# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0001752724-23-074593
**Filing Date:** 2023-3
**Character Count:** 167834
**Document Hash:** 86817681bd3efda8a11f94899faa0294
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-074593.hdr.sgml**: 20230331

**ACCESSION NUMBER**: 0001752724-23-074593

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230331

**DATE AS OF CHANGE**: 20230331

**PERIOD START**: 20231031

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22920
- **FILM NUMBER:** 23783427

**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

### BARROW HANLEY INTERNATIONAL VALUE FUND (Series ID: S000074890)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000233253 | I Shares     | BNIVX           |
| C000233254 | Y Shares     | BNIYX           |

## Nport-Ex

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **BARROW HANLEY**<br>|
|  | **CONCENTRATED EMERGING MARKETS ESG OPPORTUNITIES FUND**<br>|
| | **January 31, 2023 (Unaudited)**<br>|

---

---

| | | |
|:---|:---|:---|
|  **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
|  **COMMON STOCK — 97.1%** | **COMMON STOCK — 97.1%** | **COMMON STOCK — 97.1%** |
|  | **Shares** | **Value** |
|  **BRAZIL — 4.5%** | **BRAZIL — 4.5%** | **BRAZIL — 4.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dexco \* | 385484 | $571814 |
| &nbsp;&nbsp;&nbsp;&nbsp; TIM \* | 288303 | 671304 |
|  |  | 1243118 |
|  **CHINA — 25.8%** | **CHINA — 25.8%** | **CHINA — 25.8%** |
|  **COMMUNICATION SERVICES — 2.4%** | **COMMUNICATION SERVICES — 2.4%** | **COMMUNICATION SERVICES — 2.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Baidu, Cl A \* | 39570 | 665173 |
|  **CONSUMER DISCRETIONARY — 8.0%** | **CONSUMER DISCRETIONARY — 8.0%** | **CONSUMER DISCRETIONARY — 8.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Haier Smart Home, Cl H | 287102 | 1058867 |
| &nbsp;&nbsp;&nbsp;&nbsp; JD.com, Cl A \* | 18100 | 537450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nexteer Automotive Group | 852477 | 620111 |
|  |  | 2216428 |
|  **CONSUMER STAPLES — 2.3%** | **CONSUMER STAPLES — 2.3%** | **CONSUMER STAPLES — 2.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Tingyi Cayman Islands Holding | 382705 | 636673 |
|  **FINANCIALS — 9.8%** | **FINANCIALS — 9.8%** | **FINANCIALS — 9.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; BOC Hong Kong Holdings | 219082 | 765667 |
| &nbsp;&nbsp;&nbsp;&nbsp; China International Capital, Cl H | 503863 | 1125946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ping An Insurance Group of China, Cl H | 101184 | 785967 |
|  |  | 2677580 |
|  **HEALTH CARE — 3.3%** | **HEALTH CARE — 3.3%** | **HEALTH CARE — 3.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shandong Weigao Group Medical Polymer, Cl H | 543090 | 902823 |
|  |  | 7098677 |
|  **HONG KONG — 11.1%** | **HONG KONG — 11.1%** | **HONG KONG — 11.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; ASMPT | 85851 | 709097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hang Lung Properties | 393263 | 741516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hongkong Land Holdings | 183493 | 897056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sino Biopharmaceutical | 1215104 | 707054 |
|  |  | 3054723 |
|  **INDIA — 2.0%** | **INDIA — 2.0%** | **INDIA — 2.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; IndusInd Bank | 40977 | 544633 |
|  **MEXICO — 11.0%** | **MEXICO — 11.0%** | **MEXICO — 11.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Fibra Uno Administracion ‡ | 706810 | 956401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gruma, Cl B | 64242 | 931740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kimberly-Clark de Mexico, Cl A | 603754 | 1149443 |
|  |  | 3037584 |
|  **PHILIPPINES — 6.1%** | **PHILIPPINES — 6.1%** | **PHILIPPINES — 6.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Ayala Land | 1839738 | 992285 |
| &nbsp;&nbsp;&nbsp;&nbsp; BDO Unibank | 312213 | 704177 |
|  |  | 1696462 |

---

---

| | | |
|:---|:---|:---|
|  **COMMON STOCK — (continued)** | **COMMON STOCK — (continued)** | **COMMON STOCK — (continued)** |
|  | **Shares** | **Value** |
|  **SINGAPORE — 2.0%** | **SINGAPORE — 2.0%** | **SINGAPORE — 2.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Telecommunications | 281892 | $539869 |
|  **SOUTH AFRICA — 6.7%** | **SOUTH AFRICA — 6.7%** | **SOUTH AFRICA — 6.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Gold Fields | 59221 | 674995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Growthpoint Properties ‡ | 604483 | 487061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vodacom Group | 97154 | 682784 |
|  |  | 1844840 |
|  **SOUTH KOREA — 11.4%** | **SOUTH KOREA — 11.4%** | **SOUTH KOREA — 11.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Amorepacific | 6320 | 751237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Korea Investment Holdings | 20872 | 1065092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shinhan Financial Group | 19363 | 654748 |
| &nbsp;&nbsp;&nbsp;&nbsp; SK Hynix | 9460 | 684373 |
|  |  | 3155450 |
|  **TAIWAN — 13.8%** | **TAIWAN — 13.8%** | **TAIWAN — 13.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Bizlink Holding | 88884 | 779742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cathay Financial Holding | 471697 | 671547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hiwin Technologies | 114247 | 854214 |
| &nbsp;&nbsp;&nbsp;&nbsp; MediaTek | 32000 | 773151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pegatron | 335286 | 722758 |
|  |  | 3801412 |
|  **VIETNAM — 2.7%** | **VIETNAM — 2.7%** | **VIETNAM — 2.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Vietnam Dairy Products JSC | 224694 | 739775 |
|  TOTAL COMMON STOCK<br>(Cost $24,364,070) | TOTAL COMMON STOCK<br>(Cost $24,364,070) | 26756543 |
|  TOTAL INVESTMENTS— 97.1%<br>(Cost $24,364,070) | TOTAL INVESTMENTS— 97.1%<br>(Cost $24,364,070) | $26756543 |

---

Percentages are based on Net Assets of $27,546,590. <br>

\* Non-income producing security.

‡ Real Estate Investment Trust.

Cl — Class

JSC — Joint-Stock Company

**1** 

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **BARROW HANLEY**<br>|
|  | **CREDIT OPPORTUNITIES FUND**<br>|
| | **January 31, 2023 (Unaudited)**<br>|

---

---

| | | |
|:---|:---|:---|
|  **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
|  **CORPORATE OBLIGATIONS — 73.1%** | **CORPORATE OBLIGATIONS — 73.1%** | **CORPORATE OBLIGATIONS — 73.1%** |
|  | **Face Amount** | **Value** |
| **COMMUNICATION SERVICES — 6.2%** | **COMMUNICATION SERVICES — 6.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CCO Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 03/01/2031 (A) | $750000 | $750000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 03/01/2030 (A) | 1500000 | 1310685 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSC Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 12/01/2030 (A) | 1000000 | 591303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 12/01/2030 (A) | 750000 | 554452 |
| &nbsp;&nbsp;&nbsp;&nbsp; LCPR Senior Secured<br>Financing DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 07/15/2029 (A) | 1000000 | 880000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virgin Media Secured Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 05/15/2029 (A) | 1250000 | 1159613 |
| &nbsp;&nbsp;&nbsp;&nbsp; VTR Comunicaciones |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 04/15/2029 (A) | 1000000 | 658520 |
| &nbsp;&nbsp;&nbsp;&nbsp; VZ Secured Financing BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/15/2032 (A) | 500000 | 428165 |
|  |  | 6332738 |
| **CONSUMER DISCRETIONARY — 6.5%** | **CONSUMER DISCRETIONARY — 6.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Allied Universal Holdco |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 06/01/2028 (A) | 750000 | 646441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gap |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 10/01/2031 (A) | 500000 | 372189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goodyear Tire & Rubber |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 04/30/2033 | 1000000 | 855000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ken Garff Automotive |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 09/15/2028 (A) | 600000 | 516750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lithia Motors |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 01/15/2031 (A) | 500000 | 425700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 06/01/2029 (A) | 250000 | 212420 |
| &nbsp;&nbsp;&nbsp;&nbsp; PetSmart |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 02/15/2029 (A) | 500000 | 491370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 02/15/2028 (A) | 250000 | 231246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rent-A-Center |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 02/15/2029 (A)<br>| 1500000 | 1275000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sonic Automotive |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 11/15/2031 (A) | 1000000 | 798490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sotheby's |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 06/01/2029 (A) | 500000 | 427615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wynn Macau |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 12/15/2029 (A) | 500000 | 416875 |
|  |  | 6669096 |
| **CONSUMER STAPLES — 3.4%** | **CONSUMER STAPLES — 3.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ashton Woods USA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 01/15/2028 (A) | 250000 | 228050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Darling Ingredients |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 06/15/2030 (A) | 1000000 | 995000 |

---

---

| | | |
|:---|:---|:---|
|  **CORPORATE OBLIGATIONS — (continued)** | **CORPORATE OBLIGATIONS — (continued)** | **CORPORATE OBLIGATIONS — (continued)** |
|  | **Face Amount** | **Value** |
| **CONSUMER STAPLES — (continued)** | **CONSUMER STAPLES — (continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Energizer Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 12/31/2027 (A) | $50000 | $48763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medline Borrower |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 10/01/2029 (A) | 500000 | 418643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 04/01/2029 (A) | 500000 | 427507 |
| &nbsp;&nbsp;&nbsp;&nbsp; STL Holding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 02/15/2026 (A) | 250000 | 219337 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Natural Foods |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 10/15/2028 (A) | 1000000 | 965000 |
| &nbsp;&nbsp;&nbsp;&nbsp; US Foods |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 06/01/2030 (A) | 205000 | 183517 |
|  |  | 3485817 |
|  **ENERGY — 5.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CQP Holdco |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 06/15/2031 (A) | 1073000 | 977090 |
| &nbsp;&nbsp;&nbsp;&nbsp; DCP Midstream Operating |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.850%, ICE LIBOR USD<br>3 Month + 3.850%,<br>05/21/2043 (A)(B) | 2000000 | 1975000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genesis Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.875%, 04/15/2030 | 250000 | 254062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Partners |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 08/01/2027 | 1500000 | 1440191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinetik Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 06/15/2030 (A) | 1500000 | 1425000 |
|  |  | 6071343 |
| **FINANCIALS — 9.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Burford Capital Global<br>Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 04/15/2028 (A) | 1500000 | 1340625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freedom Mortgage |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.250%, 04/15/2025 (A) | 532000 | 505843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 01/15/2027 (A) | 500000 | 416060 |
| &nbsp;&nbsp;&nbsp;&nbsp; LFS Topco |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 10/15/2026 (A) | 340000 | 281258 |
| &nbsp;&nbsp;&nbsp;&nbsp; LPL Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 03/15/2029 (A) | 1250000 | 1118750 |
| &nbsp;&nbsp;&nbsp;&nbsp; MSCI |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 08/15/2033 (A) | 1250000 | 1025000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nationstar Mortgage<br>Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 11/15/2031 (A) | 750000 | 603750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 08/15/2028 (A) | 250000 | 218427 |
| &nbsp;&nbsp;&nbsp;&nbsp; PROG Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 11/15/2029 (A) | 2000000 | 1695000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rithm Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 10/15/2025 (A) | 1250000 | 1164063 |

---

**2** 

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **BARROW HANLEY**<br>|
|  | **CREDIT OPPORTUNITIES FUND**<br>|
| | **January 31, 2023 (Unaudited)**<br>|

---

---

| | | |
|:---|:---|:---|
|  **CORPORATE OBLIGATIONS — (continued)** | **CORPORATE OBLIGATIONS — (continued)** | **CORPORATE OBLIGATIONS — (continued)** |
|  | **Face Amount** | **Value** |
| **FINANCIALS — (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryan Specialty Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 02/01/2030 (A) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;901250 |
|  |  | 9270026 |
| **HEALTH CARE — 6.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 180 Medical |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 10/15/2029 (A) | 500000 | 443131 |
| &nbsp;&nbsp;&nbsp;&nbsp; AHP Health Partners |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 07/15/2029 (A) | 1000000 | 822686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bausch Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 02/15/2029 (A) | 100000 | 45958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 02/01/2027 (A) | 250000 | 170625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 01/30/2030 (A) | 1500000 | 657787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 02/15/2031 (A) | 50000 | 22625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/15/2029 (A) | 125000 | 56180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 06/01/2028 (A) | 250000 | 160705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emergent BioSolutions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 08/15/2028 (A) | 1525000 | 663299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Garden Spinco |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.625%, 07/20/2030 (A) | 400000 | 428001 |
| &nbsp;&nbsp;&nbsp;&nbsp; HCA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 07/15/2051 | 1500000 | 1051794 |
| &nbsp;&nbsp;&nbsp;&nbsp; HealthEquity |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/01/2029 (A) | 250000 | 223825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jazz Securities DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 01/15/2029 (A) | 250000 | 228085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Organon |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 04/30/2028 (A) | 250000 | 226112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pediatrix Medical Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 02/15/2030 (A) | 500000 | 442500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tenet Healthcare |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 01/15/2030 | 500000 | 444465 |
|  |  | 6087778 |
| **INDUSTRIALS — 13.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AerCap Global Aviation Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, ICE LIBOR USD<br>3 Month + 4.300%,<br>06/15/2045 (A)(B) | 500000 | 488915 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Airlines |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 04/20/2029 (A) | 500000 | 483611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 04/20/2026 (A) | 750000 | 735244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ardagh Metal Packaging<br>Finance USA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 06/15/2027 (A) | 125000 | 124650 |
| &nbsp;&nbsp;&nbsp;&nbsp; BWX Technologies |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 06/30/2028 (A) | 500000 | 451253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cemex |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 09/17/2030 (A) | 250000 | 233844 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **CORPORATE OBLIGATIONS — (continued)** | **CORPORATE OBLIGATIONS — (continued)** | **CORPORATE OBLIGATIONS — (continued)** | **CORPORATE OBLIGATIONS — (continued)** | **CORPORATE OBLIGATIONS — (continued)** |
|  | **Face Amount** | **Face Amount** | **Value** | **Value** |
| **INDUSTRIALS — (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Clean Harbors |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 02/01/2031 (A) | &nbsp;&nbsp;&nbsp;&nbsp;$| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;$| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Covanta Holding |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 12/01/2029 (A) |  | 1125000 |  | 982969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dycom Industries |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 04/15/2029 (A) |  | 1300000 |  | 1163825 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Student Bidco |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/31/2029 (A) |  | 250000 |  | 208151 |
| &nbsp;&nbsp;&nbsp;&nbsp; GFL Environmental |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 08/15/2029 (A) |  | 250000 |  | 221705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 08/01/2028 (A) |  | 800000 |  | 710200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harsco |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 07/31/2027 (A) |  | 1757000 |  | 1486861 |
| &nbsp;&nbsp;&nbsp;&nbsp; ILFC E-Capital Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I 6.288%, 12/21/2065 (A)(B) |  | 2455000 |  | 1577337 |
| &nbsp;&nbsp;&nbsp;&nbsp; ILFC E-Capital Trust II |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.538%, 12/21/2065 (A)(B) |  | 1000000 |  | 664093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interface |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 12/01/2028 (A) |  | 1324000 |  | 1112359 |
| &nbsp;&nbsp;&nbsp;&nbsp; ITT Holdings |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 08/01/2029 (A) |  | 1000000 |  | 868750 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPX FLOW |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.750%, 04/01/2030 (A) |  | 250000 |  | 205732 |
| &nbsp;&nbsp;&nbsp;&nbsp; TransMontaigne Partners |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 02/15/2026 |  | 1000000 |  | 868650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wabash National |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/15/2028 (A) |  | 125000 |  | 109682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waste Pro USA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 02/15/2026 (A) |  | 750000 |  | 697500 |
|  |  |  |  | 13522669 |
| **INFORMATION TECHNOLOGY — 2.3%** | **INFORMATION TECHNOLOGY — 2.3%** | **INFORMATION TECHNOLOGY — 2.3%** | **INFORMATION TECHNOLOGY — 2.3%** | **INFORMATION TECHNOLOGY — 2.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Ciena |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 01/31/2030 (A) |  | 200000 |  | 175000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entegris Escrow |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 06/15/2030 (A) |  | 500000 |  | 480165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sitios Latinoamerica |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 04/04/2032 (A) |  | 500000 |  | 466250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Play<br>Telecomunicaciones |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 09/20/2028 (A) |  | 1500000 |  | 1269585 |
|  |  |  |  | 2391000 |
| **MATERIALS — 14.3%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ardagh Metal Packaging<br>Finance USA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 09/01/2029 (A) |  | 1000000 |  | 826860 |
| &nbsp;&nbsp;&nbsp;&nbsp; ATI |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 10/01/2031 |  | 1000000 |  | 908750 |

---

**3** 

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **BARROW HANLEY**<br>|
|  | **CREDIT OPPORTUNITIES FUND**<br>|
| | **January 31, 2023 (Unaudited)**<br>|

---

---

| | | |
|:---|:---|:---|
|  **CORPORATE OBLIGATIONS — (continued)** | **CORPORATE OBLIGATIONS — (continued)** | **CORPORATE OBLIGATIONS — (continued)** |
|  | **Face Amount** | **Value** |
| **MATERIALS — (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Avient |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 08/01/2030 (A) | $500000 | $503724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axalta Coating Systems |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 02/15/2029 (A) | 1000000 | 860000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canpack |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 11/15/2029 (A) | 250000 | 207598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemours |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 11/15/2029 (A) | 2500000 | 2088800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamond BC BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 10/01/2029 (A) | 500000 | 420595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Graham Packaging |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 08/15/2028 (A) | 500000 | 436995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Graphic Packaging<br>International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 02/01/2030 (A) | 750000 | 649510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kaiser Aluminum |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 06/01/2031 (A) | 500000 | 422805 |
| &nbsp;&nbsp;&nbsp;&nbsp; LABL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.250%, 11/01/2029 (A) | 750000 | 629063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 11/01/2028 (A) | 250000 | 225937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mativ Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 10/01/2026 (A) | 1000000 | 925000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mauser Packaging Solutions<br>Holding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 08/15/2026 (A) | 1050000 | 1059187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercer International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 02/01/2029 | 500000 | 427600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pactiv Evergreen Group Issuer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 10/15/2028 (A) | 1750000 | 1555387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Polar US Borrower |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 05/15/2026 (A) | 2000000 | 900000 |
| &nbsp;&nbsp;&nbsp;&nbsp; TMS International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 04/15/2029 (A) | 1500000 | 1126708 |
| &nbsp;&nbsp;&nbsp;&nbsp; WR Grace Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 08/15/2029 (A) | 500000 | 416750 |
|  |  | 14591269 |
| **REAL ESTATE — 5.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Howard Hughes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 02/01/2031 (A) | 2500000 | 2077334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iron Mountain |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 07/15/2032 (A) | 250000 | 224984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 07/15/2030 (A) | 500000 | 452470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/15/2028 (A) | 250000 | 229878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 09/15/2029 (A) | 250000 | 225784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realogy Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 04/15/2030 (A) | 1000000 | 750000 |

---

---

| | | | |
|:---|:---|:---|:---|
|  **CORPORATE OBLIGATIONS — (continued)** | **CORPORATE OBLIGATIONS — (continued)** | **CORPORATE OBLIGATIONS — (continued)** | **CORPORATE OBLIGATIONS — (continued)** |
|  | **Face Amount** | **Face Amount** | **Value** |
| **REAL ESTATE — (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Properties Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 09/15/2025 | $| 1250000 | $1229112 |
|  |  |  | 5189562 |
| **UTILITIES — 1.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Vistra |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.000%, US Treas Yield<br>Curve Rate T Note<br>Const Mat 5 Yr +<br>5.740%(A)(B)(C) |  | 1000000 | 935000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vistra Operations |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 05/01/2029 (A) |  | 250000 | 219836 |
|  |  |  | 1154836 |
|  TOTAL CORPORATE OBLIGATIONS<br>(Cost $81,606,672) |  |  | 74766134 |
|  **REGISTERED INVESTMENT COMPANY — 25.4%** | **REGISTERED INVESTMENT COMPANY — 25.4%** | **REGISTERED INVESTMENT COMPANY — 25.4%** | **REGISTERED INVESTMENT COMPANY — 25.4%** |
|  | **Shares** | **Shares** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barrow Hanley Floating Rate<br>Fund † |  | 2683332 | 25927428 |
|  TOTAL REGISTERED<br>INVESTMENT COMPANY<br>(Cost $26,638,995) |  |  | 25927428 |
|  TOTAL INVESTMENTS— 98.5%<br>(Cost $108,245,667) |  |  | $100693562 |

---

Percentages are based on Net Assets of $102,181,277. <br>

† Investment in Affiliated Security.

(A) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold
in transactions exempt from registration normally to qualified institutions. On January 31, 2023, the value of these securities amounted to $67,286,510, representing 65.9% of the Net Assets of the Fund.

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

(C) Perpetual security with no stated maturity date.

DAC — Designated Activity Company

ICE— Intercontinental Exchange

LIBOR— London Interbank Offered Rate

LP — Limited Partnership

**4** 

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **BARROW HANLEY**<br>|
|  | **CREDIT OPPORTUNITIES FUND**<br>|
| | **January 31, 2023 (Unaudited)**<br>|

---

MSCI — Morgan Stanley Capital International

SPX — Standard & Poor's 500 Index

USD — U.S. Dollar

The following is a summary of the Fund's transactions with affiliates for the period ended January 31, 2023:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Value<br>10/31/2022** | **Purchase<br>at Cost** | **Proceeds<br>from Sales** | **Realized<br>Gain/<br>(Loss)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)** | **Value<br>1/31/2023** | **Income** | **Capital<br>Gains** |
|  Barrow Hanley Floating Rate Fund | $24799011 | $554022 | $— | $— | $574395 | $25927428 | $554023 | $— |

---

**5** 

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **BARROW HANLEY**<br>|
|  | **EMERGING MARKETS VALUE FUND**<br>|
| | **January 31, 2023 (Unaudited)**<br>|

---

---

| | | |
|:---|:---|:---|
|  **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
|  **COMMON STOCK — 92.9%** | **COMMON STOCK — 92.9%** | **COMMON STOCK — 92.9%** |
|  | **Shares** | **Value** |
| **BRAZIL — 3.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dexco \* | 27193 | $40337 |
| &nbsp;&nbsp;&nbsp;&nbsp; TIM \* | 13387 | 31171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ultrapar Participacoes | 13385 | 34806 |
|  |  | 106314 |
| **CHILE — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Antofagasta PLC | 1206 | 25913 |
| **CHINA — 27.5%** |  |  |
| **COMMUNICATION SERVICES — 4.1%** | **COMMUNICATION SERVICES — 4.1%** | **COMMUNICATION SERVICES — 4.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Baidu, Cl A \* | 4929 | 82857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Focus Media Information Technology, Cl A | 26700 | 27554 |
|  |  | 110411 |
| **CONSUMER DISCRETIONARY — 6.2%** | **CONSUMER DISCRETIONARY — 6.2%** | **CONSUMER DISCRETIONARY — 6.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Haier Smart Home, Cl H | 13357 | 49262 |
| &nbsp;&nbsp;&nbsp;&nbsp; JD.com, Cl A \* | 2395 | 71116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nexteer Automotive Group | 67267 | 48931 |
|  |  | 169309 |
| **CONSUMER STAPLES — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tingyi Cayman Islands Holding | 27274 | 45373 |
| **ENERGY — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; China Petroleum & Chemical, Cl H | 91377 | 49341 |
| **FINANCIALS — 8.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BOC Hong Kong Holdings | 14957 | 52273 |
| &nbsp;&nbsp;&nbsp;&nbsp; China International Capital, Cl H | 36271 | 81052 |
| &nbsp;&nbsp;&nbsp;&nbsp; PICC Property & Casualty, Cl H | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51053 | 47998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ping An Insurance Group of China, Cl H | 5637 | 43786 |
|  |  | 225109 |
| **HEALTH CARE — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shandong Weigao Group Medical Polymer, Cl H | 39617 | 65859 |
| **INDUSTRIALS — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Weichai Power, Cl H | 29571 | 44655 |
| **UTILITIES — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ENN Energy Holdings | 2267 | 34156 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744213 |

---

---

| | | |
|:---|:---|:---|
|  **COMMON STOCK — (continued)** | **COMMON STOCK — (continued)** | **COMMON STOCK — (continued)** |
|  | **Shares** | **Value** |
| **GREECE — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; OPAP | 3049 | $45782 |
| **HONG KONG — 6.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ASMPT | 3678 | 30379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hang Lung Properties | 26910 | 50740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hongkong Land Holdings | 10048 | 49122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sino Biopharmaceutical | 91653 | 53332 |
|  |  | 183573 |
| **INDIA — 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Axis Bank | 4330 | 46278 |
| &nbsp;&nbsp;&nbsp;&nbsp; IndusInd Bank | 3363 | 44698 |
|  |  | 90976 |
| **INDONESIA — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Astra International | 111593 | 44833 |
| **MACAO — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Galaxy Entertainment Group \* | 10093 | 70260 |
| **MEXICO — 7.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fibra Uno Administracion ‡ | 25165 | 34051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gruma, Cl B | 3743 | 54287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grupo Financiero Banorte, Cl O | 4109 | 34041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kimberly-Clark de Mexico, Cl A | 35122 | 66866 |
|  |  | 189245 |
| **PHILIPPINES — 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ayala Land | 72883 | 39310 |
| &nbsp;&nbsp;&nbsp;&nbsp; BDO Unibank | 22306 | 50310 |
|  |  | 89620 |
| **RUSSIA — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alrosa PJSC (A) | 12058 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Moscow Exchange MICEX-<br>RTS PJSC \*(A) | 8812 |  |
| **SINGAPORE — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Telecommunications | 19951 | 38209 |
| **SOUTH AFRICA — 4.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gold Fields | 2662 | 30341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Growthpoint Properties ‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63290 | 50996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vodacom Group | 4776 | 33565 |
|  |  | 114902 |
| **SOUTH KOREA — 12.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amorepacific | 324 | 38513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hankook Tire & Technology | 1943 | 51275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Korea Investment Holdings | 1284 | 65522 |
| &nbsp;&nbsp;&nbsp;&nbsp; POSCO Holdings | 192 | 47180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shinhan Financial Group | 1460 | 49369 |
| &nbsp;&nbsp;&nbsp;&nbsp; SK Hynix | 1206 | 87247 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339106 |

---

**6** 

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **BARROW HANLEY**<br>|
|  | **EMERGING MARKETS VALUE FUND**<br>|
| | **January 31, 2023 (Unaudited)**<br>|

---

---

| | | |
|:---|:---|:---|
|  **COMMON STOCK — (continued)** | **COMMON STOCK — (continued)** | **COMMON STOCK — (continued)** |
|  | **Shares** | **Value** |
| **TAIWAN — 10.7%** | **TAIWAN — 10.7%** | **TAIWAN — 10.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Bizlink Holding | 7307 | $64101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cathay Financial Holding | 30078 | 42822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hiwin Technologies | 5737 | 42895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Largan Precision | 466 | 33254 |
| &nbsp;&nbsp;&nbsp;&nbsp; MediaTek | 2833 | 68448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pegatron | 16933 | 36502 |
|  |  | 288022 |
| **THAILAND — 5.2%** | **THAILAND — 5.2%** | **THAILAND — 5.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; PTT Exploration & Production<br>PCL | 17279 | 90198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thai Beverage PCL | 92553 | 49436 |
|  |  | 139634 |
|  TOTAL COMMON STOCK<br>(Cost $2,362,232) | TOTAL COMMON STOCK<br>(Cost $2,362,232) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2510602 |
|  **PREFERRED STOCK — 1.6%** | **PREFERRED STOCK — 1.6%** | **PREFERRED STOCK — 1.6%** |
|  **BRAZIL — 1.6%** | **BRAZIL — 1.6%** | **BRAZIL — 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Cia Energetica de Minas<br>Gerais (B) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18477 | 41895 |
|  TOTAL PREFERRED STOCK<br>(Cost $33,516) | TOTAL PREFERRED STOCK<br>(Cost $33,516) | 41895 |
|  TOTAL INVESTMENTS— 94.5%<br>(Cost $2,395,748) | TOTAL INVESTMENTS— 94.5%<br>(Cost $2,395,748) | $2552497 |

---

Percentages are based on Net Assets of $2,702,103. <br>

\* Non-income producing security.

‡ Real Estate Investment Trust.

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

(B) There is currently no rate available.

Cl — Class

PCL — Public Company Limited

PLC — Public Limited Company

PJSC — Public Joint-Stock Company

**7** 

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **BARROW HANLEY**<br>|
|  | **FLOATING RATE FUND**<br>|
| | **January 31, 2023 (Unaudited)**<br>|

---

---

| | | |
|:---|:---|:---|
|  **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
|  **BANK LOAN OBLIGATIONS — 84.5%** | **BANK LOAN OBLIGATIONS — 84.5%** | **BANK LOAN OBLIGATIONS — 84.5%** |
|  | **Face Amount** | **Value** |
| **AEROSPACE AND DEFENSE — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Peraton Corp., Term B Loan, 1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.320%, LIBOR + 3.750%,<br>02/01/2028 (A) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;953027 | $947070 |
| **AUTOMOBILE — 2.3%** | **AUTOMOBILE — 2.3%** | **AUTOMOBILE — 2.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Adient US LLC, Tranche B-1<br>Term Loan 1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.820%, 04/10/2028 | 2334575 | 2325820 |
| **BANKING — 0.4%** | **BANKING — 0.4%** | **BANKING — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Nexus Buyer LLC, Term Loan,<br>1st Lien<br>8.320%, LIBOR + 3.750%,<br>11/09/2026 (A) | 393985 | 386034 |
| **BEVERAGE, FOOD AND TOBACCO — 1.3%** | **BEVERAGE, FOOD AND TOBACCO — 1.3%** | **BEVERAGE, FOOD AND TOBACCO — 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 8th Avenue Food, Term Loan,<br>1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.134%, 10/01/2025 | 780025 | 674074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alpine US, Term Loan 1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.709%, 05/03/2028 | 336147 | 318778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Woof Holdings, Inc., Initial<br>Term Loan, 1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.258%, LIBOR + 3.750%,<br>12/21/2027 (A) | 388511 | 369086 |
|  |  | 1361938 |
| **BROADCASTING AND ENTERTAINMENT — 1.9%** | **BROADCASTING AND ENTERTAINMENT — 1.9%** | **BROADCASTING AND ENTERTAINMENT — 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; CSC Holdings, LLC, March<br>2017 Refinancing Term |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loan, 1st Lien<br>6.709%, LIBOR + 2.250%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/17/2025 (A)(B) | 790000 | 761031 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSC Holdings, LLC,<br>September 2019 Initial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 1st Lien<br>6.959%, LIBOR + 2.500%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/2027 (A) | 787969 | 729856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virgin Media Bristol LLC,<br>Facility Q, 1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.709%, LIBOR + 3.250%,<br>01/31/2029 (A) | 395000 | 394878 |
|  |  | 1885765 |
| **BUILDING AND DEVELOPMENT — 0.4%** | **BUILDING AND DEVELOPMENT — 0.4%** | **BUILDING AND DEVELOPMENT — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Walker & Dunlop, Inc.,<br>Incremental Term B Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.530%, CME Term SOFR<br>+ 3.000%, 12/26/2028 (A) | 395000 | 392037 |

---

---

| | | |
|:---|:---|:---|
|  **BANK LOAN OBLIGATIONS — (continued)** | **BANK LOAN OBLIGATIONS — (continued)** | |
|  | **Face Amount** | <br> **Value** |
| **BUILDINGS AND REAL ESTATE — 3.9%** | **BUILDINGS AND REAL ESTATE — 3.9%** | **BUILDINGS AND REAL ESTATE — 3.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Aegion Corporation, Initial<br>Term Loan, 1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.320%, LIBOR + 4.750%,<br>05/17/2028 (A) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Potters Industries, LLC, Initial<br>Term Loan, 1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.730%, LIBOR +<br>4.000%, 12/14/2027 (A) | 1164537 | 1154708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Werner Finco LP (Werner<br>Finco, Inc.), Initial Term<br>Loan, 1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.730%, LIBOR + 4.000%,<br>07/24/2024 (A) | 1115925 | 1008517 |
| &nbsp;&nbsp;&nbsp;&nbsp; WireCo WorldGroup Inc.,<br>Initial Term Loan, 1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.938%, LIBOR + 4.250%,<br>11/13/2028 (A) | 1120933 | 1115329 |
|  |  | 4019967 |
| **BUSINESS EQUIPMENT AND SERVICES — 0.4%** | **BUSINESS EQUIPMENT AND SERVICES — 0.4%** | **BUSINESS EQUIPMENT AND SERVICES — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Harsco Corp., Term B-3 Loan<br>6.926%, CME Term SOFR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; + 2.250%, 03/10/2028 (A)(B) | 394000 | 376026 |
| **CARGO TRANSPORT — 1.4%** | **CARGO TRANSPORT — 1.4%** | **CARGO TRANSPORT — 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; First Student Bidco Inc., 2022<br>Incremental Term B Loan, 1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.680%, CME Term<br>SOFR + 4.000%,<br>07/21/2028 (A) | 369532 | 356044 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Student Bidco Inc., 2022<br>Incremental Term C Loan,<br>1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.680%, CME Term<br>SOFR + 4.000%,<br>07/21/2028 (A) | 25468 | 24538 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Student Bidco Inc.,<br>Initial Term B Loan, 1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.726%, LIBOR + 3.000%,<br>07/21/2028 (A) | 285736 | 269426 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Student Bidco Inc.,<br>Initial Term C Loan, 1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.726%, LIBOR + 3.000%,<br>07/21/2028 (A) | 106804 | 100708 |

---

**8** 

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **BARROW HANLEY**<br>|
|  | **FLOATING RATE FUND**<br>|
| | **January 31, 2023 (Unaudited)**<br>|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **BANK LOAN OBLIGATIONS — (continued)** | **BANK LOAN OBLIGATIONS — (continued)** | **BANK LOAN OBLIGATIONS — (continued)** | **BANK LOAN OBLIGATIONS — (continued)** | **BANK LOAN OBLIGATIONS — (continued)** |
|  | **Face Amount** | **Face Amount** | **Value** | **Value** |
| **CARGO TRANSPORT — (continued)** | **CARGO TRANSPORT — (continued)** | **CARGO TRANSPORT — (continued)** | **CARGO TRANSPORT — (continued)** | **CARGO TRANSPORT — (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Kenan Advantage Group, Inc.,<br>The, U.S. Term B-1 Loan, 1st Lien |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.320%, LIBOR + 3.750%,<br>03/24/2026 (A) | &nbsp;&nbsp;&nbsp;&nbsp;$| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384800 | &nbsp;&nbsp;&nbsp;&nbsp;$| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kenan Advantage, Term Loan,<br>1st Lien |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.634%, 09/01/2027 |  | 197000 |  | 181732 |
| &nbsp;&nbsp;&nbsp;&nbsp; LaserShip, Inc., Initial Loan,<br>2nd Lien |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.230%, LIBOR +<br>7.500%, 05/07/2029 (A) |  | 197000 |  | 122140 |
|  |  |  |  | 1434362 |
| **CHEMICALS, PLASTICS AND RUBBER — 5.1%** | **CHEMICALS, PLASTICS AND RUBBER — 5.1%** | **CHEMICALS, PLASTICS AND RUBBER — 5.1%** | **CHEMICALS, PLASTICS AND RUBBER — 5.1%** | **CHEMICALS, PLASTICS AND RUBBER — 5.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Axalta Coating Systems Dutch<br>Holding B B.V. (Axalta<br>Coating Systems U.S.<br>Holdings, Inc.), Term B-4<br>Dollar Facility, 1st Lien |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.506%, CME Term SOFR<br>+ 3.000%, 12/20/2029 (A) |  | 2370000 |  | 2378888 |
| &nbsp;&nbsp;&nbsp;&nbsp; DCG Acquisition Corp., Term<br>Loan B, 1st Lien |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.724%, LIBOR +<br>4.500%, 09/30/2026 (A) |  | 388511 |  | 372648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nouryon Finance B.V., Initial<br>Dollar Term Loan, 1st Lien |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.526%, CME Term SOFR<br>+ 2.750%, 10/01/2025 (A) |  | 873677 |  | 863848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schenectady International Group, Inc., Term Loan, 1st Lien |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.021%, 10/15/2025 |  | 709360 |  | 581087 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sparta U.S. Holdco LLC, Initial<br>Term Loan, 1st Lien |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.619%, LIBOR + 3.250%,<br>08/02/2028 (A) |  | 195631 |  | 194735 |
| &nbsp;&nbsp;&nbsp;&nbsp;W. R. Grace Holdings LLC,<br>Initial Term Loan, 1st Lien |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.500%, LIBOR + 3.750%,<br>09/22/2028 (A) |  | 782524 |  | 776937 |
|  |  |  |  | 5168143 |

---

---

| | | |
|:---|:---|:---|
|  **BANK LOAN OBLIGATIONS — (continued)** | **BANK LOAN OBLIGATIONS — (continued)** | |
|  | **Face Amount** | <br> **Value** |
| **CONTAINERS, PACKAGING AND GLASS — 1.7%** | **CONTAINERS, PACKAGING AND GLASS — 1.7%** | **CONTAINERS, PACKAGING AND GLASS — 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Five Star Lower Holding LLC,<br>Initial Term Loan, 1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.620%, CME Term<br>SOFR + 4.250%,<br>05/05/2029 (A) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394013 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Graham Packaging Company Inc., Initial Term Loan (2021),<br>1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.570%, LIBOR +<br>3.000%, 08/04/2027 (A) | 1140547 | 1134844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pregis TopCo LLC, Third<br>Amendment Refinancing<br>Term Loan, 1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.320%, LIBOR + 3.750%,<br>07/31/2026 (A) | 195006 | 192081 |
|  |  | 1715520 |
| **DIVERSIFIED NATURAL RESOURCES, PRECIOUS** | **DIVERSIFIED NATURAL RESOURCES, PRECIOUS** | **DIVERSIFIED NATURAL RESOURCES, PRECIOUS** |
| **METALS AND MINERALS — 2.2%** | **METALS AND MINERALS — 2.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mativ Holdings, Inc., Term B Loan, 1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.375%, LIBOR + 3.750%,<br>04/20/2028 (A) | 2334575 | 2276210 |
| **DIVERSIFIED/CONGLOMERATE** | **DIVERSIFIED/CONGLOMERATE** | **DIVERSIFIED/CONGLOMERATE** |
| **MANUFACTURING — 1.1%** | **MANUFACTURING — 1.1%** | **MANUFACTURING — 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; TK Elevator Midco GmbH,<br>Facility B1 (USD), 1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.871%, LIBOR + 3.500%,<br>07/30/2027 (A) | 905945 | 888832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.807%, 07/30/2027 (A) | 256098 | 251260 |
|  |  | 1140092 |
| **DIVERSIFIED/CONGLOMERATE SERVICE — 6.1%** | **DIVERSIFIED/CONGLOMERATE SERVICE — 6.1%** | **DIVERSIFIED/CONGLOMERATE SERVICE — 6.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; BIFM/Brookfield Global,<br>Term Loan, 1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.884%, 05/01/2026 | 760532 | 747222 |
| &nbsp;&nbsp;&nbsp;&nbsp; DXP Enterprises, Inc., Initial<br>Term Loan, 1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.955%, CME Term SOFR<br>+ 5.250%, 12/23/2027 (A)(B) | 787990 | 752530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Embecta Corp., Initial Term Loan, 1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.791%, CME Term SOFR<br>+ 3.000%, 03/30/2029 (A) | 324162 | 317815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medline Borrower, LP, Initial<br>Dollar Term Loan, 1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.820%, LIBOR + 3.250%,<br>10/23/2028 (A) | 784025 | 760395 |

---

**9** 

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **BARROW HANLEY**<br>|
|  | **FLOATING RATE FUND**<br>|
| | **January 31, 2023 (Unaudited)**<br>|

---

---

| | | |
|:---|:---|:---|
|  **BANK LOAN OBLIGATIONS — (continued)** | **BANK LOAN OBLIGATIONS — (continued)** | **BANK LOAN OBLIGATIONS — (continued)** |
|  | **Face Amount** | **Value** |
| **DIVERSIFIED/CONGLOMERATE SERVICE — (continued)** | **DIVERSIFIED/CONGLOMERATE SERVICE — (continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercury Borrower, Inc.,<br>Initial Term Loan, 1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.250%, LIBOR + 3.500%,<br>08/02/2028 (A) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782785 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paya Holdings III, LLC, Initial<br>Term Loan 1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.820%, LIBOR + 3.250%,<br>06/25/2028 (A) | 780025 | 779050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Logic Acquisition,<br>Inc., Closing Date Initial<br>Term Loan, 1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.494%, LIBOR +<br>4.000%, 10/29/2027 (A) | 777477 | 757069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sharp Midco LLC, Initial Term Loan, 1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.730%, LIBOR +<br>4.000%, 12/31/2028 (A) | 784025 | 768345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verscend Holding Corp., TermB-1<br>Loan, 1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.570%, LIBOR +<br>4.000%, 08/27/2025 (A) | 573760 | 572119 |
|  |  | 6210910 |
|  **ECOLOGICAL — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GFL Environmental Inc., 2020<br>Refinancing Term Loan, 1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.415%, LIBOR + 3.000%,<br>05/30/2025 (A) | 1168531 | 1170483 |
|  **ELECTRONICS — 4.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingram Micro Inc., Initial<br>Term Loan, 1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.230%, LIBOR +<br>3.500%, 06/30/2028 (A) | 388526 | 386747 |
| &nbsp;&nbsp;&nbsp;&nbsp; MH Sub I, LLC (Micro Holding<br>Corp.), 2020 June New<br>Term Loan, 1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.320%, LIBOR + 3.750%,<br>09/13/2024 (A) | 787980 | 778973 |
| &nbsp;&nbsp;&nbsp;&nbsp; MH Sub I, LLC (Micro Holding<br>Corp.), Amendment No. 2<br>Initial Term Loan, 1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.320%, LIBOR + 3.750%,<br>09/13/2024 (A) | 783697 | 774269 |

---

---

| | | | |
|:---|:---|:---|:---|
|  **BANK LOAN OBLIGATIONS — (continued)** | **BANK LOAN OBLIGATIONS — (continued)** | **BANK LOAN OBLIGATIONS — (continued)** | |
|  | **Face Amount** | **Face Amount** | <br> **Value** |
|  **ELECTRONICS — (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proofpoint, Inc., Initial Term Loan,<br>1st Lien |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.985%, LIBOR + 3.250%,<br>08/31/2028 (A) | &nbsp;&nbsp;&nbsp;&nbsp;$| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785267 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;769193 |
| &nbsp;&nbsp;&nbsp;&nbsp; RealPage, Inc., Initial Term Loan,<br>1st Lien |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.570%, LIBOR +<br>3.000%, 04/24/2028 (A) |  | 390013 | 379825 |
| &nbsp;&nbsp;&nbsp;&nbsp; UKG Inc., Initial Term Loan, 1st Lien |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.575%, LIBOR + 3.750%,<br>05/04/2026 (A) |  | 372601 | 368618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ultra Clean, Term Loan, 1st Lien |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.134%, 08/27/2025 |  | 647654 | 647653 |
|  |  |  | 4105278 |
|  **FINANCE (INCLUDING STRUCTURED<br>PRODUCTS) — 10.6%** | **FINANCE (INCLUDING STRUCTURED<br>PRODUCTS) — 10.6%** | **FINANCE (INCLUDING STRUCTURED<br>PRODUCTS) — 10.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Allspring Buyer LLC, Initial<br>Term Loan, 1st Lien |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.750%, LIBOR +<br>3.000%, 11/01/2028 (A) |  | 695908 | 693153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown Group Holding, LLC, Incremental Term B-2 Facility, 1st Lien |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.311%, CME Term SOFR +<br>3.750%, 07/02/2029 (A)(B) |  | 394013 | 393741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fiserv Investment Solutions, Inc., Initial Term Loan, 1st Lien |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.482%, CME Term<br>SOFR + 4.000%,<br>02/18/2027 (A) |  | 770524 | 755753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global IID Parent LLC, Term B Loan,<br>1st Lien |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.230%, LIBOR +<br>4.500%, 12/16/2028 (A) |  | 1564050 | 1478028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Greystone Select, Term Loan, 1st Lien |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.798%, 06/16/2028 (A) |  | 386554 | 370125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jane Street Group, LLC, Dollar Term Loan, 1st Lien |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.320%, LIBOR + 2.750%,<br>01/26/2028 (A) |  | 1160789 | 1155890 |
| &nbsp;&nbsp;&nbsp;&nbsp; KKR Apple Bidco, LLC,<br>Amendment No. 1 Term Loan,<br>1st Lien |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.553%, CME Term SOFR<br>+ 4.000%, 09/22/2028 (A) |  | 395000 | 395122 |

---

**10** 

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **BARROW HANLEY**<br>|
|  | **FLOATING RATE FUND**<br>|
| | **January 31, 2023 (Unaudited)**<br>|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **BANK LOAN OBLIGATIONS — (continued)** | **BANK LOAN OBLIGATIONS — (continued)** | **BANK LOAN OBLIGATIONS — (continued)** |  |  |
|  | **Face Amount** | **Face Amount** | **Value** | **Value** |
| **FINANCE (INCLUDING STRUCTURED**<br> **PRODUCTS) — (continued)** | **FINANCE (INCLUDING STRUCTURED**<br> **PRODUCTS) — (continued)** | **FINANCE (INCLUDING STRUCTURED**<br> **PRODUCTS) — (continued)** | **FINANCE (INCLUDING STRUCTURED**<br> **PRODUCTS) — (continued)** | **FINANCE (INCLUDING STRUCTURED**<br> **PRODUCTS) — (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; KKR Apple Bidco, LLC, Initial Term Loan, 2nd Lien |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.320%, LIBOR +<br>5.750%, 09/21/2029 (A) | &nbsp;&nbsp;&nbsp;&nbsp;$| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Madison IAQ LLC, Initial<br>Term Loan, 1st Lien |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.988%, LIBOR + 3.250%,<br>06/21/2028 (A) |  | 388763 |  | 371351 |
| &nbsp;&nbsp;&nbsp;&nbsp; MSP Law PLLC, Term Loan, 1st Lien |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 04/09/2025 (C)(D) |  | 445813 |  | 445813 |
| &nbsp;&nbsp;&nbsp;&nbsp; New SK Holdco Sub, LLC, New Term Loan, 1st Lien |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.332%, CME Term<br>SOFR + 6.750%,<br>06/30/2027 (A) |  | 2422111 |  | 2070905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Osmosis Buyer Limited, 2022 Incremental Delayed Draw Term B Loan, 1st Lien |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.084%, CME Term<br>SOFR + 3.750%,<br>07/31/2028 (A) |  | 74074 |  | 72500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Osmosis Buyer Limited, 2022 Incremental Term B Loan, 1st Lien |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.838%, CME Term SOFR<br>+ 3.750%, 07/31/2028 (A) |  | 745059 |  | 729226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Osmosis Buyer Limited, 2022 Refinancing Term B Loan, 1st Lien |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.147%, CME Term SOFR<br>+ 3.750%, 07/31/2028 (A) |  | 196880 |  | 192204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Russell Investments US Institutional Holdco, Inc., 2025 Term Loan, 1st Lien |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.070%, LIBOR +<br>3.500%, 05/30/2025 (A) |  | 1580000 |  | 1546757 |
|  |  |  |  | 10863628 |
|  **HEALTHCARE, EDUCATION AND CHILDCARE — 12.0%** | **HEALTHCARE, EDUCATION AND CHILDCARE — 12.0%** | **HEALTHCARE, EDUCATION AND CHILDCARE — 12.0%** | **HEALTHCARE, EDUCATION AND CHILDCARE — 12.0%** | **HEALTHCARE, EDUCATION AND CHILDCARE — 12.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AHP Health Partners, Inc.,Initial Term Loan, 1st Lien |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.070%, LIBOR +<br>3.500%, 08/24/2028<br>(A)(B) |  | 788005 |  | 780716 |

---

---

| | | |
|:---|:---|:---|
|  **BANK LOAN OBLIGATIONS — (continued)** | **BANK LOAN OBLIGATIONS — (continued)** | |
|  | **Face Amount** | <br> **Value** |
| **HEALTHCARE, EDUCATION AND CHILDCARE —**<br> **(continued)** | **HEALTHCARE, EDUCATION AND CHILDCARE —**<br> **(continued)** | **HEALTHCARE, EDUCATION AND CHILDCARE —**<br> **(continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Bausch + Lomb Corporation, Initial Term Loan, 1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.842%, CME Term<br>SOFR + 3.250%,<br>05/10/2027 (A) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;786524 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bausch Health Companies Inc., Second Amendment Term Loan, 1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.828%, CME Term SOFR<br>+ 5.250%, 02/01/2027 (A) | 770620 | 591035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bella Holding Company, LLC, Initial Term Loan, 1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.411%, CME Term SOFR<br>+ 3.750%, 05/10/2028 (A) | 780025 | 758902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charlotte Buyer, Inc., Initial Term Loan B, 1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.683%, CME Term SOFR<br>+ 5.250%, 02/11/2028 (A) | 395000 | 384631 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNT Holdings I Corp, Initial Term Loan, 1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.125%, CME Term SOFR<br>+ 3.500%, 11/08/2027 (A) | 1164537 | 1148338 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNT Holdings I Corp, Initial Term Loan, 2nd Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.375%, CME Term<br>SOFR + 6.750%, 11/06/2028 (A) | 592000 | 565851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jazz Pharmaceuticals Public Limited Company, Initial Dollar Term Loan,<br>1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.070%, LIBOR +<br>3.500%, 05/05/2028 (A) | 701751 | 700761 |
| &nbsp;&nbsp;&nbsp;&nbsp; LifePoint Health, Inc. (fka Regionalcare Hospital Partners Holdings, Inc.), Term B Loan, 1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.575%, LIBOR + 3.750%,<br>11/16/2025 (A) | 1201362 | 1165657 |
| &nbsp;&nbsp;&nbsp;&nbsp; MED ParentCo, LP, Initial Term Loan,<br>1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.820%, LIBOR +<br>4.250%, 08/31/2026 (A) | 787964 | 705314 |

---

**11** 

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **BARROW HANLEY**<br>|
|  | **FLOATING RATE FUND**<br>|
| | **January 31, 2023 (Unaudited)**<br>|

---

---

| | | | |
|:---|:---|:---|:---|
|  **BANK LOAN OBLIGATIONS — (continued)** | **BANK LOAN OBLIGATIONS — (continued)** | **BANK LOAN OBLIGATIONS — (continued)** | |
|  | **Face Amount** | **Face Amount** | <br> **Value** |
| **HEALTHCARE, EDUCATION AND CHILDCARE — (continued)** | **HEALTHCARE, EDUCATION AND CHILDCARE — (continued)** | **HEALTHCARE, EDUCATION AND CHILDCARE — (continued)** | **HEALTHCARE, EDUCATION AND CHILDCARE — (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; National Mentor Holdings, Inc., Initial Term C Loan, 1st Lien |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.480%, LIBOR + 3.750%,<br>03/02/2028 (A) | &nbsp;&nbsp;&nbsp;&nbsp;$| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46309 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33777 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Mentor Holdings, Inc., Initial Term Loan, 1st Lien |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.480%, LIBOR + 3.750%,<br>03/02/2028 (A) |  | 1441003 | 1051039 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Mentor Holdings, Inc., Initial Term Loan, 2nd Lien |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.980%, LIBOR +<br>7.250%, 03/02/2029 (A) |  | 395000 | 254775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Organon & Co., Dollar Term Loan,<br>1st Lien |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.750%, LIBOR +<br>3.000%, 06/02/2028 (A) |  | 735833 | 733597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Summit Behavioral Healthcare, LLC, Initial Term Loan, 1st Lien |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.449%, LIBOR +<br>4.750%, 11/24/2028 (A) |  | 784025 | 744824 |
| &nbsp;&nbsp;&nbsp;&nbsp; WCG Purchaser Corp., Initial Term Loan, 1st Lien |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.570%, LIBOR +<br>4.000%, 01/08/2027 (A) |  | 1550373 | 1493211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Women's Care Holdings, Inc., Initial Term Loan, 1st Lien |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.871%, LIBOR + 4.500%,<br>01/15/2028 (A) |  | 388763 | 363008 |
|  |  |  | 12240205 |
| **HOME AND OFFICE FURNISHINGS, HOUSEWARES AND DURABLE CONSUMER PRODUCTS — 0.8%** | **HOME AND OFFICE FURNISHINGS, HOUSEWARES AND DURABLE CONSUMER PRODUCTS — 0.8%** | **HOME AND OFFICE FURNISHINGS, HOUSEWARES AND DURABLE CONSUMER PRODUCTS — 0.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pactiv Evergreen Inc., Tranche<br>B-3 U.S. Term Loan, 1st Lien |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.820%, LIBOR + 3.250%, 09/24/2028 (A) |  | 779028 | 775133 |

---

---

| | | |
|:---|:---|:---|
|  **BANK LOAN OBLIGATIONS — (continued)** | **BANK LOAN OBLIGATIONS — (continued)** | |
|  | **Face Amount** | <br> **Value** |
| **HOTELS, MOTELS, INNS AND GAMING — 0.6%** | **HOTELS, MOTELS, INNS AND GAMING — 0.6%** | **HOTELS, MOTELS, INNS AND GAMING — 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; BRE/Everbright M6 Borrower<br>LLC, Initial Term Loan, 1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.430%, LIBOR +<br>5.000%, 09/09/2026 (A) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663971 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658440 |
| **INSURANCE — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asurion, LLC, New B-4 Term Loan,<br>2nd Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.820%, LIBOR + 5.250%,<br>01/20/2029 (A) | 790000 | 659160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hub International Limited,<br>2022 Incremental Term<br>Loan, 1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.220%, CME Term<br>SOFR + 4.000%,<br>11/10/2029 (A) | 395000 | 394530 |
| &nbsp;&nbsp;&nbsp;&nbsp; USI, Inc., 2022 New Term Loan, 1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.330%, CME Term<br>SOFR + 3.750%,<br>11/22/2029 (A)(B) | 788025 | 787828 |
|  |  | 1841518 |
| **LEISURE, AMUSEMENT, MOTION PICTURES, ENTERTAINMENT — 1.3%** | **LEISURE, AMUSEMENT, MOTION PICTURES, ENTERTAINMENT — 1.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Formula One Management Limited, Facility B Loan, 1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.811%, CME Term SOFR<br>+ 3.250%, 01/15/2030 (A) | 395000 | 395905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scientific Games Holdings LP , Initial Dollar Term Loan, 1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.103%, CME Term SOFR<br>+ 3.500%, 04/04/2029 (A) | 196508 | 193047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Topgolf International, Inc., Initial Term Loan, 1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.065%, LIBOR +<br>6.250%, 02/09/2026 (A) | 763890 | 762774 |
|  |  | 1351726 |
| **MACHINERY (NON-AGRICULTURE, NON-<br>CONSTRUCTION AND NON-ELECTRONIC) — 6.7%** | **MACHINERY (NON-AGRICULTURE, NON-<br>CONSTRUCTION AND NON-ELECTRONIC) — 6.7%** | **MACHINERY (NON-AGRICULTURE, NON-<br>CONSTRUCTION AND NON-ELECTRONIC) — 6.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Alliance Laundry Systems<br>LLC, Initial Term B Loan,<br>1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.306%, LIBOR + 3.500%,<br>10/08/2027 (A) | 1159794 | 1156176 |

---

**12** 

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **BARROW HANLEY**<br>|
|  | **FLOATING RATE FUND**<br>|
| | **January 31, 2023 (Unaudited)**<br>|

---

---

| | | | |
|:---|:---|:---|:---|
|  **BANK LOAN OBLIGATIONS — (continued)** | **BANK LOAN OBLIGATIONS — (continued)** | **BANK LOAN OBLIGATIONS — (continued)** | |
|  | **Face Amount** | **Face Amount** | <br> **Value** |
| **MACHINERY (NON-AGRICULTURE, NON- CONSTRUCTION AND NON-ELECTRONIC) — (continued)** | **MACHINERY (NON-AGRICULTURE, NON- CONSTRUCTION AND NON-ELECTRONIC) — (continued)** | **MACHINERY (NON-AGRICULTURE, NON- CONSTRUCTION AND NON-ELECTRONIC) — (continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Apex Tool Group, LLC, Initial<br>Term Loan, 1st Lien |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.828%, CME Term SOFR<br>+ 5.250%, 02/08/2029 (A) | &nbsp;&nbsp;&nbsp;&nbsp;$| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;786524 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685755 |
| &nbsp;&nbsp;&nbsp;&nbsp; AZZ Inc., Initial Term Loan,<br>1st Lien |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.911%, CME Term SOFR<br>+ 4.250%, 05/13/2029 (A) |  | 943223 | 943053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Engineered Machinery, Term<br>Loan, 1st Lien |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.730%, 05/21/2029 |  | 395000 | 357475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Filtration Group Corporation, 2021 Incremental Term Loan, 1st Lien |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.070%, LIBOR +<br>3.500%, 10/21/2028 (A) |  | 1365044 | 1357086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gates Global LLC, Initial B-4<br>Dollar Term Loan, 1st Lien |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.061%, CME Term SOFR<br>+ 3.500%, 11/16/2029 (A) |  | 788025 | 788025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pro Mach Group, Inc., Closing Date Initial Term Loan, 1st Lien |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.570%, LIBOR + 4.000%, 08/31/2028 (A) |  | 781806 | 778874 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPX Flow, Inc., Term Loan, 1st Lien |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.161%, CME Term SOFR + 4.500%, 04/05/2029 (A) |  | 788025 | 758190 |
|  |  |  | 6824634 |
| **OIL AND GAS — 1.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CQP Holdco LP, Initial Term Loan, 1st Lien |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.480%, LIBOR + 3.750%, 06/05/2028 (A) |  | 1556051 | 1557607 |
| **PERSONAL AND NON-DURABLE CONSUMER PRODUCTS (MANUFACTURING ONLY) — 1.7%** | **PERSONAL AND NON-DURABLE CONSUMER PRODUCTS (MANUFACTURING ONLY) — 1.7%** | **PERSONAL AND NON-DURABLE CONSUMER PRODUCTS (MANUFACTURING ONLY) — 1.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ABG Intermediate Holdings 2 LLC, Initial Term Loan, 2nd Lien |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.661%, CME Term SOFR + 6.000%, 12/20/2029 (A) |  | 197000 | 180379 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **BANK LOAN OBLIGATIONS — (continued)** | **BANK LOAN OBLIGATIONS — (continued)** | **BANK LOAN OBLIGATIONS — (continued)** |  |  |
|  | **Face Amount** | **Face Amount** | **Value** | **Value** |
| **PERSONAL AND NON-DURABLE CONSUMER PRODUCTS (MANUFACTURING ONLY) — (continued)** | **PERSONAL AND NON-DURABLE CONSUMER PRODUCTS (MANUFACTURING ONLY) — (continued)** | **PERSONAL AND NON-DURABLE CONSUMER PRODUCTS (MANUFACTURING ONLY) — (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ABG Intermediate Holdings 2 LLC, Tranche TLB-1 Term Loan, 1st Lien |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.161%, CME Term SOFR + 3.500%, 12/21/2028 (A) | &nbsp;&nbsp;&nbsp;&nbsp;$| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;786524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;779642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sunshine Luxembourg VII S.a r.l., Facility B3, 1st Lien |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.480%, LIBOR + 3.750%,<br>10/01/2026 (A) |  | 772110 |  | 755703 |
|  |  |  |  | 1715724 |
| **PERSONAL TRANSPORTATION — 1.9%** | **PERSONAL TRANSPORTATION — 1.9%** | **PERSONAL TRANSPORTATION — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AAdvantage Loyality IP Ltd.<br>(American Airlines, Inc.),<br>Initial Term Loan, 1st Lien |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.558%, LIBOR + 4.750%,<br>04/20/2028 (A) |  | 1185000 |  | 1215917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mileage Plus Holdings LLC<br>(Mileage Plus Intellectual<br>Property Assets, Ltd.),<br>Initial Term Loan, 1st Lien |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.996%, LIBOR + 5.250%,<br>06/21/2027 (A) |  | 710526 |  | 740013 |
|  |  |  |  | 1955930 |
| **PRINTING, PUBLISHING AND BROADCASTING — 3.0%** | **PRINTING, PUBLISHING AND BROADCASTING — 3.0%** | **PRINTING, PUBLISHING AND BROADCASTING — 3.0%** | **PRINTING, PUBLISHING AND BROADCASTING — 3.0%** | **PRINTING, PUBLISHING AND BROADCASTING — 3.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; LABL, Inc., Initial Dollar Term Loan, 1st Lien |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.570%, LIBOR +<br>5.000%, 10/29/2028 (A) |  | 782524 |  | 762124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magnite, Inc., Initial Term Loan,<br>1st Lien |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.570%, LIBOR + 5.000%, 04/28/2028 (A) |  | 1166290 |  | 1102144 |
| &nbsp;&nbsp;&nbsp;&nbsp; ThyssenKrupp Elevator, Term Loan, 1st Lien |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.390%, 09/01/2028 |  | 1169063 |  | 1147143 |
|  |  |  |  | 3011411 |
| **RETAIL STORES — 5.9%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC<br>(f/k/a USAGM Holdco, LLC), Initial U.S. Dollar Term Loan, 1st Lien |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.411%, CME Term SOFR + 3.750%, 05/12/2028 (A) |  | 758848 |  | 730679 |

---

**13** 

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **BARROW HANLEY**<br>|
|  | **FLOATING RATE FUND**<br>|
| | **January 31, 2023 (Unaudited)**<br>|

---

---

| | | |
|:---|:---|:---|
|  **BANK LOAN OBLIGATIONS — (continued)** | **BANK LOAN OBLIGATIONS — (continued)** | |
|  | **Face Amount** | <br> **Value** |
| **RETAIL STORES — (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chefs' Warehouse, Inc., The,<br>2022 Term Loan, 1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.403%, CME Term SOFR + 4.750%, 08/23/2029 (A) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394013 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Imperial Bag, Term Loan, 1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.384%, 06/11/2026 | 1955312 | 1926589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pet IQ, Term Loan, 1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.709%, 04/07/2028 | 778525 | 700673 |
| &nbsp;&nbsp;&nbsp;&nbsp; PetSmart LLC, Initial Term Loan, 1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.411%, CME Term SOFR<br>+ 3.750%, 02/11/2028 (A) | 780500 | 774162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rent-A-Center, Inc., Initial<br>Term Loan (2021), 1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.125%, LIBOR + 3.250%, 02/17/2028 (A) | 776025 | 753715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Victoria's Secret & Co., Initial<br>Term Loan, 1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.983%, LIBOR + 3.250%, 08/02/2028 (A) | 390013 | 385138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Woof Holdings, Inc., Term<br>Loan, 1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.604%, 12/21/2028 | 395000 | 348915 |
|  |  | 6010928 |
| **TELECOMMUNICATIONS — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ciena Corporation, 2023<br>Incremental Term Loan, 1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.982%, CME Term SOFR<br>+ 2.500%, 01/24/2030 (A)(B) | 1000000 | 998750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cobham Ultra SeniorCo S.a<br>r.l., Facility B (USD), 1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.063%, LIBOR + 3.750%,<br>08/06/2029 (A) | 788025 | 776796 |

---

---

| | | | |
|:---|:---|:---|:---|
|  **BANK LOAN OBLIGATIONS — (continued)** | **BANK LOAN OBLIGATIONS — (continued)** | **BANK LOAN OBLIGATIONS — (continued)** | |
|  | **Face Amount** | **Face Amount** | <br> **Value** |
| **TELECOMMUNICATIONS — (continued)** | **TELECOMMUNICATIONS — (continued)** | **TELECOMMUNICATIONS — (continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Frontier Communications<br>Holdings, LLC, TLB, 1st Lien |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.500%, LIBOR + 3.750%,<br>05/01/2028 (A) | &nbsp;&nbsp;&nbsp;&nbsp;$| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759294 |
|  |  |  | 2534840 |
|  TOTAL BANK LOAN<br>OBLIGATIONS<br>(Cost $88,341,735) |  |  | 86257379 |
|  **CORPORATE OBLIGATIONS — 11.4%** | **CORPORATE OBLIGATIONS — 11.4%** | **CORPORATE OBLIGATIONS — 11.4%** |  |
|  **COMMUNICATION SERVICES — 2.2%** | **COMMUNICATION SERVICES — 2.2%** | **COMMUNICATION SERVICES — 2.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CCO Holdings |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 03/01/2030 (E) |  | 1185000 | 1035441 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSC Holdings |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 12/01/2030 (E) |  | 1580000 | 1168047 |
|  |  |  | 2203488 |
| **CONSUMER DISCRETIONARY — 0.7%** | **CONSUMER DISCRETIONARY — 0.7%** | **CONSUMER DISCRETIONARY — 0.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lithia Motors |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 01/15/2031 (E) |  | 790000 | 672606 |
| **FINANCIALS — 1.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ken Garff Automotive |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 09/15/2028 (E) |  | 395000 | 340194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nationstar Mortgage Holdings |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 11/15/2031 (E) |  | 790000 | 635950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rithm Capital |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 10/15/2025 (E) |  | 395000 | 367844 |
|  |  |  | 1343988 |
| **HEALTH CARE — 0.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AHP Health Partners |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 07/15/2029 (E) |  | 395000 | 324961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bausch Health |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 01/30/2030 (E) |  | 790000 | 346435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emergent BioSolutions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 08/15/2028 (E) |  | 395000 | 171805 |
|  |  |  | 843201 |

---

**14** 

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **BARROW HANLEY**<br>|
|  | **FLOATING RATE FUND**<br>|
| | **January 31, 2023 (Unaudited)**<br>|

---

---

| | | |
|:---|:---|:---|
|  **CORPORATE OBLIGATIONS — (continued)** | **CORPORATE OBLIGATIONS — (continued)** | |
|  | **Face Amount** | <br> **Value** |
| **INDUSTRIALS — 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AerCap Global Aviation Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, ICE LIBOR USD<br>3 Month + 4.300%,<br>06/15/2045 (A)(E) | &nbsp;&nbsp;&nbsp;&nbsp;$790000 | &nbsp;&nbsp;&nbsp;&nbsp;$772486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allied Universal Holdco |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 06/01/2028 (E) | 790000 | 681407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harsco |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 07/31/2027 (E) | 592000 | 500980 |
| &nbsp;&nbsp;&nbsp;&nbsp; ILFC E-Capital Trust I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.288%, 12/21/2065 (A)(E) | 1343000 | 862877 |
| &nbsp;&nbsp;&nbsp;&nbsp; ILFC E-Capital Trust II |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.538%, 12/21/2065 (A)(E) | 1102000 | 731830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waste Pro USA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 02/15/2026 (E) | 395000 | 367350 |
|  |  | 3916930 |
| **INFORMATION TECHNOLOGY — 0.4%** | **INFORMATION TECHNOLOGY — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Entegris Escrow |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 06/15/2030 (E) | 395000 | 379330 |
|  **MATERIALS — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ardagh Metal Packaging Finance USA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 09/01/2029 (E) | 500000 | 413430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avient |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 08/01/2030 (E) | 395000 | 397942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemours |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 11/15/2029 (E) | 1185000 | 990091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pactiv Evergreen Group Issuer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 10/15/2028 (E) | 395000 | 351073 |
| &nbsp;&nbsp;&nbsp;&nbsp; TMS International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 04/15/2029 (E) | 115000 | 86381 |
|  |  | 2238917 |
|  TOTAL CORPORATE<br>OBLIGATIONS<br>(Cost $12,501,121) |  | 11598460 |

---

---

| | | |
|:---|:---|:---|
|  **ASSET-BACKED SECURITY — 0.4%** | **ASSET-BACKED SECURITY — 0.4%** | |
|  | **Face Amount** | <br> **Value** |
| **OTHER ASSET-BACKED SECURITY — 0.4%** | **OTHER ASSET-BACKED SECURITY — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Madison Park Funding XVIII,<br>Ser 2017-18A, Cl DR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.765%, ICE LIBOR USD 3<br>Month + 2.950%, 10/21/2030 (A)(E) | &nbsp;&nbsp;&nbsp;&nbsp;$500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$464699 |
|  TOTAL ASSET-BACKED SECURITY<br>(Cost $453,979) |  | 464699 |

---

---

| | | |
|:---|:---|:---|
|  **WARRANT — 0.0%** | |  |
|  | <br>**Number<br>of<br>Warrants** | |
| &nbsp;&nbsp;&nbsp;&nbsp; Service King#\*(C) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Strike Price $– | 2554 | 1277 |
|  TOTAL WARRANT<br>(Cost $—) |  | 1277 |
|  TOTAL INVESTMENTS— 96.3%<br>(Cost $101,296,835) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$98321815 |

---

Percentages are based on Net Assets of $102,096,003. <br>

\* Non-income producing security.

# Expiration date not available.

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

(B) Unsettled bank loan. Interest rate may not be available.

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

(D) No interest rate available.

(E) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold
in transactions exempt from registration normally to qualified institutions. On January 31, 2023, the value of these securities amounted to $12,063,159, representing 11.8% of the Net Assets of the Fund.

ICE — Intercontinental Exchange

LIBOR— London Interbank Offered Rate

LLC — Limited Liability Company

LP — Limited Partnership

Ltd. — Limited

PLLC — Professional Limited Liability Company

SOFR — Secured Overnight Financing Rate

**15** 

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **BARROW HANLEY**<br>|
|  | **INTERNATIONAL VALUE FUND**<br>|
| | **January 31, 2023 (Unaudited)**<br>|

---

---

| | | |
|:---|:---|:---|
|  **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
|  **COMMON STOCK — 96.4%** | **COMMON STOCK — 96.4%** | **COMMON STOCK — 96.4%** |
|  | **Shares** | **Value** |
| **CANADA — 4.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Enbridge | 7900 | $323469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suncor Energy | 9880 | 342910 |
|  |  | 666379 |
| **CHINA — 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BOC Hong Kong Holdings | 132000 | 461325 |
| **FRANCE — 11.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accor \* | 11192 | 363268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arkema | 2093 | 211785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie Generale des Etablissements Michelin | 9641 | 304845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danone | 4656 | 255331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thales | 1469 | 194288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veolia Environnement | 9408 | 279252 |
|  |  | 1608769 |
| **GERMANY — 7.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Allianz | 1330 | 318020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daimler Truck Holding \* | 8264 | 277699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Post | 4856 | 209083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rheinmetall | 1163 | 271743 |
|  |  | 1076545 |
| **HONG KONG — 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hongkong Land Holdings | 40100 | 196040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sino Biopharmaceutical | 366000 | 212971 |
|  |  | 409011 |
| **ITALY — 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Azimut Holding | 6999 | 174734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enel | 32796 | 193106 |
|  |  | 367840 |
| **JAPAN — 14.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Honda Motor | 7900 | 195419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kirin Holdings | 14900 | 229605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koito Manufacturing | 13100 | 220973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Komatsu | 11300 | 277691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Makita | 9700 | 258378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Electric | 20000 | 220415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nabtesco | 12467 | 365015 |
| &nbsp;&nbsp;&nbsp;&nbsp; NSK | 35100 | 197415 |
|  |  | 1964911 |
| **NETHERLANDS — 8.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Akzo Nobel | 4116 | 306579 |
| &nbsp;&nbsp;&nbsp;&nbsp; ING Groep | 45590 | 660152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Randstad | 3157 | 202358 |
|  |  | 1169089 |
| **NORWAY — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aker BP \* | 8998 | 274095 |
| **SINGAPORE — 5.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Genting Singapore | 489300 | 370576 |

---

---

| | | |
|:---|:---|:---|
|  **COMMON STOCK — (continued)** | **COMMON STOCK — (continued)** | **COMMON STOCK — (continued)** |
|  | **Shares** | **Value** |
| **SINGAPORE — (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; United Overseas Bank | 17100 | $388694 |
|  |  | 759270 |
| **SOUTH AFRICA — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gold Fields | 18132 | 206667 |
| **SOUTH KOREA — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SK Hynix | 2899 | 209725 |
| **SWEDEN — 4.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Elekta, Cl B | 32817 | 238868 |
| &nbsp;&nbsp;&nbsp;&nbsp; SKF, Cl B | 19770 | 349895 |
|  |  | 588763 |
| **SWITZERLAND — 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Julius Baer Group | 7455 | 478196 |
| **UNITED KINGDOM — 22.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Associated British Foods PLC | 11429 | 262355 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAE Systems PLC | 19866 | 210302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrica PLC | 202964 | 252853 |
| &nbsp;&nbsp;&nbsp;&nbsp; CK Hutchison Holdings PLC | 33500 | 213192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Europacific Partners PLC | 3763 | 211556 |
| &nbsp;&nbsp;&nbsp;&nbsp; CRH PLC | 4773 | 222801 |
| &nbsp;&nbsp;&nbsp;&nbsp; DS Smith PLC | 49225 | 215502 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Holdings PLC | 84981 | 626169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Informa PLC | 42441 | 351018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal & General Group PLC | 68097 | 214297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Persimmon PLC | 11431 | 199646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smith & Nephew PLC | 14145 | 195347 |
|  |  | 3175038 |
|  TOTAL COMMON STOCK<br>(Cost $11,643,607) |  | 13415623 |

---

---

| | | |
|:---|:---|:---|
|  **PREFERRED STOCK — 2.2%** | **PREFERRED STOCK — 2.2%** | **PREFERRED STOCK — 2.2%** |
|  **GERMANY — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Henkel & KGaA (A) | 4249 | 302954 |
|  TOTAL PREFERRED STOCK<br>(Cost $278,163) |  | 302954 |
|  TOTAL INVESTMENTS— 98.6%<br>(Cost $11,921,770) |  | $13718577 |

---

Percentages are based on Net Assets of $13,917,108. <br>

\* Non-income producing security.

(A) There is currently no rate available.

Cl — Class

PLC — Public Limited Company

**16** 

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **BARROW HANLEY**<br>|
|  | **TOTAL RETURN BOND FUND**<br>|
| | **January 31, 2023 (Unaudited)**<br>|

---

---

| | | |
|:---|:---|:---|
|  **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
|  **CORPORATE OBLIGATIONS — 32.1%** | **CORPORATE OBLIGATIONS — 32.1%** | **CORPORATE OBLIGATIONS — 32.1%** |
|  | **Face Amount** | **Value** |
| **COMMUNICATION SERVICES — 2.4%** | **COMMUNICATION SERVICES — 2.4%** | **COMMUNICATION SERVICES — 2.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AT&T |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 02/01/2032 | $90000 | $73490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charter Communications<br>Operating |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 04/01/2051 | 85000 | 56470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 03/01/2042 | 95000 | 66076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 04/01/2031 | 105000 | 85979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comcast |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 04/01/2030 | 105000 | 98517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.887%, 11/01/2051 | 103000 | 71905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 01/15/2031 | 95000 | 79510 |
| &nbsp;&nbsp;&nbsp;&nbsp; T-Mobile USA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 04/15/2030 | 410000 | 383998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 08/10/2033 | 60000 | 58660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 03/22/2041 | 180000 | 144888 |
|  |  | 1119493 |
| **CONSUMER DISCRETIONARY — 0.7%** | **CONSUMER DISCRETIONARY — 0.7%** | **CONSUMER DISCRETIONARY — 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Anheuser-Busch InBev<br>Worldwide |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 04/15/2038 | 55000 | 52161 |
| &nbsp;&nbsp;&nbsp;&nbsp; AutoNation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 03/01/2032 | 60000 | 50786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marriott International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/15/2027 | 90000 | 90829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tractor Supply |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 11/01/2030 | 90000 | 71683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Whirlpool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 05/15/2050 | 70000 | 60523 |
|  |  | 325982 |
| **CONSUMER STAPLES — 0.4%** | **CONSUMER STAPLES — 0.4%** | **CONSUMER STAPLES — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Femsa |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 01/22/2030 | 130000 | 116706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mondelez International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 02/04/2031 | 85000 | 68044 |
|  |  | 184750 |
| **ENERGY — 3.1%** | **ENERGY — 3.1%** | **ENERGY — 3.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Cheniere Corpus Christi Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.742%, 12/31/2039 | 115000 | 94252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chevron USA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.343%, 08/12/2050 | 85000 | 57508 |

---

---

| | | |
|:---|:---|:---|
|  **CORPORATE OBLIGATIONS — (continued)** | **CORPORATE OBLIGATIONS — (continued)** | **CORPORATE OBLIGATIONS — (continued)** |
|  | **Face Amount** | **Value** |
| **ENERGY — (continued)** | **ENERGY — (continued)** | **ENERGY — (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; ConocoPhillips |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 03/08/2024 | $175000 | $170100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamondback Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 03/15/2052 | 105000 | 84536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 03/24/2031 | 205000 | 178951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enbridge |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 02/14/2025 | 110000 | 104667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Transfer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 07/01/2038 | 80000 | 91092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gray Oak Pipeline |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 09/15/2023 (A) | 100000 | 97705 |
| &nbsp;&nbsp;&nbsp;&nbsp; ONEOK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 07/15/2028 | 95000 | 92826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phillips |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66 3.750%, 03/01/2028 (A) | 130000 | 123069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pioneer Natural Resources |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 01/15/2031 | 40000 | 33170 |
| &nbsp;&nbsp;&nbsp;&nbsp; TotalEnergies Capital<br>International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.127%, 05/29/2050 | 90000 | 68740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Williams |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 03/04/2044 | 85000 | 83024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 03/15/2031 | 175000 | 148118 |
|  |  | 1427758 |
| **FINANCIALS — 11.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Express |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 03/04/2025 | 120000 | 114167 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Honda Finance<br>MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 03/24/2028 | 80000 | 71208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.592%, U.S. SOFR +<br>2.150%, 04/29/2031 (B) | 85000 | 72695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.572%, U.S. SOFR +<br>1.210%, 10/20/2032 (B) | 240000 | 198443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.482%, US Treas Yield<br>Curve Rate T Note<br>Const Mat 5 Yr +<br>1.200%, 09/21/2036 (B) | 95000 | 74116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.299%, U.S. SOFR +<br>1.220%, 07/21/2032 (B) | 235000 | 191294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.894%, US Treas Yield<br>Curve Rate T Note<br>Const Mat 1 Yr +<br>1.300%, 11/24/2032 (B) | 200000 | 163272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 03/15/2052 | 80000 | 69071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 05/22/2029 | 85000 | 79115 |

---

**17** 

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **BARROW HANLEY**<br>|
|  | **TOTAL RETURN BOND FUND**<br>|
| | **January 31, 2023 (Unaudited)**<br>|

---

---

| | | |
|:---|:---|:---|
|  **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; 0.750%, 03/18/2024 | $65000 | $62134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.412%, U.S. SOFR +<br>3.914%, 03/31/2031 (B) | 350000 | 335718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.281%, U.S. SOFR +<br>0.528%, 11/03/2025 (B) | 60000 | 55950 |
| &nbsp;&nbsp;&nbsp;&nbsp; CME Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 03/15/2032 | 175000 | 153372 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNA Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 03/01/2026 | 110000 | 109624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank NY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.035%, U.S. SOFR +<br>1.718%, 05/28/2032 (B) | 140000 | 114424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.311%, U.S. SOFR +<br>1.219%, 11/16/2027 (B) | 120000 | 106058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 09/17/2051 | 90000 | 56620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Glencore Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 09/23/2031 (A) | 85000 | 70938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.615%, U.S. SOFR +<br>1.281%, 04/22/2032 (B) | 75000 | 62667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.542%, U.S. SOFR +<br>0.818%, 09/10/2027 (B) | 145000 | 128033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.431%, U.S. SOFR +<br>0.798%,<br>03/09/2027 (B) | 180000 | 161285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intercontinental Exchange |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 06/15/2052 | 90000 | 88397 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.882%, ICE LIBOR USD<br>3 Month + 1.360%,<br>07/24/2038 (B) | 145000 | 127709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.782%, ICE LIBOR USD<br>3 Month + 1.337%,<br>02/01/2028 (B) | 150000 | 144181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.963%, U.S. SOFR +<br>1.260%, 01/25/2033 (B) | 135000 | 115724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.301%, U.S. SOFR +<br>1.160%, 10/15/2025 (B) | 235000 | 223695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial<br>Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.193%, 02/25/2025 | 115000 | 108775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moody's |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 08/18/2060 | 75000 | 44508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.591%, ICE LIBOR USD 3<br>Month + 1.340%,<br>07/22/2028 (B) | 155000 | 146627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.239%, U.S. SOFR +<br>1.178%, 07/21/2032 (B) | 90000 | 73203 |

---

---

| | | |
|:---|:---|:---|
|  **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; 1.794%, U.S. SOFR +<br>1.034%, 02/13/2032 (B) | $170000 | $134492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.864%, U.S. SOFR +<br>0.745%, 10/21/2025 (B) | 160000 | 148280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 11/02/2032 | 95000 | 104451 |
| &nbsp;&nbsp;&nbsp;&nbsp; PNC Financial Services Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.400%, US Treas Yield<br>Curve Rate T Note<br>Const Mat 5 Yr +<br>2.595%(B)(C) | 135000 | 115087 |
| &nbsp;&nbsp;&nbsp;&nbsp; Progressive |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 03/15/2027 | 85000 | 79381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Bank of Canada MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 11/01/2024 | 195000 | 187150 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.354%, U.S. SOFR +<br>0.940%, 11/01/2025 (B) | 135000 | 129637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 03/03/2031 | 80000 | 66634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank<br>MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 03/11/2024 | 270000 | 265351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Motor Credit MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 03/22/2024 | 175000 | 170827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Truist Financial MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.267%, U.S. SOFR +<br>0.609%,<br>03/02/2027 (B) | 80000 | 72356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 11/02/2043 | 90000 | 90690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.572%, U.S. SOFR +<br>1.262%, 02/11/2031 (B) | 235000 | 202519 |
|  |  | 5289878 |
| **HEALTH CARE — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amgen |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 05/01/2045 | 85000 | 75865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 07/26/2029 | 39000 | 37170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Community Health Network |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.099%, 05/01/2050 | 105000 | 71986 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVS Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 03/25/2028 | 53000 | 52103 |
| &nbsp;&nbsp;&nbsp;&nbsp; GE HealthCare Technologies |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.857%, 03/15/2030 (A) | 125000 | 132657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Service A Mutual<br>Legal Reserve |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 06/01/2050 (A) | 65000 | 48604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kaiser Foundation Hospitals |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.002%, 06/01/2051 | 70000 | 52047 |

---

**18** 

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **BARROW HANLEY**<br>|
|  | **TOTAL RETURN BOND FUND**<br>|
| | **January 31, 2023 (Unaudited)**<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| **CORPORATE OBLIGATIONS — (continued)** | **CORPORATE OBLIGATIONS — (continued)** | **CORPORATE OBLIGATIONS — (continued)** | **CORPORATE OBLIGATIONS — (continued)** |
|  | **Face Amount** | **Face Amount** | **Value** |
| **HEALTH CARE — (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 02/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp;$| 100000 | $114500 |
|  |  |  | 584932 |
| **INDUSTRIALS — 2.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/29/2028 |  | 230000 | 202755 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Airlines 2019-1 Class AA Pass Through Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 02/15/2032 |  | 86443 | 75197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayer US Finance II |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 12/15/2025 (A) |  | 75000 | 73708 |
| &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 | 142926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Burlington Northern Santa Fe |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 01/15/2053 |  | 90000 | 85810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Pacific Railway |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 12/02/2051 |  | 130000 | 95849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cargill |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 07/23/2023 (A) |  | 65000 | 63926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carlisle |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 03/01/2032 |  | 90000 | 71832 |
| &nbsp;&nbsp;&nbsp;&nbsp; FedEx |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 05/15/2041 |  | 75000 | 57247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quanta Services |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.050%, 10/01/2041 |  | 100000 | 71115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 10/01/2030 |  | 140000 | 120213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Union Pacific |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 09/15/2067 |  | 85000 | 72014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waste Connections |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 01/15/2033 |  | 90000 | 87430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 01/15/2032 |  | 90000 | 74607 |
|  |  |  | 1294629 |
| **INFORMATION TECHNOLOGY — 1.5%** | **INFORMATION TECHNOLOGY — 1.5%** | **INFORMATION TECHNOLOGY — 1.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 08/08/2052 |  | 85000 | 76333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dell International |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 10/01/2029 |  | 235000 | 237232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 12/15/2051 (A) |  | 95000 | 63104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lam Research |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 03/15/2026 |  | 50000 | 48965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 06/15/2030 |  | 90000 | 75674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 07/08/2034 |  | 120000 | 110956 |

---

---

| | | | |
|:---|:---|:---|:---|
| **CORPORATE OBLIGATIONS — (continued)** | **CORPORATE OBLIGATIONS — (continued)** | **CORPORATE OBLIGATIONS — (continued)** | **CORPORATE OBLIGATIONS — (continued)** |
|  | **Face Amount** | **Face Amount** | **Value** |
| **INFORMATION TECHNOLOGY — (continued)** | **INFORMATION TECHNOLOGY — (continued)** | **INFORMATION TECHNOLOGY — (continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; VMware |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 08/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;$| 120000 | $95105 |
|  |  |  | 707369 |
| **MATERIALS — 1.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Berry Global |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 01/15/2027 |  | 105000 | 91855 |
| &nbsp;&nbsp;&nbsp;&nbsp; EIDP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.700%, 07/15/2025 |  | 90000 | 84130 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Paper |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 11/15/2041 |  | 75000 | 80390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Martin Marietta Materials |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.650%, 07/15/2023 |  | 80000 | 78371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teck Resources |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 08/15/2040 |  | 125000 | 127061 |
|  |  |  | 461807 |
| **REAL ESTATE — 1.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 02/01/2033 |  | 90000 | 69575 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Tower |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 09/15/2031 |  | 125000 | 101272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Camden Property Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 07/01/2029 |  | 75000 | 69211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Castle |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 02/15/2028 |  | 105000 | 100199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 04/01/2041 |  | 85000 | 62476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Digital Realty Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 08/15/2027 |  | 115000 | 109393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prologis |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 10/15/2030 |  | 70000 | 55301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Storage |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 11/09/2031 |  | 180000 | 151143 |
| &nbsp;&nbsp;&nbsp;&nbsp; TELUS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 05/13/2032 |  | 85000 | 75376 |
|  |  |  | 793946 |
| **UTILITIES — 6.0%** | **UTILITIES — 6.0%** | **UTILITIES — 6.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Electric Power |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.031%, 03/15/2024 |  | 160000 | 154609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Appalachian Power |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 03/01/2049 |  | 50000 | 44285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumers Energy |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 05/01/2060 |  | 115000 | 69804 |
| &nbsp;&nbsp;&nbsp;&nbsp; DTE Energy |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.050%, 06/01/2025 |  | 175000 | 160239 |

---

**19** 

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **BARROW HANLEY**<br>|
|  | **TOTAL RETURN BOND FUND**<br>|
| | **January 31, 2023 (Unaudited)**<br>|

---

---

| | | |
|:---|:---|:---|
| **CORPORATE OBLIGATIONS — (continued)** | **CORPORATE OBLIGATIONS — (continued)** | **CORPORATE OBLIGATIONS — (continued)** |
|  | **Face Amount** | **Value** |
| **UTILITIES — (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 09/01/2026 | $110000 | $102860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Progress |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 12/01/2044 | 130000 | 115545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Progress NC<br>Storm Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.387%, 07/01/2037 | 360000 | 297067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entergy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 06/15/2030 | 60000 | 52232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entergy Arkansas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 06/15/2052 | 80000 | 60731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entergy Louisiana |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 03/15/2033 | 95000 | 89699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exelon |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 04/15/2030 | 95000 | 91470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida Power & Light |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 03/01/2048 | 65000 | 57294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kentucky Utilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 06/01/2050 | 90000 | 67639 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Fuel Gas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 09/15/2027 | 135000 | 127238 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Rural Utilities<br>Cooperative Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 10/30/2025 | 115000 | 117260 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Rural Utilities<br>Cooperative Finance MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 10/18/2024 | 95000 | 88998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern States Power |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 06/01/2051 | 90000 | 61624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Power |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 04/01/2030 | 90000 | 78549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oklahoma Gas and Electric |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.553%, 05/26/2023 | 125000 | 123264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sabine Pass Liquefaction |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 05/15/2030 | 65000 | 63095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 03/15/2028 | 275000 | 266515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sempra Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 04/01/2025 | 165000 | 159732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sempra Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 01/15/2032 (A) | 105000 | 87441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern California Gas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 02/01/2030 | 75000 | 65707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vistra Operations |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 05/13/2025 (A) | 210000 | 205961 |
|  |  | 2808858 |
|  TOTAL CORPORATE<br>OBLIGATIONS<br>(Cost $15,775,781) |  | 14999402 |

---

---

| | | |
|:---|:---|:---|
|  **MORTGAGE-BACKED SECURITIES — 31.9%** | **MORTGAGE-BACKED SECURITIES — 31.9%** | **MORTGAGE-BACKED SECURITIES — 31.9%** |
|  | **Face Amount** | **Value** |
| **AGENCY MORTGAGE BACKED<br>SECURITIES — 30.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/01/2023 to 11/01/2052 | $211379 | $212183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 06/01/2042 to 04/01/2048 | 537004 | 524547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 09/01/2028 to 01/01/2048 | 373017 | 356128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/01/2032 to 11/01/2049 | 561709 | 523921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 06/01/2035 to 05/01/2052 | 1187970 | 1068672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 01/01/2041 to 02/01/2052 | 638745 | 544961 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 12/01/2035 | 5064 | 5164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/01/2040 to 12/01/2052 | 284316 | 287110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 04/01/2034 to 10/01/2049 | 439913 | 442412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/01/2044 to 09/01/2052 | 1008852 | 984631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 06/01/2037 to 07/01/2051 | 1494762 | 1425881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/01/2034 to 07/01/2052 | 2029181 | 1870133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 11/01/2041 to 02/01/2052 | 1515619 | 1341930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/01/2035 to 04/01/2051 | 1481794 | 1282968 |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/15/2039 to 03/20/2050 | 328135 | 336330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 02/20/2050 | 61378 | 61524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/20/2047 to 03/20/2052 | 648990 | 631246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 09/15/2041 to 01/20/2052 | 420643 | 402213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 06/20/2051 to 06/20/2052 | 1042132 | 961637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 04/20/2050 to 04/20/2052 | 1236168 | 1104875 |
|  |  | 14368466 |
| **COMMERCIAL MORTGAGE-BACKED<br>SECURITIES — 0.9%** | **COMMERCIAL MORTGAGE-BACKED<br>SECURITIES — 0.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BX Commercial Mortgage<br>Trust, Ser VOLT, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.159%, ICE LIBOR USD 1<br>Month + 0.700%,<br>09/15/2036 (A)(B) | 250000 | 243663 |

---

**20** 

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **BARROW HANLEY**<br>|
|  | **TOTAL RETURN BOND FUND**<br>|
| | **January 31, 2023 (Unaudited)**<br>|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **MORTGAGE-BACKED SECURITIES — (continued)** | **MORTGAGE-BACKED SECURITIES — (continued)** | **MORTGAGE-BACKED SECURITIES — (continued)** | **MORTGAGE-BACKED SECURITIES — (continued)** | **MORTGAGE-BACKED SECURITIES — (continued)** |
|  | **Face Amount** | **Face Amount** | **Value** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED<br>SECURITIES — (continued)** | **COMMERCIAL MORTGAGE-BACKED<br>SECURITIES — (continued)** | **COMMERCIAL MORTGAGE-BACKED<br>SECURITIES — (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cold Storage Trust, Ser ICE5, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.359%, ICE LIBOR USD 1<br>Month + 0.900%,<br>11/15/2037 (A)(B) | $| 201513 | $| 198484 |
|  |  |  |  | 442147 |
| **NON-AGENCY MORTGAGE-BACKED SECURITY — 0.3%** | **NON-AGENCY MORTGAGE-BACKED SECURITY — 0.3%** | **NON-AGENCY MORTGAGE-BACKED SECURITY — 0.3%** | **NON-AGENCY MORTGAGE-BACKED SECURITY — 0.3%** | **NON-AGENCY MORTGAGE-BACKED SECURITY — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Seasoned Loans Structured<br>Transaction Trust,<br>Ser 2020-3, Cl A1C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/25/2030 |  | 150061 |  | 136779 |
|  TOTAL MORTGAGE-BACKED SECURITIES<br>(Cost $15,446,268) |  |  |  | 14947392 |

---

---

| | | |
|:---|:---|:---|
|  **U.S. TREASURY OBLIGATIONS — 25.9%** | **U.S. TREASURY OBLIGATIONS — 25.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 05/15/2052 | 320000 | 275750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 05/15/2041 | 1590000 | 1268274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 08/15/2041 | 330000 | 240410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 08/15/2050 | 2900000 | 1758238 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/15/2032 | 90000 | 94683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 01/31/2027 | 1850000 | 1699109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 02/15/2030 | 1840000 | 1615175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 07/31/2023 | 1285000 | 1262713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 08/31/2024 | 2195000 | 2088766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 02/28/2025 | 1955000 | 1838311 |
|  TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $12,482,784) | TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $12,482,784) | 12141429 |

---

---

| | | |
|:---|:---|:---|
|  **ASSET-BACKED SECURITIES — 8.3%** | **ASSET-BACKED SECURITIES — 8.3%** |  |
| **AUTOMOTIVE — 5.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ally Auto Receivables Trust,<br>Ser 2022-1, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.310%, 11/15/2026 | 155000 | 151882 |
| &nbsp;&nbsp;&nbsp;&nbsp; AmeriCredit Automobile<br>Receivables Trust,<br>Ser 2021-1, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.370%, 08/18/2025 | 81909 | 80458 |
| &nbsp;&nbsp;&nbsp;&nbsp; AmeriCredit Automobile<br>Receivables Trust,<br>Ser 2021-2, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.340%, 12/18/2026 | 118944 | 115765 |

---

---

| | | |
|:---|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;**ASSET-BACKED SECURITIES — (continued)** | &nbsp;&nbsp;&nbsp;&nbsp;**ASSET-BACKED SECURITIES — (continued)** | |
|  | **Face Amount** | <br> **Value** |
| **AUTOMOTIVE — (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AmeriCredit Automobile<br>Receivables Trust,<br>Ser 2022-2, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.380%, 04/18/2028 | $130000 | $128565 |
| &nbsp;&nbsp;&nbsp;&nbsp; BMW Vehicle Owner Trust,<br>Ser 2022-A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.210%, 08/25/2026 | 80000 | 78097 |
| &nbsp;&nbsp;&nbsp;&nbsp; CarMax Auto Owner Trust<br>2023-1, Ser 2023-1, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 10/15/2027 | 145000 | 145056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Credit Auto Lease Trust,<br>Ser 2022-A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.230%, 05/15/2025 | 200000 | 196500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Credit Auto Owner Trust,<br>Ser 2021-2, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.530%, 05/15/2034 (A) | 205000 | 183008 |
| &nbsp;&nbsp;&nbsp;&nbsp; GM Financial Automobile<br>Leasing Trust, Ser 2022-1,<br>Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 03/20/2025 | 145000 | 140639 |
| &nbsp;&nbsp;&nbsp;&nbsp; GM Financial Consumer<br>Automobile Receivables<br>Trust, Ser 2020-2, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.490%, 12/16/2024 | 17562 | 17367 |
| &nbsp;&nbsp;&nbsp;&nbsp; GM Financial Revolving<br>Receivables Trust,<br>Ser 2021-1, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.170%, 06/12/2034 (A) | 155000 | 137692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honda Auto Receivables<br>Owner Trust, Ser 2022-1,<br>Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.880%, 05/15/2026 | 165000 | 157264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Auto Lease<br>Trust, Ser 2021-B, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.400%, 11/15/2024 | 275000 | 268100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Auto Loan Extended<br>Note Trust, Ser 2020-1A,<br>Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.350%, 05/25/2033 (A) | 215000 | 199639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Auto Receivables<br>Owner Trust, Ser 2020-B,<br>Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.360%, 08/15/2024 | 53257 | 52746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Auto Receivables<br>Owner Trust, Ser 2022-A,<br>Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.230%, 06/15/2026 | 130000 | 123405 |

---

**21** 

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **BARROW HANLEY**<br>|
|  | **TOTAL RETURN BOND FUND**<br>|
| | **January 31, 2023 (Unaudited)**<br>|

---

---

| | | | |
|:---|:---|:---|:---|
|  **ASSET-BACKED SECURITIES — (continued)** | **ASSET-BACKED SECURITIES — (continued)** | **ASSET-BACKED SECURITIES — (continued)** | |
|  | **Face Amount** | **Face Amount** | <br> **Value** |
| **AUTOMOTIVE — (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Volkswagen Auto Loan Enhanced Trust, Ser 2021-1, Cl A3 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.020%, 06/22/2026 | $| 150000 | $142676 |
|  |  |  | 2318859 |
| **CREDIT CARD — 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital One Multi-Asset Execution Trust, Ser 2021- A1, Cl A1 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.550%, 07/15/2026 |  | 210000 | 197562 |
| **OTHER ASSET-BACKED SECURITIES — 2.9%** | **OTHER ASSET-BACKED SECURITIES — 2.9%** | **OTHER ASSET-BACKED SECURITIES — 2.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CNH Equipment Trust,<br>Ser 2020-A, Cl A3 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.160%, 06/16/2025 |  | 47604 | 46988 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNH Equipment Trust,<br>Ser 2021-A, Cl A3 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.400%, 12/15/2025 |  | 156171 | 150151 |
| &nbsp;&nbsp;&nbsp;&nbsp; John Deere Owner Trust,<br>Ser 2022-A, Cl A3 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.320%, 09/16/2026 |  | 120000 | 115001 |
| &nbsp;&nbsp;&nbsp;&nbsp; John Deere Owner Trust,<br>Ser 2022-B, Cl A3 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.740%, 02/16/2027 |  | 145000 | 141813 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Economy Assets Phase 1<br>Sponsor, Ser 2021-1, Cl A1 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.910%, 10/20/2061 (A) |  | 235000 | 204654 |
| &nbsp;&nbsp;&nbsp;&nbsp; PSNH Funding 3, Ser 2018-1,<br>Cl A1 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.094%, 02/01/2026 |  | 66309 | 65789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taco Bell Funding, Ser 2021-<br>1A, Cl A2II |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.294%, 08/25/2051 (A) |  | 178200 | 150022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verizon Master Trust,<br>Ser 2021-1, Cl A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 05/20/2027 |  | 365000 | 344648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wendy's Funding, Ser 2021-<br>1A, Cl A2I |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.370%, 06/15/2051 (A) |  | 177300 | 150094 |
|  |  |  | 1369160 |
|  TOTAL ASSET-BACKED SECURITIES<br>(Cost $3,976,434) |  |  | 3885581 |

---

---

| | | |
|:---|:---|:---|
|  **SOVEREIGN BONDS — 0.5%** | | |
|  | <br> **Face Amount** | <br> **Value** |
| **MEXICO — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexico Government |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Bond<br>4.600%, 01/23/2046 | $125000 | $103586 |
| **PANAMA — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Panama Government<br>International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.160%, 01/23/2030 | 120000 | 105250 |
|  TOTAL SOVEREIGN BONDS<br>(Cost $227,546) |  | 208836 |
|  TOTAL INVESTMENTS— 98.7%<br>(Cost $47,908,813) |  | $46182640 |

---

Percentages are based on Net Assets of $46,806,688. <br>

(A) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold
in transactions exempt from registration normally to qualified institutions. On January 31, 2023, the value of these securities amounted to $2,434,369, representing 5.2% of the Net Assets of the Fund.

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

(C) Perpetual security with no stated maturity date.

Cl — Class

DAC — Designated Activity Company

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

GNMA — Government National Mortgage Association

ICE— Intercontinental Exchange

LIBOR— London Interbank Offered Rate

MTN — Medium Term Note

Ser — Series

SOFR — Secured Overnight Financing Rate

**22** 

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **BARROW HANLEY**<br>|
|  | **US VALUE OPPORTUNITIES FUND**<br>|
| | **January 31, 2023 (Unaudited)**<br>|

---

---

| | | |
|:---|:---|:---|
|  **SCHEDULE OF INVESTMENTS**<br> **COMMON STOCK — 98.1%** | **SCHEDULE OF INVESTMENTS**<br> **COMMON STOCK — 98.1%** | **SCHEDULE OF INVESTMENTS**<br> **COMMON STOCK — 98.1%** |
|  | **Shares** | **Value** |
| **COMMUNICATION SERVICES — 4.5%** | **COMMUNICATION SERVICES — 4.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Comcast, Cl A | 35973 | $1415538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electronic Arts | 13040 | 1677987 |
| &nbsp;&nbsp;&nbsp;&nbsp; T-Mobile US \* | 11516 | 1719454 |
|  |  | 4812979 |
| **CONSUMER DISCRETIONARY — 12.2%** | **CONSUMER DISCRETIONARY — 12.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advance Auto Parts | 6530 | 994388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aptiv PLC \* | 14586 | 1649531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aramark | 44138 | 1965465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollar General | 7408 | 1730509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Las Vegas Sands \* | 43214 | 2549626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lithia Motors, Cl A | 2570 | 676424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marriott Vacations Worldwide | 6020 | 963441 |
| &nbsp;&nbsp;&nbsp;&nbsp; MGM Resorts International | 26927 | 1115047 |
| &nbsp;&nbsp;&nbsp;&nbsp; SeaWorld Entertainment \* | 23967 | 1495301 |
|  |  | 13139732 |
| **CONSUMER STAPLES — 1.7%** | **CONSUMER STAPLES — 1.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International | 17327 | 1806167 |
| **ENERGY — 7.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Halliburton | 44783 | 1845955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hess | 17124 | 2571340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phillips 66 | 15958 | 1600109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pioneer Natural Resources | 8666 | 1996213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vitesse Energy \* | 4684 | 74757 |
|  |  | 8088374 |
| **FINANCIALS — 16.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Allstate | 10983 | 1410986 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Express | 5987 | 1047306 |
| &nbsp;&nbsp;&nbsp;&nbsp; American International Group | 27754 | 1754608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axis Capital Holdings | 19694 | 1232253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway, Cl B \* | 5314 | 1655417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chubb | 7466 | 1698440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferies Financial Group | 39803 | 1563462 |
| &nbsp;&nbsp;&nbsp;&nbsp; M&T Bank | 11021 | 1719276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Trust | 13454 | 1304635 |
| &nbsp;&nbsp;&nbsp;&nbsp; US Bancorp | 20422 | 1017016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo | 22789 | 1068120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Willis Towers Watson PLC | 7338 | 1865246 |
|  |  | 17336765 |
| **HEALTH CARE — 13.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CVS Health | 15321 | 1351619 |

---

---

| | | |
|:---|:---|:---|
|  **COMMON STOCK — (continued)** | | |
|  | <br> **Shares** | <br> **Value** |
| **HEALTH CARE — (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Elevance Health | 3818 | $1908962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Envista Holdings \* | 28842 | 1124550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hologic \* | 16810 | 1367830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Humana | 2968 | 1518725 |
| &nbsp;&nbsp;&nbsp;&nbsp; LivaNova PLC \* | 16086 | 904033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medtronic PLC | 14335 | 1199696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck | 18539 | 1991274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Perrigo PLC | 42388 | 1586159 |
| &nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group | 3682 | 1838017 |
|  |  | 14790865 |
| **INDUSTRIALS — 15.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AECOM | 21378 | 1865658 |
| &nbsp;&nbsp;&nbsp;&nbsp; AerCap Holdings \* | 17339 | 1095998 |
| &nbsp;&nbsp;&nbsp;&nbsp; BWX Technologies | 28517 | 1735545 |
| &nbsp;&nbsp;&nbsp;&nbsp; CACI International, Cl A \* | 5098 | 1570643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deere | 4809 | 2033438 |
| &nbsp;&nbsp;&nbsp;&nbsp; JB Hunt Transport Services | 9925 | 1876321 |
| &nbsp;&nbsp;&nbsp;&nbsp; MDU Resources Group | 49105 | 1517835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raytheon Technologies | 14286 | 1426457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stanley Black & Decker | 13632 | 1217474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vertiv Holdings, Cl A | 136227 | 1937148 |
|  |  | 16276517 |
| **INFORMATION TECHNOLOGY — 8.2%** | **INFORMATION TECHNOLOGY — 8.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom | 3308 | 1935213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cognizant Technology Solutions, Cl A | 10548 | 704079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Information Services | 22519 | 1689825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microchip Technology | 16164 | 1254650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle | 20215 | 1788219 |
| &nbsp;&nbsp;&nbsp;&nbsp; QUALCOMM | 10818 | 1441066 |
|  |  | 8813052 |
| **MATERIALS — 8.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Products and Chemicals | 6506 | 2085238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axalta Coating Systems \* | 58193 | 1751609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corteva | 12940 | 833983 |
| &nbsp;&nbsp;&nbsp;&nbsp; CRH PLC ADR | 8883 | 418212 |
| &nbsp;&nbsp;&nbsp;&nbsp; DuPont de Nemours | 15535 | 1148813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Element Solutions | 71604 | 1466450 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Flavors & Fragrances | 12253 | 1377973 |
|  |  | 9082278 |
| **REAL ESTATE — 4.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Office Properties Trust ‡ | 55131 | 1547527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Howard Hughes \* | 14309 | 1223276 |

---

**23** 

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **BARROW HANLEY**<br>|
|  | **US VALUE OPPORTUNITIES FUND**<br>|
| | **January 31, 2023 (Unaudited)**<br>|

---

---

| | | |
|:---|:---|:---|
|  **COMMON STOCK — (continued)** | **COMMON STOCK — (continued)** | **COMMON STOCK — (continued)** |
|  | **Shares** | **Value** |
| **REAL ESTATE — (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; VICI Properties, Cl A ‡ | 71237 | $2434881 |
|  |  | 5205684 |
| **UTILITIES — 5.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CenterPoint Energy | 49842 | 1501241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entergy | 13102 | 1418684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exelon | 32183 | 1357801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pinnacle West Capital | 24767 | 1846380 |
|  |  | 6124106 |
|  TOTAL COMMON STOCK<br>(Cost $87,850,385) |  | 105476519 |
|  TOTAL INVESTMENTS— 98.1%<br>(Cost $87,850,385) |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105476519 |

---

Percentages are based on Net Assets of $107,513,523. <br>

\* Non-income producing security.

‡ Real Estate Investment Trust.

ADR — American Depositary Receipt

Cl — Class

PLC — Public Limited Company

PBH-QH-001- 0300

**24**

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** OAKS

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19456

  - **Telephone number:** 8774463863

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

- **a. Name of Series:** Barrow Hanley International Value Fund

- **b. EDGAR series identifier (if any):** S000074890

- **c. LEI of Series:** 549300EQRVYL7WU5C212

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $14024621.94

**Total Liabilities:** $106868.97

**Net Assets:** $13917752.97

**Cash Not Reported:** $0.01

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000233254 | 9.56%                | -0.73%               | 11.86%               |
| Class ID C000233253 | 9.67%                | -0.73%               | 11.96%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $21373.14                | $1184650.37                                |
| Month 2  | $17560.18                | $-122882.61                                |
| Month 3  | $-37102.87               | $1075263.36                                |

### Schedule of Portfolio Investments

| Name                                               | Title                                           | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| SK hynix Inc.                                      | SK HYNIX INC COMMON STOCK                       | CUSIP: N/A<br>LEI: 988400XAIK6XISWQV045       | Long             | EC               |  | KR        |      2899 | NS      | $209724.95    | 1.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Akzo Nobel N.V.                                    | AKZO NOBEL N.V. COMMON STOCK                    | CUSIP: N/A<br>LEI: 724500XYIJUGXAA5QD70       | Long             | EC               |  | NL        |      4116 | NS      | $306579.06    | 2.20%             |  |  |  | No            |                  2 | On Loan: No      |
| ACCOR SA                                           | ACCOR SA COMMON STOCK                           | CUSIP: N/A<br>LEI: 969500QZC2Q0TK11NV07       | Long             | EC               |  | FR        |     11192 | NS      | $363268.30    | 2.61%             |  |  |  | No            |                  2 | On Loan: No      |
| INFORMA PLC                                        | INFORMA PLC COMMON STOCK                        | CUSIP: N/A<br>LEI: 5493006VM2LKUPSEDU20       | Long             | EC               |  | GB        |     42441 | NS      | $351018.51    | 2.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Allianz SE                                         | ALLIANZ SE-REG COMMON STOCK                     | CUSIP: N/A<br>LEI: 529900K9B0N5BT694847       | Long             | EC               |  | DE        |      1330 | NS      | $318020.16    | 2.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Kirin Holdings Company, Limited                    | KIRIN HOLDINGS CO LTD COMMON STOCK              | CUSIP: 497350108<br>LEI: 353800GBVL72LLMTYM96 | Long             | EC               |  | JP        |     14900 | NS      | $229604.94    | 1.65%             |  |  |  | No            |                  2 | On Loan: No      |
| KOITO MANUFACTURING CO., LTD.                      | KOITO MANUFACTURING CO LTD COMMON STOCK         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | JP        |     13100 | NS      | $220973.21    | 1.59%             |  |  |  | No            |                  2 | On Loan: No      |
| BAE SYSTEMS PLC                                    | BAE SYSTEMS PLC COMMON STOCK                    | CUSIP: N/A<br>LEI: 8SVCSVKSGDWMW2QHOH83       | Long             | EC               |  | GB        |     19866 | NS      | $210302.18    | 1.51%             |  |  |  | No            |                  2 | On Loan: No      |
| UNITED OVERSEAS BANK LIMITED                       | UNITED OVERSEAS BANK LTD COMMON STOCK           | CUSIP: N/A<br>LEI: IO66REGK3RCBAMA8HR66       | Long             | EC               |  | SG        |     17100 | NS      | $388693.93    | 2.79%             |  |  |  | No            |                  2 | On Loan: No      |
| CRH PUBLIC LIMITED COMPANY                         | CRH PLC COMMON STOCK                            | CUSIP: N/A<br>LEI: 549300MIDJNNTH068E74       | Long             | EC               |  | GB        |      4773 | NS      | $222800.54    | 1.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Makita Corporation                                 | MAKITA CORP COMMON STOCK                        | CUSIP: N/A<br>LEI: 529900CDR9E94BCM6294       | Long             | EC               |  | JP        |      9700 | NS      | $258377.45    | 1.86%             |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/EUR SETTLE 2023-02-01  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-38.64       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| DANONE SA                                          | DANONE COMMON STOCK                             | CUSIP: N/A<br>LEI: 969500KMUQ2B6CBAF162       | Long             | EC               |  | FR        |      4656 | NS      | $255330.69    | 1.83%             |  |  |  | No            |                  2 | On Loan: No      |
| PERSIMMON PUBLIC LIMITED COMPANY                   | PERSIMMON PLC COMMON STOCK                      | CUSIP: N/A<br>LEI: 213800XI72Y57UWN6F31       | Long             | EC               |  | GB        |     11431 | NS      | $199645.62    | 1.43%             |  |  |  | No            |                  2 | On Loan: No      |
| DS SMITH PLC                                       | DS SMITH PLC COMMON STOCK                       | CUSIP: N/A<br>LEI: 39RSBE4RCI4M15BLWH36       | Long             | EC               |  | GB        |     49225 | NS      | $215502.37    | 1.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Gold Fields Limited                                | GOLD FIELDS LTD COMMON STOCK                    | CUSIP: N/A<br>LEI: 5299003KXIBJQYCBBD72       | Long             | EC               |  | ZA        |     18132 | NS      | $206666.64    | 1.48%             |  |  |  | No            |                  2 | On Loan: No      |
| NSK Ltd.                                           | NSK LTD COMMON STOCK                            | CUSIP: N/A<br>LEI: 353800FVQK6SULSPBC69       | Long             | EC               |  | JP        |     35100 | NS      | $197415.26    | 1.42%             |  |  |  | No            |                  2 | On Loan: No      |
| ENEL - SPA                                         | ENEL SPA COMMON STOCK                           | CUSIP: N/A<br>LEI: WOCMU6HCI0OJWNPRZS33       | Long             | EC               |  | IT        |     32796 | NS      | $193105.99    | 1.39%             |  |  |  | No            |                  2 | On Loan: No      |
| ING Groep N.V.                                     | ING GROEP NV COMMON STOCK                       | CUSIP: N/A<br>LEI: 549300NYKK9MWM7GGW15       | Long             | EC               |  | NL        |     45590 | NS      | $660152.46    | 4.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Post AG                                   | DEUTSCHE POST AG-REG COMMON STOCK               | CUSIP: N/A<br>LEI: 8ER8GIG7CSMVD8VUFE78       | Long             | EC               |  | DE        |      4856 | NS      | $209082.42    | 1.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Julius Baer Gruppe AG                              | JULIUS BAER GROUP LTD COMMON STOCK              | CUSIP: N/A<br>LEI: 5299007MF0604ZGJER92       | Long             | EC               |  | CH        |      7455 | NS      | $478196.24    | 3.44%             |  |  |  | No            |                  2 | On Loan: No      |
| BOC HONG KONG (HOLDINGS) LIMITED                   | BOC HONG KONG HOLDINGS LTD COMMON STOCK         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | HK        |    132000 | NS      | $461325.20    | 3.31%             |  |  |  | No            |                  2 | On Loan: No      |
| GENTING SINGAPORE LIMITED                          | GENTING SINGAPORE LTD COMMON STOCK              | CUSIP: N/A<br>LEI: 254900Y2N3AK93K1O866       | Long             | EC               |  | SG        |    489300 | NS      | $370576.04    | 2.66%             |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                       | FX Forward Contract: USD/GBP SETTLE 2023-02-01  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $12.51        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Suncor Energy Inc.                                 | SUNCOR ENERGY INC COMMON STOCK                  | CUSIP: 867224107<br>LEI: 549300W70ZOQDVLCHY06 | Long             | EC               |  | CA        |      9880 | NS      | $342909.62    | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |
| JAPANESE YEN                                       | FX Forward Contract: JPY/USD SETTLE 2023-02-01  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | JP        |         1 | NC      | $3.34         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Aktiebolaget SKF                                   | SKF AB-B SHARES COMMON STOCK                    | CUSIP: N/A<br>LEI: 549300B6HWYEE57O8J84       | Long             | EC               |  | SE        |     19770 | NS      | $349895.28    | 2.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Enbridge Inc.                                      | ENBRIDGE INC COMMON STOCK                       | CUSIP: 29250N105<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | EC               |  | CA        |      7900 | NS      | $323469.24    | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| AKER BP ASA                                        | AKER BP ASA COMMON STOCK                        | CUSIP: N/A<br>LEI: 549300NFTY73920OYK69       | Long             | EC               |  | NO        |      8998 | NS      | $274094.93    | 1.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Rheinmetall Aktiengesellschaft                     | RHEINMETALL AG COMMON STOCK                     | CUSIP: N/A<br>LEI: 5299001OU9CSE29O6S05       | Long             | EC               |  | DE        |      1163 | NS      | $271742.65    | 1.95%             |  |  |  | No            |                  2 | On Loan: No      |
| KOMATSU LTD.                                       | KOMATSU LTD COMMON STOCK                        | CUSIP: N/A<br>LEI: 5493004LQ0B4T7QPQV17       | Long             | EC               |  | JP        |     11300 | NS      | $277691.40    | 2.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SMITH & NEPHEW PLC                                 | SMITH & NEPHEW PLC COMMON STOCK                 | CUSIP: N/A<br>LEI: 213800ZTMDN8S67S1H61       | Long             | EC               |  | GB        |     14145 | NS      | $195346.96    | 1.40%             |  |  |  | No            |                  2 | On Loan: No      |
| THALES SA                                          | THALES SA COMMON STOCK                          | CUSIP: N/A<br>LEI: 529900FNDVTQJOVVPZ19       | Long             | EC               |  | FR        |      1469 | NS      | $194288.12    | 1.40%             |  |  |  | No            |                  2 | On Loan: No      |
| COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN SCA | MICHELIN (CGDE) COMMON STOCK                    | CUSIP: N/A<br>LEI: 549300SOSI58J6VIW052       | Long             | EC               |  | FR        |      9641 | NS      | $304845.44    | 2.19%             |  |  |  | No            |                  2 | On Loan: No      |
| CK HUTCHISON HOLDINGS LIMITED                      | CK HUTCHISON HOLDINGS LTD COMMON STOCK          | CUSIP: N/A<br>LEI: 254900Z8HM1VEPOQ2G79       | Long             | EC               |  | HK        |     33500 | NS      | $213192.39    | 1.53%             |  |  |  | No            |                  2 | On Loan: No      |
| VEOLIA ENVIRONNEMENT SA                            | VEOLIA ENVIRONNEMENT COMMON STOCK               | CUSIP: N/A<br>LEI: 969500LENY69X51OOT31       | Long             | EC               |  | FR        |      9408 | NS      | $279251.53    | 2.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi Electric Corporation                    | MITSUBISHI ELECTRIC CORP COMMON STOCK           | CUSIP: N/A<br>LEI: 549300TRXM9Y6561AX39       | Long             | EC               |  | JP        |     20000 | NS      | $220415.09    | 1.58%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                | BROWN BROTHERS HARRIMAN SWEEP INTEREST          | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |    177151 | PA      | $177151.20    | 1.27%             |  |  |  | No            |                  2 | On Loan: No      |
| SINO BIOPHARMACEUTICAL LIMITED                     | SINO BIOPHARMACEUTICAL COMMON STOCK             | CUSIP: N/A<br>LEI: 529900LPR4ADFEJAR786       | Long             | EC               |  | HK        |    366000 | NS      | $212970.91    | 1.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Elekta AB (publ)                                   | ELEKTA AB-B SHS COMMON STOCK                    | CUSIP: N/A<br>LEI: 54930044O54BK617EP80       | Long             | EC               |  | SE        |     32817 | NS      | $238868.02    | 1.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Nabtesco Corporation                               | NABTESCO CORP COMMON STOCK                      | CUSIP: N/A<br>LEI: 529900DVHQXYRTGW7739       | Long             | EC               |  | JP        |     12167 | NS      | $356231.71    | 2.56%             |  |  |  | No            |                  2 | On Loan: No      |
| LEGAL & GENERAL GROUP PLC                          | LEGAL & GENERAL GROUP PLC COMMON STOCK          | CUSIP: N/A<br>LEI: 213800JH9QQWHLO99821       | Long             | EC               |  | GB        |     68097 | NS      | $214296.97    | 1.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Henkel AG & Co. KGaA                               | Henkel AG & Co KGaA PREFERRED STOCK             | CUSIP: N/A<br>LEI: 549300VZCL1HTH4O4Y49       | Long             | EP               |  | DE        |      4249 | NS      | $302953.82    | 2.18%             |  |  |  | No            |                  2 | On Loan: No      |
| ASSOCIATED BRITISH FOODS PLC                       | ASSOCIATED BRITISH FOODS PLC COMMON STOCK       | CUSIP: N/A<br>LEI: GBQKSY6W7G0OHCQ8OQ72       | Long             | EC               |  | GB        |     11429 | NS      | $262354.78    | 1.89%             |  |  |  | No            |                  2 | On Loan: No      |
| Randstad N.V.                                      | RANDSTAD NV COMMON STOCK                        | CUSIP: N/A<br>LEI: 7245009EAAUUQJ0U4T57       | Long             | EC               |  | NL        |      3442 | NS      | $220625.71    | 1.59%             |  |  |  | No            |                  2 | On Loan: No      |
| HONDA MOTOR CO., LTD.                              | HONDA MOTOR CO LTD COMMON STOCK                 | CUSIP: N/A<br>LEI: 549300P7ZYCQJ36CCS16       | Long             | EC               |  | JP        |      7900 | NS      | $195418.44    | 1.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Hongkong Land Holdings Limited                     | HONGKONG LAND HOLDINGS LTD COMMON STOCK         | CUSIP: G4587L109<br>LEI: 213800XCHYNRPAYGXW28 | Long             | EC               |  | SG        |     40100 | NS      | $196039.88    | 1.41%             |  |  |  | No            |                  2 | On Loan: No      |
| AZIMUT HOLDING S.P.A.                              | AZIMUT HOLDING SPA COMMON STOCK                 | CUSIP: N/A<br>LEI: 81560025690EF8540635       | Long             | EC               |  | IT        |      6999 | NS      | $174734.15    | 1.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Daimler Truck Holding AG                           | DAIMLER TRUCK HOLDING AG COMMON STOCK           | CUSIP: N/A<br>LEI: 529900PW78JIYOUBSR24       | Long             | EC               |  | DE        |      8264 | NS      | $277699.30    | 2.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                  | HSBC HOLDINGS PLC COMMON STOCK                  | CUSIP: N/A<br>LEI: MLU0ZO3ML4LN2LL2TL39       | Long             | EC               |  | GB        |     84981 | NS      | $626168.63    | 4.50%             |  |  |  | No            |                  2 | On Loan: No      |
| CENTRICA PLC                                       | CENTRICA PLC COMMON STOCK                       | CUSIP: N/A<br>LEI: E26EDV109X6EEPBKVH76       | Long             | EC               |  | GB        |    202964 | NS      | $252852.86    | 1.82%             |  |  |  | No            |                  2 | On Loan: No      |
| ARKEMA SA                                          | ARKEMA COMMON STOCK                             | CUSIP: N/A<br>LEI: 9695000EHMS84KKP2785       | Long             | EC               |  | FR        |      2093 | NS      | $211785.15    | 1.52%             |  |  |  | No            |                  2 | On Loan: No      |
| COCA-COLA EUROPACIFIC PARTNERS PLC                 | COCA-COLA EUROPACIFIC PARTNERS PLC COMMON STOCK | CUSIP: G25839104<br>LEI: 549300LTH67W4GWMRF57 | Long             | EC               |  | US        |      3763 | NS      | $211555.86    | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

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

**Signature:** Andy Metzger

**Name of Signer:** Andy Metzger

**Title:** CFO