# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0001193125-23-004425
**Filing Date:** 2023-1
**Character Count:** 500628
**Document Hash:** f19fbb5fb159aa35bac0dc24d21e7c4c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-004425.hdr.sgml**: 20230109

**ACCESSION NUMBER**: 0001193125-23-004425

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 16

**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:** 23517288

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

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

## Series and Classes Contracts Data

### LEGAL & GENERAL CASH FLOW MATCHED BOND FUND (Series ID: S000070411)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000223883 | Institutional Shares | LGBIX           |

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

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

### LEGAL & GENERAL RETIREMENT INCOME 2040 FUND (Series ID: S000070413)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000223887 | W Shares     | LRIWX           |

### LEGAL & GENERAL U.S. CREDIT FUND (Series ID: S000070414)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000223889 | Institutional Shares | LUCIX           |

### Legal & General Global Developed Equity Index Fund (Series ID: S000070415)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000223890 | Institutional Shares | LDEIX           |

------

------

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

------

**FORM N-CSR** 

------

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

**MANAGEMENT INVESTMENT COMPANIES** 

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

------

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

------

**SEI Investments** 

**One Freedom Valley Drive** 

**Oaks, PA 19456** 

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

------

**SEI Investments** 

**One Freedom Valley Drive** 

**Oaks, PA 19456** 

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

------

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

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

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

------

**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.

------

**The Advisors' Inner Circle Fund III**![LOGO](g380322dsp01.jpg)

**Long Duration U.S. Credit Fund** 

**U.S. Credit Fund** 

**Retirement Income 2040 Fund** 

**Cash Flow Matched Bond Fund** 

**Global Developed Equity Index Fund** 

---

| | |
|:---|:---|
| **Annual Report** | **October 31, 2022** |

---

<br>Investment Advisor:<br>**Legal and General Investment Management America**<br>

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **October 31, 2022** |

---

------

**TABLE OF CONTENTS** 

------

---

| | |
|:---|:---|
|  [Shareholders' Letter](#tx380322_1) | 1 |
|  [Schedule of Investments](#tx380322_2) | 11 |
|  [Statements of Assets and Liabilities](#tx380322_3) | 97 |
|  [Statements of Operations](#tx380322_4) | 100 |
|  [Statements of Changes in Net Assets](#tx380322_5) | 103 |
|  [Financial Highlights](#tx380322_6) | 108 |
|  [Notes to Financial Statements](#tx380322_7) | 113 |
|  [Report of Independent Registered Public Accounting Firm](#tx380322_8) | 127 |
|  [Disclosure of Fund Expenses](#tx380322_9) | 130 |
|  [Trustees and Officers of the Advisors' Inner Circle Fund III](#tx380322_10) | 132 |
|  [Approval of Investment Advisory Agreement](#tx380322_11) | 138 |
|  [Notice to Shareholders](#tx380322_12) | 141 |

---

The Fund files its complete schedule of investments with the Securities and Exchange Commission ("SEC") for the first and third quarters of each fiscal year as an exhibit to its report on Form N-PORT (Form N-Q for filings prior to March 31, 2020). The Fund's Forms N-Q and N-PORT are available on the SEC's website at http://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 Fund uses to determine how to vote proxies relating to fund securities, as well as information relating to how the Fund voted proxies relating to fund securities during the most recent 12-month period ended June 30, will be available (i) without charge, upon request, by calling 1-833-44-LGIMA; and (ii) on the Commission's website at http://www.sec.gov.

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **Long Duration U.S. Credit Fund** |
|  | **October 31, 2022** |
|  | (Unaudited) |

---

------

**SHAREHOLDERS' LETTER** 

Dear Shareholder,

LGIM America's Long Duration Credit Fund returned -30.05% from October 31, 2021, and October 31, 2022, outperforming its benchmark, the Bloomberg US Long Credit Index, by 61 basis points.

Speaking to our attribution of our performance; over the past year we adopted a defensive bias in US investment grade credit, our cautious view on investment grade was a principal driver of outperformance over the past year. The fund's Treasury holdings hovered around the high end of the historical range over the period, and this persistent underweight in credit led to strong gains in asset allocation. In terms of sector performance, the portfolio benefited from overweights in defensive sectors that retained pricing power like food and beverage, while our constructive view on the midstream sector was also additive. Conversely, our overweight in banking was dilutive largely due to aggressive issuance in the sector, while our overweight in tobacco and underweight in pharmaceuticals also subtracted from performance. Lastly, security selection decisions were a positive contributor over the past year as we oriented portfolios in favor of issuers with identifiable positive catalysts to de-lever.

As we approach the turn of the calendar to 2023, we note the monetary policy endgame is now in view, but it is unclear precisely how far away. In the fourth quarter, we have alternated between a neutral to negative stance on investment grade credit. Our bear case hinged on mounting evidence that the economy is headed for recession in 2023 and a recognition that the "Fed put" would not be invoked as readily as it has in the past. However, attractive valuations served to limit how underweight we were willing to be in an environment where investor pessimism was prevalent. Given the recent rally in credit, the positive valuation argument has meaningfully weakened, catapulting our recession and "restrictive for longer" Fed calls as the clear-cut dominant investment themes. Consequently, we prefer to fade recent strength as we expect widening pressures to reemerge next year. However, we would note that as of today we have not identified a problem sector(s) that typically emerge ahead of recession, suggesting that we may not see a dramatic spike in fallen angels this cycle. Consequently, investment grade spreads may not balloon to levels consistent with your garden variety recession and thus attractive entry points to become constructive on the asset class may be at tighter levels than in past downturns.

Source: LGIM America and Bloomberg.

<u>Definition of the Comparative Index</u> 

The **Bloomberg US Long Credit Index** measures the investment grade, US dollar-denominated, fixed-rate, taxable corporate and government-related bond markets with remaining maturity of greater than or equal to 10 years.

*1* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **Long Duration U.S. Credit Fund** |
|  | **October 31, 2022** |
|  | (Unaudited) |

---

------

---

| | | |
|:---|:---|:---|
|  | **TOTAL RETURN**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**FOR THE YEAR ENDED OCTOBER 31, 2022**  | **TOTAL RETURN**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**FOR THE YEAR ENDED OCTOBER 31, 2022**  |
|  | One Year | Annualized<br> Inception to Date\* |
|  W Class Shares  | -30.05% | -19.46% |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bloomberg US Long Credit Index  | -30.66% | -19.77% |

---

![LOGO](g380322dsp04.jpg)

*\* The Fund commenced operations on May 27, 2021.* 

*The Fund's performance assumes the reinvestment of dividends and capital gains. Index returns assume reinvestment of dividends and, unlike a portfolio'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.* 

*Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.* 

*See definition of comparative index on previous page.* 

*2* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **U.S. Credit Fund** |
|  | **October 31, 2022** |
|  | (Unaudited) |

---

------

**SHAREHOLDERS' LETTER** 

Dear Shareholder,

LGIM America's US Credit Fund returned -18.74% between December 20, 2021, and October 31, 2022, outperforming its benchmark, the Bloomberg US Long Credit Index, by 3 basis points.

Speaking to our attribution of our performance; over the past year we adopted a defensive bias in US investment grade credit, our cautious view on investment grade was a principal driver of outperformance over the past year. The fund's Treasury holdings hovered around the high end of the historical range over the period, and this persistent underweight in credit led to strong gains in asset allocation. In terms of sector performance, the portfolio benefited from overweights in health insurance and aerospace/defense. Conversely, our overweight in banking was dilutive largely due to aggressive issuance in the sector, while our overweight in tobacco and underweight in supranationals also subtracted from performance. Lastly, security selection decisions were a positive contributor over the past year as we oriented portfolios in favor of issuers with identifiable positive catalysts to de-lever.

As we approach the turn of the calendar to 2023, we note the monetary policy endgame is now in view, but it is unclear precisely how far away. In the fourth quarter, we have alternated between a neutral to negative stance on investment grade credit. Our bear case hinged on mounting evidence that the economy is headed for recession in 2023 and a recognition that the "Fed put" would not be invoked as readily as it has in the past. However, attractive valuations served to limit how underweight we were willing to be in an environment where investor pessimism was prevalent. Given the recent rally in credit, the positive valuation argument has meaningfully weakened, catapulting our recession and "restrictive for longer" Fed calls as the clear-cut dominant investment themes. Consequently, we prefer to fade recent strength as we expect widening pressures to reemerge next year. However, we would note that as of today we have not identified a problem sector(s) that typically emerge ahead of recession, suggesting that we may not see a dramatic spike in fallen angels this cycle. Consequently, investment grade spreads may not balloon to levels consistent with your garden variety recession and thus attractive entry points to become constructive on the asset class may be at tighter levels than in past downturns.

Source: LGIM America and Bloomberg.

<u>Definition of the Comparative Index</u> 

The **Bloomberg US Long Credit Index** measures the investment grade, US dollar-denominated, fixed-rate, taxable corporate and government related bond markets.

*3* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **U.S. Credit Fund** |
|  | **October 31, 2022** |
|  | (Unaudited) |

---

------

---

| | |
|:---|:---|
|  | **TOTAL RETURN**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**FOR THE PERIOD ENDED OCTOBER 31, 2022**  |
|  | Cumulative<br> Inception to Date\* |
|  Institutional Shares  | -18.74% |
|  Bloomberg US Long Credit Index  | -18.77% |

---

![LOGO](g380322dsp06.jpg)

*\* The Fund commenced operations on December 20, 2021.* 

*The Fund's performance assumes the reinvestment of dividends and capital gains. Index returns assume reinvestment of dividends and, unlike a portfolio'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.* 

*Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.* 

*See definition of comparative index on previous page.* 

*4* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **Retirement Income 2040 Fund** |
|  | **October 31, 2022** |
|  | (Unaudited) |

---

------

**SHAREHOLDERS' LETTER**

Dear Shareholder,

LGIM America's Retirement Income 2040 Fund returned -22.08% between December 22, 2021, and October 31, 2022.

For the period December 22, 2021, through October 31, 2022, the Retirement Income 2040 Fund returned -22.08%, roughly in-line with the year-to-date returns of the various underlying component benchmarks. For reference, global equities were down -20% and investment grade credit was down -20-30%, depending on duration. The fund benefited from outperformance in all of the underlying funds versus their respective benchmarks, however. That outperformance contributed approximately +40 basis points, roughly evenly split between favorable tax treatments within the equity holdings and active management alpha in the fixed income components.

Source: LGIM America and Bloomberg.

<u>Definition of the Comparative Indices</u> 

The **Bloomberg Long Duration US Credit Index** measures the investment grade, US dollar-denominated, fixed-rate, taxable corporate and government-related bond markets with remaining maturity of greater than or equal to 10 years.

The **Bloomberg 1-5 Year Corporate Index** measures the investment grade, US dollar-denominated, fixed-rate, taxable corporate and government-related bond markets with maturity of greater than or equal to 1 to 5 years.

The **Bloomberg US Credit Index** measures the investment grade, US dollar-denominated, fixed-rate, taxable corporate and government related bond markets.

The **MSCI World Index** captures large and mid-cap representation across 23 Developed Markets countries.

*5* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **Retirement Income 2040 Fund** |
|  | **October 31, 2022** |
|  | (Unaudited) |

---

------

---

| | |
|:---|:---|
|  | <br> **TOTAL RETURN**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**FOR THE PERIOD ENDED OCTOBER 31, 2022**  |
|  | <br> Cumulative<br> Inception to Date\* |
|  W Class Shares  | -22.08% |
|  MSCI World Index  | -18.50% |
|  Bloomberg 1-5 Year Corporate Index  | &nbsp;&nbsp;&nbsp;&nbsp;-7.71% |
|  Bloomberg Long Duration US Credit Index  | -30.64% |
|  Bloomberg US Credit Index  | -18.86% |

---

![LOGO](g380322dsp08.jpg)

*\* The Fund commenced operations on December 22, 2021.* 

*The Fund's performance assumes the reinvestment of dividends and capital gains. Index returns assume reinvestment of dividends and, unlike a portfolio'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.* 

*Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.* 

*See definition of comparative index on previous page.* 

*6* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **Cash Flow Matched Bond Fund** |
|  | **October 31, 2022** |
|  | (Unaudited) |

---

------

**SHAREHOLDERS' LETTER**

Dear Shareholder,

LGIM America's Cash Flow Matched Bond Fund returned -6.57% between December 20, 2021, and October 31, 2022, outperforming its benchmark, the Bloomberg 1-5 Year Credit Index, by 94 basis points.

Speaking to our attribution of our performance; over the past year we adopted a defensive bias in US investment grade credit, our cautious view on investment grade was a principal driver of outperformance over the past year. The fund's Treasury holdings hovered around the high end of the historical range over the period, and this persistent underweight in credit led to strong gains in asset allocation. In terms of sector performance, the portfolio benefited from overweights in defensive sectors that retained pricing power like food and beverage, while our underweight in banking was also additive. Conversely, our underweight in supranationals subtracted from performance. Lastly, security selection decisions were a positive contributor over the past year as we oriented portfolios in favor of issuers with identifiable positive catalysts to de-lever.

As we approach the turn of the calendar to 2023, we note the monetary policy endgame is now in view, but it is unclear precisely how far away. In the fourth quarter, we have alternated between a neutral to negative stance on investment grade credit. Our bear case hinged on mounting evidence that the economy is headed for recession in 2023 and a recognition that the "Fed put" would not be invoked as readily as it has in the past. However, attractive valuations served to limit how underweight we were willing to be in an environment where investor pessimism was prevalent. Given the recent rally in credit, the positive valuation argument has meaningfully weakened, catapulting our recession and "restrictive for longer" Fed calls as the clear-cut dominant investment themes. Consequently, we prefer to fade recent strength as we expect widening pressures to reemerge next year. However, we would note that as of today we have not identified a problem sector(s) that typically emerge ahead of recession, suggesting that we may not see a dramatic spike in fallen angels this cycle. Consequently, investment grade spreads may not balloon to levels consistent with your garden variety recession and thus attractive entry points to become constructive on the asset class may be at tighter levels than in past downturns.

Source: LGIM America and Bloomberg.

<u>Definition of the Comparative Index</u> 

The **Bloomberg 1-5 Year Credit Index** includes all medium and larger issues of U.S. government, investment-grade corporate, and investment-grade international dollar-denominated bonds that have maturities of between 1 and 5 years and are publicly issued.

*7* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **Cash Flow Matched Bond Fund** |
|  | **October 31, 2022** |
|  | (Unaudited) |

---

------

---

| | |
|:---|:---|
|  | **TOTAL RETURN** <br> **FOR THE PERIOD ENDED OCTOBER 31, 2022** |
|  | Cumulative<br> Inception to Date\* |
|  Institutional Shares  | -6.57% |
|  Bloomberg 1-5 Year Credit Index  | -7.66% |

---

![LOGO](g380322dsp10.jpg)

*\* The Fund commenced operations on December 20, 2021.* 

*The Fund's performance assumes the reinvestment of dividends and capital gains. Index returns assume reinvestment of dividends and, unlike a portfolio'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.* 

*Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.* 

*See definition of comparative index on previous page.* 

*8* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **Global Developed Equity Index Fund** |
|  | **October 31, 2022** |
|  | (Unaudited) |

---

------

**SHAREHOLDERS' LETTER**

Dear Shareholder,

LGIM America's Global Developed Equity Index Fund returned -16.51% between December 20, 2021, and October 31, 2022.

The MSCI World index returned -20.07% year-to-date, as of October 31, 2022. The strongest country performers for the period were Portugal (-11.34%), Norway (-11.37%) and Canada (-13.59%). The weakest performers included Austria (-37.70%), Netherlands (-36.79%) and Sweden (-35.23%). Value stocks outperformed growth in the MSCI World space for the year-to-date period.

The best performing sectors for the period included energy (46.64%), health care (-9.37%) and consumer staples (-11.11%) while communications services (-36.50%), consumer discretionary (-30.51%) and information technology (-29.13%) were the worst performing.

The US dollar experienced strong performance as it returned 16.57% versus a basket of currencies as measured by the DXY (US dollar) index for the year-to-date period. The price of oil, as measured by the West Texas Intermediate spot price, rose for the period up 12.39%.

Source: LGIM America and Bloomberg.

<u>Definition of the Comparative Index</u> 

The **MSCI World Index** is a broad global equity index that represents large and mid-cap equity performance across all 23 developed markets countries.

*9* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **Global Developed Equity Index Fund** |
|  | **October 31, 2022** |
|  | (Unaudited) |

---

------

---

| | |
|:---|:---|
|  | **TOTAL RETURN** <br> **FOR THE PERIOD ENDED OCTOBER 31, 2022** |
|  | Cumulative<br> Inception to Date\* |
|  Institutional Shares  | -16.51% |
|  MSCI World Index  | -16.30% |

---

![LOGO](g380322dsp12.jpg)

*\* The Fund commenced operations on December 20, 2021.* 

*The Fund's performance assumes the reinvestment of dividends and capital gains. Index returns assume reinvestment of dividends and, unlike a portfolio'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.* 

*Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.* 

*See definition of comparative index on previous page.* 

*10* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **Long Duration U.S. Credit Fund** |
|  | **October 31, 2022** |

---

------

 **SECTOR WEIGHTING † (unaudited)**<br>

![LOGO](g380322dsp13.jpg)

*† Percentages are based on total investments.* 

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **CORPORATE OBLIGATIONS — 84.6%** | **CORPORATE OBLIGATIONS — 84.6%** | **CORPORATE OBLIGATIONS — 84.6%** |
|  | **Face Amount** | **Value** |
|  **COMMUNICATION SERVICES — 11.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 08/15/2040 | $55000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34876 |
| &nbsp;&nbsp;&nbsp;&nbsp; America Movil |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 03/30/2040 | 60000 | 57581 |
| &nbsp;&nbsp;&nbsp;&nbsp; AT&T |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 05/15/2035 | 165000 | 142450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 09/15/2059 | 150000 | 95003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 09/15/2055 | 595000 | 376598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charter Communications Operating |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 03/01/2050 | 120000 | 84732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 06/01/2052 | 5000 | 3093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 04/01/2061 | 5000 | 2870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 04/01/2051 | 140000 | 83998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 06/01/2041 | 145000 | 91435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comcast |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.987%, 11/01/2063 | 20000 | 11274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.937%, 11/01/2056 | 293000 | 169721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.887%, 11/01/2051 | 220000 | 132160 |

---

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

*11* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **Long Duration U.S. Credit Fund** |
|  | **October 31, 2022** |

---

------

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | **Face Amount** | **Value** |
|  **COMMUNICATION SERVICES (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 08/15/2062 (A) | $40000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 08/15/2052 (A) | 165000 | 122714 |
| &nbsp;&nbsp;&nbsp;&nbsp; NBCUniversal Media |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 01/15/2043 | 145000 | 118195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paramount Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.850%, 09/01/2043 | 200000 | 162865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 03/15/2043 | 35000 | 23486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rogers Communications |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 03/15/2044 | 25000 | 20154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Time Warner Cable |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 11/15/2040 | 140000 | 113907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 09/15/2042 | 65000 | 44580 |
| &nbsp;&nbsp;&nbsp;&nbsp; T-Mobile USA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 09/15/2062 | 25000 | 22934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 02/15/2041 | 80000 | 53719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 03/22/2051 | 365000 | 246355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 03/22/2041 | 170000 | 120569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.987%, 10/30/2056 | 165000 | 94930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vodafone Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 09/17/2050 | 45000 | 31731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walt Disney |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 01/13/2051 | 85000 | 61633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 05/13/2040 | 110000 | 84107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 09/01/2049 | 95000 | 58775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warnermedia Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.141%, 03/15/2052 (A) | 60000 | 42005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 03/15/2042 (A) | 95000 | 69459 |
|  |  | 2807505 |
|  **CONSUMER DISCRETIONARY — 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 04/13/2052 | 120000 | 94147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 05/12/2051 | 120000 | 80364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 05/12/2041 | 65000 | 46072 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Motors |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 10/15/2032 | 25000 | 22699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 04/01/2038 | 65000 | 53115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Depot |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 09/15/2052 | 85000 | 76419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 06/15/2047 | 5000 | 3860 |

---

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

*12* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **Long Duration U.S. Credit Fund** |
|  | **October 31, 2022** |

---

------

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | **Face Amount** | **Value** |
|  **CONSUMER DISCRETIONARY (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 04/15/2052 | $103000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 04/15/2050 | 80000 | 55473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 04/15/2040 | 120000 | 89932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 12/15/2049 | 45000 | 29905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lowe's |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 04/15/2053 | 120000 | 108190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 04/01/2062 | 40000 | 29165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 04/01/2052 | 20000 | 14819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Target |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 01/15/2052 | 20000 | 12962 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Southern California |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.028%, 10/01/2039 | 200000 | 151556 |
|  |  | 943416 |
|  **CONSUMER STAPLES — 8.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7-Eleven |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 02/10/2051 (A) | 25000 | 14056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 02/10/2041 (A) | 60000 | 36624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Altria Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 02/14/2049 | 15000 | 12170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 02/04/2051 | 75000 | 43857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 02/04/2041 | 160000 | 97500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anheuser-Busch |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 02/01/2046 | 365000 | 316653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 02/01/2036 | 285000 | 257530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anheuser-Busch InBev Worldwide |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 01/23/2049 | 140000 | 132098 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAT Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 10/19/2032 | 20000 | 20443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.758%, 09/06/2049 | 40000 | 26706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.540%, 08/15/2047 | 130000 | 84183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.390%, 08/15/2037 | 190000 | 137760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.734%, 09/25/2040 | 5000 | 3151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 06/01/2040 | 65000 | 45062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Brands |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 02/15/2048 | 60000 | 44579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fomento Economico Mexicano |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 01/16/2050 | 60000 | 38886 |
| &nbsp;&nbsp;&nbsp;&nbsp; JBS USA LUX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 12/01/2052 (A) | 140000 | 122249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 02/02/2052 (A) | 60000 | 38941 |

---

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

*13* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **Long Duration U.S. Credit Fund** |
|  | **October 31, 2022** |

---

------

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | **Face Amount** | **Value** |
|  **CONSUMER STAPLES (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 05/15/2032 (A) | $60000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keurig Dr Pepper |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 04/15/2052 | 34000 | 26531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kraft Heinz Foods |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 06/01/2050 | 65000 | 59550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 07/15/2045 | 60000 | 52444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 10/01/2049 | 107000 | 89009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 06/01/2046 | 15000 | 11720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nestle Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 09/24/2048 (A) | 25000 | 20042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 09/24/2038 (A) | 55000 | 46204 |
| &nbsp;&nbsp;&nbsp;&nbsp; PepsiCo |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 10/21/2051 | 40000 | 25994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 10/21/2041 | 35000 | 24097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 03/04/2043 | 80000 | 54525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walmart |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 09/22/2051 | 13000 | 8370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 09/22/2041 | 99000 | 68099 |
|  |  | 2002904 |
|  **ENERGY — 9.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BP Capital Markets America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.379%, 02/08/2061 | 45000 | 28645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.060%, 06/17/2041 | 55000 | 38512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.001%, 03/17/2052 | 65000 | 40414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 02/24/2050 | 5000 | 3160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.939%, 06/04/2051 | 80000 | 49407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Columbia Pipeline Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 06/01/2045 | 60000 | 54098 |
| &nbsp;&nbsp;&nbsp;&nbsp; ConocoPhillips |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 03/15/2052 | 45000 | 33690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Devon Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/15/2045 | 45000 | 37669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamondback Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 03/15/2033 | 45000 | 45201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Transfer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 04/15/2049 | 20000 | 17457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 10/01/2047 | 80000 | 63535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 02/01/2043 | 25000 | 19253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 03/15/2045 | 280000 | 217999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/15/2050 | 100000 | 76039 |

---

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

*14* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **Long Duration U.S. Credit Fund** |
|  | **October 31, 2022** |

---

------

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | **Face Amount** | **Value** |
|  **ENERGY (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 03/15/2035 | $60000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enterprise Products Operating |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 10/15/2054 | 60000 | 47151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 02/15/2048 | 80000 | 59613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 01/31/2050 | 5000 | 3679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 02/15/2053 | 25000 | 15696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 02/15/2052 | 65000 | 40216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.327%, 03/19/2050 | 5000 | 4153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.227%, 03/19/2040 | 95000 | 81403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.452%, 04/15/2051 | 55000 | 39223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.095%, 08/16/2049 | 25000 | 17010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Halliburton |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/15/2045 | 25000 | 20714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hess |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 01/15/2040 | 5000 | 4712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 04/01/2047 | 75000 | 68098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinder Morgan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 06/01/2045 | 45000 | 38898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 08/01/2052 | 25000 | 21147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 03/01/2048 | 45000 | 36838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 02/15/2046 | 35000 | 28289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 02/15/2051 | 5000 | 3236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 08/01/2050 | 40000 | 24343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marathon Petroleum |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 09/15/2044 | 35000 | 27623 |
| &nbsp;&nbsp;&nbsp;&nbsp; MPLX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 03/14/2052 | 35000 | 27116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 04/15/2038 | 105000 | 83943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phillips 66 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 10/01/2046 (A) | 35000 | 29157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 03/15/2052 | 45000 | 29144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sabal Trail Transmission |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.832%, 05/01/2048 (A) | 50000 | 39759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.682%, 05/01/2038 (A) | 40000 | 33568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell International Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 05/11/2035 | 80000 | 70549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 09/12/2046 | 80000 | 59840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/26/2051 | 15000 | 9662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Natural Gas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 03/15/2047 (A) | 35000 | 27193 |

---

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

*15* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **Long Duration U.S. Credit Fund** |
|  | **October 31, 2022** |

---

------

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | **Face Amount** | **Value** |
|  **ENERGY (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Suncor Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 03/04/2051 | $65000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Eastern Transmission |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 01/15/2048 (A) | 60000 | 44131 |
| &nbsp;&nbsp;&nbsp;&nbsp; TotalEnergies Capital International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.127%, 05/29/2050 | 145000 | 95813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.986%, 06/29/2041 | 55000 | 38590 |
| &nbsp;&nbsp;&nbsp;&nbsp; TransCanada PipeLines |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 03/15/2049 | 20000 | 16948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 05/15/2038 | 145000 | 121892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Williams |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.300%, 04/15/2040 | 85000 | 82077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 06/24/2044 | 95000 | 84895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/15/2051 | 20000 | 12824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 03/15/2031 | 80000 | 62688 |
|  |  | 2371410 |
|  **FINANCIALS — 10.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American International Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 06/30/2050 | 80000 | 62573 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASB Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 10/22/2031 (A) | 15000 | 11348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.311%, U.S. SOFR + 1.580%, 04/22/2042 (B) | 185000 | 127926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.972%, U.S. SOFR + 1.330%, 02/04/2033 (B) | 35000 | 27121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.687%, U.S. SOFR + 1.320%, 04/22/2032 (B) | 200000 | 154359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.572%, U.S. SOFR + 1.210%, 10/20/2032 (B) | 45000 | 33983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.676%, U.S. SOFR + 1.930%, 06/19/2041 (B) | 260000 | 164825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 08/15/2048 | 105000 | 84677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackstone Holdings Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 01/30/2032 (A) | 35000 | 25364 |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.132%, U.S. SOFR + 1.561%, 01/20/2033 (A) (B) | 5000 | 3709 |
| &nbsp;&nbsp;&nbsp;&nbsp; CI Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 06/15/2051 | 95000 | 54005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 07/23/2048 | 60000 | 48256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.878%, ICE LIBOR USD 3 Month + 1.168%, 01/24/2039 (B) | 65000 | 49654 |

---

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

*16* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **Long Duration U.S. Credit Fund** |
|  | **October 31, 2022** |

---

------

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | **Face Amount** | **Value** |
|  **FINANCIALS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.904%, U.S. SOFR + 1.379%, 11/03/2042 (B) | $45000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.561%, U.S. SOFR + 1.167%, 05/01/2032 (B) | 65000 | 49539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commonwealth Bank of Australia MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.743%, 09/12/2039 (A) | 35000 | 24219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corebridge Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 04/05/2052 (A) | 60000 | 43929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 04/05/2042 (A) | 15000 | 11287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 04/05/2032 (A) | 60000 | 50235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Atlantic Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 06/15/2031 (A) | 45000 | 31546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 05/22/2045 | 65000 | 52845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.017%, ICE LIBOR USD 3 Month + 1.373%, 10/31/2038 (B) | 170000 | 132177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.436%, U.S. SOFR + 1.632%, 02/24/2043 (B) | 95000 | 64808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.908%, U.S. SOFR + 1.472%, 07/21/2042 (B) | 5000 | 3119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 07/08/2044 | 95000 | 77738 |
| &nbsp;&nbsp;&nbsp;&nbsp; ING Groep |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.252%, U.S. SOFR + 2.070%, 03/28/2033 (B) | 20000 | 16628 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.328%, U.S. SOFR + 1.580%, 04/22/2052 (B) | 160000 | 103545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.109%, U.S. SOFR + 2.460%, 04/22/2041 (B) | 180000 | 123179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.953%, U.S. SOFR + 1.065%, 02/04/2032 (B) | 165000 | 121022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.976%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 2.300%, 08/11/2033 (B) | 45000 | 38518 |
| &nbsp;&nbsp;&nbsp;&nbsp; MetLife |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.721%, 12/15/2044 | 65000 | 53670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 01/22/2047 | 5000 | 3889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.217%, U.S. SOFR + 1.485%, 04/22/2042 (B) | 100000 | 68114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.802%, U.S. SOFR + 1.430%, 01/25/2052 (B) | 20000 | 11735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prudential Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.935%, 12/07/2049 | 35000 | 25715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prudential Financial MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 07/15/2033 | 15000 | 14895 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 03/01/2062 (A) | 15000 | 10770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 03/01/2052 (A) | 5000 | 3643 |

---

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

*17* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **Long Duration U.S. Credit Fund** |
|  | **October 31, 2022** |

---

------

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | **Face Amount** | **Value** |
|  **FINANCIALS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 06/26/2048 (A) | $25000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19173 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.988%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 2.400%, 08/05/2033 (A) (B) | 65000 | 56337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.746%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 1.100%, 02/11/2033 (A) (B) | 5000 | 3597 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Group MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.095%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 1.000%, 02/11/2032 (A) (B) | 5000 | 3524 |
| &nbsp;&nbsp;&nbsp;&nbsp; US Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.491%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 0.950%, 11/03/2036 (B) | 85000 | 62413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.013%, U.S. SOFR + 4.502%, 04/04/2051 (B) | 55000 | 46453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 11/17/2045 | 35000 | 27905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.897%, U.S. SOFR + 2.100%, 07/25/2033 (B) | 35000 | 31955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.611%, U.S. SOFR + 2.130%, 04/25/2053 (B) | 170000 | 135319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 06/14/2046 | 290000 | 214656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westpac Banking |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.405%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 2.680%, 08/10/2033 (B) | 35000 | 30542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.133%, 11/18/2041 | 35000 | 21114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.020%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 1.530%, 11/18/2036 (B) | 35000 | 24733 |
|  |  | 2690740 |
|  **HEALTH CARE — 9.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Abbott Laboratories |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 11/30/2046 | 45000 | 41939 |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 05/14/2035 | 75000 | 66705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 11/21/2049 | 270000 | 209405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 11/21/2039 | 259000 | 208623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amgen |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 03/01/2053 | 20000 | 16963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 02/22/2052 | 5000 | 3824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 02/21/2050 | 60000 | 40015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 02/22/2032 | 20000 | 17036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 02/21/2040 | 95000 | 67763 |
| &nbsp;&nbsp;&nbsp;&nbsp; BayCare Health System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.831%, 11/15/2050 | 15000 | 11419 |

---

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

*18* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **Long Duration U.S. Credit Fund** |
|  | **October 31, 2022** |

---

------

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | **Face Amount** | **Value** |
|  **HEALTH CARE (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Baylor Scott & White Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.839%, 11/15/2050 | $25000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Scientific |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 03/01/2049 | 5000 | 4224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 03/01/2039 | 28000 | 23651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 03/15/2052 | 102000 | 75723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 03/15/2042 | 45000 | 34416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 11/13/2050 | 148000 | 88761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.350%, 11/13/2040 | 25000 | 16278 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVS Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 03/25/2048 | 36000 | 30570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.780%, 03/25/2038 | 20000 | 17342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 08/21/2040 | 120000 | 77678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danaher |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 12/10/2051 | 88000 | 54863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 10/01/2050 | 15000 | 9004 |
| &nbsp;&nbsp;&nbsp;&nbsp; DH Europe Finance II Sarl |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 11/15/2049 | 20000 | 14056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 11/15/2039 | 60000 | 44752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elevance Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 03/15/2051 | 45000 | 31700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gilead Sciences |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 09/01/2035 | 55000 | 49736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 02/01/2045 | 20000 | 16511 |
| &nbsp;&nbsp;&nbsp;&nbsp; HCA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 06/15/2049 | 40000 | 32328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 06/15/2039 | 25000 | 20782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 03/15/2052 (A) | 105000 | 77194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 03/15/2042 (A) | 15000 | 11260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 07/15/2051 | 18000 | 11166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kaiser Foundation Hospitals |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 05/01/2047 | 40000 | 31525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.266%, 11/01/2049 | 35000 | 23144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.002%, 06/01/2051 | 80000 | 49363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.810%, 06/01/2041 | 60000 | 40211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.350%, 06/24/2040 | 5000 | 3296 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York and Presbyterian Hospital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.606%, 08/01/2060 | 10000 | 5254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.256%, 08/01/2040 | 15000 | 9405 |

---

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

*19* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **Long Duration U.S. Credit Fund** |
|  | **October 31, 2022** |

---

------

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | **Face Amount** | **Value** |
|  **HEALTH CARE (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Northwell Healthcare |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.260%, 11/01/2047 | $20000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novartis Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 05/06/2044 | 20000 | 17501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 08/14/2050 | 65000 | 42605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pfizer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 05/28/2040 | 80000 | 55426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roche Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.607%, 12/13/2051 (A) | 143000 | 89093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sutter Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.361%, 08/15/2050 | 25000 | 16033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thermo Fisher Scientific |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 10/15/2041 | 55000 | 37917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 10/15/2031 | 2000 | 1569 |
| &nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.050%, 02/15/2063 | 45000 | 46301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 02/15/2053 | 85000 | 86856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 05/15/2062 | 20000 | 17632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 05/15/2052 | 60000 | 52508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 05/15/2051 | 123000 | 83459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.050%, 05/15/2041 | 170000 | 120422 |
|  |  | 2285019 |
|  **INDUSTRIALS — 9.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 10/29/2041 | 40000 | 26592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 01/30/2032 | 160000 | 120129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boeing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.930%, 05/01/2060 | 25000 | 21146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.805%, 05/01/2050 | 310000 | 266375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.705%, 05/01/2040 | 355000 | 308776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Burlington Northern Santa Fe |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 04/01/2045 | 190000 | 151990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 06/15/2052 | 55000 | 34444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Pacific Railway |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 09/15/2115 | 60000 | 54571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 12/02/2051 | 55000 | 34973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 12/02/2041 | 35000 | 24212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carrier Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.577%, 04/05/2050 | 45000 | 30123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.377%, 04/05/2040 | 55000 | 39200 |

---

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

*20* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **Long Duration U.S. Credit Fund** |
|  | **October 31, 2022** |

---

------

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | **Face Amount** | **Value** |
|  **INDUSTRIALS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Caterpillar |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 05/15/2064 | $55000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46953 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/15/2052 | 95000 | 77665 |
| &nbsp;&nbsp;&nbsp;&nbsp; GE Capital International Funding Unlimited Co |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.418%, 11/15/2035 | 415000 | 365793 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Dynamics |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 06/01/2041 | 20000 | 13925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.900%, 11/15/2063 | 25000 | 25432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 11/15/2054 | 35000 | 35308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 05/15/2036 | 60000 | 54540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northrop Grumman |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.030%, 10/15/2047 | 170000 | 133672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raytheon Technologies |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 06/01/2042 | 315000 | 267167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.030%, 03/15/2052 | 130000 | 82612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Union Pacific |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.799%, 10/01/2051 | 110000 | 82515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/14/2053 | 25000 | 17489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 02/14/2042 | 15000 | 11189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.973%, 09/16/2062 | 95000 | 55584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Union Pacific MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 08/15/2039 | 20000 | 15579 |
|  |  | 2397954 |
|  **INFORMATION TECHNOLOGY — 6.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Analog Devices |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 10/01/2051 | 55000 | 35439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 10/01/2041 | 55000 | 37907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 05/04/2043 | 20000 | 16264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 02/08/2051 | 185000 | 115107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 02/08/2041 | 435000 | 290979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 02/15/2051 (A) | 5000 | 3198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/15/2041 (A) | 65000 | 43381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intel |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 08/05/2062 | 55000 | 44826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 08/05/2052 | 145000 | 120663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 03/25/2050 | 35000 | 28431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.734%, 12/08/2047 | 60000 | 41762 |

---

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

*21* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **Long Duration U.S. Credit Fund** |
|  | **October 31, 2022** |

---

------

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | **Face Amount** | **Value** |
|  **INFORMATION TECHNOLOGY (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; KLA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 07/15/2052 | $55000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 08/08/2036 | 80000 | 68581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.041%, 03/17/2062 | 105000 | 68405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.921%, 03/17/2052 | 265000 | 179424 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVIDIA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 04/01/2040 | 35000 | 26569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 04/01/2050 | 15000 | 10649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 05/15/2045 | 105000 | 71840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/15/2047 | 15000 | 9914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 03/25/2051 | 45000 | 29435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 03/25/2041 | 190000 | 128826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 04/01/2050 | 15000 | 9235 |
| &nbsp;&nbsp;&nbsp;&nbsp; salesforce.com |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.050%, 07/15/2061 | 25000 | 15292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 07/15/2051 | 60000 | 38613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 07/15/2041 | 75000 | 51166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 04/15/2040 | 150000 | 106830 |
|  |  | 1640718 |
|  **MATERIALS — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Celanese US Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.379%, 07/15/2032 | 100000 | 91107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freeport-McMoRan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 03/15/2043 | 146000 | 120868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 11/14/2034 | 4000 | 3574 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Flavors & Fragrances |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 09/26/2048 | 5000 | 4000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.468%, 12/01/2050 (A) | 105000 | 65707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.268%, 11/15/2040 (A) | 75000 | 49941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Minera Mexico |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 01/26/2050 (A) | 70000 | 46823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newmont |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 04/01/2035 | 205000 | 197828 |
|  |  | 579848 |
|  **REAL ESTATE — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Agree |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 10/01/2030 | 15000 | 11793 |

---

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

*22* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **Long Duration U.S. Credit Fund** |
|  | **October 31, 2022** |

---

------

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | **Face Amount** | **Value** |
|  **REAL ESTATE (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 06/15/2033 | $65000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 03/15/2052 | 80000 | 51732 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Homes 4 Rent |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 04/15/2052 | 40000 | 27592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 04/15/2032 | 20000 | 16152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 07/15/2051 | 15000 | 8813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Extra Space Storage |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.350%, 03/15/2032 | 25000 | 18089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invitation Homes Operating Partnership |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 04/15/2032 | 5000 | 4160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regency Centers |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 03/15/2049 | 85000 | 63379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rexford Industrial Realty |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 09/01/2031 | 100000 | 73411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 12/01/2030 | 15000 | 11231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simon Property Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 07/15/2050 | 35000 | 23657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Communities Operating |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 04/15/2032 | 80000 | 66036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 07/15/2031 | 60000 | 44219 |
| &nbsp;&nbsp;&nbsp;&nbsp; VICI Properties |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 05/15/2052 | 45000 | 36795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 05/15/2032 | 80000 | 70919 |
|  |  | 574502 |
|  **UTILITIES — 11.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AEP Texas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 01/15/2050 | 80000 | 52040 |
| &nbsp;&nbsp;&nbsp;&nbsp; AEP Transmission |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 04/01/2050 | 45000 | 31612 |
| &nbsp;&nbsp;&nbsp;&nbsp; AES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 01/15/2031 | 55000 | 41541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameren Illinois |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 03/15/2049 | 80000 | 66111 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Water Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 05/01/2050 | 55000 | 37550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arizona Public Service |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 12/01/2049 | 25000 | 15969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Baltimore Gas and Electric |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 06/15/2050 | 60000 | 37043 |

---

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

*23* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **Long Duration U.S. Credit Fund** |
|  | **October 31, 2022** |

---

------

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | **Face Amount** | **Value** |
|  **UTILITIES (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 10/15/2050 | $45000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34839 |
| &nbsp;&nbsp;&nbsp;&nbsp; CenterPoint Energy Houston Electric |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 03/01/2052 | 25000 | 17823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commonwealth Edison |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 03/01/2050 | 85000 | 54130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Energy Generation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 10/01/2039 | 43000 | 41466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 10/01/2041 | 35000 | 31544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 06/15/2042 | 140000 | 123453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumers Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 09/01/2052 | 15000 | 11952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 05/01/2060 | 80000 | 42178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 08/15/2052 | 15000 | 12326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Carolinas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 09/30/2042 | 170000 | 131975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 03/15/2052 | 20000 | 13968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Florida |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.350%, 09/15/2037 | 105000 | 107609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Ohio |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 02/01/2049 | 120000 | 91542 |
| &nbsp;&nbsp;&nbsp;&nbsp; East Ohio Gas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 06/15/2050 (A) | 80000 | 48368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emera US Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 06/15/2046 | 55000 | 40897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entergy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 06/15/2050 | 60000 | 40613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entergy Arkansas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 06/15/2051 | 100000 | 56859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entergy Louisiana |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 09/15/2052 | 15000 | 12484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 06/15/2041 | 85000 | 58517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entergy Texas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 09/15/2052 | 25000 | 21219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exelon |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 06/15/2035 | 85000 | 76722 |
| &nbsp;&nbsp;&nbsp;&nbsp; FirstEnergy Transmission |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 07/15/2044 (A) | 35000 | 30277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 04/01/2049 (A) | 25000 | 19024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida Power & Light |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 02/01/2042 | 85000 | 69042 |

---

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

*24* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **Long Duration U.S. Credit Fund** |
|  | **October 31, 2022** |

---

------

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | **Face Amount** | **Value** |
|  **UTILITIES (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Georgia Power |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 01/30/2050 | $65000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46124 |
| &nbsp;&nbsp;&nbsp;&nbsp; MidAmerican Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 04/15/2050 | 55000 | 35922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monongahela Power |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 12/15/2043 (A) | 60000 | 53547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nevada Power |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.900%, 05/01/2053 | 25000 | 24710 |
| &nbsp;&nbsp;&nbsp;&nbsp; NiSource |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 05/15/2047 | 55000 | 42465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern States Power |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 06/01/2052 | 25000 | 21065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 03/01/2050 | 65000 | 41411 |
| &nbsp;&nbsp;&nbsp;&nbsp; NSTAR Electric |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 09/15/2052 | 35000 | 31362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oglethorpe Power |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 11/01/2040 | 85000 | 72410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 04/01/2047 (A) | 40000 | 29954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 08/01/2050 | 180000 | 120964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oncor Electric Delivery |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 01/15/2033 | 85000 | 95018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 06/01/2042 | 110000 | 102921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 09/15/2052 (A) | 20000 | 17977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 05/15/2050 | 140000 | 102638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pacific Gas and Electric |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 07/01/2050 | 25000 | 18655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 06/01/2041 | 60000 | 42352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 08/01/2050 | 80000 | 48950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 08/01/2040 | 15000 | 9764 |
| &nbsp;&nbsp;&nbsp;&nbsp; PacifiCorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 01/15/2039 | 55000 | 53885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 03/15/2051 | 65000 | 43009 |
| &nbsp;&nbsp;&nbsp;&nbsp; PECO Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 08/15/2052 | 25000 | 20446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Potomac Electric Power |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 03/15/2043 | 60000 | 47287 |
| &nbsp;&nbsp;&nbsp;&nbsp; PPL Electric Utilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/01/2049 | 80000 | 50720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Service of Colorado |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 09/01/2037 | 65000 | 68117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 01/15/2051 | 80000 | 48028 |

---

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

*25* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **Long Duration U.S. Credit Fund** |
|  | **October 31, 2022** |

---

------

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | **Face Amount** | **Value** |
|  **UTILITIES (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; San Diego Gas & Electric |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.320%, 04/15/2050 | $20000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sempra Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 02/01/2048 | 15000 | 10656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 02/01/2038 | 55000 | 41809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern California Edison |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 02/01/2050 | 105000 | 70513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tucson Electric Power |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 06/15/2050 | 5000 | 3634 |
|  |  | 2900349 |
|  TOTAL CORPORATE OBLIGATIONS<br>(Cost $27,436,428) |  | 21194365 |
|  **U.S. TREASURY OBLIGATIONS — 7.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 08/15/2042 | 260000 | 224413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 05/15/2052 | 615000 | 477586 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Note |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 08/15/2032 | 1265000 | 1132768 |
|  TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $1,833,981) |  | 1834767 |
|  **MUNICIPAL BONDS — 3.9%** |  |  |
|  **CALIFORNIA — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bay Area, Toll Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.263%, 04/01/2049 | 100000 | 107927 |
| &nbsp;&nbsp;&nbsp;&nbsp; California State, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.600%, 11/01/2040 | 50000 | 60130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.550%, 04/01/2039 | 100000 | 118715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regents of the University of California Medical Center Pooled Revenue, Ser H, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.548%, 05/15/2048 | 100000 | 108894 |
|  |  | 395666 |
|  **NEW JERSEY — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey, Turnpike Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.414%, 01/01/2040 | 200000 | 234624 |

---

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

*26* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **Long Duration U.S. Credit Fund** |
|  | **October 31, 2022** |

---

------

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **MUNICIPAL BONDS — continued** | **MUNICIPAL BONDS — continued** | **MUNICIPAL BONDS — continued** |
|  | **Face Amount** | **Value** |
|  **NEW YORK — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New York & New Jersey, Port Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.458%, 10/01/2062 | $100000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81075 |
|  **TEXAS — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dallas County, Hospital District, Ser C, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.621%, 08/15/2044 | 50000 | 50171 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Texas, Tollway Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.718%, 01/01/2049 | 100000 | 111652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas State, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.517%, 04/01/2039 | 100000 | 100836 |
|  |  | 262659 |
|  TOTAL MUNICIPAL BONDS<br>(Cost $1,350,280) |  | 974024 |
|  **SOVEREIGN DEBT — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chile Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.340%, 03/07/2042 | 20000 | 15479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indonesia Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 09/20/2052 | 15000 | 13508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 09/20/2032 | 35000 | 32312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexico Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 10/12/2110 | 110000 | 83991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 04/27/2051 | 110000 | 83742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 01/31/2050 | 5000 | 3564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 02/12/2052 | 35000 | 24012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.280%, 08/14/2041 | 40000 | 29121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Panama Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 04/16/2050 | 110000 | 75148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.870%, 07/23/2060 | 65000 | 37600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Perusahaan Penerbit SBSN Indonesia III |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 06/09/2051 (A) | 20000 | 13526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philippine Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 10/13/2047 | 35000 | 34224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.609%, 04/13/2033 | 20000 | 19970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 07/06/2046 | 105000 | 68850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 05/05/2045 | 45000 | 29154 |

---

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

*27* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **Long Duration U.S. Credit Fund** |
|  | **October 31, 2022** |

---

------

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **SOVEREIGN DEBT — continued** | **SOVEREIGN DEBT — continued** | **SOVEREIGN DEBT — continued** |
|  | **Face Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Uruguay Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 06/18/2050 | $85000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76561 |
|  TOTAL SOVEREIGN DEBT<br>(Cost $841,576) |  | 640762 |
|  TOTAL INVESTMENTS— 98.3%<br>(Cost $31,462,265) |  | $24643918 |

---

---

| | |
|:---|:---|
| | *Percentages are based on Net Assets of $25,063,938.*  |

---

*(A)* *Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On October 31, 2022, the value of these securities amounted to $1,657,520, representing 6.6% of the Net Assets of the Fund.* 

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

*DAC — Designated Activity Company* 

*GO — General Obligation* 

*ICE — Intercontinental Exchange* 

*LIBOR — London Interbank Offered Rate* 

*MTN — Medium Term Note* 

*RB — Revenue Bond* 

*SOFR — Secured Overnight Financing Rate* 

*Ser — Series* 

*USD — U.S. Dollar* 

*As of October 31, 2022, all of the Fund's investments were considered Level 2, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.* 

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

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

*28* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **U.S. Credit Fund** |
|  | **October 31, 2022** |

---

------

<br> **SECTOR WEIGHTING † (unaudited)**<br>

![LOGO](g380322dsp31.jpg)

*† Percentages are based on total investments.* 

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **CORPORATE OBLIGATIONS — 91.2%** | | |
|  |<br>**Face Amount** |<br>**Value** |
|  **COMMUNICATION SERVICES — 6.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 08/15/2040 | $60000 | $38047 |
| &nbsp;&nbsp;&nbsp;&nbsp; America Movil |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 04/22/2049 | 25000 | 19562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 04/22/2029 | 30000 | 26505 |
| &nbsp;&nbsp;&nbsp;&nbsp; AT&T |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 12/01/2057 | 50000 | 32943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 09/15/2059 | 40000 | 25334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 09/15/2055 | 75000 | 47470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 12/01/2033 | 140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charter Communications Operating |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.384%, 10/23/2035 | 30000 | 27450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.908%, 07/23/2025 | 40000 | 38836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 03/01/2050 | 40000 | 28244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 06/01/2052 | 15000 | 9279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 04/01/2051 | 5000 | 3000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 06/01/2041 | 10000 | 6306 |

---

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

*29* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **U.S. Credit Fund** |
|  | **October 31, 2022** |

---

------

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **CORPORATE OBLIGATIONS — continued** | | |
|  |<br>**Face Amount** |<br>**Value** |
|  **COMMUNICATION SERVICES (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Comcast |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.969%, 11/01/2047 | $30000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 10/15/2025 | 40000 | 38686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 04/01/2030 | 20000 | 17603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 08/15/2025 | 40000 | 38241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 03/01/2026 | 40000 | 37590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.937%, 11/01/2056 | 40000 | 23170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.887%, 11/01/2051 | 40000 | 24029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fox |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.030%, 01/25/2024 | 40000 | 39313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 08/15/2052 (A) | 115000 | 85528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 08/15/2032 (A) | 85000 | 72474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paramount Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.850%, 09/01/2043 | 85000 | 69218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 03/15/2043 | 5000 | 3355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sprint Spectrum |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.738%, 03/20/2025 (A) | 6250 | 6155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Time Warner Cable |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.300%, 07/01/2038 | 10000 | 9335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 06/15/2039 | 10000 | 8851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.550%, 05/01/2037 | 40000 | 35697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 11/15/2040 | 10000 | 8136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 09/15/2042 | 10000 | 6859 |
| &nbsp;&nbsp;&nbsp;&nbsp; T-Mobile USA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 09/15/2062 | 20000 | 18347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 04/15/2025 | 90000 | 85839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 03/22/2051 | 20000 | 13499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 03/22/2041 | 185000 | 131208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vodafone Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/30/2038 | 10000 | 8486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walt Disney |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.650%, 11/15/2037 | 10000 | 10821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.550%, 03/15/2033 | 20000 | 21297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 01/13/2051 | 40000 | 29004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 09/01/2049 | 20000 | 12374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 09/01/2029 | 40000 | 32658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warnermedia Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 03/15/2042 (A) | 30000 | 21934 |
|  |  | 1338265 |

---

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

*30* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **U.S. Credit Fund** |
|  | **October 31, 2022** |

---

------

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **CORPORATE OBLIGATIONS — continued** | | |
|  |<br>**Face Amount** |<br>**Value** |
|  **CONSUMER DISCRETIONARY — 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 04/13/2052 | $35000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 08/22/2037 | 30000 | 25516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 05/12/2051 | 40000 | 26788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 05/12/2028 | 40000 | 33791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aptiv |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.396%, 02/18/2025 | 50000 | 46594 |
| &nbsp;&nbsp;&nbsp;&nbsp; BMW US Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 04/09/2025 (A) | 40000 | 38659 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Motors |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 10/02/2043 | 10000 | 8765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 04/01/2038 | 20000 | 16343 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Motors Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 01/12/2032 | 80000 | 60951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Depot |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 09/15/2032 | 75000 | 71093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 06/15/2047 | 5000 | 3860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 04/15/2052 | 55000 | 39909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 09/15/2056 | 30000 | 20460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 04/15/2050 | 25000 | 17335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lowe's |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 04/15/2053 | 60000 | 54095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 04/01/2052 | 25000 | 18523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Institute of Technology |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 07/01/2111 | 50000 | 47850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northwestern University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.662%, 12/01/2057 | 10000 | 7081 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Notre Dame du Lac |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.394%, 02/15/2048 | 20000 | 14500 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Southern California |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 10/01/2111 | 20000 | 17458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volkswagen Group of America Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 11/13/2025 (A) | 10000 | 9671 |
|  |  | 606702 |
|  **CONSUMER STAPLES — 5.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7-Eleven |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 02/10/2031 (A) | 60000 | 44262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.300%, 02/10/2028 (A) | 70000 | 56770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alimentation Couche-Tard |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 01/25/2030 (A) | 30000 | 24491 |

---

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

*31* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **U.S. Credit Fund** |
|  | **October 31, 2022** |

---

------

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **CORPORATE OBLIGATIONS — continued** | | |
|  |<br>**Face Amount** |<br>**Value** |
|  **CONSUMER STAPLES (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Altria Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 05/02/2043 | $10000 | $6846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 09/16/2046 | 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 02/04/2051 | 30000 | 17542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anheuser-Busch |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 02/01/2046 | 30000 | 26026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anheuser-Busch InBev Worldwide |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 01/23/2049 | 25000 | 23589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 04/15/2058 | 25000 | 20263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 04/15/2048 | 115000 | 95426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 06/01/2050 | 30000 | 24494 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAT Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 10/19/2032 | 15000 | 15332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.390%, 08/15/2037 | 70000 | 50754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.222%, 08/15/2024 | 90000 | 85970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.215%, 09/06/2026 | 120000 | 107030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.259%, 03/25/2028 | 80000 | 63307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hormel Foods |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.700%, 06/03/2028 | 60000 | 50519 |
| &nbsp;&nbsp;&nbsp;&nbsp; JBS USA LUX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 04/01/2033 (A) | 170000 | 153156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 02/02/2029 (A) | 45000 | 36514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kraft Heinz Foods |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 07/15/2045 | 15000 | 13111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 10/01/2049 | 59000 | 49080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 06/01/2046 | 10000 | 7814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mars |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 04/01/2049 (A) | 20000 | 15376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mondelez International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 10/15/2032 | 20000 | 14537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nestle Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 09/24/2048 (A) | 10000 | 8016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reynolds American |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 06/12/2025 | 80000 | 77219 |
|  |  | 1099715 |
|  **ENERGY — 6.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BP Capital Markets America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.379%, 02/08/2061 | 10000 | 6366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.060%, 06/17/2041 | 30000 | 21006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.001%, 03/17/2052 | 40000 | 24870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 02/24/2050 | 15000 | 9481 |

---

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

*32* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **U.S. Credit Fund** |
|  | **October 31, 2022** |

---

------

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **CORPORATE OBLIGATIONS — continued** | | |
|  |<br>**Face Amount** |<br>**Value** |
|  **ENERGY (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.939%, 06/04/2051 | $15000 | $9264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.772%, 11/10/2050 | 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chevron USA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 10/15/2029 | 70000 | 62809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Columbia Pipeline Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 06/01/2045 | 20000 | 18032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Devon Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 07/15/2041 | 10000 | 9133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamondback Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 03/15/2033 | 35000 | 35157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enbridge |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 02/16/2024 | 95000 | 91316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Transfer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 12/15/2045 | 40000 | 34242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 10/01/2047 | 30000 | 23826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 05/15/2045 | 10000 | 7936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 04/15/2047 | 10000 | 7853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 06/15/2028 | 60000 | 55934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/01/2027 | 30000 | 27165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enterprise Products Operating |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 02/15/2025 | 50000 | 48149 |
| &nbsp;&nbsp;&nbsp;&nbsp; EOG Resources |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 04/15/2030 | 30000 | 28471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 02/01/2030 | 25000 | 25648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 05/15/2031 (A) | 40000 | 33287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.227%, 03/19/2040 | 5000 | 4284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.452%, 04/15/2051 | 40000 | 28526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.095%, 08/16/2049 | 15000 | 10206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hess |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 04/01/2027 | 60000 | 56215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marathon Petroleum |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 05/01/2025 | 90000 | 88139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Midwest Connector Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 04/01/2024 (A) | 80000 | 76978 |
| &nbsp;&nbsp;&nbsp;&nbsp; MPLX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 04/15/2038 | 30000 | 23984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 03/01/2026 | 85000 | 74193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sabal Trail Transmission |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.246%, 05/01/2028 (A) | 90000 | 82340 |

---

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

*33* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **U.S. Credit Fund** |
|  | **October 31, 2022** |

---

------

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **CORPORATE OBLIGATIONS — continued** | | |
|  |<br>**Face Amount** |<br>**Value** |
|  **ENERGY (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Saudi Arabian Oil |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 11/24/2023 (A) | $20000 | $19205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spectra Energy Partners |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 10/15/2026 | 40000 | 36661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tennessee Gas Pipeline |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 10/15/2028 | 30000 | 31079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Eastern Transmission |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 01/15/2048 (A) | 10000 | 7355 |
| &nbsp;&nbsp;&nbsp;&nbsp; TotalEnergies Capital International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.461%, 07/12/2049 | 35000 | 24569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.127%, 05/29/2050 | 50000 | 33039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.986%, 06/29/2041 | 30000 | 21049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Williams |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 11/15/2043 | 30000 | 26822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 03/15/2031 | 30000 | 23508 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1260137 |
|  **FINANCIALS — 28.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American International Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 04/01/2048 | 20000 | 16546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 06/30/2050 | 50000 | 39108 |
| &nbsp;&nbsp;&nbsp;&nbsp; ANZ New Zealand Int'l |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 06/22/2026 (A) | 100000 | 86201 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASB Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 10/22/2026 (A) | 70000 | 60186 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAE Systems Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 12/15/2025 (A) | 10000 | 9481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 09/18/2025 | 70000 | 61140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Santander |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.706%, 06/27/2024 | 120000 | 113987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.948%, U.S. SOFR + 2.040%, 07/22/2028 (B) | 150000 | 143088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.311%, U.S. SOFR + 1.580%, 04/22/2042 (B) | 35000 | 24202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.972%, U.S. SOFR + 1.330%, 02/04/2033 (B) | 20000 | 15498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.572%, U.S. SOFR + 1.210%, 10/20/2032 (B) | 35000 | 26431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.183%, 11/25/2027 | 90000 | 82516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.458%, ICE LIBOR USD 3 Month + 0.970%, 03/15/2025 (B) | 300000 | 289220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.676%, U.S. SOFR + 1.930%, 06/19/2041(B) | 130000 | 82413 |

---

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

*34* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **U.S. Credit Fund** |
|  | **October 31, 2022** |

---

------

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **CORPORATE OBLIGATIONS — continued** | | |
|  |<br>**Face Amount** |<br>**Value** |
|  **FINANCIALS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Montreal MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 02/05/2024 | $80000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.932%, ICE LIBOR USD 3 Month + 1.610%, 05/07/2025 (B) | 80000 | 76139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackstone Holdings Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 01/30/2032 (A) | 30000 | 21740 |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.219%, U.S. SOFR + 2.074%, 06/09/2026 (A) (B) | 60000 | 53656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.323%, U.S. SOFR + 1.004%, 01/13/2027 (A) (B) | 100000 | 84262 |
| &nbsp;&nbsp;&nbsp;&nbsp; BPCE |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.652%, U.S. SOFR + 1.520%, 10/06/2026 (A) (B) | 50000 | 42954 |
| &nbsp;&nbsp;&nbsp;&nbsp; CI Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 06/15/2051 | 50000 | 28424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 09/13/2025 | 50000 | 49570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 11/20/2026 | 10000 | 9436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.887%, ICE LIBOR USD 3 Month + 1.563%, 01/10/2028 (B) | 10000 | 9158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 10/21/2026 | 20000 | 18230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.976%, U.S. SOFR + 1.422%, 11/05/2030 (B) | 10000 | 8160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.904%, U.S. SOFR + 1.379%, 11/03/2042 (B) | 30000 | 18969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.561%, U.S. SOFR + 1.167%, 05/01/2032 (B) | 35000 | 26675 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNO Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 10/07/2026 (A) | 60000 | 51460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corebridge Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 04/05/2032 (A) | 40000 | 33490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 04/05/2029 (A) | 75000 | 65561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 04/04/2025 (A) | 65000 | 61314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Agricole |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.247%, U.S. SOFR + 0.892%, 01/26/2027 (A) (B) | 70000 | 58940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse NY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 08/09/2024 | 145000 | 137668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 02/21/2025 | 105000 | 96071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank NY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.962%, 11/08/2023 | 70000 | 66767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.898%, 05/28/2024 | 90000 | 82609 |

---

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

*35* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **U.S. Credit Fund** |
|  | **October 31, 2022** |

---

------

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **CORPORATE OBLIGATIONS — continued** | | |
|  |<br>**Face Amount** |<br>**Value** |
|  **FINANCIALS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equitable Financial Life Global Funding MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.300%, 07/12/2026 (A) | $25000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federation des Caisses Desjardins du Quebec |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.700%, 05/21/2024 (A) | 110000 | 101945 |
| &nbsp;&nbsp;&nbsp;&nbsp; First American Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 08/15/2031 | 80000 | 55864 |
| &nbsp;&nbsp;&nbsp;&nbsp; GA Global Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 04/11/2025 (A) | 90000 | 85244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 09/15/2028 (A) | 90000 | 72033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 04/08/2024 (A) | 100000 | 92859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.411%, ICE LIBOR USD 3 Month + 1.430%, 04/23/2039 (B) | 20000 | 16229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 03/15/2030 | 5000 | 4313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 01/23/2025 | 50000 | 47858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.436%, U.S. SOFR + 1.632%, 02/24/2043 (B) | 30000 | 20466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.210%, U.S. SOFR + 1.513%, 04/22/2042 (B) | 65000 | 43190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.640%, U.S. SOFR + 1.114%, 02/24/2028 (B) | 70000 | 60529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 02/07/2030 | 10000 | 7952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.992%, U.S. SOFR + 1.090%, 01/27/2032 (B) | 5000 | 3649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.948%, U.S. SOFR + 0.913%, 10/21/2027 (B) | 100000 | 84977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.431%, U.S. SOFR + 0.798%, 03/09/2027 (B) | 150000 | 128361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 07/08/2024 | 40000 | 39096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Guardian Life Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.400%, 07/06/2027 (A) | 20000 | 16743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington Bancshares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 05/15/2025 | 40000 | 38539 |
| &nbsp;&nbsp;&nbsp;&nbsp; ING Groep |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 01/06/2026 (A) | 50000 | 47594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.252%, U.S. SOFR + 2.070%, 03/28/2033 (B) | 5000 | 4157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.869%, U.S. SOFR + 1.640%, 03/28/2026 (B) | 85000 | 79849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 04/09/2024 | 70000 | 67966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intercontinental Exchange |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.850%, 09/15/2032 | 50000 | 36299 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.565%, U.S. SOFR + 1.750%, 06/14/2030 (B) | 90000 | 82577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 10/01/2027 | 30000 | 28174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.897%, ICE LIBOR USD 3 Month + 1.220%, 01/23/2049 (B) | 60000 | 43687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 09/10/2024 | 10000 | 9742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.328%, U.S. SOFR + 1.580%, 04/22/2052 (B) | 25000 | 16179 |

---

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

*36* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **U.S. Credit Fund** |
|  | **October 31, 2022** |

---

------

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **CORPORATE OBLIGATIONS — continued** | | |
|  |<br>**Face Amount** |<br>**Value** |
|  **FINANCIALS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.220%, ICE LIBOR USD 3 Month + 1.155%, 03/01/2025 (B) | $50000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.069%, U.S. SOFR + 1.015%, 06/01/2029 (B) | 80000 | 64715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.953%, U.S. SOFR + 1.065%, 02/04/2032 (B) | 40000 | 29339 |
| &nbsp;&nbsp;&nbsp;&nbsp; KeyBank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 08/08/2025 | 70000 | 67659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.976%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 2.300%, 08/11/2033 (B) | 30000 | 25679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.716%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 1.750%, 08/11/2026 (B) | 105000 | 99256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.210%, U.S. SOFR + 1.610%, 04/20/2028 (B) | 80000 | 74048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.217%, U.S. SOFR + 1.485%, 04/22/2042 (B) | 65000 | 44274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.475%, U.S. SOFR + 1.000%, 01/21/2028 (B) | 60000 | 51904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.188%, U.S. SOFR + 1.990%, 04/28/2026 (B) | 100000 | 91249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nationwide Building Society MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.972%, U.S. SOFR + 1.290%, 02/16/2028 (A) (B) | 80000 | 67768 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Life Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.850%, 08/01/2031 (A) | 40000 | 30402 |
| &nbsp;&nbsp;&nbsp;&nbsp; PNC Financial Services Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 07/23/2026 | 130000 | 117436 |
| &nbsp;&nbsp;&nbsp;&nbsp; RGA Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 01/18/2029 (A) | 65000 | 53851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Bank of Canada MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 11/03/2031 | 30000 | 22800 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 03/01/2032 (A) | 85000 | 69973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 03/01/2027 (A) | 40000 | 35829 |
| &nbsp;&nbsp;&nbsp;&nbsp; SVB Financial Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 10/28/2026 | 50000 | 42240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Truist Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 04/01/2024 | 110000 | 106798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 03/11/2030 | 10000 | 7776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Truist Financial MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 10/26/2024 | 40000 | 38163 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.703%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 2.050%, 08/05/2027 (A) (B) | 175000 | 162561 |

---

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

*37* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **U.S. Credit Fund** |
|  | **October 31, 2022** |

---

------

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **CORPORATE OBLIGATIONS — continued** | | |
|  |<br>**Face Amount** |<br>**Value** |
|  **FINANCIALS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.488%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 1.550%, 05/12/2026 (A) (B) | $45000 | $42686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 09/24/2025 (A) | 20000 | 18863 |
| &nbsp;&nbsp;&nbsp;&nbsp; US Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.491%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 0.950%, 11/03/2036 (B) | 60000 | 44056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.897%, U.S. SOFR + 2.100%, 07/25/2033 (B) | 20000 | 18260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 11/04/2044 | 40000 | 30930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.611%, U.S. SOFR + 2.130%, 04/25/2053 (B) | 55000 | 43780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 06/14/2046 | 15000 | 11103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.196%, ICE LIBOR USD 3 Month + 1.170%, 06/17/2027 (B) | 80000 | 72479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.393%, U.S. SOFR + 2.100%, 06/02/2028 (B) | 120000 | 102525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westpac Banking |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.953%, 11/20/2028 | 15000 | 12430 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5335865 |
|  **HEALTH CARE — 8.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Abbott Laboratories |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 11/30/2046 | 10000 | 9320 |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 06/15/2044 | 20000 | 17030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 03/15/2035 | 10000 | 8899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 11/21/2049 | 70000 | 54290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 11/21/2039 | 56000 | 45108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 11/21/2026 | 170000 | 155225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amgen |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 03/01/2053 | 15000 | 12722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 02/22/2052 | 10000 | 7649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 02/22/2032 | 15000 | 12777 |
| &nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 11/16/2025 | 30000 | 28591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Astrazeneca Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 05/28/2028 | 90000 | 75308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.200%, 05/28/2026 | 70000 | 61094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Scientific |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 03/01/2024 | 31000 | 30332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 02/20/2048 | 24000 | 20500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 03/15/2052 | 35000 | 25983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 11/13/2050 | 40000 | 23990 |

---

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

*38* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **U.S. Credit Fund** |
|  | **October 31, 2022** |

---

------

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **CORPORATE OBLIGATIONS — continued** | | |
|  |<br>**Face Amount** |<br>**Value** |
|  **HEALTH CARE (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CVS Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 08/15/2026 | $40000 | $36668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 08/21/2030 | 60000 | 45669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elevance Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.100%, 10/15/2052 | 55000 | 56096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 12/01/2027 | 70000 | 64785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gilead Sciences |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 09/01/2036 | 30000 | 25183 |
| &nbsp;&nbsp;&nbsp;&nbsp; HCA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 06/15/2049 | 20000 | 16164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 06/15/2039 | 5000 | 4157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 03/15/2032 (A) | 120000 | 97447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kaiser Foundation Hospitals |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 05/01/2047 | 30000 | 23644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northwell Healthcare |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.260%, 11/01/2047 | 10000 | 7407 |
| &nbsp;&nbsp;&nbsp;&nbsp; PerkinElmer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.850%, 09/15/2024 | 70000 | 64646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smith & Nephew |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.032%, 10/14/2030 | 40000 | 29489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thermo Fisher Scientific |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 10/15/2031 | 17000 | 13339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 10/15/2028 | 20000 | 16662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.215%, 10/18/2024 | 220000 | 204835 |
| &nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.050%, 02/15/2063 | 35000 | 36012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 02/15/2053 | 115000 | 117512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 05/15/2052 | 15000 | 13127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 12/15/2025 | 30000 | 28891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/15/2024 | 70000 | 68854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 05/15/2051 | 10000 | 6785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 05/15/2031 | 55000 | 44081 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1610271 |
|  **INDUSTRIALS — 9.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 10/29/2033 | 35000 | 25372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 01/30/2032 | 35000 | 26278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/29/2028 | 60000 | 48463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 10/29/2026 | 40000 | 33825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 10/29/2024 | 110000 | 99988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.150%, 10/29/2023 | 120000 | 113744 |

---

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

*39* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **U.S. Credit Fund** |
|  | **October 31, 2022** |

---

------

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **CORPORATE OBLIGATIONS — continued** | | |
|  |<br>**Face Amount** |<br>**Value** |
|  **INDUSTRIALS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Boeing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.805%, 05/01/2050 | $140000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 05/01/2030 | 60000 | 55469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.040%, 05/01/2027 | 190000 | 183373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 02/01/2028 | 30000 | 26068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 05/01/2026 | 60000 | 54142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.196%, 02/04/2026 | 110000 | 97802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Burlington Northern Santa Fe |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 04/01/2045 | 60000 | 47997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Pacific Railway |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 09/15/2115 | 30000 | 27286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 12/02/2051 | 20000 | 12717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carrier Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.242%, 02/15/2025 | 7000 | 6519 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 11/15/2032 | 100000 | 90111 |
| &nbsp;&nbsp;&nbsp;&nbsp; GE Capital International Funding Unlimited Co |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.418%, 11/15/2035 | 190000 | 167471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honeywell International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/15/2033 | 90000 | 89216 |
| &nbsp;&nbsp;&nbsp;&nbsp; John Deere Capital MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 06/24/2024 | 20000 | 19299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 01/10/2025 | 115000 | 106611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.900%, 11/15/2063 | 10000 | 10173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 11/15/2054 | 25000 | 25220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northrop Grumman |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.930%, 01/15/2025 | 90000 | 85794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raytheon Technologies |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 11/16/2038 | 30000 | 25651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 08/16/2025 | 70000 | 67905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens Financieringsmaatschappij |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.700%, 03/11/2028 (A) | 100000 | 83095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Union Pacific |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/14/2053 | 20000 | 13992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 02/14/2042 | 10000 | 7459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Union Pacific MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 08/15/2039 | 5000 | 3895 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Airlines Class AA Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 08/25/2031 | 25551 | 22134 |
|  |  | 1797367 |

---

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

*40* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **U.S. Credit Fund** |
|  | **October 31, 2022** |

---

------

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **CORPORATE OBLIGATIONS — continued** | | |
|  |<br>**Face Amount** |<br>**Value** |
|  **INFORMATION TECHNOLOGY — 5.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adobe |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 02/01/2027 | $110000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Analog Devices |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.700%, 10/01/2028 | 40000 | 33069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 02/23/2026 | 50000 | 47663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 02/09/2024 | 90000 | 88168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 02/08/2051 | 120000 | 74664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 02/08/2041 | 80000 | 53513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.419%, 04/15/2033 (A) | 100000 | 76264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.137%, 11/15/2035 (A) | 30000 | 20808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 02/15/2031 (A) | 60000 | 45182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Information Services |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 07/15/2032 | 90000 | 84670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fiserv |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 07/01/2026 | 20000 | 18363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intel |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 08/05/2052 | 85000 | 70733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 08/05/2032 | 55000 | 49193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mastercard |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 03/26/2027 | 30000 | 28149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.921%, 03/17/2052 | 70000 | 47395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 02/06/2024 | 10000 | 9784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.525%, 06/01/2050 | 20000 | 12568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 08/08/2026 | 40000 | 37011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/15/2047 | 5000 | 3304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 03/25/2051 | 5000 | 3270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 07/15/2036 | 70000 | 52420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 03/25/2041 | 25000 | 16951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 04/01/2050 | 5000 | 3078 |
| &nbsp;&nbsp;&nbsp;&nbsp; QUALCOMM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 05/20/2032 | 20000 | 15038 |
| &nbsp;&nbsp;&nbsp;&nbsp; salesforce.com |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 07/15/2051 | 30000 | 19306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vontier |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 04/01/2031 | 90000 | 63195 |
|  |  | 1072598 |

---

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

*41* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **U.S. Credit Fund** |
|  | **October 31, 2022** |

---

------

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **CORPORATE OBLIGATIONS — continued** | | |
|  |<br>**Face Amount** |<br>**Value** |
|  **MATERIALS — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Celanese US Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.165%, 07/15/2027 | $200000 | $188958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eagle Materials |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 07/01/2031 | 80000 | 58781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freeport-McMoRan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 09/01/2029 | 67000 | 62317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 08/01/2030 | 21000 | 18589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 03/01/2030 | 10000 | 8741 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Flavors & Fragrances |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.268%, 11/15/2040 (A) | 40000 | 26635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Minera Mexico |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 01/26/2050 (A) | 30000 | 20067 |
| &nbsp;&nbsp;&nbsp;&nbsp; PPG Industries |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.200%, 03/15/2026 | 50000 | 43306 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427394 |
|  **REAL ESTATE — 7.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Agree |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 10/01/2032 | 65000 | 56847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 06/15/2028 | 80000 | 63931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 03/15/2052 | 45000 | 29099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brixmor Operating Partnership |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 08/16/2031 | 15000 | 10759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 04/01/2028 | 40000 | 31989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinix |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 11/18/2024 | 160000 | 150688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Extra Space Storage |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 04/01/2029 | 80000 | 70081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invitation Homes Operating Partnership |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 11/15/2028 | 70000 | 55717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-America Apartments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.100%, 09/15/2026 | 50000 | 42269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ontario Teachers' Cadillac Fairview Properties Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 10/15/2031 (A) | 80000 | 60147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Piedmont Operating Partnership |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 04/01/2032 | 30000 | 20706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prologis |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 01/15/2032 | 25000 | 18878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Storage |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 11/09/2028 | 60000 | 49387 |

---

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

*42* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **U.S. Credit Fund** |
|  | **October 31, 2022** |

---

------

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **CORPORATE OBLIGATIONS — continued** | | |
|  |<br>**Face Amount** |<br>**Value** |
|  **REAL ESTATE (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Regency Centers |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 03/15/2049 | $25000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rexford Industrial Realty |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 09/01/2031 | 35000 | 25694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 12/01/2030 | 55000 | 41180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scentre Group Trust 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 03/23/2027 (A) | 10000 | 9012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/12/2025 (A) | 20000 | 18910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 10/28/2025 (A) | 10000 | 9170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simon Property Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 09/13/2029 | 50000 | 40068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 02/01/2028 | 15000 | 12284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spirit Realty |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 02/15/2031 | 40000 | 30629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.100%, 03/15/2028 | 40000 | 31504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Communities Operating |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 11/01/2028 | 210000 | 167582 |
| &nbsp;&nbsp;&nbsp;&nbsp; VICI Properties |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 02/15/2030 | 120000 | 107889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 02/15/2028 | 95000 | 86747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 12/01/2029 (A) | 70000 | 61309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 05/15/2025 | 40000 | 38140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 08/15/2030 (A) | 20000 | 16506 |
|  |  | 1375763 |
|  **UTILITIES — 8.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 07/15/2025 (A) | 30000 | 27657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 01/15/2031 | 10000 | 7553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Black Hills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 05/01/2033 | 20000 | 17131 |
| &nbsp;&nbsp;&nbsp;&nbsp; CenterPoint Energy Houston Electric |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 03/01/2032 | 25000 | 20880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 07/01/2050 | 10000 | 6281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cleco Corporate Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 09/15/2029 | 30000 | 24584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commonwealth Edison |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 03/01/2049 | 20000 | 15155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 11/15/2049 | 30000 | 19789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 11/01/2024 | 20000 | 19177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 03/01/2050 | 30000 | 19105 |

---

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

*43* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **U.S. Credit Fund** |
|  | **October 31, 2022** |

---

------

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **CORPORATE OBLIGATIONS — continued** | | |
|  |<br>**Face Amount** |<br>**Value** |
|  **UTILITIES (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Energy Generation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 10/01/2039 | $45000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 10/01/2041 | 50000 | 45062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 06/15/2042 | 20000 | 17636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumers Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 09/01/2052 | 10000 | 7968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 08/01/2051 | 10000 | 7005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 08/15/2052 | 10000 | 8217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 04/01/2030 | 40000 | 34315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.450%, 04/15/2026 | 140000 | 122238 |
| &nbsp;&nbsp;&nbsp;&nbsp; DTE Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.220%, 11/01/2024 (C) | 105000 | 102528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Carolinas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 03/15/2032 | 45000 | 36811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Ohio |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 02/01/2049 | 50000 | 38142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 06/01/2030 | 20000 | 15788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Progress |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 05/15/2042 | 70000 | 54769 |
| &nbsp;&nbsp;&nbsp;&nbsp; East Ohio Gas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 06/15/2050 (A) | 20000 | 12092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entergy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 09/01/2026 | 50000 | 45538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 06/15/2031 | 40000 | 30353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entergy Texas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 09/30/2049 | 60000 | 40231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eversource Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 10/01/2024 | 50000 | 47759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Georgia Power |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 03/15/2043 | 60000 | 47403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Michigan Power |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 08/15/2048 | 10000 | 7568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indianapolis Power & Light |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 05/01/2046 (A) | 30000 | 23144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jersey Central Power & Light |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 03/01/2032 (A) | 60000 | 46788 |
| &nbsp;&nbsp;&nbsp;&nbsp; MidAmerican Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 04/15/2050 | 60000 | 39188 |
| &nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 06/20/2025 | 155000 | 151915 |

---

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

*44* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **U.S. Credit Fund** |
|  | **October 31, 2022** |

---

------

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **CORPORATE OBLIGATIONS — continued** | | |
|  |<br>**Face Amount** |<br>**Value** |
|  **UTILITIES (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oglethorpe Power |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 11/01/2040 | $70000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 09/01/2050 | 50000 | 40334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oncor Electric Delivery |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 09/15/2052 (A) | 15000 | 13483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 04/01/2045 | 40000 | 29841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 05/15/2050 | 10000 | 7331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pacific Gas and Electric |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 07/01/2050 | 5000 | 3731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 06/01/2041 | 5000 | 3529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 02/01/2031 | 30000 | 22396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.100%, 08/01/2027 | 70000 | 57511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Service of Colorado |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 03/01/2050 | 30000 | 20022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Puget Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.379%, 06/15/2028 | 60000 | 49523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sempra Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 02/01/2048 | 5000 | 3552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 02/01/2038 | 20000 | 15203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 03/15/2028 | 30000 | 24558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern California Gas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 01/15/2049 | 10000 | 7599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Union Electric |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 04/01/2048 | 20000 | 14909 |
|  |  | 1576318 |
|  TOTAL CORPORATE OBLIGATIONS<br>(Cost $21,214,420) |  | 17500395 |
|  **U.S. TREASURY OBLIGATIONS — 5.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 08/15/2042 | 255000 | 220097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 05/15/2052 | 710000 | 551359 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 10/15/2025 | 130000 | 129350 |

---

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

*45* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **U.S. Credit Fund** |
|  | **October 31, 2022** |

---

------

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **U.S. TREASURY OBLIGATIONS — continued** | | |
|  |<br>**Face Amount** |<br>**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 09/30/2027 | $100000 | $99453 |
|  TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $1,073,899) |  | 1000259 |
|  **SOVEREIGN DEBT — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Indonesia Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 09/20/2032 | 80000 | 73856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Israel Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 07/03/2050 | 20000 | 15207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexico Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 04/27/2051 | 15000 | 11419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 01/31/2050 | 30000 | 21387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Panama Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 04/16/2050 | 30000 | 20495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.160%, 01/23/2030 | 60000 | 48951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Perusahaan Penerbit SBSN Indonesia III |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 06/09/2051 (A) | 10000 | 6763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philippine Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.609%, 04/13/2033 | 15000 | 14978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 07/06/2046 | 30000 | 19671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 05/05/2045 | 10000 | 6479 |
|  TOTAL SOVEREIGN DEBT<br>(Cost $311,597) |  | 239206 |
|  **MUNICIPAL BOND — 0.3%** |  |  |
|  **CALIFORNIA — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; California State, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.600%, 11/01/2040 | 50000 | 60130 |
|  TOTAL MUNICIPAL BOND |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $85,121) |  | 60130 |
|  TOTAL INVESTMENTS— 98.0%<br>(Cost $22,685,037) |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18799990 |

---

---

| | |
|:---|:---|
| | *Percentages are based on Net Assets of $19,183,550.*  |

---

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

*46* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **U.S. Credit Fund** |
|  | **October 31, 2022** |

---

------

*(A)* *Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On October 31, 2022, the value of these securities amounted to $3,015,593, representing 15.7% of the Net Assets of the Fund.* 

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

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

*DAC — Designated Activity Company* 

*GO — General Obligation* 

*ICE — Intercontinental Exchange* 

*LIBOR — London Interbank Offered Rate* 

*MTN — Medium Term Note* 

*REIT — Real Estate Investment Trust* 

*SOFR — Secured Overnight Financing Rate* 

*USD — U.S. Dollar* 

*As of October 31, 2022, all of the Fund's investments were considered Level 2, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.* 

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

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

*47* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **Retirement Income 2040 Fund** |
|  | **October 31, 2022** |

---

------

 **SECTOR WEIGHTING † (unaudited)**<br>

<br> 100.0% Open-End Mutual Fund<br>

*† Percentages are based on total investments.* 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** | | |
|  **Open-end Mutual Funds — 161.7%** | | |
|  | <br>**Shares** | <br>**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal & General Cash Flow Matched Bond Fund <sup>,\*</sup>  | 1938 | $17897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal & General Long Duration U.S. Credit Fund <sup>,\*</sup>  | 2866 | 19920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal & General MSCI World Index Fund <sup>,\*</sup> | 9215 | 75641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal & General U.S. Credit Fund <sup>,\*</sup> | 1581 | 12568 |
|  TOTAL Open-end Mutual Funds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $142,802) |  | 126026 |
|  TOTAL INVESTMENTS— 161.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $142,802) |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126026 |

---

---

| | |
|:---|:---|
| | *Percentages are based on Net Assets of $77,954.*  |

---

*\** *Affiliated investment.* 

The following is a summary of the transactions with affiliated investments for the period ended October 31, 2022 ($ Thousands):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Value at<br> 10/31/21 | Purchases at<br> Cost | Proceeds<br>from Sales | Changes in<br>Unrealized<br>Appreciation<br>(Depreciation) | Realized<br>Gain (Loss) | Value at<br> 10/31/22 | Shares | Dividend <br> Income  |
|  **Legal & General Cash Flow Matched Bond Fund** | **Legal & General Cash Flow Matched Bond Fund** | **Legal & General Cash Flow Matched Bond Fund** | **Legal & General Cash Flow Matched Bond Fund** | **Legal & General Cash Flow Matched Bond Fund** | **Legal & General Cash Flow Matched Bond Fund** | **Legal & General Cash Flow Matched Bond Fund** | **Legal & General Cash Flow Matched Bond Fund** |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$-  | &nbsp;&nbsp;&nbsp;&nbsp;$27619 | $(9347) | $(819) | $444 | $17897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1938 | $164 |
|  **Legal & General Long Duration U.S. Credit Fund** | **Legal & General Long Duration U.S. Credit Fund** | **Legal & General Long Duration U.S. Credit Fund** | **Legal & General Long Duration U.S. Credit Fund** | **Legal & General Long Duration U.S. Credit Fund** | **Legal & General Long Duration U.S. Credit Fund** | **Legal & General Long Duration U.S. Credit Fund** | **Legal & General Long Duration U.S. Credit Fund** |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9719) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4504) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502 |
|  **Legal & General MSCI World Index Fund** | **Legal & General MSCI World Index Fund** | **Legal & General MSCI World Index Fund** | **Legal & General MSCI World Index Fund** | **Legal & General MSCI World Index Fund** | **Legal & General MSCI World Index Fund** | **Legal & General MSCI World Index Fund** | **Legal & General MSCI World Index Fund** |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38999) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9922) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6243) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1107 |
|  **Legal & General U.S. Credit Fund** | **Legal & General U.S. Credit Fund** | **Legal & General U.S. Credit Fund** | **Legal & General U.S. Credit Fund** | **Legal & General U.S. Credit Fund** | **Legal & General U.S. Credit Fund** | **Legal & General U.S. Credit Fund** | **Legal & General U.S. Credit Fund** |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17046) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1531) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1879) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326 |
|  **Totals:** |  |  |  |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$-**  | **$225370** | **$(75111)** | **$(16776)** | **$(7457)** | **$126026** | **15600** | **$2099** |

---

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

*48* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **Retirement Income 2040 Fund** |
|  | **October 31, 2022** |

---

------

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

*As of October 31, 2022, all of the Fund's investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.* 

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

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

*49* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **Cash Flow Matched Bond Fund** |
|  | **October 31, 2022** |

---

------

 **SECTOR WEIGHTING † (unaudited)**<br>

![LOGO](g380322dsp52.jpg)

*† Percentages are based on total investments.* 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** | | |
|  **CORPORATE OBLIGATIONS — 97.7%** | | |
|  | <br>**Face Amount** | <br>**Value** |
|  **COMMUNICATION SERVICES — 8.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.800%, 08/15/2027 | $100000 | $84215 |
| &nbsp;&nbsp;&nbsp;&nbsp; AT&T |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 06/01/2027 | 100000 | 87273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comcast |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 10/15/2025 | 100000 | 96714 |
| &nbsp;&nbsp;&nbsp;&nbsp; NTT Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.162%, 04/03/2026 (A) | 200000 | 173540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paramount Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 05/15/2025 | 167000 | 163107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sky |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 09/16/2024 (A) | 200000 | 194469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.850%, 11/20/2025 | 400000 | 351801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 03/22/2024 | 500000 | 472162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walt Disney |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 08/30/2024 | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236249 |

---

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

*50* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **Cash Flow Matched Bond Fund** |
|  | **October 31, 2022** |

---

------

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **CORPORATE OBLIGATIONS — continued** | | |
|  |<br>**Face Amount** |<br> **Value** |
|  **COMMUNICATION SERVICES (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Warnermedia Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.755%, 03/15/2027 (A) | $100000 | $88998 |
|  |  | 1948528 |
|  **CONSUMER DISCRETIONARY — 6.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.800%, 06/03/2025 | 200000 | 181018 |
| &nbsp;&nbsp;&nbsp;&nbsp; BMW US Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 08/12/2024 (A) | 125000 | 115557 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Motors |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 04/01/2025 | 250000 | 239659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Depot |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 04/15/2027 | 150000 | 137900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honda Motor |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.534%, 03/10/2027 | 100000 | 89457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lowe's |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 04/15/2026 | 300000 | 274922 |
| &nbsp;&nbsp;&nbsp;&nbsp; McDonald's MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.450%, 09/01/2025 | 200000 | 181912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Target |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 01/15/2027 | 200000 | 179228 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1399653 |
|  **CONSUMER STAPLES — 8.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Altria Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.350%, 05/06/2025 | 100000 | 92312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cargill |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 04/22/2027 (A) | 100000 | 94217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.400%, 02/02/2024 (A) | 100000 | 94262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.450%, 06/01/2027 | 100000 | 86828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diageo Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 09/29/2025 | 200000 | 180424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hormel Foods |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.650%, 06/03/2024 | 100000 | 93416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mars |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 07/16/2026 (A) | 200000 | 172151 |
| &nbsp;&nbsp;&nbsp;&nbsp; McCormick |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 08/15/2024 | 150000 | 144373 |
| &nbsp;&nbsp;&nbsp;&nbsp; PepsiCo |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 10/06/2026 | 150000 | 137196 |

---

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

*51* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **Cash Flow Matched Bond Fund** |
|  | **October 31, 2022** |

---

------

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **CORPORATE OBLIGATIONS — continued** | | |
|  |<br>**Face Amount** |<br> **Value** |
|  **CONSUMER STAPLES (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Procter & Gamble |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 11/03/2026 | $200000 | $184309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walmart |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 07/08/2024 | 250000 | 242603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.350%, 12/15/2022 | 475000 | 473884 |
|  |  | 1995975 |
|  **ENERGY — 4.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BP Capital Markets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 11/06/2022 | 250000 | 249931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chevron |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.141%, 05/11/2023 | 100000 | 98121 |
| &nbsp;&nbsp;&nbsp;&nbsp; ConocoPhillips |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 11/15/2024 | 250000 | 243233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enterprise Products Operating |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 02/15/2027 | 100000 | 94332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinder Morgan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 06/01/2025 | 150000 | 145900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell International Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/13/2023 | 285000 | 281174 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1112691 |
|  **FINANCIALS — 30.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aflac |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 10/15/2026 | 150000 | 138278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 03/15/2026 | 100000 | 87545 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Express |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/30/2024 | 100000 | 95554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.004%, ICE LIBOR USD 3 Month + 0.790%, 12/20/2023 (B) | 300000 | 298909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.559%, ICE LIBOR USD 3 Month + 1.060%, 04/23/2027 (B) | 100000 | 92029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.981%, U.S. SOFR + 0.910%, 09/25/2025 (B) | 125000 | 113585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Montreal MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 03/08/2027 | 125000 | 110769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Nova Scotia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.400%, 09/15/2023 | 200000 | 191981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 03/15/2027 | 150000 | 135557 |

---

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

*52* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **Cash Flow Matched Bond Fund** |
|  | **October 31, 2022** |

---

------

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **CORPORATE OBLIGATIONS — continued** | | |
|  |<br>**Face Amount** |<br> **Value** |
|  **FINANCIALS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 05/21/2025 | $125000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citibank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 01/23/2024 | 200000 | 196972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 10/21/2026 | 250000 | 227882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corebridge Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 04/05/2027 (A) | 175000 | 158708 |
| &nbsp;&nbsp;&nbsp;&nbsp; European Investment Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 07/24/2024 | 250000 | 232736 |
| &nbsp;&nbsp;&nbsp;&nbsp; European Investment Bank MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 12/14/2023 | 200000 | 196670 |
| &nbsp;&nbsp;&nbsp;&nbsp; GA Global Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.800%, 09/13/2024 (A) | 250000 | 225964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 02/25/2026 | 100000 | 93960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 02/20/2024 | 275000 | 268875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inter-American Development Bank MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 04/03/2025 | 300000 | 274807 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Bank for Reconstruction & Development |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 11/24/2023 | 350000 | 334102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jackson Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 11/22/2023 | 250000 | 238765 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 05/13/2024 | 200000 | 196025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.561%, U.S. SOFR + 0.605%, 12/10/2025 (B) | 450000 | 410612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kreditanstalt fuer Wiederaufbau |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 07/18/2025 | 350000 | 313086 |
| &nbsp;&nbsp;&nbsp;&nbsp; MassMutual Global Funding II MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.850%, 06/09/2023 (A) | 200000 | 195162 |
| &nbsp;&nbsp;&nbsp;&nbsp; MetLife |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.368%, 09/15/2023 | 100000 | 99416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Life Global Funding I MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.700%, 09/27/2024 (A) | 220000 | 201627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 04/29/2024 | 200000 | 195958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.720%, U.S. SOFR + 1.152%, 07/22/2025 (B) | 200000 | 188744 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Life Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.350%, 07/14/2026 (A) | 200000 | 181379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northwestern Mutual Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 01/11/2027 (A) | 100000 | 86509 |

---

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

*53* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **Cash Flow Matched Bond Fund** |
|  | **October 31, 2022** |

---

------

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **CORPORATE OBLIGATIONS — continued** | | |
|  |<br>**Face Amount** |<br> **Value** |
|  **FINANCIALS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PNC Financial Services Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.150%, 08/13/2026 | $125000 | $107321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Bank of Canada MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.400%, 11/02/2026 | 100000 | 85170 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 03/01/2027 (A) | 200000 | 179146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 03/10/2027 | 200000 | 178363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 01/12/2027 | 150000 | 129983 |
| &nbsp;&nbsp;&nbsp;&nbsp; US Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.450%, 05/12/2025 | 100000 | 91387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 09/29/2025 | 100000 | 94767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.196%, ICE LIBOR USD 3 Month + 1.170%, 06/17/2027 (B) | 250000 | 226497 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6996172 |
|  **HEALTH CARE — 11.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Abbott Laboratories |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 11/30/2026 | 100000 | 96100 |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 11/21/2022 | 600000 | 599247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amgen |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 02/21/2027 | 125000 | 110978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Astrazeneca Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.700%, 05/28/2024 | 100000 | 93421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 11/13/2025 | 155000 | 137096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cigna |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/15/2025 | 100000 | 96575 |
| &nbsp;&nbsp;&nbsp;&nbsp; DH Europe Finance II Sarl |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.050%, 11/15/2022 | 500000 | 499537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elevance Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 01/15/2025 | 100000 | 93998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.450%, 03/15/2023 | 225000 | 221295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gilead Sciences |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 09/29/2023 | 150000 | 144352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.550%, 09/01/2025 | 150000 | 134012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.700%, 06/10/2027 | 125000 | 108924 |

---

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

*54* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **Cash Flow Matched Bond Fund** |
|  | **October 31, 2022** |

---

------

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **CORPORATE OBLIGATIONS — continued** | | |
|  |<br>**Face Amount** |<br> **Value** |
|  **HEALTH CARE (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pfizer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 05/15/2024 | $150000 | $146914 |
| &nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 12/15/2025 | 250000 | 240755 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2723204 |
|  **INDUSTRIALS — 7.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Burlington Northern Santa Fe |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 09/01/2025 | 300000 | 288679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Pacific Railway |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 12/02/2026 | 325000 | 282689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caterpillar Financial Services MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 11/08/2024 | 175000 | 165887 |
| &nbsp;&nbsp;&nbsp;&nbsp; John Deere Capital MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 06/24/2024 | 270000 | 260534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northrop Grumman |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 08/01/2023 | 250000 | 246573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parker-Hannifin |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 09/15/2027 | 100000 | 94837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raytheon Technologies |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 11/01/2026 | 300000 | 272919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waste Management |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 11/15/2025 | 200000 | 176659 |
|  |  | 1788777 |
|  **INFORMATION TECHNOLOGY — 7.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 08/04/2026 | 170000 | 156476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 05/03/2023 | 200000 | 197768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intel |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 08/05/2027 | 150000 | 141160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mastercard |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 11/21/2026 | 100000 | 93038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 08/08/2026 | 500000 | 462633 |
| &nbsp;&nbsp;&nbsp;&nbsp; PayPal Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 10/01/2026 | 100000 | 91235 |
| &nbsp;&nbsp;&nbsp;&nbsp; QUALCOMM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 05/20/2027 | 100000 | 92891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salesforce |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 07/15/2024 | 250000 | 232852 |

---

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

*55* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **Cash Flow Matched Bond Fund** |
|  | **October 31, 2022** |

---

------

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **CORPORATE OBLIGATIONS — continued** | | |
|  |<br>**Face Amount** |<br> **Value** |
|  **INFORMATION TECHNOLOGY (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Instruments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 09/15/2026 | $185000 | $161003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 12/14/2025 | 100000 | 95168 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1724224 |
|  **MATERIALS — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ecolab |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 02/01/2027 | 100000 | 87183 |
|  **REAL ESTATE — 6.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 01/15/2027 | 200000 | 187416 |
| &nbsp;&nbsp;&nbsp;&nbsp; ERP Operating |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 11/01/2026 | 250000 | 226350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-America Apartments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.100%, 09/15/2026 | 325000 | 274750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prologis |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 04/15/2027 | 100000 | 87799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Storage |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 11/09/2026 | 300000 | 261320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realty Income |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 11/01/2025 | 150000 | 146572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 02/06/2024 | 100000 | 99290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simon Property Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 09/13/2024 | 300000 | 281967 |
|  |  | 1565464 |
|  **UTILITIES — 6.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Water Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 09/01/2027 | 100000 | 90128 |
| &nbsp;&nbsp;&nbsp;&nbsp; CMS Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 02/15/2027 | 100000 | 89134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut Light and Power |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 03/15/2027 | 100000 | 92243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Florida |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 01/15/2027 | 150000 | 139160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entergy Louisiana |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.950%, 10/01/2024 | 100000 | 92270 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Rural Utilities Cooperative Finance MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 10/18/2024 | 250000 | 230083 |

---

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

*56* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **Cash Flow Matched Bond Fund** |
|  | **October 31, 2022** |

---

------

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **CORPORATE OBLIGATIONS — continued** | | |
|  |<br>**Face Amount** |<br> **Value** |
|  **UTILITIES (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 01/15/2027 | $125000 | $108172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oncor Electric Delivery |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 06/01/2024 | 175000 | 168694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Service Electric and Gas MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 09/15/2026 | 200000 | 179355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern California Gas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 04/15/2027 | 175000 | 158218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia Electric and Power |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 03/15/2027 | 100000 | 93218 |
|  |  | 1440675 |
|  TOTAL CORPORATE OBLIGATIONS<br>(Cost $24,466,383) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22782546 |
|  **U.S. TREASURY OBLIGATION — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Note |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 09/30/2027 | 370000 | 367861 |
|  TOTAL U.S. TREASURY OBLIGATION<br>(Cost $368,034) |  | 367861 |
|  TOTAL INVESTMENTS— 99.3%<br>(Cost $24,834,417) |  | $23150407 |

---

---

| | |
|:---|:---|
| | *Percentages are based on Net Assets of $23,320,063.*  |

---

*(A)* *Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On October 31, 2022, the value of these securities amounted to $2,161,689, representing 9.3% of the Net Assets of the Fund.* 

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

*ICE — Intercontinental Exchange* 

*LIBOR — London Interbank Offered Rate* 

*MTN — Medium Term Note* 

*SOFR — Secured Overnight Financing Rate* 

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

*57* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **Cash Flow Matched Bond Fund** |
|  | **October 31, 2022** |

---

------

*USD — U.S. Dollar* 

The open futures contracts held by the Fund at October 31, 2022, are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of Contract** | **Number** <br> **of**  | **Expiration<br>Date** | **Notional<br>Amount** | **Value** | **Unrealized<br>(Depreciation)** |
|  Long Contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. 2-Year Treasury Note | 2 | Jan-2023 | $417453 | $408767 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8686) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. 5-Year Treasury Note | 5 | Jan-2023 | 552507 | 532969 | (19538) |
|  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;969960 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;941736 | $(28224) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total |
|  Corporate Obligations | $– | $22782546 | $– | $22782546 |
|  U.S. Treasury Obligation |  | 367861 |  | 367861 |
|  Total Investments in Securities | $– | $23150407 | $– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23150407 |
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized Depreciation | (28224) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | (28224) |
|  Total Other Financial Instruments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28224) | $– | $– | $(28224) |

---

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

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

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

*58* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **Global Developed Equity Index Fund** |
|  | **October 31, 2022** |

---

------

 **SECTOR WEIGHTING † (unaudited)**<br>

![LOGO](g380322dsp61.jpg)

*† Percentages are based on total investments.* 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** | | |
|  **COMMON STOCK — 98.9%** | | |
|  | <br>**Shares** | <br>**Value** |
|  **COMMUNICATION SERVICES — 6.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Activision Blizzard | 327 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adevinta, Cl B (A) | 103 | 705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Cl A (A) | 2545 | 240528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Cl C (A) | 2401 | 227279 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMC Entertainment Holdings, Cl A (A) | 206 | 1372 |
| &nbsp;&nbsp;&nbsp;&nbsp; AT&T | 3007 | 54818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Auto Trader Group (B) | 384 | 2297 |
| &nbsp;&nbsp;&nbsp;&nbsp; BCE | 29 | 1308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bezeq The Israeli Telecommunication | 1048 | 1856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bollore | 355 | 1777 |
| &nbsp;&nbsp;&nbsp;&nbsp; BT Group, Cl A | 2950 | 4391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cable One | 2 | 1719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cameco | 159 | 3771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capcom | 100 | 2788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cellnex Telecom (A) (B) | 244 | 7981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Cl A (A) | 50 | 18381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comcast, Cl A | 1904 | 60433 |
| &nbsp;&nbsp;&nbsp;&nbsp; CyberAgent | 200 | 1646 |

---

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

*59* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **Global Developed Equity Index Fund** |
|  | **October 31, 2022** |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** | | |
|  **COMMON STOCK — continued** | | |
|  | <br>**Shares** | <br>**Value** |
|  **COMMUNICATION SERVICES (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dentsu Group | 100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Telekom | 1427 | 27026 |
| &nbsp;&nbsp;&nbsp;&nbsp; DISH Network, Cl A (A) | 99 | 1476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electronic Arts | 144 | 18138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elisa | 57 | 2755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Embracer Group, Cl B (A) | 370 | 1782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fox | 190 | 5387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hakuhodo DY Holdings | 100 | 845 |
| &nbsp;&nbsp;&nbsp;&nbsp; HKT Trust & HKT | 2000 | 2260 |
| &nbsp;&nbsp;&nbsp;&nbsp; IAC (A) | 32 | 1558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Informa | 602 | 3836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Infrastrutture Wireless Italiane (B) | 136 | 1201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interpublic Group of | 158 | 4707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kakaku.com | 100 | 1695 |
| &nbsp;&nbsp;&nbsp;&nbsp; KDDI | 700 | 20690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke KPN | 1350 | 3777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Broadband, Cl C (A) | 56 | 4728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Global (A) | 138 | 2437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Global, Cl A (A) | 65 | 1096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Media - Liberty Formula One, Cl C (A) | 78 | 4503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Media - Liberty SiriusXM (A) | 119 | 5032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Live Nation Entertainment (A) | 86 | 6846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lumen Technologies | 377 | 2775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Match Group (A) | 119 | 5141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Cl A (A) | 977 | 91017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netflix (A) | 199 | 58084 |
| &nbsp;&nbsp;&nbsp;&nbsp; News | 157 | 2649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nexon | 200 | 3359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Telegraph & Telephone | 500 | 13766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Omnicom Group | 86 | 6257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orange | 801 | 7624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paramount Global, Cl B | 243 | 4452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pearson | 303 | 3337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pinterest, Cl A (A) | 222 | 5461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proximus SADP | 62 | 650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Publicis Groupe | 91 | 5103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quebecor, Cl B | 67 | 1263 |
| &nbsp;&nbsp;&nbsp;&nbsp; REA Group | 21 | 1633 |
| &nbsp;&nbsp;&nbsp;&nbsp; ROBLOX, Cl A (A) | 155 | 6935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rogers Communications, Cl B | 142 | 5911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roku, Cl A (A) | 47 | 2610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scout24 (B) | 35 | 1794 |

---

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

*60* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **Global Developed Equity Index Fund** |
|  | **October 31, 2022** |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** | | |
|  **COMMON STOCK — continued** | | |
|  | <br>**Shares** | <br>**Value** |
|  **COMMUNICATION SERVICES (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sea ADR (A) | 160 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7949 |
| &nbsp;&nbsp;&nbsp;&nbsp; SEEK | 134 | 1851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shaw Communications, Cl B | 237 | 6087 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Telecommunications (A) | 3300 | 5828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sirius XM Holdings | 405 | 2446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snap, Cl A (A) | 464 | 4598 |
| &nbsp;&nbsp;&nbsp;&nbsp; SoftBank | 1200 | 11827 |
| &nbsp;&nbsp;&nbsp;&nbsp; SoftBank Group | 500 | 21521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spark New Zealand | 747 | 2224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swisscom | 10 | 4936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Take-Two Interactive Software (A) | 71 | 8412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tele2, Cl B | 205 | 1681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telecom Italia (A) | 4001 | 783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telefonica | 2112 | 7274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telefonica Deutschland Holding | 419 | 913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telenor | 281 | 2554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telia | 1093 | 2895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telstra Group | 1669 | 4185 |
| &nbsp;&nbsp;&nbsp;&nbsp; TELUS | 181 | 3780 |
| &nbsp;&nbsp;&nbsp;&nbsp; T-Mobile US (A) | 267 | 40466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toho | 100 | 3564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trade Desk, Cl A (A) | 197 | 10488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ubisoft Entertainment (A) | 37 | 1015 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Internet | 39 | 729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Music Group | 291 | 5709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications | 1775 | 66332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vivendi | 311 | 2546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vodafone Group | 11628 | 13554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walt Disney (A) | 780 | 83101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warner Bros Discovery (A) | 945 | 12285 |
| &nbsp;&nbsp;&nbsp;&nbsp; WPP | 478 | 4199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Z Holdings | 1100 | 2845 |
| &nbsp;&nbsp;&nbsp;&nbsp; ZoomInfo Technologies, Cl A (A) | 126 | 5611 |
|  |  | 1365757 |
|  **CONSUMER DISCRETIONARY — 10.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accor (A) | 68 | 1629 |
| &nbsp;&nbsp;&nbsp;&nbsp; adidas | 77 | 7532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advance Auto Parts | 25 | 4748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ageas | 69 | 2389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Airbnb, Cl A (A) | 163 | 17426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aisin | 100 | 2566 |

---

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

*61* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **Global Developed Equity Index Fund** |
|  | **October 31, 2022** |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** | | |
|  **COMMON STOCK — continued** | | |
|  | <br>**Shares** | <br>**Value** |
|  **CONSUMER DISCRETIONARY (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Allianz | 174 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com (A) | 3882 | 397672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aptiv (A) | 119 | 10837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aramark | 92 | 3358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aristocrat Leisure | 241 | 5715 |
| &nbsp;&nbsp;&nbsp;&nbsp; AutoZone (A) | 9 | 22796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bandai Namco Holdings | 100 | 6619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barratt Developments | 408 | 1760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bath & Body Works | 106 | 3538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayerische Motoren Werke | 147 | 11552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkeley Group Holdings | 45 | 1791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Best Buy | 90 | 6157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Booking Holdings (A) | 17 | 31781 |
| &nbsp;&nbsp;&nbsp;&nbsp; BorgWarner | 96 | 3603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bridgestone | 200 | 7212 |
| &nbsp;&nbsp;&nbsp;&nbsp; BRP | 22 | 1471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Burberry Group | 162 | 3372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Burlington Stores (A) | 27 | 3860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caesars Entertainment (A) | 86 | 3761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Tire, Cl A | 23 | 2578 |
| &nbsp;&nbsp;&nbsp;&nbsp; CarMax (A) | 65 | 4096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carnival (A) | 393 | 3561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chewy, Cl A (A) | 36 | 1394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Cl A (A) | 12 | 17980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chow Tai Fook Jewellery Group | 800 | 1370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie Financiere Richemont, Cl A | 223 | 21811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie Generale des Etablissements Michelin SCA | 312 | 7958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compass Group | 779 | 16407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Continental | 44 | 2282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Darden Restaurants | 52 | 7443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delivery Hero (A) (B) | 65 | 2142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Denso | 200 | 9940 |
| &nbsp;&nbsp;&nbsp;&nbsp; D'ieteren Group | 13 | 2162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollar General | 96 | 24485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollar Tree (A) | 99 | 15691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollarama | 116 | 6893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Domino's Pizza | 15 | 4984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Domino's Pizza Enterprises | 24 | 979 |
| &nbsp;&nbsp;&nbsp;&nbsp; DoorDash, Cl A (A) | 84 | 3657 |
| &nbsp;&nbsp;&nbsp;&nbsp; DR Horton | 138 | 10609 |
| &nbsp;&nbsp;&nbsp;&nbsp; eBay | 261 | 10398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electrolux, Cl B | 92 | 1135 |

---

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

*62* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **Global Developed Equity Index Fund** |
|  | **October 31, 2022** |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** | | |
|  **COMMON STOCK — continued** | | |
|  | <br>**Shares** | <br>**Value** |
|  **CONSUMER DISCRETIONARY (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Entain | 235 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3404 |
| &nbsp;&nbsp;&nbsp;&nbsp; EssilorLuxottica | 125 | 19808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Etsy (A) | 51 | 4789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evolution (B) | 84 | 7859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expedia Group (A) | 65 | 6076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferrari | 58 | 11435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flutter Entertainment (A) | 67 | 8866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Motor | 1675 | 22395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Galaxy Entertainment Group (A) | 1000 | 4567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Garmin | 62 | 5458 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Motors | 603 | 23668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genting Singapore | 2400 | 1365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genuine Parts | 57 | 10138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gildan Activewear | 79 | 2493 |
| &nbsp;&nbsp;&nbsp;&nbsp; H & M Hennes & Mauritz, Cl B | 294 | 2961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hasbro | 52 | 3393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hermes International | 13 | 16836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hilton Worldwide Holdings | 122 | 16502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Depot | 434 | 128520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honda Motor | 700 | 15879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hydro One (B) | 132 | 3310 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDP Education | 84 | 1590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iida Group Holdings | 100 | 1389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industria de Diseno Textil | 490 | 11109 |
| &nbsp;&nbsp;&nbsp;&nbsp; InterContinental Hotels Group | 73 | 3931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Isuzu Motors | 200 | 2346 |
| &nbsp;&nbsp;&nbsp;&nbsp; JD Sports Fashion | 1032 | 1153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Just Eat Takeaway.com (A) (B) | 72 | 1235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kering | 32 | 14664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kingfisher | 846 | 2124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Klepierre (A) | 81 | 1629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koito Manufacturing | 200 | 2843 |
| &nbsp;&nbsp;&nbsp;&nbsp; La Francaise des Jeux SAEM (B) | 38 | 1239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Las Vegas Sands (A) | 138 | 5245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lear | 24 | 3329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lennar, Cl A | 110 | 8877 |
| &nbsp;&nbsp;&nbsp;&nbsp; LKQ | 112 | 6232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lottery (A) | 890 | 2442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lowe's | 278 | 54196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lucid Group (A) | 162 | 2315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lululemon Athletica (A) | 52 | 17110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marriott International, Cl A | 120 | 19213 |

---

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

*63* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **Global Developed Equity Index Fund** |
|  | **October 31, 2022** |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** | | |
|  **COMMON STOCK — continued** | | |
|  | <br>**Shares** | <br>**Value** |
|  **CONSUMER DISCRETIONARY (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mazda Motor | 200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1349 |
| &nbsp;&nbsp;&nbsp;&nbsp; McDonald's | 313 | 85343 |
| &nbsp;&nbsp;&nbsp;&nbsp; MercadoLibre (A) | 20 | 18032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Group | 330 | 19111 |
| &nbsp;&nbsp;&nbsp;&nbsp; MGM Resorts International | 154 | 5478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mohawk Industries (A) | 24 | 2274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moncler | 82 | 3540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newell Brands | 153 | 2113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Next | 53 | 2996 |
| &nbsp;&nbsp;&nbsp;&nbsp; NIKE, Cl B | 537 | 49769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nissan Motor | 900 | 2871 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVR (A) | 2 | 8476 |
| &nbsp;&nbsp;&nbsp;&nbsp; O'Reilly Automotive (A) | 28 | 23441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oriental Land | 100 | 13417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pan Pacific International Holdings | 200 | 3283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Panasonic Holdings | 900 | 6443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pandora | 40 | 2108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Persimmon | 128 | 1916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool | 16 | 4868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prosus | 357 | 15538 |
| &nbsp;&nbsp;&nbsp;&nbsp; PulteGroup | 104 | 4159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Puma | 42 | 1860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rakuten Group (A) | 400 | 1792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Renault (A) | 77 | 2372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Restaurant Brands International | 139 | 8259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rivian Automotive, Cl A (A) | 140 | 4896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ross Stores | 147 | 14066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Caribbean Cruises (A) | 92 | 4911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sands China (A) | 1200 | 2094 |
| &nbsp;&nbsp;&nbsp;&nbsp; SEB | 11 | 716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sekisui Chemical | 200 | 2502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sekisui House | 300 | 4993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sharp (A) | 100 | 599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sodexo | 35 | 3104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sony Group | 500 | 33586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Starbucks | 492 | 42602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stellantis | 993 | 13405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Subaru | 300 | 4672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Electric Industries | 300 | 3135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suzuki Motor | 200 | 6752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swatch Group | 42 | 3955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Target | 198 | 32522 |

---

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

*64* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **Global Developed Equity Index Fund** |
|  | **October 31, 2022** |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** | | |
|  **COMMON STOCK — continued** | | |
|  | <br>**Shares** | <br>**Value** |
|  **CONSUMER DISCRETIONARY (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Taylor Wimpey | 1459 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesla (A) | 1108 | 252114 |
| &nbsp;&nbsp;&nbsp;&nbsp; TJX | 491 | 35401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Motor | 4500 | 62327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tractor Supply | 46 | 10109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ulta Beauty (A) | 25 | 10484 |
| &nbsp;&nbsp;&nbsp;&nbsp; USS | 100 | 1511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vail Resorts | 16 | 3506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valeo | 92 | 1517 |
| &nbsp;&nbsp;&nbsp;&nbsp; VF | 134 | 3786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volkswagen | 13 | 2223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volvo Car, Cl B (A) | 276 | 1172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wayfair, Cl A (A) | 29 | 1100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wesfarmers | 496 | 14423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Whirlpool | 25 | 3456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Whitbread | 81 | 2389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wynn Resorts (A) | 42 | 2684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yamaha | 100 | 3780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yamaha Motor | 100 | 2065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yum! Brands | 117 | 13835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zalando (A) (B) | 89 | 2052 |
| &nbsp;&nbsp;&nbsp;&nbsp; ZOZO | 100 | 2129 |
|  |  | 2161313 |
|  **CONSUMER STAPLES — 7.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aeon | 300 | 5602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ajinomoto | 200 | 5509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alimentation Couche-Tard | 367 | 16433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Altria Group | 786 | 36368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anheuser-Busch InBev | 373 | 18652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Archer-Daniels-Midland | 244 | 23663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asahi Group Holdings | 200 | 5601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Associated British Foods | 143 | 2213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barry Callebaut | 1 | 1891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Beiersdorf | 40 | 3842 |
| &nbsp;&nbsp;&nbsp;&nbsp; British American Tobacco | 928 | 36540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown-Forman, Cl B | 124 | 8432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Budweiser Brewing APAC (B) | 700 | 1473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bunge | 72 | 7106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Campbell Soup | 79 | 4180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carlsberg, Cl B | 40 | 4714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carrefour | 254 | 4088 |

---

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

*65* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **Global Developed Equity Index Fund** |
|  | **October 31, 2022** |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** | | |
|  **COMMON STOCK — continued** | | |
|  | <br>**Shares** | <br>**Value** |
|  **CONSUMER STAPLES (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chocoladefabriken Lindt & Spruengli | 1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Church & Dwight | 99 | 7339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clorox | 49 | 7156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola | 1726 | 103301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Europacific Partners | 82 | 3858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola HBC (A) | 80 | 1745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coles Group | 538 | 5620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colgate-Palmolive | 340 | 25106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Conagra Brands | 193 | 7083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Brands, Cl A | 69 | 17049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Costco Wholesale | 188 | 94282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danone | 286 | 14228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Davide Campari-Milano | 210 | 1887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diageo | 973 | 40148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Empire | 68 | 1747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Endeavour Group | 545 | 2493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essity, Cl B | 246 | 5200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Estee Lauder, Cl A | 99 | 19848 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Mills | 246 | 20069 |
| &nbsp;&nbsp;&nbsp;&nbsp; George Weston | 31 | 3412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Haleon (A) | 2111 | 6488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heineken | 118 | 9865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heineken Holding | 46 | 3141 |
| &nbsp;&nbsp;&nbsp;&nbsp; HelloFresh (A) | 66 | 1321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Henkel & KGaA | 42 | 2468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hershey | 65 | 15520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hormel Foods | 120 | 5574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Imperial Brands | 379 | 9232 |
| &nbsp;&nbsp;&nbsp;&nbsp; J M Smucker | 44 | 6629 |
| &nbsp;&nbsp;&nbsp;&nbsp; J Sainsbury | 710 | 1583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Tobacco | 500 | 8285 |
| &nbsp;&nbsp;&nbsp;&nbsp; JDE Peet's | 40 | 1146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jeronimo Martins SGPS | 115 | 2384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kao | 200 | 7519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kellogg | 103 | 7912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kerry Group, Cl A | 64 | 5566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kesko, Cl B | 110 | 2142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keurig Dr Pepper | 345 | 13400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kikkoman | 100 | 5434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kimberly-Clark | 146 | 18171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kirin Holdings | 400 | 5890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kobe Bussan | 100 | 2176 |

---

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

*66* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **Global Developed Equity Index Fund** |
|  | **October 31, 2022** |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** | | |
|  **COMMON STOCK — continued** | | |
|  | <br>**Shares** | <br>**Value** |
|  **CONSUMER STAPLES (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke Ahold Delhaize | 471 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kraft Heinz | 320 | 12310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kroger | 285 | 13478 |
| &nbsp;&nbsp;&nbsp;&nbsp; McCormick | 100 | 7864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metro, Cl A | 100 | 5239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Molson Coors Beverage, Cl B | 76 | 3833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mondelez International, Cl A | 591 | 36335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monster Beverage (A) | 163 | 15276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mowi | 176 | 2625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nestle | 1189 | 129474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nisshin Seifun Group | 100 | 1081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ocado Group (A) | 196 | 1062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orkla | 302 | 2038 |
| &nbsp;&nbsp;&nbsp;&nbsp; PepsiCo | 580 | 105316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pernod Ricard | 95 | 16683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International | 661 | 60713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Procter & Gamble | 1015 | 136690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reckitt Benckiser Group | 312 | 20681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Remy Cointreau | 9 | 1380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salmar | 33 | 1118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seven & i Holdings | 300 | 11205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shiseido | 200 | 6934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suntory Beverage & Food | 100 | 3349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swedish Match | 637 | 6554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sysco | 221 | 19130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesco | 3114 | 7682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Treasury Wine Estates | 289 | 2394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tyson Foods, Cl A | 118 | 8065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unicharm | 200 | 6096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unilever | 1078 | 49135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walgreens Boots Alliance | 332 | 12118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walmart | 644 | 91661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Welcia Holdings | 100 | 2092 |
| &nbsp;&nbsp;&nbsp;&nbsp; WH Group | 3500 | 1770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wilmar International | 800 | 2193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Woolworths Group | 509 | 10751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yakult Honsha | 100 | 5542 |
|  |  | 1552327 |
|  **ENERGY — 5.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aker (A) | 77 | 2455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aker BP | 50 | 1594 |

---

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

*67* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **Global Developed Equity Index Fund** |
|  | **October 31, 2022** |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** | | |
|  **COMMON STOCK — continued** | | |
|  | <br>**Shares** | <br>**Value** |
|  **ENERGY (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ampol | 95 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1655 |
| &nbsp;&nbsp;&nbsp;&nbsp; APA | 147 | 6683 |
| &nbsp;&nbsp;&nbsp;&nbsp; ARC Resources | 288 | 4055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Baker Hughes, Cl A | 400 | 11064 |
| &nbsp;&nbsp;&nbsp;&nbsp; BP | 8183 | 45026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Natural Resources | 493 | 29569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cenovus Energy | 595 | 12028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cheniere Energy | 97 | 17112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chevron | 791 | 143092 |
| &nbsp;&nbsp;&nbsp;&nbsp; ConocoPhillips | 548 | 69097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coterra Energy | 355 | 11051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Devon Energy | 258 | 19956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamondback Energy | 69 | 10840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enbridge | 866 | 33741 |
| &nbsp;&nbsp;&nbsp;&nbsp; ENEOS Holdings | 1200 | 3953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eni | 1157 | 15155 |
| &nbsp;&nbsp;&nbsp;&nbsp; EOG Resources | 247 | 33720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinor | 428 | 15659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equities | 144 | 6025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil | 1784 | 197685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Galp Energia SGPS | 200 | 2031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Halliburton | 395 | 14386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hess | 124 | 17494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Idemitsu Kosan | 100 | 2186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Imperial Oil | 99 | 5385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inpex | 400 | 4084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keyera | 88 | 1886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinder Morgan | 907 | 16435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marathon Oil | 304 | 9257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marathon Petroleum | 235 | 26701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neste | 170 | 7449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Occidental Petroleum | 389 | 28241 |
| &nbsp;&nbsp;&nbsp;&nbsp; OMV | 59 | 2719 |
| &nbsp;&nbsp;&nbsp;&nbsp; ONEOK | 202 | 11983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parkland | 61 | 1233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pembina Pipeline | 220 | 7264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phillips 66 | 210 | 21901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pioneer Natural Resources | 99 | 25384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repsol | 581 | 7892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Santos | 1288 | 6344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schlumberger | 592 | 30802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell | 3163 | 87201 |

---

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

*68* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **Global Developed Equity Index Fund** |
|  | **October 31, 2022** |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** | | |
|  **COMMON STOCK — continued** | | |
|  | <br>**Shares** | <br>**Value** |
|  **ENERGY (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Suncor Energy | 595 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Targa Resources | 89 | 6085 |
| &nbsp;&nbsp;&nbsp;&nbsp; TC Energy | 402 | 17657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tenaris | 189 | 2933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Pacific Land | 3 | 6912 |
| &nbsp;&nbsp;&nbsp;&nbsp; TotalEnergies | 1046 | 56957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tourmaline Oil | 124 | 6987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valero Energy | 169 | 21218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Williams | 528 | 17281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Woodside Energy Group | 839 | 19309 |
|  |  | 1205278 |
|  **FINANCIALS — 14.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3i Group | 390 | 5190 |
| &nbsp;&nbsp;&nbsp;&nbsp; ABN AMRO Bank (B) | 177 | 1741 |
| &nbsp;&nbsp;&nbsp;&nbsp; abrdn | 871 | 1588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Admiral Group | 77 | 1781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aegon | 749 | 3468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aflac | 255 | 16603 |
| &nbsp;&nbsp;&nbsp;&nbsp; AIA Group | 5000 | 37868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allstate | 119 | 15024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ally Financial | 144 | 3969 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Express | 274 | 40675 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Financial Group | 29 | 4208 |
| &nbsp;&nbsp;&nbsp;&nbsp; American International Group | 343 | 19551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameriprise Financial | 46 | 14220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amundi (B) | 24 | 1133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Annaly Capital Management | 209 | 3877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aon, Cl A | 91 | 25616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apollo Global Management | 181 | 10020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arch Capital Group (A) | 159 | 9143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arthur J Gallagher | 93 | 17398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Assurant | 24 | 3261 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASX | 78 | 3378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia & New Zealand Banking Group | 1286 | 21025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aviva | 1190 | 5706 |
| &nbsp;&nbsp;&nbsp;&nbsp; AXA | 784 | 19370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Baloise Holding | 19 | 2596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria | 2906 | 14960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Santander | 7186 | 18620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Hapoalim | 501 | 4835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Leumi Le-Israel | 751 | 7173 |

---

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

*69* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **Global Developed Equity Index Fund** |
|  | **October 31, 2022** |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** | | |
|  **COMMON STOCK — continued** | | |
|  | <br>**Shares** | <br>**Value** |
|  **FINANCIALS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America | 3024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Montreal | 294 | 27081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of New York Mellon | 329 | 13854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Nova Scotia | 517 | 24989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays | 7354 | 12461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway, Cl B (A) | 543 | 160234 |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock, Cl A | 63 | 40692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackstone | 303 | 27615 |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas | 505 | 23703 |
| &nbsp;&nbsp;&nbsp;&nbsp; BOC Hong Kong Holdings | 1500 | 4663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookfield Asset Management, Cl A | 601 | 23800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown & Brown | 96 | 5644 |
| &nbsp;&nbsp;&nbsp;&nbsp; CaixaBank | 1775 | 5882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce | 404 | 18347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial | 164 | 17387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carlyle Group | 64 | 1810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cboe Global Markets | 43 | 5354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab | 625 | 49794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chiba Bank | 200 | 1093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chubb | 179 | 38465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cincinnati Financial | 61 | 6303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup | 824 | 37789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citizens Financial Group | 206 | 8425 |
| &nbsp;&nbsp;&nbsp;&nbsp; CME Group, Cl A | 153 | 26515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coinbase Global, Cl A (A) | 53 | 3511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commerzbank (A) | 401 | 3208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commonwealth Bank of Australia | 741 | 49616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Concordia Financial Group | 400 | 1219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse Group | 1062 | 4380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dai-ichi Life Holdings | 400 | 6342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa Securities Group | 600 | 2340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danske Bank (A) | 276 | 4455 |
| &nbsp;&nbsp;&nbsp;&nbsp; DBS Group Holdings | 800 | 19327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank | 828 | 7904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Boerse | 77 | 12529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Discover Financial Services | 120 | 12535 |
| &nbsp;&nbsp;&nbsp;&nbsp; DNB Bank | 373 | 6602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equitable Holdings | 148 | 4532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equities | 119 | 2345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Erie Indemnity, Cl A | 10 | 2570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Erste Group Bank | 138 | 3404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eurazeo | 16 | 914 |

---

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

*70* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **Global Developed Equity Index Fund** |
|  | **October 31, 2022** |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** | | |
|  **COMMON STOCK — continued** | | |
|  | <br>**Shares** | <br>**Value** |
|  **FINANCIALS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Euronext (B) | 34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Everest Re Group | 16 | 5162 |
| &nbsp;&nbsp;&nbsp;&nbsp; EXOR (A) | 43 | 2890 |
| &nbsp;&nbsp;&nbsp;&nbsp; FactSet Research Systems | 15 | 6382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fairfax Financial Holdings | 10 | 4911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Financial | 109 | 4292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fifth Third Bancorp | 277 | 9886 |
| &nbsp;&nbsp;&nbsp;&nbsp; FinecoBank Banca Fineco | 245 | 3303 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Citizens BancShares, Cl A | 5 | 4111 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Republic Bank | 81 | 9728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Franklin Resources | 121 | 2837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futu Holdings ADR (A) | 20 | 677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gjensidige Forsikring | 80 | 1461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Globe Life | 39 | 4505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group | 147 | 50643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Great-West Lifeco | 112 | 2593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Groupe Bruxelles Lambert | 45 | 3317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hang Seng Bank | 300 | 4223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hannover Rueck | 24 | 3909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hargreaves Lansdown | 143 | 1252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hartford Financial Services Group | 139 | 10065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong Exchanges & Clearing | 500 | 13313 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Holdings | 8527 | 43740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington Bancshares | 592 | 8987 |
| &nbsp;&nbsp;&nbsp;&nbsp; iA Financial | 43 | 2393 |
| &nbsp;&nbsp;&nbsp;&nbsp; IGM Financial | 33 | 883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrivarden, Cl A | 68 | 1541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrivarden, Cl C | 114 | 2562 |
| &nbsp;&nbsp;&nbsp;&nbsp; ING Groep | 1608 | 15818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance Australia Group | 988 | 3097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intact Financial | 81 | 12308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intercontinental Exchange | 241 | 23032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intesa Sanpaolo | 6933 | 13217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invesco | 139 | 2130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor, Cl A | 199 | 3387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor, Cl B | 750 | 12251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Israel Discount Bank, Cl A | 466 | 2653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Exchange Group | 200 | 2628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Post Bank | 200 | 1332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Post Holdings | 1000 | 6722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Post Insurance | 100 | 1478 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase | 1250 | 157350 |

---

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

*71* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **Global Developed Equity Index Fund** |
|  | **October 31, 2022** |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** | | |
|  **COMMON STOCK — continued** | | |
|  | <br>**Shares** | <br>**Value** |
|  **FINANCIALS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Julius Baer Group | 89 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4264 |
| &nbsp;&nbsp;&nbsp;&nbsp; KBC Group | 100 | 5010 |
| &nbsp;&nbsp;&nbsp;&nbsp; KeyCorp | 383 | 6844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinnevik, Cl B (A) | 98 | 1212 |
| &nbsp;&nbsp;&nbsp;&nbsp; KKR | 248 | 12060 |
| &nbsp;&nbsp;&nbsp;&nbsp; L E Lundbergforetagen, Cl B | 32 | 1264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal & General Group | 2388 | 6378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lincoln National | 71 | 3825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group | 30594 | 14743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loblaw | 69 | 5653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loews | 88 | 5018 |
| &nbsp;&nbsp;&nbsp;&nbsp; London Stock Exchange Group | 147 | 12755 |
| &nbsp;&nbsp;&nbsp;&nbsp; LPL Financial Holdings | 36 | 9203 |
| &nbsp;&nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton | 116 | 73253 |
| &nbsp;&nbsp;&nbsp;&nbsp; M&G | 1037 | 2084 |
| &nbsp;&nbsp;&nbsp;&nbsp; M&T Bank | 75 | 12628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Macquarie Group | 156 | 16914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Manulife Financial | 819 | 13574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Markel (A) | 6 | 7237 |
| &nbsp;&nbsp;&nbsp;&nbsp; MarketAxess Holdings | 15 | 3661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marsh & McLennan | 213 | 34397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medibank Pvt | 1105 | 1986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mediobanca Banca di Credito Finanziario | 248 | 2248 |
| &nbsp;&nbsp;&nbsp;&nbsp; MetLife | 295 | 21597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi HC Capital | 300 | 1287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group | 4900 | 23051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mizrahi Tefahot Bank | 56 | 2119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mizuho Financial Group | 1000 | 10801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moody's | 72 | 19071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 551 | 45276 |
| &nbsp;&nbsp;&nbsp;&nbsp; MS&AD Insurance Group Holdings | 200 | 5301 |
| &nbsp;&nbsp;&nbsp;&nbsp; MSCI, Cl A | 36 | 16879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Muenchener Rueckversicherungs-Gesellschaft in Muenchen | 65 | 17177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nasdaq | 141 | 8776 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Australia Bank | 1422 | 29489 |
| &nbsp;&nbsp;&nbsp;&nbsp; NatWest Group | 2141 | 5765 |
| &nbsp;&nbsp;&nbsp;&nbsp; NN Group | 113 | 4785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Holdings | 1200 | 3888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordea Bank Abp | 1495 | 14288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Trust | 79 | 6664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Onex | 31 | 1560 |

---

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

*72* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **Global Developed Equity Index Fund** |
|  | **October 31, 2022** |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** | | |
|  **COMMON STOCK — continued** | | |
|  | <br>**Shares** | <br>**Value** |
|  **FINANCIALS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ORIX | 500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oversea-Chinese Banking | 1400 | 11996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Partners Group Holding | 10 | 8982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phoenix Group Holdings | 260 | 1617 |
| &nbsp;&nbsp;&nbsp;&nbsp; PNC Financial Services Group | 172 | 27835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Poste Italiane (B) | 209 | 1822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Power Corp of Canada | 224 | 5562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Principal Financial Group | 108 | 9518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Progressive | 249 | 31972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prudential | 1155 | 10740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prudential Financial | 155 | 16304 |
| &nbsp;&nbsp;&nbsp;&nbsp; QBE Insurance Group | 591 | 4627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raymond James Financial | 88 | 10396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regions Financial | 382 | 8385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Resona Holdings | 800 | 3011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Bank of Canada | 605 | 55977 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P Global | 146 | 46903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sampo, Cl A | 200 | 9147 |
| &nbsp;&nbsp;&nbsp;&nbsp; SBI Holdings | 100 | 1808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schroders | 294 | 1321 |
| &nbsp;&nbsp;&nbsp;&nbsp; SEI Investments | 48 | 2606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shizuoka Financial Group | 200 | 1262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Signature Bank NY | 24 | 3805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Exchange | 300 | 1784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skandinaviska Enskilda Banken, Cl A | 657 | 6932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Societe Generale | 325 | 7459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sofina | 6 | 1171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sompo Holdings | 100 | 4165 |
| &nbsp;&nbsp;&nbsp;&nbsp; St. James's Place | 216 | 2638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered | 1054 | 6288 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street | 163 | 12062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group | 500 | 14032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Holdings | 100 | 2876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Life Financial | 271 | 11510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suncorp Group | 514 | 3751 |
| &nbsp;&nbsp;&nbsp;&nbsp; SVB Financial Group (A) | 24 | 5543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Svenska Handelsbanken, Cl A | 590 | 5485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swedbank | 366 | 5458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Life Holding | 13 | 6295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Re | 135 | 10031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synchrony Financial | 228 | 8108 |
| &nbsp;&nbsp;&nbsp;&nbsp; T Rowe Price Group | 95 | 10085 |

---

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

*73* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **Global Developed Equity Index Fund** |
|  | **October 31, 2022** |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** | | |
|  **COMMON STOCK — continued** | | |
|  | <br>**Shares** | <br>**Value** |
|  **FINANCIALS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; T&D Holdings | 200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokio Marine Holdings | 900 | 16288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank | 764 | 48896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tradeweb Markets, Cl A | 42 | 2313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Travelers | 103 | 18999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Truist Financial | 571 | 25575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tryg | 145 | 3138 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Group | 1450 | 23009 |
| &nbsp;&nbsp;&nbsp;&nbsp; UniCredit | 854 | 10590 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Overseas Bank | 500 | 9805 |
| &nbsp;&nbsp;&nbsp;&nbsp; US Bancorp | 601 | 25512 |
| &nbsp;&nbsp;&nbsp;&nbsp; W R Berkley | 85 | 6322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Webster Financial | 74 | 4015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo | 1611 | 74090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wendel | 11 | 862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westpac Banking | 1568 | 24182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Willis Towers Watson | 45 | 9819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zurich Insurance Group | 65 | 27737 |
|  |  | 2877470 |
|  **HEALTH CARE — 14.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Abbott Laboratories | 740 | 73216 |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie | 736 | 107750 |
| &nbsp;&nbsp;&nbsp;&nbsp; ABIOMED (A) | 18 | 4537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Agilent Technologies | 133 | 18401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alcon | 220 | 13389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Align Technology (A) | 33 | 6412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alnylam Pharmaceuticals (A) | 55 | 11399 |
| &nbsp;&nbsp;&nbsp;&nbsp; AmerisourceBergen, Cl A | 72 | 11320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amgen | 225 | 60829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amplifon | 50 | 1242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Argenx (A) | 23 | 8974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asahi Intecc | 100 | 1704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Astellas Pharma | 800 | 11010 |
| &nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca | 662 | 77847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avantor (A) | 255 | 5143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bachem Holding, Cl B | 15 | 1076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bausch Health (A) | 122 | 793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Baxter International | 218 | 11848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayer | 408 | 21459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Becton Dickinson and | 123 | 29024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Biogen (A) | 60 | 17006 |

---

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

*74* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **Global Developed Equity Index Fund** |
|  | **October 31, 2022** |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** | | |
|  **COMMON STOCK — continued** | | |
|  | <br>**Shares** | <br>**Value** |
|  **HEALTH CARE (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BioMarin Pharmaceutical (A) | 74 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6411 |
| &nbsp;&nbsp;&nbsp;&nbsp; BioMerieux | 17 | 1504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bio-Rad Laboratories, Cl A (A) | 9 | 3165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bio-Techne | 16 | 4740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Scientific (A) | 605 | 26082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb | 904 | 70033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cardinal Health | 116 | 8804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carl Zeiss Meditec | 16 | 1938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Catalent (A) | 68 | 4470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centene (A) | 252 | 21453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles River Laboratories International (A) | 20 | 4245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chugai Pharmaceutical | 300 | 6961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cigna | 132 | 42644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cochlear | 26 | 3321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coloplast, Cl B | 48 | 5352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cooper | 20 | 5468 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSL | 210 | 37676 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVS Health | 549 | 51990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiichi Sankyo | 800 | 25647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danaher | 294 | 73991 |
| &nbsp;&nbsp;&nbsp;&nbsp; DaVita (A) | 27 | 1971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Demant (A) | 43 | 1175 |
| &nbsp;&nbsp;&nbsp;&nbsp; DENTSPLY SIRONA | 88 | 2712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dexcom (A) | 173 | 20895 |
| &nbsp;&nbsp;&nbsp;&nbsp; DiaSorin | 10 | 1307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edwards Lifesciences (A) | 267 | 19339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eisai | 100 | 6035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elanco Animal Health (A) | 171 | 2255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elevance Health | 103 | 56317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly | 343 | 124197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eurofins Scientific | 54 | 3457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exact Sciences (A) | 69 | 2400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fisher & Paykel Healthcare | 231 | 2630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresenius & KGaA | 168 | 3868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresenius Medical Care & KGaA | 82 | 2267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genmab (A) | 32 | 12334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Getinge, Cl B | 92 | 1869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gilead Sciences | 530 | 41584 |
| &nbsp;&nbsp;&nbsp;&nbsp; GN Store Nord | 50 | 1063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grifols (A) | 120 | 1021 |
| &nbsp;&nbsp;&nbsp;&nbsp; GSK | 1779 | 29150 |
| &nbsp;&nbsp;&nbsp;&nbsp; HCA Healthcare | 103 | 22399 |

---

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

*75* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **Global Developed Equity Index Fund** |
|  | **October 31, 2022** |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** | | |
|  **COMMON STOCK — continued** | | |
|  | <br>**Shares** | <br>**Value** |
|  **HEALTH CARE (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Henry Schein (A) | 56 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hikma Pharmaceuticals | 70 | 1003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hologic (A) | 102 | 6916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Horizon Therapeutics (A) | 86 | 5359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hoya | 200 | 18662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Humana | 53 | 29578 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDEXX Laboratories (A) | 37 | 13308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illumina (A) | 64 | 14644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Incyte (A) | 75 | 5575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insulet (A) | 28 | 7247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuitive Surgical (A) | 156 | 38449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ipsen | 15 | 1542 |
| &nbsp;&nbsp;&nbsp;&nbsp; IQVIA Holdings (A) | 78 | 16354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jazz Pharmaceuticals (A) | 25 | 3595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson | 1115 | 193977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke Philips | 381 | 4826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kyowa Kirin | 100 | 2357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Laboratory Corp of America Holdings | 39 | 8653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lonza Group | 31 | 15956 |
| &nbsp;&nbsp;&nbsp;&nbsp; M3 (A) | 200 | 5980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Masimo (A) | 21 | 2764 |
| &nbsp;&nbsp;&nbsp;&nbsp; McKesson | 62 | 24141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medtronic | 559 | 48823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck | 1063 | 107576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck KGaA | 52 | 8479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mettler-Toledo International (A) | 10 | 12649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moderna (A) | 145 | 21798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Molina Healthcare (A) | 23 | 8254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neurocrine Biosciences (A) | 38 | 4375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novartis | 922 | 74489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novo Nordisk, Cl B | 697 | 75775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novocure (A) | 37 | 2614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Olympus | 500 | 10559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ono Pharmaceutical | 100 | 2351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orion, Cl B | 43 | 1978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otsuka Holdings | 200 | 6410 |
| &nbsp;&nbsp;&nbsp;&nbsp; PerkinElmer | 58 | 7748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pfizer | 2382 | 110882 |
| &nbsp;&nbsp;&nbsp;&nbsp; QIAGEN (A) | 92 | 3973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quest Diagnostics | 49 | 7039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ramsay Health Care | 73 | 2735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Recordati Industria Chimica e Farmaceutica | 42 | 1579 |

---

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

*76* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **Global Developed Equity Index Fund** |
|  | **October 31, 2022** |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** | | |
|  **COMMON STOCK — continued** | | |
|  | <br>**Shares** | <br>**Value** |
|  **HEALTH CARE (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals (A) | 45 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33694 |
| &nbsp;&nbsp;&nbsp;&nbsp; ResMed | 65 | 14540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roche Holding | 310 | 103908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royalty Pharma, Cl A | 137 | 5798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sanofi | 477 | 41167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sartorius Stedim Biotech | 11 | 3492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seagen (A) | 55 | 6994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shionogi | 100 | 4634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens Healthineers (B) | 113 | 5202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smith & Nephew | 352 | 4158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sonic Healthcare | 182 | 3815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sonova Holding | 22 | 5200 |
| &nbsp;&nbsp;&nbsp;&nbsp; STERIS | 40 | 6903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Straumann Holding | 53 | 5048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stryker | 144 | 33011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swedish Orphan Biovitrum (A) | 89 | 1639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sysmex | 100 | 5399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Takeda Pharmaceutical | 700 | 18444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teladoc Health (A) | 57 | 1689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teleflex | 19 | 4077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Terumo | 300 | 9127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teva Pharmaceutical Industries ADR (A) | 442 | 3943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thermo Fisher Scientific | 166 | 85319 |
| &nbsp;&nbsp;&nbsp;&nbsp; UCB | 51 | 3847 |
| &nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group | 397 | 220395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Health Services, Cl B | 30 | 3476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veeva Systems, Cl A (A) | 63 | 10580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals (A) | 107 | 33384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viatris, Cl W (A) | 485 | 4913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waters (A) | 25 | 7479 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Pharmaceutical Services | 30 | 6903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings | 98 | 11108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zoetis, Cl A | 199 | 30005 |
|  |  | 2944616 |
|  **INDUSTRIALS — 10.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3M | 234 | 29435 |
| &nbsp;&nbsp;&nbsp;&nbsp; A O Smith | 53 | 2903 |
| &nbsp;&nbsp;&nbsp;&nbsp; ABB | 710 | 19740 |
| &nbsp;&nbsp;&nbsp;&nbsp; ACS Actividades de Construccion y Servicios | 105 | 2693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adecco Group | 62 | 1940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aena SME (A) (B) | 30 | 3532 |

---

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

*77* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **Global Developed Equity Index Fund** |
|  | **October 31, 2022** |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** | | |
|  **COMMON STOCK — continued** | | |
|  | <br>**Shares** | <br>**Value** |
|  **INDUSTRIALS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AerCap Holdings (A) | 60 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aeroports de Paris (A) | 12 | 1625 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGC | 100 | 3137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Canada (A) | 70 | 1008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Airbus | 259 | 28048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alfa Laval | 127 | 3130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegion | 36 | 3772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alstom | 128 | 2639 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMERCO (A) | 4 | 2301 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMETEK | 93 | 12058 |
| &nbsp;&nbsp;&nbsp;&nbsp; ANA Holdings (A) | 100 | 1944 |
| &nbsp;&nbsp;&nbsp;&nbsp; AP Moller - Maersk, Cl A | 1 | 2002 |
| &nbsp;&nbsp;&nbsp;&nbsp; AP Moller - Maersk, Cl B | 2 | 4184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ashtead Group | 179 | 9340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Assa Abloy, Cl B | 418 | 8442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlantia | 199 | 4441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas Copco, Cl A | 1196 | 12786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas Copco, Cl B | 666 | 6451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Auckland International Airport (A) | 500 | 2238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aurizon Holdings | 739 | 1711 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAE Systems | 1289 | 12039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boeing (A) | 236 | 33632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Booz Allen Hamilton Holding, Cl A | 54 | 5878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bouygues | 92 | 2626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brambles | 578 | 4318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brenntag | 62 | 3765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bunzl | 135 | 4398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bureau Veritas | 118 | 2924 |
| &nbsp;&nbsp;&nbsp;&nbsp; CAE (A) | 127 | 2424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian National Railway | 253 | 29973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Pacific Railway | 400 | 29819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carlisle | 22 | 5254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carrier Global | 364 | 14473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caterpillar | 230 | 49786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Japan Railway | 100 | 11611 |
| &nbsp;&nbsp;&nbsp;&nbsp; CH Robinson Worldwide | 53 | 5179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie de Saint-Gobain | 225 | 9206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cintas | 38 | 16247 |
| &nbsp;&nbsp;&nbsp;&nbsp; CK Hutchison Holdings | 1000 | 4968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clarivate (A) | 141 | 1456 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNH Industrial | 410 | 5310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Copart (A) | 97 | 11157 |

---

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

*78* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **Global Developed Equity Index Fund** |
|  | **October 31, 2022** |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** | | |
|  **COMMON STOCK — continued** | | |
|  | <br>**Shares** | <br>**Value** |
|  **INDUSTRIALS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CoStar Group (A) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Agricole | 495 | 4494 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSX | 910 | 26445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cummins | 58 | 14182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dai Nippon Printing | 100 | 2006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daikin Industries | 100 | 15054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daimler Truck Holding (A) | 215 | 5737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dassault Aviation | 10 | 1486 |
| &nbsp;&nbsp;&nbsp;&nbsp; DCC | 40 | 2220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deere | 124 | 49082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines (A) | 64 | 2171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Lufthansa (A) | 239 | 1640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Post | 425 | 15082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dover | 58 | 7580 |
| &nbsp;&nbsp;&nbsp;&nbsp; DSV | 81 | 10966 |
| &nbsp;&nbsp;&nbsp;&nbsp; East Japan Railway | 100 | 5407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eaton | 170 | 25512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eiffage | 33 | 2985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elbit Systems | 11 | 2226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerson Electric | 256 | 22170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Epiroc, Cl A | 290 | 4440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Epiroc, Cl B | 200 | 2687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equifax | 49 | 8307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expeditors International of Washington | 68 | 6654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Experian | 409 | 13011 |
| &nbsp;&nbsp;&nbsp;&nbsp; FANUC | 100 | 13201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fastenal | 234 | 11309 |
| &nbsp;&nbsp;&nbsp;&nbsp; FedEx | 102 | 16349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferguson | 99 | 10797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferrovial | 196 | 4786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortive | 159 | 10160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortune Brands Home & Security | 55 | 3318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fuji Electric | 100 | 3874 |
| &nbsp;&nbsp;&nbsp;&nbsp; GEA Group | 61 | 2134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Geberit | 16 | 7115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Generac Holdings (A) | 25 | 2898 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Dynamics | 101 | 25230 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Electric | 463 | 36026 |
| &nbsp;&nbsp;&nbsp;&nbsp; GFL Environmental | 63 | 1700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grab Holdings, Cl A (A) | 505 | 1313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hankyu Hanshin Holdings | 100 | 2969 |
| &nbsp;&nbsp;&nbsp;&nbsp; HEICO | 20 | 3253 |

---

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

*79* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **Global Developed Equity Index Fund** |
|  | **October 31, 2022** |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** | | |
|  **COMMON STOCK — continued** | | |
|  | <br>**Shares** | <br>**Value** |
|  **INDUSTRIALS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; HEICO, Cl A | 33 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hitachi | 400 | 18185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hitachi Construction Machinery | 100 | 1960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honeywell International | 288 | 58758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hoshizaki | 100 | 2868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Howmet Aerospace | 155 | 5510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington Ingalls Industries | 16 | 4113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Husqvarna, Cl B | 169 | 1004 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDEX | 30 | 6669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Tool Works | 133 | 28399 |
| &nbsp;&nbsp;&nbsp;&nbsp; IMCD | 23 | 2984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indutrade | 114 | 1996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingersoll Rand | 162 | 8181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intertek Group | 65 | 2724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Latour, Cl B | 61 | 1032 |
| &nbsp;&nbsp;&nbsp;&nbsp; ITOCHU | 500 | 12943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jacobs Solutions | 52 | 5991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Airlines (A) | 100 | 1866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jardine Matheson Holdings | 100 | 4602 |
| &nbsp;&nbsp;&nbsp;&nbsp; JB Hunt Transport Services | 34 | 5816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson Controls International | 289 | 16716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kajima | 200 | 1884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keio | 100 | 3511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keisei Electric Railway | 100 | 2656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keppel | 600 | 2954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kingspan Group | 62 | 3131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kintetsu Group Holdings | 100 | 3383 |
| &nbsp;&nbsp;&nbsp;&nbsp; KION Group | 29 | 644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Knight-Swift Transportation Holdings, Cl A | 63 | 3026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Knorr-Bremse | 29 | 1306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Komatsu | 400 | 7661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kone, Cl B | 136 | 5571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kongsberg Gruppen | 46 | 1648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kubota | 400 | 5586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kuehne + Nagel International | 22 | 4689 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3Harris Technologies | 81 | 19964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legrand | 107 | 8157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leidos Holdings | 54 | 5486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lennox International | 13 | 3036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lifco, Cl B | 94 | 1358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lixil | 100 | 1514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin | 102 | 49641 |

---

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

*80* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **Global Developed Equity Index Fund** |
|  | **October 31, 2022** |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** | | |
|  **COMMON STOCK — continued** | | |
|  | <br>**Shares** | <br>**Value** |
|  **INDUSTRIALS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lyft, Cl A (A) | 105 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magna International | 114 | 6353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Makita | 100 | 1829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marubeni | 600 | 5258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Masco | 99 | 4581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Melrose Industries | 1750 | 2346 |
| &nbsp;&nbsp;&nbsp;&nbsp; MINEBEA MITSUMI | 200 | 2964 |
| &nbsp;&nbsp;&nbsp;&nbsp; MISUMI Group | 100 | 2139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi | 500 | 13555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Electric | 800 | 7048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Heavy Industries | 100 | 3443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui | 600 | 13288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui OSK Lines | 200 | 3969 |
| &nbsp;&nbsp;&nbsp;&nbsp; MonotaRO | 100 | 1525 |
| &nbsp;&nbsp;&nbsp;&nbsp; MTR | 1000 | 4401 |
| &nbsp;&nbsp;&nbsp;&nbsp; MTU Aero Engines | 21 | 3762 |
| &nbsp;&nbsp;&nbsp;&nbsp; NGK Insulators | 100 | 1168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nibe Industrier, Cl B | 732 | 5841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nidec | 200 | 11080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nihon M&A Center Holdings | 100 | 1132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Yusen | 300 | 5445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordson | 21 | 4725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norfolk Southern | 99 | 22579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northrop Grumman | 62 | 34039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Obayashi | 300 | 1927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Odakyu Electric Railway | 100 | 1190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Old Dominion Freight Line | 39 | 10709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otis Worldwide | 191 | 13492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Owens Corning | 41 | 3510 |
| &nbsp;&nbsp;&nbsp;&nbsp; PACCAR | 155 | 15009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parker-Hannifin | 58 | 16856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pentair | 66 | 2835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Persol Holdings | 100 | 2008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Plug Power (A) | 207 | 3308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prysmian | 102 | 3325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qantas Airways (A) | 368 | 1375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quanta Services | 65 | 9233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Randstad | 48 | 2393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rational | 2 | 1129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raytheon Technologies | 629 | 59642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Recruit Holdings | 600 | 18521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reece | 117 | 1162 |

---

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

*81* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **Global Developed Equity Index Fund** |
|  | **October 31, 2022** |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** | | |
|  **COMMON STOCK — continued** | | |
|  | <br>**Shares** | <br>**Value** |
|  **INDUSTRIALS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RELX | 825 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rentokil Initial | 745 | 4651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic Services, Cl A | 99 | 13129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rheinmetall | 19 | 3089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ritchie Bros Auctioneers | 44 | 2874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Robert Half International | 45 | 3441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rockwell Automation | 53 | 13531 |
| &nbsp;&nbsp;&nbsp;&nbsp; ROCKWOOL, Cl B | 3 | 597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rollins | 89 | 3745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rolls-Royce Holdings (A) | 3352 | 3004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Safran | 149 | 16598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schindler Holding | 24 | 3868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schneider Electric | 228 | 28900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Secom | 100 | 5710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securitas, Cl B | 202 | 1653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sensata Technologies Holding | 63 | 2533 |
| &nbsp;&nbsp;&nbsp;&nbsp; SG Holdings | 100 | 1326 |
| &nbsp;&nbsp;&nbsp;&nbsp; SGS | 3 | 6618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shimizu | 200 | 999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens | 319 | 34879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens Energy | 160 | 1868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens Gamesa Renewable Energy (A) | 96 | 1704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Airlines (A) | 500 | 1858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Technologies Engineering | 600 | 1399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skanska, Cl B | 138 | 2147 |
| &nbsp;&nbsp;&nbsp;&nbsp; SKF, Cl B | 154 | 2229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smiths Group | 159 | 2845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snap-on | 22 | 4885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southwest Airlines (A) | 59 | 2145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spirax-Sarco Engineering | 30 | 3698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stanley Black & Decker | 65 | 5102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo | 500 | 6374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taisei | 100 | 2727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Techtronic Industries | 500 | 4736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teleperformance | 24 | 6435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Textron | 90 | 6160 |
| &nbsp;&nbsp;&nbsp;&nbsp; TFI International | 34 | 3095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thales | 43 | 5467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thomson Reuters | 70 | 7445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tobu Railway | 100 | 2313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyu | 200 | 2308 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOPPAN INC | 100 | 1492 |

---

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

*82* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **Global Developed Equity Index Fund** |
|  | **October 31, 2022** |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** | | |
|  **COMMON STOCK — continued** | | |
|  | <br>**Shares** | <br>**Value** |
|  **INDUSTRIALS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Toromont Industries | 33 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toshiba | 200 | 6969 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTO | 100 | 2858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Industries | 100 | 5151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Tsusho | 100 | 3363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trane Technologies | 96 | 15324 |
| &nbsp;&nbsp;&nbsp;&nbsp; TransDigm Group (A) | 23 | 13242 |
| &nbsp;&nbsp;&nbsp;&nbsp; TransUnion | 77 | 4564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transurban Group | 1383 | 11730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uber Technologies (A) | 613 | 16287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Union Pacific | 263 | 51848 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Parcel Service, Cl B | 311 | 52176 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Rentals (A) | 29 | 9156 |
| &nbsp;&nbsp;&nbsp;&nbsp; VAT Group (B) | 11 | 2513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verisk Analytics, Cl A | 71 | 12981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vestas Wind Systems | 405 | 7977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vinci | 223 | 20535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volvo, Cl A | 85 | 1452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volvo, Cl B | 641 | 10496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wartsila Abp | 190 | 1296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington H Soul Pattinson | 87 | 1555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waste Connections | 108 | 14246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waste Management | 179 | 28348 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Japan Railway | 100 | 3969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westinghouse Air Brake Technologies | 72 | 6716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wolters Kluwer | 121 | 12861 |
| &nbsp;&nbsp;&nbsp;&nbsp; WSP Global | 59 | 7251 |
| &nbsp;&nbsp;&nbsp;&nbsp; WW Grainger | 18 | 10518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xinyi Glass Holdings | 1000 | 1287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xylem | 72 | 7375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yamato Holdings | 100 | 1482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yaskawa Electric | 100 | 2777 |
| &nbsp;&nbsp;&nbsp;&nbsp; ZIM Integrated Shipping Services | 37 | 869 |
|  |  | 2130747 |
|  **INFORMATION TECHNOLOGY — 21.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accenture, Cl A | 269 | 76369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adobe (A) | 202 | 64337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advanced Micro Devices (A) | 691 | 41501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advantest | 100 | 5286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adyen (A) (B) | 9 | 12920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affirm Holdings, Cl A (A) | 75 | 1505 |

---

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

*83* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **Global Developed Equity Index Fund** |
|  | **October 31, 2022** |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** | | |
|  **COMMON STOCK — continued** | | |
|  | <br>**Shares** | <br>**Value** |
|  **INFORMATION TECHNOLOGY (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Akamai Technologies (A) | 65 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amadeus IT Group (A) | 180 | 9382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amphenol, Cl A | 260 | 19716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Analog Devices | 216 | 30806 |
| &nbsp;&nbsp;&nbsp;&nbsp; ANSYS (A) | 35 | 7741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple | 6857 | 1051452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Applied Materials | 364 | 32138 |
| &nbsp;&nbsp;&nbsp;&nbsp; AppLovin, Cl A (A) | 57 | 967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arista Networks (A) | 111 | 13415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arrow Electronics (A) | 29 | 2937 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASML Holding | 173 | 81722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Assicurazioni Generali | 444 | 6665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Autodesk (A) | 96 | 20573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Automatic Data Processing | 179 | 43264 |
| &nbsp;&nbsp;&nbsp;&nbsp; AVEVA Group | 48 | 1717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Azbil | 100 | 2720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bechtle | 33 | 1141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bentley Systems, Cl B | 70 | 2470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bill.com Holdings (A) | 44 | 5868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Black Knight (A) | 63 | 3810 |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackBerry (A) | 216 | 1004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Block (A) | 32 | 1925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Block, Cl A (A) | 187 | 11233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom | 171 | 80391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadridge Financial Solutions | 47 | 7053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brother Industries | 100 | 1702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cadence Design Systems (A) | 113 | 17107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canon | 400 | 8484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capgemini | 71 | 11665 |
| &nbsp;&nbsp;&nbsp;&nbsp; CDW | 55 | 9505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ceridian HCM Holding (A) | 54 | 3574 |
| &nbsp;&nbsp;&nbsp;&nbsp; CGI, Cl A (A) | 88 | 7089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Check Point Software Technologies (A) | 43 | 5557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cisco Systems | 1760 | 79957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cloudflare, Cl A (A) | 112 | 6308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cognex | 71 | 3282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cognizant Technology Solutions, Cl A | 218 | 13570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Computershare | 218 | 3524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Software | 9 | 13014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corning | 361 | 11613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coupa Software (A) | 29 | 1544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crowdstrike Holdings, Cl A (A) | 85 | 13702 |

---

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

*84* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **Global Developed Equity Index Fund** |
|  | **October 31, 2022** |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** | | |
|  **COMMON STOCK — continued** | | |
|  | <br>**Shares** | <br>**Value** |
|  **INFORMATION TECHNOLOGY (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CyberArk Software (A) | 16 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dassault Systemes | 303 | 10166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Datadog, Cl A (A) | 108 | 8695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dell Technologies, Cl C | 105 | 4032 |
| &nbsp;&nbsp;&nbsp;&nbsp; DocuSign, Cl A (A) | 78 | 3767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dropbox, Cl A (A) | 126 | 2741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dynatrace (A) | 74 | 2608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edenred | 100 | 5135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enphase Energy (A) | 55 | 16885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entegris | 69 | 5474 |
| &nbsp;&nbsp;&nbsp;&nbsp; EPAM Systems (A) | 23 | 8050 |
| &nbsp;&nbsp;&nbsp;&nbsp; F5 (A) | 24 | 3430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fair Isaac (A) | 11 | 5267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Information Services | 251 | 20830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fiserv (A) | 265 | 27226 |
| &nbsp;&nbsp;&nbsp;&nbsp; FleetCor Technologies (A) | 31 | 5770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortinet (A) | 280 | 16005 |
| &nbsp;&nbsp;&nbsp;&nbsp; FUJIFILM Holdings | 200 | 9172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fujitsu | 100 | 11517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gartner (A) | 34 | 10265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Getlink | 176 | 2788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Payments | 118 | 13483 |
| &nbsp;&nbsp;&nbsp;&nbsp; GoDaddy, Cl A (A) | 68 | 5467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Guidewire Software (A) | 32 | 1901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Halma | 152 | 3687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hamamatsu Photonics | 100 | 4533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise | 523 | 7463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hexagon, Cl B | 793 | 7843 |
| &nbsp;&nbsp;&nbsp;&nbsp; HP | 450 | 12429 |
| &nbsp;&nbsp;&nbsp;&nbsp; HubSpot (A) | 18 | 5338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ibiden | 100 | 3383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Infineon Technologies | 566 | 13782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intel | 1744 | 49582 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Business Machines | 375 | 51859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuit | 115 | 49163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Itochu Techno-Solutions | 100 | 2320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jack Henry & Associates | 30 | 5972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Juniper Networks | 131 | 4009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keyence | 100 | 37876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keysight Technologies (A) | 74 | 12887 |
| &nbsp;&nbsp;&nbsp;&nbsp; KLA | 65 | 20569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kyocera | 100 | 5004 |

---

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

*85* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **Global Developed Equity Index Fund** |
|  | **October 31, 2022** |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** | | |
|  **COMMON STOCK — continued** | | |
|  | <br>**Shares** | <br>**Value** |
|  **INFORMATION TECHNOLOGY (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lam Research | 57 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lightspeed Commerce (A) | 43 | 824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Logitech International | 69 | 3435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marvell Technology | 352 | 13967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mastercard, Cl A | 366 | 120114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microchip Technology | 241 | 14879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Micron Technology | 468 | 25319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft | 3010 | 698711 |
| &nbsp;&nbsp;&nbsp;&nbsp; MongoDB, Cl A (A) | 27 | 4942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monolithic Power Systems | 18 | 6110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Motorola Solutions | 71 | 17729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Murata Manufacturing | 200 | 9819 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Bank of Canada | 135 | 9192 |
| &nbsp;&nbsp;&nbsp;&nbsp; NEC | 100 | 3312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nemetschek | 23 | 1099 |
| &nbsp;&nbsp;&nbsp;&nbsp; NetApp | 90 | 6234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nexi (A) (B) | 187 | 1621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nice (A) | 25 | 4739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nokia | 2463 | 10970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Research Institute | 100 | 2223 |
| &nbsp;&nbsp;&nbsp;&nbsp; NortonLifeLock | 233 | 5250 |
| &nbsp;&nbsp;&nbsp;&nbsp; NTT Data | 300 | 4352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nuvei (A) (B) | 23 | 692 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVIDIA | 1063 | 143473 |
| &nbsp;&nbsp;&nbsp;&nbsp; NXP Semiconductors | 106 | 15484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Okta, Cl A (A) | 65 | 3648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Omron | 100 | 4678 |
| &nbsp;&nbsp;&nbsp;&nbsp; ON Semiconductor (A) | 194 | 11917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Open Text | 109 | 3157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle | 673 | 52541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otsuka | 100 | 3157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palantir Technologies, Cl A (A) | 636 | 5590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palo Alto Networks (A) | 120 | 20591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paychex | 143 | 16918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paycom Software (A) | 24 | 8304 |
| &nbsp;&nbsp;&nbsp;&nbsp; PayPal Holdings (A) | 466 | 38948 |
| &nbsp;&nbsp;&nbsp;&nbsp; PTC (A) | 45 | 5302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qorvo (A) | 45 | 3874 |
| &nbsp;&nbsp;&nbsp;&nbsp; QUALCOMM | 477 | 56124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Renesas Electronics (A) | 500 | 4191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ricoh | 300 | 2199 |
| &nbsp;&nbsp;&nbsp;&nbsp; RingCentral, Cl A (A) | 31 | 1101 |

---

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

*86* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **Global Developed Equity Index Fund** |
|  | **October 31, 2022** |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** | | |
|  **COMMON STOCK — continued** | | |
|  | <br>**Shares** | <br>**Value** |
|  **INFORMATION TECHNOLOGY (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Roper Technologies | 46 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sage Group | 422 | 3517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salesforce (A) | 425 | 69101 |
| &nbsp;&nbsp;&nbsp;&nbsp; SAP | 435 | 41987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saputo | 100 | 2434 |
| &nbsp;&nbsp;&nbsp;&nbsp; SCSK | 100 | 1478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seagate Technology Holdings | 82 | 4072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seiko Epson | 100 | 1363 |
| &nbsp;&nbsp;&nbsp;&nbsp; ServiceNow (A) | 84 | 35342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shimadzu | 100 | 2640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shopify, Cl A (A) | 470 | 16115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skyworks Solutions | 66 | 5677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snowflake, Cl A (A) | 99 | 15870 |
| &nbsp;&nbsp;&nbsp;&nbsp; SolarEdge Technologies (A) | 26 | 5981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Splunk (A) | 66 | 5485 |
| &nbsp;&nbsp;&nbsp;&nbsp; SS&C Technologies Holdings | 92 | 4731 |
| &nbsp;&nbsp;&nbsp;&nbsp; STMicroelectronics | 274 | 8557 |
| &nbsp;&nbsp;&nbsp;&nbsp; SUMCO | 100 | 1270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synopsys (A) | 63 | 18431 |
| &nbsp;&nbsp;&nbsp;&nbsp; TDK | 200 | 6261 |
| &nbsp;&nbsp;&nbsp;&nbsp; TE Connectivity | 141 | 17234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teledyne Technologies (A) | 19 | 7562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telefonaktiebolaget LM Ericsson, Cl B | 1173 | 6523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Temenos | 27 | 1610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teradyne | 66 | 5369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Instruments | 393 | 63128 |
| &nbsp;&nbsp;&nbsp;&nbsp; TIS | 100 | 2700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Electron | 100 | 26558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tower Semiconductor (A) | 50 | 2140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trend Micro (A) | 100 | 5051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trimble (A) | 101 | 6076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Twilio, Cl A (A) | 67 | 4983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tyler Technologies (A) | 20 | 6467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unity Software (A) | 88 | 2596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Venture | 100 | 1125 |
| &nbsp;&nbsp;&nbsp;&nbsp; VeriSign (A) | 40 | 8018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa, Cl A | 693 | 143562 |
| &nbsp;&nbsp;&nbsp;&nbsp; VMware, Cl A (A) | 84 | 9453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Digital (A) | 124 | 4262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Union | 163 | 2202 |
| &nbsp;&nbsp;&nbsp;&nbsp; WiseTech Global | 59 | 2195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wix.com (A) | 22 | 1850 |

---

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

*87* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **Global Developed Equity Index Fund** |
|  | **October 31, 2022** |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** | | |
|  **COMMON STOCK — continued** | | |
|  | <br>**Shares** | <br>**Value** |
|  **INFORMATION TECHNOLOGY (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Workday, Cl A (A) | 87 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Worldline (A) (B) | 96 | 4205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xero (A) | 54 | 2697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yokogawa Electric | 100 | 1675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zebra Technologies, Cl A (A) | 25 | 7081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zendesk (A) | 48 | 3681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zoom Video Communications, Cl A (A) | 105 | 8761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zscaler (A) | 33 | 5085 |
|  |  | 4396438 |
|  **MATERIALS — 4.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Agnico Eagle Mines | 213 | 9370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Liquide | 222 | 29026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Products and Chemicals | 90 | 22536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Akzo Nobel | 75 | 4628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Albemarle | 47 | 13154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alcoa | 78 | 3044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amcor | 616 | 7133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anglo American | 528 | 15795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Antofagasta | 158 | 2130 |
| &nbsp;&nbsp;&nbsp;&nbsp; ArcelorMittal | 205 | 4590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arkema | 25 | 1979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asahi Kasei | 500 | 3210 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASM International | 19 | 4221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avery Dennison | 33 | 5595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ball | 131 | 6470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barrick Gold | 778 | 11701 |
| &nbsp;&nbsp;&nbsp;&nbsp; BASF | 398 | 17871 |
| &nbsp;&nbsp;&nbsp;&nbsp; BHP Group | 2153 | 51451 |
| &nbsp;&nbsp;&nbsp;&nbsp; BlueScope Steel | 202 | 2032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boliden | 110 | 3204 |
| &nbsp;&nbsp;&nbsp;&nbsp; CCL Industries, Cl B | 61 | 2866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Celanese, Cl A | 45 | 4325 |
| &nbsp;&nbsp;&nbsp;&nbsp; CF Industries Holdings | 86 | 9138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chr Hansen Holding | 42 | 2332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clariant | 87 | 1400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cleveland-Cliffs (A) | 221 | 2871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corteva | 294 | 19210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Covestro (B) | 77 | 2621 |
| &nbsp;&nbsp;&nbsp;&nbsp; CRH | 343 | 12365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Croda International | 56 | 4341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Holdings | 53 | 3635 |

---

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

*88* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **Global Developed Equity Index Fund** |
|  | **October 31, 2022** |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** | | |
|  **COMMON STOCK — continued** | | |
|  | <br>**Shares** | <br>**Value** |
|  **MATERIALS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dow | 302 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14116 |
| &nbsp;&nbsp;&nbsp;&nbsp; DuPont de Nemours | 206 | 11783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eastman Chemical | 54 | 4148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ecolab | 111 | 17435 |
| &nbsp;&nbsp;&nbsp;&nbsp; EMS-Chemie Holding | 3 | 1886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evolution Mining | 734 | 977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evonik Industries | 84 | 1549 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Quantum Minerals | 235 | 4145 |
| &nbsp;&nbsp;&nbsp;&nbsp; FMC | 52 | 6183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortescue Metals Group | 678 | 6375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Franco-Nevada | 88 | 10873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freeport-McMoRan | 623 | 19743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Givaudan | 4 | 11944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Glencore | 4288 | 24563 |
| &nbsp;&nbsp;&nbsp;&nbsp; HeidelbergCement | 60 | 2766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Holcim | 249 | 11309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Holmen, Cl B | 53 | 1923 |
| &nbsp;&nbsp;&nbsp;&nbsp; ICL Group | 283 | 2556 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Flavors & Fragrances | 111 | 10835 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Paper | 149 | 5008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ivanhoe Mines, Cl A (A) | 242 | 1679 |
| &nbsp;&nbsp;&nbsp;&nbsp; James Hardie Industries | 178 | 3871 |
| &nbsp;&nbsp;&nbsp;&nbsp; JFE Holdings | 200 | 1833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson Matthey | 78 | 1730 |
| &nbsp;&nbsp;&nbsp;&nbsp; JSR | 100 | 1906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinross Gold | 506 | 1835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke DSM | 78 | 9196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Linde | 213 | 63336 |
| &nbsp;&nbsp;&nbsp;&nbsp; L'Oreal | 105 | 33008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lundin Mining | 265 | 1389 |
| &nbsp;&nbsp;&nbsp;&nbsp; LyondellBasell Industries, Cl A | 107 | 8180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Martin Marietta Materials | 25 | 8400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mineral Resources | 79 | 3695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Chemical Group | 500 | 2260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui Chemicals | 100 | 1853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mondi | 194 | 3254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mosaic | 148 | 7955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newcrest Mining | 372 | 4128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newmont | 342 | 14473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Paint Holdings | 300 | 1917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Sanso Holdings | 100 | 1595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Steel | 300 | 4121 |

---

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

*89* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **Global Developed Equity Index Fund** |
|  | **October 31, 2022** |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** | | |
|  **COMMON STOCK — continued** | | |
|  | <br>**Shares** | <br>**Value** |
|  **MATERIALS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nissan Chemical | 100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nitto Denko | 100 | 5266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norsk Hydro | 539 | 3421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Star Resources | 443 | 2477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novozymes, Cl B | 82 | 4307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nucor | 118 | 15503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nutrien | 232 | 19602 |
| &nbsp;&nbsp;&nbsp;&nbsp; OCI | 49 | 1875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oji Holdings | 300 | 1041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orica | 163 | 1447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Packaging Corp of America | 38 | 4568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pan American Silver | 84 | 1341 |
| &nbsp;&nbsp;&nbsp;&nbsp; PPG Industries | 105 | 11989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto | 647 | 34392 |
| &nbsp;&nbsp;&nbsp;&nbsp; RPM International | 52 | 4918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sandvik | 438 | 6847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sealed Air | 60 | 2857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sherwin-Williams | 106 | 23853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shin-Etsu Chemical | 200 | 20902 |
| &nbsp;&nbsp;&nbsp;&nbsp; SIG Group | 146 | 2805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sika | 62 | 13981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smurfit Kappa Group | 99 | 3280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Solvay | 30 | 2705 |
| &nbsp;&nbsp;&nbsp;&nbsp; South32 | 1872 | 4311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Steel Dynamics | 82 | 7712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stora Enso, Cl R | 233 | 3037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Chemical | 600 | 2022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Metal Mining | 100 | 2812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Svenska Cellulosa SCA, Cl B | 246 | 2903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Symrise, Cl A | 65 | 6639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teck Resources, Cl B | 189 | 5753 |
| &nbsp;&nbsp;&nbsp;&nbsp; TMX Group | 23 | 2211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toray Industries | 600 | 2923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tosoh | 100 | 1089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Umicore | 79 | 2604 |
| &nbsp;&nbsp;&nbsp;&nbsp; UPM-Kymmene | 214 | 7172 |
| &nbsp;&nbsp;&nbsp;&nbsp; voestalpine | 47 | 1021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vulcan Materials | 51 | 8349 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Fraser Timber | 22 | 1652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westlake | 19 | 1836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westrock | 107 | 3644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wheaton Precious Metals | 180 | 5889 |

---

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

*90* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **Global Developed Equity Index Fund** |
|  | **October 31, 2022** |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** | | |
|  **COMMON STOCK — continued** | | |
|  | <br>**Shares** | <br>**Value** |
|  **MATERIALS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Yara International | 66 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2946 |
|  |  | 906383 |
|  **REAL ESTATE — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities ‡ | 63 | 9154 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Homes 4 Rent, Cl A ‡ | 121 | 3865 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Tower ‡ | 195 | 40402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aroundtown | 400 | 794 |
| &nbsp;&nbsp;&nbsp;&nbsp; AvalonBay Communities ‡ | 62 | 10857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Azrieli Group | 17 | 1261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Properties ‡ | 59 | 4289 |
| &nbsp;&nbsp;&nbsp;&nbsp; British Land ‡ | 353 | 1481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Camden Property Trust ‡ | 40 | 4622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Apartment Properties REIT ‡ | 34 | 1053 |
| &nbsp;&nbsp;&nbsp;&nbsp; CapitaLand Ascendas REIT ‡ | 1300 | 2406 |
| &nbsp;&nbsp;&nbsp;&nbsp; CapitaLand Integrated Commercial Trust ‡ | 1900 | 2523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capitaland Investment | 1100 | 2339 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBRE Group, Cl A (A) | 135 | 9577 |
| &nbsp;&nbsp;&nbsp;&nbsp; City Developments | 200 | 1078 |
| &nbsp;&nbsp;&nbsp;&nbsp; CK Asset Holdings | 1000 | 5529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Covivio ‡ | 21 | 1125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Castle ‡ | 183 | 24387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa House Industry | 300 | 6077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa House REIT Investment ‡ | 1 | 2018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dexus ‡ | 431 | 2139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Digital Realty Trust ‡ | 125 | 12531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinix ‡ | 39 | 22091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity LifeStyle Properties ‡ | 70 | 4477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Residential ‡ | 161 | 10146 |
| &nbsp;&nbsp;&nbsp;&nbsp; ESR Group (B) | 800 | 1366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essex Property Trust ‡ | 26 | 5778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Extra Space Storage ‡ | 61 | 10824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fastighets Balder, Cl B (A) | 258 | 970 |
| &nbsp;&nbsp;&nbsp;&nbsp; FirstService | 16 | 2000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gaming and Leisure Properties ‡ | 109 | 5463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gecina ‡ | 18 | 1605 |
| &nbsp;&nbsp;&nbsp;&nbsp; GLP J-Reit ‡ | 2 | 2073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goodman Group ‡ | 757 | 8232 |
| &nbsp;&nbsp;&nbsp;&nbsp; GPT Group ‡ | 767 | 2114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hang Lung Properties | 1000 | 1257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthcare Realty Trust, Cl A ‡ | 160 | 3253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthpeak Properties ‡ | 216 | 5126 |

---

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

*91* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **Global Developed Equity Index Fund** |
|  | **October 31, 2022** |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** | | |
|  **COMMON STOCK — continued** | | |
|  | <br>**Shares** | <br>**Value** |
|  **REAL ESTATE (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Henderson Land Development | 1000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hongkong Land Holdings | 500 | 1865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Host Hotels & Resorts ‡ | 286 | 5400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hulic | 200 | 1453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invitation Homes ‡ | 270 | 8556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iron Mountain ‡ | 116 | 5808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Metropolitan Fund Invest ‡ | 3 | 2209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kimco Realty ‡ | 272 | 5815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Land Securities Group ‡ | 282 | 1845 |
| &nbsp;&nbsp;&nbsp;&nbsp; LEG Immobilien | 29 | 1895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lendlease | 276 | 1534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Link REIT ‡ | 1000 | 5911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mapletree Logistics Trust ‡ | 1300 | 1396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mapletree Pan Asia Commercial Trust ‡ | 900 | 1011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medical Properties Trust ‡ | 239 | 2737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-America Apartment Communities ‡ | 47 | 7400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mirvac Group ‡ | 1578 | 2089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Estate | 500 | 6298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui Fudosan | 400 | 7665 |
| &nbsp;&nbsp;&nbsp;&nbsp; New World Development | 1000 | 2046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Building Fund ‡ | 1 | 4445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Prologis REIT ‡ | 1 | 2095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Real Estate Master Fund ‡ | 2 | 2280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prologis ‡ | 392 | 43414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Storage ‡ | 65 | 20134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realty Income ‡ | 262 | 16315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regency Centers ‡ | 61 | 3691 |
| &nbsp;&nbsp;&nbsp;&nbsp; RioCan Real Estate Investment Trust ‡ | 62 | 883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sagax, Cl B | 65 | 1199 |
| &nbsp;&nbsp;&nbsp;&nbsp; SBA Communications, Cl A ‡ | 44 | 11876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scentre Group ‡ | 2078 | 3855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Segro ‡ | 485 | 4366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simon Property Group ‡ | 143 | 15584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sino Land | 2000 | 2138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stockland ‡ | 955 | 2199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Realty & Development | 200 | 4593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Communities ‡ | 55 | 7417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Hung Kai Properties | 500 | 5379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swire Properties | 400 | 768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Prime Site | 31 | 2501 |
| &nbsp;&nbsp;&nbsp;&nbsp; UDR ‡ | 151 | 6004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unibail-Rodamco-Westfield ‡,(A) | 50 | 2366 |

---

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

*92* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **Global Developed Equity Index Fund** |
|  | **October 31, 2022** |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** | | |
|  **COMMON STOCK — continued** | | |
|  | <br>**Shares** | <br>**Value** |
|  **REAL ESTATE (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; UOL Group | 200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ventas ‡ | 186 | 7278 |
| &nbsp;&nbsp;&nbsp;&nbsp; VICI Properties ‡ | 406 | 13000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vicinity ‡ | 1548 | 1926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vonovia | 340 | 7526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vornado Realty Trust ‡ | 65 | 1533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warehouses De Pauw CVA ‡ | 82 | 2105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Welltower ‡ | 187 | 11415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Weyerhaeuser ‡ | 340 | 10516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wharf Real Estate Investment | 1000 | 3943 |
| &nbsp;&nbsp;&nbsp;&nbsp; WP Carey ‡ | 74 | 5646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zillow Group, Cl C (A) | 59 | 1821 |
|  |  | 542749 |
|  **UTILITIES — 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Acciona | 8 | 1440 |
| &nbsp;&nbsp;&nbsp;&nbsp; AES | 267 | 6985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Algonquin Power & Utilities | 269 | 2978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alliant Energy | 100 | 5217 |
| &nbsp;&nbsp;&nbsp;&nbsp; AltaGas | 112 | 2020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameren | 103 | 8397 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Electric Power | 222 | 19518 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Water Works | 83 | 12063 |
| &nbsp;&nbsp;&nbsp;&nbsp; APA Group | 473 | 3180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atmos Energy | 66 | 7032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookfield Renewable, Cl A | 52 | 1616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Utilities, Cl A | 51 | 1357 |
| &nbsp;&nbsp;&nbsp;&nbsp; CenterPoint Energy | 285 | 8154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chubu Electric Power | 300 | 2443 |
| &nbsp;&nbsp;&nbsp;&nbsp; CK Infrastructure Holdings | 500 | 2376 |
| &nbsp;&nbsp;&nbsp;&nbsp; CLP Holdings | 500 | 3357 |
| &nbsp;&nbsp;&nbsp;&nbsp; CMS Energy | 116 | 6618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Edison | 157 | 13810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Energy | 143 | 13519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy | 350 | 24489 |
| &nbsp;&nbsp;&nbsp;&nbsp; DTE Energy | 78 | 8745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy | 327 | 30470 |
| &nbsp;&nbsp;&nbsp;&nbsp; E.ON | 1009 | 8452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edison International | 174 | 10447 |
| &nbsp;&nbsp;&nbsp;&nbsp; EDP - Energias de Portugal | 1108 | 4845 |
| &nbsp;&nbsp;&nbsp;&nbsp; EDP Renovaveis | 115 | 2422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electricite de France | 228 | 2693 |

---

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

*93* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **Global Developed Equity Index Fund** |
|  | **October 31, 2022** |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** | | |
|  **COMMON STOCK — continued** | | |
|  | <br>**Shares** | <br>**Value** |
|  **UTILITIES (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Elia Group | 12 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emera | 103 | 3817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enagas | 100 | 1623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Endesa | 127 | 2119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enel | 3525 | 15742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Engie | 825 | 10725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entergy | 94 | 10071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essential Utilities | 94 | 4157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evergy | 92 | 5624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eversource Energy | 142 | 10832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exelon | 430 | 16594 |
| &nbsp;&nbsp;&nbsp;&nbsp; FirstEnergy | 218 | 8221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortis | 194 | 7569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortum | 178 | 2506 |
| &nbsp;&nbsp;&nbsp;&nbsp; HK Electric Investments & HK Electric Investments | 1000 | 636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong & China Gas | 5000 | 3860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iberdrola | 2607 | 26472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kansai Electric Power | 300 | 2274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercury NZ | 280 | 947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meridian Energy | 513 | 1456 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Grid | 1551 | 16869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Naturgy Energy Group | 78 | 2001 |
| &nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy | 828 | 64170 |
| &nbsp;&nbsp;&nbsp;&nbsp; NiSource | 157 | 4033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northland Power | 90 | 2619 |
| &nbsp;&nbsp;&nbsp;&nbsp; NRG Energy | 98 | 4351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Origin Energy | 706 | 2515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orsted (B) | 76 | 6268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Osaka Gas | 200 | 2962 |
| &nbsp;&nbsp;&nbsp;&nbsp; PG&E (A) | 596 | 8898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Power Assets Holdings | 500 | 2392 |
| &nbsp;&nbsp;&nbsp;&nbsp; PPL | 309 | 8185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Service Enterprise Group | 203 | 11382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Red Electrica | 174 | 2811 |
| &nbsp;&nbsp;&nbsp;&nbsp; RWE | 292 | 11251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sempra Energy | 130 | 19622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Severn Trent | 101 | 2899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snam | 811 | 3608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern | 454 | 29728 |
| &nbsp;&nbsp;&nbsp;&nbsp; SSE | 503 | 8976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Terna - Rete Elettrica Nazionale | 566 | 3752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Electric Power Holdings (A) | 600 | 1957 |

---

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

*94* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **Global Developed Equity Index Fund** |
|  | **October 31, 2022** |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** | | |
|  **COMMON STOCK — continued** | | |
|  | <br>**Shares** | <br>**Value** |
|  **UTILITIES (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Gas | 200 | $3574 |
| &nbsp;&nbsp;&nbsp;&nbsp; UGI | 84 | 2968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniper | 37 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Utilities Group | 274 | 2952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veolia Environnement | 263 | 5871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verbund | 27 | 2115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vistra | 174 | 3997 |
| &nbsp;&nbsp;&nbsp;&nbsp; WEC Energy Group | 140 | 12786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xcel Energy | 243 | 15822 |
|  |  | 622850 |
|  TOTAL COMMON STOCK<br>(Cost $25,086,737) |  | 20705928 |
|  **PREFERRED STOCK — 0.1%** |  |  |
|  **COMMUNICATION SERVICES — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AMC Entertainment Holdings, 0.000% (A) (C) | 206 | 422 |
|  **CONSUMER DISCRETIONARY — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayerische Motoren Werke, 0.000% (C) | 23 | 1698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dr Ing hc F Porsche, 0.000% (A) (C) | 50 | 5114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Porsche Automobil Holding, 0.000% (C) | 61 | 3412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volkswagen, 0.000% (C) | 76 | 9715 |
|  |  | 19939 |
|  **CONSUMER STAPLES — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Henkel & KGaA, 0.000% (C) | 72 | 4538 |
|  **HEALTH CARE — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sartorius, 0.000% (C) | 11 | 3882 |
|  TOTAL PREFERRED STOCK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $41,404) |  | 28781 |
|  TOTAL INVESTMENTS— 99.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $25,128,141) |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20734709 |

---

*Percentages are based on Net Assets of $20,945,102.* 

*‡* *Real Estate Investment Trust.* 

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

*95* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **Global Developed Equity Index Fund** |
|  | **October 31, 2022** |

---

------

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

*(B)* *Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On October 31, 2022, the value of these securities amounted to $80,379, representing 0.4% of the Net Assets of the Fund.* 

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

---

| |
|:---|
| *ADR — American Depositary Receipt* |
| *Cl — Class* |
| *EAFE — Europe, Australasia and Far East* |
| *MSCI — Morgan Stanley Capital International* |
| *REIT — Real Estate Investment Trust* |
| *S&P — Standard and Poor's* |

---

The open futures contracts held by the Fund at October 31, 2022, are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of Contract** | **Number** <br> **of**  | **Expiration**<br> **Date** | **Notional**<br> **Amount** | **Value** | **Unrealized**<br> **Appreciation/** <br> **(Depreciation)**  |
|  Long Contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Micro E-Mini S&P 500 Index | 7 | Dec-2022 | $133975 | $135905 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSCI EAFE Index | 1 | Dec-2022 | 93939 | 87795 | (6144) |
|  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227914 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223700 | $(4214) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total |
|  Common Stock | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20705928 | $– | $– | $20705928 |
|  Preferred Stock | 28781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | 28781 |
|  Total Investments in Securities | $20734709 | $– | $– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20734709 |
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized Appreciation | $1930 | $– | $– | $1930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized Depreciation | (6144) |  |  | (6144) |
|  Total Other Financial Instruments | $(4214) | $– | $– | $(4214) |

---

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

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

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

*96* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **October 31, 2022** |

---

------

 **STATEMENTS OF ASSETS AND LIABILITIES**<br>

---

| | | |
|:---|:---|:---|
|  | **LGIM**<br>**America**<br>**Long**<br>**Duration**<br>**U.S. Credit**<br>**Fund** |<br><br>**LGIM**<br>**America U.S.**<br>**Credit Fund** |
|  **Assets:** |  |  |
|  Investments, at Value (Cost $31,462,265 and $22,685,037) | $24643918 | $18799990 |
|  Cash and Cash Equivalents | 6495909 | 355056 |
|  Receivable for Investment Securities Sold | 4509876 | 88973 |
|  Dividends and Interest Receivable | 367586 | 184761 |
|  Prepaid Expenses | 4618 | 2733 |
|  Receivable for Capital Shares Sold | 1492 |  |
|  Receivable from Investment Adviser |  | 17886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | 36023399 | 19449399 |
|  **Liabilities:** |  |  |
|  Payable for Investment Securities Purchased | 10754526 | 196143 |
|  Payable on Interest Purchased | 119398 | 1002 |
|  Payable for Audit Expenses | 27500 | 25000 |
|  Investment Advisory Fees Payable - Note 6 | 12543 |  |
|  Payable due to Administrator | 8493 | 8493 |
|  Chief Compliance Officer Fees Payable | 2238 | 2237 |
|  Payable due to Trustees | 1759 | 1754 |
|  Pricing Expense Payable |  | 10585 |
|  Other Accrued Expenses | 33004 | 20635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | 10959461 | 265849 |
|  **Net Assets** | $25063938 | $19183550 |
|  **NET ASSETS CONSIST OF:** |  |  |
|  Paid-in Capital | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33203130 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24062390 |
|  Total Accumulated Losses | (8139192) | (4878840) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Assets** | $25063938 | $19183550 |
|  **Institutional Shares** |  |  |
|  Net Assets | N/A | $19183550 |
|  Outstanding Shares of Beneficial Interest (unlimited authorization — no par value) | N/A | 2412850 |
|  Net Asset Value, Offering and Redemption Price Per Share | N/A | $7.95 |
|  **W Shares** |  |  |
|  Net Assets | $25063938 | N/A |
|  Outstanding Shares of Beneficial Interest (unlimited authorization — no par value) | 3605737 | N/A |
|  Net Asset Value, Offering and Redemption Price Per Share | $6.95 | N/A |
|  Amounts designated as "—" are $0 or round to $0. |  |  |
|  N/A – Not applicable |  |  |

---

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

*97* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **October 31, 2022** |

---

------

 **STATEMENTS OF ASSETS AND LIABILITIES**<br>

---

| | | |
|:---|:---|:---|
|  | **LGIM**<br>**America**<br>**Retirement**<br>**Income 2040**<br>**Fund** | **LGIM**<br>**America**<br>**Cash Flow**<br>**Matched**<br>**Bond Fund** |
|  **Assets:** |  |  |
|  Investments, at Value (Cost $— and $24,834,417) | $— | $23150407 |
|  Affiliated Investments, at Value (Cost $142,802 and $—) | 126026 |  |
|  Cash and Cash Equivalents |  | 413528 |
|  Receivable from Investment Adviser | 21870 | 23904 |
|  Prepaid Expenses | 4535 | 2883 |
|  Receivable for Investment Securities Sold | 2434 |  |
|  Receivable for Capital Shares Sold |  | 736 |
|  Dividends and Interest Receivable |  | 154108 |
|  Initial Margin for Futures Contracts |  | 6381 |
|  Variation Margin Receivable |  | 1719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | 154865 | 23753666 |
|  **Liabilities:** |  |  |
|  Payable for Audit Expenses | 20000 | 25000 |
|  Payable due to Administrator | 6370 | 8493 |
|  Transfer Agent Fees Payable | 3835 |  |
|  Payable for Investment Securities Purchased | 2228 | 368034 |
|  Payable due to Custodian | 129 |  |
|  Chief Compliance Officer Fees Payable | 56 | 2697 |
|  Payable due to Trustees | 7 | 2119 |
|  Payable on Interest Purchased |  | 1384 |
|  Other Accrued Expenses | 44286 | 25876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | 76911 | 433603 |
|  **Net Assets** | $77954 | $23320063 |
|  **NET ASSETS CONSIST OF:** |  |  |
|  Paid-in Capital | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102091 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25235539 |
|  Total Accumulated Losses | (24137) | (1915476) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Assets** | $77954 | $23320063 |
|  **Institutional Shares** |  |  |
|  Net Assets | N/A | $23320063 |
|  Outstanding Shares of Beneficial Interest (unlimited authorization — no par value) | N/A | 2525040 |
|  Net Asset Value, Offering and Redemption Price Per Share | N/A | $9.24 |
|  **W Shares** |  |  |
|  Net Assets | $77954 | N/A |
|  Outstanding Shares of Beneficial Interest (unlimited authorization — no par value) | 10249 | N/A |
|  Net Asset Value, Offering and Redemption Price Per Share | $7.61 | N/A |
|  Amounts designated as "—" are $0 or round to $0. |  |  |
|  N/A – Not applicable |  |  |

---

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

*98* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **October 31, 2022** |

---

------

 **STATEMENT OF ASSETS AND LIABILITIES**<br>

---

| | |
|:---|:---|
|  | **LGIM**<br>**America**<br>**Global**<br>**Developed**<br>**Equity Index**<br>**Fund** |
|  **Assets:** |  |
|  Investments, at Value (Cost $25,128,141) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20734709 |
|  Cash and Cash Equivalents | 140380 |
|  Foreign Currency, at Value (Cost $60,717) | 59241 |
|  Receivable from Investment Adviser | 49663 |
|  Dividends and Interest Receivable | 24906 |
|  Cash Collateral on Futures Contracts | 11535 |
|  Reclaims Receivable | 10124 |
|  Prepaid Expenses | 2832 |
|  Receivable for Investment Securities Sold | 1462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | 21034852 |
|  **Liabilities:** |  |
|  Payable for Audit Expenses | 25000 |
|  Payable due to Custodian | 18771 |
|  Payable due to Administrator | 8493 |
|  Payable for Capital Shares Redeemed | 2306 |
|  Chief Compliance Officer Fees Payable | 2250 |
|  Payable due to Trustees | 1769 |
|  Variation Margin Payable | 926 |
|  Other Accrued Expenses | 30235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | 89750  |
|  **Net Assets** | $20945102 |
|  **NET ASSETS CONSIST OF:** |  |
|  Paid-in Capital | $25465776 |
|  Total Accumulated Losses | (4520674) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Assets** | $20945102 |
|  **Institutional Shares** |  |
|  Net Assets | $20945102 |
|  Outstanding Shares of Beneficial Interest (unlimited authorization — no par value) | 2551518 |
|  Net Asset Value, Offering and Redemption Price Per Share | $8.21 |

---

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

*99* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **For the Year/Period Ended** |
|  | **October 31, 2022** |

---

------

 **STATEMENTS OF OPERATIONS**<br>

---

| | | |
|:---|:---|:---|
|  | **LGIM**<br>**America Long**<br>**Duration U.S.**<br>**Credit Fund** |<br>**LGIM America**<br>**U.S. Credit**<br>**Fund\*** |
|  **Investment Income** |  |  |
|  Interest | $822348 | $512575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | 822348 | 512575 |
|  **Expenses** |  |  |
|  Administration Fees - (Note 4) | 99999 | 86301 |
|  Investment Advisory Fees - (Note 5) | 50455 | 42000 |
|  Trustees' Fees | 10438 | 10284 |
|  Chief Compliance Officer Fees - (Note 3) | 2010 | 3339 |
|  Transfer Agent Fees - (Note 4) | 38861 | 33273 |
|  Pricing Fees | 36261 | 17672 |
|  Deferred Offering Costs | 31457 | 24519 |
|  Audit Fees | 24500 | 25000 |
|  Legal Fees | 17316 | 22566 |
|  Registration Fees | 9728 | 5234 |
|  Printing Fees | 9427 | 14535 |
|  Custodian Fees - (Note 4) | 2818 | 11069 |
|  Insurance and Other Expenses | 7813 | 16427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | 341083 | 312219 |
|  **Less:** |  |  |
|  Investment Advisory Fees Waived | (50455) | (42000) |
|  Reimbursement of Expense from Investment Adviser | (224812) | (215424) |
|  Fees Paid Indirectly – (Note 5) | (16) | (16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Expenses** | 65800 | 54779 |
|  **Net Investment Income** | 756548 | 457796 |
|  **Net Realized Gain (Loss) on:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (1308870) | (996826) |
|  **Net Realized Loss** | (1308870) | (996826) |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (7408802) | (3885047) |
|  **Net Change in Unrealized Depreciation** | (7408802) | (3885047) |
|  **Net Realized and Unrealized Loss on Investments** | (8717672) | (4881873) |
|  **Net Decrease in Net Assets Resulting from Operations** | $(7961124) | $(4424077) |
|  \*Commenced operations on December 20, 2021. |  |  |

---

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

*100* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **For the Period Ended** |
|  | **October 31, 2022** |

---

------

 **STATEMENTS OF OPERATIONS**<br>

---

| | | |
|:---|:---|:---|
|  | **LGIM America**<br>**Retirement**<br>**Income 2040**<br>**Fund <sup>(1)</sup>** | **LGIM America**<br>**Cash Flow**<br>**Matched**<br>**Bond Fund <sup>(2)</sup>** |
|  **Investment Income** |  |  |
|  Dividends from affiliated investments | $2099 | $— |
|  Interest |  | 309422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | 2099 | 309422 |
|  **Expenses** |  |  |
|  Administration Fees - (Note 4) | 64315 | 86301 |
|  Chief Compliance Officer Fees - (Note 3) | 1127 | 3804 |
|  Trustees' Fees | 43 | 11674 |
|  Investment Advisory Fees - (Note 5) |  | 26976 |
|  Deferred Offering Costs | 24519 | 24520 |
|  Audit Fees | 20000 | 25000 |
|  Transfer Agent Fees - (Note 4) | 18466 | 35096 |
|  Registration Fees | 5415 | 5436 |
|  Pricing Fees | 826 | 13788 |
|  Printing Fees | 563 | 16736 |
|  Custodian Fees - (Note 4) | 216 | 1223 |
|  Legal Fees | 93 | 25421 |
|  Insurance and Other Expenses | 2529 | 18375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | 138112 | 294350 |
|  **Less:** |  |  |
|  Investment Advisory Fees Waived |  | (26976) |
|  Reimbursement of Expense from Investment Adviser | (138119) | (225855) |
|  Fees Paid Indirectly – (Note 5) | (6) | (16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Expenses** | (13) | 41503 |
|  **Net Investment Income** | 2112 | 267919 |
|  **Net Realized Gain (Loss) on:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments |  | (135639) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Investments | (7457) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  | (70051) |
|  **Net Realized Loss** | (7457) | (205690) |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments |  | (1684010) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Investments | (16776) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  | (28224) |
|  **Net Change in Unrealized Depreciation** | (16776) | (1712234) |
|  **Net Realized and Unrealized Loss on Investments** | (24233) | (1917924) |
|  **Net Decrease in Net Assets Resulting from Operations** | $(22121) | $(1650005) |
| (1) Commenced operations on December 22, 2021. |  |  |
| (2) Commenced operations on December 20, 2021. |  |  |

---

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

*101* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **For the Period Ended** |
|  | **October 31, 2022** |

---

------

 **STATEMENT OF OPERATIONS**<br>

---

| | |
|:---|:---|
|  | **LGIM America**<br>**Global**<br>**Developed**<br>**Equity Index**<br>**Fund\*** |
|  **Investment Income** |  |
|  Dividends | $424660 |
|  Interest | 1699 |
|  Less: Foreign Taxes Withheld | (22844) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | 403515 |
|  **Expenses** |  |
|  Administration Fees - (Note 4) | 86301 |
|  Investment Advisory Fees - (Note 5) | 11748 |
|  Trustees' Fees | 11065 |
|  Chief Compliance Officer Fees - (Note 3) | 3356 |
|  Custodian Fees - (Note 4) | 53095 |
|  Pricing Fees | 37723 |
|  Transfer Agent Fees - (Note 4) | 34257 |
|  Audit Fees | 25000 |
|  Deferred Offering Costs | 24520 |
|  Legal Fees | 24203 |
|  Printing Fees | 22448 |
|  Registration Fees | 5441 |
|  Insurance and Other Expenses | 17696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | 356853 |
|  **Less:** |  |
|  Investment Advisory Fees Waived | (11748) |
|  Reimbursement of Expense from Investment Adviser | (327462) |
|  Fees Paid Indirectly – (Note 5) | (24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Expenses** | 17619 |
|  **Net Investment Income** | 385896 |
|  **Net Realized Gain (Loss) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (82617) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | (38972) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Transactions | (7542) |
|  **Net Realized Loss** | (129131) |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (4393432) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | (4214) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Translation | (2510) |
|  **Net Change in Unrealized Depreciation** | (4400156) |
|  **Net Realized and Unrealized Loss on Investments** | (4529287) |
|  **Net Decrease in Net Assets Resulting from Operations** | $(4143391) |
|  \*Commenced operations on December 20, 2021. |  |

---

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

*102* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |

---

------

 **STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | LGIM America Long Duration U.S. Credit | LGIM America Long Duration U.S. Credit |
|  | Fund | Fund |
|  | Year Ended October<br>31, 2022 | Period Ended October<br>31, 2021<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | $756548 | $231768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) on Investments | (1308870) | 132833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) on Investments | (7408802) | 590455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations** | (7961124) | 955056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; W Shares | (904323) | (228801) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Distributions** | (904323) | (228801) |
|  **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **W Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 12079626 | 20000099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Dividends | 904322 | 228801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (9718) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase from W Shares Capital Share Transactions** | 12974230 | 20228900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets from Capital Share Transactions** | 12974230 | 20228900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Increase in Net Assets** | 4108783 | 20955155 |
|  **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of Year/Period | 20955155 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of Year/Period | $25063938 | $20955155 |
|  **Shares Issued and Redeemed:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **W Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 1479490 | 2000010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Dividends | 105273 | 22033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (1069) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase in Shares Outstanding from W Share Transactions** | 1583694 | 2022043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Shares Outstanding from Share Transactions** | 1583694 | 2022043 |

---

(1) Commenced operations on May 27, 2021.

*Amounts designated as "—" are $0 or round to $0.* 

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

*103* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |

---

------

 **STATEMENT OF CHANGES IN NET ASSETS**<br>

---

| | |
|:---|:---|
|  | LGIM America U.S.<br>Credit Fund |
|  | Period Ended October<br>31, 2022<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Operations:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | $457796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized Loss on Investments | (996826) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Depreciation on Investments | (3885047) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting from Operations** | (4424077) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Distributions** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (454763) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Distributions** | (454763) |
|  **Capital Share Transactions:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Institutional Shares:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 23624402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Dividends | 454763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (16775) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase from Institutional Shares Capital Share Transactions** | 24062390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets from Capital Share Transactions** | 24062390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Increase in Net Assets** | 19183550 |
|  **Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of Period |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of Period | $19183550 |
|  **Shares Issued and Redeemed:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Institutional Shares:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 2362619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Dividends | 52139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (1908) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase in Shares Outstanding from Institutional Share Transactions** | 2412850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Shares Outstanding from Share Transactions** | 2412850 |

---

(1) Commenced operations on December 20, 2021.

*Amounts designated as "—" are $0 or round to $0.* 

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

*104* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |

---

------

 **STATEMENT OF CHANGES IN NET ASSETS**<br>

---

| | |
|:---|:---|
|  | LGIM America<br>Retirement Income<br>2040 Fund |
|  | Period Ended October<br>31, 2022<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Operations:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | $2112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized Loss on Investments | (7457) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Depreciation on Investments | (16776) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting from Operations** | (22121) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Distributions** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; W Shares | (2016) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Distributions** | (2016) |
|  **Capital Share Transactions:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **W Shares:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 100100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Dividends | 1991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase from W Shares Capital Share Transactions** | 102091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets from Capital Share Transactions** | 102091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Increase in Net Assets** | 77954 |
|  **Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of Period |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of Period | $77954 |
|  **Shares Issued and Redeemed:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **W Shares:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 10010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Dividends | 239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase in Shares Outstanding from W Share Transactions** | 10249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Shares Outstanding from Share Transactions** | 10249 |

---

(1) Commenced operations on December 22, 2021.

*Amounts designated as "—" are $0 or round to $0.* 

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

*105* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |

---

------

 **STATEMENT OF CHANGES IN NET ASSETS**<br>

---

| | |
|:---|:---|
|  | LGIM America Cash<br>Flow Matched Bond<br>Fund |
|  | Period Ended October<br>31, 2022<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Operations:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | $267919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized Loss on Investments | (205690) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Depreciation on Investments | (1712234) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting from Operations** | (1650005) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Distributions** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (265471) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Distributions** | (265471) |
|  **Capital Share Transactions:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Institutional Shares:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 24979415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Dividends | 265471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (9347) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase from Institutional Shares Capital Share Transactions** | 25235539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets from Capital Share Transactions** | 25235539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Increase in Net Assets** | 23320063 |
|  **Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of Period |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of Period | $23320063 |
|  **Shares Issued and Redeemed:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Institutional Shares:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 2498128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Dividends | 27876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (964) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase in Shares Outstanding from Institutional Share Transactions** | 2525040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Shares Outstanding from Share Transactions** | 2525040 |

---

(1) Commenced operations on December 20, 2021.

*Amounts designated as "—" are $0 or round to $0.* 

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

*106* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |

---

------

 **STATEMENT OF CHANGES IN NET ASSETS**<br>

---

| | |
|:---|:---|
|  | LGIM America Global<br>Developed Equity<br>Index Fund |
|  | Period Ended October<br>31, 2022<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Operations:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | $385896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized Loss on Investments | (129131) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Depreciation on Investments | (4400156) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting from Operations** | (4143391) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Distributions** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (377283) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Distributions** | (377283) |
|  **Capital Share Transactions:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Institutional Shares:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 25129798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Dividends | 377283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (41305) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase from Institutional Shares Capital Share Transactions** | 25465776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets from Capital Share Transactions** | 25465776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Increase in Net Assets** | 20945102 |
|  **Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of Period |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of Period | $20945102 |
|  **Shares Issued and Redeemed:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Institutional Shares:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 2513481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Dividends | 42429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (4392) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase in Shares Outstanding from Institutional Share Transactions** | 2551518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Shares Outstanding from Share Transactions** | 2551518 |

---

(1) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commenced operations on December 20, 2021.

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

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

*107* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **Long Duration U.S. Credit Fund** |

---

------

 **FINANCIAL HIGHLIGHTS**<br>

---

| | | |
|:---|:---|:---|
|  | **W Shares** | **W Shares** |
|  | Year<br>Ended<br>October 31,<br>2022 | Period Ended<br>October 31,<br>2021<sup>(1)</sup> |
|  Net Asset Value, Beginning of Year/Period | $10.36 | $10.00 |
|  Income from Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income<sup>(2)</sup>  | 0.30 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) on Investments | (3.35) | 0.35 |
|  Total from Operations | (3.05) | 0.47 |
|  Dividends and Distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.29) | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gains | (0.07) |  |
|  Total Dividends and Distributions | (0.36) | (0.11) |
|  Net Asset Value, End of Year/Period | $6.95 | $10.36 |
|  **Total Return †** | (30.05)% | 4.74% |
|  **Ratios and Supplemental Data** |  |  |
|  Net Assets, End of Year/Period (Thousands) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25064 | $20955 |
|  Ratio of Expenses to Average Net Assets (including waivers, reimbursements, excluding fees paid indirectly) | 0.30% | 0.30%\*\* |
|  Ratio of Expenses to Average Net Assets (including waivers, reimbursements and fees paid indirectly) | 1.55% | 2.47%\*\* |
|  Ratio of Net Investment Income to Average Net Assets | 3.45% | 2.61%\*\* |
|  Portfolio Turnover Rate† | 132% | 42% |

---

*\*\** *Annualized.* 

*†* *Total return and portfolio turnover rate are for the period indicated and have not been annualized. Return shown does not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total return would have been lower had the Adviser not waived its fee and/or reimbursed other expenses.* 

*(1)* *Commenced operations on May 27, 2021.* 

*(2)* *Per share calculations were performed using average shares method.* 

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

*108* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **U.S. Credit Fund** |

---

------

 **FINANCIAL HIGHLIGHTS**<br>

---

| | |
|:---|:---|
|  | **Institutional<br>Shares** |
|  | Period Ended<br>October 31,<br>2022<sup>(1)</sup> |
|  Net Asset Value, Beginning of Period | $10.00 |
|  Income from Operations: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income<sup>(2)</sup>  | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized (Loss) on Investments | (2.05) |
|  Total from Operations | (1.86) |
|  Dividends and Distributions from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.19) |
|  Total Dividends and Distributions | (0.19) |
|  Net Asset Value, End of Period | $7.95 |
|  **Total Return †** | (18.74)% |
|  **Ratios and Supplemental Data** |  |
|  Net Assets, End of Period (Thousands) | $19184 |
|  Ratio of Expenses to Average Net Assets (including waivers, reimbursements, excluding fees paid indirectly) | 0.30%\*\* |
|  Ratio of Expenses to Average Net Assets (including waivers, reimbursements and fees paid indirectly) | 1.71%\*\* |
|  Ratio of Net Investment Income to Average Net Assets | 2.50%\*\* |
|  Portfolio Turnover Rate† | 104% |

---

*\*\** *Annualized.* 

*†* *Total return and portfolio turnover rate are for the period indicated and have not been annualized. Return shown does not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total return would have been lower had the Adviser not waived its fee and/or reimbursed other expenses.* 

*(1)* *Commenced operations on December 20, 2021.* 

*(2)* *Per share calculations were performed using average shares method.* 

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

*109* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **Retirement Income 2040 Fund** |

---

------

 **FINANCIAL HIGHLIGHTS**<br>

---

| | |
|:---|:---|
|  | **W Shares** |
|  | Period Ended<br>October 31,<br>2022<sup>(1)</sup> |
|  Net Asset Value, Beginning of Period | $10.00 |
|  Income from Operations: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income<sup>(2)</sup>  | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized (Loss) on Investments | (2.40) |
|  Total from Operations | (2.19) |
|  Dividends and Distributions from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.20) |
|  Total Dividends and Distributions | (0.20) |
|  Net Asset Value, End of Period | $7.61 |
|  **Total Return †** | (22.08)% |
|  **Ratios and Supplemental Data** |  |
|  Net Assets, End of Period (Thousands) | $78 |
|  Ratio of Expenses to Average Net Assets (including waivers, reimbursements, excluding fees paid indirectly) | 0.00%\*\* |
|  Ratio of Expenses to Average Net Assets (including waivers, reimbursements and fees paid indirectly) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184.24%\*\* |
|  Ratio of Net Investment Income to Average Net Assets | 2.82%\*\* |
|  Portfolio Turnover Rate† | 68% |

---

*\*\** *Annualized.* 

*†* *Total return and portfolio turnover rate are for the period indicated and have not been annualized. Return shown does not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total return would have been lower had the Adviser not waived its fee and/or reimbursed other expenses.* 

*(1)* *Commenced operations on December 22, 2021.* 

*(2)* *Per share calculations were performed using average shares method.* 

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

*110* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **Cash Flow Matched Bond Fund** |

---

------

 **FINANCIAL HIGHLIGHTS**<br>

---

| | |
|:---|:---|
|  | **Institutional<br>Shares** |
|  | Period Ended<br>October 31,<br>2022<sup>(1)</sup> |
|  Net Asset Value, Beginning of Period | $10.00 |
|  Income from Operations: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income<sup>(2)</sup>  | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized (Loss) on Investments | (0.76) |
|  Total from Operations | (0.65) |
|  Dividends and Distributions from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.11) |
|  Total Dividends and Distributions | (0.11) |
|  Net Asset Value, End of Period | $9.24 |
|  **Total Return †** | (6.57)% |
|  **Ratios and Supplemental Data** |  |
|  Net Assets, End of Period (Thousands) | $23320 |
|  Ratio of Expenses to Average Net Assets (including waivers, reimbursements, excluding fees paid indirectly) | 0.20%\*\* |
|  Ratio of Expenses to Average Net Assets (including waivers, reimbursements and fees paid indirectly) | 1.42%\*\* |
|  Ratio of Net Investment Income to Average Net Assets | 1.29%\*\* |
|  Portfolio Turnover Rate† | 24% |

---

*\*\** *Annualized.* 

*†* *Total return and portfolio turnover rate are for the period indicated and have not been annualized. Return shown does not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total return would have been lower had the Adviser not waived its fee and/or reimbursed other expenses.* 

*(1)* *Commenced operations on December 20, 2021.* 

*(2)* *Per share calculations were performed using average shares method.* 

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

*111* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **Global Developed Equity Index Fund** |

---

------

 **FINANCIAL HIGHLIGHTS**<br>

---

| | |
|:---|:---|
|  | **Institutional<br>Shares** |
|  | Period Ended<br>October 31,<br>2022<sup>(1)</sup> |
|  Net Asset Value, Beginning of Period | $10.00 |
|  Income from Operations: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income<sup>(2)</sup>  | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized (Loss) on Investments | (1.79) |
|  Total from Operations | (1.64) |
|  Dividends and Distributions from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.15) |
|  Total Dividends and Distributions | (0.15) |
|  Net Asset Value, End of Period | $8.21 |
|  **Total Return †** | (16.51)% |
|  **Ratios and Supplemental Data** |  |
|  Net Assets, End of Period (Thousands) | $20945 |
|  Ratio of Expenses to Average Net Assets (including waivers, reimbursements, excluding fees paid indirectly) | 0.09%\*\* |
|  Ratio of Expenses to Average Net Assets (including waivers, reimbursements and fees paid indirectly) | 1.82%\*\* |
|  Ratio of Net Investment Income to Average Net Assets | 1.97%\*\* |
|  Portfolio Turnover Rate† | 3% |

---

*\*\** *Annualized.* 

*†* *Total return and portfolio turnover rate are for the period indicated and have not been annualized. Return shown does not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total return would have been lower had the Adviser not waived its fee and/or reimbursed other expenses.* 

*(1)* *Commenced operations on December 20, 2021.* 

*(2)* *Per share calculations were performed using average shares method.* 

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

*112* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **October 31, 2022** |

---

------

 **NOTES TO FINANCIAL STATEMENTS**<br>

**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 LGIM America Long Duration U.S. Credit Fund, LGIM America U.S. Credit Fund, LGIM America Retirement Income 2040 Fund, LGIM America Cash Flow Matched Bond Fund and LGIM America Global Developed Equity Index Fund (the "Funds"). The LGIM America Long Duration U.S. Credit Fund seeks to maximize total return through capital appreciation and current income. The LGIM America U.S. Credit Fund seeks to maximize total return through capital appreciation and current income. The Fund primarily invests in investment-grade fixed income securities with an average portfolio duration that is within 10% of the Fund's benchmark. The LGIM America General Retirement Income 2040 Fund seeks to provide current income during the early and middle-years of retirement while ensuring capital is not exhausted prior to the Fund's terminal date. The LGIM America Cash Flow Matched Bond Fund seeks current income. The LGIM America Global Developed Equity Index Fund seeks to provide investment results that, before fees and expenses, track the performance of the MSCI World Index. The financial statements of the remaining portfolios of the Trust are presented separately. The assets of each portfolio are segregated, and a shareholder's interest is limited to the portfolio in which shares are held.

The LGIM America Long Duration U.S. Credit Fund commenced operations on May 27, 2021.

The LGIM America U.S. Credit Fund commenced operations on December 20, 2021.

The LGIM America Retirement Income 2040 Fund commenced operations on December 22, 2021.

The LGIM America Cash Flow Matched Bond Fund commenced operations on December 20, 2021.

The LGIM America Global Developed Equity Index Fund commenced operations on December 20, 2021.

**2.** **Significant Accounting Policies:** 

The following is a summary of the significant accounting policies, which are consistently followed in the preparation of the 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 amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of increases and decreases in net assets from operations

*113* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **October 31, 2022** |

---

------

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 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 Trust's 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.

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.

Effective September 8, 2022, and pursuant to the requirements of Rule 2a-5, the Trust's Board of Trustees designated the Legal & General Investment Management America, Inc., (the "Adviser") as the Board's valuation designee to perform fair-value determinations for the Funds through a Fair Value 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 of Trustees and were implemented through a Fair Value Committee designated by the Board.

*114* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **October 31, 2022** |

---

------

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; the security has not been traded for an extended period of time; the security's primary pricing source is not able or willing to provide a price; or trading of the security is subject to local government imposed restrictions. 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. As of October 31, 2022, there were no fair valued securities.

Futures contracts that are traded on an exchange are valued at their last reported sales price as of the valuation date.

In accordance with U.S. GAAP, the Funds disclose 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 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 (including 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; and

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

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

*Deferred Offering Costs —* Offering costs, including costs of printing initial prospectus, legal and registration fees, are amortized over twelve-months from inception of the Funds. During the period ended October 31, 2022, the Funds incurred and paid in full offering costs.

*Federal Income Taxes —* It is the Funds' 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.

*115* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **October 31, 2022** |

---

------

Accordingly, no provision for Federal income taxes has been made in the financial statements.

The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds' tax returns to determine whether it is "more-likely-than-not" (i.e., greater than 50-percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current period. 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., all open tax year ends, since inception), on-going analysis of and changes to tax laws, regulations and interpretations thereof.

As of and during the period ended, 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 Statement of Operations. During the period ended October 31, 2022, the Funds did not incur any interest or penalties.

*Security Transactions and Investment Income —* Security transactions are accounted for on trade date. Costs used in determining realized gains and losses on the sale of investment securities are based on the specific identification method. Dividend income is recorded on the ex-dividend date. Dividend income is recorded net of unrecoverable withholding tax. Interest income and expense is recorded on an accrual basis. Interest income is recognized on the accrual basis from settlement date and includes the amortization of premiums and the accretion of discount. 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 and unrealized gains and losses on investments on the Statement 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 of the amounts actually received or paid.

*Expenses —* Expenses that are directly related to the Fund are charged to the Fund. Other operating expenses of the Trust are prorated to the funds based on the number of funds and/or relative net assets.

*Classes —* Class specific expenses are borne by that class of shares. Income, realized and unrealized gains (losses), and non-class specific expenses are allocated to the respective class on the basis of relative daily net assets.

*116* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **October 31, 2022** |

---

------

*Dividends and Distributions to Shareholders —* The Funds will distribute their net investment income quarterly. Distributions from net realized capital gains, if any, are declared and paid annually. All distributions are recorded on ex-dividend date. 

*Cash —* Idle cash may be swept into various money market sweep accounts and is classified as cash equivalents on the Statement 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. 

*Futures Contracts —* The LGIM America Cash Flow Matched Bond Fund and the LGIM America Global Developed Equity Index Fund utilized futures contracts during the period ended October 31, 2022. To the extent consistent with its investment objective and strategies, the Funds may use futures contracts for tactical hedging purposes as well as to enhance the Funds' returns. Initial margin deposits of cash or securities are made upon entering into futures contracts. The futures contracts are valued at the settlement price established each day by the exchange on which they are traded. The futures contracts are marked to market daily and the resulting changes in value are accounted for as unrealized gains and losses. Variation margin payments are paid or received, depending upon whether unrealized gains or losses are incurred. When the futures contract is closed, the Fund record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the amount invested in the futures contract.

Risks of entering into futures contracts include the possibility that there will be an imperfect price correlation between the futures and the underlying securities.

Second, it is possible that a lack of liquidity for futures contracts could exist in the secondary market, resulting in an inability to close a position prior to its maturity date. Third, the futures contract involves the risk that a Fund could lose more than the original margin deposit required to initiate a futures transaction. Finally, the risk exists that losses could exceed amounts disclosed on the Statements of Assets and Liabilities. Refer to the Funds' Schedule of Investments for details regarding open futures contracts as of October 31, 2022.

For the period ended October 31, 2022, the average quarterly notional amount of futures contracts held were as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> LGIM America Cash Flow Matched Bond Fund<br>| <br> Average Quarterly Market Value Balance Long: $563,030<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> LGIM America Global Developed Equity Index Fund<br>| <br> Average Quarterly Market Value Balance Long: $288,076<br>|

---

**3.** **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.

*117* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **October 31, 2022** |

---

------

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.

**4.** **Administration, Shareholder Servicing, Custodian and Transfer Agent Agreements:** 

The Fund and the Administrator are parties to an Administration Agreement under which the Administrator provides management and administrative services to the Fund. 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 Fund. For the period ended October 31, 2022, the Funds incurred the following for these services:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; LGIM America Long Duration U.S. Credit Fund | $99999 |
| &nbsp;&nbsp;&nbsp; LGIM America U.S. Credit Fund | $86301 |
| &nbsp;&nbsp;&nbsp; LGIM America Retirement Income 2040 Fund | $64315 |
| &nbsp;&nbsp;&nbsp; LGIM America Cash Flow Matched Bond Fund | $86301 |
| &nbsp;&nbsp;&nbsp; LGIM America Global Developed Equity Index Fund | $86301 |

---

The Funds have adopted a shareholder services plan that provides that the Funds may pay financial intermediaries for shareholder services in an annual amount not to exceed 0.15% based on the Funds' Institutional Class Shares' average net assets. W Class Shares do not have shareholder servicing fees. For the period ended October 31, 2022, no shareholder servicing fees were accrued.

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

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

DST Systems, Inc. serves as the transfer agent and dividend disbursing agent for the Fund under a transfer agency agreement with the Trust.

**5.** **Investment Advisory Agreement:** 

Under the terms of an investment advisory agreement, the Adviser provides investment advisory services to the Funds and the LGIMA U.S. Credit Fund at a fee, which is calculated daily and paid monthly at an annual rate of the Fund's average daily net assets. The Adviser has contractually agreed to waive fees and reimburse expenses to the extent necessary to keep Total Annual Fund Operating Expenses (excluding interest, taxes, brokerage commissions, and other costs and expenses relating to the securities that are purchased and sold by the Funds, acquired fund fees and expenses, other expenditures which are

*118* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **October 31, 2022** |

---

------

capitalized in accordance with generally accepted accounting principles, and other non-routine expenses (collectively, "excluded expenses")) from exceeding a certain portion of the Funds' average daily net assets until February 28, 2023 (the "contractual expense limit").

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund** | **Advisory <br>Fee** | **Institutional <br>Shares<br>Expense<br>Limitation** | **W Shares <br>Expense<br>Limitation** | **R6 Shares <br>Expense<br>Limitation** |
| &nbsp;&nbsp;&nbsp;LGIM America Long Duration U.S. Credit Fund | 0.23% | 0.30% | 0.30% | N/A |
| &nbsp;&nbsp;&nbsp;LGIM America U.S. Credit Fund | 0.23% | 0.30% | N/A | N/A |
| &nbsp;&nbsp;&nbsp;LGIM America Retirement Income 2040 Fund | 0.15% | 0.05% | 0.00% | 0.10% |
| &nbsp;&nbsp;&nbsp;LGIM America Cash Flow Matched Bond Fund | 0.13% | 0.20% | N/A | N/A |
| &nbsp;&nbsp;&nbsp;LGIM America Global Developed Equity Index Fund | 0.06% | 0.09% | N/A | N/A |

---

In addition, the Adviser may receive from the Funds the difference between Total Annual Fund Operating Expenses (not including excluded expenses) and the contractual expense limit to recoup all or a portion of its prior fee waivers or expense reimbursements made during the rolling three-year period preceding the date of the recoupment if at any point Total Annual Fund Operating Expenses (not including excluded expenses) are below the contractual expense limit (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment. This reimbursement agreement may be terminated: (i) by the Board of Trustees (the "Board") of The Advisors' Inner Circle Fund III (the "Trust"), 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. Refer to waiver of investment advisory fees on the Statement of Operations for fees waived for the period ended October 31, 2022. As of October 31, 2022, fees which were previously waived and/ or reimbursed by the Adviser which may be subject to possible future reimbursement to the Adviser were as follows:

*119* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **October 31, 2022** |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fiscal Year** | **Subject to**<br>**Repayment**<br> **until October** <br>**31:** | **LGIM America** <br>**Retirement**<br>**Income 2040**<br>**Fund** | **LGIM America** <br>**Global<br>Developed<br>Equity Index**<br>**Fund** | **LGIM America** <br>**Cash Flow<br>Matched Bond**<br>**Fund** | **LGIM America** <br>**Long Duration<br>U.S. Credit**<br>**Fund** | **LGIM America**<br>**U.S. Credit<br>Fund** |
|  10/31/2019-10/31/2020 | 2023 | N/A | N/A | N/A | N/A | N/A |
|  10/31/2020-10/31/2021 | 2024 | N/A | N/A | N/A | $192388 | N/A |
|  10/31/2021-10/31/2022 | 2025 | $138119 | $339210 | $252832 | $275266 | $257424 |
|  |  | $**138119** | $**339210** | $**252832** | $**467654** | $**257424** |

---

**6. Investment Transactions:** 

The cost of security purchases and the proceeds from security sales, other than short-term investments, for the period ended October 31, 2022, were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | U.S.<br> Government | Other | Total |
|  **LGIM America Long Duration U.S. Credit Fund** | **LGIM America Long Duration U.S. Credit Fund** |  |  |
|  Purchases | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23215316 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18529749 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41745065 |
|  Sales | 22097589 | 6519060 | 28616649 |
|  **LGIM America U.S. Credit Fund** |  |  |  |
|  Purchases | 15667830 | 28873477 | 44541307 |
|  Sales | 14201484 | 6822804 | 21024288 |
|  **LGIM America Retirement Income 2040 Fund** | **LGIM America Retirement Income 2040 Fund** |  |  |
|  Purchases |  | 225370 | 225370 |
|  Sales |  | 74907 | 74907 |
|  **LGIM America Cash Flow Matched Bond Fund** | **LGIM America Cash Flow Matched Bond Fund** |  |  |
|  Purchases | 2253403 | 25799464 | 28052867 |
|  Sales | 1857827 | 3013326 | 4871153 |
|  **LGIM America Global Developed Equity Index Fund** | **LGIM America Global Developed Equity Index Fund** | **LGIM America Global Developed Equity Index Fund** |  |
|  Purchases |  | 25880289 | 25880289 |
|  Sales |  | 667691 | 667691 |

---

The Funds received the following contributions in-kind of investment securities. The securities were received in a tax-free transaction at their current fair value including unrealized appreciation/(deprecation) on the date of the transactions. As a result of this contribution, the following units of the Funds were issued for assets valued at:

---

| | | | |
|:---|:---|:---|:---|
|  | | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized |
|  |<br>Purchases |<br>Sales | Gain/(Loss) |
|  **LGIM America U.S. Credit Fund** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23591598 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $(120494) |
|  **LGIM America Cash Flow Matched Bond Fund** | 24952332 |  | 1409 |

---

*120* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **October 31, 2022** |

---

------

**7. Federal Tax Information:** 

The amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with Federal income 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. To the extent these differences are permanent in nature, they are charged or credited to distributable earnings (accumulated losses) or paid-in capital, as appropriate, in the period that the differences arise. The permanent differences primarily consist of foreign currency translations, and gains and losses on paydowns of mortgage and asset-backed securities for tax purposes. There are no permanent difference that are credited or charged to Paid-in Capital and Distributable Earnings as of October 31, 2022.

The tax character of dividends and distributions declared during the period ended October 31, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Ordinary Income** | **Total** |
| **LGIM America Long Duration U.S. Credit Fund** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | $904323 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904323 |
| 2021 | 228801 | 228801 |
| **LGIM America U.S. Credit Fund** |  |  |
| 2022 | $454763 | $454763 |
| **LGIM America Retirement Income 2040 Fund** |  |  |
| 2022 | $2016 | $2016 |
| **LGIM America Cash Flow Matched Bond Fund** |  |  |
| 2022 | $265471 | $265471 |
| **LGIM America Global Developed Equity Index Fund** | **LGIM America Global Developed Equity Index Fund** |  |
| 2022 | $377283 | $377283 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **LGIM America**<br> **Long Duration**<br> **U.S. Credit Fund**  | **LGIM America**<br> **U.S. Credit Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**LGIM America** <br> **Retirement**<br> **Income 2040**<br> **Fund** |
|  **Undistributed Ordinary Income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5469 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3032 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 |
|  **Undistributed Long-Term Capital Gain** |  |  |  |
|  **Capital Loss Carryforwards Short-Term** | (779730) | (905508) | (1425) |
|  **Capital Loss Carryforwards Long-Term** | (302511) |  |  |
|  **Post October Losses** |  |  |  |
|  **Unrealized Depreciation** | (7062420) | (3976365) | (22806) |
|  **Other Temporary Differences** |  | 1 | 24 |
|  **Total Accumulated Losses** | $(8139192) | $(4878840) | $(24137) |

---

*121* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **October 31, 2022** |

---

------

---

| | | |
|:---|:---|:---|
|  | **LGIM America<br>Cash Flow<br>Matched Bond<br>Fund** | **LGIM America<br>Global<br>Developed<br>Equity Index<br>Fund** |
|  **Undistributed Ordinary Income** | $2449 | $3049 |
|  **Undistributed Long-Term Capital Gain** |  |  |
|  **Capital Loss Carryforwards Short-Term** | (157648) | (98949) |
|  **Capital Loss Carryforwards Long-Term** | (76267) | (25846) |
|  **Post October Losses** |  |  |
|  **Unrealized Depreciation** | (1684010) | (4398930) |
|  **Other Temporary Differences** |  | 2 |
|  **Total Accumulated Losses** | $(1915476) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4520674) |

---

For Federal income tax purposes, capital losses incurred may be carried forward and applied against future capital gains. Such capital losses retain their character as either short-term or long-term capital losses. During the period ended October 31, 2022, the Funds did not utilize capital loss carryforwards to offset capital gains.

For Federal income tax purposes the difference between Federal tax cost and book cost primarily relates to wash sales, which cannot be used for Federal income tax purposes in the current period and have been deferred for use in future years. 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**<br> **Tax**<br> **Cost** | **Aggregate**<br> **Gross**<br> **Unrealized**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Appreciation**  | **Aggregate**<br> **Gross**<br> **Unrealized**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Depreciation**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net** <br> &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized**<br> &nbsp;&nbsp;&nbsp;&nbsp;**Appreciation/**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**  |
|  **LGIM America Long Duration U.S. Credit Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$31706338 | $6242 | $(7068662) | $(7062420) |
|  **LGIM America U.S. Credit Fund** | 22776355 | 7451 | (3983816) | (3976365) |
|  **LGIM America Retirement Income 2040 Fund** | 148832 |  | (22806) | (22806) |
|  **LGIM America Cash Flow Matched Bond Fund** | 24834417 | 3458 | (1687468) | (1684010) |
|  **LGIM America Global Developed Equity Index Fund** | 25131129 | 904400 | (5303330) | (4398930) |

---

*122* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **October 31, 2022** |

---

------

**8. Other:** 

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund** | **No. of**<br> **Shareholders** | **% Ownership** |
| &nbsp;&nbsp;&nbsp;LGIM America Long Duration U.S. Credit Fund, W Shares | 2 | 100% |
| &nbsp;&nbsp;&nbsp;LGIM America U.S. Credit Fund, Institutional Shares | 1 | 100% |
| &nbsp;&nbsp;&nbsp;LGIM America Retirement Income 2040 Fund, W Shares | 1 | 100% |
| &nbsp;&nbsp;&nbsp;LGIM America Cash Flow Matched Bond Fund, Institutional Shares | 1 | 100% |
| &nbsp;&nbsp;&nbsp;LGIM America Global Developed Equity Index Fund, Institutional Shares | 1 | 100% |

---

**9. Concentration of Risks:** 

As with all mutual funds, there is no guarantee that the Funds will achieve their investment objective. You could lose money by investing in the Funds. An investment in the Funds is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency. The principal risks affecting shareholders' investments in the Funds are set forth below.

Fixed Income Market Risk — The prices of the Funds' fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Funds' fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. Declines in dealer market-making capacity as a result of structural or regulatory changes could decrease liquidity and/or increase volatility in the fixed income markets. In addition, 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.

*123* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **October 31, 2022** |

---

------

Active Management Risk — The Funds are subject to the risk that the Adviser's judgments about the attractiveness, value, or potential appreciation of the Funds' investments may prove to be incorrect. If the investments selected and strategies employed by the Funds fails to produce the intended results, the Funds could underperform in comparison to other funds with similar objectives and investment strategies.

Corporate Fixed Income Securities Risk – Corporate fixed income securities respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers.

U.S. Government Securities Risk – Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency's own resources.

Municipal Securities Risk — Municipal securities, 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. Rising interest rates will generally cause municipal securities to decline in value. Longer-term securities respond more sharply to interest rate changes than do shorter-term securities. A municipal security will also lose value if, due to rating downgrades or other factors, there are concerns about the issuer's current or future ability to make principal or interest payments. State and local governments rely on taxes and, to some extent, revenues from private projects financed by municipal securities, to pay interest and principal on municipal debt. Poor statewide or local economic results or changing political sentiments may reduce tax revenues and increase the expenses of municipal issuers, making it more difficult for them to meet their obligations. Actual or perceived erosion of the creditworthiness of municipal issuers may reduce the value of the Funds' holdings. As a result, the Funds will be more susceptible to factors that adversely affect issuers of municipal obligations than a mutual fund that does not have as great a concentration in municipal obligations.

Credit Risk – The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation.

Interest Rate Risk – The risk that a rise in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which the Funds invest. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates. A low interest rate environment may present greater interest rate risk because there may be a greater likelihood of rates increasing and rates may increase more rapidly.

Prepayment and Extension Risk – When interest rates fall, issuers of high interest debt obligations may pay off the debts earlier than expected (prepayment risk), and the Funds 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 Funds' assets tied up in lower interest debt obligations.

Valuation Risk — The risk that a security may be difficult to value. The Funds may value certain securities at a price higher than the price at which they can be sold.

*124* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **October 31, 2022** |

---

------

Supranational Entities Risk – Government members, or "stockholders," usually make initial capital contributions to a supranational entity and in many cases are committed to make additional capital contributions if the supranational entity is unable to repay its borrowings. There is no guarantee, however, that one or more stockholders of the supranational entity will continue to make any necessary additional capital contributions. If such contributions are not made, the entity may be unable to pay interest or repay principal on its debt securities, and the Funds may lose money on such investments.

Sector Focus Risk – Because the Funds may, from time to time, be more heavily invested in particular sectors, the value of its shares may be especially sensitive to factors and economic risks that specifically affect those sectors. As a result, the Funds' share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of sectors.

Industrials Sector Risk — A fund that focuses in the industrials sector may be subject to greater risks than a portfolio without such a focus. The Funds are subject to the risk that the securities of issuers in the industrials sector will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the industrials sector. The prices of the securities of companies operating in the industrials sector may fluctuate due to the level and volatility of commodity prices, the exchange value of the dollar, import controls, worldwide competition, liability for environmental damage, depletion of resources, and mandated expenditures for safety and pollution control devices.

Financials Sector Risk – Performance of companies in the financials sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. The impact of more stringent capital requirements, recent or future regulation of any individual financial company, or recent or future regulation of the financials sector as a whole cannot be predicted. In recent years, cyber attacks and technology malfunctions have become increasingly frequent in this sector and have caused significant losses to companies in this sector, which may negatively impact the Funds.

New Fund Risk — Because the Funds are new, investors in the Funds bear the risk that the Funds may not be successful in implementing its investment strategy, may not employ a successful investment strategy, or may fail to attract sufficient assets under management to realize economies of scale, any of which could result in the Funds being liquidated at any time without shareholder approval and at a time that may not be favorable for all shareholders. Such liquidation could have negative tax consequences for shareholders and will cause shareholders to incur expenses of liquidation.

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

**10. 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 claim is considered remote.

*125* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **October 31, 2022** |

---

------

**11. Subsequent Events:** 

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

*126* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **October 31, 2022** |

---

------

 **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**<br>

To the Board of Trustees of The Advisors' Inner Circle Fund III and the Shareholders of the Funds:

*Opinion on the Financial Statements* 

We have audited the accompanying statements of assets and liabilities of LGIM America Long Duration U.S. Credit Fund, LGIM America U.S. Credit Fund, LGIM America Retirement Income Fund 2040, LGIM America Cash Flow Matched Bond Fund, and LGIM America Global Developed Equity Index Fund (five of the funds comprising the The Advisors' Inner Circle Fund III (the Funds)), including the schedules of investments, as of October 31, 2022, the related statements of operations and changes in net assets for each of the years or periods listed in Appendix A, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of October 31, 2022, the results of their operations for the year or period then ended, the changes in their net assets for each of the years or periods in the two year period then ended, and the financial highlights for each of the years or periods presented therein, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion* 

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights 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 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 and financial highlights 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 and financial highlights, 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 and financial highlights. Such procedures also included confirmation of securities owned as of October 31, 2022, by correspondence with custodians, transfer agents, agent banks and brokers; when replies were not received from brokers, we performed other auditing procedures. 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 and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g380322dsp127.jpg)

*127* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **October 31, 2022** |

---

------

We have served as the auditor of one or more of The Advisors' Inner Circle Fund III investment companies since 2021.

Philadelphia, Pennsylvania

December 29, 2022

*128* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **October 31, 2022** |

---

------

**Appendix A** 

LGIM America Long Duration U.S. Credit Fund

Statement of operations for the year ended October 31, 2022 and statements of changes in net assets and financial highlights for year-ended October 31, 2022 and the period from May 27, 2021 (commencement of operations) through October 31, 2021

LGIM America U.S. Credit Fund

Statements of operations and changes in net assets and financial highlights for the period from December 20, 2021 (commencement of operations) through October 31, 2022

LGIM America Retirement Income 2040 Fund

Statements of operations and changes in net assets and financial highlights for the period from December 22, 2021 (commencement of operations) through October 31, 2022

LGIM America Cash Flow Matched Bond Fund

Statements of operations and changes in net assets and financial highlights for the period from December 20, 2021 (commencement of operations) through October 31, 2022

LGIM America Global Developed Equity Index Fund

Statements of operations and changes in net assets and financial highlights for the period from December 20, 2021 (commencement of operations) through October 31, 2022

*129* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **October 31, 2022** |

---

------

 **DISCLOSURE OF FUND EXPENSES (unaudited)**<br>

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 the mutual fund's gross income and directly reduce your final investment return. These expenses are expressed as a percentage of the mutual fund's average net assets; this percentage is known as the 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 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 period. Simply divide your ending 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.

*130* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **October 31, 2022** |

---

------

**NOTE:** Because the 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 During**<br> **Period\*** |
|  **LGIM America Long Duration U.S. Credit Fund** |  |  |  |  |
|  **Actual Fund Return** |  |  |  |  |
|  W Shares | $1000.00 | $868.10 | 0.30% | $1.41 |
|  **Hypothetical 5% Return** |  |  |  |  |
|  W Shares | $1000.00 | $1023.69 | 0.30% | $1.53 |
|  **LGIM America U.S. Credit Fund** |  |  |  |  |
|  **Actual Fund Return** |  |  |  |  |
|  Institutional Shares | $1000.00 | $922.60 | 0.30% | $1.45 |
|  **Hypothetical 5% Return** |  |  |  |  |
|  Institutional Shares | $1000.00 | $1023.69 | 0.30% | $1.53 |
|  **LGIM America Retirement Income 2040 Fund** |  |  |  |  |
|  **Actual Fund Return** |  |  |  |  |
|  W Shares | $1000.00 | $891.10 | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– |
|  **Hypothetical 5% Return** |  |  |  |  |
|  W Shares | $1000.00 | $1025.21 | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– |
|  **LGIM America Cash Flow Matched Bond Fund** |  |  |  |  |
|  **Actual Fund Return** |  |  |  |  |
|  Institutional Shares | $1000.00 | $977.70 | 0.20% | $1.00 |
|  **Hypothetical 5% Return** |  |  |  |  |
|  Institutional Shares | $1000.00 | $1024.20 | 0.20% | $1.02 |
|  **LGIM America Global Developed Equity Index Fund** |  |  |  |  |
|  **Actual Fund Return** |  |  |  |  |
|  Institutional Shares | $1000.00 | $922.60 | 0.09% | $0.44 |
|  **Hypothetical 5% Return** |  |  |  |  |
|  Institutional Shares | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1024.75 | 0.09% | $0.46 |

---

\* 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 since inception to period end).

*131* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **October 31, 2022** |
|  | (Unaudited) |

---

------

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

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 Trustees." Mr. Doran is a Trustee who may be an "interested" persons of

---

| | | |
|:---|:---|:---|
| **Name and Year of Birth** | **Position with Trust and Length of Time Served<sup>1</sup>** | **Principal Occupations in the Past Five Years** |
| <br> **INTERESTED TRUSTEES<sup>3,4</sup>** <br>| | |
| William M. Doran<br> (Born: 1940) | Chairman of the<br> Board of Trustees<br> (since 2014) | Self-Employed Consultant since 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.<br>|
| <br> **INDEPENDENT TRUSTEES<sup>3</sup>** <br>|  |  |
| Jon C. Hunt<br> (Born: 1951) | Trustee and Lead Independent<br> Trustee<br> (since 2014) | Retired since 2013. Consultant to Management, Convergent Capital Management, LLC ("CCM") from 2012 to 2013. Managing Director and Chief Operating Officer, CCM from 1998 to 2012.<br>|
| 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.<br>|
| Nichelle Maynard-Elliott<br> (Born: 1968) | Trustee<br> (since 2021) | Independent Director since 2018. Executive Director, M&A at Praxair Inc. from 2011-2019.<br>|

---

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 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.

*132* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **October 31, 2022** |
|  | (Unaudited) |

---

------

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 1-833-44-LGIMA. The following chart lists Trustees and Officers as of October 31, 2022.

**Other Directorships** 

**Held in the Past Five Years2** 

------

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.

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.

------

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.

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.

------

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 Symmetry Panoramic Trust (16 Portfolios). Director of Chiron Capital Allocation Fund Ltd.

Former Directorships: Trustee of Winton Series Trust and AXA Premier VIP 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.

------

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 Holdings Corporation, and Director of Lucid Group, Inc.

Former Directorships: Trustee of Schroder Global Series Trust to 2021. Trustee of Schroder Series Trust to 2022.

------

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

4 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.

*133* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **October 31, 2022** |
|  | (Unaudited) |

---

------

 **TRUSTEES AND OFFICERS OF THE ADVISORS' INNER CIRCLE FUND III**<br>

---

| | | |
|:---|:---|:---|
| **Name and**<br> **Year of Birth** | **Position with Trust and Length of Time Served<sup>1</sup>** | **Principal Occupations in the Past Five Years** |
| **INDEPENDENT TRUSTEES (continued)<sup>3</sup>** | **INDEPENDENT TRUSTEES (continued)<sup>3</sup>** | |
| Jay C. Nadel<br> (Born: 1958) | Trustee<br> (since 2016) | Self-Employed Consultant since 2004. Executive Vice President, Bank of New York Broker Dealer from 2002 to 2004. Partner/Managing Director, Weiss Peck & Greer/Robeco from 1986 to 2001.<br>|
| Randall S. Yanker<br> (Born: 1960) | Trustee<br> (since 2014) | Co-Founder and Senior Partner, Alternative Asset Managers, L.P. since 2004.<br>|
| **OFFICERS** | **OFFICERS** |  |
| Michael Beattie<br> (Born: 1965) | President<br> (since 2014)<br>| Director of Client Service, SEI Investments, since 2004.<br>|
| James Bernstein<br> (Born: 1962) | Vice President (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.<br>|
| John Bourgeois<br> (Born: 1973) | Assistant Treasurer<br> (since 2017) | Fund Accounting Manager, SEI Investments, since 2000.<br>|
| <br> Eric C. Griffith<br> (Born: 1969) | <br> Vice President and Assistant<br> Secretary (since 2020) | <br> Counsel at SEI Investments since 2019. Vice President and Assistant General Counsel, JPMorgan Chase & Co., from 2012 to 2018.<br>|
| 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.<br>|
| 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, PricewaterhouseCoopers LLP, from 2002 to 2019.<br>|
| Robert Morrow<br> (Born: 1968) | Vice President<br> (since 2017)<br>| Account Manager, SEI Investments, since 2007.<br>|

---

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 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.

*134* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **October 31, 2022** |
|  | (Unaudited) |

---

------

**Other Directorships** 

**Held in the Past Five Years<sup>2</sup>** 

------

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.

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.

------

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.

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.

------

---

| |
|:---|
| None. |
| None. |
| None. |
| None. |
| None. |
| None. |
| None. |

---

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

4 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.

*135* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **October 31, 2022** |
|  | (Unaudited) |

---

------

 **TRUSTEES AND OFFICERS OF THE ADVISORS' INNER CIRCLE FUND III**<br>

---

| | | |
|:---|:---|:---|
| **Name and Year of Birth** | **Position(s) with Trust and Length**<br> **of Time Served** | **Principal Occupation in the Past Five Years** |
| **OFFICERS (continued)** | **OFFICERS (continued)** | |
| 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.<br>|
| 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.<br>|
| Bridget E. Sudall<br> (Born: 1980) | Privacy 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 Partners, from 2007 to 2011. |
|  | Anti-Money Laundering Officer<br> (from 2015 – June 2022 and since November 2022)<br>|  |

---

*136* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **October 31, 2022** |
|  | (Unaudited) |

---

------

---

| |
|:---|
| **Other Directorships**<br>**Held in the Past Five Years** |
| None.<br>|
| None.<br>|
| None.<br>|

---

*137* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **October 31, 2022** |

---

------

 **Approval of Investment Advisory Agreement (unaudited)**<br>

**LGIM America Long Duration U.S. Credit Fund** 

**LGIM America U.S. Credit Fund** 

**LGIM America Retirement Income 2040 Fund** 

**LGIM America Cash Flow Matched Bond Fund** 

**LGIM America Global Developed Equity Index Fund** 

Pursuant to Section 15 of the Investment Company Act of 1940 (the "1940 Act"), the Funds' advisory agreement (the "Agreement") must be renewed at least annually after its initial two-year term: (i) by the vote of the Board of Trustees (the "Board" or the "Trustees") of The Advisors' Inner Circle Fund III (the "Trust") or by a vote of a majority of the shareholders of the Funds; and (ii) by the vote of a majority of the Trustees who are not parties to the Agreement or "interested persons" of any party thereto, as defined in the 1940 Act (the "Independent Trustees"), cast in person at a meeting called for the purpose of voting on such renewal.

A Board meeting was held on September 14-15, 2022 to decide whether to renew the Agreement for an additional one-year term. In preparation for the meeting, the Trustees requested that the Adviser furnish information necessary to evaluate the terms of the Agreement. Prior to the meeting, the Independent Trustees of the Funds met to review and discuss the information provided and submitted a request for additional information to the Adviser, and information was provided in response to this request. The Trustees used this information, as well as other information that the Adviser and other service providers of the Funds presented or submitted to the Board at the meeting and other meetings held during the prior year, to help them decide whether to renew the Agreement for an additional year.

Specifically, the Board requested and received written materials from the Adviser and other service providers of the Funds regarding: (i) the nature, extent and quality of the Adviser's services; (ii) the Adviser's investment management personnel; (iii) the Adviser's operations and financial condition; (iv) the Adviser's brokerage practices (including any soft dollar arrangements) and investment strategies; (v) the Funds' advisory fees paid to the Adviser and overall fees and operating expenses compared with peer groups of mutual funds; (vi) the level of the Adviser's profitability from its relationship with the Funds, including both direct and indirect benefits accruing to the Adviser and its affiliates; (vii) the Adviser's potential economies of scale; (viii) the Adviser's compliance program, including a description of material compliance matters and material compliance violations; (ix) the Adviser's policies on and compliance procedures for personal securities transactions; and (x) the Funds' performance compared with peer groups of mutual funds and the Funds' benchmark indices.

Representatives from the Adviser, along with other Fund service providers, presented additional information and participated in question and answer sessions at the Board meeting to help the Trustees evaluate the Adviser's services, fees and other aspects of the Agreement. The Independent Trustees received advice from independent counsel and met in executive sessions outside the presence of Fund management and the Adviser.

*138* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **October 31, 2022** |

---

------

At the Board meeting, the Trustees, including all of the Independent Trustees, based on their evaluation of the information provided by the Adviser and other service providers of the Funds, renewed the Agreement. In considering the renewal of the Agreement, the Board considered various factors that they determined were relevant, including: (i) the nature, extent and quality of the services provided by the Adviser; (ii) the investment performance of the Funds and the Adviser; (iii) the costs of the services provided and profits realized by the Adviser from its relationship with the Funds, including both direct and indirect benefits accruing to the Adviser and its affiliates; (iv) the extent to which economies of scale are being realized by the Adviser; and (v) whether fee levels reflect such economies of scale for the benefit of Fund investors, as discussed in further detail below.

**Nature, Extent and Quality of Services to be Provided by the Adviser** 

In considering the nature, extent and quality of the services provided by the Adviser, the Board reviewed the portfolio management services provided by the Adviser to the Funds, including the quality and continuity of the Adviser's portfolio management personnel, the resources of the Adviser, and the Adviser's compliance history and compliance program. The Trustees reviewed the terms of the Agreement. The Trustees also reviewed the Adviser's investment and risk management approaches for the Funds. The most recent investment adviser registration form ("Form ADV") for the Adviser was available to the Board, as was the response of the Adviser to a detailed series of questions which included, among other things, information about the investment advisory services provided by the Adviser to the Funds.

The Trustees also considered other services provided to the Funds by the Adviser such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to the Funds' investment restrictions, and monitoring compliance with various Fund policies and procedures and with applicable securities laws and regulations. Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that the nature, extent and quality of the services provided to the Funds by the Adviser were sufficient to support renewal of the Agreement.

**Investment Performance, Profitability and Economies of Scale** 

The Board was provided with regular reports regarding the Funds' performance over various time periods. The Trustees also reviewed reports prepared by the Funds' administrator comparing the Funds' performance to their benchmark indices and peer groups of mutual funds as classified by Lipper, an independent provider of investment company data, over various periods of time. Representatives from the Adviser provided information regarding and led discussions of factors impacting the performance of the Funds, outlining current market conditions and explaining their expectations and strategies for the future. The Trustees determined that the Funds' performance was satisfactory, or, where the Funds' performance was materially below their benchmarks and/or peer groups, the Trustees were satisfied by the reasons for the underperformance and/or the steps taken by the Adviser in an effort to improve the performance of the Funds. Based on this information, the Board concluded, within the context of its full deliberations, that the investment results that the Adviser had been able to achieve for the Funds were sufficient to support renewal of the Agreement.

*139* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **October 31, 2022** |

---

------

**Costs of Advisory Services** 

In considering the advisory fees payable by the Funds to the Adviser, the Trustees reviewed, among other things, a report of the advisory fees paid to the Adviser. The Trustees also reviewed reports prepared by the Funds' administrator comparing the Funds' net and gross expense ratios and advisory fees to those paid by peer groups of mutual funds as classified by Lipper. The Trustees reviewed the management fees charged by the Adviser to other clients with comparable mandates. The Trustees considered any differences in management fees and took into account the respective demands, resources and complexity associated with the Funds and other client accounts as well as the extensive regulatory, compliance and tax regimes to which the Funds are subject. The Board concluded, within the context of its full deliberations, that the advisory fees were reasonable in light of the nature and quality of the services rendered by the Adviser.

The Trustees reviewed the costs of services provided by and the profits realized by the Adviser from its relationship with the Funds, including both direct benefits and indirect benefits, such as research and brokerage services received under soft dollar arrangements, accruing to the Adviser and its affiliates. The Trustees considered how the Adviser's profitability was affected by factors such as its organizational structure and method for allocating expenses. The Trustees concluded that the profit margins of the Adviser with respect to the management of the Funds were not unreasonable. The Board also considered the Adviser's commitment to managing the Funds and its willingness to continue its expense limitation and fee waiver arrangements with the Funds.

The Trustees considered the Adviser's views relating to economies of scale in connection with the Funds as Fund assets grow and the extent to which the benefits of any such economies of scale are shared with the Funds and Fund shareholders. The Board considered the existence of any economies of scale and whether those were passed along to the Funds' shareholders through a graduated advisory fee schedule or other means, including fee waivers. The Trustees recognized that economies of scale are difficult to identify and quantify and are rarely identifiable on a fund-by-fund basis. Based on this evaluation, the Board concluded that the advisory fee was reasonable in light of the information that was provided to the Trustees by the Adviser with respect to economies of scale.

**Renewal of the Agreement** 

Based on the Board's deliberations and its evaluation of the information described above and other factors and information it believed relevant in the exercise of its reasonable business judgment, the Board, including all of the Independent Trustees, with the assistance of Fund counsel and Independent Trustees' counsel, unanimously concluded that the terms of the Agreement, including the fees payable thereunder, were fair and reasonable and agreed to renew the Agreement for another year. In its deliberations, the Board did not identify any absence of information as material to its decision, or any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.

*140* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **October 31, 2022** |

---

------

 **NOTICE TO SHAREHOLDERS (unaudited)**<br>

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 Fund is designating the following items with regard to distributions paid during the year.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Qualifying** |  |  |  |  |
|  |  |  | **for Corporate** |  |  |  |  |
| **Long-Term** | **Ordinary** |  | **dividends** | **Qualifying** | **U.S.** | **Interest** | **Short-Term** |
| **Capital Gain** | **Income** | **Total** | **Received** | **Dividend** | **Government** | **Related** | **Capital Gain** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Distributions**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Distributions**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Distributions**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Deduction (1)**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Income (2)**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Interest (3)**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Dividend (4)**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Dividend (5)**  |
|  LGIM America Long Duration U.S. Credit Fund | LGIM America Long Duration U.S. Credit Fund | LGIM America Long Duration U.S. Credit Fund | LGIM America Long Duration U.S. Credit Fund | LGIM America Long Duration U.S. Credit Fund |  |  |  |
| 0.00% | 100.00% | 100.00% | 0.00% | 0.00% | 3.38% | 75.35% | 100.00% |
|  LGIM America U.S. Credit Fund | LGIM America U.S. Credit Fund | LGIM America U.S. Credit Fund |  |  |  |  |  |
| 0.00% | 100.00% | 100.00% | 0.00% | 0.00% | 4.91% | 89.43% | 0.00% |
|  LGIM America Retirement Income 2040 Fund | LGIM America Retirement Income 2040 Fund | LGIM America Retirement Income 2040 Fund | LGIM America Retirement Income 2040 Fund | LGIM America Retirement Income 2040 Fund |  |  |  |
| 0.00% | 100.00% | 100.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
|  LGIM America Cash Flow Matched Bond Fund | LGIM America Cash Flow Matched Bond Fund | LGIM America Cash Flow Matched Bond Fund | LGIM America Cash Flow Matched Bond Fund | LGIM America Cash Flow Matched Bond Fund |  |  |  |
| 0.00% | 100.00% | 100.00% | 0.00% | 0.00% | 2.15% | 87.82% | 0.00% |
|  LGIM America Global Developed Equity Index Fund | LGIM America Global Developed Equity Index Fund | LGIM America Global Developed Equity Index Fund | LGIM America Global Developed Equity Index Fund | LGIM America Global Developed Equity Index Fund |  |  |  |
| 0.00% | 100.00% | 100.00% | 0.00% | 0.00% | 0.00% | 0.24% | 0.00% |

---

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

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

*(4)* The percentage in this column represents the amount of "Interest Related Dividends" and is reflected as a percentage of ordinary income distribution. Interest related dividends are exempt from U.S. withholding tax when paid to foreign investors.

*(5)* The percentage of this column represents the amount of "Short-Term Capital Gain Dividends" and is reflected as a percentage of short-term capital gain distribution that is exempt from U.S. withholding tax when paid to foreign investors.

*141* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **LGIM America** |
|  | **October 31, 2022** |

---

------

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

*142* 

------

**Legal & General Investment Management** 

LGIMA Funds

P.O. Box 219009

Kansas City, MO 64121-9009

www.lgima.com/funds

**Adviser:** 

Legal & General Investment Management America, Inc.

71 South Wacker Drive

Chicago, IL 60606

**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

**Independent Registered Public Accounting Firm:** 

KPMG LLP

1601 Market Street

Philadelphia, PA 19103

![LOGO](g380322dsp145.jpg)

This information must be preceded or accompanied by a current prospectus for the Fund described.

LGI-AR-001-0200

------

**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 that<br>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 that<br>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 |
| (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 that<br>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** | **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** | **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.](d380322dex99code.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.](d380322dex99cert.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.](d380322dex99906cert.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 |  |
| 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 |

---