N-Q 1 d90265dnq.htm AIC III KNIGHTS OF COLUMBUS AIC III Knights of Columbus

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-Q

 

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

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: July 31, 2015

 

 

 

Item 1. Schedule of Investments

THE ADVISORS’ INNER CIRCLE FUND III    KNIGHTS OF COLUMBUS
   CORE BOND FUND
     JULY 31, 2015 (Unaudited)

 

SCHEDULE OF INVESTMENTS  
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED
OBLIGATIONS — 28.1%		  
     Face Amount      Value  

FHLMC

      

3.500%, 11/01/44

    $ 1,962,246       $ 2,034,501   

3.000%, 02/01/45

      1,470,843         1,476,660   

2.500%, 02/01/30

      960,394         975,252   

FNMA

      

4.500%, 02/01/41

      2,284,115         2,482,873   

4.000%, 03/01/35

      864,664         924,786   

4.000%, 01/01/42

      1,595,527         1,704,650   

GNMA, Ser 2011-143, Cl AB

      

3.899%, 03/16/33(A)

      824,376         837,219   

GNMA

      

2.918%, 12/31/49

      995,614         1,024,770   
     

 

 

  

Total U.S. Government Agency Mortgage-Backed Obligations
(Cost $11,499,539)

         11,460,711   
     

 

 

  
CORPORATE OBLIGATIONS — 28.0%  
CONSUMER DISCRETIONARY — 2.3%  

DIRECTV Holdings

      

3.950%, 01/15/25

      300,000         295,308   

Dollar General

      

3.250%, 04/15/23

      300,000         287,056   

Ford Motor Credit

      

5.875%, 08/02/21

      300,000         338,140   
     

 

 

  
        920,504   
     

 

 

  
CONSUMER STAPLES — 1.5%  

Kraft Foods Group

      

5.000%, 06/04/42

      300,000         305,817   

Walgreens Boots Alliance

      

2.700%, 11/18/19

      300,000         301,463   
     

 

 

  
        607,280   
     

 

 

  
ENERGY — 3.5%  

Anadarko Petroleum

      

5.950%, 09/15/16

      300,000         314,790   

Enterprise Products Operating

      

2.550%, 10/15/19

      300,000         300,790   

Helmerich & Payne International Drilling

      

4.650%, 03/15/25(B)

      500,000         515,094   

Southwestern Energy

      

4.950%, 01/23/25

      300,000         293,898   
     

 

 

  
        1,424,572   
     

 

 

  
FINANCIALS — 9.8%              

Ares Capital

      

4.875%, 11/30/18

      500,000         524,853   

Bank of America MTN

      

4.000%, 01/22/25

      300,000         294,293   

Crown Castle Towers

      

3.222%, 05/15/22(B)

      300,000         298,356   
CORPORATE OBLIGATIONS — continued  
     Face Amount      Value  
FINANCIALS — continued         

Goldman Sachs Group

      

3.500%, 01/23/25

    $ 300,000       $ 293,504   

JPMorgan Chase

      

7.900%, 04/29/49(A)

      300,000         316,500   

Morgan Stanley MTN

      

4.875%, 11/01/22

      300,000         318,190   

Roman Catholic Church of the Diocese of Phoenix

      

2.500%, 06/01/18

      300,000         300,993   

TIAA Asset Management Finance

      

4.125%, 11/01/24(B)

      1,000,000         1,018,560   

Vornado Realty

      

5.000%, 01/15/22

      300,000         323,958   

Wells Fargo

      

7.980%, 03/15/18(A)

      300,000         325,125   
     

 

 

  
        4,014,332   
     

 

 

  
INDUSTRIALS — 2.9%  

Air Lease

      

5.625%, 04/01/17

      250,000         264,040   

American Airlines Pass-Through Trust,
Ser 2015-1

      

3.700%, 05/01/23

      600,000         593,100   

Burlington Northern Santa Fe

      

3.450%, 09/15/21

      300,000         310,360   
     

 

 

  
        1,167,500   
     

 

 

  
INFORMATION TECHNOLOGY — 0.8%  

Hewlett-Packard

      

4.650%, 12/09/21

      300,000         317,292   
     

 

 

  
MATERIALS — 3.7%              

Alcoa

      

5.550%, 02/01/17

      300,000         313,521   

CRH America

      

5.125%, 05/18/45(B)

      300,000         302,945   

Mosaic

      

4.250%, 11/15/23

      300,000         307,717   

Nucor

      

4.000%, 08/01/23

      300,000         302,930   

Rio Tinto Finance USA

      

2.250%, 12/14/18

      300,000         300,365   
     

 

 

  
        1,527,478   
     

 

 

  
TELECOMMUNICATION SERVICES — 2.0%  

Rogers Communications

      

4.100%, 10/01/23

      300,000         305,410   

Unison Ground Lease Funding

      

2.981%, 03/15/20(B)

      200,000         199,096   

Verizon Communications

      

3.650%, 09/14/18

      300,000         315,355   
     

 

 

  
        819,861   
     

 

 

  
 

 

1

THE ADVISORS’ INNER CIRCLE FUND III    KNIGHTS OF COLUMBUS
   CORE BOND FUND
     JULY 31, 2015 (Unaudited)

 

CORPORATE OBLIGATIONS — continued  
     Face Amount      Value  
UTILITIES — 1.5%  

Duke Energy

      

3.750%, 04/15/24

    $ 300,000       $ 306,330   

Exelon

      

5.100%, 06/15/45

      300,000         309,233   
     

 

 

  
        615,563   
     

 

 

  

Total Corporate Obligations
(Cost $11,637,014)

         11,414,382   
     

 

 

  
ASSET-BACKED SECURITIES — 15.2%  

CNH Equipment Trust, Ser 2015-B, Cl B

      

2.230%, 10/17/22

      450,000         451,508   

Cronos Containers Program, Ser 2013-1A, Cl A

      

3.080%, 04/18/28(B)

      96,875         96,213   

Diamond Head Aviation, Ser 2015-1, Cl A

      

3.810%, 07/14/28(B)

      400,000         400,000   

Domino’s Pizza Master Issuer, Ser 2012-1A, Cl A2

      

5.216%, 01/25/42(B)

      338,188         349,582   

ECAF, Ser 2015-1A, Cl A1

      

3.473%, 06/15/40(B)

      400,000         400,125   

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

      

1.290%, 03/16/20

      400,000         400,180   

SBA Small Business Investment, Ser 2015-10A, Cl 1

      

2.517%, 03/10/25

      1,000,000         1,006,752   

Sierra Timeshare Receivables Funding, Ser 2013-3A, Cl B

      

2.700%, 10/20/30(B)

      364,526         366,032   

Spirit Master Funding, Ser 2014-1A, Cl A1

      

5.050%, 07/20/40(B)

      340,867         356,206   

United States Small Business Administration,
Ser 2015-20E, Cl 1

      

2.770%, 05/01/35

      1,000,000         1,006,369   

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

      

2.510%, 04/01/35

      1,000,000         1,003,118   

Wendys Funding,
Ser 2015-1A, Cl A2I

      

3.371%, 06/15/45(B)

      375,000         375,117   
     

 

 

  

Total Asset-Backed Securities
(Cost $6,197,933)

         6,211,202   
     

 

 

  
U.S. TREASURY OBLIGATIONS — 13.8%  

U.S. Treasury Bonds

      

4.625%, 02/15/40

      1,000,000         1,315,234   

3.750%, 08/15/41

      1,350,000         1,566,844   

U.S. Treasury Notes

      

2.625%, 11/15/20

      1,000,000         1,048,438   
U.S. TREASURY OBLIGATIONS — continued  
     Face Amount      Value  

2.125%, 02/29/16

    $ 1,700,000       $ 1,718,860   
     

 

 

  

Total U.S. Treasury Obligations
(Cost $5,794,512)

         5,649,376   
     

 

 

  
MORTGAGE-BACKED SECURITIES — 9.7%  

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

      

4.095%, 09/10/46

      400,000         434,053   

COMM Mortgage Trust, Ser 2014-UBS4, Cl AM

      

3.968%, 08/10/47

      400,000         411,467   

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

      

4.473%, 03/10/44(B)

      400,000         405,995   

JPMorgan Trust, Ser 2015-3, Cl A5

      

3.500%, 05/25/45(A),(B)

      479,102         488,572   

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

      

2.936%, 11/15/46

      400,000         412,992   

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

      

2.916%, 02/15/47

      400,000         412,502   

Sequoia Mortgage Trust, Ser 2015-3, Cl A4

      

3.500%, 07/25/45(A),(B)

      349,240         354,545   

WFRBS Commercial Mortgage Trust, Ser 2012-C7, Cl B

      

4.774%, 06/15/45(A)

      625,000         686,429   

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

      

2.917%, 08/15/47

      350,000         360,324   
     

 

 

  

Total Mortgage-Backed Securities
(Cost $3,998,338)

         3,966,879   
     

 

 

  
U.S. GOVERNMENT AGENCY OBLIGATION — 2.5%  

FHLMC

      

1.000%, 03/08/17

      1,000,000         1,006,495   
     

 

 

  

Total U.S. Government Agency Obligation
(Cost $1,004,152)

         1,006,495   
     

 

 

  

Total Investments — 97.3%
(Cost $40,131,488)@

   

    $ 39,709,045   
     

 

 

  

Percentages based on Net Assets of $40,798,231

 

(A) Floating rate security — The rate reported is the rate in effect on July 31, 2015.

 

(B) 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.
 

 

2

THE ADVISORS’ INNER CIRCLE FUND III       KNIGHTS OF COLUMBUS
      CORE BOND FUND
          JULY 31, 2015 (Unaudited)

 

Cl — Class

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

GNMA — Government National Mortgage Association

MTN — Medium Term Note

Ser — Series

As of July 31, 2015, all of the Fund’s investments were considered Level 2 in accordance with the authoritative guidance of fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended July 31, 2015, there were no transfers between Level 1 and Level 2 assets and liabilities. For the period ended July 31, 2015, there were no Level 3 securities.

@ At July 31, 2015, the tax basis cost of the Fund’s investments was $40,131,488, and the unrealized appreciation and depreciation were $63,576 and $(486,019), respectively.

For information on the Fund’s policy regarding valuation of investments, fair value hierarchy levels and other significant accounting policies, please refer to Note 2 of the Fund’s most recent financial statements.

KOC-QH-001-0100

 

 

3

THE ADVISORS’ INNER CIRCLE FUND III    KNIGHTS OF COLUMBUS
   LIMITED DURATION BOND FUND
     JULY 31, 2015 (Unaudited)

 

SCHEDULE OF INVESTMENTS  
CORPORATE OBLIGATIONS — 31.9%  
     Face Amount      Value  
CONSUMER DISCRETIONARY — 1.3%  

DIRECTV Holdings

      

2.400%, 03/15/17

    $ 250,000       $ 253,110   

Ford Motor Credit

      

3.000%, 06/12/17

      250,000         254,755   
     

 

 

  
        507,865   
     

 

 

  
CONSUMER STAPLES — 5.5%  

Campbell Soup

      

3.050%, 07/15/17

      250,000         257,872   

Coca-Cola Enterprises

      

2.000%, 08/19/16

      250,000         252,712   

ConAgra Foods

      

1.300%, 01/25/16

      250,000         250,154   

CVS Health

      

5.750%, 06/01/17

      250,000         269,399   

General Mills

      

1.400%, 10/20/17

      250,000         249,169   

Kraft Heinz Foods

      

2.000%, 07/02/18(A)

      300,000         300,767   

Tyson Foods

      

6.600%, 04/01/16

      250,000         259,120   

Walgreen

      

1.800%, 09/15/17

      250,000         254,749   
     

 

 

  
        2,093,942   
     

 

 

  
ENERGY — 4.2%  

Anadarko Petroleum

      

6.375%, 09/15/17

      500,000         546,541   

Apache

      

1.750%, 04/15/17

      250,000         250,791   

Canadian Natural Resources

      

5.700%, 05/15/17

      250,000         266,490   

Chevron

      

1.104%, 12/05/17

      250,000         248,819   

Columbia Pipeline Group

      

2.450%, 06/01/18(A)

      300,000         301,936   
     

 

 

  
        1,614,577   
     

 

 

  
FINANCIALS — 9.6%  

American Tower

      

4.500%, 01/15/18

      250,000         263,083   

Ares Capital

      

4.875%, 11/30/18

      320,000         335,906   

Bank of America

      

6.050%, 05/16/16

      250,000         258,864   

Bank of Nova Scotia

      

1.375%, 12/18/17

      250,000         249,181   

Camden Property Trust

      

5.700%, 05/15/17

      250,000         267,204   

Citigroup

      

1.850%, 11/24/17

      250,000         250,583   
CORPORATE OBLIGATIONS — continued  
     Face Amount      Value  
FINANCIALS — continued  

Credit Suisse New York MTN

      

1.750%, 01/29/18

    $ 250,000       $ 249,654   

Goldman Sachs Group

      

5.950%, 01/18/18

      250,000         274,558   

JPMorgan Chase MTN

      

1.350%, 02/15/17

      250,000         249,610   

Morgan Stanley

      

1.875%, 01/05/18

      250,000         250,796   

Morgan Stanley Capital

      

3.884%, 02/15/16(A)

      256,895         258,440   

Roman Catholic Church of the Diocese of Phoenix

      

2.500%, 06/01/18

      300,000         300,993   

Wells Fargo MTN

      

1.175%, 07/22/20(B)

      500,000         502,635   
     

 

 

  
        3,711,507   
     

 

 

  
HEALTH CARE — 1.4%  

Amgen

      

5.850%, 06/01/17

      250,000         269,905   

2.125%, 05/15/17

      250,000         253,229   
     

 

 

  
        523,134   
     

 

 

  
INDUSTRIALS — 1.5%  

Air Lease

      

5.625%, 04/01/17

      250,000         264,040   

Aviation Capital Group

      

3.875%, 09/27/16(A)

      300,000         304,527   
     

 

 

  
        568,567   
     

 

 

  
MATERIALS — 1.2%  

Eastman Chemical

      

2.400%, 06/01/17

      250,000         253,586   

Glencore Funding

      

2.125%, 04/16/18(A)

      200,000         197,237   
     

 

 

  
        450,823   
     

 

 

  
TELECOMMUNICATION SERVICES — 3.8%  

AT&T

      

1.400%, 12/01/17

      550,000         546,177   

Unison Ground Lease Funding

      

2.981%, 03/15/20(A)

      400,000         398,192   

Verizon Communications

      

2.500%, 09/15/16

      250,000         253,855   

Vodafone Group

      

5.625%, 02/27/17

      250,000         264,621   
     

 

 

  
        1,462,845   
     

 

 

  
UTILITIES — 3.4%  

Dayton Power & Light

      

1.875%, 09/15/16

      250,000         251,248   

Dominion Resources

      

1.950%, 08/15/16

      250,000         252,090   

Duke Energy

      

1.625%, 08/15/17

      250,000         250,933   
 

 

4

THE ADVISORS’ INNER CIRCLE FUND III    KNIGHTS OF COLUMBUS
   LIMITED DURATION BOND FUND
     JULY 31, 2015 (Unaudited)

 

CORPORATE OBLIGATIONS — continued  
     Face Amount      Value  
UTILITIES — continued  

Exelon

      

1.550%, 06/09/17

    $ 300,000       $ 300,136   

NextEra Energy Capital Holdings

      

1.586%, 06/01/17

      250,000         250,647   
     

 

 

  
        1,305,054   
     

 

 

  

Total Corporate Obligations
(Cost $12,257,256)

  

      12,238,314   
     

 

 

  
U.S. TREASURY OBLIGATIONS — 22.9%  

U.S. Treasury Notes

      

3.250%, 05/31/16

      2,000,000         2,048,750   

3.250%, 03/31/17

      1,350,000         1,409,484   

0.750%, 10/31/17

      1,500,000         1,499,649   

0.625%, 12/15/16

      2,100,000         2,103,609   

0.500%, 11/30/16

      1,700,000         1,700,665   
     

 

 

  

Total U.S. Treasury Obligations
(Cost $8,752,436)

  

      8,762,157   
     

 

 

  
ASSET-BACKED SECURITIES — 17.6%  

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

      

0.790%, 10/15/18

      255,000         254,641   

Chase Issuance Trust, Ser 2014-A1, Cl A1

      

1.150%, 01/15/19

      400,000         401,000   

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

      

5.350%, 02/07/20

      225,000         246,984   

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

      

1.110%, 07/23/18

      375,000         376,099   

CNH Equipment Trust, Ser 2015-B, Cl B

      

2.230%, 10/17/22

      300,000         301,005   

Cronos Containers Program, Ser 2013-1A, Cl A

      

3.080%, 04/18/28(A)

      96,875         96,213   

Diamond Head Aviation, Ser 2015-1, Cl A

      

3.810%, 07/14/28(A)

      400,000         400,000   

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

      

0.690%, 08/15/18

      350,000         350,092   

Domino’s Pizza Master Issuer, Ser 2012-1A, Cl A2

      

5.216%, 01/25/42(A)

      483,125         499,404   

ECAF, Ser 2015-1A, Cl A1

      

3.473%, 06/15/40(A)

      300,000         300,094   

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

      

1.690%, 04/15/18

      375,000         376,689   

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

      

0.900%, 10/15/18

      475,000         474,877   
ASSET-BACKED SECURITIES — continued  
     Face Amount      Value  

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

      

1.290%, 03/16/20

    $ 375,000       $ 375,168   

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

      

0.700%, 10/16/17

      87,656         87,648   

Sierra Timeshare Receivables Funding, Ser 2013-3A, Cl B

      

2.700%, 10/20/30(A)

      364,526         366,032   

Spirit Master Funding, Ser 2014-1A, Cl A1

      

5.050%, 07/20/40(A)

      341,218         356,573   

TAL Advantage V, Ser 2013-1A, Cl A

      

2.830%, 02/22/38(A)

      379,167         378,147   

TCF Auto Receivables Owner Trust, Ser 2015-1A, Cl B

      

2.490%, 04/15/21(A)

      400,000         401,764   

Wendys Funding, Ser 2015-1A, Cl A2I

      

3.371%, 06/15/45(A)

      375,000         375,117   

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

      

0.830%, 08/15/18

      342,079         342,123   
     

 

 

  

Total Asset-Backed Securities (Cost $6,763,076)

         6,759,670   
     

 

 

  
MORTGAGE-BACKED SECURITIES — 12.5%  

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

      

1.392%, 07/10/47

      349,907         348,971   

Commercial Mortgage Trust, Ser 2012-CR2, Cl A2

      

2.025%, 08/15/45

      375,000         379,800   

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

      

4.473%, 03/10/44(A)

      350,000         355,246   

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

      

3.849%, 12/10/43(A)

      227,555         231,243   

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

      

4.608%, 06/15/43(A)

      375,000         394,515   

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

      

4.106%, 07/15/46(A)

      375,000         396,634   

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

      

1.223%, 12/15/46

      120,174         120,239   

JPMorgan Trust, Ser 2015-3, Cl A5

      

3.500%, 05/25/45(A),(B)

      479,102         488,571   

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

      

2.936%, 11/15/46

      267,000         275,672   
 

 

5

THE ADVISORS’ INNER CIRCLE FUND III    KNIGHTS OF COLUMBUS
   LIMITED DURATION BOND FUND
     JULY 31, 2015 (Unaudited)

 

MORTGAGE-BACKED SECURITIES — continued  
     Face Amount      Value  

Sequoia Mortgage Trust, Ser 2015-3, Cl A4

      

3.500%, 07/25/45(A),(B)

    $ 349,240       $ 354,545   

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

      

2.113%, 05/10/63

      390,000         395,196   

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

      

1.524%, 01/10/45

      275,365         276,226   

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

      

1.413%, 08/15/47

      339,597         338,705   

WFRBS Commercial Mortgage Trust, Ser 2011-C3, Cl A2

      

3.240%, 03/15/44(A)

      325,904         328,905   

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

      

1.191%, 12/15/46

      114,170         113,924   
     

 

 

  

Total Mortgage-Backed Securities (Cost $4,815,695)

         4,798,392   
     

 

 

  
U.S. GOVERNMENT AGENCY OBLIGATIONS — 8.0%  

FHLB

      

4.750%, 12/16/16

      1,000,000         1,056,787   

0.625%, 11/23/16

      1,000,000         1,000,959   

FHLMC

      

0.750%, 01/12/18

      1,000,000         996,421   
     

 

 

  

Total U.S. Government Agency Obligations (Cost $3,047,700)

         3,054,167   
     

 

 

  
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED
OBLIGATIONS — 4.9%		  

GNMA, Ser 2011-143, Cl AB

      

3.899%, 03/16/33(B)

      824,376         837,219   

GNMA

      

2.918%, 12/31/49

      995,614         1,024,771   
     

 

 

  

Total U.S. Government Agency Mortgage-Backed Obligations (Cost $1,864,769)

         1,861,990   
     

 

 

  
MUNICIPAL BOND — 0.8%              

Oregon State Facilities Authority, Ser B

      

2.100%, 04/01/17

      300,000         299,850   
     

 

 

  

Total Municipal Bond (Cost $300,000)

         299,850   
     

 

 

  

Total Investments — 98.6%
(Cost $37,800,932)@

   

    $ 37,774,540   
     

 

 

  

Percentages based on Net Assets of $38,316,264

(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.

 

(B) Floating rate security — The rate reported is the rate in effect on July 31, 2015.

Cl — Class

FHLB — Federal Home Loan Bank

FHLMC — Federal Home Loan Mortgage Corporation

GNMA — Government National Mortgage Association

MTN — Medium Term Note

Ser — Series

As of July 31, 2015, all of the Fund’s investments were considered Level 2 in accordance with the authoritative guidance of fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended July 31, 2015, there were no transfers between Level 1 and Level 2 assets and liabilities. For the period ended July 31, 2015, there were no Level 3 securities.

@ At July 31, 2015, the tax basis cost of the Fund’s investments was $37,800,932, and the unrealized appreciation and depreciation were $37,822 and $(64,214), respectively.

For information on the Fund’s policy regarding valuation of investments, fair value hierarchy levels and other significant accounting policies, please refer to Note 2 of the Fund’s most recent financial statements.

KOC-QH-001-0200

 

 

6

THE ADVISORS’ INNER CIRCLE FUND III    KNIGHTS OF COLUMBUS
   LARGE CAP GROWTH FUND
     JULY 31, 2015 (Unaudited)

 

SCHEDULE OF INVESTMENTS  
COMMON STOCK — 96.7%†  
     Shares      Value  
CONSUMER DISCRETIONARY — 19.7%  

Amazon.com *

      1,075       $ 576,361   

Brinker International

      1,925         115,308   

Carter’s

      1,150         116,622   

Comcast, Cl A

      8,775         547,648   

Dillard’s, Cl A

      1,325         134,991   

Hanesbrands

      5,750         178,423   

Home Depot

      4,450         520,783   

Las Vegas Sands

      3,350         187,734   

Lennar, Cl A

      4,350         230,724   

Lithia Motors, Cl A

      1,925         230,403   

Macy’s

      3,200         220,992   

Mohawk Industries *

      575         115,914   

O’Reilly Automotive *

      1,325         318,411   

Pool

      2,275         160,206   

TopBuild *

      877         25,223   

VF

      2,350         181,161   

Walt Disney

      4,650         557,999   

Wyndham Worldwide

      1,375         113,465   
     

 

 

  
        4,532,368   
     

 

 

  
CONSUMER STAPLES — 9.6%  

Colgate-Palmolive

      3,725         253,375   

CVS Health

      2,550         286,798   

Dr Pepper Snapple Group

      3,300         264,726   

Hormel Foods

      3,175         187,992   

Kroger

      8,950         351,197   

Monster Beverage *

      2,325         357,004   

Rite Aid *

      21,850         194,684   

Spectrum Brands Holdings

      1,800         190,710   

Whole Foods Market

      3,425         124,670   
     

 

 

  
        2,211,156   
     

 

 

  
ENERGY — 1.3%  

Marathon Petroleum

      3,275         179,044   

Tesoro

      1,200         116,808   
     

 

 

  
        295,852   
     

 

 

  
FINANCIALS — 3.2%  

Affiliated Managers Group *

      850         176,715   

CBRE Group, Cl A *

      6,300         239,211   

Morgan Stanley

      4,975         193,229   

WisdomTree Investments

      5,075         126,368   
     

 

 

  
        735,523   
     

 

 

  
HEALTH CARE — 21.3%  

AmerisourceBergen, Cl A

      2,175         230,006   

Amgen

      3,075         543,013   

Biogen *

      1,050         334,719   

Cardinal Health

      2,775         235,820   
COMMON STOCK — continued  
     Shares      Value  
HEALTH CARE — continued  

Celgene *

      3,800       $ 498,750   

Express Scripts Holding *

      2,525         227,427   

Gilead Sciences

      4,225         497,959   

HealthSouth

      4,575         209,078   

Jazz Pharmaceuticals *

      1,500         288,360   

Mallinckrodt *

      2,200         272,712   

McKesson

      1,200         264,684   

Medivation *

      1,275         134,296   

Molina Healthcare *

      2,450         184,804   

Regeneron Pharmaceuticals *

      475         262,989   

Team Health Holdings *

      2,700         182,007   

United Therapeutics *

      1,275         215,934   

UnitedHealth Group

      2,675         324,744   
     

 

 

  
        4,907,302   
     

 

 

  
INDUSTRIALS — 9.6%  

Caterpillar

      2,600         204,438   

Chicago Bridge & Iron

      2,550         135,507   

Deere

      2,475         234,060   

FedEx

      1,625         278,558   

JetBlue Airways *

      9,050         207,969   

Manitowoc

      9,450         166,982   

Masco

      7,900         208,481   

PACCAR

      3,300         213,972   

Union Pacific

      3,475         339,125   

United Continental Holdings *

      3,900         219,921   
     

 

 

  
        2,209,013   
     

 

 

  
INFORMATION TECHNOLOGY — 27.7%  

Apple

      12,000         1,455,599   

Broadcom, Cl A

      2,500         126,525   

Broadridge Financial Solutions

      3,525         191,302   

Cognizant Technology Solutions, Cl A *

      4,300         271,330   

CoreLogic *

      4,150         163,676   

Electronic Arts *

      3,725         266,524   

Endurance International Group Holdings *

      2,600         52,546   

F5 Networks *

      1,050         140,847   

Facebook, Cl A *

      6,625         622,816   

Fiserv *

      3,400         295,323   

Google, Cl A *

      1,125         739,688   

MasterCard, Cl A

      5,650         550,309   

Microsoft

      13,550         632,785   

NXP Semiconductors *

      1,750         169,732   

Synaptics *

      1,475         117,086   

Total System Services

      3,625         167,548   

Vantiv, Cl A *

      5,800         255,200   
 

 

7

THE ADVISORS’ INNER CIRCLE FUND III    KNIGHTS OF COLUMBUS
   LARGE CAP GROWTH FUND
     JULY 31, 2015 (Unaudited)

 

COMMON STOCK — continued  
     Shares      Value  
INFORMATION TECHNOLOGY — continued  

Visa, Cl A

      2,425       $ 182,700   
     

 

 

  
        6,401,536   
     

 

 

  
MATERIALS — 1.7%              

CF Industries Holdings

      2,550         150,960   

Eagle Materials

      1,675         129,210   

WestRock

      1,891         119,246   
     

 

 

  
        399,416   
     

 

 

  
TELECOMMUNICATION SERVICES — 2.6%  

AT&T

      5,817         202,083   

Level 3 Communications *

      4,450         224,725   

Verizon Communications

      3,675         171,953   
     

 

 

  
        598,761   
     

 

 

  

Total Common Stock
(Cost $21,462,677)

  

      22,290,927   
     

 

 

  

Total Investments — 96.7%
(Cost $21,462,677)@

   

    $ 22,290,927   
  

 

 

  

Percentages based on Net Assets of $23,047,219

 

* Non-income producing security.

 

† Narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting.

Cl — Class

As of July 31, 2015, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance of fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended July 31, 2015, there were no transfers between Level 1 and Level 2 assets and liabilities. For the period ended July 31, 2015, there were no Level 3 securities.

@ At July 31, 2015, the tax basis cost of the Fund’s investments was $21,462,677, and the unrealized appreciation and depreciation were $1,412,518 and $(584,268), respectively.

For information on the Fund’s policy regarding valuation of investments, fair value hierarchy levels and other significant accounting policies, please refer to Note 2 of the Fund’s most recent financial statements.

KOC-QH-001-0300

 

 

8

THE ADVISORS’ INNER CIRCLE FUND III    KNIGHTS OF COLUMBUS
   LARGE CAP VALUE FUND
     JULY 31, 2015 (Unaudited)

 

SCHEDULE OF INVESTMENTS  
COMMON STOCK — 97.2%†  
     Shares      Value  
CONSUMER DISCRETIONARY — 8.9%  

Best Buy

      4,690       $ 151,440   

Brinker International

      4,020         240,798   

Foot Locker

      3,810         268,795   

Ford Motor

      20,760         307,871   

Las Vegas Sands

      6,380         357,535   

Lowe’s

      2,680         185,885   

Thomson Reuters

      7,700         311,465   

VF

      1,900         146,471   
     

 

 

  
        1,970,260   
     

 

 

  
CONSUMER STAPLES — 7.6%  

Altria Group

      4,910         267,006   

Archer-Daniels-Midland

      7,370         349,485   

Colgate-Palmolive

      5,360         364,588   

Dr Pepper Snapple Group

      4,470         358,583   

Procter & Gamble

      1,450         111,215   

Whole Foods Market

      6,690         243,516   
     

 

 

  
        1,694,393   
     

 

 

  
ENERGY — 9.5%              

Atwood Oceanics

      5,970         124,176   

CNOOC ADR

      1,570         192,561   

ConocoPhillips

      3,900         196,326   

Exxon Mobil

      10,110         800,813   

Statoil ADR

      19,310         326,532   

Tesoro

      1,680         163,531   

Valero Energy

      4,760         312,256   
     

 

 

  
        2,116,195   
     

 

 

  
FINANCIALS — 30.8%              

Assured Guaranty

      11,350         277,621   

Bank of America

      40,530         724,676   

Bank of New York Mellon

      9,260         401,884   

Berkshire Hathaway, Cl B *

      3,240         462,478   

Citizens Financial Group

      4,570         119,140   

DuPont Fabros Technology ‡

      4,690         141,404   

Endurance Specialty Holdings

      5,470         380,110   

Goldman Sachs Group

      2,680         549,588   

Hartford Financial Services Group

      6,140         291,957   

Host Hotels & Resorts ‡

      9,260         179,459   

JPMorgan Chase

      11,380         779,871   

KeyCorp

      31,150         462,266   

PNC Financial Services Group

      4,350         427,083   

Prudential Financial

      5,750         508,070   

RLJ Lodging Trust ‡

      6,590         196,579   

Sun Communities ‡

      2,680         186,287   

SunTrust Banks

      7,700         341,418   
COMMON STOCK — continued  
     Shares      Value  
FINANCIALS — continued              

Wells Fargo

      6,810       $ 394,095   
     

 

 

  
        6,823,986   
     

 

 

  
HEALTH CARE — 15.9%  

Aetna

      2,010         227,070   

Amgen

      2,680         473,261   

Anthem

      3,680         567,713   

Cardinal Health

      4,240         360,315   

ICON *

      3,460         279,568   

McKesson

      1,580         348,501   

PAREXEL International *

      3,680         253,773   

Select Medical Holdings

      9,260         133,622   

Shire ADR

      1,380         368,198   

UnitedHealth Group

      4,350         528,090   
     

 

 

  
        3,540,111   
     

 

 

  
INDUSTRIALS — 6.3%  

Alaska Air Group

      5,700         431,775   

Cintas

      2,680         229,140   

CNH Industrial

      29,250         262,373   

Macquarie Infrastructure

      2,830         240,352   

Ryder System

      2,570         232,636   
     

 

 

  
        1,396,276   
     

 

 

  
INFORMATION TECHNOLOGY — 11.0%  

Booz Allen Hamilton Holding, Cl A

      12,510         346,903   

Broadridge Financial Solutions

      4,690         254,526   

Cisco Systems

      8,930         253,791   

Hewlett-Packard

      7,140         217,913   

Intel

      17,420         504,308   

Lam Research

      2,570         197,556   

Lexmark International, Cl A

      4,910         166,891   

Microsoft

      10,610         495,487   
     

 

 

  
        2,437,375   
     

 

 

  
MATERIALS — 1.1%  

International Paper

      1,900         90,953   

LyondellBasell Industries, Cl A

      1,680         157,634   
     

 

 

  
        248,587   
     

 

 

  
TELECOMMUNICATION SERVICES — 1.4%  

AT&T

      9,160         318,218   
     

 

 

  
 

 

9

THE ADVISORS’ INNER CIRCLE FUND III    KNIGHTS OF COLUMBUS
   LARGE CAP VALUE FUND
     JULY 31, 2015 (Unaudited)

 

COMMON STOCK — continued  
     Shares      Value  
UTILITIES — 4.7%  

CMS Energy

      8,820       $ 302,173   

Edison International

      5,130         307,851   

PPL

      8,260         262,751   

UGI

      4,690         171,373   
     

 

 

  
        1,044,148   
     

 

 

  

Total Common Stock
(Cost $21,512,585)

  

      21,589,549   
  

 

 

  

Total Investments — 97.2%
(Cost $21,512,585)@

   

    $ 21,589,549   
  

 

 

  

Percentages based on Net Assets of $22,201,610.

 

* Non-income producing security.

 

‡ Real Estate Investment Trust.

 

† Narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting.

ADR — American Depositary Receipt

Cl — Class

As of July 31, 2015, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance of fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended July 31, 2015, there were no transfers between Level 1 and Level 2 assets and liabilities. For the period ended July 31, 2015, there were no Level 3 securities.

@ At July 31, 2015, the tax basis cost of the Fund’s investments was $21,512,585, and the unrealized appreciation and depreciation were $847,680 and $(770,716), respectively.

For information on the Fund’s policy regarding valuation of investments, fair value hierarchy levels and other significant accounting policies, please refer to Note 2 of the Fund’s most recent financial statements.

KOC-QH-001-0400

 

 

10

THE ADVISORS’ INNER CIRCLE FUND III    KNIGHTS OF COLUMBUS
   SMALL CAP EQUITY FUND
     JULY 31, 2015 (Unaudited)

 

SCHEDULE OF INVESTMENTS  
COMMON STOCK — 95.6%  
     Shares      Value  
CONSUMER DISCRETIONARY — 16.2%  

1-800-Flowers.com, Cl A *

      50,340       $ 500,883   

Asbury Automotive Group *

      4,150         366,445   

Burlington Stores *

      5,015         276,026   

Caleres

      9,270         306,281   

Citi Trends *

      12,730         303,101   

DineEquity

      3,558         370,068   

Entravision Communications, Cl A

      39,440         302,505   

G-III Apparel Group *

      5,940         429,046   

Kirkland’s

      21,920         597,977   

Lithia Motors, Cl A

      3,775         451,829   

Marriott Vacations Worldwide

      6,065         507,034   

Nautilus *

      33,416         706,080   

Papa Murphy’s Holdings *

      10,905         210,467   

Penn National Gaming *

      19,155         365,477   

Pool

      4,225         297,525   

Sonic

      9,545         283,677   

Steven Madden *

      4,785         199,439   

Tenneco *

      5,765         287,155   
     

 

 

  
        6,761,015   
     

 

 

  
CONSUMER STAPLES — 2.2%  

Central Garden & Pet, Cl A *

      57,500         579,600   

Ingles Markets, Cl A

      7,190         332,753   
     

 

 

  
        912,353   
     

 

 

  
ENERGY — 2.9%              

Alon USA Energy

      35,755         665,401   

Atwood Oceanics

      8,221         170,997   

Carrizo Oil & Gas *

      4,215         160,718   

Delek US Holdings

      5,690         202,962   
     

 

 

  
        1,200,078   
     

 

 

  
FINANCIALS — 24.3%  

American Equity Investment Life Holding

      13,020         384,611   

Ameris Bancorp

      11,130         300,621   

Armada Hoffler Properties ‡

      34,510         353,728   

Banc of California

      25,604         310,577   

CenterState Banks

      29,560         412,065   

DuPont Fabros Technology ‡

      12,340         372,051   

Employers Holdings

      11,860         284,640   

First BanCorp *

      39,180         168,866   

First Defiance Financial

      9,700         372,965   

First Industrial Realty Trust ‡

      15,410         322,685   

GAIN Capital Holdings

      19,850         138,553   

Great Southern Bancorp

      8,670         359,805   

Investment Technology Group

      14,290         290,802   

MarketAxess Holdings

      4,455         435,699   
COMMON STOCK — continued  
     Shares      Value  
FINANCIALS — continued  

Metro Bancorp

      7,680       $ 187,930   

Oppenheimer Holdings, Cl A

      13,750         312,125   

Pebblebrook Hotel Trust ‡

      8,010         326,007   

RLJ Lodging Trust ‡

      11,100         331,113   

Ryman Hospitality Properties ‡

      6,500         371,670   

Selective Insurance Group

      12,345         380,349   

Southwest Bancorp

      17,850         312,911   

Stewart Information Services

      7,410         304,699   

Strategic Hotels & Resorts *‡

      55,960         764,973   

Sun Communities ‡

      4,980         346,160   

Sunstone Hotel Investors ‡

      20,700         291,249   

TriState Capital Holdings *

      21,210         267,882   

Triumph Bancorp *

      17,890         251,533   

Wintrust Financial

      5,930         319,746   

WisdomTree Investments

      11,030         274,647   

WSFS Financial

      22,245         638,654   
     

 

 

  
        10,189,316   
     

 

 

  
HEALTH CARE — 18.3%  

AMAG Pharmaceuticals *

      10,072         643,600   

Cambrex *

      7,525         370,606   

Dyax *

      10,150         249,792   

Emergent BioSolutions *

      7,000         229,810   

Exactech *

      10,495         209,690   

HealthSouth

      13,920         636,144   

INC Research Holdings, Cl A *

      7,630         381,729   

Insys Therapeutics *

      6,175         277,381   

Lannett *

      10,245         610,602   

Merit Medical Systems *

      27,285         697,404   

MiMedx Group *

      21,990         235,953   

Molina Healthcare *

      6,280         473,700   

Natus Medical *

      6,835         308,669   

Nektar Therapeutics *

      12,100         152,581   

Omnicell *

      8,155         297,821   

Orexigen Therapeutics *

      35,070         140,280   

PAREXEL International *

      6,025         415,484   

Prestige Brands Holdings *

      7,715         367,388   

Providence Service *

      6,025         283,537   

Repligen *

      5,560         194,656   

SciClone Pharmaceuticals *

      35,545         323,815   

Veracyte *

      16,770         194,532   
     

 

 

  
        7,695,174   
     

 

 

  
INDUSTRIALS — 11.9%  

Aircastle

      14,645         352,505   

Allegiant Travel, Cl A

      2,340         497,788   

American Railcar Industries

      4,040         161,398   

Deluxe

      4,340         279,626   

EMCOR Group

      7,688         367,717   
 

 

11

THE ADVISORS’ INNER CIRCLE FUND III    KNIGHTS OF COLUMBUS
   SMALL CAP EQUITY FUND
     JULY 31, 2015 (Unaudited)

 

COMMON STOCK — continued  
     Shares      Value  
INDUSTRIALS — continued  

General Cable

      16,225       $ 264,792   

Griffon

      12,145         209,380   

H&E Equipment Services

      10,750         192,855   

Hawaiian Holdings *

      27,726         602,208   

Heidrick & Struggles International

      7,760         169,711   

Manitowoc

      11,625         205,414   

MRC Global *

      18,410         236,569   

Multi-Color

      4,760         303,974   

Patrick Industries *

      7,965         287,059   

TrueBlue *

      9,400         242,144   

Xerium Technologies *

      36,427         618,166   
     

 

 

  
        4,991,306   
     

 

 

  
INFORMATION TECHNOLOGY — 15.6%  

ACI Worldwide *

      10,915         258,358   

Aspen Technology *

      9,245         410,293   

Calix *

      23,985         202,194   

Ciena *

      32,375         823,943   

Convergys

      13,990         351,289   

ePlus *

      4,060         312,255   

Fleetmatics Group *

      7,070         338,441   

GSI Group *

      18,125         256,831   

Ixia *

      21,359         281,939   

j2 Global

      11,480         808,192   

Luxoft Holding, Cl A *

      6,325         396,957   

Manhattan Associates *

      6,430         416,792   

Mattson Technology *

      50,150         143,429   

NetScout Systems *

      6,785         270,586   

NeuStar, Cl A *

      7,160         221,029   

Qualys *

      9,380         346,685   

Rudolph Technologies *

      35,325         396,347   

Synchronoss Technologies *

      6,025         287,995   
     

 

 

  
        6,523,555   
     

 

 

  
MATERIALS — 2.5%  

Domtar

      4,660         189,476   

Materion

      7,110         217,566   

Neenah Paper

      5,820         352,575   

PolyOne

      8,070         276,559   
     

 

 

  
        1,036,176   
     

 

 

  
UTILITIES — 1.7%  

NextEra Energy Partners

      4,750         169,480   

PNM Resources

      12,570         331,596   

Southwest Gas

      3,570         201,134   
     

 

 

  
        702,210   
     

 

 

  

Total Common Stock
(Cost $38,720,284)

  

      40,011,183   
     

 

 

  

Total Investments — 95.6%
(Cost $38,720,284)@

   

    $ 40,011,183   
  

 

 

  

Percentages based on Net Assets of $41,843,575.

 

* Non-income producing security.

 

‡ Real Estate Investment Trust.

Cl — Class

As of July 31, 2015, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance of fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended July 31, 2015, there were no transfers between Level 1 and Level 2 assets and liabilities. For the period ended July 31, 2015, there were no Level 3 securities.

@ At July 31, 2015, the tax basis cost of the Fund’s investments was $38,720,284, and the unrealized appreciation and depreciation were $3,030,986 and $(1,740,087), respectively.

For information on the Fund’s policy regarding valuation of investments, fair value hierarchy levels and other significant accounting policies, please refer to Note 2 of the Fund’s most recent financial statements.

KOC-QH-001-0500

 

 

12

THE ADVISORS’ INNER CIRCLE FUND III    KNIGHTS OF COLUMBUS
   INTERNATIONAL EQUITY FUND
     JULY 31, 2015 (Unaudited)

 

SCHEDULE OF INVESTMENTS  
COMMON STOCK — 99.3%  
     Shares      Value  
AUSTRALIA — 4.6%  

Caltex Australia

      16,400       $ 414,172   

Macquarie Group

      13,500         810,643   

Woodside Petroleum

      22,700         591,526   
     

 

 

  
        1,816,341   
     

 

 

  
AUSTRIA — 1.4%  

ANDRITZ

      10,000         558,789   
     

 

 

  
BELGIUM — 4.2%  

Anheuser-Busch InBev ADR

      7,300         872,715   

Delhaize Group ADR

      35,100         791,856   
     

 

 

  
        1,664,571   
     

 

 

  
BRAZIL — 3.2%  

Banco do Brasil

      78,000         496,620   

JBS

      75,000         335,139   

Vale ADR, Cl B

      83,800         440,788   
     

 

 

  
        1,272,547   
     

 

 

  
CANADA — 5.2%  

Alimentation Couche-Tard, Cl B

      15,800         705,162   

Canadian Imperial Bank of Commerce

      8,100         578,832   

Canadian Natural Resources

      13,900         339,250   

WestJet Airlines

      25,000         439,462   
     

 

 

  
        2,062,706   
     

 

 

  
CHINA — 2.9%  

China Construction Bank

      881,500         719,773   

Tencent Holdings

      23,400         436,771   
     

 

 

  
        1,156,544   
     

 

 

  
DENMARK — 2.0%  

Danske Bank

      26,100         815,091   
     

 

 

  
FINLAND — 3.3%  

Neste

      23,000         639,324   

UPM-Kymmene

      35,700         658,686   
     

 

 

  
        1,298,010   
     

 

 

  
FRANCE — 8.7%  

Christian Dior

      3,100         642,613   

Essilor International

      5,000         640,279   

Ipsen

      12,100         777,662   

Natixis

      124,900         917,814   

Veolia Environnement

      21,500         479,921   
     

 

 

  
        3,458,289   
     

 

 

  
GERMANY — 8.6%  

Allianz

      5,100         835,119   

Daimler

      9,000         804,479   
COMMON STOCK — continued  
     Shares      Value  
GERMANY — continued  

Infineon Technologies

      49,900       $ 559,261   

METRO

      17,500         552,557   

Siemens

      6,100         652,782   
     

 

 

  
        3,404,198   
     

 

 

  
HONG KONG — 5.4%  

Cheung Kong Property Holdings *

      43,297         360,794   

CK Hutchison Holdings

      43,297         642,840   

Hang Seng Bank

      33,900         694,853   

Wharf Holdings

      70,900         449,967   
     

 

 

  
        2,148,454   
     

 

 

  
INDIA — 2.8%  

ICICI Bank ADR

      55,300         556,871   

Tata Motors ADR

      19,200         569,472   
     

 

 

  
        1,126,343   
     

 

 

  
ISRAEL — 1.9%  

NICE-Systems

      12,200         759,539   
     

 

 

  
JAPAN — 20.3%  

Canon

      12,600         403,818   

FANUC

      3,000         500,585   

Honda Motor

      18,400         590,816   

ITOCHU

      55,100         676,219   

Kirin Holdings

      38,100         586,863   

Kobe Steel

      311,000         481,801   

Mizuho Financial Group

      392,000         847,354   

Nippon Telegraph & Telephone

      20,000         768,709   

Otsuka Holdings

      27,000         970,114   

Sony

      14,600         416,200   

Sumitomo

      40,200         457,515   

Takeda Pharmaceutical

      12,000         604,188   

Tokio Marine Holdings

      19,500         812,664   
     

 

 

  
        8,116,846   
     

 

 

  
POLAND — 1.1%  

PGE Polska Grupa Energetyczna

      89,000         418,091   
     

 

 

  
SINGAPORE — 2.5%  

United Overseas Bank

      24,200         391,617   

Wilmar International

      252,300         588,519   
     

 

 

  
        980,136   
     

 

 

  
SOUTH KOREA — 2.2%  

Korea Electric Power ADR

      29,000         624,950   

LG Display ADR

      26,400         252,648   
     

 

 

  
        877,598   
     

 

 

  
SPAIN — 0.8%  

Repsol

      20,000         336,064   
     

 

 

  
 

 

13

THE ADVISORS’ INNER CIRCLE FUND III    KNIGHTS OF COLUMBUS
   INTERNATIONAL EQUITY FUND
     JULY 31, 2015 (Unaudited)

 

COMMON STOCK — continued  
     Shares      Value  
SWEDEN — 1.6%  

Swedbank, Cl A

      27,100       $ 635,189   
     

 

 

  
SWITZERLAND — 1.7%  

Zurich Insurance Group

      2,200         670,040   
     

 

 

  
UNITED KINGDOM — 13.8%  

Anglo American

      32,800         415,513   

Aviva

      54,500         442,570   

BT Group, Cl A

      130,300         945,075   

Investec

      45,500         416,026   

ITV

      183,300         803,503   

Marks & Spencer Group

      80,000         679,628   

Sage Group

      100,800         820,127   

Shire

      10,800         957,977   
     

 

 

  
        5,480,419   
     

 

 

  
UNITED STATES — 1.1%  

CNOOC ADR

      3,700         453,805   
     

 

 

  

Total Common Stock
(Cost $40,313,130)

  

      39,509,610   
     

 

 

  
RIGHTS — 0.0%              
     Number Of
Rights		         

Repsol, Expires 09/15/015*

      20,000         10,367   
     

 

 

  

Total Rights
(Cost $–)

  

      10,367   
     

 

 

  

Total Investments — 99.3%
(Cost $40,313,130)@

   

    $ 39,519,977   
  

 

 

  

Percentages are based on Net Assets of $39,793,488.

 

* Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

The following is a summary of inputs used as of July 31, 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

    $ 39,506,610       $ —       $ —       $ 39,506,610   

Rights

      —         10,367         —         10,367   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments in Securities

    $ 39,509,610       $ 10,367       $ —       $ 39,519,977   
  

 

 

     

 

 

     

 

 

     

 

 

  

For the period ended July 31, 2015, there were no transfers between Level 1 and Level 2 assets and liabilities. For the period ended July 31, 2015, there were no Level 3 securities.

@ At July 31, 2015, the tax basis cost of the Fund’s investments was $40,313,130, and the unrealized appreciation and depreciation were $1,838,074 and $(2,631,227), respectively.

For information on the Fund’s policy regarding valuation of investments, fair value hierarchy levels and other significant accounting policies, please refer to Note 2 of the Fund’s most recent financial statements.

KOC-QH-001-0600

 

 

14

Item 2. Controls and Procedures

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) are effective, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 as of a date within 90 days of the filing date of this report.

(b) There were no significant changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 3. Exhibits.

(a) A separate certification for the principal executive officer and the principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(a)), are filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

(Registrant)       The Advisors’ Inner Circle Fund III
By (Signature and Title)      

/s/ Michael Beattie

      Michael Beattie
      President

Date: September 28, 2015

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By (Signature and Title)      

/s/ Michael Beattie

      Michael Beattie
      President

Date: September 28, 2015

 

By (Signature and Title)      

/s/ Stephen Connors

      Stephen Connors
      Treasurer, Controller & CFO

Date: September 28, 2015