N-Q 1 d775086dnq.htm AIC III METLIFE CORE PLUS AIC III Metlife Core Plus

 

 

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: July 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   

METLIFE CORE PLUS FUND (formerly, LOGAN CIRCLE

PARTNERS CORE PLUS FUND)         JULY 31, 2019 (Unaudited)

 

 

 

  SCHEDULE OF INVESTMENTS

 

  MORTGAGE-BACKED SECURITIES — 34.7%

 

      
     Face
    Amount    		              Value          

AGENCY MORTGAGE-BACKED OBLIGATIONS — 29.4%

 

FHLMC

      

5.500%, 06/01/41

    $ 8,054      $ 8,978  

4.500%, 05/01/48

      396,578        417,853  

4.000%, 08/01/44 to 09/01/48

      597,107        623,001  

3.500%, 08/01/30 to 07/01/49

      3,147,465        3,249,695  

FHLMC Multifamily Structured Pass Through Certificates, Ser K735, Cl A2

      

2.862%, 05/25/26

      75,000        77,463  

FHLMC Multifamily Structured Pass Through Certificates, Ser KLU1, Cl A4

      

2.854%, 01/25/31

      65,000        66,200  

FHLMC Multifamily Structured Pass-Through Certificates, Ser K023, Cl X1, IO

      

1.249%, 08/25/22 (A)

      1,559,789        50,232  

FHLMC Multifamily Structured Pass-Through Certificates, Ser X3FX, Cl A2FX

      

3.000%, 06/25/27

      205,000        210,245  

FHLMC Whole Loan Securities Trust, Ser 2016-SC01, Cl 2A

      

3.500%, 07/25/46

      180,561        183,451  

FHLMC, Ser 2003-2725, Cl TA

      

4.500%, 12/15/33

      5,000        5,661  

FHLMC, Ser 2006-R006, Cl ZA

      

6.000%, 04/15/36

      15,366        17,599  

FHLMC, Ser 2010-3632, Cl PK

      

5.000%, 02/15/40

      55,523        59,961  

FHLMC, Ser 2010-3653, Cl B

      

4.500%, 04/15/30

      69,809        74,763  

FHLMC, Ser 2012-271, Cl 30

      

3.000%, 08/15/42

      91,562        93,243  

FHLMC, Ser 2017-356, Cl 300

      

3.000%, 09/15/47

      355,430        361,180  

FNMA

      

6.000%, 09/01/39

      1,486        1,692  

5.500%, 04/01/36 to 07/01/40

      277,210        309,749  

 

1

THE ADVISORS’ INNER CIRCLE FUND III   

METLIFE CORE PLUS FUND (formerly, LOGAN CIRCLE

PARTNERS CORE PLUS FUND)         JULY 31, 2019 (Unaudited)

 

 

 

  MORTGAGE-BACKED SECURITIES — continued

 

 

     Face
    Amount    		              Value          

AGENCY MORTGAGE-BACKED OBLIGATIONS — continued

 

5.000%, 02/01/31

    $ 41,071      $ 43,724  

4.500%, 04/01/35 to 08/01/48

      200,174        215,281  

4.000%, 06/01/42 to 07/01/49

      1,543,592        1,610,374  

3.500%, 07/01/30 to 08/01/47

      497,647        515,832  

3.130%, 07/01/25

      55,694        57,584  

3.040%, 01/01/28

      165,000        170,121  

3.000%, 11/01/46 to 04/01/47

      1,292,701        1,311,699  

2.550%, 07/01/26

      118,329        119,864  

FNMA Interest, Ser 2012-411, Cl A3

      

3.000%, 08/25/42

      168,684        170,587  

FNMA TBA

      

5.000%, 08/13/49

      290,000        308,148  

4.500%, 09/01/33

      475,000        498,156  

4.000%, 08/13/39

      515,000        533,092  

3.500%, 08/01/40

      1,200,000        1,232,208  

3.000%, 08/25/26

      285,000        290,626  

FNMA, Ser 2001-T4, Cl A1

      

7.500%, 07/25/41

      2,372        2,756  

FNMA, Ser 2004-W12, Cl 1A1

      

6.000%, VAR LIBOR USD 1 Month+0.000%, 07/25/44

      15,652        17,901  

FNMA, Ser 2005-24, Cl ZE

      

5.000%, 04/25/35

      8,228        8,935  

FNMA, Ser 2012-121, Cl TB

      

7.000%, 11/25/42

      39,212        45,491  

FREMF Mortgage Trust, Ser 2010-K8, Cl B

      

5.279%, 09/25/43 (A) (B)

      65,000        66,006  

FREMF Mortgage Trust, Ser 2013-K31, Cl C

      

3.630%, 07/25/46 (A) (B)

      25,000        25,426  

FRESB Mortgage Trust, Ser 2018-SB50, Cl A10F

      

3.350%, 04/25/28 (A)

      90,774        94,950  

GNMA

      

5.500%, 07/20/43 to 09/20/43

      10,151        11,292  

5.275%, 05/20/60 (A)

      4,753        4,777  

4.568%, 06/20/62 (A)

      16,221        16,278  

4.564%, 12/20/66 (A)

      155,138        170,247  

4.506%, 01/20/67 (A)

      68,379        75,260  

 

2

THE ADVISORS’ INNER CIRCLE FUND III   

METLIFE CORE PLUS FUND

(formerly, LOGAN CIRCLE

PARTNERS CORE PLUS FUND)         JULY 31, 2019 (Unaudited)

 

 

 

  MORTGAGE-BACKED SECURITIES — continued

 

 

     Face
    Amount    		              Value          

AGENCY MORTGAGE-BACKED OBLIGATIONS — continued

 

4.500%, 03/15/42

    $ 111,245      $ 119,987  

GNMA, Ser 2010-H14, Cl BI, IO

      

1.309%, 07/20/60 (A)

      243,811        3,906  

GNMA, Ser 2017-H16, Cl PT

      

4.570%, 05/20/66 (A)

      5,887        5,959  
     

 

 

  
        13,557,433  
     

 

 

  

NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 5.3%

 

Banc of America Commercial Mortgage Trust, Ser 2017-BNK3, Cl AS

      

3.748%, 02/15/50

      35,000        36,618  

Bayview Commercial Asset Trust, Ser 2004-3, Cl A1

      

2.821%, VAR LIBOR USD 1 Month+0.555%, 01/25/35 (B)

      89,471        88,901  

Benchmark Mortgage Trust, Ser 2019-B9, Cl A5

      

4.016%, 03/15/52

      180,000        198,646  

CG-CCRE Commercial Mortgage Trust, Ser 2014-FL2, Cl A

      

4.179%, VAR ICE LIBOR USD 1 Month+1.854%, 11/15/31 (B)

      19,015        19,015  

COMM Mortgage Trust, Ser 2013-CR12, Cl A2

      

2.904%, 10/10/46

      1,503        1,502  

COMM Mortgage Trust, Ser 2013-LC6, Cl AM

      

3.282%, 01/10/46

      35,000        35,813  

COMM Mortgage Trust, Ser 2014-UBS3, Cl AM

      

4.012%, 06/10/47

      30,000        31,378  

Commercial Mortgage Trust, Ser 2014-UBS2, Cl A5

      

3.961%, 03/10/47

      130,000        138,049  

Credit Suisse Commercial Mortgage Trust, Ser 2007-C2, Cl B

      

5.652%, 01/15/49 (A) (B)

      165,000        165,447  

Credit Suisse Mortgage Capital Certificates, Ser 2019-ICE4, Cl A

      

3.305%, VAR ICE LIBOR USD 1 Month+0.980%, 05/15/36 (B)

      100,000        100,317  

CSAIL Commercial Mortgage Trust, Ser 2015-C3, Cl A3

      

3.447%, 08/15/48

      125,000        130,445  

CSMC OA, Ser 2014-USA, Cl A2

      

3.953%, 09/15/37 (B)

      100,000        105,819  

DBCCRE Mortgage Trust, Ser 2014-ARCP, Cl A

      

4.238%, 01/10/34 (B)

      200,000        211,625  

 

3

THE ADVISORS’ INNER CIRCLE FUND III   

METLIFE CORE PLUS FUND (formerly, LOGAN CIRCLE
PARTNERS CORE PLUS FUND)       JULY 31, 2019 (Unaudited)

 

 

  MORTGAGE-BACKED SECURITIES — continued

 

 

     Face
    Amount    		              Value          

NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — continued

 

DBCCRE Mortgage Trust, Ser 2014-ARCP, Cl C

      

4.935%, 01/10/34 (A) (B)

    $ 100,000      $ 105,363  

DBGS Mortgage Trust, Ser 2019-1735, Cl A

      

3.843%, 04/10/37 (B)

      110,000        118,354  

Galton Funding Mortgage Trust, Ser 2018-1, Cl A43

      

3.500%, 11/25/57 (A) (B)

      57,668        57,994  

GE Commercial Mortgage Series Trust, Ser 2007-C1, Cl AM

      

5.606%, 12/10/49 (A)

      40,967        33,466  

JPMBB Commercial Mortgage Securities Trust, Ser 2014-C25, Cl B

      

4.347%, 11/15/47 (A)

      10,000        10,568  

JPMDB Commercial Mortgage Securities Trust, Ser 2017-C5, Cl A3

      

3.597%, 03/15/50

      50,000        52,182  

JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2005- CB12, Cl AJ

      

4.987%, 09/12/37 (A)

      858        866  

JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2007- LDPX, Cl AM

      

5.464%, 01/15/49 (A)

      15,249        15,197  

JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2018- BCON, Cl B

      

3.756%, 01/05/31 (A) (B)

      145,000        149,929  

Mill City Mortgage Trust, Ser 2015-2, Cl A2

      

3.000%, 09/25/57 (A) (B)

      194,901        195,529  

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

      

4.937%, 02/15/47 (A)

      35,000        37,214  

Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2015-C24, Cl C

      

4.349%, 05/15/48 (A)

      25,000        25,396  

MortgageIT Trust, Ser 2005-1, Cl 1A1

      

2.906%, VAR ICE LIBOR USD 1 Month+0.640%, 02/25/35

      5,375        5,403  

MSCG Trust, Ser 2015-ALDR, Cl A2

      

3.462%, 06/07/35 (A) (B)

      50,000        51,371  

NovaStar Mortgage Funding Trust, Ser 2003-3, Cl A1

      

2.976%, VAR ICE LIBOR USD 1 Month+0.710%, 12/25/33

      16,661        16,597  

 

4

THE ADVISORS’ INNER CIRCLE FUND III   

METLIFE CORE PLUS FUND

(formerly, LOGAN CIRCLE

PARTNERS CORE PLUS FUND)        

JULY 31, 2019 (Unaudited)

 

 

  MORTGAGE-BACKED SECURITIES — continued

 

      
     Face
    Amount    		              Value          

NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — continued

      

Towd Point Mortgage Trust, Ser 2018-2, Cl A1

      

3.250%, 03/25/58 (A) (B)

    $ 82,181      $ 83,134  

Velocity Commercial Capital Loan Trust, Ser 2016-2, Cl AFL

      

4.066%, VAR LIBOR USD 1 Month+1.800%, 10/25/46

      58,103        58,478  

VNDO Mortgage Trust, Ser 2012-6AVE, Cl C

      

3.337%, 11/15/30 (A) (B)

      101,000        102,560  

WFRBS Commercial Mortgage Trust, Ser 2013-C12, Cl C

      

4.322%, 03/15/48 (A)

      50,000        51,967  

WFRBS Commercial Mortgage Trust, Ser 2013-UBS1, Cl A2

      

2.927%, 03/15/46

      584        583  

WFRBS Commercial Mortgage Trust, Ser 2014-C22, Cl B

      

4.371%, 09/15/57 (A)

      60,000        63,516  
     

 

 

  
        2,499,242  
     

 

 

  

TOTAL MORTGAGE-BACKED SECURITIES
(Cost $15,795,163)

         16,056,675  
     

 

 

  
     

  CORPORATE OBLIGATIONS — 33.3%

 

      

COMMUNICATION SERVICES — 4.5%

 

AT&T

      

6.500%, 09/01/37

      160,000        201,261  

6.000%, 11/15/34

      20,000        21,883  

4.300%, 02/15/30

      120,000        128,895  

CBS

      

3.700%, 08/15/24

      105,000        108,949  

Charter Communications Operating

      

6.384%, 10/23/35

      100,000        118,026  

4.908%, 07/23/25

      200,000        215,638  

Comcast

      

4.600%, 10/15/38

      65,000        75,316  

3.700%, 04/15/24

      90,000        95,167  

Cox Communications

      

4.800%, 02/01/35 (B)

      70,000        71,970  

Nokia

      

6.625%, 05/15/39

      125,000        140,000  

 

5

THE ADVISORS’ INNER CIRCLE FUND III   

METLIFE CORE PLUS FUND

(formerly, LOGAN CIRCLE

PARTNERS CORE PLUS FUND)        

JULY 31, 2019 (Unaudited)

 

 

  CORPORATE OBLIGATIONS — continued

 

      
     Face
    Amount    		              Value          

COMMUNICATION SERVICES — continued

 

Sky

      

3.750%, 09/16/24 (B)

    $ 200,000      $ 212,045  

Sprint

      

7.875%, 09/15/23

      75,000        83,625  

Sprint Capital

      

8.750%, 03/15/32

      100,000        124,125  

Sprint Spectrum

      

3.360%, 09/20/21 (B)

      112,500        112,837  

Verizon Communications

      

4.862%, 08/21/46

      25,000        29,141  

4.016%, 12/03/29 (B)

      91,000        98,710  

Viacom

      

6.250%, VAR ICE LIBOR USD 3 Month+3.899%, 02/28/57

      145,000        153,259  

Walt Disney

      

6.150%, 03/01/37 (B)

      30,000        40,971  
     

 

 

  
        2,031,818  
     

 

 

  

CONSUMER DISCRETIONARY — 3.2%

 

Amazon.com

      

5.200%, 12/03/25

      70,000        81,320  

Anheuser-Busch InBev Worldwide

      

5.800%, 01/23/59

      90,000        115,568  

5.450%, 01/23/39

      105,000        127,090  

4.150%, 01/23/25

      115,000        123,781  

AutoNation

      

3.800%, 11/15/27

      5,000        4,951  

Bayer US Finance

      

3.375%, 10/08/24 (B)

      30,000        30,292  

Enterprise Development Authority

      

12.000%, 07/15/24 (B)

      100,000        111,250  

General Motors

      

4.875%, 10/02/23

      175,000        186,316  

General Motors Financial

      

3.450%, 04/10/22

      25,000        25,320  

Kohl’s

      

5.550%, 07/17/45

      95,000        95,431  

Land O’ Lakes

      

7.250%, 06/15/68 (B)

      65,000        62,400  

6.000%, 11/15/22 (B)

      60,000        62,519  

Las Vegas Sands

      

3.200%, 08/08/24

      45,000        45,207  

 

6

THE ADVISORS’ INNER CIRCLE FUND III   

METLIFE CORE PLUS FUND

(formerly, LOGAN CIRCLE

PARTNERS CORE PLUS FUND)        

JULY 31, 2019 (Unaudited)

 

 

  CORPORATE OBLIGATIONS — continued

 

      
     Face
    Amount    		              Value          

CONSUMER DISCRETIONARY — continued

 

Lowe’s

      

3.650%, 04/05/29

    $ 90,000      $ 94,155  

Newell Brands

      

5.000%, 11/15/23

      120,000        123,429  

NVR

      

3.950%, 09/15/22

      65,000        66,658  

QVC

      

4.375%, 03/15/23

      80,000        82,103  
     

 

 

  
        1,437,790  
     

 

 

  

CONSUMER STAPLES — 1.4%

 

Altria Group

      

10.200%, 02/06/39

      40,000        63,062  

9.250%, 08/06/19

      58,000        58,042  

4.400%, 02/14/26

      160,000        170,660  

Constellation Brands

      

4.400%, 11/15/25

      45,000        49,319  

Kraft Heinz Foods

      

4.875%, 02/15/25 (B)

      215,000        221,834  

Reynolds American

      

8.125%, 05/01/40

      45,000        59,121  

6.875%, 05/01/20

      30,000        30,938  
     

 

 

  
        652,976  
     

 

 

  

ENERGY — 4.6%

 

Canadian Oil Sands

      

4.500%, 04/01/22 (B)

      30,000        31,006  

Cenovus Energy

      

6.750%, 11/15/39

      10,000        12,000  

4.250%, 04/15/27

      175,000        180,251  

Concho Resources

      

3.750%, 10/01/27

      105,000        108,152  

Devon Financing

      

7.875%, 09/30/31

      55,000        77,118  

Energy Transfer Operating

      

5.250%, 04/15/29

      115,000        128,511  

4.500%, 04/15/24

      65,000        69,056  

Eni

      

4.000%, 09/12/23 (B)

      200,000        208,756  

EnLink Midstream Partners

      

5.050%, 04/01/45

      105,000        88,200  

 

7

THE ADVISORS’ INNER CIRCLE FUND III   

METLIFE CORE PLUS FUND

(formerly, LOGAN CIRCLE

PARTNERS CORE PLUS FUND)        

JULY 31, 2019 (Unaudited)

 

 

  CORPORATE OBLIGATIONS — continued

 

      
     Face
    Amount    		              Value          

ENERGY — continued

 

Enterprise Products Operating

      

4.200%, 01/31/50

    $ 155,000      $ 158,002  

EQM Midstream Partners

      

5.500%, 07/15/28

      10,000        10,049  

Hess

      

6.000%, 01/15/40

      100,000        108,683  

MPLX

      

4.800%, 02/15/29

      65,000        71,153  

National Oilwell Varco

      

2.600%, 12/01/22

      145,000        144,376  

Petroleos Mexicanos MTN

      

4.625%, 09/21/23

      95,000        93,622  

Rockies Express Pipeline

      

4.950%, 07/15/29 (B)

      70,000        71,797  

Sabine Pass Liquefaction

      

5.750%, 05/15/24

      215,000        238,515  

Saudi Arabian Oil MTN

      

2.875%, 04/16/24 (B)

      200,000        201,689  

Tennessee Gas Pipeline

      

8.375%, 06/15/32

      75,000        101,365  
     

 

 

  
        2,102,301  
     

 

 

  

FINANCIALS — 10.0%

 

American Express

      

3.700%, 08/03/23

      75,000        78,325  

Apollo Management Holdings

      

5.000%, 03/15/48 (B)

      65,000        69,835  

4.400%, 05/27/26 (B)

      60,000        63,248  

4.000%, 05/30/24 (B)

      15,000        15,585  

Athene Global Funding

      

3.000%, 07/01/22 (B)

      45,000        45,554  

Athene Holding

      

4.125%, 01/12/28

      90,000        90,859  

AXA Equitable Holdings

      

3.900%, 04/20/23

      75,000        78,099  

Bank of America

      

5.875%, VAR ICE LIBOR USD 3 Month+2.931%, 09/15/67

      65,000        68,913  

3.366%, VAR ICE LIBOR USD 3 Month+0.810%, 01/23/26

      110,000        113,143  

Bank of America MTN

      

4.271%, VAR ICE LIBOR USD 3 Month+1.310%, 07/23/29

      20,000        21,852  

4.000%, 01/22/25

      70,000        73,475  

 

8

THE ADVISORS’ INNER CIRCLE FUND III   

METLIFE CORE PLUS FUND

(formerly, LOGAN CIRCLE

PARTNERS CORE PLUS FUND)        

JULY 31, 2019 (Unaudited)

 

 

  CORPORATE OBLIGATIONS — continued

 

      
     Face
    Amount    		              Value          

FINANCIALS — continued

 

Barclays MTN

      

4.338%, VAR ICE LIBOR USD 3 Month+1.356%, 05/16/24

    $ 175,000      $ 179,799  

BB&T MTN

      

3.875%, 03/19/29

      75,000        80,090  

BGC Partners

      

5.375%, 07/24/23

      65,000        69,104  

Canadian Imperial Bank of Commerce

      

3.500%, 09/13/23

      165,000        172,089  

Cantor Fitzgerald

      

4.875%, 05/01/24 (B)

      65,000        67,786  

Citigroup

      

8.125%, 07/15/39

      90,000        145,029  

4.650%, 07/23/48

      55,000        64,710  

Citigroup Capital III

      

7.625%, 12/01/36

      15,000        19,352  

Discover Bank

      

4.650%, 09/13/28

      110,000        121,182  

European Investment Bank

      

2.250%, 06/24/24

      210,000        213,448  

Farmers Exchange Capital III

      

5.454%, VAR ICE LIBOR USD 3 Month+3.454%, 10/15/54 (B)

      55,000        61,539  

Fifth Third Bancorp

      

3.650%, 01/25/24

      75,000        78,494  

Fifth Third Bank

      

2.875%, 10/01/21

      130,000        131,199  

First Union Capital II

      

7.950%, 11/15/29

      35,000        47,076  

Goldman Sachs Group

      

4.411%, VAR ICE LIBOR USD 3 Month+1.430%, 04/23/39

      25,000        27,306  

3.688%, VAR ICE LIBOR USD 3 Month+1.170%, 05/15/26

      15,000        15,035  

3.272%, VAR ICE LIBOR USD 3 Month+1.201%, 09/29/25

      110,000        112,287  

Goldman Sachs Group MTN

      

4.006%, VAR ICE LIBOR USD 3 Month+1.750%, 10/28/27

      105,000        108,859  

HSBC Bank

      

7.650%, 05/01/25

      75,000        89,780  

HSBC Bank USA, NY

      

5.875%, 11/01/34

      20,000        25,419  

ING Bank

      

5.800%, 09/25/23 (B)

      235,000        259,449  

JBS Investments GmbH

      

6.250%, 02/05/23 (B)

      200,000        203,502  

 

9

THE ADVISORS’ INNER CIRCLE FUND III   

METLIFE CORE PLUS FUND

(formerly, LOGAN CIRCLE

PARTNERS CORE PLUS FUND)        

JULY 31, 2019 (Unaudited)

 

 

  CORPORATE OBLIGATIONS — continued

 

      
     Face
    Amount    		              Value          

FINANCIALS — continued

 

JPMorgan Chase

      

5.000%, VAR United States Secured Overnight Financing Rate+3.380%, 02/01/68

    $ 60,000      $ 60,600  

4.452%, VAR ICE LIBOR USD 3 Month+1.330%, 12/05/29

      55,000        61,455  

3.875%, 09/10/24

      45,000        47,233  

KKR Group Finance III

      

5.125%, 06/01/44 (B)

      40,000        44,890  

Mercury General

      

4.400%, 03/15/27

      10,000        10,283  

Mitsubishi UFJ Financial Group

      

3.195%, 07/18/29

      140,000        141,897  

Morgan Stanley MTN

      

4.431%, VAR ICE LIBOR USD 3 Month+1.628%, 01/23/30

      25,000        27,652  

3.875%, 04/29/24

      145,000        153,159  

3.750%, 02/25/23

      40,000        41,628  

Mutual of Omaha Insurance

      

4.297%, VAR ICE LIBOR USD 3 Month+2.640%, 07/15/54 (B)

      15,000        15,342  

Royal Bank of Scotland Group

      

3.875%, 09/12/23

      200,000        203,660  

Santander Holdings USA

      

4.450%, 12/03/21

      125,000        129,549  

SunTrust Bank

      

4.050%, 11/03/25

      80,000        86,279  

Synchrony Financial

      

2.850%, 07/25/22

      50,000        50,023  

Toronto-Dominion Bank MTN

      

2.125%, 04/07/21

      110,000        109,863  

Validus Holdings

      

8.875%, 01/26/40

      115,000        176,648  

Wells Fargo

      

3.069%, 01/24/23

      85,000        86,243  

Wells Fargo MTN

      

4.750%, 12/07/46

      20,000        22,996  

4.150%, 01/24/29

      80,000        87,319  

3.196%, VAR ICE LIBOR USD 3 Month+1.170%, 06/17/27

      65,000        66,298  
     

 

 

  
        4,634,439  
     

 

 

  

HEALTH CARE — 2.0%

 

AbbVie

      

3.750%, 11/14/23

      65,000        67,710  

 

10

THE ADVISORS’ INNER CIRCLE FUND III   

METLIFE CORE PLUS FUND

(formerly, LOGAN CIRCLE

PARTNERS CORE PLUS FUND)        

JULY 31, 2019 (Unaudited)

 

 

  CORPORATE OBLIGATIONS — continued

 

      
     Face
    Amount    		              Value          

HEALTH CARE — continued

 

AstraZeneca

      

2.375%, 06/12/22

    $ 110,000      $ 110,280  

Bristol-Myers Squibb

      

2.900%, 07/26/24 (B)

      65,000        66,469  

Celgene

      

3.900%, 02/20/28

      65,000        69,802  

Cigna

      

3.200%, 09/17/20 (B)

      65,000        65,461  

CVS Health

      

4.100%, 03/25/25

      10,000        10,523  

3.700%, 03/09/23

      100,000        103,175  

3.350%, 03/09/21

      105,000        106,369  

HCA

      

4.125%, 06/15/29

      85,000        87,071  

Mylan

      

3.950%, 06/15/26

      70,000        71,426  

Takeda Pharmaceutical

      

4.400%, 11/26/23 (B)

      210,000        224,265  
     

 

 

  
        982,551  
     

 

 

  

INDUSTRIALS — 2.4%

 

AerCap Ireland Capital DAC

      

5.000%, 10/01/21

      190,000        198,802  

Equifax

      

3.950%, 06/15/23

      130,000        135,388  

GE Capital International Funding Unlimited Co

      

4.418%, 11/15/35

      200,000        202,260  

2.342%, 11/15/20

      200,000        199,141  

General Electric MTN

      

5.875%, 01/14/38

      40,000        46,849  

Global Aircraft Leasing cash/0% PIK

      

6.500% cash/0% PIK, 09/15/24 (B)

      45,000        44,802  

United Airlines Pass-Through Trust, Ser 2018-1

      

4.600%, 03/01/26

      19,330        19,971  

United Technologies

      

3.950%, 08/16/25

      65,000        69,976  

3.650%, 08/16/23

      135,000        141,415  

Waste Management

      

3.450%, 06/15/29

      100,000        105,271  
     

 

 

  
        1,163,875  
     

 

 

  

 

11

THE ADVISORS’ INNER CIRCLE FUND III   

METLIFE CORE PLUS FUND

(formerly, LOGAN CIRCLE

PARTNERS CORE PLUS FUND)        

JULY 31, 2019 (Unaudited)

 

 

  CORPORATE OBLIGATIONS — continued

 

      
     Face
    Amount    		              Value          

INFORMATION TECHNOLOGY — 1.7%

 

Avnet

      

4.875%, 12/01/22

    $ 90,000      $ 95,325  

Broadcom

      

4.250%, 04/15/26 (B)

      85,000        85,649  

3.125%, 04/15/21 (B)

      125,000        125,691  

Dell International

      

8.350%, 07/15/46 (B)

      85,000        108,375  

Fiserv

      

3.500%, 07/01/29

      85,000        86,957  

2.750%, 07/01/24

      85,000        85,637  

Marvell Technology Group

      

4.200%, 06/22/23

      80,000        83,592  

QUALCOMM

      

2.600%, 01/30/23

      100,000        100,377  
     

 

 

  
        771,603  
     

 

 

  

MATERIALS — 1.2%

 

Blue Cube Spinco

      

10.000%, 10/15/25

      185,000        208,356  

Braskem Finance

      

6.450%, 02/03/24

      60,000        66,642  

CF Industries

      

5.375%, 03/15/44

      175,000        164,500  

New

      

6.250%, 11/15/22 (B)

      77,000        73,535  
     

 

 

  
        513,033  
     

 

 

  

REAL ESTATE — 0.6%

 

Brixmor Operating Partnership

      

4.125%, 05/15/29

      45,000        47,386  

CubeSmart

      

4.375%, 02/15/29

      40,000        42,850  

ERP Operating

      

4.150%, 12/01/28

      40,000        44,408  

Newmark Group

      

6.125%, 11/15/23

      110,000        118,115  
     

 

 

  
        252,759  
     

 

 

  

UTILITIES — 1.7%

 

CenterPoint Energy

      

3.600%, 11/01/21

      70,000        71,622  

 

12

THE ADVISORS’ INNER CIRCLE FUND III   

METLIFE CORE PLUS FUND

(formerly, LOGAN CIRCLE

PARTNERS CORE PLUS FUND)        

JULY 31, 2019 (Unaudited)

 

 

  CORPORATE OBLIGATIONS — continued

 

      
     Face
    Amount    		              Value          

UTILITIES — continued

 

Dominion Energy

      

0.000%, 08/15/24

    $ 110,000      $ 110,968  

Evergy

      

0.000%, 06/15/22

      115,000        122,283  

Exelon

      

2.850%, 06/15/20

      105,000        105,264  

Public Service of Colorado

      

2.250%, 09/15/22

      110,000        109,680  

Vistra Operations

      

4.300%, 07/15/29 (B)

      195,000        196,104  

3.550%, 07/15/24 (B)

      110,000        110,761  
     

 

 

  
       

 

 826,682

 

  

 

     

 

 

  

TOTAL CORPORATE OBLIGATIONS
(Cost $14,607,403)

 

 

        

 

 15,369,827

 

  

 

     

 

 

  
     

  U.S. TREASURY OBLIGATIONS — 19.3%

 

      

U.S. Treasury Bills

      

2.106%, 08/13/19 (C)

      1,650,000        1,648,865  

U.S. Treasury Bonds

      

3.000%, 08/15/48 to 02/15/49

      1,885,000        2,067,806  

2.875%, 05/15/49

      775,000        831,339  

U.S. Treasury Notes

      

2.375%, 05/15/29

      1,105,000        1,139,531  

2.125%, 05/31/26

      1,170,000        1,184,442  

1.750%, 06/30/24 to 07/31/24

      2,075,000        2,065,629  
     

 

 

  

TOTAL U.S. TREASURY OBLIGATIONS
(Cost $8,806,729)

 

        

 

 8,937,612

 

  

 

     

 

 

  
     

  ASSET-BACKED SECURITIES — 12.5%

 

      

1345 Avenue of the Americas & Park Avenue Plaza Trust, Ser 2005-1, Cl A3

      

5.278%, 08/10/35 (B)

      25,000        27,469  

A10 Term Asset Financing, Ser 2017-1A, Cl A1FX

      

2.340%, 03/15/36 (B)

      31,384        31,264  

AccessLex Institute, Ser 2003-A

      

3.310%, 07/01/38 (A)

      10,087        10,050  

 

13

THE ADVISORS’ INNER CIRCLE FUND III   

METLIFE CORE PLUS FUND

(formerly, LOGAN CIRCLE PARTNERS CORE PLUS FUND)        

JULY 31, 2019 (Unaudited)

 

 

  ASSET-BACKED SECURITIES — continued

 

      
     Face
    Amount    		              Value          

AccessLex Institute, Ser 2003-A, Cl A3

      

3.260%, VAR H15T3M+1.200%, 07/01/38

    $ 6,456      $ 6,381  

AccessLex Institute, Ser 2006-1, Cl B

      

2.971%, VAR ICE LIBOR USD 3 Month+0.450%, 08/25/37

      27,302        26,291  

AccessLex Institute, Ser 2007-A, Cl A3

      

2.821%, VAR ICE LIBOR USD 3 Month+0.300%, 05/25/36

      197,917        195,023  

American Tower Trust #1, Ser 2013-13, Cl 2A

      

3.070%, 03/15/48 (B)

      65,000        65,552  

Ascentium Equipment Receivables Trust, Ser 2018-1A, Cl A3

      

3.210%, 09/11/23 (B)

      30,000        30,249  

Aventura Mall Trust, Ser 2013-AVM, Cl A

      

3.743%, 12/05/32 (A) (B)

      100,000        101,077  

Carlyle Global Market Strategies CLO, Ser 2018-2A, Cl A1R

      

3.036%, VAR ICE LIBOR USD 3 Month+0.780%, 04/27/27 (B)

      250,000        249,659  

Chesapeake Funding II, Ser 2019-1A, Cl A1

      

2.940%, 04/15/31 (B)

      199,590        201,585  

College Ave Student Loans, Ser 2019-A, Cl A2

      

3.280%, 12/28/48 (B)

      225,000        224,280  

Commonbond Student Loan Trust, Ser 2018-BGS, Cl A1

      

3.560%, 09/25/45 (B)

      299,750        306,725  

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

      

3.200%, 01/25/40 (B)

      37,258        37,730  

Drive Auto Receivables Trust, Ser 2019-3, Cl A3

      

2.490%, 06/15/23

      130,000        129,946  

Finance of America Structured Securities Trust, Ser 2018-HB1, Cl M2

      

4.087%, 09/25/28 (A) (B)

      365,000        367,220  

Foursight Capital Automobile Receivables Trust, Ser 2018-1, Cl A3

      

3.240%, 09/15/22 (B)

      375,000        376,633  

FWDSecuritization Trust, Ser 2019-INV1, Cl A1

      

2.810%, 06/25/49 (A) (B)

      205,000        204,580  

Hertz Fleet Lease Funding, Ser 2019-1, Cl E

      

4.620%, 01/10/33 (B)

      105,000        105,872  

Hilton Grand Vacations Trust, Ser 2014-AA, Cl A

      

1.770%, 11/25/26 (B)

      130,303        129,564  

LCM XIII, Ser 2019-13A, Cl ARR

      

3.324%, VAR ICE LIBOR USD 3 Month+1.140%, 07/19/27 (B)

      250,000        250,000  

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

      

2.936%, 11/15/46

      18,857        19,115  

Morgan Stanley Capital I Trust, Ser 2007-TOP27, Cl AJ

      

5.946%, 06/11/42 (A)

      119,829        126,597  

 

14

THE ADVISORS’ INNER CIRCLE FUND III   

METLIFE CORE PLUS FUND

(formerly, LOGAN CIRCLE

PARTNERS CORE PLUS FUND)        

JULY 31, 2019 (Unaudited)

 

 

  ASSET-BACKED SECURITIES — continued

 

      
     Face
    Amount    		              Value          

Morgan Stanley Dean Witter Capital I Trust, Ser 2001-TOP3, Cl E

      

7.626%, 07/15/33 (A) (B)

    $ 30,201      $ 31,587  

OBX Trust, Ser 2018-1, Cl A2

      

2.916%, VAR ICE LIBOR USD 1 Month+0.650%, 06/25/57 (B)

      57,624        57,314  

OBX Trust, Ser 2019-INV1, Cl A8

      

4.000%, 11/25/48 (A) (B)

      314,969        322,887  

Ocean Trails CLO IV, Ser 2017-4A, Cl AR

      

3.435%, VAR ICE LIBOR USD 3 Month+0.900%, 08/13/25 (B)

      197,019        196,972  

Orange Lake Timeshare Trust, Ser 2018-A, Cl A

      

3.100%, 11/08/30 (B)

      280,156        283,480  

Orange Lake Timeshare Trust, Ser 2019-A, Cl A

      

3.060%, 04/09/38 (B)

      194,803        196,667  

Renaissance Home Equity Loan Trust, Ser 2005-4, Cl A3

      

5.565%, 02/25/36

      356        356  

RMF Buyout Issuance Trust, Ser 2018-1, Cl A

      

3.436%, 11/25/28 (A) (B)

      121,556        121,612  

SLM Private Credit Student Loan Trust, Ser 2004-B, Cl A3

      

2.740%, VAR ICE LIBOR USD 3 Month+0.330%, 03/15/24

      17,985        17,909  

Sofi Consumer Loan Program Trust, Ser 2017-3, Cl A

      

2.770%, 05/25/26 (B)

      53,400        53,405  

Sofi Consumer Loan Program Trust, Ser 2017-6, Cl A2

      

2.820%, 11/25/26 (B)

      100,000        100,003  

Sofi Consumer Loan Program Trust, Ser 2017-6, Cl C

      

4.020%, 11/25/26 (B)

      115,000        116,958  

Sofi Consumer Loan Program Trust, Ser 2018-2, Cl A1

      

2.930%, 04/26/27 (B)

      166,197        166,335  

Sofi Consumer Loan Program Trust, Ser 2018-2, Cl A2

      

3.350%, 04/26/27 (B)

      150,000        150,984  

SoFi Consumer Loan Program Trust, Ser 2019-3, Cl A

      

2.900%, 05/25/28 (B)

      215,000        215,595  

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

      

2.550%, 08/27/29 (B)

      110,660        110,654  

SoFi Professional Loan Program, Ser 2016-D, Cl A2B

      

2.340%, 04/25/33 (B)

      253,509        252,500  

South Carolina Student Loan, Ser 2015-A, Cl A

      

3.766%, VAR ICE LIBOR USD 1 Month+1.500%, 01/25/36

      167,809        168,145  
     

 

 

  

TOTAL ASSET-BACKED SECURITIES
(Cost $5,739,240)

         5,786,225  
     

 

 

  

 

15

THE ADVISORS’ INNER CIRCLE FUND III   

METLIFE CORE PLUS FUND

(formerly, LOGAN CIRCLE

PARTNERS CORE PLUS FUND)        

JULY 31, 2019 (Unaudited)

 

 

  U.S GOVERNMENT AGENCY OBLIGATION — 2.4%

 

      
     Face
    Amount    		              Value          

FHLB DN

      

2.174%, 08/13/19 (C)

    $ 1,105,000      $ 1,104,201  
     

 

 

  

    (Cost $1,104,201)

         1,104,201  
     

 

 

  
     

  MUNICIPAL BONDS — 0.2%

 

      

GEORGIA — 0.2%

      

Municipal Electric Authority of Georgia, Ser 2010-A, RB

      

7.055%, 04/01/57

      40,000        53,880  

6.637%, 04/01/57

      30,000        38,526  
     

 

 

  

TOTAL MUNICIPAL BONDS
(Cost $86,709)

         92,406  
     

 

 

  
     

  LOAN PARTICIPATIONS — 0.1%

 

      

SS&C Technologies Holdings, Term B-3 Loan, 1st Lien

      

4.484%, 04/16/25 (A)

      24,810        24,795  

Sungard AS, Term Loan

      

0.000%, 02/03/22 (D)

      4,245        4,245  

Sungard AS, Term Loan, 3rd Lien

      

0.000%, 11/03/22 (D)

      13,360        12,180  
     

 

 

  

TOTAL LOAN PARTICIPATIONS
(Cost $41,404)

         41,220  
     

 

 

  
     

  COMMON STOCK — 0.0%

 

      
     Shares         

INFORMATION TECHNOLOGY — 0.0%

      

Sungard AS *

      190        4,750  
     

 

 

  

TOTAL COMMON STOCK
(Cost $4,750)

         4,750  
     

 

 

  

TOTAL INVESTMENTS — 102.5%
(Cost $46,185,599)

       $ 47,392,916  
     

 

 

  

 

16

THE ADVISORS’ INNER CIRCLE FUND III   

METLIFE CORE PLUS FUND

(formerly, LOGAN CIRCLE

PARTNERS CORE PLUS FUND)        

JULY 31, 2019 (Unaudited)

 

 

Open futures contracts held by the Fund at July 31, 2019 are as follows:

 

Type of Contract    Number of
Contracts
Long (Short)		      Expiration
Date		      Notional
Amount		      Value      Unrealized
Appreciation		  

U.S. 2-Year Treasury Note

      (1)        Oct-2019      $ (214,498)      $ (214,406)      $ 92  

U.S. 10-Year Treasury Note

      39        Sep-2019        4,948,437        4,969,453        21,016  
        

 

 

     

 

 

     

 

 

  
         $   4,733,939      $   4,755,047      $                 21,108  
        

 

 

     

 

 

     

 

 

  

Percentages are based on Net Assets of $46,224,695.

*

Non-income producing security.

(A)

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.

(B)

Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “accredited investors.” The total value of these securities at July 31, 2019 was $10,219,121 and represents 22.1% of Net Assets.

(C)

Zero coupon security. The rate reported on the Schedule of Investments is the effective yield at time of purchase.

(D)

Unsettled bank loan, interest rate not available.

Cl — Class

CLO — Collateralized Loan Obligation

DN — Discount Note

FHLB — Federal Home Loan Bank

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

FREMF — Freddie Mac Multi-Family

GNMA — Government National Mortgage Association

ICE — Intercontinental Exchange

IO — Interest Only - face amount represents notional amount

LIBOR — London Interbank Offered Rates

MTN — Medium Term Note

PIK — Payment in-kind

RB — Revenue Bond

Ser — Series

TBA — To Be Announced

USD — U.S. Dollar

VAR — Variable Rate

 

17

THE ADVISORS’ INNER CIRCLE FUND III   

METLIFE CORE PLUS FUND

(formerly, LOGAN CIRCLE

PARTNERS CORE PLUS FUND)        

JULY 31, 2019 (Unaudited)

 

 

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

 

Investments in Securities

          Level 1                  Level 2                  Level 3                    Total          

Mortgage-Backed Securities

        $ —          $ 16,056,675          $ —          $ 16,056,675  

Corporate Obligations

      —        15,369,827        —        15,369,827  

U.S. Treasury Obligations

      —        8,937,612        —        8,937,612  

Asset-Backed Securities

      —        5,786,225        —        5,786,225  

U.S Government Agency Obligation

      —        1,104,201        —        1,104,201  

Municipal Bonds

      —        92,406        —        92,406  

Loan Participations

      —        41,220        —        41,220  

Common Stock

      4,750        —        —        4,750  

 

   

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments in Securities

        $ 4,750          $     47,388,166          $ —          $     47,392,916  

 

   

 

 

     

 

 

     

 

 

     

 

 

  
                             
Other Financial Instruments          Level 1                  Level 2                  Level 3                    Total          

Futures Contracts*

            

Unrealized Appreciation

        $     21,108          $ –          $ –          $ 21,108  
  

 

 

  

Total Other Financial Instruments

        $ 21,108          $ –          $ –          $ 21,108  
  

 

 

     

 

 

     

 

 

     

 

 

  

* Futures are valued at the unrealized appreciation on the instrument.

Amounts designated as “—” are $0.

For the period ended July 31, 2019 there have been no transfers between Level 1 and Level 2 assets and liabilities. For the period ended July 31, 2019, there have been no transfers between Level 2 and Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of each period.

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

LCP-QH-001-1000

 

18

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: September 25, 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: September 25, 2019

 

By (Signature and Title)      

/s/ Stephen Connors

      Stephen Connors
      Treasurer, Controller, and CFO

Date: September 25, 2019