N-Q 1 d685961dnq.htm AIC III CATHOLIC INVESTOR FUNDS AIC III Catholic Investor Funds

 

 

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)

 

 

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Address of principal executive offices) (Zip code)

 

 

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Name and address of agent for service)

 

 

Registrant’s telephone number, including area code: 1-877-446-3863

Date of fiscal year end: October 31, 2019

Date of reporting period: January 31, 2019

 

 

 

Item 1.

Schedule of Investments

The registrant’s schedules as of the close of the reporting period, as set forth in §§ 210.12-12 through 210.12-14 of Regulation S-X [17 CFR §§ 210-12.12-12.14], are attached hereto.

THE ADVISORS’ INNER CIRCLE FUND III    CATHOLIC INVESTOR
   CORE BOND FUND
     JANUARY 31, 2019 (Unaudited)  

 

SCHEDULE OF INVESTMENTS  
  CORPORATE OBLIGATIONS — 37.2%  
    Face Amount     Value  

COMMUNICATION SERVICES — 1.2%

 

Comcast

    

4.600%, 10/15/38

       $     400,000         $        413,456  

Crown Castle Towers

    

3.222%, 05/15/22 (A)

     300,000       297,120  

Unison Ground Lease Funding

    

2.981%, 03/15/20 (A)

     300,000       298,549  
   

 

 

  
      1,009,125  
   

 

 

  

CONSUMER DISCRETIONARY — 0.7%

 

DR Horton

    

4.000%, 02/15/20

     250,000       251,053  

Viacom

    

6.875%, 04/30/36

     250,000       284,438  
   

 

 

  
      535,491  
   

 

 

  

CONSUMER STAPLES — 2.8%

 

Anheuser-Busch

    

4.900%, 02/01/46 (A)

     300,000       286,100  

Anheuser-Busch InBev Worldwide

    

5.550%, 01/23/49

     190,000       198,402  

Bacardi

    

5.150%, 05/15/38 (A)

     390,000       356,976  

Bunge Finance

    

3.250%, 08/15/26

     250,000       220,449  

Conagra Brands

    

4.600%, 11/01/25

     400,000       405,070  

Mondelez International Holdings Netherlands BV

    

2.000%, 10/28/21 (A)

     250,000       241,937  

Suntory Holdings

    

2.550%, 06/28/22 (A)

     250,000       240,586  

Tyson Foods

    

3.900%, 09/28/23

     380,000       385,246  
   

 

 

  
      2,334,766  
   

 

 

  

ENERGY — 3.0%

 

Diamondback Energy

    

4.750%, 11/01/24

     390,000       389,024  

Enbridge

    

6.250%, VAR ICE LIBOR USD
3 Month+3.641%, 03/01/78

     380,000       359,931  

Energy Transfer Operating

    

4.500%, 04/15/24

     400,000       407,453  

Kerr-McGee

    

7.125%, 10/15/27

     250,000       285,511  

MarkWest Energy Partners

    

4.875%, 06/01/25

     375,000       378,339  

Noble Energy

    

8.000%, 04/01/27

     250,000       294,628  

Western Gas Partners

    

4.000%, 07/01/22

     335,000       336,135  
   

 

 

  
      2,451,021  
   

 

 

  
CORPORATE OBLIGATIONS — continued  
    Face Amount     Value  

FINANCIALS — 15.2%

    

Ansett Worldwide Aviation Services Leasing

    

4.870%, 07/17/21 (A)(B)

       $ 664,006         $          669,312  

Aon

    

3.875%, 12/15/25

     200,000       200,779  

Ares Capital

    

4.250%, 03/01/25

     450,000       429,181  

Bank of America

    

5.875%, VAR ICE LIBOR USD
3 Month+2.931%, 09/15/66

     380,000       369,588  

Bank of Montreal

    

3.803%, VAR USD Swap Semi 30/360 5 Year Curr+1.432%, 12/15/32

     355,000       338,226  

BlackRock TCP Capital

    

4.125%, 08/11/22

     400,000       380,063  

Brookfield Finance

    

4.250%, 06/02/26

     250,000       246,928  

Charles Schwab

    

7.000%, VAR ICE LIBOR USD
3 Month+4.820%, 02/28/49

     330,000       348,975  

CIT Group

    

4.750%, 02/16/24

     585,000       591,581  

Compass Bank

    

2.875%, 06/29/22

     250,000       242,079  

Daimler Finance North America

    

2.000%, 07/06/21 (A)

     300,000       290,808  

Discover Bank

    

4.682%, VAR USD Swap Semi 30/360 5 Year Curr+1.730%, 08/09/28

     250,000       248,910  

E*TRADE Financial

    

3.800%, 08/24/27

     400,000       377,205  

First Republic Bank

    

4.375%, 08/01/46

     250,000       237,052  

General Motors Financial

    

3.700%, 05/09/23

     250,000       241,471  

GTP Acquisition Partners I

    

3.482%, 06/16/25 (A)

     800,000       796,820  

Huntington Bancshares

    

5.700%, VAR ICE LIBOR USD
3 Month+2.880%, 07/15/66

     380,000       358,783  

Legg Mason

    

5.625%, 01/15/44

     300,000       286,154  

M&T Bank

    

6.450%, VAR ICE LIBOR USD
3 Month+3.610%, 12/29/49

     293,000       307,650  

Main Street Capital

    

4.500%, 12/01/22

     335,000       337,451  

Morgan Stanley MTN

    

4.875%, 11/01/22

     300,000       314,198  

Neuberger Berman Group

    

4.500%, 03/15/27 (A)

     250,000       252,218  
 

THE ADVISORS’ INNER CIRCLE FUND III    CATHOLIC INVESTOR
   CORE BOND FUND
     JANUARY 31, 2019 (Unaudited)  

 

CORPORATE OBLIGATIONS — continued  
    Face Amount     Value  

FINANCIALS — continued

 

Nuveen Finance

    

4.125%, 11/01/24 (A)

       $     800,000         $          825,079  

PennantPark Investment

    

4.500%, 10/01/19

     250,000       249,784  

PNC Financial Services Group

    

6.750%, VAR ICE LIBOR USD
3 Month+3.678%, 12/31/49

     300,000       314,250  

Prospect Capital

    

6.375%, 01/15/24

     200,000       207,426  

5.875%, 03/15/23

     380,000       383,311  

Regions Financial

    

3.800%, 08/14/23

     390,000       393,210  

Stifel Financial

    

4.250%, 07/18/24

     335,000       339,982  

SunTrust Banks

    

5.050%, VAR ICE LIBOR USD
3 Month+3.102%, 06/15/22

     410,000       387,450  

Synchrony Financial

    

4.250%, 08/15/24

     425,000       414,885  

Synovus Financial

    

3.125%, 11/01/22

     315,000       302,885  

TPG Specialty Lending

    

4.500%, 01/22/23

     370,000       365,598  

Westpac Banking MTN

    

4.322%, VAR USD ICE Swap 11:00 NY 5 Yr+2.236%, 11/23/31

     250,000       242,847  

Willis North America

    

3.600%, 05/15/24

     250,000       244,983  
   

 

 

  
      12,537,122  
   

 

 

  

HEALTH CARE — 1.0%

 

CVS Health

    

5.050%, 03/25/48

     390,000       400,353  

Edwards Lifesciences

    

4.300%, 06/15/28

     380,000       387,082  
   

 

 

  
      787,435  
   

 

 

  

INDUSTRIALS — 2.9%

 

AerCap Ireland Capital

    

3.500%, 05/26/22

     325,000       318,126  

American Airlines Pass-Through Trust, Ser 2015-1

    

3.700%, 05/01/23

     408,424       397,180  

Aviation Capital Group

    

4.375%, 01/30/24 (A)

     390,000       390,136  

CNH Industrial MTN

    

3.850%, 11/15/27 (A)

     335,000       310,689  

FLIR Systems

    

3.125%, 06/15/21

     250,000       246,946  

Masco

    

6.500%, 08/15/32

     317,000       350,632  

Timken

    

4.500%, 12/15/28

     390,000       379,409  
   

 

 

  
      2,393,118  
   

 

 

  
CORPORATE OBLIGATIONS — continued  
    Face Amount     Value  

INFORMATION TECHNOLOGY — 1.3%

 

Amphenol

    

2.200%, 04/01/20

       $ 300,000         $ 296,934  

Microsoft

    

3.700%, 08/08/46

     350,000       347,578  

NXP BV

    

5.550%, 12/01/28 (A)

     390,000       419,699  
   

 

 

  
            1,064,211  
   

 

 

  

MATERIALS — 4.3%

 

Anglo American Capital

    

4.500%, 03/15/28 (A)

     385,000       373,475  

ArcelorMittal

    

7.000%, 10/15/39

     340,000       372,415  

Celanese US Holdings

    

4.625%, 11/15/22

     350,000       359,529  

CF Industries

    

4.500%, 12/01/26 (A)

     300,000       296,372  

Martin Marietta Materials

    

6.250%, 05/01/37

     250,000       277,124  

Mosaic

    

3.250%, 11/15/22

     335,000       330,962  

Nucor

    

5.200%, 08/01/43

     300,000       322,804  

Steel Dynamics

    

5.500%, 10/01/24 (A)

     390,000       402,597  

Vulcan Materials

    

4.500%, 04/01/25

     400,000       402,178  

WRKCo

    

4.650%, 03/15/26 (A)

     390,000       401,637  
   

 

 

  
      3,539,093  
   

 

 

  

REAL ESTATE — 1.7%

 

Crown Castle International

    

3.150%, 07/15/23

     365,000       356,560  

Crown Castle Towers

    

4.241%, 07/15/28 (A)

     400,000       401,067  

STORE Capital

    

4.500%, 03/15/28

     380,000       370,700  

Vornado Realty

    

5.000%, 01/15/22

     300,000       310,272  
   

 

 

  
      1,438,599  
   

 

 

  

UTILITIES — 3.1%

 

CenterPoint Energy

    

6.125%, VAR ICE LIBOR USD
3 Month+3.270%, 03/01/67

     390,000       390,000  

Emera US Finance

    

4.750%, 06/15/46

     250,000       243,219  

Exelon

    

3.497%, 06/01/22

     447,000       443,563  

Fortis

    

2.100%, 10/04/21

     250,000       240,807  

IPALCO Enterprises

    

3.700%, 09/01/24

     305,000       299,508  
 

THE ADVISORS’ INNER CIRCLE FUND III    CATHOLIC INVESTOR
   CORE BOND FUND
     JANUARY 31, 2019 (Unaudited)  

 

CORPORATE OBLIGATIONS — continued  
    Face Amount     Value  

UTILITIES — continued

 

NiSource

    

5.650%, VAR US Treas Yield Curve Rate T Note Const Mat
5 Yr+2.843%, 12/15/66 (A)

       $     385,000         $          370,882  

Sempra Energy

    

4.000%, 02/01/48

     365,000       316,453  

Spire

    

3.543%, 02/27/24

     250,000       245,533  
   

 

 

  
      2,549,965  
   

 

 

  

Total Corporate Obligations
(Cost $31,088,991)

       30,639,946  
   

 

 

  
U.S. TREASURY OBLIGATIONS — 18.4%  

U.S. Treasury Bonds

    

4.625%, 02/15/40

     1,300,000       1,655,418  

3.750%, 08/15/41

     1,450,000       1,642,125  

3.000%, 05/15/45

     1,725,000       1,728,032  

2.250%, 08/15/46

     2,700,000       2,315,672  

U.S. Treasury Notes

    

2.250%, 08/15/27

     1,440,000       1,401,244  

1.875%, 01/31/22

     1,800,000       1,770,609  

1.875%, 08/31/22

     750,000       735,586  

1.625%, 02/15/26

     200,000       188,281  

1.500%, 05/31/20

     2,500,000       2,467,383  

1.500%, 02/28/23

     1,270,000       1,223,764  
   

 

 

  

Total U.S. Treasury Obligations
(Cost $15,336,782)

       15,128,114  
   

 

 

  

U.S. GOVERNMENT AGENCY MORTGAGE-BACKED

      OBLIGATIONS — 16.7%

  

FHLMC

    

4.000%, 02/01/47

     1,214,665       1,247,344  

4.000%, 11/01/47

     1,342,279       1,379,923  

3.500%, 11/01/44

     1,017,543       1,028,516  

3.500%, 04/01/46

     689,373       695,549  

3.000%, 02/01/45

     924,723       912,174  

3.000%, 08/01/45

     428,115       421,774  

3.000%, 02/01/48

     709,915       697,863  

2.500%, 02/01/30

     507,804       501,739  

FHLMC, Ser 2016-4563, Cl VB

    

3.000%, 05/15/39

     500,000       488,494  

FNMA

    

4.500%, 02/01/41

     1,058,391       1,112,482  

4.000%, 03/01/35

     366,382       376,771  

4.000%, 01/01/42

     795,102       820,819  

3.500%, 11/01/47

     692,484       695,999  

GNMA

    

4.000%, 07/20/48

     768,218       790,716  

3.500%, 06/20/48

     1,600,827       1,622,091  

GNMA, Ser 2015-78, Cl A

    

2.918%, 06/16/40

     529,142       528,264  

U.S. GOVERNMENT AGENCY MORTGAGE-BACKED

    OBLIGATIONS — continued

  
    Face Amount     Value  

GNMA, Ser 2015-47, Cl AE

    

2.900%, 11/16/55 (C)

       $     420,156         $          413,238  
   

 

 

  

Total U.S. Government Agency Mortgage-Backed Obligations
(Cost $13,935,112)

       13,733,756  
   

 

 

  
MORTGAGE-BACKED SECURITIES — 16.3%  

Agate Bay Mortgage Trust, Ser 2015-5, Cl A5

    

3.500%, 07/25/45 (C)

     491,658       491,696  

Agate Bay Mortgage Trust, Ser 2016-3, Cl A5

    

3.500%, 08/25/46 (C)

     501,075       502,051  

Agate Bay Mortgage Trust, Ser 2015-6, Cl A5

    

3.500%, 09/25/45 (C)

     359,573       357,264  

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

    

4.095%, 09/10/46

     368,879       383,928  

COLT Mortgage Loan Trust, Ser 2017-1, Cl A1

    

2.614%, 05/27/47 (C)

     81,158       80,689  

Commercial Mortgage Trust, Ser 2010-C1, Cl A3

    

4.205%, 07/10/46

     361,697       366,353  

Commercial Mortgage Trust, Ser 2013-CCRE10, Cl ASB

    

3.795%, 08/10/46

     190,181       193,587  

Commercial Mortgage Trust, Ser 2012-CR5, Cl A3

    

2.540%, 12/10/45

     100,000       98,381  

FREMF Mortgage Trust, Ser 2012-K21, Cl B

    

3.936%, 07/25/45 (A) (C)

     280,000       286,647  

FREMF Mortgage Trust, Ser 2014-K714, Cl B

    

3.854%, 01/25/47 (C)

     500,000       505,859  

FREMF Mortgage Trust, Ser 2013-K31, Cl B

    

3.630%, 07/25/46 (C)

     160,000       161,606  

GMAC Commercial Mortgage Asset, Ser 2010-FTLS, Cl A

    

6.363%, 02/10/47 (B)

     242,593       291,956  

GS Mortgage Securities Trust, Ser 2013-GC12, Cl AAB

    

2.678%, 11/10/22

     388,360       384,943  

JPMBB Commercial Mortgage Securities Trust, Ser 2015-C31, Cl ASB

    

3.540%, 08/15/48

     500,000       508,103  

JPMorgan Mortgage Trust, Ser 2018-1, Cl A5

    

3.500%, 06/25/48 (C)

     885,618       880,682  

JPMorgan Mortgage Trust, Ser 2017-1, Cl A5

    

3.500%, 01/25/47 (C)

     206,802       205,360  

JPMorgan Mortgage Trust, Ser 2015-3, Cl A5

    

3.500%, 05/25/45 (C)

     187,878       187,770  
 

THE ADVISORS’ INNER CIRCLE FUND III    CATHOLIC INVESTOR
   CORE BOND FUND
     JANUARY 31, 2019 (Unaudited)  

 

MORTGAGE-BACKED SECURITIES — continued  
    Face Amount     Value  

JPMorgan Mortgage Trust, Ser 2017-2, Cl A5

    

3.500%, 05/25/47 (C)

       $     213,447         $          212,535  

JPMorgan Mortgage Trust, Ser 2017-3, Cl 1A5

    

3.500%, 08/25/47 (C)

     417,485       415,702  

JPMorgan Mortgage Trust, Ser 2017-4, Cl A5

    

3.500%, 11/25/47 (C)

     524,959       522,716  

JPMorgan Mortgage Trust, Ser 2016-3, Cl 1A3

    

3.500%, 10/25/46 (C)

     519,100       517,194  

JPMorgan Mortgage Trust, Ser 2017-5, Cl A1A

    

3.000%, 12/15/47 (C)

     276,731       274,869  

JPMorgan Mortgage Trust, Ser 2014-IVR6, Cl AM

    

2.781%, 07/25/44 (C)

     291,947       289,439  

JPMorgan Mortgage Trust, Ser 2016-2, Cl A1

    

2.755%, 06/25/46 (C)

     336,296       333,756  

Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2015-C26, Cl ASB

    

3.323%, 10/15/48

     400,000       402,791  

Seasoned Credit Risk Transfer Trust, Ser 2018-4, Cl MV

    

3.500%, 11/25/57

     792,980       786,318  

Sequoia Mortgage Trust, Ser 2018-2, Cl A4

    

3.500%, 02/25/48 (C)

     686,893       684,654  

Sequoia Mortgage Trust, Ser 2017-3, Cl A4

    

3.500%, 04/25/47 (C)

     186,321       186,395  

Sequoia Mortgage Trust, Ser 2017-2, Cl A4

    

3.500%, 02/25/47 (C)

     168,176       167,878  

Sequoia Mortgage Trust, Ser 2017-4, Cl A4

    

3.500%, 07/25/47 (C)

     209,323       208,816  

Sequoia Mortgage Trust, Ser 2015-3, Cl A4

    

3.500%, 07/25/45 (C)

     320,092       320,992  

Sequoia Mortgage Trust, Ser 2015-2, Cl A1

    

3.500%, 05/25/45 (C)

     282,366       279,564  

Sequoia Mortgage Trust, Ser 2016-3, Cl A10

    

3.500%, 11/25/46 (C)

     99,424       99,059  

Sequoia Mortgage Trust, Ser 2017-5, Cl A4

    

3.500%, 08/25/47 (C)

     371,913       370,324  

Sequoia Mortgage Trust, Ser 2017-6, Cl A4

    

3.500%, 09/25/47 (C)

     449,938       448,286  

Sequoia Mortgage Trust, Ser 2015-1, Cl A1

    

3.500%, 01/25/45 (C)

     237,970       235,672  

Sequoia Mortgage Trust, Ser 2015-4, Cl A1

    

3.000%, 11/25/30 (C)

     254,932       253,196  
MORTGAGE-BACKED SECURITIES — continued  
    Face Amount     Value  

UBS-Barclays Commercial Mortgage Trust, Ser 2013-C6, Cl ASB

    

2.788%, 04/10/46

       $     501,442         $          500,106  
   

 

 

  

Total Mortgage-Backed Securities
(Cost $13,624,978)

       13,397,137  
   

 

 

  
ASSET-BACKED SECURITIES — 9.2%  

ARL Second, Ser 2014-1A, Cl A2

    

3.970%, 06/15/44 (A)

     100,000       101,281  

BANK, Ser 2017-BNK9, Cl ASB

    

3.470%, 11/15/54

     500,000       504,371  

Blackbird Capital Aircraft Lease Securitization, Ser 2016-1A, Cl AA

    

2.487%, 12/16/41

     375,000       363,690  

Coinstar Funding, Ser 2017-1A, Cl A2

    

5.216%, 04/25/47

     569,850       575,793  

CoreVest American Finance Trust, Ser 2018-1, Cl A

    

3.804%, 06/01/51

     394,451       396,035  

DRB Prime Student Loan Trust, Ser 2015-D, Cl A2

    

3.200%, 01/25/40

     176,066       174,340  

Drug Royalty III, Ser 2017-1A, Cl A1

    

5.287%, VAR ICE LIBOR USD
3 Month+2.500%, 04/15/27

     155,110       156,647  

Exeter Automobile Receivables Trust, Ser 2016-3A, Cl B

    

2.840%, 08/16/21

     270,127       269,823  

Harley Marine Financing, Ser 2018-1A, Cl A2

    

5.682%, 05/15/43

     377,300       262,763  

Hilton Grand Vacations Trust, Ser 2017-AA, Cl A

    

2.660%, 12/27/28

     143,213       141,244  

Marlette Funding Trust, Ser 2018-2A, Cl A

    

3.060%, 07/17/28

     174,612       174,314  

MVW Owner Trust, Ser 2018-1A, Cl C

    

3.900%, 01/21/36

     551,572       550,893  

OneMain Financial Issuance Trust, Ser 2017-1A, Cl A1

    

2.370%, 09/14/23

     290,000       285,742  

PSNH Funding 3, Ser 2018-1, Cl A3

    

3.814%, 02/01/35

     560,000       575,075  

SCF Equipment Trust, Ser 2016-1A, Cl A

    

3.620%, 11/20/21

     23,693       23,660  

Sofi Consumer Loan Program, Ser 2016-5, Cl B

    

4.550%, 09/25/28 (C)

     380,000       389,622  

Sofi Consumer Loan Program, Ser 2017-6, Cl A1

    

2.200%, 11/25/26

     118,348       117,831  
 

THE ADVISORS’ INNER CIRCLE FUND III    CATHOLIC INVESTOR
   CORE BOND FUND
     JANUARY 31, 2019 (Unaudited)  

 

ASSET-BACKED SECURITIES — continued  
     Face Amount      Value  

Taco Bell Funding, Ser 2018-1A, Cl A2I

      

4.318%, 11/25/48

        $     400,000          $          405,584  

Trafigura Securitisation Finance, Ser 2018-1A, Cl A2

      

3.730%, 03/15/22

      845,000        848,144  

Trinity Rail Leasing, Ser 2012-1A, Cl A2

      

3.525%, 01/15/43

      395,000        391,110  

TRIP Rail Master Funding, Ser 2017-1A, Cl A2

      

3.736%, 08/15/47

      280,000        280,315  

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

      

2.510%, 04/01/35

      353,142        340,886  

Westlake Automobile Receivables Trust, Ser 2018-1A, Cl C

      

2.920%, 12/15/21

      295,000        292,824  
     

 

 

  

Total Asset-Backed Securities
(Cost $7,750,339)

         7,621,987  
     

 

 

  
U.S. GOVERNMENT AGENCY OBLIGATION — 0.6%  

FFCB

      

2.670%, 05/12/27

      

(Cost $500,000)

      500,000        475,950  
     

 

 

  
MUNICIPAL BOND — 0.6%  

Camp Pendleton & Quantico Housing

      

6.165%, 10/01/50 (A)

 

   

(Cost $488,778)

      400,000        478,559  
     

 

 

  

Total Investments — 99.0%
(Cost $82,724,980)

 

        $ 81,475,449  
     

 

 

  

Percentages based on Net Assets of $82,317,624.

 

(A)

Securities sold within the terms of a private placement memorandum, exempt from registration under section 144A of the Securities Act of 1933, as amended, and maybe sold only to dealers in the program or other “accredited investors”. The total value of these securities at January 31, 2019 was $8,788,546 and represented 10.7% of Net Assets.

(B)

Level 3 security in accordance with fair value hierarchy.

(C)

Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.

Cl — Class

FFCB — Federal Farm Credit Bank

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

GNMA — Government National Mortgage Association

ICE — Intercontinental Exchange

LIBOR — London Interbank Offered Rate

MTN — Medium Term Note

Ser — Series

USD — United States Dollar

VAR — Variable Rate

The following is a list of the inputs used as of January 31, 2019, in valuing the Fund’s investments and other financial instruments carried at market value:

 

Investments in Securities

   Level 1     Level 2     Level 3(1)     Total  

Corporate Obligations

   $         —       $ 29,970,634     $ 669,312     $ 30,639,946  

U.S. Treasury Obligations

     —         15,128,114       —         15,128,114  

U.S. Government Agency Mortgage-Backed Obligations

     —         13,733,756       —         13,733,756  

Mortgage-Backed Securities

     —         13,105,181       291,956       13,397,137  

Asset-Backed Securities

     —         7,621,987       —         7,621,987  

U.S. Government Agency Obligation

     —         475,950       —         475,950  

Municipal Bond

     —         478,559       —         478,559  
 

 

 

    

 

 

    

 

 

    

 

 

  

Total Investments in Securities

   $ —       $ 80,514,181     $ 961,268     $ 81,475,449  
 

 

 

    

 

 

    

 

 

    

 

 

  

 

(1) 

A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 instruments at the beginning and/or end of the year in relation to net assets.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value as of January 31, 2019.

 

    Corporate
Obligations		    

Mortgage-
Backed

Securities

     Total  
 

 

 

  

Beginning balance as of November 1, 2018

     $ 679,227     $ 275,840     $ 955,067  

Accrued discounts/ premiums

     —       (151 )      (151 ) 

Realized gain/(loss)

     —       (107 )      (107 ) 

Change in unrealized appreciation/ (depreciation)

     6,626       17,039       23,665  

Sales/paydowns

     (16,541 )      (665 )      (17,206 ) 

Transfers into Level 3

     —       —       —  
 

 

 

  

Ending balance as of January 31, 2019

     $       669,312     $       291,956     $       961,268  
 

 

 

  

Changes in unrealized gains/(losses) included in earnings related to securities still held at reporting date

     $ 6,626     $ 17,039     $ 23,665  
 

 

 

  

For the period ended January 31, 2019, there were no transfers between Level 1 and Level 2 assets and liabilities.

For the period ended January 31, 2019, there were Level 3 securities due to changes in the availability of observable inputs used to determine fair value. There were no other significant transfers for the period ended January 31, 2019. All transfers, if any, are recognized by the Fund at the end of each period.

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

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

KOC-QH-001-0800

 

THE ADVISORS’ INNER CIRCLE FUND III    CATHOLIC INVESTOR
   LIMITED DURATION FUND    
     JANUARY 31, 2019 (Unaudited)  

 

SCHEDULE OF INVESTMENTS  
  CORPORATE OBLIGATIONS — 45.3%  
    Face Amount     Value  

COMMUNICATION SERVICES — 2.4%

 

AT&T

    

4.600%, 02/15/21

       $     600,000         $          613,932  

Comcast

    

3.450%, 10/01/21

     500,000       505,803  

Unison Ground Lease Funding

    

2.981%, 03/15/20 (A)

     400,000       398,066  

Verizon Communications

    

2.946%, 03/15/22

     250,000       249,289  

Vodafone Group

    

4.375%, 03/16/21

     300,000       307,092  

3.769%, VAR ICE LIBOR USD
3 Month+0.990%, 01/16/24

     200,000       197,759  
   

 

 

  
      2,271,941  
   

 

 

  

CONSUMER DISCRETIONARY — 2.0%

 

Dollar Tree

    

3.473%, VAR ICE LIBOR USD
3 Month+0.700%, 04/17/20

     495,000       492,997  

DR Horton

    

2.550%, 12/01/20

     475,000       466,841  

Ford Motor Credit

    

3.605%, VAR ICE LIBOR USD
3 Month+0.810%, 04/05/21

     450,000       435,534  

General Motors Financial

    

3.150%, 01/15/20

     475,000       475,033  
   

 

 

  
      1,870,405  
   

 

 

  

CONSUMER STAPLES — 4.3%

 

Anheuser-Busch InBev Finance

    

2.650%, 02/01/21

     410,000       408,316  

Campbell Soup

    

3.418%, VAR ICE LIBOR USD
3 Month+0.630%, 03/15/21

     411,000       406,906  

Conagra Brands

    

3.800%, 10/22/21

     500,000       501,914  

Constellation Brands

    

2.250%, 11/06/20

     115,000       113,091  

General Mills

    

3.783%, VAR ICE LIBOR USD
3 Month+1.010%, 10/17/23

     490,000       487,313  

Hillshire Brands

    

4.100%, 09/15/20

     245,000       246,820  

Kraft Heinz Foods

    

2.800%, 07/02/20

     300,000       299,029  

Pernod Ricard

    

5.750%, 04/07/21 (A)

     515,000       541,642  

Smithfield Foods

    

2.700%, 01/31/20 (A)

     300,000       296,353  

Suncorp-Metway MTN

    

2.375%, 11/09/20 (A)

     50,000       48,969  

Tyson Foods

    

2.250%, 08/23/21

     360,000       350,840  
CORPORATE OBLIGATIONS — continued  
    Face Amount     Value  

CONSUMER STAPLES — continued

 

Wm Wrigley Jr

    

3.375%, 10/21/20 (A)

       $ 366,000         $ 368,807  
   

 

 

  
            4,070,000  
   

 

 

  

ENERGY — 2.5%

    

BG Energy Capital

    

4.000%, 12/09/20 (A)

     350,000       354,881  

Encana, 110178

    

3.900%, 11/15/21

     416,000       418,992  

Equities

    

3.567%, VAR ICE LIBOR USD
3 Month+0.770%, 10/01/20

     350,000       344,190  

Marathon Oil

    

2.700%, 06/01/20

     250,000       247,203  

NuStar Logistics

    

4.800%, 09/01/20

     500,000       501,875  

Phillips 66

    

3.537%, VAR ICE LIBOR USD
3 Month+0.750%, 04/15/20 (A)

     190,000       190,010  

Schlumberger Holdings

    

3.000%, 12/21/20

     300,000       298,528  
   

 

 

  
      2,355,679  
   

 

 

  

FINANCIALS — 13.8%

    

Ally Financial

    

4.125%, 03/30/20

     500,000       500,624  

Ansett Worldwide Aviation Services Leasing

    

4.870%, 07/17/21 (A)(B)

     850,545       857,342  

Ares Capital

    

3.875%, 01/15/20

     450,000       451,120  

Associated Bank

    

3.500%, 08/06/21

     500,000       499,758  

Bank of America MTN

    

2.328%, VAR ICE LIBOR USD
3 Month+0.630%, 10/01/21

     415,000       409,763  

BB&T MTN

    

2.150%, 02/01/21

     415,000       408,562  

BlackRock TCP Capital

    

4.125%, 08/11/22

     465,000       441,823  

Capital One Financial

    

2.400%, 10/30/20

     470,000       463,884  

Charles Schwab

    

7.000%, VAR ICE LIBOR USD
3 Month+4.820%, 02/28/49

     410,000       433,575  

Citigroup

    

3.740%, VAR ICE LIBOR USD
3 Month+1.100%, 05/17/24

     415,000       414,663  

Citizens Bank

    

3.499%, VAR ICE LIBOR USD
3 Month+0.810%, 05/26/22

     250,000       248,540  

Compass Bank

    

2.875%, 06/29/22

     475,000       459,951  
 

THE ADVISORS’ INNER CIRCLE FUND III    CATHOLIC INVESTOR
   LIMITED DURATION FUND    
     JANUARY 31, 2019 (Unaudited)  

 

CORPORATE OBLIGATIONS — continued  
    Face Amount     Value  

FINANCIALS — continued

 

Daimler Finance North America

    

2.300%, 02/12/21 (A)

       $     165,000         $ 161,908  

Discover Bank

    

3.100%, 06/04/20

     470,000       468,866  

First Horizon National

    

3.500%, 12/15/20

     470,000       470,562  

KeyCorp MTN

    

2.900%, 09/15/20

     475,000       473,581  

Main Street Capital

    

4.500%, 12/01/22

     415,000       418,037  

Morgan Stanley

    

2.650%, 01/27/20

     475,000       473,525  

National Bank of Canada

    

2.200%, 11/02/20

     470,000       462,810  

PennantPark Investment

    

4.500%, 10/01/19

     300,000       299,740  

PNC Financial Services Group

    

6.750%, VAR ICE LIBOR USD
3 Month+3.678%, 12/31/49

     420,000       439,950  

Regions Bank

    

2.750%, 04/01/21

     480,000       474,840  

Royal Bank of Canada MTN

    

3.455%, VAR ICE LIBOR USD
3 Month+0.660%, 10/05/23

     500,000       494,504  

Santander Holdings USA

    

4.450%, 12/03/21

     500,000       508,375  

Stifel Financial

    

3.500%, 12/01/20

     300,000       299,622  

SunTrust Bank

    

2.250%, 01/31/20

     300,000       297,991  

Synchrony Financial

    

3.750%, 08/15/21

     465,000       463,109  

Willis Towers Watson

    

5.750%, 03/15/21

     470,000       491,592  

Zions Bancorp

    

3.500%, 08/27/21

     750,000       751,247  
   

 

 

  
          13,039,864  
   

 

 

  

HEALTH CARE — 1.6%

 

Anthem

    

2.500%, 11/21/20

     470,000       465,248  

CVS Health

    

3.350%, 03/09/21

     500,000       502,153  

Zimmer Biomet Holdings

    

3.554%, VAR ICE LIBOR USD 3 Month+0.750%, 03/19/21

     500,000       498,082  
   

 

 

  
      1,465,483  
   

 

 

  

INDUSTRIALS — 4.7%

 

Air Lease

    

2.500%, 03/01/21

     575,000       561,912  

American Airlines Pass-Through Trust, Ser 2015-1

    

3.700%, 05/01/23

     435,652       423,658  
CORPORATE OBLIGATIONS — continued  
    Face Amount     Value  

INDUSTRIALS — continued

 

Arconic

    

6.150%, 08/15/20

       $ 402,000         $ 413,055  

CNH Industrial Capital

    

4.375%, 11/06/20

     435,000       437,719  

CRH America

    

5.750%, 01/15/21

     340,000       350,903  

Holcim US Finance Sarl & Cie SCS

    

6.000%, 12/30/19 (A)

     425,000       434,981  

Johnson Controls

    

4.250%, 03/01/21

     450,000       458,263  

Masco

    

7.125%, 03/15/20

     463,000       480,359  

Penske Truck Leasing LP

    

3.200%, 07/15/20 (A)

     415,000       414,251  

Spirit AeroSystems

    

3.588%, VAR ICE LIBOR USD
3 Month+0.800%, 06/15/21

     500,000       497,173  
   

 

 

  
      4,472,274  
   

 

 

  

INFORMATION TECHNOLOGY — 1.2%

 

Amphenol

    

2.200%, 04/01/20

     300,000       296,934  

Analog Devices

    

2.850%, 03/12/20

     500,000       499,631  

Broadcom

    

2.375%, 01/15/20

     300,000       297,677  
   

 

 

  
          1,094,242  
   

 

 

  

MATERIALS — 6.4%

 

ArcelorMittal

    

5.125%, 06/01/20

     438,000       447,538  

BHP Billiton Finance USA

    

6.250%, VAR USD Swap Semi
30/360 5 Year Curr+4.971%, 10/19/75 (A)

     500,000       517,275  

Celanese US Holdings

    

5.875%, 06/15/21

     421,000       439,871  

CF Industries

    

3.400%, 12/01/21 (A)

     500,000       489,051  

Glencore Funding

    

2.875%, 04/16/20 (A)

     264,000       261,791  

International Flavors & Fragrances

    

3.400%, 09/25/20

     500,000       501,848  

Martin Marietta Materials

    

3.327%, VAR ICE LIBOR USD
3 Month+0.650%, 05/22/20

     300,000       299,201  

3.292%, VAR ICE LIBOR USD
3 Month+0.500%, 12/20/19

     170,000       169,737  

Packaging Corp of America

    

2.450%, 12/15/20

     470,000       463,491  

Sherwin-Williams

    

2.250%, 05/15/20

     300,000       296,768  
 

THE ADVISORS’ INNER CIRCLE FUND III    CATHOLIC INVESTOR
   LIMITED DURATION FUND    
     JANUARY 31, 2019 (Unaudited)  

 

CORPORATE OBLIGATIONS — continued  
    Face Amount     Value  

MATERIALS — continued

 

Solvay Finance America

    

3.400%, 12/03/20 (A)

       $     400,000         $          399,862  

Steel Dynamics

    

5.125%, 10/01/21

     500,000       503,750  

Teck Resources

    

4.500%, 01/15/21

     756,000       766,396  

Vulcan Materials

    

3.388%, VAR ICE LIBOR USD
3 Month+0.600%, 06/15/20

     300,000       299,032  

3.388%, VAR ICE LIBOR USD
3 Month+0.650%, 03/01/21

     195,000       193,777  
   

 

 

  
      6,049,388  
   

 

 

  

REAL ESTATE — 2.4%

 

American Campus Communities Operating Partnership

    

3.350%, 10/01/20

     470,000       468,934  

American Tower

    

2.800%, 06/01/20

     300,000       298,995  

Brixmor Operating Partnership

    

3.875%, 08/15/22

     500,000       501,045  

Kimco Realty

    

3.200%, 05/01/21

     415,000       412,868  

Liberty Property

    

4.750%, 10/01/20

     139,000       141,639  

Vornado Realty

    

5.000%, 01/15/22

     470,000       486,093  
   

 

 

  
      2,309,574  
   

 

 

  

UTILITIES — 4.0%

 

Dominion Energy

    

4.104%, 04/01/21

     460,000       463,335  

Duquesne Light Holdings

    

6.400%, 09/15/20 (A)

     500,000       521,207  

Emera US Finance

    

2.700%, 06/15/21

     400,000       391,876  

IPALCO Enterprises

    

3.450%, 07/15/20

     300,000       299,002  

Mississippi Power

    

3.472%, VAR ICE LIBOR USD
3 Month+0.650%, 03/27/20

     430,000       429,765  

National Grid North America MTN

    

2.375%, 09/30/20

     250,000       245,180  

Pennsylvania Electric

    

5.200%, 04/01/20

     415,000       425,147  

Sempra Energy

    

3.287%, VAR ICE LIBOR USD
3 Month+0.500%, 01/15/21

     475,000       468,568  

WEC Energy Group

    

3.375%, 06/15/21

     500,000       501,848  
   

 

 

  
      3,745,928  
   

 

 

  

Total Corporate Obligations
(Cost $43,175,679)

       42,744,778  
   

 

 

  
U.S. TREASURY OBLIGATIONS — 30.0%  
    Face Amount     Value  

U.S. Treasury Notes

    

2.625%, 06/15/21

       $     6,400,000         $          6,425,500  

1.875%, 06/30/20

     6,475,000       6,418,597  

1.500%, 05/15/20

     1,000,000       987,266  

1.500%, 05/31/20

     4,250,000       4,194,551  

1.375%, 01/31/21

     10,510,000       10,285,841  
   

 

 

  

Total U.S. Treasury Obligations
(Cost $28,263,155)

       28,311,755  
   

 

 

  
MORTGAGE-BACKED SECURITIES — 12.6%  

Agate Bay Mortgage Trust, Ser 2015-6, Cl A5

    

3.500%, 09/25/45 (C)

     359,573       357,264  

Agate Bay Mortgage Trust, Ser 2015-5, Cl A5

    

3.500%, 07/25/45 (C)

     588,420       588,466  

CD Mortgage Trust, Ser 2017-CD6, Cl A1

    

2.168%, 11/13/50

     324,178       320,104  

Citigroup Commercial Mortgage Trust, Ser 2017-P8, Cl A1

    

2.065%, 09/15/50

     422,139       415,061  

COLT Mortgage Loan Trust, Ser 2017-1, Cl A1

    

2.614%, 05/27/47 (C)

     113,621       112,965  

COMM Mortgage Trust, Ser 2012-CR1, Cl ASB

    

3.053%, 05/15/45

     199,058       199,079  

COMM Mortgage Trust, Ser 2013-CR7, Cl ASB

    

2.739%, 03/10/46

     151,714       150,655  

Commercial Mortgage Trust, Ser 2010-C1, Cl A3

    

4.205%, 07/10/46

     673,661       682,332  

Commercial Mortgage Trust, Ser 2013-CCRE10, Cl ASB

    

3.795%, 08/10/46

     909,156       925,441  

FREMF Mortgage Trust, Ser 2014-K714, Cl B

    

3.854%, 01/25/47 (C)

     500,000       505,859  

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

    

3.849%, 12/10/43

     16,505       16,617  

GS Mortgage Securities Trust, Ser 2013-GC12, Cl AAB

    

2.678%, 11/10/22

     431,511       427,714  

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

    

4.608%, 06/15/43

     204,754       207,207  

JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2016-JP4, Cl A1

    

1.891%, 09/15/21

     115,113       114,335  

JPMorgan Mortgage Trust, Ser 2015-3, Cl A5

    

3.500%, 05/25/45 (C)

     187,878       187,770  

JPMorgan Mortgage Trust, Ser 2017-4, Cl A5

    

3.500%, 11/25/47 (C)

     686,484       683,552  
 

THE ADVISORS’ INNER CIRCLE FUND III    CATHOLIC INVESTOR
   LIMITED DURATION FUND    
     JANUARY 31, 2019 (Unaudited)  

 

MORTGAGE-BACKED SECURITIES — continued  
    Face Amount     Value  

JPMorgan Mortgage Trust, Ser 2016-4, Cl A5

    

3.500%, 10/25/46 (C)

       $     657,122         $          655,104  

JPMorgan Mortgage Trust, Ser 2017-1, Cl A4

    

3.500%, 01/25/47 (C)

     511,282       507,717  

JPMorgan Mortgage Trust, Ser 2017-5, Cl A1A

    

3.000%, 12/15/47 (C)

     316,264       314,136  

JPMorgan Mortgage Trust, Ser 2014-IVR6, Cl AM

    

2.781%, 07/25/44 (C)

     353,580       350,543  

JPMorgan Mortgage Trust, Ser 2016-2, Cl A1

    

2.755%, 06/25/46 (C)

     336,296       333,756  

Sequoia Mortgage Trust, Ser 2017-6, Cl A4

    

3.500%, 09/25/47 (C)

     409,035       407,533  

Sequoia Mortgage Trust, Ser 2017-2, Cl A4

    

3.500%, 02/25/47 (C)

     478,225       477,377  

Sequoia Mortgage Trust, Ser 2017-1, Cl A4

    

3.500%, 02/25/47 (C)

     609,682       607,824  

Sequoia Mortgage Trust, Ser 2017-4, Cl A4

    

3.500%, 07/25/47 (C)

     248,086       247,485  

Sequoia Mortgage Trust, Ser 2015-3, Cl A4

    

3.500%, 07/25/45 (C)

     320,092       320,992  

Sequoia Mortgage Trust, Ser 2017-3, Cl A4

    

3.500%, 04/25/47 (C)

     766,782       767,088  

Wells Fargo Commercial Mortgage Trust, Ser 2017-C41, Cl A1

    

2.279%, 11/15/50

     342,012       336,758  

WFRBS Commercial Mortgage Trust, Ser 2012-C10, Cl ASB

    

2.453%, 07/15/22

     662,912       656,532  
   

 

 

  

Total Mortgage-Backed Securities
(Cost $12,105,479)

       11,877,266  
   

 

 

  
ASSET-BACKED SECURITIES — 8.9%  

CPS Auto Receivables Trust, Ser 2014-D, Cl C

    

4.350%, 11/16/20

     441,160       443,200  

DRB Prime Student Loan Trust, Ser 2015-D, Cl A2

    

3.200%, 01/25/40

     880,330       871,702  

Drug Royalty III, Ser 2017-1A,
Cl A1

    

5.287%, VAR ICE LIBOR USD
3 Month+2.500%, 04/15/27

     187,302       189,158  

Drug Royalty III 1, Ser 2018-1A,
Cl A2

    

4.270%, 10/15/31

     460,608       464,899  

Engs Commercial Finance Trust, Ser 2018-1A, Cl A1

    

2.970%, 02/22/21

     284,107       283,454  
ASSET-BACKED SECURITIES — continued  
    Face Amount     Value  

Exeter Automobile Receivables Trust, Ser 2016-3A, Cl B

    

2.840%, 08/16/21

       $ 156,674         $ 156,498  

GM Financial Automobile Leasing Trust, Ser 2018-2, Cl C

    

3.500%, 04/20/22

     500,000       502,093  

Halcyon Loan Advisors Funding, Ser 2018-2A, Cl AR

    

3.851%, VAR ICE LIBOR USD
3 Month+1.080%, 07/25/27

     500,000       497,076  

Hilton Grand Vacations Trust, Ser 2017-AA, Cl A

    

2.660%, 12/27/28

     171,856       169,492  

Marlette Funding Trust, Ser 2018-2A, Cl A

    

3.060%, 07/17/28

     224,086       223,704  

MVW Owner Trust, Ser 2018-1A,
Cl C

    

3.900%, 01/21/36

     689,465       688,616  

OneMain Financial Issuance Trust, Ser 2017-1A, Cl A1

    

2.370%, 09/14/23

     320,000       315,301  

Santander Drive Auto Receivables Trust, Ser 2018-4, Cl C

    

3.560%, 07/15/24

     1,040,000       1,044,899  

SCF Equipment Trust, Ser 2016-1A, Cl A

    

3.620%, 11/20/21

     28,432       28,392  

Sierra Timeshare Receivables Funding, Ser 2016-3A, Cl A

    

2.430%, 10/20/33

     285,763       282,565  

Sofi Consumer Loan Program, Ser 2016-5, Cl B

    

4.550%, 09/25/28 (C)

     485,000       497,280  

Sofi Consumer Loan Program, Ser 2017-6, Cl A1

    

2.200%, 11/25/26

     131,498       130,923  

SoFi Professional Loan Program, Ser 2014-A, Cl A2

    

3.020%, 10/25/27

     163,821       163,817  

SoFi Professional Loan Program, Ser 2017-F, Cl A1FX

    

2.050%, 01/25/41

     508,103       503,500  

TRIP Rail Master Funding, Ser 2017-1A, Cl A1

    

2.709%, 08/15/47

     280,052       277,260  

VSE VOI Mortgage, Ser 2016-A,
Cl A

    

2.540%, 07/20/33

     302,489       297,824  

Westlake Automobile Receivables Trust, Ser 2018-1A, Cl C

    

2.920%, 12/15/21

     380,000       377,196  
   

 

 

  

Total Asset-Backed Securities
(Cost $8,444,279)

             8,408,849  
   

 

 

  
 

THE ADVISORS’ INNER CIRCLE FUND III    CATHOLIC INVESTOR
   LIMITED DURATION FUND    
     JANUARY 31, 2019 (Unaudited)  

 

U.S. GOVERNMENT AGENCY MORTGAGE-BACKED

    OBLIGATIONS — 0.9%

  
    Face Amount     Value  

FHLMC

    

6.000%, 01/01/37

       $     1,644         $          1,776  

6.000%, 11/01/37

     1,686       1,826  

5.500%, 07/01/34

     7,727       8,386  

4.000%, 03/01/39

     10,749       11,047  

FHLMC, Ser 2004-2746, Cl BG

    

5.000%, 02/15/24

     73,965       75,188  

FNMA

    

6.000%, 05/01/36

     763       835  

6.000%, 08/01/36

     929       1,017  

6.000%, 11/01/37

     2,816       3,078  

5.500%, 07/01/38

     3,884       4,148  

GNMA

    

6.000%, 03/15/32

     1,911       2,113  

6.000%, 09/15/33

     9,544       10,539  

6.000%, 09/15/37

     2,942       3,175  

5.500%, 06/15/38

     3,007       3,257  

5.000%, 06/15/33

     2,892       3,063  

GNMA, Ser 2015-78, Cl A

    

2.918%, 06/16/40

     714,342       713,157  
   

 

 

  

Total U.S. Government Agency Mortgage-Backed Obligations
(Cost $864,632)

       842,605  
   

 

 

  
MUNICIPAL BOND — 0.2%            

New Jersey State, Educational Facilities Authority, Ser G

    

1.866%, 07/01/20

    

(Cost $250,000)

     250,000       246,123  
   

 

 

  

Total Investments — 97.9%
(Cost $93,103,224)

         $     92,431,376  
   

 

 

  

Percentages based on Net Assets of $94,421,305.

 

(A)

Securities sold within the terms of a private placement memorandum, exempt from registration under section 144A of the Securities Act of 1933, as amended, and maybe sold only to dealers in the program or other “accredited investors”. The total value of these securities at January 31, 2019 was $6,051,699 and represented 6.4% of Net Assets.

(B)

Level 3 security in accordance with fair value hierarchy.

(C)

Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.

Cl — Class

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

GNMA — Government National Mortgage Association

ICE — Intercontinental Exchange

LIBOR — London Interbank Offered Rate

LP — Limited Partnership

MTN — Medium Term Note

Ser — Series

USD — United States Dollar

VAR — Variable Rate

The following is a list of the inputs used as of January 31, 2019, in valuing the Fund’s investments and other financial instruments carried at market value:

 

Investments in Securities

   Level 1     Level 2     Level 3     Total  

Corporate Obligations

   $         —       $ 41,887,436     $ 857,342     $ 42,744,778  

U.S. Treasury Obligations

     —         28,311,755       —         28,311,755  

Mortgage-Backed Securities

     —         11,877,266       —         11,877,266  

Asset-Backed Securities

     —         8,408,849       —         8,408,849  

U.S. Government Agency Mortgage-Backed Obligations

     —         842,605       —         842,605  

Municipal Bond

     —         246,123       —         246,123  
 

 

 

    

 

 

    

 

 

    

 

 

  

Total Investments in Securities

   $ —       $ 91,574,034     $ 857,342     $ 92,431,376  
 

 

 

    

 

 

    

 

 

    

 

 

  

A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning and/ or end of the period in relation to net assets. Management has concluded that Level 3 investments are not material in relation to net assets.

For the period ended January 31, 2019, there were no transfers between Level 1, Level 2 and Level 3 assets and liabilities. All transfers, if any, were considered to have occurred as of the end of the period.

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

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

KOC-QH-002-0800

 

THE ADVISORS’ INNER CIRCLE FUND III    CATHOLIC INVESTOR
   LARGE CAP GROWTH FUND            
     JANUARY 31, 2019 (Unaudited)  

 

SCHEDULE OF INVESTMENTS  
  COMMON STOCK — 97.7% #  
            Shares             Value  

COMMUNICATION SERVICES — 12.0%

 

Alphabet, Cl A *

     3,440         $      3,873,061  

Charter Communications, Cl A *

     2,353       778,961  

Facebook, Cl A *

     4,287       714,600  

Netflix *

     525       178,238  

Rogers Communications, Cl B

     13,140       710,480  

Verizon Communications

     9,499       523,015  

Viacom, Cl B

     16,170       475,721  
   

 

 

  
      7,254,076  
   

 

 

  

CONSUMER DISCRETIONARY — 16.1%

 

Amazon.com *

     1,774       3,049,026  

Darden Restaurants

     5,643       592,120  

Dick’s Sporting Goods

     11,639       410,973  

Etsy *

     9,653       527,536  

Home Depot

     11,784       2,162,718  

NIKE, Cl B

     13,808       1,130,599  

Nordstrom

     11,404       529,260  

Penn National Gaming *

     30,278       733,939  

RH *

     4,308       585,328  
   

 

 

  
      9,721,499  
   

 

 

  

CONSUMER STAPLES — 5.5%

 

Colgate-Palmolive

     16,390       1,060,105  

Constellation Brands, Cl A

     4,353       755,942  

Hershey

     8,509       902,805  

WD-40

     3,346       608,136  
   

 

 

  
      3,326,988  
   

 

 

  

ENERGY — 0.7%

 

ConocoPhillips

     6,271       424,484  
   

 

 

  

FINANCIALS — 2.9%

 

Green Dot, Cl A *

     4,016       297,264  

JPMorgan Chase

     8,332       862,363  

Voya Financial

     12,803       594,443  
   

 

 

  
      1,754,070  
   

 

 

  

HEALTH CARE — 15.9%

 

Alexion Pharmaceuticals *

     6,823       838,956  

Array BioPharma *

     28,660       535,082  

Bruker

     13,475       472,433  

Centene *

     4,335       566,021  

Cigna

     1,270       253,759  

CVS Health

     10,827       709,710  

Exelixis *

     15,828       373,066  

Henry Schein *

     6,580       511,266  

Heron Therapeutics *

     18,668       502,169  

ICON *

     3,322       464,681  

Integer Holdings *

     4,496       364,131  

Molina Healthcare *

     4,301       571,947  

Syneos Health, Cl A *

     9,163       467,680  
COMMON STOCK — continued  
            Shares             Value  

HEALTH CARE— continued

 

Vertex Pharmaceuticals *

     6,328         $      1,208,079  

WellCare Health Plans *

     3,223       891,095  

Zoetis, Cl A

     10,071       867,717  
   

 

 

  
      9,597,792  
   

 

 

  

INDUSTRIALS — 9.0%

 

Cintas

     3,572       669,785  

Copart *

     11,514       582,954  

Cummins

     4,527       665,967  

EMCOR Group

     6,359       414,798  

Generac Holdings *

     8,433       446,359  

Meritor *

     22,802       471,545  

Norfolk Southern

     3,978       667,270  

TriNet Group *

     11,131       508,241  

Trinity Industries

     20,756       485,275  

United Rentals *

     4,252       532,606  
   

 

 

  
      5,444,800  
   

 

 

  

INFORMATION TECHNOLOGY — 34.2%

 

Apple

     18,424       3,066,491  

Broadridge Financial Solutions

     6,649       670,419  

CyberArk Software *

     6,096       534,985  

Fiserv *

     10,322       856,003  

Fortinet *

     8,191       627,185  

Intel

     12,364       582,592  

Mastercard, Cl A

     9,944       2,099,477  

Microsoft

     41,618       4,346,167  

NXP Semiconductors

     5,524       480,754  

ON Semiconductor *

     39,181       785,187  

PayPal Holdings *

     8,502       754,638  

Qualys *

     7,137       617,565  

salesforce.com *

     7,892       1,199,346  

SS&C Technologies Holdings

     9,073       467,169  

Visa, Cl A

     19,721       2,662,532  

Zebra Technologies, Cl A *

     4,577       794,567  
   

 

 

  
      20,545,077  
   

 

 

  

MATERIALS — 0.4%

 

Steel Dynamics

     6,135       224,480  
   

 

 

  

REAL ESTATE — 1.0%

 

WP Carey ‡

     8,078       604,961  
   

 

 

  

Total Common Stock
(Cost $55,624,193)

       58,898,227  
   

 

 

  

Total Investments — 97.7%
(Cost $55,624,193)

         $      58,898,227  
   

 

 

  

Percentages based on Net Assets of $60,269,656.

 

*

Non-income producing security.

#

More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.

 

THE ADVISORS’ INNER CIRCLE FUND III    CATHOLIC INVESTOR
   LARGE CAP GROWTH FUND            
     JANUARY 31, 2019 (Unaudited)  

 

‡

Real Estate Investment Trust

Cl — Class

As of January 31, 2019, all of the Fund’s investments in securities were considered Level 1 in accordance with the authoritative guidance of fair value measurements and disclosure under U.S. GAAP.

For the period ended January 31, 2019, there were no transfers between Level 1 and Level 2 assets and liabilities. For the period ended January 31, 2019, there were no Level 3 securities.

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

KOC-QH-003-0800

    

 

THE ADVISORS’ INNER CIRCLE FUND III    CATHOLIC INVESTOR
   LARGE CAP VALUE FUND
     JANUARY 31, 2019 (Unaudited)    

 

SCHEDULE OF INVESTMENTS  
  COMMON STOCK — 98.0%  
            Shares             Value  

COMMUNICATION SERVICES — 7.0%

 

AT&T

     14,569         $          437,944  

Facebook, Cl A *

     4,430       738,437  

Nexstar Media Group, Cl A

     11,925       995,380  

Verizon Communications

     36,444       2,006,606  
   

 

 

  
      4,178,367  
   

 

 

  

CONSUMER DISCRETIONARY — 8.5%

 

Best Buy

     7,865       465,923  

Garmin

     9,687       670,147  

General Motors

     28,048       1,094,433  

Las Vegas Sands

     8,264       482,287  

Royal Caribbean Cruises

     7,036       844,671  

Starbucks

     13,304       906,534  

Tapestry

     16,091       622,883  
   

 

 

  
      5,086,878  
   

 

 

  

CONSUMER STAPLES — 8.1%

 

Archer-Daniels-Midland

     12,404       556,940  

Colgate-Palmolive

     16,025       1,036,497  

Costco Wholesale

     4,694       1,007,474  

Hershey

     12,216       1,296,117  

Walgreens Boots Alliance

     12,997       939,163  
   

 

 

  
      4,836,191  
   

 

 

  

ENERGY — 8.8%

 

Chevron

     16,694       1,913,967  

ConocoPhillips

     22,098       1,495,814  

Exxon Mobil

     4,870       356,874  

Marathon Petroleum

     7,971       528,158  

Peabody Energy

     6,327       225,874  

Valero Energy

     8,114       712,571  
   

 

 

  
      5,233,258  
   

 

 

  

FINANCIALS — 22.3%

 

Ameriprise Financial

     5,979       756,940  

Bank of America

     69,752       1,985,840  

Capital One Financial

     6,913       557,119  

Citigroup

     4,859       313,211  

Citizens Financial Group

     11,587       393,031  

Evercore, Cl A

     7,104       635,453  

JPMorgan Chase

     26,316       2,723,707  

Lazard, Cl A (A)

     15,097       600,710  

LPL Financial Holdings

     10,099       710,667  

MetLife

     20,203       922,671  

Navient

     28,241       321,947  

Prudential Financial

     11,494       1,059,057  

SunTrust Banks

     15,441       917,504  

Wells Fargo

     14,441       706,309  

Zions Bancorp

     13,508       642,846  
   

 

 

  
      13,247,012  
   

 

 

  
COMMON STOCK — continued  
            Shares             Value  

HEALTH CARE — 13.2%

 

Amedisys *

     11,385         $          1,493,257  

CVS Health

     19,786       1,296,972  

Encompass Health

     17,374       1,161,278  

Hill-Rom Holdings

     8,277       827,866  

ICON *

     10,527       1,472,517  

Quest Diagnostics

     8,358       730,071  

Select Medical Holdings *

     52,828       825,173  
   

 

 

  
      7,807,134  
   

 

 

  

INDUSTRIALS — 7.8%

 

Cintas

     3,750       703,163  

CSX

     8,454       555,428  

Cummins

     4,605       677,442  

ManpowerGroup

     12,238       967,169  

Oshkosh

     10,591       794,854  

Pentair

     14,102       580,861  

Triton International

     10,654       383,011  
   

 

 

  
      4,661,928  
   

 

 

  

INFORMATION TECHNOLOGY — 10.2%

 

Apple

     3,346       556,908  

Cisco Systems

     9,706       458,997  

DXC Technology

     9,386       601,830  

Intel

     35,763       1,685,152  

Lam Research

     3,293       558,427  

Microsoft

     9,739       1,017,044  

NetApp

     6,963       444,031  

SS&C Technologies Holdings

     14,569       750,158  
   

 

 

  
      6,072,547  
   

 

 

  

MATERIALS — 1.9%

 

Huntsman

     24,602       540,506  

LyondellBasell Industries, Cl A

     6,837       594,614  
   

 

 

  
      1,135,120  
   

 

 

  

REAL ESTATE — 4.1%

 

Lamar Advertising, Cl A ‡

     8,824       656,947  

MGM Growth Properties, Cl A ‡

     26,994       836,814  

Ryman Hospitality Properties ‡

     12,014       965,325  
   

 

 

  
      2,459,086  
   

 

 

  

UTILITIES — 6.1%

 

Entergy

     11,707       1,044,146  

Exelon

     18,722       894,163  

FirstEnergy

     20,788       814,890  

Southern

     18,511       899,635  
   

 

 

  
      3,652,834  
   

 

 

  

Total Common Stock
(Cost $53,642,099)

       58,370,355  
   

 

 

  

Total Investments — 98.0%
(Cost $53,642,099)

                  $ 58,370,355  
   

 

 

  

Percentages based on Net Assets of $59,558,100.

 

THE ADVISORS’ INNER CIRCLE FUND III    CATHOLIC INVESTOR
   LARGE CAP VALUE FUND
     JANUARY 31, 2019 (Unaudited)    

 

*

Non-income producing security.

‡

Real Estate Investment Trust.

(A)

Securities considered Master Limited Partnerships. At January 31, 2019, these securities amounted $600,710 or 1.0% of Net Assets.

Cl — Class

As of January 31, 2019, 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. GAAP.

For the period ended January 31, 2019, there were no transfers between Level 1 and Level 2 assets and liabilities. For the period ended January 31, 2019, there were no Level 3 securities.

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

KOC-QH-004-0800

    

 

THE ADVISORS’ INNER CIRCLE FUND III    CATHOLIC INVESTOR
   SMALL CAP FUND
     JANUARY 31, 2019 (Unaudited)            

 

SCHEDULE OF INVESTMENTS  
  COMMON STOCK — 98.2%  
            Shares             Value  

COMMUNICATION SERVICES — 3.1%

 

Care.com *

     30,579         $          726,863  

Marcus

     27,805       1,239,269  

Sinclair Broadcast Group, Cl A

     17,855       550,113  
   

 

 

  
      2,516,245  
   

 

 

  

CONSUMER DISCRETIONARY — 11.7%

 

American Axle & Manufacturing Holdings *

     37,785       558,462  

At Home Group *

     19,850       437,494  

Boyd Gaming

     53,710       1,467,357  

Callaway Golf

     56,120       914,195  

Children’s Place

     5,710       552,500  

Etsy *

     15,246       833,194  

Johnson Outdoors, Cl A

     15,625       978,906  

Malibu Boats, Cl A *

     28,605       1,159,932  

RH *

     6,190       841,035  

Sleep Number *

     12,680       456,480  

Stamps.com *

     3,285       611,273  

Weight Watchers International *

     21,073       674,336  
   

 

 

  
      9,485,164  
   

 

 

  

CONSUMER STAPLES — 3.3%

 

Central Garden & Pet, Cl A *

     14,406       513,142  

Darling Ingredients *

     31,410       668,091  

Performance Food Group *

     22,400       765,184  

WD-40

     4,202       763,713  
   

 

 

  
      2,710,130  
   

 

 

  

ENERGY — 2.8%

 

Delek US Holdings

     11,365       369,476  

Enerplus

     50,640       438,542  

Gulfport Energy *

     52,430       439,888  

ProPetro Holding *

     33,495       547,309  

Unit *

     28,940       461,882  
   

 

 

  
      2,257,097  
   

 

 

  

FINANCIALS — 16.7%

 

Associated Banc-Corp

     26,495       573,617  

Assured Guaranty

     17,830       723,185  

Bank of Marin Bancorp

     9,120       382,493  

Brookline Bancorp

     36,265       539,261  

Cathay General Bancorp

     20,315       754,092  

CNO Financial Group

     38,655       691,151  

Eagle Bancorp *

     10,975       602,308  

Essent Group *

     34,235       1,360,842  

Evercore, Cl A

     6,145       549,670  

First Bancorp

     15,145       556,882  

FirstCash

     8,990       741,046  

Flagstar Bancorp

     22,565       696,130  

Hancock Whitney

     12,100       497,068  

OFG Bancorp

     86,125       1,669,102  
COMMON STOCK — continued  
            Shares             Value  

FINANCIALS — continued

 

On Deck Capital *

     145,778         $          1,096,251  

TCF Financial

     32,880       728,621  

United Community Banks

     24,380       627,054  

Washington Federal

     25,725       748,340  
   

 

 

  
      13,537,113  
   

 

 

  

HEALTH CARE — 16.6%

 

Allscripts Healthcare Solutions *

     104,785       1,235,415  

AMN Healthcare Services *

     14,240       922,609  

Amphastar Pharmaceuticals *

     23,650       538,274  

AngioDynamics *

     32,050       676,255  

Array BioPharma *

     35,265       658,398  

Coherus Biosciences *

     23,100       310,926  

Emergent BioSolutions *

     17,807       1,110,978  

Ensign Group

     14,104       614,511  

Fate Therapeutics *

     25,410       384,707  

FibroGen *

     12,553       712,382  

Heron Therapeutics *

     19,684       529,500  

Intersect ENT *

     14,625       433,924  

Invitae *

     34,815       490,195  

Medpace Holdings *

     4,777       307,639  

Oxford Immunotec Global *

     46,975       683,017  

Premier, Cl A *

     15,350       610,777  

PTC Therapeutics *

     14,075       438,155  

Puma Biotechnology *

     5,402       150,608  

Repligen *

     21,453       1,223,035  

Supernus Pharmaceuticals *

     25,660       978,416  

Vericel *

     25,304       435,229  
   

 

 

  
      13,444,950  
   

 

 

  

INDUSTRIALS — 13.2%

 

Casella Waste Systems, Cl A *

     37,515       1,129,952  

Columbus McKinnon

     19,474       704,959  

H&E Equipment Services

     20,505       548,919  

Harsco *

     57,000       1,214,101  

McGrath RentCorp

     11,325       570,780  

Navistar International *

     16,470       540,875  

Park-Ohio Holdings

     17,130       556,382  

Rexnord *

     24,875       650,481  

Ryder System

     9,760       565,202  

SkyWest

     22,815       1,162,424  

Sterling Construction *

     38,060       503,914  

Timken

     14,963       637,274  

TriNet Group *

     13,920       635,587  

Triton International

     36,775       1,322,061  
   

 

 

  
      10,742,911  
   

 

 

  

INFORMATION TECHNOLOGY — 16.6%

 

Bottomline Technologies DE *

     4,915       253,860  

CACI International, Cl A *

     7,820       1,307,348  

Carbonite *

     22,478       643,770  
 

THE ADVISORS’ INNER CIRCLE FUND III    CATHOLIC INVESTOR
   SMALL CAP FUND
     JANUARY 31, 2019 (Unaudited)            

 

COMMON STOCK — continued  
            Shares             Value  

INFORMATION TECHNOLOGY— continued

 

Cloudera *

     74,267         $          1,002,605  

Cohu

     26,855       471,037  

CyberArk Software *

     8,255       724,459  

FormFactor *

     42,300       635,346  

GreenSky, Cl A *

     68,418       752,598  

Harmonic *

     135,924       719,038  

Lattice Semiconductor *

     77,895       607,581  

New Relic *

     9,205       935,688  

Paylocity Holding *

     9,875       701,421  

Progress Software

     6,540       236,944  

Rudolph Technologies *

     9,636       209,294  

SPS Commerce *

     7,513       666,103  

Upland Software *

     43,995       1,374,403  

Vishay Intertechnology

     52,670       1,027,065  

Vishay Precision Group *

     35,638       1,191,378  
   

 

 

  
      13,459,938  
   

 

 

  

MATERIALS — 3.3%

 

Allegheny Technologies *

     24,015       657,771  

Ingevity *

     8,404       790,564  

Louisiana-Pacific

     51,035       1,244,233  
   

 

 

  
      2,692,568  
   

 

 

  

REAL ESTATE — 7.8%

 

Braemar Hotels & Resorts ‡

     63,505       706,176  

CareTrust ‡

     27,846       612,055  

National Storage Affiliates Trust ‡

     28,635       833,279  

Preferred Apartment Communities, Cl A ‡

     45,483       723,180  

RMR Group

     9,210       607,952  

Spirit Realty Capital ‡

     19,501       774,579  

STAG Industrial ‡

     31,470       867,627  

Whitestone REIT, Cl B ‡

     51,555       731,050  

Xenia Hotels & Resorts ‡

     25,675       481,920  
   

 

 

  
      6,337,818  
   

 

 

  

UTILITIES — 3.1%

 

NextEra Energy Partners

     18,500       742,960  

Portland General Electric

     19,165       926,053  

Southwest Gas Holdings

     11,314       886,112  
   

 

 

  
      2,555,125  
   

 

 

  

Total Common Stock
(Cost $78,050,005)

       79,739,059  
   

 

 

  

Total Investments — 98.2%
(Cost $78,050,005)

         $ 79,739,059  
   

 

 

  

Percentages based on Net Assets of $81,235,789.

 

*

Non-income producing security.

‡

Real Estate Investment Trust

Cl — Class

As of January 31, 2019, all of the Fund’s investments in securities were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended January 31, 2019, there were no transfers between Level 1 and Level 2 assets and liabilities. For the period ended January 31, 2019, there were no Level 3 securities.

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

KOC-QH-005-0800

 

THE ADVISORS’ INNER CIRCLE FUND III    CATHOLIC INVESTOR
   INTERNATIONAL EQUITY FUND        
     JANUARY 31, 2019 (Unaudited)  

 

SCHEDULE OF INVESTMENTS  
  COMMON STOCK — 98.0%  
            Shares             Value  

AUSTRALIA — 5.3%

 

Cochlear

     7,400           $1,040,414  

Harvey Norman Holdings

     180,000       440,936  

Macquarie Group

     18,200       1,540,976  

Medibank Pvt

     407,000       775,120  
   

 

 

  
      3,797,446  
   

 

 

  

AUSTRIA — 1.4%

 

OMV

     21,000       1,043,186  
   

 

 

  

BRAZIL — 1.4%

 

Centrais Eletricas Brasileiras *

     100,000       1,025,444  
   

 

 

  

CANADA — 6.1%

 

Canadian National Railway

     10,000       834,507  

Canfor *

     60,000       827,429  

George Weston

     8,100       588,351  

Magna International

     21,500       1,137,874  

Toronto-Dominion Bank

     17,640       993,462  
   

 

 

  
      4,381,623  
   

 

 

  

CHILE — 2.0%

 

Cia Cervecerias Unidas ADR

     52,000       1,451,320  
   

 

 

  

CHINA — 1.6%

 

CNOOC ADR

     7,000       1,171,030  
   

 

 

  

CZECH REPUBLIC — 2.0%

 

CEZ

     56,000       1,410,927  
   

 

 

  

DENMARK — 2.4%

 

GN Store Nord

     21,000       904,084  

Vestas Wind Systems

     10,000       824,850  
   

 

 

  
              1,728,934  
   

 

 

  

FINLAND — 4.4%

 

Neste

     23,500       2,155,608  

UPM-Kymmene

     35,700       1,032,177  
   

 

 

  
      3,187,785  
   

 

 

  

FRANCE — 5.6%

 

Kering

     2,300       1,151,750  

Peugeot

     44,000       1,107,466  

Publicis Groupe

     17,500       1,067,623  

Ubisoft Entertainment *

     8,400       745,133  
   

 

 

  
      4,071,972  
   

 

 

  

GERMANY — 2.1%

 

Covestro (A)

     12,000       661,760  

Deutsche Lufthansa

     33,500       845,869  
   

 

 

  
      1,507,629  
   

 

 

  

HONG KONG — 10.8%

 

China Construction Bank, Cl H

     1,180,000       1,054,115  

China Mobile

     103,000       1,080,252  

Geely Automobile Holdings

     310,000       523,833  
COMMON STOCK — continued  
            Shares             Value  

HONG KONG — continued

 

PCCW

     2,100,000           $1,249,753  

Ping An Insurance Group of China, Cl H

     120,000       1,160,676  

Sun Hung Kai Properties

     46,000       769,096  

Weichai Power, Cl H

     980,000       1,311,304  

Wharf Holdings

     220,000       663,043  
   

 

 

  
      7,812,072  
   

 

 

  

INDIA — 1.5%

 

Tata Motors ADR *

     40,000       522,800  

Vedanta ADR

     50,000       558,500  
   

 

 

  
      1,081,300  
   

 

 

  

INDONESIA — 2.7%

 

Bank Negara Indonesia Persero

     1,400,000       909,286  

Japfa Comfeed Indonesia

     4,803,200       1,007,220  
   

 

 

  
      1,916,506  
   

 

 

  

ISRAEL — 1.4%

 

Nice *

     9,400       1,034,547  
   

 

 

  

ITALY — 3.1%

 

DiaSorin

     9,900       905,954  

Enel

     99,720       601,057  

Recordati

     20,000       724,301  
   

 

 

  
      2,231,312  
   

 

 

  

JAPAN — 16.7%

 

AGC

     23,800       805,169  

Central Japan Railway

     6,650       1,434,092  

Daiwa House Industry

     26,400       854,834  

Fujitsu

     11,000       735,589  

Hoya

     22,000       1,272,031  

ITOCHU

     80,000       1,462,658  

Konica Minolta

     112,000       1,123,856  

Mizuho Financial Group

     1,000,000       1,647,004  

Nippon Telegraph & Telephone

     29,000       1,243,599  

ORIX

     101,000       1,520,679  
   

 

 

  
              12,099,511  
   

 

 

  

NETHERLANDS — 4.1%

 

Koninklijke Ahold Delhaize

     61,000       1,607,266  

NN Group

     32,500       1,373,402  
   

 

 

  
      2,980,668  
   

 

 

  

SOUTH KOREA — 3.2%

 

LG Display ADR

     70,000       592,200  

POSCO ADR

     18,000       1,083,960  

Shinhan Financial Group ADR

     16,100       619,528  
   

 

 

  
      2,295,688  
   

 

 

  

SPAIN — 3.7%

 

ACS Actividades de Construccion y Servicios

     30,800       1,272,654  

Repsol

     80,437       1,411,402  
   

 

 

  
      2,684,056  
   

 

 

  
 

THE ADVISORS’ INNER CIRCLE FUND III    CATHOLIC INVESTOR
   INTERNATIONAL EQUITY FUND        
     JANUARY 31, 2019 (Unaudited)  

 

COMMON STOCK — continued  
            Shares             Value  

SWEDEN — 1.1%

 

Swedbank, Cl A

     35,000         $           793,349  
   

 

 

  

SWITZERLAND — 3.7%

 

Logitech International

     16,000       583,237  

Partners Group Holding

     1,300       892,202  

Temenos

     8,700       1,171,431  
   

 

 

  
      2,646,870  
   

 

 

  

TURKEY — 1.2%

 

Turkcell Iletisim Hizmetleri

     300,000       842,519  
   

 

 

  

UNITED KINGDOM — 10.5%

 

3i Group

     88,000       980,612  

Anglo American

     60,500       1,541,641  

Intertek Group

     14,300       920,536  

Legal & General Group

     360,000       1,224,821  

Next

     15,000       953,596  

Rightmove

     120,000       742,888  

Tate & Lyle

     136,000       1,226,877  
   

 

 

  
      7,590,971  
   

 

 

  

Total Common Stock
(Cost $64,556,666)

       70,786,665  
   

 

 

  
RIGHTS — 0.0%            
    Number Of
Rights		        

SPAIN — 0.0%

 

ACS Actividades de Construccion y Servicios, Expires 02/09/19*

    

Total Rights
(Cost $–)

     30,800       16,904  
   

 

 

  

Total Investments — 98.0%
(Cost $64,556,666)

                  $ 70,803,569  
   

 

 

  

Percentages are based on Net Assets of $72,248,376.

 

*

Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

As of January 31, 2019, 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 January 31, 2019, there were no transfers between Level 1, and Level 2 assets and liabilities. There were no other significant transfers for the period ended January 31, 2019. For the period ended January 31, 2019, there were no Level 3 securities.

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

KOC-QH-006-0800

    

 

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) Separate certifications 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: March 27, 2019

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: March 27, 2019

 

By (Signature and Title)      

/s/ Stephen Connors

      Stephen Connors
      Treasurer, Controller & CFO

Date: March 27, 2019