UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number 811-22920

The Advisors’ Inner Circle Fund III

(Exact name of registrant as specified in charter)

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: (877) 446-3863

Date of fiscal year end: October 31, 2022

Date of reporting period: October 31, 2022

Item 1. Reports to Stockholders.

A copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the “Act”) (17 CFR § 270.30e-1), is attached hereto.

The Advisors’ Inner Circle Fund III

Long Duration U.S. Credit Fund

U.S. Credit Fund

Retirement Income 2040 Fund

Cash Flow Matched Bond Fund

Global Developed Equity Index Fund

                Annual Report October 31, 2022                

Investment Advisor:

Legal and General Investment Management America

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	October 31, 2022

TABLE OF CONTENTS

Shareholders’ Letter	1
Schedule of Investments	11
Statements of Assets and Liabilities	97
Statements of Operations	100
Statements of Changes in Net Assets	103
Financial Highlights	108
Notes to Financial Statements	113
Report of Independent Registered Public Accounting Firm	127
Disclosure of Fund Expenses	130
Trustees and Officers of the Advisors’ Inner Circle Fund III	132
Approval of Investment Advisory Agreement	138
Notice to Shareholders	141

The Fund files its complete schedule of investments with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year as an exhibit to its report on Form N-PORT (Form N-Q for filings prior to March 31, 2020). The Fund’s Forms N-Q and N-PORT are available on the SEC’s website at http://www.sec.gov, and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to fund securities, as well as information relating to how the Fund voted proxies relating to fund securities during the most recent 12-month period ended June 30, will be available (i) without charge, upon request, by calling 1-833-44-LGIMA; and (ii) on the Commission’s website at http://www.sec.gov.

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	Long Duration U.S. Credit Fund
	October 31, 2022
	(Unaudited)

SHAREHOLDERS’ LETTER

Dear Shareholder,

LGIM America’s Long Duration Credit Fund returned -30.05% from October 31, 2021, and October 31, 2022, outperforming its benchmark, the Bloomberg US Long Credit Index, by 61 basis points.

Speaking to our attribution of our performance; over the past year we adopted a defensive bias in US investment grade credit, our cautious view on investment grade was a principal driver of outperformance over the past year. The fund’s Treasury holdings hovered around the high end of the historical range over the period, and this persistent underweight in credit led to strong gains in asset allocation. In terms of sector performance, the portfolio benefited from overweights in defensive sectors that retained pricing power like food and beverage, while our constructive view on the midstream sector was also additive. Conversely, our overweight in banking was dilutive largely due to aggressive issuance in the sector, while our overweight in tobacco and underweight in pharmaceuticals also subtracted from performance. Lastly, security selection decisions were a positive contributor over the past year as we oriented portfolios in favor of issuers with identifiable positive catalysts to de-lever.

As we approach the turn of the calendar to 2023, we note the monetary policy endgame is now in view, but it is unclear precisely how far away. In the fourth quarter, we have alternated between a neutral to negative stance on investment grade credit. Our bear case hinged on mounting evidence that the economy is headed for recession in 2023 and a recognition that the “Fed put” would not be invoked as readily as it has in the past. However, attractive valuations served to limit how underweight we were willing to be in an environment where investor pessimism was prevalent. Given the recent rally in credit, the positive valuation argument has meaningfully weakened, catapulting our recession and “restrictive for longer” Fed calls as the clear-cut dominant investment themes. Consequently, we prefer to fade recent strength as we expect widening pressures to reemerge next year. However, we would note that as of today we have not identified a problem sector(s) that typically emerge ahead of recession, suggesting that we may not see a dramatic spike in fallen angels this cycle. Consequently, investment grade spreads may not balloon to levels consistent with your garden variety recession and thus attractive entry points to become constructive on the asset class may be at tighter levels than in past downturns.

Source: LGIM America and Bloomberg.

Definition of the Comparative Index

The Bloomberg US Long Credit Index measures the investment grade, US dollar-denominated, fixed-rate, taxable corporate and government-related bond markets with remaining maturity of greater than or equal to 10 years.

1

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	Long Duration U.S. Credit Fund
	October 31, 2022
	(Unaudited)

	TOTAL RETURN                         FOR  THE YEAR ENDED OCTOBER 31, 2022
	One Year	Annualized Inception to Date*
W Class Shares	-30.05%	-19.46%
Bloomberg US Long  Credit Index	-30.66%	-19.77%

* The Fund commenced operations on May 27, 2021.

The Fund’s performance assumes the reinvestment of dividends and capital gains. Index returns assume reinvestment of dividends and, unlike a portfolio’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative index on previous page.

2

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	U.S. Credit Fund
	October 31, 2022
	(Unaudited)

SHAREHOLDERS’ LETTER

Dear Shareholder,

LGIM America’s US Credit Fund returned -18.74% between December 20, 2021, and October 31, 2022, outperforming its benchmark, the Bloomberg US Long Credit Index, by 3 basis points.

Speaking to our attribution of our performance; over the past year we adopted a defensive bias in US investment grade credit, our cautious view on investment grade was a principal driver of outperformance over the past year. The fund’s Treasury holdings hovered around the high end of the historical range over the period, and this persistent underweight in credit led to strong gains in asset allocation. In terms of sector performance, the portfolio benefited from overweights in health insurance and aerospace/defense. Conversely, our overweight in banking was dilutive largely due to aggressive issuance in the sector, while our overweight in tobacco and underweight in supranationals also subtracted from performance. Lastly, security selection decisions were a positive contributor over the past year as we oriented portfolios in favor of issuers with identifiable positive catalysts to de-lever.

As we approach the turn of the calendar to 2023, we note the monetary policy endgame is now in view, but it is unclear precisely how far away. In the fourth quarter, we have alternated between a neutral to negative stance on investment grade credit. Our bear case hinged on mounting evidence that the economy is headed for recession in 2023 and a recognition that the “Fed put” would not be invoked as readily as it has in the past. However, attractive valuations served to limit how underweight we were willing to be in an environment where investor pessimism was prevalent. Given the recent rally in credit, the positive valuation argument has meaningfully weakened, catapulting our recession and “restrictive for longer” Fed calls as the clear-cut dominant investment themes. Consequently, we prefer to fade recent strength as we expect widening pressures to reemerge next year. However, we would note that as of today we have not identified a problem sector(s) that typically emerge ahead of recession, suggesting that we may not see a dramatic spike in fallen angels this cycle. Consequently, investment grade spreads may not balloon to levels consistent with your garden variety recession and thus attractive entry points to become constructive on the asset class may be at tighter levels than in past downturns.

Source: LGIM America and Bloomberg.

Definition of the Comparative Index

The Bloomberg US Long Credit Index measures the investment grade, US dollar-denominated, fixed-rate, taxable corporate and government related bond markets.

3

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	U.S. Credit Fund
	October 31, 2022
	(Unaudited)

	TOTAL RETURN         FOR THE PERIOD ENDED OCTOBER 31, 2022
	Cumulative Inception to Date*
Institutional Shares	-18.74%
Bloomberg US Long Credit Index	-18.77%

* The Fund commenced operations on December 20, 2021.

The Fund’s performance assumes the reinvestment of dividends and capital gains. Index returns assume reinvestment of dividends and, unlike a portfolio’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative index on previous page.

4

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	Retirement Income 2040 Fund
	October 31, 2022
	(Unaudited)

SHAREHOLDERS’ LETTER

Dear Shareholder,

LGIM America’s Retirement Income 2040 Fund returned -22.08% between December 22, 2021, and October 31, 2022.

For the period December 22, 2021, through October 31, 2022, the Retirement Income 2040 Fund returned -22.08%, roughly in-line with the year-to-date returns of the various underlying component benchmarks. For reference, global equities were down -20% and investment grade credit was down -20-30%, depending on duration. The fund benefited from outperformance in all of the underlying funds versus their respective benchmarks, however. That outperformance contributed approximately +40 basis points, roughly evenly split between favorable tax treatments within the equity holdings and active management alpha in the fixed income components.

Source: LGIM America and Bloomberg.

Definition of the Comparative Indices

The Bloomberg Long Duration US Credit Index measures the investment grade, US dollar-denominated, fixed-rate, taxable corporate and government-related bond markets with remaining maturity of greater than or equal to 10 years.

The Bloomberg 1-5 Year Corporate Index measures the investment grade, US dollar-denominated, fixed-rate, taxable corporate and government-related bond markets with maturity of greater than or equal to 1 to 5 years.

The Bloomberg US Credit Index measures the investment grade, US dollar-denominated, fixed-rate, taxable corporate and government related bond markets.

The MSCI World Index captures large and mid-cap representation across 23 Developed Markets countries.

5

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	Retirement Income 2040 Fund
	October 31, 2022
	(Unaudited)

	TOTAL RETURN     FOR THE PERIOD ENDED OCTOBER 31, 2022
	Cumulative Inception to Date*
W Class Shares	-22.08%
MSCI World Index	-18.50%
Bloomberg 1-5 Year Corporate Index	-7.71%
Bloomberg Long Duration US Credit Index	-30.64%
Bloomberg US Credit Index	-18.86%

* The Fund commenced operations on December 22, 2021.

The Fund’s performance assumes the reinvestment of dividends and capital gains. Index returns assume reinvestment of dividends and, unlike a portfolio’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative index on previous page.

6

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	Cash Flow Matched Bond Fund
	October 31, 2022
	(Unaudited)

SHAREHOLDERS’ LETTER

Dear Shareholder,

LGIM America’s Cash Flow Matched Bond Fund returned -6.57% between December 20, 2021, and October 31, 2022, outperforming its benchmark, the Bloomberg 1-5 Year Credit Index, by 94 basis points.

Speaking to our attribution of our performance; over the past year we adopted a defensive bias in US investment grade credit, our cautious view on investment grade was a principal driver of outperformance over the past year. The fund’s Treasury holdings hovered around the high end of the historical range over the period, and this persistent underweight in credit led to strong gains in asset allocation. In terms of sector performance, the portfolio benefited from overweights in defensive sectors that retained pricing power like food and beverage, while our underweight in banking was also additive. Conversely, our underweight in supranationals subtracted from performance. Lastly, security selection decisions were a positive contributor over the past year as we oriented portfolios in favor of issuers with identifiable positive catalysts to de-lever.

As we approach the turn of the calendar to 2023, we note the monetary policy endgame is now in view, but it is unclear precisely how far away. In the fourth quarter, we have alternated between a neutral to negative stance on investment grade credit. Our bear case hinged on mounting evidence that the economy is headed for recession in 2023 and a recognition that the “Fed put” would not be invoked as readily as it has in the past. However, attractive valuations served to limit how underweight we were willing to be in an environment where investor pessimism was prevalent. Given the recent rally in credit, the positive valuation argument has meaningfully weakened, catapulting our recession and “restrictive for longer” Fed calls as the clear-cut dominant investment themes. Consequently, we prefer to fade recent strength as we expect widening pressures to reemerge next year. However, we would note that as of today we have not identified a problem sector(s) that typically emerge ahead of recession, suggesting that we may not see a dramatic spike in fallen angels this cycle. Consequently, investment grade spreads may not balloon to levels consistent with your garden variety recession and thus attractive entry points to become constructive on the asset class may be at tighter levels than in past downturns.

Source: LGIM America and Bloomberg.

Definition of the Comparative Index

The Bloomberg 1-5 Year Credit Index includes all medium and larger issues of U.S. government, investment-grade corporate, and investment-grade international dollar-denominated bonds that have maturities of between 1 and 5 years and are publicly issued.

7

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	Cash Flow Matched Bond Fund
	October 31, 2022
	(Unaudited)

	TOTAL RETURN FOR THE PERIOD ENDED OCTOBER 31, 2022
	Cumulative Inception to Date*
Institutional Shares	-6.57%
Bloomberg 1-5 Year Credit Index	-7.66%

* The Fund commenced operations on December 20, 2021.

The Fund’s performance assumes the reinvestment of dividends and capital gains. Index returns assume reinvestment of dividends and, unlike a portfolio’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative index on previous page.

8

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	Global Developed Equity Index Fund
	October 31, 2022
	(Unaudited)

SHAREHOLDERS’ LETTER

Dear Shareholder,

LGIM America’s Global Developed Equity Index Fund returned -16.51% between December 20, 2021, and October 31, 2022.

The MSCI World index returned -20.07% year-to-date, as of October 31, 2022. The strongest country performers for the period were Portugal (-11.34%), Norway (-11.37%) and Canada (-13.59%). The weakest performers included Austria (-37.70%), Netherlands (-36.79%) and Sweden (-35.23%). Value stocks outperformed growth in the MSCI World space for the year-to-date period.

The best performing sectors for the period included energy (46.64%), health care (-9.37%) and consumer staples (-11.11%) while communications services (-36.50%), consumer discretionary (-30.51%) and information technology (-29.13%) were the worst performing.

The US dollar experienced strong performance as it returned 16.57% versus a basket of currencies as measured by the DXY (US dollar) index for the year-to-date period. The price of oil, as measured by the West Texas Intermediate spot price, rose for the period up 12.39%.

Source: LGIM America and Bloomberg.

Definition of the Comparative Index

The MSCI World Index is a broad global equity index that represents large and mid-cap equity performance across all 23 developed markets countries.

9

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	Global Developed Equity Index Fund
	October 31, 2022
	(Unaudited)

	TOTAL RETURN FOR THE PERIOD ENDED OCTOBER 31, 2022
	Cumulative Inception to Date*
Institutional Shares	-16.51%
MSCI World Index	-16.30%

* The Fund commenced operations on December 20, 2021.

The Fund’s performance assumes the reinvestment of dividends and capital gains. Index returns assume reinvestment of dividends and, unlike a portfolio’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative index on previous page.

10

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	Long Duration U.S. Credit Fund
	October 31, 2022

SECTOR WEIGHTING † (unaudited)

† Percentages are based on total investments.

SCHEDULE OF INVESTMENTS
CORPORATE OBLIGATIONS — 84.6%
	Face Amount		Value
COMMUNICATION SERVICES — 11.2%
Alphabet
1.900%, 08/15/2040	$	55,000	$	34,876
America Movil
6.125%, 03/30/2040		60,000		57,581
AT&T
4.500%, 05/15/2035		165,000		142,450
3.650%, 09/15/2059		150,000		95,003
3.550%, 09/15/2055		595,000		376,598
Charter Communications Operating
4.800%, 03/01/2050		120,000		84,732
3.900%, 06/01/2052		5,000		3,093
3.850%, 04/01/2061		5,000		2,870
3.700%, 04/01/2051		140,000		83,998
3.500%, 06/01/2041		145,000		91,435
Comcast
2.987%, 11/01/2063		20,000		11,274
2.937%, 11/01/2056		293,000		169,721
2.887%, 11/01/2051		220,000		132,160

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

11

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	Long Duration U.S. Credit Fund
	October 31, 2022

SCHEDULE OF INVESTMENTS
CORPORATE OBLIGATIONS — continued
	Face Amount		Value
COMMUNICATION SERVICES (continued)
Meta Platforms
4.650%, 08/15/2062 (A)	$	40,000	$	29,596
4.450%, 08/15/2052 (A)		165,000		122,714
NBCUniversal Media
4.450%, 01/15/2043		145,000		118,195
Paramount Global
5.850%, 09/01/2043		200,000		162,865
4.375%, 03/15/2043		35,000		23,486
Rogers Communications
5.000%, 03/15/2044		25,000		20,154
Time Warner Cable
5.875%, 11/15/2040		140,000		113,907
4.500%, 09/15/2042		65,000		44,580
T-Mobile USA
5.800%, 09/15/2062		25,000		22,934
3.000%, 02/15/2041		80,000		53,719
Verizon Communications
3.550%, 03/22/2051		365,000		246,355
3.400%, 03/22/2041		170,000		120,569
2.987%, 10/30/2056		165,000		94,930
Vodafone Group
4.250%, 09/17/2050		45,000		31,731
Walt Disney
3.600%, 01/13/2051		85,000		61,633
3.500%, 05/13/2040		110,000		84,107
2.750%, 09/01/2049		95,000		58,775
Warnermedia Holdings
5.141%, 03/15/2052 (A)		60,000		42,005
5.050%, 03/15/2042 (A)		95,000		69,459
				2,807,505
CONSUMER DISCRETIONARY — 3.8%
Amazon.com
3.950%, 04/13/2052		120,000		94,147
3.100%, 05/12/2051		120,000		80,364
2.875%, 05/12/2041		65,000		46,072
General Motors
5.600%, 10/15/2032		25,000		22,699
5.150%, 04/01/2038		65,000		53,115
Home Depot
4.950%, 09/15/2052		85,000		76,419
3.900%, 06/15/2047		5,000		3,860

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

12

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	Long Duration U.S. Credit Fund
	October 31, 2022

SCHEDULE OF INVESTMENTS
CORPORATE OBLIGATIONS — continued
	Face Amount		Value
CONSUMER DISCRETIONARY (continued)
3.625%, 04/15/2052	$	103,000	$	74,738
3.350%, 04/15/2050		80,000		55,473
3.300%, 04/15/2040		120,000		89,932
3.125%, 12/15/2049		45,000		29,905
Lowe’s
5.625%, 04/15/2053		120,000		108,190
4.450%, 04/01/2062		40,000		29,165
4.250%, 04/01/2052		20,000		14,819
Target
2.950%, 01/15/2052		20,000		12,962
University of Southern California
3.028%, 10/01/2039		200,000		151,556
				943,416
CONSUMER STAPLES — 8.0%
7-Eleven
2.800%, 02/10/2051 (A)		25,000		14,056
2.500%, 02/10/2041 (A)		60,000		36,624
Altria Group
5.950%, 02/14/2049		15,000		12,170
3.700%, 02/04/2051		75,000		43,857
3.400%, 02/04/2041		160,000		97,500
Anheuser-Busch
4.900%, 02/01/2046		365,000		316,653
4.700%, 02/01/2036		285,000		257,530
Anheuser-Busch InBev Worldwide
5.550%, 01/23/2049		140,000		132,098
BAT Capital
7.750%, 10/19/2032		20,000		20,443
4.758%, 09/06/2049		40,000		26,706
4.540%, 08/15/2047		130,000		84,183
4.390%, 08/15/2037		190,000		137,760
3.734%, 09/25/2040		5,000		3,151
Coca-Cola
2.500%, 06/01/2040		65,000		45,062
Constellation Brands
4.100%, 02/15/2048		60,000		44,579
Fomento Economico Mexicano
3.500%, 01/16/2050		60,000		38,886
JBS USA LUX
6.500%, 12/01/2052 (A)		140,000		122,249
4.375%, 02/02/2052 (A)		60,000		38,941

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

13

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	Long Duration U.S. Credit Fund
	October 31, 2022

SCHEDULE OF INVESTMENTS
CORPORATE OBLIGATIONS — continued
	Face Amount		Value
CONSUMER STAPLES (continued)
3.000%, 05/15/2032 (A)	$	60,000	$	43,871
Keurig Dr Pepper
4.500%, 04/15/2052		34,000		26,531
Kraft Heinz Foods
5.500%, 06/01/2050		65,000		59,550
5.200%, 07/15/2045		60,000		52,444
4.875%, 10/01/2049		107,000		89,009
4.375%, 06/01/2046		15,000		11,720
Nestle Holdings
4.000%, 09/24/2048 (A)		25,000		20,042
3.900%, 09/24/2038 (A)		55,000		46,204
PepsiCo
2.750%, 10/21/2051		40,000		25,994
2.625%, 10/21/2041		35,000		24,097
Philip Morris International
4.125%, 03/04/2043		80,000		54,525
Walmart
2.650%, 09/22/2051		13,000		8,370
2.500%, 09/22/2041		99,000		68,099
				2,002,904
ENERGY — 9.5%
BP Capital Markets America
3.379%, 02/08/2061		45,000		28,645
3.060%, 06/17/2041		55,000		38,512
3.001%, 03/17/2052		65,000		40,414
3.000%, 02/24/2050		5,000		3,160
2.939%, 06/04/2051		80,000		49,407
Columbia Pipeline Group
5.800%, 06/01/2045		60,000		54,098
ConocoPhillips
3.800%, 03/15/2052		45,000		33,690
Devon Energy
5.000%, 06/15/2045		45,000		37,669
Diamondback Energy
6.250%, 03/15/2033		45,000		45,201
Energy Transfer
6.250%, 04/15/2049		20,000		17,457
5.400%, 10/01/2047		80,000		63,535
5.150%, 02/01/2043		25,000		19,253
5.150%, 03/15/2045		280,000		217,999
5.000%, 05/15/2050		100,000		76,039

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

14

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	Long Duration U.S. Credit Fund
	October 31, 2022

SCHEDULE OF INVESTMENTS
CORPORATE OBLIGATIONS — continued
	Face Amount		Value
ENERGY (continued)
4.900%, 03/15/2035	$	60,000	$	50,168
Enterprise Products Operating
4.950%, 10/15/2054		60,000		47,151
4.250%, 02/15/2048		80,000		59,613
4.200%, 01/31/2050		5,000		3,679
3.300%, 02/15/2053		25,000		15,696
3.200%, 02/15/2052		65,000		40,216
Exxon Mobil
4.327%, 03/19/2050		5,000		4,153
4.227%, 03/19/2040		95,000		81,403
3.452%, 04/15/2051		55,000		39,223
3.095%, 08/16/2049		25,000		17,010
Halliburton
5.000%, 11/15/2045		25,000		20,714
Hess
6.000%, 01/15/2040		5,000		4,712
5.800%, 04/01/2047		75,000		68,098
Kinder Morgan
5.550%, 06/01/2045		45,000		38,898
5.450%, 08/01/2052		25,000		21,147
5.200%, 03/01/2048		45,000		36,838
5.050%, 02/15/2046		35,000		28,289
3.600%, 02/15/2051		5,000		3,236
3.250%, 08/01/2050		40,000		24,343
Marathon Petroleum
4.750%, 09/15/2044		35,000		27,623
MPLX
4.950%, 03/14/2052		35,000		27,116
4.500%, 04/15/2038		105,000		83,943
Phillips 66
4.900%, 10/01/2046 (A)		35,000		29,157
3.300%, 03/15/2052		45,000		29,144
Sabal Trail Transmission
4.832%, 05/01/2048 (A)		50,000		39,759
4.682%, 05/01/2038 (A)		40,000		33,568
Shell International Finance BV
4.125%, 05/11/2035		80,000		70,549
3.750%, 09/12/2046		80,000		59,840
3.000%, 11/26/2051		15,000		9,662
Southern Natural Gas
4.800%, 03/15/2047 (A)		35,000		27,193

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

15

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	Long Duration U.S. Credit Fund
	October 31, 2022

SCHEDULE OF INVESTMENTS
CORPORATE OBLIGATIONS — continued
	Face Amount		Value
ENERGY (continued)
Suncor Energy
3.750%, 03/04/2051	$	65,000	$	44,332
Texas Eastern Transmission
4.150%, 01/15/2048 (A)		60,000		44,131
TotalEnergies Capital International
3.127%, 05/29/2050		145,000		95,813
2.986%, 06/29/2041		55,000		38,590
TransCanada PipeLines
5.100%, 03/15/2049		20,000		16,948
4.750%, 05/15/2038		145,000		121,892
Williams
6.300%, 04/15/2040		85,000		82,077
5.750%, 06/24/2044		95,000		84,895
3.500%, 10/15/2051		20,000		12,824
2.600%, 03/15/2031		80,000		62,688
				2,371,410
FINANCIALS — 10.8%
American International Group
4.375%, 06/30/2050		80,000		62,573
ASB Bank
2.375%, 10/22/2031 (A)		15,000		11,348
Bank of America
3.311%, U.S. SOFR + 1.580%, 04/22/2042 (B)		185,000		127,926
2.972%, U.S. SOFR + 1.330%, 02/04/2033 (B)		35,000		27,121
2.687%, U.S. SOFR + 1.320%, 04/22/2032 (B)		200,000		154,359
2.572%, U.S. SOFR + 1.210%, 10/20/2032 (B)		45,000		33,983
Bank of America MTN
2.676%, U.S. SOFR + 1.930%, 06/19/2041 (B)		260,000		164,825
Berkshire Hathaway Finance
4.200%, 08/15/2048		105,000		84,677
Blackstone Holdings Finance
2.000%, 01/30/2032 (A)		35,000		25,364
BNP Paribas
3.132%, U.S. SOFR + 1.561%, 01/20/2033 (A) (B)		5,000		3,709
CI Financial
4.100%, 06/15/2051		95,000		54,005
Citigroup
4.650%, 07/23/2048		60,000		48,256
3.878%, ICE LIBOR USD 3 Month + 1.168%, 01/24/2039 (B)		65,000		49,654

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

16

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	Long Duration U.S. Credit Fund
	October 31, 2022

SCHEDULE OF INVESTMENTS
CORPORATE OBLIGATIONS — continued
	Face Amount		Value
FINANCIALS (continued)
2.904%, U.S. SOFR + 1.379%, 11/03/2042 (B)	$	45,000	$	28,454
2.561%, U.S. SOFR + 1.167%, 05/01/2032 (B)		65,000		49,539
Commonwealth Bank of Australia MTN
3.743%, 09/12/2039 (A)		35,000		24,219
Corebridge Financial
4.400%, 04/05/2052 (A)		60,000		43,929
4.350%, 04/05/2042 (A)		15,000		11,287
3.900%, 04/05/2032 (A)		60,000		50,235
Global Atlantic Finance
3.125%, 06/15/2031 (A)		45,000		31,546
Goldman Sachs Group
5.150%, 05/22/2045		65,000		52,845
4.017%, ICE LIBOR USD 3 Month + 1.373%, 10/31/2038 (B)		170,000		132,177
3.436%, U.S. SOFR + 1.632%, 02/24/2043 (B)		95,000		64,808
2.908%, U.S. SOFR + 1.472%, 07/21/2042 (B)		5,000		3,119
Goldman Sachs Group MTN
4.800%, 07/08/2044		95,000		77,738
ING Groep
4.252%, U.S. SOFR + 2.070%, 03/28/2033 (B)		20,000		16,628
JPMorgan Chase
3.328%, U.S. SOFR + 1.580%, 04/22/2052 (B)		160,000		103,545
3.109%, U.S. SOFR + 2.460%, 04/22/2041 (B)		180,000		123,179
1.953%, U.S. SOFR + 1.065%, 02/04/2032 (B)		165,000		121,022
Lloyds Banking Group
4.976%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 2.300%, 08/11/2033 (B)		45,000		38,518
MetLife
4.721%, 12/15/2044		65,000		53,670
Morgan Stanley
4.375%, 01/22/2047		5,000		3,889
3.217%, U.S. SOFR + 1.485%, 04/22/2042 (B)		100,000		68,114
Morgan Stanley MTN
2.802%, U.S. SOFR + 1.430%, 01/25/2052 (B)		20,000		11,735
Prudential Financial
3.935%, 12/07/2049		35,000		25,715
Prudential Financial MTN
5.750%, 07/15/2033		15,000		14,895
S&P Global
3.900%, 03/01/2062 (A)		15,000		10,770
3.700%, 03/01/2052 (A)		5,000		3,643

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

17

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	Long Duration U.S. Credit Fund
	October 31, 2022

SCHEDULE OF INVESTMENTS
CORPORATE OBLIGATIONS — continued
	Face Amount		Value
FINANCIALS (continued)
UBS MTN
4.500%, 06/26/2048 (A)	$	25,000	$	19,173
UBS Group
4.988%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 2.400%, 08/05/2033 (A) (B)		65,000		56,337
2.746%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 1.100%, 02/11/2033 (A) (B)		5,000		3,597
UBS Group MTN
2.095%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 1.000%, 02/11/2032 (A) (B)		5,000		3,524
US Bancorp
2.491%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 0.950%, 11/03/2036 (B)		85,000		62,413
Wells Fargo MTN
5.013%, U.S. SOFR + 4.502%, 04/04/2051 (B)		55,000		46,453
4.900%, 11/17/2045		35,000		27,905
4.897%, U.S. SOFR + 2.100%, 07/25/2033 (B)		35,000		31,955
4.611%, U.S. SOFR + 2.130%, 04/25/2053 (B)		170,000		135,319
4.400%, 06/14/2046		290,000		214,656
Westpac Banking
5.405%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 2.680%, 08/10/2033 (B)		35,000		30,542
3.133%, 11/18/2041		35,000		21,114
3.020%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 1.530%, 11/18/2036 (B)		35,000		24,733
				2,690,740
HEALTH CARE — 9.1%
Abbott Laboratories
4.900%, 11/30/2046		45,000		41,939
AbbVie
4.500%, 05/14/2035		75,000		66,705
4.250%, 11/21/2049		270,000		209,405
4.050%, 11/21/2039		259,000		208,623
Amgen
4.875%, 03/01/2053		20,000		16,963
4.200%, 02/22/2052		5,000		3,824
3.375%, 02/21/2050		60,000		40,015
3.350%, 02/22/2032		20,000		17,036
3.150%, 02/21/2040		95,000		67,763
BayCare Health System
3.831%, 11/15/2050		15,000		11,419

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

18

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	Long Duration U.S. Credit Fund
	October 31, 2022

SCHEDULE OF INVESTMENTS
CORPORATE OBLIGATIONS — continued
	Face Amount		Value
HEALTH CARE (continued)
Baylor Scott & White Holdings
2.839%, 11/15/2050	$	25,000	$	14,998
Boston Scientific
4.700%, 03/01/2049		5,000		4,224
4.550%, 03/01/2039		28,000		23,651
Bristol-Myers Squibb
3.700%, 03/15/2052		102,000		75,723
3.550%, 03/15/2042		45,000		34,416
2.550%, 11/13/2050		148,000		88,761
2.350%, 11/13/2040		25,000		16,278
CVS Health
5.050%, 03/25/2048		36,000		30,570
4.780%, 03/25/2038		20,000		17,342
2.700%, 08/21/2040		120,000		77,678
Danaher
2.800%, 12/10/2051		88,000		54,863
2.600%, 10/01/2050		15,000		9,004
DH Europe Finance II Sarl
3.400%, 11/15/2049		20,000		14,056
3.250%, 11/15/2039		60,000		44,752
Elevance Health
3.600%, 03/15/2051		45,000		31,700
Gilead Sciences
4.600%, 09/01/2035		55,000		49,736
4.500%, 02/01/2045		20,000		16,511
HCA
5.250%, 06/15/2049		40,000		32,328
5.125%, 06/15/2039		25,000		20,782
4.625%, 03/15/2052 (A)		105,000		77,194
4.375%, 03/15/2042 (A)		15,000		11,260
3.500%, 07/15/2051		18,000		11,166
Kaiser Foundation Hospitals
4.150%, 05/01/2047		40,000		31,525
3.266%, 11/01/2049		35,000		23,144
3.002%, 06/01/2051		80,000		49,363
2.810%, 06/01/2041		60,000		40,211
Merck
2.350%, 06/24/2040		5,000		3,296
New York and Presbyterian Hospital
2.606%, 08/01/2060		10,000		5,254
2.256%, 08/01/2040		15,000		9,405

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

19

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	Long Duration U.S. Credit Fund
	October 31, 2022

SCHEDULE OF INVESTMENTS
CORPORATE OBLIGATIONS — continued
	Face Amount		Value
HEALTH CARE (continued)
Northwell Healthcare
4.260%, 11/01/2047	$	20,000	$	14,814
Novartis Capital
4.400%, 05/06/2044		20,000		17,501
2.750%, 08/14/2050		65,000		42,605
Pfizer
2.550%, 05/28/2040		80,000		55,426
Roche Holdings
2.607%, 12/13/2051 (A)		143,000		89,093
Sutter Health
3.361%, 08/15/2050		25,000		16,033
Thermo Fisher Scientific
2.800%, 10/15/2041		55,000		37,917
2.000%, 10/15/2031		2,000		1,569
UnitedHealth Group
6.050%, 02/15/2063		45,000		46,301
5.875%, 02/15/2053		85,000		86,856
4.950%, 05/15/2062		20,000		17,632
4.750%, 05/15/2052		60,000		52,508
3.250%, 05/15/2051		123,000		83,459
3.050%, 05/15/2041		170,000		120,422
				2,285,019
INDUSTRIALS — 9.5%
AerCap Ireland Capital DAC
3.850%, 10/29/2041		40,000		26,592
3.300%, 01/30/2032		160,000		120,129
Boeing
5.930%, 05/01/2060		25,000		21,146
5.805%, 05/01/2050		310,000		266,375
5.705%, 05/01/2040		355,000		308,776
Burlington Northern Santa Fe
4.150%, 04/01/2045		190,000		151,990
2.875%, 06/15/2052		55,000		34,444
Canadian Pacific Railway
6.125%, 09/15/2115		60,000		54,571
3.100%, 12/02/2051		55,000		34,973
3.000%, 12/02/2041		35,000		24,212
Carrier Global
3.577%, 04/05/2050		45,000		30,123
3.377%, 04/05/2040		55,000		39,200

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

20

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	Long Duration U.S. Credit Fund
	October 31, 2022

SCHEDULE OF INVESTMENTS
CORPORATE OBLIGATIONS — continued
	Face Amount		Value
INDUSTRIALS (continued)
Caterpillar
4.750%, 05/15/2064	$	55,000	$	46,953
CSX
4.500%, 11/15/2052		95,000		77,665
GE Capital International Funding Unlimited Co
4.418%, 11/15/2035		415,000		365,793
General Dynamics
2.850%, 06/01/2041		20,000		13,925
Lockheed Martin
5.900%, 11/15/2063		25,000		25,432
5.700%, 11/15/2054		35,000		35,308
4.500%, 05/15/2036		60,000		54,540
Northrop Grumman
4.030%, 10/15/2047		170,000		133,672
Raytheon Technologies
4.500%, 06/01/2042		315,000		267,167
3.030%, 03/15/2052		130,000		82,612
Union Pacific
3.799%, 10/01/2051		110,000		82,515
3.500%, 02/14/2053		25,000		17,489
3.375%, 02/14/2042		15,000		11,189
2.973%, 09/16/2062		95,000		55,584
Union Pacific MTN
3.550%, 08/15/2039		20,000		15,579
				2,397,954
INFORMATION TECHNOLOGY — 6.6%
Analog Devices
2.950%, 10/01/2051		55,000		35,439
2.800%, 10/01/2041		55,000		37,907
Apple
3.850%, 05/04/2043		20,000		16,264
2.650%, 02/08/2051		185,000		115,107
2.375%, 02/08/2041		435,000		290,979
Broadcom
3.750%, 02/15/2051 (A)		5,000		3,198
3.500%, 02/15/2041 (A)		65,000		43,381
Intel
5.050%, 08/05/2062		55,000		44,826
4.900%, 08/05/2052		145,000		120,663
4.750%, 03/25/2050		35,000		28,431
3.734%, 12/08/2047		60,000		41,762

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

21

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	Long Duration U.S. Credit Fund
	October 31, 2022

SCHEDULE OF INVESTMENTS
CORPORATE OBLIGATIONS — continued
	Face Amount		Value
INFORMATION TECHNOLOGY (continued)
KLA
4.950%, 07/15/2052	$	55,000	$	47,982
Microsoft
3.450%, 08/08/2036		80,000		68,581
3.041%, 03/17/2062		105,000		68,405
2.921%, 03/17/2052		265,000		179,424
NVIDIA
3.500%, 04/01/2040		35,000		26,569
3.500%, 04/01/2050		15,000		10,649
Oracle
4.125%, 05/15/2045		105,000		71,840
4.000%, 11/15/2047		15,000		9,914
3.950%, 03/25/2051		45,000		29,435
3.650%, 03/25/2041		190,000		128,826
3.600%, 04/01/2050		15,000		9,235
salesforce.com
3.050%, 07/15/2061		25,000		15,292
2.900%, 07/15/2051		60,000		38,613
2.700%, 07/15/2041		75,000		51,166
Visa
2.700%, 04/15/2040		150,000		106,830
				1,640,718
MATERIALS — 2.3%
Celanese US Holdings
6.379%, 07/15/2032		100,000		91,107
Freeport-McMoRan
5.450%, 03/15/2043		146,000		120,868
5.400%, 11/14/2034		4,000		3,574
International Flavors & Fragrances
5.000%, 09/26/2048		5,000		4,000
3.468%, 12/01/2050 (A)		105,000		65,707
3.268%, 11/15/2040 (A)		75,000		49,941
Minera Mexico
4.500%, 01/26/2050 (A)		70,000		46,823
Newmont
5.875%, 04/01/2035		205,000		197,828
				579,848
REAL ESTATE — 2.3%
Agree
2.900%, 10/01/2030		15,000		11,793

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

22

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	Long Duration U.S. Credit Fund
	October 31, 2022

SCHEDULE OF INVESTMENTS
CORPORATE OBLIGATIONS — continued
	Face Amount		Value
REAL ESTATE (continued)
2.600%, 06/15/2033	$	65,000	$	46,524
Alexandria Real Estate Equities
3.550%, 03/15/2052		80,000		51,732
American Homes 4 Rent
4.300%, 04/15/2052		40,000		27,592
3.625%, 04/15/2032		20,000		16,152
3.375%, 07/15/2051		15,000		8,813
Extra Space Storage
2.350%, 03/15/2032		25,000		18,089
Invitation Homes Operating Partnership
4.150%, 04/15/2032		5,000		4,160
Regency Centers
4.650%, 03/15/2049		85,000		63,379
Rexford Industrial Realty
2.150%, 09/01/2031		100,000		73,411
2.125%, 12/01/2030		15,000		11,231
Simon Property Group
3.800%, 07/15/2050		35,000		23,657
Sun Communities Operating
4.200%, 04/15/2032		80,000		66,036
2.700%, 07/15/2031		60,000		44,219
VICI Properties
5.625%, 05/15/2052		45,000		36,795
5.125%, 05/15/2032		80,000		70,919
				574,502
UTILITIES — 11.5%
AEP Texas
3.450%, 01/15/2050		80,000		52,040
AEP Transmission
3.650%, 04/01/2050		45,000		31,612
AES
2.450%, 01/15/2031		55,000		41,541
Ameren Illinois
4.500%, 03/15/2049		80,000		66,111
American Water Capital
3.450%, 05/01/2050		55,000		37,550
Arizona Public Service
3.500%, 12/01/2049		25,000		15,969
Baltimore Gas and Electric
2.900%, 06/15/2050		60,000		37,043

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

23

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	Long Duration U.S. Credit Fund
	October 31, 2022

SCHEDULE OF INVESTMENTS
CORPORATE OBLIGATIONS — continued
	Face Amount		Value
UTILITIES (continued)
Berkshire Hathaway Energy
4.250%, 10/15/2050	$	45,000	$	34,839
CenterPoint Energy Houston Electric
3.600%, 03/01/2052		25,000		17,823
Commonwealth Edison
3.000%, 03/01/2050		85,000		54,130
Constellation Energy Generation
6.250%, 10/01/2039		43,000		41,466
5.750%, 10/01/2041		35,000		31,544
5.600%, 06/15/2042		140,000		123,453
Consumers Energy
4.200%, 09/01/2052		15,000		11,952
2.500%, 05/01/2060		80,000		42,178
Dominion Energy
4.850%, 08/15/2052		15,000		12,326
Duke Energy Carolinas
4.000%, 09/30/2042		170,000		131,975
3.550%, 03/15/2052		20,000		13,968
Duke Energy Florida
6.350%, 09/15/2037		105,000		107,609
Duke Energy Ohio
4.300%, 02/01/2049		120,000		91,542
East Ohio Gas
3.000%, 06/15/2050 (A)		80,000		48,368
Emera US Finance
4.750%, 06/15/2046		55,000		40,897
Entergy
3.750%, 06/15/2050		60,000		40,613
Entergy Arkansas
2.650%, 06/15/2051		100,000		56,859
Entergy Louisiana
4.750%, 09/15/2052		15,000		12,484
3.100%, 06/15/2041		85,000		58,517
Entergy Texas
5.000%, 09/15/2052		25,000		21,219
Exelon
4.950%, 06/15/2035		85,000		76,722
FirstEnergy Transmission
5.450%, 07/15/2044 (A)		35,000		30,277
4.550%, 04/01/2049 (A)		25,000		19,024
Florida Power & Light
4.125%, 02/01/2042		85,000		69,042

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

24

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	Long Duration U.S. Credit Fund
	October 31, 2022

SCHEDULE OF INVESTMENTS
CORPORATE OBLIGATIONS — continued
	Face Amount		Value
UTILITIES (continued)
Georgia Power
3.700%, 01/30/2050	$	65,000	$	46,124
MidAmerican Energy
3.150%, 04/15/2050		55,000		35,922
Monongahela Power
5.400%, 12/15/2043 (A)		60,000		53,547
Nevada Power
5.900%, 05/01/2053		25,000		24,710
NiSource
4.375%, 05/15/2047		55,000		42,465
Northern States Power
4.500%, 06/01/2052		25,000		21,065
2.900%, 03/01/2050		65,000		41,411
NSTAR Electric
4.950%, 09/15/2052		35,000		31,362
Oglethorpe Power
5.375%, 11/01/2040		85,000		72,410
4.500%, 04/01/2047 (A)		40,000		29,954
3.750%, 08/01/2050		180,000		120,964
Oncor Electric Delivery
7.250%, 01/15/2033		85,000		95,018
5.300%, 06/01/2042		110,000		102,921
4.950%, 09/15/2052 (A)		20,000		17,977
3.700%, 05/15/2050		140,000		102,638
Pacific Gas and Electric
4.950%, 07/01/2050		25,000		18,655
4.200%, 06/01/2041		60,000		42,352
3.500%, 08/01/2050		80,000		48,950
3.300%, 08/01/2040		15,000		9,764
PacifiCorp
6.000%, 01/15/2039		55,000		53,885
3.300%, 03/15/2051		65,000		43,009
PECO Energy
4.375%, 08/15/2052		25,000		20,446
Potomac Electric Power
4.150%, 03/15/2043		60,000		47,287
PPL Electric Utilities
3.000%, 10/01/2049		80,000		50,720
Public Service of Colorado
6.250%, 09/01/2037		65,000		68,117
2.700%, 01/15/2051		80,000		48,028

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

25

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	Long Duration U.S. Credit Fund
	October 31, 2022

SCHEDULE OF INVESTMENTS
CORPORATE OBLIGATIONS — continued
	Face Amount		Value
UTILITIES (continued)
San Diego Gas & Electric
3.320%, 04/15/2050	$	20,000	$	13,343
Sempra Energy
4.000%, 02/01/2048		15,000		10,656
3.800%, 02/01/2038		55,000		41,809
Southern California Edison
3.650%, 02/01/2050		105,000		70,513
Tucson Electric Power
4.000%, 06/15/2050		5,000		3,634
				2,900,349
TOTAL CORPORATE OBLIGATIONS (Cost $27,436,428)				21,194,365
U.S. TREASURY OBLIGATIONS — 7.3%
U.S. Treasury Bond
3.375%, 08/15/2042		260,000		224,413
2.875%, 05/15/2052		615,000		477,586
U.S. Treasury Note
2.750%, 08/15/2032		1,265,000		1,132,768
TOTAL U.S. TREASURY OBLIGATIONS (Cost $1,833,981)				1,834,767
MUNICIPAL BONDS — 3.9%
CALIFORNIA — 1.6%
Bay Area, Toll Authority, RB
6.263%, 04/01/2049		100,000		107,927
California State, GO
7.600%, 11/01/2040		50,000		60,130
7.550%, 04/01/2039		100,000		118,715
Regents of the University of California Medical Center Pooled Revenue, Ser H, GO
6.548%, 05/15/2048		100,000		108,894
				395,666
NEW JERSEY — 0.9%
New Jersey, Turnpike Authority, RB
7.414%, 01/01/2040		200,000		234,624

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

26

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	Long Duration U.S. Credit Fund
	October 31, 2022

SCHEDULE OF INVESTMENTS
MUNICIPAL BONDS — continued
	Face Amount		Value
NEW YORK — 0.3%
New York & New Jersey, Port Authority, RB
4.458%, 10/01/2062	$	100,000	$	81,075
TEXAS — 1.1%
Dallas County, Hospital District, Ser C, GO
5.621%, 08/15/2044		50,000		50,171
North Texas, Tollway Authority, RB
6.718%, 01/01/2049		100,000		111,652
Texas State, GO
5.517%, 04/01/2039		100,000		100,836
				262,659
TOTAL MUNICIPAL BONDS (Cost $1,350,280)				974,024
SOVEREIGN DEBT — 2.5%
Chile Government International Bond
4.340%, 03/07/2042		20,000		15,479
Indonesia Government International Bond
5.450%, 09/20/2052		15,000		13,508
4.650%, 09/20/2032		35,000		32,312
Mexico Government International Bond
5.750%, 10/12/2110		110,000		83,991
5.000%, 04/27/2051		110,000		83,742
4.500%, 01/31/2050		5,000		3,564
4.400%, 02/12/2052		35,000		24,012
4.280%, 08/14/2041		40,000		29,121
Panama Government International Bond
4.500%, 04/16/2050		110,000		75,148
3.870%, 07/23/2060		65,000		37,600
Perusahaan Penerbit SBSN Indonesia III
3.550%, 06/09/2051 (A)		20,000		13,526
Philippine Government International Bond
5.950%, 10/13/2047		35,000		34,224
5.609%, 04/13/2033		20,000		19,970
3.200%, 07/06/2046		105,000		68,850
2.950%, 05/05/2045		45,000		29,154

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

27

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	Long Duration U.S. Credit Fund
	October 31, 2022

SCHEDULE OF INVESTMENTS
SOVEREIGN DEBT — continued
	Face Amount		Value
Uruguay Government International Bond
5.100%, 06/18/2050	$	85,000	$	76,561
TOTAL SOVEREIGN DEBT (Cost $841,576)				640,762
TOTAL INVESTMENTS— 98.3% (Cost $31,462,265)			$	24,643,918

Percentages are based on Net Assets of $25,063,938.

(A) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On October 31, 2022, the value of these securities amounted to $1,657,520, representing 6.6% of the Net Assets of the Fund.

(B) Variable or floating rate security. The rate shown is effective interest rate as of period end. The rates on certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates.

DAC — Designated Activity Company

GO — General Obligation

ICE — Intercontinental Exchange

LIBOR — London Interbank Offered Rate

MTN — Medium Term Note

RB — Revenue Bond

SOFR — Secured Overnight Financing Rate

Ser — Series

USD — U.S. Dollar

As of October 31, 2022, all of the Fund’s investments were considered Level 2, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

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

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

28

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	U.S. Credit Fund
	October 31, 2022

 SECTOR WEIGHTING † (unaudited)

† Percentages are based on total investments.

SCHEDULE OF INVESTMENTS
CORPORATE OBLIGATIONS — 91.2%
	Face Amount		Value
COMMUNICATION SERVICES — 6.9%
Alphabet
1.900%, 08/15/2040	$	60,000	$	38,047
America Movil
4.375%, 04/22/2049		25,000		19,562
3.625%, 04/22/2029		30,000		26,505
AT&T
3.800%, 12/01/2057		50,000		32,943
3.650%, 09/15/2059		40,000		25,334
3.550%, 09/15/2055		75,000		47,470
2.550%, 12/01/2033		140,000		103,282
Charter Communications Operating
6.384%, 10/23/2035		30,000		27,450
4.908%, 07/23/2025		40,000		38,836
4.800%, 03/01/2050		40,000		28,244
3.900%, 06/01/2052		15,000		9,279
3.700%, 04/01/2051		5,000		3,000
3.500%, 06/01/2041		10,000		6,306

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

29

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	U.S. Credit Fund
	October 31, 2022

SCHEDULE OF INVESTMENTS
CORPORATE OBLIGATIONS — continued
	Face Amount		Value
COMMUNICATION SERVICES (continued)
Comcast
3.969%, 11/01/2047	$	30,000	$	22,300
3.950%, 10/15/2025		40,000		38,686
3.400%, 04/01/2030		20,000		17,603
3.375%, 08/15/2025		40,000		38,241
3.150%, 03/01/2026		40,000		37,590
2.937%, 11/01/2056		40,000		23,170
2.887%, 11/01/2051		40,000		24,029
Fox
4.030%, 01/25/2024		40,000		39,313
Meta Platforms
4.450%, 08/15/2052 (A)		115,000		85,528
3.850%, 08/15/2032 (A)		85,000		72,474
Paramount Global
5.850%, 09/01/2043		85,000		69,218
4.375%, 03/15/2043		5,000		3,355
Sprint Spectrum
4.738%, 03/20/2025 (A)		6,250		6,155
Time Warner Cable
7.300%, 07/01/2038		10,000		9,335
6.750%, 06/15/2039		10,000		8,851
6.550%, 05/01/2037		40,000		35,697
5.875%, 11/15/2040		10,000		8,136
4.500%, 09/15/2042		10,000		6,859
T-Mobile USA
5.800%, 09/15/2062		20,000		18,347
3.500%, 04/15/2025		90,000		85,839
Verizon Communications
3.550%, 03/22/2051		20,000		13,499
3.400%, 03/22/2041		185,000		131,208
Vodafone Group
5.000%, 05/30/2038		10,000		8,486
Walt Disney
6.650%, 11/15/2037		10,000		10,821
6.550%, 03/15/2033		20,000		21,297
3.600%, 01/13/2051		40,000		29,004
2.750%, 09/01/2049		20,000		12,374
2.000%, 09/01/2029		40,000		32,658
Warnermedia Holdings
5.050%, 03/15/2042 (A)		30,000		21,934
				1,338,265

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

30

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	U.S. Credit Fund
	October 31, 2022

SCHEDULE OF INVESTMENTS
CORPORATE OBLIGATIONS — continued
	Face Amount		Value
CONSUMER DISCRETIONARY — 3.2%
Amazon.com
3.950%, 04/13/2052	$	35,000	$	27,460
3.875%, 08/22/2037		30,000		25,516
3.100%, 05/12/2051		40,000		26,788
1.650%, 05/12/2028		40,000		33,791
Aptiv
2.396%, 02/18/2025		50,000		46,594
BMW US Capital
3.900%, 04/09/2025 (A)		40,000		38,659
General Motors
6.250%, 10/02/2043		10,000		8,765
5.150%, 04/01/2038		20,000		16,343
General Motors Financial
3.100%, 01/12/2032		80,000		60,951
Home Depot
4.500%, 09/15/2032		75,000		71,093
3.900%, 06/15/2047		5,000		3,860
3.625%, 04/15/2052		55,000		39,909
3.500%, 09/15/2056		30,000		20,460
3.350%, 04/15/2050		25,000		17,335
Lowe’s
5.625%, 04/15/2053		60,000		54,095
4.250%, 04/01/2052		25,000		18,523
Massachusetts Institute of Technology
5.600%, 07/01/2111		50,000		47,850
Northwestern University
3.662%, 12/01/2057		10,000		7,081
University of Notre Dame du Lac
3.394%, 02/15/2048		20,000		14,500
University of Southern California
5.250%, 10/01/2111		20,000		17,458
Volkswagen Group of America Finance
4.625%, 11/13/2025 (A)		10,000		9,671
				606,702
CONSUMER STAPLES — 5.7%
7-Eleven
1.800%, 02/10/2031 (A)		60,000		44,262
1.300%, 02/10/2028 (A)		70,000		56,770
Alimentation Couche-Tard
2.950%, 01/25/2030 (A)		30,000		24,491

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

31

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	U.S. Credit Fund
	October 31, 2022

SCHEDULE OF INVESTMENTS
CORPORATE OBLIGATIONS — continued
	Face Amount		Value
CONSUMER STAPLES (continued)
Altria Group
4.500%, 05/02/2043	$	10,000	$	6,846
3.875%, 09/16/2046		20,000		12,271
3.700%, 02/04/2051		30,000		17,542
Anheuser-Busch
4.900%, 02/01/2046		30,000		26,026
Anheuser-Busch InBev Worldwide
5.550%, 01/23/2049		25,000		23,589
4.750%, 04/15/2058		25,000		20,263
4.600%, 04/15/2048		115,000		95,426
4.500%, 06/01/2050		30,000		24,494
BAT Capital
7.750%, 10/19/2032		15,000		15,332
4.390%, 08/15/2037		70,000		50,754
3.222%, 08/15/2024		90,000		85,970
3.215%, 09/06/2026		120,000		107,030
2.259%, 03/25/2028		80,000		63,307
Hormel Foods
1.700%, 06/03/2028		60,000		50,519
JBS USA LUX
5.750%, 04/01/2033 (A)		170,000		153,156
3.000%, 02/02/2029 (A)		45,000		36,514
Kraft Heinz Foods
5.200%, 07/15/2045		15,000		13,111
4.875%, 10/01/2049		59,000		49,080
4.375%, 06/01/2046		10,000		7,814
Mars
3.950%, 04/01/2049 (A)		20,000		15,376
Mondelez International
1.875%, 10/15/2032		20,000		14,537
Nestle Holdings
4.000%, 09/24/2048 (A)		10,000		8,016
Reynolds American
4.450%, 06/12/2025		80,000		77,219
				1,099,715
ENERGY — 6.6%
BP Capital Markets America
3.379%, 02/08/2061		10,000		6,366
3.060%, 06/17/2041		30,000		21,006
3.001%, 03/17/2052		40,000		24,870
3.000%, 02/24/2050		15,000		9,481

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

32

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	U.S. Credit Fund
	October 31, 2022

SCHEDULE OF INVESTMENTS
CORPORATE OBLIGATIONS — continued
	Face Amount		Value
ENERGY (continued)
2.939%, 06/04/2051	$	15,000	$	9,264
2.772%, 11/10/2050		20,000		12,040
Chevron USA
3.250%, 10/15/2029		70,000		62,809
Columbia Pipeline Group
5.800%, 06/01/2045		20,000		18,032
Devon Energy
5.600%, 07/15/2041		10,000		9,133
Diamondback Energy
6.250%, 03/15/2033		35,000		35,157
Enbridge
2.150%, 02/16/2024		95,000		91,316
Energy Transfer
6.125%, 12/15/2045		40,000		34,242
5.400%, 10/01/2047		30,000		23,826
5.350%, 05/15/2045		10,000		7,936
5.300%, 04/15/2047		10,000		7,853
4.950%, 06/15/2028		60,000		55,934
4.000%, 10/01/2027		30,000		27,165
Enterprise Products Operating
3.750%, 02/15/2025		50,000		48,149
EOG Resources
4.375%, 04/15/2030		30,000		28,471
Equities
7.000%, 02/01/2030		25,000		25,648
3.625%, 05/15/2031 (A)		40,000		33,287
Exxon Mobil
4.227%, 03/19/2040		5,000		4,284
3.452%, 04/15/2051		40,000		28,526
3.095%, 08/16/2049		15,000		10,206
Hess
4.300%, 04/01/2027		60,000		56,215
Marathon Petroleum
4.700%, 05/01/2025		90,000		88,139
Midwest Connector Capital
3.900%, 04/01/2024 (A)		80,000		76,978
MPLX
4.500%, 04/15/2038		30,000		23,984
1.750%, 03/01/2026		85,000		74,193
Sabal Trail Transmission
4.246%, 05/01/2028 (A)		90,000		82,340

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

33

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	U.S. Credit Fund
	October 31, 2022

SCHEDULE OF INVESTMENTS
CORPORATE OBLIGATIONS — continued
	Face Amount		Value
ENERGY (continued)
Saudi Arabian Oil
1.250%, 11/24/2023 (A)	$	20,000	$	19,205
Spectra Energy Partners
3.375%, 10/15/2026		40,000		36,661
Tennessee Gas Pipeline
7.000%, 10/15/2028		30,000		31,079
Texas Eastern Transmission
4.150%, 01/15/2048 (A)		10,000		7,355
TotalEnergies Capital International
3.461%, 07/12/2049		35,000		24,569
3.127%, 05/29/2050		50,000		33,039
2.986%, 06/29/2041		30,000		21,049
Williams
5.800%, 11/15/2043		30,000		26,822
2.600%, 03/15/2031		30,000		23,508
				1,260,137
FINANCIALS — 28.0%
American International Group
4.750%, 04/01/2048		20,000		16,546
4.375%, 06/30/2050		50,000		39,108
ANZ New Zealand Int’l
1.250%, 06/22/2026 (A)		100,000		86,201
ASB Bank
1.625%, 10/22/2026 (A)		70,000		60,186
BAE Systems Holdings
3.850%, 12/15/2025 (A)		10,000		9,481
Banco Bilbao Vizcaya Argentaria
1.125%, 09/18/2025		70,000		61,140
Banco Santander
2.706%, 06/27/2024		120,000		113,987
Bank of America
4.948%, U.S. SOFR + 2.040%, 07/22/2028 (B)		150,000		143,088
3.311%, U.S. SOFR + 1.580%, 04/22/2042 (B)		35,000		24,202
2.972%, U.S. SOFR + 1.330%, 02/04/2033 (B)		20,000		15,498
2.572%, U.S. SOFR + 1.210%, 10/20/2032 (B)		35,000		26,431
Bank of America MTN
4.183%, 11/25/2027		90,000		82,516
3.458%, ICE LIBOR USD 3 Month + 0.970%, 03/15/2025 (B)		300,000		289,220
2.676%, U.S. SOFR + 1.930%, 06/19/2041(B)		130,000		82,413

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

34

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	U.S. Credit Fund
	October 31, 2022

SCHEDULE OF INVESTMENTS
CORPORATE OBLIGATIONS — continued
	Face Amount		Value
FINANCIALS (continued)
Bank of Montreal MTN
3.300%, 02/05/2024	$	80,000	$	78,055
Barclays
3.932%, ICE LIBOR USD 3 Month + 1.610%, 05/07/2025 (B)		80,000		76,139
Blackstone Holdings Finance
2.000%, 01/30/2032 (A)		30,000		21,740
BNP Paribas
2.219%, U.S. SOFR + 2.074%, 06/09/2026 (A) (B)		60,000		53,656
1.323%, U.S. SOFR + 1.004%, 01/13/2027 (A) (B)		100,000		84,262
BPCE
1.652%, U.S. SOFR + 1.520%, 10/06/2026 (A) (B)		50,000		42,954
CI Financial
4.100%, 06/15/2051		50,000		28,424
Citigroup
5.500%, 09/13/2025		50,000		49,570
4.300%, 11/20/2026		10,000		9,436
3.887%, ICE LIBOR USD 3 Month + 1.563%, 01/10/2028 (B)		10,000		9,158
3.200%, 10/21/2026		20,000		18,230
2.976%, U.S. SOFR + 1.422%, 11/05/2030 (B)		10,000		8,160
2.904%, U.S. SOFR + 1.379%, 11/03/2042 (B)		30,000		18,969
2.561%, U.S. SOFR + 1.167%, 05/01/2032 (B)		35,000		26,675
CNO Global Funding
1.750%, 10/07/2026 (A)		60,000		51,460
Corebridge Financial
3.900%, 04/05/2032 (A)		40,000		33,490
3.850%, 04/05/2029 (A)		75,000		65,561
3.500%, 04/04/2025 (A)		65,000		61,314
Credit Agricole
1.247%, U.S. SOFR + 0.892%, 01/26/2027 (A) (B)		70,000		58,940
Credit Suisse NY
4.750%, 08/09/2024		145,000		137,668
3.700%, 02/21/2025		105,000		96,071
Deutsche Bank NY
0.962%, 11/08/2023		70,000		66,767
0.898%, 05/28/2024		90,000		82,609

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

35

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	U.S. Credit Fund
	October 31, 2022

SCHEDULE OF INVESTMENTS
CORPORATE OBLIGATIONS — continued
	Face Amount		Value
FINANCIALS (continued)
Equitable Financial Life Global Funding MTN
1.300%, 07/12/2026 (A)	$	25,000	$	21,347
Federation des Caisses Desjardins du Quebec
0.700%, 05/21/2024 (A)		110,000		101,945
First American Financial
2.400%, 08/15/2031		80,000		55,864
GA Global Funding Trust
3.850%, 04/11/2025 (A)		90,000		85,244
1.950%, 09/15/2028 (A)		90,000		72,033
1.000%, 04/08/2024 (A)		100,000		92,859
Goldman Sachs Group
4.411%, ICE LIBOR USD 3 Month + 1.430%, 04/23/2039 (B)		20,000		16,229
3.800%, 03/15/2030		5,000		4,313
3.500%, 01/23/2025		50,000		47,858
3.436%, U.S. SOFR + 1.632%, 02/24/2043 (B)		30,000		20,466
3.210%, U.S. SOFR + 1.513%, 04/22/2042 (B)		65,000		43,190
2.640%, U.S. SOFR + 1.114%, 02/24/2028 (B)		70,000		60,529
2.600%, 02/07/2030		10,000		7,952
1.992%, U.S. SOFR + 1.090%, 01/27/2032 (B)		5,000		3,649
1.948%, U.S. SOFR + 0.913%, 10/21/2027 (B)		100,000		84,977
1.431%, U.S. SOFR + 0.798%, 03/09/2027 (B)		150,000		128,361
Goldman Sachs Group MTN
3.850%, 07/08/2024		40,000		39,096
Guardian Life Global Funding
1.400%, 07/06/2027 (A)		20,000		16,743
Huntington Bancshares
4.000%, 05/15/2025		40,000		38,539
ING Groep
4.625%, 01/06/2026 (A)		50,000		47,594
4.252%, U.S. SOFR + 2.070%, 03/28/2033 (B)		5,000		4,157
3.869%, U.S. SOFR + 1.640%, 03/28/2026 (B)		85,000		79,849
3.550%, 04/09/2024		70,000		67,966
Intercontinental Exchange
1.850%, 09/15/2032		50,000		36,299
JPMorgan Chase
4.565%, U.S. SOFR + 1.750%, 06/14/2030 (B)		90,000		82,577
4.250%, 10/01/2027		30,000		28,174
3.897%, ICE LIBOR USD 3 Month + 1.220%, 01/23/2049 (B)		60,000		43,687
3.875%, 09/10/2024		10,000		9,742
3.328%, U.S. SOFR + 1.580%, 04/22/2052 (B)		25,000		16,179

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

36

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	U.S. Credit Fund
	October 31, 2022

SCHEDULE OF INVESTMENTS
CORPORATE OBLIGATIONS — continued
	Face Amount		Value
FINANCIALS (continued)
3.220%, ICE LIBOR USD 3 Month + 1.155%, 03/01/2025 (B)	$	50,000	$	48,290
2.069%, U.S. SOFR + 1.015%, 06/01/2029 (B)		80,000		64,715
1.953%, U.S. SOFR + 1.065%, 02/04/2032 (B)		40,000		29,339
KeyBank
4.150%, 08/08/2025		70,000		67,659
Lloyds Banking Group
4.976%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 2.300%, 08/11/2033 (B)		30,000		25,679
4.716%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 1.750%, 08/11/2026 (B)		105,000		99,256
Morgan Stanley
4.210%, U.S. SOFR + 1.610%, 04/20/2028 (B)		80,000		74,048
3.217%, U.S. SOFR + 1.485%, 04/22/2042 (B)		65,000		44,274
Morgan Stanley MTN
2.475%, U.S. SOFR + 1.000%, 01/21/2028 (B)		60,000		51,904
2.188%, U.S. SOFR + 1.990%, 04/28/2026 (B)		100,000		91,249
Nationwide Building Society MTN
2.972%, U.S. SOFR + 1.290%, 02/16/2028 (A) (B)		80,000		67,768
New York Life Global Funding
1.850%, 08/01/2031 (A)		40,000		30,402
PNC Financial Services Group
2.600%, 07/23/2026		130,000		117,436
RGA Global Funding
2.700%, 01/18/2029 (A)		65,000		53,851
Royal Bank of Canada MTN
2.300%, 11/03/2031		30,000		22,800
S&P Global
2.900%, 03/01/2032 (A)		85,000		69,973
2.450%, 03/01/2027 (A)		40,000		35,829
SVB Financial Group
1.800%, 10/28/2026		50,000		42,240
Truist Bank
3.200%, 04/01/2024		110,000		106,798
2.250%, 03/11/2030		10,000		7,776
Truist Financial MTN
2.850%, 10/26/2024		40,000		38,163
UBS Group
4.703%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 2.050%, 08/05/2027 (A) (B)		175,000		162,561

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

37

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	U.S. Credit Fund
	October 31, 2022

SCHEDULE OF INVESTMENTS
CORPORATE OBLIGATIONS — continued
	Face Amount		Value
FINANCIALS (continued)
4.488%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 1.550%, 05/12/2026 (A) (B)	$	45,000	$	42,686
4.125%, 09/24/2025 (A)		20,000		18,863
US Bancorp
2.491%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 0.950%, 11/03/2036 (B)		60,000		44,056
Wells Fargo MTN
4.897%, U.S. SOFR + 2.100%, 07/25/2033 (B)		20,000		18,260
4.650%, 11/04/2044		40,000		30,930
4.611%, U.S. SOFR + 2.130%, 04/25/2053 (B)		55,000		43,780
4.400%, 06/14/2046		15,000		11,103
3.196%, ICE LIBOR USD 3 Month + 1.170%, 06/17/2027 (B)		80,000		72,479
2.393%, U.S. SOFR + 2.100%, 06/02/2028 (B)		120,000		102,525
Westpac Banking
1.953%, 11/20/2028		15,000		12,430
				5,335,865
HEALTH CARE — 8.4%
Abbott Laboratories
4.900%, 11/30/2046		10,000		9,320
AbbVie
4.850%, 06/15/2044		20,000		17,030
4.550%, 03/15/2035		10,000		8,899
4.250%, 11/21/2049		70,000		54,290
4.050%, 11/21/2039		56,000		45,108
2.950%, 11/21/2026		170,000		155,225
Amgen
4.875%, 03/01/2053		15,000		12,722
4.200%, 02/22/2052		10,000		7,649
3.350%, 02/22/2032		15,000		12,777
AstraZeneca
3.375%, 11/16/2025		30,000		28,591
Astrazeneca Finance
1.750%, 05/28/2028		90,000		75,308
1.200%, 05/28/2026		70,000		61,094
Boston Scientific
3.450%, 03/01/2024		31,000		30,332
Bristol-Myers Squibb
4.550%, 02/20/2048		24,000		20,500
3.700%, 03/15/2052		35,000		25,983
2.550%, 11/13/2050		40,000		23,990

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

38

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	U.S. Credit Fund
	October 31, 2022

SCHEDULE OF INVESTMENTS
CORPORATE OBLIGATIONS — continued
	Face Amount		Value
HEALTH CARE (continued)
CVS Health
3.000%, 08/15/2026	$	40,000	$	36,668
1.750%, 08/21/2030		60,000		45,669
Elevance Health
6.100%, 10/15/2052		55,000		56,096
3.650%, 12/01/2027		70,000		64,785
Gilead Sciences
4.000%, 09/01/2036		30,000		25,183
HCA
5.250%, 06/15/2049		20,000		16,164
5.125%, 06/15/2039		5,000		4,157
3.625%, 03/15/2032 (A)		120,000		97,447
Kaiser Foundation Hospitals
4.150%, 05/01/2047		30,000		23,644
Northwell Healthcare
4.260%, 11/01/2047		10,000		7,407
PerkinElmer
0.850%, 09/15/2024		70,000		64,646
Smith & Nephew
2.032%, 10/14/2030		40,000		29,489
Thermo Fisher Scientific
2.000%, 10/15/2031		17,000		13,339
1.750%, 10/15/2028		20,000		16,662
1.215%, 10/18/2024		220,000		204,835
UnitedHealth Group
6.050%, 02/15/2063		35,000		36,012
5.875%, 02/15/2053		115,000		117,512
4.750%, 05/15/2052		15,000		13,127
3.700%, 12/15/2025		30,000		28,891
3.500%, 02/15/2024		70,000		68,854
3.250%, 05/15/2051		10,000		6,785
2.300%, 05/15/2031		55,000		44,081
				1,610,271
INDUSTRIALS — 9.3%
AerCap Ireland Capital DAC
3.400%, 10/29/2033		35,000		25,372
3.300%, 01/30/2032		35,000		26,278
3.000%, 10/29/2028		60,000		48,463
2.450%, 10/29/2026		40,000		33,825
1.650%, 10/29/2024		110,000		99,988
1.150%, 10/29/2023		120,000		113,744

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

39

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	U.S. Credit Fund
	October 31, 2022

SCHEDULE OF INVESTMENTS
CORPORATE OBLIGATIONS — continued
	Face Amount		Value
INDUSTRIALS (continued)
Boeing
5.805%, 05/01/2050	$	140,000	$	120,298
5.150%, 05/01/2030		60,000		55,469
5.040%, 05/01/2027		190,000		183,373
3.250%, 02/01/2028		30,000		26,068
3.100%, 05/01/2026		60,000		54,142
2.196%, 02/04/2026		110,000		97,802
Burlington Northern Santa Fe
4.150%, 04/01/2045		60,000		47,997
Canadian Pacific Railway
6.125%, 09/15/2115		30,000		27,286
3.100%, 12/02/2051		20,000		12,717
Carrier Global
2.242%, 02/15/2025		7,000		6,519
CSX
4.100%, 11/15/2032		100,000		90,111
GE Capital International Funding Unlimited Co
4.418%, 11/15/2035		190,000		167,471
Honeywell International
5.000%, 02/15/2033		90,000		89,216
John Deere Capital MTN
2.650%, 06/24/2024		20,000		19,299
1.250%, 01/10/2025		115,000		106,611
Lockheed Martin
5.900%, 11/15/2063		10,000		10,173
5.700%, 11/15/2054		25,000		25,220
Northrop Grumman
2.930%, 01/15/2025		90,000		85,794
Raytheon Technologies
4.450%, 11/16/2038		30,000		25,651
3.950%, 08/16/2025		70,000		67,905
Siemens Financieringsmaatschappij
1.700%, 03/11/2028 (A)		100,000		83,095
Union Pacific
3.500%, 02/14/2053		20,000		13,992
3.375%, 02/14/2042		10,000		7,459
Union Pacific MTN
3.550%, 08/15/2039		5,000		3,895
United Airlines Class AA Pass Through Trust
4.150%, 08/25/2031		25,551		22,134
				1,797,367

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

40

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	U.S. Credit Fund
	October 31, 2022

SCHEDULE OF INVESTMENTS
CORPORATE OBLIGATIONS — continued
	Face Amount		Value
INFORMATION TECHNOLOGY — 5.6%
Adobe
2.150%, 02/01/2027	$	110,000	$	98,839
Analog Devices
1.700%, 10/01/2028		40,000		33,069
Apple
3.250%, 02/23/2026		50,000		47,663
3.000%, 02/09/2024		90,000		88,168
2.650%, 02/08/2051		120,000		74,664
2.375%, 02/08/2041		80,000		53,513
Broadcom
3.419%, 04/15/2033 (A)		100,000		76,264
3.137%, 11/15/2035 (A)		30,000		20,808
2.450%, 02/15/2031 (A)		60,000		45,182
Fidelity National Information Services
5.100%, 07/15/2032		90,000		84,670
Fiserv
3.200%, 07/01/2026		20,000		18,363
Intel
4.900%, 08/05/2052		85,000		70,733
4.150%, 08/05/2032		55,000		49,193
Mastercard
3.300%, 03/26/2027		30,000		28,149
Microsoft
2.921%, 03/17/2052		70,000		47,395
2.875%, 02/06/2024		10,000		9,784
2.525%, 06/01/2050		20,000		12,568
2.400%, 08/08/2026		40,000		37,011
Oracle
4.000%, 11/15/2047		5,000		3,304
3.950%, 03/25/2051		5,000		3,270
3.850%, 07/15/2036		70,000		52,420
3.650%, 03/25/2041		25,000		16,951
3.600%, 04/01/2050		5,000		3,078
QUALCOMM
1.650%, 05/20/2032		20,000		15,038
salesforce.com
2.900%, 07/15/2051		30,000		19,306
Vontier
2.950%, 04/01/2031		90,000		63,195
				1,072,598

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

41

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	U.S. Credit Fund
	October 31, 2022

SCHEDULE OF INVESTMENTS
CORPORATE OBLIGATIONS — continued
	Face Amount		Value
MATERIALS — 2.2%
Celanese US Holdings
6.165%, 07/15/2027	$	200,000	$	188,958
Eagle Materials
2.500%, 07/01/2031		80,000		58,781
Freeport-McMoRan
5.250%, 09/01/2029		67,000		62,317
4.625%, 08/01/2030		21,000		18,589
4.250%, 03/01/2030		10,000		8,741
International Flavors & Fragrances
3.268%, 11/15/2040 (A)		40,000		26,635
Minera Mexico
4.500%, 01/26/2050 (A)		30,000		20,067
PPG Industries
1.200%, 03/15/2026		50,000		43,306
				427,394
REAL ESTATE — 7.1%
Agree
4.800%, 10/01/2032		65,000		56,847
2.000%, 06/15/2028		80,000		63,931
Alexandria Real Estate Equities
3.550%, 03/15/2052		45,000		29,099
Brixmor Operating Partnership
2.500%, 08/16/2031		15,000		10,759
2.250%, 04/01/2028		40,000		31,989
Equinix
2.625%, 11/18/2024		160,000		150,688
Extra Space Storage
3.900%, 04/01/2029		80,000		70,081
Invitation Homes Operating Partnership
2.300%, 11/15/2028		70,000		55,717
Mid-America Apartments
1.100%, 09/15/2026		50,000		42,269
Ontario Teachers’ Cadillac Fairview Properties Trust
2.500%, 10/15/2031 (A)		80,000		60,147
Piedmont Operating Partnership
2.750%, 04/01/2032		30,000		20,706
Prologis
2.250%, 01/15/2032		25,000		18,878
Public Storage
1.950%, 11/09/2028		60,000		49,387

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

42

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	U.S. Credit Fund
	October 31, 2022

SCHEDULE OF INVESTMENTS
CORPORATE OBLIGATIONS — continued
	Face Amount		Value
REAL ESTATE (continued)
Regency Centers
4.650%, 03/15/2049	$	25,000	$	18,641
Rexford Industrial Realty
2.150%, 09/01/2031		35,000		25,694
2.125%, 12/01/2030		55,000		41,180
Scentre Group Trust 1
3.750%, 03/23/2027 (A)		10,000		9,012
3.500%, 02/12/2025 (A)		20,000		18,910
3.250%, 10/28/2025 (A)		10,000		9,170
Simon Property Group
2.450%, 09/13/2029		50,000		40,068
1.750%, 02/01/2028		15,000		12,284
Spirit Realty
3.200%, 02/15/2031		40,000		30,629
2.100%, 03/15/2028		40,000		31,504
Sun Communities Operating
2.300%, 11/01/2028		210,000		167,582
VICI Properties
4.950%, 02/15/2030		120,000		107,889
4.750%, 02/15/2028		95,000		86,747
4.625%, 12/01/2029 (A)		70,000		61,309
4.375%, 05/15/2025		40,000		38,140
4.125%, 08/15/2030 (A)		20,000		16,506
				1,375,763
UTILITIES — 8.2%
AES
3.300%, 07/15/2025 (A)		30,000		27,657
2.450%, 01/15/2031		10,000		7,553
Black Hills
4.350%, 05/01/2033		20,000		17,131
CenterPoint Energy Houston Electric
3.000%, 03/01/2032		25,000		20,880
2.900%, 07/01/2050		10,000		6,281
Cleco Corporate Holdings
3.375%, 09/15/2029		30,000		24,584
Commonwealth Edison
4.000%, 03/01/2049		20,000		15,155
3.200%, 11/15/2049		30,000		19,789
3.100%, 11/01/2024		20,000		19,177
3.000%, 03/01/2050		30,000		19,105

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

43

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	U.S. Credit Fund
	October 31, 2022

SCHEDULE OF INVESTMENTS
CORPORATE OBLIGATIONS — continued
	Face Amount		Value
UTILITIES (continued)
Constellation Energy Generation
6.250%, 10/01/2039	$	45,000	$	43,394
5.750%, 10/01/2041		50,000		45,062
5.600%, 06/15/2042		20,000		17,636
Consumers Energy
4.200%, 09/01/2052		10,000		7,968
3.500%, 08/01/2051		10,000		7,005
Dominion Energy
4.850%, 08/15/2052		10,000		8,217
3.375%, 04/01/2030		40,000		34,315
1.450%, 04/15/2026		140,000		122,238
DTE Energy
4.220%, 11/01/2024 (C)		105,000		102,528
Duke Energy Carolinas
2.850%, 03/15/2032		45,000		36,811
Duke Energy Ohio
4.300%, 02/01/2049		50,000		38,142
2.125%, 06/01/2030		20,000		15,788
Duke Energy Progress
4.100%, 05/15/2042		70,000		54,769
East Ohio Gas
3.000%, 06/15/2050 (A)		20,000		12,092
Entergy
2.950%, 09/01/2026		50,000		45,538
2.400%, 06/15/2031		40,000		30,353
Entergy Texas
3.550%, 09/30/2049		60,000		40,231
Eversource Energy
2.900%, 10/01/2024		50,000		47,759
Georgia Power
4.300%, 03/15/2043		60,000		47,403
Indiana Michigan Power
4.250%, 08/15/2048		10,000		7,568
Indianapolis Power & Light
4.050%, 05/01/2046 (A)		30,000		23,144
Jersey Central Power & Light
2.750%, 03/01/2032 (A)		60,000		46,788
MidAmerican Energy
3.150%, 04/15/2050		60,000		39,188
NextEra Energy Capital Holdings
4.450%, 06/20/2025		155,000		151,915

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

44

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	U.S. Credit Fund
	October 31, 2022

SCHEDULE OF INVESTMENTS
CORPORATE OBLIGATIONS — continued
	Face Amount		Value
UTILITIES (continued)
Oglethorpe Power
5.375%, 11/01/2040	$	70,000	$	59,632
5.250%, 09/01/2050		50,000		40,334
Oncor Electric Delivery
4.950%, 09/15/2052 (A)		15,000		13,483
3.750%, 04/01/2045		40,000		29,841
3.700%, 05/15/2050		10,000		7,331
Pacific Gas and Electric
4.950%, 07/01/2050		5,000		3,731
4.200%, 06/01/2041		5,000		3,529
2.500%, 02/01/2031		30,000		22,396
2.100%, 08/01/2027		70,000		57,511
Public Service of Colorado
3.200%, 03/01/2050		30,000		20,022
Puget Energy
2.379%, 06/15/2028		60,000		49,523
Sempra Energy
4.000%, 02/01/2048		5,000		3,552
3.800%, 02/01/2038		20,000		15,203
Southern
1.750%, 03/15/2028		30,000		24,558
Southern California Gas
4.300%, 01/15/2049		10,000		7,599
Union Electric
4.000%, 04/01/2048		20,000		14,909
				1,576,318
TOTAL CORPORATE OBLIGATIONS (Cost $21,214,420)				17,500,395
U.S. TREASURY OBLIGATIONS — 5.2%
U.S. Treasury Bonds
3.375%, 08/15/2042		255,000		220,097
2.875%, 05/15/2052		710,000		551,359
U.S. Treasury Notes
4.250%, 10/15/2025		130,000		129,350

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

45

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	U.S. Credit Fund
	October 31, 2022

SCHEDULE OF INVESTMENTS
U.S. TREASURY OBLIGATIONS — continued
	Face Amount		Value
4.125%, 09/30/2027	$	100,000	$	99,453
TOTAL U.S. TREASURY OBLIGATIONS (Cost $1,073,899)				1,000,259
SOVEREIGN DEBT — 1.3%
Indonesia Government International Bond
4.650%, 09/20/2032		80,000		73,856
Israel Government International Bond
3.875%, 07/03/2050		20,000		15,207
Mexico Government International Bond
5.000%, 04/27/2051		15,000		11,419
4.500%, 01/31/2050		30,000		21,387
Panama Government International Bond
4.500%, 04/16/2050		30,000		20,495
3.160%, 01/23/2030		60,000		48,951
Perusahaan Penerbit SBSN Indonesia III
3.550%, 06/09/2051 (A)		10,000		6,763
Philippine Government International Bond
5.609%, 04/13/2033		15,000		14,978
3.200%, 07/06/2046		30,000		19,671
2.950%, 05/05/2045		10,000		6,479
TOTAL SOVEREIGN DEBT (Cost $311,597)				239,206
MUNICIPAL BOND — 0.3%
CALIFORNIA — 0.3%
California State, GO
7.600%, 11/01/2040		50,000		60,130
TOTAL MUNICIPAL BOND
(Cost $85,121)				60,130
TOTAL INVESTMENTS— 98.0% (Cost $22,685,037)			$	18,799,990

Percentages are based on Net Assets of $19,183,550.

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

46

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	U.S. Credit Fund
	October 31, 2022

(A) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On October 31, 2022, the value of these securities amounted to $3,015,593, representing 15.7% of the Net Assets of the Fund.

(B) Variable or floating rate security. The rate shown is effective interest rate as of period end. The rates on certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates.

(C) Step Bonds – Represents the current rate, the step rate, the step date and the final maturity date.

DAC — Designated Activity Company

GO — General Obligation

ICE — Intercontinental Exchange

LIBOR — London Interbank Offered Rate

MTN — Medium Term Note

REIT — Real Estate Investment Trust

SOFR — Secured Overnight Financing Rate

USD — U.S. Dollar

As of October 31, 2022, all of the Fund’s investments were considered Level 2, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

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

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

47

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	Retirement Income 2040 Fund
	October 31, 2022

SECTOR WEIGHTING † (unaudited)

100.0% Open-End Mutual Fund

† Percentages are based on total investments.

SCHEDULE OF INVESTMENTS
Open-end Mutual Funds — 161.7%
	Shares		Value
Legal & General Cash Flow Matched Bond Fund ,*		1,938	$	17,897
Legal & General Long Duration U.S. Credit Fund ,*		2,866		19,920
Legal & General MSCI World Index Fund ,*		9,215		75,641
Legal & General U.S. Credit Fund ,*		1,581		12,568
TOTAL Open-end Mutual Funds
(Cost $142,802)				126,026
TOTAL INVESTMENTS— 161.7%
(Cost $142,802)			$	126,026

Percentages are based on Net Assets of $77,954.

* Affiliated investment.

The following is a summary of the transactions with affiliated investments for the period ended October 31, 2022 ($ Thousands):

Value at 10/31/21	Purchases at Cost	Proceeds from Sales	Changes in Unrealized Appreciation (Depreciation)	Realized Gain (Loss)	Value at 10/31/22	Shares	Dividend   Income
Legal & General Cash Flow Matched Bond Fund
$          -	$      27,619	$    (9,347)	$        (819)	$        444	$    17,897	1,938	$        164
Legal & General Long Duration U.S. Credit Fund
-	33,922	(9,719)	(4,504)	221	19,920	2,866	502
Legal & General MSCI World Index Fund
-	130,805	(38,999)	(9,922)	(6,243)	75,641	9,215	1,107
Legal & General U.S. Credit Fund
-	33,024	(17,046)	(1,531)	(1,879)	12,568	1,581	326
Totals:
$          -	$    225,370	$  (75,111)	$    (16,776)	$    (7,457)	$    126,026	15,600	$    2,099

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

48

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	Retirement Income 2040 Fund
	October 31, 2022

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

As of October 31, 2022, all of the Fund’s investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

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

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

49

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	Cash Flow Matched Bond Fund
	October 31, 2022

 SECTOR WEIGHTING † (unaudited)

† Percentages are based on total investments.

SCHEDULE OF INVESTMENTS
CORPORATE OBLIGATIONS — 97.7%
	Face Amount		Value
COMMUNICATION SERVICES — 8.3%
Alphabet
0.800%, 08/15/2027	$	100,000	$	84,215
AT&T
2.300%, 06/01/2027		100,000		87,273
Comcast
3.950%, 10/15/2025		100,000		96,714
NTT Finance
1.162%, 04/03/2026 (A)		200,000		173,540
Paramount Global
4.750%, 05/15/2025		167,000		163,107
Sky
3.750%, 09/16/2024 (A)		200,000		194,469
Verizon Communications
0.850%, 11/20/2025		400,000		351,801
0.750%, 03/22/2024		500,000		472,162
Walt Disney
1.750%, 08/30/2024		250,000		236,249

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

50

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	Cash Flow Matched Bond Fund
	October 31, 2022

SCHEDULE OF INVESTMENTS
CORPORATE OBLIGATIONS — continued
	Face Amount		Value
COMMUNICATION SERVICES (continued)
Warnermedia Holdings
3.755%, 03/15/2027 (A)	$	100,000	$	88,998
				1,948,528
CONSUMER DISCRETIONARY — 6.0%
Amazon.com
0.800%, 06/03/2025		200,000		181,018
BMW US Capital
0.750%, 08/12/2024 (A)		125,000		115,557
General Motors
4.000%, 04/01/2025		250,000		239,659
Home Depot
2.875%, 04/15/2027		150,000		137,900
Honda Motor
2.534%, 03/10/2027		100,000		89,457
Lowe’s
2.500%, 04/15/2026		300,000		274,922
McDonald’s MTN
1.450%, 09/01/2025		200,000		181,912
Target
1.950%, 01/15/2027		200,000		179,228
				1,399,653
CONSUMER STAPLES — 8.6%
Altria Group
2.350%, 05/06/2025		100,000		92,312
Cargill
3.625%, 04/22/2027 (A)		100,000		94,217
0.400%, 02/02/2024 (A)		100,000		94,262
Coca-Cola
1.450%, 06/01/2027		100,000		86,828
Diageo Capital
1.375%, 09/29/2025		200,000		180,424
Hormel Foods
0.650%, 06/03/2024		100,000		93,416
Mars
0.875%, 07/16/2026 (A)		200,000		172,151
McCormick
3.150%, 08/15/2024		150,000		144,373
PepsiCo
2.375%, 10/06/2026		150,000		137,196

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

51

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	Cash Flow Matched Bond Fund
	October 31, 2022

SCHEDULE OF INVESTMENTS
CORPORATE OBLIGATIONS — continued
	Face Amount		Value
CONSUMER STAPLES (continued)
Procter & Gamble
2.450%, 11/03/2026	$	200,000	$	184,309
Walmart
2.850%, 07/08/2024		250,000		242,603
2.350%, 12/15/2022		475,000		473,884
				1,995,975
ENERGY — 4.8%
BP Capital Markets
2.500%, 11/06/2022		250,000		249,931
Chevron
1.141%, 05/11/2023		100,000		98,121
ConocoPhillips
3.350%, 11/15/2024		250,000		243,233
Enterprise Products Operating
3.950%, 02/15/2027		100,000		94,332
Kinder Morgan
4.300%, 06/01/2025		150,000		145,900
Shell International Finance BV
3.500%, 11/13/2023		285,000		281,174
				1,112,691
FINANCIALS — 30.0%
Aflac
2.875%, 10/15/2026		150,000		138,278
1.125%, 03/15/2026		100,000		87,545
American Express
3.000%, 10/30/2024		100,000		95,554
Bank of America
3.004%, ICE LIBOR USD 3 Month + 0.790%, 12/20/2023 (B)		300,000		298,909
Bank of America MTN
3.559%, ICE LIBOR USD 3 Month + 1.060%, 04/23/2027 (B)		100,000		92,029
0.981%, U.S. SOFR + 0.910%, 09/25/2025 (B)		125,000		113,585
Bank of Montreal MTN
2.650%, 03/08/2027		125,000		110,769
Bank of Nova Scotia
0.400%, 09/15/2023		200,000		191,981
Berkshire Hathaway Finance
2.300%, 03/15/2027		150,000		135,557

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

52

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	Cash Flow Matched Bond Fund
	October 31, 2022

SCHEDULE OF INVESTMENTS
CORPORATE OBLIGATIONS — continued
	Face Amount		Value
FINANCIALS (continued)
Charles Schwab
3.850%, 05/21/2025	$	125,000	$	121,372
Citibank
3.650%, 01/23/2024		200,000		196,972
Citigroup
3.200%, 10/21/2026		250,000		227,882
Corebridge Financial
3.650%, 04/05/2027 (A)		175,000		158,708
European Investment Bank
0.375%, 07/24/2024		250,000		232,736
European Investment Bank MTN
3.125%, 12/14/2023		200,000		196,670
GA Global Funding Trust
0.800%, 09/13/2024 (A)		250,000		225,964
Goldman Sachs Group
3.750%, 02/25/2026		100,000		93,960
3.625%, 02/20/2024		275,000		268,875
Inter-American Development Bank MTN
0.875%, 04/03/2025		300,000		274,807
International Bank for Reconstruction & Development
0.250%, 11/24/2023		350,000		334,102
Jackson Financial
1.125%, 11/22/2023		250,000		238,765
JPMorgan Chase
3.625%, 05/13/2024		200,000		196,025
1.561%, U.S. SOFR + 0.605%, 12/10/2025 (B)		450,000		410,612
Kreditanstalt fuer Wiederaufbau
0.375%, 07/18/2025		350,000		313,086
MassMutual Global Funding II MTN
0.850%, 06/09/2023 (A)		200,000		195,162
MetLife
4.368%, 09/15/2023		100,000		99,416
Metropolitan Life Global Funding I MTN
0.700%, 09/27/2024 (A)		220,000		201,627
Morgan Stanley MTN
3.875%, 04/29/2024		200,000		195,958
2.720%, U.S. SOFR + 1.152%, 07/22/2025 (B)		200,000		188,744
New York Life Global Funding
2.350%, 07/14/2026 (A)		200,000		181,379
Northwestern Mutual Global Funding
1.750%, 01/11/2027 (A)		100,000		86,509

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

53

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	Cash Flow Matched Bond Fund
	October 31, 2022

SCHEDULE OF INVESTMENTS
CORPORATE OBLIGATIONS — continued
	Face Amount		Value
FINANCIALS (continued)
PNC Financial Services Group
1.150%, 08/13/2026	$	125,000	$	107,321
Royal Bank of Canada MTN
1.400%, 11/02/2026		100,000		85,170
S&P Global
2.450%, 03/01/2027 (A)		200,000		179,146
Toronto-Dominion Bank MTN
2.800%, 03/10/2027		200,000		178,363
1.950%, 01/12/2027		150,000		129,983
US Bancorp
1.450%, 05/12/2025		100,000		91,387
Wells Fargo MTN
3.550%, 09/29/2025		100,000		94,767
3.196%, ICE LIBOR USD 3 Month + 1.170%, 06/17/2027 (B)		250,000		226,497
				6,996,172
HEALTH CARE — 11.7%
Abbott Laboratories
3.750%, 11/30/2026		100,000		96,100
AbbVie
2.300%, 11/21/2022		600,000		599,247
Amgen
2.200%, 02/21/2027		125,000		110,978
Astrazeneca Finance
0.700%, 05/28/2024		100,000		93,421
Bristol-Myers Squibb
0.750%, 11/13/2025		155,000		137,096
Cigna
4.125%, 11/15/2025		100,000		96,575
DH Europe Finance II Sarl
2.050%, 11/15/2022		500,000		499,537
Elevance Health
2.375%, 01/15/2025		100,000		93,998
0.450%, 03/15/2023		225,000		221,295
Gilead Sciences
0.750%, 09/29/2023		150,000		144,352
Johnson & Johnson
0.550%, 09/01/2025		150,000		134,012
Merck
1.700%, 06/10/2027		125,000		108,924

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

54

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	Cash Flow Matched Bond Fund
	October 31, 2022

SCHEDULE OF INVESTMENTS
CORPORATE OBLIGATIONS — continued
	Face Amount		Value
HEALTH CARE (continued)
Pfizer
3.400%, 05/15/2024	$	150,000	$	146,914
UnitedHealth Group
3.700%, 12/15/2025		250,000		240,755
				2,723,204
INDUSTRIALS — 7.6%
Burlington Northern Santa Fe
3.650%, 09/01/2025		300,000		288,679
Canadian Pacific Railway
1.750%, 12/02/2026		325,000		282,689
Caterpillar Financial Services MTN
2.150%, 11/08/2024		175,000		165,887
John Deere Capital MTN
2.650%, 06/24/2024		270,000		260,534
Northrop Grumman
3.250%, 08/01/2023		250,000		246,573
Parker-Hannifin
4.250%, 09/15/2027		100,000		94,837
Raytheon Technologies
2.650%, 11/01/2026		300,000		272,919
Waste Management
0.750%, 11/15/2025		200,000		176,659
				1,788,777
INFORMATION TECHNOLOGY — 7.4%
Apple
2.450%, 08/04/2026		170,000		156,476
2.400%, 05/03/2023		200,000		197,768
Intel
3.750%, 08/05/2027		150,000		141,160
Mastercard
2.950%, 11/21/2026		100,000		93,038
Microsoft
2.400%, 08/08/2026		500,000		462,633
PayPal Holdings
2.650%, 10/01/2026		100,000		91,235
QUALCOMM
3.250%, 05/20/2027		100,000		92,891
Salesforce
0.625%, 07/15/2024		250,000		232,852

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

55

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	Cash Flow Matched Bond Fund
	October 31, 2022

SCHEDULE OF INVESTMENTS
CORPORATE OBLIGATIONS — continued
	Face Amount		Value
INFORMATION TECHNOLOGY (continued)
Texas Instruments
1.125%, 09/15/2026	$	185,000	$	161,003
Visa
3.150%, 12/14/2025		100,000		95,168
				1,724,224
MATERIALS — 0.4%
Ecolab
1.650%, 02/01/2027		100,000		87,183
REAL ESTATE — 6.7%
Alexandria Real Estate Equities
3.950%, 01/15/2027		200,000		187,416
ERP Operating
2.850%, 11/01/2026		250,000		226,350
Mid-America Apartments
1.100%, 09/15/2026		325,000		274,750
Prologis
2.125%, 04/15/2027		100,000		87,799
Public Storage
1.500%, 11/09/2026		300,000		261,320
Realty Income
4.625%, 11/01/2025		150,000		146,572
4.600%, 02/06/2024		100,000		99,290
Simon Property Group
2.000%, 09/13/2024		300,000		281,967
				1,565,464
UTILITIES — 6.2%
American Water Capital
2.950%, 09/01/2027		100,000		90,128
CMS Energy
2.950%, 02/15/2027		100,000		89,134
Connecticut Light and Power
3.200%, 03/15/2027		100,000		92,243
Duke Energy Florida
3.200%, 01/15/2027		150,000		139,160
Entergy Louisiana
0.950%, 10/01/2024		100,000		92,270
National Rural Utilities Cooperative Finance MTN
1.000%, 10/18/2024		250,000		230,083

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

56

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	Cash Flow Matched Bond Fund
	October 31, 2022

SCHEDULE OF INVESTMENTS
CORPORATE OBLIGATIONS — continued
	Face Amount		Value
UTILITIES (continued)
NextEra Energy Capital Holdings
1.875%, 01/15/2027	$	125,000	$	108,172
Oncor Electric Delivery
2.750%, 06/01/2024		175,000		168,694
Public Service Electric and Gas MTN
2.250%, 09/15/2026		200,000		179,355
Southern California Gas
2.950%, 04/15/2027		175,000		158,218
Virginia Electric and Power
3.500%, 03/15/2027		100,000		93,218
				1,440,675
TOTAL CORPORATE OBLIGATIONS (Cost $24,466,383)				22,782,546
U.S. TREASURY OBLIGATION — 1.6%
U.S. Treasury Note
4.125%, 09/30/2027		370,000		367,861
TOTAL U.S. TREASURY OBLIGATION (Cost $368,034)				367,861
TOTAL INVESTMENTS— 99.3% (Cost $24,834,417)			$	23,150,407

Percentages are based on Net Assets of $23,320,063.

(A) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On October 31, 2022, the value of these securities amounted to $2,161,689, representing 9.3% of the Net Assets of the Fund.

(B) Variable or floating rate security. The rate shown is effective interest rate as of period end. The rates on certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates.

ICE — Intercontinental Exchange

LIBOR — London Interbank Offered Rate

MTN — Medium Term Note

SOFR — Secured Overnight Financing Rate

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

57

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	Cash Flow Matched Bond Fund
	October 31, 2022

USD — U.S. Dollar

The open futures contracts held by the Fund at October 31, 2022, are as follows:

Type of Contract	Number         of	Expiration Date	Notional Amount		Value		Unrealized (Depreciation)
Long Contracts
U.S. 2-Year Treasury Note	2	Jan-2023	$	417,453	$	408,767	$	(8,686)
U.S. 5-Year Treasury Note	5	Jan-2023		552,507		532,969		(19,538)
			$	969,960	$	941,736	$	(28,224)

The following is a summary of the inputs used as of October 31, 2022, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Corporate Obligations	$	–	$	22,782,546	$	–	$	22,782,546
U.S. Treasury Obligation		–		367,861		–		367,861
Total Investments in Securities	$	–	$	23,150,407	$	–	$	23,150,407
Other Financial Instruments	Level 1		Level 2		Level 3		Total
Futures Contracts*
Unrealized Depreciation		(28,224)		–		–		(28,224)
Total Other Financial Instruments	$	(28,224)	$	–	$	–	$	(28,224)

*Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

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

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

58

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	Global Developed Equity Index Fund
	October 31, 2022

SECTOR WEIGHTING † (unaudited)

† Percentages are based on total investments.

SCHEDULE OF INVESTMENTS
COMMON STOCK — 98.9%
	Shares		Value
COMMUNICATION SERVICES — 6.0%
Activision Blizzard		327	$	23,806
Adevinta, Cl B (A)		103		705
Alphabet, Cl A (A)		2,545		240,528
Alphabet, Cl C (A)		2,401		227,279
AMC Entertainment Holdings, Cl A (A)		206		1,372
AT&T		3,007		54,818
Auto Trader Group (B)		384		2,297
BCE		29		1,308
Bezeq The Israeli Telecommunication		1,048		1,856
Bollore		355		1,777
BT Group, Cl A		2,950		4,391
Cable One		2		1,719
Cameco		159		3,771
Capcom		100		2,788
Cellnex Telecom (A) (B)		244		7,981
Charter Communications, Cl A (A)		50		18,381
Comcast, Cl A		1,904		60,433
CyberAgent		200		1,646

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

59

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	Global Developed Equity Index Fund
	October 31, 2022

SCHEDULE OF INVESTMENTS
COMMON STOCK — continued
	Shares		Value
COMMUNICATION SERVICES (continued)
Dentsu Group		100	$	3,117
Deutsche Telekom		1,427		27,026
DISH Network, Cl A (A)		99		1,476
Electronic Arts		144		18,138
Elisa		57		2,755
Embracer Group, Cl B (A)		370		1,782
Fox		190		5,387
Hakuhodo DY Holdings		100		845
HKT Trust & HKT		2,000		2,260
IAC (A)		32		1,558
Informa		602		3,836
Infrastrutture Wireless Italiane (B)		136		1,201
Interpublic Group of		158		4,707
Kakaku.com		100		1,695
KDDI		700		20,690
Koninklijke KPN		1,350		3,777
Liberty Broadband, Cl C (A)		56		4,728
Liberty Global (A)		138		2,437
Liberty Global, Cl A (A)		65		1,096
Liberty Media -Liberty Formula One, Cl C (A)		78		4,503
Liberty Media -Liberty SiriusXM (A)		119		5,032
Live Nation Entertainment (A)		86		6,846
Lumen Technologies		377		2,775
Match Group (A)		119		5,141
Meta Platforms, Cl A (A)		977		91,017
Netflix (A)		199		58,084
News		157		2,649
Nexon		200		3,359
Nippon Telegraph & Telephone		500		13,766
Omnicom Group		86		6,257
Orange		801		7,624
Paramount Global, Cl B		243		4,452
Pearson		303		3,337
Pinterest, Cl A (A)		222		5,461
Proximus SADP		62		650
Publicis Groupe		91		5,103
Quebecor, Cl B		67		1,263
REA Group		21		1,633
ROBLOX, Cl A (A)		155		6,935
Rogers Communications, Cl B		142		5,911
Roku, Cl A (A)		47		2,610
Scout24 (B)		35		1,794

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

60

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	Global Developed Equity Index Fund
	October 31, 2022

SCHEDULE OF INVESTMENTS
COMMON STOCK — continued
	Shares		Value
COMMUNICATION SERVICES (continued)
Sea ADR (A)		160	$	7,949
SEEK		134		1,851
Shaw Communications, Cl B		237		6,087
Singapore Telecommunications (A)		3,300		5,828
Sirius XM Holdings		405		2,446
Snap, Cl A (A)		464		4,598
SoftBank		1,200		11,827
SoftBank Group		500		21,521
Spark New Zealand		747		2,224
Swisscom		10		4,936
Take-Two Interactive Software (A)		71		8,412
Tele2, Cl B		205		1,681
Telecom Italia (A)		4,001		783
Telefonica		2,112		7,274
Telefonica Deutschland Holding		419		913
Telenor		281		2,554
Telia		1,093		2,895
Telstra Group		1,669		4,185
TELUS		181		3,780
T-Mobile US (A)		267		40,466
Toho		100		3,564
Trade Desk, Cl A (A)		197		10,488
Ubisoft Entertainment (A)		37		1,015
United Internet		39		729
Universal Music Group		291		5,709
Verizon Communications		1,775		66,332
Vivendi		311		2,546
Vodafone Group		11,628		13,554
Walt Disney (A)		780		83,101
Warner Bros Discovery (A)		945		12,285
WPP		478		4,199
Z Holdings		1,100		2,845
ZoomInfo Technologies, Cl A (A)		126		5,611
				1,365,757
CONSUMER DISCRETIONARY — 10.5%
Accor (A)		68		1,629
adidas		77		7,532
Advance Auto Parts		25		4,748
Ageas		69		2,389
Airbnb, Cl A (A)		163		17,426
Aisin		100		2,566

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

61

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	Global Developed Equity Index Fund
	October 31, 2022

SCHEDULE OF INVESTMENTS
COMMON STOCK — continued
	Shares		Value
CONSUMER DISCRETIONARY (continued)
Allianz		174	$	31,330
Amazon.com (A)		3,882		397,672
Aptiv (A)		119		10,837
Aramark		92		3,358
Aristocrat Leisure		241		5,715
AutoZone (A)		9		22,796
Bandai Namco Holdings		100		6,619
Barratt Developments		408		1,760
Bath & Body Works		106		3,538
Bayerische Motoren Werke		147		11,552
Berkeley Group Holdings		45		1,791
Best Buy		90		6,157
Booking Holdings (A)		17		31,781
BorgWarner		96		3,603
Bridgestone		200		7,212
BRP		22		1,471
Burberry Group		162		3,372
Burlington Stores (A)		27		3,860
Caesars Entertainment (A)		86		3,761
Canadian Tire, Cl A		23		2,578
CarMax (A)		65		4,096
Carnival (A)		393		3,561
Chewy, Cl A (A)		36		1,394
Chipotle Mexican Grill, Cl A (A)		12		17,980
Chow Tai Fook Jewellery Group		800		1,370
Cie Financiere Richemont, Cl A		223		21,811
Cie Generale des Etablissements Michelin SCA		312		7,958
Compass Group		779		16,407
Continental		44		2,282
Darden Restaurants		52		7,443
Delivery Hero (A) (B)		65		2,142
Denso		200		9,940
D’ieteren Group		13		2,162
Dollar General		96		24,485
Dollar Tree (A)		99		15,691
Dollarama		116		6,893
Domino’s Pizza		15		4,984
Domino’s Pizza Enterprises		24		979
DoorDash, Cl A (A)		84		3,657
DR Horton		138		10,609
eBay		261		10,398
Electrolux, Cl B		92		1,135

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

62

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	Global Developed Equity Index Fund
	October 31, 2022

SCHEDULE OF INVESTMENTS
COMMON STOCK — continued
	Shares		Value
CONSUMER DISCRETIONARY (continued)
Entain		235	$	3,404
EssilorLuxottica		125		19,808
Etsy (A)		51		4,789
Evolution (B)		84		7,859
Expedia Group (A)		65		6,076
Ferrari		58		11,435
Flutter Entertainment (A)		67		8,866
Ford Motor		1,675		22,395
Galaxy Entertainment Group (A)		1,000		4,567
Garmin		62		5,458
General Motors		603		23,668
Genting Singapore		2,400		1,365
Genuine Parts		57		10,138
Gildan Activewear		79		2,493
H & M Hennes & Mauritz, Cl B		294		2,961
Hasbro		52		3,393
Hermes International		13		16,836
Hilton Worldwide Holdings		122		16,502
Home Depot		434		128,520
Honda Motor		700		15,879
Hydro One (B)		132		3,310
IDP Education		84		1,590
Iida Group Holdings		100		1,389
Industria de Diseno Textil		490		11,109
InterContinental Hotels Group		73		3,931
Isuzu Motors		200		2,346
JD Sports Fashion		1,032		1,153
Just Eat Takeaway.com (A) (B)		72		1,235
Kering		32		14,664
Kingfisher		846		2,124
Klepierre (A)		81		1,629
Koito Manufacturing		200		2,843
La Francaise des Jeux SAEM (B)		38		1,239
Las Vegas Sands (A)		138		5,245
Lear		24		3,329
Lennar, Cl A		110		8,877
LKQ		112		6,232
Lottery (A)		890		2,442
Lowe’s		278		54,196
Lucid Group (A)		162		2,315
Lululemon Athletica (A)		52		17,110
Marriott International, Cl A		120		19,213

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

63

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	Global Developed Equity Index Fund
	October 31, 2022

SCHEDULE OF INVESTMENTS
COMMON STOCK — continued
	Shares		Value
CONSUMER DISCRETIONARY (continued)
Mazda Motor		200	$	1,349
McDonald’s		313		85,343
MercadoLibre (A)		20		18,032
Mercedes-Benz Group		330		19,111
MGM Resorts International		154		5,478
Mohawk Industries (A)		24		2,274
Moncler		82		3,540
Newell Brands		153		2,113
Next		53		2,996
NIKE, Cl B		537		49,769
Nissan Motor		900		2,871
NVR (A)		2		8,476
O’Reilly Automotive (A)		28		23,441
Oriental Land		100		13,417
Pan Pacific International Holdings		200		3,283
Panasonic Holdings		900		6,443
Pandora		40		2,108
Persimmon		128		1,916
Pool		16		4,868
Prosus		357		15,538
PulteGroup		104		4,159
Puma		42		1,860
Rakuten Group (A)		400		1,792
Renault (A)		77		2,372
Restaurant Brands International		139		8,259
Rivian Automotive, Cl A (A)		140		4,896
Ross Stores		147		14,066
Royal Caribbean Cruises (A)		92		4,911
Sands China (A)		1,200		2,094
SEB		11		716
Sekisui Chemical		200		2,502
Sekisui House		300		4,993
Sharp (A)		100		599
Sodexo		35		3,104
Sony Group		500		33,586
Starbucks		492		42,602
Stellantis		993		13,405
Subaru		300		4,672
Sumitomo Electric Industries		300		3,135
Suzuki Motor		200		6,752
Swatch Group		42		3,955
Target		198		32,522

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

64

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	Global Developed Equity Index Fund
	October 31, 2022

SCHEDULE OF INVESTMENTS
COMMON STOCK — continued
	Shares		Value
CONSUMER DISCRETIONARY (continued)
Taylor Wimpey		1,459	$	1,569
Tesla (A)		1,108		252,114
TJX		491		35,401
Toyota Motor		4,500		62,327
Tractor Supply		46		10,109
Ulta Beauty (A)		25		10,484
USS		100		1,511
Vail Resorts		16		3,506
Valeo		92		1,517
VF		134		3,786
Volkswagen		13		2,223
Volvo Car, Cl B (A)		276		1,172
Wayfair, Cl A (A)		29		1,100
Wesfarmers		496		14,423
Whirlpool		25		3,456
Whitbread		81		2,389
Wynn Resorts (A)		42		2,684
Yamaha		100		3,780
Yamaha Motor		100		2,065
Yum! Brands		117		13,835
Zalando (A) (B)		89		2,052
ZOZO		100		2,129
				2,161,313
CONSUMER STAPLES — 7.5%
Aeon		300		5,602
Ajinomoto		200		5,509
Alimentation Couche-Tard		367		16,433
Altria Group		786		36,368
Anheuser-Busch InBev		373		18,652
Archer-Daniels-Midland		244		23,663
Asahi Group Holdings		200		5,601
Associated British Foods		143		2,213
Barry Callebaut		1		1,891
Beiersdorf		40		3,842
British American Tobacco		928		36,540
Brown-Forman, Cl B		124		8,432
Budweiser Brewing APAC (B)		700		1,473
Bunge		72		7,106
Campbell Soup		79		4,180
Carlsberg, Cl B		40		4,714
Carrefour		254		4,088

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

65

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	Global Developed Equity Index Fund
	October 31, 2022

SCHEDULE OF INVESTMENTS
COMMON STOCK — continued
	Shares		Value
CONSUMER STAPLES (continued)
Chocoladefabriken Lindt & Spruengli		1	$	9,587
Church & Dwight		99		7,339
Clorox		49		7,156
Coca-Cola		1,726		103,301
Coca-Cola Europacific Partners		82		3,858
Coca-Cola HBC (A)		80		1,745
Coles Group		538		5,620
Colgate-Palmolive		340		25,106
Conagra Brands		193		7,083
Constellation Brands, Cl A		69		17,049
Costco Wholesale		188		94,282
Danone		286		14,228
Davide Campari-Milano		210		1,887
Diageo		973		40,148
Empire		68		1,747
Endeavour Group		545		2,493
Essity, Cl B		246		5,200
Estee Lauder, Cl A		99		19,848
General Mills		246		20,069
George Weston		31		3,412
Haleon (A)		2,111		6,488
Heineken		118		9,865
Heineken Holding		46		3,141
HelloFresh (A)		66		1,321
Henkel & KGaA		42		2,468
Hershey		65		15,520
Hormel Foods		120		5,574
Imperial Brands		379		9,232
J M Smucker		44		6,629
J Sainsbury		710		1,583
Japan Tobacco		500		8,285
JDE Peet’s		40		1,146
Jeronimo Martins SGPS		115		2,384
Kao		200		7,519
Kellogg		103		7,912
Kerry Group, Cl A		64		5,566
Kesko, Cl B		110		2,142
Keurig Dr Pepper		345		13,400
Kikkoman		100		5,434
Kimberly-Clark		146		18,171
Kirin Holdings		400		5,890
Kobe Bussan		100		2,176

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

66

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	Global Developed Equity Index Fund
	October 31, 2022

SCHEDULE OF INVESTMENTS
COMMON STOCK — continued
	Shares		Value
CONSUMER STAPLES (continued)
Koninklijke Ahold Delhaize		471	$	13,149
Kraft Heinz		320		12,310
Kroger		285		13,478
McCormick		100		7,864
Metro, Cl A		100		5,239
Molson Coors Beverage, Cl B		76		3,833
Mondelez International, Cl A		591		36,335
Monster Beverage (A)		163		15,276
Mowi		176		2,625
Nestle		1,189		129,474
Nisshin Seifun Group		100		1,081
Ocado Group (A)		196		1,062
Orkla		302		2,038
PepsiCo		580		105,316
Pernod Ricard		95		16,683
Philip Morris International		661		60,713
Procter & Gamble		1,015		136,690
Reckitt Benckiser Group		312		20,681
Remy Cointreau		9		1,380
Salmar		33		1,118
Seven & i Holdings		300		11,205
Shiseido		200		6,934
Suntory Beverage & Food		100		3,349
Swedish Match		637		6,554
Sysco		221		19,130
Tesco		3,114		7,682
Treasury Wine Estates		289		2,394
Tyson Foods, Cl A		118		8,065
Unicharm		200		6,096
Unilever		1,078		49,135
Walgreens Boots Alliance		332		12,118
Walmart		644		91,661
Welcia Holdings		100		2,092
WH Group		3,500		1,770
Wilmar International		800		2,193
Woolworths Group		509		10,751
Yakult Honsha		100		5,542
				1,552,327
ENERGY — 5.7%
Aker (A)		77		2,455
Aker BP		50		1,594

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

67

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	Global Developed Equity Index Fund
	October 31, 2022

SCHEDULE OF INVESTMENTS
COMMON STOCK — continued
	Shares		Value
ENERGY (continued)
Ampol		95	$	1,655
APA		147		6,683
ARC Resources		288		4,055
Baker Hughes, Cl A		400		11,064
BP		8,183		45,026
Canadian Natural Resources		493		29,569
Cenovus Energy		595		12,028
Cheniere Energy		97		17,112
Chevron		791		143,092
ConocoPhillips		548		69,097
Coterra Energy		355		11,051
Devon Energy		258		19,956
Diamondback Energy		69		10,840
Enbridge		866		33,741
ENEOS Holdings		1,200		3,953
Eni		1,157		15,155
EOG Resources		247		33,720
Equinor		428		15,659
Equities		144		6,025
Exxon Mobil		1,784		197,685
Galp Energia SGPS		200		2,031
Halliburton		395		14,386
Hess		124		17,494
Idemitsu Kosan		100		2,186
Imperial Oil		99		5,385
Inpex		400		4,084
Keyera		88		1,886
Kinder Morgan		907		16,435
Marathon Oil		304		9,257
Marathon Petroleum		235		26,701
Neste		170		7,449
Occidental Petroleum		389		28,241
OMV		59		2,719
ONEOK		202		11,983
Parkland		61		1,233
Pembina Pipeline		220		7,264
Phillips 66		210		21,901
Pioneer Natural Resources		99		25,384
Repsol		581		7,892
Santos		1,288		6,344
Schlumberger		592		30,802
Shell		3,163		87,201

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

68

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	Global Developed Equity Index Fund
	October 31, 2022

SCHEDULE OF INVESTMENTS
COMMON STOCK — continued
	Shares		Value
ENERGY (continued)
Suncor Energy		595	$	20,466
Targa Resources		89		6,085
TC Energy		402		17,657
Tenaris		189		2,933
Texas Pacific Land		3		6,912
TotalEnergies		1,046		56,957
Tourmaline Oil		124		6,987
Valero Energy		169		21,218
Williams		528		17,281
Woodside Energy Group		839		19,309
				1,205,278
FINANCIALS — 14.0%
3i Group		390		5,190
ABN AMRO Bank (B)		177		1,741
abrdn		871		1,588
Admiral Group		77		1,781
Aegon		749		3,468
Aflac		255		16,603
AIA Group		5,000		37,868
Allstate		119		15,024
Ally Financial		144		3,969
American Express		274		40,675
American Financial Group		29		4,208
American International Group		343		19,551
Ameriprise Financial		46		14,220
Amundi (B)		24		1,133
Annaly Capital Management		209		3,877
Aon, Cl A		91		25,616
Apollo Global Management		181		10,020
Arch Capital Group (A)		159		9,143
Arthur J Gallagher		93		17,398
Assurant		24		3,261
ASX		78		3,378
Australia & New Zealand Banking Group		1,286		21,025
Aviva		1,190		5,706
AXA		784		19,370
Baloise Holding		19		2,596
Banco Bilbao Vizcaya Argentaria		2,906		14,960
Banco Santander		7,186		18,620
Bank Hapoalim		501		4,835
Bank Leumi Le-Israel		751		7,173

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

69

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	Global Developed Equity Index Fund
	October 31, 2022

SCHEDULE OF INVESTMENTS
COMMON STOCK — continued
	Shares		Value
FINANCIALS (continued)
Bank of America		3,024	$	108,985
Bank of Montreal		294		27,081
Bank of New York Mellon		329		13,854
Bank of Nova Scotia		517		24,989
Barclays		7,354		12,461
Berkshire Hathaway, Cl B (A)		543		160,234
BlackRock, Cl A		63		40,692
Blackstone		303		27,615
BNP Paribas		505		23,703
BOC Hong Kong Holdings		1,500		4,663
Brookfield Asset Management, Cl A		601		23,800
Brown & Brown		96		5,644
CaixaBank		1,775		5,882
Canadian Imperial Bank of Commerce		404		18,347
Capital One Financial		164		17,387
Carlyle Group		64		1,810
Cboe Global Markets		43		5,354
Charles Schwab		625		49,794
Chiba Bank		200		1,093
Chubb		179		38,465
Cincinnati Financial		61		6,303
Citigroup		824		37,789
Citizens Financial Group		206		8,425
CME Group, Cl A		153		26,515
Coinbase Global, Cl A (A)		53		3,511
Commerzbank (A)		401		3,208
Commonwealth Bank of Australia		741		49,616
Concordia Financial Group		400		1,219
Credit Suisse Group		1,062		4,380
Dai-ichi Life Holdings		400		6,342
Daiwa Securities Group		600		2,340
Danske Bank (A)		276		4,455
DBS Group Holdings		800		19,327
Deutsche Bank		828		7,904
Deutsche Boerse		77		12,529
Discover Financial Services		120		12,535
DNB Bank		373		6,602
Equitable Holdings		148		4,532
Equities		119		2,345
Erie Indemnity, Cl A		10		2,570
Erste Group Bank		138		3,404
Eurazeo		16		914

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

70

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	Global Developed Equity Index Fund
	October 31, 2022

SCHEDULE OF INVESTMENTS
COMMON STOCK — continued
	Shares		Value
FINANCIALS (continued)
Euronext (B)		34	$	2,160
Everest Re Group		16		5,162
EXOR (A)		43		2,890
FactSet Research Systems		15		6,382
Fairfax Financial Holdings		10		4,911
Fidelity National Financial		109		4,292
Fifth Third Bancorp		277		9,886
FinecoBank Banca Fineco		245		3,303
First Citizens BancShares, Cl A		5		4,111
First Republic Bank		81		9,728
Franklin Resources		121		2,837
Futu Holdings ADR (A)		20		677
Gjensidige Forsikring		80		1,461
Globe Life		39		4,505
Goldman Sachs Group		147		50,643
Great-West Lifeco		112		2,593
Groupe Bruxelles Lambert		45		3,317
Hang Seng Bank		300		4,223
Hannover Rueck		24		3,909
Hargreaves Lansdown		143		1,252
Hartford Financial Services Group		139		10,065
Hong Kong Exchanges & Clearing		500		13,313
HSBC Holdings		8,527		43,740
Huntington Bancshares		592		8,987
iA Financial		43		2,393
IGM Financial		33		883
Industrivarden, Cl A		68		1,541
Industrivarden, Cl C		114		2,562
ING Groep		1,608		15,818
Insurance Australia Group		988		3,097
Intact Financial		81		12,308
Intercontinental Exchange		241		23,032
Intesa Sanpaolo		6,933		13,217
Invesco		139		2,130
Investor, Cl A		199		3,387
Investor, Cl B		750		12,251
Israel Discount Bank, Cl A		466		2,653
Japan Exchange Group		200		2,628
Japan Post Bank		200		1,332
Japan Post Holdings		1,000		6,722
Japan Post Insurance		100		1,478
JPMorgan Chase		1,250		157,350

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

71

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	Global Developed Equity Index Fund
	October 31, 2022

SCHEDULE OF INVESTMENTS
COMMON STOCK — continued
	Shares		Value
FINANCIALS (continued)
Julius Baer Group		89	$	4,264
KBC Group		100		5,010
KeyCorp		383		6,844
Kinnevik, Cl B (A)		98		1,212
KKR		248		12,060
L E Lundbergforetagen, Cl B		32		1,264
Legal & General Group		2,388		6,378
Lincoln National		71		3,825
Lloyds Banking Group		30,594		14,743
Loblaw		69		5,653
Loews		88		5,018
London Stock Exchange Group		147		12,755
LPL Financial Holdings		36		9,203
LVMH Moet Hennessy Louis Vuitton		116		73,253
M&G		1,037		2,084
M&T Bank		75		12,628
Macquarie Group		156		16,914
Manulife Financial		819		13,574
Markel (A)		6		7,237
MarketAxess Holdings		15		3,661
Marsh & McLennan		213		34,397
Medibank Pvt		1,105		1,986
Mediobanca Banca di Credito Finanziario		248		2,248
MetLife		295		21,597
Mitsubishi HC Capital		300		1,287
Mitsubishi UFJ Financial Group		4,900		23,051
Mizrahi Tefahot Bank		56		2,119
Mizuho Financial Group		1,000		10,801
Moody’s		72		19,071
Morgan Stanley		551		45,276
MS&AD Insurance Group Holdings		200		5,301
MSCI, Cl A		36		16,879
Muenchener Rueckversicherungs-Gesellschaft in Muenchen		65		17,177
Nasdaq		141		8,776
National Australia Bank		1,422		29,489
NatWest Group		2,141		5,765
NN Group		113		4,785
Nomura Holdings		1,200		3,888
Nordea Bank Abp		1,495		14,288
Northern Trust		79		6,664
Onex		31		1,560

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

72

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	Global Developed Equity Index Fund
	October 31, 2022

SCHEDULE OF INVESTMENTS
COMMON STOCK — continued
	Shares		Value
FINANCIALS (continued)
ORIX		500	$	7,347
Oversea-Chinese Banking		1,400		11,996
Partners Group Holding		10		8,982
Phoenix Group Holdings		260		1,617
PNC Financial Services Group		172		27,835
Poste Italiane (B)		209		1,822
Power Corp of Canada		224		5,562
Principal Financial Group		108		9,518
Progressive		249		31,972
Prudential		1,155		10,740
Prudential Financial		155		16,304
QBE Insurance Group		591		4,627
Raymond James Financial		88		10,396
Regions Financial		382		8,385
Resona Holdings		800		3,011
Royal Bank of Canada		605		55,977
S&P Global		146		46,903
Sampo, Cl A		200		9,147
SBI Holdings		100		1,808
Schroders		294		1,321
SEI Investments		48		2,606
Shizuoka Financial Group		200		1,262
Signature Bank NY		24		3,805
Singapore Exchange		300		1,784
Skandinaviska Enskilda Banken, Cl A		657		6,932
Societe Generale		325		7,459
Sofina		6		1,171
Sompo Holdings		100		4,165
St. James’s Place		216		2,638
Standard Chartered		1,054		6,288
State Street		163		12,062
Sumitomo Mitsui Financial Group		500		14,032
Sumitomo Mitsui Trust Holdings		100		2,876
Sun Life Financial		271		11,510
Suncorp Group		514		3,751
SVB Financial Group (A)		24		5,543
Svenska Handelsbanken, Cl A		590		5,485
Swedbank		366		5,458
Swiss Life Holding		13		6,295
Swiss Re		135		10,031
Synchrony Financial		228		8,108
T Rowe Price Group		95		10,085

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

73

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	Global Developed Equity Index Fund
	October 31, 2022

SCHEDULE OF INVESTMENTS
COMMON STOCK — continued
	Shares		Value
FINANCIALS (continued)
T&D Holdings		200	$	1,973
Tokio Marine Holdings		900		16,288
Toronto-Dominion Bank		764		48,896
Tradeweb Markets, Cl A		42		2,313
Travelers		103		18,999
Truist Financial		571		25,575
Tryg		145		3,138
UBS Group		1,450		23,009
UniCredit		854		10,590
United Overseas Bank		500		9,805
US Bancorp		601		25,512
W R Berkley		85		6,322
Webster Financial		74		4,015
Wells Fargo		1,611		74,090
Wendel		11		862
Westpac Banking		1,568		24,182
Willis Towers Watson		45		9,819
Zurich Insurance Group		65		27,737
				2,877,470
HEALTH CARE — 14.3%
Abbott Laboratories		740		73,216
AbbVie		736		107,750
ABIOMED (A)		18		4,537
Agilent Technologies		133		18,401
Alcon		220		13,389
Align Technology (A)		33		6,412
Alnylam Pharmaceuticals (A)		55		11,399
AmerisourceBergen, Cl A		72		11,320
Amgen		225		60,829
Amplifon		50		1,242
Argenx (A)		23		8,974
Asahi Intecc		100		1,704
Astellas Pharma		800		11,010
AstraZeneca		662		77,847
Avantor (A)		255		5,143
Bachem Holding, Cl B		15		1,076
Bausch Health (A)		122		793
Baxter International		218		11,848
Bayer		408		21,459
Becton Dickinson and		123		29,024
Biogen (A)		60		17,006

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

74

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	Global Developed Equity Index Fund
	October 31, 2022

SCHEDULE OF INVESTMENTS
COMMON STOCK — continued
	Shares		Value
HEALTH CARE (continued)
BioMarin Pharmaceutical (A)		74	$	6,411
BioMerieux		17		1,504
Bio-Rad Laboratories, Cl A (A)		9		3,165
Bio-Techne		16		4,740
Boston Scientific (A)		605		26,082
Bristol-Myers Squibb		904		70,033
Cardinal Health		116		8,804
Carl Zeiss Meditec		16		1,938
Catalent (A)		68		4,470
Centene (A)		252		21,453
Charles River Laboratories International (A)		20		4,245
Chugai Pharmaceutical		300		6,961
Cigna		132		42,644
Cochlear		26		3,321
Coloplast, Cl B		48		5,352
Cooper		20		5,468
CSL		210		37,676
CVS Health		549		51,990
Daiichi Sankyo		800		25,647
Danaher		294		73,991
DaVita (A)		27		1,971
Demant (A)		43		1,175
DENTSPLY SIRONA		88		2,712
Dexcom (A)		173		20,895
DiaSorin		10		1,307
Edwards Lifesciences (A)		267		19,339
Eisai		100		6,035
Elanco Animal Health (A)		171		2,255
Elevance Health		103		56,317
Eli Lilly		343		124,197
Eurofins Scientific		54		3,457
Exact Sciences (A)		69		2,400
Fisher & Paykel Healthcare		231		2,630
Fresenius & KGaA		168		3,868
Fresenius Medical Care & KGaA		82		2,267
Genmab (A)		32		12,334
Getinge, Cl B		92		1,869
Gilead Sciences		530		41,584
GN Store Nord		50		1,063
Grifols (A)		120		1,021
GSK		1,779		29,150
HCA Healthcare		103		22,399

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

75

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	Global Developed Equity Index Fund
	October 31, 2022

SCHEDULE OF INVESTMENTS
COMMON STOCK — continued
	Shares		Value
HEALTH CARE (continued)
Henry Schein (A)		56	$	3,834
Hikma Pharmaceuticals		70		1,003
Hologic (A)		102		6,916
Horizon Therapeutics (A)		86		5,359
Hoya		200		18,662
Humana		53		29,578
IDEXX Laboratories (A)		37		13,308
Illumina (A)		64		14,644
Incyte (A)		75		5,575
Insulet (A)		28		7,247
Intuitive Surgical (A)		156		38,449
Ipsen		15		1,542
IQVIA Holdings (A)		78		16,354
Jazz Pharmaceuticals (A)		25		3,595
Johnson & Johnson		1,115		193,977
Koninklijke Philips		381		4,826
Kyowa Kirin		100		2,357
Laboratory Corp of America Holdings		39		8,653
Lonza Group		31		15,956
M3 (A)		200		5,980
Masimo (A)		21		2,764
McKesson		62		24,141
Medtronic		559		48,823
Merck		1,063		107,576
Merck KGaA		52		8,479
Mettler-Toledo International (A)		10		12,649
Moderna (A)		145		21,798
Molina Healthcare (A)		23		8,254
Neurocrine Biosciences (A)		38		4,375
Novartis		922		74,489
Novo Nordisk, Cl B		697		75,775
Novocure (A)		37		2,614
Olympus		500		10,559
Ono Pharmaceutical		100		2,351
Orion, Cl B		43		1,978
Otsuka Holdings		200		6,410
PerkinElmer		58		7,748
Pfizer		2,382		110,882
QIAGEN (A)		92		3,973
Quest Diagnostics		49		7,039
Ramsay Health Care		73		2,735
Recordati Industria Chimica e Farmaceutica		42		1,579

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

76

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	Global Developed Equity Index Fund
	October 31, 2022

SCHEDULE OF INVESTMENTS
COMMON STOCK — continued
	Shares		Value
HEALTH CARE (continued)
Regeneron Pharmaceuticals (A)		45	$	33,694
ResMed		65		14,540
Roche Holding		310		103,908
Royalty Pharma, Cl A		137		5,798
Sanofi		477		41,167
Sartorius Stedim Biotech		11		3,492
Seagen (A)		55		6,994
Shionogi		100		4,634
Siemens Healthineers (B)		113		5,202
Smith & Nephew		352		4,158
Sonic Healthcare		182		3,815
Sonova Holding		22		5,200
STERIS		40		6,903
Straumann Holding		53		5,048
Stryker		144		33,011
Swedish Orphan Biovitrum (A)		89		1,639
Sysmex		100		5,399
Takeda Pharmaceutical		700		18,444
Teladoc Health (A)		57		1,689
Teleflex		19		4,077
Terumo		300		9,127
Teva Pharmaceutical Industries ADR (A)		442		3,943
Thermo Fisher Scientific		166		85,319
UCB		51		3,847
UnitedHealth Group		397		220,395
Universal Health Services, Cl B		30		3,476
Veeva Systems, Cl A (A)		63		10,580
Vertex Pharmaceuticals (A)		107		33,384
Viatris, Cl W (A)		485		4,913
Waters (A)		25		7,479
West Pharmaceutical Services		30		6,903
Zimmer Biomet Holdings		98		11,108
Zoetis, Cl A		199		30,005
				2,944,616
INDUSTRIALS — 10.1%
3M		234		29,435
A O Smith		53		2,903
ABB		710		19,740
ACS Actividades de Construccion y Servicios		105		2,693
Adecco Group		62		1,940
Aena SME (A) (B)		30		3,532

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

77

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	Global Developed Equity Index Fund
	October 31, 2022

SCHEDULE OF INVESTMENTS
COMMON STOCK — continued
	Shares		Value
INDUSTRIALS (continued)
AerCap Holdings (A)		60	$	3,205
Aeroports de Paris (A)		12		1,625
AGC		100		3,137
Air Canada (A)		70		1,008
Airbus		259		28,048
Alfa Laval		127		3,130
Allegion		36		3,772
Alstom		128		2,639
AMERCO (A)		4		2,301
AMETEK		93		12,058
ANA Holdings (A)		100		1,944
AP Moller - Maersk, Cl A		1		2,002
AP Moller - Maersk, Cl B		2		4,184
Ashtead Group		179		9,340
Assa Abloy, Cl B		418		8,442
Atlantia		199		4,441
Atlas Copco, Cl A		1,196		12,786
Atlas Copco, Cl B		666		6,451
Auckland International Airport (A)		500		2,238
Aurizon Holdings		739		1,711
BAE Systems		1,289		12,039
Boeing (A)		236		33,632
Booz Allen Hamilton Holding, Cl A		54		5,878
Bouygues		92		2,626
Brambles		578		4,318
Brenntag		62		3,765
Bunzl		135		4,398
Bureau Veritas		118		2,924
CAE (A)		127		2,424
Canadian National Railway		253		29,973
Canadian Pacific Railway		400		29,819
Carlisle		22		5,254
Carrier Global		364		14,473
Caterpillar		230		49,786
Central Japan Railway		100		11,611
CH Robinson Worldwide		53		5,179
Cie de Saint-Gobain		225		9,206
Cintas		38		16,247
CK Hutchison Holdings		1,000		4,968
Clarivate (A)		141		1,456
CNH Industrial		410		5,310
Copart (A)		97		11,157

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

78

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	Global Developed Equity Index Fund
	October 31, 2022

SCHEDULE OF INVESTMENTS
COMMON STOCK — continued
	Shares		Value
INDUSTRIALS (continued)
CoStar Group (A)		160	$	13,235
Credit Agricole		495		4,494
CSX		910		26,445
Cummins		58		14,182
Dai Nippon Printing		100		2,006
Daikin Industries		100		15,054
Daimler Truck Holding (A)		215		5,737
Dassault Aviation		10		1,486
DCC		40		2,220
Deere		124		49,082
Delta Air Lines (A)		64		2,171
Deutsche Lufthansa (A)		239		1,640
Deutsche Post		425		15,082
Dover		58		7,580
DSV		81		10,966
East Japan Railway		100		5,407
Eaton		170		25,512
Eiffage		33		2,985
Elbit Systems		11		2,226
Emerson Electric		256		22,170
Epiroc, Cl A		290		4,440
Epiroc, Cl B		200		2,687
Equifax		49		8,307
Expeditors International of Washington		68		6,654
Experian		409		13,011
FANUC		100		13,201
Fastenal		234		11,309
FedEx		102		16,349
Ferguson		99		10,797
Ferrovial		196		4,786
Fortive		159		10,160
Fortune Brands Home & Security		55		3,318
Fuji Electric		100		3,874
GEA Group		61		2,134
Geberit		16		7,115
Generac Holdings (A)		25		2,898
General Dynamics		101		25,230
General Electric		463		36,026
GFL Environmental		63		1,700
Grab Holdings, Cl A (A)		505		1,313
Hankyu Hanshin Holdings		100		2,969
HEICO		20		3,253

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

79

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	Global Developed Equity Index Fund
	October 31, 2022

SCHEDULE OF INVESTMENTS
COMMON STOCK — continued
	Shares		Value
INDUSTRIALS (continued)
HEICO, Cl A		33	$	4,201
Hitachi		400		18,185
Hitachi Construction Machinery		100		1,960
Honeywell International		288		58,758
Hoshizaki		100		2,868
Howmet Aerospace		155		5,510
Huntington Ingalls Industries		16		4,113
Husqvarna, Cl B		169		1,004
IDEX		30		6,669
Illinois Tool Works		133		28,399
IMCD		23		2,984
Indutrade		114		1,996
Ingersoll Rand		162		8,181
Intertek Group		65		2,724
Investment Latour, Cl B		61		1,032
ITOCHU		500		12,943
Jacobs Solutions		52		5,991
Japan Airlines (A)		100		1,866
Jardine Matheson Holdings		100		4,602
JB Hunt Transport Services		34		5,816
Johnson Controls International		289		16,716
Kajima		200		1,884
Keio		100		3,511
Keisei Electric Railway		100		2,656
Keppel		600		2,954
Kingspan Group		62		3,131
Kintetsu Group Holdings		100		3,383
KION Group		29		644
Knight-Swift Transportation Holdings, Cl A		63		3,026
Knorr-Bremse		29		1,306
Komatsu		400		7,661
Kone, Cl B		136		5,571
Kongsberg Gruppen		46		1,648
Kubota		400		5,586
Kuehne + Nagel International		22		4,689
L3Harris Technologies		81		19,964
Legrand		107		8,157
Leidos Holdings		54		5,486
Lennox International		13		3,036
Lifco, Cl B		94		1,358
Lixil		100		1,514
Lockheed Martin		102		49,641

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

80

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	Global Developed Equity Index Fund
	October 31, 2022

SCHEDULE OF INVESTMENTS
COMMON STOCK — continued
	Shares		Value
INDUSTRIALS (continued)
Lyft, Cl A (A)		105	$	1,537
Magna International		114		6,353
Makita		100		1,829
Marubeni		600		5,258
Masco		99		4,581
Melrose Industries		1,750		2,346
MINEBEA MITSUMI		200		2,964
MISUMI Group		100		2,139
Mitsubishi		500		13,555
Mitsubishi Electric		800		7,048
Mitsubishi Heavy Industries		100		3,443
Mitsui		600		13,288
Mitsui OSK Lines		200		3,969
MonotaRO		100		1,525
MTR		1,000		4,401
MTU Aero Engines		21		3,762
NGK Insulators		100		1,168
Nibe Industrier, Cl B		732		5,841
Nidec		200		11,080
Nihon M&A Center Holdings		100		1,132
Nippon Yusen		300		5,445
Nordson		21		4,725
Norfolk Southern		99		22,579
Northrop Grumman		62		34,039
Obayashi		300		1,927
Odakyu Electric Railway		100		1,190
Old Dominion Freight Line		39		10,709
Otis Worldwide		191		13,492
Owens Corning		41		3,510
PACCAR		155		15,009
Parker-Hannifin		58		16,856
Pentair		66		2,835
Persol Holdings		100		2,008
Plug Power (A)		207		3,308
Prysmian		102		3,325
Qantas Airways (A)		368		1,375
Quanta Services		65		9,233
Randstad		48		2,393
Rational		2		1,129
Raytheon Technologies		629		59,642
Recruit Holdings		600		18,521
Reece		117		1,162

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

81

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	Global Developed Equity Index Fund
	October 31, 2022

SCHEDULE OF INVESTMENTS
COMMON STOCK — continued
	Shares		Value
INDUSTRIALS (continued)
RELX		825	$	22,148
Rentokil Initial		745		4,651
Republic Services, Cl A		99		13,129
Rheinmetall		19		3,089
Ritchie Bros Auctioneers		44		2,874
Robert Half International		45		3,441
Rockwell Automation		53		13,531
ROCKWOOL, Cl B		3		597
Rollins		89		3,745
Rolls-Royce Holdings (A)		3,352		3,004
Safran		149		16,598
Schindler Holding		24		3,868
Schneider Electric		228		28,900
Secom		100		5,710
Securitas, Cl B		202		1,653
Sensata Technologies Holding		63		2,533
SG Holdings		100		1,326
SGS		3		6,618
Shimizu		200		999
Siemens		319		34,879
Siemens Energy		160		1,868
Siemens Gamesa Renewable Energy (A)		96		1,704
Singapore Airlines (A)		500		1,858
Singapore Technologies Engineering		600		1,399
Skanska, Cl B		138		2,147
SKF, Cl B		154		2,229
Smiths Group		159		2,845
Snap-on		22		4,885
Southwest Airlines (A)		59		2,145
Spirax-Sarco Engineering		30		3,698
Stanley Black & Decker		65		5,102
Sumitomo		500		6,374
Taisei		100		2,727
Techtronic Industries		500		4,736
Teleperformance		24		6,435
Textron		90		6,160
TFI International		34		3,095
Thales		43		5,467
Thomson Reuters		70		7,445
Tobu Railway		100		2,313
Tokyu		200		2,308
TOPPAN INC		100		1,492

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

82

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	Global Developed Equity Index Fund
	October 31, 2022

SCHEDULE OF INVESTMENTS
COMMON STOCK — continued
	Shares		Value
INDUSTRIALS (continued)
Toromont Industries		33	$	2,536
Toshiba		200		6,969
TOTO		100		2,858
Toyota Industries		100		5,151
Toyota Tsusho		100		3,363
Trane Technologies		96		15,324
TransDigm Group (A)		23		13,242
TransUnion		77		4,564
Transurban Group		1,383		11,730
Uber Technologies (A)		613		16,287
Union Pacific		263		51,848
United Parcel Service, Cl B		311		52,176
United Rentals (A)		29		9,156
VAT Group (B)		11		2,513
Verisk Analytics, Cl A		71		12,981
Vestas Wind Systems		405		7,977
Vinci		223		20,535
Volvo, Cl A		85		1,452
Volvo, Cl B		641		10,496
Wartsila Abp		190		1,296
Washington H Soul Pattinson		87		1,555
Waste Connections		108		14,246
Waste Management		179		28,348
West Japan Railway		100		3,969
Westinghouse Air Brake Technologies		72		6,716
Wolters Kluwer		121		12,861
WSP Global		59		7,251
WW Grainger		18		10,518
Xinyi Glass Holdings		1,000		1,287
Xylem		72		7,375
Yamato Holdings		100		1,482
Yaskawa Electric		100		2,777
ZIM Integrated Shipping Services		37		869
				2,130,747
INFORMATION TECHNOLOGY — 21.2%
Accenture, Cl A		269		76,369
Adobe (A)		202		64,337
Advanced Micro Devices (A)		691		41,501
Advantest		100		5,286
Adyen (A) (B)		9		12,920
Affirm Holdings, Cl A (A)		75		1,505

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

83

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	Global Developed Equity Index Fund
	October 31, 2022

SCHEDULE OF INVESTMENTS
COMMON STOCK — continued
	Shares		Value
INFORMATION TECHNOLOGY (continued)
Akamai Technologies (A)		65	$	5,741
Amadeus IT Group (A)		180		9,382
Amphenol, Cl A		260		19,716
Analog Devices		216		30,806
ANSYS (A)		35		7,741
Apple		6,857		1,051,452
Applied Materials		364		32,138
AppLovin, Cl A (A)		57		967
Arista Networks (A)		111		13,415
Arrow Electronics (A)		29		2,937
ASML Holding		173		81,722
Assicurazioni Generali		444		6,665
Autodesk (A)		96		20,573
Automatic Data Processing		179		43,264
AVEVA Group		48		1,717
Azbil		100		2,720
Bechtle		33		1,141
Bentley Systems, Cl B		70		2,470
Bill.com Holdings (A)		44		5,868
Black Knight (A)		63		3,810
BlackBerry (A)		216		1,004
Block (A)		32		1,925
Block, Cl A (A)		187		11,233
Broadcom		171		80,391
Broadridge Financial Solutions		47		7,053
Brother Industries		100		1,702
Cadence Design Systems (A)		113		17,107
Canon		400		8,484
Capgemini		71		11,665
CDW		55		9,505
Ceridian HCM Holding (A)		54		3,574
CGI, Cl A (A)		88		7,089
Check Point Software Technologies (A)		43		5,557
Cisco Systems		1,760		79,957
Cloudflare, Cl A (A)		112		6,308
Cognex		71		3,282
Cognizant Technology Solutions, Cl A		218		13,570
Computershare		218		3,524
Constellation Software		9		13,014
Corning		361		11,613
Coupa Software (A)		29		1,544
Crowdstrike Holdings, Cl A (A)		85		13,702

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

84

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	Global Developed Equity Index Fund
	October 31, 2022

SCHEDULE OF INVESTMENTS
COMMON STOCK — continued
	Shares		Value
INFORMATION TECHNOLOGY (continued)
CyberArk Software (A)		16	$	2,511
Dassault Systemes		303		10,166
Datadog, Cl A (A)		108		8,695
Dell Technologies, Cl C		105		4,032
DocuSign, Cl A (A)		78		3,767
Dropbox, Cl A (A)		126		2,741
Dynatrace (A)		74		2,608
Edenred		100		5,135
Enphase Energy (A)		55		16,885
Entegris		69		5,474
EPAM Systems (A)		23		8,050
F5 (A)		24		3,430
Fair Isaac (A)		11		5,267
Fidelity National Information Services		251		20,830
Fiserv (A)		265		27,226
FleetCor Technologies (A)		31		5,770
Fortinet (A)		280		16,005
FUJIFILM Holdings		200		9,172
Fujitsu		100		11,517
Gartner (A)		34		10,265
Getlink		176		2,788
Global Payments		118		13,483
GoDaddy, Cl A (A)		68		5,467
Guidewire Software (A)		32		1,901
Halma		152		3,687
Hamamatsu Photonics		100		4,533
Hewlett Packard Enterprise		523		7,463
Hexagon, Cl B		793		7,843
HP		450		12,429
HubSpot (A)		18		5,338
Ibiden		100		3,383
Infineon Technologies		566		13,782
Intel		1,744		49,582
International Business Machines		375		51,859
Intuit		115		49,163
Itochu Techno-Solutions		100		2,320
Jack Henry & Associates		30		5,972
Juniper Networks		131		4,009
Keyence		100		37,876
Keysight Technologies (A)		74		12,887
KLA		65		20,569
Kyocera		100		5,004

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

85

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	Global Developed Equity Index Fund
	October 31, 2022

SCHEDULE OF INVESTMENTS
COMMON STOCK — continued
	Shares		Value
INFORMATION TECHNOLOGY (continued)
Lam Research		57	$	23,072
Lightspeed Commerce (A)		43		824
Logitech International		69		3,435
Marvell Technology		352		13,967
Mastercard, Cl A		366		120,114
Microchip Technology		241		14,879
Micron Technology		468		25,319
Microsoft		3,010		698,711
MongoDB, Cl A (A)		27		4,942
Monolithic Power Systems		18		6,110
Motorola Solutions		71		17,729
Murata Manufacturing		200		9,819
National Bank of Canada		135		9,192
NEC		100		3,312
Nemetschek		23		1,099
NetApp		90		6,234
Nexi (A) (B)		187		1,621
Nice (A)		25		4,739
Nokia		2,463		10,970
Nomura Research Institute		100		2,223
NortonLifeLock		233		5,250
NTT Data		300		4,352
Nuvei (A) (B)		23		692
NVIDIA		1,063		143,473
NXP Semiconductors		106		15,484
Okta, Cl A (A)		65		3,648
Omron		100		4,678
ON Semiconductor (A)		194		11,917
Open Text		109		3,157
Oracle		673		52,541
Otsuka		100		3,157
Palantir Technologies, Cl A (A)		636		5,590
Palo Alto Networks (A)		120		20,591
Paychex		143		16,918
Paycom Software (A)		24		8,304
PayPal Holdings (A)		466		38,948
PTC (A)		45		5,302
Qorvo (A)		45		3,874
QUALCOMM		477		56,124
Renesas Electronics (A)		500		4,191
Ricoh		300		2,199
RingCentral, Cl A (A)		31		1,101

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

86

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	Global Developed Equity Index Fund
	October 31, 2022

SCHEDULE OF INVESTMENTS
COMMON STOCK — continued
	Shares		Value
INFORMATION TECHNOLOGY (continued)
Roper Technologies		46	$	19,069
Sage Group		422		3,517
Salesforce (A)		425		69,101
SAP		435		41,987
Saputo		100		2,434
SCSK		100		1,478
Seagate Technology Holdings		82		4,072
Seiko Epson		100		1,363
ServiceNow (A)		84		35,342
Shimadzu		100		2,640
Shopify, Cl A (A)		470		16,115
Skyworks Solutions		66		5,677
Snowflake, Cl A (A)		99		15,870
SolarEdge Technologies (A)		26		5,981
Splunk (A)		66		5,485
SS&C Technologies Holdings		92		4,731
STMicroelectronics		274		8,557
SUMCO		100		1,270
Synopsys (A)		63		18,431
TDK		200		6,261
TE Connectivity		141		17,234
Teledyne Technologies (A)		19		7,562
Telefonaktiebolaget LM Ericsson, Cl B		1,173		6,523
Temenos		27		1,610
Teradyne		66		5,369
Texas Instruments		393		63,128
TIS		100		2,700
Tokyo Electron		100		26,558
Tower Semiconductor (A)		50		2,140
Trend Micro (A)		100		5,051
Trimble (A)		101		6,076
Twilio, Cl A (A)		67		4,983
Tyler Technologies (A)		20		6,467
Unity Software (A)		88		2,596
Venture		100		1,125
VeriSign (A)		40		8,018
Visa, Cl A		693		143,562
VMware, Cl A (A)		84		9,453
Western Digital (A)		124		4,262
Western Union		163		2,202
WiseTech Global		59		2,195
Wix.com (A)		22		1,850

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

87

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	Global Developed Equity Index Fund
	October 31, 2022

SCHEDULE OF INVESTMENTS
COMMON STOCK — continued
	Shares		Value
INFORMATION TECHNOLOGY (continued)
Workday, Cl A (A)		87	$	13,556
Worldline (A) (B)		96		4,205
Xero (A)		54		2,697
Yokogawa Electric		100		1,675
Zebra Technologies, Cl A (A)		25		7,081
Zendesk (A)		48		3,681
Zoom Video Communications, Cl A (A)		105		8,761
Zscaler (A)		33		5,085
				4,396,438
MATERIALS — 4.2%
Agnico Eagle Mines		213		9,370
Air Liquide		222		29,026
Air Products and Chemicals		90		22,536
Akzo Nobel		75		4,628
Albemarle		47		13,154
Alcoa		78		3,044
Amcor		616		7,133
Anglo American		528		15,795
Antofagasta		158		2,130
ArcelorMittal		205		4,590
Arkema		25		1,979
Asahi Kasei		500		3,210
ASM International		19		4,221
Avery Dennison		33		5,595
Ball		131		6,470
Barrick Gold		778		11,701
BASF		398		17,871
BHP Group		2,153		51,451
BlueScope Steel		202		2,032
Boliden		110		3,204
CCL Industries, Cl B		61		2,866
Celanese, Cl A		45		4,325
CF Industries Holdings		86		9,138
Chr Hansen Holding		42		2,332
Clariant		87		1,400
Cleveland-Cliffs (A)		221		2,871
Corteva		294		19,210
Covestro (B)		77		2,621
CRH		343		12,365
Croda International		56		4,341
Crown Holdings		53		3,635

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

88

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	Global Developed Equity Index Fund
	October 31, 2022

SCHEDULE OF INVESTMENTS
COMMON STOCK — continued
	Shares		Value
MATERIALS (continued)
Dow		302	$	14,116
DuPont de Nemours		206		11,783
Eastman Chemical		54		4,148
Ecolab		111		17,435
EMS-Chemie Holding		3		1,886
Evolution Mining		734		977
Evonik Industries		84		1,549
First Quantum Minerals		235		4,145
FMC		52		6,183
Fortescue Metals Group		678		6,375
Franco-Nevada		88		10,873
Freeport-McMoRan		623		19,743
Givaudan		4		11,944
Glencore		4,288		24,563
HeidelbergCement		60		2,766
Holcim		249		11,309
Holmen, Cl B		53		1,923
ICL Group		283		2,556
International Flavors & Fragrances		111		10,835
International Paper		149		5,008
Ivanhoe Mines, Cl A (A)		242		1,679
James Hardie Industries		178		3,871
JFE Holdings		200		1,833
Johnson Matthey		78		1,730
JSR		100		1,906
Kinross Gold		506		1,835
Koninklijke DSM		78		9,196
Linde		213		63,336
L’Oreal		105		33,008
Lundin Mining		265		1,389
LyondellBasell Industries, Cl A		107		8,180
Martin Marietta Materials		25		8,400
Mineral Resources		79		3,695
Mitsubishi Chemical Group		500		2,260
Mitsui Chemicals		100		1,853
Mondi		194		3,254
Mosaic		148		7,955
Newcrest Mining		372		4,128
Newmont		342		14,473
Nippon Paint Holdings		300		1,917
Nippon Sanso Holdings		100		1,595
Nippon Steel		300		4,121

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

89

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	Global Developed Equity Index Fund
	October 31, 2022

SCHEDULE OF INVESTMENTS
COMMON STOCK — continued
	Shares		Value
MATERIALS (continued)
Nissan Chemical		100	$	4,506
Nitto Denko		100		5,266
Norsk Hydro		539		3,421
Northern Star Resources		443		2,477
Novozymes, Cl B		82		4,307
Nucor		118		15,503
Nutrien		232		19,602
OCI		49		1,875
Oji Holdings		300		1,041
Orica		163		1,447
Packaging Corp of America		38		4,568
Pan American Silver		84		1,341
PPG Industries		105		11,989
Rio Tinto		647		34,392
RPM International		52		4,918
Sandvik		438		6,847
Sealed Air		60		2,857
Sherwin-Williams		106		23,853
Shin-Etsu Chemical		200		20,902
SIG Group		146		2,805
Sika		62		13,981
Smurfit Kappa Group		99		3,280
Solvay		30		2,705
South32		1,872		4,311
Steel Dynamics		82		7,712
Stora Enso, Cl R		233		3,037
Sumitomo Chemical		600		2,022
Sumitomo Metal Mining		100		2,812
Svenska Cellulosa SCA, Cl B		246		2,903
Symrise, Cl A		65		6,639
Teck Resources, Cl B		189		5,753
TMX Group		23		2,211
Toray Industries		600		2,923
Tosoh		100		1,089
Umicore		79		2,604
UPM-Kymmene		214		7,172
voestalpine		47		1,021
Vulcan Materials		51		8,349
West Fraser Timber		22		1,652
Westlake		19		1,836
Westrock		107		3,644
Wheaton Precious Metals		180		5,889

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

90

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	Global Developed Equity Index Fund
	October 31, 2022

SCHEDULE OF INVESTMENTS
COMMON STOCK — continued
	Shares		Value
MATERIALS (continued)
Yara International		66	$	2,946
				906,383
REAL ESTATE — 2.5%
Alexandria Real Estate Equities ‡		63		9,154
American Homes 4 Rent, Cl A ‡		121		3,865
American Tower ‡		195		40,402
Aroundtown		400		794
AvalonBay Communities ‡		62		10,857
Azrieli Group		17		1,261
Boston Properties ‡		59		4,289
British Land ‡		353		1,481
Camden Property Trust ‡		40		4,622
Canadian Apartment Properties REIT ‡		34		1,053
CapitaLand Ascendas REIT ‡		1,300		2,406
CapitaLand Integrated Commercial Trust ‡		1,900		2,523
Capitaland Investment		1,100		2,339
CBRE Group, Cl A (A)		135		9,577
City Developments		200		1,078
CK Asset Holdings		1,000		5,529
Covivio ‡		21		1,125
Crown Castle ‡		183		24,387
Daiwa House Industry		300		6,077
Daiwa House REIT Investment ‡		1		2,018
Dexus ‡		431		2,139
Digital Realty Trust ‡		125		12,531
Equinix ‡		39		22,091
Equity LifeStyle Properties ‡		70		4,477
Equity Residential ‡		161		10,146
ESR Group (B)		800		1,366
Essex Property Trust ‡		26		5,778
Extra Space Storage ‡		61		10,824
Fastighets Balder, Cl B (A)		258		970
FirstService		16		2,000
Gaming and Leisure Properties ‡		109		5,463
Gecina ‡		18		1,605
GLP J-Reit ‡		2		2,073
Goodman Group ‡		757		8,232
GPT Group ‡		767		2,114
Hang Lung Properties		1,000		1,257
Healthcare Realty Trust, Cl A ‡		160		3,253
Healthpeak Properties ‡		216		5,126

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

91

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	Global Developed Equity Index Fund
	October 31, 2022

SCHEDULE OF INVESTMENTS
COMMON STOCK — continued
	Shares		Value
REAL ESTATE (continued)
Henderson Land Development		1,000	$	2,448
Hongkong Land Holdings		500		1,865
Host Hotels & Resorts ‡		286		5,400
Hulic		200		1,453
Invitation Homes ‡		270		8,556
Iron Mountain ‡		116		5,808
Japan Metropolitan Fund Invest ‡		3		2,209
Kimco Realty ‡		272		5,815
Land Securities Group ‡		282		1,845
LEG Immobilien		29		1,895
Lendlease		276		1,534
Link REIT ‡		1,000		5,911
Mapletree Logistics Trust ‡		1,300		1,396
Mapletree Pan Asia Commercial Trust ‡		900		1,011
Medical Properties Trust ‡		239		2,737
Mid-America Apartment Communities ‡		47		7,400
Mirvac Group ‡		1,578		2,089
Mitsubishi Estate		500		6,298
Mitsui Fudosan		400		7,665
New World Development		1,000		2,046
Nippon Building Fund ‡		1		4,445
Nippon Prologis REIT ‡		1		2,095
Nomura Real Estate Master Fund ‡		2		2,280
Prologis ‡		392		43,414
Public Storage ‡		65		20,134
Realty Income ‡		262		16,315
Regency Centers ‡		61		3,691
RioCan Real Estate Investment Trust ‡		62		883
Sagax, Cl B		65		1,199
SBA Communications, Cl A ‡		44		11,876
Scentre Group ‡		2,078		3,855
Segro ‡		485		4,366
Simon Property Group ‡		143		15,584
Sino Land		2,000		2,138
Stockland ‡		955		2,199
Sumitomo Realty & Development		200		4,593
Sun Communities ‡		55		7,417
Sun Hung Kai Properties		500		5,379
Swire Properties		400		768
Swiss Prime Site		31		2,501
UDR ‡		151		6,004
Unibail-Rodamco-Westfield ‡,(A)		50		2,366

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

92

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	Global Developed Equity Index Fund
	October 31, 2022

SCHEDULE OF INVESTMENTS
COMMON STOCK — continued
	Shares		Value
REAL ESTATE (continued)
UOL Group		200	$	875
Ventas ‡		186		7,278
VICI Properties ‡		406		13,000
Vicinity ‡		1,548		1,926
Vonovia		340		7,526
Vornado Realty Trust ‡		65		1,533
Warehouses De Pauw CVA ‡		82		2,105
Welltower ‡		187		11,415
Weyerhaeuser ‡		340		10,516
Wharf Real Estate Investment		1,000		3,943
WP Carey ‡		74		5,646
Zillow Group, Cl C (A)		59		1,821
				542,749
UTILITIES — 2.9%
Acciona		8		1,440
AES		267		6,985
Algonquin Power & Utilities		269		2,978
Alliant Energy		100		5,217
AltaGas		112		2,020
Ameren		103		8,397
American Electric Power		222		19,518
American Water Works		83		12,063
APA Group		473		3,180
Atmos Energy		66		7,032
Brookfield Renewable, Cl A		52		1,616
Canadian Utilities, Cl A		51		1,357
CenterPoint Energy		285		8,154
Chubu Electric Power		300		2,443
CK Infrastructure Holdings		500		2,376
CLP Holdings		500		3,357
CMS Energy		116		6,618
Consolidated Edison		157		13,810
Constellation Energy		143		13,519
Dominion Energy		350		24,489
DTE Energy		78		8,745
Duke Energy		327		30,470
E.ON		1,009		8,452
Edison International		174		10,447
EDP - Energias de Portugal		1,108		4,845
EDP Renovaveis		115		2,422
Electricite de France		228		2,693

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

93

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	Global Developed Equity Index Fund
	October 31, 2022

SCHEDULE OF INVESTMENTS
COMMON STOCK — continued
	Shares		Value
UTILITIES (continued)
Elia Group		12	$	1,517
Emera		103		3,817
Enagas		100		1,623
Endesa		127		2,119
Enel		3,525		15,742
Engie		825		10,725
Entergy		94		10,071
Essential Utilities		94		4,157
Evergy		92		5,624
Eversource Energy		142		10,832
Exelon		430		16,594
FirstEnergy		218		8,221
Fortis		194		7,569
Fortum		178		2,506
HK Electric Investments & HK Electric Investments		1,000		636
Hong Kong & China Gas		5,000		3,860
Iberdrola		2,607		26,472
Kansai Electric Power		300		2,274
Mercury NZ		280		947
Meridian Energy		513		1,456
National Grid		1,551		16,869
Naturgy Energy Group		78		2,001
NextEra Energy		828		64,170
NiSource		157		4,033
Northland Power		90		2,619
NRG Energy		98		4,351
Origin Energy		706		2,515
Orsted (B)		76		6,268
Osaka Gas		200		2,962
PG&E (A)		596		8,898
Power Assets Holdings		500		2,392
PPL		309		8,185
Public Service Enterprise Group		203		11,382
Red Electrica		174		2,811
RWE		292		11,251
Sempra Energy		130		19,622
Severn Trent		101		2,899
Snam		811		3,608
Southern		454		29,728
SSE		503		8,976
Terna - Rete Elettrica Nazionale		566		3,752
Tokyo Electric Power Holdings (A)		600		1,957

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

94

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	Global Developed Equity Index Fund
	October 31, 2022

SCHEDULE OF INVESTMENTS
COMMON STOCK — continued
	Shares		Value
UTILITIES (continued)
Tokyo Gas		200	$	3,574
UGI		84		2,968
Uniper		37		111
United Utilities Group		274		2,952
Veolia Environnement		263		5,871
Verbund		27		2,115
Vistra		174		3,997
WEC Energy Group		140		12,786
Xcel Energy		243		15,822
				622,850
TOTAL COMMON STOCK (Cost $25,086,737)				20,705,928
PREFERRED STOCK — 0.1%
COMMUNICATION SERVICES — 0.0%
AMC Entertainment Holdings, 0.000% (A) (C)		206		422
CONSUMER DISCRETIONARY — 0.1%
Bayerische Motoren Werke, 0.000% (C)		23		1,698
Dr Ing hc F Porsche, 0.000% (A) (C)		50		5,114
Porsche Automobil Holding, 0.000% (C)		61		3,412
Volkswagen, 0.000% (C)		76		9,715
				19,939
CONSUMER STAPLES — 0.0%
Henkel & KGaA, 0.000% (C)		72		4,538
HEALTH CARE — 0.0%
Sartorius, 0.000% (C)		11		3,882
TOTAL PREFERRED STOCK
(Cost $41,404)				28,781
TOTAL INVESTMENTS— 99.0%
(Cost $25,128,141)			$	20,734,709

Percentages are based on Net Assets of $20,945,102.

‡ Real Estate Investment Trust.

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

95

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	Global Developed Equity Index Fund
	October 31, 2022

(A) Non-income producing security.

(B) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On October 31, 2022, the value of these securities amounted to $80,379, representing 0.4% of the Net Assets of the Fund.

(C) There is currently no rate available.

ADR — American Depositary Receipt

Cl — Class

EAFE — Europe, Australasia and Far East

MSCI — Morgan Stanley Capital International

REIT — Real Estate Investment Trust

S&P — Standard and Poor’s

The open futures contracts held by the Fund at October 31, 2022, are as follows:

Type of Contract	Number         of		Expiration Date	Notional Amount		Value		Unrealized Appreciation/   (Depreciation)
Long Contracts
Micro E-Mini S&P 500 Index		7	Dec-2022	$	133,975	$	135,905	$	1,930
MSCI EAFE Index		1	Dec-2022		93,939		87,795		(6,144)
				$	227,914	$	223,700	$	(4,214)

The following is a summary of the inputs used as of October 31, 2022, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	20,705,928	$	–	$	–	$	20,705,928
Preferred Stock		28,781		–		–		28,781
Total Investments in Securities	$	20,734,709	$	–	$	–	$	20,734,709
Other Financial Instruments	Level 1		Level 2		Level 3		Total
Futures Contracts*
Unrealized Appreciation	$	1,930	$	–	$	–	$	1,930
Unrealized Depreciation		(6,144)		–		–		(6,144)
Total Other Financial Instruments	$	(4,214)	$	–	$	–	$	(4,214)

*Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

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

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

96

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	October 31, 2022

STATEMENTS OF ASSETS AND LIABILITIES

	LGIM
	America
	Long
	Duration			LGIM
	U.S. Credit			America U.S.
	Fund			Credit Fund
Assets:
Investments, at Value (Cost $31,462,265 and $22,685,037)	$	24,643,918		$	18,799,990
Cash and Cash Equivalents		6,495,909			355,056
Receivable for Investment Securities Sold		4,509,876			88,973
Dividends and Interest Receivable		367,586			184,761
Prepaid Expenses		4,618			2,733
Receivable for Capital Shares Sold		1,492			—
Receivable from Investment Adviser		—			17,886
Total Assets		36,023,399			19,449,399
Liabilities:
Payable for Investment Securities Purchased		10,754,526			196,143
Payable on Interest Purchased		119,398			1,002
Payable for Audit Expenses		27,500			25,000
Investment Advisory Fees Payable - Note 6		12,543			—
Payable due to Administrator		8,493			8,493
Chief Compliance Officer Fees Payable		2,238			2,237
Payable due to Trustees		1,759			1,754
Pricing Expense Payable		—			10,585
Other Accrued Expenses		33,004			20,635
Total Liabilities		10,959,461			265,849
Net Assets	$	25,063,938		$	19,183,550
NET ASSETS CONSIST OF:
Paid-in Capital	$	33,203,130		$	24,062,390
Total Accumulated Losses		(8,139,192	)		(4,878,840	)
Net Assets	$	25,063,938		$	19,183,550
Institutional Shares
Net Assets		N/A		$	19,183,550
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		N/A			2,412,850
Net Asset Value, Offering and Redemption Price Per Share		N/A		$	7.95
W Shares
Net Assets	$	25,063,938			N/A
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		3,605,737			N/A
Net Asset Value, Offering and Redemption Price Per Share	$	6.95			N/A
Amounts designated as “—” are $0 or round to $0.
N/A – Not applicable

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

97

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	October 31, 2022

STATEMENTS OF ASSETS AND LIABILITIES

	LGIM			LGIM
	America			America
	Retirement			Cash Flow
	Income 2040			Matched
	Fund			Bond Fund
Assets:
Investments, at Value (Cost $— and $24,834,417)	$	—		$	23,150,407
Affiliated Investments, at Value (Cost $142,802 and $—)		126,026			—
Cash and Cash Equivalents		—			413,528
Receivable from Investment Adviser		21,870			23,904
Prepaid Expenses		4,535			2,883
Receivable for Investment Securities Sold		2,434			—
Receivable for Capital Shares Sold		—			736
Dividends and Interest Receivable		—			154,108
Initial Margin for Futures Contracts		—			6,381
Variation Margin Receivable		—			1,719
Total Assets		154,865			23,753,666
Liabilities:
Payable for Audit Expenses		20,000			25,000
Payable due to Administrator		6,370			8,493
Transfer Agent Fees Payable		3,835			—
Payable for Investment Securities Purchased		2,228			368,034
Payable due to Custodian		129			—
Chief Compliance Officer Fees Payable		56			2,697
Payable due to Trustees		7			2,119
Payable on Interest Purchased		—			1,384
Other Accrued Expenses		44,286			25,876
Total Liabilities		76,911			433,603
Net Assets	$	77,954		$	23,320,063
NET ASSETS CONSIST OF:
Paid-in Capital	$	102,091		$	25,235,539
Total Accumulated Losses		(24,137	)		(1,915,476	)
Net Assets	$	77,954		$	23,320,063
Institutional Shares
Net Assets		N/A		$	23,320,063
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		N/A			2,525,040
Net Asset Value, Offering and Redemption Price Per Share		N/A		$	9.24
W Shares
Net Assets	$	77,954			N/A
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		10,249			N/A
Net Asset Value, Offering and Redemption Price Per Share	$	7.61			N/A
Amounts designated as “—” are $0 or round to $0.
N/A – Not applicable

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

98

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	October 31, 2022

STATEMENT OF ASSETS AND LIABILITIES

	LGIM
	America
	Global
	Developed
	Equity Index
	Fund
Assets:
Investments, at Value (Cost $25,128,141)	$	20,734,709
Cash and Cash Equivalents		140,380
Foreign Currency, at Value (Cost $60,717)		59,241
Receivable from Investment Adviser		49,663
Dividends and Interest Receivable		24,906
Cash Collateral on Futures Contracts		11,535
Reclaims Receivable		10,124
Prepaid Expenses		2,832
Receivable for Investment Securities Sold		1,462
Total Assets		21,034,852
Liabilities:
Payable for Audit Expenses		25,000
Payable due to Custodian		18,771
Payable due to Administrator		8,493
Payable for Capital Shares Redeemed		2,306
Chief Compliance Officer Fees Payable		2,250
Payable due to Trustees		1,769
Variation Margin Payable		926
Other Accrued Expenses		30,235
Total Liabilities		89,750
Net Assets	$	20,945,102
NET ASSETS CONSIST OF:
Paid-in Capital	$	25,465,776
Total Accumulated Losses		(4,520,674	)
Net Assets	$	20,945,102
Institutional Shares
Net Assets	$	20,945,102
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		2,551,518
Net Asset Value, Offering and Redemption Price Per Share	$	8.21

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

99

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	For the Year/Period Ended
	October 31, 2022

STATEMENTS OF OPERATIONS

	LGIM
	America Long			LGIM America
	Duration U.S.			U.S. Credit
	Credit Fund			Fund*
Investment Income
Interest	$	822,348		$	512,575
Total Investment Income		822,348			512,575
Expenses
Administration Fees - (Note 4)		99,999			86,301
Investment Advisory Fees - (Note 5)		50,455			42,000
Trustees’ Fees		10,438			10,284
Chief Compliance Officer Fees - (Note 3)		2,010			3,339
Transfer Agent Fees - (Note 4)		38,861			33,273
Pricing Fees		36,261			17,672
Deferred Offering Costs		31,457			24,519
Audit Fees		24,500			25,000
Legal Fees		17,316			22,566
Registration Fees		9,728			5,234
Printing Fees		9,427			14,535
Custodian Fees - (Note 4)		2,818			11,069
Insurance and Other Expenses		7,813			16,427
Total Expenses		341,083			312,219
Less:
Investment Advisory Fees Waived		(50,455	)		(42,000	)
Reimbursement of Expense from Investment Adviser		(224,812	)		(215,424	)
Fees Paid Indirectly – (Note 5)		(16	)		(16	)
Net Expenses		65,800			54,779
Net Investment Income		756,548			457,796
Net Realized Gain (Loss) on:
Investments		(1,308,870	)		(996,826	)
Net Realized Loss		(1,308,870	)		(996,826	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(7,408,802	)		(3,885,047	)
Net Change in Unrealized Depreciation		(7,408,802	)		(3,885,047	)
Net Realized and Unrealized Loss on Investments		(8,717,672	)		(4,881,873	)
Net Decrease in Net Assets Resulting from Operations	$	(7,961,124	)	$	(4,424,077	)
*Commenced operations on December 20, 2021.

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

100

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	For the Period Ended
	October 31, 2022

STATEMENTS OF OPERATIONS

	LGIM America			LGIM America
	Retirement			Cash Flow
	Income 2040			Matched
	Fund (1)			Bond Fund (2)
Investment Income
Dividends from affiliated investments	$	2,099		$	—
Interest		—			309,422
Total Investment Income		2,099			309,422
Expenses
Administration Fees - (Note 4)		64,315			86,301
Chief Compliance Officer Fees - (Note 3)		1,127			3,804
Trustees’ Fees		43			11,674
Investment Advisory Fees - (Note 5)		—			26,976
Deferred Offering Costs		24,519			24,520
Audit Fees		20,000			25,000
Transfer Agent Fees - (Note 4)		18,466			35,096
Registration Fees		5,415			5,436
Pricing Fees		826			13,788
Printing Fees		563			16,736
Custodian Fees - (Note 4)		216			1,223
Legal Fees		93			25,421
Insurance and Other Expenses		2,529			18,375
Total Expenses		138,112			294,350
Less:
Investment Advisory Fees Waived		—			(26,976	)
Reimbursement of Expense from Investment Adviser		(138,119	)		(225,855	)
Fees Paid Indirectly – (Note 5)		(6	)		(16	)
Net Expenses		(13	)		41,503
Net Investment Income		2,112			267,919
Net Realized Gain (Loss) on:
Investments		—			(135,639	)
Affiliated Investments		(7,457	)		—
Futures Contracts		—			(70,051	)
Net Realized Loss		(7,457	)		(205,690	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		—			(1,684,010	)
Affiliated Investments		(16,776	)		—
Futures Contracts		—			(28,224	)
Net Change in Unrealized Depreciation		(16,776	)		(1,712,234	)
Net Realized and Unrealized Loss on Investments		(24,233	)		(1,917,924	)
Net Decrease in Net Assets Resulting from Operations	$	(22,121	)	$	(1,650,005	)
(1) Commenced operations on December 22, 2021.
(2) Commenced operations on December 20, 2021.

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

101

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	For the Period Ended
	October 31, 2022

STATEMENT OF OPERATIONS

	LGIM America
	Global
	Developed
	Equity Index
	Fund*
Investment Income
Dividends	$	424,660
Interest		1,699
Less: Foreign Taxes Withheld		(22,844	)
Total Investment Income		403,515
Expenses
Administration Fees - (Note 4)		86,301
Investment Advisory Fees - (Note 5)		11,748
Trustees’ Fees		11,065
Chief Compliance Officer Fees - (Note 3)		3,356
Custodian Fees - (Note 4)		53,095
Pricing Fees		37,723
Transfer Agent Fees - (Note 4)		34,257
Audit Fees		25,000
Deferred Offering Costs		24,520
Legal Fees		24,203
Printing Fees		22,448
Registration Fees		5,441
Insurance and Other Expenses		17,696
Total Expenses		356,853
Less:
Investment Advisory Fees Waived		(11,748	)
Reimbursement of Expense from Investment Adviser		(327,462	)
Fees Paid Indirectly – (Note 5)		(24	)
Net Expenses		17,619
Net Investment Income		385,896
Net Realized Gain (Loss) on:
Investments		(82,617	)
Futures Contracts		(38,972	)
Foreign Currency Transactions		(7,542	)
Net Realized Loss		(129,131	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(4,393,432	)
Futures Contracts		(4,214	)
Foreign Currency Translation		(2,510	)
Net Change in Unrealized Depreciation		(4,400,156	)
Net Realized and Unrealized Loss on Investments		(4,529,287	)
Net Decrease in Net Assets Resulting from Operations	$	(4,143,391	)
*Commenced operations on December 20, 2021.

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

102

THE ADVISORS’ INNER CIRCLE FUND III LGIM America

STATEMENTS OF CHANGES IN NET ASSETS

	LGIM America Long Duration U.S. Credit
	Fund
	Year Ended October			Period Ended October
	31, 2022			31, 2021(1)
Operations:
Net Investment Income	$	756,548		$	231,768
Net Realized Gain (Loss) on Investments		(1,308,870	)		132,833
Net Change in Unrealized Appreciation (Depreciation) on Investments		(7,408,802	)		590,455
Net Increase (Decrease) in Net Assets Resulting from Operations		(7,961,124	)		955,056
Distributions
W Shares		(904,323	)		(228,801	)
Total Distributions		(904,323	)		(228,801	)
Capital Share Transactions:
W Shares:
Issued		12,079,626			20,000,099
Reinvestment of Dividends		904,322			228,801
Redeemed		(9,718	)		—
Increase from W Shares Capital Share Transactions		12,974,230			20,228,900
Net Increase in Net Assets from Capital Share Transactions		12,974,230			20,228,900
Total Increase in Net Assets		4,108,783			20,955,155
Net Assets:
Beginning of Year/Period		20,955,155			—
End of Year/Period	$	25,063,938		$	20,955,155
Shares Issued and Redeemed:
W Shares:
Issued		1,479,490			2,000,010
Reinvestment of Dividends		105,273			22,033
Redeemed		(1,069	)		—
Increase in Shares Outstanding from W Share Transactions		1,583,694			2,022,043
Net Increase in Shares Outstanding from Share Transactions		1,583,694			2,022,043

(1) Commenced operations on May 27, 2021.

Amounts designated as “—” are $0 or round to $0.

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

103

THE ADVISORS’ INNER CIRCLE FUND III LGIM America

STATEMENT OF CHANGES IN NET ASSETS

	LGIM America U.S.
	Credit Fund
	Period Ended October
	31, 2022(1)
Operations:
Net Investment Income	$	457,796
Net Realized Loss on Investments		(996,826	)
Net Change in Unrealized Depreciation on Investments		(3,885,047	)
Net Decrease in Net Assets Resulting from Operations		(4,424,077	)
Distributions
Institutional Shares		(454,763	)
Total Distributions		(454,763	)
Capital Share Transactions:
Institutional Shares:
Issued		23,624,402
Reinvestment of Dividends		454,763
Redeemed		(16,775	)
Increase from Institutional Shares Capital Share Transactions		24,062,390
Net Increase in Net Assets from Capital Share Transactions		24,062,390
Total Increase in Net Assets		19,183,550
Net Assets:
Beginning of Period		—
End of Period	$	19,183,550
Shares Issued and Redeemed:
Institutional Shares:
Issued		2,362,619
Reinvestment of Dividends		52,139
Redeemed		(1,908	)
Increase in Shares Outstanding from Institutional Share Transactions		2,412,850
Net Increase in Shares Outstanding from Share Transactions		2,412,850

(1) Commenced operations on December 20, 2021.

Amounts designated as “—” are $0 or round to $0.

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

104

THE ADVISORS’ INNER CIRCLE FUND III LGIM America

STATEMENT OF CHANGES IN NET ASSETS

	LGIM America
	Retirement Income
	2040 Fund
	Period Ended October
	31, 2022(1)
Operations:
Net Investment Income	$	2,112
Net Realized Loss on Investments		(7,457	)
Net Change in Unrealized Depreciation on Investments		(16,776	)
Net Decrease in Net Assets Resulting from Operations		(22,121	)
Distributions
W Shares		(2,016	)
Total Distributions		(2,016	)
Capital Share Transactions:
W Shares:
Issued		100,100
Reinvestment of Dividends		1,991
Redeemed		—
Increase from W Shares Capital Share Transactions		102,091
Net Increase in Net Assets from Capital Share Transactions		102,091
Total Increase in Net Assets		77,954
Net Assets:
Beginning of Period		—
End of Period	$	77,954
Shares Issued and Redeemed:
W Shares:
Issued		10,010
Reinvestment of Dividends		239
Redeemed		—
Increase in Shares Outstanding from W Share Transactions		10,249
Net Increase in Shares Outstanding from Share Transactions		10,249

(1) Commenced operations on December 22, 2021.

Amounts designated as “—” are $0 or round to $0.

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

105

THE ADVISORS’ INNER CIRCLE FUND III LGIM America

STATEMENT OF CHANGES IN NET ASSETS

	LGIM America Cash
	Flow Matched Bond
	Fund
	Period Ended October
	31, 2022(1)
Operations:
Net Investment Income	$	267,919
Net Realized Loss on Investments		(205,690	)
Net Change in Unrealized Depreciation on Investments		(1,712,234	)
Net Decrease in Net Assets Resulting from Operations		(1,650,005	)
Distributions
Institutional Shares		(265,471	)
Total Distributions		(265,471	)
Capital Share Transactions:
Institutional Shares:
Issued		24,979,415
Reinvestment of Dividends		265,471
Redeemed		(9,347	)
Increase from Institutional Shares Capital Share Transactions		25,235,539
Net Increase in Net Assets from Capital Share Transactions		25,235,539
Total Increase in Net Assets		23,320,063
Net Assets:
Beginning of Period		—
End of Period	$	23,320,063
Shares Issued and Redeemed:
Institutional Shares:
Issued		2,498,128
Reinvestment of Dividends		27,876
Redeemed		(964	)
Increase in Shares Outstanding from Institutional Share Transactions		2,525,040
Net Increase in Shares Outstanding from Share Transactions		2,525,040

(1) Commenced operations on December 20, 2021.

Amounts designated as “—” are $0 or round to $0.

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

106

THE ADVISORS’ INNER CIRCLE FUND III LGIM America

STATEMENT OF CHANGES IN NET ASSETS

	LGIM America Global Developed Equity Index Fund
	Period Ended October 31, 2022(1)
Operations:
Net Investment Income	$	385,896
Net Realized Loss on Investments		(129,131	)
Net Change in Unrealized Depreciation on Investments		(4,400,156	)
Net Decrease in Net Assets Resulting from Operations		(4,143,391	)
Distributions
Institutional Shares		(377,283	)
Total Distributions		(377,283	)
Capital Share Transactions:
Institutional Shares:
Issued		25,129,798
Reinvestment of Dividends		377,283
Redeemed		(41,305	)
Increase from Institutional Shares Capital Share Transactions		25,465,776
Net Increase in Net Assets from Capital Share Transactions		25,465,776
Total Increase in Net Assets		20,945,102
Net Assets:
Beginning of Period		—
End of Period	$	20,945,102
Shares Issued and Redeemed:
Institutional Shares:
Issued		2,513,481
Reinvestment of Dividends		42,429
Redeemed		(4,392	)
Increase in Shares Outstanding from Institutional Share Transactions		2,551,518
Net Increase in Shares Outstanding from Share Transactions		2,551,518

(1)         Commenced operations on December 20, 2021.

    Amounts designated as “—” are $0 or round to $0.

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

107

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	Long Duration U.S. Credit Fund

FINANCIAL HIGHLIGHTS

	W Shares
	Year Ended October 31, 2022		Period Ended October 31, 2021(1)
Net Asset Value, Beginning of Year/Period	$	10.36	$	10.00
Income from Operations:
Net Investment Income(2)		0.30		0.12
Net Realized and Unrealized Gain (Loss) on Investments		(3.35)		0.35
Total from Operations		(3.05)		0.47
Dividends and Distributions from:
Net Investment Income		(0.29)		(0.11)
Net Realized Gains		(0.07)		—
Total Dividends and Distributions		(0.36)		(0.11)
Net Asset Value, End of Year/Period	$	6.95	$	10.36
Total Return †		(30.05)%		4.74%
Ratios and Supplemental Data
Net Assets, End of Year/Period (Thousands)	$	25,064	$	20,955
Ratio of Expenses to Average Net Assets (including waivers, reimbursements, excluding fees paid indirectly)		0.30%		0.30%**
Ratio of Expenses to Average Net Assets (including waivers, reimbursements and fees paid indirectly)		1.55%		2.47%**
Ratio of Net Investment Income to Average Net Assets		3.45%		2.61%**
Portfolio Turnover Rate†		132%		42%

** Annualized.

† Total return and portfolio turnover rate are for the period indicated and have not been annualized. Return shown does not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total return would have been lower had the Adviser not waived its fee and/or reimbursed other expenses.

(1) Commenced operations on May 27, 2021.

(2) Per share calculations were performed using average shares method.

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

108

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	U.S. Credit Fund

FINANCIAL HIGHLIGHTS

	Institutional Shares
	Period Ended October 31, 2022(1)
Net Asset Value, Beginning of Period	$	10.00
Income from Operations:
Net Investment Income(2)		0.19
Net Realized and Unrealized (Loss) on Investments		(2.05)
Total from Operations		(1.86)
Dividends and Distributions from:
Net Investment Income		(0.19)
Total Dividends and Distributions		(0.19)
Net Asset Value, End of Period	$	7.95
Total Return †		(18.74)%
Ratios and Supplemental Data
Net Assets, End of Period (Thousands)	$	19,184
Ratio of Expenses to Average Net Assets (including waivers, reimbursements, excluding fees paid indirectly)		0.30%**
Ratio of Expenses to Average Net Assets (including waivers, reimbursements and fees paid indirectly)		1.71%**
Ratio of Net Investment Income to Average Net Assets		2.50%**
Portfolio Turnover Rate†		104%

** Annualized.

† Total return and portfolio turnover rate are for the period indicated and have not been annualized. Return shown does not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total return would have been lower had the Adviser not waived its fee and/or reimbursed other expenses.

(1) Commenced operations on December 20, 2021.

(2) Per share calculations were performed using average shares method.

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

109

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	Retirement Income 2040 Fund

FINANCIAL HIGHLIGHTS

	W Shares
	Period Ended October 31, 2022(1)
Net Asset Value, Beginning of Period	$	10.00
Income from Operations:
Net Investment Income(2)		0.21
Net Realized and Unrealized (Loss) on Investments		(2.40)
Total from Operations		(2.19)
Dividends and Distributions from:
Net Investment Income		(0.20)
Total Dividends and Distributions		(0.20)
Net Asset Value, End of Period	$	7.61
Total Return †		(22.08)%
Ratios and Supplemental Data
Net Assets, End of Period (Thousands)	$	78
Ratio of Expenses to Average Net Assets (including waivers, reimbursements, excluding fees paid indirectly)		0.00%**
Ratio of Expenses to Average Net Assets (including waivers, reimbursements and fees paid indirectly)		184.24%**
Ratio of Net Investment Income to Average Net Assets		2.82%**
Portfolio Turnover Rate†		68%

** Annualized.

† Total return and portfolio turnover rate are for the period indicated and have not been annualized. Return shown does not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total return would have been lower had the Adviser not waived its fee and/or reimbursed other expenses.

(1) Commenced operations on December 22, 2021.

(2) Per share calculations were performed using average shares method.

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

110

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	Cash Flow Matched Bond Fund

FINANCIAL HIGHLIGHTS

	Institutional Shares
	Period Ended October 31, 2022(1)
Net Asset Value, Beginning of Period	$	10.00
Income from Operations:
Net Investment Income(2)		0.11
Net Realized and Unrealized (Loss) on Investments		(0.76)
Total from Operations		(0.65)
Dividends and Distributions from:
Net Investment Income		(0.11)
Total Dividends and Distributions		(0.11)
Net Asset Value, End of Period	$	9.24
Total Return †		(6.57)%
Ratios and Supplemental Data
Net Assets, End of Period (Thousands)	$	23,320
Ratio of Expenses to Average Net Assets (including waivers, reimbursements, excluding fees paid indirectly)		0.20%**
Ratio of Expenses to Average Net Assets (including waivers, reimbursements and fees paid indirectly)		1.42%**
Ratio of Net Investment Income to Average Net Assets		1.29%**
Portfolio Turnover Rate†		24%

** Annualized.

† Total return and portfolio turnover rate are for the period indicated and have not been annualized. Return shown does not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total return would have been lower had the Adviser not waived its fee and/or reimbursed other expenses.

(1) Commenced operations on December 20, 2021.

(2) Per share calculations were performed using average shares method.

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

111

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	Global Developed Equity Index Fund

FINANCIAL HIGHLIGHTS

	Institutional Shares
	Period Ended October 31, 2022(1)
Net Asset Value, Beginning of Period	$	10.00
Income from Operations:
Net Investment Income(2)		0.15
Net Realized and Unrealized (Loss) on Investments		(1.79)
Total from Operations		(1.64)
Dividends and Distributions from:
Net Investment Income		(0.15)
Total Dividends and Distributions		(0.15)
Net Asset Value, End of Period	$	8.21
Total Return †		(16.51)%
Ratios and Supplemental Data
Net Assets, End of Period (Thousands)	$	20,945
Ratio of Expenses to Average Net Assets (including waivers, reimbursements, excluding fees paid indirectly)		0.09%**
Ratio of Expenses to Average Net Assets (including waivers, reimbursements and fees paid indirectly)		1.82%**
Ratio of Net Investment Income to Average Net Assets		1.97%**
Portfolio Turnover Rate†		3%

** Annualized.

† Total return and portfolio turnover rate are for the period indicated and have not been annualized. Return shown does not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total return would have been lower had the Adviser not waived its fee and/or reimbursed other expenses.

(1) Commenced operations on December 20, 2021.

(2) Per share calculations were performed using average shares method.

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

112

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	October 31, 2022

NOTES TO FINANCIAL STATEMENTS

1. Organization:

The Advisors’ Inner Circle Fund III (the “Trust”) is organized as a Delaware statutory trust under an Agreement and Declaration of Trust, dated December 4, 2013. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company with 65 funds. The financial statements herein are those of the LGIM America Long Duration U.S. Credit Fund, LGIM America U.S. Credit Fund, LGIM America Retirement Income 2040 Fund, LGIM America Cash Flow Matched Bond Fund and LGIM America Global Developed Equity Index Fund (the “Funds”). The LGIM America Long Duration U.S. Credit Fund seeks to maximize total return through capital appreciation and current income. The LGIM America U.S. Credit Fund seeks to maximize total return through capital appreciation and current income. The Fund primarily invests in investment-grade fixed income securities with an average portfolio duration that is within 10% of the Fund’s benchmark. The LGIM America General Retirement Income 2040 Fund seeks to provide current income during the early and middle-years of retirement while ensuring capital is not exhausted prior to the Fund’s terminal date. The LGIM America Cash Flow Matched Bond Fund seeks current income. The LGIM America Global Developed Equity Index Fund seeks to provide investment results that, before fees and expenses, track the performance of the MSCI World Index. The financial statements of the remaining portfolios of the Trust are presented separately. The assets of each portfolio are segregated, and a shareholder’s interest is limited to the portfolio in which shares are held.

The LGIM America Long Duration U.S. Credit Fund commenced operations on May 27, 2021.

The LGIM America U.S. Credit Fund commenced operations on December 20, 2021.

The LGIM America Retirement Income 2040 Fund commenced operations on December 22, 2021.

The LGIM America Cash Flow Matched Bond Fund commenced operations on December 20, 2021.

The LGIM America Global Developed Equity Index Fund commenced operations on December 20, 2021.

2. Significant Accounting Policies:

The following is a summary of the significant accounting policies, which are consistently followed in the preparation of the financial statements of the Funds. The Funds are investment companies that apply the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board (“FASB”).

Use of Estimates — The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of increases and decreases in net assets from operations

113

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	October 31, 2022

during the reporting period. Actual results could differ from those estimates and such differences could be material.

Security Valuation — Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ), including securities traded over the counter, are valued at the last quoted sale price on an exchange or market (foreign or domestic) on which they are traded on valuation date (or at approximately 4:00 pm ET if a security’s primary exchange is normally open at that time), or, if there is no such reported sale on the valuation date, at the most recent quoted bid price. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. If available, debt securities are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Such methodologies generally consider such factors as security prices, yields, maturities, call features, ratings and developments relating to specific securities in arriving at valuations. On the first day a new debt security purchase is recorded, if a price is not available on the automated pricing feeds from our primary and secondary pricing vendors nor is it available from an independent broker, the security may be valued at its purchase price. Each day thereafter, the debt security will be valued according to the Trust’s fair value procedures until an independent source can be secured. Debt obligations with remaining maturities of sixty days or less may be valued at their amortized cost, which approximates market value provided that it is determined the amortized cost continues to approximate fair value. Should existing credit, liquidity or interest rate conditions in the relevant markets and issuer specific circumstances suggest that amortized cost does not approximate fair value, then the amortized cost method may not be used.

Securities for which market prices are not “readily available” are required to be fair valued under the 1940 Act.

In December 2020, the SEC adopted Rule 2a-5 under the 1940 Act, establishing requirements to determine fair value in good faith for purposes of the 1940 Act. The rule permits fund boards to designate a fund’s investment adviser to perform fair-value determinations, subject to board oversight and certain other conditions. The rule also defines when market quotations are “readily available” for purposes of the 1940 Act and requires a fund to fair value a portfolio investment when a market quotation is not readily available. The SEC also adopted new Rule 31a-4 under the 1940 Act, which sets forth recordkeeping requirements associated with fair-value determinations. The compliance date for Rule 2a-5 and Rule 31a-4 was September 8, 2022.

Effective September 8, 2022, and pursuant to the requirements of Rule 2a-5, the Trust’s Board of Trustees designated the Legal & General Investment Management America, Inc., (the “Adviser”) as the Board’s valuation designee to perform fair-value determinations for the Funds through a Fair Value Committee established by the Adviser and approved new Adviser Fair Value Procedures for the Funds. Prior to September 8, 2022, fair-value determinations were performed in accordance with the Trust’s Fair Value Procedures established by the Funds’ Board of Trustees and were implemented through a Fair Value Committee designated by the Board.

114

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	October 31, 2022

Some of the more common reasons that may necessitate that a security be valued using fair value procedures include: the security’s trading has been halted or suspended; the security has been de-listed from a national exchange; the security’s primary trading market is temporarily closed at a time when under normal conditions it would be open; the security has not been traded for an extended period of time; the security’s primary pricing source is not able or willing to provide a price; or trading of the security is subject to local government imposed restrictions. When a security is valued in accordance with the fair value procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee. As of October 31, 2022, there were no fair valued securities.

Futures contracts that are traded on an exchange are valued at their last reported sales price as of the valuation date.

In accordance with U.S. GAAP, the Funds disclose fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

● Level 1 — Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Funds have the ability to access at the measurement date;

● Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, referenced indices, quoted prices in inactive markets, adjusted quoted prices in active markets, adjusted quoted prices on foreign equity securities that were adjusted in accordance with the Adviser’s pricing procedures; and

● Level 3 — Prices, inputs or exotic modeling techniques which are both significant to the fair value measurement and unobservable (supported by little or no market activity).

Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement.

Deferred Offering Costs — Offering costs, including costs of printing initial prospectus, legal and registration fees, are amortized over twelve-months from inception of the Funds. During the period ended October 31, 2022, the Funds incurred and paid in full offering costs.

Federal Income Taxes — It is the Funds’ intention to continue to qualify as a regulated investment company for Federal income tax purposes by complying with the appropriate provisions of Subchapter M of the Internal Revenue Code of 1986, as amended.

115

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	October 31, 2022

Accordingly, no provision for Federal income taxes has been made in the financial statements.

The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether it is “more-likely-than-not” (i.e., greater than 50-percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current period. The Funds did not record any tax provision in the current period. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., all open tax year ends, since inception), on-going analysis of and changes to tax laws, regulations and interpretations thereof.

As of and during the period ended, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the period ended October 31, 2022, the Funds did not incur any interest or penalties.

Security Transactions and Investment Income — Security transactions are accounted for on trade date. Costs used in determining realized gains and losses on the sale of investment securities are based on the specific identification method. Dividend income is recorded on the ex-dividend date. Dividend income is recorded net of unrecoverable withholding tax. Interest income and expense is recorded on an accrual basis. Interest income is recognized on the accrual basis from settlement date and includes the amortization of premiums and the accretion of discount. Realized gains (losses) on paydowns of mortgage-backed and asset-backed securities are recorded as an adjustment to interest income.

Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars on the date of valuation. The Funds do not isolate that portion of realized or unrealized gains and losses resulting from changes in the foreign exchange rate from fluctuations arising from changes in the market prices of the securities. These gains and losses are included in net realized and unrealized gains and losses on investments on the Statement of Operations. Net realized and unrealized gains and losses on foreign currency transactions represent net foreign exchange gains or losses from foreign currency exchange contracts, disposition of foreign currencies, currency gains or losses realized between trade and settlement dates on securities transactions and the difference between the amount of the investment income and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid.

Expenses — Expenses that are directly related to the Fund are charged to the Fund. Other operating expenses of the Trust are prorated to the funds based on the number of funds and/or relative net assets.

Classes — Class specific expenses are borne by that class of shares. Income, realized and unrealized gains (losses), and non-class specific expenses are allocated to the respective class on the basis of relative daily net assets.

116

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	October 31, 2022

Dividends and Distributions to Shareholders — The Funds will distribute their net investment income quarterly. Distributions from net realized capital gains, if any, are declared and paid annually. All distributions are recorded on ex-dividend date.

Cash — Idle cash may be swept into various money market sweep accounts and is classified as cash equivalents on the Statement of Assets and Liabilities. The Funds maintain cash in bank deposit accounts which, at times, may exceed United States federally insured limits. Amounts invested are available on the same business day.

Futures Contracts — The LGIM America Cash Flow Matched Bond Fund and the LGIM America Global Developed Equity Index Fund utilized futures contracts during the period ended October 31, 2022. To the extent consistent with its investment objective and strategies, the Funds may use futures contracts for tactical hedging purposes as well as to enhance the Funds’ returns. Initial margin deposits of cash or securities are made upon entering into futures contracts. The futures contracts are valued at the settlement price established each day by the exchange on which they are traded. The futures contracts are marked to market daily and the resulting changes in value are accounted for as unrealized gains and losses. Variation margin payments are paid or received, depending upon whether unrealized gains or losses are incurred. When the futures contract is closed, the Fund record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the amount invested in the futures contract.

Risks of entering into futures contracts include the possibility that there will be an imperfect price correlation between the futures and the underlying securities.

Second, it is possible that a lack of liquidity for futures contracts could exist in the secondary market, resulting in an inability to close a position prior to its maturity date. Third, the futures contract involves the risk that a Fund could lose more than the original margin deposit required to initiate a futures transaction. Finally, the risk exists that losses could exceed amounts disclosed on the Statements of Assets and Liabilities. Refer to the Funds’ Schedule of Investments for details regarding open futures contracts as of October 31, 2022.

For the period ended October 31, 2022, the average quarterly notional amount of futures contracts held were as follows:

LGIM America Cash Flow Matched Bond Fund	Average Quarterly Market Value Balance Long: $ 563,030
LGIM America Global Developed Equity Index Fund	Average Quarterly Market Value Balance Long: $ 288,076

3. Transactions with Affiliates:

Certain officers of the Trust are also employees of SEI Investments Global Funds Services (the “Administrator”), a wholly owned subsidiary of SEI Investments Company, and/or SEI Investments Distribution Co. (the “Distributor”). Such officers are paid no fees by the Trust, other than the Chief Compliance Officer (“CCO”) as described below, for serving as officers of the Trust.

117

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	October 31, 2022

A portion of the services provided by the CCO and his staff, whom are employees of the Administrator, are paid for by the Trust as incurred. The services include regulatory oversight of the Trust’s advisors and service providers, as required by SEC regulations. The CCO’s services and fees have been approved by, and are reviewed by, the Board.

4. Administration, Shareholder Servicing, Custodian and Transfer Agent Agreements:

The Fund and the Administrator are parties to an Administration Agreement under which the Administrator provides management and administrative services to the Fund. For these services, the Administrator is paid an asset-based fee, which will vary depending on the number of share classes and the average daily net assets of the Fund. For the period ended October 31, 2022, the Funds incurred the following for these services:

LGIM America Long Duration U.S. Credit Fund	$99,999
LGIM America U.S. Credit Fund	$86,301
LGIM America Retirement Income 2040 Fund	$64,315
LGIM America Cash Flow Matched Bond Fund	$86,301
LGIM America Global Developed Equity Index Fund	$86,301

The Funds have adopted a shareholder services plan that provides that the Funds may pay financial intermediaries for shareholder services in an annual amount not to exceed 0.15% based on the Funds’ Institutional Class Shares’ average net assets. W Class Shares do not have shareholder servicing fees. For the period ended October 31, 2022, no shareholder servicing fees were accrued.

The Trust and the Distributor are parties to a Distribution Agreement. The Distributor receives no fees under the Agreement.

Brown Brothers Harriman & Co. acts as custodian (the “Custodian”) for the Fund. The Custodian plays no role in determining the investment policies of the Fund or which securities are to be purchased or sold by the Fund.

DST Systems, Inc. serves as the transfer agent and dividend disbursing agent for the Fund under a transfer agency agreement with the Trust.

5. Investment Advisory Agreement:

Under the terms of an investment advisory agreement, the Adviser provides investment advisory services to the Funds and the LGIMA U.S. Credit Fund at a fee, which is calculated daily and paid monthly at an annual rate of the Fund’s average daily net assets. The Adviser has contractually agreed to waive fees and reimburse expenses to the extent necessary to keep Total Annual Fund Operating Expenses (excluding interest, taxes, brokerage commissions, and other costs and expenses relating to the securities that are purchased and sold by the Funds, acquired fund fees and expenses, other expenditures which are

118

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	October 31, 2022

capitalized in accordance with generally accepted accounting principles, and other non-routine expenses (collectively, “excluded expenses”)) from exceeding a certain portion of the Funds’ average daily net assets until February 28, 2023 (the “contractual expense limit”).

Fund	Advisory       Fee	Institutional     Shares Expense Limitation	W Shares       Expense Limitation	R6 Shares       Expense Limitation
LGIM America Long Duration U.S. Credit Fund	0.23%	0.30%	0.30%	N/A
LGIM America U.S. Credit Fund	0.23%	0.30%	N/A	N/A
LGIM America Retirement Income 2040 Fund	0.15%	0.05%	0.00%	0.10%
LGIM America Cash Flow Matched Bond Fund	0.13%	0.20%	N/A	N/A
LGIM America Global Developed Equity Index Fund	0.06%	0.09%	N/A	N/A

In addition, the Adviser may receive from the Funds the difference between Total Annual Fund Operating Expenses (not including excluded expenses) and the contractual expense limit to recoup all or a portion of its prior fee waivers or expense reimbursements made during the rolling three-year period preceding the date of the recoupment if at any point Total Annual Fund Operating Expenses (not including excluded expenses) are below the contractual expense limit (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment. This reimbursement agreement may be terminated: (i) by the Board of Trustees (the “Board”) of The Advisors’ Inner Circle Fund III (the “Trust”), for any reason at any time; or (ii) by the Adviser, upon ninety (90) days’ prior written notice to the Trust, effective as of the close of business on February 28, 2023. Refer to waiver of investment advisory fees on the Statement of Operations for fees waived for the period ended October 31, 2022. As of October 31, 2022, fees which were previously waived and/ or reimbursed by the Adviser which may be subject to possible future reimbursement to the Adviser were as follows:

119

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	October 31, 2022

Fiscal Year	Subject to Repayment   until October   31:		LGIM America   Retirement Income 2040 Fund		LGIM America   Global Developed Equity Index Fund		LGIM America   Cash Flow Matched Bond Fund		LGIM America   Long Duration U.S. Credit Fund		LGIM America U.S. Credit Fund
10/31/2019-10/31/2020		2023		N/A		N/A		N/A		N/A		N/A
10/31/2020-10/31/2021		2024		N/A		N/A		N/A	$	192,388		N/A
10/31/2021-10/31/2022		2025	$	138,119	$	339,210	$	252,832	$	275,266	$	257,424
			$	138,119	$	339,210	$	252,832	$	467,654	$	257,424

6. Investment Transactions:

The cost of security purchases and the proceeds from security sales, other than short-term investments, for the period ended October 31, 2022, were as follows:

	U.S.     Government		Other		Total
LGIM America Long Duration U.S. Credit Fund
Purchases	$	23,215,316	$	18,529,749	$	41,745,065
Sales		22,097,589		6,519,060		28,616,649
LGIM America U.S. Credit Fund
Purchases		15,667,830		28,873,477		44,541,307
Sales		14,201,484		6,822,804		21,024,288
LGIM America Retirement Income 2040 Fund
Purchases		–		225,370		225,370
Sales		–		74,907		74,907
LGIM America Cash Flow Matched Bond Fund
Purchases		2,253,403		25,799,464		28,052,867
Sales		1,857,827		3,013,326		4,871,153
LGIM America Global Developed Equity Index Fund
Purchases		–		25,880,289		25,880,289
Sales		–		667,691		667,691

The Funds received the following contributions in-kind of investment securities. The securities were received in a tax-free transaction at their current fair value including unrealized appreciation/(deprecation) on the date of the transactions. As a result of this contribution, the following units of the Funds were issued for assets valued at:

					Net Realized
	Purchases		Sales		Gain/(Loss)
LGIM America U.S. Credit Fund	$	23,591,598	$	–	$	(120,494	)
LGIM America Cash Flow Matched Bond Fund		24,952,332		–		1,409

120

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	October 31, 2022

7. Federal Tax Information:

The amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. These book/tax differences may be temporary or permanent. To the extent these differences are permanent in nature, they are charged or credited to distributable earnings (accumulated losses) or paid-in capital, as appropriate, in the period that the differences arise. The permanent differences primarily consist of foreign currency translations, and gains and losses on paydowns of mortgage and asset-backed securities for tax purposes. There are no permanent difference that are credited or charged to Paid-in Capital and Distributable Earnings as of October 31, 2022.

The tax character of dividends and distributions declared during the period ended October 31, were as follows:

		Ordinary Income		Total
LGIM America Long Duration U.S. Credit Fund
	2022	$	904,323	$	904,323
	2021		228,801		228,801
LGIM America U.S. Credit Fund
	2022	$	454,763	$	454,763
LGIM America Retirement Income 2040 Fund
	2022	$	2,016	$	2,016
LGIM America Cash Flow Matched Bond Fund
	2022	$	265,471	$	265,471
LGIM America Global Developed Equity Index Fund
	2022	$	377,283	$	377,283

As of October 31, 2022, the components of distributable earnings on a tax basis were as follows:

	LGIM America Long Duration  U.S. Credit Fund			LGIM America U.S. Credit Fund			LGIM America   Retirement Income 2040 Fund
Undistributed Ordinary Income	$	5,469		$	3,032		$	70
Undistributed Long-Term Capital Gain		–			–			–
Capital Loss Carryforwards Short-Term		(779,730	)		(905,508	)		(1,425	)
Capital Loss Carryforwards Long-Term		(302,511	)		–			–
Post October Losses		–			–			–
Unrealized Depreciation		(7,062,420	)		(3,976,365	)		(22,806	)
Other Temporary Differences		–			1			24
Total Accumulated Losses	$	(8,139,192	)	$	(4,878,840	)	$	(24,137	)

121

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	October 31, 2022

	LGIM America Cash Flow Matched Bond Fund			LGIM America Global Developed Equity Index Fund
Undistributed Ordinary Income	$	2,449		$	3,049
Undistributed Long-Term Capital Gain		–			–
Capital Loss Carryforwards Short-Term		(157,648	)		(98,949	)
Capital Loss Carryforwards Long-Term		(76,267	)		(25,846	)
Post October Losses		–			–
Unrealized Depreciation		(1,684,010	)		(4,398,930	)
Other Temporary Differences		–			2
Total Accumulated Losses	$	(1,915,476	)	$	(4,520,674	)

For Federal income tax purposes, capital losses incurred may be carried forward and applied against future capital gains. Such capital losses retain their character as either short-term or long-term capital losses. During the period ended October 31, 2022, the Funds did not utilize capital loss carryforwards to offset capital gains.

For Federal income tax purposes the difference between Federal tax cost and book cost primarily relates to wash sales, which cannot be used for Federal income tax purposes in the current period and have been deferred for use in future years. The Federal tax cost and aggregate gross unrealized appreciation and depreciation for the investments held by the Fund at October 31, 2022, were as follows:

	Federal Tax Cost	Aggregate Gross Unrealized     Appreciation	Aggregate Gross Unrealized     Depreciation	Net         Unrealized   Appreciation/     (Depreciation)
LGIM America Long Duration U.S. Credit Fund	$31,706,338	$6,242	$(7,068,662)	$(7,062,420)
LGIM America U.S. Credit Fund	22,776,355	7,451	(3,983,816)	(3,976,365)
LGIM America Retirement Income 2040 Fund	148,832	—	(22,806)	(22,806)
LGIM America Cash Flow Matched Bond Fund	24,834,417	3,458	(1,687,468)	(1,684,010)
LGIM America Global Developed Equity Index Fund	25,131,129	904,400	(5,303,330)	(4,398,930)

122

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	October 31, 2022

8. Other:

At October 31, 2022, the percentage of total shares outstanding held by shareholders for each Fund, which are comprised of omnibus accounts that are held on behalf of various individual shareholders was as follows:

Fund	No. of Shareholders	% Ownership
LGIM America Long Duration U.S. Credit Fund, W Shares	2	100%
LGIM America U.S. Credit Fund, Institutional Shares	1	100%
LGIM America Retirement Income 2040 Fund, W Shares	1	100%
LGIM America Cash Flow Matched Bond Fund, Institutional Shares	1	100%
LGIM America Global Developed Equity Index Fund, Institutional Shares	1	100%

9. Concentration of Risks:

As with all mutual funds, there is no guarantee that the Funds will achieve their investment objective. You could lose money by investing in the Funds. An investment in the Funds is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency. The principal risks affecting shareholders’ investments in the Funds are set forth below.

Fixed Income Market Risk — The prices of the Funds’ fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Funds’ fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. Declines in dealer market-making capacity as a result of structural or regulatory changes could decrease liquidity and/or increase volatility in the fixed income markets. In addition, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways.

Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Funds invest, which in turn could negatively impact the Funds’ performance and cause losses on your investment in the Funds.

123

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	October 31, 2022

Active Management Risk — The Funds are subject to the risk that the Adviser’s judgments about the attractiveness, value, or potential appreciation of the Funds’ investments may prove to be incorrect. If the investments selected and strategies employed by the Funds fails to produce the intended results, the Funds could underperform in comparison to other funds with similar objectives and investment strategies.

Corporate Fixed Income Securities Risk – Corporate fixed income securities respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers.

U.S. Government Securities Risk – Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency’s own resources.

Municipal Securities Risk — Municipal securities, like other fixed income securities, rise and fall in value in response to economic and market factors, primarily changes in interest rates, and actual or perceived credit quality. Rising interest rates will generally cause municipal securities to decline in value. Longer-term securities respond more sharply to interest rate changes than do shorter-term securities. A municipal security will also lose value if, due to rating downgrades or other factors, there are concerns about the issuer’s current or future ability to make principal or interest payments. State and local governments rely on taxes and, to some extent, revenues from private projects financed by municipal securities, to pay interest and principal on municipal debt. Poor statewide or local economic results or changing political sentiments may reduce tax revenues and increase the expenses of municipal issuers, making it more difficult for them to meet their obligations. Actual or perceived erosion of the creditworthiness of municipal issuers may reduce the value of the Funds’ holdings. As a result, the Funds will be more susceptible to factors that adversely affect issuers of municipal obligations than a mutual fund that does not have as great a concentration in municipal obligations.

Credit Risk – The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation.

Interest Rate Risk – The risk that a rise in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which the Funds invest. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates. A low interest rate environment may present greater interest rate risk because there may be a greater likelihood of rates increasing and rates may increase more rapidly.

Prepayment and Extension Risk – When interest rates fall, issuers of high interest debt obligations may pay off the debts earlier than expected (prepayment risk), and the Funds may have to reinvest the proceeds at lower yields. When interest rates rise, issuers of lower interest debt obligations may pay off the debts later than expected (extension risk), thus keeping the Funds’ assets tied up in lower interest debt obligations.

Valuation Risk — The risk that a security may be difficult to value. The Funds may value certain securities at a price higher than the price at which they can be sold.

124

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	October 31, 2022

Supranational Entities Risk – Government members, or “stockholders,” usually make initial capital contributions to a supranational entity and in many cases are committed to make additional capital contributions if the supranational entity is unable to repay its borrowings. There is no guarantee, however, that one or more stockholders of the supranational entity will continue to make any necessary additional capital contributions. If such contributions are not made, the entity may be unable to pay interest or repay principal on its debt securities, and the Funds may lose money on such investments.

Sector Focus Risk – Because the Funds may, from time to time, be more heavily invested in particular sectors, the value of its shares may be especially sensitive to factors and economic risks that specifically affect those sectors. As a result, the Funds’ share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of sectors.

Industrials Sector Risk — A fund that focuses in the industrials sector may be subject to greater risks than a portfolio without such a focus. The Funds are subject to the risk that the securities of issuers in the industrials sector will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the industrials sector. The prices of the securities of companies operating in the industrials sector may fluctuate due to the level and volatility of commodity prices, the exchange value of the dollar, import controls, worldwide competition, liability for environmental damage, depletion of resources, and mandated expenditures for safety and pollution control devices.

Financials Sector Risk – Performance of companies in the financials sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. The impact of more stringent capital requirements, recent or future regulation of any individual financial company, or recent or future regulation of the financials sector as a whole cannot be predicted. In recent years, cyber attacks and technology malfunctions have become increasingly frequent in this sector and have caused significant losses to companies in this sector, which may negatively impact the Funds.

New Fund Risk — Because the Funds are new, investors in the Funds bear the risk that the Funds may not be successful in implementing its investment strategy, may not employ a successful investment strategy, or may fail to attract sufficient assets under management to realize economies of scale, any of which could result in the Funds being liquidated at any time without shareholder approval and at a time that may not be favorable for all shareholders. Such liquidation could have negative tax consequences for shareholders and will cause shareholders to incur expenses of liquidation.

The foregoing is not intended to be a complete discussion of the risks associated with investing in the Fund. A more complete description of risks associated with the Fund is included in the prospectus and statement of additional information.

10. Indemnifications:

In the normal course of business, the Funds enter into contracts that provide general indemnifications. The Funds’ maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be established; however, based on experience, the risk of loss from such claim is considered remote.

125

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	October 31, 2022

11. Subsequent Events:

The Funds have evaluated the need for additional disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no additional disclosures and/or adjustments were required to the financial statements.

126

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	October 31, 2022

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of The Advisors’ Inner Circle Fund III and the Shareholders of the Funds:

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of LGIM America Long Duration U.S. Credit Fund, LGIM America U.S. Credit Fund, LGIM America Retirement Income Fund 2040, LGIM America Cash Flow Matched Bond Fund, and LGIM America Global Developed Equity Index Fund (five of the funds comprising the The Advisors’ Inner Circle Fund III (the Funds)), including the schedules of investments, as of October 31, 2022, the related statements of operations and changes in net assets for each of the years or periods listed in Appendix A, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of October 31, 2022, the results of their operations for the year or period then ended, the changes in their net assets for each of the years or periods in the two year period then ended, and the financial highlights for each of the years or periods presented therein, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of October 31, 2022, by correspondence with custodians, transfer agents, agent banks and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

127

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	October 31, 2022

We have served as the auditor of one or more of The Advisors’ Inner Circle Fund III investment companies since 2021.

Philadelphia, Pennsylvania

December 29, 2022

128

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	October 31, 2022

Appendix A

LGIM America Long Duration U.S. Credit Fund

Statement of operations for the year ended October 31, 2022 and statements of changes in net assets and financial highlights for year-ended October 31, 2022 and the period from May 27, 2021 (commencement of operations) through October 31, 2021

LGIM America U.S. Credit Fund

Statements of operations and changes in net assets and financial highlights for the period from December 20, 2021 (commencement of operations) through October 31, 2022

LGIM America Retirement Income 2040 Fund

Statements of operations and changes in net assets and financial highlights for the period from December 22, 2021 (commencement of operations) through October 31, 2022

LGIM America Cash Flow Matched Bond Fund

Statements of operations and changes in net assets and financial highlights for the period from December 20, 2021 (commencement of operations) through October 31, 2022

LGIM America Global Developed Equity Index Fund

Statements of operations and changes in net assets and financial highlights for the period from December 20, 2021 (commencement of operations) through October 31, 2022

129

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	October 31, 2022

DISCLOSURE OF FUND EXPENSES (unaudited)

All mutual funds have operating expenses. As a shareholder of a mutual fund, your investment is affected by these ongoing costs, which include (among others) costs for fund management, administrative services, and shareholder reports like this one. It is important for you to understand the impact of these costs on your investment returns.

Operating expenses such as these are deducted from the mutual fund’s gross income and directly reduce your final investment return. These expenses are expressed as a percentage of the mutual fund’s average net assets; this percentage is known as the mutual fund’s expense ratio.

The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period (May 1, 2022 to October 31, 2022).

The table on the next page illustrates your Fund’s costs in two ways:

Actual Fund Return. This section helps you to estimate the actual expenses after fee waivers that your Fund incurred over the period. The “Expenses Paid During Period” column shows the actual dollar expense cost incurred by a $1,000 investment in the Fund, and the “Ending Account Value” number is derived from deducting that expense cost from the Fund’s gross investment return.

You can use this information, together with the actual amount you invested in the Fund, to estimate the expenses you paid over that period. Simply divide your ending starting account value by $1,000 to arrive at a ratio (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply that ratio by the number shown for your Fund under “Expenses Paid During Period.”

Hypothetical 5% Return. This section helps you compare your Fund’s costs with those of other mutual funds. It assumes that the Fund had an annual 5% return before expenses during the year, but that the expense ratio (Column 3) for the period is unchanged. This example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to make this 5% calculation. You can assess your Fund’s comparative cost by comparing the hypothetical result for your Fund in the “Expenses Paid During Period” column with those that appear in the same charts in the shareholder reports for other mutual funds.

130

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	October 31, 2022

NOTE: Because the return is set at 5% for comparison purposes — NOT your Fund’s actual return — the account values shown may not apply to your specific investment.

	Beginning Account Value 5/1/22		Ending Account Value 10/31/22		Annualized Expense Ratios		Expenses Paid During Period*
LGIM America Long Duration U.S. Credit Fund
Actual Fund Return
W Shares	$	1,000.00	$	868.10		0.30%		$1.41
Hypothetical 5% Return
W Shares	$	1,000.00	$	1,023.69		0.30%		$1.53
LGIM America U.S. Credit Fund
Actual Fund Return
Institutional Shares	$	1,000.00	$	922.60		0.30%		$1.45
Hypothetical 5% Return
Institutional Shares	$	1,000.00	$	1,023.69		0.30%		$1.53
LGIM America Retirement Income 2040 Fund
Actual Fund Return
W Shares	$	1,000.00	$	891.10		—%		$–
Hypothetical 5% Return
W Shares	$	1,000.00	$	1,025.21		—%		$–
LGIM America Cash Flow Matched Bond Fund
Actual Fund Return
Institutional Shares	$	1,000.00	$	977.70		0.20%		$1.00
Hypothetical 5% Return
Institutional Shares	$	1,000.00	$	1,024.20		0.20%		$1.02
LGIM America Global Developed Equity Index Fund
Actual Fund Return
Institutional Shares	$	1,000.00	$	922.60		0.09%		$0.44
Hypothetical 5% Return
Institutional Shares	$	1,000.00	$	1,024.75		0.09%		$0.46

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect since inception to period end).

131

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	October 31, 2022
	(Unaudited)

TRUSTEES AND OFFICERS OF THE ADVISORS’ INNER CIRCLE FUND III

Set forth below are the names, years of birth, positions with the Trust, length of term of office, and the principal occupations for the last five years of each of the persons currently serving as Trustees and Officers of the Trust. Unless otherwise noted, the business address of each Trustee is SEI Investments Company, One Freedom Valley Drive, Oaks Pennsylvania 19456. Trustees who are deemed not to be “interested persons” of the Trust are referred to as “Independent Trustees.” Mr. Doran is a Trustee who may be an “interested” persons of

Name and Year of Birth	Position with Trust and Length of Time Served1	Principal Occupations in the Past Five Years
INTERESTED TRUSTEES3,4
William M. Doran (Born: 1940)	Chairman of the Board of Trustees (since 2014)	Self-Employed Consultant since 2003. Partner at Morgan, Lewis & Bockius LLP (law firm) from 1976 to 2003. Counsel to the Trust, SEI Investments, SIMC, the Administrator and the Distributor. Secretary of SEI Investments since 1978.
INDEPENDENT TRUSTEES3
Jon C. Hunt (Born: 1951)	Trustee and Lead Independent Trustee (since 2014)	Retired since 2013. Consultant to Management, Convergent Capital Management, LLC (“CCM”) from 2012 to 2013. Managing Director and Chief Operating Officer, CCM from 1998 to 2012.
Thomas P. Lemke (Born: 1954)	Trustee (since 2014)	Retired since 2013. Executive Vice President and General Counsel, Legg Mason, Inc. from 2005 to 2013.
Nichelle Maynard-Elliott (Born: 1968)	Trustee (since 2021)	Independent Director since 2018. Executive Director, M&A at Praxair Inc. from 2011-2019.

1 Each Trustee shall hold office during the lifetime of this trust until the election and qualification of his or her successor, or until he or she sooner dies, resigns, or is removed in accordance with the Trust’s Declaration of Trust.

2 Denotes Trustees who may be deemed to be “interested” persons of the Fund as that term is defined in the 1940 Act by virtue of their affiliation with the Distributor and/or its affiliates.

132

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	October 31, 2022
	(Unaudited)

the Trust as that term is defined in the 1940 Act by virtue of their affiliation with the Trust’s Distributor. The Trust’s Statement of Additional Information (“SAI”) includes additional information about the Trustees and Officers. The SAI may be obtained without charge by calling 1-833-44-LGIMA. The following chart lists Trustees and Officers as of October 31, 2022.

Other Directorships

Held in the Past Five Years2

Current Directorships: Trustee of Gallery Trust, Delaware Wilshire Private Markets Master Fund, Delaware Wilshire Private Markets Fund, Delaware Wilshire Private Markets Tender Fund, SEI Daily Income Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Institutional Managed Trust, SEI Asset Allocation Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds, SEI Insurance Products Trust and SEI Catholic Values Trust. Director of SEI Investments, SEI Investments (Europe), Limited, SEI Investments—Global Funds Services, Limited, SEI Investments Global, Limited, SEI Investments (Asia), Limited, SEI Global Nominee Ltd., SEI Investments – Unit Trust Management (UK) Limited and SEI Investments Co. Director of the Distributor.

Former Directorships: Trustee of Winton Series Trust to 2017. Trustee of The Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II, Bishop Street Funds, The KP Funds and Winton Diversified Opportunities Fund (closed-end investment company) to 2018. Trustee of Schroder Global Series Trust to 2021. Trustee of Schroder Series Trust to 2022.

Current Directorships: Trustee of City National Rochdale Funds, Gallery Trust, Delaware Wilshire Private Markets Master Fund, Delaware Wilshire Private Markets Fund and Delaware Wilshire Private Markets Tender Fund. Director of Chiron Capital Allocation Fund Ltd.

Former Directorships: Trustee of Winton Series Trust to 2017. Trustee of Winton Diversified Opportunities Fund (closed-end investment company) to 2018. Trustee of Schroder Global Series Trust to 2021. Trustee of Schroder Series Trust to 2022.

Current Directorships: Trustee of Gallery Trust, Delaware Wilshire Private Markets Master Fund, Delaware Wilshire Private Markets Fund, Delaware Wilshire Private Markets Tender Fund, J.P. Morgan Funds (171 Portfolios) and Symmetry Panoramic Trust (16 Portfolios). Director of Chiron Capital Allocation Fund Ltd.

Former Directorships: Trustee of Winton Series Trust and AXA Premier VIP Trust to 2017. Trustee of Winton Diversified Opportunities Fund (closed-end investment company) to 2018. Trustee of Schroder Global Series Trust to 2021. Trustee of Schroder Series Trust to 2022.

Current Directorships: Trustee of Gallery Trust, Delaware Wilshire Private Markets Master Fund, Delaware Wilshire Private Markets Fund, Delaware Wilshire Private Markets Tender Fund. Director of Chiron Capital Allocation Fund Ltd. Director of Element Solutions Inc., Director of Xerox Holdings Corporation, and Director of Lucid Group, Inc.

Former Directorships: Trustee of Schroder Global Series Trust to 2021. Trustee of Schroder Series Trust to 2022.

3 Trustees oversee 65 funds in The Advisors’ Inner Circle Fund III.

4 Directorships of Companies required to report to the securities and Exchange Commission under the Securities Exchange act of 1934 (i.e., “public companies”) or other investment companies under the 1940 act.

133

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	October 31, 2022
	(Unaudited)

TRUSTEES AND OFFICERS OF THE ADVISORS’ INNER CIRCLE FUND III

Name and Year of Birth	Position with Trust and Length of Time Served1	Principal Occupations in the Past Five Years
INDEPENDENT TRUSTEES (continued)3
Jay C. Nadel (Born: 1958)	Trustee (since 2016)	Self-Employed Consultant since 2004. Executive Vice President, Bank of New York Broker Dealer from 2002 to 2004. Partner/Managing Director, Weiss Peck & Greer/Robeco from 1986 to 2001.
Randall S. Yanker (Born: 1960)	Trustee (since 2014)	Co-Founder and Senior Partner, Alternative Asset Managers, L.P. since 2004.
OFFICERS
Michael Beattie (Born: 1965)	President (since 2014)	Director of Client Service, SEI Investments, since 2004.
James Bernstein (Born: 1962)	Vice President (since 2017) Secretary (since 2020)	Attorney, SEI Investments, since 2017. Prior Positions: Self-employed consultant, 2017. Associate General Counsel & Vice President, Nationwide Funds Group and Nationwide Mutual Insurance Company, from 2002 to 2016. Assistant General Counsel & Vice President, Market Street Funds and Provident Mutual Insurance Company, from 1999 to 2002.
John Bourgeois (Born: 1973)	Assistant Treasurer (since 2017)	Fund Accounting Manager, SEI Investments, since 2000.
Eric C. Griffith (Born: 1969)	Vice President and Assistant Secretary (since 2020)	Counsel at SEI Investments since 2019. Vice President and Assistant General Counsel, JPMorgan Chase & Co., from 2012 to 2018.
Matthew M. Maher (Born: 1975)	Vice President and Assistant Secretary (since 2018)	Counsel at SEI Investments since 2018. Attorney, Blank Rome LLP, from 2015 to 2018. Assistant Counsel & Vice President, Bank of New York Mellon, from 2013 to 2014. Attorney, Dilworth Paxson LLP, from 2006 to 2013.
Andrew Metzger (Born: 1980) ‘	Treasurer, Controller and Chief Financial Officer (since 2021)	Director of Fund Accounting, SEI Investments, since 2020. Senior Director, Embark, from 2019 to 2020. Senior Manager, PricewaterhouseCoopers LLP, from 2002 to 2019.
Robert Morrow (Born: 1968)	Vice President (since 2017)	Account Manager, SEI Investments, since 2007.

1 Each Trustee shall hold office during the lifetime of this trust until the election and qualification of his or her successor, or until he or she sooner dies, resigns, or is removed in accordance with the Trust’s Declaration of Trust.

2 Denotes Trustees who may be deemed to be “interested” persons of the Fund as that term is defined in the 1940 Act by virtue of their affiliation with the Distributor and/or its affiliates.

134

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	October 31, 2022
	(Unaudited)

Other Directorships

Held in the Past Five Years²

Current Directorships: Chairman of the Board of Trustees of City National Rochdale Funds. Trustee of Gallery Trust, Delaware Wilshire Private Markets Master Fund, Delaware Wilshire Private Markets Fund and Delaware Wilshire Private Markets Tender Fund. Director of Chiron Capital Allocation Fund Ltd.

Former Directorships: Trustee of Winton Series Trust to 2017. Director of Lapolla Industries, Inc. to 2017. Trustee of Winton Diversified Opportunities Fund (closed-end investment company) to 2018. Trustee of Schroder Global Series Trust to 2021. Trustee of Schroder Series Trust to 2022.

Current Directorships: Trustee of Gallery Trust, Delaware Wilshire Private Markets Master Fund, Delaware Wilshire Private Markets Fund and Delaware Wilshire Private Markets Tender Fund. Independent Non-Executive Director of HFA Holdings Limited. Director of Chiron Capital Allocation Fund Ltd.

Former Directorships: Trustee of Winton Series Trust to 2017. Trustee of Winton Diversified Opportunities Fund (closed-end investment company) to 2018. Trustee of Schroder Global Series Trust to 2021. Trustee of Schroder Series Trust to 2022.

None.

None.

None.

None.

None.

None.

None.

3 Trustees oversee 65 funds in The Advisors’ Inner Circle Fund III

4 Directorships of Companies required to report to the securities and Exchange Commission under the Securities Exchange act of 1934 (i.e., “public companies”) or other investment companies under the 1940 act.

135

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	October 31, 2022
	(Unaudited)

TRUSTEES AND OFFICERS OF THE ADVISORS’ INNER CIRCLE FUND III

Name and Year of Birth	Position(s) with Trust and Length of Time Served	Principal Occupation in the Past Five Years
OFFICERS (continued)
Stephen F. Panner (Born: 1970)	Chief Compliance Officer (since 2022)	Chief Compliance Officer of SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Investments Trust, SEI Institutional International Trust, SEI Institutional Managed Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust, SEI Exchange Traded Funds, SEI Structured Credit Fund LP, The Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II, The Advisors’ Inner Circle Fund III, Bishop Street Funds, Frost Family of Funds, Gallery Trust, Delaware Wilshire Private Markets Fund, Delaware Wilshire Private Markets Master Fund, Delaware Wilshire Private Markets Tender Fund and Catholic Responsible Investments Funds since September 2022. Fund Compliance Officer of SEI Investments Company from February 2011 to September 2022. Fund Accounting Director and CFO and Controller for the SEI Funds from July 2005 to February 2011.
Alexander F. Smith (Born: 1977)	Vice President and Assistant Secretary (since 2020)	Counsel at SEI Investments since 2020. Associate Counsel & Manager, Vanguard, 2012 to 2020. Attorney, Stradley Ronon Stevens & Young, LLP, 2008 to 2012.
Bridget E. Sudall (Born: 1980)	Privacy Officer (from 2015 – June 2022 and since November 2022)	Senior Associate and AML Officer, Morgan Stanley Alternative Investment Partners, from 2011 to 2015. Investor Services Team Lead, Morgan Stanley Alternative Investment Partners, from 2007 to 2011.
	Anti-Money Laundering Officer (from 2015 – June 2022 and since November 2022)

136

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	October 31, 2022
	(Unaudited)

Other Directorships

Held in the Past Five Years

None.

None.

None.

137

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	October 31, 2022

Approval of Investment Advisory Agreement (unaudited)

LGIM America Long Duration U.S. Credit Fund

LGIM America U.S. Credit Fund

LGIM America Retirement Income 2040 Fund

LGIM America Cash Flow Matched Bond Fund

LGIM America Global Developed Equity Index Fund

Pursuant to Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Funds’ advisory agreement (the “Agreement”) must be renewed at least annually after its initial two-year term: (i) by the vote of the Board of Trustees (the “Board” or the “Trustees”) of The Advisors’ Inner Circle Fund III (the “Trust”) or by a vote of a majority of the shareholders of the Funds; and (ii) by the vote of a majority of the Trustees who are not parties to the Agreement or “interested persons” of any party thereto, as defined in the 1940 Act (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such renewal.

A Board meeting was held on September 14-15, 2022 to decide whether to renew the Agreement for an additional one-year term. In preparation for the meeting, the Trustees requested that the Adviser furnish information necessary to evaluate the terms of the Agreement. Prior to the meeting, the Independent Trustees of the Funds met to review and discuss the information provided and submitted a request for additional information to the Adviser, and information was provided in response to this request. The Trustees used this information, as well as other information that the Adviser and other service providers of the Funds presented or submitted to the Board at the meeting and other meetings held during the prior year, to help them decide whether to renew the Agreement for an additional year.

Specifically, the Board requested and received written materials from the Adviser and other service providers of the Funds regarding: (i) the nature, extent and quality of the Adviser’s services; (ii) the Adviser’s investment management personnel; (iii) the Adviser’s operations and financial condition; (iv) the Adviser’s brokerage practices (including any soft dollar arrangements) and investment strategies; (v) the Funds’ advisory fees paid to the Adviser and overall fees and operating expenses compared with peer groups of mutual funds; (vi) the level of the Adviser’s profitability from its relationship with the Funds, including both direct and indirect benefits accruing to the Adviser and its affiliates; (vii) the Adviser’s potential economies of scale; (viii) the Adviser’s compliance program, including a description of material compliance matters and material compliance violations; (ix) the Adviser’s policies on and compliance procedures for personal securities transactions; and (x) the Funds’ performance compared with peer groups of mutual funds and the Funds’ benchmark indices.

Representatives from the Adviser, along with other Fund service providers, presented additional information and participated in question and answer sessions at the Board meeting to help the Trustees evaluate the Adviser’s services, fees and other aspects of the Agreement. The Independent Trustees received advice from independent counsel and met in executive sessions outside the presence of Fund management and the Adviser.

138

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	October 31, 2022

At the Board meeting, the Trustees, including all of the Independent Trustees, based on their evaluation of the information provided by the Adviser and other service providers of the Funds, renewed the Agreement. In considering the renewal of the Agreement, the Board considered various factors that they determined were relevant, including: (i) the nature, extent and quality of the services provided by the Adviser; (ii) the investment performance of the Funds and the Adviser; (iii) the costs of the services provided and profits realized by the Adviser from its relationship with the Funds, including both direct and indirect benefits accruing to the Adviser and its affiliates; (iv) the extent to which economies of scale are being realized by the Adviser; and (v) whether fee levels reflect such economies of scale for the benefit of Fund investors, as discussed in further detail below.

Nature, Extent and Quality of Services to be Provided by the Adviser

In considering the nature, extent and quality of the services provided by the Adviser, the Board reviewed the portfolio management services provided by the Adviser to the Funds, including the quality and continuity of the Adviser’s portfolio management personnel, the resources of the Adviser, and the Adviser’s compliance history and compliance program. The Trustees reviewed the terms of the Agreement. The Trustees also reviewed the Adviser’s investment and risk management approaches for the Funds. The most recent investment adviser registration form (“Form ADV”) for the Adviser was available to the Board, as was the response of the Adviser to a detailed series of questions which included, among other things, information about the investment advisory services provided by the Adviser to the Funds.

The Trustees also considered other services provided to the Funds by the Adviser such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to the Funds’ investment restrictions, and monitoring compliance with various Fund policies and procedures and with applicable securities laws and regulations. Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that the nature, extent and quality of the services provided to the Funds by the Adviser were sufficient to support renewal of the Agreement.

Investment Performance, Profitability and Economies of Scale

The Board was provided with regular reports regarding the Funds’ performance over various time periods. The Trustees also reviewed reports prepared by the Funds’ administrator comparing the Funds’ performance to their benchmark indices and peer groups of mutual funds as classified by Lipper, an independent provider of investment company data, over various periods of time. Representatives from the Adviser provided information regarding and led discussions of factors impacting the performance of the Funds, outlining current market conditions and explaining their expectations and strategies for the future. The Trustees determined that the Funds’ performance was satisfactory, or, where the Funds’ performance was materially below their benchmarks and/or peer groups, the Trustees were satisfied by the reasons for the underperformance and/or the steps taken by the Adviser in an effort to improve the performance of the Funds. Based on this information, the Board concluded, within the context of its full deliberations, that the investment results that the Adviser had been able to achieve for the Funds were sufficient to support renewal of the Agreement.

139

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	October 31, 2022

Costs of Advisory Services

In considering the advisory fees payable by the Funds to the Adviser, the Trustees reviewed, among other things, a report of the advisory fees paid to the Adviser. The Trustees also reviewed reports prepared by the Funds’ administrator comparing the Funds’ net and gross expense ratios and advisory fees to those paid by peer groups of mutual funds as classified by Lipper. The Trustees reviewed the management fees charged by the Adviser to other clients with comparable mandates. The Trustees considered any differences in management fees and took into account the respective demands, resources and complexity associated with the Funds and other client accounts as well as the extensive regulatory, compliance and tax regimes to which the Funds are subject. The Board concluded, within the context of its full deliberations, that the advisory fees were reasonable in light of the nature and quality of the services rendered by the Adviser.

The Trustees reviewed the costs of services provided by and the profits realized by the Adviser from its relationship with the Funds, including both direct benefits and indirect benefits, such as research and brokerage services received under soft dollar arrangements, accruing to the Adviser and its affiliates. The Trustees considered how the Adviser’s profitability was affected by factors such as its organizational structure and method for allocating expenses. The Trustees concluded that the profit margins of the Adviser with respect to the management of the Funds were not unreasonable. The Board also considered the Adviser’s commitment to managing the Funds and its willingness to continue its expense limitation and fee waiver arrangements with the Funds.

The Trustees considered the Adviser’s views relating to economies of scale in connection with the Funds as Fund assets grow and the extent to which the benefits of any such economies of scale are shared with the Funds and Fund shareholders. The Board considered the existence of any economies of scale and whether those were passed along to the Funds’ shareholders through a graduated advisory fee schedule or other means, including fee waivers. The Trustees recognized that economies of scale are difficult to identify and quantify and are rarely identifiable on a fund-by-fund basis. Based on this evaluation, the Board concluded that the advisory fee was reasonable in light of the information that was provided to the Trustees by the Adviser with respect to economies of scale.

Renewal of the Agreement

Based on the Board’s deliberations and its evaluation of the information described above and other factors and information it believed relevant in the exercise of its reasonable business judgment, the Board, including all of the Independent Trustees, with the assistance of Fund counsel and Independent Trustees’ counsel, unanimously concluded that the terms of the Agreement, including the fees payable thereunder, were fair and reasonable and agreed to renew the Agreement for another year. In its deliberations, the Board did not identify any absence of information as material to its decision, or any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.

140

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	October 31, 2022

NOTICE TO SHAREHOLDERS (unaudited)

For shareholders that do not have an October 31, 2022 tax year end, this notice is for informational purposes only. For shareholders with an October 31, 2022 tax year end, please consult your tax advisor as to the pertinence of this notice. For the fiscal year ended October 31, 2022, the Fund is designating the following items with regard to distributions paid during the year.

			Qualifying
			for Corporate
Long-Term	Ordinary		dividends	Qualifying	U.S.	Interest	Short-Term
Capital Gain	Income	Total	Received	Dividend	Government	Related	Capital Gain
Distributions	Distributions	Distributions	Deduction (1)	Income (2)	Interest (3)	Dividend (4)	Dividend (5)
LGIM America Long Duration U.S. Credit Fund
0.00%	100.00%	100.00%	0.00%	0.00%	3.38%	75.35%	100.00%
LGIM America U.S. Credit Fund
0.00%	100.00%	100.00%	0.00%	0.00%	4.91%	89.43%	0.00%
LGIM America Retirement Income 2040 Fund
0.00%	100.00%	100.00%	0.00%	0.00%	0.00%	0.00%	0.00%
LGIM America Cash Flow Matched Bond Fund
0.00%	100.00%	100.00%	0.00%	0.00%	2.15%	87.82%	0.00%
LGIM America Global Developed Equity Index Fund
0.00%	100.00%	100.00%	0.00%	0.00%	0.00%	0.24%	0.00%

(1) Qualifying dividends represent dividends which qualify for the corporate dividends received deduction and is reflected as a percentage of ordinary Income distributions (the total of short-term capital gain and net investment income distributions).

(2) The percentage in this column represents the amount of “Qualifying Dividend Income” as created by the Jobs and Growth Tax Relief Reconciliation Act of 2003 and is reflected as a percentage of ordinary income distributions (the total of short-term capital gain and net investment income distributions). It is the intention of each of the aforementioned funds to designate the maximum amount permitted by law.

(3) “U.S. Government Interest” represents the amount of interest that was derived from direct U.S. Government obligations and distributed during the fiscal year. This amount is reflected as a percentage of ordinary income. Generally, interest from direct U.S. Government obligations is exempt from state income tax. However, for shareholders who are residents of California, Connecticut and New York, the statutory threshold requirements were not satisfied to permit exemption of these amounts from state income.

(4) The percentage in this column represents the amount of “Interest Related Dividends” and is reflected as a percentage of ordinary income distribution. Interest related dividends are exempt from U.S. withholding tax when paid to foreign investors.

(5) The percentage of this column represents the amount of “Short-Term Capital Gain Dividends” and is reflected as a percentage of short-term capital gain distribution that is exempt from U.S. withholding tax when paid to foreign investors.

141

THE ADVISORS’ INNER CIRCLE FUND III	LGIM America
	October 31, 2022

The information reported herein may differ from the information and distributions taxable to the shareholder for the calendar year ending December 31, 2022. Complete information will be computed and reported with your 2022 Form 1099-DIV.

142

Legal & General Investment Management

LGIMA Funds

P.O. Box 219009

Kansas City, MO 64121-9009

www.lgima.com/funds

Adviser:

Legal & General Investment Management America, Inc.

71 South Wacker Drive

Chicago, IL 60606

Distributor:

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, PA 19456

Administrator:

SEI Investments Global Funds Services

One Freedom Valley Drive

Oaks, PA 19456

Legal Counsel:

Morgan, Lewis & Bockius LLP

1701 Market Street

Philadelphia, PA 19103

Independent Registered Public Accounting Firm:

KPMG LLP

1601 Market Street

Philadelphia, PA 19103

This information must be preceded or accompanied by a current prospectus for the Fund described.

LGI-AR-001-0200

Item 2. Code of Ethics.

The Registrant (also referred to as the “Trust”) has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, controller or principal accounting officer, and any person who performs a similar function. There have been no amendments to or waivers granted to this code of ethics during the period covered by this report.

Item 3. Audit Committee Financial Expert.

(a)(1) The Registrant’s board of trustees has determined that the Registrant has at least one audit committee financial expert serving on the audit committee.

(a)(2) The Registrant’s audit committee financial experts are Thomas P. Lemke and Jay Nadel, and each of Mr. Lemke and Mr. Nadel is “independent” as that term is defined in Form N-CSR Item 3 (a)(2).

Item 4. Principal Accountant Fees and Services.

Fees billed by PricewaterhouseCoopers LLP (“PwC”) relate to The Advisors’ Inner Circle Fund III (the “Trust”).

PwC billed the Trust aggregate fees for services rendered to the Trust for the last two fiscal years as follows:

		2022								2021
		All fees and services to the Trust that were pre-approved			All fees and services to service affiliates that were pre-approved		All other fees and services to service affiliates that did not require pre-approval			All fees and services to the Trust that were pre-approved		All fees and services to service affiliates that were pre-approved		All other fees and services to service affiliates that did not require pre-approval
(a)	Audit Fees(1)	$	682,615			None		None		$	730,515		None	$	11,990
(b)	Audit-Related Fees		None			None		None		$	4,000		None		None
(c)	Tax Fees	$	88,500	(4)		None	$	126,709	(2)		None		None	$	90,000	(2)
(d)	All Other Fees		None			None	$	5,301			None		None	$	1,473

Fees billed by Ernst & Young LLP (“E&Y”) relate to the Trust

E&Y billed the Trust aggregate fees for services rendered to the Trust for the last two fiscal years as follows:

2022

2021

All fees and services to the Trust that were pre-approved

All fees and services to service affiliates that were pre-approved

All other fees and services to service affiliates that did not require pre-approval

All fees and services to the Trust that were pre-approved

All fees and services to service affiliates that were pre-approved

All other fees and services to service affiliates that did not require pre-approval

(a)

Audit Fees(1)

$

131,900

None

None

$

128,050

None

None

(b)

Audit-Related Fees

None

None

None

None

None

None

(c)

Tax Fees

None

None

None

None

None

None

(d)

All Other Fees

None

None

None

None

None

None

Fees billed by Deloitte & Touche LLP (“D&T”) relate to the Trust

D&T billed the Trust aggregate fees for services rendered to the Trust for the last two fiscal years as follows

2022

2021

All fees and services to the Trust that were pre-approved

All fees and services to service affiliates that were pre-approved

All other fees and services to service affiliates that did not require pre-approval

All fees and services to the Trust that were pre-approved

All fees and services to service affiliates that were pre-approved

All other fees and services to service affiliates that did not require pre-approval

(a)

Audit Fees(1)

$

30,050

None

None

$

26,800

None

None

(b)

Audit-Related Fees

None

None

None

None

None

None

(c)

Tax Fees

None

None

None

None

None

None

(d)

All Other Fees

None

None

None

None

None

None

Fees billed by KPMG (“KPMG”) relate to the Trust

KPMG billed the Trust aggregate fees for services rendered to the Trust for the last two fiscal years as follows

2022

2021

All fees and services to the Trust that were pre-approved

All fees and services to service affiliates that were pre-approved

All other fees and services to service affiliates that did not require pre-approval

All fees and services to the Trust that were pre-approved

All fees and services to service affiliates that were pre-approved

All other fees and services to service affiliates that did not require pre-approval

(a)

Audit Fees(1)

$

322,500

None

None

$

25,000

None

None

(b)

Audit-Related Fees

None

None

None

None

None

None

(c)

Tax Fees

None

None

None

None

None

None

(d)

All Other Fees

None

None

$

218,015

(3)

None

None

$

206,957

(3)

Notes:

(1) Audit fees include amounts related to the audit of the Trust’s annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings.

(2) Tax return preparation fees for affiliates of the Funds.

(3) Non-audit fees consist of SSAE No. 18 report over investment management activities and non-statutory audit reports of Legal & General Investment Management America, Inc.

(4) Fees in connection with international withholding tax analysis.

(e)(1) The Trust’s Audit Committee has adopted and the Board of Trustees has ratified an Audit and Non-Audit Services Pre-Approval Policy (the “Policy”), which sets forth the procedures and the conditions pursuant to which services proposed to be performed by the independent auditor of the Funds may be pre-approved.

The Policy provides that all requests or applications for proposed services to be provided by the independent auditor must be submitted to the Registrant’s Chief Financial Officer (“CFO”) and must include a detailed description of the services proposed to be rendered. The CFO will determine whether such services:

(1) require specific pre-approval;

(2) are included within the list of services that have received the general pre-approval of the Audit Committee pursuant to the Policy; or

(3) have been previously pre-approved in connection with the independent auditor’s annual engagement letter for the applicable year or otherwise. In any instance where services require pre-approval, the Audit Committee will consider whether such services are consistent with SEC’s rules and whether the provision of such services would impair the auditor’s independence.

Requests or applications to provide services that require specific pre-approval by the Audit Committee will be submitted to the Audit Committee by the CFO. The Audit Committee will be informed by the CFO on a quarterly basis of all services rendered by the independent auditor. The Audit Committee has delegated specific pre-approval authority to either the Audit Committee Chair or financial expert, provided that the estimated fee for any such proposed pre-approved service does not exceed $100,000 and any pre-approval decisions are reported to the Audit Committee at its next regularly-scheduled meeting.

Services that have received the general pre-approval of the Audit Committee are identified and described in the Policy. In addition, the Policy sets forth a maximum fee per engagement with respect to each identified service that has received general pre-approval.

All services to be provided by the independent auditor shall be provided pursuant to a signed written engagement letter with the Registrant, the investment adviser, or applicable control affiliate (except that matters as to which an engagement letter would be impractical because of timing issues or because the matter is small may not be the subject of an engagement letter) that sets forth both the services to be provided by the independent auditor and the total fees to be paid to the independent auditor for those services.

In addition, the Audit Committee has determined to take additional measures on an annual basis to meet the Audit Committee’s responsibility to oversee the work of the independent auditor and to assure the auditor’s independence from the Registrant, such as (a) reviewing a formal written statement from the independent auditor delineating all relationships between the independent auditor and the Registrant, and (b) discussing with the independent auditor the independent auditor’s methods and procedures for ensuring independence.

(e)(2) Percentage of fees billed applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows (PwC):

	2022		2021
Audit-Related Fees		None		None
Tax Fees		None		None
All Other Fees		None		None

(e)(2) Percentage of fees billed applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows (E&Y):

	2022		2021
Audit-Related Fees		None		None
Tax Fees		None		None
All Other Fees		None		None

(e)(2) Percentage of fees billed applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows (D&T):

	2022	2021
Audit-Related Fees	None	None
Tax Fees	None	None
All Other Fees	None	None

(e)(2) Percentage of fees billed applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows (KPMG):

	2022	2021
Audit-Related Fees	None	None
Tax Fees	None	None
All Other Fees	None	None

(f) Not applicable.

(g) The aggregate non-audit fees and services billed by PwC for services rendered to the Registrant, and rendered to the Registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for the last two fiscal-years-ended October 31^st were $132,010 and $91,473 for 2022 and 2021, respectively.

(g) The aggregate non-audit fees and services billed by E&Y for services rendered to the Registrant, and rendered to the Registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for the last two fiscal-years-ended October 31^st were $0 and $0 for 2022 and 2021, respectively.

(g) The aggregate non-audit fees and services billed by D&T for services rendered to the Registrant, and rendered to the Registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for the last two fiscal-years-ended October 31^st were $0 and $0 for 2022 and 2021, respectively.

(g) The aggregate non-audit fees and services billed by KPMG for services rendered to the Registrant, and rendered to the Registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for the last two fiscal-years-ended October 31^st were $218,015 and $206,957 for 2022 and 2021, respectively.

(h) During the past fiscal year, all non-audit services provided by the Registrant’s principal accountant to either the Registrant’s investment adviser or to any entity controlling, controlled by,

or under common control with the Registrant’s investment adviser that provides ongoing services to the Registrant were pre-approved by the Audit Committee of Registrant’s Board of Trustees. Included in the Audit Committee’s pre-approval of these non-audit service were the review and consideration as to whether the provision of these non-audit services is compatible with maintaining the principal accountant’s independence.

(i) Not applicable. The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the “PCAOB”) has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.

(j) Not applicable. The Registrant is not a “foreign issuer,” as defined in 17 CFR 240.3b-4.

Item 5. Audit Committee of Listed Registrants.

Not applicable to open-end management investment companies.

Item 6. Schedule of Investments.

Schedule of Investments is included as part of the Report to Shareholders filed under Item 1 of this form.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end management investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end management investment companies.

Item 9. Purchases of Equity Securities by Closed-End Management Company and Affiliated Purchasers.

Not applicable to open-end management investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees during the period covered by this report.

Item 11. 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 Act (17 CFR § 270.30a-3(c)), as of a date within 90 days of the filing date of the report, are effective based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR § 270.30a-3(b)) and Rule 13a-15(b) or Rule 15d-15(b) under the Exchange Act, as amended (17 CFR § 240.13a-15(b) or § 240.15d-15(b)).

(b) There has been no change in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR § 270.3a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to open-end management investment companies.

Items 13. Exhibits.

(a)(1) A copy of the Registrant’s Code of Ethics, as required by Item 2 of this Form, accompanies this filing as an exhibit.

(a)(2) A separate certification for the principal executive officer and the principal financial officer of the Registrant, as required by Rule 30a-2(a) under the Act (17 CFR § 270.30a-2(a)), is filed herewith.

(b) Officer certifications, as required by Rule 30a-2(b) under the Act (17 CFR § 270.30a-2(b)), also accompany this filing as an exhibit.

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: January 6, 2023

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: January 6, 2023
By (Signature and Title)	/s/ Andrew Metzger
	Andrew Metzger,
	Treasurer, Controller, and CFO
Date: January 6, 2023