriott Vacations Worldwide | 78 | 11525 |
| &nbsp;&nbsp;&nbsp;&nbsp; MasterCraft Boat Holdings \* | 32 | 696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mattel \* | 702 | 13310 |
| &nbsp;&nbsp;&nbsp;&nbsp; MDC Holdings | 100 | 3046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meritage Homes \* | 63 | 4798 |
| &nbsp;&nbsp;&nbsp;&nbsp; MGM Resorts International | 677 | 24081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mister Car Wash \* | 127 | 1121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Modine Manufacturing \* | 87 | 1559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mohawk Industries \* | 101 | 9570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monarch Casino & Resort \* | 23 | 1826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monro | 57 | 2722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Motorcar Parts of America \* | 33 | 627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Movado Group | 28 | 926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Murphy USA | 45 | 14153 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Vision Holdings \* | 141 | 5223 |
| &nbsp;&nbsp;&nbsp;&nbsp; NIKE, Cl B | 2462 | 228178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordstrom | 195 | 3966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norwegian Cruise Line Holdings \* | 827 | 13968 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVR \* | 6 | 25427 |
| &nbsp;&nbsp;&nbsp;&nbsp; ODP \* | 82 | 3245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ollie's Bargain Outlet Holdings \* . | 102 | 5712 |
| &nbsp;&nbsp;&nbsp;&nbsp; ONE Group Hospitality \* | 45 | 337 |
| &nbsp;&nbsp;&nbsp;&nbsp; OneWater Marine, Cl A \* | 18 | 594 |
| &nbsp;&nbsp;&nbsp;&nbsp; O'Reilly Automotive \* | 131 | 109669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Overstock.com \* | 75 | 1744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oxford Industries | 27 | 2747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Papa John's International | 62 | 4503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Party City Holdco \* | 185 | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Patrick Industries | 39 | 1783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Peloton Interactive, Cl A \* | 498 | 4183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Penn Entertainment \* | 331 | 10956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Penske Automotive Group | 54 | 6027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Perdoceo Education \* | 116 | 1326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Petco Health & Wellness, Cl A \* | 265 | 2790 |
| &nbsp;&nbsp;&nbsp;&nbsp; PetMed Express | 35 | 746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Planet Fitness, Cl A \* | 169 | 11066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Playa Hotels & Resorts \* | 231 | 1425 |
| &nbsp;&nbsp;&nbsp;&nbsp; PLBY Group \* | 48 | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Polaris | 112 | 11379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool | 78 | 23730 |

---

*The accompanying notes are an integral part of the financial statements.* 

**35** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
| | **OCTOBER 31, 2022**<br>|

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  |<br>**Shares** |<br>**Value** |
| **CONSUMER DISCRETIONARY— continued** | **CONSUMER DISCRETIONARY— continued** | **CONSUMER DISCRETIONARY— continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; Porch Group \* | 138 | $188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Poshmark, Cl A \* | 70 | 1250 |
| &nbsp;&nbsp;&nbsp;&nbsp; PulteGroup | 481 | 19235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purple Innovation, Cl A \* | 144 | 507 |
| &nbsp;&nbsp;&nbsp;&nbsp; PVH | 127 | 6518 |
| &nbsp;&nbsp;&nbsp;&nbsp; QuantumScape, Cl A \* | 378 | 3149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quotient Technology \* | 152 | 374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qurate Retail \* | 594 | 1390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ralph Lauren, Cl A | 86 | 7971 |
| &nbsp;&nbsp;&nbsp;&nbsp; RealReal \* | 136 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Red Rock Resorts, Cl A | 92 | 3832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rent-A-Center, Cl A | 93 | 1939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Revolve Group, Cl A \* | 70 | 1680 |
| &nbsp;&nbsp;&nbsp;&nbsp; RH \* | 38 | 9649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rivian Automotive, Cl A \* | 946 | 33082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rocky Brands | 12 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ross Stores | 688 | 65835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Caribbean Cruises \* | 439 | 23434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rush Street Interactive \* | 89 | 369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ruth's Hospitality Group | 55 | 1143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sally Beauty Holdings \* | 191 | 2428 |
| &nbsp;&nbsp;&nbsp;&nbsp; SeaWorld Entertainment \* | 140 | 8142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service International | 320 | 19395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shake Shack, Cl A \* | 65 | 3612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shoe Carnival | 30 | 719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Signet Jewelers | 89 | 5806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Six Flags Entertainment \* | 148 | 3300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skechers USA, Cl A \* | 273 | 9399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skyline Champion \* | 105 | 6112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sleep Number \* | 37 | 1026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sonic Automotive, Cl A | 35 | 1636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sonos \* | 221 | 3563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sportsman's Warehouse Holdings \* | 75 | 674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Motor Products | 35 | 1328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Starbucks | 2299 | 199070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stellantis | 4298 | 58109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Steven Madden | 131 | 3913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stitch Fix, Cl A \* | 139 | 556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stoneridge \* | 46 | 960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Strategic Education | 42 | 2898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stride \* | 70 | 2346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tapestry | 527 | 16695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Target | 924 | 151767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taylor Morrison Home, Cl A \* | 196 | 5163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tempur Sealy International | 349 | 9385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tenneco, Cl A \* | 142 | 2797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesla \* | 5071 | 1153855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Roadhouse, Cl A | 131 | 12962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thor Industries | 98 | 7984 |
| &nbsp;&nbsp;&nbsp;&nbsp; TJX | 2350 | 169435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toll Brothers | 219 | 9435 |
| &nbsp;&nbsp;&nbsp;&nbsp; TopBuild \* | 65 | 11059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Topgolf Callaway Brands \* | 261 | 4886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tractor Supply | 224 | 49228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Travel + Leisure | 156 | 5925 |
| &nbsp;&nbsp;&nbsp;&nbsp; TravelCenters of America \* | 23 | 1462 |

---

---

| | | | |
|:---|:---|:---|:---|
| **COMMON STOCK — continued** | | | |
|  |<br>**Shares** | **Value** | **Value** |
| **CONSUMER DISCRETIONARY— continued** | **CONSUMER DISCRETIONARY— continued** | **CONSUMER DISCRETIONARY— continued** | **CONSUMER DISCRETIONARY— continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; TRI Pointe Group \* | 178 | $| 2982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tupperware Brands \* | 74 |  | 572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ulta Beauty \* | 102 |  | 42776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Under Armour, Cl A \* | 330 |  | 2459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unifi \* | 28 |  | 255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Electronics \* | 21 |  | 429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Urban Outfitters \* | 102 |  | 2434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vail Resorts | 80 |  | 17530 |
| &nbsp;&nbsp;&nbsp;&nbsp; VF | 736 |  | 20792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vista Outdoor \* | 97 |  | 2817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Visteon \* | 52 |  | 6784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vivint Smart Home \* | 47 |  | 360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vuzix \* | 104 |  | 520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wayfair, Cl A \* | 136 |  | 5157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wendy's | 372 |  | 7730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Whirlpool | 114 |  | 15759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Williams-Sonoma | 142 |  | 17584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wingstop | 56 |  | 8870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Winmark | 5 |  | 1258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Winnebago Industries | 55 |  | 3283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wolverine World Wide | 139 |  | 2381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Workhorse Group \* | 255 |  | 689 |
| &nbsp;&nbsp;&nbsp;&nbsp; WW International \* | 119 |  | 538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wyndham Hotels & Resorts | 181 |  | 13743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wynn Resorts \* | 211 |  | 13483 |
| &nbsp;&nbsp;&nbsp;&nbsp; XPEL \* | 34 |  | 2352 |
| &nbsp;&nbsp;&nbsp;&nbsp; YETI Holdings \* | 157 |  | 5037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yum! Brands | 576 |  | 68112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zumiez \* | 28 |  | 628 |
|  |  |  | 5939610 |
| **CONSUMER STAPLES — 5.1%** | **CONSUMER STAPLES — 5.1%** | **CONSUMER STAPLES — 5.1%** | **CONSUMER STAPLES — 5.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 22nd Century Group \* | 276 |  | 362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Albertsons, Cl A | 171 |  | 3507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Altria Group | 3627 |  | 167821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Andersons | 56 |  | 1975 |
| &nbsp;&nbsp;&nbsp;&nbsp; AppHarvest \* | 115 |  | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Archer-Daniels-Midland | 1120 |  | 108618 |
| &nbsp;&nbsp;&nbsp;&nbsp; B&G Foods | 118 |  | 1933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Beauty Health \* | 178 |  | 2035 |
| &nbsp;&nbsp;&nbsp;&nbsp; BellRing Brands \* | 205 |  | 4968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Beyond Meat \* | 99 |  | 1554 |
| &nbsp;&nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings \* | 268 |  | 20743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Beer, Cl A \* | 18 |  | 6719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown-Forman, Cl B | 606 |  | 41208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bunge | 283 |  | 27932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Calavo Growers | 24 |  | 830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cal-Maine Foods | 66 |  | 3730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Campbell Soup | 404 |  | 21376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Casey's General Stores | 75 |  | 17453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Celsius Holdings \* | 72 |  | 6558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Garden & Pet, Cl A \* | 71 |  | 2779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chefs' Warehouse \* | 58 |  | 2125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clorox | 245 |  | 35780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola | 8628 |  | 516386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Consolidated | 6 |  | 2922 |

---

*The accompanying notes are an integral part of the financial statements.* 

**36** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
| | **OCTOBER 31, 2022**<br>|

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  |<br>**Shares** |<br>**Value** |
| **CONSUMER STAPLES— continued** | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Colgate-Palmolive | 1682 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Conagra Brands | 958 | 35159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Brands, Cl A | 308 | 76101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coty, Cl A \* | 592 | 3972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Darling Ingredients \* | 320 | 25114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duckhorn Portfolio \* | 64 | 936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edgewell Personal Care | 94 | 3684 |
| &nbsp;&nbsp;&nbsp;&nbsp; elf Beauty \* | 86 | 3720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energizer Holdings | 117 | 3380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Estee Lauder, Cl A | 463 | 92827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flowers Foods | 391 | 11226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresh Del Monte Produce | 66 | 1721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freshpet \* | 74 | 4362 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Mills | 1203 | 98141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grocery Outlet Holding \* | 164 | 5670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hain Celestial Group \* | 158 | 2956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Herbalife Nutrition \* | 172 | 3657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hershey | 291 | 69482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hormel Foods | 574 | 26662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hostess Brands, Cl A \* | 259 | 6858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingles Markets, Cl A | 25 | 2359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingredion | 128 | 11407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inter Parfums | 31 | 2507 |
| &nbsp;&nbsp;&nbsp;&nbsp; J&J Snack Foods | 25 | 3690 |
| &nbsp;&nbsp;&nbsp;&nbsp; JM Smucker | 211 | 31789 |
| &nbsp;&nbsp;&nbsp;&nbsp; John B Sanfilippo & Son | 15 | 1251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kellogg | 675 | 51853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keurig Dr Pepper | 1564 | 60746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kimberly-Clark | 674 | 83886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kraft Heinz | 2034 | 78248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lamb Weston Holdings | 288 | 24831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lancaster Colony | 35 | 6310 |
| &nbsp;&nbsp;&nbsp;&nbsp; McCormick | 501 | 39399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medifast | 19 | 2223 |
| &nbsp;&nbsp;&nbsp;&nbsp; MGP Ingredients | 23 | 2577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mission Produce \* | 66 | 1098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Molson Coors Beverage, Cl B | 386 | 19466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mondelez International, Cl A | 2767 | 170115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monster Beverage \* | 747 | 70009 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Beverage | 41 | 1944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nu Skin Enterprises, Cl A | 86 | 3284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Olaplex Holdings \* | 217 | 955 |
| &nbsp;&nbsp;&nbsp;&nbsp; PepsiCo | 2762 | 501524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Performance Food Group \* | 302 | 15716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International | 3098 | 284551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pilgrim's Pride \* | 83 | 1913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Post Holdings \* | 112 | 10127 |
| &nbsp;&nbsp;&nbsp;&nbsp; PriceSmart | 43 | 2751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reynolds Consumer Products | 95 | 2901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seneca Foods, Cl A \* | 10 | 631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simply Good Foods \* | 148 | 5668 |
| &nbsp;&nbsp;&nbsp;&nbsp; SpartanNash | 61 | 2178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spectrum Brands Holdings | 70 | 3230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sprouts Farmers Market \* | 205 | 6048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sysco | 1013 | 87685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tattooed Chef \* | 85 | 404 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  |<br>**Shares** |<br>**Value** |
| **CONSUMER STAPLES— continued** | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Tootsie Roll Industries | 26 | $1034 |
| &nbsp;&nbsp;&nbsp;&nbsp; TreeHouse Foods \* | 97 | 4873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Turning Point Brands | 31 | 730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tyson Foods, Cl A | 575 | 39301 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Natural Foods \* | 101 | 4283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal | 42 | 2126 |
| &nbsp;&nbsp;&nbsp;&nbsp; US Foods Holding \* | 429 | 12767 |
| &nbsp;&nbsp;&nbsp;&nbsp; USANA Health Sciences \* | 20 | 1050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utz Brands | 106 | 1718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vector Group | 228 | 2421 |
| &nbsp;&nbsp;&nbsp;&nbsp; WD-40 | 24 | 3844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Weis Markets | 26 | 2436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Whole Earth Brands \* | 70 | 242 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3271485 |
| **ENERGY — 6.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aemetis \* | 48 | 355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alto Ingredients \* | 123 | 508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Antero Midstream | 596 | 6347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Antero Resources \* | 555 | 20346 |
| &nbsp;&nbsp;&nbsp;&nbsp; APA | 691 | 31413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arch Resources | 27 | 4112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Archrock | 236 | 1772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Baker Hughes, Cl A | 1812 | 50120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berry Petroleum | 139 | 1233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brigham Minerals, Cl A | 84 | 2604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bristow Group \* | 48 | 1437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cactus, Cl A | 102 | 5275 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Resources | 133 | 6000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Callon Petroleum \* | 73 | 3209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrus Energy, Cl A \* | 19 | 899 |
| &nbsp;&nbsp;&nbsp;&nbsp; ChampionX | 379 | 10847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cheniere Energy | 503 | 88734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chesapeake Energy | 230 | 23522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chevron | 3936 | 712022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chord Energy | 79 | 12134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Civitas Resources | 137 | 9583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clean Energy Fuels \* | 294 | 1973 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNX Resources \* | 367 | 6169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comstock Resources | 141 | 2648 |
| &nbsp;&nbsp;&nbsp;&nbsp; ConocoPhillips | 2594 | 327078 |
| &nbsp;&nbsp;&nbsp;&nbsp; CONSOL Energy | 59 | 3718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Continental Resources | 277 | 20490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Laboratories | 81 | 1576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coterra Energy | 1589 | 49466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crescent Energy, Cl A | 58 | 794 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVR Energy | 188 | 7343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delek US Holdings | 146 | 4330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Denbury \* | 90 | 8227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Devon Energy | 1260 | 97461 |
| &nbsp;&nbsp;&nbsp;&nbsp; DHT Holdings | 243 | 2165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamondback Energy | 331 | 52003 |
| &nbsp;&nbsp;&nbsp;&nbsp; DMC Global \* | 27 | 584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dorian LPG | 61 | 1102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dril-Quip \* | 60 | 1493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Earthstone Energy, Cl A \* | 79 | 1277 |

---

*The accompanying notes are an integral part of the financial statements.* 

**37** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
| | **OCTOBER 31, 2022**<br>|

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  |<br>**Shares** |<br>**Value** |
| **ENERGY— continued** | | |
| &nbsp;&nbsp;&nbsp;&nbsp; EOG Resources | 1169 | $159592 |
| &nbsp;&nbsp;&nbsp;&nbsp; EQT | 712 | 29790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equitrans Midstream | 769 | 6475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expro Group Holdings \* | 184 | 3483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil | 8453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;936677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gevo \* | 342 | 770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Green Plains \* | 90 | 2600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gulfport Energy \* | 37 | 3312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Halliburton | 1796 | 65410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Helix Energy Solutions Group \* | 249 | 1743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Helmerich & Payne | 192 | 9506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hess | 559 | 78864 |
| &nbsp;&nbsp;&nbsp;&nbsp; HF Sinclair | 324 | 19819 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Seaways | 83 | 3520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinder Morgan | 3974 | 72009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinetik Holdings, Cl A | 28 | 1030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Laredo Petroleum \* | 26 | 1681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Energy, Cl A | 217 | 3670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magnolia Oil & Gas, Cl A | 302 | 7755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marathon Oil | 1435 | 43696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marathon Petroleum | 1118 | 127027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Matador Resources | 217 | 14420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Murphy Oil | 294 | 14262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nabors Industries \* | 14 | 2436 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Energy Services Reunited |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; \* | 122 | 922 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Fortress Energy, Cl A | 126 | 6939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newpark Resources \* | 148 | 542 |
| &nbsp;&nbsp;&nbsp;&nbsp; NexTier Oilfield Solutions \* | 276 | 2782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Oil and Gas | 114 | 3892 |
| &nbsp;&nbsp;&nbsp;&nbsp; NOV | 782 | 17517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Occidental Petroleum | 1873 | 135980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oceaneering International \* | 172 | 2406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil States International \* | 103 | 666 |
| &nbsp;&nbsp;&nbsp;&nbsp; ONEOK | 888 | 52676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ovintiv | 516 | 26135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Par Pacific Holdings \* | 103 | 2357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Patterson-UTI Energy | 395 | 6972 |
| &nbsp;&nbsp;&nbsp;&nbsp; PBF Energy, Cl A | 187 | 8275 |
| &nbsp;&nbsp;&nbsp;&nbsp; PDC Energy | 190 | 13707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Peabody Energy \* | 256 | 6118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Permian Resources, Cl A \* | 352 | 3439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phillips 66 | 847 | 88334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pioneer Natural Resources | 471 | 120769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Plains GP Holdings, Cl A | 332 | 4163 |
| &nbsp;&nbsp;&nbsp;&nbsp; ProPetro Holding \* | 136 | 1610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Range Resources | 511 | 14553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ranger Oil, Cl A | 37 | 1513 |
| &nbsp;&nbsp;&nbsp;&nbsp; REX American Resources \* | 27 | 810 |
| &nbsp;&nbsp;&nbsp;&nbsp; RPC | 130 | 1447 |
| &nbsp;&nbsp;&nbsp;&nbsp; SandRidge Energy \* | 63 | 1190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schlumberger | 2826 | 147037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Select Energy Services, Cl A | 135 | 1303 |
| &nbsp;&nbsp;&nbsp;&nbsp; SM Energy | 240 | 10795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southwestern Energy \* | 1765 | 12232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Talos Energy \* | 98 | 2085 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  |<br>**Shares** |<br>**Value** |
| **ENERGY— continued** | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Targa Resources | 449 | $30698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tellurian \* | 750 | 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp; TETRA Technologies \* | 200 | 988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Pacific Land | 16 | 36862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tidewater \* | 68 | 2305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transocean \* | 1107 | 4074 |
| &nbsp;&nbsp;&nbsp;&nbsp; US Silica Holdings \* | 127 | 1828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valaris \* | 132 | 8835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valero Energy | 817 | 102574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viper Energy Partners | 103 | 3435 |
| &nbsp;&nbsp;&nbsp;&nbsp; W&T Offshore \* | 164 | 1245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Williams | 2432 | 79599 |
| &nbsp;&nbsp;&nbsp;&nbsp; World Fuel Services | 108 | 2753 |
|  |  | 4168303 |
| **FINANCIALS — 13.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1st Source | 32 | 1861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated Managers Group | 78 | 9684 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGNC Investment ‡ | 1039 | 8541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alerus Financial | 26 | 580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allstate | 550 | 69438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ally Financial | 652 | 17969 |
| &nbsp;&nbsp;&nbsp;&nbsp; A-Mark Precious Metals | 30 | 912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ambac Financial Group \* | 80 | 1124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amerant Bancorp, Cl A | 40 | 1204 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Equity Investment Life |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Holding | 179 | 7711 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Express | 1507 | 223714 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Financial Group | 157 | 22782 |
| &nbsp;&nbsp;&nbsp;&nbsp; American International Group | 1614 | 91998 |
| &nbsp;&nbsp;&nbsp;&nbsp; American National Bankshares | 18 | 658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameriprise Financial | 221 | 68316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameris Bancorp | 123 | 6336 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMERISAFE | 33 | 1928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Annaly Capital Management ‡ | 728 | 13504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apollo Commercial Real Estate |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Finance ‡ | 244 | 2747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apollo Global Management | 992 | 54934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arbor Realty Trust ‡ | 269 | 3704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arch Capital Group \* | 731 | 42033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ares Commercial Real Estate ‡ | 77 | 950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ares Management, Cl A | 276 | 20929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Argo Group International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Holdings | 60 | 1492 |
| &nbsp;&nbsp;&nbsp;&nbsp; ARMOUR Residential ‡ | 166 | 883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arrow Financial | 28 | 968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arthur J Gallagher | 416 | 77825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Artisan Partners Asset |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management, Cl A | 111 | 3165 |
| &nbsp;&nbsp;&nbsp;&nbsp; AssetMark Financial Holdings \* | 37 | 766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Associated Banc-Corp | 256 | 6234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Assurant | 114 | 15488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Assured Guaranty | 117 | 6925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlantic Union Bankshares | 130 | 4490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axis Capital Holdings | 146 | 7982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axos Financial \* | 93 | 3623 |

---

*The accompanying notes are an integral part of the financial statements.* 

**38** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
| | **OCTOBER 31, 2022**<br>|

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **FINANCIALS— continued** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;B. Riley Financial | 27 | $1098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banc of California | 101 | 1685 |
| &nbsp;&nbsp;&nbsp;&nbsp; BancFirst | 30 | 2875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bancorp \* | 89 | 2455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank First | 11 | 948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America | 16121 | 581001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Hawaii | 75 | 5696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Marin Bancorp | 25 | 903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of New York Mellon | 1614 | 67966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank OZK | 235 | 10100 |
| &nbsp;&nbsp;&nbsp;&nbsp; BankUnited | 158 | 5680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banner | 59 | 4410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bar Harbor Bankshares | 26 | 780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway, Cl B \* | 2568 | 757791 |
| &nbsp;&nbsp;&nbsp;&nbsp; BGC Partners, Cl A | 502 | 1988 |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock, Cl A | 286 | 184730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackstone, Cl A | 1392 | 126867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackstone Mortgage Trust, Cl A ‡ | 321 | 8012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blucora \* | 81 | 1784 |
| &nbsp;&nbsp;&nbsp;&nbsp; BOK Financial | 52 | 5730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bread Financial Holdings | 87 | 3142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bridgewater Bancshares \* | 36 | 688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brighthouse Financial \* | 142 | 8104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brightsphere Investment Group | 72 | 1355 |
| &nbsp;&nbsp;&nbsp;&nbsp; BrightSpire Capital, Cl A ‡ | 163 | 1252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadmark Realty Capital ‡ | 223 | 1298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookline Bancorp | 133 | 1829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown & Brown | 479 | 28160 |
| &nbsp;&nbsp;&nbsp;&nbsp; BRP Group, Cl A \* | 100 | 2835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Business First Bancshares | 33 | 818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Byline Bancorp | 40 | 925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cadence Bank | 368 | 10175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cambridge Bancorp | 12 | 1054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Camden National | 25 | 1088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cannae Holdings \* | 142 | 3289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital City Bank Group | 23 | 815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial | 802 | 85028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capitol Federal Financial | 226 | 1849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capstar Financial Holdings | 33 | 583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carlyle Group | 373 | 10548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carter Bankshares \* | 43 | 770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cathay General Bancorp | 125 | 5700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cboe Global Markets | 211 | 26270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Pacific Financial | 47 | 964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab | 3383 | 269524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chimera Investment ‡ | 408 | 2754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chubb | 844 | 181367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cincinnati Financial | 314 | 32442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup | 3960 | 181606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citizens & Northern | 27 | 642 |
| &nbsp;&nbsp;&nbsp;&nbsp; City Holding | 26 | 2622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Civista Bancshares | 24 | 569 |
| &nbsp;&nbsp;&nbsp;&nbsp; CME Group, Cl A | 718 | 124429 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNA Financial | 47 | 1960 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNB Financial | 29 | 737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coastal Financial \* | 18 | 839 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **FINANCIALS— continued** | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Cohen & Steers | 43 | $2587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Columbia Banking System | 137 | 4585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Columbia Financial \* | 61 | 1253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comerica | 261 | 18401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commerce Bancshares | 234 | 16605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Community Bank System | 100 | 6243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Community Trust Bancorp | 30 | 1419 |
| &nbsp;&nbsp;&nbsp;&nbsp; ConnectOne Bancorp | 62 | 1553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cowen, Cl A | 44 | 1699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Acceptance \* | 18 | 8381 |
| &nbsp;&nbsp;&nbsp;&nbsp; CrossFirst Bankshares \* | 81 | 1127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cullen | 118 | 18296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Curo Group Holdings | 35 | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Customers Bancorp \* | 53 | 1786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamond Hill Investment Group | 5 | 900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dime Community Bancshares | 63 | 2175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Discover Financial Services | 563 | 58811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Donnelley Financial Solutions \* | 54 | 2183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dynex Capital ‡ | 63 | 752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eagle Bancorp | 55 | 2490 |
| &nbsp;&nbsp;&nbsp;&nbsp; East West Bancorp | 282 | 20183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eastern Bankshares | 312 | 5981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ellington Financial ‡ | 100 | 1338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Employers Holdings | 47 | 2050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Encore Capital Group \* | 42 | 2139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enova International \* | 55 | 2062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enstar Group \* | 23 | 4612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enterprise Bancorp | 16 | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enterprise Financial Services | 62 | 3315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equitable Holdings | 768 | 23516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Bancshares, Cl A | 25 | 893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Erie Indemnity, Cl A | 50 | 12850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essent Group | 198 | 7837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evercore, Cl A | 65 | 6832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Everest Re Group | 87 | 28071 |
| &nbsp;&nbsp;&nbsp;&nbsp; EZCORP, Cl A \* | 91 | 879 |
| &nbsp;&nbsp;&nbsp;&nbsp; FactSet Research Systems | 76 | 32337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Farmers National Banc | 54 | 742 |
| &nbsp;&nbsp;&nbsp;&nbsp; FB Financial | 63 | 2643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal Agricultural Mortgage, Cl C | 16 | 1843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federated Hermes, Cl B | 152 | 5282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Financial | 534 | 21029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fifth Third Bancorp | 1367 | 48788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial Institutions | 27 | 643 |
| &nbsp;&nbsp;&nbsp;&nbsp; First American Financial | 208 | 10483 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Bancorp | 61 | 2719 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Bancorp | 16 | 489 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Bancshares | 34 | 1113 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Busey | 90 | 2377 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Citizens BancShares, Cl A | 23 | 18646 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Commonwealth Financial | 163 | 2337 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Financial | 20 | 970 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Financial Bancorp | 162 | 4223 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Financial Bankshares | 263 | 10123 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Foundation | 89 | 1420 |

---

*The accompanying notes are an integral part of the financial statements.* 

**39** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
| | **OCTOBER 31, 2022**<br>|

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **FINANCIALS— continued** | | |
| &nbsp;&nbsp;&nbsp;&nbsp; First Hawaiian | 239 | $6114 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Horizon | 1054 | 25834 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Internet Bancorp | 16 | 411 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Interstate BancSystem, Cl A | 164 | 7460 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Merchants | 103 | 4625 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mid Bancshares | 30 | 1074 |
| &nbsp;&nbsp;&nbsp;&nbsp; First of Long Island | 38 | 668 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Republic Bank | 359 | 43116 |
| &nbsp;&nbsp;&nbsp;&nbsp; FirstCash Holdings | 69 | 6793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flagstar Bancorp | 91 | 3522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flushing Financial | 50 | 985 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNB | 702 | 10144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Focus Financial Partners, Cl A \* | 101 | 3514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Franklin BSP Realty Trust ‡ | 146 | 2057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Franklin Resources | 572 | 13413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fulton Financial | 279 | 5086 |
| &nbsp;&nbsp;&nbsp;&nbsp; GCM Grosvenor | 75 | 620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genworth Financial, Cl A \* | 883 | 4124 |
| &nbsp;&nbsp;&nbsp;&nbsp; German American Bancorp | 48 | 1886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Glacier Bancorp | 221 | 12659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group | 682 | 234956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goosehead Insurance, Cl A \* | 34 | 1411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Granite Point Mortgage Trust ‡ | 93 | 731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Great Southern Bancorp | 17 | 1054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Green Dot, Cl A \* | 92 | 1751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Guaranty Bancshares | 15 | 555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hamilton Lane, Cl A | 61 | 3649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hancock Whitney | 172 | 9610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hanmi Financial | 53 | 1419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hannon Armstrong Sustainable Infrastructure Capital ‡ | 158 | 4294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hanover Insurance Group | 70 | 10254 |
| &nbsp;&nbsp;&nbsp;&nbsp; HarborOne Bancorp | 80 | 1218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hartford Financial Services Group | 660 | 47791 |
| &nbsp;&nbsp;&nbsp;&nbsp; HCI Group | 15 | 550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heartland Financial USA | 69 | 3403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heritage Commerce | 102 | 1459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heritage Financial | 61 | 2055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hilltop Holdings | 105 | 3040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hingham Institution For Savings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; The | 4 | 989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Bancorp | 13 | 556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Home BancShares | 281 | 7163 |
| &nbsp;&nbsp;&nbsp;&nbsp; HomeStreet | 31 | 805 |
| &nbsp;&nbsp;&nbsp;&nbsp; HomeTrust Bancshares | 25 | 601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hope Bancorp | 199 | 2700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Horace Mann Educators | 72 | 2841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Houlihan Lokey, Cl A | 101 | 9021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington Bancshares | 2865 | 43491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Independent Bank | 89 | 7737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Independent Bank Group | 65 | 4101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Independent Bank/MI | 36 | 833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interactive Brokers Group, Cl A | 185 | 14828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intercontinental Exchange | 1108 | 105892 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Bancshares | 94 | 4662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invesco | 894 | 13696 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **FINANCIALS— continued** | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Invesco Mortgage Capital ‡ | 58 | $677 |
| &nbsp;&nbsp;&nbsp;&nbsp; James River Group Holdings | 63 | 1592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferies Financial Group | 391 | 13454 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase | 5861 | 737783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kearny Financial | 114 | 1156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kemper | 107 | 5101 |
| &nbsp;&nbsp;&nbsp;&nbsp; KeyCorp | 1833 | 32756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinsale Capital Group | 44 | 13867 |
| &nbsp;&nbsp;&nbsp;&nbsp; KKR Real Estate Finance Trust ‡ . | 102 | 1777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ladder Capital, Cl A ‡ | 200 | 2134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lakeland Bancorp | 107 | 1996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lakeland Financial | 44 | 3637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lazard, Cl A | 204 | 7693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lemonade \* | 68 | 1646 |
| &nbsp;&nbsp;&nbsp;&nbsp; LendingClub \* | 171 | 1819 |
| &nbsp;&nbsp;&nbsp;&nbsp; LendingTree \* | 19 | 479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lincoln National | 311 | 16754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Live Oak Bancshares | 57 | 1851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loews | 412 | 23492 |
| &nbsp;&nbsp;&nbsp;&nbsp; LPL Financial Holdings | 159 | 40648 |
| &nbsp;&nbsp;&nbsp;&nbsp; M&T Bank | 359 | 60387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Markel \* | 27 | 32565 |
| &nbsp;&nbsp;&nbsp;&nbsp; MarketAxess Holdings | 75 | 18303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marsh & McLennan | 1006 | 162459 |
| &nbsp;&nbsp;&nbsp;&nbsp; MBIA \* | 80 | 861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercantile Bank | 26 | 909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merchants Bancorp | 28 | 659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercury General | 47 | 1363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metrocity Bankshares | 32 | 712 |
| &nbsp;&nbsp;&nbsp;&nbsp; MFA Financial ‡ | 164 | 1636 |
| &nbsp;&nbsp;&nbsp;&nbsp; MGIC Investment | 624 | 8518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Midland States Bancorp | 37 | 1037 |
| &nbsp;&nbsp;&nbsp;&nbsp; MidWestOne Financial Group | 25 | 840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moelis, Cl A | 112 | 4756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moody's | 370 | 98002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 2764 | 227118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morningstar | 50 | 11609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mr Cooper Group \* | 120 | 4739 |
| &nbsp;&nbsp;&nbsp;&nbsp; MSCI, Cl A | 158 | 74080 |
| &nbsp;&nbsp;&nbsp;&nbsp; MVB Financial | 19 | 470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nasdaq | 685 | 42634 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Bank Holdings, Cl A | 51 | 2235 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Western Life Group, Cl A | 4 | 792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Navient | 251 | 3800 |
| &nbsp;&nbsp;&nbsp;&nbsp; NBT Bancorp | 73 | 3459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nelnet, Cl A | 24 | 2138 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Community Bancorp | 907 | 8444 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Mortgage Trust ‡ | 662 | 1781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nicolet Bankshares \* | 22 | 1678 |
| &nbsp;&nbsp;&nbsp;&nbsp; NMI Holdings, Cl A \* | 148 | 3246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Trust | 409 | 34499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northfield Bancorp | 76 | 1219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northwest Bancshares | 210 | 3163 |
| &nbsp;&nbsp;&nbsp;&nbsp; OceanFirst Financial | 101 | 2281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Old National Bancorp | 581 | 11360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Old Republic International | 572 | 13276 |

---

*The accompanying notes are an integral part of the financial statements.* 

**40** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
| | **OCTOBER 31, 2022**<br>|

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **FINANCIALS— continued** | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Old Second Bancorp | 72 | $1152 |
| &nbsp;&nbsp;&nbsp;&nbsp; OneMain Holdings, Cl A | 230 | 8869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Open Lending, Cl A \* | 183 | 1312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oportun Financial \* | 39 | 214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oppenheimer Holdings, Cl A | 14 | 482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orchid Island Capital, Cl A ‡ | 62 | 624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Origin Bancorp | 37 | 1529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pacific Premier Bancorp | 161 | 5862 |
| &nbsp;&nbsp;&nbsp;&nbsp; PacWest Bancorp | 217 | 5395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palomar Holdings \* | 42 | 3736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Park National | 28 | 4130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pathward Financial | 50 | 2101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Peapack-Gladstone Financial | 29 | 1148 |
| &nbsp;&nbsp;&nbsp;&nbsp; PennyMac Financial Services | 85 | 4532 |
| &nbsp;&nbsp;&nbsp;&nbsp; PennyMac Mortgage Investment Trust ‡ | 161 | 2233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Peoples Bancorp | 49 | 1483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Peoples Financial Services | 12 | 660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pinnacle Financial Partners | 149 | 12366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Piper Sandler | 30 | 3839 |
| &nbsp;&nbsp;&nbsp;&nbsp; PJT Partners | 38 | 2827 |
| &nbsp;&nbsp;&nbsp;&nbsp; PNC Financial Services Group | 829 | 134157 |
| &nbsp;&nbsp;&nbsp;&nbsp; PRA Group \* | 70 | 2345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Premier Financial | 62 | 1789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Primerica | 78 | 11287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Primis Financial | 37 | 477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Principal Financial Group | 503 | 44329 |
| &nbsp;&nbsp;&nbsp;&nbsp; ProAssurance | 93 | 2066 |
| &nbsp;&nbsp;&nbsp;&nbsp; PROG Holdings \* | 95 | 1569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Progressive | 1168 | 149971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prosperity Bancshares | 177 | 12668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Provident Financial Services | 124 | 2780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prudential Financial | 753 | 79208 |
| &nbsp;&nbsp;&nbsp;&nbsp; QCR Holdings | 30 | 1521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Radian Group | 327 | 6824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raymond James Financial | 384 | 45395 |
| &nbsp;&nbsp;&nbsp;&nbsp; RBB Bancorp | 28 | 630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ready Capital ‡ | 146 | 1770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redwood Trust ‡ | 209 | 1490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regional Management | 16 | 543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regions Financial | 1874 | 41134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinsurance Group of America, Cl A | 133 | 19574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Renasant | 95 | 3835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic Bancorp, Cl A | 15 | 695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rithm Capital ‡ | 872 | 7351 |
| &nbsp;&nbsp;&nbsp;&nbsp; RLI | 80 | 10406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rocket, Cl A | 196 | 1352 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P Global | 694 | 222964 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&T Bancorp | 63 | 2382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Safety Insurance Group | 25 | 2174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sandy Spring Bancorp | 77 | 2729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seacoast Banking Corp of Florida | 105 | 3245 |
| &nbsp;&nbsp;&nbsp;&nbsp; SEI Investments | 228 | 12380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Selective Insurance Group | 118 | 11573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Selectquote \* | 223 | 150 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **FINANCIALS— continued** | | |
| &nbsp;&nbsp;&nbsp;&nbsp; ServisFirst Bancshares | 97 | $7307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sierra Bancorp | 24 | 529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Signature Bank NY | 126 | 19975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Silvergate Capital, Cl A \* | 54 | 3065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simmons First National, Cl A | 241 | 5753 |
| &nbsp;&nbsp;&nbsp;&nbsp; SLM | 515 | 8544 |
| &nbsp;&nbsp;&nbsp;&nbsp; SmartFinancial | 25 | 731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern First Bancshares \* | 13 | 581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Missouri Bancorp | 13 | 666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southside Bancshares | 54 | 1849 |
| &nbsp;&nbsp;&nbsp;&nbsp; SouthState | 149 | 13507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Starwood Property Trust ‡ | 583 | 12045 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street | 733 | 54242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stellar Bancorp | 80 | 2635 |
| &nbsp;&nbsp;&nbsp;&nbsp; StepStone Group, Cl A | 84 | 2480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stewart Information Services | 47 | 1831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stifel Financial | 206 | 12745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stock Yards Bancorp | 49 | 3831 |
| &nbsp;&nbsp;&nbsp;&nbsp; StoneX Group \* | 30 | 2800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Summit Financial Group | 18 | 523 |
| &nbsp;&nbsp;&nbsp;&nbsp; SVB Financial Group \* | 117 | 27022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synchrony Financial | 1009 | 35880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synovus Financial | 290 | 11557 |
| &nbsp;&nbsp;&nbsp;&nbsp; T Rowe Price Group | 447 | 47454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Capital Bancshares \* | 88 | 5280 |
| &nbsp;&nbsp;&nbsp;&nbsp; TFS Financial | 91 | 1279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tiptree | 36 | 438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tompkins Financial | 23 | 1905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Towne Bank | 117 | 3854 |
| &nbsp;&nbsp;&nbsp;&nbsp; TPG RE Finance Trust ‡ | 106 | 898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tradeweb Markets, Cl A | 213 | 11732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Travelers | 479 | 88356 |
| &nbsp;&nbsp;&nbsp;&nbsp; TriCo Bancshares | 55 | 3185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Triumph Bancorp \* | 42 | 2163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Truist Financial | 2655 | 118917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trupanion \* | 58 | 2927 |
| &nbsp;&nbsp;&nbsp;&nbsp; TrustCo Bank NY | 33 | 1232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustmark | 98 | 3584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Two Harbors Investment ‡ | 599 | 2132 |
| &nbsp;&nbsp;&nbsp;&nbsp; UMB Financial | 81 | 6741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Umpqua Holdings | 402 | 7992 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Bankshares | 268 | 11350 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Community Banks | 199 | 7650 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Fire Group | 42 | 1138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Insurance Holdings | 49 | 492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Univest Financial | 51 | 1435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Upstart Holdings \* | 117 | 2712 |
| &nbsp;&nbsp;&nbsp;&nbsp; US Bancorp | 2970 | 126077 |
| &nbsp;&nbsp;&nbsp;&nbsp; UWM Holdings | 150 | 492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valley National Bancorp | 829 | 9840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veritex Holdings | 91 | 2874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Victory Capital Holdings, Cl A | 46 | 1330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtu Financial, Cl A | 179 | 4006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtus Investment Partners | 12 | 2058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Financial | 202 | 13809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walker & Dunlop | 58 | 5218 |

---

*The accompanying notes are an integral part of the financial statements.* 

**41** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
| | **OCTOBER 31, 2022**<br>|

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **FINANCIALS— continued** | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Federal | 113 | $4373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Trust Bancorp | 30 | 1455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waterstone Financial | 36 | 611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Webster Financial | 357 | 19363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo | 7586 | 348880 |
| &nbsp;&nbsp;&nbsp;&nbsp; WesBanco | 104 | 4206 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Bancorporation | 26 | 584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westamerica Bancorporation | 45 | 2823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Alliance Bancorp | 210 | 14106 |
| &nbsp;&nbsp;&nbsp;&nbsp; White Mountains Insurance Group | 5 | 7081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Willis Towers Watson PLC | 222 | 48443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wintrust Financial | 113 | 10579 |
| &nbsp;&nbsp;&nbsp;&nbsp; WisdomTree Investments | 193 | 1048 |
| &nbsp;&nbsp;&nbsp;&nbsp; World Acceptance \* | 10 | 812 |
| &nbsp;&nbsp;&nbsp;&nbsp; WR Berkley | 438 | 32541 |
| &nbsp;&nbsp;&nbsp;&nbsp; WSFS Financial | 118 | 5513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zions Bancorp | 299 | 15530 |
|  |  | 8633033 |
| **HEALTH CARE — 6.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1Life Healthcare \* | 266 | 4549 |
| &nbsp;&nbsp;&nbsp;&nbsp; ABIOMED \* | 89 | 22435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Acadia Healthcare \* | 178 | 14471 |
| &nbsp;&nbsp;&nbsp;&nbsp; ACADIA Pharmaceuticals \* | 281 | 4504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accolade \* | 97 | 1046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accuray \* | 155 | 316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aclaris Therapeutics \* | 82 | 1280 |
| &nbsp;&nbsp;&nbsp;&nbsp; AdaptHealth, Cl A \* | 128 | 2918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adaptive Biotechnologies \* | 243 | 1891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Addus HomeCare \* | 27 | 2765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aerie Pharmaceuticals \* | 81 | 1233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Agenus \* | 398 | 999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Agiliti \* | 54 | 943 |
| &nbsp;&nbsp;&nbsp;&nbsp; agilon health \* | 377 | 7483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Agios Pharmaceuticals \* | 95 | 2616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Akero Therapeutics \* | 37 | 1564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Albireo Pharma \* | 33 | 677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alector \* | 105 | 966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Align Technology \* | 147 | 28562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alignment Healthcare \* | 133 | 1761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alkermes PLC \* | 301 | 6833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allogene Therapeutics \* | 128 | 1318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allscripts Healthcare Solutions \* | 198 | 2911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alnylam Pharmaceuticals \* | 240 | 49742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphatec Holdings \* | 105 | 1075 |
| &nbsp;&nbsp;&nbsp;&nbsp; ALX Oncology Holdings \* | 36 | 437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amedisys \* | 60 | 5855 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Well, Cl A \* | 315 | 1288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amgen | 1068 | 288734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amicus Therapeutics \* | 509 | 5090 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMN Healthcare Services \* | 92 | 11546 |
| &nbsp;&nbsp;&nbsp;&nbsp; AnaptysBio \* | 42 | 1212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anavex Life Sciences \* | 130 | 1582 |
| &nbsp;&nbsp;&nbsp;&nbsp; AngioDynamics \* | 66 | 930 |
| &nbsp;&nbsp;&nbsp;&nbsp; ANI Pharmaceuticals \* | 22 | 849 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **HEALTH CARE— continued** | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Apellis Pharmaceuticals \* | 179 | $10828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apollo Medical Holdings \* | 58 | 2057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arcturus Therapeutics Holdings \* | 40 | 708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arcus Biosciences \* | 78 | 1987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arcutis Biotherapeutics \* | 50 | 884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arrowhead Pharmaceuticals \* | 186 | 6475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Artivion \* | 67 | 748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arvinas \* | 78 | 3877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atara Biotherapeutics \* | 157 | 732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atea Pharmaceuticals \* | 126 | 756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Athira Pharma \* | 61 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp; AtriCure \* | 79 | 3327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atrion | 2 | 1201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avanos Medical \* | 82 | 1816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avid Bioservices \* | 108 | 1830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avidity Biosciences \* | 75 | 1071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axonics \* | 69 | 5047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axsome Therapeutics \* | 54 | 2438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Azenta | 138 | 6127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Beam Therapeutics \* | 94 | 4142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkeley Lights \* | 88 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp; BioCryst Pharmaceuticals \* | 316 | 4219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Biohaven \* | 62 | 1027 |
| &nbsp;&nbsp;&nbsp;&nbsp; BioMarin Pharmaceutical \* | 365 | 31620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bionano Genomics \* | 498 | 1165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bioxcel Therapeutics \* | 33 | 415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bluebird Bio \* | 121 | 759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blueprint Medicines \* | 108 | 5599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Scientific \* | 2833 | 122131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bridgebio Pharma \* | 181 | 1888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb | 4246 | 328938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookdale Senior Living \* | 318 | 1421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bruker | 206 | 12739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Butterfly Network \* | 247 | 1210 |
| &nbsp;&nbsp;&nbsp;&nbsp; C4 Therapeutics \* | 67 | 645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cara Therapeutics \* | 78 | 733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cardiovascular Systems \* | 69 | 996 |
| &nbsp;&nbsp;&nbsp;&nbsp; CareDx \* | 91 | 1812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caribou Biosciences \* | 84 | 818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cassava Sciences \* | 64 | 2332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Castle Biosciences \* | 40 | 1021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Catalent \* | 338 | 22217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Catalyst Pharmaceuticals \* | 167 | 2316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Celldex Therapeutics \* | 78 | 2740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cerevel Therapeutics Holdings \* | 152 | 4250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Certara \* | 176 | 2152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cerus \* | 295 | 1080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemed | 30 | 14006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chimerix \* | 137 | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chinook Therapeutics \* | 67 | 1457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clovis Oncology \* | 248 | 255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Codexis \* | 111 | 624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cogent Biosciences \* | 66 | 901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coherus Biosciences \* | 127 | 1105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collegium Pharmaceutical \* | 57 | 1023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Computer Programs and Systems \* | 25 | 808 |

---

*The accompanying notes are an integral part of the financial statements.* 

**42** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
| | **OCTOBER 31, 2022**<br>|

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **HEALTH CARE— continued** | | |
| &nbsp;&nbsp;&nbsp;&nbsp; CONMED | 51 | $4066 |
| &nbsp;&nbsp;&nbsp;&nbsp; CorVel \* | 16 | 2627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crinetics Pharmaceuticals \* | 74 | 1366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cross Country Healthcare \* | 63 | 2337 |
| &nbsp;&nbsp;&nbsp;&nbsp; CryoPort \* | 85 | 2360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cullinan Oncology \* | 41 | 539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cutera \* | 31 | 1425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cymabay Therapeutics \* | 140 | 487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cytokinetics \* | 149 | 6505 |
| &nbsp;&nbsp;&nbsp;&nbsp; DaVita \* | 189 | 13799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deciphera Pharmaceuticals \* | 70 | 1135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Definitive Healthcare, Cl A \* | 48 | 757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Denali Therapeutics \* | 171 | 4904 |
| &nbsp;&nbsp;&nbsp;&nbsp; DENTSPLY SIRONA | 429 | 13222 |
| &nbsp;&nbsp;&nbsp;&nbsp; DermTech \* | 46 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dexcom \* | 771 | 93121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dynavax Technologies, Cl A \* | 206 | 2359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dyne Therapeutics \* | 47 | 536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Editas Medicine, Cl A \* | 120 | 1506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edwards Lifesciences \* | 1232 | 89234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elanco Animal Health \* | 908 | 11977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly | 1587 | 574637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emergent BioSolutions \* | 73 | 1523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enanta Pharmaceuticals \* | 34 | 1534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Encompass Health | 195 | 10616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enhabit \* | 86 | 1062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enovis \* | 83 | 4121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ensign Group | 103 | 9247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Envista Holdings \* | 324 | 10695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evolent Health, Cl A \* | 165 | 5249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evolus \* | 62 | 531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exact Sciences \* | 346 | 12034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exelixis \* | 626 | 10379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fate Therapeutics \* | 158 | 3305 |
| &nbsp;&nbsp;&nbsp;&nbsp; FibroGen \* | 149 | 2426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Figs, Cl A \* | 213 | 1572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fulcrum Therapeutics \* | 51 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fulgent Genetics \* | 37 | 1466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Generation Bio \* | 82 | 420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gilead Sciences | 2514 | 197248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Glaukos \* | 79 | 4430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gossamer Bio \* | 93 | 1032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Guardant Health \* | 191 | 9455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Haemonetics \* | 95 | 8070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Halozyme Therapeutics \* | 273 | 13052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harmony Biosciences Holdings \* | 48 | 2496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Catalyst \* | 91 | 803 |
| &nbsp;&nbsp;&nbsp;&nbsp; HealthEquity \* | 164 | 12777 |
| &nbsp;&nbsp;&nbsp;&nbsp; HealthStream \* | 42 | 1037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heron Therapeutics \* | 173 | 666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heska \* | 18 | 1292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hims & Hers Health \* | 193 | 876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hologic \* | 498 | 33764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Horizon Therapeutics PLC \* | 449 | 27982 |
| &nbsp;&nbsp;&nbsp;&nbsp; ICU Medical \* | 37 | 5491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ideaya Biosciences \* | 52 | 878 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **HEALTH CARE— continued** | | |
| &nbsp;&nbsp;&nbsp;&nbsp; IDEXX Laboratories \* | 166 | $59707 |
| &nbsp;&nbsp;&nbsp;&nbsp; ImmunityBio \* | 141 | 776 |
| &nbsp;&nbsp;&nbsp;&nbsp; ImmunoGen \* | 376 | 2233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inari Medical \* | 78 | 6001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Incyte \* | 439 | 32635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inhibrx \* | 46 | 1480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Innoviva \* | 121 | 1641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inogen \* | 37 | 838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inovio Pharmaceuticals \* | 383 | 827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insmed \* | 204 | 3533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inspire Medical Systems \* | 53 | 10332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Instil Bio \* | 107 | 353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insulet \* | 138 | 35716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Integer Holdings \* | 57 | 3553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Integra LifeSciences Holdings \* | 136 | 6834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intellia Therapeutics \* | 126 | 6650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intercept Pharmaceuticals \* | 42 | 583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intra-Cellular Therapies \* | 161 | 7353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuitive Surgical \* | 716 | 176473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invitae \* | 394 | 1017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ionis Pharmaceuticals \* | 281 | 12420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iovance Biotherapeutics \* | 243 | 2270 |
| &nbsp;&nbsp;&nbsp;&nbsp; iRhythm Technologies \* | 55 | 7012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ironwood Pharmaceuticals, Cl A \* | 272 | 2976 |
| &nbsp;&nbsp;&nbsp;&nbsp; iTeos Therapeutics \* | 46 | 896 |
| &nbsp;&nbsp;&nbsp;&nbsp; IVERIC bio \* | 182 | 4353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jazz Pharmaceuticals PLC \* | 119 | 17111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Joint \* | 25 | 413 |
| &nbsp;&nbsp;&nbsp;&nbsp; KalVista Pharmaceuticals \* | 37 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Karuna Therapeutics \* | 44 | 9651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kezar Life Sciences \* | 84 | 631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kiniksa Pharmaceuticals, Cl A \* | 57 | 651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Krystal Biotech \* | 34 | 2601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kura Oncology \* | 110 | 1707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kymera Therapeutics \* | 70 | 2124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lantheus Holdings \* | 132 | 9767 |
| &nbsp;&nbsp;&nbsp;&nbsp; LeMaitre Vascular | 34 | 1476 |
| &nbsp;&nbsp;&nbsp;&nbsp; LHC Group \* | 60 | 10026 |
| &nbsp;&nbsp;&nbsp;&nbsp; LivaNova PLC \* | 100 | 4710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lyell Immunopharma \* | 104 | 612 |
| &nbsp;&nbsp;&nbsp;&nbsp; MacroGenics \* | 99 | 507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Madrigal Pharmaceuticals \* | 22 | 1558 |
| &nbsp;&nbsp;&nbsp;&nbsp; MannKind \* | 416 | 1406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marinus Pharmaceuticals \* | 57 | 328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Masimo \* | 102 | 13423 |
| &nbsp;&nbsp;&nbsp;&nbsp; MeiraGTx Holdings PLC \* | 61 | 443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meridian Bioscience \* | 75 | 2398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merit Medical Systems \* | 104 | 7152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mersana Therapeutics \* | 127 | 998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mesa Laboratories | 9 | 1190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mettler-Toledo International \* | 45 | 56922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mirati Therapeutics \* | 96 | 6463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mirum Pharmaceuticals \* | 31 | 699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moderna \* | 698 | 104930 |
| &nbsp;&nbsp;&nbsp;&nbsp; ModivCare \* | 24 | 2334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morphic Holding \* | 42 | 1176 |

---

*The accompanying notes are an integral part of the financial statements.* 

**43** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
| | **OCTOBER 31, 2022**<br>|

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **HEALTH CARE— continued** | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Multiplan \* | 453 | $1300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Myovant Sciences \* | 72 | 1925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Myriad Genetics \* | 135 | 2800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Natera \* | 163 | 7655 |
| &nbsp;&nbsp;&nbsp;&nbsp; National HealthCare | 22 | 1340 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Research | 24 | 978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nektar Therapeutics, Cl A \* | 321 | 1207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neogen \* | 189 | 2495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neurocrine Biosciences \* | 187 | 21527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nevro \* | 58 | 2224 |
| &nbsp;&nbsp;&nbsp;&nbsp; NextGen Healthcare \* | 94 | 1884 |
| &nbsp;&nbsp;&nbsp;&nbsp; NGM Biopharmaceuticals \* | 43 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novavax \* | 137 | 3051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nurix Therapeutics \* | 64 | 815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nuvation Bio \* | 226 | 497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oak Street Health \* | 184 | 3722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ocugen \* | 370 | 636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ocular Therapeutix \* | 134 | 484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Omeros \* | 106 | 351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Omnicell \* | 81 | 6263 |
| &nbsp;&nbsp;&nbsp;&nbsp; OptimizeRx \* | 27 | 416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Option Care Health \* | 284 | 8594 |
| &nbsp;&nbsp;&nbsp;&nbsp; OraSure Technologies \* | 127 | 554 |
| &nbsp;&nbsp;&nbsp;&nbsp; OrthoPediatrics \* | 25 | 1062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Outset Medical \* | 82 | 1274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Owens & Minor | 129 | 2193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pacific Biosciences of California \* | 384 | 3241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pacira BioSciences \* | 77 | 3986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Patterson | 153 | 3973 |
| &nbsp;&nbsp;&nbsp;&nbsp; PDL BioPharma \*(A) | 64 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennant Group \* | 46 | 566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Penumbra \* | 70 | 12003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Personalis \* | 63 | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp; PetIQ, Cl A \* | 47 | 386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phathom Pharmaceuticals \* | 35 | 371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phibro Animal Health, Cl A | 36 | 529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phreesia \* | 85 | 2322 |
| &nbsp;&nbsp;&nbsp;&nbsp; PMV Pharmaceuticals \* | 52 | 640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Praxis Precision Medicines \* | 65 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Premier, Cl A | 238 | 8301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prestige Consumer Healthcare \* | 87 | 4740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Privia Health Group \* | 153 | 5122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Progyny \* | 122 | 5425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prometheus Biosciences \* | 45 | 2363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Protagonist Therapeutics \* | 79 | 640 |
| &nbsp;&nbsp;&nbsp;&nbsp; PTC Therapeutics \* | 129 | 4879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pulmonx \* | 49 | 655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quanterix \* | 59 | 653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quest Diagnostics | 234 | 33614 |
| &nbsp;&nbsp;&nbsp;&nbsp; QuidelOrtho \* | 92 | 8258 |
| &nbsp;&nbsp;&nbsp;&nbsp; R1 RCM \* | 237 | 4185 |
| &nbsp;&nbsp;&nbsp;&nbsp; RadNet \* | 85 | 1625 |
| &nbsp;&nbsp;&nbsp;&nbsp; RAPT Therapeutics \* | 42 | 916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reata Pharmaceuticals, Cl A \* | 52 | 1674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Recursion Pharmaceuticals, Cl A \* | 143 | 1509 |
| &nbsp;&nbsp;&nbsp;&nbsp; REGENXBIO \* | 64 | 1515 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **HEALTH CARE— continued** | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Relay Therapeutics \* | 129 | $2866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Relmada Therapeutics \* | 45 | 288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Replimune Group \* | 52 | 955 |
| &nbsp;&nbsp;&nbsp;&nbsp; ResMed | 290 | 64870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Revance Therapeutics \* | 117 | 2610 |
| &nbsp;&nbsp;&nbsp;&nbsp; REVOLUTION Medicines \* | 87 | 1763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rhythm Pharmaceuticals \* | 75 | 1888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rigel Pharmaceuticals \* | 300 | 219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rocket Pharmaceuticals \* | 105 | 1959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royalty Pharma PLC, Cl A | 726 | 30724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sage Therapeutics \* | 89 | 3352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sangamo Therapeutics \* | 213 | 935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sarepta Therapeutics \* | 166 | 18927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scholar Rock Holding \* | 50 | 488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schrodinger \* | 101 | 2421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seagen \* | 362 | 46032 |
| &nbsp;&nbsp;&nbsp;&nbsp; SeaSpine Holdings \* | 56 | 360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seer, Cl A \* | 60 | 470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Select Medical Holdings | 190 | 4879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Senseonics Holdings \* | 654 | 772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seres Therapeutics \* | 122 | 1081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shockwave Medical \* | 69 | 20227 |
| &nbsp;&nbsp;&nbsp;&nbsp; SI-BONE \* | 50 | 972 |
| &nbsp;&nbsp;&nbsp;&nbsp; SIGA Technologies | 72 | 662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Signify Health, Cl A \* | 113 | 3303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Silk Road Medical \* | 59 | 2601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simulations Plus | 28 | 1162 |
| &nbsp;&nbsp;&nbsp;&nbsp; SmileDirectClub, Cl A \* | 196 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sorrento Therapeutics \* | 563 | 884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sotera Health \* | 156 | 1073 |
| &nbsp;&nbsp;&nbsp;&nbsp; SpringWorks Therapeutics \* | 56 | 1345 |
| &nbsp;&nbsp;&nbsp;&nbsp; STAAR Surgical \* | 89 | 6307 |
| &nbsp;&nbsp;&nbsp;&nbsp; STERIS PLC | 199 | 34343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stoke Therapeutics \* | 31 | 460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Supernus Pharmaceuticals \* | 90 | 3084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Surmodics \* | 24 | 819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sutro Biopharma \* | 64 | 469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Syndax Pharmaceuticals \* | 79 | 1814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Syneos Health, Cl A \* | 205 | 10328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tactile Systems Technology \* | 33 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tandem Diabetes Care \* | 112 | 6289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teladoc Health \* | 307 | 9099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teleflex | 94 | 20169 |
| &nbsp;&nbsp;&nbsp;&nbsp; TG Therapeutics \* | 232 | 1350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Theravance Biopharma \* | 89 | 887 |
| &nbsp;&nbsp;&nbsp;&nbsp; TransMedics Group \* | 45 | 2170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Travere Therapeutics \* | 104 | 2255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Treace Medical Concepts \* | 54 | 1322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Twist Bioscience \* | 89 | 2922 |
| &nbsp;&nbsp;&nbsp;&nbsp; UFP Technologies \* | 12 | 1126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ultragenyx Pharmaceutical \* | 121 | 4896 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Therapeutics \* | 89 | 20517 |
| &nbsp;&nbsp;&nbsp;&nbsp; US Physical Therapy | 22 | 1954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vanda Pharmaceuticals \* | 94 | 984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Varex Imaging \* | 69 | 1526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vaxart \* | 219 | 366 |

---

*The accompanying notes are an integral part of the financial statements.* 

**44** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
| | **OCTOBER 31, 2022**<br>|

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **HEALTH CARE— continued** | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Vaxcyte \* | 65 | $2835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veeva Systems, Cl A \* | 277 | 46519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veracyte \* | 123 | 2474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verastem \* | 316 | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp; ViewRay \* | 270 | 1158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vir Biotechnology \* | 127 | 2791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waters \* | 121 | 36200 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Pharmaceutical Services | 147 | 33825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xencor \* | 101 | 2828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Y-mAbs Therapeutics \* | 62 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zentalis Pharmaceuticals \* | 72 | 1806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings | 418 | 47380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zoetis, Cl A | 944 | 142336 |
|  |  | 3860715 |
| **INDUSTRIALS — 8.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3D Systems \* | 223 | 1969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3M | 1139 | 143275 |
| &nbsp;&nbsp;&nbsp;&nbsp; AAON | 73 | 4708 |
| &nbsp;&nbsp;&nbsp;&nbsp; AAR \* | 59 | 2615 |
| &nbsp;&nbsp;&nbsp;&nbsp; ABM Industries | 124 | 5519 |
| &nbsp;&nbsp;&nbsp;&nbsp; ACCO Brands | 164 | 754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Acuity Brands | 68 | 12483 |
| &nbsp;&nbsp;&nbsp;&nbsp; ADT | 347 | 2936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advanced Drainage Systems | 144 | 16687 |
| &nbsp;&nbsp;&nbsp;&nbsp; AECOM | 282 | 21229 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGCO | 122 | 15149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Lease, Cl A | 200 | 7058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Transport Services Group \* | 102 | 2978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alamo Group | 20 | 3042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alaska Air Group \* | 252 | 11204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Albany International, Cl A | 56 | 5131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegiant Travel, Cl A \* | 27 | 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegion PLC | 176 | 18440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allied Motion Technologies | 22 | 744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allison Transmission Holdings | 181 | 7647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Altra Industrial Motion | 113 | 6796 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMERCO | 18 | 10353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameresco, Cl A \* | 55 | 3326 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Airlines Group \* | 1286 | 18235 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Woodmark \* | 29 | 1315 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMETEK | 461 | 59773 |
| &nbsp;&nbsp;&nbsp;&nbsp; AO Smith | 259 | 14188 |
| &nbsp;&nbsp;&nbsp;&nbsp; API Group \* | 408 | 6728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apogee Enterprises | 38 | 1743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Applied Industrial Technologies | 71 | 8831 |
| &nbsp;&nbsp;&nbsp;&nbsp; ArcBest | 42 | 3336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arcosa | 84 | 5393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Argan | 25 | 867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Armstrong World Industries | 88 | 6650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Array Technologies \* | 246 | 4453 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASGN \* | 100 | 8478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Astec Industries | 39 | 1702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Astronics \* | 44 | 407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atkore \* | 83 | 7910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas Air Worldwide Holdings \* | 46 | 4652 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **INDUSTRIALS— continued** | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Avis Budget Group \* | 98 | $23173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axon Enterprise \* | 134 | 19489 |
| &nbsp;&nbsp;&nbsp;&nbsp; AZEK, Cl A \* | 263 | 4605 |
| &nbsp;&nbsp;&nbsp;&nbsp; AZZ | 42 | 1688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Babcock & Wilcox Enterprises \* | 146 | 666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barnes Group | 84 | 2971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barrett Business Services | 12 | 1047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Beacon Roofing Supply \* | 104 | 5860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blink Charging \* | 64 | 947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bloom Energy, Cl A \* | 290 | 5426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blue Bird \* | 37 | 339 |
| &nbsp;&nbsp;&nbsp;&nbsp; BlueLinx Holdings \* | 17 | 1198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boise Cascade | 68 | 4540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brady, Cl A | 82 | 3752 |
| &nbsp;&nbsp;&nbsp;&nbsp; BrightView Holdings \* | 77 | 687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brink's | 82 | 4890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Builders FirstSource \* | 347 | 21396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carlisle | 103 | 24596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carrier Global | 1701 | 67632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Casella Waste Systems, Cl A \* | 93 | 7608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caterpillar | 1071 | 231829 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBIZ \* | 88 | 4368 |
| &nbsp;&nbsp;&nbsp;&nbsp; CH Robinson Worldwide | 256 | 25016 |
| &nbsp;&nbsp;&nbsp;&nbsp; ChargePoint Holdings \* | 255 | 3565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chart Industries \* | 73 | 16270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cintas | 175 | 74821 |
| &nbsp;&nbsp;&nbsp;&nbsp; CIRCOR International \* | 35 | 723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clean Harbors \* | 102 | 12491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Columbus McKinnon | 49 | 1397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comfort Systems USA | 65 | 8013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Construction Partners, Cl A \* | 69 | 2149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Copart \* | 428 | 49229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Core & Main, Cl A \* | 105 | 2476 |
| &nbsp;&nbsp;&nbsp;&nbsp; CoreCivic \* | 208 | 2178 |
| &nbsp;&nbsp;&nbsp;&nbsp; CoStar Group \* | 783 | 64770 |
| &nbsp;&nbsp;&nbsp;&nbsp; CRA International | 13 | 1336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crane Holdings | 96 | 9633 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSW Industrials | 27 | 3481 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSX | 4367 | 126905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cummins | 277 | 67729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Curtiss-Wright | 77 | 12923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custom Truck One Source \* | 106 | 735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daseke \* | 70 | 417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deere | 557 | 220472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines \* | 1280 | 43430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deluxe | 75 | 1378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Desktop Metal, Cl A \* | 379 | 958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Donaldson | 245 | 14075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Douglas Dynamics | 39 | 1324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dover | 288 | 37639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Driven Brands Holdings \* | 157 | 5021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dun & Bradstreet Holdings | 336 | 4318 |
| &nbsp;&nbsp;&nbsp;&nbsp; DXP Enterprises \* | 27 | 772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dycom Industries \* | 54 | 6382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eagle Bulk Shipping | 22 | 1064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eaton PLC | 797 | 119606 |

---

*The accompanying notes are an integral part of the financial statements.* 

**45** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
| | **OCTOBER 31, 2022**<br>|

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **INDUSTRIALS— continued** | | |
| &nbsp;&nbsp;&nbsp;&nbsp; EMCOR Group | 101 | $14251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerson Electric | 1182 | 102361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Encore Wire | 33 | 4540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Recovery \* | 82 | 2110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enerpac Tool Group, Cl A | 105 | 2668 |
| &nbsp;&nbsp;&nbsp;&nbsp; EnerSys | 71 | 4707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ennis | 43 | 970 |
| &nbsp;&nbsp;&nbsp;&nbsp; EnPro Industries | 36 | 3834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equifax | 244 | 41368 |
| &nbsp;&nbsp;&nbsp;&nbsp; ESCO Technologies | 45 | 3878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evoqua Water Technologies \* | 239 | 9364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expeditors International of Washington | 333 | 32584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exponent | 102 | 9717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fastenal | 1150 | 55579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal Signal | 105 | 4898 |
| &nbsp;&nbsp;&nbsp;&nbsp; FedEx | 478 | 76614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flowserve | 244 | 6998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fluence Energy, Cl A \* | 62 | 926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fluor \* | 260 | 7868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forrester Research \* | 20 | 846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortune Brands Home & Security | 263 | 15864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Air | 47 | 4976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Franklin Covey \* | 22 | 1113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Franklin Electric | 73 | 5982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Frontier Group Holdings \* | 65 | 852 |
| &nbsp;&nbsp;&nbsp;&nbsp; FTI Consulting \* | 67 | 10427 |
| &nbsp;&nbsp;&nbsp;&nbsp; FuelCell Energy \* | 620 | 1934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gates Industrial PLC \* | 220 | 2453 |
| &nbsp;&nbsp;&nbsp;&nbsp; GATX | 65 | 6806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genco Shipping & Trading | 73 | 978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Generac Holdings \* | 126 | 14605 |
| &nbsp;&nbsp;&nbsp;&nbsp; GEO Group \* | 204 | 1726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gibraltar Industries \* | 57 | 2912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Industrial | 13 | 413 |
| &nbsp;&nbsp;&nbsp;&nbsp; GMS \* | 75 | 3540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gorman-Rupp | 30 | 814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Graco | 336 | 23379 |
| &nbsp;&nbsp;&nbsp;&nbsp; GrafTech International | 347 | 1766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Granite Construction | 80 | 2698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Great Lakes Dredge & Dock \* | 112 | 847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Greenbrier | 54 | 1907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Griffon | 82 | 2635 |
| &nbsp;&nbsp;&nbsp;&nbsp; H&E Equipment Services | 56 | 2115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harsco \* | 137 | 725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hawaiian Holdings \* | 87 | 1255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hayward Holdings \* | 288 | 2664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthcare Services Group | 129 | 1801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heartland Express | 81 | 1205 |
| &nbsp;&nbsp;&nbsp;&nbsp; HEICO | 73 | 11873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heidrick & Struggles International | 34 | 957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Helios Technologies | 57 | 3231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Herc Holdings | 56 | 6586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heritage-Crystal Clean \* | 27 | 742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hexcel | 167 | 9302 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **INDUSTRIALS— continued** | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Hillenbrand | 126 | $5567 |
| &nbsp;&nbsp;&nbsp;&nbsp; HNI | 73 | 2116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honeywell International | 1372 | 279915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Howmet Aerospace | 830 | 29506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hub Group, Cl A \* | 58 | 4501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hubbell, Cl B | 109 | 25885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huron Consulting Group \* | 37 | 2724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hydrofarm Holdings Group \* | 49 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyliion Holdings \* | 179 | 510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyster-Yale Materials Handling | 12 | 350 |
| &nbsp;&nbsp;&nbsp;&nbsp; IAA \* | 268 | 10165 |
| &nbsp;&nbsp;&nbsp;&nbsp; ICF International | 32 | 3828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ideanomics \* | 820 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDEX | 151 | 33569 |
| &nbsp;&nbsp;&nbsp;&nbsp; IES Holdings \* | 35 | 1156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Tool Works | 623 | 133029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingersoll Rand | 815 | 41157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insperity | 67 | 7907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insteel Industries | 32 | 843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interface, Cl A | 102 | 1154 |
| &nbsp;&nbsp;&nbsp;&nbsp; ITT | 166 | 12681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jacobs Solutions | 256 | 29496 |
| &nbsp;&nbsp;&nbsp;&nbsp; JB Hunt Transport Services | 166 | 28398 |
| &nbsp;&nbsp;&nbsp;&nbsp; JELD-WEN Holding \* | 150 | 1591 |
| &nbsp;&nbsp;&nbsp;&nbsp; JetBlue Airways \* | 561 | 4510 |
| &nbsp;&nbsp;&nbsp;&nbsp; John Bean Technologies | 59 | 5381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson Controls International PLC | 1399 | 80918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kadant | 20 | 3559 |
| &nbsp;&nbsp;&nbsp;&nbsp; KAR Auction Services \* | 209 | 3037 |
| &nbsp;&nbsp;&nbsp;&nbsp; KBR | 277 | 13786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kelly Services, Cl A | 59 | 964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kennametal | 138 | 3686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kforce | 35 | 2214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kimball International, Cl B | 63 | 466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kirby \* | 112 | 7812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Knight-Swift Transportation Holdings, Cl A | 308 | 14793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Korn Ferry | 100 | 5559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Landstar System | 75 | 11716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legalzoom.com \* | 124 | 1147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lennox International | 65 | 15182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lincoln Electric Holdings | 112 | 15904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lindsay | 19 | 3217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lyft, Cl A \* | 591 | 8652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Manitowoc \* | 60 | 547 |
| &nbsp;&nbsp;&nbsp;&nbsp; ManpowerGroup | 100 | 7834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marten Transport | 103 | 1933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Masco | 471 | 21793 |
| &nbsp;&nbsp;&nbsp;&nbsp; MasTec \* | 117 | 9018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Matson | 70 | 5151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Matthews International, Cl A | 51 | 1371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maxar Technologies | 125 | 2792 |
| &nbsp;&nbsp;&nbsp;&nbsp; McGrath RentCorp | 42 | 3950 |
| &nbsp;&nbsp;&nbsp;&nbsp; MDU Resources Group | 389 | 11079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Middleby \* | 103 | 14406 |

---

*The accompanying notes are an integral part of the financial statements.* 

**46** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
| | **OCTOBER 31, 2022**<br>|

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **INDUSTRIALS— continued** | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Miller Industries | 19 | $483 |
| &nbsp;&nbsp;&nbsp;&nbsp; MillerKnoll | 132 | 2796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Montrose Environmental Group \* | 45 | 1970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moog, Cl A | 50 | 4238 |
| &nbsp;&nbsp;&nbsp;&nbsp; MRC Global \* | 139 | 1394 |
| &nbsp;&nbsp;&nbsp;&nbsp; MSA Safety | 73 | 9800 |
| &nbsp;&nbsp;&nbsp;&nbsp; MSC Industrial Direct, Cl A | 86 | 7136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mueller Industries | 105 | 6577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mueller Water Products, Cl A | 268 | 3136 |
| &nbsp;&nbsp;&nbsp;&nbsp; MYR Group \* | 29 | 2538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nikola \* | 591 | 2240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordson | 105 | 23625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norfolk Southern | 519 | 118368 |
| &nbsp;&nbsp;&nbsp;&nbsp; NOW \* | 194 | 2470 |
| &nbsp;&nbsp;&nbsp;&nbsp; NV5 Global \* | 22 | 3189 |
| &nbsp;&nbsp;&nbsp;&nbsp; nVent Electric PLC | 325 | 11863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Old Dominion Freight Line | 198 | 54371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Omega Flex | 6 | 566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oshkosh | 132 | 11616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otis Worldwide | 846 | 59761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Owens Corning | 196 | 16780 |
| &nbsp;&nbsp;&nbsp;&nbsp; PACCAR | 684 | 66232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parker-Hannifin | 257 | 74689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parsons \* | 203 | 9517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pentair PLC | 330 | 14174 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGT Innovations \* | 100 | 2131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pitney Bowes | 283 | 880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Plug Power \* | 1019 | 16284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Primoris Services | 92 | 1857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proto Labs \* | 48 | 1833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quanex Building Products | 57 | 1263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quanta Services | 282 | 40055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Radiant Logistics \* | 67 | 407 |
| &nbsp;&nbsp;&nbsp;&nbsp; RBC Bearings \* | 58 | 14705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regal Rexnord | 133 | 16830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rentokil Initial PLC ADR | 35 | 1088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic Services, Cl A | 412 | 54639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Resideo Technologies \* | 252 | 5952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Resources Connection | 54 | 987 |
| &nbsp;&nbsp;&nbsp;&nbsp; REV Group | 60 | 824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Robert Half International | 215 | 16439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rockwell Automation | 233 | 59485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rollins | 474 | 19946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rush Enterprises, Cl A | 75 | 3742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryder System | 94 | 7568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saia \* | 52 | 10341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schneider National, Cl B | 96 | 2135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Science Applications International | 112 | 12134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sensata Technologies Holding PLC | 313 | 12586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shoals Technologies Group, Cl A \* | 107 | 2473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shyft Group | 56 | 1287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simpson Manufacturing | 81 | 6924 |
| &nbsp;&nbsp;&nbsp;&nbsp; SiteOne Landscape Supply \* | 89 | 10312 |
| &nbsp;&nbsp;&nbsp;&nbsp; SkyWest \* | 85 | 1503 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **INDUSTRIALS— continued** | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Snap-on | 105 | $23315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southwest Airlines \* | 1183 | 43002 |
| &nbsp;&nbsp;&nbsp;&nbsp; SP Plus \* | 39 | 1444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spirit AeroSystems Holdings, Cl A | 196 | 4539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spirit Airlines \* | 182 | 4004 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPX Technologies \* | 77 | 5070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Standex International | 21 | 2080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stanley Black & Decker | 302 | 23704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Steelcase, Cl A | 143 | 1111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stem \* | 231 | 3142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stericycle \* | 183 | 8158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sterling Infrastructure \* | 50 | 1350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Country Airlines Holdings \* | 57 | 928 |
| &nbsp;&nbsp;&nbsp;&nbsp; SunPower, Cl A \* | 141 | 2607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sunrun \* | 403 | 9072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tennant | 32 | 1864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Terex | 119 | 4824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tetra Tech | 108 | 15258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thermon Group Holdings \* | 57 | 1012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Timken | 132 | 9410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Titan International \* | 103 | 1541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Titan Machinery \* | 35 | 1203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toro | 209 | 22035 |
| &nbsp;&nbsp;&nbsp;&nbsp; TPI Composites \* | 63 | 627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trane Technologies PLC | 466 | 74388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transcat \* | 12 | 993 |
| &nbsp;&nbsp;&nbsp;&nbsp; TransDigm Group | 105 | 60455 |
| &nbsp;&nbsp;&nbsp;&nbsp; TransUnion | 384 | 22760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trex \* | 228 | 10965 |
| &nbsp;&nbsp;&nbsp;&nbsp; TriNet Group \* | 116 | 7538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trinity Industries | 145 | 4137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Triumph Group \* | 112 | 1014 |
| &nbsp;&nbsp;&nbsp;&nbsp; TrueBlue \* | 60 | 1180 |
| &nbsp;&nbsp;&nbsp;&nbsp; TuSimple Holdings, Cl A \* | 204 | 700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tutor Perini \* | 73 | 542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uber Technologies \* | 3552 | 94377 |
| &nbsp;&nbsp;&nbsp;&nbsp; UFP Industries | 121 | 8619 |
| &nbsp;&nbsp;&nbsp;&nbsp; UniFirst | 26 | 4784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Union Pacific | 1256 | 247608 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Airlines Holdings \* | 652 | 28088 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Parcel Service, Cl B | 1469 | 246454 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Rentals \* | 144 | 45462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Univar Solutions \* | 316 | 8052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Upwork \* | 202 | 2717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valmont Industries | 43 | 13726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verisk Analytics, Cl A | 315 | 57591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veritiv \* | 25 | 2907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vertiv Holdings, Cl A | 575 | 8228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viad \* | 35 | 1305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vicor \* | 39 | 1863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virgin Galactic Holdings \* | 364 | 1682 |
| &nbsp;&nbsp;&nbsp;&nbsp; VSE | 18 | 833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wabash National | 84 | 1819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waste Management | 797 | 126221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Watsco | 66 | 17883 |

---

*The accompanying notes are an integral part of the financial statements.* 

**47** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
| | **OCTOBER 31, 2022**<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** | **Value** |
| **INDUSTRIALS— continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Watts Water Technologies, Cl A | 50 | $| 7318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Werner Enterprises | 95 |  | 3724 |
| &nbsp;&nbsp;&nbsp;&nbsp; WESCO International \* | 89 |  | 12262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westinghouse Air Brake Technologies | 355 |  | 33114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Willdan Group \* | 21 |  | 290 |
| &nbsp;&nbsp;&nbsp;&nbsp; WillScot Mobile Mini Holdings, Cl A \* | 437 |  | 18586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Woodward | 117 |  | 10729 |
| &nbsp;&nbsp;&nbsp;&nbsp; WW Grainger | 93 |  | 54345 |
| &nbsp;&nbsp;&nbsp;&nbsp; XPO Logistics \* | 203 |  | 10503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xylem | 358 |  | 36670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zurn Elkay Water Solutions | 232 |  | 5450 |
|  |  |  | 5643419 |
| **INFORMATION TECHNOLOGY — 29.9%** | **INFORMATION TECHNOLOGY — 29.9%** | **INFORMATION TECHNOLOGY — 29.9%** | **INFORMATION TECHNOLOGY — 29.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 8x8 \* | 201 |  | 850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 908 Devices \* | 29 |  | 464 |
| &nbsp;&nbsp;&nbsp;&nbsp; A10 Networks | 110 |  | 1848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accenture PLC, Cl A | 1266 |  | 359417 |
| &nbsp;&nbsp;&nbsp;&nbsp; ACI Worldwide \* | 199 |  | 4842 |
| &nbsp;&nbsp;&nbsp;&nbsp; ACM Research, Cl A \* | 72 |  | 461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adeia | 180 |  | 2012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adobe \* | 943 |  | 300345 |
| &nbsp;&nbsp;&nbsp;&nbsp; ADTRAN Holdings | 84 |  | 1887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advanced Energy Industries | 70 |  | 5505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advanced Micro Devices \* | 3233 |  | 194147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aeva Technologies \* | 172 |  | 344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Agilysys \* | 41 |  | 2631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Akamai Technologies \* | 316 |  | 27912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Akoustis Technologies \* | 91 |  | 303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alarm.com Holdings \* | 90 |  | 5296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alkami Technology \* | 59 |  | 935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alpha & Omega Semiconductor \* | 37 |  | 1212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Altair Engineering, Cl A \* | 89 |  | 4365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alteryx, Cl A \* | 109 |  | 5312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ambarella \* | 63 |  | 3448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amdocs | 250 |  | 21577 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Software, Cl A | 55 |  | 942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amkor Technology | 98 |  | 2037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amphenol, Cl A | 1190 |  | 90238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Analog Devices | 1044 |  | 148895 |
| &nbsp;&nbsp;&nbsp;&nbsp; ANSYS \* | 174 |  | 38482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Appfolio, Cl A \* | 32 |  | 4012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Appian, Cl A \* | 70 |  | 3417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple | 32667 |  | 5009158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Applied Materials | 1763 |  | 155655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arista Networks \* | 474 |  | 57288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arlo Technologies \* | 142 |  | 731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arrow Electronics \* | 133 |  | 13468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asana, Cl A \* | 127 |  | 2616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aspen Technology \* | 55 |  | 13212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Autodesk \* | 434 |  | 93006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Automatic Data Processing | 837 |  | 202303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avaya Holdings \* | 146 |  | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aviat Networks \* | 18 |  | 588 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **INFORMATION TECHNOLOGY— continued** | **INFORMATION TECHNOLOGY— continued** | **INFORMATION TECHNOLOGY— continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; Avid Technology \* | 72 | $1979 |
| &nbsp;&nbsp;&nbsp;&nbsp; AvidXchange Holdings \* | 226 | 2057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avnet | 184 | 7395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axcelis Technologies \* | 57 | 3306 |
| &nbsp;&nbsp;&nbsp;&nbsp; AXT \* | 70 | 318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Badger Meter | 51 | 5736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Belden | 76 | 5292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Benchmark Electronics | 60 | 1703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Benefitfocus \* | 50 | 352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bentley Systems, Cl B | 385 | 13583 |
| &nbsp;&nbsp;&nbsp;&nbsp; BigCommerce Holdings \* | 92 | 1367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bill.com Holdings \* | 192 | 25605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Black Knight \* | 300 | 18141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackbaud \* | 77 | 4212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackline \* | 102 | 5712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Block, Cl A \* | 1026 | 61632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Box, Cl A \* | 258 | 7495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brightcove \* | 71 | 476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom | 799 | 375626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadridge Financial Solutions | 231 | 34664 |
| &nbsp;&nbsp;&nbsp;&nbsp; BTRS Holdings, Cl 1 \* | 132 | 1246 |
| &nbsp;&nbsp;&nbsp;&nbsp; C3.ai, Cl A \* | 139 | 1822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cadence Design Systems \* | 550 | 83264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Calix \* | 106 | 7806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cantaloupe \* | 117 | 392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cass Information Systems | 21 | 898 |
| &nbsp;&nbsp;&nbsp;&nbsp; CDW | 270 | 46659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cerence \* | 68 | 1170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ceridian HCM Holding \* | 281 | 18599 |
| &nbsp;&nbsp;&nbsp;&nbsp; CEVA \* | 40 | 1106 |
| &nbsp;&nbsp;&nbsp;&nbsp; ChannelAdvisor \* | 51 | 1175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ciena \* | 302 | 14466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cirrus Logic \* | 114 | 7652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cisco Systems | 8303 | 377205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cleanspark \* | 69 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clearfield \* | 20 | 2429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cloudflare, Cl A \* | 543 | 30582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cognex | 337 | 15580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cognizant Technology Solutions, Cl A | 1048 | 65238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coherent \* | 255 | 8575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cohu \* | 83 | 2732 |
| &nbsp;&nbsp;&nbsp;&nbsp; CommScope Holding \* | 352 | 4660 |
| &nbsp;&nbsp;&nbsp;&nbsp; CommVault Systems \* | 77 | 4689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comtech Telecommunications | 44 | 486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Concentrix | 86 | 10512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Conduent \* | 347 | 1430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corsair Gaming \* | 66 | 911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coupa Software \* | 149 | 7931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crowdstrike Holdings, Cl A \* | 413 | 66576 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSG Systems International | 54 | 3492 |
| &nbsp;&nbsp;&nbsp;&nbsp; CTS | 55 | 2174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Datadog, Cl A \* | 502 | 40416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dell Technologies, Cl C | 556 | 21350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diebold Nixdorf \* | 126 | 314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Digi International \* | 59 | 2379 |

---

*The accompanying notes are an integral part of the financial statements.* 

**48** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
| | **OCTOBER 31, 2022**<br>|

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  |<br>**Shares** |<br>**Value** |
| **INFORMATION TECHNOLOGY— continued** | **INFORMATION TECHNOLOGY— continued** | **INFORMATION TECHNOLOGY— continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; Digimarc \* | 27 | $441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Digital Turbine \* | 146 | 2132 |
| &nbsp;&nbsp;&nbsp;&nbsp; DigitalOcean Holdings \* | 76 | 2730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diodes \* | 82 | 5877 |
| &nbsp;&nbsp;&nbsp;&nbsp; DocuSign, Cl A \* | 391 | 18885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dolby Laboratories, Cl A | 130 | 8689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Domo, Cl B \* | 50 | 883 |
| &nbsp;&nbsp;&nbsp;&nbsp; DoubleVerify Holdings \* | 108 | 3157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dropbox, Cl A \* | 561 | 12202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duck Creek Technologies \* | 132 | 1576 |
| &nbsp;&nbsp;&nbsp;&nbsp; DXC Technology \* | 485 | 13944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dynatrace \* | 382 | 13462 |
| &nbsp;&nbsp;&nbsp;&nbsp; E2open Parent Holdings \* | 404 | 2355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eastman Kodak \* | 93 | 498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ebix | 41 | 811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edgio \* | 215 | 578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elastic \* | 150 | 9592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enphase Energy \* | 261 | 80127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entegris | 296 | 23447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Envestnet \* | 92 | 4537 |
| &nbsp;&nbsp;&nbsp;&nbsp; EPAM Systems \* | 111 | 38850 |
| &nbsp;&nbsp;&nbsp;&nbsp; ePlus \* | 46 | 2241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euronet Worldwide \* | 91 | 7645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Everbridge \* | 68 | 2130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evo Payments, Cl A \* | 82 | 2763 |
| &nbsp;&nbsp;&nbsp;&nbsp; ExlService Holdings \* | 64 | 11638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Extreme Networks \* | 222 | 3983 |
| &nbsp;&nbsp;&nbsp;&nbsp; F5 \* | 121 | 17292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fair Isaac \* | 51 | 24421 |
| &nbsp;&nbsp;&nbsp;&nbsp; FARO Technologies \* | 32 | 935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fastly, Cl A \* | 189 | 1605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Information Services | 1213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100667 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Solar \* | 186 | 27076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fiserv \* | 1204 | 123699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Five9 \* | 137 | 8256 |
| &nbsp;&nbsp;&nbsp;&nbsp; FleetCor Technologies \* | 146 | 27174 |
| &nbsp;&nbsp;&nbsp;&nbsp; FormFactor \* | 136 | 2749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortinet \* | 1341 | 76652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gartner \* | 160 | 48307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genpact | 341 | 16538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Payments | 558 | 63757 |
| &nbsp;&nbsp;&nbsp;&nbsp; GLOBALFOUNDRIES \* | 1061 | 60159 |
| &nbsp;&nbsp;&nbsp;&nbsp; GoDaddy, Cl A \* | 322 | 25889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grid Dynamics Holdings \* | 73 | 994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Guidewire Software \* | 166 | 9862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hackett Group | 45 | 983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harmonic \* | 177 | 2735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise | 2598 | 37073 |
| &nbsp;&nbsp;&nbsp;&nbsp; HP | 2107 | 58195 |
| &nbsp;&nbsp;&nbsp;&nbsp; HubSpot \* | 91 | 26987 |
| &nbsp;&nbsp;&nbsp;&nbsp; I3 Verticals, Cl A \* | 38 | 827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ichor Holdings \* | 49 | 1247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Identiv \* | 37 | 446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Impinj \* | 41 | 4700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Infinera \* | 367 | 2059 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  |<br>**Shares** |<br>**Value** |
| **INFORMATION TECHNOLOGY— continued** | **INFORMATION TECHNOLOGY— continued** | **INFORMATION TECHNOLOGY— continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; Informatica, Cl A \* | 191 | $3698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inseego \* | 183 | 414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insight Enterprises \* | 64 | 6049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intel | 8188 | 232785 |
| &nbsp;&nbsp;&nbsp;&nbsp; InterDigital | 53 | 2643 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Business Machines | 1800 | 248922 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Money Express \* | 55 | 1487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuit | 551 | 235552 |
| &nbsp;&nbsp;&nbsp;&nbsp; IPG Photonics \* | 65 | 5568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Itron \* | 78 | 3813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jabil | 261 | 16769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jack Henry & Associates | 145 | 28864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jamf Holding \* | 68 | 1610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Juniper Networks | 638 | 19523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keysight Technologies \* | 362 | 63042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kimball Electronics \* | 42 | 868 |
| &nbsp;&nbsp;&nbsp;&nbsp; KLA | 302 | 95568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Knowles \* | 160 | 2200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lam Research | 278 | 112529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lattice Semiconductor \* | 273 | 13243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Littelfuse | 49 | 10792 |
| &nbsp;&nbsp;&nbsp;&nbsp; LivePerson \* | 118 | 1247 |
| &nbsp;&nbsp;&nbsp;&nbsp; LiveRamp Holdings \* | 116 | 2130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lumentum Holdings \* | 141 | 10497 |
| &nbsp;&nbsp;&nbsp;&nbsp; MACOM Technology Solutions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Holdings \* | 87 | 5035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Manhattan Associates \* | 125 | 15209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marathon Digital Holdings \* | 164 | 2150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marvell Technology | 1691 | 67099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mastercard, Cl A | 1730 | 567751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximus | 116 | 7154 |
| &nbsp;&nbsp;&nbsp;&nbsp; MaxLinear, Cl A \* | 124 | 3829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Methode Electronics | 62 | 2556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microchip Technology | 1091 | 67358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Micron Technology | 2227 | 120481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft | 14798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3435060 |
| &nbsp;&nbsp;&nbsp;&nbsp; MicroStrategy, Cl A \* | 16 | 4280 |
| &nbsp;&nbsp;&nbsp;&nbsp; MicroVision \* | 287 | 1050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitek Systems \* | 75 | 848 |
| &nbsp;&nbsp;&nbsp;&nbsp; MKS Instruments | 111 | 9119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Model N \* | 57 | 2166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Momentive Global \* | 214 | 1661 |
| &nbsp;&nbsp;&nbsp;&nbsp; MoneyGram International \* | 150 | 1588 |
| &nbsp;&nbsp;&nbsp;&nbsp; MongoDB, Cl A \* | 130 | 23794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monolithic Power Systems | 87 | 29532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Motorola Solutions | 335 | 83653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Napco Security Technologies \* | 55 | 1563 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Instruments | 262 | 10003 |
| &nbsp;&nbsp;&nbsp;&nbsp; nCino \* | 110 | 3463 |
| &nbsp;&nbsp;&nbsp;&nbsp; NCR \* | 243 | 5166 |
| &nbsp;&nbsp;&nbsp;&nbsp; NetApp | 445 | 30825 |
| &nbsp;&nbsp;&nbsp;&nbsp; NETGEAR \* | 49 | 963 |
| &nbsp;&nbsp;&nbsp;&nbsp; NetScout Systems \* | 125 | 4490 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Relic \* | 109 | 6457 |
| &nbsp;&nbsp;&nbsp;&nbsp; nLight \* | 74 | 797 |
| &nbsp;&nbsp;&nbsp;&nbsp; NortonLifeLock | 1158 | 26090 |

---

*The accompanying notes are an integral part of the financial statements.* 

**49** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
| | **OCTOBER 31, 2022**<br>|

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  |<br>**Shares** |<br>**Value** |
| **INFORMATION TECHNOLOGY— continued** | **INFORMATION TECHNOLOGY— continued** | **INFORMATION TECHNOLOGY— continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; Nutanix, Cl A \* | 436 | $11946 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVIDIA | 4827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Okta, Cl A \* | 289 | 16219 |
| &nbsp;&nbsp;&nbsp;&nbsp; ON Semiconductor \* | 858 | 52707 |
| &nbsp;&nbsp;&nbsp;&nbsp; ON24 \* | 63 | 513 |
| &nbsp;&nbsp;&nbsp;&nbsp; OneSpan \* | 62 | 681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Onto Innovation \* | 92 | 6149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle | 3050 | 238114 |
| &nbsp;&nbsp;&nbsp;&nbsp; OSI Systems \* | 29 | 2383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ouster \* | 120 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp; PagerDuty \* | 131 | 3267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palantir Technologies, Cl A \* | 3285 | 28875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palo Alto Networks \* | 579 | 99351 |
| &nbsp;&nbsp;&nbsp;&nbsp; PAR Technology \* | 45 | 1295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paya Holdings \* | 147 | 1182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paychex | 645 | 76310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paycom Software \* | 101 | 34946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paycor HCM \* | 83 | 2529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paylocity Holding \* | 80 | 18543 |
| &nbsp;&nbsp;&nbsp;&nbsp; PayPal Holdings \* | 2329 | 194658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paysafe \* | 658 | 961 |
| &nbsp;&nbsp;&nbsp;&nbsp; PC Connection \* | 20 | 1063 |
| &nbsp;&nbsp;&nbsp;&nbsp; PDF Solutions \* | 52 | 1226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pegasystems | 69 | 2567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Perficient \* | 59 | 3951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Photronics \* | 105 | 1703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Plexus \* | 48 | 4723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Power Integrations | 108 | 7205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Procore Technologies \* | 213 | 11643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Progress Software | 75 | 3827 |
| &nbsp;&nbsp;&nbsp;&nbsp; PROS Holdings \* | 71 | 1771 |
| &nbsp;&nbsp;&nbsp;&nbsp; PTC \* | 210 | 24744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pure Storage, Cl A \* | 557 | 17189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Q2 Holdings \* | 94 | 2918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qorvo \* | 215 | 18507 |
| &nbsp;&nbsp;&nbsp;&nbsp; QUALCOMM | 2254 | 265206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qualys \* | 69 | 9837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rackspace Technology \* | 91 | 469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rambus \* | 191 | 5761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rapid7 \* | 106 | 4799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repay Holdings, Cl A \* | 135 | 822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rimini Street \* | 81 | 454 |
| &nbsp;&nbsp;&nbsp;&nbsp; RingCentral, Cl A \* | 155 | 5506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Riot Blockchain \* | 198 | 1364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rogers \* | 37 | 8707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roper Technologies | 210 | 87053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sabre \* | 518 | 3010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salesforce \* | 1918 | 311848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sanmina \* | 117 | 6558 |
| &nbsp;&nbsp;&nbsp;&nbsp; ScanSource \* | 44 | 1363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seagate Technology Holdings PLC | 436 | 21652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Semtech \* | 111 | 3074 |
| &nbsp;&nbsp;&nbsp;&nbsp; ServiceNow \* | 398 | 167455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shift4 Payments, Cl A \* | 91 | 4183 |
| &nbsp;&nbsp;&nbsp;&nbsp; ShotSpotter \* | 15 | 570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Silicon Laboratories \* | 76 | 8734 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  |<br>**Shares** |<br>**Value** |
| **INFORMATION TECHNOLOGY— continued** | **INFORMATION TECHNOLOGY— continued** | **INFORMATION TECHNOLOGY— continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; SiTime \* | 27 | $2425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skyworks Solutions | 323 | 27781 |
| &nbsp;&nbsp;&nbsp;&nbsp; SMART Global Holdings \* | 82 | 1109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smartsheet, Cl A \* | 229 | 7997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snowflake, Cl A \* | 545 | 87363 |
| &nbsp;&nbsp;&nbsp;&nbsp; SolarWinds \* | 65 | 606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Splunk \* | 294 | 24434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sprout Social, Cl A \* | 78 | 4706 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPS Commerce \* | 71 | 8983 |
| &nbsp;&nbsp;&nbsp;&nbsp; SS&C Technologies Holdings | 447 | 22985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumo Logic \* | 155 | 1195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Super Micro Computer \* | 78 | 5428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Switch, Cl A | 263 | 8955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synaptics \* | 73 | 6468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synopsys \* | 305 | 89228 |
| &nbsp;&nbsp;&nbsp;&nbsp; TD SYNNEX | 78 | 7138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teledyne Technologies \* | 93 | 37012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telos \* | 85 | 901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tenable Holdings \* | 196 | 7965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teradata \* | 190 | 6002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teradyne | 323 | 26276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Instruments | 1846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thoughtworks Holding \* | 139 | 1336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trimble \* | 500 | 30080 |
| &nbsp;&nbsp;&nbsp;&nbsp; TTEC Holdings | 33 | 1468 |
| &nbsp;&nbsp;&nbsp;&nbsp; TTM Technologies \* | 165 | 2526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Turtle Beach \* | 28 | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Twilio, Cl A \* | 338 | 25137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tyler Technologies \* | 82 | 26513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ubiquiti | 9 | 3121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ultra Clean Holdings \* | 78 | 2427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unisys \* | 115 | 977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unity Software \* | 363 | 10708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Display | 86 | 8189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Upland Software \* | 47 | 378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Varonis Systems, Cl B \* | 187 | 5006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veeco Instruments \* | 87 | 1586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Velodyne Lidar \* | 294 | 290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verint Systems \* | 119 | 4216 |
| &nbsp;&nbsp;&nbsp;&nbsp; VeriSign \* | 217 | 43500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veritone \* | 54 | 400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verra Mobility, Cl A \* | 271 | 4626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vertex, Cl A \* | 51 | 919 |
| &nbsp;&nbsp;&nbsp;&nbsp; ViaSat \* | 123 | 5038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viavi Solutions \* | 428 | 6463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa, Cl A | 3312 | 686114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vishay Intertechnology | 230 | 4809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vishay Precision Group \* | 21 | 709 |
| &nbsp;&nbsp;&nbsp;&nbsp; VMware, Cl A \* | 418 | 47011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vontier | 301 | 5749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Digital \* | 610 | 20966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Union | 770 | 10403 |
| &nbsp;&nbsp;&nbsp;&nbsp; WEX \* | 87 | 14280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wolfspeed \* | 245 | 19294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Workday, Cl A \* | 389 | 60614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Workiva, Cl A \* | 76 | 5914 |

---

*The accompanying notes are an integral part of the financial statements.* 

**50** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
| | **OCTOBER 31, 2022**<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| **COMMON STOCK — continued** | | | |
|  |<br>**Shares** | **Value** | **Value** |
| **INFORMATION TECHNOLOGY— continued** | **INFORMATION TECHNOLOGY— continued** | **INFORMATION TECHNOLOGY— continued** | **INFORMATION TECHNOLOGY— continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; Xerox Holdings | 254 | $| 3716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xperi \* | 72 |  | 1006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yext \* | 206 |  | 1096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zebra Technologies, Cl A \* | 107 |  | 30305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zendesk \* | 241 |  | 18482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zoom Video Communications, Cl A \* | 417 |  | 34794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zscaler \* | 165 |  | 25426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zuora, Cl A \* | 206 |  | 1584 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19244274 |
| **MATERIALS — 2.8%** | **MATERIALS — 2.8%** | **MATERIALS — 2.8%** | **MATERIALS — 2.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AdvanSix | 48 |  | 1746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Products and Chemicals | 441 |  | 110426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Albemarle | 234 |  | 65490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alcoa | 366 |  | 14285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alpha Metallurgical Resources | 28 |  | 4728 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Vanguard | 45 |  | 1047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amyris \* | 327 |  | 919 |
| &nbsp;&nbsp;&nbsp;&nbsp; AptarGroup | 130 |  | 12890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arconic \* | 182 |  | 3778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ashland | 113 |  | 11856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aspen Aerogels \* | 49 |  | 621 |
| &nbsp;&nbsp;&nbsp;&nbsp; ATI \* | 231 |  | 6875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avery Dennison | 162 |  | 27467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avient | 163 |  | 5622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axalta Coating Systems \* | 449 |  | 10471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Balchem | 64 |  | 8947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ball | 639 |  | 31560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berry Global Group \* | 271 |  | 12824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cabot | 105 |  | 7715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carpenter Technology | 83 |  | 3104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Celanese, Cl A | 215 |  | 20666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Century Aluminum \* | 88 |  | 634 |
| &nbsp;&nbsp;&nbsp;&nbsp; CF Industries Holdings | 413 |  | 43885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chase | 12 |  | 1131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemours | 295 |  | 8446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clearwater Paper \* | 28 |  | 1245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cleveland-Cliffs \* | 956 |  | 12418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coeur Mining \* | 443 |  | 1675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Metals | 240 |  | 10920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compass Minerals International | 59 |  | 2333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corteva | 1454 |  | 95004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Holdings | 243 |  | 16667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danimer Scientific \* | 153 |  | 401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversey Holdings \* | 135 |  | 729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dow | 1470 |  | 68708 |
| &nbsp;&nbsp;&nbsp;&nbsp; DuPont de Nemours | 1025 |  | 58630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eagle Materials | 79 |  | 9662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eastman Chemical | 257 |  | 19740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ecolab | 501 |  | 78692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ecovyst \* | 110 |  | 1095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Element Solutions | 429 |  | 7379 |
| &nbsp;&nbsp;&nbsp;&nbsp; FMC | 251 |  | 29844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freeport-McMoRan | 2900 |  | 91901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Glatfelter | 76 |  | 215 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  |<br>**Shares** |<br>**Value** |
| **MATERIALS— continued** | **MATERIALS— continued** | **MATERIALS— continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; Graphic Packaging Holding | 610 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Greif, Cl A | 45 | 2979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hawkins | 34 | 1531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Haynes International | 21 | 1027 |
| &nbsp;&nbsp;&nbsp;&nbsp; HB Fuller | 94 | 6553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hecla Mining | 931 | 4255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntsman | 387 | 10356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingevity \* | 68 | 4574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Innospec | 43 | 4300 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Flavors & |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fragrances | 509 | 49683 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Paper | 747 | 25107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intrepid Potash \* | 16 | 724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kaiser Aluminum | 27 | 2181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koppers Holdings | 36 | 899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kronos Worldwide | 39 | 370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Livent \* | 322 | 10166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisiana-Pacific | 170 | 9630 |
| &nbsp;&nbsp;&nbsp;&nbsp; LyondellBasell Industries, Cl A | 514 | 39295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Martin Marietta Materials | 125 | 41997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materion | 35 | 3000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mativ Holdings | 94 | 2241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Minerals Technologies | 57 | 3136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mosaic | 722 | 38808 |
| &nbsp;&nbsp;&nbsp;&nbsp; MP Materials \* | 244 | 7330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Myers Industries | 63 | 1278 |
| &nbsp;&nbsp;&nbsp;&nbsp; NewMarket | 13 | 3956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newmont | 1586 | 67120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nucor | 530 | 69631 |
| &nbsp;&nbsp;&nbsp;&nbsp; O-I Glass, Cl I \* | 270 | 4404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Olin | 308 | 16309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Packaging Corp of America | 185 | 22239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pactiv Evergreen | 75 | 818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Piedmont Lithium \* | 29 | 1804 |
| &nbsp;&nbsp;&nbsp;&nbsp; PPG Industries | 473 | 54007 |
| &nbsp;&nbsp;&nbsp;&nbsp; PureCycle Technologies \* | 174 | 1439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quaker Chemical | 24 | 3903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ranpak Holdings, Cl A \* | 129 | 490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rayonier Advanced Materials \* | 107 | 487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reliance Steel & Aluminum | 122 | 24581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Gold | 131 | 12440 |
| &nbsp;&nbsp;&nbsp;&nbsp; RPM International | 257 | 24304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryerson Holding | 28 | 939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schnitzer Steel Industries, Cl A | 45 | 1215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scotts Miracle-Gro, Cl A | 70 | 3214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sealed Air | 290 | 13810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sensient Technologies | 78 | 5574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sherwin-Williams | 483 | 108689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Silgan Holdings | 157 | 7436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sonoco Products | 194 | 12044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Steel Dynamics | 358 | 33670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stepan | 38 | 3969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Summit Materials, Cl A \* | 224 | 5902 |
| &nbsp;&nbsp;&nbsp;&nbsp; SunCoke Energy | 145 | 1053 |
| &nbsp;&nbsp;&nbsp;&nbsp; TimkenSteel \* | 66 | 1151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tredegar | 49 | 534 |

---

*The accompanying notes are an integral part of the financial statements.* 

**51** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
| | **OCTOBER 31, 2022**<br>|

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  |<br>**Shares** |<br>**Value** |
| **MATERIALS— continued** | | |
| &nbsp;&nbsp;&nbsp;&nbsp; TriMas | 74 | $1691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trinseo PLC | 64 | 1204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tronox Holdings PLC, Cl A | 200 | 2400 |
| &nbsp;&nbsp;&nbsp;&nbsp; United States Steel | 516 | 10506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valvoline | 358 | 10511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vulcan Materials | 266 | 43544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrior Met Coal | 90 | 3343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westlake | 62 | 5992 |
| &nbsp;&nbsp;&nbsp;&nbsp; WestRock | 519 | 17677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Worthington Industries | 54 | 2568 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1816385 |
| **REAL ESTATE — 3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Acadia Realty Trust ‡ | 163 | 2277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Agree Realty ‡ | 141 | 9687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alexander & Baldwin ‡ | 126 | 2454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alexander's ‡ | 4 | 940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities ‡ | 324 | 47077 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Assets Trust ‡ | 86 | 2363 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Homes 4 Rent, Cl A ‡ | 607 | 19388 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Tower ‡ | 910 | 188543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Americold Realty Trust ‡ | 536 | 12998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anywhere Real Estate \* | 202 | 1501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apartment Income ‡ | 314 | 12067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apartment Investment and |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management, Cl A ‡ | 261 | 2072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple Hospitality ‡ | 395 | 6762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Armada Hoffler Properties ‡ | 116 | 1356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ashford Hospitality Trust \*‡ | 60 | 487 |
| &nbsp;&nbsp;&nbsp;&nbsp; AvalonBay Communities ‡ | 282 | 49384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bluerock Homes Trust \*‡ | 6 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Properties ‡ | 313 | 22755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brandywine Realty Trust ‡ | 295 | 1935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brixmor Property Group ‡ | 592 | 12616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadstone Net Lease, Cl A ‡ | 301 | 5159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Camden Property Trust ‡ | 202 | 23341 |
| &nbsp;&nbsp;&nbsp;&nbsp; CareTrust ‡ | 167 | 3120 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBL & Associates Properties ‡ | 44 | 1264 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBRE Group, Cl A \* | 658 | 46679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centerspace ‡ | 27 | 1871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chatham Lodging Trust \*‡ | 80 | 1038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Community Healthcare Trust ‡ | 41 | 1419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Office Properties Trust ‡ | 196 | 5223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cousins Properties ‡ | 277 | 6582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Castle | 863 | 115003 |
| &nbsp;&nbsp;&nbsp;&nbsp; CTO Realty Growth ‡ | 27 | 543 |
| &nbsp;&nbsp;&nbsp;&nbsp; CubeSmart ‡ | 449 | 18800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cushman & Wakefield PLC \* | 325 | 3754 |
| &nbsp;&nbsp;&nbsp;&nbsp; DiamondRock Hospitality ‡ | 366 | 3418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Digital Realty Trust ‡ | 570 | 57142 |
| &nbsp;&nbsp;&nbsp;&nbsp; DigitalBridge Group | 244 | 3126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified Healthcare Trust ‡ | 414 | 563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Douglas Emmett ‡ | 314 | 5523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Easterly Government Properties, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cl A ‡ | 151 | 2626 |
| &nbsp;&nbsp;&nbsp;&nbsp; EastGroup Properties ‡ | 81 | 12692 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  |<br>**Shares** |<br>**Value** |
| **REAL ESTATE— continued** | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Elme Communities ‡ | 152 | $2902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Empire State Realty Trust, Cl A ‡ | 244 | 1798 |
| &nbsp;&nbsp;&nbsp;&nbsp; EPR Properties ‡ | 139 | 5365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinix | 181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Commonwealth ‡ | 193 | 5049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity LifeStyle Properties ‡ | 355 | 22706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Residential ‡ | 738 | 46509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essential Properties Realty Trust ‡ | 227 | 4885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essex Property Trust ‡ | 130 | 28891 |
| &nbsp;&nbsp;&nbsp;&nbsp; eXp World Holdings | 124 | 1638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Extra Space Storage ‡ | 265 | 47022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Farmland Partners ‡ | 65 | 911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal Realty Investment Trust ‡ | 157 | 15540 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Industrial Realty Trust ‡ | 262 | 12479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Five Point Holdings, Cl A \* | 102 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forestar Group \* | 32 | 371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Four Corners Property Trust ‡ | 139 | 3561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Franklin Street Properties ‡ | 173 | 498 |
| &nbsp;&nbsp;&nbsp;&nbsp; FRP Holdings \* | 10 | 606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gaming and Leisure Properties ‡ | 471 | 23606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Getty Realty ‡ | 70 | 2204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gladstone Commercial ‡ | 66 | 1161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gladstone Land ‡ | 56 | 1140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Medical ‡ | 108 | 987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Net Lease ‡ | 182 | 2229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthpeak Properties ‡ | 1059 | 25130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hersha Hospitality Trust, Cl A ‡ | 58 | 531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Highwoods Properties ‡ | 195 | 5505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Host Hotels & Resorts ‡ | 1413 | 26677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Howard Hughes \* | 97 | 5951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hudson Pacific Properties ‡ | 241 | 2661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Independence Realty Trust ‡ | 412 | 6905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial Logistics Properties Trust ‡ | 113 | 529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Innovative Industrial Properties, Cl A ‡ | 12 | 1297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invitation Homes ‡ | 1215 | 38503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iron Mountain ‡ | 576 | 28840 |
| &nbsp;&nbsp;&nbsp;&nbsp; iStar ‡ | 115 | 1205 |
| &nbsp;&nbsp;&nbsp;&nbsp; JBG SMITH Properties ‡ | 214 | 4211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jones Lang LaSalle \* | 98 | 15591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kennedy-Wilson Holdings | 206 | 3422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kilroy Realty ‡ | 228 | 9745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kimco Realty ‡ | 1212 | 25913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kite Realty Group Trust ‡ | 408 | 8013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lamar Advertising, Cl A ‡ | 173 | 15956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Life Storage ‡ | 166 | 18361 |
| &nbsp;&nbsp;&nbsp;&nbsp; LTC Properties ‡ | 68 | 2630 |
| &nbsp;&nbsp;&nbsp;&nbsp; LXP Industrial Trust, Cl B ‡ | 494 | 4782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Macerich ‡ | 361 | 4018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marcus & Millichap | 43 | 1584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-America Apartment Communities ‡ | 224 | 35269 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Health Investors ‡ | 77 | 4366 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Retail Properties ‡ | 349 | 14668 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Storage Affiliates Trust ‡ | 159 | 6783 |

---

*The accompanying notes are an integral part of the financial statements.* 

**52** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
| | **OCTOBER 31, 2022**<br>|

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  |<br>**Shares** |<br>**Value** |
| **REAL ESTATE— continued** | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Necessity Retail ‡ | 232 | $1587 |
| &nbsp;&nbsp;&nbsp;&nbsp; NETSTREIT‡ | 78 | 1468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newmark Group, Cl A | 269 | 2203 |
| &nbsp;&nbsp;&nbsp;&nbsp; NexPoint Residential Trust ‡ | 40 | 1824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Office Properties Income Trust ‡ | 81 | 1239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Omega Healthcare Investors ‡ | 477 | 15159 |
| &nbsp;&nbsp;&nbsp;&nbsp; One Liberty Properties ‡ | 28 | 631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Opendoor Technologies \* | 685 | 1774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Outfront Media ‡ | 247 | 4458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paramount Group ‡ | 325 | 2103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Park Hotels & Resorts ‡ | 434 | 5677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pebblebrook Hotel Trust ‡ | 226 | 3625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Piedmont Office Realty Trust, Cl A ‡ | 214 | 2236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Plymouth Industrial ‡ | 63 | 1162 |
| &nbsp;&nbsp;&nbsp;&nbsp; PotlatchDeltic‡ | 147 | 6520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prologis‡ | 1834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Storage ‡ | 309 | 95713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rayonier‡ | 289 | 9739 |
| &nbsp;&nbsp;&nbsp;&nbsp; RE/MAX Holdings, Cl A | 32 | 623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realty Income ‡ | 1196 | 74484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redfin\* | 181 | 871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regency Centers ‡ | 340 | 20573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Retail Opportunity Investments ‡ . | 210 | 3041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rexford Industrial Realty | 321 | 17745 |
| &nbsp;&nbsp;&nbsp;&nbsp; RLJ Lodging Trust ‡ | 288 | 3505 |
| &nbsp;&nbsp;&nbsp;&nbsp; RMR Group, Cl A | 25 | 684 |
| &nbsp;&nbsp;&nbsp;&nbsp; RPT Realty ‡ | 147 | 1367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryman Hospitality Properties ‡ | 107 | 9514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sabra Health Care ‡ | 427 | 5833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Safehold‡ | 30 | 877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saul Centers ‡ | 23 | 942 |
| &nbsp;&nbsp;&nbsp;&nbsp; SBA Communications, Cl A | 213 | 57489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seritage Growth Properties \*‡ | 61 | 655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Properties Trust ‡ | 286 | 2319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simon Property Group ‡ | 653 | 71164 |
| &nbsp;&nbsp;&nbsp;&nbsp; SITE Centers ‡ | 323 | 3999 |
| &nbsp;&nbsp;&nbsp;&nbsp; SL Green Realty ‡ | 111 | 4409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spirit MTA ‡(A) | 23 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spirit Realty Capital ‡ | 255 | 9902 |
| &nbsp;&nbsp;&nbsp;&nbsp; St. Joe | 100 | 3553 |
| &nbsp;&nbsp;&nbsp;&nbsp; STAG Industrial ‡ | 356 | 11246 |
| &nbsp;&nbsp;&nbsp;&nbsp; STORE Capital ‡ | 555 | 17649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Summit Hotel Properties ‡ | 181 | 1564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Communities ‡ | 228 | 30746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sunstone Hotel Investors ‡ | 378 | 4215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tanger Factory Outlet Centers ‡ | 178 | 3206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tejon Ranch \* | 43 | 728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Terreno Realty ‡ | 147 | 8400 |
| &nbsp;&nbsp;&nbsp;&nbsp; UDR ‡ | 647 | 25725 |
| &nbsp;&nbsp;&nbsp;&nbsp; UMH Properties ‡ | 82 | 1438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniti Group ‡ | 400 | 3104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Urban Edge Properties ‡ | 199 | 2810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Urstadt Biddle Properties, Cl A ‡ | 52 | 974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ventas‡ | 797 | 31187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veris Residential \*‡ | 150 | 2374 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  |<br>**Shares** |<br>**Value** |
| **REAL ESTATE— continued** | | |
| &nbsp;&nbsp;&nbsp;&nbsp; VICI Properties ‡ | 1489 | $47692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vornado Realty Trust ‡ | 333 | 7855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Welltower‡ | 909 | 55485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Weyerhaeuser‡ | 1492 | 46148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Whitestone, Cl B ‡ | 81 | 762 |
| &nbsp;&nbsp;&nbsp;&nbsp; WP Carey ‡ | 379 | 28918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xenia Hotels & Resorts ‡ | 199 | 3399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zillow Group, Cl C \* | 333 | 10276 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2369254 |
| **UTILITIES — 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AES | 1331 | 34819 |
| &nbsp;&nbsp;&nbsp;&nbsp; ALLETE | 107 | 6021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alliant Energy | 501 | 26137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameren | 514 | 41901 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Electric Power | 1010 | 88799 |
| &nbsp;&nbsp;&nbsp;&nbsp; American States Water | 68 | 6151 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Water Works | 363 | 52758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Artesian Resources, Cl A | 14 | 732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atmos Energy | 270 | 28769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avangrid | 132 | 5370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avista | 126 | 5170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Black Hills | 129 | 8433 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Water Service Group | 100 | 6206 |
| &nbsp;&nbsp;&nbsp;&nbsp; CenterPoint Energy | 1258 | 35991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chesapeake Utilities | 30 | 3731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clearway Energy, Cl C | 138 | 4794 |
| &nbsp;&nbsp;&nbsp;&nbsp; CMS Energy | 579 | 33032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Edison | 709 | 62364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy | 1619 | 113281 |
| &nbsp;&nbsp;&nbsp;&nbsp; DTE Energy | 386 | 43275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy | 1541 | 143590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edison International | 763 | 45811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entergy | 406 | 43499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essential Utilities | 506 | 22375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evergy | 453 | 27692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eversource Energy | 687 | 52404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exelon | 1958 | 75559 |
| &nbsp;&nbsp;&nbsp;&nbsp; FirstEnergy | 1084 | 40878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hawaiian Electric Industries | 217 | 8255 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDACORP | 100 | 10470 |
| &nbsp;&nbsp;&nbsp;&nbsp; MGE Energy | 63 | 4290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Middlesex Water | 30 | 2684 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Fuel Gas | 175 | 11811 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Resources | 192 | 8571 |
| &nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy | 3929 | 304498 |
| &nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy Partners | 160 | 11851 |
| &nbsp;&nbsp;&nbsp;&nbsp; NiSource | 805 | 20680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northwest Natural Holding | 59 | 2837 |
| &nbsp;&nbsp;&nbsp;&nbsp; NorthWestern | 94 | 4966 |
| &nbsp;&nbsp;&nbsp;&nbsp; NRG Energy | 468 | 20779 |
| &nbsp;&nbsp;&nbsp;&nbsp; OGE Energy | 400 | 14652 |
| &nbsp;&nbsp;&nbsp;&nbsp; ONE Gas | 105 | 8135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ormat Technologies | 111 | 10040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otter Tail | 66 | 4450 |
| &nbsp;&nbsp;&nbsp;&nbsp; PG&E \* | 3112 | 46462 |

---

*The accompanying notes are an integral part of the financial statements.* 

**53** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
| | **OCTOBER 31, 2022**<br>|

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | |
|  | **Shares** |<br>**Value** |
| **UTILITIES— continued** | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Pinnacle West Capital | 226 | $15190 |
| &nbsp;&nbsp;&nbsp;&nbsp; PNM Resources | 170 | 7900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portland General Electric | 178 | 7999 |
| &nbsp;&nbsp;&nbsp;&nbsp; PPL | 1473 | 39020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Service Enterprise Group | 1005 | 56350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sempra Energy | 632 | 95394 |
| &nbsp;&nbsp;&nbsp;&nbsp; SJW Group | 47 | 3322 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Jersey Industries | 244 | 8460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern | 2124 | 139080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spire | 94 | 6562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Star Group | 57 | 503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sunnova Energy International \* | 171 | 3170 |
| &nbsp;&nbsp;&nbsp;&nbsp; UGI | 417 | 14733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unitil | 28 | 1476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vistra | 821 | 18858 |
| &nbsp;&nbsp;&nbsp;&nbsp; WEC Energy Group | 631 | 57629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xcel Energy | 1089 | 70905 |
| &nbsp;&nbsp;&nbsp;&nbsp; York Water | 24 | 1045 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2102569 |
|  Total Common Stock (Cost $67,224,742) |  | 62220701 |
| **RIGHTS — 0.0%** |  |  |
|  | **Number Of<br>Rights** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Achillion Pharmaceuticals\*‡‡(A) | 78 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flexion Therapeutics\*‡‡(A) | 42 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Prevail Therapeutics\*‡‡(A) | 16 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Progenics Pharmaceuticals\*‡‡(A) | 45 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Radius Health\*‡‡(A) | 82 |  |

---

---

| | | |
|:---|:---|:---|
| **RIGHTS — continued** | | |
|  |<br>**Number Of<br>Rights** |<br>**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Zagg\*‡‡(A) | 17 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Zogenix\*‡‡(A) | 79 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Rights<br>(Cost $–) |  | 78 |
| **WARRANTS — 0.0%** |  |  |
|  | **Number Of<br>Warrants** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nabors Industries, Strike Price |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; $166, \*Expires 6/14/2026 | 2 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Warrants<br>(Cost $–) |  | 54 |
| **PREFERRED STOCK — 0.0%** | **PREFERRED STOCK — 0.0%** |  |
|  | **Shares** |  |
| **COMMUNICATION SERVICES — 0.0%** | **COMMUNICATION SERVICES — 0.0%** | **COMMUNICATION SERVICES — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AMC Entertainment Holdings\*(B) | 905 | 1855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Preferred Stock<br>(Cost $8,876) |  | 1855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments in Securities— 96.7% (Cost $67,233,618) |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62222688 |

---

Percentages are based on Net Assets of $64,354,644.

*# More* *narrow industries are utilized for compliance purposes, whereas*

broad sectors are utilized for reporting purposes.

*\* Non-income* *producing security.*

*‡ Real* *Estate Investment Trust.*

*‡‡ Expiration* *date unavailable.*

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

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

See "Glossary for abbreviations".

A list of the open OTC swap agreements held by the Fund at October 31, 2022, is as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Total Return Swaps** | **Total Return Swaps** | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Counterparty | Reference Entity/<br>Obligation | Fund Pays | Fund Receives | Payment<br>Frequency | Termination<br>Date | Currency | Notional<br>Amount | Value | Upfront<br>Payments/<br>Receipts | Net Unrealized<br>Appreciation |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo | WFCBL2N21<br>Custom Basket\* | USD–<br>LIBOR-BBA+<br>0.450% | Asset Return | Annually | 6/07/2023 | USD | 2261808 | $71401 | $— | $71401 |

---

*The accompanying notes are an integral part of the financial statements.* 

**54** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
| | **OCTOBER 31, 2022**<br>|

---

\*The following table represents the individual common stock exposures comprising the WFCBL2N21 Custom Basket Total Return Swaps as of October 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Shares | Description | Notional<br>Amount ($) | Unrealized<br>Appreciation ($) | Percentage<br>of Basket (%) |
| 261 | Accenture PLC | 18942 | 598 | 0.8 |
| 193 | Adobe Inc | 15733 | 497 | 0.7 |
| 2456 | Alphabet Inc, Class A | 59300 | 1872 | 2.6 |
| 2272 | Alphabet Inc, Class C | 54926 | 1734 | 2.4 |
| 311 | American Express Co | 11789 | 372 | 0.5 |
| 224 | Amgen Inc | 15450 | 488 | 0.7 |
| 6689 | Apple Inc | 261987 | 8270 | 11.6 |
| 3002 | AT&T Inc | 13981 | 441 | 0.6 |
| 173 | Automatic Data Processing Inc | 10668 | 337 | 0.5 |
| 3303 | Bank Of America Corp | 30412 | 960 | 1.3 |
| 534 | Berkshire Hathaway Inc | 40284 | 1272 | 1.8 |
| 890 | Bristol-Myers Squibb Co | 17613 | 556 | 0.8 |
| 164 | Broadcom Inc | 19694 | 622 | 0.9 |
| 219 | Caterpillar Inc | 12114 | 382 | 0.5 |
| 702 | Charles Schwab Corp/The | 14282 | 451 | 0.6 |
| 813 | Chevron Corp | 37586 | 1187 | 1.7 |
| 1713 | Cisco Systems Inc | 19877 | 627 | 0.9 |
| 1784 | Coca-Cola Co/The | 27271 | 861 | 1.2 |
| 1860 | Comcast Corp | 15082 | 476 | 0.7 |
| 527 | Conocophillips | 16963 | 535 | 0.7 |
| 117 | Deere & Co | 11783 | 372 | 0.5 |
| 331 | Eli Lilly & Co | 30580 | 965 | 1.4 |
| 1733 | Exxon Mobil Corp | 49046 | 1548 | 2.2 |
| 141 | Goldman Sachs Group Inc/The | 12414 | 392 | 0.5 |
| 426 | Home Depot Inc/The | 32260 | 1018 | 1.4 |
| 280 | Honeywell International Inc | 14593 | 461 | 0.6 |
| 1690 | Intel Corp | 12271 | 387 | 0.5 |
| 370 | International Business Machines Corp | 13067 | 413 | 0.6 |
| 113 | Intuit Inc | 12335 | 389 | 0.5 |
| 1209 | Jpmorgan Chase & Co | 38883 | 1227 | 1.7 |
| 275 | Lowe'S Cos Inc | 13686 | 432 | 0.6 |
| 927 | Meta Platforms Inc | 22071 | 697 | 1 |
| 3065 | Microsoft Corp | 181735 | 5737 | 8 |
| 566 | Morgan Stanley | 11870 | 375 | 0.5 |
| 183 | Netflix Inc | 13640 | 431 | 0.6 |
| 811 | Nextera Energy Inc | 16058 | 507 | 0.7 |
| 511 | Nike Inc | 12105 | 382 | 0.5 |
| 992 | Nvidia Corp | 34205 | 1080 | 1.5 |
| 634 | Oracle Corp | 12639 | 399 | 0.6 |
| 569 | Pepsico Inc | 26384 | 833 | 1.2 |
| 650 | Philip Morris International Inc | 15256 | 482 | 0.7 |
| 465 | Qualcomm Inc | 13980 | 441 | 0.6 |
| 146 | S&P Global Inc | 11989 | 378 | 0.5 |
| 393 | Salesforce Inc | 16326 | 515 | 0.7 |
| 1032 | Tesla Inc | 59955 | 1893 | 2.7 |
| 385 | Texas Instruments Inc | 15812 | 499 | 0.7 |
| 262 | Union Pacific Corp | 13200 | 417 | 0.6 |
| 303 | United Parcel Service Inc | 13005 | 412 | 0.6 |
| 1749 | Verizon Communications Inc | 16694 | 527 | 0.7 |
| 759 | Walt Disney Co/The | 20646 | 652 | 0.9 |
| 36313 | Other | 779366 | 24602 | 34.7 |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2261808 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71401 | 100.0% |

---

*The accompanying notes are an integral part of the financial statements.* 

**55** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |
| | **OCTOBER 31, 2022** |

---

The following is a summary of the level of inputs used as of October 31, 2022, in valuing the Fund's investments and other financial instruments carried at market value:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  Investments in<br>Securities | Level 1 | Level 2 | Level 3 | <sup>(1)</sup> | Total |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stock | $62220583 | $— | $118 |  | $62220701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rights |  |  | 78 |  | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrants | 54 |  |  |  | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stock | 1855 |  |  |  | 1855 |
|  Total Investments in<br>Securities | $62222492 | $— | $196 |  | $62222688 |
|  Other Financial<br>Instruments | Level 1 | Level 2 | Level 3 |  | Total |
| &nbsp;&nbsp;&nbsp;&nbsp; OTC Swaps |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Return Swaps\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Return Swaps\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Return Swaps\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Return Swaps\* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized<br>Appreciation | $— | $71401 | $— |  | $71401 |
|  Total Other Financial<br>Instruments | $— | $71401 | $— |  | $71401 |

---

(1) *A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the end of the period in relation to net assets. Management has concluded that Level 3 investments are not material in relation to net assets*.

*\** *Swap contracts are valued at the unrealized appreciation on the instrument.*

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

For more information on valuation inputs, see Note 2 – Significant Accounting

Policies in the Notes to Financial Statements.

*The accompanying notes are an integral part of the financial statements.* 

**56** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **REAL ESTATE FUND** |
| | **OCTOBER 31, 2022**<br>|

---

**SECTOR WEIGHTINGS† (Unaudited)**

![LOGO](g237149g96m66.jpg)

*† Percentages based on total investments.* 

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **COMMON STOCK — 91.7%#** | **COMMON STOCK — 91.7%#** | **COMMON STOCK — 91.7%#** |
|  | **Shares** | **Value** |
| **FINANCIALS — 3.1%** | **FINANCIALS — 3.1%** | **FINANCIALS — 3.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Ellington Financial ‡ | 276386 | $3698044 |
|  **REAL ESTATE — 88.6%** | **REAL ESTATE — 88.6%** | **REAL ESTATE — 88.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Acadia Realty Trust ‡ | 101958 | 1424353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities ‡ | 49778 | 7232743 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Homes 4 Rent, Cl A ‡ | 186247 | 5948729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Americold Realty Trust ‡ | 189679 | 4599716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadstone Net Lease, Cl A ‡ | 296628 | 5084204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Camden Property Trust ‡ | 45586 | 5267462 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBRE Group, Cl A \* | 74374 | 5276091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Office Properties Trust ‡ | 32991 | 879210 |
| &nbsp;&nbsp;&nbsp;&nbsp; CubeSmart‡ | 80416 | 3367018 |
| &nbsp;&nbsp;&nbsp;&nbsp; DigitalBridge Group | 271092 | 3469978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Easterly Government Properties, Cl A ‡ | 208665 | 3628684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elme Communities ‡ | 91684 | 1750248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinix‡ | 6395 | 3622384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity LifeStyle Properties ‡ | 76736 | 4908035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Independence Realty Trust ‡ | 329512 | 5522621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kilroy Realty ‡ | 45717 | 1953945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lamar Advertising, Cl A ‡ | 62889 | 5800252 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Storage Affiliates Trust ‡ | 114817 | 4898093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prologis‡ | 46035 | 5098376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Retail Opportunity Investments ‡ | 273662 | 3962626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rexford Industrial Realty ‡ | 69377 | 3835161 |
| &nbsp;&nbsp;&nbsp;&nbsp; SBA Communications, Cl A ‡ | 6033 | 1628307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Communities ‡ | 52134 | 7030270 |
| &nbsp;&nbsp;&nbsp;&nbsp; UDR‡ | 104385 | 4150348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ventas‡ | 103152 | 4036338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Welltower‡ | 39638 | 2419503 |
|  |  | 106794695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stock<br>(Cost $144,138,031) |  | 110492739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments in Securities— 91.7%<br>(Cost $144,138,031) |  | $110492739 |

---

Percentages are based on Net Assets of $120,537,084.

# More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.

\* Non-income producing security.

‡ Real Estate Investment Trust.

See "Glossary" for abbreviations.

As of October 31, 2022, all of the Fund's investments in securities were considered Level 1, in accordance with the authoritative guidance of fair value measurements and disclosure under U.S. generally accepted accounting principles.

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

*The accompanying notes are an integral part of the financial statements.* 

**57** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **INTERNATIONAL EQUITY FUND** |
| | **OCTOBER 31, 2022**<br>|

---

**SECTOR WEIGHTINGS† (Unaudited)**

![LOGO](g237149g58w77.jpg)

*† Percentages based on total investments.*

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **COMMON STOCK — 96.8%** | | |
|  |<br>**Shares** |<br>**Value** |
| **AUSTRALIA — 4.5%** | | |
| &nbsp;&nbsp;&nbsp;&nbsp; BHP Group | 81936 | $1958057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Macquarie Group | 17804 | 1930328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Woodside Energy Group | 70806 | 1629576 |
|  |  | 5517961 |
| **BRAZIL — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MercadoLibre \* | 1470 | 1325381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suzano | 177000 | 1824654 |
|  |  | 3150035 |
| **CANADA — 8.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Montreal | 24193 | 2228487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian National Railway | 19500 | 2310199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Natural Resources | 31400 | 1883286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magna International | 27679 | 1542474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stantec | 40000 | 1957206 |
|  |  | 9921652 |
| **CHINA — 5.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Baidu, Cl A \* | 124000 | 1186346 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Mengniu Dairy | 330000 | 1057308 |
| &nbsp;&nbsp;&nbsp;&nbsp; COSCO SHIPPING Holdings, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cl H | 945000 | 1019683 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSPC Pharmaceutical Group | 1556002 | 1599681 |
| &nbsp;&nbsp;&nbsp;&nbsp; NetEase | 103215 | 1125554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pinduoduo ADR \* | 21300 | 1167879 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7156451 |
| **COLOMBIA — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interconexion Electrica ESP | 116500 | 451021 |
| **FRANCE — 9.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dassault Systemes | 49300 | 1654068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edenred | 28500 | 1463459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ipsen | 16886 | 1735509 |
| &nbsp;&nbsp;&nbsp;&nbsp; L'Oreal | 7130 | 2241403 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | |
|  | **Shares** |<br>**Value** |
| **FRANCE — continued** | | |
| &nbsp;&nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton | 4660 | $2942751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pernod Ricard | 11500 | 2019538 |
|  |  | 12056728 |
| **GERMANY — 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Daimler Truck Holding \* | 64076 | 1709723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Group | 33752 | 1954627 |
|  |  | 3664350 |
| **HONG KONG — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CK Asset Holdings | 268000 | 1481748 |
| **INDIA — 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ICICI Bank | 162000 | 1778375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Infosys | 112000 | 2080478 |
|  |  | 3858853 |
| **INDONESIA — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Negara Indonesia Persero | 2970000 | 1789902 |
| **JAPAN — 16.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ENEOS Holdings | 372800 | 1228000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fuji Electric | 40030 | 1550642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fujitsu | 12700 | 1462642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hoya | 21260 | 1983809 |
| &nbsp;&nbsp;&nbsp;&nbsp; ITOCHU | 75700 | 1959510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group | 465000 | 2187481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nintendo | 51400 | 2098241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Telegraph & Telephone | 80820 | 2225207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ono Pharmaceutical | 75000 | 1763341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sony Group | 23000 | 1544934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokio Marine Holdings | 120000 | 2171694 |
|  |  | 20175501 |
| **LUXEMBOURG — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ArcelorMittal | 61432 | 1375389 |
| **MALAYSIA — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kuala Lumpur Kepong | 255000 | 1169289 |
| **MEXICO — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cemex \* | 2609100 | 1016618 |
| **NETHERLANDS — 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ASML Holding | 4550 | 2149344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke Ahold Delhaize | 73871 | 2062335 |
|  |  | 4211679 |
| **NORWAY — 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; DNB Bank | 107584 | 1904114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinor | 50950 | 1864039 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3768153 |
| **SINGAPORE — 3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capitaland Investment | 575000 | 1222626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Technologies Engineering | 458000 | 1067675 |

---

*The accompanying notes are an integral part of the financial statements.* 

**58** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **INTERNATIONAL EQUITY FUND** |
| | **OCTOBER 31, 2022**<br>|

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **SINGAPORE — continued** | **SINGAPORE — continued** | **SINGAPORE — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; United Overseas Bank | 104440 | $2048075 |
|  |  | 4338376 |
| **SOUTH AFRICA — 0.9%** | **SOUTH AFRICA — 0.9%** | **SOUTH AFRICA — 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; MTN Group | 154541 | 1092377 |
| **SOUTH KOREA — 1.3%** | **SOUTH KOREA — 1.3%** | **SOUTH KOREA — 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; KB Financial Group | 45571 | 1537215 |
| **SPAIN — 2.7%** | **SPAIN — 2.7%** | **SPAIN — 2.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; CaixaBank | 445800 | 1477203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industria de Diseno Textil | 80000 | 1813636 |
|  |  | 3290839 |
| **SWEDEN — 1.1%** | **SWEDEN — 1.1%** | **SWEDEN — 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Boliden | 46530 | 1355292 |
| **SWITZERLAND — 4.2%** | **SWITZERLAND — 4.2%** | **SWITZERLAND — 4.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Nestle | 30730 | 3346282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sonova Holding | 7380 | 1744491 |
|  |  | 5090773 |
| **TAIWAN — 2.3%** | **TAIWAN — 2.3%** | **TAIWAN — 2.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Manufacturing | 230160 | 2785706 |
| **THAILAND — 1.0%** | **THAILAND — 1.0%** | **THAILAND — 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; PTT Exploration & Production |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PCL | 270000 | 1287572 |
| **UNITED KINGDOM — 10.9%** | **UNITED KINGDOM — 10.9%** | **UNITED KINGDOM — 10.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3i Group PLC | 130000 | 1730123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compass Group PLC | 92000 | 1937614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal & General Group PLC | 605385 | 1616924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Linde PLC | 6450 | 1917908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC | 3825000 | 1843215 |
| &nbsp;&nbsp;&nbsp;&nbsp; SSE PLC | 95000 | 1695203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unilever PLC | 56250 | 2563855 |
|  |  | 13304842 |
| **UNITED STATES — 3.0%** | **UNITED STATES — 3.0%** | **UNITED STATES — 3.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; American Tower ‡ | 7989 | 1655241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amgen | 7650 | 2068177 |
|  |  | 3723418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stock (Cost $133,490,077) |  | 118571740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments in Securities—96.8% (Cost $133,490,077) |  | $118571740 |

---

Percentages are based on Net Assets of $122,456,064.

*\** ***Non-income producing security.*** 

*‡*  ***Real Estate Investment Trust.*** **  

See "Glossary" for abbreviations.

As of October 31, 2022, all of the Fund's investments in securities were considered Level 1, in accordance with the authoritative guidance of fair value measurements and disclosure under U.S. generally accepted accounting principles.

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

*The accompanying notes are an integral part of the financial statements.* 

**59** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
| | **OCTOBER 31, 2022**<br>|

---

**Glossary**:

**Portfolio Abbreviation** 

ADR — American Depositary Receipt

Cl — Class

CLO — Collateralized Loan Obligation

ETF — Exchange Traded Fund

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

FREMF — Freddie Mac Multi-Family

GNMA — Government National Mortgage Association

ICE — Intercontinental Exchange

LIBOR — London Interbank Offered Rate

MSCI — Morgan Stanley Capital International

MTN — Medium Term Note

PLC — Public Limited Company

RB — Revenue Bond

S&P — Standard & Poor's

Ser — Series

SOFR — Secured Overnight Financing Rate

SPDR— Standard & Poor's Depositary Receipt

TSFR — Term Secured Overnight Financing Rate

**Currency Abbreviation** 

USD — United States Dollar

*The accompanying notes are an integral part of the financial statements.* 

**60** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS FUNDS** |
| | **OCTOBER 31, 2022**<br>|

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **STATEMENTS OF ASSETS AND LIABILITIES** | | | | | |
|  | <br>**Limited<br>Duration Fund** | <br>**Core Bond<br>Fund** | <br>**Long/Short<br>Equity Fund** | <br>**Large Cap<br>Value Fund** | <br>**Large Cap<br>Growth Fund** |
|  **Assets:** |  |  |  |  |  |
|  Investments in securities, at value† | $138150905 | $144143289 | $39474231 | $134788814 | $114808069 |
|  Cash | 4003697 | 1355785 | 20999072 | 4506090 | 6164966 |
|  Receivable due from Prime Broker |  |  | 29841470 |  |  |
|  Dividends and Interest receivable | 815630 | 1019493 | 242470 | 91305 | 83367 |
|  Receivable for capital shares sold | 144136 | 227103 | 118345 | 117792 | 120666 |
|  Tax reclaim receivable |  |  |  | 12773 | 3414 |
|  Prepaid expenses | 8295 | 8497 | 5742 | 9389 | 8227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 143122663 | 146754167 | 90681330 | 139526163 | 121188709 |
|  **Liabilities:** |  |  |  |  |  |
|  Securities sold short, at value††† |  |  | 22837846 |  |  |
|  Payable for investment securities purchased |  |  |  | 1379217 | 3339828 |
|  Payable for capital shares redeemed | 255728 | 439008 | 258574 | 194533 | 174484 |
|  Audit fees payable | 29600 | 29600 | 24400 | 24400 | 24400 |
|  Foreign currency payable†††† |  |  | 974016 |  |  |
|  Investment Adviser fees payable | 18328 | 18781 | 58611 | 66713 | 38806 |
|  Payable due to administrator | 9685 | 9931 | 4416 | 8827 | 7687 |
|  Chief Compliance Officer fees payable | 2005 | 2058 | 911 | 1778 | 1538 |
|  Payable due to trustees | 78 | 80 | 36 | 69 | 60 |
|  Shareholder servicing fees payable (Class S Shares) | 23 | 212 |  | 50 | 478 |
|  Accrued expenses | 35032 | 37387 | 20271 | 23126 | 22176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 350479 | 537057 | 24179081 | 1698713 | 3609457 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142772184 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146217110 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66502249 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137827450 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117579252 |
|  † Cost of securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145744608 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167477004 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39150815 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121336022 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118140439 |
|  ††† Proceeds from securities sold short |  |  | (24664086) |  |  |
|  †††† Proceeds from foreign currency |  |  | (1031123) |  |  |
|  **Net Assets:** |  |  |  |  |  |
|  Paid-in Capital | $151088599 | $173307922 | $59840652 | $118392020 | $123765245 |
|  Total Distributable Earnings / (Loss) | (8316415) | (27090812) | 6661597 | 19435430 | (6185993) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets** | $142772184 | $146217110 | $66502249 | $137827450 | $117579252 |
|  **I Shares:** |  |  |  |  |  |
|  Net Assets | $142559173 | $145333974 | $66502249 | $137408226 | $116415716 |
|  Outstanding Shares of Beneficial Interest<br>(unlimited authorization - no par value) | 15147688 | 17129037 | 5867955 | 9613836 | 9470704 |
|  Net Asset Value, Offering and Redemption Price Per Share\*<br>(Net Assets ÷ Shares Outstanding) | $9.41 | $8.48 | $11.33 | $14.29 | $12.29 |
|  **Class S Shares:** |  |  |  |  |  |
|  Net Assets | $213011 | $883136 | N/A | $419224 | $1163536 |
|  Outstanding Shares of Beneficial Interest<br>(unlimited authorization - no par value) | 22647 | 104190 | N/A | 29332 | 95155 |
|  Net Asset Value, Offering and Redemption Price Per Share\*<br>(Net Assets ÷ Shares Outstanding) | $9.41 | $8.48 | N/A | $14.29 | $12.23 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amounts designated as "—" are $0 or round to $0.

\* Redemption price per share may vary depending on the length of time shares are held.

*The accompanying notes are an integral part of the financial statements.* 

**61** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS FUNDS** |
|  | **OCTOBER 31, 2022** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **STATEMENTS OF ASSETS AND LIABILITIES** | | | | |
|  | <br>**Small Cap Fund** | <br>**U.S. All Cap<br>Index Fund** | <br>**Real Estate<br>Fund** | <br>**International<br>Equity Fund** |
|  **Assets:** |  |  |  |  |
|  Investments in securities, at value† | $118905907 | $62222688 | $110492739 | $118571740 |
|  Foreign currency, at value†† |  |  | 69 | 6471 |
|  OTC Swap Contracts, at value††† |  | 71401 |  |  |
|  Cash | 4163137 | 2023410 | 10172326 | 4617539 |
|  Cash held as collateral for equity swaps (Note 2) |  | 300000 |  |  |
|  Receivable for investment securities sold | 1176295 | 638 |  |  |
|  Receivable for capital shares sold | 56068 | 11830 | 26620 | 60977 |
|  Dividends and Interest receivable | 31716 | 41857 | 47794 | 338261 |
|  Receivable due from Investment Adviser |  | 18504 |  |  |
|  Receivable from Custodian |  | 81877 |  |  |
|  Tax reclaim receivable |  | 535 | 11607 | 434488 |
|  Prepaid expenses | 10261 | 6359 | 15159 | 8294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 124343384 | 64779099 | 120766314 | 124037770 |
|  **Liabilities:** |  |  |  |  |
|  Payable for investment securities purchased | 1678437 |  |  | 1254567 |
|  Unrealized loss on foreign currency spot contracts |  |  |  | 1348 |
|  Payable for capital shares redeemed | 84948 | 371947 | 101249 | 121435 |
|  Audit fees payable | 24400 | 24400 | 24400 | 24400 |
|  Investment Adviser fees payable | 73139 |  | 71201 | 72217 |
|  Payable due to administrator | 7792 | 4161 | 7829 | 8120 |
|  Chief Compliance Officer fees payable | 1561 | 832 | 1589 | 1646 |
|  Shareholder servicing fees payable (Class S Shares) | 628 |  |  | 123 |
|  Payable due to trustees | 61 | 32 | 62 | 64 |
|  Accrued Foreign Capital Gains Tax on Appreciated Securities |  |  |  | 72019 |
|  Accrued expenses | 22192 | 23083 | 22900 | 25767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 1893158 | 424455 | 229230 | 1581706 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122450226 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64354644 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120537084 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122456064 |
|  † Cost of securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111931635 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67233618 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144138031 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133490077 |
|  †† Cost of foreign currency |  |  | 78 | 3393 |
|  †††Premiums received from OTC swap contracts |  |  |  |  |
|  **Net Assets:** |  |  |  |  |
|  Paid-in Capital | $114819986 | $69210659 | $144750398 | $147987323 |
|  Total Distributable Earnings / (Loss) | 7630240 | (4856015) | (24213314) | (25531259) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets** | $122450226 | $64354644 | $120537084 | $122456064 |
|  **I Shares:** |  |  |  |  |
|  Net Assets | $122388951 | $64354644 | $120537084 | $122312815 |
|  Outstanding Shares of Beneficial Interest<br>(unlimited authorization - no par value) | 10831446 | 5435163 | 14538415 | 12763319 |
|  Net Asset Value, Offering and Redemption Price Per Share\*<br>(Net Assets ÷ Shares Outstanding) | $11.30 | $11.84 | $8.29 | $9.58 |
|  **Class S Shares:** |  |  |  |  |
|  Net Assets | $61275 | N/A | N/A | $143249 |
|  Outstanding Shares of Beneficial Interest<br>(unlimited authorization - no par value) | 5448 | N/A | N/A | 14994 |
|  Net Asset Value, Offering and Redemption Price Per Share\*<br>(Net Assets ÷ Shares Outstanding) | $11.25 | N/A | N/A | $9.55 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amounts designated as "—" are $0 or round to $0.

\* Redemption price per share may vary depending on the length of time shares are held.

*The accompanying notes are an integral part of the financial statements.* 

**62** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS FUNDS** |
|  | **FOR THE YEAR ENDED** |
| | **OCTOBER 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **STATEMENTS OF OPERATIONS** | | | | | |
|  | <br>**Limited<br>Duration Fund** | <br>**Core Bond<br>Fund** | <br>**Long/Short<br>Equity Fund** | <br>**Large Cap<br>Value Fund** | <br>**Large Cap<br>Growth Fund** |
|  **Investment Income** |  |  |  |  |  |
|  Interest | $2465872 | $4367438 | $246748 | $30538 | $29184 |
|  Dividends |  | 20812 | 1100798 | 2690805 | 907482 |
|  Less: Foreign Taxes Withheld |  |  | (5864) | (45879) |  |
|  **Total Investment Income** | 2465872 | 4388250 | 1341682 | 2675464 | 936666 |
|  **Expenses** |  |  |  |  |  |
|  Investment Advisory Fees | 572027 | 589794 | 668164 | 783709 | 751992 |
|  Administration Fees | 128131 | 132126 | 47733 | 117065 | 112494 |
|  Trustees' Fees | 11547 | 11768 | 3916 | 10434 | 10142 |
|  Chief Compliance Officer Fees | 5647 | 5776 | 3829 | 5341 | 5029 |
|  Shareholder Servicing Fees (Class S Shares) | 206 | 1016 |  | 441 | 1347 |
|  Transfer Agent Fees | 50102 | 51139 | 23179 | 48480 | 47878 |
|  Pricing Fees | 42064 | 41052 | 2191 | 2001 | 1795 |
|  Registration & Filing Fees | 31231 | 35596 | 30551 | 35610 | 35057 |
|  Audit Fees | 30035 | 30035 | 24835 | 24835 | 24835 |
|  Printing Fees | 22905 | 22558 | 9539 | 19287 | 30202 |
|  Legal Fees | 19798 | 20200 | 7031 | 17812 | 40939 |
|  Custodian Fees | 8037 | 6747 | 21009 | 2807 | 2769 |
|  Dividend Expense |  |  | 298089 |  |  |
|  Other Expenses | 27557 | 28124 | 10100 | 24892 | 24678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | 949287 | 975931 | 1150166 | 1092714 | 1089157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Recovery of Investment Advisory fees previously waived (Note 7) |  |  |  | 83303 | 61246 |
|  Less: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Advisory Fees Waiver | (233822) | (237971) | (50260) |  | (21059) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Expenses** | 715465 | 737960 | 1099906 | 1176017 | 1129344 |
|  **Net Investment Income (Loss)** | 1750407 | 3650290 | 241776 | 1499447 | (192678) |
|  **Net Realized Gain/(Loss) on:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (1531022)<sup>(A)</sup> | (3982342) | (1460874) | 5981371 | (2759594) |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities Sold Short |  |  | 8892237 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Option Contracts |  |  | (137706) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Transactions |  |  | 17671 | (96) | (15) |
|  **Net Realized Gain (Loss)** | (1531022) | (3982342) | 7311328 | 5981275 | (2759609) |
|  **Net Change in Unrealized Appreciation/(Depreciation) on:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (7560380) | (26754976) | (2498333) | (16589648) | (39064404) |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities Sold Short |  |  | 2173102 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Option Contracts |  |  | 69043 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Translation of Other Assets and Liabilities Denominated in Foreign |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currencies |  |  | 57107 |  |  |
|  **Net Change in Unrealized Appreciation/(Depreciation)** | (7560380) | (26754976) | (199081) | (16589648) | (39064404) |
|  **Net Realized and Unrealized Gain (Loss)** | (9091402) | (30737318) | 7112247 | (10608373) | (41824013) |
|  **Net Increase (Decrease) in Net Assets from Operations** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7340995) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27087028) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7354023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9108926) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42016691) |

---

(A) Includes realized gains and losses as a result of an In-Kind redemption
(see Note 11 in the Notes to Financial Statements).

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

*The accompanying notes are an integral part of the financial statements.* 

**63** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS FUNDS** |
|  | **FOR THE YEAR ENDED** |
| | **OCTOBER 31, 2022**<br>|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **STATEMENTS OF OPERATIONS** | | | | |
|  | <br>**Small Cap<br>Fund** | <br>**U.S. All Cap<br>Index Fund** | <br>**Real Estate<br>Fund** | <br>**International<br>Equity Fund** |
|  **Investment Income** |  |  |  |  |
|  Dividends | $1545905 | $864011 | $2565119 | $5358738 |
|  Interest | 33304 | 13762 | 28816 | 29270 |
|  Less: Foreign Taxes Withheld | (14654) | (406) |  | (502873) |
|  **Total Investment Income** | 1564555 | 877367 | 2593935 | 4885135 |
|  **Expenses** |  |  |  |  |
|  Investment Advisory Fees | 886681 | 117969 | 1138659 | 1279015 |
|  Administration Fees | 109724 | 52789 | 120246 | 127711 |
|  Trustees' Fees | 9931 | 4361 | 10798 | 11663 |
|  Chief Compliance Officer Fees | 4950 | 3866 | 5297 | 5390 |
|  Shareholder Servicing Fees (Class S Shares) | 138 |  |  | 154 |
|  Transfer Agent Fees | 47355 | 24097 | 35889 | 49409 |
|  Registration & Filing Fees | 33564 | 31635 | 33706 | 34936 |
|  Audit Fees | 24835 | 24835 | 17735 | 24835 |
|  Printing Fees | 17672 | 21701 | 24485 | 37376 |
|  Legal Fees | 16895 | 7759 | 18023 | 20008 |
|  Pricing Fees | 3445 | 42251 | 1527 | 3143 |
|  Custodian Fees | 3149 | 12282 | 2630 | 12291 |
|  Other Expenses | 22404 | 11162 | 24990 | 40571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | 1180743 | 354707 | 1433985 | 1646502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Recovery of Investment Advisory fees previously waived (Note 7) | 103571 |  |  |  |
|  Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Advisory Fees Waiver |  | (117969) | (94598) | (83083) |
| &nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from Adviser |  | (89274) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Expenses** | 1284314 | 147464 | 1339387 | 1563419 |
|  **Net Investment Income** | 280241 | 729903 | 1254548 | 3321716 |
|  **Net Realized Gain/(Loss) on:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | 1367627 | 406073 | 10382652 | (10431906) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Capital Gains Tax |  |  |  | (9173) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Contracts |  | (371832) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Transactions | (3) |  |  | (138194) |
|  **Net Realized Gain (Loss)** | 1367624 | 34241 | 10382652 | (10579273) |
|  **Net Change in Unrealized Appreciation/(Depreciation) on:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (27097842) | (13136206) | (34574675) | (36682836) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Capital Gains Tax on Appreciated Securities |  |  |  | 55734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Contracts |  | 50014 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Translation of Other Assets and Liabilities Denominated in Foreign Currencies |  |  | (1980) | (51392) |
|  **Net Change in Unrealized Appreciation/(Depreciation)** | (27097842) | (13086192) | (34576655) | (36678494) |
|  **Net Realized and Unrealized Loss** | (25730218) | (13051951) | (24194003) | (47257767) |
|  **Net Decrease in Net Assets from Operations** | $(25449977) | $(12322048) | $(22939455) | $(43936051) |

---

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

*The accompanying notes are an integral part of the financial statements.* 

**64** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **LIMITED DURATION FUND** |

---

---

| | | |
|:---|:---|:---|
| **STATEMENTS OF CHANGES IN NET ASSETS** | | |
|  | <br>**Year**<br>**Ended<br>October 31,<br>2022** | <br>**Year**<br>**Ended<br>October 31,<br>2021** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | $1750407 | $1359289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) | (1531022) | 713032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Depreciation | (7560380) | (1631529) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations** | (7340995) | 440792 |
|  **Distributions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I Shares | (1734634) | (1443368) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S Shares | (2265) | (840) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Distributions** | (1736899) | (1444208) |
|  **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; I Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 46056282 | 31792456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Dividends | 1588205 | 1432024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redemption Fees — Note 2 | 90 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (35025079) | (11851856) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase in Net Assets from I Shares Transactions | 12619498 | 21372643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class S Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 207457 | 31004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Dividends | 2265 | 839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (62416) | (29360) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase in Net Assets from Class S Shares Transactions | 147306 | 2483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares<sup>(A)</sup>  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued |  | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed |  | (594284) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Decrease in Net Assets from Investor Shares Transactions |  | (594034) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets from Capital Share Transactions** | 12766804 | 20781092 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Increase in Net Assets** | 3688910 | 19777676 |
|  **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of Year | 139083274 | 119305598 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of Year | $142772184 | $139083274 |
|  **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; I Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 4720367 | 3151094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Dividends | 164416 | 142168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (3613272) | (1174463) |
|  Total Increase in I Shares | 1271511 | 2118799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class S Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 20885 | 3068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Dividends | 235 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (6361) | (2907) |
|  Total Increase in Class S Shares | 14759 | 244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares<sup>(A)</sup>  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued |  | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed |  | (58748) |
|  Total Decrease in Investor Shares |  | (58724) |
|  **Net Increase in Shares Outstanding** | 1286270 | 2060319 |

---

(A) Effective February 25, 2021, Investor Shares Class were converted to I Shares Class of the Fund.
See Note 1 in the Notes to Financial Statements.

Amounts designated as "—" are $0. <br>

*The accompanying notes are an integral part of the financial statements.* 

**65** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **CORE BOND FUND** |

---

---

| | | |
|:---|:---|:---|
| **STATEMENTS OF CHANGES IN NET ASSETS** | | |
|  | <br>**Year**<br>**Ended<br>October 31,<br>2022** | <br>**Year**<br>**Ended<br>October 31,<br>2021** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | $3650290 | $2526670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) | (3982342) | 205509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Depreciation | (26754976) | (1510951) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations** | (27087028) | 1221228 |
|  **Distributions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I Shares | (3609383) | (3392201) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S Shares | (23265) | (30825) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares<sup>(A)</sup>  |  | (1842) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Distributions** | (3632648) | (3424868) |
|  **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; I Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 54586639 | 49328298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Dividends | 3194988 | 3342822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redemption Fees — Note 2 | 85 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (18336655) | (21977034) |
|  Net Increase in Net Assets from I Shares Transactions | 39445057 | 30694165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class S Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 140622 | 108808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Dividends | 23264 | 30825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (227088) | (57810) |
|  Net Increase (Decrease) in Net Assets from Class S Shares Transactions | (63202) | 81823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares<sup>(A)</sup>  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued |  | 16973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Dividends |  | 1816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed |  | (181251) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Decrease in Net Assets from Investor Shares Transactions |  | (162462) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets from Capital Share Transactions** | 39381855 | 30613526 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Increase in Net Assets** | 8662179 | 28409886 |
|  **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of Year | 137554931 | 109145045 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of Year | $146217110 | $137554931 |
|  **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; I Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 5676882 | 4701391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Dividends | 341279 | 318282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (1971860) | (2102065) |
|  Total Increase in I Shares | 4046301 | 2917608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class S Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 14642 | 10316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Dividends | 2488 | 2936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (23821) | (5515) |
|  Total Increase (Decrease) in Class S Shares | (6691) | 7737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares<sup>(A)</sup>  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued |  | 1602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Dividends |  | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed |  | (17323) |
|  Total Decrease in Investor Shares |  | (15551) |
|  **Net Increase in Shares Outstanding** | 4039610 | 2909794 |

---

(A) Effective February 25, 2021, Investor Shares Class were converted to I Shares Class of the Fund.
See Note 1 in the Notes to Financial Statements.

Amounts designated as "—" are $0. <br>

*The accompanying notes are an integral part of the financial statements.* 

**66** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **LONG/SHORT EQUITY FUND** |

---

---

| | | |
|:---|:---|:---|
| **STATEMENTS OF CHANGES IN NET ASSETS** | | |
|  | <br>**Year**<br>**Ended<br>October 31,<br>2022** | <br>**Year**<br>**Ended<br>October 31,<br>2021** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income (Loss) | $241776 | $(275121) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain | 7311328 | 890508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) | (199081) | 1816249 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting from Operations** | 7354023 | 2431636 |
|  **Distributions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I Shares | (128619) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Distributions** | (128619) |  |
|  **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; I Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 32513178 | 12232524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Dividends | 95236 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redemption Fees — Note 2 | 500 | 2011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (6636592) | (2303607) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase in Net Assets from I Shares Transactions | 25972322 | 9930928 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets from Capital Share Transactions** | 25972322 | 9930928 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Increase in Net Assets** | 33197726 | 12362564 |
|  **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of Year | 33304523 | 20941959 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of Year | $66502249 | $33304523 |
|  **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; I Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 3014527 | 1271163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Dividends | 8733 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (604755) | (253083) |
|  Total Increase in I Shares | 2418505 | 1018080 |
|  **Net Increase in Shares Outstanding** | 2418505 | 1018080 |

---

Amounts designated as "—" are $0.

*The accompanying notes are an integral part of the financial statements.* 

**67** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **LARGE CAP VALUE FUND** |

---

---

| | | |
|:---|:---|:---|
| **STATEMENTS OF CHANGES IN NET ASSETS** | | |
|  | <br>**Year**<br>**Ended<br>October 31,<br>2022** | <br>**Year**<br>**Ended<br>October 31,<br>2021** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | $1499447 | $784003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain | 5981275 | 6260570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) | (16589648) | 27972572 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations** | (9108926) | 35017145 |
|  **Distributions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I Shares | (7416280) | (913608) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S Shares | (26852) | (3324) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares<sup>(A)</sup>  |  | (379) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Distributions** | (7443132) | (917311) |
|  **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; I Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 42369423 | 29748452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Dividends | 7254739 | 908427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redemption Fees — Note 2 | 117 | 540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (20798324) | (10345096) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase in Net Assets from I Shares Transactions | 28825955 | 20312323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class S Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 29075 | 66252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Dividends | 26851 | 3324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (56222) | (48011) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Net Assets from Class S Shares Transactions | (296) | 21565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares<sup>(A)</sup>  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued |  | 13662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Dividends |  | 380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed |  | (171329) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Decrease in Net Assets from Investor Shares Transactions |  | (157287) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets from Capital Share Transactions** | 28825659 | 20176601 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Increase in Net Assets** | 12273601 | 54276435 |
|  **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of Year | 125553849 | 71277414 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of Year | $137827450 | $125553849 |
|  **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; I Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 2828992 | 2003840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Dividends | 474429 | 62414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (1381779) | (686781) |
|  Total Increase in I Shares | 1921642 | 1379473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class S Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 1970 | 4781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Dividends | 1755 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (3778) | (3484) |
|  Total Increase (Decrease) in Class S Shares | (53) | 1527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares<sup>(A)</sup>  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued |  | 1031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Dividends |  | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed |  | (12059) |
|  Total Decrease in Investor Shares |  | (10999) |
|  **Net Increase in Shares Outstanding** | 1921589 | 1370001 |

---

(A) Effective February 25, 2021, Investor Shares Class were converted to I Shares Class of the Fund.
See Note 1 in the Notes to Financial Statements.

Amounts designated as "—" are $0. <br>

*The accompanying notes are an integral part of the financial statements.* 

**68** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **LARGE CAP GROWTH FUND** |

---

---

| | | |
|:---|:---|:---|
| **STATEMENTS OF CHANGES IN NET ASSETS** | | |
|  | <br>**Year**<br>**Ended<br>October 31,<br>2022** | <br>**Year**<br>**Ended<br>October 31,<br>2021** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Loss | $(192678) | $(321452) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) | (2759609) | 18031727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) | (39064404) | 14698085 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations** | (42016691) | 32408360 |
|  **Distributions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I Shares | (17141415) | (5510859) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S Shares | (201922) | (91415) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares<sup>(A)</sup>  |  | (35974) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Distributions** | (17343337) | (5638248) |
|  **Return of Capital:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I Shares | (18979) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S Shares | (224) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Return of Capital** | (19203) |  |
|  **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; I Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 35905713 | 29588519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Dividends | 17123720 | 5502729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redemption Fees — Note 2 | 53 | 1732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (16596433) | (11580008) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase in Net Assets from I Shares Transactions | 36433053 | 23512972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class S Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 114817 | 171531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Dividends | 202145 | 91415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (120372) | (484645) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Net Assets from Class S Shares Transactions | 196590 | (221699) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares<sup>(A)</sup>  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued |  | 519767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Dividends |  | 35825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed |  | (709079) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Decrease in Net Assets from Investor Shares Transactions |  | (153487) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets from Capital Share Transactions** | 36629643 | 23137786 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Increase (Decrease) in Net Assets** | (22749588) | 49907898 |
|  **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of Year | 140328840 | 90420942 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of Year | $117579252 | $140328840 |
|  **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; I Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 2451770 | 1652261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Dividends | 998239 | 330892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (1063551) | (660784) |
|  Total Increase in I Shares | 2386458 | 1322369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class S Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 8054 | 9804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Dividends | 11835 | 5514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (8066) | (27559) |
|  Total Increase (Decrease) in Class S Shares | 11823 | (12241) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares<sup>(A)</sup>  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued |  | 30938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Dividends |  | 2175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed |  | (41373) |
|  Total Decrease in Investor Shares |  | (8260) |
|  **Net Increase in Shares Outstanding** | 2398281 | 1301868 |

---

(A) Effective February 25, 2021, Investor Shares Class were converted to I Shares Class of the Fund.
See Note 1 in the Notes to Financial Statements.

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

*The accompanying notes are an integral part of the financial statements.* 

**69** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **SMALL CAP FUND** |

---

---

| | | |
|:---|:---|:---|
| **STATEMENTS OF CHANGES IN NET ASSETS** | | |
|  | <br>**Year**<br>**Ended<br>October 31,<br>2022** | <br>**Year**<br>**Ended<br>October 31,<br>2021** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income (Loss) | $280241 | $(367410) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain | 1367624 | 17512082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) | (27097842) | 27550564 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations** | (25449977) | 44695236 |
|  **Distributions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I Shares | (14031380) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S Shares | (8390) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Distributions** | (14039770) |  |
|  **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; I Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 28009236 | 14547129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Dividends | 13992373 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redemption Fees — Note 2 | 23 | 446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (9330414) | (10854413) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase in Net Assets from I Shares Transactions | 32671218 | 3693162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class S Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 27422 | 129911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Dividends | 8390 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redemption Fees — Note 2 | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (684907) | (25707) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Net Assets from Class S Shares Transactions | (649094) | 104204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares<sup>(A)</sup>  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued |  | 14562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed |  | (110993) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Decrease in Net Assets from Investor Shares Transactions |  | (96431) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets from Capital Share Transactions** | 32022124 | 3700935 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Increase (Decrease) in Net Assets** | (7467623) | 48396171 |
|  **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of Year | 129917849 | 81521678 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of Year | $122450226 | $129917849 |
|  **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; I Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 2207228 | 1030973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Dividends | 1027865 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (715761) | (792045) |
|  Total Increase in I Shares | 2519332 | 238928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class S Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 2005 | 9386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Dividends | 619 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (44976) | (1880) |
|  Total Increase (Decrease) in Class S Shares | (42352) | 7506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares<sup>(A)</sup>  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued |  | 1089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed |  | (7793) |
|  Total Decrease in Investor Shares |  | (6704) |
|  **Net Increase in Shares Outstanding** | 2476980 | 239730 |

---

(A) Effective February 25, 2021, Investor Shares Class were converted to I Shares Class of the Fund.
See Note 1 in the Notes to Financial Statements.

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

*The accompanying notes are an integral part of the financial statements.* 

**70** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **U.S. ALL CAP INDEX FUND** |

---

---

| | | |
|:---|:---|:---|
| **STATEMENTS OF CHANGES IN NET ASSETS** | | |
|  | <br>**Year**<br>**Ended<br>October 31,<br>2022** | <br>**Year**<br>**Ended<br>October 31,<br>2021** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | $729903 | $279349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain | 34241 | 428756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciati on (Depreciation) | (13086192) | 7750963 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations** | (12322048) | 8459068 |
|  **Distributions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; I Shares | (1049998) | (277894) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Distributions** | (1049998) | (277894) |
|  **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; I Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 43769763 | 17017517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Dividends | 1008008 | 277792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redemption Fees — Note 2 | 73 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (7544316) | (972515) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase in Net Assets from I Shares Transactions | 37233528 | 16322794 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets from Capital Share Transactions** | 37233528 | 16322794 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Increase in Net Assets** | 23861482 | 24503968 |
|  **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of Year | 40493162 | 15989194 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of Year | $64354644 | $40493162 |
|  **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; I Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 3188582 | 1226845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Dividends | 75872 | 21177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (571824) | (75900) |
|  Total Increase in I Shares | 2692630 | 1172122 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Shares Outstanding** | 2692630 | 1172122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amounts designated as "—" are $0. |  |  |

---

*The accompanying notes are an integral part of the financial statements.* 

**71** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **REAL ESTATE FUND** |

---

---

| | | |
|:---|:---|:---|
| **STATEMENTS OF CHANGES IN NET ASSETS** | | |
|  | <br>**Year**<br>**Ended<br>October 31,<br>2022** | <br>**Year**<br>**Ended<br>October 31,<br>2021** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | $1254548 | $968231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain | 10382652 | 23086756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) | (34576655) | 8544295 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations** | (22939455) | 32599282 |
|  **Distributions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I Shares | (24653093) | (3325980) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Distributions** | (24653093) | (3325980) |
|  **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; I Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 28552158 | 7597839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Dividends | 24616175 | 3325779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redemption Fees — Note 2 | 35 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (4916200) | (846165) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase in Net Assets from I Shares Transactions | 48252168 | 10077453 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets from Capital Share Transactions** | 48252168 | 10077453 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Increase in Net Assets** | 659620 | 39350755 |
|  **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of Year | 119877464 | 80526709 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of Year | $120537084 | $119877464 |
|  **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; I Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 2705592 | 688203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Dividends | 2309173 | 330329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (491572) | (72589) |
|  Total Increase in I Shares | 4523193 | 945943 |
|  **Net Increase in Shares Outstanding** | 4523193 | 945943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amounts designated as "—" are $0 or have been rounded to $0. |  |  |

---

*The accompanying notes are an integral part of the financial statements.* 

**72** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |
|  | **INTERNATIONAL EQUITY FUND** |

---

---

| | | |
|:---|:---|:---|
| **STATEMENTS OF CHANGES IN NET ASSETS** | | |
|  | <br>**Year Ended<br>October 31,<br>2022** | <br>**Year Ended<br>October 31,<br>2021** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | $3321716 | $1485515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) | (10579273) | 13498661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) | (36678494) | 15466240 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations** | (43936051) | 30450416 |
|  **Distributions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; I Shares | (15800098) | (1262029) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class S Shares | (14183) | (931) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Distributions** | (15814281) | (1262960) |
|  **Return of Capital:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; I Shares | (31908) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class S Shares | (35) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Return of Capital** | (31943) |  |
|  **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; I Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 33181631 | 37133855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Dividends | 15620528 | 1258841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redemption Fees — Note 2 | 435 | 580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (17318094) | (4276663) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase in Net Assets from I Shares Transactions | 31484500 | 34116613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class S Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 91760 | 31361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Dividends | 14218 | 931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (5294) | (7009) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase in Net Assets from Class S Shares Transactions | 100684 | 25283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares<sup>(A)</sup>  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued |  | 650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed |  | (90787) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Decrease in Net Assets from Investor Shares Transactions |  | (90137) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets from Capital Share Transactions** | 31585184 | 34051759 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Increase (Decrease) in Net Assets** | (28197091) | 63239215 |
|  **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of Year | 150653155 | 87413940 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of Year | $122456064 | $150653155 |
|  **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; I Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 2754189 | 2638701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Dividends | 1228759 | 86789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (1546111) | (298044) |
|  Total Increase in I Shares | 2436837 | 2427446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class S Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 6941 | 2183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Dividends | 1139 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (487) | (500) |
|  Total Increase in Class S Shares | 7593 | 1747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares<sup>(A)</sup>  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued |  | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed |  | (6439) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Decrease in Investor Shares |  | (6390) |
|  **Net Increase in Shares Outstanding** | 2444430 | 2422803 |

---

(A) Effective February 25, 2021, Investor Shares Class were converted to I Shares Class of the Fund.
See Note 1 in the Notes to Financial Statements.

Amounts designated as "—" are $0.

*The accompanying notes are an integral part of the financial statements.* 

**73** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |

---

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **FINANCIAL HIGHLIGHTS** | **FINANCIAL HIGHLIGHTS** | **FINANCIAL HIGHLIGHTS** | **FINANCIAL HIGHLIGHTS** | **FINANCIAL HIGHLIGHTS** | **FINANCIAL HIGHLIGHTS** | **FINANCIAL HIGHLIGHTS** | | | | | |  |  |  | |
|  | **Selected Per Share Data & Ratios**<br> **For a Share Outstanding Throughout Each Year or Period** | **Selected Per Share Data & Ratios**<br> **For a Share Outstanding Throughout Each Year or Period** | **Selected Per Share Data & Ratios**<br> **For a Share Outstanding Throughout Each Year or Period** | **Selected Per Share Data & Ratios**<br> **For a Share Outstanding Throughout Each Year or Period** | **Selected Per Share Data & Ratios**<br> **For a Share Outstanding Throughout Each Year or Period** | **Selected Per Share Data & Ratios**<br> **For a Share Outstanding Throughout Each Year or Period** | **Selected Per Share Data & Ratios**<br> **For a Share Outstanding Throughout Each Year or Period** | **Selected Per Share Data & Ratios**<br> **For a Share Outstanding Throughout Each Year or Period** | **Selected Per Share Data & Ratios**<br> **For a Share Outstanding Throughout Each Year or Period** | **Selected Per Share Data & Ratios**<br> **For a Share Outstanding Throughout Each Year or Period** | **Selected Per Share Data & Ratios**<br> **For a Share Outstanding Throughout Each Year or Period** | **Selected Per Share Data & Ratios**<br> **For a Share Outstanding Throughout Each Year or Period** | **Selected Per Share Data & Ratios**<br> **For a Share Outstanding Throughout Each Year or Period** | **Selected Per Share Data & Ratios**<br> **For a Share Outstanding Throughout Each Year or Period** | **Selected Per Share Data & Ratios**<br> **For a Share Outstanding Throughout Each Year or Period** |
|  | Net Asset<br>Value,<br>Beginning<br>of Period | Net<br>Investment<br>Income<br>(Loss)\* | Net<br>Realized<br>and<br>Unrealized<br>Gain (Loss)<br>on<br>Investments | Total from<br>Operations | Distributions<br>from Net<br>Investment<br>Income | Distributions<br>from Net<br>Realized<br>Capital<br>Gains | Total<br>Distributions | Redemption<br>Fees\*\* | Net Asset<br>Value,<br>End of<br>Period | Total<br>Return † | Net Assets<br>End of Period<br>(000) | Ratio of<br>Expenses<br>to Average<br>Net Assets<br>(including<br>waivers and<br>reimbursements) | Ratio of<br>Expenses<br>to Average<br>Net Assets<br>(excluding<br>waivers and<br>reimbursements) | Ratio of Net<br>Investment<br>Income<br>(Loss) to<br>Average Net<br>Assets | Portfolio<br>Turnover<br>† |
|  **Limited Duration Fund‡** | **Limited Duration Fund‡** | **Limited Duration Fund‡** | **Limited Duration Fund‡** | **Limited Duration Fund‡** | **Limited Duration Fund‡** | **Limited Duration Fund‡** | **Limited Duration Fund‡** | **Limited Duration Fund‡** | **Limited Duration Fund‡** | **Limited Duration Fund‡** | **Limited Duration Fund‡** | **Limited Duration Fund‡** | **Limited Duration Fund‡** | **Limited Duration Fund‡** |  |
|  **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  |  |
| 2022 | $10.02 | $0.12 | $(0.61) | $(0.49) | $(0.11) | $(0.01) | $(0.12) | $–# | $9.41 | (4.94)% | $142559 | 0.50% | 0.66% | 1.22% | 46% |
| 2021 | $10.09 | $0.11 | $(0.07) | $0.04 | $(0.11) | $– | $(0.11) | $–# | $10.02 | 0.43% | $139004 | 0.50% | 0.71% | 1.05% | 59% |
| 2020 | $10.00 | $0.20 | $0.10 | $0.30 | $(0.21) | $– | $(0.21) | $– | $10.09 | 3.00% | $118637 | 0.50% | 0.80% | 1.96% | 49% |
| 2019 | $9.79 | $0.25 | $0.21 | $0.46 | $(0.25) | $– | $(0.25) | $– | $10.00 | 4.76% | $100482 | 0.50% | 0.82% | 2.48% | 76% |
| 2018 | $9.96 | $0.21 | $(0.17) | $0.04 | $(0.21) | $– | $(0.21) | $– | $9.79 | 0.37% | $94393 | 0.50% | 0.84% | 2.12% | 79% |
|  **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** |  |
| 2022 | $10.02 | $0.11 | $(0.61) | $(0.50) | $(0.10) | $(0.01) | $(0.11) | $– | $9.41 | (5.03)% | $213 | 0.60% | 0.76% | 1.13% | 46% |
| 2021 | $10.09 | $0.10 | $(0.07) | $0.03 | $(0.10) | $– | $(0.10) | $– | $10.02 | 0.33% | $79 | 0.60% | 0.81% | 0.97% | 59% |
| 2020 | $10.00 | $0.18 | $0.11 | $0.29 | $(0.20) | $– | $(0.20) | $– | $10.09 | 2.91% | $77 | 0.60% | 0.91% | 1.76% | 49% |
| 2019 | $9.79 | $0.24 | $0.21 | $0.45 | $(0.24) | $– | $(0.24) | $– | $10.00 | 4.66% | $14 | 0.60% | 0.92% | 2.38% | 76% |
| 2018 | $9.96 | $0.20 | $(0.17) | $0.03 | $(0.20) | $– | $(0.20) | $– | $9.79 | 0.32% | $11 | 0.58% | 0.92% | 2.05% | 79% |
|  **Core Bond Fund** | **Core Bond Fund** | **Core Bond Fund** | **Core Bond Fund** | **Core Bond Fund** | **Core Bond Fund** | **Core Bond Fund** | **Core Bond Fund** | **Core Bond Fund** | **Core Bond Fund** | **Core Bond Fund** | **Core Bond Fund** | **Core Bond Fund** | **Core Bond Fund** | **Core Bond Fund** |  |
|  **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  |  |
| 2022 | $10.43 | $0.23 | $(1.95) | $(1.72) | $(0.23) | $– | $(0.23) | $–# | $8.48 | (16.68)% | $145334 | 0.50% | 0.66% | 2.48% | 50% |
| 2021 | $10.61 | $0.23 | $(0.11) | $0.12 | $(0.24) | $(0.06) | $(0.30) | $–# | $10.43 | 1.12% | $136400 | 0.50% | 0.71% | 2.17% | 24% |
| 2020 | $10.34 | $0.26 | $0.30 | $0.56 | $(0.29) | $– | $(0.29) | $– | $10.61 | 5.50% | $107887 | 0.50% | 0.80% | 2.49% | 39% |
| 2019 | $9.55 | $0.30 | $0.80 | $1.10 | $(0.31) | $– | $(0.31) | $– | $10.34 | 11.68% | $91451 | 0.50% | 0.84% | 3.05% | 47% |
| 2018 | $10.03 | $0.27 | $(0.48) | $(0.21) | $(0.27) | $– | $(0.27) | $– | $9.55 | (2.08)% | $78267 | 0.50% | 0.87% | 2.78% | 45% |
|  **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** |  |
| 2022 | $10.41 | $0.22 | $(1.93) | $(1.71) | $(0.22) | $– | $(0.22) | $– | $8.48 | (16.60)% | $883 | 0.60% | 0.76% | 2.35% | 50% |
| 2021 | $10.60 | $0.22 | $(0.12) | $0.10 | $(0.23) | $(0.06) | $(0.29) | $– | $10.41 | 0.92% | $1155 | 0.60% | 0.82% | 2.07% | 24% |
| 2020 | $10.33 | $0.25 | $0.30 | $0.55 | $(0.28) | $– | $(0.28) | $– | $10.60 | 5.40% | $1093 | 0.60% | 0.90% | 2.39% | 39% |
| 2019 | $9.55 | $0.29 | $0.79 | $1.08 | $(0.30) | $– | $(0.30) | $– | $10.33 | 11.46% | $1128 | 0.60% | 0.94% | 2.95% | 47% |
| 2018 | $10.03 | $0.27 | $(0.48) | $(0.21) | $(0.27) | $– | $(0.27) | $– | $9.55 | (2.14)% | $1050 | 0.57% | 0.94% | 2.77% | 45% |
|  **Long/Short Equity Fund** | **Long/Short Equity Fund** | **Long/Short Equity Fund** | **Long/Short Equity Fund** | **Long/Short Equity Fund** | **Long/Short Equity Fund** | **Long/Short Equity Fund** | **Long/Short Equity Fund** | **Long/Short Equity Fund** | **Long/Short Equity Fund** | **Long/Short Equity Fund** | **Long/Short Equity Fund** | **Long/Short Equity Fund** | **Long/Short Equity Fund** | **Long/Short Equity Fund** |  |
|  **I Shares** | **I Shares** | **I Shares** | **I Shares** | **I Shares** | **I Shares** | **I Shares** | **I Shares** | **I Shares** | **I Shares** | **I Shares** | **I Shares** | **I Shares** | **I Shares** | **I Shares** |  |
| 2022 | $9.66 | $0.05 | $1.64 | $1.69 | $(0.02) | $– | $(0.02) | $–# | $11.33 | 17.55% | $66502 | 2.06%<sup>(2)</sup> | 2.15% | 0.45% | 128% |
| 2021 | $8.61 | $(0.10) | $1.15 | $1.05 | $– | $– | $– | $–# | $9.66 | 12.20% | $33305 | 2.28%<sup>(3)</sup> | 2.65%<sup>(3)</sup> | (1.06)%<sup>(3)</sup> | 97% |
| 2020<sup>(4)</sup> | $10.00 | $(0.03) | $(1.35) | $(1.38) | $– | $– | $(0.01) | $– | $8.61 | (13.78)% | $20942 | 1.73%<sup>(5)</sup> | 2.40%<sup>(5)</sup> | (0.35)%<sup>(5)</sup> | 114% |
|  **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** |  |
|  **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  |  |
| 2022 | $16.26 | $0.17 | $(1.21) | $(1.04) | $(0.16) | $(0.77) | $(0.93) | $–# | $14.29 | (6.73)% | $137408 | 0.90%<sup>(6)</sup> | 0.84% | 1.15% | 36% |
| 2021 | $11.22 | $0.11 | $5.06 | $5.17 | $(0.13) | $– | $(0.13) | $–# | $16.26 | 46.23% | $125076 | 0.90% | 0.90% | 0.75% | 24% |
| 2020 | $12.63 | $0.17 | $(1.17) | $(1.00) | $(0.17) | $(0.24) | $(0.41) | $– | $11.22 | (8.19)% | $70842 | 0.90% | 1.03% | 1.49% | 68% |
| 2019 | $11.74 | $0.20 | $1.09 | $1.29 | $(0.20) | $(0.20) | $(0.40) | $– | $12.63 | 11.50% | $71968 | 0.90% | 1.06% | 1.66% | 41% |
| 2018 | $11.75 | $0.18 | $0.16 | $0.34 | $(0.18) | $(0.17) | $(0.35) | $– | $11.74 | 2.77% | $56851 | 0.90% | 1.11% | 1.45% | 56% |
|  **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** |  |
| 2022 | $16.26 | $0.16 | $(1.22) | $(1.06) | $(0.14) | $(0.77) | $(0.91) | $– | $14.29 | (6.83)% | $419 | 1.00%<sup>(6)</sup> | 0.94% | 1.05% | 36% |
| 2021 | $11.22 | $0.10 | $5.06 | $5.16 | $(0.12) | $– | $(0.12) | $– | $16.26 | 46.09% | $478 | 1.00% | 1.00% | 0.67% | 24% |
| 2020 | $12.63 | $0.16 | $(1.17) | $(1.01) | $(0.16) | $(0.24) | $(0.40) | $– | $11.22 | (8.28)% | $312 | 1.00% | 1.13% | 1.38% | 68% |
| 2019 | $11.74 | $0.19 | $1.08 | $1.27 | $(0.18) | $(0.20) | $(0.38) | $– | $12.63 | 11.40% | $288 | 1.00% | 1.16% | 1.56% | 41% |
| 2018 | $11.75 | $0.16 | $0.16 | $0.32 | $(0.16) | $(0.17) | $(0.33) | $– | $11.74 | 2.64% | $213 | 1.04% | 1.25% | 1.32% | 56% |

---

*The accompanying notes are an integral part of the financial statements.* 

**74** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |

---

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **FINANCIAL HIGHLIGHTS** | **FINANCIAL HIGHLIGHTS** | **FINANCIAL HIGHLIGHTS** | **FINANCIAL HIGHLIGHTS** | **FINANCIAL HIGHLIGHTS** | **FINANCIAL HIGHLIGHTS** | **FINANCIAL HIGHLIGHTS** | | | | | | |  |  |  | |
|  | **Selected Per Share Data & Ratios**<br> **For a Share Outstanding Throughout Each Year or Period** | **Selected Per Share Data & Ratios**<br> **For a Share Outstanding Throughout Each Year or Period** | **Selected Per Share Data & Ratios**<br> **For a Share Outstanding Throughout Each Year or Period** | **Selected Per Share Data & Ratios**<br> **For a Share Outstanding Throughout Each Year or Period** | **Selected Per Share Data & Ratios**<br> **For a Share Outstanding Throughout Each Year or Period** | **Selected Per Share Data & Ratios**<br> **For a Share Outstanding Throughout Each Year or Period** | **Selected Per Share Data & Ratios**<br> **For a Share Outstanding Throughout Each Year or Period** | **Selected Per Share Data & Ratios**<br> **For a Share Outstanding Throughout Each Year or Period** | **Selected Per Share Data & Ratios**<br> **For a Share Outstanding Throughout Each Year or Period** | **Selected Per Share Data & Ratios**<br> **For a Share Outstanding Throughout Each Year or Period** | **Selected Per Share Data & Ratios**<br> **For a Share Outstanding Throughout Each Year or Period** | **Selected Per Share Data & Ratios**<br> **For a Share Outstanding Throughout Each Year or Period** | **Selected Per Share Data & Ratios**<br> **For a Share Outstanding Throughout Each Year or Period** | **Selected Per Share Data & Ratios**<br> **For a Share Outstanding Throughout Each Year or Period** | **Selected Per Share Data & Ratios**<br> **For a Share Outstanding Throughout Each Year or Period** | **Selected Per Share Data & Ratios**<br> **For a Share Outstanding Throughout Each Year or Period** |
|  | Net Asset<br>Value,<br>Beginning<br>of Period | Net<br>Investment<br>Income<br>(Loss)\* | Net<br>Realized<br>and<br>Unrealized<br>Gain (Loss)<br>on<br>Investments | Total from<br>Operations | Distributions<br>from Net<br>Investment<br>Income | Distributions<br>from Net<br>Realized<br>Capital<br>Gains | Return of<br>Capital | Total<br>Distributions | Redemption<br>Fees\*\* | Net Asset<br>Value,<br>End of<br>Period | Total<br>Return † | Net Assets<br>End of Period<br>(000) | Ratio of<br>Expenses<br>to Average<br>Net Assets<br>(including<br>waivers and<br>reimbursements) | Ratio of<br>Expenses<br>to Average<br>Net Assets<br>(excluding<br>waivers and<br>reimbursements) | Ratio of Net<br>Investment<br>Income<br>(Loss) to<br>Average Net<br>Assets | Portfolio<br>Turnover<br>† |
|  **Large Cap Growth Fund** | **Large Cap Growth Fund** | **Large Cap Growth Fund** | **Large Cap Growth Fund** | **Large Cap Growth Fund** | **Large Cap Growth Fund** | **Large Cap Growth Fund** | **Large Cap Growth Fund** | **Large Cap Growth Fund** | **Large Cap Growth Fund** | **Large Cap Growth Fund** | **Large Cap Growth Fund** | **Large Cap Growth Fund** | **Large Cap Growth Fund** | **Large Cap Growth Fund** | **Large Cap Growth Fund** |  |
|  **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  |  |
| 2022 | $19.58 | $(0.02) | $(4.85) | $(4.87) | $– | $(2.42) | $–# | $(2.42) | $–# | $12.29 | (28.36)% | $116416 | 0.90%<sup>(6)</sup> | 0.87% | (0.15)% | 38% |
| 2021 | $15.42 | $(0.05) | $5.14 | $5.09 | $– | $(0.93) | $– | $(0.93) | $–# | $19.58 | 34.10% | $138704 | 0.90% | 0.89% | (0.28)% | 78% |
| 2020 | $12.89 | $(0.01) | $3.22 | $3.21 | $–# | $(0.68) | $– | $(0.68) | $– | $15.42 | 25.83% | $88825 | 0.90% | 1.00% | (0.09)% | 93% |
| 2019 | $13.23 | $0.01 | $1.09 | $1.10 | $(0.01) | $(1.43) | $– | $(1.44) | $– | $12.89 | 10.94% | $71182 | 0.90% | 1.05% | 0.06% | 113% |
| 2018 | $12.35 | $0.01 | $0.97 | $0.98 | $(0.01) | $(0.09) | $– | $(0.10) | $– | $13.23 | 8.01% | $59020 | 0.90% | 1.10% | 0.04% | 118% |
|  **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** |  |
| 2022 | $19.50 | $(0.04) | $(4.81) | $(4.85) | $– | $(2.42) | $–# | $(2.42) | $– | $12.23 | (28.39)% | $1163 | 1.00%<sup>(6)</sup> | 0.97% | (0.26)% | 38% |
| 2021 | $15.38 | $(0.07) | $5.12 | $5.05 | $– | $(0.93) | $– | $(0.93) | $– | $19.50 | 33.93% | $1625 | 1.00% | 0.99% | (0.37)% | 78% |
| 2020 | $12.87 | $(0.03) | $3.22 | $3.19 | $– | $(0.68) | $– | $(0.68) | $– | $15.38 | 25.71% | $1470 | 1.00% | 1.10% | (0.20)% | 93% |
| 2019 | $13.22 | $– | $1.09 | $1.09 | $(0.01) | $(1.43) | $– | $(1.44) | $– | $12.87 | 10.82% | $1073 | 1.00% | 1.15% | (0.04)% | 113% |
| 2018 | $12.34 | $(0.01) | $0.99 | $0.98 | $(0.01) | $(0.09) | $– | $(0.10) | $– | $13.22 | 7.99% | $927 | 0.97% | 1.17% | (0.06)% | 118% |
|  **Small Cap Fund††** | **Small Cap Fund††** | **Small Cap Fund††** | **Small Cap Fund††** | **Small Cap Fund††** | **Small Cap Fund††** | **Small Cap Fund††** | **Small Cap Fund††** | **Small Cap Fund††** | **Small Cap Fund††** | **Small Cap Fund††** | **Small Cap Fund††** | **Small Cap Fund††** | **Small Cap Fund††** | **Small Cap Fund††** | **Small Cap Fund††** |  |
|  **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  |  |
| 2022 | $15.54 | $0.03 | $(2.65) | $(2.62) | $(0.03) | $(1.59) | $– | $(1.62) | $–# | $11.30 | (18.59)% | $122389 | 1.05%<sup>(6)</sup> | 0.97% | 0.23% | 38% |
| 2021 | $10.04 | $(0.05) | $5.55 | $5.50 | $– | $– | $– | $– | $–# | $15.54 | 54.78% | $129178 | 1.05% | 1.02% | (0.32)% | 61% |
| 2020 | $10.49 | $(0.02) | $(0.43) | $(0.45) | $– | $– | $– | $– | $– | $10.04 | (4.29)% | $81052 | 1.05% | 1.14% | (0.16)% | 107% |
| 2019 | $11.39 | $(0.02) | $0.29 | $0.27 | $– | $(1.16) | $(0.01) | $(1.17) | $– | $10.49 | 4.41% | $88944 | 1.05% | 1.14% | (0.19)% | 65% |
| 2018 | $12.30 | $(0.01) | $(0.31) | $(0.32) | $(0.01) | $(0.58) | $– | $(0.59) | $– | $11.39 | (2.90)% | $80036 | 1.05% | 1.17% | (0.10)% | 92% |
|  **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** |  |
| 2022 | $15.47 | $0.01 | $(2.62) | $(2.61) | $(0.02) | $(1.59) | $– | $(1.61) | $–# | $11.25 | (18.61)% | $61 | 1.13%<sup>(6)</sup> | 1.05% | 0.06% | 38% |
| 2021 | $10.01 | $(0.06) | $5.52 | $5.46 | $– | $– | $– | $– | $– | $15.47 | 54.55% | $740 | 1.15% | 1.12% | (0.43)% | 61% |
| 2020 | $10.47 | $(0.03) | $(0.43) | $(0.46) | $– | $– | $– | $– | $– | $10.01 | (4.39)% | $403 | 1.15% | 1.25% | (0.29)% | 107% |
| 2019 | $11.37 | $(0.03) | $0.29 | $0.26 | $– | $(1.16) | $–# | $(1.16) | $– | $10.47 | 4.36% | $231 | 1.15% | 1.24% | (0.26)% | 65% |
| 2018 | $12.29 | $(0.03) | $(0.31) | $(0.34) | $–# | $(0.58) | $– | $(0.58) | $– | $11.37 | (3.02)% | $320 | 1.20% | 1.32% | (0.25)% | 92% |
|  **U.S. All Cap Index Fund** | **U.S. All Cap Index Fund** | **U.S. All Cap Index Fund** | **U.S. All Cap Index Fund** | **U.S. All Cap Index Fund** | **U.S. All Cap Index Fund** | **U.S. All Cap Index Fund** | **U.S. All Cap Index Fund** | **U.S. All Cap Index Fund** | **U.S. All Cap Index Fund** | **U.S. All Cap Index Fund** | **U.S. All Cap Index Fund** | **U.S. All Cap Index Fund** | **U.S. All Cap Index Fund** | **U.S. All Cap Index Fund** | **U.S. All Cap Index Fund** |  |
|  **I Shares** | **I Shares** | **I Shares** | **I Shares** | **I Shares** | **I Shares** | **I Shares** | **I Shares** | **I Shares** | **I Shares** | **I Shares** | **I Shares** | **I Shares** | **I Shares** | **I Shares** | **I Shares** |  |
| 2022 | $14.76 | $0.16 | $(2.85) | $(2.69) | $(0.15) | $(0.08) | $– | $(0.23) | $–# | $11.84 | (18.39)% | $64355 | 0.25% | 0.60% | 1.24% | 4% |
| 2021 | $10.18 | $0.15 | $4.57 | $4.72 | $(0.14) | $– | $– | $(0.14) | $– | $14.76 | 46.61% | $40493 | 0.25% | 0.96% | 1.12% | 5% |
| 2020<sup>(7)</sup> | $10.00 | $0.12 | $0.17 | $0.29 | $(0.11) | $– | $– | $(0.11) | $– | $10.18 | 3.08% | $15989 | 0.25% | 1.78% | 1.52% | 8% |
|  **Real Estate Fund##** | **Real Estate Fund##** | **Real Estate Fund##** | **Real Estate Fund##** | **Real Estate Fund##** | **Real Estate Fund##** | **Real Estate Fund##** | **Real Estate Fund##** | **Real Estate Fund##** | **Real Estate Fund##** | **Real Estate Fund##** | **Real Estate Fund##** | **Real Estate Fund##** | **Real Estate Fund##** | **Real Estate Fund##** | **Real Estate Fund##** |  |
|  **I Shares** | **I Shares** | **I Shares** | **I Shares** | **I Shares** | **I Shares** | **I Shares** | **I Shares** | **I Shares** | **I Shares** | **I Shares** | **I Shares** | **I Shares** | **I Shares** | **I Shares** | **I Shares** |  |
| 2022 | $11.97 | $0.09 | $(1.49) | $(1.40) | $(0.15) | $(2.13) | $– | $(2.28) | $–# | $8.29 | (15.77)% | $120537 | 1.00% | 1.07% | 0.94% | 132% |
| 2021 | $8.88 | $0.10 | $3.35 | $3.45 | $(0.17) | $(0.19) | $– | $(0.36) | $– | $11.97 | 39.65% | $119877 | 1.00% | 1.16% | 0.94% | 231% |
| 2020 | $10.33 | $0.13 | $(1.34) | $(1.21) | $(0.19) | $(0.05) | $– | $(0.24) | $– | $8.88 | (11.74)% | $80527 | 1.00% | 1.45% | 1.42% | 232% |
| 2019<sup>(8)</sup> | $10.00 | $0.01 | $0.32 | $0.33 | $– | $– | $– | $– | $– | $10.33 | 3.30% | $49010 | 1.00% | 1.96% | 0.61% | 10% |

---

*The accompanying notes are an integral part of the financial statements.* 

**75** 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS** |

---

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| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **FINANCIAL HIGHLIGHTS** | **FINANCIAL HIGHLIGHTS** | **FINANCIAL HIGHLIGHTS** | **FINANCIAL HIGHLIGHTS** | **FINANCIAL HIGHLIGHTS** | **FINANCIAL HIGHLIGHTS** | **FINANCIAL HIGHLIGHTS** | | | | | | |  |  |  | |
|  | **Selected Per Share Data & Ratios**<br> **For a Share Outstanding Throughout Each Year or Period** | **Selected Per Share Data & Ratios**<br> **For a Share Outstanding Throughout Each Year or Period** | **Selected Per Share Data & Ratios**<br> **For a Share Outstanding Throughout Each Year or Period** | **Selected Per Share Data & Ratios**<br> **For a Share Outstanding Throughout Each Year or Period** | **Selected Per Share Data & Ratios**<br> **For a Share Outstanding Throughout Each Year or Period** | **Selected Per Share Data & Ratios**<br> **For a Share Outstanding Throughout Each Year or Period** | **Selected Per Share Data & Ratios**<br> **For a Share Outstanding Throughout Each Year or Period** | **Selected Per Share Data & Ratios**<br> **For a Share Outstanding Throughout Each Year or Period** | **Selected Per Share Data & Ratios**<br> **For a Share Outstanding Throughout Each Year or Period** | **Selected Per Share Data & Ratios**<br> **For a Share Outstanding Throughout Each Year or Period** | **Selected Per Share Data & Ratios**<br> **For a Share Outstanding Throughout Each Year or Period** | **Selected Per Share Data & Ratios**<br> **For a Share Outstanding Throughout Each Year or Period** | **Selected Per Share Data & Ratios**<br> **For a Share Outstanding Throughout Each Year or Period** | **Selected Per Share Data & Ratios**<br> **For a Share Outstanding Throughout Each Year or Period** | **Selected Per Share Data & Ratios**<br> **For a Share Outstanding Throughout Each Year or Period** | **Selected Per Share Data & Ratios**<br> **For a Share Outstanding Throughout Each Year or Period** |
|  | Net Asset<br>Value,<br>Beginning<br>of Period | Net<br>Investment<br>Income<br>(Loss)\* | Net<br>Realized<br>and<br>Unrealized<br>Gain (Loss)<br>on<br>Investments | Total from<br>Operations | Distributions<br>from Net<br>Investment<br>Income | Distributions<br>from Net<br>Realized<br>Capital<br>Gains | Return of<br>Capital | Total<br>Distributions | Redemption<br>Fees\*\* | Net Asset<br>Value,<br>End of<br>Period | Total<br>Return † | Net Assets<br>End of Period<br>(000) | Ratio of<br>Expenses<br>to Average<br>Net Assets<br>(including<br>waivers and<br>reimbursements) | Ratio of<br>Expenses<br>to Average<br>Net Assets<br>(excluding<br>waivers and<br>reimbursements) | Ratio of Net<br>Investment<br>Income<br>(Loss) to<br>Average Net<br>Assets | Portfolio<br>Turnover<br>† |
|  **International Equity Fund** | **International Equity Fund** | **International Equity Fund** | **International Equity Fund** | **International Equity Fund** | **International Equity Fund** | **International Equity Fund** | **International Equity Fund** | **International Equity Fund** | **International Equity Fund** | **International Equity Fund** | **International Equity Fund** | **International Equity Fund** | **International Equity Fund** | **International Equity Fund** | **International Equity Fund** |  |
|  **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  | **I Shares^<sup>(1)</sup>**  |  |
| 2022 | $14.58 | $0.27 | $(3.85) | $(3.58) | $(0.27) | $(1.15) | $–# | $(1.42) | $– | $9.58 | (26.80)% | $122313 | 1.10% | 1.16% | 2.34% | 50% |
| 2021 | $11.05 | $0.17 | $3.50 | $3.67 | $(0.14) | $– | $– | $(0.14) | $–# | $14.58 | 33.26% | $150545 | 1.10% | 1.21% | 1.21% | 55% |
| 2020 | $11.20 | $0.15 | $(0.14) | $0.01 | $(0.12) | $– | $(0.04) | $(0.16) | $– | $11.05 | 0.20% | $87281 | 1.10% | 1.33% | 1.37% | 47% |
| 2019 | $10.85 | $0.21 | $0.62 | $0.83 | $(0.21) | $(0.27) | $– | $(0.48) | $– | $11.20 | 7.94% | $81517 | 1.10% | 1.36% | 1.93% | 49% |
| 2018 | $11.80 | $0.22 | $(0.94) | $(0.72) | $(0.23) | $– | $– | $(0.23) | $– | $10.85 | (6.24)% | $67140 | 1.10% | 1.39% | 1.86% | 45% |
|  **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** |  |
| 2022 | $14.54 | $0.27 | $(3.85) | $(3.58) | $(0.26) | $(1.15) | $–# | $(1.41) | $– | $9.55 | (26.88)% | $143 | 1.20% | 1.26% | 2.32% | 50% |
| 2021 | $11.02 | $0.16 | $3.49 | $3.65 | $(0.13) | $– | $– | $(0.13) | $– | $14.54 | 33.16% | $108 | 1.20% | 1.31% | 1.14% | 55% |
| 2020 | $11.18 | $0.15 | $(0.16) | $(0.01) | $(0.11) | $– | $(0.04) | $(0.15) | $– | $11.02 | –% | $62 | 1.20% | 1.42% | 1.39% | 47% |
| 2019 | $10.84 | $0.20 | $0.61 | $0.81 | $(0.20) | $(0.27) | $– | $(0.47) | $– | $11.18 | 7.75% | $157 | 1.20% | 1.46% | 1.86% | 49% |
| 2018 | $11.80 | $0.20 | $(0.94) | $(0.74) | $(0.22) | $– | $– | $(0.22) | $– | $10.84 | (6.44)% | $149 | 1.24% | 1.53% | 1.70% | 45% |

---

\* Per share data calculated using the average shares method.

\*\* See Note 2 in the Notes to the Financial Statements.

† Total return and portfolio turnover are for the period indicated and have not been annualized. Total return
would have been lower had the Adviser not waived a portion of its fee. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

^ Effective March 1, 2018, Institutional Shares were renamed as I Shares.

# Amount is less than $0.005. 

## Effective July 20, 2020, Global Real Estate Fund was renamed as Real Estate Fund.

‡ Effective March 1, 2018, Limited Duration Bond Fund was renamed as Limited Duration Fund.

†† Effective March 1, 2018, Small Cap Equity Fund was renamed as Small Cap Fund.

(1) Effective February 25, 2021, Investor Shares Class were converted to I Shares Class of the Fund.

(2) The expense ratio includes dividend expense. Had this expense been excluded the ratios would have been 1.50% and
1.59%.

(3) The expense ratio includes dividend and interest expense. Had this expense been excluded the ratios would have
been 1.50%, 1.86%, and (1.85)%.

(4) Commenced operations on December 2, 2019. All ratios for the period have been annualized.

(5) The expense ratio includes dividend expense. Had this expense been excluded the ratios would have been 1.50%,
2.17%, and (0.58)%.

(6) Ratios include previously waived investment advisory fees recovered.

(7) Commenced operations on December 31, 2019. All ratios for the period have been annualized.

(8) Commenced operations on September 30, 2019. All ratios for the period have been annualized.

*The accompanying notes are an integral part of the financial statements.* 

**76** 

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|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS FUNDS** |
|  | **OCTOBER 31, 2022** |

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**NOTES TO FINANCIAL STATEMENTS** 

**1. Organization:** 

The Advisors' Inner Circle Fund III (the "Trust") is organized as a Delaware statutory trust under an Agreement and Declaration of Trust dated December 4, 2013. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company with 65 funds. The financial statements herein are those of the Knights of Columbus Limited Duration Fund (the "Limited Duration Fund"), the Knights of Columbus Core Bond Fund (the "Core Bond Fund"), the Knights of Columbus Long/ Short Equity Fund (the "Long/Short Equity Fund"), the Knights of Columbus Large Cap Value Fund (the "Large Cap Value Fund"), the Knights of Columbus Large Cap Growth Fund (the "Large Cap Growth Fund"), the Knights of Columbus Small Cap Fund (the "Small Cap Fund"), the Knights of Columbus U.S. All Cap Index Fund (the "U.S. All Cap Index Fund"), the Knights of Columbus Real Estate Fund (the "Real Estate Fund") and the Knights of Columbus International Equity Fund (the "International Equity Fund") (collectively the "Funds," individually a "Fund"), each of which is a diversified Fund, except the Large Cap Growth Fund, which is a non-diversified Fund. The investment objective of the Limited Duration Fund and Core Bond Fund is to seek current income and capital preservation. The investment objective of the Long/Short Equity Fund, Large Cap Value Fund, Large Cap Growth Fund, Small Cap Fund and International Equity Fund is to seek long-term capital appreciation. The investment objective of the Real Estate Fund is to seek current income and capital appreciation. The U.S. All Cap Index Fund seeks investment results to the performance of an index that measures the investment return of the broad U.S. stock market, excluding companies whose policies and practices are inconsistent with the United States Conference of Catholic Bishops' Socially Responsible Investing Guidelines (the "USCCB Guidelines"). The financial statements of the remaining funds of the Trust are presented separately. The assets of each fund are segregated, and a shareholder's interest is limited to the fund in which shares are held.

Effective February 25, 2021, Investor Shares Class were converted to I Shares Class of the Funds. After the Conversion Date, Investor Shares will no longer be offered by the Funds, and were terminated as a separately designated class of the Funds.

**2. Significant Accounting Policies:** 

The following are significant accounting policies, which are consistently followed in the preparation of its financial statements of the Funds. The Funds are investment companies that apply the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board ("FASB").

*Use of Estimates* — The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates and such differences could be material.

*Security Valuation* — Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on the NASDAQ Stock Market (the "NASDAQ")), including securities traded over the counter, are valued at the last quoted sale price on an exchange or market (foreign or domestic) on which they are traded on valuation date (or at approximately 4:00 pm ET if a security's primary exchange is normally open at that time), or, if there is no such reported sale on the valuation date, at the most recent quoted bid price. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. If available, debt securities are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Such methodologies generally consider such factors as security prices, yields, maturities, call features, ratings and developments relating to specific securities in arriving at valuations. On the first day a new debt security purchase is recorded, if a price is not available on the automated pricing feeds from our primary and secondary pricing vendors nor is it available from an independent broker, the security may be valued at its purchase price. Each day thereafter, the debt security will be valued according to the Trusts' Fair Value Procedures until an independent source can be secured. Debt obligations with remaining maturities of sixty days or less may be valued at their amortized cost, which approximates market value provided that it is determined the amortized cost continues to approximate fair value. Should existing credit, liquidity or interest rate conditions in the relevant markets and issuer specific circumstances suggest that amortized cost does not approximate fair value, then the amortized cost method may not be used. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates.

Securities for which market prices are not "readily available" are required to be fair valued under the 1940 Act.

In December 2020, the SEC adopted Rule 2a-5 under the 1940 Act, establishing requirements to determine fair value in good faith for purposes of the 1940 Act. The rule permits fund boards to designate a fund's investment adviser to perform fair-value determinations, subject to board oversight and certain other conditions. The rule also defines when market quotations are "readily available" for purposes of the 1940 Act and requires a fund to fair value a portfolio investment when a market quotation is not readily available. The SEC also adopted new Rule 31a-4 under the 1940 Act, which sets forth recordkeeping requirements associated with fair-value determinations. The compliance date for Rule 2a-5 and Rule 31a-4 was September 8, 2022.

**77** 

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| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS FUNDS** |
|  | **OCTOBER 31, 2022** |

---

Knights of Columbus Asset Advisors LLC ("Knights of Columbus Asset Advisors") serves as the Funds' investment adviser (the "Adviser"). Effective September 8, 2022, and pursuant to the requirements of Rule 2a-5, the Trust's Board of Trustees (the "Board") designated the Adviser as the Board's valuation designee to perform fair-value determinations for the Funds through a Fair Value Committee (the "Committee") established by the Adviser and approved new Adviser Fair Value Procedures for the Funds. Prior to September 8, 2022, fair-value determinations were performed in accordance with the Trust's Fair Value Procedures established by the Funds' Board and were implemented through the Committee designated by the Board.

Some of the more common reasons that may necessitate that a security be valued using fair value procedures include: the security's trading has been halted or suspended; the security has been de-listed from a national exchange; the security's primary trading market is temporarily closed at a time when under normal conditions it would be open; or the security's primary pricing source is not able or willing to provide a price. When a security is valued in accordance with the fair value procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee.

For securities that principally trade on a foreign market or exchange, a significant gap in time can exist between the time of a particular security's last trade and the time at which a Fund calculates its net asset value. The closing prices of such securities may no longer reflect their market value at the time a Fund calculates net asset value if an event that could materially affect the value of those securities (a "Significant Event") has occurred between the time of the security's last close and the time that a Fund calculates net asset value. A Significant Event may relate to a single issuer or to an entire market sector. If the Adviser becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which a Fund calculates net asset value, it may request that a Committee meeting be called.

The Funds use Intercontinental Exchange Data Pricing & Reference Data, LLC ("ICE") as a third party fair valuation vendor when the fair value trigger is met. ICE provides a fair value for foreign securities in the Funds based on certain factors and methodologies (involving, generally, tracking valuation correlations between the U.S. market and each non-U.S. security) applied by ICE in the event that there is a movement in the U.S. market that exceeds a specific threshold established by the Committee. The Committee establishes a "confidence interval" which is used to determine the level of correlation between the value of a foreign security and movements in the U.S. market before a particular security is fair valued when the threshold is exceeded. In the event that the threshold established by the Committee is exceeded on a specific day, the Funds value theirs non-U.S. securities that exceed the applicable "confidence interval" based upon the fair values provided by ICE. In such event, it is not necessary to hold a Committee meeting. In the event that the Adviser believes that the fair values provided by ICE are not reliable, the Adviser contacts SEI Investments Global Fund Services (the "Administrator") and may request that a meeting of the Committee be held.

If a local market in which the Funds own securities is closed for one or more days, the Funds shall value all securities held in the corresponding currency based on the fair value prices provided by ICE using the predetermined confidence interval discussed above.

In accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP, the Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy under ASC 820 are described below:

Level 1 — Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Funds have the ability to access at the measurement date;

Level 2 — Other significant observable inputs (includes quoted prices for similar securities, interest rates, prepayment speeds, credit risk, referenced indices, quoted prices in inactive markets, adjusted quoted prices in active markets, adjusted quoted prices on foreign equity securities that were adjusted in accordance with the Adviser's pricing procedures, etc.)

Level 3 — Prices, inputs or exotic modeling techniques which are both significant to the fair value measurement and unobservable (supported by little or no market activity).

Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement.

The unobservable inputs used to determine fair value of recurring Level 3 assets may have similar or diverging impacts on valuation. Significant increases and decreases in these inputs in isolation and interrelationships between those inputs could result in significantly higher or lower fair value measurement.

*Federal Income Taxes* — It is each Fund's intention to continue to qualify as a regulated investment company for Federal income tax purposes by complying with the appropriate provisions of Subchapter M of the Internal Revenue Code of 1986, as amended, and to distribute substantially all of its income to shareholders. Accordingly, no provision for Federal income taxes has been made in the financial statements.

**78** 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS FUNDS** |
|  | **OCTOBER 31, 2022** |

---

The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds' tax returns to determine whether it is "more likely- than-not" (i.e., greater than 50-percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions deemed to meet the more-likely-than-not threshold are recorded as a tax benefit in the current year. The Funds did not record any tax provision in the current period. However, management's conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., the open tax year ends, since inception), on-going analysis of and changes to tax laws, regulations and interpretations thereof.

As of and during the year ended October 31, 2022, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the period the Funds did not incur any interest or penalties.

*Security Transactions and Investment Income* — Security transactions are accounted for on trade date for financial reporting purposes. Dividend income is recorded on the ex-dividend date and interest income is recognized on the accrual basis. Costs used in determining realized gains and losses on the sales of investment securities are based on specific identification. Interest income is recognized on an accrual basis from settlement date. Discounts and premiums on securities purchased are accreted and amortized using the effective interest method. Realized gains (losses) on paydowns of mortgage-backed and asset-backed securities are recorded as an adjustment to interest income.

*Foreign Currency Translation* — The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars on the date of valuation. The Funds do not isolate that portion of realized or unrealized gains and losses resulting from changes in the foreign exchange rate from fluctuations arising from changes in the market prices of the securities. These gains and losses are included in net realized gains and losses on investments and net change in unrealized appreciation (depreciation) on investments on the Statements of Operations. Net realized and unrealized gains and losses on foreign currency transactions represent net foreign exchange gains or losses from foreign currency exchange contracts, disposition of foreign currencies, currency gains or losses realized between trade and settlement dates on securities transactions and the difference between the amount of the investment income and foreign withholding taxes recorded on the Funds' books and the U.S. dollar equivalent amounts actually received or paid.

*Options Written/Purchased* — The Long/Short Equity Fund invested in financial options contracts to add return or to hedge their existing portfolio securities. When a Fund writes or purchases an option, an amount equal to the premium received or paid by a Fund is recorded as a liability or an asset and is subsequently adjusted to the current market value of the option written or purchased. Premiums received or paid from writing or purchasing options which expire unexercised are treated by a Fund on the expiration date as realized gains or losses. The difference between the premium and the amount paid or received on affecting a closing purchase or sale transaction, including brokerage commissions, is also treated as a realized gain or loss. If an option is exercised, the premium paid or received is added to the cost of the purchase or proceeds from the sale in determining whether a Fund has realized a gain or a loss. The risk in writing a call option is that a Fund gives up the opportunity for profit if the market price of the security increases. The risk in writing a put option is that a Fund may incur a loss if the market price of the security decreases and the option is exercised. The risk in purchasing an option is that a Fund pays a premium whether or not the option is exercised. A Fund also has the additional risk of being unable to enter into a closing transaction at an acceptable price if a liquid secondary market does not exist. Option contracts also involve the risk that they may not work as intended due to unanticipated developments in market conditions or other causes. Finally, for written options, the risk exists that losses could exceed amounts disclosed on the Statements of Assets and Liabilities. Refer to the Long/Short Equity Fund's Schedule of Investments for details regarding open option contracts as of October 31, 2022.

For the year ended October 31, 2022, the quarterly average balances of options held by the Long/Short Equity Fund was as follows:

---

| | |
|:---|:---|
|  Average Quarterly Market Value Contracts Purchased | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256167 |
|  Average Quarterly Market Value Contracts Written | $— |

---

*Securities Sold Short* — Consistent with Long/Short Equity Fund's investment objectives, the Fund may engage in short sales. Short sales are transactions under which the Fund sells a security it does not own. To complete such a transaction, the Fund must borrow the security to make delivery to the buyer. The Fund then is obligated to replace the security borrowed by purchasing the security at the market price at the time of the replacement. The price at such time may be more or less than the price at which the security was sold by a Fund. Until the security is replaced, the Fund is required to pay the lender amounts equal to any dividends or interest that accrue during the period of the loan. Dividends and interest are shown as an expense for financial reporting purposes. To borrow the security, the Fund also may be required to pay a premium, which would decrease proceeds of the security sold. The proceeds of the short sale are retained by the broker, to the extent necessary to meet margin requirements, until the short position is closed out. A gain, limited to the price at which a Fund sold the security short, or a loss, unlimited in size, will be recognized upon the close of a short sale.

Until the Fund closes its short position or replaces the borrowed security, the Fund will: (a) maintain a segregated account containing cash or liquid securities at such a level that (i) the amount deposited in the account plus the amount deposited with the broker as collateral will equal the current value of the security sold short; and (ii) the amount deposited in the segregated account plus the amount deposited

**79** 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS FUNDS** |
|  | **OCTOBER 31, 2022** |

---

with the broker as collateral will not be less than the market value of the security at the time the security was sold short, or (b) otherwise cover the Fund's short positions. As of October 31, 2022, the Long/Short Equity Fund had open short positions as disclosed in the Fund's Schedule of Investments.

In accordance with the terms of its prime brokerage agreement, the Fund may receive rebate income or be charged a fee on borrowed securities. Such income or fee is calculated on a daily basis based upon the market value of each borrowed security and a variable rate that is dependent upon the availability of such security. The Fund records these prime broker charges on a net basis as interest income or interest expense on securities sold short. In addition, the Fund is required to pay the lender any dividends declared on short positions. Such amounts are recorded on the ex-dividend date as dividend expense on securities sold short.

Short sales are collateralized by cash deposits with the prime broker, Wells Fargo Bank, N.A., and pledged securities held at the custodian, Brown Brothers Harriman & Co. The collateral required is determined daily by reference to the market value on short positions.

The Fund is required to maintain margin cash balances at the prime broker sufficient to satisfy its short sales positions on a daily basis and is charged an interest expense at the benchmark rate as defined in the prime brokerage agreement plus 150 basis points on the amount of any shortfall in the required cash margin. During the period, the benchmark rate consisted of the Fed Funds Rate, the ICE LIBOR USD 3 Month Rate, or a blended rate between the Fed Funds Rate and the ICE LIBOR USD 3 Month Rate. These amounts are disclosed as Receivable from Prime Broker on the Statements of Assets and Liabilities.

Long/Short Equity Fund had prime brokerage borrowings throughout the year ended October 31, 2022 as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Maximum**<br>**Amount**<br> **Borrowed** | **Average**<br>**Outstanding**<br> **Balance** | **Effective<br>Borrowing**<br> **Rate Paid** | **Borrowing**<br> **Cost Paid** |
|  USD | $860139 | $4716453 | 2.188% | $103218 |

---

*Swap Contracts* — The Long/Short Equity Fund and the U.S. All Cap Index Fund are authorized to enter into swap contracts, including total return swaps and equity swaps contracts. Swaps are a two-party contract in which the seller (buyer) will pay to the buyer (seller) the difference between the current value of a security and its value at the time the contract was entered. In a typical equity swap, one party agrees to pay another party the return on a stock, stock index or basket of stocks in return for a specified interest rate. By entering into an equity index swap, for example, the index receiver can gain exposure to stocks making up the index of securities without actually purchasing those stocks. Equity index swaps involve not only the risk associated with investment in the securities represented in the index, but also the risk that the performance of such securities, including dividends, will not exceed the return on the interest rate that the Fund will be committed to pay.

Total return swaps are contracts in which one party agrees to make payments of the total return from a reference instrument — which may be a single asset, a pool of assets or an index of assets — during a specified period, in return for payments equal to a fixed or floating rate of interest or the total return from another underlying reference instrument. The total return includes appreciation or depreciation on the underlying asset, plus any interest or dividend payments. Payments under the swap are based upon an agreed upon principal amount but, since the principal amount is not exchanged, it represents neither an asset nor a liability to either counterparty, and is referred to as notional. Total return swaps are marked to market daily using different sources, including quotations from counterparties, pricing services, brokers or market makers. The unrealized appreciation or depreciation related to the change in the valuation of the notional amount of the swap is combined with the amount due to the Fund at termination or settlement. The primary risks associated with total return swaps are credit risks (if the counterparty fails to meet its obligations) and market risk (if there is no liquid market for the swap or unfavorable changes occur to the underlying reference instrument).

Periodic payments made or received are recorded as realized gains or losses. At period end, the Statements of Assets and Liabilities reflect, if any, unrealized appreciation or depreciation and accrued periodic payments for swap contracts the Fund may have open at period end. Entering into swap contracts involve, to varying degrees, elements of credit, interest rate and market risk in excess of the amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these contracts, that the counterparty to the contract may default on its obligation to perform and that there may be unfavorable changes in market conditions or fluctuations in interest rates. Swap contracts outstanding at period end, if any, are listed on the Schedule of Investments. In connection with swap contracts, cash or securities may be segregated as collateral by the Fund's custodian.

There is the risk that the counterparty refuses to continue to enter into swap agreements with the Fund in the future, or requires increased fees, which could impair the Fund's ability to achieve its investment objective. A counterparty may also increase its collateral requirements, which may limit the Fund's ability to use leverage and reduce investment returns. In addition, if the Fund cannot locate a counterparty willing to enter into transactions with the Fund, it will not be able to implement its investment strategy. During the year ended October 31, 2022, the Funds' swap agreements were with one counterparty, Wells Fargo Bank, N.A.

**80** 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS FUNDS** |
|  | **OCTOBER 31, 2022** |

---

For the year ended October 31, 2022, only the U.S. All Cap Index Fund employed total returns swaps. The quarterly average balances of swap contracts held by the Fund was as follows:

---

| | |
|:---|:---|
|  U.S. All Cap Index Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average Quarterly Market Value Balance Long | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2338363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average Quarterly Market Value Balance Short | $(2333826) |

---

*Cash* — Idle cash may be swept into various time deposit accounts and money market sweep accounts and is classified as cash on the Statements of Assets and Liabilities. The Funds maintain cash in bank deposit accounts which, at times, may exceed United States federally insured limits. Amounts invested are available on the same business day.

*Expenses* — Expenses of the Trust that can be directly attributed to a particular Fund are borne by that Fund. Expenses which cannot be directly attributed to a Fund are apportioned among the Funds of the Trust based on the number of funds and/or relative net assets.

*Dividends and Distributions to Shareholders* — The Funds will distribute substantially all of their net investment income and net realized capital gains, if any, at least annually. All distributions are recorded on ex-dividend date.

*Investments in REITs* — Dividend income from Real Estate Investment Trusts ("REIT") is recorded based on the income included in distributions received from the REIT investments using published REIT reclassifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.

*Redemption Fees* — The Limited Duration Fund, Core Bond Fund, Long/Short Equity Fund, Large Cap Value Fund, Large Cap Growth Fund, Small Cap Fund, U.S. All Cap Index Fund, Real Estate Fund and International Equity Fund retain a redemption fee of 2.00% on redemptions of capital shares held for less than thirty days. For the year ended October 31, 2022, the Funds retained fees of $90, $85, $500, $117, $53, $24, $73, $35 and $435, respectively. For the year ended October 31, 2021, the Funds retained fees of $19, $79, $2,011, $540, $1,732, $446, $0, $0 and $580, respectively. Such fees are retained by the Funds for the benefit of the remaining shareholders and are recorded as additions to fund capital.

**3. Derivative Transactions:** 

The Long/Short Equity Fund and the U.S. All Cap Index Fund held derivatives throughout the period with only one type of exposure to equity risk on derivatives, additional information can be found on the Schedules of Investments, Statements of Assets and Liabilities and the Statements of Operations.

**4. Offsetting Assets and Liabilities:** 

The Funds are required to disclose the impact of offsetting assets and liabilities represented in the Statements of Assets and Liabilities to enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities. These recognized assets and liabilities are financial instruments and derivative instruments that are either subject to an enforceable master netting arrangement or similar agreement or meet the following right of setoff criteria: the amounts owed by the Fund to another party are determinable, the Fund has the right to set off the amounts owed with the amounts owed by the other party, the Fund intends to set off, and the Fund's right of setoff is enforceable at law.

The International Swaps and Derivatives Association, Inc. ("ISDA") Master Agreements maintain provisions for general obligations, representations, agreements, collateral, and events of default or termination. The occurrence of a specified event of termination may give a counterparty the right to terminate all of its contracts and effect settlement of all outstanding transactions under the applicable ISDA Master Agreement.

To reduce counterparty risk with respect to Over-the-Counter ("OTC") transactions, the Long/Short Equity Fund and the U.S. All Cap Index Fund have entered into master netting arrangements, established within the Funds' ISDA Master Agreements, which allow the Fund to make (or to have an entitlement to receive) a single net payment in the event of default (close-out netting) for outstanding payables and receivables with respect to certain OTC positions in swaps for each individual counterparty. In addition, the Funds may require that certain counterparties post cash and/or securities in collateral accounts to cover their net payment obligations for those derivative contracts subject to ISDA Master Agreements. If the counterparty fails to perform under these contracts and agreements, the cash and/or securities will be made available to the Funds.

For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

Collateral terms are contract specific for OTC derivatives. For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting marked-to-market amount of each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Funds or the counterparty.

**81** 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS FUNDS** |
|  | **OCTOBER 31, 2022** |

---

For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Funds, if any, is reported separately on the Statements of Assets and Liabilities as cash pledged as collateral. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold before a transfer has to be made. To the extent amounts due to the Funds from its respective counterparties are not fully collateralized, contractually or otherwise, the Funds bear the risk of loss from counterparty nonperformance. As of October 31, 2022, the Long/Short Equity Fund did not hold financial instruments or OTC derivatives subject to master netting arrangements.

The following is a summary by counterparty of the market value of swap agreements and collateral (received)/pledged for the U.S. All Cap Index Fund as of October 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | **Gross Amounts not offset in the Statements of**<br> **Assets and Liabilities** | **Gross Amounts not offset in the Statements of**<br> **Assets and Liabilities** | **Gross Amounts not offset in the Statements of**<br> **Assets and Liabilities** |
| **Gross Amounts of<br>Recognized Assets** | **Gross Amounts Offset in<br>the Statements of Assets<br>and Liabilities** | **Net Amounts Presented<br>in the Statements of<br>Assets and Liabilities** | **Financial<br>Instruments for<br>Offset** | **Cash Collateral<br>(Received)<br>Pledged <sup>(1)</sup>** | **Net Amount<sup>(2)</sup>** |
| $71401 | $— | $71401 | $(71401) | $— | $— |
|  |  |  | **Gross Amounts not offset in the Statements** | **Gross Amounts not offset in the Statements** | **Gross Amounts not offset in the Statements** |
|  |  |  | **of Assets and Liabilities** | **of Assets and Liabilities** | **of Assets and Liabilities** |
| **Gross Amounts of<br>Recognized Liabilities** | **Gross Amounts Offset in<br>the Statements of Assets<br>and Liabilities** | **Net Amounts Presented<br>in the Statements of<br>Assets and Liabilities** | **Financial<br>Instruments for<br>Offset** | **Cash Collateral<br>(Received)<br>Pledged<sup>(1)</sup>** | **Net Amount<sup>(2)</sup>** |
| $— | $— | $— | $— | $— | $— |

---

(1) Excess collateral pledged is not shown for financial reporting purposes.

(2) Net Exposures represents the net receivable/(payable) that would be due from/to the counterparty in the event
of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity.

**5. Transactions with Affiliates:** 

Certain officers of the Trust are also employees of SEI Investments Global Funds Services (the "Administrator"), a wholly owned subsidiary of SEI Investments Company, and/or SEI Investments Distribution Co. (the "Distributor"). Such officers are paid no fees by the Trust, other than the Chief Compliance Officer ("CCO") as described below, for serving as officers of the Trust.

A portion of the services provided by the CCO and his staff, whom are employees of the Administrator, are paid for by the Trust as incurred. The services include regulatory oversight of the Trust's Advisors and service providers as required by SEC regulations. The CCO's services and fees have been approved by and are reviewed by the Board.

**6. Administration, Distribution, Shareholder Servicing, Transfer Agent and Custody Agreements:** 

The Funds and SEI Investments Global Fund Services (the "Administrator") are parties to an Administration Agreement under which the Administrator provides management and administrative services to the Funds. For these services, the Administrator is paid an asset-based fee, which will vary depending on the number of share classes and the average daily net assets of the Funds.

For the year ended October 31, 2022, the Funds were charged the following for these services:

---

| | |
|:---|:---|
|  | **Administration Fees** |
|  Limited Duration Fund | $128131 |
|  Core Bond Fund | 132126 |
|  Long/Short Equity Fund | 47733 |
|  Large Cap Value Fund | 117065 |
|  Large Cap Growth Fund | 112494 |
|  Small Cap Fund | 109724 |
|  U.S. All Cap Index Fund | 52789 |
|  Real Estate Fund | 120246 |
|  International Equity Fund | 127711 |

---

The Trust and the Distribution are parties to a Distribution Agreement . The Distributor receives no fees under the agreement.

The Funds have adopted a shareholder servicing plan that provides that the Funds may pay financial intermediaries for shareholder services in an annual amount not to exceed 0.20% based on the average daily net assets of the Funds' Class S Shares. The Funds do not pay these service fees on shares purchased directly. In addition to payments made directly to financial intermediaries by the Funds, the Adviser or its affiliates may, at their own expense, pay financial intermediaries for these and other services to the Funds' shareholders.

**82** 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS FUNDS** |
|  | **OCTOBER 31, 2022** |

---

---

| | |
|:---|:---|
| For the year ended October 31, 2022, the Funds were charged the following rates for these services: | For the year ended October 31, 2022, the Funds were charged the following rates for these services: |
|  | **Class S Shares** |
|  Limited Duration Fund | 0.10% |
|  Core Bond Fund | 0.10% |
|  Long/Short Equity Fund | N/ A |
|  Large Cap Value Fund | 0.10% |
|  Large Cap Growth Fund | 0.10% |
|  Small Cap Fund | 0.10% |
|  U.S. All Cap Index Fund | N/ A |
|  Real Estate Fund | N/ A |
|  International Equity Fund | 0.10% |

---

DST Systems, Inc. serves as the Transfer Agent and dividend disbursing agent for the Funds under a transfer agency agreement.

Brown Brothers Harriman & Co. serves as custodian (the "Custodian") for the Funds. The Custodian plays no role in determining the investment policies of the Funds or which securities are to be purchased and sold by the Funds.

**7. Investment Advisory Agreements and Sub-advisory Agreements:** 

Under the terms of the Advisory Agreement, the Adviser provides investment advisory services to the Limited Duration Fund, Core Bond Fund, Long/Short Equity Fund, Large Cap Value Fund, Large Cap Growth Fund, Small Cap Fund, U.S. All Cap Index Fund, Real Estate Fund and International Equity Fund at 0.40%, 0.40%, 1.25%, 0.60%, 0.60%, 0.725%, 0.20%, 0.85%, and 0.90%, respectively, of each Fund's average daily net assets.

The Adviser has contractually agreed to waive fees and/or reimburse expenses to the extent necessary to keep Total Annual Fund Operating Expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, non-routine expenses and any class-specific expenses (including distribution and/or service (12b-1) fees and shareholder servicing fees) (collectively, "excluded expenses")) for I Shares and Class S Shares from exceeding certain levels as set forth below until February 28, 2023 (each, a "contractual expense limit"). Refer to Note 1 for the details regarding the termination of the Investor Shares during the period. This agreement may be terminated: (i) by the Board, for any reason at any time; or (ii) by the Adviser, upon ninety (90) days' prior written notice to the Trust, effective as of the close of business on February 28, 2023. Accordingly, the contractual expense limitations for the Limited Duration Fund, Core Bond Fund, Long/ Short Equity Fund, Large Cap Value Fund, Large Cap Growth Fund, Small Cap Fund, U.S. All Cap Index Fund, Real Estate Fund, and International Equity Fund are 0.50%, 0.50%, 1.50%, 0.90%, 0.90%, 1.05%, 0.25%, 1.00%, and 1.10%, respectively.

In addition, if at any point it becomes unnecessary for the Adviser to reduce fees or make expense reimbursements, the Board may permit the Adviser to retain the difference between the Total Annual Fund Operating Expenses and the expense caps listed above to recapture all or a portion of its prior fee reductions or reimbursements made during the preceding three-year period. For the year ended October 31, 2022, the Adviser recaptured previously waived fees in Large Cap Value Fund, Large Cap Growth Fund and Small Cap Fund of $83,303, $61,246 and $103,571, respectively.

As of October 31, 2022, fees previously waived and reimbursed by the Adviser which may be subject to possible future reimbursement are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fiscal Year** | **Subject to<br>Repayment until<br>October 31:** | **Limited Duration<br>Fund** | **Core Bond Fund** | **Long/Short<br>Equity Fund** | **Large Cap<br>Value Fund** | **Large Cap<br>Growth<br>Fund** |
| 2020 | 2023 | $327219 | $315959 | $127918 | $90051 | $82945 |
| 2021 | 2024 | 272902 | 243392 | 95666 | 18367 | 11179 |
| 2022 | 2025 | 233822 | 237971 | 50260 |  | 21059 |
|  | Total | $833943 | $797322 | $273844 | $108418 | $115183 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fiscal Year** | **Subject to<br>Repayment until<br>October 31:** | **Small Cap Fund** | **U.S. All Cap Index<br>Fund** | **Real Estate Fund** | **International<br>Equity Fund** |
| 2020 | 2023 | $69979 | $203241 | $274774 | $187705 |
| 2021 | 2024 | 7550 | 174797 | 156250 | 138523 |
| 2022 | 2025 |  | 207243 | 94598 | 83083 |
|  | Total | $77529 | $585281 | $525622 | $409311 |

---

The Trust and the Adviser have entered into an investment advisory agreement dated February 26, 2015, as amended (the "Adsvisory Agreement"), with respect to the Funds. Under the Advisory Agreement, the Adviser serves as the investment adviser and makes

**83** 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS FUNDS** |
|  | **OCTOBER 31, 2022** |

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investment decisions for each Fund and continuously reviews, supervises and administers the investment program of each Fund, subject to the supervision of, and policies established by, the Board.

L2 Asset Management, LLC ("L2") and the Adviser have entered into an investment subadvisory agreement, dated September 10, 2019 (the "L2 Subadvisory Agreement"). Under the terms of the L2 Subadvisory Agreement, L2 serves as the investment subadviser for the Long/Short Equity Fund and U.S. All Cap Index Fund (the "L2 Subadvised Funds"), makes investment decisions for the L2 Subadvised Funds, and administers the investment program of the L2 Subadvised Funds, subject to the supervision of, and policies established by, the Adviser and the Board.

Ranger Global Real Estate Advisors, LLC ("Ranger") and the Adviser entered into an investment subadvisory agreement, dated July 24, 2019. As a result of a change-in-control of Ranger, an interim subadvisory agreement was signed on October 26, 2021. On February 15, 2022, a shareholder meeting was held whereby the shareholders of the Real Estate Fund voted to approve a new investment subadvisory agreement (the "Ranger Subadvisory Agreement"), which was entered into on that date. Under the terms of the Ranger Subadvisory Agreement, Ranger serves as the investment subadviser for the Real Estate Fund (the "Ranger Subadvised Fund), makes investment decisions for the Ranger Subadvised Fund, and administers the investment program of the Ranger Subadvised Fund, subject to the supervision of, and policies established by, the Adviser and the Board.

For the services provided pursuant to the L2 Subadvisory Agreement and the Ranger Subadvisory Agreement, each of L2 and Ranger, respectively, receives an annual fee from the Adviser at the following annual rates based on the average daily net assets of each L2 Subadvised Fund and the Ranger Subadvised Fund, respectively.

---

| | |
|:---|:---|
|  | **Sub-Adviser Fee Rate** |
|  Long/Short Equity Fund | 0.25% |
|  U.S. All Cap Index Fund | 0.10% |
|  Real Estate Fund | 0.60% |

---

**8. Investment Transactions:** 

For the year ended October 31, 2022, the Funds made purchases and sales of investment securities other than short-term securities and in-kind transactions as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Purchases** | **Sales** | **U.S.**<br>**Government<br>Purchases** | **U.S.<br>Government<br>Sales and**<br>**Maturities** |
|  Limited Duration Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20714724 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40071194 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56326948 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15967220 |
|  Core Bond Fund | 36143107 | 38457012 | 53034374 | 29227771 |
|  Long/Short Equity Fund | 60978496 | 41899010 |  |  |
|  Large Cap Value Fund | 69248408 | 45094283 |  |  |
|  Large Cap Growth Fund | 68222877 | 45966925 |  |  |
|  Small Cap Fund | 63533760 | 44358697 |  |  |
|  U.S. All Cap Index Fund | 39117995 | 2410924 |  |  |
|  Real Estate Fund | 194837889 | 166985572 |  |  |
|  International Equity Fund | 88603208 | 68130880 |  |  |

---

The Long/Short Equity Fund included cost of purchases to cover securities sold short and the proceeds from securities sold short in the amounts of $56,726,865 and $74,373,071, respectively, for the year ended October 31, 2022.

**9. Federal Tax Information:** 

The timing and characterization of certain income and capital gains distributions are determined annually in accordance with federal tax regulations which may differ from U.S. GAAP. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. These book/tax differences may be temporary or permanent in nature. The permanent differences are primarily related to net operating losses, redemption in-kind, short sale dividends, investments in perpetual bonds, passive foreign investment companies, swaps, REITS income reclassification to capital gain, distribution reclassification, foreign currency gain/loss and paydown gain/loss reclassification. Certain permanent differences are charged or credited to distributable earnings or paid in capital as appropriate, in the period that the differences arise.

The Real Estate Fund has a tax year that ends on December 31. The following tax disclosures are representative as of October 31, 2022, except for the permanent reclassification and components of distributable earnings (accumulated losses), which are as of December 31, 2021. Accordingly, the disclosures are for informational use by shareholders and are subject to change attributable to activity through the end of the tax year-ending December 31, 2022.

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| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS FUNDS** |
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The following permanent differences primarily attributable to net operating losses, redemption in-kind and short sale dividends have been has been reclassified to/(from) the following accounts during the year ended October 31, 2022:

---

| | | |
|:---|:---|:---|
|  | **Distributable <br>Earnings** | **Paid-in <br>Capital** |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limited Duration Fund | $548748 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(548748) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Large Cap Growth Fund | 99995 | (99995) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Small Cap Fund | 44425 | (44425) |

---

These reclassifications had no impact on net assets or net asset value per share.

The tax character of dividends and distributions declared during the last two fiscal years were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of<br>Capital** | **Total** |
|  Limited Duration Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | $1602802 | $134097 | $— | $1736899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 1444208 |  |  | 1444208 |
|  Core Bond Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 3632648 |  |  | 3632648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 2793105 | 631763 |  | 3424868 |
|  Long/Short Equity Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 128619 |  |  | 128619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 |  |  |  |  |
|  Large Cap Value Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 2822266 | 4620866 |  | 7443132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 917311 |  |  | 917311 |
|  Large Cap Growth Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 5715886 | 11627451 | 19203 | 17362540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 |  | 5638248 |  | 5638248 |
|  Small Cap Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 2391202 | 11648568 |  | 14039770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 |  |  |  |  |
|  U.S. All Cap Index Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 870263 | 179735 |  | 1049998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 277894 |  |  | 277894 |
|  Real Estate Fund<sup>(1)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 24305572 | 347521 |  | 24653093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 3319614 | 6366 |  | 3325980 |
|  International Equity Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 4617247 | 11197034 | 31943 | 15846224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 1262960 |  |  | 1262960 |

---

(1) The Real Estate Fund has a tax year end of December 31.

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As of October 31, 2022, the components of distributable earnings (accumulated losses) on a tax basis were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed<br>Ordinary<br>Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Capital**<br>**Loss**<br>**Carryforwards** | **Late Year<br>Loss**<br>**Deferral** | **Unrealized<br>Appreciation**<br>**(Depreciation)** | **Other<br>Temporary<br>Differences** | **Total<br>Distributable<br>Earnings<br>(Accumulated<br>Losses)** |
|  Limited Duration Fund | $227062 | $— | $(949770) | $— | $(7593703) | $(4) | $(8316415) |
|  Core Bond Fund | 417663 |  | (4173830) |  | (23334643) | (2) | (27090812) |
|  Long/Short Equity Fund | 2994699 | 1505129 |  |  | 2161775 | (6) | 6661597 |
|  Large Cap Value Fund | 78876 | 6047827 |  |  | 13308729 | (2) | 19435430 |
|  Large Cap Growth Fund |  |  | (2680711) | (87529) | (3417756) | 3 | (6185993) |
|  Small Cap Fund |  | 967933 |  |  | 6662308 | (1) | 7630240 |
|  U.S. All Cap Index Fund | 57135 | 45927 |  |  | (4959072) | (5) | (4856015) |
|  Real Estate Fund<sup>(1)</sup>  | 3651802 | 1128998 |  |  | 7671378 |  | 12452178 |
|  International Equity Fund |  |  | (10491651) |  | (15039612) | 4 | (25531259) |

---

(1) The Real Estate Fund has a tax year end of December 31.

Late-year loss deferral represents ordinary losses from January 1, 2022 through October 31, 2022, that in accordance with Federal income tax regulations, the Funds defer and treat as having arisen in the following fiscal year.

The Funds have capital losses carried forward as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Short-Term<br>Loss** | **Long-Term<br>Loss** | **Total** |
|  Limited Duration Fund | $378485 | $571285 | $949770 |
|  Core Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2079968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2093862 | 4173830 |
|  Large Cap Growth Fund | 2680711 |  | 2680711 |
|  International Equity Fund | 7940120 | 2551531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10491651 |

---

For Federal income tax purposes the difference between Federal tax cost and book cost primarily relates to investments in passive foreign investment companies and deferred losses from wash sale transactions. The Federal tax cost and aggregate gross unrealized appreciation and depreciation for the investments held by the Fund at October 31, 2022, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal Tax Cost** | **Aggregate Gross<br>Unrealized<br> Appreciation** | **Aggregate Gross<br>Unrealized<br> Depreciation** | **Net Unrealized<br>Appreciation<br> (Depreciation)** |
|  Limited Duration Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145744608 | $3026 | $(7596729) | $(7593703) |
|  Core Bond Fund | 167477931 | 11702 | (23346345) | (23334643) |
|  Long/Short Equity Fund | 39195803 | 4381205 | (2219430) | 2161775 |
|  Large Cap Value Fund | 121480085 | 23061008 | (9752279) | 13308729 |
|  Large Cap Growth Fund | 118225825 | 13529974 | (16947730) | (3417756) |
|  Small Cap Fund | 112243599 | 18223343 | (11561035) | 6662308 |
|  U.S. All Cap Index Fund | 67255864 | 4421649 | (9380721) | (4959072) |
|  Real Estate Fund | 144467744 | 42133 | (34018781) | (33976648) |
|  International Equity Fund | 133490077 | 6154862 | (21194474) | (15039612) |

---

**10. Concentration of Risks:** 

As with all mutual funds, there is no guarantee that the Funds will achieve their investment objectives. You could lose money by investing in the Funds. A Fund share is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any government agency. The principal risk factors affecting shareholders' investments in the Funds are set forth below.

*Catholic Values Investing Risk* (All Funds) — The Funds considers the United States Conference of Catholic Bishops (the "USCCB") Guidelines in its investment process and may choose not to purchase, or may sell, including at inopportune times which would result in losses to the Fund, otherwise profitable investments in companies which have been identified as being in conflict with the USCCB Guidelines. This means that the Funds may underperform other similar mutual funds that do not consider the USCCB Guidelines when making investment decisions. In addition, there can be no guarantee that the activities of the companies identified by the Fund's investment process will align (or be perceived to align) with the principles contained in the USCCB Guidelines.

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*Active Management Risk* (Core Bond Fund, Limited Duration Fund, Large Cap Growth Fund, Large Cap Value Fund, Small Cap Fund, International Equity Fund, Long/Short Equity Fund, Real Estate Fund) — The Funds are actively managed, which means that investment decisions are made based on investment views. There is no guarantee that the investment views will produce the desired results or expected returns, causing a Fund to lose value or fail to meet its investment objective or underperform its benchmark index or funds with similar investment objectives and strategies. Furthermore, active and frequent trading that can accompany active management, also called "high turnover," may have a negative impact on performance. Active and frequent trading may result in higher brokerage costs or mark-up charges and tax costs, which are ultimately passed on to shareholders of a Fund. Active and frequent trading may also result in adverse tax consequences.

*Covered Call Risk* (Real Estate Fund) — Covered call risk is the risk that the issuer of the call option will forgo any profit from increases in the market value of the underlying security covering the call option above the sum of the premium and the strike price of the call but retain the risk of loss if the underlying security declines in value. The Fund will have no control over the exercise of the option by the option holder and may lose the benefit from any capital appreciation on the underlying security. A number of factors may influence the option holder's decision to exercise the option, including the value of the underlying security, price volatility, dividend yield and interest rates. To the extent that these factors increase the value of the call option, the option holder is more likely to exercise the option, which may negatively affect the Fund.

*Derivatives Risk* (Long/Short Equity Fund and U.S. All Cap Index Fund) — The Funds' use of futures contracts, forward contracts, options and swaps is subject to derivatives risk. Derivatives are often more volatile than other investments and may magnify the Funds' gains or losses. There are various factors that affect the Funds' ability to achieve its objective with derivatives. Successful use of a derivative depends upon the degree to which prices of the underlying assets correlate with price movements in the derivatives the Funds buys or sells. The Funds could be negatively affected if the change in market value of its securities fails to correlate perfectly with the values of the derivatives it purchased or sold. The lack of a liquid secondary market for a derivative may prevent the Funds from closing its derivative positions and could adversely impact its ability to achieve its objective and to realize profits or limit losses. Since derivatives may be purchased for a fraction of their value, a relatively small price movement in a derivative may result in an immediate and substantial loss or gain to the Funds. Derivatives are often more volatile than other investments and the Funds may lose more in a derivative than it originally invested in it. Additionally, some derivative instruments are subject to counterparty risk, meaning that the party that issues the derivative may experience a significant credit event and may be unwilling or unable to make timely settlement payments or otherwise honor its obligations.

Forward Contracts. A forward contract involves a negotiated obligation to purchase or sell a specific security or currency at a future date (with or without delivery required), which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. Forward contracts are not traded on exchanges; rather, a bank or dealer will act as agent or as principal in order to make or take future delivery of a specified lot of a particular security or currency for the Fund's account. Risks associated with forwards may include: (i) an imperfect correlation between the movement in prices of forward contracts and the securities or currencies underlying them; (ii) an illiquid market for forwards; (iii) difficulty in obtaining an accurate value for the forwards; and (iv) the risk that the counterparty to the forward contract will default or otherwise fail to honor its obligation. Because forwards require only a small initial investment in the form of a deposit or margin, they also involve a high degree of leverage.

Futures Contracts. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific security or asset at a specified future time and at a specified price. Because futures require only a small initial investment in the form of a deposit or margin, they involve a high degree of leverage. Accordingly, the fluctuation of the value of futures in relation to the underlying assets upon which they are based is magnified. Thus, the Fund may experience losses that exceed losses experienced by funds that do not use futures contracts. There may be imperfect correlation, or even no correlation, between price movements of a futures contract and price movements of investments for which futures are used as a substitute, or which futures are intended to hedge.

Lack of correlation (or tracking) may be due to factors unrelated to the value of the investments being substituted or hedged, such as speculative or other pressures on the markets in which these instruments are traded. Consequently, the effectiveness of futures as a security substitute or as a hedging vehicle will depend, in part, on the degree of correlation between price movements in the futures and price movements in underlying securities or assets. While futures contracts are generally classified as liquid, under certain market conditions they may be classified as illiquid. Futures exchanges may impose daily or intra-day price change limits and/or limit the volume of trading.

Additionally, government regulation may further reduce liquidity through similar trading restrictions. As a result, the Fund may be unable to close out its futures contracts at a time that is advantageous. The successful use of futures depends upon a variety of factors, particularly the ability of the investment managers to predict movements of the underlying securities markets, which

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|  | **OCTOBER 31, 2022** |

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requires different skills than predicting changes in the prices of individual securities. There can be no assurance that any particular futures strategy adopted will succeed.

Options. Options involve the payment or receipt of a premium by the investor and the corresponding right or obligation, as the case may be, to either purchase or sell the underlying security for a specific price at a certain time or during a certain period. Purchasing options involves the risk that the underlying instrument will not change price in the manner expected, so that the investor loses its premium. Selling options involves potentially greater risk because the investor is exposed to the extent of the actual price movement in the underlying security rather than only the premium payment received (which could result in a potentially unlimited loss). If the Fund writes a "covered" call option (i.e., a call option on a security in which the Fund holds a long position), the Fund may not participate fully in a rise in market value of the underlying security. Over-the-counter options also involve counterparty solvency risk.

Swaps. In a swap transaction, two parties agree to exchange the returns, differentials in rates of return or some other amount earned or realized on the "notional amount" of predetermined investments or instruments, which may be adjusted for an interest factor. Swaps can involve greater risks than direct investment in securities, because swaps may be leveraged and are subject to counterparty risk and valuation risk. Swaps may also be classified as illiquid. It may not be possible for the Fund to liquidate a swap position at an advantageous time or price, which may result in significant losses.

*Emerging Markets Securities Risk* (International Equity Fund) – The Fund's investments in emerging markets securities are considered speculative and subject to heightened risks in addition to the general risks of investing in foreign securities. Unlike more established markets, emerging markets may have governments that are less stable, markets that are less liquid and economies that are less developed. In addition, the securities markets of emerging market countries may consist of companies with smaller market capitalizations and may suffer periods of relative illiquidity; significant price volatility; restrictions on foreign investment; and possible restrictions on repatriation of investment income and capital. Furthermore, foreign investors may be required to register the proceeds of sales, and future economic or political crises could lead to price controls, forced mergers, expropriation or confiscatory taxation, seizure, nationalization or creation of government monopolies.

*Equity Risk* (Long/Short Equity Fund, Large Cap Value Fund, Large Cap Growth Fund, Small Cap Fund, U.S. All Cap Index Fund, Real Estate Fund and International Equity Fund) – Since the Funds purchase equity securities, the Funds are subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Funds' equity securities may fluctuate drastically from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. These factors contribute to price volatility, which is the principal risk of investing in the Funds.

*Fixed Income Risk* (Limited Duration Fund and Core Bond Fund) – The market values of fixed income investments change in response to interest rate changes and other factors. During periods of rising interest rates, the values of outstanding fixed income securities generally decrease. Moreover, while securities with longer maturities tend to produce higher yields, the prices of longer maturity securities are also subject to greater market value fluctuations as a result of changes in interest rates. During periods of falling interest rates, certain debt obligations with high interest rates may be prepaid (or "called") by the issuer prior to maturity, and during periods of rising interest rates, certain debt obligations with low interest rates may be extended beyond maturity. Current market conditions may pose heightened risks for the Funds. While interest rates in the U.S. are near historic lows, recent changes in government policy, including the Federal Reserve ending its quantitative easing program and raising the federal funds rate, have increased the risk that interest rates will continue to rise in the near future. A rise in interest rates may, in turn, increase volatility and reduce liquidity in the fixed income markets, and result in a decline in the value of the fixed income investments held by the Funds. In addition, reductions in dealer market-making capacity as a result of structural or regulatory changes could further decrease liquidity and/or increase volatility in the fixed income markets. As a result of these conditions, the Funds' values may fluctuate and/or Funds may experience increased redemptions from shareholders, which may impact the Funds' liquidity or force Funds to sell securities into a declining or illiquid market.

In addition to these risks, fixed income securities may be subject to credit risk, which is the possibility that an issuer will be unable or unwilling to make timely payments of either principal or interest.

*Foreign Company Risk* (Real Estate Fund and International Equity Fund) – Investing in foreign companies, including direct investments and investments through ADRs, poses additional risks since political and economic events unique to a country or region will affect those markets and their issuers. These risks will not necessarily affect the U.S. economy or similar issuers located in the United States. Securities of foreign companies may not be registered with the SEC and foreign companies are generally not subject to the regulatory controls imposed on U.S. issuers and, as a consequence, there is generally less publically available information about foreign securities than is available about domestic securities. Income from foreign securities owned by the Funds may be reduced by a withholding tax at the source, which tax would reduce income received from the securities comprising the Fund's portfolios. Foreign securities may also be more difficult to value than securities of U.S. issuers. While ADRs provide an alternative to directly purchasing the underlying foreign securities in their respective national markets and currencies, investments in ADRs continue to be subject to many of the risks associated with investing directly in foreign securities.

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*Foreign Currency Risk* (Real Estate Fund and International Equity Fund) – As a result of the Fund's investments in securities denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar, in which case, the dollar value of an investment in the Fund would be adversely affected. 

*High Yield Bond Risk* (Limited Duration Fund and Core Bond Fund) – High yield, or "junk," bonds are highly speculative securities that are usually issued by smaller, less creditworthy and/or highly leveraged (indebted) companies. Compared with investment-grade bonds, high yield bonds are considered to carry a greater degree of risk and are considered to be less likely to make payments of interest and principal. In particular, lower-quality high yield bonds (rated CCC, CC, C, or unrated securities judged to be of comparable quality) are subject to a greater degree of credit risk than higher-quality high yield bonds and may be near default. High yield bonds rated D are in default. Market developments and the financial and business conditions of the issuers of these securities generally influence their price and liquidity more than changes in interest rates, when compared to investment-grade debt securities.

*Indexing Strategy/Index Tracking Risk* (U.S. All Cap Index Fund) – The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. While the Sub-Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match or achieve a high degree of correlation with the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and incurs costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions.

*Investment Style Risk* (Long/Short Equity Fund, Large Cap Value Fund and Large Cap Growth Fund) – The Sub-Adviser's value investment style may increase the risks of investing in the Fund. If the Sub-Adviser's assessment of market conditions, or a company's value or prospects for exceeding earnings expectations is inaccurate, the Fund could suffer losses or produce poor performance relative to other funds. In addition, "value stocks" can continue to be undervalued by the market for long periods of time.

*Large-Capitalization Company Risk* (Long/Short Equity Fund, Large Cap Value Fund, Large Cap Growth Fund, U.S. All Cap Index Fund and Real Estate Fund) — The large-capitalization companies in which the Fund invests may not respond as quickly as smaller companies to competitive challenges, and their growth rates may lag the growth rates of well-managed smaller companies during strong economic periods.

*Large Purchase and Redemption Risk* (All Funds) — Large purchases or redemptions of the Fund's shares may force the Fund to purchase or sell securities at times when it would not otherwise do so, and may cause the Fund's portfolio turnover rate and transaction costs to rise, which may negatively affect the Fund's performance and have adverse tax consequences for Fund shareholders.

*Market Risk* (All Funds) – Each Fund is subject to market risk, which is the risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the market as a whole.

Similarly, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Funds invest, which in turn could negatively impact the Funds' performance and cause losses on your investment in the Funds.

*Mortgage-Backed and Asset-Backed Securities Risk* (Limited Duration Fund and Core Bond Fund) – Mortgage-backed securities are fixed income securities representing an interest in a pool of underlying mortgage loans. Mortgage-backed securities are sensitive to changes in interest rates, but may respond to these changes differently from other fixed income securities due to the possibility of prepayment of the underlying mortgage loans. As a result, it may not be possible to determine in advance the actual maturity date or average life of a mortgage-backed security. Rising interest rates tend to discourage refinancings, with the result that the average life and volatility of the security will increase, exacerbating the security's decrease in market price. When interest rates fall, however, mortgage-backed securities may not gain as much in market value because of the expectation of additional mortgage prepayments, which must be reinvested at lower interest rates.

Asset-backed securities are securities backed by non-mortgage assets such as company receivables, truck and auto loans, leases and credit card receivables. Asset-backed securities may be issued as pass-through certificates, which represent undivided fractional ownership interests in the underlying pools of assets. Therefore, repayment depends largely on the cash flows generated by the assets backing the securities. Asset-backed securities entail prepayment risk, which may vary depending on the type of asset, but is generally less than the prepayment risk associated with mortgage-backed securities. Asset-backed securities present credit risks that are not presented by mortgage-backed securities because asset-backed securities generally do not have the benefit of a security interest in collateral that is comparable in quality to mortgage assets. If the issuer of an asset-backed security defaults on its payment obligations, there is the possibility that, in some cases, the Funds will be unable to possess and sell the underlying collateral and that the Funds' recoveries on

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repossessed collateral may not be available to support payments on the security. In the event of a default, a Fund may suffer a loss if the Fund cannot sell collateral quickly and receive the amount the Fund is owed.

*Municipal Bonds Risk* (Limited Duration Fund and Core Bond Fund) – Municipal bonds are fixed income securities issued by state or local governments or their agencies to finance capital expenditures and operations. The obligation to pay principal and interest on municipal bonds may be a general obligation of the state or local government or may be supported only by an agency or a particular source of revenues. Therefore, municipal bonds vary in credit quality. Municipal bonds, like other fixed income securities, rise and fall in value in response to economic and market factors, primarily changes in interest rates, and actual or perceived credit quality. State and local governments rely on taxes and, to some extent, revenues from private projects financed by municipal bonds, to pay interest and principal on municipal bonds. Poor statewide or local economic results or changing political sentiments may reduce tax revenues and increase the expenses of municipal issuers, making it more difficult for municipal issuers to meet their obligations. Also, there may be economic or political changes that impact the ability of issuers of municipal bonds to repay principal and to make interest payments. Any changes in the financial condition of municipal issuers may also adversely affect the value of the Funds' securities.

*Portfolio Turnover Risk* (Long/Short Equity Fund, Large Cap Growth Fund and Real Estate Fund) — Due to its investment strategy, the Funds may buy and sell securities frequently. This may result in higher transaction costs and additional capital gains tax liabilities, which may affect the Funds' performance.

*Real Estate Investment Trusts Risk* (U.S. All Cap Index Fund and Real Estate Fund) – REITs are pooled investment vehicles that own, and usually operate, income-producing real estate or finance real estate. REITs are susceptible to the risks associated with direct ownership of real estate, as discussed above. REITs typically incur fees that are separate from those of the Fund. Accordingly, the Fund's investments in REITs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the REITs' operating expenses, in addition to paying Fund expenses.

*Real Estate Sector Risk* (Real Estate Fund) – Securities of companies principally engaged in the real estate sector may be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include (i) changes in general economic and market conditions; (ii) changes in the value of real estate properties; (iii) risks related to local economic conditions, overbuilding and increased competition; (iv) increases in property taxes and operating expenses; (v) changes in zoning laws; (vi) casualty and condemnation losses; (vii) variations in rental income, neighborhood values or the appeal of property to tenants; (viii) the availability of financing; and (ix) changes in interest rates and quality of credit extended. In addition, the performance of the economy in each of the regions and countries in which the real estate owned by a company is located affects occupancy, market rental rates and expenses and, consequently, has an impact on the income from such properties and their underlying values. In addition to these risks, some REITs and real estate operating companies ("REOCs") have limited diversification because they invest in a limited number of properties, a narrow geographic area, or a single type of property. Moreover, certain real estate investments may be illiquid and, therefore, the ability of REITs and REOCs to reposition their portfolios promptly in response to changes in economic or other conditions is limited. These factors may increase the volatility of the Fund's investments in REITs or REOCs.

*Sector Emphasis Risk* (Long/Short Equity Fund and Real Estate Fund) – The securities of companies in the same business sector, if comprising a significant portion of the Funds' portfolio, may in some circumstances react negatively to market conditions, interest rates and economic, regulatory or financial developments and adversely affect the value of the portfolio to a greater extent than if such securities comprised a lesser portion of the Funds' portfolio or the Funds' portfolio was diversified across a greater number of industry sectors.

*Short Sales Risk* (Long/Short Equity Fund) – A short sale involves the sale of a security that the Fund does not own in the expectation of purchasing the same security (or a security exchangeable therefore) at a later date at a lower price. Short sales expose the Fund to the risk that it will be required to buy the security sold short (also known as "covering" the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund. Investment in short sales may also cause the Fund to incur expenses related to borrowing securities. Reinvesting proceeds received from short selling may create leverage which can amplify the effects of market volatility on the Fund and, therefore, the Fund's share prices. Theoretically, uncovered short sales have the potential to expose the Fund to unlimited losses.

*Small-Capitalization Company Risk* (Small Cap Fund, U.S. All Cap Index Fund and Real Estate Fund) – The small-capitalization companies in which the Funds invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, investments in these small-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, small-capitalization stocks may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed on an exchange.

*Credit Risk* (Limited Duration Fund and Core Bond Fund) – The credit rating or financial condition of an issuer may affect the value of a fixed income security. Generally, the lower the credit quality of a security, the greater the perceived risk that the issuer will fail to pay interest fully and return principal in a timely manner. If an issuer defaults or becomes unable to honor its financial obligations, the security may lose some or all of its value.

**90** 

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|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS FUNDS** |
|  | **OCTOBER 31, 2022** |

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*Interest Rate Risk* (Limited Duration Fund and Core Bond Fund) – As with most funds that invest in fixed income securities, changes in interest rates could affect the value of your investment. Rising interest rates tend to cause the prices of fixed income securities (especially those with longer maturities and lower credit qualities) and the Fund's share price to fall. Very low or negative interest rates may prevent the Fund from generating positive returns and may increase the risk that if followed by rising interest rates the Fund's performance will be negatively impacted.

*Prepayment and Extension Risk* (Limited Duration Fund and Core Bond Fund) – When interest rates fall, issuers of high interest debt obligations may pay off the debts earlier than expected (prepayment risk), and the Fund may have to reinvest the proceeds at lower yields. When interest rates rise, issuers of lower interest debt obligations may pay off the debts later than expected (extension risk), thus keeping the Fund's assets tied up in lower interest debt obligations.

*U.S. Government Securities Risk* (Limited Duration Fund and Core Bond Fund) – The Fund's investment in U.S. government obligations may include securities issued or guaranteed as to principal and interest by the U.S. government, or its agencies or instrumentalities. Payment of principal and interest on U.S. government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. There can be no assurance that the U.S. government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so. In addition, U.S. government securities are not guaranteed against price movements due to changing interest rates.

*Corporate Fixed Income Securities Risk* (Limited Duration Fund and Core Bond Fund) – The prices of the Fund's corporate fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness and business prospects of individual issuers.

*Liquidity Risk* (Limited Duration Fund and Core Bond Fund) – Certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on Fund management or performance.

*Quantitative Investing Risk* (Large Cap Value Fund, Large Cap Growth Fund, Small Cap Fund and International Equity Fund) – There is no guarantee that a quantitative model or algorithm used by the Adviser, and the investments selected based on the model or algorithm, will perform as expected or produce the desired results. The Fund may be adversely affected by imperfections, errors or limitations in the construction and implementation of the model or algorithm and the Adviser's ability to properly analyze or timely adjust the metrics or update the data underlying the model or features of the algorithm.

*Information Technology Sector Risk* (Large Cap Growth Fund) – Information technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Like other technology companies, information technology companies may have limited product lines, markets, financial resources or personnel. The products of information technology companies may face product obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Companies in the information technology sector are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies. Finally, while all companies may be susceptible to network security breaches, certain companies in the information technology sector may be particular targets of hacking and potential theft of proprietary or consumer information or disruptions in service, which could have a material adverse effect on their businesses.

*Foreign/Emerging Markets Securities Risk* (Real Estate Fund and International Equity Fund) – Investments in securities of foreign companies (including direct investments as well as investments through depositary receipts) can be more volatile than investments in U.S. companies. Diplomatic, political, or economic developments, including nationalization or appropriation, could affect investments in foreign companies. Foreign securities markets generally have less trading volume and less liquidity than U.S. markets. In addition, the value of securities denominated in foreign currencies, and of dividends from such securities, can change significantly when foreign currencies strengthen or weaken relative to the U.S. dollar. Financial statements of foreign issuers are governed by different accounting, auditing, and financial reporting standards than the financial statements of U.S. issuers and may be less transparent and uniform than in the United States. Thus, there may be less information publicly available about foreign issuers than about most U.S. issuers. Transaction costs are generally higher than those in the United States and expenses for custodial arrangements of foreign securities may be somewhat greater than typical expenses for custodial arrangements of similar U.S. securities. Some foreign governments levy withholding taxes against dividend and interest income. Although in some countries a portion of these taxes are recoverable, the non-recovered portion will reduce the income received from the securities comprising a Fund's portfolio. These risks may be heightened with respect to emerging market countries since political turmoil and rapid changes in economic conditions are more likely to occur in these countries.

Certain foreign countries have experienced outbreaks of infectious illnesses and may be subject to other public health threats, infectious illnesses, diseases or similar issues in the future. Any spread of an infectious illness, public health threat or similar issue could reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and generally have a significant impact on the economies of the affected country and other countries with which it does business, which in turn could adversely affect a Fund's investments in that country and other affected countries.

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|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS FUNDS** |
|  | **OCTOBER 31, 2022** |

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A Fund may invest in unsponsored American Depositary Receipts ("ADRs"), which are issued by one or more depositaries without a formal agreement with the company that issues the underlying securities. Holders of unsponsored ADRs generally bear all the costs thereof, and the depositaries of unsponsored ADRs frequently are under no obligation to distribute shareholder communications received from the issuers of the underlying securities or to pass through voting rights with respect to the underlying securities. In addition, the issuers of the securities underlying unsponsored ADRs are not obligated to disclose material information in the United States and, therefore, there may be less information available regarding such issuers and there may not be a correlation between such information and the market value of the ADRs.

*LIBOR Replacement Risk* (All Funds) – The elimination of LIBOR may adversely affect the interest rates on, and value of, certain Fund investments for which the value is tied to LIBOR. Such investments may include bank loans, derivatives, floating rate securities, and other assets or liabilities tied to LIBOR. On July 27, 2017, the U.K. Financial Conduct Authority announced that it intends to stop compelling or inducing banks to submit LIBOR rates after 2021. The publication of LIBOR on a representative basis ceased for the one-week and two-month U.S. dollar LIBOR settings immediately after December 31, 2021 and is expected to cease for the remaining U.S. dollar LIBOR settings immediately after June 30, 2023. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies. The U.S. Federal Reserve, based on the recommendations of the New York Federal Reserve's Alternative Reference Rate Committee (comprised of major derivative market participants and their regulators), has begun publishing a Secured Overnight Financing Rate ("SOFR"), which is intended to replace U.S. dollar LIBOR. Alternative reference rates for other currencies have also been announced or have already begun publication. Markets are slowly developing in response to these new rates. Questions around liquidity impacted by these rates, and how to appropriately adjust these rates at the time of transition, remain a concern for the Funds. The effect of any changes to, or discontinuation of, LIBOR on the Funds will vary depending on, among other things, (1) existing fallback or termination provisions in individual contracts and (2) whether, how, and when industry participants develop and adopt new reference rates and fallbacks for both legacy and new products and instruments. Accordingly, it is difficult to predict the full impact of the transition away from LIBOR on the Funds until new reference rates and fallbacks for both legacy and new products, instruments and contracts are commercially accepted.

The foregoing is not intended to be a complete discussion of the risks associated with investing in the Funds. A more complete description of risks associated with the Funds is included in the prospectus and statement of additional information.

**11. In-Kind Transactions:** 

During the year ended October 31, 2022, the Limited Duration Fund redeemed shares of beneficial interest in exchange for securities and cash. The securities were redeemed at their current value on the date of the transaction.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Transaction<br> Date | Shares<br> Redeemed | Cash | Investment<br>Securities at Value | Interest Accrued | Total | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized Gains <br>(Losses) |
|  4/29/2022 | 1595855 | $578615 | $14756218 | $65167 | $15400000 | $(548748) |

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**12. Other:** 

At October 31, 2022, the percentage of total shares outstanding held by shareholders for each Fund, which are comprised of affiliated omnibus accounts, unless otherwise indicated, that are held on behalf of various individual shareholders, was as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | No. of<br> Shareholders <br>I Shares | % Ownership | No. of<br>Shareholders<br>Class S Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% Ownership |
|  Limited Duration Fund | 2 | 36% | 1 | 86% |
|  Core Bond Fund | 2 | 36% | 1 | 92% |
|  Long/Short Equity Fund | 3 | 76% |  |  |
|  Large Cap Value Fund | 2 | 36% | 2 | 96% |
|  Large Cap Growth Fund | 2 | 41% | 1 | 95% |
|  Small Cap Fund | 2 | 56% | 3 | 100% |
|  U.S. All Cap Index Fund | 3 | 55% |  |  |
|  Real Estate Fund | 1 | 73% |  |  |
|  International Equity Fund | 2 | 51% | 3 | 86% |

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**13. Indemnifications:** 

In the normal course of business, the Funds enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be established; however, based on experience, the risk of loss from such claims is considered remote.

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|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS FUNDS** |
|  | **OCTOBER 31, 2022** |

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**14. Subsequent Events:** 

The Funds have been evaluated by management regarding the need for additional disclosures and/or adjustments resulting from subsequent events. Based on this evaluation, no additional adjustments were required to the financial statements.

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|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS FUNDS** |
|  | **OCTOBER 31, 202** |

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Board of Trustees of The Advisors' Inner Circle Fund III and Shareholders of Knights of Columbus Limited Duration Fund, Knights of Columbus Core Bond Fund, Knights of Columbus Long/Short Equity Fund, Knights of Columbus Large Cap Value Fund, Knights of Columbus Large Cap Growth Fund, Knights of Columbus Small Cap Fund, Knights of Columbus U.S. All Cap Index Fund, Knights of Columbus Real Estate Fund, and Knights of Columbus International Equity Fund

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Knights of Columbus Limited Duration Fund, Knights of Columbus Core Bond Fund, Knights of Columbus Long/Short Equity Fund, Knights of Columbus Large Cap Value Fund, Knights of Columbus Large Cap Growth Fund, Knights of Columbus Small Cap Fund, Knights of Columbus U.S. All Cap Index Fund, Knights of Columbus Real Estate Fund, and Knights of Columbus International Equity Fund (nine of the Funds constituting The Advisors' Inner Circle Fund III, hereafter collectively referred to as the "Funds") as of October 31, 2022, the related statements of operations for the year ended October 31, 2022, the statements of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2022 and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinions***

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

December 30, 2022

We have served as the auditor of one or more investment companies in Knights of Columbus Asset Advisors since 2015.

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|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS FUNDS** |

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**TRUSTEES AND OFFICERS OF THE ADVISORS' INNER CIRCLE FUND III** (UNAUDITED)

Set forth below are the names, years of birth, positions with the Trust, length of term of office, and the principal occupations for the last five years of each of the persons currently serving as Trustees and Officers of the Trust. Unless otherwise noted, the business address of each Trustee is SEI Investments Company, One Freedom Valley Drive, Oaks, Pennsylvania 19456. Trustees who are deemed not to be "interested persons" of the Trust are referred to as "Independent Board Members." Mr. Doran is a Trustee who may be deemed to be "interested" person of the Trust as that term is defined in the 1940 Act by virtue of their affiliation with the Trust's Distributor. The Trust's Statement of Additional Information ("SAI") includes additional information about the Trustees and Officers. The SAI may be obtained without charge by calling 1-844-523-8637. The following chart lists Trustees and Officers as of October 31, 2022.

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| | | | |
|:---|:---|:---|:---|
| Name and<br> Year of Birth<br>| Position with<br>Trust and<br>Length<br> of Time Served<sup>1</sup><br>| Principal Occupations<br> in the Past Five Years<br>| Other Directorships<br> Held in the Past Five Years<sup>2</sup><br>|
|  INTERESTED TRUSTEES**<sup>3,4</sup>**  |  |  |  |
| William M. Doran<br> (Born: 1940) | Chairman of the<br> Board of Trustees<br> (since 2014) | Self-Employed Consultant since<br> 2003. Partner at Morgan, Lewis & Bockius LLP (law firm) from 1976 to 2003. Counsel to the Trust, SEI Investments, SIMC, the Administrator and the Distributor. Secretary of SEI Investments since 1978. | Current Directorships: Trustee of Gallery Trust, Delaware Wilshire Private Markets Master Fund, Delaware Wilshire Private Markets Fund, Delaware Wilshire Private Markets Tender Fund, SEI Daily Income Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Institutional Managed Trust, SEI Asset Allocation Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds, SEI Insurance Products Trust and SEI Catholic Values Trust. Director of SEI Investments, SEI Investments (Europe), Limited, SEI Investments—Global Funds Services, Limited, SEI Investments Global, Limited, SEI Investments (Asia), Limited, SEI Global Nominee Ltd., SEI Investments – Unit Trust Management (UK) Limited and SEI Investments Co. Director of the Distributor.<br>Former Directorships: Trustee of Winton Series Trust to 2017. Trustee of The Advisors' Inner Circle Fund, The Advisors' Inner Circle Fund II, Bishop Street Funds, The KP Funds and Winton Diversified Opportunities Fund (closed-end investment company) to 2018. Trustee of Schroder Global Series Trust to 2021. Trustee of Schroder Series Trust to 2022. |
|  INDEPENDENT TRUSTEES**<sup>3</sup>**  |  |  |  |
| Jon C. Hunt<br> (Born: 1951) | Trustee and Lead<br> Independent<br> Trustee<br> (since 2014) | Retired since 2013. Consultant to Management, Convergent Capital Management, LLC ("CCM") from 2012 to 2013. Man-aging Director and Chief Operating Officer, CCM from 1998 to 2012. | Current Directorships: Trustee of City National Rochdale Funds, Gallery Trust, Delaware Wilshire Private Markets Master Fund, Delaware Wilshire Private Markets Fund and Delaware Wilshire Private Markets Tender Fund. Director of Chiron Capital Allocation Fund Ltd.<br>Former Directorships: Trustee of Winton Series Trust to 2017. Trustee of Winton Diversified Opportunities Fund (closed-end investment company) to 2018. Trustee of Schroder Global Series Trust to 2021. Trustee of Schroder Series Trust to 2022. |

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1 Each Trustee shall hold office during the lifetime of this Trust until the election and qualification of his or her successor, or until he or she sooner dies, resigns, or is removed in accordance with the Trust's Declaration of Trust.

2 Directorships of Companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e., "public compa-nies") or other investment companies under the 1940 Act.

3 Trustees oversee 65 funds in The Advisors' Inner Circle Fund III.

4 Denotes Trustees who may be deemed to be "interested" persons of the Fund as that term is defined in the 1940 Act by virtue of their affiliation with the Distributor and/or its affiliates.

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| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS FUNDS** |

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**TRUSTEES AND OFFICERS OF THE ADVISORS' INNER CIRCLE FUND III** (UNAUDITED)

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| | | | |
|:---|:---|:---|:---|
| Name and<br>Year of Birth | Position with Trust<br>and Length of Time<br>Served | Principal Occupations<br>in the Past Five Years<sup>1</sup> | Other Directorships<br>Held in the Past Five Years<sup>2</sup> |
| INDEPENDENT TRUSTEES (continued)**<sup>3</sup>** | INDEPENDENT TRUSTEES (continued)**<sup>3</sup>** | INDEPENDENT TRUSTEES (continued)**<sup>3</sup>** | INDEPENDENT TRUSTEES (continued)**<sup>3</sup>** |
| Thomas P. Lemke<br> (Born: 1954) | Trustee<br> (since 2014) | Retired since 2013. Executive Vice President and General Counsel, Legg Mason, Inc. from 2005 to 2013. | Current Directorships: Trustee of Gallery Trust, Delaware Wilshire Private Markets Master Fund, Delaware Wilshire Private Markets Fund, Delaware Wilshire Private Markets Tender Fund, J.P. Morgan Funds (171 Portfolios) and Symme-try Panoramic Trust (16 Portfolios). Director of Chiron Capital Allocation Fund Ltd.<br>Former Directorships: Trustee of Winton Series Trust and AXA Premier VIP Trust to 2017. Trustee of Winton Diver-sified Opportunities Fund (closed-end investment company) to 2018. Trustee of Schroder Global Series Trust to 2021. Trustee of Schroder Series Trust to 2022. |
| Nichelle May- nard-Elliott<br> (Born: 1968) | Trustee<br> (since 2021) | Independent Director since 2018. Executive Director, M&A at Praxair Inc. from 2011-2019. | Current Directorships: Trustee of Gallery Trust, Delaware Wilshire Private Markets Master Fund, Delaware Wilshire Private Markets Fund, Delaware Wilshire Private Markets Tender Fund. Director of Chiron Capital Allocation Fund Ltd. Director of Element Solutions Inc., Director of Xerox Hold-ings Corporation, and Director of Lucid Group, Inc.<br>Former Directorships: Trustee of Schroder Global Series Trust to 2021. Trustee of Schroder Series Trust to 2022. |
| Jay C. Nadel<br> (Born: 1958) | Trustee<br> (since 2016) | Self-Employed Consultant since 2004. Executive Vice Pres-ident, Bank of New York Broker Dealer from 2002 to 2004. Partner/Managing Director, Weiss Peck & Greer/Robeco from 1986 to 2001. | Current Directorships: Chairman of the Board of Trustees of City National Rochdale Funds. Trustee of Gallery Trust, Delaware Wilshire Private Markets Master Fund, Delaware Wilshire Private Markets Fund and Delaware Wilshire Private Markets Tender Fund. Director of Chiron Capital Allocation Fund Ltd.<br>Former Directorships: Trustee of Winton Series Trust to 2017. Director of Lapolla Industries, Inc. to 2017. Trustee of Winton Diversified Opportunities Fund (closed-end investment company) to 2018. Trustee of Schroder Global Series Trust to 2021. Trustee of Schroder Series Trust to 2022. |
| Randall S. Yanker<br> (Born: 1960) | Trustee<br> (since 2014) | Co-Founder and Senior Partner, Alternative Asset Managers, L.P. since 2004. | Current Directorships: Trustee of Gallery Trust, Delaware Wilshire Private Markets Master Fund, Delaware Wilshire Private Markets Fund and Delaware Wilshire Private Markets Tender Fund. Independent Non-Executive Director of HFA Holdings Limited. Director of Chiron Capital Allocation Fund Ltd.<br>Former Directorships: Trustee of Winton Series Trust to 2017. Trustee of Winton Diversified Opportunities Fund (closed-end investment company) to 2018. Trustee of Schroder Global Series Trust to 2021. Trustee of Schroder Series Trust to 2022. |

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1 Each Trustee shall hold office during the lifetime of this Trust until the election and qualification of his or her successor, or until he or she sooner dies, resigns, or is removed in accordance with the Trust's Declaration of Trust.

2 Directorships of Companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e., "public companies") or other investment companies under the 1940 Act.

3 Trustees oversee 65 funds in The Advisors' Inner Circle Fund III.

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| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS FUNDS** |

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**TRUSTEES AND OFFICERS OF THE ADVISORS' INNER CIRCLE FUND III** (UNAUDITED)

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| | | | |
|:---|:---|:---|:---|
| Name and<br>Year of Birth | Position(s) with<br> Trust and Length<br> of Time Served | Principal Occupation<br> in the Past Five Years | Other Directorships<br> Held in the Past Five Years |
|  OFFICERS |  |  |  |
| Michael Beattie<br>(Born: 1965) | President<br>(since 2014) | Director of Client Service, SEI Investments, since 2004. | None. |
| James Bernstein (Born: 1962) | Vice President<br>(since 2017)<br>Secretary (since 2020) | Attorney, SEI Investments, since 2017.<br>Prior Positions: Self-employed consultant, 2017. Associate General Counsel & Vice President, Nationwide Funds Group and Nationwide Mutual Insurance Company, from 2002 to 2016. Assistant General Counsel & Vice President, Market Street Funds and Provident Mutual Insurance Company, from 1999 to 2002. | None. |
| John Bourgeois<br>(Born: 1973) | Assistant Treasurer<br>(since 2017) | Fund Accounting Manager, SEI Investments, since 2000. | None. |
| Eric C. Griffith<br>(Born: 1969) | Vice President and Assistant Secretary<br>(since 2020) | Counsel at SEI Investments since 2019. Vice President and Assistant General Counsel, JPMorgan Chase & Co., from 2012 to 2018. | None. |
| Matthew M. Maher<br>(Born: 1975) | Vice President and Assistant Secretary<br>(since 2018) | Counsel at SEI Investments since 2018. Attorney, Blank Rome LLP, from 2015 to 2018. Assistant Counsel & Vice President, Bank of New York Mellon, from 2013 to 2014. Attorney, Dilworth Paxson LLP, from 2006 to 2013. | None. |
| Andrew Metzger<br>(Born: 1980) | Treasurer, Controller and Chief Financial Officer<br>(since 2021) | Director of Fund Accounting, SEI Investments, since 2020. Senior Director, Embark, from 2019 to 2020. Senior Manager, Pricewater- houseCoopers LLP, from 2002 to 2019. | None. |

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| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS FUNDS** |

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**TRUSTEES AND OFFICERS OF THE ADVISORS' INNER CIRCLE FUND III** (UNAUDITED)

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| | | | |
|:---|:---|:---|:---|
| Name and<br>Year of Birth | Position(s) with<br>Trust and Length<br>of Time Served | Principal Occupation<br> in the Past Five Years | Other Directorships<br>Held in the Past Five Years |
|  OFFICERS (continued) |  |  |  |
| Robert Morrow (Born: 1968) | Vice President<br>(since 2017) | Account Manager, SEI Investments, since 2007. | None. |
| Stephen F. Panner<br>(Born: 1970) | Chief Compliance Officer<br>(since 2022) | Chief Compliance Officer of SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Investments Trust, SEI Institutional International Trust, SEI Institutional Managed Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust, SEI Exchange Traded Funds, SEI Structured Credit Fund LP, The Advisors' Inner Circle Fund, The Advisors' Inner Circle Fund II, The Advisors' Inner Circle Fund III, Bishop Street Funds, Frost Family of Funds, Gallery Trust, Delaware Wilshire Private Markets Fund, Delaware Wilshire Private Markets Master Fund, Delaware Wilshire Private Markets Tender Fund and Catholic Responsible Investments Funds since September 2022. Fund Compliance Officer of SEI Investments Company from February 2011 to September 2022. Fund Accounting Director and CFO and Controller for the SEI Funds from July 2005 to February 2011. | None. |
| Alexander F. Smith<br>(Born: 1977) | Vice President and Assistant Secretary<br>(since 2020) | Counsel at SEI Investments since 2020. Associate Counsel & Manager, Vanguard, 2012 to 2020. Attorney, Stradley Ronon Stevens & Young, LLP, 2008 to 2012. | None. |
| Bridget E. Sudall<br>(Born: 1980) | Privacy Officer<br>(from 2015 – June 2022 and since November 2022)<br>Anti-Money Laun- dering Officer<br>(from 2015 – June 2022 and since November 2022) | Senior Associate and AML Officer, Morgan Stanley Alternative Investment Partners, from 2011 to 2015. Investor Services Team Lead, Morgan Stanley Alternative Investment Part- ners, from 2007 to 2011. | None. |

---

**98** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS FUNDS** |

---

**DISCLOSURE OF FUND EXPENSES *(Unaudited)*** 

All mutual funds have operating expenses. As a shareholder of a mutual fund, your investment is affected by these ongoing costs, which include (among others) costs for fund management, administrative services, and shareholder reports like this one. It is important for you to understand the impact of these costs on your investment returns.

Operating expenses such as these are deducted from a mutual fund's gross income and directly reduce your investment return. These expenses are expressed as a percentage of a mutual fund's average net assets; this percentage is known as a mutual fund's expense ratio.

The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period (May 1, 2022 to October 31, 2022).

The table on the next page illustrates your Fund's costs in two ways:

• **Actual Fund Return.** This section helps you to estimate the actual expenses after fee waivers that your Fund incurred over the six month period. The "Expenses Paid During Period" column shows the actual dollar expense cost incurred by a $1,000 investment in the Fund, and the "Ending Account Value" number is derived from deducting that expense cost from the Fund's gross investment return.

You can use this information, together with the actual amount you invested in the Fund, to estimate the expenses you paid over that six month period. Simply divide your actual starting account value by $1,000 to arrive at a ratio (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply that ratio by the number shown for your Fund under "Expenses Paid During Period."

• **Hypothetical 5% Return.** This section helps you compare your Fund's costs with those of other mutual funds. It assumes that the Fund had an annual 5% return before expenses during the year, but that the expense ratio (Column 3) for the period is unchanged. This example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to make this 5% calculation. You can assess your Fund's comparative cost by comparing the hypothetical result for your Fund in the "Expenses Paid During Period" column with those that appear in the same charts in the shareholder reports for other mutual funds.

**NOTE:** Because the hypothetical return is set at 5% for comparison purposes — NOT your Fund's actual return — the account values shown may not apply to your specific investment.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Beginning<br>Account<br>Value<br>5/1/22 | Ending<br>Account<br>Value<br>10/31/22 | Annualized<br> Expense<br>Ratios | Expenses<br>Paid<br>During<br>Period\* |
|  **Limited Duration Fund** | **Limited Duration Fund** |  |  |  |
|  **Actual Fund Return** |  |  |  |  |
|  I Shares | $1000.00 | $981.90 | 0.50% | $2.50 |
|  Class S Shares | 1000.00 | 982.40 | 0.60 | 3.00 |
|  **Hypothetical 5% Return** | **Hypothetical 5% Return** |  |  |  |
|  I Shares | $1000.00 | $1022.69 | 0.50% | $2.55 |
|  Class S Shares | 1000.00 | 1022.18 | 0.60 | 3.06 |
|  **Core Bond Fund** |  |  |  |  |
|  **Actual Fund Return** |  |  |  |  |
|  I Shares | $1000.00 | $923.40 | 0.50% | $2.42 |
|  Class S Shares | 1000.00 | 923.90 | 0.60 | 2.91 |
|  **Hypothetical 5% Return** | **Hypothetical 5% Return** |  |  |  |
|  I Shares | $1000.00 | $1022.69 | 0.50% | $2.55 |
|  Class S Shares | 1000.00 | 1022.18 | 0.60 | 3.06 |
|  **Long/Short Equity Fund** | **Long/Short Equity Fund** | **Long/Short Equity Fund** | **Long/Short Equity Fund** | **Long/Short Equity Fund** |
|  **Actual Fund Return** |  |  |  |  |
|  I Shares | $1000.00 | $1012.10 | 2.15%† | $10.90 |
|  **Hypothetical 5% Return** | **Hypothetical 5% Return** |  |  |  |
|  I Shares | $1000.00 | $1014.37 | 2.15%† | $10.92 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Beginning<br>Account<br>Value<br>5/1/22 | Ending<br>Account<br>Value<br>10/31/22 | Annualized<br> Expense<br>Ratios | Expenses<br>Paid<br>During<br>Period\* |
|  **Large Cap Value Fund** | **Large Cap Value Fund** |  |  |  |
|  **Actual Fund Return** |  |  |  |  |
|  I Shares | $1000.00 | $978.10 | 0.90% | $4.49 |
|  Class S Shares | 1000.00 | 977.60 | 1.00 | 4.98 |
|  **Hypothetical 5% Return** | **Hypothetical 5% Return** |  |  |  |
|  I Shares | $1000.00 | $1020.67 | 0.90% | $4.58 |
|  Class S Shares | 1000.00 | 1020.16 | 1.00 | 5.09 |
|  **Large Cap Growth Fund** | **Large Cap Growth Fund** | **Large Cap Growth Fund** | **Large Cap Growth Fund** | **Large Cap Growth Fund** |
|  **Actual Fund Return** |  |  |  |  |
|  I Shares | $1000.00 | $899.80 | 0.90% | $4.31 |
|  Class S Shares | 1000.00 | 899.90 | 1.00 | 4.79 |
|  **Hypothetical 5% Return** | **Hypothetical 5% Return** |  |  |  |
|  I Shares | $1000.00 | $1020.67 | 0.90% | $4.58 |
|  Class S Shares | 1000.00 | 1020.16 | 1.00 | 5.09 |
|  **Small Cap Fund** | **Small Cap Fund** | **Small Cap Fund** | **Small Cap Fund** | **Small Cap Fund** |
|  **Actual Fund Return** |  |  |  |  |
|  I Shares | $1000.00 | $971.40 | 1.05% | $5.22 |
|  Class S Shares | 1000.00 | 970.80 | 1.13 | 5.61 |
|  **Hypothetical 5% Return** | **Hypothetical 5% Return** |  |  |  |
|  I Shares | $1000.00 | $1019.91 | 1.05% | $5.35 |
|  Class S Shares | 1000.00 | 1019.51 | 1.13 | 5.75 |

---

**99** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS FUNDS** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Beginning<br>Account<br>Value<br>5/1/22 | Ending<br>Account<br>Value<br>10/31/22 | Annualized<br>Expense<br>Ratios | Expenses<br>Paid<br>During<br>Period\* |
|  **U.S. All Cap Index Fund** | **U.S. All Cap Index Fund** |  |  |  |
|  **Actual Fund Return** |  |  |  |  |
|  I Shares | $1000.00 | $937.30 | 0.25% | $1.22 |
|  **Hypothetical 5% Return** | **Hypothetical 5% Return** |  |  |  |
|  I Shares | $1000.00 | $1023.95 | 0.25% | $1.28 |
|  **Real Estate Fund** | **Real Estate Fund** | **Real Estate Fund** | **Real Estate Fund** | **Real Estate Fund** |
|  **Actual Fund Return** |  |  |  |  |
|  I Shares | $1000.00 | $809.10 | 1.00% | $4.56 |
|  **Hypothetical 5% Return** | **Hypothetical 5% Return** |  |  |  |
|  I Shares | $1000.00 | $1020.16 | 1.00% | $5.09 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Beginning<br>Account<br>Value<br>5/1/22 | Ending<br>Account<br>Value<br>10/31/22 | Annualized<br>Expense<br>Ratios | Expenses<br>Paid<br>During<br>Period\* |
|  **International Equity Fund** | **International Equity Fund** | **International Equity Fund** | **International Equity Fund** | **International Equity Fund** |
|  **Actual Fund Return** | **Actual Fund Return** |  |  |  |
|  I Shares | $1000.00 | $851.10 | 1.10% | $5.13 |
|  Class S Shares | 1000.00 | 851.00 | 1.20 | 5.60 |
|  **Hypothetical 5% Return** | **Hypothetical 5% Return** |  |  |  |
|  I Shares | $1000.00 | $1019.66 | 1.10% | $5.60 |
|  Class S Shares | 1000.00 | 1019.16 | 1.20 | 6.11 |

---

\* Expenses are equal to the Fund's annualized expense ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown).

†The annualized expense ratios include dividend expense incurred during the six-month period. Annualized dividend expense of average net assets totaled 0.65%. Had this expense not been included the ratio would have been 1.50%.

**100** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KNIGHTS OF COLUMBUS FUNDS** |

---

**NOTICE TO SHAREHOLDERS *(Unaudited)*** 

For shareholders that do not have an October 31, 2022 tax year end, this notice is for informational purposes only. For shareholders with an October 31, 2022 tax year end, please consult your tax advisor as to the pertinence of this notice. For the fiscal year ended October 31, 2022, the Funds are designating the following items with regard to distributions paid during the period.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Return**<br> **of**<br> **Capital** | **Long Term<br>Capital Gain<br>Distribution** | **Ordinary<br>Income<br>Distributions** | **Total<br>Distributions** | **Dividends<br>Qualifying for<br>Corporate<br>Dividend<br>Receivable<br>Deduction<sup>(1)</sup>** | **Qualifying<br>Dividend<br>Income<sup>(2)</sup>** | **U.S.<br>Government<br>Interest<sup>(3)</sup>** | **Qualified<br>Interest**<br> **Income<sup>(4)</sup>** | **Qualified<br>Short<br>Term<br>Capital<br>Gain<sup>(5)</sup>** | **Foreign<br>Tax<br>Credit<sup>(6)</sup>** | **Qualifying<br>Business<br>Income<sup>(7)</sup>** |
|  Limited Duration Fund | 0.00% | 7.72% | 92.28% | 100.00% | 0.00% | 0.00% | 24.16% | 93.01% | 0.00% | 0.00% | 0.00% |
|  Core Bond Fund | 0.00% | 0.00% | 100.00% | 100.00% | 0.00% | 0.00% | 17.92% | 89.21% | 0.00% | 0.00% | 0.00% |
|  Long/Short Equity Fund | 0.00% | 0.00% | 100.00% | 100.00% | 16.42% | 17.60% | 17.93% | 5.81% | 100.00% | 0.00% | 0.00% |
|  Large Cap Value Fund | 0.00% | 62.08% | 37.92% | 100.00% | 87.20% | 90.76% | 0.00% | 0.57% | 100.00% | 0.00% | 2.72% |
|  Large Cap Growth Fund | 0.11% | 67.04% | 32.85% | 100.00% | 0.00% | 0.00% | 0.00% | 0.00% | 100.00% | 0.00% | 0.00% |
|  Small Cap Fund | 0.00% | 82.97% | 17.03% | 100.00% | 0.00% | 0.00% | 0.00% | 0.00% | 100.00% | 0.00% | 0.00% |
|  U.S. All Cap Index Fund | 0.00% | 17.12% | 82.88% | 100.00% | 92.53% | 92.86% | 0.00% | 1.21% | 100.00% | 0.00% | 2.21% |
|  Real Estate Fund | 0.00% | 1.43% | 98.57% | 100.00% | 2.77% | 3.27% | 0.00% | 0.00% | 100.00% | 0.00% | 5.55% |
|  International Equity Fund | 0.20% | 68.63% | 31.17% | 100.00% | 0.29% | 96.12% | 0.00% | 0.40% | 100.00% | 3.06% | 0.24% |

---

*(1)* *Qualifying dividends represent dividends which qualify for the corporate dividends received deduction and is reflected as a percentage of ordinary Income distributions (the total of short term capital gain and net investment income distributions).* 

*(3)* *U.S. Government Interest represents the amount of interest that was derived from U.S. Government obligations and distributed during the fiscal year. This amount is reflected as a percentage of total ordinary income distributions (the total of short term capital gain and net investment income distributions). Generally, interest from direct U.S. Government obligations is exempt from state income tax. However, for shareholders who are residents of California, Connecticut and New York, the statutory threshold requirements were not satisfied to permit exemption of these amounts from state income.* 

*(6)* *The percentage in this column represents the amount of "Qualifying Foreign Taxes" as a percentage of ordinary distributions during the fiscal year ended October 31, 2022. The Fund intends to pass through a Foreign Tax Credit to shareholders for fiscal year ended 2022. The total amount of foreign source income for the International Equity Fund is $3,718,136. The total amount of foreign tax paid for the International Equity Fund is $499,562. Your allocation share of the foreign tax credit will be reported on form 1099-DIV.* 

*The information reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2022. Complete information will be computed and reported in conjunction with your 2022 Form 1099-DIV.* 

**101** 

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**Knights of Columbus Funds** 

P.O. Box 219009

Kansas City, MO 64121

1-844-KC-FUNDS (1-844-523-8637)

**Investment Adviser** 

Knights of Columbus Asset Advisors LLC

One Columbus Plaza

New Haven, CT 06510

**Investments Subadvisers** 

L2 Asset Management, LLC

66 Glezen Lane,

Wayland, MA 01778

Ranger Global Real Estate Advisors, LLC

415 Madison Avenue, 14th Floor

New York, NY 10017

**Distributor** 

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, PA 19456

**Administrator** 

SEI Investments Global Funds Services

One Freedom Valley Drive

Oaks, PA 19456

**Legal Counsel** 

Morgan, Lewis & Bockius, LLP

1701 Market Street

Philadelphia, PA 19103-2921

This information must be preceded or accompanied by a

current prospectus for the Funds described.

KOC-AR-001-0800

------

**Item 2.** **Code of Ethics.** <br>

The Registrant (also referred to as the "Trust") has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, controller or principal accounting officer, and any person who performs a similar function. There have been no amendments to or waivers granted to this code of ethics during the period covered by this report.

**Item 3.** **Audit Committee Financial Expert.** <br>

(a)(1) The Registrant's board of trustees has determined that the Registrant has at least one audit committee financial expert serving on the audit committee.

(a)(2) The Registrant's audit committee financial experts are Thomas P. Lemke and Jay Nadel, and each of Mr. Lemke and Mr. Nadel is "independent" as that term is defined in Form N-CSR Item 3 (a)(2).

**Item 4.** **Principal Accountant Fees and Services.** <br>

Fees billed by PricewaterhouseCoopers LLP ("PwC") relate to The Advisors' Inner Circle Fund III (the "Trust").

PwC billed the Trust aggregate fees for services rendered to the Trust for the last two fiscal years as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **2022** | **2022** | **2022** | **2021** | **2021** | **2021** |
|  |  | All fees<br>and<br>services to<br>the Trust<br>that were<br>pre-approved | All fees and<br>services to<br>service<br>affiliates<br>that were<br>pre-approved | All other<br>fees and<br>services to<br>service<br>affiliates that<br>did not<br>require<br>pre-approval | All fees and<br>services to<br>the Trust<br>that were<br>pre-approved | All fees and<br>services to<br>service<br>affiliates that<br>were<br>pre-approved | All other<br>fees and<br>services to<br>service<br>affiliates that<br>did not<br>require<br>pre-approval |
| (a) | Audit Fees<sup>(1)</sup> | $682615 |  |  | $730515 |  | $11990 |
| (b) | Audit-Related Fees |  |  |  | $4000 |  |  |
| (c) | Tax Fees | $88500<sup>(4)</sup> |  | $126709<sup>(2)</sup> |  |  | $90000<sup>(2)</sup> |
| (d) | All Other Fees |  |  | $5301 |  |  | $1473 |

---

------

Fees billed by Ernst & Young LLP ("E&Y") relate to the Trust

E&Y billed the Trust aggregate fees for services rendered to the Trust for the last two fiscal years as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **2022** | **2022** | **2022** | **2021** | **2021** | **2021** |
|  |  | All fees<br>and<br>services to<br>the Trust<br>that were<br>pre-approved | All fees and<br>services to<br>service<br>affiliates<br>that were<br>pre-approved | All other<br>fees and<br>services to<br>service<br>affiliates<br>that did not<br>require<br>pre-approval | All fees and<br>services to<br>the Trust<br>that were<br>pre-approved | All fees and<br>services to<br>service<br>affiliates<br>that were<br>pre-approved | All other<br>fees and<br>services to<br>service<br>affiliates<br>that did not<br>require<br>pre-approval |
| (a) | Audit Fees<sup>(1)</sup> | $131900 |  |  | $128050 |  |  |
| (b) | Audit-Related Fees |  |  |  |  |  |  |
| (c) | Tax Fees |  |  |  |  |  |  |
| (d) | All Other Fees |  |  |  |  |  |  |

---

Fees billed by Deloitte & Touche LLP ("D&T") relate to the Trust

D&T billed the Trust aggregate fees for services rendered to the Trust for the last two fiscal years as follows

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **2022** | **2022** | **2022** | **2021** | **2021** | **2021** |
|  |  | All fees<br>and<br>services to<br>the Trust<br>that were<br>pre-approved | All fees and<br>services to<br>service<br>affiliates<br>that were<br>pre-approved | All other<br>fees and<br>services to<br>service<br>affiliates<br>that did not<br>require<br>pre-approval | All fees and<br>services to<br>the Trust<br>that were<br>pre-approved | All fees and<br>services to<br>service<br>affiliates<br>that were<br>pre-approved | All other<br>fees and<br>services to<br>service<br>affiliates<br>that did not<br>require<br>pre-approval |
| (a) | Audit Fees<sup>(1)</sup> | $30050 |  |  | $26800 |  |  |
| (b) | Audit-Related Fees |  |  |  |  |  |  |
| (c) | Tax Fees |  |  |  |  |  |  |
| (d) | All Other Fees |  |  |  |  |  |  |

---

------

Fees billed by KPMG ("KPMG") relate to the Trust

KPMG billed the Trust aggregate fees for services rendered to the Trust for the last two fiscal years as follows

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **2022** | **2022** | **2022** | **2021** | **2021** | **2021** |
|  |  | All fees<br>and<br>services to<br>the Trust<br>that were<br>pre-approved | All fees and<br>services to<br>service<br>affiliates<br>that were<br>pre-approved | All other<br>fees and<br>services to<br>service<br>affiliates<br>that did not<br>require<br>pre-approval | All fees and<br>services to<br>the Trust<br>that were<br>pre-approved | All fees and<br>services to<br>service<br>affiliates<br>that were<br>pre-approved | All other<br>fees and<br>services to<br>service<br>affiliates<br>that did not<br>require<br>pre-approval |
| (a) | Audit Fees<sup>(1)</sup> | $322500 |  |  | $25000 |  |  |
| (b) | Audit-Related Fees |  |  |  |  |  |  |
| (c) | Tax Fees |  |  |  |  |  |  |
| (d) | All Other Fees |  |  | $218015<sup>(3)</sup> |  |  | $206957<sup>(3)</sup> |

---

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Audit fees include amounts related to the audit of the Trust's annual financial statements and services
normally provided by the accountant in connection with statutory and regulatory filings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Tax return preparation fees for affiliates of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Non-audit fees consist of SSAE No. 18 report over investment
management activities and non-statutory audit reports of Legal & General Investment Management America, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Fees in connection with international withholding tax analysis.

(e)(1) The Trust's Audit Committee has adopted and the Board of Trustees has ratified an Audit and Non-Audit Services Pre-Approval Policy (the "Policy"), which sets forth the procedures and the conditions pursuant to which services proposed to be performed by the independent auditor of the Funds may be pre-approved.

The Policy provides that all requests or applications for proposed services to be provided by the independent auditor must be submitted to the Registrant's Chief Financial Officer ("CFO") and must include a detailed description of the services proposed to be rendered. The CFO will determine whether such services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) require specific pre-approval;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) are included within the list of services that have received the general pre-approval of the Audit Committee pursuant to the Policy; or

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) have been previously pre-approved in connection with the independent auditor's annual engagement letter for the applicable year or otherwise. In any instance where services require pre-approval, the Audit Committee will consider whether such services are consistent with SEC's rules and whether the provision of such services would impair the auditor's independence.

Requests or applications to provide services that require specific pre-approval by the Audit Committee will be submitted to the Audit Committee by the CFO. The Audit Committee will be informed by the CFO on a quarterly basis of all services rendered by the independent auditor. The Audit Committee has delegated specific pre-approval authority to either the Audit Committee Chair or financial expert, provided that the estimated fee for any such proposed pre-approved service does not exceed $100,000 and any pre-approval decisions are reported to the Audit Committee at its next regularly-scheduled meeting.

Services that have received the general pre-approval of the Audit Committee are identified and described in the Policy. In addition, the Policy sets forth a maximum fee per engagement with respect to each identified service that has received general pre-approval.

All services to be provided by the independent auditor shall be provided pursuant to a signed written engagement letter with the Registrant, the investment adviser, or applicable control affiliate (except that matters as to which an engagement letter would be impractical because of timing issues or because the matter is small may not be the subject of an engagement letter) that sets forth both the services to be provided by the independent auditor and the total fees to be paid to the independent auditor for those services.

In addition, the Audit Committee has determined to take additional measures on an annual basis to meet the Audit Committee's responsibility to oversee the work of the independent auditor and to assure the auditor's independence from the Registrant, such as (a) reviewing a formal written statement from the independent auditor delineating all relationships between the independent auditor and the Registrant, and (b) discussing with the independent auditor the independent auditor's methods and procedures for ensuring independence.

(e)(2) Percentage of fees billed applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows (PwC):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2022** | **2022** | **2021** | **2021** |
|  Audit-Related Fees |  | None |  | None |
|  Tax Fees |  | None |  | None |
|  All Other Fees |  | None |  | None |

---

(e)(2) Percentage of fees billed applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows (E&Y):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2022** | **2022** | **2021** | **2021** |
|  Audit-Related Fees |  | None |  | None |
|  Tax Fees |  | None |  | None |
|  All Other Fees |  | None |  | None |

---

------

(e)(2) Percentage of fees billed applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows (D&T):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2022** | **2022** | **2021** | **2021** |
|  Audit-Related Fees |  | None |  | None |
|  Tax Fees |  | None |  | None |
|  All Other Fees |  | None |  | None |

---

(e)(2) Percentage of fees billed applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows (KPMG):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2022** | **2022** | **2021** | **2021** |
|  Audit-Related Fees |  | None |  | None |
|  Tax Fees |  | None |  | None |
|  All Other Fees |  | None |  | None |

---

(f) Not applicable.

(g) The aggregate non-audit fees and services billed by PwC for services rendered to the Registrant, and rendered to the Registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for the last two fiscal-years-ended October 31<sup>st</sup> were $132,010 and $91,473 for 2022 and 2021, respectively.

(g) The aggregate non-audit fees and services billed by E&Y for services rendered to the Registrant, and rendered to the Registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for the last two fiscal-years-ended October 31<sup>st</sup> were $0 and $0 for 2022 and 2021, respectively.

(g) The aggregate non-audit fees and services billed by D&T for services rendered to the Registrant, and rendered to the Registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for the last two fiscal-years-ended October 31<sup>st</sup> were $0 and $0 for 2022 and 2021, respectively.

(g) The aggregate non-audit fees and services billed by KPMG for services rendered to the Registrant, and rendered to the Registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for the last two fiscal-years-ended October 31<sup>st</sup> were $218,015 and $206,957 for 2022 and 2021, respectively.

(h) During the past fiscal year, all non-audit services provided by the Registrant's principal accountant to either the Registrant's investment adviser or to any entity controlling, controlled by,

------

or under common control with the Registrant's investment adviser that provides ongoing services to the Registrant were pre-approved by the Audit Committee of Registrant's Board of Trustees. Included in the Audit Committee's pre-approval of these non-audit service were the review and consideration as to whether the provision of these non-audit services is compatible with maintaining the principal accountant's independence.

(i) Not applicable. The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the "PCAOB") has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.

(j) Not applicable. The Registrant is not a "foreign issuer," as defined in 17 CFR 240.3b-4.

**Item 5.** **Audit Committee of Listed Registrants.** <br>

Not applicable to open-end management investment companies.

**Item 6.** **Schedule of Investments.** <br>

Schedule of Investments is included as part of the Report to Shareholders filed under Item 1 of this form.

**Item 7.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** <br>

Not applicable to open-end management investment companies.

**Item 8.** **Portfolio Managers of Closed-End Management Investment Companies.** <br>

Not applicable to open-end management investment companies.

**Item 9.** **Purchases of Equity Securities by Closed-End Management Company and Affiliated Purchasers.** <br>

Not applicable to open-end management investment companies.

**Item 10.** **Submission of Matters to a Vote of Security Holders.** <br>

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees during the period covered by this report.

**Item 11.** **Controls and Procedures.** <br>

(a) The Registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant's disclosure controls and procedures, as defined in Rule 30a-3(c) under the Act (17 CFR § 270.30a-3(c)), as of a date within 90 days of the filing date of the report, are effective based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR § 270.30a-3(b)) and Rule 13a-15(b) or Rule 15d-15(b) under the Exchange Act, as amended (17 CFR § 240.13a-15(b) or § 240.15d-15(b)).

(b) There has been no change in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR § 270.3a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

------

**Item 12.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** <br>

Not applicable to open-end management investment companies.

---

| | |
|:---|:---|
| **Items 13.** | **Exhibits.**  |

---

[(a)(1) A copy of the Registrant's Code of Ethics, as required by Item 2 of this Form, accompanies this filing as an exhibit.](d237149dex99code.htm)

[(a)(2) A separate certification for the principal executive officer and the principal financial officer of the Registrant, as required by Rule 30a-2(a) under the Act (17 CFR § 270.30a-2(a)), is filed herewith.](d237149dex99cert.htm)

[(b) Officer certifications, as required by Rule 30a-2(b) under the Act (17 CFR § 270.30a-2(b)), also accompany this filing as an exhibit.](d237149dex99906cert.htm)

------

**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| (Registrant) | The Advisors' Inner Circle Fund III |
|  By (Signature and Title) | /s/ Michael Beattie |
|  | Michael Beattie, President |
|  Date: January 6, 2023 |  |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Michael Beattie |
|  | Michael Beattie, President |
|  Date: January 6, 2023<br>|  |

---

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Andrew Metzger |
|  | Andrew Metzger, |
|  | Treasurer, Controller, and CFO |
| Date: January 6, 2023 |  |

---

## Ex-99.Code

**<u>Policy Statement</u>:** Sarbanes-Oxley effected sweeping corporate disclosure and financial reporting reform on public companies, including mutual funds, to address corporate malfeasance and assure investors that the companies in which the investors invest are accurately and completely disclosing financial information. Under Sarbanes-Oxley, all public companies (including the Funds) must either have a code of ethics for their senior financial officers, or disclose why the company does not have a code of ethics. Sarbanes-Oxley was intended to foster corporate environments which encourage employees to question and report unethical and potentially illegal business practices.

Each Fund has chosen to adopt a code of ethics ("Code of Ethics for Financial Officers") to encourage the Fund's Principal Executive Officer, Principal Financial, and Accounting Officer and Controller (the "Financial Officers") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files
with, or submits to, the SEC and in other public communications made by the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compliance with applicable laws and governmental rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prompt internal reporting of violations of the Code of Ethics for Financial Officers to an appropriate person
or persons identified in the Code of Ethics of Financial Officers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accountability for adherence to the Code of Ethics for Financial Officers.

**<u>Procedures</u>:** The Funds have adopted the following procedures regarding this matter:

A compliance officer is responsible for monitoring compliance with these procedures.

**FINANCIAL OFFICER CODE OF ETHICS** 

**I.** **Introduction** 

The reputation and integrity of Series Trusts, (each a "Trust" and, collectively, the "Trusts") are valuable assets that are vital to the each Trust's success. The Trusts' senior financial officers ("SFOs") are responsible for conducting the Trusts' business in a manner that demonstrates a commitment to the highest standards of integrity. The Trusts' SFOs include the principal executive officer, the principal financial officer, comptroller or principal accounting officer, and any person who performs a similar function.

The Sarbanes-Oxley Act of 2002 (the "Act") effected sweeping corporate disclosure and financial reporting reform on public companies, including mutual funds, to address corporate malfeasance and assure investors that the companies in which the investors invest are accurately and completely disclosing financial information. Under the Act, all public companies (including

------

the Trusts) must either have a code of ethics for their SFOs, or disclose why the company does not have a code of ethics. The Act was intended to foster corporate environments which encourage employees to question and report unethical and potentially illegal business practices. Each Trust has chosen to adopt this Financial Officer Code of Ethics (the "Code") to encourage the Trust's SFOs to act in a manner consistent with the highest principles of ethical conduct.

**II.** **Purposes of the Code** 

The purposes of this Code are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. To promote honest and ethical conduct by each Trust's SFOs, including the ethical handling of actual or
apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. To assist each Trust's SFOs in recognizing and avoiding conflicts of interest, including disclosing to
an appropriate person any material transaction or relationship that reasonably could be expected to give rise to such a conflict;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. To promote full, fair, accurate, timely, and understandable disclosure in reports and documents that the
Trusts file with, or submit to, the SEC and in other public communications made by the Trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. To promote compliance with applicable laws, rules, and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. To encourage the prompt internal reporting to an appropriate person of violations of this Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. To establish accountability for adherence to this Code.

**III.** **Questions about this Code** 

Each Trust's compliance officer designated to oversee compliance with the Trust's Code of Ethics adopted pursuant to Rule 17j-1 shall serve as Compliance Officer for the implementation and administration of this Code. You should direct your questions about this Code to the Compliance Officer.

**IV.** **Conduct Guidelines** 

Each Trust has adopted the following guidelines under which the Trust's SFOs must perform their official duties and conduct the business affairs of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Ethical and honest conduct is of paramount importance.** Each Trust's SFOs must act with honesty
and integrity and avoid violations of this Code, including the avoidance of actual or apparent conflicts of interest with the Trust in personal and professional relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **SFOs must disclose material transactions or relationships.** Each Trust's SFOs must disclose to
the Compliance Officer any actual or apparent conflicts of interest the SFO may have with the Trust that reasonably could be expected to give rise to any violations of this Code. Such conflicts of interest may arise as a result of material
transactions or business or personal relationships to which the SFO may be a party. If it is not possible to disclose the matter to the Compliance Officer, the matter should be disclosed to the

------

Trust's Chief Financial Officer, Chief Executive Officer, or another appropriate person. In addition to disclosing any actual or apparent conflicts of interest in which an SFO is personally involved, the Trusts' SFOs have an obligation to report any other actual or apparent conflicts which the SFOs discover or of which the SFOs otherwise become aware. If you are unsure whether a particular fact pattern gives rise to a conflict of interest, or whether a particular transaction or relationship is "material," you should bring the matter to the attention of the Compliance Officer. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Standards for quality of information shared with service providers of the Trusts.** Each Trust's
SFOs must at all times seek to provide information to the Trust's service providers (adviser, administrator, outside auditor, outside counsel, custodian, *etc.*) that is accurate, complete, objective, relevant, timely, and understandable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Standards for quality of information included in periodic reports.** Each Trust's SFOs must at all
times endeavor to ensure full, fair, timely, accurate, and understandable disclosure in the Trust's periodic reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Compliance with laws.** Each Trust's SFOs must comply with the federal securities laws and other
laws and rules applicable to the Trusts, such as the Internal Revenue Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Standard of care.** Each Trust's SFOs must at all times act in good faith and with due care,
competence, and diligence, without misrepresenting material facts or allowing your independent judgment to be subordinated. Each Trust's SFOs must conduct the affairs of the Trust in a responsible manner, consistent with this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Confidentiality of information.** Each Trust's SFOs must respect and protect the confidentiality
of information acquired in the course of their professional duties, except when authorized by the Trust to disclose this information or where disclosure is otherwise legally mandated. You may not use confidential information acquired in the course
of your work for personal advantage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **Sharing of information and educational standards.** Each Trust's SFOs should share information
with relevant parties to keep these parties informed of the business affairs of the Trust, as appropriate, and to maintain skills important and relevant to the Trust's needs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **Promote ethical conduct.** Each Trust's SFOs at all times should proactively promote ethical
behavior among peers in the SFOs work environment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **Standards for recordkeeping.** Each Trust's SFOs at all times must endeavor to ensure that the
Trust's financial books and records are thoroughly and accurately maintained to the best of the SFOs knowledge in a manner consistent with applicable laws and this Code.

**V.** **Waivers of this Code** 

You may request a waiver of a provision of this Code by submitting your request in writing to the Compliance Officer for appropriate review. For example, if a family member works for a service provider that prepares a Trust's financial statements, you may have a potential conflict of interest in reviewing those statements and should seek a waiver of this Code to review the work. An executive officer of each Trust, or another appropriate person (such as a designated Board or Audit Committee member), will decide whether to grant a waiver. All waivers of this code must be disclosed to the applicable Trust's shareholders and the designated Board to the extent required by SEC rules.

------

**VI.** **Affirmation of the Code** 

Upon adoption of the Code, each Trust's SFOs must affirm in writing that the SFO has received, has read, and understands the Code, and annually thereafter must affirm that they have complied with the requirements of the Code. To the extent necessary, each Trust's Compliance Officer will provide guidance on the conduct required by this Code and the manner in which violations or suspected violations must be reported and waivers must be requested.

**VII.** **Reporting Violations** 

In the event that an SFO discovers or, in good faith, suspects a violation of this Code, the SFO <u>must</u> immediately report the violation or suspected violation to the Compliance Officer. The Compliance Officer, in his or her discretion, may consult with another member of the Trust's senior management or the Board in determining how to address the suspected violation. For example, a Code violation may occur when a periodic report or financial statement of a Trust omits a material fact, or is technically accurate but, in the view of the SFO, is written in a way that obscures the report's or financial statement's meaning.

SFOs who report violations or suspected violations in good faith will not be subject to retaliation of any kind. Reported violations will be investigated and addressed promptly and will be treated as confidential to the extent possible.

**VIII.** **Violations of the Code** 

Dishonest or unethical conduct or conduct that is illegal will constitute a violation of this Code, regardless of whether this Code specifically refers to such particular conduct. A violation of this Code may result in disciplinary action, up to and including removal as an SFO of the Trust. A variety of laws apply to the Trusts and their operations, including the Securities Act of 1933, the Investment Company Act of 1940, state laws relating to duties owed by Trust officers, and criminal laws. The Trusts will report any suspected criminal violations to the appropriate authorities, and will investigate, address, and report, as appropriate, non-criminal violations.

## Ex-99.Cert

**CERTIFICATION** 

**Pursuant to Rule 30a-2(a) under the Investment Company Act of 1940** 

**and Section 302 of the Sarbanes-Oxley Act of 2002** 

I, Michael Beattie, certify that:

1. I have reviewed this report on Form N-CSR of The Advisors'
Inner Circle Fund III (the "Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information, included in this report
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the
periods presented in this report;

4. The Registrant's other certifying officer(s), if any, and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and
the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the Registrant's internal control over financial reporting.

---

| |
|:---|
| Date: January 6, 2023 |
| /s/ Michael Beattie |
| Michael Beattie |
| President |

---

------

**CERTIFICATION** 

**Pursuant to Rule 30a-2(a) under the Investment Company Act of 1940** 

**and Section 302 of the Sarbanes-Oxley Act of 2002** 

I, Andrew Metzger, certify that:

1. I have reviewed this report on Form N-CSR of The Advisors'
Inner Circle Fund III (the "Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information, included in this report
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the
periods presented in this report;

4. The Registrant's other certifying officer(s), if any, and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and
the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the Registrant's internal control over financial reporting.

---

| |
|:---|
| Date: January 6, 2023 |
| /s/ Andrew Metzger |
| Andrew Metzger |
| Treasurer, Controller, and CFO |

---

## Exhibit 99.906

**CERTIFICATION** 

**Pursuant to 18 U.S.C. Section 1350,** 

**As Adopted Pursuant to Section 906** 

**of the Sarbanes-Oxley Act of 2002** 

The undersigned, Michael Beattie, the President of The Advisors' Inner Circle Fund III (the "Fund"), with respect to the Fund's Form N-CSR for the period ended October 31, 2022, as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. such Form N-CSR fully complies with the requirements of
Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the information contained in such Form N-CSR fairly presents, in all
material respects, the financial condition and results of operations of the Fund.

---

| | |
|:---|:---|
| Dated: January 6, 2023 |  |
|  | /s/ Michael Beattie |
|  | Michael Beattie |
|  | President |

---

------

**CERTIFICATION** 

**Pursuant to 18 U.S.C. Section 1350,** 

**As Adopted Pursuant to Section 906** 

**of the Sarbanes-Oxley Act of 2002** 

The undersigned, Andrew Metzger, the Treasurer, Controller, and CFO of The Advisors' Inner Circle Fund III (the "Fund"), with respect to the Fund's Form N-CSR for the period ended October 31, 2022, as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. such Form N-CSR fully complies with the requirements of
Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the information contained in such Form N-CSR fairly presents, in all
material respects, the financial condition and results of operations of the Fund.

---

| | |
|:---|:---|
| Dated: January 6, 2023 |  |
|  | /s/ Andrew Metzger |
|  | Andrew Metzger |
|  | Treasurer, Controller, and CFO |

---