N-CSRS 1 d944294dncsrs.htm ADVISORS' INNER CIRCLE FUND III Advisors' Inner Circle Fund III

 

 

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)

 

 

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: 1-877-446-3863

Date of fiscal year end: October 31, 2015

Date of reporting period: April 30, 2015

 

 

 


Item 1. Reports to Stockholders.


The Advisors’ Inner Circle Fund III

 

LOGO

Knights of Columbus Core Bond Fund

Knights of Columbus Limited Duration Bond Fund

Knights of Columbus Large Cap Growth Fund

Knights of Columbus Large Cap Value Fund

Knights of Columbus Small Cap Equity Fund

Knights of Columbus International Equity Fund

 

Semi-Annual Report    April 30, 2015

 

 

 

    


THE ADVISORS’ INNER CIRCLE FUND III    KNIGHTS OF COLUMBUS FUNDS
     APRIL 30, 2015 (Unaudited)
      

 

 

 

 

TABLE OF CONTENTS

 

Shareholder Letter

    1   

Schedules of Investments

    4   

Statements of Assets and Liabilities

    18   

Statements of Operations

    20   

Statements of Changes in Net Assets

    22   

Financial Highlights

    28   

Notes to Financial Statements

    31   

Disclosure of Fund Expenses

    36   

Approval of Investment Advisory Agreement

    37   

 

 

 

The Funds file their complete schedules of investments with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q within sixty days after period end. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov, and may be reviewed and copied at the Commission’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 portfolio securities, as well as information relating to how the Funds voted proxies relating to portfolio 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 Commission’s website at http://www.sec.gov.


THE ADVISORS’ INNER CIRCLE FUND III    KNIGHTS OF COLUMBUS FUNDS
     APRIL 30, 2015 (Unaudited)
      

 

 

Dear Shareholders:

We have a truncated period for our first semiannual report as Knights of Columbus Asset Advisors’ funds were launched on February 27, 2015. The financial markets have been looking to the Federal Reserve (Fed) to see when the first hike in rates would occur. We are much more concerned with the pace of the rate hike as opposed to when it starts. The equity market has acutely watched this timing because too high too fast will likely be a negative for stocks. First quarter earnings were much better than many expected, but economic data continued to be a tug of war between things are getting better and the pace of better is simply not fast enough. The bond market has been watching the same thing and trying to decipher the healing in the employment arena versus production centric economic releases. What follows are a review of the funds over the first two months.

Knights of Columbus Core Bond Fund

The Knights of Columbus Core Bond Fund returned -0.08% versus 0.10% for the Barclays US Aggregate Index and 0.10% for the Lipper Core Bond Classification. The portfolio experienced usual startup costs as we established the new positions. The portfolio under performance was due to specific issue selection. Within the industrial sector, holdings in Comcast, Fed Ex and Tyson Foods all negatively impacted performance. Bank of America also contributed to the underperformance. Positioning on the yield curve provided incremental value to the total return. The fund also benefitted from overweight positions in both Commercial Mortgage Backed Security and Asset Backed Security.

Knights of Columbus Limited Duration Bond Fund

The Knights of Columbus Limited Duration Bond Fund returned 0.14% versus 0.31% for the Barclays 1-3 Year Government/Credit Index and Lipper Short-Intermediate Investment Grade return 0.42%. The 17 basis points of underperformance was due to issue selection. In analyzing the attribution analysis, the fund added value in yield curve positioning and asset allocation. Widening in yield spreads hurt two Treasury holdings in the portfolio and spread widening in two Federal Home Loan Bank mortgages also negatively impacted performance. On the positive side, we added value due to our yield curve positioning and also added incremental value from underweight positions in both Treasuries and industrials.

Knights of Columbus Large Cap Growth Fund

The Knights of Columbus Large Cap Growth Fund returned -1.20% in March and April compared to the benchmark Russell 1000 Growth Index return of -0.64%. After rising nicely in the early part of March, the portfolio experienced relative weakness as U.S. equities exhibited a change in character beginning on March 20. In particular, a notable shift in the beaten-down Energy sector was costly given the portfolio’s underweight allocation, but was mostly offset by positive allocation impacts elsewhere. Energy turned out to be the best performing sector in March-April time frame by a wide margin. Otherwise, stock selection was responsible for nearly the entire shortfall, with Health Care the primary culprit due to weakness in the Biotechnology group. Relative weakness in Consumer Staples was offset by positive relative contributions from Financials, Consumer Discretionary, and Technology. Earnings-related moves primarily drove individual stock results in April, with disappointments generally being punished harshly and even positive results often met with profit taking. Applied Materials (AMAT-20) was the worst performing stock in the portfolio during the period, as the company’s merger with Tokyo-Electron was scuttled by regulators. Netflix topped the list of winners, as the company posted strong results on the continued success of original programming, including “House of Cards”, and a more rapid turn to profitability in its expanding international operations.

Knights of Columbus Large Cap Value Fund

The Knights of Columbus Large Cap Value Fund returned -1.17%, underperforming the benchmark Russell 1000 Value Index return of -0.44% in the two months ending April 30th. The main event over this span was the +37% rally in WTI Crude Oil prices from its low of $43/barrel on March 17th to $59/barrel at the end of April. Small cap Energy names snapped back the strongest from the lows in March, finishing up more than +15% as they were hit the hardest on the waterfall descent which started in June of last year. Large cap Energy names also benefited nicely, finishing up over +10% over this same time horizon. The portfolio acted accordingly as Energy was one of the best performing sectors on an absolute basis, but an underweight position canceled out the positive stock selection within the group. Materials was the best relative performing sector, as two of the three names driving performance were highly leveraged to the Energy industry. LyondellBasell (LYB), which along with its chemical business derives a quarter of revenues from the production of gasoline and diesel fuel, finished the period up over +20%, which culminated in a strong earnings beat for good measure. US Silica (SLCA), which produces oil and gas proppants, also benefited from strength in the Energy sector, finishing up +15%. Underperformance within Industrials was broad-based with three of the worst performers coming from this group. Union Pacific (UNP), Booz Allen Hamilton (BAH), and Waste Management (WM) cost the portfolio over 40 basis points in relative performance. Another notable detractor within Consumer Staples was Whole Foods Markets (WFM) which finished down more than -15% for the period. A slight disappointment in sales growth during the quarter and investor nervousness about national store saturation pushed the price down.

 

1


THE ADVISORS’ INNER CIRCLE FUND III    KNIGHTS OF COLUMBUS FUNDS
     APRIL 30, 2015 (Unaudited)
      

 

 

Knights of Columbus Small Cap Equity Fund

The Knights of Columbus Small Cap Equity Fund declined -0.15% net of expenses from March through April, 2015, outperforming the benchmark Russell 2000, which declined -0.85%. The performance of growth versus value was unusually close, with the Russell 2000 Value Index declining -0.49% and the Russell 2000 Growth Index falling -1.20%. Leadership was fueled by the Energy sector, which continued its recovery from the 2014 selloff by returning 7.88%. Health Care was the weakest sector, declining -3.84% after a strong run that dates back to October, 2014. Our stock selection was strongest in the Health Care sector. The standout was Dyax Corp, a biotech company, which soared 58% over the two-month period on news of a potential new drug. Another large, positive contributor was Sketchers, the footwear company, which rose 35% after beating earnings expectations. The Financial Sector was our weakest. There was no single company driving the results, rather there were several banks that underperformed slightly.

Knights of Columbus International Equity Fund

The Knights of Columbus International Equity Fund underperformed the FTSE All-World ex US benchmark during the two-month period of March and April, 2015. The Fund returned 1.90% versus the 3.57% appreciation of the benchmark. Market returns ranged from +6.6% for the top-performing Energy sector to +0.41% for the Materials sector, the laggard during this period. From a regional perspective, emerging markets (+5.3%) outperformed developed markets (+3.4%) during March and April, though with wide dispersion, from almost 27% and 21% returns in Hungary and China, respectively, to declines of almost 9% in India and Indonesia. While currencies were volatile during the March/April period, they did not have a significant overall impact on market performance; this is based on the movements of DXY (dollar index spot exchange rate), a representative basket of foreign currencies, which started March and ended April at approximately the same level of around $95. The strongest positive attribution in the Fund came from ITV, the U.K. media company, which appreciated over 16% in U.S. dollar terms for the two-month period due to expectations of strong advertising revenue growth in2015. Banco Do Brasil, which we added to the Fund in early April, appreciated almost 24% during April on optimism of economic improvement in Brazil and was also one of the biggest contributors to relative performance. The worst performing stock in the Fund was Tata Motors, the Indian auto producer, which lost almost 16% in U.S. dollar terms for the two-month period. The lagging performance was due to deteriorating conditions in China, the company’s largest market, and also due to a large rights issue the company is using to retire debt and fund new capital investment. From an allocation standpoint for the period of March/April, the Fund maintained regional and sector exposures relatively in-line with FTSE All-World ex US Index, so most relative performance was derived from stock selection rather than allocation decisions.

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.

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.

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.

Barclays 1-3 Year U.S. Government/Credit Index

The U.S. Government/Credit Index is the non-securitized component of the U.S. Aggregate Index and was the first macro index launched by Barclays Capital. The U.S. Government/Credit Index includes Treasuries (i.e., public obligations of the U.S. 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 U.S. Government/Credit Index was launched on January 1, 1979 and is a subset of the U.S. Aggregate Index. The 1-3 year index includes all medium and larger issues of U.S. government, investment-grade corporate, and investment-grade international dollar-denominated bonds that have maturities of between 1 and 3 years and are publicly issued.

Barclays US Aggregate Bond Index

The 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 Index was created in 1986.

 

2


THE ADVISORS’ INNER CIRCLE FUND III    KNIGHTS OF COLUMBUS FUNDS
     APRIL 30, 2015 (Unaudited)
      

 

 

Russell 1000 Growth Index

The Russell 1000 Growth Index measures the performance of the large-cap growth segment of the U.S. 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 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 U.S. 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 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 U.S. 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 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-U.S. 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.

 

3


THE ADVISORS’ INNER CIRCLE FUND III    KNIGHTS OF COLUMBUS
     CORE BOND FUND
     APRIL 30, 2015 (Unaudited)

 

 

 

SECTOR WEIGHTINGS

 

LOGO

Percentages based on total investments.

 

SCHEDULE OF INVESTMENTS

  

CORPORATE OBLIGATIONS — 28.9%

  

     Face Amount      Value  
     

CONSUMER DISCRETIONARY — 2.4%

  

DIRECTV Holdings

     

3.950%, 01/15/25

   $ 300,000       $ 305,062   

Dollar General

     

3.250%, 04/15/23

     300,000         292,273   

Ford Motor Credit

     

5.875%, 08/02/21

     300,000         350,556   
     

 

 

 
        947,891   
     

 

 

 

CONSUMER STAPLES — 2.3%

  

Diageo Capital

     

2.625%, 04/29/23

     300,000         295,931   

Kraft Foods Group

     

5.000%, 06/04/42

     300,000         320,608   

Walgreens Boots Alliance

     

2.700%, 11/18/19

     300,000         305,657   
     

 

 

 
        922,196   
     

 

 

 

ENERGY — 3.7%

  

Anadarko Petroleum

     

5.950%, 09/15/16

     300,000         319,015   

Enterprise Products Operating

     

2.550%, 10/15/19

     300,000         304,937   

Helmerich & Payne International Drilling

     

4.650%, 03/15/25(A)

     500,000         525,892   

Southwestern Energy

     

4.950%, 01/23/25

     300,000         311,577   
     

 

 

 
        1,461,421   
     

 

 

 

FINANCIALS — 8.1%

  

Bank of America MTN

     

4.000%, 01/22/25

     300,000         297,344   

Crown Castle Towers

     

3.222%, 05/15/22(A)

     300,000         300,933   

CORPORATE OBLIGATIONS — continued

  

     Face Amount      Value  
     

FINANCIALS — continued

  

Goldman Sachs Group

     

3.500%, 01/23/25

   $ 300,000       $ 300,333   

JPMorgan Chase

     

7.900%, 04/30/18(B)

     300,000         319,500   

Morgan Stanley MTN

     

4.875%, 11/01/22

     300,000         324,997   

TIAA Asset Management Finance

     

4.125%, 11/01/24(A)

     1,000,000         1,047,961   

Vornado Realty

     

5.000%, 01/15/22

     300,000         329,909   

Wells Fargo

     

7.980%, 03/15/18(B)

     300,000         330,000   
     

 

 

 
        3,250,977   
     

 

 

 

INDUSTRIALS — 3.7%

  

Air Lease

     

5.625%, 04/01/17

     250,000         267,188   

American Airlines Pass Through Trust , Ser 2015-1

     

3.700%, 05/01/23

     600,000         602,999   

Burlington Northern Santa Fe

     

3.450%, 09/15/21

     300,000         317,060   

FedEx

     

4.100%, 02/01/45

     300,000         287,013   
     

 

 

 
        1,474,260   
     

 

 

 

INFORMATION TECHNOLOGY — 1.6%

  

Hewlett-Packard

     

4.650%, 12/09/21

     300,000         328,326   

Molex Electronic Technologies

     

3.900%, 04/15/25(A)

     300,000         299,846   
     

 

 

 
        628,172   
     

 

 

 

MATERIALS — 3.9%

  

Alcoa

     

5.550%, 02/01/17

     300,000         317,847   

Eastman Chemical

     

2.400%, 06/01/17

     300,000         306,303   

Mosaic

     

4.250%, 11/15/23

     300,000         319,366   

Nucor

     

4.000%, 08/01/23

     300,000         313,441   

Rio Tinto Finance USA

     

2.250%, 12/14/18

     300,000         304,038   
     

 

 

 
        1,560,995   
     

 

 

 

TELECOMMUNICATION SERVICES — 1.6%

  

Rogers Communications

     

4.100%, 10/01/23

     300,000         316,472   

Verizon Communications

     

3.650%, 09/14/18

     300,000         317,714   
     

 

 

 
        634,186   
     

 

 

 
 

 

4

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


THE ADVISORS’ INNER CIRCLE FUND III    KNIGHTS OF COLUMBUS
     CORE BOND FUND
     APRIL 30, 2015 (Unaudited)

 

 

 

CORPORATE OBLIGATIONS — continued

  

     Face Amount      Value  
               

UTILITIES — 1.6%

  

Duke Energy

     

3.750%, 04/15/24

   $ 300,000       $ 319,100   

Florida Power & Light

     

4.125%, 02/01/42

     300,000         319,412   
     

 

 

 
        638,512   
     

 

 

 

Total Corporate Obligations
(Cost $11,581,352)

        11,518,610   
     

 

 

 

U.S. GOVERNMENT AGENCY MORTGAGE-BACKED

OBLIGATIONS 25.5%

  

  

FHLMC

     

3.500%, 11/01/44

     2,076,747         2,174,797   

3.000%, 02/01/45

     1,490,884         1,515,670   

2.500%, 02/01/30

     987,515         1,013,268   

FNMA

     

4.500%, 02/01/41

     2,470,935         2,698,604   

4.000%, 01/01/42

     2,562,917         2,754,298   
     

 

 

 

Total U.S. Government Agency Mortgage-Backed Obligations
(Cost $10,121,364)

        10,156,637   
     

 

 

 

U.S. TREASURY OBLIGATIONS 20.8%

  

U.S. Treasury Bonds

     

4.625%, 02/15/40

     1,000,000         1,351,016   

3.750%, 08/15/41

     1,350,000         1,619,051   

U.S. Treasury Notes

     

4.500%, 02/15/16

     2,000,000         2,067,968   

2.625%, 11/15/20

     1,450,000         1,529,863   

2.125%, 02/29/16

     1,700,000         1,726,695   
     

 

 

 

Total U.S. Treasury Obligations
(Cost $8,349,455)

        8,294,593   
     

 

 

 

U.S. GOVERNMENT AGENCY OBLIGATIONS 8.6%

  

FHLB

     

4.875%, 05/17/17

     1,000,000         1,084,560   

FHLMC

     

2.375%, 01/13/22

     1,300,000         1,328,365   

1.000%, 03/08/17

     1,000,000         1,006,332   
     

 

 

 

Total U.S. Government Agency Obligations
(Cost $3,417,410)

        3,419,257   
     

 

 

 
MORTGAGE-BACKED SECURITIES 8.2%  

Citigroup Commercial Mortgage Trust,
Ser 2013-GC15, Cl A3

     

4.095%, 09/10/46

     400,000         440,438   

COMM Mortgage Trust,
Ser 2014-UBS4, Cl AM

     

3.968%, 08/10/47

     400,000         420,753   

MORTGAGE-BACKED SECURITIES — continued

  

    Face Amount     Value  
             

GS Mortgage Securities Trust, Ser 2011-GC3, Cl A3

   

4.473%, 03/10/44(A)

  $ 400,000      $ 408,723   

Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2013-C13, Cl A2

   

2.936%, 11/15/46

    400,000        415,492   

Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2014-C14, Cl A2

   

2.916%, 02/15/47

    400,000        415,536   

Wells Fargo Commercial Mortgage Trust,
Ser 2014-LC18, Cl A1

   

1.437%, 12/15/47

    379,415        379,786   

WFRBS Commercial Mortgage Trust, Ser 2014-C23, Cl ASB

   

3.636%, 10/15/57

    400,000        427,134   

WFRBS Commercial Mortgage Trust, Ser 2014-C21, Cl A2

   

2.917%, 08/15/47

    350,000        364,032   
   

 

 

 

Total Mortgage-Backed Securities
(Cost $3,272,076)

      3,271,894   
   

 

 

 

ASSET-BACKED SECURITIES 7.0%

  

Chase Issuance Trust,
Ser 2012-A4, Cl A4

   

1.580%, 08/16/21

    400,000        396,951   

Nissan Auto Lease Trust,
Ser 2014-B, Cl A4

   

1.290%, 03/16/20

    400,000        400,755   

Small Business Administration,
Ser 2015-10A, Cl 1

   

2.517%, 03/10/25

    1,000,000        1,001,879   

Small Business Administration,
Ser 2015-20D, Cl 1

   

2.510%, 04/01/35

    1,000,000        1,006,827   
   

 

 

 

Total Asset-Backed Securities
(Cost $2,795,144)

      2,806,412   
   

 

 

 

Total Investments— 99.0%
(Cost $39,536,801)

    $ 39,467,403   
   

 

 

 

Percentages based on Net Assets of $39,856,134.

 

(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”. These securities have been determined to be liquid under the guidelines established by the Board of Trustees.
 

 

5

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


THE ADVISORS’ INNER CIRCLE FUND III    KNIGHTS OF COLUMBUS
     CORE BOND FUND
     APRIL 30, 2015 (Unaudited)

 

 

 

 

(B) Floating rate security - The rate reported is the rate in effect on April 30, 2015.

Cl — Class

FHLB — Federal Home Loan Bank

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

MTN — Medium Term Note

Ser — Series

As of April 30, 2015, all of the Fund’s investments were considered Level 2, in accordance with ASC-820.

For the six-month period ended April 30, 2015, there were no transfers between Level 1 and Level 2 assets and liabilities. For the six-month period ended April 30, 2015, there were no Level 3 securities.

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

 

 

6

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


THE ADVISORS’ INNER CIRCLE FUND III    KNIGHTS OF COLUMBUS
     LIMITED DURATION BOND FUND
     APRIL 30, 2015 (Unaudited)

 

 

 

SECTOR WEIGHTINGS

 

LOGO

Percentages based on total investments.

 

SCHEDULE OF INVESTMENTS

   

CORPORATE OBLIGATIONS — 31.3%

  

    Face Amount     Value  
   

CONSUMER DISCRETIONARY — 2.1%

  

Comcast

   

6.500%, 01/15/17

  $ 250,000      $ 273,449   

DIRECTV Holdings

   

2.400%, 03/15/17

    250,000        254,399   

Thomson Reuters

   

1.300%, 02/23/17

    250,000        249,919   
   

 

 

 
      777,767   
   

 

 

 

CONSUMER STAPLES — 6.3%

  

Anheuser-Busch InBev Worldwide

   

1.375%, 07/15/17

    250,000        251,904   

Campbell Soup

   

3.050%, 07/15/17

    250,000        259,443   

Coca-Cola Enterprises

   

2.000%, 08/19/16

    250,000        253,715   

ConAgra Foods

   

1.300%, 01/25/16

    250,000        250,761   

CVS Health

   

5.750%, 06/01/17

    250,000        273,680   

General Mills

   

1.400%, 10/20/17

    250,000        250,434   

Tyson Foods

   

6.600%, 04/01/16

    250,000        262,646   

Unilever Capital

   

0.850%, 08/02/17

    250,000        249,457   

Walgreen

   

1.800%, 09/15/17

    250,000        252,383   
   

 

 

 
      2,304,423   
   

 

 

 

ENERGY — 3.6%

  

Anadarko Petroleum

   

6.375%, 09/15/17

    500,000        555,608   

Apache

   

1.750%, 04/15/17

    250,000        251,874   

CORPORATE OBLIGATIONS — continued

  

    Face Amount     Value  
   

ENERGY — continued

  

Canadian Natural Resources

   

5.700%, 05/15/17

  $ 250,000      $ 270,276   

Chevron

   

1.104%, 12/05/17

    250,000        250,221   
   

 

 

 
      1,327,979   
   

 

 

 

FINANCIALS — 8.7%

  

American Tower

   

4.500%, 01/15/18

    250,000        267,508   

Bank of America

   

6.050%, 05/16/16

    250,000        261,875   

Bank of Nova Scotia

   

1.375%, 12/18/17

    250,000        250,429   

Camden Property Trust

   

5.700%, 05/15/17

    250,000        270,933   

Citigroup

   

1.850%, 11/24/17

    250,000        251,600   

Credit Suisse NY MTN

   

1.750%, 01/29/18

    250,000        250,931   

Daimler Finance North America

   

1.125%, 03/10/17(A)

    250,000        250,122   

Ford Motor Credit

   

3.000%, 06/12/17

    250,000        257,034   

Goldman Sachs Group

   

5.950%, 01/18/18

    250,000        277,216   

JPMorgan Chase MTN

   

1.350%, 02/15/17

    250,000        250,890   

Morgan Stanley

   

1.875%, 01/05/18

    250,000        250,881   

Morgan Stanley Capital

   

3.884%, 02/15/16(A)

    375,000        379,948   
   

 

 

 
      3,219,367   
   

 

 

 

HEALTH CARE — 2.1%

  

AbbVie

   

1.750%, 11/06/17

    250,000        251,296   

Amgen

   

5.850%, 06/01/17

    250,000        273,109   

2.125%, 05/15/17

    250,000        254,427   
   

 

 

 
      778,832   
   

 

 

 

INDUSTRIALS — 1.6%

  

Air Lease

   

5.625%, 04/01/17

    250,000        267,188   

Aviation Capital Group

   

3.875%, 09/27/16(A)

    300,000        308,203   
   

 

 

 
      575,391   
   

 

 

 

MATERIALS — 1.2%

  

Eastman Chemical

   

2.400%, 06/01/17

    250,000        255,252   

Glencore Funding

   

2.125%, 04/16/18(A)

    200,000        199,779   
   

 

 

 
      455,031   
   

 

 

 
 

 

7

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


THE ADVISORS’ INNER CIRCLE FUND III    KNIGHTS OF COLUMBUS
     LIMITED DURATION BOND FUND
     APRIL 30, 2015 (Unaudited)

 

 

 

 

CORPORATE OBLIGATIONS — continued

  

    Face Amount     Value  
   

TELECOMMUNICATION SERVICES — 2.9%

  

AT&T

   

1.400%, 12/01/17

  $ 550,000      $ 549,334   

Verizon Communications

   

2.500%, 09/15/16

    250,000        255,233   

Vodafone Group

   

5.625%, 02/27/17

    250,000        269,249   
   

 

 

 
      1,073,816   
   

 

 

 

UTILITIES — 2.8%

  

Dayton Power & Light

   

1.875%, 09/15/16

    250,000        252,514   

Dominion Resources

   

1.950%, 08/15/16

    250,000        252,853   

Duke Energy

   

1.625%, 08/15/17

    250,000        252,616   

Georgia Power

   

5.700%, 06/01/17

    250,000        273,451   
   

 

 

 
      1,031,434   
   

 

 

 

Total Corporate Obligations
(Cost $11,537,652)

      11,544,040   
   

 

 

 

U.S. TREASURY OBLIGATIONS 29.6%

  

U.S. Treasury Notes

   

3.250%, 05/31/16

    3,200,000        3,301,500   

3.250%, 03/31/17

    1,350,000        1,418,554   

0.875%, 11/15/17

    875,000        876,709   

0.750%, 10/31/17

    1,500,000        1,498,828   

0.625%, 12/15/16

    2,100,000        2,104,265   

0.500%, 11/30/16

    1,700,000        1,700,665   
   

 

 

 

Total U.S. Treasury Obligations
(Cost $10,886,738)

      10,900,521   
   

 

 

 

ASSET-BACKED SECURITIES 13.3%

  

Capital One Multi-Asset Execution Trust, Ser 2014-A5, Cl A

   

1.480%, 07/15/20

    400,000        402,655   

CarMax Auto Owner Trust,
Ser 2014-1, Cl A3

   

0.790%, 10/15/18

    255,000        254,916   

Chase Issuance Trust,
Ser 2012-A4, Cl A4

   

1.580%, 08/16/21

    375,000        372,141   

Chase Issuance Trust,
Ser 2014-A1, Cl A1

   

1.150%, 01/15/19

    400,000        401,421   

Citibank Credit Card Issuance Trust, Ser 2008-A1, Cl A1

   

5.350%, 02/07/20

    225,000        249,386   

Citibank Credit Card Issuance Trust, Ser 2013-A3, Cl A3

   

1.110%, 07/23/18

    375,000        376,832   

ASSET-BACKED SECURITIES — continued

  

    Face Amount     Value  
   

Discover Card Execution Note Trust, Ser 2013-A2, Cl A2

   

0.690%, 08/15/18

  $ 350,000      $ 350,340   

Ford Credit Auto Owner Trust, Ser 2012-C, Cl C

   

1.690%, 04/15/18

    375,000        377,533   

Ford Credit Auto Owner Trust, Ser 2014-B, Cl A3

   

0.900%, 10/15/18

    475,000        475,561   

Honda Auto Receivables Owner Trust, Ser 2014-2, Cl A3

   

0.770%, 03/19/18

    325,000        324,880   

John Deere Owner Trust,
Ser 2015-A, Cl A3

   

1.320%, 06/17/19

    400,000        401,447   

Nissan Auto Lease Trust,
Ser 2014-B, Cl A4

   

1.290%, 03/16/20

    375,000        375,708   

Santander Drive Auto Receivables Trust,
Ser 2013-3, Cl A3

   

0.700%, 10/16/17

    189,209        189,171   

World Omni Auto Receivables Trust, Ser 2013-B, Cl A3

   

0.830%, 08/15/18

    370,000        370,128   
   

 

 

 

Total Asset-Backed Securities
(Cost $4,913,622)

      4,922,119   
   

 

 

 

MORTGAGE-BACKED SECURITIES 12.5%

  

CFCRE Commercial Mortgage Trust, Ser 2011-C2, Cl A1

   

1.558%, 12/15/47

    83,467        83,486   

Citigroup Commercial Mortgage Trust, Ser 2014-GC23, Cl A1

   

1.392%, 07/10/47

    363,923        363,763   

Commercial Mortgage Trust

   

2.025%, 08/15/45

    375,000        380,945   

GS Mortgage Securities Trust, Ser 2011-GC3, Cl A3

   

4.473%, 03/10/44(A)

    350,000        357,633   

GS Mortgage Securities Trust, Ser 2010-C2, Cl A1

   

3.849%, 12/10/43(A)

    264,208        269,348   

JP Morgan Chase Commercial Mortgage Securities Trust, Ser 2010-C1, Cl A2

   

4.608%, 06/15/43(A)

    375,000        397,612   

JP Morgan Chase Commercial Mortgage Securities Trust, Ser 2011-C4, Cl A3

   

4.106%, 07/15/46(A)

    375,000        401,096   

JP Morgan Chase Commercial Mortgage Securities Trust, Ser 2013-C16, Cl A1

   

1.223%, 12/15/46

    126,418        126,657   
 

 

8

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


THE ADVISORS’ INNER CIRCLE FUND III    KNIGHTS OF COLUMBUS
     LIMITED DURATION BOND FUND
     APRIL 30, 2015 (Unaudited)

 

 

 

 

MORTGAGE-BACKED SECURITIES — continued

  

    Face Amount     Value  
   

Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2013-C13, Cl A2

   

2.936%, 11/15/46

  $ 267,000      $ 277,341   

UBS-Barclays Commercial Mortgage Trust,
Ser 2012-C2, Cl A2

   

2.113%, 05/10/63

    390,000        396,801   

UBS-Citigroup Commercial Mortgage Trust,
Ser 2011-C1, Cl A1

   

1.524%, 01/10/45

    344,212        345,764   

Wells Fargo Commercial Mortgage Trust,
Ser 2014-LC18, Cl A1

   

1.437%, 12/15/47

    360,445        360,797   

WFRBS Commercial Mortgage Trust, Ser 2014-C21, Cl A1

   

1.413%, 08/15/47

    334,129        334,544   

WFRBS Commercial Mortgage Trust, Ser 2012-6, Cl B

   

1.330%, 05/15/17

    368,835        375,056   

WFRBS Commercial Mortgage Trust, Ser 2013-C18, Cl A1

   

1.191%, 12/15/46

    121,035        121,302   
   

 

 

 

Total Mortgage-Backed Securities
(Cost $4,591,210)

      4,592,145   
   

 

 

 

U.S. GOVERNMENT AGENCY
OBLIGATIONS 11.3%

  

FHLB

   

4.875%, 05/17/17

    1,000,000        1,084,560   

4.750%, 12/16/16

    1,000,000        1,067,207   

0.625%, 11/23/16

    1,000,000        1,001,071   

FHLMC

   

0.750%, 01/12/18

    1,000,000        999,569   
   

 

 

 

Total U.S. Government Agency Obligations
(Cost $4,139,786)

      4,152,407   
   

 

 

 

MUNICIPAL BOND 0.8%

  

Oregon State Facilities Authority, RB, Ser B

   

2.100%, 04/01/17

   

(Cost $300,000)

    300,000        300,489   
   

 

 

 

Total Investments— 98.8%
(Cost $36,369,008)

    $ 36,411,721   
   

 

 

 

Percentages based on Net Assets of $36,855,333.

 

(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”. These securities have been determined to be liquid under the guidelines established by the Board of Trustees.

Cl — Class

FHLB — Federal Home Loan Bank

FHLMC — Federal Home Loan Mortgage Corporation

MTN — Medium Term Note

RB — Revenue Bond

Ser — Series

As of April 30, 2015, all of the Fund’s investments were considered Level 2, in accordance with ASC-820.

For the six-month period ended April 30, 2015, there were no transfers between Level 1 and Level 2 assets and liabilities. For the six-month period ended April 30, 2015, there were no Level 3 securities.

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

 

 

9

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


THE ADVISORS’ INNER CIRCLE FUND III    KNIGHTS OF COLUMBUS
     LARGE CAP GROWTH FUND
     APRIL 30, 2015 (Unaudited)

 

 

 

SECTOR WEIGHTINGS

 

LOGO

Percentages based on total investments.

 

SCHEDULE OF INVESTMENTS

   

COMMON STOCK 97.7%

   
    Shares     Value  

CONSUMER DISCRETIONARY 20.4%

  

Brinker International

    3,725      $ 206,253   

Comcast, Cl A

    7,875        454,860   

Dillard’s, Cl A

    1,275        167,777   

DIRECTV *

    2,975        269,847   

Electronic Arts *

    4,725        274,475   

Hanesbrands

    5,600        174,048   

Lennar, Cl A

    4,250        194,650   

Lithia Motors, Cl A

    1,875        186,994   

Lowe’s

    5,300        364,957   

Macy’s

    2,900        187,427   

Netflix *

    400        222,600   

O’Reilly Automotive *

    1,275        277,733   

Pool

    2,200        142,758   

Restoration Hardware Holdings *

    1,250        107,713   

VF

    3,375        244,451   

Walt Disney

    4,550        494,677   

Williams-Sonoma

    2,050        150,737   

Wyndham Worldwide

    2,450        209,230   
   

 

 

 
      4,331,187   
   

 

 

 

CONSUMER STAPLES 8.7%

  

Colgate-Palmolive

    3,600        242,208   

CVS Health

    2,500        248,225   

Dr Pepper Snapple Group

    3,200        238,656   

Hormel Foods

    3,075        167,126   

Kroger

    4,475        308,372   

Monster Beverage *

    2,275        311,925   

Rite Aid *

    21,350        164,609   

Whole Foods Market

    3,325        158,802   
   

 

 

 
      1,839,923   
   

 

 

 

ENERGY 2.8%

  

Atwood Oceanics

    5,150        171,907   

EOG Resources

    2,675        264,692   

Tesoro

    1,975        169,514   
   

 

 

 
      606,113   
   

 

 

 

FINANCIALS 6.8%

  

Affiliated Managers Group *

    825        186,557   

Ameriprise Financial

    1,350        169,128   

CBRE Group, Cl A ‡ *

    6,175        236,750   

COMMON STOCK — continued

   
    Shares     Value  

FINANCIALS (continued)

  

MasterCard, Cl A

    5,025      $ 453,304   

Morgan Stanley

    4,825        180,021   

Visa, Cl A

    3,250        214,663   
   

 

 

 
      1,440,423   
   

 

 

 

HEALTH CARE 18.4%

  

AmerisourceBergen, Cl A

    2,100        240,030   

Amgen

    2,975        469,781   

Biogen *

    1,000        373,930   

Cardinal Health

    2,725        229,827   

Celgene *

    3,675        397,121   

Express Scripts Holding *

    1,275        110,160   

Gilead Sciences

    4,125        414,603   

HealthSouth

    4,475        202,360   

Jazz Pharmaceuticals *

    1,450        259,115   

Mallinckrodt *

    1,975        223,531   

McKesson

    1,625        363,024   

Medivation *

    1,975        238,462   

Regeneron Pharmaceuticals *

    475        217,294   

United Therapeutics *

    1,050        167,675   
   

 

 

 
      3,906,913   
   

 

 

 

INDUSTRIALS 10.6%

  

Caterpillar

    2,550        221,543   

Deere

    2,425        219,511   

FedEx

    1,575        267,073   

JetBlue Airways *

    8,825        181,177   

Manitowoc

    5,450        107,529   

Masco

    7,900        209,271   

PACCAR

    2,900        189,515   

Spectrum Brands Holdings

    1,325        121,145   

Union Pacific

    3,375        358,526   

United Continental Holdings *

    3,775        225,519   

United Rentals *

    1,625        156,943   
   

 

 

 
      2,257,752   
   

 

 

 

INFORMATION TECHNOLOGY 24.5%

  

Apple

    13,950        1,745,842   

Applied Materials

    5,950        117,751   

Broadcom, Cl A

    2,450        108,302   

Broadridge Financial Solutions

    3,425        184,676   

F5 Networks *

    1,000        122,020   

Facebook, Cl A *

    6,475        510,036   

Fiserv *

    3,300        256,080   

Google, Cl A *

    800        439,016   

Microsoft

    13,225        643,263   

NXP Semiconductors *

    1,625        156,195   

Oracle

    10,300        449,286   

Rackspace Hosting *

    2,100        113,190   

Total System Services

    3,500        138,460   

Vantiv, Cl A *

    5,650        220,915   
   

 

 

 
      5,205,032   
   

 

 

 

MATERIALS 2.2%

  

CF Industries Holdings

    450        129,362   

Eagle Materials

    1,625        135,509   
 

 

10

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


THE ADVISORS’ INNER CIRCLE FUND III    KNIGHTS OF COLUMBUS
     LARGE CAP GROWTH FUND
     APRIL 30, 2015 (Unaudited)

 

 

 

COMMON STOCK — continued

   
    Shares     Value  

MATERIALS (continued)

  

Packaging Corp of America

    2,050      $ 141,839   

Rock-Tenn, Cl A

    875        55,107   
   

 

 

 
      461,817   
   

 

 

 

TELECOMMUNICATION SERVICES 3.3%

  

Level 3 Communications *

    4,350        243,339   

SBA Communications, Cl A *

    1,975        228,745   

Verizon Communications

    4,400        221,936   
   

 

 

 
      694,020   
   

 

 

 

Total Common Stock
(Cost $20,946,595)

      20,743,180   
   

 

 

 

Total Investments— 97.7%
(Cost $20,946,595)

    $ 20,743,180   
   

 

 

 

Percentages based on Net Assets of $21,240,101.

 

* Non-income producing security.
Real Estate Investment Trust.

Cl — Class

As of April 30, 2015, all of the Fund’s investments were considered Level 1, in accordance with ASC-820.

For the six-month period ended April 30, 2015, there were no transfers between Level 1 and Level 2 assets and liabilities. For the six-month period ended April 30, 2015, there were no Level 3 securities.

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

    

 

 

11

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


THE ADVISORS’ INNER CIRCLE FUND III    KNIGHTS OF COLUMBUS
     LARGE CAP VALUE FUND
     APRIL 30, 2015 (Unaudited)

 

 

 

SECTOR WEIGHTINGS

 

LOGO

Percentages based on total investments.

 

SCHEDULE OF INVESTMENTS

COMMON STOCK — 97.5%

  

  

    Shares     Value  

CONSUMER DISCRETIONARY 8.9%

  

Best Buy

    4,200      $ 145,530   

Brinker International

    3,600        199,332   

Foot Locker

    1,800        107,010   

Ford Motor

    18,600        293,880   

Garmin

    3,300        149,127   

Interpublic Group of

    5,400        112,536   

Las Vegas Sands

    2,900        153,352   

Lowe’s

    2,400        165,264   

Thomson Reuters

    6,900        283,314   

VF

    1,700        123,131   

Wyndham Worldwide

    1,900        162,260   
   

 

 

 
      1,894,736   
   

 

 

 

CONSUMER STAPLES 6.9%

  

Altria Group

    4,400        220,220   

Archer-Daniels-Midland

    5,800        283,504   

Colgate-Palmolive

    4,800        322,944   

Dr Pepper Snapple Group

    3,600        268,488   

Procter & Gamble

    1,300        103,363   

Whole Foods Market

    5,400        257,904   
   

 

 

 
      1,456,423   
   

 

 

 

ENERGY 11.1%

  

Anadarko Petroleum

    3,800        357,580   

Atwood Oceanics

    2,400        80,112   

Chesapeake Energy

    9,200        145,084   

ConocoPhillips

    3,500        237,720   

Denbury Resources

    8,700        76,647   

Eni ADR

    8,800        338,184   

Kinder Morgan

    5,300        227,635   

PBF Energy, Cl A

    6,800        192,984   

Statoil ADR

    17,300        367,279   

Tesoro

    2,700        231,741   

Valero Energy

    1,800        102,420   
   

 

 

 
      2,357,386   
   

 

 

 

FINANCIALS 27.5%

  

Ameriprise Financial

    900        112,752   

Bank of America

    36,300        578,259   

COMMON STOCK — continued

  

    Shares     Value  

FINANCIALS (continued)

  

Bank of New York Mellon

    8,300      $ 351,422   

Berkshire Hathaway, Cl B *

    2,900        409,509   

Brixmor Property Group ‡

    6,200        145,390   

DuPont Fabros Technology

    4,200        130,830   

Endurance Specialty Holdings

    4,900        295,862   

Goldman Sachs Group

    2,400        471,408   

Hartford Financial Services Group

    5,500        224,235   

Host Hotels & Resorts ‡

    8,300        167,162   

JPMorgan Chase

    10,200        645,252   

KeyCorp

    27,900        403,155   

PartnerRe

    2,100        268,800   

PNC Financial Services Group

    3,900        357,747   

Prudential Financial

    4,200        342,720   

RLJ Lodging Trust ‡

    5,900        175,053   

Sun Communities ‡

    2,400        148,944   

SunTrust Banks

    6,900        286,350   

Wells Fargo

    6,100        336,110   
   

 

 

 
      5,850,960   
   

 

 

 

HEALTH CARE 14.8%

  

Aetna

    1,800        192,366   

Amgen

    2,400        378,984   

Anthem

    3,300        498,069   

Cardinal Health

    3,800        320,492   

ICON *

    3,100        199,454   

McKesson

    1,500        335,100   

PAREXEL International *

    3,300        209,798   

Select Medical Holdings

    8,300        120,765   

Shire ADR

    1,840        448,058   

UnitedHealth Group

    3,900        434,460   
   

 

 

 
      3,137,546   
   

 

 

 

INDUSTRIALS 9.1%

  

Alaska Air Group

    5,100        326,706   

Booz Allen Hamilton Holding, Cl A

    11,200        308,000   

Cintas

    2,400        191,880   

CNH Industrial

    26,200        228,464   

Ryder System

    2,300        219,328   

TAL International Group

    1,800        69,372   

Union Pacific

    2,700        286,821   

Waste Management

    6,000        297,180   
   

 

 

 
      1,927,751   
   

 

 

 

INFORMATION TECHNOLOGY 11.0%

  

Broadridge Financial Solutions

    4,200        226,464   

Cisco Systems

    8,000        230,640   

Computer Sciences

    3,700        238,465   

Hewlett-Packard

    6,400        211,008   

Intel

    15,600        507,780   

Lam Research

    2,300        173,834   

Lexmark International, Cl A

    4,400        195,316   

Microsoft

    9,500        462,080   

Xerox

    8,100        93,150   
   

 

 

 
      2,338,737   
   

 

 

 
 

 

12

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


THE ADVISORS’ INNER CIRCLE FUND III    KNIGHTS OF COLUMBUS
     LARGE CAP VALUE FUND
     APRIL 30, 2015 (Unaudited)

 

 

 

COMMON STOCK — continued

  

    Shares     Value  

MATERIALS 1.7%

  

International Paper

    1,700      $ 91,324   

LyondellBasell Industries, Cl A

    1,500        155,280   

US Silica Holdings

    3,300        123,255   
   

 

 

 
      369,859   
   

 

 

 

TELECOMMUNICATION SERVICES 2.0%

  

AT&T

    8,200        284,048   

CenturyLink

    3,800        136,648   
   

 

 

 
      420,696   
   

 

 

 

UTILITIES 4.5%

  

CMS Energy

    7,900        268,047   

Edison International

    4,600        280,324   

PPL

    7,400        251,822   

UGI

    4,200        146,202   
   

 

 

 
      946,395   
   

 

 

 

Total Common Stock
(Cost $20,932,809)

      20,700,489   
   

 

 

 

Total Investments— 97.5%
(Cost $20,932,809)

    $ 20,700,489   
   

 

 

 

Percentages based on Net Assets of $21,239,206.

 

* Non-income producing security.
Real Estate Investment Trust.
More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes .

ADR — American Depositary Receipt

Cl — Class

As of April 30, 2015, all of the Fund’s investments were considered Level 1, in accordance with ASC-820.

For the six-month period ended April 30, 2015, there were no transfers between Level 1 and Level 2 assets and liabilities. For the six-month period ended April 30, 2015, there were no Level 3 securities.

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

    

 

 

13

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


THE ADVISORS’ INNER CIRCLE FUND III    KNIGHTS OF COLUMBUS
     SMALL CAP EQUITY FUND
     APRIL 30, 2015 (Unaudited)

 

 

 

SECTOR WEIGHTINGS

 

LOGO

Percentages based on total investments.

 

SCHEDULE OF INVESTMENTS

   

COMMON STOCK — 97.7%

   
    Shares     Value  

CONSUMER DISCRETIONARY 14.7%

  

Asbury Automotive Group *

    3,480      $ 292,424   

Brown Shoe

    9,270        275,319   

Citi Trends *

    12,710        289,534   

Core-Mark Holding

    3,725        196,345   

Dillard’s, Cl A

    2,350        309,237   

DineEquity

    3,558        343,098   

G-III Apparel Group *

    2,950        327,981   

Kirkland’s *

    14,600        346,604   

Libbey

    17,735        697,872   

Lithia Motors, Cl A

    3,755        374,487   

Nautilus *

    33,316        560,041   

Penn National Gaming *

    19,015        305,761   

Performance Sports Group *

    16,695        338,909   

Pool

    4,205        272,862   

Skechers U.S.A., Cl A *

    3,928        353,206   

Sonic

    9,485        271,745   

Tenneco *

    5,315        310,662   
   

 

 

 
      5,866,087   
   

 

 

 

CONSUMER STAPLES 3.0%

  

Central Garden & Pet, Cl A *

    23,810        233,338   

Ingles Markets, Cl A

    7,190        300,973   

Inventure Foods *

    38,035        370,841   

Prestige Brands Holdings *

    7,655        300,459   
   

 

 

 
      1,205,611   
   

 

 

 

ENERGY 3.8%

  

Alon USA Energy

    35,595        572,723   

Atwood Oceanics

    8,221        274,417   

Carrizo Oil & Gas *

    4,215        234,902   

Delek US Holdings

    5,690        210,075   

Pengrowth Energy

    61,550        206,808   
   

 

 

 
      1,498,925   
   

 

 

 

FINANCIALS 22.3%

  

American Equity Investment Life Holding

    13,020        350,889   

Ameris Bancorp

    14,540        363,354   

Armada Hoffler Properties ‡

    34,510        354,418   

Banc of California

    24,611        305,176   

COMMON STOCK — continued

   
    Shares     Value  

FINANCIALS (continued)

  

CenterState Banks

    29,560      $ 359,450   

DuPont Fabros Technology

    12,340        384,391   

Employers Holdings

    11,860        289,503   

First Bancorp

    14,395        233,631   

First BanCorp *

    39,180        235,472   

First Defiance Financial

    9,700        339,500   

First Industrial Realty Trust ‡

    15,410        304,039   

Great Southern Bancorp

    8,670        341,771   

Interactive Brokers Group, Cl A

    8,601        292,004   

Investment Technology Group

    14,190        404,273   

MarketAxess Holdings

    4,455        382,462   

Nelnet, Cl A

    5,490        245,787   

Pebblebrook Hotel Trust ‡

    8,010        343,949   

Piper Jaffray *

    5,430        273,944   

RLJ Lodging Trust ‡

    11,100        329,337   

Ryman Hospitality Properties ‡

    6,500        374,660   

Selective Insurance Group

    12,345        332,574   

Southwest Bancorp

    17,850        307,556   

Strategic Hotels & Resorts ‡ *

    27,700        324,090   

Sun Communities ‡

    4,980        309,059   

Sunstone Hotel Investors ‡

    20,700        322,506   

Wintrust Financial

    5,930        289,028   

WSFS Financial

    7,395        526,302   
   

 

 

 
      8,919,125   
   

 

 

 

HEALTH CARE 13.8%

  

AMAG Pharmaceuticals *

    13,542        690,236   

Cambrex *

    12,000        461,880   

Dyax *

    10,150        242,687   

Exactech *

    10,415        227,568   

Genesis Healthcare, Cl A *

    35,165        242,990   

HealthSouth

    16,320        737,991   

Isis Pharmaceuticals *

    4,500        255,240   

Lannett *

    10,205        586,788   

MiMedx Group *

    24,250        227,950   

Molina Healthcare *

    6,240        369,595   

Natus Medical *

    6,815        256,993   

Nektar Therapeutics *

    14,100        134,232   

Omnicell *

    8,095        287,615   

Orexigen Therapeutics *

    35,070        230,410   

PAREXEL International *

    5,985        380,496   

SciClone Pharmaceuticals *

    19,985        163,277   
   

 

 

 
      5,495,948   
   

 

 

 

INDUSTRIALS 16.9%

  

Aircastle

    28,485        683,070   

Allegiant Travel, Cl A

    2,320        356,723   

American Railcar Industries

    4,040        214,282   

Deluxe

    4,340        281,015   

DHI Group *

    21,295        161,842   

Elbit Systems

    4,175        323,312   

EMCOR Group

    7,688        343,115   
 

 

14

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


THE ADVISORS’ INNER CIRCLE FUND III    KNIGHTS OF COLUMBUS
     SMALL CAP EQUITY FUND
     APRIL 30, 2015 (Unaudited)

 

 

 

COMMON STOCK — continued

   
    Shares     Value  

INDUSTRIALS (continued)

  

H&E Equipment Services

    10,750      $ 265,740   

Heidrick & Struggles International

    7,740        186,224   

JetBlue Airways *

    36,505        749,449   

Manitowoc

    27,377        540,148   

Multi-Color

    10,745        674,571   

Park-Ohio Holdings

    5,240        242,769   

Patrick Industries *

    5,270        316,516   

Providence Service *

    5,985        254,482   

Vectrus *

    6,870        175,597   

Wabash National *

    23,960        335,919   

Xerium Technologies *

    36,307        645,539   
   

 

 

 
      6,750,313   
   

 

 

 

INFORMATION TECHNOLOGY 16.7%

  

ACI Worldwide *

    10,835        249,530   

Aspen Technology *

    9,225        409,497   

Calix *

    23,825        176,067   

Ciena *

    32,255        687,031   

Convergys

    13,990        317,293   

Cypress Semiconductor

    23,825        317,349   

ePlus *

    4,060        336,818   

Fleetmatics Group *

    7,010        319,516   

GSI Group *

    18,005        239,107   

Ixia *

    21,359        255,881   

j2 Global

    11,440        793,593   

Kulicke & Soffa Industries *

    13,410        202,625   

Luxoft Holding, Cl A *

    6,285        325,752   

Manhattan Associates *

    9,275        487,493   

NetScout Systems *

    6,745        277,220   

Qualys *

    6,860        339,707   

Sanmina *

    10,570        214,888   

SS&C Technologies Holdings

    5,315        319,804   

Synchronoss Technologies *

    5,985        274,592   

Ultra Clean Holdings *

    21,715        130,507   
   

 

 

 
      6,674,270   
   

 

 

 

MATERIALS 4.3%

  

Domtar

    4,640        200,541   

Materion

    7,110        284,329   

Neenah Paper

    9,530        576,279   

PolyOne

    8,010        312,791   

US Silica Holdings

    9,275        346,421   
   

 

 

 
      1,720,361   
   

 

 

 

UTILITIES 2.2%

  

PNM Resources

    12,570        349,195   

Portland General Electric

    9,550        335,778   

Southwest Gas

    3,570        196,350   
   

 

 

 
      881,323   
   

 

 

 

Total Common Stock
(Cost $39,094,106)

      39,011,963   
   

 

 

 

Total Investments— 97.7%
(Cost $39,094,106)

    $ 39,011,963   
   

 

 

 

Percentages based on Net Assets of $39,930,529.

* Non-income producing security.
Real Estate Investment Trust.

Cl — Class

As of April 30, 2015, all of the Fund’s investments were considered Level 1, in accordance with ASC-820.

For the six-month period ended April 30, 2015, there were no transfers between Level 1 and Level 2 assets and liabilities. For the six-month period ended April 30, 2015, there were no Level 3 securities.

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

 

 

15

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


THE ADVISORS’ INNER CIRCLE FUND    KNIGHTS OF COLUMBUS
     INTERNATIONAL EQUITY FUND
     APRIL 30, 2015 (Unaudited)

 

 

 

SECTOR WEIGHTINGS

 

LOGO

Percentages based on total investments.

 

SCHEDULE OF INVESTMENTS

COMMON STOCK 98.3%

  

  

    Shares     Value  

AUSTRALIA 4.7%

  

Caltex Australia (A)

    16,400      $ 457,395   

Macquarie Group (A)

    13,500        827,181   

Woodside Petroleum (A)

    22,700        626,004   
   

 

 

 
      1,910,580   
   

 

 

 

BELGIUM 3.9%

  

Anheuser-Busch InBev ADR

    7,300        876,292   

Delhaize Group ADR

    35,100        702,702   
   

 

 

 
      1,578,994   
   

 

 

 

BRAZIL 3.2%

  

Banco do Brasil

    78,000        678,013   

Vale ADR, Cl B

    83,800        643,584   
   

 

 

 
      1,321,597   
   

 

 

 

CANADA 5.6%

  

Alimentation Couche-Tard, Cl B

    15,800        604,761   

Canadian Imperial Bank of Commerce

    8,100        650,416   

Canadian Natural Resources

    13,900        461,874   

WestJet Airlines

    25,000        566,308   
   

 

 

 
      2,283,359   
   

 

 

 

CHINA 3.3%

  

China Construction Bank, Cl H (A)

    881,500        855,702   

Tencent Holdings (A)

    23,400        482,950   
   

 

 

 
      1,338,652   
   

 

 

 

DENMARK 1.8%

  

Danske Bank (A)

    26,100        740,214   
   

 

 

 

FINLAND 3.1%

  

Neste Oil (A)

    23,000        625,556   

UPM-Kymmene (A)

    35,700        645,976   
   

 

 

 
      1,271,532   
   

 

 

 

FRANCE 9.6%

  

Casino Guichard Perrachon (A)

    4,400        389,082   

Christian Dior (A)

    3,100        606,054   

Ipsen (A)

    12,100        694,880   

Natixis (A)

    124,900        1,033,856   

COMMON STOCK — continued

  

    Shares     Value  

FRANCE (continued)

  

Orange (A)

    44,500      $ 732,975   

Veolia Environnement (A)

    21,500        454,941   
   

 

 

 
      3,911,788   
   

 

 

 

GERMANY 8.9%

  

Allianz (A)

    5,100        868,097   

Daimler (A)

    9,000        865,322   

Infineon Technologies (A)

    49,900        586,662   

METRO (A)

    17,500        634,286   

Siemens (A)

    6,100        663,570   
   

 

 

 
      3,617,937   
   

 

 

 

HONG KONG 5.1%

  

Hang Seng Bank (A)

    33,900        660,435   

Hutchison Whampoa (A)

    63,300        930,618   

Wharf Holdings (A)

    70,900        510,843   
   

 

 

 
      2,101,896   
   

 

 

 

INDIA 3.4%

  

ICICI Bank ADR

    55,300        604,429   

Tata Motors ADR

    19,200        790,848   
   

 

 

 
      1,395,277   
   

 

 

 

ISRAEL 2.4%

  

NICE-Systems (A)

    16,000        961,770   
   

 

 

 

JAPAN 18.1%

  

Canon (A)

    12,600        449,249   

FANUC (A)

    3,000        659,888   

Honda Motor (A)

    18,400        616,867   

ITOCHU (A)

    55,100        678,450   

Kirin Holdings (A)

    38,100        504,300   

Kobe Steel (A)

    311,000        565,270   

Mizuho Financial Group (A)

    392,000        747,262   

Otsuka Holdings (A)

    27,000        852,243   

Sony (A)

    14,600        441,383   

Sumitomo (A)

    40,200        474,671   

Takeda Pharmaceutical (A)

    12,000        616,093   

Tokio Marine Holdings (A)

    19,500        794,931   
   

 

 

 
      7,400,607   
   

 

 

 

NEW ZEALAND 1.5%

  

Fisher & Paykel Healthcare (A)

    120,300        595,774   
   

 

 

 

POLAND 1.3%

  

PGE Polska Grupa Energetyczna (A)

    89,000        512,119   
   

 

 

 

SINGAPORE 2.6%

  

United Overseas Bank (A)

    24,200        446,853   

Wilmar International (A)

    252,300        619,680   
   

 

 

 
      1,066,533   
   

 

 

 

SOUTH KOREA 0.9%

  

LG Display ADR

    26,400        364,848   
   

 

 

 

SPAIN 1.0%

  

Repsol (A)

    20,000        412,280   
   

 

 

 
 

 

16

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


THE ADVISORS’ INNER CIRCLE FUND III    KNIGHTS OF COLUMBUS
     INTERNATIONAL EQUITY FUND
     APRIL 30, 2015 (Unaudited)

 

 

 

COMMON STOCK — continued

  

    Shares     Value  

SWEDEN 1.5%

  

Swedbank, Cl A (A)

    27,100      $ 630,148   
   

 

 

 

SWITZERLAND 1.7%

  

Zurich Insurance Group (A)

    2,200        679,038   
   

 

 

 

UNITED KINGDOM 13.1%

  

Anglo American (A)

    32,800        555,711   

Aviva (A)

    54,500        438,475   

BT Group, Cl A (A)

    130,300        908,783   

Investec (A)

    45,500        434,472   

ITV (A)

    183,300        711,661   

Reed Elsevier (A)

    47,100        779,517   

Sage Group (A)

    100,800        749,464   

Shire (A)

    9,600        780,126   
   

 

 

 
      5,358,209   
   

 

 

 

UNITED STATES 1.6%

  

CNOOC ADR

    3,700        633,625   
   

 

 

 

Total Common Stock
(Cost $39,445,262)

      40,086,777   
   

 

 

 

Total Investments— 98.3%
(Cost $39,445,262)

    $ 40,086,777   
   

 

 

 

Percentages are based on Net Assets of $40,796,415.

 

(A) Security is fair valued using methods determined in good faith by the Fair Value Committee designated by the Board of Trustees. The total market value of such securities as of April 30, 2015 was $32,509,077 and represented 79.7% of net assets of the Fund.

ADR — American Depositary Receipt

Cl — Class

The following is a summary of inputs used as of April 30, 2015 in valuing the Fund’s investments and other financial instruments carried at value:

 

Investments in Securities

    Level 1        Level 2        Level 3        Total   

Common Stock

       

Australia

  $      $ 1,910,580      $      $ 1,910,580   

Belgium

    1,578,994                      1,578,994   

Brazil

    1,321,597                      1,321,597   

Canada

    2,283,359                      2,283,359   

China

           1,338,652               1,338,652   

Denmark

           740,214               740,214   

Finland

           1,271,532               1,271,532   

France

           3,911,788               3,911,788   

Germany

           3,617,937               3,617,937   

Hong Kong

           2,101,896               2,101,896   

India

    1,395,277                      1,395,277   

Israel

           961,770               961,770   

Japan

           7,400,607               7,400,607   

New Zealand

           595,774               595,774   

Poland

           512,119               512,119   

Singapore

           1,066,533               1,066,533   

South Korea

    364,848                      364,848   

Spain

           412,280               412,280   

Sweden

           630,148               630,148   

Investments in Securities

    Level 1        Level 2        Level 3        Total   

Switzerland

  $      $ 679,038      $             –      $ 679,038   

United Kingdom

           5,358,209               5,358,209   

United States

    633,625                      633,625   

Total Common Stock

    7,577,700        32,509,077               40,086,777   

Total Investments in Securities

  $ 7,577,700      $ 32,509,077      $      $ 40,086,777   

For the period ended April 30, 2015, there were transfers between Level 1 and Level 2 assets and liabilities. The primary reason for changes in the classifications between levels 1 and 2 occurs when foreign equity securities are fair valued using other observable market-based inputs in place of the closing exchange price due to events occurring after the close of the exchange or market on which the investment is principally traded. For the six-month period ended April 30, 2015, there were no Level 3 securities.

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

 

 

17

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


THE ADVISORS’ INNER CIRCLE FUND III    KNIGHTS OF COLUMBUS
     APRIL 30, 2015 (Unaudited)
      

 

 

 

STATEMENTS OF ASSETS AND LIABILITIES

 

 

    Core Bond
Fund
    Limited
Duration Bond
Fund
    Large Cap
Growth Fund
 

Assets:

     

Cost of securities

  $ 39,536,801      $ 36,369,008      $ 20,946,595   
 

 

 

   

 

 

   

 

 

 

Investments in securities at value

  $ 39,467,403      $ 36,411,721      $ 20,743,180   

Cash

    471,933        554,690        987,145   

Receivable due from Investment Adviser

    3,640        4,599          

Offering Costs

    19,863        19,863        19,863   

Dividends receivable

    248,149        216,816        13,737   

Prepaid expenses

    699        699        699   
 

 

 

   

 

 

   

 

 

 

Total Assets

    40,211,687          37,208,388          21,764,624     
 

 

 

   

 

 

   

 

 

 

Liabilities:

     

Payable for investment securities purchased

    300,000        300,000        480,063   

Payable due to administrator

    9,802        9,009        5,268   

Payable due to trustees

    2,038        2,012        1,008   

Chief Compliance Officer fees payable

    994        983        535   

Investment Adviser fees payable

                  606   

Offering costs payable (Note 2)

    24,265        24,265        24,265   

Accrued expenses

    18,454        16,786        12,778   
 

 

 

   

 

 

   

 

 

 

Total Liabilities

    355,553          353,055          524,523     
 

 

 

   

 

 

   

 

 

 

Net Assets

  $ 39,856,134      $ 36,855,333      $ 21,240,101   
 

 

 

   

 

 

   

 

 

 

Net Assets:

     

Paid-in Capital

  $ 39,922,960      $ 36,813,238      $ 21,500,140   

Undistributed net investment income (loss)

    56,791        18,536        (3,367

Accumulated net realized loss on investments

    (54,219     (19,154     (53,257

Net unrealized appreciation (depreciation) on investments

    (69,398     42,713        (203,415
 

 

 

   

 

 

   

 

 

 

Net Assets

  $ 39,856,134      $ 36,855,333      $ 21,240,101   
 

 

 

   

 

 

   

 

 

 

Institutional Class Shares:

     

Net Assets

  $ 39,856,134      $ 36,855,333      $ 21,240,101   

Total shares outstanding at end of period

    3,992,286        3,681,321        2,150,014   

Net Asset Value Offering and Redemption Price Per Share*
(Net Assets ÷ Shares Outstanding)

  $ 9.98      $ 10.01      $ 9.88   

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

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

 

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

 

18


THE ADVISORS’ INNER CIRCLE FUND III    KNIGHTS OF COLUMBUS
     APRIL 30, 2015 (Unaudited)
      

 

 

 

STATEMENTS OF ASSETS AND LIABILITIES

 

 

    Large Cap
Value Fund
    Small Cap
Equity Fund
    International
Equity Fund
 

Assets:

     

Cost of securities

  $ 20,932,809      $ 39,094,106      $ 39,445,262   
 

 

 

   

 

 

   

 

 

 

Investments in securities at value

  $ 20,700,489      $ 39,011,963      $ 40,086,777   

Cash

    449,325        946,624        617,894   

Receivable for investment securities sold

    95,476        402,994          

Dividends receivable

    17,674        4,378        158,917   

Offering Costs

    19,863        18,859        18,859   

Receivable for dividend tax reclaim

                  653   

Prepaid expenses

    699        699        699   
 

 

 

   

 

 

   

 

 

 

Total Assets

    21,283,526          40,385,517          40,883,799     
 

 

 

   

 

 

   

 

 

 

Liabilities:

     

Payable due to administrator

    5,222        10,124        9,890   

Payable due to trustees

    1,006        2,049        2,043   

Chief Compliance Officer fees payable

    534        999        996   

Investment Adviser fees payable

    520        13,149        11,586   

Foreign Currency Payable

                  17,545   

Payable for investment securities purchased

           388,796          

Offering costs payable (Note 2)

    24,265        23,763        23,763   

Accrued expenses

    12,773        16,108        21,561   
 

 

 

   

 

 

   

 

 

 

Total Liabilities

    44,320          454,988          87,384     
 

 

 

   

 

 

   

 

 

 

Net Assets

  $ 21,239,206      $ 39,930,529      $ 40,796,415   
 

 

 

   

 

 

   

 

 

 

Net Assets:

     

Paid-in Capital

  $ 21,527,660      $ 40,022,540      $ 40,063,940   

Undistributed (distributions in excess of) net investment income

    16,780        (26,783     259,329   

Accumulated net realized gain (loss) on investments (distributions in excess)

    (72,914     16,915        (168,573

Net unrealized appreciation (depreciation) on investments

    (232,320     (82,143     641,515   

Net unrealized appreciation on foreign currencies and translation of other assets and liabilities denominated in foreign currencies

                  204   
 

 

 

   

 

 

   

 

 

 

Net Assets

  $ 21,239,206      $ 39,930,529      $ 40,796,415   
 

 

 

   

 

 

   

 

 

 

Institutional Class Shares:

     

Net Assets

  $ 21,239,206      $ 39,930,529      $ 40,796,415   

Total shares outstanding at end of period

    2,152,791        4,002,193        4,006,353   

Net Asset Value Offering and Redemption Price Per Share*
(Net Assets ÷ Shares Outstanding)

  $ 9.87      $ 9.98      $ 10.18   

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

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

 

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

 

19


THE ADVISORS’ INNER CIRCLE FUND III    KNIGHTS OF COLUMBUS
     FOR THE PERIOD ENDED
     APRIL 30, 2015* (Unaudited)

 

 

 

STATEMENTS OF OPERATIONS

 

 

    Core Bond
Fund
    Limited
Duration Bond
Fund
    Large Cap
Growth Fund
 

Investment Income

     

Dividends

  $      $      $ 27,914   

Interest

    143,315        67,824        5   
 

 

 

   

 

 

   

 

 

 

Total Investment Income

    143,315        67,824        27,919   
 

 

 

   

 

 

   

 

 

 

Expenses

     

Investment Advisory Fees

    25,802        23,787        20,857   

Administration Fees

    20,314        18,728        10,947   

Trustees’ Fees

    2,236        2,210        1,205   

Chief Compliance Officer Fees

    994        983        535   

Transfer Agent Fees

    4,078        4,072        3,848   

Audit Fees

    5,797        5,797        5,797   

Legal Fees

    2,949        2,915        1,589   

Registration & Filing Fees

    1,951        1,938        1,411   

Custodian Fees

    107        385        76   

Offering Costs (Note 2)

    4,904        4,904        4,904   

Other Expenses

    5,159        5,130        1,488   
 

 

 

   

 

 

   

 

 

 

Total Expenses

    74,291          70,849          52,657     
 

 

 

   

 

 

   

 

 

 

Less:

     

Investment Advisory Fees Waiver

    (25,802     (23,787     (20,857

Reimbursement from Adviser

    (9,785     (11,381     (514
 

 

 

   

 

 

   

 

 

 

Net Expenses

    38,704          35,681          31,286     
 

 

 

   

 

 

   

 

 

 

Net Investment Income (Loss)

    104,611        32,143        (3,367
 

 

 

   

 

 

   

 

 

 

Net Realized Loss on Investments

    (54,219     (19,154     (53,257

Net Change in Unrealized Appreciation (Depreciation) on Investments

    (69,398     42,713        (203,415
 

 

 

   

 

 

   

 

 

 

Net Gain (Loss) on Investments and Foreign Currency Transactions

    (123,617     23,559        (256,672
 

 

 

   

 

 

   

 

 

 

Net Increase (Decrease) in Net Assets from Operations

    $    (19,006)        $    55,702        $    (260,039)   
 

 

 

   

 

 

   

 

 

 

*Commenced operations on February 27, 2015.

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

 

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

 

20


THE ADVISORS’ INNER CIRCLE FUND III    KNIGHTS OF COLUMBUS
     FOR THE PERIOD ENDED
     APRIL 30, 2015* (Unaudited)

 

 

 

STATEMENTS OF OPERATIONS

 

 

    Large Cap
Value Fund
    Small Cap
Equity Fund
    International
Equity Fund
 

Investment Income

     

Dividends

  $ 75,286      $ 65,399      $ 409,868   

Interest

    5        14        10   

Less: Foreign Taxes Withheld

           (407     (40,935
 

 

 

   

 

 

   

 

 

 

Total Investment Income

    75,291        65,006        368,943   
 

 

 

   

 

 

   

 

 

 

Expenses

     

Investment Advisory Fees

    20,660        47,911        57,939   

Administration Fees

    10,844        20,811        20,274   

Trustees’ Fees

    1,204        2,246        2,240   

Chief Compliance Officer Fees

    534        999        996   

Transfer Agent Fees

    3,848        4,080        4,079   

Audit Fees

    5,797        5,797        5,797   

Legal Fees

    1,586        2,963        2,954   

Registration & Filing Fees

    1,411        1,952        1,952   

Custodian Fees

    76        76        2,520   

Offering Costs (Note 2)

    4,904        4,905        4,904   

Other Expenses

    1,486        2,671        5,689   
 

 

 

   

 

 

   

 

 

 

Total Expenses

    52,350          94,411          109,344     
 

 

 

   

 

 

   

 

 

 

Less:

     

Investment Advisory Fees Waiver

    (20,660     (25,022     (38,530

Reimbursement from Adviser

    (699              
 

 

 

   

 

 

   

 

 

 

Net Expenses

    30,991          69,389          70,814     
 

 

 

   

 

 

   

 

 

 

Net Investment Income (Loss)

    44,300        (4,383     298,129   
 

 

 

   

 

 

   

 

 

 

Net Realized Gain (Loss) on Investments

    (72,914     16,915        (63,934

Net Realized Loss on Foreign Currency Transactions

                      (104,639

Net Change in Unrealized Appreciation (Depreciation) on Investments

    (232,320     (82,143     641,515   

Net Change in Unrealized Appreciation on Translation of Other Assets and Liabilities Denominated in Foreign Currencies

                  204   
 

 

 

   

 

 

   

 

 

 

Net Gain (Loss) on Investments and Foreign Currency Transactions

    (305,234     (65,228     473,146   
 

 

 

   

 

 

   

 

 

 

Net Increase (Decrease) in Net Assets from Operations

  $     (260,934   $     (69,611   $ 771,275   
 

 

 

   

 

 

   

 

 

 

*Commenced operations on February 27, 2015.

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

 

 

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

 

21


THE ADVISORS’ INNER CIRCLE FUND III    KNIGHTS OF COLUMBUS
     CORE BOND FUND
      

 

 

 

STATEMENT OF CHANGES IN NET ASSETS (Unaudited)

 

 

    Period Ended
April 30, 2015*
 

Operations:

 

Net Investment Income

  $ 104,611   

Net Realized Loss on Investments

    (54,219)   

Net Change in Unrealized Depreciation on Investments

    (69,398)   
 

 

 

 

Net Decrease in Net Assets Resulting from Operations

    (19,006)   
 

 

 

 

Dividends:

 

Institutional Class Shares

 

Net Investment Income

    (47,820)   
 

 

 

 

Total Dividends

    (47,820)   
 

 

 

 

Capital Share Transactions:

 

Institutional Class Shares

 

Issued

    39,875,240   

Reinvestment of Dividends

    47,820   

Redeemed

    (100)   
 

 

 

 

Net Increase in Net Assets from Capital Share Transactions

    39,922,960   
 

 

 

 

Total Increase in Net Assets

    39,856,134   

Net Assets:

 

Beginning of period

      
 

 

 

 

End of period (including undistributed net investment income of $56,791)

  $     39,856,134   
 

 

 

 

Share Transactions:

 

Institutional Class Shares

 

Issued

    3,987,519     

Reinvestment of Dividends

    4,777     

Redeemed

    (10)     
 

 

 

 

Net Increase in Shares Outstanding

    3,992,286   
 

 

 

 

*Commenced operations on February 27, 2015.

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

 

 

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

 

22


THE ADVISORS’ INNER CIRCLE FUND III    KNIGHTS OF COLUMBUS
     LIMITED DURATION BOND FUND
      

 

 

 

STATEMENT OF CHANGES IN NET ASSETS (Unaudited)

 

 

    Period Ended
April 30, 2015*
 

Operations:

 

Net Investment Income

  $ 32,143   

Net Realized Loss on Investments

    (19,154)   

Net Change in Unrealized Appreciation on Investments

    42,713   
 

 

 

 

Net Increase in Net Assets Resulting from Operations

    55,702   
 

 

 

 

Dividends:

 

Institutional Class Shares

 

Net Investment Income

    (13,607)   
 

 

 

 

Total Dividends

    (13,607)   
 

 

 

 

Capital Share Transactions:

 

Institutional Class Shares

 

Issued

    36,799,731   

Reinvestment of Dividends

    13,607   

Redeemed

    (100)   
 

 

 

 

Net Increase in Net Assets from Capital Share Transactions

    36,813,238   
 

 

 

 

Total Increase in Net Assets

    36,855,333   

Net Assets:

 

Beginning of period

      
 

 

 

 

End of period (including undistributed net investment income of $18,536)

  $     36,855,333   
 

 

 

 

Share Transactions:

 

Institutional Class Shares

 

Issued

    3,679,970     

Reinvestment of Dividends

    1,361     

Redeemed

    (10)     
 

 

 

 

Net Increase in Shares Outstanding

    3,681,321   
 

 

 

 

*Commenced operations on February 27, 2015.

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

 

 

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

 

23


THE ADVISORS’ INNER CIRCLE FUND III    KNIGHTS OF COLUMBUS
     LARGE CAP GROWTH FUND
      

 

 

 

STATEMENT OF CHANGES IN NET ASSETS (Unaudited)

 

 

    Period Ended
April 30, 2015*
 

Operations:

 

Net Investment Loss

  $ (3,367)   

Net Realized Loss on Investments

    (53,257)   

Net Change in Unrealized Depreciation on Investments

    (203,415)   
 

 

 

 

Net Decrease in Net Assets Resulting from Operations

    (260,039)   
 

 

 

 

Capital Share Transactions:

 

Institutional Class Shares

 

Issued

    21,500,240   

Redeemed

    (100)   
 

 

 

 

Net Increase in Net Assets from Capital Share Transactions

    21,500,140   
 

 

 

 

Total Increase in Net Assets

    21,240,101   

Net Assets:

 

Beginning of period

      
 

 

 

 

End of period (including undistributed net investment loss of $3,367)

  $     21,240,101   
 

 

 

 

Share Transactions:

 

Institutional Class Shares

 

Issued

    2,150,024     

Redeemed

    (10)     
 

 

 

 

Net Increase in Shares Outstanding

    2,150,014   
 

 

 

 

*Commenced operations on February 27, 2015.

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

 

 

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

 

24


THE ADVISORS’ INNER CIRCLE FUND III    KNIGHTS OF COLUMBUS
     LARGE CAP VALUE FUND
      

 

 

 

STATEMENT OF CHANGES IN NET ASSETS (Unaudited)

 

 

    Period Ended
April 30, 2015*
 

Operations:

 

Net Investment Income

  $ 44,300   

Net Realized Loss on Investments

    (72,914

Net Change in Unrealized Depreciation on Investments

    (232,320
 

 

 

 

Net Decrease in Net Assets Resulting from Operations

    (260,934
 

 

 

 

Dividends:

 

Institutional Class Shares

 

Net Investment Income

    (27,520
 

 

 

 

Total Dividends

    (27,520
 

 

 

 

Capital Share Transactions:

 

Institutional Class Shares

 

Issued

    21,500,240   

Reinvestment of Dividends

    27,520   

Redeemed

    (100
 

 

 

 

Net Increase in Net Assets from Capital Share Transactions

    21,527,660   
 

 

 

 

Total Increase in Net Assets

    21,239,206   

Net Assets:

 

Beginning of period

      
 

 

 

 

End of period (including undistributed net investment income of $16,780)

  $     21,239,206   
 

 

 

 

Share Transactions:

 

Institutional Class Shares

 

Issued

    2,150,024     

Reinvestment of Dividends

    2,777     

Redeemed

    (10
 

 

 

 

Net Increase in Shares Outstanding

    2,152,791   
 

 

 

 

*Commenced operations on February 27, 2015.

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

 

 

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

 

25


THE ADVISORS’ INNER CIRCLE FUND III    KNIGHTS OF COLUMBUS
     SMALL CAP EQUITY FUND
      

 

 

 

STATEMENT OF CHANGES IN NET ASSETS (Unaudited)

 

 

    Period Ended
April 30, 2015*
 

Operations:

 

Net Investment Loss

  $ (4,383

Net Realized Gain on Investments

    16,915   

Net Change in Unrealized Depreciation on Investments

    (82,143
 

 

 

 

Net Decrease in Net Assets Resulting from Operations

    (69,611
 

 

 

 

Dividends:

 

Institutional Class Shares

 

Net Investment Income

    (22,400
 

 

 

 

Total Dividends

    (22,400
 

 

 

 

Capital Share Transactions:

 

Institutional Class Shares

 

Issued

    40,000,240   

Reinvestment of Dividends

    22,400   

Redeemed

    (100
 

 

 

 

Net Increase in Net Assets from Capital Share Transactions

    40,022,540   
 

 

 

 

Total Increase in Net Assets

    39,930,529   

Net Assets:

 

Beginning of period

      
 

 

 

 

End of period (including distributions in excess of net investment income of $26,783)

  $     39,930,529   
 

 

 

 

Share Transactions:

 

Institutional Class Shares

 

Issued

    4,000,024   

Reinvestment of Dividends

    2,179   

Redeemed

    (10
 

 

 

 

Net Increase in Shares Outstanding

    4,002,193   
 

 

 

 

*Commenced operations on February 27, 2015.

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

 

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

 

26


THE ADVISORS’ INNER CIRCLE FUND III    KNIGHTS OF COLUMBUS
     INTERNATIONAL EQUITY FUND
      

 

 

 

STATEMENT OF CHANGES IN NET ASSETS (Unaudited)

 

 

    Period Ended
April 30, 2015*
 

Operations:

 

Net Investment Income

  $ 298,129   

Net Realized Loss on Investments and Foreign Currency Transactions

    (168,573

Net Change in Unrealized Appreciation on Investments, Foreign currencies and Translation of Other Assets and Liabilities Denominated in Foreign Currencies