THE ADVISORS’ INNER CIRCLE FUND III | BARROW HANLEY | |
CONCENTRATED EMERGING MARKETS ESG OPPORTUNITIES FUND | ||
January 31, 2024 (Unaudited) |
SCHEDULE OF INVESTMENTS |
| |||||||
COMMON STOCK — 93.9% |
| |||||||
Shares | Value | |||||||
BRAZIL — 4.9% | ||||||||
Dexco | 366,039 | $ | 571,105 | |||||
TIM | 215,173 | 756,562 | ||||||
|
|
| ||||||
1,327,667 | ||||||||
|
|
| ||||||
CHINA — 19.9% | ||||||||
Baidu, Cl A * | 42,292 | 547,564 | ||||||
China International Capital, Cl H | 465,803 | 553,674 | ||||||
China Mengniu Dairy | 243,253 | 538,980 | ||||||
Great Wall Motor, Cl H | 689,712 | 679,096 | ||||||
Haier Smart Home, Cl H | 305,057 | 861,988 | ||||||
JD.com, Cl A | 46,376 | 522,942 | ||||||
Ping An Insurance Group of China, Cl H | 164,328 | 690,760 | ||||||
Tingyi Cayman Islands Holding | 531,701 | 529,435 | ||||||
Xinyi Glass Holdings | 612,089 | 507,437 | ||||||
|
|
| ||||||
5,431,876 | ||||||||
|
|
| ||||||
COLOMBIA — 1.9% | ||||||||
Bancolombia ADR | 16,688 | 525,004 | ||||||
|
|
| ||||||
HONG KONG — 6.6% | ||||||||
ASMPT | 61,457 | 593,083 | ||||||
Hang Lung Properties | 647,976 | 752,274 | ||||||
Sino Biopharmaceutical | 1,289,545 | 465,315 | ||||||
|
|
| ||||||
1,810,672 | ||||||||
|
|
| ||||||
HUNGARY — 2.3% | ||||||||
OTP Bank Nyrt | 13,281 | 615,385 | ||||||
|
|
| ||||||
INDIA — 5.1% | ||||||||
IndusInd Bank | 43,288 | 799,146 | ||||||
UPL | 93,600 | 605,688 | ||||||
|
|
| ||||||
1,404,834 | ||||||||
|
|
| ||||||
MALAYSIA — 4.6% | ||||||||
Petronas Chemicals Group | 367,237 | 524,896 | ||||||
Public Bank | 776,235 | 719,584 | ||||||
|
|
| ||||||
1,244,480 | ||||||||
|
|
| ||||||
MEXICO — 2.0% | ||||||||
Fibra Uno Administracion ‡ | 322,271 | 547,307 | ||||||
|
|
| ||||||
SAUDI ARABIA — 3.1% | ||||||||
Saudi National Bank | 78,034 | 842,731 | ||||||
|
|
| ||||||
SOUTH AFRICA — 2.7% | ||||||||
Sibanye Stillwater | 623,727 | 751,678 | ||||||
|
|
| ||||||
SOUTH KOREA — 16.5% | ||||||||
Amorepacific | 9,986 | 880,865 | ||||||
HL Mando | 19,441 | 510,341 | ||||||
Korea Investment Holdings | 12,542 | 575,881 | ||||||
Shinhan Financial Group | 25,788 | 790,147 | ||||||
SK Hynix | 10,186 | 1,020,033 | ||||||
SK Telecom | 19,434 | 730,692 | ||||||
|
|
| ||||||
4,507,959 | ||||||||
|
|
| ||||||
TAIWAN — 16.5% | ||||||||
Bizlink Holding | 109,282 | 804,235 | ||||||
Cathay Financial Holding | 504,995 | 710,139 | ||||||
Hiwin Technologies | 146,420 | 1,027,735 | ||||||
Largan Precision | 8,573 | 679,708 | ||||||
MediaTek | 42,116 | 1,299,600 | ||||||
|
|
| ||||||
4,521,417 | ||||||||
|
|
| ||||||
THAILAND — 5.4% | ||||||||
Kasikornbank | 183,527 | 621,617 | ||||||
Thai Union Group, Cl F | 2,010,204 | 861,419 | ||||||
|
|
| ||||||
1,483,036 | ||||||||
|
|
|
COMMON STOCK — (continued) |
| |||||||
Shares | Value | |||||||
VIETNAM — 2.4% | ||||||||
Vietnam Dairy Products JSC | 237,907 | $ | 651,253 | |||||
|
|
| ||||||
TOTAL COMMON STOCK |
| 25,665,299 | ||||||
|
|
| ||||||
PREFERRED STOCK — 2.8% |
| |||||||
BRAZIL — 2.8% | ||||||||
Banco Bradesco (A) | 249,285 | 772,852 | ||||||
|
|
| ||||||
TOTAL PREFERRED STOCK |
| 772,852 | ||||||
|
|
| ||||||
TOTAL INVESTMENTS— 96.7% |
| $ | 26,438,151 | |||||
|
|
|
Percentages are based on Net Assets of $27,350,367. |
* | Non-income producing security. |
‡ | Real Estate Investment Trust. |
(A) | There is currently no rate available. |
Cl — Class
JSC — Joint-Stock Company
1
THE ADVISORS’ INNER CIRCLE FUND III | BARROW HANLEY | |
CREDIT OPPORTUNITIES FUND | ||
January 31, 2024 (Unaudited) |
SCHEDULE OF INVESTMENTS |
CORPORATE OBLIGATIONS — 73.8% |
Face Amount | Value | |||||||
COMMUNICATION SERVICES — 4.2% |
| |||||||
CCO Holdings | ||||||||
7.375%, 03/01/2031 (A) | $ | 750,000 | $ | 757,969 | ||||
4.750%, 03/01/2030 (A) | 1,000,000 | 888,607 | ||||||
CSC Holdings | ||||||||
11.750%, 01/31/2029 (A) | 250,000 | 253,932 | ||||||
4.625%, 12/01/2030 (A) | 1,000,000 | 511,131 | ||||||
4.125%, 12/01/2030 (A) | 750,000 | 541,875 | ||||||
LCPR Senior Secured Financing DAC | ||||||||
5.125%, 07/15/2029 (A) | 1,000,000 | 880,060 | ||||||
|
|
| ||||||
3,833,574 | ||||||||
|
|
| ||||||
CONSUMER DISCRETIONARY — 8.2% |
| |||||||
Adient Global Holdings | ||||||||
8.250%, 04/15/2031 (A) | 1,000,000 | 1,056,095 | ||||||
Allied Universal Holdco | ||||||||
4.625%, 06/01/2028 (A) | 125,000 | 112,633 | ||||||
Caesars Entertainment | ||||||||
6.500%, 02/15/2032 (A) | 500,000 | 505,530 | ||||||
Goodyear Tire & Rubber | ||||||||
5.625%, 04/30/2033 | 1,000,000 | 904,823 | ||||||
GTCR W-2 Merger Sub | ||||||||
7.500%, 01/15/2031 (A) | 250,000 | 259,705 | ||||||
Ken Garff Automotive | ||||||||
4.875%, 09/15/2028 (A) | 600,000 | 561,042 | ||||||
Lithia Motors | ||||||||
4.375%, 01/15/2031 (A) | 500,000 | 448,328 | ||||||
3.875%, 06/01/2029 (A) | 250,000 | 224,375 | ||||||
PetSmart | ||||||||
7.750%, 02/15/2029 (A) | 500,000 | 483,341 | ||||||
Raising Cane’s Restaurants | ||||||||
9.375%, 05/01/2029 (A) | 250,000 | 267,877 | ||||||
Tenneco | ||||||||
8.000%, 11/17/2028 (A) | 1,250,000 | 1,088,912 | ||||||
Upbound Group | ||||||||
6.375%, 02/15/2029 (A) | 1,500,000 | 1,430,130 | ||||||
|
|
| ||||||
7,342,791 | ||||||||
|
|
| ||||||
CONSUMER STAPLES — 4.1% |
| |||||||
Ashton Woods USA | ||||||||
6.625%, 01/15/2028 (A) | 250,000 | 246,313 | ||||||
4.625%, 04/01/2030 (A) | 500,000 | 452,530 | ||||||
Darling Ingredients | ||||||||
6.000%, 06/15/2030 (A) | 1,000,000 | 993,832 | ||||||
Energizer Holdings | ||||||||
6.500%, 12/31/2027 (A) | 50,000 | 49,772 | ||||||
STL Holding | ||||||||
7.500%, 02/15/2026 (A) | 250,000 | 254,253 | ||||||
United Natural Foods | ||||||||
6.750%, 10/15/2028 (A) | 2,000,000 | 1,680,000 | ||||||
|
|
| ||||||
3,676,700 | ||||||||
|
|
| ||||||
ENERGY — 2.8% |
| |||||||
CQP Holdco | ||||||||
5.500%, 06/15/2031 (A) | 1,073,000 | 1,001,054 |
CORPORATE OBLIGATIONS — (continued) |
| |||||||
Face Amount | Value | |||||||
ENERGY — (continued) |
| |||||||
Genesis Energy | ||||||||
8.875%, 04/15/2030 | $ | 250,000 | $ | 261,555 | ||||
Global Partners | ||||||||
8.250%, 01/15/2032 (A) | 500,000 | 512,871 | ||||||
7.000%, 08/01/2027 | 750,000 | 754,283 | ||||||
|
|
| ||||||
2,529,763 | ||||||||
|
|
| ||||||
FINANCIALS — 14.4% |
| |||||||
Alliant Holdings Intermediate | ||||||||
7.000%, 01/15/2031 (A) | 1,250,000 | 1,263,250 | ||||||
6.750%, 04/15/2028 (A) | 500,000 | 504,615 | ||||||
Aretec Group | ||||||||
10.000%, 08/15/2030 (A) | 750,000 | 810,017 | ||||||
Bread Financial Holdings | ||||||||
9.750%, 03/15/2029 (A) | 750,000 | 749,092 | ||||||
Burford Capital Global Finance | ||||||||
9.250%, 07/01/2031 (A) | 1,790,000 | 1,866,075 | ||||||
Freedom Mortgage | ||||||||
12.000%, 10/01/2028 (A) | 500,000 | 548,843 | ||||||
6.625%, 01/15/2027 (A) | 500,000 | 480,210 | ||||||
HUB International | ||||||||
7.250%, 06/15/2030 (A) | 500,000 | 514,334 | ||||||
LPL Holdings | ||||||||
4.000%, 03/15/2029 (A) | 500,000 | 460,809 | ||||||
Nationstar Mortgage Holdings | ||||||||
5.750%, 11/15/2031 (A) | 1,250,000 | 1,152,154 | ||||||
5.500%, 08/15/2028 (A) | 250,000 | 237,410 | ||||||
OneMain Finance | ||||||||
9.000%, 01/15/2029 | 750,000 | 789,944 | ||||||
PROG Holdings | ||||||||
6.000%, 11/15/2029 (A) | 2,000,000 | 1,826,513 | ||||||
Rithm Capital | ||||||||
6.250%, 10/15/2025 (A) | 1,750,000 | 1,729,543 | ||||||
|
|
| ||||||
12,932,809 | ||||||||
|
|
| ||||||
HEALTH CARE — 2.6% |
| |||||||
Bausch Health | ||||||||
6.125%, 02/01/2027 (A) | 250,000 | 158,190 | ||||||
5.250%, 01/30/2030 (A) | 1,000,000 | 405,755 | ||||||
4.875%, 06/01/2028 (A) | 250,000 | 141,356 | ||||||
Bausch Health Americas | ||||||||
8.500%, 01/31/2027 (A) | 446,000 | 245,300 | ||||||
LifePoint Health | ||||||||
11.000%, 10/15/2030 (A) | 125,000 | 133,009 | ||||||
Pediatrix Medical Group | ||||||||
5.375%, 02/15/2030 (A) | 500,000 | 448,270 | ||||||
Star Parent | ||||||||
9.000%, 10/01/2030 (A) | 250,000 | 262,876 | ||||||
Tenet Healthcare | ||||||||
6.750%, 05/15/2031 (A) | 500,000 | 511,419 | ||||||
|
|
| ||||||
2,306,175 | ||||||||
|
|
| ||||||
INDUSTRIALS — 14.0% |
| |||||||
American Airlines | ||||||||
5.500%, 04/20/2026 (A) | 562,500 | 556,319 | ||||||
Ardagh Metal Packaging Finance USA | ||||||||
6.000%, 06/15/2027 (A) | 125,000 | 123,585 |
2
THE ADVISORS’ INNER CIRCLE FUND III | BARROW HANLEY | |
CREDIT OPPORTUNITIES FUND | ||
January 31, 2024 (Unaudited) |
CORPORATE OBLIGATIONS — (continued) |
| |||||||
Face Amount | Value | |||||||
INDUSTRIALS — (continued) |
| |||||||
BWX Technologies | ||||||||
4.125%, 06/30/2028 (A) | $ | 500,000 | $ | 469,410 | ||||
Cemex | ||||||||
5.200%, 09/17/2030 (A) | 250,000 | 243,584 | ||||||
Clean Harbors | ||||||||
6.375%, 02/01/2031 (A) | 125,000 | 126,633 | ||||||
Covanta Holding | ||||||||
4.875%, 12/01/2029 (A) | 1,125,000 | 971,652 | ||||||
Dycom Industries | ||||||||
4.500%, 04/15/2029 (A) | 800,000 | 746,056 | ||||||
Enviri | ||||||||
5.750%, 07/31/2027 (A) | 1,257,000 | 1,181,608 | ||||||
GFL Environmental | ||||||||
4.375%, 08/15/2029 (A) | 250,000 | 229,281 | ||||||
4.000%, 08/01/2028 (A) | 800,000 | 733,810 | ||||||
ILFC E-Capital Trust I | ||||||||
7.186%, TSFR3M + 1.812%, | 2,455,000 | 1,895,825 | ||||||
ILFC E-Capital Trust II | ||||||||
7.436%, TSFR3M + 2.062%, | 1,000,000 | 791,883 | ||||||
Interface | ||||||||
5.500%, 12/01/2028 (A) | 1,324,000 | 1,239,052 | ||||||
ITT Holdings | ||||||||
6.500%, 08/01/2029 (A) | 1,000,000 | 874,710 | ||||||
SPX FLOW | ||||||||
8.750%, 04/01/2030 (A) | 250,000 | 246,183 | ||||||
TransDigm | ||||||||
6.750%, 08/15/2028 (A) | 500,000 | 508,181 | ||||||
TransMontaigne Partners | ||||||||
6.125%, 02/15/2026 | 1,000,000 | 920,124 | ||||||
Waste Pro USA | ||||||||
5.500%, 02/15/2026 (A) | 750,000 | 726,533 | ||||||
|
|
| ||||||
12,584,429 | ||||||||
|
|
| ||||||
INFORMATION TECHNOLOGY — 1.5% |
| |||||||
Ciena | ||||||||
4.000%, 01/31/2030 (A) | 200,000 | 184,264 | ||||||
Entegris | ||||||||
5.950%, 06/15/2030 (A) | 500,000 | 493,888 | ||||||
Total Play Telecomunicaciones | ||||||||
6.375%, 09/20/2028 (A) | 1,500,000 | 654,750 | ||||||
|
|
| ||||||
1,332,902 | ||||||||
|
|
| ||||||
MATERIALS — 13.4% |
| |||||||
Ardagh Metal Packaging Finance USA | ||||||||
4.000%, 09/01/2029 (A) | 1,000,000 | 810,472 | ||||||
Arsenal AIC Parent | ||||||||
8.000%, 10/01/2030 (A) | 250,000 | 260,766 | ||||||
Avient | ||||||||
7.125%, 08/01/2030 (A) | 500,000 | 512,864 | ||||||
Axalta Coating Systems | ||||||||
3.375%, 02/15/2029 (A) | 1,000,000 | 888,639 | ||||||
Chemours | ||||||||
4.625%, 11/15/2029 (A) | 2,000,000 | 1,737,182 |
CORPORATE OBLIGATIONS — (continued) |
| |||||||
Face Amount | Value | |||||||
MATERIALS — (continued) |
| |||||||
Graham Packaging | ||||||||
7.125%, 08/15/2028 (A) | $ | 1,000,000 | $ | 892,535 | ||||
Graphic Packaging International | ||||||||
3.750%, 02/01/2030 (A) | 750,000 | 670,099 | ||||||
Kaiser Aluminum | ||||||||
4.500%, 06/01/2031 (A) | 500,000 | 426,895 | ||||||
LABL | ||||||||
9.500%, 11/01/2028 (A) | 375,000 | 374,028 | ||||||
8.250%, 11/01/2029 (A) | 750,000 | 613,125 | ||||||
5.875%, 11/01/2028 (A) | 250,000 | 223,828 | ||||||
Mativ Holdings | ||||||||
6.875%, 10/01/2026 (A) | 1,500,000 | 1,436,096 | ||||||
Mauser Packaging Solutions Holding | ||||||||
7.875%, 08/15/2026 (A) | 1,050,000 | 1,060,975 | ||||||
Polar US Borrower | ||||||||
6.750%, 05/15/2026 (A) | 2,000,000 | 470,000 | ||||||
TMS International | ||||||||
6.250%, 04/15/2029 (A) | 1,500,000 | 1,290,090 | ||||||
WR Grace Holdings | ||||||||
5.625%, 08/15/2029 (A) | 500,000 | 440,865 | ||||||
|
|
| ||||||
12,108,459 | ||||||||
|
|
| ||||||
REAL ESTATE — 7.3% |
| |||||||
Cushman & Wakefield US Borrower | ||||||||
8.875%, 09/01/2031 (A) | 1,000,000 | 1,043,820 | ||||||
Greystar Real Estate Partners | ||||||||
7.750%, 09/01/2030 (A) | 1,000,000 | 1,051,070 | ||||||
Howard Hughes | ||||||||
4.375%, 02/01/2031 (A) | 2,000,000 | 1,731,208 | ||||||
Iron Mountain | ||||||||
5.625%, 07/15/2032 (A) | 250,000 | 234,779 | ||||||
5.250%, 07/15/2030 (A) | 500,000 | 471,603 | ||||||
4.875%, 09/15/2029 (A) | 250,000 | 233,614 | ||||||
Newmark Group | ||||||||
7.500%, 01/12/2029 (A) | 655,000 | 668,748 | ||||||
Service Properties Trust | ||||||||
8.625%, 11/15/2031 (A) | 375,000 | 397,611 | ||||||
7.500%, 09/15/2025 | 750,000 | 761,308 | ||||||
|
|
| ||||||
6,593,761 | ||||||||
|
|
| ||||||
UTILITIES — 1.3% |
| |||||||
Vistra | ||||||||
7.000%, H15T5Y + | 1,000,000 | 970,000 | ||||||
Vistra Operations | ||||||||
4.375%, 05/01/2029 (A) | 250,000 | 229,552 | ||||||
|
|
| ||||||
1,199,552 | ||||||||
|
|
| ||||||
TOTAL CORPORATE OBLIGATIONS | 66,440,915 | |||||||
|
|
|
3
THE ADVISORS’ INNER CIRCLE FUND III | BARROW HANLEY | |
CREDIT OPPORTUNITIES FUND | ||
January 31, 2024 (Unaudited) |
REGISTERED INVESTMENT COMPANY — 23.1% |
| |||||||
Shares | Value | |||||||
Barrow Hanley Floating Rate Fund † | 2,107,395 | $ | 20,744,982 | |||||
|
|
| ||||||
TOTAL REGISTERED INVESTMENT COMPANY | 20,744,982 | |||||||
|
|
| ||||||
ASSET-BACKED SECURITY — 0.6% |
| |||||||
Face Amount | ||||||||
OTHER ASSET-BACKED SECURITY — 0.6% |
| |||||||
Empower CLO, Ser 2023-2A, Cl D | ||||||||
10.714%, , TSFR3M + 5.400%, 07/15/2036 (A)(B) | $ | 500,000 | 500,989 | |||||
|
|
| ||||||
TOTAL ASSET-BACKED SECURITY | 500,989 | |||||||
|
|
| ||||||
TOTAL INVESTMENTS— 97.5% | $ | 87,686,886 | ||||||
|
|
|
Percentages are based on Net Assets of $89,961,550. |
† | Investment in Affiliated Security. |
(A) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On January 31, 2024, the value of these securities amounted to $62,549,867, representing 69.5% of the Net Assets of the Fund. |
(B) | Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates on certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates. |
(C) | Perpetual security with no stated maturity date. |
Cl — Class
CLO — Collateralized Loan Obligation
DAC — Designated Activity Company
H15T5Y— U.S. Treasury Yield Curve Rate T Note Constant Maturity 5 Year
Ser — Series
SPX — Standard & Poor’s 500 Index
TSFR3M — Term Secured Overnight Financing Rate 3 Months
The following is a summary of the Fund’s transactions with affiliates for the period ended January 31, 2024:
Security Description | Value 10/31/2023 | Purchases at Cost | Proceeds from Sales | Realized Gain (Loss) | Change in Unrealized Appreciation | Value 1/31/2024 | Income | Capital Gains | ||||||||||||||||
Barrow Hanley Floating Rate Fund | $24,237,159 | $538,531 | $(4,499,999) | $5,297 | $463,994 | $20,744,982 | $538,531 | $— | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
4
THE ADVISORS’ INNER CIRCLE FUND III | BARROW HANLEY | |
EMERGING MARKETS VALUE FUND | ||
January 31, 2024 (Unaudited) |
SCHEDULE OF INVESTMENTS |
| |||||||
COMMON STOCK — 96.3% |
| |||||||
Shares | Value | |||||||
BRAZIL — 5.8% | ||||||||
Dexco | 37,297 | $ | 58,192 | |||||
TIM | 11,561 | 40,649 | ||||||
Vibra Energia | 15,377 | 73,868 | ||||||
|
|
| ||||||
172,709 | ||||||||
|
|
| ||||||
CHINA — 22.8% | ||||||||
Autohome ADR | 1,925 | 48,510 | ||||||
Baidu, Cl A * | 5,833 | 75,521 | ||||||
BOC Hong Kong Holdings | 4,447 | 10,659 | ||||||
China International Capital, Cl H | 35,189 | 41,827 | ||||||
China Mengniu Dairy | 19,414 | 43,016 | ||||||
China Merchants Bank, Cl H | 16,000 | 58,326 | ||||||
China Petroleum & Chemical, Cl H | 110,514 | 57,490 | ||||||
ENN Energy Holdings | 5,324 | 39,631 | ||||||
Focus Media Information Technology, Cl A | 32,244 | 25,399 | ||||||
Great Wall Motor, Cl H | 43,155 | 42,491 | ||||||
Haier Smart Home, Cl H | 15,433 | 43,609 | ||||||
JD.com, Cl A | 3,566 | 40,211 | ||||||
Ping An Insurance Group of China, Cl H | 11,989 | 50,396 | ||||||
Tingyi Cayman Islands Holding | 36,990 | 36,832 | ||||||
Weichai Power, Cl H | 19,353 | 34,167 | ||||||
Xinyi Glass Holdings | 29,770 | 24,680 | ||||||
|
|
| ||||||
672,765 | ||||||||
|
|
| ||||||
COLOMBIA — 1.0% | ||||||||
Bancolombia ADR | 954 | 30,013 | ||||||
|
|
| ||||||
HONG KONG — 4.4% | ||||||||
ASMPT | 5,037 | 48,609 | ||||||
Hang Lung Properties | 34,630 | 40,204 | ||||||
Sino Biopharmaceutical | 111,771 | 40,331 | ||||||
|
|
| ||||||
129,144 | ||||||||
|
|
| ||||||
HUNGARY — 1.4% | ||||||||
OTP Bank Nyrt | 882 | 40,868 | ||||||
|
|
| ||||||
INDIA — 7.4% | ||||||||
Aurobindo Pharma | 2,560 | 35,460 | ||||||
Axis Bank | 5,226 | 67,192 | ||||||
IndusInd Bank | 4,058 | 74,915 | ||||||
UPL | 6,351 | 41,098 | ||||||
|
|
| ||||||
218,665 | ||||||||
|
|
| ||||||
INDONESIA — 1.7% | ||||||||
Astra International | 153,872 | 49,861 | ||||||
|
|
| ||||||
MACAO — 1.5% | ||||||||
Sands China * | 17,200 | 45,146 | ||||||
|
|
| ||||||
MALAYSIA — 2.8% | ||||||||
Petronas Chemicals Group | 27,878 | 39,846 | ||||||
Public Bank | 45,440 | 42,124 | ||||||
|
|
| ||||||
81,970 | ||||||||
|
|
| ||||||
MEXICO — 2.9% | ||||||||
Fibra Uno Administracion ‡ | 20,501 | 34,817 | ||||||
Grupo Financiero Banorte, Cl O | 4,869 | 49,509 | ||||||
|
|
| ||||||
84,326 | ||||||||
|
|
| ||||||
PHILIPPINES — 3.0% | ||||||||
Ayala Land | 71,416 | 43,157 | ||||||
BDO Unibank | 17,140 | 44,124 | ||||||
|
|
| ||||||
87,281 | ||||||||
|
|
| ||||||
RUSSIA — 0.0% | ||||||||
Alrosa PJSC (A) | 12,058 | – |
COMMON STOCK — (continued) |
| |||||||
Shares | Value | |||||||
RUSSIA — (continued) | ||||||||
Moscow Exchange MICEX-RTS PJSC (A) | 8,812 | $ | – | |||||
|
|
| ||||||
– | ||||||||
|
|
| ||||||
SOUTH AFRICA — 3.6% | ||||||||
Absa Group | 3,491 | 30,482 | ||||||
Growthpoint Properties ‡ | 48,443 | 30,661 | ||||||
Sibanye Stillwater | 37,367 | 45,032 | ||||||
|
|
| ||||||
106,175 | ||||||||
|
|
| ||||||
SOUTH KOREA — 13.6% | ||||||||
Amorepacific | 524 | 46,222 | ||||||
HL Mando | 2,107 | 55,310 | ||||||
Korea Investment Holdings | 1,355 | 62,216 | ||||||
Shinhan Financial Group | 1,761 | 53,957 | ||||||
SK Hynix | 1,312 | 131,385 | ||||||
SK Telecom | 1,404 | 52,789 | ||||||
|
|
| ||||||
401,879 | ||||||||
|
|
| ||||||
TAIWAN — 14.7% | ||||||||
Bizlink Holding | 13,539 | 99,638 | ||||||
Cathay Financial Holding | 40,754 | 57,309 | ||||||
Chailease Holding | 6,948 | 38,461 | ||||||
Hiwin Technologies | 8,671 | 60,863 | ||||||
Largan Precision | 915 | 72,546 | ||||||
MediaTek | 3,432 | 105,903 | ||||||
|
|
| ||||||
434,720 | ||||||||
|
|
| ||||||
THAILAND — 8.1% | ||||||||
Kasikornbank | 10,119 | 34,274 | ||||||
PTT Exploration & Production PCL | 20,515 | 86,580 | ||||||
Siam Cement | 3,700 | 28,163 | ||||||
Thai Beverage PCL | 111,965 | 43,712 | ||||||
Thai Union Group | 77,500 | 33,211 | ||||||
Thai Union Group, Cl F | 27,666 | 11,855 | ||||||
|
|
| ||||||
237,795 | ||||||||
|
|
| ||||||
UNITED ARAB EMIRATES — 1.6% | ||||||||
First Abu Dhabi Bank PJSC | 11,847 | 47,230 | ||||||
|
|
| ||||||
TOTAL COMMON STOCK |
| 2,840,547 | ||||||
|
|
| ||||||
PREFERRED STOCK — 2.0% |
| |||||||
BRAZIL — 2.0% | ||||||||
Banco Bradesco (B) | 18,751 | 58,133 | ||||||
|
|
| ||||||
TOTAL PREFERRED STOCK |
| 58,133 | ||||||
|
|
| ||||||
TOTAL INVESTMENTS— 98.3% |
| $ | 2,898,680 | |||||
|
|
|
Percentages are based on Net Assets of $2,950,043. |
* | Non-income producing security. |
‡ | Real Estate Investment Trust. |
(A) | Level 3 security in accordance with fair value hierarchy. |
(B) | There is currently no rate available. |
ADR — American Depositary Receipt
Cl — Class
PCL — Public Company Limited
PJSC — Public Joint-Stock Company
5
THE ADVISORS’ INNER CIRCLE FUND III | BARROW HANLEY | |
FLOATING RATE FUND | ||
January 31, 2024 (Unaudited) |
SCHEDULE OF INVESTMENTS |
BANK LOAN OBLIGATIONS — 85.0% |
Face Amount | Value | |||||||
AEROSPACE AND DEFENSE — 2.2% |
| |||||||
Cobham Ultra SeniorCo S.a r.l., Facility B (USD), 1st Lien | ||||||||
9.363%, CME Term SOFR + 3.500%, 08/03/2029(A) | $ | 780,174 | $ | 770,422 | ||||
Peraton Corp., Term B Loan, 1st Lien | ||||||||
9.183%, CME Term SOFR | 940,412 | 938,193 | ||||||
TransDigm Inc., Tranche J Term Loan, 1st Lien | ||||||||
8.598%, CME Term SOFR | 500,000 | 500,410 | ||||||
|
|
| ||||||
2,209,025 | ||||||||
|
|
| ||||||
AUTMOTIVE — 0.8% |
| |||||||
Clarios Global LP, 2024 | ||||||||
8.333%, CME Term SOFR | 788,025 | 788,025 | ||||||
|
|
| ||||||
AUTOMOBILE — 2.1% |
| |||||||
Adient US LLC, Tranche B-1 | ||||||||
8.720%, CME Term SOFR | 1,123,063 | 1,123,670 | ||||||
Tenneco Inc., Term Loan B 1st Lien | ||||||||
10.469%, CME Term SOFR + 5.000%, 11/17/2028(A) | 997,184 | 901,205 | ||||||
10.448%, CME Term SOFR + 5.000%, 11/17/2028(A) | 2,816 | 2,545 | ||||||
|
|
| ||||||
2,027,420 | ||||||||
|
|
| ||||||
BANKING — 1.6% |
| |||||||
Nexus Buyer LLC, Amendment No. 5 Term Loan, 1st Lien | ||||||||
9.833%, CME Term SOFR | 1,000,000 | 981,250 | ||||||
Nexus Buyer LLC, Term Loan, 1st Lien | ||||||||
9.183%, CME Term SOFR | 656,304 | 645,843 | ||||||
|
|
| ||||||
1,627,093 | ||||||||
|
|
| ||||||
BEVERAGE, FOOD AND TOBACCO — 1.3% |
| |||||||
8th Avenue Food & Provisions, | ||||||||
10.191%, CME Term SOFR | 772,126 | 748,322 | ||||||
Woof Holdings, Inc., Initial Term Loan, 1st Lien | ||||||||
9.360%, CME Term SOFR | 384,557 | 311,764 |
BANK LOAN OBLIGATIONS — (continued) |
| |||||||
Face Amount | Value | |||||||
BEVERAGE, FOOD AND TOBACCO — (continued) |
| |||||||
Woof Holdings, Inc., Term Loan, 2nd Lien | ||||||||
12.669%, CME Term SOFR | $ | 395,000 | $ | 237,000 | ||||
|
|
| ||||||
1,297,086 | ||||||||
|
|
| ||||||
BROADCASTING AND ENTERTAINMENT — 1.9% |
| |||||||
CSC Holdings, LLC, 2022 | ||||||||
9.833%, CME Term SOFR + 4.500%, 01/18/2028(A) | 784,075 | 765,124 | ||||||
CSC Holdings, LLC, September 2019 Initial Term Loan, 1st Lien | ||||||||
7.948%, Syn LIBOR + 2.500%, | 779,846 | 741,134 | ||||||
Virgin Media Bristol LLC, Facility Q, 1st Lien | ||||||||
8.698%, CME Term SOFR + 3.250%, | 395,000 | 391,481 | ||||||
|
|
| ||||||
1,897,739 | ||||||||
|
|
| ||||||
BUILDING AND DEVELOPMENT — 0.9% |
| |||||||
Janus International Group, Amendment No.6 Refinancing Term Loan (First Lien) | ||||||||
8.695%, CME Term SOFR | 498,750 | 498,376 | ||||||
Walker & Dunlop, Inc., | ||||||||
8.433%, CME Term SOFR | 392,038 | 391,057 | ||||||
|
|
| ||||||
889,433 | ||||||||
|
|
| ||||||
BUILDINGS AND REAL ESTATE — 1.8% |
| |||||||
Potters Industries, LLC, Initial Term Loan, 1st Lien | ||||||||
9.448%, CME Term SOFR | 1,152,684 | 1,154,851 | ||||||
WireCo WorldGroup Inc., 2023 Refinancing Term Loan, 1st Lien | ||||||||
9.068%, CME Term SOFR | 670,453 | 669,615 | ||||||
|
|
| ||||||
1,824,466 | ||||||||
|
|
| ||||||
BUSINESS EQUIPMENT & SERVICES — 0.4% |
| |||||||
Emerald X Inc., Initial Term Loan | ||||||||
10.433%, CME Term SOFR + 5.000%, 05/22/2026(A) | 393,025 | 394,499 | ||||||
|
|
| ||||||
CHEMICALS, PLASTICS AND RUBBER — 7.3% |
| |||||||
Chemours Company, The, Tranche B-3 US$ Term Loan, 1st Lien | ||||||||
8.833%, CME Term SOFR | 1,496,250 | 1,489,891 | ||||||
DCG Acquisition Corp., Term Loan B, 1st Lien | ||||||||
9.933%, CME Term SOFR | 384,557 | 382,034 |
6
THE ADVISORS’ INNER CIRCLE FUND III | BARROW HANLEY | |
FLOATING RATE FUND | ||
January 31, 2024 (Unaudited) |
BANK LOAN OBLIGATIONS — (continued) |
| |||||||
Face Amount | Value | |||||||
CHEMICALS, PLASTICS AND RUBBER — (continued) |
| |||||||
Koppers Inc., Term Loam B | ||||||||
8.940%, CME Term SOFR + 3.500%, 04/10/2030(A) | $ | 1,179,082 | $ | 1,182,030 | ||||
Momentive Performance Materials Inc. Initial Term Loan | ||||||||
9.848%, CME Term SOFR + 4.500%, 03/29/2028(A) | 784,075 | 769,044 | ||||||
Nouryon Finance B.V., Extended Dollar Term Loan, 1st Lien | ||||||||
9.467%, CME Term SOFR | 1,010,371 | 1,008,057 | ||||||
Schenectady International Group, Inc., Initial Term Loan, 1st Lien | ||||||||
10.164%, CME Term SOFR + 4.750%, 10/15/2025(A) | 1,209,360 | 840,505 | ||||||
Sparta U.S. Holdco LLC, Initial Term Loan, 1st Lien | ||||||||
8.717%, CME Term SOFR | 193,655 | 192,929 | ||||||
W. R. Grace Holdings LLC, Initial Term Loan, 1st Lien | ||||||||
9.360%, CME Term SOFR | 774,620 | 774,070 | ||||||
Windsor Holdings III | ||||||||
9.848%, CME Term SOFR + 4.500%, 08/01/2030(A)(B) | 556,513 | 556,435 | ||||||
|
|
| ||||||
7,194,995 | ||||||||
|
|
| ||||||
CONTAINERS, PACKAGING AND GLASS PRODUCTS — 2.0% |
| |||||||
Five Star Lower Holding LLC, Initial Term Loan, 1st Lien | ||||||||
9.630%, CME Term SOFR | 390,063 | 380,069 | ||||||
Graham Packaging Company Inc., Initial Term Loan (2021), 1st Lien | ||||||||
8.447%, CME Term SOFR | 620,774 | 619,520 | ||||||
Mauser Packaging Solutions Holding Company, Initial Term Loan, 1st Lien | ||||||||
9.355%, CME Term SOFR + 4.000%, | 283,000 | 283,275 | ||||||
Pregis TopCo LLC, Third Amendment Refinancing Term Loan, 1st Lien | ||||||||
9.197%, CME Term SOFR | 193,032 | 192,950 | ||||||
ProAmpac PG Borrower LLC, 2023-1 Term Loan | ||||||||
9.868%, CME Term SOFR | 165,179 | 165,283 |
BANK LOAN OBLIGATIONS — (continued) |
| |||||||
Face Amount | Value | |||||||
CONTAINERS, PACKAGING AND GLASS PRODUCTS — (continued) |
| |||||||
ProAmpac PG Borrower LLC, 2023-1 Term Loan, 1st Lien | ||||||||
9.798%, CME TERM SOFR + 4.500%, | $ | 334,821 | $ | 335,032 | ||||
|
|
| ||||||
1,976,129 | ||||||||
|
|
| ||||||
DIVERSIFIED NATURAL RESOURCES, PRECIOUS METALS AND MINERALS — 1.0% |
| |||||||
Mativ Holdings, Inc., Term B Loan, 1st Lien | ||||||||
9.197%, CME Term SOFR | 1,025,116 | 1,022,553 | ||||||
|
|
| ||||||
DIVERSIFIED/CONGLOMERATE MANUFACTURING — 1.2% |
| |||||||
TK Elevator Midco GmbH, Facility B1 (USD), 1st Lien | ||||||||
9.081%, CME Term SOFR | 1,150,466 | 1,149,983 | ||||||
|
|
| ||||||
DIVERSIFIED/CONGLOMERATE SERVICE — 7.9% |
| |||||||
BIFM CA Buyer Inc., Initial Term Loan, 1st Lien | ||||||||
8.947%, CME Term SOFR | 752,651 | 750,769 | ||||||
DXP Enterprises, Inc., Term Loan B | ||||||||
10.291%, CME Term SOFR + 4.750%, | 788,025 | 788,025 | ||||||
Medline Borrower, LP, Initial Dollar Term Loan, 1st Lien | ||||||||
8.451%, CME Term SOFR | 776,126 | 774,426 | ||||||
Mercury Borrower, Inc., Initial Term Loan, 1st Lien | ||||||||
8.947%, CME Term SOFR | 753,551 | 749,783 | ||||||
Service Logic Acquisition, Inc., Closing Date Initial Term Loan, 1st Lien | ||||||||
9.574%, CME Term SOFR | 769,564 | 767,640 | ||||||
Sharp Midco LLC, Initial Term Loan, 1st Lien | ||||||||
9.448%, CME Term SOFR | 776,126 | 775,156 | ||||||
TMS International Corporation, Term B-5 Loan, 1st Lien | ||||||||
9.587%, CME Term SOFR | 2,168,986 | 2,170,352 | ||||||
Verscend Holding Corp., Term B-1 Loan, 1st Lien | ||||||||
9.447%, CME Term SOFR | 567,935 | 567,731 | ||||||
VT Topco, Inc., Initial Term Loan, 1st Lien | ||||||||
9.583%, CME Term SOFR | 500,000 | 501,405 | ||||||
|
|
| ||||||
7,845,287 | ||||||||
|
|
|
7
THE ADVISORS’ INNER CIRCLE FUND III | BARROW HANLEY | |
FLOATING RATE FUND | ||
January 31, 2024 (Unaudited) |
BANK LOAN OBLIGATIONS — (continued) |
| |||||||
Face Amount | Value | |||||||
ECOLOGICAL — 0.4% |
| |||||||
TMF Sapphire Bidco B.V., Facility B2, 1st Lien | ||||||||
10.330%, CME Term SOFR + 5.000%, 05/03/2028(A) | $ | 395,000 | $ | 395,988 | ||||
|
|
| ||||||
EDUCATIONAL SERVICES — 0.4% |
| |||||||
Imagine Learning LLC, 1st Lien |
| |||||||
0.000%, 12/21/2029(B) | 364,804 | 362,980 | ||||||
|
|
| ||||||
ELECTRONICS — 5.1% |
| |||||||
Aretec Group, Inc. (fka RCS Captial Corporation) Term B-1 Loan | ||||||||
9.933%, CME Term SOFR | 498,747 | 498,263 | ||||||
Ingram Micro Inc., Term Loan B | ||||||||
8.610%, CME Term SOFR | 287,943 | 287,344 | ||||||
MH SUB I LLC, 2023 May Incremental Term Loan | ||||||||
9.583%, CME Term SOFR | 2,559,365 | 2,503,776 | ||||||
Proofpoint, Inc., Initial Term Loan, 1st Lien | ||||||||
8.697%, CME Term SOFR | 777,335 | 771,505 | ||||||
UKG Inc., Initial Term Loan, 1st Lien | ||||||||
9.163%, CME Term SOFR | 368,750 | 368,750 | ||||||
Ultra Clean, Term Loan, 1st Lien | ||||||||
9.197%, CME Term SOFR | 602,764 | 603,771 | ||||||
|
|
| ||||||
5,033,409 | ||||||||
|
|
| ||||||
ENERGY — 0.8% |
| |||||||
Aegion Corporation, 2024 Replacement Term Loan | ||||||||
9.587%, CME Term SOFR | 772,586 | 772,586 | ||||||
|
|
| ||||||
FINANCE (INCLUDING STRUCTURED PRODUCTS) — 10.7% |
| |||||||
Brown Group Holding, LLC, Incremental Term B-2 Facility, 1st Lien | ||||||||
8.388%, CME Term SOFR | 98,585 | 98,190 | ||||||
8.333%, CME Term SOFR | 83,723 | 83,388 | ||||||
8.313%, CME Term SOFR | 207,755 | 206,924 | ||||||
Chariot Buyer LLC, Initial Term Loan, 1st Lien | ||||||||
8.683%, CME Term SOFR | 782,020 | 772,573 | ||||||
Dermatology Intermediate Holdings III, Inc., Closing Date Term Loan, 1st Lien | ||||||||
9.563%, CME Term SOFR | 394,158 | 384,008 |
BANK LOAN OBLIGATIONS — (continued) |
| |||||||
Face Amount | Value | |||||||
FINANCE (INCLUDING STRUCTURED PRODUCTS) — (continued) |
| |||||||
Fiserv Investment Solutions, Inc., Initial Term Loan, 1st Lien | ||||||||
9.372%, CME Term SOFR | $ | 927,621 | $ | 879,506 | ||||
Global IID Parent LLC, Term B Loan, 1st Lien | ||||||||
SOFR + 4.500%, | 1,548,252 | 1,468,254 | ||||||
Greystone Select, Term Loan, 1st Lien | ||||||||
SOFR + 5.000%, 06/16/2028(A) | 381,691 | 379,783 | ||||||
KKR Apple Bidco, LLC, Amendment No. 1 Term Loan, 1st Lien | ||||||||
8.833%, CME Term SOFR | 783,095 | 781,678 | ||||||
MSP Law PLLC, Term Loan, 1st Lien | ||||||||
17.500%, 04/08/2025(C) | 612,857 | 612,857 | ||||||
New SK Holdco Sub, LLC, New Term Loan, 1st Lien | ||||||||
13.687%, CME Term SOFR + 8.250%, 06/30/2027(A) | 2,434,314 | 2,420,925 | ||||||
Osmosis Buyer Limited, 2022 Refinancing Term B Loan, 1st Lien | ||||||||
9.105%, CME Term SOFR | 1,005,803 | 999,517 | ||||||
Russell Investments US Institutional Holdco, Inc., 2025 Term Loan, 1st Lien | ||||||||
8.926%, CME Term SOFR | 1,555,287 | 1,457,117 | ||||||
|
|
| ||||||
10,544,720 | ||||||||
|
|
| ||||||
FINANCIAL INTERMEDIARIES — 1.3% |
| |||||||
Fleetpride, Inc., 2023 Incremental Term Loan | ||||||||
9.833%, CME Term SOFR | 498,750 | 498,127 | ||||||
Jane Street Group, LLC, 2024 Repricing Term Loan | ||||||||
7.949%, CME Term SOFR | 757,975 | 754,503 | ||||||
|
|
| ||||||
1,252,630 | ||||||||
|
|
| ||||||
FOOD SERVICE — 0.3% |
| |||||||
Aspire Bakeries Holdings, LLC, Initial Term Loan | ||||||||
9.587%, CME Term SOFR | 336,147 | 336,359 | ||||||
|
|
| ||||||
HEALTH CARE — 1.5% |
| |||||||
LifePoint Health, Inc., (fka Regionalcare Hospital Partners Holdings, Inc.) - 2023 Refinancing Term Loan | ||||||||
11.087%, CME Term SOFR + 5.500%, 11/16/2028(A) | 1,497,039 | 1,492,833 | ||||||
|
|
|
8
THE ADVISORS’ INNER CIRCLE FUND III | BARROW HANLEY | |
FLOATING RATE FUND | ||
January 31, 2024 (Unaudited) |
BANK LOAN OBLIGATIONS — (continued) |
| |||||||
Face Amount | Value | |||||||
HEALTHCARE, EDUCATION AND CHILDCARE — 4.8% |
| |||||||
Bella Holding Company, LLC, Initial Term Loan, 1st Lien | ||||||||
9.183%, CME Term SOFR | $ | 772,126 | $ | 769,231 | ||||
Charlotte Buyer, Inc., Initial Term Loan B, 1st Lien | ||||||||
10.586%, CME Term | 785,055 | 785,408 | ||||||
KUEHG Corp (fka KC MergerSub, Inc.), Initial Term Loan | ||||||||
10.348%, CME Term | 197,006 | 196,933 | ||||||
MED ParentCo, LP, Initial Term Loan, 1st Lien | ||||||||
9.697%, CME Term SOFR | 779,820 | 768,403 | ||||||
Star Parent, Inc., Term Loan | ||||||||
9.348%, CME Term | 500,000 | 487,855 | ||||||
Summit Behavioral Healthcare, LLC, Initial Term Loan, 1st Lien | ||||||||
10.400%, CME Term | 776,126 | 774,185 | ||||||
WCG Purchaser Corp., Initial Term Loan, 1st Lien | ||||||||
9.447%, CME Term SOFR | 640,493 | 638,097 | ||||||
Zest Acquisition Corp., Term B-1 Loan, 1st Lien | ||||||||
10.183%, CME Term SOFR + 5.500%, 02/08/2028(A) | 351,450 | 343,543 | ||||||
|
|
| ||||||
4,763,655 | ||||||||
|
|
| ||||||
HOME AND OFFICE FURNISHINGS, HOUSEWARES AND DURABLE CONSUMER PRODUCTS — 0.8% |
| |||||||
Pactiv Evergreen Inc., Tranche B-3 U.S. Term Loan, 1st Lien | ||||||||
8.697%, CME Term SOFR | 769,167 | 769,097 | ||||||
|
|
| ||||||
HOTELS, MOTELS, INNS AND GAMING — 0.8% |
| |||||||
BRE/Everbright M6 Borrower LLC, Initial Term Loan, 1st Lien | ||||||||
10.436%, CME Term | 619,706 | 618,157 | ||||||
Scientific Games Holdings LP , Initial Dollar Term Loan, 1st Lien | ||||||||
8.580%, CME Term SOFR | 195,030 | 193,263 | ||||||
|
|
| ||||||
811,420 | ||||||||
|
|
|
BANK LOAN OBLIGATIONS — (continued) |
| |||||||
Face Amount | Value | |||||||
INDUSTRIAL EQUIPTMENT — 1.3% |
| |||||||
DS Parent Term Loan B 1st Lien | ||||||||
0.000%, 12/13/2030(B) | $ | 1,000,000 | $ | 975,000 | ||||
Triton Water Holdings, Inc., Initial Term Loan, 1st Lien | ||||||||
8.860%, CME Term SOFR | 283,970 | 279,072 | ||||||
|
|
| ||||||
1,254,072 | ||||||||
|
|
| ||||||
INSURANCE — 1.2% |
| |||||||
Asurion, LLC, New B-4 Term Loan, 2nd Lien | ||||||||
10.697%, CME Term | 790,000 | 747,782 | ||||||
Hub International Limited, 2023 Refinancing Term Loan, 1st Lien | ||||||||
9.587%, CME Term SOFR | 394,013 | 393,973 | ||||||
|
|
| ||||||
1,141,755 | ||||||||
|
|
| ||||||
MACHINERY — 0.4% |
| |||||||
Engineered Machinery Holdings, Inc., Incremental Amendment No. 3 Term Loan, 2nd Lien | ||||||||
11.610%, CME Term | 395,000 | 386,112 | ||||||
|
|
| ||||||
MACHINERY (NON-AGRICULTURE, NON-CONSTRUCTION AND NON-ELECTRONIC) — 6.7% |
| |||||||
Alliance Laundry Systems LLC, Initial Term B Loan, 1st Lien | ||||||||
8.934%, CME Term SOFR | 68,374 | 68,260 | ||||||
8.927%, CME Term SOFR | 998,261 | 996,593 | ||||||
AZZ Inc., Initial Term Loan, 1st Lien | ||||||||
9.083%, CME Term SOFR | 938,675 | 939,455 | ||||||
Filtration Group Corporation, 2021 Incremental Term Loan, 1st Lien | ||||||||
8.947%, CME Term SOFR | 1,351,221 | 1,349,870 | ||||||
Filtration Group Corporation, 2023 Extended Dollar Term Loan | ||||||||
9.697%, CME Term SOFR | 196,019 | 196,105 | ||||||
Gates Global LLC, Initial B-4 Dollar Term Loan, 1st Lien | ||||||||
8.333%, CME Term SOFR | 780,125 | 780,125 | ||||||
Indicor, LLC, Tranche B Dollar Term Loan, 1st Lien | ||||||||
9.348%, CME Term SOFR | 784,085 | 784,155 | ||||||
Pro Mach Group, Inc., Closing Date Initial Term Loan, 1st Lien | ||||||||
9.470%, CME Term SOFR | 773,911 | 774,677 |
9
THE ADVISORS’ INNER CIRCLE FUND III | BARROW HANLEY | |
FLOATING RATE FUND | ||
January 31, 2024 (Unaudited) |
BANK LOAN OBLIGATIONS — (continued) |
| |||||||
Face Amount | Value | |||||||
MACHINERY (NON-AGRICULTURE, NON-CONSTRUCTION AND NON-ELECTRONIC) — (continued) |
| |||||||
SPX Flow, Inc., Term Loan, 1st Lien | ||||||||
9.933%, CME Term SOFR | $ | 688,416 | $ | 687,673 | ||||
|
|
| ||||||
6,576,913 | ||||||||
|
|
| ||||||
MINING, STEEL, IRON AND NONPRECIOUS METALS — 0.5% |
| |||||||
Arsenal AIC Parent LLC, Term Loan B | ||||||||
9.833%, CME Term SOFR | 498,750 | 498,127 | ||||||
|
|
| ||||||
PERSONAL AND NON-DURABLE CONSUMER PRODUCTS (MANUFACTURING ONLY) — 2.3% |
| |||||||
ABG Intermediate Holdings 2 LLC, Tranche TLB-1 Term Loan, 1st Lien | ||||||||
8.933%, CME Term SOFR | 778,619 | 779,717 | ||||||
Hanesbrands Inc., Initial Tranche B Term Loan, 1st Lien | ||||||||
9.083%, CME Term SOFR | 784,075 | 779,174 | ||||||
Sunshine Luxembourg VII S.a r.l., Facility B3, 1st Lien | ||||||||
8.948%, CME Term SOFR | 764,252 | 764,145 | ||||||
|
|
| ||||||
2,323,036 | ||||||||
|
|
| ||||||
PERSONAL TRANSPORTATION — 1.6% |
| |||||||
AAdvantage Loyality IP Ltd. (American Airlines, Inc.), Initial Term Loan, 1st Lien | ||||||||
10.329%, CME Term | 1,007,250 | 1,030,608 | ||||||
Mileage Plus Holdings, LLC (Mileage Plus Intellectual Property Assets, Ltd.), Initial Term Loan, 1st Lien | ||||||||
10.770%, CME Term | 552,632 | 568,923 | ||||||
|
|
| ||||||
1,599,531 | ||||||||
|
|
| ||||||
PRINTING, PUBLISHING AND BROADCASTING — 4.3% |
| |||||||
LABL, Inc., Initial Dollar Term Loan, 1st Lien | ||||||||
10.433%, CME Term | 774,620 | 734,216 | ||||||
Magnite, Inc., Initial Term Loan, 1st Lien | ||||||||
10.929%, CME Term | 156,229 | 156,229 | ||||||
10.650%, CME Term | 156,229 | 156,229 |
BANK LOAN OBLIGATIONS — (continued) |
| |||||||
Face Amount | Value | |||||||
PRINTING, PUBLISHING AND BROADCASTING — (continued) |
| |||||||
10.447%, CME Term | $ | 841,992 | $ | 841,991 | ||||
Magnite, Inc., Term Loan B | ||||||||
10.929%, CME Term | 1,625,000 | 1,608,750 | ||||||
Taboola, Inc., Tranche B Term Loan | ||||||||
9.447%, CME Term SOFR | 759,999 | 758,099 | ||||||
|
|
| ||||||
4,255,514 | ||||||||
|
|
| ||||||
RETAIL STORES — 5.9% |
| |||||||
Allied Universal Holdco LLC (f/k/a USAGM Holdco, LLC), Initial U.S. Dollar Term Loan, 1st Lien | ||||||||
9.183%, CME Term SOFR | 751,163 | 741,308 | ||||||
BCPE Empire Holdings, Inc., Amendment No. 5 Refinancing Term Loan, 1st Lien | ||||||||
9.333%, CME Term SOFR | 2,063,701 | 2,061,555 | ||||||
Chefs’ Warehouse, Inc., The, 2022 Term Loan, 1st Lien | ||||||||
10.183%, CME Term | 363,729 | 363,049 | ||||||
Pet IQ, Term Loan, 1st Lien 10.167%, CME Term | ||||||||
SOFR + 4.250%, 04/13/2028(A) | 770,620 | 760,988 | ||||||
PetSmart LLC, Initial Term Loan, 1st Lien | ||||||||
9.183%, CME Term SOFR | 770,621 | 766,128 | ||||||
Upbound Group, Inc., Initial Term Loan (2021), 1st Lien | ||||||||
8.952%, CME Term SOFR | 730,487 | 728,887 | ||||||
Victoria’s Secret & Co., Initial Term Loan, 1st Lien | ||||||||
8.888%, CME Term SOFR | 386,063 | 384,936 | ||||||
|
|
| ||||||
5,806,851 | ||||||||
|
|
| ||||||
SURFACE TRANSPORT — 0.4% |
| |||||||
Kenan Advantage Group, Inc., U.S. Term B-3 Loan | ||||||||
9.086%, CXME Term | 380,873 | 380,397 | ||||||
|
|
| ||||||
TELECOMMUNICATIONS — 0.8% |
| |||||||
Frontier Communications Holdings, LLC, TLB, 1st Lien | ||||||||
9.197%, CME Term SOFR | 768,127 | 757,404 | ||||||
|
|
|
10
THE ADVISORS’ INNER CIRCLE FUND III | BARROW HANLEY | |
FLOATING RATE FUND | ||
January 31, 2024 (Unaudited) |
BANK LOAN OBLIGATIONS — (continued) |
| |||||||
Face Amount | Value | |||||||
UTILITIES — 0.3% |
| |||||||
Del Monte Foods, Inc., Initial Term Loan, 1st Lien | ||||||||
11.750%, CME Term | $ | 890 | $ | 791 | ||||
9.683%, CME Term SOFR | 351,441 | 312,343 | ||||||
|
|
| ||||||
313,134 | ||||||||
|
|
| ||||||
TOTAL BANK LOAN OBLIGATIONS | 83,972,256 | |||||||
|
|
| ||||||
CORPORATE OBLIGATIONS — 12.0% |
| |||||||
COMMUNICATION SERVICES — 2.2% |
| |||||||
CCO Holdings | ||||||||
4.750%, 03/01/2030 (D) | 1,185,000 | 1,053,000 | ||||||
CSC Holdings | ||||||||
4.125%, 12/01/2030 (D) | 1,580,000 | 1,141,550 | ||||||
|
|
| ||||||
2,194,550 | ||||||||
|
|
| ||||||
FINANCIALS — 2.4% |
| |||||||
Alliant Holdings Intermediate | ||||||||
7.000%, 01/15/2031 (D) | 750,000 | 757,950 | ||||||
Burford Capital Global Finance | ||||||||
9.250%, 07/01/2031 (D) | 1,185,000 | 1,235,362 | ||||||
Ken Garff Automotive | ||||||||
4.875%, 09/15/2028 (D) | 395,000 | 369,353 | ||||||
|
|
| ||||||
2,362,665 | ||||||||
|
|
| ||||||
HEALTH CARE — 0.4% |
| |||||||
Bausch Health | ||||||||
5.250%, 01/30/2030 (D) | 790,000 | 320,546 | ||||||
Bausch Health Americas | ||||||||
8.500%, 01/31/2027 (D) | 115,000 | 63,250 | ||||||
|
|
| ||||||
383,796 | ||||||||
|
|
| ||||||
INDUSTRIALS — 4.2% |
| |||||||
AerCap Global Aviation Trust | ||||||||
6.500%, TSFR3M + 4.562%, | 790,000 | 785,056 | ||||||
Enviri | ||||||||
5.750%, 07/31/2027 (D) | 592,000 | 556,493 | ||||||
GFL Environmental | ||||||||
6.750%, 01/15/2031 (D) | 500,000 | 511,389 | ||||||
ILFC E-Capital Trust I | ||||||||
7.186%, TSFR3M + 1.812%, | 1,343,000 | 1,037,105 | ||||||
ILFC E-Capital Trust II | ||||||||
7.436%, TSFR3M + 2.062%, | 1,102,000 | 872,655 | ||||||
Waste Pro USA | ||||||||
5.500%, 02/15/2026 (D) | 395,000 | 382,641 | ||||||
|
|
| ||||||
4,145,339 | ||||||||
|
|
|
CORPORATE OBLIGATIONS — (continued) |
| |||||||
Face Amount | Value | |||||||
MATERIALS — 2.8% | ||||||||
Ardagh Metal Packaging Finance USA | ||||||||
4.000%, 09/01/2029 (D) | $ | 500,000 | $ | 405,236 | ||||
Avient | ||||||||
7.125%, 08/01/2030 (D) | 395,000 | 405,163 | ||||||
Chemours | ||||||||
4.625%, 11/15/2029 (D) | 1,185,000 | 1,029,280 | ||||||
Graham Packaging | ||||||||
7.125%, 08/15/2028 (D) | 500,000 | 446,268 | ||||||
Mauser Packaging Solutions Holding | ||||||||
7.875%, 08/15/2026 (D) | 319,000 | 322,334 | ||||||
TMS International | ||||||||
6.250%, 04/15/2029 (D) | 115,000 | 98,907 | ||||||
|
|
| ||||||
2,707,188 | ||||||||
|
|
| ||||||
TOTAL CORPORATE OBLIGATIONS | 11,793,538 | |||||||
|
|
| ||||||
ASSET-BACKED SECURITIES — 1.0% |
| |||||||
OTHER ASSET-BACKED SECURITIES — 1.0% |
| |||||||
Empower CLO, Ser 2023-2A, Cl D | ||||||||
10.714%, , TSFR3M + 5.400%, 07/15/2036 (A)(D) | 500,000 | 500,989 | ||||||
Madison Park Funding XVIII, Ser 2017-18A, Cl DR | ||||||||
8.529%, , TSFR3M + 3.212%, 10/21/2030 (A)(D) | 500,000 | 490,915 | ||||||
|
|
| ||||||
991,904 | ||||||||
|
|
| ||||||
TOTAL ASSET-BACKED SECURITIES | 991,904 | |||||||
|
|
| ||||||
WARRANT — 0.0% |
| |||||||
Number of Warrants | ||||||||
Service King#(C) | 2,554 | 1,277 | ||||||
|
|
| ||||||
TOTAL WARRANT | 1,277 | |||||||
|
|
| ||||||
TOTAL INVESTMENTS—98.0% | $ | 96,758,975 | ||||||
|
|
|
Percentages are based on Net Assets of $98,769,495. |
# | Expiration date not available. |
11
THE ADVISORS’ INNER CIRCLE FUND III | BARROW HANLEY | |
FLOATING RATE FUND | ||
January 31, 2024 (Unaudited) |
(A) | Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates on certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates. |
(B) | Unsettled bank loan. Interest rate may not be available. |
(C) | Level 3 security in accordance with fair value hierarchy. |
(D) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On January 31, 2024, the value of these securities amounted to $12,785,442, representing 12.9% of the Net Assets of the Fund. |
Cl — Class
CLO — Collateralized Loan Obligation
CME — Chicago Mercantile Exchange
LIBOR— London Interbank Offered Rate
LLC — Limited Liability Company
LP— Limited Partnership
Ltd. — Limited
Ser — Series
SOFR — Secured Overnight Financing Rate
SPX — Standard & Poor’s 500 Index
TSFR3M — Term Secured Overnight Financing Rate 3 Months
USD — U.S. Dollar
12
THE ADVISORS’ INNER CIRCLE FUND III | BARROW HANLEY | |
INTERNATIONAL VALUE FUND | ||
January 31, 2024 (Unaudited) |
SCHEDULE OF INVESTMENTS |
COMMON STOCK — 95.6% |
Shares | Value | |||||||
CANADA — 4.8% |
| |||||||
Enbridge | 52,000 | $ | 1,846,465 | |||||
Suncor Energy | 36,480 | 1,207,996 | ||||||
|
|
| ||||||
3,054,461 | ||||||||
|
|
| ||||||
CHINA — 1.9% |
| |||||||
BOC Hong Kong Holdings | 509,500 | 1,221,167 | ||||||
|
|
| ||||||
FINLAND — 3.3% |
| |||||||
Fortum | 43,162 | 590,028 | ||||||
Stora Enso, Cl R | 61,299 | 780,013 | ||||||
Valmet | 24,686 | 698,703 | ||||||
|
|
| ||||||
2,068,744 | ||||||||
|
|
| ||||||
FRANCE — 6.5% |
| |||||||
Accor | 18,931 | 747,649 | ||||||
Arkema | 10,825 | 1,178,112 | ||||||
Cie Generale des Etablissements Michelin | 38,557 | 1,280,190 | ||||||
Thales | 6,338 | 926,955 | ||||||
|
|
| ||||||
4,132,906 | ||||||||
|
|
| ||||||
GERMANY — 8.3% |
| |||||||
BASF | 28,890 | 1,381,052 | ||||||
Continental | 15,161 | 1,238,507 | ||||||
Deutsche Post | 19,426 | 930,388 | ||||||
GEA Group | 16,592 | 664,491 | ||||||
Rheinmetall | 3,103 | 1,086,575 | ||||||
|
|
| ||||||
5,301,013 | ||||||||
|
|
| ||||||
HONG KONG — 4.1% |
| |||||||
AIA Group | 115,000 | 901,878 | ||||||
CLP Holdings | 140,000 | 1,113,482 | ||||||
Link REIT ‡ | 121,147 | 607,635 | ||||||
|
|
| ||||||
2,622,995 | ||||||||
|
|
| ||||||
ITALY — 3.3% |
| |||||||
Azimut Holding | 30,881 | 860,919 | ||||||
Enel | 177,194 | 1,209,057 | ||||||
|
|
| ||||||
2,069,976 | ||||||||
|
|
| ||||||
JAPAN — 20.2% |
| |||||||
Asahi Group Holdings | 30,000 | 1,115,039 | ||||||
Honda Motor | 102,600 | 1,146,869 | ||||||
Koito Manufacturing | 73,400 | 1,123,702 | ||||||
Komatsu | 39,300 | 1,118,083 | ||||||
Makita | 51,000 | 1,372,665 | ||||||
MINEBEA MITSUMI | 66,900 | 1,382,837 | ||||||
Mitsubishi Electric | 43,600 | 647,037 | ||||||
Nabtesco | 55,767 | 1,071,893 | ||||||
NSK | 186,900 | 1,018,908 | ||||||
Olympus | 74,500 | 1,102,873 | ||||||
Tosoh | 60,000 | 773,679 | ||||||
TOTO | 34,700 | 939,166 | ||||||
|
|
| ||||||
12,812,751 | ||||||||
|
|
| ||||||
NETHERLANDS — 5.1% |
| |||||||
Akzo Nobel | 16,184 | 1,243,128 | ||||||
Euronext | 11,245 | 989,074 | ||||||
Randstad | 17,361 | 987,147 | ||||||
|
|
| ||||||
3,219,349 | ||||||||
|
|
| ||||||
NORWAY — 4.0% |
| |||||||
Aker BP | 54,407 | 1,444,049 | ||||||
Equinor | 38,757 | 1,109,112 | ||||||
|
|
| ||||||
2,553,161 | ||||||||
|
|
| ||||||
SINGAPORE — 2.0% |
| |||||||
United Overseas Bank | 61,900 | 1,304,762 | ||||||
|
|
|
COMMON STOCK — (continued) |
| |||||||
Shares | Value | |||||||
SOUTH AFRICA — 1.2% |
| |||||||
Sibanye Stillwater | 609,441 | $ | 734,461 | |||||
|
|
| ||||||
SOUTH KOREA — 1.3% |
| |||||||
SK Hynix | 8,093 | 810,439 | ||||||
|
|
| ||||||
SWEDEN — 8.3% |
| |||||||
Boliden | 32,987 | 875,563 | ||||||
Electrolux, Cl B * | 92,065 | 861,178 | ||||||
Elekta, Cl B | 125,060 | 943,667 | ||||||
Getinge, Cl B | 54,873 | 1,173,027 | ||||||
SKF, Cl B | 73,888 | 1,455,973 | ||||||
|
|
| ||||||
5,309,408 | ||||||||
|
|
| ||||||
SWITZERLAND — 3.7% |
| |||||||
Barry Callebaut | 462 | 674,801 | ||||||
Julius Baer Group | 30,685 | 1,670,535 | ||||||
|
|
| ||||||
2,345,336 | ||||||||
|
|
| ||||||
UNITED KINGDOM — 17.6% |
| |||||||
Associated British Foods PLC | 45,059 | 1,334,617 | ||||||
BAE Systems PLC | 70,819 | 1,054,952 | ||||||
Centrica PLC | 483,816 | 846,702 | ||||||
CK Hutchison Holdings PLC | 219,000 | 1,131,096 | ||||||
DS Smith PLC | 296,333 | 1,056,602 | ||||||
Entain PLC | 64,763 | 788,838 | ||||||
Legal & General Group PLC | 511,268 | 1,644,463 | ||||||
Persimmon PLC | 61,886 | 1,139,822 | ||||||
Smith & Nephew PLC | 91,182 | 1,275,179 | ||||||
St. James’s Place PLC | 115,247 | 948,748 | ||||||
|
|
| ||||||
11,221,019 | ||||||||
|
|
| ||||||
TOTAL COMMON STOCK | 60,781,948 | |||||||
|
|
| ||||||
PREFERRED STOCK — 3.8% |
| |||||||
GERMANY — 3.8% |
| |||||||
Dr Ing hc F Porsche (A) | 9,429 | 800,537 | ||||||
Henkel & KGaA (A) | 20,882 | 1,600,776 | ||||||
|
|
| ||||||
2,401,313 | ||||||||
|
|
| ||||||
TOTAL PREFERRED STOCK | 2,401,313 | |||||||
|
|
| ||||||
TOTAL INVESTMENTS—99.4% | $ | 63,183,261 | ||||||
|
|
|
Percentages are based on Net Assets of $63,578,015. |
‡ | Real Estate Investment Trust. |
* | Non-income producing security. |
(A) | There is currently no rate available. |
Cl — Class
PLC — Public Limited Company
13
THE ADVISORS’ INNER CIRCLE FUND III | BARROW HANLEY | |
TOTAL RETURN BOND FUND | ||
January 31, 2024 (Unaudited) |
SCHEDULE OF INVESTMENTS |
| |||||||
MORTGAGE-BACKED SECURITIES — 42.3% |
| |||||||
Face Amount | Value | |||||||
AGENCY COLLATERALIZED MORTGAGE OBLIGATION — 0.4% |
| |||||||
GNMA, Ser 2023-111, Cl PH | ||||||||
5.000%, 05/20/2053 | $ | 704,510 | $ | 705,950 | ||||
|
|
| ||||||
AGENCY MORTGAGE BACKED SECURITIES — 41.3% |
| |||||||
FHLMC | ||||||||
6.000%, 03/01/2053 to 10/01/2053 | 3,592,324 | 3,653,184 | ||||||
5.500%, 09/01/2053 | 704,502 | 716,082 | ||||||
5.000%, 11/01/2052 | 3,208,399 | 3,170,817 | ||||||
4.500%, 05/01/2053 | 2,244,574 | 2,170,463 | ||||||
4.000%, 06/01/2042 to 04/01/2048 | 1,415,763 | 1,354,398 | ||||||
3.500%, 09/01/2028 to 01/01/2048 | 493,605 | 459,690 | ||||||
3.000%, 11/01/2032 to 04/01/2047 | 409,818 | 366,119 | ||||||
2.500%, 06/01/2035 to 05/01/2052 | 2,540,864 | 2,219,644 | ||||||
2.000%, 09/01/2050 to 02/01/2052 | 1,220,532 | 991,412 | ||||||
FNMA | ||||||||
6.000%, 01/01/2054 | 1,730,000 | 1,765,416 | ||||||
5.500%, 12/01/2035 | 4,796 | 4,933 | ||||||
5.000%, 05/01/2040 to 06/01/2053 | 4,319,049 | 4,286,241 | ||||||
4.500%, 04/01/2034 to 06/01/2053 | 3,474,439 | 3,391,534 | ||||||
4.000%, 11/01/2044 to 09/01/2052 | 5,530,479 | 5,223,096 | ||||||
3.500%, 06/01/2037 to 05/01/2052 | 2,598,995 | 2,405,617 | ||||||
3.000%, 10/01/2034 to 07/01/2052 | 5,811,822 | 5,136,995 | ||||||
2.500%, 11/01/2041 to 02/01/2052 | 8,275,264 | 7,017,835 | ||||||
2.000%, 11/01/2035 to 01/01/2052 | 7,460,894 | 6,111,652 | ||||||
GNMA | ||||||||
5.500%, 07/20/2053 | 2,716,712 | 2,734,265 | ||||||
5.000%, 10/15/2039 to 04/20/2053 | 2,870,866 | 2,856,776 | ||||||
4.500%, 02/20/2050 to 09/20/2052 | 821,276 | 800,433 | ||||||
4.000%, 12/20/2047 to 03/20/2052 | 1,825,809 | 1,734,767 | ||||||
3.500%, 09/15/2041 to 01/20/2052 | 383,799 | 357,482 | ||||||
3.000%, 06/20/2051 to 06/20/2053 | 6,828,997 | 6,109,257 | ||||||
2.500%, 04/20/2050 to 04/20/2052 | 3,033,464 | 2,624,357 | ||||||
|
|
| ||||||
67,662,465 | ||||||||
|
|
| ||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.3% |
| |||||||
BX Commercial Mortgage Trust, Ser VOLT, Cl A | ||||||||
6.148%, TSFR1M + 0.814%, 09/15/2036 (A)(B) | 250,000 | 246,641 |
MORTGAGE-BACKED SECURITIES — (continued) |
| |||||||
Face Amount | Value | |||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES — (continued) |
| |||||||
Cold Storage Trust, Ser ICE5, Cl A | ||||||||
6.354%, TSFR1M + 1.014%, 11/15/2037 (A)(B) | $ | 201,513 | $ | 200,884 | ||||
|
|
| ||||||
447,525 | ||||||||
|
|
| ||||||
NON-AGENCY MORTGAGE-BACKED SECURITY — 0.1% |
| |||||||
Seasoned Loans Structured Transaction Trust, Ser 2020- 3, Cl A1C | ||||||||
2.000%, 11/25/2030 | 133,049 | 119,706 | ||||||
|
|
| ||||||
OTHER MORTGAGE BACKED SECURITY — 0.2% |
| |||||||
Taco Bell Funding, Ser 2021- 1A, Cl A2II | ||||||||
2.294%, 08/25/2051 (A) | 176,850 | 153,475 | ||||||
Wendy’s Funding, Ser 2021-1A, Cl A2I | ||||||||
2.370%, 06/15/2051 (A) | 175,484 | 153,038 | ||||||
|
|
| ||||||
306,513 | ||||||||
|
|
| ||||||
TOTAL MORTGAGE-BACKED SECURITIES | 69,242,159 | |||||||
|
|
| ||||||
CORPORATE OBLIGATIONS — 36.6% |
| |||||||
COMMUNICATION SERVICES — 4.1% |
| |||||||
AT&T | ||||||||
3.800%, 12/01/2057 | 500,000 | 368,141 | ||||||
3.650%, 09/15/2059 | 935,000 | 659,917 | ||||||
2.550%, 12/01/2033 | 695,000 | 563,837 | ||||||
2.250%, 02/01/2032 | 320,000 | 263,134 | ||||||
Charter Communications Operating | ||||||||
6.484%, 10/23/2045 | 1,116,000 | 1,073,263 | ||||||
5.750%, 04/01/2048 | 370,000 | 322,579 | ||||||
4.800%, 03/01/2050 | 325,000 | 248,107 | ||||||
4.400%, 12/01/2061 | 740,000 | 497,458 | ||||||
3.700%, 04/01/2051 | 1,155,000 | 736,964 | ||||||
Rogers Communications | ||||||||
4.300%, 02/15/2048 | 1,058,000 | 885,864 | ||||||
Warnermedia Holdings | ||||||||
5.050%, 03/15/2042 | 1,185,000 | 1,050,394 | ||||||
|
|
| ||||||
6,669,658 | ||||||||
|
|
| ||||||
CONSUMER DISCRETIONARY — 3.2% |
| |||||||
Bayer US Finance | ||||||||
6.125%, 11/21/2026 (A) | 585,000 | 593,812 | ||||||
Bayer US Finance II | ||||||||
4.250%, 12/15/2025 (A) | 645,000 | 630,159 | ||||||
Ford Motor Credit | ||||||||
5.125%, 06/16/2025 | 460,000 | 456,000 | ||||||
4.134%, 08/04/2025 | 460,000 | 449,357 | ||||||
3.375%, 11/13/2025 | 405,000 | 388,693 | ||||||
Hyundai Capital America | ||||||||
5.250%, 01/08/2027 (A) | 2,265,000 | 2,282,837 |
14
THE ADVISORS’ INNER CIRCLE FUND III | BARROW HANLEY | |
TOTAL RETURN BOND FUND | ||
January 31, 2024 (Unaudited) |
CORPORATE OBLIGATIONS — (continued) |
| |||||||
Face Amount | Value | |||||||
CONSUMER DISCRETIONARY — (continued) |
| |||||||
Nissan Motor | ||||||||
4.810%, 09/17/2030 (A) | $ | 400,000 | $ | 374,008 | ||||
|
|
| ||||||
5,174,866 | ||||||||
|
|
| ||||||
CONSUMER STAPLES — 1.5% | ||||||||
Philip Morris International | ||||||||
5.625%, 09/07/2033 | 400,000 | 414,657 | ||||||
5.375%, 02/15/2033 | 1,930,000 | 1,969,751 | ||||||
Reynolds American | ||||||||
5.700%, 08/15/2035 | 150,000 | 147,051 | ||||||
|
|
| ||||||
2,531,459 | ||||||||
|
|
| ||||||
ENERGY — 2.2% | ||||||||
Energy Transfer | ||||||||
8.000%, H15T5Y + 4.020%, 05/15/2054 (B) | 500,000 | 517,410 | ||||||
7.500%, 07/01/2038 | 280,000 | 325,868 | ||||||
Hess | ||||||||
7.300%, 08/15/2031 | 1,805,000 | 2,085,857 | ||||||
Kinder Morgan Energy Partners | ||||||||
5.400%, 09/01/2044 | 75,000 | 70,290 | ||||||
ONEOK Partners | ||||||||
6.850%, 10/15/2037 | 110,000 | 120,388 | ||||||
Targa Resources | ||||||||
4.200%, 02/01/2033 | 475,000 | 434,821 | ||||||
|
|
| ||||||
3,554,634 | ||||||||
|
|
| ||||||
FINANCIALS — 12.6% | ||||||||
Bank of America | ||||||||
2.572%, SOFRRATE + 1.210%, 10/20/2032 (B) | 425,000 | 354,309 | ||||||
2.482%, H15T5Y + 1.200%, 09/21/2036 (B) | 180,000 | 144,458 | ||||||
2.299%, SOFRRATE + 1.220%, 07/21/2032 (B) | 855,000 | 701,942 | ||||||
Barclays PLC | ||||||||
9.625%, USISSO05 + | 2,000,000 | 2,059,886 | ||||||
7.119%, SOFRRATE + 3.570%, 06/27/2034 (B) | 855,000 | 903,166 | ||||||
6.224%, SOFRRATE + 2.980%, 05/09/2034 (B) | 505,000 | 520,105 | ||||||
3.811%, H15T1Y + 1.700%, 03/10/2042 (B) | 235,000 | 178,511 | ||||||
2.894%, H15T1Y + 1.300%, 11/24/2032 (B) | 1,610,000 | 1,329,216 | ||||||
Citigroup | ||||||||
1.281%, SOFRRATE + 0.528%, 11/03/2025 (B) | 225,000 | 217,340 | ||||||
Deutsche Bank NY | ||||||||
7.146%, SOFRRATE + 2.520%, 07/13/2027 (B) | 190,000 | 196,787 | ||||||
6.819%, SOFRRATE + 2.510%, 11/20/2029 (B) | 660,000 | 693,556 | ||||||
3.729%, SOFRRATE + 2.757%, 01/14/2032 (B) | 260,000 | 218,281 | ||||||
3.035%, SOFRRATE + 1.718%, 05/28/2032 (B) | 315,000 | 263,672 | ||||||
2.552%, SOFRRATE + 1.318%, 01/07/2028 (B) | 220,000 | 202,178 |
CORPORATE OBLIGATIONS — (continued) |
| |||||||
Face Amount | Value | |||||||
FINANCIALS — (continued) | ||||||||
Fidelity National Financial | ||||||||
3.200%, 09/17/2051 | $ | 155,000 | $ | 99,785 | ||||
Goldman Sachs Group | ||||||||
4.411%, TSFR3M + 1.692%, 04/23/2039 (B) | 125,000 | 113,810 | ||||||
1.542%, SOFRRATE + 0.818%, 09/10/2027 (B) | 655,000 | 597,533 | ||||||
1.431%, SOFRRATE + 0.798%, 03/09/2027 (B) | 735,000 | 680,205 | ||||||
Intesa Sanpaolo | ||||||||
4.198%, H15T1Y + 2.600%, 06/01/2032 (A)(B) | 460,000 | 380,939 | ||||||
JPMorgan Chase | ||||||||
1.561%, SOFRRATE + 0.605%, 12/10/2025 (B) | 345,000 | 333,606 | ||||||
Macquarie Group MTN | ||||||||
2.871%, SOFRRATE + 1.532%, 01/14/2033 (A)(B) | 965,000 | 797,936 | ||||||
Markel Group | ||||||||
5.000%, 05/20/2049 | 765,000 | 704,670 | ||||||
3.450%, 05/07/2052 | 915,000 | 644,624 | ||||||
Mitsubishi UFJ Financial Group | ||||||||
2.852%, H15T1Y + 1.100%, 01/19/2033 (B) | 400,000 | 341,725 | ||||||
2.309%, H15T1Y + 0.950%, 07/20/2032 (B) | 455,000 | 377,990 | ||||||
2.193%, 02/25/2025 | 315,000 | 305,336 | ||||||
Moody’s | ||||||||
2.550%, 08/18/2060 | 75,000 | 42,562 | ||||||
Morgan Stanley MTN | ||||||||
3.591%, US0003M + 1.340%, 07/22/2028 (B) | 620,000 | 592,644 | ||||||
2.239%, SOFRRATE + 1.178%, 07/21/2032 (B) | 365,000 | 299,263 | ||||||
0.864%, SOFRRATE + 0.745%, 10/21/2025 (B) | 610,000 | 589,291 | ||||||
NatWest Group | ||||||||
3.754%, H15T5Y + 2.100%, 11/01/2029 (B) | 1,695,000 | 1,662,380 | ||||||
PNC Financial Services Group | ||||||||
3.400%, H15T5Y + | 180,000 | 154,945 | ||||||
State Street | ||||||||
2.354%, SOFRRATE + 0.940%, 11/01/2025 (B) | 495,000 | 483,938 | ||||||
UBS Group | ||||||||
9.250%, H15T5Y + | 1,000,000 | 1,069,689 | ||||||
9.250%, H15T5Y + | 1,000,000 | 1,089,411 | ||||||
6.246%, H15T1Y + 1.800%, 09/22/2029 (A)(B) | 200,000 | 208,417 | ||||||
3.091%, SOFRRATE + 1.730%, | 1,295,000 | 1,111,900 | ||||||
|
|
| ||||||
20,666,006 | ||||||||
|
|
| ||||||
INDUSTRIALS — 1.3% | ||||||||
AerCap Ireland Capital DAC | ||||||||
3.400%, 10/29/2033 | 665,000 | 561,731 |
15
THE ADVISORS’ INNER CIRCLE FUND III | BARROW HANLEY | |
TOTAL RETURN BOND FUND | ||
January 31, 2024 (Unaudited) |
CORPORATE OBLIGATIONS — (continued) |
| |||||||
Face Amount | Value | |||||||
INDUSTRIALS — (continued) | ||||||||
3.300%, 01/30/2032 | $ | 1,230,000 | $ | 1,054,259 | ||||
American Airlines 2019-1 Class AA Pass Through Trust | ||||||||
3.150%, 02/15/2032 | 81,014 | 71,591 | ||||||
Quanta Services | ||||||||
3.050%, 10/01/2041 | 150,000 | 107,063 | ||||||
2.900%, 10/01/2030 | 360,000 | 315,773 | ||||||
|
|
| ||||||
2,110,417 | ||||||||
|
|
| ||||||
INFORMATION TECHNOLOGY — 1.1% |
| |||||||
Dell International | ||||||||
3.450%, 12/15/2051 | 60,000 | 43,044 | ||||||
Sprint Capital | ||||||||
8.750%, 03/15/2032 | 400,000 | 490,305 | ||||||
VMware | ||||||||
2.200%, 08/15/2031 | 1,525,000 | 1,259,371 | ||||||
|
|
| ||||||
1,792,720 | ||||||||
|
|
| ||||||
MATERIALS — 0.1% | ||||||||
EIDP | ||||||||
1.700%, 07/15/2025 | 150,000 | 143,109 | ||||||
|
|
| ||||||
REAL ESTATE — 1.4% | ||||||||
Alexandria Real Estate Equities | ||||||||
1.875%, 02/01/2033 | 350,000 | 269,202 | ||||||
American Tower | ||||||||
2.300%, 09/15/2031 | 540,000 | 446,710 | ||||||
Crown Castle | ||||||||
1.050%, 07/15/2026 | 1,445,000 | 1,310,956 | ||||||
TELUS | ||||||||
3.400%, 05/13/2032 | 335,000 | 297,926 | ||||||
|
|
| ||||||
2,324,794 | ||||||||
|
|
| ||||||
UTILITIES — 9.1% | ||||||||
American Electric Power | ||||||||
2.031%, 03/15/2024 | 205,000 | 204,040 | ||||||
Appalachian Power | ||||||||
4.500%, 03/01/2049 | 1,550,000 | 1,299,171 | ||||||
Arizona Public Service | ||||||||
2.650%, 09/15/2050 | 90,000 | 55,279 | ||||||
BAT Capital | ||||||||
7.081%, 08/02/2053 | 590,000 | 626,097 | ||||||
2.259%, 03/25/2028 | 480,000 | 430,854 | ||||||
Consumers Energy | ||||||||
2.500%, 05/01/2060 | 67,000 | 39,448 | ||||||
DTE Energy | ||||||||
1.050%, 06/01/2025 | 620,000 | 587,066 | ||||||
Duke Energy Carolinas | ||||||||
6.050%, 04/15/2038 | 355,000 | 383,893 | ||||||
6.000%, 01/15/2038 | 125,000 | 134,293 | ||||||
Duke Energy Progress | ||||||||
4.150%, 12/01/2044 | 465,000 | 393,933 | ||||||
Duke Energy Progress NC Storm Funding | ||||||||
2.387%, 07/01/2037 | 360,000 | 289,924 | ||||||
Electricite de France | ||||||||
6.900%, 05/23/2053 (A) | 1,470,000 | 1,647,305 |
CORPORATE OBLIGATIONS — (continued) |
| |||||||
Face Amount | Value | |||||||
UTILITIES — (continued) | ||||||||
5.000%, 09/21/2048 (A) | $ | 1,215,000 | $ | 1,103,907 | ||||
4.750%, 10/13/2035 (A) | 670,000 | 630,666 | ||||||
Entergy | ||||||||
2.800%, 06/15/2030 | 295,000 | 259,106 | ||||||
Entergy Arkansas | ||||||||
3.350%, 06/15/2052 | 145,000 | 103,422 | ||||||
Entergy Louisiana | ||||||||
4.000%, 03/15/2033 | 380,000 | 353,983 | ||||||
Florida Power & Light | ||||||||
3.950%, 03/01/2048 | 125,000 | 104,556 | ||||||
Kentucky Utilities | ||||||||
3.300%, 06/01/2050 | 160,000 | 114,859 | ||||||
National Fuel Gas | ||||||||
3.950%, 09/15/2027 | 135,000 | 129,588 | ||||||
National Grid | ||||||||
5.809%, 06/12/2033 | 1,755,000 | 1,826,778 | ||||||
National Rural Utilities Cooperative Finance | ||||||||
5.450%, 10/30/2025 | 195,000 | 197,078 | ||||||
National Rural Utilities Cooperative Finance MTN | ||||||||
1.000%, 10/18/2024 | 360,000 | 349,083 | ||||||
NiSource | ||||||||
5.250%, 03/30/2028 | 825,000 | 841,520 | ||||||
PacifiCorp | ||||||||
5.500%, 05/15/2054 | 1,110,000 | 1,072,269 | ||||||
Sempra | ||||||||
3.300%, 04/01/2025 | 630,000 | 616,078 | ||||||
Sempra Global | ||||||||
3.250%, 01/15/2032 (A) | 420,000 | 345,375 | ||||||
Vistra Operations | ||||||||
5.125%, 05/13/2025 (A) | 805,000 | 798,486 | ||||||
|
|
| ||||||
14,938,057 | ||||||||
|
|
| ||||||
TOTAL CORPORATE OBLIGATIONS |
| 59,905,720 | ||||||
|
|
| ||||||
| ||||||||
U.S. TREASURY OBLIGATIONS — 16.2% |
| |||||||
U.S. Treasury Bonds | ||||||||
3.875%, 02/15/2043 | 5,380,000 | 5,064,555 | ||||||
3.625%, 02/15/2053 | 860,000 | 772,119 | ||||||
U.S. Treasury Notes | ||||||||
3.625%, 05/31/2028 | 565,000 | 558,820 | ||||||
3.500%, 02/15/2033 | 7,165,000 | 6,921,222 | ||||||
1.500%, 02/15/2030 | 8,680,000 | 7,565,501 | ||||||
1.250%, 08/31/2024 | 1,165,000 | 1,139,516 | ||||||
1.125%, 02/28/2025 | 4,615,000 | 4,444,101 | ||||||
|
|
| ||||||
TOTAL U.S. TREASURY OBLIGATIONS |
| 26,465,834 | ||||||
|
|
|
16
THE ADVISORS’ INNER CIRCLE FUND III | BARROW HANLEY | |
TOTAL RETURN BOND FUND | ||
January 31, 2024 (Unaudited) |
ASSET-BACKED SECURITIES — 3.3% |
| |||||||
Face Amount | Value | |||||||
AUTOMOTIVE — 2.5% | ||||||||
Ally Auto Receivables Trust, | ||||||||
3.310%, , 11/15/2026 | $ | 139,367 | $ | 137,585 | ||||
AmeriCredit Automobile Receivables Trust, Ser 2021-2, Cl A3 | ||||||||
0.340%, , 12/18/2026 | 82,167 | 81,478 | ||||||
AmeriCredit Automobile Receivables Trust, Ser 2022-2, Cl A3 | ||||||||
4.380%, , 04/18/2028 | 235,000 | 232,992 | ||||||
Americredit Automobile Receivables Trust, Ser 2023-1, Cl A2A | ||||||||
5.840%, , 10/19/2026 | 192,777 | 193,037 | ||||||
BMW Vehicle Lease Trust, | ||||||||
5.990%, , 09/25/2026 | 940,000 | 952,763 | ||||||
BMW Vehicle Owner Trust, | ||||||||
3.210%, , 08/25/2026 | 73,160 | 72,015 | ||||||
Fifth Third Auto Trust, | ||||||||
5.800%, , 11/16/2026 | 195,000 | 195,224 | ||||||
Ford Credit Auto Lease Trust, | ||||||||
3.230%, , 05/15/2025 | 89,682 | 89,360 | ||||||
Ford Credit Auto Owner Trust, | ||||||||
1.530%, , 05/15/2034 (A) | 205,000 | 188,244 | ||||||
Ford Credit Auto Owner Trust, | ||||||||
4.650%, , 02/15/2028 | 260,000 | 258,801 | ||||||
GM Financial Automobile Leasing Trust, Ser 2022-1, Cl A3 | ||||||||
1.900%, , 03/20/2025 | 143,547 | 142,855 | ||||||
GM Financial Revolving Receivables Trust, Ser 2021-1, Cl A | ||||||||
1.170%, , 06/12/2034 (A) | 155,000 | 141,615 | ||||||
Honda Auto Receivables Owner Trust, Ser 2022-1, Cl A3 | ||||||||
1.880%, , 05/15/2026 | 576,233 | 562,820 | ||||||
Honda Auto Receivables Owner Trust, Ser 2023-2, Cl A3 | ||||||||
4.930%, , 11/15/2027 | 270,000 | 270,748 | ||||||
Toyota Auto Loan Extended Note Trust, Ser 2020-1A, Cl A | ||||||||
1.350%, , 05/25/2033 (A) | 215,000 | 204,883 | ||||||
Toyota Auto Loan Extended Note Trust, Ser 2023-1A, Cl A | ||||||||
4.930%, , 06/25/2036 (A) | 100,000 | 101,050 | ||||||
Toyota Auto Receivables Owner Trust, Ser 2022-A, Cl A3 | ||||||||
1.230%, , 06/15/2026 | 100,158 | 97,635 |
ASSET-BACKED SECURITIES — (continued) |
| |||||||
Face Amount | Value | |||||||
AUTOMOTIVE — (continued) | ||||||||
Volkswagen Auto Loan Enhanced Trust, Ser 2021-1, Cl A3 | ||||||||
1.020%, , 06/22/2026 | $ | 92,409 | $ | 90,075 | ||||
|
|
| ||||||
4,013,180 | ||||||||
|
|
| ||||||
OTHER ASSET-BACKED SECURITIES — 0.8% |
| |||||||
CNH Equipment Trust, | ||||||||
0.400%, , 12/15/2025 | 58,709 | 57,829 | ||||||
CNH Equipment Trust, | ||||||||
4.810%, , 08/15/2028 | 235,000 | 235,010 | ||||||
John Deere Owner Trust, | ||||||||
2.320%, , 09/16/2026 | 213,531 | 208,970 | ||||||
John Deere Owner Trust, | ||||||||
3.740%, , 02/16/2027 | 215,000 | 211,930 | ||||||
New Economy Assets Phase 1 Sponsor, Ser 2021-1, Cl A1 | ||||||||
1.910%, , 10/20/2061 (A) | 235,000 | 206,734 | ||||||
PSNH Funding 3, Ser 2018-1, Cl A1 | ||||||||
3.094%, , 02/01/2026 | 13,190 | 13,188 | ||||||
Verizon Master Trust, Ser 2021-1, Cl A | ||||||||
0.500%, , 05/20/2027 | 365,000 | 359,333 | ||||||
|
|
| ||||||
1,292,994 | ||||||||
|
|
| ||||||
TOTAL ASSET-BACKED SECURITIES | 5,306,174 | |||||||
|
|
| ||||||
| ||||||||
SOVEREIGN BONDS — 0.6% |
| |||||||
MEXICO — 0.5% | ||||||||
Mexico Government International Bond | ||||||||
6.400%, 05/07/2054 | 435,000 | 437,928 | ||||||
6.000%, 05/07/2036 | 435,000 | 443,032 | ||||||
|
|
| ||||||
880,960 | ||||||||
|
|
| ||||||
PANAMA — 0.1% | ||||||||
Panama Government International Bond | ||||||||
3.160%, 01/23/2030 | 120,000 | 100,303 | ||||||
|
|
| ||||||
TOTAL SOVEREIGN BONDS | 981,263 | |||||||
|
|
| ||||||
TOTAL INVESTMENTS— 99.0% | $ | 161,901,150 | ||||||
|
|
|
17
THE ADVISORS’ INNER CIRCLE FUND III | BARROW HANLEY | |
TOTAL RETURN BOND FUND | ||
January 31, 2024 (Unaudited) |
Percentages are based on Net Assets of $163,602,315. |
(A) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On January 31, 2024, the value of these securities amounted to $14,661,411, representing 9.0% of the Net Assets of the Fund. |
(B) | Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates on certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates. |
(C) | Perpetual security with no stated maturity date. |
Cl — Class
DAC — Designated Activity Company
FHLMC — Federal Home Loan Mortgage Corporation
FNMA — Federal National Mortgage Association
GNMA — Government National Mortgage Association
MTN — Medium Term Note
PLC — Public Limited Company
Ser — Series
SOFR — Secured Overnight Financing Rate
TSFR1M — Term Secured Overnight Financing Rate 1 Month
TSFR3M — Term Secured Overnight Financing Rate 3 Months
18
THE ADVISORS’ INNER CIRCLE FUND III | BARROW HANLEY | |
US VALUE OPPORTUNITIES FUND | ||
January 31, 2024 (Unaudited) |
SCHEDULE OF INVESTMENTS |
| |||||||
COMMON STOCK — 96.9% |
| |||||||
Shares | Value | |||||||
COMMUNICATION SERVICES — 5.8% |
| |||||||
Alphabet, Cl C * | 10,640 | $ | 1,508,752 | |||||
Comcast, Cl A | 26,946 | 1,254,067 | ||||||
Electronic Arts | 9,766 | 1,343,606 | ||||||
T-Mobile US | 6,973 | 1,124,257 | ||||||
|
|
| ||||||
5,230,682 | ||||||||
|
|
| ||||||
CONSUMER DISCRETIONARY — 8.8% |
| |||||||
Aptiv PLC * | 12,786 | 1,039,885 | ||||||
Aramark | 42,151 | 1,225,751 | ||||||
AutoNation * | 3,260 | 455,291 | ||||||
Las Vegas Sands | 29,077 | 1,422,447 | ||||||
Lithia Motors, Cl A | 2,929 | 863,616 | ||||||
SeaWorld Entertainment * | 9,034 | 446,280 | ||||||
SharkNinja | 22,544 | 1,053,256 | ||||||
Wynn Resorts | 14,538 | 1,372,823 | ||||||
|
|
| ||||||
7,879,349 | ||||||||
|
|
| ||||||
CONSUMER STAPLES — 2.7% |
| |||||||
Keurig Dr Pepper | 39,717 | 1,248,703 | ||||||
Philip Morris International | 12,979 | 1,179,142 | ||||||
|
|
| ||||||
2,427,845 | ||||||||
|
|
| ||||||
ENERGY — 8.0% |
| |||||||
Enbridge | 22,469 | 797,649 | ||||||
Halliburton | 33,546 | 1,195,915 | ||||||
Hess | 9,510 | 1,336,441 | ||||||
Phillips 66 | 10,013 | 1,444,976 | ||||||
Pioneer Natural Resources | 6,493 | 1,492,286 | ||||||
Plains GP Holdings, Cl A | 55,904 | 904,527 | ||||||
|
|
| ||||||
7,171,794 | ||||||||
|
|
| ||||||
FINANCIALS — 15.1% |
| |||||||
Allstate | 8,225 | 1,276,931 | ||||||
American Express | 4,484 | 900,118 | ||||||
American International Group | 17,500 | 1,216,425 | ||||||
Axis Capital Holdings | 14,751 | 877,980 | ||||||
Berkshire Hathaway, Cl B * | 3,233 | 1,240,632 | ||||||
Chubb | 4,671 | 1,144,395 | ||||||
Fidelity National Information Services | 20,926 | 1,302,853 | ||||||
Jefferies Financial Group | 35,111 | 1,431,124 | ||||||
M&T Bank | 6,644 | 917,536 | ||||||
US Bancorp | 24,279 | 1,008,550 | ||||||
Wells Fargo | 17,069 | 856,522 | ||||||
Willis Towers Watson PLC | 5,499 | 1,354,404 | ||||||
|
|
| ||||||
13,527,470 | ||||||||
|
|
| ||||||
HEALTH CARE — 9.5% |
| |||||||
Avantor * | 58,515 | 1,345,260 | ||||||
Elevance Health | 2,428 | 1,198,072 | ||||||
Humana | 1,800 | 680,508 | ||||||
LivaNova PLC * | 12,047 | 586,448 | ||||||
Medtronic PLC | 12,800 | 1,120,512 | ||||||
Merck | 10,314 | 1,245,725 | ||||||
Smith & Nephew ADR | 31,180 | 873,975 | ||||||
UnitedHealth Group | 2,761 | 1,412,914 | ||||||
|
|
| ||||||
8,463,414 | ||||||||
|
|
| ||||||
INDUSTRIALS — 16.9% |
| |||||||
AECOM | 13,748 | 1,212,436 |
COMMON STOCK — (continued) |
| |||||||
Shares | Value | |||||||
INDUSTRIALS — (continued) |
| |||||||
AerCap Holdings * | 19,041 | $ | 1,457,779 | |||||
BWX Technologies | 21,360 | 1,740,413 | ||||||
CACI International, Cl A * | 3,821 | 1,313,392 | ||||||
Jacobs Solutions | 4,236 | 570,886 | ||||||
JB Hunt Transport Services | 6,338 | 1,273,811 | ||||||
MDU Resources Group | 36,783 | 717,636 | ||||||
Stanley Black & Decker | 9,643 | 899,692 | ||||||
U-Haul Holding, Cl B | 14,846 | 948,214 | ||||||
Vertiv Holdings, Cl A | 72,451 | 4,081,165 | ||||||
Vestis | 40,472 | 866,101 | ||||||
|
|
| ||||||
15,081,525 | ||||||||
|
|
| ||||||
INFORMATION TECHNOLOGY — 10.9% |
| |||||||
Broadcom | 2,480 | 2,926,400 | ||||||
Cognizant Technology Solutions, Cl A | 17,233 | 1,329,009 | ||||||
Microchip Technology | 13,222 | 1,126,250 | ||||||
Oracle | 15,141 | 1,691,250 | ||||||
QUALCOMM | 10,366 | 1,539,455 | ||||||
Skyworks Solutions | 10,523 | 1,099,232 | ||||||
|
|
| ||||||
9,711,596 | ||||||||
|
|
| ||||||
MATERIALS — 8.9% |
| |||||||
Air Products and Chemicals | 4,876 | 1,246,842 | ||||||
Axalta Coating Systems * | 43,592 | 1,413,253 | ||||||
CRH | 29,284 | 2,101,420 | ||||||
DuPont de Nemours | 10,537 | 651,186 | ||||||
Element Solutions | 53,637 | 1,192,350 | ||||||
Knife River * | 20,923 | 1,370,231 | ||||||
|
|
| ||||||
7,975,282 | ||||||||
|
|
| ||||||
REAL ESTATE — 5.4% |
| |||||||
COPT Defense Properties ‡ | 4,015 | 94,593 | ||||||
CubeSmart ‡ | 27,565 | 1,191,359 | ||||||
Howard Hughes Holdings * | 10,375 | 830,830 | ||||||
Public Storage ‡ | 3,982 | 1,127,663 | ||||||
VICI Properties, Cl A ‡ | 53,363 | 1,607,294 | ||||||
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4,851,739 | ||||||||
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UTILITIES — 4.9% |
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CenterPoint Energy | 37,335 | 1,043,140 | ||||||
Entergy | 12,741 | 1,271,042 | ||||||
Exelon | 29,392 | 1,023,135 | ||||||
Pinnacle West Capital | 15,881 | 1,094,201 | ||||||
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4,431,518 | ||||||||
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TOTAL COMMON STOCK | 86,752,214 | |||||||
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TOTAL INVESTMENTS— 96.9% | $ | 86,752,214 | ||||||
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Percentages are based on Net Assets of $89,483,791. |
* | Non-income producing security. |
‡ | Real Estate Investment Trust. |
ADR — American Depositary Receipt
Cl — Class
PLC — Public Limited Company
PBH-QH-001- 0500
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