UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSRS
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act File Number 811-22920
The Advisors’ Inner Circle Fund III
(Exact name of registrant as specified in charter)
SEI Investments
One Freedom Valley Drive
Oaks, PA 19456
(Address of principal executive offices) (Zip code)
SEI Investments
One Freedom Valley Drive
Oaks, PA 19456
(Name and address of agent for service)
Registrant’s telephone number, including area code: (877) 446-3863
Date of fiscal year end: October 31, 2021
Date of reporting period: April 30, 2021
Item 1. Reports to Stockholders.
A copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act or 1940, as amended (the “Act”) (17 CFR § 270.30e-1), is attached hereto.
Knights of Columbus Limited Duration Fund | Knights of Columbus Core Bond Fund | |
Knights of Columbus Long/Short Equity Fund | Knights of Columbus Large Cap Value Fund | |
Knights of Columbus Large Cap Growth Fund | Knights of Columbus Small Cap Fund | |
Knights of Columbus U.S. All Cap Index Fund | Knights Of Columbus Real Estate Fund | |
Knights of Columbus International Equity Fund |
Semi Annual Report | April 30, 2021
The Advisors’ Inner Circle Fund III
|
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS | |
APRIL 30, 2021 | ||
TABLE OF CONTENTS | ||||
Letter to Shareholders | 1 | |||
Schedules of Investments | 4 |
The Funds file their complete schedules of investments with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT (Form N-Q for filings prior to March 31, 2020). The Funds’ Forms N-Q and Form N-PORT reports are available on the SEC’s website at http://www.sec.gov, and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
A description of the policies and procedures that the Funds use to determine how to vote proxies relating to fund securities, as well as information relating to how the Funds voted proxies relating to fund securities during the most recent 12-month period ended June 30, is available (i) without charge, upon request, by calling 1-844-523-8637; and (ii) on the SEC’s website at http://www.sec.gov.
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS | |
APRIL 30, 2021 | ||
Dear Fellow Shareholders:
It certainly has been an eventful year as we have moved through the Covid environment and the impact of political elections, societal issues, and no lack of items to discuss in the capital markets. The U.S. appears to be emerging from the depths of Covid into a further state of reopening. As I pen this on May 17th, the gym I visit every morning offered optional masks for the first time since their reopening. It felt a little strange, but liberating, nonetheless. Since we left our office about 14 months ago, I am happy to report that we have worked effectively and efficiently in our home environments. Knights of Columbus and KoCAA are both looking forward to a return to the office that should commence after Labor Day.
When Covid first hit last March, the U.S. economy was performing relatively well with low unemployment and underemployment, strong business and consumer confidence, low interest rates and inflation and wage growth that was benefitting a very broad swath of the population, particularly low wage earners. And then everything changed. Once the search for toilet paper ended, we were heading towards election season and we saw the election of a new President, an equal senate (although on 50/50 votes, the Democrats maintain the tie break with the vote of the Vice President) and a narrower Democratic margin in the House of Representatives. Many are already looking forward to the mid-term elections to see if there is a switch back.
At present, we have a renewed migrant crisis on our southern border, Israelis and Palestinians are battling, nascent seeds of inflation might be taking root, and we have product shortages given kinks and breaks in the supply chain. I am not sure when “just in time” inventory became a thing, but I do know that it is often attributed to Toyota. The theory is that companies maintain very lean inventory, ordering what they need so as not to have too much working capital tied up in inventory which, theoretically, can maximize both efficiency and profitability. This all works predicated on an efficient and smooth supply chain. With the breaks in Covid, we are now seeing the hoarding of certain raw materials which is pressuring an already stressed supply chain and causing pricing pressures. The more skeptical among us, believe that the relaxation of the mask mandate may be to create a diversion from the troubles of the day.
As of the end of the first quarter, Gross Domestic Product (“GDP”) grew by 6.4% for the last three months and 0.4% over the trailing four quarters, erasing the -9.0% annual GDP growth rate ending June 2020. Of course, the big story of the day is inflation and we saw the headline rate grow to a 4.2% annual rate and a 0.3% growth rate factoring out food and energy. The key is that annual consumer prices bottomed at 0.1% in May 2020. We are more acutely watching the inflation rate as compared to July and August of last year when the economy began to open. The evaluation is whether this is transitory inflation or if we are starting an inflationary cycle.
It is somewhat difficult to look at inflation relative to the bond market because the Federal Reserve (“Fed”) continues with the purchase of $120 billion per month in Treasury securities. By keeping up this technical demand for Treasuries, interest rates have remained constrained versus where they would have likely been without the Fed purchases. We are looking at employment and wages as two other insights as to the direction of interest rates.
As Covid realities set in in April 2020, we saw the unemployment rate increase from 4.4% in March 2020 to 14.8% in April 2020. The unemployment rate has steadily declined to an April 2021 level of 6.1%. Over the same period, we have seen underemployment decline from 22.9% last April to 10.4% at the end of April 2021. While this appears to be robust improvement, we are also looking at the participation rate, which was 63.3% at year-end 2019, declined to 60.2% at the end of April 2020 and has improved to 61.7% as of April 2021. We still have 1.6 percentage points of people that were in the labor force sitting out of the job market. We believe, part of this is due to the enhanced unemployment benefits and a part of the working population that left the labor force to care for children. A robust job market could kindle further wage growth and be inflationary. As certain benefits are expiring, we are seeing wage growth of 1.2% year over year and this is declining from 4-5% wage growth from the various stimulus packages.
Industrial Production is growing at 16.5% year over year as some of the weak months roll off and we have had a string of positive months in this index, including the most recent index release in April. Capacity Utilization is 74.9% versus 77.2% at year-end 2019 and factory usage is well off the low of 64.2% in April 2020. Factory Orders and Durable Goods also continue to show positive momentum.
As mentioned earlier, we are starting to see inflation in raw materials while the combination of shortages, demand for finished goods and a high demand for labor, particularly in several specialized areas, may cause inflation. There has been considerable coverage in the financial press that the rise in consumer savings leaves a lot of dry powder in the hands of consumers and could cause significant demand led inflation. With that said, we are trying to discern whether the excess savings is being viewed as wealth or excess savings. If these savings are viewed as wealth, it is likely that it will be spent more slowly because wealth is not viewed as transactional. If the excess savings are viewed as savings, this could be the source of the consumer led demand. These items represent a few of the factors we are considering as the worker continues to emerge from Covid.
During the last six months, Knights of Columbus Core Bond Fund, I Shares, returned -0.17% versus -1.52% for the Bloomberg Barclays U.S. Aggregate Bond Index and -0.36% for the Lipper Core Bond classification. In general, an underweight position in Treasuries and strong issue selection in corporate and mortgage-backed securities benefitted performance.
During the last six months, Knights of Columbus Limited Duration Fund, I Shares, returned 0.67% versus 0.23% for the Bloomberg Barclays 1-3 Year Government/Credit Index and 1.28% for the Lipper Short Investment Grade Debt classification. In general, overweight positions in and strong issue selection in corporate and mortgage-backed securities benefitted performance relative to the benchmark. Relative to the Lipper fund classification, our focus on investment grade securities hurt as high yield securities performed better as the impact of Covid began to wane on the economy.
During the last six months, Knights of Columbus Large Cap Growth Fund, I Shares, returned 21.37% versus 24.31% for the Russell 1000 Growth Index and 25.84% for the Lipper Multi-Cap Growth Classification. In general, issue selection in technology and not owning Amazon hurt performance.
1
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS | |
APRIL 30, 2021 | ||
During the last six months, Knights of Columbus Large Cap Value Fund, I Shares, returned 37.67% versus 36.30% for the Russell 1000 Value Index and 39.70% for the Lipper Multi-Cap Value Classification. In general, being overweight economically sensitive, cyclical sectors like Financials, Industrials and Energy benefitted performance relative to the benchmark. A slight overweight to Consumer Staples and a small allocation to cash hurt as the benchmark was up strongly.
During the last six months, Knights of Columbus Small Cap Fund, I Shares, returned 45.22% versus 48.06% for the Russell 2000 Index and 50.48% for the Lipper Small Cap Core Classification. In general, being underweight economically defensive sectors like Utilities and Consumer Staples benefitted performance relative to the benchmark. Poor stock selection in the Information Technology sector, specifically the Software & Services industry group, detracted from relative value.
During this period the Knights of Columbus International Equity Fund, I Shares, returned 32.58% versus 27.98% for the FTSE All World Ex-U.S. Index and 28.20% for the Lipper International Multi-Cap Core Classification. Stock selection was very strong, especially in the Industrials and Technology sectors. Our exposure to the value factor was also very beneficial. Our beta versus the benchmark, which was slightly lower, subtracted some performance, as did the higher profitability exposure in our portfolio versus the benchmark.
During the last six months, Knights of Columbus Real Estate Fund, I Shares, returned 26.39% versus 34.78% for the FTSE NAREIT Equity REITS Index and 30.71% for the Lipper Real Estate Classification. The portfolio’s overweights to Data Centers, a Specialty property type, and the industrial/Logistics sector benefitted performance relative to the benchmark. Stock selection in the Office sector and the portfolio’s overweight to Cold Storage Warehouses, a Specialty property type, were detractors to relative returns.
We believe that our laser-focus on building a diversified, risk-aware portfolio of higher-growth, high-quality real estate companies has helped position the Fund to participate in the sustained recovery as the spread of Covid-19 recedes and investor attention turns back to operating fundamentals.
During this period, Knights of Columbus Long/Short Equity Fund, I Shares, returned 11.61% versus 5.77% for the HFRX Equity Market Neutral Index and 17.59% for the Lipper Alternative Long/Short Equity Classification. Performance was positively impacted by the strong returns in profitable firms trading at reasonable prices on the long side and negatively impacted by the continued rise of expensive, loss making firms on the short side.
During the last six months, Knights of Columbus U.S. All Cap Index Fund, I Shares, returned 32.61% versus 33.04% for the Knights of Columbus U.S. All Cap Index and 30.01% for the Lipper Multi-Cap Core Classification. Performance was consistent with the underlying index.
We continue to add shareholders and look forward to a successful fiscal year 2021. As always, we appreciate your confidence in our team, and we look forward to serving you in the future.
Sincerely,
Anthony V. Minopoli
President & Chief Investment Officer
Knights of Columbus Asset Advisors
The information provided herein represents the opinion of the manager at a specific point in time and is not intended to be a forecast of future events, a guarantee of future results nor investment advice.
The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call 1-844-KC-FUNDS or visit www.kofcassetadvisors.org.
Mutual fund investing involves risk. Some mutual funds have more risk than others. The investment return and principal value will fluctuate and shares when sold may be worth more or less than the original cost. Fixed income investments are subject to interest rate risk, and their value will decline as interest rates rise. Asset allocation and diversification do not assure a profit or protect against loss in declining markets. There is no guarantee a fund’s objectives will be achieved. The risks associated with each fund are explained more fully in each fund’s respective prospectus. Investors should consult with their attorney, accountant, and/or tax professional for advice concerning their particular situation.
1. | Gross Domestics Product – The total value of goods produced and services provided in a country in one year. |
2. | https://www.bea.gov/data/gdp/gross-domestic-product |
3. | https://www.bea.gov/sites/default/files/2021-04/gdp1q21_adv.pdf (page 13) |
2
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS | |
APRIL 30, 2021 | ||
Definitions of Comparative Indices
Bloomberg Barclays US Aggregate Bond Index
The Bloomberg Barclays US Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS and CMBS (agency and non-agency). Provided the necessary inclusion rules are met, US Aggregate eligible securities also contribute to the multi-currency Global Aggregate Index and the US Universal Index, which includes high yield and emerging markets debt. The US Aggregate Bond Index was created in 1986.
Bloomberg Barclays 1-3 Year US Government/Credit Index
The Bloomberg Barclays US Government/Credit Index is the non-securitized component of the US Aggregate Index and was the first macro index launched by Barclays Capital. The US Government/Credit Index includes Treasuries (i.e., public obligations of the US Treasury that have remaining maturities of more than one year), government-related issues (i.e., agency, sovereign, supranational, and local authority debt), and corporates. The US Government/Credit Index was launched on January 1, 1979 and is a subset of the US Aggregate Index. The 1-3 year index includes all medium and larger issues of US government, investment-grade corporate, and investment-grade international dollar-denominated bonds that have maturities of between 1 and 3 years and are publicly issued.
Russell 1000 Growth Index
The Russell 1000 Growth Index measures the performance of the large-cap growth segment of the US equity universe. It includes those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000 Growth Index is constructed to provide a comprehensive and unbiased barometer for the large-cap growth segment. The Russell 1000 Growth Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect growth characteristics.
Russell 1000 Value Index
The Russell 1000 Value Index measures the performance of the large-cap value segment of the US equity universe. It includes those Russell 1000 companies with lower price-to-book ratios and lower expected growth values. The Russell 1000 Value Index is constructed to provide a comprehensive and unbiased barometer for the large-cap value segment. The Russell 1000 Value Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics.
Russell 2000 Index
The Russell 2000 Index measures the performance of the small-cap segment of the US equity universe. The Russell 2000 Index is a subset of the Russell 3000® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000 Index is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set.
FTSE All-World ex-US Index
The FTSE All-World ex-US Index is one of a number of indexes designed to help investors benchmark their international investments. The index comprises Large and Mid-cap stocks providing coverage of Developed and Emerging Markets excluding the US. The index is derived from the FTSE Global Equity Index Series (GEIS), which covers 98% of the world’s investable market capitalization.
S&P 500 Index
The S&P 500 Index is an unmanaged capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic stock market through changes in the aggregate market value of 500 stocks representing all major industries.
FTSE Nareit Equity REITs Index
FTSE Nareit Equity REITs Index contains all Equity REITs not designated as Timber REITs or Infrastructure REITs. Prior to December 2010, the index included Timber REITs and Infrastructure REITs.
Knights of Columbus U.S. All Cap Index
Adheres to the United States Conference of Catholic Bishops’ Socially Responsible Investment Guidelines. Consists of all common stocks and real estate investment trusts in the Solactive US Broad Market Index excluding companies that are determined by Institutional Shareholder.
HFRX Equity Market Neutral Index
The HFRX Equity Market Neutral Index employs sophisticated quantitative techniques of analyzing price data to ascertain information about future price movement and relationships between securities, select securities for purchase and sale. These can include both Factor-based and Statistical Arbitrage/Trading Strategies.
3
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS | |
LIMITED DURATION FUND | ||
APRIL 30, 2021 (UNAUDITED) |
SECTOR WEIGHTINGS†
† | Percentages based on total investments. |
CORPORATE OBLIGATIONS — continued | ||||||||
Face Amount | Value | |||||||
CONSUMER STAPLES — continued | ||||||||
Constellation Brands | ||||||||
4.750%, 11/15/24 | $ | 460,000 | $ | 519,750 | ||||
Diageo Capital | ||||||||
2.125%, 10/24/24 | 1,210,000 | 1,265,057 | ||||||
General Mills | ||||||||
1.200%, VAR ICE LIBOR USD 3 Month+1.010%, 10/17/23 | 490,000 | 498,065 | ||||||
Kellogg | ||||||||
2.750%, 03/01/23 | 300,000 | 310,422 | ||||||
Keurig Dr Pepper | ||||||||
4.057%, 05/25/23 | 246,000 | 263,177 | ||||||
Molson Coors Beverage | ||||||||
3.500%, 05/01/22 | 520,000 | 535,591 | ||||||
Mondelez International Holdings Netherlands BV | ||||||||
2.000%, 10/28/21(A) | 500,000 | 503,371 | ||||||
Nestle Holdings | ||||||||
0.375%, 01/15/24(A) | 590,000 | 588,318 | ||||||
Suntory Holdings | ||||||||
2.550%, 06/28/22(A) | 500,000 | 510,752 | ||||||
Tyson Foods | ||||||||
2.250%, 08/23/21 | 360,000 | 361,577 | ||||||
|
| |||||||
8,591,631 | ||||||||
|
| |||||||
ENERGY — 4.2% | ||||||||
Chevron USA | ||||||||
7.250%, 10/15/23 | 500,000 | 582,067 | ||||||
Diamondback Energy | ||||||||
2.875%, 12/01/24 | 600,000 | 636,057 | ||||||
Energen | ||||||||
4.625%, 09/01/21 | 500,000 | 501,352 | ||||||
Gray Oak Pipeline | ||||||||
2.000%, 09/15/23(A) | 575,000 | 586,257 | ||||||
Halliburton | ||||||||
3.500%, 08/01/23 | 26,000 | 27,553 | ||||||
MarkWest Energy Partners | ||||||||
4.500%, 07/15/23 | 575,000 | 611,204 | ||||||
NGPL PipeCo | ||||||||
4.375%, 08/15/22(A) | 620,000 | 642,150 | ||||||
Ovintiv | ||||||||
3.900%, 11/15/21 | 416,000 | 420,001 | ||||||
Pioneer Natural Resources | ||||||||
0.750%, 01/15/24 | 615,000 | 615,237 | ||||||
Plains All American Pipeline | ||||||||
3.650%, 06/01/22 | 500,000 | 511,219 | ||||||
Southern Natural Gas | ||||||||
0.625%, 04/28/23(A) | 340,000 | 339,945 | ||||||
|
| |||||||
5,473,042 | ||||||||
|
| |||||||
FINANCIALS — 17.5% | ||||||||
Ally Financial | ||||||||
4.625%, 05/19/22 | 240,000 | 250,104 | ||||||
3.875%, 05/21/24 | 890,000 | 965,208 | ||||||
Ansett Worldwide Aviation Services Leasing | ||||||||
4.870%, 07/17/21(A)(B) | 659,854 | 666,860 |
The accompanying notes are an integral part of the financial statements.
4
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS | |
LIMITED DURATION FUND | ||
APRIL 30, 2021 (UNAUDITED) |
CORPORATE OBLIGATIONS — continued | ||||||||
Face Amount | Value | |||||||
FINANCIALS — continued | ||||||||
Ares Capital | ||||||||
3.625%, 01/19/22 | $ | 500,000 | $ | 509,320 | ||||
Associated Bank | ||||||||
3.500%, 08/13/21 | 500,000 | 503,034 | ||||||
Bank of America MTN | ||||||||
3.550%, VAR ICE LIBOR USD 3 Month+0.780%, 03/05/24 | 560,000 | 589,869 | ||||||
Bank of Nova Scotia | ||||||||
2.000%, 11/15/22 | 500,000 | 513,085 | ||||||
BBVA USA | ||||||||
2.500%, 08/27/24 | 500,000 | 526,208 | ||||||
BlackRock TCP Capital | ||||||||
4.125%, 08/11/22 | 465,000 | 483,513 | ||||||
Canadian Imperial Bank of Commerce | ||||||||
2.606%, VAR ICE LIBOR USD 3 Month+0.785%, 07/22/23 | 750,000 | 770,042 | ||||||
Capital One | ||||||||
2.150%, 09/06/22 | 500,000 | 511,165 | ||||||
Charles Schwab | ||||||||
7.000%, VAR ICE LIBOR USD 3 Month+4.820%(C) | 410,000 | 424,863 | ||||||
CIT Group | ||||||||
5.000%, 08/15/22 | 685,000 | 721,442 | ||||||
Citigroup | ||||||||
1.292%, VAR ICE LIBOR USD 3 Month+1.100%, 05/17/24 | 955,000 | 968,026 | ||||||
Citizens Bank | ||||||||
3.250%, 02/14/22 | 250,000 | 255,147 | ||||||
1.000%, VAR ICE LIBOR USD 3 Month+0.810%, 05/26/22 | 250,000 | 251,773 | ||||||
Discover Financial Services | ||||||||
3.850%, 11/21/22 | 475,000 | 499,134 | ||||||
E*TRADE Financial | ||||||||
2.950%, 08/24/22 | 725,000 | 747,304 | ||||||
First Horizon National | ||||||||
3.550%, 05/26/23 | 540,000 | 570,202 | ||||||
First Republic Bank | ||||||||
1.912%, VAR United States Secured Overnight Financing Rate+0.620%, 02/12/24 | 850,000 | 870,723 | ||||||
Goldman Sachs Group | ||||||||
0.801%, VAR United States Secured Overnight Financing Rate+0.790%, 12/09/26 | 570,000 | 568,896 | ||||||
0.627%, VAR United States Secured Overnight Financing Rate+0.538%, 11/17/23 | 600,000 | 600,752 | ||||||
KeyBank | ||||||||
1.250%, 03/10/23 | 550,000 | 558,161 | ||||||
Main Street Capital | ||||||||
4.500%, 12/01/22 | 415,000 | 434,033 | ||||||
Morgan Stanley MTN | ||||||||
4.100%, 05/22/23 | 760,000 | 813,185 |
CORPORATE OBLIGATIONS — continued | ||||||||
Face Amount | Value | |||||||
FINANCIALS — continued | ||||||||
National Bank of Canada MTN | ||||||||
0.550%, VAR US Treas Yield Curve Rate T Note Const Mat 1 Yr+0.400%, 11/15/24 | $ | 1,225,000 | $ | 1,220,898 | ||||
New York Life Global Funding | ||||||||
1.100%, 05/05/23(A) | 415,000 | 420,917 | ||||||
People’s United Financial | ||||||||
3.650%, 12/06/22 | 470,000 | 489,652 | ||||||
PNC Financial Services Group | ||||||||
6.750%, VAR ICE LIBOR USD 3 Month+3.678%(C) | 420,000 | 424,200 | ||||||
Royal Bank of Canada MTN | ||||||||
0.854%, VAR ICE LIBOR USD 3 Month+0.660%, 10/05/23 | 500,000 | 505,768 | ||||||
0.500%, 10/26/23 | 655,000 | 656,246 | ||||||
Santander Holdings USA | ||||||||
3.700%, 03/28/22 | 250,000 | 256,437 | ||||||
3.400%, 01/18/23 | 510,000 | 531,893 | ||||||
Synchrony Financial | ||||||||
2.850%, 07/25/22 | 745,000 | 763,148 | ||||||
Synovus Bank | ||||||||
2.289%, VAR United States Secured Overnight Financing Rate+0.945%, 02/10/23 | 500,000 | 504,614 | ||||||
Synovus Financial | ||||||||
3.125%, 11/01/22 | 250,000 | 258,069 | ||||||
Toyota Motor Credit MTN | ||||||||
0.500%, 08/14/23 | 500,000 | 501,743 | ||||||
Trinity Acquisition | ||||||||
4.625%, 08/15/23 | 117,000 | 127,311 | ||||||
Truist Bank | ||||||||
2.800%, 05/17/22 | 500,000 | 512,513 | ||||||
Zions Bancorp | ||||||||
3.500%, 08/27/21 | 750,000 | 757,937 | ||||||
|
| |||||||
22,503,395 | ||||||||
|
| |||||||
INDUSTRIALS — 6.6% | ||||||||
AerCap Ireland Capital DAC | ||||||||
4.875%, 01/16/24 | 270,000 | 295,911 | ||||||
Air Lease MTN | ||||||||
0.700%, 02/15/24 | 615,000 | 610,177 | ||||||
American Airlines Pass-Through Trust, Ser 2015-1 | ||||||||
3.700%, 05/01/23 | 342,382 | 330,470 | ||||||
CNH Industrial Capital | ||||||||
4.200%, 01/15/24 | 475,000 | 516,903 | ||||||
Cytec Industries | ||||||||
3.500%, 04/01/23 | 500,000 | 522,857 | ||||||
Delta Air Lines | ||||||||
4.500%, 10/20/25(A) | 595,000 | 638,228 | ||||||
3.625%, 03/15/22 | 500,000 | 508,228 | ||||||
Georgia-Pacific | ||||||||
0.625%, 05/15/24(A) | 600,000 | 598,448 | ||||||
Lennox International | ||||||||
3.000%, 11/15/23 | 600,000 | 632,151 |
The accompanying notes are an integral part of the financial statements.
5
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS | |
LIMITED DURATION FUND | ||
APRIL 30, 2021 (UNAUDITED) |
CORPORATE OBLIGATIONS — continued | ||||||||
Face Amount | Value | |||||||
INDUSTRIALS — continued | ||||||||
Penske Truck Leasing Lp | ||||||||
4.125%, 08/01/23(A) | $ | 495,000 | $ | 531,457 | ||||
Pentair Finance Sarl | ||||||||
3.150%, 09/15/22 | 830,000 | 843,958 | ||||||
Roper Technologies | ||||||||
0.450%, 08/15/22 | 570,000 | 570,744 | ||||||
Ryder System MTN | ||||||||
2.875%, 06/01/22 | 730,000 | 748,017 | ||||||
Teledyne Technologies | ||||||||
0.950%, 04/01/24 | 615,000 | 615,153 | ||||||
Westinghouse Air Brake Technologies | ||||||||
4.400%, 03/15/24 | 480,000 | 523,471 | ||||||
|
| |||||||
8,486,173 | ||||||||
|
| |||||||
INFORMATION TECHNOLOGY — 2.2% | ||||||||
Apple | ||||||||
0.750%, 05/11/23 | 440,000 | 444,270 | ||||||
Broadcom | ||||||||
3.625%, 10/15/24 | 575,000 | 625,189 | ||||||
Fidelity National Information Services | ||||||||
0.600%, 03/01/24 | 620,000 | 618,754 | ||||||
Infor | ||||||||
1.450%, 07/15/23(A) | 540,000 | 547,171 | ||||||
Microchip Technology | ||||||||
0.972%, 02/15/24(A) | 590,000 | 589,315 | ||||||
|
| |||||||
2,824,699 | ||||||||
|
| |||||||
MATERIALS — 2.9% | ||||||||
Anglo American Capital | ||||||||
3.625%, 09/11/24(A) | 595,000 | 643,596 | ||||||
Berry Global | ||||||||
0.950%, 02/15/24(A) | 600,000 | 598,476 | ||||||
Celanese US Holdings | ||||||||
3.500%, 05/08/24 | 815,000 | 875,949 | ||||||
Mosaic | ||||||||
3.250%, 11/15/22 | 500,000 | 519,707 | ||||||
NewMarket | ||||||||
4.100%, 12/15/22 | 480,000 | 504,790 | ||||||
Nutrition & Biosciences | ||||||||
0.697%, 09/15/22(A) | 590,000 | 591,216 | ||||||
|
| |||||||
3,733,734 | ||||||||
|
| |||||||
REAL ESTATE — 2.8% | ||||||||
American Tower | ||||||||
0.600%, 01/15/24 | 925,000 | 924,799 | ||||||
CC Holdings GS V | ||||||||
3.849%, 04/15/23 | 530,000 | 563,671 | ||||||
Jones Lang LaSalle | ||||||||
4.400%, 11/15/22 | 450,000 | 471,161 | ||||||
Kimco Realty | ||||||||
3.125%, 06/01/23 | 192,000 | 200,989 | ||||||
Rayonier | ||||||||
3.750%, 04/01/22 | 820,000 | 837,669 |
CORPORATE OBLIGATIONS — continued | ||||||||
Face Amount | Value | |||||||
REAL ESTATE — continued | ||||||||
Vornado Realty | ||||||||
3.500%, 01/15/25 | $ | 575,000 | $ | 610,265 | ||||
|
| |||||||
3,608,554 | ||||||||
|
| |||||||
UTILITIES — 5.2% | ||||||||
Alliant Energy Finance | ||||||||
3.750%, 06/15/23(A) | 500,000 | 530,941 | ||||||
CenterPoint Energy Resources | ||||||||
0.700%, 03/02/23 | 605,000 | 605,367 | ||||||
Dominion Energy | ||||||||
3.071%, 08/15/24 | 565,000 | 602,431 | ||||||
DTE Energy | ||||||||
3.850%, 12/01/23 | 810,000 | 868,902 | ||||||
Duquesne Light Holdings | ||||||||
5.900%, 12/01/21(A) | 254,000 | 261,259 | ||||||
Evergy | ||||||||
5.292%, 06/15/22 | 450,000 | 467,890 | ||||||
Exelon | ||||||||
3.497%, 06/01/22 | 720,000 | 741,796 | ||||||
FirstEnergy | ||||||||
4.750%, 03/15/23 | 510,000 | 540,881 | ||||||
LG&E & KU Energy | ||||||||
4.375%, 10/01/21 | 250,000 | 251,550 | ||||||
PPL Capital Funding | ||||||||
3.500%, 12/01/22 | 500,000 | 520,278 | ||||||
Southern | ||||||||
0.600%, 02/26/24 | 620,000 | 618,949 | ||||||
WEC Energy Group | ||||||||
0.800%, 03/15/24 | 630,000 | 631,070 | ||||||
|
| |||||||
6,641,314 | ||||||||
|
| |||||||
Total Corporate Obligations | ||||||||
(Cost $65,603,389) | 66,581,557 | |||||||
|
| |||||||
U.S. TREASURY OBLIGATIONS — 27.9% | ||||||||
U.S. Treasury Notes | ||||||||
1.750%, 03/31/22 | 1,950,000 | 1,979,859 | ||||||
1.750%, 07/15/22 | 2,750,000 | 2,805,000 | ||||||
0.125%, 05/15/23 | 13,150,000 | 13,136,645 | ||||||
0.125%, 07/15/23 | 3,000,000 | 2,995,078 | ||||||
0.125%, 01/15/24 | 15,000,000 | 14,936,719 | ||||||
|
| |||||||
Total U.S. Treasury Obligations | ||||||||
(Cost $35,842,312) | 35,853,301 | |||||||
|
| |||||||
ASSET-BACKED SECURITIES — 12.2% | ||||||||
Affirm Asset Securitization Trust, Ser 2021-A, Cl A | ||||||||
0.880%, 08/15/25 | 600,000 | 600,954 | ||||||
Amur Equipment Finance Receivables VII, Ser 2019-1A, Cl A2 | ||||||||
2.630%, 06/20/24 | 317,583 | 322,597 | ||||||
Benefit Street Partners CLO II, Ser 2021-IIA, Cl A2R2 | ||||||||
1.634%, VAR ICE LIBOR USD 3 Month+1.450%, 07/15/29 | 600,000 | 599,698 |
The accompanying notes are an integral part of the financial statements.
6
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS | |
LIMITED DURATION FUND | ||
APRIL 30, 2021 (UNAUDITED) |
ASSET-BACKED SECURITIES — continued | ||||||||
Face Amount | Value | |||||||
Capital Automotive REIT, Ser 2014-1A, Cl A | ||||||||
3.660%, 10/15/44 | $ | 146,874 | $ | 147,127 | ||||
Carvana Auto Receivables Trust, Ser 2019-3A, Cl B | ||||||||
2.510%, 04/15/24 | 1,000,000 | 1,012,863 | ||||||
CoreVest American Finance Trust, Ser 2017-1, Cl D | ||||||||
4.358%, 10/15/49 | 258,000 | 263,417 | ||||||
DRB Prime Student Loan Trust, Ser 2015-D, Cl A2 | ||||||||
3.200%, 01/25/40 | 260,083 | 261,049 | ||||||
Drug Royalty III, Ser 2017-1A, Cl A1 | ||||||||
2.741%, VAR ICE LIBOR USD 3 Month+2.500%, 04/15/27 | 15,026 | 15,026 | ||||||
Drug Royalty III, Ser 2018-1A, Cl A2 | ||||||||
4.270%, 10/15/31 | 262,585 | 269,663 | ||||||
Ford Credit Auto Owner Trust, Ser 2021-A, Cl C | ||||||||
0.830%, 08/15/28 | 400,000 | 398,135 | ||||||
Ford Credit Floorplan Master Owner Trust A, Ser 2017-3, Cl B | ||||||||
2.650%, 09/15/24 | 330,000 | 339,629 | ||||||
GM Financial Automobile Leasing Trust, Ser 2020-2, Cl B | ||||||||
1.560%, 07/22/24 | 380,000 | 387,267 | ||||||
Halcyon Loan Advisors Funding, Ser 2018-2A, Cl AR | ||||||||
1.256%, VAR ICE LIBOR USD 3 Month+1.080%, 07/25/27 | 98,424 | 98,470 | ||||||
Honda Auto Receivables Owner Trust, Ser 2019-3, Cl A2 | ||||||||
1.900%, 04/15/22 | 92,766 | 92,857 | ||||||
Honda Auto Receivables Owner Trust, Ser 2019-4, Cl A3 | ||||||||
1.830%, 01/18/24 | 850,000 | 862,815 | ||||||
Invitation Homes, Ser 2018-SFR2, Cl A | ||||||||
1.015%, VAR ICE LIBOR USD 1 Month+0.900%, 06/17/37 | 42,785 | 42,825 | ||||||
Invitation Homes, Ser 2018-SFR3, Cl A | ||||||||
1.115%, VAR ICE LIBOR USD 1 Month+1.000%, 07/17/37 | 613,021 | 614,574 | ||||||
Magnetite XVIII, Ser 2018-18A, Cl AR | ||||||||
1.274%, VAR ICE LIBOR USD 3 Month+1.080%, 11/15/28 | 520,000 | 520,190 | ||||||
Marlette Funding Trust, Ser 2021-1A, Cl B | ||||||||
1.000%, 06/16/31 | 810,000 | 811,300 | ||||||
Master Credit Card Trust II, Ser 2018-1A, Cl C | ||||||||
3.737%, 07/21/24 | 675,000 | 704,217 |
ASSET-BACKED SECURITIES — continued | ||||||||
Face Amount | Value | |||||||
Mercury Financial Credit Card Master Trust, Ser 2021-1A, Cl A | ||||||||
1.540%, 03/20/26 | $ | 806,000 | $ | 808,133 | ||||
MMAF Equipment Finance, Ser 2017-AA, Cl A5 | ||||||||
2.680%, 07/16/27 | 230,000 | 235,746 | ||||||
Monroe Capital BSL CLO, Ser 2017-1A, Cl CR | ||||||||
2.632%, VAR ICE LIBOR USD 3 Month+2.450%, 05/22/27 | 615,000 | 614,373 | ||||||
Nassau, Ser 2017-IIA, Cl AF | ||||||||
3.380%, 01/15/30 | 535,000 | 536,807 | ||||||
New Residential Mortgage, Ser 2018-FNT2, Cl A | ||||||||
3.790%, 07/25/54 | 536,634 | 537,102 | ||||||
RIN II, Ser 2019-1A, Cl A | ||||||||
1.833%, VAR ICE LIBOR USD 3 Month+1.650%, 09/10/30 | 620,000 | 620,658 | ||||||
SCF Equipment Leasing, Ser 2019-1A, Cl B | ||||||||
3.490%, 01/20/26 | 900,000 | 902,860 | ||||||
Sierra Timeshare Receivables Funding, Ser 2016-3A, Cl A | ||||||||
2.430%, 10/20/33 | 121,121 | 121,840 | ||||||
SoFi Professional Loan Program, Ser 2015-C, Cl B | ||||||||
3.580%, 08/25/36 | 250,355 | 250,708 | ||||||
Towd Point Mortgage Trust, Ser 2019-MH1, Cl A1 | ||||||||
3.000%, 11/25/58 (D) | 296,963 | 302,801 | ||||||
VCP CLO II, Ser 2021-2A, Cl A1 | ||||||||
1.864%, VAR ICE LIBOR USD 3 Month+1.670%, 04/15/31 | 750,000 | 749,804 | ||||||
Verizon Owner Trust, Ser 2020-A, Cl A1A | ||||||||
1.850%, 07/22/24 | 635,000 | 647,369 | ||||||
Wellfleet CLO, Ser 2016-2A, Cl A1R | ||||||||
1.328%, VAR ICE LIBOR USD 3 Month+1.140%, 10/20/28 | 479,997 | 480,326 | ||||||
Zais CLO 8, Ser 2018-1A, Cl A | ||||||||
1.134%, VAR ICE LIBOR USD 3 Month+0.950%, 04/15/29 | 461,284 | 460,787 | ||||||
|
| |||||||
Total Asset-Backed Securities | ||||||||
(Cost $15,452,061) | 15,633,987 | |||||||
|
| |||||||
MORTGAGE-BACKED SECURITIES — 5.9% | ||||||||
BPR Trust, Ser 2021-KEN, Cl B | ||||||||
2.065%, VAR ICE LIBOR USD 1 Month+1.950%, 02/15/29 | 805,000 | 805,441 | ||||||
BX Commercial Mortgage Trust, Ser 2020-VKNG, Cl C | ||||||||
1.515%, VAR ICE LIBOR USD 1 Month+1.400%, 10/15/37 | 840,000 | 840,000 |
The accompanying notes are an integral part of the financial statements.
7
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS | |
LIMITED DURATION FUND | ||
APRIL 30, 2021 (UNAUDITED) |
MORTGAGE-BACKED SECURITIES — continued | ||||||||
Face Amount | Value | |||||||
CFCRE Commercial Mortgage Trust, Ser 2011-C2, Cl B | ||||||||
5.936%, 12/15/47 (D) | $ | 220,000 | $ | 224,084 | ||||
Citigroup Commercial Mortgage Trust, Ser 2017-P8, Cl A1 | ||||||||
2.065%, 09/15/50 | 197,228 | 198,550 | ||||||
Cold Storage Trust, Ser 2020-ICE5, Cl C | ||||||||
1.765%, VAR ICE LIBOR USD 1 Month+1.650%, 11/15/37 | 909,266 | 910,724 | ||||||
COLT Mortgage Loan Trust, Ser 2020-1, Cl A1 | ||||||||
2.488%, 02/25/50 (D) | 423,519 | 427,618 | ||||||
COLT Mortgage Loan Trust, Ser 2021-2R, Cl A2 | ||||||||
1.106%, 07/27/54 (D) | 512,447 | 511,409 | ||||||
COMM Mortgage Trust, Ser 2012-CR1, Cl ASB | ||||||||
3.053%, 05/15/45 | 51,208 | 51,667 | ||||||
COMM Mortgage Trust, Ser 2013-CR10, Cl ASB | ||||||||
3.795%, 08/10/46 | 437,831 | 454,350 | ||||||
FHLMC STACR REMIC Trust, Ser 2020-DNA3, Cl M2 | ||||||||
3.106%, VAR ICE LIBOR USD 1 Month+3.000%, 06/25/50 | 406,014 | 410,111 | ||||||
FREMF Mortgage Trust, Ser 2015-K720, Cl C | ||||||||
3.510%, 07/25/22 (D) | 510,000 | 524,066 | ||||||
JP Morgan Mortgage Trust, Ser 2014-IVR6, Cl AM | ||||||||
2.471%, 07/25/44 (D) | 104,858 | 109,353 | ||||||
JP Morgan Mortgage Trust, Ser 2016-2, Cl A1 | ||||||||
2.498%, 06/25/46 (D) | 154,166 | 154,665 | ||||||
JP Morgan Mortgage Trust, Ser 2016-5, Cl A1 | ||||||||
2.560%, 12/25/46 (D) | 279,449 | 282,738 | ||||||
JP Morgan Mortgage Trust, Ser 2017-1, Cl A3 | ||||||||
3.500%, 01/25/47 (D) | 36,002 | 36,039 | ||||||
Merit, Ser 2020-HILL, Cl C | ||||||||
1.815%, VAR ICE LIBOR USD 1 Month+1.700%, 08/15/37 | 880,000 | 885,483 | ||||||
Sequoia Mortgage Trust, Ser 2013-4, Cl B3 | ||||||||
3.480%, 04/25/43 (D) | 169,026 | 172,843 | ||||||
Verus Securitization Trust, Ser 2021-1, Cl A2 | ||||||||
1.052%, 01/25/66 (D) | 553,635 | 553,918 | ||||||
|
| |||||||
Total Mortgage-Backed Securities | ||||||||
(Cost $7,520,080) | 7,553,059 | |||||||
|
|
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — 0.0% | ||||||||
Face Amount | Value | |||||||
FHLMC | ||||||||
6.000%, 01/01/37 | $ | 947 | $ | 1,066 | ||||
6.000%, 11/01/37 | 1,110 | 1,264 | ||||||
5.500%, 07/01/34 | 4,273 | 4,916 | ||||||
4.000%, 03/01/39 | 4,510 | 4,956 | ||||||
FHLMC, Ser 2004-2746, Cl BG | ||||||||
5.000%, 02/15/24 | 25,351 | 26,463 | ||||||
FNMA | ||||||||
6.000%, 05/01/36 | 409 | 486 | ||||||
6.000%, 08/01/36 | 497 | 581 | ||||||
6.000%, 11/01/37 | 1,150 | 1,302 | ||||||
5.500%, 07/01/38 | 2,970 | 3,422 | ||||||
GNMA | ||||||||
6.000%, 03/15/32 | 1,062 | 1,265 | ||||||
6.000%, 09/15/33 | 6,785 | 8,092 | ||||||
6.000%, 09/15/37 | 2,140 | 2,553 | ||||||
5.500%, 06/15/38 | 2,168 | 2,447 | ||||||
5.000%, 06/15/33 | 1,415 | 1,630 | ||||||
|
| |||||||
Total U.S. Government Agency Mortgage-Backed Obligations | ||||||||
(Cost $58,634) | 60,443 | |||||||
|
| |||||||
Total Investments in Securities — 97.7% |
| |||||||
(Cost $124,476,476) | $ | 125,682,347 | ||||||
|
|
Percentages are based on Net Assets of $128,672,873.
(A) | Securities sold within the terms of a private placement memorandum, exempt from registration under section 144A of the Securities Act of 1933, as amended, and maybe sold only to dealers in the program or other “accredited investors”. The total value of these securities at April 30, 2021 was $13,897,495 and represented 10.8% of Net Assets. |
(B) | Level 3 security in accordance with fair value hierarchy. |
(C) | Perpetual security with no stated maturity date. |
(D) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. |
Cl — Class
CLO — Collateralized Loan Obligation
DAC — Deferred Acquisition Costs
FHLMC — Federal Home Loan Mortgage Corporation
FNMA — Federal National Mortgage Association
FREMF — Freddie Mac Multi-Family
GNMA — Government National Mortgage Association
ICE — Intercontinental Exchange
LIBOR — London Interbank Offered Rate
LP — Limited Partnership
MTN — Medium Term Note
REIT — Real Estate Investment Trust
REMIC — Real Estate Mortgage Investment Conduit
Ser — Series
USD — U.S. Dollar
VAR— Variable Rate
The accompanying notes are an integral part of the financial statements.
8
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS | |
LIMITED DURATION FUND | ||
APRIL 30, 2021 (UNAUDITED) |
The following is a list of the inputs used as of April 30, 2021, in valuing the Fund’s investments carried at market value:
Investments in Securities | Level 1 | Level 2 | Level 3(1) | Total | ||||||||||||
Corporate Obligations | $ | — | $ | 65,914,697 | $ | 666,860 | $ | 66,581,557 | ||||||||
U.S. Treasury Obligations | — | 35,853,301 | — | 35,853,301 | ||||||||||||
Asset-Backed Securities | — | 15,633,987 | — | 15,633,987 | ||||||||||||
Mortgage-Backed Securities | — | 7,553,059 | — | 7,553,059 | ||||||||||||
U.S. Government Agency Mortgage-Backed Obligations | — | 60,443 | — | 60,443 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | — | $ | 125,015,487 | $ | 666,860 | $ | 125,682,347 | ||||||||
|
|
|
|
|
|
|
|
(1) | A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets. Management has concluded that Level 3 investments are not material in relation to net assets. |
For the period ended April 30, 2021, there were no transfers in or out of Level 3.
Amounts designated as “—” are $0 or have been rounded to $0.
For more information on valuation inputs, see Note 2 – Significant Accounting Policies in the Notes to Financial Statements.
The accompanying notes are an integral part of the financial statements.
9
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS | |
CORE BOND FUND | ||
APRIL 30, 2021 (UNAUDITED) |
SECTOR WEIGHTINGS†
† | Percentages based on total investments. |
SCHEDULE OF INVESTMENTS | ||||||||
CORPORATE OBLIGATIONS — 43.8% | ||||||||
Face Amount | Value | |||||||
COMMUNICATION SERVICES — 3.2% | ||||||||
AT&T | ||||||||
3.900%, 03/11/24 | $ | 480,000 | $ | 520,123 | ||||
Comcast | ||||||||
4.600%, 10/15/38 | 400,000 | 486,408 | ||||||
2.650%, 02/01/30 | 240,000 | 247,391 | ||||||
Crown Castle Towers | ||||||||
4.241%, 07/15/28(A) | 400,000 | 449,229 | ||||||
3.222%, 05/15/22(A) | 300,000 | 300,616 | ||||||
Discovery Communications | ||||||||
4.125%, 05/15/29 | 635,000 | 700,580 | ||||||
NBN MTN | ||||||||
2.625%, 05/05/31(A) | 600,000 | 605,178 | ||||||
Verizon Communications | ||||||||
3.875%, 02/08/29 | 480,000 | 540,370 | ||||||
|
| |||||||
3,849,895 | ||||||||
|
| |||||||
CONSUMER DISCRETIONARY — 2.7% | ||||||||
7-Eleven | ||||||||
2.800%, 02/10/51(A) | 1,160,000 | 1,050,073 | ||||||
General Motors Financial | ||||||||
4.000%, 10/06/26 | 550,000 | 606,894 | ||||||
Mars | ||||||||
2.375%, 07/16/40(A) | 540,000 | 499,893 | ||||||
Tiffany | ||||||||
4.900%, 10/01/44 | 904,000 | 1,130,409 | ||||||
|
| |||||||
3,287,269 | ||||||||
|
| |||||||
CONSUMER STAPLES — 2.3% | ||||||||
Anheuser-Busch InBev Worldwide | ||||||||
4.750%, 01/23/29 | 300,000 | 352,067 |
CORPORATE OBLIGATIONS — continued | ||||||||
Face Amount | Value | |||||||
CONSUMER STAPLES — continued | ||||||||
Bacardi | ||||||||
5.150%, 05/15/38(A) | $ | 390,000 | $ | 468,267 | ||||
Bunge Finance | ||||||||
3.250%, 08/15/26 | 250,000 | 270,345 | ||||||
1.630%, 08/17/25 | 250,000 | 252,969 | ||||||
Conagra Brands | ||||||||
4.600%, 11/01/25 | 615,000 | 703,339 | ||||||
Mondelez International | ||||||||
1.500%, 02/04/31 | 535,000 | 495,551 | ||||||
Nestle Holdings | ||||||||
1.000%, 09/15/27(A) | 210,000 | 203,429 | ||||||
|
| |||||||
2,745,967 | ||||||||
|
| |||||||
ENERGY — 3.2% | ||||||||
Boardwalk Pipelines | ||||||||
4.800%, 05/03/29 | 630,000 | 713,754 | ||||||
Chevron USA | ||||||||
8.000%, 04/01/27 | 250,000 | 343,095 | ||||||
Energy Transfer Operating | ||||||||
2.900%, 05/15/25 | 565,000 | 593,031 | ||||||
Gray Oak Pipeline | ||||||||
2.000%, 09/15/23(A) | 515,000 | 525,083 | ||||||
MarkWest Energy Partners | ||||||||
4.875%, 06/01/25 | 375,000 | 422,305 | ||||||
Occidental Petroleum | ||||||||
3.500%, 08/15/29 | 475,000 | 453,625 | ||||||
Rockies Express Pipeline | ||||||||
3.600%, 05/15/25(A) | 480,000 | 476,990 | ||||||
Western Midstream Operating | ||||||||
4.000%, 07/01/22 | 335,000 | 342,956 | ||||||
|
| |||||||
3,870,839 | ||||||||
|
| |||||||
FINANCIALS — 18.1% | ||||||||
Ally Financial | ||||||||
3.875%, 05/21/24 | 625,000 | 677,814 | ||||||
Ansett Worldwide Aviation Services Leasing | ||||||||
4.870%, 07/17/21(A)(B) | 515,136 | 520,606 | ||||||
Ares Capital | ||||||||
4.250%, 03/01/25 | 570,000 | 617,245 | ||||||
Ares Finance II | ||||||||
3.250%, 06/15/30(A) | 520,000 | 538,002 | ||||||
Bain Capital Specialty Finance | ||||||||
2.950%, 03/10/26 | 600,000 | 603,902 | ||||||
Bank of America | ||||||||
5.875%, VAR ICE LIBOR USD 3 Month+2.931%(C) | 705,000 | 795,029 | ||||||
Bank of Montreal | ||||||||
3.803%, VAR USD Swap Semi 30/360 5 Yr Curr+1.432%, 12/15/32 | 565,000 | 622,833 | ||||||
BBVA USA | ||||||||
3.875%, 04/10/25 | 800,000 | 875,179 | ||||||
BlackRock TCP Capital | ||||||||
3.900%, 08/23/24 | 55,000 | 58,581 |
The accompanying notes are an integral part of the financial statements.
10
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS | |
CORE BOND FUND | ||
APRIL 30, 2021 (UNAUDITED) |
CORPORATE OBLIGATIONS — continued | ||||||||
Face Amount | Value | |||||||
FINANCIALS — continued | ||||||||
Brookfield Finance | ||||||||
4.250%, 06/02/26 | $ | 495,000 | $ | 556,566 | ||||
Business Development Corp of America | ||||||||
3.250%, 03/30/26(A) | 587,000 | 586,500 | ||||||
Carlyle Finance Subsidiary | ||||||||
3.500%, 09/19/29(A) | 400,000 | 421,590 | ||||||
Charles Schwab | ||||||||
4.000%, VAR US Treas Yield Curve Rate T Note Const Mat 10 Yr+3.079%(C) | 560,000 | 567,252 | ||||||
CI Financial | ||||||||
3.200%, 12/17/30 | 840,000 | 855,919 | ||||||
CIT Group | ||||||||
4.750%, 02/16/24 | 655,000 | 712,313 | ||||||
Citigroup | ||||||||
3.875%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+3.417%(C) | 585,000 | 585,731 | ||||||
Discover Bank | ||||||||
4.682%, VAR USD Swap Semi 30/360 5 Yr Curr+1.730%, 08/09/28 | 415,000 | 441,975 | ||||||
E*TRADE Financial | ||||||||
3.800%, 08/24/27 | 435,000 | 481,979 | ||||||
First Republic Bank | ||||||||
4.375%, 08/01/46 | 435,000 | 519,456 | ||||||
Goldman Sachs Group | ||||||||
0.801%, VAR United States Secured Overnight Financing Rate+0.790%, 12/09/26 | 520,000 | 518,993 | ||||||
Huntington Bancshares | ||||||||
5.700%, VAR ICE LIBOR USD 3 Month+2.880%(C) | 600,000 | 619,500 | ||||||
JPMorgan Chase | ||||||||
3.625%, 12/01/27 | 420,000 | 460,474 | ||||||
Legg Mason | ||||||||
5.625%, 01/15/44 | 420,000 | 568,829 | ||||||
M&T Bank | ||||||||
6.450%, VAR ICE LIBOR USD 3 Month+3.610%(C) | 507,000 | 555,799 | ||||||
Main Street Capital | ||||||||
5.200%, 05/01/24 | 555,000 | 601,569 | ||||||
Neuberger Berman Group | ||||||||
4.500%, 03/15/27(A) | 370,000 | 412,635 | ||||||
Nuveen Finance | ||||||||
4.125%, 11/01/24(A) | 400,000 | 443,516 | ||||||
Owl Rock Capital | ||||||||
3.750%, 07/22/25 | 490,000 | 519,084 | ||||||
Owl Rock Technology Finance | ||||||||
3.750%, 06/17/26(A) | 555,000 | 580,720 | ||||||
Prospect Capital | ||||||||
6.375%, 01/15/24 | 200,000 | 218,988 | ||||||
5.875%, 03/15/23 | 380,000 | 405,212 |
CORPORATE OBLIGATIONS — continued | ||||||||
Face Amount | Value | |||||||
FINANCIALS — continued | ||||||||
Raymond James Financial | ||||||||
3.750%, 04/01/51 | $ | 575,000 | $ | 613,626 | ||||
Santander Holdings USA | ||||||||
3.400%, 01/18/23 | 500,000 | 521,464 | ||||||
Sixth Street Specialty Lending | ||||||||
4.500%, 01/22/23 | 370,000 | 387,360 | ||||||
3.875%, 11/01/24 | 115,000 | 121,556 | ||||||
Stifel Financial | ||||||||
4.250%, 07/18/24 | 445,000 | 491,886 | ||||||
Synchrony Financial | ||||||||
4.250%, 08/15/24 | 425,000 | 464,126 | ||||||
Synovus Financial | ||||||||
5.900%, VAR USD Swap Semi 30/360 5 Yr Curr+3.379%, 02/07/29 | 430,000 | 462,746 | ||||||
Texas Capital Bancshares | ||||||||
4.000%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+3.150%, 05/06/31 | 600,000 | 604,500 | ||||||
Truist Financial | ||||||||
5.050%, VAR ICE LIBOR USD 3 Month+3.102%(C) | 590,000 | 611,221 | ||||||
Willis North America | ||||||||
3.600%, 05/15/24 | 415,000 | 447,318 | ||||||
|
| |||||||
21,669,594 | ||||||||
|
| |||||||
INDUSTRIALS — 4.1% | ||||||||
American Airlines Pass-Through Trust, Ser 2015-1 | ||||||||
3.700%, 05/01/23 | 308,916 | 298,168 | ||||||
Aviation Capital Group | ||||||||
4.375%, 01/30/24(A) | 390,000 | 415,285 | ||||||
Delta Air Lines | ||||||||
4.500%, 10/20/25(A) | 540,000 | 579,232 | ||||||
2.900%, 10/28/24 | 455,000 | 459,021 | ||||||
Masco | ||||||||
6.500%, 08/15/32 | 317,000 | 412,833 | ||||||
Northern Group Housing | ||||||||
5.605%, 08/15/33(A) | 564,458 | 623,210 | ||||||
Parker-Hannifin | ||||||||
4.000%, 06/14/49 | 425,000 | 481,651 | ||||||
Roper Technologies | ||||||||
2.950%, 09/15/29 | 420,000 | 441,148 | ||||||
Teledyne Technologies | ||||||||
2.250%, 04/01/28 | 590,000 | 592,924 | ||||||
Westinghouse Air Brake Technologies | ||||||||
3.200%, 06/15/25 | 530,000 | 565,351 | ||||||
|
| |||||||
4,868,823 | ||||||||
|
| |||||||
INFORMATION TECHNOLOGY — 2.0% | ||||||||
Infor | ||||||||
1.750%, 07/15/25(A) | 335,000 | 340,978 |
The accompanying notes are an integral part of the financial statements.
11
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS | |
CORE BOND FUND | ||
APRIL 30, 2021 (UNAUDITED) |
CORPORATE OBLIGATIONS — continued | ||||||||
Face Amount | Value | |||||||
INFORMATION TECHNOLOGY — continued | ||||||||
Microsoft | ||||||||
2.921%, 03/17/52 | $ | 450,000 | $ | 449,678 | ||||
NXP BV | ||||||||
5.550%, 12/01/28(A) | 390,000 | 473,403 | ||||||
Oracle | ||||||||
2.875%, 03/25/31 | 600,000 | 609,978 | ||||||
Vontier | ||||||||
1.800%, 04/01/26(A) | 590,000 | 588,448 | ||||||
|
| |||||||
2,462,485 | ||||||||
|
| |||||||
MATERIALS — 2.8% | ||||||||
Anglo American Capital | ||||||||
4.500%, 03/15/28(A) | 525,000 | 596,109 | ||||||
CF Industries | ||||||||
4.500%, 12/01/26(A) | 520,000 | 589,587 | ||||||
Nutrition & Biosciences | ||||||||
3.468%, 12/01/50(A) | 540,000 | 531,302 | ||||||
Silgan Holdings | ||||||||
1.400%, 04/01/26(A) | 585,000 | 578,062 | ||||||
Vulcan Materials | ||||||||
4.500%, 04/01/25 | 400,000 | 448,535 | ||||||
WRKCo | ||||||||
4.650%, 03/15/26 | 515,000 | 588,029 | ||||||
|
| |||||||
3,331,624 | ||||||||
|
| |||||||
REAL ESTATE — 2.3% | ||||||||
Public Storage | ||||||||
0.875%, 02/15/26 | 1,150,000 | 1,135,332 | ||||||
STORE Capital | ||||||||
4.500%, 03/15/28 | 380,000 | 423,525 | ||||||
UDR | ||||||||
3.000%, 08/15/31 | 560,000 | 575,961 | ||||||
Vornado Realty | ||||||||
3.500%, 01/15/25 | 565,000 | 599,652 | ||||||
|
| |||||||
2,734,470 | ||||||||
|
| |||||||
UTILITIES — 3.1% | ||||||||
DPL | ||||||||
4.350%, 04/15/29 | 425,000 | 460,879 | ||||||
Duquesne Light Holdings | ||||||||
2.532%, 10/01/30(A) | 540,000 | 525,070 | ||||||
Eastern Energy Gas Holdings | ||||||||
3.000%, 11/15/29 | 560,000 | 586,778 | ||||||
Emera US Finance | ||||||||
4.750%, 06/15/46 | 410,000 | 468,707 | ||||||
IPALCO Enterprises | ||||||||
3.700%, 09/01/24 | 435,000 | 469,555 | ||||||
Monongahela Power | ||||||||
3.550%, 05/15/27(A) | 550,000 | 600,416 | ||||||
NiSource | ||||||||
5.650%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+2.843%(C) | 385,000 | 402,325 |
CORPORATE OBLIGATIONS — continued | ||||||||
Face Amount | Value | |||||||
UTILITIES — continued | ||||||||
Spire | ||||||||
3.543%, 02/27/24 | $ | 250,000 | $ | 259,964 | ||||
|
| |||||||
3,773,694 | ||||||||
|
| |||||||
Total Corporate Obligations | ||||||||
(Cost $50,209,530) | 52,594,660 | |||||||
|
| |||||||
U.S. TREASURY OBLIGATIONS — 16.2% | ||||||||
U.S. Treasury Bonds | ||||||||
3.750%, 08/15/41 | 1,500,000 | 1,900,605 | ||||||
3.000%, 05/15/45 | 1,725,000 | 1,963,737 | ||||||
2.250%, 08/15/46 | 4,100,000 | 4,071,332 | ||||||
1.250%, 05/15/50 | 1,350,000 | 1,047,463 | ||||||
U.S. Treasury Notes | ||||||||
2.250%, 08/15/27 | 2,940,000 | 3,134,660 | ||||||
1.875%, 01/31/22 | 2,000,000 | 2,027,188 | ||||||
1.375%, 01/31/22 | 1,650,000 | 1,666,242 | ||||||
0.625%, 05/15/30 | 2,500,000 | 2,300,000 | ||||||
0.250%, 09/30/25 | 1,400,000 | 1,371,891 | ||||||
|
| |||||||
Total U.S. Treasury Obligations | ||||||||
(Cost $19,425,189) | 19,483,118 | |||||||
|
| |||||||
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — 13.4% | ||||||||
FHLMC | ||||||||
4.500%, 12/01/48 | 248,035 | 271,628 | ||||||
4.000%, 02/01/47 | 487,060 | 528,156 | ||||||
4.000%, 11/01/47 | 496,708 | 537,471 | ||||||
4.000%, 11/01/48 | 227,273 | 244,180 | ||||||
3.500%, 11/01/44 | 405,516 | 439,318 | ||||||
3.500%, 04/01/46 | 276,417 | 298,582 | ||||||
3.500%, 07/01/47 | 622,863 | 666,584 | ||||||
3.500%, 12/01/48 | 367,783 | 392,896 | ||||||
3.000%, 02/01/45 | 401,431 | 424,996 | ||||||
3.000%, 08/01/45 | 201,490 | 212,830 | ||||||
3.000%, 02/01/48 | 266,962 | 280,384 | ||||||
2.500%, 02/01/30 | 261,078 | 273,742 | ||||||
2.000%, 08/01/50 | 1,407,960 | 1,422,766 | ||||||
FHLMC, Ser 2016-4563, Cl VB | ||||||||
3.000%, 05/15/39 | 500,000 | 515,559 | ||||||
FHLMC Structured Pass-Through Certificates, Ser 2003-54, Cl 4A | ||||||||
3.697%, 02/25/43(D) | 108,707 | 117,804 | ||||||
FNMA | ||||||||
4.500%, 02/01/41 | 565,475 | 634,121 | ||||||
4.500%, 03/01/48 | 539,640 | 589,691 | ||||||
4.000%, 03/01/35 | 156,035 | 169,410 | ||||||
4.000%, 01/01/42 | 400,014 | 443,323 | ||||||
4.000%, 05/01/49 | 458,671 | 494,687 | ||||||
3.500%, 02/01/47 | 405,043 | 438,074 | ||||||
3.500%, 12/01/47 | 251,488 | 268,861 | ||||||
3.500%, 08/01/48 | 284,511 | 303,373 | ||||||
3.500%, 03/01/49 | 446,172 | 482,642 | ||||||
3.500%, 06/01/49 | 742,552 | 808,918 |
The accompanying notes are an integral part of the financial statements.
12
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS | |
CORE BOND FUND | ||
APRIL 30, 2021 (UNAUDITED) |
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — continued | ||||||||
Face Amount | Value | |||||||
3.000%, 10/01/48 | $ | 500,010 | $ | 509,303 | ||||
3.000%, 02/01/50 | 650,414 | 682,612 | ||||||
2.500%, 12/01/49 | 564,312 | 586,018 | ||||||
2.500%, 09/01/50 | 994,459 | 1,032,866 | ||||||
2.000%, 10/01/50 | 1,071,501 | 1,082,770 | ||||||
GNMA | ||||||||
4.000%, 07/20/48 | 230,670 | 248,067 | ||||||
3.500%, 06/20/48 | 593,966 | 635,814 | ||||||
|
| |||||||
Total U.S. Government Agency Mortgage-Backed Obligations | ||||||||
(Cost $15,603,874) | 16,037,446 | |||||||
|
| |||||||
ASSET-BACKED SECURITIES — 11.6% | ||||||||
American Homes 4 Rent Trust, Ser 2014-SFR3, Cl B | ||||||||
4.201%, 12/17/36 | 285,000 | 304,166 | ||||||
Amur Equipment Finance Receivables IX, Ser 2021-1A, Cl C | ||||||||
1.750%, 06/21/27 | 500,000 | 500,285 | ||||||
ARL Second, Ser 2014-1A, Cl A2 | ||||||||
3.970%, 06/15/44 | 100,000 | 99,932 | ||||||
Benefit Street Partners CLO II, Ser 2021-IIA, Cl A2R2 | ||||||||
1.634%, VAR ICE LIBOR USD 3 Month+1.450%, 07/15/29 | 585,000 | 584,706 | ||||||
CARS-DB4, Ser 2020-1A, Cl A6 | ||||||||
3.810%, 02/15/50 | 749,062 | 764,199 | ||||||
Cerberus Loan Funding XXVII, Ser 2019-2A, Cl A2 | ||||||||
3.500%, 01/15/32 | 590,000 | 595,900 | ||||||
CF Hippolyta, Ser 2020-1, Cl A1 | ||||||||
1.690%, 07/15/60 | 606,031 | 614,426 | ||||||
CoreVest American Finance Trust, Ser 2018-1, Cl A | ||||||||
3.804%, 06/15/51 | 211,367 | 220,790 | ||||||
DRB Prime Student Loan Trust, Ser 2015-D, Cl A2 | ||||||||
3.200%, 01/25/40 | 52,017 | 52,210 | ||||||
Drug Royalty III, Ser 2017-1A, Cl A1 | ||||||||
2.741%, VAR ICE LIBOR USD 3 Month+2.500%, 04/15/27 | 12,444 | 12,444 | ||||||
ExteNet, Ser 2019-1A, Cl A2 | ||||||||
3.204%, 07/26/49 | 720,000 | 744,301 | ||||||
Ford Credit Auto Owner Trust, Ser 2021-1, Cl C | ||||||||
1.910%, 10/17/33 | 495,000 | 496,516 | ||||||
Golub Capital Partners CLO XLVII, Ser 2020-47A, Cl A2B | ||||||||
3.008%, 05/05/32 | 800,000 | 807,800 | ||||||
MONROE CAPITAL BSL CLO, Ser 2017-1A, Cl CR | ||||||||
2.632%, VAR ICE LIBOR USD 3 Month+2.450%, 05/22/27 | 590,000 | 589,399 |
ASSET-BACKED SECURITIES — continued | ||||||||
Face Amount | Value | |||||||
New Residential Mortgage, Ser 2018-FNT2, Cl A | ||||||||
3.790%, 07/25/54 | $ | 482,546 | $ | 482,992 | ||||
Progress Residential Trust, Ser 2019-SFR2, Cl C | ||||||||
3.545%, 05/17/36 | 769,000 | 784,021 | ||||||
RIN II, Ser 2019-1A, Cl A | ||||||||
1.833%, VAR ICE LIBOR USD 3 Month+1.650%, 09/10/30 | 600,000 | 600,637 | ||||||
SBA Tower Trust, Ser 2014-2A, Cl C | ||||||||
3.869%, 10/15/49 | 850,000 | 902,217 | ||||||
SCF Equipment Leasing, Ser 2019-1A, Cl C | ||||||||
3.920%, 11/20/26 | 575,000 | 577,981 | ||||||
Stack Infrastructure Issuer, Ser 2021-1A, Cl A2 | ||||||||
1.877%, 03/26/46 | 655,000 | 650,890 | ||||||
Taco Bell Funding, Ser 2018-1A, Cl A2I | ||||||||
4.318%, 11/25/48 | 391,000 | 391,942 | ||||||
Tricon American Homes Trust, Ser 2020-SFR2, Cl C | ||||||||
2.032%, 11/17/39 | 800,000 | 787,689 | ||||||
TRIP Rail Master Funding, Ser 2017-1A, Cl A2 | ||||||||
3.736%, 08/15/47 | 280,000 | 290,306 | ||||||
Vantage Data Centers, Ser 2019-1A, Cl A2 | ||||||||
3.188%, 07/15/44 | 649,000 | 673,845 | ||||||
VCP CLO II, Ser 2021-2A, Cl B1 | ||||||||
2.444%, VAR ICE LIBOR USD 3 Month+2.250%, 04/15/31 | 650,000 | 649,662 | ||||||
Willis Engine Structured Trust V, Ser 2020-A, Cl A | ||||||||
3.228%, 03/15/45 | 745,667 | 740,591 | ||||||
|
| |||||||
Total Asset-Backed Securities | ||||||||
(Cost $13,772,835) | 13,919,847 | |||||||
|
| |||||||
MORTGAGE-BACKED SECURITIES — 9.1% | ||||||||
Agate Bay Mortgage Trust, Ser 2014-1, Cl B1 | ||||||||
3.823%, 07/25/44 (D) | 353,625 | 360,167 | ||||||
BX Commercial Mortgage Trust, Ser 2019-XL, Cl C | ||||||||
1.365%, VAR ICE LIBOR USD 1 Month+1.250%, 10/15/36 | 710,086 | 710,086 | ||||||
BX Commercial Mortgage Trust, Ser 2020-VKNG, Cl C | ||||||||
1.515%, VAR ICE LIBOR USD 1 Month+1.400%, 10/15/37 | 315,000 | 315,000 | ||||||
Citigroup Commercial Mortgage Trust, Ser 2013-GC15, Cl A3 | ||||||||
4.095%, 09/10/46 | 220,166 | 235,161 |
The accompanying notes are an integral part of the financial statements.
13
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS | |
CORE BOND FUND | ||
APRIL 30, 2021 (UNAUDITED) |
MORTGAGE-BACKED SECURITIES — continued | ||||||||
Face Amount | Value | |||||||
CSMC Trust, Ser 2013-IVR3, Cl A2 | ||||||||
3.000%, 05/25/43 (D) | $ | 257,444 | $ | 261,691 | ||||
CSMC Trust, Ser 2015-2, Cl A18 | ||||||||
3.500%, 02/25/45 (D) | 315,243 | 321,284 | ||||||
FHLMC | ||||||||
3.000%, 04/01/50 | 974,848 | 1,023,788 | ||||||
FHLMC STACR REMIC Trust, Ser 2020-DNA3, Cl M2 | ||||||||
3.106%, VAR ICE LIBOR USD 1 Month+3.000%, 06/25/50 | 382,329 | 386,188 | ||||||
First Republic Mortgage Trust, Ser 2020-1, Cl A5 | ||||||||
2.882%, 04/25/50 (D) | 605,956 | 610,513 | ||||||
FNMA | ||||||||
2.000%, 02/01/51 | 790,869 | 799,194 | ||||||
FREMF Mortgage Trust, Ser 2012-K21, Cl B | ||||||||
4.068%, 07/25/45 (D) | 280,000 | 289,896 | ||||||
FREMF Mortgage Trust, Ser 2015-K720, Cl C | ||||||||
3.510%, 07/25/22 (D) | 475,000 | 488,101 | ||||||
FREMF Mortgage Trust, Ser 2016-K723, Cl C | ||||||||
3.704%, 11/25/23 (D) | 470,000 | 489,815 | ||||||
FREMF Mortgage Trust, Ser 2017-K65, Cl C | ||||||||
4.214%, 07/25/50 (D) | 725,000 | 775,514 | ||||||
FREMF Mortgage Trust, Ser 2017-K66, Cl C | ||||||||
4.173%, 07/25/27 (D) | 175,000 | 188,888 | ||||||
FREMF Mortgage Trust, Ser 2017-K725, Cl C | ||||||||
4.012%, 02/25/50 (D) | 280,000 | 294,768 | ||||||
GMAC Commercial Mortgage Asset, Ser 2010-FTLS, Cl A | ||||||||
6.363%, 02/10/47 (B) | 236,054 | 299,540 | ||||||
JPMBB Commercial Mortgage Securities Trust, Ser 2015-C31, Cl ASB | ||||||||
3.540%, 08/15/48 | 423,599 | 449,069 | ||||||
JPMorgan Mortgage Trust, Ser 2014-IVR6, Cl AM | ||||||||
2.471%, 07/25/44 (D) | 86,580 | 90,292 | ||||||
JPMorgan Mortgage Trust, Ser 2016-2, Cl A1 | ||||||||
2.498%, 06/25/46 (D) | 154,166 | 154,665 | ||||||
JPMorgan Mortgage Trust, Ser 2016-5, Cl B3 | ||||||||
2.543%, 12/25/46 (D) | 405,189 | 407,265 | ||||||
Merit, Ser 2020-HILL, Cl C | ||||||||
1.815%, VAR ICE LIBOR USD 1 Month+1.700%, 08/15/37 | 795,000 | 799,953 | ||||||
Seasoned Credit Risk Transfer Trust, Ser 2018-4, Cl MV | ||||||||
3.500%, 03/25/58 | 726,957 | 800,107 | ||||||
Sequoia Mortgage Trust, Ser 2015-1, Cl A1 | ||||||||
3.500%, 01/25/45 (D) | 61,172 | 62,457 |
MORTGAGE-BACKED SECURITIES — continued | ||||||||
Face Amount/ Shares | Value | |||||||
Sequoia Mortgage Trust, Ser 2015-2, Cl A1 | ||||||||
3.500%, 05/25/45 (D) | $ | 90,902 | $ | 92,735 | ||||
Sequoia Mortgage Trust, Ser 2015-4, Cl A1 | ||||||||
3.000%, 11/25/30 (D) | 127,008 | 130,170 | ||||||
Sequoia Mortgage Trust, Ser 2017-5, Cl A4 | ||||||||
3.500%, 08/25/47 (D) | 17,638 | 17,656 | ||||||
Sequoia Mortgage Trust, Ser 2018-2, Cl A4 | ||||||||
3.500%, 02/25/48 (D) | 40,523 | 40,587 | ||||||
|
| |||||||
Total Mortgage-Backed Securities | ||||||||
(Cost $10,681,283) | 10,894,550 | |||||||
|
| |||||||
MUNICIPAL BONDS — 4.0% | ||||||||
California State, City of Riverside, Ser A, RB | ||||||||
3.857%, 06/01/45 | 780,000 | 834,911 | ||||||
Camp Pendleton & Quantico Housing, RB | ||||||||
6.165%, 10/01/50 (A) | 400,000 | 493,143 | ||||||
Denver City & County Housing Authority, Ser 2021-B, RB | ||||||||
3.104%, 02/01/39 | 300,000 | 297,097 | ||||||
Grand Parkway Transportation, Ser B, RB | ||||||||
3.216%, 10/01/49 | 640,000 | 649,837 | ||||||
Massachusetts State, Housing Finance Agency, Ser B, RB | ||||||||
3.350%, 12/01/40 | 435,000 | 436,479 | ||||||
New York City Housing Development, Ser D, RB | ||||||||
3.083%, 11/01/46 | 900,000 | 905,538 | ||||||
Rhode Island State, Housing and Mortgage Finance, Ser 1-T, RB | ||||||||
2.993%, 10/01/38 | 540,000 | 546,247 | ||||||
State of Hawaii Department of Business Economic Development & Tourism, Ser A-2, RB | ||||||||
3.242%, 01/01/31 | 152,508 | 162,198 | ||||||
Virginia Housing Development Authority, Ser C, RB | ||||||||
2.829%, 04/01/41 | 500,000 | 502,507 | ||||||
|
| |||||||
Total Municipal Bonds | ||||||||
(Cost $4,736,054) | 4,827,957 | |||||||
|
| |||||||
PREFERRED STOCK — 0.5% | ||||||||
FINANCIALS — 0.5% | ||||||||
Signature Bank NY, 5.000% | ||||||||
Total Preferred Stock | ||||||||
(Cost $555,000) | 22,200 | 569,430 | ||||||
|
| |||||||
Total Investments in Securities — 98.6% |
| |||||||
(Cost $114,983,765) | $ | 118,327,008 | ||||||
|
|
The accompanying notes are an integral part of the financial statements.
14
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS | |
CORE BOND FUND | ||
APRIL 30, 2021 (UNAUDITED) |
Percentages are based on Net Assets of $119,947,890.
(A) | Securities sold within the terms of a private placement memorandum, exempt from registration under section 144A of the Securities Act of 1933, as amended, and maybe sold only to dealers in the program or other “accredited investors”. The total value of these securities at April 30, 2021 was $15,016,572 and represented 12.5% of Net Assets. |
(B) | Level 3 security in accordance with fair value hierarchy. |
(C) | Perpetual security with no stated maturity date. |
(D) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. |
Cl — Class
CLO — Collateralized Loan Obligation
FHLMC — Federal Home Loan Mortgage Corporation
FNMA — Federal National Mortgage Association
FREMF — Freddie Mac Multi-Family
GNMA — Government National Mortgage Association
ICE — Intercontinental Exchange
LIBOR — London Interbank Offered Rate
MTN — Medium Term Note
RB — Revenue Bond
Ser — Series
USD — U.S. Dollar
VAR— Variable Rate
The following is a list of the inputs used as of April 30, 2021, in valuing the Fund’s investments carried at market value:
Investments in Securities | Level 1 | Level 2 | Level 3(1) | Total | ||||||||||||
Corporate Obligations | $ | — | $ | 52,074,054 | $ | 520,606 | $ | 52,594,660 | ||||||||
U.S. Treasury Obligations | — | 19,483,118 | — | 19,483,118 | ||||||||||||
U.S. Government Agency Mortgage-Backed Obligations | — | 16,037,446 | — | 16,037,446 | ||||||||||||
Asset-Backed Securities | — | 13,919,847 | — | 13,919,847 | ||||||||||||
Mortgage-Backed Securities | — | 10,595,010 | 299,540 | 10,894,550 | ||||||||||||
Municipal Bonds | — | 4,827,957 | — | 4,827,957 | ||||||||||||
Preferred Stock | — | 569,430 | — | 569,430 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | — | $ | 117,506,862 | $ | 820,146 | $ | 118,327,008 | ||||||||
|
|
|
|
|
|
|
|
(1) | A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets. Management has concluded that Level 3 investments are not material in relation to net assets. |
For the period ended April 30, 2021, there were no transfers in or out of Level 3.
Amounts designated as “—” are $0 or have been rounded to $0.
For more information on valuation inputs, see Note 2 – Significant Accounting Policies in the Notes to Financial Statements.
The accompanying notes are an integral part of the financial statements.
15
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS | |
LONG/SHORT EQUITY FUND | ||
APRIL 30, 2021 (UNAUDITED) |
SECTOR WEIGHTINGS†
Long | Short | Net | ||||||||||
Information Technology | 27.3 | % | (6.0) | % | 21.3 | % | ||||||
Financials | 14.1 | (0.3) | 13.8 | |||||||||
Industrials | 7.7 | (0.7) | 7.0 | |||||||||
Health Care | 7.8 | (3.7) | 4.1 | |||||||||
Consumer Discretionary | 5.7 | (2.4) | 3.3 | |||||||||
Materials | 1.7 | (0.1) | 1.6 | |||||||||
Consumer Staples | 1.4 | (0.3) | 1.1 | |||||||||
Communication Services | 3.5 | (2.7) | 0.8 | |||||||||
Energy | 0.6 | (0.0) | 0.6 | |||||||||
Utilities | 0.0 | (2.6) | (2.6 | ) | ||||||||
Exchange Traded Funds | 0.0 | (19.5) | (19.5 | ) | ||||||||
|
| |||||||||||
Total Investments | 31.5 | |||||||||||
|
| |||||||||||
Other Assets and Liabilities, Net | 68.5 | |||||||||||
|
| |||||||||||
100.0 | % | |||||||||||
|
|
† | As a percentage of the Fund’s Net Assets. |
SCHEDULE OF INVESTMENTS | ||||||||
COMMON STOCK — 69.8%# | ||||||||
Shares | Value | |||||||
COMMUNICATION SERVICES — 3.5% | ||||||||
Alphabet, Cl A * (A) | 42 | $ | 98,847 | |||||
Altice USA, Cl A * (A) | 7,172 | 260,415 | ||||||
Electronic Arts (A) | 1,558 | 221,361 | ||||||
Fox | 1,767 | 66,121 | ||||||
Interpublic Group of Companies (A) | 8,208 | 260,604 | ||||||
|
| |||||||
907,348 | ||||||||
|
| |||||||
CONSUMER DISCRETIONARY — 5.7% | ||||||||
Best Buy (A) | 3,964 | 460,894 | ||||||
eBay (A) | 3,039 | 169,546 | ||||||
Lowe’s (A) | 977 | 191,736 | ||||||
PulteGroup | 896 | 52,971 | ||||||
Target (A) | 553 | 114,615 | ||||||
Tractor Supply | 265 | 49,979 | ||||||
Whirlpool (A) | 1,516 | 358,458 | ||||||
Williams-Sonoma | 451 | 77,008 | ||||||
|
| |||||||
1,475,207 | ||||||||
|
| |||||||
CONSUMER STAPLES — 1.4% | ||||||||
Sysco (A) | 4,374 | 370,609 | ||||||
|
| |||||||
ENERGY — 0.6% | ||||||||
ConocoPhillips | 2,187 | 111,843 | ||||||
HollyFrontier (A) | 1,333 | 46,655 | ||||||
|
| |||||||
158,498 | ||||||||
|
| |||||||
FINANCIALS — 14.1% | ||||||||
Ameriprise Financial (A) | 2,057 | 531,529 | ||||||
Bank of America (A) | 13,809 | 559,679 | ||||||
Berkshire Hathaway, Cl B * | 481 | 132,251 | ||||||
Charles Schwab (A) | 6,018 | 423,667 | ||||||
Discover Financial Services (A) | 1,792 | 204,288 | ||||||
Goldman Sachs Group | 185 | 64,463 |
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
FINANCIALS — continued | ||||||||
JPMorgan Chase (A) | 3,432 | $ | 527,876 | |||||
M&T Bank (A) | 2,943 | 464,082 | ||||||
Morgan Stanley (A) | 6,102 | 503,720 | ||||||
Synchrony Financial (A) | 6,012 | 262,965 | ||||||
|
| |||||||
3,674,520 | ||||||||
|
| |||||||
HEALTH CARE — 7.8% | ||||||||
Alexion Pharmaceuticals * (A) | 1,130 | 190,608 | ||||||
Amgen (A) | 1,530 | 366,649 | ||||||
Biogen * (A) | 579 | 154,784 | ||||||
Bristol-Myers Squibb (A) | 952 | 59,424 | ||||||
DaVita * (A) | 3,607 | 420,324 | ||||||
Gilead Sciences (A) | 3,491 | 221,574 | ||||||
Humana (A) | 297 | 132,236 | ||||||
Molina Healthcare * (A) | 1,847 | 471,170 | ||||||
|
| |||||||
2,016,769 | ||||||||
|
| |||||||
INDUSTRIALS — 7.7% | ||||||||
AGCO | 467 | 68,145 | ||||||
Carrier Global (A) | 2,769 | 120,673 | ||||||
Caterpillar (A) | 1,279 | 291,753 | ||||||
CNH Industrial (A) | 17,502 | 259,730 | ||||||
Cummins (A) | 878 | 221,291 | ||||||
Deere (A) | 1,095 | 406,081 | ||||||
Masco | 1,345 | 85,919 | ||||||
PACCAR | 620 | 55,726 | ||||||
Rockwell Automation (A) | 565 | 149,307 | ||||||
United Rentals * (A) | 1,108 | 354,505 | ||||||
|
| |||||||
2,013,130 | ||||||||
|
| |||||||
INFORMATION TECHNOLOGY — 27.3% | ||||||||
Akamai Technologies * (A) | 4,349 | 472,736 | ||||||
Apple (A) | 5,443 | 715,537 | ||||||
Applied Materials (A) | 1,356 | 179,955 | ||||||
Cisco Systems (A) | 8,976 | 456,968 | ||||||
Citrix Systems (A) | 608 | 75,301 | ||||||
Dell Technologies, Cl C * (A) | 3,539 | 347,990 | ||||||
F5 Networks * (A) | 470 | 87,777 | ||||||
GoDaddy, Cl A * (A) | 1,610 | 139,780 | ||||||
Intel (A) | 7,854 | 451,841 | ||||||
KLA (A) | 1,129 | 356,030 | ||||||
Lam Research (A) | 235 | 145,806 | ||||||
Maxim Integrated Products (A) | 4,676 | 439,544 | ||||||
Micron Technology * (A) | 1,346 | 115,850 | ||||||
Microsoft (A) | 2,924 | 737,374 | ||||||
NetApp (A) | 6,891 | 514,689 | ||||||
Oracle (A) | 6,642 | 503,397 | ||||||
QUALCOMM (A) | 1,044 | 144,907 | ||||||
Seagate Technology PLC (A) | 7,516 | 697,785 | ||||||
Skyworks Solutions (A) | 580 | 105,171 | ||||||
Teradyne (A) | 1,261 | 157,726 | ||||||
Xilinx (A) | 1,847 | 236,342 | ||||||
|
| |||||||
7,082,506 | ||||||||
|
|
The accompanying notes are an integral part of the financial statements.
16
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS | |
LONG/SHORT EQUITY FUND | ||
APRIL 30, 2021 (UNAUDITED) |
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
MATERIALS — 1.7% | ||||||||
Celanese, Cl A (A) | 544 | $ | 85,217 | |||||
LyondellBasell Industries, Cl A (A) | 2,968 | 307,900 | ||||||
Nucor | 561 | 46,148 | ||||||
|
| |||||||
439,265 | ||||||||
|
| |||||||
Total Common Stock | 18,137,852 | |||||||
|
| |||||||
Total Investments in Securities— 69.8% |
| $ | 18,137,852 | |||||
|
| |||||||
SECURITIES SOLD SHORT | ||||||||
COMMON STOCK — (18.8)% | ||||||||
Shares | Value | |||||||
COMMUNICATION SERVICES — (2.7)% | ||||||||
Liberty Broadband, Cl C * | (2,161 | ) | $ | (351,638 | ) | |||
Roku, Cl A * | (179 | ) | (61,392 | ) | ||||
Spotify Technology * | (617 | ) | (155,558 | ) | ||||
Warner Music Group, Cl A | (3,587 | ) | (136,163 | ) | ||||
|
| |||||||
(704,751 | ) | |||||||
|
| |||||||
CONSUMER DISCRETIONARY — (2.4)% | ||||||||
Carnival * | (2,606 | ) | (72,864 | ) | ||||
Carvana, Cl A * | (1,255 | ) | (358,001 | ) | ||||
Lululemon Athletica * | (607 | ) | (203,509 | ) | ||||
|
| |||||||
(634,374 | ) | |||||||
|
| |||||||
CONSUMER STAPLES — (0.3)% | ||||||||
Beyond Meat * | (598 | ) | (78,745 | ) | ||||
|
| |||||||
ENERGY — (0.0)% | ||||||||
ConocoPhillips | — | (12 | ) | |||||
|
| |||||||
FINANCIALS — (0.3)% | ||||||||
Tradeweb Markets, Cl A | (1,056 | ) | (85,832 | ) | ||||
|
| |||||||
HEALTH CARE — (3.7)% | ||||||||
Alcon | (2,561 | ) | (193,176 | ) | ||||
Becton Dickinson and | (245 | ) | (60,958 | ) | ||||
Cooper | (169 | ) | (69,440 | ) | ||||
Guardant Health * | (809 | ) | (128,615 | ) | ||||
Penumbra * | (901 | ) | (275,697 | ) | ||||
Teladoc Health * | (598 | ) | (103,065 | ) | ||||
Teleflex | (299 | ) | (126,321 | ) | ||||
|
| |||||||
(957,272 | ) | |||||||
|
| |||||||
INDUSTRIALS — (0.7)% | ||||||||
Axon Enterprise * | (349 | ) | (52,912 | ) | ||||
Lyft, Cl A * | (670 | ) | (37,292 | ) | ||||
Uber Technologies * | (1,628 | ) | (89,166 | ) | ||||
|
| |||||||
(179,370 | ) | |||||||
|
| |||||||
INFORMATION TECHNOLOGY — (6.0)% | ||||||||
Appian, Cl A * | (517 | ) | (62,650 | ) | ||||
Black Knight * | (1,681 | ) | (121,738 | ) | ||||
Datadog, Cl A * | (244 | ) | (20,928 | ) | ||||
DocuSign, Cl A * | (570 | ) | (127,076 | ) |
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
INFORMATION TECHNOLOGY — continued | ||||||||
Dynatrace * | (2,547 | ) | $ | (132,546 | ) | |||
Fastly, Cl A * | (554 | ) | (35,384 | ) | ||||
Fiserv * | (982 | ) | (117,958 | ) | ||||
Global Payments | (253 | ) | (54,301 | ) | ||||
RingCentral, Cl A * | (868 | ) | (276,849 | ) | ||||
salesforce.com * | (595 | ) | (137,040 | ) | ||||
Slack Technologies, Cl A * | (1,888 | ) | (80,051 | ) | ||||
Splunk * | (1,259 | ) | (159,163 | ) | ||||
Trade Desk, Cl A * | (51 | ) | (37,195 | ) | ||||
Twilio, Cl A * | (97 | ) | (35,677 | ) | ||||
Wix.com * | (383 | ) | (121,748 | ) | ||||
Zoom Video Communications, Cl A * | (120 | ) | (38,348 | ) | ||||
|
| |||||||
(1,558,652 | ) | |||||||
|
| |||||||
MATERIALS — (0.1)% | ||||||||
Livent * | (840 | ) | (15,137 | ) | ||||
|
| |||||||
UTILITIES — (2.6)% | ||||||||
Avangrid | (6,415 | ) | (326,523 | ) | ||||
Essential Utilities | (7,385 | ) | (348,055 | ) | ||||
|
| |||||||
(674,578 | ) | |||||||
|
| |||||||
Total Common Stock | (4,888,723 | ) | ||||||
|
| |||||||
EXCHANGE TRADED FUNDS — (19.5)% | ||||||||
ARK Innovation ETF | (5,050 | ) | (609,889 | ) | ||||
First Trust Dow Jones Internet Index Fund | (1,155 | ) | (264,310 | ) | ||||
iShares Core S&P 500 ETF | (4,170 | ) | (1,746,730 | ) | ||||
iShares PHLX Semiconductor ETF | (2,782 | ) | (1,174,087 | ) | ||||
iShares S&P 100 ETF | (6,745 | ) | (1,280,808 | ) | ||||
|
| |||||||
Total Exchange Traded Funds | (5,075,824 | ) | ||||||
|
| |||||||
Total Securities Sold Short— (38.3)% (Proceeds $8,893,968) |
| $ | (9,964,547 | ) | ||||
|
| |||||||
PURCHASED OPTIONS (B) * — 0.4% | ||||||||
Contracts | Value | |||||||
Total Purchased Options | 149 | $ | 115,790 | |||||
|
|
The accompanying notes are an integral part of the financial statements.
17
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS | |
LONG/SHORT EQUITY FUND | ||
APRIL 30, 2021 (UNAUDITED) |
A list of the open option contracts held by the Fund at April 30, 2021, is as follows:
Description | Number of Contracts | Notional Amount | Exercise Price | Expiration Date | Value | |||||||||||||||
PURCHASED OPTIONS — 0.4% | ||||||||||||||||||||
Put Options | ||||||||||||||||||||
Renaissance IPO ETF * | 40 | $ | 249,280 | $ | 54.00 | 07/17/21 | $ | 3,520 | ||||||||||||
|
|
|
| |||||||||||||||||
Call Options | ||||||||||||||||||||
Energy Select Sector SPDR Fund * | 109 | 538,351 | 40.00 | 01/22/22 | 112,270 | |||||||||||||||
|
|
|
| |||||||||||||||||
TOTAL PURCHASED OPTIONS | ||||||||||||||||||||
(Cost $78,646) | $ | 787,631 | $ | 115,790 | ||||||||||||||||
|
|
|
|
Percentages are based on Net Assets of $25,973,989.
* | Non-income producing security. |
# | More narrow industries are utilized for compliance purpose, whereas broad sectors are utilized for reporting purposes. |
(A) | This security or a partial position of this security has been committed as collateral for securities sold short. |
(B) | Refer to table below for details on Options Contracts. |
Cl — Class
ETF — Exchange Traded Fund
PLC — Public Limited Company
SPDR— Standard & Poor’s Depositary Receipt
The following is a list of the inputs used as of April 30, 2021, in valuing the Fund’s investments and other financial instruments carried at market value:
Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Common Stock | $ | 18,137,852 | $ | — | $ | — | $ | 18,137,852 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 18,137,852 | $ | — | $ | — | $ | 18,137,852 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Securities Sold Short | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Common Stock | $ | (4,888,723) | $ | — | $ | — | $ | (4,888,723) | ||||||||
Exchange Traded Funds | (5,075,824) | — | — | (5,075,824) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Securities Sold Short | $ | (9,964,547) | $ | — | $ | — | $ | (9,964,547) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Purchased Options | $ | 115,790 | $ | — | $ | — | $ | 115,790 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Other Financial Instruments | $ | 115,790 | $ | — | $ | — | $ | 115,790 | ||||||||
|
|
|
|
|
|
|
|
For the period ended April 30, 2021, there were no transfers in or out of Level 3.
Amounts designated as “—“ are $0 or have been rounded to $0.
For more information on valuation inputs, see Note 2 – Significant Accounting Policies in the Notes to Financial Statements.
The accompanying notes are an integral part of the financial statements.
18
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS | |
LARGE CAP VALUE FUND | ||
APRIL 30, 2021 (UNAUDITED) |
SECTOR WEIGHTINGS†
† | Percentages based on total investments. |
SCHEDULE OF INVESTMENTS | ||||||||
COMMON STOCK — 96.9% | ||||||||
Shares | Value | |||||||
COMMUNICATION SERVICES — 7.6% | ||||||||
Alphabet, Cl A * | 1,159 | $ | 2,727,707 | |||||
AT&T | 56,959 | 1,789,082 | ||||||
Discovery, Cl A * | 13,754 | 517,976 | ||||||
Electronic Arts | 11,012 | 1,564,585 | ||||||
Facebook, Cl A * | 5,235 | 1,701,794 | ||||||
|
| |||||||
8,301,144 | ||||||||
|
| |||||||
CONSUMER DISCRETIONARY — 8.8% | ||||||||
Best Buy | 11,566 | 1,344,779 | ||||||
Garmin | 13,365 | 1,834,212 | ||||||
General Motors * | 38,785 | 2,219,278 | ||||||
Lennar, Cl A | 17,864 | 1,850,710 | ||||||
Target | 11,274 | 2,336,649 | ||||||
|
| |||||||
9,585,628 | ||||||||
|
| |||||||
CONSUMER STAPLES — 5.8% | ||||||||
Colgate-Palmolive | 16,301 | 1,315,491 | ||||||
Flowers Foods | 26,267 | 629,357 | ||||||
General Mills | 15,765 | 959,458 | ||||||
PepsiCo | 10,539 | 1,519,302 | ||||||
Procter & Gamble | 14,289 | 1,906,438 | ||||||
|
| |||||||
6,330,046 | ||||||||
|
| |||||||
ENERGY — 5.7% | ||||||||
Canadian Natural Resources | 52,286 | 1,588,449 | ||||||
ConocoPhillips | 35,526 | 1,816,800 | ||||||
Exxon Mobil | 14,411 | 824,886 | ||||||
Pioneer Natural Resources | 7,919 | 1,218,180 | ||||||
Valero Energy | 10,068 | 744,629 | ||||||
|
| |||||||
6,192,944 | ||||||||
|
|
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
FINANCIALS — 22.5% | ||||||||
Allstate | 14,433 | $ | 1,830,104 | |||||
Ameriprise Financial | 7,616 | 1,967,974 | ||||||
Bank of America | 41,077 | 1,664,851 | ||||||
Berkshire Hathaway, Cl B * | 12,734 | 3,501,213 | ||||||
Carlyle Group | 14,565 | 621,343 | ||||||
Citigroup | 30,324 | 2,160,282 | ||||||
Citizens Financial Group | 34,820 | 1,611,470 | ||||||
Fifth Third Bancorp | 42,171 | 1,709,612 | ||||||
First Horizon National | 93,026 | 1,701,446 | ||||||
Hartford Financial Services Group | 31,006 | 2,045,156 | ||||||
JPMorgan Chase | 13,375 | 2,057,209 | ||||||
LPL Financial Holdings | 13,112 | 2,054,650 | ||||||
Prudential Financial | 16,378 | 1,643,696 | ||||||
|
| |||||||
24,569,006 | ||||||||
|
| |||||||
HEALTH CARE — 12.0% | ||||||||
Abbott Laboratories | 18,689 | 2,244,175 | ||||||
Amedisys *,‡ | 5,521 | 1,489,842 | ||||||
DaVita * | 13,701 | 1,596,578 | ||||||
Hill-Rom Holdings | 15,282 | 1,684,382 | ||||||
ICON PLC * | 6,597 | 1,431,219 | ||||||
Quest Diagnostics | 14,135 | 1,864,124 | ||||||
Regeneron Pharmaceuticals * | 2,040 | 981,852 | ||||||
Select Medical Holdings | 47,746 | 1,800,979 | ||||||
|
| |||||||
13,093,151 | ||||||||
|
| |||||||
INDUSTRIALS — 12.5% | ||||||||
AECOM * | 30,578 | 2,031,297 | ||||||
CSX | 18,543 | 1,868,207 | ||||||
Cummins | 6,778 | 1,708,327 | ||||||
ManpowerGroup | 15,739 | 1,902,688 | ||||||
Oshkosh | 15,823 | 1,968,856 | ||||||
Quanta Services | 23,391 | 2,260,506 | ||||||
United Rentals * | 6,011 | 1,923,219 | ||||||
|
| |||||||
13,663,100 | ||||||||
|
| |||||||
INFORMATION TECHNOLOGY — 7.9% | ||||||||
Accenture PLC, Cl A | 5,305 | 1,538,291 | ||||||
Fiserv * | 13,919 | 1,671,950 | ||||||
Intel | 22,837 | 1,313,812 | ||||||
Lam Research | 2,660 | 1,650,397 | ||||||
Microsoft | 5,987 | 1,509,802 | ||||||
Visa, Cl A | 4,285 | 1,000,805 | ||||||
|
| |||||||
8,685,057 | ||||||||
|
| |||||||
MATERIALS — 5.1% | ||||||||
Mosaic | 45,982 | 1,617,647 | ||||||
Sealed Air | 34,063 | 1,682,712 | ||||||
Steel Dynamics | 41,970 | 2,275,613 | ||||||
|
| |||||||
5,575,972 | ||||||||
|
| |||||||
REAL ESTATE — 3.5% | ||||||||
Alexandria Real Estate Equities ‡ | 5,115 | 926,326 | ||||||
American Tower ‡ | 4,332 | 1,103,664 | ||||||
Lamar Advertising, Cl A ‡ | 17,922 | 1,774,995 | ||||||
|
| |||||||
3,804,985 | ||||||||
|
|
The accompanying notes are an integral part of the financial statements.
19
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS | |
LARGE CAP VALUE FUND | ||
APRIL 30, 2021 (UNAUDITED) |
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
UTILITIES — 5.5% | ||||||||
Entergy | 14,180 | $ | 1,549,732 | |||||
Exelon | 22,036 | 990,298 | ||||||
FirstEnergy | 30,428 | 1,153,830 | ||||||
Fortis | 29,298 | 1,306,691 | ||||||
Vistra Energy | 60,990 | 1,028,901 | ||||||
|
| |||||||
6,029,452 | ||||||||
|
| |||||||
Total Common Stock | 105,830,485 | |||||||
|
| |||||||
Total Investments in Securities — 96.9% |
| $ | 105,830,485 | |||||
|
|
Percentages are based on Net Assets of $109,227,867.
* | Non-income producing security. |
‡ | Real Estate Investment Trust |
Cl — Class
PLC — Public Limited Company
As of April 30, 2021, all of the Fund’s investments in securities were considered Level 1, in accordance with the authoritative guidance of fair value measurements and disclosure under U.S. generally accepted accounting principles.
For the period ended April 30, 2021, there were no transfers in or out of Level 3.
For more information on valuation inputs, see Note 2 – Significant Accounting Policies in the Notes to Financial Statements.
The accompanying notes are an integral part of the financial statements.
20
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS | |
LARGE CAP GROWTH FUND | ||
APRIL 30, 2021 (UNAUDITED) |
SECTOR WEIGHTINGS†
† | Percentages based on total investments. |
SCHEDULE OF INVESTMENTS | ||||||||
COMMON STOCK — 94.6%# | ||||||||
Shares | Value | |||||||
COMMUNICATION SERVICES — 13.0% | ||||||||
Alphabet, Cl A * | 1,940 | $ | 4,565,790 | |||||
Alphabet, Cl C * | 674 | 1,624,421 | ||||||
Electronic Arts | 4,119 | 585,228 | ||||||
Facebook, Cl A * | 16,922 | 5,501,004 | ||||||
Netflix * | 3,195 | 1,640,537 | ||||||
Pinterest, Cl A * | 9,754 | 647,373 | ||||||
|
| |||||||
14,564,353 | ||||||||
|
| |||||||
CONSUMER DISCRETIONARY — 15.1% | ||||||||
Alibaba Group Holding ADR * | 6,264 | 1,446,671 | ||||||
Booking Holdings * | 689 | 1,699,129 | ||||||
Darden Restaurants | 9,840 | 1,443,725 | ||||||
Deckers Outdoor * | 3,674 | 1,242,547 | ||||||
eBay | 25,319 | 1,412,547 | ||||||
Lithia Motors, Cl A | 2,956 | 1,136,227 | ||||||
Lowe’s | 8,687 | 1,704,824 | ||||||
MercadoLibre * | 937 | 1,472,008 | ||||||
NIKE, Cl B | 10,352 | 1,372,882 | ||||||
Pool | 1,721 | 727,157 | ||||||
RH * | 1,656 | 1,139,361 | ||||||
Tesla * | 3,124 | 2,216,290 | ||||||
|
| |||||||
17,013,368 | ||||||||
|
| |||||||
CONSUMER STAPLES — 2.7% | ||||||||
BJ’s Wholesale Club Holdings * | 26,449 | 1,181,477 | ||||||
Monster Beverage * | 19,579 | 1,900,142 | ||||||
|
| |||||||
3,081,619 | ||||||||
|
| |||||||
FINANCIALS — 1.1% | ||||||||
LPL Financial Holdings | 7,719 | 1,209,567 | ||||||
|
|
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
HEALTH CARE — 11.9% | ||||||||
Abbott Laboratories | 13,659 | $ | 1,640,173 | |||||
Amedisys *,‡ | 3,889 | 1,049,447 | ||||||
Bristol-Myers Squibb | 22,842 | 1,425,798 | ||||||
Chemed | 1,817 | 866,000 | ||||||
Eli Lilly | 6,748 | 1,233,332 | ||||||
Exact Sciences * | 7,381 | 972,963 | ||||||
Natera * | 9,537 | 1,049,261 | ||||||
Oak Street Health * | 19,679 | 1,212,817 | ||||||
Regeneron Pharmaceuticals * | 2,103 | 1,012,174 | ||||||
Syneos Health, Cl A * | 17,946 | 1,522,718 | ||||||
Zoetis, Cl A | 7,656 | 1,324,718 | ||||||
|
| |||||||
13,309,401 | ||||||||
|
| |||||||
INDUSTRIALS — 4.3% | ||||||||
Caterpillar | 2,991 | 682,277 | ||||||
Cintas | 3,723 | 1,284,956 | ||||||
Quanta Services | 14,324 | 1,384,271 | ||||||
Stanley Black & Decker | 6,867 | 1,419,890 | ||||||
|
| |||||||
4,771,394 | ||||||||
|
| |||||||
INFORMATION TECHNOLOGY — 44.3% | ||||||||
Accenture PLC, Cl A | 7,629 | 2,212,181 | ||||||
Adobe * | 6,305 | 3,205,084 | ||||||
Apple | 85,678 | 11,263,230 | ||||||
Broadcom | 4,570 | 2,084,834 | ||||||
Dynatrace * | 22,094 | 1,149,772 | ||||||
Euronet Worldwide * | 3,822 | 548,189 | ||||||
LG Display ADR * | 54,999 | 592,889 | ||||||
Mastercard, Cl A | 7,787 | 2,975,101 | ||||||
Microchip Technology | 8,187 | 1,230,424 | ||||||
Microsoft | 41,012 | 10,342,406 | ||||||
NVIDIA | 2,418 | 1,451,719 | ||||||
PayPal Holdings * | 12,192 | 3,197,840 | ||||||
QUALCOMM | 13,359 | 1,854,229 | ||||||
salesforce.com * | 7,765 | 1,788,435 | ||||||
ServiceNow * | 3,328 | 1,685,199 | ||||||
Telefonaktiebolaget LM Ericsson ADR | 85,305 | 1,176,356 | ||||||
Texas Instruments | 10,058 | 1,815,570 | ||||||
Zendesk * | 8,397 | 1,227,221 | ||||||
|
| |||||||
49,800,679 | ||||||||
|
| |||||||
MATERIALS — 0.8% | ||||||||
Sherwin-Williams | 3,177 | 870,085 | ||||||
|
| |||||||
REAL ESTATE — 1.4% | ||||||||
American Tower ‡ | 6,282 | 1,600,465 | ||||||
|
| |||||||
Total Common Stock | 106,220,931 | |||||||
|
| |||||||
Total Investments in Securities — 94.6% |
| $ | 106,220,931 | |||||
|
|
Percentages are based on Net Assets of $112,339,457.
The accompanying notes are an integral part of the financial statements.
21
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS | |
LARGE CAP GROWTH FUND | ||
APRIL 30, 2021 (UNAUDITED) |
* | Non-income producing security. |
# | More narrow industries are utilized for compliance purpose, whereas broad sectors are utilized for reporting purposes. |
‡ | Real Estate Investment Trust. |
ADR — American Depositary Receipt
Cl — Class
PLC — Public Limited Company
As of April 30, 2021, all of the Fund’s investments in securities were considered Level 1, in accordance with the authoritative guidance of fair value measurements and disclosure under U.S. generally accepted accounting principles.
For the period ended April 30, 2021, there were no transfers in or out of Level 3.
For more information on valuation inputs, see Note 2 – Significant Accounting Policies in the Notes to Financial Statements.
The accompanying notes are an integral part of the financial statements.
22
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS | |
SMALL CAP FUND | ||
APRIL 30, 2021 (UNAUDITED) |
SECTOR WEIGHTINGS†
† | Percentages based on total investments. |
SCHEDULE OF INVESTMENTS | ||||||||
COMMON STOCK — 97.5% | ||||||||
Shares | Value | |||||||
COMMUNICATION SERVICES — 2.0% | ||||||||
Cardlytics * | 5,184 | $ | 712,956 | |||||
Cars.com * | 64,761 | 855,493 | ||||||
TechTarget * | 9,997 | 766,770 | ||||||
|
| |||||||
2,335,219 | ||||||||
|
| |||||||
CONSUMER DISCRETIONARY — 14.9% | ||||||||
America’s Car-Mart * | 5,729 | 864,105 | ||||||
Bloomin’ Brands | 37,315 | 1,179,154 | ||||||
Boyd Gaming * | 22,734 | 1,503,854 | ||||||
Brinker International * | 11,398 | 765,148 | ||||||
Dana | 40,800 | 1,032,240 | ||||||
Deckers Outdoor * | 3,545 | 1,198,919 | ||||||
Helen of Troy * | 7,429 | 1,569,079 | ||||||
Hibbett Sports * | 14,186 | 1,127,078 | ||||||
KB Home | 33,446 | 1,613,101 | ||||||
Lakeland Industries * | 15,702 | 442,953 | ||||||
Lithia Motors, Cl A | 3,022 | 1,161,596 | ||||||
OneWater Marine, Cl A * | 14,338 | 734,536 | ||||||
Penn National Gaming * | 9,299 | 828,727 | ||||||
RH * | 1,715 | 1,179,954 | ||||||
Ruth’s Hospitality Group * | 28,568 | 745,910 | ||||||
YETI Holdings * | 10,869 | 928,430 | ||||||
Zumiez * | 16,550 | 711,154 | ||||||
|
| |||||||
17,585,938 | ||||||||
|
| |||||||
CONSUMER STAPLES — 2.4% | ||||||||
BJ’s Wholesale Club Holdings * | 26,330 | 1,176,161 | ||||||
Darling Ingredients * | 14,853 | 1,031,541 | ||||||
MGP Ingredients | 9,358 | 562,416 | ||||||
|
| |||||||
2,770,118 | ||||||||
|
|
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
ENERGY — 2.8% | ||||||||
Bonanza Creek Energy | 28,615 | $ | 946,870 | |||||
National Energy Services Reunited * | 45,195 | 573,525 | ||||||
PDC Energy * | 34,769 | 1,269,416 | ||||||
Solaris Oilfield Infrastructure, Cl A | 41,529 | 454,327 | ||||||
|
| |||||||
3,244,138 | ||||||||
|
| |||||||
FINANCIALS — 17.1% | ||||||||
Aaron’s Holdings | 14,065 | 716,471 | ||||||
Cathay General Bancorp | 22,734 | 920,272 | ||||||
Cohen & Steers | 9,096 | 618,710 | ||||||
ConnectOne Bancorp | 44,226 | 1,200,736 | ||||||
Customers Bancorp * | 31,677 | 1,093,490 | ||||||
Essent Group | 16,853 | 886,131 | ||||||
First Internet Bancorp | 14,671 | 503,949 | ||||||
Flagstar Bancorp | 20,793 | 967,706 | ||||||
Focus Financial Partners, Cl A * | 18,483 | 869,810 | ||||||
Hilltop Holdings | 32,282 | 1,136,326 | ||||||
Home BancShares | 43,680 | 1,215,614 | ||||||
Investors Bancorp | 143,706 | 2,103,856 | ||||||
Merchants Bancorp | 8,427 | 343,737 | ||||||
Meridian Bancorp | 35,041 | 774,757 | ||||||
OFG Bancorp | 38,447 | 910,809 | ||||||
Old Second Bancorp | 76,478 | 1,010,274 | ||||||
PJT Partners | 7,912 | 581,769 | ||||||
QCR Holdings | 20,976 | 1,011,463 | ||||||
SiriusPoint * | 61,474 | 650,395 | ||||||
Stewart Information Services | 11,822 | 693,360 | ||||||
Stifel Financial | 18,915 | 1,308,729 | ||||||
Wintrust Financial | 8,458 | 652,112 | ||||||
|
| |||||||
20,170,476 | ||||||||
|
| |||||||
HEALTH CARE — 16.8% | ||||||||
Accolade * | 20,808 | 1,043,521 | ||||||
Accuray * | 102,589 | 482,168 | ||||||
Amicus Therapeutics * | 38,498 | 378,820 | ||||||
Apellis Pharmaceuticals * | 8,973 | 454,662 | ||||||
Axsome Therapeutics * | 7,264 | 439,181 | ||||||
Castle Biosciences * | 8,718 | 601,804 | ||||||
ChemoCentryx * | 10,867 | 525,202 | ||||||
CONMED | 8,079 | 1,138,735 | ||||||
Dicerna Pharmaceuticals * | 22,871 | 713,346 | ||||||
Editas Medicine, Cl A * | 11,235 | 415,807 | ||||||
Ensign Group | 12,031 | 1,032,861 | ||||||
Fate Therapeutics * | 8,787 | 767,896 | ||||||
FibroGen * | 12,126 | 270,652 | ||||||
Heron Therapeutics * | 32,368 | 565,793 | ||||||
Inovalon Holdings, Cl A * | 31,445 | 949,953 | ||||||
Insmed * | 18,747 | 632,336 | ||||||
Integer Holdings * | 9,367 | 879,374 | ||||||
Invitae * | 14,646 | 511,145 | ||||||
Kala Pharmaceuticals * | 79,485 | 614,419 | ||||||
Karyopharm Therapeutics * | 29,259 | 273,279 | ||||||
LHC Group * | 5,841 | 1,216,505 | ||||||
Natera * | 14,035 | 1,544,131 |
The accompanying notes are an integral part of the financial statements.
23
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS | |
SMALL CAP FUND | ||
APRIL 30, 2021 (UNAUDITED) |
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
HEALTH CARE — continued | ||||||||
Novavax * | 1,303 | $ | 308,720 | |||||
NuVasive * | 11,450 | 818,103 | ||||||
PTC Therapeutics * | 9,594 | 395,369 | ||||||
Surface Oncology * | 45,525 | 332,788 | ||||||
TG Therapeutics * | 15,141 | 676,954 | ||||||
Trillium Therapeutics * | 31,704 | 301,505 | ||||||
Vericel * | 24,417 | 1,524,109 | ||||||
|
| |||||||
19,809,138 | ||||||||
|
| |||||||
INDUSTRIALS — 15.4% | ||||||||
Advanced Drainage Systems | 9,706 | 1,083,772 | ||||||
Altra Industrial Motion | 15,187 | 896,185 | ||||||
ASGN * | 19,861 | 2,088,980 | ||||||
Atkore International Group * | 9,400 | 735,832 | ||||||
Builders FirstSource * | 24,295 | 1,182,438 | ||||||
CSW Industrials | 6,277 | 849,969 | ||||||
Great Lakes Dredge & Dock * | 48,348 | 759,064 | ||||||
H&E Equipment Services | 28,858 | 1,122,576 | ||||||
Herc Holdings * | 5,868 | 619,661 | ||||||
Herman Miller | 22,008 | 913,332 | ||||||
Maxar Technologies | 15,399 | 597,635 | ||||||
McGrath RentCorp | 8,155 | 668,547 | ||||||
MYR Group * | 12,701 | 989,408 | ||||||
Plug Power * | 8,306 | 236,804 | ||||||
Raven Industries | 23,511 | 955,017 | ||||||
Schneider National, Cl B | 37,257 | 902,737 | ||||||
Shyft Group | 23,191 | 821,425 | ||||||
Stantec | 18,541 | 868,275 | ||||||
Sterling Construction * | 31,889 | 664,886 | ||||||
Sunrun * | 6,268 | 307,132 | ||||||
Triton International | 18,401 | 923,178 | ||||||
|
| |||||||
18,186,853 | ||||||||
|
| |||||||
INFORMATION TECHNOLOGY — 14.0% | ||||||||
Corsair Gaming * | 17,928 | 594,851 | ||||||
Envestnet * | 6,366 | 470,002 | ||||||
FormFactor * | 23,046 | 902,251 | ||||||
Ichor Holdings * | 36,267 | 2,022,611 | ||||||
Itron * | 7,487 | 673,381 | ||||||
LivePerson * | 17,989 | 983,099 | ||||||
MACOM Technology Solutions Holdings * | 14,153 | 801,201 | ||||||
Mimecast * | 15,701 | 681,737 | ||||||
Perficient * | 15,035 | 986,446 | ||||||
Plantronics * | 21,037 | 841,270 | ||||||
Q2 Holdings * | 4,186 | 435,428 | ||||||
Rapid7 * | 12,990 | 1,055,438 | ||||||
Repay Holdings, Cl A * | 38,972 | 890,510 | ||||||
Sapiens International | 26,301 | 851,100 | ||||||
Silicon Laboratories * | 7,498 | 1,056,843 | ||||||
Sprout Social, Cl A * | 11,334 | 751,331 | ||||||
SPS Commerce * | 9,881 | 1,012,210 | ||||||
Viavi Solutions * | 44,087 | 721,263 | ||||||
Xperi Holding | 34,010 | 698,906 | ||||||
|
| |||||||
16,429,878 | ||||||||
|
|
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
MATERIALS — 4.8% | ||||||||
Allegheny Technologies * | 44,165 | $ | 1,027,278 | |||||
Commercial Metals | 36,859 | 1,077,020 | ||||||
Greif, Cl A | 15,338 | 928,102 | ||||||
Summit Materials, Cl A * | 67,437 | 1,941,511 | ||||||
Tronox Holdings | 31,081 | 658,917 | ||||||
|
| |||||||
5,632,828 | ||||||||
|
| |||||||
REAL ESTATE — 5.7% | ||||||||
Armada Hoffler Properties ‡ | 56,593 | 771,363 | ||||||
Corporate Office Properties Trust ‡ | 29,404 | 824,488 | ||||||
Gladstone Land ‡ | 28,341 | 594,878 | ||||||
National Storage Affiliates Trust ‡ | 19,976 | 907,709 | ||||||
New Senior Investment Group ‡ | 115,701 | 765,941 | ||||||
QTS Realty Trust, Cl A ‡ | 18,018 | 1,198,017 | ||||||
STAG Industrial ‡ | 23,219 | 847,726 | ||||||
UMH Properties ‡ | 37,921 | 816,439 | ||||||
|
| |||||||
6,726,561 | ||||||||
|
| |||||||
UTILITIES — 1.6% | ||||||||
Clearway Energy, Cl C | 43,773 | 1,255,847 | ||||||
Southwest Gas Holdings | 8,791 | 612,909 | ||||||
|
| |||||||
1,868,756 | ||||||||
|
| |||||||
Total Common Stock | 114,759,903 | |||||||
|
| |||||||
Total Investments in Securities — 97.5% |
| $ | 114,759,903 | |||||
|
|
Percentages are based on Net Assets of $117,759,519.
* | Non-income producing security. |
‡ | Real Estate Investment Trust. |
Cl — Class
As of April 30, 2021, all of the Fund’s investments in securities were considered Level 1, in accordance with the authoritative guidance of fair value measurements and disclosure under U.S. generally accepted accounting principles.
For the period ended April 30, 2021, there were no transfers in or out of Level 3.
For more information on valuation inputs, see Note 2 – Significant Accounting Policies in the Notes to Financial Statements.
The accompanying notes are an integral part of the financial statements.
24
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS | |
U.S. ALL CAP INDEX FUND | ||
APRIL 30, 2021 (UNAUDITED) |
SECTOR WEIGHTINGS†
† | Percentages based on total investments. |
SCHEDULE OF INVESTMENTS | ||||||||
COMMON STOCK — 92.2%# | ||||||||
Shares | Value | |||||||
COMMUNICATION SERVICES — 10.7% | ||||||||
Activision Blizzard | 443 | $ | 40,397 | |||||
Alaska Communications Systems Group * | 28 | 93 | ||||||
Alphabet, Cl A * | 175 | 411,862 | ||||||
Alphabet, Cl C * | 171 | 412,131 | ||||||
Altice USA, Cl A * | 215 | 7,807 | ||||||
AMC Entertainment Holdings, Cl A | 33 | 331 | ||||||
AMC Networks, Cl A * | 22 | 1,106 | ||||||
ANGI Homeservices, Cl A * | 38 | 608 | ||||||
Anterix * | 9 | 426 | ||||||
AT&T | 4,149 | 130,320 | ||||||
ATN International | 6 | 273 | ||||||
Bandwidth, Cl A * | 11 | 1,454 | ||||||
Boingo Wireless * | 25 | 349 | ||||||
Boston Omaha, Cl A * | 15 | 420 | ||||||
Cable One | 3 | 5,370 | ||||||
Cardlytics * | 15 | 2,063 | ||||||
Cargurus, Cl A * | 47 | 1,160 | ||||||
Cars.com * | 38 | 502 | ||||||
Charter Communications, Cl A * | 82 | 55,223 | ||||||
Cincinnati Bell * | 29 | 447 | ||||||
Cinemark Holdings * | 57 | 1,208 | ||||||
Clear Channel Outdoor Holdings, Cl A * | 269 | 675 | ||||||
Cogent Communications Holdings | 25 | 1,888 | ||||||
Comcast, Cl A | 2,635 | 147,955 | ||||||
comScore * | 34 | 125 | ||||||
Consolidated Communications Holdings * | 42 | 302 | ||||||
Cumulus Media, Cl A * | 10 | 96 | ||||||
Daily Journal * | 1 | 305 |
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
COMMUNICATION SERVICES — continued | ||||||||
DHI Group * | 28 | $ | 82 | |||||
Discovery, Cl A * | 100 | 3,766 | ||||||
DISH Network, Cl A * | 158 | 7,077 | ||||||
Electronic Arts | 167 | 23,727 | ||||||
Entercom Communications, Cl A | 66 | 319 | ||||||
Entravision Communications, Cl A | 34 | 131 | ||||||
Eventbrite, Cl A * | 37 | 872 | ||||||
EverQuote, Cl A * | 7 | 237 | ||||||
EW Scripps, Cl A | 33 | 713 | ||||||
Facebook, Cl A * | 1,386 | 450,561 | ||||||
Fluent * | 24 | 89 | ||||||
Fox | 214 | 8,008 | ||||||
Gaia, Cl A * | 7 | 74 | ||||||
Gannett * | 74 | 336 | ||||||
Globalstar * | 359 | 456 | ||||||
Gogo * | 24 | 250 | ||||||
Gray Television | 48 | 975 | ||||||
Hemisphere Media Group, Cl A * | 10 | 122 | ||||||
IAC * | 51 | 12,927 | ||||||
IDT, Cl B * | 12 | 288 | ||||||
iHeartMedia * | 36 | 689 | ||||||
Interpublic Group of Companies | 251 | 7,969 | ||||||
Iridium Communications * | 68 | 2,583 | ||||||
John Wiley & Sons, Cl A | 25 | 1,424 | ||||||
Liberty Broadband, Cl C * | 130 | 21,154 | ||||||
Liberty TripAdvisor Holdings, Cl A * | 42 | 213 | ||||||
Live Nation Entertainment * | 94 | 7,697 | ||||||
LiveXLive Media * | 38 | 163 | ||||||
Loral Space & Communications | 12 | 482 | ||||||
Lumen Technologies | 701 | 8,994 | ||||||
Madison Square Garden Entertainment * | 10 | 906 | ||||||
Madison Square Garden Sports C * | 10 | 1,848 | ||||||
Marcus * | 13 | 259 | ||||||
Match Group * | 143 | 22,255 | ||||||
Meredith * | 23 | 715 | ||||||
MSG Networks * | 24 | 381 | ||||||
National CineMedia | 45 | 192 | ||||||
Netflix * | 252 | 129,394 | ||||||
New York Times, Cl A | 91 | 4,132 | ||||||
News | 249 | 6,523 | ||||||
Nexstar Media Group, Cl A | 28 | 4,127 | ||||||
NII Holdings * | 46 | 100 | ||||||
Omnicom Group | 136 | 11,187 | ||||||
Ooma * | 12 | 198 | ||||||
ORBCOMM * | 43 | 493 | ||||||
Pinterest, Cl A * | 258 | 17,123 | ||||||
QuinStreet * | 28 | 568 | ||||||
Roku, Cl A * | 62 | 21,264 | ||||||
Saga Communications, Cl A | 3 | 68 | ||||||
Scholastic | 15 | 455 | ||||||
Shenandoah Telecommunications | 28 | 1,323 | ||||||
Sinclair Broadcast Group, Cl A | 27 | 877 |
The accompanying notes are an integral part of the financial statements.
25
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS | |
U.S. ALL CAP INDEX FUND | ||
APRIL 30, 2021 (UNAUDITED) |
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
COMMUNICATION SERVICES — continued | ||||||||
Sirius XM Holdings | 738 | $ | 4,502 | |||||
Snap, Cl A * | 534 | 33,012 | ||||||
Spok Holdings | 11 | 113 | ||||||
Take-Two Interactive Software * | 73 | 12,803 | ||||||
TechTarget * | 14 | 1,074 | ||||||
TEGNA | 127 | 2,548 | ||||||
Telephone & Data Systems | 58 | 1,333 | ||||||
T-Mobile US * | 306 | 40,432 | ||||||
Tribune Publishing | 13 | 227 | ||||||
TripAdvisor * | 54 | 2,545 | ||||||
TrueCar * | 56 | 258 | ||||||
Twitter * | 450 | 24,849 | ||||||
United States Cellular * | 9 | 307 | ||||||
Verizon Communications | 2,411 | 139,332 | ||||||
Vonage Holdings * | 134 | 1,816 | ||||||
Walt Disney | 1,051 | 195,507 | ||||||
WideOpenWest * | 30 | 422 | ||||||
World Wrestling Entertainment, Cl A | 27 | 1,488 | ||||||
Yelp, Cl A * | 41 | 1,611 | ||||||
Zillow Group, Cl C * | 92 | 11,971 | ||||||
Zynga, Cl A * | 644 | 6,968 | ||||||
|
| |||||||
2,494,780 | ||||||||
|
| |||||||
CONSUMER DISCRETIONARY — 9.0% | ||||||||
1-800-Flowers.com, Cl A * | 15 | 480 | ||||||
Abercrombie & Fitch, Cl A | 35 | 1,312 | ||||||
Accel Entertainment, Cl A * | 32 | 415 | ||||||
Acushnet Holdings | 20 | 846 | ||||||
Adient * | 54 | 2,502 | ||||||
Adtalem Global Education * | 30 | 1,029 | ||||||
Advance Auto Parts | 44 | 8,807 | ||||||
American Axle & Manufacturing Holdings * | 64 | 594 | ||||||
American Eagle Outfitters | 88 | 3,042 | ||||||
American Public Education * | 8 | 244 | ||||||
America’s Car-Mart * | 4 | 603 | ||||||
Aramark | 162 | 6,297 | ||||||
Asbury Automotive Group * | 11 | 2,185 | ||||||
Aspen Group * | 11 | 52 | ||||||
At Home Group * | 30 | 947 | ||||||
AutoNation * | 49 | 5,022 | ||||||
AutoZone * | 15 | 21,962 | ||||||
Bally’s | 16 | 927 | ||||||
Barnes & Noble Education * | 17 | 134 | ||||||
Bassett Furniture Industries | 5 | 171 | ||||||
Beazer Homes USA * | 17 | 379 | ||||||
Bed Bath & Beyond * | 69 | 1,747 | ||||||
Best Buy | 148 | 17,208 | ||||||
Big Lots | 22 | 1,517 | ||||||
Biglari Holdings, Cl B * | 1 | 133 | ||||||
BJ’s Restaurants * | 13 | 793 | ||||||
Bloomin’ Brands | 47 | 1,485 | ||||||
Bluegreen Vacations Holding, Cl A | 7 | 130 | ||||||
Booking Holdings * | 24 | 59,186 |
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
CONSUMER DISCRETIONARY — continued | ||||||||
Boot Barn Holdings * | 17 | $ | 1,199 | |||||
BorgWarner | 156 | 7,578 | ||||||
Boyd Gaming * | 47 | 3,109 | ||||||
Bright Horizons Family Solutions * | 39 | 5,648 | ||||||
Brinker International * | 26 | 1,745 | ||||||
Brunswick | 51 | 5,464 | ||||||
Buckle | 17 | 713 | ||||||
Burlington Stores * | 42 | 13,706 | ||||||
Caesars Entertainment * | 123 | 12,034 | ||||||
Caleres | 21 | 490 | ||||||
Callaway Golf | 51 | 1,476 | ||||||
Camping World Holdings, Cl A | 19 | 827 | ||||||
Capri Holdings * | 96 | 5,288 | ||||||
CarMax * | 105 | 13,990 | ||||||
Carnival * | 351 | 9,814 | ||||||
Carriage Services, Cl A | 9 | 335 | ||||||
Carrols Restaurant Group * | 20 | 118 | ||||||
Carter’s | 25 | 2,720 | ||||||
Carvana, Cl A * | 43 | 12,266 | ||||||
Cato, Cl A * | 12 | 161 | ||||||
Cavco Industries * | 5 | 1,047 | ||||||
Century Casinos * | 16 | 210 | ||||||
Century Communities * | 17 | 1,257 | ||||||
Cheesecake Factory | 24 | 1,502 | ||||||
Chegg * | 77 | 6,955 | ||||||
Chico’s FAS * | 65 | 195 | ||||||
Children’s Place * | 8 | 627 | ||||||
Chipotle Mexican Grill, Cl A * | 16 | 23,872 | ||||||
Choice Hotels International * | 20 | 2,276 | ||||||
Churchill Downs | 22 | 4,653 | ||||||
Chuy’s Holdings * | 11 | 537 | ||||||
Citi Trends * | 6 | 628 | ||||||
Clarus | 13 | 242 | ||||||
Columbia Sportswear | 17 | 1,853 | ||||||
Conn’s * | 10 | 202 | ||||||
Cooper Tire & Rubber | 29 | 1,653 | ||||||
Cooper-Standard Holdings * | 10 | 290 | ||||||
Core-Mark Holding | 26 | 1,107 | ||||||
Cracker Barrel Old Country Store | 14 | 2,345 | ||||||
Crocs * | 42 | 4,205 | ||||||
Culp | 6 | 85 | ||||||
Dana | 84 | 2,125 | ||||||
Darden Restaurants | 84 | 12,324 | ||||||
Dave & Buster’s Entertainment * | 25 | 1,141 | ||||||
Deckers Outdoor * | 18 | 6,088 | ||||||
Del Taco Restaurants | 19 | 217 | ||||||
Delta Apparel * | 3 | 102 | ||||||
Denny’s * | 36 | 682 | ||||||
Designer Brands, Cl A | 36 | 637 | ||||||
Dick’s Sporting Goods | 36 | 2,973 | ||||||
Dillard’s, Cl A | 8 | 791 | ||||||
Dine Brands Global * | 9 | 870 | ||||||
Dollar General | 145 | 31,139 |
The accompanying notes are an integral part of the financial statements.
26
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS | |
U.S. ALL CAP INDEX FUND | ||
APRIL 30, 2021 (UNAUDITED) |
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
CONSUMER DISCRETIONARY — continued | ||||||||
Dollar Tree * | 150 | $ | 17,235 | |||||
Domino’s Pizza | 25 | 10,558 | ||||||
Dorman Products * | 16 | 1,587 | ||||||
DR Horton | 212 | 20,837 | ||||||
Drive Shack * | 34 | 116 | ||||||
eBay | 393 | 21,925 | ||||||
El Pollo Loco Holdings * | 11 | 186 | ||||||
Escalade | 5 | 110 | ||||||
Ethan Allen Interiors | 12 | 345 | ||||||
Etsy * | 77 | 15,307 | ||||||
Everi Holdings * | 49 | 866 | ||||||
Expedia Group * | 77 | 13,570 | ||||||
Fiesta Restaurant Group * | 15 | 221 | ||||||
Five Below * | 35 | 7,044 | ||||||
Flexsteel Industries | 4 | 174 | ||||||
Floor & Decor Holdings, Cl A * | 64 | 7,099 | ||||||
Foot Locker | 63 | 3,716 | ||||||
Ford Motor * | 2,273 | 26,230 | ||||||
Fossil Group * | 25 | 322 | ||||||
Fox Factory Holding * | 27 | 4,137 | ||||||
Franchise Group | 15 | 578 | ||||||
frontdoor * | 50 | 2,677 | ||||||
Funko, Cl A * | 11 | 237 | ||||||
GameStop, Cl A * | 30 | 5,208 | ||||||
Gap | 132 | 4,369 | ||||||
Garmin | 96 | 13,175 | ||||||
General Motors * | 774 | 44,288 | ||||||
Genesco * | 8 | 400 | ||||||
Gentex | 159 | 5,594 | ||||||
Gentherm * | 19 | 1,353 | ||||||
Genuine Parts | 90 | 11,247 | ||||||
G-III Apparel Group * | 25 | 812 | ||||||
Golden Entertainment * | 11 | 379 | ||||||
Goodyear Tire & Rubber * | 135 | 2,323 | ||||||
GoPro, Cl A * | 74 | 831 | ||||||
Graham Holdings, Cl B | 2 | 1,271 | ||||||
Grand Canyon Education * | 30 | 3,249 | ||||||
Green Brick Partners * | 28 | 723 | ||||||
Group 1 Automotive | 10 | 1,642 | ||||||
Groupon, Cl A * | 14 | 709 | ||||||
GrowGeneration * | 21 | 916 | ||||||
GrubHub * | 59 | 4,014 | ||||||
Guess? | 22 | 595 | ||||||
H&R Block | 112 | 2,493 | ||||||
Hamilton Beach Brands Holding, Cl A | 4 | 78 | ||||||
Hanesbrands | 216 | 4,549 | ||||||
Harley-Davidson | 100 | 4,837 | ||||||
Hasbro | 81 | 8,055 | ||||||
Haverty Furniture | 9 | 418 | ||||||
Helen of Troy * | 17 | 3,591 | ||||||
Hibbett Sports * | 9 | 715 | ||||||
Hilton Grand Vacations * | 49 | 2,183 |
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
CONSUMER DISCRETIONARY — continued | ||||||||
Hilton Worldwide Holdings * | 159 | $ | 20,463 | |||||
Home Depot | 627 | 202,941 | ||||||
Hooker Furniture | 7 | 263 | ||||||
Houghton Mifflin Harcourt * | 73 | 663 | ||||||
Hyatt Hotels, Cl A | 22 | 1,811 | ||||||
Installed Building Products | 14 | 1,885 | ||||||
International Game Technology | 58 | 999 | ||||||
iRobot * | 16 | 1,741 | ||||||
Jack in the Box | 13 | 1,568 | ||||||
Johnson Outdoors, Cl A | 5 | 709 | ||||||
KB Home | 51 | 2,460 | ||||||
Kohl’s | 100 | 5,866 | ||||||
Kontoor Brands | 31 | 1,948 | ||||||
L Brands * | 151 | 9,951 | ||||||
Lakeland Industries * | 4 | 113 | ||||||
Lands’ End * | 10 | 230 | ||||||
Las Vegas Sands * | 216 | 13,232 | ||||||
Laureate Education, Cl A * | 64 | 880 | ||||||
La-Z-Boy, Cl Z | 26 | 1,156 | ||||||
LCI Industries | 14 | 2,051 | ||||||
Lear | 39 | 7,170 | ||||||
Legacy Housing * | 3 | 54 | ||||||
Leggett & Platt | 84 | 4,172 | ||||||
Lennar, Cl A | 173 | 17,923 | ||||||
Levi Strauss, Cl A | 35 | 1,010 | ||||||
LGI Homes * | 13 | 2,155 | ||||||
Lifetime Brands | 7 | 102 | ||||||
Lindblad Expeditions Holdings * | 18 | 295 | ||||||
Liquidity Services * | 15 | 269 | ||||||
Lithia Motors, Cl A | 17 | 6,534 | ||||||
LKQ * | 196 | 9,155 | ||||||
Lovesac * | 6 | 440 | ||||||
Lowe’s | 440 | 86,350 | ||||||
Lumber Liquidators Holdings * | 16 | 384 | ||||||
M/I Homes * | 16 | 1,116 | ||||||
Macy’s | 179 | 2,968 | ||||||
Magnite * | 59 | 2,363 | ||||||
Malibu Boats, Cl A * | 12 | 1,000 | ||||||
Marine Products | 6 | 104 | ||||||
MarineMax * | 12 | 682 | ||||||
Marriott International, Cl A | 159 | 23,615 | ||||||
Marriott Vacations Worldwide | 26 | 4,618 | ||||||
MasterCraft Boat Holdings * | 11 | 312 | ||||||
Mattel * | 226 | 4,850 | ||||||
MDC Holdings | 31 | 1,818 | ||||||
Meritage Homes * | 21 | 2,234 | ||||||
MGM Resorts International | 277 | 11,279 | ||||||
Modine Manufacturing * | 29 | 472 | ||||||
Mohawk Industries * | 38 | 7,809 | ||||||
Monarch Casino & Resort * | 7 | 528 | ||||||
Monro | 19 | 1,341 | ||||||
Motorcar Parts of America * | 11 | 238 | ||||||
Movado Group | 9 | 282 |
The accompanying notes are an integral part of the financial statements.
27
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS | |
U.S. ALL CAP INDEX FUND | ||
APRIL 30, 2021 (UNAUDITED) |
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
CONSUMER DISCRETIONARY — continued | ||||||||
Murphy USA | 16 | $ | 2,230 | |||||
Nathan’s Famous | 2 | 127 | ||||||
National Vision Holdings * | 46 | 2,319 | ||||||
Nautilus * | 17 | 285 | ||||||
NewAge * | 55 | 120 | ||||||
NIKE, Cl B | 708 | 93,895 | ||||||
Noodles, Cl A * | 21 | 254 | ||||||
Nordstrom * | 63 | 2,311 | ||||||
Norwegian Cruise Line Holdings * | 176 | 5,465 | ||||||
NVR * | 2 | 10,036 | ||||||
Office Depot | 30 | 1,213 | ||||||
Ollie’s Bargain Outlet Holdings * | 28 | 2,584 | ||||||
O’Reilly Automotive * | 42 | 23,221 | ||||||
Overstock.com * | 24 | 1,956 | ||||||
Oxford Industries | 9 | 821 | ||||||
Papa John’s International | 18 | 1,741 | ||||||
Peloton Interactive, Cl A * | 157 | 15,441 | ||||||
Penn National Gaming * | 95 | 8,466 | ||||||
Penske Automotive Group | 18 | 1,578 | ||||||
Perdoceo Education * | 39 | 455 | ||||||
PetMed Express | 11 | 324 | ||||||
Planet Fitness, Cl A * | 52 | 4,367 | ||||||
Playa Hotels & Resorts * | 48 | 353 | ||||||
PlayAGS * | 16 | 143 | ||||||
Polaris Industries | 37 | 5,181 | ||||||
Pool | 26 | 10,986 | ||||||
PulteGroup | 171 | 10,110 | ||||||
Purple Innovation, Cl A * | 21 | 716 | ||||||
PVH * | 45 | 5,093 | ||||||
Quotient Technology * | 43 | 703 | ||||||
Qurate Retail | 7 | 732 | ||||||
Qurate Retail | 250 | 2,975 | ||||||
Ralph Lauren, Cl A | 27 | 3,599 | ||||||
RealReal * | 33 | 817 | ||||||
Red Robin Gourmet Burgers * | 9 | 327 | ||||||
Red Rock Resorts, Cl A | 35 | 1,282 | ||||||
Regis * | 20 | 259 | ||||||
Rent-A-Center, Cl A | 31 | 1,784 | ||||||
Revolve Group, Cl A * | 15 | 727 | ||||||
RH * | 11 | 7,568 | ||||||
Rocky Brands | 4 | 211 | ||||||
Ross Stores | 203 | 26,581 | ||||||
Royal Caribbean Cruises | 119 | 10,347 | ||||||
Ruth’s Hospitality Group * | 19 | 496 | ||||||
Sally Beauty Holdings * | 65 | 1,305 | ||||||
Scientific Games * | 46 | 2,692 | ||||||
SeaWorld Entertainment * | 45 | 2,464 | ||||||
Service International | 111 | 5,932 | ||||||
Shake Shack, Cl A * | 21 | 2,284 | ||||||
Shoe Carnival | 5 | 300 | ||||||
Shutterstock | 13 | 1,133 | ||||||
Signet Jewelers * | 29 | 1,733 | ||||||
Six Flags Entertainment * | 46 | 2,161 |
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
CONSUMER DISCRETIONARY — continued | ||||||||
Skechers U.S.A., Cl A * | 85 | $ | 4,122 | |||||
Skyline Champion * | 32 | 1,422 | ||||||
Sleep Number * | 16 | 1,790 | ||||||
Sonic Automotive, Cl A | 13 | 641 | ||||||
Sonos * | 60 | 2,402 | ||||||
Sportsman’s Warehouse Holdings * | 25 | 439 | ||||||
Stamps.com * | 10 | 2,054 | ||||||
Standard Motor Products | 11 | 471 | ||||||
Starbucks | 680 | 77,853 | ||||||
Steven Madden | 45 | 1,830 | ||||||
Stitch Fix, Cl A * | 32 | 1,386 | ||||||
Stoneridge * | 15 | 499 | ||||||
Strategic Education | 14 | 1,051 | ||||||
Stride * | 23 | 658 | ||||||
Superior Group of | 5 | 126 | ||||||
Tapestry * | 181 | 8,661 | ||||||
Target | 291 | 60,313 | ||||||
Taylor Morrison Home, Cl A * | 73 | 2,278 | ||||||
Tempur Sealy International | 133 | 5,073 | ||||||
Tenneco, Cl A * | 35 | 352 | ||||||
Terminix Global Holdings * | 85 | 4,326 | ||||||
Tesla * | 440 | 312,154 | ||||||
Texas Roadhouse, Cl A | 42 | 4,495 | ||||||
Thor Industries | 34 | 4,814 | ||||||
Tilly’s, Cl A * | 13 | 157 | ||||||
TJX | 698 | 49,558 | ||||||
Toll Brothers | 74 | 4,640 | ||||||
TopBuild * | 21 | 4,670 | ||||||
Tractor Supply | 74 | 13,956 | ||||||
Travel + Leisure | 55 | 3,549 | ||||||
TRI Pointe Group * | 72 | 1,715 | ||||||
Tupperware Brands * | 27 | 658 | ||||||
Turtle Beach * | 8 | 222 | ||||||
Ulta Beauty * | 34 | 11,198 | ||||||
Under Armour, Cl A * | 109 | 2,650 | ||||||
Unifi * | 10 | 270 | ||||||
Universal Electronics * | 8 | 455 | ||||||
Universal Technical Institute * | 17 | 96 | ||||||
Urban Outfitters * | 33 | 1,185 | ||||||
Vail Resorts | 25 | 8,129 | ||||||
Vera Bradley * | 13 | 144 | ||||||
VF | 210 | 18,409 | ||||||
Vista Outdoor * | 33 | 1,076 | ||||||
Visteon * | 16 | 1,949 | ||||||
Vivint Smart Home * | 7 | 84 | ||||||
VOXX International, Cl A * | 9 | 153 | ||||||
Vroom * | 56 | 2,591 | ||||||
Waitr Holdings * | 57 | 140 | ||||||
Wayfair, Cl A * | 42 | 12,414 | ||||||
Wendy’s | 120 | 2,708 | ||||||
Weyco Group | 3 | 59 | ||||||
Whirlpool | 39 | 9,222 | ||||||
Williams-Sonoma | 50 | 8,538 |
The accompanying notes are an integral part of the financial statements.
28
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS | |
U.S. ALL CAP INDEX FUND | ||
APRIL 30, 2021 (UNAUDITED) |
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
CONSUMER DISCRETIONARY — continued | ||||||||
Wingstop | 17 | $ | 2,693 | |||||
Winmark | 2 | 385 | ||||||
Winnebago Industries | 19 | 1,519 | ||||||
Wolverine World Wide | 46 | 1,919 | ||||||
Workhorse Group * | 59 | 731 | ||||||
WW International * | 36 | 999 | ||||||
Wyndham Hotels & Resorts | 59 | 4,313 | ||||||
XPEL * | 9 | 577 | ||||||
YETI Holdings * | 50 | 4,271 | ||||||
Yum! Brands | 175 | 20,916 | ||||||
Zumiez * | 12 | 516 | ||||||
|
| |||||||
2,102,173 | ||||||||
|
| |||||||
CONSUMER STAPLES — 4.9% | ||||||||
22nd Century Group * | 80 | 374 | ||||||
Albertsons | 44 | 817 | ||||||
Alico | 2 | 60 | ||||||
Altria Group | 1,082 | 51,665 | ||||||
Andersons | 18 | 517 | ||||||
Archer-Daniels-Midland | 354 | 22,348 | ||||||
B&G Foods | 37 | 1,080 | ||||||
BellRing Brands, Cl A * | 23 | 593 | ||||||
Beyond Meat * | 21 | 2,765 | ||||||
BJ’s Wholesale Club Holdings * | 87 | 3,886 | ||||||
Boston Beer, Cl A * | 6 | 7,299 | ||||||
Brown-Forman, Cl B | 194 | 14,798 | ||||||
Bunge | 90 | 7,598 | ||||||
Calavo Growers | 10 | 781 | ||||||
Cal-Maine Foods | 21 | 785 | ||||||
Campbell Soup | 130 | 6,207 | ||||||
Casey’s General Stores | 23 | 5,110 | ||||||
Celsius Holdings * | 16 | 917 | ||||||
Central Garden & Pet, Cl A * | 23 | 1,133 | ||||||
Chefs’ Warehouse * | 19 | 612 | ||||||
Clorox | 81 | 14,782 | ||||||
Coca-Cola | 2,487 | 134,248 | ||||||
Coca-Cola Consolidated | 3 | 880 | ||||||
Colgate-Palmolive | 498 | 40,189 | ||||||
Conagra Brands | 313 | 11,609 | ||||||
Constellation Brands, Cl A | 95 | 22,830 | ||||||
Coty, Cl A | 168 | 1,682 | ||||||
Darling Ingredients * | 103 | 7,153 | ||||||
Edgewell Personal Care | 32 | 1,222 | ||||||
elf Beauty * | 25 | 756 | ||||||
Energizer Holdings | 34 | 1,676 | ||||||
Estee Lauder, Cl A | 131 | 41,108 | ||||||
Flowers Foods | 111 | 2,660 | ||||||
Fresh Del Monte Produce | 20 | 564 | ||||||
Freshpet * | 26 | 4,805 | ||||||
General Mills | 355 | 21,605 | ||||||
Grocery Outlet Holding * | 47 | 1,898 | ||||||
Hain Celestial Group * | 57 | 2,338 | ||||||
Herbalife Nutrition * | 75 | 3,433 |
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
CONSUMER STAPLES — continued | ||||||||
Hershey | 95 | $ | 15,609 | |||||
HF Foods Group * | 21 | 131 | ||||||
Hormel Foods | 181 | 8,362 | ||||||
Hostess Brands, Cl A * | 72 | 1,101 | ||||||
Ingles Markets, Cl A | 8 | 490 | ||||||
Ingredion | 43 | 4,017 | ||||||
Inter Parfums | 10 | 736 | ||||||
J&J Snack Foods | 8 | 1,317 | ||||||
JM Smucker | 72 | 9,431 | ||||||
John B Sanfilippo & Son | 5 | 440 | ||||||
Kellogg | 219 | 13,670 | ||||||
Keurig Dr Pepper | 278 | 9,966 | ||||||
Kimberly-Clark | 198 | 26,397 | ||||||
Kraft Heinz | 564 | 23,288 | ||||||
Lamb Weston Holdings | 93 | 7,487 | ||||||
Lancaster Colony | 10 | 1,847 | ||||||
Landec * | 17 | 192 | ||||||
Lifevantage * | 8 | 65 | ||||||
Limoneira | 9 | 163 | ||||||
McCormick | 158 | 14,277 | ||||||
Medifast | 7 | 1,590 | ||||||
MGP Ingredients | 8 | 481 | ||||||
Molson Coors Beverage, Cl B | 112 | 6,154 | ||||||
Mondelez International, Cl A | 831 | 50,533 | ||||||
Monster Beverage * | 217 | 21,060 | ||||||
National Beverage | 14 | 680 | ||||||
Natural Grocers by Vitamin Cottage | 5 | 79 | ||||||
Nature’s Sunshine Products | 9 | 187 | ||||||
Nu Skin Enterprises, Cl A | 29 | 1,533 | ||||||
Oil-Dri Corp of America | 3 | 105 | ||||||
PepsiCo | 803 | 115,760 | ||||||
Performance Food Group * | 84 | 4,931 | ||||||
Philip Morris International | 906 | 86,070 | ||||||
Pilgrim’s Pride * | 28 | 671 | ||||||
Post Holdings * | 40 | 4,551 | ||||||
PriceSmart | 13 | 1,093 | ||||||
Procter & Gamble | 1,444 | 192,658 | ||||||
Reynolds Consumer Products | 32 | 938 | ||||||
Sanderson Farms | 12 | 1,974 | ||||||
Seneca Foods, Cl A * | 4 | 184 | ||||||
Simply Good Foods * | 49 | 1,693 | ||||||
SpartanNash | 20 | 387 | ||||||
Spectrum Brands Holdings | 23 | 2,027 | ||||||
Sprouts Farmers Market * | 68 | 1,741 | ||||||
Sysco | 296 | 25,080 | ||||||
Tootsie Roll Industries | 10 | 316 | ||||||
TreeHouse Foods * | 33 | 1,571 | ||||||
Turning Point Brands | 7 | 342 | ||||||
Tyson Foods, Cl A | 184 | 14,251 | ||||||
United Natural Foods * | 32 | 1,180 | ||||||
Universal | 14 | 787 | ||||||
US Foods Holding * | 140 | 5,804 | ||||||
USANA Health Sciences * | 7 | 630 |
The accompanying notes are an integral part of the financial statements.
29
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS | |
U.S. ALL CAP INDEX FUND | ||
APRIL 30, 2021 (UNAUDITED) |
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
CONSUMER STAPLES — continued | ||||||||
Vector Group | 74 | $ | 966 | |||||
Village Super Market, Cl A | 5 | 122 | ||||||
WD-40 | 8 | 1,990 | ||||||
Weis Markets | 10 | 519 | ||||||
|
| |||||||
1,134,407 | ||||||||
|
| |||||||
ENERGY — 2.8% | ||||||||
Antero Midstream | 177 | 1,529 | ||||||
Antero Resources * | 131 | 1,182 | ||||||
APA | 241 | 4,820 | ||||||
Arch Resources * | 9 | 400 | ||||||
Archrock | 75 | 700 | ||||||
Aspen Aerogels * | 15 | 273 | ||||||
Baker Hughes, Cl A | 426 | 8,554 | ||||||
Berry Petroleum | 46 | 281 | ||||||
Bonanza Creek Energy | 11 | 364 | ||||||
Brigham Minerals, Cl A | 23 | 394 | ||||||
Bristow Group * | 17 | 450 | ||||||
Cabot Oil & Gas | 247 | 4,117 | ||||||
Cactus, Cl A | 27 | 805 | ||||||
Callon Petroleum * | 22 | 823 | ||||||
Centennial Resource Development, Cl A * | 98 | 416 | ||||||
ChampionX * | 116 | 2,437 | ||||||
Cheniere Energy * | 159 | 12,326 | ||||||
Chevron | 1,122 | 115,645 | ||||||
Cimarex Energy | 64 | 4,237 | ||||||
Clean Energy Fuels * | 83 | 913 | ||||||
CNX Resources * | 128 | 1,718 | ||||||
Comstock Resources * | 42 | 231 | ||||||
ConocoPhillips | 786 | 40,196 | ||||||
CONSOL Energy * | 15 | 132 | ||||||
Contango Oil & Gas * | 54 | 202 | ||||||
Continental Resources | 37 | 1,008 | ||||||
Core Laboratories | 26 | 733 | ||||||
CVR Energy | 59 | 1,256 | ||||||
Delek US Holdings | 42 | 997 | ||||||
Devon Energy | 379 | 8,861 | ||||||
DHT Holdings | 83 | 490 | ||||||
Diamond S Shipping * | 15 | 148 | ||||||
Diamondback Energy | 107 | 8,745 | ||||||
DMC Global * | 8 | 432 | ||||||
Dorian LPG * | 24 | 319 | ||||||
Dril-Quip * | 20 | 613 | ||||||
EOG Resources | 374 | 27,541 | ||||||
Equities * | 146 | 2,789 | ||||||
Equitrans Midstream | 236 | 1,926 | ||||||
Exterran * | 19 | 62 | ||||||
Exxon Mobil | 2,461 | 140,868 | ||||||
Falcon Minerals | 21 | 93 | ||||||
Frank’s International * | 91 | 296 | ||||||
Geospace Technologies * | 8 | 60 | ||||||
Goodrich Petroleum * | 5 | 50 | ||||||
Green Plains * | 20 | 596 |
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
ENERGY — continued | ||||||||
Halliburton | 562 | $ | 10,993 | |||||
Helix Energy Solutions Group * | 82 | 352 | ||||||
Helmerich & Payne | 61 | 1,563 | ||||||
Hess | 176 | 13,114 | ||||||
HollyFrontier | 104 | 3,640 | ||||||
International Seaways | 16 | 283 | ||||||
Kinder Morgan | 1,244 | 21,210 | ||||||
Laredo Petroleum * | 5 | 203 | ||||||
Liberty Oilfield Services, Cl A * | 25 | 293 | ||||||
Magnolia Oil & Gas, Cl A * | 70 | 788 | ||||||
Marathon Oil | 509 | 5,731 | ||||||
Marathon Petroleum | 377 | 20,980 | ||||||
Matador Resources | 64 | 1,684 | ||||||
Matrix Service * | 15 | 198 | ||||||
Murphy Oil | 84 | 1,422 | ||||||
Nabors Industries | 4 | 323 | ||||||
National Energy Services Reunited * | 36 | 457 | ||||||
Natural Gas Services Group * | 7 | 63 | ||||||
Newpark Resources * | 51 | 145 | ||||||
NexTier Oilfield Solutions * | 98 | 352 | ||||||
Northern Oil and Gas | 20 | 290 | ||||||
NOV | 249 | 3,723 | ||||||
Occidental Petroleum | 602 | 15,267 | ||||||
Oceaneering International * | 57 | 613 | ||||||
Oil States International * | 35 | 196 | ||||||
ONEOK | 284 | 14,865 | ||||||
Overseas Shipholding Group, Cl A * | 40 | 88 | ||||||
Ovintiv | 167 | 3,996 | ||||||
Par Pacific Holdings * | 31 | 471 | ||||||
Patterson-UTI Energy | 107 | 723 | ||||||
PBF Energy, Cl A * | 55 | 780 | ||||||
PDC Energy * | 57 | 2,081 | ||||||
Peabody Energy * | 56 | 207 | ||||||
Penn Virginia * | 9 | 123 | ||||||
Phillips 66 | 281 | 22,736 | ||||||
Pioneer Natural Resources | 128 | 19,690 | ||||||
Plains GP Holdings, Cl A | 104 | 976 | ||||||
ProPetro Holding * | 41 | 395 | ||||||
Range Resources * | 146 | 1,434 | ||||||
Renewable Energy Group * | 22 | 1,221 | ||||||
REX American Resources * | 3 | 242 | ||||||
RPC * | 34 | 165 | ||||||
Schlumberger | 810 | 21,911 | ||||||
Select Energy Services, Cl A * | 43 | 208 | ||||||
SM Energy | 62 | 980 | ||||||
Solaris Oilfield Infrastructure, Cl A | 17 | 186 | ||||||
Southwestern Energy * | 373 | 1,593 | ||||||
Talos Energy * | 10 | 112 | ||||||
Targa Resources | 148 | 5,134 | ||||||
Tellurian * | 118 | 261 | ||||||
Tidewater * | 22 | 270 | ||||||
Transocean * | 338 | 1,088 | ||||||
US Silica Holdings | 41 | 437 |
The accompanying notes are an integral part of the financial statements.
30
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS | |
U.S. ALL CAP INDEX FUND | ||
APRIL 30, 2021 (UNAUDITED) |
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
ENERGY — continued | ||||||||
Valero Energy | 262 | $ | 19,378 | |||||
Viper Energy Partners | 35 | 630 | ||||||
W&T Offshore * | 54 | 178 | ||||||
Whiting Petroleum * | 22 | 882 | ||||||
Williams | 780 | 19,001 | ||||||
World Fuel Services | 36 | 1,113 | ||||||
|
| |||||||
648,466 | ||||||||
|
| |||||||
FINANCIALS — 12.3% | ||||||||
1st Constitution Bancorp | 5 | 96 | ||||||
1st Source | 10 | 476 | ||||||
ACNB | 5 | 137 | ||||||
Affiliated Managers Group | 30 | 4,835 | ||||||
AGNC Investment ‡ | 351 | 6,293 | ||||||
Alerus Financial | 8 | 230 | ||||||
Alleghany * | 9 | 6,111 | ||||||
Allegiance Bancshares | 11 | 436 | ||||||
Allstate | 181 | 22,951 | ||||||
Ally Financial | 240 | 12,348 | ||||||
Altabancorp | 7 | 292 | ||||||
Amalgamated Financial | 8 | 129 | ||||||
A-Mark Precious Metals | 3 | 112 | ||||||
Ambac Financial Group * | 26 | 446 | ||||||
Amerant Bancorp, Cl A * | 12 | 227 | ||||||
American Equity Investment Life Holding | 53 | 1,642 | ||||||
American Express | 469 | 71,921 | ||||||
American Financial Group | 50 | 6,143 | ||||||
American International Group | 502 | 24,322 | ||||||
American National Bankshares | 6 | 204 | ||||||
American National Group | 11 | 1,247 | ||||||
Ameriprise Financial | 77 | 19,897 | ||||||
Ameris Bancorp | 38 | 2,055 | ||||||
AMERISAFE | 11 | 683 | ||||||
Ames National | 5 | 126 | ||||||
Annaly Capital Management ‡ | 906 | 8,226 | ||||||
Apollo Commercial Real Estate Finance ‡ | 81 | 1,232 | ||||||
Apollo Global Management, Cl A | 132 | 7,309 | ||||||
Arbor Realty Trust ‡ | 62 | 1,096 | ||||||
Arch Capital Group * | 253 | 10,047 | ||||||
Ares Commercial Real Estate ‡ | 18 | 266 | ||||||
Ares Management, Cl A | 69 | 3,624 | ||||||
Argo Group International Holdings | 20 | 1,044 | ||||||
Arlington Asset Investment, Cl A ‡ | 20 | 82 | ||||||
ARMOUR Residential ‡ | 37 | 460 | ||||||
Arrow Financial | 9 | 318 | ||||||
Arthur J Gallagher | 122 | 17,684 | ||||||
Artisan Partners Asset Management, Cl A | 34 | 1,731 | ||||||
Assetmark Financial Holdings * | 10 | 225 | ||||||
Associated Banc-Corp | 88 | 1,926 | ||||||
Assurant | 38 | 5,913 | ||||||
Assured Guaranty | 46 | 2,339 |
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
FINANCIALS — continued | ||||||||
Athene Holding, Cl A * | 86 | $ | 5,132 | |||||
Atlantic Capital Bancshares * | 12 | 321 | ||||||
Atlantic Union Bankshares | 45 | 1,740 | ||||||
Atlanticus Holdings * | 4 | 125 | ||||||
Auburn National Bancorporation | 1 | 35 | ||||||
Axis Capital Holdings | 44 | 2,455 | ||||||
Axos Financial * | 31 | 1,400 | ||||||
B. Riley Financial | 8 | 570 | ||||||
Banc of California | 28 | 501 | ||||||
BancFirst | 10 | 695 | ||||||
Bancorp * | 29 | 644 | ||||||
BancorpSouth Bank | 60 | 1,775 | ||||||
Bank First | 4 | 289 | ||||||
Bank of America | 5,036 | 204,109 | ||||||
Bank of Commerce Holdings | 9 | 116 | ||||||
Bank of Hawaii | 23 | 2,090 | ||||||
Bank of Marin Bancorp | 7 | 248 | ||||||
Bank of New York Mellon | 515 | 25,688 | ||||||
Bank OZK | 79 | 3,238 | ||||||
BankFinancial | 8 | 83 | ||||||
BankUnited | 53 | 2,470 | ||||||
Bankwell Financial Group | 3 | 81 | ||||||
Banner | 20 | 1,137 | ||||||
Bar Harbor Bankshares | 9 | 258 | ||||||
BCB Bancorp | 9 | 124 | ||||||
Berkshire Hathaway, Cl B * | 815 | 224,084 | ||||||
BGC Partners, Cl A | 164 | 869 | ||||||
BlackRock, Cl A | 83 | 68,002 | ||||||
Blackstone Group, Cl A | 388 | 34,334 | ||||||
Blucora * | 27 | 389 | ||||||
BOK Financial | 18 | 1,583 | ||||||
Boston Private Financial Holdings | 47 | 692 | ||||||
Bridgewater Bancshares * | 13 | 220 | ||||||
Brighthouse Financial * | 54 | 2,527 | ||||||
Brightsphere Investment Group | 47 | 1,058 | ||||||
Broadmark Realty Capital ‡ | 70 | 755 | ||||||
Brookline Bancorp | 45 | 724 | ||||||
Brown & Brown | 151 | 8,030 | ||||||
BRP Group, Cl A * | 16 | 464 | ||||||
Bryn Mawr Bank | 11 | 506 | ||||||
Business First Bancshares | 11 | 261 | ||||||
Byline Bancorp | 14 | 318 | ||||||
C&F Financial | 2 | 84 | ||||||
Cadence BanCorp, Cl A | 71 | 1,580 | ||||||
California BanCorp * | 4 | 70 | ||||||
Cambridge Bancorp | 4 | 350 | ||||||
Camden National | 8 | 382 | ||||||
Cannae Holdings * | 50 | 1,985 | ||||||
Capital City Bank Group | 8 | 202 | ||||||
Capital One Financial | 263 | 39,208 | ||||||
Capitol Federal Financial | 75 | 969 | ||||||
Capstar Financial Holdings | 10 | 192 | ||||||
Capstead Mortgage ‡ | 55 | 356 |
The accompanying notes are an integral part of the financial statements.
31
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS | |
U.S. ALL CAP INDEX FUND | ||
APRIL 30, 2021 (UNAUDITED) |
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
FINANCIALS — continued | ||||||||
Carlyle Group | 117 | $ | 4,991 | |||||
Cathay General Bancorp | 44 | 1,781 | ||||||
CB Financial Services | �� | 3 | 64 | |||||
Cboe Global Markets | 70 | 7,306 | ||||||
CBTX | 10 | 313 | ||||||
Central Pacific Financial | 16 | 431 | ||||||
Central Valley Community Bancorp | 6 | 118 | ||||||
Century Bancorp, Cl A | 1 | 114 | ||||||
Charles Schwab | 969 | 68,218 | ||||||
Chemung Financial | 2 | 85 | ||||||
Cherry Hill Mortgage Investment ‡ | 9 | 91 | ||||||
Chimera Investment ‡ | 133 | 1,748 | ||||||
ChoiceOne Financial Services | 4 | 98 | ||||||
Chubb | 261 | 44,785 | ||||||
Cincinnati Financial | 95 | 10,705 | ||||||
CIT Group | 64 | 3,411 | ||||||
Citigroup | 1,212 | 86,343 | ||||||
Citizens, Cl A * | 27 | 158 | ||||||
Citizens & Northern | 9 | 222 | ||||||
City Holding | 9 | 697 | ||||||
Civista Bancshares | 9 | 208 | ||||||
CME Group, Cl A | 206 | 41,610 | ||||||
CNA Financial | 176 | 8,260 | ||||||
CNB Financial | 9 | 229 | ||||||
Coastal Financial * | 5 | 149 | ||||||
Codorus Valley Bancorp | 5 | 92 | ||||||
Cohen & Steers | 14 | 952 | ||||||
Colony Bankcorp | 4 | 62 | ||||||
Colony Credit Real Estate ‡ | 48 | 417 | ||||||
Columbia Banking System | 41 | 1,785 | ||||||
Columbia Financial * | 29 | 530 | ||||||
Comerica | 89 | 6,689 | ||||||
Commerce Bancshares | 73 | 5,680 | ||||||
Community Bank System | 31 | 2,407 | ||||||
Community Bankers Trust | 13 | 109 | ||||||
Community Financial | 3 | 108 | ||||||
Community Trust Bancorp | 10 | 446 | ||||||
ConnectOne Bancorp | 20 | 543 | ||||||
County Bancorp | 3 | 71 | ||||||
Cowen, Cl A | 14 | 553 | ||||||
Crawford, Cl A | 9 | 94 | ||||||
Credit Acceptance * | 8 | 3,158 | ||||||
CrossFirst Bankshares * | 26 | 383 | ||||||
Cullen | 37 | 4,442 | ||||||
Curo Group Holdings | 10 | 143 | ||||||
Customers Bancorp * | 17 | 587 | ||||||
Diamond Hill Investment Group | 2 | 342 | ||||||
Dime Community Bancshares | 21 | 696 | ||||||
Discover Financial Services | 178 | 20,292 | ||||||
Donegal Group, Cl A | 7 | 108 | ||||||
Donnelley Financial Solutions * | 19 | 581 | ||||||
Dynex Capital ‡ | 13 | 263 | ||||||
Eagle Bancorp | 18 | 961 |
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
FINANCIALS — continued | ||||||||
Eagle Bancorp Montana | 4 | $ | 94 | |||||
East West Bancorp | 90 | 6,853 | ||||||
eHealth * | 14 | 990 | ||||||
Ellington Financial ‡ | 24 | 431 | ||||||
Ellington Residential Mortgage REIT | 5 | 62 | ||||||
Employers Holdings | 17 | 688 | ||||||
Encore Capital Group * | 17 | 669 | ||||||
Enova International * | 20 | 685 | ||||||
Enterprise Bancorp | 5 | 174 | ||||||
Enterprise Financial Services | 14 | 688 | ||||||
Equitable Holdings | 265 | 9,071 | ||||||
Equity Bancshares, Cl A * | 8 | 234 | ||||||
Erie Indemnity, Cl A | 17 | 3,638 | ||||||
Esquire Financial Holdings * | 4 | 92 | ||||||
ESSA Bancorp | 5 | 78 | ||||||
Essent Group | 64 | 3,365 | ||||||
Evans Bancorp | 3 | 111 | ||||||
Evercore, Cl A | 22 | 3,083 | ||||||
Everest Re Group | 25 | 6,924 | ||||||
EZCORP, Cl A * | 29 | 163 | ||||||
FactSet Research Systems | 24 | 8,069 | ||||||
Farmers & Merchants Bancorp | 6 | 141 | ||||||
Farmers National Banc | 15 | 249 | ||||||
FB Financial | 19 | 797 | ||||||
FBL Financial Group, Cl A | 6 | 340 | ||||||
Federal Agricultural Mortgage, Cl C | 5 | 514 | ||||||
Federated Hermes, Cl B | 55 | 1,584 | ||||||
FedNat Holding | 6 | 31 | ||||||
Fidelity D&D Bancorp | 2 | 113 | ||||||
Fidelity National Financial | 175 | 7,983 | ||||||
Fifth Third Bancorp | 457 | 18,527 | ||||||
Financial Institutions | 9 | 287 | ||||||
First American Financial | 69 | 4,450 | ||||||
First Bancorp | 16 | 678 | ||||||
First Bancorp | 6 | 170 | ||||||
First Bancshares | 12 | 469 | ||||||
First Bank | 11 | 140 | ||||||
First Busey | 29 | 724 | ||||||
First Business Financial Services | 5 | 132 | ||||||
First Capital | 2 | 90 | ||||||
First Choice Bancorp | 6 | 192 | ||||||
First Citizens BancShares, Cl A | 3 | 2,602 | ||||||
First Commonwealth Financial | 56 | 811 | ||||||
First Community | 4 | 74 | ||||||
First Financial | 7 | 310 | ||||||
First Financial Bancorp | 56 | 1,373 | ||||||
First Financial Bankshares | 83 | 4,074 | ||||||
First Foundation | 22 | 524 | ||||||
First Guaranty Bancshares | 3 | 52 | ||||||
First Hawaiian | 75 | 2,059 | ||||||
First Horizon National | 351 | 6,420 | ||||||
First Internet Bancorp | 5 | 172 | ||||||
First Interstate BancSystem, Cl A | 24 | 1,127 |
The accompanying notes are an integral part of the financial statements.
32
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS | |
U.S. ALL CAP INDEX FUND | ||
APRIL 30, 2021 (UNAUDITED) |
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
FINANCIALS — continued | ||||||||
First Merchants | 31 | $ | 1,433 | |||||
First Mid Bancshares | 8 | 348 | ||||||
First Midwest Bancorp | 66 | 1,384 | ||||||
First Northwest Bancorp | 5 | 84 | ||||||
First of Long Island | 13 | 277 | ||||||
First Republic Bank | 110 | 20,156 | ||||||
First Savings Financial Group | 1 | 69 | ||||||
First United | 4 | 68 | ||||||
First Western Financial * | 4 | 103 | ||||||
FirstCash | 23 | 1,657 | ||||||
Flagstar Bancorp | 25 | 1,163 | ||||||
Flushing Financial | 16 | 372 | ||||||
FNB | 187 | 2,410 | ||||||
FNCB Bancorp | 10 | 69 | ||||||
Focus Financial Partners, Cl A * | 16 | 753 | ||||||
Franklin Financial Services | 2 | 60 | ||||||
Franklin Resources | 173 | 5,190 | ||||||
FS Bancorp | 2 | 137 | ||||||
Fulton Financial | 94 | 1,603 | ||||||
FVCBankcorp * | 6 | 106 | ||||||
Genworth Financial, Cl A * | 292 | 1,261 | ||||||
German American Bancorp | 14 | 607 | ||||||
Glacier Bancorp | 61 | 3,596 | ||||||
Globe Life | 67 | 6,867 | ||||||
Goldman Sachs Group | 193 | 67,251 | ||||||
Goosehead Insurance, Cl A | 10 | 1,099 | ||||||
Granite Point Mortgage Trust ‡ | 32 | 424 | ||||||
Great Ajax ‡ | 12 | 147 | ||||||
Great Southern Bancorp | 6 | 338 | ||||||
Great Western Bancorp | 32 | 1,058 | ||||||
Green Dot, Cl A * | 29 | 1,327 | ||||||
Greenhill | 8 | 121 | ||||||
Greenlight Capital Re, Cl A * | 15 | 138 | ||||||
Guaranty Bancshares | 4 | 156 | ||||||
Hamilton Lane, Cl A | 18 | 1,628 | ||||||
Hancock Whitney | 50 | 2,312 | ||||||
Hanmi Financial | 18 | 365 | ||||||
Hanover Insurance Group | 22 | 3,043 | ||||||
HarborOne Bancorp | 31 | 444 | ||||||
Hartford Financial Services Group | 229 | 15,105 | ||||||
Hawthorn Bancshares | 4 | 86 | ||||||
HBT Financial | 5 | 91 | ||||||
HCI Group | 4 | 294 | ||||||
Heartland Financial USA | 20 | 1,005 | ||||||
Heritage Commerce | 33 | 398 | ||||||
Heritage Financial | 21 | 590 | ||||||
Heritage Insurance Holdings | 14 | 128 | ||||||
Hilltop Holdings | 40 | 1,408 | ||||||
Home Bancorp | 4 | 152 | ||||||
Home BancShares | 88 | 2,449 | ||||||
HomeStreet | 12 | 490 | ||||||
HomeTrust Bancshares | 9 | 247 | ||||||
Hope Bancorp | 68 | 1,021 |
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
FINANCIALS — continued | ||||||||
Horace Mann Educators | 24 | $ | 962 | |||||
Houlihan Lokey, Cl A | 30 | 1,988 | ||||||
Howard Bancorp * | 7 | 118 | ||||||
Huntington Bancshares | 652 | 9,989 | ||||||
Independence Holding | 3 | 132 | ||||||
Independent Bank | 19 | 1,556 | ||||||
Independent Bank | 12 | 283 | ||||||
Independent Bank Group | 21 | 1,586 | ||||||
Interactive Brokers Group, Cl A | 47 | 3,361 | ||||||
Intercontinental Exchange | 317 | 37,314 | ||||||
International Bancshares | 31 | 1,469 | ||||||
Invesco | 292 | 7,884 | ||||||
Invesco Mortgage Capital ‡ | 105 | 410 | ||||||
Investar Holding | 6 | 133 | ||||||
Investors Bancorp | 133 | 1,947 | ||||||
Investors Title | 1 | 176 | ||||||
James River Group Holdings | 17 | 801 | ||||||
Jefferies Financial Group | 133 | 4,324 | ||||||
JPMorgan Chase | 1,761 | 270,859 | ||||||
Kearny Financial | 48 | 613 | ||||||
Kemper | 36 | 2,810 | ||||||
KeyCorp | 629 | 13,687 | ||||||
Kinsale Capital Group | 12 | 2,088 | ||||||
KKR Real Estate Finance Trust ‡ | 17 | 359 | ||||||
Ladder Capital, Cl A ‡ | 62 | 737 | ||||||
Lakeland Bancorp | 28 | 508 | ||||||
Lakeland Financial | 14 | 913 | ||||||
Lazard, Cl A | 64 | 2,879 | ||||||
LCNB | 7 | 127 | ||||||
Lemonade * | 13 | 1,175 | ||||||
LendingClub * | 40 | 616 | ||||||
LendingTree * | 5 | 1,032 | ||||||
Level One Bancorp | 3 | 81 | ||||||
Lincoln National | 116 | 7,439 | ||||||
Live Oak Bancshares | 16 | 1,023 | ||||||
Loews | 155 | 8,641 | ||||||
LPL Financial Holdings | 51 | 7,992 | ||||||
Luther Burbank | 17 | 189 | ||||||
M&T Bank | 82 | 12,931 | ||||||
Macatawa Bank | 15 | 144 | ||||||
Mackinac Financial | 5 | 109 | ||||||
MainStreet Bancshares * | 5 | 106 | ||||||
Malvern Bancorp * | 4 | 73 | ||||||
Markel * | 9 | 10,588 | ||||||
MarketAxess Holdings | 23 | 11,235 | ||||||
Marsh & McLennan | 295 | 40,032 | ||||||
MBIA * | 30 | 301 | ||||||
Mercantile Bank | 9 | 291 | ||||||
Merchants Bancorp | 5 | 204 | ||||||
Mercury General | 15 | 934 | ||||||
Meridian | 3 | 79 | ||||||
Meridian Bancorp | 27 | 597 | ||||||
Meta Financial Group | 19 | 936 |
The accompanying notes are an integral part of the financial statements.
33
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS | |
U.S. ALL CAP INDEX FUND | ||
APRIL 30, 2021 (UNAUDITED) |
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
FINANCIALS — continued | ||||||||
Metrocity Bankshares | 10 | $ | 160 | |||||
MFA Financial ‡ | 218 | 959 | ||||||
MGIC Investment | 194 | 2,957 | ||||||
Mid Penn Bancorp | 4 | 108 | ||||||
Middlefield Banc | 3 | 67 | ||||||
Midland States Bancorp | 12 | 338 | ||||||
MidWestOne Financial Group | 9 | 284 | ||||||
MMA Capital Holdings * | 3 | 51 | ||||||
Moelis, Cl A | 32 | 1,737 | ||||||
Moody’s | 109 | 35,611 | ||||||
Morgan Stanley | 835 | 68,929 | ||||||
Morningstar | 15 | 3,975 | ||||||
Mortgage Investment Trust ‡ | 20 | 79 | ||||||
Mr Cooper Group * | 43 | 1,483 | ||||||
MSCI, Cl A | 47 | 22,831 | ||||||
MVB Financial | 6 | 242 | ||||||
Nasdaq | 74 | 11,954 | ||||||
National Bank Holdings, Cl A | 17 | 678 | ||||||
National Bankshares | 4 | 144 | ||||||
National Western Life Group, Cl A | 2 | 459 | ||||||
Navient | 111 | 1,868 | ||||||
NBT Bancorp | 25 | 947 | ||||||
Nelnet, Cl A | 10 | 742 | ||||||
New Residential Investment ‡ | 241 | 2,584 | ||||||
New York Community Bancorp | 288 | 3,444 | ||||||
New York Mortgage Trust ‡ | 219 | 1,005 | ||||||
NI Holdings * | 4 | 77 | ||||||
Nicolet Bankshares * | 5 | 399 | ||||||
NMI Holdings, Cl A * | 49 | 1,266 | ||||||
Northern Trust | 131 | 14,908 | ||||||
Northfield Bancorp | 28 | 453 | ||||||
Northrim BanCorp | 4 | 171 | ||||||
Northwest Bancshares | 70 | 983 | ||||||
Norwood Financial | 4 | 102 | ||||||
OceanFirst Financial | 34 | 777 | ||||||
Ocwen Financial | 4 | 126 | ||||||
Ohio Valley Banc | 2 | 45 | ||||||
Old National Bancorp | 95 | 1,796 | ||||||
Old Republic International | 186 | 4,579 | ||||||
Old Second Bancorp | 16 | 211 | ||||||
OneMain Holdings, Cl A | 56 | 3,185 | ||||||
OP Bancorp | 7 | 76 | ||||||
Oportun Financial * | 9 | 195 | ||||||
Oppenheimer Holdings, Cl A | 5 | 256 | ||||||
Orchid Island Capital, Cl A ‡ | 40 | 220 | ||||||
Origin Bancorp | 12 | 525 | ||||||
Orrstown Financial Services | 6 | 142 | ||||||
Pacific Premier Bancorp | 54 | 2,378 | ||||||
PacWest Bancorp | 67 | 2,908 | ||||||
Palomar Holdings * | 13 | 915 | ||||||
Park National | 9 | 1,126 | ||||||
Parke Bancorp | 6 | 127 | ||||||
PCB Bancorp | 7 | 111 |
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
FINANCIALS — continued | ||||||||
PCSB Financial | 8 | $ | 140 | |||||
Peapack Gladstone Financial | 11 | 352 | ||||||
Penns Woods Bancorp | 4 | 96 | ||||||
PennyMac Financial Services | 34 | 2,047 | ||||||
PennyMac Mortgage Investment Trust ‡ | 57 | 1,143 | ||||||
Peoples Bancorp | 11 | 368 | ||||||
Peoples Bancorp of North Carolina | 3 | 70 | ||||||
Peoples Financial Services | 4 | 171 | ||||||
People’s United Financial | 273 | 4,949 | ||||||
Pinnacle Financial Partners | 48 | 4,207 | ||||||
Pioneer Bancorp * | 7 | 82 | ||||||
Piper Sandler | 10 | 1,160 | ||||||
PJT Partners | 13 | 956 | ||||||
Plumas Bancorp | 2 | 53 | ||||||
PNC Financial Services Group | 246 | 45,990 | ||||||
PRA Group * | 26 | 980 | ||||||
Premier Financial | 21 | 663 | ||||||
Premier Financial Bancorp | 7 | 133 | ||||||
Primerica | 25 | 3,994 | ||||||
Primis Financial | 12 | 172 | ||||||
Principal Financial Group | 177 | 11,305 | ||||||
ProAssurance | 31 | 775 | ||||||
Professional Holding, Cl A * | 7 | 121 | ||||||
Progressive | 340 | 34,252 | ||||||
ProSight Global * | 16 | 204 | ||||||
Prosperity Bancshares | 57 | 4,182 | ||||||
Protective Insurance | 5 | 115 | ||||||
Provident Financial Holdings | 3 | 49 | ||||||
Provident Financial Services | 41 | 966 | ||||||
Prudential Financial | 230 | 23,083 | ||||||
Pzena Investment Management, Cl A | 10 | 105 | ||||||
QCR Holdings | 9 | 434 | ||||||
Radian Group | 111 | 2,735 | ||||||
Raymond James Financial | 78 | 10,201 | ||||||
RBB Bancorp | 9 | 190 | ||||||
Ready Capital ‡ | 41 | 595 | ||||||
Red River Bancshares | 3 | 167 | ||||||
Redwood Trust ‡ | 66 | 733 | ||||||
Regional Management | 6 | 232 | ||||||
Regions Financial | 620 | 13,516 | ||||||
Reinsurance Group of America, Cl A | 43 | 5,613 | ||||||
Reliant Bancorp | 8 | 221 | ||||||
Renasant | 31 | 1,306 | ||||||
Republic Bancorp, Cl A | 6 | 270 | ||||||
Republic First Bancorp * | 28 | 112 | ||||||
Richmond Mutual Bancorporation | 7 | 96 | ||||||
Riverview Bancorp | 12 | 83 | ||||||
RLI | 23 | 2,564 | ||||||
S&P Global | 140 | 54,655 | ||||||
S&T Bancorp | 22 | 725 | ||||||
Safeguard Scientifics * | 11 | 68 | ||||||
Safety Insurance Group | 8 | 656 |
The accompanying notes are an integral part of the financial statements.
34
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS | |
U.S. ALL CAP INDEX FUND | ||
APRIL 30, 2021 (UNAUDITED) |
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
FINANCIALS — continued | ||||||||
Salisbury Bancorp | 1 | $ | 46 | |||||
Sandy Spring Bancorp | 27 | 1,225 | ||||||
Santander Consumer USA Holdings | 41 | 1,392 | ||||||
SB Financial Group | 4 | 71 | ||||||
Sculptor Capital Management, Cl A | 10 | 227 | ||||||
Seacoast Banking Corp of Florida | 30 | 1,091 | ||||||
SEI Investments | 77 | 4,731 | ||||||
Select Bancorp * | 9 | 106 | ||||||
Selective Insurance Group | 34 | 2,589 | ||||||
Selectquote * | 56 | 1,743 | ||||||
ServisFirst Bancshares | 27 | 1,707 | ||||||
Shore Bancshares | 7 | 118 | ||||||
Sierra Bancorp | 8 | 217 | ||||||
Signature Bank NY | 34 | 8,551 | ||||||
Silvercrest Asset Management Group, Cl A | 5 | 70 | ||||||
Simmons First National, Cl A | 63 | 1,796 | ||||||
SLM | 241 | 4,738 | ||||||
SmartFinancial | 8 | 190 | ||||||
South Plains Financial | 6 | 137 | ||||||
South State | 45 | 3,794 | ||||||
Southern First Bancshares * | 4 | 206 | ||||||
Southern Missouri Bancorp | 5 | 209 | ||||||
Southside Bancshares | 18 | 723 | ||||||
Spirit MTA *,‡ | 23 | 18 | ||||||
Spirit of Texas Bancshares | 8 | 185 | ||||||
Standard AVB Financial | 2 | 66 | ||||||
Starwood Property Trust ‡ | 176 | 4,544 | ||||||
State Auto Financial | 10 | 189 | ||||||
State Street | 225 | 18,889 | ||||||
Sterling Bancorp | 117 | 2,940 | ||||||
Stewart Information Services | 15 | 880 | ||||||
Stifel Financial | 63 | 4,359 | ||||||
Stock Yards Bancorp | 12 | 614 | ||||||
StoneX Group * | 9 | 572 | ||||||
Summit Financial Group | 6 | 156 | ||||||
SVB Financial Group * | 33 | 18,870 | ||||||
Synchrony Financial | 375 | 16,402 | ||||||
Synovus Financial | 94 | 4,405 | ||||||
T Rowe Price Group | 130 | 23,296 | ||||||
TCF Financial | 96 | 4,370 | ||||||
Territorial Bancorp | 5 | 126 | ||||||
Texas Capital Bancshares * | 29 | 1,990 | ||||||
TFS Financial | 30 | 587 | ||||||
Timberland Bancorp | 4 | 113 | ||||||
Tiptree | 12 | 120 | ||||||
Tompkins Financial | 8 | 625 | ||||||
TPG RE Finance Trust ‡ | 36 | 449 | ||||||
Tradeweb Markets, Cl A | 57 | 4,633 | ||||||
Travelers | 147 | 22,735 | ||||||
TriCo Bancshares | 15 | 694 | ||||||
TriState Capital Holdings * | 16 | 382 | ||||||
Triumph Bancorp * | 13 | 1,152 |
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
FINANCIALS — continued | ||||||||
Truist Financial | 783 | $ | 46,440 | |||||
Trupanion * | 17 | 1,379 | ||||||
TrustCo Bank NY | 55 | 402 | ||||||
Trustmark | 36 | 1,167 | ||||||
Two Harbors Investment ‡ | 158 | 1,232 | ||||||
UMB Financial | 25 | 2,426 | ||||||
Umpqua Holdings | 127 | 2,367 | ||||||
Union Bankshares | 2 | 66 | ||||||
United Bankshares | 82 | 3,220 | ||||||
United Community Banks | 50 | 1,636 | ||||||
United Fire Group | 12 | 363 | ||||||
United Insurance Holdings | 12 | 67 | ||||||
United Security Bancshares | 8 | 66 | ||||||
Unity Bancorp | 4 | 88 | ||||||
Universal Insurance Holdings | 17 | 237 | ||||||
Univest Financial | 17 | 475 | ||||||
Unum Group | 130 | 3,674 | ||||||
US Bancorp | 876 | 51,991 | ||||||
Valley National Bancorp | 253 | 3,484 | ||||||
Veritex Holdings | 28 | 946 | ||||||
Victory Capital Holdings, Cl A | 9 | 250 | ||||||
Virtu Financial, Cl A | 58 | 1,719 | ||||||
Virtus Investment Partners | 4 | 1,094 | ||||||
Voya Financial | 81 | 5,493 | ||||||
Waddell & Reed Financial, Cl A | 35 | 874 | ||||||
Walker & Dunlop | 17 | 1,884 | ||||||
Washington Federal | 44 | 1,432 | ||||||
Washington Trust Bancorp | 10 | 511 | ||||||
Waterstone Financial | 13 | 256 | ||||||
Webster Financial | 58 | 3,069 | ||||||
Wells Fargo | 2,651 | 119,428 | ||||||
WesBanco | 38 | 1,379 | ||||||
West Bancorporation | 9 | 236 | ||||||
Westamerica Bancorporation | 15 | 951 | ||||||
Western Alliance Bancorp | 60 | 6,304 | ||||||
Western Asset Mortgage Capital ‡ | 35 | 111 | ||||||
Western New England Bancorp | 13 | 105 | ||||||
Westwood Holdings Group | 4 | 72 | ||||||
White Mountains Insurance Group | 2 | 2,331 | ||||||
Willis Towers Watson | 82 | 21,227 | ||||||
Wintrust Financial | 33 | 2,544 | ||||||
WisdomTree Investments | 65 | 441 | ||||||
World Acceptance * | 4 | 523 | ||||||
WR Berkley | 87 | 6,936 | ||||||
WSFS Financial | 29 | 1,482 | ||||||
Zions Bancorp | 105 | 5,859 | ||||||
|
| |||||||
2,878,271 | ||||||||
|
| |||||||
HEALTH CARE — 6.5% | ||||||||
1Life Healthcare * | 37 | 1,610 | ||||||
89bio * | 9 | 237 | ||||||
Abbott Laboratories | 1,023 | 122,842 | ||||||
Abeona Therapeutics * | 41 | 73 | ||||||
ABIOMED * | 29 | 9,301 |
The accompanying notes are an integral part of the financial statements.
35
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS | |
U.S. ALL CAP INDEX FUND | ||
APRIL 30, 2021 (UNAUDITED) |
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
HEALTH CARE — continued | ||||||||
Acadia Healthcare * | 57 | $ | 3,472 | |||||
ACADIA Pharmaceuticals * | 92 | 1,892 | ||||||
Accelerate Diagnostics * | 17 | 124 | ||||||
Acceleron Pharma * | 33 | 4,124 | ||||||
Accuray * | 51 | 240 | ||||||
AcelRx Pharmaceuticals * | 52 | 68 | ||||||
Adamas Pharmaceuticals * | 13 | 73 | ||||||
AdaptHealth, Cl A * | 14 | 407 | ||||||
Adaptive Biotechnologies * | 84 | 3,494 | ||||||
Addus HomeCare * | 9 | 952 | ||||||
ADMA Biologics * | 46 | 90 | ||||||
Adverum Biotechnologies * | 50 | 195 | ||||||
Aeglea BioTherapeutics * | 22 | 171 | ||||||
Aerie Pharmaceuticals * | 26 | 445 | ||||||
Agenus * | 89 | 275 | ||||||
Agile Therapeutics * | 46 | 85 | ||||||
Agios Pharmaceuticals * | 36 | 2,009 | ||||||
Akebia Therapeutics * | 81 | 258 | ||||||
Akero Therapeutics * | 10 | 308 | ||||||
Albireo Pharma * | 11 | 353 | ||||||
Aldeyra Therapeutics * | 21 | 264 | ||||||
Alector * | 33 | 643 | ||||||
Alexion Pharmaceuticals * | 127 | 21,422 | ||||||
Align Technology * | 42 | 25,012 | ||||||
Alkermes * | 92 | 2,024 | ||||||
Allakos * | 15 | 1,637 | ||||||
Allogene Therapeutics * | 39 | 1,206 | ||||||
Allscripts Healthcare Solutions * | 92 | 1,432 | ||||||
Alnylam Pharmaceuticals * | 74 | 10,407 | ||||||
Alphatec Holdings * | 31 | 496 | ||||||
Amedisys *,‡ | 21 | 5,667 | ||||||
AmerisourceBergen, Cl A | 96 | 11,597 | ||||||
Amgen | 341 | 81,717 | ||||||
Amicus Therapeutics * | 148 | 1,456 | ||||||
AMN Healthcare Services * | 27 | 2,141 | ||||||
AnaptysBio * | 14 | 327 | ||||||
Anavex Life Sciences * | 34 | 411 | ||||||
AngioDynamics * | 21 | 510 | ||||||
ANI Pharmaceuticals * | 6 | 200 | ||||||
Apellis Pharmaceuticals * | 34 | 1,723 | ||||||
Apollo Medical Holdings * | 11 | 327 | ||||||
Applied Genetic Technologies * | 13 | 55 | ||||||
Applied Therapeutics * | 8 | 148 | ||||||
Aptinyx, Cl A * | 14 | 38 | ||||||
Apyx Medical * | 17 | 172 | ||||||
Aquestive Therapeutics * | 18 | 73 | ||||||
Arcturus Therapeutics Holdings * | 11 | 403 | ||||||
Arcus Biosciences * | 23 | 776 | ||||||
Arcutis Biotherapeutics * | 13 | 435 | ||||||
Ardelyx * | 38 | 278 | ||||||
Arena Pharmaceuticals * | 34 | 2,333 | ||||||
Arrowhead Pharmaceuticals * | 62 | 4,511 | ||||||
Arvinas * | 15 | 1,034 |
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
HEALTH CARE — continued | ||||||||
Aspira Women’s Health * | 30 | $ | 172 | |||||
Assembly Biosciences * | 18 | 77 | ||||||
Atara Biotherapeutics * | 41 | 576 | ||||||
Athenex * | 43 | 172 | ||||||
Athersys * | 103 | 172 | ||||||
Atreca, Cl A * | 16 | 191 | ||||||
AtriCure * | 25 | 1,927 | ||||||
Atrion | 1 | 639 | ||||||
Avanos Medical * | 27 | 1,167 | ||||||
Avid Bioservices * | 33 | 706 | ||||||
Avrobio * | 18 | 210 | ||||||
Axonics Modulation Technologies * | 15 | 944 | ||||||
Axsome Therapeutics * | 17 | 1,028 | ||||||
Aytu BioScience * | 7 | 46 | ||||||
Beam Therapeutics * | 18 | 1,476 | ||||||
Beyondspring * | 8 | 86 | ||||||
BioCryst Pharmaceuticals * | 101 | 1,175 | ||||||
BioDelivery Sciences International * | 56 | 194 | ||||||
Biohaven Pharmaceutical Holding * | 30 | 2,253 | ||||||
BioMarin Pharmaceutical * | 115 | 8,961 | ||||||
BioSig Technologies * | 13 | 44 | ||||||
Bioxcel Therapeutics * | 7 | 238 | ||||||
Black Diamond Therapeutics * | 13 | 346 | ||||||
Bluebird Bio * | 38 | 1,140 | ||||||
Blueprint Medicines * | 32 | 3,082 | ||||||
Boston Scientific * | 912 | 39,763 | ||||||
BrainStorm Cell Therapeutics * | 15 | 52 | ||||||
Bridgebio Pharma * | 63 | 3,523 | ||||||
Bristol-Myers Squibb | 1,313 | 81,957 | ||||||
Brookdale Senior Living * | 105 | 687 | ||||||
Bruker | 66 | 4,522 | ||||||
Calithera Biosciences * | 39 | 85 | ||||||
Cantel Medical | 20 | 1,758 | ||||||
Cara Therapeutics * | 25 | 324 | ||||||
Cardiovascular Systems * | 23 | 927 | ||||||
CareDx * | 28 | 2,214 | ||||||
CASI Pharmaceuticals * | 42 | 75 | ||||||
Castle Biosciences * | 8 | 552 | ||||||
Castlight Health, Cl B * | 54 | 103 | ||||||
Catalent * | 106 | 11,922 | ||||||
Catalyst Biosciences * | 12 | 60 | ||||||
Catalyst Pharmaceuticals * | 56 | 256 | ||||||
CEL-SCI * | 22 | 531 | ||||||
Cerner | 196 | 14,710 | ||||||
Cerus * | 95 | 579 | ||||||
Change Healthcare * | 147 | 3,374 | ||||||
Checkpoint Therapeutics * | 31 | 90 | ||||||
Chemed | 10 | 4,766 | ||||||
ChemoCentryx * | 31 | 1,498 | ||||||
Chiasma * | 28 | 83 | ||||||
Chimerix * | 27 | 235 | ||||||
ChromaDex * | 22 | 195 | ||||||
Clovis Oncology * | 50 | 297 |
The accompanying notes are an integral part of the financial statements.
36
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS | |
U.S. ALL CAP INDEX FUND | ||
APRIL 30, 2021 (UNAUDITED) |
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
HEALTH CARE — continued | ||||||||
Codexis * | 32 | $ | 742 | |||||
Co-Diagnostics * | 15 | 133 | ||||||
Coherus Biosciences * | 39 | 577 | ||||||
Collegium Pharmaceutical * | 19 | 424 | ||||||
Computer Programs & Systems | 8 | 240 | ||||||
Concert Pharmaceuticals * | 15 | 62 | ||||||
CONMED | 16 | 2,255 | ||||||
Constellation Pharmaceuticals * | 21 | 454 | ||||||
ContraFect * | 14 | 62 | ||||||
CorMedix * | 17 | 147 | ||||||
Cortexyme * | 7 | 274 | ||||||
CorVel * | 5 | 585 | ||||||
Covetrus * | 51 | 1,461 | ||||||
Crinetics Pharmaceuticals * | 14 | 242 | ||||||
Cross Country Healthcare * | 20 | 266 | ||||||
CryoLife * | 21 | 613 | ||||||
CryoPort * | 22 | 1,245 | ||||||
Cue Biopharma * | 15 | 182 | ||||||
Cutera * | 10 | 300 | ||||||
Cyclerion Therapeutics * | 17 | 37 | ||||||
Cymabay Therapeutics * | 27 | 117 | ||||||
Cytokinetics * | 38 | 967 | ||||||
CytomX Therapeutics * | 26 | 243 | ||||||
CytoSorbents * | 22 | 203 | ||||||
DaVita * | 77 | 8,973 | ||||||
Deciphera Pharmaceuticals * | 22 | 1,020 | ||||||
Denali Therapeutics * | 39 | 2,357 | ||||||
DENTSPLY SIRONA | 140 | 9,451 | ||||||
DermTech * | 8 | 336 | ||||||
DexCom * | 55 | 21,235 | ||||||
Dicerna Pharmaceuticals * | 38 | 1,185 | ||||||
Durect * | 115 | 218 | ||||||
Dyadic International * | 11 | 50 | ||||||
Dynavax Technologies, Cl A * | 57 | 569 | ||||||
Editas Medicine, Cl A * | 36 | 1,332 | ||||||
Edwards Lifesciences * | 359 | 34,292 | ||||||
Elanco Animal Health * | 258 | 8,181 | ||||||
Eli Lilly | 463 | 84,623 | ||||||
Emergent BioSolutions * | 26 | 1,585 | ||||||
Enanta Pharmaceuticals * | 10 | 507 | ||||||
Encompass Health | 63 | 5,346 | ||||||
Ensign Group | 30 | 2,575 | ||||||
Envista Holdings * | 102 | 4,415 | ||||||
Enzo Biochem * | 26 | 80 | ||||||
Epizyme * | 51 | 398 | ||||||
Esperion Therapeutics * | 16 | 431 | ||||||
Eton Pharmaceuticals * | 10 | 87 | ||||||
Evelo Biosciences * | 9 | 118 | ||||||
Evofem Biosciences * | 46 | 68 | ||||||
Evolent Health, Cl A * | 49 | 1,061 | ||||||
Evolus * | 13 | 118 | ||||||
Exact Sciences * | 98 | 12,918 | ||||||
Exagen * | 3 | 51 |
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
HEALTH CARE — continued | ||||||||
Exelixis * | 196 | $ | 4,826 | |||||
Exicure * | 34 | 67 | ||||||
Fate Therapeutics * | 52 | 4,544 | ||||||
FibroGen * | 48 | 1,071 | ||||||
Flexion Therapeutics * | 24 | 186 | ||||||
Fortress Biotech * | 38 | 164 | ||||||
Frequency Therapeutics * | 17 | 197 | ||||||
Fulcrum Therapeutics * | 8 | 90 | ||||||
Fulgent Genetics * | 7 | 539 | ||||||
G1 Therapeutics * | 16 | 337 | ||||||
Galectin Therapeutics * | 24 | 106 | ||||||
Gilead Sciences | 730 | 46,333 | ||||||
Glaukos * | 25 | 2,354 | ||||||
Global Blood Therapeutics * | 35 | 1,427 | ||||||
GlycoMimetics * | 22 | 53 | ||||||
Gossamer Bio * | 33 | 285 | ||||||
Guardant Health * | 52 | 8,267 | ||||||
Haemonetics * | 29 | 1,951 | ||||||
Halozyme Therapeutics * | 86 | 4,296 | ||||||
Hanger * | 21 | 524 | ||||||
Harpoon Therapeutics * | 9 | 204 | ||||||
Health Catalyst * | 18 | 1,042 | ||||||
HealthEquity * | 44 | 3,343 | ||||||
HealthStream * | 15 | 362 | ||||||
Heron Therapeutics * | 53 | 926 | ||||||
Heska * | 5 | 913 | ||||||
Hill-Rom Holdings | 43 | 4,739 | ||||||
Hologic * | 168 | 11,012 | ||||||
Homology Medicines * | 17 | 115 | ||||||
Hookipa Pharma * | 7 | 95 | ||||||
Horizon Therapeutics * | 134 | 12,679 | ||||||
iBio | 100 | 137 | ||||||
Icad * | 12 | 216 | ||||||
ICU Medical * | 11 | 2,291 | ||||||
IDEXX Laboratories * | 49 | 26,901 | ||||||
IGM Biosciences * | 8 | 566 | ||||||
Immunic * | 8 | 123 | ||||||
ImmunityBio * | 20 | 355 | ||||||
ImmunoGen * | 101 | 814 | ||||||
Immunovant * | 21 | 329 | ||||||
Inari Medical * | 10 | 1,143 | ||||||
Incyte * | 138 | 11,782 | ||||||
InfuSystem Holdings * | 11 | 249 | ||||||
Innoviva * | 40 | 458 | ||||||
Inogen * | 11 | 719 | ||||||
Inovalon Holdings, Cl A * | 43 | 1,299 | ||||||
Inovio Pharmaceuticals * | 95 | 647 | ||||||
Insmed * | 57 | 1,923 | ||||||
Inspire Medical Systems * | 17 | 4,026 | ||||||
Insulet * | 42 | 12,399 | ||||||
Integer Holdings * | 19 | 1,784 | ||||||
Integra LifeSciences Holdings * | 42 | 3,111 | ||||||
Intellia Therapeutics * | 29 | 2,226 |
The accompanying notes are an integral part of the financial statements.
37
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS | |
U.S. ALL CAP INDEX FUND | ||
APRIL 30, 2021 (UNAUDITED) |
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
HEALTH CARE — continued | ||||||||
Intercept Pharmaceuticals * | 16 | $ | 316 | |||||
Intersect ENT * | 18 | 393 | ||||||
Intra-Cellular Therapies * | 40 | 1,377 | ||||||
IntriCon * | 5 | 116 | ||||||
Intuitive Surgical * | 68 | 58,820 | ||||||
Invacare | 19 | 172 | ||||||
Invitae * | 83 | 2,897 | ||||||
Ionis Pharmaceuticals * | 85 | 3,640 | ||||||
Iovance Biotherapeutics * | 80 | 2,515 | ||||||
iRadimed * | 4 | 111 | ||||||
iRhythm Technologies * | 17 | 1,324 | ||||||
Ironwood Pharmaceuticals, Cl A * | 90 | 994 | ||||||
IVERIC bio * | 44 | 308 | ||||||
Jazz Pharmaceuticals PLC * | 34 | 5,590 | ||||||
Joint * | 7 | 388 | ||||||
Jounce Therapeutics * | 11 | 104 | ||||||
Kadmon Holdings * | 95 | 386 | ||||||
Kala Pharmaceuticals * | 28 | 216 | ||||||
Kaleido Biosciences * | 7 | 55 | ||||||
KalVista Pharmaceuticals * | 7 | 175 | ||||||
Karuna Therapeutics * | 10 | 1,110 | ||||||
Kezar Life Sciences * | 22 | 128 | ||||||
Kindred Biosciences * | 22 | 110 | ||||||
Kiniksa Pharmaceuticals, Cl A * | 16 | 263 | ||||||
Kodiak Sciences * | 25 | 3,021 | ||||||
Krystal Biotech * | 8 | 636 | ||||||
Kura Oncology * | 30 | 808 | ||||||
Lannett * | 17 | 74 | ||||||
Lantheus Holdings * | 38 | 901 | ||||||
LeMaitre Vascular | 10 | 525 | ||||||
LHC Group * | 20 | 4,165 | ||||||
Liquidia Technologies * | 13 | 37 | ||||||
LivaNova * | 28 | 2,376 | ||||||
MacroGenics * | 31 | 1,003 | ||||||
Madrigal Pharmaceuticals * | 6 | 817 | ||||||
Magenta Therapeutics * | 17 | 198 | ||||||
MannKind * | 125 | 571 | ||||||
Marinus Pharmaceuticals * | 16 | 235 | ||||||
Masimo * | 33 | 7,678 | ||||||
MediciNova * | 23 | 101 | ||||||
MEI Pharma * | 58 | 212 | ||||||
MeiraGTx Holdings * | 15 | 225 | ||||||
Meridian Bioscience * | 25 | 490 | ||||||
Merit Medical Systems * | 31 | 1,972 | ||||||
Mersana Therapeutics * | 33 | 526 | ||||||
Mesa Laboratories | 3 | 746 | ||||||
Mettler-Toledo International * | 14 | 18,386 | ||||||
Minerva Neurosciences * | 20 | 48 | ||||||
Mirati Therapeutics * | 29 | 4,820 | ||||||
Mirum Pharmaceuticals * | 6 | 117 | ||||||
Misonix * | 7 | 130 | ||||||
Moderna * | 188 | 33,618 | ||||||
ModivCare * | 8 | 1,121 |
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
HEALTH CARE — continued | ||||||||
Molecular Templates * | 21 | $ | 197 | |||||
Morphic Holding * | 7 | 388 | ||||||
Mustang Bio * | 24 | 78 | ||||||
Myovant Sciences * | 19 | 397 | ||||||
Myriad Genetics * | 42 | 1,269 | ||||||
NanoString Technologies * | 25 | 1,992 | ||||||
Natera * | 50 | 5,501 | ||||||
National HealthCare | 7 | 492 | ||||||
National Research | 8 | 410 | ||||||
Natus Medical * | 19 | 485 | ||||||
Nektar Therapeutics, Cl A * | 103 | 2,020 | ||||||
Neogen * | 31 | 2,976 | ||||||
Neoleukin Therapeutics * | 19 | 237 | ||||||
NeuBase Therapeutics * | 10 | 60 | ||||||
NeuroBo Pharmaceuticals * | 3 | 11 | ||||||
Neurocrine Biosciences * | 60 | 5,669 | ||||||
Nevro * | 19 | 3,283 | ||||||
NextCure * | 10 | 88 | ||||||
NextGen Healthcare * | 32 | 586 | ||||||
NGM Biopharmaceuticals * | 10 | 275 | ||||||
Novavax * | 40 | 9,477 | ||||||
Ocular Therapeutix * | 38 | 698 | ||||||
Odonate Therapeutics * | 21 | 70 | ||||||
Omeros * | 34 | 600 | ||||||
Omnicell * | 27 | 3,916 | ||||||
Oncocyte * | 33 | 170 | ||||||
Ontrak * | 4 | 131 | ||||||
OptimizeRx * | 7 | 353 | ||||||
Optinose * | 18 | 64 | ||||||
Option Care Health * | 31 | 591 | ||||||
OraSure Technologies * | 41 | 375 | ||||||
OrthoPediatrics * | 8 | 468 | ||||||
Ovid therapeutics * | 22 | 81 | ||||||
Owens & Minor | 41 | 1,480 | ||||||
Oyster Point Pharma * | 5 | 103 | ||||||
Pacific Biosciences of California * | 95 | 2,836 | ||||||
Pacira BioSciences * | 25 | 1,580 | ||||||
Palatin Technologies * | 129 | 80 | ||||||
Paratek Pharmaceuticals * | 23 | 176 | ||||||
Passage Bio * | 13 | 244 | ||||||
Patterson | 49 | 1,575 | ||||||
PAVmed * | 23 | 105 | ||||||
PDL BioPharma * | 64 | 158 | ||||||
Pennant Group * | 15 | 606 | ||||||
Penumbra * | 22 | 6,732 | ||||||
Personalis * | 13 | 320 | ||||||
PetIQ, Cl A * | 14 | 596 | ||||||
Phathom Pharmaceuticals * | 8 | 308 | ||||||
Phibro Animal Health, Cl A | 12 | 294 | ||||||
Phreesia * | 18 | 932 | ||||||
Pieris Pharmaceuticals * | 29 | 63 | ||||||
PRA Health Sciences * | 41 | 6,842 | ||||||
Precision BioSciences * | 25 | 232 |
The accompanying notes are an integral part of the financial statements.
38
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS | |
U.S. ALL CAP INDEX FUND | ||
APRIL 30, 2021 (UNAUDITED) |
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
HEALTH CARE — continued | ||||||||
Premier, Cl A | 70 | $ | 2,475 | |||||
Prestige Consumer Healthcare * | 29 | 1,263 | ||||||
Progyny * | 20 | 1,138 | ||||||
Protagonist Therapeutics * | 18 | 521 | ||||||
Protara Therapeutics * | 5 | 56 | ||||||
Provention Bio * | 26 | 187 | ||||||
PTC Therapeutics * | 38 | 1,566 | ||||||
Pulse Biosciences * | 8 | 154 | ||||||
Puma Biotechnology * | 19 | 187 | ||||||
Quanterix * | 13 | 795 | ||||||
Quest Diagnostics | 86 | 11,342 | ||||||
Quidel * | 25 | 2,620 | ||||||
R1 RCM * | 66 | 1,800 | ||||||
Radius Health * | 27 | 602 | ||||||
RadNet * | 25 | 559 | ||||||
RAPT Therapeutics * | 9 | 197 | ||||||
Reata Pharmaceuticals, Cl A * | 16 | 1,622 | ||||||
Regeneron Pharmaceuticals * | 59 | 28,397 | ||||||
REGENXBIO * | 20 | 694 | ||||||
Relmada Therapeutics * | 9 | 347 | ||||||
Replimune Group * | 13 | 476 | ||||||
Repro-Med Systems * | 23 | 87 | ||||||
ResMed | 84 | 15,789 | ||||||
Revance Therapeutics * | 35 | 1,019 | ||||||
REVOLUTION Medicines * | 24 | 797 | ||||||
Rhythm Pharmaceuticals * | 21 | 453 | ||||||
Rigel Pharmaceuticals * | 96 | 357 | ||||||
Rocket Pharmaceuticals * | 30 | 1,375 | ||||||
Rockwell Medical * | 49 | 47 | ||||||
Royalty Pharma, Cl A | 186 | 8,184 | ||||||
Rubius Therapeutics * | 19 | 475 | ||||||
Sage Therapeutics * | 29 | 2,284 | ||||||
Sangamo Therapeutics * | 68 | 801 | ||||||
Sarepta Therapeutics * | 49 | 3,471 | ||||||
Scholar Rock Holding * | 12 | 388 | ||||||
Schrodinger * | 31 | 2,363 | ||||||
scPharmaceuticals * | 10 | 65 | ||||||
Seagen * | 109 | 15,670 | ||||||
SeaSpine Holdings * | 13 | 271 | ||||||
Select Medical Holdings * | 62 | 2,339 | ||||||
Selecta Biosciences * | 46 | 138 | ||||||
Seres Therapeutics * | 34 | 708 | ||||||
Shockwave Medical * | 16 | 2,615 | ||||||
SI-BONE * | 14 | 497 | ||||||
Sientra * | 25 | 172 | ||||||
SIGA Technologies * | 27 | 194 | ||||||
Silk Road Medical * | 18 | 1,101 | ||||||
Simulations Plus | 9 | 568 | ||||||
Soleno Therapeutics * | 31 | 38 | ||||||
Soliton * | 6 | 107 | ||||||
Spectrum Pharmaceuticals * | 83 | 258 | ||||||
Spero Therapeutics * | 12 | 165 | ||||||
SpringWorks Therapeutics * | 18 | 1,293 |
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
HEALTH CARE — continued | ||||||||
STAAR Surgical * | 26 | $ | 3,562 | |||||
Stereotaxis * | 36 | 259 | ||||||
STERIS | 54 | 11,395 | ||||||
Stoke Therapeutics * | 9 | 291 | ||||||
Strongbridge Biopharma * | 31 | 79 | ||||||
Supernus Pharmaceuticals * | 29 | 883 | ||||||
Surmodics * | 8 | 428 | ||||||
Sutro Biopharma * | 14 | 287 | ||||||
Syndax Pharmaceuticals * | 17 | 271 | ||||||
Syneos Health, Cl A * | 44 | 3,733 | ||||||
Syros Pharmaceuticals * | 23 | 139 | ||||||
Tabula Rasa HealthCare * | 12 | 571 | ||||||
Tactile Systems Technology * | 11 | 630 | ||||||
Tandem Diabetes Care * | 38 | 3,492 | ||||||
TCR2 Therapeutics * | 14 | 318 | ||||||
Teladoc Health * | 54 | 9,307 | ||||||
Teleflex | 30 | 12,674 | ||||||
TG Therapeutics * | 74 | 3,309 | ||||||
Theravance Biopharma * | 29 | 572 | ||||||
Tivity Health * | 24 | 580 | ||||||
Translate Bio * | 37 | 859 | ||||||
TransMedics Group * | 13 | 373 | ||||||
Travere Therapeutics * | 29 | 717 | ||||||
Tricida * | 23 | 107 | ||||||
Turning Point Therapeutics * | 21 | 1,601 | ||||||
Twist Bioscience * | 19 | 2,550 | ||||||
Ultragenyx Pharmaceutical * | 37 | 4,131 | ||||||
United Therapeutics * | 28 | 5,644 | ||||||
UNITY Biotechnology * | 16 | 80 | ||||||
US Physical Therapy | 7 | 787 | ||||||
Vanda Pharmaceuticals * | 31 | 515 | ||||||
Vapotherm * | 11 | 242 | ||||||
Varex Imaging * | 23 | 546 | ||||||
Vaxart * | 63 | 679 | ||||||
Veeva Systems, Cl A * | 79 | 22,314 | ||||||
Veracyte * | 32 | 1,592 | ||||||
Verastem * | 93 | 286 | ||||||
Verrica Pharmaceuticals * | 7 | 92 | ||||||
Vertex Pharmaceuticals * | 152 | 33,166 | ||||||
ViewRay * | 61 | 293 | ||||||
Viking Therapeutics * | 38 | 243 | ||||||
Vir Biotechnology * | 27 | 1,289 | ||||||
Vocera Communications * | 18 | 651 | ||||||
Voyager Therapeutics * | 14 | 67 | ||||||
Waters * | 40 | 11,995 | ||||||
West Pharmaceutical Services | 48 | 15,769 | ||||||
X4 Pharmaceuticals * | 8 | 67 | ||||||
Xencor * | 33 | 1,404 | ||||||
Xeris Pharmaceuticals * | 26 | 100 | ||||||
XOMA * | 6 | 228 | ||||||
Y-mAbs Therapeutics * | 14 | 421 | ||||||
Zentalis Pharmaceuticals * | 18 | 1,068 | ||||||
Zimmer Biomet Holdings | 121 | 21,436 |
The accompanying notes are an integral part of the financial statements.
39
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS | |
U.S. ALL CAP INDEX FUND | ||
APRIL 30, 2021 (UNAUDITED) |
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
HEALTH CARE — continued | ||||||||
ZIOPHARM Oncology * | 117 | $ | 405 | |||||
Zoetis, Cl A | 277 | 47,929 | ||||||
Zogenix * | 32 | 604 | ||||||
Zynerba Pharmaceuticals * | 16 | 71 | ||||||
Zynex * | 11 | 162 | ||||||
|
| |||||||
1,528,174 | ||||||||
|
| |||||||
INDUSTRIALS — 8.7% | ||||||||
3M | 335 | 66,042 | ||||||
AAON | 24 | 1,570 | ||||||
AAR | 19 | 765 | ||||||
Acacia Research * | 28 | 170 | ||||||
ACCO Brands | 53 | 455 | ||||||
Acuity Brands | 24 | 4,452 | ||||||
ADT | 88 | 810 | ||||||
Advanced Drainage Systems | 29 | 3,238 | ||||||
AECOM * | 102 | 6,776 | ||||||
Aegion, Cl A * | 17 | 512 | ||||||
AeroVironment * | 13 | 1,435 | ||||||
AGCO | 40 | 5,837 | ||||||
Air Lease, Cl A | 68 | 3,176 | ||||||
Air Transport Services Group * | 34 | 895 | ||||||
Alamo Group | 7 | 1,101 | ||||||
Alaska Air Group | 79 | 5,462 | ||||||
Albany International, Cl A | 18 | 1,606 | ||||||
Allegiant Travel, Cl A * | 8 | 1,886 | ||||||
Allegion | 59 | 7,928 | ||||||
Allied Motion Technologies | 4 | 208 | ||||||
Allison Transmission Holdings | 65 | 2,696 | ||||||
Alta Equipment Group * | 13 | 167 | ||||||
Altra Industrial Motion | 37 | 2,183 | ||||||
AMERCO | 6 | 3,580 | ||||||
Ameresco, Cl A * | 13 | 686 | ||||||
American Airlines Group * | 320 | 6,950 | ||||||
American Superconductor * | 12 | 198 | ||||||
American Woodmark * | 10 | 995 | ||||||
AMETEK | 147 | 19,835 | ||||||
AO Smith | 85 | 5,759 | ||||||
Apogee Enterprises | 15 | 527 | ||||||
Applied Industrial Technologies | 22 | 2,105 | ||||||
ArcBest | 14 | 1,019 | ||||||
Arcosa | 28 | 1,688 | ||||||
Argan | 9 | 451 | ||||||
Armstrong World Industries | 28 | 2,902 | ||||||
ASGN * | 29 | 3,050 | ||||||
Astec Industries | 13 | 975 | ||||||
Astronics * | 13 | 226 | ||||||
Atkore International Group * | 27 | 2,114 | ||||||
Atlas Air Worldwide Holdings * | 15 | 1,019 | ||||||
Avis Budget Group * | 40 | 3,584 | ||||||
Axon Enterprise * | 40 | 6,064 | ||||||
AZEK, Cl A * | 96 | 4,635 | ||||||
AZZ | 15 | 790 | ||||||
Barnes Group | 27 | 1,348 |
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
INDUSTRIALS — continued | ||||||||
Barrett Business Services | 4 | $ | 293 | |||||
Beacon Roofing Supply * | 32 | 1,803 | ||||||
BGSF | 6 | 84 | ||||||
Bloom Energy, Cl A * | 55 | 1,428 | ||||||
Blue Bird * | 7 | 189 | ||||||
Boise Cascade | 22 | 1,468 | ||||||
Brady, Cl A | 27 | 1,473 | ||||||
BrightView Holdings * | 29 | 520 | ||||||
Brink’s | 29 | 2,318 | ||||||
Builders FirstSource * | 131 | 6,376 | ||||||
CAI International | 9 | 383 | ||||||
Carlisle | 34 | 6,516 | ||||||
Carrier Global | 505 | 22,008 | ||||||
Casella Waste Systems, Cl A * | 27 | 1,812 | ||||||
Caterpillar | 315 | 71,855 | ||||||
CBIZ * | 30 | 1,008 | ||||||
CECO Environmental * | 18 | 131 | ||||||
CH Robinson Worldwide | 85 | 8,252 | ||||||
Chart Industries * | 21 | 3,373 | ||||||
Cintas | 52 | 17,947 | ||||||
CIRCOR International * | 12 | 412 | ||||||
Clean Harbors * | 30 | 2,669 | ||||||
Colfax * | 58 | 2,621 | ||||||
Columbus McKinnon | 13 | 644 | ||||||
Comfort Systems USA | 21 | 1,730 | ||||||
Concrete Pumping Holdings * | 16 | 130 | ||||||
Construction Partners, Cl A * | 17 | 539 | ||||||
Copart * | 136 | 16,933 | ||||||
Cornerstone Building Brands * | 25 | 351 | ||||||
CoStar Group * | 23 | 19,652 | ||||||
Covanta Holding | 76 | 1,143 | ||||||
Covenant Transportation Group, Cl A * | 7 | 151 | ||||||
CRA International | 4 | 321 | ||||||
Crane | 29 | 2,728 | ||||||
CSW Industrials | 8 | 1,083 | ||||||
CSX | 445 | 44,834 | ||||||
Cubic | 18 | 1,347 | ||||||
Cummins | 84 | 21,171 | ||||||
Curtiss-Wright | 24 | 3,070 | ||||||
Daseke * | 24 | 182 | ||||||
Deere | 182 | 67,495 | ||||||
Delta Air Lines * | 409 | 19,190 | ||||||
Deluxe | 24 | 1,056 | ||||||
Donaldson | 81 | 5,093 | ||||||
Douglas Dynamics | 13 | 581 | ||||||
Dover | 92 | 13,725 | ||||||
Ducommun * | 6 | 354 | ||||||
DXP Enterprises * | 9 | 263 | ||||||
Dycom Industries * | 18 | 1,689 | ||||||
Eagle Bulk Shipping | 6 | 260 | ||||||
Eastern | 3 | 85 | ||||||
Eaton | 233 | 33,303 |
The accompanying notes are an integral part of the financial statements.
40
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS | |
U.S. ALL CAP INDEX FUND | ||
APRIL 30, 2021 (UNAUDITED) |
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
INDUSTRIALS — continued | ||||||||
Echo Global Logistics * | 15 | $ | 490 | |||||
EMCOR Group | 34 | 4,073 | ||||||
Emerson Electric | 346 | 31,310 | ||||||
Encore Wire | 12 | 896 | ||||||
Energous * | 22 | 69 | ||||||
Energy Recovery * | 21 | 445 | ||||||
Enerpac Tool Group, Cl A | 34 | 904 | ||||||
EnerSys | 24 | 2,198 | ||||||
Eneti | 4 | 80 | ||||||
Ennis | 15 | 311 | ||||||
EnPro Industries | 12 | 1,028 | ||||||
Equifax | 78 | 17,880 | ||||||
ESCO Technologies | 15 | 1,631 | ||||||
EVI Industries | 2 | 53 | ||||||
Evoqua Water Technologies * | 55 | 1,572 | ||||||
ExOne * | 8 | 186 | ||||||
Expeditors International of Washington | 106 | 11,645 | ||||||
Exponent | 30 | 2,890 | ||||||
Fastenal | 333 | 17,409 | ||||||
Federal Signal | 35 | 1,450 | ||||||
FedEx | 141 | 40,934 | ||||||
Flowserve | 85 | 3,369 | ||||||
Fluor | 73 | 1,678 | ||||||
Forrester Research * | 6 | 261 | ||||||
Fortune Brands Home & Security | 89 | 9,343 | ||||||
Forward Air | 16 | 1,413 | ||||||
Franklin Covey * | 7 | 214 | ||||||
Franklin Electric | 22 | 1,788 | ||||||
FTI Consulting * | 21 | 2,916 | ||||||
FuelCell Energy * | 160 | 1,554 | ||||||
Gates Industrial * | 26 | 448 | ||||||
GATX | 20 | 1,954 | ||||||
Genco Shipping & Trading | 21 | 322 | ||||||
Gencor Industries * | 5 | 60 | ||||||
Generac Holdings * | 40 | 12,958 | ||||||
General Finance * | 8 | 152 | ||||||
Gibraltar Industries * | 19 | 1,745 | ||||||
GMS * | 24 | 1,049 | ||||||
Gorman-Rupp | 10 | 345 | ||||||
GP Strategies * | 9 | 142 | ||||||
Graco | 107 | 8,218 | ||||||
GrafTech International | 55 | 700 | ||||||
Graham | 6 | 82 | ||||||
Granite Construction | 27 | 1,029 | ||||||
Great Lakes Dredge & Dock * | 37 | 581 | ||||||
Greenbrier | 18 | 850 | ||||||
Griffon | 31 | 841 | ||||||
H&E Equipment Services | 18 | 700 | ||||||
Harsco * | 45 | 807 | ||||||
Hawaiian Holdings | 26 | 653 | ||||||
HC2 Holdings * | 31 | 130 | ||||||
Healthcare Services Group | 43 | 1,288 | ||||||
Heartland Express | 28 | 521 |
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
INDUSTRIALS — continued | ||||||||
HEICO | 28 | $ | 3,942 | |||||
Heidrick & Struggles International | 11 | 465 | ||||||
Helios Technologies | 17 | 1,229 | ||||||
Herc Holdings * | 17 | 1,795 | ||||||
Heritage-Crystal Clean * | 9 | 258 | ||||||
Herman Miller | 34 | 1,411 | ||||||
Hexcel * | 48 | 2,708 | ||||||
Hillenbrand | 43 | 2,111 | ||||||
HNI | 25 | 1,059 | ||||||
Honeywell International | 407 | 90,777 | ||||||
Howmet Aerospace * | 279 | 8,917 | ||||||
Hub Group, Cl A * | 19 | 1,249 | ||||||
Hubbell, Cl B | 34 | 6,528 | ||||||
Hurco | 4 | 137 | ||||||
Huron Consulting Group * | 13 | 731 | ||||||
Hyster-Yale Materials Handling | 4 | 323 | ||||||
IAA * | 87 | 5,464 | ||||||
ICF International | 11 | 1,002 | ||||||
IDEX | 48 | 10,762 | ||||||
IES Holdings * | 12 | 633 | ||||||
IHS Markit | 231 | 24,851 | ||||||
Illinois Tool Works | 184 | 42,405 | ||||||
Ingersoll Rand * | 240 | 11,858 | ||||||
Insperity | 21 | 1,838 | ||||||
Insteel Industries | 11 | 419 | ||||||
Interface, Cl A | 33 | 424 | ||||||
ITT | 55 | 5,187 | ||||||
Jacobs Engineering Group | 83 | 11,090 | ||||||
JB Hunt Transport Services | 54 | 9,218 | ||||||
JELD-WEN Holding * | 39 | 1,138 | ||||||
JetBlue Airways * | 175 | 3,563 | ||||||
John Bean Technologies | 18 | 2,617 | ||||||
Johnson Controls International | 432 | 26,931 | ||||||
Kadant | 7 | 1,246 | ||||||
Kaman | 16 | 854 | ||||||
Kansas City Southern | 60 | 17,533 | ||||||
KAR Auction Services | 75 | 1,124 | ||||||
Kelly Services, Cl A * | 20 | 501 | ||||||
Kennametal | 46 | 1,847 | ||||||
Kforce | 11 | 616 | ||||||
Kimball International, Cl B | 21 | 306 | ||||||
Kirby * | 35 | 2,230 | ||||||
Knight-Swift Transportation Holdings, Cl A | 100 | 4,712 | ||||||
Knoll | 28 | 669 | ||||||
Korn Ferry | 31 | 2,105 | ||||||
Landstar System | 24 | 4,135 | ||||||
Lawson Products * | 5 | 262 | ||||||
LB Foster, Cl A * | 6 | 97 | ||||||
Lennox International | 22 | 7,377 | ||||||
Lincoln Electric Holdings | 37 | 4,738 | ||||||
Lindsay | 6 | 995 | ||||||
LSI Industries | 14 | 115 |
The accompanying notes are an integral part of the financial statements.
41
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS | |
U.S. ALL CAP INDEX FUND | ||
APRIL 30, 2021 (UNAUDITED) |
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
INDUSTRIALS — continued | ||||||||
Lydall * | 10 | $ | 369 | |||||
Lyft, Cl A * | 155 | 8,627 | ||||||
Macquarie Infrastructure | 51 | 1,699 | ||||||
Manitowoc * | 20 | 458 | ||||||
ManpowerGroup | 38 | 4,594 | ||||||
Marten Transport | 34 | 568 | ||||||
Masco | 167 | 10,668 | ||||||
MasTec * | 37 | 3,861 | ||||||
Matson | �� | 25 | 1,633 | |||||
Matthews International, Cl A | 18 | 745 | ||||||
Maxar Technologies | 35 | 1,358 | ||||||
McGrath RentCorp | 14 | 1,148 | ||||||
Meritor * | 40 | 1,081 | ||||||
Mesa Air Group * | 18 | 203 | ||||||
Middleby * | 36 | 6,528 | ||||||
Miller Industries | 6 | 258 | ||||||
Moog, Cl A | 17 | 1,471 | ||||||
MRC Global * | 45 | 424 | ||||||
MSA Safety | 21 | 3,376 | ||||||
MSC Industrial Direct, Cl A | 26 | 2,344 | ||||||
Mueller Industries | 32 | 1,436 | ||||||
Mueller Water Products, Cl A | 90 | 1,292 | ||||||
MYR Group * | 9 | 701 | ||||||
Navistar International * | 48 | 2,124 | ||||||
Nielsen Holdings | 227 | 5,823 | ||||||
NN * | 24 | 175 | ||||||
Nordson | 35 | 7,399 | ||||||
Norfolk Southern | 148 | 41,328 | ||||||
Northwest Pipe * | 6 | 200 | ||||||
NOW * | 63 | 619 | ||||||
NV5 Global * | 6 | 541 | ||||||
nVent Electric | 98 | 2,984 | ||||||
Old Dominion Freight Line | 68 | 17,531 | ||||||
Omega Flex | 2 | 318 | ||||||
Orion Energy Systems * | 15 | 90 | ||||||
Oshkosh | 43 | 5,350 | ||||||
Otis Worldwide | 278 | 21,648 | ||||||
Owens Corning | 68 | 6,583 | ||||||
PACCAR | 198 | 17,796 | ||||||
PAM Transportation Services * | 1 | 58 | ||||||
Park Aerospace | 11 | 148 | ||||||
Parker-Hannifin | 75 | 23,536 | ||||||
Park-Ohio Holdings | 7 | 254 | ||||||
Parsons * | 59 | 2,615 | ||||||
Patrick Industries | 13 | 1,165 | ||||||
Pentair | 108 | 6,967 | ||||||
PGT Innovations * | 33 | 869 | ||||||
Pitney Bowes | 99 | 740 | ||||||
Plug Power * | 261 | 7,441 | ||||||
Powell Industries | 5 | 176 | ||||||
Primoris Services | 26 | 849 | ||||||
Proto Labs * | 15 | 1,681 | ||||||
Quad | 19 | 68 |
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
INDUSTRIALS — continued | ||||||||
Quanex Building Products | 19 | $ | 519 | |||||
Quanta Services | 89 | 8,601 | ||||||
Radiant Logistics * | 21 | 140 | ||||||
Raven Industries | 21 | 853 | ||||||
RBC Bearings * | 14 | 2,792 | ||||||
Red Violet * | 3 | 62 | ||||||
Regal Beloit | 26 | 3,755 | ||||||
Republic Services, Cl A | 185 | 19,666 | ||||||
Resideo Technologies * | 72 | 2,161 | ||||||
Resources Connection | 18 | 254 | ||||||
REV Group * | 15 | 274 | ||||||
Rexnord | 78 | 3,895 | ||||||
Robert Half International | 71 | 6,220 | ||||||
Rockwell Automation | 67 | 17,705 | ||||||
Rollins | 137 | 5,107 | ||||||
Roper Technologies | 61 | 27,233 | ||||||
RR Donnelley & Sons * | 41 | 178 | ||||||
Rush Enterprises, Cl A | 24 | 1,185 | ||||||
Ryder System | 31 | 2,475 | ||||||
Saia * | 17 | 3,987 | ||||||
Schneider National, Cl B | 31 | 751 | ||||||
Sensata Technologies Holding * | 99 | 5,716 | ||||||
Shyft Group | 19 | 673 | ||||||
Simpson Manufacturing | 25 | 2,818 | ||||||
SiteOne Landscape Supply * | 28 | 5,023 | ||||||
SkyWest * | 28 | 1,390 | ||||||
Snap-on | 34 | 8,078 | ||||||
Southwest Airlines * | 343 | 21,534 | ||||||
SP Plus * | 13 | 446 | ||||||
Spirit AeroSystems Holdings, Cl A | 68 | 3,107 | ||||||
Spirit Airlines * | 57 | 2,042 | ||||||
SPX * | 26 | 1,577 | ||||||
SPX FLOW | 24 | 1,598 | ||||||
Standex International | 7 | 664 | ||||||
Stanley Black & Decker | 93 | 19,230 | ||||||
Steelcase, Cl A | 49 | 676 | ||||||
Stericycle * | 59 | 4,501 | ||||||
Sterling Construction * | 16 | 334 | ||||||
Sunrun * | 123 | 6,027 | ||||||
Systemax | 8 | 342 | ||||||
Team * | 17 | 168 | ||||||
Teledyne Technologies * | 23 | 10,298 | ||||||
Tennant | 11 | 868 | ||||||
Terex | 38 | 1,786 | ||||||
Tetra Tech | 34 | 4,339 | ||||||
Thermon Group Holdings * | 19 | 363 | ||||||
Timken | 43 | 3,606 | ||||||
Titan International | 33 | 356 | ||||||
Titan Machinery * | 11 | 287 | ||||||
Toro | 69 | 7,907 | ||||||
TPI Composites * | 18 | 957 | ||||||
Trane Technologies PLC | 139 | 24,162 | ||||||
Transcat * | 4 | 200 |
The accompanying notes are an integral part of the financial statements.
42
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS | |
U.S. ALL CAP INDEX FUND | ||
APRIL 30, 2021 (UNAUDITED) |
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
INDUSTRIALS — continued | ||||||||
TransDigm Group * | 30 | $ | 18,412 | |||||
TransUnion | 122 | 12,760 | ||||||
Trex * | 74 | 7,991 | ||||||
TriMas * | 25 | 796 | ||||||
TriNet Group * | 24 | 1,889 | ||||||
Trinity Industries | 65 | 1,797 | ||||||
Triumph Group | 30 | 508 | ||||||
TrueBlue * | 20 | 566 | ||||||
Tutor Perini * | 25 | 403 | ||||||
Uber Technologies * | 533 | 29,192 | ||||||
UFP Industries | 35 | 2,941 | ||||||
UniFirst | 9 | 2,018 | ||||||
Union Pacific | 394 | 87,503 | ||||||
United Airlines Holdings * | 186 | 10,118 | ||||||
United Parcel Service, Cl B | 412 | 83,990 | ||||||
United Rentals * | 46 | 14,718 | ||||||
Univar Solutions * | 97 | 2,265 | ||||||
Universal Logistics Holdings | 4 | 100 | ||||||
Upwork * | 59 | 2,718 | ||||||
US Ecology * | 18 | 764 | ||||||
US Xpress Enterprises, Cl A * | 11 | 113 | ||||||
Valmont Industries | 13 | 3,209 | ||||||
Verisk Analytics, Cl A | 94 | 17,691 | ||||||
Veritiv * | 7 | 293 | ||||||
Vertiv Holdings, Cl A | 128 | 2,906 | ||||||
Viad | 12 | 500 | ||||||
Vicor * | 12 | 1,107 | ||||||
Vidler Water Resouces * | 11 | 100 | ||||||
Virgin Galactic Holdings * | 130 | 2,880 | ||||||
VSE | 5 | 216 | ||||||
Wabash National | 30 | 528 | ||||||
Waste Management | 246 | 33,941 | ||||||
Watsco | 21 | 6,150 | ||||||
Watts Water Technologies, Cl A | 16 | 1,993 | ||||||
Welbilt * | 82 | 1,832 | ||||||
Werner Enterprises | 36 | 1,664 | ||||||
WESCO International * | 26 | 2,385 | ||||||
Westinghouse Air Brake Technologies | 116 | 9,520 | ||||||
Willdan Group * | 6 | 229 | ||||||
WillScot Mobile Mini Holdings, Cl A * | 96 | 2,810 | ||||||
Woodward | 38 | 4,750 | ||||||
WW Grainger | 30 | 13,006 | ||||||
XPO Logistics * | 59 | 8,208 | ||||||
Xylem | 115 | 12,725 | ||||||
Yellow * | 27 | 248 | ||||||
|
| |||||||
2,025,236 | ||||||||
|
| |||||||
INFORMATION TECHNOLOGY — 27.9% | ||||||||
2U * | 40 | 1,570 | ||||||
3D Systems * | 68 | 1,465 | ||||||
8x8 * | 58 | 1,908 | ||||||
A10 Networks * | 36 | 312 | ||||||
Accenture PLC, Cl A | 368 | 106,709 |
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
INFORMATION TECHNOLOGY — continued | ||||||||
ACI Worldwide * | 66 | $ | 2,493 | |||||
ACM Research, Cl A * | 7 | 553 | ||||||
Adobe * | 278 | 141,319 | ||||||
ADTRAN | 28 | 479 | ||||||
Advanced Energy Industries | 22 | 2,427 | ||||||
Advanced Micro Devices * | 664 | 54,196 | ||||||
Agilysys * | 13 | 655 | ||||||
Airgain * | 5 | 118 | ||||||
Akamai Technologies * | 102 | 11,087 | ||||||
Akoustis Technologies * | 19 | 213 | ||||||
Alarm.com Holdings * | 26 | 2,334 | ||||||
Alliance Data Systems | 30 | 3,535 | ||||||
Alpha & Omega Semiconductor * | 12 | 373 | ||||||
Altair Engineering, Cl A * | 24 | 1,560 | ||||||
Alteryx, Cl A * | 31 | 2,534 | ||||||
Ambarella * | 19 | 1,852 | ||||||
Amdocs | 86 | 6,600 | ||||||
American Software, Cl A | 17 | 352 | ||||||
Amkor Technology | 43 | 869 | ||||||
Amphenol, Cl A | 346 | 23,300 | ||||||
Analog Devices | 215 | 32,929 | ||||||
Anaplan * | 79 | 4,712 | ||||||
ANSYS * | 50 | 18,283 | ||||||
Appfolio, Cl A * | 8 | 1,157 | ||||||
Appian, Cl A * | 22 | 2,666 | ||||||
Apple | 9,901 | 1,301,585 | ||||||
Applied Materials | 530 | 70,336 | ||||||
Applied Optoelectronics * | 12 | 89 | ||||||
Arista Networks * | 36 | 11,346 | ||||||
Arlo Technologies * | 44 | 270 | ||||||
Arrow Electronics * | 50 | 5,703 | ||||||
Aspen Technology * | 43 | 5,626 | ||||||
Asure Software * | 8 | 64 | ||||||
Atomera * | 10 | 166 | ||||||
Autodesk * | 127 | 37,073 | ||||||
Automatic Data Processing | 249 | 46,561 | ||||||
Avalara * | 51 | 7,227 | ||||||
Avaya Holdings * | 47 | 1,352 | ||||||
Avid Technology * | 23 | 523 | ||||||
Avnet | 57 | 2,503 | ||||||
Axcelis Technologies * | 19 | 789 | ||||||
AXT * | 22 | 217 | ||||||
Badger Meter | 17 | 1,588 | ||||||
Bel Fuse, Cl B | 6 | 120 | ||||||
Belden | 25 | 1,082 | ||||||
Benchmark Electronics | 21 | 630 | ||||||
Benefitfocus * | 14 | 189 | ||||||
Bill.com Holdings * | 44 | 6,804 | ||||||
Black Knight * | 97 | 7,025 | ||||||
Blackbaud * | 28 | 1,991 | ||||||
Blackline * | 32 | 3,714 | ||||||
Bottomline Technologies DE * | 25 | 1,214 | ||||||
Box, Cl A * | 88 | 1,874 | ||||||
Brightcove * | 22 | 319 |
The accompanying notes are an integral part of the financial statements.
43
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS | |
U.S. ALL CAP INDEX FUND | ||
APRIL 30, 2021 (UNAUDITED) |
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
INFORMATION TECHNOLOGY — continued | ||||||||
Broadcom | 230 | $ | 104,926 | |||||
Broadridge Financial Solutions | 74 | 11,739 | ||||||
Brooks Automation | 47 | 4,763 | ||||||
Cadence Design Systems * | 160 | 21,083 | ||||||
CalAmp * | 20 | 275 | ||||||
Calix * | 31 | 1,311 | ||||||
Cardtronics * | 26 | 1,010 | ||||||
Casa Systems * | 18 | 141 | ||||||
Cass Information Systems | 8 | 367 | ||||||
CDK Global | 78 | 4,180 | ||||||
CDW | 91 | 16,228 | ||||||
Cerence * | 21 | 2,025 | ||||||
Ceridian HCM Holding * | 84 | 7,936 | ||||||
CEVA * | 13 | 721 | ||||||
ChannelAdvisor * | 16 | 338 | ||||||
Ciena * | 98 | 4,946 | ||||||
Cirrus Logic * | 34 | 2,530 | ||||||
Cisco Systems | 2,451 | 124,780 | ||||||
Citrix Systems | 77 | 9,536 | ||||||
Clearfield * | 6 | 206 | ||||||
Cloudera * | 174 | 2,208 | ||||||
Cloudflare, Cl A * | 98 | 8,305 | ||||||
CMC Materials | 19 | 3,485 | ||||||
Cognex | 107 | 9,215 | ||||||
Cognizant Technology Solutions, Cl A | 313 | 25,165 | ||||||
Cognyte Software * | 35 | 915 | ||||||
Coherent * | 16 | 4,160 | ||||||
Cohu | 23 | 920 | ||||||
CommScope Holding * | 112 | 1,842 | ||||||
CommVault Systems * | 26 | 1,807 | ||||||
Comtech Telecommunications | 14 | 336 | ||||||
Concentrix * | 27 | 4,195 | ||||||
Conduent * | 115 | 782 | ||||||
CoreLogic | 49 | 3,905 | ||||||
Cornerstone OnDemand * | 35 | 1,549 | ||||||
Coupa Software * | 44 | 11,838 | ||||||
Cree * | 69 | 6,860 | ||||||
Crowdstrike Holdings, Cl A * | 116 | 24,187 | ||||||
CSG Systems International | 19 | 874 | ||||||
CTS | 18 | 585 | ||||||
CyberOptics * | 4 | 132 | ||||||
Daktronics * | 21 | 130 | ||||||
Datadog, Cl A * | 106 | 9,092 | ||||||
Dell Technologies, Cl C * | 161 | 15,831 | ||||||
Diebold Nixdorf * | 44 | 660 | ||||||
Digi International * | 16 | 286 | ||||||
Digimarc * | 7 | 236 | ||||||
Digital Turbine * | 53 | 3,998 | ||||||
Diodes * | 24 | 1,843 | ||||||
DocuSign, Cl A * | 105 | 23,409 | ||||||
Dolby Laboratories, Cl A | 42 | 4,262 | ||||||
Domo, Cl B * | 14 | 900 | ||||||
Dropbox, Cl A * | 188 | 4,832 |
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
INFORMATION TECHNOLOGY — continued | ||||||||
DSP Group * | 13 | $ | 181 | |||||
DXC Technology | 162 | 5,331 | ||||||
Dynatrace * | 107 | 5,568 | ||||||
DZS * | 6 | 90 | ||||||
Eastman Kodak * | 33 | 246 | ||||||
Ebix | 14 | 422 | ||||||
EchoStar, Cl A * | 28 | 685 | ||||||
eGain * | 14 | 138 | ||||||
Elastic * | 40 | 4,825 | ||||||
Enphase Energy * | 76 | 10,583 | ||||||
Entegris | 86 | 9,682 | ||||||
Envestnet * | 30 | 2,215 | ||||||
EPAM Systems * | 34 | 15,563 | ||||||
ePlus * | 8 | 803 | ||||||
Euronet Worldwide * | 32 | 4,590 | ||||||
Everbridge * | 20 | 2,654 | ||||||
Evo Payments, Cl A * | 24 | 684 | ||||||
ExlService Holdings * | 19 | 1,755 | ||||||
Extreme Networks * | 70 | 797 | ||||||
F5 Networks * | 40 | 7,470 | ||||||
Fair Isaac * | 18 | 9,385 | ||||||
FARO Technologies * | 10 | 758 | ||||||
Fastly, Cl A * | 49 | 3,130 | ||||||
Fidelity National Information Services | 359 | 54,891 | ||||||
FireEye * | 127 | 2,524 | ||||||
First Solar * | 54 | 4,133 | ||||||
Fiserv * | 326 | 39,159 | ||||||
Five9 * | 42 | 7,895 | ||||||
FleetCor Technologies * | 53 | 15,249 | ||||||
FLIR Systems | 84 | 5,037 | ||||||
FormFactor * | 45 | 1,762 | ||||||
Fortinet * | 86 | 17,564 | ||||||
Gartner * | 56 | 10,969 | ||||||
Genasys * | 19 | 119 | ||||||
Genpact | 113 | 5,371 | ||||||
Global Payments | 173 | 37,131 | ||||||
GoDaddy, Cl A * | 106 | 9,203 | ||||||
GreenSky, Cl A * | 31 | 189 | ||||||
Grid Dynamics Holdings * | 22 | 317 | ||||||
GSI Technology * | 10 | 59 | ||||||
GTT Communications * | 24 | 39 | ||||||
GTY Technology Holdings * | 29 | 148 | ||||||
Guidewire Software * | 54 | 5,698 | ||||||
Hackett Group | 14 | 233 | ||||||
Harmonic * | 55 | 430 | ||||||
Hewlett Packard Enterprise | 826 | 13,232 | ||||||
HP | 798 | 27,220 | ||||||
HubSpot * | 28 | 14,741 | ||||||
I3 Verticals, Cl A * | 10 | 332 | ||||||
Ichor Holdings * | 13 | 725 | ||||||
Ideanomics * | 111 | 326 | ||||||
II-VI * | 65 | 4,364 | ||||||
Immersion * | 14 | 120 |
The accompanying notes are an integral part of the financial statements.
44
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS | |
U.S. ALL CAP INDEX FUND | ||
APRIL 30, 2021 (UNAUDITED) |
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
INFORMATION TECHNOLOGY — continued | ||||||||
Impinj * | 12 | $ | 570 | |||||
Infinera * | 106 | 977 | ||||||
Information Services Group * | 18 | 82 | ||||||
Inseego * | 57 | 506 | ||||||
Insight Enterprises * | 20 | 2,007 | ||||||
Intel | 2,388 | 137,382 | ||||||
Intellicheck * | 9 | 90 | ||||||
Intelligent Systems * | 4 | 153 | ||||||
InterDigital | 18 | 1,250 | ||||||
International Business Machines | 519 | 73,636 | ||||||
International Money Express * | 15 | 237 | ||||||
Intevac * | 13 | 83 | ||||||
Intuit | 148 | 61,000 | ||||||
IPG Photonics * | 23 | 4,994 | ||||||
Iteris * | 23 | 155 | ||||||
Itron * | 23 | 2,069 | ||||||
j2 Global * | 29 | 3,509 | ||||||
Jabil | 87 | 4,561 | ||||||
Jack Henry & Associates | 48 | 7,816 | ||||||
Juniper Networks | 210 | 5,332 | ||||||
KBR | 90 | 3,560 | ||||||
Keysight Technologies * | 120 | 17,322 | ||||||
Kimball Electronics * | 14 | 322 | ||||||
KLA | 90 | 28,381 | ||||||
Knowles * | 53 | 1,108 | ||||||
KVH Industries * | 8 | 107 | ||||||
Lam Research | 84 | 52,118 | ||||||
Lattice Semiconductor * | 87 | 4,377 | ||||||
Limelight Networks * | 69 | 216 | ||||||
Littelfuse | 16 | 4,244 | ||||||
LivePerson * | 35 | 1,913 | ||||||
LiveRamp Holdings * | 37 | 1,812 | ||||||
Lumentum Holdings * | 48 | 4,082 | ||||||
Luna Innovations * | 16 | 181 | ||||||
MACOM Technology Solutions Holdings * | 27 | 1,528 | ||||||
Manhattan Associates * | 40 | 5,490 | ||||||
Marvell Technology | 466 | 21,067 | ||||||
Mastercard, Cl A | 564 | 215,482 | ||||||
Maxim Integrated Products | 172 | 16,168 | ||||||
MAXIMUS | 39 | 3,574 | ||||||
MaxLinear, Cl A * | 40 | 1,440 | ||||||
Medallia * | 45 | 1,327 | ||||||
Methode Electronics | 20 | 899 | ||||||
Microchip Technology | 144 | 21,642 | ||||||
Micron Technology * | 648 | 55,773 | ||||||
Microsoft | 4,342 | 1,094,966 | ||||||
MicroStrategy, Cl A * | 4 | 2,629 | ||||||
Mitek Systems * | 23 | 373 | ||||||
MKS Instruments | 36 | 6,448 | ||||||
Model N * | 16 | 636 | ||||||
MoneyGram International * | 33 | 228 | ||||||
MongoDB, Cl A * | 35 | 10,411 |
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
INFORMATION TECHNOLOGY — continued | ||||||||
Monolithic Power Systems | 28 | $ | 10,119 | |||||
Motorola Solutions | 109 | 20,525 | ||||||
Napco Security Technologies * | 7 | 233 | ||||||
National Instruments | 71 | 2,940 | ||||||
NCR * | 73 | 3,340 | ||||||
NeoPhotonics * | 27 | 253 | ||||||
NetApp | 142 | 10,606 | ||||||
NETGEAR * | 17 | 633 | ||||||
NetScout Systems * | 41 | 1,074 | ||||||
New Relic * | 30 | 1,929 | ||||||
nLight * | 20 | 587 | ||||||
NortonLifeLock | 379 | 8,190 | ||||||
Nuance Communications * | 179 | 9,517 | ||||||
Nutanix, Cl A * | 112 | 3,028 | ||||||
NVE | 3 | 230 | ||||||
NVIDIA | 345 | 207,131 | ||||||
Okta, Cl A * | 69 | 18,609 | ||||||
ON Semiconductor * | 261 | 10,179 | ||||||
OneSpan * | 20 | 536 | ||||||
Onto Innovation * | 27 | 1,850 | ||||||
Oracle | 1,088 | 82,459 | ||||||
OSI Systems * | 10 | 966 | ||||||
PagerDuty * | 30 | 1,274 | ||||||
Palo Alto Networks * | 60 | 21,203 | ||||||
PAR Technology * | 12 | 986 | ||||||
Pareteum * | 76 | 29 | ||||||
Paychex | 187 | 18,231 | ||||||
Paycom Software * | 32 | 12,301 | ||||||
Paylocity Holding * | 23 | 4,445 | ||||||
PayPal Holdings * | 649 | 170,226 | ||||||
Paysign * | 18 | 69 | ||||||
PC Connection | 6 | 272 | ||||||
PCTEL | 9 | 60 | ||||||
PDF Solutions * | 17 | 301 | ||||||
Pegasystems | 22 | 2,793 | ||||||
Perficient * | 19 | 1,247 | ||||||
Perspecta | 80 | 2,342 | ||||||
PFSweb * | 9 | 66 | ||||||
Photronics * | 37 | 470 | ||||||
Ping Identity Holding * | 21 | 510 | ||||||
Pixelworks * | 20 | 59 | ||||||
Plantronics * | 21 | 840 | ||||||
Plexus * | 17 | 1,571 | ||||||
Power Integrations | 34 | 2,816 | ||||||
Powerfleet * | 15 | 113 | ||||||
Progress Software | 26 | 1,135 | ||||||
Proofpoint * | 36 | 6,196 | ||||||
PROS Holdings * | 23 | 989 | ||||||
PTC * | 68 | 8,904 | ||||||
Pure Storage, Cl A * | 143 | 2,891 | ||||||
Q2 Holdings * | 29 | 3,017 | ||||||
QAD, Cl A | 7 | 495 | ||||||
Qorvo * | 73 | 13,736 |
The accompanying notes are an integral part of the financial statements.
45
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS | |
U.S. ALL CAP INDEX FUND | ||
APRIL 30, 2021 (UNAUDITED) |
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
INFORMATION TECHNOLOGY — continued | ||||||||
QUALCOMM | 657 | $ | 91,192 | |||||
Qualys * | 19 | 1,926 | ||||||
Quantum * | 21 | 179 | ||||||
Rambus * | 66 | 1,253 | ||||||
Rapid7 * | 28 | 2,275 | ||||||
Repay Holdings, Cl A * | 39 | 891 | ||||||
Research Frontiers * | 14 | 36 | ||||||
Resonant * | 28 | 92 | ||||||
Ribbon Communications * | 81 | 547 | ||||||
Rimini Street * | 15 | 118 | ||||||
RingCentral, Cl A * | 48 | 15,310 | ||||||
Rogers * | 11 | 2,154 | ||||||
Sabre * | 204 | 3,056 | ||||||
Sailpoint Technologies Holdings * | 51 | 2,490 | ||||||
salesforce.com * | 511 | 117,693 | ||||||
Sanmina * | 38 | 1,552 | ||||||
ScanSource * | 15 | 453 | ||||||
Science Applications International | 38 | 3,398 | ||||||
Seagate Technology PLC | 165 | 15,319 | ||||||
Semtech * | 38 | 2,574 | ||||||
ServiceNow * | 113 | 57,220 | ||||||
ServiceSource International * | 49 | 73 | ||||||
SharpSpring * | 5 | 83 | ||||||
ShotSpotter * | 5 | 175 | ||||||
Silicon Laboratories * | 28 | 3,947 | ||||||
SiTime * | 5 | 463 | ||||||
Skyworks Solutions | 107 | 19,402 | ||||||
Slack Technologies, Cl A * | 290 | 12,296 | ||||||
SMART Global Holdings * | 8 | 369 | ||||||
Smartsheet, Cl A * | 72 | 4,270 | ||||||
Smith Micro Software * | 20 | 112 | ||||||
SolarWinds * | 31 | 523 | ||||||
Splunk * | 93 | 11,757 | ||||||
Sprout Social, Cl A * | 20 | 1,326 | ||||||
SPS Commerce * | 20 | 2,049 | ||||||
Square, Cl A * | 213 | 52,147 | ||||||
SS&C Technologies Holdings | 145 | 10,762 | ||||||
SunPower, Cl A * | 47 | 1,207 | ||||||
Super Micro Computer * | 26 | 963 | ||||||
SVMK * | 70 | 1,259 | ||||||
Switch, Cl A | 46 | 854 | ||||||
Sykes Enterprises * | 22 | 964 | ||||||
Synaptics * | 20 | 2,797 | ||||||
Synchronoss Technologies * | 21 | 70 | ||||||
SYNNEX | 24 | 2,909 | ||||||
Synopsys * | 88 | 21,741 | ||||||
TE Connectivity | 192 | 25,818 | ||||||
Technologies * | 2 | 20 | ||||||
Tenable Holdings * | 41 | 1,537 | ||||||
Teradata * | 62 | 3,067 | ||||||
Teradyne | 107 | 13,384 | ||||||
Texas Instruments | 534 | 96,392 | ||||||
Trade Desk, Cl A * | 24 | 17,503 |
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
INFORMATION TECHNOLOGY — continued | ||||||||
Trimble * | 161 | $ | 13,202 | |||||
TTEC Holdings | 11 | 1,119 | ||||||
TTM Technologies * | 57 | 855 | ||||||
Twilio, Cl A * | 78 | 28,688 | ||||||
Tyler Technologies * | 25 | 10,622 | ||||||
Ubiquiti | 4 | 1,141 | ||||||
Ultra Clean Holdings * | 22 | 1,124 | ||||||
Unisys * | 36 | 864 | ||||||
Universal Display | 28 | 6,263 | ||||||
Upland Software * | 14 | 694 | ||||||
Varonis Systems, Cl B * | 54 | 2,859 | ||||||
Veeco Instruments * | 28 | 644 | ||||||
Verint Systems * | 35 | 1,700 | ||||||
VeriSign * | 73 | 15,970 | ||||||
Veritone * | 13 | 314 | ||||||
Verra Mobility, Cl A * | 76 | 1,021 | ||||||
ViaSat * | 37 | 1,916 | ||||||
Viavi Solutions * | 132 | 2,160 | ||||||
VirnetX Holding | 37 | 172 | ||||||
Visa, Cl A | 1,082 | 252,712 | ||||||
Vishay Intertechnology | 77 | 1,892 | ||||||
Vishay Precision Group * | 7 | 223 | ||||||
VMware, Cl A * | 50 | 8,042 | ||||||
Western Digital * | 189 | 13,349 | ||||||
Western Union | 262 | 6,749 | ||||||
WEX * | 29 | 5,951 | ||||||
Workday, Cl A * | 102 | 25,194 | ||||||
Workiva, Cl A * | 20 | 1,880 | ||||||
Xerox Holdings | 115 | 2,776 | ||||||
Xilinx | 142 | 18,170 | ||||||
Xperi Holding | 62 | 1,274 | ||||||
Yext * | 60 | 837 | ||||||
Zebra Technologies, Cl A * | 35 | 17,071 | ||||||
Zendesk * | 74 | 10,815 | ||||||
Zix * | 32 | 252 | ||||||
Zoom Video Communications, Cl A * | 109 | 34,833 | ||||||
Zscaler * | 48 | 9,007 | ||||||
Zuora, Cl A * | 60 | 972 | ||||||
|
| |||||||
6,505,108 | ||||||||
|
| |||||||
MATERIALS — 2.8% | ||||||||
AdvanSix * | 16 | 465 | ||||||
Air Products & Chemicals | 128 | 36,925 | ||||||
Albemarle | 69 | 11,604 | ||||||
Alcoa * | 120 | 4,397 | ||||||
Allegheny Technologies * | 73 | 1,698 | ||||||
Alpha Metallurgical Resources * | 10 | 121 | ||||||
American Vanguard | 16 | 316 | ||||||
Amyris * | 67 | 976 | ||||||
AptarGroup | 41 | 6,183 | ||||||
Ashland Global Holdings | 39 | 3,362 | ||||||
Avery Dennison | 53 | 11,351 | ||||||
Avient | 53 | 2,691 | ||||||
Axalta Coating Systems * | 152 | 4,847 |
The accompanying notes are an integral part of the financial statements.
46
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS | |
U.S. ALL CAP INDEX FUND | ||
APRIL 30, 2021 (UNAUDITED) |
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
MATERIALS — continued | ||||||||
Balchem | 19 | $ | 2,417 | |||||
Ball | 189 | 17,698 | ||||||
Berry Global Group * | 84 | 5,344 | ||||||
Cabot | 32 | 1,756 | ||||||
Carpenter Technology | 27 | 1,022 | ||||||
Celanese, Cl A | 75 | 11,749 | ||||||
Century Aluminum * | 29 | 454 | ||||||
CF Industries Holdings | 137 | 6,662 | ||||||
Chase | 4 | 474 | ||||||
Chemours | 95 | 2,869 | ||||||
Clearwater Paper * | 9 | 301 | ||||||
Cleveland-Cliffs * | 251 | 4,483 | ||||||
Coeur Mining * | 139 | 1,123 | ||||||
Commercial Metals | 69 | 2,016 | ||||||
Compass Minerals International | 20 | 1,358 | ||||||
Corteva | 435 | 21,211 | ||||||
Crown Holdings | 85 | 9,333 | ||||||
Domtar | 32 | 1,261 | ||||||
Dow | 431 | 26,937 | ||||||
DuPont de Nemours | 426 | 32,849 | ||||||
Eagle Materials * | 26 | 3,592 | ||||||
Eastman Chemical | 86 | 9,924 | ||||||
Ecolab | 165 | 36,980 | ||||||
Element Solutions | 117 | 2,560 | ||||||
Ferro * | 47 | 783 | ||||||
Flotek Industries * | 38 | 58 | ||||||
FMC | 83 | 9,814 | ||||||
Forterra * | 17 | 399 | ||||||
Fortitude Gold Corp | 11 | 56 | ||||||
Freeport-McMoRan | 843 | 31,790 | ||||||
FutureFuel | 25 | 318 | ||||||
GCP Applied Technologies * | 35 | 899 | ||||||
Glatfelter | 25 | 368 | ||||||
Gold Resource | 39 | 105 | ||||||
Graphic Packaging Holding | 178 | 3,302 | ||||||
Greif, Cl A | 15 | 908 | ||||||
Hawkins | 12 | 400 | ||||||
Haynes International | 7 | 205 | ||||||
HB Fuller | 30 | 2,005 | ||||||
Hecla Mining | 302 | 1,785 | ||||||
Huntsman | 127 | 3,641 | ||||||
Ingevity * | 24 | 1,874 | ||||||
Innospec | 14 | 1,364 | ||||||
International Flavors & Fragrances | 68 | 9,668 | ||||||
International Paper | 252 | 14,616 | ||||||
Intrepid Potash * | 6 | 193 | ||||||
Kaiser Aluminum | 9 | 1,084 | ||||||
Koppers Holdings * | 12 | 399 | ||||||
Kraton * | 18 | 644 | ||||||
Kronos Worldwide | 13 | 221 | ||||||
Livent * | 84 | 1,514 | ||||||
Louisiana-Pacific | 72 | 4,743 | ||||||
LyondellBasell Industries, Cl A | 164 | 17,013 |
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
MATERIALS — continued | ||||||||
Marrone Bio Innovations * | 54 | $ | 91 | |||||
Martin Marietta Materials | 40 | 14,125 | ||||||
Materion | 12 | 850 | ||||||
Minerals Technologies | 20 | 1,563 | ||||||
Mosaic | 220 | 7,740 | ||||||
Myers Industries | 21 | 474 | ||||||
Neenah | 10 | 532 | ||||||
NewMarket | 5 | 1,733 | ||||||
Newmont | 466 | 29,083 | ||||||
Nucor | 193 | 15,876 | ||||||
O-I Glass, Cl I * | 90 | 1,484 | ||||||
Olin | 103 | 4,432 | ||||||
Olympic Steel | 5 | 145 | ||||||
Packaging Corp of America | 60 | 8,859 | ||||||
PPG Industries | 137 | 23,460 | ||||||
PQ Group Holdings | 22 | 308 | ||||||
Quaker Chemical | 8 | 1,939 | ||||||
Ranpak Holdings, Cl A * | 34 | 654 | ||||||
Rayonier Advanced Materials * | 35 | 318 | ||||||
Reliance Steel & Aluminum | 41 | 6,573 | ||||||
Royal Gold | 42 | 4,698 | ||||||
RPM International | 83 | 7,872 | ||||||
Ryerson Holding * | 9 | 143 | ||||||
Schnitzer Steel Industries, Cl A | 15 | 708 | ||||||
Schweitzer-Mauduit International | 18 | 822 | ||||||
Scotts Miracle-Gro, Cl A | 27 | 6,241 | ||||||
Sealed Air | 100 | 4,940 | ||||||
Sensient Technologies | 24 | 1,974 | ||||||
Sherwin-Williams | 141 | 38,616 | ||||||
Silgan Holdings | 46 | 1,940 | ||||||
Sonoco Products | 64 | 4,189 | ||||||
Steel Dynamics | 129 | 6,994 | ||||||
Stepan | 13 | 1,699 | ||||||
Summit Materials, Cl A * | 66 | 1,900 | ||||||
SunCoke Energy | 48 | 324 | ||||||
TimkenSteel * | 21 | 252 | ||||||
Trecora Resources * | 12 | 91 | ||||||
Tredegar | 17 | 249 | ||||||
Trinseo | 22 | 1,362 | ||||||
Tronox Holdings | 51 | 1,081 | ||||||
UFP Technologies * | 4 | 200 | ||||||
United States Lime & Minerals | 1 | 138 | ||||||
United States Steel | 141 | 3,244 | ||||||
US Concrete * | 9 | 571 | ||||||
Valvoline | 119 | 3,737 | ||||||
Venator Materials * | 62 | 287 | ||||||
Verso | 17 | 262 | ||||||
Vulcan Materials | 85 | 15,150 | ||||||
Warrior Met Coal | 30 | 476 | ||||||
Westlake Chemical | 19 | 1,784 | ||||||
WestRock | 164 | 9,143 | ||||||
Worthington Industries | 20 | 1,305 | ||||||
WR Grace | 36 | 2,474 | ||||||
|
| |||||||
644,583 | ||||||||
|
|
The accompanying notes are an integral part of the financial statements.
47
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS | |
U.S. ALL CAP INDEX FUND | ||
APRIL 30, 2021 (UNAUDITED) |
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
REAL ESTATE — 3.8% | ||||||||
Acadia Realty Trust ‡ | 50 | $ | 1,044 | |||||
Agree Realty ‡ | 32 | 2,252 | ||||||
Alexander & Baldwin ‡ | 40 | 733 | ||||||
Alexander’s ‡ | 1 | 277 | ||||||
Alexandria Real Estate Equities ‡ | 86 | 15,575 | ||||||
Alpine Income Property Trust ‡ | 4 | 73 | ||||||
American Assets Trust ‡ | 29 | 1,016 | ||||||
American Campus Communities ‡ | 89 | 4,024 | ||||||
American Finance Trust ‡ | 63 | 631 | ||||||
American Homes 4 Rent, Cl A ‡ | 172 | 6,371 | ||||||
American Tower ‡ | 285 | 72,609 | ||||||
Americold Realty Trust ‡ | 130 | 5,251 | ||||||
Apartment Income ‡ | 83 | 3,747 | ||||||
Apartment Investment and Management, Cl A ‡ | 83 | 576 | ||||||
Apple Hospitality ‡ | 121 | 1,919 | ||||||
Armada Hoffler Properties ‡ | 33 | 450 | ||||||
AvalonBay Communities ‡ | 90 | 17,280 | ||||||
Blackstone Mortgage Trust, Cl A ‡ | 80 | 2,599 | ||||||
Bluerock Residential Growth, Cl A ‡ | 14 | 133 | ||||||
Boston Properties ‡ | 100 | 10,935 | ||||||
Brandywine Realty Trust ‡ | 98 | 1,326 | ||||||
Brixmor Property Group ‡ | 191 | 4,267 | ||||||
Brookfield Property, Cl A ‡ | 28 | 504 | ||||||
BRT Apartments ‡ | 6 | 113 | ||||||
Camden Property Trust ‡ | 62 | 7,470 | ||||||
CareTrust ‡ | 55 | 1,330 | ||||||
CatchMark Timber Trust, Cl A ‡ | 28 | 326 | ||||||
CBRE Group, Cl A * | 215 | 18,318 | ||||||
Centerspace ‡ | 7 | 493 | ||||||
Chatham Lodging Trust *,‡ | 27 | 374 | ||||||
CIM Commercial Trust ‡ | 7 | 78 | ||||||
Clipper Realty ‡ | 9 | 74 | ||||||
Colony Capital ‡ | 275 | 1,925 | ||||||
Columbia Property Trust ‡ | 64 | 1,153 | ||||||
Community Healthcare Trust ‡ | 12 | 611 | ||||||
CoreCivic | 69 | 536 | ||||||
CorePoint Lodging *,‡ | 23 | 230 | ||||||
CoreSite Realty ‡ | 25 | 3,037 | ||||||
Corporate Office Properties Trust ‡ | 65 | 1,823 | ||||||
Cousins Properties ‡ | 95 | 3,484 | ||||||
Crown Castle International ‡ | 276 | 52,181 | ||||||
CTO Realty Growth ‡ | 2 | 106 | ||||||
CubeSmart ‡ | 124 | 5,250 | ||||||
Cushman & Wakefield * | 100 | 1,700 | ||||||
CyrusOne‡ | 75 | 5,462 | ||||||
DiamondRock Hospitality *,‡ | 115 | 1,198 | ||||||
Digital Realty Trust ‡ | 172 | 26,541 | ||||||
Diversified Healthcare Trust ‡ | 137 | 605 | ||||||
Douglas Emmett ‡ | 108 | 3,622 | ||||||
Duke Realty ‡ | 240 | 11,165 | ||||||
Easterly Government Properties ‡ | 45 | 964 | ||||||
EastGroup Properties ‡ | 24 | 3,808 |
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
REAL ESTATE — continued | ||||||||
Empire State Realty Trust, Cl A ‡ | 83 | $ | 945 | |||||
EPR Properties ‡ | 43 | 2,052 | ||||||
Equinix ‡ | 56 | 40,363 | ||||||
Equity Commonwealth ‡ | 69 | 1,987 | ||||||
Equity LifeStyle Properties ‡ | 111 | 7,703 | ||||||
Equity Residential ‡ | 236 | 17,518 | ||||||
Essential Properties Realty Trust ‡ | 60 | 1,571 | ||||||
Essex Property Trust ‡ | 42 | 12,202 | ||||||
eXp World Holdings * | 34 | 1,168 | ||||||
Extra Space Storage ‡ | 82 | 12,193 | ||||||
Farmland Partners ‡ | 15 | 200 | ||||||
Federal Realty Investment Trust ‡ | 49 | 5,529 | ||||||
First Industrial Realty Trust ‡ | 81 | 4,031 | ||||||
Five Point Holdings, Cl A * | 33 | 237 | ||||||
Forestar Group * | 10 | 253 | ||||||
Four Corners Property Trust ‡ | 41 | 1,184 | ||||||
Franklin Street Properties ‡ | 56 | 296 | ||||||
FRP Holdings * | 4 | 203 | ||||||
Gaming and Leisure Properties ‡ | 134 | 6,230 | ||||||
GEO Group ‡ | 68 | 375 | ||||||
Getty Realty ‡ | 21 | 663 | ||||||
Gladstone Commercial ‡ | 19 | 400 | ||||||
Gladstone Land ‡ | 12 | 252 | ||||||
Global Medical ‡ | 25 | 359 | ||||||
Global Net Lease ‡ | 52 | 998 | ||||||
Hannon Armstrong Sustainable Infrastructure Capital ‡ | 41 | 2,148 | ||||||
Healthcare Realty Trust ‡ | 79 | 2,541 | ||||||
Healthcare Trust of America, Cl A ‡ | 141 | 4,141 | ||||||
Healthpeak Properties ‡ | 348 | 11,950 | ||||||
Hersha Hospitality Trust, Cl A ‡ | 20 | 231 | ||||||
Highwoods Properties ‡ | 60 | 2,687 | ||||||
Host Hotels & Resorts ‡ | 448 | 8,136 | ||||||
Howard Hughes * | 34 | 3,670 | ||||||
Hudson Pacific Properties ‡ | 87 | 2,446 | ||||||
Independence Realty Trust ‡ | 55 | 926 | ||||||
Industrial Logistics Properties Trust ‡ | 37 | 918 | ||||||
Innovative Industrial Properties, Cl A ‡ | 12 | 2,198 | ||||||
Invitation Homes ‡ | 361 | 12,657 | ||||||
Iron Mountain ‡ | 184 | 7,382 | ||||||
iStar ‡ | 42 | 777 | ||||||
JBG SMITH Properties ‡ | 75 | 2,446 | ||||||
Jones Lang LaSalle | 33 | 6,201 | ||||||
Kennedy-Wilson Holdings | 72 | 1,480 | ||||||
Kilroy Realty ‡ | 70 | 4,798 | ||||||
Kimco Realty ‡ | 264 | 5,544 | ||||||
Kite Realty Group Trust ‡ | 49 | 1,020 | ||||||
Lamar Advertising, Cl A ‡ | 56 | 5,546 | ||||||
Lexington Realty Trust, Cl B ‡ | 158 | 1,934 | ||||||
Life Storage ‡ | 44 | 4,227 | ||||||
LTC Properties ‡ | 22 | 936 | ||||||
Macerich ‡ | 80 | 1,103 | ||||||
Mack-Cali Realty ‡ | 49 | 802 |
The accompanying notes are an integral part of the financial statements.
48
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS | |
U.S. ALL CAP INDEX FUND | ||
APRIL 30, 2021 (UNAUDITED) |
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
REAL ESTATE — continued | ||||||||
Marcus & Millichap * | 13 | $ | 459 | |||||
Maui Land & Pineapple * | 4 | 45 | ||||||
MGM Growth Properties, Cl A ‡ | 73 | 2,629 | ||||||
Mid-America Apartment Communities ‡ | 73 | 11,485 | ||||||
Monmouth Real Estate Investment ‡ | 54 | 998 | ||||||
National Health Investors ‡ | 25 | 1,835 | ||||||
National Retail Properties ‡ | 110 | 5,106 | ||||||
National Storage Affiliates Trust ‡ | 36 | 1,636 | ||||||
New Senior Investment Group ‡ | 47 | 311 | ||||||
Newmark Group, Cl A | 88 | 946 | ||||||
NexPoint Residential Trust ‡ | 13 | 652 | ||||||
Office Properties Income Trust ‡ | 27 | 749 | ||||||
Omega Healthcare Investors ‡ | 146 | 5,548 | ||||||
One Liberty Properties ‡ | 9 | 224 | ||||||
Outfront Media ‡ | 84 | 2,047 | ||||||
Paramount Group ‡ | 109 | 1,156 | ||||||
Park Hotels & Resorts ‡ | 151 | 3,369 | ||||||
Pebblebrook Hotel Trust ‡ | 75 | 1,791 | ||||||
Piedmont Office Realty Trust, Cl A ‡ | 72 | 1,341 | ||||||
Plymouth Industrial ‡ | 13 | 242 | ||||||
PotlatchDeltic‡ | 38 | 2,256 | ||||||
Preferred Apartment Communities, Cl A ‡ | 29 | 296 | ||||||
Prologis ‡ | 474 | 55,235 | ||||||
PS Business Parks ‡ | 12 | 1,948 | ||||||
Public Storage ‡ | 98 | 27,554 | ||||||
QTS Realty Trust, Cl A ‡ | 35 | 2,327 | ||||||
Rafael Holdings, Cl B * | 8 | 331 | ||||||
Rayonier ‡ | 79 | 2,866 | ||||||
RE/MAX Holdings, Cl A | 10 | 367 | ||||||
Realogy Holdings * | 66 | 1,140 | ||||||
Realty Income ‡ | 222 | 15,351 | ||||||
Redfin * | 61 | 4,318 | ||||||
Regency Centers ‡ | 108 | 6,875 | ||||||
Retail Opportunity Investments ‡ | 67 | 1,179 | ||||||
Retail Properties of America, Cl A ‡ | 124 | 1,455 | ||||||
Retail Value ‡ | 9 | 168 | ||||||
Rexford Industrial Realty ‡ | 80 | 4,444 | ||||||
RLJ Lodging Trust ‡ | 95 | 1,533 | ||||||
RMR Group, Cl A | 9 | 356 | ||||||
RPT Realty ‡ | 46 | 585 | ||||||
Ryman Hospitality Properties *,‡ | 31 | 2,438 | ||||||
Sabra Health Care ‡ | 118 | 2,144 | ||||||
Safehold ‡ | 8 | 566 | ||||||
Saul Centers ‡ | 7 | 302 | ||||||
SBA Communications, Cl A ‡ | 72 | 21,580 | ||||||
Seritage Growth Properties ‡ | 20 | 344 | ||||||
Service Properties Trust ‡ | 95 | 1,170 | ||||||
Simon Property Group ‡ | 194 | 23,618 | ||||||
SITE Centers ‡ | 93 | 1,372 | ||||||
SL Green Realty ‡ | 46 | 3,404 | ||||||
Spirit Realty Capital ‡ | 60 | 2,852 |
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
REAL ESTATE — continued | ||||||||
St. Joe | 33 | $ | 1,511 | |||||
STAG Industrial ‡ | 87 | 3,176 | ||||||
STORE Capital ‡ | 163 | 5,834 | ||||||
Stratus Properties * | 4 | 141 | ||||||
Summit Hotel Properties *,‡ | 60 | 610 | ||||||
Sun Communities ‡ | 62 | 10,343 | ||||||
Sunstone Hotel Investors ‡ | 124 | 1,632 | ||||||
Tanger Factory Outlet Centers ‡ | 53 | 925 | ||||||
Tejon Ranch * | 14 | 221 | ||||||
Terreno Realty ‡ | 39 | 2,516 | ||||||
UDR ‡ | 189 | 8,779 | ||||||
UMH Properties ‡ | 21 | 452 | ||||||
Uniti Group ‡ | 129 | 1,471 | ||||||
Urban Edge Properties ‡ | 66 | 1,244 | ||||||
Urstadt Biddle Properties, Cl A ‡ | 17 | 309 | ||||||
Ventas ‡ | 240 | 13,310 | ||||||
VEREIT ‡ | 138 | 6,602 | ||||||
VICI Properties ‡ | 343 | 10,873 | ||||||
Vornado Realty Trust ‡ | 113 | 5,170 | ||||||
Washington Prime Group *,‡ | 12 | 30 | ||||||
Washington Real Estate Investment Trust | 47 | 1,091 | ||||||
Weingarten Realty Investors ‡ | 70 | 2,264 | ||||||
Welltower ‡ | 270 | 20,258 | ||||||
Weyerhaeuser ‡ | 478 | 18,532 | ||||||
Whitestone, Cl B ‡ | 23 | 225 | ||||||
WP Carey ‡ | 111 | 8,313 | ||||||
Xenia Hotels & Resorts *,‡ | 66 | 1,282 | ||||||
|
| |||||||
885,383 | ||||||||
|
| |||||||
UTILITIES — 2.8% | ||||||||
AES | 428 | 11,907 | ||||||
ALLETE | 30 | 2,111 | ||||||
Alliant Energy | 160 | 8,987 | ||||||
Ameren | 158 | 13,405 | ||||||
American Electric Power | 289 | 25,637 | ||||||
American States Water | 21 | 1,663 | ||||||
American Water Works | 116 | 18,095 | ||||||
Artesian Resources, Cl A | 5 | 202 | ||||||
Atmos Energy | 78 | 8,080 | ||||||
Avangrid | 33 | 1,680 | ||||||
Avista | 39 | 1,795 | ||||||
Black Hills | 36 | 2,483 | ||||||
Cadiz * | 20 | 233 | ||||||
California Water Service Group | 29 | 1,704 | ||||||
CenterPoint Energy | 345 | 8,449 | ||||||
Chesapeake Utilities | 9 | 1,067 | ||||||
Clearway Energy, Cl C | 44 | 1,262 | ||||||
CMS Energy | 183 | 11,783 | ||||||
Consolidated Edison | 215 | 16,643 | ||||||
Dominion Energy | 488 | 38,991 | ||||||
DTE Energy | 123 | 17,222 | ||||||
Duke Energy | 428 | 43,095 | ||||||
Edison International | 243 | 14,446 |
The accompanying notes are an integral part of the financial statements.
49
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS | |
U.S. ALL CAP INDEX FUND | ||
APRIL 30, 2021 (UNAUDITED) |
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
UTILITIES — continued | ||||||||
Entergy | 128 | $ | 13,989 | |||||
Essential Utilities | 158 | 7,447 | ||||||
Evergy | 146 | 9,340 | ||||||
Eversource Energy | 199 | 17,158 | ||||||
Exelon | 566 | 25,436 | ||||||
FirstEnergy | 345 | 13,082 | ||||||
Genie Energy, Cl B | 9 | 50 | ||||||
Global Water Resources | 6 | 102 | ||||||
Hawaiian Electric Industries | 63 | 2,713 | ||||||
IDACORP | 29 | 2,972 | ||||||
MDU Resources Group | 124 | 4,149 | ||||||
MGE Energy | 21 | 1,571 | ||||||
Middlesex Water | 10 | 820 | ||||||
National Fuel Gas | 51 | 2,533 | ||||||
New Jersey Resources | 55 | 2,307 | ||||||
NextEra Energy | 1,258 | 97,508 | ||||||
NextEra Energy Partners | 37 | 2,758 | ||||||
NiSource | 245 | 6,375 | ||||||
Northwest Natural Holding | 18 | 971 | ||||||
NorthWestern | 29 | 1,973 | ||||||
NRG Energy | 150 | 5,373 | ||||||
OGE Energy | 128 | 4,296 | ||||||
ONE Gas | 30 | 2,414 | ||||||
Ormat Technologies | 28 | 2,027 | ||||||
Otter Tail | 23 | 1,086 | ||||||
PG&E * | 924 | 10,460 | ||||||
Pinnacle West Capital | 72 | 6,095 | ||||||
PNM Resources | 46 | 2,271 | ||||||
Portland General Electric | 52 | 2,645 | ||||||
PPL | 496 | 14,448 | ||||||
Public Service Enterprise Group | 295 | 18,632 | ||||||
Pure Cycle * | 13 | 199 | ||||||
RGC Resources | 4 | 87 | ||||||
Sempra Energy | 168 | 23,112 | ||||||
SJW Group | 15 | 983 | ||||||
South Jersey Industries | 58 | 1,436 | ||||||
Southern | 615 | 40,695 | ||||||
Southwest Gas Holdings | 32 | 2,231 | ||||||
Spark Energy, Cl A | 7 | 74 | ||||||
Spire | 30 | 2,260 |
COMMON STOCK — continued | ||||||||
Shares/ Number of Rights/ Number of Warrants | Value | |||||||
UTILITIES — continued | ||||||||
Star Group | 23 | $ | 244 | |||||
Sunnova Energy International * | 24 | 848 | ||||||
UGI | 132 | 5,770 | ||||||
Unitil | 9 | 519 | ||||||
Vistra Energy | 289 | 4,875 | ||||||
WEC Energy Group | 184 | 17,879 | ||||||
Xcel Energy | 306 | 21,818 | ||||||
York Water | 8 | 413 | ||||||
|
| |||||||
657,384 | ||||||||
|
| |||||||
Total Common Stock | ||||||||
(Cost $16,021,421) | 21,503,965 | |||||||
|
| |||||||
RIGHTS — 0.0% | ||||||||
Achillion Pharmaceuticals *(A)(B) | 78 | 78 | ||||||
Pfenex *(A)(B) | 20 | — | ||||||
Prevail Therapeutics *(A)(B) | 16 | — | ||||||
Progenics Pharmaceuticals *(A)(B) | 45 | — | ||||||
Stemline Therapeutics *(A)(B) | 16 | 26 | ||||||
Zagg Inc (B) | 17 | — | ||||||
|
| |||||||
Total Rights | ||||||||
(Cost $–) | 104 | |||||||
|
| |||||||
WARRANTS — 0.0% | ||||||||
Occidental Petroleum, Strike Price $22.00, Expires 08/03/27 * | 1 | 11 | ||||||
Whiting Petroleum, Strike Price $ 73.44, Expires 12/31/25 * | 1 | 3 | ||||||
Whiting Petroleum, Strike Price $ 83.40, Expires 12/31/25 * | — | 1 | ||||||
|
| |||||||
Total Warrants | ||||||||
(Cost $–) | 15 | |||||||
|
| |||||||
Total Investments in Securities — 92.2% |
| |||||||
(Cost $16,021,421) | $ | 21,504,084 | ||||||
|
|
A list of the open OTC swap agreements held by the Fund at April 30, 2021, is as follows:
Total Return Swaps | ||||||||||||||||||||||||||||||||
Counterparty | Reference Entity/ Obligation | Fund Pays | Fund Receives | Payment Frequency | Termination Date | Currency | Notional Amount | Value | Unrealized Appreciation | |||||||||||||||||||||||
Wells Fargo | WFCBL2TP5 Custom Basket* | 1 Month+ 0.400% | Asset Return | Annually | 01/05/2022 | USD | $ | 1,496,935 | $ | 105,719 | $ | 105,719 | ||||||||||||||||||||
|
|
|
|
The accompanying notes are an integral part of the financial statements.
50
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS | |
U.S. ALL CAP INDEX FUND | ||
APRIL 30, 2021 (UNAUDITED) |
*The following table represents the individual common stock exposures comprising the WFCBL2SH1 Custom Basket Total Return Swaps as of April 30, 2021:
Shares | Description | Notional Amount | Unrealized Appreciation | Percentage of Basket | ||||||||||
8,019 | Apple Inc | $138,046 | $9,749 | 9.2% | ||||||||||
3,598 | Microsoft Corp | 118,831 | 8,392 | 7.9% | ||||||||||
1,165 | Facebook Inc | 49,599 | 3,503 | 3.3% | ||||||||||
155 | Alphabet Inc | 47,622 | 3,363 | 3.2% | ||||||||||
150 | Alphabet Inc | 47,480 | 3,353 | 3.2% | ||||||||||
362 | Tesla Inc | 33,644 | 2,376 | 2.2% | ||||||||||
1,475 | Jpmorgan Chase & Co | 29,707 | 2,098 | 2.0% | ||||||||||
638 | Berkshire Hathaway Inc | 22,970 | 1,622 | 1.4% | ||||||||||
288 | Nvidia Corp | 22,638 | 1,599 | 1.5% | ||||||||||
4,095 | Bank Of America Corp | 21,733 | 1,535 | 1.5% | ||||||||||
505 | Home Depot Inc/The | 21,419 | 1,513 | 1.4% | ||||||||||
840 | Walt Disney Co/The | 20,457 | 1,445 | 1.4% | ||||||||||
1,142 | Procter & Gamble Co/The | 19,951 | 1,409 | 1.3% | ||||||||||
494 | Paypal Holdings Inc | 16,966 | 1,198 | 1.1% | ||||||||||
2,076 | Comcast Corp | 15,267 | 1,078 | 1.0% | ||||||||||
2,003 | Exxon Mobil Corp | 15,014 | 1,060 | 1.0% | ||||||||||
1,972 | Verizon Communications Inc | 14,923 | 1,054 | 1.0% | ||||||||||
222 | Adobe Inc | 14,800 | 1,045 | 1.0% | ||||||||||
211 | Netflix Inc | 14,159 | 1,000 | 0.9% | ||||||||||
3,403 | At&T Inc | 13,998 | 989 | 0.9% | ||||||||||
1,977 | Coca-Cola Co/The | 13,972 | 987 | 0.9% | ||||||||||
869 | Abbott Laboratories | 13,667 | 965 | 0.8% | ||||||||||
417 | Salesforce.Com Inc | 12,568 | 888 | 0.8% | ||||||||||
924 | Chevron Corp | 12,465 | 880 | 0.8% | ||||||||||
1,868 | Cisco Systems Inc/Delaware | 12,455 | 880 | 0.8% | ||||||||||
1,623 | Intel Corp | 12,229 | 864 | 0.8% | ||||||||||
629 | Pepsico Inc | 11,878 | 839 | 0.8% | ||||||||||
188 | Broadcom Inc | 11,246 | 794 | 0.8% | ||||||||||
292 | Accenture Plc | 11,103 | 784 | 0.7% | ||||||||||
593 | Qualcomm Inc | 10,786 | 762 | 0.7% | ||||||||||
449 | Texas Instruments Inc | 10,604 | 749 | 0.7% | ||||||||||
346 | Honeywell International Inc | 10,110 | 714 | 0.7% | ||||||||||
568 | Nike Inc | 9,863 | 697 | 0.7% | ||||||||||
1,110 | Bristol-Myers Squibb Co | 9,070 | 641 | 0.6% | ||||||||||
379 | Eli Lilly & Co | 9,068 | 640 | 0.6% | ||||||||||
962 | Citigroup Inc | 8,970 | 633 | 0.6% | ||||||||||
305 | Union Pacific Corp | 8,858 | 626 | 0.6% | ||||||||||
343 | Lowe’S Cos Inc | 8,803 | 622 | 0.6% | ||||||||||
278 | Amgen Inc | 8,726 | 616 | 0.6% | ||||||||||
692 | Philip Morris International Inc | 8,605 | 608 | 0.6% | ||||||||||
314 | United Parcel Service Inc | 8,380 | 592 | 0.6% | ||||||||||
481 | Applied Materials Inc | 8,354 | 590 | 0.6% | ||||||||||
556 | Starbucks Corp | 8,337 | 589 | 0.5% | ||||||||||
829 | Oracle Corp | 8,231 | 581 | 0.5% | ||||||||||
417 | International Business Machines Corp | 7,752 | 548 | 0.5% | ||||||||||
826 | Charles Schwab Corp/The | 7,613 | 538 | 0.5% | ||||||||||
70 | Blackrock Inc | 7,467 | 527 | 0.5% | ||||||||||
151 | Deere & Co | 7,312 | 516 | 0.5% |
The accompanying notes are an integral part of the financial statements.
51
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS | |
U.S. ALL CAP INDEX FUND | ||
APRIL 30, 2021 (UNAUDITED) |
Shares | Description | Notional Amount | Unrealized Appreciation | Percentage of Basket | ||||||||||
360 | American Express Co | $7,223 | $510 | 0.5% | ||||||||||
242 | Caterpillar Inc | 7,216 | 510 | 0.5% | ||||||||||
156 | Goldman Sachs Group Inc/The | 7,104 | 502 | 0.5% | ||||||||||
656 | Morgan Stanley | 7,092 | 501 | 0.5% | ||||||||||
262 | 3M Co | 6,760 | 477 | 0.5% | ||||||||||
124 | Intuit Inc | 6,680 | 472 | 0.4% | ||||||||||
20 | Booking Holdings Inc | 6,370 | 450 | 0.4% | ||||||||||
70 | Charter Communications Inc | 6,213 | 439 | 0.4% | ||||||||||
55 | Intuitive Surgical Inc | 6,182 | 437 | 0.4% | ||||||||||
93 | Servicenow Inc | 6,171 | 436 | 0.4% | ||||||||||
227 | Target Corp | 6,154 | 435 | 0.4% | ||||||||||
117 | S&P Global Inc | 5,982 | 422 | 0.4% | ||||||||||
73 | Lam Research Corp | 5,934 | 419 | 0.4% | ||||||||||
555 | Advanced Micro Devices Inc | 5,929 | 419 | 0.4% | ||||||||||
521 | Micron Technology Inc | 5,871 | 415 | 0.4% | ||||||||||
716 | Us Bancorp | 5,566 | 393 | 0.4% | ||||||||||
221 | Automatic Data Processing Inc | 5,423 | 383 | 0.4% | ||||||||||
168 | Square Inc | 5,396 | 381 | 0.4% | ||||||||||
269 | Fidelity National Information Services I | 5,390 | 381 | 0.4% | ||||||||||
233 | Zoetis Inc | 5,274 | 372 | 0.4% | ||||||||||
397 | Csx Corp | 5,238 | 370 | 0.3% | ||||||||||
673 | Truist Financial Corp | 5,226 | 369 | 0.3% | ||||||||||
654 | Mondelez International Inc | 5,205 | 368 | 0.3% | ||||||||||
825 | Altria Group Inc | 5,156 | 364 | 0.3% | ||||||||||
554 | Tjx Cos Inc/The | 5,149 | 364 | 0.3% | ||||||||||
205 | Pnc Financial Services Group Inc/The | 5,022 | 355 | 0.3% | ||||||||||
222 | Chubb Ltd | 4,987 | 352 | 0.3% | ||||||||||
651 | General Motors Co | 4,874 | 344 | 0.3% | ||||||||||
573 | Gilead Sciences Inc | 4,759 | 336 | 0.3% | ||||||||||
352 | Duke Energy Corp | 4,635 | 327 | 0.3% | ||||||||||
125 | Norfolk Southern Corp | 4,577 | 323 | 0.3% | ||||||||||
151 | Illinois Tool Works Inc | 4,563 | 322 | 0.3% | ||||||||||
255 | T-Mobile Us Inc | 4,418 | 312 | 0.3% | ||||||||||
122 | Sherwin-Williams Co/The | 4,360 | 308 | 0.3% | ||||||||||
106 | Estee Lauder Cos Inc/The | 4,355 | 308 | 0.3% | ||||||||||
501 | Southern Co/The | 4,341 | 307 | 0.3% | ||||||||||
408 | Colgate-Palmolive Co | 4,314 | 305 | 0.3% | ||||||||||
219 | Capital One Financial Corp | 4,272 | 302 | 0.3% | ||||||||||
268 | Fiserv Inc | 4,221 | 298 | 0.3% | ||||||||||
399 | Dominion Energy Inc | 4,171 | 295 | 0.3% | ||||||||||
110 | Fedex Corp | 4,170 | 295 | 0.3% | ||||||||||
341 | Activision Blizzard Inc | 4,073 | 288 | 0.3% | ||||||||||
106 | Air Products And Chemicals Inc | 4,000 | 282 | 0.3% | ||||||||||
224 | Marsh & Mclennan Cos Inc | 3,982 | 281 | 0.3% | ||||||||||
148 | Cme Group Inc | 3,927 | 277 | 0.3% | ||||||||||
484 | Snap Inc | 3,921 | 277 | 0.3% | ||||||||||
253 | Intercontinental Exchange Inc | 3,906 | 276 | 0.3% | ||||||||||
138 | Global Payments Inc | 3,884 | 274 | 0.3% | ||||||||||
101 | Autodesk Inc | 3,863 | 273 | 0.3% | ||||||||||
49 | Align Technology Inc | 3,857 | 272 | 0.3% |
The accompanying notes are an integral part of the financial statements.
52
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS | |
U.S. ALL CAP INDEX FUND | ||
APRIL 30, 2021 (UNAUDITED) |
Shares | Description | Notional Amount | Unrealized Appreciation | Percentage of Basket | ||||||||||
90 | Moody’S Corp | $3,848 | $272 | 0.3% | ||||||||||
325 | Blackstone Group Inc/The | 3,762 | 266 | 0.3% | ||||||||||
128 | Ecolab Inc | 3,750 | 265 | 0.3% | ||||||||||
205 | Waste Management Inc | 3,702 | 261 | 0.2% | ||||||||||
280 | Progressive Corp/The | 3,697 | 261 | 0.2% | ||||||||||
509 | Uber Technologies Inc | 3,648 | 258 | 0.2% | ||||||||||
154 | Moderna Inc | 3,603 | 254 | 0.2% | ||||||||||
178 | Analog Devices Inc | 3,565 | 252 | 0.2% | ||||||||||
85 | Zoom Video Communications Inc | 3,548 | 251 | 0.2% | ||||||||||
124 | Vertex Pharmaceuticals Inc | 3,529 | 249 | 0.2% | ||||||||||
706 | Freeport-Mcmoran Inc | 3,486 | 246 | 0.2% | ||||||||||
344 | Dupont De Nemours Inc | 3,473 | 245 | 0.2% | ||||||||||
185 | Eaton Corp Plc | 3,463 | 245 | 0.2% | ||||||||||
417 | Newmont Corp | 3,407 | 241 | 0.2% | ||||||||||
500 | Conocophillips | 3,351 | 237 | 0.2% | ||||||||||
277 | Emerson Electric Co | 3,279 | 232 | 0.2% | ||||||||||
260 | Edwards Lifesciences Corp | 3,258 | 230 | 0.2% | ||||||||||
115 | Dollar General Corp | 3,232 | 228 | 0.2% | ||||||||||
78 | Kla Corp | 3,222 | 228 | 0.2% | ||||||||||
66 | Twilio Inc | 3,157 | 223 | 0.2% | ||||||||||
43 | Idexx Laboratories Inc | 3,108 | 220 | 0.2% | ||||||||||
48 | Regeneron Pharmaceuticals Inc | 2,995 | 211 | 0.2% | ||||||||||
357 | Dow Inc | 2,923 | 206 | 0.2% | ||||||||||
170 | Ross Stores Inc | 2,920 | 206 | 0.2% | ||||||||||
46 | Msci Inc | 2,904 | 205 | 0.2% | ||||||||||
349 | Johnson Controls International Plc | 2,846 | 201 | 0.2% | ||||||||||
1,848 | Ford Motor Co | 2,792 | 197 | 0.2% | ||||||||||
613 | Hp Inc | 2,740 | 194 | 0.2% | ||||||||||
194 | Ihs Markit Ltd | 2,740 | 194 | 0.2% | ||||||||||
155 | Te Connectivity Ltd | 2,736 | 193 | 0.2% | ||||||||||
428 | American International Group Inc | 2,715 | 192 | 0.2% | ||||||||||
233 | American Electric Power Co Inc | 2,706 | 191 | 0.2% | ||||||||||
256 | Cognizant Technology Solutions Corp | 2,695 | 190 | 0.2% | ||||||||||
457 | Exelon Corp | 2,690 | 190 | 0.2% | ||||||||||
92 | Docusign Inc | 2,682 | 189 | 0.2% | ||||||||||
118 | Trane Technologies Plc | 2,681 | 189 | 0.2% | ||||||||||
45 | Roper Technologies Inc | 2,657 | 188 | 0.2% | ||||||||||
130 | Match Group Inc | 2,640 | 186 | 0.2% | ||||||||||
462 | Carrier Global Corp | 2,634 | 186 | 0.2% | ||||||||||
400 | Bank Of New York Mellon Corp/The | 2,613 | 185 | 0.2% | ||||||||||
116 | Ppg Industries Inc | 2,591 | 183 | 0.2% | ||||||||||
63 | Parker-Hannifin Corp | 2,586 | 183 | 0.2% | ||||||||||
80 | Workday Inc | 2,583 | 182 | 0.2% | ||||||||||
132 | Marriott International Inc/Md | 2,569 | 181 | 0.2% | ||||||||||
290 | Amphenol Corp | 2,556 | 180 | 0.2% | ||||||||||
145 | Kimberly-Clark Corp | 2,524 | 178 | 0.2% | ||||||||||
146 | Cadence Design Systems Inc | 2,519 | 178 | 0.2% | ||||||||||
345 | Marathon Petroleum Corp | 2,514 | 177 | 0.2% | ||||||||||
458 | Kraft Heinz Co/The | 2,474 | 175 | 0.2% | ||||||||||
78 | Constellation Brands Inc | 2,456 | 173 | 0.2% |
The accompanying notes are an integral part of the financial statements.
53
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS | |
U.S. ALL CAP INDEX FUND | ||
APRIL 30, 2021 (UNAUDITED) |
Shares | Description | Notional Amount | Unrealized Appreciation | Percentage of Basket | ||||||||||
693 | Schlumberger Nv | $2,455 | $173 | 0.2% | ||||||||||
76 | Synopsys Inc | 2,447 | 173 | 0.2% | ||||||||||
131 | Electronic Arts Inc | 2,442 | 172 | 0.2% | ||||||||||
220 | Sysco Corp | 2,440 | 172 | 0.2% | ||||||||||
124 | Microchip Technology Inc | 2,435 | 172 | 0.2% | ||||||||||
119 | Travelers Cos Inc/The | 2,417 | 171 | 0.2% | ||||||||||
12 | Chipotle Mexican Grill Inc | 2,410 | 170 | 0.2% | ||||||||||
145 | Allstate Corp/The | 2,402 | 170 | 0.2% | ||||||||||
159 | Discover Financial Services | 2,376 | 168 | 0.2% | ||||||||||
185 | Monster Beverage Corp | 2,357 | 166 | 0.2% | ||||||||||
106 | Alexion Pharmaceuticals Inc | 2,339 | 165 | 0.2% | ||||||||||
178 | Prudential Financial Inc | 2,338 | 165 | 0.2% | ||||||||||
366 | Corteva Inc | 2,336 | 165 | 0.2% | ||||||||||
129 | Sempra Energy | 2,330 | 164 | 0.2% | ||||||||||
70 | Cummins Inc | 2,324 | 164 | 0.2% | ||||||||||
248 | Xcel Energy Inc | 2,311 | 163 | 0.2% | ||||||||||
62 | Veeva Systems Inc | 2,308 | 163 | 0.2% | ||||||||||
265 | Pinterest Inc | 2,300 | 162 | 0.2% | ||||||||||
318 | Twitter Inc | 2,297 | 162 | 0.2% | ||||||||||
32 | O’Reilly Automotive Inc | 2,291 | 162 | 0.2% | ||||||||||
274 | Southwest Airlines Co | 2,253 | 159 | 0.2% | ||||||||||
282 | General Mills Inc | 2,250 | 159 | 0.2% | ||||||||||
96 | T Rowe Price Group Inc | 2,242 | 158 | 0.1% | ||||||||||
143 | Yum! Brands Inc | 2,236 | 158 | 0.1% | ||||||||||
50 | Roku Inc | 2,235 | 158 | 0.1% | ||||||||||
131 | Hilton Worldwide Holdings Inc | 2,210 | 156 | 0.1% | ||||||||||
95 | Zimmer Biomet Holdings Inc | 2,197 | 155 | 0.1% | ||||||||||
20 | Costar Group Inc | 2,189 | 155 | 0.1% | ||||||||||
157 | Republic Services Inc | 2,181 | 154 | 0.1% | ||||||||||
129 | Xilinx Inc | 2,164 | 153 | 0.1% | ||||||||||
292 | Ebay Inc | 2,134 | 151 | 0.1% | ||||||||||
25 | Transdigm Group Inc | 2,027 | 143 | 0.1% | ||||||||||
81 | Resmed Inc | 2,000 | 141 | 0.1% | ||||||||||
56 | Okta Inc | 1,994 | 141 | 0.1% | ||||||||||
39 | Dexcom Inc | 1,973 | 139 | 0.1% | ||||||||||
73 | Stanley Black & Decker Inc | 1,971 | 139 | 0.1% | ||||||||||
57 | Rockwell Automation Inc | 1,964 | 139 | 0.1% | ||||||||||
11 | Mettler-Toledo International Inc | 1,962 | 138 | 0.1% | ||||||||||
160 | Ball Corp | 1,957 | 138 | 0.1% | ||||||||||
151 | Paychex Inc | 1,925 | 136 | 0.1% | ||||||||||
161 | Paccar Inc | 1,891 | 134 | 0.1% | ||||||||||
77 | Verisk Analytics Inc | 1,886 | 133 | 0.1% | ||||||||||
164 | Vf Corp | 1,880 | 133 | 0.1% | ||||||||||
42 | Cintas Corp | 1,878 | 133 | 0.1% | ||||||||||
20 | Trade Desk Inc/The | 1,873 | 132 | 0.1% | ||||||||||
273 | Fastenal Co | 1,870 | 132 | 0.1% | ||||||||||
225 | Public Service Enterprise Group Inc | 1,863 | 132 | 0.1% | ||||||||||
146 | Wec Energy Group Inc | 1,860 | 131 | 0.1% | ||||||||||
39 | Ansys Inc | 1,858 | 131 | 0.1% |
The accompanying notes are an integral part of the financial statements.
54
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS | |
U.S. ALL CAP INDEX FUND | ||
APRIL 30, 2021 (UNAUDITED) |
Shares | Description | Notional Amount | Unrealized Appreciation | Percentage of Basket | ||||||||||
307 | Marvell Technology Inc | $1,817 | $128 | 0.1% | ||||||||||
159 | Eversource Energy | 1,793 | 127 | 0.1% | ||||||||||
73 | Splunk Inc | 1,206 | 85 | 0.1% | ||||||||||
$1,496,935 | $105,719 | 100.0% | ||||||||||||
Percentages are based on Net Assets of $23,321,175.
* | Non-income producing security. |
# | More narrow industries are utilized for compliance purposes, |
whereas broad sectors are utilized for reporting purposes. |
‡ | Real Estate Investment Trust. |
(A) | Level 3 security in accordance with fair value hierarchy. |
(B) | Expiration Date unavailable. |
Cl — Class
MSCI — Morgan Stanley Capital International
PLC — Public Limited Company
REIT — Real Estate Investment Trust
S&P — Standard & Poor’s
The following is a list of the inputs used as of April 30, 2021, in valuing the Fund’s investments and other financial instruments carried at market value:
Investments in Securities | Level 1 | Level 2 | Level 3(1) | Total | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Common Stock | $ | 21,503,965 | $ | — | $ | — | $ | 21,503,965 | ||||||||
Rights | — | — | 104 | 104 | ||||||||||||
Warrants | 11 | 4 | — | 15 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 21,503,976 | $ | 4 | $ | 104 | $ | 21,504,084 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
OTC Swaps | ||||||||||||||||
Total Return Swaps* | ||||||||||||||||
Unrealized Appreciation | $ | — | $ | 105,719 | $ | — | $ | 105,719 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Other Financial Instruments | $ | — | $ | 105,719 | $ | — | $ | 105,719 | ||||||||
|
|
|
|
|
|
|
|
(1) | A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets. Management has concluded that Level 3 investments are not material in relation to net assets. |
* | Swap contracts are valued at the unrealized appreciation on the instrument. |
For the period ended April 30, 2021, there were transfers in or out of Level 3.
Amounts designated as “ — “ are $0 or have been rounded to $0.
For more information on valuation inputs, see Note 2 – Significant Accounting Policies in Notes to Financial Statements.
The accompanying notes are an integral part of the financial statements.
55
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS | |
REAL ESTATE FUND | ||
APRIL 30, 2021 (UNAUDITED) |
SECTOR WEIGHTINGS†
† | Percentages based on total investments. |
SCHEDULE OF INVESTMENTS | ||||||||
COMMON STOCK — 84.9%# | ||||||||
Shares | Value | |||||||
FINANCIALS — 2.1% | ||||||||
Ellington Financial ‡ | 123,276 | $ | 2,211,571 | |||||
|
| |||||||
REAL ESTATE — 82.8% | ||||||||
Acadia Realty Trust ‡ | 50,143 | 1,047,487 | ||||||
Alexandria Real Estate Equities ‡ | 50,994 | 9,235,013 | ||||||
American Tower ‡ | 19,883 | 5,065,592 | ||||||
Americold Realty Trust ‡ | 92,357 | 3,730,299 | ||||||
CatchMark Timber Trust, Cl A ‡ | 231,198 | 2,688,833 | ||||||
CoreCivic | 415,195 | 3,226,065 | ||||||
CoreSite Realty ‡ | 42,556 | 5,170,128 | ||||||
Corporate Office Properties Trust ‡ | 57,959 | 1,625,170 | ||||||
Digital Realty Trust ‡ | 27,649 | 4,266,517 | ||||||
Easterly Government Properties ‡ | 392,126 | 8,403,260 | ||||||
Equinix ‡ | 7,142 | 5,147,668 | ||||||
Equity LifeStyle Properties ‡ | 99,759 | 6,923,275 | ||||||
GEO Group ‡ | 328,645 | 1,810,834 | ||||||
Healthpeak Properties ‡ | 57,803 | 1,984,955 | ||||||
Independence Realty Trust ‡ | 180,858 | 3,045,649 | ||||||
Kennedy-Wilson Holdings | 172,890 | 3,552,890 | ||||||
Kilroy Realty ‡ | 25,964 | 1,779,573 | ||||||
National Retail Properties ‡ | 68,956 | 3,200,938 | ||||||
New Senior Investment Group ‡ | 28,841 | 190,927 | ||||||
Prologis ‡ | 16,856 | 1,964,230 | ||||||
QTS Realty Trust, Cl A ‡ | 76,715 | 5,100,780 | ||||||
Welltower ‡ | 48,994 | 3,676,020 |
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
REAL ESTATE — continued | ||||||||
Weyerhaeuser ‡ | 111,700 | $ | 4,330,609 | |||||
|
| |||||||
87,166,712 | ||||||||
|
| |||||||
Total Common Stock | 89,378,283 | |||||||
|
| |||||||
Total Investments in Securities — 84.9% | $ | 89,378,283 | ||||||
|
|
Percentages are based on Net Assets of $105,224,833.
# | More narrow industries are utilized for compliance purpose, whereas broad sectors are utilized for reporting purposes. |
‡ | Real Estate Investment Trust. |
Cl — Class
As of April 30, 2021, all of the Fund’s investments in securities were considered Level 1, in accordance with the authoritative guidance of fair value measurements and disclosure under U.S. generally accepted accounting principles.
For the period ended April 30, 2021, there were no transfers in or out of Level 3.
For more information on valuation inputs, see Note 2 – Significant Accounting Policies in the Notes to Financial Statements.
The accompanying notes are an integral part of the financial statements.
56
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS | |
INTERNATIONAL EQUITY FUND | ||
APRIL 30, 2021 (UNAUDITED) |
SECTOR WEIGHTINGS†
† | Percentages based on total investments. |
SCHEDULE OF INVESTMENTS | ||||||||
COMMON STOCK — 96.2% | ||||||||
Shares | Value | |||||||
AUSTRALIA — 4.3% | ||||||||
BHP Group | 60,000 | $ | 2,204,744 | |||||
Macquarie Group | 14,500 | 1,792,687 | ||||||
Santos | 248,158 | 1,334,357 | ||||||
|
| |||||||
5,331,788 | ||||||||
|
| |||||||
BELGIUM — 1.4% | ||||||||
Solvay | 13,850 | 1,761,701 | ||||||
|
| |||||||
BRAZIL — 2.4% | ||||||||
Cia Brasileira de Distribuicao | 222,500 | 1,666,687 | ||||||
Sendas Distribuidora | 93,500 | 1,382,865 | ||||||
|
| |||||||
3,049,552 | ||||||||
|
| |||||||
CANADA — 8.5% | ||||||||
Bank of Montreal | 24,260 | 2,289,714 | ||||||
Magna International | 22,179 | 2,094,568 | ||||||
Manulife Financial | 98,230 | 2,144,973 | ||||||
Stantec | 42,030 | 1,967,885 | ||||||
TFI International | 23,630 | 2,070,497 | ||||||
|
| |||||||
10,567,637 | ||||||||
|
| |||||||
CHINA — 3.3% | ||||||||
Baidu ADR * | 7,039 | 1,480,513 | ||||||
Taiwan Semiconductor Manufacturing ADR | 22,457 | 2,621,630 | ||||||
|
| |||||||
4,102,143 | ||||||||
|
| |||||||
DENMARK — 4.5% | ||||||||
GN Store Nord | 21,600 | 1,946,743 | ||||||
Netcompany Group | 16,000 | 1,667,078 | ||||||
Pandora | 17,430 | 1,974,281 | ||||||
|
| |||||||
5,588,102 | ||||||||
|
|
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
FINLAND — 1.1% | ||||||||
Neste | 23,152 | $ | 1,402,865 | |||||
|
| |||||||
FRANCE — 4.8% | ||||||||
Credit Agricole | 133,000 | 2,058,232 | ||||||
Ipsen | 17,846 | 1,725,876 | ||||||
Schneider Electric | 13,950 | 2,230,940 | ||||||
|
| |||||||
6,015,048 | ||||||||
|
| |||||||
GERMANY — 3.4% | ||||||||
Brenntag | 24,000 | 2,154,826 | ||||||
Daimler | 23,500 | 2,092,135 | ||||||
|
| |||||||
4,246,961 | ||||||||
|
| |||||||
HONG KONG — 12.1% | ||||||||
Alibaba Group Holding * | 94,400 | 2,732,862 | ||||||
China Construction Bank, Cl H | 2,390,000 | 1,892,419 | ||||||
COSCO Shipping Ports | 2,012,000 | 1,697,711 | ||||||
CSPC Pharmaceutical Group | 813,062 | 1,008,027 | ||||||
Lenovo Group | 1,365,000 | 1,872,447 | ||||||
NetEase | 85,000 | 1,915,526 | ||||||
Ping An Insurance Group of China, Cl H | 120,000 | 1,315,215 | ||||||
WH Group | 1,800,000 | 1,573,835 | ||||||
Zai Lab * | 6,800 | 1,136,612 | ||||||
|
| |||||||
15,144,654 | ||||||||
|
| |||||||
INDIA — 2.9% | ||||||||
Infosys | 105,000 | 1,919,832 | ||||||
Jubilant Ingrevia * | 102,235 | 566,090 | ||||||
Jubilant Pharmova * | 102,235 | 1,102,091 | ||||||
|
| |||||||
3,588,013 | ||||||||
|
| |||||||
ITALY — 2.5% | ||||||||
DiaSorin | 6,370 | 1,081,744 | ||||||
Enel | 208,500 | 2,072,291 | ||||||
|
| |||||||
3,154,035 | ||||||||
|
| |||||||
JAPAN — 15.0% | ||||||||
Daiwa House Industry | 36,400 | 1,077,445 | ||||||
ENEOS Holdings | 233,900 | 1,008,452 | ||||||
Fuji Electric | 37,500 | 1,707,041 | ||||||
Fujitsu | 11,400 | 1,815,509 | ||||||
Honda Motor | 64,840 | 1,917,494 | ||||||
Hoya | 14,460 | 1,645,257 | ||||||
ITOCHU | 57,000 | 1,777,436 | ||||||
Mizuho Financial Group | 100,000 | 1,404,520 | ||||||
Nintendo | 2,900 | 1,663,473 | ||||||
Sony | 21,400 | 2,134,322 | ||||||
Tokyo Electron | 5,740 | 2,537,806 | ||||||
|
| |||||||
18,688,755 | ||||||||
|
| |||||||
LUXEMBOURG — 1.7% | ||||||||
ArcelorMittal | 72,000 | 2,099,138 | ||||||
|
| |||||||
NETHERLANDS — 4.2% | ||||||||
Koninklijke Ahold Delhaize | 51,231 | 1,379,062 |
The accompanying notes are an integral part of the financial statements.
57
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS | |
INTERNATIONAL EQUITY FUND | ||
APRIL 30, 2021 (UNAUDITED) |
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
NETHERLANDS — continued | ||||||||
Prosus | 16,300 | $ | 1,768,216 | |||||
Signify | 37,000 | 2,104,512 | ||||||
|
| |||||||
5,251,790 | ||||||||
|
| |||||||
NORWAY — 1.7% | ||||||||
DNB | 96,320 | 2,071,852 | ||||||
|
| |||||||
SINGAPORE — 1.5% | ||||||||
United Overseas Bank | 96,640 | 1,930,984 | ||||||
|
| |||||||
SOUTH AFRICA — 1.2% | ||||||||
Group | 246,670 | 1,558,346 | ||||||
|
| |||||||
SOUTH KOREA — 3.4% | ||||||||
KB Financial Group | 40,800 | 2,006,347 | ||||||
Samsung Electronics | 31,300 | 2,293,298 | ||||||
|
| |||||||
4,299,645 | ||||||||
|
| |||||||
SPAIN — 1.1% | ||||||||
Repsol | 115,500 | 1,379,996 | ||||||
|
| |||||||
SWEDEN — 1.3% | ||||||||
Boliden* | 43,000 | 1,675,189 | ||||||
|
| |||||||
SWITZERLAND — 4.5% | ||||||||
Logitech International | 16,535 | 1,854,020 | ||||||
Nestle | 13,530 | 1,613,081 | ||||||
Partners Group Holding | 1,500 | 2,135,231 | ||||||
|
| |||||||
5,602,332 | ||||||||
|
| |||||||
TAIWAN — 1.7% | ||||||||
AU Optronics | 1,835,400 | 2,174,078 | ||||||
|
| |||||||
TURKEY — 0.7% | ||||||||
Turkiye Garanti Bankasi | 967,000 | 842,165 | ||||||
|
| |||||||
UNITED KINGDOM — 7.0% | ||||||||
J Sainsbury PLC | 557,300 | 1,829,472 | ||||||
Kingfisher PLC | 387,050 | 1,909,886 | ||||||
Legal & General Group PLC | 466,000 | 1,753,075 | ||||||
Next PLC | 15,292 | 1,647,698 | ||||||
Weir Group PLC | 58,578 | 1,550,830 | ||||||
|
| |||||||
8,690,961 | ||||||||
|
| |||||||
Total Common Stock | 120,217,730 | |||||||
|
| |||||||
Total Investments in Securities — 96.2% | $ | 120,217,730 | ||||||
|
|
Percentages are based on Net Assets of $124,922,692.
* | Non-income producing security. |
ADR — American Depositary Receipt
Cl — Class
PLC — Public Limited Company
The following is a list of the inputs used as of April 30, 2021, in valuing the Fund’s investments carried at market value:
Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stock | ||||||||||||||||
Australia | $ | 5,331,788 | $ | – | $ | – | $ | 5,331,788 | ||||||||
Belgium | 1,761,701 | – | – | 1,761,701 | ||||||||||||
Brazil | 3,049,552 | – | – | 3,049,552 | ||||||||||||
Canada | 10,567,637 | – | – | 10,567,637 | ||||||||||||
China | 4,102,143 | – | – | 4,102,143 | ||||||||||||
Denmark | – | 5,588,102 | – | 5,588,102 | ||||||||||||
Finland | 1,402,865 | – | – | 1,402,865 | ||||||||||||
France | 6,015,048 | – | – | 6,015,048 | ||||||||||||
Germany | 4,246,961 | – | – | 4,246,961 | ||||||||||||
Hong Kong | – | 15,144,654 | – | 15,144,654 | ||||||||||||
India | 3,588,013 | – | – | 3,588,013 | ||||||||||||
Italy | 3,154,035 | – | – | 3,154,035 | ||||||||||||
Japan | 18,688,755 | – | – | 18,688,755 | ||||||||||||
Luxembourg | 2,099,138 | – | – | 2,099,138 | ||||||||||||
Netherlands | 5,251,790 | – | – | 5,251,790 | ||||||||||||
Norway | 2,071,852 | – | – | 2,071,852 | ||||||||||||
Singapore | 1,930,984 | – | – | 1,930,984 | ||||||||||||
South Africa | 1,558,346 | – | – | 1,558,346 | ||||||||||||
South Korea | 4,299,645 | – | – | 4,299,645 | ||||||||||||
Spain | 1,379,996 | – | – | 1,379,996 | ||||||||||||
Sweden | 1,675,189 | – | – | 1,675,189 | ||||||||||||
Switzerland | 5,602,332 | – | – | 5,602,332 | ||||||||||||
Taiwan | – | 2,174,078 | – | 2,174,078 | ||||||||||||
Turkey | 842,165 | – | – | 842,165 | ||||||||||||
United Kingdom | 8,690,961 | – | – | 8,690,961 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Common Stock | 97,310,896 | 22,906,834 | – | 120,217,730 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 97,310,896 | $ | 22,906,834 | $ | – | $ | 120,217,730 | ||||||||
|
|
|
|
|
|
|
|
For the period ended April 30, 2021, there were no transfers in or out of Level 3.
Amounts designated as “ — “ are $0 or have been rounded to $0.
For more information on valuation inputs, see Note 2 – Significant Accounting Policies in the Notes to Financial Statements.
The accompanying notes are an integral part of the financial statements.
58
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS | |
APRIL 30, 2021 (UNAUDITED) | ||
STATEMENTS OF ASSETS AND LIABILITIES |
Limited Duration Fund | Core Bond Fund | Long/Short Equity Fund | Large Cap Value Fund | Large Cap Growth Fund | ||||||||||||||||
Assets: | ||||||||||||||||||||
Investments in securities at value† | $ | 125,682,347 | $ | 118,327,008 | $ | 18,137,852 | $ | 105,830,485 | $ | 106,220,931 | ||||||||||
Purchased options at value†† | – | – | 115,790 | – | – | |||||||||||||||
Cash | 4,751,823 | 1,998,445 | 12,178,000 | 1,238,580 | 6,069,218 | |||||||||||||||
Receivable from Prime Broker | – | – | 4,368,883 | – | – | |||||||||||||||
Cash collateral on short sales | – | – | 880,000 | – | – | |||||||||||||||
Dividends and Interest receivable | 535,355 | 674,980 | 9,934 | 101,540 | 45,722 | |||||||||||||||
Receivable for investment securities sold | 23,678 | 2,856 | – | 1,618,462 | 3,515,439 | |||||||||||||||
Receivable for capital shares sold | 23,266 | 182,561 | 282,445 | 495,221 | 466,664 | |||||||||||||||
Receivable due from Shareholder servicing fees (Class S Shares) | 23 | – | – | – | – | |||||||||||||||
Receivable due from Chief Compliance Officer fees | – | – | 11 | – | – | |||||||||||||||
Tax reclaim receivable | – | – | – | 6,843 | 2,840 | |||||||||||||||
Receivable due from Distribution fees (Investor Shares) | – | 167 | – | – | 131 | |||||||||||||||
Prepaid expenses | 26,688 | 26,791 | 16,416 | 24,746 | 26,264 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total Assets | 131,043,180 | 121,212,808 | 35,989,331 | 109,315,877 | 116,347,209 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Liabilities: | ||||||||||||||||||||
Securities sold short, at value††† | – | – | 9,964,547 | – | – | |||||||||||||||
Payable for investment securities purchased | 2,301,896 | 1,199,688 | – | – | 3,754,186 | |||||||||||||||
Investment Adviser fees payable | 21,157 | 19,067 | 14,753 | 53,505 | 56,335 | |||||||||||||||
Payable due to administrator | 12,030 | 11,239 | 2,133 | 9,994 | 10,517 | |||||||||||||||
Audit fees payable | 11,405 | 11,405 | 12,100 | 11,680 | 11,680 | |||||||||||||||
Pricing fees payable | 7,963 | 7,912 | 499 | 810 | 820 | |||||||||||||||
Transfer Agent fees payable | 7,653 | 7,655 | 2,618 | 7,128 | 6,743 | |||||||||||||||
Chief Compliance Officer fees payable | 1,732 | 1,585 | – | 1,098 | 1,452 | |||||||||||||||
Payable due to trustees | 176 | 182 | 25 | 240 | 247 | |||||||||||||||
Distribution fees payable (Investor Shares) | 127 | – | – | 53 | – | |||||||||||||||
Shareholder servicing fees payable (Class S Shares) | – | 294 | – | 57 | 643 | |||||||||||||||
Shareholder servicing fees payable (Investor Shares) | 16 | 16 | – | 9 | 15 | |||||||||||||||
Payable for capital shares redeemed | – | 60 | – | 124 | 160,298 | |||||||||||||||
Interest Payable | – | – | 15,204 | – | – | |||||||||||||||
Accrued expenses | 6,152 | 5,815 | 3,463 | 3,312 | 4,816 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total Liabilities | 2,370,307 | 1,264,918 | 10,015,342 | 88,010 | 4,007,752 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net Assets | $ | 128,672,873 | $ | 119,947,890 | $ | 25,973,989 | $ | 109,227,867 | $ | 112,339,457 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
† Cost of securities | $ | 124,476,476 | $ | 114,983,765 | $ | 13,346,450 | $ | 78,771,232 | $ | 75,379,472 | ||||||||||
†† Cost of purchased option contracts | – | – | 78,646 | – | – | |||||||||||||||
†††Proceeds from securities sold short | – | – | (8,893,968 | ) | – | – | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net Assets: | ||||||||||||||||||||
Paid-in Capital | $ | 127,524,293 | $ | 116,417,367 | $ | 26,698,685 | $ | 79,868,021 | $ | 72,131,792 | ||||||||||
Total Distributable Earnings / (Loss) | 1,148,580 | 3,530,523 | (724,696 | ) | 29,359,846 | 40,207,665 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net Assets | $ | 128,672,873 | $ | 119,947,890 | $ | 25,973,989 | $ | 109,227,867 | $ | 112,339,457 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
I Shares:(A) | ||||||||||||||||||||
Net Assets | $ | 128,591,420 | $ | 118,812,404 | $ | 25,973,989 | $ | 108,778,327 | $ | 110,723,454 | ||||||||||
Outstanding Shares of Beneficial Interest | 12,750,404 | 11,414,256 | 2,702,851 | 7,075,564 | 6,249,659 | |||||||||||||||
Net Asset Value, Offering and Redemption Price Per Share* | $ | 10.09 | $ | 10.41 | $ | 9.61 | $ | 15.37 | $ | 17.72 | ||||||||||
Class S Shares: | ||||||||||||||||||||
Net Assets | $ | 81,453 | $ | 1,135,486 | N/A | $ | 449,540 | $ | 1,616,003 | |||||||||||
Outstanding Shares of Beneficial Interest | 8,078 | 109,201 | N/A | 29,244 | 91,510 | |||||||||||||||
Net Asset Value, Offering and Redemption Price Per Share* | $ | 10.08 | $ | 10.40 | N/A | $ | 15.37 | $ | 17.66 |
(A) Effective February 25, 2021, Investor Shares Class were converted to I Shares Class of the Fund.
* Redemption price per share may vary depending on the length of time shares are held.
Amounts designated as “—“ are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
59
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS | |
APRIL 30, 2021 (UNAUDITED) | ||
STATEMENTS OF ASSETS AND LIABILITIES |
Small Cap Fund | U.S. All Cap Index Fund | Real Estate Fund | International Equity Fund | |||||||||||||
Assets: | ||||||||||||||||
Investments in securities at value† | $ | 114,759,903 | $ | 21,504,084 | $ | 89,378,283 | $ | 120,217,730 | ||||||||
Foreign currency†† | – | – | 18,169 | 25,998 | ||||||||||||
OTC Swap Contracts, at value††† | – | 105,719 | – | – | ||||||||||||
Cash | 2,063,851 | 1,672,481 | 22,925,786 | 2,903,181 | ||||||||||||
Receivable for investment securities sold | 746,809 | 1,050 | 1,431,892 | 3,136,658 | ||||||||||||
Receivable for capital shares sold | 256,065 | 27 | 161,227 | 270,543 | ||||||||||||
Dividends and Interest receivable | 27,474 | 13,553 | 41,802 | 432,761 | ||||||||||||
Receivable due from Investment Adviser | – | 10,967 | – | – | ||||||||||||
Receivable due from Chief Compliance Officer fees | – | 45 | – | – | ||||||||||||
Tax reclaim receivable | – | 76 | 14,120 | 228,383 | ||||||||||||
Prepaid expenses | 25,220 | 39,816 | 28,809 | 25,165 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total Assets | 117,879,322 | 23,347,818 | 114,000,088 | 127,240,419 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Liabilities: | ||||||||||||||||
Investment Adviser fees payable | 72,981 | – | 60,188 | 80,201 | ||||||||||||
Audit fees payable | 11,680 | 12,100 | 11,680 | 11,680 | ||||||||||||
Payable due to administrator | 10,883 | 2,152 | 9,614 | 11,575 | ||||||||||||
Payable for capital shares redeemed | 9,449 | – | – | 1 | ||||||||||||
Transfer Agent fees payable | 6,518 | 2,358 | 1,132 | 6,566 | ||||||||||||
Chief Compliance Officer fees payable | 1,402 | – | 1,218 | 1,461 | ||||||||||||
Pricing fees payable | 1,154 | 9,657 | 2,788 | 1,967 | ||||||||||||
Shareholder servicing fees payable (Class S Shares) | 275 | – | – | 64 | ||||||||||||
Shareholder servicing fees payable (Investor Shares) | 16 | – | – | 12 | ||||||||||||
Payable due to trustees | 274 | 49 | 228 | 271 | ||||||||||||
Distribution fees payable (Investor Shares) | 76 | – | – | 30 | ||||||||||||
Payable for investment securities purchased | – | – | 8,681,563 | 2,089,173 | ||||||||||||
Unrealized loss on foreign currency spot contracts | – | – | – | 14,723 | ||||||||||||
Accrued Foreign Capital Gains Tax on Appreciated Securities | – | – | – | 98,578 | ||||||||||||
Accrued expenses | 5,095 | 327 | 6,844 | 1,425 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total Liabilities | 119,803 | 26,643 | 8,775,255 | 2,317,727 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net Assets | $ | 117,759,519 | $ | 23,321,175 | $ | 105,224,833 | $ | 124,922,692 | ||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
† Cost of securities | $ | 79,718,346 | $ | 16,021,421 | $ | 85,044,893 | $ | 88,301,064 | ||||||||
†† Cost of foreign currency | – | – | 18,001 | 25,715 | ||||||||||||
†††Premiums received from OTC swap contracts | – | – | – | – | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net Assets: | ||||||||||||||||
Paid-in Capital | $ | 78,725,403 | $ | 17,702,229 | $ | 92,571,335 | $ | 90,775,165 | ||||||||
Total Distributable Earnings | 39,034,116 | 5,618,946 | 12,653,498 | 34,147,527 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net Assets | $ | 117,759,519 | $ | 23,321,175 | $ | 105,224,833 | $ | 124,922,692 | ||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
I Shares:(A) | ||||||||||||||||
Net Assets | $ | 117,112,444 | $ | 23,321,175 | $ | 105,224,833 | $ | 124,827,203 | ||||||||
Outstanding Shares of Beneficial Interest | 8,034,221 | 1,737,933 | 9,674,381 | 8,540,676 | ||||||||||||
Net Asset Value, Offering and Redemption Price Per Share* | $ | 14.58 | $ | 13.42 | $ | 10.88 | $ | 14.62 | ||||||||
Class S Shares: | ||||||||||||||||
Net Assets | $ | 647,075 | N/A | N/A | $ | 95,489 | ||||||||||
Outstanding Shares of Beneficial Interest | 44,564 | N/A | N/A | 6,551 | ||||||||||||
Net Asset Value, Offering and Redemption Price Per Share* | $ | 14.52 | N/A | N/A | $ | 14.58 |
(A) Effective February 25, 2021, Investor Shares Class were converted to I Shares Class of the Fund.
* Redemption price per share may vary depending on the length of time shares are held.
Amounts designated as “—“ are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
60
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS | |
FOR THE SIX MONTHS ENDED | ||
APRIL 30, 2021 (UNAUDITED) |
STATEMENTS OF OPERATIONS |
Limited Duration Fund | Core Bond Fund | Long/Short Equity Fund | Large Cap Value Fund | Large Cap Growth Fund | ||||||||||||||||
Investment Income | ||||||||||||||||||||
Dividends | $ | – | $ | 7,992 | $ | 133,449 | $ | 841,542 | $ | 367,960 | ||||||||||
Interest | 1,074,877 | 1,480,815 | 395 | 97 | 116 | |||||||||||||||
Less: Foreign Taxes Withheld | – | – | (346 | ) | (10,977 | ) | – | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total Investment Income | 1,074,877 | 1,488,807 | 133,498 | 830,662 | 368,076 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Expenses | ||||||||||||||||||||
Investment Advisory Fees | 244,440 | 229,319 | 133,112 | 270,142 | 316,524 | |||||||||||||||
Administration Fees | 75,655 | 70,949 | 13,170 | 55,485 | 65,208 | |||||||||||||||
Trustees’ Fees | 5,656 | 5,273 | 984 | 3,872 | 4,825 | |||||||||||||||
Chief Compliance Officer Fees | 2,352 | 2,226 | 589 | 1,742 | 2,076 | |||||||||||||||
Distribution Fees (Investor Shares) | 225 | 137 | – | 119 | 382 | |||||||||||||||
Shareholder Servicing Fees (Class S Shares) | 41 | 556 | – | 192 | 839 | |||||||||||||||
Transfer Agent Fees | 33,230 | 32,435 | 9,565 | 29,503 | 31,158 | |||||||||||||||
Pricing Fees | 15,946 | 15,356 | 1,022 | 1,517 | 1,533 | |||||||||||||||
Registration & Filing Fees | 14,776 | 15,147 | 10,256 | 14,553 | 14,678 | |||||||||||||||
Audit Fees | 13,366 | 13,366 | 12,100 | 12,141 | 12,141 | |||||||||||||||
Legal Fees | 11,821 | 11,008 | 2,053 | 7,935 | 9,963 | |||||||||||||||
Printing Fees | 11,309 | 11,043 | 1,948 | 8,285 | 9,939 | |||||||||||||||
Custodian Fees | 1,522 | 1,399 | 14,323 | 2,158 | 1,886 | |||||||||||||||
Dividend and Interest Expense | – | – | 104,108 | – | – | |||||||||||||||
Offering Costs (See Note 2) | – | – | 5,510 | – | – | |||||||||||||||
Other Expenses | 10,287 | 9,731 | 2,416 | 7,001 | 8,430 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total Expenses | 440,626 | 417,945 | 311,156 | 414,645 | 479,582 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Less: | ||||||||||||||||||||
Investment Advisory Fees Waiver | (134,698 | ) | (130,613 | ) | (44,880 | ) | (9,114 | ) | (3,569 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net Expenses | 305,928 | 287,332 | 266,276 | 405,531 | 476,013 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net Investment Income (Loss) | 768,949 | 1,201,475 | (132,778 | ) | 425,131 | (107,937 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net Realized Gain on Investments | 374,969 | 84,317 | 1,741,780 | 2,507,354 | 9,842,412 | |||||||||||||||
Net Realized Loss on Securities Sold Short | – | – | (2,302,068 | ) | – | – | ||||||||||||||
Net Realized Loss on Option Contracts | – | – | (72,591 | ) | – | – | ||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on Investments | (392,335 | ) | (1,588,969 | ) | 3,644,992 | 24,989,385 | 9,807,510 | |||||||||||||
Net Change in Unrealized Depreciation on Securities Sold Short | – | – | (513,764 | ) | – | – | ||||||||||||||
Net Change in Unrealized Appreciation on Option Contracts | – | – | 37,144 | – | – | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net Gain (Loss) on Investments, Securities Sold Short and Option Contracts | (17,366 | ) | (1,504,652 | ) | 2,535,493 | 27,496,739 | 19,649,922 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net Increase (Decrease) in Net Assets from Operations | $ | 751,583 | $ | (303,177 | ) | $ | 2,402,715 | $ | 27,921,870 | $ | 19,541,985 | |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts designated as “—“ are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
61
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS | |
FOR THE SIX MONTHS ENDED | ||
APRIL 30, 2021 (UNAUDITED) |
STATEMENTS OF OPERATIONS |
Small Cap Fund | U.S. All Cap Index Fund | Real Estate Fund | International Equity Fund | |||||||||||||
Investment Income | ||||||||||||||||
Dividends | $ | 436,010 | $ | 143,812 | $ | 1,027,938 | $ | 1,115,676 | ||||||||
Interest | 86 | 43 | 266 | 154 | ||||||||||||
Less: Foreign Taxes Withheld | (1,128 | ) | (2 | ) | – | (118,675 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total Investment Income | 434,968 | 143,853 | 1,028,204 | 997,155 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Expenses | ||||||||||||||||
Investment Advisory Fees | 382,294 | 20,049 | 393,461 | 495,877 | ||||||||||||
Administration Fees | 65,036 | 12,365 | 57,205 | 67,975 | ||||||||||||
Trustees’ Fees | 4,617 | 880 | 4,201 | 4,815 | ||||||||||||
Chief Compliance Officer Fees | 2,027 | 562 | 1,830 | 2,106 | ||||||||||||
Shareholder Servicing Fees (Class S Shares) | 275 | – | – | 40 | ||||||||||||
Distribution Fees (Investor Shares) | 70 | – | – | 67 | ||||||||||||
Transfer Agent Fees | 30,658 | 9,274 | 15,631 | 31,136 | ||||||||||||
Registration & Filing Fees | 13,397 | 8,824 | 13,458 | 14,672 | ||||||||||||
Audit Fees | 12,141 | 12,100 | 12,141 | 12,141 | ||||||||||||
Printing Fees | 9,825 | 1,823 | 8,391 | 10,111 | ||||||||||||
Legal Fees | 9,363 | 1,794 | 14,775 | 9,804 | ||||||||||||
Custodian Fees | 3,883 | 6,699 | 4,046 | 11,638 | ||||||||||||
Pricing Fees | 2,179 | 20,694 | 2,516 | 4,032 | ||||||||||||
Interest Expense | – | – | – | – | ||||||||||||
Offering Costs (See Note 2) | – | 9,424 | – | – | ||||||||||||
Other Expenses | 7,938 | 2,188 | 8,061 | 8,742 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total Expenses | 543,703 | 106,676 | 535,716 | 673,156 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Recovery of Investment Advisory fees previously waived (Note 7) | 6,217 | – | – | – | ||||||||||||
Less: | ||||||||||||||||
Investment Advisory Fees Waiver | – | (20,049 | ) | (72,814 | ) | (66,966 | ) | |||||||||
Reimbursement from Adviser | – | (61,566 | ) | – | – | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net Expenses | 549,920 | 25,061 | 462,902 | 606,190 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net Investment Income (Loss) | (114,952 | ) | 118,792 | 565,302 | 390,965 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net Realized Gain on Investments | 8,248,735 | 36,122 | 8,872,576 | 3,344,362 | ||||||||||||
Net Realized Gain on Swap Contracts | – | 59,065 | – | – | ||||||||||||
Net Realized Loss on Foreign Currency Transactions | – | – | – | (35,117 | ) | |||||||||||
Net Change in Unrealized Appreciation on Investments | 28,520,007 | 5,086,963 | 11,948,492 | 25,749,442 | ||||||||||||
Net Foreign Capital Gains Tax on Appreciated Securities | – | – | – | (98,578 | ) | |||||||||||
Net Unrealized Appreciation on Swap Contracts | – | 105,719 | – | – | ||||||||||||
Net Change in Unrealized Appreciation on Foreign Currencies and Translation of Other Assets and Liabilities Denominated in Foreign Currencies | – | – | 521 | 3,134 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net Gain on Investments, Swap Contracts, Foreign Currency Transactions, Foreign Capital Gains Tax on Appreciated Investments and Foreign Currencies and Translation of Other Assets and Liabilities Denominated in Foreign Currencies | 36,768,742 | 5,287,869 | 20,821,589 | 28,963,243 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net Increase in Net Assets from Operations | $ | 36,653,790 | $ | 5,406,661 | $ | 21,386,891 | $ | 29,354,208 | ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Amounts designated as “—“ are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
62
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS | |
LIMITED DURATION FUND | ||
STATEMENTS OF CHANGES IN NET ASSETS |
Six Months Ended April 30, 2021 (Unaudited) | Year Ended October 31, 2020 | |||||||
Operations: | ||||||||
Net Investment Income | $ | 768,949 | $ | 2,145,433 | ||||
Net Realized Gain on Investments | 374,969 | 379,400 | ||||||
Net Change in Unrealized Appreciation (Depreciation) on Investments | (392,335 | ) | 694,861 | |||||
|
|
|
|
|
| |||
Net Increase in Net Assets Resulting from Operations | 751,583 | 3,219,694 | ||||||
|
|
|
|
|
| |||
Distributions: | ||||||||
I Shares | (818,627 | ) | (2,226,217 | ) | ||||
Class S Shares | (523 | ) | (565 | ) | ||||
Investor Shares(A) | — | (2,683 | ) | |||||
|
|
|
|
|
| |||
Total Distributions | (819,150 | ) | (2,229,465 | ) | ||||
|
|
|
|
|
| |||
Capital Share Transactions: | ||||||||
I Shares | ||||||||
Issued | 13,790,749 | 26,302,876 | ||||||
Reinvestment of Dividends | 810,950 | 2,210,844 | ||||||
Redeemed | (4,577,928 | ) | (11,350,361 | ) | ||||
|
|
|
|
|
| |||
Net Increase in Net Assets from I Shares Transactions | 10,023,771 | 17,163,359 | ||||||
|
|
|
|
|
| |||
Class S Shares | ||||||||
Issued | 24,943 | 74,657 | ||||||
Reinvestment of Dividends | 523 | 565 | ||||||
Redeemed | (21,055 | ) | (12,100 | ) | ||||
|
|
|
|
|
| |||
Net Increase in Net Assets from Class S Shares Transactions | 4,411 | 63,122 | ||||||
|
|
|
|
|
| |||
Investor Shares(A) | ||||||||
Issued | 943 | 574,647 | ||||||
Reinvestment of Dividends | — | 2,683 | ||||||
Redeemed | (594,283 | ) | (10,421 | ) | ||||
|
|
|
|
|
| |||
Net Increase (Decrease) in Net Assets from Investor Shares Transactions | (593,340 | ) | 566,909 | |||||
|
|
|
|
|
| |||
Net Increase in Net Assets from Capital Share Transactions | 9,434,842 | 17,793,390 | ||||||
|
|
|
|
|
| |||
Total Increase in Net Assets | 9,367,275 | 18,783,619 | ||||||
Net Assets: | ||||||||
Beginning of Period | 119,305,598 | 100,521,979 | ||||||
|
|
|
|
|
| |||
End of Period | $ | 128,672,873 | $ | 119,305,598 | ||||
|
|
|
|
|
| |||
Share Transactions: | ||||||||
I Shares | ||||||||
Issued | 1,364,999 | 2,623,012 | ||||||
Reinvestment of Dividends | 80,402 | 222,386 | ||||||
Redeemed | (452,375 | ) | (1,132,934 | ) | ||||
|
|
|
|
|
| |||
Total Increase in I Shares | 993,026 | 1,712,464 | ||||||
|
|
|
|
|
| |||
Class S Shares | ||||||||
Issued | 2,466 | 7,427 | ||||||
Reinvestment of Dividends | 52 | 56 | ||||||
Redeemed | (2,084 | ) | (1,201 | ) | ||||
|
|
|
|
|
| |||
Total Increase in Class S Shares | 434 | 6,282 | ||||||
|
|
|
|
|
| |||
Investor Shares(A) | ||||||||
Issued | 25 | 56,880 | ||||||
Reinvestment of Dividends | — | 267 | ||||||
Redeemed | (58,749 | ) | (1,042 | ) | ||||
|
|
|
|
|
| |||
Total Increase (Decrease) in Investor Shares | (58,724 | ) | 56,105 | |||||
|
|
|
|
|
| |||
Net Increase in Shares Outstanding | 934,736 | 1,774,851 | ||||||
|
|
|
|
|
|
(A) Effective February 25, 2021, Investor Shares Class were converted to I Shares Class of the Fund.
Amounts designated as “—” are $0.
The accompanying notes are an integral part of the financial statements.
63
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS | |
CORE BOND FUND | ||
STATEMENTS OF CHANGES IN NET ASSETS |
Six Months Ended April 30, 2021 (Unaudited) | Year Ended October 31, 2020 | |||||||
Operations: | ||||||||
Net Investment Income | $ | 1,201,475 | $ | 2,577,917 | ||||
Net Realized Gain on Investments | 84,317 | 1,534,432 | ||||||
Net Change in Unrealized Appreciation (Depreciation) on Investments | (1,588,969 | ) | 1,398,508 | |||||
|
|
|
|
|
| |||
Net Increase (Decrease) in Net Assets Resulting from Operations | (303,177 | ) | 5,510,857 | |||||
|
|
|
|
|
| |||
Distributions: | ||||||||
I Shares | (1,978,029 | ) | (2,816,730 | ) | ||||
Class S Shares | (18,933 | ) | (31,234 | ) | ||||
Investor Shares(A) | (1,842 | ) | (1,368 | ) | ||||
|
|
|
|
|
| |||
Total Distributions | (1,998,804 | ) | (2,849,332 | ) | ||||
|
|
|
|
|
| |||
Capital Share Transactions: | ||||||||
I Shares | ||||||||
Issued | 15,329,961 | 31,204,969 | ||||||
Reinvestment of Dividends | 1,950,286 | 2,771,271 | ||||||
Redeemed | (4,077,247 | ) | (20,168,034 | ) | ||||
|
|
|
|
|
| |||
Net Increase in Net Assets from I Shares Transactions | 13,203,000 | 13,808,206 | ||||||
|
|
|
|
|
| |||
Class S Shares | ||||||||
Issued | 77,988 | 130,203 | ||||||
Reinvestment of Dividends | 18,933 | 31,234 | ||||||
Redeemed | (32,708 | ) | (228,973 | ) | ||||
|
|
|
|
|
| |||
Net Increase (Decrease) in Net Assets from Class S Shares Transactions | 64,213 | (67,536 | ) | |||||
|
|
|
|
|
| |||
Investor Shares(A) | ||||||||
Issued | 17,046 | 158,706 | ||||||
Reinvestment of Dividends | 1,817 | 1,353 | ||||||
Redeemed | (181,250 | ) | (31,385 | ) | ||||
|
|
|
|
|
| |||
Net Increase (Decrease) in Net Assets from Investor Shares Transactions | (162,387 | ) | 128,674 | |||||
|
|
|
|
|
| |||
Net Increase in Net Assets from Capital Share Transactions | 13,104,826 | 13,869,344 | ||||||
|
|
|
|
|
| |||
Total Increase in Net Assets | 10,802,845 | 16,530,869 | ||||||
Net Assets: | ||||||||
Beginning of Period | 109,145,045 | 92,614,176 | ||||||
|
|
|
|
|
| |||
End of Period | $ | 119,947,890 | $ | 109,145,045 | ||||
|
|
|
|
|
| |||
Share Transactions: | ||||||||
I Shares | ||||||||
Issued | 1,453,762 | 2,964,970 | ||||||
Reinvestment of Dividends | 184,896 | 266,578 | ||||||
Redeemed | (389,530 | ) | (1,913,445 | ) | ||||
|
|
|
|
|
| |||
Total Increase in I Shares | 1,249,128 | 1,318,103 | ||||||
|
|
|
|
|
| |||
Class S Shares | ||||||||
Issued | 7,375 | 12,460 | ||||||
Reinvestment of Dividends | 1,796 | 3,009 | ||||||
Redeemed | (3,114 | ) | (21,546 | ) | ||||
|
|
|
|
|
| |||
Total Increase (Decrease) in Class S Shares | 6,057 | (6,077 | ) | |||||
|
|
|
|
|
| |||
Investor Shares(A) | ||||||||
Issued | 1,602 | 15,099 | ||||||
Reinvestment of Dividends | 170 | 130 | ||||||
Redeemed | (17,323 | ) | (3,043 | ) | ||||
|
|
|
|
|
| |||
Total Increase (Decrease) in Investor Shares | (15,551 | ) | 12,186 | |||||
|
|
|
|
|
| |||
Net Increase in Shares Outstanding | 1,239,634 | 1,324,212 | ||||||
|
|
|
|
|
|
(A) Effective February 25, 2021, Investor Shares Class were converted to I Shares Class of the Fund.
The accompanying notes are an integral part of the financial statements.
64
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS | |
LONG/SHORT EQUITY FUND | ||
STATEMENTS OF CHANGES IN NET ASSETS |
Six Months Ended April 30, 2021 (Unaudited) | Period Ended October 31, 2020* | |||||||
Operations: | ||||||||
Net Investment Loss | $ | (132,778 | ) | $ | (67,429 | ) | ||
Net Realized Gain (Loss) on Investments | 1,741,780 | (816,766 | ) | |||||
Net Realized Loss on Securities Sold Short | (2,302,068 | ) | (2,012,622 | ) | ||||
Net Realized Gain (Loss) on Option Contracts | (72,591 | ) | 28,008 | |||||
Net Realized Loss on Swap Contracts | — | (854,066 | ) | |||||
Net Change in Unrealized Appreciation on Investments | 3,644,992 | 1,146,410 | ||||||
Net Change in Unrealized Appreciation on Option Contracts | 37,144 | — | ||||||
Net Change in Unrealized Depreciation on Securities Sold Short | (513,764 | ) | (556,815 | ) | ||||
|
|
|
|
|
| |||
Net Increase (Decrease) in Net Assets Resulting from Operations | 2,402,715 | (3,133,280 | ) | |||||
|
|
|
|
|
| |||
Return of Capital: | ||||||||
I Shares | — | (29,579 | ) | |||||
|
|
|
|
|
| |||
Total Return of Capital | — | (29,579 | ) | |||||
|
|
|
|
|
| |||
Capital Share Transactions: | ||||||||
I Shares | ||||||||
Issued | 4,285,161 | 24,724,960 | ||||||
Reinvestment of Dividends | — | 29,579 | ||||||
Redeemed | (1,655,846 | ) | (649,721 | ) | ||||
|
|
|
|
|
| |||
Net Increase in Net Assets from Capital Share Transactions | 2,629,315 | 24,104,818 | ||||||
|
|
|
|
|
| |||
Total Increase in Net Assets | 5,032,030 | 20,941,959 | ||||||
Net Assets: | ||||||||
Beginning of Period | 20,941,959 | — | ||||||
|
|
|
|
|
| |||
End of Period | $ | 25,973,989 | $ | 20,941,959 | ||||
|
|
|
|
|
| |||
Share Transactions: | ||||||||
I Shares | ||||||||
Issued | 458,352 | 2,501,198 | ||||||
Reinvestment of Dividends | — | 3,250 | ||||||
Redeemed | (186,871 | ) | (73,078 | ) | ||||
|
|
|
|
|
| |||
Net Increase in Shares Outstanding | 271,481 | 2,431,370 | ||||||
|
|
|
|
|
|
* Commenced operations on December 2, 2019.
Amounts designated as “—” are $0.
The accompanying notes are an integral part of the financial statements.
65
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS | |
LARGE CAP VALUE FUND | ||
STATEMENTS OF CHANGES IN NET ASSETS |
Six Months Ended April 30, 2021 (Unaudited) | Year Ended October 31, 2020 | |||||||
Operations: | ||||||||
Net Investment Income | $ | 425,131 | $ | 1,055,396 | ||||
Net Realized Gain (Loss) on Investments | 2,507,354 | (244,442 | ) | |||||
Net Change in Unrealized Appreciation (Depreciation) on Investments | 24,989,385 | (7,096,981 | ) | |||||
|
|
|
|
|
| |||
Net Increase (Decrease) in Net Assets Resulting from Operations | 27,921,870 | (6,286,027 | ) | |||||
|
|
|
|
|
| |||
Distributions: | ||||||||
I Shares | (447,565 | ) | (2,384,663 | ) | ||||
Class S Shares | (1,734 | ) | (9,439 | ) | ||||
Investor Shares(A) | (379 | ) | (2,376 | ) | ||||
|
|
|
|
|
| |||
Total Distributions | (449,678 | ) | (2,396,478 | ) | ||||
|
|
|
|
|
| |||
Capital Share Transactions: | ||||||||
I Shares | ||||||||
Issued | 14,212,967 | 13,224,577 | ||||||
Reinvestment of Dividends | 445,115 | 2,377,230 | ||||||
Redeemed | (4,081,018 | ) | (8,088,980 | ) | ||||
|
|
|
|
|
| |||
Net Increase in Net Assets from I Shares Transactions | 10,577,064 | 7,512,827 | ||||||
|
|
|
|
|
| |||
Class S Shares | ||||||||
Issued | 51,760 | 67,294 | ||||||
Reinvestment of Dividends | 1,734 | 9,439 | ||||||
Redeemed | (34,215 | ) | (19,299 | ) | ||||
|
|
|
|
|
| |||
Net Increase in Net Assets from Class S Shares Transactions | 19,279 | 57,434 | ||||||
|
|
|
|
|
| |||
Investor Shares(A) | ||||||||
Issued | 52,867 | 104,710 | ||||||
Reinvestment of Dividends | 380 | 2,376 | ||||||
Redeemed | (171,329 | ) | (37,834 | ) | ||||
|
|
|
|
|
| |||
Net Increase (Decrease) in Net Assets from Investor Shares Transactions | (118,082 | ) | 69,252 | |||||
|
|
|
|
|
| |||
Net Increase in Net Assets from Capital Share Transactions | 10,478,261 | 7,639,513 | ||||||
|
|
|
|
|
| |||
Total Increase (Decrease) in Net Assets | 37,950,453 | (1,042,992 | ) | |||||
Net Assets: | ||||||||
Beginning of Period | 71,277,414 | 72,320,406 | ||||||
|
|
|
|
|
| |||
End of Period | $ | 109,227,867 | $ | 71,277,414 | ||||
|
|
|
|
|
| |||
Share Transactions: | ||||||||
I Shares | ||||||||
Issued | 1,020,792 | 1,140,275 | ||||||
Reinvestment of Dividends | 32,693 | 194,786 | ||||||
Redeemed | (290,642 | ) | (718,558 | ) | ||||
|
|
|
|
|
| |||
Total Increase in I Shares | 762,843 | 616,503 | ||||||
|
|
|
|
|
| |||
Class S Shares | ||||||||
Issued | 3,862 | 5,937 | ||||||
Reinvestment of Dividends | 128 | 773 | ||||||
Redeemed | (2,604 | ) | (1,656 | ) | ||||
|
|
|
|
|
| |||
Total Increase in Class S Shares | 1,386 | 5,054 | ||||||
|
|
|
|
|
| |||
Investor Shares(A) | ||||||||
Issued | 1,031 | 8,751 | ||||||
Reinvestment of Dividends | 29 | 195 | ||||||
Redeemed | (12,059 | ) | (3,039 | ) | ||||
|
|
|
|
|
| |||
Total Increase (Decrease) in Investor Shares | (10,999 | ) | 5,907 | |||||
|
|
|
|
|
| |||
Net Increase in Shares Outstanding | 753,230 | 627,464 | ||||||
|
|
|
|
|
|
(A) Effective February 25, 2021, Investor Shares Class were converted to I Shares Class of the Fund.
The accompanying notes are an integral part of the financial statements.
66
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS | |
LARGE CAP GROWTH FUND | ||
STATEMENTS OF CHANGES IN NET ASSETS |
Six Months Ended April 30, 2021 (Unaudited) | Year Ended October 31, 2020 | |||||||
Operations: | ||||||||
Net Investment Loss | $ | (107,937 | ) | $ | (76,825 | ) | ||
Net Realized Gain on Investments | 9,842,412 | 5,646,293 | ||||||
Net Change in Unrealized Appreciation on Investments | 9,807,510 | 13,073,958 | ||||||
|
|
|
| |||||
Net Increase in Net Assets Resulting from Operations | 19,541,985 | 18,643,426 | ||||||
|
|
|
| |||||
Distributions: | ||||||||
I Shares | (5,510,859 | ) | (3,781,329 | ) | ||||
Class S Shares | (91,415 | ) | (53,174 | ) | ||||
Investor Shares(A) | (35,974 | ) | (2,993 | ) | ||||
|
|
|
| |||||
Total Distributions | (5,638,248 | ) | (3,837,496 | ) | ||||
|
|
|
| |||||
Capital Share Transactions: | ||||||||
I Shares | ||||||||
Issued | 8,954,556 | 7,383,931 | ||||||
Reinvestment of Dividends | 5,502,729 | 3,775,630 | ||||||
Redeemed | (6,422,748 | ) | (8,087,199 | ) | ||||
|
|
|
| |||||
Net Increase in Net Assets from I Shares Transactions | 8,034,537 | 3,072,362 | ||||||
|
|
|
| |||||
Class S Shares | ||||||||
Issued | 107,989 | 380,753 | ||||||
Reinvestment of Dividends | 91,415 | 53,174 | ||||||
Redeemed | (116,639 | ) | (257,176 | ) | ||||
|
|
|
| |||||
Net Increase in Net Assets from Class S Shares Transactions | 82,765 | 176,751 | ||||||
|
|
|
| |||||
Investor Shares(A) | ||||||||
Issued | 570,730 | 88,004 | ||||||
Reinvestment of Dividends | 35,825 | 2,993 | ||||||
Redeemed | (709,079 | ) | (38,798 | ) | ||||
|
|
|
| |||||
Net Increase (Decrease) in Net Assets from Investor Shares Transactions | (102,524 | ) | 52,199 | |||||
|
|
|
| |||||
Net Increase in Net Assets from Capital Share Transactions | 8,014,778 | 3,301,312 | ||||||
|
|
|
| |||||
Total Increase in Net Assets | 21,918,515 | 18,107,242 | ||||||
Net Assets: | ||||||||
Beginning of Period | 90,420,942 | 72,313,700 | ||||||
|
|
|
| |||||
End of Period | $ | 112,339,457 | $ | 90,420,942 | ||||
|
|
|
| |||||
Share Transactions: | ||||||||
I Shares | ||||||||
Issued | 530,344 | 529,741 | ||||||
Reinvestment of Dividends | 330,892 | 288,216 | ||||||
Redeemed | (373,454 | ) | (578,147 | ) | ||||
|
|
|
| |||||
Total Increase in I Shares | 487,782 | 239,810 | ||||||
|
|
|
| |||||
Class S Shares | ||||||||
Issued | 6,368 | 26,111 | ||||||
Reinvestment of Dividends | 5,514 | 4,065 | ||||||
Redeemed | (15,945 | ) | (17,956 | ) | ||||
|
|
|
| |||||
Total Increase (Decrease) in Class S Shares | (4,063 | ) | 12,220 | |||||
|
|
|
| |||||
Investor Shares(A) | ||||||||
Issued | 30,937 | 6,279 | ||||||
Reinvestment of Dividends | 2,175 | 230 | ||||||
Redeemed | (41,372 | ) | (2,859 | ) | ||||
|
|
|
| |||||
Total Increase (Decrease) in Investor Shares | (8,260 | ) | 3,650 | |||||
|
|
|
| |||||
Net Increase in Shares Outstanding | 475,459 | 255,680 | ||||||
|
|
|
|
(A) Effective February 25, 2021, Investor Shares Class were converted to I Shares Class of the Fund.
The accompanying notes are an integral part of the financial statements.
67
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS | |
SMALL CAP FUND | ||
STATEMENTS OF CHANGES IN NET ASSETS |
Six Months Ended April 30, 2021 (Unaudited) | Year Ended October 31, 2020 | |||||||
Operations: | ||||||||
Net Investment Loss | $ | (114,952 | ) | $ | (126,265 | ) | ||
Net Realized Gain (Loss) on Investments | 8,248,735 | (2,357,178 | ) | |||||
Net Change in Unrealized Appreciation on Investments | 28,520,007 | 657,261 | ||||||
|
|
|
| |||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 36,653,790 | (1,826,182 | ) | |||||
|
|
|
| |||||
Capital Share Transactions: | ||||||||
I Shares | ||||||||
Issued | 5,906,274 | 14,524,999 | ||||||
Redeemed | (6,310,000 | ) | (20,596,320 | ) | ||||
|
|
|
| |||||
Net Decrease in Net Assets from I Shares Transactions | (403,726 | ) | (6,071,321 | ) | ||||
|
|
|
| |||||
Class S Shares | ||||||||
Issued | 74,503 | 202,418 | ||||||
Redeemed | (17,521 | ) | (26,206 | ) | ||||
|
|
|
| |||||
Net Increase in Net Assets from Class S Shares Transactions | 56,982 | 176,212 | ||||||
|
|
|
| |||||
Investor Shares(A) | ||||||||
Issued | 41,788 | 49,234 | ||||||
Redeemed | (110,993 | ) | (10,546 | ) | ||||
|
|
|
| |||||
Net Increase (Decrease) in Net Assets from Investor Shares Transactions | (69,205 | ) | 38,688 | |||||
|
|
|
| |||||
Net Decrease in Net Assets from Capital Share Transactions | (415,949 | ) | (5,856,421 | ) | ||||
|
|
|
| |||||
Total Increase (Decrease) in Net Assets | 36,237,841 | (7,682,603 | ) | |||||
Net Assets: | ||||||||
Beginning of Period | 81,521,678 | 89,204,281 | ||||||
|
|
|
| |||||
End of Period | $ | 117,759,519 | $ | 81,521,678 | ||||
|
|
|
| |||||
Share Transactions: | ||||||||
I Shares | ||||||||
Issued | 445,748 | 1,491,846 | ||||||
Redeemed | (484,713 | ) | (1,893,942 | ) | ||||
|
|
|
| |||||
Total Decrease in I Shares | (38,965 | ) | (402,096 | ) | ||||
|
|
|
| |||||
Class S Shares | ||||||||
Issued | 5,579 | 20,880 | ||||||
Redeemed | (1,309 | ) | (2,610 | ) | ||||
|
|
|
| |||||
Total Increase in Class S Shares | 4,270 | 18,270 | ||||||
|
|
|
| |||||
Investor Shares(A) | ||||||||
Issued | 1,089 | 4,879 | ||||||
Redeemed | (7,793 | ) | (996 | ) | ||||
|
|
|
| |||||
Total Increase (Decrease) in Investor Shares | (6,704 | ) | 3,883 | |||||
|
|
|
| |||||
Net Decrease in Shares Outstanding | (41,399 | ) | (379,943 | ) | ||||
|
|
|
|
(A) Effective February 25, 2021, Investor Shares Class were converted to I Shares Class of the Fund.
The accompanying notes are an integral part of the financial statements.
68
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS | |
U.S. ALL CAP INDEX FUND | ||
STATEMENTS OF CHANGES IN NET ASSETS |
Six Months Ended April 30, 2021 (Unaudited) | Period Ended October 31, 2020* | |||||||
Operations: | ||||||||
Net Investment Income | $ | 118,792 | $ | 185,575 | ||||
Net Realized Gain (Loss) on Investments | 36,122 | (76,666 | ) | |||||
Net Realized Gain on Swap Contracts | 59,065 | 2,948 | ||||||
Net Change in Unrealized Appreciation on Investments | 5,086,963 | 395,700 | ||||||
Net Unrealized Appreciation on Swap Contracts | 105,719 | — | ||||||
|
|
|
| |||||
Net Increase in Net Assets Resulting from Operations | 5,406,661 | 507,557 | ||||||
|
|
|
| |||||
Distributions: | ||||||||
I Shares | (122,572 | ) | (172,700 | ) | ||||
|
|
|
| |||||
Total Distributions | (122,572 | ) | (172,700 | ) | ||||
|
|
|
| |||||
Capital Share Transactions: | ||||||||
I Shares | ||||||||
Issued | 2,462,093 | 15,598,025 | ||||||
Reinvestment of Dividends | 122,536 | 172,700 | ||||||
Redeemed | (536,737 | ) | (116,388 | ) | ||||
|
|
|
| |||||
Net Increase in Net Assets from Capital Share Transactions | 2,047,892 | 15,654,337 | ||||||
|
|
|
| |||||
Total Increase in Net Assets | 7,331,981 | 15,989,194 | ||||||
Net Assets: | ||||||||
Beginning of Period | 15,989,194 | — | ||||||
|
|
|
| |||||
End of Period | $ | 23,321,175 | $ | 15,989,194 | ||||
|
|
|
| |||||
Share Transactions: | ||||||||
I Shares | ||||||||
Issued | 201,921 | 1,562,294 | ||||||
Reinvestment of Dividends | 10,000 | 19,109 | ||||||
Redeemed | (44,399 | ) | (10,992 | ) | ||||
|
|
|
| |||||
Net Increase in Shares Outstanding | 167,522 | 1,570,411 | ||||||
|
|
|
|
* Commenced operations on December 31, 2019.
Amounts designated as “—” are $0.
The accompanying notes are an integral part of the financial statements.
69
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS | |
REAL ESTATE FUND# | ||
STATEMENTS OF CHANGES IN NET ASSETS |
Six Months Ended April 30, 2021 (Unaudited) | Year Ended October 31, 2020 | |||||||
Operations: | ||||||||
Net Investment Income | $ | 565,302 | $ | 841,665 | ||||
Net Realized Gain on Investments | 8,872,576 | 1,958,824 | ||||||
Net Realized Loss on Foreign Currency Transactions | — | (28,496 | ) | |||||
Net Change in Unrealized Appreciation (Depreciation) on Investments | 11,948,492 | (8,910,886 | ) | |||||
Net Change in Unrealized Appreciation on Translation of Other Assets and Liabilities Denominated in Foreign Currencies | 521 | 441 | ||||||
|
|
|
| |||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 21,386,891 | (6,138,452 | ) | |||||
|
|
|
| |||||
Distributions: | ||||||||
I Shares | (2,839,325 | ) | (1,315,189 | ) | ||||
|
|
|
| |||||
Total Distributions | (2,839,325 | ) | (1,315,189 | ) | ||||
|
|
|
| |||||
Capital Share Transactions: | ||||||||
I Shares | ||||||||
Issued | 3,359,439 | 37,843,888 | ||||||
Reinvestment of Dividends | 2,839,282 | 1,315,189 | ||||||
Redeemed | (48,163 | ) | (189,108 | ) | ||||
|
|
|
| |||||
Net Increase in Net Assets from Capital Share Transactions | 6,150,558 | 38,969,969 | ||||||
|
|
|
| |||||
Total Increase in Net Assets | 24,698,124 | 31,516,328 | ||||||
Net Assets: | ||||||||
Beginning of Period | 80,526,709 | 49,010,381 | ||||||
|
|
|
| |||||
End of Period | $ | 105,224,833 | $ | 80,526,709 | ||||
|
|
|
| |||||
Share Transactions: | ||||||||
I Shares | ||||||||
Issued | 321,857 | 4,199,371 | ||||||
Reinvestment of Dividends | 288,145 | 145,255 | ||||||
Redeemed | (4,900 | ) | (20,428 | ) | ||||
|
|
|
| |||||
Net Increase in Shares Outstanding | 605,102 | 4,324,198 | ||||||
|
|
|
|
# Effective July 20, 2020, Global Real Estate Fund was renamed as Real Estate Fund.
Amount designated as “—” is $0.
The accompanying notes are an integral part of the financial statements.
70
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS | |
INTERNATIONAL EQUITY FUND | ||
STATEMENTS OF CHANGES IN NET ASSETS |
Six Months Ended April 30, 2021 (Unaudited) | Year Ended October 31, 2020 | |||||||
Operations: | ||||||||
Net Investment Income | $ | 390,965 | $ | 1,107,927 | ||||
Net Realized Gain (Loss) on Investments | 3,344,362 | (392,106 | ) | |||||
Net Realized Loss on Foreign Currency Transactions | (35,117 | ) | (39,946 | ) | ||||
Net Change in Unrealized Appreciation (Depreciation) on Investments | 25,749,442 | (828,407 | ) | |||||
Net Foreign Capital Gains Tax on Appreciated Securities | (98,578 | ) | — | |||||
Net Change in Unrealized Appreciation on Foreign Currencies and Translation of Other Assets and Liabilities Denominated in Foreign Currencies | 3,134 | 9,855 | ||||||
|
|
|
| |||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 29,354,208 | (142,677 | ) | |||||
|
|
|
| |||||
Distributions: | ||||||||
I Shares | (238,137 | ) | (945,644 | ) | ||||
Class S Shares | (161 | ) | (1,458 | ) | ||||
Investor Shares(A) | — | (397 | ) | |||||
|
|
|
| |||||
Total Distributions | (238,298 | ) | (947,499 | ) | ||||
|
|
|
| |||||
Return of Capital: | ||||||||
I Shares | — | (297,459 | ) | |||||
Class S Shares | — | (469 | ) | |||||
Investor Shares(A) | — | (155 | ) | |||||
|
|
|
| |||||
Total Return of Capital | — | (298,083 | ) | |||||
|
|
|
| |||||
Capital Share Transactions: | ||||||||
I Shares | ||||||||
Issued | 10,045,268 | 9,817,788 | ||||||
Reinvestment of Dividends | 237,556 | 1,240,247 | ||||||
Redeemed | (1,835,695 | ) | (3,909,130 | ) | ||||
|
|
|
| |||||
Net Increase in Net Assets from I Shares Transactions | 8,447,129 | 7,148,905 | ||||||
|
|
|
| |||||
Class S Shares | ||||||||
Issued | 15,584 | 33,299 | ||||||
Reinvestment of Dividends | 161 | 1,927 | ||||||
Redeemed | (3,054 | ) | (126,260 | ) | ||||
|
|
|
| |||||
Net Increase (Decrease) in Net Assets from Class S Shares Transactions | 12,691 | (91,034 | ) | |||||
|
|
|
| |||||
Investor Shares(A) | ||||||||
Issued | 23,809 | 50,180 | ||||||
Reinvestment of Dividends | — | 553 | ||||||
Redeemed | (90,787 | ) | (10,523 | ) | ||||
|
|
|
| |||||
Net Increase (Decrease) in Net Assets from Investor Shares Transactions | (66,978 | ) | 40,210 | |||||
|
|
|
| |||||
Net Increase in Net Assets from Capital Share Transactions | 8,392,842 | 7,098,081 | ||||||
|
|
|
| |||||
Total Increase in Net Assets | 37,508,752 | 5,709,822 | ||||||
Net Assets: | ||||||||
Beginning of Period | 87,413,940 | 81,704,118 | ||||||
|
|
|
| |||||
End of Period | $ | 124,922,692 | $ | 87,413,940 | ||||
|
|
|
| |||||
Share Transactions: | ||||||||
I Shares | ||||||||
Issued | 756,396 | 874,772 | ||||||
Reinvestment of Dividends | 17,029 | 117,450 | ||||||
Redeemed | (131,785 | ) | (369,116 | ) | ||||
|
|
|
| |||||
Total Increase in I Shares | 641,640 | 623,106 | ||||||
|
|
|
| |||||
Class S Shares | ||||||||
Issued | 1,117 | 3,184 | ||||||
Reinvestment of Dividends | 11 | 185 | ||||||
Redeemed | (231 | ) | (11,792 | ) | ||||
|
|
|
| |||||
Total Increase (Decrease) in Class S Shares | 897 | (8,423 | ) | |||||
|
|
|
| |||||
Investor Shares(A) | ||||||||
Issued | 49 | 4,612 | ||||||
Reinvestment of Dividends | — | 52 | ||||||
Redeemed | (6,439 | ) | (937 | ) | ||||
|
|
|
| |||||
Total Increase (Decrease) in Investor Shares | (6,390 | ) | 3,727 | |||||
|
|
|
| |||||
Net Increase in Shares Outstanding | 636,147 | 618,410 | ||||||
|
|
|
|
(A) Effective February 25, 2021, Investor Shares Class were converted to I Shares Class of the Fund.
Amounts designated as “—” are $0.
The accompanying notes are an integral part of the financial statements.
71
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS FUNDS | |
The accompanying notes are an integral part of the financial statements.
72
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS FUNDS | |
Net Asset | Net Investment Income (Loss)* | Net Realized and Unrealized Gain (Loss) on Investments | Total from Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Return of Capital | Total Distributions | Net Asset Value, End of Period | Total Return† | Net Assets End of Period | Ratio of Expenses to Average Net Assets (including waivers and reimbursements) | Ratio of Expenses to Average Net Assets (excluding waivers and reimbursements) | Ratio of Net Investment Income (Loss) to Average Net Assets | Portfolio Turnover † | ||||||||||||||||||||||||||||||||||||||||||||||
Class S Shares |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021@ | $ | 15.38 | $ | (0.03 | ) | $ | 3.24 | $ | 3.21 | $ | – | $ | (0.93 | ) | $ | – | $ | (0.93 | ) | $ | 17.66 | 21.29% | $ | 1,616 | 1.00% | 1.01% | (0.30)% | 42% | ||||||||||||||||||||||||||||||||
2020 | $ | 12.87 | $ | (0.03 | ) | $ | 3.22 | $ | 3.19 | $ | – | $ | (0.68 | ) | $ | – | $ | (0.68 | ) | $ | 15.38 | 25.71% | $ | 1,470 | 1.00% | 1.10% | (0.20)% | 93% | ||||||||||||||||||||||||||||||||
2019 | $ | 13.22 | $ | – | $ | 1.09 | $ | 1.09 | $ | (0.01 | ) | $ | (1.43 | ) | $ | – | $ | (1.44 | ) | $ | 12.87 | 10.82% | $ | 1,073 | 1.00% | 1.15% | (0.04)% | 113% | ||||||||||||||||||||||||||||||||
2018 | $ | 12.34 | $ | (0.01 | ) | $ | 0.99 | $ | 0.98 | $ | (0.01 | ) | $ | (0.09 | ) | $ | – | $ | (0.10 | ) | $ | 13.22 | 7.99% | $ | 927 | 0.97% | 1.17% | (0.06)% | 118% | |||||||||||||||||||||||||||||||
2017 | $ | 9.78 | $ | 0.02 | $ | 2.57 | $ | 2.59 | $ | (0.03 | ) | $ | – | $ | – | $ | (0.03 | ) | $ | 12.34 | 26.47% | $ | 12 | 0.90% | 1.34% | 0.17% | 86% | |||||||||||||||||||||||||||||||||
2016 | $ | 10.00 | $ | 0.03 | $ | (0.22 | ) | $ | (0.19 | ) | $ | (0.03 | ) | $ | – | $ | – | $ | (0.03 | ) | $ | 9.78 | (1.91)% | $ | 10 | 0.93% | 1.58% | 0.30% | 75% | |||||||||||||||||||||||||||||||
Small Cap Fund†† |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
I Shares^(1) |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021@ | $ | 10.04 | $ | (0.01 | ) | $ | 4.55 | $ | 4.54 | $ | – | $ | – | $ | – | $ | – | $ | 14.58 | 45.22% | $ | 117,113 | 1.04% | 1.03% | (0.22)% | 33% | ||||||||||||||||||||||||||||||||||
2020 | $ | 10.49 | $ | (0.02 | ) | $ | (0.43 | ) | $ | (0.45 | ) | $ | – | $ | – | $ | – | $ | – | $ | 10.04 | (4.29)% | $ | 81,052 | 1.05% | 1.14% | (0.16)% | 107% | ||||||||||||||||||||||||||||||||
2019 | $ | 11.39 | $ | (0.02 | ) | $ | 0.29 | $ | 0.27 | $ | – | $ | (1.16 | ) | $ | (0.01 | ) | $ | (1.17 | ) | $ | 10.49 | 4.41% | $ | 88,944 | 1.05% | 1.14% | (0.19)% | 65% | |||||||||||||||||||||||||||||||
2018 | $ | 12.30 | $ | (0.01 | ) | $ | (0.31 | ) | $ | (0.32 | ) | $ | (0.01 | ) | $ | (0.58 | ) | $ | – | $ | (0.59 | ) | $ | 11.39 | (2.90)% | $ | 80,036 | 1.05% | 1.17% | (0.10)% | 92% | |||||||||||||||||||||||||||||
2017 | $ | 9.62 | $ | – | $ | 2.69 | $ | 2.69 | $ | (0.01 | ) | $ | – | $ | – | $ | (0.01 | ) | $ | 12.30 | 28.01% | $ | 76,196 | 1.05% | 1.33% | 0.03% | 108% | |||||||||||||||||||||||||||||||||
2016 | $ | 9.91 | $ | 0.02 | $ | (0.29 | ) | $ | (0.27 | ) | $ | (0.01 | ) | $ | – | $ | (0.01 | ) | $ | (0.02 | ) | $ | 9.62 | (2.75)% | $ | 43,385 | 1.05% | 1.51% | 0.17% | 83% | ||||||||||||||||||||||||||||||
Class S Shares |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021@ | $ | 10.01 | $ | (0.02 | ) | $ | 4.53 | $ | 4.51 | $ | – | $ | – | $ | – | $ | – | $ | 14.52 | 45.05% | $ | 647 | 1.14% | 1.13% | (0.33)% | 33% | ||||||||||||||||||||||||||||||||||
2020 | $ | 10.47 | $ | (0.03 | ) | $ | (0.43 | ) | $ | (0.46 | ) | $ | – | $ | – | $ | – | $ | – | $ | 10.01 | (4.39)% | $ | 403 | 1.15% | 1.25% | (0.29)% | 107% | ||||||||||||||||||||||||||||||||
2019 | $ | 11.37 | $ | (0.03 | ) | $ | 0.29 | $ | 0.26 | $ | – | $ | (1.16 | ) | $ | –# | $ | (1.16 | ) | $ | 10.47 | 4.36% | $ | 231 | 1.15% | 1.24% | (0.26)% | 65% | ||||||||||||||||||||||||||||||||
2018 | $ | 12.29 | $ | (0.03 | ) | $ | (0.31 | ) | $ | (0.34 | ) | $ | –# | $ | (0.58 | ) | $ | – | $ | (0.58 | ) | $ | 11.37 | (3.02)% | $ | 320 | 1.20% | 1.32% | (0.25)% | 92% | ||||||||||||||||||||||||||||||
2017 | $ | 9.62 | $ | (0.01 | ) | $ | 2.69 | $ | 2.68 | $ | (0.01 | ) | $ | – | $ | – | $ | (0.01 | ) | $ | 12.29 | 27.88% | $ | 199 | 1.09% | 1.36% | (0.06)% | 108% | ||||||||||||||||||||||||||||||||
2016 | $ | 9.91 | $ | 0.01 | $ | (0.28 | ) | $ | (0.27 | ) | $ | (0.01 | ) | $ | – | $ | (0.01 | ) | $ | (0.02 | ) | $ | 9.62 | (2.77)% | $ | 9 | 1.09% | 1.55% | 0.13% | 83% | ||||||||||||||||||||||||||||||
U.S. All Cap Index Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
I Shares(1) |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021@ | $ | 10.18 | $ | 0.07 | $ | 3.24 | $ | 3.31 | $ | (0.07 | ) | $ | – | $ | – | $ | (0.07 | ) | $ | 13.42 | 32.61% | $ | 23,321 | 0.25% | 1.06% | 1.18% | 3% | |||||||||||||||||||||||||||||||||
2020(5) | $ | 10.00 | $ | 0.12 | $ | 0.17 | $ | 0.29 | $ | (0.11 | ) | $ | – | $ | – | $ | (0.11 | ) | $ | 10.18 | 3.08% | $ | 15,989 | 0.25% | 1.78% | 1.52% | 8% | |||||||||||||||||||||||||||||||||
Real Estate Fund## |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
I Shares(1) |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021@ | $ | 8.88 | $ | 0.06 | $ | 2.25 | $ | 2.31 | $ | (0.12 | ) | $ | (0.19 | ) | $ | – | $ | (0.31 | ) | $ | 10.88 | 26.39% | $ | 105,225 | 1.00% | 1.16% | 1.22% | 63% | ||||||||||||||||||||||||||||||||
2020 | $ | 10.33 | $ | 0.13 | $ | (1.34 | ) | $ | (1.21 | ) | $ | (0.19 | ) | $ | (0.05 | ) | $ | – | $ | (0.24 | ) | $ | 8.88 | (11.74)% | $ | 80,527 | 1.00% | 1.45% | 1.42% | 232% | ||||||||||||||||||||||||||||||
2019(6) | $ | 10.00 | $ | 0.01 | $ | 0.32 | $ | 0.33 | $ | – | $ | – | $ | – | $ | – | $ | 10.33 | 3.30% | $ | 49,010 | 1.00% | 1.96% | 0.61% | 10% | |||||||||||||||||||||||||||||||||||
International Equity Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
I Shares^(1) |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021@ | $ | 11.05 | $ | 0.05 | $ | 3.55 | $ | 3.60 | $ | (0.03 | ) | $ | – | $ | – | $ | (0.03 | ) | $ | 14.62 | 32.58% | $ | 124,827 | 1.10% | 1.22% | 0.71% | 24% | |||||||||||||||||||||||||||||||||
2020 | $ | 11.20 | $ | 0.15 | $ | (0.14 | ) | $ | 0.01 | $ | (0.12 | ) | $ | – | $ | (0.04 | ) | $ | (0.16 | ) | $ | 11.05 | 0.20% | $ | 87,281 | 1.10% | 1.33% | 1.37% | 47% | |||||||||||||||||||||||||||||||
2019 | $ | 10.85 | $ | 0.21 | $ | 0.62 | $ | 0.83 | $ | (0.21 | ) | $ | (0.27 | ) | $ | – | $ | (0.48 | ) | $ | 11.20 | 7.94% | $ | 81,517 | 1.10% | 1.36% | 1.93% | 49% | ||||||||||||||||||||||||||||||||
2018 | $ | 11.80 | $ | 0.22 | $ | (0.94 | ) | $ | (0.72 | ) | $ | (0.23 | ) | $ | – | $ | – | $ | (0.23 | ) | $ | 10.85 | (6.24)% | $ | 67,140 | 1.10% | 1.39% | 1.86% | 45% | |||||||||||||||||||||||||||||||
2017 | $ | 9.35 | $ | 0.16 | $ | 2.46 | $ | 2.62 | $ | (0.17 | ) | $ | – | $ | – | $ | (0.17 | ) | $ | 11.80 | 28.20% | $ | 62,905 | 1.10% | 1.56% | 1.58% | 40% | |||||||||||||||||||||||||||||||||
2016 | $ | 9.13 | $ | 0.15 | $ | 0.22 | $ | 0.37 | $ | (0.15 | ) | $ | – | $ | – | $ | (0.15 | ) | $ | 9.35 | 4.12% | $ | 44,282 | 1.10% | 1.71% | 1.65% | 55% | |||||||||||||||||||||||||||||||||
Class S Shares |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021@ | $ | 11.02 | $ | 0.04 | $ | 3.55 | $ | 3.59 | $ | (0.03 | ) | $ | – | $ | – | $ | (0.03 | ) | $ | 14.58 | 32.54% | $ | 96 | 1.20% | 1.32% | 0.66% | 24% | |||||||||||||||||||||||||||||||||
2020 | $ | 11.18 | $ | 0.15 | $ | (0.16 | ) | $ | (0.01 | ) | $ | (0.11 | ) | $ | – | $ | (0.04 | ) | $ | (0.15 | ) | $ | 11.02 | 0.00% | $ | 62 | 1.20% | 1.42% | 1.39% | 47% | ||||||||||||||||||||||||||||||
2019 | $ | 10.84 | $ | 0.20 | $ | 0.61 | $ | 0.81 | $ | (0.20 | ) | $ | (0.27 | ) | $ | – | $ | (0.47 | ) | $ | 11.18 | 7.75% | $ | 157 | 1.20% | 1.46% | 1.86% | 49% | ||||||||||||||||||||||||||||||||
2018 | $ | 11.80 | $ | 0.20 | $ | (0.94 | ) | $ | (0.74 | ) | $ | (0.22 | ) | $ | – | $ | – | $ | (0.22 | ) | $ | 10.84 | (6.44)% | $ | 149 | 1.24% | 1.53% | 1.70% | 45% | |||||||||||||||||||||||||||||||
2017 | $ | 9.35 | $ | 0.18 | $ | 2.44 | $ | 2.62 | $ | (0.17 | ) | $ | – | $ | – | $ | (0.17 | ) | $ | 11.80 | 28.18% | $ | 27 | 1.11% | 1.57% | 1.66% | 40% | |||||||||||||||||||||||||||||||||
2016 | $ | 9.12 | $ | 0.15 | $ | 0.22 | $ | 0.37 | $ | (0.14 | ) | $ | – | $ | – | $ | (0.14 | ) | $ | 9.35 | 4.20% | $ | 9 | 1.13% | 1.74% | 1.63% | 55% |
* | Per share data calculated using the average shares method. |
† | Total return and portfolio turnover are for the period indicated and have not been annualized. Total return would have been lower had the Adviser not waived a portion of its fee. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
^ | Effective March 1, 2018, Institutional Shares were renamed as I Shares. |
@ | For the six months ended April 30, 2021. All ratios for the period have been annualized. |
# | Amount is less than $0.005. |
## | Effective July 20, 2020, Global Real Estate Fund was renamed as Real Estate Fund. |
‡ | Effective March 1, 2018, Limited Duration Bond Fund was renamed as Limited Duration Fund. |
†† | Effective March 1, 2018, Small Cap Equity Fund was renamed as Small Cap Fund. |
(1) | Effective February 25, 2021, Investor Shares Class were converted to I Shares Class of the Fund. |
(2) | The expense ratio includes dividend expense. Had this expense been excluded the ratios would have been 1.49%, 1.91%, and (2.18)%, respectively . |
(3) | Commenced operations on December 2, 2019. All ratios for the period have been annualized. |
(4) | The expense ratio includes dividend expense. Had this expense been excluded the ratios would have been 1.50%, 2.17%, and (0.58)%. |
(5) | Commenced operations on December 31, 2019. All ratios for the period have been annualized. |
(6) | Commenced operations on September 30, 2019. All ratios for the period have been annualized. |
Amounts designated as “—“ are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
73
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS FUNDS | |
APRIL 30, 2021 (UNAUDITED) | ||
1. Organization:
The Advisors’ Inner Circle Fund III (the “Trust”) is organized as a Delaware statutory trust under an Agreement and Declaration of Trust dated December 4, 2013. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company with 40 funds. The financial statements herein are those of the Knights of Columbus Limited Duration Fund (the “Limited Duration Fund”), the Knights of Columbus Core Bond Fund (the “Core Bond Fund”), the Knights of Columbus Long/Short Equity Fund (the “Long/Short Equity Fund”), the Knights of Columbus Large Cap Value Fund (the “Large Cap Value Fund”), the Knights of Columbus Large Cap Growth Fund (the “Large Cap Growth Fund”), the Knights of Columbus Small Cap Fund (the “Small Cap Fund”), the Knights of Columbus U.S. All Cap Index Fund (the “U.S. All Cap Index Fund”), the Knights of Columbus Real Estate Fund (the “Real Estate Fund”) and the Knights of Columbus International Equity Fund (the “International Equity Fund”) (collectively the “Funds,” individually a “Fund”), all of which are diversified Funds. The investment objective of the Limited Duration Fund and Core Bond Fund is to seek current income and capital preservation. The investment objective of the Long/Short Equity Fund, Large Cap Value Fund, Large Cap Growth Fund, Small Cap Fund and International Equity Fund is to seek long-term capital appreciation. The investment objective of the Real Estate Fund is to seek current income and capital appreciation. The U.S. All Cap Index Fund seeks investment results to the performance of an index that measures the investment return of the broad U.S. stock market, excluding companies whose policies and practices are inconsistent with the United States Conference of Catholic Bishops’ Socially Responsible Investing Guidelines (the “USCCB Guidelines”). The financial statements of the remaining funds of the Trust are presented separately. The assets of each fund are segregated, and a shareholder’s interest is limited to the fund in which shares are held.
Effective February 25, 2021, Investor Shares Class were converted to I Shares Class of the Funds. After the Conversion Date, Investor Shares will no longer be offered by the Funds, and will be terminated as a separately designated class of the Funds.
2. Significant Accounting Policies:
The following are significant accounting policies, which are consistently followed in the preparation of its financial statements of the Funds. The Funds are investment companies that apply the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board (“FASB”).
Use of Estimates — The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates and such differences could be material.
Security Valuation — Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on the NASDAQ Stock Market (the “NASDAQ”)), including securities traded over the counter, are valued at the last quoted sale price on an exchange or market (foreign or domestic) on which they are traded on valuation date (or at approximately 4:00 pm ET if a security’s primary exchange is normally open at that time), or, if there is no such reported sale on the valuation date, at the most recent quoted bid price. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. If available, debt securities are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Such methodologies generally consider such factors as security prices, yields, maturities, call features, ratings and developments relating to specific securities in arriving at valuations. On the first day a new debt security purchase is recorded, if a price is not available on the automated pricing feeds from our primary and secondary pricing vendors nor is it available from an independent broker, the security may be valued at its purchase price. Each day thereafter, the debt security will be valued according to the Trusts’ Fair Value Procedures until an independent source can be secured. Debt obligations with remaining maturities of sixty days or less may be valued at their amortized cost, which approximates market value provided that it is determined the amortized cost continues to approximate fair value. Should existing credit, liquidity or interest rate conditions in the relevant markets and issuer specific circumstances suggest that amortized cost does not approximate fair value, then the amortized cost method may not be used. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates.
Securities for which market prices are not “readily available” are valued in accordance with fair value procedures established by the Funds’ Board of Trustees (the “Board”). The Funds’ fair value procedures are implemented through a fair value pricing committee (the “Committee”) designated by the Board. Some of the more common reasons that may necessitate that a security be valued using fair value procedures include: the security’s trading has been halted or suspended; the security has been de-listed from a national exchange; the security’s primary trading market is temporarily closed at a time when under normal conditions it would be open; or the security’s primary pricing source is not able or willing to provide a price. When a security is valued in accordance with the fair value procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee.
For securities that principally trade on a foreign market or exchange, a significant gap in time can exist between the time of a particular security’s last trade and the time at which a Fund calculates its net asset value. The closing prices of such securities may no longer reflect their
74
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS FUNDS | |
APRIL 30, 2021 (UNAUDITED) | ||
market value at the time a Fund calculates net asset value if an event that could materially affect the value of those securities (a “Significant Event”) has occurred between the time of the security’s last close and the time that a Fund calculates net asset value. A Significant Event may relate to a single issuer or to an entire market sector. If Knights of Columbus Asset Advisors LLC (“Knights of Columbus Asset Advisors” or the “Adviser”) becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which a Fund calculates net asset value, it may request that a Committee meeting be called.
The Funds use MarkIt Fair Value (“MarkIt”) as a third party fair valuation vendor. MarkIt provides a fair value for foreign securities held by the Funds based on certain factors and methodologies (involving, generally, tracking valuation correlations between the U.S. market and each non-U.S. security) applied by MarkIt in the event that there is a movement in the U.S. market that exceeds a specific threshold that has been established by the Committee. The Committee has also established a “confidence interval” which is used to determine the level of correlation between the value of a foreign security and movements in the U.S. market before a particular security is fair valued when the threshold is exceeded. In the event that the threshold established by the Committee is exceeded on a specific day, the Funds value the non-U.S. securities in their portfolios that exceed the applicable “confidence interval” based upon the fair values provided by MarkIt. In such event, it is not necessary to hold a Committee meeting. In the event that the Adviser believes that the fair values provided by MarkIt are not reliable, the Adviser contacts the Funds Administrator and requests that a meeting of the Committee be held.
If a local market in which the Funds own securities is closed for one or more days, the Funds shall value all securities held in the corresponding currency based on the fair value prices provided by MarkIt using the predetermined confidence interval discussed above.
In accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP, the Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy under ASC 820 are described below:
Level 1 — Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Funds have the ability to access at the measurement date;
Level 2 — Other significant observable inputs (includes quoted prices for similar securities, interest rates, prepayment speeds, credit risk, referenced indices, quoted prices in inactive markets, adjusted quoted prices in active markets, adjusted quoted prices on foreign equity securities that were adjusted in accordance with pricing procedures approved by the Board, etc.)
Level 3 — Prices, inputs or exotic modeling techniques which are both significant to the fair value measurement and unobservable (supported by little or no market activity).
Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement.
The unobservable inputs used to determine fair value of recurring Level 3 assets may have similar or diverging impacts on valuation. Significant increases and decreases in these inputs in isolation and interrelationships between those inputs could result in significantly higher or lower fair value measurement.
For the period ended April 30, 2021, there have been no significant changes to the Funds’ fair value methodologies.
Federal Income Taxes — It is each Fund’s intention to continue to qualify as a regulated investment company for Federal income tax purposes by complying with the appropriate provisions of Subchapter M of the Internal Revenue Code of 1986, as amended, and to distribute substantially all of its income to shareholders. Accordingly, no provision for Federal income taxes has been made in the financial statements.
The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether it is “more-likely-than-not” (i.e., greater than 50-percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions deemed to meet the more-likely-than-not threshold are recorded as a tax benefit in the current year. The Funds did not record any tax provision in the current period. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., the open tax year ends, since inception), on-going analysis of and changes to tax laws, regulations and interpretations thereof.
As of and during the period ended April 30, 2021, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the period the Funds did not incur any interest or penalties.
Security Transactions and Investment Income — Security transactions are accounted for on trade date for financial reporting purposes. Dividend income is recorded on the ex-dividend date and interest income is recognized on the accrual basis. Costs used in determining realized gains and losses on the sales of investment securities are based on specific identification. Interest income is recognized on an accrual basis from
75
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS FUNDS | |
APRIL 30, 2021 (UNAUDITED) | ||
settlement date. Discounts and premiums on securities purchased are accreted and amortized using the effective interest method. Realized gains (losses) on paydowns of mortgage-backed and asset-backed securities are recorded as an adjustment to interest income.
Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars on the date of valuation. The Funds do not isolate that portion of realized or unrealized gains and losses resulting from changes in the foreign exchange rate from fluctuations arising from changes in the market prices of the securities. These gains and losses are included in net realized gains and losses on investments and net change in unrealized appreciation (depreciation) on investments on the Statements of Operations. Net realized and unrealized gains and losses on foreign currency transactions represent net foreign exchange gains or losses from foreign currency exchange contracts, disposition of foreign currencies, currency gains or losses realized between trade and settlement dates on securities transactions and the difference between the amount of the investment income and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent amounts actually received or paid.
Options Written/Purchased — The Long/Short Equity Fund invested in financial options contracts to add return or to hedge their existing portfolio securities, or securities that the Fund intends to purchase, against fluctuations in fair value caused by changes in prevailing market interest rates. The option techniques utilized are to hedge against changes in interest rates, foreign currency exchange rates or securities prices in order to establish more definitely the effective return on securities or currencies held or intended to be acquired by the Fund, to reduce the volatility of the currency exposure associated with an investment in non-U.S. securities, or as an efficient means of adjusting exposure to the bond, equity and currency markets and not for speculation. When a Fund writes or purchases an option, an amount equal to the premium received or paid by a Fund is recorded as a liability or an asset and is subsequently adjusted to the current market value of the option written or purchased. Premiums received or paid from writing or purchasing options which expire unexercised are treated by a Fund on the expiration date as realized gains or losses. The difference between the premium and the amount paid or received on affecting a closing purchase or sale transaction, including brokerage commissions, is also treated as a realized gain or loss. If an option is exercised, the premium paid or received is added to the cost of the purchase or proceeds from the sale in determining whether a Fund has realized a gain or a loss. The risk in writing a call option is that a Fund gives up the opportunity for profit if the market price of the security increases. The risk in writing a put option is that a Fund may incur a loss if the market price of the security decreases and the option is exercised. The risk in purchasing an option is that a Fund pays a premium whether or not the option is exercised. A Fund also has the additional risk of being unable to enter into a closing transaction at an acceptable price if a liquid secondary market does not exist. Option contracts also involve the risk that they may not work as intended due to unanticipated developments in market conditions or other causes. Finally, for written options, the risk exists that losses could exceed amounts disclosed on the Statements of Assets and Liabilities. Refer to the Long/Short Equity Fund’s Schedule of Investments for details regarding open option contracts as of April 30, 2021.
For the period ended April 30, 2021, the quarterly average balances of options held by the Fund was as follows:
Average Quarterly Market Value Contracts Purchased | $ | 40,924 | ||
Average Quarterly Market Value Contracts Written | $ | — |
Securities Sold Short — Consistent with Long/Short Equity Fund’s investment objectives, the Fund may engage in short sales. Short sales are transactions under which the Fund sells a security it does not own. To complete such a transaction, the Fund must borrow the security to make delivery to the buyer. The Fund then is obligated to replace the security borrowed by purchasing the security at the market price at the time of the replacement. The price at such time may be more or less than the price at which the security was sold by a Fund. Until the security is replaced, the Fund is required to pay the lender amounts equal to any dividends or interest that accrue during the period of the loan. Dividends and interest are shown as an expense for financial reporting purposes. To borrow the security, the Fund also may be required to pay a premium, which would decrease proceeds of the security sold. The proceeds of the short sale are retained by the broker, to the extent necessary to meet margin requirements, until the short position is closed out. A gain, limited to the price at which a Fund sold the security short, or a loss, unlimited in size, will be recognized upon the close of a short sale.
Until the Fund closes its short position or replaces the borrowed security, the Fund will: (a) maintain a segregated account containing cash or liquid securities at such a level that (i) the amount deposited in the account plus the amount deposited with the broker as collateral will equal the current value of the security sold short; and (ii) the amount deposited in the segregated account plus the amount deposited with the broker as collateral will not be less than the market value of the security at the time the security was sold short, or (b) otherwise cover the Fund’s short positions. As of April 30, 2021, the Long/Short Equity Fund had open short positions as disclosed in the Fund’s Schedule of Investments.
In accordance with the terms of its prime brokerage agreement, the Fund may receive rebate income or be charged a fee on borrowed securities. Such income or fee is calculated on a daily basis based upon the market value of each borrowed security and a variable rate that is dependent upon the availability of such security. The Fund records these prime broker charges on a net basis as interest income or interest expense on securities sold short. In addition, the Fund is required to pay the lender any dividends declared on short positions. Such amounts are recorded on the ex-dividend date as dividend expense on securities sold short.
Short sales are collateralized by cash deposits with the prime broker, Wells Fargo Bank, N.A., and pledged securities held at the custodian, Brown Brothers Harriman & Co. The collateral required is determined daily by reference to the market value on short positions.
76
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS FUNDS | |
APRIL 30, 2021 (UNAUDITED) | ||
The Fund is required to maintain margin cash balances at the prime broker sufficient to satisfy its short sales positions on a daily basis and is charged an interest expense at the benchmark rate as defined in the prime brokerage agreement plus 150 basis points on the amount of any shortfall in the required cash margin. During the period, the benchmark rate consisted of the Fed Funds Rate, the ICE LIBOR USD 3 Month Rate, or a blended rate between the Fed Funds Rate and the ICE LIBOR USD 3 Month Rate. These amounts are disclosed as Receivable from Prime Broker on the Statements of Assets and Liabilities.
Long/Short Equity Fund had prime brokerage borrowings throughout the period ended April 30, 2021 as follows:
Maximum Borrowed | Average Balance | Effective Rate Paid | Interest Paid | |||||||||||||
USD | $ | 5,949,232 | $ | 4,992,115 | 1.71 | % | $ | 36,462 |
Swap Contracts — The Long/Short Equity Fund and the U.S. All Cap Index Fund are authorized to enter into swap contracts, including total return swaps and equity swaps contracts. Swaps are a two-party contract in which the seller (buyer) will pay to the buyer (seller) the difference between the current value of a security and its value at the time the contract was entered. In a typical equity swap, one party agrees to pay another party the return on a stock, stock index or basket of stocks in return for a specified interest rate. By entering into an equity index swap, for example, the index receiver can gain exposure to stocks making up the index of securities without actually purchasing those stocks. Equity index swaps involve not only the risk associated with investment in the securities represented in the index, but also the risk that the performance of such securities, including dividends, will not exceed the return on the interest rate that the Fund will be committed to pay.
Total return swaps are contracts in which one party agrees to make payments of the total return from a reference instrument — which may be a single asset, a pool of assets or an index of assets — during a specified period, in return for payments equal to a fixed or floating rate of interest or the total return from another underlying reference instrument. The total return includes appreciation or depreciation on the underlying asset, plus any interest or dividend payments. Payments under the swap are based upon an agreed upon principal amount but, since the principal amount is not exchanged, it represents neither an asset nor a liability to either counterparty, and is referred to as notional. Total return swaps are marked to market daily using different sources, including quotations from counterparties, pricing services, brokers or market makers. The unrealized appreciation or depreciation related to the change in the valuation of the notional amount of the swap is combined with the amount due to the Fund at termination or settlement. The primary risks associated with total return swaps are credit risks (if the counterparty fails to meet its obligations) and market risk (if there is no liquid market for the swap or unfavorable changes occur to the underlying reference instrument).
Periodic payments made or received are recorded as realized gains or losses. At period end, the Statements of Assets and Liabilities reflect, if any, unrealized appreciation or depreciation and accrued periodic payments for swap contracts the Fund may have open at period end. Entering into swap contracts involve, to varying degrees, elements of credit, interest rate and market risk in excess of the amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these contracts, that the counterparty to the contract may default on its obligation to perform and that there may be unfavorable changes in market conditions or fluctuations in interest rates. Swap contracts outstanding at period end, if any, are listed on the Schedule of Investments. In connection with swap contracts, cash or securities may be segregated as collateral by the Fund’s custodian.
There is the risk that the counterparty refuses to continue to enter into swap agreements with the Fund in the future, or requires increased fees, which could impair the Fund’s ability to achieve its investment objective. A counterparty may also increase its collateral requirements, which may limit the Fund’s ability to use leverage and reduce investment returns. In addition, if the Fund cannot locate a counterparty willing to enter into transactions with the Fund, it will not be able to implement its investment strategy. During the period ended April 30, 2021, the Funds’ swap agreements were with one counterparty, Wells Fargo Bank, N.A.
For the period ended April 30, 2021, the quarterly average balances of swap contracts held by the Fund was as follows:
U.S. All Cap Index Fund
Average Quarterly Market Balance Long | $ | 1,111,078 |
Cash — Idle cash may be swept into various time deposit accounts and money market sweep accounts and is classified as cash on the Statements of Assets and Liabilities. The Funds maintain cash in bank deposit accounts which, at times, may exceed United States federally insured limits. Amounts invested are available on the same business day.
Expenses — Expenses of the Trust that can be directly attributed to a particular Fund are borne by that Fund. Expenses which cannot be directly attributed to a Fund are apportioned among the Funds of the Trust based on the number of funds and/or relative net assets.
Dividends and Distributions to Shareholders — The Funds will distribute substantially all of their net investment income and net realized capital gains, if any, at least annually. All distributions are recorded on ex-dividend date.
Investments in REITs — Dividend income from Real Estate Investment Trusts (“REIT”) is recorded based on the income included in distributions received from the REIT investments using published REIT reclassifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or
77
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS FUNDS | |
APRIL 30, 2021 (UNAUDITED) | ||
reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.
Redemption Fees — The Funds retain a redemption fee of 2.00% on redemptions of capital shares held for less than thirty days. For the period ended April 30, 2021, there were no redemption fees in any of the Funds. Such fees are retained by the Funds for the benefit of the remaining shareholders and are recorded as additions to fund capital.
Deferred Offering Costs — Offering costs of the Funds, including costs of printing the initial prospectus, legal, and registration fees, are amortized to expense over a twelve month period. As of April 30, 2021, the Funds’ offering costs have been fully amortized.
3. Derivative Transactions:
The Long/Short Equity Fund and the U.S. All Cap Index Fund held derivatives throughout the period with only one type of exposure to equity risk on derivatives, additional information can be found on the Schedules of Investments, Statements of Assets and Liabilities and the Statements of Operations.
4. Offsetting Assets and Liabilities:
The Funds are in the Statements of Assets and Liabilities to enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities. These recognized assets and liabilities are financial instruments and derivative instruments that are either subject to an enforceable master netting arrangement or similar agreement or meet the following right of setoff criteria: the amounts owed by the Fund to another party are determinable, the Fund has the right to set off the amounts owed with the amounts owed by the other party, the Fund intends to set off, and the Fund’s right of setoff is enforceable at law.
The International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreements maintain provisions for general obligations, representations, agreements, collateral, and events of default or termination. The occurrence of a specified event of termination may give a counterparty the right to terminate all of its contracts and effect settlement of all outstanding transactions under the applicable ISDA Master Agreement.
To reduce counterparty risk with respect to Over-the-Counter (“OTC”) transactions, the Long/Short Equity Fund and the U.S. All Cap Index Fund have entered into master netting arrangements, established within the Funds’ ISDA Master Agreements, which allow the Fund to make (or to have an entitlement to receive) a single net payment in the event of default (close-out netting) for outstanding payables and receivables with respect to certain OTC positions in swaps for each individual counterparty. In addition, the Funds may require that certain counterparties post cash and/or securities in collateral accounts to cover their net payment obligations for those derivative contracts subject to ISDA Master Agreements. If the counterparty fails to perform under these contracts and agreements, the cash and/or securities will be made available to the Funds.
For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.
Collateral terms are contract specific for OTC derivatives. For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting marked-to-market amount of each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Funds or the counterparty.
For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Funds, if any, is reported separately on the Statements of Assets and Liabilities as cash pledged as collateral. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold before a transfer has to be made. To the extent amounts due to the Funds from its respective counterparties are not fully collateralized, contractually or otherwise, the Funds bear the risk of loss from counterparty nonperformance. As of April 30, 2021, the Funds did not hold financial instruments or derivatives subject to master netting arrangements.
5. Transactions with Affiliates:
Certain officers of the Trust are also employees of SEI Investments Global Funds Services (the “Administrator”), a wholly owned subsidiary of SEI Investments Company, and/or SEI Investments Distribution Co. (the “Distributor”). Such officers are paid no fees by the Trust, other than the Chief Compliance Officer (“CCO”) as described below, for serving as officers of the Trust.
A portion of the services provided by the CCO and his staff, whom are employees of the Administrator, are paid for by the Trust as incurred. The services include regulatory oversight of the Trust’s Advisors and service providers as required by SEC regulations. The CCO’s services and fees have been approved by and are reviewed by the Board.
78
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS FUNDS | |
APRIL 30, 2021 (UNAUDITED) | ||
6. Administration, Distribution, Shareholder Servicing, Transfer Agent and Custody Agreements:
The Fund and SEI Investments Global Fund Services (the “Administrator”) are parties to an Administration Agreement under which the Administrator provides management and administrative services to the Funds. For these services, the Administrator is paid an asset-based fee, which will vary depending on the number of share classes and the average daily net assets of the Funds.
For the period ended April 30, 2021, the Funds were charged the following for these services:
Administration Fees | ||||
Limited Duration Fund | $ | 75,655 | ||
Core Bond Fund | 70,949 | |||
Long/Short Equity Fund | 13,170 | |||
Large Cap Value Fund | 55,485 | |||
Large Cap Growth Fund | 65,208 | |||
Small Cap Fund | 65,036 | |||
U.S. All Cap Index Fund | 12,365 | |||
Real Estate Fund | 57,205 | |||
International Equity Fund | 67,975 |
The Trust and SEI Investments Distribution Co. (the “Distributor”) are parties to a Distribution Agreement. The Funds have adopted a Distribution Plan (the “Plan”) for the Investor Shares. Under the Plan, the Distributor, or third parties that enter into agreements with the Distributor, may receive up to 0.25% of the Fund’s average daily net assets attributable to the Investor Shares as compensation for distribution services. The Distributor will not receive any compensation for the distribution of the I Shares and the Class S Shares of the Funds.
The Funds have adopted a shareholder servicing plan that provides that the Funds may pay financial intermediaries for shareholder services in an annual amount not to exceed 0.20% based on the average daily net assets of the Funds’ Class S Shares and Investor Shares. The Funds do not pay these service fees on shares purchased directly. In addition to payments made directly to financial intermediaries by the Funds, the Adviser or its affiliates may, at their own expense, pay financial intermediaries for these and other services to the Funds’ shareholders.
For the period ended April 30, 2021, the Funds were charged the following rates for these services:
Class S Shares | Investor Shares(1) | |||||||
Limited Duration Fund | 0.10% | 0.00% | ||||||
Core Bond Fund | 0.10% | 0.00% | ||||||
Long/Short Equity Fund | N/A | N/A | ||||||
Large Cap Value Fund | 0.10% | 0.00% | ||||||
Large Cap Growth Fund | 0.10% | 0.00% | ||||||
Small Cap Fund | 0.10% | 0.00% | ||||||
U.S. All Cap Index Fund | N/A | N/A | ||||||
Real Estate Fund | N/A | N/A | ||||||
International Equity Fund | 0.10% | 0.00% |
(1) | Effective February 25, 2021, Investor Shares Class were converted to I Shares Class of the Fund. |
DST Systems, Inc. serves as the Transfer Agent and dividend disbursing agent for the Funds under a transfer agency agreement.
Brown Brothers Harriman & Co. serves as custodian (the “Custodian”) for the Funds. The Custodian plays no role in determining the investment policies of the Funds or which securities are to be purchased and sold by the Funds.
7. Investment Advisory Agreement and Subadvisory Agreements:
Under the terms of an investment advisory agreement, the Adviser provides investment advisory services to the Limited Duration Fund, Core Bond Fund, Long/Short Equity Fund, Large Cap Value Fund, Large Cap Growth Fund, Small Cap Fund, U.S. All Cap Index Fund, Real Estate Fund and International Equity Fund at 0.40%, 0.40%, 1.25%, 0.60%, 0.60%, 0.725%, 0.20%, 0.85%, and 0.90%, respectively, of each Fund’s average daily net assets.
79
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS FUNDS | |
APRIL 30, 2021 (UNAUDITED) | ||
Prior to February 28, 2019, class-specific expenses (including distribution and/or service (12b-1) fees and shareholder servicing fees) were not excluded expenses, and the contractual expense limits for the Funds were as follows:
Contractual Expense Limitations I Shares | Contractual Expense Limitations Class S Shares | |||||||
Limited Duration Fund | 0.50 | % | 0.70 | % | ||||
Core Bond Fund | 0.50 | % | 0.70 | % | ||||
Long/Short Equity Fund | N/A | (1) | N/A | (1) | ||||
Large Cap Value Fund | 0.90 | % | 1.10 | % | ||||
Large Cap Growth Fund | 0.90 | % | 1.10 | % | ||||
Small Cap Fund | 1.05 | % | 1.25 | % | ||||
U.S. All Cap Index Fund | N/A | (1) | N/A | (1) | ||||
Real Estate Fund | N/A | (1) | N/A | (1) | ||||
International Equity Fund | 1.10 | % | 1.30 | % |
(1) | Not in operation during the period. |
The Adviser has contractually agreed to waive fees and/or reimburse expenses to the extent necessary to keep Total Annual Fund Operating Expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, non-routine expenses and any class-specific expenses (including distribution and/or service (12b-1) fees and shareholder servicing fees) (collectively, “excluded expenses”)) for I Shares, Class S Shares and Investor Shares from exceeding certain levels as set forth below until February 28, 2022 (each, a “contractual expense limit”). This agreement may be terminated: (i) by the Board, for any reason at any time; or (ii) by the Adviser, upon ninety (90) days’ prior written notice to the Trust, effective as of the close of business on February 28, 2022. Accordingly, the contractual expense limitations for the Limited Duration Fund, Core Bond Fund, Long/Short Equity Fund, Large Cap Value Fund, Large Cap Growth Fund, Small Cap Fund, U.S. All Cap Index Fund, Real Estate Fund, and International Equity Fund are 0.50%, 0.50%, 1.50%, 0.90%, 0.90%, 1.05%, 0.25%, 1.00%, and 1.10%, respectively.
In addition, if at any point it becomes unnecessary for the Adviser to reduce fees or make expense reimbursements, the Board may permit the Adviser to retain the difference between the Total Annual Fund Operating Expenses and the expense caps listed above to recapture all or a portion of its prior fee reductions or reimbursements made during the preceding three-year period. For the six months ended April 30, 2021, the Adviser recaptured previously waived fees of $440, $4,901 and $466 for Large Cap Growth Fund, Small Cap Fund and U.S. All Cap Index Fund, respectively.
As of April 30, 2021, fees previously waived and reimbursed by the Adviser which may be subject to possible future reimbursement are as follows:
Fiscal Year | Subject to Repayment April 30: | Limited Duration Fund | Core Bond Fund | Long/Short Equity Fund(1) | Large Cap Value Fund | Large Cap Growth | ||||||||||||||||
| ||||||||||||||||||||||
2019 | 2022 | $ | 320,341 | $ | 285,101 | $ | — | $ | 108,486 | $ | 111,187 | |||||||||||
2020 | 2023 | 297,748 | 293,388 | 46,797 | 84,237 | 79,330 | ||||||||||||||||
2021 | 2024 | 318,869 | 305,370 | 126,810 | 63,529 | 53,744 | ||||||||||||||||
|
| |||||||||||||||||||||
Total | $ | 936,958 | $ | 883,859 | $ | 173,607 | $ | 256,252 | $ | 244,261 | ||||||||||||
|
| |||||||||||||||||||||
Fiscal Year | Subject to Repayment April 30: | Small Cap Fund | U.S. All Cap Index | Real Estate Fund | International Equity Fund | |||||||||||||||||
| ||||||||||||||||||||||
2019 | 2021 | $ | 86,527 | $ | — | $ | — | $ | 194,562 | |||||||||||||
2020 | 2022 | 57,369 | 46,021 | 127,273 | 178,966 | |||||||||||||||||
2021 | 2023 | 40,498 | 221,992 | 250,904 | 172,649 | |||||||||||||||||
|
| |||||||||||||||||||||
Total | $ | 184,394 | $ | 268,013 | $ | 378,177 | $ | 546,177 | ||||||||||||||
|
|
(1) | Commenced operations on December 2, 2019. |
(2) | Commenced operations on December 31, 2019. |
The Trust and the Adviser have entered into an investment advisory agreement dated February 26, 2015, as amended (the “Advisory Agreement”), with respect to the Funds. Under the Advisory Agreement, the Adviser serves as the investment adviser and makes investment decisions for each Fund and continuously reviews, supervises and administers the investment program of each Fund, subject to the supervision of, and policies established by, the Board.
Under the Sub-Advisory Agreement, L2 Asset Management, LLC serves as the investment sub-adviser for the Long/Short Equity Fund and U.S. All Cap Index Fund (the “Sub-Advised Funds”), makes investment decisions for the Sub-Advised Funds and administers the investment program of the Sub-Advised Funds, subject to the supervision of, and policies established by, the Adviser and the Board. L2 Asset Management, LLC and the Adviser have entered into an investment sub-advisory agreement dated September 10, 2019 (the “Sub-Advisory Agreement”).
80
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS FUNDS | |
APRIL 30, 2021 (UNAUDITED) | ||
Under the Sub-Advisory Agreement, Ranger Global Real Estate Advisors, LLC serves as the investment sub-adviser for the Real Estate Fund (the “Sub-Advised Fund”), makes investment decisions for the Sub-Advised Fund and administers the investment program of the Sub-Advised Fund, subject to the supervision of, and policies established by, the Adviser and the Board. Ranger Global Real Estate Advisors, LLC (the “Sub-Adviser”) and the Adviser have entered into an investment sub-advisory agreement dated July 24, 2019 (the “Sub-Advisory Agreement”).
For the services provided pursuant to the Sub-Advisory Agreement, the Sub-Adviser receives an annual fee from the Adviser at the following annual rates based on the average daily net assets of each Sub-Advised Fund:
Sub-Adviser Fee Rate | |||||
Long/Short Equity Fund | 0.25 | % | |||
U.S. All Cap Index Fund | 0.10 | % | |||
Real Estate Fund | 0.60 | % |
8. Investment Transactions:
For the period ended April 30, 2021, the Funds made purchases and sales of investment securities other than short-term securities as follows:
Purchases | Sales | U.S. Government Purchases | U.S. Government Sales and Maturities | |||||||||||||
|
| |||||||||||||||
Limited Duration Fund | $ | 21,688,939 | $ | 10,897,699 | $ | 14,972,461 | $ | 19,491,680 | ||||||||
Core Bond Fund | 19,324,575 | 5,870,772 | 9,056,196 | 9,622,101 | ||||||||||||
Long/Short Equity Fund | 6,714,602 | 8,482,824 | — | — | ||||||||||||
Large Cap Value Fund | 20,879,212 | 10,748,211 | — | — | ||||||||||||
Large Cap Growth Fund | 42,902,154 | 43,916,150 | — | — | ||||||||||||
Small Cap Fund | 33,684,113 | 35,591,458 | — | — | ||||||||||||
U.S. All Cap Index Fund | 991,100 | 493,131 | — | — | ||||||||||||
Real Estate Fund | 53,594,514 | 65,377,525 | — | — | ||||||||||||
International Equity Fund | 32,197,245 | 25,256,368 | — | — |
The Long/Short Equity Fund included cost of purchases to cover securities sold short and the proceeds from securities sold short in the amounts of $12,055,996 and $9,354,001, respectively, for the period ended April 30, 2021.
9. Federal Tax Information:
The timing and characterization of certain income and capital gains distributions are determined annually in accordance with federal tax regulations which may differ from U.S. GAAP. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. These book/tax differences may be temporary or permanent in nature. The permanent differences are primarily related to investments in perpetual bonds, passive foreign investment companies, swaps, REITS income reclassification to capital gain, distribution reclassification, foreign currency gain/loss and paydown gain/loss reclassification. Certain permanent differences are charged or credited to distributable earnings or paid in capital as appropriate, in the period that the differences arise.
The Real Estate Fund has a tax year that ends on December 31. The following tax disclosures are representative as of October 31, 2020, except for the permanent reclassification and components of distributable earnings (accumulated losses), which are as of December 31, 2019. Accordingly, the disclosures are for informational use by shareholders and are subject to change attributable to activity through the end of the tax year-ending December 31, 2020.
The tax character of dividends and distributions declared during the last two fiscal years were as follows:
Ordinary Income | Long-Term Capital Gain | Return of Capital | Total | |||||||||||||
Limited Duration Fund |
| |||||||||||||||
2020 | $ | 2,229,465 | $— | $— | $ | 2,229,465 | ||||||||||
2019 | 2,439,510 | — | — | 2,439,510 | ||||||||||||
Core Bond Fund |
| |||||||||||||||
2020 | 2,849,332 | — | — | 2,849,332 | ||||||||||||
2019 | 2,673,510 | — | — | 2,673,510 | ||||||||||||
Long/Short Equity Fund |
| |||||||||||||||
2020 | — | — | 29,579 | 29,579 | ||||||||||||
Large Cap Value Fund |
| |||||||||||||||
2020 | 1,019,718 | 1,376,760 | — | 2,396,478 | ||||||||||||
2019 | 1,042,615 | 1,019,285 | — | 2,061,900 | ||||||||||||
Large Cap Growth Fund |
| |||||||||||||||
2020 | — | 3,837,496 | — | 3,837,496 | ||||||||||||
2019 | 846,671 | 5,755,727 | — | 6,602,398 |
81
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS FUNDS | |
APRIL 30, 2021 (UNAUDITED) | ||
Ordinary Income | Long-Term Capital Gain | Return of Capital | Total | |||||||||||||
Small Cap Fund |
| |||||||||||||||
2020 | $ — | $ — | $ — | $ — | ||||||||||||
2019 | 1,452,061 | 6,787,588 | 74,150 | 8,313,799 | ||||||||||||
U.S. All Cap Index Fund |
| |||||||||||||||
2020 | 172,700 | — | — | 172,700 | ||||||||||||
Real Estate Fund(1) |
| |||||||||||||||
2020 | 1,315,189 | — | — | 1,315,189 | ||||||||||||
2019 | — | — | — | — | ||||||||||||
International Equity Fund |
| |||||||||||||||
2020 | 947,499 | — | 298,083 | 1,245,582 | ||||||||||||
2019 | 1,437,306 | 1,668,320 | — | 3,105,626 |
(1) | The Real Estate Fund has a tax year end of December 31. |
The Long/Short Equity Fund and U.S. All Cap Index Fund did not commence operations until December 2, 2019 and December 31, 2019, respectively.
As of October 31, 2020, the components of distributable earnings (accumulated losses) on a tax basis were as follows:
Undistributed Ordinary Income | Undistributed Long-Term Capital Gain | Capital Loss Carryforwards | Late Year Loss Deferral | Unrealized Appreciation (Depreciation) | Other Temporary Differences | Total Distributable Earnings (Accumulated Losses) | ||||||||||||||||||||||
Limited Duration Fund | $ | 153,094 | $ | — | $ | (535,150) | $ | — | $ | 1,598,206 | $ | (3) | $ | 1,216,147 | ||||||||||||||
Core Bond Fund | 244,769 | 631,763 | — | — | 4,955,974 | (2) | 5,832,504 | |||||||||||||||||||||
Long/Short Equity Fund | — | — | (3,406,140) | (96,225 | ) | 374,952 | 2 | (3,127,411 | ) | |||||||||||||||||||
Large Cap Value Fund | 70,819 | — | (127,456) | — | 1,944,294 | (3) | 1,887,654 | |||||||||||||||||||||
Large Cap Growth Fund | — | 5,637,703 | — | (103,747 | ) | 20,769,973 | (1) | 26,303,928 | ||||||||||||||||||||
Small Cap Fund | — | — | (3,720,868) | (159,685 | ) | 6,260,881 | (2) | 2,380,326 | ||||||||||||||||||||
U.S. All Cap Index Fund | 16,899 | — | (75,224) | — | 393,183 | (1) | 334,857 | |||||||||||||||||||||
Real Estate Fund(1) | 719,168 | 6,144 | — | — | 1,198,830 | 1 | 1,924,143 | |||||||||||||||||||||
International Equity Fund | — | — | (1,141,020) | — | 6,172,640 | (3) | 5,031,617 |
(1) | The Real Estate Fund has a tax year end of December 31. |
Late-year loss deferral represent ordinary losses from January 1, 2020 through October 31, 2020, that, in accordance with Federal income tax regulations, the Funds defer and treat as having arisen in the following fiscal year.
The Funds have capital losses carried forward as follows:
Short-Term Loss | Long-Term Loss | Total | ||||||||||
Limited Duration Fund | $ | 262,852 | $ | 272,298 | $ | 535,150 | ||||||
Long/Short Equity Fund | 3,406,140 | — | 3,406,140 | |||||||||
Large Cap Value Fund | 127,456 | — | 127,456 | |||||||||
Small Cap Fund | 3,720,868 | — | 3,720,868 | |||||||||
U.S. All Cap Index Fund | 75,224 | — | 75,224 | |||||||||
International Equity Fund | 1,141,020 | — | 1,141,020 |
For Federal income tax purposes the difference between Federal tax cost and book cost primarily relates to investments in passive foreign investment companies and deferred losses from wash sale transactions. The Federal tax cost and aggregate gross unrealized appreciation and depreciation for the investments held by the Fund at April 30, 2021, were as follows:
Federal Tax Cost | Aggregate Gross Unrealized Appreciation | Aggregate Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | |||||||||||||
Limited Duration Fund | $ | 124,476,476 | $ | 1,394,053 | $ | (188,182 | ) | $ | 1,205,871 | |||||||
Core Bond Fund | 114,983,765 | 4,047,965 | (704,722 | ) | 3,343,243 | |||||||||||
Long/Short Equity Fund | 13,346,450 | 4,831,836 | (40,434 | ) | 4,791,402 | |||||||||||
Large Cap Value Fund | 78,771,232 | 27,763,153 | (703,900 | ) | 27,059,253 | |||||||||||
Large Cap Growth Fund | 75,379,472 | 31,377,467 | (536,008 | ) | 30,841,459 | |||||||||||
Small Cap Fund | 79,718,346 | 37,434,196 | (2,392,639 | ) | 35,041,557 | |||||||||||
U.S. All Cap Index Fund | 16,021,421 | 5,848,661 | (365,998 | ) | 5,482,663 | |||||||||||
Real Estate Fund | 85,044,893 | 7,672,403 | (3,339,013 | ) | 4,333,390 | |||||||||||
International Equity Fund | 88,301,064 | 33,502,930 | (1,586,264 | ) | 31,916,666 |
82
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS FUNDS | |
APRIL 30, 2021 (UNAUDITED) | ||
10. Risks:
The foregoing is not intended to be a complete discussion of the risks associated with investing in a Fund. Please review each Fund’s prospectus for additional disclosures regarding the principal risks associated with investing in a particular Fund.
As with all mutual funds, there is no guarantee that the Funds will achieve their investment objectives. You could lose money by investing in the Funds. A Fund share is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any government agency. The principal risk factors affecting shareholders’ investments in the Funds are set forth below.
Catholic Values Investing Risk (All Funds) — The Funds considers the United States Conference of Catholic Bishops (the “USCCB”) Guidelines in its investment process and may choose not to purchase, or may sell, otherwise profitable investments in companies which have been identified as being in conflict with the USCCB Guidelines. This means that the Funds may underperform other similar mutual funds that do not consider the USCCB Guidelines when making investment decisions. In addition, there can be no guarantee that the activities of the companies identified by the Fund’s investment process will align (or be perceived to align) with the principles contained in the USCCB Guidelines.
Covered Call Risk (Real Estate Fund) — Covered call risk is the risk that the issuer of the call option will forgo any profit from increases in the market value of the underlying security covering the call option above the sum of the premium and the strike price of the call but retain the risk of loss if the underlying security declines in value. The Fund will have no control over the exercise of the option by the option holder and may lose the benefit from any capital appreciation on the underlying security. A number of factors may influence the option holder’s decision to exercise the option, including the value of the underlying security, price volatility, dividend yield and interest rates. To the extent that these factors increase the value of the call option, the option holder is more likely to exercise the option, which may negatively affect the Fund.
Derivatives Risk (Long/Short Equity Fund and U.S. All Cap Index Fund) — The Fund’s use of futures contracts, forward contracts, options and swaps is subject to derivatives risk. Derivatives are often more volatile than other investments and may magnify the Fund’s gains or losses. There are various factors that affect the Fund’s ability to achieve its objective with derivatives. Successful use of a derivative depends upon the degree to which prices of the underlying assets correlate with price movements in the derivatives the Fund buys or sells. The Fund could be negatively affected if the change in market value of its securities fails to correlate perfectly with the values of the derivatives it purchased or sold. The lack of a liquid secondary market for a derivative may prevent the Fund from closing its derivative positions and could adversely impact its ability to achieve its objective and to realize profits [or limit losses. Since derivatives may be purchased for a fraction of their value, a relatively small price movement in a derivative may result in an immediate and substantial loss or gain to the Fund. Derivatives are often more volatile than other investments and the Fund may lose more in a derivative than it originally invested in it. Additionally, some derivative instruments are subject to counterparty risk, meaning that the party that issues the derivative may experience a significant credit event and may be unwilling or unable to make timely settlement payments or otherwise honor its obligations.
Forward Contracts. A forward contract involves a negotiated obligation to purchase or sell a specific security or currency at a future date (with or without delivery required), which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. Forward contracts are not traded on exchanges; rather, a bank or dealer will act as agent or as principal in order to make or take future delivery of a specified lot of a particular security or currency for the Fund’s account. Risks associated with forwards may include: (i) an imperfect correlation between the movement in prices of forward contracts and the securities or currencies underlying them; (ii) an illiquid market for forwards; (iii) difficulty in obtaining an accurate value for the forwards; and (iv) the risk that the counterparty to the forward contract will default or otherwise fail to honor its obligation. Because forwards require only a small initial investment in the form of a deposit or margin, they also involve a high degree of leverage.
Futures Contracts. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific security or asset at a specified future time and at a specified price. Because futures require only a small initial investment in the form of a deposit or margin, they involve a high degree of leverage. Accordingly, the fluctuation of the value of futures in relation to the underlying assets upon which they are based is magnified. Thus, the Fund may experience losses that exceed losses experienced by funds that do not use futures contracts. There may be imperfect correlation, or even no correlation, between price movements of a futures contract and price movements of investments for which futures are used as a substitute, or which futures are intended to hedge.
Lack of correlation (or tracking) may be due to factors unrelated to the value of the investments being substituted or hedged, such as speculative or other pressures on the markets in which these instruments are traded. Consequently, the effectiveness of futures as a security substitute or as a hedging vehicle will depend, in part, on the degree of correlation between price movements in the futures and price movements in underlying securities or assets. While futures contracts are generally classified as liquid, under certain market conditions they may be classified as illiquid. Futures exchanges may impose daily or intra-day price change limits and/or limit the volume of trading.
Additionally, government regulation may further reduce liquidity through similar trading restrictions. As a result, the Fund may be unable to close out its futures contracts at a time that is advantageous. The successful use of futures depends upon a variety of factors, particularly the ability of the investment managers to predict movements of the underlying securities markets, which requires different skills than predicting changes in the prices of individual securities. There can be no assurance that any particular futures strategy adopted will succeed.
83
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS FUNDS | |
APRIL 30, 2021 (UNAUDITED) | ||
Options. Options involve the payment or receipt of a premium by the investor and the corresponding right or obligation, as the case may be, to either purchase or sell the underlying security for a specific price at a certain time or during a certain period. Purchasing options involves the risk that the underlying instrument will not change price in the manner expected, so that the investor loses its premium. Selling options involves potentially greater risk because the investor is exposed to the extent of the actual price movement in the underlying security rather than only the premium payment received (which could result in a potentially unlimited loss). If the Fund writes a “covered” call option (i.e., a call option on a security in which the Fund holds a long position), the Fund may not participate fully in a rise in market value of the underlying security. Over-the-counter options also involve counterparty solvency risk.
Swaps. In a swap transaction, two parties agree to exchange the returns, differentials in rates of return or some other amount earned or realized on the “notional amount” of predetermined investments or instruments, which may be adjusted for an interest factor. Swaps can involve greater risks than direct investment in securities, because swaps may be leveraged and are subject to counterparty risk and valuation risk. Swaps may also be classified as illiquid. It may not be possible for the Fund to liquidate a swap position at an advantageous time or price, which may result in significant losses.
Forward Contracts. A forward contract involves a negotiated obligation to purchase or sell a specific security or currency at a future date (with or without delivery required), which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. Forward contracts are not traded on exchanges; rather, a bank or dealer will act as agent or as principal in order to make or take future delivery of a specified lot of a particular security or currency for the Fund’s account. Risks associated with forwards may include: (i) an imperfect correlation between the movement in prices of forward contracts and the securities or currencies underlying them; (ii) an illiquid market for forwards; (iii) difficulty in obtaining an accurate value for the forwards; and (iv) the risk that the counterparty to the forward contract will default or otherwise fail to honor its obligation. Because forwards require only a small initial investment in the form of a deposit or margin, they also involve a high degree of leverage.
Emerging Markets Securities Risk (International Equity Fund) – The Fund’s investments in emerging markets securities are considered speculative and subject to heightened risks in addition to the general risks of investing in foreign securities. Unlike more established markets, emerging markets may have governments that are less stable, markets that are less liquid and economies that are less developed. In addition, the securities markets of emerging market countries may consist of companies with smaller market capitalizations and may suffer periods of relative illiquidity; significant price volatility; restrictions on foreign investment; and possible restrictions on repatriation of investment income and capital. Furthermore, foreign investors may be required to register the proceeds of sales, and future economic or political crises could lead to price controls, forced mergers, expropriation or confiscatory taxation, seizure, nationalization or creation of government monopolies.
Equity Risk (Long/Short Equity Fund, Large Cap Value Fund, Large Cap Growth Fund, Small Cap Fund, U.S. All Cap Index Fund, Real Estate Fund and International Equity Fund) – Since the Funds purchase equity securities, the Funds are subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Funds’ equity securities may fluctuate drastically from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. These factors contribute to price volatility, which is the principal risk of investing in the Funds.
Fixed Income Risk (Limited Duration Fund and Core Bond Fund) – The market values of fixed income investments change in response to interest rate changes and other factors. During periods of rising interest rates, the values of outstanding fixed income securities generally decrease. Moreover, while securities with longer maturities tend to produce higher yields, the prices of longer maturity securities are also subject to greater market value fluctuations as a result of changes in interest rates. During periods of falling interest rates, certain debt obligations with high interest rates may be prepaid (or “called”) by the issuer prior to maturity, and during periods of rising interest rates, certain debt obligations with low interest rates may be extended beyond maturity. Current market conditions may pose heightened risks for the Funds. While interest rates in the U.S. are near historic lows, recent changes in government policy, including the Federal Reserve ending its quantitative easing program and raising the federal funds rate, have increased the risk that interest rates will continue to rise in the near future. A rise in interest rates may, in turn, increase volatility and reduce liquidity in the fixed income markets, and result in a decline in the value of the fixed income investments held by the Funds. In addition, reductions in dealer market-making capacity as a result of structural or regulatory changes could further decrease liquidity and/or increase volatility in the fixed income markets. As a result of these conditions, the Funds’ values may fluctuate and/or Funds may experience increased redemptions from shareholders, which may impact the Funds’ liquidity or force Funds to sell securities into a declining or illiquid market.
In addition to these risks, fixed income securities may be subject to credit risk, which is the possibility that an issuer will be unable or unwilling to make timely payments of either principal or interest.
Foreign Company Risk (Real Estate Fund and International Equity Fund) – Investing in foreign companies, including direct investments and investments through ADRs, poses additional risks since political and economic events unique to a country or region will affect those markets and their issuers. These risks will not necessarily affect the U.S. economy or similar issuers located in the United States. Securities of foreign companies may not be registered with the SEC and foreign companies are generally not subject to the regulatory controls imposed on U.S. issuers and, as a consequence, there is generally less publically available information about foreign securities than is available about domestic securities. Income from foreign securities owned by the Funds may be reduced by a withholding tax at the source, which tax would reduce
84
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS FUNDS | |
APRIL 30, 2021 (UNAUDITED) | ||
income received from the securities comprising the Fund’s portfolios. Foreign securities may also be more difficult to value than securities of U.S. issuers. While ADRs provide an alternative to directly purchasing the underlying foreign securities in their respective national markets and currencies, investments in ADRs continue to be subject to many of the risks associated with investing directly in foreign securities.
Foreign Currency Risk (Real Estate Fund and International Equity Fund) – As a result of the Fund’s investments in securities denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar, in which case, the dollar value of an investment in the Fund would be adversely affected.
High Yield Bond Risk (Limited Duration Fund and Core Bond Fund) – High yield, or “junk,” bonds are highly speculative securities that are usually issued by smaller, less creditworthy and/or highly leveraged (indebted) companies. Compared with investment-grade bonds, high yield bonds are considered to carry a greater degree of risk and are considered to be less likely to make payments of interest and principal. In particular, lower-quality high yield bonds (rated CCC, CC, C, or unrated securities judged to be of comparable quality) are subject to a greater degree of credit risk than higher-quality high yield bonds and may be near default. High yield bonds rated D are in default. Market developments and the financial and business conditions of the issuers of these securities generally influence their price and liquidity more than changes in interest rates, when compared to investment-grade debt securities.
Indexing Strategy/Index Tracking Risk (U.S. All Cap Index Fund) – The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund’s performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. While the Sub-Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund’s return may not match or achieve a high degree of correlation with the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and incurs costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions.
Investment Style Risk (Long/Short Equity Fund, Large Cap Value Fund and Large Cap Growth Fund) – The Sub-Adviser’s value investment style may increase the risks of investing in the Fund. If the Sub-Adviser’s assessment of market conditions, or a company’s value or prospects for exceeding earnings expectations is inaccurate, the Fund could suffer losses or produce poor performance relative to other funds. In addition, “value stocks” can continue to be undervalued by the market for long periods of time.
Large-Capitalization Company Risk (Long/Short Equity Fund, Large Cap Value Fund, Large Cap Growth Fund, U.S. All Cap Index Fund and Real Estate Fund) — The large-capitalization companies in which the Fund invests may not respond as quickly as smaller companies to competitive challenges, and their growth rates may lag the growth rates of well-managed smaller companies during strong economic periods.
Large Purchase and Redemption Risk (All Funds) — Large purchases or redemptions of the Fund’s shares may force the Fund to purchase or sell securities at times when it would not otherwise do so, and may cause the Fund’s portfolio turnover rate and transaction costs to rise, which may negatively affect the Fund’s performance and have adverse tax consequences for Fund shareholders.
Market Risk (All Funds) – Each Fund is subject to market risk, which is the risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the market as a whole.
Similarly, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Funds invest, which in turn could negatively impact the Funds’ performance and cause losses on your investment in the Funds.
Mortgage-Backed and Asset-Backed Securities Risk (Limited Duration Fund and Core Bond Fund) – Mortgage-backed securities are fixed income securities representing an interest in a pool of underlying mortgage loans. Mortgage-backed securities are sensitive to changes in interest rates, but may respond to these changes differently from other fixed income securities due to the possibility of prepayment of the underlying mortgage loans. As a result, it may not be possible to determine in advance the actual maturity date or average life of a mortgage-backed security. Rising interest rates tend to discourage refinancings, with the result that the average life and volatility of the security will increase, exacerbating the security’s decrease in market price. When interest rates fall, however, mortgage-backed securities may not gain as much in market value because of the expectation of additional mortgage prepayments, which must be reinvested at lower interest rates.
Asset-backed securities are securities backed by non-mortgage assets such as company receivables, truck and auto loans, leases and credit card receivables. Asset-backed securities may be issued as pass-through certificates, which represent undivided fractional ownership interests in the underlying pools of assets. Therefore, repayment depends largely on the cash flows generated by the assets backing the securities. Asset-backed securities entail prepayment risk, which may vary depending on the type of asset, but is generally less than the prepayment risk associated with mortgage-backed securities. Asset-backed securities present credit risks that are not presented by mortgage-backed securities because asset-backed securities generally do not have the benefit of a security interest in collateral that is comparable in quality to mortgage assets. If the issuer of an asset-backed security defaults on its payment obligations, there is the possibility that, in some cases, the Funds will be unable to possess and sell the underlying collateral and that the Funds’ recoveries on repossessed collateral may not be available to support
85
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS FUNDS | |
APRIL 30, 2021 (UNAUDITED) | ||
payments on the security. In the event of a default, a Fund may suffer a loss if the Fund cannot sell collateral quickly and receive the amount the Fund is owed.
Municipal Bonds Risk (Limited Duration Fund and Core Bond Fund) – Municipal bonds are fixed income securities issued by state or local governments or their agencies to finance capital expenditures and operations. The obligation to pay principal and interest on municipal bonds may be a general obligation of the state or local government or may be supported only by an agency or a particular source of revenues. Therefore, municipal bonds vary in credit quality. Municipal bonds, like other fixed income securities, rise and fall in value in response to economic and market factors, primarily changes in interest rates, and actual or perceived credit quality. State and local governments rely on taxes and, to some extent, revenues from private projects financed by municipal bonds, to pay interest and principal on municipal bonds. Poor statewide or local economic results or changing political sentiments may reduce tax revenues and increase the expenses of municipal issuers, making it more difficult for municipal issuers to meet their obligations. Also, there may be economic or political changes that impact the ability of issuers of municipal bonds to repay principal and to make interest payments. Any changes in the financial condition of municipal issuers may also adversely affect the value of the Funds’ securities.
Portfolio Turnover Risk (Long/Short Equity Fund, Large Cap Growth Fund and Real Estate Fund) — Due to its investment strategy, the Fund may buy and sell securities frequently. This may result in higher transaction costs and additional capital gains tax liabilities, which may affect the Fund’s performance.
Real Estate Investment Trusts Risk (U.S. All Cap Index Fund and Real Estate Fund) – REITs are pooled investment vehicles that own, and usually operate, income-producing real estate or finance real estate. REITs are susceptible to the risks associated with direct ownership of real estate, as discussed above. REITs typically incur fees that are separate from those of the Fund. Accordingly, the Fund’s investments in REITs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the REITs’ operating expenses, in addition to paying Fund expenses.
Real Estate Sector Risk (Real Estate Fund) – Securities of companies principally engaged in the real estate sector may be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include (i) changes in general economic and market conditions; (ii) changes in the value of real estate properties; (iii) risks related to local economic conditions, overbuilding and increased competition; (iv) increases in property taxes and operating expenses; (v) changes in zoning laws; (vi) casualty and condemnation losses; (vii) variations in rental income, neighborhood values or the appeal of property to tenants; (viii) the availability of financing; and (ix) changes in interest rates and quality of credit extended. In addition, the performance of the economy in each of the regions and countries in which the real estate owned by a company is located affects occupancy, market rental rates and expenses and, consequently, has an impact on the income from such properties and their underlying values. In addition to these risks, some REITs and real estate operating companies (“REOCs”) have limited diversification because they invest in a limited number of properties, a narrow geographic area, or a single type of property. Moreover, certain real estate investments may be illiquid and, therefore, the ability of REITs and REOCs to reposition their portfolios promptly in response to changes in economic or other conditions is limited. These factors may increase the volatility of the Fund’s investments in REITs or REOCs.
Sector Emphasis Risk (Large Cap Growth Fund, Long/Short Equity Fund and Real Estate Fund) – The securities of companies in the same business sector, if comprising a significant portion of the Fund’s portfolio, may in some circumstances react negatively to market conditions, interest rates and economic, regulatory or financial developments and adversely affect the value of the portfolio to a greater extent than if such securities comprised a lesser portion of the Fund’s portfolio or the Fund’s portfolio was diversified across a greater number of industry sectors.
Short Sales Risk (Long/Short Equity Fund) – A short sale involves the sale of a security that the Fund does not own in the expectation of purchasing the same security (or a security exchangeable therefore) at a later date at a lower price. Short sales expose the Fund to the risk that it will be required to buy the security sold short (also known as “covering” the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund. Investment in short sales may also cause the Fund to incur expenses related to borrowing securities. Reinvesting proceeds received from short selling may create leverage which can amplify.
Small-Capitalization Company Risk (Small Cap Fund, U.S. All Cap Index Fund and Real Estate Fund) – The small-capitalization companies in which the Funds invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, investments in these small-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, small-capitalization stocks may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed on an exchange.
Credit Risk (Limited Duration Fund and Core Bond Fund) – The credit rating or financial condition of an issuer may affect the value of a fixed income security. Generally, the lower the credit quality of a security, the greater the perceived risk that the issuer will fail to pay interest fully and return principal in a timely manner. If an issuer defaults or becomes unable to honor its financial obligations, the security may lose some or all of its value.
Interest Rate Risk (Limited Duration Fund and Core Bond Fund) – As with most funds that invest in fixed income securities, changes in interest rates could affect the value of your investment. Rising interest rates tend to cause the prices of fixed income securities (especially those
86
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS FUNDS | |
APRIL 30, 2021 (UNAUDITED) | ||
with longer maturities and lower credit qualities) and the Fund’s share price to fall. Very low or negative interest rates may prevent the Fund from generating positive returns and may increase the risk that if followed by rising interest rates the Fund’s performance will be negatively impacted.
Prepayment and Extension Risk (Limited Duration Fund and Core Bond Fund) – When interest rates fall, issuers of high interest debt obligations may pay off the debts earlier than expected (prepayment risk), and the Fund may have to reinvest the proceeds at lower yields. When interest rates rise, issuers of lower interest debt obligations may pay off the debts later than expected (extension risk), thus keeping the Fund’s assets tied up in lower interest debt obligations.
U.S. Government Securities Risk (Limited Duration Fund and Core Bond Fund) – The Fund’s investment in U.S. government obligations may include securities issued or guaranteed as to principal and interest by the U.S. government, or its agencies or instrumentalities. Payment of principal and interest on U.S. government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. There can be no assurance that the U.S. government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so. In addition, U.S. government securities are not guaranteed against price movements due to changing interest rates.
Corporate Fixed Income Securities Risk (Limited Duration Fund and Core Bond Fund) – The prices of the Fund’s corporate fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness and business prospects of individual issuers.
Liquidity Risk (Limited Duration Fund and Core Bond Fund) – Certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on Fund management or performance.
Quantitative Investing Risk (Large Cap Value Fund, Large Cap Growth Fund, Small Cap Fund and International Equity Fund) – There is no guarantee that a quantitative model or algorithm used by the Adviser, and the investments selected based on the model or algorithm, will perform as expected or produce the desired results. The Fund may be adversely affected by imperfections, errors or limitations in the construction and implementation of the model or algorithm and the Adviser’s ability to properly analyze or timely adjust the metrics or update the data underlying the model or features of the algorithm.
Information Technology Sector Risk (Large Cap Growth Fund) – Information technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Like other technology companies, information technology companies may have limited product lines, markets, financial resources or personnel. The products of information technology companies may face product obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Companies in the information technology sector are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies. Finally, while all companies may be susceptible to network security breaches, certain companies in the information technology sector may be particular targets of hacking and potential theft of proprietary or consumer information or disruptions in service, which could have a material adverse effect on their businesses.
Foreign/Emerging Markets Securities Risk (Real Estate Fund and International Equity Fund) – Investments in securities of foreign companies (including direct investments as well as investments through depositary receipts) can be more volatile than investments in U.S. companies. Diplomatic, political, or economic developments, including nationalization or appropriation, could affect investments in foreign companies. Foreign securities markets generally have less trading volume and less liquidity than U.S. markets. In addition, the value of securities denominated in foreign currencies, and of dividends from such securities, can change significantly when foreign currencies strengthen or weaken relative to the U.S. dollar. Financial statements of foreign issuers are governed by different accounting, auditing, and financial reporting standards than the financial statements of U.S. issuers and may be less transparent and uniform than in the United States. Thus, there may be less information publicly available about foreign issuers than about most U.S. issuers. Transaction costs are generally higher than those in the United States and expenses for custodial arrangements of foreign securities may be somewhat greater than typical expenses for custodial arrangements of similar U.S. securities. Some foreign governments levy withholding taxes against dividend and interest income. Although in some countries a portion of these taxes are recoverable, the non-recovered portion will reduce the income received from the securities comprising a Fund’s portfolio. These risks may be heightened with respect to emerging market countries since political turmoil and rapid changes in economic conditions are more likely to occur in these countries.
Certain foreign countries have experienced outbreaks of infectious illnesses and may be subject to other public health threats, infectious illnesses, diseases or similar issues in the future. Any spread of an infectious illness, public health threat or similar issue could reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and generally have a significant impact on the economies of the affected country and other countries with which it does business, which in turn could adversely affect a Fund’s investments in that country and other affected countries.
A Fund may invest in unsponsored American Depositary Receipts (“ADRs”), which are issued by one or more depositaries without a formal agreement with the company that issues the underlying securities. Holders of unsponsored ADRs generally bear all the costs thereof, and the
87
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS FUNDS | |
APRIL 30, 2021 (UNAUDITED) | ||
depositaries of unsponsored ADRs frequently are under no obligation to distribute shareholder communications received from the issuers of the underlying securities or to pass through voting rights with respect to the underlying securities. In addition, the issuers of the securities underlying unsponsored ADRs are not obligated to disclose material information in the United States and, therefore, there may be less information available regarding such issuers and there may not be a correlation between such information and the market value of the ADRs.
The foregoing is not intended to be a complete discussion of the risks associated with investing in the Funds. A more complete description of risks associated with the Funds is included in the prospectus and statement of additional information.
11. Other:
At April 30, 2021, the percentage of total shares outstanding held by shareholders for each Fund, which are comprised of affiliated omnibus accounts, unless otherwise indicated, that are held on behalf of various individual shareholders, was as follows:
No. of Shareholders I Shares | % Ownership | No. of Shareholders Class S Shares | % Ownership | |||||
Limited Duration Fund | 2 | 40% | 3 | 100% | ||||
Core Bond Fund | 2 | 28% | 1 | 94% | ||||
Long/Short Equity Fund | 2 | 82% | — | — | ||||
Large Cap Value Fund | 1 | 22% | 2 | 96% | ||||
Large Cap Growth Fund | 1 | 28% | 1 | 95% | ||||
Small Cap Fund | 1 | 54% | 1 | 85% | ||||
U.S. All Cap Index Fund | 1 | 88% | — | — | ||||
Real Estate Fund | 1 | 90% | — | — | ||||
International Equity Fund | 2 | 63% | 4 | 100% |
In the normal course of business, the Funds enter into contracts that provide general indemnifications. The Funds’ maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be established; however, based on experience, the risk of loss from such claims is considered remote.
12. Subsequent Events:
The Funds have evaluated the need for additional disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no additional disclosures and/or adjustments were required to the financial statements.
88
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS FUNDS | |
All mutual funds have operating expenses. As a shareholder of a mutual fund, your investment is affected by these ongoing costs, which include (among others) costs for portfolio management, administrative services, and shareholder reports like this one. It is important for you to understand the impact of these costs on your investment returns.
Operating expenses such as these are deducted from a mutual fund’s gross income and directly reduce your investment return. These expenses are expressed as a percentage of a mutual fund’s average net assets; this percentage is known as a mutual fund’s expense ratio.
The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period (November 1, 2020 to April 30, 2021).
The table on the next page illustrates your Fund’s costs in two ways:
• Actual Fund Return. This section helps you to estimate the actual expenses after fee waivers that your Fund incurred over the six month period. The “Expenses Paid During Period” column shows the actual dollar expense cost incurred by a $1,000 investment in the Fund, and the “Ending Account Value” number is derived from deducting that expense cost from the Fund’s gross investment return.
You can use this information, together with the actual amount you invested in the Fund, to estimate the expenses you paid over that six month period. Simply divide your actual starting account value by $1,000 to arrive at a ratio (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply that ratio by the number shown for your Fund under “Expenses Paid During Period.”
• Hypothetical 5% Return. This section helps you compare your Fund’s costs with those of other mutual funds. It assumes that the Fund had an annual 5% return before expenses during the year, but that the expense ratio (Column 3) for the period is unchanged. This example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to make this 5% calculation. You can assess your Fund’s comparative cost by comparing the hypothetical result for your Fund in the “Expenses Paid During Period” column with those that appear in the same charts in the shareholder reports for other mutual funds.
NOTE: Because the hypothetical return is set at 5% for comparison purposes — NOT your Fund’s actual return — the account values shown may not apply to your specific investment.
Beginning Account Value 11/1/20 | Ending Account Value 4/30/21 | Annualized Expense Ratios | Expenses Paid During Period* | |||||||||||||
Limited Duration Fund |
| |||||||||||||||
Actual Fund Return |
| |||||||||||||||
I Shares | $ | 1,000.00 | $ | 1,006.70 | 0.50 | % | $ | 2.49 | ||||||||
Class S Shares | 1,000.00 | 1,005.20 | 0.60 | 2.98 | ||||||||||||
Hypothetical 5% Return |
| |||||||||||||||
I Shares | $ | 1,000.00 | $ | 1,022.32 | 0.50 | % | $ | 2.51 | ||||||||
Class S Shares | 1,000.00 | 1,021.82 | 0.60 | 3.01 | ||||||||||||
Core Bond Fund |
| |||||||||||||||
Actual Fund Return |
| |||||||||||||||
I Shares | $ | 1,000.00 | $ | 998.30 | 0.50 | % | $ | 2.48 | ||||||||
Class S Shares | 1,000.00 | 997.80 | 0.60 | 2.97 | ||||||||||||
Hypothetical 5% Return |
| |||||||||||||||
I Shares | $ | 1,000.00 | $ | 1,022.32 | 0.50 | % | $ | 2.51 | ||||||||
Class S Shares | 1,000.00 | 1,021.82 | 0.60 | 3.01 | ||||||||||||
Long/Short Equity Fund |
| |||||||||||||||
Actual Fund Return |
| |||||||||||||||
I Shares | $ | 1,000.00 | $ | 1,116.10 | 2.45 | % | $ | 12.85 | ||||||||
Hypothetical 5% Return |
| |||||||||||||||
I Shares | $ | 1,000.00 | $ | 1,012.65 | 2.45 | % | $ | 12.23 | ||||||||
Large Cap Value Fund |
| |||||||||||||||
Actual Fund Return |
| |||||||||||||||
I Shares | $ | 1,000.00 | $ | 1,376.70 | 0.90 | % | $ | 5.30 | ||||||||
Class S Shares | 1,000.00 | 1,376.10 | 1.00 | 5.89 | ||||||||||||
Hypothetical 5% Return |
| |||||||||||||||
I Shares | $ | 1,000.00 | $ | 1,020.33 | 0.90 | % | $ | 4.51 | ||||||||
Class S Shares | 1,000.00 | 1,019.84 | 1.00 | 5.01 |
Beginning Account Value 11/1/20 | Ending Account Value 4/30/21 | Annualized Expense Ratios | Expenses Paid During Period* | |||||||||||||
Large Cap Growth Fund |
| |||||||||||||||
Actual Fund Return |
| |||||||||||||||
I Shares | $ | 1,000.00 | $ | 1,213.70 | 0.90 | % | $ | 4.94 | ||||||||
Class S Shares | 1,000.00 | 1,212.90 | 1.00 | 5.49 | ||||||||||||
Hypothetical 5% Return |
| |||||||||||||||
I Shares | $ | 1,000.00 | $ | 1,020.33 | 0.90 | % | $ | 4.51 | ||||||||
Class S Shares | 1,000.00 | 1,019.84 | 1.00 | 5.01 | ||||||||||||
Small Cap Fund |
| |||||||||||||||
Actual Fund Return |
| |||||||||||||||
I Shares | $ | 1,000.00 | $ | 1,452.20 | 1.04 | % | $ | 6.32 | ||||||||
Class S Shares | 1,000.00 | 1,450.50 | 1.14 | 6.93 | ||||||||||||
Hypothetical 5% Return |
| |||||||||||||||
I Shares | $ | 1,000.00 | $ | 1,019.64 | 1.04 | % | $ | 5.21 | ||||||||
Class S Shares | 1,000.00 | 1,019.14 | 1.14 | 5.71 | ||||||||||||
U.S. All Cap Index Fund |
| |||||||||||||||
Actual Fund Return |
| |||||||||||||||
I Shares | $ | 1,000.00 | $ | 1,326.10 | 0.25 | % | $ | 1.44 | ||||||||
Hypothetical 5% Return |
| |||||||||||||||
I Shares | $ | 1,000.00 | $ | 1,023.55 | 0.25 | % | $ | 1.25 | ||||||||
Real Estate Fund |
| |||||||||||||||
Actual Fund Return |
| |||||||||||||||
I Shares | $ | 1,000.00 | $ | 1,263.90 | 1.00 | % | $ | 5.61 | ||||||||
Hypothetical 5% Return |
| |||||||||||||||
I Shares | $ | 1,000.00 | $ | 1,019.84 | 1.00 | % | $ | 5.01 |
89
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS FUNDS | |
Beginning Account Value 11/1/20 | Ending Account Value 4/30/21 | Annualized Expense Ratios | Expenses Paid During Period* | |||||||||||||
International Equity Fund |
| |||||||||||||||
Actual Fund Return |
| |||||||||||||||
I Shares | $ | 1,000.00 | $ | 1,325.80 | 1.10 | % | $ | 6.34 | ||||||||
Class S Shares | 1,000.00 | 1,325.40 | 1.20 | 6.92 | ||||||||||||
Hypothetical 5% Return |
| |||||||||||||||
I Shares | $ | 1,000.00 | $ | 1,019.34 | 1.10 | % | $ | 5.51 | ||||||||
Class S Shares | 1,000.00 | 1,018.84 | 1.20 | 6.01 |
* | Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). |
90
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS FUNDS | |
Pursuant to Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Funds’ advisory agreement (the “Agreement”) must be renewed at least annually after its initial two-year term: (i) by the vote of the Board of Trustees (the “Board” or the “Trustees”) of The Advisors’ Inner Circle Fund III (the “Trust”) or by a vote of a majority of the shareholders of the Funds; and (ii) by the vote of a majority of the Trustees who are not parties to the Agreement or “interested persons” of any party thereto, as defined in the 1940 Act (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such renewal.
A Board meeting was held via videoconference on December 10, 2020 to decide whether to renew the Agreement for an additional one-year term (the “December Meeting”). The December Meeting was held via videoconference in reliance on relief provided in orders issued by the Securities and Exchange Commission on March 13, 2020, March 25, 2020 and June 19, 2020 from 1940 Act sections and rules requiring that certain votes of a company’s board of trustees be cast in person due to circumstances related to the current or potential effects of the COVID-19 pandemic. In preparation for the December Meeting, the Trustees requested that the Adviser furnish information necessary to evaluate the terms of the Agreement. Prior to the December Meeting, the Independent Trustees of the Funds met to review and discuss the information provided and submitted a request for additional information to the Adviser, and information was provided in response to this request. The Trustees used this information, as well as other information that the Adviser and other service providers of the Funds presented or submitted to the Board at the December Meeting and other meetings held during the prior year, to help them decide whether to renew the Agreement for an additional year.
Specifically, the Board requested and received written materials from the Adviser and other service providers of the Funds regarding: (i) the nature, extent and quality of the Adviser’s services; (ii) the Adviser’s investment management personnel; (iii) the Adviser’s operations and financial condition; (iv) the Adviser’s brokerage practices (including any soft dollar arrangements) and investment strategies; (v) the advisory fees paid to the Adviser and overall fees and operating expenses compared with peer groups of mutual funds; (vi) the level of the Adviser’s profitability from its relationship with the Funds, including both direct and indirect benefits accruing to the Adviser and its affiliates; (vii) the Adviser’s potential economies of scale; (viii) the Adviser’s compliance program, including a description of material compliance matters and material compliance violations; (ix) the Adviser’s policies on and compliance procedures for personal securities transactions; and (x) the Funds’ performance compared with peer groups of mutual funds and the Funds’ benchmark indices.
Representatives from the Adviser, along with other Fund service providers, presented additional information and participated in question and answer sessions at the December Meeting to help the Trustees evaluate the Adviser’s services, fees and other aspects of the Agreement. The Independent Trustees received advice from independent counsel and met in executive sessions outside the presence of Fund management and the Adviser.
At the December Meeting, the Trustees, including all of the Independent Trustees, based on their evaluation of the information provided by the Adviser and other service providers of the Funds, renewed the Agreement. In considering the renewal of the Agreement, the Board considered various factors that they determined were relevant, including: (i) the nature, extent and quality of the services provided by the Adviser; (ii) the investment performance of the Funds and the Adviser; (iii) the costs of the services provided and profits realized by the Adviser from its relationship with the Funds, including both direct and indirect benefits accruing to the Adviser and its affiliates; (iv) the extent to which economies of scale are being realized by the Adviser; and (v) whether fee levels reflect such economies of scale for the benefit of Fund investors, as discussed in further detail below.
Nature, Extent and Quality of Services Provided by the Adviser
In considering the nature, extent and quality of the services provided by the Adviser, the Board reviewed the portfolio management services provided by the Adviser to the Funds, including the quality and continuity of the Adviser’s portfolio management personnel, the resources of the Adviser, and the Adviser’s compliance history and compliance program. The Trustees reviewed the terms of the Agreement. The Trustees also reviewed the Adviser’s investment and risk management approaches for the Funds. The most recent investment adviser registration form (“Form ADV”) for the Adviser was available to the Board, as was the response of the Adviser to a detailed series of questions which included, among other things, information about the investment advisory services provided by the Adviser to the Funds.
The Trustees also considered other services provided to the Funds by the Adviser such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to the Funds’ investment restrictions, and monitoring compliance with various Fund policies and procedures and with applicable securities laws and regulations. Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that the nature, extent and quality of the services provided to the Funds by the Adviser were sufficient to support renewal of the Agreement.
Investment Performance of the Funds and the Adviser
The Board was provided with regular reports regarding the Funds’ performance over various time periods. The Trustees also reviewed reports prepared by the Funds’ administrator comparing the Funds’ performance to their benchmark indices and peer groups of mutual funds as classified by Lipper, an independent provider of investment company data, over various periods of time. Representatives from the Adviser provided information regarding and led discussions of factors impacting the performance of the Funds, outlining current market conditions and explaining their expectations and strategies for the future. The Trustees determined that the Funds’ performance was satisfactory, or,
91
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS FUNDS | |
where the Funds’ performance was materially below their benchmarks and/or peer groups, the Trustees were satisfied by the reasons for the underperformance and/or the steps taken by the Adviser in an effort to improve the performance of the Funds. Based on this information, the Board concluded, within the context of its full deliberations, that the investment results that the Adviser had been able to achieve for the Funds were sufficient to support renewal of the Agreement.
Costs of Advisory Services, Profitability and Economies of Scale
In considering the advisory fee payable by the Funds to the Adviser, the Trustees reviewed, among other things, a report of the advisory fees paid to the Adviser. The Trustees also reviewed reports prepared by the Funds’ administrator comparing the Funds’ net and gross expense ratios and advisory fees to those paid by peer groups of mutual funds as classified by Lipper. The Trustees reviewed the management fees charged by the Adviser to other clients with comparable mandates. The Trustees considered any differences in management fees and took into account the respective demands, resources and complexity associated with the Funds and other client accounts as well as the extensive regulatory, compliance and tax regimes to which the Funds are subject. The Board concluded, within the context of its full deliberations, that the advisory fees were reasonable in light of the nature and quality of the services rendered by the Adviser.
The Trustees reviewed the costs of services provided by and the profits realized by the Adviser from its relationship with the Funds, including both direct benefits and indirect benefits, such as research and brokerage services received under soft dollar arrangements, accruing to the Adviser and its affiliates. The Trustees considered how the Adviser’s profitability was affected by factors such as its organizational structure and method for allocating expenses. The Trustees concluded that the profit margins of the Adviser with respect to the management of the Funds were not unreasonable. The Board also considered the Adviser’s commitment to managing the Funds and its willingness to continue its expense limitation and fee waiver arrangements with the Funds.
The Trustees considered the Adviser’s views relating to economies of scale in connection with the Funds as Fund assets grow and the extent to which the benefits of any such economies of scale are shared with the Funds and Fund shareholders. The Board considered the existence of any economies of scale and whether those were passed along to the Funds’ shareholders through a graduated advisory fee schedule or other means, including fee waivers. The Trustees recognized that economies of scale are difficult to identify and quantify and are rarely identifiable on a fund-by-fund basis. Based on this evaluation, the Board concluded that the advisory fees were reasonable in light of the information that was provided to the Trustees by the Adviser with respect to economies of scale.
Renewal of the Agreement
Based on the Board’s deliberations and its evaluation of the information described above and other factors and information it believed relevant in the exercise of its reasonable business judgment, the Board, including all of the Independent Trustees, with the assistance of Fund counsel and Independent Trustees’ counsel, unanimously concluded that the terms of the Agreement, including the fees payable thereunder, were fair and reasonable and agreed to renew the Agreement for another year. In its deliberations, the Board did not identify any absence of information as material to its decision, or any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.
92
THE ADVISORS’ INNER CIRCLE FUND III | KNIGHTS OF COLUMBUS FUNDS | |
Pursuant to Rule 22e-4 under the 1940 Act, the Funds’ investment adviser has adopted, and the Board has approved, a liquidity risk management program (the “Program”) to govern the Funds’ approach to managing liquidity risk. The Program is overseen by the Funds’ Liquidity Risk Management Program Administrator (the “Program Administrator”), and the Program’s principal objectives include assessing, managing and periodically reviewing each Fund’s liquidity risk, based on factors specific to the circumstances of the Funds.
At a meeting of the Board held on March 18, 2021, the Trustees received a report from the Program Administrator addressing the operations of the Program and assessing its adequacy and effectiveness of implementation for the period from January 1, 2020 through December 31, 2020. The Program Administrator’s report included an assessment of how market conditions caused by the COVID-19 pandemic impacted the Funds’ liquidity risk during the period covered by the report. The Program Administrator’s report noted that the Program Administrator had determined that the Program is reasonably designed to assess and manage each Fund’s liquidity risk and has operated adequately and effectively to manage each Fund’s liquidity risk during the period covered by the report. The Program Administrator’s report noted that during the period covered by the report, there were no liquidity events that impacted the Funds or their ability to timely meet redemptions without dilution to existing shareholders. The Program Administrator’s report further noted that no material changes have been made to the Program since its implementation.
There can be no assurance that the Program will achieve its objectives in the future. Please refer to the prospectus for more information regarding a Fund’s exposure to liquidity risk and other principal risks to which an investment in the Funds may be subject.
93
Knights of Columbus Funds
P.O. Box 219009
Kansas City, MO 64121
1-844-KC-FUNDS (1-844-523-8637)
Investment Adviser
Knights of Columbus Asset Advisors LLC
One Columbus Plaza
New Haven, CT 06510
Investments Sub-Advisors
L2 Asset Management, LLC
66 Glezen Lane,
Wayland, MA 01778
Ranger Global Real Estate Advisors, LLC
415 Madison Avenue, 14th Floor
New York, NY 10017
Distributor
SEI Investments Distribution Co.
One Freedom Valley Drive
Oaks, PA 19456
Administrator
SEI Investments Global Funds Services
One Freedom Valley Drive
Oaks, PA 19456
Legal Counsel
Morgan, Lewis & Bockius, LLP
1701 Market Street
Philadelphia, PA 19103-2921
This information must be preceded or accompanied by a current
prospectus for the Funds described.
KOC-SA-001-0700
Item 2. Code of Ethics.
Not applicable for semi-annual report.
Item 3. Audit Committee Financial Expert.
Not applicable for semi-annual report.
Item 4. Principal Accountant Fees and Services.
Not applicable for semi-annual report.
Item 5. Audit Committee of Listed Registrants.
Not applicable to open-end management investment companies.
Item 6. Schedule of Investments.
Schedule of Investments is included as part of the Report to Shareholders filed under Item 1 of this form.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end management investment companies.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to open-end management investment companies. Effective for closed-end management investment companies for fiscal-years-ending on or after December 31, 2005.
Item 9. Purchases of Equity Securities by Closed-End Management Company and Affiliated Purchasers.
Not applicable to open-end management investment companies.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees during the period covered by this report.
Item 11. Controls and Procedures.
(a) The Registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures, as defined in Rule 30a-3(c) under the Act (17 CFR § 270.30a-3(c)), as of a date within 90 days of the filing date of the report, are effective based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR § 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act, as amended (17 CFR § 240.13a-15(b) or § 240.15d-15(b)).
(b) There has been no change in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR § 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
Items 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable to open-end management investment companies.
Items 13. Exhibits.
(a)(1) Not applicable for semi-annual report.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) | The Advisors’ Inner Circle Fund III | |||
By (Signature and Title) | /s/ Michael Beattie | |||
Michael Beattie, President |
Date: July 8, 2021
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By (Signature and Title) | /s/ Michael Beattie | |||
Michael Beattie, President | ||||
Date: July 8, 2021 | ||||
By (Signature and Title) | /s/ Andrew Metzger | |||
Andrew Metzger, | ||||
Treasurer, Controller, and CFO |
Date: July 8, 2021